Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 13, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | OWENS & MINOR INC/VA/ | ||
Entity Central Index Key | 75252 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Trading Symbol | OMI | ||
Document Fiscal Period Focus (Q1,Q2,Q3,FY) | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 63,059,770 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $2,143,004,902 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Net revenue | $9,440,182 | $9,071,532 | $8,868,324 |
Cost of goods sold | 8,270,216 | 7,954,457 | 7,943,670 |
Gross margin | 1,169,966 | 1,117,075 | 924,654 |
Selling, general, and administrative expenses | 926,977 | 863,656 | 682,595 |
Acquisition-related and exit and realignment charges | 42,801 | 12,444 | 10,164 |
Depreciation and amortization | 57,125 | 50,586 | 39,604 |
Other operating income, net | -16,473 | -7,694 | -4,462 |
Operating earnings | 159,536 | 198,083 | 196,753 |
Loss on early retirement of debt | 14,890 | 0 | 0 |
Interest expense, net | 18,163 | 13,098 | 13,397 |
Income before income taxes | 126,483 | 184,985 | 183,356 |
Income tax provision | 59,980 | 74,103 | 74,353 |
Net income | $66,503 | $110,882 | $109,003 |
Net income attributable to Owens & Minor, Inc. per common share: | |||
Basic (in usd per share) | $1.06 | $1.76 | $1.72 |
Diluted (in usd per share) | $1.06 | $1.76 | $1.72 |
Cash dividends per common share (in usd per share) | $1 | $0.96 | $0.88 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $66,503 | $110,882 | $109,003 |
Other comprehensive income, net of tax: | |||
Currency translation adjustments (net of income tax of $0 in 2014, $111 in 2013 and $210 in 2012) | -29,539 | 6,143 | 9,749 |
Change in unrecognized net periodic pension costs (net of income tax of $2,361 in 2014, $2,429 in 2013 and $1,671 in 2012) | -3,844 | 3,839 | -2,611 |
Other (net of income tax of $72 in 2014, $32 in 2013 and $32 in 2012) | -186 | -8 | -50 |
Other comprehensive income (loss) | -33,569 | 9,974 | 7,088 |
Comprehensive income | $32,934 | $120,856 | $116,091 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Currency translation adjustment, income tax expense | $0 | $111 | $210 |
Change in unrecognized net periodic pension costs, income tax benefit | 2,361 | -2,429 | 1,671 |
Other, income tax benefits | $72 | $32 | $32 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $56,772 | $101,905 |
Accounts and notes receivable, net | 626,192 | 572,854 |
Merchandise inventories | 872,457 | 771,663 |
Other current assets | 315,285 | 279,510 |
Total current assets | 1,870,706 | 1,725,932 |
Property and equipment, net | 232,979 | 191,961 |
Goodwill, net | 423,276 | 275,439 |
Intangible assets, net | 108,593 | 40,406 |
Other assets, net | 99,852 | 90,304 |
Total assets | 2,735,406 | 2,324,042 |
Current liabilities | ||
Accounts payable | 608,846 | 643,872 |
Accrued payroll and related liabilities | 31,507 | 23,296 |
Deferred income taxes | 37,979 | 41,613 |
Other current liabilities | 326,223 | 281,427 |
Total current liabilities | 1,004,555 | 990,208 |
Long-term debt, excluding current portion | 608,551 | 212,786 |
Deferred income taxes | 63,901 | 43,727 |
Other liabilities | 67,561 | 52,278 |
Total liabilities | 1,744,568 | 1,298,999 |
Commitments and contingencies | ||
Equity | ||
Common stock, par value $2 per share; authorized—200,000 shares; issued and outstanding—63,070 shares and 63,096 shares | 126,140 | 126,193 |
Paid-in capital | 202,934 | 196,605 |
Retained earnings | 685,765 | 691,547 |
Accumulated other comprehensive income (loss) | -24,001 | 9,568 |
Total Owens & Minor, Inc. shareholders’ equity | 990,838 | 1,023,913 |
Noncontrolling interest | 1,130 | |
Total equity | 990,838 | 1,025,043 |
Total liabilities and equity | $2,735,406 | $2,324,042 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in usd per share) | $2 | $2 |
Common stock, authorized | 200,000,000 | 200,000,000 |
Common stock, issued | 63,070,000 | 63,096,000 |
Commons stock, outstanding | 63,070,000 | 63,096,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities: | |||
Net income | $66,503 | $110,882 | $109,003 |
Adjustments to reconcile net income to cash provided by (used for) operating activities of continuing operations: | |||
Depreciation and amortization | 63,407 | 50,586 | 39,604 |
Share-based compensation expense | 8,207 | 6,381 | 5,697 |
Deferred income tax (benefit) expense | -3,385 | 3,713 | 1,060 |
Provision for losses on accounts and notes receivable | 448 | 787 | 1,004 |
Loss on early retirement of debt | 14,890 | 0 | 0 |
Changes in operating assets and liabilities: | |||
Accounts and notes receivable | -17,803 | -38,645 | 27,161 |
Merchandise inventories | -57,329 | -7,064 | 58,734 |
Accounts payable | -52,148 | 47,374 | -18,694 |
Net change in other assets and liabilities | -25,828 | -32,337 | -4,490 |
Other, net | -723 | -1,123 | -573 |
Cash (used for) provided by operating activities | -3,761 | 140,554 | 218,506 |
Investing activities: | |||
Acquisition, net of cash acquired | -248,536 | 0 | -155,210 |
Payments to Acquire Software | 22,384 | 32,010 | 29,131 |
Additions to property and equipment | -48,424 | -28,119 | -9,832 |
Proceeds from sale of property and equipment | 156 | 3,051 | 3,298 |
Proceeds from investment sale | 1,937 | 0 | 0 |
Cash used for investing activities | -317,251 | -57,078 | -190,875 |
Financing activities: | |||
Proceeds from issuance of debt | 547,693 | 0 | 0 |
Proceeds from revolver | 33,700 | 0 | 0 |
Repayment of debt | -217,352 | 0 | 0 |
Cash dividends paid | -63,104 | -60,731 | -55,681 |
Repurchases of common stock | -9,934 | -18,876 | -15,000 |
Financing costs paid | -5,391 | 0 | -1,303 |
Proceeds from exercise of stock options | 1,180 | 5,352 | 4,986 |
Excess tax benefits related to share-based compensation | 582 | 898 | 1,293 |
Purchase of noncontrolling interest | -1,500 | 0 | 0 |
Other, net | -7,314 | -8,623 | -2,710 |
Cash provided by (used for) financing activities | 278,560 | -81,980 | -68,415 |
Effect of exchange rate changes on cash and cash equivalents | -2,681 | 2,521 | 2,734 |
Net increase (decrease) in cash and cash equivalents | -45,133 | 4,017 | -38,050 |
Cash and cash equivalents at beginning of year | 101,905 | 97,888 | 135,938 |
Cash and cash equivalents at end of year | $56,772 | $101,905 | $97,888 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Total | Common Stock | Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest |
In Thousands, unless otherwise specified | ||||||
Beginning Balance at Dec. 31, 2011 | $919,217 | $126,900 | $179,052 | $619,629 | ($7,494) | $1,130 |
Beginning Balance (in shares) at Dec. 31, 2011 | 63,449 | |||||
Net income | 109,003 | 109,003 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 109,003 | |||||
Other comprehensive income | 7,088 | 7,088 | ||||
Dividends declared ($0.88 per share for 2012 and $0.96 per share for 2013, $1.00 per share for 2014) | -55,681 | -55,681 | ||||
Shares repurchased and retired (in shares) | -522 | |||||
Shares repurchased and retired | -15,000 | -1,043 | -13,957 | |||
Share-based compensation expense, exercises and other (in shares) | 344 | |||||
Share-based compensation expense, exercises and other | 9,029 | 687 | 8,342 | |||
Ending Balance at Dec. 31, 2012 | 973,656 | 126,544 | 187,394 | 658,994 | -406 | 1,130 |
Ending Balance (in shares) at Dec. 31, 2012 | 63,271 | |||||
Net income | 110,882 | 110,882 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 110,882 | |||||
Other comprehensive income | 9,974 | 9,974 | ||||
Dividends declared ($0.88 per share for 2012 and $0.96 per share for 2013, $1.00 per share for 2014) | -60,573 | -60,573 | ||||
Shares repurchased and retired (in shares) | -560 | -560 | ||||
Shares repurchased and retired | -18,876 | -1,120 | -17,756 | |||
Share-based compensation expense, exercises and other (in shares) | 385 | |||||
Share-based compensation expense, exercises and other | 9,980 | 769 | 9,211 | |||
Ending Balance at Dec. 31, 2013 | 1,025,043 | 126,193 | 196,605 | 691,547 | 9,568 | 1,130 |
Ending Balance (in shares) at Dec. 31, 2013 | 63,096 | 63,096 | ||||
Net income | 66,503 | 66,503 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 66,503 | |||||
Other comprehensive income | -33,569 | -33,569 | ||||
Dividends declared ($0.88 per share for 2012 and $0.96 per share for 2013, $1.00 per share for 2014) | -62,934 | -62,934 | ||||
Shares repurchased and retired (in shares) | -300 | -291 | ||||
Shares repurchased and retired | -9,934 | -583 | -9,351 | |||
Share-based compensation expense, exercises and other (in shares) | 265 | |||||
Share-based compensation expense, exercises and other | 7,554 | 530 | 7,024 | |||
Purchase of noncontrolling interest | -1,825 | -695 | -1,130 | |||
Ending Balance at Dec. 31, 2014 | $990,838 | $126,140 | $202,934 | $685,765 | ($24,001) | $0 |
Ending Balance (in shares) at Dec. 31, 2014 | 63,070 | 63,070 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Stockholders' Equity [Abstract] | |||
Common stock, par value (in usd per share) | $2 | $2 | $2 |
Dividends declared, per share (in usd per share) | $1 | $0.96 | $0.88 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies |
Owens & Minor, Inc. and subsidiaries (we, us or our), is a Fortune 500 company headquartered in Richmond, Virginia. We are a leading healthcare logistics company that connects the world of medical products to the point of care by providing vital supply chain assistance to the providers of healthcare services and the manufacturers of healthcare products, supplies, and devices in the United States and Europe. We serve our customers with a service portfolio that covers procurement, inventory management, delivery and sourcing for the healthcare market. With fully developed networks in the United States and Europe, we are equipped to serve a customer base ranging from hospitals, integrated healthcare systems, group purchasing organizations, and the U.S. federal government, to manufacturers of life-science and medical devices and supplies, including pharmaceuticals in Europe. | |
Our Domestic segment includes all functions in the United States relating to our role as a healthcare logistics company providing distribution, packaging and logistics services to healthcare providers and manufacturers. The International segment consists of our European third-party logistics and packaging businesses. | |
Basis of Presentation. The consolidated financial statements include the accounts of Owens & Minor, Inc. and the subsidiaries it controls, in conformity with U.S generally accepted accounting principles (GAAP). During 2014, we purchased the remaining outside stockholder's interest in a consolidated subsidiary that was partially owned. Therefore we do not present a noncontrolling interest as a component of equity as of December 31, 2014. All significant intercompany accounts and transactions have been eliminated. | |
Reclassifications. Certain prior year amounts have been reclassified to conform to current year presentation. | |
Use of Estimates. The preparation of the consolidated financial statements in conformity with GAAP requires us to make assumptions and estimates that affect reported amounts and related disclosures. Estimates are used for, but are not limited to, the allowances for losses on accounts and notes receivable, inventory valuation allowances, supplier incentives, depreciation and amortization, goodwill valuation, valuation of intangible assets and other long-lived assets, valuation of property held for sale, self-insurance liabilities, tax liabilities, defined benefit obligations, share-based compensation and other contingencies. Actual results may differ from these estimates. | |
Cash and Cash Equivalents. Cash and cash equivalents includes cash and marketable securities with an original maturity or maturity at acquisition of three months or less. Cash and cash equivalents are stated at cost. Nearly all of our cash and cash equivalents are held in cash depository accounts in major banks in the United States and Europe. | |
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 and Notes Receivable, Net. Accounts receivable from customers are recorded at the invoiced amount. We assess finance charges on overdue accounts receivable that are recognized as other operating income based on their estimated ultimate collectability. We have arrangements with certain customers under which they make deposits on account. Customer deposits in excess of outstanding receivable balances are classified as other current liabilities. | |
We maintain valuation allowances based upon the expected collectability of accounts and notes 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. | |
Financing Receivables and Payables. We have an order-to-cash program in our International segment under which we invoice manufacturers’ customers and remit collected amounts to the manufacturers. We retain credit risk for certain uncollected receivables under this program where contractually obligated. We continually monitor the expected collectability in this program and maintain valuation allowances when it is likely that an amount may be or may become uncollectible. Allowances are estimated based on a number of factors including creditworthiness of customers, age of the receivables and historical experience. We write off uncollected receivables under this program when collection is no longer being pursued. At December 31, 2014 and 2013, the allowance for uncollectible accounts as part of this program was $0.4 million and $0.1 million. Fees charged for this program are included in net revenue. Product pricing and related product risks are retained by the manufacturer. Balances receivable and related amounts payable under this program are classified in other current assets and other current liabilities in the consolidated balance sheets. | |
Merchandise Inventories. Merchandise inventories are valued at the lower of cost or market, with cost determined by the last-in, first-out (LIFO) method for Domestic segment inventories. Cost of International segment inventories is determined using the first-in, first out (FIFO) method. | |
Property and Equipment. Property and equipment are stated at cost less accumulated depreciation or, if acquired under capital leases, at the lower of the present value of minimum lease payments or fair market value at the inception of the lease less accumulated amortization. Depreciation and amortization expense for financial reporting purposes is computed on a straight-line method over the estimated useful lives of the assets or, for capital leases and leasehold improvements, over the term of the lease, if shorter. In general, the estimated useful lives for computing depreciation and amortization are four to 15 years for warehouse equipment, five to 40 years for buildings and building improvements, and three to eight years for computers, furniture and fixtures, and office and other equipment. Straight-line and accelerated methods of depreciation are used for income tax purposes. Normal maintenance and repairs are expensed as incurred, and renovations and betterments are capitalized. | |
Leases. We have entered into non-cancelable agreements to lease most of our office and warehouse facilities with remaining terms generally ranging from one to fifteen years. We also lease most of our transportation and material handling equipment for terms generally ranging from three to ten years. Certain information technology assets embedded in an outsourcing agreement are accounted for as capital leases. Leases are classified as operating leases or capital leases at their inception. Rent expense for leases with rent holidays or pre-determined rent increases are recognized on a straight-line basis over the lease term. Incentives and allowances for leasehold improvements are deferred and recognized as a reduction of rent expense over the lease term. | |
Goodwill. We evaluate goodwill for impairment annually and whenever events occur or changes in circumstance indicate that the carrying amount of goodwill may not be recoverable. In 2014 we changed the date of our annual goodwill impairment test from April 30 to October 1 to better align the timing of our analysis with the annual planning and budgeting process. We review goodwill first by performing a qualitative assessment to determine if it is more likely than not that the fair value of a reporting unit exceeds its carrying value. If not, we then perform a quantitative assessment by first comparing the carrying amount to the fair value of the reporting unit. If the fair value of the reporting unit is determined to be less than its carrying value, a second step is performed to measure the goodwill impairment loss as the excess of the carrying value of the reporting unit’s goodwill over the estimated fair value of its goodwill. We estimate the fair value of the reporting unit using valuation techniques which can include comparable multiples of the unit’s earnings before interest, taxes, depreciation and amortization (EBITDA) and present value of expected cash flows. The EBITDA multiples are based on an analysis of current enterprise values and recent acquisition prices of similar companies, if available. | |
Intangible Assets. Intangible assets acquired through purchases or business combinations are stated at fair value at the acquisition date and net of accumulated amortization in the consolidated balance sheets. Intangible assets, consisting primarily of customer relationships, customer contracts, non-competition agreements, trademarks, and tradenames are amortized over their estimated useful lives. In determining the useful life of an intangible asset, we consider our historical experience in renewing or extending similar arrangements. Customer relationships are generally amortized over 10 to 15 years and other intangible assets are amortized generally for periods between one and 15 years, based on their pattern of economic benefit or on a straight-line basis. | |
Computer Software. We develop and purchase software for internal use. Software development costs incurred during the application development stage are capitalized. Once the software has been installed and tested, and is ready for use, additional costs incurred in connection with the software are expensed as incurred. Capitalized computer software costs are amortized over the estimated useful life of the software, usually between three and ten years. Computer software costs are included in other assets, net, in the consolidated balance sheets. Unamortized software at December 31, 2014 and 2013 was $75.2 million and $74.4 million. Depreciation and amortization expense includes $16.4 million, $14.2 million and $11.0 million of software amortization for the years ended December 31, 2014, 2013 and 2012. Additional amortization of $6.0 million related to the accelerated amortization of an information system which is being replaced in the International segment is included in acquisition-related and exit and realignment charges in the 2014 consolidated statement of income. | |
Long-Lived Assets. Long-lived assets, which include property and equipment, finite-lived intangible assets, and unamortized software costs, are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of long-lived assets may not be recoverable. We assess long-lived assets for potential impairment by comparing the carrying value of an asset, or group of related assets, to their estimated undiscounted future cash flows. | |
Self-Insurance Liabilities. We are self-insured for most employee healthcare, workers’ compensation and automobile liability costs; however, we maintain insurance for individual losses exceeding certain limits. Liabilities are estimated for healthcare costs using current and historical claims data. Liabilities for workers’ compensation and 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 record additional expense or reductions to expense. Self-insurance liabilities are included in other accrued liabilities on the consolidated balance sheets. | |
Revenue Recognition. Revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price or fee is fixed or determinable, and collectability is reasonably assured. Under most of our distribution contracts, we record revenue at the time shipment is completed as title passes to the customer when the product is received by the customer. | |
Revenue for activity-based fees and other services is recognized as work is performed and as amounts are earned. Depending on the specific contractual provisions and nature of the deliverable, revenue from services may be recognized on a straight-line basis over the term of the service, on a proportional performance model, based on level of effort, or when final deliverables have been provided. Additionally, we generate fees from arrangements that include performance targets related to cost-saving initiatives for customers that result from our supply-chain management services. Achievement against performance targets, measured in accordance with contractual terms, may result in additional fees paid to us or, if performance targets are not achieved, we may be obligated to refund or reduce a portion of our fees or to provide credits toward future purchases by the customer. For these arrangements, all contingent revenue is deferred and recognized as the performance target is achieved and the applicable contingency is released. When we determine that a loss is probable under a contract, the estimated loss is accrued. | |
We allocate revenue for arrangements with multiple deliverables meeting the criteria for a separate unit of accounting using the relative selling price method and recognize revenue for each deliverable in accordance with applicable revenue recognition criteria. | |
In most cases, we record revenue gross, as we are the primary obligor in our sales arrangements, bear the risk of general and physical inventory loss and carry all credit risk associated with sales. When we act as an agent in a sales arrangement and do not bear a significant portion of these risks, primarily for our third-party logistics business, we record revenue net of product cost. Sales taxes collected from customers and remitted to governmental authorities are excluded from revenues. | |
Cost of goods sold. Cost of goods sold includes the cost of the product (net of supplier incentives and cash discounts) and all costs incurred for shipments of products from manufacturers to our distribution centers for all customer arrangements where we are the primary obligor, bear the risk of general and physical inventory loss and carry all credit risk associated with sales. We have contractual arrangements with certain suppliers that provide incentives, including cash discounts for prompt payment, operational efficiency and performance-based incentives. These incentives are recognized as a reduction in cost of goods sold as targets become probable of achievement. | |
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 third-party logistics business, there is no cost of goods sold and all costs to provide the service to the customer are recorded in SG&A. | |
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 distribution companies. | |
Selling, General and Administrative (SG&A) Expenses. SG&A expenses include shipping and handling costs, labor and other costs for selling and administrative functions associated with our distribution and logistics services and all costs associated with our fee-for-service arrangements. | |
Shipping and Handling. Shipping and handling costs are included in SG&A expenses on the consolidated statements of income and include costs to store, move, and prepare products for shipment, as well as costs to deliver products to customers. Shipping and handling costs totaled $576.8 million, $528.2 million and $372.5 million for the years ended December 31, 2014, 2013 and 2012, respectively. Third-party shipping and handling costs billed to customers, which are included in net revenue, are immaterial for all periods presented. | |
Share-Based Compensation. We account for share-based payments to employees at fair value and recognize the related expense in selling, general and administrative expenses over the service period for awards expected to vest. | |
Derivative Financial Instruments. We are directly and indirectly affected by changes in certain market conditions, 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, primarily foreign currency exchange risk. We use forward contracts, which are agreements to buy or sell a quantity of a commodity at a predetermined future date, and at a predetermined rate or price. We do not enter into derivative financial instruments for trading purposes. All derivatives are carried at fair value in our consolidated balance sheets, which is determined by using observable market inputs (Level 2). The cash flow impact of the our derivative instruments is primarily included in our consolidated statements of cash flows in net cash provided by operating activities. | |
Income Taxes. We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable 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 from continuing operations 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 earnings in foreign jurisdictions outside the United States, which we consider to be indefinitely reinvested. Accordingly, no United States federal and state income taxes and withholding taxes have been provided on these earnings. Our cash, cash-equivalents, short-term investments, and marketable securities held by our foreign subsidiaries totaled $31.5 million and $22.2 million as of December 31, 2014 and 2013. We do not intend, nor do we foresee a need, to repatriate these funds or other assets held outside the U.S. In the future, should we require more capital to fund discretionary activities in the U.S. than is generated by our domestic operations and is available through our borrowings, we could elect to repatriate cash or other assets from foreign jurisdictions that have previously been considered to be indefinitely reinvested. Upon distribution of these assets, we could be subject to additional U.S. federal and state income taxes and withholding taxes payable to foreign jurisdictions, where applicable. | |
Fair Value Measurements. Fair value is determined based on assumptions that a market participant would use in pricing an asset or liability. The assumptions used are in accordance with a three-tier hierarchy, defined by GAAP, that draws a distinction between market participant assumptions based on (i) observable inputs such as quoted prices in active markets (Level 1), (ii) inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2) and (iii) unobservable inputs that require the use of present value and other valuation techniques in the determination of fair value (Level 3). | |
The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable reported in the consolidated balance sheets approximate fair value due to the short-term nature of these instruments. Property held for sale is reported at estimated fair value less selling costs with fair value determined based on recent sales prices for comparable properties in similar locations (Level 2). The fair value of long-term debt is estimated based on quoted market prices or dealer quotes for the identical liability when traded as an asset in an active market (Level 1) or, if quoted market prices or dealer quotes are not available, on the borrowing rates currently available for loans with similar terms, credit ratings, and average remaining maturities (Level 2). See Notes 7, 10 and 11 for the fair value of property held for sale, debt instruments and derivatives. | |
Acquisition-Related and Exit and Realignment Charges. We present costs incurred in connection with acquisitions in acquisition-related and exit and realignment charges in our consolidated statements of income. Acquisition-related charges consist primarily of transaction costs incurred to perform due diligence and to analyze, negotiate and consummate an acquisition, costs to perform post-closing activities to establish the organizational structure, and costs to transition the acquired company’s information technology and other operations and administrative functions from the former owner. | |
Costs associated with exit and realignment activities are recorded at their fair value when incurred. Liabilities are established at the cease-use date for remaining operating lease and other contractual obligations, net of estimated sub-lease income. The net lease termination cost is discounted using a credit-adjusted risk-free rate of interest. We evaluate these assumptions quarterly and adjust the liability accordingly. The current portion of accrued lease and other contractual termination costs is included in other accrued liabilities on the consolidated balance sheets, and the non-current portion is included in other liabilities. Severance benefits are recorded when payment is considered probable and reasonably estimable. | |
Income Per Share. Basic and diluted income per share are calculated pursuant to the two-class method, under which unvested share-based payment awards containing nonforfeitable rights to dividends are participating securities. | |
Foreign Currency Translation. Our foreign subsidiaries generally consider their local currency to be their functional currency. Assets and liabilities of these foreign subsidiaries are translated into U.S. dollars at period-end exchange rates and revenues and expenses are translated at average exchange rates during the period. Cumulative currency translation adjustments are included in accumulated other comprehensive income (loss) in shareholders’ equity. Gains and losses on intercompany foreign currency transactions that are long-term in nature and which we do not intend to settle in the foreseeable future are also recognized in other comprehensive income (loss) in shareholders’ equity. Realized gains and losses from foreign currency transactions are recorded in other operating income, net in the consolidated statements of income and were not material to our consolidated results of operations in 2014, 2013, and 2012. | |
Business Combinations. We account for acquired businesses using the acquisition method of accounting, which requires that the assets acquired and liabilities assumed be recorded at the date of acquisition at their respective fair values. Any excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. | |
Recent Accounting Pronouncements. During 2014, we adopted Accounting Standard Updates (ASU’s) issued by the Financial Accounting Standards Board (FASB). | |
We adopted an Accounting Standard Update (ASU) issued by the Financial Accounting Standards Board (FASB) for presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The adoption of this guidance did not have an impact on our financial position or results of operations. | |
On May 28, 2014, the FASB issued an ASU, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that the ASU will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. |
Significant_Risks_and_Uncertai
Significant Risks and Uncertainties | 12 Months Ended |
Dec. 31, 2014 | |
Risks and Uncertainties [Abstract] | |
Significant Risks and Uncertainties | 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 Novation, LLC (Novation), MedAssets Inc. (MedAssets) and Premier, Inc. (Premier). 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 2014, 2013 and 2012, net revenue from hospitals under contract with these GPOs represented the following approximate percentages of our net revenue annually: Novation—33%; MedAssets (including Broadlane in 2012)—24% to 25%; and Premier—21% to 24%. | |
Net revenue from sales of product supplied by subsidiaries of Covidien Ltd. and Johnson & Johnson Healthcare Systems, Inc. represented between approximately 13% to 14% and 9% to 10% of our net revenue annually for 2014, 2013 and 2012, respectively. |
Acquisitions
Acquisitions | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Combinations [Abstract] | |||||
Acquisitions | Acquisitions | ||||
On October 1, 2014, we completed the acquisition of Medical Action Industries Inc., (Medical Action), a leading producer of surgical kits and procedure trays, which will enable an expansion of our capabilities in the assembly of kits, packs and trays for the healthcare market. | |||||
On November 1, 2014, we acquired ArcRoyal, a privately held surgical kitting company based in Ireland (ArcRoyal). The transaction expanded our capabilities in the assembly of kits, packs and trays in the European healthcare market. | |||||
The combined consideration for these two acquisitions was $261.6 million, net of cash acquired, and including debt assumed of $13.4 million (capitalized lease obligations). The acquisitions did not have a material effect on operational results for 2014. | |||||
The purchase price was allocated to the underlying assets acquired and liabilities assumed based upon our preliminary estimate of their fair values at the date of acquisition, with certain exceptions permitted under GAAP. The combined purchase price exceeded the preliminary estimated fair value of the net tangible and identifiable intangible assets by $150.5 million, which was allocated to goodwill. The following table presents, in the aggregate, the preliminary estimated fair value of the assets acquired and liabilities assumed recognized as of the acquisition date. The allocation of purchase price to assets and liabilities acquired is not yet complete. | |||||
Preliminary Fair | |||||
Value Estimated as of | |||||
Acquisition Date | |||||
Assets acquired: | |||||
Current assets | $ | 90,608 | |||
Property and equipment | 34,048 | ||||
Goodwill | 150,492 | ||||
Intangible assets | 77,623 | ||||
Total assets | 352,771 | ||||
Liabilities assumed: | |||||
Current liabilities | 64,736 | ||||
Noncurrent liabilities | 26,426 | ||||
Total liabilities | 91,162 | ||||
Fair value of net assets acquired, net of cash | $ | 261,609 | |||
We are amortizing the fair value of acquired intangible assets, primarily customer relationships, over their remaining weighted average useful lives of 14 years. | |||||
Goodwill of $150.5 million consists largely of expected opportunities to expand our kitting capabilities. We assigned goodwill of $21.9 million to our International segment and $128.6 million to our Domestic segment. None of the goodwill recognized is expected to be deductible for income tax purposes. | |||||
Pro forma results of operations for these acquisitions have not been presented because the effects on revenue and net income were not material to our historic consolidated financial statements. | |||||
Acquisition-related expenses in the current year consisted primarily of transaction costs incurred to perform due diligence and to analyze, negotiate and consummate the Medical Action and ArcRoyal acquisitions, and costs to begin the integration of the acquired operations (including certain severance and contractual payments to former management). We also incurred certain acquisition-related charges in 2014 associated with costs in Movianto to resolve certain issues and claims with the former owner. We recognized pre-tax acquisition-related expenses of $16.1 million in 2014 related to these activities. | |||||
Acquisition-related expenses of $3.5 million and $10.5 million for the years ended December 31, 2013 and 2012 were all related to Movianto which included $8.0 million in transaction costs in 2012 and the remainder in both years was related to transition and integration activities. |
Accounts_and_Notes_Receivable_
Accounts and Notes Receivable, Net | 12 Months Ended |
Dec. 31, 2014 | |
Receivables [Abstract] | |
Accounts and Notes Receivable, Net | Accounts and Notes Receivable, Net |
Allowances for losses on accounts and notes receivable of $13.3 million, $15.0 million and $14.7 million have been applied as reductions of accounts receivable at December 31, 2014, 2013, and 2012. Write-offs of accounts and notes receivable were $3.1 million, $1.1 million and $1.9 million for 2014, 2013 and 2012. |
Merchandise_Inventories
Merchandise Inventories | 12 Months Ended |
Dec. 31, 2014 | |
Inventory Disclosure [Abstract] | |
Merchandise Inventories | Merchandise Inventories |
At December 31, 2014 and 2013, we had inventory of $872.5 million and $771.7 million, of which $811.3 million and $749.4 million were valued under LIFO. If LIFO inventories had been valued on a current cost or first-in, first-out (FIFO) basis, they would have been greater by $116.2 million and $108.6 million as of December 31, 2014 and 2013. At December 31, 2014, included in our inventory was $20.0 million in raw materials, $5.4 million in work in process and the remainder was finished goods. At December 31, 2013, all of our inventory was finished goods. |
Financing_Receivables_and_Paya
Financing Receivables and Payables | 12 Months Ended |
Dec. 31, 2014 | |
Receivables and Payables [Abstract] | |
Financing Receivables and Payables | Financing Receivables and Payables |
At December 31, 2014 and 2013, we had financing receivables of $196.2 million and $198.5 million and related payables of $168.8 million and $165.3 million outstanding under our order-to-cash program, which were included in other current assets and other current liabilities, respectively, in the consolidated balance sheets. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property and Equipment | Property and Equipment | |||||||
Property and equipment consists of the following: | ||||||||
December 31, | 2014 | 2013 | ||||||
Warehouse equipment | $ | 169,083 | $ | 160,379 | ||||
Computer equipment | 31,162 | 31,784 | ||||||
Building and improvements | 87,974 | 50,225 | ||||||
Leasehold improvements | 58,046 | 49,879 | ||||||
Land and improvements | 17,771 | 17,489 | ||||||
Furniture and fixtures | 12,539 | 11,491 | ||||||
Office equipment and other | 19,781 | 8,240 | ||||||
396,356 | 329,487 | |||||||
Accumulated depreciation | (163,377 | ) | (137,526 | ) | ||||
Property and equipment, net | $ | 232,979 | $ | 191,961 | ||||
Depreciation expense for property and equipment was $35.5 million, $33.1 million and $26.1 million for the years ended December 31, 2014, 2013, and 2012. The gross value of assets recorded under capital leases was $40.0 million and $20.6 million with associated accumulated depreciation of$10.5 million and $8.7 million as of December 31, 2014 and 2013, respectively. | ||||||||
Property held for sale in our Domestic segment was $5.6 million at December 31, 2014 and is included in other current assets, net, in the consolidated balance sheet. We are actively marketing the property for sale; however, the ultimate timing is dependent on local market conditions. We had no property classified as held for sale at December 31, 2013. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets | |||||||||||||||
The following table summarizes the changes in the carrying amount of goodwill through December 31, 2014: | ||||||||||||||||
Domestic Segment | International Segment | Consolidated Total | ||||||||||||||
Carrying amount of goodwill, December 31, 2013 | $ | 248,498 | $ | 26,941 | $ | 275,439 | ||||||||||
Currency translation adjustments | — | (2,655 | ) | (2,655 | ) | |||||||||||
Acquisitions (See Note 3) | 128,591 | 21,901 | 150,492 | |||||||||||||
Carrying amount of goodwill, December 31, 2014 | $ | 377,089 | $ | 46,187 | $ | 423,276 | ||||||||||
Intangible assets at December 31, 2014 and 2013 were as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Customer | Other | Customer | Other | |||||||||||||
Relationships | Intangibles | Relationships | Intangibles | |||||||||||||
Gross intangible assets | $ | 125,448 | $ | 3,405 | $ | 51,544 | $ | 3,933 | ||||||||
Accumulated amortization | (19,773 | ) | (487 | ) | (14,281 | ) | (790 | ) | ||||||||
Net intangible assets | $ | 105,675 | $ | 2,918 | $ | 37,263 | $ | 3,143 | ||||||||
Weighted average useful life | 14 years | 6 years | 13 years | 6 years | ||||||||||||
Customer relationships increased $77.6 million on a gross basis in 2014 as a result of the Medical Action and ArcRoyal acquisitions. At December 31, 2014, $66.1 million in net intangible assets were held in the Domestic segment and $42.5 million were held in the International segment. Amortization expense for intangible assets was $5.5 million for 2014, $3.3 million for 2013 and $2.5 million for 2012. | ||||||||||||||||
Based on the current carrying value of intangible assets subject to amortization, estimated amortization expense is $10.5 million for 2015, $10.4 million for 2016, $10.3 million for 2017, $9.6 million for 2018 and $9.4 million for 2019. |
Exit_and_Realignment_Costs
Exit and Realignment Costs | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||
Exit and Realignment Costs | Exit and Realignment Costs | |||||||||||
We periodically incur exit and realignment and other charges associated with optimizing our operations which include the closure and consolidation of certain distribution and logistics centers, administrative offices and warehouses in the United States and Europe. These charges also include costs associated with our strategic organizational realignment which include management changes, certain professional fees, and costs to streamline administrative functions and processes. | ||||||||||||
Exit and realignment charges by segment for the years ended December 31, 2014, 2013, and 2012 were as follows: | ||||||||||||
Year ended December 31, | 2014 | 2013 | 2012 | |||||||||
Domestic segment | $ | 7,223 | $ | 8,176 | $ | (366 | ) | |||||
International segment | 19,490 | 751 | — | |||||||||
Total exit and realignment charges | $ | 26,713 | $ | 8,927 | $ | (366 | ) | |||||
The following table summarizes the activity related to exit and realignment cost accruals through December 31, 2014: | ||||||||||||
Lease | Severance and | Total | ||||||||||
obligations | Other | |||||||||||
Accrued exit and realignment charges, January 1, 2012 | $ | 8,264 | $ | 1,831 | $ | 10,095 | ||||||
Provision for exit and realignment activities | 95 | 1,088 | 1,183 | |||||||||
Change in estimate | (2,183 | ) | — | (2,183 | ) | |||||||
Interest accretion | 267 | — | 267 | |||||||||
Cash payments, net of sublease income | (1,345 | ) | (1,803 | ) | (3,148 | ) | ||||||
Accrued exit and realignment charges, December 31, 2012 | 5,098 | 1,116 | 6,214 | |||||||||
Provision for exit and realignment activities | 2,932 | 128 | 3,060 | |||||||||
Cash payments, net of sublease income | (5,596 | ) | (769 | ) | (6,365 | ) | ||||||
Accrued exit and realignment charges, December 31, 2013 | 2,434 | 475 | 2,909 | |||||||||
Provision for exit and realignment activities | 5,592 | 6,338 | 11,930 | |||||||||
Change in estimate | (1,260 | ) | — | (1,260 | ) | |||||||
Cash payments, net of sublease income | (3,191 | ) | (3,926 | ) | (7,117 | ) | ||||||
Accrued exit and realignment charges, December 31, 2014 | $ | 3,575 | $ | 2,887 | $ | 6,462 | ||||||
In addition to the exit and realignment accruals in the preceding table, we also incurred $16.0 million of costs that were expensed as incurred for the year ended December 31, 2014, including $3.3 million in facility costs, $6.0 million in accelerated amortization of an information system that is being replaced, $2.9 million in labor costs, $1.3 million in professional fees, $1.8 million in information systems costs and $0.7 million in other costs. | ||||||||||||
We incurred $5.8 million of costs that were expensed as incurred for the year ended December 31, 2013, including $3.7 million in product move costs and the remainder in losses on property and equipment and other expenses. | ||||||||||||
We incurred $1.1 million of costs that were expensed as incurred for the year ended December 31, 2012, including $0.8 million in impairment losses associated with property and equipment and $0.3 million in other expenses. | ||||||||||||
We expect additional charges of approximately $9.5 million in 2015 for activities initiated in the Domestic and International segments through December 31, 2014. These primarily include the closure and consolidation of certain Domestic facilities and accelerated amortization associated with a system replacement in the International segment. |
Debt
Debt | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||
Debt | Debt | |||||||||||||||
Debt consists of the following: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
December 31, | Carrying | Estimated | Carrying | Estimated | ||||||||||||
Amount | Fair Value | Amount | Fair Value | |||||||||||||
6.35% Senior Notes, $ 200 million par value, maturing April 2016 | $ | — | $ | — | $ | 204,028 | $ | 218,750 | ||||||||
3.875% Senior Notes, $275 million par value, maturing September 2021 | 273,777 | 275,055 | — | — | ||||||||||||
4.375% Senior Notes, $275 million par value, maturing December 2024 | 273,986 | 283,855 | — | — | ||||||||||||
Revolving Credit Facility | 33,700 | 33,700 | — | — | ||||||||||||
Capital leases | 32,346 | 32,346 | 12,215 | 12,215 | ||||||||||||
Total debt | 613,809 | 624,956 | 216,243 | 230,965 | ||||||||||||
Less current maturities | (5,258 | ) | (5,258 | ) | (3,457 | ) | (3,457 | ) | ||||||||
Long-term debt | $ | 608,551 | $ | 619,698 | $ | 212,786 | $ | 227,508 | ||||||||
On September 16, 2014, we issued $275 million of 3.875% senior notes due 2021 (the “2021 Notes”) and $275 million of 4.375% senior notes due 2024 (the “2024 Notes”). The 2021 Notes were sold at 99.5% of the principal amount with an effective yield of 3.951%. The 2024 Notes were sold at 99.6% of the principal with an effective yield of 4.422%. Interest on the 2021 Notes and 2024 Notes is payable semiannually in arrears, commencing on March 15, 2015 and December 15, 2014, respectively. We have the option to redeem the 2021 Notes and 2024 Notes in part or in whole prior to maturity at a redemption price equal to the greater of 100% of the principal amount or the present value of the remaining scheduled payments discounted at the Treasury Rate plus 30 basis points. We are deferring and amortizing over the respective terms $4.8 million in costs incurred in connection with the issuance of the 2021 Notes and the 2024 Notes. | ||||||||||||||||
On October 16, 2014, we used a portion of the net proceeds from the 2021 Notes and the 2024 Notes to fund the early retirement of all of our $200 million of 6.35% senior notes due in 2016 (2016 Notes), which included the payment of a $17.4 million redemption premium. We recorded a net loss on the early retirement of our 2016 Notes of $14.9 million, which includes the redemption premium offset by the recognition of a gain on previously settled interest rate swaps. | ||||||||||||||||
On September 17, 2014, we amended our existing Credit Agreement, increasing our borrowing capacity from $350 million to $450 million and extending the term through September 2019 (the Amended Credit Agreement). Under the Amended Credit Agreement, we have the ability to request two one-year extensions and to request an increase in aggregate commitments by up to $200 million. The interest rate on the Amended Credit Agreement, which is subject to adjustment quarterly, is based on the London Interbank Offered Rate (LIBOR), the Federal Funds Rate or the Prime Rate, plus an adjustment based on the better of our debt ratings or leverage ratio (Credit Spread) as defined by the Amended Credit Agreement. We are charged a commitment fee of between 12.5 and 25.0 basis points on the unused portion of the facility. The terms of the Amended Credit Agreement limit the amount of indebtedness that we may incur and require us to maintain ratios for leverage and interest coverage, including on a pro forma basis in the event of an acquisition. Based on our leverage ratio at December 31, 2014, the interest rate under the credit facility is LIBOR plus 1.375%. | ||||||||||||||||
At December 31, 2014 , we had $33.7 million in borrowings and letters of credit of approximately $5.0 million outstanding under the Amended Credit Agreement, leaving $411 million available for borrowing. We also have a $1.5 million letter of credit outstanding as of December 31, 2014 and 2013, which supports our facilities leased in Europe. | ||||||||||||||||
The Amended Credit Agreement and Senior Notes contain cross-default provisions which could result in the acceleration of payments due in the event of default of either agreement. We believe we were in compliance with our debt covenants at December 31, 2014. | ||||||||||||||||
Cash payments for interest during 2014, 2013 and 2012 were $18.5 million, $14.7 million and $14.7 million. | ||||||||||||||||
We enter into long-term non-cancellable leases for certain warehouse equipment and vehicles which, for accounting purposes, are classified as capital leases. We also operate a packaging facility acquired with Medical Action which is subject to a long-term capital lease. As of December 31, 2014, we were obligated under capital leases for minimum annual rental payments as follows: | ||||||||||||||||
Year | ||||||||||||||||
2015 | $ | 7,306 | ||||||||||||||
2016 | 6,816 | |||||||||||||||
2017 | 5,744 | |||||||||||||||
2018 | 4,673 | |||||||||||||||
2019 | 3,459 | |||||||||||||||
Thereafter | 18,187 | |||||||||||||||
Total minimum lease payments | 46,185 | |||||||||||||||
Less: Amounts representing interest | (13,839 | ) | ||||||||||||||
Present value of total minimum lease payments | 32,346 | |||||||||||||||
Less: Current portion of capital lease obligations | (5,258 | ) | ||||||||||||||
Long-term portion of capital lease obligations | $ | 27,088 | ||||||||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments |
We are directly and indirectly affected by changes in certain market conditions. These changes in market conditions 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. The primary market risk managed through the use of derivative instruments is foreign currency exchange risk. | |
We use forward contracts which are agreements to buy or sell a quantity of a currency or commodity at a predetermined future date, and at a predetermined rate or price. We do not enter into derivative financial instruments for trading purposes. | |
The total notional values of our foreign currency derivatives was $10.0 million as of December 31, 2014. These contracts were acquired with the acquisition of ArcRoyal. We were not party to any derivatives as of or for the year ended December 31, 2013 or 2012. The notional amounts of the derivative instruments do not necessarily represent the amounts exchanged by the parties and, therefore, are not a direct measure of our exposure to the financial risks described above. The amounts are calculated by reference to the notional amounts and by other terms of the derivative, such as foreign currency exchange rates. We determine the fair value of our derivatives based on quoted market prices. 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. Our derivatives are straightforward over-the-counter instruments with liquid markets. | |
All derivatives are carried at fair value in our consolidated balance sheets in other assets and other liabilities line items. We do not currently have any derivatives designated as hedging instruments and all gains and losses resulting from changes in the fair value of derivative instruments are immediately recognized into earnings. At December 31, 2014 the fair value of our foreign currency contracts included in other assets on the consolidated balance sheet was $0.7 million. The impact from changes in the fair value of these foreign currency derivatives included in other operating income, net was $0.2 million for the year ended December 31, 2014. We consider the risk of counterparty default to be minimal. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
Share-Based Compensation | Share-Based Compensation | ||||||||||||||||||||
We maintain a share-based compensation plan (the Plan) that is administered by the Compensation and Benefits Committee of the Board of Directors. The Plan allows us to award or grant to officers, directors and employees incentive, non-qualified and deferred compensation stock options, stock appreciation rights (SARs), performance shares, and restricted and unrestricted stock. We use authorized and unissued common shares for grants of restricted stock or for stock option exercises. At December 31, 2014, approximately 1.8 million common shares were available for issuance under the Plan. | |||||||||||||||||||||
Restricted stock awarded under the Plan generally vests over one, three or five years. Certain restricted stock grants contain accelerated vesting provisions, based on the satisfaction of certain performance criteria related to the achievement of certain financial and operational results. Performance shares awarded under the Plan are issuable as restricted stock upon meeting performance goals and generally have a total performance and vesting period of three years. Stock options awarded under the Plan are generally subject to graded vesting over three years and expire seven to ten years from the date of grant. The options are granted at a price equal to fair market value at the date of grant. We did not grant any stock options in 2014, 2013, or 2012. | |||||||||||||||||||||
We have a Management Equity Ownership Program that provides for each of our officers to own common stock at specified levels, which gradually increase over five years. Officers and certain other employees who meet specified ownership goals in a given year are awarded restricted stock or performance shares under the provisions of the program. 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, which may be based on a service condition, a performance condition, or a combination of both. The fair value of performance shares 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 of restricted stock to be issued at the end of the performance period. | |||||||||||||||||||||
Total share-based compensation expense for December 31, 2014, 2013 and 2012, was $8.2 million, $6.4 million and $5.7 million, with recognized tax benefits of $3.2 million, $2.5 million and $2.2 million. Unrecognized compensation cost related to nonvested restricted stock awards, net of estimated forfeitures, was $12.8 million at December 31, 2014. This amount is expected to be recognized over a weighted-average period of 2.2 years, based on the maximum remaining vesting period required under the awards, and the amount that would be recognized over a shorter period based on accelerated vesting provisions, is approximately $0.6 million. Unrecognized compensation cost related to nonvested performance share awards as of December 31, 2014 was $0.9 million and will be recognized primarily in 2015 if the related performance targets are met. | |||||||||||||||||||||
The following table summarizes the activity and value of nonvested restricted stock and performance share awards for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Number of | Weighted | Number of | Weighted | Number of | Weighted | ||||||||||||||||
Shares | Average | Shares | Average | Shares | Average | ||||||||||||||||
(000’s) | Grant-date | (000’s) | Grant-date | (000’s) | Grant-date | ||||||||||||||||
Value | Value | Value | |||||||||||||||||||
(per share) | (per share) | (per share) | |||||||||||||||||||
Nonvested awards at beginning of year | 738 | $ | 30.81 | 720 | $ | 30.14 | 826 | $ | 27.97 | ||||||||||||
Granted | 371 | 33.69 | 339 | 31.65 | 298 | 29.86 | |||||||||||||||
Vested | (201 | ) | 31.01 | (206 | ) | 30.22 | (300 | ) | 23.69 | ||||||||||||
Forfeited | (94 | ) | 30.89 | (115 | ) | 30.51 | (104 | ) | 30.35 | ||||||||||||
Nonvested awards at end of year | 814 | 33.29 | 738 | 30.81 | 720 | 30.14 | |||||||||||||||
The total value of restricted stock vesting during the years ended December 31, 2014, 2013 and 2012, was $6.2 million, $6.2 million and $7.1 million. There were no SARs outstanding at December 31, 2014 and 2013. | |||||||||||||||||||||
The following table summarizes the activity and terms of outstanding options at December 31, 2014, and for each of the years in the three-year period then ended: | |||||||||||||||||||||
Number of | Weighted Average | Weighted Average | Aggregate | ||||||||||||||||||
Options (000’s) | Exercise Price | Remaining | Intrinsic Value | ||||||||||||||||||
(per share) | Contractual Life | (millions) | |||||||||||||||||||
(years) | |||||||||||||||||||||
Options outstanding at December 31, 2011 | 556 | $ | 21.72 | ||||||||||||||||||
Exercised | (237 | ) | 21.04 | ||||||||||||||||||
Forfeited | (7 | ) | 21.07 | ||||||||||||||||||
Options outstanding at December 31, 2012 | 312 | 22.25 | |||||||||||||||||||
Exercised | (244 | ) | 21.97 | ||||||||||||||||||
Forfeited | (4 | ) | 21.72 | ||||||||||||||||||
Options outstanding at December 31, 2013 | 64 | 23.33 | |||||||||||||||||||
Exercised | (49 | ) | 24.21 | ||||||||||||||||||
Forfeited | — | — | |||||||||||||||||||
Options outstanding at December 31, 2014 | 15 | 20.49 | 0.8 | $ | 0.2 | ||||||||||||||||
At December 31, 2014, the following stock option groups were outstanding: | |||||||||||||||||||||
Number of | Weighted | Weighted | |||||||||||||||||||
Options | Average | Average | |||||||||||||||||||
(000’s) | Exercise | Remaining | |||||||||||||||||||
Price | Contractual | ||||||||||||||||||||
(per share) | Life | ||||||||||||||||||||
(years) | |||||||||||||||||||||
Range of Exercise Prices (per share) | |||||||||||||||||||||
$17.01— $22.00 | 15 | $ | 20.49 | 0.8 | |||||||||||||||||
Options outstanding at December 31, 2014 | 15 | 20.49 | 0.8 | ||||||||||||||||||
The total intrinsic value of stock options exercised during the years ended December 31, 2014, 2013 and 2012, was $0.5 million, $0.8 million and $1.9 million. No options were granted in 2014, 2013 or 2012. All options outstanding at December 31, 2014, were vested and exercisable. |
Retirement_Plans
Retirement Plans | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||
Retirement Plans | Retirement Plans | |||||||||||
Savings and Retirement Plans. We maintain a voluntary 401(k) savings and retirement plan covering substantially all full-time and certain part-time employees in the United States who have completed one month of service and have attained age 18. We match a certain percentage of each employee’s contribution. The plan also provides for a minimum contribution by us to the plan for all eligible employees of 1% of their salary, subject to certain limits, and discretionary profit-sharing contributions. We may increase or decrease our matching contributions at our discretion, on a prospective basis. We incurred $10.8 million, $10.1 million, and $9.8 million of expense related to this plan in 2014, 2013 and 2012. We also maintain defined contribution plans in some of the European countries in which we operate. Expenses related to these plans were not material in 2014, 2013 or 2012. | ||||||||||||
Domestic Retirement Plans. We have a noncontributory, unfunded retirement plan for certain officers and other key employees in the United States (Domestic Retirement Plan). In February 2012, our Board of Directors amended the Domestic Retirement Plan to freeze benefit levels and modify vesting provisions under the plan effective as of March 31, 2012. | ||||||||||||
The following table sets forth the Domestic Retirement Plan’s financial status and the amounts recognized in our consolidated balance sheets: | ||||||||||||
December 31, | 2014 | 2013 | ||||||||||
Change in benefit obligation | ||||||||||||
Benefit obligation, beginning of year | $ | 42,011 | $ | 46,759 | ||||||||
Interest cost | 1,849 | 1,608 | ||||||||||
Actuarial (gain) loss | 6,820 | (4,700 | ) | |||||||||
Benefits paid | (1,625 | ) | (1,656 | ) | ||||||||
Benefit obligation, end of year | $ | 49,055 | $ | 42,011 | ||||||||
Change in plan assets | ||||||||||||
Fair value of plan assets, beginning of year | $ | — | $ | — | ||||||||
Employer contribution | 1,625 | 1,656 | ||||||||||
Benefits paid | (1,625 | ) | (1,656 | ) | ||||||||
Fair value of plan assets, end of year | $ | — | $ | — | ||||||||
Funded status at December 31 | $ | (49,055 | ) | $ | (42,011 | ) | ||||||
Amounts recognized in the consolidated balance sheets | ||||||||||||
Other current liabilities | $ | (1,770 | ) | $ | (1,831 | ) | ||||||
Other liabilities | (47,282 | ) | (40,178 | ) | ||||||||
Accumulated other comprehensive loss | 16,853 | 10,849 | ||||||||||
Net amount recognized | $ | (32,199 | ) | $ | (31,160 | ) | ||||||
Accumulated benefit obligation | $ | 49,055 | $ | 42,011 | ||||||||
Weighted average assumptions used to determine benefit obligation | ||||||||||||
Discount rate | 3.75 | % | 4.5 | % | ||||||||
Rate of increase in compensation levels | N/A | N/A | ||||||||||
Plan benefit obligations of the Domestic Retirement Plan were measured as of December 31, 2014 and 2013. 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 Domestic Retirement Plan, which is included in selling, general, and administrative expenses in the consolidated statements of income, are as follows: | ||||||||||||
Year ended December 31, | 2014 | 2013 | 2012 | |||||||||
Service cost | $ | — | $ | — | $ | 130 | ||||||
Interest cost | 1,849 | 1,608 | 1,616 | |||||||||
Recognized net actuarial loss | 816 | 1,366 | 971 | |||||||||
Curtailment loss | — | — | 234 | |||||||||
Net periodic benefit cost | $ | 2,665 | $ | 2,974 | $ | 2,951 | ||||||
Weighted average assumptions used to determine net periodic benefit cost | ||||||||||||
Discount rate | 4.5 | % | 3.5 | % | 4 | % | ||||||
Rate of increase in future compensation levels | N/A | N/A | 3 | % | ||||||||
Amounts recognized for the Domestic 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 $1.6 million of the net actuarial loss reported in the following table as of December 31, 2014, as a component of net periodic benefit cost during 2015. | ||||||||||||
Year ended December 31, | 2014 | 2013 | ||||||||||
Net actuarial loss | $ | (16,853 | ) | $ | (10,848 | ) | ||||||
Deferred tax benefit | 6,573 | 4,231 | ||||||||||
Amounts included in accumulated other comprehensive income (loss), net of tax | $ | (10,280 | ) | $ | (6,617 | ) | ||||||
As of December 31, 2014, the expected benefit payments required for each of the next five years and the five-year period thereafter for the Domestic Retirement Plan are as follows: | ||||||||||||
Year | ||||||||||||
2015 | $ | 1,803 | ||||||||||
2016 | 1,937 | |||||||||||
2017 | 2,056 | |||||||||||
2018 | 2,179 | |||||||||||
2019 | 2,266 | |||||||||||
2020-2024 | 12,711 | |||||||||||
As a result of the acquisition of Medical Action on October 1, 2014, we also have a defined benefit plan covering certain of their employees. As of December 31, 2014, the accumulated benefit obligation under this plan was $0.9 million. | ||||||||||||
International Retirement Plans. Certain of our foreign subsidiaries have defined benefit pension plans covering substantially all of their respective employees. As of December 31, 2014 and 2013, the accumulated benefit obligation under these plans was $1.9 million and $2.4 million. We recorded $0.2 million, $0.2 million and $0.1 million in net periodic benefit cost in selling, general and administrative expenses for the years ended December 31, 2014, 2013 and 2012. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | Income Taxes | |||||||||||
The components of income (loss) before income taxes consist of the following: | ||||||||||||
Year ended December 31, | 2014 | 2013 | 2012 | |||||||||
Income (loss) before income taxes: | ||||||||||||
U.S. | $ | 155,132 | $ | 192,239 | $ | 192,978 | ||||||
Foreign | (28,649 | ) | (7,254 | ) | (9,622 | ) | ||||||
Income before income taxes | $ | 126,483 | $ | 184,985 | $ | 183,356 | ||||||
The income tax provision consists of the following: | ||||||||||||
Year ended December 31, | 2014 | 2013 | 2012 | |||||||||
Current tax provision (benefit): | ||||||||||||
Federal | $ | 52,178 | $ | 58,487 | $ | 62,859 | ||||||
State | 9,801 | 10,455 | 10,537 | |||||||||
Foreign | 1,386 | 1,448 | (103 | ) | ||||||||
Total current tax provision | 63,365 | 70,390 | 73,293 | |||||||||
Deferred tax provision (benefit): | ||||||||||||
Federal | 282 | 5,455 | 2,529 | |||||||||
State | 295 | 394 | 438 | |||||||||
Foreign | (3,962 | ) | (2,136 | ) | (1,907 | ) | ||||||
Total deferred tax provision | (3,385 | ) | 3,713 | 1,060 | ||||||||
Total income tax provision | $ | 59,980 | $ | 74,103 | $ | 74,353 | ||||||
A reconciliation of the federal statutory rate to our effective income tax rate is shown below: | ||||||||||||
Year ended December 31, | 2014 | 2013 | 2012 | |||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
Increases in the rate resulting from: | ||||||||||||
State income taxes, net of federal income tax impact | 5.2 | % | 3.9 | % | 3.9 | % | ||||||
Foreign income taxes | 1.7 | % | (0.9 | )% | (0.4 | )% | ||||||
Valuation allowance | 3.2 | % | 1.3 | % | 1.1 | % | ||||||
Other | 2.3 | % | 0.8 | % | 1 | % | ||||||
Effective income tax rate | 47.4 | % | 40.1 | % | 40.6 | % | ||||||
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, | 2014 | 2013 | ||||||||||
Deferred tax assets: | ||||||||||||
Employee benefit plans | $ | 36,127 | $ | 28,892 | ||||||||
Accrued liabilities not currently deductible | 9,937 | 13,591 | ||||||||||
Finance charges | 6,951 | 6,316 | ||||||||||
Capital leases | 9,081 | 4,419 | ||||||||||
Allowance for losses on accounts and notes receivable | 4,100 | 3,922 | ||||||||||
Net operating loss carryforwards | 14,150 | 8,643 | ||||||||||
Other | 3,432 | 2,083 | ||||||||||
Total deferred tax assets | 83,778 | 67,866 | ||||||||||
Less: valuation allowances | (9,639 | ) | (5,250 | ) | ||||||||
Net deferred tax assets | 74,139 | 62,616 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Merchandise inventories | 66,864 | 69,994 | ||||||||||
Goodwill | 35,495 | 33,455 | ||||||||||
Property and equipment | 21,578 | 20,938 | ||||||||||
Computer software | 17,399 | 11,400 | ||||||||||
Insurance | 539 | 1,070 | ||||||||||
Intangible assets | 24,750 | 2,352 | ||||||||||
Other | 1,410 | 585 | ||||||||||
Total deferred tax liabilities | 168,035 | 139,794 | ||||||||||
Net deferred tax liability | $ | (93,896 | ) | $ | (77,178 | ) | ||||||
The valuation allowances relate to deferred tax assets in various state and non-U.S. jurisdictions. Based on management’s judgments 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, 2014. The valuation allowances primarily relate to net operating loss carryforwards in non-U.S. jurisdictions which have various expiration dates ranging from five years to an unlimited carryforward period. There were no significant decreases in valuation allowances during 2014. | ||||||||||||
It is our intention to permanently reinvest the earnings of our non-U.S. subsidiaries in those operations. As of December 31, 2014, we have not made a provision for U.S. or additional foreign withholding taxes on investments in foreign subsidiaries that are permanently reinvested, and there are no deferred tax liabilities that have not been provided. | ||||||||||||
Cash payments for income taxes, including interest, for 2014, 2013, and 2012 were $81.6 million, $65.4 million and $78.5 million. | ||||||||||||
At December 31, 2013 and 2012, the liability for unrecognized tax benefits was $6.7 million and $4.6 million. A reconciliation of the changes in unrecognized tax benefits from the beginning to the end of the reporting period is as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Unrecognized tax benefits at January 1, | $ | 4,648 | $ | 12,303 | ||||||||
Increases for positions taken during current period | 1,074 | 758 | ||||||||||
Increases for positions taken during prior periods | 62 | 333 | ||||||||||
Decreases for positions taken during prior periods | (438 | ) | (4,939 | ) | ||||||||
Acquired unrecognized tax benefits | 1,374 | — | ||||||||||
Lapse of statute of limitations | (8 | ) | (3,580 | ) | ||||||||
Settlements with taxing authorities | (28 | ) | (227 | ) | ||||||||
Unrecognized tax benefits at December 31, | $ | 6,684 | $ | 4,648 | ||||||||
Included in the liability for unrecognized tax benefits at December 31, 2014 and 2013, were $4.1 million and $3.4 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 $2.0 million and $1.0 million at December 31, 2014 and 2013, would impact our effective tax rate if recognized. | ||||||||||||
We recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense. Accrued interest at December 31, 2014 and 2013 was $0.3 million and $0.1 million. We recognized $0.1 million in interest expense in 2014 and $0.4 million in interest income in 2013. There were no penalties accrued at December 31, 2014 or 2013 or recognized in 2014, 2013 and 2012. | ||||||||||||
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 2011 through 2013 are subject to examination. Our income tax returns for U.S. state and local jurisdictions are generally open for the years 2011 through 2013; however, certain returns may be subject to examination for differing periods. The former owner is contractually obligated to indemnify us for all income tax liabilities incurred by the Movianto business prior to its acquisition on August 31, 2012. |
Net_Income_per_Common_Share
Net Income per Common Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Net Income per Common Share | Net Income per Common Share | |||||||||||
The following table summarizes the calculation of net income per share attributable to common shareholders for the years ended December 31, 2014, 2013, and 2012. | ||||||||||||
Year ended December 31, | 2014 | 2013 | 2012 | |||||||||
Numerator: | ||||||||||||
Net income | $ | 66,503 | $ | 110,882 | $ | 109,003 | ||||||
Less: income allocated to unvested restricted shares | (597 | ) | (738 | ) | (749 | ) | ||||||
Net income attributable to common shareholders—basic | 65,906 | 110,144 | 108,254 | |||||||||
Add: undistributed income attributable to unvested restricted shares—basic | 18 | 257 | 292 | |||||||||
Less: undistributed income attributable to unvested restricted shares—diluted | (18 | ) | (257 | ) | (292 | ) | ||||||
Net income attributable to common shareholders—diluted | $ | 65,906 | $ | 110,144 | $ | 108,254 | ||||||
Denominator: | ||||||||||||
Weighted average shares outstanding—basic | 62,220 | 62,625 | 62,765 | |||||||||
Dilutive shares—stock options | 6 | 36 | 79 | |||||||||
Weighted average shares outstanding—diluted | 62,226 | 62,661 | 62,844 | |||||||||
Net income attributable to common shareholders: | ||||||||||||
Basic | $ | 1.06 | $ | 1.76 | $ | 1.72 | ||||||
Diluted | $ | 1.06 | $ | 1.76 | $ | 1.72 | ||||||
Shareholders_Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity |
We had a shareholder rights agreement that expired on April 30, 2014 and was not renewed or replaced. All Rights attendant to outstanding shares of our common stock under the agreement also expired on April 30, 2014. | |
In February 2014, our Board of Directors renewed our share repurchase program authorizing the purchase of $100 million in common stock through 2017. The timing of repurchases and the exact number of shares of common stock to be repurchased will be determined by management based upon market conditions and other factors. The program is intended, in part, to offset shares issued in conjunction with our stock incentive plan and may be suspended or discontinued at any time. During the year ended December 31, 2014, we repurchased in open-market transactions and retired approximately 0.3 million shares of our common stock for an aggregate of $9.9 million, or an average price per share of $34.31. As of December 31, 2014, we have $90.1 million in remaining shares available under the repurchase program. We have elected to allocate any excess of share repurchase price over par value to retained earnings. | |
During the year ended December 31, 2013, we repurchased in open-market transactions and retired approximately 0.6 million shares of our common stock for an aggregate of $18.9 million, or an average price per share of $33.72. We have no remaining shares available under this repurchase program. | |
During 2014, we purchased the remaining outside stockholder's interest in a consolidated subsidiary that was partially owned for $1.5 million. Therefore we do not present a noncontrolling interest as a component of shareholders' equity as of December 31, 2014. The noncontrolling interest in net income was not material in 2014, 2013 or 2012. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Equity [Abstract] | ||||||||||||||||
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income | |||||||||||||||
The following tables show the changes in accumulated other comprehensive income (loss) by component for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||
Retirement Plans | Currency Translation Adjustments | Other | Total | |||||||||||||
Accumulated other comprehensive income (loss), December 31, 2013 | $ | (6,479 | ) | $ | 15,892 | $ | 155 | $ | 9,568 | |||||||
Other comprehensive income (loss) before reclassifications | (7,021 | ) | (29,539 | ) | (73 | ) | (36,633 | ) | ||||||||
Income tax | 2,671 | — | — | 2,671 | ||||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | (4,350 | ) | (29,539 | ) | (73 | ) | (33,962 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 816 | — | (185 | ) | 631 | |||||||||||
Income tax | (310 | ) | — | 72 | (238 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 506 | — | (113 | ) | 393 | |||||||||||
Other comprehensive income (loss) | (3,844 | ) | (29,539 | ) | (186 | ) | (33,569 | ) | ||||||||
Accumulated other comprehensive income (loss), December 31, 2014 | $ | (10,323 | ) | $ | (13,647 | ) | $ | (31 | ) | $ | (24,001 | ) | ||||
Retirement Plans | Currency Translation Adjustments | Other | Total | |||||||||||||
Accumulated other comprehensive income (loss), December 31, 2012 | $ | (10,318 | ) | $ | 9,749 | $ | 163 | $ | (406 | ) | ||||||
Other comprehensive income (loss) before reclassifications | 4,902 | 6,254 | — | 11,156 | ||||||||||||
Income tax | (1,897 | ) | (111 | ) | — | (2,008 | ) | |||||||||
Other comprehensive income before reclassifications, net of tax | 3,005 | 6,143 | — | 9,148 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 1,366 | — | (40 | ) | 1,326 | |||||||||||
Income tax | (532 | ) | — | 32 | (500 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 834 | — | (8 | ) | 826 | |||||||||||
Other comprehensive income (loss) | 3,839 | 6,143 | (8 | ) | 9,974 | |||||||||||
Accumulated other comprehensive income (loss), December 31, 2013 | $ | (6,479 | ) | $ | 15,892 | $ | 155 | $ | 9,568 | |||||||
Retirement Plans | Currency Translation Adjustments | Other | Total | |||||||||||||
Accumulated other comprehensive income (loss), December 31, 2011 | $ | (7,707 | ) | $ | — | $ | 213 | $ | (7,494 | ) | ||||||
Other comprehensive income (loss) before reclassifications | (5,487 | ) | 9,959 | — | 4,472 | |||||||||||
Income tax | 2,141 | (210 | ) | — | 1,931 | |||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | (3,346 | ) | 9,749 | — | 6,403 | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 1,205 | — | (82 | ) | 1,123 | |||||||||||
Income tax | (470 | ) | — | 32 | (438 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 735 | — | (50 | ) | 685 | |||||||||||
Other comprehensive income (loss) | (2,611 | ) | 9,749 | (50 | ) | 7,088 | ||||||||||
Accumulated other comprehensive income (loss), December 31, 2012 | $ | (10,318 | ) | $ | 9,749 | $ | 163 | $ | (406 | ) | ||||||
We include amounts reclassified out of accumulated other comprehensive income related to defined benefit pension plans as a component of net periodic pension cost recorded in selling, general and administrative expenses. For the years ended December 31, 2014 and 2013, we reclassified $0.8 million and $1.4 million of actuarial net losses. For the year ended December 31, 2012, we reclassified $1.0 million of actuarial net losses and $0.2 million of prior service costs. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Commitments and Contingencies | Commitments and Contingencies | |||
We have a contractual commitment to outsource information technology operations, including the management and operation of our information technology systems and distributed services processing, as well as application support, development and enhancement services. This agreement expires in October 2017, with two optional one year extensions. The commitment is cancelable with 180 days notice and payment of a termination fee based upon certain costs which would be incurred by the vendor as a direct result of the early termination. | ||||
We pay scheduled fees under the agreement, which can vary based on changes in the Consumer Price Index and the level of support required. Assuming no early termination of the contract, our estimated remaining annual obligations under this agreement are $35.9 million in 2015, $35.8 million in 2016 and $29.8 million in 2017. We paid $36.6 million, $45.7 million and $52.5 million under this contract in 2014, 2013, and 2012. | ||||
We have entered into non-cancelable agreements to lease most of our office and warehouse facilities with remaining terms generally ranging from one to 20 years. Certain leases include renewal options, generally for five-year increments. We also lease most of our transportation and material handling equipment for terms generally ranging from three to ten years. At December 31, 2013, future minimum annual payments under non-cancelable lease agreements with original terms in excess of one year, and including payments required under operating leases for facilities we have vacated, are as follows: | ||||
Total | ||||
2015 | $ | 57,530 | ||
2016 | 50,383 | |||
2017 | 43,239 | |||
2018 | 37,682 | |||
2019 | 27,707 | |||
Thereafter | 74,035 | |||
Total minimum payments | $ | 290,576 | ||
Rent expense for all operating leases for the years ended December 31, 2014, 2013, and 2012, was $77.8 million, $76.7 million and $60.9 million. | ||||
Prior to exiting the direct-to-consumer business in January 2009, we received reimbursements from Medicare, Medicaid, and private healthcare insurers for certain customer billings. We are subject to audits of these reimbursements for up to seven years from the date of the service. | ||||
In connection with the Movianto acquisition, we entered into transition services agreements with the former owner under which it provides certain information technology and support services. The original contract terms ranged from six to 24 months and were cancelable without penalty with thirty days notice. As of December 31, 2014, these agreements were complete. | ||||
In the fourth quarter of 2014, we accrued $3.9 million for the proposed settlement of a breach of contract claim asserted by a customer in the United Kingdom. This proposed settlement, which would include termination of the existing contract and payment of all outstanding accounts receivable, would resolve all outstanding issues with this customer. We have accounts receivable of approximately $11.5 million at December 31, 2014 related to services provided to this customer. |
Legal_Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | Legal Proceedings |
We are subject to various legal actions that are ordinary and incidental to our business, including contract disputes, employment, workers’ compensation, product liability, regulatory and other matters. We have insurance coverage for employment, product liability, workers’ compensation and other personal injury litigation matters, subject to policy limits, applicable deductibles and insurer solvency. We establish reserves from time to time based upon periodic assessment of the potential outcomes of pending matters. | |
Based on current knowledge and the advice of counsel, we believe that the accrual as of December 31, 2014 for currently pending matters considered probable of loss, which is not material, is sufficient. In addition, we believe that other currently pending matters are not reasonably likely to result in a material loss, as payment of the amounts claimed is remote, the claims are insignificant, individually and in the aggregate, or the claims are expected to be adequately covered by insurance. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Segment Information | 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: Domestic and International. Our Domestic segment includes all functions in the United States relating to our role as a healthcare logistics company providing distribution, packaging and logistics services to healthcare providers and manufacturers. The International segment consists of our European third-party logistics and packaging businesses. | ||||||||||||
We evaluate the performance of our segments based on their operating earnings excluding acquisition-related and exit and realignment charges, certain purchase price fair value adjustments, and other substantive items that, either as a result of their nature or size, would not be expected to occur as part of the our normal business operations on a a regular basis. | ||||||||||||
The following tables present financial information by segment: | ||||||||||||
Year ended December 31, | 2014 | 2013 | 2012 | |||||||||
Net revenue: | ||||||||||||
Domestic | $ | 8,951,852 | $ | 8,688,018 | $ | 8,731,484 | ||||||
International | 488,330 | 383,514 | 136,840 | |||||||||
Consolidated net revenue | $ | 9,440,182 | $ | 9,071,532 | $ | 8,868,324 | ||||||
Operating earnings (loss): | ||||||||||||
Domestic | $ | 209,277 | $ | 211,932 | $ | 212,335 | ||||||
International | (6,739 | ) | (1,405 | ) | (5,418 | ) | ||||||
Acquisition-related and exit and realignment charges | (42,801 | ) | (12,444 | ) | (10,164 | ) | ||||||
Fair value adjustments related to purchase accounting | 3,706 | — | — | |||||||||
Other (1) | (3,907 | ) | — | — | ||||||||
Consolidated operating earnings | $ | 159,536 | $ | 198,083 | $ | 196,753 | ||||||
Depreciation and amortization: | ||||||||||||
Domestic | $ | 37,193 | $ | 35,808 | $ | 35,016 | ||||||
International | 20,230 | 14,778 | 4,588 | |||||||||
Consolidated depreciation and amortization | $ | 57,423 | $ | 50,586 | $ | 39,604 | ||||||
Capital expenditures: | ||||||||||||
Domestic | $ | 52,529 | $ | 42,802 | $ | 34,450 | ||||||
International | 18,279 | 17,327 | 4,513 | |||||||||
Consolidated capital expenditures | $ | 70,808 | $ | 60,129 | $ | 38,963 | ||||||
(1) Estimated settlement amount of a breach of contract claim. See Note 18 for further discussion. | ||||||||||||
December 31, | 2014 | 2013 | ||||||||||
Total assets: | ||||||||||||
Domestic | $ | 2,139,972 | $ | 1,747,572 | ||||||||
International | 538,662 | 474,565 | ||||||||||
Segment assets | 2,678,634 | 2,222,137 | ||||||||||
Cash and cash equivalents | 56,772 | 101,905 | ||||||||||
Consolidated total assets | $ | 2,735,406 | $ | 2,324,042 | ||||||||
The following tables present information by geographic area. Net revenues were attributed to geographic areas based on the locations from which we ship products or provide services. International operations consist primarily of Movianto’s operations in the United Kingdom, Germany, France, and other European countries. | ||||||||||||
Year ended December 31, | 2014 | 2013 | 2012 | |||||||||
Net revenue: | ||||||||||||
United States | $ | 8,951,852 | $ | 8,688,018 | $ | 8,731,484 | ||||||
United Kingdom | 253,527 | 211,296 | 86,332 | |||||||||
France | 54,656 | 52,725 | 14,338 | |||||||||
Germany | 47,682 | 42,807 | 13,670 | |||||||||
Other European countries | 132,465 | 76,686 | 22,500 | |||||||||
Consolidated net revenue | $ | 9,440,182 | $ | 9,071,532 | $ | 8,868,324 | ||||||
December 31, | 2014 | 2013 | ||||||||||
Long-lived assets: | ||||||||||||
United States | $ | 260,694 | $ | 170,010 | ||||||||
Germany | 55,437 | 60,068 | ||||||||||
United Kingdom | 42,179 | 42,619 | ||||||||||
Ireland | 29,018 | — | ||||||||||
France | 6,395 | 7,090 | ||||||||||
Other European countries | 23,091 | 27,025 | ||||||||||
Consolidated long-lived assets | $ | 416,814 | $ | 306,812 | ||||||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information | ||||||||||||||||||||
The following tables present condensed consolidating financial information for: Owens & Minor, Inc. (O&M); the guarantors of Owens & Minor, Inc.’s 2021 Notes and 2024 Notes, on a combined basis; and the non-guarantor subsidiaries of the 2021 Notes and 2024 Notes, on a combined basis. The guarantor subsidiaries are 100% owned by Owens & Minor, Inc. Separate financial statements of the guarantor subsidiaries are not presented because the guarantees by our guarantor subsidiaries are full and unconditional, as well as joint and several, and we believe the condensed consolidating financial information is more meaningful in understanding the financial position, results of operations and cash flows of the guarantor subsidiaries. | |||||||||||||||||||||
Condensed Consolidating Financial Information | |||||||||||||||||||||
Year ended December 31, 2014 | Owens & | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||
Minor, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||
Statements of Income | |||||||||||||||||||||
Net revenue | $ | — | $ | 8,910,274 | $ | 626,044 | $ | (96,136 | ) | $ | 9,440,182 | ||||||||||
Cost of goods sold | — | 8,051,350 | 311,947 | (93,081 | ) | 8,270,216 | |||||||||||||||
Gross margin | — | 858,924 | 314,097 | (3,055 | ) | 1,169,966 | |||||||||||||||
Selling, general and administrative expenses | 952 | 623,871 | 302,154 | — | 926,977 | ||||||||||||||||
Acquisition-related and exit and realignment charges | — | 15,065 | 27,736 | — | 42,801 | ||||||||||||||||
Depreciation and amortization | 2 | 35,582 | 21,541 | — | 57,125 | ||||||||||||||||
Other operating (income) expense, net | — | (10,261 | ) | (6,212 | ) | — | (16,473 | ) | |||||||||||||
Operating (loss) earnings | (954 | ) | 194,667 | (31,122 | ) | (3,055 | ) | 159,536 | |||||||||||||
Loss on early retirement of debt | 14,890 | — | — | — | 14,890 | ||||||||||||||||
Interest expense, net | 15,737 | 1,520 | 906 | — | 18,163 | ||||||||||||||||
Income (loss) before income taxes | (31,581 | ) | 193,147 | (32,028 | ) | (3,055 | ) | 126,483 | |||||||||||||
Income tax (benefit) provision | (1,700 | ) | 65,983 | (4,303 | ) | — | 59,980 | ||||||||||||||
Equity in earnings of subsidiaries | 96,384 | — | — | (96,384 | ) | — | |||||||||||||||
Net income (loss) | 66,503 | 127,164 | (27,725 | ) | (99,439 | ) | 66,503 | ||||||||||||||
Other comprehensive income (loss), net of tax | (33,569 | ) | (3,846 | ) | (29,539 | ) | 33,385 | (33,569 | ) | ||||||||||||
Comprehensive income (loss) | $ | 32,934 | $ | 123,318 | $ | (57,264 | ) | $ | (66,054 | ) | $ | 32,934 | |||||||||
Year ended December 31, 2013 | Owens & | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||
Minor, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||
Statements of Income | |||||||||||||||||||||
Net revenue | $ | — | $ | 8,687,131 | $ | 435,035 | $ | (50,634 | ) | $ | 9,071,532 | ||||||||||
Cost of goods sold | — | 7,826,768 | 177,541 | (49,852 | ) | 7,954,457 | |||||||||||||||
Gross margin | — | 860,363 | 257,494 | (782 | ) | 1,117,075 | |||||||||||||||
Selling, general and administrative expenses | 2,559 | 613,394 | 247,703 | — | 863,656 | ||||||||||||||||
Acquisition-related and exit and realignment charges | — | 8,130 | 4,314 | — | 12,444 | ||||||||||||||||
Depreciation and amortization | 14 | 35,712 | 14,860 | — | 50,586 | ||||||||||||||||
Other operating (income) expense, net | — | (4,290 | ) | (3,404 | ) | — | (7,694 | ) | |||||||||||||
Operating (loss) earnings | (2,573 | ) | 207,417 | (5,979 | ) | (782 | ) | 198,083 | |||||||||||||
Interest expense (income), net | 11,103 | 2,550 | (555 | ) | — | 13,098 | |||||||||||||||
(Loss) income before income taxes | (13,676 | ) | 204,867 | (5,424 | ) | (782 | ) | 184,985 | |||||||||||||
Income tax (benefit) provision | (5,474 | ) | 81,011 | (1,434 | ) | — | 74,103 | ||||||||||||||
Equity in earnings of subsidiaries | 119,084 | — | — | (119,084 | ) | — | |||||||||||||||
Net income (loss) | 110,882 | 123,856 | (3,990 | ) | (119,866 | ) | 110,882 | ||||||||||||||
Other comprehensive income (loss), net of tax | 9,974 | 3,838 | 6,143 | (9,981 | ) | 9,974 | |||||||||||||||
Comprehensive income (loss) | $ | 120,856 | $ | 127,694 | $ | 2,153 | $ | (129,847 | ) | $ | 120,856 | ||||||||||
Condensed Consolidating Financial Information | |||||||||||||||||||||
Year ended December 31, 2012 | Owens & | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||
Minor, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||
Statements of Income | |||||||||||||||||||||
Net revenue | $ | — | $ | 8,731,484 | $ | 165,188 | $ | (28,348 | ) | $ | 8,868,324 | ||||||||||
Cost of goods sold | — | 7,885,030 | 86,307 | (27,667 | ) | 7,943,670 | |||||||||||||||
Gross margin | — | 846,454 | 78,881 | (681 | ) | 924,654 | |||||||||||||||
Selling, general and administrative expenses | 1,573 | 599,046 | 81,976 | — | 682,595 | ||||||||||||||||
Acquisition-related and exit and realignment charges | — | (366 | ) | 10,530 | — | 10,164 | |||||||||||||||
Depreciation and amortization | 1 | 34,944 | 4,659 | — | 39,604 | ||||||||||||||||
Other operating expense (income), net | — | (3,015 | ) | (1,447 | ) | — | (4,462 | ) | |||||||||||||
Operating (loss) earnings | (1,574 | ) | 215,845 | (16,837 | ) | (681 | ) | 196,753 | |||||||||||||
Interest expense, net | 16,677 | (3,588 | ) | 308 | — | 13,397 | |||||||||||||||
Income (loss) before income taxes | (18,251 | ) | 219,433 | (17,145 | ) | (681 | ) | 183,356 | |||||||||||||
Income tax (benefit) provision | (7,121 | ) | 85,157 | (3,683 | ) | — | 74,353 | ||||||||||||||
Equity in earnings of subsidiaries | 120,133 | — | — | (120,133 | ) | — | |||||||||||||||
Net income (loss) | 109,003 | 134,276 | (13,462 | ) | (120,814 | ) | 109,003 | ||||||||||||||
Other comprehensive income (loss), net of tax | 7,088 | (2,611 | ) | 9,749 | (7,138 | ) | 7,088 | ||||||||||||||
Comprehensive income (loss) | $ | 116,091 | $ | 131,665 | $ | (3,713 | ) | $ | (127,952 | ) | $ | 116,091 | |||||||||
Condensed Consolidating Financial Information | |||||||||||||||||||||
December 31, 2014 | Owens & | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||
Minor, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||
Balance Sheets | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Current assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 22,013 | $ | 3,912 | $ | 30,847 | $ | — | $ | 56,772 | |||||||||||
Accounts and notes receivable, net | — | 519,951 | 144,463 | (38,222 | ) | 626,192 | |||||||||||||||
Merchandise inventories | — | 816,915 | 60,061 | (4,519 | ) | 872,457 | |||||||||||||||
Other current assets | (24,748 | ) | 90,733 | 224,220 | 25,080 | 315,285 | |||||||||||||||
Total current assets | (2,735 | ) | 1,431,511 | 459,591 | (17,661 | ) | 1,870,706 | ||||||||||||||
Property and equipment, net | — | 110,076 | 122,903 | — | 232,979 | ||||||||||||||||
Goodwill, net | — | 247,271 | 176,005 | — | 423,276 | ||||||||||||||||
Intangible assets, net | — | 15,805 | 92,788 | — | 108,593 | ||||||||||||||||
Due from O&M and subsidiaries | — | 357,304 | — | (357,304 | ) | — | |||||||||||||||
Advances to and investments in consolidated subsidiaries | 1,893,767 | — | — | (1,893,767 | ) | — | |||||||||||||||
Other assets, net | 4,637 | 66,836 | 28,379 | — | 99,852 | ||||||||||||||||
Total assets | $ | 1,895,669 | $ | 2,228,803 | $ | 879,666 | $ | (2,268,732 | ) | $ | 2,735,406 | ||||||||||
Liabilities and equity | |||||||||||||||||||||
Current liabilities | |||||||||||||||||||||
Accounts payable | $ | — | $ | 567,285 | $ | 54,898 | $ | (13,337 | ) | $ | 608,846 | ||||||||||
Accrued payroll and related liabilities | — | 16,434 | 15,073 | — | 31,507 | ||||||||||||||||
Deferred income taxes | — | 39,667 | (1,688 | ) | — | 37,979 | |||||||||||||||
Other current liabilities | 6,441 | 83,698 | 236,084 | — | 326,223 | ||||||||||||||||
Total current liabilities | 6,441 | 707,084 | 304,367 | (13,337 | ) | 1,004,555 | |||||||||||||||
Long-term debt, excluding current portion | 547,763 | 39,915 | 20,873 | — | 608,551 | ||||||||||||||||
Due to O&M and subsidiaries | 350,627 | — | 77,788 | (428,415 | ) | — | |||||||||||||||
Intercompany debt | — | 138,890 | — | (138,890 | ) | — | |||||||||||||||
Deferred income taxes | — | 33,162 | 30,739 | — | 63,901 | ||||||||||||||||
Other liabilities | — | 55,794 | 11,767 | — | 67,561 | ||||||||||||||||
Total liabilities | 904,831 | 974,845 | 445,534 | (580,642 | ) | 1,744,568 | |||||||||||||||
Equity | — | ||||||||||||||||||||
Common stock | 126,140 | — | — | — | 126,140 | ||||||||||||||||
Paid-in capital | 202,934 | 241,877 | 514,314 | (756,191 | ) | 202,934 | |||||||||||||||
Retained earnings (deficit) | 685,765 | 1,022,379 | (66,479 | ) | (955,900 | ) | 685,765 | ||||||||||||||
Accumulated other comprehensive income (loss) | (24,001 | ) | (10,298 | ) | (13,703 | ) | 24,001 | (24,001 | ) | ||||||||||||
Total equity | 990,838 | 1,253,958 | 434,132 | (1,688,090 | ) | 990,838 | |||||||||||||||
Total liabilities and equity | $ | 1,895,669 | $ | 2,228,803 | $ | 879,666 | $ | (2,268,732 | ) | $ | 2,735,406 | ||||||||||
Condensed Consolidating Financial Information | |||||||||||||||||||||
31-Dec-13 | Owens & | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||
Minor, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||
Balance Sheets | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Current assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 74,391 | $ | 2,012 | $ | 25,502 | $ | — | $ | 101,905 | |||||||||||
Accounts and notes receivable, net | — | 496,310 | 79,722 | (3,178 | ) | 572,854 | |||||||||||||||
Merchandise inventories | — | 750,999 | 22,128 | (1,464 | ) | 771,663 | |||||||||||||||
Other current assets | 201 | 72,049 | 207,058 | 202 | 279,510 | ||||||||||||||||
Total current assets | 74,592 | 1,321,370 | 334,410 | (4,440 | ) | 1,725,932 | |||||||||||||||
Property and equipment, net | 2 | 96,500 | 95,459 | — | 191,961 | ||||||||||||||||
Goodwill, net | — | 247,271 | 28,168 | — | 275,439 | ||||||||||||||||
Intangible assets, net | — | 17,881 | 22,525 | — | 40,406 | ||||||||||||||||
Due from O&M and subsidiaries | — | 377,786 | — | (377,786 | ) | — | |||||||||||||||
Advances to and investments in consolidated subsidiaries | 1,533,294 | — | — | (1,533,294 | ) | — | |||||||||||||||
Other assets, net | 408 | 63,848 | 26,048 | — | 90,304 | ||||||||||||||||
Total assets | $ | 1,608,296 | $ | 2,124,656 | $ | 506,610 | $ | (1,915,520 | ) | $ | 2,324,042 | ||||||||||
Liabilities and equity | |||||||||||||||||||||
Current liabilities | |||||||||||||||||||||
Accounts payable | $ | — | $ | 595,865 | $ | 51,185 | $ | (3,178 | ) | $ | 643,872 | ||||||||||
Accrued payroll and related liabilities | — | 12,792 | 10,504 | — | 23,296 | ||||||||||||||||
Deferred income taxes | — | 41,464 | 149 | — | 41,613 | ||||||||||||||||
Other current liabilities | 6,811 | 87,795 | 186,821 | — | 281,427 | ||||||||||||||||
Total current liabilities | 6,811 | 737,916 | 248,659 | (3,178 | ) | 990,208 | |||||||||||||||
Long-term debt, excluding current portion | 204,028 | 7,228 | 1,530 | — | 212,786 | ||||||||||||||||
Due to O&M and subsidiaries | 373,544 | — | 2,910 | (376,454 | ) | — | |||||||||||||||
Intercompany debt | — | 138,890 | — | (138,890 | ) | — | |||||||||||||||
Deferred income taxes | — | 32,173 | 11,554 | — | 43,727 | ||||||||||||||||
Other liabilities | — | 47,816 | 4,462 | — | 52,278 | ||||||||||||||||
Total liabilities | 584,383 | 964,023 | 269,115 | (518,522 | ) | 1,298,999 | |||||||||||||||
Equity | |||||||||||||||||||||
Common stock | 126,193 | — | 1,500 | (1,500 | ) | 126,193 | |||||||||||||||
Paid-in capital | 196,605 | 242,024 | 259,864 | (501,888 | ) | 196,605 | |||||||||||||||
Retained earnings (deficit) | 691,547 | 925,184 | (41,029 | ) | (884,155 | ) | 691,547 | ||||||||||||||
Accumulated other comprehensive income (loss) | 9,568 | (6,575 | ) | 16,030 | (9,455 | ) | 9,568 | ||||||||||||||
Total Owens & Minor, Inc. shareholders’ equity | 1,023,913 | 1,160,633 | 236,365 | (1,396,998 | ) | 1,023,913 | |||||||||||||||
Noncontrolling interest | — | — | 1,130 | — | 1,130 | ||||||||||||||||
Total equity | 1,023,913 | 1,160,633 | 237,495 | (1,396,998 | ) | 1,025,043 | |||||||||||||||
Total liabilities and equity | $ | 1,608,296 | $ | 2,124,656 | $ | 506,610 | $ | (1,915,520 | ) | $ | 2,324,042 | ||||||||||
Condensed Consolidating Financial Information | |||||||||||||||||||||
Year ended December 31, 2014 | Owens & | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||
Minor, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||
Statements of Cash Flows | |||||||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net income (loss) | $ | 66,503 | $ | 127,164 | $ | (27,725 | ) | $ | (99,439 | ) | $ | 66,503 | |||||||||
Adjustments to reconcile net income to cash (used for) provided by operating activities: | |||||||||||||||||||||
Equity in earnings of subsidiaries | (96,384 | ) | — | — | 96,384 | — | |||||||||||||||
Depreciation and amortization | 2 | 35,879 | 27,526 | — | 63,407 | ||||||||||||||||
Loss on early retirement of debt | 14,890 | — | — | — | 14,890 | ||||||||||||||||
Share-based compensation expense | — | 8,369 | (162 | ) | — | 8,207 | |||||||||||||||
Provision for losses on accounts and notes receivable | — | (36 | ) | 484 | — | 448 | |||||||||||||||
Deferred income tax (benefit) expense | — | 1,292 | (4,677 | ) | — | (3,385 | ) | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||
Accounts and notes receivable | — | (24,440 | ) | 6,185 | 452 | (17,803 | ) | ||||||||||||||
Merchandise inventories | — | (65,916 | ) | 8,308 | 279 | (57,329 | ) | ||||||||||||||
Accounts payable | — | (28,580 | ) | (24,613 | ) | 1,045 | (52,148 | ) | |||||||||||||
Net change in other assets and liabilities | (455 | ) | (12,341 | ) | (14,311 | ) | 1,279 | (25,828 | ) | ||||||||||||
Other, net | (1,161 | ) | (9 | ) | 447 | — | (723 | ) | |||||||||||||
Cash provided by (used for) operating activities of continuing operations | (16,605 | ) | 41,382 | (28,538 | ) | — | (3,761 | ) | |||||||||||||
Investing activities: | |||||||||||||||||||||
Acquisitions, net of cash acquired | — | — | (248,536 | ) | — | (248,536 | ) | ||||||||||||||
Additions to property and equipment | — | (34,475 | ) | (13,949 | ) | — | (48,424 | ) | |||||||||||||
Additions to computer software and intangible assets | — | (18,054 | ) | (4,330 | ) | — | (22,384 | ) | |||||||||||||
Proceeds from the sale of investments | 1,937 | — | 1,937 | ||||||||||||||||||
Proceeds from sale of property and equipment | — | 156 | — | — | 156 | ||||||||||||||||
Cash used for investing activities of continuing operations | — | (50,436 | ) | (266,815 | ) | — | (317,251 | ) | |||||||||||||
Financing activities: | |||||||||||||||||||||
Proceeds from issuance of debt | 547,693 | — | — | — | 547,693 | ||||||||||||||||
Proceeds from revolver | — | 33,700 | — | — | 33,700 | ||||||||||||||||
Repayment of debt | (217,352 | ) | — | — | — | (217,352 | ) | ||||||||||||||
Change in intercompany advances | (287,275 | ) | (21,106 | ) | 308,381 | — | — | ||||||||||||||
Cash dividends paid | (63,104 | ) | — | — | — | (63,104 | ) | ||||||||||||||
Repurchases of common stock | (9,934 | ) | — | — | — | (9,934 | ) | ||||||||||||||
Financing costs paid | (4,780 | ) | (611 | ) | — | — | (5,391 | ) | |||||||||||||
Excess tax benefits related to share-based compensation | 582 | — | — | — | 582 | ||||||||||||||||
Proceeds from exercise of stock options | 1,180 | — | — | — | 1,180 | ||||||||||||||||
Purchase of NCI | (1,500 | ) | (1,500 | ) | |||||||||||||||||
Other, net | (2,783 | ) | (1,029 | ) | (3,502 | ) | — | (7,314 | ) | ||||||||||||
Cash provided by (used for) financing activities | (35,773 | ) | 10,954 | 303,379 | — | 278,560 | |||||||||||||||
Effect of exchange rates on cash and cash equivalents | — | — | (2,681 | ) | — | (2,681 | ) | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | (52,378 | ) | 1,900 | 5,345 | — | (45,133 | ) | ||||||||||||||
Cash and cash equivalents at beginning of year | 74,391 | 2,012 | 25,502 | — | 101,905 | ||||||||||||||||
Cash and cash equivalents at end of year | $ | 22,013 | $ | 3,912 | $ | 30,847 | $ | — | $ | 56,772 | |||||||||||
Condensed Consolidating Financial Information | |||||||||||||||||||||
Year ended December 31, 2013 | Owens & | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||
Minor, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||
Statements of Cash Flows | |||||||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net income (loss) | $ | 110,882 | $ | 123,856 | $ | (3,990 | ) | $ | (119,866 | ) | $ | 110,882 | |||||||||
Adjustments to reconcile net income to cash provided by (used for) operating activities: | |||||||||||||||||||||
Equity in earnings of subsidiaries | (119,084 | ) | — | — | 119,084 | — | |||||||||||||||
Depreciation and amortization | 14 | 35,712 | 14,860 | — | 50,586 | ||||||||||||||||
Share-based compensation expense | — | 6,381 | — | — | 6,381 | ||||||||||||||||
Deferred income tax (benefit) expense | — | 5,821 | (2,108 | ) | — | 3,713 | |||||||||||||||
Provision for losses on accounts and notes receivable | — | 278 | 509 | — | 787 | ||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||
Accounts and notes receivable | — | (22,055 | ) | (16,522 | ) | (68 | ) | (38,645 | ) | ||||||||||||
Merchandise inventories | — | (170 | ) | (7,676 | ) | 782 | (7,064 | ) | |||||||||||||
Accounts payable | (45,300 | ) | 77,320 | 15,286 | 68 | 47,374 | |||||||||||||||
Net change in other assets and liabilities | 1,774 | (12,068 | ) | (22,043 | ) | — | (32,337 | ) | |||||||||||||
Other, net | (1,541 | ) | 515 | (97 | ) | — | (1,123 | ) | |||||||||||||
Cash provided by (used for) operating activities | (53,255 | ) | 215,590 | — | (21,781 | ) | — | 140,554 | |||||||||||||
Investing activities: | |||||||||||||||||||||
Additions to computer software and intangible assets | — | (21,773 | ) | (10,237 | ) | — | (32,010 | ) | |||||||||||||
Additions to property and equipment | — | (21,029 | ) | (7,090 | ) | — | (28,119 | ) | |||||||||||||
Proceeds from sale of property and equipment | — | 2,746 | 305 | — | 3,051 | ||||||||||||||||
Cash used for investing activities | — | (40,056 | ) | (17,022 | ) | — | (57,078 | ) | |||||||||||||
Financing activities: | |||||||||||||||||||||
Change in intercompany advances | 145,354 | (184,092 | ) | 38,738 | — | — | |||||||||||||||
Cash dividends paid | (60,731 | ) | — | — | — | (60,731 | ) | ||||||||||||||
Repurchases of common stock | (18,876 | ) | — | — | — | (18,876 | ) | ||||||||||||||
Proceeds from exercise of stock options | 5,352 | — | — | — | 5,352 | ||||||||||||||||
Excess tax benefits related to share-based compensation | 898 | — | — | — | 898 | ||||||||||||||||
Other, net | (2,541 | ) | (3,071 | ) | (3,011 | ) | — | (8,623 | ) | ||||||||||||
Cash provided by (used for) financing activities | 69,456 | (187,163 | ) | 35,727 | — | (81,980 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 2,521 | — | 2,521 | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 16,201 | (11,629 | ) | (555 | ) | — | 4,017 | ||||||||||||||
Cash and cash equivalents at beginning of year | 58,190 | 13,641 | 26,057 | — | 97,888 | ||||||||||||||||
Cash and cash equivalents at end of year | $ | 74,391 | $ | 2,012 | $ | 25,502 | $ | — | $ | 101,905 | |||||||||||
Condensed Consolidating Financial Information | |||||||||||||||||||||
Year ended December 31, 2012 | Owens & | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||
Minor, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||
Statements of Cash Flows | |||||||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net income (loss) | $ | 109,003 | $ | 134,276 | $ | (13,462 | ) | $ | (120,814 | ) | $ | 109,003 | |||||||||
Adjustments to reconcile net income to cash provided by (used for) operating activities: | |||||||||||||||||||||
Equity in earnings of subsidiaries | (120,133 | ) | — | — | 120,133 | — | |||||||||||||||
Depreciation and amortization | 1 | 34,944 | 4,659 | — | 39,604 | ||||||||||||||||
Deferred income tax expense | — | 2,933 | (1,873 | ) | — | 1,060 | |||||||||||||||
Share-based compensation expense | — | 5,697 | — | — | 5,697 | ||||||||||||||||
Provision for losses on accounts and notes receivable | — | 587 | 417 | — | 1,004 | ||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||
Accounts and notes receivable | — | 31,513 | (7,599 | ) | 3,247 | 27,161 | |||||||||||||||
Merchandise inventories | — | 56,235 | 1,818 | 681 | 58,734 | ||||||||||||||||
Accounts payable | (67,800 | ) | 55,941 | (3,585 | ) | (3,250 | ) | (18,694 | ) | ||||||||||||
Net change in other assets and liabilities | 19 | (2,653 | ) | (1,859 | ) | 3 | (4,490 | ) | |||||||||||||
Other, net | (1,738 | ) | 1,236 | (71 | ) | — | (573 | ) | |||||||||||||
Cash provided by (used for) operating activities | (80,648 | ) | 320,709 | (21,555 | ) | — | 218,506 | ||||||||||||||
Investing activities: | |||||||||||||||||||||
Acquisition, net of cash acquired | — | — | (155,210 | ) | — | (155,210 | ) | ||||||||||||||
Additions to property and equipment | — | (4,249 | ) | (5,583 | ) | — | (9,832 | ) | |||||||||||||
Additions to computer software and intangible assets | — | (27,960 | ) | (1,171 | ) | — | (29,131 | ) | |||||||||||||
Proceeds from sale of property and equipment | — | 1,057 | 2,241 | — | 3,298 | ||||||||||||||||
Cash used for investing activities | — | (31,152 | ) | (159,723 | ) | — | (190,875 | ) | |||||||||||||
Financing activities: | |||||||||||||||||||||
Change in intercompany advances | 86,131 | (287,200 | ) | 201,069 | — | — | |||||||||||||||
Cash dividends paid | (55,681 | ) | — | — | — | (55,681 | ) | ||||||||||||||
Repurchases of common stock | (15,000 | ) | — | — | — | (15,000 | ) | ||||||||||||||
Financing costs paid | — | (1,303 | ) | — | — | (1,303 | ) | ||||||||||||||
Excess tax benefits related to share-based compensation | 1,293 | — | — | — | 1,293 | ||||||||||||||||
Proceeds from exercise of stock options | 4,986 | — | — | — | 4,986 | ||||||||||||||||
Other, net | (2,901 | ) | (2,222 | ) | 2,413 | — | (2,710 | ) | |||||||||||||
Cash provided by (used for) financing activities | 18,828 | (290,725 | ) | 203,482 | — | (68,415 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 2,734 | — | 2,734 | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (61,820 | ) | (1,168 | ) | 24,938 | — | (38,050 | ) | |||||||||||||
Cash and cash equivalents at beginning of year | 120,010 | 14,809 | 1,119 | — | 135,938 | ||||||||||||||||
Cash and cash equivalents at end of year | $ | 58,190 | $ | 13,641 | $ | 26,057 | $ | — | $ | 97,888 | |||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation. The consolidated financial statements include the accounts of Owens & Minor, Inc. and the subsidiaries it controls, in conformity with U.S generally accepted accounting principles (GAAP). During 2014, we purchased the remaining outside stockholder's interest in a consolidated subsidiary that was partially owned. Therefore we do not present a noncontrolling interest as a component of equity as of December 31, 2014. All significant intercompany accounts and transactions have been eliminated. |
Reclassifications | Reclassifications. Certain prior year amounts have been reclassified to conform to current year presentation. |
Use of Estimates | Use of Estimates. The preparation of the consolidated financial statements in conformity with GAAP requires us to make assumptions and estimates that affect reported amounts and related disclosures. Estimates are used for, but are not limited to, the allowances for losses on accounts and notes receivable, inventory valuation allowances, supplier incentives, depreciation and amortization, goodwill valuation, valuation of intangible assets and other long-lived assets, valuation of property held for sale, self-insurance liabilities, tax liabilities, defined benefit obligations, share-based compensation and other contingencies. Actual results may differ from these estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents. Cash and cash equivalents includes cash and marketable securities with an original maturity or maturity at acquisition of three months or less. Cash and cash equivalents are stated at cost. Nearly all of our cash and cash equivalents are held in cash depository accounts in major banks in the United States and Europe. |
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 and Notes Receivable, Net | Accounts and Notes Receivable, Net. Accounts receivable from customers are recorded at the invoiced amount. We assess finance charges on overdue accounts receivable that are recognized as other operating income based on their estimated ultimate collectability. We have arrangements with certain customers under which they make deposits on account. Customer deposits in excess of outstanding receivable balances are classified as other current liabilities. |
We maintain valuation allowances based upon the expected collectability of accounts and notes 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. | |
Financing Receivables and Payables | Financing Receivables and Payables. We have an order-to-cash program in our International segment under which we invoice manufacturers’ customers and remit collected amounts to the manufacturers. We retain credit risk for certain uncollected receivables under this program where contractually obligated. We continually monitor the expected collectability in this program and maintain valuation allowances when it is likely that an amount may be or may become uncollectible. Allowances are estimated based on a number of factors including creditworthiness of customers, age of the receivables and historical experience. We write off uncollected receivables under this program when collection is no longer being pursued. At December 31, 2014 and 2013, the allowance for uncollectible accounts as part of this program was $0.4 million and $0.1 million. Fees charged for this program are included in net revenue. Product pricing and related product risks are retained by the manufacturer. Balances receivable and related amounts payable under this program are classified in other current assets and other current liabilities in the consolidated balance sheets. |
Merchandise Inventories | Merchandise Inventories. Merchandise inventories are valued at the lower of cost or market, with cost determined by the last-in, first-out (LIFO) method for Domestic segment inventories. Cost of International segment inventories is determined using the first-in, first out (FIFO) method. |
Property and Equipment | Property and Equipment. Property and equipment are stated at cost less accumulated depreciation or, if acquired under capital leases, at the lower of the present value of minimum lease payments or fair market value at the inception of the lease less accumulated amortization. Depreciation and amortization expense for financial reporting purposes is computed on a straight-line method over the estimated useful lives of the assets or, for capital leases and leasehold improvements, over the term of the lease, if shorter. In general, the estimated useful lives for computing depreciation and amortization are four to 15 years for warehouse equipment, five to 40 years for buildings and building improvements, and three to eight years for computers, furniture and fixtures, and office and other equipment. Straight-line and accelerated methods of depreciation are used for income tax purposes. Normal maintenance and repairs are expensed as incurred, and renovations and betterments are capitalized. |
Leases | Leases. We have entered into non-cancelable agreements to lease most of our office and warehouse facilities with remaining terms generally ranging from one to fifteen years. We also lease most of our transportation and material handling equipment for terms generally ranging from three to ten years. Certain information technology assets embedded in an outsourcing agreement are accounted for as capital leases. Leases are classified as operating leases or capital leases at their inception. Rent expense for leases with rent holidays or pre-determined rent increases are recognized on a straight-line basis over the lease term. Incentives and allowances for leasehold improvements are deferred and recognized as a reduction of rent expense over the lease term. |
Goodwill | Goodwill. We evaluate goodwill for impairment annually and whenever events occur or changes in circumstance indicate that the carrying amount of goodwill may not be recoverable. In 2014 we changed the date of our annual goodwill impairment test from April 30 to October 1 to better align the timing of our analysis with the annual planning and budgeting process. We review goodwill first by performing a qualitative assessment to determine if it is more likely than not that the fair value of a reporting unit exceeds its carrying value. If not, we then perform a quantitative assessment by first comparing the carrying amount to the fair value of the reporting unit. If the fair value of the reporting unit is determined to be less than its carrying value, a second step is performed to measure the goodwill impairment loss as the excess of the carrying value of the reporting unit’s goodwill over the estimated fair value of its goodwill. We estimate the fair value of the reporting unit using valuation techniques which can include comparable multiples of the unit’s earnings before interest, taxes, depreciation and amortization (EBITDA) and present value of expected cash flows. The EBITDA multiples are based on an analysis of current enterprise values and recent acquisition prices of similar companies, if available. |
Intangible Assets | Intangible Assets. Intangible assets acquired through purchases or business combinations are stated at fair value at the acquisition date and net of accumulated amortization in the consolidated balance sheets. Intangible assets, consisting primarily of customer relationships, customer contracts, non-competition agreements, trademarks, and tradenames are amortized over their estimated useful lives. In determining the useful life of an intangible asset, we consider our historical experience in renewing or extending similar arrangements. Customer relationships are generally amortized over 10 to 15 years and other intangible assets are amortized generally for periods between one and 15 years, based on their pattern of economic benefit or on a straight-line basis. |
Computer Software | Computer Software. We develop and purchase software for internal use. Software development costs incurred during the application development stage are capitalized. Once the software has been installed and tested, and is ready for use, additional costs incurred in connection with the software are expensed as incurred. Capitalized computer software costs are amortized over the estimated useful life of the software, usually between three and ten years. Computer software costs are included in other assets, net, in the consolidated balance sheets. Unamortized software at December 31, 2014 and 2013 was $75.2 million and $74.4 million. Depreciation and amortization expense includes $16.4 million, $14.2 million and $11.0 million of software amortization for the years ended December 31, 2014, 2013 and 2012. Additional amortization of $6.0 million related to the accelerated amortization of an information system which is being replaced in the International segment is included in acquisition-related and exit and realignment charges in the 2014 consolidated statement of income. |
Long-Lived Assets | Long-Lived Assets. Long-lived assets, which include property and equipment, finite-lived intangible assets, and unamortized software costs, are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of long-lived assets may not be recoverable. We assess long-lived assets for potential impairment by comparing the carrying value of an asset, or group of related assets, to their estimated undiscounted future cash flows. |
Self-Insurance Liabilities | Self-Insurance Liabilities. We are self-insured for most employee healthcare, workers’ compensation and automobile liability costs; however, we maintain insurance for individual losses exceeding certain limits. Liabilities are estimated for healthcare costs using current and historical claims data. Liabilities for workers’ compensation and 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 record additional expense or reductions to expense. Self-insurance liabilities are included in other accrued liabilities on the consolidated balance sheets. |
Revenue Recognition | Revenue Recognition. Revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price or fee is fixed or determinable, and collectability is reasonably assured. Under most of our distribution contracts, we record revenue at the time shipment is completed as title passes to the customer when the product is received by the customer. |
Revenue for activity-based fees and other services is recognized as work is performed and as amounts are earned. Depending on the specific contractual provisions and nature of the deliverable, revenue from services may be recognized on a straight-line basis over the term of the service, on a proportional performance model, based on level of effort, or when final deliverables have been provided. Additionally, we generate fees from arrangements that include performance targets related to cost-saving initiatives for customers that result from our supply-chain management services. Achievement against performance targets, measured in accordance with contractual terms, may result in additional fees paid to us or, if performance targets are not achieved, we may be obligated to refund or reduce a portion of our fees or to provide credits toward future purchases by the customer. For these arrangements, all contingent revenue is deferred and recognized as the performance target is achieved and the applicable contingency is released. When we determine that a loss is probable under a contract, the estimated loss is accrued. | |
We allocate revenue for arrangements with multiple deliverables meeting the criteria for a separate unit of accounting using the relative selling price method and recognize revenue for each deliverable in accordance with applicable revenue recognition criteria. | |
In most cases, we record revenue gross, as we are the primary obligor in our sales arrangements, bear the risk of general and physical inventory loss and carry all credit risk associated with sales. When we act as an agent in a sales arrangement and do not bear a significant portion of these risks, primarily for our third-party logistics business, we record revenue net of product cost. Sales taxes collected from customers and remitted to governmental authorities are excluded from revenues. | |
Cost of Goods Sold | Cost of goods sold. Cost of goods sold includes the cost of the product (net of supplier incentives and cash discounts) and all costs incurred for shipments of products from manufacturers to our distribution centers for all customer arrangements where we are the primary obligor, bear the risk of general and physical inventory loss and carry all credit risk associated with sales. We have contractual arrangements with certain suppliers that provide incentives, including cash discounts for prompt payment, operational efficiency and performance-based incentives. These incentives are recognized as a reduction in cost of goods sold as targets become probable of achievement. |
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 third-party logistics business, there is no cost of goods sold and all costs to provide the service to the customer are recorded in SG&A. | |
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 distribution companies. | |
Selling, General and Administrative (SG&A) Expenses | Selling, General and Administrative (SG&A) Expenses. SG&A expenses include shipping and handling costs, labor and other costs for selling and administrative functions associated with our distribution and logistics services and all costs associated with our fee-for-service arrangements. |
Shipping and Handling | Shipping and Handling. Shipping and handling costs are included in SG&A expenses on the consolidated statements of income and include costs to store, move, and prepare products for shipment, as well as costs to deliver products to customers. Shipping and handling costs totaled $576.8 million, $528.2 million and $372.5 million for the years ended December 31, 2014, 2013 and 2012, respectively. Third-party shipping and handling costs billed to customers, which are included in net revenue, are immaterial for all periods presented. |
Share-Based Compensation | Share-Based Compensation. We account for share-based payments to employees at fair value and recognize the related expense in selling, general and administrative expenses over the service period for awards expected to vest. |
Derivative Financial Instruments | Derivative Financial Instruments. We are directly and indirectly affected by changes in certain market conditions, 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, primarily foreign currency exchange risk. We use forward contracts, which are agreements to buy or sell a quantity of a commodity at a predetermined future date, and at a predetermined rate or price. We do not enter into derivative financial instruments for trading purposes. All derivatives are carried at fair value in our consolidated balance sheets, which is determined by using observable market inputs (Level 2). The cash flow impact of the our derivative instruments is primarily included in our consolidated statements of cash flows in net cash provided by operating activities. |
Income Taxes | Income Taxes. We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable 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 from continuing operations 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 earnings in foreign jurisdictions outside the United States, which we consider to be indefinitely reinvested. Accordingly, no United States federal and state income taxes and withholding taxes have been provided on these earnings. Our cash, cash-equivalents, short-term investments, and marketable securities held by our foreign subsidiaries totaled $31.5 million and $22.2 million as of December 31, 2014 and 2013. We do not intend, nor do we foresee a need, to repatriate these funds or other assets held outside the U.S. In the future, should we require more capital to fund discretionary activities in the U.S. than is generated by our domestic operations and is available through our borrowings, we could elect to repatriate cash or other assets from foreign jurisdictions that have previously been considered to be indefinitely reinvested. Upon distribution of these assets, we could be subject to additional U.S. federal and state income taxes and withholding taxes payable to foreign jurisdictions, where applicable. | |
Fair Value Measurements | Fair Value Measurements. Fair value is determined based on assumptions that a market participant would use in pricing an asset or liability. The assumptions used are in accordance with a three-tier hierarchy, defined by GAAP, that draws a distinction between market participant assumptions based on (i) observable inputs such as quoted prices in active markets (Level 1), (ii) inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2) and (iii) unobservable inputs that require the use of present value and other valuation techniques in the determination of fair value (Level 3). |
The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable reported in the consolidated balance sheets approximate fair value due to the short-term nature of these instruments. Property held for sale is reported at estimated fair value less selling costs with fair value determined based on recent sales prices for comparable properties in similar locations (Level 2). The fair value of long-term debt is estimated based on quoted market prices or dealer quotes for the identical liability when traded as an asset in an active market (Level 1) or, if quoted market prices or dealer quotes are not available, on the borrowing rates currently available for loans with similar terms, credit ratings, and average remaining maturities (Level 2). See Notes 7, 10 and 11 for the fair value of property held for sale, debt instruments and derivatives. | |
Acquisition-Related and Exit and Realignment Costs | Acquisition-Related and Exit and Realignment Charges. We present costs incurred in connection with acquisitions in acquisition-related and exit and realignment charges in our consolidated statements of income. Acquisition-related charges consist primarily of transaction costs incurred to perform due diligence and to analyze, negotiate and consummate an acquisition, costs to perform post-closing activities to establish the organizational structure, and costs to transition the acquired company’s information technology and other operations and administrative functions from the former owner. |
Costs associated with exit and realignment activities are recorded at their fair value when incurred. Liabilities are established at the cease-use date for remaining operating lease and other contractual obligations, net of estimated sub-lease income. The net lease termination cost is discounted using a credit-adjusted risk-free rate of interest. We evaluate these assumptions quarterly and adjust the liability accordingly. The current portion of accrued lease and other contractual termination costs is included in other accrued liabilities on the consolidated balance sheets, and the non-current portion is included in other liabilities. Severance benefits are recorded when payment is considered probable and reasonably estimable. | |
Income Per Share | Income Per Share. Basic and diluted income per share are calculated pursuant to the two-class method, under which unvested share-based payment awards containing nonforfeitable rights to dividends are participating securities. |
Foreign Currency Translation | Foreign Currency Translation. Our foreign subsidiaries generally consider their local currency to be their functional currency. Assets and liabilities of these foreign subsidiaries are translated into U.S. dollars at period-end exchange rates and revenues and expenses are translated at average exchange rates during the period. Cumulative currency translation adjustments are included in accumulated other comprehensive income (loss) in shareholders’ equity. Gains and losses on intercompany foreign currency transactions that are long-term in nature and which we do not intend to settle in the foreseeable future are also recognized in other comprehensive income (loss) in shareholders’ equity. Realized gains and losses from foreign currency transactions are recorded in other operating income, net in the consolidated statements of income and were not material to our consolidated results of operations in 2014, 2013, and 2012. |
Business Combinations | Business Combinations. We account for acquired businesses using the acquisition method of accounting, which requires that the assets acquired and liabilities assumed be recorded at the date of acquisition at their respective fair values. Any excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements. During 2014, we adopted Accounting Standard Updates (ASU’s) issued by the Financial Accounting Standards Board (FASB). |
We adopted an Accounting Standard Update (ASU) issued by the Financial Accounting Standards Board (FASB) for presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The adoption of this guidance did not have an impact on our financial position or results of operations. | |
On May 28, 2014, the FASB issued an ASU, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that the ASU will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. | |
Segment Reporting | 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: Domestic and International. Our Domestic segment includes all functions in the United States relating to our role as a healthcare logistics company providing distribution, packaging and logistics services to healthcare providers and manufacturers. The International segment consists of our European third-party logistics and packaging businesses. |
We evaluate the performance of our segments based on their operating earnings excluding acquisition-related and exit and realignment charges, certain purchase price fair value adjustments, and other substantive items that, either as a result of their nature or size, would not be expected to occur as part of the our normal business operations on a a regular basis. |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Combinations [Abstract] | |||||
Schedule of Business Acquisitions, by Acquisition | The following table presents, in the aggregate, the preliminary estimated fair value of the assets acquired and liabilities assumed recognized as of the acquisition date. The allocation of purchase price to assets and liabilities acquired is not yet complete. | ||||
Preliminary Fair | |||||
Value Estimated as of | |||||
Acquisition Date | |||||
Assets acquired: | |||||
Current assets | $ | 90,608 | |||
Property and equipment | 34,048 | ||||
Goodwill | 150,492 | ||||
Intangible assets | 77,623 | ||||
Total assets | 352,771 | ||||
Liabilities assumed: | |||||
Current liabilities | 64,736 | ||||
Noncurrent liabilities | 26,426 | ||||
Total liabilities | 91,162 | ||||
Fair value of net assets acquired, net of cash | $ | 261,609 | |||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property And Equipment | Property and equipment consists of the following: | |||||||
December 31, | 2014 | 2013 | ||||||
Warehouse equipment | $ | 169,083 | $ | 160,379 | ||||
Computer equipment | 31,162 | 31,784 | ||||||
Building and improvements | 87,974 | 50,225 | ||||||
Leasehold improvements | 58,046 | 49,879 | ||||||
Land and improvements | 17,771 | 17,489 | ||||||
Furniture and fixtures | 12,539 | 11,491 | ||||||
Office equipment and other | 19,781 | 8,240 | ||||||
396,356 | 329,487 | |||||||
Accumulated depreciation | (163,377 | ) | (137,526 | ) | ||||
Property and equipment, net | $ | 232,979 | $ | 191,961 | ||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Schedule of Goodwill | The following table summarizes the changes in the carrying amount of goodwill through December 31, 2014: | |||||||||||||||
Domestic Segment | International Segment | Consolidated Total | ||||||||||||||
Carrying amount of goodwill, December 31, 2013 | $ | 248,498 | $ | 26,941 | $ | 275,439 | ||||||||||
Currency translation adjustments | — | (2,655 | ) | (2,655 | ) | |||||||||||
Acquisitions (See Note 3) | 128,591 | 21,901 | 150,492 | |||||||||||||
Carrying amount of goodwill, December 31, 2014 | $ | 377,089 | $ | 46,187 | $ | 423,276 | ||||||||||
Intangible Assets | Intangible assets at December 31, 2014 and 2013 were as follows: | |||||||||||||||
2014 | 2013 | |||||||||||||||
Customer | Other | Customer | Other | |||||||||||||
Relationships | Intangibles | Relationships | Intangibles | |||||||||||||
Gross intangible assets | $ | 125,448 | $ | 3,405 | $ | 51,544 | $ | 3,933 | ||||||||
Accumulated amortization | (19,773 | ) | (487 | ) | (14,281 | ) | (790 | ) | ||||||||
Net intangible assets | $ | 105,675 | $ | 2,918 | $ | 37,263 | $ | 3,143 | ||||||||
Weighted average useful life | 14 years | 6 years | 13 years | 6 years | ||||||||||||
Exit_and_Realignment_Costs_Tab
Exit and Realignment Costs (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||
Schedule of Exit and Realignment Charges by Segment | Exit and realignment charges by segment for the years ended December 31, 2014, 2013, and 2012 were as follows: | |||||||||||
Year ended December 31, | 2014 | 2013 | 2012 | |||||||||
Domestic segment | $ | 7,223 | $ | 8,176 | $ | (366 | ) | |||||
International segment | 19,490 | 751 | — | |||||||||
Total exit and realignment charges | $ | 26,713 | $ | 8,927 | $ | (366 | ) | |||||
Schedule of Exit and Realignment Cost Accrual Activity | The following table summarizes the activity related to exit and realignment cost accruals through December 31, 2014: | |||||||||||
Lease | Severance and | Total | ||||||||||
obligations | Other | |||||||||||
Accrued exit and realignment charges, January 1, 2012 | $ | 8,264 | $ | 1,831 | $ | 10,095 | ||||||
Provision for exit and realignment activities | 95 | 1,088 | 1,183 | |||||||||
Change in estimate | (2,183 | ) | — | (2,183 | ) | |||||||
Interest accretion | 267 | — | 267 | |||||||||
Cash payments, net of sublease income | (1,345 | ) | (1,803 | ) | (3,148 | ) | ||||||
Accrued exit and realignment charges, December 31, 2012 | 5,098 | 1,116 | 6,214 | |||||||||
Provision for exit and realignment activities | 2,932 | 128 | 3,060 | |||||||||
Cash payments, net of sublease income | (5,596 | ) | (769 | ) | (6,365 | ) | ||||||
Accrued exit and realignment charges, December 31, 2013 | 2,434 | 475 | 2,909 | |||||||||
Provision for exit and realignment activities | 5,592 | 6,338 | 11,930 | |||||||||
Change in estimate | (1,260 | ) | — | (1,260 | ) | |||||||
Cash payments, net of sublease income | (3,191 | ) | (3,926 | ) | (7,117 | ) | ||||||
Accrued exit and realignment charges, December 31, 2014 | $ | 3,575 | $ | 2,887 | $ | 6,462 | ||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||
Debt | Debt consists of the following: | |||||||||||||||
2014 | 2013 | |||||||||||||||
December 31, | Carrying | Estimated | Carrying | Estimated | ||||||||||||
Amount | Fair Value | Amount | Fair Value | |||||||||||||
6.35% Senior Notes, $ 200 million par value, maturing April 2016 | $ | — | $ | — | $ | 204,028 | $ | 218,750 | ||||||||
3.875% Senior Notes, $275 million par value, maturing September 2021 | 273,777 | 275,055 | — | — | ||||||||||||
4.375% Senior Notes, $275 million par value, maturing December 2024 | 273,986 | 283,855 | — | — | ||||||||||||
Revolving Credit Facility | 33,700 | 33,700 | — | — | ||||||||||||
Capital leases | 32,346 | 32,346 | 12,215 | 12,215 | ||||||||||||
Total debt | 613,809 | 624,956 | 216,243 | 230,965 | ||||||||||||
Less current maturities | (5,258 | ) | (5,258 | ) | (3,457 | ) | (3,457 | ) | ||||||||
Long-term debt | $ | 608,551 | $ | 619,698 | $ | 212,786 | $ | 227,508 | ||||||||
Schedule of Future Minimum Lease Payments for Capital Leases | As of December 31, 2014, we were obligated under capital leases for minimum annual rental payments as follows: | |||||||||||||||
Year | ||||||||||||||||
2015 | $ | 7,306 | ||||||||||||||
2016 | 6,816 | |||||||||||||||
2017 | 5,744 | |||||||||||||||
2018 | 4,673 | |||||||||||||||
2019 | 3,459 | |||||||||||||||
Thereafter | 18,187 | |||||||||||||||
Total minimum lease payments | 46,185 | |||||||||||||||
Less: Amounts representing interest | (13,839 | ) | ||||||||||||||
Present value of total minimum lease payments | 32,346 | |||||||||||||||
Less: Current portion of capital lease obligations | (5,258 | ) | ||||||||||||||
Long-term portion of capital lease obligations | $ | 27,088 | ||||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
Activity and Value of Nonvested Restricted Stock and Performance Share Awards | The following table summarizes the activity and value of nonvested restricted stock and performance share awards for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Number of | Weighted | Number of | Weighted | Number of | Weighted | ||||||||||||||||
Shares | Average | Shares | Average | Shares | Average | ||||||||||||||||
(000’s) | Grant-date | (000’s) | Grant-date | (000’s) | Grant-date | ||||||||||||||||
Value | Value | Value | |||||||||||||||||||
(per share) | (per share) | (per share) | |||||||||||||||||||
Nonvested awards at beginning of year | 738 | $ | 30.81 | 720 | $ | 30.14 | 826 | $ | 27.97 | ||||||||||||
Granted | 371 | 33.69 | 339 | 31.65 | 298 | 29.86 | |||||||||||||||
Vested | (201 | ) | 31.01 | (206 | ) | 30.22 | (300 | ) | 23.69 | ||||||||||||
Forfeited | (94 | ) | 30.89 | (115 | ) | 30.51 | (104 | ) | 30.35 | ||||||||||||
Nonvested awards at end of year | 814 | 33.29 | 738 | 30.81 | 720 | 30.14 | |||||||||||||||
Summary of Activity and Terms of Outstanding Options | The following table summarizes the activity and terms of outstanding options at December 31, 2014, and for each of the years in the three-year period then ended: | ||||||||||||||||||||
Number of | Weighted Average | Weighted Average | Aggregate | ||||||||||||||||||
Options (000’s) | Exercise Price | Remaining | Intrinsic Value | ||||||||||||||||||
(per share) | Contractual Life | (millions) | |||||||||||||||||||
(years) | |||||||||||||||||||||
Options outstanding at December 31, 2011 | 556 | $ | 21.72 | ||||||||||||||||||
Exercised | (237 | ) | 21.04 | ||||||||||||||||||
Forfeited | (7 | ) | 21.07 | ||||||||||||||||||
Options outstanding at December 31, 2012 | 312 | 22.25 | |||||||||||||||||||
Exercised | (244 | ) | 21.97 | ||||||||||||||||||
Forfeited | (4 | ) | 21.72 | ||||||||||||||||||
Options outstanding at December 31, 2013 | 64 | 23.33 | |||||||||||||||||||
Exercised | (49 | ) | 24.21 | ||||||||||||||||||
Forfeited | — | — | |||||||||||||||||||
Options outstanding at December 31, 2014 | 15 | 20.49 | 0.8 | $ | 0.2 | ||||||||||||||||
Stock Option Groups | At December 31, 2014, the following stock option groups were outstanding: | ||||||||||||||||||||
Number of | Weighted | Weighted | |||||||||||||||||||
Options | Average | Average | |||||||||||||||||||
(000’s) | Exercise | Remaining | |||||||||||||||||||
Price | Contractual | ||||||||||||||||||||
(per share) | Life | ||||||||||||||||||||
(years) | |||||||||||||||||||||
Range of Exercise Prices (per share) | |||||||||||||||||||||
$17.01— $22.00 | 15 | $ | 20.49 | 0.8 | |||||||||||||||||
Options outstanding at December 31, 2014 | 15 | 20.49 | 0.8 | ||||||||||||||||||
Retirement_Plans_Tables
Retirement Plans (Tables) (Domestic Retirement Plans) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Domestic Retirement Plans | ||||||||||||
Domestic Retirement Plan's Financial Status and Amounts Recognized in Consolidated Balance Sheets | The following table sets forth the Domestic Retirement Plan’s financial status and the amounts recognized in our consolidated balance sheets: | |||||||||||
December 31, | 2014 | 2013 | ||||||||||
Change in benefit obligation | ||||||||||||
Benefit obligation, beginning of year | $ | 42,011 | $ | 46,759 | ||||||||
Interest cost | 1,849 | 1,608 | ||||||||||
Actuarial (gain) loss | 6,820 | (4,700 | ) | |||||||||
Benefits paid | (1,625 | ) | (1,656 | ) | ||||||||
Benefit obligation, end of year | $ | 49,055 | $ | 42,011 | ||||||||
Change in plan assets | ||||||||||||
Fair value of plan assets, beginning of year | $ | — | $ | — | ||||||||
Employer contribution | 1,625 | 1,656 | ||||||||||
Benefits paid | (1,625 | ) | (1,656 | ) | ||||||||
Fair value of plan assets, end of year | $ | — | $ | — | ||||||||
Funded status at December 31 | $ | (49,055 | ) | $ | (42,011 | ) | ||||||
Amounts recognized in the consolidated balance sheets | ||||||||||||
Other current liabilities | $ | (1,770 | ) | $ | (1,831 | ) | ||||||
Other liabilities | (47,282 | ) | (40,178 | ) | ||||||||
Accumulated other comprehensive loss | 16,853 | 10,849 | ||||||||||
Net amount recognized | $ | (32,199 | ) | $ | (31,160 | ) | ||||||
Accumulated benefit obligation | $ | 49,055 | $ | 42,011 | ||||||||
Weighted average assumptions used to determine benefit obligation | ||||||||||||
Discount rate | 3.75 | % | 4.5 | % | ||||||||
Rate of increase in compensation levels | N/A | N/A | ||||||||||
Components of Net Periodic Benefit Cost for Domestic Retirement Plan | The components of net periodic benefit cost for the Domestic Retirement Plan, which is included in selling, general, and administrative expenses in the consolidated statements of income, are as follows: | |||||||||||
Year ended December 31, | 2014 | 2013 | 2012 | |||||||||
Service cost | $ | — | $ | — | $ | 130 | ||||||
Interest cost | 1,849 | 1,608 | 1,616 | |||||||||
Recognized net actuarial loss | 816 | 1,366 | 971 | |||||||||
Curtailment loss | — | — | 234 | |||||||||
Net periodic benefit cost | $ | 2,665 | $ | 2,974 | $ | 2,951 | ||||||
Weighted average assumptions used to determine net periodic benefit cost | ||||||||||||
Discount rate | 4.5 | % | 3.5 | % | 4 | % | ||||||
Rate of increase in future compensation levels | N/A | N/A | 3 | % | ||||||||
Amounts Recognized As Component of Accumulated Other Comprehensive Loss, Domestic | ||||||||||||
Year ended December 31, | 2014 | 2013 | ||||||||||
Net actuarial loss | $ | (16,853 | ) | $ | (10,848 | ) | ||||||
Deferred tax benefit | 6,573 | 4,231 | ||||||||||
Amounts included in accumulated other comprehensive income (loss), net of tax | $ | (10,280 | ) | $ | (6,617 | ) | ||||||
Expected Benefit Payments Required For Domestic Retirement Plan | As of December 31, 2014, the expected benefit payments required for each of the next five years and the five-year period thereafter for the Domestic Retirement Plan are as follows: | |||||||||||
Year | ||||||||||||
2015 | $ | 1,803 | ||||||||||
2016 | 1,937 | |||||||||||
2017 | 2,056 | |||||||||||
2018 | 2,179 | |||||||||||
2019 | 2,266 | |||||||||||
2020-2024 | 12,711 | |||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Components of Income (Loss) before Income Taxes | The components of income (loss) before income taxes consist of the following: | |||||||||||
Year ended December 31, | 2014 | 2013 | 2012 | |||||||||
Income (loss) before income taxes: | ||||||||||||
U.S. | $ | 155,132 | $ | 192,239 | $ | 192,978 | ||||||
Foreign | (28,649 | ) | (7,254 | ) | (9,622 | ) | ||||||
Income before income taxes | $ | 126,483 | $ | 184,985 | $ | 183,356 | ||||||
Income Tax Provision | The income tax provision consists of the following: | |||||||||||
Year ended December 31, | 2014 | 2013 | 2012 | |||||||||
Current tax provision (benefit): | ||||||||||||
Federal | $ | 52,178 | $ | 58,487 | $ | 62,859 | ||||||
State | 9,801 | 10,455 | 10,537 | |||||||||
Foreign | 1,386 | 1,448 | (103 | ) | ||||||||
Total current tax provision | 63,365 | 70,390 | 73,293 | |||||||||
Deferred tax provision (benefit): | ||||||||||||
Federal | 282 | 5,455 | 2,529 | |||||||||
State | 295 | 394 | 438 | |||||||||
Foreign | (3,962 | ) | (2,136 | ) | (1,907 | ) | ||||||
Total deferred tax provision | (3,385 | ) | 3,713 | 1,060 | ||||||||
Total income tax provision | $ | 59,980 | $ | 74,103 | $ | 74,353 | ||||||
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: | |||||||||||
Year ended December 31, | 2014 | 2013 | 2012 | |||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
Increases in the rate resulting from: | ||||||||||||
State income taxes, net of federal income tax impact | 5.2 | % | 3.9 | % | 3.9 | % | ||||||
Foreign income taxes | 1.7 | % | (0.9 | )% | (0.4 | )% | ||||||
Valuation allowance | 3.2 | % | 1.3 | % | 1.1 | % | ||||||
Other | 2.3 | % | 0.8 | % | 1 | % | ||||||
Effective income tax rate | 47.4 | % | 40.1 | % | 40.6 | % | ||||||
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, | 2014 | 2013 | ||||||||||
Deferred tax assets: | ||||||||||||
Employee benefit plans | $ | 36,127 | $ | 28,892 | ||||||||
Accrued liabilities not currently deductible | 9,937 | 13,591 | ||||||||||
Finance charges | 6,951 | 6,316 | ||||||||||
Capital leases | 9,081 | 4,419 | ||||||||||
Allowance for losses on accounts and notes receivable | 4,100 | 3,922 | ||||||||||
Net operating loss carryforwards | 14,150 | 8,643 | ||||||||||
Other | 3,432 | 2,083 | ||||||||||
Total deferred tax assets | 83,778 | 67,866 | ||||||||||
Less: valuation allowances | (9,639 | ) | (5,250 | ) | ||||||||
Net deferred tax assets | 74,139 | 62,616 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Merchandise inventories | 66,864 | 69,994 | ||||||||||
Goodwill | 35,495 | 33,455 | ||||||||||
Property and equipment | 21,578 | 20,938 | ||||||||||
Computer software | 17,399 | 11,400 | ||||||||||
Insurance | 539 | 1,070 | ||||||||||
Intangible assets | 24,750 | 2,352 | ||||||||||
Other | 1,410 | 585 | ||||||||||
Total deferred tax liabilities | 168,035 | 139,794 | ||||||||||
Net deferred tax liability | $ | (93,896 | ) | $ | (77,178 | ) | ||||||
Reconciliation of Changes In Unrecognized Tax Benefits | At December 31, 2013 and 2012, the liability for unrecognized tax benefits was $6.7 million and $4.6 million. A reconciliation of the changes in unrecognized tax benefits from the beginning to the end of the reporting period is as follows: | |||||||||||
2014 | 2013 | |||||||||||
Unrecognized tax benefits at January 1, | $ | 4,648 | $ | 12,303 | ||||||||
Increases for positions taken during current period | 1,074 | 758 | ||||||||||
Increases for positions taken during prior periods | 62 | 333 | ||||||||||
Decreases for positions taken during prior periods | (438 | ) | (4,939 | ) | ||||||||
Acquired unrecognized tax benefits | 1,374 | — | ||||||||||
Lapse of statute of limitations | (8 | ) | (3,580 | ) | ||||||||
Settlements with taxing authorities | (28 | ) | (227 | ) | ||||||||
Unrecognized tax benefits at December 31, | $ | 6,684 | $ | 4,648 | ||||||||
Net_Income_per_Common_Share_Ta
Net Income per Common Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Summary of Calculation of Net Income Per Share | The following table summarizes the calculation of net income per share attributable to common shareholders for the years ended December 31, 2014, 2013, and 2012. | |||||||||||
Year ended December 31, | 2014 | 2013 | 2012 | |||||||||
Numerator: | ||||||||||||
Net income | $ | 66,503 | $ | 110,882 | $ | 109,003 | ||||||
Less: income allocated to unvested restricted shares | (597 | ) | (738 | ) | (749 | ) | ||||||
Net income attributable to common shareholders—basic | 65,906 | 110,144 | 108,254 | |||||||||
Add: undistributed income attributable to unvested restricted shares—basic | 18 | 257 | 292 | |||||||||
Less: undistributed income attributable to unvested restricted shares—diluted | (18 | ) | (257 | ) | (292 | ) | ||||||
Net income attributable to common shareholders—diluted | $ | 65,906 | $ | 110,144 | $ | 108,254 | ||||||
Denominator: | ||||||||||||
Weighted average shares outstanding—basic | 62,220 | 62,625 | 62,765 | |||||||||
Dilutive shares—stock options | 6 | 36 | 79 | |||||||||
Weighted average shares outstanding—diluted | 62,226 | 62,661 | 62,844 | |||||||||
Net income attributable to common shareholders: | ||||||||||||
Basic | $ | 1.06 | $ | 1.76 | $ | 1.72 | ||||||
Diluted | $ | 1.06 | $ | 1.76 | $ | 1.72 | ||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Equity [Abstract] | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables show the changes in accumulated other comprehensive income (loss) by component for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||
Retirement Plans | Currency Translation Adjustments | Other | Total | |||||||||||||
Accumulated other comprehensive income (loss), December 31, 2013 | $ | (6,479 | ) | $ | 15,892 | $ | 155 | $ | 9,568 | |||||||
Other comprehensive income (loss) before reclassifications | (7,021 | ) | (29,539 | ) | (73 | ) | (36,633 | ) | ||||||||
Income tax | 2,671 | — | — | 2,671 | ||||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | (4,350 | ) | (29,539 | ) | (73 | ) | (33,962 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 816 | — | (185 | ) | 631 | |||||||||||
Income tax | (310 | ) | — | 72 | (238 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 506 | — | (113 | ) | 393 | |||||||||||
Other comprehensive income (loss) | (3,844 | ) | (29,539 | ) | (186 | ) | (33,569 | ) | ||||||||
Accumulated other comprehensive income (loss), December 31, 2014 | $ | (10,323 | ) | $ | (13,647 | ) | $ | (31 | ) | $ | (24,001 | ) | ||||
Retirement Plans | Currency Translation Adjustments | Other | Total | |||||||||||||
Accumulated other comprehensive income (loss), December 31, 2012 | $ | (10,318 | ) | $ | 9,749 | $ | 163 | $ | (406 | ) | ||||||
Other comprehensive income (loss) before reclassifications | 4,902 | 6,254 | — | 11,156 | ||||||||||||
Income tax | (1,897 | ) | (111 | ) | — | (2,008 | ) | |||||||||
Other comprehensive income before reclassifications, net of tax | 3,005 | 6,143 | — | 9,148 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 1,366 | — | (40 | ) | 1,326 | |||||||||||
Income tax | (532 | ) | — | 32 | (500 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 834 | — | (8 | ) | 826 | |||||||||||
Other comprehensive income (loss) | 3,839 | 6,143 | (8 | ) | 9,974 | |||||||||||
Accumulated other comprehensive income (loss), December 31, 2013 | $ | (6,479 | ) | $ | 15,892 | $ | 155 | $ | 9,568 | |||||||
Retirement Plans | Currency Translation Adjustments | Other | Total | |||||||||||||
Accumulated other comprehensive income (loss), December 31, 2011 | $ | (7,707 | ) | $ | — | $ | 213 | $ | (7,494 | ) | ||||||
Other comprehensive income (loss) before reclassifications | (5,487 | ) | 9,959 | — | 4,472 | |||||||||||
Income tax | 2,141 | (210 | ) | — | 1,931 | |||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | (3,346 | ) | 9,749 | — | 6,403 | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 1,205 | — | (82 | ) | 1,123 | |||||||||||
Income tax | (470 | ) | — | 32 | (438 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 735 | — | (50 | ) | 685 | |||||||||||
Other comprehensive income (loss) | (2,611 | ) | 9,749 | (50 | ) | 7,088 | ||||||||||
Accumulated other comprehensive income (loss), December 31, 2012 | $ | (10,318 | ) | $ | 9,749 | $ | 163 | $ | (406 | ) | ||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Future Minimum Annual Payments Under Non-Cancelable Lease Agreements | At December 31, 2013, future minimum annual payments under non-cancelable lease agreements with original terms in excess of one year, and including payments required under operating leases for facilities we have vacated, are as follows: | |||
Total | ||||
2015 | $ | 57,530 | ||
2016 | 50,383 | |||
2017 | 43,239 | |||
2018 | 37,682 | |||
2019 | 27,707 | |||
Thereafter | 74,035 | |||
Total minimum payments | $ | 290,576 | ||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Financial Information by Segment | The following tables present financial information by segment: | |||||||||||
Year ended December 31, | 2014 | 2013 | 2012 | |||||||||
Net revenue: | ||||||||||||
Domestic | $ | 8,951,852 | $ | 8,688,018 | $ | 8,731,484 | ||||||
International | 488,330 | 383,514 | 136,840 | |||||||||
Consolidated net revenue | $ | 9,440,182 | $ | 9,071,532 | $ | 8,868,324 | ||||||
Operating earnings (loss): | ||||||||||||
Domestic | $ | 209,277 | $ | 211,932 | $ | 212,335 | ||||||
International | (6,739 | ) | (1,405 | ) | (5,418 | ) | ||||||
Acquisition-related and exit and realignment charges | (42,801 | ) | (12,444 | ) | (10,164 | ) | ||||||
Fair value adjustments related to purchase accounting | 3,706 | — | — | |||||||||
Other (1) | (3,907 | ) | — | — | ||||||||
Consolidated operating earnings | $ | 159,536 | $ | 198,083 | $ | 196,753 | ||||||
Depreciation and amortization: | ||||||||||||
Domestic | $ | 37,193 | $ | 35,808 | $ | 35,016 | ||||||
International | 20,230 | 14,778 | 4,588 | |||||||||
Consolidated depreciation and amortization | $ | 57,423 | $ | 50,586 | $ | 39,604 | ||||||
Capital expenditures: | ||||||||||||
Domestic | $ | 52,529 | $ | 42,802 | $ | 34,450 | ||||||
International | 18,279 | 17,327 | 4,513 | |||||||||
Consolidated capital expenditures | $ | 70,808 | $ | 60,129 | $ | 38,963 | ||||||
Consolidated Total Assets | ||||||||||||
December 31, | 2014 | 2013 | ||||||||||
Total assets: | ||||||||||||
Domestic | $ | 2,139,972 | $ | 1,747,572 | ||||||||
International | 538,662 | 474,565 | ||||||||||
Segment assets | 2,678,634 | 2,222,137 | ||||||||||
Cash and cash equivalents | 56,772 | 101,905 | ||||||||||
Consolidated total assets | $ | 2,735,406 | $ | 2,324,042 | ||||||||
Financial Information by Geographic Area | The following tables present information by geographic area. Net revenues were attributed to geographic areas based on the locations from which we ship products or provide services. International operations consist primarily of Movianto’s operations in the United Kingdom, Germany, France, and other European countries. | |||||||||||
Year ended December 31, | 2014 | 2013 | 2012 | |||||||||
Net revenue: | ||||||||||||
United States | $ | 8,951,852 | $ | 8,688,018 | $ | 8,731,484 | ||||||
United Kingdom | 253,527 | 211,296 | 86,332 | |||||||||
France | 54,656 | 52,725 | 14,338 | |||||||||
Germany | 47,682 | 42,807 | 13,670 | |||||||||
Other European countries | 132,465 | 76,686 | 22,500 | |||||||||
Consolidated net revenue | $ | 9,440,182 | $ | 9,071,532 | $ | 8,868,324 | ||||||
December 31, | 2014 | 2013 | ||||||||||
Long-lived assets: | ||||||||||||
United States | $ | 260,694 | $ | 170,010 | ||||||||
Germany | 55,437 | 60,068 | ||||||||||
United Kingdom | 42,179 | 42,619 | ||||||||||
Ireland | 29,018 | — | ||||||||||
France | 6,395 | 7,090 | ||||||||||
Other European countries | 23,091 | 27,025 | ||||||||||
Consolidated long-lived assets | $ | 416,814 | $ | 306,812 | ||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||
Condensed Consolidating Statement Of Income | Condensed Consolidating Financial Information | ||||||||||||||||||||
Year ended December 31, 2014 | Owens & | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||
Minor, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||
Statements of Income | |||||||||||||||||||||
Net revenue | $ | — | $ | 8,910,274 | $ | 626,044 | $ | (96,136 | ) | $ | 9,440,182 | ||||||||||
Cost of goods sold | — | 8,051,350 | 311,947 | (93,081 | ) | 8,270,216 | |||||||||||||||
Gross margin | — | 858,924 | 314,097 | (3,055 | ) | 1,169,966 | |||||||||||||||
Selling, general and administrative expenses | 952 | 623,871 | 302,154 | — | 926,977 | ||||||||||||||||
Acquisition-related and exit and realignment charges | — | 15,065 | 27,736 | — | 42,801 | ||||||||||||||||
Depreciation and amortization | 2 | 35,582 | 21,541 | — | 57,125 | ||||||||||||||||
Other operating (income) expense, net | — | (10,261 | ) | (6,212 | ) | — | (16,473 | ) | |||||||||||||
Operating (loss) earnings | (954 | ) | 194,667 | (31,122 | ) | (3,055 | ) | 159,536 | |||||||||||||
Loss on early retirement of debt | 14,890 | — | — | — | 14,890 | ||||||||||||||||
Interest expense, net | 15,737 | 1,520 | 906 | — | 18,163 | ||||||||||||||||
Income (loss) before income taxes | (31,581 | ) | 193,147 | (32,028 | ) | (3,055 | ) | 126,483 | |||||||||||||
Income tax (benefit) provision | (1,700 | ) | 65,983 | (4,303 | ) | — | 59,980 | ||||||||||||||
Equity in earnings of subsidiaries | 96,384 | — | — | (96,384 | ) | — | |||||||||||||||
Net income (loss) | 66,503 | 127,164 | (27,725 | ) | (99,439 | ) | 66,503 | ||||||||||||||
Other comprehensive income (loss), net of tax | (33,569 | ) | (3,846 | ) | (29,539 | ) | 33,385 | (33,569 | ) | ||||||||||||
Comprehensive income (loss) | $ | 32,934 | $ | 123,318 | $ | (57,264 | ) | $ | (66,054 | ) | $ | 32,934 | |||||||||
Year ended December 31, 2013 | Owens & | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||
Minor, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||
Statements of Income | |||||||||||||||||||||
Net revenue | $ | — | $ | 8,687,131 | $ | 435,035 | $ | (50,634 | ) | $ | 9,071,532 | ||||||||||
Cost of goods sold | — | 7,826,768 | 177,541 | (49,852 | ) | 7,954,457 | |||||||||||||||
Gross margin | — | 860,363 | 257,494 | (782 | ) | 1,117,075 | |||||||||||||||
Selling, general and administrative expenses | 2,559 | 613,394 | 247,703 | — | 863,656 | ||||||||||||||||
Acquisition-related and exit and realignment charges | — | 8,130 | 4,314 | — | 12,444 | ||||||||||||||||
Depreciation and amortization | 14 | 35,712 | 14,860 | — | 50,586 | ||||||||||||||||
Other operating (income) expense, net | — | (4,290 | ) | (3,404 | ) | — | (7,694 | ) | |||||||||||||
Operating (loss) earnings | (2,573 | ) | 207,417 | (5,979 | ) | (782 | ) | 198,083 | |||||||||||||
Interest expense (income), net | 11,103 | 2,550 | (555 | ) | — | 13,098 | |||||||||||||||
(Loss) income before income taxes | (13,676 | ) | 204,867 | (5,424 | ) | (782 | ) | 184,985 | |||||||||||||
Income tax (benefit) provision | (5,474 | ) | 81,011 | (1,434 | ) | — | 74,103 | ||||||||||||||
Equity in earnings of subsidiaries | 119,084 | — | — | (119,084 | ) | — | |||||||||||||||
Net income (loss) | 110,882 | 123,856 | (3,990 | ) | (119,866 | ) | 110,882 | ||||||||||||||
Other comprehensive income (loss), net of tax | 9,974 | 3,838 | 6,143 | (9,981 | ) | 9,974 | |||||||||||||||
Comprehensive income (loss) | $ | 120,856 | $ | 127,694 | $ | 2,153 | $ | (129,847 | ) | $ | 120,856 | ||||||||||
Condensed Consolidating Financial Information | |||||||||||||||||||||
Year ended December 31, 2012 | Owens & | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||
Minor, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||
Statements of Income | |||||||||||||||||||||
Net revenue | $ | — | $ | 8,731,484 | $ | 165,188 | $ | (28,348 | ) | $ | 8,868,324 | ||||||||||
Cost of goods sold | — | 7,885,030 | 86,307 | (27,667 | ) | 7,943,670 | |||||||||||||||
Gross margin | — | 846,454 | 78,881 | (681 | ) | 924,654 | |||||||||||||||
Selling, general and administrative expenses | 1,573 | 599,046 | 81,976 | — | 682,595 | ||||||||||||||||
Acquisition-related and exit and realignment charges | — | (366 | ) | 10,530 | — | 10,164 | |||||||||||||||
Depreciation and amortization | 1 | 34,944 | 4,659 | — | 39,604 | ||||||||||||||||
Other operating expense (income), net | — | (3,015 | ) | (1,447 | ) | — | (4,462 | ) | |||||||||||||
Operating (loss) earnings | (1,574 | ) | 215,845 | (16,837 | ) | (681 | ) | 196,753 | |||||||||||||
Interest expense, net | 16,677 | (3,588 | ) | 308 | — | 13,397 | |||||||||||||||
Income (loss) before income taxes | (18,251 | ) | 219,433 | (17,145 | ) | (681 | ) | 183,356 | |||||||||||||
Income tax (benefit) provision | (7,121 | ) | 85,157 | (3,683 | ) | — | 74,353 | ||||||||||||||
Equity in earnings of subsidiaries | 120,133 | — | — | (120,133 | ) | — | |||||||||||||||
Net income (loss) | 109,003 | 134,276 | (13,462 | ) | (120,814 | ) | 109,003 | ||||||||||||||
Other comprehensive income (loss), net of tax | 7,088 | (2,611 | ) | 9,749 | (7,138 | ) | 7,088 | ||||||||||||||
Comprehensive income (loss) | $ | 116,091 | $ | 131,665 | $ | (3,713 | ) | $ | (127,952 | ) | $ | 116,091 | |||||||||
Condensed Consolidating Balance Sheets | Condensed Consolidating Financial Information | ||||||||||||||||||||
December 31, 2014 | Owens & | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||
Minor, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||
Balance Sheets | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Current assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 22,013 | $ | 3,912 | $ | 30,847 | $ | — | $ | 56,772 | |||||||||||
Accounts and notes receivable, net | — | 519,951 | 144,463 | (38,222 | ) | 626,192 | |||||||||||||||
Merchandise inventories | — | 816,915 | 60,061 | (4,519 | ) | 872,457 | |||||||||||||||
Other current assets | (24,748 | ) | 90,733 | 224,220 | 25,080 | 315,285 | |||||||||||||||
Total current assets | (2,735 | ) | 1,431,511 | 459,591 | (17,661 | ) | 1,870,706 | ||||||||||||||
Property and equipment, net | — | 110,076 | 122,903 | — | 232,979 | ||||||||||||||||
Goodwill, net | — | 247,271 | 176,005 | — | 423,276 | ||||||||||||||||
Intangible assets, net | — | 15,805 | 92,788 | — | 108,593 | ||||||||||||||||
Due from O&M and subsidiaries | — | 357,304 | — | (357,304 | ) | — | |||||||||||||||
Advances to and investments in consolidated subsidiaries | 1,893,767 | — | — | (1,893,767 | ) | — | |||||||||||||||
Other assets, net | 4,637 | 66,836 | 28,379 | — | 99,852 | ||||||||||||||||
Total assets | $ | 1,895,669 | $ | 2,228,803 | $ | 879,666 | $ | (2,268,732 | ) | $ | 2,735,406 | ||||||||||
Liabilities and equity | |||||||||||||||||||||
Current liabilities | |||||||||||||||||||||
Accounts payable | $ | — | $ | 567,285 | $ | 54,898 | $ | (13,337 | ) | $ | 608,846 | ||||||||||
Accrued payroll and related liabilities | — | 16,434 | 15,073 | — | 31,507 | ||||||||||||||||
Deferred income taxes | — | 39,667 | (1,688 | ) | — | 37,979 | |||||||||||||||
Other current liabilities | 6,441 | 83,698 | 236,084 | — | 326,223 | ||||||||||||||||
Total current liabilities | 6,441 | 707,084 | 304,367 | (13,337 | ) | 1,004,555 | |||||||||||||||
Long-term debt, excluding current portion | 547,763 | 39,915 | 20,873 | — | 608,551 | ||||||||||||||||
Due to O&M and subsidiaries | 350,627 | — | 77,788 | (428,415 | ) | — | |||||||||||||||
Intercompany debt | — | 138,890 | — | (138,890 | ) | — | |||||||||||||||
Deferred income taxes | — | 33,162 | 30,739 | — | 63,901 | ||||||||||||||||
Other liabilities | — | 55,794 | 11,767 | — | 67,561 | ||||||||||||||||
Total liabilities | 904,831 | 974,845 | 445,534 | (580,642 | ) | 1,744,568 | |||||||||||||||
Equity | — | ||||||||||||||||||||
Common stock | 126,140 | — | — | — | 126,140 | ||||||||||||||||
Paid-in capital | 202,934 | 241,877 | 514,314 | (756,191 | ) | 202,934 | |||||||||||||||
Retained earnings (deficit) | 685,765 | 1,022,379 | (66,479 | ) | (955,900 | ) | 685,765 | ||||||||||||||
Accumulated other comprehensive income (loss) | (24,001 | ) | (10,298 | ) | (13,703 | ) | 24,001 | (24,001 | ) | ||||||||||||
Total equity | 990,838 | 1,253,958 | 434,132 | (1,688,090 | ) | 990,838 | |||||||||||||||
Total liabilities and equity | $ | 1,895,669 | $ | 2,228,803 | $ | 879,666 | $ | (2,268,732 | ) | $ | 2,735,406 | ||||||||||
Condensed Consolidating Financial Information | |||||||||||||||||||||
31-Dec-13 | Owens & | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||
Minor, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||
Balance Sheets | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Current assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 74,391 | $ | 2,012 | $ | 25,502 | $ | — | $ | 101,905 | |||||||||||
Accounts and notes receivable, net | — | 496,310 | 79,722 | (3,178 | ) | 572,854 | |||||||||||||||
Merchandise inventories | — | 750,999 | 22,128 | (1,464 | ) | 771,663 | |||||||||||||||
Other current assets | 201 | 72,049 | 207,058 | 202 | 279,510 | ||||||||||||||||
Total current assets | 74,592 | 1,321,370 | 334,410 | (4,440 | ) | 1,725,932 | |||||||||||||||
Property and equipment, net | 2 | 96,500 | 95,459 | — | 191,961 | ||||||||||||||||
Goodwill, net | — | 247,271 | 28,168 | — | 275,439 | ||||||||||||||||
Intangible assets, net | — | 17,881 | 22,525 | — | 40,406 | ||||||||||||||||
Due from O&M and subsidiaries | — | 377,786 | — | (377,786 | ) | — | |||||||||||||||
Advances to and investments in consolidated subsidiaries | 1,533,294 | — | — | (1,533,294 | ) | — | |||||||||||||||
Other assets, net | 408 | 63,848 | 26,048 | — | 90,304 | ||||||||||||||||
Total assets | $ | 1,608,296 | $ | 2,124,656 | $ | 506,610 | $ | (1,915,520 | ) | $ | 2,324,042 | ||||||||||
Liabilities and equity | |||||||||||||||||||||
Current liabilities | |||||||||||||||||||||
Accounts payable | $ | — | $ | 595,865 | $ | 51,185 | $ | (3,178 | ) | $ | 643,872 | ||||||||||
Accrued payroll and related liabilities | — | 12,792 | 10,504 | — | 23,296 | ||||||||||||||||
Deferred income taxes | — | 41,464 | 149 | — | 41,613 | ||||||||||||||||
Other current liabilities | 6,811 | 87,795 | 186,821 | — | 281,427 | ||||||||||||||||
Total current liabilities | 6,811 | 737,916 | 248,659 | (3,178 | ) | 990,208 | |||||||||||||||
Long-term debt, excluding current portion | 204,028 | 7,228 | 1,530 | — | 212,786 | ||||||||||||||||
Due to O&M and subsidiaries | 373,544 | — | 2,910 | (376,454 | ) | — | |||||||||||||||
Intercompany debt | — | 138,890 | — | (138,890 | ) | — | |||||||||||||||
Deferred income taxes | — | 32,173 | 11,554 | — | 43,727 | ||||||||||||||||
Other liabilities | — | 47,816 | 4,462 | — | 52,278 | ||||||||||||||||
Total liabilities | 584,383 | 964,023 | 269,115 | (518,522 | ) | 1,298,999 | |||||||||||||||
Equity | |||||||||||||||||||||
Common stock | 126,193 | — | 1,500 | (1,500 | ) | 126,193 | |||||||||||||||
Paid-in capital | 196,605 | 242,024 | 259,864 | (501,888 | ) | 196,605 | |||||||||||||||
Retained earnings (deficit) | 691,547 | 925,184 | (41,029 | ) | (884,155 | ) | 691,547 | ||||||||||||||
Accumulated other comprehensive income (loss) | 9,568 | (6,575 | ) | 16,030 | (9,455 | ) | 9,568 | ||||||||||||||
Total Owens & Minor, Inc. shareholders’ equity | 1,023,913 | 1,160,633 | 236,365 | (1,396,998 | ) | 1,023,913 | |||||||||||||||
Noncontrolling interest | — | — | 1,130 | — | 1,130 | ||||||||||||||||
Total equity | 1,023,913 | 1,160,633 | 237,495 | (1,396,998 | ) | 1,025,043 | |||||||||||||||
Total liabilities and equity | $ | 1,608,296 | $ | 2,124,656 | $ | 506,610 | $ | (1,915,520 | ) | $ | 2,324,042 | ||||||||||
Condensed Consolidating Statement Of Cash Flows | Condensed Consolidating Financial Information | ||||||||||||||||||||
Year ended December 31, 2014 | Owens & | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||
Minor, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||
Statements of Cash Flows | |||||||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net income (loss) | $ | 66,503 | $ | 127,164 | $ | (27,725 | ) | $ | (99,439 | ) | $ | 66,503 | |||||||||
Adjustments to reconcile net income to cash (used for) provided by operating activities: | |||||||||||||||||||||
Equity in earnings of subsidiaries | (96,384 | ) | — | — | 96,384 | — | |||||||||||||||
Depreciation and amortization | 2 | 35,879 | 27,526 | — | 63,407 | ||||||||||||||||
Loss on early retirement of debt | 14,890 | — | — | — | 14,890 | ||||||||||||||||
Share-based compensation expense | — | 8,369 | (162 | ) | — | 8,207 | |||||||||||||||
Provision for losses on accounts and notes receivable | — | (36 | ) | 484 | — | 448 | |||||||||||||||
Deferred income tax (benefit) expense | — | 1,292 | (4,677 | ) | — | (3,385 | ) | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||
Accounts and notes receivable | — | (24,440 | ) | 6,185 | 452 | (17,803 | ) | ||||||||||||||
Merchandise inventories | — | (65,916 | ) | 8,308 | 279 | (57,329 | ) | ||||||||||||||
Accounts payable | — | (28,580 | ) | (24,613 | ) | 1,045 | (52,148 | ) | |||||||||||||
Net change in other assets and liabilities | (455 | ) | (12,341 | ) | (14,311 | ) | 1,279 | (25,828 | ) | ||||||||||||
Other, net | (1,161 | ) | (9 | ) | 447 | — | (723 | ) | |||||||||||||
Cash provided by (used for) operating activities of continuing operations | (16,605 | ) | 41,382 | (28,538 | ) | — | (3,761 | ) | |||||||||||||
Investing activities: | |||||||||||||||||||||
Acquisitions, net of cash acquired | — | — | (248,536 | ) | — | (248,536 | ) | ||||||||||||||
Additions to property and equipment | — | (34,475 | ) | (13,949 | ) | — | (48,424 | ) | |||||||||||||
Additions to computer software and intangible assets | — | (18,054 | ) | (4,330 | ) | — | (22,384 | ) | |||||||||||||
Proceeds from the sale of investments | 1,937 | — | 1,937 | ||||||||||||||||||
Proceeds from sale of property and equipment | — | 156 | — | — | 156 | ||||||||||||||||
Cash used for investing activities of continuing operations | — | (50,436 | ) | (266,815 | ) | — | (317,251 | ) | |||||||||||||
Financing activities: | |||||||||||||||||||||
Proceeds from issuance of debt | 547,693 | — | — | — | 547,693 | ||||||||||||||||
Proceeds from revolver | — | 33,700 | — | — | 33,700 | ||||||||||||||||
Repayment of debt | (217,352 | ) | — | — | — | (217,352 | ) | ||||||||||||||
Change in intercompany advances | (287,275 | ) | (21,106 | ) | 308,381 | — | — | ||||||||||||||
Cash dividends paid | (63,104 | ) | — | — | — | (63,104 | ) | ||||||||||||||
Repurchases of common stock | (9,934 | ) | — | — | — | (9,934 | ) | ||||||||||||||
Financing costs paid | (4,780 | ) | (611 | ) | — | — | (5,391 | ) | |||||||||||||
Excess tax benefits related to share-based compensation | 582 | — | — | — | 582 | ||||||||||||||||
Proceeds from exercise of stock options | 1,180 | — | — | — | 1,180 | ||||||||||||||||
Purchase of NCI | (1,500 | ) | (1,500 | ) | |||||||||||||||||
Other, net | (2,783 | ) | (1,029 | ) | (3,502 | ) | — | (7,314 | ) | ||||||||||||
Cash provided by (used for) financing activities | (35,773 | ) | 10,954 | 303,379 | — | 278,560 | |||||||||||||||
Effect of exchange rates on cash and cash equivalents | — | — | (2,681 | ) | — | (2,681 | ) | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | (52,378 | ) | 1,900 | 5,345 | — | (45,133 | ) | ||||||||||||||
Cash and cash equivalents at beginning of year | 74,391 | 2,012 | 25,502 | — | 101,905 | ||||||||||||||||
Cash and cash equivalents at end of year | $ | 22,013 | $ | 3,912 | $ | 30,847 | $ | — | $ | 56,772 | |||||||||||
Condensed Consolidating Financial Information | |||||||||||||||||||||
Year ended December 31, 2013 | Owens & | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||
Minor, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||
Statements of Cash Flows | |||||||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net income (loss) | $ | 110,882 | $ | 123,856 | $ | (3,990 | ) | $ | (119,866 | ) | $ | 110,882 | |||||||||
Adjustments to reconcile net income to cash provided by (used for) operating activities: | |||||||||||||||||||||
Equity in earnings of subsidiaries | (119,084 | ) | — | — | 119,084 | — | |||||||||||||||
Depreciation and amortization | 14 | 35,712 | 14,860 | — | 50,586 | ||||||||||||||||
Share-based compensation expense | — | 6,381 | — | — | 6,381 | ||||||||||||||||
Deferred income tax (benefit) expense | — | 5,821 | (2,108 | ) | — | 3,713 | |||||||||||||||
Provision for losses on accounts and notes receivable | — | 278 | 509 | — | 787 | ||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||
Accounts and notes receivable | — | (22,055 | ) | (16,522 | ) | (68 | ) | (38,645 | ) | ||||||||||||
Merchandise inventories | — | (170 | ) | (7,676 | ) | 782 | (7,064 | ) | |||||||||||||
Accounts payable | (45,300 | ) | 77,320 | 15,286 | 68 | 47,374 | |||||||||||||||
Net change in other assets and liabilities | 1,774 | (12,068 | ) | (22,043 | ) | — | (32,337 | ) | |||||||||||||
Other, net | (1,541 | ) | 515 | (97 | ) | — | (1,123 | ) | |||||||||||||
Cash provided by (used for) operating activities | (53,255 | ) | 215,590 | — | (21,781 | ) | — | 140,554 | |||||||||||||
Investing activities: | |||||||||||||||||||||
Additions to computer software and intangible assets | — | (21,773 | ) | (10,237 | ) | — | (32,010 | ) | |||||||||||||
Additions to property and equipment | — | (21,029 | ) | (7,090 | ) | — | (28,119 | ) | |||||||||||||
Proceeds from sale of property and equipment | — | 2,746 | 305 | — | 3,051 | ||||||||||||||||
Cash used for investing activities | — | (40,056 | ) | (17,022 | ) | — | (57,078 | ) | |||||||||||||
Financing activities: | |||||||||||||||||||||
Change in intercompany advances | 145,354 | (184,092 | ) | 38,738 | — | — | |||||||||||||||
Cash dividends paid | (60,731 | ) | — | — | — | (60,731 | ) | ||||||||||||||
Repurchases of common stock | (18,876 | ) | — | — | — | (18,876 | ) | ||||||||||||||
Proceeds from exercise of stock options | 5,352 | — | — | — | 5,352 | ||||||||||||||||
Excess tax benefits related to share-based compensation | 898 | — | — | — | 898 | ||||||||||||||||
Other, net | (2,541 | ) | (3,071 | ) | (3,011 | ) | — | (8,623 | ) | ||||||||||||
Cash provided by (used for) financing activities | 69,456 | (187,163 | ) | 35,727 | — | (81,980 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 2,521 | — | 2,521 | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 16,201 | (11,629 | ) | (555 | ) | — | 4,017 | ||||||||||||||
Cash and cash equivalents at beginning of year | 58,190 | 13,641 | 26,057 | — | 97,888 | ||||||||||||||||
Cash and cash equivalents at end of year | $ | 74,391 | $ | 2,012 | $ | 25,502 | $ | — | $ | 101,905 | |||||||||||
Condensed Consolidating Financial Information | |||||||||||||||||||||
Year ended December 31, 2012 | Owens & | Guarantor | Non-guarantor | Eliminations | Consolidated | ||||||||||||||||
Minor, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||
Statements of Cash Flows | |||||||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net income (loss) | $ | 109,003 | $ | 134,276 | $ | (13,462 | ) | $ | (120,814 | ) | $ | 109,003 | |||||||||
Adjustments to reconcile net income to cash provided by (used for) operating activities: | |||||||||||||||||||||
Equity in earnings of subsidiaries | (120,133 | ) | — | — | 120,133 | — | |||||||||||||||
Depreciation and amortization | 1 | 34,944 | 4,659 | — | 39,604 | ||||||||||||||||
Deferred income tax expense | — | 2,933 | (1,873 | ) | — | 1,060 | |||||||||||||||
Share-based compensation expense | — | 5,697 | — | — | 5,697 | ||||||||||||||||
Provision for losses on accounts and notes receivable | — | 587 | 417 | — | 1,004 | ||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||
Accounts and notes receivable | — | 31,513 | (7,599 | ) | 3,247 | 27,161 | |||||||||||||||
Merchandise inventories | — | 56,235 | 1,818 | 681 | 58,734 | ||||||||||||||||
Accounts payable | (67,800 | ) | 55,941 | (3,585 | ) | (3,250 | ) | (18,694 | ) | ||||||||||||
Net change in other assets and liabilities | 19 | (2,653 | ) | (1,859 | ) | 3 | (4,490 | ) | |||||||||||||
Other, net | (1,738 | ) | 1,236 | (71 | ) | — | (573 | ) | |||||||||||||
Cash provided by (used for) operating activities | (80,648 | ) | 320,709 | (21,555 | ) | — | 218,506 | ||||||||||||||
Investing activities: | |||||||||||||||||||||
Acquisition, net of cash acquired | — | — | (155,210 | ) | — | (155,210 | ) | ||||||||||||||
Additions to property and equipment | — | (4,249 | ) | (5,583 | ) | — | (9,832 | ) | |||||||||||||
Additions to computer software and intangible assets | — | (27,960 | ) | (1,171 | ) | — | (29,131 | ) | |||||||||||||
Proceeds from sale of property and equipment | — | 1,057 | 2,241 | — | 3,298 | ||||||||||||||||
Cash used for investing activities | — | (31,152 | ) | (159,723 | ) | — | (190,875 | ) | |||||||||||||
Financing activities: | |||||||||||||||||||||
Change in intercompany advances | 86,131 | (287,200 | ) | 201,069 | — | — | |||||||||||||||
Cash dividends paid | (55,681 | ) | — | — | — | (55,681 | ) | ||||||||||||||
Repurchases of common stock | (15,000 | ) | — | — | — | (15,000 | ) | ||||||||||||||
Financing costs paid | — | (1,303 | ) | — | — | (1,303 | ) | ||||||||||||||
Excess tax benefits related to share-based compensation | 1,293 | — | — | — | 1,293 | ||||||||||||||||
Proceeds from exercise of stock options | 4,986 | — | — | — | 4,986 | ||||||||||||||||
Other, net | (2,901 | ) | (2,222 | ) | 2,413 | — | (2,710 | ) | |||||||||||||
Cash provided by (used for) financing activities | 18,828 | (290,725 | ) | 203,482 | — | (68,415 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 2,734 | — | 2,734 | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (61,820 | ) | (1,168 | ) | 24,938 | — | (38,050 | ) | |||||||||||||
Cash and cash equivalents at beginning of year | 120,010 | 14,809 | 1,119 | — | 135,938 | ||||||||||||||||
Cash and cash equivalents at end of year | $ | 58,190 | $ | 13,641 | $ | 26,057 | $ | — | $ | 97,888 | |||||||||||
Recovered_Sheet1
Summary Of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Summary Of Significant Accounting Policies [Line Items] | |||
Allowance for uncollectible accounts | $0.40 | $0.10 | |
Software amortization | 16.4 | 14.2 | 11 |
Unamortized software | 75.2 | 74.4 | |
Customer relationships | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Intangible assets useful life (in years) | 14 years | 13 years | |
Customer relationships | Minimum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Intangible assets useful life (in years) | 10 years | ||
Customer relationships | Maximum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Intangible assets useful life (in years) | 15 years | ||
Other Intangibles | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Intangible assets useful life (in years) | 6 years | 6 years | |
Other Intangibles | Minimum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Intangible assets useful life (in years) | 1 year | ||
Other Intangibles | Maximum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Intangible assets useful life (in years) | 15 years | ||
Software technology | Minimum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Intangible assets useful life (in years) | 3 years | ||
Software technology | Maximum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Intangible assets useful life (in years) | 10 years | ||
Warehouse equipment | Minimum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property and equipment useful life (in years) | 4 years | ||
Warehouse equipment | Maximum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property and equipment useful life (in years) | 15 years | ||
Building and improvements | Minimum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property and equipment useful life (in years) | 5 years | ||
Building and improvements | Maximum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property and equipment useful life (in years) | 40 years | ||
Computer equipment | Minimum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property and equipment useful life (in years) | 3 years | ||
Computer equipment | Maximum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property and equipment useful life (in years) | 8 years | ||
Furniture and fixtures | Minimum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property and equipment useful life (in years) | 3 years | ||
Furniture and fixtures | Maximum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property and equipment useful life (in years) | 8 years | ||
Office equipment and other | Minimum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property and equipment useful life (in years) | 3 years | ||
Office equipment and other | Maximum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property and equipment useful life (in years) | 8 years | ||
Warehouse Facilities | Minimum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Terms of lease (in years) | 1 year | ||
Warehouse Facilities | Maximum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Terms of lease (in years) | 15 years | ||
Transportation And Material Handling Equipment | Minimum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Terms of lease (in years) | 3 years | ||
Transportation And Material Handling Equipment | Maximum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Terms of lease (in years) | 10 years | ||
Foreign Subsidiaries | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Cash, cash-equivalents, short-term investments, and marketable securities | 31.5 | 22.2 | |
S,G&A Expenses | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Shipping and handling costs | 576.8 | 528.2 | 372.5 |
International Segment | Acquisition-related and Exit and Realignment Charges | Information Systems Related Costs [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Restructuring and Related Cost, Accelerated Amortization | $6 |
Recovered_Sheet2
Significant Risks And Uncertainties - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Novation | |||
Unusual Risk or Uncertainty [Line Items] | |||
Customer revenue as a percentage of net revenue | 33.00% | 33.00% | 33.00% |
Broadlane And Medassets | Minimum | |||
Unusual Risk or Uncertainty [Line Items] | |||
Customer revenue as a percentage of net revenue | 24.00% | 24.00% | 24.00% |
Broadlane And Medassets | Maximum | |||
Unusual Risk or Uncertainty [Line Items] | |||
Customer revenue as a percentage of net revenue | 25.00% | 25.00% | 25.00% |
Premier | Minimum | |||
Unusual Risk or Uncertainty [Line Items] | |||
Customer revenue as a percentage of net revenue | 21.00% | 21.00% | 21.00% |
Premier | Maximum | |||
Unusual Risk or Uncertainty [Line Items] | |||
Customer revenue as a percentage of net revenue | 24.00% | 24.00% | 24.00% |
Covidien Ltd. | Minimum | |||
Unusual Risk or Uncertainty [Line Items] | |||
Sales of product from supplier as a percentage of revenue | 13.00% | 13.00% | 13.00% |
Covidien Ltd. | Maximum | |||
Unusual Risk or Uncertainty [Line Items] | |||
Sales of product from supplier as a percentage of revenue | 14.00% | 14.00% | 14.00% |
Johnson & Johnson Healthcare Systems, Inc. | Minimum | |||
Unusual Risk or Uncertainty [Line Items] | |||
Sales of product from supplier as a percentage of revenue | 9.00% | 9.00% | 9.00% |
Johnson & Johnson Healthcare Systems, Inc. | Maximum | |||
Unusual Risk or Uncertainty [Line Items] | |||
Sales of product from supplier as a percentage of revenue | 10.00% | 10.00% | 10.00% |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 01, 2014 | Oct. 31, 2014 | Aug. 31, 2012 | |
acquisition | ||||||
Business Acquisition [Line Items] | ||||||
Combined consideration, net of cash acquired | $248,536,000 | $0 | $155,210,000 | |||
Goodwill, net | 423,276,000 | 275,439,000 | ||||
Movianto | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition-related expenses | 3,500,000 | 10,500,000 | ||||
Transaction costs | 8,000,000 | |||||
Medical Action Industries, Inc. and ArcRoyal | ||||||
Business Acquisition [Line Items] | ||||||
Number of businesses acquired | 2 | |||||
Combined consideration, net of cash acquired | 261,600,000 | |||||
Capital lease obligations assumed | 13,400,000 | |||||
Goodwill, net | 150,492,000 | 150,500,000 | ||||
Acquisition-related expenses | 16,100,000 | |||||
Medical Action Industries, Inc. and ArcRoyal | Customer relationships | ||||||
Business Acquisition [Line Items] | ||||||
Acquired intangible assets , useful life | 14 years | |||||
International Segment | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill, net | 46,187,000 | 26,941,000 | ||||
International Segment | Medical Action Industries, Inc. and ArcRoyal | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill, net | 21,900,000 | |||||
Domestic Segment | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill, net | 377,089,000 | 248,498,000 | ||||
Domestic Segment | Medical Action Industries, Inc. and ArcRoyal | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill, net | $128,600,000 |
Acquisitions_Estimated_Fair_Va
Acquisitions - Estimated Fair Value of Assets Acquired and Liabilities Assumed (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2014 | Aug. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Assets acquired: | ||||
Goodwill, net | $423,276 | $275,439 | ||
Medical Action Industries, Inc. and ArcRoyal | ||||
Assets acquired: | ||||
Current assets | 90,608 | |||
Property and equipment | 34,048 | |||
Goodwill, net | 150,492 | 150,500 | ||
Intangible assets | 77,623 | |||
Total assets | 352,771 | |||
Liabilities assumed: | ||||
Current liabilities | 64,736 | |||
Noncurrent liabilities | 26,426 | |||
Total liabilities | 91,162 | |||
Fair value of net assets acquired, net of cash | $261,609 |
Accounts_and_Notes_Receivable_1
Accounts and Notes Receivable, Net - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Receivables [Abstract] | |||
Accounts and notes receivable, allowances | $13.30 | $15 | $14.70 |
Write-offs of accounts and notes receivable | $3.10 | $1.10 | $1.90 |
Merchandise_Inventories_Additi
Merchandise Inventories - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Inventory Disclosure [Abstract] | ||
Merchandise inventories | $872,457,000 | $771,663,000 |
LIFO Inventory Amount | 811,300,000 | 749,400,000 |
Current costs or first-in, first-out (FIFO) excess of replacement over stated LIFO value | 116,200,000 | 108,600,000 |
Raw Materials | 20,000,000 | |
Work in Process | 5,400,000 | |
Finished Goods | $771,700,000 |
Financing_Receivables_and_Paya1
Financing Receivables and Payables (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Current Assets [Member] | ||
Financing Receivables and Payables [Line Items] | ||
Financing receivables | $196.20 | $198.50 |
Other Current Liabilities [Member] | ||
Financing Receivables and Payables [Line Items] | ||
Payables outstanding under Order-to-cash Program | $168.80 | $165.30 |
Property_And_Equipment_Detail
Property And Equipment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $396,356 | $329,487 |
Accumulated depreciation | -163,377 | -137,526 |
Property and equipment, net | 232,979 | 191,961 |
Warehouse equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 169,083 | 160,379 |
Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 31,162 | 31,784 |
Building and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 87,974 | 50,225 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 58,046 | 49,879 |
Land and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 17,771 | 17,489 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 12,539 | 11,491 |
Office equipment and other | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $19,781 | $8,240 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization expense for property and equipment | $35,500,000 | $33,100,000 | $26,100,000 |
Capital leases, gross | 40,000,000 | 20,600,000 | |
Accumulated amortization of capital leases | 10,500,000 | 8,700,000 | |
Property held-for-sale | $5,600,000 | $0 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Goodwill Rollforward (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Goodwill [Roll Forward] | |
Carrying amount of goodwill, December 31, 2013 | $275,439 |
Currency translation adjustments | -2,655 |
Fair value adjustments | 150,492 |
Carrying amount of goodwill, December 31, 2014 | 423,276 |
Domestic Segment | |
Goodwill [Roll Forward] | |
Carrying amount of goodwill, December 31, 2013 | 248,498 |
Currency translation adjustments | 0 |
Fair value adjustments | 128,591 |
Carrying amount of goodwill, December 31, 2014 | 377,089 |
International Segment | |
Goodwill [Roll Forward] | |
Carrying amount of goodwill, December 31, 2013 | 26,941 |
Currency translation adjustments | -2,655 |
Fair value adjustments | 21,901 |
Carrying amount of goodwill, December 31, 2014 | $46,187 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Intangible Assets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ||
Net intangible assets | $108,593 | $40,406 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | 125,448 | 51,544 |
Accumulated amortization | -19,773 | -14,281 |
Net intangible assets | 105,675 | 37,263 |
Weighted average useful life | 14 years | 13 years |
Other Intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible assets | 3,405 | 3,933 |
Accumulated amortization | -487 | -790 |
Net intangible assets | $2,918 | $3,143 |
Weighted average useful life | 6 years | 6 years |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, net | $108,593,000 | $40,406,000 | |
Amortization expense for intangible assets | 5,500,000 | 3,300,000 | 2,500,000 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Estimated amortization expense for 2015 | 10,500,000 | ||
Estimated amortization expense for 2016 | 10,400,000 | ||
Estimated amortization expense for 2017 | 10,300,000 | ||
Estimated amortization expense for 2018 | 9,600,000 | ||
Estimated amortization expense for 2019 | 9,400,000 | ||
Customer relationships | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, net | 105,675,000 | 37,263,000 | |
Medical Action Industries, Inc. and ArcRoyal | Customer relationships | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Increase in finite lived intangible assets | 77,600,000 | ||
Domestic Segment | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, net | 66,100,000 | ||
International Segment | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, net | $42,500,000 |
Exit_and_Realignment_Costs_Add
Exit and Realignment Costs - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restructuring Cost and Reserve [Line Items] | |||
Exit and realignment charges | $26,713,000 | $8,927,000 | ($366,000) |
Incurred cost | 16,000,000 | 5,800,000 | 1,100,000 |
Expected cost remaining | 9,500,000 | ||
Domestic Segment | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and realignment charges | 7,223,000 | 8,176,000 | -366,000 |
International Segment | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit and realignment charges | 19,490,000 | 751,000 | 0 |
Other Facility Costs and Asset Write-Downs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Incurred cost | 3,300,000 | ||
Accelerated Amortization [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Incurred cost | 6,000,000 | ||
Product Move Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Incurred cost | 3,700,000 | ||
Information Systems Related Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Incurred cost | 1,800,000 | ||
Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Incurred cost | 700,000 | 300,000 | |
Impairment Losses, Property, Plant and Equipment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Incurred cost | 800,000 | ||
Labor Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Incurred cost | 2,900,000 | ||
Professional Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Incurred cost | $1,300,000 |
Exit_and_Realignment_Costs_Acc
Exit and Realignment Costs - Accrual for Exit and Realignment Costs (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restructuring Reserve [Roll Forward] | |||
Accrued exit and realignment charges, beginning of period | $2,909 | $6,214 | $10,095 |
Provision for exit and realignment activities | 11,930 | 3,060 | 1,183 |
Change in estimate | -1,260 | -2,183 | |
Interest accretion | 267 | ||
Cash payments, net of sublease income | -7,117 | -6,365 | -3,148 |
Accrued exit and realignment charges, end of period | 6,462 | 2,909 | 6,214 |
Lease Obligations | |||
Restructuring Reserve [Roll Forward] | |||
Accrued exit and realignment charges, beginning of period | 2,434 | 5,098 | 8,264 |
Provision for exit and realignment activities | 5,592 | 2,932 | 95 |
Change in estimate | -1,260 | -2,183 | |
Interest accretion | 267 | ||
Cash payments, net of sublease income | -3,191 | -5,596 | -1,345 |
Accrued exit and realignment charges, end of period | 3,575 | 2,434 | 5,098 |
Severance and Other | |||
Restructuring Reserve [Roll Forward] | |||
Accrued exit and realignment charges, beginning of period | 475 | 1,116 | 1,831 |
Provision for exit and realignment activities | 6,338 | 128 | 1,088 |
Change in estimate | 0 | 0 | |
Interest accretion | 0 | ||
Cash payments, net of sublease income | -3,926 | -769 | -1,803 |
Accrued exit and realignment charges, end of period | $2,887 | $475 | $1,116 |
Debt_Detail
Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total debt | $613,809 | $216,243 |
Less current maturities | -5,258 | -3,457 |
Long-term debt | 608,551 | 212,786 |
Reported Value Measurement | Capital Lease Obligations | ||
Debt Instrument [Line Items] | ||
Total debt | 32,346 | 12,215 |
Reported Value Measurement | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Total debt | 33,700 | 0 |
Reported Value Measurement | Senior Notes | 6.35% Senior Notes | ||
Debt Instrument [Line Items] | ||
Total debt | 0 | 204,028 |
Reported Value Measurement | Senior Notes | 3.875% Senior Notes | ||
Debt Instrument [Line Items] | ||
Total debt | 273,777 | 0 |
Reported Value Measurement | Senior Notes | 4.375% Senior Notes | ||
Debt Instrument [Line Items] | ||
Total debt | 273,986 | 0 |
Estimate of Fair Value Measurement | ||
Debt Instrument [Line Items] | ||
Total debt | 624,956 | 230,965 |
Less current maturities | -5,258 | -3,457 |
Long-term debt | 619,698 | 227,508 |
Estimate of Fair Value Measurement | Capital Lease Obligations | ||
Debt Instrument [Line Items] | ||
Total debt | 32,346 | 12,215 |
Estimate of Fair Value Measurement | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Total debt | 33,700 | 0 |
Estimate of Fair Value Measurement | Senior Notes | 6.35% Senior Notes | ||
Debt Instrument [Line Items] | ||
Total debt | 0 | 218,750 |
Estimate of Fair Value Measurement | Senior Notes | 3.875% Senior Notes | ||
Debt Instrument [Line Items] | ||
Total debt | 275,055 | 0 |
Estimate of Fair Value Measurement | Senior Notes | 4.375% Senior Notes | ||
Debt Instrument [Line Items] | ||
Total debt | $283,855 | $0 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 17, 2014 | Sep. 16, 2014 | Oct. 16, 2014 | |
extension | ||||||
Debt Instrument [Line Items] | ||||||
Loss on early retirement of debt | ($14,890,000) | $0 | $0 | |||
Borrowings outstanding | 33,700,000 | |||||
Remaining borrowing capacity | 411,000,000 | |||||
Interest paid | 18,500,000 | 14,700,000 | 14,700,000 | |||
Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Rate of interest discounted | 0.30% | |||||
Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | 450,000,000 | 350,000,000 | ||||
Number of extensions | 2 | |||||
Term of each extension (in years) | 1 year | |||||
Revolving Credit Facility | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Commitment fee charged on unused portion of facility | 0.13% | |||||
Revolving Credit Facility | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Commitment fee charged on unused portion of facility | 0.25% | |||||
Revolving Credit Facility, Additional Borrowing Capacity | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | 200,000,000 | |||||
3.875% Senior Notes | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes, par value | 275,000,000 | |||||
Interest rate of debt | 3.88% | |||||
Effective yield percentage | 3.95% | |||||
Debt issued, percent of par | 99.50% | |||||
4.375% Senior Notes | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes, par value | 275,000,000 | |||||
Interest rate of debt | 4.38% | |||||
Effective yield percentage | 4.42% | |||||
Debt issued, percent of par | 99.60% | |||||
2021 and 2024 Notes | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes redemption price, percentage | 100.00% | |||||
Deferred finance costs | 4,800,000 | |||||
6.35% Senior Notes | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate of debt | 6.35% | |||||
Debt retired | 200,000,000 | |||||
Redemption premium | 17,400,000 | |||||
Loss on early retirement of debt | -14,900,000 | |||||
Letter of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Borrowings outstanding | 5,000,000 | |||||
European Lease Agreement | Replaced Line of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Borrowings outstanding | $1,500,000 | $1,500,000 | ||||
LIBOR | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on LIBOR, percent | 1.38% |
Debt_Future_Capital_Lease_Paym
Debt - Future Capital Lease Payments (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Obligation for Capital leases for minimum annual rental payments [Abstract] | |
2015 | $7,306 |
2016 | 6,816 |
2017 | 5,744 |
2018 | 4,673 |
2019 | 3,459 |
Thereafter | 18,187 |
Total minimum lease payments | 46,185 |
Less: Amounts representing interest | -13,839 |
Present value of total minimum lease payments | 32,346 |
Less: Current portion of capital lease obligations | -5,258 |
Long-term portion of capital lease obligations | $27,088 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments - Additional Information (Detail) (Foreign Currency Derivative, USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative [Line Items] | |||
Notional value | $10,000,000 | $0 | $0 |
Other Operating Income, Net | |||
Derivative [Line Items] | |||
Impact from changes in fair value of derivatives | 200,000 | ||
Other Assets | |||
Derivative [Line Items] | |||
Fair value of derivative instruments | $700,000 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common shares available for issuance under share-based compensation plan | 1,800,000 | ||
Period of increase of required common stock ownership levels | 5 years | ||
Total share-based compensation expense | $8,207,000 | $6,381,000 | $5,697,000 |
Recognized tax benefits from share-based compensation expense | 3,200,000 | 2,500,000 | 2,200,000 |
Total intrinsic value of stock options exercised | 500,000 | 800,000 | 1,900,000 |
Options outstanding that are vested and exercisable | 15,000 | 64,000 | 312,000 |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation would be recognized based on accelerated vesting provisions | 600,000 | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 6,200,000 | 6,200,000 | 7,100,000 |
Vesting period (in years) | 3 years | ||
Total unrecognized compensation cost related to nonvested awards | 12,800,000 | ||
Total unrecognized compensation cost related to nonvested awards, period for recognition | 2 years 2 months 12 days | ||
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 | $900,000 | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 3 years | ||
Stock option grants in period (shares) | 0 | 0 | 0 |
Stock Options | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award expiration period, years | 7 years | ||
Stock Options | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award expiration period, years | 10 years |
ShareBased_Compensation_Activi
Share-Based Compensation - Activity and Value of Nonvested Restricted Stock and Performance Share Awards (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Number of Shares (shares) | |||
Nonvested awards at beginning of year | 738 | 720 | 826 |
Granted | 371 | 339 | 298 |
Vested | -201 | -206 | -300 |
Forfeited | -94 | -115 | -104 |
Nonvested awards at end of year | 814 | 738 | 720 |
Weighted Average Grant-date Value (dollars per share) | |||
Nonvested awards at beginning of year | $30.81 | $30.14 | $27.97 |
Granted | $33.69 | $31.65 | $29.86 |
Vested | $31.01 | $30.22 | $23.69 |
Forfeited | $30.89 | $30.51 | $30.35 |
Nonvested awards at end of year | $33.29 | $30.81 | $30.14 |
ShareBased_Compensation_Summar
Share-Based Compensation - Summary of Activity and Terms of Outstanding Options (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Options Outstanding (shares) [Roll Forward] | |||
Options outstanding beginning balance | 64 | 312 | 556 |
Exercised | -49 | -244 | -237 |
Forfeited | 0 | -4 | -7 |
Options outstanding ending balance | 15 | 64 | 312 |
Options Outstanding, Weighted Average Exercise Price (dollars per share) [Abstract] | |||
Beginning balance | $23.33 | $22.25 | $21.72 |
Exercised | $24.21 | $21.97 | $21.04 |
Forfeited | $0 | $21.72 | $21.07 |
Ending balance | $20.49 | $23.33 | $22.25 |
Weighted Average Remaining Contractual Life (years), Options outstanding | 9 months 18 days | ||
Aggregate Intrinsic Value, Options outstanding | $0.20 |
ShareBased_Compensation_Stock_
Share-Based Compensation - Stock Option Groups (Detail) (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Number of Options | 15 | 64 | 312 | 556 |
Weighted Average Exercise Price (dollars per share) | $20.49 | $23.33 | $22.25 | $21.72 |
Weighted Average Remaining Contractual Life (years) | 9 months 18 days | |||
$17.01— $22.00 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Range of Exercise Prices (per share), lower range limit | $17.01 | |||
Range of Exercise Prices (per share), upper range limit | $22 | |||
Number of Options | 15 | |||
Weighted Average Exercise Price (dollars per share) | $20.49 | |||
Weighted Average Remaining Contractual Life (years) | 9 months 18 days |
Retirement_Plans_Additional_In
Retirement Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum service period | 1 month | ||
Minimum age requirement | 18 years | ||
Eligibility criteria for employees under savings and retirement plans | one month of service and have attained age 18 | ||
Savings And Retirement Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of employer contributions to eligible employees based on salary, minimum | 1.00% | ||
Expense recognized | $10,800,000 | $10,100,000 | $9,800,000 |
Retirement Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Recognized net actuarial loss | -1,600,000 | ||
Domestic Retirement Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | 49,055,000 | 42,011,000 | |
Net periodic benefit cost | 2,665,000 | 2,974,000 | 2,951,000 |
International Retirement Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | 1,900,000 | 2,400,000 | |
Net periodic benefit cost | 200,000 | 200,000 | 100,000 |
Medical Action Industries, Inc. | Domestic Retirement Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | $900,000 |
Retirement_Plans_Domestic_Reti
Retirement Plans - Domestic Retirement Plan's Financial Status and Amounts Recognized in Consolidated Balance Sheets (Detail) (Domestic Retirement Plans, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Domestic Retirement Plans | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, beginning of year | $42,011 | $46,759 | |
Interest cost | 1,849 | 1,608 | 1,616 |
Actuarial (gain) loss | 6,820 | -4,700 | |
Benefits paid | -1,625 | -1,656 | |
Benefit obligation, end of year | 49,055 | 42,011 | 46,759 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets, beginning of year | 0 | 0 | |
Employer contribution | 1,625 | 1,656 | |
Benefits paid | -1,625 | -1,656 | |
Fair value of plan assets, end of year | 0 | 0 | 0 |
Funded status at December 31 | -49,055 | -42,011 | |
Amounts recognized in the consolidated balance sheets | |||
Other current liabilities | -1,770 | -1,831 | |
Other liabilities | -47,282 | -40,178 | |
Accumulated other comprehensive loss | 16,853 | 10,849 | |
Net amount recognized | -32,199 | -31,160 | |
Accumulated benefit obligation | $49,055 | $42,011 | |
Weighted average assumptions used to determine benefit obligation | |||
Discount rate | 3.75% | 4.50% |
Retirement_Plans_Components_of
Retirement Plans - Components of Net Periodic Benefit Cost for Domestic Retirement Plans (Detail) (Domestic Retirement Plans, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Domestic Retirement Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $0 | $0 | $130 |
Interest cost | 1,849 | 1,608 | 1,616 |
Recognized net actuarial loss | 816 | 1,366 | 971 |
Curtailment loss | 0 | 0 | 234 |
Net periodic benefit cost | $2,665 | $2,974 | $2,951 |
Discount rate | 4.50% | 3.50% | 4.00% |
Rate of increase in future compensation levels | 3.00% |
Retirement_Plans_Amounts_Recog
Retirement Plans - Amounts Recognized As Component Of Accumulated Other Comprehensive Loss, Domestic (Detail) (Domestic Retirement Plans, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Domestic Retirement Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | ($16,853) | ($10,848) |
Deferred tax benefit | 6,573 | 4,231 |
Amounts included in accumulated other comprehensive income (loss), net of tax | ($10,280) | ($6,617) |
Retirement_Plans_Expected_Bene
Retirement Plans - Expected Benefit Payments Required For Domestic Retirement Plan (Detail) (Domestic Retirement Plans, USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Domestic Retirement Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | $1,803 |
2016 | 1,937 |
2017 | 2,056 |
2018 | 2,179 |
2019 | 2,266 |
2020-2024 | $12,711 |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income (Loss) before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income (loss) before income taxes: | |||
U.S. | $155,132 | $192,239 | $192,978 |
Foreign | -28,649 | -7,254 | -9,622 |
Income before income taxes | $126,483 | $184,985 | $183,356 |
Income_Taxes_Income_Tax_Provis
Income Taxes - Income Tax Provision (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current tax provision (benefit): | |||
Federal | $52,178 | $58,487 | $62,859 |
State | 9,801 | 10,455 | 10,537 |
Foreign | 1,386 | 1,448 | -103 |
Total current tax provision | 63,365 | 70,390 | 73,293 |
Deferred tax provision (benefit): | |||
Federal | 282 | 5,455 | 2,529 |
State | 295 | 394 | 438 |
Foreign | -3,962 | -2,136 | -1,907 |
Total deferred tax provision | -3,385 | 3,713 | 1,060 |
Total income tax provision | $59,980 | $74,103 | $74,353 |
Income_Taxes_Reconciliation_Of
Income Taxes - Reconciliation Of Federal Statutory Rate To Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Increases in the rate resulting from: | |||
State income taxes, net of federal income tax impact | 5.20% | 3.90% | 3.90% |
Foreign income taxes | 1.70% | -0.90% | -0.40% |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | 3.20% | 1.30% | 1.10% |
Other | 2.30% | 0.80% | 1.00% |
Effective income tax rate | 47.40% | 40.10% | 40.60% |
Income_Taxes_Tax_Effects_On_De
Income Taxes - Tax Effects On Deferred Tax Assets And Deferred Tax Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Employee benefit plans | $36,127 | $28,892 |
Accrued liabilities not currently deductible | 9,937 | 13,591 |
Finance charges | 6,951 | 6,316 |
Capital leases | 9,081 | 4,419 |
Net operating loss carryforwards | 4,100 | 3,922 |
Other | 14,150 | 8,643 |
Other | 3,432 | 2,083 |
Total deferred tax assets | 83,778 | 67,866 |
Less: valuation allowances | -9,639 | -5,250 |
Net deferred tax assets | 74,139 | 62,616 |
Deferred tax liabilities: | ||
Merchandise inventories | 66,864 | 69,994 |
Goodwill | 35,495 | 33,455 |
Property and equipment | 21,578 | 20,938 |
Computer software | 17,399 | 11,400 |
Insurance | 539 | 1,070 |
Intangible assets | 24,750 | 2,352 |
Other | 1,410 | 585 |
Total deferred tax liabilities | 168,035 | 139,794 |
Net deferred tax liability | ($93,896) | ($77,178) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Unlimited range of net operating loss carryforwards | 5 years | ||
Cash payments for income taxes, including interest | $81,600,000 | $65,400,000 | $78,500,000 |
Liability for unrecognized tax benefits | 6,684,000 | 4,648,000 | 12,303,000 |
Unrecognized tax benefits highly certain | 4,100,000 | 3,400,000 | |
Unrecognized tax benefits that would impact effective tax rate | 2,000,000 | 1,000,000 | |
Accrued interest | 300,000 | 100,000 | |
Interest expense (income) | 100,000 | -400,000 | |
Penalties accrued | $0 | $0 |
Income_Taxes_Reconciliation_Of1
Income Taxes - Reconciliation Of Changes In Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Unrecognized tax benefits at January 1, | $4,648 | $12,303 |
Increases for positions taken during current period | 1,074 | 758 |
Increases for positions taken during prior periods | 62 | 333 |
Decreases for positions taken during prior periods | -438 | -4,939 |
Acquired unrecognized tax benefits | 1,374 | 0 |
Lapse of statute of limitations | -8 | -3,580 |
Settlements with taxing authorities | -28 | -227 |
Unrecognized tax benefits at December 31, | $6,684 | $4,648 |
Net_Income_per_Common_Share_Su
Net Income per Common Share - Summary of Calculation of Net Income Per Share (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator: | |||
Net income | $66,503 | $110,882 | $109,003 |
Participating Securities, Distributed and Undistributed Earnings (Loss), Basic | 597 | 738 | 749 |
Net income attributable to common shareholders—basic | 65,906 | 110,144 | 108,254 |
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | 18 | 257 | 292 |
Undistributed Earnings (Loss) Allocated to Participating Securities, Diluted | -18 | -257 | -292 |
Net income attributable to common shareholders—diluted | $65,906 | $110,144 | $108,254 |
Denominator: | |||
Weighted average shares outstanding—basic (shares) | 62,220 | 62,625 | 62,765 |
Dilutive shares—stock options (shares) | 6 | 36 | 79 |
Weighted average shares outstanding—diluted (shares) | 62,226 | 62,661 | 62,844 |
Basic (in usd per share) | $1.06 | $1.76 | $1.72 |
Diluted (in usd per share) | $1.06 | $1.76 | $1.72 |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2014 |
Equity [Abstract] | ||||
Share repurchase program, authorized amount | $100,000,000 | |||
Stock repurchased and retired, shares | 300 | 560 | ||
Stock repurchased and retired, value | -9,934,000 | -18,876,000 | -15,000,000 | |
Stock repurchase program, average price per share (dollars per share) | $34.31 | $33.72 | ||
Remaining amount available under the program for the repurchase of shares | 90,100,000 | |||
Payments to Acquire Additional Interest in Subsidiaries | $1,500,000 | $0 | $0 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Accumulated other comprehensive income (loss), beginning | $9,568,000 | ($406,000) | ($7,494,000) |
Other comprehensive income (loss) before reclassifications | -36,633,000 | 11,156,000 | 4,472,000 |
Income tax | 2,671,000 | -2,008,000 | 1,931,000 |
Other comprehensive income (loss) before reclassifications, net of tax | -33,962,000 | 9,148,000 | 6,403,000 |
Amounts reclassified from accumulated other comprehensive income (loss) | 631,000 | 1,326,000 | 1,123,000 |
Income tax | -238,000 | -500,000 | -438,000 |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 393,000 | 826,000 | 685,000 |
Other comprehensive income (loss) | -33,569,000 | 9,974,000 | 7,088,000 |
Accumulated other comprehensive income (loss), ending | -24,001,000 | 9,568,000 | -406,000 |
Reclassified actuarial net losses | -800,000 | -1,400,000 | -1,000,000 |
Reclassified prior service cost | 200,000 | ||
Retirement Plans | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Accumulated other comprehensive income (loss), beginning | -6,479,000 | -10,318,000 | -7,707,000 |
Other comprehensive income (loss) before reclassifications | -7,021,000 | 4,902,000 | -5,487,000 |
Income tax | 2,671,000 | -1,897,000 | 2,141,000 |
Other comprehensive income (loss) before reclassifications, net of tax | -4,350,000 | 3,005,000 | -3,346,000 |
Amounts reclassified from accumulated other comprehensive income (loss) | 816,000 | 1,366,000 | 1,205,000 |
Income tax | -310,000 | -532,000 | -470,000 |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 506,000 | 834,000 | 735,000 |
Other comprehensive income (loss) | -3,844,000 | 3,839,000 | -2,611,000 |
Accumulated other comprehensive income (loss), ending | -10,323,000 | -6,479,000 | -10,318,000 |
Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Accumulated other comprehensive income (loss), beginning | 15,892,000 | 9,749,000 | 0 |
Other comprehensive income (loss) before reclassifications | -29,539,000 | 6,254,000 | 9,959,000 |
Income tax | 0 | -111,000 | -210,000 |
Other comprehensive income (loss) before reclassifications, net of tax | -29,539,000 | 6,143,000 | 9,749,000 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 |
Income tax | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 0 | 0 | 0 |
Other comprehensive income (loss) | -29,539,000 | 6,143,000 | 9,749,000 |
Accumulated other comprehensive income (loss), ending | -13,647,000 | 15,892,000 | 9,749,000 |
Other | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Accumulated other comprehensive income (loss), beginning | 155,000 | 163,000 | 213,000 |
Other comprehensive income (loss) before reclassifications | -73,000 | 0 | 0 |
Income tax | 0 | 0 | 0 |
Other comprehensive income (loss) before reclassifications, net of tax | -73,000 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | -185,000 | -40,000 | -82,000 |
Income tax | 72,000 | 32,000 | 32,000 |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | -113,000 | -8,000 | -50,000 |
Other comprehensive income (loss) | -186,000 | -8,000 | -50,000 |
Accumulated other comprehensive income (loss), ending | ($31,000) | $155,000 | $163,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
extension | |||
Loss Contingencies [Line Items] | |||
Number of optional extensions | 2 | ||
Optional extension period (years) | 1 year | ||
Contractual commitment to outsource information technology operations, notice period | 180 days | ||
Remaining annual obligations in 2015 | $35,900,000 | ||
Remaining annual obligations in 2016 | 35,800,000 | ||
Remaining annual obligations in 2017 | 29,800,000 | ||
Technology service costs | 36,600,000 | 45,700,000 | 52,500,000 |
Leases renewal options (in years) | 5 years | ||
Rent expense for operating leases | 77,800,000 | 76,700,000 | 60,900,000 |
Audit reimbursement period (in years), maximum | 7 years | ||
Accounts receivable | 626,192,000 | 572,854,000 | |
Movianto | |||
Loss Contingencies [Line Items] | |||
Contractual obligations, notice period | 30 days | ||
Maximum | Movianto | |||
Loss Contingencies [Line Items] | |||
Contractual obligations, repayment term | 24 months | ||
Maximum | Office And Warehouse Facilities | |||
Loss Contingencies [Line Items] | |||
Terms of lease (in years) | 20 years | ||
Maximum | Transportation And Material Handling Equipment | |||
Loss Contingencies [Line Items] | |||
Terms of lease (in years) | 10 years | ||
Minimum | Movianto | |||
Loss Contingencies [Line Items] | |||
Contractual obligations, repayment term | 6 months | ||
Minimum | Office And Warehouse Facilities | |||
Loss Contingencies [Line Items] | |||
Terms of lease (in years) | 1 year | ||
Minimum | Transportation And Material Handling Equipment | |||
Loss Contingencies [Line Items] | |||
Terms of lease (in years) | 3 years | ||
Breach of Contract Claim | |||
Loss Contingencies [Line Items] | |||
Accrual for estimated settlement amount | 3,900,000 | ||
International Segment | Collectibility of Receivables | |||
Loss Contingencies [Line Items] | |||
Accounts receivable | $11,500,000 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Future Minimum Annual Payments Under Non-Cancelable Lease Agreements (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $57,530 |
2016 | 50,383 |
2017 | 43,239 |
2018 | 37,682 |
2019 | 27,707 |
Thereafter | 74,035 |
Total minimum payments | $290,576 |
Segment_Information_Financial_
Segment Information - Financial Information by Segment (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
segment | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Number of reportable segments | 2 | ||
Net revenue | $9,440,182 | $9,071,532 | $8,868,324 |
Operating earnings | 159,536 | 198,083 | 196,753 |
Acquisition-related and exit and realignment charges | -42,801 | -12,444 | -10,164 |
Fair value adjustments related to purchase accounting | 3,706 | 0 | 0 |
Other (1) | -3,907 | 0 | 0 |
Depreciation and amortization | 57,423 | 50,586 | 39,604 |
Capital expenditures | 70,808 | 60,129 | 38,963 |
Domestic Segment | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Net revenue | 8,951,852 | 8,688,018 | 8,731,484 |
Operating earnings | 209,277 | 211,932 | 212,335 |
Depreciation and amortization | 37,193 | 35,808 | 35,016 |
Capital expenditures | 52,529 | 42,802 | 34,450 |
International Segment | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Net revenue | 488,330 | 383,514 | 136,840 |
Operating earnings | -6,739 | -1,405 | -5,418 |
Depreciation and amortization | 20,230 | 14,778 | 4,588 |
Capital expenditures | $18,279 | $17,327 | $4,513 |
Segment_Information_Consolidat
Segment Information - Consolidated Total Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Assets | $2,735,406 | $2,324,042 | ||
Cash and cash equivalents | 56,772 | 101,905 | 97,888 | 135,938 |
Domestic Segment | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Assets | 2,139,972 | 1,747,572 | ||
International Segment | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Assets | 538,662 | 474,565 | ||
Reportable Segment | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Assets | $2,678,634 | $2,222,137 |
Segment_Information_Financial_1
Segment Information - Financial Information by Geographical Area (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment And Geographic Distribution Of Operations [Line Items] | |||
Net revenue | $9,440,182 | $9,071,532 | $8,868,324 |
Long-Lived Assets | 416,814 | 306,812 | |
United States | |||
Segment And Geographic Distribution Of Operations [Line Items] | |||
Net revenue | 8,951,852 | 8,688,018 | 8,731,484 |
Long-Lived Assets | 260,694 | 170,010 | |
United Kingdom | |||
Segment And Geographic Distribution Of Operations [Line Items] | |||
Net revenue | 253,527 | 211,296 | 86,332 |
Long-Lived Assets | 42,179 | 42,619 | |
Ireland | |||
Segment And Geographic Distribution Of Operations [Line Items] | |||
Long-Lived Assets | 29,018 | 0 | |
France | |||
Segment And Geographic Distribution Of Operations [Line Items] | |||
Net revenue | 54,656 | 52,725 | 14,338 |
Long-Lived Assets | 6,395 | 7,090 | |
Germany | |||
Segment And Geographic Distribution Of Operations [Line Items] | |||
Net revenue | 47,682 | 42,807 | 13,670 |
Long-Lived Assets | 55,437 | 60,068 | |
Other European countries | |||
Segment And Geographic Distribution Of Operations [Line Items] | |||
Net revenue | 132,465 | 76,686 | 22,500 |
Long-Lived Assets | $23,091 | $27,025 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Guarantor subsidiary percentage of ownership | 100.00% |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information (Condensed Consolidating Statements Of Income) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||
Net revenue | $9,440,182 | $9,071,532 | $8,868,324 |
Cost of goods sold | 8,270,216 | 7,954,457 | 7,943,670 |
Gross margin | 1,169,966 | 1,117,075 | 924,654 |
Selling, general and administrative expenses | 926,977 | 863,656 | 682,595 |
Acquisition-related and exit and realignment charges | 42,801 | 12,444 | 10,164 |
Depreciation and amortization | 57,125 | 50,586 | 39,604 |
Other operating (income) expense, net | -16,473 | -7,694 | -4,462 |
Operating earnings | 159,536 | 198,083 | 196,753 |
Loss on early retirement of debt | 14,890 | 0 | 0 |
Interest expense (income), net | 18,163 | 13,098 | 13,397 |
Income before income taxes | 126,483 | 184,985 | 183,356 |
Income tax (benefit) provision | 59,980 | 74,103 | 74,353 |
Equity in earnings of subsidiaries | 0 | 0 | 0 |
Net income (loss) | 66,503 | 110,882 | 109,003 |
Other comprehensive income (loss), net of tax | -33,569 | 9,974 | 7,088 |
Comprehensive income | 32,934 | 120,856 | 116,091 |
Owens & Minor, Inc. | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net revenue | 0 | 0 | 0 |
Cost of goods sold | 0 | 0 | 0 |
Gross margin | 0 | 0 | 0 |
Selling, general and administrative expenses | 952 | 2,559 | 1,573 |
Acquisition-related and exit and realignment charges | 0 | 0 | 0 |
Depreciation and amortization | 2 | 14 | 1 |
Other operating (income) expense, net | 0 | 0 | 0 |
Operating earnings | -954 | -2,573 | -1,574 |
Loss on early retirement of debt | 14,890 | ||
Interest expense (income), net | 15,737 | 11,103 | 16,677 |
Income before income taxes | -31,581 | -13,676 | -18,251 |
Income tax (benefit) provision | -1,700 | -5,474 | -7,121 |
Equity in earnings of subsidiaries | 96,384 | 119,084 | 120,133 |
Net income (loss) | 66,503 | 110,882 | 109,003 |
Other comprehensive income (loss), net of tax | -33,569 | 9,974 | 7,088 |
Comprehensive income | 32,934 | 120,856 | 116,091 |
Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net revenue | 8,910,274 | 8,687,131 | 8,731,484 |
Cost of goods sold | 8,051,350 | 7,826,768 | 7,885,030 |
Gross margin | 858,924 | 860,363 | 846,454 |
Selling, general and administrative expenses | 623,871 | 613,394 | 599,046 |
Acquisition-related and exit and realignment charges | 15,065 | 8,130 | -366 |
Depreciation and amortization | 35,582 | 35,712 | 34,944 |
Other operating (income) expense, net | -10,261 | -4,290 | -3,015 |
Operating earnings | 194,667 | 207,417 | 215,845 |
Loss on early retirement of debt | 0 | ||
Interest expense (income), net | 1,520 | 2,550 | -3,588 |
Income before income taxes | 193,147 | 204,867 | 219,433 |
Income tax (benefit) provision | 65,983 | 81,011 | 85,157 |
Equity in earnings of subsidiaries | 0 | 0 | 0 |
Net income (loss) | 127,164 | 123,856 | 134,276 |
Other comprehensive income (loss), net of tax | -3,846 | 3,838 | -2,611 |
Comprehensive income | 123,318 | 127,694 | 131,665 |
Non-Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net revenue | 626,044 | 435,035 | 165,188 |
Cost of goods sold | 311,947 | 177,541 | 86,307 |
Gross margin | 314,097 | 257,494 | 78,881 |
Selling, general and administrative expenses | 302,154 | 247,703 | 81,976 |
Acquisition-related and exit and realignment charges | 27,736 | 4,314 | 10,530 |
Depreciation and amortization | 21,541 | 14,860 | 4,659 |
Other operating (income) expense, net | -6,212 | -3,404 | -1,447 |
Operating earnings | -31,122 | -5,979 | -16,837 |
Loss on early retirement of debt | 0 | ||
Interest expense (income), net | 906 | -555 | 308 |
Income before income taxes | -32,028 | -5,424 | -17,145 |
Income tax (benefit) provision | -4,303 | -1,434 | -3,683 |
Equity in earnings of subsidiaries | 0 | 0 | 0 |
Net income (loss) | -27,725 | -3,990 | -13,462 |
Other comprehensive income (loss), net of tax | -29,539 | 6,143 | 9,749 |
Comprehensive income | -57,264 | 2,153 | -3,713 |
Eliminations | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net revenue | -96,136 | -50,634 | -28,348 |
Cost of goods sold | -93,081 | -49,852 | -27,667 |
Gross margin | -3,055 | -782 | -681 |
Selling, general and administrative expenses | 0 | 0 | 0 |
Acquisition-related and exit and realignment charges | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 |
Other operating (income) expense, net | 0 | 0 | 0 |
Operating earnings | -3,055 | -782 | -681 |
Loss on early retirement of debt | 0 | ||
Interest expense (income), net | 0 | 0 | 0 |
Income before income taxes | -3,055 | -782 | -681 |
Income tax (benefit) provision | 0 | 0 | 0 |
Equity in earnings of subsidiaries | -96,384 | -119,084 | -120,133 |
Net income (loss) | -99,439 | -119,866 | -120,814 |
Other comprehensive income (loss), net of tax | 33,385 | -9,981 | -7,138 |
Comprehensive income | ($66,054) | ($129,847) | ($127,952) |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheet) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Current assets | ||||
Cash and cash equivalents | $56,772 | $101,905 | $97,888 | $135,938 |
Accounts and notes receivable, net | 626,192 | 572,854 | ||
Merchandise inventories | 872,457 | 771,663 | ||
Other current assets | 315,285 | 279,510 | ||
Total current assets | 1,870,706 | 1,725,932 | ||
Property and equipment, net | 232,979 | 191,961 | ||
Goodwill, net | 423,276 | 275,439 | ||
Intangible assets, net | 108,593 | 40,406 | ||
Due from O&M and subsidiaries | 0 | 0 | ||
Advances to and investments in consolidated subsidiaries | 0 | 0 | ||
Other assets, net | 99,852 | 90,304 | ||
Total assets | 2,735,406 | 2,324,042 | ||
Current liabilities | ||||
Accounts payable | 608,846 | 643,872 | ||
Accrued payroll and related liabilities | 31,507 | 23,296 | ||
Deferred income taxes | 37,979 | 41,613 | ||
Other current liabilities | 326,223 | 281,427 | ||
Total current liabilities | 1,004,555 | 990,208 | ||
Long-term debt, excluding current portion | 608,551 | 212,786 | ||
Due to O&M and subsidiaries | 0 | 0 | ||
Intercompany debt | 0 | 0 | ||
Deferred income taxes | 63,901 | 43,727 | ||
Other liabilities | 67,561 | 52,278 | ||
Total liabilities | 1,744,568 | 1,298,999 | ||
Equity | ||||
Common stock, par value $2 per share; authorized—200,000 shares; issued and outstanding—63,070 shares and 63,096 shares | 126,140 | 126,193 | ||
Paid-in capital | 202,934 | 196,605 | ||
Retained earnings (deficit) | 685,765 | 691,547 | ||
Accumulated other comprehensive income (loss) | -24,001 | 9,568 | -406 | -7,494 |
Total Owens & Minor, Inc. shareholders’ equity | 990,838 | 1,023,913 | ||
Noncontrolling interest | 1,130 | |||
Total equity | 990,838 | 1,025,043 | 973,656 | 919,217 |
Total liabilities and equity | 2,735,406 | 2,324,042 | ||
Owens & Minor, Inc. | ||||
Current assets | ||||
Cash and cash equivalents | 22,013 | 74,391 | 58,190 | 120,010 |
Accounts and notes receivable, net | 0 | 0 | ||
Merchandise inventories | 0 | 0 | ||
Other current assets | -24,748 | 201 | ||
Total current assets | -2,735 | 74,592 | ||
Property and equipment, net | 0 | 2 | ||
Goodwill, net | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Due from O&M and subsidiaries | 0 | 0 | ||
Advances to and investments in consolidated subsidiaries | 1,893,767 | 1,533,294 | ||
Other assets, net | 4,637 | 408 | ||
Total assets | 1,895,669 | 1,608,296 | ||
Current liabilities | ||||
Accounts payable | 0 | 0 | ||
Accrued payroll and related liabilities | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Other current liabilities | 6,441 | 6,811 | ||
Total current liabilities | 6,441 | 6,811 | ||
Long-term debt, excluding current portion | 547,763 | 204,028 | ||
Due to O&M and subsidiaries | 350,627 | 373,544 | ||
Intercompany debt | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | 904,831 | 584,383 | ||
Equity | ||||
Common stock, par value $2 per share; authorized—200,000 shares; issued and outstanding—63,070 shares and 63,096 shares | 126,140 | 126,193 | ||
Paid-in capital | 202,934 | 196,605 | ||
Retained earnings (deficit) | 685,765 | 691,547 | ||
Accumulated other comprehensive income (loss) | -24,001 | 9,568 | ||
Total Owens & Minor, Inc. shareholders’ equity | 990,838 | 1,023,913 | ||
Noncontrolling interest | 0 | |||
Total equity | 1,023,913 | |||
Total liabilities and equity | 1,895,669 | 1,608,296 | ||
Guarantor Subsidiaries | ||||
Current assets | ||||
Cash and cash equivalents | 3,912 | 2,012 | 13,641 | 14,809 |
Accounts and notes receivable, net | 519,951 | 496,310 | ||
Merchandise inventories | 816,915 | 750,999 | ||
Other current assets | 90,733 | 72,049 | ||
Total current assets | 1,431,511 | 1,321,370 | ||
Property and equipment, net | 110,076 | 96,500 | ||
Goodwill, net | 247,271 | 247,271 | ||
Intangible assets, net | 15,805 | 17,881 | ||
Due from O&M and subsidiaries | 357,304 | 377,786 | ||
Advances to and investments in consolidated subsidiaries | 0 | 0 | ||
Other assets, net | 66,836 | 63,848 | ||
Total assets | 2,228,803 | 2,124,656 | ||
Current liabilities | ||||
Accounts payable | 567,285 | 595,865 | ||
Accrued payroll and related liabilities | 16,434 | 12,792 | ||
Deferred income taxes | 39,667 | 41,464 | ||
Other current liabilities | 83,698 | 87,795 | ||
Total current liabilities | 707,084 | 737,916 | ||
Long-term debt, excluding current portion | 39,915 | 7,228 | ||
Due to O&M and subsidiaries | 0 | 0 | ||
Intercompany debt | 138,890 | 138,890 | ||
Deferred income taxes | 33,162 | 32,173 | ||
Other liabilities | 55,794 | 47,816 | ||
Total liabilities | 974,845 | 964,023 | ||
Equity | ||||
Common stock, par value $2 per share; authorized—200,000 shares; issued and outstanding—63,070 shares and 63,096 shares | 0 | 0 | ||
Paid-in capital | 241,877 | 242,024 | ||
Retained earnings (deficit) | 1,022,379 | 925,184 | ||
Accumulated other comprehensive income (loss) | -10,298 | -6,575 | ||
Total Owens & Minor, Inc. shareholders’ equity | 1,253,958 | 1,160,633 | ||
Noncontrolling interest | 0 | |||
Total equity | 1,160,633 | |||
Total liabilities and equity | 2,228,803 | 2,124,656 | ||
Non-Guarantor Subsidiaries | ||||
Current assets | ||||
Cash and cash equivalents | 30,847 | 25,502 | 26,057 | 1,119 |
Accounts and notes receivable, net | 144,463 | 79,722 | ||
Merchandise inventories | 60,061 | 22,128 | ||
Other current assets | 224,220 | 207,058 | ||
Total current assets | 459,591 | 334,410 | ||
Property and equipment, net | 122,903 | 95,459 | ||
Goodwill, net | 176,005 | 28,168 | ||
Intangible assets, net | 92,788 | 22,525 | ||
Due from O&M and subsidiaries | 0 | 0 | ||
Advances to and investments in consolidated subsidiaries | 0 | 0 | ||
Other assets, net | 28,379 | 26,048 | ||
Total assets | 879,666 | 506,610 | ||
Current liabilities | ||||
Accounts payable | 54,898 | 51,185 | ||
Accrued payroll and related liabilities | 15,073 | 10,504 | ||
Deferred income taxes | -1,688 | 149 | ||
Other current liabilities | 236,084 | 186,821 | ||
Total current liabilities | 304,367 | 248,659 | ||
Long-term debt, excluding current portion | 20,873 | 1,530 | ||
Due to O&M and subsidiaries | 77,788 | 2,910 | ||
Intercompany debt | 0 | 0 | ||
Deferred income taxes | 30,739 | 11,554 | ||
Other liabilities | 11,767 | 4,462 | ||
Total liabilities | 445,534 | 269,115 | ||
Equity | ||||
Common stock, par value $2 per share; authorized—200,000 shares; issued and outstanding—63,070 shares and 63,096 shares | 0 | 1,500 | ||
Paid-in capital | 514,314 | 259,864 | ||
Retained earnings (deficit) | -66,479 | -41,029 | ||
Accumulated other comprehensive income (loss) | -13,703 | 16,030 | ||
Total Owens & Minor, Inc. shareholders’ equity | 434,132 | 236,365 | ||
Noncontrolling interest | 1,130 | |||
Total equity | 237,495 | |||
Total liabilities and equity | 879,666 | 506,610 | ||
Eliminations | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts and notes receivable, net | -38,222 | -3,178 | ||
Merchandise inventories | -4,519 | -1,464 | ||
Other current assets | 25,080 | 202 | ||
Total current assets | -17,661 | -4,440 | ||
Property and equipment, net | 0 | 0 | ||
Goodwill, net | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Due from O&M and subsidiaries | -357,304 | -377,786 | ||
Advances to and investments in consolidated subsidiaries | -1,893,767 | -1,533,294 | ||
Other assets, net | 0 | 0 | ||
Total assets | -2,268,732 | -1,915,520 | ||
Current liabilities | ||||
Accounts payable | -13,337 | -3,178 | ||
Accrued payroll and related liabilities | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | -13,337 | -3,178 | ||
Long-term debt, excluding current portion | 0 | 0 | ||
Due to O&M and subsidiaries | -428,415 | -376,454 | ||
Intercompany debt | -138,890 | -138,890 | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | -580,642 | -518,522 | ||
Equity | ||||
Common stock, par value $2 per share; authorized—200,000 shares; issued and outstanding—63,070 shares and 63,096 shares | 0 | -1,500 | ||
Paid-in capital | -756,191 | -501,888 | ||
Retained earnings (deficit) | -955,900 | -884,155 | ||
Accumulated other comprehensive income (loss) | 24,001 | -9,455 | ||
Total Owens & Minor, Inc. shareholders’ equity | -1,688,090 | -1,396,998 | ||
Noncontrolling interest | 0 | |||
Total equity | -1,396,998 | |||
Total liabilities and equity | ($2,268,732) | ($1,915,520) |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Information (Condensed Consolidating Statements Of Cash Flows) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities: | |||
Net income (loss) | $66,503 | $110,882 | $109,003 |
Adjustments to reconcile net income to cash (used for) provided by operating activities: | |||
Equity in earnings of subsidiaries | 0 | 0 | 0 |
Depreciation and amortization | 63,407 | 50,586 | 39,604 |
Loss on early retirement of debt | 14,890 | 0 | 0 |
Share-based compensation expense | 8,207 | 6,381 | 5,697 |
Provision for losses on accounts and notes receivable | 448 | 787 | 1,004 |
Deferred income tax (benefit) expense | -3,385 | 3,713 | 1,060 |
Changes in operating assets and liabilities: | |||
Accounts and notes receivable | -17,803 | -38,645 | 27,161 |
Merchandise inventories | -57,329 | -7,064 | 58,734 |
Accounts payable | -52,148 | 47,374 | -18,694 |
Net change in other assets and liabilities | -25,828 | -32,337 | -4,490 |
Other, net | -723 | -1,123 | -573 |
Cash (used for) provided by operating activities | -3,761 | 140,554 | 218,506 |
Investing activities: | |||
Acquisition, net of cash acquired | -248,536 | 0 | -155,210 |
Additions to property and equipment | -48,424 | -28,119 | -9,832 |
Additions to computer software and intangible assets | -22,384 | -32,010 | -29,131 |
Proceeds from the sale of investments | 1,937 | 0 | 0 |
Proceeds from sale of property and equipment | 156 | 3,051 | 3,298 |
Cash used for investing activities | -317,251 | -57,078 | -190,875 |
Financing activities: | |||
Proceeds from issuance of debt | 547,693 | 0 | 0 |
Proceeds from revolver | 33,700 | 0 | 0 |
Repayment of debt | -217,352 | 0 | 0 |
Change in intercompany advances | 0 | 0 | 0 |
Cash dividends paid | -63,104 | -60,731 | -55,681 |
Repurchases of common stock | -9,934 | -18,876 | -15,000 |
Financing costs paid | -5,391 | 0 | -1,303 |
Excess tax benefits related to share-based compensation | 582 | 898 | 1,293 |
Proceeds from exercise of stock options | 1,180 | 5,352 | 4,986 |
Purchase of NCI | -1,500 | 0 | 0 |
Other, net | -7,314 | -8,623 | -2,710 |
Cash provided by (used for) financing activities | 278,560 | -81,980 | -68,415 |
Effect of exchange rate changes on cash and cash equivalents | -2,681 | 2,521 | 2,734 |
Net increase (decrease) in cash and cash equivalents | -45,133 | 4,017 | -38,050 |
Cash and cash equivalents at beginning of year | 101,905 | 97,888 | 135,938 |
Cash and cash equivalents at end of year | 56,772 | 101,905 | 97,888 |
Owens & Minor, Inc. | |||
Operating activities: | |||
Net income (loss) | 66,503 | 110,882 | 109,003 |
Adjustments to reconcile net income to cash (used for) provided by operating activities: | |||
Equity in earnings of subsidiaries | -96,384 | -119,084 | -120,133 |
Depreciation and amortization | 2 | 14 | 1 |
Loss on early retirement of debt | 14,890 | ||
Share-based compensation expense | 0 | 0 | 0 |
Provision for losses on accounts and notes receivable | 0 | 0 | 0 |
Deferred income tax (benefit) expense | 0 | 0 | 0 |
Changes in operating assets and liabilities: | |||
Accounts and notes receivable | 0 | 0 | 0 |
Merchandise inventories | 0 | 0 | 0 |
Accounts payable | 0 | -45,300 | -67,800 |
Net change in other assets and liabilities | -455 | 1,774 | 19 |
Other, net | -1,161 | -1,541 | -1,738 |
Cash (used for) provided by operating activities | -16,605 | -53,255 | -80,648 |
Investing activities: | |||
Acquisition, net of cash acquired | 0 | 0 | |
Additions to property and equipment | 0 | 0 | 0 |
Additions to computer software and intangible assets | 0 | 0 | 0 |
Proceeds from sale of property and equipment | 0 | 0 | 0 |
Cash used for investing activities | 0 | 0 | 0 |
Financing activities: | |||
Proceeds from issuance of debt | 547,693 | ||
Proceeds from revolver | 0 | ||
Repayment of debt | -217,352 | ||
Change in intercompany advances | -287,275 | 145,354 | 86,131 |
Cash dividends paid | -63,104 | -60,731 | -55,681 |
Repurchases of common stock | -9,934 | -18,876 | -15,000 |
Financing costs paid | -4,780 | 0 | |
Excess tax benefits related to share-based compensation | 582 | 898 | 1,293 |
Proceeds from exercise of stock options | 1,180 | 5,352 | 4,986 |
Other, net | -2,783 | -2,541 | -2,901 |
Cash provided by (used for) financing activities | -35,773 | 69,456 | 18,828 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | -52,378 | 16,201 | -61,820 |
Cash and cash equivalents at beginning of year | 74,391 | 58,190 | 120,010 |
Cash and cash equivalents at end of year | 22,013 | 74,391 | 58,190 |
Guarantor Subsidiaries | |||
Operating activities: | |||
Net income (loss) | 127,164 | 123,856 | 134,276 |
Adjustments to reconcile net income to cash (used for) provided by operating activities: | |||
Equity in earnings of subsidiaries | 0 | 0 | 0 |
Depreciation and amortization | 35,879 | 35,712 | 34,944 |
Loss on early retirement of debt | 0 | ||
Share-based compensation expense | 8,369 | 6,381 | 5,697 |
Provision for losses on accounts and notes receivable | -36 | 278 | 587 |
Deferred income tax (benefit) expense | 1,292 | 5,821 | 2,933 |
Changes in operating assets and liabilities: | |||
Accounts and notes receivable | -24,440 | -22,055 | 31,513 |
Merchandise inventories | -65,916 | -170 | 56,235 |
Accounts payable | -28,580 | 77,320 | 55,941 |
Net change in other assets and liabilities | -12,341 | -12,068 | -2,653 |
Other, net | -9 | 515 | 1,236 |
Cash (used for) provided by operating activities | 41,382 | 215,590 | 320,709 |
Investing activities: | |||
Acquisition, net of cash acquired | 0 | 0 | |
Additions to property and equipment | -34,475 | -21,029 | -4,249 |
Additions to computer software and intangible assets | -18,054 | -21,773 | -27,960 |
Proceeds from the sale of investments | 1,937 | ||
Proceeds from sale of property and equipment | 156 | 2,746 | 1,057 |
Cash used for investing activities | -50,436 | -40,056 | -31,152 |
Financing activities: | |||
Proceeds from issuance of debt | 0 | ||
Proceeds from revolver | 33,700 | ||
Repayment of debt | 0 | ||
Change in intercompany advances | -21,106 | -184,092 | -287,200 |
Cash dividends paid | 0 | 0 | 0 |
Repurchases of common stock | 0 | 0 | 0 |
Financing costs paid | -611 | -1,303 | |
Excess tax benefits related to share-based compensation | 0 | 0 | 0 |
Proceeds from exercise of stock options | 0 | 0 | 0 |
Other, net | -1,029 | -3,071 | -2,222 |
Cash provided by (used for) financing activities | 10,954 | -187,163 | -290,725 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 1,900 | -11,629 | -1,168 |
Cash and cash equivalents at beginning of year | 2,012 | 13,641 | 14,809 |
Cash and cash equivalents at end of year | 3,912 | 2,012 | 13,641 |
Non-Guarantor Subsidiaries | |||
Operating activities: | |||
Net income (loss) | -27,725 | -3,990 | -13,462 |
Adjustments to reconcile net income to cash (used for) provided by operating activities: | |||
Equity in earnings of subsidiaries | 0 | 0 | 0 |
Depreciation and amortization | 27,526 | 14,860 | 4,659 |
Loss on early retirement of debt | 0 | ||
Share-based compensation expense | -162 | 0 | 0 |
Provision for losses on accounts and notes receivable | 484 | 509 | 417 |
Deferred income tax (benefit) expense | -4,677 | -2,108 | -1,873 |
Changes in operating assets and liabilities: | |||
Accounts and notes receivable | 6,185 | -16,522 | -7,599 |
Merchandise inventories | 8,308 | -7,676 | 1,818 |
Accounts payable | -24,613 | 15,286 | -3,585 |
Net change in other assets and liabilities | -14,311 | -22,043 | -1,859 |
Other, net | 447 | -97 | -71 |
Cash (used for) provided by operating activities | -28,538 | -21,781 | -21,555 |
Investing activities: | |||
Acquisition, net of cash acquired | -248,536 | -155,210 | |
Additions to property and equipment | -13,949 | -7,090 | -5,583 |
Additions to computer software and intangible assets | -4,330 | -10,237 | -1,171 |
Proceeds from the sale of investments | 0 | ||
Proceeds from sale of property and equipment | 0 | 305 | 2,241 |
Cash used for investing activities | -266,815 | -17,022 | -159,723 |
Financing activities: | |||
Proceeds from issuance of debt | 0 | ||
Proceeds from revolver | 0 | ||
Repayment of debt | 0 | ||
Change in intercompany advances | 308,381 | 38,738 | 201,069 |
Cash dividends paid | 0 | 0 | 0 |
Repurchases of common stock | 0 | 0 | 0 |
Financing costs paid | 0 | 0 | |
Excess tax benefits related to share-based compensation | 0 | 0 | 0 |
Proceeds from exercise of stock options | 0 | 0 | 0 |
Purchase of NCI | -1,500 | ||
Other, net | -3,502 | -3,011 | 2,413 |
Cash provided by (used for) financing activities | 303,379 | 35,727 | 203,482 |
Effect of exchange rate changes on cash and cash equivalents | -2,681 | 2,521 | 2,734 |
Net increase (decrease) in cash and cash equivalents | 5,345 | -555 | 24,938 |
Cash and cash equivalents at beginning of year | 25,502 | 26,057 | 1,119 |
Cash and cash equivalents at end of year | 30,847 | 25,502 | 26,057 |
Eliminations | |||
Operating activities: | |||
Net income (loss) | -99,439 | -119,866 | -120,814 |
Adjustments to reconcile net income to cash (used for) provided by operating activities: | |||
Equity in earnings of subsidiaries | 96,384 | 119,084 | 120,133 |
Depreciation and amortization | 0 | 0 | 0 |
Loss on early retirement of debt | 0 | ||
Share-based compensation expense | 0 | 0 | 0 |
Provision for losses on accounts and notes receivable | 0 | 0 | 0 |
Deferred income tax (benefit) expense | 0 | 0 | 0 |
Changes in operating assets and liabilities: | |||
Accounts and notes receivable | 452 | -68 | 3,247 |
Merchandise inventories | 279 | 782 | 681 |
Accounts payable | 1,045 | 68 | -3,250 |
Net change in other assets and liabilities | 1,279 | 0 | 3 |
Other, net | 0 | 0 | 0 |
Cash (used for) provided by operating activities | 0 | 0 | 0 |
Investing activities: | |||
Acquisition, net of cash acquired | 0 | 0 | |
Additions to property and equipment | 0 | 0 | 0 |
Additions to computer software and intangible assets | 0 | 0 | 0 |
Proceeds from sale of property and equipment | 0 | 0 | 0 |
Cash used for investing activities | 0 | 0 | 0 |
Financing activities: | |||
Proceeds from issuance of debt | 0 | ||
Proceeds from revolver | 0 | ||
Repayment of debt | 0 | ||
Change in intercompany advances | 0 | 0 | 0 |
Cash dividends paid | 0 | 0 | 0 |
Repurchases of common stock | 0 | 0 | 0 |
Financing costs paid | 0 | 0 | |
Excess tax benefits related to share-based compensation | 0 | 0 | 0 |
Proceeds from exercise of stock options | 0 | 0 | 0 |
Other, net | 0 | 0 | 0 |
Cash provided by (used for) financing activities | 0 | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of year | 0 | 0 | 0 |
Cash and cash equivalents at end of year | $0 | $0 | $0 |