Condensed consolidating financial information (Tables)

6 Months Ended

Jun. 30, 2011

Condensed consolidating financial information [Abstract]

Condensed Consolidating Balance Sheet

	Express				Non-
(in millions)	Scripts, Inc.		Guarantors		Guarantors		Eliminations			Consolidated
As of June 30, 2011
Cash and cash equivalents	$	198.7	$	3.2	$	89.1	$	—		$	291.0
Restricted cash and investments		—		11.2		4.7		—			15.9
Receivables, net		1,322.3		605.7		11.4		—			1,939.4
Other current assets		24.6		388.7		36.9		—			450.2
Total current assets		1,545.6		1,008.8		142.1		—			2,696.5
Property and equipment, net		236.5		118.0		15.3		—			369.8
Investments in subsidiaries		6,558.0		—		—		(6,558.0	)		—
Intercompany		—		3,525.7		—		(3,525.7	)		—
Goodwill		2,921.4		2,538.8		26.6		—			5,486.8
Other intangible assets, net		1,376.5		275.8		3.9		—			1,656.2
Other assets		23.5		4.2		0.9		—			28.6
Total assets	$	12,661.5	$	7,471.3	$	188.8	$	(10,083.7	)	$	10,237.9
Claims and rebates payable	$	2,530.5	$	0.4	$	—	$	—		$	2,530.9
Accounts payable		726.4		16.4		2.8		—			745.6
Accrued expenses		58.4		416.2		12.6		—			487.2
Current maturities of long-term debt		999.8		—		—		—			999.8
Total current liabilities		4,315.1		433.0		15.4		—			4,763.5
Long-term debt		3,088.7		—		—		—			3,088.7
Intercompany		3,368.2		—		157.5		(3,525.7	)		—
Other liabilities		61.5		493.9		2.3		—			557.7
Stockholders’ equity		1,828.0		6,544.4		13.6		(6,558.0	)		1,828.0
Total liabilities and stockholders’ equity	$	12,661.5	$	7,471.3	$	188.8	$	(10,083.7	)	$	10,237.9
As of December 31, 2010
Cash and cash equivalents	$	456.7	$	9.0	$	58.0	$	—		$	523.7
Restricted cash and investments		—		11.7		4.6		—			16.3
Receivables, net		1,175.6		536.2		9.1		—			1,720.9
Other current assets		249.0		396.0		35.4		—			680.4
Total current assets		1,881.3		952.9		107.1		—			2,941.3
Property and equipment, net		231.5		127.2		14.0		—			372.7
Investments in subsidiaries		6,382.2		—		—		(6,382.2	)		—
Intercompany		—		3,214.0		—		(3,214.0	)		—
Goodwill		2,921.4		2,538.8		26.0		—			5,486.2
Other intangible assets, net		1,426.2		294.8		4.0		—			1,725.0
Other assets		20.6		10.1		1.9		—			32.6
Total assets	$	12,863.2	$	7,137.8	$	153.0	$	(9,596.2	)	$	10,557.8
Claims and rebates payable	$	2,664.9	$	1.6	$	—	$	—		$	2,666.5
Accounts payable		634.4		17.7		4.6		—			656.7
Accrued expenses		288.7		294.5		10.7		—			593.9
Current maturities of long-term debt		—		0.1		—		—			0.1
Total current liabilities		3,588.0		313.9		15.3		—			3,917.2
Long-term debt		2,493.7		—		—		—			2,493.7
Intercompany		3,094.8		—		119.2		(3,214.0	)		—
Other liabilities		80.1		455.5		4.7		—			540.3
Stockholders’ equity		3,606.6		6,368.4		13.8		(6,382.2	)		3,606.6
Total liabilities and stockholders’ equity	$	12,863.2	$	7,137.8	$	153.0	$	(9,596.2	)	$	10,557.8

Condensed Consolidating Statement of Operations

	Express						Non-
(in millions)	Scripts, Inc.			Guarantors			Guarantors			Eliminations			Consolidated
For the three months ended June 30, 2011
Revenues	$	7,239.1		$	4,084.2		$	38.1		$	—		$	11,361.4
Operating expenses		6,820.2			3,930.0			31.9			—			10,782.1
Operating income		418.9			154.2			6.2			—			579.3
Interest expense, net		(47.5	)		(1.3	)		—			—			(48.8	)
Income before income taxes		371.4			152.9			6.2			—			530.5
Provision for income taxes		136.4			58.0			1.9			—			196.3
Net income from continuing operations		235.0			94.9			4.3			—			334.2
Equity in earnings of subsidiaries		99.2			—			—			(99.2	)		—
Net income (loss)	$	334.2		$	94.9		$	4.3		$	(99.2	)	$	334.2
For the three months ended June 30, 2010
Revenues	$	7,467.2		$	3,800.1		$	21.5		$	—		$	11,288.8
Operating expenses		7,051.0			3,685.3			22.2			—			10,758.5
Operating income (loss)		416.2			114.8			(0.7	)		—			530.3
Interest (expense) income, net		(40.1	)		(1.5	)		0.1			—			(41.5	)
Income (loss) before income taxes		376.1			113.3			(0.6	)		—			488.8
Provision for income taxes		141.4			40.4			(0.3	)		—			181.5
Net income (loss) from continuing operations		234.7			72.9			(0.3	)		—			307.3
Net loss from discontinued operations, net of tax		—			—			(17.4	)		—			(17.4	)
Equity in earnings of subsidiaries		55.2			—			—			(55.2	)		—
Net income (loss)	$	289.9		$	72.9		$	(17.7	)	$	(55.2	)	$	289.9
For the six months ended June 30, 2011
Revenues	$	14,412.2		$	7,981.4		$	62.3		$	—		$	22,455.9
Operating expenses		13,545.8			7,718.8			59.6			—			21,324.2
Operating income		866.4			262.6			2.7			—			1,131.7
Interest (expense) income, net		(85.4	)		(3.0	)		0.3			—			(88.1	)
Income before income taxes		781.0			259.6			3.0			—			1,043.6
Provision for income taxes		283.5			96.0			3.4			—			382.9
Net income (loss) from continuing operations		497.5			163.6			(0.4	)		—			660.7
Equity in earnings of subsidiaries		163.2			—			—			(163.2	)		—
Net income (loss)	$	660.7		$	163.6		$	(0.4	)	$	(163.2	)	$	660.7
For the six months ended June 30, 2010
Revenues	$	14,861.7		$	7,522.8		$	42.7		$	—		$	22,427.2
Operating expenses		14,102.6			7,293.2			46.4			—			21,442.2
Operating income (loss)		759.1			229.6			(3.7	)		—			985.0
Interest (expense) income, net		(79.7	)		(3.0	)		0.1			—			(82.6	)
Income (loss) before income taxes		679.4			226.6			(3.6	)		—			902.4
Provision for income taxes		251.7			83.1			(0.3	)		—			334.5
Net income (loss) from continuing operations		427.7			143.5			(3.3	)		—			567.9
Net loss from discontinued operations, net of tax		—			—			(17.8	)		—			(17.8	)
Equity in earnings of subsidiaries		122.4			—			—			(122.4	)		—
Net income (loss)	$	550.1		$	143.5		$	(21.1	)	$	(122.4	)	$	550.1

Condensed Consolidating Statement of Cash Flows

	Express						Non-
	Scripts, Inc.			Guarantors			Guarantors			Eliminations			Consolidated
For the six months ended June 30, 2011
Net cash flows provided by (used in) operating activities	$	573.2		$	295.6		$	(2.5	)	$	(163.2	)	$	703.1
Cash flows from investing activities:
Purchase of property and equipment		(46.2	)		(4.1	)		(3.8	)		—			(54.1	)
Other		—			2.1			0.3			—			2.4
Net cash used in investing activities		(46.2	)		(2.0	)		(3.5	)		—			(51.7	)
Cash flows from financing activities:
Treasury stock acquired		(2,515.7	)		—			—			—			(2,515.7	)
Proceeds from long-term debt, net of discounts		1,494.0			—			—			—			1,494.0
Proceeds from revolving credit line, net		100.0			—			—			—			100.0
Tax benefit relating to employee stock compensation		25.9			—			—			—			25.9
Net proceeds from employee stock plans		23.1			—			—			—			23.1
Deferred financing fees		(10.9	)		—			—			—			(10.9	)
Repayment of long-term debt		(0.1	)		—			—			—			(0.1	)
Net transactions with parent		98.7			(299.4	)		37.5			163.2			—
Net cash (used in) provided by financing activities		(785.0	)		(299.4	)		37.5			163.2			(883.7	)
Effect of foreign currency translation adjustment		—			—			(0.4	)		—			(0.4	)
Net (decrease) increase in cash and cash equivalents		(258.0	)		(5.8	)		31.1			—			(232.7	)
Cash and cash equivalents at beginning of period		456.7			9.0			58.0			—			523.7
Cash and cash equivalents at end of period	$	198.7		$	3.2		$	89.1		$	—		$	291.0

Condensed Consolidating Statement of Cash Flows

	Express						Non-
	Scripts, Inc.			Guarantors			Guarantors			Eliminations			Consolidated
For the six months ended June 30, 2010
Net cash flows provided by (used in) operating activities	$	977.9		$	589.3		$	4.0		$	(122.4	)	$	1,448.8
Cash flows from investing activities:
Purchase of property and equipment		(29.2	)		(21.4	)		(0.5	)		—			(51.1	)
Other		11.6			(1.9	)		(7.0	)		—			2.7
Net cash used in investing activities — continuing operations		(17.6	)		(23.3	)		(7.5	)		—			(48.4	)
Net cash used in investing activities — discontinued operations		—			—			(0.8	)		—			(0.8	)
Net cash used in investing activities		(17.6	)		(23.3	)		(8.3	)		—			(49.2	)
Cash flows from financing activities:
Treasury stock acquired		(528.7	)		—			—			—			(528.7	)
Repayment of long-term debt		(360.0	)		—			—			—			(360.0	)
Tax benefit relating to employee stock compensation		30.8			—			—			—			30.8
Net proceeds from employee stock plans		16.7			—			—			—			16.7
Net transactions with parent		445.6			(567.5	)		(0.5	)		122.4			—
Net cash provided by (used in) financing activities		(395.6	)		(567.5	)		(0.5	)		122.4			(841.2	)
Effect of foreign currency translation adjustment		—			—			2.4			—			2.4
Net increase (decrease) in cash and cash equivalents		564.7			(1.5	)		(2.4	)		—			560.8
Cash and cash equivalents at beginning of period		1,005.0			10.0			55.4			—			1,070.4
Cash and cash equivalents at end of period	$	1,569.7		$	8.5		$	53.0		$	—		$	1,631.2