Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 24, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
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 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Trading Symbol | 'OMI | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 63,079,623 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net revenue | $2,386,126 | $2,270,547 | $6,948,365 | $6,753,008 |
Cost of goods sold | 2,093,643 | 1,997,218 | 6,092,413 | 5,927,196 |
Gross margin | 292,483 | 273,329 | 855,952 | 825,812 |
Selling, general and administrative expenses | 231,377 | 211,344 | 682,825 | 641,613 |
Acquisition-related and exit and realignment charges | 13,957 | 2,747 | 24,813 | 5,395 |
Depreciation and amortization | 13,841 | 12,441 | 41,597 | 37,347 |
Other operating income, net | -2,069 | -2,418 | -12,046 | -5,693 |
Operating earnings | 35,377 | 49,215 | 118,763 | 147,150 |
Interest expense, net | 4,304 | 3,389 | 10,893 | 9,835 |
Loss on early retirement of debt | 14,890 | 0 | 14,890 | 0 |
Income before income taxes | 16,183 | 45,826 | 92,980 | 137,315 |
Income tax provision | 9,028 | 17,856 | 40,464 | 54,374 |
Net income | $7,155 | $27,970 | $52,516 | $82,941 |
Net income per common share: | ' | ' | ' | ' |
Basic (in usd per share) | $0.11 | $0.44 | $0.84 | $1.31 |
Diluted (in usd per share) | $0.11 | $0.44 | $0.84 | $1.31 |
Cash dividends in USD per common share | $0.25 | $0.24 | $0.75 | $0.72 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $7,155 | $27,970 | $52,516 | $82,941 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Currency translation adjustments (net of income tax of $0 in 2014 and $1,072 and $533 in 2013) | -16,796 | 8,340 | -16,899 | 2,196 |
Change in unrecognized net periodic pension costs (net of income tax of $57 and $245 in 2014 and $134 and $400 in 2013) | 132 | 208 | 351 | 625 |
Other (net of income tax of $56 and $72 in 2014 and $8 and $24 in 2013) | -133 | 1 | -127 | -24 |
Total other comprehensive income (loss), net of tax | -16,797 | 8,549 | -16,675 | 2,797 |
Comprehensive income (loss) | ($9,642) | $36,519 | $35,841 | $85,738 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Currency translation adjustments, income tax expense | $0 | $1,072 | $0 | $533 |
Change in unrecognized net periodic pension costs, income tax benefit | 57 | 134 | 245 | 400 |
Other, income tax expense | $56 | $8 | $72 | $24 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $610,147 | $101,905 |
Accounts and notes receivable, net of allowances of $15,067 and $15,030 | 590,140 | 572,854 |
Merchandise inventories | 834,476 | 771,663 |
Other current assets | 295,441 | 279,510 |
Total current assets | 2,330,204 | 1,725,932 |
Property and equipment, net of accumulated depreciation of $154,898 and $137,526 | 203,955 | 191,961 |
Goodwill | 274,533 | 275,439 |
Intangible assets, net | 36,457 | 40,406 |
Other assets, net | 98,749 | 90,304 |
Total assets | 2,943,898 | 2,324,042 |
Current liabilities | ' | ' |
Current portion of long-term debt | 202,401 | 2,428 |
Accounts payable | 692,616 | 643,872 |
Accrued payroll and related liabilities | 28,709 | 23,296 |
Deferred income taxes | 39,406 | 41,613 |
Other accrued liabilities | 315,581 | 277,970 |
Total current liabilities | 1,278,713 | 989,179 |
Long-term debt, excluding current portion | 563,882 | 213,815 |
Deferred income taxes | 41,725 | 43,727 |
Other liabilities | 52,054 | 52,278 |
Total liabilities | 1,936,374 | 1,298,999 |
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 - 63,080 shares and 63,096 shares | 126,159 | 126,193 |
Paid-in capital | 200,961 | 196,605 |
Retained earnings | 687,511 | 691,547 |
Accumulated other comprehensive income (loss) | -7,107 | 9,568 |
Total Owens & Minor, Inc. shareholders’ equity | 1,007,524 | 1,023,913 |
Noncontrolling interest | 0 | 1,130 |
Total equity | 1,007,524 | 1,025,043 |
Total liabilities and equity | $2,943,898 | $2,324,042 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Accounts and notes receivable, allowances | $15,067 | $15,030 |
Property and equipment, accumulated depreciation | $157,331 | $137,526 |
Preferred stock, par value (dollars per share) | $100 | $100 |
Preferred stock, authorized | 10,000,000 | 10,000,000 |
Preferred stock, issued | 0 | 0 |
Common stock, par value (in dollars per share) | $2 | $2 |
Common stock, authorized | 200,000,000 | 200,000,000 |
Common stock, issued | 63,080,000 | 63,096,000 |
Common stock, outstanding | 63,080,000 | 63,096,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Cash Flows [Abstract] | ' | ' |
Net income | $52,516 | $82,941 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' |
Depreciation and amortization | 41,597 | 37,347 |
Loss on early retirement of debt | 14,890 | 0 |
Share-based compensation expense | 6,136 | 5,162 |
Provision for losses on accounts and notes receivable | -356 | 179 |
Deferred income tax (benefit) expense | -7,387 | 8,424 |
Changes in operating assets and liabilities: | ' | ' |
Accounts and notes receivable | -21,456 | -20,703 |
Merchandise inventories | -63,883 | -23,690 |
Accounts payable | 54,634 | 93,950 |
Net change in other assets and liabilities | 3,131 | -21,285 |
Other, net | 1,322 | -1,159 |
Cash provided by operating activities | 81,144 | 161,166 |
Investing activities: | ' | ' |
Additions to property and equipment | -36,169 | -25,144 |
Additions to computer software and intangible assets | -17,988 | -20,361 |
Proceeds from sale of investment | 1,937 | 0 |
Proceeds from sale of property and equipment | 151 | 2,020 |
Cash used for investing activities | -52,069 | -43,485 |
Financing activities: | ' | ' |
Long-term debt borrowings | 547,693 | 0 |
Cash dividends paid | -47,335 | -45,587 |
Repurchases of common stock | -9,934 | -15,701 |
Excess tax benefits related to share-based compensation | 514 | 733 |
Proceeds from exercise of stock options | 1,180 | 4,821 |
Purchase of noncontrolling interest | -1,500 | 0 |
Debt issuance costs | -4,178 | 0 |
Other, net | -5,671 | -6,769 |
Cash provided by (used for) financing activities | 480,769 | -62,503 |
Effect of exchange rate changes on cash and cash equivalents | -1,602 | 723 |
Net increase in cash and cash equivalents | 508,242 | 55,901 |
Cash and cash equivalents at beginning of period | 101,905 | 97,888 |
Cash and cash equivalents at end of period | 610,147 | 153,789 |
Supplemental disclosure of cash flow information: | ' | ' |
Income taxes paid, net | 65,140 | 51,567 |
Interest paid | $8,417 | $7,926 |
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, unless otherwise specified | ||||||
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 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 82,941 | ' | ' | 82,941 | ' | ' |
Other comprehensive income | 2,797 | ' | ' | ' | 2,797 | ' |
Dividends declared | -45,466 | ' | ' | -45,466 | ' | ' |
Shares repurchased and retired (in shares) | ' | -471 | ' | ' | ' | ' |
Shares repurchased and retired | -15,700 | -942 | ' | -14,758 | ' | ' |
Share-based compensation expense, exercises and other (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 | ' | ' | ' | ' |
Beginning Balance at Dec. 31, 2013 | 1,025,043 | 126,193 | 196,605 | 691,547 | 9,568 | 1,130 |
Beginning Balance (in shares) at Dec. 31, 2013 | 63,096 | 63,096 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 52,516 | ' | ' | 52,516 | ' | ' |
Other comprehensive income | -16,675 | ' | ' | ' | -16,675 | ' |
Dividends declared | -47,201 | ' | ' | -47,201 | ' | ' |
Shares repurchased and retired (in shares) | -300 | -291 | ' | ' | ' | ' |
Shares repurchased and retired | -9,934 | -583 | ' | -9,351 | ' | ' |
Share-based compensation expense, exercises and other (shares) | ' | 275 | ' | ' | ' | ' |
Share-based compensation expense, exercises and other | 5,600 | 549 | 5,051 | ' | ' | ' |
Purchase of noncontrolling interest | -1,825 | ' | -695 | ' | ' | -1,130 |
Ending Balance at Sep. 30, 2014 | $1,007,524 | $126,159 | $200,961 | $687,511 | ($7,107) | $0 |
Ending Balance (in shares) at Sep. 30, 2014 | 63,080 | 63,080 | ' | ' | ' | ' |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Equity (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' | ' |
Dividends declared (in USD per share) | $0.25 | $0.24 | $0.75 | $0.72 |
Basis_of_Presentation_and_Use_
Basis of Presentation and Use of Estimates | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation and Use of Estimates | ' |
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). During the second quarter of 2014, we purchased the remaining outside stockholder's interest in a consolidated subsidiary that was partially owned. Therefore we do not present a noncontrolling interest as a component of equity as of September 30, 2014. 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. | |
Reclassification and Correction | |
Certain prior year amounts have been reclassified to conform to current year presentation. In addition, after completing a review of customer contracts in the International segment in the fourth quarter of 2013, we determined a net presentation of revenues for certain contracts is more representative of the customer arrangement. Certain amounts in the prior period statement of income were revised to reflect this net presentation of revenues. As a result, prior year net revenue and cost of goods sold each decreased by $34.1 million for the three month period and $94.0 million for the nine month period ended September 30, 2013. The change did not affect cash flows, gross margin, operating earnings or net income in 2013. | |
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, 2014 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value | ' |
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 7 for the fair value of long-term debt. |
Financing_Receivables_and_Paya
Financing Receivables and Payables | 9 Months Ended |
Sep. 30, 2014 | |
Receivables [Abstract] | ' |
Financing Receivables and Payables | ' |
Financing Receivables and Payables | |
At September 30, 2014 and December 31, 2013, we had financing receivables of $186.8 million and $198.5 million and related payables of $163.4 million and $165.3 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, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||||
Goodwill and Intangible Assets | ||||||||||||||||
The following table summarizes the changes in the carrying amount of goodwill through September 30, 2014: | ||||||||||||||||
Domestic | International | Total | ||||||||||||||
Segment | Segment | |||||||||||||||
Carrying amount of goodwill, December 31, 2013 | $ | 248,498 | $ | 26,941 | $ | 275,439 | ||||||||||
Currency translation adjustments | — | (906 | ) | (906 | ) | |||||||||||
Carrying amount of goodwill, September 30, 2014 | $ | 248,498 | $ | 26,035 | $ | 274,533 | ||||||||||
Intangible assets at September 30, 2014, and December 31, 2013, were as follows: | ||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||
Customer | Other | Customer | Other | |||||||||||||
Relationships | Intangibles | Relationships | Intangibles | |||||||||||||
Gross intangible assets | $ | 50,995 | $ | 3,805 | $ | 51,544 | $ | 3,933 | ||||||||
Accumulated amortization | (17,706 | ) | (636 | ) | (14,281 | ) | (790 | ) | ||||||||
Net intangible assets | $ | 33,289 | $ | 3,169 | $ | 37,263 | $ | 3,143 | ||||||||
At September 30, 2014, $16.3 million in net intangible assets were held in the Domestic segment and $20.1 million were held in the International segment. Amortization expense for intangible assets was $1.1 million and $0.7 million for the three months ended September 30, 2014 and 2013 and $3.4 million and $2.7 million for the nine months ended September 30, 2014 and 2013. | ||||||||||||||||
Based on the current carrying value of intangible assets subject to amortization, estimated amortization expense is $1.1 million for the remainder of 2014, $4.9 million for 2015, $5.0 million for 2016, $4.8 million for 2017, $4.1 million for 2018 and $3.9 million for 2019. |
Exit_and_Realignment_Costs
Exit and Realignment Costs | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||
Exit and Realignment Costs | ' | |||||||||||||||
Exit and Realignment Costs | ||||||||||||||||
We periodically incur exit and realignment and other charges associated with optimizing our operations which include the closure and consolidation of certain distribution and logistics centers, administrative offices and warehouses in the United States and Europe. These charges also include other costs associated with our strategic organizational realignment which include management changes, certain professional fees, and costs to streamline administrative functions and processes. | ||||||||||||||||
Exit and realignment charges by segment for the three and nine month periods ended September 30, 2014 and 2013 were as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Domestic segment | $ | 4,654 | $ | 1,856 | $ | 8,250 | $ | 3,162 | ||||||||
International segment | 4,738 | 235 | 7,869 | 685 | ||||||||||||
Total exit and realignment charges | $ | 9,392 | $ | 2,091 | $ | 16,119 | $ | 3,847 | ||||||||
The following table summarizes the activity related to exit and realignment cost accruals through September 30, 2014 and 2013: | ||||||||||||||||
Lease | Severance | Total | ||||||||||||||
Obligations | ||||||||||||||||
Accrued exit and realignment costs, December 31, 2013 | $ | 2,434 | $ | 475 | $ | 2,909 | ||||||||||
Provision for exit and realignment activities | 532 | 807 | 1,339 | |||||||||||||
Cash payments, net of sublease income | (411 | ) | (327 | ) | (738 | ) | ||||||||||
Accrued exit and realignment costs, March 31, 2014 | 2,555 | 955 | 3,510 | |||||||||||||
Provision for exit and realignment activities | 6 | 2,236 | 2,242 | |||||||||||||
Cash payments, net of sublease income | (383 | ) | (1,095 | ) | (1,478 | ) | ||||||||||
Accrued exit and realignment costs, June 30, 2014 | 2,178 | 2,096 | 4,274 | |||||||||||||
Provision for exit and realignment activities | 912 | 2,215 | 3,127 | |||||||||||||
Cash payments, net of sublease income | (867 | ) | (460 | ) | (1,327 | ) | ||||||||||
Accrued exit and realignment costs, September 30, 2014 | $ | 2,223 | $ | 3,851 | $ | 6,074 | ||||||||||
Accrued exit and realignment costs, December 31, 2012 | $ | 5,098 | $ | 1,116 | $ | 6,214 | ||||||||||
Provision for exit and realignment activities | 538 | 3 | 541 | |||||||||||||
Cash payments, net of sublease income | (4,844 | ) | (147 | ) | (4,991 | ) | ||||||||||
Accrued exit and realignment costs, March 31, 2013 | 792 | 972 | 1,764 | |||||||||||||
Cash payments, net of sublease income | (118 | ) | (137 | ) | (255 | ) | ||||||||||
Accrued exit and realignment costs, June 30, 2013 | 674 | 835 | 1,509 | |||||||||||||
Provision for exit and realignment activities | 648 | 76 | 724 | |||||||||||||
Change in estimate | — | (79 | ) | (79 | ) | |||||||||||
Cash payments, net of sublease income | (463 | ) | (105 | ) | (568 | ) | ||||||||||
Accrued exit and realignment costs, September 30, 2013 | $ | 859 | $ | 727 | $ | 1,586 | ||||||||||
In addition to the exit and realignment accruals in the preceding table, we also incurred $6.3 million and $9.4 million of costs that were expensed as incurred for the three and nine months ended September 30, 2014, including $3.1 million and $4.3 million in other facility costs and asset write-downs, $0.6 million and $1.4 million in labor costs, $1.2 million and $1.3 million in professional fees, $0.7 million and $0.9 million in information systems costs and $0.7 million and $1.5 million in other costs. | ||||||||||||||||
We incurred $1.4 million and $2.5 million of costs that were expensed as incurred for the three and nine months ended September 30, 2013, including $0.7 million and $1.4 million in staff and labor costs and $0.7 million and $1.1 million in other facility costs and asset write-downs. | ||||||||||||||||
We expect additional charges of approximately $12.0 million over the remainder of 2014 for activities initiated in the Domestic and International segments through September 30, 2014. |
Retirement_Plan
Retirement Plan | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Retirement Plan | ' | |||||||||||||||
Retirement Plan | ||||||||||||||||
We have a noncontributory, unfunded retirement plan for certain officers and other key employees in the United States. Certain of our foreign subsidiaries also have defined benefit pension plans covering substantially all of their respective employees. | ||||||||||||||||
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, 2014 and 2013, were as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 60 | $ | 24 | $ | 136 | $ | 89 | ||||||||
Interest cost | 482 | 414 | 1,446 | 1,241 | ||||||||||||
Recognized net actuarial loss | 204 | 341 | 612 | 1,024 | ||||||||||||
Net periodic benefit cost | $ | 746 | $ | 779 | $ | 2,194 | $ | 2,354 | ||||||||
Certain of our foreign subsidiaries have health and welfare plans covering substantially all of their respective employees. Our expense for these plans totaled $0.5 million and $0.2 million for the three months ended September 30, 2014 and 2013 and $1.4 million and $0.7 million for the nine months ended September 30, 2014 and 2013. |
Debt
Debt | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Debt | ' | |||||||||||||||
Debt | ||||||||||||||||
Debt consists of the following: | ||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
Amount | Fair Value | Amount | Fair Value | |||||||||||||
6.35% Senior Notes, $200 million par value, maturing April 2016 | $ | 200,000 | $ | 217,352 | $ | 204,028 | $ | 218,750 | ||||||||
3.875% Senior Notes, $275 million par value, maturing September 2021 | 273,732 | 274,973 | — | — | ||||||||||||
4.375% Senior Notes, $275 million par value, maturing December 2024 | 273,961 | 276,430 | — | — | ||||||||||||
Capital leases | 18,590 | 18,590 | 12,215 | 12,215 | ||||||||||||
Total debt | 766,283 | 787,345 | 216,243 | 230,965 | ||||||||||||
Less current maturities | (202,401 | ) | (219,753 | ) | (2,428 | ) | (2,428 | ) | ||||||||
Long-term debt | $ | 563,882 | $ | 567,592 | $ | 213,815 | $ | 228,537 | ||||||||
On September 16, 2014, we issued $275 million of 3.875% senior notes due September 2021 (the “2021 Notes”) and $275 million of 4.375% senior notes due December 2024 (the “2024 Notes”). The 2021 Notes were sold at 99.5% of the principal amount with an effective yield of 3.951%. The 2024 Notes were sold at 99.6% of the principal with an effective yield of 4.422%. Interest on the 2021 Notes and 2024 Notes is payable semiannually in arrears, commencing on March 15, 2015 and December 15, 2014, respectively. We have the option to redeem the 2021 Notes and 2024 Notes in part or in whole prior to maturity at a redemption price equal to the greater of 100% of the principal amount or the present value of the remaining scheduled payments discounted at the Treasury Rate plus 25-30 basis points. We are deferring and amortizing over the respective terms $4.2 million in costs incurred through September 30, 2014 in connection with the issuance of the 2021 Notes and the 2024 Notes. | ||||||||||||||||
On October 16, 2014, we used a portion of the net proceeds from the 2021 Notes and the 2024 Notes to fund the early retirement of all of our $200 million of 6.35% senior notes due in 2016 (2016 Notes), which included the payment of a $17.4 million redemption premium. We recorded a net loss on the early retirement of our 2016 Notes of $14.9 million, which includes the redemption premium offset by the recognition of a gain on previously settled interest rate swaps. The 2016 Notes are reflected in current portion of long-term debt at September 30, 2014. | ||||||||||||||||
On September 17, 2014, we amended our existing Credit Agreement, increasing our borrowing capacity from $350 million to $450 million and extending the term through September 2019 (the Amended Credit Agreement). Under the Amended Credit Agreement, we have the ability to request two one-year extensions and to request an increase in aggregate commitments by up to $200 million. The interest rate on the Amended 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 Amended Credit Agreement. We are charged a commitment fee of between 12.5 and 25.0 basis points on the unused portion of the facility. The terms of the Amended 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, 2014, we had no borrowings and letters of credit of approximately $5.0 million outstanding under the Amended Credit Agreement, leaving $445.0 million available for borrowing. We also have a $1.3 million and $1.5 million letter of credit outstanding as of September 30, 2014 and December 31, 2013, which supports our facilities leased in Europe. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The effective tax rate was 55.8% and 43.5% for the three and nine months ended September 30, 2014, compared to 39.0% and 39.6% in the same periods of 2013. The change in rate is mainly due to the impact of foreign taxes and the effect of certain acquisition-related costs which are not deductible for tax purposes. The liability for unrecognized tax benefits was $5.0 million at September 30, 2014, and $4.6 million at December 31, 2013. Included in the liability at September 30, 2014 were $3.8 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, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Net Income per Common Share | ' | |||||||||||||||
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, 2014 and 2013. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(in thousands, except per share data) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Numerator: | ||||||||||||||||
Net income | $ | 7,155 | $ | 27,970 | $ | 52,516 | $ | 82,941 | ||||||||
Less: income allocated to unvested restricted shares | (150 | ) | (186 | ) | (453 | ) | (541 | ) | ||||||||
Net income attributable to common shareholders - basic | 7,005 | 27,784 | 52,063 | 82,400 | ||||||||||||
Add: undistributed income attributable to unvested restricted shares - basic | — | 59 | 26 | 185 | ||||||||||||
Less: undistributed income attributable to unvested restricted shares - diluted | — | (59 | ) | (26 | ) | (185 | ) | |||||||||
Net income attributable to common shareholders - diluted | $ | 7,005 | $ | 27,784 | $ | 52,063 | $ | 82,400 | ||||||||
Denominator: | ||||||||||||||||
Weighted average shares outstanding - basic | 62,175 | 62,605 | 62,238 | 62,678 | ||||||||||||
Dilutive shares - stock options | 4 | 26 | 7 | 41 | ||||||||||||
Weighted average shares outstanding - diluted | 62,179 | 62,631 | 62,245 | 62,719 | ||||||||||||
Net income per share attributable to common shareholders: | ||||||||||||||||
Basic | $ | 0.11 | $ | 0.44 | $ | 0.84 | $ | 1.31 | ||||||||
Diluted | $ | 0.11 | $ | 0.44 | $ | 0.84 | $ | 1.31 | ||||||||
Shareholders_Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2014 | |
Equity [Abstract] | ' |
Shareholders' Equity | ' |
Shareholders’ Equity | |
In February 2014, our Board of Directors authorized a share repurchase program of up to $100 million of our outstanding common stock to be executed at the discretion of management over a three-year period, expiring in February 2017. The program is intended, in part, to offset shares issued in conjunction with our stock incentive plans and return capital to shareholders. The program may be suspended or discontinued at any time. During the nine months ended September 30, 2014, we repurchased in open-market transactions and retired approximately 0.3 million shares of our common stock for an aggregate of $9.9 million, or an average price per share of $34.31. As of September 30, 2014, we have approximately $90.1 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, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Accumulated Other Comprehensive Income | ' | |||||||||||||||
Accumulated Other Comprehensive Income | ||||||||||||||||
The following table shows the changes in accumulated other comprehensive income (loss) by component for the three and nine months ended September 30, 2014 and 2013: | ||||||||||||||||
Defined Benefit | Currency | Other | Total | |||||||||||||
Pension | Translation | |||||||||||||||
Plans | Adjustments | |||||||||||||||
Accumulated other comprehensive income (loss), June 30, 2014 | $ | (6,260 | ) | $ | 15,789 | $ | 161 | $ | 9,690 | |||||||
Other comprehensive income (loss) before reclassifications | — | (16,796 | ) | (44 | ) | (16,840 | ) | |||||||||
Income tax | — | — | — | — | ||||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | — | (16,796 | ) | (44 | ) | (16,840 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 189 | — | (145 | ) | 44 | |||||||||||
Income tax | (57 | ) | — | 56 | (1 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 132 | — | (89 | ) | 43 | |||||||||||
Other comprehensive income (loss) | 132 | (16,796 | ) | (133 | ) | (16,797 | ) | |||||||||
Accumulated other comprehensive income (loss), September 30, 2014 | $ | (6,128 | ) | $ | (1,007 | ) | $ | 28 | $ | (7,107 | ) | |||||
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 | Other | Total | |||||||||||||
Pension | Translation | |||||||||||||||
Plans | Adjustments | |||||||||||||||
Accumulated other comprehensive income (loss), December 31, 2013 | $ | (6,479 | ) | $ | 15,892 | $ | 155 | $ | 9,568 | |||||||
Other comprehensive income (loss) before reclassifications | — | (16,899 | ) | (14 | ) | (16,913 | ) | |||||||||
Income tax | — | — | — | — | ||||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | — | (16,899 | ) | (14 | ) | (16,913 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 596 | — | (185 | ) | 411 | |||||||||||
Income tax | (245 | ) | — | 72 | (173 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 351 | — | (113 | ) | 238 | |||||||||||
Other comprehensive income (loss) | 351 | (16,899 | ) | (127 | ) | (16,675 | ) | |||||||||
Accumulated other comprehensive income (loss), September 30, 2014 | $ | (6,128 | ) | $ | (1,007 | ) | $ | 28 | $ | (7,107 | ) | |||||
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 | |||||||
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 and nine months ended September 30, 2014, we reclassified $0.2 million and $0.6 million of actuarial net losses. For the three and nine months ended September 30, 2013, we reclassified $0.3 million and $1.0 million of actuarial net losses. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
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 $0.9 million as of September 30, 2014. If none of the performance targets are met as of the specified dates, and customers have met their contractual commitments, payment will be due as follows: 2014 - $0.7 million; 2015 - $0.1 million; 2016 -$0.1 million. None of these contingent obligations were accrued at September 30, 2014, as we do not consider any of them probable. We deferred the recognition of fees that are contingent upon our future performance under the terms of these contracts. As of September 30, 2014, $0.9 million of deferred revenue related to outstanding contractual performance targets was included in other current liabilities. | |
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. | |
Various issues and 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 claims, including their impact on future financial results, cannot be ascertained or estimated at this time. | |
We are in discussions with a customer in our International Segment to resolve a dispute related to services provided. In the event we are unable to resolve this dispute, we may choose to terminate this relationship in which case we could potentially incur costs including but not limited to facility closures, personnel, transportation and/or other contract termination costs. We have outstanding accounts receivable totaling approximately $14.7 million at September 30, 2014 related to services provided to this customer. The outcome of these discussions or the impact on financial results is not known at this time; however, we do not believe that loss with respect to this issue is probable. | |
During September 2014, we entered into a definitive agreement to acquire ArcRoyal, a privately held surgical kitting company based in Ireland. The transaction is expected to close in the fourth quarter of 2014. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
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, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net revenue: | ||||||||||||||||
Domestic | $ | 2,262,081 | $ | 2,175,663 | $ | 6,598,531 | $ | 6,474,069 | ||||||||
International | 124,045 | 94,884 | 349,834 | 278,939 | ||||||||||||
Consolidated net revenue | $ | 2,386,126 | $ | 2,270,547 | $ | 6,948,365 | $ | 6,753,008 | ||||||||
Operating earnings (loss): | ||||||||||||||||
Domestic | $ | 50,797 | $ | 51,213 | $ | 151,849 | $ | 155,364 | ||||||||
International | (1,463 | ) | 749 | (8,273 | ) | (2,819 | ) | |||||||||
Acquisition-related and exit and realignment charges | (13,957 | ) | (2,747 | ) | (24,813 | ) | (5,395 | ) | ||||||||
Consolidated operating earnings | $ | 35,377 | $ | 49,215 | $ | 118,763 | $ | 147,150 | ||||||||
Depreciation and amortization: | ||||||||||||||||
Domestic | $ | 8,986 | $ | 8,805 | $ | 26,772 | $ | 26,775 | ||||||||
International | 4,855 | 3,636 | 14,825 | 10,572 | ||||||||||||
Consolidated depreciation and amortization | $ | 13,841 | $ | 12,441 | $ | 41,597 | $ | 37,347 | ||||||||
Capital expenditures: | ||||||||||||||||
Domestic | $ | 11,077 | $ | 10,032 | $ | 40,110 | $ | 34,506 | ||||||||
International | 4,257 | 4,426 | 14,047 | 10,999 | ||||||||||||
Consolidated capital expenditures | $ | 15,334 | $ | 14,458 | $ | 54,157 | $ | 45,505 | ||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||
Total assets: | ||||||||||||||||
Domestic | $ | 1,834,169 | $ | 1,747,572 | ||||||||||||
International | 499,582 | 474,565 | ||||||||||||||
Segment assets | 2,333,751 | 2,222,137 | ||||||||||||||
Cash and cash equivalents | 610,147 | 101,905 | ||||||||||||||
Consolidated total assets | $ | 2,943,898 | $ | 2,324,042 | ||||||||||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Financial Information | ' | |||||||||||||||||||
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. | ||||||||||||||||||||
Three Months Ended September 30, 2014 | Owens & | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||
Minor, Inc. | Subsidiaries | Subsidiaries | ||||||||||||||||||
Statements of Income | ||||||||||||||||||||
Net revenue | $ | — | $ | 2,261,448 | $ | 141,086 | $ | (16,408 | ) | $ | 2,386,126 | |||||||||
Cost of goods sold | — | 2,047,328 | 62,850 | (16,535 | ) | 2,093,643 | ||||||||||||||
Gross margin | — | 214,120 | 78,236 | 127 | 292,483 | |||||||||||||||
Selling, general and administrative expenses | 25 | 155,950 | 75,402 | — | 231,377 | |||||||||||||||
Acquisition-related and exit and realignment charges | — | 7,893 | 6,064 | — | 13,957 | |||||||||||||||
Depreciation and amortization | — | 8,966 | 4,875 | — | 13,841 | |||||||||||||||
Other operating income, net | — | (1,167 | ) | (1,235 | ) | 333 | (2,069 | ) | ||||||||||||
Operating earnings (loss) | (25 | ) | 42,478 | (6,870 | ) | (206 | ) | 35,377 | ||||||||||||
Interest expense (income), net | 3,925 | 1,002 | (623 | ) | — | 4,304 | ||||||||||||||
Loss on early retirement of debt | 14,890 | — | — | — | 14,890 | |||||||||||||||
Income (loss) before income taxes | (18,840 | ) | 41,476 | (6,247 | ) | (206 | ) | 16,183 | ||||||||||||
Income tax (benefit) provision | (7,144 | ) | 16,463 | (291 | ) | — | 9,028 | |||||||||||||
Equity in earnings of subsidiaries | 18,851 | — | — | (18,851 | ) | — | ||||||||||||||
Net income (loss) | 7,155 | 25,013 | (5,956 | ) | (19,057 | ) | 7,155 | |||||||||||||
Other comprehensive income (loss) | (16,797 | ) | 131 | (16,795 | ) | 16,664 | (16,797 | ) | ||||||||||||
Comprehensive income (loss) | $ | (9,642 | ) | $ | 25,144 | $ | (22,751 | ) | $ | (2,393 | ) | $ | (9,642 | ) | ||||||
Three Months Ended September 30, 2013 | Owens & | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||
Minor, Inc. | Subsidiaries | Subsidiaries | ||||||||||||||||||
Statements of Income | ||||||||||||||||||||
Net revenue | $ | — | $ | 2,175,663 | $ | 106,784 | $ | (11,900 | ) | $ | 2,270,547 | |||||||||
Cost of goods sold | — | 1,965,696 | 43,238 | (11,716 | ) | 1,997,218 | ||||||||||||||
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 earnings (loss) | (267 | ) | 49,678 | (12 | ) | (184 | ) | 49,215 | ||||||||||||
Interest expense (income), net | 5,791 | (2,364 | ) | (38 | ) | — | 3,389 | |||||||||||||
Income (loss) 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 | |||||||||
Nine Months Ended September 30, 2014 | Owens & | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||
Minor, Inc. | Subsidiaries | Subsidiaries | ||||||||||||||||||
Statements of Income | ||||||||||||||||||||
Net revenue | $ | — | $ | 6,596,941 | $ | 398,646 | $ | (47,222 | ) | $ | 6,948,365 | |||||||||
Cost of goods sold | — | 5,965,607 | 173,747 | (46,941 | ) | 6,092,413 | ||||||||||||||
Gross margin | — | 631,334 | 224,899 | (281 | ) | 855,952 | ||||||||||||||
Selling, general and administrative expenses | 36 | 462,325 | 220,464 | — | 682,825 | |||||||||||||||
Acquisition-related and exit and realignment charges | — | 13,074 | 11,739 | — | 24,813 | |||||||||||||||
Depreciation and amortization | 2 | 26,703 | 14,892 | — | 41,597 | |||||||||||||||
Other operating income, net | — | (9,043 | ) | (3,336 | ) | 333 | (12,046 | ) | ||||||||||||
Operating earnings (loss) | (38 | ) | 138,275 | (18,860 | ) | (614 | ) | 118,763 | ||||||||||||
Interest expense (income), net | 9,328 | 3,502 | (1,937 | ) | — | 10,893 | ||||||||||||||
Loss on early retirement of debt | 14,890 | — | — | — | 14,890 | |||||||||||||||
Income (loss) before income taxes | (24,256 | ) | 134,773 | (16,923 | ) | (614 | ) | 92,980 | ||||||||||||
Income tax (benefit) provision | (9,299 | ) | 53,989 | (4,226 | ) | — | 40,464 | |||||||||||||
Equity in earnings of subsidiaries | 67,473 | — | — | (67,473 | ) | — | ||||||||||||||
Net income (loss) | 52,516 | 80,784 | (12,697 | ) | (68,087 | ) | 52,516 | |||||||||||||
Other comprehensive income (loss) | (16,675 | ) | 350 | (16,898 | ) | 16,548 | (16,675 | ) | ||||||||||||
Comprehensive income (loss) | $ | 35,841 | $ | 81,134 | $ | (29,595 | ) | $ | (51,539 | ) | $ | 35,841 | ||||||||
Nine Months Ended September 30, 2013 | Owens & | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||
Minor, Inc. | Subsidiaries | Subsidiaries | ||||||||||||||||||
Statements of Income | ||||||||||||||||||||
Net revenue | $ | — | $ | 6,473,954 | $ | 313,023 | $ | (33,969 | ) | $ | 6,753,008 | |||||||||
Cost of goods sold | — | 5,833,900 | 126,720 | (33,424 | ) | 5,927,196 | ||||||||||||||
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 earnings (loss) | (1,148 | ) | 154,050 | (5,207 | ) | (545 | ) | 147,150 | ||||||||||||
Interest expense (income), net | 15,340 | (5,096 | ) | (409 | ) | — | 9,835 | |||||||||||||
Income (loss) 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 | ||||||||
30-Sep-14 | Owens & | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||
Minor, Inc. | Subsidiaries | guarantor | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Balance Sheets | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 563,559 | $ | 32,924 | $ | 13,664 | $ | — | $ | 610,147 | ||||||||||
Accounts and notes receivable, net | — | 496,444 | 97,325 | (3,629 | ) | 590,140 | ||||||||||||||
Merchandise inventories | — | 804,409 | 31,811 | (1,744 | ) | 834,476 | ||||||||||||||
Other current assets | 253 | 91,582 | 204,901 | (1,295 | ) | 295,441 | ||||||||||||||
Total current assets | 563,812 | 1,425,359 | 347,701 | (6,668 | ) | 2,330,204 | ||||||||||||||
Property and equipment, net | — | 105,689 | 98,266 | — | 203,955 | |||||||||||||||
Goodwill | — | 247,271 | 27,262 | — | 274,533 | |||||||||||||||
Intangible assets, net | — | 16,323 | 20,134 | — | 36,457 | |||||||||||||||
Due from O&M and subsidiaries | — | 409,280 | — | (409,280 | ) | — | ||||||||||||||
Advances to and investment in consolidated subsidiaries | 1,587,331 | — | — | (1,587,331 | ) | — | ||||||||||||||
Other assets, net | 4,178 | 68,606 | 25,965 | — | 98,749 | |||||||||||||||
Total assets | $ | 2,155,321 | $ | 2,272,528 | $ | 519,328 | $ | (2,003,279 | ) | $ | 2,943,898 | |||||||||
Liabilities and equity | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Current portion of long-term debt | $ | 200,000 | $ | 2,401 | $ | — | $ | — | $ | 202,401 | ||||||||||
Accounts payable | 6 | 649,274 | 46,965 | (3,629 | ) | 692,616 | ||||||||||||||
Accrued payroll and related liabilities | — | 17,033 | 11,676 | — | 28,709 | |||||||||||||||
Deferred income taxes | — | 39,277 | 129 | — | 39,406 | |||||||||||||||
Other accrued liabilities | 26,776 | 98,147 | 192,150 | (1,492 | ) | 315,581 | ||||||||||||||
Total current liabilities | 226,782 | 806,132 | 250,920 | (5,121 | ) | 1,278,713 | ||||||||||||||
Long-term debt, excluding current portion | 547,765 | 6,517 | 9,600 | — | 563,882 | |||||||||||||||
Due to O&M and subsidiaries | 373,250 | — | 36,002 | (409,252 | ) | — | ||||||||||||||
Intercompany debt | — | 138,890 | — | (138,890 | ) | — | ||||||||||||||
Deferred income taxes | — | 31,158 | 10,567 | — | 41,725 | |||||||||||||||
Other liabilities | — | 48,179 | 3,875 | — | 52,054 | |||||||||||||||
Total liabilities | 1,147,797 | 1,030,876 | 310,964 | (553,263 | ) | 1,936,374 | ||||||||||||||
Equity | ||||||||||||||||||||
Common stock | 126,159 | — | 1,500 | (1,500 | ) | 126,159 | ||||||||||||||
Paid-in capital | 200,961 | 241,878 | 261,519 | (503,397 | ) | 200,961 | ||||||||||||||
Retained earnings (deficit) | 687,511 | 1,006,001 | (53,775 | ) | (952,226 | ) | 687,511 | |||||||||||||
Accumulated other comprehensive income (loss) | (7,107 | ) | (6,227 | ) | (880 | ) | 7,107 | (7,107 | ) | |||||||||||
Total equity | 1,007,524 | 1,241,652 | 208,364 | (1,450,016 | ) | 1,007,524 | ||||||||||||||
Total liabilities and equity | $ | 2,155,321 | $ | 2,272,528 | $ | 519,328 | $ | (2,003,279 | ) | $ | 2,943,898 | |||||||||
December 31, 2013 | Owens & | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||
Minor, Inc. | Subsidiaries | Subsidiaries | ||||||||||||||||||
Balance Sheets | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 74,391 | $ | 2,012 | $ | 25,502 | $ | — | $ | 101,905 | ||||||||||
Accounts and notes receivable, net | — | 496,310 | 79,722 | (3,178 | ) | 572,854 | ||||||||||||||
Merchandise inventories | — | 750,999 | 22,128 | (1,464 | ) | 771,663 | ||||||||||||||
Other current assets | 201 | 72,049 | 207,058 | 202 | 279,510 | |||||||||||||||
Total current assets | 74,592 | 1,321,370 | 334,410 | (4,440 | ) | 1,725,932 | ||||||||||||||
Property and equipment, net | 2 | 96,500 | 95,459 | — | 191,961 | |||||||||||||||
Goodwill | — | 247,271 | 28,168 | — | 275,439 | |||||||||||||||
Intangible assets, net | — | 17,881 | 22,525 | — | 40,406 | |||||||||||||||
Due from O&M and subsidiaries | — | 377,786 | — | (377,786 | ) | — | ||||||||||||||
Advances to and investments in consolidated subsidiaries | 1,533,294 | — | — | (1,533,294 | ) | — | ||||||||||||||
Other assets, net | 408 | 63,848 | 26,048 | — | 90,304 | |||||||||||||||
Total assets | $ | 1,608,296 | $ | 2,124,656 | $ | 506,610 | $ | (1,915,520 | ) | $ | 2,324,042 | |||||||||
Liabilities and equity | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Current portion of long-term debt | $ | — | $ | 2,428 | $ | — | $ | — | $ | 2,428 | ||||||||||
Accounts payable | — | 595,865 | 51,185 | (3,178 | ) | 643,872 | ||||||||||||||
Accrued payroll and related liabilities | — | 12,792 | 10,504 | — | 23,296 | |||||||||||||||
Deferred income taxes | — | 41,464 | 149 | — | 41,613 | |||||||||||||||
Other accrued liabilities | 6,811 | 85,367 | 185,792 | — | 277,970 | |||||||||||||||
Total current liabilities | 6,811 | 737,916 | 247,630 | (3,178 | ) | 989,179 | ||||||||||||||
Long-term debt, excluding current portion | 204,028 | 7,228 | 2,559 | — | 213,815 | |||||||||||||||
Due to O&M and subsidiaries | 373,544 | — | 2,910 | (376,454 | ) | — | ||||||||||||||
Intercompany debt | — | 138,890 | — | (138,890 | ) | — | ||||||||||||||
Deferred income taxes | — | 32,173 | 11,554 | — | 43,727 | |||||||||||||||
Other liabilities | — | 47,816 | 4,462 | — | 52,278 | |||||||||||||||
Total liabilities | 584,383 | 964,023 | 269,115 | (518,522 | ) | 1,298,999 | ||||||||||||||
Equity | — | |||||||||||||||||||
Common stock | 126,193 | — | 1,500 | (1,500 | ) | 126,193 | ||||||||||||||
Paid-in capital | 196,605 | 242,024 | 259,864 | (501,888 | ) | 196,605 | ||||||||||||||
Retained earnings (deficit) | 691,547 | 925,184 | (41,029 | ) | (884,155 | ) | 691,547 | |||||||||||||
Accumulated other comprehensive income (loss) | 9,568 | (6,575 | ) | 16,030 | (9,455 | ) | 9,568 | |||||||||||||
Total Owens & Minor, Inc. shareholders’ equity | 1,023,913 | 1,160,633 | 236,365 | (1,396,998 | ) | 1,023,913 | ||||||||||||||
Noncontrolling interest | — | — | 1,130 | — | 1,130 | |||||||||||||||
Total equity | 1,023,913 | 1,160,633 | 237,495 | (1,396,998 | ) | 1,025,043 | ||||||||||||||
Total liabilities and equity | $ | 1,608,296 | $ | 2,124,656 | $ | 506,610 | $ | (1,915,520 | ) | $ | 2,324,042 | |||||||||
Nine Months Ended September 30, 2014 | Owens & | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||
Minor, Inc. | Subsidiaries | Subsidiaries | ||||||||||||||||||
Statements of Cash Flows | ||||||||||||||||||||
Operating activities: | ||||||||||||||||||||
Net income (loss) | $ | 52,516 | $ | 80,784 | $ | (12,697 | ) | $ | (68,087 | ) | $ | 52,516 | ||||||||
Adjustments to reconcile net income to cash provided by (used for) operating activities: | ||||||||||||||||||||
Equity in earnings of subsidiaries | (67,473 | ) | — | — | 67,473 | — | ||||||||||||||
Depreciation and amortization | 2 | 26,703 | 14,892 | — | 41,597 | |||||||||||||||
Loss on early retirement of debt | 14,890 | — | — | — | 14,890 | |||||||||||||||
Share-based compensation expense | — | 6,136 | — | — | 6,136 | |||||||||||||||
Provision for losses on accounts and notes receivable | — | 146 | (502 | ) | — | (356 | ) | |||||||||||||
Deferred income tax expense (benefit) | — | (3,470 | ) | (3,917 | ) | — | (7,387 | ) | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||
Accounts and notes receivable | — | (280 | ) | (21,628 | ) | 452 | (21,456 | ) | ||||||||||||
Merchandise inventories | — | (53,410 | ) | (10,752 | ) | 279 | (63,883 | ) | ||||||||||||
Accounts payable | 6 | 53,409 | 174 | 1,045 | 54,634 | |||||||||||||||
Net change in other assets and liabilities | 2,562 | (1,907 | ) | 3,638 | (1,162 | ) | 3,131 | |||||||||||||
Other, net | (1,162 | ) | (98 | ) | 2,582 | — | 1,322 | |||||||||||||
Cash provided by (used for) operating activities | 1,341 | 108,013 | (28,210 | ) | — | 81,144 | ||||||||||||||
Investing activities: | ||||||||||||||||||||
Additions to property and equipment | — | (24,662 | ) | (11,507 | ) | — | (36,169 | ) | ||||||||||||
Additions to computer software and intangible assets | — | (15,448 | ) | (2,540 | ) | — | (17,988 | ) | ||||||||||||
Proceeds from the sale of investment | — | 1,937 | — | — | 1,937 | |||||||||||||||
Proceeds from the sale of property and equipment | — | 137 | 14 | — | 151 | |||||||||||||||
Cash used for investing activities | — | (38,036 | ) | (14,033 | ) | — | (52,069 | ) | ||||||||||||
Financing activities: | ||||||||||||||||||||
Long-term borrowings | 547,693 | — | — | — | 547,693 | |||||||||||||||
Change in intercompany advances | 2,024 | (36,874 | ) | 34,850 | — | — | ||||||||||||||
Cash dividends paid | (47,335 | ) | — | — | — | (47,335 | ) | |||||||||||||
Repurchases of common stock | (9,934 | ) | — | — | — | (9,934 | ) | |||||||||||||
Excess tax benefits related to share-based compensation | 514 | — | — | — | 514 | |||||||||||||||
Proceeds from exercise of stock options | 1,180 | — | — | — | 1,180 | |||||||||||||||
Purchase of noncontrolling interest | — | — | (1,500 | ) | — | (1,500 | ) | |||||||||||||
Debt issuance costs | (4,178 | ) | — | — | — | (4,178 | ) | |||||||||||||
Other, net | (2,137 | ) | (2,191 | ) | (1,343 | ) | — | (5,671 | ) | |||||||||||
Cash provided by (used for) financing activities | 487,827 | (39,065 | ) | 32,007 | — | 480,769 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (1,602 | ) | — | (1,602 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | 489,168 | 30,912 | (11,838 | ) | — | 508,242 | ||||||||||||||
Cash and cash equivalents at beginning of period | 74,391 | 2,012 | 25,502 | — | 101,905 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 563,559 | $ | 32,924 | $ | 13,664 | $ | — | $ | 610,147 | ||||||||||
Nine Months Ended September 30, 2013 | Owens & | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||
Minor, Inc. | Subsidiaries | Subsidiaries | ||||||||||||||||||
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 | — | 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 (decrease) increase 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 | ||||||||||
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
Recent Accounting Pronouncements | ' |
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, 2013. | |
We adopted an Accounting Standard Update (ASU) issued by the Financial Accounting Standards Board (FASB) for presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The adoption of this guidance did not have an impact on our financial position or results of operations. | |
On May 28, 2014, the FASB issued an ASU, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that the ASU will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
On October 1, 2014, we completed the acquisition of Medical Action Industries Inc., (Medical Action or MAI), under the definitive agreement signed June 24, 2014. MAI is a leading producer of surgical kits and procedure trays, which will enable an expansion of our capabilities in the assembly of kits, packs and trays for the healthcare market. Under terms of the definitive agreement, we acquired all outstanding shares of MAI for $13.80 per share in cash, representing a total transaction value of approximately $207 million, including assumed debt, net of cash acquired. The initial allocation of purchase price to assets and liabilities acquired is not yet complete. We do not expect the acquisition to have a material effect on operational results for 2014. | |
On October 16, 2014 we redeemed in full our 2016 Senior Notes for $217 million in cash. See Note 7-Debt for more information. |
Basis_of_Presentation_and_Use_1
Basis of Presentation and Use of Estimates (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
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). During the second quarter of 2014, we purchased the remaining outside stockholder's interest in a consolidated subsidiary that was partially owned. Therefore we do not present a noncontrolling interest as a component of equity as of September 30, 2014. 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. | |
Reclassification and Correction | ' |
Reclassification and Correction | |
Certain prior year amounts have been reclassified to conform to current year presentation. In addition, after completing a review of customer contracts in the International segment in the fourth quarter of 2013, we determined a net presentation of revenues for certain contracts is more representative of the customer arrangement. Certain amounts in the prior period statement of income were revised to reflect this net presentation of revenues. As a result, prior year net revenue and cost of goods sold each decreased by $34.1 million for the three month period and $94.0 million for the nine month period ended September 30, 2013. The change did not affect cash flows, gross margin, operating earnings or net income in 2013. | |
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 7 for the fair value of long-term debt. | |
Share Repurchase | ' |
We have elected to allocate any excess of share repurchase price over par value to retained earnings. | |
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. |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Changes in Carrying Amount of Goodwill | ' | |||||||||||||||
The following table summarizes the changes in the carrying amount of goodwill through September 30, 2014: | ||||||||||||||||
Domestic | International | Total | ||||||||||||||
Segment | Segment | |||||||||||||||
Carrying amount of goodwill, December 31, 2013 | $ | 248,498 | $ | 26,941 | $ | 275,439 | ||||||||||
Currency translation adjustments | — | (906 | ) | (906 | ) | |||||||||||
Carrying amount of goodwill, September 30, 2014 | $ | 248,498 | $ | 26,035 | $ | 274,533 | ||||||||||
Intangible Assets | ' | |||||||||||||||
Intangible assets at September 30, 2014, and December 31, 2013, were as follows: | ||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||
Customer | Other | Customer | Other | |||||||||||||
Relationships | Intangibles | Relationships | Intangibles | |||||||||||||
Gross intangible assets | $ | 50,995 | $ | 3,805 | $ | 51,544 | $ | 3,933 | ||||||||
Accumulated amortization | (17,706 | ) | (636 | ) | (14,281 | ) | (790 | ) | ||||||||
Net intangible assets | $ | 33,289 | $ | 3,169 | $ | 37,263 | $ | 3,143 | ||||||||
Exit_and_Realignment_Costs_Tab
Exit and Realignment Costs (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||
Schedule of Exit and Realignment Costs | ' | |||||||||||||||
Exit and realignment charges by segment for the three and nine month periods ended September 30, 2014 and 2013 were as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Domestic segment | $ | 4,654 | $ | 1,856 | $ | 8,250 | $ | 3,162 | ||||||||
International segment | 4,738 | 235 | 7,869 | 685 | ||||||||||||
Total exit and realignment charges | $ | 9,392 | $ | 2,091 | $ | 16,119 | $ | 3,847 | ||||||||
Summary of Accrued Exit Costs | ' | |||||||||||||||
The following table summarizes the activity related to exit and realignment cost accruals through September 30, 2014 and 2013: | ||||||||||||||||
Lease | Severance | Total | ||||||||||||||
Obligations | ||||||||||||||||
Accrued exit and realignment costs, December 31, 2013 | $ | 2,434 | $ | 475 | $ | 2,909 | ||||||||||
Provision for exit and realignment activities | 532 | 807 | 1,339 | |||||||||||||
Cash payments, net of sublease income | (411 | ) | (327 | ) | (738 | ) | ||||||||||
Accrued exit and realignment costs, March 31, 2014 | 2,555 | 955 | 3,510 | |||||||||||||
Provision for exit and realignment activities | 6 | 2,236 | 2,242 | |||||||||||||
Cash payments, net of sublease income | (383 | ) | (1,095 | ) | (1,478 | ) | ||||||||||
Accrued exit and realignment costs, June 30, 2014 | 2,178 | 2,096 | 4,274 | |||||||||||||
Provision for exit and realignment activities | 912 | 2,215 | 3,127 | |||||||||||||
Cash payments, net of sublease income | (867 | ) | (460 | ) | (1,327 | ) | ||||||||||
Accrued exit and realignment costs, September 30, 2014 | $ | 2,223 | $ | 3,851 | $ | 6,074 | ||||||||||
Accrued exit and realignment costs, December 31, 2012 | $ | 5,098 | $ | 1,116 | $ | 6,214 | ||||||||||
Provision for exit and realignment activities | 538 | 3 | 541 | |||||||||||||
Cash payments, net of sublease income | (4,844 | ) | (147 | ) | (4,991 | ) | ||||||||||
Accrued exit and realignment costs, March 31, 2013 | 792 | 972 | 1,764 | |||||||||||||
Cash payments, net of sublease income | (118 | ) | (137 | ) | (255 | ) | ||||||||||
Accrued exit and realignment costs, June 30, 2013 | 674 | 835 | 1,509 | |||||||||||||
Provision for exit and realignment activities | 648 | 76 | 724 | |||||||||||||
Change in estimate | — | (79 | ) | (79 | ) | |||||||||||
Cash payments, net of sublease income | (463 | ) | (105 | ) | (568 | ) | ||||||||||
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, 2014 | ||||||||||||||||
Domestic Retirement Plans | ' | |||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | |||||||||||||||
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, 2014 and 2013, were as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 60 | $ | 24 | $ | 136 | $ | 89 | ||||||||
Interest cost | 482 | 414 | 1,446 | 1,241 | ||||||||||||
Recognized net actuarial loss | 204 | 341 | 612 | 1,024 | ||||||||||||
Net periodic benefit cost | $ | 746 | $ | 779 | $ | 2,194 | $ | 2,354 | ||||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Debt | ' | |||||||||||||||
Debt consists of the following: | ||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
Amount | Fair Value | Amount | Fair Value | |||||||||||||
6.35% Senior Notes, $200 million par value, maturing April 2016 | $ | 200,000 | $ | 217,352 | $ | 204,028 | $ | 218,750 | ||||||||
3.875% Senior Notes, $275 million par value, maturing September 2021 | 273,732 | 274,973 | — | — | ||||||||||||
4.375% Senior Notes, $275 million par value, maturing December 2024 | 273,961 | 276,430 | — | — | ||||||||||||
Capital leases | 18,590 | 18,590 | 12,215 | 12,215 | ||||||||||||
Total debt | 766,283 | 787,345 | 216,243 | 230,965 | ||||||||||||
Less current maturities | (202,401 | ) | (219,753 | ) | (2,428 | ) | (2,428 | ) | ||||||||
Long-term debt | $ | 563,882 | $ | 567,592 | $ | 213,815 | $ | 228,537 | ||||||||
Net_Income_per_Common_Share_Ta
Net Income per Common Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
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, 2014 and 2013. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(in thousands, except per share data) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Numerator: | ||||||||||||||||
Net income | $ | 7,155 | $ | 27,970 | $ | 52,516 | $ | 82,941 | ||||||||
Less: income allocated to unvested restricted shares | (150 | ) | (186 | ) | (453 | ) | (541 | ) | ||||||||
Net income attributable to common shareholders - basic | 7,005 | 27,784 | 52,063 | 82,400 | ||||||||||||
Add: undistributed income attributable to unvested restricted shares - basic | — | 59 | 26 | 185 | ||||||||||||
Less: undistributed income attributable to unvested restricted shares - diluted | — | (59 | ) | (26 | ) | (185 | ) | |||||||||
Net income attributable to common shareholders - diluted | $ | 7,005 | $ | 27,784 | $ | 52,063 | $ | 82,400 | ||||||||
Denominator: | ||||||||||||||||
Weighted average shares outstanding - basic | 62,175 | 62,605 | 62,238 | 62,678 | ||||||||||||
Dilutive shares - stock options | 4 | 26 | 7 | 41 | ||||||||||||
Weighted average shares outstanding - diluted | 62,179 | 62,631 | 62,245 | 62,719 | ||||||||||||
Net income per share attributable to common shareholders: | ||||||||||||||||
Basic | $ | 0.11 | $ | 0.44 | $ | 0.84 | $ | 1.31 | ||||||||
Diluted | $ | 0.11 | $ | 0.44 | $ | 0.84 | $ | 1.31 | ||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
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 and nine months ended September 30, 2014 and 2013: | ||||||||||||||||
Defined Benefit | Currency | Other | Total | |||||||||||||
Pension | Translation | |||||||||||||||
Plans | Adjustments | |||||||||||||||
Accumulated other comprehensive income (loss), June 30, 2014 | $ | (6,260 | ) | $ | 15,789 | $ | 161 | $ | 9,690 | |||||||
Other comprehensive income (loss) before reclassifications | — | (16,796 | ) | (44 | ) | (16,840 | ) | |||||||||
Income tax | — | — | — | — | ||||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | — | (16,796 | ) | (44 | ) | (16,840 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 189 | — | (145 | ) | 44 | |||||||||||
Income tax | (57 | ) | — | 56 | (1 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 132 | — | (89 | ) | 43 | |||||||||||
Other comprehensive income (loss) | 132 | (16,796 | ) | (133 | ) | (16,797 | ) | |||||||||
Accumulated other comprehensive income (loss), September 30, 2014 | $ | (6,128 | ) | $ | (1,007 | ) | $ | 28 | $ | (7,107 | ) | |||||
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 | Other | Total | |||||||||||||
Pension | Translation | |||||||||||||||
Plans | Adjustments | |||||||||||||||
Accumulated other comprehensive income (loss), December 31, 2013 | $ | (6,479 | ) | $ | 15,892 | $ | 155 | $ | 9,568 | |||||||
Other comprehensive income (loss) before reclassifications | — | (16,899 | ) | (14 | ) | (16,913 | ) | |||||||||
Income tax | — | — | — | — | ||||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | — | (16,899 | ) | (14 | ) | (16,913 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 596 | — | (185 | ) | 411 | |||||||||||
Income tax | (245 | ) | — | 72 | (173 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 351 | — | (113 | ) | 238 | |||||||||||
Other comprehensive income (loss) | 351 | (16,899 | ) | (127 | ) | (16,675 | ) | |||||||||
Accumulated other comprehensive income (loss), September 30, 2014 | $ | (6,128 | ) | $ | (1,007 | ) | $ | 28 | $ | (7,107 | ) | |||||
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 | |||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Financial Information by Segment | ' | |||||||||||||||
The following tables present financial information by segment: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net revenue: | ||||||||||||||||
Domestic | $ | 2,262,081 | $ | 2,175,663 | $ | 6,598,531 | $ | 6,474,069 | ||||||||
International | 124,045 | 94,884 | 349,834 | 278,939 | ||||||||||||
Consolidated net revenue | $ | 2,386,126 | $ | 2,270,547 | $ | 6,948,365 | $ | 6,753,008 | ||||||||
Operating earnings (loss): | ||||||||||||||||
Domestic | $ | 50,797 | $ | 51,213 | $ | 151,849 | $ | 155,364 | ||||||||
International | (1,463 | ) | 749 | (8,273 | ) | (2,819 | ) | |||||||||
Acquisition-related and exit and realignment charges | (13,957 | ) | (2,747 | ) | (24,813 | ) | (5,395 | ) | ||||||||
Consolidated operating earnings | $ | 35,377 | $ | 49,215 | $ | 118,763 | $ | 147,150 | ||||||||
Depreciation and amortization: | ||||||||||||||||
Domestic | $ | 8,986 | $ | 8,805 | $ | 26,772 | $ | 26,775 | ||||||||
International | 4,855 | 3,636 | 14,825 | 10,572 | ||||||||||||
Consolidated depreciation and amortization | $ | 13,841 | $ | 12,441 | $ | 41,597 | $ | 37,347 | ||||||||
Capital expenditures: | ||||||||||||||||
Domestic | $ | 11,077 | $ | 10,032 | $ | 40,110 | $ | 34,506 | ||||||||
International | 4,257 | 4,426 | 14,047 | 10,999 | ||||||||||||
Consolidated capital expenditures | $ | 15,334 | $ | 14,458 | $ | 54,157 | $ | 45,505 | ||||||||
Consolidated Total Assets | ' | |||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||
Total assets: | ||||||||||||||||
Domestic | $ | 1,834,169 | $ | 1,747,572 | ||||||||||||
International | 499,582 | 474,565 | ||||||||||||||
Segment assets | 2,333,751 | 2,222,137 | ||||||||||||||
Cash and cash equivalents | 610,147 | 101,905 | ||||||||||||||
Consolidated total assets | $ | 2,943,898 | $ | 2,324,042 | ||||||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Statement Of Income | ' | |||||||||||||||||||
Three Months Ended September 30, 2014 | Owens & | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||
Minor, Inc. | Subsidiaries | Subsidiaries | ||||||||||||||||||
Statements of Income | ||||||||||||||||||||
Net revenue | $ | — | $ | 2,261,448 | $ | 141,086 | $ | (16,408 | ) | $ | 2,386,126 | |||||||||
Cost of goods sold | — | 2,047,328 | 62,850 | (16,535 | ) | 2,093,643 | ||||||||||||||
Gross margin | — | 214,120 | 78,236 | 127 | 292,483 | |||||||||||||||
Selling, general and administrative expenses | 25 | 155,950 | 75,402 | — | 231,377 | |||||||||||||||
Acquisition-related and exit and realignment charges | — | 7,893 | 6,064 | — | 13,957 | |||||||||||||||
Depreciation and amortization | — | 8,966 | 4,875 | — | 13,841 | |||||||||||||||
Other operating income, net | — | (1,167 | ) | (1,235 | ) | 333 | (2,069 | ) | ||||||||||||
Operating earnings (loss) | (25 | ) | 42,478 | (6,870 | ) | (206 | ) | 35,377 | ||||||||||||
Interest expense (income), net | 3,925 | 1,002 | (623 | ) | — | 4,304 | ||||||||||||||
Loss on early retirement of debt | 14,890 | — | — | — | 14,890 | |||||||||||||||
Income (loss) before income taxes | (18,840 | ) | 41,476 | (6,247 | ) | (206 | ) | 16,183 | ||||||||||||
Income tax (benefit) provision | (7,144 | ) | 16,463 | (291 | ) | — | 9,028 | |||||||||||||
Equity in earnings of subsidiaries | 18,851 | — | — | (18,851 | ) | — | ||||||||||||||
Net income (loss) | 7,155 | 25,013 | (5,956 | ) | (19,057 | ) | 7,155 | |||||||||||||
Other comprehensive income (loss) | (16,797 | ) | 131 | (16,795 | ) | 16,664 | (16,797 | ) | ||||||||||||
Comprehensive income (loss) | $ | (9,642 | ) | $ | 25,144 | $ | (22,751 | ) | $ | (2,393 | ) | $ | (9,642 | ) | ||||||
Three Months Ended September 30, 2013 | Owens & | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||
Minor, Inc. | Subsidiaries | Subsidiaries | ||||||||||||||||||
Statements of Income | ||||||||||||||||||||
Net revenue | $ | — | $ | 2,175,663 | $ | 106,784 | $ | (11,900 | ) | $ | 2,270,547 | |||||||||
Cost of goods sold | — | 1,965,696 | 43,238 | (11,716 | ) | 1,997,218 | ||||||||||||||
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 earnings (loss) | (267 | ) | 49,678 | (12 | ) | (184 | ) | 49,215 | ||||||||||||
Interest expense (income), net | 5,791 | (2,364 | ) | (38 | ) | — | 3,389 | |||||||||||||
Income (loss) 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 | |||||||||
Nine Months Ended September 30, 2014 | Owens & | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||
Minor, Inc. | Subsidiaries | Subsidiaries | ||||||||||||||||||
Statements of Income | ||||||||||||||||||||
Net revenue | $ | — | $ | 6,596,941 | $ | 398,646 | $ | (47,222 | ) | $ | 6,948,365 | |||||||||
Cost of goods sold | — | 5,965,607 | 173,747 | (46,941 | ) | 6,092,413 | ||||||||||||||
Gross margin | — | 631,334 | 224,899 | (281 | ) | 855,952 | ||||||||||||||
Selling, general and administrative expenses | 36 | 462,325 | 220,464 | — | 682,825 | |||||||||||||||
Acquisition-related and exit and realignment charges | — | 13,074 | 11,739 | — | 24,813 | |||||||||||||||
Depreciation and amortization | 2 | 26,703 | 14,892 | — | 41,597 | |||||||||||||||
Other operating income, net | — | (9,043 | ) | (3,336 | ) | 333 | (12,046 | ) | ||||||||||||
Operating earnings (loss) | (38 | ) | 138,275 | (18,860 | ) | (614 | ) | 118,763 | ||||||||||||
Interest expense (income), net | 9,328 | 3,502 | (1,937 | ) | — | 10,893 | ||||||||||||||
Loss on early retirement of debt | 14,890 | — | — | — | 14,890 | |||||||||||||||
Income (loss) before income taxes | (24,256 | ) | 134,773 | (16,923 | ) | (614 | ) | 92,980 | ||||||||||||
Income tax (benefit) provision | (9,299 | ) | 53,989 | (4,226 | ) | — | 40,464 | |||||||||||||
Equity in earnings of subsidiaries | 67,473 | — | — | (67,473 | ) | — | ||||||||||||||
Net income (loss) | 52,516 | 80,784 | (12,697 | ) | (68,087 | ) | 52,516 | |||||||||||||
Other comprehensive income (loss) | (16,675 | ) | 350 | (16,898 | ) | 16,548 | (16,675 | ) | ||||||||||||
Comprehensive income (loss) | $ | 35,841 | $ | 81,134 | $ | (29,595 | ) | $ | (51,539 | ) | $ | 35,841 | ||||||||
Nine Months Ended September 30, 2013 | Owens & | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||
Minor, Inc. | Subsidiaries | Subsidiaries | ||||||||||||||||||
Statements of Income | ||||||||||||||||||||
Net revenue | $ | — | $ | 6,473,954 | $ | 313,023 | $ | (33,969 | ) | $ | 6,753,008 | |||||||||
Cost of goods sold | — | 5,833,900 | 126,720 | (33,424 | ) | 5,927,196 | ||||||||||||||
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 earnings (loss) | (1,148 | ) | 154,050 | (5,207 | ) | (545 | ) | 147,150 | ||||||||||||
Interest expense (income), net | 15,340 | (5,096 | ) | (409 | ) | — | 9,835 | |||||||||||||
Income (loss) 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 | ||||||||
Condensed Consolidating Balance Sheets | ' | |||||||||||||||||||
30-Sep-14 | Owens & | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||
Minor, Inc. | Subsidiaries | guarantor | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Balance Sheets | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 563,559 | $ | 32,924 | $ | 13,664 | $ | — | $ | 610,147 | ||||||||||
Accounts and notes receivable, net | — | 496,444 | 97,325 | (3,629 | ) | 590,140 | ||||||||||||||
Merchandise inventories | — | 804,409 | 31,811 | (1,744 | ) | 834,476 | ||||||||||||||
Other current assets | 253 | 91,582 | 204,901 | (1,295 | ) | 295,441 | ||||||||||||||
Total current assets | 563,812 | 1,425,359 | 347,701 | (6,668 | ) | 2,330,204 | ||||||||||||||
Property and equipment, net | — | 105,689 | 98,266 | — | 203,955 | |||||||||||||||
Goodwill | — | 247,271 | 27,262 | — | 274,533 | |||||||||||||||
Intangible assets, net | — | 16,323 | 20,134 | — | 36,457 | |||||||||||||||
Due from O&M and subsidiaries | — | 409,280 | — | (409,280 | ) | — | ||||||||||||||
Advances to and investment in consolidated subsidiaries | 1,587,331 | — | — | (1,587,331 | ) | — | ||||||||||||||
Other assets, net | 4,178 | 68,606 | 25,965 | — | 98,749 | |||||||||||||||
Total assets | $ | 2,155,321 | $ | 2,272,528 | $ | 519,328 | $ | (2,003,279 | ) | $ | 2,943,898 | |||||||||
Liabilities and equity | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Current portion of long-term debt | $ | 200,000 | $ | 2,401 | $ | — | $ | — | $ | 202,401 | ||||||||||
Accounts payable | 6 | 649,274 | 46,965 | (3,629 | ) | 692,616 | ||||||||||||||
Accrued payroll and related liabilities | — | 17,033 | 11,676 | — | 28,709 | |||||||||||||||
Deferred income taxes | — | 39,277 | 129 | — | 39,406 | |||||||||||||||
Other accrued liabilities | 26,776 | 98,147 | 192,150 | (1,492 | ) | 315,581 | ||||||||||||||
Total current liabilities | 226,782 | 806,132 | 250,920 | (5,121 | ) | 1,278,713 | ||||||||||||||
Long-term debt, excluding current portion | 547,765 | 6,517 | 9,600 | — | 563,882 | |||||||||||||||
Due to O&M and subsidiaries | 373,250 | — | 36,002 | (409,252 | ) | — | ||||||||||||||
Intercompany debt | — | 138,890 | — | (138,890 | ) | — | ||||||||||||||
Deferred income taxes | — | 31,158 | 10,567 | — | 41,725 | |||||||||||||||
Other liabilities | — | 48,179 | 3,875 | — | 52,054 | |||||||||||||||
Total liabilities | 1,147,797 | 1,030,876 | 310,964 | (553,263 | ) | 1,936,374 | ||||||||||||||
Equity | ||||||||||||||||||||
Common stock | 126,159 | — | 1,500 | (1,500 | ) | 126,159 | ||||||||||||||
Paid-in capital | 200,961 | 241,878 | 261,519 | (503,397 | ) | 200,961 | ||||||||||||||
Retained earnings (deficit) | 687,511 | 1,006,001 | (53,775 | ) | (952,226 | ) | 687,511 | |||||||||||||
Accumulated other comprehensive income (loss) | (7,107 | ) | (6,227 | ) | (880 | ) | 7,107 | (7,107 | ) | |||||||||||
Total equity | 1,007,524 | 1,241,652 | 208,364 | (1,450,016 | ) | 1,007,524 | ||||||||||||||
Total liabilities and equity | $ | 2,155,321 | $ | 2,272,528 | $ | 519,328 | $ | (2,003,279 | ) | $ | 2,943,898 | |||||||||
December 31, 2013 | Owens & | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||
Minor, Inc. | Subsidiaries | Subsidiaries | ||||||||||||||||||
Balance Sheets | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 74,391 | $ | 2,012 | $ | 25,502 | $ | — | $ | 101,905 | ||||||||||
Accounts and notes receivable, net | — | 496,310 | 79,722 | (3,178 | ) | 572,854 | ||||||||||||||
Merchandise inventories | — | 750,999 | 22,128 | (1,464 | ) | 771,663 | ||||||||||||||
Other current assets | 201 | 72,049 | 207,058 | 202 | 279,510 | |||||||||||||||
Total current assets | 74,592 | 1,321,370 | 334,410 | (4,440 | ) | 1,725,932 | ||||||||||||||
Property and equipment, net | 2 | 96,500 | 95,459 | — | 191,961 | |||||||||||||||
Goodwill | — | 247,271 | 28,168 | — | 275,439 | |||||||||||||||
Intangible assets, net | — | 17,881 | 22,525 | — | 40,406 | |||||||||||||||
Due from O&M and subsidiaries | — | 377,786 | — | (377,786 | ) | — | ||||||||||||||
Advances to and investments in consolidated subsidiaries | 1,533,294 | — | — | (1,533,294 | ) | — | ||||||||||||||
Other assets, net | 408 | 63,848 | 26,048 | — | 90,304 | |||||||||||||||
Total assets | $ | 1,608,296 | $ | 2,124,656 | $ | 506,610 | $ | (1,915,520 | ) | $ | 2,324,042 | |||||||||
Liabilities and equity | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Current portion of long-term debt | $ | — | $ | 2,428 | $ | — | $ | — | $ | 2,428 | ||||||||||
Accounts payable | — | 595,865 | 51,185 | (3,178 | ) | 643,872 | ||||||||||||||
Accrued payroll and related liabilities | — | 12,792 | 10,504 | — | 23,296 | |||||||||||||||
Deferred income taxes | — | 41,464 | 149 | — | 41,613 | |||||||||||||||
Other accrued liabilities | 6,811 | 85,367 | 185,792 | — | 277,970 | |||||||||||||||
Total current liabilities | 6,811 | 737,916 | 247,630 | (3,178 | ) | 989,179 | ||||||||||||||
Long-term debt, excluding current portion | 204,028 | 7,228 | 2,559 | — | 213,815 | |||||||||||||||
Due to O&M and subsidiaries | 373,544 | — | 2,910 | (376,454 | ) | — | ||||||||||||||
Intercompany debt | — | 138,890 | — | (138,890 | ) | — | ||||||||||||||
Deferred income taxes | — | 32,173 | 11,554 | — | 43,727 | |||||||||||||||
Other liabilities | — | 47,816 | 4,462 | — | 52,278 | |||||||||||||||
Total liabilities | 584,383 | 964,023 | 269,115 | (518,522 | ) | 1,298,999 | ||||||||||||||
Equity | — | |||||||||||||||||||
Common stock | 126,193 | — | 1,500 | (1,500 | ) | 126,193 | ||||||||||||||
Paid-in capital | 196,605 | 242,024 | 259,864 | (501,888 | ) | 196,605 | ||||||||||||||
Retained earnings (deficit) | 691,547 | 925,184 | (41,029 | ) | (884,155 | ) | 691,547 | |||||||||||||
Accumulated other comprehensive income (loss) | 9,568 | (6,575 | ) | 16,030 | (9,455 | ) | 9,568 | |||||||||||||
Total Owens & Minor, Inc. shareholders’ equity | 1,023,913 | 1,160,633 | 236,365 | (1,396,998 | ) | 1,023,913 | ||||||||||||||
Noncontrolling interest | — | — | 1,130 | — | 1,130 | |||||||||||||||
Total equity | 1,023,913 | 1,160,633 | 237,495 | (1,396,998 | ) | 1,025,043 | ||||||||||||||
Total liabilities and equity | $ | 1,608,296 | $ | 2,124,656 | $ | 506,610 | $ | (1,915,520 | ) | $ | 2,324,042 | |||||||||
Condensed Consolidating Statement Of Cash Flows | ' | |||||||||||||||||||
Nine Months Ended September 30, 2014 | Owens & | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||
Minor, Inc. | Subsidiaries | Subsidiaries | ||||||||||||||||||
Statements of Cash Flows | ||||||||||||||||||||
Operating activities: | ||||||||||||||||||||
Net income (loss) | $ | 52,516 | $ | 80,784 | $ | (12,697 | ) | $ | (68,087 | ) | $ | 52,516 | ||||||||
Adjustments to reconcile net income to cash provided by (used for) operating activities: | ||||||||||||||||||||
Equity in earnings of subsidiaries | (67,473 | ) | — | — | 67,473 | — | ||||||||||||||
Depreciation and amortization | 2 | 26,703 | 14,892 | — | 41,597 | |||||||||||||||
Loss on early retirement of debt | 14,890 | — | — | — | 14,890 | |||||||||||||||
Share-based compensation expense | — | 6,136 | — | — | 6,136 | |||||||||||||||
Provision for losses on accounts and notes receivable | — | 146 | (502 | ) | — | (356 | ) | |||||||||||||
Deferred income tax expense (benefit) | — | (3,470 | ) | (3,917 | ) | — | (7,387 | ) | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||
Accounts and notes receivable | — | (280 | ) | (21,628 | ) | 452 | (21,456 | ) | ||||||||||||
Merchandise inventories | — | (53,410 | ) | (10,752 | ) | 279 | (63,883 | ) | ||||||||||||
Accounts payable | 6 | 53,409 | 174 | 1,045 | 54,634 | |||||||||||||||
Net change in other assets and liabilities | 2,562 | (1,907 | ) | 3,638 | (1,162 | ) | 3,131 | |||||||||||||
Other, net | (1,162 | ) | (98 | ) | 2,582 | — | 1,322 | |||||||||||||
Cash provided by (used for) operating activities | 1,341 | 108,013 | (28,210 | ) | — | 81,144 | ||||||||||||||
Investing activities: | ||||||||||||||||||||
Additions to property and equipment | — | (24,662 | ) | (11,507 | ) | — | (36,169 | ) | ||||||||||||
Additions to computer software and intangible assets | — | (15,448 | ) | (2,540 | ) | — | (17,988 | ) | ||||||||||||
Proceeds from the sale of investment | — | 1,937 | — | — | 1,937 | |||||||||||||||
Proceeds from the sale of property and equipment | — | 137 | 14 | — | 151 | |||||||||||||||
Cash used for investing activities | — | (38,036 | ) | (14,033 | ) | — | (52,069 | ) | ||||||||||||
Financing activities: | ||||||||||||||||||||
Long-term borrowings | 547,693 | — | — | — | 547,693 | |||||||||||||||
Change in intercompany advances | 2,024 | (36,874 | ) | 34,850 | — | — | ||||||||||||||
Cash dividends paid | (47,335 | ) | — | — | — | (47,335 | ) | |||||||||||||
Repurchases of common stock | (9,934 | ) | — | — | — | (9,934 | ) | |||||||||||||
Excess tax benefits related to share-based compensation | 514 | — | — | — | 514 | |||||||||||||||
Proceeds from exercise of stock options | 1,180 | — | — | — | 1,180 | |||||||||||||||
Purchase of noncontrolling interest | — | — | (1,500 | ) | — | (1,500 | ) | |||||||||||||
Debt issuance costs | (4,178 | ) | — | — | — | (4,178 | ) | |||||||||||||
Other, net | (2,137 | ) | (2,191 | ) | (1,343 | ) | — | (5,671 | ) | |||||||||||
Cash provided by (used for) financing activities | 487,827 | (39,065 | ) | 32,007 | — | 480,769 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (1,602 | ) | — | (1,602 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | 489,168 | 30,912 | (11,838 | ) | — | 508,242 | ||||||||||||||
Cash and cash equivalents at beginning of period | 74,391 | 2,012 | 25,502 | — | 101,905 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 563,559 | $ | 32,924 | $ | 13,664 | $ | — | $ | 610,147 | ||||||||||
Nine Months Ended September 30, 2013 | Owens & | Guarantor | Non-guarantor | Eliminations | Consolidated | |||||||||||||||
Minor, Inc. | Subsidiaries | Subsidiaries | ||||||||||||||||||
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 | — | 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 (decrease) increase 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 | ||||||||||
Basis_of_Presentation_and_Use_2
Basis of Presentation and Use of Estimates (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Net Revenue | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Prior Period Reclassification Adjustment | $34.10 | $94 |
Cost of Goods Sold | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Prior Period Reclassification Adjustment | $34.10 | $94 |
Financing_Receivables_and_Paya1
Financing Receivables and Payables - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Financing Receivables [Line Items] | ' | ' |
Other liabilities | $315,581,000 | $277,970,000 |
Financing Receivable | ' | ' |
Financing Receivables [Line Items] | ' | ' |
Other current assets | 186,800,000 | 198,500,000 |
Financing Payables | ' | ' |
Financing Receivables [Line Items] | ' | ' |
Other liabilities | $163,400,000 | $165,300,000 |
Changes_in_Carrying_Amount_of_
Changes in Carrying Amount of Goodwill (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Goodwill [Roll Forward] | ' |
Carrying amount of goodwill, December 31, 2013 | $275,439 |
Currency translation adjustments | -906 |
Carrying amount of goodwill, September 30, 2014 | 274,533 |
Domestic Segment | ' |
Goodwill [Roll Forward] | ' |
Carrying amount of goodwill, December 31, 2013 | 248,498 |
Currency translation adjustments | 0 |
Carrying amount of goodwill, September 30, 2014 | 248,498 |
International Segment | ' |
Goodwill [Roll Forward] | ' |
Carrying amount of goodwill, December 31, 2013 | 26,941 |
Currency translation adjustments | -906 |
Carrying amount of goodwill, September 30, 2014 | $26,035 |
Intangible_Assets_Detail
Intangible Assets (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Net intangible assets | $36,457 | $40,406 |
Customer Relationships | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross intangible assets | 50,995 | 51,544 |
Accumulated amortization | -17,706 | -14,281 |
Net intangible assets | 33,289 | 37,263 |
Other Intangibles | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross intangible assets | 3,805 | 3,933 |
Accumulated amortization | -636 | -790 |
Net intangible assets | $3,169 | $3,143 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Intangible assets, net | $36,457,000 | ' | $36,457,000 | ' | $40,406,000 |
Amortization expense for intangible assets | 1,100,000 | 700,000 | 3,400,000 | 2,700,000 | ' |
Estimated amortization expense for the remainder of 2014 | 1,100,000 | ' | 1,100,000 | ' | ' |
Estimated amortization expense for 2015 | 4,900,000 | ' | 4,900,000 | ' | ' |
Estimated amortization expense for 2016 | 5,000,000 | ' | 5,000,000 | ' | ' |
Estimated amortization expense for 2017 | 4,800,000 | ' | 4,800,000 | ' | ' |
Estimated amortization expense for 2018 | 4,100,000 | ' | 4,100,000 | ' | ' |
Estimated amortization expense for 2019 | 3,900,000 | ' | 3,900,000 | ' | ' |
Domestic Segment | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Intangible assets, net | 16,300,000 | ' | 16,300,000 | ' | ' |
International Segment | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Intangible assets, net | $20,100,000 | ' | $20,100,000 | ' | ' |
Exit_and_Realignment_Costs_Add
Exit and Realignment Costs - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Exit and realignment charges | $9,392 | $2,091 | $16,119 | $3,847 |
Domestic Segment | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Exit and realignment charges | 4,654 | 1,856 | 8,250 | 3,162 |
International Segment | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Exit and realignment charges | $4,738 | $235 | $7,869 | $685 |
Accrual_for_Exit_and_Realignme
Accrual for Exit and Realignment Costs (Detail) (USD $) | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' |
Accrued exit and realignment costs, beginning of period | $4,274 | $3,510 | $2,909 | $1,509 | $1,764 | $6,214 |
Provision for exit and realignment activities | 3,127 | 2,242 | 1,339 | 724 | ' | 541 |
Change in estimate | ' | ' | ' | -79 | ' | ' |
Cash payments, net of sublease income | -1,327 | -1,478 | -738 | -568 | -255 | -4,991 |
Accrued exit and realignment costs, end of period | 6,074 | 4,274 | 3,510 | 1,586 | 1,509 | 1,764 |
Lease Obligations | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' |
Accrued exit and realignment costs, beginning of period | 2,178 | 2,555 | 2,434 | 674 | 792 | 5,098 |
Provision for exit and realignment activities | 912 | 6 | 532 | 648 | ' | 538 |
Change in estimate | ' | ' | ' | 0 | ' | ' |
Cash payments, net of sublease income | -867 | -383 | -411 | -463 | -118 | -4,844 |
Accrued exit and realignment costs, end of period | 2,223 | 2,178 | 2,555 | 859 | 674 | 792 |
Severance | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' |
Accrued exit and realignment costs, beginning of period | 2,096 | 955 | 475 | 835 | 972 | 1,116 |
Provision for exit and realignment activities | 2,215 | 2,236 | 807 | 76 | ' | 3 |
Change in estimate | ' | ' | ' | -79 | ' | ' |
Cash payments, net of sublease income | -460 | -1,095 | -327 | -105 | -137 | -147 |
Accrued exit and realignment costs, end of period | $3,851 | $2,096 | $955 | $727 | $835 | $972 |
Exit_and_Realignment_Costs_Nar
Exit and Realignment Costs - Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Exit and realignment costs incurred | $6.30 | $1.40 | $9.40 | $2.50 |
Expected cost remaining | 12 | ' | 12 | ' |
Other facility costs and asset write-downs | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Exit and realignment costs incurred | 3.1 | 0.7 | 4.3 | 1.1 |
Staff and labor costs | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Exit and realignment costs incurred | 0.6 | 0.7 | 1.4 | 1.4 |
Professional fees | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Exit and realignment costs incurred | 1.2 | ' | 1.3 | ' |
Information systems related costs | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Exit and realignment costs incurred | 0.7 | ' | 0.9 | ' |
Other | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Exit and realignment costs incurred | $0.70 | ' | $1.50 | ' |
Retirement_Plan_Additional_Inf
Retirement Plan - Additional Information (Detail) (Health and Welfare Plans of Foreign Subsidiaries, USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Health and Welfare Plans of Foreign Subsidiaries | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Health and welfare plans expense | $0.50 | $0.20 | $1.40 | $0.70 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Domestic Retirement Plans | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $60 | $24 | $136 | $89 |
Interest cost | 482 | 414 | 1,446 | 1,241 |
Recognized net actuarial loss | 204 | 341 | 612 | 1,024 |
Net periodic benefit cost | $746 | $779 | $2,194 | $2,354 |
Debt_Details
Debt (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Less current maturities | ($202,401) | ($2,428) |
Carrying Amount [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 766,283 | 216,243 |
Less current maturities | -202,401 | -2,428 |
Long-term debt | 563,882 | 213,815 |
Estimated Fair Value [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 787,345 | 230,965 |
Less current maturities | -219,753 | -2,428 |
Long-term debt | 567,592 | 228,537 |
Senior Notes [Member] | Carrying Amount [Member] | 6.35% Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 200,000 | 204,028 |
Senior Notes [Member] | Carrying Amount [Member] | 3.875% Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 273,732 | 0 |
Senior Notes [Member] | Carrying Amount [Member] | 4.375% Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 273,961 | 0 |
Senior Notes [Member] | Estimated Fair Value [Member] | 6.35% Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 217,352 | 218,750 |
Senior Notes [Member] | Estimated Fair Value [Member] | 3.875% Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 274,973 | 0 |
Senior Notes [Member] | Estimated Fair Value [Member] | 4.375% Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 276,430 | 0 |
Capital Leases [Member] | Carrying Amount [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 18,590 | 12,215 |
Capital Leases [Member] | Estimated Fair Value [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | $18,590 | $12,215 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 17, 2014 | Sep. 17, 2014 | Sep. 16, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 16, 2014 | Sep. 16, 2014 | Sep. 16, 2014 | Sep. 16, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Oct. 16, 2014 | Oct. 16, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility, Additional Borrowing Capacity | 3.875% Senior Notes [Member] | 3.875% Senior Notes [Member] | 4.375% Senior Notes [Member] | 4.375% Senior Notes [Member] | Senior Notes [Member] | 2021 and 2024 Notes [Member] | Letter of Credit | European Lease Agreement | European Lease Agreement | Subsequent Event [Member] | Subsequent Event [Member] | Treasury Rate [Member] | Treasury Rate [Member] | |||||
extension | Minimum | Maximum | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Replaced Line of Credit | Replaced Line of Credit | 6.35% Senior Notes [Member] | 6.35% Senior Notes [Member] | 2021 and 2024 Notes [Member] | 2021 and 2024 Notes [Member] | ||||||||||
Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | ||||||||||||||||||||
Minimum | Maximum | ||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Par value of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $275,000,000 | ' | $275,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.88% | ' | 4.38% | ' | ' | ' | ' | ' | ' | 6.35% | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Sep-21 | ' | 15-Dec-24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issued, percent of par | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.50% | ' | 99.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective yield percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.95% | ' | 4.42% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt redemption price, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' |
Debt redemption price discount rate, basis spread on Treasury Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | 0.30% |
Deferred finance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,200,000 | ' | ' | ' | ' | ' | ' | ' |
Debt retired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' |
Redemption premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,400,000 | ' | ' | ' |
Loss on early retirement of debt | 14,890,000 | 0 | 14,890,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,900,000 | ' | ' | ' |
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%. | ' | ' | ' | ' | ' | ' | ' | ' |
Expiration date | ' | ' | ' | ' | 17-Sep-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | 450,000,000 | 350,000,000 | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of extension | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of each extension (in years) | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee charged on unused portion of facility | ' | ' | ' | ' | ' | ' | ' | 0.13% | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings outstanding | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | 1,300,000 | 1,500,000 | ' | ' | ' | ' |
Amount available for borrowing | $445,000,000 | ' | $445,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' |
Effective income tax rate | 55.80% | 39.00% | 43.50% | 39.60% | ' |
Liability for unrecognized tax benefit | $5 | ' | $5 | ' | $4.60 |
Unrecognized tax benefit highly certain | $3.80 | ' | $3.80 | ' | ' |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Numerator: | ' | ' | ' | ' |
Net income | $7,155 | $27,970 | $52,516 | $82,941 |
Less: income allocated to unvested restricted shares | -150 | -186 | -453 | -541 |
Net income attributable to common shareholders - basic | 7,005 | 27,784 | 52,063 | 82,400 |
Add: undistributed income attributable to unvested restricted shares - basic | 0 | 59 | 26 | 185 |
Less: undistributed income attributable to unvested restricted shares - diluted | 0 | -59 | -26 | -185 |
Net income attributable to common shareholders - diluted | $7,005 | $27,784 | $52,063 | $82,400 |
Denominator: | ' | ' | ' | ' |
Weighted average shares outstanding - basic (in shares) | 62,175 | 62,605 | 62,238 | 62,678 |
Dilutive shares - stock options (in shares) | 4 | 26 | 7 | 41 |
Weighted average shares outstanding - diluted (in shares) | 62,179 | 62,631 | 62,245 | 62,719 |
Net income per share attributable to common shareholders: | ' | ' | ' | ' |
Basic (in usd per share) | $0.11 | $0.44 | $0.84 | $1.31 |
Diluted (in usd per share) | $0.11 | $0.44 | $0.84 | $1.31 |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended |
Share data in Millions, except Per Share data, unless otherwise specified | Feb. 28, 2014 | Sep. 30, 2014 |
Equity [Abstract] | ' | ' |
Share repurchase program, authorized amount | $100,000,000 | ' |
Stock repurchase program, term (in years) | '3 years | ' |
Stock repurchase program expiring date | ' | '2017-02 |
Stock repurchased and retired, shares | ' | 0.3 |
Stock repurchased and retired, value | ' | 9,900,000 |
Stock repurchase program, average price in USD per share | ' | $34.31 |
Stock repurchase program, remaining authorized repurchase amount | ' | $90,100,000 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' |
Accumulated other comprehensive income (loss),Beginning Balance | $9,690 | ($6,158) | $9,568 | ($406) |
Other comprehensive income (loss) before reclassifications | -16,840 | 9,426 | -16,913 | 2,743 |
Income tax | 0 | -1,072 | 0 | -533 |
Other comprehensive income (loss) before reclassifications, net of tax | -16,840 | 8,354 | -16,913 | 2,210 |
Amounts reclassified from accumulated other comprehensive income (loss) | 44 | 321 | 411 | 963 |
Income tax | -1 | -126 | -173 | -376 |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 43 | 195 | 238 | 587 |
Total other comprehensive income (loss), net of tax | -16,797 | 8,549 | -16,675 | 2,797 |
Accumulated other comprehensive income (loss),Ending Balance | -7,107 | 2,391 | -7,107 | 2,391 |
Defined Benefit Pension Plans | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' |
Accumulated other comprehensive income (loss),Beginning Balance | -6,260 | -9,901 | -6,479 | -10,318 |
Amounts reclassified from accumulated other comprehensive income (loss) | 189 | 342 | 596 | 1,025 |
Income tax | -57 | -134 | -245 | -400 |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 132 | 208 | 351 | 625 |
Total other comprehensive income (loss), net of tax | 132 | 208 | 351 | 625 |
Accumulated other comprehensive income (loss),Ending Balance | -6,128 | -9,693 | -6,128 | -9,693 |
Currency Translation Adjustments | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' |
Accumulated other comprehensive income (loss),Beginning Balance | 15,789 | 3,605 | 15,892 | 9,749 |
Other comprehensive income (loss) before reclassifications | -16,796 | 9,412 | -16,899 | 2,729 |
Income tax | 0 | -1,072 | 0 | -533 |
Other comprehensive income (loss) before reclassifications, net of tax | -16,796 | 8,340 | -16,899 | 2,196 |
Total other comprehensive income (loss), net of tax | -16,796 | 8,340 | -16,899 | 2,196 |
Accumulated other comprehensive income (loss),Ending Balance | -1,007 | 11,945 | -1,007 | 11,945 |
Other | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' |
Accumulated other comprehensive income (loss),Beginning Balance | 161 | 138 | 155 | 163 |
Other comprehensive income (loss) before reclassifications | -44 | 14 | -14 | 14 |
Other comprehensive income (loss) before reclassifications, net of tax | -44 | 14 | -14 | 14 |
Amounts reclassified from accumulated other comprehensive income (loss) | -145 | -21 | -185 | -62 |
Income tax | 56 | 8 | 72 | 24 |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | -89 | -13 | -113 | -38 |
Total other comprehensive income (loss), net of tax | -133 | 1 | -127 | -24 |
Accumulated other comprehensive income (loss),Ending Balance | $28 | $139 | $28 | $139 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Amounts reclassified out of accumulated other comprehensive income related to defined benefit pension plans as component of net periodic benefit cost, actuarial net loss | $0.20 | $0.30 | $0.60 | $1 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
Loss Contingencies [Line Items] | ' | ' |
Contractual obligations, repayment term | '36 months | ' |
Total contingent obligations due if contractual performance targets are not achieved | $900,000 | ' |
Total contingent obligations due in 2014 if contractual performance targets are not achieved | 700,000 | ' |
Total contingent obligations due in 2015 if contractual performance targets are not achieved | 100,000 | ' |
Total contingent obligations due in 2016 if contractual performance targets are not achieved | 100,000 | ' |
Deferred revenue related to outstanding contractual performance targets | 900,000 | ' |
Audit reimbursement period (in years), maximum | '7 years | ' |
Accounts receivable | 590,140,000 | 572,854,000 |
Collectibility of Receivables | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Accounts receivable | $14,700,000 | ' |
Financial_Information_by_Segme
Financial Information by Segment (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Net revenue | $2,386,126 | $2,270,547 | $6,948,365 | $6,753,008 |
Operating earnings (loss): | 35,377 | 49,215 | 118,763 | 147,150 |
Acquisition-related and exit and realignment charges | -13,957 | -2,747 | -24,813 | -5,395 |
Depreciation and amortization | 13,841 | 12,441 | 41,597 | 37,347 |
Capital expenditures | 15,334 | 14,458 | 54,157 | 45,505 |
Domestic | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Net revenue | 2,262,081 | 2,175,663 | 6,598,531 | 6,474,069 |
Operating earnings (loss): | 50,797 | 51,213 | 151,849 | 155,364 |
Depreciation and amortization | 8,986 | 8,805 | 26,772 | 26,775 |
Capital expenditures | 11,077 | 10,032 | 40,110 | 34,506 |
International | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Net revenue | 124,045 | 94,884 | 349,834 | 278,939 |
Operating earnings (loss): | -1,463 | 749 | -8,273 | -2,819 |
Depreciation and amortization | 4,855 | 3,636 | 14,825 | 10,572 |
Capital expenditures | $4,257 | $4,426 | $14,047 | $10,999 |
Consolidated_Total_Assets_Deta
Consolidated Total Assets (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $610,147 | $101,905 | $153,789 | $97,888 |
Assets | 2,943,898 | 2,324,042 | ' | ' |
Operating Segments | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' |
Assets | 2,333,751 | 2,222,137 | ' | ' |
Operating Segments | Domestic | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' |
Assets | 1,834,169 | 1,747,572 | ' | ' |
Operating Segments | International | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' |
Assets | $499,582 | $474,565 | ' | ' |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information (Details) | 3 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Percentage of ownership | 100.00% |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information (Condensed Consolidating Statements Of Income) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net revenue | $2,386,126 | $2,270,547 | $6,948,365 | $6,753,008 |
Cost of goods sold | 2,093,643 | 1,997,218 | 6,092,413 | 5,927,196 |
Gross margin | 292,483 | 273,329 | 855,952 | 825,812 |
Selling, general and administrative expenses | 231,377 | 211,344 | 682,825 | 641,613 |
Acquisition-related and exit and realignment charges | 13,957 | 2,747 | 24,813 | 5,395 |
Depreciation and amortization | 13,841 | 12,441 | 41,597 | 37,347 |
Other operating income, net | -2,069 | -2,418 | -12,046 | -5,693 |
Operating earnings | 35,377 | 49,215 | 118,763 | 147,150 |
Interest expense (income), net | 4,304 | 3,389 | 10,893 | 9,835 |
Loss on early retirement of debt | 14,890 | 0 | 14,890 | 0 |
Income before income taxes | 16,183 | 45,826 | 92,980 | 137,315 |
Income tax (benefit) provision | 9,028 | 17,856 | 40,464 | 54,374 |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Net income | 7,155 | 27,970 | 52,516 | 82,941 |
Other comprehensive income (loss) | -16,797 | 8,549 | -16,675 | 2,797 |
Comprehensive income (loss) | -9,642 | 36,519 | 35,841 | 85,738 |
Owens & Minor, Inc. | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net revenue | 0 | 0 | 0 | 0 |
Cost of goods sold | 0 | 0 | 0 | 0 |
Gross margin | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 25 | 264 | 36 | 1,138 |
Acquisition-related and exit and realignment charges | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 3 | 2 | 10 |
Other operating income, net | 0 | 0 | 0 | 0 |
Operating earnings | -25 | -267 | -38 | -1,148 |
Interest expense (income), net | 3,925 | 5,791 | 9,328 | 15,340 |
Loss on early retirement of debt | 14,890 | ' | 14,890 | ' |
Income before income taxes | -18,840 | -6,058 | -24,256 | -16,488 |
Income tax (benefit) provision | -7,144 | -2,319 | -9,299 | -6,327 |
Equity in earnings of subsidiaries | 18,851 | 31,709 | 67,473 | 93,102 |
Net income | 7,155 | 27,970 | 52,516 | 82,941 |
Other comprehensive income (loss) | -16,797 | 8,549 | -16,675 | 2,797 |
Comprehensive income (loss) | -9,642 | 36,519 | 35,841 | 85,738 |
Guarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net revenue | 2,261,448 | 2,175,663 | 6,596,941 | 6,473,954 |
Cost of goods sold | 2,047,328 | 1,965,696 | 5,965,607 | 5,833,900 |
Gross margin | 214,120 | 209,967 | 631,334 | 640,054 |
Selling, general and administrative expenses | 155,950 | 151,107 | 462,325 | 459,780 |
Acquisition-related and exit and realignment charges | 7,893 | 1,856 | 13,074 | 3,116 |
Depreciation and amortization | 8,966 | 8,780 | 26,703 | 26,705 |
Other operating income, net | -1,167 | -1,454 | -9,043 | -3,597 |
Operating earnings | 42,478 | 49,678 | 138,275 | 154,050 |
Interest expense (income), net | 1,002 | -2,364 | 3,502 | -5,096 |
Loss on early retirement of debt | 0 | ' | 0 | ' |
Income before income taxes | 41,476 | 52,042 | 134,773 | 159,146 |
Income tax (benefit) provision | 16,463 | 20,694 | 53,989 | 62,758 |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Net income | 25,013 | 31,348 | 80,784 | 96,388 |
Other comprehensive income (loss) | 131 | 207 | 350 | 623 |
Comprehensive income (loss) | 25,144 | 31,555 | 81,134 | 97,011 |
Non-guarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net revenue | 141,086 | 106,784 | 398,646 | 313,023 |
Cost of goods sold | 62,850 | 43,238 | 173,747 | 126,720 |
Gross margin | 78,236 | 63,546 | 224,899 | 186,303 |
Selling, general and administrative expenses | 75,402 | 59,973 | 220,464 | 180,695 |
Acquisition-related and exit and realignment charges | 6,064 | 891 | 11,739 | 2,279 |
Depreciation and amortization | 4,875 | 3,658 | 14,892 | 10,632 |
Other operating income, net | -1,235 | -964 | -3,336 | -2,096 |
Operating earnings | -6,870 | -12 | -18,860 | -5,207 |
Interest expense (income), net | -623 | -38 | -1,937 | -409 |
Loss on early retirement of debt | 0 | ' | 0 | ' |
Income before income taxes | -6,247 | 26 | -16,923 | -4,798 |
Income tax (benefit) provision | -291 | -519 | -4,226 | -2,057 |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Net income | -5,956 | 545 | -12,697 | -2,741 |
Other comprehensive income (loss) | -16,795 | 8,341 | -16,898 | 2,195 |
Comprehensive income (loss) | -22,751 | 8,886 | -29,595 | -546 |
Eliminations | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net revenue | -16,408 | -11,900 | -47,222 | -33,969 |
Cost of goods sold | -16,535 | -11,716 | -46,941 | -33,424 |
Gross margin | 127 | -184 | -281 | -545 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Acquisition-related and exit and realignment charges | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Other operating income, net | 333 | 0 | 333 | 0 |
Operating earnings | -206 | -184 | -614 | -545 |
Interest expense (income), net | 0 | 0 | 0 | 0 |
Loss on early retirement of debt | 0 | ' | 0 | ' |
Income before income taxes | -206 | -184 | -614 | -545 |
Income tax (benefit) provision | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiaries | -18,851 | -31,709 | -67,473 | -93,102 |
Net income | -19,057 | -31,893 | -68,087 | -93,647 |
Other comprehensive income (loss) | 16,664 | -8,548 | 16,548 | -2,818 |
Comprehensive income (loss) | ($2,393) | ($40,441) | ($51,539) | ($96,465) |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheet) (Detail) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Current assets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $610,147 | ' | $101,905 | $153,789 | ' | $97,888 |
Accounts and notes receivable, net | 590,140 | ' | 572,854 | ' | ' | ' |
Merchandise inventories | 834,476 | ' | 771,663 | ' | ' | ' |
Other current assets | 295,441 | ' | 279,510 | ' | ' | ' |
Total current assets | 2,330,204 | ' | 1,725,932 | ' | ' | ' |
Property and equipment, net | 203,955 | ' | 191,961 | ' | ' | ' |
Goodwill | 274,533 | ' | 275,439 | ' | ' | ' |
Intangible assets, net | 36,457 | ' | 40,406 | ' | ' | ' |
Due from O&M and subsidiaries | 0 | ' | 0 | ' | ' | ' |
Advances to and investment in consolidated subsidiaries | 0 | ' | 0 | ' | ' | ' |
Other assets, net | 98,749 | ' | 90,304 | ' | ' | ' |
Total assets | 2,943,898 | ' | 2,324,042 | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' |
Current portion of long-term debt | 202,401 | ' | 2,428 | ' | ' | ' |
Accounts payable | 692,616 | ' | 643,872 | ' | ' | ' |
Accrued payroll and related liabilities | 28,709 | ' | 23,296 | ' | ' | ' |
Deferred income taxes | 39,406 | ' | 41,613 | ' | ' | ' |
Other accrued liabilities | 315,581 | ' | 277,970 | ' | ' | ' |
Total current liabilities | 1,278,713 | ' | 989,179 | ' | ' | ' |
Long-term debt, excluding current portion | 563,882 | ' | 213,815 | ' | ' | ' |
Due to O&M and subsidiaries | 0 | ' | 0 | ' | ' | ' |
Intercompany debt | 0 | ' | 0 | ' | ' | ' |
Deferred income taxes | 41,725 | ' | 43,727 | ' | ' | ' |
Other liabilities | 52,054 | ' | 52,278 | ' | ' | ' |
Total liabilities | 1,936,374 | ' | 1,298,999 | ' | ' | ' |
Equity | ' | ' | ' | ' | ' | ' |
Common stock | 126,159 | ' | 126,193 | ' | ' | ' |
Paid-in capital | 200,961 | ' | 196,605 | ' | ' | ' |
Retained earnings (deficit) | 687,511 | ' | 691,547 | ' | ' | ' |
Accumulated other comprehensive income (loss) | -7,107 | 9,690 | 9,568 | 2,391 | -6,158 | -406 |
Total Owens & Minor, Inc. shareholders’ equity | 1,007,524 | ' | 1,023,913 | ' | ' | ' |
Noncontrolling interest | 0 | ' | 1,130 | ' | ' | ' |
Total equity | 1,007,524 | ' | 1,025,043 | 1,006,320 | ' | 973,656 |
Total liabilities and equity | 2,943,898 | ' | 2,324,042 | ' | ' | ' |
Owens & Minor, Inc. | ' | ' | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 563,559 | ' | 74,391 | 110,160 | ' | 58,190 |
Accounts and notes receivable, net | 0 | ' | 0 | ' | ' | ' |
Merchandise inventories | 0 | ' | 0 | ' | ' | ' |
Other current assets | 253 | ' | 201 | ' | ' | ' |
Total current assets | 563,812 | ' | 74,592 | ' | ' | ' |
Property and equipment, net | 0 | ' | 2 | ' | ' | ' |
Goodwill | 0 | ' | 0 | ' | ' | ' |
Intangible assets, net | 0 | ' | 0 | ' | ' | ' |
Due from O&M and subsidiaries | 0 | ' | 0 | ' | ' | ' |
Advances to and investment in consolidated subsidiaries | 1,587,331 | ' | 1,533,294 | ' | ' | ' |
Other assets, net | 4,178 | ' | 408 | ' | ' | ' |
Total assets | 2,155,321 | ' | 1,608,296 | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' |
Current portion of long-term debt | 200,000 | ' | 0 | ' | ' | ' |
Accounts payable | 6 | ' | 0 | ' | ' | ' |
Accrued payroll and related liabilities | 0 | ' | 0 | ' | ' | ' |
Deferred income taxes | 0 | ' | 0 | ' | ' | ' |
Other accrued liabilities | 26,776 | ' | 6,811 | ' | ' | ' |
Total current liabilities | 226,782 | ' | 6,811 | ' | ' | ' |
Long-term debt, excluding current portion | 547,765 | ' | 204,028 | ' | ' | ' |
Due to O&M and subsidiaries | 373,250 | ' | 373,544 | ' | ' | ' |
Intercompany debt | 0 | ' | 0 | ' | ' | ' |
Deferred income taxes | 0 | ' | 0 | ' | ' | ' |
Other liabilities | 0 | ' | 0 | ' | ' | ' |
Total liabilities | 1,147,797 | ' | 584,383 | ' | ' | ' |
Equity | ' | ' | ' | ' | ' | ' |
Common stock | 126,159 | ' | 126,193 | ' | ' | ' |
Paid-in capital | 200,961 | ' | 196,605 | ' | ' | ' |
Retained earnings (deficit) | 687,511 | ' | 691,547 | ' | ' | ' |
Accumulated other comprehensive income (loss) | -7,107 | ' | 9,568 | ' | ' | ' |
Total Owens & Minor, Inc. shareholders’ equity | ' | ' | 1,023,913 | ' | ' | ' |
Noncontrolling interest | ' | ' | 0 | ' | ' | ' |
Total equity | 1,007,524 | ' | 1,023,913 | ' | ' | ' |
Total liabilities and equity | 2,155,321 | ' | 1,608,296 | ' | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 32,924 | ' | 2,012 | 15,218 | ' | 13,641 |
Accounts and notes receivable, net | 496,444 | ' | 496,310 | ' | ' | ' |
Merchandise inventories | 804,409 | ' | 750,999 | ' | ' | ' |
Other current assets | 91,582 | ' | 72,049 | ' | ' | ' |
Total current assets | 1,425,359 | ' | 1,321,370 | ' | ' | ' |
Property and equipment, net | 105,689 | ' | 96,500 | ' | ' | ' |
Goodwill | 247,271 | ' | 247,271 | ' | ' | ' |
Intangible assets, net | 16,323 | ' | 17,881 | ' | ' | ' |
Due from O&M and subsidiaries | 409,280 | ' | 377,786 | ' | ' | ' |
Advances to and investment in consolidated subsidiaries | 0 | ' | 0 | ' | ' | ' |
Other assets, net | 68,606 | ' | 63,848 | ' | ' | ' |
Total assets | 2,272,528 | ' | 2,124,656 | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' |
Current portion of long-term debt | 2,401 | ' | 2,428 | ' | ' | ' |
Accounts payable | 649,274 | ' | 595,865 | ' | ' | ' |
Accrued payroll and related liabilities | 17,033 | ' | 12,792 | ' | ' | ' |
Deferred income taxes | 39,277 | ' | 41,464 | ' | ' | ' |
Other accrued liabilities | 98,147 | ' | 85,367 | ' | ' | ' |
Total current liabilities | 806,132 | ' | 737,916 | ' | ' | ' |
Long-term debt, excluding current portion | 6,517 | ' | 7,228 | ' | ' | ' |
Due to O&M and subsidiaries | 0 | ' | 0 | ' | ' | ' |
Intercompany debt | 138,890 | ' | 138,890 | ' | ' | ' |
Deferred income taxes | 31,158 | ' | 32,173 | ' | ' | ' |
Other liabilities | 48,179 | ' | 47,816 | ' | ' | ' |
Total liabilities | 1,030,876 | ' | 964,023 | ' | ' | ' |
Equity | ' | ' | ' | ' | ' | ' |
Common stock | 0 | ' | 0 | ' | ' | ' |
Paid-in capital | 241,878 | ' | 242,024 | ' | ' | ' |
Retained earnings (deficit) | 1,006,001 | ' | 925,184 | ' | ' | ' |
Accumulated other comprehensive income (loss) | -6,227 | ' | -6,575 | ' | ' | ' |
Total Owens & Minor, Inc. shareholders’ equity | ' | ' | 1,160,633 | ' | ' | ' |
Noncontrolling interest | ' | ' | 0 | ' | ' | ' |
Total equity | 1,241,652 | ' | 1,160,633 | ' | ' | ' |
Total liabilities and equity | 2,272,528 | ' | 2,124,656 | ' | ' | ' |
Non-guarantor Subsidiaries | ' | ' | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 13,664 | ' | 25,502 | 28,411 | ' | 26,057 |
Accounts and notes receivable, net | 97,325 | ' | 79,722 | ' | ' | ' |
Merchandise inventories | 31,811 | ' | 22,128 | ' | ' | ' |
Other current assets | 204,901 | ' | 207,058 | ' | ' | ' |
Total current assets | 347,701 | ' | 334,410 | ' | ' | ' |
Property and equipment, net | 98,266 | ' | 95,459 | ' | ' | ' |
Goodwill | 27,262 | ' | 28,168 | ' | ' | ' |
Intangible assets, net | 20,134 | ' | 22,525 | ' | ' | ' |
Due from O&M and subsidiaries | 0 | ' | 0 | ' | ' | ' |
Advances to and investment in consolidated subsidiaries | 0 | ' | 0 | ' | ' | ' |
Other assets, net | 25,965 | ' | 26,048 | ' | ' | ' |
Total assets | 519,328 | ' | 506,610 | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' |
Current portion of long-term debt | 0 | ' | 0 | ' | ' | ' |
Accounts payable | 46,965 | ' | 51,185 | ' | ' | ' |
Accrued payroll and related liabilities | 11,676 | ' | 10,504 | ' | ' | ' |
Deferred income taxes | 129 | ' | 149 | ' | ' | ' |
Other accrued liabilities | 192,150 | ' | 185,792 | ' | ' | ' |
Total current liabilities | 250,920 | ' | 247,630 | ' | ' | ' |
Long-term debt, excluding current portion | 9,600 | ' | 2,559 | ' | ' | ' |
Due to O&M and subsidiaries | 36,002 | ' | 2,910 | ' | ' | ' |
Intercompany debt | 0 | ' | 0 | ' | ' | ' |
Deferred income taxes | 10,567 | ' | 11,554 | ' | ' | ' |
Other liabilities | 3,875 | ' | 4,462 | ' | ' | ' |
Total liabilities | 310,964 | ' | 269,115 | ' | ' | ' |
Equity | ' | ' | ' | ' | ' | ' |
Common stock | 1,500 | ' | 1,500 | ' | ' | ' |
Paid-in capital | 261,519 | ' | 259,864 | ' | ' | ' |
Retained earnings (deficit) | -53,775 | ' | -41,029 | ' | ' | ' |
Accumulated other comprehensive income (loss) | -880 | ' | 16,030 | ' | ' | ' |
Total Owens & Minor, Inc. shareholders’ equity | ' | ' | 236,365 | ' | ' | ' |
Noncontrolling interest | ' | ' | 1,130 | ' | ' | ' |
Total equity | 208,364 | ' | 237,495 | ' | ' | ' |
Total liabilities and equity | 519,328 | ' | 506,610 | ' | ' | ' |
Eliminations | ' | ' | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | ' | 0 | 0 | ' | 0 |
Accounts and notes receivable, net | -3,629 | ' | -3,178 | ' | ' | ' |
Merchandise inventories | -1,744 | ' | -1,464 | ' | ' | ' |
Other current assets | -1,295 | ' | 202 | ' | ' | ' |
Total current assets | -6,668 | ' | -4,440 | ' | ' | ' |
Property and equipment, net | 0 | ' | 0 | ' | ' | ' |
Goodwill | 0 | ' | 0 | ' | ' | ' |
Intangible assets, net | 0 | ' | 0 | ' | ' | ' |
Due from O&M and subsidiaries | -409,280 | ' | -377,786 | ' | ' | ' |
Advances to and investment in consolidated subsidiaries | -1,587,331 | ' | -1,533,294 | ' | ' | ' |
Other assets, net | 0 | ' | 0 | ' | ' | ' |
Total assets | -2,003,279 | ' | -1,915,520 | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' |
Current portion of long-term debt | 0 | ' | 0 | ' | ' | ' |
Accounts payable | -3,629 | ' | -3,178 | ' | ' | ' |
Accrued payroll and related liabilities | 0 | ' | 0 | ' | ' | ' |
Deferred income taxes | 0 | ' | 0 | ' | ' | ' |
Other accrued liabilities | -1,492 | ' | 0 | ' | ' | ' |
Total current liabilities | -5,121 | ' | -3,178 | ' | ' | ' |
Long-term debt, excluding current portion | 0 | ' | 0 | ' | ' | ' |
Due to O&M and subsidiaries | -409,252 | ' | -376,454 | ' | ' | ' |
Intercompany debt | -138,890 | ' | -138,890 | ' | ' | ' |
Deferred income taxes | 0 | ' | 0 | ' | ' | ' |
Other liabilities | 0 | ' | 0 | ' | ' | ' |
Total liabilities | -553,263 | ' | -518,522 | ' | ' | ' |
Equity | ' | ' | ' | ' | ' | ' |
Common stock | -1,500 | ' | -1,500 | ' | ' | ' |
Paid-in capital | -503,397 | ' | -501,888 | ' | ' | ' |
Retained earnings (deficit) | -952,226 | ' | -884,155 | ' | ' | ' |
Accumulated other comprehensive income (loss) | 7,107 | ' | -9,455 | ' | ' | ' |
Total Owens & Minor, Inc. shareholders’ equity | ' | ' | -1,396,998 | ' | ' | ' |
Noncontrolling interest | ' | ' | 0 | ' | ' | ' |
Total equity | -1,450,016 | ' | -1,396,998 | ' | ' | ' |
Total liabilities and equity | ($2,003,279) | ' | ($1,915,520) | ' | ' | ' |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Information (Condensed Consolidating Statements Of Cash Flows) (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net income | $52,516 | $82,941 |
Adjustments to reconcile net income to cash provided by (used for) operating activities: | ' | ' |
Equity in earnings of subsidiaries | 0 | 0 |
Depreciation and amortization | 41,597 | 37,347 |
Loss on early retirement of debt | 14,890 | 0 |
Share-based compensation expense | 6,136 | 5,162 |
Provision for losses on accounts and notes receivable | -356 | 179 |
Deferred income tax (benefit) expense | -7,387 | 8,424 |
Changes in operating assets and liabilities: | ' | ' |
Accounts and notes receivable | -21,456 | -20,703 |
Merchandise inventories | -63,883 | -23,690 |
Accounts payable | 54,634 | 93,950 |
Net change in other assets and liabilities | 3,131 | -21,285 |
Other, net | 1,322 | -1,159 |
Cash provided by (used for) operating activities | 81,144 | 161,166 |
Investing activities: | ' | ' |
Additions to property and equipment | -36,169 | -25,144 |
Additions to computer software and intangible assets | -17,988 | -20,361 |
Proceeds from the sale of investment | 1,937 | 0 |
Proceeds from the sale of property and equipment | 151 | 2,020 |
Cash used for investing activities | -52,069 | -43,485 |
Financing activities: | ' | ' |
Long-term debt borrowings | 547,693 | 0 |
Change in intercompany advances | 0 | 0 |
Cash dividends paid | -47,335 | -45,587 |
Repurchases of common stock | -9,934 | -15,701 |
Excess tax benefits related to share-based compensation | 514 | 733 |
Proceeds from exercise of stock options | 1,180 | 4,821 |
Purchase of noncontrolling interest | -1,500 | 0 |
Debt issuance costs | -4,178 | 0 |
Other, net | -5,671 | -6,769 |
Cash provided by (used for) financing activities | 480,769 | -62,503 |
Effect of exchange rate changes on cash and cash equivalents | -1,602 | 723 |
Net increase in cash and cash equivalents | 508,242 | 55,901 |
Cash and cash equivalents at beginning of period | 101,905 | 97,888 |
Cash and cash equivalents at end of period | 610,147 | 153,789 |
Owens & Minor, Inc. | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net income | 52,516 | 82,941 |
Adjustments to reconcile net income to cash provided by (used for) operating activities: | ' | ' |
Equity in earnings of subsidiaries | -67,473 | -93,102 |
Depreciation and amortization | 2 | 10 |
Loss on early retirement of debt | 14,890 | ' |
Share-based compensation expense | 0 | 0 |
Provision for losses on accounts and notes receivable | 0 | 0 |
Deferred income tax (benefit) expense | 0 | 0 |
Changes in operating assets and liabilities: | ' | ' |
Accounts and notes receivable | 0 | 0 |
Merchandise inventories | 0 | 0 |
Accounts payable | 6 | 0 |
Net change in other assets and liabilities | 2,562 | 5,264 |
Other, net | -1,162 | 972 |
Cash provided by (used for) operating activities | 1,341 | -3,915 |
Investing activities: | ' | ' |
Additions to property and equipment | 0 | 0 |
Additions to computer software and intangible assets | 0 | 0 |
Proceeds from the sale of investment | 0 | ' |
Proceeds from the sale of property and equipment | 0 | 0 |
Cash used for investing activities | 0 | 0 |
Financing activities: | ' | ' |
Long-term debt borrowings | 547,693 | ' |
Change in intercompany advances | 2,024 | 114,145 |
Cash dividends paid | -47,335 | -45,587 |
Repurchases of common stock | -9,934 | -15,701 |
Excess tax benefits related to share-based compensation | 514 | 733 |
Proceeds from exercise of stock options | 1,180 | 4,821 |
Purchase of noncontrolling interest | 0 | ' |
Debt issuance costs | -4,178 | ' |
Other, net | -2,137 | -2,526 |
Cash provided by (used for) financing activities | 487,827 | 55,885 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase in cash and cash equivalents | 489,168 | 51,970 |
Cash and cash equivalents at beginning of period | 74,391 | 58,190 |
Cash and cash equivalents at end of period | 563,559 | 110,160 |
Guarantor Subsidiaries | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net income | 80,784 | 96,388 |
Adjustments to reconcile net income to cash provided by (used for) operating activities: | ' | ' |
Equity in earnings of subsidiaries | 0 | 0 |
Depreciation and amortization | 26,703 | 26,705 |
Loss on early retirement of debt | 0 | ' |
Share-based compensation expense | 6,136 | 5,162 |
Provision for losses on accounts and notes receivable | 146 | 110 |
Deferred income tax (benefit) expense | -3,470 | 11,649 |
Changes in operating assets and liabilities: | ' | ' |
Accounts and notes receivable | -280 | 449 |
Merchandise inventories | -53,410 | -15,068 |
Accounts payable | 53,409 | 79,994 |
Net change in other assets and liabilities | -1,907 | -21,493 |
Other, net | -98 | 466 |
Cash provided by (used for) operating activities | 108,013 | 184,362 |
Investing activities: | ' | ' |
Additions to property and equipment | -24,662 | -18,972 |
Additions to computer software and intangible assets | -15,448 | -15,534 |
Proceeds from the sale of investment | 1,937 | ' |
Proceeds from the sale of property and equipment | 137 | 1,829 |
Cash used for investing activities | -38,036 | -32,677 |
Financing activities: | ' | ' |
Long-term debt borrowings | 0 | ' |
Change in intercompany advances | -36,874 | -148,109 |
Cash dividends paid | 0 | 0 |
Repurchases of common stock | 0 | 0 |
Excess tax benefits related to share-based compensation | 0 | 0 |
Proceeds from exercise of stock options | 0 | 0 |
Purchase of noncontrolling interest | 0 | ' |
Debt issuance costs | 0 | ' |
Other, net | -2,191 | -1,999 |
Cash provided by (used for) financing activities | -39,065 | -150,108 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase in cash and cash equivalents | 30,912 | 1,577 |
Cash and cash equivalents at beginning of period | 2,012 | 13,641 |
Cash and cash equivalents at end of period | 32,924 | 15,218 |
Non-guarantor Subsidiaries | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net income | -12,697 | -2,741 |
Adjustments to reconcile net income to cash provided by (used for) operating activities: | ' | ' |
Equity in earnings of subsidiaries | 0 | 0 |
Depreciation and amortization | 14,892 | 10,632 |
Loss on early retirement of debt | 0 | ' |
Share-based compensation expense | 0 | 0 |
Provision for losses on accounts and notes receivable | -502 | 69 |
Deferred income tax (benefit) expense | -3,917 | -3,225 |
Changes in operating assets and liabilities: | ' | ' |
Accounts and notes receivable | -21,628 | -18,493 |
Merchandise inventories | -10,752 | -9,166 |
Accounts payable | 174 | 11,296 |
Net change in other assets and liabilities | 3,638 | -5,056 |
Other, net | 2,582 | -2,597 |
Cash provided by (used for) operating activities | -28,210 | -19,281 |
Investing activities: | ' | ' |
Additions to property and equipment | -11,507 | -6,172 |
Additions to computer software and intangible assets | -2,540 | -4,827 |
Proceeds from the sale of investment | 0 | ' |
Proceeds from the sale of property and equipment | 14 | 191 |
Cash used for investing activities | -14,033 | -10,808 |
Financing activities: | ' | ' |
Long-term debt borrowings | 0 | ' |
Change in intercompany advances | 34,850 | 33,964 |
Cash dividends paid | 0 | 0 |
Repurchases of common stock | 0 | 0 |
Excess tax benefits related to share-based compensation | 0 | 0 |
Proceeds from exercise of stock options | 0 | 0 |
Purchase of noncontrolling interest | -1,500 | ' |
Debt issuance costs | 0 | ' |
Other, net | -1,343 | -2,244 |
Cash provided by (used for) financing activities | 32,007 | 31,720 |
Effect of exchange rate changes on cash and cash equivalents | -1,602 | 723 |
Net increase in cash and cash equivalents | -11,838 | 2,354 |
Cash and cash equivalents at beginning of period | 25,502 | 26,057 |
Cash and cash equivalents at end of period | 13,664 | 28,411 |
Eliminations | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net income | -68,087 | -93,647 |
Adjustments to reconcile net income to cash provided by (used for) operating activities: | ' | ' |
Equity in earnings of subsidiaries | 67,473 | 93,102 |
Depreciation and amortization | 0 | 0 |
Loss on early retirement of debt | 0 | ' |
Share-based compensation expense | 0 | 0 |
Provision for losses on accounts and notes receivable | 0 | 0 |
Deferred income tax (benefit) expense | 0 | 0 |
Changes in operating assets and liabilities: | ' | ' |
Accounts and notes receivable | 452 | -2,659 |
Merchandise inventories | 279 | 544 |
Accounts payable | 1,045 | 2,660 |
Net change in other assets and liabilities | -1,162 | 0 |
Other, net | 0 | 0 |
Cash provided by (used for) operating activities | 0 | 0 |
Investing activities: | ' | ' |
Additions to property and equipment | 0 | 0 |
Additions to computer software and intangible assets | 0 | 0 |
Proceeds from the sale of investment | 0 | ' |
Proceeds from the sale of property and equipment | 0 | 0 |
Cash used for investing activities | 0 | 0 |
Financing activities: | ' | ' |
Long-term debt borrowings | 0 | ' |
Change in intercompany advances | 0 | 0 |
Cash dividends paid | 0 | 0 |
Repurchases of common stock | 0 | 0 |
Excess tax benefits related to share-based compensation | 0 | 0 |
Proceeds from exercise of stock options | 0 | 0 |
Purchase of noncontrolling interest | 0 | ' |
Debt issuance costs | 0 | ' |
Other, net | 0 | 0 |
Cash provided by (used for) financing activities | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | $0 | $0 |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event [Member], USD $) | 0 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Oct. 01, 2014 | Oct. 01, 2014 | Oct. 16, 2014 |
Medical Action Industries, Inc. [Member] | Medical Action Industries, Inc. [Member] | Senior Notes [Member] | |
6.35% Senior Notes [Member] | |||
Business Acquisition [Line Items] | ' | ' | ' |
Acquisition price per share | ' | $13.80 | ' |
Total transaction value | $207 | ' | ' |
Notes redeemed | ' | ' | $217 |