Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended |
Sep. 30, 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 | 30-Sep-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q3 |
Amendment Flag | 'false |
Entity Common Stock, Shares Outstanding | 97,883,851 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME UNAUDITED (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenue, Net | $1,608,055 | $1,515,168 | $4,789,677 | $4,477,229 |
Cost of sales | 1,256,595 | 1,163,197 | 3,725,533 | 3,416,039 |
Gross profit | 351,460 | 351,971 | 1,064,144 | 1,061,190 |
Selling, general and administrative expenses | 178,940 | 182,668 | 549,816 | 565,276 |
Provision for doubtful accounts | 19,911 | 24,963 | 62,562 | 75,113 |
Settlement, litigation and other related charges | 12,868 | 143,484 | 27,467 | 169,615 |
Other charges | 3,999 | 61,632 | 25,559 | 96,906 |
Operating income | 135,742 | -60,776 | 398,740 | 154,280 |
Interest expense, net of investment income | -28,717 | -34,925 | -88,138 | -94,011 |
Income before income taxes | 107,025 | -95,701 | 310,602 | 60,269 |
Income tax (benefit) expense | 38,948 | -26,350 | 117,641 | 34,004 |
Income from continuing operations | 68,077 | -69,351 | 192,961 | 26,265 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | -3,246 | 3,042 | -42,385 | 13,999 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 64,831 | -66,309 | 150,576 | 40,264 |
Earnings (loss) per common share - Basic: | ' | ' | ' | ' |
Income (Loss) from Continuing Operations, Per Basic Share | $0.70 | ($0.68) | $1.98 | $0.26 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | ($0.03) | $0.03 | ($0.43) | $0.14 |
Net income | $0.67 | ($0.65) | $1.54 | $0.39 |
Earnings (loss) per common share - Diluted: | ' | ' | ' | ' |
Income (Loss) from Continuing Operations, Per Diluted Share | $0.65 | ($0.68) | $1.81 | $0.24 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | ($0.03) | $0.03 | ($0.40) | $0.13 |
Diluted earnings per share | $0.61 | ($0.65) | $1.42 | $0.37 |
Dividends per common share | $0.20 | $0.14 | $0.60 | $0.42 |
Weighted average number of common shares outstanding: | ' | ' | ' | ' |
Weighted Average Number of Shares Outstanding, Basic | 97,019 | 101,811 | 97,521 | 102,624 |
Diluted shares | 105,548 | 101,811 | 106,450 | 109,612 |
Comprehensive income (loss) | $65,170 | ($66,305) | $151,182 | $40,170 |
CONSOLIDATED_BALANCE_SHEETS_UN
CONSOLIDATED BALANCE SHEETS UNAUDITED (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $286,943 | $356,001 |
Accounts receivable, less allowances of $194,680 (2013 - 202,602) | 651,224 | 695,684 |
Inventories | 494,563 | 512,418 |
Deferred income tax benefits | 56,084 | 135,094 |
Other current assets | 315,165 | 265,536 |
Current assets of discontinued operations | 0 | 49,995 |
Total current assets | 1,803,979 | 2,014,728 |
Properties and equipment, at cost less accumulated depreciation of $295,490 (2013-$263,603) | 330,601 | 305,888 |
Goodwill | 4,060,683 | 4,057,456 |
Identifiable intangible assets, less accumulated amortization of $250,518 (2013-$227,657) | 106,425 | 129,974 |
Other noncurrent assets | 95,649 | 96,722 |
Non current assets of discontinued operations | 0 | 87,078 |
Total noncurrent assets | 4,593,358 | 4,677,118 |
Total assets | 6,397,337 | 6,691,846 |
Current liabilities: | ' | ' |
Accounts payable | 220,288 | 181,022 |
Accrued employee compensation | 56,394 | 50,240 |
Debt, Current | 495,713 | 527,204 |
Other current liabilities | 166,324 | 355,845 |
Current liabilities of discontinued operations | 0 | 18,846 |
Total current liabilities | 938,719 | 1,133,157 |
Long-term debt, net | 1,411,470 | 1,418,819 |
Deferred income tax liabilities | 1,022,857 | 1,012,733 |
Other noncurrent liabilities | 60,701 | 53,835 |
Liabilities of Disposal Group, Including Discontinued Operation, Noncurrent | 0 | 1,398 |
Total noncurrent liabilities | 2,495,028 | 2,486,785 |
Total liabilities | 3,433,747 | 3,619,942 |
Convertible Debt (Note 5) | 308,787 | 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, 135,487,957 shares issued (2013-134,623,736 shares issued) | 135,488 | 134,624 |
Paid in capital | 2,083,162 | 2,047,195 |
Retained earnings | 1,785,475 | 1,693,799 |
Treasury stock, at cost- 37,604,106 shares (2013-34,013,923 shares ) | -1,347,387 | -1,132,274 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -1,935 | -2,541 |
Total stockholders' equity | 2,654,803 | 2,740,803 |
Total liabilities and stockholders' equity | $6,397,337 | $6,691,846 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income (loss) | $150,576 | $40,264 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 42,385 | -13,999 |
Adjustments to reconcile net income to net cash flows from operating activities: | ' | ' |
Depreciation expense | 43,010 | 41,643 |
Amortization expense | 57,419 | 57,884 |
Gains (Losses) on Extinguishment of Debt | 8,419 | 55,652 |
Gain (Loss) on Disposition of Business | 805 | 36,062 |
Gale settlement payment, net | -120,000 | 0 |
Changes in assets and liabilities, net of effects from acquisition and divestiture of businesses: | ' | ' |
Accounts receivable, net of provision for doubtful accounts | 15,848 | 70,107 |
Inventories | 17,807 | -37,573 |
Other current and noncurrent assets | -20,853 | 5,897 |
Accounts payable | 58,399 | 22,717 |
Accrued employee compensation | 6,389 | -17,196 |
Current and noncurrent liabilities | 94,350 | 194,528 |
Net cash flows from operating activities of continuing operations | 354,554 | 455,986 |
Net cash flows from operating activities of discontinued operations | 863 | -1,321 |
Net cash flows from operating activities | 355,417 | 454,665 |
Cash flows from investing activities: | ' | ' |
Acquisition of businesses, net of cash received | 0 | 3,798 |
Proceeds from Divestiture of Businesses | 71,194 | 11,083 |
Capital expenditures | -67,871 | -73,279 |
Payments for (Proceeds from) Other Investing Activities | 18 | -441 |
Net cash flows used in investing activities of continuing operations | 3,305 | -65,553 |
Net cash flows used in investing activities of discontinued operations | -863 | -848 |
Net cash flows used in investing activities | 2,442 | -66,401 |
Cash flows from financing activities: | ' | ' |
Payments on Term Loans | -15,938 | -15,938 |
Payments on long-term borrowings and obligations | -176,983 | -190,403 |
Payments of Debt Issuance Costs | 0 | 4,851 |
Increase (decrease) in cash overdraft balance | -19,786 | -11,490 |
Payments for Omnicare common stock repurchases | -160,438 | -91,259 |
Proceeds for stock awards and exercise of stock options, net of stock tendered in payment | -293 | 17,934 |
Dividends paid | -58,419 | -43,011 |
Other | 4,940 | 2,228 |
Net Cash Provided by (Used in) Financing Activities | -426,917 | -336,790 |
Net increase (decrease) in cash and cash equivalents | -69,058 | 51,474 |
Increase (decrease) in cash and cash equivalents of discontinued operations | 0 | -2,169 |
Increase (decrease) in cash and cash equivalents of continuing operations | -69,058 | 53,643 |
Cash and cash equivalents at beginning of period | 356,001 | 444,620 |
Cash and cash equivalents at end of period | $286,943 | $498,263 |
CONSOLIDATED_BALANCE_SHEET_PAR
CONSOLIDATED BALANCE SHEET (PARENTHETICAL) UNAUDITED (Parentheticals) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Parenthetical Balance Sheet [Abstract] | ' | ' | ' |
Allowance for Doubtful Accounts Receivable, Current | $194,680 | $194,680 | $202,602 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 295,490 | 295,490 | 263,603 |
Finite-Lived Intangible Assets, Accumulated Amortization | 250,518 | 250,518 | 227,657 |
Preferred Stock, No Par Value | $0 | $0 | $0 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Issued | 0 | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $1 | $1 | $1 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 | 200,000,000 |
Common Stock, Shares, Issued | 135,487,957 | 135,487,957 | 134,623,736 |
Treasury Stock, Shares | 37,604,106 | 37,604,106 | 34,013,923 |
Amortization of Financing Costs | $1,000 | $3,000 | ' |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 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 Company’s annual financial statements have been condensed or omitted. The Consolidated Financial Statements should be read in conjunction with the Company’s consolidated financial statements and related notes included in the 2013 Annual Report, together with any related updates included in the Company’s subsequent 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 Company’s results of operations for all periods presented reflect the results of these businesses, including related expenses, as discontinued operations. See “Note 3 - Discontinued Operations”. Certain prior year amounts, primarily related to discontinued operations, have been reclassified to conform to the current year presentation. |
Significant_Accounting_Policie
Significant Accounting Policies | 9 Months Ended | ||||||||||||||||||
Sep. 30, 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 (Loss) for stock options, restricted stock units, performance share units and stock awards totaled approximately $5 million and $15 million, respectively, for the three and nine months ended September 30, 2014 and $5 million and $14 million for the three and nine months ended September 30, 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 payors (in thousands): | |||||||||||||||||||
September 30, 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 | $ | 201,382 | $ | 47,497 | $ | 248,879 | |||||||||||||
Facility payors | 306,681 | 122,378 | 429,059 | ||||||||||||||||
Private Pay payors | 76,953 | 91,013 | 167,966 | ||||||||||||||||
Total gross accounts receivable | $ | 585,016 | $ | 260,888 | $ | 845,904 | |||||||||||||
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) | |||||||||||||||||||
The following table is a summary of the Company’s accumulated other comprehensive income (loss) (“AOCI”) (in thousands): | |||||||||||||||||||
September 30, | December 31, 2013 | ||||||||||||||||||
2014 | |||||||||||||||||||
Unrealized loss on fair value of investments | $ | (571 | ) | $ | (702 | ) | |||||||||||||
Pension and post-employment benefits | (1,364 | ) | (1,839 | ) | |||||||||||||||
Total accumulated other comprehensive loss, net | $ | (1,935 | ) | $ | (2,541 | ) | |||||||||||||
The amounts are net of applicable tax benefits, which were not material at September 30, 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 (Loss). | |||||||||||||||||||
Fair Value | |||||||||||||||||||
The Company’s financial instruments, 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) | |||||||||||||||||
September 30, 2014 | |||||||||||||||||||
Bond portfolio | $ | 25,216 | $ | — | $ | 25,216 | $ | — | |||||||||||
7.75% interest rate swap agreements - fair value hedge | 18,041 | — | 18,041 | — | |||||||||||||||
Derivatives | — | — | — | — | |||||||||||||||
Total | $ | 43,257 | $ | — | $ | 43,257 | $ | — | |||||||||||
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 securities are shown in “Note 5 - Debt”. | |||||||||||||||||||
Offsetting Assets and Liabilities | |||||||||||||||||||
The Company has interest rate swap agreements (the “Interest Rate Swap Agreements”) with multiple counterparties with respect to all $400 million aggregate principle amount outstanding of its 7.75% Senior Subordinated Notes due 2020 (the “2020 Notes”). The following table presents the effect of netting arrangements on the Company’s recognized assets and liabilities in connection with the Interest Rate Swap Agreements as of September 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||
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 | |||||||||||||
30-Sep-14 | |||||||||||||||||||
Swap A | $ | 9,130 | $ | — | $ | 9,130 | $ | — | $ | — | $ | 9,130 | |||||||
Swap B | 8,911 | — | 8,911 | — | — | 8,911 | |||||||||||||
$ | 18,041 | $ | — | $ | 18,041 | $ | — | $ | — | $ | 18,041 | ||||||||
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 Company’s effective tax rate for the three and nine months ended September 30, 2014 and September 30, 2013 is different than the applicable federal statutory rate primarily as a result of the impact of state and local income taxes and additional tax benefits recognized in 2014 for prior year settlement payments, and the non-deductible portion of the settlement payments made related to the Gale and Silver complaints (each as described in “Note 7 - Commitments and Contingencies”). | |||||||||||||||||||
Other Charges | |||||||||||||||||||
Other charges (on a pre-tax basis) consist of the following (in thousands): | |||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Debt related costs | $ | 72 | $ | 50,868 | $ | 7,832 | $ | 50,868 | |||||||||||
Disposition of businesses | 285 | 10,116 | 805 | 38,902 | |||||||||||||||
Separation and other costs | 3,642 | 648 | 16,922 | 4,836 | |||||||||||||||
Acquisition and other related costs | — | — | — | 2,300 | |||||||||||||||
Total - other charges | $ | 3,999 | $ | 61,632 | $ | 25,559 | $ | 96,906 | |||||||||||
See “Note 5 - Debt” for additional details on the debt related costs. | |||||||||||||||||||
Disposition of Businesses | |||||||||||||||||||
In 2013, the Company completed the disposition of certain assets, primarily in its medical supply services business, which were not considered, individually or in the aggregate, significant to the operations of Omnicare. The Company recorded a charge on the disposition of these businesses of $10 million and $39 million ($9 million and $27 million after-tax), respectively, in the three and nine months ended September 30, 2013. These charges are reflected in the “Other charges” caption of the Consolidated Statement of Comprehensive Income (Loss). | |||||||||||||||||||
Separation and Other Costs | |||||||||||||||||||
In the three and nine months ended September 30, 2014, the Company recorded separation related costs and accelerated stock based compensation expense for certain employees of approximately $4 million and $17 million, respectively, including charges related to retirement of the Chief Executive Officer in the second quarter of 2014. In the three and nine months ended September 30, 2013, the Company recorded separation related costs for certain employees of approximately $1 million and $5 million, respectively. These charges are reflected in the “Other charges” caption of the Consolidated Statement of Comprehensive Income (Loss). | |||||||||||||||||||
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 the relocation of its corporate office. As of September 30, 2014, the Company has made cumulative payments of approximately $3 million for severance and other employee-related costs in connection with the CWR Program. The Company had liabilities related to the CWR Program of approximately $5 million at December 31, 2013, with utilization of approximately $2 million in the nine months ended September 30, 2014. The remaining liabilities pursuant to the CWR Program of $3 million at September 30, 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 nine months ended September 30, 2014, the Company repurchased approximately 2.7 million shares of its common stock at an aggregate cost of approximately $160 million under share repurchase programs authorized by its Board of Directors. Through September 30, 2014, the Company has repurchased an aggregate of approximately 27 million shares of its common stock at an aggregate cost of approximately $1 billion under the share repurchase programs. During the nine months ended September 30, 2013, the Company repurchased approximately 2.5 million shares of its common stock at an aggregate cash outlay of approximately $91 million through authorized share repurchase programs. The cash expenditure in the nine months ended September 30, 2013 includes the impact of the equity forward contract components of the Company’s two previously disclosed accelerated share repurchase agreements. As of September 30, 2014, the Company had authority to repurchase approximately $340 million of additional shares under the share repurchase programs through December 31, 2015. | |||||||||||||||||||
Capped Call | |||||||||||||||||||
On April 2, 2012, the Company entered into capped call transactions with a counterparty, paying $48 million for the purchase of the capped calls, which was recorded as additional paid-in capital. The capped call transactions are intended to reduce potential economic dilution upon conversion of the Company’s 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 | |||||||||||||||||||
In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)2014-15, "Presentation of Financial Statements - Going Concern", which requires management to evaluate whether conditions or events raise substantial doubt about the entity’s ability to continue as a going concern and, if so, to provide related footnote disclosures. The guidance is effective for annual or interim reporting periods beginning on or after December 15, 2016. Early adoption is permitted. The Company does not expect the adoption of this ASU to have a material impact on the Company’s Consolidated Financial Statements. | |||||||||||||||||||
In June 2014, the FASB issued ASU 2014-12, "Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could be Achieved after the Requisite Service Period," ("ASU 2014-12"). ASU 2014-12 requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The guidance is effective for annual or interim reporting periods beginning on or after December 15, 2015. The Company does not anticipate that the adoption of this standard will have a material impact on its Consolidated Financial Statements. | |||||||||||||||||||
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers”, which provides guidance for revenue recognition. The standard’s core principle is that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This ASU also requires additional disclosures. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016. The Company is currently in the process of evaluating the impact of adoption of this ASU on its Consolidated Financial Statements. | |||||||||||||||||||
In April 2014, the FASB issued ASU No. 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”, which changes the criteria for determining which disposals can be presented as discontinued operations and modifies the related disclosure requirements. Under the new guidance, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results and is disposed of or classified as held for sale. The standard also introduces several new disclosures. The guidance applies prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. ASU 2014-08 is effective for annual and interim periods beginning after December 15, 2014, with early adoption permitted. The Company is currently in the process of evaluating the impact of adoption of this ASU on its Consolidated Financial Statements. |
Discontinued_operations_Notes
Discontinued operations (Notes) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Discontinued operations [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 nine months ended September 30, 2014, the Company finalized the sale of Retail for net proceeds of approximately $6 million. In the three and nine months ended September 30, 2014, the Company finalized the sale of Hospice for net proceeds of approximately $65 million and recorded an after-tax loss of $4 million. Additionally, in the nine months ended September 30, 2014, the Company recorded an impairment loss, which was nondeductible for tax purposes, of $40 million to reduce the carrying value of Hospice to fair value. The results of operations for all periods presented reflect the results of Hospice and Retail as discontinued operations. | ||||||||||||||||
Selected financial information related to the discontinued operations follows (in thousands): | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net Sales | ||||||||||||||||
Hospice | $ | 25,163 | $ | 52,774 | $ | 123,071 | $ | 158,240 | ||||||||
Retail | — | 13,059 | 10,698 | 40,432 | ||||||||||||
Net sales - total discontinued | 25,163 | 65,833 | 133,769 | 198,672 | ||||||||||||
Income (loss) from operations, pretax | ||||||||||||||||
Hospice | (2,566 | ) | 5,155 | 548 | 23,149 | |||||||||||
Retail | 104 | (234 | ) | (1,546 | ) | (498 | ) | |||||||||
Income (loss) from operations - total discontinued, pretax | (2,462 | ) | 4,921 | (998 | ) | 22,651 | ||||||||||
Income tax (benefit) expense | ||||||||||||||||
Hospice | 664 | 1,972 | 2,344 | 8,856 | ||||||||||||
Retail | 120 | (93 | ) | (761 | ) | (204 | ) | |||||||||
Income tax (benefit) expense - total discontinued | 784 | 1,879 | 1,583 | 8,652 | ||||||||||||
Income (loss) from operations of discontinued operations | ||||||||||||||||
Hospice | (3,230 | ) | 3,183 | (1,796 | ) | 14,293 | ||||||||||
Retail | (16 | ) | (141 | ) | (785 | ) | (294 | ) | ||||||||
Income (loss) from operations - total discontinued, after tax | (3,246 | ) | 3,042 | (2,581 | ) | 13,999 | ||||||||||
Impairment loss | ||||||||||||||||
Hospice | — | — | 39,804 | — | ||||||||||||
Retail | — | — | — | — | ||||||||||||
Impairment loss on discontinued operations - total | — | — | 39,804 | $ | — | |||||||||||
Income (loss) from discontinued operations | ||||||||||||||||
Hospice | (3,230 | ) | 3,183 | (41,600 | ) | 14,293 | ||||||||||
Retail | (16 | ) | (141 | ) | (785 | ) | (294 | ) | ||||||||
(Loss) income from discontinued operations - total | $ | (3,246 | ) | $ | 3,042 | $ | (42,385 | ) | $ | 13,999 | ||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Goodwill and Other Intangible Assets [Text Block] | ' | ||||||||||||
Changes in the carrying amount of goodwill for the nine months ended September 30, 2014 are as follows (in thousands): | |||||||||||||
Long-Term Care Group | Specialty Care Group | Total | |||||||||||
Goodwill balance as of December 31, 2013 | $ | 3,567,019 | $ | 490,437 | $ | 4,057,456 | |||||||
Disposition of business | (41 | ) | — | (41 | ) | ||||||||
Other | 3,268 | — | 3,268 | ||||||||||
Goodwill balance as of September 30, 2014 | $ | 3,570,246 | $ | 490,437 | $ | 4,060,683 | |||||||
“Other” includes adjustments made related to the final sales terms of the Retail divestiture, see “Note 3 - Discontinued Operations” for additional details. | |||||||||||||
The Company’s intangible amortization expense for the three and nine months ended September 30, 2014 was approximately $8 million and $24 million, respectively, and approximately $8 million and $25 million for the three and nine months ended September 30, 2013, respectively. |
Debt
Debt | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Debt Disclosure [Text Block] | ' | ||||||||||||||||
The following table summarizes the Company’s debt (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Revolving credit facility, due 2017 | $ | — | $ | — | |||||||||||||
Senior term loan, due 2017 | 382,500 | 398,438 | |||||||||||||||
7.75% senior subordinated notes, due 2020 | 400,000 | 400,000 | |||||||||||||||
3.75% convertible senior subordinated notes, due 2025 | 79,979 | 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 | 14,906 | 20,685 | |||||||||||||||
Subtotal | 2,426,257 | 2,500,434 | |||||||||||||||
Add interest rate swap agreements | 18,041 | 18,671 | |||||||||||||||
(Subtract) unamortized debt discount | (537,115 | ) | (573,082 | ) | |||||||||||||
(Subtract) current portion of debt | (495,713 | ) | (527,204 | ) | |||||||||||||
Total long-term debt, net | $ | 1,411,470 | $ | 1,418,819 | |||||||||||||
Refinancing Activity | |||||||||||||||||
In the second quarter of 2014, through privately negotiated transactions, Omnicare repurchased approximately $52 million in aggregate principal amount of its outstanding 3.75% Convertible Senior Subordinated Notes due 2025 (the “2025 Notes”) for approximately $134 million in cash. The Company recognized a loss on the repurchases of approximately $8 million in the second quarter of 2014, which is reflected in “Other charges” on the Consolidated Statement of Comprehensive Income (Loss). | |||||||||||||||||
In the third quarter of 2013, Omnicare entered into separate, privately negotiated exchange agreements under which the Company retired approximately $180 million in aggregate principal amount of outstanding 2025 Notes in exchange for the issuance of $424 million in aggregate principal amount of new 3.50% Convertible Senior Subordinated Notes due 2044 (the "2044 Notes"). Additionally, the Company entered into separate, privately negotiated purchase agreements to repurchase approximately $5 million in aggregate principal amount of its outstanding 2025 Notes and $150 million in aggregate principal amount of its 2020 Notes. Operating income for the three and nine months ended September 30, 2013 includes a non-cash loss of approximately $51 million in connection with the 2013 refinancing activities which is reflected in “Other Charges” on the Consolidated Statement of Comprehensive Income (Loss). | |||||||||||||||||
3.75% Convertible Senior Subordinated Notes, due 2025 | |||||||||||||||||
As of September 30, 2014, approximately $80 million aggregate principal amount of the 2025 Notes remained outstanding. 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 applicable 25 trading-day cash settlement averaging period. The conversion price is $26.84 and the conversion threshold is $34.89 as of September 30, 2014. As of September 30, 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 shares of the Company’s common stock and have been classified as current debt, net of discount, on the Consolidated Balance Sheet as of September 30, 2014 and December 31, 2013. Because 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 that had not yet been accreted to its face value. | |||||||||||||||||
4.00% Junior Subordinated Convertible Debentures, due 2033 | |||||||||||||||||
As of September 30, 2014, approximately $307 million aggregate principal amount of the Company’s 4.00% Junior Subordinated Convertible Debentures, due 2033 (the “2033 Debentures”) was outstanding. The 2033 Debentures underlie 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 30 consecutive trading day period 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 September 30, 2014. As of September 30, 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 September 30, 2014 and December 31, 2013. Because 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 that had not yet been accreted to its face value. | |||||||||||||||||
The Trust PIERS (and underlying 2033 Debentures) have attained the threshold requiring payment of contingent interest in addition to regular cash interest.The contingent interest is accrued at the respective rate applied to the average trading price of the Trust PIERS for the five trading days ending on the respective date as outlined in the table below: | |||||||||||||||||
Accrual Period | Contingent Interest Rate | Trading price period end date | Cash interest paid per $50 stated liquidation amount of Trust PIERS | Payment Date | |||||||||||||
Start Date | End Date | ||||||||||||||||
December 15, 2013 | March 14, 2014 | 0.13% | December 12, 2013 | $ | 0.09 | March 17, 2014 | |||||||||||
March 15, 2014 | June 14, 2014 | 0.13% | March 13, 2014 | $ | 0.09 | June 16, 2014 | |||||||||||
June 15, 2014 | September 15, 2014 | 0.13% | June 12, 2014 | $ | 0.09 | September 15, 2014 | |||||||||||
September 15, 2014 | December 14, 2014 | 0.13% | September 12, 2014 | $ | 0.1 | December 15, 2014 | |||||||||||
3.75% Convertible Senior Subordinated Notes, due 2042 | |||||||||||||||||
As of September 30, 2014, $390 million aggregate principal amount of 3.75% Convertible Senior Subordinated Notes due 2042 (the “2042 Notes”) was outstanding. 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 30 consecutive trading day period 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 applicable 25 trading-day cash settlement averaging period. The conversion price is $41.05 and the conversion threshold is $53.37 as of September 30, 2014. As of September 30, 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 shares of the Company’s common stock and have been classified as current debt, net of discount, on the Consolidated Balance Sheet as of September 30, 2014 and December 31, 2013. Because 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 that had not yet been accreted to its face value. | |||||||||||||||||
As outlined above, several series of the Company’s outstanding notes and debentures (collectively, the “Convertible Notes”) are convertible into cash and/or shares of Omnicare common stock under specified circumstances, including if the closing price of the Company’s common stock is more than 130% of the conversion price for such Convertible Notes during the applicable measurement period. In general, upon conversion, the Company will pay cash for the principal amount of the Convertible Notes 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 September 30, 2014, approximately $777 million in aggregate principal amount of Convertible Notes were convertible, including the 2025 Notes, the 2042 Notes and the 2033 Debentures. | |||||||||||||||||
The aggregate principle amount of Convertible Notes 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 their Convertible Notes for conversion or the impact of any such conversions on the Company’s results of operations, financial condition, liquidity or cash flows. | |||||||||||||||||
Revolving Credit Facility and Term Loan | |||||||||||||||||
As of September 30, 2014, there was $383 million outstanding under the Company’s term loan. The interest rate on the term loan was 1.91% at September 30, 2014. As of September 30, 2014, the Company had no outstanding borrowings 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. | |||||||||||||||||
Interest Rate Swap Agreements | |||||||||||||||||
The weighted average floating interest rate on the Interest Rate Swap Agreements in the third quarter of 2014 was 4.19% compared to the 7.75% stated interest rate on the corresponding 2020 Notes, which had a remaining principal balance of $400 million at September 30, 2014. | |||||||||||||||||
Deferred Debt Issuance Costs | |||||||||||||||||
The Company amortized to expense approximately $1 million of deferred debt issuance costs during each of the three month periods ended September 30, 2014 and 2013 and $3 million during each of the nine month periods ended September 30, 2014 and 2013, respectively. Interest expense for the nine months ended September 30, 2014 includes the write-off of approximately $1 million in deferred debt issuance costs related to the Company’s second quarter 2014 repurchase transaction. Interest expense for the three and nine months ended September 30, 2013 includes the write-off of approximately $5 million in deferred debt issuance costs related to the Company’s third quarter 2013 refinancing transactions activities. | |||||||||||||||||
Information relating to the Company’s convertible securities at September 30, 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 | $ | 6,913 | 11.25 | 8.25 | % | ||||||||||||
4.00% junior subordinated convertible debentures, due 2033 | $ | 118,348 | 18.75 | 8.01 | % | ||||||||||||
3.25% convertible senior debentures, due 2035 | $ | 245,433 | 1.25 | 7.63 | % | ||||||||||||
3.75% convertible senior subordinated notes, due 2042 | $ | 167,941 | 27.5 | 7.3 | % | ||||||||||||
3.50% convertible senior subordinated notes, due 2044 | $ | 208,200 | 29.4 | 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 | |||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||
Financial Instrument | Book Value | Market Value | Book Value | Market Value | |||||||||||||
7.75% senior subordinated notes, due 2020 | $ | 400,000 | $ | 421,000 | $ | 400,000 | $ | 435,800 | |||||||||
3.75% convertible senior subordinated notes, due 2025 | |||||||||||||||||
Carrying value | 53,801 | — | 87,310 | — | |||||||||||||
Unamortized debt discount | 26,178 | — | 45,098 | — | |||||||||||||
Principal amount | 79,979 | 180,800 | 132,408 | 306,500 | |||||||||||||
4.00% junior subordinated convertible debentures, due 2033 | |||||||||||||||||
Carrying value | 188,124 | — | 186,136 | — | |||||||||||||
Unamortized debt discount | 118,998 | — | 121,017 | — | |||||||||||||
Principal amount | 307,122 | 468,300 | 307,153 | 455,900 | |||||||||||||
3.25% convertible senior debentures, due 2035 | |||||||||||||||||
Carrying value | 405,419 | — | 393,126 | — | |||||||||||||
Unamortized debt discount | 22,081 | — | 34,374 | — | |||||||||||||
Principal amount | 427,500 | 450,000 | 427,500 | 457,400 | |||||||||||||
3.75% convertible senior subordinated notes, due 2042 | |||||||||||||||||
Carrying value | 226,389 | — | 225,014 | — | |||||||||||||
Unamortized debt discount | 163,611 | — | 164,986 | — | |||||||||||||
Principal amount | 390,000 | 608,000 | 390,000 | 592,800 | |||||||||||||
3.50% convertible senior subordinated notes, due 2044 | |||||||||||||||||
Carrying value | 218,003 | — | 216,643 | — | |||||||||||||
Unamortized debt discount | 206,247 | — | 207,607 | — | |||||||||||||
Principal amount | 424,250 | 469,600 | 424,250 | 428,500 | |||||||||||||
Earnings_Loss_Per_Share_Data
Earnings (Loss) Per Share Data | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 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 September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2014:00:00 | Income (Numerator) | Common Shares(Denominator) | Per Common | Income (Numerator) | Common Shares(Denominator) | Per Common | |||||||||||||||||
Share Amounts | Share Amounts | ||||||||||||||||||||||
Basic EPS | |||||||||||||||||||||||
Income from continuing operations | $ | 68,077 | $ | 0.7 | $ | 192,961 | $ | 1.98 | |||||||||||||||
Loss from discontinued operations | (3,246 | ) | (0.03 | ) | (42,385 | ) | (0.43 | ) | |||||||||||||||
Net income | $ | 64,831 | 97,019 | $ | 0.67 | $ | 150,576 | 97,521 | $ | 1.54 | |||||||||||||
Effect of Dilutive Securities | |||||||||||||||||||||||
Convertible securities | 66 | 7,945 | 198 | 8,283 | |||||||||||||||||||
Stock options, units and awards | — | 584 | — | 646 | |||||||||||||||||||
Diluted EPS | |||||||||||||||||||||||
Income from continuing operations plus assumed conversions | $ | 68,143 | $ | 0.65 | $ | 193,159 | $ | 1.81 | |||||||||||||||
Loss from discontinued operations | (3,246 | ) | (0.03 | ) | (42,385 | ) | (0.40 | ) | |||||||||||||||
Net income plus assumed conversions | $ | 64,897 | 105,548 | $ | 0.61 | $ | 150,774 | 106,450 | $ | 1.42 | |||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2013:00:00 | Income (Numerator) | Common Shares(Denominator) | Per Common | Income (Numerator) | Common Shares(Denominator) | Per Common | |||||||||||||||||
Share Amounts | Share Amounts | ||||||||||||||||||||||
Basic EPS | |||||||||||||||||||||||
Income (loss) from continuing operations | $ | (69,351 | ) | $ | (0.68 | ) | $ | 26,265 | $ | 0.26 | |||||||||||||
Income from discontinued operations | 3,042 | 0.03 | 13,999 | 0.14 | |||||||||||||||||||
Net income (loss) | $ | (66,309 | ) | 101,811 | $ | (0.65 | ) | $ | 40,264 | 102,624 | $ | 0.39 | |||||||||||
Effect of Dilutive Securities | |||||||||||||||||||||||
Convertible securities | — | — | 212 | 6,360 | |||||||||||||||||||
Stock options, warrants, units and awards | — | — | — | 628 | |||||||||||||||||||
Diluted EPS | |||||||||||||||||||||||
Income (loss) from continuing operations plus assumed conversions | $ | (69,351 | ) | $ | (0.68 | ) | $ | 26,477 | $ | 0.24 | |||||||||||||
Income from discontinued operations | 3,042 | 0.03 | 13,999 | 0.13 | |||||||||||||||||||
Net income (loss) plus assumed conversions | $ | (66,309 | ) | 101,811 | $ | (0.65 | ) | $ | 40,476 | 109,612 | $ | 0.37 | |||||||||||
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 | |||||||||||||||||||||
Diluted weighted average shares outstanding excludes the impact of 1 million stock options and stock awards for the nine months ended September 30, 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. The amount of stock options and stock awards excluded from the diluted weighted average shares outstanding for the three and nine months ended September 30, 2014 and the three months ended September 30, 2013 is immaterial. 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 | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Omnicare evaluates contingencies on an ongoing basis in light of the best available information. The Company believes that it has recorded liabilities to the extent necessary if a material loss is considered probable and reasonably estimable. To the extent that the resolution of contingencies results in actual losses that differ from the Company’s recorded liabilities, future earnings will be charged or credited accordingly. | |
On June 2, 2014, a complaint captioned Charles Lee on behalf of himself and all others similarly situated v. Omnicare, Inc., No. 14-CIV-1335 was filed against the Company in the U.S. District Court for the Southern District of California. The plaintiff brought the action individually and on behalf of a similarly situated class of plaintiffs. The plaintiff alleges that the Company violated the Telephone Consumer Protection Act (“TCPA”) by improperly calling cellular telephone numbers using an automatic telephone dialing system. On July 11, 2014, the Company filed an answer to the complaint. The Company denies the allegations in the complaint and intends to vigorously defend itself in this action. | |
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 and that the Company improperly charged certain dispensing fees to Medicare Part D. The U.S. Department of Justice has notified the court that it declined to intervene in this action. On June 17, 2014, the Company filed a motion to dismiss the First Amended Complaint. On July 7, 2014, Relator filed a Second Amended Complaint in response to the motion to dismiss. On August 8, 2014, the Company moved 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 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 and paid in the first half of 2014. 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. On August 12, 2014, the court granted the Company’s motion to dismiss and entered an order dismissing with prejudice all claims against the Company. | |
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 that 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. On September 23, 2014, the Court remanded the case to state court. 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. On June 17, 2014, the Company and Relator reached an agreement in principle to a dismissal of this matter. On August 4, 2014, the Court dismissed this matter with prejudice. | |
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. On June 12, 2014, the court granted in part and denied in part the motion to dismiss. On July 14, 2014, the Company filed an answer to 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 relating to the claims in the Gale complaint and the federal claims in the Silver complaint was executed by the federal government, the Company, relators and relators’ counsel on June 24, 2014. The agreements in principle relating to the state claims were executed by each state named in the Silver complaint except for the State of Hawaii. On September 16, 2014, the court entered an order dismissing the Company from the case with prejudice. | |
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 relating to the claims in the Gale complaint and the federal claims in the Silver complaint were executed by the federal government, the Company, the relators and relators’ counsel on June 24, 2014. The agreements in principle relating to the state claims in Silver were executed by each state named in the Silver complaint except for the State of Hawaii. 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. During the third quarter of 2014, settlement payments of $116 million and $8.24 million were made related to the Gale and Silver complaints, respectively, and $4.24 million was received related to the motion for sanctions filed by the Company against relator Gale and his attorneys. On August 11, 2014, the court entered an order dismissing with prejudice all claims against the Company. | |
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. On October 10, 2014, the Court of Appeals for the Sixth Circuit affirmed the District Court’s dismissal with prejudice. | |
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 the 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. In connection with this matter, on May 29, 2014, the United States District Court for the Western District of Virginia entered an order unsealing two previously partially sealed qui tam complaints, entitled United States, et al., ex rel. Spetter v. Abbott Laboratories. Inc., Omnicare, Inc., and PharMerica Corp., No. 1:07-cv-00006 and United States, et al., ex rel. McCoyd v. Abbott Laboratories, Omnicare, Inc., PharMerica Corp., and Miles White, No. 1:07-cv-0008, and the United States’ Notice of Intervention in the cases. The complaints allege violations of the False Claims Act stemming from activities in connection with agreements the Company had with the manufacturer of the pharmaceutical Depakote that allegedly violated the Anti-Kickback Statute. The Company believes that the allegations are without merit and intends to vigorously defend itself in this action. | |
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. On May 22, 2014, relator filed a petition for writ of certiorari in the United States Supreme Court. On October 6, 2014, the Supreme Court denied relator’s petition for writ of certiorari. | |
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. The OIG is currently seeking information concerning the Company’s compliance programs and policies and its arrangements. 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 shares of Omnicare common stock 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 thereunder) 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 thereunder. 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. On June 5, 2014, the Company filed its Brief in Support of Appeal in the United States Supreme Court. Oral argument at the United States Supreme Court is scheduled for November 3, 2014. | |
For the three and nine months ended September 30, 2014, charges of approximately $13 million and $27 million, respectively, and approximately $143 million and $170 million for the three and nine months ended September 30, 2013, respectively, were included in “Settlement, litigation and other related charges” on the Consolidated Statement of Comprehensive Income (Loss), 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. In connection with its 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 (Loss). | |
The Company cannot know the ultimate outcome of the pending matters described in the preceding paragraphs, and 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 will 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 by governmental/regulatory authorities responsible for enforcing certain 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 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. The Company evaluates these matters on an ongoing basis and records accruals for such contingencies if the Company concludes that it is probable that a material loss will be incurred and the amount of the loss can be reasonably estimated. In many situations, these matters are being contested by the Company, the outcome is not predictable and any potential loss is not estimable. | |
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) significant facts are in dispute; (vi) a large number of parties are participating in the proceedings (including where it is uncertain how liability, if any, will be shared among multiple defendants); or (vii) the proceedings present 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 pending 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 responsibilities for the Company. Additionally, in the normal course of its business, the Company enters into contracts pursuant to which the Company may make a variety of representations and warranties and indemnify the counterparty for certain losses. The Company’s possible exposure under these arrangements cannot be reasonably estimated, as this involves the resolution of claims made, or future claims that may be made, against the Company or its directors or officers, the outcomes of which are unknown and not currently predictable. Accordingly, the Company has not recorded any accrual related to its indemnification obligations. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||
Sep. 30, 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. | |||||||||||||||||
(In thousands) | For the three months ended September 30, | ||||||||||||||||
2014:00:00 | LTC | SCG | Corporate/Other | Consolidated | |||||||||||||
Totals | |||||||||||||||||
Net sales | $ | 1,183,398 | $ | 424,580 | $ | 77 | $ | 1,608,055 | |||||||||
Depreciation and amortization expense | (17,405 | ) | (1,078 | ) | (14,849 | ) | (33,332 | ) | |||||||||
Settlement, litigation and other related charges | (12,868 | ) | — | — | (12,868 | ) | |||||||||||
Other charges | (3,553 | ) | — | (446 | ) | (3,999 | ) | ||||||||||
Operating income (loss) | 142,285 | 34,203 | (40,746 | ) | 135,742 | ||||||||||||
2013:00:00 | |||||||||||||||||
Net sales | $ | 1,157,951 | $ | 357,057 | $ | 160 | $ | 1,515,168 | |||||||||
Depreciation and amortization expense | (17,919 | ) | (1,168 | ) | (14,953 | ) | (34,040 | ) | |||||||||
Settlement, litigation and other related charges | (143,484 | ) | — | — | (143,484 | ) | |||||||||||
Other charges | (10,764 | ) | — | (50,868 | ) | (61,632 | ) | ||||||||||
Operating income (loss) | 4,207 | 26,845 | (91,828 | ) | (60,776 | ) | |||||||||||
For the nine months ended September 30, | |||||||||||||||||
2014:00:00 | LTC | SCG | Corporate/Other | Consolidated | |||||||||||||
Totals | |||||||||||||||||
Net sales | $ | 3,565,092 | $ | 1,224,319 | $ | 266 | $ | 4,789,677 | |||||||||
Depreciation and amortization expense | (52,258 | ) | (3,373 | ) | (44,798 | ) | (100,429 | ) | |||||||||
Settlement, litigation and other related charges | (27,467 | ) | — | — | (27,467 | ) | |||||||||||
Other charges | (8,984 | ) | — | (16,575 | ) | (25,559 | ) | ||||||||||
Operating income (loss) | 444,402 | 97,057 | (142,719 | ) | 398,740 | ||||||||||||
2013:00:00 | |||||||||||||||||
Net sales | $ | 3,458,772 | $ | 1,017,127 | $ | 1,330 | $ | 4,477,229 | |||||||||
Depreciation and amortization expense | (53,801 | ) | (3,408 | ) | (42,318 | ) | (99,527 | ) | |||||||||
Settlement, litigation and other related charges | (169,615 | ) | — | — | (169,615 | ) | |||||||||||
Other charges | (44,065 | ) | — | (52,841 | ) | (96,906 | ) | ||||||||||
Operating income (loss) | 259,953 | 82,005 | (187,678 | ) | 154,280 | ||||||||||||
Guarantor_Subsidiaries
Guarantor Subsidiaries | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Guarantor Subsidiaries [Abstract] | ' | ||||||||||||||||||||
Schedules Of Condensed Financial Statements [Text Block] | ' | ||||||||||||||||||||
The 2020 Notes, the 2025 Notes, the 2042 Notes, and the Company’s 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 100% 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 September 30, 2014 and December 31, 2013 for the balance sheets, as well as the three and nine months ended September 30, 2014 and 2013 for the statements of comprehensive income (loss) and the statements of cash flows. In connection with the sale of Hospice in the third quarter of 2014, the results of the Hospice operations have been reclassified as Non-Guarantor Subsidiaries for all periods presented (see “Note 3 - Discontinued Operations” for additional details on the sale of Hospice). 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 September 30, | |||||||||||||||||||||
2014:00:00 | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating / | Omnicare, Inc. and Subsidiaries | ||||||||||||||||
Eliminating Adjustments | |||||||||||||||||||||
Net sales | $ | — | $ | 1,576,811 | $ | 31,244 | $ | — | $ | 1,608,055 | |||||||||||
Cost of sales | — | 1,236,644 | 19,951 | — | 1,256,595 | ||||||||||||||||
Gross profit | — | 340,167 | 11,293 | — | 351,460 | ||||||||||||||||
Selling, general and administrative expenses | 1,053 | 172,857 | 5,030 | — | 178,940 | ||||||||||||||||
Provision for doubtful accounts | — | 19,570 | 341 | — | 19,911 | ||||||||||||||||
Settlement, litigation and other related charges | — | 12,868 | — | — | 12,868 | ||||||||||||||||
Other charges | — | 3,999 | — | — | 3,999 | ||||||||||||||||
Operating income (loss) | (1,053 | ) | 130,873 | 5,922 | — | 135,742 | |||||||||||||||
Interest expense, net of investment income | (28,456 | ) | (261 | ) | — | — | (28,717 | ) | |||||||||||||
Income (loss) before income taxes | (29,509 | ) | 130,612 | 5,922 | — | 107,025 | |||||||||||||||
Income tax (benefit) expense | (11,503 | ) | 48,139 | 2,312 | — | 38,948 | |||||||||||||||
Income (loss) from continuing operations | (18,006 | ) | 82,473 | 3,610 | — | 68,077 | |||||||||||||||
Loss from discontinued operations | — | (526 | ) | (2,720 | ) | — | (3,246 | ) | |||||||||||||
Equity of net income of subsidiaries | 82,837 | — | — | (82,837 | ) | — | |||||||||||||||
Net income | $ | 64,831 | $ | 81,947 | $ | 890 | $ | (82,837 | ) | $ | 64,831 | ||||||||||
Comprehensive income | $ | 65,170 | $ | 81,947 | $ | 890 | $ | (82,837 | ) | $ | 65,170 | ||||||||||
2013:00:00 | |||||||||||||||||||||
Net sales | $ | — | $ | 1,485,545 | $ | 29,623 | $ | — | $ | 1,515,168 | |||||||||||
Cost of sales | — | 1,146,140 | 17,057 | — | 1,163,197 | ||||||||||||||||
Gross profit | — | 339,405 | 12,566 | — | 351,971 | ||||||||||||||||
Selling, general and administrative expenses | 1,504 | 176,970 | 4,194 | — | 182,668 | ||||||||||||||||
Provision for doubtful accounts | — | 24,487 | 476 | — | 24,963 | ||||||||||||||||
Settlement, litigation and other related charges | — | 143,484 | — | — | 143,484 | ||||||||||||||||
Other charges | — | 54,361 | 7,271 | — | 61,632 | ||||||||||||||||
Operating income (loss) | (1,504 | ) | (59,897 | ) | 625 | — | (60,776 | ) | |||||||||||||
Interest expense, net of investment income | (34,583 | ) | (344 | ) | 2 | — | (34,925 | ) | |||||||||||||
Income (loss) before income taxes | (36,087 | ) | (60,241 | ) | 627 | — | (95,701 | ) | |||||||||||||
Income tax (benefit) expense | (14,190 | ) | (15,270 | ) | 3,110 | — | (26,350 | ) | |||||||||||||
Income (loss) from continuing operations | (21,897 | ) | (44,971 | ) | (2,483 | ) | — | (69,351 | ) | ||||||||||||
Income (loss) from discontinued operations | — | (2,100 | ) | 5,142 | — | 3,042 | |||||||||||||||
Equity of net income of subsidiaries | (44,412 | ) | — | — | 44,412 | — | |||||||||||||||
Net loss | $ | (66,309 | ) | $ | (47,071 | ) | $ | 2,659 | $ | 44,412 | $ | (66,309 | ) | ||||||||
Comprehensive loss | $ | (66,305 | ) | $ | (47,071 | ) | $ | 2,659 | $ | 44,412 | $ | (66,305 | ) | ||||||||
Note 9 - Guarantor Subsidiaries (Continued) | |||||||||||||||||||||
Summary Consolidating | |||||||||||||||||||||
Statements of Comprehensive Income (Loss) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
For the nine months ended September 30, | |||||||||||||||||||||
2014:00:00 | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating / | Omnicare, Inc. and Subsidiaries | ||||||||||||||||
Eliminating Adjustments | |||||||||||||||||||||
Net sales | $ | — | $ | 4,697,025 | $ | 92,652 | $ | — | $ | 4,789,677 | |||||||||||
Cost of sales | — | 3,669,163 | 56,370 | — | 3,725,533 | ||||||||||||||||
Gross profit | — | 1,027,862 | 36,282 | — | 1,064,144 | ||||||||||||||||
Selling, general and administrative expenses | 3,481 | 531,899 | 14,436 | — | 549,816 | ||||||||||||||||
Provision for doubtful accounts | — | 61,202 | 1,360 | — | 62,562 | ||||||||||||||||
Settlement, litigation and other related charges | — | 27,467 | — | — | 27,467 | ||||||||||||||||
Other charges | — | 25,559 | — | — | 25,559 | ||||||||||||||||
Operating income (loss) | (3,481 | ) | 381,735 | 20,486 | — | 398,740 | |||||||||||||||
Interest expense, net of investment income | (86,676 | ) | (1,462 | ) | — | — | (88,138 | ) | |||||||||||||
Income (loss) before income taxes | (90,157 | ) | 380,273 | 20,486 | — | 310,602 | |||||||||||||||
Income tax (benefit) expense | (34,846 | ) | 144,569 | 7,918 | — | 117,641 | |||||||||||||||
Income (loss) from continuing operations | (55,311 | ) | 235,704 | 12,568 | — | 192,961 | |||||||||||||||
Loss from discontinued operations | — | (1,245 | ) | (41,140 | ) | — | (42,385 | ) | |||||||||||||
Equity of net income of subsidiaries | 205,887 | — | — | (205,887 | ) | — | |||||||||||||||
Net income | $ | 150,576 | $ | 234,459 | $ | (28,572 | ) | $ | (205,887 | ) | $ | 150,576 | |||||||||
Comprehensive income | $ | 151,182 | $ | 234,459 | $ | (28,572 | ) | $ | (205,887 | ) | $ | 151,182 | |||||||||
2013:00:00 | |||||||||||||||||||||
Net sales | $ | — | $ | 4,383,420 | $ | 93,809 | $ | — | $ | 4,477,229 | |||||||||||
Cost of sales | — | 3,362,356 | 53,683 | — | 3,416,039 | ||||||||||||||||
Gross profit | — | 1,021,064 | 40,126 | — | 1,061,190 | ||||||||||||||||
Selling, general and administrative expenses | 3,696 | 547,264 | 14,316 | — | 565,276 | ||||||||||||||||
Provision for doubtful accounts | — | 73,671 | 1,442 | — | 75,113 | ||||||||||||||||
Settlement, litigation and other related charges | — | 169,615 | — | — | 169,615 | ||||||||||||||||
Other charges | — | 89,635 | 7,271 | — | 96,906 | ||||||||||||||||
Operating income (loss) | (3,696 | ) | 140,879 | 17,097 | — | 154,280 | |||||||||||||||
Interest expense, net of investment income | (92,757 | ) | (890 | ) | (364 | ) | — | (94,011 | ) | ||||||||||||
Income (loss) before income taxes | (96,453 | ) | 139,989 | 16,733 | — | 60,269 | |||||||||||||||
Income tax (benefit) expense | (37,395 | ) | 62,093 | 9,306 | — | 34,004 | |||||||||||||||
Income (loss) from continuing operations | (59,058 | ) | 77,896 | 7,427 | — | 26,265 | |||||||||||||||
Income (loss) from discontinued operations | — | (9,115 | ) | 23,114 | — | 13,999 | |||||||||||||||
Equity of net income of subsidiaries | 99,322 | — | — | (99,322 | ) | — | |||||||||||||||
Net income | $ | 40,264 | $ | 68,781 | $ | 30,541 | $ | (99,322 | ) | $ | 40,264 | ||||||||||
Comprehensive loss | $ | 40,170 | $ | 68,781 | $ | 30,541 | $ | (99,322 | ) | $ | 40,170 | ||||||||||
Note 9 - Guarantor Subsidiaries (Continued) | |||||||||||||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
As of September 30, 2014: | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating/Eliminating Adjustments | Omnicare, Inc. and Subsidiaries | ||||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 248,786 | $ | 26,183 | $ | 11,974 | $ | — | $ | 286,943 | |||||||||||
Accounts receivable, net (including intercompany) | — | 648,877 | 94,673 | (92,326 | ) | 651,224 | |||||||||||||||
Inventories | — | 486,761 | 7,802 | — | 494,563 | ||||||||||||||||
Deferred income tax benefits, net-current | — | 56,135 | 374 | (425 | ) | 56,084 | |||||||||||||||
Other current assets | 30,506 | 257,138 | 27,521 | — | 315,165 | ||||||||||||||||
Current assets of discontinued operations | — | — | — | — | — | ||||||||||||||||
Total current assets | 279,292 | 1,475,094 | 142,344 | (92,751 | ) | 1,803,979 | |||||||||||||||
Properties and equipment, net | — | 325,405 | 5,196 | — | 330,601 | ||||||||||||||||
Goodwill | — | 4,031,878 | 28,805 | — | 4,060,683 | ||||||||||||||||
Identifiable intangible assets, net | — | 104,884 | 1,541 | — | 106,425 | ||||||||||||||||
Other noncurrent assets | 38,039 | 57,571 | 39 | — | 95,649 | ||||||||||||||||
Noncurrent assets of discontinued operations | — | — | — | — | — | ||||||||||||||||
Investment in subsidiaries | 4,952,869 | — | — | (4,952,869 | ) | — | |||||||||||||||
Total assets | $ | 5,270,200 | $ | 5,994,832 | $ | 177,925 | $ | (5,045,620 | ) | $ | 6,397,337 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||
Current liabilities (including intercompany) | $ | 30,230 | $ | 472,964 | $ | 32,138 | $ | (92,326 | ) | $ | 443,006 | ||||||||||
Current portion of long-term debt | 495,713 | — | — | — | 495,713 | ||||||||||||||||
Current liabilities of discontinued operations | — | — | — | — | — | ||||||||||||||||
Long-term debt, notes and convertible debentures | 1,402,712 | 8,758 | — | — | 1,411,470 | ||||||||||||||||
Deferred income tax liabilities | 377,955 | 645,327 | — | (425 | ) | 1,022,857 | |||||||||||||||
Other noncurrent liabilities | — | 58,891 | 1,810 | — | 60,701 | ||||||||||||||||
Noncurrent liabilities of discontinued operations | — | — | — | — | — | ||||||||||||||||
Convertible debt | 308,787 | — | — | — | 308,787 | ||||||||||||||||
Stockholders’ equity | 2,654,803 | 4,808,892 | 143,977 | (4,952,869 | ) | 2,654,803 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 5,270,200 | $ | 5,994,832 | $ | 177,925 | $ | (5,045,620 | ) | $ | 6,397,337 | ||||||||||
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 | — | 12,305 | 37,690 | — | 49,995 | ||||||||||||||||
Total current assets | 277,899 | 1,656,965 | 393,286 | (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 | — | 3,762 | 83,316 | — | 87,078 | ||||||||||||||||
Investment in subsidiaries | 5,131,280 | — | — | (5,131,280 | ) | — | |||||||||||||||
Total assets | $ | 5,451,004 | $ | 6,173,210 | $ | 512,334 | $ | (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 | — | 1,894 | 16,952 | — | 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 | — | 176 | 1,222 | — | 1,398 | ||||||||||||||||
Convertible debt | 331,101 | — | — | — | 331,101 | ||||||||||||||||
Stockholders’ equity | 2,740,803 | 4,676,776 | 454,504 | (5,131,280 | ) | 2,740,803 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 5,451,004 | $ | 6,173,210 | $ | 512,334 | $ | (5,444,702 | ) | $ | 6,691,846 | ||||||||||
Note 9 - Guarantor Subsidiaries (Continued) | |||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
For the nine months ended September 30, | |||||||||||||||||||||
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 | $ | (68,865 | ) | $ | 425,119 | $ | (837 | ) | $ | 355,417 | |||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Divestiture of businesses, net | — | 71,194 | — | 71,194 | |||||||||||||||||
Capital expenditures | — | (67,217 | ) | (654 | ) | (67,871 | ) | ||||||||||||||
Other | — | (881 | ) | — | (881 | ) | |||||||||||||||
Net cash flows from (used in) investing activities | — | 3,096 | (654 | ) | 2,442 | ||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Payments on terms loans | (15,938 | ) | — | — | (15,938 | ) | |||||||||||||||
Payments on long-term borrowings and obligations | (176,983 | ) | — | — | (176,983 | ) | |||||||||||||||
Decrease in cash overdraft balance | (10,036 | ) | (9,750 | ) | — | (19,786 | ) | ||||||||||||||
Payments for Omnicare common stock repurchase | (160,438 | ) | — | — | (160,438 | ) | |||||||||||||||
Dividends paid | (58,419 | ) | — | — | (58,419 | ) | |||||||||||||||
Other | 463,555 | (458,908 | ) | — | 4,647 | ||||||||||||||||
Net cash flows from (used in) financing activities | 41,741 | (468,658 | ) | — | (426,917 | ) | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | (27,124 | ) | (40,443 | ) | (1,491 | ) | (69,058 | ) | |||||||||||||
Increase (decrease) from discontinued operations | — | 1,424 | (1,424 | ) | — | ||||||||||||||||
Net increase (decrease) from continuing operations | (27,124 | ) | (41,867 | ) | (67 | ) | (69,058 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | 275,910 | 68,050 | 12,041 | 356,001 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 248,786 | $ | 26,183 | $ | 11,974 | $ | 286,943 | |||||||||||||
2013:00:00 | |||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net cash flows (used in) from operating activities | $ | (42,519 | ) | $ | 507,984 | $ | (10,800 | ) | $ | 454,665 | |||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Acquisition of businesses, net of cash received | — | (3,798 | ) | — | (3,798 | ) | |||||||||||||||
Divestiture of business, net | — | 675 | 10,408 | 11,083 | |||||||||||||||||
Capital expenditures | — | (71,984 | ) | (1,295 | ) | (73,279 | ) | ||||||||||||||
Other | (227 | ) | (180 | ) | — | (407 | ) | ||||||||||||||
Net cash flows used in investing activities | (227 | ) | (75,287 | ) | 9,113 | (66,401 | ) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Payments on term loans | (15,938 | ) | — | — | (15,938 | ) | |||||||||||||||
Payments on long-term borrowings and obligations | (190,403 | ) | — | — | (190,403 | ) | |||||||||||||||
Fees paid for financing activities | (4,851 | ) | — | — | (4,851 | ) | |||||||||||||||
Decrease in cash overdraft balance | (10,232 | ) | (1,258 | ) | — | (11,490 | ) | ||||||||||||||
Payments for Omnicare common stock repurchases | (91,259 | ) | — | — | (91,259 | ) | |||||||||||||||
Dividends paid | (43,011 | ) | — | — | (43,011 | ) | |||||||||||||||
Other | 442,769 | (422,607 | ) | — | 20,162 | ||||||||||||||||
Net cash flows from (used in) financing activities | 87,075 | (423,865 | ) | — | (336,790 | ) | |||||||||||||||
Net increase in cash and cash equivalents | 44,329 | 8,832 | (1,687 | ) | 51,474 | ||||||||||||||||
Decrease from discontinued operations | — | — | (2,169 | ) | (2,169 | ) | |||||||||||||||
Net increase (decrease) from continuing operations | 44,329 | 8,832 | 482 | 53,643 | |||||||||||||||||
Cash and cash equivalents at beginning of period | 383,674 | 49,108 | 11,838 | 444,620 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 428,003 | $ | 57,940 | $ | 12,320 | $ | 498,263 | |||||||||||||
Note 9 - 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 100% 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 September 30, 2014 and December 31, 2013 for the balance sheets, as well as the three and nine months ended September 30, 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 September 30, | |||||||||||||||||||||
2014:00:00 | Parent | Guarantor Subsidiary | Non-Guarantor Subsidiaries | Consolidating / | Omnicare, Inc. and Subsidiaries | ||||||||||||||||
Eliminating Adjustments | |||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 1,608,055 | $ | — | $ | 1,608,055 | |||||||||||
Cost of sales | — | — | 1,256,595 | — | 1,256,595 | ||||||||||||||||
Gross profit | — | — | 351,460 | — | 351,460 | ||||||||||||||||
Selling, general and administrative expenses | 1,053 | 430 | 177,457 | — | 178,940 | ||||||||||||||||
Provision for doubtful accounts | — | — | 19,911 | — | 19,911 | ||||||||||||||||
Settlement, litigation and other related charges | — | — | 12,868 | — | 12,868 | ||||||||||||||||
Other charges | — | — | 3,999 | — | 3,999 | ||||||||||||||||
Operating income (loss) | (1,053 | ) | (430 | ) | 137,225 | — | 135,742 | ||||||||||||||
Interest expense, net of investment income | (28,456 | ) | — | (261 | ) | — | (28,717 | ) | |||||||||||||
Income (loss) before income taxes | (29,509 | ) | (430 | ) | 136,964 | — | 107,025 | ||||||||||||||
Income tax (benefit) expense | (11,503 | ) | (168 | ) | 50,619 | — | 38,948 | ||||||||||||||
Income (loss) from continuing operations | (18,006 | ) | (262 | ) | 86,345 | — | 68,077 | ||||||||||||||
Loss from discontinued operations | — | — | (3,246 | ) | — | (3,246 | ) | ||||||||||||||
Equity of net income of subsidiaries | 82,837 | — | — | (82,837 | ) | — | |||||||||||||||
Net income (loss) | $ | 64,831 | $ | (262 | ) | $ | 83,099 | $ | (82,837 | ) | $ | 64,831 | |||||||||
Comprehensive income (loss) | $ | 65,170 | $ | (262 | ) | $ | 83,099 | $ | (82,837 | ) | $ | 65,170 | |||||||||
2013:00:00 | |||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 1,515,168 | $ | — | $ | 1,515,168 | |||||||||||
Cost of sales | — | — | 1,163,197 | — | 1,163,197 | ||||||||||||||||
Gross profit | — | — | 351,971 | — | 351,971 | ||||||||||||||||
Selling, general and administrative expenses | 1,504 | 417 | 180,747 | — | 182,668 | ||||||||||||||||
Provision for doubtful accounts | — | — | 24,963 | — | 24,963 | ||||||||||||||||
Settlement, litigation and other related charges | — | — | 143,484 | — | 143,484 | ||||||||||||||||
Other charges | — | — | 61,632 | — | 61,632 | ||||||||||||||||
Operating loss | (1,504 | ) | (417 | ) | (58,855 | ) | — | (60,776 | ) | ||||||||||||
Interest expense, net of investment income | (34,583 | ) | — | (342 | ) | — | (34,925 | ) | |||||||||||||
Loss before income taxes | (36,087 | ) | (417 | ) | (59,197 | ) | — | (95,701 | ) | ||||||||||||
Income tax benefit | (14,190 | ) | (164 | ) | (11,996 | ) | — | (26,350 | ) | ||||||||||||
Loss from continuing operations | (21,897 | ) | (253 | ) | (47,201 | ) | — | (69,351 | ) | ||||||||||||
Income from discontinued operations | — | — | 3,042 | — | 3,042 | ||||||||||||||||
Equity of net income of subsidiaries | (44,412 | ) | — | — | 44,412 | — | |||||||||||||||
Net income (loss) | $ | (66,309 | ) | $ | (253 | ) | $ | (44,159 | ) | $ | 44,412 | $ | (66,309 | ) | |||||||
Comprehensive income (loss) | $ | (66,305 | ) | $ | (253 | ) | $ | (44,159 | ) | $ | 44,412 | $ | (66,305 | ) | |||||||
Note 9 - Guarantor Subsidiaries (Continued) | |||||||||||||||||||||
Summary Consolidating | |||||||||||||||||||||
Statements of Comprehensive Income (Loss) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
For the nine months ended September 30, | |||||||||||||||||||||
2014:00:00 | Parent | Guarantor Subsidiary | Non-Guarantor Subsidiaries | Consolidating / | Omnicare, Inc. and Subsidiaries | ||||||||||||||||
Eliminating Adjustments | |||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 4,789,677 | $ | — | $ | 4,789,677 | |||||||||||
Cost of sales | — | — | 3,725,533 | — | 3,725,533 | ||||||||||||||||
Gross profit | — | — | 1,064,144 | — | 1,064,144 | ||||||||||||||||
Selling, general and administrative expenses | 3,481 | 1,309 | 545,026 | — | 549,816 | ||||||||||||||||
Provision for doubtful accounts | — | — | 62,562 | — | 62,562 | ||||||||||||||||
Settlement, litigation and other related charges | — | — | 27,467 | — | 27,467 | ||||||||||||||||
Other charges | — | — | 25,559 | — | 25,559 | ||||||||||||||||
Operating income (loss) | (3,481 | ) | (1,309 | ) | 403,530 | — | 398,740 | ||||||||||||||
Interest expense, net of investment income | (86,676 | ) | — | (1,462 | ) | — | (88,138 | ) | |||||||||||||
Income (loss) before income taxes | (90,157 | ) | (1,309 | ) | 402,068 | — | 310,602 | ||||||||||||||
Income tax (benefit) expense | (34,846 | ) | (506 | ) | 152,993 | — | 117,641 | ||||||||||||||
Income (loss) from continuing operations | (55,311 | ) | (803 | ) | 249,075 | — | 192,961 | ||||||||||||||
Loss from discontinued operations | — | — | (42,385 | ) | — | (42,385 | ) | ||||||||||||||
Equity of net income of subsidiaries | 205,887 | — | — | (205,887 | ) | — | |||||||||||||||
Net income (loss) | $ | 150,576 | $ | (803 | ) | $ | 206,690 | $ | (205,887 | ) | $ | 150,576 | |||||||||
Comprehensive income (loss) | $ | 151,182 | $ | (803 | ) | $ | 206,690 | $ | (205,887 | ) | $ | 151,182 | |||||||||
2013:00:00 | |||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 4,477,229 | $ | — | $ | 4,477,229 | |||||||||||
Cost of sales | — | — | 3,416,039 | — | 3,416,039 | ||||||||||||||||
Gross profit | — | — | 1,061,190 | — | 1,061,190 | ||||||||||||||||
Selling, general and administrative expenses | 3,696 | 1,233 | 560,347 | — | 565,276 | ||||||||||||||||
Provision for doubtful accounts | — | — | 75,113 | — | 75,113 | ||||||||||||||||
Settlement, litigation and other related charges | — | — | 169,615 | — | 169,615 | ||||||||||||||||
Other charges | — | — | 96,906 | — | 96,906 | ||||||||||||||||
Operating income (loss) | (3,696 | ) | (1,233 | ) | 159,209 | — | 154,280 | ||||||||||||||
Interest expense, net of investment income | (92,757 | ) | — | (1,254 | ) | — | (94,011 | ) | |||||||||||||
Income (loss) before income taxes | (96,453 | ) | (1,233 | ) | 157,955 | — | 60,269 | ||||||||||||||
Income tax (benefit) expense | (37,395 | ) | (478 | ) | 71,877 | — | 34,004 | ||||||||||||||
Income (loss) from continuing operations | (59,058 | ) | (755 | ) | 86,078 | — | 26,265 | ||||||||||||||
Income from discontinued operations | — | — | 13,999 | — | 13,999 | ||||||||||||||||
Equity of net income of subsidiaries | 99,322 | — | — | (99,322 | ) | — | |||||||||||||||
Net income (loss) | $ | 40,264 | $ | (755 | ) | $ | 100,077 | $ | (99,322 | ) | $ | 40,264 | |||||||||
Comprehensive income (loss) | $ | 40,170 | $ | (755 | ) | $ | 100,077 | $ | (99,322 | ) | $ | 40,170 | |||||||||
Note 9 - Guarantor Subsidiaries (Continued) | |||||||||||||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
As of September 30, 2014: | Parent | Guarantor Subsidiary | Non-Guarantor Subsidiaries | Consolidating/Eliminating Adjustments | Omnicare, Inc. and Subsidiaries | ||||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 248,786 | $ | — | $ | 38,157 | $ | — | $ | 286,943 | |||||||||||
Accounts receivable, net (including intercompany) | — | 192 | 651,224 | (192 | ) | 651,224 | |||||||||||||||
Inventories | — | — | 494,563 | — | 494,563 | ||||||||||||||||
Deferred income tax benefits, net-current | — | — | 56,084 | — | 56,084 | ||||||||||||||||
Other current assets | 30,506 | — | 284,659 | — | 315,165 | ||||||||||||||||
Current assets of discontinued operations | — | — | — | — | — | ||||||||||||||||
Total current assets | 279,292 | 192 | 1,524,687 | (192 | ) | 1,803,979 | |||||||||||||||
Properties and equipment, net | — | 13 | 330,588 | — | 330,601 | ||||||||||||||||
Goodwill | — | — | 4,060,683 | — | 4,060,683 | ||||||||||||||||
Identifiable intangible assets, net | — | — | 106,425 | — | 106,425 | ||||||||||||||||
Other noncurrent assets | 38,039 | 19 | 57,591 | — | 95,649 | ||||||||||||||||
Noncurrent assets of discontinued operations | — | — | — | — | — | ||||||||||||||||
Investment in subsidiaries | 4,952,869 | — | — | (4,952,869 | ) | — | |||||||||||||||
Total assets | $ | 5,270,200 | $ | 224 | $ | 6,079,974 | $ | (4,953,061 | ) | $ | 6,397,337 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||
Current liabilities (including intercompany) | $ | 30,230 | $ | — | $ | 412,968 | $ | (192 | ) | $ | 443,006 | ||||||||||
Current portion of long-term debt | 495,713 | — | — | — | 495,713 | ||||||||||||||||
Current liabilities of discontinued operations | — | — | — | — | — | ||||||||||||||||
Long-term debt, notes and convertible debentures | 1,402,712 | — | 8,758 | — | 1,411,470 | ||||||||||||||||
Deferred income tax liabilities | 377,955 | — | 644,902 | — | 1,022,857 | ||||||||||||||||
Other noncurrent liabilities | — | — | 60,701 | — | 60,701 | ||||||||||||||||
Noncurrent liabilities of discontinued operations | — | — | — | — | — | ||||||||||||||||
Convertible debt | 308,787 | — | — | — | 308,787 | ||||||||||||||||
Stockholders’ equity | 2,654,803 | 224 | 4,952,645 | (4,952,869 | ) | 2,654,803 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 5,270,200 | $ | 224 | $ | 6,079,974 | $ | (4,953,061 | ) | $ | 6,397,337 | ||||||||||
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 9 - Guarantor Subsidiaries (Continued) | |||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows - Unaudited | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
For the nine months ended September 30, | |||||||||||||||||||||
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 | $ | (68,865 | ) | $ | — | $ | 424,282 | $ | 355,417 | ||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Disposition of businesses | — | — | 71,194 | 71,194 | |||||||||||||||||
Capital expenditures | — | — | (67,871 | ) | (67,871 | ) | |||||||||||||||
Other | — | — | (881 | ) | (881 | ) | |||||||||||||||
Net cash flows from investing activities | — | — | 2,442 | 2,442 | |||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Payments on terms loans | (15,938 | ) | — | — | (15,938 | ) | |||||||||||||||
Payments on long-term borrowings and obligations | (176,983 | ) | — | — | (176,983 | ) | |||||||||||||||
Decrease in cash overdraft balance | (10,036 | ) | — | (9,750 | ) | (19,786 | ) | ||||||||||||||
Payments for Omnicare common stock repurchase | (160,438 | ) | — | — | (160,438 | ) | |||||||||||||||
Dividends paid | (58,419 | ) | — | — | (58,419 | ) | |||||||||||||||
Other | 463,555 | — | (458,908 | ) | 4,647 | ||||||||||||||||
Net cash flows from (used in) financing activities | 41,741 | — | (468,658 | ) | (426,917 | ) | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | (27,124 | ) | — | (41,934 | ) | (69,058 | ) | ||||||||||||||
Less increase in cash and cash equivalents of discontinued operations | — | — | — | — | |||||||||||||||||
Increase (decrease) in cash and cash equivalents of continuing operations | (27,124 | ) | — | (41,934 | ) | (69,058 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | 275,910 | — | 80,091 | 356,001 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 248,786 | $ | — | $ | 38,157 | $ | 286,943 | |||||||||||||
2013:00:00 | |||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net cash flows (used in) from operating activities | $ | (42,519 | ) | $ | — | $ | 497,184 | $ | 454,665 | ||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Acquisition of businesses, net of cash received | — | — | (3,798 | ) | (3,798 | ) | |||||||||||||||
Divestiture of business, net | — | — | 11,083 | 11,083 | |||||||||||||||||
Capital expenditures | — | — | (73,279 | ) | (73,279 | ) | |||||||||||||||
Other | (227 | ) | — | (180 | ) | (407 | ) | ||||||||||||||
Net cash flows used in investing activities | (227 | ) | — | (66,174 | ) | (66,401 | ) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Payments on term loans | (15,938 | ) | — | — | (15,938 | ) | |||||||||||||||
Payments on long-term borrowings and obligations | (190,403 | ) | — | — | (190,403 | ) | |||||||||||||||
Fees paid for financing activities | (4,851 | ) | — | — | (4,851 | ) | |||||||||||||||
Decrease in cash overdraft balance | (10,232 | ) | — | (1,258 | ) | (11,490 | ) | ||||||||||||||
Payments for Omnicare common stock repurchases | (91,259 | ) | — | — | (91,259 | ) | |||||||||||||||
Dividends paid | (43,011 | ) | — | — | (43,011 | ) | |||||||||||||||
Other | 442,769 | — | (422,607 | ) | 20,162 | ||||||||||||||||
Net cash flows from (used in) financing activities | 87,075 | — | (423,865 | ) | (336,790 | ) | |||||||||||||||
Net increase in cash and cash equivalents | 44,329 | — | 7,145 | 51,474 | |||||||||||||||||
Less decrease in cash and cash equivalents of discontinued operations | — | — | (2,169 | ) | (2,169 | ) | |||||||||||||||
Increase (decrease) in cash and cash equivalents of continuing operations | 44,329 | — | 9,314 | 53,643 | |||||||||||||||||
Cash and cash equivalents at beginning of period | 383,674 | — | 60,946 | 444,620 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 428,003 | $ | — | $ | 70,260 | $ | 498,263 | |||||||||||||
Significant_Accounting_Policie1
Significant Accounting Policies Significant Accounting Policies (Policies) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Significant Accounting Policies [Abstract] | ' | ||||||||||||
Option Indexed to Issuer's Equity, Description [Text Block] | ' | ||||||||||||
Capped Call | |||||||||||||
On April 2, 2012, the Company entered into capped call transactions with a counterparty, paying $48 million for the purchase of the capped calls, which was recorded as additional paid-in capital. The capped call transactions are intended to reduce potential economic dilution upon conversion of the Company’s 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 (Loss) for stock options, restricted stock units, performance share units and stock awards totaled approximately $5 million and $15 million, respectively, for the three and nine months ended September 30, 2014 and $5 million and $14 million for the three and nine months ended September 30, 2013, respectively. | |||||||||||||
Income Tax, Policy [Policy Text Block] | ' | ||||||||||||
Income Taxes | |||||||||||||
The Company’s effective tax rate for the three and nine months ended September 30, 2014 and September 30, 2013 is different than the applicable federal statutory rate primarily as a result of the impact of state and local income taxes and additional tax benefits recognized in 2014 for prior year settlement payments, and the non-deductible portion of the settlement payments made related to the Gale and Silver complaints (each as described in “Note 7 - Commitments and Contingencies”). | |||||||||||||
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 payors (in thousands): | |||||||||||||
September 30, 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 | $ | 201,382 | $ | 47,497 | $ | 248,879 | |||||||
Facility payors | 306,681 | 122,378 | 429,059 | ||||||||||
Private Pay payors | 76,953 | 91,013 | 167,966 | ||||||||||
Total gross accounts receivable | $ | 585,016 | $ | 260,888 | $ | 845,904 | |||||||
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 nine months ended September 30, 2014, the Company repurchased approximately 2.7 million shares of its common stock at an aggregate cost of approximately $160 million under share repurchase programs authorized by its Board of Directors. Through September 30, 2014, the Company has repurchased an aggregate of approximately 27 million shares of its common stock at an aggregate cost of approximately $1 billion under the share repurchase programs. During the nine months ended September 30, 2013, the Company repurchased approximately 2.5 million shares of its common stock at an aggregate cash outlay of approximately $91 million through authorized share repurchase programs. The cash expenditure in the nine months ended September 30, 2013 includes the impact of the equity forward contract components of the Company’s two previously disclosed accelerated share repurchase agreements. As of September 30, 2014, the Company had authority to repurchase approximately $340 million of additional shares under the share repurchase programs through December 31, 2015. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||
The Company’s financial instruments, 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) | |||||||||||||||||
September 30, 2014 | |||||||||||||||||||
Bond portfolio | $ | 25,216 | $ | — | $ | 25,216 | $ | — | |||||||||||
7.75% interest rate swap agreements - fair value hedge | 18,041 | — | 18,041 | — | |||||||||||||||
Derivatives | — | — | — | — | |||||||||||||||
Total | $ | 43,257 | $ | — | $ | 43,257 | $ | — | |||||||||||
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 payors (in thousands): | |||||||||||||||||||
September 30, 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 | $ | 201,382 | $ | 47,497 | $ | 248,879 | |||||||||||||
Facility payors | 306,681 | 122,378 | 429,059 | ||||||||||||||||
Private Pay payors | 76,953 | 91,013 | 167,966 | ||||||||||||||||
Total gross accounts receivable | $ | 585,016 | $ | 260,888 | $ | 845,904 | |||||||||||||
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] | ' | ||||||||||||||||||
The following table is a summary of the Company’s accumulated other comprehensive income (loss) (“AOCI”) (in thousands): | |||||||||||||||||||
September 30, | December 31, 2013 | ||||||||||||||||||
2014 | |||||||||||||||||||
Unrealized loss on fair value of investments | $ | (571 | ) | $ | (702 | ) | |||||||||||||
Pension and post-employment benefits | (1,364 | ) | (1,839 | ) | |||||||||||||||
Total accumulated other comprehensive loss, net | $ | (1,935 | ) | $ | (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 | Nine months ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Debt related costs | $ | 72 | $ | 50,868 | $ | 7,832 | $ | 50,868 | |||||||||||
Disposition of businesses | 285 | 10,116 | 805 | 38,902 | |||||||||||||||
Separation and other costs | 3,642 | 648 | 16,922 | 4,836 | |||||||||||||||
Acquisition and other related costs | — | — | — | 2,300 | |||||||||||||||
Total - other charges | $ | 3,999 | $ | 61,632 | $ | 25,559 | $ | 96,906 | |||||||||||
Offsetting Assets [Table Text Block] | ' | ||||||||||||||||||
The Company has interest rate swap agreements (the “Interest Rate Swap Agreements”) with multiple counterparties with respect to all $400 million aggregate principle amount outstanding of its 7.75% Senior Subordinated Notes due 2020 (the “2020 Notes”). The following table presents the effect of netting arrangements on the Company’s recognized assets and liabilities in connection with the Interest Rate Swap Agreements as of September 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||
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 | |||||||||||||
30-Sep-14 | |||||||||||||||||||
Swap A | $ | 9,130 | $ | — | $ | 9,130 | $ | — | $ | — | $ | 9,130 | |||||||
Swap B | 8,911 | — | 8,911 | — | — | 8,911 | |||||||||||||
$ | 18,041 | $ | — | $ | 18,041 | $ | — | $ | — | $ | 18,041 | ||||||||
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) | 9 Months Ended | |||||||||||||||
Sep. 30, 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] | ' | |||||||||||||||
Selected financial information related to the discontinued operations follows (in thousands): | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net Sales | ||||||||||||||||
Hospice | $ | 25,163 | $ | 52,774 | $ | 123,071 | $ | 158,240 | ||||||||
Retail | — | 13,059 | 10,698 | 40,432 | ||||||||||||
Net sales - total discontinued | 25,163 | 65,833 | 133,769 | 198,672 | ||||||||||||
Income (loss) from operations, pretax | ||||||||||||||||
Hospice | (2,566 | ) | 5,155 | 548 | 23,149 | |||||||||||
Retail | 104 | (234 | ) | (1,546 | ) | (498 | ) | |||||||||
Income (loss) from operations - total discontinued, pretax | (2,462 | ) | 4,921 | (998 | ) | 22,651 | ||||||||||
Income tax (benefit) expense | ||||||||||||||||
Hospice | 664 | 1,972 | 2,344 | 8,856 | ||||||||||||
Retail | 120 | (93 | ) | (761 | ) | (204 | ) | |||||||||
Income tax (benefit) expense - total discontinued | 784 | 1,879 | 1,583 | 8,652 | ||||||||||||
Income (loss) from operations of discontinued operations | ||||||||||||||||
Hospice | (3,230 | ) | 3,183 | (1,796 | ) | 14,293 | ||||||||||
Retail | (16 | ) | (141 | ) | (785 | ) | (294 | ) | ||||||||
Income (loss) from operations - total discontinued, after tax | (3,246 | ) | 3,042 | (2,581 | ) | 13,999 | ||||||||||
Impairment loss | ||||||||||||||||
Hospice | — | — | 39,804 | — | ||||||||||||
Retail | — | — | — | — | ||||||||||||
Impairment loss on discontinued operations - total | — | — | 39,804 | $ | — | |||||||||||
Income (loss) from discontinued operations | ||||||||||||||||
Hospice | (3,230 | ) | 3,183 | (41,600 | ) | 14,293 | ||||||||||
Retail | (16 | ) | (141 | ) | (785 | ) | (294 | ) | ||||||||
(Loss) income from discontinued operations - total | $ | (3,246 | ) | $ | 3,042 | $ | (42,385 | ) | $ | 13,999 | ||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets Goodwill changes (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Schedule of Goodwill [Table Text Block] | ' | ||||||||||||
Long-Term Care Group | Specialty Care Group | Total | |||||||||||
Goodwill balance as of December 31, 2013 | $ | 3,567,019 | $ | 490,437 | $ | 4,057,456 | |||||||
Disposition of business | (41 | ) | — | (41 | ) | ||||||||
Other | 3,268 | — | 3,268 | ||||||||||
Goodwill balance as of September 30, 2014 | $ | 3,570,246 | $ | 490,437 | $ | 4,060,683 | |||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Contingent Interest on Debt [Table Text Block] | ' | ||||||||||||||||
The contingent interest is accrued at the respective rate applied to the average trading price of the Trust PIERS for the five trading days ending on the respective date as outlined in the table below: | |||||||||||||||||
Accrual Period | Contingent Interest Rate | Trading price period end date | Cash interest paid per $50 stated liquidation amount of Trust PIERS | Payment Date | |||||||||||||
Start Date | End Date | ||||||||||||||||
December 15, 2013 | March 14, 2014 | 0.13% | December 12, 2013 | $ | 0.09 | March 17, 2014 | |||||||||||
March 15, 2014 | June 14, 2014 | 0.13% | March 13, 2014 | $ | 0.09 | June 16, 2014 | |||||||||||
June 15, 2014 | September 15, 2014 | 0.13% | June 12, 2014 | $ | 0.09 | September 15, 2014 | |||||||||||
September 15, 2014 | December 14, 2014 | 0.13% | September 12, 2014 | $ | 0.1 | December 15, 2014 | |||||||||||
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 | |||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||
Financial Instrument | Book Value | Market Value | Book Value | Market Value | |||||||||||||
7.75% senior subordinated notes, due 2020 | $ | 400,000 | $ | 421,000 | $ | 400,000 | $ | 435,800 | |||||||||
3.75% convertible senior subordinated notes, due 2025 | |||||||||||||||||
Carrying value | 53,801 | — | 87,310 | — | |||||||||||||
Unamortized debt discount | 26,178 | — | 45,098 | — | |||||||||||||
Principal amount | 79,979 | 180,800 | 132,408 | 306,500 | |||||||||||||
4.00% junior subordinated convertible debentures, due 2033 | |||||||||||||||||
Carrying value | 188,124 | — | 186,136 | — | |||||||||||||
Unamortized debt discount | 118,998 | — | 121,017 | — | |||||||||||||
Principal amount | 307,122 | 468,300 | 307,153 | 455,900 | |||||||||||||
3.25% convertible senior debentures, due 2035 | |||||||||||||||||
Carrying value | 405,419 | — | 393,126 | — | |||||||||||||
Unamortized debt discount | 22,081 | — | 34,374 | — | |||||||||||||
Principal amount | 427,500 | 450,000 | 427,500 | 457,400 | |||||||||||||
3.75% convertible senior subordinated notes, due 2042 | |||||||||||||||||
Carrying value | 226,389 | — | 225,014 | — | |||||||||||||
Unamortized debt discount | 163,611 | — | 164,986 | — | |||||||||||||
Principal amount | 390,000 | 608,000 | 390,000 | 592,800 | |||||||||||||
3.50% convertible senior subordinated notes, due 2044 | |||||||||||||||||
Carrying value | 218,003 | — | 216,643 | — | |||||||||||||
Unamortized debt discount | 206,247 | — | 207,607 | — | |||||||||||||
Principal amount | 424,250 | 469,600 | 424,250 | 428,500 | |||||||||||||
Summary of Debt | ' | ||||||||||||||||
(in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Revolving credit facility, due 2017 | $ | — | $ | — | |||||||||||||
Senior term loan, due 2017 | 382,500 | 398,438 | |||||||||||||||
7.75% senior subordinated notes, due 2020 | 400,000 | 400,000 | |||||||||||||||
3.75% convertible senior subordinated notes, due 2025 | 79,979 | 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 | 14,906 | 20,685 | |||||||||||||||
Subtotal | 2,426,257 | 2,500,434 | |||||||||||||||
Add interest rate swap agreements | 18,041 | 18,671 | |||||||||||||||
(Subtract) unamortized debt discount | (537,115 | ) | (573,082 | ) | |||||||||||||
(Subtract) current portion of debt | (495,713 | ) | (527,204 | ) | |||||||||||||
Total long-term debt, net | $ | 1,411,470 | $ | 1,418,819 | |||||||||||||
Convertible debt and related equity | ' | ||||||||||||||||
Information relating to the Company’s convertible securities at September 30, 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 | $ | 6,913 | 11.25 | 8.25 | % | ||||||||||||
4.00% junior subordinated convertible debentures, due 2033 | $ | 118,348 | 18.75 | 8.01 | % | ||||||||||||
3.25% convertible senior debentures, due 2035 | $ | 245,433 | 1.25 | 7.63 | % | ||||||||||||
3.75% convertible senior subordinated notes, due 2042 | $ | 167,941 | 27.5 | 7.3 | % | ||||||||||||
3.50% convertible senior subordinated notes, due 2044 | $ | 208,200 | 29.4 | 7.7 | % | ||||||||||||
Earnings_Loss_Per_Share_Data_T
Earnings (Loss) Per Share Data (Tables) | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 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 September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2014:00:00 | Income (Numerator) | Common Shares(Denominator) | Per Common | Income (Numerator) | Common Shares(Denominator) | Per Common | |||||||||||||||||
Share Amounts | Share Amounts | ||||||||||||||||||||||
Basic EPS | |||||||||||||||||||||||
Income from continuing operations | $ | 68,077 | $ | 0.7 | $ | 192,961 | $ | 1.98 | |||||||||||||||
Loss from discontinued operations | (3,246 | ) | (0.03 | ) | (42,385 | ) | (0.43 | ) | |||||||||||||||
Net income | $ | 64,831 | 97,019 | $ | 0.67 | $ | 150,576 | 97,521 | $ | 1.54 | |||||||||||||
Effect of Dilutive Securities | |||||||||||||||||||||||
Convertible securities | 66 | 7,945 | 198 | 8,283 | |||||||||||||||||||
Stock options, units and awards | — | 584 | — | 646 | |||||||||||||||||||
Diluted EPS | |||||||||||||||||||||||
Income from continuing operations plus assumed conversions | $ | 68,143 | $ | 0.65 | $ | 193,159 | $ | 1.81 | |||||||||||||||
Loss from discontinued operations | (3,246 | ) | (0.03 | ) | (42,385 | ) | (0.40 | ) | |||||||||||||||
Net income plus assumed conversions | $ | 64,897 | 105,548 | $ | 0.61 | $ | 150,774 | 106,450 | $ | 1.42 | |||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2013:00:00 | Income (Numerator) | Common Shares(Denominator) | Per Common | Income (Numerator) | Common Shares(Denominator) | Per Common | |||||||||||||||||
Share Amounts | Share Amounts | ||||||||||||||||||||||
Basic EPS | |||||||||||||||||||||||
Income (loss) from continuing operations | $ | (69,351 | ) | $ | (0.68 | ) | $ | 26,265 | $ | 0.26 | |||||||||||||
Income from discontinued operations | 3,042 | 0.03 | 13,999 | 0.14 | |||||||||||||||||||
Net income (loss) | $ | (66,309 | ) | 101,811 | $ | (0.65 | ) | $ | 40,264 | 102,624 | $ | 0.39 | |||||||||||
Effect of Dilutive Securities | |||||||||||||||||||||||
Convertible securities | — | — | 212 | 6,360 | |||||||||||||||||||
Stock options, warrants, units and awards | — | — | — | 628 | |||||||||||||||||||
Diluted EPS | |||||||||||||||||||||||
Income (loss) from continuing operations plus assumed conversions | $ | (69,351 | ) | $ | (0.68 | ) | $ | 26,477 | $ | 0.24 | |||||||||||||
Income from discontinued operations | 3,042 | 0.03 | 13,999 | 0.13 | |||||||||||||||||||
Net income (loss) plus assumed conversions | $ | (66,309 | ) | 101,811 | $ | (0.65 | ) | $ | 40,476 | 109,612 | $ | 0.37 | |||||||||||
Segment_Information_Segment_De
Segment Information Segment Detail (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Segment Information [Abstract] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||
For the nine months ended September 30, | |||||||||||||||||
2014:00:00 | LTC | SCG | Corporate/Other | Consolidated | |||||||||||||
Totals | |||||||||||||||||
Net sales | $ | 3,565,092 | $ | 1,224,319 | $ | 266 | $ | 4,789,677 | |||||||||
Depreciation and amortization expense | (52,258 | ) | (3,373 | ) | (44,798 | ) | (100,429 | ) | |||||||||
Settlement, litigation and other related charges | (27,467 | ) | — | — | (27,467 | ) | |||||||||||
Other charges | (8,984 | ) | — | (16,575 | ) | (25,559 | ) | ||||||||||
Operating income (loss) | 444,402 | 97,057 | (142,719 | ) | 398,740 | ||||||||||||
2013:00:00 | |||||||||||||||||
Net sales | $ | 3,458,772 | $ | 1,017,127 | $ | 1,330 | $ | 4,477,229 | |||||||||
Depreciation and amortization expense | (53,801 | ) | (3,408 | ) | (42,318 | ) | (99,527 | ) | |||||||||
Settlement, litigation and other related charges | (169,615 | ) | — | — | (169,615 | ) | |||||||||||
Other charges | (44,065 | ) | — | (52,841 | ) | (96,906 | ) | ||||||||||
Operating income (loss) | 259,953 | 82,005 | (187,678 | ) | 154,280 | ||||||||||||
Guarantor_Subsidiaries_Tables
Guarantor Subsidiaries (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 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 September 30, | |||||||||||||||||||||
2014:00:00 | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating / | Omnicare, Inc. and Subsidiaries | ||||||||||||||||
Eliminating Adjustments | |||||||||||||||||||||
Net sales | $ | — | $ | 1,576,811 | $ | 31,244 | $ | — | $ | 1,608,055 | |||||||||||
Cost of sales | — | 1,236,644 | 19,951 | — | 1,256,595 | ||||||||||||||||
Gross profit | — | 340,167 | 11,293 | — | 351,460 | ||||||||||||||||
Selling, general and administrative expenses | 1,053 | 172,857 | 5,030 | — | 178,940 | ||||||||||||||||
Provision for doubtful accounts | — | 19,570 | 341 | — | 19,911 | ||||||||||||||||
Settlement, litigation and other related charges | — | 12,868 | — | — | 12,868 | ||||||||||||||||
Other charges | — | 3,999 | — | — | 3,999 | ||||||||||||||||
Operating income (loss) | (1,053 | ) | 130,873 | 5,922 | — | 135,742 | |||||||||||||||
Interest expense, net of investment income | (28,456 | ) | (261 | ) | — | — | (28,717 | ) | |||||||||||||
Income (loss) before income taxes | (29,509 | ) | 130,612 | 5,922 | — | 107,025 | |||||||||||||||
Income tax (benefit) expense | (11,503 | ) | 48,139 | 2,312 | — | 38,948 | |||||||||||||||
Income (loss) from continuing operations | (18,006 | ) | 82,473 | 3,610 | — | 68,077 | |||||||||||||||
Loss from discontinued operations | — | (526 | ) | (2,720 | ) | — | (3,246 | ) | |||||||||||||
Equity of net income of subsidiaries | 82,837 | — | — | (82,837 | ) | — | |||||||||||||||
Net income | $ | 64,831 | $ | 81,947 | $ | 890 | $ | (82,837 | ) | $ | 64,831 | ||||||||||
Comprehensive income | $ | 65,170 | $ | 81,947 | $ | 890 | $ | (82,837 | ) | $ | 65,170 | ||||||||||
2013:00:00 | |||||||||||||||||||||
Net sales | $ | — | $ | 1,485,545 | $ | 29,623 | $ | — | $ | 1,515,168 | |||||||||||
Cost of sales | — | 1,146,140 | 17,057 | — | 1,163,197 | ||||||||||||||||
Gross profit | — | 339,405 | 12,566 | — | 351,971 | ||||||||||||||||
Selling, general and administrative expenses | 1,504 | 176,970 | 4,194 | — | 182,668 | ||||||||||||||||
Provision for doubtful accounts | — | 24,487 | 476 | — | 24,963 | ||||||||||||||||
Settlement, litigation and other related charges | — | 143,484 | — | — | 143,484 | ||||||||||||||||
Other charges | — | 54,361 | 7,271 | — | 61,632 | ||||||||||||||||
Operating income (loss) | (1,504 | ) | (59,897 | ) | 625 | — | (60,776 | ) | |||||||||||||
Interest expense, net of investment income | (34,583 | ) | (344 | ) | 2 | — | (34,925 | ) | |||||||||||||
Income (loss) before income taxes | (36,087 | ) | (60,241 | ) | 627 | — | (95,701 | ) | |||||||||||||
Income tax (benefit) expense | (14,190 | ) | (15,270 | ) | 3,110 | — | (26,350 | ) | |||||||||||||
Income (loss) from continuing operations | (21,897 | ) | (44,971 | ) | (2,483 | ) | — | (69,351 | ) | ||||||||||||
Income (loss) from discontinued operations | — | (2,100 | ) | 5,142 | — | 3,042 | |||||||||||||||
Equity of net income of subsidiaries | (44,412 | ) | — | — | 44,412 | — | |||||||||||||||
Net loss | $ | (66,309 | ) | $ | (47,071 | ) | $ | 2,659 | $ | 44,412 | $ | (66,309 | ) | ||||||||
Comprehensive loss | $ | (66,305 | ) | $ | (47,071 | ) | $ | 2,659 | $ | 44,412 | $ | (66,305 | ) | ||||||||
Note 9 - Guarantor Subsidiaries (Continued) | |||||||||||||||||||||
Summary Consolidating | |||||||||||||||||||||
Statements of Comprehensive Income (Loss) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
For the nine months ended September 30, | |||||||||||||||||||||
2014:00:00 | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating / | Omnicare, Inc. and Subsidiaries | ||||||||||||||||
Eliminating Adjustments | |||||||||||||||||||||
Net sales | $ | — | $ | 4,697,025 | $ | 92,652 | $ | — | $ | 4,789,677 | |||||||||||
Cost of sales | — | 3,669,163 | 56,370 | — | 3,725,533 | ||||||||||||||||
Gross profit | — | 1,027,862 | 36,282 | — | 1,064,144 | ||||||||||||||||
Selling, general and administrative expenses | 3,481 | 531,899 | 14,436 | — | 549,816 | ||||||||||||||||
Provision for doubtful accounts | — | 61,202 | 1,360 | — | 62,562 | ||||||||||||||||
Settlement, litigation and other related charges | — | 27,467 | — | — | 27,467 | ||||||||||||||||
Other charges | — | 25,559 | — | — | 25,559 | ||||||||||||||||
Operating income (loss) | (3,481 | ) | 381,735 | 20,486 | — | 398,740 | |||||||||||||||
Interest expense, net of investment income | (86,676 | ) | (1,462 | ) | — | — | (88,138 | ) | |||||||||||||
Income (loss) before income taxes | (90,157 | ) | 380,273 | 20,486 | — | 310,602 | |||||||||||||||
Income tax (benefit) expense | (34,846 | ) | 144,569 | 7,918 | — | 117,641 | |||||||||||||||
Income (loss) from continuing operations | (55,311 | ) | 235,704 | 12,568 | — | 192,961 | |||||||||||||||
Loss from discontinued operations | — | (1,245 | ) | (41,140 | ) | — | (42,385 | ) | |||||||||||||
Equity of net income of subsidiaries | 205,887 | — | — | (205,887 | ) | — | |||||||||||||||
Net income | $ | 150,576 | $ | 234,459 | $ | (28,572 | ) | $ | (205,887 | ) | $ | 150,576 | |||||||||
Comprehensive income | $ | 151,182 | $ | 234,459 | $ | (28,572 | ) | $ | (205,887 | ) | $ | 151,182 | |||||||||
2013:00:00 | |||||||||||||||||||||
Net sales | $ | — | $ | 4,383,420 | $ | 93,809 | $ | — | $ | 4,477,229 | |||||||||||
Cost of sales | — | 3,362,356 | 53,683 | — | 3,416,039 | ||||||||||||||||
Gross profit | — | 1,021,064 | 40,126 | — | 1,061,190 | ||||||||||||||||
Selling, general and administrative expenses | 3,696 | 547,264 | 14,316 | — | 565,276 | ||||||||||||||||
Provision for doubtful accounts | — | 73,671 | 1,442 | — | 75,113 | ||||||||||||||||
Settlement, litigation and other related charges | — | 169,615 | — | — | 169,615 | ||||||||||||||||
Other charges | — | 89,635 | 7,271 | — | 96,906 | ||||||||||||||||
Operating income (loss) | (3,696 | ) | 140,879 | 17,097 | — | 154,280 | |||||||||||||||
Interest expense, net of investment income | (92,757 | ) | (890 | ) | (364 | ) | — | (94,011 | ) | ||||||||||||
Income (loss) before income taxes | (96,453 | ) | 139,989 | 16,733 | — | 60,269 | |||||||||||||||
Income tax (benefit) expense | (37,395 | ) | 62,093 | 9,306 | — | 34,004 | |||||||||||||||
Income (loss) from continuing operations | (59,058 | ) | 77,896 | 7,427 | — | 26,265 | |||||||||||||||
Income (loss) from discontinued operations | — | (9,115 | ) | 23,114 | — | 13,999 | |||||||||||||||
Equity of net income of subsidiaries | 99,322 | — | — | (99,322 | ) | — | |||||||||||||||
Net income | $ | 40,264 | $ | 68,781 | $ | 30,541 | $ | (99,322 | ) | $ | 40,264 | ||||||||||
Comprehensive loss | $ | 40,170 | $ | 68,781 | $ | 30,541 | $ | (99,322 | ) | $ | 40,170 | ||||||||||
Condensed Consolidating Balance Sheets (Guaranteed Senior Notes Payable) | ' | ||||||||||||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
As of September 30, 2014: | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating/Eliminating Adjustments | Omnicare, Inc. and Subsidiaries | ||||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 248,786 | $ | 26,183 | $ | 11,974 | $ | — | $ | 286,943 | |||||||||||
Accounts receivable, net (including intercompany) | — | 648,877 | 94,673 | (92,326 | ) | 651,224 | |||||||||||||||
Inventories | — | 486,761 | 7,802 | — | 494,563 | ||||||||||||||||
Deferred income tax benefits, net-current | — | 56,135 | 374 | (425 | ) | 56,084 | |||||||||||||||
Other current assets | 30,506 | 257,138 | 27,521 | — | 315,165 | ||||||||||||||||
Current assets of discontinued operations | — | — | — | — | — | ||||||||||||||||
Total current assets | 279,292 | 1,475,094 | 142,344 | (92,751 | ) | 1,803,979 | |||||||||||||||
Properties and equipment, net | — | 325,405 | 5,196 | — | 330,601 | ||||||||||||||||
Goodwill | — | 4,031,878 | 28,805 | — | 4,060,683 | ||||||||||||||||
Identifiable intangible assets, net | — | 104,884 | 1,541 | — | 106,425 | ||||||||||||||||
Other noncurrent assets | 38,039 | 57,571 | 39 | — | 95,649 | ||||||||||||||||
Noncurrent assets of discontinued operations | — | — | — | — | — | ||||||||||||||||
Investment in subsidiaries | 4,952,869 | — | — | (4,952,869 | ) | — | |||||||||||||||
Total assets | $ | 5,270,200 | $ | 5,994,832 | $ | 177,925 | $ | (5,045,620 | ) | $ | 6,397,337 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||
Current liabilities (including intercompany) | $ | 30,230 | $ | 472,964 | $ | 32,138 | $ | (92,326 | ) | $ | 443,006 | ||||||||||
Current portion of long-term debt | 495,713 | — | — | — | 495,713 | ||||||||||||||||
Current liabilities of discontinued operations | — | — | — | — | — | ||||||||||||||||
Long-term debt, notes and convertible debentures | 1,402,712 | 8,758 | — | — | 1,411,470 | ||||||||||||||||
Deferred income tax liabilities | 377,955 | 645,327 | — | (425 | ) | 1,022,857 | |||||||||||||||
Other noncurrent liabilities | — | 58,891 | 1,810 | — | 60,701 | ||||||||||||||||
Noncurrent liabilities of discontinued operations | — | — | — | — | — | ||||||||||||||||
Convertible debt | 308,787 | — | — | — | 308,787 | ||||||||||||||||
Stockholders’ equity | 2,654,803 | 4,808,892 | 143,977 | (4,952,869 | ) | 2,654,803 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 5,270,200 | $ | 5,994,832 | $ | 177,925 | $ | (5,045,620 | ) | $ | 6,397,337 | ||||||||||
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 | — | 12,305 | 37,690 | — | 49,995 | ||||||||||||||||
Total current assets | 277,899 | 1,656,965 | 393,286 | (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 | — | 3,762 | 83,316 | — | 87,078 | ||||||||||||||||
Investment in subsidiaries | 5,131,280 | — | — | (5,131,280 | ) | — | |||||||||||||||
Total assets | $ | 5,451,004 | $ | 6,173,210 | $ | 512,334 | $ | (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 | — | 1,894 | 16,952 | — | 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 | — | 176 | 1,222 | — | 1,398 | ||||||||||||||||
Convertible debt | 331,101 | — | — | — | 331,101 | ||||||||||||||||
Stockholders’ equity | 2,740,803 | 4,676,776 | 454,504 | (5,131,280 | ) | 2,740,803 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 5,451,004 | $ | 6,173,210 | $ | 512,334 | $ | (5,444,702 | ) | $ | 6,691,846 | ||||||||||
Condensed Consolidating Statements of Cash Flows (Guaranteed Senior Notes Payable) | ' | ||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
For the nine months ended September 30, | |||||||||||||||||||||
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 | $ | (68,865 | ) | $ | 425,119 | $ | (837 | ) | $ | 355,417 | |||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Divestiture of businesses, net | — | 71,194 | — | 71,194 | |||||||||||||||||
Capital expenditures | — | (67,217 | ) | (654 | ) | (67,871 | ) | ||||||||||||||
Other | — | (881 | ) | — | (881 | ) | |||||||||||||||
Net cash flows from (used in) investing activities | — | 3,096 | (654 | ) | 2,442 | ||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Payments on terms loans | (15,938 | ) | — | — | (15,938 | ) | |||||||||||||||
Payments on long-term borrowings and obligations | (176,983 | ) | — | — | (176,983 | ) | |||||||||||||||
Decrease in cash overdraft balance | (10,036 | ) | (9,750 | ) | — | (19,786 | ) | ||||||||||||||
Payments for Omnicare common stock repurchase | (160,438 | ) | — | — | (160,438 | ) | |||||||||||||||
Dividends paid | (58,419 | ) | — | — | (58,419 | ) | |||||||||||||||
Other | 463,555 | (458,908 | ) | — | 4,647 | ||||||||||||||||
Net cash flows from (used in) financing activities | 41,741 | (468,658 | ) | — | (426,917 | ) | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | (27,124 | ) | (40,443 | ) | (1,491 | ) | (69,058 | ) | |||||||||||||
Increase (decrease) from discontinued operations | — | 1,424 | (1,424 | ) | — | ||||||||||||||||
Net increase (decrease) from continuing operations | (27,124 | ) | (41,867 | ) | (67 | ) | (69,058 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | 275,910 | 68,050 | 12,041 | 356,001 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 248,786 | $ | 26,183 | $ | 11,974 | $ | 286,943 | |||||||||||||
2013:00:00 | |||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net cash flows (used in) from operating activities | $ | (42,519 | ) | $ | 507,984 | $ | (10,800 | ) | $ | 454,665 | |||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Acquisition of businesses, net of cash received | — | (3,798 | ) | — | (3,798 | ) | |||||||||||||||
Divestiture of business, net | — | 675 | 10,408 | 11,083 | |||||||||||||||||
Capital expenditures | — | (71,984 | ) | (1,295 | ) | (73,279 | ) | ||||||||||||||
Other | (227 | ) | (180 | ) | — | (407 | ) | ||||||||||||||
Net cash flows used in investing activities | (227 | ) | (75,287 | ) | 9,113 | (66,401 | ) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Payments on term loans | (15,938 | ) | — | — | (15,938 | ) | |||||||||||||||
Payments on long-term borrowings and obligations | (190,403 | ) | — | — | (190,403 | ) | |||||||||||||||
Fees paid for financing activities | (4,851 | ) | — | — | (4,851 | ) | |||||||||||||||
Decrease in cash overdraft balance | (10,232 | ) | (1,258 | ) | — | (11,490 | ) | ||||||||||||||
Payments for Omnicare common stock repurchases | (91,259 | ) | — | — | (91,259 | ) | |||||||||||||||
Dividends paid | (43,011 | ) | — | — | (43,011 | ) | |||||||||||||||
Other | 442,769 | (422,607 | ) | — | 20,162 | ||||||||||||||||
Net cash flows from (used in) financing activities | 87,075 | (423,865 | ) | — | (336,790 | ) | |||||||||||||||
Net increase in cash and cash equivalents | 44,329 | 8,832 | (1,687 | ) | 51,474 | ||||||||||||||||
Decrease from discontinued operations | — | — | (2,169 | ) | (2,169 | ) | |||||||||||||||
Net increase (decrease) from continuing operations | 44,329 | 8,832 | 482 | 53,643 | |||||||||||||||||
Cash and cash equivalents at beginning of period | 383,674 | 49,108 | 11,838 | 444,620 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 428,003 | $ | 57,940 | $ | 12,320 | $ | 498,263 | |||||||||||||
Summary Consolidating Statements of Income (Guaranteed Convertible Senior Debentures) | ' | ||||||||||||||||||||
Summary Consolidating | |||||||||||||||||||||
Statements of Comprehensive Income (Loss) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
For the three months ended September 30, | |||||||||||||||||||||
2014:00:00 | Parent | Guarantor Subsidiary | Non-Guarantor Subsidiaries | Consolidating / | Omnicare, Inc. and Subsidiaries | ||||||||||||||||
Eliminating Adjustments | |||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 1,608,055 | $ | — | $ | 1,608,055 | |||||||||||
Cost of sales | — | — | 1,256,595 | — | 1,256,595 | ||||||||||||||||
Gross profit | — | — | 351,460 | — | 351,460 | ||||||||||||||||
Selling, general and administrative expenses | 1,053 | 430 | 177,457 | — | 178,940 | ||||||||||||||||
Provision for doubtful accounts | — | — | 19,911 | — | 19,911 | ||||||||||||||||
Settlement, litigation and other related charges | — | — | 12,868 | — | 12,868 | ||||||||||||||||
Other charges | — | — | 3,999 | — | 3,999 | ||||||||||||||||
Operating income (loss) | (1,053 | ) | (430 | ) | 137,225 | — | 135,742 | ||||||||||||||
Interest expense, net of investment income | (28,456 | ) | — | (261 | ) | — | (28,717 | ) | |||||||||||||
Income (loss) before income taxes | (29,509 | ) | (430 | ) | 136,964 | — | 107,025 | ||||||||||||||
Income tax (benefit) expense | (11,503 | ) | (168 | ) | 50,619 | — | 38,948 | ||||||||||||||
Income (loss) from continuing operations | (18,006 | ) | (262 | ) | 86,345 | — | 68,077 | ||||||||||||||
Loss from discontinued operations | — | — | (3,246 | ) | — | (3,246 | ) | ||||||||||||||
Equity of net income of subsidiaries | 82,837 | — | — | (82,837 | ) | — | |||||||||||||||
Net income (loss) | $ | 64,831 | $ | (262 | ) | $ | 83,099 | $ | (82,837 | ) | $ | 64,831 | |||||||||
Comprehensive income (loss) | $ | 65,170 | $ | (262 | ) | $ | 83,099 | $ | (82,837 | ) | $ | 65,170 | |||||||||
2013:00:00 | |||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 1,515,168 | $ | — | $ | 1,515,168 | |||||||||||
Cost of sales | — | — | 1,163,197 | — | 1,163,197 | ||||||||||||||||
Gross profit | — | — | 351,971 | — | 351,971 | ||||||||||||||||
Selling, general and administrative expenses | 1,504 | 417 | 180,747 | — | 182,668 | ||||||||||||||||
Provision for doubtful accounts | — | — | 24,963 | — | 24,963 | ||||||||||||||||
Settlement, litigation and other related charges | — | — | 143,484 | — | 143,484 | ||||||||||||||||
Other charges | — | — | 61,632 | — | 61,632 | ||||||||||||||||
Operating loss | (1,504 | ) | (417 | ) | (58,855 | ) | — | (60,776 | ) | ||||||||||||
Interest expense, net of investment income | (34,583 | ) | — | (342 | ) | — | (34,925 | ) | |||||||||||||
Loss before income taxes | (36,087 | ) | (417 | ) | (59,197 | ) | — | (95,701 | ) | ||||||||||||
Income tax benefit | (14,190 | ) | (164 | ) | (11,996 | ) | — | (26,350 | ) | ||||||||||||
Loss from continuing operations | (21,897 | ) | (253 | ) | (47,201 | ) | — | (69,351 | ) | ||||||||||||
Income from discontinued operations | — | — | 3,042 | — | 3,042 | ||||||||||||||||
Equity of net income of subsidiaries | (44,412 | ) | — | — | 44,412 | — | |||||||||||||||
Net income (loss) | $ | (66,309 | ) | $ | (253 | ) | $ | (44,159 | ) | $ | 44,412 | $ | (66,309 | ) | |||||||
Comprehensive income (loss) | $ | (66,305 | ) | $ | (253 | ) | $ | (44,159 | ) | $ | 44,412 | $ | (66,305 | ) | |||||||
Condensed Consolidating Balance Sheets (Guaranteed Convertible Senior Debentures) | ' | ||||||||||||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
As of September 30, 2014: | Parent | Guarantor Subsidiary | Non-Guarantor Subsidiaries | Consolidating/Eliminating Adjustments | Omnicare, Inc. and Subsidiaries | ||||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 248,786 | $ | — | $ | 38,157 | $ | — | $ | 286,943 | |||||||||||
Accounts receivable, net (including intercompany) | — | 192 | 651,224 | (192 | ) | 651,224 | |||||||||||||||
Inventories | — | — | 494,563 | — | 494,563 | ||||||||||||||||
Deferred income tax benefits, net-current | — | — | 56,084 | — | 56,084 | ||||||||||||||||
Other current assets | 30,506 | — | 284,659 | — | 315,165 | ||||||||||||||||
Current assets of discontinued operations | — | — | — | — | — | ||||||||||||||||
Total current assets | 279,292 | 192 | 1,524,687 | (192 | ) | 1,803,979 | |||||||||||||||
Properties and equipment, net | — | 13 | 330,588 | — | 330,601 | ||||||||||||||||
Goodwill | — | — | 4,060,683 | — | 4,060,683 | ||||||||||||||||
Identifiable intangible assets, net | — | — | 106,425 | — | 106,425 | ||||||||||||||||
Other noncurrent assets | 38,039 | 19 | 57,591 | — | 95,649 | ||||||||||||||||
Noncurrent assets of discontinued operations | — | — | — | — | — | ||||||||||||||||
Investment in subsidiaries | 4,952,869 | — | — | (4,952,869 | ) | — | |||||||||||||||
Total assets | $ | 5,270,200 | $ | 224 | $ | 6,079,974 | $ | (4,953,061 | ) | $ | 6,397,337 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||
Current liabilities (including intercompany) | $ | 30,230 | $ | — | $ | 412,968 | $ | (192 | ) | $ | 443,006 | ||||||||||
Current portion of long-term debt | 495,713 | — | — | — | 495,713 | ||||||||||||||||
Current liabilities of discontinued operations | — | — | — | — | — | ||||||||||||||||
Long-term debt, notes and convertible debentures | 1,402,712 | — | 8,758 | — | 1,411,470 | ||||||||||||||||
Deferred income tax liabilities | 377,955 | — | 644,902 | — | 1,022,857 | ||||||||||||||||
Other noncurrent liabilities | — | — | 60,701 | — | 60,701 | ||||||||||||||||
Noncurrent liabilities of discontinued operations | — | — | — | — | — | ||||||||||||||||
Convertible debt | 308,787 | — | — | — | 308,787 | ||||||||||||||||
Stockholders’ equity | 2,654,803 | 224 | 4,952,645 | (4,952,869 | ) | 2,654,803 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 5,270,200 | $ | 224 | $ | 6,079,974 | $ | (4,953,061 | ) | $ | 6,397,337 | ||||||||||
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) | |||||||||||||||||||||
For the nine months ended September 30, | |||||||||||||||||||||
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 | $ | (68,865 | ) | $ | — | $ | 424,282 | $ | 355,417 | ||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Disposition of businesses | — | — | 71,194 | 71,194 | |||||||||||||||||
Capital expenditures | — | — | (67,871 | ) | (67,871 | ) | |||||||||||||||
Other | — | — | (881 | ) | (881 | ) | |||||||||||||||
Net cash flows from investing activities | — | — | 2,442 | 2,442 | |||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Payments on terms loans | (15,938 | ) | — | — | (15,938 | ) | |||||||||||||||
Payments on long-term borrowings and obligations | (176,983 | ) | — | — | (176,983 | ) | |||||||||||||||
Decrease in cash overdraft balance | (10,036 | ) | — | (9,750 | ) | (19,786 | ) | ||||||||||||||
Payments for Omnicare common stock repurchase | (160,438 | ) | — | — | (160,438 | ) | |||||||||||||||
Dividends paid | (58,419 | ) | — | — | (58,419 | ) | |||||||||||||||
Other | 463,555 | — | (458,908 | ) | 4,647 | ||||||||||||||||
Net cash flows from (used in) financing activities | 41,741 | — | (468,658 | ) | (426,917 | ) | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | (27,124 | ) | — | (41,934 | ) | (69,058 | ) | ||||||||||||||
Less increase in cash and cash equivalents of discontinued operations | — | — | — | — | |||||||||||||||||
Increase (decrease) in cash and cash equivalents of continuing operations | (27,124 | ) | — | (41,934 | ) | (69,058 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | 275,910 | — | 80,091 | 356,001 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 248,786 | $ | — | $ | 38,157 | $ | 286,943 | |||||||||||||
2013:00:00 | |||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net cash flows (used in) from operating activities | $ | (42,519 | ) | $ | — | $ | 497,184 | $ | 454,665 | ||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Acquisition of businesses, net of cash received | — | — | (3,798 | ) | (3,798 | ) | |||||||||||||||
Divestiture of business, net | — | — | 11,083 | 11,083 | |||||||||||||||||
Capital expenditures | — | — | (73,279 | ) | (73,279 | ) | |||||||||||||||
Other | (227 | ) | — | (180 | ) | (407 | ) | ||||||||||||||
Net cash flows used in investing activities | (227 | ) | — | (66,174 | ) | (66,401 | ) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Payments on term loans | (15,938 | ) | — | — | (15,938 | ) | |||||||||||||||
Payments on long-term borrowings and obligations | (190,403 | ) | — | — | (190,403 | ) | |||||||||||||||
Fees paid for financing activities | (4,851 | ) | — | — | (4,851 | ) | |||||||||||||||
Decrease in cash overdraft balance | (10,232 | ) | — | (1,258 | ) | (11,490 | ) | ||||||||||||||
Payments for Omnicare common stock repurchases | (91,259 | ) | — | — | (91,259 | ) | |||||||||||||||
Dividends paid | (43,011 | ) | — | — | (43,011 | ) | |||||||||||||||
Other | 442,769 | — | (422,607 | ) | 20,162 | ||||||||||||||||
Net cash flows from (used in) financing activities | 87,075 | — | (423,865 | ) | (336,790 | ) | |||||||||||||||
Net increase in cash and cash equivalents | 44,329 | — | 7,145 | 51,474 | |||||||||||||||||
Less decrease in cash and cash equivalents of discontinued operations | — | — | (2,169 | ) | (2,169 | ) | |||||||||||||||
Increase (decrease) in cash and cash equivalents of continuing operations | 44,329 | — | 9,314 | 53,643 | |||||||||||||||||
Cash and cash equivalents at beginning of period | 383,674 | — | 60,946 | 444,620 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 428,003 | $ | — | $ | 70,260 | $ | 498,263 | |||||||||||||
Significant_Accounting_Policie3
Significant Accounting Policies Stock Based Compensation expense (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Significant Accounting Policies [Abstract] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $5 | $5 | $15 | $14 |
Significant_Accounting_Policie4
Significant Accounting Policies Accounts Receivable (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Receivable, Gross, Current | $845,904 | $898,286 |
Medicare Medicaid and Third Party Payors [Member] | ' | ' |
Accounts Receivable, Gross, Current | 248,879 | 263,335 |
Facility Payors [Member] | ' | ' |
Accounts Receivable, Gross, Current | 429,059 | 475,195 |
Private Payors [Member] | ' | ' |
Accounts Receivable, Gross, Current | 167,966 | 159,756 |
0 - 180 Days Past Due [Member] | ' | ' |
Accounts Receivable, Gross, Current | 585,016 | 599,643 |
0 - 180 Days Past Due [Member] | Medicare Medicaid and Third Party Payors [Member] | ' | ' |
Accounts Receivable, Gross, Current | 201,382 | 195,544 |
0 - 180 Days Past Due [Member] | Facility Payors [Member] | ' | ' |
Accounts Receivable, Gross, Current | 306,681 | 328,444 |
0 - 180 Days Past Due [Member] | Private Payors [Member] | ' | ' |
Accounts Receivable, Gross, Current | 76,953 | 75,655 |
181 Days and Greater Past Due [Member] | ' | ' |
Accounts Receivable, Gross, Current | 260,888 | 298,643 |
181 Days and Greater Past Due [Member] | Medicare Medicaid and Third Party Payors [Member] | ' | ' |
Accounts Receivable, Gross, Current | 47,497 | 67,791 |
181 Days and Greater Past Due [Member] | Facility Payors [Member] | ' | ' |
Accounts Receivable, Gross, Current | 122,378 | 146,751 |
181 Days and Greater Past Due [Member] | Private Payors [Member] | ' | ' |
Accounts Receivable, Gross, Current | $91,013 | $84,101 |
Significant_Accounting_Policie5
Significant Accounting Policies Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Unrealized (loss) gain on fair value of investments | ($571) | ($702) |
Pension and postemployment benefits | -1,364 | -1,839 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($1,935) | ($2,541) |
Significant_Accounting_Policie6
Significant Accounting Policies Fair Value (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Bond Portfolio at fair market value | $25,216 | $25,140 |
Interest Rate Swap Agreement Fair Value Liability Disclosure | 18,041 | 18,671 |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure | 43,257 | 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 | 25,216 | 25,140 |
Interest Rate Swap Agreement Fair Value Liability Disclosure | 18,041 | 18,671 |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure | 43,257 | 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 $) | Sep. 30, 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 | 18,041 | 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 | 9,130 | 9,408 |
Securities Borrowed | 9,130 | 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 | 8,911 | 9,263 |
Securities Borrowed | 8,911 | 9,263 |
Financial Instruments, assets | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Interest Rate Swap Agreement Fair Value Disclosure | $18,041 | $18,671 |
Significant_Accounting_Policie8
Significant Accounting Policies Other Charges (Credits) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Long-term Debt, Gross | $2,426,257,000 | ' | $2,426,257,000 | ' | $2,500,434,000 |
Debt Related Costs | 72,000 | 50,868,000 | 7,832,000 | 50,868,000 | ' |
charges relating to business disposition | 285,000 | 10,116,000 | 805,000 | 38,902,000 | ' |
Disposition of business, after tax | ' | 9,000,000 | ' | 27,000,000 | ' |
Separation, Benefit Plan Termination and Related Costs | 3,642,000 | 648,000 | 16,922,000 | 4,836,000 | ' |
Acquisition Costs, Period Cost | 0 | 0 | 0 | 2,300,000 | ' |
Other charges | $3,999,000 | $61,632,000 | $25,559,000 | $96,906,000 | ' |
Significant_Accounting_Policie9
Significant Accounting Policies Restructuring and Other Related Charges (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Reserve | $3 | $5 |
Employee Severance [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Reserve, Cumulative Payments of Severance and other employee costs | $3 | ' |
Recovered_Sheet1
Significant Accounting Policies Common Stock Repurchase Program (Details) (USD $) | 9 Months Ended | |
Share data in Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Significant Accounting Policies [Abstract] | ' | ' |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $340,000,000 | ' |
cumulative value of shares repurchased through stock repurchase program | 1,000,000,000 | ' |
cumulative common stock repurchased through repurchase program | 27 | ' |
Stock Repurchased During Period, Value | $160,000,000 | $91,000,000 |
Stock Repurchased During Period, Shares | 2.7 | 2.5 |
Recovered_Sheet2
Significant Accounting Policies Capped Call (Details) (USD $) | 9 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 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 | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Discontinued Operations Revenue, Net | $25,163,000 | $65,833,000 | $133,769,000 | $198,672,000 |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | -2,462,000 | 4,921,000 | -998,000 | 22,651,000 |
Discontinued Operations Income Tax Expense (Benefit) | 784,000 | 1,879,000 | 1,583,000 | 8,652,000 |
Discontinued Operations Income (loss) from operations, after tax, before impairment | -3,246,000 | 3,042,000 | -2,581,000 | 13,999,000 |
Discontinued Operations Impairment | 0 | 0 | 39,804,000 | 0 |
Proceeds from Divestiture of Businesses | ' | ' | 71,194,000 | 11,083,000 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | -3,246,000 | 3,042,000 | -42,385,000 | 13,999,000 |
Hospice Disposal Group [Member] | ' | ' | ' | ' |
Discontinued Operations Revenue, Net | 25,163,000 | 52,774,000 | 123,071,000 | 158,240,000 |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | -2,566,000 | 5,155,000 | 548,000 | 23,149,000 |
Discontinued Operations Income Tax Expense (Benefit) | 664,000 | 1,972,000 | 2,344,000 | 8,856,000 |
Discontinued Operations Income (loss) from operations, after tax, before impairment | -3,230,000 | ' | -1,796,000 | 14,293,000 |
Discontinued Operations Impairment | 0 | 0 | 39,804,000 | 0 |
Proceeds from Divestiture of Businesses | ' | ' | 65,000,000 | ' |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | ' | ' | 4,000,000 | ' |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | -3,230,000 | 3,183,000 | -41,600,000 | 14,293,000 |
Retail Disposal Group [Member] | ' | ' | ' | ' |
Discontinued Operations Revenue, Net | 0 | 13,059,000 | 10,698,000 | 40,432,000 |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 104,000 | -234,000 | -1,546,000 | -498,000 |
Discontinued Operations Income Tax Expense (Benefit) | 120,000 | -93,000 | -761,000 | -204,000 |
Discontinued Operations Income (loss) from operations, after tax, before impairment | -16,000 | ' | -785,000 | -294,000 |
Discontinued Operations Impairment | 0 | 0 | 0 | 0 |
Proceeds from Divestiture of Businesses | ' | ' | 6,000,000 | ' |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | ($16,000) | ($141,000) | ($785,000) | ($294,000) |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets Goodwill Changes (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Goodwill | $4,060,683,000 | ' | $4,060,683,000 | ' | $4,057,456,000 |
Reduction of Goodwill as a Result of Disposition | ' | ' | -41,000 | ' | ' |
Goodwill, Other Changes | ' | ' | 3,268,000 | ' | ' |
Intangible amortization expense | 8,000,000 | 8,000,000 | 24,000,000 | 25,000,000 | ' |
Long Term Care Group [Member] | ' | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Goodwill | 3,570,246,000 | ' | 3,570,246,000 | ' | 3,567,019,000 |
Reduction of Goodwill as a Result of Disposition | ' | ' | -41,000 | ' | ' |
Goodwill, Other Changes | ' | ' | 3,268,000 | ' | ' |
specialty care group [Member] | ' | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Goodwill | 490,437,000 | ' | 490,437,000 | ' | 490,437,000 |
Reduction of Goodwill as a Result of Disposition | ' | ' | 0 | ' | ' |
Goodwill, Other Changes | ' | ' | $0 | ' | ' |
Debt_Details
Debt (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Gains (Losses) on Extinguishment of Debt | ' | ' | ($8,419,000) | ($55,652,000) | ' |
Long-term Debt, Gross | 2,426,257,000 | ' | 2,426,257,000 | ' | 2,500,434,000 |
Interest rate swap agreements | 18,041,000 | ' | 18,041,000 | ' | 18,671,000 |
Debt Instrument, Unamortized Discount | -537,115,000 | ' | -537,115,000 | ' | -573,082,000 |
Debt, Current | -495,713,000 | ' | -495,713,000 | ' | -527,204,000 |
Long-term Debt, Excluding Current Maturities | 1,411,470,000 | ' | 1,411,470,000 | ' | 1,418,819,000 |
Debt Instrument, Interest Rate, Stated Percentage | 7.75% | ' | 7.75% | ' | ' |
Letters of Credit Outstanding, Amount | 14,000,000 | ' | 14,000,000 | ' | ' |
Derivative, Basis Spread on Variable Rate | 4.19% | ' | 4.19% | ' | ' |
Amortization of Financing Costs | 1,000,000 | 1,000,000 | 3,000,000 | 3,000,000 | ' |
Current Revolving Credit Facility [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Long-term Debt, Gross | 0 | ' | 0 | ' | 0 |
Senior Term Loan [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Long-term Debt, Gross | 382,500,000 | ' | 382,500,000 | ' | 398,438,000 |
Debt Instrument, Interest Rate, Stated Percentage | 1.91% | ' | 1.91% | ' | ' |
7.75% Senior Subordinated Notes, Due 2020 [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Long-term Debt, Gross | 400,000,000 | ' | 400,000,000 | ' | 400,000,000 |
3.75% Convertible Senior Subordinated Notes, due 2025 [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Debt Instrument, Repurchased Face Amount | 52,000,000 | ' | 52,000,000 | ' | ' |
Cash Paid for Debt Repurchased | ' | ' | 134,000,000 | ' | ' |
Long-term Debt, Gross | 79,979,000 | ' | 79,979,000 | ' | 132,408,000 |
Debt Instrument, Unamortized Discount | -26,178,000 | ' | -26,178,000 | ' | -45,098,000 |
treasury stock method average share price to include dilutive securities | ' | ' | $26.84 | ' | ' |
conversion threshold | 34.89 | ' | 34.89 | ' | ' |
4.00% Junior Subordinated Convertible Debentures, due 2033 [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Long-term Debt, Gross | 307,122,000 | ' | 307,122,000 | ' | 307,153,000 |
Debt Instrument, Unamortized Discount | -118,998,000 | ' | -118,998,000 | ' | -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 | ' | 53.07 | ' | ' |
3.25% Convertible Senior Debentures, Due 2035 [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Long-term Debt, Gross | 427,500,000 | ' | 427,500,000 | ' | 427,500,000 |
Debt Instrument, Unamortized Discount | -22,081,000 | ' | -22,081,000 | ' | -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 | ' | 390,000,000 |
Debt Instrument, Unamortized Discount | -163,611,000 | ' | -163,611,000 | ' | -164,986,000 |
treasury stock method average share price to include dilutive securities | ' | ' | $41.05 | ' | ' |
conversion threshold | 53.37 | ' | 53.37 | ' | ' |
3.5% Convertible senior subordinated debt [Domain] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Long-term Debt, Gross | 424,250,000 | ' | 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 | $14,906,000 | ' | $14,906,000 | ' | $20,685,000 |
Debt_Schedule_of_Convertible_D
Debt Schedule of Convertible Debt (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
3.75% Convertible Senior Subordinated Notes, due 2025 [Member] | 3.75% Convertible Senior Subordinated Notes, due 2025 [Member] | 3.75% Convertible Senior Subordinated Notes, due 2025 [Member] | 4.00% Junior Subordinated Convertible Debentures, due 2033 [Member] | 3.25% Convertible Senior Debentures, Due 2035 [Member] | 3.75% Convertible Senior Subordinated Notes Due 2042 [Member] | 3.5% Convertible senior subordinated debt [Domain] | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate Principal of Convertible Debt, if Converted | $777,000,000 | ' | $777,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of Debt, Amount | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' |
Debt Related Costs | 72,000 | 50,868,000 | 7,832,000 | 50,868,000 | 8,000,000 | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Carrying Amount of Equity Component | ' | ' | ' | ' | ' | ' | $6,913,000 | $118,348,000 | $245,433,000 | $167,941,000 | $208,200,000 |
Remaining amortization period for the debt discount (in years) | ' | ' | ' | ' | ' | ' | '11 years 91 days | '18 years 274 days | '1 year 91 days | '27 years 183 days | '29 years 146 days |
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | ' | ' | ' | 8.25% | 8.01% | 7.63% | 7.30% | 7.70% |
Debt_Fair_Value_of_Financial_I
Debt Fair Value of Financial Instruments (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long-term Debt, Gross | $2,426,257 | $2,500,434 |
Debt Instrument, Unamortized Discount | 537,115 | 573,082 |
7.75% Senior Subordinated Notes, Due 2020 [Member] | ' | ' |
Long-term Debt, Gross | 400,000 | 400,000 |
Long-term Debt, Fair Value | 421,000 | 435,800 |
3.75% Convertible Senior Subordinated Notes, due 2025 [Member] | ' | ' |
Long-term Debt, Gross | 79,979 | 132,408 |
Long-term Debt, Fair Value | 180,800 | 306,500 |
Long-term Debt | 53,801 | 87,310 |
Debt Instrument, Unamortized Discount | 26,178 | 45,098 |
4.00% Junior Subordinated Convertible Debentures, due 2033 [Member] | ' | ' |
Long-term Debt, Gross | 307,122 | 307,153 |
Long-term Debt, Fair Value | 468,300 | 455,900 |
Long-term Debt | 188,124 | 186,136 |
Debt Instrument, Unamortized Discount | 118,998 | 121,017 |
3.25% Convertible Senior Debentures, Due 2035 [Member] | ' | ' |
Long-term Debt, Gross | 427,500 | 427,500 |
Long-term Debt, Fair Value | 450,000 | 457,400 |
Long-term Debt | 405,419 | 393,126 |
Debt Instrument, Unamortized Discount | 22,081 | 34,374 |
3.75% Convertible Senior Subordinated Notes Due 2042 [Member] | ' | ' |
Long-term Debt, Gross | 390,000 | 390,000 |
Long-term Debt, Fair Value | 608,000 | 592,800 |
Long-term Debt | 226,389 | 225,014 |
Debt Instrument, Unamortized Discount | 163,611 | 164,986 |
3.50% Convertible Senior Subordianted Notes, Due 2044 [Member] | ' | ' |
Long-term Debt, Gross | 424,250 | 424,250 |
Long-term Debt, Fair Value | 469,600 | 428,500 |
Long-term Debt | 218,003 | 216,643 |
Debt Instrument, Unamortized Discount | $206,247 | $207,607 |
Debt_Contingent_interest_Detai
Debt Contingent interest (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Rate | |
December 12, 2013 [Member] | ' |
Contingent Interest, Accrual Period, Start Date | 15-Dec-13 |
Contingent Interest, Accrual Period, End Date | 14-Mar-14 |
Debt instrument, convertible, contingent interest rate | 0.13% |
Contingent Interest, Trading Price Period End Date | 12-Dec-13 |
contingent cash interest paid per stated liquidation amount | $0.09 |
Contingent Interest, Payment Date | 17-Mar-14 |
March 13, 2014 [Member] | ' |
Contingent Interest, Accrual Period, Start Date | 15-Mar-14 |
Contingent Interest, Accrual Period, End Date | 14-Jun-14 |
Debt instrument, convertible, contingent interest rate | 0.13% |
Contingent Interest, Trading Price Period End Date | 13-Mar-14 |
contingent cash interest paid per stated liquidation amount | 0.09 |
Contingent Interest, Payment Date | 16-Jun-14 |
June 12, 2014 [Member] | ' |
Contingent Interest, Accrual Period, Start Date | 15-Jun-14 |
Contingent Interest, Accrual Period, End Date | 15-Sep-14 |
Debt instrument, convertible, contingent interest rate | 0.13% |
Contingent Interest, Trading Price Period End Date | 12-Jun-14 |
contingent cash interest paid per stated liquidation amount | 0.09 |
Contingent Interest, Payment Date | 15-Sep-14 |
September 12, 2014 [Member] | ' |
Contingent Interest, Accrual Period, Start Date | 15-Sep-14 |
Contingent Interest, Accrual Period, End Date | 14-Dec-14 |
Debt instrument, convertible, contingent interest rate | 0.13% |
Contingent Interest, Trading Price Period End Date | 12-Sep-14 |
contingent cash interest paid per stated liquidation amount | $0.10 |
Contingent Interest, Payment Date | 15-Dec-14 |
Earnings_Loss_Per_Share_Data_D
Earnings (Loss) Per Share Data (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Income (Loss) from Continuing Operations Attributable to Parent | $68,077 | ($69,351) | $192,961 | $26,265 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 64,831 | -66,309 | 150,576 | 40,264 |
Earnings (loss) per common share - Basic: | ' | ' | ' | ' |
Net income | $0.67 | ($0.65) | $1.54 | $0.39 |
Effect of Dilutive Securities [Abstract] | ' | ' | ' | ' |
Convertible Securities | 66 | 0 | 198 | 212 |
Stock options, warrants and awards | 0 | 0 | 0 | 0 |
Convertible Securities (in shares) | 7,945,000 | 0 | 8,283,000 | 6,360,000 |
Stock options, warrants and awards, common shares (in shares) | 584,000 | 0 | 646,000 | 628,000 |
Income from continuing operations plus assumed conversions | 68,143 | -69,351 | 193,159 | 26,477 |
Earnings (loss) per common share - Diluted: | ' | ' | ' | ' |
Net income plus assumed conversions | 64,897 | -66,309 | 150,774 | 40,476 |
Diluted shares | 105,548,000 | 101,811,000 | 106,450,000 | 109,612,000 |
Diluted earnings per share | $0.61 | ($0.65) | $1.42 | $0.37 |
Aggregate number of stock options, warrants and awards excluded from the computation of diluted EPS (in shares) | ' | ' | ' | 1,000,000 |
Income (Loss) from Continuing Operations, Per Basic Share | $0.70 | ($0.68) | $1.98 | $0.26 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | ($3,246) | $3,042 | ($42,385) | $13,999 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | ($0.03) | $0.03 | ($0.40) | $0.13 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | ($0.03) | $0.03 | ($0.43) | $0.14 |
Income (Loss) from Continuing Operations, Per Diluted Share | $0.65 | ($0.68) | $1.81 | $0.24 |
Weighted Average Number of Shares Outstanding, Basic | 97,019,000 | 101,811,000 | 97,521,000 | 102,624,000 |
EarningsPer_Share_Data_Convert
EarningsPer Share Data Convertible Debt (Details) (USD $) | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' | ' |
Settlement, litigation and other related charges | $12,868 | $143,484 | $27,467 | $169,615 |
Segment_Information_Segment_De1
Segment Information Segment Details (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenue, Net | $1,608,055 | $1,515,168 | $4,789,677 | $4,477,229 |
Depreciation and amortization expense | -33,332 | -34,040 | -100,429 | -99,527 |
Settlement, litigation and other related charges | -12,868 | -143,484 | -27,467 | -169,615 |
Other charges | -3,999 | -61,632 | -25,559 | 96,906 |
Operating Income (Loss) | 135,742 | -60,776 | 398,740 | 154,280 |
Corporate/Other [Member] | ' | ' | ' | ' |
Revenue, Net | 77 | 160 | 266 | 1,330 |
Depreciation and amortization expense | -14,849 | -14,953 | -44,798 | -42,318 |
Settlement, litigation and other related charges | 0 | 0 | 0 | 0 |
Other charges | -446 | -50,868 | -16,575 | -52,841 |
Operating Income (Loss) | -40,746 | -91,828 | -142,719 | -187,678 |
Long Term Care Group [Member] | ' | ' | ' | ' |
Revenue, Net | 1,183,398 | 1,157,951 | 3,565,092 | 3,458,772 |
Depreciation and amortization expense | -17,405 | -17,919 | -52,258 | -53,801 |
Settlement, litigation and other related charges | -12,868 | -143,484 | -27,467 | -169,615 |
Other charges | -3,553 | -10,764 | -8,984 | -44,065 |
Operating Income (Loss) | 142,285 | 4,207 | 444,402 | 259,953 |
specialty care group [Member] | ' | ' | ' | ' |
Revenue, Net | 424,580 | 357,057 | 1,224,319 | 1,017,127 |
Depreciation and amortization expense | -1,078 | -1,168 | -3,373 | -3,408 |
Settlement, litigation and other related charges | 0 | 0 | 0 | 0 |
Other charges | 0 | 0 | 0 | 0 |
Operating Income (Loss) | $34,203 | $26,845 | $97,057 | $82,005 |
Guarantor_Subsidiaries_Details
Guarantor Subsidiaries (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Summary Consolidating Statements of Income [Abstract] | ' | ' | ' | ' | ' |
Net sales | $1,608,055 | $1,515,168 | $4,789,677 | $4,477,229 | ' |
Cost of sales | 1,256,595 | 1,163,197 | 3,725,533 | 3,416,039 | ' |
Gross profit | 351,460 | 351,971 | 1,064,144 | 1,061,190 | ' |
Selling, general and administrative expenses | 178,940 | 182,668 | 549,816 | 565,276 | ' |
Provision for doubtful accounts | 19,911 | 24,963 | 62,562 | 75,113 | ' |
Settlement, litigation and other related charges | 12,868 | 143,484 | 27,467 | 169,615 | ' |
Other miscellaneous charges | 3,999 | 61,632 | 25,559 | 96,906 | ' |
Operating income | 135,742 | -60,776 | 398,740 | 154,280 | ' |
Interest expense, net of investment income | -28,717 | -34,925 | -88,138 | -94,011 | ' |
Income before income taxes | 107,025 | -95,701 | 310,602 | 60,269 | ' |
Income tax (benefit) expense | 38,948 | -26,350 | 117,641 | 34,004 | ' |
Income (Loss) from Continuing Operations Attributable to Parent | 68,077 | -69,351 | 192,961 | 26,265 | ' |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | -3,246 | 3,042 | -42,385 | 13,999 | ' |
Equity of net income (loss) of subsidiaries | 0 | 0 | 0 | 0 | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 64,831 | -66,309 | 150,576 | 40,264 | ' |
Comprehensive income (loss) | 65,170 | -66,305 | 151,182 | 40,170 | ' |
ASSETS | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value | 286,943 | 498,263 | 286,943 | 498,263 | ' |
Accounts Receivable, Net, Current | 651,224 | ' | 651,224 | ' | 695,684 |
Inventory, Net | 494,563 | ' | 494,563 | ' | 512,418 |
Deferred Tax Assets, Net of Valuation Allowance, Current | 56,084 | ' | 56,084 | ' | 135,094 |
Other Assets, Current | 315,165 | ' | 315,165 | ' | 265,536 |
Assets of Disposal Group, Including Discontinued Operation, Current | 0 | ' | 0 | ' | 49,995 |
Total current assets | 1,803,979 | ' | 1,803,979 | ' | 2,014,728 |
Property, Plant and Equipment, Net | 330,601 | ' | 330,601 | ' | 305,888 |
Goodwill | 4,060,683 | ' | 4,060,683 | ' | 4,057,456 |
Intangible Assets, Net (Excluding Goodwill) | 106,425 | ' | 106,425 | ' | 129,974 |
Other Assets, Noncurrent | 95,649 | ' | 95,649 | ' | 96,722 |
Disposal Group, Including Discontinued Operation, Long Lived Assets, Noncurrent | 0 | ' | 0 | ' | 87,078 |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | ' | 0 | ' | 0 |
Total assets | 6,397,337 | ' | 6,397,337 | ' | 6,691,846 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' | ' |
Current liabilities of continuing operations, excluding current portion of long-term debt | 443,006 | ' | 443,006 | ' | 587,107 |
Debt, Current | 495,713 | ' | 495,713 | ' | 527,204 |
Liabilities of Disposal Group, Including Discontinued Operation, Current | 0 | ' | 0 | ' | 18,846 |
Liabilities of Disposal Group, Including Discontinued Operation, Noncurrent | 0 | ' | 0 | ' | 1,398 |
Temporary Equity, Liquidation Preference | 308,787 | ' | 308,787 | ' | 331,101 |
Long-term Debt, Excluding Current Maturities | 1,411,470 | ' | 1,411,470 | ' | 1,418,819 |
Deferred income tax liabilities | 1,022,857 | ' | 1,022,857 | ' | 1,012,733 |
Other noncurrent liabilities | 60,701 | ' | 60,701 | ' | 53,835 |
Stockholders' equity | 2,654,803 | ' | 2,654,803 | ' | 2,740,803 |
Total liabilities and stockholders' equity | 6,397,337 | ' | 6,397,337 | ' | 6,691,846 |
Cash flows from operating activities: | ' | ' | ' | ' | ' |
Net cash flows (used in) from operating activities | ' | ' | 355,417 | 454,665 | ' |
Cash flows from investing activities: | ' | ' | ' | ' | ' |
Acquisition of businesses, net of cash received | ' | ' | 0 | 3,798 | ' |
Proceeds from Divestiture of Businesses | ' | ' | 71,194 | 11,083 | ' |
Capital expenditures | ' | ' | -67,871 | -73,279 | ' |
Other Investing Activities | ' | ' | 881 | 407 | ' |
Net cash flows used in investing activities | ' | ' | 2,442 | -66,401 | ' |
Cash flows from financing activities: | ' | ' | ' | ' | ' |
Payments on Term Loans | ' | ' | -15,938 | -15,938 | ' |
Payments on long-term borrowings and obligations | ' | ' | -176,983 | -190,403 | ' |
Payments of Debt Issuance Costs | ' | ' | 0 | -4,851 | ' |
Proceeds from (Repayments of) Bank Overdrafts | ' | ' | -19,786 | -11,490 | ' |
Payments for Omnicare common stock repurchase | ' | ' | -160,438 | -91,259 | ' |
Dividends paid | ' | ' | -58,419 | -43,011 | ' |
Proceeds from (payments for) Other Financing Activities including disc Ops | ' | ' | 4,647 | 20,162 | ' |
Net Cash Provided by (Used in) Financing Activities | ' | ' | -426,917 | -336,790 | ' |
Net increase (decrease) in cash and cash equivalents | ' | ' | -69,058 | 51,474 | ' |
Cash and cash equivalents at beginning of period | ' | ' | 356,001 | 444,620 | ' |
Cash and cash equivalents at end of period | 286,943 | 498,263 | 286,943 | 498,263 | ' |
Net Cash Provided by (Used in) Discontinued Operations | ' | ' | 0 | -2,169 | ' |
Net Cash Provided by (Used in) Continuing Operations | ' | ' | -69,058 | 53,643 | ' |
Parent Company [Member] | ' | ' | ' | ' | ' |
Summary Consolidating Statements of Income [Abstract] | ' | ' | ' | ' | ' |
Net sales | 0 | 0 | 0 | 0 | ' |
Cost of sales | 0 | 0 | 0 | 0 | ' |
Gross profit | 0 | 0 | 0 | 0 | ' |
Selling, general and administrative expenses | 1,053 | 1,504 | 3,481 | 3,696 | ' |
Provision for doubtful accounts | 0 | 0 | 0 | 0 | ' |
Settlement, litigation and other related charges | 0 | 0 | 0 | 0 | ' |
Other miscellaneous charges | 0 | 0 | 0 | 0 | ' |
Operating income | -1,053 | -1,504 | -3,481 | -3,696 | ' |
Interest expense, net of investment income | -28,456 | -34,583 | -86,676 | -92,757 | ' |
Income before income taxes | -29,509 | -36,087 | -90,157 | -96,453 | ' |
Income tax (benefit) expense | -11,503 | -14,190 | -34,846 | -37,395 | ' |
Income (Loss) from Continuing Operations Attributable to Parent | -18,006 | -21,897 | -55,311 | -59,058 | ' |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 | ' |
Equity of net income (loss) of subsidiaries | 82,837 | -44,412 | 205,887 | 99,322 | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 64,831 | -66,309 | 150,576 | 40,264 | ' |
Comprehensive income (loss) | 65,170 | -66,305 | 151,182 | 40,170 | ' |
ASSETS | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value | 248,786 | 428,003 | 248,786 | 428,003 | ' |
Accounts Receivable, Net, Current | 0 | ' | 0 | ' | 0 |
Inventory, Net | 0 | ' | 0 | ' | 0 |
Deferred Tax Assets, Net of Valuation Allowance, Current | 0 | ' | 0 | ' | 0 |
Other Assets, Current | 30,506 | ' | 30,506 | ' | 1,989 |
Assets of Disposal Group, Including Discontinued Operation, Current | 0 | ' | 0 | ' | 0 |
Total current assets | 279,292 | ' | 279,292 | ' | 277,899 |
Property, Plant and Equipment, Net | 0 | ' | 0 | ' | 0 |
Goodwill | 0 | ' | 0 | ' | 0 |
Intangible Assets, Net (Excluding Goodwill) | 0 | ' | 0 | ' | 0 |
Other Assets, Noncurrent | 38,039 | ' | 38,039 | ' | 41,825 |
Disposal Group, Including Discontinued Operation, Long Lived Assets, Noncurrent | 0 | ' | 0 | ' | 0 |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 4,952,869 | ' | 4,952,869 | ' | 5,131,280 |
Total assets | 5,270,200 | ' | 5,270,200 | ' | 5,451,004 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' | ' |
Current liabilities of continuing operations, excluding current portion of long-term debt | 30,230 | ' | 30,230 | ' | 83,028 |
Debt, Current | 495,713 | ' | 495,713 | ' | 527,204 |
Liabilities of Disposal Group, Including Discontinued Operation, Current | 0 | ' | 0 | ' | 0 |
Temporary Equity, Liquidation Preference | 308,787 | ' | 308,787 | ' | 331,101 |
Long-term Debt, Excluding Current Maturities | 1,402,712 | ' | 1,402,712 | ' | 1,405,628 |
Deferred income tax liabilities | 377,955 | ' | 377,955 | ' | 363,240 |
Other noncurrent liabilities | 0 | ' | 0 | ' | 0 |
Stockholders' equity | 2,654,803 | ' | 2,654,803 | ' | 2,740,803 |
Total liabilities and stockholders' equity | 5,270,200 | ' | 5,270,200 | ' | 5,451,004 |
Cash flows from operating activities: | ' | ' | ' | ' | ' |
Net cash flows (used in) from operating activities | ' | ' | -68,865 | -42,519 | ' |
Cash flows from investing activities: | ' | ' | ' | ' | ' |
Acquisition of businesses, net of cash received | ' | ' | ' | 0 | ' |
Proceeds from Divestiture of Businesses | ' | ' | 0 | 0 | ' |
Capital expenditures | ' | ' | 0 | 0 | ' |
Other Investing Activities | ' | ' | 0 | 227 | ' |
Net cash flows used in investing activities | ' | ' | 0 | -227 | ' |
Cash flows from financing activities: | ' | ' | ' | ' | ' |
Payments on Term Loans | ' | ' | -15,938 | -15,938 | ' |
Payments on long-term borrowings and obligations | ' | ' | -176,983 | -190,403 | ' |
Payments of Debt Issuance Costs | ' | ' | ' | -4,851 | ' |
Proceeds from (Repayments of) Bank Overdrafts | ' | ' | -10,036 | -10,232 | ' |
Payments for Omnicare common stock repurchase | ' | ' | -160,438 | -91,259 | ' |
Dividends paid | ' | ' | -58,419 | -43,011 | ' |
Proceeds from (payments for) Other Financing Activities including disc Ops | ' | ' | 463,555 | 442,769 | ' |
Net Cash Provided by (Used in) Financing Activities | ' | ' | 41,741 | 87,075 | ' |
Net increase (decrease) in cash and cash equivalents | ' | ' | -27,124 | 44,329 | ' |
Cash and cash equivalents at beginning of period | ' | ' | 275,910 | 383,674 | ' |
Cash and cash equivalents at end of period | 248,786 | 428,003 | 248,786 | 428,003 | ' |
Net Cash Provided by (Used in) Discontinued Operations | ' | ' | 0 | 0 | ' |
Cash and Cash Equivalents Period Increase (Decrease) from Continuing Operations | ' | ' | -27,124 | 44,329 | ' |
Guarantor Subsidiaries [Member] | Convertible Senior Debentures [Member] | ' | ' | ' | ' | ' |
Summary Consolidating Statements of Income [Abstract] | ' | ' | ' | ' | ' |
Net sales | 0 | 0 | 0 | 0 | ' |
Cost of sales | 0 | 0 | 0 | 0 | ' |
Gross profit | 0 | 0 | 0 | 0 | ' |
Selling, general and administrative expenses | 430 | 417 | 1,309 | 1,233 | ' |
Provision for doubtful accounts | 0 | 0 | 0 | 0 | ' |
Settlement, litigation and other related charges | 0 | 0 | 0 | 0 | ' |
Other miscellaneous charges | 0 | 0 | 0 | 0 | ' |
Operating income | -430 | -417 | -1,309 | -1,233 | ' |
Interest expense, net of investment income | 0 | 0 | 0 | 0 | ' |
Income before income taxes | -430 | -417 | -1,309 | -1,233 | ' |
Income tax (benefit) expense | -168 | -164 | -506 | -478 | ' |
Income (Loss) from Continuing Operations Attributable to Parent | -262 | -253 | -803 | -755 | ' |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 | ' |
Equity of net income (loss) of subsidiaries | 0 | 0 | 0 | 0 | ' |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | -262 | -253 | -803 | -755 | ' |
Comprehensive income (loss) | -262 | -253 | -803 | -755 | ' |
ASSETS | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value | 0 | 0 | 0 | 0 | ' |
Accounts Receivable, Net, Current | 192 | ' | 192 | ' | 210 |
Inventory, Net | 0 | ' | 0 | ' | 0 |
Deferred Tax Assets, Net of Valuation Allowance, Current | 0 | ' | 0 | ' | 0 |
Other Assets, Current | 0 | ' | 0 | ' | 0 |
Assets of Disposal Group, Including Discontinued Operation, Current | 0 | ' | 0 | ' | 0 |
Total current assets | 192 | ' | 192 | ' | 210 |
Property, Plant and Equipment, Net | 13 | ' | 13 | ' | 19 |
Goodwill | 0 | ' | 0 | ' | 0 |
Intangible Assets, Net (Excluding Goodwill) | 0 | ' | 0 | ' | 0 |
Other Assets, Noncurrent | 19 | ' | 19 | ' | 19 |
Disposal Group, Including Discontinued Operation, Long Lived Assets, Noncurrent | 0 | ' | 0 | ' | 0 |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | ' | 0 | ' | 0 |
Total assets | 224 | ' | 224 | ' | 248 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' | ' |
Current liabilities of continuing operations, excluding current portion of long-term debt | 0 | ' | 0 | ' | 0 |
Debt, Current | 0 | ' | 0 | ' | 0 |
Liabilities of Disposal Group, Including Discontinued Operation, Current | 0 | ' | 0 | ' | 0 |
Temporary Equity, Liquidation Preference | 0 | ' | 0 | ' | 0 |
Long-term Debt, Excluding Current Maturities | 0 | ' | 0 | ' | 0 |
Deferred income tax liabilities | 0 | ' | 0 | ' | 0 |
Other noncurrent liabilities | 0 | ' | 0 | ' | 0 |
Stockholders' equity | 224 | ' | 224 | ' | 248 |
Total liabilities and stockholders' equity | 224 | ' | 224 | ' | 248 |
Cash flows from operating activities: | ' | ' | ' | ' | ' |
Net cash flows (used in) from operating activities | ' | ' | 0 | 0 | ' |
Cash flows from investing activities: | ' | ' | ' | ' | ' |
Acquisition of businesses, net of cash received | ' | ' | ' | 0 | ' |
Proceeds from Divestiture of Businesses | ' | ' | 0 | 0 | ' |
Capital expenditures | ' | ' | 0 | 0 | ' |
Other Investing Activities | ' | ' | 0 | 0 | ' |
Net cash flows used in investing activities | ' | ' | 0 | 0 | ' |
Cash flows from financing activities: | ' | ' | ' | ' | ' |
Payments on Term Loans | ' | ' | 0 | 0 | ' |
Payments on long-term borrowings and obligations | ' | ' | 0 | 0 | ' |
Payments of Debt Issuance Costs | ' | ' | ' | 0 | ' |
Proceeds from (Repayments of) Bank Overdrafts | ' | ' | 0 | 0 | ' |
Payments for Omnicare common stock repurchase | ' | ' | 0 | 0 | ' |
Dividends paid | ' | ' | 0 | 0 | ' |
Proceeds from (payments for) Other Financing Activities including disc Ops | ' | ' | 0 | 0 | ' |
Net Cash Provided by (Used in) Financing Activities | ' | ' | 0 | 0 | ' |
Net increase (decrease) in cash and cash equivalents | ' | ' | 0 | 0 | ' |
Cash and cash equivalents at beginning of period | ' | ' | 0 | 0 | ' |
Cash and cash equivalents at end of period | 0 | 0 | 0 | 0 | ' |
Net Cash Provided by (Used in) Discontinued Operations | ' | ' | 0 | 0 | ' |
Cash and Cash Equivalents Period Increase (Decrease) from Continuing Operations | ' | ' | 0 | 0 | ' |
Guarantor Subsidiaries [Member] | Guaranteed Senior Notes Payable [Member] | ' | ' | ' | ' | ' |
Summary Consolidating Statements of Income [Abstract] | ' | ' | ' | ' | ' |
Net sales | 1,576,811 | 1,485,545 | 4,697,025 | 4,383,420 | ' |
Cost of sales | 1,236,644 | 1,146,140 | 3,669,163 | 3,362,356 | ' |
Gross profit | 340,167 | 339,405 | 1,027,862 | 1,021,064 | ' |
Selling, general and administrative expenses | 172,857 | 176,970 | 531,899 | 547,264 | ' |
Provision for doubtful accounts | 19,570 | 24,487 | 61,202 | 73,671 | ' |
Settlement, litigation and other related charges | 12,868 | 143,484 | 27,467 | 169,615 | ' |
Other miscellaneous charges | 3,999 | 54,361 | 25,559 | 89,635 | ' |
Operating income | 130,873 | -59,897 | 381,735 | 140,879 | ' |
Interest expense, net of investment income | -261 | -344 | -1,462 | -890 | ' |
Income before income taxes | 130,612 | -60,241 | 380,273 | 139,989 | ' |
Income tax (benefit) expense | 48,139 | -15,270 | 144,569 | 62,093 | ' |
Income (Loss) from Continuing Operations Attributable to Parent | 82,473 | -44,971 | 235,704 | 77,896 | ' |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | -526 | -2,100 | -1,245 | -9,115 | ' |
Equity of net income (loss) of subsidiaries | 0 | 0 | 0 | 0 | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 81,947 | -47,071 | 234,459 | 68,781 | ' |
Comprehensive income (loss) | 81,947 | -47,071 | 234,459 | 68,781 | ' |
ASSETS | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value | 26,183 | 57,940 | 26,183 | 57,940 | ' |
Accounts Receivable, Net, Current | 648,877 | ' | 648,877 | ' | 693,729 |
Inventory, Net | 486,761 | ' | 486,761 | ' | 505,567 |
Deferred Tax Assets, Net of Valuation Allowance, Current | 56,135 | ' | 56,135 | ' | 135,148 |
Other Assets, Current | 257,138 | ' | 257,138 | ' | 242,166 |
Assets of Disposal Group, Including Discontinued Operation, Current | 0 | ' | 0 | ' | 12,305 |
Total current assets | 1,475,094 | ' | 1,475,094 | ' | 1,656,965 |
Property, Plant and Equipment, Net | 325,405 | ' | 325,405 | ' | 301,200 |
Goodwill | 4,031,878 | ' | 4,031,878 | ' | 4,028,651 |
Intangible Assets, Net (Excluding Goodwill) | 104,884 | ' | 104,884 | ' | 127,798 |
Other Assets, Noncurrent | 57,571 | ' | 57,571 | ' | 54,834 |
Disposal Group, Including Discontinued Operation, Long Lived Assets, Noncurrent | 0 | ' | 0 | ' | 3,762 |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | ' | 0 | ' | 0 |
Total assets | 5,994,832 | ' | 5,994,832 | ' | 6,173,210 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' | ' |
Current liabilities of continuing operations, excluding current portion of long-term debt | 472,964 | ' | 472,964 | ' | 793,461 |
Debt, Current | 0 | ' | 0 | ' | 0 |
Liabilities of Disposal Group, Including Discontinued Operation, Current | 0 | ' | 0 | ' | 1,894 |
Liabilities of Disposal Group, Including Discontinued Operation, Noncurrent | 0 | ' | 0 | ' | 176 |
Temporary Equity, Liquidation Preference | 0 | ' | 0 | ' | 0 |
Long-term Debt, Excluding Current Maturities | 8,758 | ' | 8,758 | ' | 13,191 |
Deferred income tax liabilities | 645,327 | ' | 645,327 | ' | 635,640 |
Other noncurrent liabilities | 58,891 | ' | 58,891 | ' | 52,072 |
Stockholders' equity | 4,808,892 | ' | 4,808,892 | ' | 4,676,776 |
Total liabilities and stockholders' equity | 5,994,832 | ' | 5,994,832 | ' | 6,173,210 |
Cash flows from operating activities: | ' | ' | ' | ' | ' |
Net cash flows (used in) from operating activities | ' | ' | 425,119 | 507,984 | ' |
Cash flows from investing activities: | ' | ' | ' | ' | ' |
Acquisition of businesses, net of cash received | ' | ' | ' | 3,798 | ' |
Proceeds from Divestiture of Businesses | ' | ' | 71,194 | 675 | ' |
Capital expenditures | ' | ' | -67,217 | -71,984 | ' |
Other Investing Activities | ' | ' | 881 | 180 | ' |
Net cash flows used in investing activities | ' | ' | 3,096 | -75,287 | ' |
Cash flows from financing activities: | ' | ' | ' | ' | ' |
Payments on Term Loans | ' | ' | 0 | 0 | ' |
Payments on long-term borrowings and obligations | ' | ' | 0 | ' | ' |
Payments of Debt Issuance Costs | ' | ' | ' | 0 | ' |
Proceeds from (Repayments of) Bank Overdrafts | ' | ' | -9,750 | -1,258 | ' |
Payments for Omnicare common stock repurchase | ' | ' | 0 | 0 | ' |
Dividends paid | ' | ' | 0 | 0 | ' |
Proceeds from (payments for) Other Financing Activities including disc Ops | ' | ' | -458,908 | -422,607 | ' |
Net Cash Provided by (Used in) Financing Activities | ' | ' | -468,658 | -423,865 | ' |
Net increase (decrease) in cash and cash equivalents | ' | ' | -40,443 | 8,832 | ' |
Cash and cash equivalents at beginning of period | ' | ' | 68,050 | 49,108 | ' |
Cash and cash equivalents at end of period | 26,183 | 57,940 | 26,183 | 57,940 | ' |
Net Cash Provided by (Used in) Discontinued Operations | ' | ' | 1,424 | 0 | ' |
Cash and Cash Equivalents Period Increase (Decrease) from Continuing Operations | ' | ' | -41,867 | 8,832 | ' |
Non-Guarantor Subsidiaries [Member] | Convertible Senior Debentures [Member] | ' | ' | ' | ' | ' |
Summary Consolidating Statements of Income [Abstract] | ' | ' | ' | ' | ' |
Net sales | 1,608,055 | 1,515,168 | 4,789,677 | 4,477,229 | ' |
Cost of sales | 1,256,595 | 1,163,197 | 3,725,533 | 3,416,039 | ' |
Gross profit | 351,460 | 351,971 | 1,064,144 | 1,061,190 | ' |
Selling, general and administrative expenses | 177,457 | 180,747 | 545,026 | 560,347 | ' |
Provision for doubtful accounts | 19,911 | 24,963 | 62,562 | 75,113 | ' |
Settlement, litigation and other related charges | 12,868 | 143,484 | 27,467 | 169,615 | ' |
Other miscellaneous charges | 3,999 | 61,632 | 25,559 | 96,906 | ' |
Operating income | 137,225 | -58,855 | 403,530 | 159,209 | ' |
Interest expense, net of investment income | -261 | -342 | -1,462 | -1,254 | ' |
Income before income taxes | 136,964 | -59,197 | 402,068 | 157,955 | ' |
Income tax (benefit) expense | 50,619 | -11,996 | 152,993 | 71,877 | ' |
Income (Loss) from Continuing Operations Attributable to Parent | 86,345 | -47,201 | 249,075 | 86,078 | ' |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | -3,246 | 3,042 | -42,385 | 13,999 | ' |
Equity of net income (loss) of subsidiaries | 0 | 0 | 0 | 0 | ' |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 83,099 | -44,159 | 206,690 | 100,077 | ' |
Comprehensive income (loss) | 83,099 | -44,159 | 206,690 | 100,077 | ' |
ASSETS | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value | 38,157 | 70,260 | 38,157 | 70,260 | ' |
Accounts Receivable, Net, Current | 651,224 | ' | 651,224 | ' | 695,684 |
Inventory, Net | 494,563 | ' | 494,563 | ' | 512,418 |
Deferred Tax Assets, Net of Valuation Allowance, Current | 56,084 | ' | 56,084 | ' | 135,094 |
Other Assets, Current | 284,659 | ' | 284,659 | ' | 263,547 |
Assets of Disposal Group, Including Discontinued Operation, Current | 0 | ' | 0 | ' | 49,995 |
Total current assets | 1,524,687 | ' | 1,524,687 | ' | 1,736,829 |
Property, Plant and Equipment, Net | 330,588 | ' | 330,588 | ' | 305,869 |
Goodwill | 4,060,683 | ' | 4,060,683 | ' | 4,057,456 |
Intangible Assets, Net (Excluding Goodwill) | 106,425 | ' | 106,425 | ' | 129,974 |
Other Assets, Noncurrent | 57,591 | ' | 57,591 | ' | 54,878 |
Disposal Group, Including Discontinued Operation, Long Lived Assets, Noncurrent | 0 | ' | 0 | ' | 87,078 |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | ' | 0 | ' | 0 |
Total assets | 6,079,974 | ' | 6,079,974 | ' | 6,372,084 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' | ' |
Current liabilities of continuing operations, excluding current portion of long-term debt | 412,968 | ' | 412,968 | ' | 504,289 |
Debt, Current | 0 | ' | 0 | ' | 0 |
Liabilities of Disposal Group, Including Discontinued Operation, Current | 0 | ' | 0 | ' | 18,846 |
Liabilities of Disposal Group, Including Discontinued Operation, Noncurrent | 0 | ' | 0 | ' | 1,398 |
Temporary Equity, Liquidation Preference | 0 | ' | 0 | ' | 0 |
Long-term Debt, Excluding Current Maturities | 8,758 | ' | 8,758 | ' | 13,191 |
Deferred income tax liabilities | 644,902 | ' | 644,902 | ' | 649,493 |
Other noncurrent liabilities | 60,701 | ' | 60,701 | ' | 53,835 |
Stockholders' equity | 4,952,645 | ' | 4,952,645 | ' | 5,131,032 |
Total liabilities and stockholders' equity | 6,079,974 | ' | 6,079,974 | ' | 6,372,084 |
Cash flows from operating activities: | ' | ' | ' | ' | ' |
Net cash flows (used in) from operating activities | ' | ' | 424,282 | 497,184 | ' |
Cash flows from investing activities: | ' | ' | ' | ' | ' |
Acquisition of businesses, net of cash received | ' | ' | ' | 3,798 | ' |
Proceeds from Divestiture of Businesses | ' | ' | 71,194 | 11,083 | ' |
Capital expenditures | ' | ' | -67,871 | -73,279 | ' |
Other Investing Activities | ' | ' | 881 | 180 | ' |
Net cash flows used in investing activities | ' | ' | 2,442 | -66,174 | ' |
Cash flows from financing activities: | ' | ' | ' | ' | ' |
Payments on Term Loans | ' | ' | 0 | 0 | ' |
Payments on long-term borrowings and obligations | ' | ' | 0 | 0 | ' |
Payments of Debt Issuance Costs | ' | ' | ' | 0 | ' |
Proceeds from (Repayments of) Bank Overdrafts | ' | ' | -9,750 | -1,258 | ' |
Payments for Omnicare common stock repurchase | ' | ' | 0 | 0 | ' |
Dividends paid | ' | ' | 0 | 0 | ' |
Proceeds from (payments for) Other Financing Activities including disc Ops | ' | ' | -458,908 | -422,607 | ' |
Net Cash Provided by (Used in) Financing Activities | ' | ' | -468,658 | -423,865 | ' |
Net increase (decrease) in cash and cash equivalents | ' | ' | -41,934 | 7,145 | ' |
Cash and cash equivalents at beginning of period | ' | ' | 80,091 | 60,946 | ' |
Cash and cash equivalents at end of period | 38,157 | 70,260 | 38,157 | 70,260 | ' |
Net Cash Provided by (Used in) Discontinued Operations | ' | ' | 0 | -2,169 | ' |
Cash and Cash Equivalents Period Increase (Decrease) from Continuing Operations | ' | ' | -41,934 | 9,314 | ' |
Non-Guarantor Subsidiaries [Member] | Guaranteed Senior Notes Payable [Member] | ' | ' | ' | ' | ' |
Summary Consolidating Statements of Income [Abstract] | ' | ' | ' | ' | ' |
Net sales | 31,244 | 29,623 | 92,652 | 93,809 | ' |
Cost of sales | 19,951 | 17,057 | 56,370 | 53,683 | ' |
Gross profit | 11,293 | 12,566 | 36,282 | 40,126 | ' |
Selling, general and administrative expenses | 5,030 | 4,194 | 14,436 | 14,316 | ' |
Provision for doubtful accounts | 341 | 476 | 1,360 | 1,442 | ' |
Settlement, litigation and other related charges | 0 | 0 | 0 | 0 | ' |
Other miscellaneous charges | 0 | 7,271 | 0 | 7,271 | ' |
Operating income | 5,922 | 625 | 20,486 | 17,097 | ' |
Interest expense, net of investment income | 0 | 2 | 0 | -364 | ' |
Income before income taxes | 5,922 | 627 | 20,486 | 16,733 | ' |
Income tax (benefit) expense | 2,312 | 3,110 | 7,918 | 9,306 | ' |
Income (Loss) from Continuing Operations Attributable to Parent | 3,610 | -2,483 | 12,568 | 7,427 | ' |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | -2,720 | 5,142 | -41,140 | 23,114 | ' |
Equity of net income (loss) of subsidiaries | 0 | 0 | 0 | 0 | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 890 | 2,659 | -28,572 | 30,541 | ' |
Comprehensive income (loss) | 890 | 2,659 | -28,572 | 30,541 | ' |
ASSETS | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value | 11,974 | 12,320 | 11,974 | 12,320 | ' |
Accounts Receivable, Net, Current | 94,673 | ' | 94,673 | ' | 315,323 |
Inventory, Net | 7,802 | ' | 7,802 | ' | 6,851 |
Deferred Tax Assets, Net of Valuation Allowance, Current | 374 | ' | 374 | ' | 0 |
Other Assets, Current | 27,521 | ' | 27,521 | ' | 21,381 |
Assets of Disposal Group, Including Discontinued Operation, Current | 0 | ' | 0 | ' | 37,690 |
Total current assets | 142,344 | ' | 142,344 | ' | 393,286 |
Property, Plant and Equipment, Net | 5,196 | ' | 5,196 | ' | 4,688 |
Goodwill | 28,805 | ' | 28,805 | ' | 28,805 |
Intangible Assets, Net (Excluding Goodwill) | 1,541 | ' | 1,541 | ' | 2,176 |
Other Assets, Noncurrent | 39 | ' | 39 | ' | 63 |
Disposal Group, Including Discontinued Operation, Long Lived Assets, Noncurrent | 0 | ' | 0 | ' | 83,316 |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | ' | 0 | ' | 0 |
Total assets | 177,925 | ' | 177,925 | ' | 512,334 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' | ' |
Current liabilities of continuing operations, excluding current portion of long-term debt | 32,138 | ' | 32,138 | ' | 23,986 |
Debt, Current | 0 | ' | 0 | ' | 0 |
Liabilities of Disposal Group, Including Discontinued Operation, Current | 0 | ' | 0 | ' | 16,952 |
Liabilities of Disposal Group, Including Discontinued Operation, Noncurrent | 0 | ' | 0 | ' | 1,222 |
Temporary Equity, Liquidation Preference | 0 | ' | 0 | ' | 0 |
Long-term Debt, Excluding Current Maturities | 0 | ' | 0 | ' | 0 |
Deferred income tax liabilities | 0 | ' | 0 | ' | 13,907 |
Other noncurrent liabilities | 1,810 | ' | 1,810 | ' | 1,763 |
Stockholders' equity | 143,977 | ' | 143,977 | ' | 454,504 |
Total liabilities and stockholders' equity | 177,925 | ' | 177,925 | ' | 512,334 |
Cash flows from operating activities: | ' | ' | ' | ' | ' |
Net cash flows (used in) from operating activities | ' | ' | -837 | -10,800 | ' |
Cash flows from investing activities: | ' | ' | ' | ' | ' |
Acquisition of businesses, net of cash received | ' | ' | ' | 0 | ' |
Proceeds from Divestiture of Businesses | ' | ' | 0 | 10,408 | ' |
Capital expenditures | ' | ' | -654 | -1,295 | ' |
Other Investing Activities | ' | ' | 0 | 0 | ' |
Net cash flows used in investing activities | ' | ' | -654 | 9,113 | ' |
Cash flows from financing activities: | ' | ' | ' | ' | ' |
Payments on Term Loans | ' | ' | 0 | 0 | ' |
Payments on long-term borrowings and obligations | ' | ' | 0 | ' | ' |
Payments of Debt Issuance Costs | ' | ' | ' | 0 | ' |
Proceeds from (Repayments of) Bank Overdrafts | ' | ' | 0 | 0 | ' |
Payments for Omnicare common stock repurchase | ' | ' | 0 | 0 | ' |
Dividends paid | ' | ' | 0 | 0 | ' |
Proceeds from (payments for) Other Financing Activities including disc Ops | ' | ' | 0 | 0 | ' |
Net Cash Provided by (Used in) Financing Activities | ' | ' | 0 | 0 | ' |
Net increase (decrease) in cash and cash equivalents | ' | ' | -1,491 | -1,687 | ' |
Cash and cash equivalents at beginning of period | ' | ' | 12,041 | 11,838 | ' |
Cash and cash equivalents at end of period | 11,974 | 12,320 | 11,974 | 12,320 | ' |
Net Cash Provided by (Used in) Discontinued Operations | ' | ' | -1,424 | -2,169 | ' |
Cash and Cash Equivalents Period Increase (Decrease) from Continuing Operations | ' | ' | -67 | 482 | ' |
Consolidating, Eliminating Adjustments [Member] | ' | ' | ' | ' | ' |
Summary Consolidating Statements of Income [Abstract] | ' | ' | ' | ' | ' |
Comprehensive income (loss) | -82,837 | 44,412 | -205,887 | -99,322 | ' |
Consolidating, Eliminating Adjustments [Member] | Convertible Senior Debentures [Member] | ' | ' | ' | ' | ' |
Summary Consolidating Statements of Income [Abstract] | ' | ' | ' | ' | ' |
Net sales | 0 | 0 | 0 | 0 | ' |
Cost of sales | 0 | 0 | 0 | 0 | ' |
Gross profit | 0 | 0 | 0 | 0 | ' |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 | ' |
Provision for doubtful accounts | 0 | 0 | 0 | 0 | ' |
Settlement, litigation and other related charges | 0 | 0 | 0 | 0 | ' |
Other miscellaneous charges | 0 | 0 | 0 | 0 | ' |
Operating income | 0 | 0 | 0 | 0 | ' |
Interest expense, net of investment income | 0 | 0 | 0 | 0 | ' |
Income before income taxes | 0 | 0 | 0 | 0 | ' |
Income tax (benefit) expense | 0 | 0 | 0 | 0 | ' |
Income (Loss) from Continuing Operations Attributable to Parent | 0 | 0 | 0 | 0 | ' |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 | ' |
Equity of net income (loss) of subsidiaries | -82,837 | 44,412 | -205,887 | -99,322 | ' |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | -82,837 | 44,412 | -205,887 | -99,322 | ' |
ASSETS | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value | 0 | ' | 0 | ' | ' |
Accounts Receivable, Net, Current | -192 | ' | -192 | ' | -210 |
Inventory, Net | 0 | ' | 0 | ' | 0 |
Deferred Tax Assets, Net of Valuation Allowance, Current | 0 | ' | 0 | ' | 0 |
Other Assets, Current | 0 | ' | 0 | ' | 0 |
Assets of Disposal Group, Including Discontinued Operation, Current | 0 | ' | 0 | ' | 0 |
Total current assets | -192 | ' | -192 | ' | -210 |
Property, Plant and Equipment, Net | 0 | ' | 0 | ' | 0 |
Goodwill | 0 | ' | 0 | ' | 0 |
Intangible Assets, Net (Excluding Goodwill) | 0 | ' | 0 | ' | 0 |
Other Assets, Noncurrent | 0 | ' | 0 | ' | 0 |
Disposal Group, Including Discontinued Operation, Long Lived Assets, Noncurrent | 0 | ' | 0 | ' | 0 |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | -4,952,869 | ' | -4,952,869 | ' | -5,131,280 |
Total assets | -4,953,061 | ' | -4,953,061 | ' | -5,131,490 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' | ' |
Current liabilities of continuing operations, excluding current portion of long-term debt | -192 | ' | -192 | ' | -210 |
Debt, Current | 0 | ' | 0 | ' | 0 |
Liabilities of Disposal Group, Including Discontinued Operation, Current | 0 | ' | 0 | ' | 0 |
Temporary Equity, Liquidation Preference | 0 | ' | 0 | ' | 0 |
Long-term Debt, Excluding Current Maturities | 0 | ' | 0 | ' | 0 |
Deferred income tax liabilities | 0 | ' | 0 | ' | 0 |
Other noncurrent liabilities | 0 | ' | 0 | ' | 0 |
Stockholders' equity | -4,952,869 | ' | -4,952,869 | ' | -5,131,280 |
Total liabilities and stockholders' equity | -4,953,061 | ' | -4,953,061 | ' | -5,131,490 |
Cash flows from financing activities: | ' | ' | ' | ' | ' |
Cash and cash equivalents at beginning of period | ' | ' | 0 | ' | ' |
Cash and cash equivalents at end of period | 0 | ' | 0 | ' | ' |
Consolidating, Eliminating Adjustments [Member] | Guaranteed Senior Notes Payable [Member] | ' | ' | ' | ' | ' |
Summary Consolidating Statements of Income [Abstract] | ' | ' | ' | ' | ' |
Net sales | 0 | 0 | 0 | 0 | ' |
Cost of sales | 0 | 0 | 0 | 0 | ' |
Gross profit | 0 | 0 | 0 | 0 | ' |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 | ' |
Provision for doubtful accounts | 0 | 0 | 0 | 0 | ' |
Settlement, litigation and other related charges | 0 | 0 | 0 | 0 | ' |
Other miscellaneous charges | 0 | 0 | 0 | 0 | ' |
Operating income | 0 | 0 | 0 | 0 | ' |
Interest expense, net of investment income | 0 | 0 | 0 | 0 | ' |
Income before income taxes | 0 | 0 | 0 | 0 | ' |
Income tax (benefit) expense | 0 | 0 | 0 | 0 | ' |
Income (Loss) from Continuing Operations Attributable to Parent | 0 | 0 | 0 | 0 | ' |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 | ' |
Equity of net income (loss) of subsidiaries | -82,837 | 44,412 | -205,887 | -99,322 | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | -82,837 | 44,412 | -205,887 | -99,322 | ' |
ASSETS | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value | 0 | ' | 0 | ' | ' |
Accounts Receivable, Net, Current | -92,326 | ' | -92,326 | ' | -313,368 |
Inventory, Net | 0 | ' | 0 | ' | 0 |
Deferred Tax Assets, Net of Valuation Allowance, Current | -425 | ' | -425 | ' | -54 |
Other Assets, Current | 0 | ' | 0 | ' | 0 |
Assets of Disposal Group, Including Discontinued Operation, Current | 0 | ' | 0 | ' | 0 |
Total current assets | -92,751 | ' | -92,751 | ' | -313,422 |
Property, Plant and Equipment, Net | 0 | ' | 0 | ' | 0 |
Goodwill | 0 | ' | 0 | ' | 0 |
Intangible Assets, Net (Excluding Goodwill) | 0 | ' | 0 | ' | 0 |
Other Assets, Noncurrent | 0 | ' | 0 | ' | 0 |
Disposal Group, Including Discontinued Operation, Long Lived Assets, Noncurrent | 0 | ' | 0 | ' | 0 |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | -4,952,869 | ' | -4,952,869 | ' | -5,131,280 |
Total assets | -5,045,620 | ' | -5,045,620 | ' | -5,444,702 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' | ' |
Current liabilities of continuing operations, excluding current portion of long-term debt | -92,326 | ' | -92,326 | ' | -313,368 |
Debt, Current | 0 | ' | 0 | ' | 0 |
Liabilities of Disposal Group, Including Discontinued Operation, Current | 0 | ' | 0 | ' | 0 |
Temporary Equity, Liquidation Preference | 0 | ' | 0 | ' | 0 |
Long-term Debt, Excluding Current Maturities | 0 | ' | 0 | ' | 0 |
Deferred income tax liabilities | -425 | ' | -425 | ' | -54 |
Other noncurrent liabilities | 0 | ' | 0 | ' | 0 |
Stockholders' equity | -4,952,869 | ' | -4,952,869 | ' | -5,131,280 |
Total liabilities and stockholders' equity | -5,045,620 | ' | -5,045,620 | ' | -5,444,702 |
Cash flows from financing activities: | ' | ' | ' | ' | ' |
Cash and cash equivalents at beginning of period | ' | ' | 0 | ' | ' |
Cash and cash equivalents at end of period | $0 | ' | $0 | ' | ' |