Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended |
Mar. 31, 2014 | |
Document Information [Line Items] | ' |
Entity Registrant Name | 'OMNICARE INC |
Entity Central Index Key | '0000353230 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Large Accelerated Filer |
Document Type | '10-Q |
Document Period End Date | 31-Mar-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q1 |
Amendment Flag | 'false |
Entity Common Stock, Shares Outstanding | 99,026,152 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME UNAUDITED (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' |
Revenue, Net | $1,571,038 | $1,458,945 |
Cost of sales | 1,212,584 | 1,109,241 |
Gross profit | 358,454 | 349,704 |
Selling, general and administrative expenses | 186,813 | 190,693 |
Provision for doubtful accounts | 21,561 | 24,010 |
Settlement, litigation and other related charges | 7,052 | 22,619 |
Other charges | 10,276 | 4,006 |
Operating income | 132,752 | 108,376 |
Interest expense, net of investment income | -29,441 | -29,462 |
Income before income taxes | 103,311 | 78,914 |
Income tax (benefit) expense | 39,673 | 30,600 |
Income from continuing operations | 63,638 | 48,314 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 136 | 6,040 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 63,774 | 54,354 |
Income (Loss) from Continuing Operations, Per Basic Share | $0.65 | $0.47 |
Earnings (loss) per common share - Basic: | ' | ' |
Net income | $0.65 | $0.53 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | $0 | $0.06 |
Income (Loss) from Continuing Operations, Per Diluted Share | $0.59 | $0.45 |
Earnings (loss) per common share - Diluted: | ' | ' |
Diluted earnings per share (per share) | $0.59 | $0.51 |
Dividends per common share | $0.20 | $0.14 |
Weighted average number of common shares outstanding: | ' | ' |
Weighted Average Number of Shares Outstanding, Basic | 98,566 | 103,210 |
Diluted shares (in shares) | 107,767 | 107,466 |
Comprehensive income (loss) | $63,997 | $54,330 |
CONSOLIDATED_BALANCE_SHEETS_UN
CONSOLIDATED BALANCE SHEETS UNAUDITED (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $346,987 | $356,001 |
Accounts receivable, less allowances of $209,140 (2012-$269,416) | 755,620 | 695,684 |
Inventories | 442,634 | 512,418 |
Deferred income tax benefits | 126,738 | 135,094 |
Other current assets | 277,113 | 265,536 |
Current assets of discontinued operations | 46,659 | 49,995 |
Total current assets | 1,995,751 | 2,014,728 |
Properties and equipment, at cost less accumulated depreciation of $342,659 (2012-$308,525) | 317,856 | 305,888 |
Goodwill | 4,057,456 | 4,057,456 |
Identifiable intangible assets, less accumulated amortization of $256,732 (2012-$236,116) | 122,057 | 129,974 |
Other noncurrent assets | 95,999 | 96,722 |
Non current assets of discontinued operations | 85,059 | 87,078 |
Total noncurrent assets | 4,678,427 | 4,677,118 |
Total assets | 6,674,178 | 6,691,846 |
Current liabilities: | ' | ' |
Accounts payable | 231,639 | 181,022 |
Accrued employee compensation | 45,593 | 50,240 |
Debt, Current | 528,475 | 527,204 |
Other current liabilities | 307,160 | 355,845 |
Current liabilities of discontinued operations | 17,407 | 18,846 |
Total current liabilities | 1,130,274 | 1,133,157 |
Current liabilities of continuing operations | 584,392 | 587,107 |
Long-term debt, net | 1,417,491 | 1,418,819 |
Deferred income tax liabilities | 1,023,415 | 1,012,733 |
Other noncurrent liabilities | 54,649 | 53,835 |
Liabilities of Disposal Group, Including Discontinued Operation, Noncurrent | 840 | 1,398 |
Total noncurrent liabilities | 2,496,395 | 2,486,785 |
Total liabilities | 3,626,669 | 3,619,942 |
Convertible Debt (Note 5) | 329,425 | 331,101 |
Stockholders' equity: | ' | ' |
Preferred stock, no par value, 1,000,000 shares authorized, none issued and outstanding | 0 | 0 |
Common stock, $1 par value, 200,000,000 shares authorized, 134,551,698 shares issued (2012-133,503,156 shares issued) | 135,314 | 134,624 |
Paid in capital | 2,117,652 | 2,047,195 |
Retained earnings | 1,737,771 | 1,693,799 |
Treasury stock, at cost- 31,571,337 shares (2012-28,851,671 shares ) | -1,270,335 | -1,132,274 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -2,318 | -2,541 |
Total stockholders' equity | 2,718,084 | 2,740,803 |
Total liabilities and stockholders' equity | $6,674,178 | $6,691,846 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Increase (decrease) in cash and cash equivalents of discontinued operations | $5,616 | $1,717 |
Increase (decrease) in cash and cash equivalents of continuing operations | -9,014 | 53,888 |
Cash flows from operating activities: | ' | ' |
Net income (loss) | 63,774 | 54,354 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | -136 | -6,040 |
Adjustments to reconcile net income to net cash flows from operating activities: | ' | ' |
Depreciation expense | 13,934 | 13,137 |
Amortization expense | 19,802 | 18,852 |
Changes in assets and liabilities, net of effects from acquisition and divestiture of businesses: | ' | ' |
Accounts receivable, net of provision for doubtful accounts | -64,041 | 17,640 |
Inventories | 69,784 | 2,573 |
Other current and noncurrent assets | -4,450 | -9,330 |
Accounts payable | 54,154 | -5,977 |
Accrued employee compensation | -4,647 | -25,136 |
Current and noncurrent liabilities | 23,412 | 46,391 |
Net cash flows from operating activities of continuing operations | 171,586 | 106,464 |
Net cash flows from operating activities of discontinued operations | 5,912 | 2,431 |
Net cash flows from operating activities | 177,498 | 108,895 |
Cash flows from investing activities: | ' | ' |
Disposition of business, net | 3,629 | 0 |
Capital expenditures | -26,165 | -22,415 |
Other | 12 | 854 |
Net cash flows used in investing activities of continuing operations | -22,524 | -21,561 |
Net cash flows used in investing activities of discontinued operations | -296 | -714 |
Net cash flows used in investing activities | -22,820 | -22,275 |
Cash flows from financing activities: | ' | ' |
Payments on Term Loans | -5,313 | -5,313 |
Payments on long-term borrowings and obligations | -39,030 | -1,684 |
Increase (decrease) in cash overdraft balance | -3,537 | -9,774 |
Payments for Omnicare common stock repurchases | -95,417 | -302 |
Proceeds for stock awards and exercise of stock options, net of stock tendered in payment | 3,968 | 445 |
Dividends paid | -19,596 | -14,479 |
Other | 849 | 92 |
Net Cash Provided by (Used in) Financing Activities | -158,076 | -31,015 |
Net increase (decrease) in cash and cash equivalents | -3,398 | 55,605 |
Cash and cash equivalents at beginning of period | 356,001 | 444,620 |
Cash and cash equivalents at end of period | $346,987 | $498,508 |
CONSOLIDATED_BALANCE_SHEET_PAR
CONSOLIDATED BALANCE SHEET (PARENTHETICAL) (Parentheticals) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Parenthetical Balance Sheet [Abstract] | ' | ' |
Allowance for Doubtful Accounts Receivable, Current | $180,361 | $202,602 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 268,209 | 263,603 |
Finite-Lived Intangible Assets, Accumulated Amortization | $235,486 | $227,657 |
Preferred Stock, No Par Value | $0 | $0 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $1 | $1 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares, Issued | 135,313,998 | 134,623,736 |
Treasury Stock, Shares | 36,287,846 | 34,013,923 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Omnicare, Inc. and its consolidated subsidiaries (“Omnicare” or the “Company”) have prepared the accompanying unaudited Consolidated Financial Statements in accordance with the accounting policies described in its consolidated financial statements and the notes thereto included in the Company's 2013 Annual Report on Form 10-K (“2013 Annual Report”), and the interim reporting requirements of Form 10-Q. Accordingly, certain information and disclosures normally included in the annual financial statements have been condensed or omitted. The Consolidated Financial Statements should be read in conjunction with the consolidated financial statements and related notes included in the 2013 Annual Report and any related updates included in the Company’s periodic Securities and Exchange Commission (“SEC”) filings. In 2013, the Company's end-of-life hospice pharmacy business ("Hospice") as well as certain retail operations ("Retail") qualified for discontinued operations treatment. The results from operations for all periods presented have been revised to reflect the results of these businesses as discontinued operations, including related expenses. See additional information at the "Discontinued Operations" note. Certain reclassifications of prior year amounts, primarily related to the reclassification for discontinued operations, have been made to conform to the current year presentation. |
Significant_Accounting_Policie
Significant Accounting Policies | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||
Significant Accounting Policies [Text Block] | ' | ||||||||||||||||||
Interim Financial Data | |||||||||||||||||||
The interim financial data is unaudited; however, in the opinion of Omnicare management, all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the Omnicare consolidated results of operations, financial position and cash flows for the interim periods presented have been made. All significant intercompany accounts and transactions have been eliminated. | |||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||
Stock-based compensation expense recognized in the Consolidated Statement of Comprehensive Income for stock options, restricted stock units, performance share units and stock awards totaled approximately $6 million and $5 million for the three months ended March 31, 2014 and 2013 respectively. | |||||||||||||||||||
Accounts Receivable | |||||||||||||||||||
The following table is an aging of the Company’s gross accounts receivable (net of allowances for contractual adjustments), aged based on payment terms and categorized based on the three primary types of accounts receivable characteristics (in thousands): | |||||||||||||||||||
March 31, 2014 | Current and 0-180 Days Past Due | 181 Days and Over Past Due | Total | ||||||||||||||||
Medicare (Part D and Part B), Medicaid and Third-Party payors | $ | 234,075 | $ | 49,819 | $ | 283,894 | |||||||||||||
Facility payors | 357,955 | 132,088 | 490,043 | ||||||||||||||||
Private Pay payors | 78,768 | 83,276 | 162,044 | ||||||||||||||||
Total gross accounts receivable | $ | 670,798 | $ | 265,183 | $ | 935,981 | |||||||||||||
December 31, 2013 | |||||||||||||||||||
Medicare (Part D and Part B), Medicaid and Third-Party payors | $ | 195,544 | $ | 67,791 | $ | 263,335 | |||||||||||||
Facility payors | 328,444 | 146,751 | 475,195 | ||||||||||||||||
Private Pay payors | 75,655 | 84,101 | 159,756 | ||||||||||||||||
Total gross accounts receivable | $ | 599,643 | $ | 298,643 | $ | 898,286 | |||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||
Accumulated other comprehensive income (loss) ("AOCI") by component and in the aggregate, follows (in thousands): | |||||||||||||||||||
March 31, | December 31, 2013 | ||||||||||||||||||
2014 | |||||||||||||||||||
Unrealized loss on fair value of investments | $ | (539 | ) | $ | (702 | ) | |||||||||||||
Pension and postemployment benefits | (1,779 | ) | (1,839 | ) | |||||||||||||||
Total accumulated other comprehensive income (loss), net | $ | (2,318 | ) | $ | (2,541 | ) | |||||||||||||
The amounts are net of applicable tax benefits, which were not material at March 31, 2014 and December 31, 2013. The reclassifications out of AOCI did not materially affect any individual line item on the Consolidated Statement of Comprehensive Income. | |||||||||||||||||||
Fair Value | |||||||||||||||||||
The Company’s financial assets and liabilities, measured at fair value on a recurring basis, were as follows (in thousands): | |||||||||||||||||||
Based on | |||||||||||||||||||
Fair Value | Quoted Prices in Active Markets | Other Observable Inputs | Unobservable Inputs | ||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
March 31, 2014 | |||||||||||||||||||
Bond portfolio | $ | 25,167 | $ | — | $ | 25,167 | $ | — | |||||||||||
7.75% interest rate swap agreements - fair value hedge | 19,766 | — | 19,766 | — | |||||||||||||||
Derivatives | — | — | — | — | |||||||||||||||
Total | $ | 44,933 | $ | — | $ | 44,933 | $ | — | |||||||||||
December 31, 2013 | |||||||||||||||||||
Bond portfolio | $ | 25,140 | $ | — | $ | 25,140 | $ | — | |||||||||||
7.75% interest rate swap agreements - fair value hedge | 18,671 | — | 18,671 | — | |||||||||||||||
Derivatives | — | — | — | — | |||||||||||||||
Total | $ | 43,811 | $ | — | $ | 43,811 | $ | — | |||||||||||
The fair value of the Company’s fixed-rate debt facilities are shown at the "Debt" note. | |||||||||||||||||||
Offsetting Assets and Liabilities | |||||||||||||||||||
The Company has interest rate swap agreements (the "Interest Rate Swap Agreements") with multiple counterparties on its 7.75% Senior Subordinated Notes due 2020 (the "2020 Notes"), which are subject to this guidance. The following table presents the Interest Rate Swap Agreements offsetting securities as of March 31, 2014 and December 31, 2013 | |||||||||||||||||||
Gross Amounts not offset in the statement of financial position | |||||||||||||||||||
Interest Rate Swaps as of: | Gross amount of recognized assets (liabilities) | Gross amount offset in the statement of financial position | Net amount of assets (liabilities) presented in the statement of financial position | Financial instruments | Cash collateral received | Net amount | |||||||||||||
31-Mar-14 | |||||||||||||||||||
Swap A | $ | 10,013 | $ | — | $ | 10,013 | $ | — | $ | — | $ | 10,013 | |||||||
Swap B | 9,753 | — | 9,753 | — | — | 9,753 | |||||||||||||
$ | 19,766 | $ | — | $ | 19,766 | $ | — | $ | — | $ | 19,766 | ||||||||
December 31, 2013 | |||||||||||||||||||
Swap A | $ | 9,408 | $ | — | $ | 9,408 | $ | — | $ | — | $ | 9,408 | |||||||
Swap B | 9,263 | — | 9,263 | — | — | 9,263 | |||||||||||||
$ | 18,671 | $ | — | $ | 18,671 | $ | — | $ | — | $ | 18,671 | ||||||||
Income Taxes | |||||||||||||||||||
The quarterly effective tax rates are different than the federal statutory rate largely as a result of the impact of state and local income taxes and certain non-deductible charges. | |||||||||||||||||||
Other Charges | |||||||||||||||||||
Other charges (on a pre-tax basis) consist of the following (in thousands): | |||||||||||||||||||
Three months ended | |||||||||||||||||||
March 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Separation and other costs | $ | 10,276 | $ | 3,469 | |||||||||||||||
Acquisition and other related costs | — | 537 | |||||||||||||||||
Total - other charges | $ | 10,276 | $ | 4,006 | |||||||||||||||
Separation and Other Costs | |||||||||||||||||||
In the three months ended March 31, 2014 and 2013, the Company recorded separation related costs and accelerated stock based compensation expense for certain employees of approximately $10 million and $3 million, respectively. These charges are reflected in the "Other charges" caption of the Consolidated Statement of Comprehensive Income and include charges related to the previously announced retirement of the Chief Executive Officer in the current quarter. | |||||||||||||||||||
Restructuring and Other Related Charges | |||||||||||||||||||
The Company continues to make payments in connection with its Company-wide Reorganization Program (the “CWR Program”), primarily related to certain severance amounts and its relocation of the corporate office. As of March 31, 2014, the Company has made cumulative payments of approximately $3 million for severance and other employee-related costs for the CWR Program. The Company had liabilities related to the CWR Program of approximately $5 million at December 31, 2013, with utilization of approximately $1 million in the three months ended March 31, 2014. The remaining liabilities pursuant to the CWR Program of $4 million at March 31, 2014, represent amounts not yet paid relating to actions taken in connection with the CWR Program (primarily lease termination costs) and will be settled as these matters are finalized. | |||||||||||||||||||
Common Stock Repurchase Program | |||||||||||||||||||
In the three months ended March 31, 2014, the Company repurchased approximately 1.6 million shares through its authorized share repurchase program at an aggregate cost of approximately $95 million, for a cumulative amount of approximately 26 million shares of common stock repurchased at an aggregate cost of approximately $945 million from the inception of the share repurchase programs in May 2010 through March 31, 2014. In the three months ended March 31, 2013, the Company did not repurchase any shares through authorized share repurchase programs. The Company had approximately $405 million of share repurchase authority remaining as of March 31, 2014, which expires on December 31, 2015. | |||||||||||||||||||
Capped Call | |||||||||||||||||||
On April 2, 2012, the Company entered into capped call transactions with a counterparty, paying $48.1 million for the purchase of the capped calls, which were recorded as additional paid in capital. The capped call transactions are intended to reduce potential economic dilution upon conversion of the 3.75% Convertible Senior Subordinated Notes due 2042. The capped calls settle in tranches through March 2016, one of which settled in the first quarter of 2014. The adjusted strike price for the capped calls ranged from $40.96 to $41.05 and the adjusted cap price for the tranche settled in 2014 ranged from $56.75 to $56.88; the strike and cap prices adjust for the Company's dividend payments. The Company received approximately 0.6 million net shares upon settlement with a value of approximately $38 million. | |||||||||||||||||||
Recently Issued Accounting Standards | |||||||||||||||||||
There are no recently issued accounting standards that are expected to have a material impact on the Company's consolidated results of operations, financial position and cash flows. |
Discontinued_operations_Notes
Discontinued operations (Notes) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | |||||||
In the fourth quarter of 2013, the Company's end-of-life hospice pharmacy business ("Hospice") as well as certain retail operations ("Retail") qualified for discontinued operations treatment. In the first quarter of 2014, the Company finalized the sale of several of the retail operations for net proceeds of approximately $3 million. The results from operations for all periods presented have been revised to reflect the results of Hospice and Retail as discontinued operations. | ||||||||
Selected financial information related to the discontinued operations follows (in thousands): | ||||||||
Three months ended March 31, | ||||||||
2014 | 2013 | |||||||
Net Sales | ||||||||
Hospice | $ | 48,357 | $ | 52,497 | ||||
Retail | 10,170 | 13,561 | ||||||
Net sales - total discontinued | 58,527 | 66,058 | ||||||
Income (loss) from operations, pretax | ||||||||
Hospice | 1,214 | 9,888 | ||||||
Retail | (474 | ) | (114 | ) | ||||
Income from operations - total discontinued, pretax | 740 | 9,774 | ||||||
Income tax (benefit) expense | ||||||||
Hospice | 776 | 3,783 | ||||||
Retail | (172 | ) | (49 | ) | ||||
Income tax expense - total discontinued | 604 | 3,734 | ||||||
Income (loss) from discontinued operations | ||||||||
Hospice | 438 | 6,105 | ||||||
Retail | (302 | ) | (65 | ) | ||||
Income (loss) from discontinued operations - total | $ | 136 | $ | 6,040 | ||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Goodwill and Other Intangible Assets [Text Block] | ' |
There were no changes in the carrying amount of goodwill for the three months ended March 31, 2014. | |
The Company’s intangible amortization expense for the three months ended March 31, 2014 and 2013 was approximately $8 million and $9 million, respectively. |
Debt
Debt | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Debt [Abstract] | ' | ||||||||||||||||
Debt Disclosure [Text Block] | ' | ||||||||||||||||
The following table summarizes the Company's debt (in thousands): | |||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Revolving loans, due 2017 | $ | — | $ | — | |||||||||||||
Senior term loan, due 2017 | 393,125 | 398,438 | |||||||||||||||
7.75% senior subordinated notes, due 2020 | 400,000 | 400,000 | |||||||||||||||
3.75% convertible senior subordinated notes, due 2025 | 132,375 | 132,408 | |||||||||||||||
4.00% junior subordinated convertible debentures, due 2033 | 307,122 | 307,153 | |||||||||||||||
3.25% convertible senior debentures, due 2035 | 427,500 | 427,500 | |||||||||||||||
3.75% convertible senior subordinated notes, due 2042 | 390,000 | 390,000 | |||||||||||||||
3.50% convertible senior subordinated notes, due 2044 | 424,250 | 424,250 | |||||||||||||||
Capitalized lease and other debt obligations | 18,755 | 20,685 | |||||||||||||||
Subtotal | 2,493,127 | 2,500,434 | |||||||||||||||
Add interest rate swap agreements | 19,766 | 18,671 | |||||||||||||||
(Subtract) unamortized debt discount | (566,927 | ) | (573,082 | ) | |||||||||||||
(Subtract) current portion of debt | (528,475 | ) | (527,204 | ) | |||||||||||||
Total long-term debt, net | $ | 1,417,491 | $ | 1,418,819 | |||||||||||||
3.75% Convertible Senior Subordinated Notes, due 2025 | |||||||||||||||||
Omnicare has outstanding approximately $132 million aggregate principal amount of 3.75% Convertible Senior Subordinated Notes due 2025 (the "2025 Notes"). The holders may convert their 2025 Notes, prior to December 15, 2023, on any date during any calendar quarter (and only during such calendar quarter) if the closing sale price of the Company's common stock was more than 130% of the then current conversion price for at least 20 trading days in the period of the 30 consecutive trading days ending on, and including, the last trading day of the previous quarter, or at any time on or after December 15, 2023 or under certain other specified circumstances. Upon conversion, the Company will pay cash and shares of its common stock, if any, based on a daily conversion value calculated on a proportionate basis for each day of the 25 trading-day cash settlement averaging period. The conversion price is $26.84 and the conversion threshold is $34.89 as of March 31, 2014. As of March 31, 2014 and December 31, 2013, the aforementioned conversion threshold had been attained. As a result, the 2025 Notes were convertible by the holders to cash and to common stock and have been classified as current debt, net of discount, on the Consolidated Balance Sheet as of March 31, 2014 and December 31, 2013. Accordingly, since the terms of the 2025 Notes require the principal to be settled in cash, the Company reclassified from equity the portion of the 2025 Notes attributable to the conversion feature which had not yet been accreted to its face value. | |||||||||||||||||
4.00% Junior Subordinated Convertible Debentures, due 2033 | |||||||||||||||||
Omnicare has outstanding $307 million aggregate principal amount of 4.00% Junior Subordinated convertible debentures, due 2033 (the “2033 Debentures”). The 2033 Debentures underlie the securities in the 4.00% Trust Preferred Income Equity Redeemable Securities ("Trust PIERS") of Omnicare Capital Trust I and Omnicare Capital Trust II (the "Series A Trust PIERS" and "Series B Trust PIERS", respectively). Each Trust PIERS represents an undivided beneficial interest in the assets of the applicable trust, which assets consist solely of a corresponding amount of 2033 Debentures. The Series A Trust PIERS and the Series B Trust PIERS have identical terms, except that the Series B Trust PIERS have a net share settlement feature. Holders may convert their Trust PIERS if the closing sale price of the Company's common stock was more than 130% of the then current conversion price for at least 20 trading days in the period of the 30 consecutive trading days ending on, and including, the last trading day of the previous quarter. The conversion price is $40.82 and the conversion threshold is $53.07 as of March 31, 2014. As of March 31, 2014 and December 31, 2013, the aforementioned conversion threshold had been attained. As a result, the Trust PIERS (and the underlying 2033 Debentures) were convertible by the holders and have been classified as current debt, net of discount, on the Consolidated Balance Sheet as of March 31, 2014 and December 31, 2013. Accordingly, since the terms of the majority of the 2033 Debentures require the principal to be settled in cash, the Company reclassified from equity the portion attributable to the conversion feature which had not yet been accreted to its face value. | |||||||||||||||||
In addition to the continued accrual of regular cash interest, contingent interest accrued on the Trust PIERS (and the underlying 2033 Debentures) for the period from December 15, 2013 to March 14, 2014 and will accrue for the period from March 15, 2014 to June 14, 2014 at a rate of 0.125% of the average trading price of the Trust PIERS for the five trading days ended December 12, 2013 and March 13, 2014, respectively. Contingent cash interest of approximately $0.09 per $50 stated liquidation amount of Trust PIERS (and per $50 principal amount of the underlying 2033 Debentures) was paid on March 17, 2014 and contingent cash interest of approximately $0.09 per $50 stated liquidation amount of Trust PIERS (and per $50 principal amount of the underlying 2033 Debentures) is expected to be paid on June 16, 2014. | |||||||||||||||||
3.75% Convertible Senior Subordinated Notes, due 2042 | |||||||||||||||||
Omnicare has outstanding $390 million aggregate principal amount of 3.75% Convertible Senior Subordinated Notes due 2042 (the "2042 Notes"). The holders may convert their 2042 Notes, prior to April 1, 2040, on any date during any calendar quarter (and only during such calendar quarter) if the closing sale price of the Company's common stock was more than 130% of the then current conversion price for at least 20 trading days in the period of the 30 consecutive trading days ending on, and including, the last trading day of the previous quarter, or at any time on or after April 1, 2040 or under certain other specified circumstances. Upon conversion, the Company will pay cash and shares of its common stock, if any, based on a daily conversion value calculated on a proportionate basis for each day of the 25 trading-day cash settlement averaging period. The conversion price is $41.05 and the conversion threshold is $53.37 as of March 31, 2014. As of March 31, 2014 and December 31, 2013, the aforementioned conversion threshold had been attained. As a result, the 2042 Notes were convertible by the holders to cash and to common stock and have been classified as current debt, net of discount, on the Consolidated Balance Sheet as of March 31, 2014 and December 31, 2013. Accordingly, since the terms of the 2042 Notes require the principal to be settled in cash, the Company reclassified from equity the portion attributable to the conversion feature which had not yet been accreted to its face value. | |||||||||||||||||
As outlined above, many of the Company’s outstanding notes and debentures are convertible into cash and/or shares of Omnicare common stock upon certain specified circumstances, including if the closing price of our common stock is more than 130% of the conversion price for such notes/debentures during the applicable measurement period (the "Convertible Notes"). In general, upon conversion, the Company will pay cash for the principal amount and shares of common stock for the remainder, if any, based on a daily conversion value during the applicable cash settlement averaging period; provided that the Company will pay cash in lieu of any fractional shares. Payment occurs at the end of the applicable settlement period, which is generally 30 days after the Company receives a holder’s notice of conversion. As of March 31, 2014, approximately $829 million in aggregate principal amount was convertible, which includes the 2025 Notes, the 2042 Notes and the 2033 Debentures. | |||||||||||||||||
The amount convertible at any given time is subject to change depending on factors such as the price of the Company’s common stock during the applicable measurement period. The Company cannot predict the aggregate principal amount of Convertible Notes that will be convertible at any given time or how many, if any, holders of such Convertible Notes will present for conversion or the impact of any such conversions on results of operations, financial condition, liquidity or cash flows. | |||||||||||||||||
As of March 31, 2014, there was $393 million outstanding under the Company's term loan. The interest rate on the term loan was 1.91% at March 31, 2014. As of March 31, 2014, the Company had no outstanding balance under its revolving credit facility, except for approximately $14 million of standby letters of credit, substantially all of which are subject to automatic annual renewals. | |||||||||||||||||
The weighted average floating interest rate on the Interest Rate Swap Agreements in the first quarter of 2014 was 4.20% versus the 7.75% stated rate on the corresponding 2020 Notes, which had a remaining principal balance of $400 million at March 31, 2014. | |||||||||||||||||
The Company amortized to expense approximately $1 million of deferred debt issuance costs during each of the three month periods ended March 31, 2014 and 2013. | |||||||||||||||||
Information relating to the Company's convertible securities at March 31, 2014 is in the following table: | |||||||||||||||||
Convertible Debt | Carrying Value of Equity Component (in thousands) | Remaining Amortization Period | Effective Interest Rate | ||||||||||||||
3.75% convertible senior subordinated notes, due 2025 | $ | 11,437 | 11.75 | 8.25 | % | ||||||||||||
4.00% junior subordinated convertible debentures, due 2033 | $ | 118,348 | 19.25 | 8.01 | % | ||||||||||||
3.25% convertible senior debentures, due 2035 | $ | 245,433 | 1.75 | 7.63 | % | ||||||||||||
3.75% convertible senior subordinated notes, due 2042 | $ | 167,941 | 28 | 7.3 | % | ||||||||||||
3.50% convertible senior subordinated notes, due 2044 | $ | 208,200 | 29.9 | 7.7 | % | ||||||||||||
The fair value of the Company’s fixed-rate debt facilities, excluding the Interest Rate Swap Agreements, is based on quoted market prices (Level II) and is summarized as follows (in thousands): | |||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Financial Instrument | Book Value | Market Value | Book Value | Market Value | |||||||||||||
7.75% senior subordinated notes, due 2020 | $ | 400,000 | $ | 430,300 | $ | 400,000 | $ | 435,800 | |||||||||
3.75% convertible senior subordinated notes, due 2025 | |||||||||||||||||
Carrying value | 87,848 | — | 87,310 | ||||||||||||||
Unamortized debt discount | 44,527 | — | 45,098 | ||||||||||||||
Principal amount | 132,375 | 299,200 | 132,408 | 306,500 | |||||||||||||
4.00% junior subordinated convertible debentures, due 2033 | |||||||||||||||||
Carrying value | 186,773 | — | 186,136 | ||||||||||||||
Unamortized debt discount | 120,349 | — | 121,017 | ||||||||||||||
Principal amount | 307,122 | 450,300 | 307,153 | 455,900 | |||||||||||||
3.25% convertible senior debentures, due 2035 | |||||||||||||||||
Carrying value | 397,146 | — | 393,126 | ||||||||||||||
Unamortized debt discount | 30,354 | — | 34,374 | ||||||||||||||
Principal amount | 427,500 | 454,800 | 427,500 | 457,400 | |||||||||||||
3.75% convertible senior subordinated notes, due 2042 | |||||||||||||||||
Carrying value | 225,465 | — | 225,014 | ||||||||||||||
Unamortized debt discount | 164,535 | — | 164,986 | ||||||||||||||
Principal amount | 390,000 | 582,600 | 390,000 | 592,800 | |||||||||||||
3.50% convertible senior subordinated notes, due 2044 | |||||||||||||||||
Carrying value | 217,088 | — | 216,643 | ||||||||||||||
Unamortized debt discount | 207,162 | — | 207,607 | ||||||||||||||
Principal amount | 424,250 | 432,600 | 424,250 | 428,500 | |||||||||||||
Earnings_Loss_Per_Share_Data
Earnings (Loss) Per Share Data | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings (Loss) Per Share Data | ' | |||||||||||
The following is a reconciliation of the basic and diluted earnings per share (“EPS”) computations for both the numerator and denominator (in thousands, except per share data): | ||||||||||||
Three months ended March 31, | ||||||||||||
2014:00:00 | Income (Numerator) | Common Shares(Denominator) | Per Common | |||||||||
Share Amounts | ||||||||||||
Basic EPS | ||||||||||||
Income from continuing operations | $ | 63,638 | $ | 0.65 | ||||||||
Income from discontinued operations | 136 | — | ||||||||||
Net income | $ | 63,774 | 98,566 | $ | 0.65 | |||||||
Effect of Dilutive Securities | ||||||||||||
Convertible securities | 66 | 8,463 | ||||||||||
Stock options, units and awards | — | 738 | ||||||||||
Diluted EPS | ||||||||||||
Income from continuing operations plus assumed conversions | $ | 63,704 | $ | 0.59 | ||||||||
Income from discontinued operations | 136 | — | ||||||||||
Net income plus assumed conversions | $ | 63,840 | 107,767 | $ | 0.59 | |||||||
Three months ended March 31, | ||||||||||||
2013:00:00 | Income (Numerator) | Common Shares(Denominator) | Per Common | |||||||||
Share Amounts | ||||||||||||
Basic EPS | ||||||||||||
Income from continuing operations | $ | 48,314 | $ | 0.47 | ||||||||
Income from discontinued operations | 6,040 | 0.06 | ||||||||||
Net income | $ | 54,354 | 103,210 | $ | 0.53 | |||||||
Effect of Dilutive Securities | ||||||||||||
Convertible securities | 71 | 3,753 | ||||||||||
Stock options, warrants, units and awards | — | 503 | ||||||||||
Diluted EPS | ||||||||||||
Income from continuing operations plus assumed conversions | $ | 48,385 | $ | 0.45 | ||||||||
Income from discontinued operations | 6,040 | 0.06 | ||||||||||
Net income plus assumed conversions | $ | 54,425 | 107,466 | $ | 0.51 | |||||||
EPS is reported independently for each amount presented. Accordingly, the sum of the individual amounts may not necessarily equal the separately calculated amounts for the corresponding period. | ||||||||||||
The Company is required to include additional shares in its diluted shares outstanding calculation based on the treasury stock method when the average market price of a share of Omnicare stock on the New York Stock Exchange for the applicable period exceeds the following amounts: | ||||||||||||
Convertible Debt | Price | |||||||||||
3.75% convertible senior subordinated notes, due 2025 | $ | 26.84 | ||||||||||
4.00% junior subordinated convertible debentures, due 2033 | $ | 40.82 | ||||||||||
3.25% convertible senior debentures, due 2035 | $ | 77.88 | ||||||||||
3.75% convertible senior subordinated notes, due 2042 | $ | 41.05 | ||||||||||
3.50% convertible senior subordinated notes, due 2044 | $ | 70 | ||||||||||
Weighted average shares outstanding, assuming dilution, excludes the impact of immaterial amounts of stock options and stock awards for the three months ended March 31, 2014, and $2 million for the three months ended March 31, 2013, due to the exercise prices of these stock options and awards being greater than the average fair market value of our common stock during the period. Also, the Company has capped call provisions in place on our 3.75% convertible notes due 2042, which provide a hedge against economic dilution, but not against diluted share count under generally accepted accounting principles, up to an average stock price of approximately $68.75 through March 2016. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Omnicare continuously evaluates contingencies based upon the best available information. The Company believes that liabilities have been recorded to the extent necessary in cases where the outcome is considered probable and reasonably estimable. To the extent that resolution of contingencies results in amounts that vary from the Company's recorded liabilities, future earnings will be charged or credited accordingly. | |
On March 21, 2014, a complaint entitled United States, et al., ex rel. Fox Rx, Inc. v. Dr. Reddy’s Inc., Omnicare, Inc., and NeighborCare, Inc., No. 13-CIV-3779 was served on Omnicare. The initial complaint was filed under seal on June 4, 2013 in the U.S. District Court for the Southern District of New York. The complaint was brought by Fox Rx., Inc. as a private party qui tam relator on behalf of the federal government and several states. The action alleges civil violations of the federal False Claims Act and analogous state laws based upon allegations that the Company entered into rebate arrangements with a manufacturer of generic simvastatin allegedly in violation of the Anti-Kickback Statute. The U.S. Department of Justice has notified the court that it declined to intervene in this action. The Company believes that the allegations are without merit and intends to vigorously defend itself in this action. | |
On December 4, 2013, a complaint entitled United States, et al., ex rel. Raymond Dolan v. Omnicare, Inc., et al. was served on Omnicare. The initial complaint, filed under seal on January 19, 2010 in the U.S. District Court for the Northern District of Illinois, was brought by Raymond Dolan as a private party qui tam relator on behalf of the federal government and the States of Illinois and North Carolina. The relator filed a First Amended Complaint on February 11, 2014. The relator asserts violations of the federal False Claims Act and analogous state laws based upon allegations that the Company entered into contracts with certain customer facilities in Illinois that included pricing for pharmaceuticals below Average Wholesale Price as well as other discounted pricing in return for referrals of business, allegedly in violation of the Stark Law, Medicare regulations, and the Anti-Kickback Statute. The U.S. Department of Justice notified the court on September 13, 2013 that it declined to intervene. On March 28, 2014, the Company filed a motion to dismiss the First Amended Complaint. The Company believes that the allegations are without merit and intends to vigorously defend itself in this action. | |
On November 26, 2013, a complaint entitled United States, et al., ex rel. Frank Kurnik v. Amgen, Inc., Omnicare, Inc., PharMerica Corp., and Kindred Healthcare, Inc., No. 3:11-cv-01464-JFA, was unsealed by the U.S. District Court for the District of South Carolina. The U.S. Department of Justice has notified the court that it intervened against Omnicare for the purposes of settlement. The complaint alleges violations of the False Claims Act stemming from activities in connection with agreements it had with the manufacturer of the pharmaceutical Aranesp that allegedly violated the Anti-Kickback Statute. In a previous filing, prior to the complaint being unsealed, the Company disclosed the underlying investigation by the U.S. Department of Justice, through the U.S. Attorney’s Office for the District of South Carolina. The Company previously recorded a provision related to this matter. On February 27, 2014, the Company agreed to a settlement of this matter in exchange for a payment of $4.2 million, which was accrued as of December 31, 2013. On February 28, 2014, the Court dismissed this case with prejudice. | |
On November 18, 2013, a complaint entitled United States, et al., ex rel. Fox Rx, Inc. v. Omnicare, Inc., NeighborCare, Inc., PharMerica Corporation, and Managed Health Care Associates, Inc., No. 1:12-CIV-0275 was served on Omnicare. The initial complaint was filed under seal on January 12, 2012 in the U.S. District Court for the Southern District of New York. The complaint was brought by Fox Rx., Inc. as a private party qui tam relator on behalf of the federal government and several states. The action alleges civil violations of the federal False Claims Act and analogous state laws based upon allegations that the Company dispensed certain brand medications in lieu of generic alternatives in violation of state board of pharmacy regulations or state Medicaid laws, and allegations that the Company dispensed expired medications in violation of Medicare regulations. The U.S. Department of Justice has notified the court that it declined to intervene in this action. On February 7, 2014, the relator filed a Second Amended Complaint. On February 28, 2014, the Company filed a motion to dismiss the Second Amended Complaint. The Company believes that the allegations are without merit and intends to vigorously defend itself in this action. | |
On July 29, 2013, a complaint entitled James D. “Buddy” Caldwell, Attorney General, ex rel. State of Louisiana v. Abbott Laboratories, Inc., et al., No. 603091, was served on Omnicare. The initial complaint was first filed against Abbott on June 30, 2011. Omnicare and other defendants were added on July 9, 2013. The complaint was brought by the Louisiana Attorney General alleging certain activities in connection with agreements Omnicare had with Abbott, the manufacturer of the pharmaceutical Depakote, violated the Louisiana Medical Assistance Program Integrity Laws and Unfair Trade Practices Act. On August 27, 2013, the Company removed this action to the United States District Court for the Middle District of Louisiana. On September 26, 2013, the State moved to remand the case to state court. The Company opposed the motion. The Company believes that the allegations are without merit and intends to vigorously defend itself in this action. | |
On May 23, 2013, a qui tam complaint entitled United States and the State of Illinois ex rel. Alan Litwiller v. Omnicare, Inc., No. 1:11-cv-08980, was unsealed by the U.S. District Court for the Northern District of Illinois, Eastern Division. The complaint was brought by Alan Litwiller as a private party qui tam relator on behalf of the federal government and the State of Illinois. The action alleges civil violations of the federal False Claims Act and analogous Illinois state law based upon allegations that the Company agreed to forego collection of certain debts, provided certain credits or refunds to customers, provided charitable donations to charities associated with certain customers, and provided other services below cost for referrals of business in violation of the Anti-Kickback Statute. The U.S. Department of Justice has notified the court that it declined to intervene in this action. On September 16, 2013, the Company filed a motion to dismiss the relator’s claims. On April 14, 2014, the court granted in part and denied in part the Company's motion to dismiss. The Company believes that the allegations are without merit and intends to vigorously defend itself in this action. | |
On March 22, 2013, a qui tam complaint entitled United States et al. ex rel. Susan Ruscher v. Omnicare, Inc. et al., Civil No. 08-cv-3396, which had been filed under seal in the U.S. District Court for the Southern District of Texas, was unsealed by the court. The complaint was brought by Susan Ruscher as a private party qui tam relator on behalf of the federal government and several state governments. The action alleges civil violations of the federal False Claims Act and analogous state laws based upon allegations that the Company’s practices relating to customer collections violated the Anti-Kickback Statute. The U.S. Department of Justice has notified the court that it declined to intervene in this action at this time. On September 6, 2013, the relator filed a Third Amended Complaint. On November 5, 2013, the Company filed a motion to dismiss the Third Amended Complaint. The Company believes that the allegations are without merit and intends to vigorously defend itself in this action. | |
On March 11, 2013, a qui tam complaint entitled United States et al. ex rel. Marc Silver v. Omnicare, Inc. et al. Civil No. 1:11-cv-01326, which had been filed under seal in the U.S. District Court for the District of New Jersey, was unsealed by the court. The complaint was brought by Marc Silver as a private party qui tam relator on behalf of the federal government and several state governments. The action alleges civil violations of the federal False Claims Act and analogous state laws based upon allegations that the Company provided certain customer facilities with discounts and other forms of remuneration in return for referrals of business in violation of the Anti-Kickback Statute. The U.S. Department of Justice has notified the court that it declined to intervene in this action. On August 30, 2013, the Company filed a motion to dismiss the complaint. On October 22, 2013, as part of the agreement in principle to settle the claims alleged in the Gale complaint (as described below), the Company agreed with the relator to settle certain federal claims alleged in the Silver complaint. The agreement in principle was not effectuated. On November 12, 2013, the relator filed his Third Amended Complaint and on December 6, 2013, the Company filed a Motion to Dismiss the Third Amended Complaint. On January 24, 2014, as part of the revised agreement in principle to settle the claims alleged in the Gale complaint, the Company agreed to pay $8.24 million and no attorneys’ fees to settle all state claims in the Silver complaint and the U.S. Department of Justice agreed to have all federal claims in the Silver complaint dismissed with prejudice. This agreement in principle is subject to approval by the federal and state governments and execution of definitive settlement documentation. While the Company believes that a final settlement will be reached, there can be no assurance that any final settlement agreement will be executed or as to the final terms of such settlement. | |
On October 5, 2011, a qui tam complaint, entitled United States ex rel. Donald Gale v. Omnicare, Inc., No. 1:10-cv-0127, was served on the Company. The case had been filed on January 19, 2010 under seal with the U.S. District Court for the Northern District of Ohio, Eastern Division. The complaint was unsealed by the court on June 9, 2011 after the U.S. Department of Justice notified the court that it has declined to intervene in this action. The complaint was brought by Donald Gale as a private party qui tam relator on behalf of the federal government. The action alleges civil violations of the False Claims Act based on allegations that the Company provided certain customer facilities with discounts and other forms of remuneration in return for referrals of business in violation of the Anti-Kickback Statute, and offered pricing terms in violation of the “most favored customer” pricing laws of various state Medicaid plans. The Company filed a motion to dismiss on January 27, 2012. On September 26, 2012, the court granted in part and denied in part the Company’s motion to dismiss. On October 22, 2013, the Company reached an agreement in principle, without admitting liability, with the relator, pursuant to which the Company agreed to pay $120 million, plus attorneys’ fees, to settle the relator’s alleged claims, as well as certain claims alleged in the Silver complaint (described above). On December 6, 2013, after approval by the U.S. Department of Justice, the Company and the relator executed settlement documentation. Prior to the case being dismissed, the court learned of a potential breach of the seal by the relator and potential misrepresentations by the relator and his attorneys and held a hearing on January 9, 2014 to reconsider the court’s prior order denying the Company’s motion for disqualification of the relator and dismissal of the action and the Company's additional motion for sanctions. Prior to the court’s decision on the reconsideration motion and a motion for sanctions against the relator and his attorneys, on January 24, 2014, the Company reached an agreement in principle, without admitting liability, with the U.S. Department of Justice (which was granted leave to intervene on February 20, 2014), in which the Company agreed to pay $116 million and no attorneys’ fees to settle the claims alleged in the Gale complaint and to pay $8.24 million and no attorneys’ fees to settle all the state claims alleged in the Silver complaint and the U.S. Department of Justice agreed to have federal claims alleged in the Silver complaint dismissed with prejudice. In addition, the Company and the relator reached an agreement in principle pursuant to which the relator will pay the Company $4.24 million to settle the motion for sanctions. These agreements in principle are subject to approval by the federal and state governments and execution of definitive settlement documentation. The Company recorded a provision equal to the net settlement amount and an estimate of legal fees in its financial results for the year ended December 31, 2013. While the Company believes that a final settlement will be reached, there can be no assurance that any final settlement agreement will be executed or as to the final terms of such settlement. | |
On August 4, 2011, a qui tam complaint, entitled United States ex rel. Fox Rx, Inc. v. Omnicare, Inc. and Neighborcare, Inc., No. 1:11-cv-0962, which was filed under seal with the U.S. District Court for the Northern District of Georgia, was unsealed by the court. The U.S. Department of Justice declined to intervene in this action. The Company was served with the complaint on November 23, 2011. The complaint was brought by Fox Rx, Inc. as a private party qui tam relator on behalf of the federal government. The action alleges civil violations of the False Claims Act based on allegations that the Company billed Medicare Part D for medically unnecessary antipsychotic drugs, increased the dispensing fees by artificially shortening the supply of prescribed medication, submitted claims for antipsychotic drugs without complying with Fox Rx, Inc.’s prior approval requirements, and waived or failed to collect copayments from patients to induce the use of prescription drugs. The Company filed a motion to dismiss on December 21, 2011. On August 29, 2012, the court granted the Company’s motion to dismiss, though granting leave to replead certain counts. On September 18, 2012, the relator filed a Third Amended Complaint reasserting its claims regarding copayments and antipsychotic drugs. On October 2 and 5, 2012, the Company filed motions to dismiss the Third Amended Complaint. On May 17, 2013, the court granted in part and denied in part the Company’s motions to dismiss. The court dismissed all claims except those related to prescriptions filled for Fox patients between 2009 and 2010. On December 2, 2013, the Company filed a motion for summary judgment on all remaining claims in the case. The Company believes that the allegations are without merit and intends to vigorously defend itself in this action. | |
On August 24, 2011, a class action complaint entitled Ansfield v. Omnicare, Inc., et al. was filed on behalf of a putative class of all purchasers of the Company’s common stock from January 10, 2007 through August 5, 2010 against the Company and certain of its current and former officers in the U.S. District Court for the Eastern District of Kentucky, alleging violations of federal securities laws in connection with alleged false and misleading statements with respect to the Company’s compliance with federal and state Medicare and Medicaid laws and regulations. On October 21, 2011, a class action complaint entitled Jacksonville Police & Fire Pension Fund v. Omnicare, Inc. et al. was filed on behalf of the same putative class of purchasers as is referenced in the Ansfield complaint, against the Company and certain of its current and former officers, in the U.S. District Court for the Eastern District of Kentucky. Plaintiffs allege substantially the same violations of federal securities law as are alleged in the Ansfield complaint. Both complaints seek unspecified money damages. The court has appointed lead counsel and a consolidated amended complaint was filed on May 11, 2012. The Company filed a motion to dismiss on July 16, 2012. On March 27, 2013, the court granted the Company’s motion to dismiss and dismissed all claims with prejudice. On April 26, 2013, the plaintiffs filed a notice of appeal to the U.S. Court of Appeals for the Sixth Circuit appealing the District Court’s order dismissing the complaint with prejudice. The parties completed oral argument before the Sixth Circuit on January 30, 2014. The Company believes that the allegations are without merit and intends to vigorously defend itself in this action. | |
On October 29, 2010, a qui tam complaint entitled United States et al., ex rel. Banigan and Templin v. Organon USA, Inc., Omnicare, Inc. and PharMerica Corporation, Civil No. 07-12153-RWZ, that had been filed under seal with the U.S. District Court in Boston, Massachusetts, was ordered unsealed by the court. The complaint was brought by James Banigan and Richard Templin, former employees of Organon, as private party qui tam relators on behalf of the federal government and several state and local governments. The action alleges civil violations of the False Claims Act based on allegations that Organon USA, Inc. and its affiliates paid the Company and several other long-term care pharmacies rebates, post-purchase discounts and other forms of remuneration in return for purchasing pharmaceuticals from Organon and taking steps to increase the purchase of Organon’s drugs in violation of the Anti-Kickback Statute. The U.S. Department of Justice declined to intervene in this action. The court denied the Company’s motion to dismiss on June 1, 2012. Discovery is ongoing in this matter. The Company believes that the allegations are without merit and intends to vigorously defend itself in this action. | |
The U.S. Department of Justice, through the U.S. Attorney’s Office for the Western District of Virginia, is investigating whether the Company’s activities in connection with agreements it had with the manufacturer of the pharmaceutical Depakote violated the False Claims Act or the Anti-Kickback Statute. The Company is cooperating with this investigation and believes that it has complied with applicable laws and regulations with respect to this matter. | |
The U.S. Department of Justice is investigating whether certain of the Company's practices relating to customer collections violated the False Claims Act or the Anti-Kickback Statute. The Company is cooperating with this investigation and believes that it has complied with applicable laws and regulations with respect to this matter. | |
On November 19, 2010, the Company was served with a second amended qui tam complaint entitled United States ex rel. Rostholder v. Omnicare, Inc. and Omnicare Distribution Center, LLC f/k/a Heartland Repack Services LLC, No. CCB-07-1283, which was filed under seal with the U.S. District Court in Baltimore, Maryland in May 2007. The U.S. Department of Justice notified the court on April 22, 2009 that it declined to intervene in this action. The complaint was brought by Barry Rostholder as a private party qui tam relator on behalf of the federal government and several state and local governments. The action, in general, alleges civil violations of the False Claims Act based on allegations that the Company submitted claims for reimbursement for drugs that were repackaged at its Heartland repackaging facility in violation of certain FDA regulations. These allegations arise from the previously disclosed issues experienced by the Company at its Heartland repackaging facility, which suspended operations in 2006. On September 30, 2011, the Company filed a motion to dismiss the lawsuit in its entirety. On August 14, 2012, the court granted the Company’s motion with prejudice as to the relator and without prejudice as to the United States. The relator filed an amended motion for reconsideration on September 10, 2012. On October 19, 2012, the court denied the relator’s motion to reconsider. On November 16, 2012, the relator filed a Notice of Appeal to the U.S. Court of Appeals for the Fourth Circuit from the District Court’s denial of the motion to reconsider and granting of the Company’s motion to dismiss. On February 21, 2014, the U.S. Court of Appeals for the Fourth Circuit upheld the United States District Court’s dismissal of the lawsuit with prejudice. | |
As part of the previously disclosed civil settlement agreement entered into by the Company with the U.S. Attorney’s Office, District of Massachusetts in November 2009, the Company also entered into an amended and restated corporate integrity agreement (“CIA”) with the Department of Health and Human Services Office of the Inspector General (“OIG”) with a term of five years from November 2, 2009. Pursuant to the CIA, the Company is required, among other things, to (i) create procedures designed to ensure that each existing, new or renewed arrangement with any actual or potential source of health care business or referrals to Omnicare or any actual or potential recipient of health care business or referrals from Omnicare does not violate the Anti-Kickback Statute, 42 U.S.C. (§) 1320a-7b(b) or related regulations, directives and guidance, including creating and maintaining a database of such arrangements; (ii) retain an independent review organization to review the Company’s compliance with the terms of the CIA and report to OIG regarding that compliance; and (iii) provide training for certain Company employees as to the Company’s requirements under the CIA. The requirements of the Company’s prior corporate integrity agreement obligating the Company to create and maintain procedures designed to ensure that all therapeutic interchange programs are developed and implemented by Omnicare consistent with the CIA and federal and state laws for obtaining prior authorization from the prescriber before making a therapeutic interchange of a drug and to maintain procedures for the accurate preparation and submission of claims for federal health care program beneficiaries in hospice programs, have been incorporated into the amended and restated CIA without modification. The requirements of the CIA have resulted in increased costs to maintain the Company’s compliance program and greater scrutiny by federal regulatory authorities. Violations of the CIA could subject the Company to significant monetary penalties. Consistent with the CIA, the Company is reviewing its contracts to ensure compliance with applicable laws and regulations. As a result of this review, pricing under certain of its consultant pharmacist services contracts has increased and will continue to increase. | |
In February 2006, two substantially similar putative class action lawsuits were filed in the U.S. District Court for the Eastern District of Kentucky, and were consolidated and entitled Indiana State Dist. Council of Laborers & HOD Carriers Pension & Welfare Fund v. Omnicare, Inc., et al., No. 2:06cv26. The amended consolidated complaint was filed against Omnicare, three of its officers and two of its directors and purported to be brought on behalf of all open-market purchasers of Omnicare common stock from August 3, 2005 through July 27, 2006, as well as all purchasers who bought their shares in the Company’s public offering in December 2005. The complaint contained claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (and Rule 10b-5) and Section 11 of the Securities Act of 1933 and sought, among other things, compensatory damages and injunctive relief. Plaintiffs alleged that Omnicare (i) artificially inflated its earnings (and failed to file GAAP-compliant financial statements) by engaging in improper generic drug substitution, improper revenue recognition and overvaluation of receivables and inventories; (ii) failed to timely disclose its contractual dispute with UnitedHealth Group Inc.; (iii) failed to timely record certain special litigation reserves; and (iv) made other allegedly false and misleading statements about the Company’s business, prospects, and compliance with applicable laws and regulations. The defendants filed a motion to dismiss the amended complaint on March 12, 2007, and on October 12, 2007, the district court dismissed the case. On November 9, 2007, plaintiffs appealed the dismissal to the U.S. Court of Appeals for the Sixth Circuit. On October 21, 2009, the Sixth Circuit Court of Appeals generally affirmed the district court’s dismissal, dismissing plaintiff’s claims for violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5. However, the appellate court reversed the dismissal for the claim brought for violation of Section 11 of the Securities Act of 1933, and returned the case to the district court for further proceedings. On July 14, 2011, the district court granted plaintiffs’ motion to file a third amended complaint. This complaint asserts a claim under Section 11 of the Securities Act of 1933 on behalf of all purchasers of Omnicare common stock in the December 2005 public offering. The new complaint alleges that the 2005 registration statement contained false and misleading statements regarding Omnicare’s policy of compliance with all applicable laws and regulations with particular emphasis on allegations of violation of the federal Anti-Kickback Statute in connection with three of Omnicare’s acquisitions, Omnicare’s contracts with two of its suppliers, and its provision of pharmacist consultant services. On August 19, 2011, the defendants filed a motion to dismiss the plaintiffs’ most recent complaint and on February 13, 2012 the district court dismissed the case and struck the case from the docket. On March 12, 2012, the plaintiffs filed a notice of appeal in the U.S. Court of Appeals for the Sixth Circuit. On May 23, 2013, the U.S. Court of Appeals affirmed in part and reversed and remanded in part the dismissal of the plaintiffs’ complaint. On June 6, 2013, the Company petitioned the Court of Appeals for a rehearing en banc. The petition for rehearing en banc was denied on July 23, 2013. On October 4, 2013 the Company filed a petition for writ of certiorari in the United States Supreme Court. On March 3, 2014, the United States Supreme Court granted the Company’s petition for writ of certiorari. | |
The three months ended March 31, 2014 and 2013 included charges of $7.1 million and approximately $22.6 million, respectively, reflected in “Settlement, litigation and other related charges” on the Consolidated Statement of Comprehensive Income, primarily for estimated litigation and other related settlements and associated professional expenses for resolution of certain large customer disputes, certain regulatory matters with the federal government and various states, qui tam lawsuits, and costs associated with the purported class and derivative actions against the Company. In connection with Omnicare's participation in Medicare, Medicaid, and other healthcare programs, the Company is subject to various inspections, audits, inquiries, and investigations by governmental/regulatory authorities responsible for enforcing the laws and regulations to which the Company is subject. Further, the Company maintains a compliance program which establishes certain routine periodic monitoring of the accuracy of the Company's billing systems and other regulatory compliance matters and encourages the reporting of errors and inaccuracies. As a result of the compliance program, Omnicare has made, and will continue to make, disclosures to the applicable governmental agencies of amounts, if any, determined to represent over-payments from the respective programs and, where applicable, those amounts, as well as any amounts relating to certain inspections, audits, inquiries, and investigations activity are included in “Settlement, litigation and other related charges” on the Consolidated Statement of Comprehensive Income. | |
Although the Company cannot know the ultimate outcome of the matters described in the preceding paragraphs other than as disclosed, there can be no assurance that the resolution of these matters will not have a material adverse impact on the Company’s consolidated results of operations, financial position or cash flows or, in the case of other billing matters, that these matters will be resolved in an amount that would not exceed the amount of the pretax charges previously recorded by the Company. | |
As part of its ongoing operations, the Company is subject to various inspections, audits, inquiries, investigations, and similar actions by third parties, as well as governmental/regulatory authorities responsible for enforcing the laws and regulations to which the Company is subject. Further, under the federal False Claims Act, private parties have the right to bring qui tam, or “whistleblower,” suits against companies that submit false claims for payments to, or improperly retain overpayments from, the government. Some states have adopted similar state whistleblower and false claims provisions. In addition to the inquiries discussed above, the Company from time to time receives government inquiries from federal and state agencies regarding compliance with various healthcare laws. The Company is also involved in various legal actions arising in the normal course of business. At any point in time, the Company is in varying stages of discussions on these matters. Omnicare records accruals for such contingencies to the extent that the Company concludes that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These matters are continuously being evaluated and, in many cases, are being contested by the Company and the outcome is not predictable. | |
The inherently unpredictable nature of legal proceedings may be exacerbated by various factors from time to time, including: (i) the damages sought in the proceedings are unsubstantiated or indeterminate; (ii) discovery is not complete; (iii) the proceeding is in its early stages; (iv) the matters present legal uncertainties; (v) there are significant facts in dispute; (vi) there are a large number of parties (including where it is uncertain how liability, if any, will be shared among multiple defendants); or (vii) there is a wide range of potential outcomes. With respect to violations of the False Claims Act, treble damages and/or additional penalties per claim will apply. Consequently, unless otherwise stated, no estimate of the possible loss or range of loss in excess of the amounts accrued, if any, can be made at this time regarding the matters described above. Further, there can be no assurance that the ultimate resolution of these matters, individually or in the aggregate, will not have a material adverse effect on the Company’s consolidated results of operations, financial position or cash flows. | |
The Company indemnifies its directors and officers for certain liabilities that might arise from the performance of their job responsibilities for the Company. Additionally, in the normal course of business, the Company enters into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Company’s maximum exposure under these arrangements is unknown, as this involves the resolution of claims made, or future claims that may be made, against the Company, its directors and/or officers, the outcomes of which are unknown and not currently predictable. Accordingly, no liabilities have been recorded for the indemnifications. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Information | ' | ||||||||||||||||
The Company is organized in two operating segments, Long-Term Care Group ("LTC") and Specialty Care Group ("SCG"). These segments are based on the operations of the underlying businesses and the customers they serve. The Company's larger reportable segment is LTC, which primarily provides distribution of pharmaceuticals, related pharmacy consulting and other ancillary services. LTC's customers are primarily skilled nursing, assisted living and other providers of healthcare services. The Company’s other reportable segment is SCG, which provides specialty pharmacy and key commercialization services for the biopharmaceutical industry. The primary components of the "Corporate/Other" segment are the Company's corporate management oversight and administration, including its information technology and data management services, as well as other consolidating and eliminating entries, which have not been charged to reportable segments. The Company evaluates the performance of its segments based on revenue and operating income, and does not include segment assets or nonoperating income/expense items for management reporting purposes. | |||||||||||||||||
For the three months ended March 31, | |||||||||||||||||
2014:00:00 | LTC | SCG | Corporate/Other | Consolidated | |||||||||||||
Totals | |||||||||||||||||
Net sales | $ | 1,191,253 | $ | 379,672 | $ | 113 | $ | 1,571,038 | |||||||||
Depreciation and amortization expense | (17,471 | ) | (1,127 | ) | (15,138 | ) | (33,736 | ) | |||||||||
Settlement, litigation and other related charges | (7,052 | ) | — | — | (7,052 | ) | |||||||||||
Other charges | (2,511 | ) | — | (7,765 | ) | (10,276 | ) | ||||||||||
Operating income (loss) | 152,584 | 31,729 | (51,561 | ) | 132,752 | ||||||||||||
2013:00:00 | |||||||||||||||||
Net sales | $ | 1,141,585 | $ | 316,729 | $ | 631 | $ | 1,458,945 | |||||||||
Depreciation and amortization expense | (18,030 | ) | (1,103 | ) | (12,856 | ) | (31,989 | ) | |||||||||
Settlement, litigation and other related charges | (22,619 | ) | — | — | (22,619 | ) | |||||||||||
Other charges | (2,752 | ) | — | (1,254 | ) | (4,006 | ) | ||||||||||
Operating income (loss) | 129,817 | 28,109 | (49,550 | ) | 108,376 | ||||||||||||
Guarantor_Subsidiaries
Guarantor Subsidiaries | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Guarantor Subsidiaries [Abstract] | ' | ||||||||||||||||||||
Schedules Of Condensed Financial Statements [Text Block] | ' | ||||||||||||||||||||
The 2020 Notes, the 2025 Notes, the 2042 Notes, and the 3.50% Convertible Senior Subordinated Notes, due 2044 are fully and unconditionally guaranteed, subject to certain customary release provisions, on an unsecured, joint and several basis by certain wholly-owned subsidiaries of the Company (the “Guarantor Subsidiaries”). The following condensed consolidating unaudited financial data illustrates the composition of Omnicare, Inc. (“Parent”), the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries as of March 31, 2014 and December 31, 2013 for the balance sheets, as well as the three months ended March 31, 2014 and 2013 for the statements of comprehensive income (loss) and the statements of cash flows. Management believes separate complete financial statements of the Guarantor Subsidiaries would not provide information that would be necessary for evaluating the sufficiency of the Guarantor Subsidiaries, and thus are not presented. The equity method has been used with respect to the Parent company’s investment in subsidiaries. No consolidating/eliminating adjustment column is presented for the condensed consolidating statements of cash flows since there were no significant consolidating/eliminating adjustment amounts during the periods presented. | |||||||||||||||||||||
Summary Consolidating | |||||||||||||||||||||
Statements of Comprehensive Income (Loss) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
For the three months ended March 31, | |||||||||||||||||||||
2014:00:00 | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating / | Omnicare, Inc. and Subsidiaries | ||||||||||||||||
Eliminating Adjustments | |||||||||||||||||||||
Net sales | $ | — | $ | 1,540,006 | $ | 31,032 | $ | — | $ | 1,571,038 | |||||||||||
Cost of sales | — | 1,194,399 | 18,185 | — | 1,212,584 | ||||||||||||||||
Gross profit | — | 345,607 | 12,847 | — | 358,454 | ||||||||||||||||
Selling, general and administrative expenses | 987 | 182,120 | 3,706 | — | 186,813 | ||||||||||||||||
Provision for doubtful accounts | — | 21,047 | 514 | — | 21,561 | ||||||||||||||||
Settlement, litigation and other related charges | — | 7,052 | — | — | 7,052 | ||||||||||||||||
Other charges | — | 10,276 | — | — | 10,276 | ||||||||||||||||
Operating income (loss) | (987 | ) | 125,112 | 8,627 | — | 132,752 | |||||||||||||||
Interest expense, net of investment income | (29,156 | ) | (285 | ) | — | — | (29,441 | ) | |||||||||||||
Income (loss) before income taxes | (30,143 | ) | 124,827 | 8,627 | — | 103,311 | |||||||||||||||
Income tax (benefit) expense | (11,671 | ) | 48,004 | 3,340 | — | 39,673 | |||||||||||||||
Income (loss) from continuing operations | (18,472 | ) | 76,823 | 5,287 | — | 63,638 | |||||||||||||||
Income (loss) from discontinued operations | — | 171 | (35 | ) | — | 136 | |||||||||||||||
Equity of net income of subsidiaries | 82,246 | — | — | (82,246 | ) | — | |||||||||||||||
Net income | $ | 63,774 | $ | 76,994 | $ | 5,252 | $ | (82,246 | ) | $ | 63,774 | ||||||||||
Comprehensive income | $ | 63,997 | $ | 76,994 | $ | 5,252 | $ | (82,246 | ) | $ | 63,997 | ||||||||||
2013:00:00 | |||||||||||||||||||||
Net sales | $ | — | $ | 1,427,130 | $ | 31,815 | $ | — | $ | 1,458,945 | |||||||||||
Cost of sales | — | 1,091,162 | 18,079 | — | 1,109,241 | ||||||||||||||||
Gross profit | — | 335,968 | 13,736 | — | 349,704 | ||||||||||||||||
Selling, general and administrative expenses | 1,006 | 184,978 | 4,709 | — | 190,693 | ||||||||||||||||
Provision for doubtful accounts | — | 23,532 | 478 | — | 24,010 | ||||||||||||||||
Settlement, litigation and other related charges | — | 22,619 | — | — | 22,619 | ||||||||||||||||
Other charges | — | 4,006 | — | — | 4,006 | ||||||||||||||||
Operating income (loss) | (1,006 | ) | 100,833 | 8,549 | — | 108,376 | |||||||||||||||
Interest expense, net of investment income | (28,991 | ) | (293 | ) | (178 | ) | — | (29,462 | ) | ||||||||||||
Income (loss) before income taxes | (29,997 | ) | 100,540 | 8,371 | — | 78,914 | |||||||||||||||
Income tax (benefit) expense | (11,546 | ) | 38,924 | 3,222 | — | 30,600 | |||||||||||||||
Income (loss) from continuing operations | (18,451 | ) | 61,616 | 5,149 | — | 48,314 | |||||||||||||||
Income (loss) from discontinued operations | — | 6,063 | (23 | ) | — | 6,040 | |||||||||||||||
Equity of net income of subsidiaries | 72,805 | — | — | (72,805 | ) | — | |||||||||||||||
Net income | $ | 54,354 | $ | 67,679 | $ | 5,126 | $ | (72,805 | ) | $ | 54,354 | ||||||||||
Comprehensive income | $ | 54,330 | $ | 67,679 | $ | 5,126 | $ | (72,805 | ) | $ | 54,330 | ||||||||||
Note 10 - Guarantor Subsidiaries (Continued) | |||||||||||||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
As of March 31, 2014: | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating/Eliminating Adjustments | Omnicare, Inc. and Subsidiaries | ||||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 284,410 | $ | 49,777 | $ | 12,800 | $ | — | $ | 346,987 | |||||||||||
Accounts receivable, net (including intercompany) | — | 752,924 | 336,511 | (333,815 | ) | 755,620 | |||||||||||||||
Inventories | — | 435,847 | 6,787 | — | 442,634 | ||||||||||||||||
Deferred income tax benefits, net-current | — | 126,717 | 21 | — | 126,738 | ||||||||||||||||
Other current assets | 1,407 | 250,744 | 24,962 | — | 277,113 | ||||||||||||||||
Current assets of discontinued operations | — | 46,537 | 122 | — | 46,659 | ||||||||||||||||
Total current assets | 285,817 | 1,662,546 | 381,203 | (333,815 | ) | 1,995,751 | |||||||||||||||
Properties and equipment, net | — | 313,016 | 4,840 | — | 317,856 | ||||||||||||||||
Goodwill | — | 4,028,651 | 28,805 | — | 4,057,456 | ||||||||||||||||
Identifiable intangible assets, net | — | 120,093 | 1,964 | — | 122,057 | ||||||||||||||||
Other noncurrent assets | 42,079 | 53,855 | 65 | — | 95,999 | ||||||||||||||||
Noncurrent assets of discontinued operations | — | 85,028 | 31 | — | 85,059 | ||||||||||||||||
Investment in subsidiaries | 5,059,898 | — | — | (5,059,898 | ) | — | |||||||||||||||
Total assets | $ | 5,387,794 | $ | 6,263,189 | $ | 416,908 | $ | (5,393,713 | ) | $ | 6,674,178 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||||||
Current liabilities (including intercompany) | $ | 37,402 | $ | 852,060 | $ | 28,745 | $ | (333,815 | ) | $ | 584,392 | ||||||||||
Current portion of long term debt | 528,475 | — | — | — | 528,475 | ||||||||||||||||
Current liabilities of discontinued operations | — | 17,404 | 3 | — | 17,407 | ||||||||||||||||
Long-term debt, notes and convertible debentures | 1,405,876 | 11,615 | — | — | 1,417,491 | ||||||||||||||||
Deferred income tax liabilities | 368,532 | 640,955 | 13,928 | — | 1,023,415 | ||||||||||||||||
Other noncurrent liabilities | — | 52,960 | 1,689 | — | 54,649 | ||||||||||||||||
Noncurrent liabilities of discontinued operations | — | 840 | — | — | 840 | ||||||||||||||||
Convertible debt | 329,425 | — | — | — | 329,425 | ||||||||||||||||
Stockholders' equity | 2,718,084 | 4,687,355 | 372,543 | (5,059,898 | ) | 2,718,084 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 5,387,794 | $ | 6,263,189 | $ | 416,908 | $ | (5,393,713 | ) | $ | 6,674,178 | ||||||||||
As of December 31, 2013: | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 275,910 | $ | 68,050 | $ | 12,041 | $ | — | $ | 356,001 | |||||||||||
Accounts receivable, net (including intercompany) | — | 693,729 | 315,323 | (313,368 | ) | 695,684 | |||||||||||||||
Inventories | — | 505,567 | 6,851 | — | 512,418 | ||||||||||||||||
Deferred income tax benefits, net-current | — | 135,148 | — | (54 | ) | 135,094 | |||||||||||||||
Other current assets | 1,989 | 242,166 | 21,381 | — | 265,536 | ||||||||||||||||
Current assets of discontinued operations | — | 49,128 | 867 | — | 49,995 | ||||||||||||||||
Total current assets | 277,899 | 1,693,788 | 356,463 | (313,422 | ) | 2,014,728 | |||||||||||||||
Properties and equipment, net | — | 301,200 | 4,688 | — | 305,888 | ||||||||||||||||
Goodwill | — | 4,028,651 | 28,805 | — | 4,057,456 | ||||||||||||||||
Identifiable intangible assets, net | — | 127,798 | 2,176 | — | 129,974 | ||||||||||||||||
Other noncurrent assets | 41,825 | 54,834 | 63 | — | 96,722 | ||||||||||||||||
Noncurrent assets of discontinued operations | — | 87,047 | 31 | — | 87,078 | ||||||||||||||||
Investment in subsidiaries | 5,131,280 | — | — | (5,131,280 | ) | — | |||||||||||||||
Total assets | $ | 5,451,004 | $ | 6,293,318 | $ | 392,226 | $ | (5,444,702 | ) | $ | 6,691,846 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||||||
Current liabilities (including intercompany) | $ | 83,028 | $ | 793,461 | $ | 23,986 | $ | (313,368 | ) | $ | 587,107 | ||||||||||
Current portion of long term debt | 527,204 | — | — | — | 527,204 | ||||||||||||||||
Current liabilities of discontinued operations | — | 18,829 | 17 | — | 18,846 | ||||||||||||||||
Long-term debt, notes and convertible debentures | 1,405,628 | 13,191 | — | — | 1,418,819 | ||||||||||||||||
Deferred income tax liabilities | 363,240 | 635,640 | 13,907 | (54 | ) | 1,012,733 | |||||||||||||||
Other noncurrent liabilities | — | 52,072 | 1,763 | — | 53,835 | ||||||||||||||||
Noncurrent liabilities of discontinued operations | — | 1,398 | — | — | 1,398 | ||||||||||||||||
Convertible debt | 331,101 | — | — | — | 331,101 | ||||||||||||||||
Stockholders' equity | 2,740,803 | 4,778,727 | 352,553 | (5,131,280 | ) | 2,740,803 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 5,451,004 | $ | 6,293,318 | $ | 392,226 | $ | (5,444,702 | ) | $ | 6,691,846 | ||||||||||
Note 10 - Guarantor Subsidiaries (Continued) | |||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||
2014:00:00 | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Omnicare, Inc. and Subsidiaries | |||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net cash flows (used in) from operating activities | $ | (1,854 | ) | $ | 178,130 | $ | 1,222 | $ | 177,498 | ||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Divestiture of businesses, net | — | 3,629 | — | 3,629 | |||||||||||||||||
Capital expenditures | — | (25,702 | ) | (463 | ) | (26,165 | ) | ||||||||||||||
Other | — | (284 | ) | — | (284 | ) | |||||||||||||||
Net cash flows (used in) investing activities | — | (22,357 | ) | (463 | ) | (22,820 | ) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Payments on terms loans | (5,313 | ) | — | — | (5,313 | ) | |||||||||||||||
Payments on long-term borrowings and obligations | (39,030 | ) | — | — | (39,030 | ) | |||||||||||||||
Decrease in cash overdraft balance | (2,611 | ) | (926 | ) | — | (3,537 | ) | ||||||||||||||
Payments for Omnicare common stock repurchase | (95,417 | ) | — | — | (95,417 | ) | |||||||||||||||
Dividends paid | (19,596 | ) | — | — | (19,596 | ) | |||||||||||||||
Other | 172,321 | (167,504 | ) | — | 4,817 | ||||||||||||||||
Net cash flows from (used in) financing activities | 10,354 | (168,430 | ) | — | (158,076 | ) | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | 8,500 | (12,657 | ) | 759 | (3,398 | ) | |||||||||||||||
Increase (decrease) from discontinued operations | — | 5,616 | — | 5,616 | |||||||||||||||||
Net increase (decrease) from continuing operations | 8,500 | (18,273 | ) | 759 | (9,014 | ) | |||||||||||||||
Cash and cash equivalents at beginning of period | 275,910 | 68,050 | 12,041 | 356,001 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 284,410 | $ | 49,777 | $ | 12,800 | $ | 346,987 | |||||||||||||
2013:00:00 | |||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net cash flows (used in) from operating activities | $ | (3,365 | ) | $ | 114,407 | $ | (2,147 | ) | $ | 108,895 | |||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Capital expenditures | — | (22,099 | ) | (316 | ) | (22,415 | ) | ||||||||||||||
Other | (227 | ) | 367 | — | 140 | ||||||||||||||||
Net cash flows used in investing activities | (227 | ) | (21,732 | ) | (316 | ) | (22,275 | ) | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Payments on term loans | (5,313 | ) | — | — | (5,313 | ) | |||||||||||||||
Payments on long-term borrowings and obligations | (1,684 | ) | — | — | (1,684 | ) | |||||||||||||||
Increase (decrease) in cash overdraft balance | (10,900 | ) | 1,126 | — | (9,774 | ) | |||||||||||||||
Payments for Omnicare common stock repurchases | (302 | ) | — | — | (302 | ) | |||||||||||||||
Dividends paid | (14,479 | ) | — | — | (14,479 | ) | |||||||||||||||
Other | 89,860 | (89,323 | ) | — | 537 | ||||||||||||||||
Net cash flows from (used in) financing activities | 57,182 | (88,197 | ) | — | (31,015 | ) | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | 53,590 | 4,478 | (2,463 | ) | 55,605 | ||||||||||||||||
Increase (decrease) from discontinued operations | — | 1,717 | — | 1,717 | |||||||||||||||||
Net increase (decrease) from continuing operations | 53,590 | 2,761 | (2,463 | ) | 53,888 | ||||||||||||||||
Cash and cash equivalents at beginning of period | 383,674 | 49,108 | 11,838 | 444,620 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 437,264 | $ | 51,869 | $ | 9,375 | $ | 498,508 | |||||||||||||
Note 10 - Guarantor Subsidiaries (Continued) | |||||||||||||||||||||
The Company’s 3.25% Convertible Senior Debentures due 2035 (with optional redemption by Omnicare on or after, or an optional repurchase right of holders on, December 15, 2015, at par) are fully and unconditionally guaranteed, subject to certain customary release provisions, on an unsecured basis by Omnicare Purchasing Company, LP, a wholly-owned subsidiary of the Company (the “Guarantor Subsidiary”). The following condensed consolidating unaudited financial data illustrates the composition of Omnicare, Inc. (“Parent”), the Guarantor Subsidiary and the Non-Guarantor Subsidiaries as of March 31, 2014 and December 31, 2013 for the balance sheets, as well as the three months ended March 31, 2014 and 2013 for the statements of comprehensive income (loss) and the statements of cash flows. Management believes separate complete financial statements of the Guarantor Subsidiary would not provide information that would be necessary for evaluating the sufficiency of the Guarantor Subsidiary, and thus are not presented. The Guarantor Subsidiary does not have any material net cash flows in the condensed consolidating statements of cash flows. The equity method has been used with respect to the Parent company’s investment in subsidiaries. No consolidating/eliminating adjustments column is presented for the condensed consolidating statements of cash flows since there were no significant consolidating/eliminating adjustment amounts during the periods presented. | |||||||||||||||||||||
Summary Consolidating | |||||||||||||||||||||
Statements of Comprehensive Income (Loss) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
For the three months ended March 31, | |||||||||||||||||||||
2014:00:00 | Parent | Guarantor Subsidiary | Non-Guarantor Subsidiaries | Consolidating / | Omnicare, Inc. and Subsidiaries | ||||||||||||||||
Eliminating Adjustments | |||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 1,571,038 | $ | — | $ | 1,571,038 | |||||||||||
Cost of sales | — | — | 1,212,584 | — | 1,212,584 | ||||||||||||||||
Gross profit | — | — | 358,454 | — | 358,454 | ||||||||||||||||
Selling, general and administrative expenses | 987 | 436 | 185,390 | — | 186,813 | ||||||||||||||||
Provision for doubtful accounts | — | — | 21,561 | — | 21,561 | ||||||||||||||||
Settlement, litigation and other related charges | — | — | 7,052 | — | 7,052 | ||||||||||||||||
Other charges | — | — | 10,276 | — | 10,276 | ||||||||||||||||
Operating income (loss) | (987 | ) | (436 | ) | 134,175 | — | 132,752 | ||||||||||||||
Interest expense, net of investment income | (29,156 | ) | — | (285 | ) | — | (29,441 | ) | |||||||||||||
Income (loss) before income taxes | (30,143 | ) | (436 | ) | 133,890 | — | 103,311 | ||||||||||||||
Income tax (benefit) expense | (11,671 | ) | (169 | ) | 51,513 | — | 39,673 | ||||||||||||||
Income (loss) from continuing operations | (18,472 | ) | (267 | ) | 82,377 | — | 63,638 | ||||||||||||||
Income from discontinued operations | — | — | 136 | — | 136 | ||||||||||||||||
Equity of net income of subsidiaries | 82,246 | — | — | (82,246 | ) | — | |||||||||||||||
Net income (loss) | $ | 63,774 | $ | (267 | ) | $ | 82,513 | $ | (82,246 | ) | $ | 63,774 | |||||||||
Comprehensive income (loss) | $ | 63,997 | $ | (267 | ) | $ | 82,513 | $ | (82,246 | ) | $ | 63,997 | |||||||||
2013:00:00 | |||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 1,458,945 | $ | — | $ | 1,458,945 | |||||||||||
Cost of sales | — | — | 1,109,241 | — | 1,109,241 | ||||||||||||||||
Gross profit | — | — | 349,704 | — | 349,704 | ||||||||||||||||
Selling, general and administrative expenses | 1,006 | 399 | 189,288 | — | 190,693 | ||||||||||||||||
Provision for doubtful accounts | — | — | 24,010 | — | 24,010 | ||||||||||||||||
Settlement, litigation and other related charges | — | — | 22,619 | — | 22,619 | ||||||||||||||||
Other charges | — | — | 4,006 | — | 4,006 | ||||||||||||||||
Operating income (loss) | (1,006 | ) | (399 | ) | 109,781 | — | 108,376 | ||||||||||||||
Interest expense, net of investment income | (28,991 | ) | — | (471 | ) | — | (29,462 | ) | |||||||||||||
Income (loss) before income taxes | (29,997 | ) | (399 | ) | 109,310 | — | 78,914 | ||||||||||||||
Income tax (benefit) expense | (11,546 | ) | (154 | ) | 42,300 | — | 30,600 | ||||||||||||||
Income (loss) from continuing operations | (18,451 | ) | (245 | ) | 67,010 | — | 48,314 | ||||||||||||||
Income from discontinued operations | — | — | 6,040 | — | 6,040 | ||||||||||||||||
Equity of net income of subsidiaries | 72,805 | — | — | (72,805 | ) | — | |||||||||||||||
Net income (loss) | $ | 54,354 | $ | (245 | ) | $ | 73,050 | $ | (72,805 | ) | $ | 54,354 | |||||||||
Comprehensive income (loss) | $ | 54,330 | $ | (245 | ) | $ | 73,050 | $ | (72,805 | ) | $ | 54,330 | |||||||||
Note 10 - Guarantor Subsidiaries (Continued) | |||||||||||||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
As of March 31, 2014: | Parent | Guarantor Subsidiary | Non-Guarantor Subsidiaries | Consolidating/Eliminating Adjustments | Omnicare, Inc. and Subsidiaries | ||||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 284,410 | $ | — | $ | 62,577 | $ | — | $ | 346,987 | |||||||||||
Accounts receivable, net (including intercompany) | — | 188 | 755,620 | (188 | ) | 755,620 | |||||||||||||||
Inventories | — | — | 442,634 | — | 442,634 | ||||||||||||||||
Deferred income tax benefits, net-current | — | — | 126,738 | — | 126,738 | ||||||||||||||||
Other current assets | 1,407 | — | 275,706 | — | 277,113 | ||||||||||||||||
Current assets of discontinued operations | — | — | 46,659 | — | 46,659 | ||||||||||||||||
Total current assets | 285,817 | 188 | 1,709,934 | (188 | ) | 1,995,751 | |||||||||||||||
Properties and equipment, net | — | 17 | 317,839 | — | 317,856 | ||||||||||||||||
Goodwill | — | — | 4,057,456 | — | 4,057,456 | ||||||||||||||||
Identifiable intangible assets, net | — | — | 122,057 | — | 122,057 | ||||||||||||||||
Other noncurrent assets | 42,079 | 19 | 53,901 | — | 95,999 | ||||||||||||||||
Noncurrent assets of discontinued operations | — | — | 85,059 | — | 85,059 | ||||||||||||||||
Investment in subsidiaries | 5,059,898 | — | — | (5,059,898 | ) | — | |||||||||||||||
Total assets | $ | 5,387,794 | $ | 224 | $ | 6,346,246 | $ | (5,060,086 | ) | $ | 6,674,178 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||||||
Current liabilities (including intercompany) | $ | 37,402 | $ | — | $ | 547,178 | $ | (188 | ) | $ | 584,392 | ||||||||||
Current portion of long term debt | 528,475 | — | — | — | 528,475 | ||||||||||||||||
Current liabilities of discontinued operations | — | — | 17,407 | — | 17,407 | ||||||||||||||||
Long-term debt, notes and convertible debentures | 1,405,876 | — | 11,615 | — | 1,417,491 | ||||||||||||||||
Deferred income tax liabilities | 368,532 | — | 654,883 | — | 1,023,415 | ||||||||||||||||
Other noncurrent liabilities | — | — | 54,649 | — | 54,649 | ||||||||||||||||
Noncurrent liabilities of discontinued operations | — | — | 840 | — | 840 | ||||||||||||||||
Convertible debt | 329,425 | — | — | — | 329,425 | ||||||||||||||||
Stockholders' equity | 2,718,084 | 224 | 5,059,674 | (5,059,898 | ) | 2,718,084 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 5,387,794 | $ | 224 | $ | 6,346,246 | $ | (5,060,086 | ) | $ | 6,674,178 | ||||||||||
As of December 31, 2013: | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 275,910 | $ | — | $ | 80,091 | $ | — | $ | 356,001 | |||||||||||
Accounts receivable, net (including intercompany) | — | 210 | 695,684 | (210 | ) | 695,684 | |||||||||||||||
Inventories | — | — | 512,418 | — | 512,418 | ||||||||||||||||
Deferred income tax benefits, net-current | — | — | 135,094 | — | 135,094 | ||||||||||||||||
Other current assets | 1,989 | — | 263,547 | — | 265,536 | ||||||||||||||||
Current assets of discontinued operations | — | — | 49,995 | — | 49,995 | ||||||||||||||||
Total current assets | 277,899 | 210 | 1,736,829 | (210 | ) | 2,014,728 | |||||||||||||||
Properties and equipment, net | — | 19 | 305,869 | — | 305,888 | ||||||||||||||||
Goodwill | — | — | 4,057,456 | — | 4,057,456 | ||||||||||||||||
Identifiable intangible assets, net | — | — | 129,974 | — | 129,974 | ||||||||||||||||
Other noncurrent assets | 41,825 | 19 | 54,878 | — | 96,722 | ||||||||||||||||
Noncurrent assets of discontinued operations | — | — | 87,078 | — | 87,078 | ||||||||||||||||
Investment in subsidiaries | 5,131,280 | — | — | (5,131,280 | ) | — | |||||||||||||||
Total assets | $ | 5,451,004 | $ | 248 | $ | 6,372,084 | $ | (5,131,490 | ) | $ | 6,691,846 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||||||
Current liabilities (including intercompany) | $ | 83,028 | $ | — | $ | 504,289 | $ | (210 | ) | $ | 587,107 | ||||||||||
Current portion of long term debt | 527,204 | — | — | — | 527,204 | ||||||||||||||||
Current liabilities of discontinued operations | — | — | 18,846 | — | 18,846 | ||||||||||||||||
Long-term debt, notes and convertible debentures | 1,405,628 | — | 13,191 | — | 1,418,819 | ||||||||||||||||
Deferred income tax liabilities | 363,240 | — | 649,493 | — | 1,012,733 | ||||||||||||||||
Other noncurrent liabilities | — | — | 53,835 | — | 53,835 | ||||||||||||||||
Noncurrent liabilities of discontinued operations | — | — | 1,398 | — | 1,398 | ||||||||||||||||
Convertible debt | 331,101 | — | — | — | 331,101 | ||||||||||||||||
Stockholders' equity | 2,740,803 | 248 | 5,131,032 | (5,131,280 | ) | 2,740,803 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 5,451,004 | $ | 248 | $ | 6,372,084 | $ | (5,131,490 | ) | $ | 6,691,846 | ||||||||||
Note 10 - Guarantor Subsidiaries (Continued) | |||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows - Unaudited | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||
2014:00:00 | Parent | Guarantor Subsidiary | Non-Guarantor Subsidiaries | Omnicare, Inc. and Subsidiaries | |||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net cash flows (used in) from operating activities | $ | (1,854 | ) | $ | — | $ | 179,352 | $ | 177,498 | ||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Disposition of businesses | — | — | 3,629 | 3,629 | |||||||||||||||||
Capital expenditures | — | — | (26,165 | ) | (26,165 | ) | |||||||||||||||
Other | — | — | (284 | ) | (284 | ) | |||||||||||||||
Net cash flows used in investing activities | — | — | (22,820 | ) | (22,820 | ) | |||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Payments on terms loans | (5,313 | ) | — | — | (5,313 | ) | |||||||||||||||
Payments on long-term borrowings and obligations | (39,030 | ) | — | — | (39,030 | ) | |||||||||||||||
Decrease in cash overdraft balance | (2,611 | ) | — | (926 | ) | (3,537 | ) | ||||||||||||||
Payments for Omnicare common stock repurchase | (95,417 | ) | — | — | (95,417 | ) | |||||||||||||||
Dividends paid | (19,596 | ) | — | — | (19,596 | ) | |||||||||||||||
Other | 172,321 | — | (167,504 | ) | 4,817 | ||||||||||||||||
Net cash flows from (used in) financing activities | 10,354 | — | (168,430 | ) | (158,076 | ) | |||||||||||||||
Net increase in cash and cash equivalents | 8,500 | — | (11,898 | ) | (3,398 | ) | |||||||||||||||
Less increase in cash and cash equivalents of discontinued operations | — | — | 5,616 | 5,616 | |||||||||||||||||
Increase (decrease) in cash and cash equivalents of continuing operations | 8,500 | — | (17,514 | ) | (9,014 | ) | |||||||||||||||
Cash and cash equivalents at beginning of period | 275,910 | — | 80,091 | 356,001 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 284,410 | $ | — | $ | 62,577 | $ | 346,987 | |||||||||||||
2013:00:00 | |||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net cash flows (used in) from operating activities | $ | (3,365 | ) | $ | — | $ | 112,260 | $ | 108,895 | ||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Capital expenditures | — | — | (22,415 | ) | (22,415 | ) | |||||||||||||||
Other | (227 | ) | — | 367 | 140 | ||||||||||||||||
Net cash flows used in investing activities | (227 | ) | — | (22,048 | ) | (22,275 | ) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Payments on term loans | (5,313 | ) | — | — | (5,313 | ) | |||||||||||||||
Payments on long-term borrowings and obligations | (1,684 | ) | — | — | (1,684 | ) | |||||||||||||||
Increase (decrease) in cash overdraft balance | (10,900 | ) | — | 1,126 | (9,774 | ) | |||||||||||||||
Payments for Omnicare common stock repurchases | (302 | ) | — | — | (302 | ) | |||||||||||||||
Dividends paid | (14,479 | ) | — | — | (14,479 | ) | |||||||||||||||
Other | 89,860 | — | (89,323 | ) | 537 | ||||||||||||||||
Net cash flows from (used in) financing activities | 57,182 | — | (88,197 | ) | (31,015 | ) | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | 53,590 | — | 2,015 | 55,605 | |||||||||||||||||
Less increase in cash and cash equivalents of discontinued operations | — | — | 1,717 | 1,717 | |||||||||||||||||
Increase in cash and cash equivalents of continuing operations | 53,590 | — | 298 | 53,888 | |||||||||||||||||
Cash and cash equivalents at beginning of period | 383,674 | — | 60,946 | 444,620 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 437,264 | $ | — | $ | 61,244 | $ | 498,508 | |||||||||||||
Significant_Accounting_Policie1
Significant Accounting Policies Significant Accounting Policies (Policies) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Significant Accounting Policies [Abstract] | ' | ||||||||||||
Option Indexed to Issuer's Equity, Description [Text Block] | ' | ||||||||||||
On April 2, 2012, the Company entered into capped call transactions with a counterparty, paying $48.1 million for the purchase of the capped calls, which were recorded as additional paid in capital. The capped call transactions are intended to reduce potential economic dilution upon conversion of the 3.75% Convertible Senior Subordinated Notes due 2042. The capped calls settle in tranches through March 2016, one of which settled in the first quarter of 2014. The adjusted strike price for the capped calls ranged from $40.96 to $41.05 and the adjusted cap price for the tranche settled in 2014 ranged from $56.75 to $56.88; the strike and cap prices adjust for the Company's dividend payments. The Company received approximately 0.6 million net shares upon settlement with a value of approximately $38 million. | |||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | ||||||||||||
Stock-Based Compensation | |||||||||||||
Stock-based compensation expense recognized in the Consolidated Statement of Comprehensive Income for stock options, restricted stock units, performance share units and stock awards totaled approximately $6 million and $5 million for the three months ended March 31, 2014 and 2013 respectively. | |||||||||||||
Income Tax, Policy [Policy Text Block] | ' | ||||||||||||
Income Taxes | |||||||||||||
The quarterly effective tax rates are different than the federal statutory rate largely as a result of the impact of state and local income taxes and certain non-deductible charges. | |||||||||||||
Trade and Other Accounts Receivable, Policy [Policy Text Block] | ' | ||||||||||||
Accounts Receivable | |||||||||||||
The following table is an aging of the Company’s gross accounts receivable (net of allowances for contractual adjustments), aged based on payment terms and categorized based on the three primary types of accounts receivable characteristics (in thousands): | |||||||||||||
March 31, 2014 | Current and 0-180 Days Past Due | 181 Days and Over Past Due | Total | ||||||||||
Medicare (Part D and Part B), Medicaid and Third-Party payors | $ | 234,075 | $ | 49,819 | $ | 283,894 | |||||||
Facility payors | 357,955 | 132,088 | 490,043 | ||||||||||
Private Pay payors | 78,768 | 83,276 | 162,044 | ||||||||||
Total gross accounts receivable | $ | 670,798 | $ | 265,183 | $ | 935,981 | |||||||
December 31, 2013 | |||||||||||||
Medicare (Part D and Part B), Medicaid and Third-Party payors | $ | 195,544 | $ | 67,791 | $ | 263,335 | |||||||
Facility payors | 328,444 | 146,751 | 475,195 | ||||||||||
Private Pay payors | 75,655 | 84,101 | 159,756 | ||||||||||
Total gross accounts receivable | $ | 599,643 | $ | 298,643 | $ | 898,286 | |||||||
Common Stock Repurchase Agreement [Policy Text Block] | ' | ||||||||||||
Common Stock Repurchase Program | |||||||||||||
In the three months ended March 31, 2014, the Company repurchased approximately 1.6 million shares through its authorized share repurchase program at an aggregate cost of approximately $95 million, for a cumulative amount of approximately 26 million shares of common stock repurchased at an aggregate cost of approximately $945 million from the inception of the share repurchase programs in May 2010 through March 31, 2014. In the three months ended March 31, 2013, the Company did not repurchase any shares through authorized share repurchase programs. The Company had approximately $405 million of share repurchase authority remaining as of March 31, 2014, which expires on December 31, 2015. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||
The Company’s financial assets and liabilities, measured at fair value on a recurring basis, were as follows (in thousands): | |||||||||||||||||||
Based on | |||||||||||||||||||
Fair Value | Quoted Prices in Active Markets | Other Observable Inputs | Unobservable Inputs | ||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
March 31, 2014 | |||||||||||||||||||
Bond portfolio | $ | 25,167 | $ | — | $ | 25,167 | $ | — | |||||||||||
7.75% interest rate swap agreements - fair value hedge | 19,766 | — | 19,766 | — | |||||||||||||||
Derivatives | — | — | — | — | |||||||||||||||
Total | $ | 44,933 | $ | — | $ | 44,933 | $ | — | |||||||||||
December 31, 2013 | |||||||||||||||||||
Bond portfolio | $ | 25,140 | $ | — | $ | 25,140 | $ | — | |||||||||||
7.75% interest rate swap agreements - fair value hedge | 18,671 | — | 18,671 | — | |||||||||||||||
Derivatives | — | — | — | — | |||||||||||||||
Total | $ | 43,811 | $ | — | $ | 43,811 | $ | — | |||||||||||
Accounts Receivable [Table Text Block] | ' | ||||||||||||||||||
The following table is an aging of the Company’s gross accounts receivable (net of allowances for contractual adjustments), aged based on payment terms and categorized based on the three primary types of accounts receivable characteristics (in thousands): | |||||||||||||||||||
March 31, 2014 | Current and 0-180 Days Past Due | 181 Days and Over Past Due | Total | ||||||||||||||||
Medicare (Part D and Part B), Medicaid and Third-Party payors | $ | 234,075 | $ | 49,819 | $ | 283,894 | |||||||||||||
Facility payors | 357,955 | 132,088 | 490,043 | ||||||||||||||||
Private Pay payors | 78,768 | 83,276 | 162,044 | ||||||||||||||||
Total gross accounts receivable | $ | 670,798 | $ | 265,183 | $ | 935,981 | |||||||||||||
December 31, 2013 | |||||||||||||||||||
Medicare (Part D and Part B), Medicaid and Third-Party payors | $ | 195,544 | $ | 67,791 | $ | 263,335 | |||||||||||||
Facility payors | 328,444 | 146,751 | 475,195 | ||||||||||||||||
Private Pay payors | 75,655 | 84,101 | 159,756 | ||||||||||||||||
Total gross accounts receivable | $ | 599,643 | $ | 298,643 | $ | 898,286 | |||||||||||||
Accumulated other comprehensive income(loss) [Table Text Block] | ' | ||||||||||||||||||
Accumulated other comprehensive income (loss) ("AOCI") by component and in the aggregate, follows (in thousands): | |||||||||||||||||||
March 31, | December 31, 2013 | ||||||||||||||||||
2014 | |||||||||||||||||||
Unrealized loss on fair value of investments | $ | (539 | ) | $ | (702 | ) | |||||||||||||
Pension and postemployment benefits | (1,779 | ) | (1,839 | ) | |||||||||||||||
Total accumulated other comprehensive income (loss), net | $ | (2,318 | ) | $ | (2,541 | ) | |||||||||||||
Schedule of Other Nonoperating Expense, by Component [Table Text Block] | ' | ||||||||||||||||||
Other Charges | |||||||||||||||||||
Other charges (on a pre-tax basis) consist of the following (in thousands): | |||||||||||||||||||
Three months ended | |||||||||||||||||||
March 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Separation and other costs | $ | 10,276 | $ | 3,469 | |||||||||||||||
Acquisition and other related costs | — | 537 | |||||||||||||||||
Total - other charges | $ | 10,276 | $ | 4,006 | |||||||||||||||
Offsetting Assets [Table Text Block] | ' | ||||||||||||||||||
The Company has interest rate swap agreements (the "Interest Rate Swap Agreements") with multiple counterparties on its 7.75% Senior Subordinated Notes due 2020 (the "2020 Notes"), which are subject to this guidance. The following table presents the Interest Rate Swap Agreements offsetting securities as of March 31, 2014 and December 31, 2013 | |||||||||||||||||||
Gross Amounts not offset in the statement of financial position | |||||||||||||||||||
Interest Rate Swaps as of: | Gross amount of recognized assets (liabilities) | Gross amount offset in the statement of financial position | Net amount of assets (liabilities) presented in the statement of financial position | Financial instruments | Cash collateral received | Net amount | |||||||||||||
31-Mar-14 | |||||||||||||||||||
Swap A | $ | 10,013 | $ | — | $ | 10,013 | $ | — | $ | — | $ | 10,013 | |||||||
Swap B | 9,753 | — | 9,753 | — | — | 9,753 | |||||||||||||
$ | 19,766 | $ | — | $ | 19,766 | $ | — | $ | — | $ | 19,766 | ||||||||
December 31, 2013 | |||||||||||||||||||
Swap A | $ | 9,408 | $ | — | $ | 9,408 | $ | — | $ | — | $ | 9,408 | |||||||
Swap B | 9,263 | — | 9,263 | — | — | 9,263 | |||||||||||||
$ | 18,671 | $ | — | $ | 18,671 | $ | — | $ | — | $ | 18,671 | ||||||||
Discontinued_operations_Tables
Discontinued operations (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | |||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | |||||||
Three months ended March 31, | ||||||||
2014 | 2013 | |||||||
Net Sales | ||||||||
Hospice | $ | 48,357 | $ | 52,497 | ||||
Retail | 10,170 | 13,561 | ||||||
Net sales - total discontinued | 58,527 | 66,058 | ||||||
Income (loss) from operations, pretax | ||||||||
Hospice | 1,214 | 9,888 | ||||||
Retail | (474 | ) | (114 | ) | ||||
Income from operations - total discontinued, pretax | 740 | 9,774 | ||||||
Income tax (benefit) expense | ||||||||
Hospice | 776 | 3,783 | ||||||
Retail | (172 | ) | (49 | ) | ||||
Income tax expense - total discontinued | 604 | 3,734 | ||||||
Income (loss) from discontinued operations | ||||||||
Hospice | 438 | 6,105 | ||||||
Retail | (302 | ) | (65 | ) | ||||
Income (loss) from discontinued operations - total | $ | 136 | $ | 6,040 | ||||
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ||||||||||||||||
The fair value of the Company’s fixed-rate debt facilities, excluding the Interest Rate Swap Agreements, is based on quoted market prices (Level II) and is summarized as follows (in thousands): | |||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Financial Instrument | Book Value | Market Value | Book Value | Market Value | |||||||||||||
7.75% senior subordinated notes, due 2020 | $ | 400,000 | $ | 430,300 | $ | 400,000 | $ | 435,800 | |||||||||
3.75% convertible senior subordinated notes, due 2025 | |||||||||||||||||
Carrying value | 87,848 | — | 87,310 | ||||||||||||||
Unamortized debt discount | 44,527 | — | 45,098 | ||||||||||||||
Principal amount | 132,375 | 299,200 | 132,408 | 306,500 | |||||||||||||
4.00% junior subordinated convertible debentures, due 2033 | |||||||||||||||||
Carrying value | 186,773 | — | 186,136 | ||||||||||||||
Unamortized debt discount | 120,349 | — | 121,017 | ||||||||||||||
Principal amount | 307,122 | 450,300 | 307,153 | 455,900 | |||||||||||||
3.25% convertible senior debentures, due 2035 | |||||||||||||||||
Carrying value | 397,146 | — | 393,126 | ||||||||||||||
Unamortized debt discount | 30,354 | — | 34,374 | ||||||||||||||
Principal amount | 427,500 | 454,800 | 427,500 | 457,400 | |||||||||||||
3.75% convertible senior subordinated notes, due 2042 | |||||||||||||||||
Carrying value | 225,465 | — | 225,014 | ||||||||||||||
Unamortized debt discount | 164,535 | — | 164,986 | ||||||||||||||
Principal amount | 390,000 | 582,600 | 390,000 | 592,800 | |||||||||||||
3.50% convertible senior subordinated notes, due 2044 | |||||||||||||||||
Carrying value | 217,088 | — | 216,643 | ||||||||||||||
Unamortized debt discount | 207,162 | — | 207,607 | ||||||||||||||
Principal amount | 424,250 | 432,600 | 424,250 | 428,500 | |||||||||||||
Summary of Debt | ' | ||||||||||||||||
(in thousands): | |||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Revolving loans, due 2017 | $ | — | $ | — | |||||||||||||
Senior term loan, due 2017 | 393,125 | 398,438 | |||||||||||||||
7.75% senior subordinated notes, due 2020 | 400,000 | 400,000 | |||||||||||||||
3.75% convertible senior subordinated notes, due 2025 | 132,375 | 132,408 | |||||||||||||||
4.00% junior subordinated convertible debentures, due 2033 | 307,122 | 307,153 | |||||||||||||||
3.25% convertible senior debentures, due 2035 | 427,500 | 427,500 | |||||||||||||||
3.75% convertible senior subordinated notes, due 2042 | 390,000 | 390,000 | |||||||||||||||
3.50% convertible senior subordinated notes, due 2044 | 424,250 | 424,250 | |||||||||||||||
Capitalized lease and other debt obligations | 18,755 | 20,685 | |||||||||||||||
Subtotal | 2,493,127 | 2,500,434 | |||||||||||||||
Add interest rate swap agreements | 19,766 | 18,671 | |||||||||||||||
(Subtract) unamortized debt discount | (566,927 | ) | (573,082 | ) | |||||||||||||
(Subtract) current portion of debt | (528,475 | ) | (527,204 | ) | |||||||||||||
Total long-term debt, net | $ | 1,417,491 | $ | 1,418,819 | |||||||||||||
Convertible debt and related equity | ' | ||||||||||||||||
Information relating to the Company's convertible securities at March 31, 2014 is in the following table: | |||||||||||||||||
Convertible Debt | Carrying Value of Equity Component (in thousands) | Remaining Amortization Period | Effective Interest Rate | ||||||||||||||
3.75% convertible senior subordinated notes, due 2025 | $ | 11,437 | 11.75 | 8.25 | % | ||||||||||||
4.00% junior subordinated convertible debentures, due 2033 | $ | 118,348 | 19.25 | 8.01 | % | ||||||||||||
3.25% convertible senior debentures, due 2035 | $ | 245,433 | 1.75 | 7.63 | % | ||||||||||||
3.75% convertible senior subordinated notes, due 2042 | $ | 167,941 | 28 | 7.3 | % | ||||||||||||
3.50% convertible senior subordinated notes, due 2044 | $ | 208,200 | 29.9 | 7.7 | % | ||||||||||||
Earnings_Loss_Per_Share_Data_T
Earnings (Loss) Per Share Data (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Weighted Average Stock Price to include additional shares in diluted share calculation [Table Text Block] | ' | |||||||||||
The Company is required to include additional shares in its diluted shares outstanding calculation based on the treasury stock method when the average market price of a share of Omnicare stock on the New York Stock Exchange for the applicable period exceeds the following amounts: | ||||||||||||
Convertible Debt | Price | |||||||||||
3.75% convertible senior subordinated notes, due 2025 | $ | 26.84 | ||||||||||
4.00% junior subordinated convertible debentures, due 2033 | $ | 40.82 | ||||||||||
3.25% convertible senior debentures, due 2035 | $ | 77.88 | ||||||||||
3.75% convertible senior subordinated notes, due 2042 | $ | 41.05 | ||||||||||
3.50% convertible senior subordinated notes, due 2044 | $ | 70 | ||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||
The following is a reconciliation of the basic and diluted earnings per share (“EPS”) computations for both the numerator and denominator (in thousands, except per share data): | ||||||||||||
Three months ended March 31, | ||||||||||||
2014:00:00 | Income (Numerator) | Common Shares(Denominator) | Per Common | |||||||||
Share Amounts | ||||||||||||
Basic EPS | ||||||||||||
Income from continuing operations | $ | 63,638 | $ | 0.65 | ||||||||
Income from discontinued operations | 136 | — | ||||||||||
Net income | $ | 63,774 | 98,566 | $ | 0.65 | |||||||
Effect of Dilutive Securities | ||||||||||||
Convertible securities | 66 | 8,463 | ||||||||||
Stock options, units and awards | — | 738 | ||||||||||
Diluted EPS | ||||||||||||
Income from continuing operations plus assumed conversions | $ | 63,704 | $ | 0.59 | ||||||||
Income from discontinued operations | 136 | — | ||||||||||
Net income plus assumed conversions | $ | 63,840 | 107,767 | $ | 0.59 | |||||||
Three months ended March 31, | ||||||||||||
2013:00:00 | Income (Numerator) | Common Shares(Denominator) | Per Common | |||||||||
Share Amounts | ||||||||||||
Basic EPS | ||||||||||||
Income from continuing operations | $ | 48,314 | $ | 0.47 | ||||||||
Income from discontinued operations | 6,040 | 0.06 | ||||||||||
Net income | $ | 54,354 | 103,210 | $ | 0.53 | |||||||
Effect of Dilutive Securities | ||||||||||||
Convertible securities | 71 | 3,753 | ||||||||||
Stock options, warrants, units and awards | — | 503 | ||||||||||
Diluted EPS | ||||||||||||
Income from continuing operations plus assumed conversions | $ | 48,385 | $ | 0.45 | ||||||||
Income from discontinued operations | 6,040 | 0.06 | ||||||||||
Net income plus assumed conversions | $ | 54,425 | 107,466 | $ | 0.51 | |||||||
Segment_Information_Segment_De
Segment Information Segment Detail (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Segment Information [Abstract] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||
For the three months ended March 31, | |||||||||||||||||
2014:00:00 | LTC | SCG | Corporate/Other | Consolidated | |||||||||||||
Totals | |||||||||||||||||
Net sales | $ | 1,191,253 | $ | 379,672 | $ | 113 | $ | 1,571,038 | |||||||||
Depreciation and amortization expense | (17,471 | ) | (1,127 | ) | (15,138 | ) | (33,736 | ) | |||||||||
Settlement, litigation and other related charges | (7,052 | ) | — | — | (7,052 | ) | |||||||||||
Other charges | (2,511 | ) | — | (7,765 | ) | (10,276 | ) | ||||||||||
Operating income (loss) | 152,584 | 31,729 | (51,561 | ) | 132,752 | ||||||||||||
2013:00:00 | |||||||||||||||||
Net sales | $ | 1,141,585 | $ | 316,729 | $ | 631 | $ | 1,458,945 | |||||||||
Depreciation and amortization expense | (18,030 | ) | (1,103 | ) | (12,856 | ) | (31,989 | ) | |||||||||
Settlement, litigation and other related charges | (22,619 | ) | — | — | (22,619 | ) | |||||||||||
Other charges | (2,752 | ) | — | (1,254 | ) | (4,006 | ) | ||||||||||
Operating income (loss) | 129,817 | 28,109 | (49,550 | ) | 108,376 | ||||||||||||
Guarantor_Subsidiaries_Tables
Guarantor Subsidiaries (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Guarantor Subsidiaries [Abstract] | ' | ||||||||||||||||||||
Summary Consolidating Statements of Income (Guaranteed Senior Notes Payable) | ' | ||||||||||||||||||||
Summary Consolidating | |||||||||||||||||||||
Statements of Comprehensive Income (Loss) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
For the three months ended March 31, | |||||||||||||||||||||
2014:00:00 | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating / | Omnicare, Inc. and Subsidiaries | ||||||||||||||||
Eliminating Adjustments | |||||||||||||||||||||
Net sales | $ | — | $ | 1,540,006 | $ | 31,032 | $ | — | $ | 1,571,038 | |||||||||||
Cost of sales | — | 1,194,399 | 18,185 | — | 1,212,584 | ||||||||||||||||
Gross profit | — | 345,607 | 12,847 | — | 358,454 | ||||||||||||||||
Selling, general and administrative expenses | 987 | 182,120 | 3,706 | — | 186,813 | ||||||||||||||||
Provision for doubtful accounts | — | 21,047 | 514 | — | 21,561 | ||||||||||||||||
Settlement, litigation and other related charges | — | 7,052 | — | — | 7,052 | ||||||||||||||||
Other charges | — | 10,276 | — | — | 10,276 | ||||||||||||||||
Operating income (loss) | (987 | ) | 125,112 | 8,627 | — | 132,752 | |||||||||||||||
Interest expense, net of investment income | (29,156 | ) | (285 | ) | — | — | (29,441 | ) | |||||||||||||
Income (loss) before income taxes | (30,143 | ) | 124,827 | 8,627 | — | 103,311 | |||||||||||||||
Income tax (benefit) expense | (11,671 | ) | 48,004 | 3,340 | — | 39,673 | |||||||||||||||
Income (loss) from continuing operations | (18,472 | ) | 76,823 | 5,287 | — | 63,638 | |||||||||||||||
Income (loss) from discontinued operations | — | 171 | (35 | ) | — | 136 | |||||||||||||||
Equity of net income of subsidiaries | 82,246 | — | — | (82,246 | ) | — | |||||||||||||||
Net income | $ | 63,774 | $ | 76,994 | $ | 5,252 | $ | (82,246 | ) | $ | 63,774 | ||||||||||
Comprehensive income | $ | 63,997 | $ | 76,994 | $ | 5,252 | $ | (82,246 | ) | $ | 63,997 | ||||||||||
2013:00:00 | |||||||||||||||||||||
Net sales | $ | — | $ | 1,427,130 | $ | 31,815 | $ | — | $ | 1,458,945 | |||||||||||
Cost of sales | — | 1,091,162 | 18,079 | — | 1,109,241 | ||||||||||||||||
Gross profit | — | 335,968 | 13,736 | — | 349,704 | ||||||||||||||||
Selling, general and administrative expenses | 1,006 | 184,978 | 4,709 | — | 190,693 | ||||||||||||||||
Provision for doubtful accounts | — | 23,532 | 478 | — | 24,010 | ||||||||||||||||
Settlement, litigation and other related charges | — | 22,619 | — | — | 22,619 | ||||||||||||||||
Other charges | — | 4,006 | — | — | 4,006 | ||||||||||||||||
Operating income (loss) | (1,006 | ) | 100,833 | 8,549 | — | 108,376 | |||||||||||||||
Interest expense, net of investment income | (28,991 | ) | (293 | ) | (178 | ) | — | (29,462 | ) | ||||||||||||
Income (loss) before income taxes | (29,997 | ) | 100,540 | 8,371 | — | 78,914 | |||||||||||||||
Income tax (benefit) expense | (11,546 | ) | 38,924 | 3,222 | — | 30,600 | |||||||||||||||
Income (loss) from continuing operations | (18,451 | ) | 61,616 | 5,149 | — | 48,314 | |||||||||||||||
Income (loss) from discontinued operations | — | 6,063 | (23 | ) | — | 6,040 | |||||||||||||||
Equity of net income of subsidiaries | 72,805 | — | — | (72,805 | ) | — | |||||||||||||||
Net income | $ | 54,354 | $ | 67,679 | $ | 5,126 | $ | (72,805 | ) | $ | 54,354 | ||||||||||
Comprehensive income | $ | 54,330 | $ | 67,679 | $ | 5,126 | $ | (72,805 | ) | $ | 54,330 | ||||||||||
Condensed Consolidating Balance Sheets (Guaranteed Senior Notes Payable) | ' | ||||||||||||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
As of March 31, 2014: | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating/Eliminating Adjustments | Omnicare, Inc. and Subsidiaries | ||||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 284,410 | $ | 49,777 | $ | 12,800 | $ | — | $ | 346,987 | |||||||||||
Accounts receivable, net (including intercompany) | — | 752,924 | 336,511 | (333,815 | ) | 755,620 | |||||||||||||||
Inventories | — | 435,847 | 6,787 | — | 442,634 | ||||||||||||||||
Deferred income tax benefits, net-current | — | 126,717 | 21 | — | 126,738 | ||||||||||||||||
Other current assets | 1,407 | 250,744 | 24,962 | — | 277,113 | ||||||||||||||||
Current assets of discontinued operations | — | 46,537 | 122 | — | 46,659 | ||||||||||||||||
Total current assets | 285,817 | 1,662,546 | 381,203 | (333,815 | ) | 1,995,751 | |||||||||||||||
Properties and equipment, net | — | 313,016 | 4,840 | — | 317,856 | ||||||||||||||||
Goodwill | — | 4,028,651 | 28,805 | — | 4,057,456 | ||||||||||||||||
Identifiable intangible assets, net | — | 120,093 | 1,964 | — | 122,057 | ||||||||||||||||
Other noncurrent assets | 42,079 | 53,855 | 65 | — | 95,999 | ||||||||||||||||
Noncurrent assets of discontinued operations | — | 85,028 | 31 | — | 85,059 | ||||||||||||||||
Investment in subsidiaries | 5,059,898 | — | — | (5,059,898 | ) | — | |||||||||||||||
Total assets | $ | 5,387,794 | $ | 6,263,189 | $ | 416,908 | $ | (5,393,713 | ) | $ | 6,674,178 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||||||
Current liabilities (including intercompany) | $ | 37,402 | $ | 852,060 | $ | 28,745 | $ | (333,815 | ) | $ | 584,392 | ||||||||||
Current portion of long term debt | 528,475 | — | — | — | 528,475 | ||||||||||||||||
Current liabilities of discontinued operations | — | 17,404 | 3 | — | 17,407 | ||||||||||||||||
Long-term debt, notes and convertible debentures | 1,405,876 | 11,615 | — | — | 1,417,491 | ||||||||||||||||
Deferred income tax liabilities | 368,532 | 640,955 | 13,928 | — | 1,023,415 | ||||||||||||||||
Other noncurrent liabilities | — | 52,960 | 1,689 | — | 54,649 | ||||||||||||||||
Noncurrent liabilities of discontinued operations | — | 840 | — | — | 840 | ||||||||||||||||
Convertible debt | 329,425 | — | — | — | 329,425 | ||||||||||||||||
Stockholders' equity | 2,718,084 | 4,687,355 | 372,543 | (5,059,898 | ) | 2,718,084 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 5,387,794 | $ | 6,263,189 | $ | 416,908 | $ | (5,393,713 | ) | $ | 6,674,178 | ||||||||||
As of December 31, 2013: | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 275,910 | $ | 68,050 | $ | 12,041 | $ | — | $ | 356,001 | |||||||||||
Accounts receivable, net (including intercompany) | — | 693,729 | 315,323 | (313,368 | ) | 695,684 | |||||||||||||||
Inventories | — | 505,567 | 6,851 | — | 512,418 | ||||||||||||||||
Deferred income tax benefits, net-current | — | 135,148 | — | (54 | ) | 135,094 | |||||||||||||||
Other current assets | 1,989 | 242,166 | 21,381 | — | 265,536 | ||||||||||||||||
Current assets of discontinued operations | — | 49,128 | 867 | — | 49,995 | ||||||||||||||||
Total current assets | 277,899 | 1,693,788 | 356,463 | (313,422 | ) | 2,014,728 | |||||||||||||||
Properties and equipment, net | — | 301,200 | 4,688 | — | 305,888 | ||||||||||||||||
Goodwill | — | 4,028,651 | 28,805 | — | 4,057,456 | ||||||||||||||||
Identifiable intangible assets, net | — | 127,798 | 2,176 | — | 129,974 | ||||||||||||||||
Other noncurrent assets | 41,825 | 54,834 | 63 | — | 96,722 | ||||||||||||||||
Noncurrent assets of discontinued operations | — | 87,047 | 31 | — | 87,078 | ||||||||||||||||
Investment in subsidiaries | 5,131,280 | — | — | (5,131,280 | ) | — | |||||||||||||||
Total assets | $ | 5,451,004 | $ | 6,293,318 | $ | 392,226 | $ | (5,444,702 | ) | $ | 6,691,846 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||||||
Current liabilities (including intercompany) | $ | 83,028 | $ | 793,461 | $ | 23,986 | $ | (313,368 | ) | $ | 587,107 | ||||||||||
Current portion of long term debt | 527,204 | — | — | — | 527,204 | ||||||||||||||||
Current liabilities of discontinued operations | — | 18,829 | 17 | — | 18,846 | ||||||||||||||||
Long-term debt, notes and convertible debentures | 1,405,628 | 13,191 | — | — | 1,418,819 | ||||||||||||||||
Deferred income tax liabilities | 363,240 | 635,640 | 13,907 | (54 | ) | 1,012,733 | |||||||||||||||
Other noncurrent liabilities | — | 52,072 | 1,763 | — | 53,835 | ||||||||||||||||
Noncurrent liabilities of discontinued operations | — | 1,398 | — | — | 1,398 | ||||||||||||||||
Convertible debt | 331,101 | — | — | — | 331,101 | ||||||||||||||||
Stockholders' equity | 2,740,803 | 4,778,727 | 352,553 | (5,131,280 | ) | 2,740,803 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 5,451,004 | $ | 6,293,318 | $ | 392,226 | $ | (5,444,702 | ) | $ | 6,691,846 | ||||||||||
Condensed Consolidating Statements of Cash Flows (Guaranteed Senior Notes Payable) | ' | ||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||
2014:00:00 | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Omnicare, Inc. and Subsidiaries | |||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net cash flows (used in) from operating activities | $ | (1,854 | ) | $ | 178,130 | $ | 1,222 | $ | 177,498 | ||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Divestiture of businesses, net | — | 3,629 | — | 3,629 | |||||||||||||||||
Capital expenditures | — | (25,702 | ) | (463 | ) | (26,165 | ) | ||||||||||||||
Other | — | (284 | ) | — | (284 | ) | |||||||||||||||
Net cash flows (used in) investing activities | — | (22,357 | ) | (463 | ) | (22,820 | ) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Payments on terms loans | (5,313 | ) | — | — | (5,313 | ) | |||||||||||||||
Payments on long-term borrowings and obligations | (39,030 | ) | — | — | (39,030 | ) | |||||||||||||||
Decrease in cash overdraft balance | (2,611 | ) | (926 | ) | — | (3,537 | ) | ||||||||||||||
Payments for Omnicare common stock repurchase | (95,417 | ) | — | — | (95,417 | ) | |||||||||||||||
Dividends paid | (19,596 | ) | — | — | (19,596 | ) | |||||||||||||||
Other | 172,321 | (167,504 | ) | — | 4,817 | ||||||||||||||||
Net cash flows from (used in) financing activities | 10,354 | (168,430 | ) | — | (158,076 | ) | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | 8,500 | (12,657 | ) | 759 | (3,398 | ) | |||||||||||||||
Increase (decrease) from discontinued operations | — | 5,616 | — | 5,616 | |||||||||||||||||
Net increase (decrease) from continuing operations | 8,500 | (18,273 | ) | 759 | (9,014 | ) | |||||||||||||||
Cash and cash equivalents at beginning of period | 275,910 | 68,050 | 12,041 | 356,001 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 284,410 | $ | 49,777 | $ | 12,800 | $ | 346,987 | |||||||||||||
2013:00:00 | |||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net cash flows (used in) from operating activities | $ | (3,365 | ) | $ | 114,407 | $ | (2,147 | ) | $ | 108,895 | |||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Capital expenditures | — | (22,099 | ) | (316 | ) | (22,415 | ) | ||||||||||||||
Other | (227 | ) | 367 | — | 140 | ||||||||||||||||
Net cash flows used in investing activities | (227 | ) | (21,732 | ) | (316 | ) | (22,275 | ) | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Payments on term loans | (5,313 | ) | — | — | (5,313 | ) | |||||||||||||||
Payments on long-term borrowings and obligations | (1,684 | ) | — | — | (1,684 | ) | |||||||||||||||
Increase (decrease) in cash overdraft balance | (10,900 | ) | 1,126 | — | (9,774 | ) | |||||||||||||||
Payments for Omnicare common stock repurchases | (302 | ) | — | — | (302 | ) | |||||||||||||||
Dividends paid | (14,479 | ) | — | — | (14,479 | ) | |||||||||||||||
Other | 89,860 | (89,323 | ) | — | 537 | ||||||||||||||||
Net cash flows from (used in) financing activities | 57,182 | (88,197 | ) | — | (31,015 | ) | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | 53,590 | 4,478 | (2,463 | ) | 55,605 | ||||||||||||||||
Increase (decrease) from discontinued operations | — | 1,717 | — | 1,717 | |||||||||||||||||
Net increase (decrease) from continuing operations | 53,590 | 2,761 | (2,463 | ) | 53,888 | ||||||||||||||||
Cash and cash equivalents at beginning of period | 383,674 | 49,108 | 11,838 | 444,620 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 437,264 | $ | 51,869 | $ | 9,375 | $ | 498,508 | |||||||||||||
Summary Consolidating Statements of Income (Guaranteed Convertible Senior Debentures) | ' | ||||||||||||||||||||
Summary Consolidating | |||||||||||||||||||||
Statements of Comprehensive Income (Loss) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
For the three months ended March 31, | |||||||||||||||||||||
2014:00:00 | Parent | Guarantor Subsidiary | Non-Guarantor Subsidiaries | Consolidating / | Omnicare, Inc. and Subsidiaries | ||||||||||||||||
Eliminating Adjustments | |||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 1,571,038 | $ | — | $ | 1,571,038 | |||||||||||
Cost of sales | — | — | 1,212,584 | — | 1,212,584 | ||||||||||||||||
Gross profit | — | — | 358,454 | — | 358,454 | ||||||||||||||||
Selling, general and administrative expenses | 987 | 436 | 185,390 | — | 186,813 | ||||||||||||||||
Provision for doubtful accounts | — | — | 21,561 | — | 21,561 | ||||||||||||||||
Settlement, litigation and other related charges | — | — | 7,052 | — | 7,052 | ||||||||||||||||
Other charges | — | — | 10,276 | — | 10,276 | ||||||||||||||||
Operating income (loss) | (987 | ) | (436 | ) | 134,175 | — | 132,752 | ||||||||||||||
Interest expense, net of investment income | (29,156 | ) | — | (285 | ) | — | (29,441 | ) | |||||||||||||
Income (loss) before income taxes | (30,143 | ) | (436 | ) | 133,890 | — | 103,311 | ||||||||||||||
Income tax (benefit) expense | (11,671 | ) | (169 | ) | 51,513 | — | 39,673 | ||||||||||||||
Income (loss) from continuing operations | (18,472 | ) | (267 | ) | 82,377 | — | 63,638 | ||||||||||||||
Income from discontinued operations | — | — | 136 | — | 136 | ||||||||||||||||
Equity of net income of subsidiaries | 82,246 | — | — | (82,246 | ) | — | |||||||||||||||
Net income (loss) | $ | 63,774 | $ | (267 | ) | $ | 82,513 | $ | (82,246 | ) | $ | 63,774 | |||||||||
Comprehensive income (loss) | $ | 63,997 | $ | (267 | ) | $ | 82,513 | $ | (82,246 | ) | $ | 63,997 | |||||||||
2013:00:00 | |||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 1,458,945 | $ | — | $ | 1,458,945 | |||||||||||
Cost of sales | — | — | 1,109,241 | — | 1,109,241 | ||||||||||||||||
Gross profit | — | — | 349,704 | — | 349,704 | ||||||||||||||||
Selling, general and administrative expenses | 1,006 | 399 | 189,288 | — | 190,693 | ||||||||||||||||
Provision for doubtful accounts | — | — | 24,010 | — | 24,010 | ||||||||||||||||
Settlement, litigation and other related charges | — | — | 22,619 | — | 22,619 | ||||||||||||||||
Other charges | — | — | 4,006 | — | 4,006 | ||||||||||||||||
Operating income (loss) | (1,006 | ) | (399 | ) | 109,781 | — | 108,376 | ||||||||||||||
Interest expense, net of investment income | (28,991 | ) | — | (471 | ) | — | (29,462 | ) | |||||||||||||
Income (loss) before income taxes | (29,997 | ) | (399 | ) | 109,310 | — | 78,914 | ||||||||||||||
Income tax (benefit) expense | (11,546 | ) | (154 | ) | 42,300 | — | 30,600 | ||||||||||||||
Income (loss) from continuing operations | (18,451 | ) | (245 | ) | 67,010 | — | 48,314 | ||||||||||||||
Income from discontinued operations | — | — | 6,040 | — | 6,040 | ||||||||||||||||
Equity of net income of subsidiaries | 72,805 | — | — | (72,805 | ) | — | |||||||||||||||
Net income (loss) | $ | 54,354 | $ | (245 | ) | $ | 73,050 | $ | (72,805 | ) | $ | 54,354 | |||||||||
Comprehensive income (loss) | $ | 54,330 | $ | (245 | ) | $ | 73,050 | $ | (72,805 | ) | $ | 54,330 | |||||||||
Condensed Consolidating Balance Sheets (Guaranteed Convertible Senior Debentures) | ' | ||||||||||||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
As of March 31, 2014: | Parent | Guarantor Subsidiary | Non-Guarantor Subsidiaries | Consolidating/Eliminating Adjustments | Omnicare, Inc. and Subsidiaries | ||||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 284,410 | $ | — | $ | 62,577 | $ | — | $ | 346,987 | |||||||||||
Accounts receivable, net (including intercompany) | — | 188 | 755,620 | (188 | ) | 755,620 | |||||||||||||||
Inventories | — | — | 442,634 | — | 442,634 | ||||||||||||||||
Deferred income tax benefits, net-current | — | — | 126,738 | — | 126,738 | ||||||||||||||||
Other current assets | 1,407 | — | 275,706 | — | 277,113 | ||||||||||||||||
Current assets of discontinued operations | — | — | 46,659 | — | 46,659 | ||||||||||||||||
Total current assets | 285,817 | 188 | 1,709,934 | (188 | ) | 1,995,751 | |||||||||||||||
Properties and equipment, net | — | 17 | 317,839 | — | 317,856 | ||||||||||||||||
Goodwill | — | — | 4,057,456 | — | 4,057,456 | ||||||||||||||||
Identifiable intangible assets, net | — | — | 122,057 | — | 122,057 | ||||||||||||||||
Other noncurrent assets | 42,079 | 19 | 53,901 | — | 95,999 | ||||||||||||||||
Noncurrent assets of discontinued operations | — | — | 85,059 | — | 85,059 | ||||||||||||||||
Investment in subsidiaries | 5,059,898 | — | — | (5,059,898 | ) | — | |||||||||||||||
Total assets | $ | 5,387,794 | $ | 224 | $ | 6,346,246 | $ | (5,060,086 | ) | $ | 6,674,178 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||||||
Current liabilities (including intercompany) | $ | 37,402 | $ | — | $ | 547,178 | $ | (188 | ) | $ | 584,392 | ||||||||||
Current portion of long term debt | 528,475 | — | — | — | 528,475 | ||||||||||||||||
Current liabilities of discontinued operations | — | — | 17,407 | — | 17,407 | ||||||||||||||||
Long-term debt, notes and convertible debentures | 1,405,876 | — | 11,615 | — | 1,417,491 | ||||||||||||||||
Deferred income tax liabilities | 368,532 | — | 654,883 | — | 1,023,415 | ||||||||||||||||
Other noncurrent liabilities | — | — | 54,649 | — | 54,649 | ||||||||||||||||
Noncurrent liabilities of discontinued operations | — | — | 840 | — | 840 | ||||||||||||||||
Convertible debt | 329,425 | — | — | — | 329,425 | ||||||||||||||||
Stockholders' equity | 2,718,084 | 224 | 5,059,674 | (5,059,898 | ) | 2,718,084 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 5,387,794 | $ | 224 | $ | 6,346,246 | $ | (5,060,086 | ) | $ | 6,674,178 | ||||||||||
As of December 31, 2013: | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 275,910 | $ | — | $ | 80,091 | $ | — | $ | 356,001 | |||||||||||
Accounts receivable, net (including intercompany) | — | 210 | 695,684 | (210 | ) | 695,684 | |||||||||||||||
Inventories | — | — | 512,418 | — | 512,418 | ||||||||||||||||
Deferred income tax benefits, net-current | — | — | 135,094 | — | 135,094 | ||||||||||||||||
Other current assets | 1,989 | — | 263,547 | — | 265,536 | ||||||||||||||||
Current assets of discontinued operations | — | — | 49,995 | — | 49,995 | ||||||||||||||||
Total current assets | 277,899 | 210 | 1,736,829 | (210 | ) | 2,014,728 | |||||||||||||||
Properties and equipment, net | — | 19 | 305,869 | — | 305,888 | ||||||||||||||||
Goodwill | — | — | 4,057,456 | — | 4,057,456 | ||||||||||||||||
Identifiable intangible assets, net | — | — | 129,974 | — | 129,974 | ||||||||||||||||
Other noncurrent assets | 41,825 | 19 | 54,878 | — | 96,722 | ||||||||||||||||
Noncurrent assets of discontinued operations | — | — | 87,078 | — | 87,078 | ||||||||||||||||
Investment in subsidiaries | 5,131,280 | — | — | (5,131,280 | ) | — | |||||||||||||||
Total assets | $ | 5,451,004 | $ | 248 | $ | 6,372,084 | $ | (5,131,490 | ) | $ | 6,691,846 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||||||
Current liabilities (including intercompany) | $ | 83,028 | $ | — | $ | 504,289 | $ | (210 | ) | $ | 587,107 | ||||||||||
Current portion of long term debt | 527,204 | — | — | — | 527,204 | ||||||||||||||||
Current liabilities of discontinued operations | — | — | 18,846 | — | 18,846 | ||||||||||||||||
Long-term debt, notes and convertible debentures | 1,405,628 | — | 13,191 | — | 1,418,819 | ||||||||||||||||
Deferred income tax liabilities | 363,240 | — | 649,493 | — | 1,012,733 | ||||||||||||||||
Other noncurrent liabilities | — | — | 53,835 | — | 53,835 | ||||||||||||||||
Noncurrent liabilities of discontinued operations | — | — | 1,398 | — | 1,398 | ||||||||||||||||
Convertible debt | 331,101 | — | — | — | 331,101 | ||||||||||||||||
Stockholders' equity | 2,740,803 | 248 | 5,131,032 | (5,131,280 | ) | 2,740,803 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 5,451,004 | $ | 248 | $ | 6,372,084 | $ | (5,131,490 | ) | $ | 6,691,846 | ||||||||||
Condensed Consolidating Statements of Cash Flows (Guaranteed Convertible Senior Debentures) | ' | ||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows - Unaudited | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||
2014:00:00 | Parent | Guarantor Subsidiary | Non-Guarantor Subsidiaries | Omnicare, Inc. and Subsidiaries | |||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net cash flows (used in) from operating activities | $ | (1,854 | ) | $ | — | $ | 179,352 | $ | 177,498 | ||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Disposition of businesses | — | — | 3,629 | 3,629 | |||||||||||||||||
Capital expenditures | — | — | (26,165 | ) | (26,165 | ) | |||||||||||||||
Other | — | — | (284 | ) | (284 | ) | |||||||||||||||
Net cash flows used in investing activities | — | — | (22,820 | ) | (22,820 | ) | |||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Payments on terms loans | (5,313 | ) | — | — | (5,313 | ) | |||||||||||||||
Payments on long-term borrowings and obligations | (39,030 | ) | — | — | (39,030 | ) | |||||||||||||||
Decrease in cash overdraft balance | (2,611 | ) | — | (926 | ) | (3,537 | ) | ||||||||||||||
Payments for Omnicare common stock repurchase | (95,417 | ) | — | — | (95,417 | ) | |||||||||||||||
Dividends paid | (19,596 | ) | — | — | (19,596 | ) | |||||||||||||||
Other | 172,321 | — | (167,504 | ) | 4,817 | ||||||||||||||||
Net cash flows from (used in) financing activities | 10,354 | — | (168,430 | ) | (158,076 | ) | |||||||||||||||
Net increase in cash and cash equivalents | 8,500 | — | (11,898 | ) | (3,398 | ) | |||||||||||||||
Less increase in cash and cash equivalents of discontinued operations | — | — | 5,616 | 5,616 | |||||||||||||||||
Increase (decrease) in cash and cash equivalents of continuing operations | 8,500 | — | (17,514 | ) | (9,014 | ) | |||||||||||||||
Cash and cash equivalents at beginning of period | 275,910 | — | 80,091 | 356,001 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 284,410 | $ | — | $ | 62,577 | $ | 346,987 | |||||||||||||
2013:00:00 | |||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net cash flows (used in) from operating activities | $ | (3,365 | ) | $ | — | $ | 112,260 | $ | 108,895 | ||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Capital expenditures | — | — | (22,415 | ) | (22,415 | ) | |||||||||||||||
Other | (227 | ) | — | 367 | 140 | ||||||||||||||||
Net cash flows used in investing activities | (227 | ) | — | (22,048 | ) | (22,275 | ) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Payments on term loans | (5,313 | ) | — | — | (5,313 | ) | |||||||||||||||
Payments on long-term borrowings and obligations | (1,684 | ) | — | — | (1,684 | ) | |||||||||||||||
Increase (decrease) in cash overdraft balance | (10,900 | ) | — | 1,126 | (9,774 | ) | |||||||||||||||
Payments for Omnicare common stock repurchases | (302 | ) | — | — | (302 | ) | |||||||||||||||
Dividends paid | (14,479 | ) | — | — | (14,479 | ) | |||||||||||||||
Other | 89,860 | — | (89,323 | ) | 537 | ||||||||||||||||
Net cash flows from (used in) financing activities | 57,182 | — | (88,197 | ) | (31,015 | ) | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | 53,590 | — | 2,015 | 55,605 | |||||||||||||||||
Less increase in cash and cash equivalents of discontinued operations | — | — | 1,717 | 1,717 | |||||||||||||||||
Increase in cash and cash equivalents of continuing operations | 53,590 | — | 298 | 53,888 | |||||||||||||||||
Cash and cash equivalents at beginning of period | 383,674 | — | 60,946 | 444,620 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 437,264 | $ | — | $ | 61,244 | $ | 498,508 | |||||||||||||
Significant_Accounting_Policie3
Significant Accounting Policies Stock Based Compensation expense (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Significant Accounting Policies [Abstract] | ' | ' |
Allocated Share-based Compensation Expense | $6 | $5 |
Significant_Accounting_Policie4
Significant Accounting Policies Accounts Receivable (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Receivable, Gross, Current | $935,981 | $898,286 |
Medicare Medicaid and Third Party Payors [Member] | ' | ' |
Accounts Receivable, Gross, Current | 283,894 | 263,335 |
Facility Payors [Member] | ' | ' |
Accounts Receivable, Gross, Current | 490,043 | 475,195 |
Private Payors [Member] | ' | ' |
Accounts Receivable, Gross, Current | 162,044 | 159,756 |
0 - 180 Days Past Due [Member] | ' | ' |
Accounts Receivable, Gross, Current | 670,798 | 599,643 |
0 - 180 Days Past Due [Member] | Medicare Medicaid and Third Party Payors [Member] | ' | ' |
Accounts Receivable, Gross, Current | 234,075 | 195,544 |
0 - 180 Days Past Due [Member] | Facility Payors [Member] | ' | ' |
Accounts Receivable, Gross, Current | 357,955 | 328,444 |
0 - 180 Days Past Due [Member] | Private Payors [Member] | ' | ' |
Accounts Receivable, Gross, Current | 78,768 | 75,655 |
181 Days and Greater Past Due [Member] | ' | ' |
Accounts Receivable, Gross, Current | 265,183 | 298,643 |
181 Days and Greater Past Due [Member] | Medicare Medicaid and Third Party Payors [Member] | ' | ' |
Accounts Receivable, Gross, Current | 49,819 | 67,791 |
181 Days and Greater Past Due [Member] | Facility Payors [Member] | ' | ' |
Accounts Receivable, Gross, Current | 132,088 | 146,751 |
181 Days and Greater Past Due [Member] | Private Payors [Member] | ' | ' |
Accounts Receivable, Gross, Current | $83,276 | $84,101 |
Significant_Accounting_Policie5
Significant Accounting Policies Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Unrealized (loss) gain on fair value of investments | ($539) | ($702) |
Pension and postemployment benefits | -1,779 | -1,839 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($2,318) | ($2,541) |
Significant_Accounting_Policie6
Significant Accounting Policies Fair Value (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Bond Portfolio at fair market value | $25,167 | $25,140 |
Interest Rate Swap Agreement Fair Value Liability Disclosure | 19,766 | 18,671 |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure | 44,933 | 43,811 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Bond Portfolio at fair market value | 0 | 0 |
Interest Rate Swap Agreement Fair Value Liability Disclosure | 0 | 0 |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Bond Portfolio at fair market value | 25,167 | 25,140 |
Interest Rate Swap Agreement Fair Value Liability Disclosure | 19,766 | 18,671 |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure | 44,933 | 43,811 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Bond Portfolio at fair market value | 0 | 0 |
Interest Rate Swap Agreement Fair Value Liability Disclosure | 0 | 0 |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure | $0 | $0 |
Significant_Accounting_Policie7
Significant Accounting Policies Offsetting Assets and Liabilities (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deposits Paid for Securities Borrowed, at Carrying Value | $0 | $0 |
Gross Amount of assets as Offset in Statement of Financial Position | 0 | 0 |
Securities Borrowed | 19,766 | 18,671 |
Financial Instruments, assets | 0 | 0 |
Swap A [Member] | ' | ' |
Deposits Paid for Securities Borrowed, at Carrying Value | 0 | 0 |
Gross Amount of assets as Offset in Statement of Financial Position | 0 | 0 |
Net amount of financial assets | 10,013 | 9,408 |
Securities Borrowed | 10,013 | 9,408 |
Financial Instruments, assets | 0 | 0 |
Swap B [Member] | ' | ' |
Deposits Paid for Securities Borrowed, at Carrying Value | 0 | 0 |
Gross Amount of assets as Offset in Statement of Financial Position | 0 | 0 |
Net amount of financial assets | 9,753 | 9,263 |
Securities Borrowed | 9,753 | 9,263 |
Financial Instruments, assets | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Interest Rate Swap Agreement Fair Value Disclosure | $19,766 | $18,671 |
Significant_Accounting_Policie8
Significant Accounting Policies Other Charges (Credits) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accounting Policies [Abstract] | ' | ' |
Separation, Benefit Plan Termination and Related Costs | $10,276 | $3,469 |
Acquisition Costs, Period Cost | 0 | 537 |
Other charges | $10,276 | $4,006 |
Significant_Accounting_Policie9
Significant Accounting Policies Restructuring and Other Related Charges (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Reserve | $4 | $5 |
Payments for Restructuring | -1 | ' |
Employee Severance [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring reserve, cumulative payments through period | $3 | ' |
Recovered_Sheet1
Significant Accounting Policies Common Stock Repurchase Program (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Significant Accounting Policies [Abstract] | ' |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $405 |
cumulative value of shares repurchased through stock repurchase program | 945 |
cumulative common stock repurchased through repurchase program | 26 |
Stock Repurchased During Period, Value | $95 |
Stock Repurchased During Period, Shares | 1.6 |
Recovered_Sheet2
Significant Accounting Policies Capped Call (Details) (USD $) | 3 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 |
Shares received upon settlement of capped call | 0.6 |
Economic value of shares received upon settlement of capped call | $38 |
Maximum [Member] | ' |
option indexed to Company's own stock - strike price | $41.05 |
Option indexed to Issuer's own equity, cap price | $56.88 |
Minimum [Member] | ' |
option indexed to Company's own stock - strike price | $40.96 |
Option indexed to Issuer's own equity, cap price | $56.75 |
Discontinued_operations_Detail
Discontinued operations (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Disposal Group, Including Discontinued Operation, Revenue | $58,527 | $66,058 |
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | 740 | 9,774 |
Disposal Group, Including Discontinued Operation, Income Tax Benefit | 604 | 3,734 |
Disposal Group, Including Discontinued Operation, Operating Income (Loss), After tax | 136 | ' |
Hospice Disposal Group [Member] [Member] | ' | ' |
Disposal Group, Including Discontinued Operation, Revenue | 48,357 | 52,497 |
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | 1,214 | 9,888 |
Disposal Group, Including Discontinued Operation, Income Tax Benefit | 776 | 3,783 |
Disposal Group, Including Discontinued Operation, Operating Income (Loss), After tax | 438 | 6,105 |
Retail Disposal Group [Member] | ' | ' |
Disposal Group, Including Discontinued Operation, Revenue | 10,170 | 13,561 |
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | -474 | -114 |
Disposal Group, Including Discontinued Operation, Income Tax Benefit | -172 | -49 |
Disposal Group, Including Discontinued Operation, Operating Income (Loss), After tax | ($302) | ($65) |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | $4,057,456,000 | ' | $4,057,456,000 |
Intangible amortization expense | $8,000,000 | $9,000,000 | ' |
Debt_Details
Debt (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | $2,493,127,000 | $2,500,434,000 |
stated liquidation amount of convertible debt | 50 | ' |
Interest rate swap agreements | 19,766,000 | 18,671,000 |
Debt Instrument, Unamortized Discount | -566,927,000 | -573,082,000 |
Debt, Current | -528,475,000 | -527,204,000 |
Long-term Debt, Excluding Current Maturities | 1,417,491,000 | 1,418,819,000 |
Debt Instrument, Interest Rate, Stated Percentage | 7.75% | ' |
Letters of Credit Outstanding, Amount | 14,000,000 | ' |
Derivative, Basis Spread on Variable Rate | 4.20% | ' |
Amortization of Financing Costs | 1,000,000 | ' |
Current Revolving Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | 0 | 0 |
Senior Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | 393,125,000 | 398,438,000 |
Debt Instrument, Interest Rate, Stated Percentage | 1.91% | ' |
7.75% Senior Subordinated Notes, Due 2020 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | 400,000,000 | 400,000,000 |
3.75% Convertible Senior Subordinated Notes, due 2025 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | 132,375,000 | 132,408,000 |
Debt Instrument, Unamortized Discount | -44,527,000 | -45,098,000 |
treasury stock method average share price to include dilutive securities | $26.84 | ' |
conversion threshold | 34.89 | ' |
4.00% Junior Subordinated Convertible Debentures, due 2033 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | 307,122,000 | 307,153,000 |
Debt instrument, convertible, contingent interest rate | 0.13% | ' |
contingent cash interest paid per stated liquidation amount | 0.09 | ' |
contingent cash interest per stated liquidation amount | 0.09 | ' |
Debt Instrument, Unamortized Discount | -120,349,000 | -121,017,000 |
treasury stock method average share price to include dilutive securities | $40.82 | ' |
4.0% Junior Subordinated debt due 2033 [Domain] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
conversion threshold | 53.07 | ' |
3.25% Convertible Senior Debentures, Due 2035 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | 427,500,000 | 427,500,000 |
Debt Instrument, Unamortized Discount | -30,354,000 | -34,374,000 |
treasury stock method average share price to include dilutive securities | $77.88 | ' |
3.75% Convertible Senior Subordinated Notes Due 2042 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | 390,000,000 | 390,000,000 |
Debt Instrument, Unamortized Discount | -164,535,000 | -164,986,000 |
treasury stock method average share price to include dilutive securities | $41.05 | ' |
conversion threshold | 53.37 | ' |
3.5% Convertible senior subordinated debt [Domain] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | 424,250,000 | 424,250,000 |
treasury stock method average share price to include dilutive securities | $70 | ' |
Capitalized Lease and Other Debt Obligations [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | $18,755,000 | $20,685,000 |
Debt_Schedule_of_Convertible_D
Debt Schedule of Convertible Debt (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
3.75% Convertible Senior Subordinated Notes, due 2025 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Convertible, Carrying Amount of Equity Component | $11,437 |
Remaining amortization period for the debt discount (in years) | '11 years 274 days |
Debt Instrument, Interest Rate, Effective Percentage | 8.25% |
4.00% Junior Subordinated Convertible Debentures, due 2033 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Convertible, Carrying Amount of Equity Component | 118,348 |
Remaining amortization period for the debt discount (in years) | '19 years 91 days |
Debt Instrument, Interest Rate, Effective Percentage | 8.01% |
3.25% Convertible Senior Debentures, Due 2035 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Convertible, Carrying Amount of Equity Component | 245,433 |
Remaining amortization period for the debt discount (in years) | '1 year 274 days |
Debt Instrument, Interest Rate, Effective Percentage | 7.63% |
3.75% Convertible Senior Subordinated Notes Due 2042 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Convertible, Carrying Amount of Equity Component | 167,941 |
Remaining amortization period for the debt discount (in years) | '28 years |
Debt Instrument, Interest Rate, Effective Percentage | 7.30% |
3.5% Convertible senior subordinated debt [Domain] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Convertible, Carrying Amount of Equity Component | $208,200 |
Remaining amortization period for the debt discount (in years) | '29 years 329 days |
Debt Instrument, Interest Rate, Effective Percentage | 7.70% |
Debt_Fair_Value_of_Financial_I
Debt Fair Value of Financial Instruments (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long-term Debt, Gross | $2,493,127 | $2,500,434 |
Debt Instrument, Unamortized Discount | 566,927 | 573,082 |
7.75% Senior Subordinated Notes, Due 2020 [Member] | ' | ' |
Long-term Debt, Gross | 400,000 | 400,000 |
Long-term Debt, Fair Value | 430,300 | 435,800 |
3.75% Convertible Senior Subordinated Notes, due 2025 [Member] | ' | ' |
Long-term Debt, Gross | 132,375 | 132,408 |
Long-term Debt, Fair Value | 299,200 | 306,500 |
Long-term Debt | 87,848 | 87,310 |
Debt Instrument, Unamortized Discount | 44,527 | 45,098 |
4.00% Junior Subordinated Convertible Debentures, due 2033 [Member] | ' | ' |
Long-term Debt, Gross | 307,122 | 307,153 |
Long-term Debt, Fair Value | 450,300 | 455,900 |
Long-term Debt | 186,773 | 186,136 |
Debt Instrument, Unamortized Discount | 120,349 | 121,017 |
3.25% Convertible Senior Debentures, Due 2035 [Member] | ' | ' |
Long-term Debt, Gross | 427,500 | 427,500 |
Long-term Debt, Fair Value | 454,800 | 457,400 |
Long-term Debt | 397,146 | 393,126 |
Debt Instrument, Unamortized Discount | 30,354 | 34,374 |
3.75% Convertible Senior Subordinated Notes Due 2042 [Member] | ' | ' |
Long-term Debt, Gross | 390,000 | 390,000 |
Long-term Debt, Fair Value | 582,600 | 592,800 |
Long-term Debt | 225,465 | 225,014 |
Debt Instrument, Unamortized Discount | 164,535 | 164,986 |
3.50% Convertible Senior Subordianted Notes, Due 2044 [Member] | ' | ' |
Long-term Debt, Gross | 424,250 | 424,250 |
Long-term Debt, Fair Value | 432,600 | 428,500 |
Long-term Debt | 217,088 | 216,643 |
Debt Instrument, Unamortized Discount | $207,162 | $207,607 |
Earnings_Loss_Per_Share_Data_D
Earnings (Loss) Per Share Data (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Income (Loss) from Continuing Operations Attributable to Parent | $63,638 | $48,314 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 63,774 | 54,354 |
Earnings (loss) per common share - Basic: | ' | ' |
Net income | $0.65 | $0.53 |
Effect of Dilutive Securities [Abstract] | ' | ' |
Convertible Securities | 66 | 71 |
Stock options, warrants and awards | 0 | 0 |
Convertible Securities (in shares) | 8,463,000 | 3,753,000 |
Stock options, warrants and awards, common shares (in shares) | 738,000 | 503,000 |
Income from continuing operations plus assumed conversions | 63,704 | 48,385 |
Earnings (loss) per common share - Diluted: | ' | ' |
Net income plus assumed conversions | 63,840 | 54,425 |
Diluted shares (in shares) | 107,767,000 | 107,466,000 |
Diluted earnings per share (per share) | $0.59 | $0.51 |
Aggregate number of stock options, warrants and awards excluded from the computation of diluted EPS (in shares) | ' | 2,000,000 |
Income (Loss) from Continuing Operations, Per Basic Share | $0.65 | $0.47 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $136 | $6,040 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | $0 | $0.06 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | $0 | $0.06 |
Income (Loss) from Continuing Operations, Per Diluted Share | $0.59 | $0.45 |
Weighted Average Number of Shares Outstanding, Basic | 98,566,000 | 103,210,000 |
EarningsPer_Share_Data_Convert
EarningsPer Share Data Convertible Debt (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
3.75% Convertible Senior Subordinated Notes, due 2025 [Member] | ' |
treasury stock method average share price to include dilutive securities | $26.84 |
4.00% Junior Subordinated Convertible Debentures, due 2033 [Member] | ' |
treasury stock method average share price to include dilutive securities | $40.82 |
3.25% Convertible Senior Debentures, Due 2035 [Member] | ' |
treasury stock method average share price to include dilutive securities | $77.88 |
3.75% Convertible Senior Subordinated Notes Due 2042 [Member] | ' |
treasury stock method average share price to include dilutive securities | $41.05 |
3.5% Convertible senior subordinated debt [Domain] | ' |
treasury stock method average share price to include dilutive securities | $70 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Settlement, litigation and other related charges | $7,052 | $22,619 |
Segment_Information_Segment_In
Segment Information Segment Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Revenue, Net | $1,571,038 | $1,458,945 |
Depreciation and amortization expense | -33,736 | -31,989 |
Settlements, litigations and other related charges | -7,052 | -22,619 |
Other charges | -10,276 | -4,006 |
Operating Income (Loss) | 132,752 | 108,376 |
Long Term Care Group [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue, Net | 1,191,253 | 1,141,585 |
Depreciation and amortization expense | -17,471 | -18,030 |
Settlements, litigations and other related charges | -7,052 | -22,619 |
Other charges | -2,511 | -2,752 |
Operating Income (Loss) | 152,584 | 129,817 |
specialty care group [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue, Net | 379,672 | 316,729 |
Depreciation and amortization expense | -1,127 | -1,103 |
Settlements, litigations and other related charges | 0 | 0 |
Other charges | 0 | 0 |
Operating Income (Loss) | 31,729 | 28,109 |
Corporate/Other [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue, Net | 113 | 631 |
Depreciation and amortization expense | -15,138 | -12,856 |
Settlements, litigations and other related charges | 0 | 0 |
Other charges | -7,765 | -1,254 |
Operating Income (Loss) | ($51,561) | ($49,550) |
Guarantor_Subsidiaries_Details
Guarantor Subsidiaries (Details) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2012 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2012 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Consolidating, Eliminating Adjustments [Member] | Consolidating, Eliminating Adjustments [Member] | Consolidating, Eliminating Adjustments [Member] | Consolidating, Eliminating Adjustments [Member] | Consolidating, Eliminating Adjustments [Member] | Consolidating, Eliminating Adjustments [Member] | Consolidating, Eliminating Adjustments [Member] | Consolidating, Eliminating Adjustments [Member] | |||||
Convertible Senior Debentures [Member] | Convertible Senior Debentures [Member] | Convertible Senior Debentures [Member] | Guaranteed Senior Notes Payable [Member] | Guaranteed Senior Notes Payable [Member] | Guaranteed Senior Notes Payable [Member] | Guaranteed Senior Notes Payable [Member] | Convertible Senior Debentures [Member] | Convertible Senior Debentures [Member] | Convertible Senior Debentures [Member] | Guaranteed Senior Notes Payable [Member] | Guaranteed Senior Notes Payable [Member] | Guaranteed Senior Notes Payable [Member] | Guaranteed Senior Notes Payable [Member] | Convertible Senior Debentures [Member] | Convertible Senior Debentures [Member] | Convertible Senior Debentures [Member] | Guaranteed Senior Notes Payable [Member] | Guaranteed Senior Notes Payable [Member] | Guaranteed Senior Notes Payable [Member] | ||||||||||
Summary Consolidating Statements of Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $1,571,038 | $1,458,945 | ' | ' | $0 | $0 | ' | $0 | $0 | ' | $1,540,006 | $1,427,130 | ' | ' | $1,571,038 | $1,458,945 | ' | $31,032 | $31,815 | ' | ' | ' | ' | $0 | $0 | ' | $0 | $0 | ' |
Cost of sales | 1,212,584 | 1,109,241 | ' | ' | 0 | 0 | ' | 0 | 0 | ' | 1,194,399 | 1,091,162 | ' | ' | 1,212,584 | 1,109,241 | ' | 18,185 | 18,079 | ' | ' | ' | ' | 0 | 0 | ' | 0 | 0 | ' |
Gross profit | 358,454 | 349,704 | ' | ' | 0 | 0 | ' | 0 | 0 | ' | 345,607 | 335,968 | ' | ' | 358,454 | 349,704 | ' | 12,847 | 13,736 | ' | ' | ' | ' | 0 | 0 | ' | 0 | 0 | ' |
Selling, general and administrative expenses | 186,813 | 190,693 | ' | ' | 987 | 1,006 | ' | 436 | 399 | ' | 182,120 | 184,978 | ' | ' | 185,390 | 189,288 | ' | 3,706 | 4,709 | ' | ' | ' | ' | 0 | 0 | ' | 0 | 0 | ' |
Provision for doubtful accounts | 21,561 | 24,010 | ' | ' | 0 | 0 | ' | 0 | 0 | ' | 21,047 | 23,532 | ' | ' | 21,561 | 24,010 | ' | 514 | 478 | ' | ' | ' | ' | 0 | 0 | ' | 0 | 0 | ' |
Settlement, litigation and other related charges | 7,052 | 22,619 | ' | ' | 0 | 0 | ' | 0 | 0 | ' | 7,052 | 22,619 | ' | ' | 7,052 | 22,619 | ' | 0 | 0 | ' | ' | ' | ' | 0 | 0 | ' | 0 | 0 | ' |
Other miscellaneous charges | 10,276 | 4,006 | ' | ' | 0 | 0 | ' | 0 | 0 | ' | 10,276 | 4,006 | ' | ' | 10,276 | 4,006 | ' | 0 | 0 | ' | ' | ' | ' | 0 | 0 | ' | 0 | 0 | ' |
Operating income | 132,752 | 108,376 | ' | ' | -987 | -1,006 | ' | -436 | -399 | ' | 125,112 | 100,833 | ' | ' | 134,175 | 109,781 | ' | 8,627 | 8,549 | ' | ' | ' | ' | 0 | 0 | ' | 0 | 0 | ' |
Interest expense, net of investment income | -29,441 | -29,462 | ' | ' | -29,156 | -28,991 | ' | 0 | 0 | ' | -285 | -293 | ' | ' | -285 | -471 | ' | 0 | -178 | ' | ' | ' | ' | 0 | 0 | ' | 0 | 0 | ' |
Income before income taxes | 103,311 | 78,914 | ' | ' | -30,143 | -29,997 | ' | -436 | -399 | ' | 124,827 | 100,540 | ' | ' | 133,890 | 109,310 | ' | 8,627 | 8,371 | ' | ' | ' | ' | 0 | 0 | ' | 0 | 0 | ' |
Income tax (benefit) expense | 39,673 | 30,600 | ' | ' | -11,671 | -11,546 | ' | -169 | -154 | ' | 48,004 | 38,924 | ' | ' | 51,513 | 42,300 | ' | 3,340 | 3,222 | ' | ' | ' | ' | 0 | 0 | ' | 0 | 0 | ' |
Income (Loss) from Continuing Operations Attributable to Parent | 63,638 | 48,314 | ' | ' | -18,472 | -18,451 | ' | -267 | -245 | ' | 76,823 | 61,616 | ' | ' | 82,377 | 67,010 | ' | 5,287 | 5,149 | ' | ' | ' | ' | 0 | 0 | ' | 0 | 0 | ' |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 136 | 6,040 | ' | ' | 0 | 0 | ' | 0 | 0 | ' | 171 | 6,063 | ' | ' | 136 | 6,040 | ' | -35 | -23 | ' | ' | ' | ' | 0 | 0 | ' | 0 | 0 | ' |
Equity of net income (loss) of subsidiaries | 0 | 0 | ' | ' | 82,246 | 72,805 | ' | 0 | 0 | ' | 0 | 0 | ' | ' | 0 | 0 | ' | 0 | 0 | ' | ' | ' | ' | -82,246 | -72,805 | ' | -82,246 | -72,805 | ' |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | -267 | -245 | ' | ' | ' | ' | ' | 82,513 | 73,050 | ' | ' | ' | ' | ' | ' | ' | -82,246 | -72,805 | ' | ' | ' | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 63,774 | 54,354 | ' | ' | 63,774 | 54,354 | ' | ' | ' | ' | 76,994 | 67,679 | ' | ' | ' | ' | ' | 5,252 | 5,126 | ' | ' | ' | ' | ' | ' | ' | -82,246 | -72,805 | ' |
Comprehensive income (loss) | 63,997 | 54,330 | ' | ' | 63,997 | 54,330 | ' | -267 | -245 | ' | 76,994 | 67,679 | ' | ' | 82,513 | 73,050 | ' | 5,252 | 5,126 | ' | ' | -82,246 | -72,805 | ' | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value | 346,987 | 498,508 | ' | 498,508 | 284,410 | 437,264 | ' | 0 | 0 | ' | 49,777 | 51,869 | ' | ' | 62,577 | 61,244 | ' | 12,800 | 9,375 | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | ' |
Accounts Receivable, Net, Current | 755,620 | ' | 695,684 | ' | 0 | ' | 0 | 188 | ' | 210 | 752,924 | ' | ' | 693,729 | 755,620 | ' | 695,684 | 336,511 | ' | ' | 315,323 | ' | ' | -188 | ' | -210 | -333,815 | ' | -313,368 |
Inventory, Net | 442,634 | ' | 512,418 | ' | 0 | ' | 0 | 0 | ' | 0 | 435,847 | ' | ' | 505,567 | 442,634 | ' | 512,418 | 6,787 | ' | ' | 6,851 | ' | ' | 0 | ' | 0 | 0 | ' | 0 |
Deferred Tax Assets, Net of Valuation Allowance, Current | 126,738 | ' | 135,094 | ' | 0 | ' | 0 | 0 | ' | 0 | 126,717 | ' | ' | 135,148 | 126,738 | ' | 135,094 | 21 | ' | ' | 0 | ' | ' | 0 | ' | 0 | 0 | ' | -54 |
Other Assets, Current | 277,113 | ' | 265,536 | ' | 1,407 | ' | 1,989 | 0 | ' | 0 | 250,744 | ' | ' | 242,166 | 275,706 | ' | 263,547 | 24,962 | ' | ' | 21,381 | ' | ' | 0 | ' | 0 | 0 | ' | 0 |
Assets of Disposal Group, Including Discontinued Operation, Current | 46,659 | ' | 49,995 | ' | 0 | ' | 0 | 0 | ' | 0 | 46,537 | ' | ' | 49,128 | 46,659 | ' | 49,995 | 122 | ' | ' | 867 | ' | ' | 0 | ' | 0 | 0 | ' | 0 |
Total current assets | 1,995,751 | ' | 2,014,728 | ' | 285,817 | ' | 277,899 | 188 | ' | 210 | 1,662,546 | ' | ' | 1,693,788 | 1,709,934 | ' | 1,736,829 | 381,203 | ' | ' | 356,463 | ' | ' | -188 | ' | -210 | -333,815 | ' | -313,422 |
Property, Plant and Equipment, Net | 317,856 | ' | 305,888 | ' | 0 | ' | 0 | 17 | ' | 19 | 313,016 | ' | ' | 301,200 | 317,839 | ' | 305,869 | 4,840 | ' | ' | 4,688 | ' | ' | 0 | ' | 0 | 0 | ' | 0 |
Goodwill | 4,057,456 | ' | 4,057,456 | ' | 0 | ' | 0 | 0 | ' | 0 | 4,028,651 | ' | ' | 4,028,651 | 4,057,456 | ' | 4,057,456 | 28,805 | ' | ' | 28,805 | ' | ' | 0 | ' | 0 | 0 | ' | 0 |
Intangible Assets, Net (Excluding Goodwill) | 122,057 | ' | 129,974 | ' | 0 | ' | 0 | 0 | ' | 0 | 120,093 | ' | ' | 127,798 | 122,057 | ' | 129,974 | 1,964 | ' | ' | 2,176 | ' | ' | 0 | ' | 0 | 0 | ' | 0 |
Other Assets, Noncurrent | 95,999 | ' | 96,722 | ' | 42,079 | ' | 41,825 | 19 | ' | 19 | 53,855 | ' | ' | 54,834 | 53,901 | ' | 54,878 | 65 | ' | ' | 63 | ' | ' | 0 | ' | 0 | 0 | ' | 0 |
Assets of Disposal Group, Including Discontinued Operation, Noncurrent | 85,059 | ' | 87,078 | ' | 0 | ' | 0 | 0 | ' | 0 | 85,028 | ' | ' | 87,047 | 85,059 | ' | 87,078 | 31 | ' | ' | 31 | ' | ' | 0 | ' | 0 | 0 | ' | 0 |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | ' | 0 | ' | 5,059,898 | ' | 5,131,280 | 0 | ' | 0 | 0 | ' | ' | 0 | 0 | ' | 0 | 0 | ' | ' | 0 | ' | ' | -5,059,898 | ' | -5,131,280 | -5,059,898 | ' | -5,131,280 |
Total assets | 6,674,178 | ' | 6,691,846 | ' | 5,387,794 | ' | 5,451,004 | 224 | ' | 248 | 6,263,189 | ' | ' | 6,293,318 | 6,346,246 | ' | 6,372,084 | 416,908 | ' | ' | 392,226 | ' | ' | -5,060,086 | ' | -5,131,490 | -5,393,713 | ' | -5,444,702 |
Current liabilities of continuing operations | 584,392 | ' | 587,107 | ' | 37,402 | ' | 83,028 | 0 | ' | 0 | 852,060 | ' | ' | 793,461 | 547,178 | ' | 504,289 | 28,745 | ' | ' | 23,986 | ' | ' | -188 | ' | -210 | -333,815 | ' | -313,368 |
Debt, Current | 528,475 | ' | 527,204 | ' | 528,475 | ' | 527,204 | 0 | ' | 0 | 0 | ' | ' | 0 | 0 | ' | 0 | 0 | ' | ' | 0 | ' | ' | 0 | ' | 0 | 0 | ' | 0 |
Liabilities of Disposal Group, Including Discontinued Operation, Current | 17,407 | ' | 18,846 | ' | 0 | ' | 0 | 0 | ' | 0 | 17,404 | ' | ' | 18,829 | 17,407 | ' | 18,846 | 3 | ' | ' | 17 | ' | ' | 0 | ' | 0 | 0 | ' | 0 |
Liabilities of Disposal Group, Including Discontinued Operation, Noncurrent | 840 | ' | 1,398 | ' | ' | ' | ' | ' | ' | ' | 840 | ' | ' | 1,398 | 840 | ' | 1,398 | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Temporary Equity, Liquidation Preference | 329,425 | ' | 331,101 | ' | 329,425 | ' | 331,101 | 0 | ' | 0 | 0 | ' | ' | 0 | 0 | ' | 0 | 0 | ' | ' | 0 | ' | ' | 0 | ' | 0 | 0 | ' | 0 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Excluding Current Maturities | 1,417,491 | ' | 1,418,819 | ' | 1,405,876 | ' | 1,405,628 | 0 | ' | 0 | 11,615 | ' | ' | 13,191 | 11,615 | ' | 13,191 | 0 | ' | ' | 0 | ' | ' | 0 | ' | 0 | 0 | ' | 0 |
Deferred income tax liabilities | 1,023,415 | ' | 1,012,733 | ' | 368,532 | ' | 363,240 | 0 | ' | 0 | 640,955 | ' | ' | 635,640 | 654,883 | ' | 649,493 | 13,928 | ' | ' | 13,907 | ' | ' | 0 | ' | 0 | 0 | ' | -54 |
Other noncurrent liabilities | 54,649 | ' | 53,835 | ' | 0 | ' | 0 | 0 | ' | 0 | 52,960 | ' | ' | 52,072 | 54,649 | ' | 53,835 | 1,689 | ' | ' | 1,763 | ' | ' | 0 | ' | 0 | 0 | ' | 0 |
Stockholders' equity | 2,718,084 | ' | 2,740,803 | ' | 2,718,084 | ' | 2,740,803 | 224 | ' | 248 | 4,687,355 | ' | ' | 4,778,727 | 5,059,674 | ' | 5,131,032 | 372,543 | ' | ' | 352,553 | ' | ' | -5,059,898 | ' | -5,131,280 | -5,059,898 | ' | -5,131,280 |
Total liabilities and stockholders' equity | 6,674,178 | ' | 6,691,846 | ' | 5,387,794 | ' | 5,451,004 | 224 | ' | 248 | 6,263,189 | ' | ' | 6,293,318 | 6,346,246 | ' | 6,372,084 | 416,908 | ' | ' | 392,226 | ' | ' | -5,060,086 | ' | -5,131,490 | -5,393,713 | ' | -5,444,702 |
Cash flows from operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash flows (used in) from operating activities | 177,498 | 108,895 | ' | ' | -1,854 | -3,365 | ' | 0 | 0 | ' | 178,130 | 114,407 | ' | ' | 179,352 | 112,260 | ' | 1,222 | -2,147 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash flows from investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Divestiture of Businesses, Net of Cash Divested | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | ' | 3,629 | ' | ' | ' | 3,629 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | -26,165 | -22,415 | ' | ' | 0 | 0 | ' | 0 | 0 | ' | -25,702 | -22,099 | ' | ' | -26,165 | -22,415 | ' | -463 | -316 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Investing Activities | -284 | 140 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for (Proceeds from) Other Investing Activities | 12 | 854 | ' | ' | 0 | -227 | ' | 0 | 0 | ' | -284 | 367 | ' | ' | -284 | 367 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash flows used in investing activities | -22,820 | -22,275 | ' | ' | 0 | -227 | ' | 0 | 0 | ' | -22,357 | -21,732 | ' | ' | -22,820 | -22,048 | ' | -463 | -316 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash flows from financing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments on Term Loans | -5,313 | -5,313 | ' | ' | -5,313 | -5,313 | ' | 0 | 0 | ' | 0 | 0 | ' | ' | 0 | 0 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments on long-term borrowings and obligations | -39,030 | -1,684 | ' | ' | -39,030 | -1,684 | ' | 0 | 0 | ' | 0 | ' | ' | ' | 0 | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from (Repayments of) Bank Overdrafts | -3,537 | -9,774 | ' | ' | -2,611 | -10,900 | ' | 0 | 0 | ' | -926 | ' | 1,126 | ' | -926 | 1,126 | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for Omnicare common stock repurchase | -95,417 | -302 | ' | ' | -95,417 | -302 | ' | 0 | 0 | ' | 0 | 0 | ' | ' | 0 | 0 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends paid | -19,596 | -14,479 | ' | ' | -19,596 | -14,479 | ' | 0 | 0 | ' | 0 | 0 | ' | ' | 0 | 0 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from (payments for) Other Financing Activities including disc Ops | 4,817 | 537 | ' | ' | 172,321 | 89,860 | ' | 0 | 0 | ' | -167,504 | -89,323 | ' | ' | -167,504 | -89,323 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Cash Provided by (Used in) Financing Activities | -158,076 | -31,015 | ' | ' | 10,354 | 57,182 | ' | 0 | 0 | ' | -168,430 | -88,197 | ' | ' | -168,430 | -88,197 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net increase (decrease) in cash and cash equivalents | -3,398 | 55,605 | ' | ' | 8,500 | 53,590 | ' | 0 | 0 | ' | -12,657 | 4,478 | ' | ' | -11,898 | 2,015 | ' | 759 | -2,463 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents at beginning of period | 356,001 | 444,620 | ' | 498,508 | 275,910 | 383,674 | ' | 0 | 0 | ' | 68,050 | 49,108 | ' | ' | 80,091 | 60,946 | ' | 12,041 | 11,838 | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | ' |
Cash and cash equivalents at end of period | 346,987 | 498,508 | ' | 498,508 | 284,410 | 437,264 | ' | 0 | 0 | ' | 49,777 | 51,869 | ' | ' | 62,577 | 61,244 | ' | 12,800 | 9,375 | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | ' |
Net Cash Provided by (Used in) Discontinued Operations | 5,616 | 1,717 | ' | ' | 0 | 0 | ' | 0 | 0 | ' | 5,616 | 1,717 | ' | ' | 5,616 | 1,717 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and Cash Equivalents Period Increase (Decrease) from Continuing Operations | ($9,014) | $53,888 | ' | ' | $8,500 | $53,590 | ' | $0 | $0 | ' | ($18,273) | $2,761 | ' | ' | ($17,514) | $298 | ' | $759 | ($2,463) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |