XML 88 R15.htm IDEA: XBRL DOCUMENT v2.4.0.8
Significant Accounting Policies Significant Accounting Policies (Policies)
6 Months Ended
Jun. 30, 2013
Significant Accounting Policies [Abstract]  
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]
Stock-Based Compensation

Stock-based compensation expense recognized in the Consolidated Statements of Comprehensive Income for stock options, restricted stock units, performance share units and stock awards totaled approximately $4.7 million and $9.2 million for the three and six months ended June 30, 2013, respectively, and $5.4 million and $8.9 million for the three and six months ended June 30, 2012, respectively.
Income Tax, Policy [Policy Text Block]
Income Taxes

The quarterly effective tax rates are different than the federal statutory rate largely as a result of the impact of state and local income taxes and certain non-deductible charges.  The year over year change in the effective tax rate is primarily due to certain non-deductible charges relating to the disposition of businesses in 2012.

Trade and Other Accounts Receivable, Policy [Policy Text Block]
Accounts Receivable

The following table is an aging of the Company’s gross accounts receivable (net of allowances for contractual adjustments), aged based on payment terms and categorized based on the three primary types of accounts receivable characteristics (in thousands):
June 30, 2013
 
Current and 0-180 Days Past Due
 
181 Days and Over Past Due
 
Total
Medicare (Part D and Part B), Medicaid and Third-Party payors
 
$
204,910

 
$
84,780

 
$
289,690

Facility payors
 
372,440

 
160,028

 
532,468

Private Pay payors
 
71,989

 
89,065

 
161,054

Total gross accounts receivable
 
$
649,339

 
$
333,873

 
$
983,212

December 31, 2012
 
 
 
 
 
 
Medicare (Part D and Part B), Medicaid and Third-Party payors
 
$
238,348

 
$
163,773

 
$
402,121

Facility payors
 
383,848

 
168,945

 
552,793

Private Pay payors
 
70,835

 
100,719

 
171,554

Total gross accounts receivable
 
$
693,031

 
$
433,437

 
$
1,126,468



Common Stock Repurchase Agreement [Policy Text Block]
ommon Stock Repurchase Program

As part of the Company's share repurchase program, on May 23, 2013, the Company entered into an Accelerated Share Repurchase Agreement (“JP ASR”) with J.P. Morgan Securities LLC as agent for JPMorgan Chase Bank, National Association, London Branch ("JPMorgan"). Pursuant to the JP ASR, the Company made a $100 million payment to JPMorgan on May 24, 2013 and received an initial number of approximately 1.3 million shares of its outstanding common stock from JPMorgan on the same day. The initial shares were valued at $60 million and recorded in treasury stock. The remaining $40 million balance was recorded as an equity forward contract which is included in paid in capital at June 30, 2013. The specific number of shares that the Company ultimately will repurchase and the final aggregate purchase price under the JP ASR will be determined based on an agreed upon discount to the average of the daily volume-weighted average price per share of the Company's common stock during a repurchase period, subject to adjustments pursuant to the terms and conditions of the JP ASR. At settlement, under certain circumstances, the Company or JPMorgan may be required to deliver cash or additional shares of the Company's common stock, at the Company's option, to the other party. The JP ASR contains customary provisions for agreements of this type, including provisions for adjustments to the transaction terms, the circumstances generally under which the JP ASR may be accelerated, extended or terminated early by JPMorgan and various acknowledgments, representations and warranties made by the parties to one another. The transaction is expected to be completed in the third quarter of 2013.

In 2012, the Company entered into an Accelerated Share Repurchase Agreement (“GS ASR”) with Goldman, Sachs & Co. ("Goldman"). Pursuant to the GS ASR, the Company made a $250 million payment to Goldman on November 30, 2012 and received an initial number of approximately 5.8 million shares of its outstanding common stock from Goldman on the same day. The initial shares were valued at $200 million and recorded in treasury stock. The remaining $50 million balance was recorded as an equity forward contract, which was included in paid in capital at December 31, 2012. The equity forward contract was settled with 0.6 million additional shares of the Company's common stock being delivered by Goldman to the Company during the three months ended June 30, 2013.

In the six months ended June 30, 2013, the Company repurchased approximately 1.9 million shares through authorized share repurchase programs at an aggregate cost of approximately $110.0 million, for a cumulative amount of its common stock of approximately 21.1 million shares repurchased at an aggregate cost of approximately $690 million from the inception of the share repurchase programs in May 2010 through June 30, 2013. The Company had approximately $120 million of combined share repurchase authority remaining as of June 30, 2013, which expires on December 31, 2014, after consideration of the $40 million equity forward contract recorded as part of the JP ASR.