Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 01, 2013 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'OMI | ' |
Entity Registrant Name | 'OWENS & MINOR INC/VA/ | ' |
Entity Central Index Key | '0000075252 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 63,121,207 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net revenue | $2,304,599 | $2,179,895 | $6,846,995 | $6,583,221 |
Cost of goods sold | 2,031,270 | 1,951,772 | 6,021,183 | 5,929,341 |
Gross margin | 273,329 | 228,123 | 825,812 | 653,880 |
Selling, general and administrative expenses | 211,344 | 165,320 | 641,613 | 471,179 |
Acquisition-related and exit and realignment charges | 2,747 | 7,831 | 5,395 | 8,448 |
Depreciation and amortization | 12,441 | 10,090 | 37,347 | 27,184 |
Other operating income, net | -2,418 | -1,781 | -5,693 | -4,643 |
Operating earnings (loss) | 49,215 | 46,663 | 147,150 | 151,712 |
Interest expense, net | 3,389 | 3,066 | 9,835 | 9,975 |
Income before income taxes | 45,826 | 43,597 | 137,315 | 141,737 |
Income tax provision | 17,856 | 19,000 | 54,374 | 57,667 |
Net income (loss) | $27,970 | $24,597 | $82,941 | $84,070 |
Net income per common share: | ' | ' | ' | ' |
Basic | $0.44 | $0.39 | $1.31 | $1.33 |
Diluted | $0.44 | $0.39 | $1.31 | $1.33 |
Cash dividends per common share | $0.24 | $0.22 | $0.72 | $0.66 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net income | $27,970 | $24,597 | $82,941 | $84,070 |
Other comprehensive income, net of tax: | ' | ' | ' | ' |
Currency translation adjustments (net of income tax expense - $1,072 and $533 in 2013 and $0 in 2012) | 8,340 | 1,927 | 2,196 | 1,927 |
Change in unrecognized net periodic pension costs (net of income tax benefit - $134 and $400 in 2013 and $93 and $410 in 2012) | 208 | 146 | 625 | 642 |
Other (net of income tax expense - $8 and $24 for both 2013 and 2012) | 1 | -14 | -24 | -38 |
Other comprehensive income (loss) | 8,549 | 2,059 | 2,797 | 2,531 |
Comprehensive income | $36,519 | $26,656 | $85,738 | $86,601 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Currency translation adjustments, income tax expense | $1,072 | $0 | $533 | $0 |
Change in unrecognized net periodic pension costs, income tax benefit | 134 | 93 | 400 | 410 |
Other, income tax expense | $8 | $8 | $24 | $24 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $153,789 | $97,888 |
Accounts and notes receivable, net of allowances of $15,328 and $14,722 | 571,458 | 553,502 |
Merchandise inventories | 787,803 | 763,756 |
Other current assets | 246,242 | 213,748 |
Total current assets | 1,759,292 | 1,628,894 |
Property and equipment, net of accumulated depreciation of $139,047 and $121,873 | 192,672 | 191,841 |
Goodwill, net | 274,896 | 274,884 |
Intangible assets, net | 40,519 | 42,313 |
Other assets, net | 80,287 | 69,769 |
Total assets | 2,347,666 | 2,207,701 |
Current liabilities | ' | ' |
Accounts payable | 689,554 | 603,137 |
Accrued payroll and related liabilities | 24,793 | 25,468 |
Deferred income taxes | 49,860 | 40,758 |
Other accrued liabilities | 276,697 | 254,924 |
Total current liabilities | 1,040,904 | 924,287 |
Long-term debt, excluding current portion | 214,416 | 215,383 |
Deferred income taxes | 30,185 | 30,921 |
Other liabilities | 55,841 | 63,454 |
Total liabilities | 1,341,346 | 1,234,045 |
Commitments and contingencies | ' | ' |
Owens & Minor, Inc. shareholders' equity: | ' | ' |
Preferred stock, par value $100 per share, authorized - 10,000 shares, Series A Participating Cumulative Preferred Stock; none issued | ' | ' |
Common stock, par value $2 per share; authorized - 200,000 shares; issued and outstanding - 63,162 shares and 63,271 shares | 126,326 | 126,544 |
Paid - in capital | 194,762 | 187,394 |
Retained earnings | 681,711 | 658,994 |
Accumulated other comprehensive income (loss) | 2,391 | -406 |
Total Owens & Minor, Inc. shareholders' equity | 1,005,190 | 972,526 |
Noncontrolling interest | 1,130 | 1,130 |
Total equity | 1,006,320 | 973,656 |
Total liabilities and equity | $2,347,666 | $2,207,701 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Accounts and notes receivable, allowances | $15,328 | $14,722 |
Property and equipment, accumulated depreciation | $139,047 | $121,873 |
Preferred stock, par value | $100 | $100 |
Preferred stock, authorized | 10,000 | 10,000 |
Preferred stock, issued | ' | ' |
Common stock, par value | $2 | $2 |
Common stock, authorized | 200,000 | 200,000 |
Common stock, issued | 63,162 | 63,271 |
Common stock, outstanding | 63,162 | 63,271 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities: | ' | ' |
Net income | $82,941 | $84,070 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' |
Depreciation and amortization | 37,347 | 27,184 |
Share-based compensation expense | 5,162 | 4,844 |
Provision for losses on accounts and notes receivable | 179 | 414 |
Deferred income tax expense | 8,424 | 1,098 |
Changes in operating assets and liabilities: | ' | ' |
Accounts and notes receivable | -20,703 | -7,886 |
Merchandise inventories | -23,690 | 45,301 |
Accounts payable | 93,950 | 32,467 |
Net change in other assets and liabilities | -21,285 | -16,355 |
Other, net | -1,159 | -773 |
Cash provided by operating activities | 161,166 | 170,364 |
Investing activities: | ' | ' |
Acquisition, net of cash acquired | ' | -149,910 |
Additions to property and equipment | -25,144 | -7,890 |
Additions to computer software and intangible assets | -20,361 | -19,934 |
Proceeds from sale of property and equipment | 2,020 | 3,237 |
Cash used for investing activities | -43,485 | -174,497 |
Financing activities: | ' | ' |
Cash dividends paid | -45,587 | -41,791 |
Repurchases of common stock | -15,701 | -11,250 |
Financing costs paid | ' | -1,303 |
Excess tax benefits related to share-based compensation | 733 | 1,223 |
Proceeds from exercise of stock options | 4,821 | 4,114 |
Other, net | -6,769 | -4,444 |
Cash used for financing activities | -62,503 | -53,451 |
Effect of exchange rate changes on cash and cash equivalents | 723 | 1,313 |
Net increase (decrease) in cash and cash equivalents | 55,901 | -56,271 |
Cash and cash equivalents at beginning of period | 97,888 | 135,938 |
Cash and cash equivalents at end of period | 153,789 | 79,667 |
Supplemental disclosure of cash flow information: | ' | ' |
Income taxes paid, net | 51,567 | 50,114 |
Interest paid | $7,926 | $7,549 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Equity (USD $) | Total | Common Stock | Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest |
In Thousands | ||||||
Beginning Balance at Dec. 31, 2011 | $919,217 | $126,900 | $179,052 | $619,629 | ($7,494) | $1,130 |
Beginning Balance (in shares) at Dec. 31, 2011 | ' | 63,449 | ' | ' | ' | ' |
Net income | 84,070 | ' | ' | 84,070 | ' | ' |
Other comprehensive income | 2,531 | ' | ' | ' | 2,531 | ' |
Dividends declared ($0.72 per share in 2013 and $0.66 per share in 2012) | -41,791 | ' | ' | -41,791 | ' | ' |
Shares repurchased and retired (in shares) | ' | -390 | ' | ' | ' | ' |
Shares repurchased and retired | -11,250 | -780 | ' | -10,470 | ' | ' |
Share-based compensation expense, exercises and other (in shares) | ' | 321 | ' | ' | ' | ' |
Share-based compensation expense, exercises and other | 7,285 | 642 | 6,643 | ' | ' | ' |
Ending Balance at Sep. 30, 2012 | 960,062 | 126,762 | 185,695 | 651,438 | -4,963 | 1,130 |
Ending Balance (in shares) at Sep. 30, 2012 | ' | 63,380 | ' | ' | ' | ' |
Beginning Balance at Dec. 31, 2012 | 973,656 | 126,544 | 187,394 | 658,994 | -406 | 1,130 |
Beginning Balance (in shares) at Dec. 31, 2012 | 63,271 | 63,271 | ' | ' | ' | ' |
Net income | 82,941 | ' | ' | 82,941 | ' | ' |
Other comprehensive income | 2,797 | ' | ' | ' | 2,797 | ' |
Dividends declared ($0.72 per share in 2013 and $0.66 per share in 2012) | -45,466 | ' | ' | -45,466 | ' | ' |
Shares repurchased and retired (in shares) | -471 | -471 | ' | ' | ' | ' |
Shares repurchased and retired | -15,700 | -942 | ' | -14,758 | ' | ' |
Share-based compensation expense, exercises and other (in shares) | ' | 362 | ' | ' | ' | ' |
Share-based compensation expense, exercises and other | 8,092 | 724 | 7,368 | ' | ' | ' |
Ending Balance at Sep. 30, 2013 | $1,006,320 | $126,326 | $194,762 | $681,711 | $2,391 | $1,130 |
Ending Balance (in shares) at Sep. 30, 2013 | 63,162 | 63,162 | ' | ' | ' | ' |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Equity (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Dividends declared, per share | $0.24 | $0.22 | $0.72 | $0.66 |
Basis_of_Presentation_and_Use_
Basis of Presentation and Use of Estimates | 9 Months Ended |
Sep. 30, 2013 | |
Basis of Presentation and Use of Estimates | ' |
1. Basis of Presentation and Use of Estimates | |
Basis of Presentation | |
The accompanying unaudited consolidated financial statements include the accounts of Owens & Minor, Inc. and the subsidiaries it controls (we, us, or our) and contain all adjustments (which are comprised only of normal recurring accruals and use of estimates) necessary to conform with U.S. generally accepted accounting principles (GAAP). For the consolidated subsidiary in which our ownership is less than 100%, the outside stockholder’s interest is presented as a noncontrolling interest. All significant intercompany accounts and transactions have been eliminated. The results of operations for interim periods are not necessarily indicative of the results expected for the full year. | |
Certain prior period amounts have been reclassified to conform to the current period presentation. | |
Use of Estimates | |
The preparation of consolidated financial statements in conformity with GAAP requires us to make assumptions and estimates that affect reported amounts and related disclosures. Actual results may differ from these estimates. |
Fair_Value
Fair Value | 9 Months Ended |
Sep. 30, 2013 | |
Fair Value | ' |
2. Fair Value | |
The carrying amounts of cash and cash equivalents, accounts receivable, financing receivables, accounts payable and financing payables included in the consolidated balance sheets approximate fair value due to the short-term nature of these instruments. The fair value of long-term debt is estimated based on quoted market prices or dealer quotes for the identical liability when traded as an asset in an active market (Level 1) or, if quoted market prices or dealer quotes are not available, on the borrowing rates currently available for loans with similar terms, credit ratings and average remaining maturities (Level 2). See Note 8 for the fair value of long-term debt. |
Acquisition
Acquisition | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Acquisition | ' | ||||||||||||
3. Acquisition | |||||||||||||
On August 31, 2012, we acquired from Celesio AG (Celesio) all of the voting interests of certain subsidiaries comprising the majority of Celesio’s healthcare third-party logistics business known as the Movianto Group (the acquired portion is referred to herein as Movianto) for consideration of $157.3 million (€125 million), net of cash acquired and including debt assumed of $2.1 million (primarily capitalized lease obligations). As a result of the acquisition of Movianto, we have entered into third-party logistics for the pharmaceutical and medical device industries in the European market with an existing platform that also expands our ability to serve our U.S.-based manufacturer customers globally. | |||||||||||||
The purchase price was allocated to the underlying assets acquired and liabilities assumed based upon our estimate of their fair values at the date of acquisition, with certain exceptions permitted under GAAP. The purchase price exceeded the estimated fair value of the net tangible and identifiable intangible assets by $25.4 million, which was allocated to goodwill. The following table presents the estimated fair value of the assets acquired and liabilities assumed recognized as of the acquisition date. | |||||||||||||
Preliminary Fair Value | Measurement | Fair Value | |||||||||||
Orginally Estimated as | Period Adjustments | as | |||||||||||
of Acquisition Date (1) | Recorded in 2013 | of Acquisition Date | |||||||||||
Assets acquired: | |||||||||||||
Current assets | $ | 211,052 | $ | 295 | $ | 211,347 | |||||||
Property and equipment | 90,729 | (2,385 | ) | 88,344 | |||||||||
Goodwill | 25,042 | 387 | 25,429 | ||||||||||
Intangible assets | 21,543 | 1,335 | 22,878 | ||||||||||
Other noncurrent assets | 11,664 | 512 | 12,176 | ||||||||||
Total assets | 360,030 | 144 | 360,174 | ||||||||||
Liabilities assumed: | |||||||||||||
Current liabilities | 190,485 | 414 | 190,899 | ||||||||||
Noncurrent liabilities | 12,237 | (270 | ) | 11,967 | |||||||||
Total liabilities | 202,722 | 144 | 202,866 | ||||||||||
Fair value of net assets acquired, net of cash | $ | 157,308 | $ | — | $ | 157,308 | |||||||
(1) | As previously reported in our 2012 Form 10-K | ||||||||||||
Measurement period adjustments primarily relate to additional market information obtained regarding acquired assets. | |||||||||||||
We are amortizing the fair value of acquired intangible assets, primarily customer relationships, over their remaining weighted average useful lives of 9 years. | |||||||||||||
Goodwill of $25.4 million arising from the acquisition consists largely of expected opportunities to provide additional services to existing manufacturer customers and to expand our third-party logistics services globally. All of the goodwill was assigned to our International segment. None of the goodwill recognized is expected to be deductible for income tax purposes. | |||||||||||||
The fair value of financial assets and financial liabilities acquired includes financing receivables with a fair value of $106.8 million and financing payables with a fair value of $130.4 million. | |||||||||||||
Acquisition-related costs consist primarily of transaction costs incurred to perform due diligence and to analyze, negotiate and consummate the acquisition, costs to perform post-closing activities to establish a tax-efficient organizational structure, and costs to transition the acquired company’s information technology and other operations and administrative functions from the former owner. We incurred $1.5 million and $8.4 million in pre-tax acquisition-related costs in the first nine months of 2013 and 2012. |
Financing_Receivables
Financing Receivables | 9 Months Ended |
Sep. 30, 2013 | |
Financing Receivables | ' |
4. Financing Receivables | |
At September 30, 2013 and December 31, 2012, we had financing receivables of $148.8 million and $124.5 million and related payables of $149.2 million and $130.1 million outstanding under our order-to-cash program and product financing arrangements, which were included in other current assets and other current liabilities, respectively, in the consolidated balance sheets. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||
5. Goodwill and Intangible Assets | |||||||||||||
The following table summarizes the changes in the carrying amount of goodwill through September 30, 2013: | |||||||||||||
Domestic | International | ||||||||||||
Segment | Segment | Total | |||||||||||
Carrying amount of goodwill, December 31, 2012 | $ | 248,498 | $ | 26,386 | $ | 274,884 | |||||||
Currency translation adjustments | — | (375 | ) | (375 | ) | ||||||||
Fair value adjustments (See Note 3) | — | 387 | 387 | ||||||||||
Carrying amount of goodwill, September 30, 2013 | $ | 248,498 | $ | 26,398 | $ | 274,896 | |||||||
Intangible assets at September 30, 2013, and December 31, 2012, were as follows: | |||||||||||||
Customer | Other | Total | |||||||||||
Relationships | Intangibles | ||||||||||||
At September 30, 2013 | |||||||||||||
Gross intangible assets | $ | 51,174 | $ | 3,838 | $ | 55,012 | |||||||
Accumulated amortization | (13,576 | ) | (917 | ) | (14,493 | ) | |||||||
Net intangible assets, September 30, 2013 | $ | 37,598 | $ | 2,921 | $ | 40,519 | |||||||
At December 31, 2012 | |||||||||||||
Gross intangible assets | $ | 51,603 | $ | 2,848 | $ | 54,451 | |||||||
Accumulated amortization | (11,717 | ) | (421 | ) | (12,138 | ) | |||||||
Net intangible assets, December 31, 2012 | $ | 39,886 | $ | 2,427 | $ | 42,313 | |||||||
Amortization expense for intangible assets was $0.7 million and $0.8 million for the three months ended September 30, 2013 and 2012, and $2.7 million and $1.9 million for the nine months ended September 30, 2013 and 2012. | |||||||||||||
Based on the current carrying value of intangible assets subject to amortization, estimated amortization expense is $0.7 million for the remainder of 2013, $4.5 million for 2014, $5.1 million for 2015, $5.2 million for 2016, $5.0 million for 2017 and $4.1 million for 2018. |
Exit_and_Realignment_Costs
Exit and Realignment Costs | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Exit and Realignment Costs | ' | ||||||||||||
6. Exit and Realignment Costs | |||||||||||||
We periodically incur exit and realignment and other charges associated with optimizing our operations, which includes the consolidation of distribution centers, the realignment of our distribution network, and the closure of offsite warehouses. In the current quarter, we recognized $2.1 million associated with these activities, of which $1.9 million was in the Domestic segment and $0.2 million was in the International segment. During the first nine months of 2013, we recognized total charges of $3.9 million, including $3.2 million in the Domestic segment and $0.7 million in the International segment. The year to date charge includes $1.3 million in loss accruals associated with our operating leases and estimated severance. The remaining charges of $2.6 million are comprised of costs that are expensed as incurred and not reflected in the table below, including $1.4 million in product move costs and the remainder in losses on property and equipment and other expenses. We expect additional exit and realignment charges of approximately $3.0 million over the remainder of 2013 for activities initiated in the Domestic segment through September 30, 2013. | |||||||||||||
The following table summarizes the activity related to exit and realignment cost accruals through September 30, 2013 | |||||||||||||
Lease | Severance and | Total | |||||||||||
Obligations | Other | ||||||||||||
Accrued exit and realignment costs, December 31, 2012 | $ | 5,098 | $ | 1,116 | $ | 6,214 | |||||||
Provision for exit and realignment activities | 1,186 | 79 | 1,265 | ||||||||||
Change in estimate | — | (79 | ) | (79 | ) | ||||||||
Cash payments, net of sublease income | (5,425 | ) | (389 | ) | (5,814 | ) | |||||||
Accrued exit and realignment costs, September 30, 2013 | $ | 859 | $ | 727 | $ | 1,586 | |||||||
There were no exit and realignment charges in the third quarter or year to date period for 2012. |
Retirement_Plan
Retirement Plan | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Retirement Plan | ' | ||||||||||||||||
7. Retirement Plan | |||||||||||||||||
We have a noncontributory, unfunded retirement plan for certain officers and other key employees in the United States (Domestic Retirement Plan). In February 2012, our Board of Directors amended the Domestic Retirement Plan to freeze benefit levels and modify vesting provisions under the plan effective as of March 31, 2012. | |||||||||||||||||
Certain of our foreign subsidiaries have health and welfare plans covering substantially all of their respective employees. Our expense for these plans totaled $0.9 million for the nine months ended September 30, 2013. | |||||||||||||||||
The components of net periodic benefit cost, which are included in selling, general and administrative expenses, for the three and nine months ended September 30, 2013 and 2012, were as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 24 | $ | 4 | $ | 89 | $ | 134 | |||||||||
Interest cost | 414 | 410 | 1,241 | 1,218 | |||||||||||||
Recognized net actuarial loss | 341 | 239 | 1,024 | 733 | |||||||||||||
Curtailment loss | — | — | — | 234 | |||||||||||||
Net periodic benefit cost | $ | 779 | $ | 653 | $ | 2,354 | $ | 2,319 | |||||||||
Debt
Debt | 9 Months Ended |
Sep. 30, 2013 | |
Debt | ' |
8. Debt | |
We have $200 million of senior notes outstanding, which mature on April 15, 2016 and bear interest at 6.35% payable semi-annually (Senior Notes). We may redeem the Senior Notes, in whole or in part, at a redemption price of the greater of 100% of the principal amount of the Senior Notes or the present value of remaining scheduled payments of principal and interest discounted at the applicable Treasury Rate plus 0.25%. As of September 30, 2013 and December 31, 2012, the estimated fair value of the Senior Notes was $217.5 million and $219.5 million, and the related carrying amount was $204.5 million and $205.8 million. The estimated fair value interest rate used to compute the fair value of the Senior Notes at September 30, 2013 and December 31, 2012 was 2.75% and 3.19%. | |
We have a five-year $350 million Credit Agreement with Wells Fargo Bank, N.A., JPMorgan Chase Bank, N.A. and a syndicate of financial institutions (the Credit Agreement) expiring June 5, 2017. Under the Credit Agreement, we have the ability to request two one-year extensions and to request an increase in aggregate commitments by up to $150 million. The interest rate on the Credit Agreement, which is subject to adjustment quarterly, is based on the London Interbank Offered Rate (LIBOR), the Federal Funds Rate or the Prime Rate, plus an adjustment based on the better of our debt ratings or leverage ratio (Credit Spread) as defined by the Credit Agreement. We are charged a commitment fee of between 17.5 and 42.5 basis points on the unused portion of the facility. The terms of the Credit Agreement limit the amount of indebtedness that we may incur and require us to maintain ratios for leverage and interest coverage, including on a pro forma basis in the event of an acquisition. At September 30, 2013, we had no borrowings and letters of credit of approximately $5.0 million outstanding under the Credit Agreement, leaving $345.0 million available for borrowing. We also have a $1.4 million letter of credit outstanding as of September 30, 2013, which supports our facilities leased in Europe. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Taxes | ' |
9. Income Taxes | |
The provision for income taxes was $17.9 million and $54.4 million for the three and nine months ended September 30, 2013, compared to $19.0 million and $57.7 million for the same periods in 2012. The effective tax rate was 39.0% and 39.6% for the three and nine months ended September 30, 2013, compared to 43.6% and 40.7% for the same periods in 2012. The decrease in the effective tax rate quarter over quarter is due to the impact of non-deductable acquisition-related costs in the third quarter of 2012 incurred as a result of the Movianto acquisition. The decrease in the effective tax rate for the year-to-date period of 2013 is primarily the result of benefits recognized upon the conclusion of examinations of our 2009 and 2010 federal income tax returns and certain state income tax returns. The liability for unrecognized tax benefits was $4.8 million at September 30, 2013, compared to $12.3 million at December 31, 2012. The decrease was a result of the conclusion of these examinations. Included in the liability at September 30, 2013 were $3.4 million of tax positions for which ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. |
Net_Income_per_Common_Share
Net Income per Common Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Net Income per Common Share | ' | ||||||||||||||||
10. Net Income per Common Share | |||||||||||||||||
The following summarizes the calculation of net income per common share attributable to common shareholders for the three and nine months ended September 30, 2013 and 2012. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(in thousands, except per share data) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator: | |||||||||||||||||
Net income | $ | 27,970 | $ | 24,597 | $ | 82,941 | $ | 84,070 | |||||||||
Less: income allocated to unvested restricted shares | (186 | ) | (153 | ) | (541 | ) | (574 | ) | |||||||||
Net income attributable to common shareholders - basic | 27,784 | 24,444 | 82,400 | 83,496 | |||||||||||||
Add: undistributed income attributable to unvested restricted shares - basic | 59 | 53 | 185 | 229 | |||||||||||||
Less: undistributed income attributable to unvested restricted shares - diluted | (59 | ) | (53 | ) | (185 | ) | (228 | ) | |||||||||
Net income attributable to common shareholders - diluted | $ | 27,784 | $ | 24,444 | $ | 82,400 | $ | 83,497 | |||||||||
Denominator: | |||||||||||||||||
Weighted average shares outstanding - basic | 62,605 | 62,763 | 62,678 | 62,806 | |||||||||||||
Dilutive shares - stock options | 26 | 78 | 41 | 84 | |||||||||||||
Weighted average shares outstanding - diluted | 62,631 | 62,841 | 62,719 | 62,890 | |||||||||||||
Net income per share attributable to common shareholders: | |||||||||||||||||
Basic | $ | 0.44 | $ | 0.39 | $ | 1.31 | $ | 1.33 | |||||||||
Diluted | $ | 0.44 | $ | 0.39 | $ | 1.31 | $ | 1.33 |
Shareholders_Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2013 | |
Shareholders' Equity | ' |
11. Shareholders’ Equity | |
In February 2011, our Board of Directors authorized a share repurchase program of up to $50 million of our outstanding common stock to be executed at the discretion of management over a three-year period, expiring in February 2014. The program is intended to offset shares issued in conjunction with our stock incentive plans and may be suspended or discontinued at any time. During the nine months ended September 30, 2013, we repurchased in open-market transactions and retired approximately 471 thousand shares of our common stock for an aggregate of $15.7 million, or an average price per share of $33.32. As of September 30, 2013, we have approximately $3.2 million remaining under the repurchase program. We have elected to allocate any excess of share repurchase price over par value to retained earnings. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||||||
12. Accumulated Other Comprehensive Income | |||||||||||||||||
The following table shows the changes in accumulated other comprehensive income (loss) by component for the three months ended September 30, 2013 and 2012: | |||||||||||||||||
Defined Benefit | Currency | ||||||||||||||||
Pension | Translation | ||||||||||||||||
Plans | Adjustments | Other | Total | ||||||||||||||
Accumulated other comprehensive income (loss), June 30, 2013 | $ | (9,901 | ) | $ | 3,605 | $ | 138 | $ | (6,158 | ) | |||||||
Other comprehensive income (loss) before reclassifications | — | 9,412 | 14 | 9,426 | |||||||||||||
Income tax | — | (1,072 | ) | — | (1,072 | ) | |||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | — | 8,340 | 14 | 8,354 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 342 | — | (21 | ) | 321 | ||||||||||||
Income tax | (134 | ) | — | 8 | (126 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 208 | — | (13 | ) | 195 | ||||||||||||
Other comprehensive income (loss) | 208 | 8,340 | 1 | 8,549 | |||||||||||||
Accumulated other comprehensive income (loss), September 30, 2013 | $ | (9,693 | ) | $ | 11,945 | $ | 139 | $ | 2,391 | ||||||||
Defined Benefit | Currency | ||||||||||||||||
Pension | Translation | ||||||||||||||||
Plans | Adjustments | Other | Total | ||||||||||||||
Accumulated other comprehensive income (loss), June 30, 2012 | $ | (7,211 | ) | $ | — | $ | 189 | $ | (7,022 | ) | |||||||
Other comprehensive income (loss) before reclassifications | — | 1,927 | 1,927 | ||||||||||||||
Income tax | — | — | — | ||||||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | — | 1,927 | — | 1,927 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 239 | — | (22 | ) | 217 | ||||||||||||
Income tax | (93 | ) | — | 8 | (85 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 146 | — | (14 | ) | 132 | ||||||||||||
Other comprehensive income (loss) | 146 | 1,927 | (14 | ) | 2,059 | ||||||||||||
Accumulated other comprehensive income (loss), September 30, 2012 | $ | (7,065 | ) | $ | 1,927 | $ | 175 | $ | (4,963 | ) | |||||||
The following table shows the changes in accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2013 and 2012: | |||||||||||||||||
Defined Benefit | Currency | ||||||||||||||||
Pension | Translation | ||||||||||||||||
Plans | Adjustments | Other | Total | ||||||||||||||
Accumulated other comprehensive income (loss), December 31, 2012 | $ | (10,318 | ) | $ | 9,749 | $ | 163 | $ | (406 | ) | |||||||
Other comprehensive income (loss) before reclassifications | — | 2,729 | 14 | 2,743 | |||||||||||||
Income tax | — | (533 | ) | — | (533 | ) | |||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | — | 2,196 | 14 | 2,210 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 1,025 | — | (62 | ) | 963 | ||||||||||||
Income tax | (400 | ) | — | 24 | (376 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 625 | — | (38 | ) | 587 | ||||||||||||
Other comprehensive income (loss) | 625 | 2,196 | (24 | ) | 2,797 | ||||||||||||
Accumulated other comprehensive income (loss), September 30, 2013 | $ | (9,693 | ) | $ | 11,945 | $ | 139 | $ | 2,391 | ||||||||
Defined Benefit | Currency | ||||||||||||||||
Pension | Translation | ||||||||||||||||
Plans | Adjustments | Other | Total | ||||||||||||||
Accumulated other comprehensive income (loss), December 31, 2011 | $ | (7,707 | ) | $ | — | $ | 213 | $ | (7,494 | ) | |||||||
Other comprehensive income (loss) before reclassifications | 84 | 1,927 | 2,011 | ||||||||||||||
Income tax | (33 | ) | — | (33 | ) | ||||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | 51 | 1,927 | — | 1,978 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 968 | — | (62 | ) | 906 | ||||||||||||
Income tax | (377 | ) | — | 24 | (353 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 591 | — | (38 | ) | 553 | ||||||||||||
Other comprehensive income (loss) | 642 | 1,927 | (38 | ) | 2,531 | ||||||||||||
Accumulated other comprehensive income (loss), September 30, 2012 | $ | (7,065 | ) | $ | 1,927 | $ | 175 | $ | (4,963 | ) | |||||||
We include amounts reclassified out of accumulated other comprehensive income related to defined benefit pension plans as a component of net periodic pension cost recorded in selling, general & administrative expenses. For the three months ended September 30, 2013 and 2012, we reclassified $0.3 million and $0.2 million of actuarial net losses. For the nine months ended September 30, 2013, we reclassified $1.0 million of actuarial net losses. For the nine months ended September 30, 2012 we reclassified $0.8 million of actuarial net losses and $0.2 million of prior service costs. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies | ' |
13. Commitments and Contingencies | |
We have contractual obligations that are required to be paid to customers in the event that certain contractual performance targets are not achieved as of specified dates, generally within 36 months from inception of the contract. These contingent obligations totaled $2.6 million as of September 30, 2013. If none of the performance targets are met as of the specified dates, and customers have met their contractual commitments, payments will be due as follows: remainder of 2013 – $0.3 million; 2014 – $0.9 million; 2015 – $0.7 million; and 2016 – $0.7 million. None of these contingent obligations were accrued at September 30, 2013, as we do not consider any of them probable. We deferred the recognition of fees that are contingent upon the company’s future performance under the terms of these contracts. As of September 30, 2013, $1.2 million of deferred revenue related to outstanding contractual performance targets was included in other accrued liabilities. | |
During the second quarter of 2013, we reached a settlement in the administrative proceedings pending before the California Board of Equalization related to certain municipal sales tax incentives. Under the terms of the settlement, we expect to receive approximately $4.3 million for the period January 1, 2009 through June 30, 2013, of which $0.8 million was recognized prior to 2013. In the future, the company will receive an ongoing tax incentive that will vary with eligible revenues generated by sales to California-based customers, which amounted to $0.4 million in the current quarter. | |
Prior to exiting the direct-to-consumer business in January 2009, we received reimbursements from Medicare, Medicaid, and private healthcare insurers for certain customer billings. We are subject to audits of these reimbursements for up to seven years from the date of the service. | |
In connection with the Movianto acquisition, we entered into transition services agreements with the former owner under which it provides certain information technology and support services. The contract terms range from six to 24 months and are cancellable without penalty with thirty days notice. Since the acquisition we have terminated certain of these agreements and the maximum obligations in 2013 under these agreements is approximately $3.9 million, of which $3.8 million was incurred through the end of the third quarter. | |
Various issues and potential claims related to the acquisition and transition of Movianto remain outstanding and under review and discussion with the former owner. The ultimate outcomes of these issues and potential claims, including their impact on future financial results, cannot be ascertained or estimated at this time. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Information | ' | ||||||||||||||||
14. Segment Information | |||||||||||||||||
We evaluate the performance of our segments based on the operating earnings of the segments, excluding acquisition-related and exit and realignment charges. | |||||||||||||||||
The following tables present financial information by segment: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net revenue: | |||||||||||||||||
Domestic | $ | 2,175,663 | $ | 2,130,226 | $ | 6,474,069 | $ | 6,533,552 | |||||||||
International | 128,936 | 49,669 | 372,926 | 49,669 | |||||||||||||
Consolidated net revenue | $ | 2,304,599 | $ | 2,179,895 | $ | 6,846,995 | $ | 6,583,221 | |||||||||
Operating earnings (loss): | |||||||||||||||||
Domestic | $ | 51,213 | $ | 55,120 | $ | 155,364 | $ | 160,786 | |||||||||
International | 749 | (626 | ) | (2,819 | ) | (626 | ) | ||||||||||
Acquisition-related and exit and realignment charges | (2,747 | ) | (7,831 | ) | (5,395 | ) | (8,448 | ) | |||||||||
Consolidated operating earnings | $ | 49,215 | $ | 46,663 | $ | 147,150 | $ | 151,712 | |||||||||
Depreciation and amortization: | |||||||||||||||||
Domestic | $ | 8,805 | $ | 8,801 | $ | 26,775 | $ | 25,895 | |||||||||
International | 3,636 | 1,289 | 10,572 | 1,289 | |||||||||||||
Consolidated depreciation and amortization | $ | 12,441 | $ | 10,090 | $ | 37,347 | $ | 27,184 | |||||||||
Capital expenditures: | |||||||||||||||||
Domestic | $ | 10,032 | $ | 8,929 | $ | 34,506 | $ | 27,086 | |||||||||
International | 4,426 | 738 | 10,999 | 738 | |||||||||||||
Consolidated capital expenditures | $ | 14,458 | $ | 9,667 | $ | 45,505 | $ | 27,824 | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Total assets: | |||||||||||||||||
Domestic | $ | 1,749,805 | $ | 1,723,699 | |||||||||||||
International | 444,072 | 386,114 | |||||||||||||||
Segment assets | 2,193,877 | 2,109,813 | |||||||||||||||
Cash and cash equivalents | 153,789 | 97,888 | |||||||||||||||
Consolidated total assets | $ | 2,347,666 | $ | 2,207,701 | |||||||||||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Condensed Consolidating Financial Information | ' | ||||||||||||||||||||
15. Condensed Consolidating Financial Information | |||||||||||||||||||||
The following tables present condensed consolidating financial information for: Owens & Minor, Inc. (O&M); the guarantors of Owens & Minor, Inc.’s Senior Notes, on a combined basis; and the non-guarantor subsidiaries of the Senior Notes, on a combined basis. The guarantor subsidiaries are 100% owned by Owens & Minor, Inc. Separate financial statements of the guarantor subsidiaries are not presented because the guarantees by our guarantor subsidiaries are full and unconditional, as well as joint and several, and we believe the condensed consolidating financial information is more meaningful in understanding the financial position, results of operations and cash flows of the guarantor subsidiaries. | |||||||||||||||||||||
Owens & | Guarantor | Non-guarantor | |||||||||||||||||||
Three Months Ended September 30, 2013 | Minor, Inc. | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Statements of Income | |||||||||||||||||||||
Net revenue | $ | — | $ | 2,175,663 | $ | 140,836 | $ | (11,900 | ) | $ | 2,304,599 | ||||||||||
Cost of goods sold | — | 1,965,696 | 77,290 | (11,716 | ) | 2,031,270 | |||||||||||||||
Gross margin | — | 209,967 | 63,546 | (184 | ) | 273,329 | |||||||||||||||
Selling, general and administrative expenses | 264 | 151,107 | 59,973 | — | 211,344 | ||||||||||||||||
Acquisition-related and exit and realignment charges | — | 1,856 | 891 | — | 2,747 | ||||||||||||||||
Depreciation and amortization | 3 | 8,780 | 3,658 | — | 12,441 | ||||||||||||||||
Other operating income, net | — | (1,454 | ) | (964 | ) | — | (2,418 | ) | |||||||||||||
Operating (loss) earnings | (267 | ) | 49,678 | (12 | ) | (184 | ) | 49,215 | |||||||||||||
Interest expense (income), net | 5,791 | (2,364 | ) | (38 | ) | — | 3,389 | ||||||||||||||
(Loss) income before income taxes | (6,058 | ) | 52,042 | 26 | (184 | ) | 45,826 | ||||||||||||||
Income tax (benefit) provision | (2,319 | ) | 20,694 | (519 | ) | — | 17,856 | ||||||||||||||
Equity in earnings of subsidiaries | 31,709 | — | — | (31,709 | ) | — | |||||||||||||||
Net income (loss) | 27,970 | 31,348 | 545 | (31,893 | ) | 27,970 | |||||||||||||||
Other comprehensive income (loss) | 8,549 | 207 | 8,341 | (8,548 | ) | 8,549 | |||||||||||||||
Comprehensive income (loss) | $ | 36,519 | $ | 31,555 | $ | 8,886 | $ | (40,441 | ) | $ | 36,519 | ||||||||||
Three Months Ended September 30, 2012 | Owens & | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||
Minor, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||
Statements of Income | |||||||||||||||||||||
Net revenue | $ | — | $ | 2,130,226 | $ | 59,200 | $ | (9,531 | ) | $ | 2,179,895 | ||||||||||
Cost of goods sold | — | 1,921,975 | 39,074 | (9,277 | ) | 1,951,772 | |||||||||||||||
Gross margin | — | 208,251 | 20,126 | (254 | ) | 228,123 | |||||||||||||||
Selling, general and administrative expenses | 23 | 144,882 | 20,415 | — | 165,320 | ||||||||||||||||
Acquisition-related and exit and realignment charges | — | 104 | 7,727 | — | 7,831 | ||||||||||||||||
Depreciation and amortization | — | 8,783 | 1,307 | — | 10,090 | ||||||||||||||||
Other operating income, net | — | (1,396 | ) | (385 | ) | — | (1,781 | ) | |||||||||||||
Operating (loss) earnings | (23 | ) | 55,878 | (8,938 | ) | (254 | ) | 46,663 | |||||||||||||
Interest expense (income), net | 3,951 | (866 | ) | (19 | ) | — | 3,066 | ||||||||||||||
(Loss) income before income taxes | (3,974 | ) | 56,744 | (8,919 | ) | (254 | ) | 43,597 | |||||||||||||
Income tax (benefit) provision | (1,634 | ) | 23,411 | (2,777 | ) | — | 19,000 | ||||||||||||||
Equity in earnings of subsidiaries | 26,937 | — | — | (26,937 | ) | — | |||||||||||||||
Net income (loss) | 24,597 | 33,333 | (6,142 | ) | (27,191 | ) | 24,597 | ||||||||||||||
Other comprehensive income (loss) | 2,059 | 146 | 1,926 | (2,072 | ) | 2,059 | |||||||||||||||
Comprehensive income (loss) | $ | 26,656 | $ | 33,479 | $ | (4,216 | ) | $ | (29,263 | ) | $ | 26,656 | |||||||||
Condensed Consolidating Financial Information | |||||||||||||||||||||
Owens & | Guarantor | Non-guarantor | |||||||||||||||||||
Nine Months Ended September 30, 2013 | Minor, Inc. | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Statements of Income | |||||||||||||||||||||
Net revenue | $ | — | $ | 6,473,954 | $ | 407,010 | $ | (33,969 | ) | $ | 6,846,995 | ||||||||||
Cost of goods sold | — | 5,833,900 | 220,707 | (33,424 | ) | 6,021,183 | |||||||||||||||
Gross margin | — | 640,054 | 186,303 | (545 | ) | 825,812 | |||||||||||||||
Selling, general and administrative expenses | 1,138 | 459,780 | 180,695 | — | 641,613 | ||||||||||||||||
Acquisition-related and exit and realignment charges | — | 3,116 | 2,279 | — | 5,395 | ||||||||||||||||
Depreciation and amortization | 10 | 26,705 | 10,632 | — | 37,347 | ||||||||||||||||
Other operating income, net | — | (3,597 | ) | (2,096 | ) | — | (5,693 | ) | |||||||||||||
Operating (loss) earnings | (1,148 | ) | 154,050 | (5,207 | ) | (545 | ) | 147,150 | |||||||||||||
Interest expense (income), net | 15,340 | (5,096 | ) | (409 | ) | — | 9,835 | ||||||||||||||
(Loss) income before income taxes | (16,488 | ) | 159,146 | (4,798 | ) | (545 | ) | 137,315 | |||||||||||||
Income tax (benefit) provision | (6,327 | ) | 62,758 | (2,057 | ) | — | 54,374 | ||||||||||||||
Equity in earnings of subsidiaries | 93,102 | — | — | (93,102 | ) | — | |||||||||||||||
Net income (loss) | 82,941 | 96,388 | (2,741 | ) | (93,647 | ) | 82,941 | ||||||||||||||
Other comprehensive income (loss) | 2,797 | 623 | 2,195 | (2,818 | ) | 2,797 | |||||||||||||||
Comprehensive income (loss) | $ | 85,738 | $ | 97,011 | $ | (546 | ) | $ | (96,465 | ) | $ | 85,738 | |||||||||
Nine months ended September 30, 2012 | Owens & | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||
Minor, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||
Statements of Income | |||||||||||||||||||||
Net revenue | $ | — | $ | 6,533,552 | $ | 65,918 | $ | (16,249 | ) | $ | 6,583,221 | ||||||||||
Cost of goods sold | — | 5,899,666 | 45,393 | (15,718 | ) | 5,929,341 | |||||||||||||||
Gross margin | — | 633,886 | 20,525 | (531 | ) | 653,880 | |||||||||||||||
Selling, general and administrative expenses | 678 | 449,092 | 21,409 | — | 471,179 | ||||||||||||||||
Acquisition-related and exit and realignment charges | — | 721 | 7,727 | — | 8,448 | ||||||||||||||||
Depreciation and amortization | — | 25,842 | 1,342 | — | 27,184 | ||||||||||||||||
Other operating income, net | — | (4,123 | ) | (520 | ) | — | (4,643 | ) | |||||||||||||
Operating (loss) earnings | (678 | ) | 162,354 | (9,433 | ) | (531 | ) | 151,712 | |||||||||||||
Interest expense (income), net | 11,518 | (1,573 | ) | 30 | — | 9,975 | |||||||||||||||
(Loss) income before income taxes | (12,196 | ) | 163,927 | (9,463 | ) | (531 | ) | 141,737 | |||||||||||||
Income tax (benefit) provision | (4,872 | ) | 65,514 | (2,975 | ) | — | 57,667 | ||||||||||||||
Equity in earnings of subsidiaries | 91,394 | — | — | (91,394 | ) | — | |||||||||||||||
Net income (loss) | 84,070 | 98,413 | (6,488 | ) | (91,925 | ) | 84,070 | ||||||||||||||
Other comprehensive income (loss) | 2,531 | 642 | 1,926 | (2,568 | ) | 2,531 | |||||||||||||||
Comprehensive income (loss) | $ | 86,601 | $ | 99,055 | $ | (4,562 | ) | $ | (94,493 | ) | $ | 86,601 | |||||||||
Condensed Consolidating Financial Information | |||||||||||||||||||||
Non- | |||||||||||||||||||||
Owens & | Guarantor | guarantor | |||||||||||||||||||
September 30, 2013 | Minor, Inc. | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Balance Sheets | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Current assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 110,160 | $ | 15,218 | $ | 28,411 | $ | — | $ | 153,789 | |||||||||||
Accounts and notes receivable, net | — | 473,974 | 98,071 | (587 | ) | 571,458 | |||||||||||||||
Merchandise inventories | — | 765,114 | 23,915 | (1,226 | ) | 787,803 | |||||||||||||||
Other current assets | 198 | 80,168 | 165,881 | (5 | ) | 246,242 | |||||||||||||||
Total current assets | 110,358 | 1,334,474 | 316,278 | (1,818 | ) | 1,759,292 | |||||||||||||||
Property and equipment, net | 6 | 99,222 | 93,444 | — | 192,672 | ||||||||||||||||
Goodwill, net | — | 247,271 | 27,625 | — | 274,896 | ||||||||||||||||
Intangible assets, net | — | 18,404 | 22,115 | — | 40,519 | ||||||||||||||||
Due from O&M and subsidiaries | — | 424,398 | — | (424,398 | ) | — | |||||||||||||||
Advances to and investment in consolidated subsidiaries | 1,530,124 | — | — | (1,530,124 | ) | — | |||||||||||||||
Other assets, net | 456 | 62,415 | 17,416 | — | 80,287 | ||||||||||||||||
Total assets | $ | 1,640,944 | $ | 2,186,184 | $ | 476,878 | $ | (1,956,340 | ) | $ | 2,347,666 | ||||||||||
Liabilities and equity | |||||||||||||||||||||
Current liabilities | |||||||||||||||||||||
Accounts payable | $ | — | $ | 643,839 | $ | 46,305 | $ | (590 | ) | $ | 689,554 | ||||||||||
Accrued payroll and related liabilities | — | 15,750 | 9,043 | — | 24,793 | ||||||||||||||||
Deferred income taxes | — | 50,977 | (1,117 | ) | — | 49,860 | |||||||||||||||
Other accrued liabilities | 10,299 | 91,405 | 174,993 | — | 276,697 | ||||||||||||||||
Total current liabilities | 10,299 | 801,971 | 229,224 | (590 | ) | 1,040,904 | |||||||||||||||
Long-term debt, excluding current portion | 204,460 | 7,401 | 2,555 | — | 214,416 | ||||||||||||||||
Due to O&M and subsidiaries | 420,995 | — | 2,273 | (423,268 | ) | — | |||||||||||||||
Intercompany debt | — | 138,890 | — | (138,890 | ) | — | |||||||||||||||
Deferred income taxes | — | 26,484 | 3,701 | — | 30,185 | ||||||||||||||||
Other liabilities | — | 51,375 | 4,466 | — | 55,841 | ||||||||||||||||
Total liabilities | 635,754 | 1,026,121 | 242,219 | (562,748 | ) | 1,341,346 | |||||||||||||||
Equity | |||||||||||||||||||||
Common stock | 126,326 | — | 1,500 | (1,500 | ) | 126,326 | |||||||||||||||
Paid-in capital | 194,762 | 242,025 | 259,864 | (501,889 | ) | 194,762 | |||||||||||||||
Retained earnings (deficit) | 681,711 | 927,716 | (39,780 | ) | (887,936 | ) | 681,711 | ||||||||||||||
Accumulated other comprehensive income (loss) | 2,391 | (9,678 | ) | 11,945 | (2,267 | ) | 2,391 | ||||||||||||||
Total O&M shareholders’ equity | 1,005,190 | 1,160,063 | 233,529 | (1,393,592 | ) | 1,005,190 | |||||||||||||||
Noncontrolling Interest | — | — | 1,130 | — | 1,130 | ||||||||||||||||
Total equity | 1,005,190 | 1,160,063 | 234,659 | (1,393,592 | ) | 1,006,320 | |||||||||||||||
Total liabilities and equity | $ | 1,640,944 | $ | 2,186,184 | $ | 476,878 | $ | (1,956,340 | ) | $ | 2,347,666 | ||||||||||
Condensed Consolidating Financial Information | |||||||||||||||||||||
December 31, 2012 | Owens & | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||
Minor, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||
Balance Sheets | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Current assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 58,190 | $ | 13,641 | $ | 26,057 | $ | — | $ | 97,888 | |||||||||||
Accounts and notes receivable, net | — | 474,533 | 82,216 | (3,247 | ) | 553,502 | |||||||||||||||
Merchandise inventories | — | 750,046 | 14,391 | (681 | ) | 763,756 | |||||||||||||||
Other current assets | 1,627 | 76,036 | 137,593 | (1,508 | ) | 213,748 | |||||||||||||||
Total current assets | 59,817 | 1,314,256 | 260,257 | (5,436 | ) | 1,628,894 | |||||||||||||||
Property and equipment, net | 16 | 95,516 | 96,309 | — | 191,841 | ||||||||||||||||
Goodwill, net | — | 247,271 | 27,613 | — | 274,884 | ||||||||||||||||
Intangible assets, net | — | 19,972 | 22,341 | — | 42,313 | ||||||||||||||||
Due from O&M and subsidiaries | — | 236,612 | 34,248 | (270,860 | ) | — | |||||||||||||||
Advances to and investments in consolidated subsidiaries | 1,434,186 | — | — | (1,434,186 | ) | — | |||||||||||||||
Other assets, net | 6,885 | 55,781 | 14,238 | (7,135 | ) | 69,769 | |||||||||||||||
Total assets | $ | 1,500,904 | $ | 1,969,408 | $ | 455,006 | $ | (1,717,617 | ) | $ | 2,207,701 | ||||||||||
Liabilities and equity | |||||||||||||||||||||
Current liabilities | |||||||||||||||||||||
Accounts payable | $ | 45,300 | $ | 518,545 | $ | 42,542 | $ | (3,250 | ) | $ | 603,137 | ||||||||||
Accrued payroll and related liabilities | — | 18,201 | 7,267 | — | 25,468 | ||||||||||||||||
Deferred income taxes | — | 43,110 | — | (2,352 | ) | 40,758 | |||||||||||||||
Other current liabilities | 6,464 | 92,318 | 156,142 | — | 254,924 | ||||||||||||||||
Total current liabilities | 51,764 | 672,174 | 205,951 | (5,602 | ) | 924,287 | |||||||||||||||
Long-term debt, excluding current portion | 205,754 | 6,592 | 3,037 | — | 215,383 | ||||||||||||||||
Due to O&M and subsidiaries | 270,860 | — | — | (270,860 | ) | — | |||||||||||||||
Intercompany debt | — | 138,890 | — | (138,890 | ) | — | |||||||||||||||
Deferred income taxes | — | 30,141 | 7,069 | (6,289 | ) | 30,921 | |||||||||||||||
Other liabilities | — | 58,578 | 4,876 | — | 63,454 | ||||||||||||||||
Total liabilities | 528,378 | 906,375 | 220,933 | (421,641 | ) | 1,234,045 | |||||||||||||||
Equity | |||||||||||||||||||||
Common stock | 126,544 | — | 1,500 | (1,500 | ) | 126,544 | |||||||||||||||
Paid-in capital | 187,394 | 242,024 | 258,635 | (500,659 | ) | 187,394 | |||||||||||||||
Retained earnings (deficit) | 658,994 | 831,327 | (36,941 | ) | (794,386 | ) | 658,994 | ||||||||||||||
Accumulated other comprehensive income (loss) | (406 | ) | (10,318 | ) | 9,749 | 569 | (406 | ) | |||||||||||||
Total O&M shareholders’ equity | 972,526 | 1,063,033 | 232,943 | (1,295,976 | ) | 972,526 | |||||||||||||||
Noncontrolling interest | — | — | 1,130 | — | 1,130 | ||||||||||||||||
Total equity | 972,526 | 1,063,033 | 234,073 | (1,295,976 | ) | 973,656 | |||||||||||||||
Total liabilities and equity | $ | 1,500,904 | $ | 1,969,408 | $ | 455,006 | $ | (1,717,617 | ) | $ | 2,207,701 | ||||||||||
Condensed Consolidating Financial Information | |||||||||||||||||||||
Owens & | Guarantor | Non-guarantor | |||||||||||||||||||
Nine Months Ended September 30, 2013 | Minor, Inc. | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Statements of Cash Flows | |||||||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net income (loss) | $ | 82,941 | $ | 96,388 | $ | (2,741 | ) | $ | (93,647 | ) | $ | 82,941 | |||||||||
Adjustments to reconcile net income to cash provided by (used for) operating activities: | |||||||||||||||||||||
Equity in earnings of subsidiaries | (93,102 | ) | — | — | 93,102 | — | |||||||||||||||
Depreciation and amortization | 10 | 26,705 | 10,632 | — | 37,347 | ||||||||||||||||
Share-based compensation expense | — | 5,162 | — | — | 5,162 | ||||||||||||||||
Provision for losses on accounts and notes receivable | — | 110 | 69 | — | 179 | ||||||||||||||||
Deferred income tax expense (benefit) | — | 11,649 | (3,225 | ) | — | 8,424 | |||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||
Accounts and notes receivable | — | 449 | (18,493 | ) | (2,659 | ) | (20,703 | ) | |||||||||||||
Merchandise inventories | — | (15,068 | ) | (9,166 | ) | 544 | (23,690 | ) | |||||||||||||
Accounts payable | — | 79,994 | 11,296 | 2,660 | 93,950 | ||||||||||||||||
Net change in other assets and liabilities | 5,264 | (21,493 | ) | (5,056 | ) | — | (21,285 | ) | |||||||||||||
Other, net | 972 | 466 | (2,597 | ) | — | (1,159 | ) | ||||||||||||||
Cash provided by (used for) operating activities | (3,915 | ) | 184,362 | (19,281 | ) | — | 161,166 | ||||||||||||||
Investing activities: | — | ||||||||||||||||||||
Additions to property and equipment | — | (18,972 | ) | (6,172 | ) | — | (25,144 | ) | |||||||||||||
Additions to computer software and intangible assets | — | (15,534 | ) | (4,827 | ) | — | (20,361 | ) | |||||||||||||
Proceeds from the sale of property and equipment | — | 1,829 | 191 | — | 2,020 | ||||||||||||||||
Cash used for investing activities | — | (32,677 | ) | (10,808 | ) | — | (43,485 | ) | |||||||||||||
Financing activities: | |||||||||||||||||||||
Change in intercompany advances | 114,145 | (148,109 | ) | 33,964 | — | — | |||||||||||||||
Cash dividends paid | (45,587 | ) | — | — | — | (45,587 | ) | ||||||||||||||
Repurchases of common stock | (15,701 | ) | — | — | — | (15,701 | ) | ||||||||||||||
Excess tax benefits related to share-based compensation | 733 | — | — | — | 733 | ||||||||||||||||
Proceeds from exercise of stock options | 4,821 | — | — | — | 4,821 | ||||||||||||||||
Other, net | (2,526 | ) | (1,999 | ) | (2,244 | ) | — | (6,769 | ) | ||||||||||||
Cash provided by (used for) financing activities | 55,885 | (150,108 | ) | 31,720 | — | (62,503 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 723 | — | 723 | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | |||||||||||||||||||||
51,970 | 1,577 | 2,354 | — | 55,901 | |||||||||||||||||
Cash and cash equivalents at beginning of period | 58,190 | 13,641 | 26,057 | — | 97,888 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 110,160 | $ | 15,218 | $ | 28,411 | $ | — | $ | 153,789 | |||||||||||
Condensed Consolidating Financial Information | |||||||||||||||||||||
Nine Months Ended September 30, 2012 | Owens & | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||
Minor, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||
Statements of Cash Flows | |||||||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net income (loss) | $ | 84,070 | $ | 98,413 | $ | (6,488 | ) | $ | (91,925 | ) | $ | 84,070 | |||||||||
Adjustments to reconcile net income to cash provided by (used for) operating activities: | |||||||||||||||||||||
Equity in earnings of subsidiaries | (91,394 | ) | — | — | 91,394 | — | |||||||||||||||
Depreciation and amortization | — | 25,842 | 1,342 | — | 27,184 | ||||||||||||||||
Share-based compensation expense | — | 4,844 | — | — | 4,844 | ||||||||||||||||
Deferred income tax expense | — | 1,098 | — | — | 1,098 | ||||||||||||||||
Provision for losses on accounts and notes receivable | — | 311 | 103 | — | 414 | ||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||
Accounts and notes receivable | — | 15,314 | (25,817 | ) | 2,617 | (7,886 | ) | ||||||||||||||
Merchandise inventories | — | 55,323 | (10,552 | ) | 530 | 45,301 | |||||||||||||||
Accounts payable | (111,525 | ) | 99,664 | 46,949 | (2,621 | ) | 32,467 | ||||||||||||||
Net change in other assets and liabilities | 3,070 | (3,214 | ) | (16,216 | ) | 5 | (16,355 | ) | |||||||||||||
Other, net | (1,270 | ) | 712 | (215 | ) | — | (773 | ) | |||||||||||||
Cash provided by (used for) operating activities | (117,049 | ) | 298,307 | (10,894 | ) | — | 170,364 | ||||||||||||||
Investing activities: | |||||||||||||||||||||
Acquisition, net of cash acquired | (149,910 | ) | (149,910 | ) | |||||||||||||||||
Additions to computer software and intangible assets | — | (18,911 | ) | (1,023 | ) | — | (19,934 | ) | |||||||||||||
Additions to property and equipment | — | (8,159 | ) | 269 | — | (7,890 | ) | ||||||||||||||
Proceeds from the sale of property and equipment | — | 3,237 | — | — | 3,237 | ||||||||||||||||
Cash used for investing activities | — | (23,833 | ) | (150,664 | ) | — | (174,497 | ) | |||||||||||||
Financing activities: | |||||||||||||||||||||
Change in intercompany advances | 77,168 | (271,650 | ) | 194,482 | — | — | |||||||||||||||
Cash dividends paid | (41,791 | ) | — | — | — | (41,791 | ) | ||||||||||||||
Repurchases of common stock | (11,250 | ) | — | — | — | (11,250 | ) | ||||||||||||||
Financing costs paid | — | (1,303 | ) | — | (1,303 | ) | |||||||||||||||
Excess tax benefits related to share-based compensation | 1,223 | — | — | — | 1,223 | ||||||||||||||||
Proceeds from exercise of stock options | 4,114 | — | — | — | 4,114 | ||||||||||||||||
Other, net | (2,887 | ) | (1,586 | ) | 29 | — | (4,444 | ) | |||||||||||||
Cash provided by (used for) financing activities | 26,577 | (274,539 | ) | 194,511 | — | (53,451 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 1,313 | — | 1,313 | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (90,472 | ) | (65 | ) | 34,266 | — | (56,271 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | 120,010 | 14,809 | 1,119 | — | 135,938 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 29,538 | $ | 14,744 | $ | 35,385 | $ | — | $ | 79,667 | |||||||||||
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
Recent Accounting Pronouncements | ' |
16. Recent Accounting Pronouncements | |
There has been no change in our significant accounting policies from those contained in our Annual Report on Form 10-K for the year ended December 31, 2012, except as discussed below. | |
We adopted an Accounting Standard Update (ASU) issued by the Financial Accounting Standards Board (FASB) for clarifying disclosures of offsetting assets and liabilities. This clarifies the scope and treatment of derivatives that are offset or subject to an enforceable master netting arrangements. The adoption of this guidance did not have an impact on our financial position or results of operations. | |
We adopted an ASU for reporting amounts reclassified out of accumulated other comprehensive income. This update requires entities to disclose the amounts reclassified out of accumulated other comprehensive income by component. The adoption of this guidance did not have an impact on our financial position or results of operations. | |
We adopted an ASU for reporting cumulative translation adjustment upon derecognition of foreign subsidiaries, assets or investments. This update requires the release of related cumulative translation adjustment when the parent ceases to have a controlling financial interest. The adoption of this guidance did not have an impact on our financial position or results of operations. |
Basis_of_Presentation_and_Use_1
Basis of Presentation and Use of Estimates (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited consolidated financial statements include the accounts of Owens & Minor, Inc. and the subsidiaries it controls (we, us, or our) and contain all adjustments (which are comprised only of normal recurring accruals and use of estimates) necessary to conform with U.S. generally accepted accounting principles (GAAP). For the consolidated subsidiary in which our ownership is less than 100%, the outside stockholder’s interest is presented as a noncontrolling interest. All significant intercompany accounts and transactions have been eliminated. The results of operations for interim periods are not necessarily indicative of the results expected for the full year. | |
Certain prior period amounts have been reclassified to conform to the current period presentation. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of consolidated financial statements in conformity with GAAP requires us to make assumptions and estimates that affect reported amounts and related disclosures. Actual results may differ from these estimates. | |
Fair Value | ' |
The carrying amounts of cash and cash equivalents, accounts receivable, financing receivables, accounts payable and financing payables included in the consolidated balance sheets approximate fair value due to the short-term nature of these instruments. The fair value of long-term debt is estimated based on quoted market prices or dealer quotes for the identical liability when traded as an asset in an active market (Level 1) or, if quoted market prices or dealer quotes are not available, on the borrowing rates currently available for loans with similar terms, credit ratings and average remaining maturities (Level 2). See Note 8 for the fair value of long-term debt. | |
Segment Reporting | ' |
We evaluate the performance of our segments based on the operating earnings of the segments, excluding acquisition-related and exit and realignment charges. |
Acquisition_Tables
Acquisition (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Estimated Fair Value of Assets Acquired And Liabilities Assumed | ' | ||||||||||||
The following table presents the estimated fair value of the assets acquired and liabilities assumed recognized as of the acquisition date. | |||||||||||||
Preliminary Fair Value | Measurement | Fair Value | |||||||||||
Orginally Estimated as | Period Adjustments | as | |||||||||||
of Acquisition Date (1) | Recorded in 2013 | of Acquisition Date | |||||||||||
Assets acquired: | |||||||||||||
Current assets | $ | 211,052 | $ | 295 | $ | 211,347 | |||||||
Property and equipment | 90,729 | (2,385 | ) | 88,344 | |||||||||
Goodwill | 25,042 | 387 | 25,429 | ||||||||||
Intangible assets | 21,543 | 1,335 | 22,878 | ||||||||||
Other noncurrent assets | 11,664 | 512 | 12,176 | ||||||||||
Total assets | 360,030 | 144 | 360,174 | ||||||||||
Liabilities assumed: | |||||||||||||
Current liabilities | 190,485 | 414 | 190,899 | ||||||||||
Noncurrent liabilities | 12,237 | (270 | ) | 11,967 | |||||||||
Total liabilities | 202,722 | 144 | 202,866 | ||||||||||
Fair value of net assets acquired, net of cash | $ | 157,308 | $ | — | $ | 157,308 | |||||||
(1) | As previously reported in our 2012 Form 10-K |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Changes in Carrying Amount of Goodwill | ' | ||||||||||||
The following table summarizes the changes in the carrying amount of goodwill through September 30, 2013: | |||||||||||||
Domestic | International | ||||||||||||
Segment | Segment | Total | |||||||||||
Carrying amount of goodwill, December 31, 2012 | $ | 248,498 | $ | 26,386 | $ | 274,884 | |||||||
Currency translation adjustments | — | (375 | ) | (375 | ) | ||||||||
Fair value adjustments (See Note 3) | — | 387 | 387 | ||||||||||
Carrying amount of goodwill, September 30, 2013 | $ | 248,498 | $ | 26,398 | $ | 274,896 | |||||||
Intangible Assets | ' | ||||||||||||
Intangible assets at September 30, 2013, and December 31, 2012, were as follows: | |||||||||||||
Customer | Other | Total | |||||||||||
Relationships | Intangibles | ||||||||||||
At September 30, 2013 | |||||||||||||
Gross intangible assets | $ | 51,174 | $ | 3,838 | $ | 55,012 | |||||||
Accumulated amortization | (13,576 | ) | (917 | ) | (14,493 | ) | |||||||
Net intangible assets, September 30, 2013 | $ | 37,598 | $ | 2,921 | $ | 40,519 | |||||||
At December 31, 2012 | |||||||||||||
Gross intangible assets | $ | 51,603 | $ | 2,848 | $ | 54,451 | |||||||
Accumulated amortization | (11,717 | ) | (421 | ) | (12,138 | ) | |||||||
Net intangible assets, December 31, 2012 | $ | 39,886 | $ | 2,427 | $ | 42,313 | |||||||
Exit_and_Realignment_Costs_Tab
Exit and Realignment Costs (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Summary of Accrued Exit Costs | ' | ||||||||||||
The following table summarizes the activity related to exit and realignment cost accruals through September 30, 2013 | |||||||||||||
Lease | Severance and | Total | |||||||||||
Obligations | Other | ||||||||||||
Accrued exit and realignment costs, December 31, 2012 | $ | 5,098 | $ | 1,116 | $ | 6,214 | |||||||
Provision for exit and realignment activities | 1,186 | 79 | 1,265 | ||||||||||
Change in estimate | — | (79 | ) | (79 | ) | ||||||||
Cash payments, net of sublease income | (5,425 | ) | (389 | ) | (5,814 | ) | |||||||
Accrued exit and realignment costs, September 30, 2013 | $ | 859 | $ | 727 | $ | 1,586 | |||||||
Retirement_Plan_Tables
Retirement Plan (Tables) (Domestic Retirement Plans) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Domestic Retirement Plans | ' | ||||||||||||||||
Components of Net Periodic Benefit Cost for Domestic Retirement Plan | ' | ||||||||||||||||
The components of net periodic benefit cost, which are included in selling, general and administrative expenses, for the three and nine months ended September 30, 2013 and 2012, were as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 24 | $ | 4 | $ | 89 | $ | 134 | |||||||||
Interest cost | 414 | 410 | 1,241 | 1,218 | |||||||||||||
Recognized net actuarial loss | 341 | 239 | 1,024 | 733 | |||||||||||||
Curtailment loss | — | — | — | 234 | |||||||||||||
Net periodic benefit cost | $ | 779 | $ | 653 | $ | 2,354 | $ | 2,319 | |||||||||
Net_Income_per_Common_Share_Ta
Net Income per Common Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Summary of Calculation of Net Income Per Common Share | ' | ||||||||||||||||
The following summarizes the calculation of net income per common share attributable to common shareholders for the three and nine months ended September 30, 2013 and 2012. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(in thousands, except per share data) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator: | |||||||||||||||||
Net income | $ | 27,970 | $ | 24,597 | $ | 82,941 | $ | 84,070 | |||||||||
Less: income allocated to unvested restricted shares | (186 | ) | (153 | ) | (541 | ) | (574 | ) | |||||||||
Net income attributable to common shareholders - basic | 27,784 | 24,444 | 82,400 | 83,496 | |||||||||||||
Add: undistributed income attributable to unvested restricted shares - basic | 59 | 53 | 185 | 229 | |||||||||||||
Less: undistributed income attributable to unvested restricted shares - diluted | (59 | ) | (53 | ) | (185 | ) | (228 | ) | |||||||||
Net income attributable to common shareholders - diluted | $ | 27,784 | $ | 24,444 | $ | 82,400 | $ | 83,497 | |||||||||
Denominator: | |||||||||||||||||
Weighted average shares outstanding - basic | 62,605 | 62,763 | 62,678 | 62,806 | |||||||||||||
Dilutive shares - stock options | 26 | 78 | 41 | 84 | |||||||||||||
Weighted average shares outstanding - diluted | 62,631 | 62,841 | 62,719 | 62,890 | |||||||||||||
Net income per share attributable to common shareholders: | |||||||||||||||||
Basic | $ | 0.44 | $ | 0.39 | $ | 1.31 | $ | 1.33 | |||||||||
Diluted | $ | 0.44 | $ | 0.39 | $ | 1.31 | $ | 1.33 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component | ' | ||||||||||||||||
The following table shows the changes in accumulated other comprehensive income (loss) by component for the three months ended September 30, 2013 and 2012: | |||||||||||||||||
Defined Benefit | Currency | ||||||||||||||||
Pension | Translation | ||||||||||||||||
Plans | Adjustments | Other | Total | ||||||||||||||
Accumulated other comprehensive income (loss), June 30, 2013 | $ | (9,901 | ) | $ | 3,605 | $ | 138 | $ | (6,158 | ) | |||||||
Other comprehensive income (loss) before reclassifications | — | 9,412 | 14 | 9,426 | |||||||||||||
Income tax | — | (1,072 | ) | — | (1,072 | ) | |||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | — | 8,340 | 14 | 8,354 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 342 | — | (21 | ) | 321 | ||||||||||||
Income tax | (134 | ) | — | 8 | (126 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 208 | — | (13 | ) | 195 | ||||||||||||
Other comprehensive income (loss) | 208 | 8,340 | 1 | 8,549 | |||||||||||||
Accumulated other comprehensive income (loss), September 30, 2013 | $ | (9,693 | ) | $ | 11,945 | $ | 139 | $ | 2,391 | ||||||||
Defined Benefit | Currency | ||||||||||||||||
Pension | Translation | ||||||||||||||||
Plans | Adjustments | Other | Total | ||||||||||||||
Accumulated other comprehensive income (loss), June 30, 2012 | $ | (7,211 | ) | $ | — | $ | 189 | $ | (7,022 | ) | |||||||
Other comprehensive income (loss) before reclassifications | — | 1,927 | 1,927 | ||||||||||||||
Income tax | — | — | — | ||||||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | — | 1,927 | — | 1,927 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 239 | — | (22 | ) | 217 | ||||||||||||
Income tax | (93 | ) | — | 8 | (85 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 146 | — | (14 | ) | 132 | ||||||||||||
Other comprehensive income (loss) | 146 | 1,927 | (14 | ) | 2,059 | ||||||||||||
Accumulated other comprehensive income (loss), September 30, 2012 | $ | (7,065 | ) | $ | 1,927 | $ | 175 | $ | (4,963 | ) | |||||||
The following table shows the changes in accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2013 and 2012: | |||||||||||||||||
Defined Benefit | Currency | ||||||||||||||||
Pension | Translation | ||||||||||||||||
Plans | Adjustments | Other | Total | ||||||||||||||
Accumulated other comprehensive income (loss), December 31, 2012 | $ | (10,318 | ) | $ | 9,749 | $ | 163 | $ | (406 | ) | |||||||
Other comprehensive income (loss) before reclassifications | — | 2,729 | 14 | 2,743 | |||||||||||||
Income tax | — | (533 | ) | — | (533 | ) | |||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | — | 2,196 | 14 | 2,210 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 1,025 | — | (62 | ) | 963 | ||||||||||||
Income tax | (400 | ) | — | 24 | (376 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 625 | — | (38 | ) | 587 | ||||||||||||
Other comprehensive income (loss) | 625 | 2,196 | (24 | ) | 2,797 | ||||||||||||
Accumulated other comprehensive income (loss), September 30, 2013 | $ | (9,693 | ) | $ | 11,945 | $ | 139 | $ | 2,391 | ||||||||
Defined Benefit | Currency | ||||||||||||||||
Pension | Translation | ||||||||||||||||
Plans | Adjustments | Other | Total | ||||||||||||||
Accumulated other comprehensive income (loss), December 31, 2011 | $ | (7,707 | ) | $ | — | $ | 213 | $ | (7,494 | ) | |||||||
Other comprehensive income (loss) before reclassifications | 84 | 1,927 | 2,011 | ||||||||||||||
Income tax | (33 | ) | — | (33 | ) | ||||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | 51 | 1,927 | — | 1,978 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 968 | — | (62 | ) | 906 | ||||||||||||
Income tax | (377 | ) | — | 24 | (353 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 591 | — | (38 | ) | 553 | ||||||||||||
Other comprehensive income (loss) | 642 | 1,927 | (38 | ) | 2,531 | ||||||||||||
Accumulated other comprehensive income (loss), September 30, 2012 | $ | (7,065 | ) | $ | 1,927 | $ | 175 | $ | (4,963 | ) | |||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Financial Information by Segment | ' | ||||||||||||||||
The following tables present financial information by segment: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net revenue: | |||||||||||||||||
Domestic | $ | 2,175,663 | $ | 2,130,226 | $ | 6,474,069 | $ | 6,533,552 | |||||||||
International | 128,936 | 49,669 | 372,926 | 49,669 | |||||||||||||
Consolidated net revenue | $ | 2,304,599 | $ | 2,179,895 | $ | 6,846,995 | $ | 6,583,221 | |||||||||
Operating earnings (loss): | |||||||||||||||||
Domestic | $ | 51,213 | $ | 55,120 | $ | 155,364 | $ | 160,786 | |||||||||
International | 749 | (626 | ) | (2,819 | ) | (626 | ) | ||||||||||
Acquisition-related and exit and realignment charges | (2,747 | ) | (7,831 | ) | (5,395 | ) | (8,448 | ) | |||||||||
Consolidated operating earnings | $ | 49,215 | $ | 46,663 | $ | 147,150 | $ | 151,712 | |||||||||
Depreciation and amortization: | |||||||||||||||||
Domestic | $ | 8,805 | $ | 8,801 | $ | 26,775 | $ | 25,895 | |||||||||
International | 3,636 | 1,289 | 10,572 | 1,289 | |||||||||||||
Consolidated depreciation and amortization | $ | 12,441 | $ | 10,090 | $ | 37,347 | $ | 27,184 | |||||||||
Capital expenditures: | |||||||||||||||||
Domestic | $ | 10,032 | $ | 8,929 | $ | 34,506 | $ | 27,086 | |||||||||
International | 4,426 | 738 | 10,999 | 738 | |||||||||||||
Consolidated capital expenditures | $ | 14,458 | $ | 9,667 | $ | 45,505 | $ | 27,824 | |||||||||
Consolidated Total Assets | ' | ||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Total assets: | |||||||||||||||||
Domestic | $ | 1,749,805 | $ | 1,723,699 | |||||||||||||
International | 444,072 | 386,114 | |||||||||||||||
Segment assets | 2,193,877 | 2,109,813 | |||||||||||||||
Cash and cash equivalents | 153,789 | 97,888 | |||||||||||||||
Consolidated total assets | $ | 2,347,666 | $ | 2,207,701 | |||||||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Condensed Consolidating Statement Of Income | ' | ||||||||||||||||||||
The following tables present condensed consolidating financial information for: Owens & Minor, Inc. (O&M); the guarantors of Owens & Minor, Inc.’s Senior Notes, on a combined basis; and the non-guarantor subsidiaries of the Senior Notes, on a combined basis. The guarantor subsidiaries are 100% owned by Owens & Minor, Inc. Separate financial statements of the guarantor subsidiaries are not presented because the guarantees by our guarantor subsidiaries are full and unconditional, as well as joint and several, and we believe the condensed consolidating financial information is more meaningful in understanding the financial position, results of operations and cash flows of the guarantor subsidiaries. | |||||||||||||||||||||
Owens & | Guarantor | Non-guarantor | |||||||||||||||||||
Three Months Ended September 30, 2013 | Minor, Inc. | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Statements of Income | |||||||||||||||||||||
Net revenue | $ | — | $ | 2,175,663 | $ | 140,836 | $ | (11,900 | ) | $ | 2,304,599 | ||||||||||
Cost of goods sold | — | 1,965,696 | 77,290 | (11,716 | ) | 2,031,270 | |||||||||||||||
Gross margin | — | 209,967 | 63,546 | (184 | ) | 273,329 | |||||||||||||||
Selling, general and administrative expenses | 264 | 151,107 | 59,973 | — | 211,344 | ||||||||||||||||
Acquisition-related and exit and realignment charges | — | 1,856 | 891 | — | 2,747 | ||||||||||||||||
Depreciation and amortization | 3 | 8,780 | 3,658 | — | 12,441 | ||||||||||||||||
Other operating income, net | — | (1,454 | ) | (964 | ) | — | (2,418 | ) | |||||||||||||
Operating (loss) earnings | (267 | ) | 49,678 | (12 | ) | (184 | ) | 49,215 | |||||||||||||
Interest expense (income), net | 5,791 | (2,364 | ) | (38 | ) | — | 3,389 | ||||||||||||||
(Loss) income before income taxes | (6,058 | ) | 52,042 | 26 | (184 | ) | 45,826 | ||||||||||||||
Income tax (benefit) provision | (2,319 | ) | 20,694 | (519 | ) | — | 17,856 | ||||||||||||||
Equity in earnings of subsidiaries | 31,709 | — | — | (31,709 | ) | — | |||||||||||||||
Net income (loss) | 27,970 | 31,348 | 545 | (31,893 | ) | 27,970 | |||||||||||||||
Other comprehensive income (loss) | 8,549 | 207 | 8,341 | (8,548 | ) | 8,549 | |||||||||||||||
Comprehensive income (loss) | $ | 36,519 | $ | 31,555 | $ | 8,886 | $ | (40,441 | ) | $ | 36,519 | ||||||||||
Three Months Ended September 30, 2012 | Owens & | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||
Minor, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||
Statements of Income | |||||||||||||||||||||
Net revenue | $ | — | $ | 2,130,226 | $ | 59,200 | $ | (9,531 | ) | $ | 2,179,895 | ||||||||||
Cost of goods sold | — | 1,921,975 | 39,074 | (9,277 | ) | 1,951,772 | |||||||||||||||
Gross margin | — | 208,251 | 20,126 | (254 | ) | 228,123 | |||||||||||||||
Selling, general and administrative expenses | 23 | 144,882 | 20,415 | — | 165,320 | ||||||||||||||||
Acquisition-related and exit and realignment charges | — | 104 | 7,727 | — | 7,831 | ||||||||||||||||
Depreciation and amortization | — | 8,783 | 1,307 | — | 10,090 | ||||||||||||||||
Other operating income, net | — | (1,396 | ) | (385 | ) | — | (1,781 | ) | |||||||||||||
Operating (loss) earnings | (23 | ) | 55,878 | (8,938 | ) | (254 | ) | 46,663 | |||||||||||||
Interest expense (income), net | 3,951 | (866 | ) | (19 | ) | — | 3,066 | ||||||||||||||
(Loss) income before income taxes | (3,974 | ) | 56,744 | (8,919 | ) | (254 | ) | 43,597 | |||||||||||||
Income tax (benefit) provision | (1,634 | ) | 23,411 | (2,777 | ) | — | 19,000 | ||||||||||||||
Equity in earnings of subsidiaries | 26,937 | — | — | (26,937 | ) | — | |||||||||||||||
Net income (loss) | 24,597 | 33,333 | (6,142 | ) | (27,191 | ) | 24,597 | ||||||||||||||
Other comprehensive income (loss) | 2,059 | 146 | 1,926 | (2,072 | ) | 2,059 | |||||||||||||||
Comprehensive income (loss) | $ | 26,656 | $ | 33,479 | $ | (4,216 | ) | $ | (29,263 | ) | $ | 26,656 | |||||||||
Condensed Consolidating Financial Information | |||||||||||||||||||||
Owens & | Guarantor | Non-guarantor | |||||||||||||||||||
Nine Months Ended September 30, 2013 | Minor, Inc. | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Statements of Income | |||||||||||||||||||||
Net revenue | $ | — | $ | 6,473,954 | $ | 407,010 | $ | (33,969 | ) | $ | 6,846,995 | ||||||||||
Cost of goods sold | — | 5,833,900 | 220,707 | (33,424 | ) | 6,021,183 | |||||||||||||||
Gross margin | — | 640,054 | 186,303 | (545 | ) | 825,812 | |||||||||||||||
Selling, general and administrative expenses | 1,138 | 459,780 | 180,695 | — | 641,613 | ||||||||||||||||
Acquisition-related and exit and realignment charges | — | 3,116 | 2,279 | — | 5,395 | ||||||||||||||||
Depreciation and amortization | 10 | 26,705 | 10,632 | — | 37,347 | ||||||||||||||||
Other operating income, net | — | (3,597 | ) | (2,096 | ) | — | (5,693 | ) | |||||||||||||
Operating (loss) earnings | (1,148 | ) | 154,050 | (5,207 | ) | (545 | ) | 147,150 | |||||||||||||
Interest expense (income), net | 15,340 | (5,096 | ) | (409 | ) | — | 9,835 | ||||||||||||||
(Loss) income before income taxes | (16,488 | ) | 159,146 | (4,798 | ) | (545 | ) | 137,315 | |||||||||||||
Income tax (benefit) provision | (6,327 | ) | 62,758 | (2,057 | ) | — | 54,374 | ||||||||||||||
Equity in earnings of subsidiaries | 93,102 | — | — | (93,102 | ) | — | |||||||||||||||
Net income (loss) | 82,941 | 96,388 | (2,741 | ) | (93,647 | ) | 82,941 | ||||||||||||||
Other comprehensive income (loss) | 2,797 | 623 | 2,195 | (2,818 | ) | 2,797 | |||||||||||||||
Comprehensive income (loss) | $ | 85,738 | $ | 97,011 | $ | (546 | ) | $ | (96,465 | ) | $ | 85,738 | |||||||||
Nine months ended September 30, 2012 | Owens & | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||
Minor, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||
Statements of Income | |||||||||||||||||||||
Net revenue | $ | — | $ | 6,533,552 | $ | 65,918 | $ | (16,249 | ) | $ | 6,583,221 | ||||||||||
Cost of goods sold | — | 5,899,666 | 45,393 | (15,718 | ) | 5,929,341 | |||||||||||||||
Gross margin | — | 633,886 | 20,525 | (531 | ) | 653,880 | |||||||||||||||
Selling, general and administrative expenses | 678 | 449,092 | 21,409 | — | 471,179 | ||||||||||||||||
Acquisition-related and exit and realignment charges | — | 721 | 7,727 | — | 8,448 | ||||||||||||||||
Depreciation and amortization | — | 25,842 | 1,342 | — | 27,184 | ||||||||||||||||
Other operating income, net | — | (4,123 | ) | (520 | ) | — | (4,643 | ) | |||||||||||||
Operating (loss) earnings | (678 | ) | 162,354 | (9,433 | ) | (531 | ) | 151,712 | |||||||||||||
Interest expense (income), net | 11,518 | (1,573 | ) | 30 | — | 9,975 | |||||||||||||||
(Loss) income before income taxes | (12,196 | ) | 163,927 | (9,463 | ) | (531 | ) | 141,737 | |||||||||||||
Income tax (benefit) provision | (4,872 | ) | 65,514 | (2,975 | ) | — | 57,667 | ||||||||||||||
Equity in earnings of subsidiaries | 91,394 | — | — | (91,394 | ) | — | |||||||||||||||
Net income (loss) | 84,070 | 98,413 | (6,488 | ) | (91,925 | ) | 84,070 | ||||||||||||||
Other comprehensive income (loss) | 2,531 | 642 | 1,926 | (2,568 | ) | 2,531 | |||||||||||||||
Comprehensive income (loss) | $ | 86,601 | $ | 99,055 | $ | (4,562 | ) | $ | (94,493 | ) | $ | 86,601 | |||||||||
Condensed Consolidating Balance Sheets | ' | ||||||||||||||||||||
Condensed Consolidating Financial Information | |||||||||||||||||||||
Non- | |||||||||||||||||||||
Owens & | Guarantor | guarantor | |||||||||||||||||||
September 30, 2013 | Minor, Inc. | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Balance Sheets | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Current assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 110,160 | $ | 15,218 | $ | 28,411 | $ | — | $ | 153,789 | |||||||||||
Accounts and notes receivable, net | — | 473,974 | 98,071 | (587 | ) | 571,458 | |||||||||||||||
Merchandise inventories | — | 765,114 | 23,915 | (1,226 | ) | 787,803 | |||||||||||||||
Other current assets | 198 | 80,168 | 165,881 | (5 | ) | 246,242 | |||||||||||||||
Total current assets | 110,358 | 1,334,474 | 316,278 | (1,818 | ) | 1,759,292 | |||||||||||||||
Property and equipment, net | 6 | 99,222 | 93,444 | — | 192,672 | ||||||||||||||||
Goodwill, net | — | 247,271 | 27,625 | — | 274,896 | ||||||||||||||||
Intangible assets, net | — | 18,404 | 22,115 | — | 40,519 | ||||||||||||||||
Due from O&M and subsidiaries | — | 424,398 | — | (424,398 | ) | — | |||||||||||||||
Advances to and investment in consolidated subsidiaries | 1,530,124 | — | — | (1,530,124 | ) | — | |||||||||||||||
Other assets, net | 456 | 62,415 | 17,416 | — | 80,287 | ||||||||||||||||
Total assets | $ | 1,640,944 | $ | 2,186,184 | $ | 476,878 | $ | (1,956,340 | ) | $ | 2,347,666 | ||||||||||
Liabilities and equity | |||||||||||||||||||||
Current liabilities | |||||||||||||||||||||
Accounts payable | $ | — | $ | 643,839 | $ | 46,305 | $ | (590 | ) | $ | 689,554 | ||||||||||
Accrued payroll and related liabilities | — | 15,750 | 9,043 | — | 24,793 | ||||||||||||||||
Deferred income taxes | — | 50,977 | (1,117 | ) | — | 49,860 | |||||||||||||||
Other accrued liabilities | 10,299 | 91,405 | 174,993 | — | 276,697 | ||||||||||||||||
Total current liabilities | 10,299 | 801,971 | 229,224 | (590 | ) | 1,040,904 | |||||||||||||||
Long-term debt, excluding current portion | 204,460 | 7,401 | 2,555 | — | 214,416 | ||||||||||||||||
Due to O&M and subsidiaries | 420,995 | — | 2,273 | (423,268 | ) | — | |||||||||||||||
Intercompany debt | — | 138,890 | — | (138,890 | ) | — | |||||||||||||||
Deferred income taxes | — | 26,484 | 3,701 | — | 30,185 | ||||||||||||||||
Other liabilities | — | 51,375 | 4,466 | — | 55,841 | ||||||||||||||||
Total liabilities | 635,754 | 1,026,121 | 242,219 | (562,748 | ) | 1,341,346 | |||||||||||||||
Equity | |||||||||||||||||||||
Common stock | 126,326 | — | 1,500 | (1,500 | ) | 126,326 | |||||||||||||||
Paid-in capital | 194,762 | 242,025 | 259,864 | (501,889 | ) | 194,762 | |||||||||||||||
Retained earnings (deficit) | 681,711 | 927,716 | (39,780 | ) | (887,936 | ) | 681,711 | ||||||||||||||
Accumulated other comprehensive income (loss) | 2,391 | (9,678 | ) | 11,945 | (2,267 | ) | 2,391 | ||||||||||||||
Total O&M shareholders’ equity | 1,005,190 | 1,160,063 | 233,529 | (1,393,592 | ) | 1,005,190 | |||||||||||||||
Noncontrolling Interest | — | — | 1,130 | — | 1,130 | ||||||||||||||||
Total equity | 1,005,190 | 1,160,063 | 234,659 | (1,393,592 | ) | 1,006,320 | |||||||||||||||
Total liabilities and equity | $ | 1,640,944 | $ | 2,186,184 | $ | 476,878 | $ | (1,956,340 | ) | $ | 2,347,666 | ||||||||||
Condensed Consolidating Financial Information | |||||||||||||||||||||
December 31, 2012 | Owens & | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||
Minor, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||
Balance Sheets | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Current assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 58,190 | $ | 13,641 | $ | 26,057 | $ | — | $ | 97,888 | |||||||||||
Accounts and notes receivable, net | — | 474,533 | 82,216 | (3,247 | ) | 553,502 | |||||||||||||||
Merchandise inventories | — | 750,046 | 14,391 | (681 | ) | 763,756 | |||||||||||||||
Other current assets | 1,627 | 76,036 | 137,593 | (1,508 | ) | 213,748 | |||||||||||||||
Total current assets | 59,817 | 1,314,256 | 260,257 | (5,436 | ) | 1,628,894 | |||||||||||||||
Property and equipment, net | 16 | 95,516 | 96,309 | — | 191,841 | ||||||||||||||||
Goodwill, net | — | 247,271 | 27,613 | — | 274,884 | ||||||||||||||||
Intangible assets, net | — | 19,972 | 22,341 | — | 42,313 | ||||||||||||||||
Due from O&M and subsidiaries | — | 236,612 | 34,248 | (270,860 | ) | — | |||||||||||||||
Advances to and investments in consolidated subsidiaries | 1,434,186 | — | — | (1,434,186 | ) | — | |||||||||||||||
Other assets, net | 6,885 | 55,781 | 14,238 | (7,135 | ) | 69,769 | |||||||||||||||
Total assets | $ | 1,500,904 | $ | 1,969,408 | $ | 455,006 | $ | (1,717,617 | ) | $ | 2,207,701 | ||||||||||
Liabilities and equity | |||||||||||||||||||||
Current liabilities | |||||||||||||||||||||
Accounts payable | $ | 45,300 | $ | 518,545 | $ | 42,542 | $ | (3,250 | ) | $ | 603,137 | ||||||||||
Accrued payroll and related liabilities | — | 18,201 | 7,267 | — | 25,468 | ||||||||||||||||
Deferred income taxes | — | 43,110 | — | (2,352 | ) | 40,758 | |||||||||||||||
Other current liabilities | 6,464 | 92,318 | 156,142 | — | 254,924 | ||||||||||||||||
Total current liabilities | 51,764 | 672,174 | 205,951 | (5,602 | ) | 924,287 | |||||||||||||||
Long-term debt, excluding current portion | 205,754 | 6,592 | 3,037 | — | 215,383 | ||||||||||||||||
Due to O&M and subsidiaries | 270,860 | — | — | (270,860 | ) | — | |||||||||||||||
Intercompany debt | — | 138,890 | — | (138,890 | ) | — | |||||||||||||||
Deferred income taxes | — | 30,141 | 7,069 | (6,289 | ) | 30,921 | |||||||||||||||
Other liabilities | — | 58,578 | 4,876 | — | 63,454 | ||||||||||||||||
Total liabilities | 528,378 | 906,375 | 220,933 | (421,641 | ) | 1,234,045 | |||||||||||||||
Equity | |||||||||||||||||||||
Common stock | 126,544 | — | 1,500 | (1,500 | ) | 126,544 | |||||||||||||||
Paid-in capital | 187,394 | 242,024 | 258,635 | (500,659 | ) | 187,394 | |||||||||||||||
Retained earnings (deficit) | 658,994 | 831,327 | (36,941 | ) | (794,386 | ) | 658,994 | ||||||||||||||
Accumulated other comprehensive income (loss) | (406 | ) | (10,318 | ) | 9,749 | 569 | (406 | ) | |||||||||||||
Total O&M shareholders’ equity | 972,526 | 1,063,033 | 232,943 | (1,295,976 | ) | 972,526 | |||||||||||||||
Noncontrolling interest | — | — | 1,130 | — | 1,130 | ||||||||||||||||
Total equity | 972,526 | 1,063,033 | 234,073 | (1,295,976 | ) | 973,656 | |||||||||||||||
Total liabilities and equity | $ | 1,500,904 | $ | 1,969,408 | $ | 455,006 | $ | (1,717,617 | ) | $ | 2,207,701 | ||||||||||
Condensed Consolidating Statement Of Cash Flows | ' | ||||||||||||||||||||
Condensed Consolidating Financial Information | |||||||||||||||||||||
Owens & | Guarantor | Non-guarantor | |||||||||||||||||||
Nine Months Ended September 30, 2013 | Minor, Inc. | Subsidiaries | Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Statements of Cash Flows | |||||||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net income (loss) | $ | 82,941 | $ | 96,388 | $ | (2,741 | ) | $ | (93,647 | ) | $ | 82,941 | |||||||||
Adjustments to reconcile net income to cash provided by (used for) operating activities: | |||||||||||||||||||||
Equity in earnings of subsidiaries | (93,102 | ) | — | — | 93,102 | — | |||||||||||||||
Depreciation and amortization | 10 | 26,705 | 10,632 | — | 37,347 | ||||||||||||||||
Share-based compensation expense | — | 5,162 | — | — | 5,162 | ||||||||||||||||
Provision for losses on accounts and notes receivable | — | 110 | 69 | — | 179 | ||||||||||||||||
Deferred income tax expense (benefit) | — | 11,649 | (3,225 | ) | — | 8,424 | |||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||
Accounts and notes receivable | — | 449 | (18,493 | ) | (2,659 | ) | (20,703 | ) | |||||||||||||
Merchandise inventories | — | (15,068 | ) | (9,166 | ) | 544 | (23,690 | ) | |||||||||||||
Accounts payable | — | 79,994 | 11,296 | 2,660 | 93,950 | ||||||||||||||||
Net change in other assets and liabilities | 5,264 | (21,493 | ) | (5,056 | ) | — | (21,285 | ) | |||||||||||||
Other, net | 972 | 466 | (2,597 | ) | — | (1,159 | ) | ||||||||||||||
Cash provided by (used for) operating activities | (3,915 | ) | 184,362 | (19,281 | ) | — | 161,166 | ||||||||||||||
Investing activities: | — | ||||||||||||||||||||
Additions to property and equipment | — | (18,972 | ) | (6,172 | ) | — | (25,144 | ) | |||||||||||||
Additions to computer software and intangible assets | — | (15,534 | ) | (4,827 | ) | — | (20,361 | ) | |||||||||||||
Proceeds from the sale of property and equipment | — | 1,829 | 191 | — | 2,020 | ||||||||||||||||
Cash used for investing activities | — | (32,677 | ) | (10,808 | ) | — | (43,485 | ) | |||||||||||||
Financing activities: | |||||||||||||||||||||
Change in intercompany advances | 114,145 | (148,109 | ) | 33,964 | — | — | |||||||||||||||
Cash dividends paid | (45,587 | ) | — | — | — | (45,587 | ) | ||||||||||||||
Repurchases of common stock | (15,701 | ) | — | — | — | (15,701 | ) | ||||||||||||||
Excess tax benefits related to share-based compensation | 733 | — | — | — | 733 | ||||||||||||||||
Proceeds from exercise of stock options | 4,821 | — | — | — | 4,821 | ||||||||||||||||
Other, net | (2,526 | ) | (1,999 | ) | (2,244 | ) | — | (6,769 | ) | ||||||||||||
Cash provided by (used for) financing activities | 55,885 | (150,108 | ) | 31,720 | — | (62,503 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 723 | — | 723 | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | |||||||||||||||||||||
51,970 | 1,577 | 2,354 | — | 55,901 | |||||||||||||||||
Cash and cash equivalents at beginning of period | 58,190 | 13,641 | 26,057 | — | 97,888 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 110,160 | $ | 15,218 | $ | 28,411 | $ | — | $ | 153,789 | |||||||||||
Condensed Consolidating Financial Information | |||||||||||||||||||||
Nine Months Ended September 30, 2012 | Owens & | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||
Minor, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||
Statements of Cash Flows | |||||||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net income (loss) | $ | 84,070 | $ | 98,413 | $ | (6,488 | ) | $ | (91,925 | ) | $ | 84,070 | |||||||||
Adjustments to reconcile net income to cash provided by (used for) operating activities: | |||||||||||||||||||||
Equity in earnings of subsidiaries | (91,394 | ) | — | — | 91,394 | — | |||||||||||||||
Depreciation and amortization | — | 25,842 | 1,342 | — | 27,184 | ||||||||||||||||
Share-based compensation expense | — | 4,844 | — | — | 4,844 | ||||||||||||||||
Deferred income tax expense | — | 1,098 | — | — | 1,098 | ||||||||||||||||
Provision for losses on accounts and notes receivable | — | 311 | 103 | — | 414 | ||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||
Accounts and notes receivable | — | 15,314 | (25,817 | ) | 2,617 | (7,886 | ) | ||||||||||||||
Merchandise inventories | — | 55,323 | (10,552 | ) | 530 | 45,301 | |||||||||||||||
Accounts payable | (111,525 | ) | 99,664 | 46,949 | (2,621 | ) | 32,467 | ||||||||||||||
Net change in other assets and liabilities | 3,070 | (3,214 | ) | (16,216 | ) | 5 | (16,355 | ) | |||||||||||||
Other, net | (1,270 | ) | 712 | (215 | ) | — | (773 | ) | |||||||||||||
Cash provided by (used for) operating activities | (117,049 | ) | 298,307 | (10,894 | ) | — | 170,364 | ||||||||||||||
Investing activities: | |||||||||||||||||||||
Acquisition, net of cash acquired | (149,910 | ) | (149,910 | ) | |||||||||||||||||
Additions to computer software and intangible assets | — | (18,911 | ) | (1,023 | ) | — | (19,934 | ) | |||||||||||||
Additions to property and equipment | — | (8,159 | ) | 269 | — | (7,890 | ) | ||||||||||||||
Proceeds from the sale of property and equipment | — | 3,237 | — | — | 3,237 | ||||||||||||||||
Cash used for investing activities | — | (23,833 | ) | (150,664 | ) | — | (174,497 | ) | |||||||||||||
Financing activities: | |||||||||||||||||||||
Change in intercompany advances | 77,168 | (271,650 | ) | 194,482 | — | — | |||||||||||||||
Cash dividends paid | (41,791 | ) | — | — | — | (41,791 | ) | ||||||||||||||
Repurchases of common stock | (11,250 | ) | — | — | — | (11,250 | ) | ||||||||||||||
Financing costs paid | — | (1,303 | ) | — | (1,303 | ) | |||||||||||||||
Excess tax benefits related to share-based compensation | 1,223 | — | — | — | 1,223 | ||||||||||||||||
Proceeds from exercise of stock options | 4,114 | — | — | — | 4,114 | ||||||||||||||||
Other, net | (2,887 | ) | (1,586 | ) | 29 | — | (4,444 | ) | |||||||||||||
Cash provided by (used for) financing activities | 26,577 | (274,539 | ) | 194,511 | — | (53,451 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 1,313 | — | 1,313 | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (90,472 | ) | (65 | ) | 34,266 | — | (56,271 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | 120,010 | 14,809 | 1,119 | — | 135,938 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 29,538 | $ | 14,744 | $ | 35,385 | $ | — | $ | 79,667 | |||||||||||
Acquisition_Additional_Informa
Acquisition - Additional Information (Detail) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Aug. 31, 2012 | Aug. 31, 2012 | Sep. 30, 2013 | |
USD ($) | USD ($) | Movianto | Movianto | Movianto | Movianto | Movianto | Movianto | ||
USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | Customer relationships | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |
Business acquisition, cash paid for acquired entity | ' | ' | ' | ' | $157,308,000 | [1] | $157,308,000 | € 125,000,000 | ' |
Business acquisition, debt assumed | ' | ' | ' | ' | ' | 2,100,000 | ' | ' | |
Business acquisition, purchase price allocated to goodwill | 274,896,000 | 274,884,000 | 387,000 | ' | 25,042,000 | [1] | 25,429,000 | ' | ' |
Acquired intangible assets , useful life | ' | ' | ' | ' | ' | ' | ' | '9 years | |
Fair value of acquired receivables | ' | ' | 106,800,000 | ' | ' | ' | ' | ' | |
Fair value of acquired payables | ' | ' | 130,400,000 | ' | ' | ' | ' | ' | |
Pre-tax acquisition-related costs | ' | ' | $1,500,000 | $8,400,000 | ' | ' | ' | ' | |
[1] | As previously reported in our 2012 Form 10-K |
Estimated_Fair_Value_of_Assets
Estimated Fair Value of Assets Acquired and Liabilities Assumed (Detail) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Aug. 31, 2012 | Aug. 31, 2012 | |
In Thousands, unless otherwise specified | USD ($) | USD ($) | Movianto | Movianto | Movianto | Movianto | |
USD ($) | USD ($) | USD ($) | EUR (€) | ||||
Assets acquired: | ' | ' | ' | ' | ' | ' | |
Current assets | ' | ' | $295 | $211,052 | [1] | $211,347 | ' |
Property and equipment | ' | ' | -2,385 | 90,729 | [1] | 88,344 | ' |
Goodwill | 274,896 | 274,884 | 387 | 25,042 | [1] | 25,429 | ' |
Intangible assets | ' | ' | 1,335 | 21,543 | [1] | 22,878 | ' |
Other noncurrent assets | ' | ' | 512 | 11,664 | [1] | 12,176 | ' |
Total assets | ' | ' | 144 | 360,030 | [1] | 360,174 | ' |
Liabilities assumed: | ' | ' | ' | ' | ' | ' | |
Current liabilities | ' | ' | 414 | 190,485 | [1] | 190,899 | ' |
Noncurrent liabilities | ' | ' | -270 | 12,237 | [1] | 11,967 | ' |
Total liabilities | ' | ' | 144 | 202,722 | [1] | 202,866 | ' |
Fair value of net assets acquired, net of cash | ' | ' | ' | $157,308 | [1] | $157,308 | € 125,000 |
[1] | As previously reported in our 2012 Form 10-K |
Finance_Receivables_Additional
Finance Receivables - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivables [Line Items] | ' | ' |
Other current assets | $246,242 | $213,748 |
Other liabilities | 276,697 | 254,924 |
Financing Receivable | ' | ' |
Financing Receivables [Line Items] | ' | ' |
Other current assets | 148,800 | 124,500 |
Financing Payables | ' | ' |
Financing Receivables [Line Items] | ' | ' |
Other liabilities | $149,200 | $130,100 |
Changes_in_Carrying_Amount_of_
Changes in Carrying Amount of Goodwill (Detail) (USD $) | 9 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
Domestic | Domestic | International | ||
Goodwill [Line Items] | ' | ' | ' | ' |
Carrying amount of goodwill, December 31, 2012 | $274,884 | $248,498 | $248,498 | $26,386 |
Currency translation adjustments | -375 | ' | ' | -375 |
Fair value adjustments (See Note 3) | 387 | ' | ' | 387 |
Carrying amount of goodwill, September 30, 2013 | $274,896 | $248,498 | $248,498 | $26,398 |
Intangible_Assets_Detail
Intangible Assets (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross intangible assets | $55,012 | $54,451 |
Accumulated amortization | -14,493 | -12,138 |
Net intangible assets | 40,519 | 42,313 |
Customer relationships | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross intangible assets | 51,174 | 51,603 |
Accumulated amortization | -13,576 | -11,717 |
Net intangible assets | 37,598 | 39,886 |
Other Intangibles | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross intangible assets | 3,838 | 2,848 |
Accumulated amortization | -917 | -421 |
Net intangible assets | $2,921 | $2,427 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' | ' |
Amortization expense for intangible assets | $0.70 | $0.80 | $2.70 | $1.90 |
Estimated amortization expense for the remainder of 2013 | 0.7 | ' | 0.7 | ' |
Estimated amortization expense for 2014 | 4.5 | ' | 4.5 | ' |
Estimated amortization expense for 2015 | 5.1 | ' | 5.1 | ' |
Estimated amortization expense for 2016 | 5.2 | ' | 5.2 | ' |
Estimated amortization expense for 2017 | 5 | ' | 5 | ' |
Estimated amortization expense for 2018 | $4.10 | ' | $4.10 | ' |
Exit_and_Realignment_Costs_Add
Exit and Realignment Costs - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Total charges with exit activities | $2.10 | $3.90 |
Losses accruals associated with operating leases and estimated severance | ' | 1.3 |
Charges expensed as incurred | ' | 2.6 |
Product move costs | ' | 1.4 |
Domestic | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Total charges with exit activities | 1.9 | 3.2 |
Expect additional charges | ' | 3 |
International | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Total charges with exit activities | $0.20 | $0.70 |
Accrual_for_Exit_and_Realignme
Accrual for Exit and Realignment Costs (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Restructuring Cost and Reserve [Line Items] | ' |
Accrued exit and realignment costs, beginning of period | $6,214 |
Provision for exit and realignment activities | 1,265 |
Change in estimate | -79 |
Cash payments, net of sublease income | -5,814 |
Accrued exit and realignment costs, end of period | 1,586 |
Lease Obligations | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Accrued exit and realignment costs, beginning of period | 5,098 |
Provision for exit and realignment activities | 1,186 |
Cash payments, net of sublease income | -5,425 |
Accrued exit and realignment costs, end of period | 859 |
Severance and Other | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Accrued exit and realignment costs, beginning of period | 1,116 |
Provision for exit and realignment activities | 79 |
Change in estimate | -79 |
Cash payments, net of sublease income | -389 |
Accrued exit and realignment costs, end of period | $727 |
Retirement_Plan_Additional_Inf
Retirement Plan - Additional Information (Detail) (Health and Welfare Plans of Foreign Subsidiaries, USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Health and Welfare Plans of Foreign Subsidiaries | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Plan expense | $0.90 |
Components_of_Net_Periodic_Ben
Components of Net Periodic Benefit Cost (Detail) (Domestic Retirement Plans, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Domestic Retirement Plans | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $24 | $4 | $89 | $134 |
Interest cost | 414 | 410 | 1,241 | 1,218 |
Recognized net actuarial loss | 341 | 239 | 1,024 | 733 |
Curtailment loss | ' | ' | ' | 234 |
Net periodic benefit cost | $779 | $653 | $2,354 | $2,319 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Amount available for borrowing | $345 | ' |
Revolving Credit Facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity period | '5 years | ' |
Expiration date | 5-Jun-17 | ' |
Maximum borrowing capacity | 350 | ' |
Number of extension | ' | 2 |
Term of each extension (in years) | ' | '1 year |
Revolving Credit Facility | Minimum | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Commitment fee charged on unused portion of facility | ' | 0.18% |
Revolving Credit Facility | Maximum | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Commitment fee charged on unused portion of facility | ' | 0.43% |
Revolving Credit Facility, Additional Borrowing Capacity | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maximum borrowing capacity | ' | 150 |
Senior Notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt outstanding | 200 | ' |
Maturity date of debt | 15-Apr-16 | ' |
Interest rate of debt | 6.35% | ' |
Senior Notes, redemption price percentage on principal amount | 100.00% | ' |
Senior Notes redemption price description | 'We may redeem the Senior Notes, in whole or in part, at a redemption price of the greater of 100% of the principal amount of the Senior Notes or the present value of remaining scheduled payments of principal and interest discounted at the applicable Treasury Rate plus 0.25%. | ' |
Rate of interest discounted | 0.25% | ' |
Estimated fair value of the Senior Notes | 217.5 | 219.5 |
Carrying amount of senior notes | 204.5 | 205.8 |
Debt, fair value interest rate | 2.75% | 3.19% |
Letter of Credit | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Borrowings outstanding | 5 | ' |
European Lease Agreement | Replaced Line of Credit | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Borrowings outstanding | $1.40 | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Income Taxes [Line Items] | ' | ' | ' | ' | ' |
Provision for income taxes | $17,856,000 | $19,000,000 | $54,374,000 | $57,667,000 | ' |
Effective income tax rate | 39.00% | 43.60% | 39.60% | 40.70% | ' |
Liability for unrecognized tax benefit | 4,800,000 | ' | 4,800,000 | ' | 12,300,000 |
Unrecognized tax benefit highly certain | $3,400,000 | ' | $3,400,000 | ' | ' |
Summary_of_Calculation_of_Net_
Summary of Calculation of Net Income Per Common Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Line Items] | ' | ' | ' | ' |
Net income | $27,970 | $24,597 | $82,941 | $84,070 |
Less: income allocated to unvested restricted shares | -186 | -153 | -541 | -574 |
Net income attributable to common shareholders - basic | 27,784 | 24,444 | 82,400 | 83,496 |
Add: undistributed income attributable to unvested restricted shares - basic | 59 | 53 | 185 | 229 |
Less: undistributed income attributable to unvested restricted shares - diluted | -59 | -53 | -185 | -228 |
Net income attributable to common shareholders - diluted | $27,784 | $24,444 | $82,400 | $83,497 |
Weighted average shares outstanding - basic | 62,605 | 62,763 | 62,678 | 62,806 |
Dilutive shares - stock options | 26 | 78 | 41 | 84 |
Weighted average shares outstanding - diluted | 62,631 | 62,841 | 62,719 | 62,890 |
Basic | $0.44 | $0.39 | $1.31 | $1.33 |
Diluted | $0.44 | $0.39 | $1.31 | $1.33 |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | |
Share data in Thousands, except Per Share data, unless otherwise specified | Feb. 28, 2011 | Sep. 30, 2013 | Sep. 30, 2012 |
Class of Stock [Line Items] | ' | ' | ' |
Share repurchase program, authorized amount | $50,000,000 | ' | ' |
Stock repurchase program, term (in years) | ' | '3 years | ' |
Stock repurchase program, expiration date | ' | '2014-02 | ' |
Stock repurchased and retired, shares | ' | 471 | ' |
Stock repurchased and retired, value | ' | 15,700,000 | 11,250,000 |
Stock repurchase program, average price per share | ' | $33.32 | ' |
Stock repurchase program, remaining authorized repurchase amount | ' | $3,200,000 | ' |
Changes_in_Accumulated_Income_
Changes in Accumulated Income Loss by Component (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income (loss),Beginning Balance | ($6,158) | ($7,022) | ($406) | ($7,494) |
Other comprehensive income (loss) before reclassifications | 9,426 | 1,927 | 2,743 | 2,011 |
Income tax | -1,072 | ' | -533 | -33 |
Other comprehensive income (loss) before reclassifications, net of tax | 8,354 | 1,927 | 2,210 | 1,978 |
Amounts reclassified from accumulated other comprehensive income (loss) | 321 | 217 | 963 | 906 |
Income tax | -126 | -85 | -376 | -353 |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 195 | 132 | 587 | 553 |
Other comprehensive income (loss) | 8,549 | 2,059 | 2,797 | 2,531 |
Accumulated other comprehensive income (loss),Ending Balance | 2,391 | -4,963 | 2,391 | -4,963 |
Defined benefit pension plans | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income (loss),Beginning Balance | -9,901 | -7,211 | -10,318 | -7,707 |
Other comprehensive income (loss) before reclassifications | ' | ' | ' | 84 |
Income tax | ' | ' | ' | -33 |
Other comprehensive income (loss) before reclassifications, net of tax | ' | ' | ' | 51 |
Amounts reclassified from accumulated other comprehensive income (loss) | 342 | 239 | 1,025 | 968 |
Income tax | -134 | -93 | -400 | -377 |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 208 | 146 | 625 | 591 |
Other comprehensive income (loss) | 208 | 146 | 625 | 642 |
Accumulated other comprehensive income (loss),Ending Balance | -9,693 | -7,065 | -9,693 | -7,065 |
Foreign currency | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income (loss),Beginning Balance | 3,605 | ' | 9,749 | ' |
Other comprehensive income (loss) before reclassifications | 9,412 | 1,927 | 2,729 | 1,927 |
Income tax | -1,072 | ' | -533 | ' |
Other comprehensive income (loss) before reclassifications, net of tax | 8,340 | 1,927 | 2,196 | 1,927 |
Other comprehensive income (loss) | 8,340 | 1,927 | 2,196 | 1,927 |
Accumulated other comprehensive income (loss),Ending Balance | 11,945 | 1,927 | 11,945 | 1,927 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income (loss),Beginning Balance | 138 | 189 | 163 | 213 |
Other comprehensive income (loss) before reclassifications | 14 | ' | 14 | ' |
Other comprehensive income (loss) before reclassifications, net of tax | 14 | ' | 14 | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | -21 | -22 | -62 | -62 |
Income tax | 8 | 8 | 24 | 24 |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | -13 | -14 | -38 | -38 |
Other comprehensive income (loss) | 1 | -14 | -24 | -38 |
Accumulated other comprehensive income (loss),Ending Balance | $139 | $175 | $139 | $175 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Amounts reclassified out of accumulated other comprehensive income related to defined benefit pension plans as component of net periodic benefit cost, actuarial net gain or loss | $0.30 | $0.20 | $1 | $0.80 |
Amounts reclassified out of accumulated other comprehensive income related to defined benefit pension plans as component of net periodic benefit cost, prior service cost | ' | ' | ' | $0.20 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Loss Contingencies [Line Items] | ' |
Contractual obligations, repayment term | '36 months |
Total contingent obligations due if contractual performance targets are not achieved | $2.60 |
Total contingent obligations due in remainder of 2013 if contractual performance targets are not achieved | 0.3 |
Total contingent obligations due in 2014 if contractual performance targets are not achieved | 0.9 |
Total contingent obligations due in 2015 if contractual performance targets are not achieved | 0.7 |
Total contingent obligations due in 2016 if contractual performance targets are not achieved | 0.7 |
Deferred revenue related to outstanding contractual performance targets | 1.2 |
Tax incentive settlement to be received | 0.4 |
Audit reimbursement period (in years), maximum | '7 years |
Movianto | ' |
Loss Contingencies [Line Items] | ' |
Contractual obligations, notice period | '30 days |
Maximum fees payable in 2013 | 3.9 |
Information technology and support services cost | 3.8 |
For the period January 1, 2009 through June 30, 2013 | ' |
Loss Contingencies [Line Items] | ' |
Tax incentive settlement to be received | 4.3 |
Prior Periods | ' |
Loss Contingencies [Line Items] | ' |
Tax incentive settlement to be received | $0.80 |
Minimum | Movianto | ' |
Loss Contingencies [Line Items] | ' |
Contractual obligations, repayment term | '6 months |
Maximum | Movianto | ' |
Loss Contingencies [Line Items] | ' |
Contractual obligations, repayment term | '24 months |
Financial_Information_by_Segme
Financial Information by Segment (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Net revenue | $2,304,599 | $2,179,895 | $6,846,995 | $6,583,221 |
Acquisition-related and exit and realignment charges | -2,747 | -7,831 | -5,395 | -8,448 |
Operating earnings | 49,215 | 46,663 | 147,150 | 151,712 |
Depreciation and amortization | 12,441 | 10,090 | 37,347 | 27,184 |
Capital expenditures | 14,458 | 9,667 | 45,505 | 27,824 |
Domestic | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Net revenue | 2,175,663 | 2,130,226 | 6,474,069 | 6,533,552 |
Operating earnings | 51,213 | 55,120 | 155,364 | 160,786 |
Depreciation and amortization | 8,805 | 8,801 | 26,775 | 25,895 |
Capital expenditures | 10,032 | 8,929 | 34,506 | 27,086 |
International | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Net revenue | 128,936 | 49,669 | 372,926 | 49,669 |
Operating earnings | 749 | -626 | -2,819 | -626 |
Depreciation and amortization | 3,636 | 1,289 | 10,572 | 1,289 |
Capital expenditures | $4,426 | $738 | $10,999 | $738 |
Consolidated_Total_Assets_Deta
Consolidated Total Assets (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $153,789 | $97,888 | $79,667 | $135,938 |
Assets | 2,347,666 | 2,207,701 | ' | ' |
Operating Segments | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' |
Assets | 2,193,877 | 2,109,813 | ' | ' |
Operating Segments | Domestic | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' |
Assets | 1,749,805 | 1,723,699 | ' | ' |
Operating Segments | International | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' |
Assets | $444,072 | $386,114 | ' | ' |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information (Condensed Consolidating Statements Of Income) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net revenue | $2,304,599 | $2,179,895 | $6,846,995 | $6,583,221 |
Cost of goods sold | 2,031,270 | 1,951,772 | 6,021,183 | 5,929,341 |
Gross margin | 273,329 | 228,123 | 825,812 | 653,880 |
Selling, general and administrative expenses | 211,344 | 165,320 | 641,613 | 471,179 |
Acquisition-related and exit and realignment charges | 2,747 | 7,831 | 5,395 | 8,448 |
Depreciation and amortization | 12,441 | 10,090 | 37,347 | 27,184 |
Other operating income, net | -2,418 | -1,781 | -5,693 | -4,643 |
Operating (loss) earnings | 49,215 | 46,663 | 147,150 | 151,712 |
Interest expense (income), net | 3,389 | 3,066 | 9,835 | 9,975 |
(Loss) income before income taxes | 45,826 | 43,597 | 137,315 | 141,737 |
Income tax (benefit) provision | 17,856 | 19,000 | 54,374 | 57,667 |
Net income (loss) | 27,970 | 24,597 | 82,941 | 84,070 |
Other comprehensive income (loss) | 8,549 | 2,059 | 2,797 | 2,531 |
Comprehensive income | 36,519 | 26,656 | 85,738 | 86,601 |
Owens & Minor, Inc. | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Selling, general and administrative expenses | 264 | 23 | 1,138 | 678 |
Depreciation and amortization | 3 | ' | 10 | ' |
Operating (loss) earnings | -267 | -23 | -1,148 | -678 |
Interest expense (income), net | 5,791 | 3,951 | 15,340 | 11,518 |
(Loss) income before income taxes | -6,058 | -3,974 | -16,488 | -12,196 |
Income tax (benefit) provision | -2,319 | -1,634 | -6,327 | -4,872 |
Equity in earnings of subsidiaries | 31,709 | 26,937 | 93,102 | 91,394 |
Net income (loss) | 27,970 | 24,597 | 82,941 | 84,070 |
Other comprehensive income (loss) | 8,549 | 2,059 | 2,797 | 2,531 |
Comprehensive income | 36,519 | 26,656 | 85,738 | 86,601 |
Guarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net revenue | 2,175,663 | 2,130,226 | 6,473,954 | 6,533,552 |
Cost of goods sold | 1,965,696 | 1,921,975 | 5,833,900 | 5,899,666 |
Gross margin | 209,967 | 208,251 | 640,054 | 633,886 |
Selling, general and administrative expenses | 151,107 | 144,882 | 459,780 | 449,092 |
Acquisition-related and exit and realignment charges | 1,856 | 104 | 3,116 | 721 |
Depreciation and amortization | 8,780 | 8,783 | 26,705 | 25,842 |
Other operating income, net | -1,454 | -1,396 | -3,597 | -4,123 |
Operating (loss) earnings | 49,678 | 55,878 | 154,050 | 162,354 |
Interest expense (income), net | -2,364 | -866 | -5,096 | -1,573 |
(Loss) income before income taxes | 52,042 | 56,744 | 159,146 | 163,927 |
Income tax (benefit) provision | 20,694 | 23,411 | 62,758 | 65,514 |
Net income (loss) | 31,348 | 33,333 | 96,388 | 98,413 |
Other comprehensive income (loss) | 207 | 146 | 623 | 642 |
Comprehensive income | 31,555 | 33,479 | 97,011 | 99,055 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net revenue | 140,836 | 59,200 | 407,010 | 65,918 |
Cost of goods sold | 77,290 | 39,074 | 220,707 | 45,393 |
Gross margin | 63,546 | 20,126 | 186,303 | 20,525 |
Selling, general and administrative expenses | 59,973 | 20,415 | 180,695 | 21,409 |
Acquisition-related and exit and realignment charges | 891 | 7,727 | 2,279 | 7,727 |
Depreciation and amortization | 3,658 | 1,307 | 10,632 | 1,342 |
Other operating income, net | -964 | -385 | -2,096 | -520 |
Operating (loss) earnings | -12 | -8,938 | -5,207 | -9,433 |
Interest expense (income), net | -38 | -19 | -409 | 30 |
(Loss) income before income taxes | 26 | -8,919 | -4,798 | -9,463 |
Income tax (benefit) provision | -519 | -2,777 | -2,057 | -2,975 |
Net income (loss) | 545 | -6,142 | -2,741 | -6,488 |
Other comprehensive income (loss) | 8,341 | 1,926 | 2,195 | 1,926 |
Comprehensive income | 8,886 | -4,216 | -546 | -4,562 |
Eliminations | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net revenue | -11,900 | -9,531 | -33,969 | -16,249 |
Cost of goods sold | -11,716 | -9,277 | -33,424 | -15,718 |
Gross margin | -184 | -254 | -545 | -531 |
Operating (loss) earnings | -184 | -254 | -545 | -531 |
(Loss) income before income taxes | -184 | -254 | -545 | -531 |
Equity in earnings of subsidiaries | -31,709 | -26,937 | -93,102 | -91,394 |
Net income (loss) | -31,893 | -27,191 | -93,647 | -91,925 |
Other comprehensive income (loss) | -8,548 | -2,072 | -2,818 | -2,568 |
Comprehensive income | ($40,441) | ($29,263) | ($96,465) | ($94,493) |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheet) (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||
Current assets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $153,789 | ' | $97,888 | $79,667 | ' | $135,938 |
Accounts and notes receivable, net | 571,458 | ' | 553,502 | ' | ' | ' |
Merchandise inventories | 787,803 | ' | 763,756 | ' | ' | ' |
Other current assets | 246,242 | ' | 213,748 | ' | ' | ' |
Total current assets | 1,759,292 | ' | 1,628,894 | ' | ' | ' |
Property and equipment, net | 192,672 | ' | 191,841 | ' | ' | ' |
Goodwill, net | 274,896 | ' | 274,884 | ' | ' | ' |
Intangible assets, net | 40,519 | ' | 42,313 | ' | ' | ' |
Other assets, net | 80,287 | ' | 69,769 | ' | ' | ' |
Total assets | 2,347,666 | ' | 2,207,701 | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' |
Accounts payable | 689,554 | ' | 603,137 | ' | ' | ' |
Accrued payroll and related liabilities | 24,793 | ' | 25,468 | ' | ' | ' |
Deferred income taxes | 49,860 | ' | 40,758 | ' | ' | ' |
Other accrued liabilities | 276,697 | ' | 254,924 | ' | ' | ' |
Total current liabilities | 1,040,904 | ' | 924,287 | ' | ' | ' |
Long-term debt, excluding current portion | 214,416 | ' | 215,383 | ' | ' | ' |
Deferred income taxes | 30,185 | ' | 30,921 | ' | ' | ' |
Other liabilities | 55,841 | ' | 63,454 | ' | ' | ' |
Total liabilities | 1,341,346 | ' | 1,234,045 | ' | ' | ' |
Equity | ' | ' | ' | ' | ' | ' |
Common stock | 126,326 | ' | 126,544 | ' | ' | ' |
Paid-in capital | 194,762 | ' | 187,394 | ' | ' | ' |
Retained earnings (deficit) | 681,711 | ' | 658,994 | ' | ' | ' |
Accumulated other comprehensive income (loss) | 2,391 | -6,158 | -406 | -4,963 | -7,022 | -7,494 |
Total Owens & Minor, Inc. shareholders' equity | 1,005,190 | ' | 972,526 | ' | ' | ' |
Noncontrolling interest | 1,130 | ' | 1,130 | ' | ' | ' |
Total equity | 1,006,320 | ' | 973,656 | 960,062 | ' | 919,217 |
Total liabilities and equity | 2,347,666 | ' | 2,207,701 | ' | ' | ' |
Owens & Minor, Inc. | ' | ' | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 110,160 | ' | 58,190 | 29,538 | ' | 120,010 |
Other current assets | 198 | ' | 1,627 | ' | ' | ' |
Total current assets | 110,358 | ' | 59,817 | ' | ' | ' |
Property and equipment, net | 6 | ' | 16 | ' | ' | ' |
Advances to and investment in consolidated subsidiaries | 1,530,124 | ' | 1,434,186 | ' | ' | ' |
Other assets, net | 456 | ' | 6,885 | ' | ' | ' |
Total assets | 1,640,944 | ' | 1,500,904 | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' |
Accounts payable | ' | ' | 45,300 | ' | ' | ' |
Other accrued liabilities | 10,299 | ' | 6,464 | ' | ' | ' |
Total current liabilities | 10,299 | ' | 51,764 | ' | ' | ' |
Long-term debt, excluding current portion | 204,460 | ' | 205,754 | ' | ' | ' |
Due to O&M and subsidiaries | 420,995 | ' | 270,860 | ' | ' | ' |
Total liabilities | 635,754 | ' | 528,378 | ' | ' | ' |
Equity | ' | ' | ' | ' | ' | ' |
Common stock | 126,326 | ' | 126,544 | ' | ' | ' |
Paid-in capital | 194,762 | ' | 187,394 | ' | ' | ' |
Retained earnings (deficit) | 681,711 | ' | 658,994 | ' | ' | ' |
Accumulated other comprehensive income (loss) | 2,391 | ' | -406 | ' | ' | ' |
Total Owens & Minor, Inc. shareholders' equity | 1,005,190 | ' | 972,526 | ' | ' | ' |
Total equity | 1,005,190 | ' | 972,526 | ' | ' | ' |
Total liabilities and equity | 1,640,944 | ' | 1,500,904 | ' | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 15,218 | ' | 13,641 | 14,744 | ' | 14,809 |
Accounts and notes receivable, net | 473,974 | ' | 474,533 | ' | ' | ' |
Merchandise inventories | 765,114 | ' | 750,046 | ' | ' | ' |
Other current assets | 80,168 | ' | 76,036 | ' | ' | ' |
Total current assets | 1,334,474 | ' | 1,314,256 | ' | ' | ' |
Property and equipment, net | 99,222 | ' | 95,516 | ' | ' | ' |
Goodwill, net | 247,271 | ' | 247,271 | ' | ' | ' |
Intangible assets, net | 18,404 | ' | 19,972 | ' | ' | ' |
Due from O&M and subsidiaries | 424,398 | ' | 236,612 | ' | ' | ' |
Other assets, net | 62,415 | ' | 55,781 | ' | ' | ' |
Total assets | 2,186,184 | ' | 1,969,408 | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' |
Accounts payable | 643,839 | ' | 518,545 | ' | ' | ' |
Accrued payroll and related liabilities | 15,750 | ' | 18,201 | ' | ' | ' |
Deferred income taxes | 50,977 | ' | 43,110 | ' | ' | ' |
Other accrued liabilities | 91,405 | ' | 92,318 | ' | ' | ' |
Total current liabilities | 801,971 | ' | 672,174 | ' | ' | ' |
Long-term debt, excluding current portion | 7,401 | ' | 6,592 | ' | ' | ' |
Intercompany debt | 138,890 | ' | 138,890 | ' | ' | ' |
Deferred income taxes | 26,484 | ' | 30,141 | ' | ' | ' |
Other liabilities | 51,375 | ' | 58,578 | ' | ' | ' |
Total liabilities | 1,026,121 | ' | 906,375 | ' | ' | ' |
Equity | ' | ' | ' | ' | ' | ' |
Paid-in capital | 242,025 | ' | 242,024 | ' | ' | ' |
Retained earnings (deficit) | 927,716 | ' | 831,327 | ' | ' | ' |
Accumulated other comprehensive income (loss) | -9,678 | ' | -10,318 | ' | ' | ' |
Total Owens & Minor, Inc. shareholders' equity | 1,160,063 | ' | 1,063,033 | ' | ' | ' |
Total equity | 1,160,063 | ' | 1,063,033 | ' | ' | ' |
Total liabilities and equity | 2,186,184 | ' | 1,969,408 | ' | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 28,411 | ' | 26,057 | 35,385 | ' | 1,119 |
Accounts and notes receivable, net | 98,071 | ' | 82,216 | ' | ' | ' |
Merchandise inventories | 23,915 | ' | 14,391 | ' | ' | ' |
Other current assets | 165,881 | ' | 137,593 | ' | ' | ' |
Total current assets | 316,278 | ' | 260,257 | ' | ' | ' |
Property and equipment, net | 93,444 | ' | 96,309 | ' | ' | ' |
Goodwill, net | 27,625 | ' | 27,613 | ' | ' | ' |
Intangible assets, net | 22,115 | ' | 22,341 | ' | ' | ' |
Due from O&M and subsidiaries | ' | ' | 34,248 | ' | ' | ' |
Other assets, net | 17,416 | ' | 14,238 | ' | ' | ' |
Total assets | 476,878 | ' | 455,006 | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' |
Accounts payable | 46,305 | ' | 42,542 | ' | ' | ' |
Accrued payroll and related liabilities | 9,043 | ' | 7,267 | ' | ' | ' |
Deferred income taxes | -1,117 | ' | ' | ' | ' | ' |
Other accrued liabilities | 174,993 | ' | 156,142 | ' | ' | ' |
Total current liabilities | 229,224 | ' | 205,951 | ' | ' | ' |
Long-term debt, excluding current portion | 2,555 | ' | 3,037 | ' | ' | ' |
Due to O&M and subsidiaries | 2,273 | ' | ' | ' | ' | ' |
Deferred income taxes | 3,701 | ' | 7,069 | ' | ' | ' |
Other liabilities | 4,466 | ' | 4,876 | ' | ' | ' |
Total liabilities | 242,219 | ' | 220,933 | ' | ' | ' |
Equity | ' | ' | ' | ' | ' | ' |
Common stock | 1,500 | ' | 1,500 | ' | ' | ' |
Paid-in capital | 259,864 | ' | 258,635 | ' | ' | ' |
Retained earnings (deficit) | -39,780 | ' | -36,941 | ' | ' | ' |
Accumulated other comprehensive income (loss) | 11,945 | ' | 9,749 | ' | ' | ' |
Total Owens & Minor, Inc. shareholders' equity | 233,529 | ' | 232,943 | ' | ' | ' |
Noncontrolling interest | 1,130 | ' | 1,130 | ' | ' | ' |
Total equity | 234,659 | ' | 234,073 | ' | ' | ' |
Total liabilities and equity | 476,878 | ' | 455,006 | ' | ' | ' |
Eliminations | ' | ' | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' | ' | ' |
Accounts and notes receivable, net | -587 | ' | -3,247 | ' | ' | ' |
Merchandise inventories | -1,226 | ' | -681 | ' | ' | ' |
Other current assets | -5 | ' | -1,508 | ' | ' | ' |
Total current assets | -1,818 | ' | -5,436 | ' | ' | ' |
Due from O&M and subsidiaries | -424,398 | ' | -270,860 | ' | ' | ' |
Advances to and investment in consolidated subsidiaries | -1,530,124 | ' | -1,434,186 | ' | ' | ' |
Other assets, net | ' | ' | -7,135 | ' | ' | ' |
Total assets | -1,956,340 | ' | -1,717,617 | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' |
Accounts payable | -590 | ' | -3,250 | ' | ' | ' |
Deferred income taxes | ' | ' | -2,352 | ' | ' | ' |
Total current liabilities | -590 | ' | -5,602 | ' | ' | ' |
Due to O&M and subsidiaries | -423,268 | ' | -270,860 | ' | ' | ' |
Intercompany debt | -138,890 | ' | -138,890 | ' | ' | ' |
Deferred income taxes | ' | ' | -6,289 | ' | ' | ' |
Total liabilities | -562,748 | ' | -421,641 | ' | ' | ' |
Equity | ' | ' | ' | ' | ' | ' |
Common stock | -1,500 | ' | -1,500 | ' | ' | ' |
Paid-in capital | -501,889 | ' | -500,659 | ' | ' | ' |
Retained earnings (deficit) | -887,936 | ' | -794,386 | ' | ' | ' |
Accumulated other comprehensive income (loss) | -2,267 | ' | 569 | ' | ' | ' |
Total Owens & Minor, Inc. shareholders' equity | -1,393,592 | ' | -1,295,976 | ' | ' | ' |
Total equity | -1,393,592 | ' | -1,295,976 | ' | ' | ' |
Total liabilities and equity | ($1,956,340) | ' | ($1,717,617) | ' | ' | ' |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information (Condensed Consolidating Statements Of Cash Flows) (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities: | ' | ' |
Net income (loss) | $82,941 | $84,070 |
Adjustments to reconcile net income to cash provided by (used for) operating activities: | ' | ' |
Depreciation and amortization | 37,347 | 27,184 |
Share-based compensation expense | 5,162 | 4,844 |
Deferred income tax expense | 8,424 | 1,098 |
Provision for losses on accounts and notes receivable | 179 | 414 |
Changes in operating assets and liabilities: | ' | ' |
Accounts and notes receivable | -20,703 | -7,886 |
Merchandise inventories | -23,690 | 45,301 |
Accounts payable | 93,950 | 32,467 |
Net change in other assets and liabilities | -21,285 | -16,355 |
Other, net | -1,159 | -773 |
Cash provided by (used for) operating activities | 161,166 | 170,364 |
Investing activities: | ' | ' |
Acquisition, net of cash acquired | ' | -149,910 |
Additions to computer software and intangible assets | -20,361 | -19,934 |
Additions to property and equipment | -25,144 | -7,890 |
Proceeds from the sale of property and equipment | 2,020 | 3,237 |
Cash used for investing activities | -43,485 | -174,497 |
Financing activities: | ' | ' |
Cash dividends paid | -45,587 | -41,791 |
Repurchases of common stock | -15,701 | -11,250 |
Financing costs paid | ' | -1,303 |
Excess tax benefits related to share-based compensation | 733 | 1,223 |
Proceeds from exercise of stock options | 4,821 | 4,114 |
Other, net | -6,769 | -4,444 |
Cash provided by (used for) financing activities | -62,503 | -53,451 |
Effect of exchange rate changes on cash and cash equivalents | 723 | 1,313 |
Net increase (decrease) in cash and cash equivalents | 55,901 | -56,271 |
Cash and cash equivalents at beginning of period | 97,888 | 135,938 |
Cash and cash equivalents at end of period | 153,789 | 79,667 |
Owens & Minor, Inc. | ' | ' |
Operating activities: | ' | ' |
Net income (loss) | 82,941 | 84,070 |
Adjustments to reconcile net income to cash provided by (used for) operating activities: | ' | ' |
Equity in earnings of subsidiaries | -93,102 | -91,394 |
Depreciation and amortization | 10 | ' |
Changes in operating assets and liabilities: | ' | ' |
Accounts payable | ' | -111,525 |
Net change in other assets and liabilities | 5,264 | 3,070 |
Other, net | 972 | -1,270 |
Cash provided by (used for) operating activities | -3,915 | -117,049 |
Financing activities: | ' | ' |
Change in intercompany advances | 114,145 | 77,168 |
Cash dividends paid | -45,587 | -41,791 |
Repurchases of common stock | -15,701 | -11,250 |
Excess tax benefits related to share-based compensation | 733 | 1,223 |
Proceeds from exercise of stock options | 4,821 | 4,114 |
Other, net | -2,526 | -2,887 |
Cash provided by (used for) financing activities | 55,885 | 26,577 |
Net increase (decrease) in cash and cash equivalents | 51,970 | -90,472 |
Cash and cash equivalents at beginning of period | 58,190 | 120,010 |
Cash and cash equivalents at end of period | 110,160 | 29,538 |
Guarantor Subsidiaries | ' | ' |
Operating activities: | ' | ' |
Net income (loss) | 96,388 | 98,413 |
Adjustments to reconcile net income to cash provided by (used for) operating activities: | ' | ' |
Depreciation and amortization | 26,705 | 25,842 |
Share-based compensation expense | 5,162 | 4,844 |
Deferred income tax expense | 11,649 | 1,098 |
Provision for losses on accounts and notes receivable | 110 | 311 |
Changes in operating assets and liabilities: | ' | ' |
Accounts and notes receivable | 449 | 15,314 |
Merchandise inventories | -15,068 | 55,323 |
Accounts payable | 79,994 | 99,664 |
Net change in other assets and liabilities | -21,493 | -3,214 |
Other, net | 466 | 712 |
Cash provided by (used for) operating activities | 184,362 | 298,307 |
Investing activities: | ' | ' |
Additions to computer software and intangible assets | -15,534 | -18,911 |
Additions to property and equipment | -18,972 | -8,159 |
Proceeds from the sale of property and equipment | 1,829 | 3,237 |
Cash used for investing activities | -32,677 | -23,833 |
Financing activities: | ' | ' |
Change in intercompany advances | -148,109 | -271,650 |
Financing costs paid | ' | -1,303 |
Other, net | -1,999 | -1,586 |
Cash provided by (used for) financing activities | -150,108 | -274,539 |
Net increase (decrease) in cash and cash equivalents | 1,577 | -65 |
Cash and cash equivalents at beginning of period | 13,641 | 14,809 |
Cash and cash equivalents at end of period | 15,218 | 14,744 |
Non-Guarantor Subsidiaries | ' | ' |
Operating activities: | ' | ' |
Net income (loss) | -2,741 | -6,488 |
Adjustments to reconcile net income to cash provided by (used for) operating activities: | ' | ' |
Depreciation and amortization | 10,632 | 1,342 |
Deferred income tax expense | -3,225 | ' |
Provision for losses on accounts and notes receivable | 69 | 103 |
Changes in operating assets and liabilities: | ' | ' |
Accounts and notes receivable | -18,493 | -25,817 |
Merchandise inventories | -9,166 | -10,552 |
Accounts payable | 11,296 | 46,949 |
Net change in other assets and liabilities | -5,056 | -16,216 |
Other, net | -2,597 | -215 |
Cash provided by (used for) operating activities | -19,281 | -10,894 |
Investing activities: | ' | ' |
Acquisition, net of cash acquired | ' | -149,910 |
Additions to computer software and intangible assets | -4,827 | -1,023 |
Additions to property and equipment | -6,172 | 269 |
Proceeds from the sale of property and equipment | 191 | ' |
Cash used for investing activities | -10,808 | -150,664 |
Financing activities: | ' | ' |
Change in intercompany advances | 33,964 | 194,482 |
Other, net | -2,244 | 29 |
Cash provided by (used for) financing activities | 31,720 | 194,511 |
Effect of exchange rate changes on cash and cash equivalents | 723 | 1,313 |
Net increase (decrease) in cash and cash equivalents | 2,354 | 34,266 |
Cash and cash equivalents at beginning of period | 26,057 | 1,119 |
Cash and cash equivalents at end of period | 28,411 | 35,385 |
Eliminations | ' | ' |
Operating activities: | ' | ' |
Net income (loss) | -93,647 | -91,925 |
Adjustments to reconcile net income to cash provided by (used for) operating activities: | ' | ' |
Equity in earnings of subsidiaries | 93,102 | 91,394 |
Changes in operating assets and liabilities: | ' | ' |
Accounts and notes receivable | -2,659 | 2,617 |
Merchandise inventories | 544 | 530 |
Accounts payable | 2,660 | -2,621 |
Net change in other assets and liabilities | ' | $5 |