Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2015USD ($)shares | |
Document and Entity Information [Abstract] | |
Document period end date | Dec. 31, 2015 |
Amendment flag | false |
Entity registrant name | FRESENIUS MEDICAL CARE AG & Co. KGaA |
Entity current reporting status | Yes |
Entity voluntary filers | Yes |
Entity central index key | 1,333,141 |
Document type | 20-F |
Current fiscal year end date | --12-31 |
Entity filer category | Large Accelerated Filer |
Entity well known seasoned issuer | Yes |
Entity common stock shares outstanding | shares | 305,314,120 |
Entity public float | $ | $ 210,941,525,508 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | Q4 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net revenue: | |||
Dialysis Care Revenue | $ 13,801,298,000 | $ 12,552,646,000 | $ 11,414,734,000 |
Less: Patient service bad debt provision | 409,583,000 | 302,647,000 | 284,648,000 |
Net Dialysis Care | 13,391,715,000 | 12,249,999,000 | 11,130,086,000 |
Dialysis Products Revenue | 3,345,867,000 | 3,581,614,000 | 3,479,641,000 |
Net revenue | 16,737,582,000 | 15,831,613,000 | 14,609,727,000 |
Costs of revenue: | |||
Dialysis Care Cost of Revenue | 9,861,253,000 | 9,131,005,000 | 8,266,635,000 |
Dialysis Products Cost of Revenue | 1,545,166,000 | 1,704,762,000 | 1,604,695,000 |
Cost of revenues | 11,406,419,000 | 10,835,767,000 | 9,871,330,000 |
Gross profit | 5,331,163,000 | 4,995,846,000 | 4,738,397,000 |
Operating expenses: | |||
Selling, general and administrative | 2,895,581,000 | 2,644,037,000 | 2,382,501,000 |
Research and development | 140,302,000 | 122,114,000 | 125,805,000 |
Income (Loss) From Equity Method Investments | (31,452,000) | (24,838,000) | (26,105,000) |
Other operating expenses | 0 | 0 | 0 |
Operating income | 2,326,732,000 | 2,254,533,000 | 2,256,196,000 |
Other (income) expense: | |||
Interest income | (116,575,000) | (84,240,000) | (38,942,000) |
Interest expense | 508,035,000 | 495,367,000 | 447,503,000 |
Investment gain | 0 | 0 | 0 |
Income before income taxes | 1,935,272,000 | 1,843,406,000 | 1,847,635,000 |
Income tax expense | 622,123,000 | 583,598,000 | 592,012,000 |
Net Income | 1,313,149,000 | 1,259,808,000 | 1,255,623,000 |
Less: Net income attributable to noncontrolling interests | 283,704,000 | 214,542,000 | 145,733,000 |
Net Income attributable to the Company | $ 1,029,445,000 | $ 1,045,266,000 | $ 1,109,890,000 |
Basic income per Ordinary share | $ 3.38 | $ 3.46 | $ 3.65 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated Statements of Comprehensive Income | |||
Net Income | $ 1,313,149,000 | $ 1,259,808,000 | $ 1,255,623,000 |
Other Comprehensive Income Derivatives Qualifying As Hedges Before Tax Portion Attributable To Parent | 60,131,000 | 25,547,000 | 22,532,000 |
Actuarial gains (losses) on defined benefit pension plans | (83,927,000) | 215,161,000 | (64,989,000) |
(Loss) gain related to foreign currency translation | (353,504,000) | (421,789,000) | (114,439,000) |
Income tax (expense) benefit related to components of other comprehensive income | (44,067,000) | 68,161,000 | (33,600,000) |
Other comprehensive income (loss), net of tax | (253,513,000) | (543,242,000) | (60,518,000) |
Total comprehensive income | 1,059,636,000 | 716,566,000 | 1,195,105,000 |
Comprehensive income attributable to noncontrolling interests | (278,743,000) | (208,456,000) | (143,689,000) |
Comprehensive income attributable to the Company | $ 780,893,000 | $ 508,110,000 | $ 1,051,416,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 549,500,000 | $ 633,855,000 |
Trade accounts receivable less allowance for doubtful accounts of $418,508 in 2014 and $413,165 in 2013 | 3,285,196,000 | 3,203,655,000 |
Accounts receivable from related parties | 218,285,000 | 193,225,000 |
Inventories | 1,340,751,000 | 1,115,554,000 |
Prepaid expenses and other current assets | 1,374,715,000 | 1,326,569,000 |
Deferred tax asset, current | 216,127,000 | 245,354,000 |
Total current assets | 6,984,574,000 | 6,718,212,000 |
Property, plant and equipment, net | 3,425,574,000 | 3,290,180,000 |
Intangible assets | 830,489,000 | 869,411,000 |
Goodwill | 13,032,750,000 | 13,082,180,000 |
Deferred tax asset, non-current | 140,938,000 | 141,052,000 |
Equity Method Investments | 644,709,000 | 676,822,000 |
Other assets | 474,452,000 | 603,124,000 |
Total assets | 25,533,486,000 | 25,380,981,000 |
Current liabilities: | ||
Accounts payable | 627,828,000 | 573,184,000 |
Accounts payable to related parties | 153,023,000 | 140,731,000 |
Accrued expenses and other current liabilities | 2,503,137,000 | 2,197,245,000 |
Short-term borrowings and other financial liabilities | 109,252,000 | 132,693,000 |
Short-term borrowings from related parties | 19,052,000 | 5,357,000 |
Current portion of long-term debt and capital lease obligations | 664,335,000 | 313,607,000 |
Income tax payable, current | 72,819,000 | 79,687,000 |
Deferred tax liability, current | 36,399,000 | 34,787,000 |
Total current liabilities | 4,185,845,000 | 3,477,291,000 |
Long-term debt and capital lease obligations less current maturities | 7,853,487,000 | 9,014,157,000 |
Other liabilities | 465,625,000 | 411,976,000 |
Pension liabilities | 585,328,000 | 642,318,000 |
Income tax payable, non-current | 162,500,000 | 177,601,000 |
Deferred tax liability, non-current | 756,333,000 | 804,609,000 |
Total liabilities | 14,009,118,000 | 14,527,952,000 |
Noncontrolling interests subject to put provisions ending | 1,028,368,000 | 824,658,000 |
Company shareholders' equity: | ||
Common stock, no par value, 1.00 Euro nominal value, 392,462,972 shares authorized, 311,104,251 issued and 303,555,300 outstanding | 387,162,000 | 385,215,000 |
Treasury stock, at cost | (505,014,000) | (505,014,000) |
Additional paid-in capital | 3,470,308,000 | 3,546,075,000 |
Retained earnings | 7,870,981,000 | 7,104,780,000 |
Accumulated other comprehensive (loss) | (1,336,295,000) | (1,087,743,000) |
Total Company shareholders' equity | 9,887,142,000 | 9,443,313,000 |
Noncontrolling interests not subject to put provisions | 608,858,000 | 585,058,000 |
Total equity | 10,496,000,000 | 10,028,371,000 |
Total liabilities and equity | $ 25,533,486,000 | $ 25,380,981,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($) |
Consolidated Balance Sheets | ||
Trade accounts receivable allowance for doubtful accounts | $ | $ 465,790,000 | $ 418,508,000 |
Common stock authorized | 392,462,972 | |
Common stock issued | 312,863,071 | |
Common stock outstanding | 305,314,120 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Activities: | |||
Net Income | $ 1,313,149,000 | $ 1,259,808,000 | $ 1,255,623,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 717,322,000 | 699,328,000 | 648,225,000 |
Change in deferred taxes, net | (45,452,000) | 113,790,000 | 15,913,000 |
(Gain) loss on sale of fixed assets | 2,318,000 | (2,654,000) | 32,984,000 |
Investment gain | 0 | 0 | 0 |
Stock Option Compensation Expense | 12,323,000 | 8,507,000 | 13,593,000 |
Investment in equity method investees, net | 0 | 0 | (4,073,000) |
Cash outflow from hedging | 17,776,000 | (23,123,000) | (2,335,000) |
Changes in assets and liabilities, net of amounts from businesses acquired: | |||
Trade accounts receivable, net | 330,960,000 | 157,411,000 | 41,280,000 |
Inventories, net | 301,009,000 | 85,758,000 | 54,918,000 |
Prepaid expenses, other current and non-current assets | (47,997,000) | 24,179,000 | (67,875,000) |
Accounts receivable, related parties | 300,000 | 118,800,000 | 10,968,000 |
Accounts payable, related parties | 27,208,000 | 113,822,000 | (3,743,000) |
Accounts payable, accrued expenses and other current and non-current liabilities | 548,955,000 | 121,424,000 | 215,264,000 |
Income tax payable | (9,092,000) | (94,916,000) | (36,057,000) |
Net cash provided by (used in) operating activities | 1,960,047,000 | 1,861,392,000 | 2,034,805,000 |
Investing Activities: | |||
Purchases of property, plant and equipment | (952,943,000) | (931,627,000) | (747,938,000) |
Proceeds from sale of property, plant and equipment | 17,408,000 | 11,673,000 | 19,847,000 |
Acquisitions and investments, net of cash acquired, and net purchases of intangible assets | 1,779,058,000 | 495,725,000 | |
Proceeds from divestitures | 251,660,000 | 8,257,000 | 18,276,000 |
Net cash (used in) provided by investing activities | (1,000,685,000) | (2,690,755,000) | (1,205,540,000) |
Financing Activities: | |||
Proceeds from short-term borrowings and other financial liabilities | 287,526,000 | 197,481,000 | 381,603,000 |
Repayments of short-term borrowings and other financial liabilities | 313,872,000 | 171,889,000 | 397,682,000 |
Proceeds from short-term borrowings from related parties | 58,804,000 | 303,695,000 | 18,593,000 |
Repayments of short-term borrowings from related parties | (44,270,000) | (358,638,000) | (18,228,000) |
Proceeds from long-term debt and capital lease obligations (net of debt issuance costs of $178,593 in 2012 and $127,854 in 2011) | 6,035,000 | 2,910,611,000 | 441,278,000 |
Repayments of long-term debt and capital lease obligations | 324,855,000 | 1,647,978,000 | 617,499,000 |
Increase (decrease) of accounts receivable securitization program | 290,750,000 | 9,500,000 | (189,250,000) |
Proceeds from exercise of stock options | 94,166,000 | 107,047,000 | 111,300,000 |
Proceeds from conversion of preference shares into ordinary shares | 0 | 0 | 34,784,000 |
Purchase of treasury stock | 0 | 0 | 505,014,000 |
Payment of dividends [N] | 263,244,000 | 317,903,000 | 296,134,000 |
Distributions to Noncontrolling interests | (284,474,000) | (250,271,000) | (216,758,000) |
Contributions from noncontrolling interests | 67,395,000 | 42,356,000 | 66,467,000 |
Net cash (used in) provided by financing activities | (1,007,539,000) | 805,011,000 | (808,040,000) |
Effect of exchange rate changes on cash and cash equivalents | (36,178,000) | (24,570,000) | (26,488,000) |
Cash and Cash Equivalents: | |||
Net (decrease) in cash and cash equivalents | (84,355,000) | (48,922,000) | (5,263,000) |
Cash and cash equivalents at beginning of period | 633,855,000 | 682,777,000 | |
Cash and cash equivalents at end of period | $ 549,500,000 | $ 633,855,000 | $ 682,777,000 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) | Total | Preferred Stock, No par value [Member] | Common Stock, No par value [Member] | Treasury Stock | Additional paid in capital [Member] | Retained earnings [Member] | Accumulated other comprehensive income (loss) [Member] | Total FMC-AG and Co. KGaA [Member] | Noncontrolling interests not subject to put provisions [Member] | Total Equity Domain [Member] |
Comprehensive income (loss) | ||||||||||
Total ending equity | $ 4,462,000 | $ 374,915,000 | $ 3,491,581,000 | $ 5,563,661,000 | $ (492,113,000) | $ 8,942,506,000 | $ 264,754,000 | $ 9,207,260,000 | ||
Proceeds from conversion of preference shares into ordinary shares | $ 34,784,000 | $ (4,465,000) | $ 4,465,000 | 34,784,000 | 34,784,000 | 34,784,000 | ||||
Shares converted from preference shares | (3,975,533) | 3,975,533 | ||||||||
Proceeds from exercise of options and related tax effects | $ 3,000 | $ 3,031,000 | 105,554,000 | 105,554,000 | 105,554,000 | |||||
Shares from exercise of options and related tax effects | 2,200 | 2,280,439 | ||||||||
Compensation expense related to stock options | 13,593,000 | 13,593,000 | 13,593,000 | |||||||
Proceeds From Repurchase Of Equity | $ (505,014,000) | (505,014,000) | (505,014,000) | |||||||
treasury | (7,548,951) | |||||||||
Dividends paid | (122,179,000) | (296,134,000) | (296,134,000) | (296,134,000) | ||||||
Purchase (sale) of noncontrolling interests | 16,190,000 | (3,566,000) | (3,566,000) | (21,074,000) | (24,640,000) | |||||
Cash contributions from noncontrolling interests | 17,767,000 | (32,275,000) | (32,275,000) | |||||||
Expiration put provisions 1 | (9,467,000) | 9,467,000 | 9,467,000 | |||||||
Changes in fair value of noncontrolling interests | 108,575,000 | (108,575,000) | (108,575,000) | (108,575,000) | ||||||
Net Income | 1,109,890,000 | 1,109,890,000 | 32,577,000 | 1,142,467,000 | ||||||
Other comprehensive income (loss) - net | (58,474,000) | (58,474,000) | (2,993,000) | (61,467,000) | ||||||
Total comprehensive income | 1,051,416,000 | 29,584,000 | 1,081,000,000 | |||||||
Shares issued ending | 308,995,730 | (7,548,951) | ||||||||
Total ending equity | $ 382,411,000 | $ (505,014,000) | 3,530,337,000 | 6,377,417,000 | (550,587,000) | 9,234,564,000 | 250,456,000 | 9,485,020,000 | ||
Shares issued at Dec. 31, 2013 | 3,973,333 | |||||||||
Proceeds from conversion of preference shares into ordinary shares | 0 | |||||||||
Proceeds from exercise of options and related tax effects | $ 2,804,000 | 99,182,000 | 101,986,000 | 101,986,000 | ||||||
Shares from exercise of options and related tax effects | 2,108,521 | |||||||||
Compensation expense related to stock options | 8,507,000 | 8,507,000 | 8,507,000 | |||||||
Dividends paid | (142,696,000) | (317,903,000) | (317,903,000) | (317,903,000) | ||||||
Purchase (sale) of noncontrolling interests | 87,902,000 | (2,184,000) | (2,184,000) | 322,570,000 | 320,386,000 | |||||
Cash contributions from noncontrolling interests | 16,064,000 | (71,054,000) | (71,054,000) | |||||||
Expiration put provisions 1 | (4,650,000) | 4,650,000 | 4,650,000 | |||||||
Changes in fair value of noncontrolling interests | 89,767,000 | (89,767,000) | (89,767,000) | (89,767,000) | ||||||
Comprehensive income (loss) | ||||||||||
Net Income | 1,045,266,000 | 1,045,266,000 | 80,949,000 | 1,126,215,000 | ||||||
Other comprehensive income (loss) - net | (537,156,000) | (537,156,000) | (2,513,000) | (539,669,000) | ||||||
Total comprehensive income | 508,110,000 | 78,436,000 | 586,546,000 | |||||||
Shares issued ending | 311,104,251 | (7,548,951) | ||||||||
Total ending equity | $ 385,215,000 | $ (505,014,000) | 3,546,075,000 | 7,104,780,000 | (1,087,743,000) | 9,443,313,000 | 585,058,000 | 10,028,371,000 | ||
Shareholders equity at Dec. 31, 2014 | 10,028,371,000 | |||||||||
Proceeds from conversion of preference shares into ordinary shares | $ 0 | |||||||||
Proceeds from exercise of options and related tax effects | $ 1,947,000 | 87,065,000 | 89,012,000 | 89,012,000 | ||||||
Shares from exercise of options and related tax effects | 1,758,820 | 1,758,820 | ||||||||
Compensation expense related to stock options | 12,323,000 | 12,323,000 | 12,323,000 | |||||||
Vested subsidiary plan | (4,613,000) | (4,613,000) | (4,613,000) | |||||||
Dividends paid | $ (164,830,000) | (263,244,000) | (263,244,000) | (263,244,000) | ||||||
Purchase (sale) of noncontrolling interests | 7,915,000 | 7,461,000 | 7,461,000 | 7,169,000 | 14,630,000 | |||||
Cash contributions from noncontrolling interests | 16,749,000 | (100,852,000) | (100,852,000) | |||||||
Expiration put provisions 1 | 5,206,000 | (5,206,000) | (5,206,000) | |||||||
Changes in fair value of noncontrolling interests | $ 178,003,000 | (178,003,000) | (178,003,000) | (178,003,000) | ||||||
Comprehensive income (loss) | ||||||||||
Net Income | 1,029,445,000 | 1,029,445,000 | 124,577,000 | 1,154,022,000 | ||||||
Other comprehensive income (loss) - net | (248,552,000) | (248,552,000) | (1,888,000) | (250,440,000) | ||||||
Total comprehensive income | 780,893,000 | 122,689,000 | 903,582,000 | |||||||
Shares issued ending | 312,863,071 | (7,548,951) | ||||||||
Total ending equity | $ 387,162,000 | $ (505,014,000) | $ 3,470,308,000 | $ 7,870,981,000 | $ (1,336,295,000) | $ 9,887,142,000 | $ 608,858,000 | $ 10,496,000,000 |
The Company and Basis of Presen
The Company and Basis of Presentation | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Consolidated Financial Statements [Abstract] | |
The Company and Basis of Presentation | 1 . The Company and Basis of Presentation The Company Fresenius Medical Care AG & Co. KGaA (“FMC-AG & Co. KGaA ” or the “Company”), a German partnership limited by shares ( Kommanditgesellschaft auf Aktien ), is the world’s largest kidney dialysis company. The Company provides dialysis treatment and related dialysis care services to persons who suffer from end-stage renal disease (“ESRD”), as well as other health care services. The Company provides dialysis products for the treatment of ESRD, inclu ding products manufactured and distributed by the Company such as hemodialysis machines, peritoneal cyclers, dialyzers, peritoneal solutions, hemodialysis concentrates, solutions and granulates, bloodlines, renal pharmaceuticals and systems for water treat ment. The Company supplies dialysis clinics it owns, operates or manages with a broad range of products in addition to sales of dialysis products to other dialysis service providers. The Company describes its other health care services as “Care Coordinatio n.” Care Coordination services include the coordinated delivery of pharmacy services, vascular, cardiovascular and endovascular specialty services, non-dialysis laboratory testing services, physician services, hospitalist and intensivist services, health p lan services and urgent care services, which, together with dialysis care services represent the Company’s health care services. In these Notes, “FMC-AG & Co. KGaA ,” or the “Company,” “we,” “us” or “our” refers to the Company or the Company and its subsid iaries on a consolidated basis, as the context requires. The term “North America Segment” refers to the North America operating segment; the term “EMEA Segment” refers to the Europe, Middle East and Africa operating segment, the term “Asia-Pacific Segment” refers to the Asia-Pacific operating segment, and the term “Latin America Segment” refers to the Latin America operating segment . For further discussion of our operating segments, see Note 23 “Segment and Corporate Information”. Basis of Present ation The accompanying consolidated financial statements have been prepared in accordance with the United States’ generally accepted accounting principles (“U.S. GAAP”). The preparation of consolidated financial statements in conformity with U.S. GAAP requ ires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and e xpenses during the reporting period. Actual results could differ from those estimates . Such financial statements reflect all adjustments that, in the opinion of management, are necessary for a fair presentation of the results of the periods presented. All such adjustments a re of a normal recurring nature . 2015 2014 Trade accounts receivable, net $ 278.365 $ 195.369 Other current assets 73.206 232.487 Property, plant and equipment, intangible assets & other non-current assets 37.637 59.351 Goodwill 25.760 37.934 Accounts payable, accrued expenses and other liabilities 369.635 485.006 Non-current loans from related parties 28.986 28.985 Equity 16.347 11.150 b) Cash and Cash Equivalents Cash and cash equivalents comprise cash funds and all short-term, liquid investments with original maturities of up to three months. c) Inventories Inventories are stated at the lower of cost (determined by using the average or first-in, first-out method) or net realizable value (see Note 3 ). Costs included in inventories are based on invoiced costs and/or production costs or the marked to mar ket valuation, as applicable. Included in production costs are material, direct labor and production overhead, including depreciation charges. d) Property, Plant and Equipment Property, plant, and equipment are stated at cost less accumulated depreciati on (see Note 5 ). Significant improvements are capitalized; repairs and maintenance costs that do not extend the useful lives of the assets are charged to expense as incurred. Property and equipment under capital leases are stated at the present val ue of future minimum lease payments at the inception of the lease, less accumulated depreciation. Depreciation on property, plant and equipment is calculated using the straight-line method over the estimated useful lives of the assets ranging from 4 to 40 years for buildings and improvements with a weighted average life of 13 years and 3 to 19 years for machinery and equipment with a weighted average life of 11 years. Equipment held under capital lease s and leasehold improvements are amortized using the straight-line method over the shorter of the lease term or the estimated useful life of the asset. Internal use platform software that is integral to the computer equipment it supports is included in pro perty, plant and equipment. The Company capitalizes interest on borrowed funds during construction periods. Interest capitalized during 2015 , 2014 , and 2013 was $ 6.082 , $ 4.285 and $ 4.223 , respectively . e) Intangible Assets and Goodwill Intangible assets such as non-compete agreements, technology, distribution rights, patents, licenses to treat, licenses to manufacture, distribute and sell pharmaceutical drugs, exclusive contracts and exclusive lice nses, trade names, management contracts, application software, acute care agreements, customer relationships and lease agreements are recognized and reported apart from goodwill (see Note 6 ). Goodwill and identifiable intangibles with indefinite useful lives are not amortized but tested for impairment annually or when an event becomes known that could trigger an impairment. The Company identified trade names and certain qualified management contracts as intangible assets with indefinite useful li ves because, based on an analysis of all of the relevant factors, there is no foreseeable limit to the period over which those assets are expected to generate net cash inflows for the Company. Intangible assets with finite useful lives are amortized over t heir respective useful lives to their residual values. The Company amortizes non-compete agreements over their useful life which on average is 6 years. Technology is amortized over its useful life of 15 years. Licenses to manu facture, distribute and sell pharmaceutical drugs, exclusive contracts and exclusive licenses are amortized over their useful life which on average is 10 years. Customer relationships are amortized over their useful life of 11 years. All other intangible assets are amortized over their weighted average useful lives of 7 years. The weighted average useful life of all amortizable intangible assets is 9 years. Intang ible assets with finite useful lives are evaluated for impairment when events have occurred that may give rise to an impairment. To perform the annual impairment test of goodwill, the Company identified its reporting units and determined their carrying val ue by assigning the assets and liabilities, including the existing goodwill and intangible assets, to those reporting units. The reporting units are the North America Segment, EMEA Segment, Asia-Pacific Segment and the Latin America Segment. For the purpos e of goodwill impairment testing, all corporate assets are allocated to the reporting units. In a first step, the Company compares the fair value of a reporting unit to its carrying amount. Fair value is determined using estimated future cash flows for the unit discounted by an after-tax weighted average cost of capital (“WACC”) specific to that reporting unit. Estimating the future cash flows involves significant assumptions, especially regarding future reimbursement rates and sales prices, number of treat ments, sales volumes and costs. In determining discounted cash flows, the Company utilizes for every reporting unit, its three-year budget, projections for years 4 to 10 and a representative growth rate for all remaining years. Projections for up to ten ye ars are possible due to the stability of the Company’s business which, results from the non-discretionary nature of the health care services we provide, the need for products utilized to provide such services and the availability of government reimbursemen t for a substantial portion of our services. The reporting units’ respective expected growth rates for the period beyond ten years are : North America Segment 1%, EMEA Segment 0%, Asia-Pacific Segment 4% and Latin America Segment 4%. The discount factor is determined by the WACC of the respective reporting unit. The Company’s WACC consisted of a basic rate of 6.15% for 2015 . The basic rate is then adjusted by a country-specific risk rate and, if appropriate, by a factor to reflect higher risks associated with the cash flows from recent material acquisitions, until they are appropriately integrated, within each reporting unit. In 2015 , WACCs for the reporting units ranged from 6.13% to 19.41%. In the case that the fair value of the reporting unit is les s than its carrying value, a second step would be performed which compares the implied fair value of the reporting unit's goodwill to the carrying value of its goodwill. If the fair value of the goodwill is less than the carrying value, the difference is r ecorded as an impairment. To evaluate the recoverability of intangible assets with indefinite useful lives, the Company compares the fair values of intangible assets with their carrying values. An intangible asset's fair value is determined using a discoun ted cash flow approach or other methods, if appropriate. f) Derivative Financial Instruments Derivative financial instruments, which primarily include foreign currency forward contracts and interest rate swaps, are recognized as assets or liabilities at fair value in the balance sheet (see Note 20 ). From time to time, the Company may enter into other types of derivative instruments which are dealt with on a transaction by transaction basis. Changes in the fair value of derivative financial ins truments classified as fair value hedges and in the corresponding underlying assets and liabilities are recognized periodically in earnings, while the effective portion of changes in fair value of derivative financial instruments classified as cash flow he dges is recognized in accumulated other comprehensive income (loss) (“AOCI”) in shareholders’ equity. The ineffective portion is recognized in current net earnings. The change in fair value of derivatives that do not qualify for hedge accounting are record ed in the income statement and usually offset the changes in value recorded in the income statement for the underlying asset or liability. g) Foreign Currency Translation For purposes of these consolidated financial statements, the U.S. dollar is the re porting currency. Substantially all assets and liabilities of the parent company and all non-U.S. subsidiaries are translated at year-end exchange rates, while revenues and expenses are translated at average exchange rates. Adjustments for foreign currency translation fluctuations are excluded from net earnings and are reported in AOCI. In addition, the translation adjustments of certain intercompany borrowings, which are of a long-term nature, are reported in AOCI. h) Revenue Recognition and Allowance f or Doubtful Accounts Revenue Recognition Health C are revenues, other than the hospitalist revenues discussed below, are recognized on the date the patient receives treatment and includes amounts related to certain services, products and supplies utilized in providing such treatment. The patient is obligated to pay for health care services at amounts estimated to be receivable based upon the Company’s standard rates or at rates determined under reimbursement arrangements. In the U.S., these arrangements are generally with third party payors , such as Medicare, Medicaid or commercial insurers. Outside the U.S., the reimbursement is usually made through national or local government programs with reimbursement rates established by statute or regulation. Dialysi s product revenues are recognized upon transfer of title to the customer, either at the time of shipment, upon receipt or upon any other terms that clearly define passage of title. Product revenues are normally based upon pre-determined rates that are esta blis hed by contractual arrangement. For both health care revenues and dialysis product revenues, patients, third party payors and customers are billed at our standard rates net of contractual allowances, discounts or rebates to reflect the estimated amount s to be receivable from these payors . In the U.S., h ospitalist revenues are reported at the estimated net realizable amount from third-party payors , client hospitals, and others at the time services are provided. Third-party pay o rs include federal and sta te agencies (under the Medicare and Medicaid programs), managed care health plans, and commercial insurance companies. Inpatient acute care services rendered to Medicare and Medicaid program beneficiaries are paid according to a fee-for-service schedule . T hese rates vary according to a patient classification system that is based on clinical, diagnostic and other factors. Inpatient acute services generated through payment arrangements with managed care health plans and commercial insurance companies are recorded on an accrual basis in the period in which services are provided at established rates. Contractual adjustments and bad debts are recorded as deductions from gross re venue to determine net revenue. In addition to the net patient service revenue des cribed below , the company receives subsidies from hospitals to provide hospitalist services. For services performed for patients where the collection of the billed amount or a portion of the billed amount cannot be determined at the time services are perfo rmed , Health Care Entities must record the difference between the receivable recorded and the amount estimated to be collectible as a provision with the expense pre sented as a reduction of Health Care revenue. The provision includes such items as amounts d ue from patients without adequate insurance coverage and patient co-payment and deductible amounts due from patients with health care coverage. The Company determines the provision primarily on past collection history and reports it as “Patient service bad debt provision” on the Consolidated Statements of Income. A minor portion of product revenues outside the North America Segment is generated from arrangements which give the customer, typically a healthcare provider, the right to use dialysis machines. In the same contract the customer agrees to purchase the related treatment disposables at a price marked up from the standard price list. If the right to use the machine is conveyed through an operating lease , FMC-AG & Co. KGaA does not recognize revenue upo n delivery of the dialysis machine but recognizes revenue on the sale of disposables with revenue for the use of dialysis machines recognized over the term of the lease contract . If the lease of the machines is a sales type lease, ownership of the dialysis machine is transferred to the user upon installation of the dialysis machine at the customer site. In this type of contract, revenue is recognized in accordance with the accounting principles for sales type leases. Any tax assessed by a governmental autho rity that is incurred as a result of a revenue transaction (e.g. sales tax) is excluded from revenues and the related revenue is reported on a net basis. Allowance for doubtful accounts In the North America Segment for receivables generated from health car e services, the accounting for the allowance for doubtful accounts is based on an analysis of collection experience and recognizing the differences between payors . The Company also performs an aging of accounts receivable which enables the review of each c ustomer and their payment pattern. From time to time, accounts receivable are reviewed for changes from the historic collection experience to ensure the appropriateness of the allowances. The allowance for doubtful accounts in the EMEA Segment, the Asia-Pa cific Segment, the Latin America Segment and the dialysis products business in the North America Segment is an estimate compris ed of customer specific evaluations regarding their payment history, current financial stability, and applicable country specific risks for receivables that are overdue more than one year. The changes in the allowance for these receivables are recorded in Selling, general and administrative as an expense. When all efforts to collect a receivable, including the use of outside sources where required and allowed, have been exhausted, and after appropriate management review, a receivable deemed to be uncollectible is considered a bad debt and written off. i ) Research and Development expenses Research and development expenses are expen sed as incurred. j) Income Taxes Current taxes are calculated based on the profit (loss) of the fiscal year and in accordance with local tax rules of the respective tax jurisdictions. Expected and executed additional tax payments and tax refunds for prior years are also taken into account. Benefits from income tax positions have been recognized only when it was more likely than not that the Company would be entitled to the economic benefits of the tax positions. The more-likely-than-n ot threshold has been determined based on the technical merits that the position will be sustained upon examination. If a tax position meets the more-likely-than-not recognition threshold, management estimates the largest amount of tax benefit that is more than fifty percent likely to be realized upon settlement with a taxing authority, which becomes the amount of benefit recognized. If a tax position is not considered more likely than not to be sustained based solely on its technical merits, no benefits ar e recognized. The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basi s, tax credits and tax loss carryforwards which are more likely than not to be utilized. Deferred tax assets and liabilities are measured using the respective countries enacted tax rates to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. In addition, the recognition of deferred tax assets considers the budget planning of the Company and implemented tax strategies. A valuation allowance is recorded to reduce the carrying amount of the de ferred tax assets unless it is more likely than not that such assets will be realized (see Note 17 ). It is the Company’s policy that assets for uncertain tax positions are recognized to the extent it is more likely than not the tax will be recovered . It is also the Company’s policy to recognize interest and penalties related to its income tax positions as income tax expense . k) Impairment The Company reviews the carrying value of its long-lived assets or asset groups with definite useful lives to be held and used for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. Recoverability of these assets is measured by a comparison of the carrying value of an asset to the future net cash flows directly associated with the asset. If assets are considered to be impaired, the impairment recognized is the amount by which the carrying value exceeds the fair value of the as set. The Company uses a discounted cash flow approach or other methods, if appropriate, to assess fair value. Long-lived assets to be disposed of by sale are reported at the lower of carrying value or fair value less cost to sell and depreciation is ceased . Long-lived assets to be disposed of other than by sale are considered to be held and used until disposal. For the Company’s policy related to goodwill impairment, see 1e) above. l) Debt Issuance Costs Debt issuance costs related to a recognized debt liability are presented on the balance sheet as a direct deduction from the carrying amount of that debt liability. These costs are amortized over the term of the related obligation (see Note 10 ). m) Self-Insurance Programs Under the insurance pr ograms for professional, product and general liability, auto liability and worker’s compensation claims, the Company's largest subsidiary is partially self-insured for professional liability claims. For all other coverage, the Company assumes responsibilit y for incurred claims up to predetermined amounts above which third party insurance applies. Reported liabilities for the year represent estimated future payments of the anticipated expense for claims incurred (both reported and incurred but not reported) based on historical experience and existing claim activity. This experience includes both the rate of claims incidence (number) and claim severity (cost) and is combined with individual claim expectations to estimate the reported amounts. n) Concentrati on of Risk The Company is engaged in the manufacture and sale of products for all forms of kidney dialysis, principally to healthcare providers throughout the world, and in providing kidney dialysis treatment. The Company also provides additional health ca re services under Care Coordination. The Company performs ongoing evaluations of its customers' financial condition and, generally, requires no collateral. Approximately 32% , 31% and 32% of the Company's worldwide revenues were earned and subject to regulations under Medicare and Medicaid, governmental healthcare programs administered by the United States government in 2015 , 2014 , and 2013 , respectively. No single debtor other than U.S. Medicare and Medicaid accounted for more tha n 5% of total trade accounts receivable in any of these years. Trade accounts receivable outside the North America Segment are, for a large part, due from government or government-sponsored organizations that are established in the various countries within which we operate. Amounts pending approval from third party payors represent less than 3% at December 31 , 2015 . See Note 3 for discussion of suppliers with long-term purchase commitments. o) Legal Contingencies From time to time, during the o rdinary course of the Company's operations, the Company is party to litigation and arbitration and is subject to investigations relating to various aspects of its business (see Note 19 ). The Company regularly analyzes current information about su ch claims for probable losses and provides accruals for such matters, including the estimated legal expenses and consulting services in connection with these matters, as appropriate. The Company utilizes its internal legal department as well as external re sources for these assessments. In making the decision regarding the need for loss accrual, the Company considers the degree of probability of an unfavorable outcome and its ability to make a reasonable estimate of the amount of loss. The filing of a suit o r formal assertion of a claim or assessment, or the disclosure of any such suit or assertion, does not necessarily indicate that accrual of a loss is appropriate. p) Earnings per Share Basic earnings per share is calculated by dividing net income attri butable to shareholders by the weighted average number of shares outstanding during the year. Prior to the conversion of preference shares to ordinary shares during the second quarter of 2013, basic earnings per share was computed according to the two-clas s method by dividing net income attributable to shareholders, less preference amounts, by the weighted number of ordinary and preference shares outstanding during the year. Diluted earnings per share include the effect of all potentially dilutive instrumen ts on ordinary shares and previously outstanding preference shares that would have been outstanding during the years presented had the dilutive instruments been issued. Equity-settled awards granted under the Company's stock incentive plans (see Note 16 ), are potentially dilutive equity instruments. q) Treasury Stock The Company may, from time to time, acquire its own shares (“Treasury Stock”) as approved by its shareholders. The acquisition, sale or retirement of its Treasury Stock is recorded sep arately in equity. For the calculation of basic earnings per share , treasury stock is not considered outstanding and is therefore deducted from the number of shares outstanding with the value of such Treasury Stock shown as a reduction of the Company’s equ ity . r) Employee Benefit Plans For the Company’s funded benefit plans, the defined benefit obligation is offset against the fair value of plan assets (funded status). A pension liability is recognized in the C onsolidated Balance Sheets if the defined be nefit obligation exceeds the fair value of plan assets . A pension asset is recognized (and reported under “O ther assets and notes receivables” in the C onsolidated Balance Sheets ) if the fair value of plan assets exceeds the defined benefit obligation and i f the Company has a right of reimbursement against the fund or a right to reduce future payments to the fund. Changes in the funded status of a plan resulting from actuarial gains or losses and prior service costs or credits that are not recognized as comp onents of the net periodic benefit cost are recognized through accumulated other comprehensive income, net of tax, in the year in which they occur. Actuarial gains or losses and prior service costs are subsequently recognized as components of net periodic benefit cost when realized. The Company uses December 31 as the measurement date when measuring the funded status of all plans. s) Stock Option Plans and other Stock Based Compensation Plans The grant date fair value of stock options and convertible equity instruments that are settled by delivering equity-instruments granted to members of the Management Board of the Fresenius Medical Care Management AG and executive employees of the group entities by FMC-AG & Co. KGaA is measured using the binominal option pricing model and recognized as expense over the vesting period of the stock option plans. The balance sheet date fair value of cash-settled phantom stocks granted to members of the Management Board of Fresenius Medical Care Management AG and executive employees of the Company is calculated using the binominal option pricing model. The corresponding liability based on the balance sheet date fair value is accrued over the vesting period of the phantom stock plans. Two of the Company’s subsidiaries are authorized to issue Incentive Units (see Note 16 ). The balance sheet date fair value of the awards under the subsidiary stock incentive plans, whereby Incentive Units are issued by certain of the Company’s subsidiar ies, is calculated using the Monte Carlo pricing model. The corresponding liability is accrued over the vesting period of the Incentive Units. t) Recent Pronouncements Recently Implemented Accounting Pronouncements On April 7, 2015, FASB issued Accounti ng Standards Update 2015-03 (“ASU 2015-03”), Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , which requires that debt issuance costs related to a recognized debt liability be presented in the balanc e sheet as a direct deduction from the carrying amount of that liability, consistent with debt discounts. This update is effective for fiscal years beginning after December 15, 2015, and for interim periods within fiscal years beginning after December 15, 2015. Earlier adoption is permitted. We adopted this ASU as of December 31, 2015. In accordance with ASU 2015-03, we have adjusted Prepaid expenses and other current assets, Other assets and notes receivables and Long-term debt and capital lease obligation s in the amount of $6,498, $59,622 and $66,120, respectively, as of December 31, 2014. Recent Accounting Pronouncements Not Yet Adopted On May 28, 2014, the FASB issued Accounting Standards Update 2014-09 (“ASU 2014-09”), Revenue from Contracts with Custom ers, Topic 606 . Simultaneously, the IASB published its equivalent revenue standard, “IFRS 15,” Revenue from Contracts with Customers . The standards are the result of a convergence project between FASB and the IASB. This update specifies how and when compan ies reporting under U.S. GAAP will recognize revenue as well as providing users of financial statements with more informative and relevant disclosures. ASU 2014-09 supersedes some guidance included in topic 605, Revenue Recognition, some guidance within th e scope of Topic 360, Property, Plant, and Equipment, and some guidance within the scope of Topic 350, Intangibles - Goodwill and Other. This ASU applies to nearly all contracts with customers, unless those contracts are within the scope of other standards (for example, lease contracts or insurance contracts). With the issuance of Accounting Standards Update 2015-14 (“ASU 2015-14”), Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date on August 12, 2015, the effective date of ASU 2014-09 for public business entities, among others, was deferred from fiscal years and interim periods within those years beginning on or after December 15, 2016 to fiscal years and interim periods within thos e years beginning on or after December 15, 2017 . Earlier adoption is not permitted. We are currently evaluating the impact of ASU 2014-09, in conjunction with ASU 2015-14, on our Consolidated Financial Statements. On February 18, 2015, FASB issued Accounti ng Standards Update 2015-02 (“ASU 2015-02”), Consolidation (Topic 810): Amendments to the Consolidation Analysis , which focuses on clarifying guidance related to the evaluation of various types of legal entities such as limited partnerships, limited liabil ity corporations and certain security transactions for consolidation. The update is effective for fiscal years beginning after December 15, 2015, and for interim periods within fiscal years beginning after December 15, 2015. We are currently evaluating the impact of ASU 2015-02 on our Consolidated Financial Statements. On September 25, 2015, FASB issued Accounting Standards Update 2015-16 (“ASU 2015-16”), Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. ASU 2 015-16 requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The update also requires that the acquirer separately di scloses the portion of the amount recorded in current period earnings that would have been recorded in previous periods as a result of an adjustment to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The update is effective for fiscal years and interim periods within those years beginning on or after December 15, 2015. We are currently evaluating the impact of ASU 2015-16 on our Consolidated Financial Statements. On November 20, 2015, FASB issued Accounti ng Standards Update 2015-17 (“ASU 2015-17”) Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes , which focuses on reducing the complexity of classifying deferred taxes on the balance sheet. ASU 2015-17 eliminates the current requiremen t for organizations to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet and requires the classification of all deferred tax assets and liabilities as noncurrent. The update is effective for fiscal years an d interim periods within those years beginning on or after December 15, 2016. As earlier adoption is permitted, we will adopt ASU 2015-17 beginning in the fiscal year 2016. On January 5, 2016, FASB issued Accounting Standards Update 2016-01 (“ASU 2016-01”) Financial Instruments -- Overall (Subtopic 825-10) : Recognition and Measurement of Financial Assets and Financial Liabilities . ASU 2016-01 focuses on improving the recognition and measurement of financial instruments to provide users of financial statemen ts with more decision-useful information . ASU 2016-01 affects the accounting treatment and disclosures related to financial instruments and equity instruments. The update is effective for fiscal years and interim periods within those years beginning on or after December 15, 2017. Earlier adoption is generally not permitted. We are currently evaluating the impact of ASU 2016-0 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Consolidated Financial Statements [Abstract] | |
Related Party Transactions | 2 . Related Party Transactions The Company’s parent, Fresenius SE & Co. KGaA (“Fresenius SE”), a German partnership limited by shares, owns 100% of the share capital of Fresenius Medical Care Management AG, the Company’s general partner (“General Partner”). Fresenius SE is also the Company’s largest shareholder and owns approximat ely 30,91% of the Company’s outstanding shares at December 31 , 2015 . The Company has entered into certain arrangements for services, leases and products with Fresenius SE or its subsidiaries and with certain of the Company’s equity method investees as described in item a) below. The Company’s terms related to the receivables or payables for these services, leases and products are generally consistent with the normal terms of the Company’s ordinary course of business transactions with unrelated parties. Financing arrangements as described in item b) below have agreed upon terms which are determined at the time such financing transactions occur and reflect market rates at the time of the transaction. The relationship between the Company and its key managem ent personnel who are considered to be related parties is described in item c) below. Our related party transactions are settled through Fresenius SE’s cash management system where appropriate. a) Service Agreements, Lease Agreements and Products The Compa ny is party to service agreements with Fresenius SE and certain of its affiliates (collectively the “Fresenius SE Companies”) to receive services, including, but not limited to: administrative services, management information services, employee benefit adm inistration, insurance, information technology services, tax services and treasury management services. The Company also provides central purchasing services to the Fresenius SE Companies. Under these agreements, the Company also performs clinical studies and marketing and distribution services for certain of its equity method investees. These related party agreements generally have a duration of 1-5 years and are renegotiated on an as needed basis when the agreement comes due. The Company is a party to rea l estate operating lease agreements with the Fresenius SE Companies, which include leases for the Company’s corporate headquarters in Bad Homburg, Germany and production sites in Schweinfurt and St. Wendel , Germany. The majority of the leases expire in 201 6 and the Company intends to extend these leases. As of December 31 , 2015 and 2014 , future minimum rental payments under these non-cancelable operating leases with Fresenius SE were $ 24.224 and $ 21.761 as well as $ 16.215 and $ 33.402 with other Fresenius SE affiliates, respectively. These minimum rental payments are included within the amounts disclosed in Note 18 . In addition to the above m entioned service and lease agreements, the Company sold products to the Fresenius SE Companies and made purchases from the Fresenius SE Companies and equity method investees. In addition, Fresenius Medical Care Holdings, Inc. (“FMCH”) purchases heparin sup plied by Fresenius Kabi USA, Inc. (“ Kabi USA”), through an independent group purchasing organization (“GPO”). Kabi USA is an indirect, wholly-owned subsidiary of Fresenius SE. The Company has no direct supply agreement with Kabi USA and does not submit pur chase orders directly to Kabi USA. FMCH acquires heparin from Kabi USA, through the GPO contract, which was negotiated by the GPO at arm’s length on behalf of all members of the GPO. The Company entered into an agreement with a Fresenius SE company for the manufacturing of plasma collection devices. The Company agreed to produce 3,500 units which can be further increased to a maximum of 4,550 units, over the length of the five year contract. On January 1, 2015, this manufacturing business was sold to Kabi U SA for $9,327 for which a fairness opinion was obtained from a reputable global accounting firm. The disposal was accounted for as a transaction between parties under common control at the carrying amounts without the generation of profits. I n December 2010, the Company formed a renal pharmaceutical company with Galenica Ltd., named Vifor Fresenius Medical Care Renal Pharma Ltd. (“VFMCRP”), an equity method investee of which the Company owns 45%. Further, in 2015 the Company entered into an ex clusive supply agreement to purchase Erythropoietin stimulating agents, “ESAs.” Below is a summary, including the Company’s receivables from and payables to the indicated parties resulting from the above described transactions with related parties. Service Agreements, Lease Agreements and Products For the year ended December 31, 2015 For the year ended December 31, 2014 For the year ended December 31, 2013 December 31, 2015 December 31, 2014 Sales of goods and services Purchases of goods and services Sales of goods and services Purchases of goods and services Sales of goods and services Purchases of goods and services Accounts Receivables Accounts Payables Accounts Receivables Accounts Payables Service Agreements Fresenius SE 254 20.262 380 21.788 807 21.059 422 3.185 106 3.134 Fresenius SE affiliates 8.135 74.258 7.956 68.236 6.743 82.518 2.104 4.079 1.396 2.462 Equity method investees 23.369 - 17.911 - 21.647 - 10.180 - 4.265 - Total $ 31.758 $ 94.520 $ 26.247 $ 90.024 $ 29.197 $ 103.577 $ 12.706 $ 7.264 $ 5.767 $ 5.596 Lease Agreements Fresenius SE - 9.621 - 10.554 - 9.865 - - - - Fresenius SE affiliates - 14.660 - 17.389 - 17.111 - - - - Total $ - $ 24.281 $ - $ 27.943 $ - $ 26.976 $ - $ - $ - $ - Products Fresenius SE 5 - 1 - 17 - - - - - Fresenius SE affiliates 25.920 37.166 63.917 44.754 30.045 51.901 8.774 3.768 18.352 4.132 Equity method investees - $ 275.340 $ - $ 27.584 $ - $ - $ - $ 8.253 $ - $ 270 Total $ 25.925 $ 312.506 $ 63.918 $ 72.338 $ 30.062 $ 51.901 $ 8.774 $ 12.021 $ 18.352 $ 4.402 b) Financing The Company receives short-term financing from and provides short-term financing to Fresenius SE. The Company also utilizes Fresenius SE’s cash management system for the settlement of certain intercompany receivables and payables with its su bsidiaries and other related parties. As of December 31 , 2015 and December 31 , 2014 , the Company had accounts receivables from Fresenius SE related to short-term financing in the amount of $ 131.252 and $ 146.144 , respectivel y. As of December 31 , 2015 and December 31 , 2014 , the Company had accounts payables to Fresenius SE related to short-term financing in the amount of $ 115.932 and $ 103.386 , respectively. The interest rates for these cash man agement arrangements are set on a daily basis and are based on the then-prevailing overnight reference rate for the respective currencies. On August 19, 2009, the Company borrowed € 1.500 ($ 1.633 at December 31 , 2015 and $ 1.821 at December 31 , 2014 ) from the General Partner on an unsecured basis at 1,335% . The loan repayment has been extended periodically and is currently due August 22, 2016 with an interest rate of 1,334% . On November 28, 2013, the Company borrowed an additional € 1.500 ( $ 1.633 at December 31 , 2015 and $ 1.821 at December 31 , 2014 ) with an interest rate of 1,875% from the General Partner. This loan is due on November 25, 2016 with an interest rate of 1,223% . On June 12, 2014, the Company provided a one-year unsecured term loan to one of its equity metho d investees in the amount of $ 22.500 at an interest rate of 2,5366% . This loan was repaid in full on June 12, 2015. On various dates starting July 22, 2015, the Company provided unsecured term loans to one of its equ ity method investees, of which CHF 64.756 ($ 65.067 ) were drawn as of December 31 , 2015 . Each loan has an interest rate of 1,8% matures on July 22, 2016, contains automatic one-year renewals and requires a six-month termination notice. The loans were entered into in order to fund the sale of European marketing rights for certain renal pharmaceuticals to the same equity method investee as well as to finance the investee’s payments for license and distribution agreements. The sale of these marketing rights resulted in a gain of approximately $11,137, after tax. At December 31 , 2015 and December 31 , 2014 , a subsidiary of Fresenius SE held unsecured Senior Notes issued by the Company in the amou nt of € 8.300 and € 8.300 ($ 9.036 at December 31 , 2015 and $ 10.077 at December 31 , 2014 ), respectively. The Senior Notes were issued in 2011 and 2012, ma ture in 2021 and 2019, respectively, and each has a coupon rate of 5.25% with interest payable semiannually. For further information on these Senior Notes, see Note 10 . “Long-Term Debt and Capital Lease Obligations – Senior Notes”. At December 31 , 2015 and December 31 , 2014 , the Company borrowed from Fresenius SE € 14.500 and € 1.400 ($ 15.786 at December 31 , 2015 and $ 1.700 at December 31 , 2014 ) on an unsecured basis at an interes t rate of 0,970% and 1,188% , respectively. For further information on this loan agreement, see Note 9 . “Short-Term Debt and Short-Term Debt from Related Parties – Short-Term Debt from Related Parties.” c) Key Management Personnel Due to the legal form of a German partnership limited by shares, the General Partner holds a key management position within the Company. In addition, as key management personnel, members of the Management Board and the Supervisory Board, as well as their close relatives, are considered related parties. The Company’s Articles of Association provide that the General Partner shall be reimbursed for any and all expenses in connection with management of the Company’s business, including remuneration of the members of the General Partner’s supervisory board and the members of the General Partner’s management board. The aggregate amount reimbursed to the General Partner was $ 16.940 , $ 25.511 and $ 16.327 , respectively, for its management services during 2015 , 2014 and 2013 and included an annual fee of $ 133 , $ 159 and $ 159 , respectively, as compensation for assuming liability as general part ner. The annual fee is set at 4% of the amount of the General Partner’s share capital (€3,000 as of December 31 , 2015 ). As of December 31 , 2015 and December 31 , 2014 , the Company had accounts receivable from the General Partner in the amount of $ 486 and $ 462 , respectively. As of December 31 , 2015 and December 31 , 2014 , the Company had accounts payable to the General Partner in the amount of $ 17.806 and $ 27.347 , respectively. Th e Chairman of the Company’s Supervisory Board is also the Chairman of the Supervisory Board of Fresenius SE and of the general partner of Fresenius SE. He is also a member of the Supervisory Board of the Company’s General Partner. The Vice Chairman of the Company's Supervisory Board is a member of the Supervisory Board of the general partner of Fresenius SE and Vice Chairman of the Supervisory Board of the Company’s General Partner. He is also Chairman of the Advisory Board of a charitable foundation that is the sole shareholder of the general partner of Fresenius SE. He is also a partner in a law firm which provided services to the Company and certain of its subsidiaries. The Company incurred expenses in the amount of $ 958 , $ 1.957 , and $ 1.268 for these services during 2015 , 2014 and 2013 , respectively. Five of the six members of the Company’s Supervisory Board, including the Chairman and Vice Chairman, are also members of the Supervisory Board of the Company’s General Partner. The Chairman of the Supervisory Board of the Company’s general partner is also the Chairman of the Management Board of the general partner of Fresenius SE, and the Chairman and Chief Executive Officer of the Management Board of the Company’s gene ral partner is a member of the Management Board of the general partner of Fresenius SE. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Consolidated Financial Statements [Abstract] | |
Inventories | 3 . Inventories At December 31 , 2015 and December 31 , 2014 , inventories consisted of the following: 2015 2014 Finished goods $ 670.291 $ 677.110 Health care supplies 395.342 170.614 Raw materials and purchased components 206.525 197.920 Work in process 68.593 69.910 Inventories $ 1.340.751 $ 1.115.554 Under the terms of certain unconditional purchase agreements, the Company is obligated to purchase approximately $484,007 of materials, of which $198,888 is committed at December 31 , 2015 for 2016 . The terms of these agreements run 1 to 6 years. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Consolidated Financial Statements [Abstract] | |
Other Current Assets Disclosure [Text Block] | At December 31 , 2015 and 2014 , prepaid expenses and other current assets consisted of the following: 2015 2014 Available for sale financial assets (1) $ 271.952 $ 168.062 Insurance recoveries 220.000 - Income taxes receivable 131.396 238.317 Cost report receivable from Medicare and Medicaid 109.311 137.543 Other taxes receivable 69.684 80.163 Other deferred charges 63.210 58.315 Leases receivable 53.117 55.503 Prepaid rent 51.651 53.015 Receivables for supplier rebates 48.625 85.548 Payments on account 37.016 30.680 Derivatives 27.021 28.241 Prepaid insurance 21.848 21.290 Amounts due from managed locations 20.468 34.054 Deposit / Guarantee / Security 15.276 19.447 Other 234.140 316.391 Total prepaid expenses and other current assets $ 1.374.715 $ 1.326.569 (1) The impact on the Consolidated Statements of Income and the Consolidated Statements of Shareholders' Equity is not material. The item “Insurance recoveries” includes the recognized amount in relation to the NaturaLyte ® and GranuFlo ® agreement in principle, which partially offsets the accrued settlement amount recorded in Accrued Expenses and Other Current Liabilities (s ee Note 8 ). For further information, see Note 19 “Commitments and Contingencies – Commercial Litigation ”. The item “Other” in the table above primarily includes loans to customers |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Consolidated Financial Statements [Abstract] | |
Property, Plant and Equipment | 5 . Property, Plant and Equipment At December 31 , 2015 and 2014 , property, plant and equipment consisted of the following: 2015 2014 Land $ 65.076 $ 65.081 Buildings and improvements 2.758.018 2.630.431 Machinery and equipment 4.070.878 3.965.870 Machinery, equipment and rental equipment under capitalized leases 69.179 62.016 Construction in progress 445.431 314.067 7.408.582 7.037.465 Accumulated depreciation (3.983.008) (3.747.285) Property, plant and equipment, net $ 3.425.574 $ 3.290.180 Depreciation expense for property, plant and equipment amounted to $ 606.964 , $ 600.845 and $ 555.125 for the years ended December 31 , 2015 , 2014 , and 2013 , respectively. Included in machinery and equipment at December 31 , 2015 and 2014 were $ 628.140 and $ 614.797 , respectively, of peritoneal dialysis cycler machines which the Company leases to customers with end-stage renal disease on a month-to-month basi s and hemodialysis machines which the Company leases to physicians under operating leases. Accumulated depreciation related to machinery, equipment and rental equipment under capital leases was $ 32.339 and $ 24.420 at December 31 , 2015 and 2014 , respectively. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Consolidated Financial Statements [Abstract] | |
Intangible Assets and Goodwill | 6 . Intangible Assets and Goodwill At December 31 , 2015 and 2014 , the carrying value and accumulated amortization of intangible assets other than goodwill consisted of the following: 2015 2014 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization Amortizable Intangible Assets Non-compete agreements $ 346.186 $ (273.220) $ 338.443 $ (257.234) Technology 106.510 (57.821) 113.346 (51.225) Licenses and distribution agreements 193.280 (112.167) 194.810 (111.754) Customer Relationships 262.754 (35.347) 239.694 (12.059) Self-developed software 140.914 (72.797) 122.944 (59.955) Other 357.065 (264.621) 355.750 (252.619) Construction in progress 23.333 - 32.653 - $ 1.430.042 $ (815.973) $ 1.397.640 $ (744.846) At December 31 , 2015 and 2014 the carrying value of n on-amortizable i ntangible a ssets other th a n goodwill consisted of the following: 2015 2014 Carrying Carrying Amount Amount Non-amortizable Intangible Assets Tradename $ 209.404 $ 209.513 Management contracts 7.016 7.104 $ 216.420 $ 216.617 Total Intangible Assets $ 830.489 $ 869.411 The amortization on intangible assets amounted to $ 110.359 , $ 98.483 and $ 93.100 for the years ended December 31 , 2015 , 2014 , and 2013 , respectively. The table shows the estimated amortization expense of these assets for the following five years. Estimated Amortization Expense 2016 $ 109.544 2017 $ 104.430 2018 $ 100.258 2019 $ 98.126 2020 $ 92.092 Goodwill C hanges in the carrying amount of goodwill are mainly a result of acquisitions and the impact of foreign currency translati ons. T he Company’s acquisitions consisted primarily of the purchase of clinics in the normal course of operations and the purchase of a distributor in the Asia-Pacific Segment in 2015 and the expansion in Care Coordination in 2014 . The changes to goodwill in 2015 and 2014 are as follows: North Asia- Latin America EMEA Pacific America Segment Segment Segment Segment Segment Total Corporate Total Balance as of December 31, 2013 $ 9.645.647 $ 1.243.988 $ 269.802 $ 80.367 $ 11.239.804 $ 418.383 $ 11.658.187 Goodwill acquired, net of divestitures 1.535.840 19.010 121.971 33.986 1.710.807 - 1.710.807 Foreign Currency Translation Adjustment (533) (244.117) (26.422) (13.529) (284.601) (2.213) (286.814) Balance as of December 31, 2014 $ 11.180.954 $ 1.018.881 $ 365.351 $ 100.824 $ 12.666.010 $ 416.170 $ 13.082.180 Goodwill acquired, net of divestitures 43.186 52.484 22.247 (1.018) 116.899 - 116.899 Reclassifications - 4.867 (2.774) - 2.093 (2.093) - Foreign Currency Translation Adjustment (561) (132.260) (11.250) (20.531) (164.602) (1.727) (166.329) Balance as of December 31, 2015 $ 11.223.579 $ 943.972 $ 373.574 $ 79.275 $ 12.620.400 $ 412.350 $ 13.032.750 |
Other Assets and Notes Receivab
Other Assets and Notes Receivables | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Consolidated Financial Statements [Abstract] | |
Loans Notes Trade And Other Receivables Disclosure [Text Block] | 7 . Other Assets and Notes Receivables On August 12, 2013, FMCH made an investment-type transaction by providing a credit facility to a middle-market dialysis provider in the amount of up to $ 200,000 to fund general corporate purposes. Of the $200,000 facility, $180,137 was drawn prior to December 31, 2015. This investment, which had a maturity date of July 4, 2020, was repaid in the amount of $185,254, including accrued interest of $3,315 and a prepayment premium of $1,802 on December 31, 2015. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilties | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Consolidated Financial Statements [Abstract] | |
Accrued Expenses and Other Current Liabilties | 8 . Accrued Expenses and Other Current Liabilities At December 31 , 2015 and 2014 , accrued expenses and other current liabilities consisted of the following: 2015 2014 Accrued salaries, wages and incentive plan compensations $ 658.266 $ 647.627 Unapplied cash and receivable credits 395.817 333.858 Accrued settlement 280.000 - Accrued self-insurance 225.845 235.284 Accrued operating expenses 142.045 139.652 Accrued interest 121.348 119.886 Lease obligations 105.469 100.712 Withholding tax and VAT 84.918 91.839 Accrued variable payments outstanding for acquisition 52.370 32.984 Derivatives 11.614 53.804 Other 425.445 441.599 Total accrued expenses and other current liabilities $ 2.503.137 $ 2.197.245 The item “Accrued s ettlement” includes accruals related to our NaturaLyte ® and GranuFlo ® agreement in principle, partially offset by insurance recoveries recorded in Prepaid Expenses and Other Current Assets ( see Note 4 ) . For further information, see Note 19 “ Commitments and Contingencies – Commercial Litigation ” . The item “Other” in the table above includes accruals for legal and compliance costs, deferred income, bonuses and rebates, commissions, short-term position of pension liabilities, physician compens ation and accrued rents. |
Short-Term Borrowings and Other
Short-Term Borrowings and Other Financial Liabilities, and Short-Term Borrowings from Related Parties | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Consolidated Financial Statements [Abstract] | |
Short-Term Borrowings and Other Financial Liabilities, and Short-Term Borrowings from Related Parties | 9 . Short-Term Debt and Short-Term Debt from Related Parties At December 31 , 2015 and December 31 , 2014 , short-term debt and short-term debt from related parties consisted of the following: 2015 2014 Borrowings under lines of credit $ 109.230 $ 132.495 Other financial liabilities 22 198 Short-term debt 109.252 132.693 Short-term debt from related parties (see Note 2.b) 19.052 5.357 Short-term debt and short-term debt from related parties $ 128.304 $ 138.050 Borrowings under lines of credit and further availabilities B orrowin gs under lines of credit in the amount of $ 109.230 and $ 132.495 at December 31 , 2015 and 2014 , respectively, represented amounts borrowed by the Company’s subsidiaries under lines of credit with commercial banks. The average interest rates on these borrowings at December 31 , 2015 and 2014 were 6,38% and 5,09% , respectively. Excluding amounts available under the Amended 2012 Credit Agreement (the “Amended 2012 Credit Agreement”, see Note 10 below), at December 31 , 2015 and 2014 , the C ompany had $ 222.888 and $ 247.735 available under other commercial bank ag reements. In some instances, lines of credit are secured by assets of the Company’s subsidiary that is party to the agreement or may require the Company’s guarantee. In certain circumstances, the subsidiary may be required to meet certain covenants. From J anuary 2016 onwards, the Company can also issue short-term notes of up to €1,000,000 ($ 1,086,800 on January 19, 2016 ) under a Commercial Paper Program. The Company and certain consolidated entities operate a multi-currency notional pooling cash management system. The Company met the conditions to offset balances within this cash pool for reporting purposes. At December 31 , 2015 , cash and borrowings unde r lines of credit in the amount of $ 48.277 were offset under this cash management system. Short-term Debt from related parties The Company is party to an unsecured loan agreement with Fresenius SE under which the Company or its subsidiaries may request and receive one or more short-term advances up to an aggregate amount of $400,000 until maturity on October 30, 2017. The interest on the advance(s) will be at a fluctuating rate per annum equal to LIBOR or EURIBOR as applicable plus an applicable margin. Advances can be repaid and reborrowed . At December 31 , 2015 and December 31 , 2014 , the Company borrowed from Fresenius SE € 14.500 and € 1.400 ($ 15.786 at December 31 , 2015 and $ 1.700 at December 31 , 2014 ) on an unsecured basis at an interest rate of 0,970% and 1,188% , respectively. For further information on short-term debt from related parties outstanding at December 31 , 2015 , see Note 2 b). |
Long-term Debt and Capital Leas
Long-term Debt and Capital Lease Obligations | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Consolidated Financial Statements [Abstract] | |
Long-term Debt and Capital Lease Obligations | 10 . Long-term Debt and Capital Lease Obligations As of December 31 , 2015 and December 31 , 2014 , long-term debt and capital lease obligations consisted of the following: 2015 2014 Amended 2012 Credit Agreement $ 2.611.580 $ 2.881.930 Senior Notes 5.325.618 5.473.979 Equity-neutral convertible bonds 407.705 447.263 Accounts Receivable Facility 50.185 340.575 Capital lease obligations 40.621 40.991 Other 82.113 143.026 Long-term debt and capital lease obligations $ 8.517.822 $ 9.327.764 Less current portion (664.335) (313.607) Long-term debt and capital lease obligations, less current portion $ 7.853.487 $ 9.014.157 The Company’s long-term debt as of December 31 , 2015 , all of which ranks equally in rights of payment, are described as follows: Amended 2012 Credit Agreement The Company originally entered into a syndicated credit facility of $3,850,000 and a 5 year period (the “2012 Credit Agreement”) with a large group of banks and institutional investors (collectively, the “Lenders”) on October 30, 2012. On November 26, 2014, the 2012 Credit Agreement was amended to increase the total credit facility to approximate ly $4,400,000 ( approximately $ 4,000,000 as of December 31, 2015 due to quarterly repayments and currency effects ) and extend the term for an additional two years until October 30, 2019. A s of December 31 , 2015 , t he Amended 2012 Credit Agreement consists of: A revolving credi t facility of approximately $1,500,000 comprising a $1,000,000 revolving facility and a €400,000 revolving facility, which will be due and payable on October 30, 2019. A term loan facility of $2,300,000 , also scheduled to mature on October 30, 2019. Quarte rly repayments o f $50,000 began in January 2015 with the remaining balance outstanding due October 30, 2019. A term loan facility of €276,000 scheduled to mature on October 30, 2019. Quarterly repayments of €6,000 began in January 2015 with the remaining b alance outstanding due October 30, 2019. Interest on the credit facilities is, at the Company’s option, at a rate equal to either ( i ) LIBOR or EURIBOR (as applicable) plus an applicable margin or (ii) the Base Rate as defined in the Amended 2012 Credit Ag reement plus an applicable margin. At December 31 , 2015 and 2014 , the dollar-denominated tranches outstanding under the Amended 2012 Credit Agreement had a weighted average interest rate of 1,72% and 1,61% , respect ively. At December 31 , 2015 and 2014 , the euro-denominated tranche had an interest rate of 1,38% and 1,42% , respectively. The applicable margin is variable and depends on the Company’s Consolidated Leverage Ratio which is a ratio of its consolidated funded debt less cash and cash equivalents held by the Consolidated Group to Consolidated EBITDA (as these terms are defined in the Amended 2012 Credit Agreement) . In addition to scheduled principal payments, indebtedn ess outstanding under the Amended 2012 Credit Agreement would be reduced by portions of the net cash proceeds received from certain sales of assets. Obligations under the Amended 2012 Credit Agreement are secured by pledges of capital stock of certain mat erial subsidiaries in favor of the Lenders. The Amended 2012 Credit Agreement contains affirmative and negative covenants with respect to the Company and its subsidiaries. Under certain circumstances these covenants limit indebtedness, investments, and re strict the creation of liens. Under the Amended 2012 Credit Agreement the Company is required to comply with a maximum consolidated leverage ratio (ratio of consolidated funded debt less cash and cash equivalents held by the Consolidated Group to consolida ted EBITDA). Additionally, the Amended 2012 Credit Agreement provides for a limitation on dividends, share buy-backs and similar payments. Dividends to be paid are subject to an annual basket, which is €400,000 ($435,480 at December 31 , 2015 ) for 2016 , and will increase in subsequent years. Additional dividends and other restricted payments may be made subject to the maintenance of a maximum leverage ratio. In default, the outstanding balance under the Amended 2012 Credit Agreement becomes immediat ely due and payable at the option of the Lenders. The following table shows the available and outstanding amounts under the Amended 2012 Credit Agreement at December 31 , 2015 and 2014 : Maximum Amount Available 2015 Balance Outstanding 2015 (1) Revolving Credit USD $ 1.000.000 $ 1.000.000 $ 25.110 $ 25.110 Revolving Credit EUR € 400.000 $ 435.480 € - $ - USD Term Loan $ 2.300.000 $ 2.300.000 $ 2.300.000 $ 2.300.000 EUR Term Loan € 276.000 $ 300.481 € 276.000 $ 300.481 $ 4.035.961 $ 2.625.591 Maximum Amount Available 2014 Balance Outstanding 2014 (1) Revolving Credit USD $ 1.000.000 $ 1.000.000 $ 35.992 $ 35.992 Revolving Credit EUR € 400.000 $ 485.640 € - $ - USD Term Loan $ 2.500.000 $ 2.500.000 $ 2.500.000 $ 2.500.000 EUR Term Loan € 300.000 $ 364.230 € 300.000 $ 364.230 $ 4.349.870 $ 2.900.222 (1) Amounts shown are excluding debt issuance costs. In addition, at December 31 , 2015 and December 31 , 2014 , the Company had letters of credit outstanding in the amount of $ 3.600 and $ 6.893 , respectively, under the USD revolving credit facility, which are not included above as part of the balance outstanding at those dates but which reduce available borrowings under the applicable revolving credit facility. Senior Notes At December 31 , 2015 and 2014 , the Company ’s Senior Notes consisted of the following: Issuer/Transaction Face Amount Maturity Coupon Book value 2015 Book value 2014 FMC Finance VI S.A. 2010 € 250.000 July 15, 2016 5,50% $ 271.409 $ 301.206 FMC Finance VIII S.A. 2011 (1) € 100.000 October 15, 2016 3,45% $ 108.735 $ 121.052 FMC US Finance, Inc. 2007 $ 500.000 July 15, 2017 6 7/8% $ 497.363 $ 495.631 FMC Finance VIII S.A. 2011 € 400.000 September 15, 2018 6,50% $ 430.600 $ 478.182 FMC US Finance II, Inc. 2011 $ 400.000 September 15, 2018 6,50% $ 395.678 $ 394.080 FMC US Finance II, Inc. 2012 $ 800.000 July 31, 2019 5,625% $ 796.505 $ 795.014 FMC Finance VIII S.A. 2012 € 250.000 July 31, 2019 5,25% $ 270.655 $ 301.357 FMC US Finance II, Inc. 2014 $ 500.000 October 15, 2020 4,125% $ 495.944 $ 495.092 FMC US Finance, Inc. 2011 $ 650.000 February 15, 2021 5,75% $ 642.167 $ 640.626 FMC Finance VII S.A. 2011 € 300.000 February 15, 2021 5,25% $ 324.045 $ 360.807 FMC US Finance II, Inc. 2012 $ 700.000 January 31, 2022 5,875% $ 696.086 $ 694.918 FMC US Finance II, Inc. 2014 $ 400.000 October 15, 2024 4,75% $ 396.431 $ 396.014 $ 5.325.618 $ 5.473.979 (1) This note carries a variable interest rate which was 3.45% at December 31, 2015. All Senior Notes are unsecured and guaranteed on a senior basis jointly and severally by the Company and by FMCH and Fresenius Medical Care Deutschland GmbH (“D-GmbH”), ( together with FMCH, the “Guarantor Subsidiaries”). The issuers may redeem the Senior Notes (except for the Floating Rate Senior Notes) at any time at 100% of principal plus accrued interest and a premium calculated pursuant to the terms of the indenture. The holde rs have the right to request that the issuers repurchase the Senior Notes at 101% of principal plus accrued interest upon the occurrence of a change of control of the Company followed by a decline in the ratings of the respective Senior Notes. The Company has agreed to a number of covenants to provide protection to the holders which, under certain circumstances, limit the ability of the Company and its subsidiaries to, among other things, incur debt, incur liens, engage in sale-leaseback transactions and m erge or consolidate with other companies or sell assets. At December 31 , 2015 , the Company was in compliance with all of its covenants under the Senior Notes. Equity-neutral Convertible Bonds On September 19, 2014, the Company issued € 400,000 ($514,080 at issuance) principal amount of equity-neutral convertible bonds (the “Convertible Bonds”) which have a coupon of 1.125% and are due on January 31, 2020. The bonds were issued at par. The current conversion price is €73.6354 . Beginning November 2017, bond holders can exercise the conversion rights embedded in the bonds at certain dates. In order to fully offset the economic exposure from the conversion feature, the Company purchased call options on its shares (“Share Options”). Any increase of the Company’s share price above the conversio n price would be offset by a corresponding value increase of the Share Options. The Company will amortize the remaining cost of these optio ns and various other offering costs over the life of these bonds in the am ount of € 25.512 ($ 27.775 at December 31 , 2015 ), effectively increasing the total interest rate to 2.611%. The Convertible Bonds are jointly and severally g uaranteed by FMCH and D-GmbH. Accounts Receivable Facility The Company refinanced the Accounts Receivable Facility on November 24 , 201 4 for a term expiring on November 24 , 201 7 with the available borrowings at $800,000. The following table shows the available and outstanding amounts under the Accounts Receivable Facility at December 31 , 2015 and December 31 , 2014 . Maximum Amount Available (1) Balance Outstanding (2) 2015 2014 2015 2014 Accounts Receivable Facility $ 800.000 $ 800.000 $ 51.000 $ 341.750 (1) Subject to availability of sufficient accounts receivable meeting funding criteria. (2) Amounts shown are excluding debt issuance costs. Maximum Amount Available (1) Balance Outstanding (2) 2015 2014 2015 2014 Accounts Receivable Facility $ 800.000 $ 800.000 $ 51.000 $ 341.750 (1) Subject to availability of sufficient accounts receivable meeting funding criteria. (2) Amounts shown are excluding debt issuance costs. The Company also had letters of credit outstanding under the Accounts Receivable Facility in the amount of $ 16.622 at December 31 , 2015 and $ 66.622 at December 31 , 2014 . These letters of credit are not included above as part of the balance outstanding at December 31 , 2015 and 2014 ; however, they reduce available borrowings under the Accounts Receivable Facility. Under the Accounts Receivable Facility, certain receivables are sold to NMC Funding Corporation (“NMC Funding”), a wholly-owned subsidiary. NMC Funding then assigns percentage ownership interests in the accounts receivable to certain bank investors. Under the terms of the Accounts Receivable Facility, NMC Funding retains the right, at any time, to recall all the then outstanding transferred interests in the accounts receivable. Consequently, the receivables remain on the Company’s Consolidated Balance Sheet and the proceeds from the transfer of percentage ownership interests are recorded a s long-term debt. NMC Funding pays interest to the bank investors calculated based on the commercial paper rates for the particular tranches selected. At December 31 , 2015 and 2014 , the interest rate was 0,89% and 0,65% , respectively. R efinancing fees, which include legal costs and bank fees, are amortized over the term of the facility. Other At December 31 , 2015 and 2014 , in conjunction with certain acquisitions and investments, the Company had pending payments of purchase considera tions totaling approximately $ 4.115 and $ 34.973 , respectively, of which $ 2.597 and $ 31.369 , respectively, were classified as the current portion of long-term debt. Annual Payments Aggregate annual payments applicable to the Amended 2012 Credit Agreement, Senior Notes, the Convertible Bonds, the Accounts Receivable Facility, capital leases and other borrowings for the five years subsequent to December 31 , 2015 and therea fter are: 2016 $ 665.237 2017 808.731 2018 1.070.566 2019 3.024.520 2020 940.395 Thereafter 2.091.194 $ 8.600.643 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Consolidated Financial Statements [Abstract] | |
Employee Benefit Plans | 11 . Employee Benefit Plans General FMC-AG & Co. KGaA recognizes pension costs and related pension liabilities for current and future benefits to qualified current and former employees of the Company. The Company’s pension plans are structured in accordance with the differing legal, economic and fiscal circu mstances in each country. The Company currently has two types of plans, defined benefit and defined contribution plans. In general, plan benefits in defined benefit plans are based on all or a portion of the employees’ years of services and final salary. P lan benefits in defined contribution plans are determined by the amount of contribution by the employee and the employer, both of which may be limited by legislation, and the returns earned on the investment of those contributions. Upon retirement under d efined benefit plans, the Company is required to pay defined benefits to former employees when the defined benefits become due. Defined benefit plans may be funded or unfunded. The Company has two major defined benefit plans, one funded plan in the U.S. an d one unfunded plan in Germany. Actuarial assumptions generally determine benefit obligations under defined be nefit plans. The actuarial calculations require the use of estimates. The main factors used in the actuarial calculations affecting the level of th e benefit obligations are: assumptions on life expectancy, the discount rate and future salary and benefit levels. Under the Company’s funded plans, assets are set aside to meet future payment obligations. An estimated return on the plan assets is recogniz ed as income in the respective period. Actuarial gains and losses are generated when there are variations in the actuarial assumptions and by differences between the actual and the estimated projected benefits obligations and the return on plan assets for that year. The Company’s pension liability is impacted by these actuarial gains or losses. Under defined contribution plans, the Company pays defined contributions to an independent third party as directed by the employee during the employee’s service life , which satisfies all obligations of the Company to the employee. The employee retains all rights to the contributions made by the employee and to the vested portion of the Company paid contributions upon leaving the Company. The Company has a defined cont ribution plan in the U.S. Defined Benefit Pension Plans During the first quarter of 2002 FMCH, the Company’s U.S. subsidiary, curtailed its defined benefit and supplemental executive retirement plans. Under the curtailment amendment for substantially all e mployees eligible to participate in the plan, benefits have been frozen as of the curtailment date and no additional defined benefits for future services will be earned. The Company has retained all employee benefit obligations as of the curtailment date. Each year FMCH contributes at least the minimum amount required by the Employee Retirement Income Security Act of 1974, as amended. In 2015 , FMCH’s minimum funding requirement was $ 19.340 . In addition to the compulsory contributions, the Compa ny voluntarily provided $ 759 to the defined benefit plan. Expected funding for 2016 is $ 15.506 . The benefit obligation for all defined benefit plans at December 31 , 2015 , was $ 810.987 ( 2014 : $ 877.722 ) which cons ists of the gross benefit obligation of $ 477.667 ( 2014 : $ 494.269 ) for the U.S. plan, which is funded by plan assets, and the benefit obligation of $ 333.320 ( 2014 : $ 383.453 ) for the German unfunded plan. The follo wing table shows the changes in benefit obligations , the changes in plan assets, the funded status of the pension plans and the net pension liability. Benefits paid as shown in the changes in benefit obligations represent payments made from both the funded and unfunded plans while the benefits paid as shown in the changes in plan assets include only benefit payments from the Company’s funded benefit plan. 2015 2014 Change in benefit obligation: Benefit obligation at beginning of year $ 877.722 $ 660.860 Foreign currency translation (39.406) (46.505) Service cost 24.936 18.617 Interest cost 27.783 29.513 Amendments (879) - Transfer of plan participants (102) 220 Actuarial (gain) loss (56.840) 234.199 Benefits paid (22.227) (19.182) $ 810.987 $ 877.722 Change in plan assets: Fair value of plan assets at beginning of year $ 270.858 $ 248.495 Actual return on plan assets (11.159) (3.600) Employer contributions 20.098 42.365 Benefits paid (19.640) (16.402) Fair value of plan assets at end of year $ 260.157 $ 270.858 Funded status at end of year $ 550.830 $ 606.864 Benefit plans offered by other subsidiaries $ 41.595 $ 41.990 Net Pension Liability $ 592.425 $ 648.854 Benefit plans offered by the U.S. and Germany contain a pension liability of $ 550.830 and $ 606.864 at December 31 , 2015 and 2014 , respectively. The pension liability consists of a current portion of $ 4.194 ( 2014 : $ 4.151 ) which is recognized as a current liability in the line item “Accrued expenses and other current liabilities” in the balance sheet. The non-current portion of $ 546.636 ( 2014 : $ 602.713 ) is record ed as non-current pension liability in the balance sheet. Approximately 80% of the beneficiaries are located in the U.S. with the majority of the remaining 20% located in Germany. The accumulated benefit obligation for all defi ned benefit pension plans with an obligation in excess of plan assets was $ 750.222 and $ 811.359 at December 31 , 2015 and 2014 , respectively; the related plan assets had a fair value of $ 260.157 and $ 270.858 at December 31 , 2015 and 2014 , respectively. Benefit plans offered by other subsidiaries outside of the U.S. and Ge rmany contain separate benefit obligations. The total net pension liability for these other plans was $41,595 and $41,990 at December 31 , 2015 and 2014 respectively and consists of a pension asset of $61 ( 2014 : $68) recognized as “Other non-current assets and notes receivables” and a current pension liability of $2,96 4 ( 2014 : $2,453), which is recognized as a current liability in the line item “Accrued expenses and other current liabilities”. The non-current pension liability of $38,69 2 ( 2014 : $39,605) for these plans is recorded as “non-current pension liability” in the balance sheet. At December 31 , 2015 the weighted average duration of the defined benefit obligation was 18 years ( 2014 : 18 years). The table below reflects pre-tax effects of actuarial losses (gains) in other comprehensive income (“OCI”) relati ng to pen sion liabilities. At December 31 , 2015 , there are no cumulative effects of prior service costs included in other comprehensive income. Actuarial (gains) losses Actuarial (gains) losses recognized in OCI at December 31, 2012 $ 287.956 Actuarial (gain) loss for the year (44.118) Other Adjustments 563 Amortization of unrealized losses (25.418) Foreign currency translation 3.984 Actuarial (gains) losses recognized in OCI at December 31, 2013 $ 222.967 Actuarial (gain) loss for the year 253.969 Amortization of unrealized losses (17.147) Foreign currency translation (21.661) Actuarial (gains) losses recognized in OCI at December 31, 2014 $ 438.128 Actuarial (gain) loss for the year (29.278) Prior Service Costs (Credit) (879) Amortization of unrealized losses (34.623) Foreign currency translation (19.147) Actuarial (gains) losses recognized in OCI at December 31, 2015 $ 354.201 The actuarial loss expected to be amortized from other comprehensive income into net periodic pension cost over the next year is $ 31.416 . The discount rates for all plans are based upon yields of portfolios of equity and highly rated debt instruments with maturities that mirror the plan’s benefit obligation. The Company’s discount rate s at December 31 , 2015 and at December 31 , 2014 are the weighted average of these plans based upon their benefit obligations. The following weighted-ave rage assumptions were utilized in determining benefit obligations at December 31 : in % 2015 2014 Discount rate 3,70 3,23 Rate of compensation increase 3,29 3,28 Sensitivity analysis Increases and decreases in princ ipal actuarial assumptions by 0. 5 percentage points would af fect the pension liability at December 31 , 2015 as follows: 0.5% increase 0.5% decrease Discount rate $ (67.168) $ 76.940 Rate of compensation increase 9.253 (9.161) Rate of pensions increase 24.551 (22.107) The sensitivity analysis was calculated based on the average duration of the pension obligations determined at December 31, 2015 . The calculations were performed isolated for each significant actuarial parameter, in order to show the effect on the fair value of the pension liability separately. The sensitivity analysis for compensation increase s and for pension increase s excludes the U.S. pension plan because it is frozen and there fore is not affected by changes from these two actuarial assumptions. The defined benefit pension plans’ net periodic benefit costs are comprised of the following components for each of the years ended December 31 : 2015 2014 2013 Components of net periodic benefit cost: $ $ $ Service cost 24.936 18.617 15.900 Interest cost 27.783 29.513 26.859 Expected return on plan assets (16.403) (16.169) (13.638) Amortization of unrealized losses 34.623 17.147 25.418 Net periodic benefit costs $ 70.939 $ 49.108 $ 54.539 Net periodic benefit cost is allocated as personnel expense within costs of revenues, selling, general and administrative expense or research and development expense. This is depending upon the area in which the beneficiary is employed. The following weighted-average assumptions were used in determining net periodic benefit cost for the year ended December 31 : in % 2015 2014 2013 Discount rate 3,23 4,55 4,14 Expected return of plan assets 6,00 6,00 6,00 Rate of compensation increase 3,28 3,29 3,32 Expected benefit payments for the next five years and in the aggregate for the five years thereafter are as follows: 2016 $ 22.511 2017 24.127 2018 25.575 2019 27.462 2020 29.621 2021 - 2025 178.189 Plan Assets The following table presents the fair values of the Company´s pension plan assets at December 31, 2015 and 2014 . Fair Value Measurements at 2015 Fair Value Measurements at 2014 Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Asset Category Total (Level 1) (Level 2) Total (Level 1) (Level 2) Equity Investments Index Funds (1) $ 64.828 $ 98 $ 64.730 $ 69.485 $ (310) $ 69.795 Fixed Income Investments Government Securities (2) 4.815 4.269 546 1.629 850 779 Corporate Bonds (3) 169.717 - 169.717 181.132 - 181.132 Other Bonds (4) 7.794 - 7.794 4.573 - 4.573 U.S. Treasury Money Market Funds (5) 13.003 13.003 - 7.989 7.989 - Other types of investments Cash, Money Market and Mutual Funds (6) - - - 6.050 6.050 - Total $ 260.157 $ 17.370 $ 242.787 $ 270.858 $ 14.579 $ 256.279 (1) This category comprises low-cost equity index funds not actively managed that track the S&P 500, S&P 400, Russell 2000, MSCI Emerging Markets Index and the Morgan Stanley International EAFE Index. (2) This Category comprises fixed income investments by the U.S. government and government sponsored entities. (3) This Category primarily represents investment grade bonds of U.S. issuers from diverse industries. (4) This Category comprises private placement bonds as well as collateralized mortgage obligations. (5) This Category represents funds that invest in U.S. treasury obligations directly or in U.S. treasury backed obligations. (6) This Category represents cash, money market funds as well as mutual funds comprised of high grade corporate bonds. The methods and inputs used to measure the fair value of plan assets are as follows: Common stocks are val ued at their market prices at the balance sheet date. Index funds are valued based on market quotes. Government bonds are valued based on both market prices and market quotes. Corporate bonds and other bonds are val ued based on market quotes at the balance sheet date. Cash is stated at nominal value which equals the fair value. U . S . Treasury money market funds as well as other mone y market and mutual funds are valued at their market price. Plan Investment Policy and Strategy For the U.S. funded plan, the Company periodically reviews the assumption for long-term expected return on pension plan assets. As part of the assumptions review, a range of reasonable expected investment returns for the pension plan as a whole was determined based on an analysis of expected future returns for each asset class weighted by the allocation of the assets. The range of returns developed relies both on forecasts, which include the actuarial firm's expected l ong-term rates of return for each significant asset class or economic indicator, and on broad-market historic al benchmarks for expected return, correlation, and volatility for each asset class. As a result, the Company’s expected rate of return on pension plan assets was 6,00% for 2015 . The Company´s overall investment strategy is to achieve a mix of approximately 98% of investments for long-term growth and income and 2% in cash or cash equivalents. I nvestment income and cash or cash equivalents are used for near-term benefit payments. Investments are governed by the investment policy and include well diversified index funds or funds targeting index performance. The investment policy, utilizing a revi sed target investment allocation in a range around 30% equity and 70% long-term U.S. corporate bonds, considers that there will be a time horizon for invested funds of more than 5 years. The total portfolio will be measure d against a custom index that reflects the asset class benchmarks and the target asset allocation. The Plan policy does not allow investments in securities of the Company or other related party securities. The performance benchmarks for the separate asset classes include: S&P 500 Index, S&P 400 Mid-Cap Index, Russell 2000 Index, MSCI EAFE Inde x, MSCI Emerging Markets Index and Barclays Capital Long-Corporate Bond Index. Defined Contribution Plans Most FMCH employees are eligible to join a 401(k) savings plan. Employees can deposit up to 75% of their pay up to a maximum of $18 if under 50 years old ($ 24 if 50 or over) under this savings plan. The Company will match 50% of the employee deposit up to a maximum Company contribution of 3% of the employee’s pay. The Company’s total expense under this defined contribution pla n for the years ended December 31 , 2015 , 2014 , and 2013 , was $ 46.267 , $ 41.560 and $ 38.999 , respectively. |
Noncontrolling Interests Subjec
Noncontrolling Interests Subject to Put Provisions | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Consolidated Financial Statements [Abstract] | |
Noncontrolling Interests Subject to Put Provisions | 12 . Noncontrolling Interests Subject to Put Provisions and Other Temporary Equity The Company has potential obligations to purchase the noncontrolling interests held by third parties in certain of its consolidated subsidiaries. These obligations are in the form of put provisions and are exercisable at the third-party owners’ discretion within specified periods as outlined in each specific put provision. If these put provisions were exercised, the Company would be required to purchase all or part of third-party owners’ noncontrolling interests at the appraised fair value at the time of exercise. The methodology the Company uses to estimate the fair values of the noncontrolling interest subject to p ut provisions assumes the greater of net book value or a multiple of earnings, based on historical earnings, development stage of the underlying business and other factors. Additionally, there are put provisions that are valued by an external valuation fir m. The external valuation estimates the fair values using a combination of discounted cash flows and a multiple of earnings and/or revenue. The estimated fair values of the noncontrolling interests subject to these put provisions can also fluctuate, the di scounted cash flows and the implicit multiple of earnings and/or revenue at which these noncontrolling interest obligations may ultimately be settled could vary significantly from our current estimates depending upon market conditions. At December 31 , 2015 , 2014 and 2013 , the Company’s potential obligations under these put options were $ 1.023.755 , $ 824.658 and $ 648.251 , respectively. At December 31 , 2015 , 2014 and 2013 , put options with an ag gregate purchase obligation of $ 258.552 , $ 123.846 and $ 119.148 , respectively, were exercisable. In the last three fiscal years ending December 31 , 2015 , eleven such put provisions have been exercised for a total consideration of $1 3 , 747 . The following is a roll forward of noncontrolling interests subject to put provisions for the years ended December 31 , 2015 , 2014 and 2013 : 2015 2014 2013 Beginning balance as of January 1, $ 824.658 $ 648.251 $ 523.260 Contributions to noncontrolling interests (164.830) (142.696) (122.179) Purchase/ sale of noncontrolling interests 7.915 87.902 16.190 Contributions from noncontrolling interests 16.749 16.064 17.767 Expiration of put provisions and other reclassifications 5.206 (4.650) (9.467) Changes in fair value of noncontrolling interests 178.003 89.767 108.575 Net income 159.127 133.593 113.156 Other comprehensive income (loss) (3.073) (3.573) 949 Ending balance as of December 31, $ 1.023.755 $ 824.658 $ 648.251 2015 2014 2013 Beginning balance as of January 1, $ 824.658 $ 648.251 $ 523.260 Contributions to noncontrolling interests (164.830) (142.696) (122.179) Purchase/ sale of noncontrolling interests 7.915 87.902 16.190 Contributions from noncontrolling interests 16.749 16.064 17.767 Expiration of put provisions and other reclassifications 5.206 (4.650) (9.467) Changes in fair value of noncontrolling interests 178.003 89.767 108.575 Net income 159.127 133.593 113.156 Other comprehensive income (loss) (3.073) (3.573) 949 Ending balance as of December 31, $ 1.023.755 $ 824.658 $ 648.251 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Consolidated Financial Statements [Abstract] | |
Shareholders' Equity | 13 . Shareholders' Equity Capital Stock The General Partner has no equity interest in the Company and, therefore, does not participate in either the assets or the profits and losses of the Company. However, the General Partner is compensated for all outlays in connection with conducting the Company's business, including the remuneration of members of its management board and its supervisory board (see Note 2 ). The general meeting of a partnership limited by shares may approve Authorized Capital ( genehmigtes Kapital ). The resolution creating Authorized Capital requires the affirmative vote of a majority of three quarters of the capital represented at the vote and may authorize the General Partner and its management board to issue new shar es up to a stated amount for a period of up to five years. The nominal value of any proposed increase of the Authorized Capital may not exceed half of the issued capital stock at the time of the authorization. In addition, the general meeting of a partner ship limited by shares may create Conditional Capital ( bedingtes Kapital ) for the purpose of issuing ( i ) new shares to holders of convertible bonds or other securities which grant a right to shares, (ii) new shares as the consideration in a merger with ano ther company, or (iii) new shares offered to management or employees. In each case, the authorizing resolution requires the affirmative vote of a majority of three quarters of the capital represented at the vote. The nominal value for any proposed increase of the Conditional Capital may not exceed half or, in the case of Conditional Capital created for the purpose of issuing shares to management and employees, 10% of the Company’s issued capital at the time of the resolution. All resolutions increasing the capital of a partnership limited by shares also require the consent of the General Partner in order for the resolutions to go into effect. Following the conversion of all 3,975,533 outstanding preference shares into ordinary shares (approved at FMC-AG & Co. KGaA’s Annual General Meeting (“AGM”) and Preference Shareholder Meeting held on May 16, 2013) in the amount of €3,976 ($ 4.465 ) on a 1:1 basis, subscribed capital at December 31, 2013 comprised solely ordinary shares. In addition, 32 ,006 options associated with the preference shares were converted into options associated with ordinary shares. At the time of preference share conversion, there were no dividend arrearages. On July 5, 2013, the Company received a €27,000 ($34,784) premium from the largest former preference shareholder, a European financial institution, for the conversion of their preference shares to ordinary shares. This amount was recorded as an increase in equity. Authorized Capital By resolution of the AGM on May 19, 2015, the General Partner was authorized, with the approval of the supervisory board, to increase, on one or more occasions, the Company’s share capital until May 18, 2020 up to a total of €35,000 through issue of new bearer ordinary shares for cash contri butions, “Authorized Capital 2015/I”. Additionally, the newly issued shares may be taken up by a credit and/or financial institution or a consortium of such credit and/or financial institutions retained by the General Partner with the obligation to offer t hem to the shareholders of the Company . The General Partner is entitled, subject to the approval of the supervisory board, to exclude the pre-emption rights of the shareholders. However, such an exclusion of pre-emption rights will be permissible only for fractional amounts. No Authorized Capital 2015/I has been issued at December 31 , 2015 . In addition, by resolution of the AGM of shareholders on May 19, 2015, the General Partner was authorized, with the approval of the supervisory board, to increase, on one or more occasions, the share capital of the Company until May 18, 2020 up to a total of €25,000 through the issue of new bearer ordinary shares for cash contributions or contributions in kind, “Authorized Capital 2015/II”. The new shares can also be ob tained by a credit and/or financial institution or a consortium of such credit and/or financial institutions retained by the General Partner with the obligation to offer the shares to the Company’s shareholders for subscription.The General Partner is entit led, subject to the approval of the supervisory board, to exclude the pre-emption rights of the shareholders. However, such exclusion of pre-emption rights will be permissible only if ( i ) in case of a capital increase against cash contributions, the nomina l value of the issued shares does not exceed 10% of the nominal share value of the Company’s share capital and the issue price for the new shares is at the time of the determination by the General Partner not significantly lower than the stock price of the existing listed shares of the same class and with the same rights or, (ii) in case of a capital increase against contributions in kind, the purpose of such increase is to acquire an enterprise, parts of an enterprise or an interest in an enterprise. No Au thorized Capital 2015/II has been issued at December 31 , 2015 . Authorized Capital 2015/I and Authorized Capital 2015/II became effective upon registration with the commercial register of the local court in Hof an der Saale on June 10, 2015. A further res olution of the AGM of shareholders on May 19, 2015 cancelled the Company’s previous Authorized Capital as they were not utilized through the authorization expiry in May 10, 2015. The previous Authorized Capital has add itionally been removed from the Compan y’s Articles of Association. Conditional Capital By resolution of the Company’s AGM on May 12, 2011, the Company’s share capital was conditionally increased with regards to the 2011 Stock Option Plan (“2011 SOP”) by up to €12,000 subject to the i ssue of up to twelve million no par value bearer ordinary shares with a calculated proportionate value of €1.00 each. The Conditional Capital increase can only be used for the purposes of servicing stock options under the 2011 SOP, with each stock option awarded exercisable for one ordin ary share. The Company has the right to deliver ordinary shares that it owns or purchases in the market in lieu of increasing capital by issuing new shares. For further information, see Note 16 . By resolution of the Company’s AGM on May 9, 2006, as a mended by the resolution of the Company’s AGM on May 15, 2007, resolving a three-for-one share split, the Company’s share capital was conditionally increased by up to €15,000 corresponding to 15 million ordinary shares with no par value and a calculated p roportionate value of €1.00 each . This Conditional Capital increase can only be used for the purposes of servicing stock options under the Company’s Stock Option Plan 2006 with each stock option awarded exercisable fo r one ordinary share (see Note 16 ). The Company has the right to deliver ordinary shares that it owns or purchases in the market in lieu of increasing capital by issuing new shares . Through the Company’s other employee participation programs, the Company has issued convertible bonds and s tock option/subscription rights ( Bezugsrechte ) to employees and the members of the Management Board of the General Partner and employees and members of management of affiliated companies that entitle these persons to receive shares. At December 31 , 2015 , 8.737.270 convertible bonds or options remained outstanding with a remaining average term of 6 years under these programs. For the year ending December 31 , 2015 , 1.758.820 options had been exercised under these employ ee participation plans (see Note 16 ). As the result of the Company’s three-for-one stock split for both then-outstanding preference and ordinary shares, which was approved by the shareholders at the AGM on May 15, 2007, on June 15, 2007 the Company’ s Conditional Capital was increased by $6,557 (€4,454). Conditional Capital at December 31 , 2015 was $ 21.338 (€ 19.600 ) . For all programs, Conditional Capital of $17,664 (€ 16 , 226 ) was available , which include d $ 12.718 (€ 11.682 ) for the 2011 SOP and $ 4.946 (€ 4.544 ) for the 2006 Plan (see Note 16 ). Treasury Stock By resolution of the Company’s AGM on May 12, 2011, the Company was autho rized to conduct a share buy-back program to repurchase ordinary shares. On April 4, 2013, the Company issued an ad hoc announcement of a share buy-back program in the aggregate value of up to €385,000 (approximately $500,000). The buy-back started on May 20, 2013 and was completed on August 14, 2013 after 7,548,951 shares had been repurchased in the amount of €384,966 ($505,014). These shares are restricted treasury stock which means there are no associated dividends or voting rights. These treasury shares will be used solely to either reduce the registered share capital of the Company by cancellation of the acquired shares, or to fulfill employee participation programs of the Company. The following tabular disclosure provides the monthly detail of shares repurchased during the buy-back program, which ended on August 14, 2013: Period Average price paid per share Total number of shares purchased as part of publicly announced plans or programs Total Value of Shares Repurchased in € in $ (1) in € (3) in $ (2), (3) (in thousands) May 2013 52,96 68,48 1.078.255 57.107 73.842 June 2013 53,05 69,95 2.502.552 132.769 175.047 July 2013 49,42 64,63 2.972.770 146.916 192.124 August 2013 48,40 64,30 995.374 48.174 64.001 Total 51,00 66,90 7.548.951 384.966 505.014 (1) The dollar value is calculated using the daily exchange rate for the share repurchases made during the month. (2) The value of the shares repurchased in Dollar is calculated using the total value of the shares purchased in Euro converted using the daily exchange rate for the transactions. (3) This amount is inclusive of fees (net of taxes) paid in the amount of approximately $106 (€81) for services rendered. |
Sources Of Revenue
Sources Of Revenue | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Consolidated Financial Statements [Abstract] | |
Sources of Revenue | 14 . Sources of Revenue Outside of the U.S., the Company does not recognize patient service revenue at the time the services are rendered without assessing the patient’s ability to pay. Accordingly, the additional disclosure requirements introduced with ASU 2011-07 apply solely t o U.S. patient service revenue. Below is a table showing the sources of our U.S. patient service revenue (net of contractual allowance and discounts but before patient service bad debt provision), included in the Company’s Health Care revenue, for the year s ended December 31 , 2015 , 2014 and 2013 : 2015 2014 2013 Medicare program $ 5.058.262 $ 4.677.053 $ 4.411.285 Private/alternative payors 4.830.401 4.278.847 3.841.473 Medicaid and other government sources 538.077 433.092 392.908 Hospitals 915.184 568.859 411.340 Total patient service revenue $ 11.341.924 $ 9.957.851 $ 9.057.006 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Consolidated Financial Statements [Abstract] | |
Earnings Per Share | 15 . Earnings Per Share The following table contains reconciliations of the numerators and denominators of the basic and diluted earnings per share computati ons for 2015 , 2014 and 2013 : 2015 2014 2013 Numerators: Net income attributable to shareholders of FMC-AG & Co. KGaA $ 1.029.445 $ 1.045.266 $ 1.109.890 Denominators: Weighted average number of: Ordinary shares outstanding 304.440.184 302.339.124 301.877.303 Preference shares outstanding - - 1.937.819 Total weighted average shares outstanding 304.440.184 302.339.124 303.815.122 Potentially dilutive Ordinary shares 479.851 528.772 673.089 Total weighted average Ordinary shares outstanding assuming dilution 304.920.035 302.867.896 302.550.392 Basic earnings per share $ 3,38 $ 3,46 $ 3,65 Fully diluted earnings per share $ 3,38 $ 3,45 $ 3,65 (a) As of the preference share conversion on June 28, 2013, the Company no longer has two classes of shares. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Consolidated Financial Statements [Abstract] | |
Income Taxes | 17 . Income Taxes Income before income taxes is attributable to the following geographic locations: 2015 2014 2013 Germany $ 134.193 $ 243.684 $ 234.336 United States 1.440.040 1.262.570 1.254.690 Other 361.039 337.152 358.609 $ 1.935.272 $ 1.843.406 $ 1.847.635 Income tax expense (benefit) for the years ended December 31 , 2015 , 2014 , and 2013 , consisted of the following: 2015 2014 2013 Current: Germany $ 72.231 $ 72.613 $ 81.117 United States 458.780 270.676 387.017 Other 138.588 141.291 116.186 669.599 484.580 584.320 Deferred: Germany (45.813) (22.651) (33.106) United States (12.693) 152.423 47.298 Other 11.030 (30.754) (6.500) (47.476) 99.018 7.692 $ 622.123 $ 583.598 $ 592.012 A reconciliation between the expected and actual income tax expense is shown below. The expected corporate income tax expense is computed by applying the German corporation tax rate (including the solidari ty surcharge) and the trade tax rate on i ncome before income taxes. The German combined statutory tax rates were 29. 62 %, 29.20 % and 29.16 % for the fiscal years ended December 31 , 2015 , 2014 , and 2013 , respectively. 2015 2014 2013 Expected corporate income tax expense $ 573.228 $ 538.275 $ 538.770 Tax-free income (35.715) (44.658) (68.558) Income from equity method investees (14.272) (5.476) (4.869) Tax rate differentials 126.263 148.294 132.977 Nondeductible expenses 36.406 25.161 20.564 Taxes for prior years 19.969 (25.247) (6.389) Change in valuation allowance (2.571) 6.284 3.154 Noncontrolling partnership interests (109.470) (81.594) (55.023) Tax on divestitures 14.953 - - Other 13.332 22.559 31.386 Actual income tax expense $ 622.123 $ 583.598 $ 592.012 Effective tax rate 32,1% 31,7% 32,0% The tax effects of the temporary differences that give rise to deferred tax assets and liabilities at December 31 , 2015 and 2014 , are presented below: 2015 2014 Deferred tax assets: Accounts receivable $ 8.850 $ 7.007 Inventories 11.503 9.424 Intangible assets 7.967 6.876 Property, plant and equipment and other non-current assets 28.476 22.268 Accrued expenses and other liabilities 372.365 285.333 Pension liabilities 151.732 170.659 Net operating loss carryforwards, tax credit carryforwards and interest carryforwards 131.640 138.934 Derivatives 1.317 10.912 Stock-based compensation 3.173 11.934 Other 4.018 12.407 Total deferred tax assets $ 721.041 $ 675.754 Less: valuation allowance (34.654) (49.479) Net deferred tax assets $ 686.387 $ 626.275 Deferred tax liabilities: Accounts receivable $ 43.664 $ 40.453 Inventories 8.318 10.316 Intangible assets 686.650 704.391 Property, plant and equipment and other non-current assets 129.835 163.286 Accrued expenses and other liabilities 5.575 10.368 Derivatives 5.488 4.177 Other 242.524 146.274 Total deferred tax liabilities 1.122.054 1.079.265 Net deferred tax assets (liabilities) $ (435.667) $ (452.990) The item “Other” includes the deferred tax liability in the amount of $86 ,790 related to the recognized insurance recoveries in relation to the NaturaLyte ® and GranuFlo ® agreement in principle. For further information, see Note 19 “Commitments and Contingencies – Commercial Litigation”. The valuation allowance decreased b y $14,825 in 2015 and increased by $ 916 in 2014 . The net operating losses included in the table below reflect U.S. federal tax, German corporate income tax, and other tax loss carryforwards in the various countries in which we operate, and expire as follows: 2016 $ 16.775 2017 16.411 2018 22.130 2019 27.396 2020 17.430 2021 5.187 2022 8.585 2023 4.144 2024 18.243 2025 and thereafter 4.819 Without expiration date 81.370 Total $ 222.490 In assessing the realizability of deferred tax assets, management considers whether it is more-likely-than-not that some portion or all of a deferred tax asset will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences and tax loss carryforwards become deductible. Management considers the expected reversal of deferred tax liabilities and projected future taxable income in making t his assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more-likely-than-not the Company will realize the benefi ts of these deductible differences, net of the existing valuation allowances at December 31 , 2015 . The Company provides for income taxes and foreign withholding taxes on the cumulative earnings of foreign subsidiaries and foreign corporate joint ventures that will not be reinvested. At December 31 , 2015 , the Company provided for $9,273 (2014: $11,426) of deferred tax liabilities associated with earnings that are likely to be distributed in 201 6 and the following years. Provision has not been made for addit ional taxes on $7, 463 , 853 (2014: $6,622,324) undistributed earnings of foreign subsidiaries as these ear nings are considered indefinitely reinvested. The earnings could become subject to additional tax if remitted or deemed remitted as dividends; however c alculation of such additional tax is not practicable . These taxes would predominantly comprise foreign withholding tax on dividends of foreign subsidiaries, and German income tax ; however, those dividends and capital gains would generally be 95% tax free f or German tax purposes. FMC-AG & Co. KGaA companies are subject to tax audits in Germany and the U.S. on a regular basis and on-going tax audits in other jurisdictions. In Germany, the tax years 2006 through 2013 are currently under audit by the tax auth orities. The Company recognized and recorded the current proposed adjustments of this audit period in the financial statements. Fiscal years 2014 until 2015 are open to audit. In the U.S., the tax years 2011 and 2012 are currently under audit by the tax au thorities. Fiscal years 2013 until 201 5 are open to audit. FMCH is also subject to audit in various state jurisdictions. A number of these audits are in progress and various years are open to audit in various state jurisdictions. All expected results for b oth federal and state income tax audits have been recognized in the financial statements. Subsidiaries of FMC-AG & Co. KGaA in a number of countries outside of Germany and the U.S. are also subject to tax audits. The Company estimates that the effects of such tax audits are not material to these consolidated financial statements. The following table shows the reconciliation of the beginning and ending amounts of unrecognized tax benefits: Unrecognized tax benefits (excluding interest) 2015 2014 2013 Balance at January 1, $ 166.108 $ 199.924 $ 225.198 Increases in unrecognized tax benefits prior periods 30.973 35.584 25.260 Decreases in unrecognized tax benefits prior periods (20.244) (21.143) (11.445) Increases in unrecognized tax benefits current period - 12.600 10.062 Changes related to settlements with tax authorities (6.762) (60.872) (52.325) Reductions as a result of a lapse of the statute of limitations (1.300) - - Foreign currency translation (19.486) 15 3.174 Balance at December 31, $ 149.289 $ 166.108 $ 199.924 Included in the balance at December 31 , 2015 were $ 147 , 412 of unrecognized tax benefits which would affect the effective tax rate if recognized. The Company is currently not in a position to forecast the timing and magnitude of changes in unrecognized tax benefits. During the year ended December 31 , 2015 the Company recognized expense of $11,478 and in 2014 benefit of $ 13,986 and in 2013 expense of $ 2,155 for interest and penalties . A t December 31 , 2015 and December 31 , 2014 t he Company had a total accrual of income tax related interest and penalties of $27,029 and $1,397, respectively. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Consolidated Financial Statements [Abstract] | |
Operating Leases | 18 . Operating Leases The Company leases buildings and machinery and equipment under various lease agreements expiring on dates through 2047. Rental expense recorded for operating leases for the years ended December 31 , 2015 , 2014 and 2013 was $754,380 , $ 729,387 and $ 670,963, respectively. For information regarding intercompany operating leases, see Note 2 a) . Future minimum rental payments under non-cancelable operating leases for the five years succeeding December 31 , 2015 and thereafter are: 2016 $ 696.831 2017 595.078 2018 509.936 2019 436.120 2020 361.637 Thereafter 1.159.673 3.759.275 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Consolidated Financial Statements [Abstract] | |
Commitments and Contingencies | 19 . Commitments and Contingencies Legal and Regulatory Matters The Company is routinely involved in numerous claims, lawsuits, regulatory and tax audits, investigations and other legal matters arising, for the most part, in the ordinary course of its business of providing health care services and products. Legal matters that the Company currently deems to be material or noteworthy are described below. For the matters described below in which the Company believes a loss is both reasonably possible and estimable, an estimate of the loss or range of loss exposure is provided. For the other matters described below, the Company believes that the loss probability is remote and/or the loss or range of possible losses cannot be reasonably estimate d at this time. The outcome of litigation and other legal matters is always difficult to predict accurately and outcomes that are not consistent with the Company’s view of the merits can occur. The Company believes that it has valid defenses to the legal m atters pending against it and is defending itself vigorously. Nevertheless, it is possible that the resolution of one or more of the legal matters currently pending or threatened could have a material adverse effect on its business, results of operations a nd financial condition. Commercial Litigation On April 5, 2013, the U.S. Judicial Panel on Multidistrict Litigation ordered that the numerous lawsuits filed in various federal courts alleging wrongful death and personal injury claims against FMCH and certa in of its affiliates relating to FMCH’s acid concentrate products NaturaLyte ® and GranuFlo ® be transferred and consolidated for pretrial management purposes into a consolidated m ultidistrict litigation in the United States District Court for the District o f Massachusetts, styled In Re: Fresenius Granuflo / Naturalyte Dialysate Products Liability Litigation, Case No. 2013-md-02428. The Massachusetts state courts and the St. Louis City (Missouri) court subsequently established similar consolidated litigation fo r such cases filed in Massachusetts county courts and St. Louis City court. See , In Re: Consolidated Fresenius Cases, Case No. MICV 2013-03400-O (Massachusetts Superior Court, Middlesex County). These lawsuits allege generally that inadequate labeling and warnings for these products caused harm to patients. In addition, similar cases have been filed in other state courts. On February 17, 201 6 , the Company reached and reported to the courts an agreement in principle with a committee for plaintiffs in all cas es. The agreement in principle calls for the Company to pay $250,000 into a settlement fund in August 2016 in exchange for releases of all or substantially all of the plaintiffs’ claims , subject to the Company’s right to void the settlement under certain conditions, including if more than 3% of all plaintiffs reject the settlement by July 2016 or the distribution of rejecters meet certain criteria. The Company ’s affected insurers have agreed to fund $220,000 of the settlement fund, with a reservation of ri ghts regarding certain coverage issues between and among the Company and i t s insurers. The Company has accrued a net expense of $60,000 for consummation of the settlement, including legal fees and other anticipated costs. Certain of the complaints in the l itigation named combinations of FMC-AG & Co. KGaA , FMC Management AG, Fresenius SE and Fresenius Management SE as defendants, in addition to FMCH and its domestic United States affiliates. T he agreement in principle provides for dismissals and releases of claims encompassing the European defendants. The accruals for the agreement in principle, the related costs and insurance recoveries are based upon information currently available to the Comp any. These estimates may change as more or new information becomes available . Certain plaintiffs including the Attorneys General of Louisiana and Mississippi have filed complaints against FMCH or its affiliates under state deceptive practices statutes r esting on certain background allegations common to the Granu F lo ® / Natura L yte ® personal injury litigation. These cases, however, implicate different legal standards, theories of liability and forms of potential recovery and , as such , are not currently subjec t to the agreement in principle discussed above. FMCH believes that these deceptive practices lawsuits are without merit and will defend them vigorously. Other Litigation and Potential Exposures On February 15, 2011, a whistleblower (relator) action under the False Claims Act against FMCH was unsealed by order of the United States District Court for the District of Massachusetts and served by the relator. The United States did not intervene initially in the case United States ex rel. Chris Drennen v. Frese nius Medical Care Holdings, Inc., 2009 Civ. 10179 (D. Mass.). The relator’s complaint, which was first filed under seal in February 2009, alleged that the Company sought and received reimbursement from government payors for serum ferritin and multiple form s of hepatitis B laboratory tests that were medically unnecessary or not properly ordered by a physician. Discovery on the relator’s complaint closed in May 2015. On October 2, 2015, the United States Attorney moved to intervene on the relator’s complaint with respect only to certain Hepatitis B surface antigen tests performed prior to 2011, when Medicare reimbursement rules for such tests changed. FMCH believes that the allegations of the complaint are without merit and will defend the litigation vigorousl y. Subpoenas or search warrants were issued by federal and state law enforcement authorities under the supervision of the United States Attorneys for the Districts of Connecticut, Southern Florida, Eastern Virginia and Rhode Island to American Access Care LLC ("AAC"), which the Company acquired in October 2011, and to the Company's subsidiary, Fresenius Vascular Care, Inc., which now operates former AAC centers as well as its own original facilities. As of September 30, 2015, the Company had entered into s ettlements of allegation made by the United States Attorneys for Connecticut, Southern Florida, and Rhode Island under which the Company paid approximately $8 million in exchange for releases related to activities of American Access Care prior to the acqui sition. Pursuant to the AAC acquisition agreement the prior owners are obligated to indemnify the Company for payments under these settlements, subject to certain limitations and deductibles. The three settlements implicate only actions and events occurrin g prior to the Company's acquisition of AAC. The Eastern Virginia investigation remains active and outstanding. It appears to relate to issues similar to the others, but is being conducted in part as a grand jury proceeding. On October 6, 2015, the Office of Inspector General of the United States Department of Health and Human Services (“OIG”) issued a subpoena to the Company seeking information about utilization and invoicing by Fresenius Vascular Care facilities as a whole for a period beginning after the acquisition of AAC. The Company is cooperating in the OIG’s inquiry. The Company has received communications alleging conduct in countries outside the U.S. and Germany that may violate the U.S. Foreign Corrupt Practices Act (“FCPA”) or other anti-bribery laws. The Audit and Corporate Governance Committee of the Company's Supervisory Board is conducting investigations with the assistance of independent counsel. The Company voluntarily advised the U.S. Securities and Exchange Commission (“SEC”) and the U.S. Department of Justice (“DOJ”). The Company’s investigations and dialogue with the SEC and DOJ are ongoing. The Company has received a subpoena from the SEC requesting additional documents and a request from the DOJ for copies of the documents provided to the SEC. The Company is cooperating with the requests. Conduct has been identified that may result in monetary penalties or other sanctions under the FCPA or other anti-bribery laws. In addition, the Company’s ability to conduct business in certain jurisdi ctions could be negatively impacted. The Company has previously recorded a non-material accrual for an identified matter. Given the current status of the investigations and remediation activities, the Company cannot reasonably estimate the range of possibl e loss that may result from identified matters or from the final outcome of the investigations or remediation activities. The Company’s independent counsel, in conjunction with the Company’s Compliance Department, has reviewed the Company’s anti-corruptio n compliance program, including internal controls related to compliance with international anti-bribery laws, and appropriate enhancements are being implemented. The Company continues to be fully committed to FCPA and other anti-bribery law compliance. In December 2012, FMCH received a subpoena from the United States Attorney for the District of Massachusetts requesting production of a broad range of documents related to two products manufactured by FMCH: electron-beam sterilization of dialyzers and the Li berty peritoneal dialysis cycler. FMCH has cooperated fully in the government's investigation. In December 2014, FMCH was advised that the government's investigation was precipitated by a whistleblower, who first filed a complaint under seal in June 2013. In September 2014, the government declined to intervene in the whistleblower's actions. On March 31, 2015, the relator served his complaint styled Reihanifam v. Fresenius USA, Inc , 2013 Civ. 11486 (D. Mass.). On May 14, 2015, the Court dismissed without pr ejudice the relator’s False Claims Act allegations after receiving the United States’ confirmation that it would not intervene as to those allegations. The relator acting pro se has filed motions requesting extended time to identify and retain counsel. In January 2013 and April 2015, FMCH received subpoenas from the United States Attorney for the Western District of Louisiana and the Attorney General for the Commonwealth of Massachusetts, respectively, requesting discovery responses relating to the GranuFl o ® and NaturaLyte ® acid concentrate products that are also the subject of personal injury litigation described above. FMCH cooperated fully in the government’s investigations. FMCH has learned that these subpoenas were issued in connection with a relator’s complaint under the False Claims Act first filed in March 2012 that has been dismissed by the relator. In August 2014, FMCH received a subpoena from the United States Attorney for the District of Maryland inquiring into FMCH's contractual arrangements wi th hospitals and physicians, including contracts relating to the management of in-patient acute dialysis services. FMCH is cooperating in the investigation. In July 2015, the Attorney General for Hawaii issued a civil complaint under the Hawaii False Claim s Act styled Hawaii v. Liberty Dialysis – Hawaii, LLC et al., Case No. 15-1-1357-07 (Hawaii 1st Circuit) alleging that Xerox State Healthcare, LLC, M Group Consulting LLC and certain Liberty Healthcare subsidi aries of FMCH conspired to over bill Hawaii Medi caid for Liberty's Epogen administrations to Hawaii Medicaid patients during the period from 2006 through 2010, prior to the time of FMCH's acquisition of Liberty. The complaint alleges that Xerox State Healthcare LLC which acted as Hawaii's contracted adm inistrator for its Medicaid program reimbursement operations during 2006-2010, provided incorrect and unauthorized billing guidance to Liberty and its consultant, M4 Consultants, Inc. (a subsidiary of M Group Consulting LLC until 2008, and now a subsidiary of Liberty), which Liberty relied on for purposes of its Epogen billing to the Hawaii Medicaid program. The complaint seeks civil damages authorized under the Hawaii False Claims Act. FMCH will vigorously contest the complaint. On August 31 and November 2 5, 2015, respectively, FMCH received subpoenas from the United States Attorneys for the District of Colorado and the Eastern District of New York inquiring into FMCH’s participation in and management of dialysis facility joint ventures in which physicians are partners. FMCH is cooperating in the investigations. From time to time, the Company is a party to or may be threatened with other litigation or arbitration, claims or assessments arising in the ordinary course of its business. Management regularly ana lyzes current information including, as applicable, the Company’s defenses and insurance coverage and, as necessary, provides accruals for probable liabilities for the eventual disposition of these matters. The Company, like other healthcare providers, co nducts its operations under intense government regulation and scrutiny. It must comply with regulations which relate to or govern the safety and efficacy of medical products and supplies, the marketing and distribution of such products, the operation of ma nufacturing facilities, laboratories and dialysis clinics, and environmental and occupational health and safety. With respect to its development, manufacture, marketing and distribution of medical products, if such compliance is not maintained, the Company could be subject to significant adverse regulatory actions by the FDA and comparable regulatory authorities outside the U.S. These regulatory actions could include warning letters or other enforcement notices from the FDA, and/or comparable foreign regula tory authority which may require the Company to expend significant time and resources in order to implement appropriate corrective actions. If the Company does not address matters raised in warning letters or other enforcement notices to the satisfaction o f the FDA and/or comparable regulatory authorities outside the U.S., these regulatory authorities could take additional actions, including product recalls, injunctions against the distribution of products or operation of manufacturing plants, civil penalti es, seizures of the Company's products and/or criminal prosecution. FMCH is currently engaged in remediation efforts with respect to three pending FDA warning letters. The Company must also comply with the laws of the United States, including the federal A nti-Kickback Statute, the federal False Claims Act, the federal Stark Law and the federal Foreign Corrupt Practices Act as well as other federal and state fraud and abuse laws. Applicable laws or regulations may be amended, or enforcement agencies or court s may make interpretations that differ from the Company’s interpretations or the manner in which it conducts its business. Enforcement has become a high priority for the federal government and some states. In addition, the provisions of the False Claims Ac t authorizing payment of a portion of any recovery to the party bringing the suit encourage private plaintiffs to commence whistleblower actions. By virtue of this regulatory environment, the Company’s business activities and practices are subject to exten sive review by regulatory authorities and private parties, and continuing audits, subpoenas, other inquiries, claims and litigation relating to the Company’s compliance with applicable laws and regulations. The Company may not always be aware that an inqui ry or action has begun, particularly in the case of whistleblower actions, which are initially filed under court seal. The Company operates many facilities throughout the United States and other parts of the world. In such a decentralized system, it is oft en difficult to maintain the desired level of oversight and control over the thousands of individuals employed by many affiliated companies. The Company relies upon its management structure, regulatory and legal resources, and the effective operation of it s compliance program to direct, manage and monitor the activities of these employees. On occasion, the Company may identify instances where employees or other agents deliberately, recklessly or inadvertently contravene the Company’s policies or violate app licable law. The actions of such persons may subject the Company and its subsidiaries to liability under the Anti-Kickback Statute, the Stark Law, the False Claims Act and the Foreign Corrupt Practices Act, among other laws and comparable laws of other cou ntries. Physicians, hospitals and other participants in the healthcare industry are also subject to a large number of lawsuits alleging professional negligence, malpractice, product liability, worker’s compensation or related claims, many of which involve large claims and significant defense costs. The Company has been and is currently subject to these suits due to the nature of its business and expects that those types of lawsuits may continue. Although the Company maintains insurance at a level which it b elieves to be prudent, it cannot assure that the coverage limits will be adequate or that insurance will cover all asserted claims. A successful claim against the Company or any of its subsidiaries in excess of insurance coverage could have a material adve rse effect upon it and the results of its operations. Any claims, regardless of their merit or eventual outcome, could have a material adverse effect on the Company’s reputation and business. The Company has also had claims asserted against it and has had lawsuits filed against it relating to alleged patent infringements or businesses that it has acquired or divested. These claims and suits relate both to operation of the businesses and to the acquisition and divestiture transactions. The Company has, when appropriate, asserted its own claims, and claims for indemnification. A successful claim against the Company or any of its subsidiaries could have a material adverse effect upon its business, financial condition, and the results of its operations. Any clai ms, regardless of their merit or eventual outcome, could have a material adverse effect on the Company’s reputation and business. Other than those individual contingent liabilities mentioned above, the amount of the Company’s other known individual contingent liabilities is immaterial. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Consolidated Financial Statements [Abstract] | |
Financial Instruments | 20 . Financial Instruments Non-d erivative Financial Instruments The following table presents the carrying amounts and fair values of the Company’s non-derivative financial instruments at December 31 , 2015 , and December 31 , 2014 . 2015 2014 Fair Value Carrying Fair Carrying Fair Hierarchy Amount Value Amount Value Assets Cash and cash equivalents 1 $ 549.500 $ 549.500 $ 633.855 $ 633.855 Accounts receivable (1)(2) 2 3.521.741 3.521.741 3.431.672 3.431.672 Available for sale financial assets 1 275.770 275.770 171.917 171.917 Notes Receivables 3 - - 180.250 180.308 Liabilities Accounts payable (1) 2 $ 780.851 $ 780.851 $ 713.915 $ 713.915 Short-term debt (1) 2 128.304 128.304 138.050 138.050 Long term debt, excluding Amended 2012 Credit Agreement, Senior Notes and Convertible Bonds 2 172.919 172.919 524.592 527.062 Amended 2012 Credit Agreement 2 2.611.580 2.625.591 2.881.930 2.900.222 Senior Notes 2 5.325.618 5.782.937 5.473.979 5.992.859 Convertible Bonds 2 407.705 546.057 447.263 531.193 Noncontrolling interests subject to put provisions 3 1.028.368 1.028.368 824.658 824.658 (1) Also includes amounts from related parties. (2) Includes long-term accounts receivable, which are included in "Other assets and notes receivables" in the Consolidated Balance Sheets. The carrying amounts in the table are included in the Consolidated Balance Sheets under the indicated captions or, in the case of long-term debt, in the captions shown in Note 10 . The significant methods and assumptions used in estimating the fair values of non-derivative financial instruments are as follows: Cash and cash equivalents are stated at nominal value which equals the fair value. Short-term financial instruments such as accounts receivable, accounts payable and short-term debt are valued at their carrying amounts, which are reasonable estimates of the fair value due to the relatively short period to maturity of these instruments. The fair value of available for sale financial assets quoted in an active market is based on price quotations at the period-end date. The valuation of notes receivable was determined using significant unobservable inputs. They were valued using a constructed index based upon similar instruments with comparable credit ratings, terms, tenor, interest rates and that are within the Company’s industry. The Company tracked the prices of the constructed index from the note issuance date to the reporting date to determine fair value. See Note 7 for further information on the long-term notes receivable. The fair valu es of major long-term financial liabilities are calculated on the basis of market information. Instruments for which market quotes are available are measured using these quotes. The fair values of the other long-term financial liabilities are calculated at the present value of the respective future cash flows. To determine these present values, the prevailing interest rates and credit spreads for the Company as of the balance sheet date are used. The valuation of noncontrolling interests subject to put pro visions is determined using significant unobservable inputs. See Note 12 for a discussion of the Company’s methodology for estimating the fair value of these noncontrolling interests subject to put obligations. Currently, there is no indication tha t a decrease in the value of the Company’s financing receivables is probable. Therefore, the allowances on credit losses of financing receivables are immaterial. Derivative Financial Instruments The Company is exposed to market risk from changes in foreign exchange rates and interest rates. In order to manage the risk of currency exchange rate and interest rate fluctuations, the Company enters into various hedging transactions by means of derivative instruments with highly rated financial institutions as authorized by the Company’s General Partner. On a quarterly basis, the Company performs an assessment of its counterparty credit risk. The Company currently consid ers this risk to be low. The Company’s policy, which has been consistently followed, is that financial derivatives be used only for the purpose of hedging foreign currency and interest rate exposure. In certain instances, the Company enters into derivative contracts that do not qualify for hedge accounting but are utilized for economic purposes (“economic hedges”). The Company does not use financial instruments for trading purposes. The Company established guidelines for risk assessment procedures and contr ols for the use of financial instruments. They include a clear segregation of duties with regard to execution on one side and administration, accounting and controlling on the other. To reduce the credit risk arising from derivatives the Company concluded Master Netting Agreements with banks. Through such agreements, positive and negative fair values of the derivative contracts could be offset against one another if a partner becomes insolvent. This offsetting is valid for transactions where the aggregate amount of obligations owed to and receivable from are not equal. If insolvency occurs, the party which owes the larger amount is obliged to pay the other party the difference between the amounts owed in the form of one net payment. The Company elects not t o offset the fair values of derivative financial instruments subject to master netting agreements in its Consolidated Balance Sheets. At December 31 , 2015 and December 31 , 2014 , the Company had $ 24.366 and $ 26.820 , respecti vely, of derivative financial assets subject to netting arrangements and $ 12.765 and $ 52.380 of derivative financial liabilities subject to netting arrangements. Offsetting these derivative financial instruments would have r esulted in net assets of $ 16.273 and $ 13.856 as well as net liabilities of $ 4.672 and $ 39.416 at December 31 , 2015 and December 31 , 2014 , respectively. In connection with the i ssuance of the equity-neutral convertible bonds in September 2014, the Company purchased Share Options. Any change in the Company’s share price above the conversion price would be offset by a corresponding value change in the Share Options. Foreign Exchan ge Risk Management The Company conducts business on a global basis in various currencies, though a majority of its operations are in Germany and the United States. For financial reporting purposes, the Company has chosen the U.S. dollar as its reporting cu rrency. Therefore, changes in the rate of exchange between the U.S. dollar and the local currencies in which the financial statements of the Company’s international operations are maintained affect its results of operations and financial position as report ed in its consolidated financial statements. Additionally, individual subsidiaries are exposed to transactional risks mainly resulting from intercompany purchases between production sites and other subsidiaries with different functional currencies . This e xposes the subsidiaries to fluctuations in the rate of exchange between the invoicing currencies and the currency in which their local operations are conducted. For the purpose of hedging existing and foreseeable foreign exchange transaction exposures, the Company enters into foreign exchange forward contracts and, on a small scale, foreign exchange options. At December 31 , 2015 and December 31 , 2014 the Company had no foreign exchange options. Changes in the fair value of the effective portion of foreign exchange forward contracts designated and qualifying as cash flow hedges of forecasted product purchases and sales are reported in AOCI. Additionally, in connection with intercompany loans in foreign currency, the Company uses foreign exchange swaps thus assuring that no foreign exchange risks arise from those loans, which, if they qualify for cash flow hedge accounting, are also reported in AOCI. These amounts recorded in AOCI are subsequently reclassified into earnings as a component of cost of revenues for those contracts that hedge product purchases or as an adjustment of interest income/expense for those contracts that hedge loans, in the same period in which the hedged transaction affects earnings. The notional amounts of foreign exchange contracts in place that are designated and qualify as cash flow hedges totaled $ 193.880 and $ 401.555 at December 31 , 2015 and December 31 , 2014 , respectively. The Company also enters into derivative contracts for forecasted product purchases and sales and for intercompany loans in foreign currencies which do not qualify for hedge accounting but are utilized for economic hedges as defined above. In these two cases, the change in value of the economic hedge is recorded in the income statement and usually offsets the change in value recorded in the income statement for the underlying asset or liability. The notional amounts of economic hedges that do not qualify for hedge accounting totaled $ 1.637.129 and $ 1.568.928 at December 31 , 2015 and December 31 , 2014 , respectively. Interest Rate Risk Management The Company enters into derivatives, particularly interest rate swaps and, to a certain extent, interest rate options to protect against the risk of rising interest rates. These interest rate derivatives are designated as cash flow hedges and have been entered into in order to effectively convert payments based on variable interest rates into payments at a fixed interest rate. The euro-denominated interest rate swaps expire between 2016 and 2019 and have a weighted average interest rate of 0,70% . Interest payable and receivable under the swap agreements is accrued and recorded as an adjustment to interest expense. At December 31 , 2015 and December 31 , 2014 , the notional amount of the euro-denominated interest rate swaps in place wa s € 376.000 and € 394.000 ( $ 409.351 and $ 478.355 at December 31 , 2015 and December 31 , 2014 , respectively). In addition, the Company also enters into interest rate hedges (“pre-hedges”) in anticipatio n of future long-term debt issuance, from time to time. These pre-hedges are used to hedge interest rate exposures with regard to interest rates which are relevant for the future long-term debt issuance and which could rise until the respective debt is act ually issued. These pre-hedges were settled at the issuance date of the corresponding long-term debt with the settlement amount recorded in AOCI amortized to interest expense over the life of the debt. At December 31 , 2015 and December 31 , 2014 , the Compa ny had $ 58.581 and $ 85.675 , respectively, related to such settlements of pre-hedges deferred in AOCI, net of tax. Derivative Financial Instruments Valuation The following table shows the carrying amounts of the Company’s d erivatives at December 31 , 2015 and December 31 , 2014 . 2015 2014 Assets (2) Liabilities (2) Assets (2) Liabilities (2) Derivatives in cash flow hedging relationships (1) Current Foreign exchange contracts 3.114 (2.921) 2.659 (24.509) Interest rate contracts - (1.637) - - Non-current Foreign exchange contracts 171 (127) - (77) Interest rate contracts - (961) - (4.779) Total $ 3.285 $ (5.646) $ 2.659 $ (29.365) Derivatives not designated as hedging instruments (1) Current Foreign exchange contracts 23.908 (7.056) 25.582 (29.295) Non-current Foreign exchange contracts 1.062 (65) - (137) Derivatives embedded in the Convertible Bonds - (115.990) - (65.767) Share Options to secure the Convertible Bonds 115.990 - 65.767 - Total $ 140.960 $ (123.111) $ 91.349 $ (95.199) (1) At December 31, 2015 and December 31, 2014, the valuation of the Company's derivatives was determined using Significant Other Observable Inputs (Level 2) in accordance with the fair value hierarchy levels established in U.S. GAAP. (2) Derivative instruments are marked to market each reporting period resulting in carrying amounts being equal to fair values at the reporting date. The carrying amounts for the current portion of derivatives indicated as assets in the table above are included in Prepaid expenses and other current assets in the Consolidated Balance Sheets while the current portion of those indicated as liabilities are included in Accrued expenses and other current liabilities. The non-current portions indicated as assets or liabilities are included in the Consolidated Balance Sheets in Other assets and notes receivables or Other liabilities, respectively. The significa nt methods and assumptions used in estimating the fair values of derivative financial instruments are as follows: The fair value of interest rate swaps is calculated by discounting the future cash flows on the basis of the market interest rates applicable for the remaining term of the contract as of the balance sheet date. To determine the fair value of foreign exchange forward contracts, the contracted forward rate is compared to the current forward rate for the remaining term of the contract as of the bal ance sheet date. The result is then discounted on the basis of the market interest rates prevailing at the balance sheet date for the applicable currency. The fair value of the embedded derivative of the convertible bonds is calculated using the difference between the market value of the convertible bond and the market value of an adequate straight bond discounted with the market interest rates as of the reporting date. The Company’s own credit risk is incorporated in the fair value estimation of derivativ es that are liabilities. Counterparty credit risk adjustments are factored into the valuation of derivatives that are assets. The Company monitors and analyses the credit risk from derivative financial instruments on a regular basis. For the valuation of d erivative financial instruments, the credit risk is considered in the fair value of every individual instrument. The default probability is based upon the Credit Default Swap Spreads of each counterparty appropriate for the duration. The calculation of the credit risk considered in the valuation is performed by multiplying the default probability appropriate for the duration with the expected discounted cash flows of the derivative financial instrument. The Effect of Derivatives on the Consolidated Financial Statements Amount of Gain or (Loss) Recognized in AOCI on Derivatives Location of (Gain) or Loss Reclassified from AOCI in Income Amount of (Gain) or Loss Reclassified from AOCI in Income Derivatives in Cash Flow Hedging Relationships (Effective Portion) for the year ended December 31, (Effective Portion) for the year ended December 31, 2015 2014 (Effective Portion) 2015 2014 Interest rate contracts $ 17.362 $ 19.550 Interest income/expense $ 22.810 $ 26.571 Foreign exchange contracts 2.273 (23.123) Costs of Revenue 17.686 2.549 $ 19.635 $ (3.573) $ 40.496 $ 29.120 Derivatives not Designated as Hedging Instruments Amount of (Gain) or Loss Recognized in Income on Derivatives for the year ended December 31, Location of (Gain) or Loss Recognized in Income on Derivatives 2015 2014 Foreign exchange contracts Selling, general and administrative expense $ (61.328) $ (83.901) Foreign exchange contracts Interest income/expense 8.196 6.483 Derivatives embedded in the Convertible Bonds Interest income/expense 58.105 32.641 Share Options to secure the Convertible Bonds Interest income/expense (58.105) (32.641) $ (53.132) $ (77.418) For foreign exchange derivatives, the Company expects to recognize $ 1.276 of losses deferred in AOCI at December 31 , 2015 , in earnings during the next twelve months. The Company expects to incur additional interest expense of $ 21.323 over the next twelve months which is currently deferred in AOCI. This amount reflects the projected amortization of the settlement amount of the terminated swaps and the current fair value of the additional interest payments resulting from the interest ra te swaps maturing between 2016 and 2019 at December 31 , 2015 . At December 31 , 2015 , the Company had foreign exchange derivatives with maturities of up to 18 months and interest rate swaps with maturities of up to 46 months. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Consolidated Financial Statements [Abstract] | |
Other Comprehensive Income (Loss) | 21 . Other Comprehensive Income (Loss) The changes in the components of other comprehensive income (loss) for the years ended December 31 , 2015 , 2014 , and 2013 are as follows: Pretax Tax effect Net, before non-controlling interests Non-controlling interests Other comprehensive income (loss), net of tax Year ended December 31, 2013 Other comprehensive income (loss) relating to cash flow hedges: Changes in fair value of cash flow hedges during the period $ (2.917) $ 1.346 $ (1.571) $ - $ (1.571) Reclassification adjustments 25.449 (7.393) 18.056 - 18.056 Total other comprehensive income (loss) relating to cash flow hedges 22.532 (6.047) 16.485 - 16.485 Foreign currency translation adjustment (112.395) - (112.395) (2.044) (114.439) Defined benefit pension plans: Actuarial (loss) gain on defined benefit pension plans 39.571 (17.828) 21.743 - 21.743 Reclassification adjustments 25.418 (9.725) 15.693 - 15.693 Total other comprehensive income (loss) relating to defined benefit pension plans 64.989 (27.553) 37.436 - 37.436 Other comprehensive income (loss) $ (24.874) $ (33.600) $ (58.474) $ (2.044) $ (60.518) Year ended December 31, 2014 Other comprehensive income (loss) relating to cash flow hedges: Changes in fair value of cash flow hedges during the period $ (3.573) $ 1.417 $ (2.156) $ - $ (2.156) Reclassification adjustments 29.120 (8.385) 20.735 - 20.735 Total other comprehensive income (loss) relating to cash flow hedges 25.547 (6.968) 18.579 - 18.579 Foreign currency translation adjustment (415.703) - (415.703) (6.086) (421.789) Defined benefit pension plans: Actuarial (loss) gain on defined benefit pension plans (232.308) 81.476 (150.832) - (150.832) Reclassification adjustments 17.147 (6.347) 10.800 - 10.800 Total other comprehensive income (loss) relating to defined benefit pension plans (215.161) 75.129 (140.032) - (140.032) Other comprehensive income (loss) $ (605.317) $ 68.161 $ (537.156) $ (6.086) $ (543.242) Year ended December 31, 2015 Other comprehensive income (loss) relating to cash flow hedges: Changes in fair value of cash flow hedges during the period $ 19.635 $ (6.154) $ 13.481 $ - $ 13.481 Reclassification adjustments 40.496 (10.914) 29.582 - 29.582 Total other comprehensive income (loss) relating to cash flow hedges 60.131 (17.068) 43.063 - 43.063 Foreign currency translation adjustment (348.543) - (348.543) (4.961) (353.504) Defined benefit pension plans: Actuarial (loss) gain on defined benefit pension plans 49.304 (14.148) 35.156 - 35.156 Reclassification adjustments 34.623 (12.851) 21.772 - 21.772 Total other comprehensive income (loss) relating to defined benefit pension plans 83.927 (26.999) 56.928 - 56.928 Other comprehensive income (loss) $ (204.485) $ (44.067) $ (248.552) $ (4.961) $ (253.513) Changes in AOCI by c omponent for the years ended December 31 , 2015 , 2014 , and 2013 are as follows: Gain (Loss) related to cash flow hedges Actuarial gain (loss) on defined benefit pension plans Gain (Loss) related to foreign-currency translation Total, before non-controlling interests Non-controlling interests Total Balance at December 31, 2012 $ (138.341) $ (179.423) $ (174.349) $ (492.113) $ 2.869 $ (489.244) Other comprehensive income (loss) before reclassifications (1.571) 21.743 (112.395) (92.223) (2.044) (94.267) Amounts reclassified from AOCI 18.056 15.693 - 33.749 - 33.749 Other comprehensive income (loss) after reclassifications 16.485 37.436 (112.395) (58.474) (2.044) (60.518) Balance at December 31, 2013 $ (121.856) $ (141.987) $ (286.744) $ (550.587) $ 825 $ (549.762) Other comprehensive income (loss) before reclassifications (2.156) (150.832) (415.703) (568.691) (6.086) (574.777) Amounts reclassified from AOCI 20.735 10.800 - 31.535 - 31.535 Other comprehensive income (loss) after reclassifications 18.579 (140.032) (415.703) (537.156) (6.086) (543.242) Balance at December 31, 2014 $ (103.277) $ (282.019) $ (702.447) $ (1.087.743) $ (5.261) $ (1.093.004) Other comprehensive income (loss) before reclassifications 13.481 35.156 (348.543) (299.906) (4.961) (304.867) Amounts reclassified from AOCI 29.582 21.772 - 51.354 - 51.354 Other comprehensive income (loss) after reclassifications 43.063 56.928 (348.543) (248.552) (4.961) (253.513) Balance at December 31, 2015 $ (60.214) $ (225.091) $ (1.050.990) $ (1.336.295) $ (10.222) $ (1.346.517) Reclassifications out of AOCI for the years ended December 31 , 2015 , 2014 , and 2013 are as follows: Details about AOCI Components Amount of (Gain) Loss reclassified from AOCI in Income Location of (Gain) Loss reclassified from AOCI in Income 2015 2014 2013 (Gain) Loss related to cash flow hedges Interest rate contracts $ 22.810 $ 26.571 $ 28.111 Interest income/expense Foreign exchange contracts 17.686 2.549 (3.251) Costs of Revenue Foreign exchange contracts - - 589 Interest income/expense 40.496 29.120 25.449 Total before tax (10.914) (8.385) (7.393) Tax expense or benefit $ 29.582 $ 20.735 $ 18.056 Net of tax Actuarial (Gain) Loss on defined benefit pension plans Amortization of unrealized (gain) loss $ 34.623 $ 17.147 $ 25.418 (1) 34.623 17.147 25.418 Total before tax (12.851) (6.347) (9.725) Tax expense or benefit $ 21.772 $ 10.800 $ 15.693 Net of tax Total reclassifications for the period $ 51.354 $ 31.535 $ 33.749 Net of tax (1) Included in the computation of net periodic pension cost (see Note 11 for additional details). |
Business Segment Information
Business Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Consolidated Financial Statements [Abstract] | |
Business Segment Information | 23 . Segment and Corporate Information In 2015 , the Company increased its operating segments from three to four segments in conjunction with a change in the structure of how the C ompany manages its business . The operating segments are the North America Segment, the EMEA Segment, the Asia-Pacific Segment and the Latin America Segment. Accordingly, the two reporting segments disclosed in prior years (the North America Segment and the International Segment, which was comprised of EMEA, Asia-Pa cific and Latin America) have now been reclassified into four reporting segments during 2015. Management evaluates each segment using measures that reflect all of the segment’s controllable revenues and expenses. With respect to the performance of busines s operations, management believes that the most appropriate U.S. GAAP measures are revenue, operating income and operating income margin. The Company does not include income taxes as it believes this is outside the segments’ control. Financing is a corpora te function, which the Company’s segments do not control. Therefore, the Company does not include interest expense relating to financing as a segment measurement. Similarly, the Company does not allocate certain costs, which relate primarily to certain hea dquarter overhead charges, including accounting and finance, because the Company believes that these costs are also not within the control of the individual segments. Production of products, production asset management, quality management and procurement r elated to production are centrally managed at Corporate. The Company’s global research and development is also centrally managed at Corporate. These Corporate activities do not fulfill the definition of a segment. Products are transferred to the segments a t cost; therefore no internal profit is generated. The associated internal revenues for the product transfers and their elimination are recorded as Corporate activities. Capital expenditures for production are based on the expected demand of the segments a nd consolidated profitability considerations. In addition, certain revenues, investments and intangible assets, as well as any related expenses, are not allocated to a segment but are accounted for as Corporate. Information pert aining to the Company’s seg ment and Corporate activities for the twelve-month periods ended December 31 , 2015 , 2014 and 2013 is set forth below. North America Segment EMEA Segment Asia-Pacific Segment Latin America Segment Segment Total Corporate Total Segment and Corporate Information 2015 Revenue external customers $ 11.813.330 $ 2.628.688 $ 1.501.456 $ 766.424 $ 16.709.898 $ 27.684 $ 16.737.582 Inter - segment revenue 5.292 1 143 447 5.883 (5.883) - Revenue 11.818.622 2.628.689 1.501.599 766.871 16.715.781 21.801 16.737.582 Operating income (1) 1.797.835 576.895 297.860 48.233 2.720.823 (394.091) 2.326.732 Depreciation and amortization (399.434) (113.131) (44.616) (14.835) (572.016) (145.306) (717.322) Income (loss) from equity method investees 20.799 6.820 2.526 1.307 31.452 - 31.452 Total assets 17.411.104 3.306.939 1.731.908 609.563 23.059.514 2.473.972 25.533.486 thereof investments in equity method investees 288.956 220.610 109.347 25.796 644.709 - 644.709 Capital expenditures, acquisitions and investments (2) 709.503 174.229 48.949 50.549 983.230 286.523 1.269.753 2014 (3) Revenue external customers $ 10.500.095 $ 3.072.067 $ 1.356.936 $ 836.008 $ 15.765.106 $ 66.507 $ 15.831.613 Inter - segment revenue 8.992 0 7 336 9.335 (9.335) - Revenue 10.509.087 3.072.067 1.356.943 836.344 15.774.441 57.172 15.831.613 Operating Income 1.642.911 589.971 279.046 101.439 2.613.367 (358.834) 2.254.533 Depreciation and amortization (364.137) (133.155) (37.729) (19.814) (554.835) (144.493) (699.328) Income (loss) from equity method investees 18.457 4.415 942 1.024 24.838 - 24.838 Total assets (4) 16.888.556 3.585.851 1.821.667 723.079 23.019.153 2.361.828 25.380.981 thereof investments in equity method investees 291.118 238.604 119.428 27.672 676.822 - 676.822 Capital expenditures, acquisitions and investments (5) 2.006.585 210.509 128.480 74.135 2.419.709 290.976 2.710.685 2013 (3) Revenue external customers $ 9.606.111 $ 3.023.316 $ 1.104.463 $ 842.540 $ 14.576.430 $ 33.297 $ 14.609.727 Inter - segment revenue 7.045 - - - 7.045 (7.045) - Revenue 9.613.156 3.023.316 1.104.463 842.540 14.583.475 26.252 14.609.727 Operating Income 1.623.071 600.972 167.861 128.358 2.520.262 (264.066) 2.256.196 Depreciation and amortization (331.397) (137.484) (31.162) (19.458) (519.501) (128.724) (648.225) Income (loss) from equity method investees 16.388 7.184 1.844 689 26.105 - 26.105 Total assets (4) 14.666.442 4.063.667 1.431.060 682.755 20.843.924 2.210.511 23.054.435 thereof investments in equity method investees 268.370 278.167 117.909 - 664.446 - 664.446 Capital expenditures, acquisitions and investments (6) 789.340 203.787 45.005 37.628 1.075.760 167.903 1.243.663 (1) On July 1, 2015, the Company completed the sale of its clinics in Venezuela to a third party. The purchase price for these clinics was $7,500, which resulted in a loss of approximately $26,289 before tax (approximately $26,920 after tax). The loss is primarily included in Selling, general and administrative costs line item of the Consolidated Income Statements. (2) North America, EMEA, Asia-Pacific, Latin America and Corporate acquisitions and investments exclude $6,070, $41,454, $36,455, $244 and $26,214, respectively, of non-cash acquisitions and investments for 2015. (3) Prior year information was adjusted to conform to the current year´s presentation due to the disaggregation of the International Segment disclosed previously into the EMEA Segment, Asia-Pacific Segment and Latin America Segment. (4) At December 31, 2014 and 2013, debt issuance costs in the amount of $66,120 and $65,471, respectively, have been reclassified from Prepaid expenses and other current assets and Other assets and notes receivables to Long-term debt and capital lease obligations to conform to the current year´s presentation. (5) North America, EMEA, Asia-Pacific and Latin America acquisitions exclude $35,656, $2,595, $164,044 and $5,379, respectively, of non-cash acquisitions for 2014. (6) North America, EMEA and Latin America acquisitions exclude $48,231, $9,435 and $9,251, respectively, of non-cash acquisitions for 2013. For the geographic presentation, revenues are attributed to specific countries based on the end user's location for products and the country in which the service is provided. Information with respect to the Company's geographic operations is set forth in the table below: Germany North America Rest of the World Total 2015 Revenue external customers $ 400.401 $ 11.813.330 $ 4.523.851 $ 16.737.582 Long-lived assets 556.276 14.771.036 2.963.439 18.290.751 2014 Revenue external customers $ 456.937 $ 10.500.095 $ 4.874.581 $ 15.831.613 Long-lived assets 520.690 14.753.136 3.182.123 18.455.949 2013 Revenue external customers $ 437.459 $ 9.606.111 $ 4.566.157 $ 14.609.727 Long-lived assets 581.936 12.859.787 3.226.779 16.668.502 |
Supplementary Cash Flow Informa
Supplementary Cash Flow Information | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Consolidated Financial Statements [Abstract] | |
Cash Flow Supplemental Disclosures [Text Block] | 22 . Supplementary Cash Flow Information The following additional information is provided with respect to the consolidated statements of cash flows: 2015 2014 2013 Supplementary cash flow information: Cash paid for interest $ 379.784 $ 379.978 $ 374.648 Cash paid for income taxes (1) $ 547.401 $ 689.954 $ 542.625 Cash inflow for income taxes from stock option exercises (2) $ 18.073 $ 8.529 $ 8.882 Supplemental disclosures of cash flow information: Details for acquisitions: Assets acquired $ (216.023) $ (2.505.027) $ (417.669) Liabilities assumed 34.841 450.808 31.335 Noncontrolling interest subject to put provisions 7.622 95.015 15.460 Noncontrolling interest 983 328.997 9.104 Non-cash consideration 69.233 18.253 66.917 Cash paid (103.344) (1.611.954) (294.853) Less cash acquired 3.193 132.433 6.858 Net cash paid for acquisitions (100.151) (1.479.521) (287.995) Cash paid for investments (184.101) (274.913) (195.921) Cash paid for intangible assets (32.558) (24.624) (11.809) Total cash paid for acquisitions and investments, net of cash acquired, and purchases of intangible assets $ (316.810) $ (1.779.058) $ (495.725) (1) Net of tax refund. (2) Thereof the excess tax benefit allocated to additional paid-in capital for the twelve-month periods ending December 31, 2015, 2014 and 2013 was $13,451, $4,056 and $3,897, respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Consolidated Financial Statements [Abstract] | |
Subsequent Events [Text Block] | 24 . Subsequent Events Mr. Roberto Fusté , a member of the General Partner’s Management Board as well as the Chief Executive Officer of the Asia-Pacific Segment resigned from the General Partner’s Management Board effective March 31, 2016 and will retire from the Company. Mr. Fusté is succeeded by Mr. Harry de Wit, as of April 1, 2016. On February 17, 2016, the Company reache d an agreement in principle to resolve the GranuFlo ® / NaturaLyte ® product liability litigati on (see Note 19 . “ Commitments and Contingencies – Commercial Litigation ”), which has been reflected in the Consolidated Financial Statements as well as within Item 5 , “Operating and Financial Review and Prospects,” included in this report. |
Supplemental Condensed Combinin
Supplemental Condensed Combining Information | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Consolidated Financial Statements [Abstract] | |
Supplemental Condensed Combining Information | 25 . Supplemental Condensed Combining Information FMC Finance III, a former wholly-owned subsidiary of the Company, issued 6⅞% Senior Notes due 2017 in July 2007. On June 20, 2011, Fresenius Medical Care US Finance, Inc. (“US Finance”) acquired substantially all of the assets of FMC Finance III and assumed its obligations, including the 6⅞% Senior Notes and the related indenture. The 6⅞% Senior Notes are fully and unconditionally guaranteed, jointly and severally on a senior basis, by th e Company and by the Guarantor Subsidiaries. The 6⅞% Senior Notes and related guarantees were issued in an exchange offer registered under the Securities Act of 1933. The financial statements in this report present the financial condition of the Company, o n a consolidated basis at December 31 , 2015 and December 31 , 2014 and its results of operations and cash flows for the periods ended December 31 , 2015 , 2014 and 2013 . The following combining financial information for the Company is at December 31 , 2015 and December 31 , 2014 and for the periods ended December 31 , 2015 , 2014 and 2013 , segregated between FMC US Finance as issuer, the Company, D-GmbH and FMCH as guarantors, and the Company’s other businesses (the “Non-Guarantor Subsidiaries”). For purposes of the condensed combining information, the Company and the guarantors carry their investments under the equity method. Other (income) expense includes income (loss) related to investments in consolidated subsidiaries recorded under the equit y method for purposes of the condensed combining information. In addition, other (income) expense includes income and losses from profit and loss transfer agreements as well as dividends received. For the year ended December 31, 2015 Issuer Guarantors FMC US Finance FMC - AG & Co. KGaA D-GmbH FMCH Non-Guarantor Subsidiaries Combining Adjustment Combined Total Revenue $ - $ - $ 1.870.515 $ - $ 17.938.856 $ (3.071.789) $ 16.737.582 Cost of revenue - - 1.192.256 - 13.279.090 (3.064.927) 11.406.419 Gross profit - - 678.259 - 4.659.766 (6.862) 5.331.163 Operating (income) expenses: Selling, general and administrative (1) - 183.650 255.184 190.544 2.256.333 (21.582) 2.864.129 Research and development - - 75.661 - 64.641 - 140.302 Operating income (loss) - (183.650) 347.414 (190.544) 2.338.792 14.720 2.326.732 Other (income) expense: Interest, net (6.993) 200.596 (3.706) 227.381 (25.829) 11 391.460 Other, net - (1.437.029) 208.835 (844.301) - 2.072.495 - Income (loss) before income taxes 6.993 1.052.783 142.285 426.376 2.364.621 (2.057.786) 1.935.272 Income tax expense (benefit) 2.584 23.338 120.728 (164.871) 880.073 (239.729) 622.123 Net income (loss) 4.409 1.029.445 21.557 591.247 1.484.548 (1.818.057) 1.313.149 Net income attributable to noncontrolling interests - - - - 283.704 - 283.704 Net income (loss) attributable to shareholders of FMC-AG & Co. KGaA $ 4.409 $ 1.029.445 $ 21.557 $ 591.247 $ 1.200.844 $ (1.818.057) $ 1.029.445 (1) Selling, general and administrative is presented net of income from equity method investees. For the year ended December 31, 2014 Issuer Guarantors FMC US Finance FMC - AG & Co. KGaA D-GmbH FMCH Non-Guarantor Subsidiaries Combining Adjustment Combined Total Revenue $ - $ - $ 2.211.756 $ - $ 17.159.641 $ (3.539.784) $ 15.831.613 Cost of revenue - - 1.395.295 - 12.929.889 (3.489.417) 10.835.767 Gross profit - - 816.461 - 4.229.752 (50.367) 4.995.846 Operating (income) expenses: Selling, general and administrative (1) - 234.170 198.789 147.203 2.046.499 (7.462) 2.619.199 Research and development - - 74.338 - 47.776 - 122.114 Operating income (loss) - (234.170) 543.334 (147.203) 2.135.477 (42.905) 2.254.533 Other (income) expense: Interest, net (6.930) 238.554 (5.029) 198.726 (14.181) (13) 411.127 Other, net - (1.555.399) 382.870 (771.567) - 1.944.096 - Income (loss) before income taxes 6.930 1.082.675 165.493 425.638 2.149.658 (1.986.988) 1.843.406 Income tax expense (benefit) 2.524 37.409 150.268 (136.469) 832.919 (303.053) 583.598 Net income (loss) 4.406 1.045.266 15.225 562.107 1.316.739 (1.683.935) 1.259.808 Net income attributable to noncontrolling interests - - - - 214.542 - 214.542 Net income (loss) attributable to shareholders of FMC-AG & Co. KGaA $ 4.406 $ 1.045.266 $ 15.225 $ 562.107 $ 1.102.197 $ (1.683.935) $ 1.045.266 (1) Selling, general and administrative is presented net of income from equity method investees. For the year ended December 31, 2013 Issuer Guarantors FMC US Finance FMC - AG & Co. KGaA D-GmbH FMCH Non-Guarantor Subsidiaries Combining Adjustment Combined Total Revenue $ - $ - $ 2.084.014 $ - $ 15.825.782 $ (3.300.069) $ 14.609.727 Cost of revenue - - 1.356.114 - 11.789.397 (3.274.181) 9.871.330 Gross profit - - 727.900 - 4.036.385 (25.888) 4.738.397 Operating (income) expenses: Selling, general and administrative (1) - 184.054 284.589 (48.563) 2.070.503 (134.187) 2.356.396 Research and development - - 72.638 - 53.336 (169) 125.805 Operating income (loss) - (184.054) 370.673 48.563 1.912.546 108.468 2.256.196 Other (income) expense: Interest, net (6.871) 210.759 5.922 176.643 22.108 - 408.561 Other, net - (1.545.184) 259.165 (816.954) - 2.102.973 - Income (loss) before income taxes 6.871 1.150.371 105.586 688.874 1.890.438 (1.994.505) 1.847.635 Income tax expense (benefit) 2.494 40.481 108.837 (50.528) 684.151 (193.423) 592.012 Net income (loss) 4.377 1.109.890 (3.251) 739.402 1.206.287 (1.801.082) 1.255.623 Net income attributable to noncontrolling interests - - - - 145.733 - 145.733 Net income (loss) attributable to shareholders of FMC-AG & Co. KGaA $ 4.377 $ 1.109.890 $ (3.251) $ 739.402 $ 1.060.554 $ (1.801.082) $ 1.109.890 (1) Selling, general and administrative is presented net of income from equity method investees. For the year ended December 31, 2015 Issuer Guarantors Non-Guarantor Subsidiaries Combining Adjustment Combined Total FMC US Finance FMC - AG & Co. KGaA D-GmbH FMCH Net Income $ 4.409 $ 1.029.445 $ 21.557 $ 591.247 $ 1.484.548 $ (1.818.057) $ 1.313.149 Gain (loss) related to cash flow hedges - 40.358 - - 19.773 - 60.131 Actuarial gain (loss) on defined benefit pension plans - 2.228 53.574 21.765 6.360 - 83.927 Gain (loss) related to foreign currency translation - (46.797) (63.961) - (259.870) 17.124 (353.504) Income tax (expense) benefit related to components of other comprehensive income - (12.251) (15.869) (8.586) (7.361) - (44.067) Other comprehensive income (loss), net of tax - (16.462) (26.256) 13.179 (241.098) 17.124 (253.513) Total comprehensive income $ 4.409 $ 1.012.983 $ (4.699) $ 604.426 $ 1.243.450 $ (1.800.933) $ 1.059.636 Comprehensive income attributable to noncontrolling interests - - - - - 278.743 278.743 Comprehensive income attributable to shareholders of FMC-AG & Co. KGaA $ 4.409 $ 1.012.983 $ (4.699) $ 604.426 $ 1.243.450 $ (2.079.676) $ 780.893 For the year ended December 31, 2014 Issuer Guarantors Non-Guarantor Subsidiaries Combining Adjustment Combined Total FMC US Finance FMC - AG & Co. KGaA D-GmbH FMCH Net Income $ 4.406 $ 1.045.266 $ 15.225 $ 562.107 $ 1.316.739 $ (1.683.935) $ 1.259.808 Gain (loss) related to cash flow hedges - 46.374 - - (20.827) - 25.547 Actuarial gain (loss) on defined benefit pension plans - (4.788) (85.460) (116.240) (8.673) - (215.161) Gain (loss) related to foreign currency translation - 20.407 (85.635) - (375.504) 18.943 (421.789) Income tax (expense) benefit related to components of other comprehensive income - (11.873) 25.288 45.857 8.889 - 68.161 Other comprehensive income (loss), net of tax - 50.120 (145.807) (70.383) (396.115) 18.943 (543.242) Total comprehensive income $ 4.406 $ 1.095.386 $ (130.582) $ 491.724 $ 920.624 $ (1.664.992) $ 716.566 Comprehensive income attributable to noncontrolling interests - - - - - 208.456 208.456 Comprehensive income attributable to shareholders of FMC-AG & Co. KGaA $ 4.406 $ 1.095.386 $ (130.582) $ 491.724 $ 920.624 $ (1.873.448) $ 508.110 For the year ended December 31, 2013 Issuer Guarantors Non-Guarantor Subsidiaries Combining Adjustment Combined Total FMC US Finance FMC - AG & Co. KGaA D-GmbH FMCH Net Income $ 4.377 $ 1.109.890 $ (3.251) $ 739.402 $ 1.206.287 $ (1.801.082) $ 1.255.623 Gain (loss) related to cash flow hedges - 21.020 - - 1.512 - 22.532 Actuarial gain (loss) on defined benefit pension plans - (971) (15.150) 83.597 (2.487) - 64.989 Gain (loss) related to foreign currency translation - (158.328) 32.934 - (12.896) 23.851 (114.439) Income tax (expense) benefit related to components of other comprehensive income - (6.317) (4.418) 32.979 (55.844) - (33.600) Other comprehensive income (loss), net of tax - (144.596) 13.366 116.576 (69.715) 23.851 (60.518) Total comprehensive income $ 4.377 $ 965.294 $ 10.115 $ 855.978 $ 1.136.572 $ (1.777.231) $ 1.195.105 Comprehensive income attributable to noncontrolling interests - - - - - 143.689 143.689 Comprehensive income attributable to shareholders of FMC-AG & Co. KGaA $ 4.377 $ 965.294 $ 10.115 $ 855.978 $ 1.136.572 $ (1.920.920) $ 1.051.416 At December 31, 2015 Issuer Guarantors Non-Guarantor Subsidiaries Combining Adjustment Combined Total FMC US Finance FMC - AG & Co. KGaA D-GmbH FMCH Current assets: Cash and cash equivalents $ 2 $ 448 $ 5.055 $ - $ 544.443 $ (448) $ 549.500 Trade accounts receivable, less allowance for doubtful accounts - - 144.105 - 3.140.355 736 3.285.196 Accounts receivable from related parties 1.266.557 985.449 682.359 2.434.976 4.002.451 (9.153.507) 218.285 Inventories - - 233.012 - 1.256.252 (148.513) 1.340.751 Prepaid expenses and other current assets - 91.902 60.024 983 1.186.883 34.923 1.374.715 Deferred taxes - - - - 251.999 (35.872) 216.127 Total current assets 1.266.559 1.077.799 1.124.555 2.435.959 10.382.383 (9.302.681) 6.984.574 Property, plant and equipment, net - 595 267.926 - 3.260.604 (103.551) 3.425.574 Intangible assets - 1.653 51.593 - 777.319 (76) 830.489 Goodwill - - 49.599 - 12.983.151 - 13.032.750 Deferred taxes - 94.071 37.920 - 124.471 (115.524) 140.938 Other assets and notes receivables (1) - 13.950.467 43.452 13.256.088 6.372.300 (32.503.146) 1.119.161 Total assets $ 1.266.559 $ 15.124.585 $ 1.575.045 $ 15.692.047 $ 33.900.228 $ (42.024.978) $ 25.533.486 Current liabilities: Accounts payable $ - $ 7.233 $ 22.914 $ - $ 597.681 $ - $ 627.828 Accounts payable to related parties - 277.986 497.410 1.668.390 5.386.272 (7.677.035) 153.023 Accrued expenses and other current liabilities 29.771 61.216 118.047 15.527 2.285.939 (7.363) 2.503.137 Short-term borrowings - - - - 109.700 (448) 109.252 Short-term borrowings from related parties - 1.757.402 - - - (1.738.350) 19.052 Current portion of long-term debt and capital lease obligations - 25.228 - 200.000 439.107 - 664.335 Income tax payable - 20.898 - - 51.921 - 72.819 Deferred taxes - 2.679 10.294 - 64.782 (41.356) 36.399 Total current liabilities 29.771 2.152.642 648.665 1.883.917 8.935.402 (9.464.552) 4.185.845 Long term debt and capital lease obligations, less current portion 1.157.603 663.515 - 2.113.544 6.657.108 (2.738.283) 7.853.487 Long term borrowings from related parties - 2.276.600 - 2.680.741 - (4.957.341) - Other liabilities - 117.444 1.612 488.142 (176.998) 35.425 465.625 Pension liabilities - 15.342 315.171 - 284.589 (29.774) 585.328 Income tax payable 801 11.900 - - 22.060 127.739 162.500 Deferred taxes - - - - 784.292 (27.959) 756.333 Total liabilities 1.188.175 5.237.443 965.448 7.166.344 16.506.453 (17.054.745) 14.009.118 Noncontrolling interests subject to put provisions and other temporary equity - - 0 - 1.028.368 - 1.028.368 Redeemable Preferred Stock - - - 235.141 (235.141) - - Total FMC-AG & Co. KGaA shareholders' equity 78.384 9.887.142 609.597 8.290.562 15.991.690 (24.970.233) 9.887.142 Noncontrolling interests not subject to put provisions - - - - 608.858 - 608.858 Total equity 78.384 9.887.142 609.597 8.290.562 16.600.548 (24.970.233) 10.496.000 Total liabilities and equity $ 1.266.559 $ 15.124.585 $ 1.575.045 $ 15.692.047 $ 33.900.228 $ (42.024.978) $ 25.533.486 (1) Other assets and notes receivables are presented net of investment in equity method investees. At December 31, 2014 Issuer Guarantors Non-Guarantor Subsidiaries Combining Adjustment Combined Total FMC US Finance FMC - AG & Co. KGaA D-GmbH FMCH Current assets: Cash and cash equivalents $ 1 $ 117 $ 5.722 $ - $ 628.015 $ - $ 633.855 Trade accounts receivable, less allowance for doubtful accounts - - 165.090 - 3.037.010 1.555 3.203.655 Accounts receivable from related parties 1.266.916 5.558.131 840.302 2.570.654 3.544.817 (13.587.595) 193.225 Inventories - - 231.127 - 1.038.591 (154.164) 1.115.554 Prepaid expenses and other current assets - 70.348 43.387 183 1.182.301 30.350 1.326.569 Deferred taxes - - - - 290.064 (44.710) 245.354 Total current assets 1.266.917 5.628.596 1.285.628 2.570.837 9.720.798 (13.754.564) 6.718.212 Property, plant and equipment, net - 566 260.662 - 3.147.750 (118.798) 3.290.180 Intangible assets - 945 64.679 - 799.958 3.829 869.411 Goodwill - - 55.312 - 13.026.868 - 13.082.180 Deferred taxes - 81.555 38.291 - 129.927 (108.721) 141.052 Other assets and notes receivables (1) - 9.132.326 45.297 12.704.373 6.640.208 (27.242.258) 1.279.946 Total assets $ 1.266.917 $ 14.843.988 $ 1.749.869 $ 15.275.210 $ 33.465.509 $ (41.220.512) $ 25.380.981 Current liabilities: Accounts payable $ - $ 1.844 $ 34.798 $ - $ 536.542 $ - $ 573.184 Accounts payable to related parties - 39.749 587.677 1.662.032 10.237.608 (12.386.335) 140.731 Accrued expenses and other current liabilities 29.771 61.367 141.392 9.240 1.982.051 (26.576) 2.197.245 Short-term borrowings - 1 - - 132.692 - 132.693 Short-term borrowings from related parties - 1.413.063 - - - (1.407.706) 5.357 Current portion of long-term debt and capital lease obligations - 55.391 - 200.000 58.216 - 313.607 Income tax payable - 13.663 - - 66.024 - 79.687 Deferred taxes - 1.573 7.992 - 47.555 (22.333) 34.787 Total current liabilities 29.771 1.586.651 771.859 1.871.272 13.060.688 (13.842.950) 3.477.291 Long term debt and capital lease obligations, less current portion 1.162.534 826.038 - 2.321.039 7.760.886 (3.056.340) 9.014.157 Long term borrowings from related parties - 2.891.256 - 2.833.854 72.505 (5.797.615) - Other liabilities - 70.823 1.615 170.149 147.015 22.374 411.976 Pension liabilities - 14.872 324.156 - 296.531 6.759 642.318 Income tax payable 637 11.035 - - 48.370 117.559 177.601 Deferred taxes - - - - 831.050 (26.441) 804.609 Total liabilities 1.192.942 5.400.675 1.097.630 7.196.314 22.217.045 (22.576.654) 14.527.952 Noncontrolling interests subject to put provisions and other temporary equity - - 0 - 824.658 - 824.658 Redeemable Preferred Stock - - - 235.141 (235.141) - - Total FMC-AG & Co. KGaA shareholders' equity 73.975 9.443.313 652.239 7.843.755 10.073.889 (18.643.858) 9.443.313 Noncontrolling interests not subject to put provisions - - - - 585.058 - 585.058 Total equity 73.975 9.443.313 652.239 7.843.755 10.658.947 (18.643.858) 10.028.371 Total liabilities and equity $ 1.266.917 $ 14.843.988 $ 1.749.869 $ 15.275.210 $ 33.465.509 $ (41.220.512) $ 25.380.981 (1) Other assets and notes receivables are presented net of investment in equity method investees. For the year ended December 31, 2015 Issuer Guarantors FMC US Finance FMC - AG & Co. KGaA D-GmbH FMCH Non-Guarantor Subsidiaries Combining Adjustment Combined Total Operating Activities: Net income (loss) $ 4.409 $ 1.029.445 $ 21.557 $ 591.247 $ 1.484.548 $ (1.818.057) $ 1.313.149 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity affiliate income - (1.026.063) - (844.301) - 1.870.364 - Depreciation and amortization - 611 52.242 - 698.483 (34.014) 717.322 Change in deferred taxes, net - (28.642) (1.997) - (2.415) (12.398) (45.452) (Gain) loss on sale of fixed assets and investments - (65.480) 880 - (3.157) 65.439 (2.318) (Gain) loss on investments - 49.283 - - - (49.283) - (Write Up) write-off loans from related parties - (6.306) 50.344 - - (44.038) - Compensation expense related to stock options - 6.583 - - 5.740 - 12.323 Investments in equity method investees, net - 5.535 - - (23.311) - (17.776) Changes in assets and liabilities, net of amounts from businesses acquired: Trade accounts receivable, net - - 1.307 - (332.939) 672 (330.960) Inventories - - (26.250) - (283.906) 9.147 (301.009) Prepaid expenses and other current and non-current assets - 5.090 (33.404) 193.867 (117.604) 48 47.997 Accounts receivable from / payable to related parties (12) 593.823 (90.143) 185.216 (621.180) (40.796) 26.908 Accounts payable, accrued expenses and other current and non-current liabilities - 18.756 20.310 4.370 505.793 (274) 548.955 Income tax payable 164 10.853 - (164.871) 128.319 16.443 (9.092) Net cash provided by (used in) operating activities 4.561 593.488 (5.154) (34.472) 1.438.371 (36.747) 1.960.047 Investing Activities: Purchases of property, plant and equipment - (341) (80.824) - (904.256) 32.478 (952.943) Proceeds from sale of property, plant and equipment - 57 (555) - 17.906 - 17.408 Disbursement of loans to related parties - (301.245) - 312.278 - (11.033) - Acquisitions and investments, net of cash acquired, and purchases of intangible assets - (90.112) (891) - (270.693) 44.886 (316.810) Proceeds from divestitures - 20.562 - - 251.660 (20.562) 251.660 Net cash provided by (used in) investing activities - (371.079) (82.270) 312.278 (905.383) 45.769 (1.000.685) Financing Activities: Short-term debt, net - 14.534 87.346 - (113.244) (448) (11.812) Long-term debt and capital lease obligations, net (4.560) (50.839) - (277.806) 3.352 11.033 (318.820) Increase (decrease) of accounts receivable securitization program - - - - (290.750) - (290.750) Proceeds from exercise of stock options - 76.093 - - 18.073 - 94.166 Dividends paid - (263.244) - - (2.707) 2.707 (263.244) Capital increase (decrease) - - - - 22.762 (22.762) - Distributions to noncontrolling interest - - - - (284.474) - (284.474) Contributions from noncontrolling interest - - - - 67.395 - 67.395 Net cash provided by (used in) financing activities (4.560) (223.456) 87.346 (277.806) (579.593) (9.470) (1.007.539) Effect of exchange rate changes on cash and cash equivalents - 1.378 (589) - (36.967) - (36.178) Cash and Cash Equivalents: Net increase (decrease) in cash and cash equivalents 1 331 (667) - (83.572) (448) (84.355) Cash and cash equivalents at beginning of period 1 117 5.722 - 628.015 - 633.855 Cash and cash equivalents at end of period $ 2 $ 448 $ 5.055 $ - $ 544.443 $ (448) $ 549.500 For the year ended December 31, 2014 Issuer Guarantors FMC US Finance FMC - AG & Co. KGaA D-GmbH FMCH Non-Guarantor Subsidiaries Combining Adjustment Combined Total Operating Activities: Net income (loss) $ 4.406 $ 1.045.266 $ 15.225 $ 562.107 $ 1.316.739 $ (1.683.935) $ 1.259.808 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity affiliate income - 4.211.195 - (771.567) - (3.439.628) - Depreciation and amortization - 632 55.433 - 676.704 (33.441) 699.328 Change in deferred taxes, net - (18.444) (2.212) - 145.601 (11.155) 113.790 (Gain) loss on sale of fixed assets and investments - - 131 - 2.523 - 2.654 (Gain) loss on investments - 13.862 986 - - (14.848) - (Write Up) write-off loans from related parties - 67.629 7.371 - - (75.000) - Compensation expense related to stock options - 6.307 - - 2.200 - 8.507 Investments in equity method investees, net - 42.087 - - (18.964) - 23.123 Changes in assets and liabilities, net of amounts from businesses acquired: Trade accounts receivable, net - - (33.760) - (123.932) 281 (157.411) Inventories - - 24.166 - (148.719) 38.795 (85.758) Prepaid expenses and other current and non-current assets - 20.961 10.742 149.106 (198.834) (6.154) (24.179) Accounts receivable from / payable to related parties (3) (5.222.902) 6.481 (814.972) 948.813 5.077.605 (4.978) Accounts payable, accrued expenses and other current and non-current liabilities - 29.906 47.061 1.754 42.577 126 121.424 Income tax payable (1.650) (112.696) - (136.469) 146.271 9.628 (94.916) Net cash provided by (used in) operating activities 2.753 83.803 131.624 (1.010.041) 2.790.979 (137.726) 1.861.392 Investing Activities: Purchases of property, plant and equipment - (835) (111.994) - (863.362) 44.564 (931.627) Proceeds from sale of property, plant and equipment - - 454 - 11.219 - 11.673 Disbursement of loans to related parties - (163.172) - 249.485 - (86.313) - Acquisitions and investments, net of cash acquired, and purchases of intangible assets - (273.204) (15.168) (1.800) (1.773.964) 285.078 (1.779.058) Proceeds from divestitures - - - - 8.257 - 8.257 Net cash provided by (used in) investing activities - (437.211) (126.708) 247.685 (2.617.850) 243.329 (2.690.755) Financing Activities: Short-term debt, net - 1.803 (2.982) - (28.172) - (29.351) Long-term debt and capital lease obligations, net (2.752) 540.825 - 762.356 (124.109) 86.313 1.262.633 Increase (decrease) of accounts receivable securitization program - - - - (9.500) - (9.500) Proceeds from exercise of stock options - 98.523 - - 8.524 - 107.047 Proceeds from conversion of preference shares into ordinary shares - - - - - - - Purchase of treasury stock - - - - - - - Dividends paid - (317.903) - - (20.387) 20.387 (317.903) Capital increase (decrease) - - - - 218.371 (218.371) - Distributions to noncontrolling interest - - - - (250.271) - (250.271) Contributions from noncontrolling interest - - - - 42.356 - 42.356 Net cash provided by (used in) financing activities (2.752) 323.248 (2.982) 762.356 (163.188) (111.671) 805.011 Effect of exchange rate changes on cash and cash equivalents - 30.264 (702) - (54.132) - (24.570) Cash and Cash Equivalents: Net increase (decrease) in cash and cash equivalents 1 104 1.232 - (44.191) (6.068) (48.922) Cash and cash equivalents at beginning of period 0 13 4.490 - 672.206 6.068 682.777 Cash and cash equivalents at end of period $ 1 $ 117 $ 5.722 $ - $ 628.015 $ - $ 633.855 For the year ended December 31, 2013 Issuer Guarantors FMC US Finance FMC - AG & Co. KGaA D-GmbH FMCH Non-Guarantor Subsidiaries Combining Adjustment Combined Total Operating Activities: Net income (loss) $ 4.377 $ 1.109.890 $ (3.251) $ 739.402 $ 1.206.287 $ (1.801.082) $ 1.255.623 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity affiliate income - (924.138) - (816.954) - 1.741.092 - Depreciation and amortization - 689 52.029 - 629.071 (33.564) 648.225 Change in deferred taxes, net - (34.548) 3.149 - 46.888 424 15.913 (Gain) loss on sale of fixed assets and investments - (43) 437 - (33.378) - (32.984) (Gain) loss on investments - - (61) - - 61 - (Write Up) write-off loans from related parties - 91.593 - - - (91.593) - Compensation expense related to stock options - 13.593 - - - - 13.593 Cash inflow (outflow) from hedging - (4.073) - - - - (4.073) Investments in equity method investees, net - 22.945 - - (20.610) - 2.335 Changes in assets and liabilities, net of amounts from businesses acquired: Trade accounts receivable, net - - 14.851 - (54.149) (1.982) (41.280) Inventories - - (4.162) - (70.848) 20.092 (54.918) Prepaid expenses and other current and non-current assets - 46.352 (11.519) (44.179) 72.114 5.107 67.875 Accounts receivable from / payable to related parties (8) (334.000) 644.752 128.185 (559.991) 106.351 (14.711) Accounts payable, accrued expenses and other current and non-current liabilities - 11.469 21.203 6.246 181.426 (5.080) 215.264 Income tax payable 174 7.917 - (50.528) 7.661 (1.281) (36.057) Net cash provided by (used in) operating activities 4.543 7.646 717.428 (37.828) 1.404.471 (61.455) 2.034.805 Investing Activities: Purchases of property, plant and equipment - (320) (76.096) - (712.213) 40.691 (747.938) Proceeds from sale of property, plant and equipment - 48 583 - 19.216 - 19.847 Disbursement of loans to related parties - 911.133 - 141.347 - (1.052.480) - Acquisitions and investments, net of cash acquired, and purchases of intangible assets - (103.308) (24.503) (1.000) (492.683) 125.769 (495.725) Proceeds from divestitures - - - - 18.276 - 18.276 Net cash provided by (used in) investing activities - 807.553 (100.016) 140.347 (1.167.404) (886.020) (1.205.540) Financing Activities: Short-term debt, net - 20 (613.593) - 597.859 - (15.714) Long-term debt and capital lease obligations, net (4.544) (140.374) - 1.596.569 (2.680.352) 1.052.480 (176.221) Increase (decrease) of accounts receivable securitization program - - - - 189.250 - 189.250 Proceeds from exercise of stock options - 102.419 - - 8.881 - 111.300 Proceeds from conversion of preference shares into ordinary shares - 34.784 - - - - 34.784 Purchase of treasury stock - (505.014) - - - - (505.014) Dividends paid - (296.134) - (684.229) 681.345 2.884 (296.134) Capital increase (decrease) - - - (1.014.859) 1.117.683 (102.824) - Distributions to noncontrolling interest - - - - (216.758) - (216.758) Contributions from noncontrolling interest - - - - 66.467 - 66.467 Net cash provided by (used in) financing activities (4.544) (804.299) (613.593) (102.519) (235.625) 952.540 (808.040) Effect of exchange rate changes on cash and cash equivalents - (10.965) 170 - (15.693) - (26.488) Cash and Cash Equivalents: Net increase (decrease) in cash and cash equivalents (1) (65) 3.989 - (14.251) 5.065 (5.263) Cash and cash equivalents at beginning of period 1 78 501 - 686.457 1.003 688.040 Cash and cash equivalents at end of period $ - $ 13 $ 4.490 $ - $ 672.206 $ 6.068 $ 682.777 |
The Company and Basis of Pres32
The Company and Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Significant Accounting Policies [Abstract] | |
Principles of Consolidation | Summary of Significant Accounting Policies a) Principles of Consolidation The consolidated financial statements include the earnings of all companies in which the Company has legal or effective control. This includes variable interest entities (“VIEs”) for which the Company is deemed the primary beneficiary. The Company also consolidates certain clinics that it manages and financially controls. Noncontrolling interests represent the p roportionate equity interests in the Company’s consolidated entities t hat are not wholly owned by the Company . Noncontrolling interests of acquired entities are valued at fair value. The equity method of accounting is used for investments in associated companies over which the Company has significant exercisable influence, e ven when the Company holds 50% or less of the common stock of the entity. All significant intercompany transactions and balances have been eliminated. The Company has entered into various arrangements with certain legal entities whereby the entities' inves tors own disproportionate equity ownership interests in relation to the risks and rewards they retain for these arrangements or the entities are unable to provide their own funding for their operations. In these arrangements, the entities are VIEs in which the Company has been determined to be the primary beneficiary and which therefore have been fully consolidated. During 2015 , the Company has consolidated three new VIEs in the North America Segment as a result of new arrangements with legal entities whereby the en tities' investors own disproportionate equity ownership interests in relation to the risks and rewards they retain for these arrangements while two entities have ceased to be VIEs due to either an increase in the Company's shareholdings to 100% or a dissol ution of a previously consolidated entity. In the Latin America Segment, 18 entities have ceased to be VIEs due to a change in legislation allo wing the company to increase it s shareholdings to 100%. The Company has provided some or all of the following ser vices to VIEs: management, financing or product supply. Consolidated VIEs generated approximately $ 761,675 , $ 533,652 and $203,333 in revenue in 2015 , 2014 , and 2013 , respectively. At December 31 , 2015 and 2014 the Company provided funding to VIEs through loans and accounts receivable of $277,119 and $ 298,875 , respectively. The table below shows the carrying amounts of the assets and liabilities of VIEs at December 31 , 2015 and 2014 : |
Cash and Cash Equivalents | b) Cash and Cash Equivalents Cash and cash equivalents comprise cash funds and all short-term, liquid investments with original maturities of up to three months. |
Inventories | c) Inventories Inventories are stated at the lower of cost (determined by using the average or first-in, first-out method) or net realizable value (see Note 3 ). Costs included in inventories are based on invoiced costs and/or production costs or the marked to mar ket valuation, as applicable. Included in production costs are material, direct labor and production overhead, including depreciation charges. |
Property, Plant and Equipment | d) Property, Plant and Equipment Property, plant, and equipment are stated at cost less accumulated depreciati on (see Note 5 ). Significant improvements are capitalized; repairs and maintenance costs that do not extend the useful lives of the assets are charged to expense as incurred. Property and equipment under capital leases are stated at the present val ue of future minimum lease payments at the inception of the lease, less accumulated depreciation. Depreciation on property, plant and equipment is calculated using the straight-line method over the estimated useful lives of the assets ranging from 4 to 40 years for buildings and improvements with a weighted average life of 13 years and 3 to 19 years for machinery and equipment with a weighted average life of 11 years. Equipment held under capital lease s and leasehold improvements are amortized using the straight-line method over the shorter of the lease term or the estimated useful life of the asset. Internal use platform software that is integral to the computer equipment it supports is included in pro perty, plant and equipment. The Company capitalizes interest on borrowed funds during construction periods. Interest capitalized during 2015 , 2014 , and 2013 was $ 6.082 , $ 4.285 and $ 4.223 , respectively . |
Intangible Assets and Goodwill | e) Intangible Assets and Goodwill Intangible assets such as non-compete agreements, technology, distribution rights, patents, licenses to treat, licenses to manufacture, distribute and sell pharmaceutical drugs, exclusive contracts and exclusive lice nses, trade names, management contracts, application software, acute care agreements, customer relationships and lease agreements are recognized and reported apart from goodwill (see Note 6 ). Goodwill and identifiable intangibles with indefinite useful lives are not amortized but tested for impairment annually or when an event becomes known that could trigger an impairment. The Company identified trade names and certain qualified management contracts as intangible assets with indefinite useful li ves because, based on an analysis of all of the relevant factors, there is no foreseeable limit to the period over which those assets are expected to generate net cash inflows for the Company. Intangible assets with finite useful lives are amortized over t heir respective useful lives to their residual values. The Company amortizes non-compete agreements over their useful life which on average is 6 years. Technology is amortized over its useful life of 15 years. Licenses to manu facture, distribute and sell pharmaceutical drugs, exclusive contracts and exclusive licenses are amortized over their useful life which on average is 10 years. Customer relationships are amortized over their useful life of 11 years. All other intangible assets are amortized over their weighted average useful lives of 7 years. The weighted average useful life of all amortizable intangible assets is 9 years. Intang ible assets with finite useful lives are evaluated for impairment when events have occurred that may give rise to an impairment. To perform the annual impairment test of goodwill, the Company identified its reporting units and determined their carrying val ue by assigning the assets and liabilities, including the existing goodwill and intangible assets, to those reporting units. The reporting units are the North America Segment, EMEA Segment, Asia-Pacific Segment and the Latin America Segment. For the purpos e of goodwill impairment testing, all corporate assets are allocated to the reporting units. In a first step, the Company compares the fair value of a reporting unit to its carrying amount. Fair value is determined using estimated future cash flows for the unit discounted by an after-tax weighted average cost of capital (“WACC”) specific to that reporting unit. Estimating the future cash flows involves significant assumptions, especially regarding future reimbursement rates and sales prices, number of treat ments, sales volumes and costs. In determining discounted cash flows, the Company utilizes for every reporting unit, its three-year budget, projections for years 4 to 10 and a representative growth rate for all remaining years. Projections for up to ten ye ars are possible due to the stability of the Company’s business which, results from the non-discretionary nature of the health care services we provide, the need for products utilized to provide such services and the availability of government reimbursemen t for a substantial portion of our services. The reporting units’ respective expected growth rates for the period beyond ten years are : North America Segment 1%, EMEA Segment 0%, Asia-Pacific Segment 4% and Latin America Segment 4%. The discount factor is determined by the WACC of the respective reporting unit. The Company’s WACC consisted of a basic rate of 6.15% for 2015 . The basic rate is then adjusted by a country-specific risk rate and, if appropriate, by a factor to reflect higher risks associated with the cash flows from recent material acquisitions, until they are appropriately integrated, within each reporting unit. In 2015 , WACCs for the reporting units ranged from 6.13% to 19.41%. In the case that the fair value of the reporting unit is les s than its carrying value, a second step would be performed which compares the implied fair value of the reporting unit's goodwill to the carrying value of its goodwill. If the fair value of the goodwill is less than the carrying value, the difference is r ecorded as an impairment. To evaluate the recoverability of intangible assets with indefinite useful lives, the Company compares the fair values of intangible assets with their carrying values. An intangible asset's fair value is determined using a discoun ted cash flow approach or other methods, if appropriate. |
Derivative Financial Instruments | f) Derivative Financial Instruments Derivative financial instruments, which primarily include foreign currency forward contracts and interest rate swaps, are recognized as assets or liabilities at fair value in the balance sheet (see Note 20 ). From time to time, the Company may enter into other types of derivative instruments which are dealt with on a transaction by transaction basis. Changes in the fair value of derivative financial ins truments classified as fair value hedges and in the corresponding underlying assets and liabilities are recognized periodically in earnings, while the effective portion of changes in fair value of derivative financial instruments classified as cash flow he dges is recognized in accumulated other comprehensive income (loss) (“AOCI”) in shareholders’ equity. The ineffective portion is recognized in current net earnings. The change in fair value of derivatives that do not qualify for hedge accounting are record ed in the income statement and usually offset the changes in value recorded in the income statement for the underlying asset or liability. |
Foreign Currency Translation | g) Foreign Currency Translation For purposes of these consolidated financial statements, the U.S. dollar is the re porting currency. Substantially all assets and liabilities of the parent company and all non-U.S. subsidiaries are translated at year-end exchange rates, while revenues and expenses are translated at average exchange rates. Adjustments for foreign currency translation fluctuations are excluded from net earnings and are reported in AOCI. In addition, the translation adjustments of certain intercompany borrowings, which are of a long-term nature, are reported in AOCI. |
Revenue Recognition Policy | h) Revenue Recognition and Allowance f or Doubtful Accounts Revenue Recognition Health C are revenues, other than the hospitalist revenues discussed below, are recognized on the date the patient receives treatment and includes amounts related to certain services, products and supplies utilized in providing such treatment. The patient is obligated to pay for health care services at amounts estimated to be receivable based upon the Company’s standard rates or at rates determined under reimbursement arrangements. In the U.S., these arrangements are generally with third party payors , such as Medicare, Medicaid or commercial insurers. Outside the U.S., the reimbursement is usually made through national or local government programs with reimbursement rates established by statute or regulation. Dialysi s product revenues are recognized upon transfer of title to the customer, either at the time of shipment, upon receipt or upon any other terms that clearly define passage of title. Product revenues are normally based upon pre-determined rates that are esta blis hed by contractual arrangement. For both health care revenues and dialysis product revenues, patients, third party payors and customers are billed at our standard rates net of contractual allowances, discounts or rebates to reflect the estimated amount s to be receivable from these payors . In the U.S., h ospitalist revenues are reported at the estimated net realizable amount from third-party payors , client hospitals, and others at the time services are provided. Third-party pay o rs include federal and sta te agencies (under the Medicare and Medicaid programs), managed care health plans, and commercial insurance companies. Inpatient acute care services rendered to Medicare and Medicaid program beneficiaries are paid according to a fee-for-service schedule . T hese rates vary according to a patient classification system that is based on clinical, diagnostic and other factors. Inpatient acute services generated through payment arrangements with managed care health plans and commercial insurance companies are recorded on an accrual basis in the period in which services are provided at established rates. Contractual adjustments and bad debts are recorded as deductions from gross re venue to determine net revenue. In addition to the net patient service revenue des cribed below , the company receives subsidies from hospitals to provide hospitalist services. For services performed for patients where the collection of the billed amount or a portion of the billed amount cannot be determined at the time services are perfo rmed , Health Care Entities must record the difference between the receivable recorded and the amount estimated to be collectible as a provision with the expense pre sented as a reduction of Health Care revenue. The provision includes such items as amounts d ue from patients without adequate insurance coverage and patient co-payment and deductible amounts due from patients with health care coverage. The Company determines the provision primarily on past collection history and reports it as “Patient service bad debt provision” on the Consolidated Statements of Income. A minor portion of product revenues outside the North America Segment is generated from arrangements which give the customer, typically a healthcare provider, the right to use dialysis machines. In the same contract the customer agrees to purchase the related treatment disposables at a price marked up from the standard price list. If the right to use the machine is conveyed through an operating lease , FMC-AG & Co. KGaA does not recognize revenue upo n delivery of the dialysis machine but recognizes revenue on the sale of disposables with revenue for the use of dialysis machines recognized over the term of the lease contract . If the lease of the machines is a sales type lease, ownership of the dialysis machine is transferred to the user upon installation of the dialysis machine at the customer site. In this type of contract, revenue is recognized in accordance with the accounting principles for sales type leases. Any tax assessed by a governmental autho rity that is incurred as a result of a revenue transaction (e.g. sales tax) is excluded from revenues and the related revenue is reported on a net basis. |
Allowance for Doubtful Accounts | Allowance for doubtful accounts In the North America Segment for receivables generated from health car e services, the accounting for the allowance for doubtful accounts is based on an analysis of collection experience and recognizing the differences between payors . The Company also performs an aging of accounts receivable which enables the review of each c ustomer and their payment pattern. From time to time, accounts receivable are reviewed for changes from the historic collection experience to ensure the appropriateness of the allowances. The allowance for doubtful accounts in the EMEA Segment, the Asia-Pa cific Segment, the Latin America Segment and the dialysis products business in the North America Segment is an estimate compris ed of customer specific evaluations regarding their payment history, current financial stability, and applicable country specific risks for receivables that are overdue more than one year. The changes in the allowance for these receivables are recorded in Selling, general and administrative as an expense. When all efforts to collect a receivable, including the use of outside sources where required and allowed, have been exhausted, and after appropriate management review, a receivable deemed to be uncollectible is considered a bad debt and written off. |
Research and Development expenses | i ) Research and Development expenses Research and development expenses are expen sed as incurred. |
Income Taxes | j) Income Taxes Current taxes are calculated based on the profit (loss) of the fiscal year and in accordance with local tax rules of the respective tax jurisdictions. Expected and executed additional tax payments and tax refunds for prior years are also taken into account. Benefits from income tax positions have been recognized only when it was more likely than not that the Company would be entitled to the economic benefits of the tax positions. The more-likely-than-n ot threshold has been determined based on the technical merits that the position will be sustained upon examination. If a tax position meets the more-likely-than-not recognition threshold, management estimates the largest amount of tax benefit that is more than fifty percent likely to be realized upon settlement with a taxing authority, which becomes the amount of benefit recognized. If a tax position is not considered more likely than not to be sustained based solely on its technical merits, no benefits ar e recognized. The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basi s, tax credits and tax loss carryforwards which are more likely than not to be utilized. Deferred tax assets and liabilities are measured using the respective countries enacted tax rates to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. In addition, the recognition of deferred tax assets considers the budget planning of the Company and implemented tax strategies. A valuation allowance is recorded to reduce the carrying amount of the de ferred tax assets unless it is more likely than not that such assets will be realized (see Note 17 ). It is the Company’s policy that assets for uncertain tax positions are recognized to the extent it is more likely than not the tax will be recovered . It is also the Company’s policy to recognize interest and penalties related to its income tax positions as income tax expense . |
Impairment | k) Impairment The Company reviews the carrying value of its long-lived assets or asset groups with definite useful lives to be held and used for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. Recoverability of these assets is measured by a comparison of the carrying value of an asset to the future net cash flows directly associated with the asset. If assets are considered to be impaired, the impairment recognized is the amount by which the carrying value exceeds the fair value of the as set. The Company uses a discounted cash flow approach or other methods, if appropriate, to assess fair value. Long-lived assets to be disposed of by sale are reported at the lower of carrying value or fair value less cost to sell and depreciation is ceased . Long-lived assets to be disposed of other than by sale are considered to be held and used until disposal. For the Company’s policy related to goodwill impairment, see 1e) above. |
Debt Issuance Costs | l) Debt Issuance Costs Debt issuance costs related to a recognized debt liability are presented on the balance sheet as a direct deduction from the carrying amount of that debt liability. These costs are amortized over the term of the related obligation (see Note 10 ). |
Self-Insurance Programs | m) Self-Insurance Programs Under the insurance pr ograms for professional, product and general liability, auto liability and worker’s compensation claims, the Company's largest subsidiary is partially self-insured for professional liability claims. For all other coverage, the Company assumes responsibilit y for incurred claims up to predetermined amounts above which third party insurance applies. Reported liabilities for the year represent estimated future payments of the anticipated expense for claims incurred (both reported and incurred but not reported) based on historical experience and existing claim activity. This experience includes both the rate of claims incidence (number) and claim severity (cost) and is combined with individual claim expectations to estimate the reported amounts. |
Concentration of Risk | n) Concentrati on of Risk The Company is engaged in the manufacture and sale of products for all forms of kidney dialysis, principally to healthcare providers throughout the world, and in providing kidney dialysis treatment. The Company also provides additional health ca re services under Care Coordination. The Company performs ongoing evaluations of its customers' financial condition and, generally, requires no collateral. Approximately 32% , 31% and 32% of the Company's worldwide revenues were earned and subject to regulations under Medicare and Medicaid, governmental healthcare programs administered by the United States government in 2015 , 2014 , and 2013 , respectively. No single debtor other than U.S. Medicare and Medicaid accounted for more tha n 5% of total trade accounts receivable in any of these years. Trade accounts receivable outside the North America Segment are, for a large part, due from government or government-sponsored organizations that are established in the various countries within which we operate. Amounts pending approval from third party payors represent less than 3% at December 31 , 2015 . See Note 3 for discussion of suppliers with long-term purchase commitments. |
Legal Contingencies | o) Legal Contingencies From time to time, during the o rdinary course of the Company's operations, the Company is party to litigation and arbitration and is subject to investigations relating to various aspects of its business (see Note 19 ). The Company regularly analyzes current information about su ch claims for probable losses and provides accruals for such matters, including the estimated legal expenses and consulting services in connection with these matters, as appropriate. The Company utilizes its internal legal department as well as external re sources for these assessments. In making the decision regarding the need for loss accrual, the Company considers the degree of probability of an unfavorable outcome and its ability to make a reasonable estimate of the amount of loss. The filing of a suit o r formal assertion of a claim or assessment, or the disclosure of any such suit or assertion, does not necessarily indicate that accrual of a loss is appropriate. |
Earnings per Ordinary share and Preference share | p) Earnings per Share Basic earnings per share is calculated by dividing net income attri butable to shareholders by the weighted average number of shares outstanding during the year. Prior to the conversion of preference shares to ordinary shares during the second quarter of 2013, basic earnings per share was computed according to the two-clas s method by dividing net income attributable to shareholders, less preference amounts, by the weighted number of ordinary and preference shares outstanding during the year. Diluted earnings per share include the effect of all potentially dilutive instrumen ts on ordinary shares and previously outstanding preference shares that would have been outstanding during the years presented had the dilutive instruments been issued. Equity-settled awards granted under the Company's stock incentive plans (see Note 16 ), are potentially dilutive equity instruments. |
Treasury Stock Policy Text | q) Treasury Stock The Company may, from time to time, acquire its own shares (“Treasury Stock”) as approved by its shareholders. The acquisition, sale or retirement of its Treasury Stock is recorded sep arately in equity. For the calculation of basic earnings per share , treasury stock is not considered outstanding and is therefore deducted from the number of shares outstanding with the value of such Treasury Stock shown as a reduction of the Company’s equ ity . |
Employee Benefit Plans | r) Employee Benefit Plans For the Company’s funded benefit plans, the defined benefit obligation is offset against the fair value of plan assets (funded status). A pension liability is recognized in the C onsolidated Balance Sheets if the defined be nefit obligation exceeds the fair value of plan assets . A pension asset is recognized (and reported under “O ther assets and notes receivables” in the C onsolidated Balance Sheets ) if the fair value of plan assets exceeds the defined benefit obligation and i f the Company has a right of reimbursement against the fund or a right to reduce future payments to the fund. Changes in the funded status of a plan resulting from actuarial gains or losses and prior service costs or credits that are not recognized as comp onents of the net periodic benefit cost are recognized through accumulated other comprehensive income, net of tax, in the year in which they occur. Actuarial gains or losses and prior service costs are subsequently recognized as components of net periodic benefit cost when realized. The Company uses December 31 as the measurement date when measuring the funded status of all plans. |
Option policy | s) Stock Option Plans and other Stock Based Compensation Plans The grant date fair value of stock options and convertible equity instruments that are settled by delivering equity-instruments granted to members of the Management Board of the Fresenius Medical Care Management AG and executive employees of the group entities by FMC-AG & Co. KGaA is measured using the binominal option pricing model and recognized as expense over the vesting period of the stock option plans. The balance sheet date fair value of cash-settled phantom stocks granted to members of the Management Board of Fresenius Medical Care Management AG and executive employees of the Company is calculated using the binominal option pricing model. The corresponding liability based on the balance sheet date fair value is accrued over the vesting period of the phantom stock plans. Two of the Company’s subsidiaries are authorized to issue Incentive Units (see Note 16 ). The balance sheet date fair value of the awards under the subsidiary stock incentive plans, whereby Incentive Units are issued by certain of the Company’s subsidiar ies, is calculated using the Monte Carlo pricing model. The corresponding liability is accrued over the vesting period of the Incentive Units. |
Recent Pronouncements | t) Recent Pronouncements Recently Implemented Accounting Pronouncements On April 7, 2015, FASB issued Accounti ng Standards Update 2015-03 (“ASU 2015-03”), Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , which requires that debt issuance costs related to a recognized debt liability be presented in the balanc e sheet as a direct deduction from the carrying amount of that liability, consistent with debt discounts. This update is effective for fiscal years beginning after December 15, 2015, and for interim periods within fiscal years beginning after December 15, 2015. Earlier adoption is permitted. We adopted this ASU as of December 31, 2015. In accordance with ASU 2015-03, we have adjusted Prepaid expenses and other current assets, Other assets and notes receivables and Long-term debt and capital lease obligation s in the amount of $6,498, $59,622 and $66,120, respectively, as of December 31, 2014. Recent Accounting Pronouncements Not Yet Adopted On May 28, 2014, the FASB issued Accounting Standards Update 2014-09 (“ASU 2014-09”), Revenue from Contracts with Custom ers, Topic 606 . Simultaneously, the IASB published its equivalent revenue standard, “IFRS 15,” Revenue from Contracts with Customers . The standards are the result of a convergence project between FASB and the IASB. This update specifies how and when compan ies reporting under U.S. GAAP will recognize revenue as well as providing users of financial statements with more informative and relevant disclosures. ASU 2014-09 supersedes some guidance included in topic 605, Revenue Recognition, some guidance within th e scope of Topic 360, Property, Plant, and Equipment, and some guidance within the scope of Topic 350, Intangibles - Goodwill and Other. This ASU applies to nearly all contracts with customers, unless those contracts are within the scope of other standards (for example, lease contracts or insurance contracts). With the issuance of Accounting Standards Update 2015-14 (“ASU 2015-14”), Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date on August 12, 2015, the effective date of ASU 2014-09 for public business entities, among others, was deferred from fiscal years and interim periods within those years beginning on or after December 15, 2016 to fiscal years and interim periods within thos e years beginning on or after December 15, 2017 . Earlier adoption is not permitted. We are currently evaluating the impact of ASU 2014-09, in conjunction with ASU 2015-14, on our Consolidated Financial Statements. On February 18, 2015, FASB issued Accounti ng Standards Update 2015-02 (“ASU 2015-02”), Consolidation (Topic 810): Amendments to the Consolidation Analysis , which focuses on clarifying guidance related to the evaluation of various types of legal entities such as limited partnerships, limited liabil ity corporations and certain security transactions for consolidation. The update is effective for fiscal years beginning after December 15, 2015, and for interim periods within fiscal years beginning after December 15, 2015. We are currently evaluating the impact of ASU 2015-02 on our Consolidated Financial Statements. On September 25, 2015, FASB issued Accounting Standards Update 2015-16 (“ASU 2015-16”), Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. ASU 2 015-16 requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The update also requires that the acquirer separately di scloses the portion of the amount recorded in current period earnings that would have been recorded in previous periods as a result of an adjustment to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The update is effective for fiscal years and interim periods within those years beginning on or after December 15, 2015. We are currently evaluating the impact of ASU 2015-16 on our Consolidated Financial Statements. On November 20, 2015, FASB issued Accounti ng Standards Update 2015-17 (“ASU 2015-17”) Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes , which focuses on reducing the complexity of classifying deferred taxes on the balance sheet. ASU 2015-17 eliminates the current requiremen t for organizations to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet and requires the classification of all deferred tax assets and liabilities as noncurrent. The update is effective for fiscal years an d interim periods within those years beginning on or after December 15, 2016. As earlier adoption is permitted, we will adopt ASU 2015-17 beginning in the fiscal year 2016. On January 5, 2016, FASB issued Accounting Standards Update 2016-01 (“ASU 2016-01”) Financial Instruments -- Overall (Subtopic 825-10) : Recognition and Measurement of Financial Assets and Financial Liabilities . ASU 2016-01 focuses on improving the recognition and measurement of financial instruments to provide users of financial statemen ts with more decision-useful information . ASU 2016-01 affects the accounting treatment and disclosures related to financial instruments and equity instruments. The update is effective for fiscal years and interim periods within those years beginning on or after December 15, 2017. Earlier adoption is generally not permitted. We are currently evaluating the impact of ASU 2016-01 on our Consolidated Financial Statements. |
The Company and Basis Of Pres33
The Company and Basis Of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Company Basis of Presentation Healthcare Reform and Significant Accounting Policies (Tables) [Abstract] | |
Schedule Of Variable Interest Entities Text Block | 2015 2014 Trade accounts receivable, net $ 278.365 $ 195.369 Other current assets 73.206 232.487 Property, plant and equipment, intangible assets & other non-current assets 37.637 59.351 Goodwill 25.760 37.934 Accounts payable, accrued expenses and other liabilities 369.635 485.006 Non-current loans from related parties 28.986 28.985 Equity 16.347 11.150 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventories (Tables) [Abstract] | |
Inventory Disclosure Tables [Text Block] | 2015 2014 Finished goods $ 670.291 $ 677.110 Health care supplies 395.342 170.614 Raw materials and purchased components 206.525 197.920 Work in process 68.593 69.910 Inventories $ 1.340.751 $ 1.115.554 |
Prepaid Expenses and Other Cu35
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Prepaid Expenses And Other Current Assets (Tables ) [Abstract] | |
Schedule of Other Assets [Table Text Block] | 2015 2014 Available for sale financial assets (1) $ 271.952 $ 168.062 Insurance recoveries 220.000 - Income taxes receivable 131.396 238.317 Cost report receivable from Medicare and Medicaid 109.311 137.543 Other taxes receivable 69.684 80.163 Other deferred charges 63.210 58.315 Leases receivable 53.117 55.503 Prepaid rent 51.651 53.015 Receivables for supplier rebates 48.625 85.548 Payments on account 37.016 30.680 Derivatives 27.021 28.241 Prepaid insurance 21.848 21.290 Amounts due from managed locations 20.468 34.054 Deposit / Guarantee / Security 15.276 19.447 Other 234.140 316.391 Total prepaid expenses and other current assets $ 1.374.715 $ 1.326.569 (1) The impact on the Consolidated Statements of Income and the Consolidated Statements of Shareholders' Equity is not material. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property Plant And Equipment (Tables) [Abstract] | |
Schedule of property plant and equipment | 2015 2014 Land $ 65.076 $ 65.081 Buildings and improvements 2.758.018 2.630.431 Machinery and equipment 4.070.878 3.965.870 Machinery, equipment and rental equipment under capitalized leases 69.179 62.016 Construction in progress 445.431 314.067 7.408.582 7.037.465 Accumulated depreciation (3.983.008) (3.747.285) Property, plant and equipment, net $ 3.425.574 $ 3.290.180 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Intangible Assets And Goodwill (Tables) [Abstract] | |
Schedule Of Finite Lived Intangible Assets Table Text Block | 2015 2014 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization Amortizable Intangible Assets Non-compete agreements $ 346.186 $ (273.220) $ 338.443 $ (257.234) Technology 106.510 (57.821) 113.346 (51.225) Licenses and distribution agreements 193.280 (112.167) 194.810 (111.754) Customer Relationships 262.754 (35.347) 239.694 (12.059) Self-developed software 140.914 (72.797) 122.944 (59.955) Other 357.065 (264.621) 355.750 (252.619) Construction in progress 23.333 - 32.653 - $ 1.430.042 $ (815.973) $ 1.397.640 $ (744.846) |
Schedule Of Finite Lived Intangible Assets Amortization Expense [Text Block] | 2015 2014 Carrying Carrying Amount Amount Non-amortizable Intangible Assets Tradename $ 209.404 $ 209.513 Management contracts 7.016 7.104 $ 216.420 $ 216.617 Total Intangible Assets $ 830.489 $ 869.411 |
Finite Lived Intangible Assets Future Amortization Expense [Text Block] | Estimated Amortization Expense 2016 $ 109.544 2017 $ 104.430 2018 $ 100.258 2019 $ 98.126 2020 $ 92.092 |
Schedule Of Goodwill Text Block | North Asia- Latin America EMEA Pacific America Segment Segment Segment Segment Segment Total Corporate Total Balance as of December 31, 2013 $ 9.645.647 $ 1.243.988 $ 269.802 $ 80.367 $ 11.239.804 $ 418.383 $ 11.658.187 Goodwill acquired, net of divestitures 1.535.840 19.010 121.971 33.986 1.710.807 - 1.710.807 Foreign Currency Translation Adjustment (533) (244.117) (26.422) (13.529) (284.601) (2.213) (286.814) Balance as of December 31, 2014 $ 11.180.954 $ 1.018.881 $ 365.351 $ 100.824 $ 12.666.010 $ 416.170 $ 13.082.180 Goodwill acquired, net of divestitures 43.186 52.484 22.247 (1.018) 116.899 - 116.899 Reclassifications - 4.867 (2.774) - 2.093 (2.093) - Foreign Currency Translation Adjustment (561) (132.260) (11.250) (20.531) (164.602) (1.727) (166.329) Balance as of December 31, 2015 $ 11.223.579 $ 943.972 $ 373.574 $ 79.275 $ 12.620.400 $ 412.350 $ 13.032.750 |
Accrued Expenses and Other Cu38
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accrued Expenses And Other Current Liabilities (Tables) [Abstract] | |
Accounts Payable And Accrued Liabilities Disclosure Tables [Text Block] | 2015 2014 Accrued salaries, wages and incentive plan compensations $ 658.266 $ 647.627 Unapplied cash and receivable credits 395.817 333.858 Accrued settlement 280.000 - Accrued self-insurance 225.845 235.284 Accrued operating expenses 142.045 139.652 Accrued interest 121.348 119.886 Lease obligations 105.469 100.712 Withholding tax and VAT 84.918 91.839 Accrued variable payments outstanding for acquisition 52.370 32.984 Derivatives 11.614 53.804 Other 425.445 441.599 Total accrued expenses and other current liabilities $ 2.503.137 $ 2.197.245 |
Short-term Borrowings, Other Fi
Short-term Borrowings, Other Finanacial Liabilties and Short-term Borrowings from Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Short Term Debt (Tables) [Abstract] | |
Schedule of Short-term debt | 2015 2014 Borrowings under lines of credit $ 109.230 $ 132.495 Other financial liabilities 22 198 Short-term debt 109.252 132.693 Short-term debt from related parties (see Note 2.b) 19.052 5.357 Short-term debt and short-term debt from related parties $ 128.304 $ 138.050 |
Long-term Debt and Capital Le40
Long-term Debt and Capital Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Long Term Debt and Capital Lease Obligations (Tables) [Abstract] | |
Schedule of long-term debt | 2015 2014 Amended 2012 Credit Agreement $ 2.611.580 $ 2.881.930 Senior Notes 5.325.618 5.473.979 Equity-neutral convertible bonds 407.705 447.263 Accounts Receivable Facility 50.185 340.575 Capital lease obligations 40.621 40.991 Other 82.113 143.026 Long-term debt and capital lease obligations $ 8.517.822 $ 9.327.764 Less current portion (664.335) (313.607) Long-term debt and capital lease obligations, less current portion $ 7.853.487 $ 9.014.157 |
2006 Senior Credit Agreement Table | Maximum Amount Available 2015 Balance Outstanding 2015 (1) Revolving Credit USD $ 1.000.000 $ 1.000.000 $ 25.110 $ 25.110 Revolving Credit EUR € 400.000 $ 435.480 € - $ - USD Term Loan $ 2.300.000 $ 2.300.000 $ 2.300.000 $ 2.300.000 EUR Term Loan € 276.000 $ 300.481 € 276.000 $ 300.481 $ 4.035.961 $ 2.625.591 Maximum Amount Available 2014 Balance Outstanding 2014 (1) Revolving Credit USD $ 1.000.000 $ 1.000.000 $ 35.992 $ 35.992 Revolving Credit EUR € 400.000 $ 485.640 € - $ - USD Term Loan $ 2.500.000 $ 2.500.000 $ 2.500.000 $ 2.500.000 EUR Term Loan € 300.000 $ 364.230 € 300.000 $ 364.230 $ 4.349.870 $ 2.900.222 (1) Amounts shown are excluding debt issuance costs. |
Schedule of senior notes | Issuer/Transaction Face Amount Maturity Coupon Book value 2015 Book value 2014 FMC Finance VI S.A. 2010 € 250.000 July 15, 2016 5,50% $ 271.409 $ 301.206 FMC Finance VIII S.A. 2011 (1) € 100.000 October 15, 2016 3,45% $ 108.735 $ 121.052 FMC US Finance, Inc. 2007 $ 500.000 July 15, 2017 6 7/8% $ 497.363 $ 495.631 FMC Finance VIII S.A. 2011 € 400.000 September 15, 2018 6,50% $ 430.600 $ 478.182 FMC US Finance II, Inc. 2011 $ 400.000 September 15, 2018 6,50% $ 395.678 $ 394.080 FMC US Finance II, Inc. 2012 $ 800.000 July 31, 2019 5,625% $ 796.505 $ 795.014 FMC Finance VIII S.A. 2012 € 250.000 July 31, 2019 5,25% $ 270.655 $ 301.357 FMC US Finance II, Inc. 2014 $ 500.000 October 15, 2020 4,125% $ 495.944 $ 495.092 FMC US Finance, Inc. 2011 $ 650.000 February 15, 2021 5,75% $ 642.167 $ 640.626 FMC Finance VII S.A. 2011 € 300.000 February 15, 2021 5,25% $ 324.045 $ 360.807 FMC US Finance II, Inc. 2012 $ 700.000 January 31, 2022 5,875% $ 696.086 $ 694.918 FMC US Finance II, Inc. 2014 $ 400.000 October 15, 2024 4,75% $ 396.431 $ 396.014 $ 5.325.618 $ 5.473.979 (1) This note carries a variable interest rate which was 3.45% at December 31, 2015. |
Accounts Receiable Facility | Maximum Amount Available (1) Balance Outstanding (2) 2015 2014 2015 2014 Accounts Receivable Facility $ 800.000 $ 800.000 $ 51.000 $ 341.750 (1) Subject to availability of sufficient accounts receivable meeting funding criteria. (2) Amounts shown are excluding debt issuance costs. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Employee Benefit Plans (Tables) [Abstract] | |
Schedule of changes in the benefit obligation | 2015 2014 Change in benefit obligation: Benefit obligation at beginning of year $ 877.722 $ 660.860 Foreign currency translation (39.406) (46.505) Service cost 24.936 18.617 Interest cost 27.783 29.513 Amendments (879) - Transfer of plan participants (102) 220 Actuarial (gain) loss (56.840) 234.199 Benefits paid (22.227) (19.182) $ 810.987 $ 877.722 Change in plan assets: Fair value of plan assets at beginning of year $ 270.858 $ 248.495 Actual return on plan assets (11.159) (3.600) Employer contributions 20.098 42.365 Benefits paid (19.640) (16.402) Fair value of plan assets at end of year $ 260.157 $ 270.858 Funded status at end of year $ 550.830 $ 606.864 Benefit plans offered by other subsidiaries $ 41.595 $ 41.990 Net Pension Liability $ 592.425 $ 648.854 |
Schedule of pre-tax adjustments reflecting actuarial losses (gains) | Actuarial (gains) losses Actuarial (gains) losses recognized in OCI at December 31, 2012 $ 287.956 Actuarial (gain) loss for the year (44.118) Other Adjustments 563 Amortization of unrealized losses (25.418) Foreign currency translation 3.984 Actuarial (gains) losses recognized in OCI at December 31, 2013 $ 222.967 Actuarial (gain) loss for the year 253.969 Amortization of unrealized losses (17.147) Foreign currency translation (21.661) Actuarial (gains) losses recognized in OCI at December 31, 2014 $ 438.128 Actuarial (gain) loss for the year (29.278) Prior Service Costs (Credit) (879) Amortization of unrealized losses (34.623) Foreign currency translation (19.147) Actuarial (gains) losses recognized in OCI at December 31, 2015 $ 354.201 |
Schedule of weighted-average assumptions used in calculating benefit obligation | in % 2015 2014 Discount rate 3,70 3,23 Rate of compensation increase 3,29 3,28 |
Schedule of the components of net periodic benefit cost | 2015 2014 2013 Components of net periodic benefit cost: $ $ $ Service cost 24.936 18.617 15.900 Interest cost 27.783 29.513 26.859 Expected return on plan assets (16.403) (16.169) (13.638) Amortization of unrealized losses 34.623 17.147 25.418 Net periodic benefit costs $ 70.939 $ 49.108 $ 54.539 2015 2014 2013 Components of net periodic benefit cost: $ $ $ Service cost 24.936 18.617 15.900 Interest cost 27.783 29.513 26.859 Expected return on plan assets (16.403) (16.169) (13.638) Amortization of unrealized losses 34.623 17.147 25.418 Net periodic benefit costs $ 70.939 $ 49.108 $ 54.539 |
Shedule of weighted average assumptions used in calculating net periodic cost | in % 2015 2014 2013 Discount rate 3,23 4,55 4,14 Expected return of plan assets 6,00 6,00 6,00 Rate of compensation increase 3,28 3,29 3,32 |
Schedule of estimated future benefit payments | 2016 $ 22.511 2017 24.127 2018 25.575 2019 27.462 2020 29.621 2021 - 2025 178.189 |
Schedule of fair value of plan assets by measurement | Fair Value Measurements at 2015 Fair Value Measurements at 2014 Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Asset Category Total (Level 1) (Level 2) Total (Level 1) (Level 2) Equity Investments Index Funds (1) $ 64.828 $ 98 $ 64.730 $ 69.485 $ (310) $ 69.795 Fixed Income Investments Government Securities (2) 4.815 4.269 546 1.629 850 779 Corporate Bonds (3) 169.717 - 169.717 181.132 - 181.132 Other Bonds (4) 7.794 - 7.794 4.573 - 4.573 U.S. Treasury Money Market Funds (5) 13.003 13.003 - 7.989 7.989 - Other types of investments Cash, Money Market and Mutual Funds (6) - - - 6.050 6.050 - Total $ 260.157 $ 17.370 $ 242.787 $ 270.858 $ 14.579 $ 256.279 (1) This category comprises low-cost equity index funds not actively managed that track the S&P 500, S&P 400, Russell 2000, MSCI Emerging Markets Index and the Morgan Stanley International EAFE Index. (2) This Category comprises fixed income investments by the U.S. government and government sponsored entities. (3) This Category primarily represents investment grade bonds of U.S. issuers from diverse industries. (4) This Category comprises private placement bonds as well as collateralized mortgage obligations. (5) This Category represents funds that invest in U.S. treasury obligations directly or in U.S. treasury backed obligations. (6) This Category represents cash, money market funds as well as mutual funds comprised of high grade corporate bonds. |
Noncontrolling Interests Subj42
Noncontrolling Interests Subject To Put Provisions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Noncontrolling Interests Subject To Put Provisions (Tables) [Abstract] | |
Noncontrolling Interests Subject to Put Provisions | 12 . Noncontrolling Interests Subject to Put Provisions and Other Temporary Equity The Company has potential obligations to purchase the noncontrolling interests held by third parties in certain of its consolidated subsidiaries. These obligations are in the form of put provisions and are exercisable at the third-party owners’ discretion within specified periods as outlined in each specific put provision. If these put provisions were exercised, the Company would be required to purchase all or part of third-party owners’ noncontrolling interests at the appraised fair value at the time of exercise. The methodology the Company uses to estimate the fair values of the noncontrolling interest subject to p ut provisions assumes the greater of net book value or a multiple of earnings, based on historical earnings, development stage of the underlying business and other factors. Additionally, there are put provisions that are valued by an external valuation fir m. The external valuation estimates the fair values using a combination of discounted cash flows and a multiple of earnings and/or revenue. The estimated fair values of the noncontrolling interests subject to these put provisions can also fluctuate, the di scounted cash flows and the implicit multiple of earnings and/or revenue at which these noncontrolling interest obligations may ultimately be settled could vary significantly from our current estimates depending upon market conditions. At December 31 , 2015 , 2014 and 2013 , the Company’s potential obligations under these put options were $ 1.023.755 , $ 824.658 and $ 648.251 , respectively. At December 31 , 2015 , 2014 and 2013 , put options with an ag gregate purchase obligation of $ 258.552 , $ 123.846 and $ 119.148 , respectively, were exercisable. In the last three fiscal years ending December 31 , 2015 , eleven such put provisions have been exercised for a total consideration of $1 3 , 747 . The following is a roll forward of noncontrolling interests subject to put provisions for the years ended December 31 , 2015 , 2014 and 2013 : 2015 2014 2013 Beginning balance as of January 1, $ 824.658 $ 648.251 $ 523.260 Contributions to noncontrolling interests (164.830) (142.696) (122.179) Purchase/ sale of noncontrolling interests 7.915 87.902 16.190 Contributions from noncontrolling interests 16.749 16.064 17.767 Expiration of put provisions and other reclassifications 5.206 (4.650) (9.467) Changes in fair value of noncontrolling interests 178.003 89.767 108.575 Net income 159.127 133.593 113.156 Other comprehensive income (loss) (3.073) (3.573) 949 Ending balance as of December 31, $ 1.023.755 $ 824.658 $ 648.251 2015 2014 2013 Beginning balance as of January 1, $ 824.658 $ 648.251 $ 523.260 Contributions to noncontrolling interests (164.830) (142.696) (122.179) Purchase/ sale of noncontrolling interests 7.915 87.902 16.190 Contributions from noncontrolling interests 16.749 16.064 17.767 Expiration of put provisions and other reclassifications 5.206 (4.650) (9.467) Changes in fair value of noncontrolling interests 178.003 89.767 108.575 Net income 159.127 133.593 113.156 Other comprehensive income (loss) (3.073) (3.573) 949 Ending balance as of December 31, $ 1.023.755 $ 824.658 $ 648.251 |
Shareholders' Equity (Table)
Shareholders' Equity (Table) | 12 Months Ended |
Dec. 31, 2015 | |
Shareholders Equity Table [Abstract] | |
Share Buyback [Table] | Period Average price paid per share Total number of shares purchased as part of publicly announced plans or programs Total Value of Shares Repurchased in € in $ (1) in € (3) in $ (2), (3) (in thousands) May 2013 52,96 68,48 1.078.255 57.107 73.842 June 2013 53,05 69,95 2.502.552 132.769 175.047 July 2013 49,42 64,63 2.972.770 146.916 192.124 August 2013 48,40 64,30 995.374 48.174 64.001 Total 51,00 66,90 7.548.951 384.966 505.014 (1) The dollar value is calculated using the daily exchange rate for the share repurchases made during the month. (2) The value of the shares repurchased in Dollar is calculated using the total value of the shares purchased in Euro converted using the daily exchange rate for the transactions. (3) This amount is inclusive of fees (net of taxes) paid in the amount of approximately $106 (€81) for services rendered. |
Sources Of Revenue (Tables)
Sources Of Revenue (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Patient Service Revenues by Payor | |
Patient Service Revenue | 2015 2014 2013 Medicare program $ 5.058.262 $ 4.677.053 $ 4.411.285 Private/alternative payors 4.830.401 4.278.847 3.841.473 Medicaid and other government sources 538.077 433.092 392.908 Hospitals 915.184 568.859 411.340 Total patient service revenue $ 11.341.924 $ 9.957.851 $ 9.057.006 |
Earning Per Share (Tables)
Earning Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share (Tables) [Abstract] | |
Schedule of Earning per Share | 2015 2014 2013 Numerators: Net income attributable to shareholders of FMC-AG & Co. KGaA $ 1.029.445 $ 1.045.266 $ 1.109.890 Denominators: Weighted average number of: Ordinary shares outstanding 304.440.184 302.339.124 301.877.303 Preference shares outstanding - - 1.937.819 Total weighted average shares outstanding 304.440.184 302.339.124 303.815.122 Potentially dilutive Ordinary shares 479.851 528.772 673.089 Total weighted average Ordinary shares outstanding assuming dilution 304.920.035 302.867.896 302.550.392 Basic earnings per share $ 3,38 $ 3,46 $ 3,65 Fully diluted earnings per share $ 3,38 $ 3,45 $ 3,65 (a) As of the preference share conversion on June 28, 2013, the Company no longer has two classes of shares. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes (Tables) [Abstract] | |
Schedule of income before income taxes by jurisdiction | 2015 2014 2013 Germany $ 134.193 $ 243.684 $ 234.336 United States 1.440.040 1.262.570 1.254.690 Other 361.039 337.152 358.609 $ 1.935.272 $ 1.843.406 $ 1.847.635 |
Schedule of income tax benefit from continuing operations by jurisdiction | 2015 2014 2013 Current: Germany $ 72.231 $ 72.613 $ 81.117 United States 458.780 270.676 387.017 Other 138.588 141.291 116.186 669.599 484.580 584.320 Deferred: Germany (45.813) (22.651) (33.106) United States (12.693) 152.423 47.298 Other 11.030 (30.754) (6.500) (47.476) 99.018 7.692 $ 622.123 $ 583.598 $ 592.012 |
Schedule of income tax expense reconciliation | 2015 2014 2013 Expected corporate income tax expense $ 573.228 $ 538.275 $ 538.770 Tax-free income (35.715) (44.658) (68.558) Income from equity method investees (14.272) (5.476) (4.869) Tax rate differentials 126.263 148.294 132.977 Nondeductible expenses 36.406 25.161 20.564 Taxes for prior years 19.969 (25.247) (6.389) Change in valuation allowance (2.571) 6.284 3.154 Noncontrolling partnership interests (109.470) (81.594) (55.023) Tax on divestitures 14.953 - - Other 13.332 22.559 31.386 Actual income tax expense $ 622.123 $ 583.598 $ 592.012 Effective tax rate 32,1% 31,7% 32,0% |
Schedule of components of deferred tax assets | 2015 2014 Deferred tax assets: Accounts receivable $ 8.850 $ 7.007 Inventories 11.503 9.424 Intangible assets 7.967 6.876 Property, plant and equipment and other non-current assets 28.476 22.268 Accrued expenses and other liabilities 372.365 285.333 Pension liabilities 151.732 170.659 Net operating loss carryforwards, tax credit carryforwards and interest carryforwards 131.640 138.934 Derivatives 1.317 10.912 Stock-based compensation 3.173 11.934 Other 4.018 12.407 Total deferred tax assets $ 721.041 $ 675.754 Less: valuation allowance (34.654) (49.479) Net deferred tax assets $ 686.387 $ 626.275 Deferred tax liabilities: Accounts receivable $ 43.664 $ 40.453 Inventories 8.318 10.316 Intangible assets 686.650 704.391 Property, plant and equipment and other non-current assets 129.835 163.286 Accrued expenses and other liabilities 5.575 10.368 Derivatives 5.488 4.177 Other 242.524 146.274 Total deferred tax liabilities 1.122.054 1.079.265 Net deferred tax assets (liabilities) $ (435.667) $ (452.990) |
Summary of operating loss carryforwards | 2016 $ 16.775 2017 16.411 2018 22.130 2019 27.396 2020 17.430 2021 5.187 2022 8.585 2023 4.144 2024 18.243 2025 and thereafter 4.819 Without expiration date 81.370 Total $ 222.490 |
Summary of income tax contingencies | Unrecognized tax benefits (excluding interest) 2015 2014 2013 Balance at January 1, $ 166.108 $ 199.924 $ 225.198 Increases in unrecognized tax benefits prior periods 30.973 35.584 25.260 Decreases in unrecognized tax benefits prior periods (20.244) (21.143) (11.445) Increases in unrecognized tax benefits current period - 12.600 10.062 Changes related to settlements with tax authorities (6.762) (60.872) (52.325) Reductions as a result of a lapse of the statute of limitations (1.300) - - Foreign currency translation (19.486) 15 3.174 Balance at December 31, $ 149.289 $ 166.108 $ 199.924 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Operating Leases (Tables) [Abstract] | |
Schedule of the future minimum lease payments due | 2016 $ 696.831 2017 595.078 2018 509.936 2019 436.120 2020 361.637 Thereafter 1.159.673 3.759.275 |
Financial Instrument (Tables)
Financial Instrument (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Financial Instruments (Tables) [Abstract] | |
Non-Derivative Financial Instruments | 2015 2014 Fair Value Carrying Fair Carrying Fair Hierarchy Amount Value Amount Value Assets Cash and cash equivalents 1 $ 549.500 $ 549.500 $ 633.855 $ 633.855 Accounts receivable (1)(2) 2 3.521.741 3.521.741 3.431.672 3.431.672 Available for sale financial assets 1 275.770 275.770 171.917 171.917 Notes Receivables 3 - - 180.250 180.308 Liabilities Accounts payable (1) 2 $ 780.851 $ 780.851 $ 713.915 $ 713.915 Short-term debt (1) 2 128.304 128.304 138.050 138.050 Long term debt, excluding Amended 2012 Credit Agreement, Senior Notes and Convertible Bonds 2 172.919 172.919 524.592 527.062 Amended 2012 Credit Agreement 2 2.611.580 2.625.591 2.881.930 2.900.222 Senior Notes 2 5.325.618 5.782.937 5.473.979 5.992.859 Convertible Bonds 2 407.705 546.057 447.263 531.193 Noncontrolling interests subject to put provisions 3 1.028.368 1.028.368 824.658 824.658 (1) Also includes amounts from related parties. (2) Includes long-term accounts receivable, which are included in "Other assets and notes receivables" in the Consolidated Balance Sheets. |
Derivative Financial Instruments Valuation | 2015 2014 Assets (2) Liabilities (2) Assets (2) Liabilities (2) Derivatives in cash flow hedging relationships (1) Current Foreign exchange contracts 3.114 (2.921) 2.659 (24.509) Interest rate contracts - (1.637) - - Non-current Foreign exchange contracts 171 (127) - (77) Interest rate contracts - (961) - (4.779) Total $ 3.285 $ (5.646) $ 2.659 $ (29.365) Derivatives not designated as hedging instruments (1) Current Foreign exchange contracts 23.908 (7.056) 25.582 (29.295) Non-current Foreign exchange contracts 1.062 (65) - (137) Derivatives embedded in the Convertible Bonds - (115.990) - (65.767) Share Options to secure the Convertible Bonds 115.990 - 65.767 - Total $ 140.960 $ (123.111) $ 91.349 $ (95.199) (1) At December 31, 2015 and December 31, 2014, the valuation of the Company's derivatives was determined using Significant Other Observable Inputs (Level 2) in accordance with the fair value hierarchy levels established in U.S. GAAP. (2) Derivative instruments are marked to market each reporting period resulting in carrying amounts being equal to fair values at the reporting date. |
Effect of Derivatives on the Consolidated Financial Statements | The Effect of Derivatives on the Consolidated Financial Statements Amount of Gain or (Loss) Recognized in AOCI on Derivatives Location of (Gain) or Loss Reclassified from AOCI in Income Amount of (Gain) or Loss Reclassified from AOCI in Income Derivatives in Cash Flow Hedging Relationships (Effective Portion) for the year ended December 31, (Effective Portion) for the year ended December 31, 2015 2014 (Effective Portion) 2015 2014 Interest rate contracts $ 17.362 $ 19.550 Interest income/expense $ 22.810 $ 26.571 Foreign exchange contracts 2.273 (23.123) Costs of Revenue 17.686 2.549 $ 19.635 $ (3.573) $ 40.496 $ 29.120 Derivatives not Designated as Hedging Instruments Amount of (Gain) or Loss Recognized in Income on Derivatives for the year ended December 31, Location of (Gain) or Loss Recognized in Income on Derivatives 2015 2014 Foreign exchange contracts Selling, general and administrative expense $ (61.328) $ (83.901) Foreign exchange contracts Interest income/expense 8.196 6.483 Derivatives embedded in the Convertible Bonds Interest income/expense 58.105 32.641 Share Options to secure the Convertible Bonds Interest income/expense (58.105) (32.641) $ (53.132) $ (77.418) |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Comprehensive Income (Tables) [Abstract] | |
Schedule of components of comrehensive income | Pretax Tax effect Net, before non-controlling interests Non-controlling interests Other comprehensive income (loss), net of tax Year ended December 31, 2013 Other comprehensive income (loss) relating to cash flow hedges: Changes in fair value of cash flow hedges during the period $ (2.917) $ 1.346 $ (1.571) $ - $ (1.571) Reclassification adjustments 25.449 (7.393) 18.056 - 18.056 Total other comprehensive income (loss) relating to cash flow hedges 22.532 (6.047) 16.485 - 16.485 Foreign currency translation adjustment (112.395) - (112.395) (2.044) (114.439) Defined benefit pension plans: Actuarial (loss) gain on defined benefit pension plans 39.571 (17.828) 21.743 - 21.743 Reclassification adjustments 25.418 (9.725) 15.693 - 15.693 Total other comprehensive income (loss) relating to defined benefit pension plans 64.989 (27.553) 37.436 - 37.436 Other comprehensive income (loss) $ (24.874) $ (33.600) $ (58.474) $ (2.044) $ (60.518) Year ended December 31, 2014 Other comprehensive income (loss) relating to cash flow hedges: Changes in fair value of cash flow hedges during the period $ (3.573) $ 1.417 $ (2.156) $ - $ (2.156) Reclassification adjustments 29.120 (8.385) 20.735 - 20.735 Total other comprehensive income (loss) relating to cash flow hedges 25.547 (6.968) 18.579 - 18.579 Foreign currency translation adjustment (415.703) - (415.703) (6.086) (421.789) Defined benefit pension plans: Actuarial (loss) gain on defined benefit pension plans (232.308) 81.476 (150.832) - (150.832) Reclassification adjustments 17.147 (6.347) 10.800 - 10.800 Total other comprehensive income (loss) relating to defined benefit pension plans (215.161) 75.129 (140.032) - (140.032) Other comprehensive income (loss) $ (605.317) $ 68.161 $ (537.156) $ (6.086) $ (543.242) Year ended December 31, 2015 Other comprehensive income (loss) relating to cash flow hedges: Changes in fair value of cash flow hedges during the period $ 19.635 $ (6.154) $ 13.481 $ - $ 13.481 Reclassification adjustments 40.496 (10.914) 29.582 - 29.582 Total other comprehensive income (loss) relating to cash flow hedges 60.131 (17.068) 43.063 - 43.063 Foreign currency translation adjustment (348.543) - (348.543) (4.961) (353.504) Defined benefit pension plans: Actuarial (loss) gain on defined benefit pension plans 49.304 (14.148) 35.156 - 35.156 Reclassification adjustments 34.623 (12.851) 21.772 - 21.772 Total other comprehensive income (loss) relating to defined benefit pension plans 83.927 (26.999) 56.928 - 56.928 Other comprehensive income (loss) $ (204.485) $ (44.067) $ (248.552) $ (4.961) $ (253.513) |
Other Comprehensive Income (L50
Other Comprehensive Income (Loss) (Tables 1) | 12 Months Ended |
Dec. 31, 2015 | |
Other comprehensive income loss net of tax portion attributables to parent [Line Items] | |
Changes in Accumulated Other comprehensive income (loss) | Gain (Loss) related to cash flow hedges Actuarial gain (loss) on defined benefit pension plans Gain (Loss) related to foreign-currency translation Total, before non-controlling interests Non-controlling interests Total Balance at December 31, 2012 $ (138.341) $ (179.423) $ (174.349) $ (492.113) $ 2.869 $ (489.244) Other comprehensive income (loss) before reclassifications (1.571) 21.743 (112.395) (92.223) (2.044) (94.267) Amounts reclassified from AOCI 18.056 15.693 - 33.749 - 33.749 Other comprehensive income (loss) after reclassifications 16.485 37.436 (112.395) (58.474) (2.044) (60.518) Balance at December 31, 2013 $ (121.856) $ (141.987) $ (286.744) $ (550.587) $ 825 $ (549.762) Other comprehensive income (loss) before reclassifications (2.156) (150.832) (415.703) (568.691) (6.086) (574.777) Amounts reclassified from AOCI 20.735 10.800 - 31.535 - 31.535 Other comprehensive income (loss) after reclassifications 18.579 (140.032) (415.703) (537.156) (6.086) (543.242) Balance at December 31, 2014 $ (103.277) $ (282.019) $ (702.447) $ (1.087.743) $ (5.261) $ (1.093.004) Other comprehensive income (loss) before reclassifications 13.481 35.156 (348.543) (299.906) (4.961) (304.867) Amounts reclassified from AOCI 29.582 21.772 - 51.354 - 51.354 Other comprehensive income (loss) after reclassifications 43.063 56.928 (348.543) (248.552) (4.961) (253.513) Balance at December 31, 2015 $ (60.214) $ (225.091) $ (1.050.990) $ (1.336.295) $ (10.222) $ (1.346.517) |
Reclassifications out of Accumulated Other comprehensive income | Details about AOCI Components Amount of (Gain) Loss reclassified from AOCI in Income Location of (Gain) Loss reclassified from AOCI in Income 2015 2014 2013 (Gain) Loss related to cash flow hedges Interest rate contracts $ 22.810 $ 26.571 $ 28.111 Interest income/expense Foreign exchange contracts 17.686 2.549 (3.251) Costs of Revenue Foreign exchange contracts - - 589 Interest income/expense 40.496 29.120 25.449 Total before tax (10.914) (8.385) (7.393) Tax expense or benefit $ 29.582 $ 20.735 $ 18.056 Net of tax Actuarial (Gain) Loss on defined benefit pension plans Amortization of unrealized (gain) loss $ 34.623 $ 17.147 $ 25.418 (1) 34.623 17.147 25.418 Total before tax (12.851) (6.347) (9.725) Tax expense or benefit $ 21.772 $ 10.800 $ 15.693 Net of tax Total reclassifications for the period $ 51.354 $ 31.535 $ 33.749 Net of tax (1) Included in the computation of net periodic pension cost (see Note 11 for additional details). |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Segment Information (Tables) [Abstract] | |
Schedule of segment reporting information by segment | North America Segment EMEA Segment Asia-Pacific Segment Latin America Segment Segment Total Corporate Total Segment and Corporate Information 2015 Revenue external customers $ 11.813.330 $ 2.628.688 $ 1.501.456 $ 766.424 $ 16.709.898 $ 27.684 $ 16.737.582 Inter - segment revenue 5.292 1 143 447 5.883 (5.883) - Revenue 11.818.622 2.628.689 1.501.599 766.871 16.715.781 21.801 16.737.582 Operating income (1) 1.797.835 576.895 297.860 48.233 2.720.823 (394.091) 2.326.732 Depreciation and amortization (399.434) (113.131) (44.616) (14.835) (572.016) (145.306) (717.322) Income (loss) from equity method investees 20.799 6.820 2.526 1.307 31.452 - 31.452 Total assets 17.411.104 3.306.939 1.731.908 609.563 23.059.514 2.473.972 25.533.486 thereof investments in equity method investees 288.956 220.610 109.347 25.796 644.709 - 644.709 Capital expenditures, acquisitions and investments (2) 709.503 174.229 48.949 50.549 983.230 286.523 1.269.753 2014 (3) Revenue external customers $ 10.500.095 $ 3.072.067 $ 1.356.936 $ 836.008 $ 15.765.106 $ 66.507 $ 15.831.613 Inter - segment revenue 8.992 0 7 336 9.335 (9.335) - Revenue 10.509.087 3.072.067 1.356.943 836.344 15.774.441 57.172 15.831.613 Operating Income 1.642.911 589.971 279.046 101.439 2.613.367 (358.834) 2.254.533 Depreciation and amortization (364.137) (133.155) (37.729) (19.814) (554.835) (144.493) (699.328) Income (loss) from equity method investees 18.457 4.415 942 1.024 24.838 - 24.838 Total assets (4) 16.888.556 3.585.851 1.821.667 723.079 23.019.153 2.361.828 25.380.981 thereof investments in equity method investees 291.118 238.604 119.428 27.672 676.822 - 676.822 Capital expenditures, acquisitions and investments (5) 2.006.585 210.509 128.480 74.135 2.419.709 290.976 2.710.685 2013 (3) Revenue external customers $ 9.606.111 $ 3.023.316 $ 1.104.463 $ 842.540 $ 14.576.430 $ 33.297 $ 14.609.727 Inter - segment revenue 7.045 - - - 7.045 (7.045) - Revenue 9.613.156 3.023.316 1.104.463 842.540 14.583.475 26.252 14.609.727 Operating Income 1.623.071 600.972 167.861 128.358 2.520.262 (264.066) 2.256.196 Depreciation and amortization (331.397) (137.484) (31.162) (19.458) (519.501) (128.724) (648.225) Income (loss) from equity method investees 16.388 7.184 1.844 689 26.105 - 26.105 Total assets (4) 14.666.442 4.063.667 1.431.060 682.755 20.843.924 2.210.511 23.054.435 thereof investments in equity method investees 268.370 278.167 117.909 - 664.446 - 664.446 Capital expenditures, acquisitions and investments (6) 789.340 203.787 45.005 37.628 1.075.760 167.903 1.243.663 (1) On July 1, 2015, the Company completed the sale of its clinics in Venezuela to a third party. The purchase price for these clinics was $7,500, which resulted in a loss of approximately $26,289 before tax (approximately $26,920 after tax). The loss is primarily included in Selling, general and administrative costs line item of the Consolidated Income Statements. (2) North America, EMEA, Asia-Pacific, Latin America and Corporate acquisitions and investments exclude $6,070, $41,454, $36,455, $244 and $26,214, respectively, of non-cash acquisitions and investments for 2015. (3) Prior year information was adjusted to conform to the current year´s presentation due to the disaggregation of the International Segment disclosed previously into the EMEA Segment, Asia-Pacific Segment and Latin America Segment. (4) At December 31, 2014 and 2013, debt issuance costs in the amount of $66,120 and $65,471, respectively, have been reclassified from Prepaid expenses and other current assets and Other assets and notes receivables to Long-term debt and capital lease obligations to conform to the current year´s presentation. (5) North America, EMEA, Asia-Pacific and Latin America acquisitions exclude $35,656, $2,595, $164,044 and $5,379, respectively, of non-cash acquisitions for 2014. (6) North America, EMEA and Latin America acquisitions exclude $48,231, $9,435 and $9,251, respectively, of non-cash acquisitions for 2013. |
Schedule of revenue from external customers | Germany North America Rest of the World Total 2015 Revenue external customers $ 400.401 $ 11.813.330 $ 4.523.851 $ 16.737.582 Long-lived assets 556.276 14.771.036 2.963.439 18.290.751 2014 Revenue external customers $ 456.937 $ 10.500.095 $ 4.874.581 $ 15.831.613 Long-lived assets 520.690 14.753.136 3.182.123 18.455.949 2013 Revenue external customers $ 437.459 $ 9.606.111 $ 4.566.157 $ 14.609.727 Long-lived assets 581.936 12.859.787 3.226.779 16.668.502 |
Supplementary Cash Flow Infor52
Supplementary Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplementary Cash Flow Information (Tables) [Abstract] | |
Cash Flow Supplemental [Text Block] | 2015 2014 2013 Supplementary cash flow information: Cash paid for interest $ 379.784 $ 379.978 $ 374.648 Cash paid for income taxes (1) $ 547.401 $ 689.954 $ 542.625 Cash inflow for income taxes from stock option exercises (2) $ 18.073 $ 8.529 $ 8.882 Supplemental disclosures of cash flow information: Details for acquisitions: Assets acquired $ (216.023) $ (2.505.027) $ (417.669) Liabilities assumed 34.841 450.808 31.335 Noncontrolling interest subject to put provisions 7.622 95.015 15.460 Noncontrolling interest 983 328.997 9.104 Non-cash consideration 69.233 18.253 66.917 Cash paid (103.344) (1.611.954) (294.853) Less cash acquired 3.193 132.433 6.858 Net cash paid for acquisitions (100.151) (1.479.521) (287.995) Cash paid for investments (184.101) (274.913) (195.921) Cash paid for intangible assets (32.558) (24.624) (11.809) Total cash paid for acquisitions and investments, net of cash acquired, and purchases of intangible assets $ (316.810) $ (1.779.058) $ (495.725) (1) Net of tax refund. (2) Thereof the excess tax benefit allocated to additional paid-in capital for the twelve-month periods ending December 31, 2015, 2014 and 2013 was $13,451, $4,056 and $3,897, respectively. |
Supplemental Condensed Combin53
Supplemental Condensed Combining Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Condensed Combining Information (Tables) [Abstract] | |
Income statement information segregated by issuers and guarantors | For the year ended December 31, 2015 Issuer Guarantors FMC US Finance FMC - AG & Co. KGaA D-GmbH FMCH Non-Guarantor Subsidiaries Combining Adjustment Combined Total Revenue $ - $ - $ 1.870.515 $ - $ 17.938.856 $ (3.071.789) $ 16.737.582 Cost of revenue - - 1.192.256 - 13.279.090 (3.064.927) 11.406.419 Gross profit - - 678.259 - 4.659.766 (6.862) 5.331.163 Operating (income) expenses: Selling, general and administrative (1) - 183.650 255.184 190.544 2.256.333 (21.582) 2.864.129 Research and development - - 75.661 - 64.641 - 140.302 Operating income (loss) - (183.650) 347.414 (190.544) 2.338.792 14.720 2.326.732 Other (income) expense: Interest, net (6.993) 200.596 (3.706) 227.381 (25.829) 11 391.460 Other, net - (1.437.029) 208.835 (844.301) - 2.072.495 - Income (loss) before income taxes 6.993 1.052.783 142.285 426.376 2.364.621 (2.057.786) 1.935.272 Income tax expense (benefit) 2.584 23.338 120.728 (164.871) 880.073 (239.729) 622.123 Net income (loss) 4.409 1.029.445 21.557 591.247 1.484.548 (1.818.057) 1.313.149 Net income attributable to noncontrolling interests - - - - 283.704 - 283.704 Net income (loss) attributable to shareholders of FMC-AG & Co. KGaA $ 4.409 $ 1.029.445 $ 21.557 $ 591.247 $ 1.200.844 $ (1.818.057) $ 1.029.445 (1) Selling, general and administrative is presented net of income from equity method investees. |
The Company and Basis of Pres54
The Company and Basis of Presentation (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Variable Interest Entity [Line Items] | |||
Trade accounts receivable | $ 3,285,196,000 | $ 3,203,655,000 | |
Goodwill | 13,032,750,000 | 13,082,180,000 | $ 11,658,187,000 |
Equity | 9,887,142,000 | 9,443,313,000 | |
Variable Interest Entity [Member] | |||
Variable Interest Entity [Line Items] | |||
Trade accounts receivable | 278,365,000 | 195,368,620.62 | |
Other current assets | 73,206,000 | 232,487,210.26 | |
Property, plant and equipment, intangible assets and other noncurrent assets | 37,637,000 | 59,351,221.73 | |
Goodwill | 25,760,000 | 37,934,021.88 | |
Accounts payable, accrued expenses and other liabilities | 369,635,000 | 485,005,951.14 | |
Noncurrent loans to related parties | 28,986,000 | 28,985,382.88 | |
Equity | $ 16,347,000 | $ 11,149,740.47 |
Related Party Transactions (Det
Related Party Transactions (Details) | 12 Months Ended | |||
Dec. 31, 2015EUR (€) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Related Party Transactions [Line Items] | ||||
Amount of transaction | $ 400,000,000 | $ 99,946,000 | ||
Due to related parties | 153,023,000 | 140,731,000 | ||
Accounts receivable from related parties | 218,285,000 | 193,225,000 | ||
Sales To Related Party [Member] | Services [Member] | ||||
Related Party Transactions [Line Items] | ||||
Amount of transaction | 31,758,000 | 26,247,000 | $ 29,197,000 | |
Sales To Related Party [Member] | Products [Member] | ||||
Related Party Transactions [Line Items] | ||||
Amount of transaction | 25,925,000 | 63,918,000 | 30,062,000 | |
Purchases From Related Party [Member] | Services [Member] | ||||
Related Party Transactions [Line Items] | ||||
Amount of transaction | 94,520,000 | 90,024,000 | 103,577,000 | |
Purchases From Related Party [Member] | Lease Agreements [Member] | ||||
Related Party Transactions [Line Items] | ||||
Amount of transaction | 24,281,000 | 27,943,000 | 26,976,000 | |
Purchases From Related Party [Member] | Products [Member] | ||||
Related Party Transactions [Line Items] | ||||
Amount of transaction | 312,506,000 | 72,338,000 | 51,901,000 | |
Production Lines Acquired From Related Party [Member] | ||||
Related Party Transactions [Line Items] | ||||
Amount of transaction | 9,327,000 | |||
Accounts Receivable with Related Party [Member] | Services [Member] | ||||
Related Party Transactions [Line Items] | ||||
Due to related parties | 5,596,000 | |||
Accounts receivable from related parties | 12,706,000 | 5,767,000 | ||
Accounts Receivable with Related Party [Member] | Products [Member] | ||||
Related Party Transactions [Line Items] | ||||
Due to related parties | 4,402,000 | |||
Accounts receivable from related parties | 8,774,000 | 18,352,000 | ||
Accounts Payable With Related Party [Member] | Services [Member] | ||||
Related Party Transactions [Line Items] | ||||
Annual compensation for assuming unlimited liability, amount of General Partner's invested capital | 7,264,000 | |||
Fresenius SE [Member] | ||||
Related Party Transactions [Line Items] | ||||
Amount of transaction | $ 15,786,000 | |||
Amount of transaction in Euros | € | € 14,500,000 | |||
Interest rate, advances received | 0.97% | 0.97% | ||
Fresenius SE [Member] | Operating Lease Agreements [Member] | ||||
Related Party Transactions [Line Items] | ||||
Amount of transaction | $ 24,224,000 | |||
Amount of transaction in Euros | € | € 22,250,000 | |||
Due to related parties | 24,224,000 | |||
Fresenius SE [Member] | Sales To Related Party [Member] | Services [Member] | ||||
Related Party Transactions [Line Items] | ||||
Amount of transaction | 254,000 | 380,000 | ||
Fresenius SE [Member] | Sales To Related Party [Member] | Products [Member] | ||||
Related Party Transactions [Line Items] | ||||
Amount of transaction | 5,000 | 1,000 | 17,000 | |
Fresenius SE [Member] | Purchases From Related Party [Member] | Services [Member] | ||||
Related Party Transactions [Line Items] | ||||
Amount of transaction | 20,262,000 | 21,788,000 | 21,059,000 | |
Fresenius SE [Member] | Purchases From Related Party [Member] | Lease Agreements [Member] | ||||
Related Party Transactions [Line Items] | ||||
Amount of transaction | 9,621,000 | 10,554,000 | 9,865,000 | |
Fresenius SE [Member] | Accounts Receivable with Related Party [Member] | Services [Member] | ||||
Related Party Transactions [Line Items] | ||||
Due to related parties | 3,134,000 | |||
Accounts receivable from related parties | 422,000 | 106,000 | ||
Fresenius SE [Member] | Accounts Payable With Related Party [Member] | Services [Member] | ||||
Related Party Transactions [Line Items] | ||||
Annual compensation for assuming unlimited liability, amount of General Partner's invested capital | 3,185,000 | |||
Fresenius SE [Member] | Accounts Payable With Related Party [Member] | Products [Member] | ||||
Related Party Transactions [Line Items] | ||||
Annual compensation for assuming unlimited liability, amount of General Partner's invested capital | 12,021,000 | |||
General Partner [Member] | ||||
Related Party Transactions [Line Items] | ||||
Amount of transaction | $ 1,633,000 | |||
Amount of transaction in Euros | € | € 1,500,000 | |||
Interest rate, advances received | 1.334% | 1.334% | ||
Related party transaction amounts of transaction 2 | $ 1,633,000 | |||
General partner management services | 16,940,000 | 25,511,000 | 16,327,000 | |
General Partner [Member] | Compensation For Risk Exposure [Member] | ||||
Related Party Transactions [Line Items] | ||||
Due to related parties | 16,940,000 | |||
Accounts receivable from related parties | 25,511,000 | |||
General Partner [Member] | Accounts Receivable with Related Party [Member] | ||||
Related Party Transactions [Line Items] | ||||
Due to related parties | 462,000 | |||
General partner management services | 486,000 | 462,000 | ||
General Partner [Member] | Accounts Payable With Related Party [Member] | ||||
Related Party Transactions [Line Items] | ||||
Due to related parties | 17,806,000 | 27,347,000 | ||
General partner management services | 17,806,000 | 486,000 | ||
Equity Method Investees [Member] | ||||
Related Party Transactions [Line Items] | ||||
Amount of transaction | $ 65,067,000 | |||
Amount of transaction in Euros | € | € 59,766,000 | |||
Interest rate, advances received | 1.80% | 1.80% | ||
gain intangible | $ 11,137,000 | |||
Equity Method Investees [Member] | Sales To Related Party [Member] | Services [Member] | ||||
Related Party Transactions [Line Items] | ||||
Amount of transaction | 23,369,000 | 17,911,000 | 21,647,000 | |
Equity Method Investees [Member] | Purchases From Related Party [Member] | Products [Member] | ||||
Related Party Transactions [Line Items] | ||||
Amount of transaction | 275,340,000 | 27,584,000 | ||
Equity Method Investees [Member] | Accounts Receivable with Related Party [Member] | Services [Member] | ||||
Related Party Transactions [Line Items] | ||||
Accounts receivable from related parties | 10,180,000 | 4,265,000 | ||
Equity Method Investees [Member] | Accounts Receivable with Related Party [Member] | Products [Member] | ||||
Related Party Transactions [Line Items] | ||||
Due to related parties | 270,000 | |||
Equity Method Investees [Member] | Accounts Payable With Related Party [Member] | Products [Member] | ||||
Related Party Transactions [Line Items] | ||||
Annual compensation for assuming unlimited liability, amount of General Partner's invested capital | 8,253,000 | |||
Fresenius SE Affiliate [Member] | Operating Lease Agreements [Member] | ||||
Related Party Transactions [Line Items] | ||||
Amount of transaction | 16,215,000 | |||
Amount of transaction in Euros | € | € 14,894,000 | |||
Due to related parties | 16,215,000 | |||
Fresenius SE Affiliate [Member] | Sales To Related Party [Member] | Services [Member] | ||||
Related Party Transactions [Line Items] | ||||
Amount of transaction | 8,135,000 | 7,956,000 | 6,743,000 | |
Fresenius SE Affiliate [Member] | Sales To Related Party [Member] | Products [Member] | ||||
Related Party Transactions [Line Items] | ||||
Amount of transaction | 25,920,000 | 63,917,000 | 30,045,000 | |
Fresenius SE Affiliate [Member] | Purchases From Related Party [Member] | Services [Member] | ||||
Related Party Transactions [Line Items] | ||||
Amount of transaction | 74,258,000 | 68,236,000 | 82,518,000 | |
Fresenius SE Affiliate [Member] | Purchases From Related Party [Member] | Lease Agreements [Member] | ||||
Related Party Transactions [Line Items] | ||||
Amount of transaction | 14,660,000 | 17,389,000 | 17,111,000 | |
Fresenius SE Affiliate [Member] | Purchases From Related Party [Member] | Products [Member] | ||||
Related Party Transactions [Line Items] | ||||
Amount of transaction | 37,166,000 | 44,754,000 | $ 51,901,000 | |
Fresenius SE Affiliate [Member] | Accounts Receivable with Related Party [Member] | Services [Member] | ||||
Related Party Transactions [Line Items] | ||||
Due to related parties | 2,462,000 | |||
Accounts receivable from related parties | 2,104,000 | 1,396,000 | ||
Fresenius SE Affiliate [Member] | Accounts Receivable with Related Party [Member] | Products [Member] | ||||
Related Party Transactions [Line Items] | ||||
Due to related parties | 4,132,000 | |||
Accounts receivable from related parties | 8,774,000 | $ 18,352,000 | ||
Fresenius SE Affiliate [Member] | Accounts Payable With Related Party [Member] | Services [Member] | ||||
Related Party Transactions [Line Items] | ||||
Annual compensation for assuming unlimited liability, amount of General Partner's invested capital | 4,079,000 | |||
Fresenius SE Affiliate [Member] | Accounts Payable With Related Party [Member] | Products [Member] | ||||
Related Party Transactions [Line Items] | ||||
Annual compensation for assuming unlimited liability, amount of General Partner's invested capital | $ 3,768,000 |
Inventories (Details)
Inventories (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Inventories (Details) [Abstract] | ||
Finished goods | $ 670,291,000 | $ 677,110,000 |
Raw materials and purchased components | 395,342,000 | 170,614,000 |
Health care supplies | 206,525,000 | 197,920,000 |
Work in process | 68,593,000 | 69,910,000 |
Inventories | 1,340,751,000 | 1,115,554,000 |
Epo Disclosures [Abstract] | ||
EPO Inventories | 34,752,000 | $ 33,294,000 |
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Unrecorded Unconditional Purchase Obligation, Due within One Year | 443,658,000 | |
Unrecorded Unconditional Purchase Obligation, Due within Two Years | $ 206,054,000 |
Prepaid Expenses and Other Cu57
Prepaid Expenses and Other Current Assets (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Prepaid expenses and other current assets details [Abstract] | ||
available for sale financial assets | $ 271,952,000 | $ 168,062,000 |
insurance recoveries | 220,000,000 | 0 |
Prepaid Taxes | 131,396,000 | 238,317,000 |
Cost report receivable from Medicare and Medicaid | 109,311,000 | 137,543,000 |
other taxes receivable | 69,684,000 | 80,163,000 |
Other deferred charges | 63,210,000 | 58,315,000 |
Leases receivable | 53,117,000 | 55,503,000 |
Prepaid Rent | 51,651,000 | 53,015,000 |
Rebate Receivable | 48,625,000 | 85,548,000 |
Payments on account | 37,016,000 | 30,680,000 |
Derivative Instruments and Hedges, Assets | 27,021,000 | 28,241,000 |
Prepaid insurance | 21,848,000 | 21,290,000 |
Amounts due from managed locations | 20,468,000 | 34,054,000 |
Prepaid deposit | 15,276,000 | 19,447,000 |
Other prepayments current | 234,140,000 | 316,391,000 |
Total prepaid expenses and other current assets | $ 1,374,715,000 | $ 1,326,569,000 |
Property, Plant and Equipment58
Property, Plant and Equipment (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 7,408,582,000 | $ 7,037,465,000 | |
Accumulated depreciation | 3,983,008,000 | 3,747,285,000 | |
Property, plant and equipment, net | 3,425,574,000 | 3,290,180,000 | |
Depreciation expense | 606,964,000 | 600,845,000 | $ 555,125,000 |
Land and Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 65,076,000 | 65,081,000 | |
Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 2,758,018,000 | 2,630,431,000 | |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 4,070,878,000 | 3,965,870,000 | |
Assets Held under Capital Leases [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 69,179,000 | 62,016,000 | |
Accumulated depreciation | 32,339,000 | 24,420,000 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 445,431,000 | 314,067,000 | |
Assets Leased to Others [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 628,140,000 | $ 614,797,000 |
Intangible Assets and Goodwil59
Intangible Assets and Goodwill (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |||
2,015 | $ 109,544,000 | ||
2,016 | 104,430,000 | ||
2,017 | 100,258,000 | ||
2,018 | 98,126,000 | ||
2,019 | 92,092,000 | ||
Amortization Expense [Abstract] | |||
Amortization Of Intangible Assets | 110,359,000 | $ 98,483,000 | $ 93,100,000 |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 1,430,042,000 | 1,397,640,000 | |
Accumulated Amortization | (815,973,000) | (744,846,000) | |
Goodwill [Roll Forward] | |||
Goodwill | 13,082,180,000 | 11,658,187,000 | |
Goodwill acquired | 1,710,807,000 | ||
Reclassifications | 0 | ||
Foreign Currency Translation Adjustment | (166,329,000) | (286,814,000) | |
Goodwill | 13,032,750,000 | 13,082,180,000 | 11,658,187,000 |
Indefinite Lived Intangible Assets [Line Items] | |||
Carrying Amount | 216,420,000 | 216,617,000 | |
Intangible Assets | 830,489,000 | 869,411,000 | |
Tradename [Member] | |||
Indefinite Lived Intangible Assets [Line Items] | |||
Carrying Amount | 209,404,000 | 209,513,000 | |
Management contracts [Member] | |||
Indefinite Lived Intangible Assets [Line Items] | |||
Carrying Amount | 7,016,000 | 7,104,000 | |
Segment North America(Member) | |||
Goodwill [Roll Forward] | |||
Goodwill | 11,180,954,000 | 9,645,647,000 | |
Goodwill acquired | 43,186,000 | 1,535,840,000 | |
Reclassifications | 0 | ||
Foreign Currency Translation Adjustment | (561,000) | (533,000) | |
Goodwill | 11,223,579,000 | 11,180,954,000 | 9,645,647,000 |
Segment EMEA (Member) | |||
Goodwill [Roll Forward] | |||
Goodwill | 1,018,881,000 | 1,243,988,000 | |
Goodwill acquired | 52,484,000 | 19,010,000 | |
Reclassifications | 4,867,000 | ||
Foreign Currency Translation Adjustment | (132,260,000) | (244,117,000) | |
Goodwill | 943,972,000 | 1,018,881,000 | 1,243,988,000 |
Segment Asia Pacific (Member) | |||
Goodwill [Roll Forward] | |||
Goodwill | 365,351,000 | 269,802,000 | |
Goodwill acquired | 22,247,000 | 121,971,000 | |
Reclassifications | (2,774,000) | ||
Foreign Currency Translation Adjustment | (11,250,000) | (26,422,000) | |
Goodwill | 373,574,000 | 365,351,000 | 269,802,000 |
Segment Latin America [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill | 100,824,000 | 80,367,000 | |
Goodwill acquired | 1,018,000 | 33,986,000 | |
Reclassifications | 0 | ||
Foreign Currency Translation Adjustment | (20,531,000) | (13,529,000) | |
Goodwill | 79,275,000 | 100,824,000 | 80,367,000 |
Reporting Segment Total [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill | 12,666,010,000 | 11,239,804,000 | |
Goodwill acquired | 116,899,000 | 1,710,807,000 | |
Reclassifications | 2,093,000 | ||
Foreign Currency Translation Adjustment | (164,602,000) | (284,601,000) | |
Goodwill | 12,620,400,000 | 12,666,010,000 | 11,239,804,000 |
Corporates [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill | 416,170,000 | 418,383,000 | |
Goodwill acquired | 0 | ||
Reclassifications | (2,093,000) | ||
Foreign Currency Translation Adjustment | (1,727,000) | (2,213,000) | |
Goodwill | 412,350,000 | 416,170,000 | $ 418,383,000 |
Noncompete Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 346,186,000 | 338,443,000 | |
Accumulated Amortization | (273,220,000) | (257,234,000) | |
Developed Technology Rights [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 106,510,000 | 113,346,000 | |
Accumulated Amortization | (57,821,000) | (51,225,000) | |
License and distribution agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 193,280,000 | 194,810,000 | |
Accumulated Amortization | (112,167,000) | (111,754,000) | |
Self-developed software [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 140,914,000 | 122,944,000 | |
Accumulated Amortization | (72,797,000) | (59,955,000) | |
Other intangible assets category [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 357,065,000 | 355,750,000 | |
Accumulated Amortization | (264,621,000) | (252,619,000) | |
Construction in Progress [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 23,333,000 | 32,653,000 | |
Accumulated Amortization | 0 | ||
Customer Relationships Domain [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 262,754,000 | 239,694,000 | |
Accumulated Amortization | $ (35,347,000) | $ (12,059,000) |
Other Assets and Note Receivabl
Other Assets and Note Receivables | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Notes Receivable Net [Abstract] | |
Notes Receivable Net Payment | $ 185,254,000 |
Notes Receivable Interest Income | 3,315,000 |
Prepayment premium | $ 1,802,000 |
Accrued Expenses and Other Cu61
Accrued Expenses and Other Current Liabilities (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Accrued Expenses And Other Liabilities (Details) [Abstract] | ||
Accrued salaries, wages and incentive plan compensations | $ 658,266,000 | $ 647,627,000 |
Unapplied cash and receivable credits | 395,817,000 | 333,858,000 |
Accrued settlement | 280,000,000 | 0 |
Accrued insurance | 225,845,000 | 235,284,000 |
Accrued Operating Expenses | 142,045,000 | 139,652,000 |
Interest Accrual | 121,348,000 | 119,886,000 |
Accrued Leases | 105,469,000 | 100,712,000 |
Witholding tax and VAT | 84,918,000 | 91,839,000 |
Accrued variable payments acquisition | 52,370,000 | 32,984,000 |
Derivative financial instruments | 11,614,000 | 53,804,000 |
Other | 425,445,000 | 441,599,000 |
Total accrued expenses and other current liabilities | $ 2,503,137,000 | $ 2,197,245,000 |
Short-term Borrowings and Oth62
Short-term Borrowings and Other Financial Liabilities and Short-term Borrowings from Related Parties (Details) | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2015EUR (€) | Dec. 31, 2015USD ($) | |
Short Term Borrowings Other Financial Liabilities And Short Term Borrowings From Related Parties (Details) [Abstract] | ||||
Borrowings under lines of credit | $ 132,495,000 | $ 109,230,000 | ||
Other financial liabilities | 198,000 | 22,000 | ||
Short-term borrowings and other financial liabilities | 132,693,000 | 109,252,000 | ||
Short Term Borrowings Due To Related Parties Current | 5,357,000 | 19,052,000 | ||
Short-term borrowings, Other financial liabilities and Short-term borrowings from related parties | $ 138,050,000 | $ 128,304,000 | ||
Lines of credit weighted average interest rate | 5.09% | 6.38% | 6.38% | |
Other commercial bank agreements, amounts available | $ 247,735,000 | $ 222,888,000 | ||
Related Party Transaction [Line Items] | ||||
Related Party Transaction Amounts Of Transaction | $ 400,000,000 | $ 99,946,000 | ||
commercial paper | 1,086,800,000 | |||
Commercial paper Euro | € | € 1,000,000,000 | |||
Cash management system | $ 48,277,000 | |||
Fresenius SE [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction Amounts Of Transaction | 15,786,000 | |||
General Partner [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction Amounts Of Transaction | $ 1,633,000 |
Long-term Debt and Capital Le63
Long-term Debt and Capital Lease Obligations (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2015€ / shares | |
Debt Instrument [Line Items] | |||
Senior Credit Agreement | $ 2,611,580,000 | $ 2,881,930,000 | |
Senior Long Term Notes | 5,325,618,000 | 5,473,979,000 | |
Equity Neutral Convertible Bond | 407,705,000 | 447,263,000 | |
Accounts receivable facility | 50,185,000 | 340,575,000 | |
Capital lease obligations | 40,621,000 | 40,991,000 | |
Other | 82,113,000 | 143,026,000 | |
Long-term debt and capital lease obligations | 8,517,822,000 | 9,327,764,000 | |
Less current maturities | (664,335,000) | (313,607,000) | |
Total long-term debt less current maturities | 7,853,487,000 | 9,014,157,000 | |
Annual Payments [Abstract] | |||
2,016 | 665,237,000 | ||
2,017 | 808,731,000 | ||
2,018 | 1,070,566,000 | ||
2,019 | 3,024,520,000 | ||
2,020 | 940,395,000 | ||
Thereafter | 2,091,194,000 | ||
Total | 8,600,643,000 | ||
Revolving Facility [Line Items] | |||
Letter of credit outstanding which reduces available borrowings under the revolving credit facility | $ 3,600,000 | 6,893,000 | |
Convertible Bond [Line Items] | |||
Debt Instrument Interest Rate Effective Percentage Convertible | 2.611% | ||
Debt Instrument Fee Amount Convertible | $ 27,775,000 | ||
Equity Neutral Convertible Bond at Issuance | 514,080,000 | ||
Convertible Conversion | € / shares | € 73.6354 | ||
Long Term Debt Other Disclosures [Abstract] | |||
Pending payments of purchase considerations | 4,115,000 | 34,973,000 | |
Pending Payments Current | 34,973,000 | 31,369,000 | |
Account Receivable Facility [Abstract] | |||
Long Term Debt Maximum Amount Available USD ARF | 800,000,000 | 800,000,000 | |
Long Term Debt Balance Outstanding USD ARF | 51,000,000 | 341,750,000 | |
Line Of Credit Facility Increase Decrease Other Net ARF | 16,622,000 | $ 66,622,000 | |
Amended 2012 Senior Credit Agreement [Member] | |||
Credit Agreement [Line Items] | |||
Amount of initial Term Loan B principal payments | 50,000,000 | ||
Amount of ending Term Loan B principal payments | $ 6,000,000 | ||
Dividend payment restrictions description | 435.48 | ||
Effective interest rate | 1.61% | ||
Revolving Facility [Line Items] | |||
Maximum amount available USD | $ 4,035,961,000 | $ 4,349,870,000 | |
Balance outstanding USD | $ 2,625,591,000 | 2,900,222,000 | |
Revolving Credit USD [Member] | |||
Credit Agreement [Line Items] | |||
Effective interest rate | 1.72% | ||
Revolving Facility [Line Items] | |||
Maximum amount available USD | $ 1,000,000,000 | 1,000,000,000 | |
Balance outstanding USD | $ 25,110,000 | $ 35,992,000 | |
Revolving Credit EUR [Member] | |||
Credit Agreement [Line Items] | |||
Effective interest rate | 1.38% | 1.42% | |
Revolving Facility [Line Items] | |||
Maximum amount available USD | $ 435,480,000 | $ 485,640,000 | |
USD Term Loan [Member] | |||
Revolving Facility [Line Items] | |||
Maximum amount available USD | 2,300,000,000 | 2,500,000,000 | |
Balance outstanding USD | 2,300,000,000 | 2,500,000,000 | |
EUR Term Loan [Member] | |||
Revolving Facility [Line Items] | |||
Maximum amount available USD | 300,481,000 | 364,230,000 | |
Balance outstanding USD | $ 300,481,000 | $ 364,230,000 | |
2010 5.5% | |||
Senior Notes [Line Items] | |||
Debt Instrument Interest Rate Stated Percentage | 5.50% | ||
Debt Instrument Face Amount | $ 271,409,000 | ||
2011 3.58% | |||
Senior Notes [Line Items] | |||
Debt Instrument Interest Rate Stated Percentage | 3.451% | ||
Debt Instrument Face Amount | $ 108,735,000 | ||
2007 6 7/8% | |||
Senior Notes [Line Items] | |||
Debt Instrument Interest Rate Stated Percentage | 6.875% | ||
Debt Instrument Face Amount | $ 497,363,000 | ||
2011 6.5% EUR | |||
Senior Notes [Line Items] | |||
Debt Instrument Interest Rate Stated Percentage | 6.50% | ||
Debt Instrument Face Amount | $ 430,600,000 | ||
2011 6.5% USD | |||
Senior Notes [Line Items] | |||
Debt Instrument Interest Rate Stated Percentage | 6.50% | ||
Debt Instrument Face Amount | $ 395,678,000 | ||
2012 5.625% | |||
Senior Notes [Line Items] | |||
Debt Instrument Interest Rate Stated Percentage | 5.625% | ||
Debt Instrument Face Amount | $ 796,505,000 | ||
2012 5.25% | |||
Senior Notes [Line Items] | |||
Debt Instrument Interest Rate Stated Percentage | 5.25% | ||
Debt Instrument Face Amount | $ 270,655,000 | ||
Senior Notes 2014 4.125% | |||
Senior Notes [Line Items] | |||
Debt Instrument Interest Rate Stated Percentage | 4.125% | ||
Debt Instrument Face Amount | $ 495,944,000 | ||
2011 5.75% | |||
Senior Notes [Line Items] | |||
Debt Instrument Interest Rate Stated Percentage | 5.75% | ||
Debt Instrument Face Amount | $ 642,167,000 | ||
2011 5.25% | |||
Senior Notes [Line Items] | |||
Debt Instrument Interest Rate Stated Percentage | 5.25% | ||
Debt Instrument Face Amount | $ 324,045,000 | ||
2012 5.875% | |||
Senior Notes [Line Items] | |||
Debt Instrument Interest Rate Stated Percentage | 5.875% | ||
Debt Instrument Face Amount | $ 696,086,000 | ||
Senior Notes 2014 4.75% | |||
Senior Notes [Line Items] | |||
Debt Instrument Interest Rate Stated Percentage | 4.75% | ||
Debt Instrument Face Amount | $ 396,431,000 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Domestic Pension Plans Of Foreign Entity Defined Benefit 1 [Domain] | ||
Employee Benefit Plan Compensation And Retirement [Line Items] | ||
Pension liabilities, current | $ 4,194,000 | $ 4,151,000 |
Pension liabilities, noncurrent | 546,636,000 | 602,713,000 |
Accumulated benefit obligation for all defined benefit plans | 750,222,000 | 811,359,000 |
Accumulated benefit obligation for all defined benefit plans with an obligation in excess of plan assets | 750,222,000 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||
Expected Funding for 2014 | 15,506,257 | |
Voluntary Contribution | 758,710 | |
Change in benefit obligations | ||
Benefit obligation beginning of year | 877,722,000 | 660,860,000 |
Foreign currency translation | 39,406,000 | 46,505,000 |
Service cost | 24,936,000 | 18,617,000 |
Interest cost | 27,783,000 | 29,513,000 |
Transfer of plan participants | (102,000) | 220,000 |
amendments | (879,000) | |
Actuarial (gain) loss | (56,840,000) | 234,199,000 |
Benefits paid | 22,227,000 | 19,182,000 |
Benefit Obligation End Of Year | 810,987,000 | 877,722,000 |
Change in plan assets | ||
Fair value of plan assets at beginning of year | 270,858,000 | 248,495,000 |
Actual return on plan assets | (11,159,000) | (3,600,000) |
Employer contributions | 20,098,000 | 42,365,000 |
Benefits paid, fair value | (19,640,000) | (16,402,000) |
Fair value of plan assets at end of year | 260,157,000 | 270,858,000 |
Funded status, end of year | ||
Funded status at end of year | 550,830,000 | 606,864,000 |
Net amount recognized | ||
Benefit plans offered by other subsidiaries | 41,595,000 | 41,990,000 |
Net amount recognized | 592,425,000 | 648,854,000 |
Domestic Pension Plans of Foreign Entity, Defined Benefit [Member] | ||
Employee Benefit Plan Compensation And Retirement [Line Items] | ||
Accumulated benefit obligation for all defined benefit plans | 333,320,000 | 383,453,000 |
United States Pension Plans of US Entity, Defined Benefit [Member] | ||
Employee Benefit Plan Compensation And Retirement [Line Items] | ||
Accumulated benefit obligation for all defined benefit plans | $ 477,667,000 | $ 494,269,000 |
Employee Benefit Plans (Detai65
Employee Benefit Plans (Details 1) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Domestic Pension Plans of Foreign Entity, Defined Benefit [Member] | ||
Schedule Of Defined Benefit Plans [Line Items] | ||
Defined Benefit Plan, Benefit Obligation | $ 333,320,000 | $ 383,453,000 |
United States Pension Plans of US Entity, Defined Benefit [Member] | ||
Schedule Of Defined Benefit Plans [Line Items] | ||
Defined Benefit Plan, Benefit Obligation | $ 477,667,000 | $ 494,269,000 |
Employee Benefit Plans (Detai66
Employee Benefit Plans (Details 2) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | ||||
Actuarial losses to be amortized in the net periodic pension cost | $ 354,201,000 | $ 438,128,000 | $ 222,967,000 | $ 287,956,000 |
Pre-tax changes recognized in Other Comprehensive Income (AOCI) [Abstract] | ||||
Actuarial (gain) loss for the year | (29,278,000) | 253,969,000 | (44,118,000) | |
Other adjustments pensions pre tax | 563,000 | |||
Amortization of unrealized losses | (34,623,000) | (17,147,000) | (25,418,000) | |
Foreign currency translation adjustment | (19,147,000) | $ (21,661,000) | $ 3,984,000 | |
Adjustments related to pensions ending balance | $ (879,000) | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||||
Discount rate | 6.00% | 6000.00% | 6.00% | |
Rate of compensation increase | 3.28% | 3290.00% | 3320.00% | |
Components Of Net Periodic Benefit Cost [Abstract] | ||||
Expected return on plan assets | $ 16,403,000 | $ 16,169,000 | $ 13,638,000 | |
Amortization of unrealized losses | 34,623,000 | 17,147,000 | 25,418,000 | |
Net periodic benefit costs | $ 70,939,000 | $ 49,108,000 | $ 54,539,000 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||||
Discount rate | 3.23% | 4.55% | 4.14% | |
Expected return on plan assets | 6.00% | 6.00% | 6.00% | |
Rate of compensation increase | 3.28% | 3.29% | 3.32% | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | ||||
2,015 | $ 22,511,000 | |||
2,016 | 24,127,000 | |||
2,017 | 25,575,000 | |||
2,018 | 27,462,000 | |||
2,019 | 29,621,000 | |||
2020 - 2024 | $ 178,189,000 |
Employee Benefit Plans (Detai67
Employee Benefit Plans (Details 3) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value Measurements By Level [Line Items] | ||
Total | $ 260,157,000 | $ 270,858,000 |
Equity Securities [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Equity investments | 64,828,000 | 69,485,000 |
Equity Funds [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Other types of investments | 0 | 6,050,000 |
Government Bonds [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Fixed income investments | 4,815,000 | 1,629,000 |
Other Bonds [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Fixed income investments | 7,794,000 | 4,573,000 |
U S Treasury Money Market Funds [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Fixed income investments | 13,003,000 | 7,989,000 |
U S Bonds [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Fixed income investments | 169,717,000 | 181,132,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Total | 17,370,000 | 14,579,000 |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Equity investments | 98,000 | (310,000) |
Fair Value, Inputs, Level 1 [Member] | Equity Funds [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Other types of investments | 0 | 6,050,000 |
Fair Value, Inputs, Level 1 [Member] | Government Bonds [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Fixed income investments | 4,269,000 | 850,000 |
Fair Value, Inputs, Level 1 [Member] | U S Treasury Money Market Funds [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Fixed income investments | 13,003,000 | 7,989,000 |
Significant Observable Inputs (Level 2) | ||
Fair Value Measurements By Level [Line Items] | ||
Total | 242,787,000 | 256,279,000 |
Significant Observable Inputs (Level 2) | Equity Securities [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Equity investments | 64,730,000 | 69,795,000 |
Significant Observable Inputs (Level 2) | Government Bonds [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Fixed income investments | 546,000 | 779,000 |
Significant Observable Inputs (Level 2) | Other Bonds [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Fixed income investments | 7,794,000 | 4,573,000 |
Significant Observable Inputs (Level 2) | U S Bonds [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Fixed income investments | $ 169,717,000 | $ 181,132,000 |
Employee Benefit Plans (Detai68
Employee Benefit Plans (Details 4) | Dec. 31, 2015USD ($) |
Discount Rate [Member] | |
Defined Benefit Plan Liability Increase Decrease [Line Items] | |
0.5% Increase | $ (67,168,000) |
0.5% Decrease | 76,940,000 |
Rate of Compensation Increase [Member] | |
Defined Benefit Plan Liability Increase Decrease [Line Items] | |
0.5% Increase | 9,253,000 |
0.5% Decrease | (9,161,000) |
Rate Of Pension Increase [Member] | |
Defined Benefit Plan Liability Increase Decrease [Line Items] | |
0.5% Increase | 24,551,000 |
0.5% Decrease | $ (22,107,000) |
Noncontrolling Interests Subj69
Noncontrolling Interests Subject to Put Provisions (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Temporary Equity [Line Items] | |||
Noncontrolling interests subject to put provisions beginning | $ 824,658,000 | $ 648,251,000 | $ 523,260,000 |
contributions to noncontrolling interests | (164,830,000) | (142,696,000) | (122,179,000) |
Purchase (sale) of noncontrolling interests | 7,915,000 | 87,902,000 | 16,190,000 |
Cash contributions from noncontrolling interests | 16,749,000 | 16,064,000 | 17,767,000 |
Expiration put provisions 1 | 5,206,000 | (4,650,000) | (9,467,000) |
Changes in fair value of noncontrolling interests | 178,003,000 | 89,767,000 | 108,575,000 |
Net income attributable to noncontrolling interest | 159,127,000 | 133,593,000 | 113,156,000 |
Other Comprehensive Income Loss Net Of Tax | (253,513,000) | (543,242,000) | (60,518,000) |
Noncontrolling interests subject to put provisions ending | 1,028,368,000 | 824,658,000 | 648,251,000 |
Put provisions exercisable | $ 258,552,000 | $ 123,846,000 | $ 119,148,000 |
Sources Of Revenue (Details)
Sources Of Revenue (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Patient Service Revenue by Payor [Line Items] | |||
Patient Service Revenue | $ 11,341,924,000 | $ 9,957,851,000 | $ 9,057,006,000 |
Medicare ESRD program | |||
Patient Service Revenue by Payor [Line Items] | |||
Patient Service Revenue | 5,058,262,000 | 4,677,053,000 | 4,411,285,000 |
Private/alternative payors | |||
Patient Service Revenue by Payor [Line Items] | |||
Patient Service Revenue | 4,830,401,000 | 4,278,847,000 | 3,841,473,000 |
Medicaid and other government sources | |||
Patient Service Revenue by Payor [Line Items] | |||
Patient Service Revenue | 538,077,000 | 433,092,000 | 392,908,000 |
Hospitals | |||
Patient Service Revenue by Payor [Line Items] | |||
Patient Service Revenue | $ 915,184,000 | $ 568,859,000 | $ 411,340,000 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) | 12 Months Ended | |||
Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($) | Dec. 31, 2015€ / sharesshares | |
Stockholders' Equity Note [Abstract] | ||||
Payment of dividends | $ | $ (263,244,000) | $ (317,903,000) | $ (296,134,000) | |
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.78 | $ 0.77 | ||
Conditional capital [Line Items] | ||||
Common stock, no par value | € / shares | € 1 | |||
Class of Stock [Line Items] | ||||
Common stock authorized | shares | 392,462,972 | |||
Stock options beginning balance | shares | 9,189,000 | 8,737,000 | ||
Weighted average remaining contractual life in years | six | |||
Stock options exercised during the period | shares | 1,758,820 | |||
Options Outstanding | shares | 8,737,270 | |||
Conditional Capital Available | $ | $ 21,338,000 | |||
2011 SOP [Member] | ||||
Class of Stock [Line Items] | ||||
Conditional Capital Available | $ | 12,718,000 | |||
2006 SOP [Member] | ||||
Class of Stock [Line Items] | ||||
Conditional Capital Available | $ | $ 4,946,000 |
Shareholders' Equity (Details 1
Shareholders' Equity (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2013 | |
Shares Repurchased [Line Items] | ||
Average price paid per share | $ 66.9 | |
Total number of shares purchased as part of publicly announced plans or programs | 7,548,951 | |
Total Value of Shares Repurchased | $ 505,014,000 | |
May 2013 [Member] | ||
Shares Repurchased [Line Items] | ||
Average price paid per share | $ 68.48 | $ 68.48 |
Total number of shares purchased as part of publicly announced plans or programs | 1,078,255 | 1,078,255 |
Total Value of Shares Repurchased | $ 73,842,000 | $ 73,842,000 |
June 2013[Member] | ||
Shares Repurchased [Line Items] | ||
Average price paid per share | $ 69.95 | $ 69.95 |
Total number of shares purchased as part of publicly announced plans or programs | 2,502,552 | 2,502,552 |
Total Value of Shares Repurchased | $ 175,047,000 | $ 175,047,000 |
July 2013 [Member] | ||
Shares Repurchased [Line Items] | ||
Average price paid per share | $ 64.63 | $ 64.63 |
Total number of shares purchased as part of publicly announced plans or programs | 2,972,770 | 2,972,770 |
Total Value of Shares Repurchased | $ 192,124,000 | $ 192,124,000 |
August 2013 [Member] | ||
Shares Repurchased [Line Items] | ||
Average price paid per share | $ 64.3 | $ 64.3 |
Total number of shares purchased as part of publicly announced plans or programs | 995,374 | 995,374 |
Total Value of Shares Repurchased | $ 64,001,000 | $ 64,001,000 |
Total [Member] | ||
Shares Repurchased [Line Items] | ||
Average price paid per share | $ 66.9 | |
Total number of shares purchased as part of publicly announced plans or programs | 7,548,951 | |
Total Value of Shares Repurchased | $ 505,014,000 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Numerators: | |||
Income attributable to the Company | $ 1,029,445,000 | $ 1,045,266,000 | $ 1,109,890,000 |
Denominators: | |||
Weighted average number of ordinary shares outstanding | 304,440,184 | 302,339,124 | 301,877,303 |
Weighted average number of preference shares outstanding | 1,937,819 | ||
Total weighted average shares outstanding | 304,440,184 | 302,339,124 | 303,815,122 |
Potentially dilutive Ordinary shares | 479,851 | 528,772 | 673,088.843862547 |
Total weighted average Ordinary shares outstanding assuming dilution | 304,920,035 | 302,867,896 | 302,550,391.843863 |
Basic income per Ordinary share | $ 3.38 | $ 3.46 | $ 3.65 |
Fully diluted income per Ordinary share | $ 3.38 | $ 3.45 | $ 3.65 |
Stock Options (Details)
Stock Options (Details) | 12 Months Ended | |||
Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)$ / sharesshares | Dec. 31, 2015€ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock no par value (in Euros) | € / shares | € 1 | |||
Weighted average exercise price | $ / shares | $ 83.89 | $ 61.14 | ||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||
Compensation expense | $ 12,323,000 | $ 8,507,000 | $ 13,593,000 | |
Compensation expense, deferred tax income | 1,857,000 | 1,384,000 | 3,828,000 | |
Share-based Compensation | 6,583,000 | 6,307,000 | 13,593,000 | |
Cash Settled Share Based Payment | $ 11,932,000 | $ 5,389,000 | $ 3,559,000 | |
Board member compensation (Member) | ||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||
Units Held | shares | 1,565,195 | |||
Company Management Employees [Member] | ||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||
Units Held | shares | 7,172,075 | |||
Phantom Stock 2011 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards granted | shares | 607,828 | 299,547 | ||
Phantom Stock 2011 Plan [Member] | Common Stock, No par value [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Fair Value per share | $ / shares | $ 80.36 | |||
Total fair value of granted shares | $ 48,843,000 | |||
Phantom Stock 2011 Plan [Member] | Board member compensation (Member) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards granted | shares | 62,516 | 24,950 | ||
Weighted Average Fair Value per share | $ / shares | $ 80.36 | $ 70.62 | ||
Total fair value of granted shares | $ 48,843,000 | $ 21,155,000 | ||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||
Units Held | shares | 118,703 | |||
Phantom Stock 2011 Plan [Member] | Company Management Employees [Member] | ||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||
Units Held | shares | 1,046,070 | |||
Long Term Incentive Program 2011 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards granted | shares | 3,073,360 | 1,677,360 | 3,073,360 | |
Long Term Incentive Program 2011 [Member] | Common Stock, No par value [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Fair Value per share | $ / shares | $ 16.57 | |||
Total fair value of granted shares | $ 50,923,000 | |||
Long Term Incentive Program 2011 [Member] | Board member compensation (Member) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards granted | shares | 502,980 | 273,900 | 502,980 | |
Weighted average exercise price | $ / shares | $ 83.89 | $ 61.14 | ||
Weighted Average Fair Value per share | $ / shares | $ 16.57 | $ 12.21 | $ 16.57 | |
Total fair value of granted shares | $ 50,923,000 | $ 20,479,000 | ||
NewIncentiveBonusPlan [Member] | ||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||
Share-based Compensation | $ 891,000 | $ 1,040,000 | $ 1,110,000 |
Stock Options (Details 1)
Stock Options (Details 1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Stock options beginning balance | 9,189,000 | ||
Stock options exercised during the period | 1,758,820 | ||
Options forfeited | 1,766,000 | ||
Stock options ending balance | 8,737,000 | 9,189,000 | |
Stock Options Transactions Weighted Average Price Per Share [Roll Forward] | |||
Weighted average price per share beginning balance | $ 52.63 | ||
Granted | 83.89 | ||
Exercised | 42.55 | ||
Forfeited | 60.99 | ||
Weighted average price per share ending balance | $ 63.96 | $ 52.63 | |
Share-based Compensation Arrangement by Share-based Payment Awards, Option, Vested and Expected to Vest [Abstract] | |||
Weighted average exercise price | $ 52.63 | ||
Fully Vested Options (Abstract) | |||
Cash received from exercise of stock options | $ 76,093,000 | $ 98,523,000 | $ 102,418,000 |
Intrinsic value of options exercised | 73,886,000 | 47,396,000 | 52,203,000 |
Tax benefit received from exercise of stock options | $ 18,073,000 | $ 8,529,000 | $ 8,882,000 |
Common Stock, No par value [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Awards, Option, Vested and Expected to Vest [Abstract] | |||
Number of options | 1,611,000 | ||
Weighted average exercise price | $ 47.7 | ||
Aggregate intrinsic value | $ 59,494,000 |
Stock Options (Details 2)
Stock Options (Details 2) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||
Expected dividend yield | 1.46% | 1.99% |
Risk - free interest rate | 0.44% | 0.83% |
Expected volatility | 22.32% | 22.16% |
Weighted average exercise price | $ 83.89 | $ 61.14 |
Subsidiary Incentive Units (Det
Subsidiary Incentive Units (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Subsidiary Incentive Unit [Line Items] | ||
Unrecognized Compensation Cost | $ 17,886,000 | $ 20,005,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income before income taxes is attributable to the following geographic locations: | |||
Germany | $ 134,193,000 | $ 243,684,000 | $ 234,336,000 |
United States | 1,440,040,000 | 1,262,570,000 | 1,254,690,000 |
Other | 361,039,000 | 337,152,000 | 358,609,000 |
Income before income taxes | 1,935,272,000 | 1,843,406,000 | 1,847,635,000 |
Current income tax expense or benefit [Abstract] | |||
Germany | 72,231,000 | 72,613,000 | 81,117,000 |
United States | 458,780,000 | 270,676,000 | 387,017,000 |
Other | 138,588,000 | 141,291,000 | 116,186,000 |
Total income tax expense current | 669,599,000 | 484,580,000 | 584,320,000 |
Deferred income tax expense or benefit [Abstract] | |||
Germany | (45,813,000) | (22,651,000) | (33,106,000) |
United States | (12,693,000) | 152,423,000 | 47,298,000 |
Other | 11,030,000 | (30,754,000) | (6,500,000) |
Total income tax expense deferred | (47,476,000) | 99,018,000 | 7,692,000 |
Income tax expense | $ 622,123,000 | $ 583,598,000 | $ 592,012,000 |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||
Federal corporation income tax base rate | 29.62% | 29.20% | 29.16% |
Deferred tax assets: | |||
Accounts receivable, primarily due to allowance for doubtful accounts | $ 8,850,000 | $ 7,007,000 | |
Inventory, primarily due to additional costs capitalized for tax purposes, and inventory reserve accounts | 11,503,000 | 9,424,000 | |
Plant, equipment, intangible assets and other noncurrent assets, principally due to differences in depreciation and amortization | 28,476,000 | 22,268,000 | |
Accrued expenses and other liabilities for financial accounting purposes, not currently tax deductible | 372,365,000 | 285,333,000 | |
Pensions | 151,732,000 | 170,659,000 | |
Net operating loss carryforwards, tax credit carryforwards and interest carryforwards | 131,640,000 | 138,934,000 | |
Derivatives | 1,317,000 | 10,912,000 | |
Stock-based compensation expense | 3,173,000 | 11,934,000 | |
Other | 4,018,000 | 12,407,000 | |
Total deferred tax assets | 721,041,000 | 675,754,000 | |
Less: valuation allowance [N] | (34,654,000) | (49,479,000) | |
Net deferred tax assets | 686,387,000 | 626,275,000 | |
Deferred tax liabilities: | |||
Accounts receivable | 43,664,000 | 40,453,000 | |
Inventory, primarily due to inventory reserve accounts for tax purposes | 8,318,000 | 10,316,000 | |
Plant, equipment and intangible assets, primarily due to differences in depreciation and amortization | 129,835,000 | 163,286,000 | |
Accrued expenses and other liabilities for financial reporting purposes, not currently tax deductible | 5,575,000 | 10,368,000 | |
Derivatives | 5,488,000 | 4,177,000 | |
Other | 242,524,000 | 146,274,000 | |
Total deferred tax liabilities | 1,122,054,000 | 1,079,265,000 | |
Net deferred tax assets (liabilities) | 435,667,000 | 452,990,000 | |
Estimated future tax liabilities associtaed with earnings that are likely to be distributed in 2011 and following years | 9,273,000 | 11,426,000 | |
Undistributed earning of foreign subsidiaries | $ 7,463,853,000 | 6,622,324,000 | |
German income tax on dividends and capital gains | 1.50% | ||
Unrecognized tax benefits (net of interest) | |||
beginning unrecognized tax benefits | $ 166,108,000 | 199,924,000 | $ 225,198,000 |
Increases in unrecognized tax benefits prior periods | 30,973,000 | 35,584,000 | 25,260,000 |
Decreases in unrecognized tax benefits prior periods | (20,244,000) | (21,143,000) | (11,445,000) |
Increases in unrecognized tax benefits current period | 0 | 12,600,000 | 10,062,000 |
Changes related to settlements with tax authorities | (6,762,000) | (60,872,000) | (52,325,000) |
Reductions as a result of a lapse of the statute of limitations | (1,300,000) | 0 | 0 |
Foreign currency translation | (19,486,000) | 15,000 | $ 3,174,000 |
Amount of potential reduction of unrecognized tax benefits | 156,368,000 | ||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 222,490,000 | ||
Income Tax Examination [Line Items] | |||
Interest and penalties recognized | 13,986,000 | 13,986,000 | |
Accrual for tax related interest and penalties | 27,029,000 | $ 1,397,000 | |
Operating Loss Carryforwards Expiration In One Year [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 16,775,000 | ||
Operating Loss Carryforwards Expiration In Two Years [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 16,411,000 | ||
Operating Loss Carryforwards Expiration In Three Years [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 22,130,000 | ||
Operating Loss Carryforwards Expiration In Four Years [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 27,396,000 | ||
Operating Loss Carryforwards Expiration In Five Years [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 17,430,000 | ||
Operating Loss Carryforwards Expiration In Six Years [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 5,187,000 | ||
Operating Loss Carryforwards Expiration In Seven Years [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 8,585,000 | ||
Operating Loss Carryforwards Expiration In Eight Years [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 4,144,000 | ||
Operating Loss Carryforwards Expiration In Nine Years [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 18,243,000 | ||
Operating Loss Carryforwards Expiration In Ten Years And Thereafter [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 4,819,000 | ||
Operating Loss Carryforwards No Expiration Date [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | $ 81,370,000 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation between the expected and actual income tax expense | |||
Expected corporate income tax expense | $ 573,228,000 | $ 538,275,000 | $ 538,770,000 |
Tax free income [N] | (35,715,000) | (44,658,000) | (68,558,000) |
Tax portion of income from at equity investments | (14,272,000) | (5,476,000) | (4,869,000) |
Tax rate differentials | 126,263,000 | 148,294,000 | 132,977,000 |
Non-deductible expenses | 36,406,000 | 25,161,000 | 20,564,000 |
Taxes for prior year | 19,969,000 | (25,247,000) | (6,389,000) |
Change in valuation allowance | (2,571,000) | 6,284,000 | 3,154,000 |
Noncontrolling partnership interests [N] | 109,470,000 | 81,594,000 | 55,023,000 |
Other | 13,332,000 | 22,559,000 | 31,386,000 |
Income tax expense | $ 622,123,000 | $ 583,598,000 | $ 592,012,000 |
Effective tax rate | 33.80% | 35.20% | 33.70% |
Operating Leases (Details)
Operating Leases (Details) | Dec. 31, 2015USD ($) |
Operating Leases, Rent Expense, Net [Abstract] | |
2,016 | $ 696,831,000 |
2,017 | 595,078,000 |
2,018 | 509,936,000 |
2,019 | 436,120,000 |
2,020 | 361,637,000 |
Thereafter | 1,159,673,000 |
Total | $ 3,759,275,000 |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Assets: | |||
Cash and cash equivalents | $ 549,500,000 | $ 633,855,000 | $ 682,777,000 |
Liabilities: | |||
Short-term borrowings | 109,252,000 | 132,693,000 | |
Senior Credit Agreement | 2,611,580,000 | 2,881,930,000 | |
Senior Long Term Notes | 5,325,618,000 | 5,473,979,000 | |
Noncontrolling interests subject to put provisions ending | 1,028,368,000 | 824,658,000 | $ 648,251,000 |
Financial instruments notional amount of foreign currency cash flow hedge derivatives | 193,880,000 | 401,555,000 | |
Financial instrument notional amount of foreign currency derivative instruments not designated as hedging instruments | 1,637,129,000 | 1,568,928,000 | |
Financial instrument notional amount of interest rate derivatives | 409,351,000 | 478,355,000 | |
Amount of additional interest expense expected to be reclassified into earnings | $ 58,581,000 | 85,675,000 | |
The time period estimated for the anticipated transfer of interest expense into earnings | 12 months | ||
Derivative Assets Subject To Master Netting Agreements | $ 24,366,000 | 26,820,000 | |
Derivative Liabilities Subject To Master Netting Agreements | 12,765,000 | 52,380,000 | |
Derivative Net Liabilities Subject To Master Netting Agreements | 4,672,000 | 39,416,000 | |
Derivative Net Assets Subject To Master Netting Agreements | 16,273,000 | 13,856,000 | |
Carrying Reported Amount Fair Value Disclosure [Member] | |||
Assets: | |||
Cash and cash equivalents | 549,500,000 | 633,855,000 | |
Accounts receivable | 3,521,741,000 | 3,431,672,000 | |
available for sale securities | 275,770,000 | 171,917,000 | |
Long-term notes receivable | 0 | 180,250,000 | |
Liabilities: | |||
Accounts Payable | 780,851,000 | 713,915,000 | |
Short-term borrowings | 128,304,000 | 138,050,000 | |
Long term debt, excluding Amended 2012 Senior Credit Agreement and Senior Notes | 172,919,000 | 524,592,000 | |
Senior Credit Agreement | 2,611,580,000 | 2,881,930,000 | |
Senior Long Term Notes | 5,325,618,000 | 5,473,979,000 | |
Convertible Debt | 407,705,000 | 447,263,000 | |
Noncontrolling interests subject to put provisions ending | 1,028,368,000 | 824,658,000 | |
Portion At Fair Value Fair Value Disclosure [Member] | |||
Assets: | |||
Cash and cash equivalents | 549,500,000 | 633,855,000 | |
Accounts receivable | 3,521,741,000 | 3,431,672,000 | |
available for sale securities | 275,770,000 | 171,917,000 | |
Long-term notes receivable | 0 | 180,308,000 | |
Liabilities: | |||
Accounts Payable | 780,851,000 | 713,915,000 | |
Short-term borrowings | 128,304,000 | 138,050,000 | |
Long term debt, excluding Amended 2012 Senior Credit Agreement and Senior Notes | 172,919,000 | 527,062,000 | |
Senior Credit Agreement | 2,625,591,000 | 2,900,222,000 | |
Senior Long Term Notes | 5,782,937,000 | 5,992,859,000 | |
Convertible Debt | 546,057,000 | 531,193,000 | |
Noncontrolling interests subject to put provisions ending | $ 1,028,368,000 | $ 824,658,000 |
Financial Instruments (Details
Financial Instruments (Details 1) - Significant Observable Inputs (Level 2) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Designated As Hedging Instrument [Member] | ||
Derivatives Fair Value [Line Items] | ||
Assets | $ 3,285,000 | $ 2,659,000 |
Liabilities | (5,646,000) | (29,365,000) |
Nondesignated as Hedging Instrument [Member] | ||
Derivatives Fair Value [Line Items] | ||
Assets | 140,960,000 | 91,349,000 |
Liabilities | (123,111,000) | (95,199,000) |
Foreign Exchange Contract Current [Member] | Designated As Hedging Instrument [Member] | ||
Derivatives Fair Value [Line Items] | ||
Assets | 3,114,000 | 2,659,000 |
Liabilities | (2,921,000) | (24,509,000) |
Foreign Exchange Contract Current [Member] | Nondesignated as Hedging Instrument [Member] | ||
Derivatives Fair Value [Line Items] | ||
Assets | 23,908,000 | 25,582,000 |
Liabilities | (7,056,000) | (29,295,000) |
Interest Rate Contract Current Dollar [Member] | Designated As Hedging Instrument [Member] | ||
Derivatives Fair Value [Line Items] | ||
Liabilities | (1,637,000) | |
Foreign Exchange Contract Non Current [Member] | Designated As Hedging Instrument [Member] | ||
Derivatives Fair Value [Line Items] | ||
Assets | 171,000 | |
Liabilities | (127,000) | (77,000) |
Foreign Exchange Contract Non Current [Member] | Nondesignated as Hedging Instrument [Member] | ||
Derivatives Fair Value [Line Items] | ||
Assets | 1,062,000 | |
Liabilities | (65,000) | (137,000) |
Interest Rate Contract Non Current Dollar [Member] | Designated As Hedging Instrument [Member] | ||
Derivatives Fair Value [Line Items] | ||
Liabilities | (961,000) | (4,779,000) |
embedded derivative | Nondesignated as Hedging Instrument [Member] | ||
Derivatives Fair Value [Line Items] | ||
Liabilities | (115,990,000) | (65,767,000) |
Bond option | Designated As Hedging Instrument [Member] | ||
Derivatives Fair Value [Line Items] | ||
Assets | $ 115,990,000 | |
Bond option | Nondesignated as Hedging Instrument [Member] | ||
Derivatives Fair Value [Line Items] | ||
Assets | $ 65,767,000 |
Financial Instruments (Detail83
Financial Instruments (Details 2) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Interest Rate Contract Dollar [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Amount of (Gain) or Loss Recognized in Income on Derivatives | $ 17,362,000 | |
Designated As Hedging Instrument [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) | 40,496,000 | |
Amount of (Gain) or Loss Recognized in Income on Derivatives | 19,635,000 | $ (3,573,000) |
Designated As Hedging Instrument [Member] | Interest Rate Contract [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) | 29,120,000 | |
Amount of (Gain) or Loss Recognized in Income on Derivatives | (23,123,000) | |
Designated As Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Amount of (Gain) or Loss Recognized in Income on Derivatives | 2,273,000 | (23,123,000) |
Nondesignated as Hedging Instrument [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Amount of (Gain) or Loss Recognized in Income on Derivatives | (77,418,000) | |
Interest Income Expense [Member] | Designated As Hedging Instrument [Member] | Interest Rate Contract [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) | 22,810,000 | 26,571,000 |
Interest Income Expense [Member] | Nondesignated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Amount of (Gain) or Loss Recognized in Income on Derivatives | 8,196,000 | 6,483,000 |
Cost Of Sale [Member] | Designated As Hedging Instrument [Member] | Interest Rate Contract [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) | 2,549,000 | |
Cost Of Sale [Member] | Designated As Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) | 17,686,000 | |
Selling general and administrative expense [Member] | Nondesignated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Amount of (Gain) or Loss Recognized in Income on Derivatives | $ (61,328,000) | $ (83,901,000) |
Other Comprehensive Income (L84
Other Comprehensive Income (Loss) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax [Line Items] | |||
Total other comprehensive income (loss) relating to cash flow hedges, pretax | $ 60,131,000 | $ 25,547,000 | $ 22,532,000 |
Foreign-currency translation adjustment - pretax | (353,504,000) | (421,789,000) | (114,439,000) |
OtherComprehensiveIncomeComponent [Member] | |||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax [Line Items] | |||
Changes in fair value of cash flow hedges during the period - pretax | 19,635,000 | (3,573,000) | (2,917,000) |
Reclassification adjustments - pretax | 40,496,000 | 29,120,000 | 25,449,000 |
Total other comprehensive income (loss) relating to cash flow hedges, pretax | 60,131,000 | 25,547,000 | 22,532,000 |
Foreign-currency translation adjustment - pretax | (348,543,000) | (415,703,000) | (112,395,000) |
Actuarial gain on defined benefit plans- net of tax | 49,304,000 | (232,308,000) | 39,571,000 |
Adjustments related to pension obligations - pretax | 34,623,000 | 17,147,000 | 25,418,000 |
Total OCI Related to Pension | 83,927,000 | (215,161,000) | 64,989,000 |
Other comprehensive income (loss) - pretax | (204,485,000) | (605,317,000) | (24,874,000) |
tax effect [Member] | |||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax [Line Items] | |||
Changes in fair value of cash flow hedges during the period - pretax | (6,154,000) | 1,417,000 | 1,346,000 |
Reclassification adjustments - pretax | (10,914,000) | (8,385,000) | (7,393,000) |
Total other comprehensive income (loss) relating to cash flow hedges, pretax | (17,068,000) | (6,968,000) | (6,047,000) |
Foreign-currency translation adjustment - pretax | 0 | ||
Actuarial gain on defined benefit plans- net of tax | (14,148,000) | 81,476,000 | (17,828,000) |
Adjustments related to pension obligations - pretax | (12,851,000) | (6,347,000) | (9,725,000) |
Total OCI Related to Pension | (26,999,000) | 75,129,000 | (27,553,000) |
Other comprehensive income (loss) - pretax | (44,067,000) | 68,161,000 | (33,600,000) |
Net Before Non Controlling Interest [Member] | |||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax [Line Items] | |||
Changes in fair value of cash flow hedges during the period - pretax | 13,481,000 | (2,156,000) | (1,571,000) |
Reclassification adjustments - pretax | 29,582,000 | 20,735,000 | 18,056,000 |
Total other comprehensive income (loss) relating to cash flow hedges, pretax | 43,063,000 | 18,579,000 | 16,485,000 |
Foreign-currency translation adjustment - pretax | (348,543,000) | (415,703,000) | (112,395,000) |
Actuarial gain on defined benefit plans- net of tax | 35,156,000 | (150,832,000) | 21,743,000 |
Adjustments related to pension obligations - pretax | 21,772,000 | 10,800,000 | 15,693,000 |
Total OCI Related to Pension | 56,928,000 | (140,032,000) | 37,436,000 |
Other comprehensive income (loss) - pretax | (248,552,000) | (537,156,000) | (58,474,000) |
OCI Non Controlling Interest [Member] | |||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax [Line Items] | |||
Changes in fair value of cash flow hedges during the period - pretax | 0 | ||
Reclassification adjustments - pretax | 0 | ||
Total other comprehensive income (loss) relating to cash flow hedges, pretax | 0 | ||
Foreign-currency translation adjustment - pretax | (4,961,000) | (6,086,000) | (2,044,000) |
Other comprehensive income (loss) - pretax | (4,961,000) | (6,086,000) | (2,044,000) |
Other Comprehensive Income Net Of Tax [Member] | |||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax [Line Items] | |||
Changes in fair value of cash flow hedges during the period - pretax | 13,481,000 | (2,156,000) | (1,571,000) |
Reclassification adjustments - pretax | 29,582,000 | 20,735,000 | 18,056,000 |
Total other comprehensive income (loss) relating to cash flow hedges, pretax | 43,063,000 | 18,579,000 | 16,485,000 |
Foreign-currency translation adjustment - pretax | (353,504,000) | (421,789,000) | (114,439,000) |
Actuarial gain on defined benefit plans- net of tax | 35,156,000 | (150,832,000) | 21,743,000 |
Adjustments related to pension obligations - pretax | 21,772,000 | 10,800,000 | 15,693,000 |
Total OCI Related to Pension | 56,928,000 | (140,032,000) | 37,436,000 |
Other comprehensive income (loss) - pretax | $ (253,513,000) | $ (543,242,000) | $ (60,518,000) |
Other Comprehensive Income (L85
Other Comprehensive Income (Loss) (Details 2) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other comprehensive income loss net of tax portion attributables to parent [Line Items] | |||
Other Comprehensive Income Loss Net Of Tax | $ (253,513,000) | $ (543,242,000) | $ (60,518,000) |
Balance | (1,087,743,000) | ||
Balance | (1,336,295,000) | (1,087,743,000) | |
Total FMC-AG and Co. KGaA [Member] | OtherComprehensiveIncomeRollforward [Member] | |||
Balance | (1,093,004,000) | (549,762,000) | (489,244,000) |
Other comprehensive income before reclassifications | (304,867,000) | (574,777,000) | (94,267,000) |
Amounts reclassified from Accumulated Other comprehensive income | (51,354,000) | (31,535,000) | (33,749,000) |
Other comprehensive income (loss), net of tax | (253,513,000) | (543,242,000) | (60,518,000) |
Balance | (1,346,517,000) | (1,093,004,000) | (549,762,000) |
Accumulated net gain loss from designated or qualifying cash flow hedges (member) | OtherComprehensiveIncomeRollforward [Member] | |||
Balance | (103,277,000) | (121,856,000) | (138,341,000) |
Other comprehensive income before reclassifications | 13,481,000 | (2,156,000) | (1,571,000) |
Amounts reclassified from Accumulated Other comprehensive income | (29,582,000) | (20,735,000) | (18,056,000) |
Other comprehensive income (loss), net of tax | 43,063,000 | 18,579,000 | 16,485,000 |
Balance | (60,214,000) | (103,277,000) | (121,856,000) |
AccumulatedDefinedBenefitPlansAdjustmentMember | OtherComprehensiveIncomeRollforward [Member] | |||
Balance | (282,019,000) | (141,987,000) | (179,423,000) |
Other comprehensive income before reclassifications | 35,156,000 | (150,832,000) | 21,743,000 |
Amounts reclassified from Accumulated Other comprehensive income | (21,772,000) | (10,800,000) | (15,693,000) |
Other comprehensive income (loss), net of tax | 56,928,000 | (140,032,000) | 37,436,000 |
Balance | (225,091,000) | (282,019,000) | (141,987,000) |
AccumulatedTranslationAdjustmentMember | OtherComprehensiveIncomeRollforward [Member] | |||
Balance | (702,447,000) | (286,744,000) | (174,349,000) |
Other comprehensive income before reclassifications | (348,543,000) | (415,703,000) | (112,395,000) |
Amounts reclassified from Accumulated Other comprehensive income | 0 | 0 | 0 |
Other comprehensive income (loss), net of tax | (348,543,000) | (415,703,000) | (112,395,000) |
Balance | (1,050,990,000) | (702,447,000) | (286,744,000) |
Total before non-controlling interests | OtherComprehensiveIncomeRollforward [Member] | |||
Balance | (1,087,743,000) | (550,587,000) | (492,113,000) |
Other comprehensive income before reclassifications | (299,906,000) | (568,691,000) | (92,223,000) |
Amounts reclassified from Accumulated Other comprehensive income | (51,354,000) | (31,535,000) | (33,749,000) |
Other comprehensive income (loss), net of tax | (248,552,000) | (537,156,000) | (58,474,000) |
Balance | (1,336,295,000) | (1,087,743,000) | (550,587,000) |
Noncontrolling interests not subject to put provisions [Member] | OtherComprehensiveIncomeRollforward [Member] | |||
Balance | (5,261,000) | 825,000 | 2,869,000 |
Other comprehensive income before reclassifications | (4,961,000) | (6,086,000) | (2,044,000) |
Amounts reclassified from Accumulated Other comprehensive income | 0 | 0 | 0 |
Other comprehensive income (loss), net of tax | (4,961,000) | (6,086,000) | (2,044,000) |
Balance | $ (10,222,000) | $ (5,261,000) | $ 825,000 |
Other Comprehensive Income (L86
Other Comprehensive Income (Loss) (Details 3) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other comprehensive income loss net of tax portion attributables to parent [Line Items] | |||
Cost of revenues | $ 11,406,419,000 | $ 10,835,767,000 | $ 9,871,330,000 |
Total reclassification for the period | (51,354,000) | (31,535,000) | (33,749,000) |
Cash Flow Hedge Interest Rate Contract [Member] | |||
Other comprehensive income loss net of tax portion attributables to parent [Line Items] | |||
AOCI Interest income | 22,810,000 | 26,571,000 | 28,111,000 |
Cash Flow Hedge Foreign Exchange Contract [Member] | |||
Other comprehensive income loss net of tax portion attributables to parent [Line Items] | |||
AOCI Interest income | 589,000 | ||
Cost of revenues | 17,686,000 | 2,549,000 | (3,251,000) |
Cash Flow Hedge [Member] | |||
Other comprehensive income loss net of tax portion attributables to parent [Line Items] | |||
Total before tax | 40,496,000 | 29,120,000 | 25,449,000 |
Tax expense or benefit | 10,914,000 | 8,385,000 | 7,393,000 |
Net of tax | 29,582,000 | 20,735,000 | 18,056,000 |
Actuarial Gain Loss [Member] | |||
Other comprehensive income loss net of tax portion attributables to parent [Line Items] | |||
Actuarial gains (losses) on defined benefit pension plans | 34,623,000 | 17,147,000 | 25,418,000 |
Total before tax | 34,623,000 | 17,147,000 | 25,418,000 |
Tax expense or benefit | 12,851,000 | 6,347,000 | 9,725,000 |
Net of tax | $ 21,772,000 | $ 10,800,000 | $ 15,693,000 |
Supplementary Cash Flow Infor87
Supplementary Cash Flow Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplementary cash flow information: | |||
Cash paid for interest | $ 379,784,000 | $ 379,978,000 | $ 374,648,000 |
Cash paid for income taxes, net of tax refund | 547,401,000 | 689,954,000 | 542,625,000 |
Tax Benefit From Stock Options Exercised 1 | 18,073,000 | 8,529,000 | 8,882,000 |
Supplemental disclosures of cash flow information, details for acquisitions: | |||
Acquisition purchase price allocation assets acquired | (216,023,000) | (2,505,027,000) | (417,669,000) |
Acquisition purchase price allocation liabilities assumed | (34,841,000) | (450,808,000) | (31,335,000) |
Noncontrolling interest subject to put provisions | (7,622,000) | (95,015,000) | (15,460,000) |
Noncontrolling interest | (983,000) | (328,997,000) | (9,104,000) |
Acquisition purchase price allocation notes payable and long term debt | (69,233,000) | (18,253,000) | (66,917,000) |
Cash paid | 103,344,000 | 1,611,954,000 | 294,853,000 |
Less cash acquired | 3,193,000 | 132,433,000 | 6,858,000 |
Net cash paid for acquisitions | (1,479,521,000) | (287,995,000) | |
Cash Paid For Investments | (184,101,000) | (274,913,000) | (195,921,000) |
Cash paid for intangible assets | $ (32,558,000) | (24,624,000) | (11,809,000) |
Cash paid for acquisitions and investments net of cash acquired and purchases of intangible assets | $ (1,779,058,000) | $ (495,725,000) |
Business Segment Information (D
Business Segment Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Entity-Wide Information, Revenue from External Customer [Line Items] | |||
Income (Loss) From Equity Method Investments | $ (31,452,000) | $ (24,838,000) | $ (26,105,000) |
thereof investment in equity method investees | 644,709,000 | 676,822,000 | |
North America member | |||
Entity-Wide Information, Revenue from External Customer [Line Items] | |||
Net revenue from external customers | 11,813,330,000 | 10,500,095,000 | 9,606,111,000 |
Revenues from transactions with other same entity operating segments | 5,292,000 | 8,992,000 | 7,045,000 |
Segment revenue | 11,818,622,000 | 10,509,087,000 | 9,613,156,000 |
Segment depreciation and amortization | 1,797,835,000 | 1,642,911,000 | 1,623,071,000 |
Segment operating income | (399,434,000) | (364,137,000) | (331,397,000) |
Income (Loss) From Equity Method Investments | 20,799,000 | 18,457,000 | 16,388,000 |
Segment assets | 17,411,104,000 | 16,888,556,000 | 14,666,442,000 |
thereof investment in equity method investees | 288,956,000 | 291,118,000 | 268,370,000 |
Capital expenditures, acquisitions and investments | 709,503,000 | 2,006,585,000 | 789,340,000 |
EMEA member | |||
Entity-Wide Information, Revenue from External Customer [Line Items] | |||
Net revenue from external customers | 2,628,688,000 | 3,072,067,000 | 3,023,316,000 |
Revenues from transactions with other same entity operating segments | 1,000 | 426 | |
Segment revenue | 2,628,689,000 | 3,072,067,426 | 3,023,316,000 |
Segment depreciation and amortization | 576,895,000 | 589,971,000 | 600,972,000 |
Segment operating income | (113,131,000) | (133,155,000) | (137,484,000) |
Income (Loss) From Equity Method Investments | 6,820,000 | 4,415,000 | 7,184,000 |
Segment assets | 3,306,939,000 | 3,585,851,000 | 4,063,667,000 |
thereof investment in equity method investees | 220,610,000 | 238,604,000 | 278,167,000 |
Capital expenditures, acquisitions and investments | 174,229,000 | 210,509,000 | 203,787,000 |
Latin America Member | |||
Entity-Wide Information, Revenue from External Customer [Line Items] | |||
Net revenue from external customers | 766,424,000 | 836,008,000 | 842,540,000 |
Revenues from transactions with other same entity operating segments | 447,000 | 336,000 | |
Segment revenue | 766,871,000 | 836,344,000 | 842,540,000 |
Segment depreciation and amortization | 48,233,000 | 101,439,000 | 128,358,000 |
Segment operating income | (14,835,000) | (19,814,000) | (19,458,000) |
Income (Loss) From Equity Method Investments | 1,307,000 | 1,024,000 | 689,000 |
Segment assets | 609,563,000 | 723,079,000 | 682,755,000 |
thereof investment in equity method investees | 25,796,000 | 27,672,000 | 0 |
Capital expenditures, acquisitions and investments | 50,549,000 | 74,135,000 | 37,628,000 |
Asia Pacific | |||
Entity-Wide Information, Revenue from External Customer [Line Items] | |||
Net revenue from external customers | 1,501,456,000 | 1,356,936,000 | 1,104,463,000 |
Revenues from transactions with other same entity operating segments | 143,000 | 7,000 | |
Segment revenue | 1,501,599,000 | 1,356,943,000 | 1,104,463,000 |
Segment depreciation and amortization | 297,860,000 | 279,046,000 | 167,861,000 |
Segment operating income | (44,616,000) | (37,729,000) | (31,162,000) |
Income (Loss) From Equity Method Investments | 2,526,000 | 942,000 | 1,844,000 |
Segment assets | 1,731,908,000 | 1,821,667,000 | 1,431,060,000 |
thereof investment in equity method investees | 109,347,000 | 119,428,000 | 117,909,000 |
Capital expenditures, acquisitions and investments | 48,949,000 | 128,480,000 | 45,005,000 |
Segment Total [Member] | |||
Entity-Wide Information, Revenue from External Customer [Line Items] | |||
Net revenue from external customers | 16,709,898,000 | 15,765,106,000 | 14,576,430,000 |
Revenues from transactions with other same entity operating segments | 5,883,000 | 9,335,426 | 7,045,000 |
Segment revenue | 16,715,781,000 | 15,774,441,426 | 14,583,475,000 |
Segment depreciation and amortization | 2,720,823,000 | 2,613,367,000 | 2,520,262,000 |
Segment operating income | (572,016,000) | (554,835,000) | (519,501,000) |
Income (Loss) From Equity Method Investments | 31,452,000 | 24,838,000 | 26,105,000 |
Segment assets | 23,059,514,000 | 23,019,153,000 | 20,843,924,000 |
thereof investment in equity method investees | 644,709,000 | 676,822,000 | 664,446,000 |
Capital expenditures, acquisitions and investments | 983,230,000 | 2,419,709,000 | 1,075,760,000 |
Corporates [Member] | |||
Entity-Wide Information, Revenue from External Customer [Line Items] | |||
Net revenue from external customers | 27,684,000 | 66,507,000 | 33,297,000 |
Revenues from transactions with other same entity operating segments | (5,883,000) | (9,335,426) | (7,045,000) |
Segment revenue | 21,801,000 | 57,171,574 | 26,252,000 |
Segment depreciation and amortization | 394,091,000 | 358,834,000 | 264,066,000 |
Segment operating income | (145,306,000) | (144,493,000) | (128,724,000) |
Income (Loss) From Equity Method Investments | 0 | 0 | 0 |
Segment assets | 2,473,972,000 | 2,361,828,000 | 2,210,511,000 |
thereof investment in equity method investees | 0 | 0 | 0 |
Capital expenditures, acquisitions and investments | 286,523,000 | 290,976,000 | 167,903,000 |
Total FMC-AG and Co. KGaA [Member] | |||
Entity-Wide Information, Revenue from External Customer [Line Items] | |||
Net revenue from external customers | 16,737,582,000 | 15,831,613,000 | 14,609,727,000 |
Revenues from transactions with other same entity operating segments | 0 | ||
Segment revenue | 16,737,582,000 | 15,831,613,000 | 14,609,727,000 |
Segment depreciation and amortization | 2,326,732,000 | 2,254,533,000 | 2,256,196,000 |
Segment operating income | (717,322,000) | (699,328,000) | (648,225,000) |
Income (Loss) From Equity Method Investments | 31,452,000 | 24,838,000 | 26,105,000 |
Segment assets | 25,533,486,000 | 25,380,981,000 | 23,054,435,000 |
thereof investment in equity method investees | 644,709,000 | 676,822,000 | 664,446,000 |
Capital expenditures, acquisitions and investments | $ 1,269,753,000 | $ 2,710,685,000 | $ 1,243,663,000 |
Business Segment Information 89
Business Segment Information (Details 1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net revenue external customers | $ 16,737,582,000 | $ 15,831,613,000 | $ 14,609,727,000 |
Long-lived assets | 18,290,751,000 | 18,455,949,000 | 16,668,502,000 |
Germany [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net revenue external customers | 400,401,000 | 456,937,000 | 437,459,000 |
Long-lived assets | 556,276,000 | 520,690,000 | 581,936,000 |
Segment North America(Member) | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net revenue external customers | 11,813,330,000 | 10,500,095,000 | 9,606,111,000 |
Long-lived assets | 14,771,036,000 | 14,753,136,000 | 12,859,787,000 |
Remaining World [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net revenue external customers | 4,523,851,000 | 4,874,581,000 | 4,566,157,000 |
Long-lived assets | $ 2,963,439,000 | $ 3,182,123,000 | $ 3,226,779,000 |
Supplemental Condensed Combin90
Supplemental Condensed Combining Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated Statements of Income | |||
Net revenue | $ 16,737,582,000 | $ 15,831,613,000 | $ 14,609,727,000 |
Cost of revenues | 11,406,419,000 | 10,835,767,000 | 9,871,330,000 |
Gross profit | 5,331,163,000 | 4,995,846,000 | 4,738,397,000 |
Operating expenses: | |||
Research and development | 140,302,000 | 122,114,000 | 125,805,000 |
Operating income | 2,326,732,000 | 2,254,533,000 | 2,256,196,000 |
Other (income) expense: | |||
Income before income taxes | 1,935,272,000 | 1,843,406,000 | 1,847,635,000 |
Income tax expense | 622,123,000 | 583,598,000 | 592,012,000 |
Net Income | 1,313,149,000 | 1,259,808,000 | 1,255,623,000 |
Less: Net income attributable to noncontrolling interests | 283,704,000 | 214,542,000 | 145,733,000 |
Income attributable to the Company | 1,029,445,000 | 1,045,266,000 | 1,109,890,000 |
Current assets: | |||
Cash and cash equivalents | 549,500,000 | 633,855,000 | 682,777,000 |
Trade accounts receivable less allowance for doubtful accounts of $418,508 in 2014 and $413,165 in 2013 | 3,285,196,000 | 3,203,655,000 | |
Accounts receivable from related parties | 218,285,000 | 193,225,000 | |
Inventories | 1,340,751,000 | 1,115,554,000 | |
Prepaid expenses and other current assets | 1,374,715,000 | 1,326,569,000 | |
Deferred tax asset, current | 216,127,000 | 245,354,000 | |
Total current assets | 6,984,574,000 | 6,718,212,000 | |
Property, plant and equipment, net | 3,425,574,000 | 3,290,180,000 | |
Intangible assets | 830,489,000 | 869,411,000 | |
Goodwill | 13,032,750,000 | 13,082,180,000 | 11,658,187,000 |
Deferred tax asset, non-current | 140,938,000 | 141,052,000 | |
Total assets | 25,533,486,000 | 25,380,981,000 | |
Current liabilities: | |||
Accounts payable | 627,828,000 | 573,184,000 | |
Accounts payable to related parties | 153,023,000 | 140,731,000 | |
Accrued expenses and other current liabilities | 2,503,137,000 | 2,197,245,000 | |
Short-term borrowings and other financial liabilities | 109,252,000 | 132,693,000 | |
Short Term Borrowings Due To Related Parties Current | 19,052,000 | 5,357,000 | |
Current portion of long-term debt and capital lease obligations | 664,335,000 | 313,607,000 | |
Income tax payable, current | 72,819,000 | 79,687,000 | |
Deferred tax liability, current | 36,399,000 | 34,787,000 | |
Total current liabilities | 4,185,845,000 | 3,477,291,000 | |
Total long-term debt less current maturities | 7,853,487,000 | 9,014,157,000 | |
Other liabilities | 465,625,000 | 411,976,000 | |
Pension liabilities | 585,328,000 | 642,318,000 | |
Income tax payable, non-current | 162,500,000 | 177,601,000 | |
Deferred tax liability, non-current | 756,333,000 | 804,609,000 | |
Total liabilities | 14,009,118,000 | 14,527,952,000 | |
Noncontrolling interests subject to put provisions ending | 1,028,368,000 | 824,658,000 | 648,251,000 |
Company shareholders' equity | 9,887,142,000 | 9,443,313,000 | |
Noncontrolling interests not subject to put provisions | 608,858,000 | 585,058,000 | |
Total equity | 10,496,000,000 | 10,028,371,000 | |
Total liabilities and equity | 25,533,486,000 | 25,380,981,000 | |
Consolidated Statements of Comprehensive Income | |||
Net Income | 1,313,149,000 | 1,259,808,000 | 1,255,623,000 |
Defined Benefit Plan Actuarial Gain Loss | (56,840,000) | 234,199,000 | |
Total comprehensive income | 1,059,636,000 | 716,566,000 | 1,195,105,000 |
Comprehensive income attributable to noncontrolling interests | (278,743,000) | (208,456,000) | (143,689,000) |
Comprehensive income attributable to the Company | 780,893,000 | 508,110,000 | 1,051,416,000 |
FMC US Finance [Member] | |||
Other (income) expense: | |||
Interest, net | 6,993,000 | 6,930,000 | 6,871,000 |
Other, net | 0 | 0 | |
Income before income taxes | 6,993,000 | 6,930,000 | 6,871,000 |
Income tax expense | 2,584,000 | 2,524,000 | 2,494,000 |
Net Income | 4,409,000 | 4,406,000 | 4,377,000 |
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 |
Income attributable to the Company | 4,409,000 | 4,406,000 | 4,377,000 |
Current assets: | |||
Cash and cash equivalents | 2,000 | 1,000 | 0 |
Trade accounts receivable less allowance for doubtful accounts of $418,508 in 2014 and $413,165 in 2013 | 0 | ||
Accounts receivable from related parties | 1,266,557,000 | 1,266,916,000 | |
Inventories | 0 | 0 | |
Prepaid expenses and other current assets | 0 | 0 | |
Deferred tax asset, current | 0 | 0 | |
Total current assets | 1,266,559,000 | 1,266,917,000 | |
Property, plant and equipment, net | 0 | ||
Intangible assets | 0 | ||
Goodwill | 0 | ||
Deferred tax asset, non-current | 0 | ||
Other assets | 0 | ||
Total assets | 1,266,559,000 | 1,266,917,000 | |
Current liabilities: | |||
Accounts payable | 0 | ||
Accounts payable to related parties | 0 | ||
Accrued expenses and other current liabilities | 29,771,000 | 29,771,000 | |
Short-term borrowings and other financial liabilities | 0 | ||
Short Term Borrowings Due To Related Parties Current | 0 | ||
Current portion of long-term debt and capital lease obligations | 0 | ||
Income tax payable, current | 0 | ||
Deferred tax liability, current | 0 | ||
Total current liabilities | 29,771,000 | 29,771,000 | |
Total long-term debt less current maturities | 1,157,603,000 | 1,162,534,000 | |
Long term borrowings from related parties | 0 | ||
Other liabilities | 0 | ||
Pension liabilities | 0 | ||
Income tax payable, non-current | 801,000 | 637,000 | |
Deferred tax liability, non-current | 0 | ||
Total liabilities | 1,188,175,000 | 1,192,942,000 | |
Noncontrolling interests subject to put provisions ending | 0 | ||
redeemable preferred stock | 0 | ||
Company shareholders' equity | 78,384,000 | 73,975,000 | |
Noncontrolling interests not subject to put provisions | 0 | 0 | |
Total equity | 78,384,000 | 73,975,000 | |
Total liabilities and equity | 1,266,559,000 | 1,266,917,000 | |
Consolidated Statements of Comprehensive Income | |||
Net Income | 4,409,000 | 4,406,000 | 4,377,000 |
Total comprehensive income | 4,409,000 | 4,406,000 | 4,377,000 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 |
Comprehensive income attributable to the Company | 4,409,000 | 4,406,000 | 4,377,000 |
Total Company [Member] | |||
Operating expenses: | |||
Selling, general and administrative | 183,650,000 | 234,170,000 | 184,054,000 |
Research and development | 0 | 0 | 0 |
Operating income | (183,650,000) | (234,170,000) | (184,054,000) |
Other (income) expense: | |||
Interest, net | (200,596,000) | (238,554,000) | (210,759,000) |
Other, net | 1,437,029,000 | 1,555,399,000 | 1,545,184,000 |
Income before income taxes | 1,052,783,000 | 1,082,675,000 | 1,150,371,000 |
Income tax expense | 23,338,000 | 37,409,000 | 40,481,000 |
Net Income | 1,029,445,000 | 1,045,266,000 | 1,109,890,000 |
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 |
Income attributable to the Company | 1,029,445,000 | 1,045,266,000 | 1,109,890,000 |
Consolidated Statements of Comprehensive Income | |||
Net Income | 1,029,445,000 | 1,045,266,000 | 1,109,890,000 |
D GmbH [Member] | |||
Consolidated Statements of Income | |||
Net revenue | 1,870,515,000 | 2,211,756,000 | 2,084,014,000 |
Cost of revenues | 1,192,256,000 | 1,395,295,000 | 1,356,114,000 |
Gross profit | 678,259,000 | 816,461,000 | 727,900,000 |
Operating expenses: | |||
Selling, general and administrative | 255,184,000 | 198,789,000 | 284,589,000 |
Research and development | 75,661,000 | 74,338,000 | 72,638,000 |
Operating income | 347,414,000 | 543,334,000 | 370,673,000 |
Other (income) expense: | |||
Interest, net | 3,706,000 | 5,029,000 | (5,922,000) |
Other, net | (208,835,000) | (382,870,000) | (259,165,000) |
Income before income taxes | 142,285,000 | 165,493,000 | 105,586,000 |
Income tax expense | 120,728,000 | 150,268,000 | 108,837,000 |
Net Income | 21,557,000 | 15,225,000 | (3,251,000) |
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 |
Income attributable to the Company | 21,557,000 | 15,225,000 | (3,251,000) |
Current assets: | |||
Cash and cash equivalents | 5,055,000 | 5,722,000 | 4,490,000 |
Trade accounts receivable less allowance for doubtful accounts of $418,508 in 2014 and $413,165 in 2013 | 144,105,000 | 165,090,000 | |
Accounts receivable from related parties | 682,359,000 | 840,302,000 | |
Inventories | 233,012,000 | 231,127,000 | |
Prepaid expenses and other current assets | 60,024,000 | 43,387,000 | |
Deferred tax asset, current | 0 | 0 | |
Total current assets | 1,124,555,000 | 1,285,628,000 | |
Property, plant and equipment, net | 267,926,000 | 260,662,000 | |
Intangible assets | 51,593,000 | 64,679,000 | |
Goodwill | 49,599,000 | 55,312,000 | |
Deferred tax asset, non-current | 37,920,000 | 38,291,000 | |
Other assets | 43,452,000 | 45,297,000 | |
Total assets | 1,575,045,000 | 1,749,869,000 | |
Current liabilities: | |||
Accounts payable | 22,914,000 | 34,798,000 | |
Accounts payable to related parties | 497,410,000 | 587,677,000 | |
Accrued expenses and other current liabilities | 118,047,000 | 141,392,000 | |
Short-term borrowings and other financial liabilities | 0 | ||
Short Term Borrowings Due To Related Parties Current | 0 | ||
Current portion of long-term debt and capital lease obligations | 0 | ||
Income tax payable, current | 0 | ||
Deferred tax liability, current | 10,294,000 | 7,992,000 | |
Total current liabilities | 648,665,000 | 771,859,000 | |
Total long-term debt less current maturities | 0 | ||
Long term borrowings from related parties | 0 | ||
Other liabilities | 1,612,000 | 1,615,000 | |
Pension liabilities | 315,171,000 | 324,156,000 | |
Income tax payable, non-current | 0 | ||
Deferred tax liability, non-current | 0 | ||
Total liabilities | 965,448,000 | 1,097,630,000 | |
Noncontrolling interests subject to put provisions ending | 0 | ||
redeemable preferred stock | 0 | ||
Company shareholders' equity | 609,597,000 | 652,239,000 | |
Noncontrolling interests not subject to put provisions | 0 | 0 | |
Total equity | 609,597,000 | 652,239,000 | |
Total liabilities and equity | 1,575,045,000 | 1,749,869,000 | |
Consolidated Statements of Comprehensive Income | |||
Net Income | 21,557,000 | 15,225,000 | (3,251,000) |
Defined Benefit Plan Actuarial Gain Loss | 53,574,000 | (85,460,000) | (15,150,000) |
gain loss foreign currency translation | (63,961,000) | (85,635,000) | 32,934,000 |
Income Tax Expense Benefit Components Other Comprehensive Income | (15,869,000) | 25,288,000 | (4,418,000) |
other comprehensive income net of tax | (26,256,000) | (145,807,000) | 13,366,000 |
Total comprehensive income | (4,699,000) | (130,582,000) | 10,115,000 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 |
Comprehensive income attributable to the Company | (4,699,000) | (130,582,000) | 10,115,000 |
FMCH [Member] | |||
Operating expenses: | |||
Selling, general and administrative | 190,544,000 | 147,203,000 | (48,563,000) |
Research and development | 0 | 0 | 0 |
Operating income | (190,544,000) | (147,203,000) | 48,563,000 |
Other (income) expense: | |||
Interest, net | (227,381,000) | (198,726,000) | (176,643,000) |
Other, net | 844,301,000 | 771,567,000 | 816,954,000 |
Income before income taxes | 426,376,000 | 425,638,000 | 688,874,000 |
Income tax expense | (164,871,000) | (136,469,000) | (50,528,000) |
Net Income | 591,247,000 | 562,107,000 | 739,402,000 |
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 |
Income attributable to the Company | 591,247,000 | 562,107,000 | 739,402,000 |
Current assets: | |||
Cash and cash equivalents | 0 | 0 | |
Trade accounts receivable less allowance for doubtful accounts of $418,508 in 2014 and $413,165 in 2013 | 0 | ||
Accounts receivable from related parties | 2,434,976,000 | 2,570,654,000 | |
Inventories | 0 | 0 | |
Prepaid expenses and other current assets | 983,000 | 183,000 | |
Deferred tax asset, current | 0 | 0 | |
Total current assets | 2,435,959,000 | 2,570,837,000 | |
Property, plant and equipment, net | 0 | ||
Intangible assets | 0 | ||
Goodwill | 0 | ||
Deferred tax asset, non-current | 0 | ||
Other assets | 13,256,088,000 | 12,704,373,000 | |
Total assets | 15,692,047,000 | 15,275,210,000 | |
Current liabilities: | |||
Accounts payable | 0 | ||
Accounts payable to related parties | 1,668,390,000 | 1,662,032,000 | |
Accrued expenses and other current liabilities | 15,527,000 | 9,240,000 | |
Short-term borrowings and other financial liabilities | 0 | ||
Short Term Borrowings Due To Related Parties Current | 0 | ||
Current portion of long-term debt and capital lease obligations | 200,000,000 | 200,000,000 | |
Income tax payable, current | 0 | ||
Deferred tax liability, current | 0 | ||
Total current liabilities | 1,883,917,000 | 1,871,272,000 | |
Total long-term debt less current maturities | 2,113,544,000 | 2,321,039,000 | |
Long term borrowings from related parties | 2,680,741,000 | 2,833,854,000 | |
Other liabilities | 488,142,000 | 170,149,000 | |
Pension liabilities | 0 | 0 | |
Income tax payable, non-current | 0 | 0 | |
Deferred tax liability, non-current | 0 | 0 | |
Total liabilities | 7,166,344,000 | 7,196,314,000 | |
Noncontrolling interests subject to put provisions ending | 0 | ||
redeemable preferred stock | 235,141,000 | 235,141,000 | |
Company shareholders' equity | 8,290,562,000 | 7,843,755,000 | |
Noncontrolling interests not subject to put provisions | 0 | 0 | |
Total equity | 8,290,562,000 | 7,843,755,000 | |
Total liabilities and equity | 15,692,047,000 | 15,275,210,000 | |
Consolidated Statements of Comprehensive Income | |||
Net Income | 591,247,000 | 562,107,000 | 739,402,000 |
Defined Benefit Plan Actuarial Gain Loss | 21,765,000 | (116,240,000) | 83,597,000 |
gain loss foreign currency translation | 0 | 0 | |
Income Tax Expense Benefit Components Other Comprehensive Income | (8,586,000) | 45,857,000 | 32,979,000 |
other comprehensive income net of tax | 13,179,000 | (70,383,000) | 116,576,000 |
Total comprehensive income | 604,426,000 | 491,724,000 | 855,978,000 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 |
Comprehensive income attributable to the Company | 604,426,000 | 491,724,000 | 855,978,000 |
Non Guarantor Subsidiaries [Member] | |||
Consolidated Statements of Income | |||
Net revenue | 17,938,856,000 | 17,159,641,000 | 15,825,782,000 |
Cost of revenues | 13,279,090,000 | 12,929,889,000 | 11,789,397,000 |
Gross profit | 4,659,766,000 | 4,229,752,000 | 4,036,385,000 |
Operating expenses: | |||
Selling, general and administrative | 2,256,333,000 | 2,046,499,000 | 2,070,503,000 |
Research and development | 64,641,000 | 47,776,000 | 53,336,000 |
Operating income | 2,338,792,000 | 2,135,477,000 | 1,912,546,000 |
Other (income) expense: | |||
Interest, net | 25,829,000 | 14,181,000 | (22,108,000) |
Other, net | 0 | 0 | 0 |
Income before income taxes | 2,364,621,000 | 2,149,658,000 | 1,890,438,000 |
Income tax expense | 880,073,000 | 832,919,000 | 684,151,000 |
Net Income | 1,484,548,000 | 1,316,739,000 | 1,206,287,000 |
Less: Net income attributable to noncontrolling interests | 283,704,000 | 214,542,000 | 145,733,000 |
Income attributable to the Company | 1,200,844,000 | 1,102,197,000 | 1,060,554,000 |
Current assets: | |||
Cash and cash equivalents | 544,443,000 | 628,015,000 | 672,206,000 |
Trade accounts receivable less allowance for doubtful accounts of $418,508 in 2014 and $413,165 in 2013 | 3,140,355,000 | 3,037,010,000 | |
Accounts receivable from related parties | 4,002,451,000 | 3,544,817,000 | |
Inventories | 1,256,252,000 | 1,038,591,000 | |
Prepaid expenses and other current assets | 1,186,883,000 | 1,182,301,000 | |
Deferred tax asset, current | 251,999,000 | 290,064,000 | |
Total current assets | 10,382,383,000 | 9,720,798,000 | |
Property, plant and equipment, net | 3,260,604,000 | 3,147,750,000 | |
Intangible assets | 777,319,000 | 799,958,000 | |
Goodwill | 12,983,151,000 | 13,026,868,000 | |
Deferred tax asset, non-current | 124,471,000 | 129,927,000 | |
Other assets | 6,372,300,000 | 6,640,208,000 | |
Total assets | 33,900,228,000 | 33,465,509,000 | |
Current liabilities: | |||
Accounts payable | 597,681,000 | 536,542,000 | |
Accounts payable to related parties | 5,386,272,000 | 10,237,608,000 | |
Accrued expenses and other current liabilities | 2,285,939,000 | 1,982,051,000 | |
Short-term borrowings and other financial liabilities | 109,700,000 | 132,692,000 | |
Short Term Borrowings Due To Related Parties Current | 0 | ||
Current portion of long-term debt and capital lease obligations | 439,107,000 | 58,216,000 | |
Income tax payable, current | 51,921,000 | 66,024,000 | |
Deferred tax liability, current | 64,782,000 | 47,555,000 | |
Total current liabilities | 8,935,402,000 | 13,060,688,000 | |
Total long-term debt less current maturities | 6,657,108,000 | 7,760,886,000 | |
Long term borrowings from related parties | 0 | 72,505,000 | |
Other liabilities | (176,998,000) | 147,015,000 | |
Pension liabilities | 284,589,000 | 296,531,000 | |
Income tax payable, non-current | 22,060,000 | 48,370,000 | |
Deferred tax liability, non-current | 784,292,000 | 831,050,000 | |
Total liabilities | 16,506,453,000 | 22,217,045,000 | |
Noncontrolling interests subject to put provisions ending | 1,028,368,000 | 824,658,000 | |
redeemable preferred stock | (235,141,000) | (235,141,000) | |
Company shareholders' equity | 15,991,690,000 | 10,073,889,000 | |
Noncontrolling interests not subject to put provisions | 608,858,000 | 585,058,000 | |
Total equity | 16,600,548,000 | 10,658,947,000 | |
Total liabilities and equity | 33,900,228,000 | 33,465,509,000 | |
Consolidated Statements of Comprehensive Income | |||
Net Income | 1,484,548,000 | 1,316,739,000 | 1,206,287,000 |
Gain Loss Cash Flow Hedges | 19,773,000 | (20,827,000) | 1,512,000 |
Defined Benefit Plan Actuarial Gain Loss | 6,360,000 | (8,673,000) | (2,487,000) |
gain loss foreign currency translation | (259,870,000) | (375,504,000) | (12,896,000) |
Income Tax Expense Benefit Components Other Comprehensive Income | (7,361,000) | 8,889,000 | (55,844,000) |
other comprehensive income net of tax | (241,098,000) | (396,115,000) | (69,715,000) |
Total comprehensive income | 1,243,450,000 | 920,624,000 | 1,136,572,000 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 |
Comprehensive income attributable to the Company | 1,243,450,000 | 920,624,000 | 1,136,572,000 |
Combining Adjustment [Member] | |||
Consolidated Statements of Income | |||
Net revenue | (3,071,789,000) | (3,539,784,000) | (3,300,069,000) |
Cost of revenues | (3,064,927,000) | (3,489,417,000) | (3,274,181,000) |
Gross profit | (6,862,000) | (50,367,000) | (25,888,000) |
Operating expenses: | |||
Selling, general and administrative | (21,582,000) | (7,462,000) | (134,187,000) |
Research and development | 0 | 0 | (169,000) |
Operating income | 14,720,000 | (42,905,000) | 108,468,000 |
Other (income) expense: | |||
Interest, net | (11,000) | 13,000 | |
Other, net | (2,072,495,000) | (1,944,096,000) | (2,102,973,000) |
Income before income taxes | (2,057,786,000) | (1,986,988,000) | (1,994,505,000) |
Income tax expense | (239,729,000) | (303,053,000) | (193,423,000) |
Net Income | (1,818,057,000) | (1,683,935,000) | (1,801,082,000) |
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 |
Income attributable to the Company | (1,818,057,000) | (1,683,935,000) | (1,801,082,000) |
Current assets: | |||
Cash and cash equivalents | (448,000) | 0 | 6,068,000 |
Trade accounts receivable less allowance for doubtful accounts of $418,508 in 2014 and $413,165 in 2013 | 736,000 | 1,555,000 | |
Accounts receivable from related parties | (9,153,507,000) | (13,587,595,000) | |
Inventories | (148,513,000) | (154,164,000) | |
Prepaid expenses and other current assets | 34,923,000 | 30,350,000 | |
Deferred tax asset, current | (35,872,000) | (44,710,000) | |
Total current assets | (9,302,681,000) | (13,754,564,000) | |
Property, plant and equipment, net | (103,551,000) | (118,798,000) | |
Intangible assets | (76,000) | 3,829,000 | |
Goodwill | 0 | 0 | |
Deferred tax asset, non-current | (115,524,000) | (108,721,000) | |
Other assets | (32,503,146,000) | (27,242,258,000) | |
Total assets | (42,024,978,000) | (41,220,512,000) | |
Current liabilities: | |||
Accounts payable | 0 | ||
Accounts payable to related parties | (7,677,035,000) | (12,386,335,000) | |
Accrued expenses and other current liabilities | (7,363,000) | (26,576,000) | |
Short-term borrowings and other financial liabilities | (448,000) | 0 | |
Short Term Borrowings Due To Related Parties Current | (1,738,350,000) | (1,407,706,000) | |
Current portion of long-term debt and capital lease obligations | 0 | ||
Income tax payable, current | 0 | ||
Deferred tax liability, current | (41,356,000) | (22,333,000) | |
Total current liabilities | (9,464,552,000) | (13,842,950,000) | |
Total long-term debt less current maturities | (2,738,283,000) | (3,056,340,000) | |
Long term borrowings from related parties | (4,957,341,000) | (5,797,615,000) | |
Other liabilities | 35,425,000 | 22,374,000 | |
Pension liabilities | (29,774,000) | 6,759,000 | |
Income tax payable, non-current | 127,739,000 | 117,559,000 | |
Deferred tax liability, non-current | (27,959,000) | (26,441,000) | |
Total liabilities | (17,054,745,000) | (22,576,654,000) | |
Noncontrolling interests subject to put provisions ending | 0 | ||
redeemable preferred stock | 0 | ||
Company shareholders' equity | (24,970,233,000) | (18,643,858,000) | |
Noncontrolling interests not subject to put provisions | 0 | 0 | |
Total equity | (24,970,233,000) | (18,643,858,000) | |
Total liabilities and equity | (42,024,978,000) | (41,220,512,000) | |
Consolidated Statements of Comprehensive Income | |||
Net Income | (1,818,057,000) | (1,683,935,000) | (1,801,082,000) |
gain loss foreign currency translation | 17,124,000 | 18,943,000 | 23,851,000 |
other comprehensive income net of tax | 17,124,000 | 18,943,000 | 23,851,000 |
Total comprehensive income | (1,800,933,000) | (1,664,992,000) | (1,777,231,000) |
Comprehensive income attributable to noncontrolling interests | (278,743,000) | (208,456,000) | (143,689,000) |
Comprehensive income attributable to the Company | (2,079,676,000) | (1,873,448,000) | (1,920,920,000) |
Combined Total [Member] | |||
Consolidated Statements of Income | |||
Net revenue | 16,737,582,000 | 15,831,613,000 | 14,609,727,000 |
Cost of revenues | 11,406,419,000 | 10,835,767,000 | 9,871,330,000 |
Gross profit | 5,331,163,000 | 4,995,846,000 | 4,738,397,000 |
Operating expenses: | |||
Selling, general and administrative | 2,864,129,000 | 2,619,199,000 | 2,356,396,000 |
Research and development | 140,302,000 | 122,114,000 | 125,805,000 |
Operating income | 2,326,732,000 | 2,254,533,000 | 2,256,196,000 |
Other (income) expense: | |||
Interest, net | (391,460,000) | (411,127,000) | (408,561,000) |
Other, net | 0 | 0 | 0 |
Income before income taxes | 1,935,272,000 | 1,843,406,000 | 1,847,635,000 |
Income tax expense | 622,123,000 | 583,598,000 | 592,012,000 |
Net Income | 1,313,149,000 | 1,259,808,000 | 1,255,623,000 |
Less: Net income attributable to noncontrolling interests | 283,704,000 | 214,542,000 | 145,733,000 |
Income attributable to the Company | 1,029,445,000 | 1,045,266,000 | 1,109,890,000 |
Current assets: | |||
Cash and cash equivalents | 549,500,000 | 633,855,000 | 682,777,000 |
Trade accounts receivable less allowance for doubtful accounts of $418,508 in 2014 and $413,165 in 2013 | 3,285,196,000 | 3,203,655,000 | |
Accounts receivable from related parties | 218,285,000 | 193,225,000 | |
Inventories | 1,340,751,000 | 1,115,554,000 | |
Prepaid expenses and other current assets | 1,374,715,000 | 1,326,569,000 | |
Deferred tax asset, current | 216,127,000 | 245,354,000 | |
Total current assets | 6,984,574,000 | 6,718,212,000 | |
Property, plant and equipment, net | 3,425,574,000 | 3,290,180,000 | |
Intangible assets | 830,489,000 | 869,411,000 | |
Goodwill | 13,032,750,000 | 13,082,180,000 | |
Deferred tax asset, non-current | 140,938,000 | 141,052,000 | |
Other assets | 1,119,161,000 | 1,279,946,000 | |
Total assets | 25,533,486,000 | 25,380,981,000 | |
Current liabilities: | |||
Accounts payable | 627,828,000 | 573,184,000 | |
Accounts payable to related parties | 153,023,000 | 140,731,000 | |
Accrued expenses and other current liabilities | 2,503,137,000 | 2,197,245,000 | |
Short-term borrowings and other financial liabilities | 109,252,000 | 132,693,000 | |
Short Term Borrowings Due To Related Parties Current | 19,052,000 | 5,357,000 | |
Current portion of long-term debt and capital lease obligations | 664,335,000 | 313,607,000 | |
Income tax payable, current | 72,819,000 | 79,687,000 | |
Deferred tax liability, current | 36,399,000 | 34,787,000 | |
Total current liabilities | 4,185,845,000 | 3,477,291,000 | |
Total long-term debt less current maturities | 7,853,487,000 | 9,014,157,000 | |
Long term borrowings from related parties | 0 | 0 | |
Other liabilities | 465,625,000 | 411,976,000 | |
Pension liabilities | 585,328,000 | 642,318,000 | |
Income tax payable, non-current | 162,500,000 | 177,601,000 | |
Deferred tax liability, non-current | 756,333,000 | 804,609,000 | |
Total liabilities | 14,009,118,000 | 14,527,952,000 | |
Noncontrolling interests subject to put provisions ending | 1,028,368,000 | 824,658,000 | |
redeemable preferred stock | 0 | 0 | |
Company shareholders' equity | 9,887,142,000 | 9,443,313,000 | |
Noncontrolling interests not subject to put provisions | 608,858,000 | 585,058,000 | |
Total equity | 10,496,000,000 | 10,028,371,000 | |
Total liabilities and equity | 25,533,486,000 | 25,380,981,000 | |
Consolidated Statements of Comprehensive Income | |||
Net Income | 1,313,149,000 | 1,259,808,000 | 1,255,623,000 |
Gain Loss Cash Flow Hedges | 60,131,000 | 25,547,000 | 22,532,000 |
Defined Benefit Plan Actuarial Gain Loss | 83,927,000 | (215,161,000) | 64,989,000 |
gain loss foreign currency translation | (353,504,000) | (421,789,000) | (114,439,000) |
Income Tax Expense Benefit Components Other Comprehensive Income | (44,067,000) | 68,161,000 | (33,600,000) |
other comprehensive income net of tax | (253,513,000) | (543,242,000) | (60,518,000) |
Total comprehensive income | 1,059,636,000 | 716,566,000 | 1,195,105,000 |
Comprehensive income attributable to noncontrolling interests | (278,743,000) | (208,456,000) | (143,689,000) |
Comprehensive income attributable to the Company | $ 780,893,000 | $ 508,110,000 | $ 1,051,416,000 |
Supplemental Condensed Combin91
Supplemental Condensed Combining Information (Details 1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Activities: | |||
Net Income | $ 1,313,149,000 | $ 1,259,808,000 | $ 1,255,623,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 717,322,000 | 699,328,000 | 648,225,000 |
Change in deferred taxes, net | (45,452,000) | 113,790,000 | 15,913,000 |
Stock Option Compensation Expense | 12,323,000 | 8,507,000 | 13,593,000 |
Changes in assets and liabilities, net of amounts from businesses acquired: | |||
Trade accounts receivable, net | 330,960,000 | 157,411,000 | 41,280,000 |
Inventories, net | 301,009,000 | 85,758,000 | 54,918,000 |
Prepaid expenses, other current and non-current assets | (47,997,000) | 24,179,000 | (67,875,000) |
Accounts payable, accrued expenses and other current and non-current liabilities | 548,955,000 | 121,424,000 | 215,264,000 |
Income tax payable | (9,092,000) | (94,916,000) | (36,057,000) |
Net cash provided by (used in) operating activities | 1,960,047,000 | 1,861,392,000 | 2,034,805,000 |
Investing Activities: | |||
Purchases of property, plant and equipment | (952,943,000) | (931,627,000) | (747,938,000) |
Proceeds from sale of property, plant and equipment | 17,408,000 | 11,673,000 | 19,847,000 |
Acquisitions and investments, net of cash acquired, and net purchases of intangible assets | 1,779,058,000 | 495,725,000 | |
Proceeds from divestitures | 251,660,000 | 8,257,000 | 18,276,000 |
Net cash (used in) provided by investing activities | (1,000,685,000) | (2,690,755,000) | (1,205,540,000) |
Financing Activities: | |||
Increase (decrease) of accounts receivable securitization program | 290,750,000 | 9,500,000 | (189,250,000) |
Proceeds from exercise of stock options | 94,166,000 | 107,047,000 | 111,300,000 |
Payment of dividends [N] | 263,244,000 | 317,903,000 | 296,134,000 |
Proceeds from conversion of preference shares into ordinary shares | 0 | 0 | 34,784,000 |
Distributions to noncontrolling interests | 284,474,000 | 250,271,000 | 216,758,000 |
Contributions from noncontrolling interests | 67,395,000 | 42,356,000 | 66,467,000 |
Net cash (used in) provided by financing activities | (1,007,539,000) | 805,011,000 | (808,040,000) |
Effect of exchange rate changes on cash and cash equivalents | (36,178,000) | (24,570,000) | (26,488,000) |
Cash and Cash Equivalents: | |||
(decrease) in cash and cash equivalents | (84,355,000) | (48,922,000) | (5,263,000) |
Cash and cash equivalents at end of period | 549,500,000 | 633,855,000 | 682,777,000 |
FMC US Finance [Member] | |||
Operating Activities: | |||
Net Income | 4,409,000 | 4,406,000 | 4,377,000 |
Changes in assets and liabilities, net of amounts from businesses acquired: | |||
Accounts receivable from/payable to related parties | 12,000 | 3,000 | 8,000 |
Accounts payable, accrued expenses and other current and non-current liabilities | 0 | ||
Income tax payable | 164,000 | (1,650,000) | 174,000 |
Net cash provided by (used in) operating activities | 4,561,000 | 2,753,000 | 4,543,000 |
Financing Activities: | |||
Long-term debt and capital lease obligations, net | (4,560,000) | (2,752,000) | (4,544,000) |
Net cash (used in) provided by financing activities | (4,560,000) | (2,752,000) | (4,544,000) |
Cash and Cash Equivalents: | |||
(decrease) in cash and cash equivalents | 1,000 | 1,000 | |
Cash and cash equivalents beginning balance | 1,000 | 1,000 | |
Cash and cash equivalents at end of period | 2,000 | 1,000 | 0 |
D GmbH [Member] | |||
Operating Activities: | |||
Net Income | 21,557,000 | 15,225,000 | (3,251,000) |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 52,242,000 | 55,433,000 | 52,029,000 |
Change in deferred taxes, net | (1,997,000) | (2,212,000) | 3,149,000 |
(Gain) loss on sale of fixed assets and investments | (880,000) | (131,000) | (437,000) |
(Gain) Loss on investments | 0 | 986,000 | (61,000) |
Write-off of loans from related parties | 50,344,000 | 7,371,000 | |
Changes in assets and liabilities, net of amounts from businesses acquired: | |||
Trade accounts receivable, net | (1,307,000) | 33,760,000 | (14,851,000) |
Inventories, net | 26,250,000 | (24,166,000) | 4,162,000 |
Prepaid expenses, other current and non-current assets | 33,404,000 | (10,742,000) | 11,519,000 |
Accounts receivable from/payable to related parties | 90,143,000 | (6,481,000) | (644,752,000) |
Accounts payable, accrued expenses and other current and non-current liabilities | 20,310,000 | 47,061,000 | 21,203,000 |
Income tax payable | 0 | 0 | 0 |
Net cash provided by (used in) operating activities | (5,154,000) | 131,624,000 | 717,428,000 |
Investing Activities: | |||
Purchases of property, plant and equipment | (80,824,000) | (111,994,000) | (76,096,000) |
Proceeds from sale of property, plant and equipment | 555,000 | 454,000 | 583,000 |
Disbursements of loans to related parties | 0 | 0 | 0 |
Acquisitions and investments, net of cash acquired, and net purchases of intangible assets | 891,000 | 15,168,000 | 24,503,000 |
Proceeds from divestitures | 0 | 0 | 0 |
Net cash (used in) provided by investing activities | (82,270,000) | (126,708,000) | (100,016,000) |
Financing Activities: | |||
Short-term borrowings, net | 87,346,000 | (2,982,000) | (613,593,000) |
Net cash (used in) provided by financing activities | 87,346,000 | (2,982,000) | (613,593,000) |
Effect of exchange rate changes on cash and cash equivalents | (589,000) | (702,000) | |
Cash and Cash Equivalents: | |||
(decrease) in cash and cash equivalents | (667,000) | 1,232,000 | |
Cash and cash equivalents beginning balance | 5,722,000 | 4,490,000 | 501,000 |
Cash and cash equivalents at end of period | 5,055,000 | 5,722,000 | 4,490,000 |
FMCH [Member] | |||
Operating Activities: | |||
Net Income | 591,247,000 | 562,107,000 | 739,402,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Income Loss From Equity Method Investments Net Of Dividends Or Distributions | 844,301,000 | 771,567,000 | 816,954,000 |
Changes in assets and liabilities, net of amounts from businesses acquired: | |||
Prepaid expenses, other current and non-current assets | (193,867,000) | (149,106,000) | 44,179,000 |
Accounts receivable from/payable to related parties | (185,216,000) | 814,972,000 | (128,185,000) |
Accounts payable, accrued expenses and other current and non-current liabilities | 4,370,000 | 1,754,000 | 6,246,000 |
Income tax payable | (164,871,000) | (136,469,000) | (50,528,000) |
Net cash provided by (used in) operating activities | (34,472,000) | (1,010,041,000) | (37,828,000) |
Investing Activities: | |||
Purchases of property, plant and equipment | 0 | ||
Proceeds from sale of property, plant and equipment | 0 | ||
Disbursements of loans to related parties | 312,278,000 | 249,485,000 | 141,347,000 |
Acquisitions and investments, net of cash acquired, and net purchases of intangible assets | 1,800,000 | 1,000,000 | |
Proceeds from divestitures | 0 | 0 | |
Net cash (used in) provided by investing activities | 312,278,000 | 247,685,000 | 140,347,000 |
Financing Activities: | |||
Long-term debt and capital lease obligations, net | (277,806,000) | 762,356,000 | 1,596,569,000 |
Payment of dividends [N] | 684,229,000 | ||
capital increase | (1,014,859,000) | ||
Net cash (used in) provided by financing activities | (277,806,000) | 762,356,000 | (102,519,000) |
Cash and Cash Equivalents: | |||
Cash and cash equivalents beginning balance | 0 | ||
Cash and cash equivalents at end of period | 0 | 0 | |
Non Guarantor Subsidiaries [Member] | |||
Operating Activities: | |||
Net Income | 1,484,548,000 | 1,316,739,000 | 1,206,287,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 698,483,000 | 676,704,000 | 629,071,000 |
Change in deferred taxes, net | (2,415,000) | 145,601,000 | 46,888,000 |
(Gain) loss on sale of fixed assets and investments | 3,157,000 | (2,523,000) | 33,378,000 |
Stock Option Compensation Expense | 5,740,000 | 2,200,000 | |
Investments In Equity Method Investees | (23,311,000) | (18,964,000) | (20,610,000) |
Changes in assets and liabilities, net of amounts from businesses acquired: | |||
Trade accounts receivable, net | 332,939,000 | 123,932,000 | 54,149,000 |
Inventories, net | 283,906,000 | 148,719,000 | 70,848,000 |
Prepaid expenses, other current and non-current assets | 117,604,000 | 198,834,000 | (72,114,000) |
Accounts receivable from/payable to related parties | 621,180,000 | (948,813,000) | 559,991,000 |
Accounts payable, accrued expenses and other current and non-current liabilities | 505,793,000 | 42,577,000 | 181,426,000 |
Income tax payable | 128,319,000 | 146,271,000 | 7,661,000 |
Net cash provided by (used in) operating activities | 1,438,371,000 | 2,790,979,000 | 1,404,471,000 |
Investing Activities: | |||
Purchases of property, plant and equipment | 904,256,000 | 863,362,000 | 712,213,000 |
Proceeds from sale of property, plant and equipment | 17,906,000 | 11,219,000 | 19,216,000 |
Disbursements of loans to related parties | 0 | 0 | 0 |
Acquisitions and investments, net of cash acquired, and net purchases of intangible assets | 270,693,000 | 1,773,964,000 | 492,683,000 |
Proceeds from divestitures | 251,660,000 | 8,257,000 | 18,276,000 |
Net cash (used in) provided by investing activities | (905,383,000) | (2,617,850,000) | (1,167,404,000) |
Financing Activities: | |||
Short-term borrowings, net | (113,244,000) | (28,172,000) | 597,859,000 |
Long-term debt and capital lease obligations, net | 3,352,000 | (124,109,000) | (2,680,352,000) |
Increase (decrease) of accounts receivable securitization program | 290,750,000 | 9,500,000 | (189,250,000) |
Proceeds from exercise of stock options | 18,073,000 | 8,524,000 | 8,881,000 |
Payment of dividends [N] | 2,707,000 | 20,387,000 | (681,345,000) |
capital increase | 22,762,000 | 218,371,000 | 1,117,683,000 |
Distributions to noncontrolling interests | 284,474,000 | 250,271,000 | 216,758,000 |
Contributions from noncontrolling interests | 67,395,000 | 42,356,000 | |
Net cash (used in) provided by financing activities | (579,593,000) | (163,188,000) | (235,625,000) |
Effect of exchange rate changes on cash and cash equivalents | (36,967,000) | (54,132,000) | |
Cash and Cash Equivalents: | |||
(decrease) in cash and cash equivalents | (83,572,000) | (44,191,000) | |
Cash and cash equivalents beginning balance | 628,015,000 | 672,206,000 | 686,457,000 |
Cash and cash equivalents at end of period | 544,443,000 | 628,015,000 | 672,206,000 |
Combining Adjustment [Member] | |||
Operating Activities: | |||
Net Income | (1,818,057,000) | (1,683,935,000) | (1,801,082,000) |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Income Loss From Equity Method Investments Net Of Dividends Or Distributions | (1,870,364,000) | 3,439,628,000 | (1,741,092,000) |
Depreciation and amortization | (34,014,000) | (33,441,000) | (33,564,000) |
Change in deferred taxes, net | (12,398,000) | (11,155,000) | 424,000 |
(Gain) loss on sale of fixed assets and investments | (65,439,000) | 0 | |
(Gain) Loss on investments | (49,283,000) | (14,848,000) | 61,000 |
Write-off of loans from related parties | (44,038,000) | (75,000,000) | (91,593,000) |
Changes in assets and liabilities, net of amounts from businesses acquired: | |||
Trade accounts receivable, net | (672,000) | (281,000) | 1,982,000 |
Inventories, net | (9,147,000) | (38,795,000) | (20,092,000) |
Prepaid expenses, other current and non-current assets | (48,000) | 6,154,000 | (5,107,000) |
Accounts receivable from/payable to related parties | 40,796,000 | (5,077,605,000) | (106,351,000) |
Accounts payable, accrued expenses and other current and non-current liabilities | (274,000) | 126,000 | (5,080,000) |
Income tax payable | 16,443,000 | 9,628,000 | (1,281,000) |
Net cash provided by (used in) operating activities | (36,747,000) | (137,726,000) | (61,455,000) |
Investing Activities: | |||
Purchases of property, plant and equipment | (32,478,000) | (44,564,000) | (40,691,000) |
Proceeds from sale of property, plant and equipment | 0 | 0 | 0 |
Disbursements of loans to related parties | (11,033,000) | (86,313,000) | (1,052,480,000) |
Acquisitions and investments, net of cash acquired, and net purchases of intangible assets | (44,886,000) | (285,078,000) | (125,769,000) |
Proceeds from divestitures | (20,562,000) | 0 | 0 |
Net cash (used in) provided by investing activities | 45,769,000 | 243,329,000 | (886,020,000) |
Financing Activities: | |||
Short-term borrowings, net | (448,000) | ||
Long-term debt and capital lease obligations, net | 11,033,000 | 86,313,000 | 1,052,480,000 |
Payment of dividends [N] | (2,707,000) | (20,387,000) | (2,884,000) |
capital increase | (22,762,000) | (218,371,000) | (102,824,000) |
Net cash (used in) provided by financing activities | (9,470,000) | (111,671,000) | 952,540,000 |
Cash and Cash Equivalents: | |||
(decrease) in cash and cash equivalents | (448,000) | (6,068,000) | |
Cash and cash equivalents beginning balance | 6,068,000 | 1,003,000 | |
Cash and cash equivalents at end of period | (448,000) | 0 | 6,068,000 |
Combined Total [Member] | |||
Operating Activities: | |||
Net Income | 1,313,149,000 | 1,259,808,000 | 1,255,623,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 717,322,000 | 699,328,000 | 648,225,000 |
Change in deferred taxes, net | (45,452,000) | 113,790,000 | 15,913,000 |
(Gain) loss on sale of fixed assets and investments | 2,318,000 | (2,654,000) | 32,984,000 |
Stock Option Compensation Expense | 12,323,000 | 8,507,000 | 13,593,000 |
Cash Inflow Hedging | (4,073,000) | ||
Investments In Equity Method Investees | (17,776,000) | 23,123,000 | 2,335,000 |
Changes in assets and liabilities, net of amounts from businesses acquired: | |||
Trade accounts receivable, net | 330,960,000 | 157,411,000 | 41,280,000 |
Inventories, net | 301,009,000 | 85,758,000 | 54,918,000 |
Prepaid expenses, other current and non-current assets | (47,997,000) | 24,179,000 | (67,875,000) |
Accounts receivable from/payable to related parties | (26,908,000) | 4,978,000 | 14,711,000 |
Accounts payable, accrued expenses and other current and non-current liabilities | 548,955,000 | 121,424,000 | 215,264,000 |
Income tax payable | (9,092,000) | (94,916,000) | (36,057,000) |
Net cash provided by (used in) operating activities | 1,960,047,000 | 1,861,392,000 | 2,034,805,000 |
Investing Activities: | |||
Purchases of property, plant and equipment | (952,943,000) | (931,627,000) | (747,938,000) |
Proceeds from sale of property, plant and equipment | 17,408,000 | 11,673,000 | 19,847,000 |
Disbursements of loans to related parties | 0 | 0 | 0 |
Acquisitions and investments, net of cash acquired, and net purchases of intangible assets | 316,810,000 | 1,779,058,000 | 495,725,000 |
Proceeds from divestitures | 251,660,000 | 8,257,000 | 18,276,000 |
Net cash (used in) provided by investing activities | (1,000,685,000) | (2,690,755,000) | (1,205,540,000) |
Financing Activities: | |||
Short-term borrowings, net | (11,812,000) | (29,351,000) | (15,714,000) |
Long-term debt and capital lease obligations, net | (318,820,000) | 1,262,633,000 | (176,221,000) |
Increase (decrease) of accounts receivable securitization program | 290,750,000 | 9,500,000 | (189,250,000) |
Proceeds from exercise of stock options | 94,166,000 | 107,047,000 | 111,300,000 |
Payment of dividends [N] | 263,244,000 | 317,903,000 | 296,134,000 |
Proceeds from conversion of preference shares into ordinary shares | 34,784,000 | ||
Proceeds From Repurchase Of Equity | (505,014,000) | ||
Distributions to noncontrolling interests | 284,474,000 | 250,271,000 | 216,758,000 |
Contributions from noncontrolling interests | 67,395,000 | 42,356,000 | |
Net cash (used in) provided by financing activities | (1,007,539,000) | 805,011,000 | (808,040,000) |
Effect of exchange rate changes on cash and cash equivalents | (36,178,000) | (24,570,000) | |
Cash and Cash Equivalents: | |||
(decrease) in cash and cash equivalents | (84,355,000) | (48,922,000) | |
Cash and cash equivalents beginning balance | 633,855,000 | 682,777,000 | 688,040,000 |
Cash and cash equivalents at end of period | $ 549,500,000 | $ 633,855,000 | $ 682,777,000 |
Uncategorized Items - fmc-20151
Label | Element | Value |
Common Stock, No par value [Member] | ||
Shares issued ending | fmc_SharesIssuedEnding | 302,739,758 |
Preferred Stock, No par value [Member] | ||
Shares issued ending | fmc_SharesIssuedEnding | 3,973,333 |