Condensed consolidating financial information (Tables)

9 Months Ended

Sep. 30, 2011

Condensed consolidating financial information [Abstract]

Condensed Consolidating Balance Sheet

	Express				Non-
(in millions)	Scripts, Inc.		Guarantors		Guarantors		Eliminations			Consolidated
As of September 30, 2011
Cash and cash equivalents	$	985.3	$	5.5	$	71.8	$	—		$	1,062.6
Restricted cash and investments		4.0		11.3		4.6		—			19.9
Receivables, net		1,178.0		562.0		30.7		—			1,770.7
Other current assets		39.4		387.4		26.4		—			453.2
Total current assets		2,206.7		966.2		133.5		—			3,306.4
Property and equipment, net		254.6		119.0		15.2		—			388.8
Investments in subsidiaries		6,678.3		—		—		(6,678.3	)		—
Intercompany		—		3,757.0		—		(3,757.0	)		—
Goodwill		2,921.4		2,538.8		25.2		—			5,485.4
Other intangible assets, net		1,395.9		266.3		3.6		—			1,665.8
Other assets		22.5		0.4		2.4		—			25.3
Total assets	$	13,479.4	$	7,647.7	$	179.9	$	(10,435.3	)	$	10,871.7
Claims and rebates payable	$	2,710.5	$	0.4	$	—	$	—		$	2,710.9
Accounts payable		724.7		4.1		15.5		—			744.3
Accrued expenses		177.2		478.4		33.0		—			688.6
Current maturities of long-term debt		999.9		—		—		—			999.9
Total current liabilities		4,612.3		482.9		48.5		—			5,143.7
Long-term debt		2,989.3		—		—		—			2,989.3
Intercompany		3,656.4		—		100.6		(3,757.0	)		—
Other liabilities		56.7		515.3		2.0		—			574.0
Stockholders’ equity		2,164.7		6,649.5		28.8		(6,678.3	)		2,164.7
Total liabilities and stockholders’ equity	$	13,479.4	$	7,647.7	$	179.9	$	(10,435.3	)	$	10,871.7
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 September 30, 2011
Revenues	$	7,306.1		$	4,218.3		$	46.6		$	—		$	11,571.0
Operating expenses		6,907.0			4,025.8			33.1			—			10,965.9
Operating income		399.1			192.5			13.5			—			605.1
Interest (expense) income, net		(87.1	)		(1.4	)		0.1			—			(88.4	)
Income before income taxes		312.0			191.1			13.6			—			516.7
Provision for income taxes		117.3			74.2			0.5			—			192.0
Net income from continuing operations		194.7			116.9			13.1			—			324.7
Equity in earnings of subsidiaries		130.0			—			—			(130.0	)		—
Net income (loss)	$	324.7		$	116.9		$	13.1		$	(130.0	)	$	324.7
For the three months ended September 30, 2010
Revenues	$	7,387.7		$	3,840.8		$	23.3		$	—		$	11,251.8
Operating expenses		7,027.3			3,675.3			21.2			—			10,723.8
Operating income		360.4			165.5			2.1			—			528.0
Interest expense, net		(38.2	)		(1.8	)		—			—			(40.0	)
Income before income taxes		322.2			163.7			2.1			—			488.0
Provision for income taxes		117.5			62.0			1.4			—			180.9
Net income from continuing operations		204.7			101.7			0.7			—			307.1
Net loss from discontinued operations, net of tax		—			—			(5.6	)		—			(5.6	)
Equity in earnings of subsidiaries		96.8			—			—			(96.8	)		—
Net income (loss)	$	301.5		$	101.7		$	(4.9	)	$	(96.8	)	$	301.5
For the nine months ended September 30, 2011
Revenues	$	21,718.3		$	12,199.7		$	108.9		$	—		$	34,026.9
Operating expenses		20,452.8			11,744.6			92.7			—			32,290.1
Operating income		1,265.5			455.1			16.2			—			1,736.8
Interest (expense) income, net		(172.5	)		(4.4	)		0.4			—			(176.5	)
Income before income taxes		1,093.0			450.7			16.6			—			1,560.3
Provision for income taxes		400.8			170.2			3.9			—			574.9
Net income from continuing operations		692.2			280.5			12.7			—			985.4
Equity in earnings of subsidiaries		293.2			—			—			(293.2	)		—
Net income (loss)	$	985.4		$	280.5		$	12.7		$	(293.2	)	$	985.4
For the nine months ended September 30, 2010
Revenues	$	22,249.4		$	11,363.6		$	66.0		$	—		$	33,679.0
Operating expenses		21,129.9			10,968.5			67.6			—			32,166.0
Operating income (loss)		1,119.5			395.1			(1.6	)		—			1,513.0
Interest (expense) income, net		(117.9	)		(4.8	)		0.1			—			(122.6	)
Income (loss) before income taxes		1,001.6			390.3			(1.5	)		—			1,390.4
Provision for income taxes		369.2			145.1			1.1			—			515.4
Net income (loss) from continuing operations		632.4			245.2			(2.6	)		—			875.0
Net loss from discontinued operations, net of tax		—			—			(23.4	)		—			(23.4	)
Equity in earnings of subsidiaries		219.2			—			—			(219.2	)		—
Net income (loss)	$	851.6		$	245.2		$	(26.0	)	$	(219.2	)	$	851.6

Condensed Consolidating Statement of Cash Flows

	Express						Non-
	Scripts, Inc.			Guarantors			Guarantors			Eliminations			Consolidated
For the nine months ended September 30, 2011
Net cash flows provided by (used in) operating activities	$	1,377.2		$	552.3		$	23.6		$	(293.2	)	$	1,659.9
Cash flows from investing activities:
Purchase of property and equipment		(81.9	)		(11.5	)		(4.7	)		—			(98.1	)
Other		—			(1.7	)		10.2			—			8.5
Net cash (used in) provided by investing activities		(81.9	)		(13.2	)		5.5			—			(89.6	)
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
Deferred financing fees		(62.7	)		—			—			—			(62.7	)
Net proceeds from employee stock plans		28.9			—			—			—			28.9
Tax benefit relating to employee stock compensation		27.3			—			—			—			27.3
Repayment of long-term debt		(0.1	)		—			—			—			(0.1	)
Net transactions with parent		261.6			(542.6	)		(12.2	)		293.2			—
Net cash (used in) provided by financing activities		(766.7	)		(542.6	)		(12.2	)		293.2			(1,028.3	)
Effect of foreign currency translation adjustment		—			—			(3.1	)		—			(3.1	)
Net increase (decrease) in cash and cash equivalents		528.6			(3.5	)		13.8			—			538.9
Cash and cash equivalents at beginning of period		456.7			9.0			58.0			—			523.7
Cash and cash equivalents at end of period	$	985.3		$	5.5		$	71.8		$	—		$	1,062.6

	Express						Non-
	Scripts, Inc.			Guarantors			Guarantors			Eliminations			Consolidated
For the nine months ended September 30, 2010
Net cash flows provided by (used in) operating activities	$	1,323.5		$	733.9		$	3.8		$	(219.2	)	$	1,842.0
Cash flows from investing activities:
Purchase of property and equipment		(55.4	)		(27.1	)		(2.1	)		—			(84.6	)
Other		12.7			(2.0	)		(4.9	)		—			5.8
Net cash used in investing activities — continuing operations		(42.7	)		(29.1	)		(7.0	)		—			(78.8	)
Net cash used in investing activities — discontinued operations		—			—			(0.8	)		—			(0.8	)
Net cash used in investing activities		(42.7	)		(29.1	)		(7.8	)		—			(79.6	)
Cash flows from financing activities:
Repayment of long-term debt		(1,340.1	)		—			—			—			(1,340.1	)
Treasury stock acquired		(1,276.2	)		—			—			—			(1,276.2	)
Tax benefit relating to employee stock compensation		32.9			—			—			—			32.9
Net proceeds from employee stock plans		19.3			—			—			—			19.3
Deferred financing fees		(3.9	)		—			—			—			(3.9	)
Net transactions with parent		476.4			(706.7	)		11.1			219.2			—
Net cash (used in) provided by financing activities		(2,091.6	)		(706.7	)		11.1			219.2			(2,568.0	)
Effect of foreign currency translation adjustment		—			—			2.7			—			2.7
Net (decrease) increase in cash and cash equivalents		(810.8	)		(1.9	)		9.8			—			(802.9	)
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	$	194.2		$	8.1		$	65.2		$	—		$	267.5