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x
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Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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¨
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Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Virginia
|
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54-1701843
|
(State or other jurisdiction of
incorporation or organization)
|
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(I.R.S. Employer
Identification No.)
|
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|
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9120 Lockwood Boulevard, Mechanicsville, Virginia
|
|
23116
|
(Address of principal executive offices)
|
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(Zip Code)
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Title of each class
|
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Name of each exchange on which registered
|
Common Stock, $2 par value
|
|
New York Stock Exchange
|
3.875% Senior Notes due 2021
|
|
Not Listed
|
4.375% Senior Notes due 2024
|
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Not Listed
|
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Large accelerated filer
|
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x
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Accelerated filer
|
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¨
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|||
Non-accelerated filer
|
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¨
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Smaller reporting company
|
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¨
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Item No.
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Page
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1
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1A.
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1B.
|
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2
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3
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4
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Mine Safety Disclosures
|
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5
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6
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7
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7A.
|
|
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||
8
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||
9
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9A.
|
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||
9B.
|
|
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||
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|||
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|||
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||
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10
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||
11
|
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||
12
|
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||
13
|
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||
14
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||
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||
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15
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|
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•
|
Expenses and difficulties in the transition and integration of operations and systems;
|
•
|
Retention of current customers and the ability to obtain new customers;
|
•
|
The assimilation and retention of personnel, including management personnel, in the acquired businesses;
|
•
|
Accounting, tax, regulatory and compliance issues that could arise;
|
•
|
Difficulties in implementing uniform controls, procedures and policies in our acquired companies, or in remediating control deficiencies in acquired companies not formerly subject to the Sarbanes-Oxley Act of 2002;
|
•
|
Unanticipated expenses incurred or charges to earnings based on unknown circumstances or liabilities;
|
•
|
Failure to realize the synergies and other benefits we expect from the acquisition at the pace we anticipate;
|
•
|
General economic conditions in the markets in which the acquired businesses operate; and
|
•
|
Difficulties encountered in conducting business in markets where we have limited experience and expertise.
|
•
|
Lack of familiarity with and expertise in conducting business in foreign markets;
|
•
|
Foreign currency fluctuations and exchange risk;
|
•
|
Unexpected changes in foreign regulations or conditions relating to labor, economic or political environment, and social norms or requirements;
|
•
|
Adverse tax consequences and difficulties in repatriating cash generated or held abroad;
|
•
|
Local economic environments, such as in the European markets served by Movianto and ArcRoyal, including recession, inflation, indebtedness, currency volatility and competition; and
|
•
|
Changes in trade protection laws and other laws affecting trade and investment, including import/export regulations in both the United States and foreign countries.
|
|
Base
Period
|
|
Years Ended
|
||||||||||||||||||||
Company Name / Index
|
12/2009
|
|
12/2010
|
|
12/2011
|
|
12/2012
|
|
12/2013
|
|
12/2014
|
||||||||||||
Owens & Minor, Inc.
|
$
|
100.00
|
|
|
$
|
105.42
|
|
|
$
|
102.24
|
|
|
$
|
108.13
|
|
|
$
|
142.63
|
|
|
$
|
140.99
|
|
S&P 500 Index
|
100.00
|
|
|
115.06
|
|
|
117.49
|
|
|
136.30
|
|
|
180.44
|
|
|
205.14
|
|
||||||
S&P 500 Healthcare
|
100.00
|
|
|
102.90
|
|
|
116.00
|
|
|
136.75
|
|
|
193.45
|
|
|
242.47
|
|
||||||
Peer Group
|
100.00
|
|
|
119.02
|
|
|
129.37
|
|
|
152.33
|
|
|
244.92
|
|
|
309.12
|
|
|
At or for the Year Ended December 31,
|
||||||||||||||||||
|
2014
(1)
|
|
2013
(2)
|
|
2012
(3)
|
|
2011
(4)
|
|
2010
(5)
|
||||||||||
Summary of Operations:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net revenue
|
$
|
9,440,182
|
|
|
$
|
9,071,532
|
|
|
$
|
8,868,324
|
|
|
$
|
8,627,912
|
|
|
$
|
8,123,608
|
|
Net income
|
$
|
66,503
|
|
|
$
|
110,882
|
|
|
$
|
109,003
|
|
|
$
|
115,198
|
|
|
$
|
110,579
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Per Common Share
(6)
:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income per share—basic
|
$
|
1.06
|
|
|
$
|
1.76
|
|
|
$
|
1.72
|
|
|
$
|
1.82
|
|
|
$
|
1.76
|
|
Net income per share—diluted
|
$
|
1.06
|
|
|
$
|
1.76
|
|
|
$
|
1.72
|
|
|
$
|
1.81
|
|
|
$
|
1.75
|
|
Cash dividends
|
$
|
1.000
|
|
|
$
|
0.960
|
|
|
$
|
0.880
|
|
|
$
|
0.800
|
|
|
$
|
0.708
|
|
Stock price at year end
|
$
|
35.11
|
|
|
$
|
36.56
|
|
|
$
|
28.51
|
|
|
$
|
27.79
|
|
|
$
|
29.43
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Summary of Financial Position:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
2,735,406
|
|
|
$
|
2,324,042
|
|
|
$
|
2,214,398
|
|
|
$
|
1,946,815
|
|
|
$
|
1,822,039
|
|
Cash and cash equivalents
|
$
|
56,772
|
|
|
$
|
101,905
|
|
|
$
|
97,888
|
|
|
$
|
135,938
|
|
|
$
|
159,213
|
|
Total debt
|
$
|
613,809
|
|
|
$
|
216,243
|
|
|
$
|
217,591
|
|
|
$
|
214,556
|
|
|
$
|
210,906
|
|
Total Owens & Minor, Inc. shareholders’ equity
|
$
|
990,838
|
|
|
$
|
1,023,913
|
|
|
$
|
972,526
|
|
|
$
|
918,087
|
|
|
$
|
857,518
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Selected Ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross margin as a percent of revenue
|
12.39
|
%
|
|
12.31
|
%
|
|
10.43
|
%
|
|
9.94
|
%
|
|
9.94
|
%
|
|||||
Selling, general, and administrative expenses as a percent of revenue
|
9.82
|
%
|
|
9.52
|
%
|
|
7.70
|
%
|
|
7.08
|
%
|
|
6.94
|
%
|
|||||
Operating earnings as a percent of revenue
|
1.69
|
%
|
|
2.18
|
%
|
|
2.22
|
%
|
|
2.36
|
%
|
|
2.41
|
%
|
|||||
Days sales outstanding (DSO)
(7)
|
22.1
|
|
|
22.1
|
|
|
20.8
|
|
|
20.7
|
|
|
19.6
|
|
|||||
Average annual inventory turnover
(8)
|
10.1
|
|
|
10.4
|
|
|
10.1
|
|
|
10.2
|
|
|
10.4
|
|
(1)
|
We incurred charges of $42.8 million ($35.3 million after tax, or $0.56 per common share) associated with acquisition-related and exit and realignment activities in 2014, a loss on estimated claim settlement of $3.9 million ($3.9 million after tax, or $0.06 per common share), a net gain of $3.7 million ($4.7 million after tax, or $0.07 per common share) associated with fair value adjustments related to purchase accounting, and a loss on early retirement of debt of $14.9 million ($9.1 million after tax or $0.14 per common share). See Notes 3 and 9 of Notes to Consolidated Financial Statements.
|
(2)
|
We incurred charges of $12.4 million ($8.9 million after tax, or $0.14 per common share) associated with acquisition-related and exit and realignment activities in 2013. See Notes 3 and 9 of Notes to Consolidated Financial Statements.
|
(3)
|
We incurred charges of $10.2 million ($8.2 million after tax, or $0.13 per common share) associated with acquisition-related and exit and realignment activities in 2012. See Notes 3 and 9 of Notes to Consolidated Financial Statements.
|
(4)
|
We incurred charges of $13.2 million ($8.0 million after tax, or $0.13 per common share) associated with acquisition-related and exit and realignment activities in 2011. See Note 9 of Notes to Consolidated Financial Statements.
|
(5)
|
We terminated our frozen defined benefit pension plan in the fourth quarter of 2010 and recognized a settlement charge of $19.6 million ($11.9 million after tax, or $0.19 per common share).
|
(6)
|
On March 31, 2010, we effected a three-for-two stock split of our outstanding shares of common stock in the form of a stock dividend of one share of common stock for every two shares outstanding to stockholders of record on March 15, 2010. The common stock began trading on a post-split basis on April 1, 2010. All share and per-share data (except par value) have been adjusted to reflect this split.
|
(7)
|
Based on net revenue for the fourth quarter of the year.
|
(8)
|
Based on cost of goods sold for the preceding 12 months.
|
|
For the years ended December 31,
|
||||||||||
(Dollars in thousands, except per share data)
|
2014
|
|
2013
|
|
2012
|
||||||
Operating earnings, as reported (GAAP)
|
$
|
159,536
|
|
|
$
|
198,083
|
|
|
$
|
196,753
|
|
Acquisition-related and exit and realignment charges
(1)
|
42,801
|
|
|
12,444
|
|
|
10,164
|
|
|||
Fair value adjustments related to purchase accounting
(2)
|
(3,706
|
)
|
|
—
|
|
|
—
|
|
|||
Other
(3)
|
3,907
|
|
|
—
|
|
|
—
|
|
|||
Operating earnings, adjusted (non-GAAP) (Adjusted Operated Earnings)
|
$
|
202,538
|
|
|
$
|
210,527
|
|
|
$
|
206,917
|
|
Adjusted Operating Earnings as a percent of revenue (non-GAAP)
|
2.15
|
%
|
|
2.32
|
%
|
|
2.33
|
%
|
|||
|
|
|
|
|
|
||||||
Net income as reported (GAAP)
|
$
|
66,503
|
|
|
$
|
110,882
|
|
|
$
|
109,003
|
|
Acquisition-related and exit and realignment charges, net of tax
(1)
|
35,302
|
|
|
8,856
|
|
|
8,200
|
|
|||
Fair value adjustments related to purchase accounting, net of tax
(2)
|
(4,703
|
)
|
|
—
|
|
|
—
|
|
|||
Other, net of tax
(3)
|
3,907
|
|
|
—
|
|
|
—
|
|
|||
Loss on early retirement of debt, net of tax
(4)
|
9,092
|
|
|
—
|
|
|
—
|
|
|||
Net income, adjusted (non-GAAP) (Adjusted Net Income)
|
$
|
110,101
|
|
|
$
|
119,738
|
|
|
$
|
117,203
|
|
|
|
|
|
|
|
||||||
Net income per diluted common share, as reported (GAAP)
|
$
|
1.06
|
|
|
$
|
1.76
|
|
|
$
|
1.72
|
|
Acquisition-related and exit and realignment charges, net of tax
(1)
|
0.56
|
|
|
0.14
|
|
|
0.13
|
|
|||
Fair value adjustments related to purchase accounting, net of tax
(2)
|
(0.07
|
)
|
|
—
|
|
|
—
|
|
|||
Other, net of tax
(3)
|
0.06
|
|
|
—
|
|
|
—
|
|
|||
Loss on early retirement of debt, net of tax
(4)
|
0.14
|
|
|
—
|
|
|
—
|
|
|||
Net income per diluted common share, adjusted (non-GAAP) (Adjusted EPS)
|
$
|
1.76
|
|
|
$
|
1.90
|
|
|
$
|
1.85
|
|
Net revenue.
|
For the years ended December 31,
|
|
Change
|
|||||||||||
(Dollars in thousands)
|
2014
|
|
2013
|
|
$
|
|
%
|
|||||||
Domestic
|
$
|
8,951,852
|
|
|
$
|
8,688,018
|
|
|
$
|
263,834
|
|
|
3.0
|
%
|
International
|
488,330
|
|
|
383,514
|
|
|
104,816
|
|
|
27.3
|
%
|
|||
Net revenue
|
$
|
9,440,182
|
|
|
$
|
9,071,532
|
|
|
$
|
368,650
|
|
|
4.1
|
%
|
Cost of goods sold.
|
For the years ended December 31,
|
|
Change
|
|||||||||||
(Dollars in thousands)
|
2014
|
|
2013
|
|
$
|
|
%
|
|||||||
Cost of goods sold
|
$
|
8,270,216
|
|
|
$
|
7,954,457
|
|
|
$
|
315,759
|
|
|
4.0
|
%
|
Gross margin.
|
For the years ended December 31,
|
|
Change
|
|||||||||||
(Dollars in thousands)
|
2014
|
|
2013
|
|
$
|
|
%
|
|||||||
Gross margin
|
$
|
1,169,966
|
|
|
$
|
1,117,075
|
|
|
$
|
52,891
|
|
|
4.7
|
%
|
As a % of net revenue
|
12.39
|
%
|
|
12.31
|
%
|
|
|
|
|
Operating expenses.
|
For the years ended December 31,
|
|
Change
|
|||||||||||
(Dollars in thousands)
|
2014
|
|
2013
|
|
$
|
|
%
|
|||||||
SG&A expenses
|
$
|
926,977
|
|
|
$
|
863,656
|
|
|
$
|
63,321
|
|
|
7.3
|
%
|
As a % of net revenue
|
9.82
|
%
|
|
9.52
|
%
|
|
|
|
|
|||||
Depreciation and amortization
|
$
|
57,125
|
|
|
$
|
50,586
|
|
|
$
|
6,539
|
|
|
12.9
|
%
|
Other operating income, net
|
$
|
(16,473
|
)
|
|
$
|
(7,694
|
)
|
|
$
|
(8,779
|
)
|
|
114.1
|
%
|
Interest expense, net.
|
For the years ended December 31,
|
|
Change
|
|||||||||||
(Dollars in thousands)
|
2014
|
|
2013
|
|
$
|
|
%
|
|||||||
Interest expense, net
|
$
|
18,163
|
|
|
$
|
13,098
|
|
|
$
|
5,065
|
|
|
38.7
|
%
|
Effective interest rate
|
5.38
|
%
|
|
6.05
|
%
|
|
|
|
|
Income taxes.
|
For the years ended December 31,
|
|
Change
|
|||||||||||
(Dollars in thousands)
|
2014
|
|
2013
|
|
$
|
|
%
|
|||||||
Income tax provision
|
$
|
59,980
|
|
|
$
|
74,103
|
|
|
$
|
(14,123
|
)
|
|
(19.1
|
)%
|
Effective tax rate
|
47.4
|
%
|
|
40.1
|
%
|
|
|
|
|
Net revenue.
|
For the years ended December 31,
|
|
Change
|
|||||||||||
(Dollars in thousands)
|
2013
|
|
2012
|
|
$
|
|
%
|
|||||||
Domestic
|
$
|
8,688,018
|
|
|
$
|
8,731,484
|
|
|
$
|
(43,466
|
)
|
|
(0.5
|
)%
|
International
|
383,514
|
|
|
136,840
|
|
|
246,674
|
|
|
180.3
|
%
|
|||
Net revenue
|
$
|
9,071,532
|
|
|
$
|
8,868,324
|
|
|
$
|
203,208
|
|
|
2.3
|
%
|
Cost of goods sold.
|
For the years ended December 31,
|
|
Change
|
|||||||||||
(Dollars in thousands)
|
2013
|
|
2012
|
|
$
|
|
%
|
|||||||
Cost of goods sold
|
$
|
7,954,457
|
|
|
$
|
7,943,670
|
|
|
$
|
10,787
|
|
|
0.1
|
%
|
Gross margin.
|
For the years ended December 31,
|
|
Change
|
|||||||||||
(Dollars in thousands)
|
2013
|
|
2012
|
|
$
|
|
%
|
|||||||
Gross margin
|
$
|
1,117,075
|
|
|
$
|
924,654
|
|
|
$
|
192,421
|
|
|
20.8
|
%
|
As a % of net revenue
|
12.31
|
%
|
|
10.43
|
%
|
|
|
|
|
Operating expenses.
|
For the years ended December 31,
|
|
Change
|
|||||||||||
(Dollars in thousands)
|
2013
|
|
2012
|
|
$
|
|
%
|
|||||||
SG&A expenses
|
$
|
863,656
|
|
|
$
|
682,595
|
|
|
$
|
181,061
|
|
|
26.5
|
%
|
As a % of net revenue
|
9.52
|
%
|
|
7.70
|
%
|
|
|
|
|
|||||
Depreciation and amortization
|
$
|
50,586
|
|
|
$
|
39,604
|
|
|
$
|
10,982
|
|
|
27.7
|
%
|
Other operating income, net
|
$
|
(7,694
|
)
|
|
$
|
(4,462
|
)
|
|
$
|
(3,232
|
)
|
|
72.4
|
%
|
Interest expense, net.
|
For the years ended December 31,
|
|
Change
|
|||||||||||
(Dollars in thousands)
|
2013
|
|
2012
|
|
$
|
|
%
|
|||||||
Interest expense, net
|
$
|
13,098
|
|
|
$
|
13,397
|
|
|
$
|
(299
|
)
|
|
(2.2
|
)%
|
Effective interest rate
|
6.05
|
%
|
|
6.17
|
%
|
|
|
|
|
Income taxes.
|
For the years ended December 31,
|
|
Change
|
|||||||||||
(Dollars in thousands)
|
2013
|
|
2012
|
|
$
|
|
%
|
|||||||
Income tax provision
|
$
|
74,103
|
|
|
$
|
74,353
|
|
|
$
|
(250
|
)
|
|
(0.3
|
)%
|
Effective tax rate
|
40.1
|
%
|
|
40.6
|
%
|
|
|
|
|
|
For the years ended December 31,
|
|
Change
|
|||||||||||
(Dollars in millions)
|
2014
|
|
2013
|
|
$
|
|
%
|
|||||||
Cash and cash equivalents
|
$
|
56.8
|
|
|
$
|
101.9
|
|
|
$
|
(45.1
|
)
|
|
(44.3
|
)%
|
Accounts and notes receivable, net of allowances
|
$
|
626.2
|
|
|
$
|
572.9
|
|
|
$
|
53.3
|
|
|
9.3
|
%
|
Consolidated DSO
(1)
|
22.1
|
|
|
22.1
|
|
|
|
|
|
|||||
Merchandise inventories
|
$
|
872.5
|
|
|
$
|
771.7
|
|
|
$
|
100.8
|
|
|
13.1
|
%
|
Consolidated inventory turnover
(2)
|
10.1
|
|
|
10.4
|
|
|
|
|
|
|||||
Accounts payable
|
$
|
608.8
|
|
|
$
|
643.9
|
|
|
$
|
(35.1
|
)
|
|
(5.5
|
)%
|
(Dollars in millions)
|
2014
|
|
2013
|
|
2012
|
||||||
Net cash provided by (used for) continuing operations:
|
|
|
|
|
|
||||||
Operating activities
|
$
|
(3.8
|
)
|
|
$
|
140.6
|
|
|
$
|
218.5
|
|
Investing activities
|
(317.3
|
)
|
|
(57.1
|
)
|
|
(190.8
|
)
|
|||
Financing activities
|
278.6
|
|
|
(82.0
|
)
|
|
(68.4
|
)
|
|||
Effect of exchange rate changes on cash
|
(2.7
|
)
|
|
2.5
|
|
|
2.7
|
|
|||
Increase (decrease) in cash and cash equivalents
|
$
|
45.1
|
|
|
$
|
4.0
|
|
|
$
|
(38.0
|
)
|
(Dollars in millions)
|
Payments due by period
|
||||||||||||||||||
Contractual obligations
|
Total
|
|
Less than 1
year
|
|
1-3 years
|
|
4-5 years
|
|
After 5
years
|
||||||||||
Long-term debt
(1)
|
$
|
742.3
|
|
|
$
|
22.7
|
|
|
$
|
45.4
|
|
|
$
|
45.4
|
|
|
$
|
628.8
|
|
Revolving credit facility
(1)
|
35.1
|
|
|
0.5
|
|
|
0.5
|
|
|
34.1
|
|
|
—
|
|
|||||
Purchase obligations
(2)
|
108.4
|
|
|
39.8
|
|
|
68.3
|
|
|
0.3
|
|
|
—
|
|
|||||
Operating leases
(2)
|
290.5
|
|
|
57.5
|
|
|
93.6
|
|
|
65.4
|
|
|
74.0
|
|
|||||
Capital lease obligations
(1)
|
46.1
|
|
|
7.3
|
|
|
12.5
|
|
|
8.2
|
|
|
18.1
|
|
|||||
Unrecognized tax benefits, net
(3)
|
7.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other long-term liabilities
(4)
|
86.3
|
|
|
2.9
|
|
|
4.1
|
|
|
4.5
|
|
|
74.8
|
|
|||||
Total contractual obligations
|
$
|
1,315.8
|
|
|
$
|
130.7
|
|
|
$
|
224.4
|
|
|
$
|
157.9
|
|
|
$
|
795.7
|
|
(1)
|
See Note 10 of Notes to Consolidated Financial Statements. Debt is assumed to be held to maturity with interest paid at the stated rate in effect at December 31, 2014.
|
(2)
|
See Note 18 of Notes to Consolidated Financial Statements.
|
(3)
|
We cannot reasonably estimate the timing of cash settlement for the liability associated with unrecognized tax benefits.
|
(4)
|
Other long-term liabilities include estimated minimum required payments for our unfunded retirement plan for certain officers. See Note 13 of Notes to Consolidated Financial Statements. Certain long-term liabilities, including deferred tax liabilities and post-retirement benefit obligations, are excluded as we cannot reasonably estimate the timing of payments for these items.
|
|
Page
|
Year ended December 31,
|
2014
|
|
2013
|
|
2012
|
||||||
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
|
|
|
—
|
|
|
—
|
|
|||
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
|
$
|
1.06
|
|
|
$
|
1.76
|
|
|
$
|
1.72
|
|
Diluted
|
$
|
1.06
|
|
|
$
|
1.76
|
|
|
$
|
1.72
|
|
Cash dividends per common share
|
$
|
1.00
|
|
|
$
|
0.96
|
|
|
$
|
0.88
|
|
Year ended December 31,
|
2014
|
|
2013
|
|
2012
|
||||||
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
|
|
December 31,
|
2014
|
|
2013
|
||||
Assets
|
|
|
|
||||
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
|
|
Liabilities and equity
|
|
|
|
||||
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
|
|
|
|
||||
Owens & Minor, Inc. shareholders’ 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
|
|
Year ended December 31,
|
2014
|
|
2013
|
|
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
|
|
|
—
|
|
|
—
|
|
|||
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
|
)
|
|
—
|
|
|
(155,210
|
)
|
|||
Additions to computer software and intangible assets
|
(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
|
|
|
—
|
|
|
—
|
|
|||
Cash used for investing activities
|
(317,251
|
)
|
|
(57,078
|
)
|
|
(190,875
|
)
|
|||
Financing activities:
|
|
|
|
|
|
||||||
Proceeds from issuance of debt
|
547,693
|
|
|
—
|
|
|
—
|
|
|||
Proceeds from revolver
|
33,700
|
|
|
—
|
|
|
—
|
|
|||
Repayment of debt
|
(217,352
|
)
|
|
—
|
|
|
—
|
|
|||
Cash dividends paid
|
(63,104
|
)
|
|
(60,731
|
)
|
|
(55,681
|
)
|
|||
Repurchases of common stock
|
(9,934
|
)
|
|
(18,876
|
)
|
|
(15,000
|
)
|
|||
Financing costs paid
|
(5,391
|
)
|
|
—
|
|
|
(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
|
)
|
|
—
|
|
|
—
|
|
|||
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. Shareholders’ Equity
|
|
|
|
|
|||||||||||||||||||||
|
Common Shares
Outstanding
|
|
Common Stock
($2 par value)
|
|
Paid-In
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Noncontrolling
Interest
|
|
Total Equity
|
|||||||||||||
Balance, December 31, 2011
|
63,449
|
|
|
$
|
126,900
|
|
|
$
|
179,052
|
|
|
$
|
619,629
|
|
|
$
|
(7,494
|
)
|
|
$
|
1,130
|
|
|
$
|
919,217
|
|
Net income
|
|
|
|
|
|
|
109,003
|
|
|
|
|
|
|
109,003
|
|
|||||||||||
Other comprehensive income
|
|
|
|
|
|
|
|
|
7,088
|
|
|
|
|
7,088
|
|
|||||||||||
Dividends declared ($0.88 per share)
|
|
|
|
|
|
|
(55,681
|
)
|
|
|
|
|
|
(55,681
|
)
|
|||||||||||
Shares repurchased and retired
|
(522
|
)
|
|
(1,043
|
)
|
|
|
|
(13,957
|
)
|
|
|
|
|
|
(15,000
|
)
|
|||||||||
Share-based compensation expense, exercises and other
|
344
|
|
|
687
|
|
|
8,342
|
|
|
|
|
|
|
|
|
9,029
|
|
|||||||||
Balance, December 31, 2012
|
63,271
|
|
|
126,544
|
|
|
187,394
|
|
|
658,994
|
|
|
(406
|
)
|
|
1,130
|
|
|
973,656
|
|
||||||
Net income
|
|
|
|
|
|
|
110,882
|
|
|
|
|
|
|
110,882
|
|
|||||||||||
Other comprehensive income
|
|
|
|
|
|
|
|
|
9,974
|
|
|
|
|
9,974
|
|
|||||||||||
Dividends declared ($0.96 per share)
|
|
|
|
|
|
|
(60,573
|
)
|
|
|
|
|
|
(60,573
|
)
|
|||||||||||
Shares repurchased and retired
|
(560
|
)
|
|
(1,120
|
)
|
|
|
|
(17,756
|
)
|
|
|
|
|
|
(18,876
|
)
|
|||||||||
Share-based compensation expense, exercises and other
|
385
|
|
|
769
|
|
|
9,211
|
|
|
|
|
|
|
|
|
9,980
|
|
|||||||||
Balance, December 31, 2013
|
63,096
|
|
|
126,193
|
|
|
196,605
|
|
|
691,547
|
|
|
9,568
|
|
|
1,130
|
|
|
1,025,043
|
|
||||||
Net income
|
|
|
|
|
|
|
66,503
|
|
|
|
|
|
|
66,503
|
|
|||||||||||
Other comprehensive loss
|
|
|
|
|
|
|
|
|
(33,569
|
)
|
|
|
|
(33,569
|
)
|
|||||||||||
Dividends declared ($1.00 per share)
|
|
|
|
|
|
|
(62,934
|
)
|
|
|
|
|
|
(62,934
|
)
|
|||||||||||
Shares repurchased and retired
|
(291
|
)
|
|
(583
|
)
|
|
|
|
(9,351
|
)
|
|
|
|
|
|
(9,934
|
)
|
|||||||||
Share-based compensation expense, exercises and other
|
265
|
|
|
530
|
|
|
7,024
|
|
|
|
|
|
|
|
|
7,554
|
|
|||||||||
Purchase of noncontrolling interest
|
|
|
|
|
(695
|
)
|
|
|
|
|
|
(1,130
|
)
|
|
(1,825
|
)
|
||||||||||
Balance, December 31, 2014
|
63,070
|
|
|
$
|
126,140
|
|
|
$
|
202,934
|
|
|
$
|
685,765
|
|
|
$
|
(24,001
|
)
|
|
$
|
—
|
|
|
$
|
990,838
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
2014
|
|
2013
|
||||||||||||
|
Customer
Relationships |
|
Other
Intangibles |
|
Customer
Relationships |
|
Other
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
|
|
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
|
)
|
|
Lease
obligations |
|
Severance and
Other |
|
Total
|
||||||
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
|
|
|
2014
|
|
2013
|
||||||||||||
December 31,
|
Carrying
Amount |
|
Estimated
Fair Value |
|
Carrying
Amount |
|
Estimated
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
|
|
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
|
|
|
2014
|
|
2013
|
|
2012
|
|||||||||||||||
|
Number of
Shares (000’s) |
|
Weighted
Average Grant-date Value (per share) |
|
Number of
Shares (000’s) |
|
Weighted
Average Grant-date Value (per share) |
|
Number of
Shares (000’s) |
|
Weighted
Average Grant-date Value (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
|
|
|
Number of
Options (000’s) |
|
Weighted Average
Exercise Price (per share) |
|
Weighted Average
Remaining Contractual Life (years) |
|
Aggregate
Intrinsic Value (millions) |
|||||
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
|
|
|
Number of
Options (000’s) |
|
Weighted
Average Exercise Price (per share) |
|
Weighted
Average Remaining Contractual 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
|
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
|
%
|
|
4.50
|
%
|
||
Rate of increase in compensation levels
|
N/A
|
|
|
N/A
|
|
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
|
4.50
|
%
|
|
3.50
|
%
|
|
4.00
|
%
|
|||
Rate of increase in future compensation levels
|
N/A
|
|
|
N/A
|
|
|
3.00
|
%
|
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
|
)
|
Year
|
|
||
2015
|
$
|
1,803
|
|
2016
|
1,937
|
|
|
2017
|
2,056
|
|
|
2018
|
2,179
|
|
|
2019
|
2,266
|
|
|
2020-2024
|
12,711
|
|
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
|
|
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
|
|
Year ended December 31,
|
2014
|
|
2013
|
|
2012
|
|||
Federal statutory rate
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
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
|
%
|
|
1.0
|
%
|
Effective income tax rate
|
47.4
|
%
|
|
40.1
|
%
|
|
40.6
|
%
|
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
|
)
|
|
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
|
|
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
|
|
|
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
|
)
|
|
Total
|
||
2015
|
$
|
57,530
|
|
2016
|
50,383
|
|
|
2017
|
43,239
|
|
|
2018
|
37,682
|
|
|
2019
|
27,707
|
|
|
Thereafter
|
74,035
|
|
|
Total minimum payments
|
$
|
290,576
|
|
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
|
|
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
|
|
|
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
|
|
|
Year ended December 31, 2014
|
Owens &
Minor, Inc.
|
|
Guarantor
Subsidiaries
|
|
Non-guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
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 &
Minor, Inc.
|
|
Guarantor
Subsidiaries
|
|
Non-guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
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
|
|
Year ended December 31, 2012
|
Owens &
Minor, Inc.
|
|
Guarantor
Subsidiaries
|
|
Non-guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
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
|
|
December 31, 2014
|
Owens &
Minor, Inc.
|
|
Guarantor
Subsidiaries
|
|
Non-guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
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
|
|
December 31, 2013
|
Owens &
Minor, Inc.
|
|
Guarantor
Subsidiaries
|
|
Non-guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
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
|
|
Year ended December 31, 2014
|
Owens &
Minor, Inc.
|
|
Guarantor
Subsidiaries
|
|
Non-guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
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
|
|
Year ended December 31, 2013
|
Owens &
Minor, Inc.
|
|
Guarantor
Subsidiaries
|
|
Non-guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
|||||||||||
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
|
|
Year ended December 31, 2012
|
Owens &
Minor, Inc.
|
|
Guarantor
Subsidiaries
|
|
Non-guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
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
|
|
|
Year Ended December 31, 2014
|
||||||||||||||
|
1st
|
|
2nd
|
|
3rd
|
|
4th
|
||||||||
(in thousands, except per share data)
|
Quarter
(1)
|
|
Quarter
(2)
|
|
Quarter
(3)
|
|
Quarter
(4)
|
||||||||
Net revenue
|
$
|
2,256,380
|
|
|
$
|
2,305,858
|
|
|
$
|
2,386,124
|
|
|
$
|
2,491,817
|
|
Gross margin
|
$
|
281,195
|
|
|
$
|
282,272
|
|
|
$
|
292,483
|
|
|
$
|
314,015
|
|
Net income
|
$
|
25,485
|
|
|
$
|
19,876
|
|
|
$
|
7,155
|
|
|
$
|
13,987
|
|
Net income attributable to Owens & Minor, Inc. per common share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.41
|
|
|
$
|
0.32
|
|
|
$
|
0.11
|
|
|
$
|
0.22
|
|
Diluted
|
$
|
0.41
|
|
|
$
|
0.32
|
|
|
$
|
0.11
|
|
|
$
|
0.22
|
|
Cash dividends per common share
|
$
|
0.25
|
|
|
$
|
0.25
|
|
|
$
|
0.25
|
|
|
$
|
0.25
|
|
Market price:
|
|
|
|
|
|
|
|
||||||||
High
|
$
|
36.42
|
|
|
$
|
34.92
|
|
|
$
|
34.50
|
|
|
$
|
35.40
|
|
Low
|
$
|
32.31
|
|
|
$
|
31.52
|
|
|
$
|
32.08
|
|
|
$
|
31.49
|
|
|
Year Ended December 31, 2013
(5)
|
||||||||||||||
(in thousands, except per share data)
|
1st
Quarter
|
|
2nd
Quarter
|
|
3rd
Quarter
|
|
4th
Quarter
|
||||||||
Net revenue
|
$
|
2,246,384
|
|
|
$
|
2,236,077
|
|
|
$
|
2,270,547
|
|
|
$
|
2,318,524
|
|
Gross margin
|
$
|
279,052
|
|
|
$
|
273,431
|
|
|
$
|
273,329
|
|
|
$
|
291,263
|
|
Net income
|
$
|
26,098
|
|
|
$
|
28,872
|
|
|
$
|
27,970
|
|
|
$
|
27,942
|
|
Net income attributable to Owens & Minor, Inc. per common share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.41
|
|
|
$
|
0.46
|
|
|
$
|
0.44
|
|
|
$
|
0.44
|
|
Diluted
|
$
|
0.41
|
|
|
$
|
0.46
|
|
|
$
|
0.44
|
|
|
$
|
0.44
|
|
Cash dividends per common share
|
$
|
0.24
|
|
|
$
|
0.24
|
|
|
$
|
0.24
|
|
|
$
|
0.24
|
|
Market price:
|
|
|
|
|
|
|
|
||||||||
High
|
$
|
32.56
|
|
|
$
|
35.43
|
|
|
$
|
36.26
|
|
|
$
|
38.23
|
|
Low
|
$
|
29.17
|
|
|
$
|
30.12
|
|
|
$
|
33.50
|
|
|
$
|
33.95
|
|
(1)
|
We incurred charges of $3.3 million ($2.2 million after tax, or $0.03 per diluted common share) in the first quarter of 2014 associated with acquisition-related and exit and realignment activities.
|
(2)
|
We incurred charges of $7.6 million ($5.1 million after tax, or $0.08 per diluted common share) in the second quarter of 2014 associated with acquisition-related and exit and realignment activities.
|
(3)
|
We incurred charges of $14.0 million ($10.3 million after tax, or $0.11 per diluted common share) in the third quarter of 2014 associated with acquisition-related and exit and realignment activities, and a loss of $14.9 million ($9.1 million after tax, or $0.14 per diluted common share) associated with the early retirement of our 2016 Senior Notes.
|
(4)
|
We incurred charges of $18.0 million ($17.7 million after tax, or $0.28 per diluted common share) in the fourth quarter of 2014 associated with acquisition-related and exit and realignment activities, a loss of $3.9 million ($3.9 million after tax, or $0.06 per diluted common share) for an estimated claim settlement and a net gain of $3.7 million ($4.7 million after tax or $0.07 per diluted common share) related to fair value adjustments in association with purchase accounting.
|
(5)
|
We incurred charges of $2.0 million ($1.5 million after tax, or $0.03 per diluted common share) in the first quarter of 2013, $0.6 million ($0.4 million after tax) in the second quarter of 2013, $2.7 million ($1.9 million after tax, or $0.03 per diluted common share) in the third quarter of 2013, and $7.0 million ($5.0 million after tax, or $0.08 per diluted common share) in the fourth quarter of 2013 associated with acquisition-related and exit and realignment activities.
|
|
|||
3.1
|
|
Amended and Restated Articles of Incorporation of Owens & Minor, Inc. (incorporated herein by reference to our Current Report on Form 8-K, Exhibit 3.1, dated July 29, 2008)
|
|
|
|||
3.2
|
|
Amended and Restated Bylaws of Owens & Minor, Inc. as adopted February 5, 2015 (incorporated herein by reference to our Current Report on Form 8-K, Exhibit 3.1, dated February 10, 2015)
|
|
|
|||
4.1
|
|
Indenture, dated September 16, 2014, by and among Owens & Minor, Inc., Owens and Minor Distribution, Inc., Owens & Minor Medical, Inc. and U.S. Bank National Association, as trustee (incorporated herein by reference to the Company’s Current Report on Form 8-K, Exhibit 4.1, dated September 17, 2014)
|
|
|
|||
4.2
|
|
First Supplemental Indenture, dated September 16, 2014, by and among Owens & Minor, Inc., Owens and Minor Distribution, Inc., Owens & Minor Medical, Inc. and U.S. Bank National Association, as trustee (incorporated herein by reference to the Company’s Current Report on Form 8-K, Exhibit 4.2, dated September 17, 2014)
|
|
|
|||
4.3
|
|
Form of Global Note for the 3.875% Senior Notes due 2021 (included as Exhibit A to Exhibit 4.2 of the Company’s Current Report on Form 8-K, Exhibit 4.2, dated September 17, 2014 and incorporated herein by reference)
|
|
|
|||
4.4
|
|
Form of Global Note for the 4.375% Senior Notes due 2024 (included as Exhibit B to Exhibit 4. 2 of the Company’s Current Report on Form 8-K, Exhibit 4.2, dated September 17, 2014 and incorporated herein by reference)
|
|
|
|||
10.1
|
|
Owens & Minor, Inc. 2003 Directors’ Compensation Plan (incorporated herein by reference to Annex B of the Company’s definitive Proxy Statement filed pursuant to Section 14(a) of the Securities Exchange Act on March 13, 2003 (File No. 001-09810))*
|
|
|
|||
10.2
|
|
Amendment to 2003 Directors’ Compensation Plan (incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q, Exhibit 10.6, for the quarter ended March 31, 2008)*
|
|
|
|||
10.3
|
|
Form of Director Restricted Stock Grant Agreement (incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q, Exhibit 10.3, for the quarter ended March 31, 2008)*
|
|
|
|||
10.4
|
|
Owens & Minor, Inc. Directors’ Deferred Compensation Plan, as amended and restated effective January 1, 2005 (incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q, Exhibit 10.3, for the quarter ended September 30, 2008)*
|
|
|
|||
10.5
|
|
Deferral Election Form for The Owens & Minor, Inc. Directors’ Deferred Compensation Plan (incorporated by reference to the Company’s Annual Report on Form 10-K, Exhibit 10.9 for the year ended December 31, 2010)*
|
|
|
|||
10.6
|
|
Form of Owens & Minor, Inc. Executive Severance Agreement effective January 1, 2011 (incorporated by reference to the Company’s Annual Report on Form 10-K, Exhibit 10.10 for the year ended December 31, 2010)*
|
|
|
|
|
|
10.7
|
|
Owens & Minor, Inc. Supplemental Executive Retirement Plan, as amended and restated effective January 1, 2005 (“SERP”) (incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q, Exhibit 10.1, for the quarter ended September 30, 2008)*
|
|
|
|||
10.8
|
|
Resolutions of the Board of Directors of the Company amending the SERP (incorporated by reference to the Company’s Annual Report on Form 10-K, Exhibit 10.12 for the year ended December 31, 2011)*
|
|
|
|||
10.9
|
|
Owens & Minor, Inc. Amended and Restated Management Equity Ownership Program and Stock Ownership Rewards Program (incorporated by reference to the Company’s Annual Report on Form 10-K, Exhibit 10.15, for the year ended December 31, 2009)*
|
|
|
|
||
10.10
|
|
Amendment to MEOP effective January 1, 2014 (incorporated by reference to the Company’s Annual Report on Form 10-K, Exhibit 10.10 for the year ended December 31, 2013)*
|
|
|
10.11
|
|
Owens & Minor, Inc. Executive Deferred Compensation and Retirement Plan effective January 1, 2013 (incorporated by reference to the Company’s Quarterly Report on Form 10-Q Exhibit 10.1 for the quarter ended March 31, 2013)*
|
|
|
|
||
10.12
|
|
Owens & Minor, Inc. Pension Plan, as amended and restated effective January 1, 1994 (“Pension Plan”) (incorporated herein by reference to the Company’s Annual Report on Form 10-K, Exhibit 10(c), for the year ended December 31, 1996)*
|
10.13
|
|
|
Amendment No. 1 to Pension Plan (incorporated herein by reference to the Company’s Annual Report on Form 10-K, Exhibit 10(d), for the year ended December 31, 1996)*
|
|
|
|
|
|
|||
10.14
|
|
|
Amendment No. 2 to Pension Plan (incorporated herein by reference to the Company’s Annual Report on Form 10-K, Exhibit 10.5, for the year ended December 31, 1998)*
|
|
|
|
|
|
|||
10.15
|
|
|
Resolutions of the Board of Directors of the Company amending the Owens & Minor, Inc. Pension Plan. (incorporated herein by reference to the Company’s Current Report on Form 8-K, Exhibit 10.5, dated May 3, 2006)*
|
|
|
|
|
|
|||
10.16
|
|
|
Amendment No. 3 to Pension Plan (incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q, Exhibit 10.2, for the quarter ended September 30, 2008)*
|
|
|
|
|
|
|||
10.17
|
|
|
Fourth Amendment to Pension Plan (incorporated herein by reference to the Company’s Annual Report on Form 10-K, Exhibit 10.24, for the year ended December 31, 2009)*
|
|
|
|
|
|
|||
10.18
|
|
|
Fifth, Sixth, and Seventh Amendments to Pension Plan (incorporated by reference to the Company’s Annual Report on Form 10-K, Exhibit 10.22 for the year ended December 31, 2010)*
|
|
|
|
|
|
|||
10.19
|
|
|
Owens & Minor, Inc. 2005 Stock Incentive Plan, as amended (incorporated herein by reference to the Company’s Registration Statement on Form S-8, Registration No. 333-124965)*
|
|
|
|
|
|
|||
10.20
|
|
|
Resolution of the Board of Directors of the Company amending the Owens & Minor, Inc. 2005 Stock Incentive Plan (incorporated herein by reference to the Company’s Annual Report on Form 10-K, Exhibit 10.21, for the year ended December 31, 2007)*
|
|
|
|
|
|
|||
10.21
|
|
|
Amendment to Owens & Minor, Inc. 2005 Stock Incentive Plan (incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q, Exhibit 10.4, for the quarter ended March 31, 2008)*
|
|
|
|
|
|
|||
10.22
|
|
|
Amendment to Owens & Minor, Inc. 2005 Stock Incentive Plan (incorporated herein by reference to the Company’s definitive Proxy Statement filed pursuant to Section 14(a) of the Securities Exchange Act on March 17, 2010 (File No. 001-09810))*
|
|
|
|
|
|
|
|
|
10.23
|
|
|
Form of Owens & Minor, Inc. Stock Option Grant Agreement under 2005 Stock Incentive Plan (incorporated herein by reference to the company’s Current Report on Form 8-K, Exhibit 10.1, dated June 23, 2005)*
|
|
|
|
|
|
|||
10.24
|
|
|
Form of Owens & Minor, Inc. Restricted Stock Grant Agreement under 2005 Stock Incentive Plan (incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q, Exhibit 10.2, for the quarter ended March 31, 2008)*
|
|
|
|
|
|
|||
10.25
|
|
|
Form of Performance Share Award Agreement (incorporated by reference to the Company’s Quarterly Report on Form 10-Q, Exhibit 10.1, for the quarter ended March 31, 2014) *
|
|
|
|
|
|
|||
10.26
|
|
Form of Performance Share Award Agreement for grant to James L. Bierman on September 2, 2014*--filed herewith
|
|
||
|
|
|
|||
10.27
|
|
|
Form of Annual Executive Incentive Program (incorporated by reference to the Company’s Quarterly Report on Form 10-Q, Exhibit 10. 2, for the quarter ended March 31, 2014) *
|
|
|
|
|
|
|||
10.28
|
|
|
Owens & Minor, Inc. Officer Severance Policy Terms (incorporated herein by reference to the Company’s Current Report on Form 8-K, Exhibit 10.1, dated December 19, 2005)*
|
|
|
|
|
|
|||
10.29
|
|
|
Policy on Recoupment of Executive Incentive Compensation (incorporated herein by reference to the Company’s Annual Report on Form 10-K, Exhibit 10.36, for the year ended December 31, 2009)*
|
|
|
|
|
|
10.30
|
|
|
Credit Agreement dated as of June 5, 2012 by and among Owens & Minor Distribution, Inc. and Owens & Minor Medical, Inc. (as Borrowers), Owens & Minor, Inc. and certain of its domestic subsidiaries (as Guarantors), Wells Fargo Bank, N.A. (as Administrative Agent), JPMorgan Chase Bank, N.A. (as Syndication Agent) and a syndicate of banks as specified on the signature pages thereof (incorporated herein by reference to the Company’s Current Report on Form 8-K, Exhibit 10.1, dated June 8, 2012)
|
|
|
|
|
|
|
|
|
10.31
|
|
|
First Amendment dated as of September 17, 2014 by and among Owens & Minor Distribution, Inc. and Owens & Minor Medical, Inc. ( as Borrowers), Owens & Minor, Inc. and certain of its domestic subsidiaries (as Guarantors) and Wells Fargo Bank, N.A. ( as Administrative Agent), to the Credit Agreement dated as of June 5, 2012 by and among the Borrowers, the Guarantors, a syndicate of financial institutions party thereto, the Administrative Agent, and the other agents party thereto (incorporated herein by reference to the Company’s Current Report on Form 8-K, Exhibit 10.1, dated September 18, 2014)
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||||
10.32
|
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Share Purchase Agreement dated August 31, 2012 between Celesio AG, Admenta Deutschland GmbH, Admenta Denmark ApS, Admenta France S.A. and OCP Portugal Produtos Farmaceuticos, S.A. (as Sellers) and O&M-Movianto Nederland B.V., O&M-Movianto UK Holdings Ltd, O&M-Movianto France Holdings SAS (as Purchasers) and Owens & Minor, Inc. (as Purchasers’ Guarantor) (incorporated herein by reference to our Current Report on Form 8-K, Exhibit10.1, dated September 4, 2012)
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||||
10.33
|
|
Agreement and Plan of Merger, dated as of June 24, 2014, by and among Owens & Minor Inc., Mongoose Merger Sub Inc. and Medical Action Industries Inc. (incorporated herein by reference to the Company’s Current Report on Form 8-K, Exhibit 10.1, dated June 25, 2014)
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11.1
|
|
Calculation of Net Income per Common Share. Information related to this item is in Part II, Item 8, Notes to Consolidated Financial Statements, Note 15-Net Income per Common Share
|
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|
||||
21.1
|
|
Subsidiaries of Registrant
|
|||
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|
||||
23.1
|
|
Consent of KPMG LLP, independent registered public accounting firm
|
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|
|
||||
31.1
|
|
Certification of Chief Executive Officer pursuant to Rule 13(a)-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
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|
|
||||
31.2
|
|
Certification of Chief Financial Officer pursuant to Rule 13(a)-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|||
|
|
||||
32.1
|
|
Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|||
|
|
||||
32.2
|
|
Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|||
|
|
||||
101.INS
|
|
XBRL Instance Document
|
|||
|
|
||||
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|||
|
|
||||
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|||
|
|
||||
101.DEF
|
|
XBRL Taxonomy Definition Linkbase Document
|
|||
|
|
||||
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|||
|
|
||||
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
OWENS & MINOR, INC.
|
|
|
|
|
|
/s/ James L. Bierman
|
|
James L. Bierman
President & Chief Executive Officer
|
|
|
|
|
|
|
/s/ James L. Bierman
|
|
/s/ Martha H. Marsh
|
James L. Bierman
|
|
Martha H. Marsh
|
President & Chief Executive Officer
|
|
Director
|
|
|
|
|
|
|
/s/ Craig R. Smith
|
|
/s/ Eddie N. Moore, Jr.
|
Craig R. Smith
|
|
Eddie N. Moore, Jr.
|
Executive Chairman & Chairman of the Board
|
|
Director
|
|
|
|
|
|
|
/s/ Richard A. Meier
|
|
/s/ James E. Rogers
|
Richard A. Meier
|
|
James E. Rogers
|
Executive Vice President & Chief Financial Officer
|
|
Director
|
|
|
|
|
|
|
/s/ Stuart M. Essig
|
|
/s/ David S. Simmons
|
Stuart M. Essig
|
|
David S. Simmons
|
Director
|
|
Director
|
|
|
|
|
|
|
/s/ John W. Gerdelman
|
|
/s/ Robert C. Sledd
|
John W. Gerdelman
|
|
Robert C. Sledd
|
Director
|
|
Director
|
|
|
|
|
|
|
/s/ Lemuel E. Lewis
|
|
/s/ Anne Marie Whittemore
|
Lemuel E. Lewis
|
|
Anne Marie Whittemore
|
Director
|
|
Lead Director
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
The Participant will earn Performance Shares based on achievement by the Company of the Performance Metrics (defined below) for fiscal year 2015. The number of Performance Shares earned by the Participant will be determined based upon application of the following formula to each Performance Metric in the table below:
|
Performance Metrics *
|
Weight
|
Threshold
(50%)
|
Target
(100%)
|
Maximum
(200%)
|
Domestic Operating Earnings
|
50%
|
$_____
|
$_____
|
$______
|
International Operating Earnings
|
25%
|
$_____
|
$_____
|
$______
|
Medical Action Operating Earnings
|
25%
|
$_____
|
$_____
|
$______
|
•
|
50%% x __% x ______ = _____ Performance Shares
|
•
|
25% x __% x ______ = _____ Performance Shares
|
•
|
25% x __% x ______ = _____ Performance Shares
|
•
|
Total Performance Shares Earned = ______
|
Subsidiary
|
State of Incorporation/Organization
|
Country
|
Assumed Name
|
Owens & Minor Medical, Inc.
|
Virginia
|
USA
|
|
O&M Funding Corp.
|
Virginia
|
USA
|
|
Owens & Minor Distribution, Inc.
|
Virginia
|
USA
|
OM HealthCare Logistics
|
OM Solutions International, Inc.
|
Virginia
|
USA
|
|
Owens & Minor Canada, Inc.
|
Virginia
|
USA
|
|
Owens & Minor Global Resources, LLC
|
Virginia
|
USA
|
|
Owens & Minor Healthcare Supply, Inc.
|
Virginia
|
USA
|
|
Access Diabetic Supply, LLC
|
Florida
|
USA
|
AOM HealthCare Solutions
|
Access Respiratory Supply, Inc.
|
Florida
|
USA
|
|
Medical Supply Group, Inc.
|
Virginia
|
USA
|
|
Key Diabetes Supply Co.
|
Michigan
|
USA
|
AOM HealthCare Solutions
|
Mira MEDsource Holding Company Limited
|
N/A
|
Hong Kong
|
|
Mira MEDsource (Shanghai) Company Limited
|
N/A
|
Peoples Republic of China
|
|
Owens & Minor International Logistics, Inc.
|
Virginia
|
USA
|
|
O&M Worldwide, LLC
|
Virginia
|
USA
|
|
GNB Associates LLC
|
Virginia
|
USA
|
|
Medical Action Industries, Inc.
|
Delaware
|
USA
|
|
Avid Medical, Inc.
|
Delaware
|
USA
|
|
500 Expressway Drive South, LLC
|
Delaware
|
USA
|
|
MAI Acquisition Corp.
|
Delaware
|
USA
|
|
Medegen Newco, LLC
|
Delaware
|
USA
|
|
Rutherford Holdings CV
|
N/A
|
Netherlands
|
|
Lockwood Enterprises CV
|
N/A
|
Netherlands
|
|
O&M-Movianto Nederland B.V.
|
N/A
|
Netherlands
|
|
O&M-Movianto UK Holdings Ltd.
|
N/A
|
United Kingdom
|
|
O&M-Movianto France Holdings S.A.S.
|
N/A
|
France
|
|
Movianto Belgium NV
|
N/A
|
Belgium
|
|
Movianto Ceska republika sro
|
N/A
|
Czech Republic
|
|
Movianto Polska SP Z O O
|
N/A
|
Poland
|
|
Movianto Nordic Aps
|
N/A
|
Denmark
|
|
Movianto France SAS
|
N/A
|
France
|
|
Movianto GmbH
|
N/A
|
Germany
|
|
Movianto Deutschland GmbH
|
N/A
|
Germany
|
|
Movianto Portugal SL
|
N/A
|
Portugal
|
|
Movianto Slovensko sro
|
N/A
|
Slovakia
|
|
AVS Health Espana SL
|
N/A
|
Spain
|
|
Movianto Espana SL
|
N/A
|
Spain
|
|
Movianto Schweiz GmbH
|
N/A
|
Switzerland
|
|
Healthcare Services Group Ltd
|
N/A
|
United Kingdom
|
|
Movianto UK Ltd.
|
N/A
|
United Kingdom
|
|
Movianto Transport Solutions Ltd.
|
N/A
|
United Kingdom
|
|
Healthcare Product Services Ltd.
|
N/A
|
United Kingdom
|
|
Pharmacare Logistics Ltd.
|
N/A
|
United Kingdom
|
|
Owens & Minor International Limited
|
N/A
|
Ireland
|
|
Owens & Minor Ireland
|
N/A
|
Ireland
|
|
Owens & Minor Jersey Unlimited
|
N/A
|
Jersey
|
|
Nalvest Ltd.
|
N/A
|
Ireland
|
|
ArcRoyal Holdings Unlimited
|
N/A
|
Ireland
|
|
ArcRoyal Research Unlimited
|
N/A
|
Ireland
|
|
ArcRoyal Unlimited
|
N/A
|
Ireland
|
|