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 | | | | | |
| | | |
| | | | | | | | | | | | | | | | | | | | | |