Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Jan. 31, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 1-9810 | ||
Entity Registrant Name | OWENS & MINOR, INC | ||
Entity Incorporation, State or Country Code | VA | ||
Entity Tax Identification Number | 54-1701843 | ||
Entity Address, Address Line One | 9120 Lockwood Boulevard | ||
Entity Address, City or Town | Mechanicsville | ||
Entity Address, State or Province | VA | ||
Entity Address, Postal Zip Code | 23116 | ||
City Area Code | 804 | ||
Local Phone Number | 723-7000 | ||
Title of 12(b) Security | Common Stock, $2 par value | ||
Trading Symbol | OMI | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Smaller reporting company | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,423,793,358 | ||
Entity Common Stock, Shares Outstanding | 76,596,696 | ||
Documents Incorporated by Reference | The proxy statement for the annual meeting of shareholders to be held on May 9, 2024, is incorporated by reference for Item 5 of Part II and Part III. | ||
Auditor Name | KPMG, LLP | ||
Auditor Location | Richmond, VA | ||
Auditor Firm ID | 185 | ||
Entity Central Index Key | 0000075252 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Net revenue | $ 10,333,967 | $ 9,955,475 | $ 9,785,315 |
Cost of goods sold | 8,208,806 | 8,129,124 | 8,272,086 |
Gross margin | 2,125,161 | 1,826,351 | 1,513,229 |
Distribution, selling and administrative expenses | 1,813,559 | 1,554,821 | 1,077,064 |
Acquisition-related charges and intangible amortization | 101,037 | 126,972 | 42,774 |
Exit and realignment charges | 99,127 | 6,897 | 31,109 |
Other operating expense (income), net | 6,930 | (5,252) | (6,191) |
Operating income | 104,508 | 142,913 | 368,473 |
Interest expense, net | 157,915 | 128,891 | 48,090 |
(Gain) loss on extinguishment of debt | (3,518) | 0 | 40,433 |
Other expense, net | 4,837 | 3,131 | 3,196 |
(Loss) income before income taxes | (54,726) | 10,891 | 276,754 |
Income tax (benefit) provision | (13,425) | (11,498) | 55,165 |
Net (loss) income | $ (41,301) | $ 22,389 | $ 221,589 |
Net (loss) income per common share: | |||
Basic (in dollars per share) | $ (0.54) | $ 0.30 | $ 3.05 |
Diluted (in dollars per share) | $ (0.54) | $ 0.29 | $ 2.94 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net (loss) income | $ (41,301) | $ 22,389 | $ 221,589 |
Other comprehensive income (loss) net of tax: | |||
Currency translation adjustments | 7,141 | (14,101) | (25,976) |
Change in unrecognized net periodic pension costs | 2,086 | 7,396 | 3,850 |
Change in gains and losses on derivative instruments | (5,190) | 11,441 | 20,044 |
Total other comprehensive income (loss), net of tax | 4,037 | 4,736 | (2,082) |
Comprehensive (loss) income | $ (37,264) | $ 27,125 | $ 219,507 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 243,037 | $ 69,467 |
Accounts receivable, net | 598,257 | 763,497 |
Merchandise inventories | 1,110,606 | 1,333,585 |
Other current assets | 150,890 | 128,636 |
Total current assets | 2,102,790 | 2,295,185 |
Property and equipment, net | 543,972 | 578,269 |
Operating lease assets | 296,533 | 280,665 |
Goodwill | 1,638,846 | 1,636,705 |
Intangible assets, net | 361,835 | 445,042 |
Other assets, net | 149,346 | 150,417 |
Total assets | 5,093,322 | 5,386,283 |
Current liabilities | ||
Accounts payable | 1,171,882 | 1,147,414 |
Accrued payroll and related liabilities | 116,398 | 93,296 |
Current portion of long-term debt | 206,904 | 17,906 |
Other current liabilities | 396,701 | 307,850 |
Total current liabilities | 1,891,885 | 1,566,466 |
Long-term debt, excluding current portion | 1,890,598 | 2,482,968 |
Operating lease liabilities, excluding current portion | 222,429 | 215,469 |
Deferred income taxes | 41,652 | 60,833 |
Other liabilities | 122,592 | 114,943 |
Total liabilities | 4,169,156 | 4,440,679 |
Commitments and contingencies | ||
Equity | ||
Common stock, par value $2 per share; authorized - 200,000 shares; issued and outstanding - 76,546 shares and 76,279 shares as of December 31, 2023 and December 31, 2022 | 153,092 | 152,557 |
Paid-in capital | 434,185 | 418,894 |
Retained earnings | 368,707 | 410,008 |
Accumulated other comprehensive loss | (31,818) | (35,855) |
Total equity | 924,166 | 945,604 |
Total liabilities and equity | $ 5,093,322 | $ 5,386,283 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in usd per share) | $ 2 | $ 2 |
Common stock, authorized (shares) | 200,000 | 200,000 |
Common stock, issued (shares) | 76,546 | 76,279 |
Commons stock, outstanding (shares) | 76,546 | 76,279 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities: | |||
Net (loss) income | $ (41,301) | $ 22,389 | $ 221,589 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 287,377 | 228,667 | 90,621 |
Share-based compensation expense | 23,218 | 20,993 | 25,016 |
(Gain) loss on extinguishment of debt | (3,518) | 0 | 40,433 |
Deferred income tax benefit | (23,648) | (26,361) | (29,736) |
(Benefit) provision for losses on accounts receivable | (1,414) | 3,315 | 21,158 |
Changes in operating lease right-of-use assets and lease liabilities | (47) | 353 | 1,463 |
Gain on sale and dispositions of property and equipment | (34,882) | (26,260) | 0 |
Changes in operating assets and liabilities, net of acquisitions: | |||
Accounts receivable | 166,581 | 1,101 | (2,201) |
Merchandise inventories | 224,338 | 166,559 | (263,439) |
Accounts payable | 30,997 | 13,652 | 3,548 |
Net change in other assets and liabilities | 100,370 | (91,544) | 692 |
Other, net | 12,639 | 12,142 | 15,033 |
Cash provided by operating activities | 740,710 | 325,006 | 124,177 |
Investing activities: | |||
Acquisition, net of cash acquired | 0 | (1,684,607) | 0 |
Additions to property and equipment | (190,870) | (158,090) | (40,985) |
Additions to computer software | (17,022) | (8,492) | (8,705) |
Proceeds from sale of property and equipment | 71,574 | 48,383 | 0 |
Other, net | (936) | (1,670) | (3,940) |
Cash used for investing activities | (137,254) | (1,804,476) | (53,630) |
Financing activities: | |||
Borrowings under amended Receivables Financing Agreement | 476,000 | 1,022,300 | 0 |
Repayments under amended Receivables Financing Agreement | (572,000) | (1,156,300) | 0 |
Repayments of debt | (320,693) | (4,500) | (553,140) |
Proceeds from issuance of debt | 0 | 1,691,000 | 574,900 |
Borrowings (repayments) under revolving credit facility, net and Receivables Financing Agreement | 0 | 30,000 | (103,200) |
Financing costs paid | 0 | (42,602) | (13,912) |
Cash dividends paid | 0 | 0 | (731) |
Payment for termination of interest rate swaps | 0 | 0 | (15,434) |
Other, net | (637) | (42,793) | (17,961) |
Cash (used for) provided by financing activities | (417,330) | 1,497,105 | (129,478) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 613 | (3,485) | (3,540) |
Net increase in cash, cash equivalents and restricted cash | 186,739 | 14,150 | (62,471) |
Cash, cash equivalents and restricted cash at beginning of period | 86,185 | 72,035 | 134,506 |
Cash, cash equivalents and restricted cash at end of period | 272,924 | 86,185 | 72,035 |
Supplemental disclosure of cash flow information: | |||
Income taxes (received) paid, net | (6,283) | 33,973 | 99,400 |
Interest paid | 153,247 | 107,022 | 38,717 |
Noncash investing activity: | |||
Unpaid purchases of property and equipment and computer software at end of period | $ 77,279 | $ 67,852 | $ 0 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock | Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total |
Beginning balance (in shares) at Dec. 31, 2020 | 73,472 | ||||
Beginning balance at Dec. 31, 2020 | $ 146,944 | $ 436,597 | $ 167,022 | $ (38,509) | $ 712,054 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 221,589 | 221,589 | |||
Other comprehensive income | (2,082) | (2,082) | |||
Dividends declared | (992) | (992) | |||
Share-based compensation expense, exercises and other (in shares) | 1,961 | ||||
Share-based compensation expense, exercises and other | $ 3,921 | 4,011 | 7,932 | ||
Ending balance (in shares) at Dec. 31, 2021 | 75,433 | ||||
Ending balance at Dec. 31, 2021 | $ 150,865 | 440,608 | 387,619 | (40,591) | 938,501 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 22,389 | 22,389 | |||
Other comprehensive income | 4,736 | 4,736 | |||
Share-based compensation expense, exercises and other (in shares) | 846 | ||||
Share-based compensation expense, exercises and other | $ 1,692 | (21,714) | $ (20,022) | ||
Ending balance (in shares) at Dec. 31, 2022 | 76,279 | 76,279 | |||
Ending balance at Dec. 31, 2022 | $ 152,557 | 418,894 | 410,008 | (35,855) | $ 945,604 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | (41,301) | (41,301) | |||
Other comprehensive income | 4,037 | 4,037 | |||
Share-based compensation expense, exercises and other (in shares) | 267 | ||||
Share-based compensation expense, exercises and other | $ 535 | 15,291 | $ 15,826 | ||
Ending balance (in shares) at Dec. 31, 2023 | 76,546 | 76,546 | |||
Ending balance at Dec. 31, 2023 | $ 153,092 | $ 434,185 | $ 368,707 | $ (31,818) | $ 924,166 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) | 12 Months Ended |
Dec. 31, 2021 $ / shares | |
Statement of Stockholders' Equity [Abstract] | |
Common stock, par value (in usd per share) | $ 2 |
Dividends declared, per share (in usd per share) | $ 0.01 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | OWENS & MINOR, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements (in thousands, except per share data, unless otherwise indicated) Note 1—Summary of Significant Accounting Policies Owens & Minor, Inc. and subsidiaries (we, us, our or the Company), a Fortune 500 company headquartered in Richmond, Virginia, is a global healthcare solutions company that incorporates product manufacturing, distribution support and innovative technology services to deliver significant and sustained value across the breadth of the industry – from acute care to patients in their home. Our teammates serve healthcare industry customers in approximately 80 countries by producing quality products and helping to reduce total costs across the healthcare supply chain by optimizing point-of care performance, freeing up capital and clinical resources and managing contracts to optimize financial performance. Basis of Presentation and Consolidation. We report our business under two distinct segments: Products & Healthcare Services and Patient Direct. The Products & Healthcare Services segment includes our United States (U.S.) distribution division (Medical Distribution), including outsourced logistics and value-added services, and Global Products division which manufactures and sources medical surgical products through our production and kitting operations. The Patient Direct segment includes our home healthcare divisions (Byram and Apria). Reclassifications. Use of Estimates. Cash, Cash Equivalents and Restricted Cash. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the accompanying consolidated balance sheets that sum to the total of those same amounts presented in the accompanying consolidated statements of cash flows. December 31, 2023 December 31, 2022 Cash and cash equivalents $ 243,037 $ 69,467 Restricted cash included in Other current assets 29,887 — Restricted cash included in Other assets, net — 16,718 Total cash, cash equivalents, and restricted cash $ 272,924 $ 86,185 Book overdrafts represent the amount of outstanding checks issued in excess of related bank balances and are included in accounts payable in our consolidated balance sheets, as they are similar to trade payables and are not subject to finance charges or interest. Changes in book overdrafts are classified as operating activities in our consolidated statements of cash flows. Accounts Receivable, Net. Due to the nature of our industry and the reimbursement environment in which we operate in the Patient Direct segment, certain estimates are required to record total net revenues and accounts receivable at their net realizable values, including estimating variable consideration. Inherent in these estimates is the risk that they will have to be revised or updated as additional information becomes available. Specifically, the complexity of many third-party billing arrangements, contractual terms, and the uncertainty of reimbursement amounts for certain services may result in adjustments to amounts originally recorded. Such adjustments are typically identified and recorded at the point of cash application, claim denial or account review. We maintain valuation allowances based upon the expected collectability of accounts receivable. Our allowances include specific amounts for accounts that are likely to be uncollectible, such as customer bankruptcies and disputed amounts and general allowances for accounts that may become uncollectible. Allowances are estimated based on a number of factors, including industry trends, current economic conditions, creditworthiness of customers, age of the receivables, changes in customer payment patterns, and historical experience. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Allowances for losses on accounts receivable of $7.9 million and $9.1 million have been applied as reductions of accounts receivable at December 31, 2023 and 2022. On March 14, 2023, we entered into the RPA, pursuant to which accounts receivable with an aggregate outstanding amount not to exceed $200 million are sold, on a limited-recourse basis, to the Purchaser in exchange for cash. As of December 31, 2023, there were a total of $124 million of uncollected accounts receivable that had been sold or removed from our consolidated balance sheet. We account for these transactions as sales with the sold receivables removed from our consolidated balance sheets. Under the RPA, we provide certain servicing and collection actions on behalf of the Purchaser; however, we do not maintain any beneficial interest in the accounts receivable sold. The RPA is separate and distinct from the accounts receivable securitization program (the Receivables Financing Agreement). Proceeds from the sales of accounts receivable are recorded as an increase to cash and cash equivalents and a reduction to accounts receivable, net of allowances in the consolidated balance sheets. Cash received from the sales of accounts receivable, net of payments made to the Purchaser, is reflected in the change in accounts receivable within cash provided by operating activities in the consolidated statements of cash flows. Total accounts receivable sold under the RPA and net cash proceeds were $1.4 billion during the year ended December 31, 2023. We collected $1.3 billion of the sold accounts receivable for the year ended December 31, 2023. The losses on sales of accounts receivable are recorded in other operating expense (income), net in the consolidated statements of operations and were $10.6 million for the year ended December 31, 2023. Merchandise Inventories. We periodically evaluate whether inventory valuation allowance adjustments are required, which includes consideration of recent sales trends. In our evaluation, we review for expired or obsolete inventory and slow-moving inventory. We write down inventories which are considered excess and obsolete as a result of these assessments. Shifts in market trends and conditions, as well as changes in customer preferences and behavior could affect the value of our inventories. Property and Equipment, net. three five one Leases. one nine one three Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. We elected the practical expedient to not separate lease and non-lease components for our leases. Operating lease assets and liabilities are recognized at commencement date based on the present value of unpaid lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Our incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments. We use the implicit rate when readily determinable. The right-of-use assets also include adjustments for any lease payments made and lease incentives received. Goodwill. We evaluate goodwill for impairment annually, as of October 1, and if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Qualitative factors are first assessed to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If it is determined that it is more likely than not that the fair value does not exceed the carrying amount, then a quantitative test is performed. The quantitative goodwill impairment test involves a comparison of the estimated fair value of the reporting unit to the respective carrying amount. As of October 1, 2023, due to changes in our long-term financial plan assumptions, we elected to bypass the qualitative test and performed a quantitative goodwill impairment test for all reporting units with goodwill. We determine the estimated fair value of our reporting units by using an equally weighted combination of the income-based approach and the market-based approach. The income-based approach is dependent upon several significant assumptions and estimates regarding future period cash flows, including assumptions with respect to future sales growth and a terminal growth rate. In addition, a weighted average cost of capital (WACC) is used to discount future estimated cash flows to their present values. The WACC is based on externally observable data considering market participants’ cost of equity and debt, optimal capital structure and interest rates, as well as the risk and uncertainty with respect to the reporting unit and internally developed financial projections. Under the market-based approach, significant estimates and assumptions also include the selection of appropriate guideline public companies whose stock is actively traded in public markets and the determination of appropriate valuation multiples to apply to the reporting unit. Although we believe our assumptions and estimates are reasonable and appropriate, any significant adverse changes in one or a combination of key assumptions, including, but not limited to, a failure to meet our business plans or expected earnings and cash flows, unanticipated events and circumstances such as changes in assumptions about the duration and magnitude of increased supply chain expense, commodities costs or inflationary pressures and our planned efforts to mitigate such impacts, disruptions in the supply chain, estimated demand and selling prices for PPE or other products, an increase in the discount rate, a decrease in the terminal growth rate, increases in tax rates (including potential tax reform) or a significant change in industry or economic trends, may affect the accuracy or validity of such estimates and may result in goodwill impairment. We may be required to record a material charge to earnings in our consolidated financial statements during the period in which any impairment of our goodwill is determined, which could adversely affect our results of operations. No impairment of goodwill was recorded for the years ended December 31, 2023, 2022, and 2021. Intangible Assets, net. one Computer Software. three Long-Lived Assets. Self-Insurance Liabilities. automobile liability claims are estimated using historical claims data and loss development factors. If the underlying facts and circumstances of existing claims change or historical trends are not indicative of future trends, then we may be required to adjust the liability and related expense accordingly. Self-insurance liabilities are included in other current liabilities and other liabilities in the consolidated balance sheets and were $26.0 million and $25.6 million in total at December 31, 2023 and 2022. Revenue Recognition. In our Products & Healthcare Services segment, under most of our distribution and product sales arrangements, our performance obligations are limited to delivery of products to a customer upon receipt of a purchase order. For these arrangements, we recognize revenue at the point in time when shipment is completed, as control passes to the customer upon product receipt. Our contracts sometime allow for forms of variable consideration including rebates, discounts, performance guarantees, and implicit price concessions. We estimate the amount of consideration to which we will be entitled in exchange for transferring the product or service to the customer under the expected value method as part of determining the sales transaction price using contractual terms, historical experience, and other operating trends. The amounts accrued for rebates due to customers, which are recorded in accounts receivable, net, were $81.3 million and $86.9 million at December 31, 2023 and 2022. In most cases, we record revenue gross, as we are the primary obligor. When we act as an agent in a sales arrangement and do not bear a significant portion of inventory risks, primarily for our outsourced logistics business, we record revenue net of product cost. Sales taxes collected from customers and remitted to governmental authorities are excluded from revenues. Within our Patient Direct segment, revenues are recognized under fee-for-service arrangements for equipment we rent to patients and sales of equipment, supplies and other items we sell to patients. Revenue that is generated from equipment that we rent to patients is primarily recognized over the noncancelable rental period, typically one month, and commences on delivery of the equipment to the patients. Revenues are recorded at amounts estimated to be received under reimbursement arrangements with third-party payors, including private insurers, prepaid health plans, Medicare, Medicaid and patients. Rental revenue, less estimated adjustments, is recognized as earned on a straight-line basis over the noncancellable lease term. We recorded $617 million and $447 million in revenue related to equipment we rent to patients for the years ended December 31, 2023 and 2022. Equipment rental revenue was not material in 2021. See Note 17 for disaggregation of revenue by segment and geography as we believe that best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Cost of Goods Sold. In situations where we act as an agent in a sales arrangement and do not bear a significant portion of these risks, primarily for our outsourced logistics business, there is no cost of goods sold and all costs to provide the service to the customer are recorded in distribution, selling and administrative expenses. Within our Patient Direct segment, patient service equipment depreciation and the net book value of dispositions are classified in the Company’s consolidated statements of operations within cost of goods sold as the equipment is rented to patients as part of the Company’s primary operations. Depreciation expense for patient service equipment was $138 million and $88.7 million for the years ended December 31, 2023 and 2022. Equipment depreciation was not material for the year ended 2021. The net book value of patient service equipment dispositions were $36.3 million and $22.1 million for the years ended December 31, 2023 and 2022. We did not incur material dispositions during the year ended December 31, 2021. As a result of different practices of categorizing costs and different business models throughout our industry, our gross margins may not necessarily be comparable to other companies in our industry. Inventory valuation allowance adjustments, including for excess and obsolete inventory, are recorded as a charge to cost of goods sold. Distribution, Selling and Administrative (DS&A) Expenses. Shipping and Handling. Share-Based Compensation. Derivative Financial Instruments. All derivatives are carried at fair value in our consolidated balance sheets. The designation of a derivative instrument as a hedge and its ability to meet the hedge accounting criteria determine how we record the change in fair value of the derivative instrument in our consolidated financial statements. A derivative qualifies for hedge accounting if, at inception, we expect the derivative will be highly effective in offsetting the underlying hedged cash flows and we fulfill the hedge documentation standards at the time we enter into the derivative contract. We designate a hedge as a cash flow hedge, fair value hedge, or a net investment hedge based on the exposure we are hedging. For the effective portion of qualifying cash flow hedges, we record changes in fair value in other comprehensive income (OCI). We release the derivative’s gain or loss from OCI to match the timing of the underlying hedged items’ effect on earnings. We review the effectiveness of our hedging instruments quarterly, recognize current period hedge ineffectiveness immediately in earnings, and discontinue hedge accounting for any hedge that we no longer consider to be highly effective. We recognize changes in fair value for derivatives not designated as hedges or those not qualifying for hedge accounting in current period earnings. The cash flow impacts of the derivative instruments are included in our consolidated statements of cash flows as a component of operating or financing activities. Income Taxes. income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are provided if it is more likely than not that a deferred tax asset will not be realized. When we have claimed tax benefits that may be challenged by a tax authority, an estimate of the effect of these uncertain tax positions is recorded. It is our policy to provide for uncertain tax positions and the related interest and penalties based upon an assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. To the extent that the tax outcome of these uncertain tax positions changes, based on our assessment, such changes in estimate may impact the income tax provision in the period in which such determination is made. We earn a portion of our operating income in foreign jurisdictions outside the U.S. We are permanently reinvested in our foreign subsidiaries. Our policy election for global intangible low-taxed income is that we will record such taxes as a current period expense once incurred and will follow the tax law ordering approach. Fair Value Measurements. The carrying amounts of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued payroll and related liabilities reported in the consolidated balance sheets approximate fair value due to the short-term nature of these instruments. The fair value of 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 9 for the fair value of debt. The fair value of our derivative contracts are determined based on the present value of expected future cash flows considering the risks involved, including non-performance risk, and using discount rates appropriate for the respective maturities. Observable Level 2 inputs are used to determine the present value of expected future cash flows. See Note 12 for the fair value of derivatives. Our acquisitions may include contingent consideration as part of the purchase price. The fair value of contingent consideration is estimated as of the acquisition date and at the end of each subsequent reporting period based on the present value of the contingent payments to be made using a weighted probability of possible payments (Level 3). Subsequent changes in fair value are recorded as adjustments to acquisition-related charges and intangible amortization within the consolidated statements of operations. Acquisition-Related Charges and Intangible Amortization . Exit and Realignment Charges estimable. These costs are not normal recurring, cash operating expenses necessary for the Company to operate its business on an ongoing basis . Net (Loss) Income Per Share. Foreign Currency Translation. Business Combinations Recently Adopted Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-13 Financial Instruments - Credit Losses, Measurement of Credit Losses on Financial Instruments, which changes the way entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net earnings. Subsequent to the issuance of ASU No. 2016-13, the FASB issued various ASUs related to Credit Losses, Measurement of Credit Losses on Financial Instruments. These ASUs do not change the core principle of the guidance in ASU No. 2016-13. Instead these amendments are intended to clarify and improve operability of certain topics included within the credit losses standard. We adopted ASU No. 2016-13 and subsequent amendments beginning January 1, 2023. The adoption did not have a material impact on our consolidated financial statements and related disclosures. Recently Issued Accounting Pronouncements Not Yet Adopted . Chief Operating Decision Maker (CODM), the title and position In December 2023, the FASB Issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which will require additional annual income tax disclosures, including disclosure of reconciling items by jurisdiction and nature to the extent those items exceed a specified threshold. In addition, this ASU will require disclosure of income taxes paid, net of refunds received disaggregated by federal, state, and foreign and by jurisdiction if the amount is more than 5% of total income tax payments, net of refunds received. The amendments in this ASU are effective for us in annual periods beginning after December 15, 2024. The amendments in this ASU are required to be applied on a prospective basis and retrospective adoption is permitted. We expect this ASU to only impact our disclosures with no impacts to our results of operations, financial condition and cash flows. |
Significant Risks and Uncertain
Significant Risks and Uncertainties | 12 Months Ended |
Dec. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Significant Risks and Uncertainties | Note 2—Significant Risks and Uncertainties Many of our hospital customers in the U.S. are represented by group purchasing organizations (GPOs) that contract with us for services on behalf of the GPO members. GPOs representing a significant portion of our business are Vizient, Premier, Inc. (Premier) and Health Trust Purchasing Group (HPG). Members of these GPOs have incentives to purchase from their primary selected distributor; however, they operate independently and are free to negotiate directly with distributors and manufacturers. For 2023, net revenue from hospitals under contract with these GPOs represented the following approximate percentages of our consolidated net revenue: Vizient—34%; Premier—19%; and HPG—11%. In 2023, 2022 and 2021, no sales of products of any individual suppliers exceeded 10% of our consolidated net revenue. |
Acquisitions and Discontinued O
Acquisitions and Discontinued Operations | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions and Discontinued Operations | Note 3—Acquisition Acquisition. The following table presents the final fair value of the assets acquired and liabilities assumed recognized as of the Acquisition Date. The fair value and useful lives of tangible and intangible assets acquired were determine based on various valuation methods, including the income and cost approach, using several significant unobservable inputs including, but not limited to projected cash flows and a discount rate. These inputs are considered Level 3 inputs. Fair Value as of Acquisition Date Assets acquired: Current assets $ 139,560 Goodwill 1,251,347 Intangible assets 315,300 Other non-current assets 354,237 Total assets $ 2,060,444 Liabilities assumed: Current liabilities $ 247,276 Noncurrent liabilities 128,561 Total liabilities 375,837 Fair value of net assets acquired, net of cash $ 1,684,607 Current assets acquired include $88.7 million in fair value of receivables, which reflects the approximate amount contractually owed. We are amortizing the fair value of acquired intangible assets, primarily customer relationships, including Payor and capitated relationships, and trade names over their estimated weighted average useful lives of one 15 years Goodwill of $1.3 billion, which we assigned to our Patient Direct segment, consists largely of expected opportunities to expand into new markets and further develop a presence in the home healthcare business. Approximately $33 million of the goodwill is deductible for income tax purposes. The following table provides pro forma results of net revenue and net loss for the year ended December 31, 2022 and 2021 as if Apria was acquired on January 1, 2021, based on the final purchase price allocation. The pro forma results below are not necessarily indicative of the results that would have been if the acquisition had occurred on the dates indicated, nor are the pro forma results indicative of results which may occur in the future. Years Ended December 31, 2022 2021 Net revenue $ 10,232,588 $ 10,930,590 Net (loss) income $ (97,687) $ 286,466 Pro forma net loss of $97.7 million for the year ended December 31, 2022 includes pro forma adjustments for interest expense of $20.8 million and amortization of intangible assets of $10.5 million. The pro forma net loss for the year ended December 31, 2022 also includes $39.4 million in seller transaction expenses and stock compensation expense associated with $108 million owed to the holders of Apria stock awards in connection with the Apria Acquisition. Revenue and net loss of Apria since the Acquisition Date included in the consolidated statement of operations for the year ended December 31, 2022 were $937 million and $3.3 million, respectively. Acquisition-related charges within acquisition-related charges and intangible amortization presented in our consolidated statements of operations were $17.5 million, $48.1 million, and $3.0 million for the years ended December 31, 2023, 2022, and 2021. These amounts are excluded from our segments’ operating income. |
Merchandise Inventories
Merchandise Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Merchandise Inventories | Note 4—Merchandise Inventories At December 31, 2023 and 2022 we had net inventory of $1.1 billion and $1.3 billion, of which $718 million and $840 million were valued under LIFO, all of which relates to inventory in our Products & Healthcare Services segment. If LIFO inventories had been valued on a current cost or FIFO basis, they would have been greater by $233 million and $231 million as of December 31, 2023 and 2022. At December 31, 2023 and 2022, included in our inventory was $75.7 million and $84.4 million in raw materials, $61.5 million and $73.7 million in work in process and the remainder was finished goods. For the year ended December 31, 2022, primarily due to demand declines and builds in excess personal protective equipment (PPE), we increased our estimate of inventory valuation allowances. This change in estimate contributed to a $92.3 million (approximately $69.6 million, net of tax) valuation adjustment, or an approximate $0.93 and $0.91 impact per basic and diluted common share. For the year ended December 31, 2023, our inventory valuation allowances declined primarily due to inventory reductions, including excess PPE previously reserved. At December 31, 2023 and 2022 we had inventory valuation allowances of $78.2 million and $128 million. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Note 5—Property and Equipment, Net Property and equipment, net, consists of the following: December 31, 2023 2022 Land and land improvements $ 22,959 $ 22,849 Buildings and leasehold improvements 201,939 197,228 Machinery and equipment 492,551 470,071 Patient service equipment 362,192 324,007 Construction in progress 10,728 14,400 Property and equipment, gross 1,090,369 1,028,555 Accumulated depreciation and amortization (546,397) (450,286) Property and equipment, net $ 543,972 $ 578,269 Depreciation and amortization expense for property and equipment and assets under finance leases was $188 million, $136 million, and $40.5 million for the years ended December 31, 2023, 2022, and 2021. |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Net | Note 6—Goodwill and Intangible Assets, Net The following table summarizes the changes in the carrying amount of goodwill through December 31, 2023: Products & Healthcare Patient Direct Services Consolidated Net carrying amount of goodwill, December 31, 2021 $ 283,905 $ 106,280 $ 390,185 Currency translation adjustments — (2,713) (2,713) Acquisition 1,249,765 (532) 1,249,233 Carrying amount of goodwill, December 31, 2022 $ 1,533,670 $ 103,035 $ 1,636,705 Acquisition adjustment 1,582 — 1,582 Currency translation adjustments — 559 559 Carrying amount of goodwill, December 31, 2023 $ 1,535,252 $ 103,594 $ 1,638,846 As of October 1, 2023, due to changes in our long-term financial plan assumptions, we elected to bypass the qualitative test and a quantitative goodwill impairment test was performed to compare the estimated fair value for all reporting units with goodwill to the respective carrying amount. No impairment of goodwill was recorded for the years ended December 31, 2023, 2022, and 2021. Intangible assets at December 31, 2023 and 2022 were as follows: 2023 2022 Customer Other Customer Other Relationships Tradenames Intangibles Relationships Tradenames Intangibles Gross intangible assets $ 433,750 $ 202,000 $ 73,958 $ 447,107 $ 202,000 $ 73,181 Accumulated amortization (236,791) (69,655) (41,427) (197,540) (50,094) (29,612) Net intangible assets $ 196,959 $ 132,345 $ 32,531 $ 249,567 $ 151,906 $ 43,569 Weighted average useful life 13 years 10 years 6 years 13 years 10 years 6 years At December 31, 2023 and 2022, $250 million and $308 million in net intangible assets were held in the Patient Direct segment and $112 million and $137 million were held in the Products & Healthcare Services segment. Amortization expense for intangible assets was $83.5 million for 2023, $78.8 million for 2022 and $39.8 million for 2021. As of December 31, 2023, based on the carrying value of intangible assets subject to amortization, estimated future amortization expense is as follows: Year 2024 $ 64,594 2025 54,608 2026 50,255 2027 41,906 2028 32,081 Thereafter 118,391 Total future amortization $ 361,835 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Note 7—Leases The components of lease expense were as follows: Years Ended December 31, Classification 2023 2022 2021 Operating lease cost DS&A Expenses $ 109,942 $ 81,520 $ 59,397 Finance lease cost: Amortization of lease assets DS&A Expenses 2,151 2,755 1,098 Interest on lease liabilities Interest expense, net 1,232 1,516 1,255 Total finance lease cost 3,383 4,271 2,353 Short-term lease cost DS&A Expenses, Cost of goods sold 8,271 4,129 871 Variable lease cost DS&A Expenses, Cost of goods sold 45,158 35,431 17,491 Total lease cost $ 166,754 $ 125,351 $ 80,112 Variable lease cost consists primarily of taxes, insurance, and common area or other maintenance costs for our leased facilities and patient service equipment which are paid as incurred. Supplemental balance sheet information is as follows: As of December 31, Classification 2023 2022 Assets: Operating lease assets Operating lease assets $ 296,533 $ 280,665 Finance lease assets Property and equipment, net 8,477 10,194 Total lease assets $ 305,010 $ 290,859 Liabilities: Current Operating Other current liabilities $ 85,665 $ 76,805 Finance Current portion of long-term debt 2,822 2,531 Noncurrent Operating Operating lease liabilities, excluding current portion 222,429 215,469 Finance Long-term debt, excluding current portion 9,557 11,877 Total lease liabilities $ 320,473 $ 306,682 The gross value recorded under finance leases was $22.2 million and $21.5 million with associated accumulated depreciation of $13.7 million and $11.3 million as of December 31, 2023 and 2022. Other information related to leases was as follows: Years Ended December 31, 2023 2022 2021 Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating and finance leases $ 109,726 $ 81,821 $ 59,192 Financing cash flows from finance leases $ 2,523 $ 2,850 $ 1,199 Right-of-use assets obtained in exchange for new operating and finance lease liabilities $ 116,230 $ 75,188 $ 96,988 Weighted average remaining lease term (years) Operating leases 3.9 4.3 4.9 Finance leases 4.3 5.2 6.4 Weighted average discount rate Operating leases 7.3 % 6.9 % 8.8 % Finance leases 10.3 % 9.9 % 10.8 % Maturities of lease liabilities as of December 31, 2023 were as follows: Operating Leases Finance Leases Total 2024 $ 112,868 $ 3,753 $ 116,621 2025 92,510 3,657 96,167 2026 70,946 2,758 73,704 2027 46,597 2,302 48,899 2028 28,720 2,033 30,753 Thereafter 17,650 511 18,161 Total lease payments 369,291 15,014 384,305 Less: Interest (61,197) (2,635) (63,832) Present value of lease liabilities $ 308,094 $ 12,379 $ 320,473 (1) |
Exit and Realignment Costs
Exit and Realignment Costs | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Exit and Realignment Costs | Note 8—Exit and Realignment Costs We periodically incur exit and realignment and other charges associated with optimizing our operations which includes the consolidation of certain facilities, IT strategic initiatives, and other strategic actions. These charges also include costs associated with our Operating Model Realignment Program, which includes professional fees, severance and other costs to streamline functions and processes. Exit and realignment charges were $99.1 million, $6.9 million and $31.1 million for the years ended December 31, 2023, 2022 and 2021. These amounts are excluded from our segments’ operating income. We have incurred $92.2 million in charges under our Operating Model Realignment Program and IT strategic initiatives for the year ended December 31, 2023, which are included in the total exit and realignment charges above. We expect to incur material future costs relating to our Operating Model Realignment Program and IT strategic initiatives, which we are not able to reasonably estimate. The following table summarizes the activity related to exit and realignment cost accruals through December 31, 2023: Total Accrued exit and realignment charges, December 31, 2020 $ 3,146 Provision for exit and realignment activities: Severance 9,191 Information system restructuring costs 4,752 Lease obligations 440 Other 5,564 Cash payments (14,787) Accrued exit and realignment charges, December 31, 2021 8,306 Provision for exit and realignment activities: Severance 2,018 Other 4,147 Cash payments (13,502) Accrued exit and realignment charges, December 31, 2022 969 Provision for exit and realignment activities: Severance 11,556 Professional fees 63,699 Vendor contract and lease termination costs 6,198 IT strategic initiatives 8,649 Other 5,619 Cash payments (76,643) Accrued exit and realignment charges, December 31, 2023 $ 20,047 In addition to the exit and realignment accruals in the preceding table, we also incurred $3.4 million of costs that were expensed as incurred for the year ended December 31, 2023, which primarily related to charges associated with a lease termination and wind-down costs related to Fusion5. We also incurred $0.7 million and $11.2 million of costs that were expensed as incurred for the years ended December 31, 2022 and 2021, which primarily included wind-down costs related to Fusion5. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Note 9—Debt Debt consists of the following: 2023 2022 Carrying Estimated Carrying Estimated December 31, Amount Fair Value Amount Fair Value 4.375% Senior Notes, due December 2024 $ 171,232 $ 168,754 $ 245,510 $ 237,772 Receivables Securitization Program — — 93,142 96,000 Term Loan A 387,591 390,668 490,816 485,000 4.500% Senior Notes, due March 2029 472,869 422,647 492,762 396,625 Term Loan B 503,212 518,293 576,587 597,733 6.625% Senior Notes, due April 2030 540,445 529,472 585,180 516,060 Finance leases and other 22,153 22,153 16,877 16,877 Total debt 2,097,502 2,051,987 2,500,874 2,346,067 Less current maturities (206,904) (206,904) (17,906) (17,906) Long-term debt $ 1,890,598 $ 1,845,083 $ 2,482,968 $ 2,328,161 We have $171 million of 4.375% senior notes due in December 2024 (the 2024 Notes), with interest payable semi-annually. The 2024 Notes were sold at 99.6% of the principal amount with an effective yield of 4.422%. We have the option to redeem the 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 applicable Benchmark Treasury Rate (as defined) plus 30 basis points. We used $73.5 million of cash to repurchase $74.7 million aggregate principal of the 2024 Notes during 2023. On March 29, 2022, we entered into a Security Agreement supplement pursuant to which the Security and Pledge Agreement (the Security Agreement), dated March 10, 2021 was supplemented to grant collateral on behalf of the holders of the 2024 Notes, and the parties secured under the credit agreements (the Secured Parties) including first priority liens and security interests in (a) all present and future shares of capital stock owned by the Grantors (as defined in the Security Agreement) in the Grantors’ present and future subsidiaries, subject to certain customary exceptions, and (b) all present and future personal property and assets of the Grantors, subject to certain exceptions. On March 29, 2022, we entered into an amendment to our Receivables Financing Agreement. The amended Receivables Financing Agreement has a maximum borrowing capacity of $450 million. The interest rate under the Receivables Financing Agreement is based on a spread over a benchmark SOFR rate (as described in the Fourth Amendment to the Receivables Financing Agreement, as further amended by the Fifth Amendment to the Receivables Financing Agreement). Under the Receivables Financing Agreement, certain of our accounts receivable balances are sold to our wholly owned special purpose entity, O&M Funding LLC. The Receivables Financing Agreement matures in March 2025. We had no borrowings at December 31, 2023 and $96.0 million outstanding at December 31, 2022 under our Receivables Financing Agreement. At December 31, 2023 and 2022, we had maximum revolving borrowing capacity of $450 million and $354 million available under our Receivables Financing Agreement. On March 29, 2022, we entered into a term loan credit agreement with an administrative agent and collateral agent and a syndicate of financial institutions, as lenders (the Credit Agreement) that provides for two new credit facilities (i) a $500 million Term Loan A facility (the Term Loan A), and (ii) a $600 million Term Loan B facility (the Term Loan B). The interest rate on the Term Loan A is based on the sum of either Term SOFR or the Base Rate and an Applicable Rate which varies depending on the current Debt Ratings or Total Leverage Ratio, determined as to whichever shall result in more favorable pricing to the Borrowers (each as defined in the Credit Agreement). The interest rate on the Term Loan B is based on either the Term SOFR or the Base Rate plus an Applicable Rate. The Term Loan A will mature in March 2027 and the Term Loan B will mature in March 2029. In addition to our scheduled principal payments of $9.4 million on the Term Loan A and $6.0 million on the Term Loan B, we made unscheduled principal payments of $97.5 million on Term Loan A and $72.5 million on Term Loan B during 2023. On March 10, 2021, we issued $500 million of 4.500% senior unsecured notes due in March 2029 (the 2029 Unsecured Notes), with interest payable semi-annually (the Notes Offering). The 2029 Unsecured Notes were sold at 100% of the principal amount with an effective yield of 4.500%. We may redeem all or part of the 2029 Unsecured Notes prior to March 31, 2024, at a price equal to 100% of the principal amount of the 2029 Unsecured Notes redeemed, plus accrued and unpaid interest, if any, to, but not including, the redemption date, plus a “make-whole” premium, as described in the Indenture dated March 10, 2021 (the Indenture). On or after March 31, 2024, we may redeem all or part of the 2029 Unsecured Notes at the applicable redemption prices described in the Indenture, plus accrued and unpaid interest, if any, to, but not including, the redemption date. We may also redeem up to 40% of the aggregate principal amount of the 2029 Unsecured Notes at any time prior to March 31, 2024, at a redemption price equal to 104.5% with an amount equal to or less than the net cash proceeds from certain equity offerings, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. We used $18.2 million of cash to repurchase $21.3 million aggregate principal of the 2029 Unsecured Notes during 2023. On March 29, 2022, we issued $600 million of 6.625% senior unsecured notes due in April 2030 (the 2030 Unsecured Notes), with interest payable semi-annually. The 2030 Unsecured Notes were sold at 100% of the principal amount with an effective yield of 6.625%. We may redeem all or part of the 2030 Unsecured Notes, prior to April 1, 2025, at a price equal to 100% of the principal amount of the 2030 Unsecured Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, plus a “make-whole” premium, as described in the Indenture dated March 29, 2022 (the New Indenture). From and after April 1, 2025, we may redeem all or part of the 2030 Unsecured Notes at the applicable redemption prices described in the New Indenture, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. We may also redeem up to 40% of the aggregate principal amount of the 2030 Unsecured Notes at any time prior to April 1, 2025, at a redemption price equal to 106.625% with an amount equal to or less than the net cash proceeds from certain equity offerings, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. We used $43.5 million of cash to repurchase $47.8 million aggregate principal of the 2030 Unsecured Notes during 2023. The 2029 Unsecured Notes and the 2030 Unsecured Notes are subordinated to any of our secured indebtedness, including indebtedness under our credit agreements. On March 29, 2022, we entered into an amendment to our revolving credit agreement, dated as of March 10, 2021 with an administrative agent and collateral agent and a syndicate of financial institutions, as lenders (Revolving Credit Agreement). The amendment (i) increased the aggregate revolving credit commitments under the Revolving Credit Agreement by $150 million, to an aggregate amount of $450 million and (ii) replaced the Eurocurrency Rate with the Adjusted Term SOFR Rate (each as defined in the Revolving Credit Agreement). The Revolving Credit Agreement matures in March 2027. At December 31, 2023 and 2022, our Revolving Credit Agreement was undrawn, and we had letters of credit, which reduce revolver availability, totaling $27.4 million and $27.9 million, leaving $423 million and $422 million available for borrowing. We also had letters of credit and bank guarantees, which support certain leased facilities as well as other normal business activities in the U.S. and Europe that were issued outside of the Revolving Credit Agreement for $3.0 million and $2.3 million as of December 31, 2023 and 2022. The Revolving Credit Agreement, the Credit Agreement, the Receivables Financing Agreement, the 2024 Notes, the 2029 Unsecured Notes, and the 2030 Unsecured Notes contain cross-default provisions which could result in the acceleration of payments due in the event of default of any of the related agreements. The terms of the applicable credit agreements also require us to maintain ratios for leverage and interest coverage, including on a pro forma basis in the event of an acquisition or divestiture. We were in compliance with our debt covenants at December 31, 2023. As of December 31, 2023, scheduled future principal payments of debt, excluding finance leases and other, were as follows: Year 2024 $ 199,197 2025 40,375 2026 43,500 2027 305,375 2028 6,000 2029 965,654 2030 552,189 Of the $199 million due in 2024, $179 million is due in December 2024. Current maturities at December 31, 2023 include $171 million in principal payments on our 2024 Notes, $21.9 million in principal payments on our Term Loan A, $6.0 million in principal payments on our Term Loan B, and $7.7 million in current portion of finance leases and other. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | Note 10—Share-Based Compensation We maintain a share-based compensation plan (the Plan) that is administered by the Our People & Culture Committee of the Board of Directors. The Plan allows us to award or grant to officers, directors and teammates incentive, non-qualified and deferred compensation stock options, stock appreciation rights (SARs), performance stock units and performance shares (collectively Performance Stock Awards (PSAs)), restricted stock units and restricted stock (collectively Restricted Stock Awards (RSAs)) and unrestricted stock. We use authorized and unissued common shares for grants of RSAs, SARs, PSAs or for stock option exercises. At December 31, 2023, approximately 3.6 million common shares were available for issuance under the Plan. RSAs under the Plan generally vest over one three five years three years We recognize the fair value of stock-based compensation awards, which is based upon the market price of the underlying common stock at the grant date, on a straight-line basis over the estimated requisite service period. RSAs are earned based on service conditions and PSAs are earned based on service conditions, performance conditions, market conditions, or any combination of these. The fair value of PSAs as of the date of grant is estimated assuming that performance goals will be achieved at target levels. If such goals are not probable of being met, or are probable of being met at different levels, recognized compensation cost is adjusted to reflect the change in estimated fair value. Total share-based compensation expense for December 31, 2023, 2022 and 2021 was $23.2 million, $21.0 million and $25.0 million with recognized tax benefits of $6.0 million, $5.5 million and $6.5 million. Unrecognized compensation cost related to nonvested RSAs, net of estimated forfeitures, was $28.4 million at December 31, 2023. This amount is expected to be recognized over a weighted-average period of 2.0 years, based on the maximum remaining vesting period required under the awards. Unrecognized compensation cost related to nonvested PSAs as of December 31, 2023 was $0.9 million and will be recognized primarily in 2024 and 2025 if the related performance targets are met at the current level expected. The following table summarizes the activity and value of nonvested RSAs and PSAs for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 Weighted Weighted Weighted Average Average Average Grant-date Fair Grant-date Fair Grant-date Fair Number of Value Number of Value Number of Value Shares Per Share Shares Per Share Shares Per Share Nonvested awards at beginning of year 2,777 $ 22.52 4,325 $ 11.57 4,816 $ 7.64 Granted 3,137 18.34 2,745 19.10 2,758 14.10 Vested (1,736) 14.04 (2,667) 8.11 (1,801) 9.33 Forfeited (977) 26.82 (1,626) 11.25 (1,448) 6.10 Nonvested awards at end of year 3,201 21.70 2,777 22.52 4,325 11.57 The total fair value of RSAs and PSAs vesting during the years ended December 31, 2023, 2022 and 2021 was $24.4 million, $21.6 million and $16.8 million. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Retirement Plans | Note 11—Retirement Plans Savings and Retirement Plans. U.S. Retirement Plans. The following table sets forth the U.S. Retirement Plan’s financial status and the amounts recognized in our consolidated balance sheets: December 31, 2023 2022 Change in benefit obligation Benefit obligation, beginning of year $ 39,341 $ 50,244 Interest cost 1,827 1,176 Actuarial gain (3,787) (8,359) Benefits paid (3,322) (3,720) Benefit obligation, end of year $ 34,059 $ 39,341 Change in plan assets Fair value of plan assets, beginning of year $ — $ — Employer contribution 3,322 3,720 Benefits paid (3,322) (3,720) Fair value of plan assets, end of year $ — $ — Funded status, end of year $ (34,059) $ (39,341) Amounts recognized in the consolidated balance sheets Other current liabilities $ (2,975) $ (3,604) Other liabilities (31,084) (35,737) Accumulated other comprehensive loss 6,331 10,550 Net amount recognized $ (27,728) $ (28,791) Accumulated benefit obligation $ 34,059 $ 39,341 Weighted average assumptions used to determine benefit obligation Discount rate 4.68 % 4.87 % Rate of increase in compensation levels N/A N/A Plan benefit obligations of the U.S. Retirement Plan were measured as of December 31, 2023 and 2022. Plan benefit obligations are determined using assumptions developed at the measurement date. The weighted average discount rate, which is used to calculate the present value of plan liabilities, is an estimate of the interest rate at which the plan liabilities could be effectively settled at the measurement date. When estimating the discount rate, we review yields available on high-quality, fixed-income debt instruments and use a yield curve model from which the discount rate is derived by applying the projected benefit payments under the plan to points on a published yield curve. The components of net periodic benefit cost for the U.S. Retirement Plan were as follows: Years Ended December 31, 2023 2022 2021 Interest cost $ 1,827 $ 1,176 $ 1,080 Recognized net actuarial loss 431 923 1,199 Net periodic benefit cost $ 2,258 $ 2,099 $ 2,279 Weighted average assumptions used to determine net periodic benefit cost Discount rate 4.87 % 2.43 % 1.95 % Rate of increase in future compensation levels N/A N/A N/A Amounts recognized for the U.S. Retirement Plan as a component of accumulated other comprehensive loss as of the end of the year that have not been recognized as a component of the net periodic benefit cost are presented in the following table. We expect to recognize approximately $0.2 million of the net actuarial loss reported in the following table as of December 31, 2023, as a component of net periodic benefit cost during 2024. Years Ended December 31, 2023 2022 Net actuarial loss $ (6,331) $ (10,550) Deferred tax benefit 3,867 4,964 Amounts included in accumulated other comprehensive loss, net of tax $ (2,464) $ (5,586) As of December 31, 2023, the expected benefit payments required, based on the same assumptions used to measure our year-end benefit obligation, Year 2024 $ 2,942 2025 2,790 2026 2,627 2027 2,479 2028 2,333 2029-2033 9,234 International Retirement Plans. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Note 12—Derivatives We are directly and indirectly affected by changes in foreign currency, which may adversely impact our financial performance and are referred to as “market risks.” When deemed appropriate, we use derivatives as a risk management tool to mitigate the potential impact of certain market risks. We do not enter into derivative financial instruments for trading purposes. We enter into foreign currency contracts to manage our foreign exchange exposure related to certain balance sheet items that do not meet the requirements for hedge accounting. These derivative instruments are adjusted to fair value at the end of each period through earnings. The gain or loss recorded on these instruments is substantially offset by the remeasurement adjustment on the foreign currency denominated asset or liability. We pay interest on our Credit Agreement which fluctuates based on changes in our benchmark interest rates. In order to mitigate the risk of increases in benchmark rates on our term loans, we entered into an interest rate swap agreement whereby we agree to exchange with the counterparty, at specified intervals, the difference between fixed and variable amounts calculated by reference to the notional amount. The interest rate swap was designated as a cash flow hedge. Cash flows related to the interest rate swap agreement are included in interest expense, net. We determine the fair value of our foreign currency derivatives and interest rate swaps based on observable market-based inputs or unobservable inputs that are corroborated by market data. We do not view the fair value of our derivatives in isolation, but rather in relation to the fair values or cash flows of the underlying exposure. All derivatives are carried at fair value in our consolidated balance sheets. We consider the risk of counterparty default to be minimal. We report cash flows from our hedging instruments in the same cash flow statement category as the hedged items. The following table summarizes the terms and fair value of our outstanding derivative financial instruments as of December 31, 2023: Notional Derivative Assets Derivative Liabilities Amount Maturity Date Classification Fair Value Classification Fair Value Cash flow hedge Interest rate swap $ 350,000 March 2027 Other assets, net $ 8,447 Other liabilities $ — Economic (non-designated) hedges Foreign currency contracts $ 78,436 January 2024 Other current assets $ 1,043 Other current liabilities $ — The following table summarizes the terms and fair value of our outstanding derivative financial instruments as of December 31, 2022: Notional Derivative Assets Derivative Liabilities Amount Maturity Date Classification Fair Value Classification Fair Value Cash flow hedge Interest rate swap $ 400,000 March 2027 Other assets, net $ 15,461 Other liabilities $ — Economic (non-designated) hedges Foreign currency contracts $ 58,321 January 2023 Other current assets $ 440 Other current liabilities $ 42 The notional amount of the interest rate swap represents the amount in effect at the end of the period. Based on contractual terms, the notional amount will decrease in increments of $50.0 million on the last business day of March of each year until the maturity date. In March 2021, we terminated $300 million in notional value of interest rate swaps concurrent with the debt financing transaction. The balance of the fair value adjustments of $25.1 million, which related to these terminated interest rate swaps, within accumulated other comprehensive loss was reclassified to (gain) loss on extinguishment of debt within our consolidated statements of operations for the year ended December 31, 2021. The following table summarizes the effect of cash flow hedge accounting on our consolidated statements of operations for the year ended December 31, 2023: Amount of Gain Location of Gain Total Amount of Expense Amount of Gain/ Recognized in Reclassified from Line Items Presented in the (Loss) Reclassified Other Accumulated Other Consolidated Statement of from Accumulated Comprehensive Comprehensive Loss Operations in Which the Other Comprehensive (Loss) Income into Income Effects are Recorded Loss into Income Interest rate swaps $ 2,707 Interest expense, net $ (157,915) $ 9,720 The amount of ineffectiveness associated with these contracts was immaterial for the periods presented. The following table summarizes the effect of cash flow hedge accounting on our consolidated statements of operations for the year ended December 31, 2022: Amount of Amount of Gain Location of Gain Total Amount of Expense Gain/(Loss) Recognized in Reclassified from Line Items Presented in the Reclassified from Other Accumulated Other Consolidated Statement of Accumulated Other Comprehensive Comprehensive Loss Operations in Which the Comprehensive Loss Income into Income Effects are Recorded into Income Interest rate swaps $ 14,814 Interest expense, net $ (128,891) $ (647) The amount of ineffectiveness associated with these contracts was immaterial for the periods presented. The following table summarizes the effect of cash flow hedge accounting on our consolidated statements of operations for the year ended December 31, 2021: Amount of Amount of Gain Location of Gain Total Amount of Expense Gain/(Loss) Recognized in Reclassified from Line Items Presented in the Reclassified from Other Accumulated Other Consolidated Statement of Accumulated Other Comprehensive Comprehensive Loss Operations in Which the Comprehensive Loss Income into Income Effects are Recorded into Income Interest rate swaps $ 2,426 (Gain) loss on extinguishment of debt $ (40,433) $ (25,518) The amount of ineffectiveness associated with these contracts was immaterial for the periods presented. For the years ended December 31, 2023, 2022 and 2021 we recognized a loss of $0.3 million, $0.9 million and $2.3 million, associated with our economic (non-designated) foreign currency contracts. We recorded the change in fair value of derivative instruments and the remeasurement adjustment of the foreign currency denominated asset or liability in other operating expense (income), net for our foreign exchange contracts. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 13—Income Taxes The components of net (loss) income before income taxes consist of the following: Years Ended December 31, 2023 2022 2021 Net (loss) income before income taxes: U.S. $ (65,432) $ (17,650) $ 231,424 Foreign 10,706 28,541 45,330 Net (loss) income before income taxes $ (54,726) $ 10,891 $ 276,754 The income tax provision (benefit) consists of the following: Years Ended December 31, 2023 2022 2021 Current tax provision: Federal $ 3,887 $ 1,090 $ 54,087 State 1,535 5,125 15,961 Foreign 4,886 8,648 14,853 Total current tax provision 10,308 14,863 84,901 Deferred tax benefit: Federal (18,081) (8,671) (22,046) State (4,823) (5,395) (4,175) Foreign (829) (12,295) (3,515) Total deferred tax benefit (23,733) (26,361) (29,736) Total income tax benefit $ (13,425) $ (11,498) $ 55,165 A reconciliation of the federal statutory rate to our effective income tax rate is shown below: Years Ended December 31, 2023 2022 2021 Federal statutory rate 21.0 % 21.0 % 21.0 % Increases (decreases) in the rate resulting from: Net capital loss on divestiture — % — % (1.0) % Tax reform — % — % (1.2) % Unrecognized tax benefits (2.6) % 10.2 % 0.1 % State income taxes, net of federal income tax impact 6.4 % (7.1) % 3.1 % Research and development credit 4.4 % (29.9) % (0.8) % Foreign income taxes (0.9) % 0.5 % 0.3 % Valuation allowance (0.5) % — % 1.1 % Restricted stock vestings (1.0) % (57.3) % (2.1) % Nondeductible Interest (1.5) % 6.6 % 0.3 % Nondeductible compensation (3.6) % 28.9 % 1.0 % Foreign repatriation change (Thailand) — % (96.3) % — % Non-deductible transaction costs — % 19.5 % — % Foreign derived intangible income (FDII) 4.0 % — % (3.2) % Global intangible low-taxed income 0.7 % 5.0 % — % Other (1.9) % (6.7) % 1.3 % Effective income tax rate 24.5 % (105.6) % 19.9 % The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: December 31, 2023 2022 Deferred tax assets: Employee benefit plans $ 28,763 $ 27,923 Accrued liabilities not currently deductible 15,997 15,640 Finance charges 2,173 2,143 Lease liabilities 83,895 80,300 Allowance for losses on accounts receivable 7,335 6,703 Net operating loss carryforwards 41,165 55,992 Capital loss carryover 30,034 30,034 Interest limitation 13,082 19,890 Insurance 1,323 20 R&D capitalized costs 21,974 14,017 Other 8,462 7,982 Total deferred tax assets 254,203 260,644 Less: valuation allowances (35,520) (35,253) Net deferred tax assets 218,683 225,391 Deferred tax liabilities: Merchandise inventories 25,866 18,904 Goodwill 5,426 4,151 Property, equipment and computer software 69,411 91,983 Right-of-use assets 79,303 75,623 Derivatives 2,196 4,020 Intangible assets 62,301 81,068 Other 859 826 Total deferred tax liabilities 245,362 276,575 Net deferred tax liability $ (26,679) $ (51,184) The valuation allowances relate to deferred tax assets for U.S. federal and state capital loss carryforwards and net operating loss carryforwards in various state jurisdictions. The U.S. capital loss carryforward, which has a full valuation allowance, has an expiration date of five years. As of December 31, 2023, federal net operating losses of approximately $116 million are available to offset future federal taxable income. The entire $116 million of net operating losses have an unlimited carryforward period and will not expire. The capital loss and net operating loss carryforwards in various state jurisdictions have various expiration dates ranging from five years to an unlimited carryforward period. Based on management’s judgment using available evidence about historical and expected future taxable earnings, management believes it is more likely than not that we will realize the benefit of the existing deferred tax assets, net of valuation allowances, at December 31, 2023. Cash payments for income taxes, including interest, for 2023, 2022 and 2021 were $13.4 million, $38.1 million and $102 million. Cash tax refunds received for 2023, 2022 and 2021 were $19.7 million, $4.2 million and $2.5 million. A summary of the changes in the liability for unrecognized tax benefits from the beginning to the end of the reporting period is as follows: 2023 2022 Unrecognized tax benefits at January 1, $ 22,499 $ 21,385 Increases for positions taken during current period 410 1,016 Increases for positions taken during prior periods 13 325 Lapse of statute of limitations (181) (227) Unrecognized tax benefits at December 31, $ 22,741 $ 22,499 Included in the liability for unrecognized tax benefits at December 31, 2023 and 2022, were $2.7 million of tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. These tax positions are temporary differences which do not impact the annual effective tax rate under deferred tax accounting. Any change in the deductibility period of these tax positions would impact the timing of cash payments to taxing jurisdictions. Unrecognized tax benefits of $20.0 million and $19.8 million at December 31, 2023 and 2022 would impact our effective tax rate if recognized and the remaining would not impact our effective tax rate. We recognize accrued interest and penalties related to unrecognized tax benefits. Accrued interest at December 31, 2023 and 2022 was $5.7 million and $3.9 million. The amounts recognized in interest expense for the years ended December 31, 2023, 2022 and 2021 were $1.7 million, $1.0 million and $0.3 million. There were no penalties accrued at December 31, 2023, 2022 and 2021 or recognized in 2023, 2022 and 2021. On August 26, 2020, we received a Notice of Proposed Adjustment (NOPA) from the Internal Revenue Service (IRS) regarding our 2015 and 2016 consolidated income tax returns. On June 30, 2021, we received a NOPA from the IRS regarding our 2017 and 2018 consolidated income tax returns. Within the NOPAs, the IRS has asserted that our taxable income for the aforementioned years should be higher based on their assessment of the appropriate amount of taxable income that we should report in the U.S. in connection with our sourcing of products by our foreign subsidiaries for sale in the U.S. by our domestic subsidiaries. Our amount of taxable income in the U.S. is based on our transfer pricing methodology, which has been consistently applied for all years subject to the NOPAs. We strongly disagree with the IRS position and will pursue all available administrative and judicial remedies, including those available under the U.S. - Ireland Income Tax Treaty to alleviate double taxation. We regularly assess the likelihood of adverse outcomes resulting from examinations such as this to determine the adequacy of our tax reserves. We believe that we have adequately reserved for this matter and that the final adjudication of this matter will not have a material impact on our consolidated financial position, results of operations or cash flows. However, the ultimate outcome of disputes of this nature is uncertain, and if the IRS were to prevail on its assertions, the additional tax, interest, and any potential penalties could have a material adverse impact on our financial position, results of operations or cash flows. We file income tax returns in the U.S. federal and various state and foreign jurisdictions. Our U.S. federal income tax returns for the years 2015 through 2022 are subject to examination. Our income tax returns for U.S. state and local jurisdictions are generally open for the years 2019 through 2022; however, certain returns may be subject to examination for differing periods. The former owners are contractually obligated to indemnify us for all income tax liabilities incurred by Byram entities prior to its acquisition on August 1, 2017, and for all income tax liabilities incurred by the Halyard foreign entities located in Thailand, Mexico, and Honduras prior to its acquisition on April 30, 2018 . |
Net Income per Common Share
Net Income per Common Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Income per Common Share | Note 14—Net (Loss) Income per Common Share The following summarizes the calculation of net (loss) income per common share attributable to common shareholders for the years ended December 31, 2023, 2022 and 2021: (in thousands, except per share data) Years Ended December 31, 2023 2022 2021 Net (loss) income $ (41,301) $ 22,389 $ 221,589 Weighted average shares outstanding - basic 75,785 74,496 72,744 Dilutive shares — 1,721 2,742 Weighted average shares outstanding - diluted 75,785 76,217 75,486 Net (loss) income per common share: Basic $ (0.54) $ 0.30 $ 3.05 Diluted $ (0.54) $ 0.29 $ 2.94 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Note 15—Accumulated Other Comprehensive (Loss) Income The following tables show the changes in accumulated other comprehensive (loss) income by component for the years ended December 31, 2023, 2022 and 2021: Currency Retirement Translation Plans Adjustments Derivatives Total Accumulated other comprehensive (loss) income, December 31, 2022 $ (7,201) $ (40,095) $ 11,441 $ (35,855) Other comprehensive income before reclassifications 2,405 7,141 2,707 12,253 Income tax (639) — (704) (1,343) Other comprehensive income before reclassifications, net of tax 1,766 7,141 2,003 10,910 Amounts reclassified from accumulated other comprehensive income (loss) 431 — (9,720) (9,289) Income tax (111) — 2,527 2,416 Amounts reclassified from accumulated other comprehensive income (loss), net of tax 320 — (7,193) (6,873) Other comprehensive income (loss) 2,086 7,141 (5,190) 4,037 Accumulated other comprehensive (loss) income, December 31, 2023 $ (5,115) $ (32,954) $ 6,251 $ (31,818) Currency Retirement Translation Plans Adjustments Derivatives Total Accumulated other comprehensive loss, December 31, 2021 $ (14,597) $ (25,994) $ — $ (40,591) Other comprehensive income (loss) before reclassifications 8,359 (14,101) 14,814 9,072 Income tax (1,646) — (3,851) (5,497) Other comprehensive income (loss) before reclassifications, net of tax 6,713 (14,101) 10,963 3,575 Amounts reclassified from accumulated other comprehensive loss 923 — 647 1,570 Income tax (240) — (169) (409) Amounts reclassified from accumulated other comprehensive loss, net of tax 683 — 478 1,161 Other comprehensive income (loss) 7,396 (14,101) 11,441 4,736 Accumulated other comprehensive income (loss), December 31, 2022 $ (7,201) $ (40,095) $ 11,441 $ (35,855) Currency Retirement Translation Plans Adjustments Derivatives Total Accumulated other comprehensive loss, December 31, 2020 $ (18,447) $ (18) $ (20,044) $ (38,509) Other comprehensive income (loss) before reclassifications 4,462 (25,976) 2,426 (19,088) Income tax (1,428) — (611) (2,039) Other comprehensive income (loss) before reclassifications, net of tax 3,034 (25,976) 1,815 (21,127) Amounts reclassified from accumulated other comprehensive loss 1,199 — 25,518 26,717 Income tax (383) — (7,289) (7,672) Amounts reclassified from accumulated other comprehensive loss, net of tax 816 — 18,229 19,045 Other comprehensive income (loss) 3,850 (25,976) 20,044 (2,082) Accumulated other comprehensive loss, December 31, 2021 $ (14,597) $ (25,994) $ — $ (40,591) We include amounts reclassified out of accumulated other comprehensive (loss) income related to defined benefit pension plans as a component of net periodic benefit cost recorded in Other expense, net. |
Legal Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | Note 16— Commitments, Contingent Liabilities, and Legal Proceedings O&M Halyard N95 Mask FDA Release On April 5, 2023, we received a communication from the National Institute for Occupational Safety & Health (NIOSH) that products from one lot of a model (No. 46827) of surgical N95 respirator manufactured by O&M Halyard did not pass laboratory tests for fluid resistance and for filtration efficiency, and that products from one lot of another model (No. 46727) did not pass fluid resistance testing, but did pass filtration efficiency testing. Our investigation determined that a limited number of lots were potentially implicated by the results of the NIOSH particulate filtration testing on model No. 46827, and that the vast majority of the products in those lots remained in our possession and under our control. Those lots have been segregated for disposal. We also determined that a limited quantity of products from one lot did reach the market. Although products from that lot passed internal and external follow-up testing for filtration efficiency, we initiated a voluntary recall of the lot on August 9, 2023 out of an abundance of caution. O&M Halyard has confirmed to NIOSH that the particle filtration issue was isolated to the identified lots. On April 12, 2023, the U.S. Food and Drug Administration (FDA) recommended that consumers, health care providers, and facilities not use the two models (model numbers 46827 and 46727) of O&M Halyard surgical N95 respirators due to concerns about fluid resistance performance. In addition, the FDA also recommended against using certain of our surgical, procedure and pediatric face masks when fluid resistance is required. On or about that date, we voluntarily stopped the sale in the U.S. of the above-referenced surgical N95 respirators and similar models pending our investigation of the performance issues identified by the FDA and NIOSH. Regulatory bodies in other non-U.S. markets where we sell our facial protection products have inquired about the relevance of the FDA notification to products sold in their countries. The FDA updated its recommendation on April 21, 2023, to permit use of the model No. 46727 of Halyard N95 respirators when fluid resistance is not required. These items are included in our Products & Healthcare Services segment. On September 29, 2023, the FDA updated its previous recommendation to consumers, health care providers and facilities regarding the above-referenced models of O&M Halyard surgical N95 respirators based on extensive testing and performance data provided by O&M Halyard. Specifically, the FDA stated that both O&M Halyard respirator models could be used according to the product labeling for respiratory and fluid barrier protection to the wearer (excluding the one lot of products that O&M Halyard voluntarily recalled on August 9, 2023). Following the FDA’s update, we published a user notice on our website announcing the resumption of sales and shipments of O&M Halyard surgical N95 respirators, noting that the data provided to the FDA and NIOSH demonstrated that our products provide the levels of particle filtration and fluid resistance for which they are rated. NIOSH reviewed and concurred with the facts set forth in our user notice published on September 29, 2023. While the FDA recommendation did not materially affect our results of operations for 2023, there is a risk that these matters and any other safety concerns could have a material adverse effect on our results of operations, financial condition, or cash flows, including as a result of a significant volume of customer product returns and/or recall of products, implementation of corrective action plans, and/or other costly remedial actions in the U.S. and elsewhere. In addition, these matters could potentially have other negative impacts including: government investigations and enforcement actions by the FDA or other U.S. or international regulators or governmental entities; the suspension or revocation of the authority to produce, distribute or sell products, and other sanctions; losses due to patient claims, including product liability claims and lawsuits; and customer claims related to their direct costs arising from supply disruption. Other Litigation We are party to various legal claims that are ordinary and incidental to our business, including ones related to commercial disputes, employment, workers’ compensation, product liability, regulatory, cybersecurity and other matters. We maintain insurance coverage for cybersecurity, employment, product liability, workers’ compensation and other personal injury litigation matters, subject to policy limits, applicable deductibles and insurer solvency. From time to time, we establish estimated liabilities based upon periodic assessment of the potential outcomes of pending matters. Based on current knowledge and the advice of counsel, we believe that the liability recorded on the consolidated balance sheet as of December 31, 2023 for currently pending matters considered probable of loss, is sufficient. In addition, we believe that other currently pending matters are not reasonably possible to result in a material loss, as payment of the amounts claimed is remote, the claims are immaterial, individually and in the aggregate, or the claims are expected to be adequately covered by insurance, subject to policy limits, applicable deductibles, exclusions, and insurer solvency. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | Note 17—Segment Information We periodically evaluate our application of accounting guidance for reportable segments and disclose information about reportable segments based on the way management organizes the enterprise for making operating decisions and assessing performance. We report our business under two segments: Products & Healthcare Services and Patient Direct. The Products & Healthcare Services segment includes our U.S. distribution division (Medical Distribution), including outsourced logistics and value-added services business, and our Global Products division which manufactures and sources medical surgical products through our production and kitting operations. The Patient Direct segment includes our home healthcare divisions (Byram and Apria). We evaluate the performance of our segments based on their operating income excluding acquisition-related charges and intangible amortization and exit and realignment charges, along with other adjustments, that, either as a result of their nature or size, would not be expected to occur as part of our normal business operations on a regular basis. Segment assets exclude inter-segment account balances as we believe their inclusion would be misleading and not meaningful. The following tables present financial information by segment: Years Ended December 31, 2023 2022 2021 Net revenue: Products & Healthcare Services $ 7,781,395 $ 7,898,397 $ 8,825,646 Patient Direct 2,552,572 2,057,078 959,669 Consolidated net revenue $ 10,333,967 $ 9,955,475 $ 9,785,315 Operating income: Products & Healthcare Services $ 57,809 $ 175,309 $ 384,390 Patient Direct 246,863 193,748 57,966 Acquisition-related charges and intangible amortization (101,037) (126,972) (42,774) Exit and realignment charges (99,127) (6,897) (31,109) Inventory valuation adjustment (1) — (92,275) — Consolidated operating income $ 104,508 $ 142,913 $ 368,473 Depreciation and amortization: Products & Healthcare Services $ 77,006 $ 77,539 $ 75,548 Patient Direct 210,371 151,128 15,073 Consolidated depreciation and amortization $ 287,377 $ 228,667 $ 90,621 Share-based compensation: Products & Healthcare Services $ 15,078 $ 19,681 $ 22,476 Patient Direct 5,864 820 937 Other (2) 2,276 492 1,603 Consolidated share-based compensation $ 23,218 $ 20,993 $ 25,016 Capital expenditures: Products & Healthcare Services $ 29,361 $ 49,824 $ 48,282 Patient Direct 178,531 116,758 1,408 Consolidated capital expenditures $ 207,892 $ 166,582 $ 49,690 (1) Relates to an inventory valuation adjustment in our Products & Healthcare Services segment, primarily associated with PPE inventory built up and a subsequent decline in demand as a result of the COVID-19 pandemic. (2) Other share-based compensation expense is captured within exit and realignment charges or acquisition-related charges for the years ended December 31 2023, 2022 and 2021. December 31, 2023 2022 Total assets: Products & Healthcare Services $ 2,359,825 $ 2,809,600 Patient Direct 2,490,460 2,507,216 Segment assets 4,850,285 5,316,816 Cash and cash equivalents 243,037 69,467 Consolidated total assets $ 5,093,322 $ 5,386,283 Years Ended December 31, 2023 2022 2021 Net revenue: United States $ 10,058,675 $ 9,526,037 $ 9,250,331 International 275,292 429,438 534,984 Consolidated net revenue $ 10,333,967 $ 9,955,475 $ 9,785,315 December 31, 2023 2022 Long-lived assets: United States $ 1,140,303 $ 1,226,108 International 109,504 116,524 Consolidated long-lived assets $ 1,249,807 $ 1,342,632 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation. We report our business under two distinct segments: Products & Healthcare Services and Patient Direct. The Products & Healthcare Services segment includes our United States (U.S.) distribution division (Medical Distribution), including outsourced logistics and value-added services, and Global Products division which manufactures and sources medical surgical products through our production and kitting operations. The Patient Direct segment includes our home healthcare divisions (Byram and Apria). |
Reclassifications | Reclassifications. |
Use of Estimates | Use of Estimates. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the accompanying consolidated balance sheets that sum to the total of those same amounts presented in the accompanying consolidated statements of cash flows. December 31, 2023 December 31, 2022 Cash and cash equivalents $ 243,037 $ 69,467 Restricted cash included in Other current assets 29,887 — Restricted cash included in Other assets, net — 16,718 Total cash, cash equivalents, and restricted cash $ 272,924 $ 86,185 Book overdrafts represent the amount of outstanding checks issued in excess of related bank balances and are included in accounts payable in our consolidated balance sheets, as they are similar to trade payables and are not subject to finance charges or interest. Changes in book overdrafts are classified as operating activities in our consolidated statements of cash flows. |
Accounts Receivable, Net | Accounts Receivable, Net. Due to the nature of our industry and the reimbursement environment in which we operate in the Patient Direct segment, certain estimates are required to record total net revenues and accounts receivable at their net realizable values, including estimating variable consideration. Inherent in these estimates is the risk that they will have to be revised or updated as additional information becomes available. Specifically, the complexity of many third-party billing arrangements, contractual terms, and the uncertainty of reimbursement amounts for certain services may result in adjustments to amounts originally recorded. Such adjustments are typically identified and recorded at the point of cash application, claim denial or account review. We maintain valuation allowances based upon the expected collectability of accounts receivable. Our allowances include specific amounts for accounts that are likely to be uncollectible, such as customer bankruptcies and disputed amounts and general allowances for accounts that may become uncollectible. Allowances are estimated based on a number of factors, including industry trends, current economic conditions, creditworthiness of customers, age of the receivables, changes in customer payment patterns, and historical experience. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Allowances for losses on accounts receivable of $7.9 million and $9.1 million have been applied as reductions of accounts receivable at December 31, 2023 and 2022. On March 14, 2023, we entered into the RPA, pursuant to which accounts receivable with an aggregate outstanding amount not to exceed $200 million are sold, on a limited-recourse basis, to the Purchaser in exchange for cash. As of December 31, 2023, there were a total of $124 million of uncollected accounts receivable that had been sold or removed from our consolidated balance sheet. We account for these transactions as sales with the sold receivables removed from our consolidated balance sheets. Under the RPA, we provide certain servicing and collection actions on behalf of the Purchaser; however, we do not maintain any beneficial interest in the accounts receivable sold. The RPA is separate and distinct from the accounts receivable securitization program (the Receivables Financing Agreement). Proceeds from the sales of accounts receivable are recorded as an increase to cash and cash equivalents and a reduction to accounts receivable, net of allowances in the consolidated balance sheets. Cash received from the sales of accounts receivable, net of payments made to the Purchaser, is reflected in the change in accounts receivable within cash provided by operating activities in the consolidated statements of cash flows. Total accounts receivable sold under the RPA and net cash proceeds were $1.4 billion during the year ended December 31, 2023. We collected $1.3 billion of the sold accounts receivable for the year ended December 31, 2023. The losses on sales of accounts receivable are recorded in other operating expense (income), net in the consolidated statements of operations and were $10.6 million for the year ended December 31, 2023. |
Merchandise Inventories | Merchandise Inventories. We periodically evaluate whether inventory valuation allowance adjustments are required, which includes consideration of recent sales trends. In our evaluation, we review for expired or obsolete inventory and slow-moving inventory. We write down inventories which are considered excess and obsolete as a result of these assessments. Shifts in market trends and conditions, as well as changes in customer preferences and behavior could affect the value of our inventories. |
Property and Equipment, net | Property and Equipment, net. three five one |
Leases | Leases. one nine one three Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. We elected the practical expedient to not separate lease and non-lease components for our leases. Operating lease assets and liabilities are recognized at commencement date based on the present value of unpaid lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Our incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments. We use the implicit rate when readily determinable. The right-of-use assets also include adjustments for any lease payments made and lease incentives received. |
Goodwill | Goodwill. We evaluate goodwill for impairment annually, as of October 1, and if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Qualitative factors are first assessed to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If it is determined that it is more likely than not that the fair value does not exceed the carrying amount, then a quantitative test is performed. The quantitative goodwill impairment test involves a comparison of the estimated fair value of the reporting unit to the respective carrying amount. As of October 1, 2023, due to changes in our long-term financial plan assumptions, we elected to bypass the qualitative test and performed a quantitative goodwill impairment test for all reporting units with goodwill. We determine the estimated fair value of our reporting units by using an equally weighted combination of the income-based approach and the market-based approach. The income-based approach is dependent upon several significant assumptions and estimates regarding future period cash flows, including assumptions with respect to future sales growth and a terminal growth rate. In addition, a weighted average cost of capital (WACC) is used to discount future estimated cash flows to their present values. The WACC is based on externally observable data considering market participants’ cost of equity and debt, optimal capital structure and interest rates, as well as the risk and uncertainty with respect to the reporting unit and internally developed financial projections. Under the market-based approach, significant estimates and assumptions also include the selection of appropriate guideline public companies whose stock is actively traded in public markets and the determination of appropriate valuation multiples to apply to the reporting unit. Although we believe our assumptions and estimates are reasonable and appropriate, any significant adverse changes in one or a combination of key assumptions, including, but not limited to, a failure to meet our business plans or expected earnings and cash flows, unanticipated events and circumstances such as changes in assumptions about the duration and magnitude of increased supply chain expense, commodities costs or inflationary pressures and our planned efforts to mitigate such impacts, disruptions in the supply chain, estimated demand and selling prices for PPE or other products, an increase in the discount rate, a decrease in the terminal growth rate, increases in tax rates (including potential tax reform) or a significant change in industry or economic trends, may affect the accuracy or validity of such estimates and may result in goodwill impairment. We may be required to record a material charge to earnings in our consolidated financial statements during the period in which any impairment of our goodwill is determined, which could adversely affect our results of operations. No impairment of goodwill was recorded for the years ended December 31, 2023, 2022, and 2021. |
Intangible Assets | Intangible Assets, net. one |
Computer Software | Computer Software. three |
Long-Lived Assets | Long-Lived Assets. |
Self-Insurance Liabilities | Self-Insurance Liabilities. automobile liability claims are estimated using historical claims data and loss development factors. If the underlying facts and circumstances of existing claims change or historical trends are not indicative of future trends, then we may be required to adjust the liability and related expense accordingly. Self-insurance liabilities are included in other current liabilities and other liabilities in the consolidated balance sheets and were $26.0 million and $25.6 million in total at December 31, 2023 and 2022. |
Revenue Recognition | Revenue Recognition. In our Products & Healthcare Services segment, under most of our distribution and product sales arrangements, our performance obligations are limited to delivery of products to a customer upon receipt of a purchase order. For these arrangements, we recognize revenue at the point in time when shipment is completed, as control passes to the customer upon product receipt. Our contracts sometime allow for forms of variable consideration including rebates, discounts, performance guarantees, and implicit price concessions. We estimate the amount of consideration to which we will be entitled in exchange for transferring the product or service to the customer under the expected value method as part of determining the sales transaction price using contractual terms, historical experience, and other operating trends. The amounts accrued for rebates due to customers, which are recorded in accounts receivable, net, were $81.3 million and $86.9 million at December 31, 2023 and 2022. In most cases, we record revenue gross, as we are the primary obligor. When we act as an agent in a sales arrangement and do not bear a significant portion of inventory risks, primarily for our outsourced logistics business, we record revenue net of product cost. Sales taxes collected from customers and remitted to governmental authorities are excluded from revenues. Within our Patient Direct segment, revenues are recognized under fee-for-service arrangements for equipment we rent to patients and sales of equipment, supplies and other items we sell to patients. Revenue that is generated from equipment that we rent to patients is primarily recognized over the noncancelable rental period, typically one month, and commences on delivery of the equipment to the patients. Revenues are recorded at amounts estimated to be received under reimbursement arrangements with third-party payors, including private insurers, prepaid health plans, Medicare, Medicaid and patients. Rental revenue, less estimated adjustments, is recognized as earned on a straight-line basis over the noncancellable lease term. We recorded $617 million and $447 million in revenue related to equipment we rent to patients for the years ended December 31, 2023 and 2022. Equipment rental revenue was not material in 2021. See Note 17 for disaggregation of revenue by segment and geography as we believe that best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. |
Cost of Goods Sold | Cost of Goods Sold. In situations where we act as an agent in a sales arrangement and do not bear a significant portion of these risks, primarily for our outsourced logistics business, there is no cost of goods sold and all costs to provide the service to the customer are recorded in distribution, selling and administrative expenses. Within our Patient Direct segment, patient service equipment depreciation and the net book value of dispositions are classified in the Company’s consolidated statements of operations within cost of goods sold as the equipment is rented to patients as part of the Company’s primary operations. Depreciation expense for patient service equipment was $138 million and $88.7 million for the years ended December 31, 2023 and 2022. Equipment depreciation was not material for the year ended 2021. The net book value of patient service equipment dispositions were $36.3 million and $22.1 million for the years ended December 31, 2023 and 2022. We did not incur material dispositions during the year ended December 31, 2021. As a result of different practices of categorizing costs and different business models throughout our industry, our gross margins may not necessarily be comparable to other companies in our industry. Inventory valuation allowance adjustments, including for excess and obsolete inventory, are recorded as a charge to cost of goods sold. |
Distribution, Selling and Administrative (DS&A) Expenses | Distribution, Selling and Administrative (DS&A) Expenses. |
Shipping and Handling | Shipping and Handling. |
Share-Based Compensation | Share-Based Compensation. |
Derivative Financial Instruments | Derivative Financial Instruments. All derivatives are carried at fair value in our consolidated balance sheets. The designation of a derivative instrument as a hedge and its ability to meet the hedge accounting criteria determine how we record the change in fair value of the derivative instrument in our consolidated financial statements. A derivative qualifies for hedge accounting if, at inception, we expect the derivative will be highly effective in offsetting the underlying hedged cash flows and we fulfill the hedge documentation standards at the time we enter into the derivative contract. We designate a hedge as a cash flow hedge, fair value hedge, or a net investment hedge based on the exposure we are hedging. For the effective portion of qualifying cash flow hedges, we record changes in fair value in other comprehensive income (OCI). We release the derivative’s gain or loss from OCI to match the timing of the underlying hedged items’ effect on earnings. We review the effectiveness of our hedging instruments quarterly, recognize current period hedge ineffectiveness immediately in earnings, and discontinue hedge accounting for any hedge that we no longer consider to be highly effective. We recognize changes in fair value for derivatives not designated as hedges or those not qualifying for hedge accounting in current period earnings. The cash flow impacts of the derivative instruments are included in our consolidated statements of cash flows as a component of operating or financing activities. |
Income Taxes | Income Taxes. income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are provided if it is more likely than not that a deferred tax asset will not be realized. When we have claimed tax benefits that may be challenged by a tax authority, an estimate of the effect of these uncertain tax positions is recorded. It is our policy to provide for uncertain tax positions and the related interest and penalties based upon an assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. To the extent that the tax outcome of these uncertain tax positions changes, based on our assessment, such changes in estimate may impact the income tax provision in the period in which such determination is made. We earn a portion of our operating income in foreign jurisdictions outside the U.S. We are permanently reinvested in our foreign subsidiaries. Our policy election for global intangible low-taxed income is that we will record such taxes as a current period expense once incurred and will follow the tax law ordering approach. |
Fair Value Measurements | Fair Value Measurements. The carrying amounts of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued payroll and related liabilities reported in the consolidated balance sheets approximate fair value due to the short-term nature of these instruments. The fair value of 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 9 for the fair value of debt. The fair value of our derivative contracts are determined based on the present value of expected future cash flows considering the risks involved, including non-performance risk, and using discount rates appropriate for the respective maturities. Observable Level 2 inputs are used to determine the present value of expected future cash flows. See Note 12 for the fair value of derivatives. Our acquisitions may include contingent consideration as part of the purchase price. The fair value of contingent consideration is estimated as of the acquisition date and at the end of each subsequent reporting period based on the present value of the contingent payments to be made using a weighted probability of possible payments (Level 3). Subsequent changes in fair value are recorded as adjustments to acquisition-related charges and intangible amortization within the consolidated statements of operations. |
Acquisition-Related Charges and Intangible Amortization | Acquisition-Related Charges and Intangible Amortization . |
Exit and Realignment Charges | Exit and Realignment Charges estimable. These costs are not normal recurring, cash operating expenses necessary for the Company to operate its business on an ongoing basis . |
Net (Loss) Income Per Share | Net (Loss) Income Per Share. |
Foreign Currency Translation | Foreign Currency Translation. |
Business Combinations | Business Combinations |
Recently Adopted and Recently Issued Accounting Pronouncements Not Yet Adopted | Recently Adopted Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-13 Financial Instruments - Credit Losses, Measurement of Credit Losses on Financial Instruments, which changes the way entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net earnings. Subsequent to the issuance of ASU No. 2016-13, the FASB issued various ASUs related to Credit Losses, Measurement of Credit Losses on Financial Instruments. These ASUs do not change the core principle of the guidance in ASU No. 2016-13. Instead these amendments are intended to clarify and improve operability of certain topics included within the credit losses standard. We adopted ASU No. 2016-13 and subsequent amendments beginning January 1, 2023. The adoption did not have a material impact on our consolidated financial statements and related disclosures. Recently Issued Accounting Pronouncements Not Yet Adopted . Chief Operating Decision Maker (CODM), the title and position In December 2023, the FASB Issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which will require additional annual income tax disclosures, including disclosure of reconciling items by jurisdiction and nature to the extent those items exceed a specified threshold. In addition, this ASU will require disclosure of income taxes paid, net of refunds received disaggregated by federal, state, and foreign and by jurisdiction if the amount is more than 5% of total income tax payments, net of refunds received. The amendments in this ASU are effective for us in annual periods beginning after December 15, 2024. The amendments in this ASU are required to be applied on a prospective basis and retrospective adoption is permitted. We expect this ASU to only impact our disclosures with no impacts to our results of operations, financial condition and cash flows. |
Segment Information | We periodically evaluate our application of accounting guidance for reportable segments and disclose information about reportable segments based on the way management organizes the enterprise for making operating decisions and assessing performance. We report our business under two segments: Products & Healthcare Services and Patient Direct. The Products & Healthcare Services segment includes our U.S. distribution division (Medical Distribution), including outsourced logistics and value-added services business, and our Global Products division which manufactures and sources medical surgical products through our production and kitting operations. The Patient Direct segment includes our home healthcare divisions (Byram and Apria). |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the accompanying consolidated balance sheets that sum to the total of those same amounts presented in the accompanying consolidated statements of cash flows. December 31, 2023 December 31, 2022 Cash and cash equivalents $ 243,037 $ 69,467 Restricted cash included in Other current assets 29,887 — Restricted cash included in Other assets, net — 16,718 Total cash, cash equivalents, and restricted cash $ 272,924 $ 86,185 |
Schedule restricted on cash and cash equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the accompanying consolidated balance sheets that sum to the total of those same amounts presented in the accompanying consolidated statements of cash flows. December 31, 2023 December 31, 2022 Cash and cash equivalents $ 243,037 $ 69,467 Restricted cash included in Other current assets 29,887 — Restricted cash included in Other assets, net — 16,718 Total cash, cash equivalents, and restricted cash $ 272,924 $ 86,185 |
Acquisitions and Discontinued_2
Acquisitions and Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table presents the final fair value of the assets acquired and liabilities assumed recognized as of the Acquisition Date. The fair value and useful lives of tangible and intangible assets acquired were determine based on various valuation methods, including the income and cost approach, using several significant unobservable inputs including, but not limited to projected cash flows and a discount rate. These inputs are considered Level 3 inputs. Fair Value as of Acquisition Date Assets acquired: Current assets $ 139,560 Goodwill 1,251,347 Intangible assets 315,300 Other non-current assets 354,237 Total assets $ 2,060,444 Liabilities assumed: Current liabilities $ 247,276 Noncurrent liabilities 128,561 Total liabilities 375,837 Fair value of net assets acquired, net of cash $ 1,684,607 |
Schedule of Pro Forma | The following table provides pro forma results of net revenue and net loss for the year ended December 31, 2022 and 2021 as if Apria was acquired on January 1, 2021, based on the final purchase price allocation. The pro forma results below are not necessarily indicative of the results that would have been if the acquisition had occurred on the dates indicated, nor are the pro forma results indicative of results which may occur in the future. Years Ended December 31, 2022 2021 Net revenue $ 10,232,588 $ 10,930,590 Net (loss) income $ (97,687) $ 286,466 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and equipment, net, consists of the following: December 31, 2023 2022 Land and land improvements $ 22,959 $ 22,849 Buildings and leasehold improvements 201,939 197,228 Machinery and equipment 492,551 470,071 Patient service equipment 362,192 324,007 Construction in progress 10,728 14,400 Property and equipment, gross 1,090,369 1,028,555 Accumulated depreciation and amortization (546,397) (450,286) Property and equipment, net $ 543,972 $ 578,269 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table summarizes the changes in the carrying amount of goodwill through December 31, 2023: Products & Healthcare Patient Direct Services Consolidated Net carrying amount of goodwill, December 31, 2021 $ 283,905 $ 106,280 $ 390,185 Currency translation adjustments — (2,713) (2,713) Acquisition 1,249,765 (532) 1,249,233 Carrying amount of goodwill, December 31, 2022 $ 1,533,670 $ 103,035 $ 1,636,705 Acquisition adjustment 1,582 — 1,582 Currency translation adjustments — 559 559 Carrying amount of goodwill, December 31, 2023 $ 1,535,252 $ 103,594 $ 1,638,846 |
Intangible Assets | Intangible assets at December 31, 2023 and 2022 were as follows: 2023 2022 Customer Other Customer Other Relationships Tradenames Intangibles Relationships Tradenames Intangibles Gross intangible assets $ 433,750 $ 202,000 $ 73,958 $ 447,107 $ 202,000 $ 73,181 Accumulated amortization (236,791) (69,655) (41,427) (197,540) (50,094) (29,612) Net intangible assets $ 196,959 $ 132,345 $ 32,531 $ 249,567 $ 151,906 $ 43,569 Weighted average useful life 13 years 10 years 6 years 13 years 10 years 6 years |
Schedule of estimated amortization expense | As of December 31, 2023, based on the carrying value of intangible assets subject to amortization, estimated future amortization expense is as follows: Year 2024 $ 64,594 2025 54,608 2026 50,255 2027 41,906 2028 32,081 Thereafter 118,391 Total future amortization $ 361,835 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Components of Lease Expense | The components of lease expense were as follows: Years Ended December 31, Classification 2023 2022 2021 Operating lease cost DS&A Expenses $ 109,942 $ 81,520 $ 59,397 Finance lease cost: Amortization of lease assets DS&A Expenses 2,151 2,755 1,098 Interest on lease liabilities Interest expense, net 1,232 1,516 1,255 Total finance lease cost 3,383 4,271 2,353 Short-term lease cost DS&A Expenses, Cost of goods sold 8,271 4,129 871 Variable lease cost DS&A Expenses, Cost of goods sold 45,158 35,431 17,491 Total lease cost $ 166,754 $ 125,351 $ 80,112 Other information related to leases was as follows: Years Ended December 31, 2023 2022 2021 Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating and finance leases $ 109,726 $ 81,821 $ 59,192 Financing cash flows from finance leases $ 2,523 $ 2,850 $ 1,199 Right-of-use assets obtained in exchange for new operating and finance lease liabilities $ 116,230 $ 75,188 $ 96,988 Weighted average remaining lease term (years) Operating leases 3.9 4.3 4.9 Finance leases 4.3 5.2 6.4 Weighted average discount rate Operating leases 7.3 % 6.9 % 8.8 % Finance leases 10.3 % 9.9 % 10.8 % |
Assets And Liabilities, Lessee | Supplemental balance sheet information is as follows: As of December 31, Classification 2023 2022 Assets: Operating lease assets Operating lease assets $ 296,533 $ 280,665 Finance lease assets Property and equipment, net 8,477 10,194 Total lease assets $ 305,010 $ 290,859 Liabilities: Current Operating Other current liabilities $ 85,665 $ 76,805 Finance Current portion of long-term debt 2,822 2,531 Noncurrent Operating Operating lease liabilities, excluding current portion 222,429 215,469 Finance Long-term debt, excluding current portion 9,557 11,877 Total lease liabilities $ 320,473 $ 306,682 |
Schedule of Maturities of Finance Lease Liabilities | Maturities of lease liabilities as of December 31, 2023 were as follows: Operating Leases Finance Leases Total 2024 $ 112,868 $ 3,753 $ 116,621 2025 92,510 3,657 96,167 2026 70,946 2,758 73,704 2027 46,597 2,302 48,899 2028 28,720 2,033 30,753 Thereafter 17,650 511 18,161 Total lease payments 369,291 15,014 384,305 Less: Interest (61,197) (2,635) (63,832) Present value of lease liabilities $ 308,094 $ 12,379 $ 320,473 (1) |
Schedule of Maturities of Operating Lease Liabilities | Maturities of lease liabilities as of December 31, 2023 were as follows: Operating Leases Finance Leases Total 2024 $ 112,868 $ 3,753 $ 116,621 2025 92,510 3,657 96,167 2026 70,946 2,758 73,704 2027 46,597 2,302 48,899 2028 28,720 2,033 30,753 Thereafter 17,650 511 18,161 Total lease payments 369,291 15,014 384,305 Less: Interest (61,197) (2,635) (63,832) Present value of lease liabilities $ 308,094 $ 12,379 $ 320,473 (1) |
Exit and Realignment Costs (Tab
Exit and Realignment Costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Exit and Realignment Cost Accrual Activity | The following table summarizes the activity related to exit and realignment cost accruals through December 31, 2023: Total Accrued exit and realignment charges, December 31, 2020 $ 3,146 Provision for exit and realignment activities: Severance 9,191 Information system restructuring costs 4,752 Lease obligations 440 Other 5,564 Cash payments (14,787) Accrued exit and realignment charges, December 31, 2021 8,306 Provision for exit and realignment activities: Severance 2,018 Other 4,147 Cash payments (13,502) Accrued exit and realignment charges, December 31, 2022 969 Provision for exit and realignment activities: Severance 11,556 Professional fees 63,699 Vendor contract and lease termination costs 6,198 IT strategic initiatives 8,649 Other 5,619 Cash payments (76,643) Accrued exit and realignment charges, December 31, 2023 $ 20,047 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | 2023 2022 Carrying Estimated Carrying Estimated December 31, Amount Fair Value Amount Fair Value 4.375% Senior Notes, due December 2024 $ 171,232 $ 168,754 $ 245,510 $ 237,772 Receivables Securitization Program — — 93,142 96,000 Term Loan A 387,591 390,668 490,816 485,000 4.500% Senior Notes, due March 2029 472,869 422,647 492,762 396,625 Term Loan B 503,212 518,293 576,587 597,733 6.625% Senior Notes, due April 2030 540,445 529,472 585,180 516,060 Finance leases and other 22,153 22,153 16,877 16,877 Total debt 2,097,502 2,051,987 2,500,874 2,346,067 Less current maturities (206,904) (206,904) (17,906) (17,906) Long-term debt $ 1,890,598 $ 1,845,083 $ 2,482,968 $ 2,328,161 |
Schedule of Maturities of Long-Term Debt | Year 2024 $ 199,197 2025 40,375 2026 43,500 2027 305,375 2028 6,000 2029 965,654 2030 552,189 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Activity and Value of Nonvested RSAs and PSAs | 2023 2022 2021 Weighted Weighted Weighted Average Average Average Grant-date Fair Grant-date Fair Grant-date Fair Number of Value Number of Value Number of Value Shares Per Share Shares Per Share Shares Per Share Nonvested awards at beginning of year 2,777 $ 22.52 4,325 $ 11.57 4,816 $ 7.64 Granted 3,137 18.34 2,745 19.10 2,758 14.10 Vested (1,736) 14.04 (2,667) 8.11 (1,801) 9.33 Forfeited (977) 26.82 (1,626) 11.25 (1,448) 6.10 Nonvested awards at end of year 3,201 21.70 2,777 22.52 4,325 11.57 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Domestic Retirement Plan's Financial Status and Amounts Recognized in Consolidated Balance Sheets | December 31, 2023 2022 Change in benefit obligation Benefit obligation, beginning of year $ 39,341 $ 50,244 Interest cost 1,827 1,176 Actuarial gain (3,787) (8,359) Benefits paid (3,322) (3,720) Benefit obligation, end of year $ 34,059 $ 39,341 Change in plan assets Fair value of plan assets, beginning of year $ — $ — Employer contribution 3,322 3,720 Benefits paid (3,322) (3,720) Fair value of plan assets, end of year $ — $ — Funded status, end of year $ (34,059) $ (39,341) Amounts recognized in the consolidated balance sheets Other current liabilities $ (2,975) $ (3,604) Other liabilities (31,084) (35,737) Accumulated other comprehensive loss 6,331 10,550 Net amount recognized $ (27,728) $ (28,791) Accumulated benefit obligation $ 34,059 $ 39,341 Weighted average assumptions used to determine benefit obligation Discount rate 4.68 % 4.87 % Rate of increase in compensation levels N/A N/A |
Components of Net Periodic Benefit Cost for Domestic Retirement Plan | Years Ended December 31, 2023 2022 2021 Interest cost $ 1,827 $ 1,176 $ 1,080 Recognized net actuarial loss 431 923 1,199 Net periodic benefit cost $ 2,258 $ 2,099 $ 2,279 Weighted average assumptions used to determine net periodic benefit cost Discount rate 4.87 % 2.43 % 1.95 % Rate of increase in future compensation levels N/A N/A N/A |
Amounts Recognized As Component of Accumulated Other Comprehensive Loss, Domestic | Years Ended December 31, 2023 2022 Net actuarial loss $ (6,331) $ (10,550) Deferred tax benefit 3,867 4,964 Amounts included in accumulated other comprehensive loss, net of tax $ (2,464) $ (5,586) |
Expected Benefit Payments Required For Domestic Retirement Plan | Year 2024 $ 2,942 2025 2,790 2026 2,627 2027 2,479 2028 2,333 2029-2033 9,234 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The following table summarizes the terms and fair value of our outstanding derivative financial instruments as of December 31, 2023: Notional Derivative Assets Derivative Liabilities Amount Maturity Date Classification Fair Value Classification Fair Value Cash flow hedge Interest rate swap $ 350,000 March 2027 Other assets, net $ 8,447 Other liabilities $ — Economic (non-designated) hedges Foreign currency contracts $ 78,436 January 2024 Other current assets $ 1,043 Other current liabilities $ — The following table summarizes the terms and fair value of our outstanding derivative financial instruments as of December 31, 2022: Notional Derivative Assets Derivative Liabilities Amount Maturity Date Classification Fair Value Classification Fair Value Cash flow hedge Interest rate swap $ 400,000 March 2027 Other assets, net $ 15,461 Other liabilities $ — Economic (non-designated) hedges Foreign currency contracts $ 58,321 January 2023 Other current assets $ 440 Other current liabilities $ 42 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table summarizes the effect of cash flow hedge accounting on our consolidated statements of operations for the year ended December 31, 2023: Amount of Gain Location of Gain Total Amount of Expense Amount of Gain/ Recognized in Reclassified from Line Items Presented in the (Loss) Reclassified Other Accumulated Other Consolidated Statement of from Accumulated Comprehensive Comprehensive Loss Operations in Which the Other Comprehensive (Loss) Income into Income Effects are Recorded Loss into Income Interest rate swaps $ 2,707 Interest expense, net $ (157,915) $ 9,720 The amount of ineffectiveness associated with these contracts was immaterial for the periods presented. The following table summarizes the effect of cash flow hedge accounting on our consolidated statements of operations for the year ended December 31, 2022: Amount of Amount of Gain Location of Gain Total Amount of Expense Gain/(Loss) Recognized in Reclassified from Line Items Presented in the Reclassified from Other Accumulated Other Consolidated Statement of Accumulated Other Comprehensive Comprehensive Loss Operations in Which the Comprehensive Loss Income into Income Effects are Recorded into Income Interest rate swaps $ 14,814 Interest expense, net $ (128,891) $ (647) The amount of ineffectiveness associated with these contracts was immaterial for the periods presented. The following table summarizes the effect of cash flow hedge accounting on our consolidated statements of operations for the year ended December 31, 2021: Amount of Amount of Gain Location of Gain Total Amount of Expense Gain/(Loss) Recognized in Reclassified from Line Items Presented in the Reclassified from Other Accumulated Other Consolidated Statement of Accumulated Other Comprehensive Comprehensive Loss Operations in Which the Comprehensive Loss Income into Income Effects are Recorded into Income Interest rate swaps $ 2,426 (Gain) loss on extinguishment of debt $ (40,433) $ (25,518) The amount of ineffectiveness associated with these contracts was immaterial for the periods presented. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Components of Income before Income Taxes | The components of net (loss) income before income taxes consist of the following: Years Ended December 31, 2023 2022 2021 Net (loss) income before income taxes: U.S. $ (65,432) $ (17,650) $ 231,424 Foreign 10,706 28,541 45,330 Net (loss) income before income taxes $ (54,726) $ 10,891 $ 276,754 |
Income Tax Provision | The income tax provision (benefit) consists of the following: Years Ended December 31, 2023 2022 2021 Current tax provision: Federal $ 3,887 $ 1,090 $ 54,087 State 1,535 5,125 15,961 Foreign 4,886 8,648 14,853 Total current tax provision 10,308 14,863 84,901 Deferred tax benefit: Federal (18,081) (8,671) (22,046) State (4,823) (5,395) (4,175) Foreign (829) (12,295) (3,515) Total deferred tax benefit (23,733) (26,361) (29,736) Total income tax benefit $ (13,425) $ (11,498) $ 55,165 |
Reconciliation of Federal Statutory Rate to Effective Income Tax Rate | A reconciliation of the federal statutory rate to our effective income tax rate is shown below: Years Ended December 31, 2023 2022 2021 Federal statutory rate 21.0 % 21.0 % 21.0 % Increases (decreases) in the rate resulting from: Net capital loss on divestiture — % — % (1.0) % Tax reform — % — % (1.2) % Unrecognized tax benefits (2.6) % 10.2 % 0.1 % State income taxes, net of federal income tax impact 6.4 % (7.1) % 3.1 % Research and development credit 4.4 % (29.9) % (0.8) % Foreign income taxes (0.9) % 0.5 % 0.3 % Valuation allowance (0.5) % — % 1.1 % Restricted stock vestings (1.0) % (57.3) % (2.1) % Nondeductible Interest (1.5) % 6.6 % 0.3 % Nondeductible compensation (3.6) % 28.9 % 1.0 % Foreign repatriation change (Thailand) — % (96.3) % — % Non-deductible transaction costs — % 19.5 % — % Foreign derived intangible income (FDII) 4.0 % — % (3.2) % Global intangible low-taxed income 0.7 % 5.0 % — % Other (1.9) % (6.7) % 1.3 % Effective income tax rate 24.5 % (105.6) % 19.9 % |
Tax Effects On Deferred Tax Assets And Deferred Tax Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: December 31, 2023 2022 Deferred tax assets: Employee benefit plans $ 28,763 $ 27,923 Accrued liabilities not currently deductible 15,997 15,640 Finance charges 2,173 2,143 Lease liabilities 83,895 80,300 Allowance for losses on accounts receivable 7,335 6,703 Net operating loss carryforwards 41,165 55,992 Capital loss carryover 30,034 30,034 Interest limitation 13,082 19,890 Insurance 1,323 20 R&D capitalized costs 21,974 14,017 Other 8,462 7,982 Total deferred tax assets 254,203 260,644 Less: valuation allowances (35,520) (35,253) Net deferred tax assets 218,683 225,391 Deferred tax liabilities: Merchandise inventories 25,866 18,904 Goodwill 5,426 4,151 Property, equipment and computer software 69,411 91,983 Right-of-use assets 79,303 75,623 Derivatives 2,196 4,020 Intangible assets 62,301 81,068 Other 859 826 Total deferred tax liabilities 245,362 276,575 Net deferred tax liability $ (26,679) $ (51,184) |
Reconciliation of Changes In Unrecognized Tax Benefits | A summary of the changes in the liability for unrecognized tax benefits from the beginning to the end of the reporting period is as follows: 2023 2022 Unrecognized tax benefits at January 1, $ 22,499 $ 21,385 Increases for positions taken during current period 410 1,016 Increases for positions taken during prior periods 13 325 Lapse of statute of limitations (181) (227) Unrecognized tax benefits at December 31, $ 22,741 $ 22,499 |
Net Income per Common Share (Ta
Net Income per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Summary of Calculation of Net Income Per Share | The following summarizes the calculation of net (loss) income per common share attributable to common shareholders for the years ended December 31, 2023, 2022 and 2021: (in thousands, except per share data) Years Ended December 31, 2023 2022 2021 Net (loss) income $ (41,301) $ 22,389 $ 221,589 Weighted average shares outstanding - basic 75,785 74,496 72,744 Dilutive shares — 1,721 2,742 Weighted average shares outstanding - diluted 75,785 76,217 75,486 Net (loss) income per common share: Basic $ (0.54) $ 0.30 $ 3.05 Diluted $ (0.54) $ 0.29 $ 2.94 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables show the changes in accumulated other comprehensive (loss) income by component for the years ended December 31, 2023, 2022 and 2021: Currency Retirement Translation Plans Adjustments Derivatives Total Accumulated other comprehensive (loss) income, December 31, 2022 $ (7,201) $ (40,095) $ 11,441 $ (35,855) Other comprehensive income before reclassifications 2,405 7,141 2,707 12,253 Income tax (639) — (704) (1,343) Other comprehensive income before reclassifications, net of tax 1,766 7,141 2,003 10,910 Amounts reclassified from accumulated other comprehensive income (loss) 431 — (9,720) (9,289) Income tax (111) — 2,527 2,416 Amounts reclassified from accumulated other comprehensive income (loss), net of tax 320 — (7,193) (6,873) Other comprehensive income (loss) 2,086 7,141 (5,190) 4,037 Accumulated other comprehensive (loss) income, December 31, 2023 $ (5,115) $ (32,954) $ 6,251 $ (31,818) Currency Retirement Translation Plans Adjustments Derivatives Total Accumulated other comprehensive loss, December 31, 2021 $ (14,597) $ (25,994) $ — $ (40,591) Other comprehensive income (loss) before reclassifications 8,359 (14,101) 14,814 9,072 Income tax (1,646) — (3,851) (5,497) Other comprehensive income (loss) before reclassifications, net of tax 6,713 (14,101) 10,963 3,575 Amounts reclassified from accumulated other comprehensive loss 923 — 647 1,570 Income tax (240) — (169) (409) Amounts reclassified from accumulated other comprehensive loss, net of tax 683 — 478 1,161 Other comprehensive income (loss) 7,396 (14,101) 11,441 4,736 Accumulated other comprehensive income (loss), December 31, 2022 $ (7,201) $ (40,095) $ 11,441 $ (35,855) Currency Retirement Translation Plans Adjustments Derivatives Total Accumulated other comprehensive loss, December 31, 2020 $ (18,447) $ (18) $ (20,044) $ (38,509) Other comprehensive income (loss) before reclassifications 4,462 (25,976) 2,426 (19,088) Income tax (1,428) — (611) (2,039) Other comprehensive income (loss) before reclassifications, net of tax 3,034 (25,976) 1,815 (21,127) Amounts reclassified from accumulated other comprehensive loss 1,199 — 25,518 26,717 Income tax (383) — (7,289) (7,672) Amounts reclassified from accumulated other comprehensive loss, net of tax 816 — 18,229 19,045 Other comprehensive income (loss) 3,850 (25,976) 20,044 (2,082) Accumulated other comprehensive loss, December 31, 2021 $ (14,597) $ (25,994) $ — $ (40,591) |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Financial Information by Segment | The following tables present financial information by segment: Years Ended December 31, 2023 2022 2021 Net revenue: Products & Healthcare Services $ 7,781,395 $ 7,898,397 $ 8,825,646 Patient Direct 2,552,572 2,057,078 959,669 Consolidated net revenue $ 10,333,967 $ 9,955,475 $ 9,785,315 Operating income: Products & Healthcare Services $ 57,809 $ 175,309 $ 384,390 Patient Direct 246,863 193,748 57,966 Acquisition-related charges and intangible amortization (101,037) (126,972) (42,774) Exit and realignment charges (99,127) (6,897) (31,109) Inventory valuation adjustment (1) — (92,275) — Consolidated operating income $ 104,508 $ 142,913 $ 368,473 Depreciation and amortization: Products & Healthcare Services $ 77,006 $ 77,539 $ 75,548 Patient Direct 210,371 151,128 15,073 Consolidated depreciation and amortization $ 287,377 $ 228,667 $ 90,621 Share-based compensation: Products & Healthcare Services $ 15,078 $ 19,681 $ 22,476 Patient Direct 5,864 820 937 Other (2) 2,276 492 1,603 Consolidated share-based compensation $ 23,218 $ 20,993 $ 25,016 Capital expenditures: Products & Healthcare Services $ 29,361 $ 49,824 $ 48,282 Patient Direct 178,531 116,758 1,408 Consolidated capital expenditures $ 207,892 $ 166,582 $ 49,690 |
Consolidated Total Assets | December 31, 2023 2022 Total assets: Products & Healthcare Services $ 2,359,825 $ 2,809,600 Patient Direct 2,490,460 2,507,216 Segment assets 4,850,285 5,316,816 Cash and cash equivalents 243,037 69,467 Consolidated total assets $ 5,093,322 $ 5,386,283 |
Financial Information by Geographic Area | Years Ended December 31, 2023 2022 2021 Net revenue: United States $ 10,058,675 $ 9,526,037 $ 9,250,331 International 275,292 429,438 534,984 Consolidated net revenue $ 10,333,967 $ 9,955,475 $ 9,785,315 December 31, 2023 2022 Long-lived assets: United States $ 1,140,303 $ 1,226,108 International 109,504 116,524 Consolidated long-lived assets $ 1,249,807 $ 1,342,632 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) country segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Mar. 14, 2023 USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Number of countries in which entity operates | country | 80 | |||
Number of operating segments | segment | 2 | |||
Number of reportable segments | segment | 2 | |||
Allowances for losses on accounts receivable | $ 7,900 | $ 9,100 | ||
Uncollected accounts receivable | 124,000 | |||
Net cash proceeds | 1,400,000 | |||
Accounts receivable collected | 1,300,000 | |||
Losses on sale of accounts receivable | (10,600) | |||
Impairment of goodwill | 0 | 0 | $ 0 | |
Capitalized computer software, net | 47,500 | 38,700 | ||
Software amortization | 16,100 | 14,000 | 10,300 | |
Impairment of long-lived assets | 0 | 0 | 0 | |
Self-insurance liabilities | 26,000 | 25,600 | ||
Contract with customer, liability | 81,300 | 86,900 | ||
Depreciation | 188,000 | 136,000 | 40,500 | |
Net book value of dispositions | 0 | |||
Research and development expense | 13,200 | 11,800 | 12,100 | |
Distribution, selling and administrative expenses | 1,813,559 | 1,554,821 | 1,077,064 | |
Rental Equipment | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Revenue related to equipment | 0 | |||
Rental Equipment | Patient Direct | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Revenue related to equipment | 617,000 | 447,000 | ||
Shipping and Handling | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Distribution, selling and administrative expenses | $ 641,000 | $ 581,000 | 445,000 | |
Other Intangibles | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Useful life | 6 years | 6 years | ||
Minimum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Operating lease, renewal term | 1 year | |||
Minimum | Software technology | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Computer software, useful life | 3 years | |||
Minimum | Other Intangibles | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Useful life | 1 year | |||
Maximum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Uncollected accounts receivable | $ 200,000 | |||
Operating lease, term of contract | 12 months | |||
Operating lease, renewal term | 5 years | |||
Maximum | Software technology | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Computer software, useful life | 10 years | |||
Maximum | Other Intangibles | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Useful life | 15 years | |||
Warehouse equipment | Minimum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Property and equipment useful life (in years) | 3 years | |||
Warehouse equipment | Maximum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Property and equipment useful life (in years) | 15 years | |||
Buildings | Minimum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Property and equipment useful life (in years) | 5 years | |||
Buildings | Maximum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Property and equipment useful life (in years) | 40 years | |||
Equipment | Minimum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Property and equipment useful life (in years) | 1 year | |||
Equipment | Maximum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Property and equipment useful life (in years) | 10 years | |||
Leaseholds and Land Improvements | Maximum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Property and equipment useful life (in years) | 15 years | |||
Warehouse Facilities | Minimum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Operating lease, term of contract | 1 year | |||
Warehouse Facilities | Maximum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Operating lease, term of contract | 9 years | |||
Transportation And Material Handling Equipment | Minimum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Lessor, operating lease, term of contract | 3 years | |||
Transportation And Material Handling Equipment | Maximum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Lessor, operating lease, term of contract | 10 years | |||
Patient service equipment | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Depreciation | $ 0 | |||
Patient service equipment | Patient Direct | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Depreciation | $ 138,000 | $ 88,700 | ||
Net book value of dispositions | 36,300 | $ 22,100 | ||
Master Receivables Purchase Agreement | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Restricted cash | $ 13,500 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Reconciliation of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 243,037 | $ 69,467 | ||
Restricted cash included in Other current assets | 29,887 | 0 | ||
Restricted cash included in Other assets, net | 0 | 16,718 | ||
Total cash, cash equivalents and restricted cash | $ 272,924 | $ 86,185 | $ 72,035 | $ 134,506 |
Significant Risks And Uncerta_2
Significant Risks And Uncertainties - Additional Information (Details) - Revenue Benchmark - Customer Concentration Risk | 12 Months Ended |
Dec. 31, 2023 | |
Vizient | |
Unusual Risk or Uncertainty [Line Items] | |
Customer revenue as a percentage of net revenue | 34% |
Premier | |
Unusual Risk or Uncertainty [Line Items] | |
Customer revenue as a percentage of net revenue | 19% |
HPG | |
Unusual Risk or Uncertainty [Line Items] | |
Customer revenue as a percentage of net revenue | 11% |
Acquisitions and Discontinued_3
Acquisitions and Discontinued Operations - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 29, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Acquisition | $ 559 | $ 1,249,233 | ||
Goodwill | 1,638,846 | 1,636,705 | $ 390,185 | |
Goodwill expected tax deductible amount | 33,000 | |||
Net Income (Loss) | (41,301) | 22,389 | 221,589 | |
Acquisition-related charges | $ 17,500 | 48,100 | 3,000 | |
Minimum | Primarily Customer Contracts, A Trade Name And Payor And Capitated Relationships | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Estimated weighted average useful lives | 1 year | |||
Maximum | Primarily Customer Contracts, A Trade Name And Payor And Capitated Relationships | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Estimated weighted average useful lives | 15 years | |||
Apria Inc | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Acquisition debt | 108,000 | |||
Apria Inc | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Percentage of business acquired | 100% | |||
Business combination, consideration transferred | $ 1,700,000 | |||
Cash acquired from acquisition | 144,000 | |||
Fair value receivables | 88,700 | |||
Goodwill | $ 1,251,347 | |||
Pro forma net loss | 97,687 | $ (286,466) | ||
Pro forma, adjustments for interest expense | 20,800 | |||
Pro forma, amortization of intangible assets | 10,500 | |||
Seller transaction and stock compensation expense | 39,400 | |||
Revenue | 937,000 | |||
Net Income (Loss) | $ 3,300 |
Acquisitions and Discontinued_4
Acquisitions and Discontinued Operations - Estimated Fair Value of The Assets Acquired and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 29, 2022 | Dec. 31, 2021 |
Assets acquired: | ||||
Goodwill | $ 1,638,846 | $ 1,636,705 | $ 390,185 | |
Apria Inc | ||||
Assets acquired: | ||||
Current assets | $ 139,560 | |||
Goodwill | 1,251,347 | |||
Intangible assets | 315,300 | |||
Other non-current assets | 354,237 | |||
Total assets | 2,060,444 | |||
Liabilities assumed: | ||||
Current liabilities | 247,276 | |||
Noncurrent liabilities | 128,561 | |||
Total liabilities | 375,837 | |||
Fair value of net assets acquired, net of cash | $ 1,684,607 |
Acquisition and Discontinued Op
Acquisition and Discontinued Operations - Pro Forma (Details) - Apria Inc - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
Net revenue | $ 10,232,588 | $ 10,930,590 |
Net (loss) income | $ (97,687) | $ 286,466 |
Merchandise Inventories (Detail
Merchandise Inventories (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2023 | |
Inventory [Line Items] | ||
Merchandise inventories | $ 1,333,585 | $ 1,110,606 |
LIFO inventory amount | 840,000 | 718,000 |
Current costs or first-in, first-out (FIFO) excess of replacement over stated LIFO value | 231,000 | 233,000 |
Raw materials | 84,400 | 75,700 |
Work in process | $ 73,700 | 61,500 |
Inventory share basic (in usd per share) | $ 0.93 | |
Inventory share diluted (in usd per share) | $ 0.91 | |
inventory valuation allowances | $ 128,000 | $ 78,200 |
SEC Schedule, 12-09, Reserve, Inventory | ||
Inventory [Line Items] | ||
Change in inventory valuation allowance | 92,300 | |
Change in inventory valuation allowance, net of tax | $ 69,600 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 1,090,369 | $ 1,028,555 |
Accumulated depreciation and amortization | (546,397) | (450,286) |
Property and equipment, net | 543,972 | 578,269 |
Land and land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 22,959 | 22,849 |
Buildings and leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 201,939 | 197,228 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 492,551 | 470,071 |
Patient service equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 362,192 | 324,007 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 10,728 | $ 14,400 |
Property and Equipment, Net - N
Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 188 | $ 136 | $ 40.5 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Goodwill impairment charge | $ 0 | $ 0 | $ 0 |
Intangible assets, net | 361,835 | 445,042 | |
Intangible amortization | 83,500 | 78,800 | $ 39,800 |
Patient Direct | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, net | 250,000 | 308,000 | |
Products & Healthcare Services | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, net | $ 112,000 | $ 137,000 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, Net - Goodwill Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 1,636,705 | $ 390,185 |
Currency translation adjustments | 1,582 | (2,713) |
Acquisition | 559 | 1,249,233 |
Goodwill, ending balance | 1,638,846 | 1,636,705 |
Patient Direct | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 1,533,670 | 283,905 |
Currency translation adjustments | 1,582 | 0 |
Acquisition | 0 | 1,249,765 |
Goodwill, ending balance | 1,535,252 | 1,533,670 |
Products & Healthcare Services | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 103,035 | 106,280 |
Currency translation adjustments | 0 | (2,713) |
Acquisition | 559 | (532) |
Goodwill, ending balance | $ 103,594 | $ 103,035 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets, Net - Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Net intangible assets | $ 361,835 | $ 445,042 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | 433,750 | 447,107 |
Accumulated amortization | (236,791) | (197,540) |
Net intangible assets | $ 196,959 | $ 249,567 |
Weighted average useful life | 13 years | 13 years |
Tradenames | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | $ 202,000 | $ 202,000 |
Accumulated amortization | (69,655) | (50,094) |
Net intangible assets | $ 132,345 | $ 151,906 |
Weighted average useful life | 10 years | 10 years |
Other Intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | $ 73,958 | $ 73,181 |
Accumulated amortization | (41,427) | (29,612) |
Net intangible assets | $ 32,531 | $ 43,569 |
Weighted average useful life | 6 years | 6 years |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets, Net - estimated future amortization expense (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Estimated future amortization expense | |
2024 | $ 64,594 |
2025 | 54,608 |
2026 | 50,255 |
2027 | 41,906 |
2028 | 32,081 |
Thereafter | 118,391 |
Total future amortization | $ 361,835 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finance lease cost: | |||
Interest on lease liabilities | $ 1,232 | $ 1,516 | $ 1,255 |
Total finance lease cost | 3,383 | 4,271 | 2,353 |
Total lease cost | 166,754 | 125,351 | 80,112 |
DS&A Expenses | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease cost | 109,942 | 81,520 | 59,397 |
Finance lease cost: | |||
Amortization of lease assets | 2,151 | 2,755 | 1,098 |
DS&A Expenses, Cost of goods sold | |||
Finance lease cost: | |||
Short-term lease cost | 8,271 | 4,129 | 871 |
Variable lease cost | $ 45,158 | $ 35,431 | $ 17,491 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating lease assets | $ 296,533 | $ 280,665 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property and equipment, net | Property and equipment, net |
Finance lease assets | $ 8,477 | $ 10,194 |
Total lease assets | $ 305,010 | $ 290,859 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other current liabilities | Other current liabilities |
Current operating lease liabilities | $ 85,665 | $ 76,805 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other current liabilities | Other current liabilities |
Current finance lease liabilities | $ 2,822 | $ 2,531 |
Noncurrent operating lease liabilities | $ 222,429 | $ 215,469 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Long-term debt, excluding current portion | Long-term debt, excluding current portion |
Noncurrent finance lease liabilities | $ 9,557 | $ 11,877 |
Present value of lease liabilities | $ 320,473 | $ 306,682 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Finance leases, gross | $ 22,200 | $ 21,500 |
Finance leases, accumulated depreciation | 13,700 | 11,300 |
Operating lease assets | $ 296,533 | $ 280,665 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from operating and finance leases | $ 109,726 | $ 81,821 | $ 59,192 |
Financing cash flows from finance leases | 2,523 | 2,850 | 1,199 |
Right-of-use assets obtained in exchange for new operating and finance lease liabilities | $ 116,230 | $ 75,188 | $ 96,988 |
Weighted average remaining lease term (years) | |||
Operating leases | 3 years 10 months 24 days | 4 years 3 months 18 days | 4 years 10 months 24 days |
Finance leases | 4 years 3 months 18 days | 5 years 2 months 12 days | 6 years 4 months 24 days |
Weighted average discount rate | |||
Operating leases | 7.30% | 6.90% | 8.80% |
Finance leases | 10.30% | 9.90% | 10.80% |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Leases | ||
2024 | $ 112,868 | |
2025 | 92,510 | |
2026 | 70,946 | |
2027 | 46,597 | |
2028 | 28,720 | |
Thereafter | 17,650 | |
Total lease payments | 369,291 | |
Less: Interest | (61,197) | |
Present value of lease liabilities | 308,094 | |
Finance Leases | ||
2024 | 3,753 | |
2025 | 3,657 | |
2026 | 2,758 | |
2027 | 2,302 | |
2028 | 2,033 | |
Thereafter | 511 | |
Total lease payments | 15,014 | |
Less: Interest | (2,635) | |
Present value of lease liabilities | 12,379 | |
Total | ||
2023 | 116,621 | |
2024 | 96,167 | |
2025 | 73,704 | |
2026 | 48,899 | |
2027 | 30,753 | |
Thereafter | 18,161 | |
Total lease payments | 384,305 | |
Less: Interest | (63,832) | |
Present value of lease liabilities | $ 320,473 | $ 306,682 |
Exit and Realignment Costs - Ex
Exit and Realignment Costs - Exit and realignment charges by segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||
Exit and realignment charges | $ 99,127 | $ 6,897 | $ 31,109 |
Operating Model Realignment Program And I T | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 92,200 |
Exit and Realignment Costs - Ac
Exit and Realignment Costs - Accrual for Exit and Realignment Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Reserve [Roll Forward] | |||
Accrued exit and realignment charges, beginning balance | $ 969 | $ 8,306 | $ 3,146 |
Cash payments | (76,643) | (13,502) | (14,787) |
Accrued exit and realignment charges, ending balance | 20,047 | 969 | 8,306 |
Severance | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring charges | 11,556 | 2,018 | 9,191 |
Information system restructuring costs | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring charges | 4,752 | ||
Lease obligations | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring charges | 440 | ||
Professional fees | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring charges | 63,699 | ||
Vendor contract and lease termination costs | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring charges | 6,198 | ||
IT strategic initiatives | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring charges | 8,649 | ||
Other | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring charges | $ 5,619 | $ 4,147 | $ 5,564 |
Exit and Realignment Costs - Na
Exit and Realignment Costs - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||
Incurred cost | $ 700 | ||
RestructuringIncurredCostStatementOfIncomeOrComprehensiveIncomeExtensibleEnumerationNotDisclosedFlag | costs that were expensed as incurred | ||
Provision for losses on accounts receivable | $ (1,414) | $ 3,315 | $ 21,158 |
Fusion5 | |||
Restructuring Cost and Reserve [Line Items] | |||
Incurred cost | $ 3,400 | $ 11,200 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 29, 2022 | Mar. 10, 2021 |
Debt Instrument [Line Items] | ||||
Finance leases and other | $ 12,379 | |||
Long-term debt | $ 1,890,598 | $ 2,482,968 | ||
Senior Notes | 4.375% Senior Notes, due December 2024 | ||||
Debt Instrument [Line Items] | ||||
Interest rate of debt | 4.375% | |||
Senior Notes | 4.500% Senior Notes, due March 2029 | ||||
Debt Instrument [Line Items] | ||||
Interest rate of debt | 4.50% | 4.50% | ||
Senior Notes | 6.625% Senior Notes, due April 2030 | ||||
Debt Instrument [Line Items] | ||||
Interest rate of debt | 6.625% | 6.625% | ||
Carrying Amount | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 2,097,502 | 2,500,874 | ||
Less current maturities | (206,904) | (17,906) | ||
Long-term debt | 1,890,598 | 2,482,968 | ||
Carrying Amount | Finance leases and other | ||||
Debt Instrument [Line Items] | ||||
Finance leases and other | 22,153 | 16,877 | ||
Carrying Amount | Senior Notes | 4.375% Senior Notes, due December 2024 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 171,232 | 245,510 | ||
Carrying Amount | Senior Notes | 4.500% Senior Notes, due March 2029 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 472,869 | 492,762 | ||
Carrying Amount | Senior Notes | 6.625% Senior Notes, due April 2030 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 540,445 | 585,180 | ||
Carrying Amount | Receivables Securitization Program | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 0 | 93,142 | ||
Carrying Amount | Secured Debt | Term Loan A | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 387,591 | 490,816 | ||
Carrying Amount | Secured Debt | Term Loan B | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 503,212 | 576,587 | ||
Estimated Fair Value | ||||
Debt Instrument [Line Items] | ||||
Total debt | 2,051,987 | 2,346,067 | ||
Less current maturities | (206,904) | (17,906) | ||
Long-term debt | 1,845,083 | 2,328,161 | ||
Estimated Fair Value | Finance leases and other | ||||
Debt Instrument [Line Items] | ||||
Finance leases and other | 22,153 | 16,877 | ||
Estimated Fair Value | Senior Notes | 4.375% Senior Notes, due December 2024 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 168,754 | 237,772 | ||
Estimated Fair Value | Senior Notes | 4.500% Senior Notes, due March 2029 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 422,647 | 396,625 | ||
Estimated Fair Value | Senior Notes | 6.625% Senior Notes, due April 2030 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 529,472 | 516,060 | ||
Estimated Fair Value | Receivables Securitization Program | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 0 | 96,000 | ||
Estimated Fair Value | Secured Debt | Term Loan A | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 390,668 | 485,000 | ||
Estimated Fair Value | Secured Debt | Term Loan B | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 518,293 | $ 597,733 |
Debt - Narrative (Details)
Debt - Narrative (Details) $ in Thousands | 12 Months Ended | |||
Mar. 29, 2022 USD ($) item | Mar. 10, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | ||||
Number of credit facilities | item | 2 | |||
2024 | $ 199,197 | |||
Short-term finance leases | 2,822 | $ 2,531 | ||
Short-term finance lease and other | 7,700 | |||
Term Loan B | ||||
Debt Instrument [Line Items] | ||||
Face amount | $ 450,000 | |||
Maximum borrowing capacity | 150,000 | |||
Letter of Credit | ||||
Debt Instrument [Line Items] | ||||
Letters of credit outstanding, amount | 3,000 | 2,300 | ||
Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, remaining borrowing capacity | 423,000 | 422,000 | ||
2024 | 199,000 | |||
Line of Credit | Payments due in December related to the 2024 Notes, Term Loan A, and Term Loan B | ||||
Debt Instrument [Line Items] | ||||
2024 | 179,000 | |||
Long-term debt, maturity, principal payments | 171,000 | |||
Line of Credit | Letter of Credit | ||||
Debt Instrument [Line Items] | ||||
Letters of credit outstanding, amount | 27,400 | 27,900 | ||
4.375% Senior Notes, due December 2024 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, cash to repurchase amount | 73,500 | |||
Face amount | $ 74,700 | |||
Interest rate of debt | 4.375% | |||
Debt issued, percent of par | 99.60% | |||
Effective yield percentage | 4.422% | |||
Senior notes redemption price, percentage | 100% | |||
Rate of interest discounted | 0.30% | |||
4.375% Senior Notes, due December 2024 | Senior Notes | Carrying Amount | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 171,232 | 245,510 | ||
Receivables Financing Agreement | ||||
Debt Instrument [Line Items] | ||||
Current borrowing capacity | 450,000 | |||
Borrowings outstanding | 0 | |||
Letters of credit outstanding, amount | 96,000 | |||
Receivables Financing Agreement | Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, remaining borrowing capacity | 450,000 | 354,000 | ||
Term Loan A | ||||
Debt Instrument [Line Items] | ||||
Face amount | 500,000 | |||
Scheduled principal payment | 9,400 | |||
Unscheduled principal payment | 97,500 | |||
Long-term debt, maturity, principal payments | 21,900 | |||
Term Loan B | ||||
Debt Instrument [Line Items] | ||||
Face amount | 600,000 | |||
Scheduled principal payment | 6,000 | |||
Unscheduled principal payment | 72,500 | |||
Long-term debt, maturity, principal payments | 6,000 | |||
4.500% Senior Notes, due March 2029 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, cash to repurchase amount | 18,200 | |||
Face amount | $ 500,000 | $ 21,300 | ||
Interest rate of debt | 4.50% | 4.50% | ||
Debt issued, percent of par | 100% | |||
Effective yield percentage | 4.50% | |||
Senior notes redemption price, percentage | 100% | |||
4.500% Senior Notes, due March 2029 | Senior Notes | Carrying Amount | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 472,869 | 492,762 | ||
4.500% Senior Notes, due March 2029 | Senior Notes | Debt Instrument, Redemption, Period One | ||||
Debt Instrument [Line Items] | ||||
Senior notes redemption price, percentage | 104.50% | |||
Redemption price, percentage of principal amount redeemed | 40% | |||
6.625% Senior Notes, due April 2030 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, cash to repurchase amount | $ 43,500 | |||
Face amount | $ 600,000 | $ 47,800 | ||
Interest rate of debt | 6.625% | 6.625% | ||
Debt issued, percent of par | 100% | |||
Effective yield percentage | 6.625% | |||
Senior notes redemption price, percentage | 100% | |||
6.625% Senior Notes, due April 2030 | Senior Notes | Carrying Amount | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 540,445 | $ 585,180 | ||
6.625% Senior Notes, due April 2030 | Senior Notes | Payments due in December related to the 2024 Notes, Term Loan A, and Term Loan B | ||||
Debt Instrument [Line Items] | ||||
Redemption price, percentage of principal amount redeemed | 40% | |||
6.625% Senior Notes, due April 2030 | Senior Notes | Debt Instrument, Redemption, Period One | ||||
Debt Instrument [Line Items] | ||||
Senior notes redemption price, percentage | 106.625% |
Debt - Schedule of Future Princ
Debt - Schedule of Future Principal Payments of Debt (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2024 | $ 199,197 |
2025 | 40,375 |
2026 | 43,500 |
2027 | 305,375 |
2028 | 6,000 |
2029 | 965,654 |
2030 | $ 552,189 |
Share-Based Compensation - Narr
Share-Based Compensation - Narrative (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common shares available for issuance under share-based compensation plan (shares) | 3.6 | ||
Total share-based compensation expense | $ 23.2 | $ 21 | $ 25 |
Recognized tax benefits from share-based compensation expense | $ 6 | 5.5 | 6.5 |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 3 years | ||
Total unrecognized compensation cost related to nonvested awards | $ 28.4 | ||
Total unrecognized compensation cost related to nonvested awards, period for recognition | 2 years | ||
Restricted Stock | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 1 year | ||
Restricted Stock | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 5 years | ||
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 3 years | ||
Total unrecognized compensation cost related to nonvested awards | $ 0.9 | ||
RSAs and PSAs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Value of stock that vested during the period | $ 24.4 | $ 21.6 | $ 16.8 |
Share-Based Compensation - Acti
Share-Based Compensation - Activity and Value of Nonvested RSAs and PSAs (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Number of Shares | |||
Nonvested awards at beginning of year (shares) | 2,777 | 4,325 | 4,816 |
Granted (shares) | 3,137 | 2,745 | 2,758 |
Vested (shares) | (1,736) | (2,667) | (1,801) |
Forfeited (shares) | (977) | (1,626) | (1,448) |
Nonvested awards at end of year (shares) | 3,201 | 2,777 | 4,325 |
Weighted Average Grant-date Fair Value Per Share | |||
Nonvested awards at beginning of year (dollars per share) | $ 22.52 | $ 11.57 | $ 7.64 |
Granted (dollars per share) | 18.34 | 19.10 | 14.10 |
Vested (dollars per share) | 14.04 | 8.11 | 9.33 |
Forfeited (dollars per share) | 26.82 | 11.25 | 6.10 |
Nonvested awards at end of year (dollars per share) | $ 21.70 | $ 22.52 | $ 11.57 |
Retirement Plans - Narrative (D
Retirement Plans - Narrative (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected net actuarial loss | $ 200 | ||
Accumulated benefit obligation | 34,059 | $ 39,341 | |
Net periodic benefit cost | 2,258 | 2,099 | $ 2,279 |
Foreign Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | 15,500 | 11,800 | |
Net periodic benefit cost | 4,300 | 3,600 | 3,600 |
Savings And Retirement Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expense recognized | $ 15,000 | $ 14,000 | $ 23,200 |
Retirement Plans - Domestic Ret
Retirement Plans - Domestic Retirement Plan's Financial Status and Amounts Recognized in Consolidated Balance Sheets (Detail) - United States - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Change in benefit obligation | |||
Benefit obligation, beginning of year | $ 39,341 | $ 50,244 | |
Interest cost | 1,827 | 1,176 | $ 1,080 |
Actuarial gain | (3,787) | (8,359) | |
Benefits paid | (3,322) | (3,720) | |
Benefit obligation, end of year | 34,059 | 39,341 | 50,244 |
Change in plan assets | |||
Fair value of plan assets, beginning of year | 0 | 0 | |
Employer contribution | 3,322 | 3,720 | |
Benefits paid | (3,322) | (3,720) | |
Fair value of plan assets, end of year | 0 | 0 | $ 0 |
Funded status, end of year | (34,059) | (39,341) | |
Amounts recognized in the consolidated balance sheets | |||
Other current liabilities | (2,975) | (3,604) | |
Other liabilities | (31,084) | (35,737) | |
Accumulated other comprehensive loss | 6,331 | 10,550 | |
Net amount recognized | (27,728) | (28,791) | |
Accumulated benefit obligation | $ 34,059 | $ 39,341 | |
Weighted average assumptions used to determine benefit obligation | |||
Discount rate | 4.68% | 4.87% |
Retirement Plans - Components o
Retirement Plans - Components of Net Periodic Benefit Cost for Domestic Retirement Plans (Detail) - United States - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | $ 1,827 | $ 1,176 | $ 1,080 |
Recognized net actuarial loss | 431 | 923 | 1,199 |
Net periodic benefit cost | $ 2,258 | $ 2,099 | $ 2,279 |
Discount rate | 4.87% | 2.43% | 1.95% |
Retirement Plans - Amounts Reco
Retirement Plans - Amounts Recognized As Component Of Accumulated Other Comprehensive Loss, Domestic (Detail) - United States - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | $ (6,331) | $ (10,550) |
Deferred tax benefit | 3,867 | 4,964 |
Amounts included in accumulated other comprehensive loss, net of tax | $ (2,464) | $ (5,586) |
Retirement Plans - Expected Ben
Retirement Plans - Expected Benefit Payments Required For Domestic Retirement Plan (Detail) - United States $ in Thousands | Dec. 31, 2023 USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | $ 2,942 |
2024 | 2,790 |
2025 | 2,627 |
2026 | 2,479 |
2027 | 2,333 |
2028-2032 | $ 9,234 |
Derivatives - Summary of the te
Derivatives - Summary of the terms and fair value of our outstanding derivative financial instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Economic (non-designated) hedges | Foreign currency contracts | ||
Derivative [Line Items] | ||
Notional Amount | $ 78,436 | $ 58,321 |
Cash flow hedges | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | 350,000 | 400,000 |
Other assets, net | Cash flow hedges | Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | 8,447 | 15,461 |
Other current assets | Economic (non-designated) hedges | Foreign currency contracts | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value | 1,043 | 440 |
Other liabilities | Cash flow hedges | Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative Liabilities, Fair Value | 0 | |
Other current liabilities | Economic (non-designated) hedges | Foreign currency contracts | ||
Derivative [Line Items] | ||
Derivative Liabilities, Fair Value | $ 0 | $ 42 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | |
Derivative [Line Items] | ||||
Notional amount | $ 50 | |||
Designated as Hedging Instrument | Interest rate swaps | ||||
Derivative [Line Items] | ||||
Derivative, terminated notional value | $ 300 | |||
Designated as Hedging Instrument | Interest expense, net | Interest rate swaps | ||||
Derivative [Line Items] | ||||
Derivative, terminated notional value | $ 25.1 | |||
Economic (non-designated) hedges | Foreign currency contracts | ||||
Derivative [Line Items] | ||||
Loss on derivative not designed as hedging instrument | $ 0.3 | $ 0.9 | $ 2.3 |
Derivatives - Summary of the ef
Derivatives - Summary of the effect of cash flow hedge (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total Amount of Expense Line Items Presented in the Consolidated Statement of Operations in Which the Effects are Recorded | $ (157,915) | $ (128,891) | $ (48,090) |
Interest rate swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain Recognized in Other Comprehensive Income (Loss) | 2,707 | 14,814 | 2,426 |
Interest expense, net | Interest rate swaps | Reclassification out of Accumulated Other Comprehensive Income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income | $ 9,720 | (647) | (25,518) |
Interest expense, net | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total Amount of Expense Line Items Presented in the Consolidated Statement of Operations in Which the Effects are Recorded | $ (128,891) | $ (40,433) |
Income Taxes - Components of In
Income Taxes - Components of Income (Loss) before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income from continuing operations before income taxes: | |||
U.S. | $ (65,432) | $ (17,650) | $ 231,424 |
Foreign | 10,706 | 28,541 | 45,330 |
(Loss) income before income taxes | $ (54,726) | $ 10,891 | $ 276,754 |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provision (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current tax provision (benefit): | |||
Federal | $ 3,887 | $ 1,090 | $ 54,087 |
State | 1,535 | 5,125 | 15,961 |
Foreign | 4,886 | 8,648 | 14,853 |
Total current tax provision | 10,308 | 14,863 | 84,901 |
Deferred tax provision (benefit): | |||
Federal | (18,081) | (8,671) | (22,046) |
State | (4,823) | (5,395) | (4,175) |
Foreign | (829) | (12,295) | (3,515) |
Total deferred tax provision (benefit) | (23,733) | (26,361) | (29,736) |
Total income tax (benefit) provision | $ (13,425) | $ (11,498) | $ 55,165 |
Income Taxes - Reconciliation O
Income Taxes - Reconciliation Of Federal Statutory Rate To Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 21% | 21% | 21% |
Increases (decreases) in the rate resulting from: | |||
Net capital loss on divestiture | 0 | 0 | (0.010) |
Tax reform | 0% | 0% | (1.20%) |
Unrecognized tax benefits | (2.60%) | 10.20% | 0.10% |
State income taxes, net of federal income tax impact | 6.40% | (7.10%) | 3.10% |
Research and development credit | 4.40% | (29.90%) | (0.80%) |
Foreign income taxes | (0.90%) | 0.50% | 0.30% |
Valuation allowance | (0.50%) | 0% | 1.10% |
Restricted stock vestings | (1.00%) | (57.30%) | (2.10%) |
Nondeductible Interest | (1.50%) | 6.60% | 0.30% |
Nondeductible compensation | (3.60%) | 28.90% | 1% |
Foreign repatriation change (Thailand) | 0% | (96.30%) | 0% |
Non-deductible transaction costs | 0% | 19.50% | 0% |
Foreign derived intangible income (FDII) | 4% | 0% | (3.20%) |
Global intangible low-taxed income | 0.70% | 5% | 0% |
Other | (1.90%) | (6.70%) | 1.30% |
Effective income tax rate | 24.50% | (105.60%) | 19.90% |
Income Taxes - Tax Effects On D
Income Taxes - Tax Effects On Deferred Tax Assets And Deferred Tax Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Employee benefit plans | $ 28,763 | $ 27,923 |
Accrued liabilities not currently deductible | 15,997 | 15,640 |
Finance charges | 2,173 | 2,143 |
Lease liabilities | 83,895 | 80,300 |
Allowance for losses on accounts receivable | 7,335 | 6,703 |
Net operating loss carryforwards | 41,165 | 55,992 |
Capital loss carryover | 30,034 | 30,034 |
Interest limitation | 13,082 | 19,890 |
Insurance | 1,323 | 20 |
R&D Capitalized Costs | 21,974 | 14,017 |
Other | 8,462 | 7,982 |
Total deferred tax assets | 254,203 | 260,644 |
Less: valuation allowances | (35,520) | (35,253) |
Net deferred tax assets | 218,683 | 225,391 |
Deferred tax liabilities: | ||
Merchandise inventories | 25,866 | 18,904 |
Goodwill | 5,426 | 4,151 |
Property and equipment | 69,411 | 91,983 |
Right-of-use assets | 79,303 | 75,623 |
Derivatives | 2,196 | 4,020 |
Intangible assets | 62,301 | 81,068 |
Other | 859 | 826 |
Total deferred tax liabilities | 245,362 | 276,575 |
Net deferred tax liability | $ (26,679) | $ (51,184) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Net operating loss carryforwards | $ 116,000,000 | ||
Cash payments for income taxes, including interest | 13,400,000 | $ 38,100,000 | $ 102,000,000 |
Proceeds from income tax refunds | 19,700,000 | 4,200,000 | 2,500,000 |
Decrease in unrecognized tax benefits is reasonably possible | 2,700,000 | 2,700,000 | |
Unrecognized tax benefits that would impact effective tax rate | 20,000,000 | 19,800,000 | |
Accrued interest | 5,700,000 | 3,900,000 | |
Interest on income tax expense | 1,700,000 | 1,000,000 | 300,000 |
Penalties accrued | $ 0 | $ 0 | $ 0 |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation Of Changes In Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Unrecognized tax benefits at January 1, | $ 22,499 | $ 21,385 |
Increases for positions taken during current period | 410 | 1,016 |
Increases for positions taken during prior periods | 13 | 325 |
Lapse of statute of limitations | (181) | (227) |
Unrecognized tax benefits at December 31, | $ 22,741 | $ 22,499 |
Net Income per Common Share - S
Net Income per Common Share - Summary of Calculation of Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Net Income (Loss) | $ (41,301) | $ 22,389 | $ 221,589 |
Weighted average number of shares outstanding, basic (in shares) | 75,785 | 74,496 | 72,744 |
Dilutive shares (in shares) | 0 | 1,721 | 2,742 |
Weighted average number of shares outstanding, diluted (in shares) | 75,785 | 76,217 | 75,486 |
Basic income (loss) per common share: | |||
Income from continuing operations (in usd per share) | $ (0.54) | $ 0.30 | $ 3.05 |
Net income | (0.54) | 0.30 | 3.05 |
Diluted income (loss) per common share: | |||
Income from continuing operations (in usd per share) | (0.54) | 0.29 | 2.94 |
Net income | $ (0.54) | $ 0.29 | $ 2.94 |
Shares excluded from calculation of net loss Per diluted common share | 1,600 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | $ 945,604 | $ 938,501 | $ 712,054 |
Total other comprehensive income (loss), net of tax | 4,037 | 4,736 | (2,082) |
Ending balance | 924,166 | 945,604 | 938,501 |
Retirement Plans | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (7,201) | (14,597) | (18,447) |
Other comprehensive income (loss) before reclassifications | 2,405 | 8,359 | 4,462 |
Income tax | (639) | (1,646) | (1,428) |
Other comprehensive income (loss) before reclassifications, net of tax | 1,766 | 6,713 | 3,034 |
Amounts reclassified from accumulated other comprehensive loss | 431 | 923 | 1,199 |
Income tax | (111) | (240) | (383) |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 320 | 683 | 816 |
Total other comprehensive income (loss), net of tax | 2,086 | 7,396 | 3,850 |
Ending balance | (5,115) | (7,201) | (14,597) |
Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (40,095) | (25,994) | (18) |
Other comprehensive income (loss) before reclassifications | 7,141 | (14,101) | (25,976) |
Income tax | 0 | 0 | 0 |
Other comprehensive income (loss) before reclassifications, net of tax | 7,141 | (14,101) | (25,976) |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 |
Income tax | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 0 | 0 | 0 |
Total other comprehensive income (loss), net of tax | 7,141 | (14,101) | (25,976) |
Ending balance | (32,954) | (40,095) | (25,994) |
Derivatives | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 11,441 | 0 | (20,044) |
Other comprehensive income (loss) before reclassifications | 2,707 | 14,814 | 2,426 |
Income tax | (704) | (3,851) | (611) |
Other comprehensive income (loss) before reclassifications, net of tax | 2,003 | 10,963 | 1,815 |
Amounts reclassified from accumulated other comprehensive loss | (9,720) | 647 | 25,518 |
Income tax | 2,527 | (169) | (7,289) |
Amounts reclassified from accumulated other comprehensive loss, net of tax | (7,193) | 478 | 18,229 |
Total other comprehensive income (loss), net of tax | (5,190) | 11,441 | 20,044 |
Ending balance | 6,251 | 11,441 | 0 |
Total | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (35,855) | (40,591) | (38,509) |
Other comprehensive income (loss) before reclassifications | 12,253 | 9,072 | (19,088) |
Income tax | (1,343) | (5,497) | (2,039) |
Other comprehensive income (loss) before reclassifications, net of tax | 10,910 | 3,575 | (21,127) |
Amounts reclassified from accumulated other comprehensive loss | (9,289) | 1,570 | 26,717 |
Income tax | 2,416 | (409) | (7,672) |
Amounts reclassified from accumulated other comprehensive loss, net of tax | (6,873) | 1,161 | 19,045 |
Total other comprehensive income (loss), net of tax | 4,037 | 4,736 | (2,082) |
Ending balance | $ (31,818) | $ (35,855) | $ (40,591) |
Segment Information - Financial
Segment Information - Financial Information by Segment (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Segment Reporting [Abstract] | |||
Number of reportable segments | segment | 2 | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Net revenue | $ 10,333,967 | $ 9,955,475 | $ 9,785,315 |
Operating earnings (loss) | 104,508 | 142,913 | 368,473 |
Intangible amortization | (83,500) | (78,800) | (39,800) |
Acquisition-related charges and intangible amortization | 101,037 | 126,972 | 42,774 |
Exit and realignment charges | (99,127) | (6,897) | (31,109) |
Inventory valuation adjustment | 0 | (92,275) | 0 |
Depreciation and amortization | 287,377 | 228,667 | 90,621 |
Consolidated share-based compensation | 23,218 | 20,993 | 25,016 |
Consolidated capital expenditures | 207,892 | 166,582 | 49,690 |
Operating Segments | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Net revenue | 10,333,967 | 9,955,475 | 9,785,315 |
Operating Segments | Products & Healthcare Services | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Net revenue | 7,781,395 | 7,898,397 | 8,825,646 |
Operating earnings (loss) | 57,809 | 175,309 | 384,390 |
Depreciation and amortization | 77,006 | 77,539 | 75,548 |
Consolidated share-based compensation | 15,078 | 19,681 | 22,476 |
Consolidated capital expenditures | 29,361 | 49,824 | 48,282 |
Operating Segments | Patient Direct | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Net revenue | 2,552,572 | 2,057,078 | 959,669 |
Operating earnings (loss) | 246,863 | 193,748 | 57,966 |
Depreciation and amortization | 210,371 | 151,128 | 15,073 |
Consolidated share-based compensation | 5,864 | 820 | 937 |
Consolidated capital expenditures | 178,531 | 116,758 | 1,408 |
Segment Reconciling Items | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Acquisition-related charges and intangible amortization | 101,037 | 126,972 | 42,774 |
Consolidated share-based compensation | $ 2,276 | $ 492 | $ 1,603 |
Segment Information - Consolida
Segment Information - Consolidated Total Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 5,093,322 | $ 5,386,283 |
Cash and cash equivalents | 243,037 | 69,467 |
Operating Segments | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 4,850,285 | 5,316,816 |
Operating Segments | Products & Healthcare Services | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 2,359,825 | 2,809,600 |
Operating Segments | Patient Direct | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 2,490,460 | $ 2,507,216 |
Segment Information - Financi_2
Segment Information - Financial Information by Geographical Area (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | $ 10,333,967 | $ 9,955,475 | $ 9,785,315 |
Long-Lived Assets | 1,249,807 | 1,342,632 | |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | 10,058,675 | 9,526,037 | 9,250,331 |
Long-Lived Assets | 1,140,303 | 1,226,108 | |
International | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | 275,292 | 429,438 | $ 534,984 |
Long-Lived Assets | $ 109,504 | $ 116,524 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ (41,301) | $ 22,389 | $ 221,589 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |