Condensed Consolidating Financial Information (Tables)

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Consolidating Statement Of Income

Year ended December 31, 2019	Owens & Minor, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
Statements of Operations
Net revenue	$	—		$	9,135,401		$	956,217		$	(880,679	)	$	9,210,939
Cost of goods sold	—			8,066,842			895,851			(880,245		)	8,082,448
Gross margin	—			1,068,559			60,366			(434		)	1,128,491
Distribution, selling and administrative expenses	(1,056		)	909,263			118,549			(3,691		)	1,023,065
Goodwill and intangible asset impairment charges	—			—			—			—			—
Acquisition-related and exit and realignment charges	—			24,757			5,293			—			30,050
Other operating (income) expense, net	(379		)	56,434			(53,830		)	—			2,225
Operating income (loss)	1,435			78,105			(9,646		)	3,257			73,151
Interest expense, net	(67,483		)	147,988			17,608			—			98,113
Other (income) expense, net	(1,173		)	2,003			2,927			—			3,757
Income (loss) from continuing operations before income taxes	70,091			(71,886		)	(30,181		)	3,257			(28,719		)
Income tax (benefit) provision	—			(5,207		)	(928		)	—			(6,135		)
Equity in earnings (loss) of subsidiaries	(92,675		)	(59,710		)	—			152,385			—
Income (loss) from continuing operations	(22,584		)	(126,389		)	(29,253		)	155,642			(22,584		)
Income (loss) from discontinued operations, net of tax	—			—			(39,787		)	—			(39,787		)
Net income (loss)	(22,584		)	(126,389		)	(69,040		)	155,642			(62,371		)
Other comprehensive income (loss), net of tax	(7,095		)	6,890			13,930			(20,820		)	(7,095		)
Comprehensive income (loss)	$	(29,679	)	$	(119,499	)	$	(55,110	)	$	134,822		$	(69,466	)

Year ended December 31, 2018	Owens & Minor, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
Statements of Operations
Net revenue	$	—		$	9,420,326		$	691,073		$	(693,207	)	$	9,418,192
Cost of goods sold	—			8,418,859			618,834			(690,027		)	8,347,666
Gross margin	—			1,001,467			72,239			(3,180		)	1,070,526
Distribution, selling and administrative expenses	(4,242		)	882,224			74,883			—			952,865
Goodwill and intangible asset impairment charges	—			180,006			233,939			—			413,945
Acquisition-related and exit and realignment charges	—			45,997			13,104			—			59,101
Other operating (income) expense, net	—			3,881			(6,920		)	—			(3,039		)
Operating income (loss)	4,242			(110,641		)	(242,767		)	(3,180		)	(352,346		)
Interest expense, net	21,896			58,265			(9,178		)	—			70,983
Other (income) expense, net	3,765			—			—			—			3,765
Income (loss) from continuing operations before income taxes	(21,419		)	(168,906		)	(233,589		)	(3,180		)	(427,094		)
Income tax (benefit) provision	(5,569		)	(31,285		)	4,425			—			(32,429		)
Equity in earnings (loss) of subsidiaries	(421,162		)	(90,771		)	—			511,933			—
Income (loss) from continuing operations	(437,012		)	(228,392		)	(238,014		)	508,753			(394,665		)
Income (loss) from discontinued operations, net of tax	—			—			(42,347		)	—			(42,347		)
Net income (loss)	(437,012		)	(228,392		)	(280,361		)	508,753			(437,012		)
Other comprehensive income (loss), net of tax	(20,528		)	(14,940		)	(18,873		)	33,813			(20,528		)
Comprehensive income (loss)	$	(457,540	)	$	(243,332	)	$	(299,234	)	$	542,566		$	(457,540	)

December 31, 2019	Owens & Minor, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
Balance Sheets
Assets
Current assets
Cash and cash equivalents	$	45,187		$	3,011		$	18,808		$	24		$	67,030
Accounts receivable, net	77			890,548			915,798			(1,131,717		)	674,706
Merchandise inventories	—			973,529			177,853			(5,190		)	1,146,192
Other current assets	180			69,761			78,319			(68,888		)	79,372
Current assets of discontinued operations	—			—			439,983			—			439,983
Total current assets	45,444			1,936,849			1,630,761			(1,205,771		)	2,407,283
Property and equipment, net	—			196,708			118,719			—			315,427
Operating lease assets, net	—			142,219			—			—			142,219
Goodwill, net	—			109,276			283,905			—			393,181
Intangible assets, net	—			198,392			86,626			—			285,018
Due from O&M and subsidiaries	—			—			—			—			—
Advances to and investments in consolidated subsidiaries	1,608,017			363,122			—			(1,971,139		)	—
Other assets, net	5,948			824,349			27,750			(758,091		)	99,956
Total assets	$	1,659,409		$	3,770,915		$	2,147,761		$	(3,935,001	)	$	3,643,084
Liabilities and equity
Current liabilities
Accounts payable	$	—		$	1,558,074		$	391,386		$	(1,141,425	)	$	808,035
Accrued payroll and related liabilities	—			38,755			14,829			—			53,584
Other current liabilities	4,403			235,955			93,243			(102,572		)	231,029
Current liabilities of discontinued operations	—			—			323,511			—			323,511
Total current liabilities	4,403			1,832,784			822,969			(1,243,997		)	1,416,159
Long-term debt, excluding current portion	688,110			809,565			10,740			—			1,508,415
Due to O&M and subsidiaries	487,306			80,093			786,382			(1,353,781		)	—
Intercompany debt	—			816,785			752,105			(1,568,890		)	—
Operating Lease Liabilities, excluding current portion	—			117,080			—			—			117,080
Deferred income taxes	—			—			40,550			—			40,550
Other liabilities	17,436			64,612			16,658			20			98,726
Total liabilities	1,197,255			3,720,919			2,429,404			(4,166,648		)	3,180,930
Equity
Common stock	125,686			—			—			—			125,686
Paid-in capital	251,401			174,614			123,869			(298,483		)	251,401
Retained earnings (deficit)	137,774			(88,615		)	(388,676		)	477,291			137,774
Accumulated other comprehensive income (loss)	(52,707		)	(36,003		)	(16,836		)	52,839			(52,707		)
Total equity	462,154			49,996			(281,643		)	231,647			462,154
Total liabilities and equity	$	1,659,409		$	3,770,915		$	2,147,761		$	(3,935,001	)	$	3,643,084

Condensed Consolidating Balance Sheets

December 31, 2019	Owens & Minor, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
Balance Sheets
Assets
Current assets
Cash and cash equivalents	$	45,187		$	3,011		$	18,808		$	24		$	67,030
Accounts receivable, net	77			890,548			915,798			(1,131,717		)	674,706
Merchandise inventories	—			973,529			177,853			(5,190		)	1,146,192
Other current assets	180			69,761			78,319			(68,888		)	79,372
Current assets of discontinued operations	—			—			439,983			—			439,983
Total current assets	45,444			1,936,849			1,630,761			(1,205,771		)	2,407,283
Property and equipment, net	—			196,708			118,719			—			315,427
Operating lease assets, net	—			142,219			—			—			142,219
Goodwill, net	—			109,276			283,905			—			393,181
Intangible assets, net	—			198,392			86,626			—			285,018
Due from O&M and subsidiaries	—			—			—			—			—
Advances to and investments in consolidated subsidiaries	1,608,017			363,122			—			(1,971,139		)	—
Other assets, net	5,948			824,349			27,750			(758,091		)	99,956
Total assets	$	1,659,409		$	3,770,915		$	2,147,761		$	(3,935,001	)	$	3,643,084
Liabilities and equity
Current liabilities
Accounts payable	$	—		$	1,558,074		$	391,386		$	(1,141,425	)	$	808,035
Accrued payroll and related liabilities	—			38,755			14,829			—			53,584
Other current liabilities	4,403			235,955			93,243			(102,572		)	231,029
Current liabilities of discontinued operations	—			—			323,511			—			323,511
Total current liabilities	4,403			1,832,784			822,969			(1,243,997		)	1,416,159
Long-term debt, excluding current portion	688,110			809,565			10,740			—			1,508,415
Due to O&M and subsidiaries	487,306			80,093			786,382			(1,353,781		)	—
Intercompany debt	—			816,785			752,105			(1,568,890		)	—
Operating Lease Liabilities, excluding current portion	—			117,080			—			—			117,080
Deferred income taxes	—			—			40,550			—			40,550
Other liabilities	17,436			64,612			16,658			20			98,726
Total liabilities	1,197,255			3,720,919			2,429,404			(4,166,648		)	3,180,930
Equity
Common stock	125,686			—			—			—			125,686
Paid-in capital	251,401			174,614			123,869			(298,483		)	251,401
Retained earnings (deficit)	137,774			(88,615		)	(388,676		)	477,291			137,774
Accumulated other comprehensive income (loss)	(52,707		)	(36,003		)	(16,836		)	52,839			(52,707		)
Total equity	462,154			49,996			(281,643		)	231,647			462,154
Total liabilities and equity	$	1,659,409		$	3,770,915		$	2,147,761		$	(3,935,001	)	$	3,643,084

Condensed Consolidating Financial Information

December 31, 2018	Owens & Minor, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
Balance Sheets
Assets
Current assets
Cash and cash equivalents	$	37,254		$	5,294		$	23,760		$	—		$	66,308
Accounts receivable, net	—			804,638			415,944			(463,895		)	756,687
Merchandise inventories	—			1,060,083			218,401			(4,758		)	1,273,726
Other current assets	117			117,163			5,914			(1,268		)	121,926
Current assets of discontinued operations	—			—			319,930			—			319,930
Total current assets	37,371			1,987,178			983,949			(469,921		)	2,538,577
Property and equipment, net	—			201,055			122,888			—			323,943
Goodwill, net	—			414,122			—			—			414,122
Intangible assets, net	—			290,814			23,361			—			314,175
Due from O&M and subsidiaries	—			880,901			—			(880,901		)	—
Advances to and investments in consolidated subsidiaries	1,697,191			93,278			—			(1,790,469		)	—
Other assets, net	1,788			56,221			26,501			—			84,510
Other assets of discontinued operations	—			—			98,461			—			98,461
Total assets	$	1,736,350		$	3,923,569		$	1,255,160		$	(3,141,291	)	$	3,773,788
Liabilities and equity
Current liabilities
Accounts payable	$	—		$	1,190,283		$	350,272		$	(475,358	)	$	1,065,197
Accrued payroll and related liabilities	—			23,071			15,287			—			38,358
Other current liabilities	9,641			161,371			7,918			—			178,930
Current liabilities of discontinued operations	—			—			189,526			—			189,526
Total current liabilities	9,641			1,374,725			563,003			(475,358		)	1,472,011
Long-term debt, excluding current portion	595,856			1,040,664			11,398			—			1,647,918
Due to O&M and subsidiaries	605,558			—			67,900			(673,458		)	—
Intercompany debt	—			1,246,787			322,101			(1,568,888		)	—
Deferred income taxes	—			29,288			21,564			—			50,852
Other liabilities	6,876			51,366			19,448			—			77,690
Other liabilities of discontinued operations	—			—			6,898			—			6,898
Total liabilities	1,217,931			3,742,830			1,012,312			(2,717,704		)	3,255,369
Equity
Common stock	124,588			—			—			—			124,588
Paid-in capital	238,773			174,614			583,869			(758,483		)	238,773
Retained earnings (deficit)	200,670			37,777			(319,636		)	281,859			200,670
Accumulated other comprehensive income (loss)	(45,612		)	(31,652		)	(21,385		)	53,037			(45,612		)
Total equity	518,419			180,739			242,848			(423,587		)	518,419
Total liabilities and equity	$	1,736,350		$	3,923,569		$	1,255,160		$	(3,141,291	)	$	3,773,788

Condensed Consolidating Statement Of Cash Flows

Year ended December 31, 2019	Owens & Minor, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
Statements of Cash Flows
Operating activities:
Net income (loss)	$	(22,584	)	$	(126,389	)	$	(69,040	)	$	155,642		$	(62,371	)
Adjustments to reconcile net income (loss) to cash (used for) provided by operating activities:
Equity in earnings of subsidiaries	92,675			59,710			—			(152,385		)	—
Depreciation and amortization	—			45,165			71,513			—			116,678
Share-based compensation expense	—			15,803			—			—			15,803
Impairment charges	—			—			32,112						32,112
Deferred income tax (benefit) expense	—			(7,725		)	(9,677		)	—			(17,402		)
Provision for losses on accounts receivable	—			(45		)	12,959			—			12,914
Change in operating right of use assets and lease liabilities	—			(226		)	(2,373		)	—			(2,599		)
Changes in operating assets and liabilities:
Accounts receivable	(77		)	(85,865		)	(518,355		)	667,823			63,526
Merchandise inventories	—			86,554			40,933			434			127,921
Accounts payable	—			367,791			62,645			(666,067		)	(235,631		)
Net change in other assets and liabilities	(243		)	(709,524		)	819,991			(5,423		)	104,801
Other, net	1,297			4,566			4,470			—			10,333
Cash provided by (used for) operating activities	71,068			(350,185		)	445,178			24			166,085
Investing activities:
Additions to property and equipment	—			(25,298		)	(17,121		)	—			(42,419		)
Additions to computer software	—			(7,978		)	(1,831		)	—			(9,809		)
Proceeds from sale of property and equipment	—			—			331			—			331
Cash used for investing activities	—			(33,276		)	(18,621		)	—			(51,897		)
Financing activities:
Change in intercompany advances	(19,558		)	465,972			(446,414		)	—			—
Repayments from revolving credit facility	—			(32,200		)	—			—			(32,200		)
Repayment of debt	(37,311		)	(48,281		)	—			—			(85,592		)
Financing costs paid	—			(4,313		)	—			—			(4,313		)
Cash dividends paid	(5,226		)	—			—			—			(5,226		)
Other, net	(1,040		)	—			(1,826		)	—			(2,866		)
Cash (used for) provided by financing activities	(63,135		)	381,178			(448,240		)	—			(130,197		)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—			—			(2,671		)	—			(2,671		)
Net increase (decrease) in cash and cash, cash equivalents and restricted cash	7,933			(2,283		)	(24,354		)	24			(18,680		)
Cash, cash equivalents and restricted cash at beginning of year	37,254			5,294			60,819			—			103,367
Cash, cash equivalents and restricted at end of year	$	45,187		$	3,011		$	36,465		$	24		$	84,687

Year ended December 31, 2018	Owens & Minor, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
Statements of Cash Flows
Operating activities:
Net income (loss)	$	(437,012	)	$	(228,392	)	$	(280,361	)	$	508,753		$	(437,012	)
Adjustments to reconcile net income to cash (used for) provided by operating activities:
Equity in earnings of subsidiaries	421,162			90,771			—			(511,933		)	—
Intercompany dividend				30,000						(30,000		)	—
Depreciation and amortization	—			45,096			56,831			—			101,927
Share-based compensation expense	—			16,376			—			—			16,376
Goodwill and intangible asset impairment charges	—			180,006			259,607			—			439,613
Provision for losses on accounts receivable	—			9,654			(224		)	—			9,430
Deferred income tax (benefit) expense	—			(31,435		)	(3,583		)	—			(35,018		)
Changes in operating assets and liabilities:
Accounts receivable	—			(113,989		)	(332,056		)	457,151			11,106
Merchandise inventories	—			81,330			(149,959		)	3,178			(65,451		)
Accounts payable	—			225,119			335,650			(468,590		)	92,179
Net change in other assets and liabilities	2,355			(29,825		)	(7,575		)	11,441			(23,604		)
Other, net	854			5,741			(552		)	—			6,043
Cash provided by (used for) operating activities	(12,641		)	280,452			(122,222		)	(30,000		)	115,589
Investing activities:
Acquisition, net of cash acquired	—			(751,834		)	—			—			(751,834		)
Additions to computer software and intangible assets	—			(15,076		)	(5,736		)	—			(20,812		)
Additions to property and equipment	—			(33,245		)	(11,628		)	—			(44,873		)
Proceeds from sale of property and equipment	—			1,429			261			—			1,690
Cash used for investing activities	—			(798,726		)	(17,103		)	—			(815,829		)
Financing activities:
Change in intercompany advances	87,295			(242,609		)	155,314			—			—
Intercompany dividend	—			—			(30,000		)	30,000			—
Proceeds from issuance of debt	—			695,750			—			—			695,750
Proceed from revolving credit facility	—			105,500			—			—			105,500
Repayment of debt	—			(16,250		)	—			—			(16,250		)
Financing costs paid	—			(28,512		)	—			—			(28,512		)
Cash dividends paid	(48,200		)	—			—			—			(48,200		)
Other, net	(2,900		)	(1,391		)	(2,926		)	—			(7,217		)
Cash provided by financing activities	36,195			512,488			122,388			30,000			701,071
Effect of exchange rate changes on cash and cash equivalents	—			—			(1,986		)	—			(1,986		)
Net increase (decrease) in cash and cash equivalents	23,554			(5,786		)	(18,923		)	—			(1,155		)
Cash and cash equivalents at beginning of year	13,700			11,080			79,742			—			104,522
Cash and cash equivalents at end of year	$	37,254		$	5,294		$	60,819		$	—		$	103,367