Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2016USD ($)shares | |
Document and Entity Information [Abstract] | |
Document period end date | Dec. 31, 2016 |
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 | 306,221,840 |
Entity public float | $ | $ 16,466,655,022,529.8 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q4 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net revenue: | |||
Dialysis Care Revenue | $ 14,949,086,000 | $ 13,801,298,000 | $ 12,552,646,000 |
Less: Patient service bad debt provision | 430,230,000 | 409,583,000 | 302,647,000 |
Net Dialysis Care | 14,518,856,000 | 13,391,715,000 | 12,249,999,000 |
Dialysis Products Revenue | 3,391,931,000 | 3,345,867,000 | 3,581,614,000 |
Net revenue | 17,910,787,000 | 16,737,582,000 | 15,831,613,000 |
Costs of revenue: | |||
Dialysis Care Cost of Revenue | 10,661,488,000 | 9,861,253,000 | 9,131,005,000 |
Dialysis Products Cost of Revenue | 1,469,657,000 | 1,545,166,000 | 1,704,762,000 |
Cost of revenues | 12,131,145,000 | 11,406,419,000 | 10,835,767,000 |
Gross profit | 5,779,642,000 | 5,331,163,000 | 4,995,846,000 |
Operating expenses: | |||
Selling, general and administrative | 3,044,663,000 | 2,895,581,000 | 2,644,037,000 |
Research and development | 162,364,000 | 140,302,000 | 122,114,000 |
Income (Loss) From Equity Method Investments | (64,908,000) | (31,452,000) | (24,838,000) |
Operating income | 2,637,523,000 | 2,326,732,000 | 2,254,533,000 |
Other (income) expense: | |||
Interest income | (46,644,000) | (116,575,000) | (84,240,000) |
Interest expense | 452,177,000 | 508,035,000 | 495,367,000 |
Income before income taxes | 2,231,990,000 | 1,935,272,000 | 1,843,406,000 |
Income tax expense | 683,139,000 | 622,123,000 | 583,598,000 |
Net Income | 1,548,851,000 | 1,313,149,000 | 1,259,808,000 |
Less: Net income attributable to noncontrolling interests | 305,584,000 | 283,704,000 | 214,542,000 |
Net Income attributable to the Company | $ 1,243,267,000 | $ 1,029,445,000 | $ 1,045,266,000 |
Basic income per Ordinary share | $ 4.07 | $ 3.38 | $ 3.46 |
fully diluted earnings per share | $ 4.06 | $ 3.38 | $ 3.45 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Consolidated Statements of Comprehensive Income | |||
Net Income | $ 1,548,851,000 | $ 1,313,149,000 | $ 1,259,808,000 |
Other Comprehensive Income Derivatives Qualifying As Hedges Before Tax Portion Attributable To Parent | 27,795,000 | 60,131,000 | 25,547,000 |
Actuarial gains (losses) on defined benefit pension plans | 1,464,000 | (81,834,000) | 215,161,000 |
(Loss) gain related to foreign currency translation | 1,280,000 | (352,125,000) | (421,789,000) |
Income tax (expense) benefit related to components of other comprehensive income | (11,774,000) | (43,353,000) | 68,161,000 |
Total comprehensive income | 1,564,688,000 | 1,059,636,000 | 716,566,000 |
Comprehensive income attributable to noncontrolling interests | (304,138,000) | (278,743,000) | (208,456,000) |
Comprehensive income attributable to the Company | $ 1,260,550,000 | $ 780,893,000 | $ 508,110,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 747,233,000 | $ 549,500,000 |
Trade accounts receivable less allowance for doubtful accounts of $465,790 in 2016 and $465,790 in 2015 | 3,524,258,000 | 3,285,196,000 |
Accounts receivable from related parties | 220,797,000 | 218,285,000 |
Inventories | 1,409,834,000 | 1,340,751,000 |
Prepaid expenses and other current assets | 1,411,833,000 | 1,374,715,000 |
Total current assets | 7,313,955,000 | 6,768,447,000 |
Property, plant and equipment, net | 3,773,213,000 | 3,425,574,000 |
Intangible assets | 847,198,000 | 830,489,000 |
Goodwill | 13,666,446,000 | 13,032,750,000 |
Deferred tax asset, non-current | 202,838,000 | 188,833,000 |
Equity Method Investments | 679,242,000 | 644,709,000 |
Other assets | 451,050,000 | 474,452,000 |
Total assets | 26,933,942,000 | 25,365,254,000 |
Current liabilities: | ||
Accounts payable | 606,694,000 | 627,828,000 |
Accounts payable to related parties | 278,355,000 | 153,023,000 |
Accrued expenses and other current liabilities | 2,653,185,000 | 2,503,137,000 |
Short-term borrowings and other financial liabilities | 602,494,000 | 109,252,000 |
Short-term borrowings from related parties | 3,162,000 | 19,052,000 |
Current portion of long-term debt and capital lease obligations | 763,398,000 | 664,335,000 |
Income tax payable, current | 130,009,000 | 72,819,000 |
Total current liabilities | 5,037,297,000 | 4,149,446,000 |
Long-term debt and capital lease obligations less current maturities | 7,202,545,000 | 7,853,487,000 |
Other liabilities | 658,842,000 | 465,625,000 |
Pension liabilities | 540,267,000 | 585,328,000 |
Income tax payable, non-current | 124,576,000 | 162,500,000 |
Deferred tax liability, non-current | 672,267,000 | 624,500,000 |
Total liabilities | 14,235,794,000 | 13,840,886,000 |
Noncontrolling interests subject to put provisions ending | 1,241,088,000 | 1,028,368,000 |
Company shareholders' equity: | ||
Common stock, no par value, 1.00 Euro nominal value, 385,913,972 shares authorized, 307,141,323 issued and 306,141,372 outstanding | 379,585,000 | 387,162,000 |
Treasury stock, at cost | (66,895,000) | (505,014,000) |
Additional paid-in capital | 2,977,972,000 | 3,470,308,000 |
Retained earnings | 8,837,072,000 | 7,870,981,000 |
Accumulated other comprehensive (loss) | (1,319,012,000) | (1,336,295,000) |
Total Company shareholders' equity | 10,808,722,000 | 9,887,142,000 |
Noncontrolling interests not subject to put provisions | 648,338,000 | 608,858,000 |
Total equity | 11,457,060,000 | 10,496,000,000 |
Total liabilities and equity | $ 26,933,942,000 | $ 25,365,254,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($) |
Consolidated Balance Sheets | ||
Trade accounts receivable allowance for doubtful accounts | $ | $ 508,562,000 | $ 465,790,000 |
Common stock authorized | 385,913,972 | |
Common stock issued | 307,221,791 | |
Common stock outstanding | 306,221,840 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Activities: | |||
Net Income | $ 1,548,851,000 | $ 1,313,149,000 | $ 1,259,808,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 775,945,000 | 717,322,000 | 699,328,000 |
Change in deferred taxes, net | (5,628,000) | (45,452,000) | 113,790,000 |
(Gain) loss on sale of fixed assets | 2,317,000 | 2,318,000 | (2,654,000) |
Stock Option Compensation Expense | 30,176,000 | 12,323,000 | 8,507,000 |
Cash outflow from hedging | 58,608,000 | 17,776,000 | (23,123,000) |
Changes in assets and liabilities, net of amounts from businesses acquired: | |||
Trade accounts receivable, net | 242,289,000 | 330,960,000 | 157,411,000 |
Inventories, net | 66,668,000 | 301,009,000 | 85,758,000 |
Prepaid expenses, other current and non-current assets | (53,751,000) | (47,997,000) | 24,179,000 |
Accounts receivable, related parties | 79,445,000 | 300,000 | 118,800,000 |
Accounts payable, related parties | 133,653,000 | 27,208,000 | 113,822,000 |
Accounts payable, accrued expenses and other current and non-current liabilities | 45,729,000 | 548,955,000 | 121,424,000 |
Income tax payable | 6,732,000 | (9,092,000) | (94,916,000) |
Net cash provided by (used in) operating activities | 2,139,882,000 | 1,960,047,000 | 1,861,392,000 |
Investing Activities: | |||
Purchases of property, plant and equipment | (1,029,992,000) | (952,943,000) | (931,627,000) |
Proceeds from sale of property, plant and equipment | 17,662,000 | 17,408,000 | 11,673,000 |
Acquisitions and investments, net of cash acquired, and net purchases of intangible assets | 577,581,000 | 316,810,000 | 1,779,058,000 |
Proceeds from divestitures | 210,584,000 | 251,660,000 | 8,257,000 |
Net cash (used in) provided by investing activities | (1,379,327,000) | (1,000,685,000) | (2,690,755,000) |
Financing Activities: | |||
Proceeds from short-term borrowings and other financial liabilities | 891,266,000 | 287,526,000 | 197,481,000 |
Repayments of short-term borrowings and other financial liabilities | 379,119,000 | 313,872,000 | 171,889,000 |
Proceeds from short-term borrowings from related parties | 137,588,000 | 58,804,000 | 303,695,000 |
Repayments of short-term borrowings from related parties | (153,638,000) | (44,270,000) | (358,638,000) |
Proceeds from long-term debt and capital lease obligations (net of debt issuance costs of $178,593 in 2012 and $127,854 in 2011) | 2,292,000 | 6,035,000 | 2,910,611,000 |
Repayments of long-term debt and capital lease obligations | 732,874,000 | 324,855,000 | 1,647,978,000 |
Increase (decrease) of accounts receivable securitization program | (124,000,000) | 290,750,000 | 9,500,000 |
Proceeds from exercise of stock options | 49,065,000 | 94,166,000 | 107,047,000 |
Payment of dividends [N] | 277,176,000 | 263,244,000 | 317,903,000 |
Distributions to Noncontrolling interests | (325,762,000) | (284,474,000) | (250,271,000) |
Contributions from noncontrolling interests | 79,597,000 | 67,395,000 | 42,356,000 |
Net cash (used in) provided by financing activities | (584,761,000) | (1,007,539,000) | 805,011,000 |
Effect of exchange rate changes on cash and cash equivalents | 21,939,000 | (36,178,000) | (24,570,000) |
Cash and Cash Equivalents: | |||
Net (decrease) in cash and cash equivalents | 197,733,000 | (84,355,000) | (48,922,000) |
Cash and cash equivalents at beginning of period | 549,500,000 | 633,855,000 | 682,777,000 |
Cash and cash equivalents at end of period | $ 747,233,000 | $ 549,500,000 | $ 633,855,000 |
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 | $ 0 | $ 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 | 308,995,730 | (7,548,951) | ||||||||
Proceeds from conversion of preference shares into ordinary shares | 0 | 0 | 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 | |||||||
Proceeds From Repurchase Of Equity | $ 0 | 0 | 0 | |||||||
treasury | 0 | |||||||||
Dividends paid | (317,903,000) | (317,903,000) | (317,903,000) | |||||||
Purchase (sale) of noncontrolling interests | (2,184,000) | (2,184,000) | 322,570,000 | 320,386,000 | ||||||
Cash contributions from noncontrolling interests | (71,054,000) | (71,054,000) | ||||||||
Expiration put provisions 1 | 4,650,000 | 4,650,000 | ||||||||
Changes in fair value of noncontrolling interests | (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 | ||
Shares issued at Dec. 31, 2014 | 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 | |||||||||
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 | (263,244,000) | (263,244,000) | (263,244,000) | |||||||
Purchase (sale) of noncontrolling interests | 7,461,000 | 7,461,000 | 7,169,000 | 14,630,000 | ||||||
Cash contributions from noncontrolling interests | (100,852,000) | (100,852,000) | ||||||||
Expiration put provisions 1 | (5,206,000) | (5,206,000) | ||||||||
Changes in fair value of noncontrolling interests | (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 | ||
Shareholders equity at Dec. 31, 2015 | $ 10,496,000,000 | |||||||||
Proceeds from exercise of options and related tax effects | $ 1,014,000 | 49,307,000 | 50,321,000 | 50,321,000 | ||||||
Shares from exercise of options and related tax effects | 907,720 | 907,720 | ||||||||
Compensation expense related to stock options | 30,176,000 | 30,176,000 | 30,176,000 | |||||||
Vested subsidiary plan | (2,967,000) | (2,967,000) | (2,967,000) | |||||||
Withdrawal of treasury stock | $ (8,591,000) | $ 438,119,000 | (429,528,000) | |||||||
Dividends paid | (277,176,000) | (277,176,000) | (277,176,000) | |||||||
Purchase (sale) of noncontrolling interests | (1,212,000) | (1,212,000) | 13,105,000 | 11,893,000 | ||||||
Cash contributions from noncontrolling interests | (107,354,000) | (107,354,000) | ||||||||
Expiration put provisions 1 | 9,756,000 | 9,756,000 | ||||||||
Changes in fair value of noncontrolling interests | (138,112,000) | (138,112,000) | (138,112,000) | |||||||
Comprehensive income (loss) | ||||||||||
Net Income | 1,243,267,000 | 1,243,267,000 | 123,482,000 | 1,366,749,000 | ||||||
Other comprehensive income (loss) - net | 17,283,000 | 17,283,000 | 491,000 | 17,774,000 | ||||||
Total comprehensive income | 1,260,550,000 | 123,973,000 | 1,384,523,000 | |||||||
Shares issued ending | 307,221,791 | (999,951) | ||||||||
Shares withrawn treasury stock | (6,549,000) | 6,549,000 | ||||||||
Total ending equity | $ 379,585,000 | $ (66,895,000) | $ 2,977,972,000 | $ 8,837,072,000 | $ (1,319,012,000) | $ 10,808,722,000 | $ 648,338,000 | $ 11,457,060,000 |
The Company and Basis of Presen
The Company and Basis of Presentation | 12 Months Ended |
Dec. 31, 2016 | |
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, based on publicly reported sales and number of patients treated. 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 Co mpany provides dialysis products for the treatment of ESRD, including products manufactured and distributed by the Company such as hemodialysis machines, peritoneal cyclers, dialyzers, peritoneal solutions, hemodialysis concentrates, solutions and granulat es, bloodlines, renal pharmaceuticals and systems for water treatment. The Company supplies dialysis clinics it owns, operates or manages with a broad range of products and also sells dialysis products to other dialysis service providers. The Company descr ibes its other health care services as “Care Coordination.” Care Coordination currently includes the coordinated delivery of pharmacy services, vascular, cardiovascular and endovascular specialty services, non-dialysis laboratory testing services, physicia n services, hospitalist and intensivist services, health plan services, ambulatory surgery center services and urgent care services, which, together with dialysis care services represent the Company’s health care services. In these Notes, “FMC-AG & Co. KGa A,” or the “Company,” “we,” “us” or “our” refers to the Company or the Company and its subsidiaries on a consolidated basis, as the context requires. “Fresenius SE” and “Fresenius SE & Co. KGaA” refer to Fresenius SE & Co. KGaA, a German partnership limite d by shares resulting from the change of legal form of Fresenius SE (effective as of January 2011), a European Company (Societas Europaea) previously called Fresenius AG, a German stock corporation. “Management AG” and the “General Partner” refer to Fresen ius Medical Care Management AG which is FMC-AG & Co. KGaA’s general partner and is wholly owned by Fresenius SE. “Management Board” refers to the members of the management board of Management AG and, except as otherwise specified, “Supervisory Board” refe rs to the supervisory board of FMC-AG & Co. KGaA. “Ordinary shares” refers to the ordinary shares prior to the conversion in 2013 of the Company’s preference shares into ordinary shares . Following the conversion, the Company refers to their ordi nary shares as “shares, ” see Note 12 “Shareholders’ Equity.” 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-Pa cific 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 the Company’s operating segments, see Note 22 “Segment and Corporate Inform ation.” Basis of Presentation 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 confo rmity with U.S. GAAP requires 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 expenses 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 th e periods presented. All such adjustments a re of a normal recurring nature . 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' equit y holders lack the power to direct the activities that most significantly impact the entities’ performance, and the obligation to absorb expected losses and receive expected residual returns of the legal entities. In these arrangements, the entities are VI Es in which the Company has been determined to be the primary beneficiary and which therefore have been fully consolidated. During 2016 , as a result of the changes arising from the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Upd ate 2015-02 (“ASU 2015-02”), the Company has reassessed all of its arrangements with joint ventures and other partners. With the adoption of ASU 2015-02, the Company has presented the VIE data below on a retrospective basis which is applied using the VIE e ntities in place as of December 31, 2016 for 2015 and 2014 utilizing a pro forma presentation to ensure comparability. For further information on the Company’s adoption of ASU 2015-02, see 1t) below. In the North America Segment, 111 formerly consolidated VIEs do not follow the variable interest entity guidance any longer, but are consolidated through contractual management agreements. In 2016, 26 VIEs are now consolidated because of newly entered arrangements as well as one entity ceased to be a VIE becaus e the arrangement was dissolved. In the EMEA Segment, one VIE was liquidated. The Company has provided some or all of the following services to VIEs: management, financing or product supply. Consolidated VIEs generated approximately $2 51 , 594 , $2 46 , 983 and $ 320 , 254 in revenue in 2016 , 2015 , and 2014 , respectively. At December 31 , 2016 and 2015 the Company provided funding to VIEs through loans and accounts receivable of $1 88 , 299 and $19 6 , 199 , respectively . The table below shows the carrying amou nts of the assets and liabilities of VIEs at December 31 , 2016 and 2015 : 2016 2015 Trade accounts receivable, net $ 80.080 $ 97.326 Other current assets 85.948 80.596 Property, plant and equipment, intangible assets & other non-current assets 57.306 60.155 Goodwill 31.931 31.995 Accounts payable, accrued expenses and other liabilities 191.223 204.126 Non-current loans from related parties 54.301 41.151 Equity 9.741 24.795 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 50 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 10 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 2016 , 2015 , and 2014 was $ 4.954 , $ 6.082 and $ 4.285 , 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 ). Patient relationships however are not reported as sep arate intangible assets due to the missing contractual basis but are part of goodwill. 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 lives because, based on an analysis of all of the relevant factors, there is no foreseeable limit to the period over w hich those assets are expected to generate net cash inflows for the Company. Intangible assets with finite useful lives are amortized over their respective useful lives to their residual values. The Company amortizes non-compete agreements over their usefu l life which on average is 6 years. Technology is amortized over its useful life of 15 years. Licenses to manufacture, distribute and sell pharmaceutical drugs, exclusive contracts and exclusive licenses are amortized over the ir useful life which on average is 10 years. Customer relationships are amortized over their useful life of 10 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 8 years. Intangible 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 value by assigning the assets and liabilities, including the existing goodwill and intangible assets, to those reportin g units. The reporting units are the North America Segment, EMEA Segment, Asia-Pacific Segment and the Latin America Segment. For the purpose of goodwill impairment testing, all corporate assets and liabilities are allocated to the reporting units. In a fi rst 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 reportin g unit. Estimating the future cash flows involves significant assumptions, especially regarding future reimbursement rates and sales prices, number of treatments, 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 years are possible due to the stability of the Company’s business which, results from the non-discreti onary nature of the health care services the Company provides, the need for products utilized to provide such services and the availability of government reimbursement for a substantial portion of our services. The reporting units’ average revenue growth f or the ten year planning period is within a mid single-digit range for the North America Segment, EMEA Segment and the Latin America Segment , whereas for the Asia-Pacific Segment the average revenue growth is in the high single-digits. A substantial portio n of the Company’s profit is generated in the North America Segment. The Company expects a stable operating income margin with a higher margin in dialysis business compensating a lower margin in Care Coordination. The reporting units’ respective expected g rowth rates for the period beyond ten years are: North America Segment 1%, EMEA Segment 0%, Asia-Pacific Segment 4% and Latin America Segment 3.5%. The discount factor is determined by the WACC of the respective reporting unit. The Company’s WACC consisted of a basic rate of 5.14% for 2016 . 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 i ntegrated, within each reporting unit. In 2016 , WACCs for the reporting units ranged from 5.12% to 15.88%. In the case that the fair value of the reporting unit is less than its carrying value, a second step would be performed which compares the implie d 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 recorded as an impairment. To evaluate the recoverability of intangible assets with in definite 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 discounted cash flow approach or other methods, if appropriate. f) Derivative Financial I nstruments 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 19 ). 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 instruments classified as fair value hedges and in the corresponding underlying asset s and liabilities are recognized periodically in earnings, while the effective portion of changes in fair value of derivative financial instruments classified as cash flow hedges is recognized in accumulated other comprehensive income (loss) (“AOCI”) in sh areholders’ 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 recorded 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 reporting currency. Substantially all assets and liabilities of the parent company a nd 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 for Doubtful Accounts Revenue Recognition Health Care 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 se rvices 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 in surers. Outside the U.S., the reimbursement is usually made through national or local government programs with reimbursement rates established by statute or regulation. Dialysis product revenues are recognized upon transfer of title to the customer, eithe r 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 established 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 amounts to be receivable from these payors. In the U.S., hospitalist revenues are re ported at the estimated net realizable amount from third-party payors, client hospitals, and others at the time services are provided. Third-party payors include federal and state agencies (under the Medicare and Medicaid programs), managed care health pla ns, and commercial insurance companies. Inpatient acute care services rendered to Medicare and Medicaid program beneficiaries are paid according to a fee-for-service schedule. These rates vary according to a patient classification system that is based on c linical, 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 establ ished rates. Contractual adjustments and bad debts are recorded as deductions from gross revenue to determine net revenue. In addition to the net patient service revenue described 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 performed, Health Care Entities must record the difference between the receivable record ed and the amount estimated to be collectible as a provision with the expense presented as a reduction of Health Care revenue. The provision includes such items as amounts due from patients without adequate insurance coverage and patient co-payment and ded uctible 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 portion of product rev enues 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 upon 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 cust omer 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 authority that is incurred as a result of a revenue transaction (e.g. sales tax) is excluded f rom 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 care services, the accounting for the allowance for doubtful accounts is based on an analysi s of collection experience and recognizing the differences between payors. The Company also performs an aging of accounts receivable which enables the review of each customer and their payment pattern. From time to time, accounts receivable are reviewed fo r changes from the historic collection experience to ensure the appropriateness of the allowances. The allowance for doubtful accounts in the EMEA Segment, the Asia-Pacific Segment, the Latin America Segment and the dialysis products business in the North America Segment is an estimate comprised 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 expensed as incurred. j) Income Taxes Current taxes are calculated based on the profit (los s) 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 recogn ized 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-not threshold has been determined based on the technical merits that the position will be sustained upon exami nation. 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 o f benefit recognized. If a tax position is not considered more likely than not to be sustained based solely on its technical merits, no benefits are recognized. The Company recognizes deferred tax assets and liabilities for the future tax consequences attr ibutable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, tax credits and tax loss carryforwards. Deferred tax assets and liabilities are measured using the respect ive countries enacted tax rates to be applied to taxable income in the years in which those temporary differences are expe cted to be recovered or settled . A valuation allowance is recorded to reduce the carrying amount of the deferred tax assets to the amount more likely than not to be realized (see Note 16 ). 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 associat ed 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 asset. The Company uses a discounted cash flow approach or other methods, if appropriate, to asses s 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 unti l 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 t hat debt liability. These costs are amortized over the term of the related obligation (see Note 9 ). m) Self-insurance Programs Under the Company’s insurance programs for professional, product and general liability, auto liability and worker’s co mpensation claims and medical malpractice claims, the Company's largest subsidiary is partially self-insured for professional liability claims. For all other coverage, the Company assumes responsibility 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 activ ity. 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) Concentration of Risk The Company is engaged in the manufacture an d 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 care services under Care Coordination. The Company perfor ms ongoing evaluations of its customers' financial condition and, generally, requires no collateral. Revenues which were earned and subject to regulations under Medicare and Medicaid, governmental healthcare programs administered by the United States gover nment, were approximately 32% in 2016 and 2015 , and 31% in 2014 of the Company's worldwide revenues . No single debtor other than U.S. Medicare and Medicaid accounted for more than 5% of total trade accounts receivable in any of t hese 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 the Company operates. Amounts pending approv al from third party payors represent less than 3% at December 31 , 2016 . See Note 3 for discussion of suppliers with long-term purchase commitments. o) Legal Contingencies From time to time, during the ordinary course of the Company's operation s, the Company is party to litigation and arbitration and is subject to investigations relating to various aspects of its business (see Note 18 ). The Company regularly analyzes current information about such claims for probable losses and provide s 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 resources 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 or formal assertion of a claim or assessme nt, 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 attributable to shareholders by the weighted a verage number of shares outstanding during the year. Diluted earnings per share include the effect of all potentially dilutive instruments on shares that would have been outstanding during the years presented had the dilutive instruments been issued. Equit y-settled awards granted under the Company's stock incentive plans (see Note 15 ), 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 separately 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 outs tanding with the value of such Treasury Stock shown as a reduction of the Company’s equity. 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 Consolidated Balance Sheets if the defined benefit obligation exceeds the fair value of plan assets. A pension asset is recognized (and reported under “Other assets and notes receivables” in the Consolidated Balanc e Sheets) if the fair value of plan assets exceeds the defined benefit obligation and if 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 actua rial gains or losses and prior service costs or credits that are not recognized as components 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 lo sses 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) Share-based Plans The grant date fa ir value of stock options and convertible equity instruments that are settled by delivering equity-instruments granted to the Management Board 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. For certain exceptions a shorter vesting period may apply after which the stock options will not forfeit in any way. In such cases the vesting period is shortened according ly. The balance sheet date fair value of cash-settled phantom stocks granted to the Management Board 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. For certain exceptions a shorter vesting period may apply after which the phantom stocks will not forfeit in any way. In such cases the vesting period is shortened accordingly. The b alance sheet date fair value of cash-settled performance shares granted to the Management Board and executive employees of the Company is calculated using the Monte Carlo pricing model. The corresponding liability based on the balance sheet date fair value is accrued over the vesting period of the performance share plan. For certain exceptions a shorter vesting period may apply after which the performance shares will not forfeit in any way. In such cases the vesting period is shortened accordingly. Two of t he Company’s subsidiaries are authorized to issue Incentive Units (see Note 15 ). 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 subsidiaries, 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 February 18, 2015, FASB issued 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 liability 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. The Company has implemented ASU 2015- 02 on a retrospective basis whic h is applied using the VIE entities in place as of December 31, 2016 for 2015 and 2014 utilizing a pro forma presentation to ensure comparability. These types of legal entities are predo |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Consolidated Financial Statements [Abstract] | |
Related Party Transactions | 2. Related Party Transactions Fresenius SE is the Company’s largest shareholder and owns 30,82% of the Company’s outstanding shares , excluding treasury shares held by the Company, at December 31 , 2016 . 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 management 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 Company is party to service agreements with Fresenius SE and certain of its affiliates (collectively t he “Fresenius SE Companies”) to receive services, including, but not limited to: administrative services, management information services, employee benefit administration, insurance, information technology services, tax services and treasury management ser vices. The Company also provides central purchasing services to the Fresenius SE Companies. 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 provides administrative services to one of its equity method investees. In 2015, the Company also performed marketing and distribution services for certain of its equity method investees. The Company is a party to real estate operating lease agreements with the Fre senius SE Companies, which mainly include leases for the Company’s corporate headquarters in Bad Homburg, Germany and production sites in Schweinfurt and St. Wendel, Germany. The leases were re-negotiated and revised upon expiration at the end of 2016. The se new lease agreements began on January 1, 2017 and expire on December 31, 2026. Certain of the office lease contracts are commercially agreed but pending formal approval by the supervisory board of Fresenius SE. The Company expects formal approval of the se contracts to be granted in the first quarter of 2017 with an effective date of January 1, 2017. Based upon an appraisal, the rents under the leases represent fair market value for such properties. As of December 31 , 2016 and 2015 , future minimum ren tal payments under non-cancelable operating leases with Fresenius SE were $ 18.022 , including amounts pending formal approval above through September 2017, and $ 24.224 as well as $ 128.436 and $ 16.215 with other Fresenius SE affiliates, respectively. These minimum rental payments are included within the amounts disclosed in Note 17 . In addition to the above mentioned 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 supplied by Fresenius Kabi USA, Inc. (“Ka bi 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 purchase orders directly to Kabi USA. FMC H 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 de vices. 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 USA for $9,327 for which a fairness opi nion 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. In December 2010, the Company formed a renal pharmac eutical company with Galenica Ltd., named Vifor Fresenius Medical Care Renal Pharma Ltd. (“VFMCRP”), an equity method investee of which the Company owns 45%. The Company has entered into exclusive supply agreements to purchase certain pharmaceuticals from VFMCRP. 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, 2016 For the year ended December 31, 2015 For the year ended December 31, 2014 December 31, 2016 December 31, 2015 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 (1) Fresenius SE 431 22.381 254 20.262 380 21.788 139 54 422 3.185 Fresenius SE affiliates 3.068 82.003 8.162 75.900 7.956 72.256 867 3.011 2.104 4.079 Equity method investees 19.457 - 23.369 - 17.911 - 2.641 - 10.180 - Total $ 22.956 $ 104.384 $ 31.785 $ 96.162 $ 26.247 $ 94.044 $ 3.647 $ 3.065 $ 12.706 $ 7.264 Lease Agreements Fresenius SE - 10.488 - 9.621 - 10.554 - - - - Fresenius SE affiliates - 15.183 - 14.660 - 17.389 - - - - Total $ - $ 25.671 $ - $ 24.281 $ - $ 27.943 $ - $ - $ - $ - Products Fresenius SE 2 - 5 - 1 - - - - - Fresenius SE affiliates 25.846 48.028 25.920 37.166 63.917 44.754 8.378 5.046 8.774 3.768 Equity method investees - $ 410.927 $ - $ 275.340 $ - $ 27.584 $ - $ 58.322 $ - $ 8.253 Total $ 25.848 $ 458.955 $ 25.925 $ 312.506 $ 63.918 $ 72.338 $ 8.378 $ 63.368 $ 8.774 $ 12.021 (1) In addition to the above shown Accounts Payables Accrued Expenses for Service Agreements with related parties amounted to $3,541, $596 and $314 at December 31, 2016, 2015 and 2014 respectively. 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 , 2016 and December 31 , 2015 , the Company had accounts receivables from Fresenius SE related to short-term financing in the amount of $ 208.589 and $ 131.252 , respectivel y. As of December 31 , 2016 and December 31 , 2015 , the Company had accounts payables to Fresenius SE related to short-term financing in the amount of $ 196.431 and $ 115.932 , 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 ($ 1.581 at December 31 , 2016 and $ 1.633 at December 31 , 2015 ) from the General Partner on an unsecured basis at 1,335% . The loan repayment has been extended periodically and is currently due August 22, 2017 with an interest rate of 1,054% . On November 28, 2013, the Company borrowed an additional € 1.500 ( $ 1.581 at December 31 , 2016 and $ 1.633 at December 31 , 2015 ) with an interest rate of 1,875% from the General Partner. This loan is due on November 24, 2017 with an interest rate of 1,021% . The Company provided unsecured term loans to one of its equity method investees during 2015 and 2016 in the amount of CHF 78.416 ($ 79.618 based upon the average exchange rate for the twelve months ended December 31, 2016). These loans were repaid in full during the first half of 2016. The loans were entered into in order to fund the 2015 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. These marketing rights were sold to this equity method investee in 2015 which resulted in a gain of approximately $11,137, after tax. On June 12, 2014, the Company provided a one-year unsecured term loan to one of its equity method investees in the amount of $22,500 at an interest rate of 2.5366 %. This loan was repaid in full on June 12, 2015. At December 31 , 2016 and December 31 , 2015 , a subsidiary of Fresenius SE held unsecured Senior Notes issued by the Company in the amount of € 8.300 and € 8.300 ($ 8.749 at December 31 , 2016 and $ 9.036 at December 31 , 2015 ), respectively. The Senior Notes were issued in 2011 and 2012, mature 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 9 . “Long-Term Debt and Capital Lease Obligations – Senior Notes”. On December 31 , 2016 the Company provided a cash advance to Fresenius SE in the amount of € 36.245 ($ 38.206 at December 31 , 2016 ) on an unsecured basis at an interest rate of 0,771% which was repaid on January 2, 2017. On December 31 , 2015 the Company borrowed from Fresenius SE in the amount of € 14.500 ($ 15.786 at December 31 , 2015 ) at an interest rate of 0,970% . For further information on these loan agreements, see Note 8. “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 M anagement B oard. The aggregate amount reimbursed to the General Partner was $ 22.663 , $ 16.940 and $ 25.511 , respectively, for its management services during 2016 , 2015 and 2014 and included an annual fee of $ 133 , $ 133 and $ 159 , respectively, a s compensation for assuming liability as general partner. The annual fee is set at 4% of the amount of the General Partner’s share capital (€3,000 as of December 31 , 2016 ). As of December 31 , 2016 and December 31 , 2015 , the Company had accounts receivabl e from the General Partner in the amount of $ 183 and $ 486 , respectively. As of December 31 , 2016 and December 31 , 2015 , the Company had accounts payable to the General Partner in the amount of $ 15.491 and $ 17.806 , respectively. The Chairman of the Company’s Supervisory Board is also the Chairman of the s upervisory b oard of Fresenius SE and of the general partner of Fresenius SE. He is also a member of the s upervisory b oard of the Company’s General Partner. The Vice Chairman of the Company's Supervisory Board is a member of the s upervisory b oard of the general partner of Fresenius SE and Vice Chairman of the s upervisory b oard of the Company’s General Partner. He is also Chairman o f 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 $ 1.392 , $ 958 , and $ 1.957 for these services during 2016 , 2015 and 2014 , respectively. Four of the six members of the Company’s Supervisory Board, including the Chairman and Vice Chairman, are also memb ers of the s upervisory b oard of the Company’s General Partner. The Chairman of the s upervisory b oard of the Company’s G eneral P artner is also the Chairman of the m anagement b oard of the general partner of Fresenius SE, and the Chairman and Chief Executive Officer of the Management Board of the Company’s G eneral P artner is a member of the Management Board of the general partner of Fresenius SE. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Consolidated Financial Statements [Abstract] | |
Inventories | 3 . Inventories At December 31 , 2016 and December 31 , 2015 , inventories consisted of the following: 2016 2015 Finished goods $ 724.814 $ 670.291 Health care supplies 381.908 395.342 Raw materials and purchased components 225.879 206.525 Work in process 77.233 68.593 Inventories $ 1.409.834 $ 1.340.751 Under the terms of certain unconditional purchase agreements, the Company is obligated to purchase approximately $442,024 of materials, of which $213,338 is committed at December 31 , 2016 for 2017 . The terms of these agreements run 1 to 5 years. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Consolidated Financial Statements [Abstract] | |
Other Current Assets Disclosure [Text Block] | At December 31 , 2016 and 2015 , prepaid expenses and other current assets consisted of the following: 2016 2015 Available for sale financial assets (1) $ 264.310 $ 271.952 Insurance recoveries 220.000 220.000 Cost report receivable from Medicare and Medicaid 126.655 109.311 Payments on account 88.549 37.016 Other taxes receivable 79.833 69.684 Other deferred charges 68.648 63.210 Leases receivable 57.483 53.117 Prepaid rent 57.394 51.651 Income taxes receivable 54.959 131.396 Receivables for supplier rebates 50.168 48.625 Derivatives 41.913 27.021 Amounts due from managed locations 28.863 20.888 Prepaid insurance 17.491 21.848 Deposit / Guarantee / Security 15.913 15.276 Other 239.654 233.720 Total prepaid expenses and other current assets $ 1.411.833 $ 1.374.715 (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 (see Note 7 ). For further information, see Note 18 “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, 2016 | |
Notes to Consolidated Financial Statements [Abstract] | |
Property, Plant and Equipment | 5 . Property, Plant and Equipment At December 31 , 2016 and 2015 , property, plant and equipment consisted of the following: 2016 2015 Land $ 68.560 $ 65.076 Buildings and improvements 3.159.699 2.758.018 Machinery and equipment 4.379.553 4.070.878 Machinery, equipment and rental equipment under capitalized leases 88.079 69.179 Construction in progress 466.217 445.431 8.162.108 7.408.582 Accumulated depreciation (4.388.895) (3.983.008) Property, plant and equipment, net $ 3.773.213 $ 3.425.574 Depreciation expense for property, plant and equipment amounted to $ 657.518 , $ 606.964 and $ 600.845 for the years ended December 31 , 2016 , 2015 , and 2014 , respectively. Included in machinery and equipment at December 31 , 2016 and 2015 were $ 670.258 and $ 628.140 , 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 $ 43.198 and $ 32.339 at December 31 , 2016 and 2015 , respectively. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Consolidated Financial Statements [Abstract] | |
Intangible Assets and Goodwill | 6 . Intangible Assets and Goodwill At December 31 , 2016 and 2015 , the carrying value and accumulated amortization of intangible assets other than goodwill consisted of the following: 2016 2015 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization Amortizable Intangible Assets Non-compete agreements $ 360.938 $ (292.980) $ 346.186 $ (273.220) Technology 176.893 (64.440) 106.510 (57.821) Licenses and distribution agreements 192.747 (121.152) 193.280 (112.167) Customer Relationships 261.766 (62.910) 262.754 (35.347) Self-developed software 153.826 (88.729) 140.914 (72.797) Other 389.125 (289.697) 357.065 (264.621) Construction in progress 18.873 - 23.333 - $ 1.554.168 $ (919.908) $ 1.430.042 $ (815.973) The increase in t echnology intangible assets was primarily driven by the purchase of a medical technology company focusing on the treatment of lung and cardiac failure in 2016 . At December 31 , 2016 and 2015 the carrying value of n on-amortizable i ntangible a ssets other th a n goodwill consisted of the following: 2016 2015 Carrying Carrying Amount Amount Non-amortizable Intangible Assets Tradename $ 209.441 $ 209.404 Management contracts 3.497 7.016 $ 212.938 $ 216.420 Total Intangible Assets $ 847.198 $ 830.489 The amortization on intangible assets amounted to $ 118.427 , $ 110.359 and $ 98.483 for the years ended December 31 , 2016 , 2015 , and 2014 , respectively. The table shows the estimated amortization expense of these assets for the following five years. Estimated Amortization Expense 2017 $ 117.315 2018 $ 111.578 2019 $ 109.232 2020 $ 101.705 2021 $ 98.582 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 in 2016 and 2015 as well as the purchase of a medical technology company focusing on the treatment of lung and cardiac failure in 2016 and the purchase of a distributor in the Asia-Pacific Segment in 2015 . The changes to goodwill in 2016 and 2015 are as follows: North Asia- Latin America EMEA Pacific America Segment Segment Segment Segment Segment Total Corporate Total 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 Goodwill acquired, net of divestitures 292.138 314.463 15.152 9.624 631.377 17.206 648.583 Reclassifications 3.163 - - - 3.163 - 3.163 Foreign Currency Translation Adjustment (341) (20.331) (825) 5.377 (16.120) (1.930) (18.050) Balance as of December 31, 2016 $ 11.518.539 $ 1.238.104 $ 387.901 $ 94.276 $ 13.238.820 $ 427.626 $ 13.666.446 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilties | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Consolidated Financial Statements [Abstract] | |
Accrued Expenses and Other Current Liabilties | 7 . Accrued Expenses and Other Current Liabilities At December 31 , 2016 and 2015 , accrued expenses and other current liabilities consisted of the following: 2016 2015 Accrued salaries, wages and incentive plan compensations $ 743.772 $ 664.996 Unapplied cash and receivable credits 411.495 395.817 Accrued settlement 280.000 280.000 Accrued self-insurance 263.484 225.845 Accrued operating expenses 190.364 236.286 Lease obligations 122.402 105.469 Accrued interest 113.571 121.348 Withholding tax and VAT 93.777 84.918 Accrued variable payments outstanding for acquisitions 82.559 52.370 Derivatives 26.897 11.614 Other 324.864 324.474 Total accrued expenses and other current liabilities $ 2.653.185 $ 2.503.137 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 18 “ Commitments and Contingencies – Commercial Litigation ” . The item “Other” in the table above includes accruals for legal and compliance costs, deferred income , commissions , bonuses and rebates , short-term position of pension liabiliti es and physician compensation . |
Short-Term Borrowings and Other
Short-Term Borrowings and Other Financial Liabilities, and Short-Term Borrowings from Related Parties | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Consolidated Financial Statements [Abstract] | |
Short-Term Borrowings and Other Financial Liabilities, and Short-Term Borrowings from Related Parties | 8. Short-t erm Debt and Short-t erm Debt from Related Parties At December 31 , 2016 and December 31 , 2015 , short-term debt and short-term debt from related parties consisted of the following: 2016 2015 Borrowings under lines of credit $ 93.829 $ 109.230 Commercial Paper Program 501.662 - Other 7.003 22 Short-term debt $ 602.494 $ 109.252 Short-term debt from related parties (see Note 2.b) 3.162 19.052 Short-term debt and short-term debt from related parties $ 605.656 $ 128.304 Borrowings Under Lines of Credit and Further Availabilities Borrowings under lines of credit in the amount of $ 93.829 and $ 109.230 at December 31 , 2016 and 2015 , 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 , 2016 and 2015 were 6,49% and 6,38% , respectively. Excluding amounts available under the Amended 2012 Credit Agreement, at December 31 , 2016 and 2015 , the Company had $ 242.407 and $ 222.888 available under other commercial bank agreements. In some instances, lines of credit are secured by ass ets 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. The Company and certain consolidated entities operate a multi-curren cy notional pooling cash management system. The Company met the conditions to offset balances within this cash pool for reporting purposes. At December 31 , 2016 and 2015 , cash and borrowings under lines of credit in the amount of $ 343.094 an d $ 48.277 were offset under this cash management system. Commercial Paper Program Commercial paper programs are flexible financing instruments to obtain short-term funding on the money market. Typically, commercial paper maturities range from a few days up to under two years. The Company established a commercial paper program on January 19, 2016 under which short-term notes of up to €1,000,000 ($1,054,100) can be issued . At December 31 , 2016 , the outstanding commercial paper amounted to € 476.000 ($ 501.752 at December 31 , 2016 ). Other At December 31 , 2016 and 2015 , the Company had $ 7.003 and $ 22 of other debt which was mainly related to fixed payments outstanding for acquisitions . Short-term Debt from R elated P arties 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 $400,000 until maturity on October 30, 2017. The interest on the advance(s) will be at a fluctuating rate per annum equal to LIBOR or EURIBOR as applicable plus an applicable margin. Advances can be repaid and reborrowed. At December 31 , 2016 , there were no advances from Fresenius SE under this facility . At December 31 , 2015 , the Company borrowed from Fresenius SE in the amount of € 14.500 ($ 15.786 at December 31 , 2015 ). For further information on short-term debt from related parties, see Note 2 b). |
Long-term Debt and Capital Leas
Long-term Debt and Capital Lease Obligations | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Consolidated Financial Statements [Abstract] | |
Long-term Debt and Capital Lease Obligations | 9. Long-term Debt and Capital Lease Obligations As of December 31 , 2016 and December 31 , 2015 , long-term debt and capital lease obligations consisted of the following: 2016 2015 Amended 2012 Credit Agreement $ 2.365.522 $ 2.611.580 Senior Notes 4.923.476 5.325.618 Convertible Bonds 401.333 407.705 Accounts Receivable Facility 173.965 50.185 Capital lease obligations 46.143 40.621 Other 55.504 82.113 Long-term debt and capital lease obligations $ 7.965.943 $ 8.517.822 Less current portion (763.398) (664.335) Long-term debt and capital lease obligations, less current portion $ 7.202.545 $ 7.853.487 The Company’s long-term debt as of December 31 , 2016 , 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 $3,800,000 as of December 31, 2016 due to quarterly repayments and currency effects) and extend the term for an additional two years until October 30, 2019. As of December 31 , 2016 , the Amended 2012 Credit Agreement consists of: A revolving credi t facility of approximately $1,4 00,000 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 $2,100,000 , also scheduled to mature on Oct ober 30, 2019. Quarterly repayments of $50,000 began in January 2015 with the remaining balance outstanding due October 30, 2019. A term loan facility of €252,000 scheduled to mature on October 30, 2019. Quarterly repayments of €6,000 began in January 2015 with the remaining balance 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 A mended 2012 Credit Agreement plus an applicable margin. At December 31 , 2016 and 2015 , the dollar-denominated tranches outstanding under the Amended 2012 Credit Agreement had a weighted average interest rate of 2,15% and 1,72% , respectively. At December 31 , 2016 and 2015 , the euro-denominated tranche had an interest rate of 1,25% and 1,38% , respectively. The applicable margin is variable and depends on the Company’s Consoli dated 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, indebtedness 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 material 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 restrict 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 Consolidate d Group to consolidated 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 €440,000 ($463,804 at December 31 , 2016 ) for 2017 , 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 Agreem ent becomes immediately 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 , 2016 and 2015 : Maximum Amount Available 2016 Balance Outstanding 2016 (1) Revolving Credit USD $ 1.000.000 $ 1.000.000 $ 10.187 $ 10.187 Revolving Credit EUR € 400.000 $ 421.640 € - $ - USD Term Loan $ 2.100.000 $ 2.100.000 $ 2.100.000 $ 2.100.000 EUR Term Loan € 252.000 $ 265.633 € 252.000 $ 265.633 $ 3.787.273 $ 2.375.820 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 (1) Amounts shown are excluding debt issuance costs. A t December 31 , 2016 and 2015 , the Company had letters of credit outstanding in the amount of $ 3.550 and $ 3.600 , 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 , 2016 and 2015 , the Company’s Senior Notes consisted of the following: Issuer/Transaction Face Amount Maturity Coupon Book Value 2016 Book Value 2015 FMC Finance VI S.A. 2010 € 250.000 July 15, 2016 5,50% $ - $ 271.409 FMC Finance VIII S.A. 2011 (1) € 100.000 October 15, 2016 3,21% $ - $ 108.735 FMC US Finance, Inc. 2007 $ 500.000 July 15, 2017 6 7/8% $ 499.098 $ 497.363 FMC Finance VIII S.A. 2011 € 400.000 September 15, 2018 6,50% $ 418.665 $ 430.600 FMC US Finance II, Inc. 2011 $ 400.000 September 15, 2018 6,50% $ 397.275 $ 395.678 FMC US Finance II, Inc. 2012 $ 800.000 July 31, 2019 5,625% $ 797.560 $ 796.505 FMC Finance VIII S.A. 2012 € 250.000 July 31, 2019 5,25% $ 262.464 $ 270.655 FMC US Finance II, Inc. 2014 $ 500.000 October 15, 2020 4,125% $ 496.798 $ 495.944 FMC US Finance, Inc. 2011 $ 650.000 February 15, 2021 5,75% $ 643.708 $ 642.167 FMC Finance VII S.A. 2011 € 300.000 February 15, 2021 5,25% $ 314.235 $ 324.045 FMC US Finance II, Inc. 2012 $ 700.000 January 31, 2022 5,875% $ 696.834 $ 696.086 FMC US Finance II, Inc. 2014 $ 400.000 October 15, 2024 4,75% $ 396.839 $ 396.431 $ 4.923.476 $ 5.325.618 (1) This note carried a variable interest rate which was 3.21% at the last interest fixing. 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 at any time at 100% of principal plus accrued interest and a premium calculated pursuant to the terms of the indenture. The holders have the right to request that the issuer s 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 prov ide 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 merge or consolidate with other companies or sell assets. At December 31 , 2016 , the Company was in compliance with all of its covenants under the Senior Notes. Convertible Bonds On September 19, 2014, the Company issued € 400,000 ($514,080 at issuance) principal amount of equity-neutral convertible bo nds (the “Convertible Bonds”) which have a coupon of 1.125% and are due on January 31, 2020. The bonds were issued at par. The current conversion price is €73.60 54 . Beginning November 2017, bond holders can exercise the conversion rights embedded in the bo nds at certain dates. In order to fully offset the economic exposure from the conversion feature, the Company purchased call options on its shares (“Share Options”). Any increase of the Company’s share price above the conversion price would be offset by a corresponding value increase of the Share Options. The Company will amortize the remaining cost of these options and various other offering costs over the life of these bonds in the am ount of € 19.265 ($ 20.307 at December 31 , 2016 ), effectively increasing the total interest rate to 2.611%. The Convertible Bonds are jointly and severally guaranteed by FMCH and D-GmbH. Accounts Receivable Facility The Company refinanced the Accounts Receivable Facility on December 6 , 201 6 for a term expiring on December 6 , 201 9 with the available borrowings of $800,000. The following table shows the available and outstanding amounts under the Accounts Receivable Facility at December 31 , 2016 and December 31 , 2015 . Maximum Amount Available (1) Balance Outstanding (2) 2016 2015 2016 2015 Accounts Receivable Facility $ 800.000 $ 800.000 $ 175.000 $ 51.000 (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 $ 15.647 at December 31 , 2016 and $ 16.622 at December 31 , 2015 . These letters of credit are not included above as part of the balance outstanding at December 31 , 2016 and 2015 ; 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 , 2016 and 2015 , the interest rate was 1,00% and 0,89% , respectively. R efinancing fees, which include legal costs and bank fees, are amortized over the term of the facility. Other At December 31 , 2016 and 2015 , in conjunction with certain acquisitions and investments, the Company had fixed payments outstanding for acquisitions totaling approximately $ 25.895 and $ 4.115 , respectively, of which $ 16.073 and $ 2.597 , 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 , 2016 and thereafter are: 2017 $ 764.300 2018 1.064.456 2019 3.178.459 2020 930.017 2021 972.874 Thereafter 1.115.424 $ 8.025.530 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Consolidated Financial Statements [Abstract] | |
Employee Benefit Plans | 10. 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 five major defined benefit plans , one funded plan in the U.S. a nd one in France as well as one unfunded plan in Germany and two in France. Starting 2016, the defined benefit plans in France were transferred from “Benefit plans offered by other subsidiaries” to the detailed reconciliations of the funded status and the plan assets, retrospectively for 2015. The adjustment of the benefit obligation at the beginning of 2015 has been implemented through the position “Other adjustments . ” Actuarial assumptions generally determine benefit obligations under defined benefit plan s. The actuarial calculations require the use of estimates. The main factors used in the actuarial calculations affecting the level of the benefit obligations are: assumptions on life expectancy, the discount rate and future salary and benefit levels. Unde r the Company’s funded plans, assets are set aside to meet future payment obligations. An estimated return on the plan assets is recognized as income in the respective period. Actuarial gains and losses are generated when there are variations in the actuar ial 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 p lans, 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 contribution plan in the U.S. Defined Benefit Pension Plans During the first quarter of 2002 FMCH, the Company’s U.S. subsi diary, curtailed its defined benefit and supplemental executive retirement plans. Under the curtailment amendment for substantially all employees eligible to participate in the plan, benefits have been frozen as of the curtailment date and no additional de fined benefits for future services will be earned. The Company has retained all employee benefit obligations as of the curtailment date. Each year FMCH contributes to the plan covering United States employees at least the minimum amount required by the Emp loyee Retirement Income Security Act of 1974, as amended. In 2016 , FMCH’s minimum funding requirement was $ 9.600 . In addition to the compulsory contributions, the Company voluntarily provided $ 100.965 to the defined benefit plan of w hich $100,000 was contributed in the third quarter of 2016 . Expected funding for 2017 is $ 1.180 . The benefit obligation for all defined benefit plans at December 31 , 2016 , was $ 855.861 ( 2015 : $ 822.626 ) which consists of the gross benefit obligation of $ 438.235 ( 2015 : $ 477.667 ) for the U.S. plan and of $ 4.231 ( 2015 : $ 4.063 ) for the French plan , which are funded by plan assets, and the benefit obligatio n of $ 404.779 ( 2015 : $ 333.320 ) for the German unfunded plan and $ 8.616 ( 2015 : $ 7.576 ) for the two French unfunded plan s . The following table shows the changes in benefit obligations , the changes in pl an 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. 2016 2015 Change in benefit obligation: Benefit obligation at beginning of year $ 822.626 $ 877.722 Foreign currency translation (15.151) (40.646) Other Adjustments - 11.772 Service cost 25.335 25.825 Interest cost 29.330 28.016 Amendments - (410) Transfer of plan participants 31 (102) Actuarial (gain) loss 36.757 (56.250) Benefits paid (34.008) (23.163) Curtailments and settlements (9.059) (138) $ 855.861 $ 822.626 Change in plan assets: Fair value of plan assets at beginning of year $ 260.260 $ 270.858 Foreign currency translation (3) - Other Adjustments - 102 Actual return on plan assets 13.225 (11.158) Employer contributions 110.565 20.098 Benefits paid (30.707) (19.640) Settlements (9.005) - Fair value of plan assets at end of year 344.335 260.260 Funded status at end of year $ 511.526 $ 562.366 Benefit plans offered by other subsidiaries $ 35.550 $ 30.059 Net Pension Liability $ 547.076 $ 592.425 Benefit plans offered by the U.S., Germany and France contain a pension liability of $ 511.526 and $ 562.366 at December 31 , 2016 and 2015 , respectively. The pension liability consists of a current portion of $ 4.726 ( 2015 : $ 4.393 ) 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 $ 506.800 ( 2015 : $ 557.973 ) i s recorded as non-current pension liability in the balance sheet. Approximately 74% of the beneficiaries are located in the U.S. and 6% in France with the majority of the remaining 20% located in Germany. The acc umulated benefit obligation for all defined benefit pension plans with an obligation in excess of plan assets was $ 780.820 and $ 759.171 at December 31 , 2016 and 2015 , respectively; the related plan assets had a fair value of $ 344.335 and $ 260.260 at December 31 , 2016 and 2015 , respectively. Benefit plans offered by other subsidiaries outside of the U.S., Germany and France contain separate benefit obligations. The total net pension liability for these ot her plans was $ 35.550 and $ 30.059 at December 31 , 2016 and 2015 respectively and consists of a pension asset of $0 ( 2015 : $61) recognized as “Other non-current assets and notes receivables” and a current pension l iability of $2,083 ( 2015 : $2,765), which is recognized as a current liabil ity in the line item “Accrued expenses and other current liabilities”. The non- current pension liability of $33 , 467 ( 2015 : $ 27,355 ) for these plans is recorded as “non-current pension liability” in the balance sheet. At December 31 , 2016 the weighted average duration of the defined benefit obligation was 19 years ( 2015 : 18 years). The table below reflects pre-tax effect s of actuarial losses (gains) in other comprehensive income (“OCI”) relati ng to pension liabilities. At December 31 , 2016 , 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, 2013 $ 222.967 Actuarial (gain) loss for the year 253.969 Prior Service Costs (Credit) (17.147) Amortization of unrealized losses (21.661) Actuarial (gains) losses recognized in OCI at December 31, 2014 $ 438.128 Actuarial (gain) loss for the year (28.687) Other Adjustments 1.167 Prior Service Costs (Credit) (503) Amortization of unrealized losses (34.625) Foreign currency translation (19.186) Actuarial (gains) losses recognized in OCI at December 31, 2015 $ 356.294 Actuarial (gain) loss for the year 39.014 Prior Service Costs (Credit) 55 Amortization of unrealized losses (30.811) Foreign currency translation (6.794) Actuarial (gains) losses recognized in OCI at December 31, 2016 $ 357.758 The actuarial loss expected to be amortized from other comprehensive income into net periodic pension cost over the next year is $ 29.288 . The discount rates for all plans are based upon yields of portfolios of highly rated debt instruments with maturities that mirror the plan’s benefit obligation. The Company’s discount rate s at December 31 , 2016 and at December 31 , 2015 are the weighted average of these plans based upon their benefit obligations. The following weighted-average assumptions were utilized in determining benefit obligations at December 31 : in % 2016 2015 Discount rate 3,25 3,67 Rate of compensation increase 3,23 3,27 Sensitivity A nalysis Increases and decreases in princ ipal actuarial assumptions by 0. 5 percentage points would af fect the pension liability at December 31 , 2016 as follows: 0.5% increase 0.5% decrease Discount rate $ (75.036) 86.517 Rate of compensation increase 12.286 (12.095) Rate of pensions increase 31.285 (28.276) The sensitivity analysis was calculated based on the average duration of the pension obligations determined at December 31, 2016 . 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 : 2016 2015 2014 Components of net periodic benefit cost: Service cost $ 25.335 $ 25.825 $ 18.617 Interest cost 29.330 28.016 29.513 Expected return on plan assets (15.482) (16.405) (16.169) Amortization of unrealized losses 30.811 34.625 17.147 Amortization of prior service cost (credit) (55) 94 - Settlement loss (gain) (54) (138) - Net periodic benefit costs $ 69.885 $ 72.017 $ 49.108 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 % 2016 2015 2014 Discount rate 3,67 3,21 4,55 Expected return of plan assets 6,00 6,00 6,00 Rate of compensation increase 3,27 3,26 3,29 Expected benefit payments for the next five years and in the aggregate for the five years thereafter are as follows: 2017 $ 23.145 2018 24.496 2019 26.411 2020 28.617 2021 30.635 2022 - 2026 182.971 Plan Assets The following table presents the fair values of the Company´s pension plan assets at December 31, 2016 and 2015 . Fair Value Measurements at 2016 Fair Value Measurements at 2015 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) $ 85.448 $ (2.102) $ 87.550 $ 64.828 $ 98 $ 64.730 Fixed Income Investments Government Securities (2) 2.502 1.902 600 4.815 4.269 546 Corporate Bonds (3) 220.318 - 220.318 169.717 - 169.717 Other Bonds (4) 5.628 - 5.628 7.794 - 7.794 U.S. Treasury Money Market Funds (5) 30.337 30.337 - 13.003 13.003 - Other types of investments Cash, Money Market and Mutual Funds (6) 102 102 - 103 103 - Total $ 344.335 $ 30.239 $ 314.096 $ 260.260 $ 17.473 $ 242.787 (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 in the U.S. T he 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 long-term rates o f return for each significant asset class or economic indicator, and on broad-market historical 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% for 2016 . 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. Investment 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 revised target inves tment 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 measured against a cust om 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 Index, 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 , 2016 , 2015 , and 2014 , was $ 48.458 , $ 46.267 and $ 41.560 , respectively. |
Noncontrolling Interests Subjec
Noncontrolling Interests Subject to Put Provisions | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Consolidated Financial Statements [Abstract] | |
Noncontrolling Interests Subject to Put Provisions | 2016 2015 2014 Beginning balance as of January 1, $ 1.023.755 $ 824.658 $ 648.251 Contributions to noncontrolling interests (187.354) (164.830) (142.696) Purchase/ sale of noncontrolling interests 57.707 7.915 87.902 Contributions from noncontrolling interests 32.259 16.749 16.064 Expiration of put provisions and other reclassifications (9.756) 5.206 (4.650) Changes in fair value of noncontrolling interests 138.112 178.003 89.767 Net income 182.102 159.127 133.593 Other comprehensive income (loss) (1.937) (3.073) (3.573) Ending balance as of December 31, $ 1.234.888 $ 1.023.755 $ 824.658 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Consolidated Financial Statements [Abstract] | |
Shareholders' Equity | 12. Shareholders' Equity Capital Stock At December 31 , 2016 , the Company’s share capital consists of 306.221.840 bearer shares without par value ( Stückaktien ) and a nominal value of €1.00 each. The Company’s share capital has been fully paid in. 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 M anagement B oard and its supervisory board (see Note 2 ). The general meeting of a partnership limited by shares may approve Authorized Capital ( genehmigtes Kapital ). The resolution cr eating 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 M anagement B oard to issue new shares up to a stated amount for a period of up to fi ve 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 partnership limited by shares may create Conditional Cap ital ( bedingtes Kapital ) for the purpose of issuing (i) new shares to holders of convertible bonds or other securities whic h grant a right to shares, (ii) new shares as the consideration in a merger with another company, or (iii) new shares offered to mana gement 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 o r, 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. Authorized Capital By resolution of the Company’s Annual General Meeting (“ AGM ”) on May 19, 2015, the General Partner was authorized, with the approval of the Super visory 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 contributions, “Authorized Capital 2015/I”. Additionally, the newly issued sha res 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 them 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 , 2016 . 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, 20 20 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 obtained 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 entitled, subject to the approval of the Supervisory Board, to exclude the pr e -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 nominal value of the issued shares does not exceed 10% of the nominal share va lue 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 Authorized Capital 2015/II has been issued at December 31 , 2016 . Authoriz ed 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. 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 issue 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 ordinary 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 15 . By resolut ion of the Company’s AGM on May 9, 2006, as amend ed 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 propor tionate 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 for one ordinary share (see Note 15 ). Th e 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 stock option/subscription ri ghts ( 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 , 2016 , 6.067.167 options remained outstanding with a remaining average term of 5 years under these programs. For the year ending December 31 , 2016 , 907.720 options had been exercised under these employee participation plans (see Note 15 ). 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 , 2016 was $ 19.703 (€ 18.692 ). For all programs, Conditional Capital of $ 16,146 (€15,318 ) was available, which included $ 11.960 (€ 11.346 ) for the 2 011 SOP and $ 4.186 (€ 3.972 ) for the 2006 Plan (see Note 15 ). Treasury Stock By resolution of the Company’s AGM on May 12, 2011, the Company was authorized to conduct a share buy-back program . The buy-back program commenced 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). On February 16, 2016, the Company retired 6,549,000 of the repurchase d shares from the buy-back program at an average weighted price of €51 per share ($67 per share). The following tabular disclosure provides the monthly detail of shares repurchased during the buy-back program, which ended on August 14, 2013, as well as the subsequ ent retirement of a portion of those repurchased shares on February 16, 2016: Period Average price paid per share Total number of shares purchased and retired as part of publicly announced plans or programs Total Value of Shares in € in $ (1) in € (3) in $ (2), (3) Purchase of Treasury Stock (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 Repurchased Treasury Stock 51,00 66,90 7.548.951 384.966 505.014 Retirement of repurchased Treasury Stock February 2016 51,00 66,90 6.549.000 333.973 438.119 Total 51,00 66,90 999.951 50.993 66.895 (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 dollars is calculated using the total value of the shares purchased in euro converted using the daily exchange rate for the transactions. The value of the shares retired in dollars is calculated using the average weighted price of the shares repurchased in 2013. (3) The amount of the shares repurchased is inclusive of fees (net of taxes) paid in the amount of approximately $106 (€81) for services rendered. By resolution of the Company’s AGM on May 12, 2016, the General Partner is authorized to purchase treasury shares up to a maximum amount of 10 % of the registered share capital existing at the time of this resolution until May 11, 2021. The shares acquired, together with other treasury shares held by the Company or attributable to the Company pursuant to sections 71a et seqq. AktG, must at no time exceed 10 % of the registered share capital. The purchase will be made through the stock exchange, by w ay of a public tender offer, or a public invitation to shareholders to submit an offer for sale. This authorization is not applicable for the purpose of trading in treasury shares. The General Partner is authorized to use treasury shares purchased on the b asis of this authorization or any other earlier authorization for any legally permissible purpose, in particular (i) to redeem shares without requiring any further resolution by the General Meeting, (ii) to sell treasury shares to third parties against con tributions in kind, (iii) to award treasury shares, in lieu of the utilization of conditional capital of the Company, to employees of the Company and companies affiliated with the Company, including members of the management of affiliated companies, and us e them to service options or obligations to purchase shares of the Company, and (iv) to use treasury shares to service bonds carrying warrant and/or conversion rights or conversion obligations issued by the Company or companies affiliated with the Company pursuant to section 17 AktG. Dividends Under German law, the amount of dividends available for distribution to shareholders is based upon the unconsolidated retained earnings of Fresenius Medical Care AG & Co. KGaA as reported in its balance sheet determin ed in accordance with the German Commercial Code ( Handelsgesetzbuch ). In addition, the payment of dividends by FMC-AG & Co. KGaA is subject to limitations under the Amended 2012 Credit Agreement (see Note 9 ). Cash dividends of $ 277,1 76 for 201 5 in the amount of €0. 80 per share were paid on May 13 , 201 6 . Cash dividends of $ 263,244 for 201 4 in the amount of €0.7 8 per share were paid on May 20 , 201 5 . Cash dividends of $317,903 for 2013 in the amount of €0.77 per share were paid on May 16, 2014. |
Sources Of Revenue
Sources Of Revenue | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Consolidated Financial Statements [Abstract] | |
Sources of Revenue | 13 . 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 , 2016 , 2015 and 2014 : 2016 2015 2014 Medicare program $ 5.413.652 $ 5.058.262 $ 4.677.053 Private/alternative payors 5.361.158 4.830.401 4.278.847 Medicaid and other government sources 619.419 538.077 433.092 Hospitals 1.018.176 915.184 568.859 Total patient service revenue $ 12.412.405 $ 11.341.924 $ 9.957.851 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Consolidated Financial Statements [Abstract] | |
Earnings Per Share | 14 . Earnings Per Share The following table contains reconciliations of the numerators and denominators of the basic and diluted earnings per share computati ons for 2016 , 2015 and 2014 : 2016 2015 2014 Numerators: Net income attributable to shareholders of FMC-AG & Co. KGaA $ 1.243.267 $ 1.029.445 $ 1.045.266 Denominators: Weighted average number of shares outstanding 305.748.381 304.440.184 302.339.124 Potentially dilutive shares 509.363 479.851 528.772 Total weighted average shares outstanding assuming dilution 306.257.744 304.920.035 302.867.896 Basic earnings per share $ 4,07 $ 3,38 $ 3,46 Fully diluted earnings per share $ 4,06 $ 3,38 $ 3,45 |
Stock Options
Stock Options | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Consolidated Financial Statements [Abstract] | |
Stock Options | 15. Share-based Plans Fresenius Medical Care AG & Co . KGaA Share- b ased Plans At December 31 , 2016 , the Company has various share-based compensation plans, which may either be equity- or cash-settled: Fresenius Medical Care AG & Co. KGaA Long-t erm Incentive Plan 2016 As of May 11, 2016, the issuance of stock options and phantom stocks under the FMC AG & Co. KGaA Long-Term Incentive Program 2011 (“LTIP 2011”) is no longer possible. In order to continue to enable the members of the Management Board, the members of the management boards of affiliated companies and managerial staff members to adequately participate in the long-term, sustained success of the Company, the Management Board and the s upervisory b oard of Management AG have approved and adopte d the FMC-AG & Co. KGaA Long-Term Incentive Plan 2016 (“LTIP 2016”) as a successor program effective January 1, 2016. The LTIP 2016 is a variable compensation program with long-term incentive effects. Pursuant to the LTIP 2016, the plan participants may b e granted so-called “Performance Shares” annually or semiannually during 2016 to 2018. Performance Shares are non-equity, cash-settled virtual compensation instruments which may entitle plan participants to receive a cash payment depending on the achieveme nt of pre-defined performance targets further defined below as well as the Company’s share price development. For members of the Management Board, the Supervisory Board will, in due exercise of its discretion and taking into account the individual respons ibility and performance of each Management Board member, determine an initial value for each grant for any awards to Management Board members. For plan participants other than the members of the Management Board, such determination will be made by the Mana gement Board. The initial grant value is determined in the currency in which the respective participant receives their base salary at the time of the grant. In order to determine the number of Performance Shares each plan participant receives, their respec tive grant value will be divided by the value per Performance Share at the time of the grant, which is mainly determined based on the average price of the Company’s shares over a period of thirty calendar days prior to the respective grant date. The number of granted Performance Shares may change over the performance period of three years, depending on the level of achievement of the following: (i) revenue growth, (ii) growth in net income attributable to shareholders of FMC-AG & Co. KGaA (“net income growt h”) and (iii) return on invested capital (“ROIC”) improvement. Revenue, net income and ROIC are determined according to IFRS in euro based on full year results. Revenue growth and net income growth, for the purpose of this plan, are determined at constant currency. An annual target achievement level of 100% will be reached for the revenue growth performance target if revenue growth is 7% in each individual year of the three-year performance period; revenue growth of 0% will lead to a target achievement l evel of 0% and the maximum target achievement level of 200% will be reached in the case of revenue growth of at least 16%. If revenue growth ranges between these values, the degree of target achievement will be linearly interpolated between these values. A n annual target achievement level of 100% for the net income growth performance target will be reached if net income growth is 7% in each individual year of the three-year performance period. In the case of net income growth of 0%, the target achievement l evel will also be 0%; the maximum target achievement of 200% will be reached in the case of net income growth of at least 14%. Between these values, the degree of target achievement will be determined by means of linear interpolation. With regard to ROIC i mprovement, an annual target achievement level of 100% will be reached if the target ROIC as defined for the respective year is reached. The target ROIC is 7.3% for 2016 and will increase by 0.2 percentage points per year to 7.5% (2017), 7.7% (2018), 7.9% (2019) and 8.1% (2020). A target achievement level of 0% will be reached if the ROIC falls below the target ROIC for the respective year by 0.2 percentage points or more, whereas the maximum target achievement level of 200% will be reached if the target RO IC for the respective year is exceeded by 0.2 percentage points or more. The degree of target achievement will be determined by means of linear interpolation if the ROIC ranges between these values. In case the annual ROIC target achievement level in the t hird year of a performance period is equal or higher than the ROIC target achievement level in each of the two previous years of such performance period, the ROIC target achievement level of the third year is deemed to be achieved for all years of the resp ective performance period. The achievement level for each of the three performance targets will be weighted annually at one-third to determine the yearly target achievement for each year of the three-year performance period. The level of overall target ach ievement over the three-year performance period will then be determined on the basis of the mean of these three average yearly target achievements. The overall target achievement can be in a range of 0% to 200%. The number of Performance Shares granted to the plan participants at the beginning of the performance period will each be multiplied by the level of overall target achievement in order to determine the final number of Performance Shares. The final number of Performance Shares is generally deemed ear ned four years after the day of a respective grant (the vesting period). The number of such vested Performance Shares is then multiplied by the average Company share price over a period of thirty days prior to the lapse of this four-year vesting period. Th e respective resulting amount will then be paid to the plan participants as cash compensation. The first awards under the Long-Term Incentive Plan 2016 were granted on July 25, 2016. During 2016, under the Long-Term Incentive Plan 2016, the Company awarde d 642.349 Performance Shares, including 79.888 Performance Shares awarded to the members of the Management Board at a measurement date weighted average fair value of $ 80,31 (€ 76,19 ) each and a total fair value of $ 51.588 , which will be revalued if the fair value changes. The total fair value will be amortized over the four-year vesting period. Fresenius Medical Care AG & Co. KGaA Long -t erm Incentive Program 2011 On May 12, 2011 , the Fresenius Medical Care AG & Co. KGaA Stock Option Plan 2011 (“2011 SOP”) was established by resolution of the Company’s AGM. The 2011 SOP, together with the Phantom Stock Plan 2011, which was established by resolution of the General Partner’s Managem ent and s upervisory b oards, forms the Company’s Long Term Incentive Program 2011 (“2011 Incentive Program”). Under the 2011 Incentive Program, participants were granted awards, which consist ed of a combination of stock options and phantom stock. The final grant under the 2011 Incentive Program was made in December 2015. Awards under the 2011 Incentive Program are subject to a four-year vesting period. Vesting of the awards granted is subject to achievement of pre-defined performance targets. The 2011 SOP wa s established with a conditional capital increase up to €12,000 subject to the issue of up to twelve million non-par value bearer ordinary shares with a nominal value of €1.00, each of which can be exercised to obtain one ordinary share. Stock options gran ted under the 2011 Incentive Program have an eight-year term and can be exercised for the first time after a four-year vesting period. The exercise price of stock options granted under the 2011 Incentive Program shall be the average stock exchange price on the Frankfurt Stock Exchange of the Company’s shares during the 30 calendar days immediately prior to each grant date. Stock options granted under the 2011 Incentive Program to U.S. participants are non-qualified stock options under the United States Inte rnal Revenue Code of 1986, as amended. Stock o ptions under the 2011 Incentive Program are not transferable by a participant or a participant’s heirs, and may not be pledged, assigned, or disposed of otherwise. Phantom stock awards under the 2011 Incentive Program entitle the holders to receive payment in e uro from the Company upon exercise of the phantom stock. The payment per phantom share in lieu of the issuance of such stock shall be based upon the share price on the Frankfurt Stock Exchange of one of th e Company’s shares on the exercise date. Phantom stock awards have a five-year term and can be exercised for the first time after a four-year vesting period. For participants who are U.S. tax payers, the phantom stock is deemed to be exercised in any event in the month of March following the end of the vesting period. During 2015 , under the 2011 Incentive Program, the Company awarded 3.073.360 stock options, including 502.980 stock options granted to the Management Board, at a weighted average exercise price of $ 83,89 (€ 77,06 ), a weighted average fair value of $ 16,57 each and a total fair value of $ 50.923 which will be amortized over the four-year vesting period. Th e Company also awarded 607.828 shares of phantom stock, including 62.516 shares of phantom stock granted to members of the Management Board at a measurement date weighted average fair value of $ 80,36 (€ 73,81 ) each and a total fair value of $ 48.843 , which will be revalued if the fair value changes, and amortized over the four-year vesting period. New Incentive Bonus P lan In 2016 , the Management Board was eligible for performance–related compensation that depended upon achievement of pre-defined targets. The targets are measured based on the operating income margin, net income growth and free cash flow (net cash provided by operating activities after capital expenditure s before acquisitions and investments) in percentage of revenue, and are derived from the comparison of targeted and actually achieved current year figures. Targets are divided into Group level targets and those to be achieved in individual regions and are as of responsibility. Performance-related bonuses for fiscal year 2016 will consist proportionately of a cash component and a share-based component which will be paid in cash. Upon meeting the annual targets, the cash component for the year 2016 will be paid in the following year. The share-based component is subject to a three-year vesting period, although a shorter period may apply in special cases (e.g. occupational disability, retirement, and employment contracts which were not extended by the Compan y ). The amount of cash for the payment relating to the share-based component shall be based on the share price of Fresenius Medical Care AG & Co. KGaA ordinary shares upon exercise. For each of the members of the Management Board, the amount of the achieva ble pay component as well as of the allocation value of the cash-settled share-based compensation is capped. Share-based compensation related to this plan for years ending 2016 , 2015 and 2014 was $ 3.632 , $ 891 and $ 1.040 , respectively. Fresenius Medical Care AG & Co. KGaA Stock Option Plan 2006 The Fresenius Medical Care AG & Co. KGaA Stock Option Plan 2006 (“Amended 2006 Plan”) was established with a conditional capital incr ease up to €12,800, subject to the issue of up to five million no par value bearer ordinary shares with a nominal value of €1.00, each of which can be exercised to obtain one ordinary share. In connection with the share split e ffected in 2007, the principa l amount was adjusted to the same proportion as the share capital out of the capital increase up to €15,000 by the issue of up to 15 million new non-par value bearer ordinary shares. After December 2010, no further grants were issued under the Amended 2006 Plan. Options granted under this plan are exercisable through December 2017. Options granted under the Amended 2006 Plan to US participants are non-qualified stock options under the United States Internal Revenue Code of 1986, as amended. Options under t he Amended 2006 Plan are not transferable by a participant or a participant’s heirs, and may not be pledged, assigned, or otherwise disposed of. Information on Holdings U nder Share- b ased Plans At December 31 , 2016 , the Management Board held 1.010.784 stock options and employees of the Company held 5.056.383 stock options under the various share-based compensation plans of the Company. At December 31 , 2016 , the Management Board held 81.019 phantom shares and employees of the Com pany held 812.970 phantom shares under the 2011 Incentive Plan. At December 31 , 2016 , the Management Board held 79.888 Performance Shares and employees of the Company held 555.148 Performance Shares under the LTIP 2016. Ad ditional Information on Stock Options The table below provides reconciliations for stock options outstanding at December 31 , 2016 , as compared to December 31 , 2015 . 15. Share-based Plans Fresenius Medical Care AG & Co . KGaA Share- b ased Plans At December 31 , 2016 , the Company has various share-based compensation plans, which may either be equity- or cash-settled: Fresenius Medical Care AG & Co. KGaA Long-t erm Incentive Plan 2016 As of May 11, 2016, the issuance of stock options and phantom stocks under the FMC AG & Co. KGaA Long-Term Incentive Program 2011 (“LTIP 2011”) is no longer possible. In order to continue to enable the members of the Management Board, the members of the management boards of affiliated companies and managerial staff members to adequately participate in the long-term, sustained success of the Company, the Management Board and the s upervisory b oard of Management AG have approved and adopte d the FMC-AG & Co. KGaA Long-Term Incentive Plan 2016 (“LTIP 2016”) as a successor program effective January 1, 2016. The LTIP 2016 is a variable compensation program with long-term incentive effects. Pursuant to the LTIP 2016, the plan participants may b e granted so-called “Performance Shares” annually or semiannually during 2016 to 2018. Performance Shares are non-equity, cash-settled virtual compensation instruments which may entitle plan participants to receive a cash payment depending on the achieveme nt of pre-defined performance targets further defined below as well as the Company’s share price development. For members of the Management Board, the Supervisory Board will, in due exercise of its discretion and taking into account the individual respons ibility and performance of each Management Board member, determine an initial value for each grant for any awards to Management Board members. For plan participants other than the members of the Management Board, such determination will be made by the Mana gement Board. The initial grant value is determined in the currency in which the respective participant receives their base salary at the time of the grant. In order to determine the number of Performance Shares each plan participant receives, their respec tive grant value will be divided by the value per Performance Share at the time of the grant, which is mainly determined based on the average price of the Company’s shares over a period of thirty calendar days prior to the respective grant date. The number of granted Performance Shares may change over the performance period of three years, depending on the level of achievement of the following: (i) revenue growth, (ii) growth in net income attributable to shareholders of FMC-AG & Co. KGaA (“net income growt h”) and (iii) return on invested capital (“ROIC”) improvement. Revenue, net income and ROIC are determined according to IFRS in euro based on full year results. Revenue growth and net income growth, for the purpose of this plan, are determined at constant currency. An annual target achievement level of 100% will be reached for the revenue growth performance target if revenue growth is 7% in each individual year of the three-year performance period; revenue growth of 0% will lead to a target achievement l evel of 0% and the maximum target achievement level of 200% will be reached in the case of revenue growth of at least 16%. If revenue growth ranges between these values, the degree of target achievement will be linearly interpolated between these values. A n annual target achievement level of 100% for the net income growth performance target will be reached if net income growth is 7% in each individual year of the three-year performance period. In the case of net income growth of 0%, the target achievement l evel will also be 0%; the maximum target achievement of 200% will be reached in the case of net income growth of at least 14%. Between these values, the degree of target achievement will be determined by means of linear interpolation. With regard to ROIC i mprovement, an annual target achievement level of 100% will be reached if the target ROIC as defined for the respective year is reached. The target ROIC is 7.3% for 2016 and will increase by 0.2 percentage points per year to 7.5% (2017), 7.7% (2018), 7.9% (2019) and 8.1% (2020). A target achievement level of 0% will be reached if the ROIC falls below the target ROIC for the respective year by 0.2 percentage points or more, whereas the maximum target achievement level of 200% will be reached if the target RO IC for the respective year is exceeded by 0.2 percentage points or more. The degree of target achievement will be determined by means of linear interpolation if the ROIC ranges between these values. In case the annual ROIC target achievement level in the t hird year of a performance period is equal or higher than the ROIC target achievement level in each of the two previous years of such performance period, the ROIC target achievement level of the third year is deemed to be achieved for all years of the resp ective performance period. The achievement level for each of the three performance targets will be weighted annually at one-third to determine the yearly target achievement for each year of the three-year performance period. The level of overall target ach ievement over the three-year performance period will then be determined on the basis of the mean of these three average yearly target achievements. The overall target achievement can be in a range of 0% to 200%. The number of Performance Shares granted to the plan participants at the beginning of the performance period will each be multiplied by the level of overall target achievement in order to determine the final number of Performance Shares. The final number of Performance Shares is generally deemed ear ned four years after the day of a respective grant (the vesting period). The number of such vested Performance Shares is then multiplied by the average Company share price over a period of thirty days prior to the lapse of this four-year vesting period. Th e respective resulting amount will then be paid to the plan participants as cash compensation. The first awards under the Long-Term Incentive Plan 2016 were granted on July 25, 2016. During 2016, under the Long-Term Incentive Plan 2016, the Company awarde d 642.349 Performance Shares, including 79.888 Performance Shares awarded to the members of the Management Board at a measurement date weighted average fair value of $ 80,31 (€ 76,19 ) each and a total fair value of $ 51.588 , which will be revalued if the fair value changes. The total fair value will be amortized over the four-year vesting period. Fresenius Medical Care AG & Co. KGaA Long -t erm Incentive Program 2011 On May 12, 2011 , the Fresenius Medical Care AG & Co. KGaA Stock Option Plan 2011 (“2011 SOP”) was established by resolution of the Company’s AGM. The 2011 SOP, together with the Phantom Stock Plan 2011, which was established by resolution of the General Partner’s Managem ent and s upervisory b oards, forms the Company’s Long Term Incentive Program 2011 (“2011 Incentive Program”). Under the 2011 Incentive Program, participants were granted awards, which consist ed of a combination of stock options and phantom stock. The final grant under the 2011 Incentive Program was made in December 2015. Awards under the 2011 Incentive Program are subject to a four-year vesting period. Vesting of the awards granted is subject to achievement of pre-defined performance targets. The 2011 SOP wa s established with a conditional capital increase up to €12,000 subject to the issue of up to twelve million non-par value bearer ordinary shares with a nominal value of €1.00, each of which can be exercised to obtain one ordinary share. Stock options gran ted under the 2011 Incentive Program have an eight-year term and can be exercised for the first time after a four-year vesting period. The exercise price of stock options granted under the 2011 Incentive Program shall be the average stock exchange price on the Frankfurt Stock Exchange of the Company’s shares during the 30 calendar days immediately prior to each grant date. Stock options granted under the 2011 Incentive Program to U.S. participants are non-qualified stock options under the United States Inte rnal Revenue Code of 1986, as amended. Stock o ptions under the 2011 Incentive Program are not transferable by a participant or a participant’s heirs, and may not be pledged, assigned, or disposed of otherwise. Phantom stock awards under the 2011 Incentive Program entitle the holders to receive payment in e uro from the Company upon exercise of the phantom stock. The payment per phantom share in lieu of the issuance of such stock shall be based upon the share price on the Frankfurt Stock Exchange of one of th e Company’s shares on the exercise date. Phantom stock awards have a five-year term and can be exercised for the first time after a four-year vesting period. For participants who are U.S. tax payers, the phantom stock is deemed to be exercised in any event in the month of March following the end of the vesting period. During 2015 , under the 2011 Incentive Program, the Company awarded 3.073.360 stock options, including 502.980 stock options granted to the Management Board, at a weighted average exercise price of $ 83,89 (€ 77,06 ), a weighted average fair value of $ 16,57 each and a total fair value of $ 50.923 which will be amortized over the four-year vesting period. Th e Company also awarded 607.828 shares of phantom stock, including 62.516 shares of phantom stock granted to members of the Management Board at a measurement date weighted average fair value of $ 80,36 (€ 73,81 ) each and a total fair value of $ 48.843 , which will be revalued if the fair value changes, and amortized over the four-year vesting period. New Incentive Bonus P lan In 2016 , the Management Board was eligible for performance–related compensation that depended upon achievement of pre-defined targets. The targets are measured based on the operating income margin, net income growth and free cash flow (net cash provided by operating activities after capital expenditure s before acquisitions and investments) in percentage of revenue, and are derived from the comparison of targeted and actually achieved current year figures. Targets are divided into Group level targets and those to be achieved in individual regions and are as of responsibility. Performance-related bonuses for fiscal year 2016 will consist proportionately of a cash component and a share-based component which will be paid in cash. Upon meeting the annual targets, the cash component for the year 2016 will be paid in the following year. The share-based component is subject to a three-year vesting period, although a shorter period may apply in special cases (e.g. occupational disability, retirement, and employment contracts which were not extended by the Compan y ). The amount of cash for the payment relating to the share-based component shall be based on the share price of Fresenius Medical Care AG & Co. KGaA ordinary shares upon exercise. For each of the members of the Management Board, the amount of the achieva ble pay component as well as of the allocation value of the cash-settled share-based compensation is capped. Share-based compensation related to this plan for years ending 2016 , 2015 and 2014 was $ 3.632 , $ 891 and $ 1.040 , respectively. Fresenius Medical Care AG & Co. KGaA Stock Option Plan 2006 The Fresenius Medical Care AG & Co. KGaA Stock Option Plan 2006 (“Amended 2006 Plan”) was established with a conditional capital incr ease up to €12,800, subject to the issue of up to five million no par value bearer ordinary shares with a nominal value of €1.00, each of which can be exercised to obtain one ordinary share. In connection with the share split e ffected in 2007, the principa l amount was adjusted to the same proportion as the share capital out of the capital increase up to €15,000 by the issue of up to 15 million new non-par value bearer ordinary shares. After December 2010, no further grants were issued under the Amended 2006 Plan. Options granted under this plan are exercisable through December 2017. Options granted under the Amended 2006 Plan to US participants are non-qualified stock options under the United States Internal Revenue Code of 1986, as amended. Options under t he Amended 2006 Plan are not transferable by a participant or a participant’s heirs, and may not be pledged, assigned, or otherwise disposed of. Information on Holdings U nder Share- b ased Plans At December 31 , 2016 , the Management Board held 1.010.784 stock options and employees of the Company held 5.056.383 stock options under the various share-based compensation plans of the Company. At December 31 , 2016 , the Management Board held 81.019 phantom shares and employees of the Com pany held 812.970 phantom shares under the 2011 Incentive Plan. At December 31 , 2016 , the Management Board held 79.888 Performance Shares and employees of the Company held 555.148 Performance Shares under the LTIP 2016. Ad ditional Information on Stock Options The table below provides reconciliations for stock options outstanding at December 31 , 2016 , as compared to December 31 , 2015 . Weighted Weighted average average Options exercise exercise (in thousands) price price Stock options for shares € $ Balance at December 31, 2015 8.737 58,75 61,93 Granted - - - Exercised 908 43,45 45,80 Forfeited 1.762 52,08 54,89 Balance at December 31, 2016 6.067 62,98 66,38 The following table provides a summary of fully vested options outstanding and exercisable at December 31 , 2016 : Fully Vested Outstanding and Exercisable Options Weighted average Weighted Weighted Number remaining average average Aggregate Aggregate of contractual exercise exercise intrinsic intrinsic Options life in years price price value value (in thousands) € $ € $ Options for shares 1.162 2,02 49,68 52,37 35.759 37.694 At December 31 , 2016 , there was $ 23.336 of total unrecognized compensation costs related to non-vested options granted under all plans. These costs are expected to be recognized over a weighted-average period of 2 years. During the years ended December 31 , 2016 , 2015 , and 2014 , the Company received cash of $ 44.018 , $ 76.093 and $ 98.523 , respectively, from the exercise of stock o ptions (see Note 12 ). The intrinsic value of stock options exercised for the twelve-month periods ending December 31 , 2016 , 2015 , and 2014 was $ 34.767 , $ 73.886 and $ 47.396 , r espectively. The Company recorded a cash inflow for income taxes from stock option exercises of $ 8.887 , $ 18.073 and $ 8.529 for the years ending December 31 , 2016 , 2015 , and 2014 , respec tively. The excess tax benefit allocated to additional paid-in capital for the twelve-month periods ending December 31 , 2016 , 2015 and 2014 for all share-based compensation programs was $6,427, $13,451 and $4,056, respectively. The compensation exp enses related to equity-settled stock option programs are determined based upon the fair value on the grant date and the number of stock options granted which will be recognized over the four year vesting period. In connection with its equity-settled stock option programs, the Company incurred compensation expense of $ 25.691 , $ 6.583 and $ 6.307 for the years ending December 31 , 2016 , 2015 , and 2014 , respectively. There were n o capitalized compensation costs in relation to equity-settled instruments in any of the three years presented. The Company also recognized a related income tax benefit of $ 8.232 , $ 1.857 and $ 1.384 for the years ending December 31 , 2016 , 2015 , and 2014 , respectively. The expenses related to cash- settled share based payment transactions are determined based upon the fair value at the measurement date and the number of phantom shares or Performance Shares granted which will be recognized over the four-year vesting perio d. In connection with cash-settled share based payment transactions, the Company recognized expense of $ 17.167 , $ 11.932 and $ 5.389 related to phantom shares for the years ending December 31 , 2016 , 2015 , and 2014 , respectively , and $ 21.598 related to Performance Shares for the year ended December 31 , 2016 . Fair Value Information The Company used a binomial option-pricing model in determining the fair value of the awards under the 2011 SOP and the Amended 2006 Plan. Option valuation models require the input of subjective assumptions including expected stock price volatility. The Company’s assumptions are based upon its past experiences, m arket trends and the experience of other entities of the same size and in similar industries. Expected volatility is based on historical volatility of the Company’s shares. To incorporate the effects of expected early exercise in the model, an early exercise of vested options was assumed as soon as the share price exceeds 155% of the exercise price. The Company’s stock options have characteristics that vary significantly from traded options and changes in subjective assumptions can materially affect the fair value of the option. The assumptions used to determine the fair value of the 2015 grants are as follows: 2015 Expected dividend yield 1,46% Risk-free interest rate 0,44% Expected volatility 22,32% Expected life of options 8 years Weighted average exercise price (in €) 77,06 Weighted average exercise price (in US-$) 83,89 Subsidiary Stock Incentive Plans Subsidiary stock incentive plans were established during 2014 in conjunction with two acquisitions made by the Company. Under these plans, two of the Company’s subsidiaries are authorized to issue a total of 116,103,806 Incentive Units. The Incentive Units have two types of vesting conditions – a service condition and a performance condition. Of the total Incentive Units granted, eighty percent vest ratably over a four year period and twenty percent vest upon the achievem ent of certain of the relevant subsidiary’s performance targets over a six year vesting period (the “Performance Units”). Fifty percent of the Performance Units will vest upon achievement of performance targets in 2017. The remaining 50%, plus any unveste d Performance Units, will vest upon achievement of performance targets in 2019. All of the Performance Units will vest upon achievement of performance targets in 2020, if not previously vested. Additionally, for one of the subsidiaries, all Performance Uni ts not previously vested will vest upon successful completion of an initial public offering. As of December 31 , 2016 , 2015 and 2014 , The Company used the Monte Carlo pricing model in determining the fair value of the awards under this incentive plan. Option valuation models require the input of subjective assumptions including expected stock price volatility. The Company’s assumptions are based upon its past experiences, market trends and the experiences of other entities of the same size and in similar industries. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Consolidated Financial Statements [Abstract] | |
Income Taxes | 16. Income Taxes Income before income tax es is attributable to the following geographic locations: 2016 2015 2014 Germany $ 205.818 $ 134.193 $ 243.684 United States 1.626.406 1.440.040 1.262.570 Other 399.766 361.039 337.152 $ 2.231.990 $ 1.935.272 $ 1.843.406 Income tax expense (benefit) for the years ended December 31 , 2016 , 2015 , and 2014 , consisted of the following: 2016 2015 2014 Current: Germany $ 56.037 $ 72.231 $ 72.613 United States 503.029 458.780 270.676 Other 142.037 138.588 141.291 701.103 669.599 484.580 Deferred: Germany (23.333) (45.813) (22.651) United States 21.813 (12.693) 152.423 Other (16.444) 11.030 (30.754) (17.964) (47.476) 99.018 $ 683.139 $ 622.123 $ 583.598 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 29.69 %, 29.62 % and 29.20 % for the fiscal years ended December 31 , 2016 , 2015 , and 2014 , respectively. 2016 2015 2014 Expected corporate income tax expense $ 662.566 $ 573.228 $ 538.275 Tax-free income (38.008) (35.715) (44.658) Income from equity method investees (17.314) (14.272) (5.476) Tax rate differentials 145.801 126.263 148.294 Nondeductible expenses 37.251 36.406 25.161 Taxes for prior years (23.334) 19.969 (25.247) Change in valuation allowance 6.600 (2.571) 6.284 Noncontrolling partnership interests (116.818) (109.470) (81.594) Tax on divestitures - 14.953 - Other 26.395 13.332 22.559 Actual income tax expense $ 683.139 $ 622.123 $ 583.598 Effective tax rate 30,6% 32,1% 31,7% The tax effects of the temporary differences and net operating losses that give rise to deferred tax assets and liabilities at December 31 , 2016 and 2015 , are presented below: 2016 2015 Deferred tax assets: Accounts receivable $ 12.543 $ 8.850 Inventories 12.585 11.503 Intangible assets 6.487 7.967 Property, plant and equipment and other non-current assets 25.461 28.476 Accrued expenses and other liabilities 352.999 372.365 Pension liabilities 114.564 151.732 Net operating loss carryforwards, tax credit carryforwards and interest carryforwards 171.294 131.640 Derivatives 5.784 1.317 Stock-based compensation 6.873 3.173 Other 24.403 4.018 Total deferred tax assets $ 732.993 $ 721.041 Less: valuation allowance (33.255) (34.654) Net deferred tax assets $ 699.738 $ 686.387 Deferred tax liabilities: Accounts receivable $ 26.480 $ 43.664 Inventories 7.208 8.318 Intangible assets 706.186 686.650 Property, plant and equipment and other non-current assets 166.129 129.835 Accrued expenses and other liabilities 16.231 5.575 Derivatives 10.353 5.488 Other 236.580 242.524 Total deferred tax liabilities 1.169.167 1.122.054 Net deferred tax assets (liabilities) $ (469.429) $ (435.667) At December 31, 2016 and December 31, 2015 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 18 “Commitments and Contingencies – Commercial Litigation”. The valuation allowance decreased b y $1,399 in 2016 and decreased by $ 14,825 in 2015 . 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 the Company operates, and expire as follows: 2017 $ 23.808 2018 24.033 2019 21.179 2020 34.464 2021 15.619 2022 16.056 2023 13.597 2024 14.297 2025 13.616 2026 and thereafter 21.825 Without expiration date 91.442 Total $ 289.936 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 , 2016 . 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 , 2016 , the Company provided for $11, 497 ( 2015 : $9,273) of deferred tax liabilities associated with earnings that are likely to be distributed in 2017 and the following years. Provision has not been mad e for additional taxes on $7,418 ,713 ( 2015 : $ 7, 463 , 853) 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 divide nds; however calculation 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 for 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 b y the tax authorities. The Company recognized and recorded the current proposed adjustments of this audit period in the financial statements. Fiscal years 2014 until 2016 are open to audit. In the U.S., fiscal years 2013 until 2016 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 both 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) 2016 2015 2014 Balance at January 1, $ 149.289 $ 166.108 $ 199.924 Increases in unrecognized tax benefits prior periods 27.802 30.973 35.584 Decreases in unrecognized tax benefits prior periods (38.707) (20.244) (21.143) Increases in unrecognized tax benefits current period 2.287 - 12.600 Changes related to settlements with tax authorities (22.401) (6.762) (60.872) Reductions as a result of a lapse of the statute of limitations - (1.300) - Foreign currency translation (298) (19.486) 15 Balance at December 31, $ 117.972 $ 149.289 $ 166.108 Included in the balance at December 31 , 2016 were $111,9 5 7 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 , 2016 the Company recognized benefits of $6, 594 a nd in 2015 expenses of $ 11,478 and in 2014 benefits of $ 13,986 for interest and penalties . A t December 31 , 2016 and December 31 , 2015 t he Company had a total accrual of income tax related interest and penalties of $24, 938 and $ 27,029 , respectively. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Consolidated Financial Statements [Abstract] | |
Operating Leases | 17. Operating Leases The Company leases buildings and machinery and equipment under various lease agreements expiring on dates through 2055 . Rental expense recorded for operating leases for the years ended December 31 , 2016 , 2015 and 2014 was $824,998, $ 754,380 and $ 729,387, 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 , 2016 and thereafter are: 2017 $ 740.438 2018 641.122 2019 559.252 2020 476.878 2021 395.448 Thereafter 1.360.906 4.174.044 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Consolidated Financial Statements [Abstract] | |
Commitments and Contingencies | 18. Commitments and Contingencies Legal and Regulatory Matters The Company is routinely involved in 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 e stimable, 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 estimated 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 matters 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 and financial c ondition. Commercial Litigation On April 5, 2013, the U.S. Judicial Panel on Multidistrict Litigation ordered that the numerous lawsuits pending in various federal courts alleging wrongful death and personal injury claims against FMCH and certain of its affiliates relating to FMCH's acid concentrate products NaturaLyte® and GranuFlo® be transferred and consolidated for pretrial management purposes into a consolidated multidistrict litigation in the United States District Court for the District of Massachu setts. See, 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 for 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 alleged generally that inadequate labeling and warnings fo r these products caused harm to patients. In addition, similar cases were filed in other state courts. On February 17, 2016, the Company reached with a committee of plaintiffs’ counsel and reported to the courts an agreement in principle for settlement of potentially all cases. The agreement in principle called for the Company to pay $250,000 into a settlement fund in exchange for releases of all or substantially all of the plaintiffs' claims, subject to the Company's right to void the settlement under cert ain conditions, including if more than 3% of all plaintiffs rejected the settlement or the distribution of rejecters met certain criteria. As subsequently agreed between the Company and the plaintiff committee, and ordered by the courts, plaintiffs may en force the settlement and compel payment by the Company if the total of cases electing to participate in the settlement or dismissed by the courts with prejudice, voluntarily or involuntarily, comes to comprise 97% of all cases. The courts are entering “ Lon e Pine ” orders requiring plaintiffs, on pain of dismissal, who have not elected to participate in the settlement to submit specific justification satisfactory to the courts for their complaints, including attorney verification of certain material factual r epresentations and expert medical opinions relating to causation. The Company may elect to void the settlement as of May 10, 2017 if the 97% threshold has not been achieved or if plantiffs’ non-participation falls into suspect patterns. Incidental change t o this date is likely. Trials in cases not participating in the settlement may resume as scheduled in the discretion of their respective courts. The Company expects that, in combination with elections to participate and notices of dismissal already submitt ed, the Lone Pine procedure will result in confirmation of the settlement. The Company's affected insurers have agreed to fund $220,000 of the settlement fund if the settlement is not voided, with a reservation of rights regarding certain coverage issues b etween and among the Company and its insurers. The Company has accrued a net expense of $60,000 for consummation of the settlement, including legal fees and other anticipated costs. Subsequent to the agreement in principle, the Company’s insurers in the AI G group initiated an action for declaratory judgment in New York state court advancing various arguments for reducing the amount of their coverage obligations. The Company filed an action in Massachusetts state court seeking to compel the AIG group carrier s to honor their obligations under applicable policies, including reimbursement to the Company of litigation defense costs incurred before the agreement in principle was reached. The affected carriers have confirmed that the coverage litigation does not im pact their commitment to fund $220,000 of the settlement with plaintiffs. Certain of the complaints in the Granuflo®/Naturalyte® litigation named combinations of FMC-AG & Co. KGaA, Management AG, Fresenius SE and Fresenius Management SE as defendants, in addition to FMCH and its domestic United States affiliates. The agreement in principle provides for dismissals and releases of claims encompassing the European defendants. Four institutional plaintiffs have filed complaints against FMCH or its affiliates under state deceptive practices statutes resting on certain background allegations common to the GranuFlo®/NaturaLyte® personal injury litigation, but seeking as remedy the repayment of sums paid to FMCH attributable to the Granuflo®/Naturalyte® products. These cases implicate different legal standards, theories of liability and forms of potential recovery from those in the personal injury litigation and their claims will not be extinguished by the personal injury litigation settlement described above. The four plaintiffs are the Attorneys General for the States of Kentucky, Louisiana and Mississippi and the commercial insurance company Blue Cross Blue Shield of Louisiana in its private capacity. See , State of Mississippi ex rel. Hood, v. Fresenius Medical C are Holdings, Inc., No. 14-cv-152 (Chancery Court, DeSoto County); State of Louisiana ex re. Caldwell and Louisiana Health Service & Indemnity Company v. Fresenius Medical Care Airline, 2016 Civ. 11035 (U.S.D.C. D. Mass.); Commonwealth of Kentucky ex rel. Beshear v. Fresenius Medical Care Holdings, Inc. et al., No. 16-CI-00946 (Circuit Court, Franklin County). 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. See , United States ex rel. Chris Drennen v. Fresenius Medical Care Holdings, Inc., 2009 Civ. 10179 (D. Mass.). The United States did not intervene in itially in the case. 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 forms of hepatitis B laboratory tests that we re 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 opposed the government’s motion to intervene, which remains undecided. 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 Company’s acquisition of American Access Care LLC in October 2011 (“AAC”). The Company is cooperating in the government's inquiry, which is being managed by the United States Attorney for the Eastern District of New York. Allegations against AAC arising in districts in Connecticut, Florida and Rh ode Island relating to utilization and invoicing were settled in 2015. The Company has received communications alleging conduct in countries outside the U.S. that may violate the U.S. Foreign Corrupt Practices Act ("FCPA") or other anti-bribery laws. The A udit 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 is cooperating with the government investigations. Conduct has been identified that may result in monetary penalties or other sanctions under the F CPA or other anti-bribery laws. In addition, the Company's ability to conduct business in certain jurisdictions could be negatively impacted. The Company has previously recorded a non-material accrual for an identified matter. Given the current status of t he investigations and remediation activities, the Company cannot reasonably estimate the range of possible loss that may result from identified matters or from the final outcome of the investigations or remediation activities. The Company is implementing enhancements to its anti-corruption compliance program, including internal controls related to compliance with international anti-bribery laws. The Company continues to be fully committed to FCPA and other anti-bribery law compliance. In August 2014, FMCH received a subpoena from the United States Attorney for the District of Maryland inquiring into FMCH's contractual arrangements with hospitals and physicians, including contracts relating to the management of in-patient acute dialysis services. FMCH is coo perating in the investigation. In July 2015, the Attorney General for Hawaii issued a civil complaint under the Hawaii False Claims Act alleging a conspiracy pursuant to which certain Liberty subsidiaries of FMCH overbilled Hawaii Medicaid for Liberty's E pogen® administrations to Hawaii Medicaid patients during the period from 2006 through 2010, prior to the time of FMCH's acquisition of Liberty. See , Hawaii v. Liberty Dialysis – Hawaii, LLC et al., Case No. 15-1-1357-07 (Hawaii 1 st Circuit). The State all eges that Liberty acted unlawfully by relying on incorrect and unauthorized billing guidance provided to Liberty by Xerox State Healthcare LLC, which acted as Hawaii's contracted administrator for its Medicaid program reimbursement operations during the re levant period. The amount of the overpayment claimed by the State is approximately $8,000, but the State seeks civil remedies, interest, fines, and penalties against Liberty and FMCH under the Hawaii False Claims Act substantially in excess of the overpaym ent. FMCH filed third-party claims for contribution and indemnification against Xerox. The State’s False Claims Act complaint was filed after Liberty initiated an administrative action challenging the State’s recoupment of alleged overpayments from sums cu rrently owed to Liberty. The civil litigation and administrative action are proceeding in parallel. On August 31 and November 25, 2015, respectively, FMCH received subpoenas from the United States Attorneys for the District of Colorado and the Eastern Dis trict 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. On June 30, 2016, FMCH received a subpoena from the United States Atto rney for the Northern District of Texas (Dallas) seeking information about the use and management of pharmaceuticals including Velphoro® as well as FMCH’s interactions with DaVita Healthcare Partners, Inc. The Company understands that the subpoena relates to an investigation previously disclosed by DaVita and that the investigation encompasses DaVita, Amgen, and Sanofi. FMCH is cooperating in the investigation. On November 18, 2016, FMCH received a subpoena from the United States Attorney for the Eastern District of New York seeking documents and information relating to the operations of Shiel Medical Laboratory, Inc., which FMCH acquired in October 2013. In the course of cooperating in the investigation and preparing to respond to the subpoena, FMCH has identified falsifications and misrepresentations in documents submitted by a Shiel salesperson that relate to the integrity of certain invoices submitted by Shie l for laboratory testing for patients in long term care facilities. On February 21, 2017, Fresenius Medic al Care North America (“FMCNA”) initiated termination of the employee and notification to the United States Attorney of the termination and its circumstances. The Company cannot at this time determine the scope of the conduct implicated in the employee's termination, or whether related liability for overpayments or penalties under the False Claims Act might be material. On January 3, 2017, the Company received a subpoena from the United State s Attorney for the District of Massachusetts inquiring into the Company’s interactions and relationships with the American Kidney Fund, including the Company’s charitable contributions to the Fund and the Fund’s financial assistance to patients for insuran ce premiums. FMCH is cooperating in the investigation. On December 14, 2016, CMS published an Interim Final Rule ( “ IFR ” ) titled “Medicare Program; Conditions for Coverage for End-Stage Renal Disease Facilities-Third Party Pay ment” that would amend the Conditions for Coverage for dialysis providers, like FMCNA . The IFR would have effectively enabled insurers to reject premium payments made by patients who received grants for individual m arket coverage from the AKF and therefore, could have resulted in those patients losing th eir individual market coverage. The loss of individual market coverage for these patients would have had a material and adverse impact on the operating results of the Company . On January 25, 2017, a federal district court in Texas, responding to litigation initiated by a patient advocacy group and dialysis providers including FMCNA, preliminar il y enjoined CMS from implementing the IFR. Dialysis Patient Citizens v. Burw ell (E.D. T exas, Sherman Div.). The preliminary injunction is based on CMS' failure to follow appropriate notice-and-comment procedures in adopting the IFR. The preliminary injunction will remain in place in the absence of a contrary ruling by the district or appe llate courts. At this time, the extent to which CMS will continue to contest the pre liminary injunction is unclear. It is also unclear whether CMS will elect to pursue, through notice and comment, anot her rule related to this topic. The operation of charitable assistance programs is also receiving increased attention by state regulators, including State Departments of Insurance. The result may be a regulatory framework th at differs from state to state. Even in the absence of the IFR or similar admi nistrative actions, insurers are expected to continue to take steps to thwart the premium assistance provided to our patients for individual market plans as well as other insurance coverages. From time to time, the Company is a party to or may be threatene d with other litigation or arbitration, claims or assessments arising in the ordinary course of its business. Management regularly analyzes current information including, as applicable, the Company's defenses and insurance coverage and, as necessary, provi des accruals for probable liabilities for the eventual disposition of these matters. The Company, like other healthcare providers, insurance plans and suppliers, conducts 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 manufacturing facilities, laboratories, dialysis clinics and other health care facilities, an d 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 b y the U.S. Food and Drug Administration (“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 regulatory authority which ma y 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 of the FDA and/or compar able 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 penalties, seizures of the Com pany's products and/or criminal prosecution. FMCH is currently engaged in remediation efforts with respect to one pending FDA warning letter. The Company must also comply with the laws of the United States, including the federal Anti-Kickback Statute, the federal False Claims Act, the federal Stark Law, the federal Civil Monetary Penalties 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 a gencies or courts 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 Act 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 extensive 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 awa re that an inquiry or action has begun, particularly in the case of whistleblower actions, which are initially filed under court seal. The Company operates many facilities and handles personal health information of its patients and beneficiaries throughou t the United States and other parts of the world. In such a decentralized system, it is often 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 its 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 applicable 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 A ct, Health Insurance Portability and Accountability Act, the Health Information Technology for Economic and Clinical Health Act and the Foreign Corrupt Practices Act, among other laws and comparable laws of other countries. 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 co sts. 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 believes 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 adverse effect upon it and the results of i ts 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 claims, regardless of their merit or event ual outcome, could have a material adverse effect on the Company's reputation and business. The Company is also subject to ongoing and future tax audits in the U.S., Germany and other jurisdictions. With respect to other potential adjustments and disallow ances of tax matters currently under review, the Company does not anticipate that an unfavorable ruling could have a material impact on its results of operations. The Company is not currently able to determine the timing of these potential additional tax p ayments. Other than those individual contingent liabilities mentioned above, the current estimated amount of the Company's other known individual contingent liabilities is immaterial. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Consolidated Financial Statements [Abstract] | |
Financial Instruments | 19 . 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 , 2016 , and December 31 , 2015 . 2016 2015 Fair Value Carrying Fair Carrying Fair Hierarchy Amount Value Amount Value Assets Cash and cash equivalents 1 $ 747.233 $ 747.233 $ 549.500 $ 549.500 Trade accounts receivable (1) 2 3.540.124 3.540.124 3.303.456 3.303.456 Accounts receivable from related parties 2 220.797 220.797 218.285 218.285 Available for sale financial assets (2) 1 270.310 270.310 275.770 275.770 Other financial assets (2) 2 442.163 442.163 376.035 376.035 Liabilities Accounts payable (1) 2 $ 606.800 $ 606.800 $ 627.828 $ 627.828 Accounts payable to related parties 2 278.355 278.355 153.023 153.023 Other current financial liabilities (3) 2 1.351.590 1.351.590 1.330.283 1.330.283 Short-term debt (4) 2 605.656 605.745 128.304 128.304 Long term debt, excluding Amended 2012 Credit Agreement, Senior Notes and Convertible Bonds 2 275.612 276.647 172.919 172.919 Amended 2012 Credit Agreement 2 2.365.522 2.370.539 2.611.580 2.625.591 Senior Notes 2 4.923.476 5.317.087 5.325.618 5.782.937 Convertible Bonds 2 401.333 529.087 407.705 546.057 Variable payments outstanding for acquisitions (3) 3 235.596 235.596 55.660 55.660 Noncontrolling interests subject to put provisions 3 1.234.888 1.234.888 1.023.755 1.023.755 (1) Includes long-term trade accounts receivable and payable, which are included in "Other assets" and "Other liabilities" in the Consolidated Balance Sheets. (2) Included in "Prepaid expenses and other current assets" and "Other assets" in the Consolidated Balance Sheets. (3) Included in "Accrued expenses and other current liabilities" and "Other liabilities" in the Consolidated Balance Sheets. (4) Also includes amounts from related parties. 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 and noncontrolling interests subject to put provisions , in the captions shown in Note 9 and Note 11 , respectively . 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 financi al instruments such as trade accounts receivable , accounts receivable from related parties, accounts payable , accounts payable to related parties and short-term debt as well as certain other financial instruments 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 fair values of major long-term debt 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 debt are calculated at the present value of the res pective 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. Variable payments outstanding for acquisition s are recognized at their fair value. The est imation of the individual fair values is based on the key inputs of the arrangement that determine the future contingen t payment as well as the C ompany’s exp ectation of these factors. The C ompany assesses the likelihood and timing of achieving the relevant objectives. The underlying assumptions are reviewed regularly. The valuation of noncontrolling interests subject to put provisions is determined using significant unobservable inputs. See Note 11 for a discussion of the Company’s methodology for es timating the fair value of these noncontrolling interests subject to put obligations. Currently, there is no indicatio n that 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 , 2016 and December 31 , 2015 , the Company had $ 25.627 and $ 24.366 , respecti vely, of derivative financial assets subject to netting arrangements and $ 28.198 and $ 12.765 of derivative financial liabilities subject to netting arrangements. Offsetting these derivative financial instruments would have r esulted in net assets of $ 14.413 and $ 16.273 as well as net liabilities of $ 16.984 and $ 4.672 at December 31 , 2016 and December 31 , 2015 , respectively. In connection with the i ssuance of the Convertible B onds in September 2014, the Company purchased S hare O ptions. Any change in the Company’s share price above the conversion price would be offset by a corresponding value change in the S hare O ptions. Foreign Exchange Risk Managem ent 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 currency. Therefo re, 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 reported in its conso lidated 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 exposes the subs idiaries 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 , 2016 and December 31 , 2015 the Company had no foreign exchange options. Changes in the fair value of the effective portion of foreign exchange forwa rd 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 n o 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 contr acts that hedge product purchases and sales 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 plac e that are designated and qualify as cash flow hedges totaled $ 108.950 and $ 193.880 at December 31 , 2016 and December 31 , 2015 , respectively. The Company also enters into derivative contracts for forecasted product purchases and sales and f or 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 offse ts 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 $ 1.483.763 and $ 1.637.129 at December 31 , 2016 and December 31 , 2015 , 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 derivative s 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 in 2019 and have a weighted av erage interest rate of 0,32% . Interest payable and receivable under the swap agreements is accrued and recorded as an adjustment to interest expense. At December 31 , 2016 and December 31 , 2015 , the notional amount of the euro-denominated interest rate swaps in place was € 252.000 and € 376.000 ( $ 265.633 and $ 409.351 at December 31 , 2016 and December 31 , 2015 , respectively). In addition, the Company also enters into interest rate hedg es (“pre-hedges”) in anticipation 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 actually 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 , 2016 and December 31 , 2015 , the Company had $ 37.752 and $ 58.581 , 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 , 2016 and December 31 , 2015 . 2016 2015 Assets (2) Liabilities (2) Assets (2) Liabilities (2) Derivatives in cash flow hedging relationships (1) Current Foreign exchange contracts 2.127 (4.323) 3.114 (2.921) Interest rate contracts - - - (1.637) Non-current Foreign exchange contracts 18 (80) 171 (127) Interest rate contracts - (1.491) - (961) Total $ 2.145 $ (5.894) $ 3.285 $ (5.646) Derivatives not designated as hedging instruments (1) Current Foreign exchange contracts 39.785 (22.574) 23.908 (7.056) Non-current Foreign exchange contracts - (125) 1.062 (65) Derivatives embedded in the Convertible Bonds - (99.785) - (115.990) Share Options to secure the Convertible Bonds 99.785 - 115.990 - Total $ 139.570 $ (122.484) $ 140.960 $ (123.111) (1) At December 31, 2016 and December 31, 2015, 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 or Other liabilities, respectively. The significant methods and assumpt ions 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 balance sheet date. The r esult 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 va lue 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 derivatives that are liabilitie s. 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 derivative financial in struments, the credit risk is considered in the fair value of every individual instrument. The default probability is based upon the c redit d efault s wap s preads of each counterparty appropriate for the duration. The calculation of the credit risk considere d 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, 2016 2015 (Effective Portion) 2016 2015 Interest rate contracts $ 1.162 $ 11.817 Interest income/expense $ 29.150 $ 28.355 Foreign exchange contracts (2.664) 2.273 Costs of Revenue 147 17.686 $ (1.502) $ 14.090 $ 29.297 $ 46.041 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 2016 2015 Foreign exchange contracts Selling, general and administrative expense $ (2.335) $ (61.328) Foreign exchange contracts Interest income/expense 3.251 8.196 Derivatives embedded in the Convertible Bonds Interest income/expense (13.146) 58.105 Share Options to secure the Convertible Bonds Interest income/expense 13.146 (58.105) $ 916 $ (53.132) For foreign exchange derivatives at December 31 , 2016 , the Company expects to recognize $ 3.737 of losses deferred in AOCI in earnings during the next twelve months. The Company expects to incur additional interest expense of $ 20.918 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 rat e swaps maturing in 2019 at December 31 , 2016 . At December 31 , 2016 , the Company had foreign exchange derivatives with maturities of up to 15 months and interest rate swaps with maturities of up to 34 months. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Consolidated Financial Statements [Abstract] | |
Other Comprehensive Income (Loss) | 20 . Other Comprehensive Income (Loss) The changes in the components of other comprehensive income (loss) for the years ended December 31 , 2016 , 2015 , and 2014 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, 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 $ 14.090 $ (4.511) $ 9.579 $ - $ 9.579 Reclassification adjustments 46.041 (12.557) 33.484 - 33.484 Total other comprehensive income (loss) relating to cash flow hedges 60.131 (17.068) 43.063 - 43.063 Foreign currency translation adjustment (347.164) - (347.164) (4.961) (352.125) Defined benefit pension plans: Actuarial (loss) gain on defined benefit pension plans 47.209 (13.434) 33.775 - 33.775 Reclassification adjustments 34.625 (12.851) 21.774 - 21.774 Total other comprehensive income (loss) relating to defined benefit pension plans 81.834 (26.285) 55.549 - 55.549 Other comprehensive income (loss) $ (205.199) $ (43.353) $ (248.552) $ (4.961) $ (253.513) Year ended December 31, 2016 Other comprehensive income (loss) relating to cash flow hedges: Changes in fair value of cash flow hedges during the period $ (1.502) $ 627 $ (875) $ - $ (875) Reclassification adjustments 29.297 (8.419) 20.878 - 20.878 Total other comprehensive income (loss) relating to cash flow hedges 27.795 (7.792) 20.003 - 20.003 Foreign currency translation adjustment 2.726 - 2.726 (1.446) 1.280 Defined benefit pension plans: Actuarial (loss) gain on defined benefit pension plans (32.275) 7.416 (24.859) - (24.859) Reclassification adjustments 30.811 (11.398) 19.413 - 19.413 Total other comprehensive income (loss) relating to defined benefit pension plans (1.464) (3.982) (5.446) - (5.446) Other comprehensive income (loss) $ 29.057 $ (11.774) $ 17.283 $ (1.446) $ 15.837 Changes in AOCI by c omponent for the years ended December 31 , 2016 , 2015 , and 2014 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, 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 9.579 33.775 (347.164) (303.810) (4.961) (308.771) Amounts reclassified from AOCI 33.484 21.774 - 55.258 - 55.258 Other comprehensive income (loss) after reclassifications 43.063 55.549 (347.164) (248.552) (4.961) (253.513) Balance at December 31, 2015 $ (60.214) $ (226.470) $ (1.049.611) $ (1.336.295) $ (10.222) $ (1.346.517) Other comprehensive income (loss) before reclassifications (875) (24.859) 2.726 (23.008) (1.446) (24.454) Amounts reclassified from AOCI 20.878 19.413 - 40.291 - 40.291 Other comprehensive income (loss) after reclassifications 20.003 (5.446) 2.726 17.283 (1.446) 15.837 Balance at December 31, 2016 $ (40.211) $ (231.916) $ (1.046.885) $ (1.319.012) $ (11.668) $ (1.330.680) Reclassifications out of AOCI for the years ended December 31 , 2016 , 2015 , and 2014 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 2016 2015 2014 (Gain) Loss related to cash flow hedges Interest rate contracts $ 29.150 $ 28.355 $ 26.571 Interest income/expense Foreign exchange contracts 147 17.686 2.549 Costs of Revenue 29.297 46.041 29.120 Total before tax (8.419) (12.557) (8.385) Tax expense or benefit $ 20.878 $ 33.484 $ 20.735 Net of tax Actuarial (Gain) Loss on defined benefit pension plans Amortization of unrealized (gain) loss $ 30.811 $ 34.625 $ 17.147 (1) 30.811 34.625 17.147 Total before tax (11.398) (12.851) (6.347) Tax expense or benefit $ 19.413 $ 21.774 $ 10.800 Net of tax Total reclassifications for the period $ 40.291 $ 55.258 $ 31.535 Net of tax (1) Included in the computation of net periodic pension cost (see Note 10 for additional details). |
Business Segment Information
Business Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Consolidated Financial Statements [Abstract] | |
Business Segment Information | 22 . 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 prior to 2015 (the North America Segment and the International Segment, which was comprised of EMEA, Asia-Pacific and Latin America) have now been reclassified into four reporting segments as noted above. Management evaluates each segment using measures that reflect all of the segment’s controllable revenues and expenses. With respect to the performance of business oper ations, 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 corporate fun ction, 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 headquart ers’ 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 relat ed 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 at co st; 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 and c onsolidated 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 segment and Corporate activities for the twelve-month periods ended December 31 , 2016 , 2015 and 2014 is set forth below. North America Segment EMEA Segment Asia-Pacific Segment Latin America Segment Segment Total Corporate Total Segment and Corporate Information 2016 Revenue external customers $ 12.885.879 $ 2.666.644 $ 1.631.717 $ 712.150 $ 17.896.390 $ 14.397 $ 17.910.787 Inter - segment revenue 3.437 - 34 267 3.738 (3.738) - Revenue 12.889.316 2.666.644 1.631.751 712.417 17.900.128 10.659 17.910.787 Operating income 2.119.297 524.181 319.076 65.849 3.028.403 (390.880) 2.637.523 Depreciation and amortization (430.824) (120.791) (48.196) (17.242) (617.053) (158.892) (775.945) Income (loss) from equity method investees 64.806 (2.919) 1.519 1.502 64.908 - 64.908 Total assets 18.255.288 3.785.602 1.863.441 729.193 24.633.524 2.300.418 26.933.942 thereof investments in equity method investees 324.860 221.054 106.900 26.428 679.242 - 679.242 Capital expenditures, acquisitions and investments (1) 916.354 310.568 53.795 45.477 1.326.194 281.379 1.607.573 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 (2) 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 (3) 17.269.258 3.293.600 1.727.495 604.667 22.895.020 2.470.234 25.365.254 thereof investments in equity method investees 288.956 220.610 109.347 25.796 644.709 - 644.709 Capital expenditures, acquisitions and investments (4) 709.503 174.229 48.949 50.549 983.230 286.523 1.269.753 2014 (5) 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 (6), (7) 16.701.657 3.574.076 1.819.394 714.752 22.809.879 2.359.699 25.169.578 thereof investments in equity method investees 291.118 238.604 119.428 27.672 676.822 - 676.822 Capital expenditures, acquisitions and investments (8) 2.006.585 210.509 128.480 74.135 2.419.709 290.976 2.710.685 (1) North America, EMEA, Asia-Pacific, Latin America and Corporate acquisitions exclude $22,870, $235,627, $7,790, $5,526 and $7,654, respectively, of non-cash acquisitions for 2016. (2) 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. (3) Deferred taxes which were classified as current at December 31, 2015 have been reclassified to non-current in accordance with Accounting Standards Update 2015-17, Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes. Deferred taxes previously recorded in 2015 within current assets and liabilities have been reclassified to non-current assets and liabilities in the amount of $216,127 and $36,399, respectively. As a result of deferred tax netting, non-current assets and liabilities were then adjusted in the amount of $168,232. (4) 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. (5) 2014 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. (6) At December 31, 2014 debt issuance costs in the amount of $66,120 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. (7) Deferred taxes which were classified as current at December 31, 2014 have been reclassified to non-current in accordance with Accounting Standards Update 2015-17, Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes. Deferred taxes previously recorded in 2014 within current assets and liabilities have been reclassified to non-current assets and liabilities in the amount of $245,354 and $34,787, respectively. As a result of deferred tax netting, non-current assets and liabilities were then adjusted in the amount of $211,403. (8) 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. 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 2016 Revenue external customers $ 421.604 $ 12.885.879 $ 4.603.304 $ 17.910.787 Long-lived assets 907.921 15.227.607 3.181.818 19.317.346 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 |
Supplementary Cash Flow Informa
Supplementary Cash Flow Information | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Consolidated Financial Statements [Abstract] | |
Cash Flow Supplemental Disclosures [Text Block] | 21 . Supplementary Cash Flow Information The following additional information is provided with respect to the consolidated statements of cash flows: 2016 2015 2014 Supplementary cash flow information: Cash paid for interest $ 387.125 $ 381.212 $ 379.978 Cash paid for income taxes (1) $ 598.916 $ 547.401 $ 689.954 Cash inflow for income taxes from stock option exercises (2) $ 8.887 $ 18.073 $ 8.529 Supplemental disclosures of cash flow information: Details for acquisitions: Assets acquired $ (877.706) $ (216.023) $ (2.505.027) Liabilities assumed 125.623 34.841 450.808 Noncontrolling interest subject to put provisions 48.292 7.622 95.015 Noncontrolling interest 15.992 983 328.997 Non-cash consideration 244.458 69.233 18.253 Cash paid (443.341) (103.344) (1.611.954) Less cash acquired 22.869 3.193 132.433 Net cash paid for acquisitions (420.472) (100.151) (1.479.521) Cash paid for investments (143.637) (184.101) (274.913) Cash paid for intangible assets (13.472) (32.558) (24.624) Total cash paid for acquisitions and investments, net of cash acquired, and purchases of intangible assets $ (577.581) $ (316.810) $ (1.779.058) (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, 2016, 2015 and 2014 was $6,427, $13,451 and $4,056, respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Consolidated Financial Statements [Abstract] | |
Subsequent Events [Text Block] | 23. Subsequent Events On January 31, 2017, the Company announced an agreement with the United States Departments of Veterans Affairs and Justice resolving litigation commenced in 2014 regarding reimbursement for services provided to veterans by the Company’s clinics during the period January 2009 through February 15, 2011. The agreement is expected to increase the Company’s recognition of revenue in 2017 by approximately $100,000 (approximately €100,000). The estimated positive impact on the Comp any’s net income (net income attributable to shareholders of Fresenius Medical Care & Co. KGaA) is expected to be approximately $45,000 to $50,000 (approximately €45,000 to €50,000). The payment is expected to be received in due course. |
Supplemental Condensed Combinin
Supplemental Condensed Combining Information | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Consolidated Financial Statements [Abstract] | |
Supplemental Condensed Combining Information | 24 . 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 , 2016 and December 31 , 2015 and its results of operations and cash flows for the periods ended December 31 , 2016 , 2015 and 2014 . The following combining financial information for the Company is at December 31 , 2016 and December 31 , 2015 and for the periods ended December 31 , 2016 , 2015 and 2014 , 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, 2016 Issuer Guarantors FMC US Finance FMC - AG & Co. KGaA D-GmbH FMCH Non-Guarantor Subsidiaries Combining Adjustment Combined Total Revenue $ - $ - $ 1.930.408 $ - $ 19.269.789 $ (3.289.410) $ 17.910.787 Cost of revenue - - 1.218.268 - 14.162.753 (3.249.876) 12.131.145 Gross profit - - 712.140 - 5.107.036 (39.534) 5.779.642 Operating (income) expenses: Selling, general and administrative (1) - 150.457 225.873 23.507 2.557.983 21.935 2.979.755 Research and development - - 90.490 - 72.598 (724) 162.364 Operating income (loss) - (150.457) 395.777 (23.507) 2.476.455 (60.745) 2.637.523 Other (income) expense: Interest, net (7.152) 181.102 (3.925) 235.053 455 - 405.533 Other, net - (1.631.682) 299.545 (1.006.195) - 2.338.332 - Income (loss) before income taxes 7.152 1.300.123 100.157 747.635 2.476.000 (2.399.077) 2.231.990 Income tax expense (benefit) 2.625 56.856 118.090 (102.002) 909.834 (302.264) 683.139 Net income (loss) 4.527 1.243.267 (17.933) 849.637 1.566.166 (2.096.813) 1.548.851 Net income attributable to noncontrolling interests - - - - 305.584 - 305.584 Net income (loss) attributable to shareholders of FMC-AG & Co. KGaA $ 4.527 $ 1.243.267 $ (17.933) $ 849.637 $ 1.260.582 $ (2.096.813) $ 1.243.267 (1) Selling, general and administrative is presented net of income from 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 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, 2016 Issuer Guarantors Non-Guarantor Subsidiaries Combining Adjustment Combined Total FMC US Finance FMC - AG & Co. KGaA D-GmbH FMCH Net Income $ 4.527 $ 1.243.267 $ (17.933) $ 849.637 $ 1.566.166 $ (2.096.813) $ 1.548.851 Gain (loss) related to cash flow hedges - 30.311 1.412 - (3.928) - 27.795 Actuarial gain (loss) on defined benefit pension plans - (2.686) (39.547) 45.479 (4.710) - (1.464) Gain (loss) related to foreign currency translation - 77.047 (16.128) - (83.079) 23.440 1.280 Income tax (expense) benefit related to components of other comprehensive income - (9.501) (12.161) 17.941 (8.053) - (11.774) Other comprehensive income (loss), net of tax - 95.171 (66.424) 63.420 (99.770) 23.440 15.837 Total comprehensive income $ 4.527 $ 1.338.438 $ (84.357) $ 913.057 $ 1.466.396 $ (2.073.373) $ 1.564.688 Comprehensive income attributable to noncontrolling interests - - - - - 304.138 304.138 Comprehensive income attributable to shareholders of FMC-AG & Co. KGaA $ 4.527 $ 1.338.438 $ (84.357) $ 913.057 $ 1.466.396 $ (2.377.511) $ 1.260.550 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 4.267 - 81.834 Gain (loss) related to foreign currency translation - (46.797) (63.961) - (258.491) 17.124 (352.125) Income tax (expense) benefit related to components of other comprehensive income - (12.251) (15.869) (8.586) (6.647) - (43.353) 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 At December 31, 2016 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 $ 0 $ 38.207 $ 988 $ - $ 1.012.927 $ (304.889) $ 747.233 Trade accounts receivable, less allowance for doubtful accounts - - 152.040 - 3.372.856 (638) 3.524.258 Accounts receivable from related parties 1.266.328 1.867.405 994.691 2.344.048 4.124.502 (10.376.177) 220.797 Inventories - - 238.215 - 1.353.960 (182.341) 1.409.834 Prepaid expenses and other current assets - 80.201 49.939 183 1.238.146 43.364 1.411.833 Total current assets 1.266.328 1.985.813 1.435.873 2.344.231 11.102.391 (10.820.681) 7.313.955 Property, plant and equipment, net - 649 274.042 - 3.601.302 (102.780) 3.773.213 Intangible assets - 657 44.528 - 796.804 5.209 847.198 Goodwill - - 52.908 - 13.613.538 - 13.666.446 Deferred taxes - 105.601 49.495 - 166.127 (118.385) 202.838 Other assets and notes receivables (1) - 14.297.824 36.194 14.515.756 7.471.030 (35.190.512) 1.130.292 Total assets $ 1.266.328 $ 16.390.544 $ 1.893.040 $ 16.859.987 $ 36.751.192 $ (46.227.149) $ 26.933.942 Current liabilities: Accounts payable $ - $ 1.275 $ 25.315 $ - $ 580.104 $ - $ 606.694 Accounts payable to related parties - 361.658 808.527 1.672.266 6.761.341 (9.325.437) 278.355 Accrued expenses and other current liabilities 29.771 39.189 126.974 150.676 2.309.043 (2.468) 2.653.185 Short-term borrowings - 844.800 - - 100.788 (343.094) 602.494 Short-term borrowings from related parties - 1.310.482 - - - (1.307.320) 3.162 Current portion of long-term debt and capital lease obligations 502.671 25.298 1.284 200.000 34.145 - 763.398 Income tax payable - 10.410 - - 119.599 - 130.009 Total current liabilities 532.442 2.593.112 962.100 2.022.942 9.905.020 (10.978.319) 5.037.297 Long term debt and capital lease obligations, less current portion 650.000 628.551 4.563 1.896.451 6.423.443 (2.400.463) 7.202.545 Long term borrowings from related parties - 2.204.248 - 3.246.515 - (5.450.763) - Other liabilities - 102.595 3.862 410.454 103.597 38.334 658.842 Pension liabilities - 20.090 381.788 - 175.137 (36.748) 540.267 Income tax payable 976 33.226 - - (2.368) 92.742 124.576 Deferred taxes - - - - 703.018 (30.751) 672.267 Total liabilities 1.183.418 5.581.822 1.352.313 7.576.362 17.307.847 (18.765.968) 14.235.794 Noncontrolling interests subject to put provisions and other temporary equity - - - - 1.241.088 - 1.241.088 Total FMC-AG & Co. KGaA shareholders' equity 82.910 10.808.722 540.727 9.283.625 17.553.919 (27.461.181) 10.808.722 Noncontrolling interests not subject to put provisions - - - - 648.338 - 648.338 Total equity 82.910 10.808.722 540.727 9.283.625 18.202.257 (27.461.181) 11.457.060 Total liabilities and equity $ 1.266.328 $ 16.390.544 $ 1.893.040 $ 16.859.987 $ 36.751.192 $ (46.227.149) $ 26.933.942 (1) Other assets and notes receivables are presented net of investment in equity method investees. 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 Total current assets 1.266.559 1.077.799 1.124.555 2.435.959 10.130.384 (9.266.809) 6.768.447 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 - 91.392 27.626 - 221.211 (151.396) 188.833 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 $ 15.121.906 $ 1.564.751 $ 15.692.047 $ 33.744.969 $ (42.024.978) $ 25.365.254 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 Total current liabilities 29.771 2.149.963 638.371 1.883.917 8.870.620 (9.423.196) 4.149.446 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 - - - - 693.815 (69.315) 624.500 Total liabilities 1.188.175 5.234.764 955.154 7.166.344 16.351.194 (17.054.745) 13.840.886 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 $ 15.121.906 $ 1.564.751 $ 15.692.047 $ 33.744.969 $ (42.024.978) $ 25.365.254 (1) Other assets and notes receivables are presented net of investment in equity method investees. For the year ended December 31, 2016 Issuer Guarantors FMC US Finance FMC - AG & Co. KGaA D-GmbH FMCH Non-Guarantor Subsidiaries Combining Adjustment Combined Total Operating Activities: Net income (loss) $ 4.527 $ 1.243.267 $ (17.933) $ 849.637 $ 1.566.166 $ (2.096.813) $ 1.548.851 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity affiliate income - (393.220) - (1.006.195) - 1.399.415 - Depreciation and amortization - 1.251 66.502 - 738.307 (30.115) 775.945 Change in deferred taxes, net - (26.327) (8.431) - 37.690 (8.560) (5.628) (Gain) loss on sale of fixed assets and investments - (346) 3.148 - (5.119) - (2.317) (Gain) loss on investments - (67.509) 5.728 - - 61.781 - (Write Up) write-off loans from related parties - 33.940 2.113 - - (36.053) - Compensation expense related to stock options - 25.691 - - 4.485 - 30.176 Investments in equity method investees, net - - - - (58.608) - (58.608) Changes in assets and liabilities, net of amounts from businesses acquired: Trade accounts receivable, net - - (13.141) - (230.566) 1.418 (242.289) Inventories - - (8.889) - (94.250) 36.471 (66.668) Prepaid expenses and other current and non-current assets - 60.145 10.466 106.963 (156.916) 33.093 53.751 Accounts receivable from / payable to related parties (28) (1.083.344) 7.812 150.463 274.202 705.103 54.208 Accounts payable, accrued expenses and other current and non-current liabilities - (35.530) 44.870 2.506 34.060 (177) 45.729 Income tax payable 175 12.007 - (102.002) 129.680 (33.128) 6.732 Net cash provided by (used in) operating activities 4.674 (229.975) 92.245 1.372 2.239.131 32.435 2.139.882 Investing Activities: Purchases of property, plant and equipment - (383) (68.659) - (994.311) 33.361 (1.029.992) Proceeds from sale of property, plant and equipment - 86 546 - 17.030 - 17.662 Disbursement of loans to related parties - 104.036 - 365.016 - (469.052) - Acquisitions and investments, net of cash acquired, and purchases of intangible assets - (148.005) (885) (200) (576.467) 147.976 (577.581) Proceeds from divestitures - 80.115 - - 192.267 (61.798) 210.584 Net cash provided by (used in) investing activities - 35.849 (68.998) 364.816 (1.361.481) (349.513) (1.379.327) Financing Activities: Short-term debt, net - 486.259 (27.900) - 380.832 (343.094) 496.097 Long-term debt and capital lease obligations, net (4.676) (26.566) 552 241.012 (1.409.956) 469.052 (730.582) Increase (decrease) of accounts receivable securitization program - - - - 124.000 - 124.000 Proceeds from exercise of stock options - 44.018 - - 5.047 - 49.065 Dividends paid - (277.176) - - (20.786) 20.786 (277.176) Capital increase (decrease) - - - (607.200) 741.307 (134.107) - Distributions to noncontrolling interest - - - - (325.762) - (325.762) Contributions from noncontrolling interest - - - - 79.597 - 79.597 Net cash provided by (used in) financing activities (4.676) 226.535 (27.348) (366.188) (425.721) 12.637 (584.761) Effect of exchange rate changes on cash and cash equivalents - 5.350 34 - 16.555 - 21.939 Cash and Cash Equivalents: Net increase (decrease) in cash and cash equivalents (2) 37.759 (4.067) - 468.484 (304.441) 197.733 Cash and cash equivalents at beginning of period 2 448 5.055 - 544.443 (448) 549.500 Cash and cash equivalents at end of period $ 0 $ 38.207 $ 988 $ - $ 1.012.927 $ (304.889) $ 747.233 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 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 |
Development of Allowance for Do
Development of Allowance for Doubtful Accounts (text) | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Consolidated Financial Statements [Abstract] | |
Development of Allowance for Doubtful Accounts Disclosure [Text Block] | Development of allowance for doubtful accounts 2016 2015 2014 Allowance for doubtful accounts as of January 1 $ 465.790 $ 418.508 $ 413.165 Change in valuation allowances as recorded in the consolidated statements of income 477.045 440.284 325.451 Write-offs and recoveries of amounts previously written-off (433.713) (381.087) (309.058) Foreign currency translation (560) (11.915) (11.050) Allowance for doubtful accounts as of December 31 $ 508.562 $ 465.790 $ 418.508 |
The Company and Basis of Pres33
The Company and Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
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' equit y holders lack the power to direct the activities that most significantly impact the entities’ performance, and the obligation to absorb expected losses and receive expected residual returns of the legal entities. In these arrangements, the entities are VI Es in which the Company has been determined to be the primary beneficiary and which therefore have been fully consolidated. During 2016 , as a result of the changes arising from the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Upd ate 2015-02 (“ASU 2015-02”), the Company has reassessed all of its arrangements with joint ventures and other partners. With the adoption of ASU 2015-02, the Company has presented the VIE data below on a retrospective basis which is applied using the VIE e ntities in place as of December 31, 2016 for 2015 and 2014 utilizing a pro forma presentation to ensure comparability. For further information on the Company’s adoption of ASU 2015-02, see 1t) below. In the North America Segment, 111 formerly consolidated VIEs do not follow the variable interest entity guidance any longer, but are consolidated through contractual management agreements. In 2016, 26 VIEs are now consolidated because of newly entered arrangements as well as one entity ceased to be a VIE becaus e the arrangement was dissolved. In the EMEA Segment, one VIE was liquidated. The Company has provided some or all of the following services to VIEs: management, financing or product supply. Consolidated VIEs generated approximately $2 51 , 594 , $2 46 , 983 and $ 320 , 254 in revenue in 2016 , 2015 , and 2014 , respectively. At December 31 , 2016 and 2015 the Company provided funding to VIEs through loans and accounts receivable of $1 88 , 299 and $19 6 , 199 , respectively . The table below shows the carrying amou nts of the assets and liabilities of VIEs at December 31 , 2016 and 2015 : |
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 50 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 10 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 2016 , 2015 , and 2014 was $ 4.954 , $ 6.082 and $ 4.285 , 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 ). Patient relationships however are not reported as sep arate intangible assets due to the missing contractual basis but are part of goodwill. 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 lives because, based on an analysis of all of the relevant factors, there is no foreseeable limit to the period over w hich those assets are expected to generate net cash inflows for the Company. Intangible assets with finite useful lives are amortized over their respective useful lives to their residual values. The Company amortizes non-compete agreements over their usefu l life which on average is 6 years. Technology is amortized over its useful life of 15 years. Licenses to manufacture, distribute and sell pharmaceutical drugs, exclusive contracts and exclusive licenses are amortized over the ir useful life which on average is 10 years. Customer relationships are amortized over their useful life of 10 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 8 years. Intangible 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 value by assigning the assets and liabilities, including the existing goodwill and intangible assets, to those reportin g units. The reporting units are the North America Segment, EMEA Segment, Asia-Pacific Segment and the Latin America Segment. For the purpose of goodwill impairment testing, all corporate assets and liabilities are allocated to the reporting units. In a fi rst 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 reportin g unit. Estimating the future cash flows involves significant assumptions, especially regarding future reimbursement rates and sales prices, number of treatments, 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 years are possible due to the stability of the Company’s business which, results from the non-discreti onary nature of the health care services the Company provides, the need for products utilized to provide such services and the availability of government reimbursement for a substantial portion of our services. The reporting units’ average revenue growth f or the ten year planning period is within a mid single-digit range for the North America Segment, EMEA Segment and the Latin America Segment , whereas for the Asia-Pacific Segment the average revenue growth is in the high single-digits. A substantial portio n of the Company’s profit is generated in the North America Segment. The Company expects a stable operating income margin with a higher margin in dialysis business compensating a lower margin in Care Coordination. The reporting units’ respective expected g rowth rates for the period beyond ten years are: North America Segment 1%, EMEA Segment 0%, Asia-Pacific Segment 4% and Latin America Segment 3.5%. The discount factor is determined by the WACC of the respective reporting unit. The Company’s WACC consisted of a basic rate of 5.14% for 2016 . 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 i ntegrated, within each reporting unit. In 2016 , WACCs for the reporting units ranged from 5.12% to 15.88%. In the case that the fair value of the reporting unit is less than its carrying value, a second step would be performed which compares the implie d 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 recorded as an impairment. To evaluate the recoverability of intangible assets with in definite 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 discounted cash flow approach or other methods, if appropriate. |
Derivative Financial Instruments | f) Derivative Financial I nstruments 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 19 ). 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 instruments classified as fair value hedges and in the corresponding underlying asset s and liabilities are recognized periodically in earnings, while the effective portion of changes in fair value of derivative financial instruments classified as cash flow hedges is recognized in accumulated other comprehensive income (loss) (“AOCI”) in sh areholders’ 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 recorded 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 reporting currency. Substantially all assets and liabilities of the parent company a nd 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 for Doubtful Accounts Revenue Recognition Health Care 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 se rvices 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 in surers. Outside the U.S., the reimbursement is usually made through national or local government programs with reimbursement rates established by statute or regulation. Dialysis product revenues are recognized upon transfer of title to the customer, eithe r 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 established 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 amounts to be receivable from these payors. In the U.S., hospitalist revenues are re ported at the estimated net realizable amount from third-party payors, client hospitals, and others at the time services are provided. Third-party payors include federal and state agencies (under the Medicare and Medicaid programs), managed care health pla ns, and commercial insurance companies. Inpatient acute care services rendered to Medicare and Medicaid program beneficiaries are paid according to a fee-for-service schedule. These rates vary according to a patient classification system that is based on c linical, 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 establ ished rates. Contractual adjustments and bad debts are recorded as deductions from gross revenue to determine net revenue. In addition to the net patient service revenue described 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 performed, Health Care Entities must record the difference between the receivable record ed and the amount estimated to be collectible as a provision with the expense presented as a reduction of Health Care revenue. The provision includes such items as amounts due from patients without adequate insurance coverage and patient co-payment and ded uctible 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 portion of product rev enues 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 upon 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 cust omer 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 authority that is incurred as a result of a revenue transaction (e.g. sales tax) is excluded f rom 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 care services, the accounting for the allowance for doubtful accounts is based on an analysi s of collection experience and recognizing the differences between payors. The Company also performs an aging of accounts receivable which enables the review of each customer and their payment pattern. From time to time, accounts receivable are reviewed fo r changes from the historic collection experience to ensure the appropriateness of the allowances. The allowance for doubtful accounts in the EMEA Segment, the Asia-Pacific Segment, the Latin America Segment and the dialysis products business in the North America Segment is an estimate comprised 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 expensed as incurred. |
Income Taxes | j) Income Taxes Current taxes are calculated based on the profit (los s) 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 recogn ized 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-not threshold has been determined based on the technical merits that the position will be sustained upon exami nation. 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 o f benefit recognized. If a tax position is not considered more likely than not to be sustained based solely on its technical merits, no benefits are recognized. The Company recognizes deferred tax assets and liabilities for the future tax consequences attr ibutable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, tax credits and tax loss carryforwards. Deferred tax assets and liabilities are measured using the respect ive countries enacted tax rates to be applied to taxable income in the years in which those temporary differences are expe cted to be recovered or settled . A valuation allowance is recorded to reduce the carrying amount of the deferred tax assets to the amount more likely than not to be realized (see Note 16 ). 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 associat ed 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 asset. The Company uses a discounted cash flow approach or other methods, if appropriate, to asses s 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 unti l 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 t hat debt liability. These costs are amortized over the term of the related obligation (see Note 9 ). |
Self-Insurance Programs | m) Self-insurance Programs Under the Company’s insurance programs for professional, product and general liability, auto liability and worker’s co mpensation claims and medical malpractice claims, the Company's largest subsidiary is partially self-insured for professional liability claims. For all other coverage, the Company assumes responsibility 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 activ ity. 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) Concentration of Risk The Company is engaged in the manufacture an d 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 care services under Care Coordination. The Company perfor ms ongoing evaluations of its customers' financial condition and, generally, requires no collateral. Revenues which were earned and subject to regulations under Medicare and Medicaid, governmental healthcare programs administered by the United States gover nment, were approximately 32% in 2016 and 2015 , and 31% in 2014 of the Company's worldwide revenues . No single debtor other than U.S. Medicare and Medicaid accounted for more than 5% of total trade accounts receivable in any of t hese 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 the Company operates. Amounts pending approv al from third party payors represent less than 3% at December 31 , 2016 . See Note 3 for discussion of suppliers with long-term purchase commitments. |
Legal Contingencies | o) Legal Contingencies From time to time, during the ordinary course of the Company's operation s, the Company is party to litigation and arbitration and is subject to investigations relating to various aspects of its business (see Note 18 ). The Company regularly analyzes current information about such claims for probable losses and provide s 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 resources 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 or formal assertion of a claim or assessme nt, 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 attributable to shareholders by the weighted a verage number of shares outstanding during the year. Diluted earnings per share include the effect of all potentially dilutive instruments on shares that would have been outstanding during the years presented had the dilutive instruments been issued. Equit y-settled awards granted under the Company's stock incentive plans (see Note 15 ), 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 separately 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 outs tanding with the value of such Treasury Stock shown as a reduction of the Company’s equity. |
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 Consolidated Balance Sheets if the defined benefit obligation exceeds the fair value of plan assets. A pension asset is recognized (and reported under “Other assets and notes receivables” in the Consolidated Balanc e Sheets) if the fair value of plan assets exceeds the defined benefit obligation and if 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 actua rial gains or losses and prior service costs or credits that are not recognized as components 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 lo sses 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) Share-based Plans The grant date fa ir value of stock options and convertible equity instruments that are settled by delivering equity-instruments granted to the Management Board 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. For certain exceptions a shorter vesting period may apply after which the stock options will not forfeit in any way. In such cases the vesting period is shortened according ly. The balance sheet date fair value of cash-settled phantom stocks granted to the Management Board 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. For certain exceptions a shorter vesting period may apply after which the phantom stocks will not forfeit in any way. In such cases the vesting period is shortened accordingly. The b alance sheet date fair value of cash-settled performance shares granted to the Management Board and executive employees of the Company is calculated using the Monte Carlo pricing model. The corresponding liability based on the balance sheet date fair value is accrued over the vesting period of the performance share plan. For certain exceptions a shorter vesting period may apply after which the performance shares will not forfeit in any way. In such cases the vesting period is shortened accordingly. Two of t he Company’s subsidiaries are authorized to issue Incentive Units (see Note 15 ). 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 subsidiaries, 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 February 18, 2015, FASB issued 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 liability 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. The Company has implemented ASU 2015- 02 on a retrospective basis whic h is applied using the VIE entities in place as of December 31, 2016 for 2015 and 2014 utilizing a pro forma presentation to ensure comparability. These types of legal entities are predominantly utilized in the U.S. The consolidation disclosures in “a) Pri nciples of Consolidation” above were amended in relation to this ASU. On November 20, 2015, FASB issued Accounting 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 requirement for organizations to present deferred tax liabilities and assets as current and non-current in a classified balance sheet and requires the cl assification of all deferred tax assets and liabilities as non-current. The update is effective for fiscal years and interim periods within those years beginning after December 15, 2016. The Company adopted this ASU as of March 31, 2016. In accordance with ASU 2015-17, deferred taxes recorded as of December 31, 2015 within current assets and liabilities have been reclassified to non-current assets and liabilities in the amount of $216,127 and $36,399, respectively. As a result of deferred tax netting, non-c urrent assets and liabilities were then adjusted in the amount of $168,232. The Company has prepared its consolidated financial statements in accordance with U.S. GAAP for the periods presented in these Notes. The discussion below regarding accounting stan dards not yet adopted does not apply beyond the fiscal year 2016. Starting on January 1, 2017, the Company will prepare its consolidated financial statements in accordance with International Financial Reporting Standards. 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 Customers, 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 companies reporting under U.S. GAAP will recognize revenue as well as providing users of financial statements with more info rmative and relevant disclosures. ASU 2014-09 supersedes some guidance included in topic 605, Revenue Recognition, some guidance within the scope of Topic 360, Property, Plant, and Equipment, and some guidance within the scope of Topic 350, Intangibles - G oodwill 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 after December 15, 2016 to fiscal years and interim periods within those years beginning after December 15, 2017. Earlier adoption is permitted. There will be no impact from ASU 2014-09; however, the Company is currently evaluating the impa ct of IFRS 15, in conjunction with all amendments to the standard, on its consolidated financial statements. Based on the Company’s evaluation, it expects differences to the current accounting mainly with regard to the calculation of the transaction price for health care services provided. IFRS 15 requires the consideration of implicit price concessions when determining the transaction price. This will lead to a corresponding decrease of revenues from health care services and thus will no longer be included in selling, general and administrative expenses as an allowance for doubtful accounts. The first analysis of this issue showed a decrease of revenue by approximately 2 - 3% without any effect on net income. A more detailed quantification of the impact of IFRS 15 is not yet possible. The Company is also evaluating accounting policy options and transition methods of IFRS 15. On February 25, 2016, FASB issued Accounting Standards Update 2016-02 (“ASU 2016-02”) Leases (Subtopic 842) . ASU 2016- 02 is expected to increase transparency and comparability by recognizing lease assets and lease liabilities from lessees on the balance sheet and disclosing key information about leasing arrangements in the financial statements. The lessor accounting is la rgely unchanged. The updates are effective for fiscal years and interim periods within those years beginning after December 15, 2018. Early applications of the amendments in these updates are permitted. There will be no impact from ASU 2016-02; however, th e IASB issued IFRS 16, Leases, which supersedes the current standard on lease-accounting, IAS 17, as well as the interpretations IFRIC 4, SIC-15 and SIC-27. The Company expects a balance sheet extension due to the “on balance sheet” recognition of right of use assets and liabilities for agreed lease payment obligations related to certain leased clinics and buildings which are currently classified as operating leases . Based on a first impact analysis as of December 31, 2015, using certain assumptions and simplifications, the Company expects a financial debt increase of approximately €4,000,000. Referring to the consolidated statement of income, the Company expects an EBITDA ( Earnings before Interest, Taxes, Depreciation and Amortization) as well as operati ng income improvement due to the separation of rent expenses in depreciation and interest expenses but without effect on the cash outflows. The Leverage Ratio ( debt/EBITDA ratio – financial debt is compared to EBITDA adjusted for acquisitions made within t he reporting period with a purchase price above a $50,000 threshold as defined in the Amended 2012 Credit Agreement (the “Amended 2012 Credit Agreement”, see Note 9 below) and non-cash charges ) will increase by about 0.5. The impact on the Company w ill depend on the contract portfolio at the effective date, as well as the transition method. The Company expects to apply the modified retrospective method after review of the analysis performed. Currently, the Company is evaluating optional exceptions of IFRS 16. 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 statements 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 after December 15, 2017. Earlier adoption is generally not permitted. On June 16, 2016, FASB issued Accounting Standards Update 2016-13 (“ASU 2016 -13”) Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . ASU 2016-13 amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale financial assets. For Securi ties and Exchange Commission filers, these updates are effective for fiscal years and interim periods within those years beginning after December 15, 2019. Early adoption is permitted as of the fiscal years beginning after December 15, 2018, including inte rim periods within those fiscal years. There will be no impact fr om ASU 2016-01 or ASU 2016-13; however, i n July 2014, the IASB issued a new version of IFRS 9, Financial Instruments. This IFRS 9 version is considered the final and complete version, which r eplaces IAS 39 upon application of IFRS 9. IFRS 9 includes all prior guidance on the classification and measurement of financial assets and financial liabilities as well as hedge accounting and introduces requirements for impairment of financial instrument s as well as modified requirements for the measurement categories of financial assets. The Company concluded that IFRS 9 will not be adopted early and is currently evaluating the impact on its consolidated financial statements. In accordance with IAS 39, t he majority of the non-derivative financial assets are measured at amortized costs. The analysis on the business model and the contractual cash flow characteristics of each instrument is still ongoing. The requirements on the classification and measurement of non-derivative financial liabilities have not significantly changed. The Company anticipates a limited impact on its consolidated financial statements. Derivatives not designated as hedging instruments will continue to be classified and measured at fai r value through profit and loss . Further, the Company intends to implement the simplified method to determine the provisions for risks from trade accounts receivable, receivables from lease contracts and capitalized contract costs according to IFRS 15. A q uantification of the impact is not yet possible. Based on currently available information, derivative financial instruments presently designated as hedging instruments are also qualified for hedge accounting according to the requirements of IFRS 9. The Com pany is also evaluating accounting policy choices and transition methods of IFRS 9. |
The Company and Basis Of Pres34
The Company and Basis Of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Company Basis of Presentation Healthcare Reform and Significant Accounting Policies (Tables) [Abstract] | |
Schedule Of Variable Interest Entities Text Block | 2016 2015 Trade accounts receivable, net $ 80.080 $ 97.326 Other current assets 85.948 80.596 Property, plant and equipment, intangible assets & other non-current assets 57.306 60.155 Goodwill 31.931 31.995 Accounts payable, accrued expenses and other liabilities 191.223 204.126 Non-current loans from related parties 54.301 41.151 Equity 9.741 24.795 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions (Tables) [Abstract] | |
Related Party Disclosure Tables [Text Block] | Service Agreements, Lease Agreements and Products For the year ended December 31, 2016 For the year ended December 31, 2015 For the year ended December 31, 2014 December 31, 2016 December 31, 2015 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 (1) Fresenius SE 431 22.381 254 20.262 380 21.788 139 54 422 3.185 Fresenius SE affiliates 3.068 82.003 8.162 75.900 7.956 72.256 867 3.011 2.104 4.079 Equity method investees 19.457 - 23.369 - 17.911 - 2.641 - 10.180 - Total $ 22.956 $ 104.384 $ 31.785 $ 96.162 $ 26.247 $ 94.044 $ 3.647 $ 3.065 $ 12.706 $ 7.264 Lease Agreements Fresenius SE - 10.488 - 9.621 - 10.554 - - - - Fresenius SE affiliates - 15.183 - 14.660 - 17.389 - - - - Total $ - $ 25.671 $ - $ 24.281 $ - $ 27.943 $ - $ - $ - $ - Products Fresenius SE 2 - 5 - 1 - - - - - Fresenius SE affiliates 25.846 48.028 25.920 37.166 63.917 44.754 8.378 5.046 8.774 3.768 Equity method investees - $ 410.927 $ - $ 275.340 $ - $ 27.584 $ - $ 58.322 $ - $ 8.253 Total $ 25.848 $ 458.955 $ 25.925 $ 312.506 $ 63.918 $ 72.338 $ 8.378 $ 63.368 $ 8.774 $ 12.021 (1) In addition to the above shown Accounts Payables Accrued Expenses for Service Agreements with related parties amounted to $3,541, $596 and $314 at December 31, 2016, 2015 and 2014 respectively. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventories (Tables) [Abstract] | |
Inventory Disclosure Tables [Text Block] | 2016 2015 Finished goods $ 724.814 $ 670.291 Health care supplies 381.908 395.342 Raw materials and purchased components 225.879 206.525 Work in process 77.233 68.593 Inventories $ 1.409.834 $ 1.340.751 |
Prepaid Expenses and Other Cu37
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Prepaid Expenses And Other Current Assets (Tables ) [Abstract] | |
Schedule of Other Assets [Table Text Block] | 2016 2015 Available for sale financial assets (1) $ 264.310 $ 271.952 Insurance recoveries 220.000 220.000 Cost report receivable from Medicare and Medicaid 126.655 109.311 Payments on account 88.549 37.016 Other taxes receivable 79.833 69.684 Other deferred charges 68.648 63.210 Leases receivable 57.483 53.117 Prepaid rent 57.394 51.651 Income taxes receivable 54.959 131.396 Receivables for supplier rebates 50.168 48.625 Derivatives 41.913 27.021 Amounts due from managed locations 28.863 20.888 Prepaid insurance 17.491 21.848 Deposit / Guarantee / Security 15.913 15.276 Other 239.654 233.720 Total prepaid expenses and other current assets $ 1.411.833 $ 1.374.715 (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, 2016 | |
Property Plant And Equipment (Tables) [Abstract] | |
Schedule of property plant and equipment | 2016 2015 Land $ 68.560 $ 65.076 Buildings and improvements 3.159.699 2.758.018 Machinery and equipment 4.379.553 4.070.878 Machinery, equipment and rental equipment under capitalized leases 88.079 69.179 Construction in progress 466.217 445.431 8.162.108 7.408.582 Accumulated depreciation (4.388.895) (3.983.008) Property, plant and equipment, net $ 3.773.213 $ 3.425.574 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Intangible Assets And Goodwill (Tables) [Abstract] | |
Schedule Of Finite Lived Intangible Assets Table Text Block | 2016 2015 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization Amortizable Intangible Assets Non-compete agreements $ 360.938 $ (292.980) $ 346.186 $ (273.220) Technology 176.893 (64.440) 106.510 (57.821) Licenses and distribution agreements 192.747 (121.152) 193.280 (112.167) Customer Relationships 261.766 (62.910) 262.754 (35.347) Self-developed software 153.826 (88.729) 140.914 (72.797) Other 389.125 (289.697) 357.065 (264.621) Construction in progress 18.873 - 23.333 - $ 1.554.168 $ (919.908) $ 1.430.042 $ (815.973) |
Schedule Of Indefinite Lived Intangible Assets Table Text Block | 2016 2015 Carrying Carrying Amount Amount Non-amortizable Intangible Assets Tradename $ 209.441 $ 209.404 Management contracts 3.497 7.016 $ 212.938 $ 216.420 Total Intangible Assets $ 847.198 $ 830.489 |
Finite Lived Intangible Assets Future Amortization Expense [Text Block] | Estimated Amortization Expense 2017 $ 117.315 2018 $ 111.578 2019 $ 109.232 2020 $ 101.705 2021 $ 98.582 |
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, 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 Goodwill acquired, net of divestitures 292.138 314.463 15.152 9.624 631.377 17.206 648.583 Reclassifications 3.163 - - - 3.163 - 3.163 Foreign Currency Translation Adjustment (341) (20.331) (825) 5.377 (16.120) (1.930) (18.050) Balance as of December 31, 2016 $ 11.518.539 $ 1.238.104 $ 387.901 $ 94.276 $ 13.238.820 $ 427.626 $ 13.666.446 |
Accrued Expenses and Other Cu40
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accrued Expenses And Other Current Liabilities (Tables) [Abstract] | |
Accounts Payable And Accrued Liabilities Disclosure Tables [Text Block] | 2016 2015 Accrued salaries, wages and incentive plan compensations $ 743.772 $ 664.996 Unapplied cash and receivable credits 411.495 395.817 Accrued settlement 280.000 280.000 Accrued self-insurance 263.484 225.845 Accrued operating expenses 190.364 236.286 Lease obligations 122.402 105.469 Accrued interest 113.571 121.348 Withholding tax and VAT 93.777 84.918 Accrued variable payments outstanding for acquisitions 82.559 52.370 Derivatives 26.897 11.614 Other 324.864 324.474 Total accrued expenses and other current liabilities $ 2.653.185 $ 2.503.137 |
Short-term Borrowings, Other Fi
Short-term Borrowings, Other Finanacial Liabilties and Short-term Borrowings from Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Short Term Debt (Tables) [Abstract] | |
Schedule of Short-term debt | 2016 2015 Borrowings under lines of credit $ 93.829 $ 109.230 Commercial Paper Program 501.662 - Other 7.003 22 Short-term debt $ 602.494 $ 109.252 Short-term debt from related parties (see Note 2.b) 3.162 19.052 Short-term debt and short-term debt from related parties $ 605.656 $ 128.304 |
Long-term Debt and Capital Le42
Long-term Debt and Capital Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Long Term Debt and Capital Lease Obligations (Tables) [Abstract] | |
Schedule of long-term debt | 2016 2015 Amended 2012 Credit Agreement $ 2.365.522 $ 2.611.580 Senior Notes 4.923.476 5.325.618 Convertible Bonds 401.333 407.705 Accounts Receivable Facility 173.965 50.185 Capital lease obligations 46.143 40.621 Other 55.504 82.113 Long-term debt and capital lease obligations $ 7.965.943 $ 8.517.822 Less current portion (763.398) (664.335) Long-term debt and capital lease obligations, less current portion $ 7.202.545 $ 7.853.487 |
2006 Senior Credit Agreement Table | Maximum Amount Available 2016 Balance Outstanding 2016 (1) Revolving Credit USD $ 1.000.000 $ 1.000.000 $ 10.187 $ 10.187 Revolving Credit EUR € 400.000 $ 421.640 € - $ - USD Term Loan $ 2.100.000 $ 2.100.000 $ 2.100.000 $ 2.100.000 EUR Term Loan € 252.000 $ 265.633 € 252.000 $ 265.633 $ 3.787.273 $ 2.375.820 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 (1) Amounts shown are excluding debt issuance costs. |
Schedule of senior notes | Issuer/Transaction Face Amount Maturity Coupon Book Value 2016 Book Value 2015 FMC Finance VI S.A. 2010 € 250.000 July 15, 2016 5,50% $ - $ 271.409 FMC Finance VIII S.A. 2011 (1) € 100.000 October 15, 2016 3,21% $ - $ 108.735 FMC US Finance, Inc. 2007 $ 500.000 July 15, 2017 6 7/8% $ 499.098 $ 497.363 FMC Finance VIII S.A. 2011 € 400.000 September 15, 2018 6,50% $ 418.665 $ 430.600 FMC US Finance II, Inc. 2011 $ 400.000 September 15, 2018 6,50% $ 397.275 $ 395.678 FMC US Finance II, Inc. 2012 $ 800.000 July 31, 2019 5,625% $ 797.560 $ 796.505 FMC Finance VIII S.A. 2012 € 250.000 July 31, 2019 5,25% $ 262.464 $ 270.655 FMC US Finance II, Inc. 2014 $ 500.000 October 15, 2020 4,125% $ 496.798 $ 495.944 FMC US Finance, Inc. 2011 $ 650.000 February 15, 2021 5,75% $ 643.708 $ 642.167 FMC Finance VII S.A. 2011 € 300.000 February 15, 2021 5,25% $ 314.235 $ 324.045 FMC US Finance II, Inc. 2012 $ 700.000 January 31, 2022 5,875% $ 696.834 $ 696.086 FMC US Finance II, Inc. 2014 $ 400.000 October 15, 2024 4,75% $ 396.839 $ 396.431 $ 4.923.476 $ 5.325.618 (1) This note carried a variable interest rate which was 3.21% at the last interest fixing. |
Long-term debt future payments | 2017 $ 764.300 2018 1.064.456 2019 3.178.459 2020 930.017 2021 972.874 Thereafter 1.115.424 $ 8.025.530 |
Accounts Receiable Facility | Maximum Amount Available (1) Balance Outstanding (2) 2016 2015 2016 2015 Accounts Receivable Facility $ 800.000 $ 800.000 $ 175.000 $ 51.000 (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, 2016 | |
Employee Benefit Plans (Tables) [Abstract] | |
Schedule of changes in the benefit obligation | 2016 2015 Change in benefit obligation: Benefit obligation at beginning of year $ 822.626 $ 877.722 Foreign currency translation (15.151) (40.646) Other Adjustments - 11.772 Service cost 25.335 25.825 Interest cost 29.330 28.016 Amendments - (410) Transfer of plan participants 31 (102) Actuarial (gain) loss 36.757 (56.250) Benefits paid (34.008) (23.163) Curtailments and settlements (9.059) (138) $ 855.861 $ 822.626 Change in plan assets: Fair value of plan assets at beginning of year $ 260.260 $ 270.858 Foreign currency translation (3) - Other Adjustments - 102 Actual return on plan assets 13.225 (11.158) Employer contributions 110.565 20.098 Benefits paid (30.707) (19.640) Settlements (9.005) - Fair value of plan assets at end of year 344.335 260.260 Funded status at end of year $ 511.526 $ 562.366 Benefit plans offered by other subsidiaries $ 35.550 $ 30.059 Net Pension Liability $ 547.076 $ 592.425 |
Schedule of pre-tax adjustments reflecting actuarial losses (gains) | Actuarial (gains) losses Actuarial (gains) losses recognized in OCI at December 31, 2013 $ 222.967 Actuarial (gain) loss for the year 253.969 Prior Service Costs (Credit) (17.147) Amortization of unrealized losses (21.661) Actuarial (gains) losses recognized in OCI at December 31, 2014 $ 438.128 Actuarial (gain) loss for the year (28.687) Other Adjustments 1.167 Prior Service Costs (Credit) (503) Amortization of unrealized losses (34.625) Foreign currency translation (19.186) Actuarial (gains) losses recognized in OCI at December 31, 2015 $ 356.294 Actuarial (gain) loss for the year 39.014 Prior Service Costs (Credit) 55 Amortization of unrealized losses (30.811) Foreign currency translation (6.794) Actuarial (gains) losses recognized in OCI at December 31, 2016 $ 357.758 |
Schedule of weighted-average assumptions used in calculating benefit obligation | in % 2016 2015 Discount rate 3,25 3,67 Rate of compensation increase 3,23 3,27 |
Schedule of the components of net periodic benefit cost | 2016 2015 2014 Components of net periodic benefit cost: Service cost $ 25.335 $ 25.825 $ 18.617 Interest cost 29.330 28.016 29.513 Expected return on plan assets (15.482) (16.405) (16.169) Amortization of unrealized losses 30.811 34.625 17.147 Amortization of prior service cost (credit) (55) 94 - Settlement loss (gain) (54) (138) - Net periodic benefit costs $ 69.885 $ 72.017 $ 49.108 |
Shedule of weighted average assumptions used in calculating net periodic cost | in % 2016 2015 2014 Discount rate 3,67 3,21 4,55 Expected return of plan assets 6,00 6,00 6,00 Rate of compensation increase 3,27 3,26 3,29 |
Schedule of estimated future benefit payments | 2017 $ 23.145 2018 24.496 2019 26.411 2020 28.617 2021 30.635 2022 - 2026 182.971 |
Schedule of fair value of plan assets by measurement | Fair Value Measurements at 2016 Fair Value Measurements at 2015 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) $ 85.448 $ (2.102) $ 87.550 $ 64.828 $ 98 $ 64.730 Fixed Income Investments Government Securities (2) 2.502 1.902 600 4.815 4.269 546 Corporate Bonds (3) 220.318 - 220.318 169.717 - 169.717 Other Bonds (4) 5.628 - 5.628 7.794 - 7.794 U.S. Treasury Money Market Funds (5) 30.337 30.337 - 13.003 13.003 - Other types of investments Cash, Money Market and Mutual Funds (6) 102 102 - 103 103 - Total $ 344.335 $ 30.239 $ 314.096 $ 260.260 $ 17.473 $ 242.787 (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. |
Sensitivity Analysis for Pensions | 0.5% increase 0.5% decrease Discount rate $ (75.036) 86.517 Rate of compensation increase 12.286 (12.095) Rate of pensions increase 31.285 (28.276) |
Noncontrolling Interests Subj44
Noncontrolling Interests Subject To Put Provisions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Noncontrolling Interests Subject To Put Provisions (Tables) [Abstract] | |
Noncontrolling Interests Subject to Put Provisions | 2016 2015 2014 Beginning balance as of January 1, $ 1.023.755 $ 824.658 $ 648.251 Contributions to noncontrolling interests (187.354) (164.830) (142.696) Purchase/ sale of noncontrolling interests 57.707 7.915 87.902 Contributions from noncontrolling interests 32.259 16.749 16.064 Expiration of put provisions and other reclassifications (9.756) 5.206 (4.650) Changes in fair value of noncontrolling interests 138.112 178.003 89.767 Net income 182.102 159.127 133.593 Other comprehensive income (loss) (1.937) (3.073) (3.573) Ending balance as of December 31, $ 1.234.888 $ 1.023.755 $ 824.658 |
Shareholders' Equity (Table)
Shareholders' Equity (Table) | 12 Months Ended |
Dec. 31, 2016 | |
Shareholders Equity Table [Abstract] | |
Share Buyback [Table] | Period Average price paid per share Total number of shares purchased and retired as part of publicly announced plans or programs Total Value of Shares in € in $ (1) in € (3) in $ (2), (3) Purchase of Treasury Stock (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 Repurchased Treasury Stock 51,00 66,90 7.548.951 384.966 505.014 Retirement of repurchased Treasury Stock February 2016 51,00 66,90 6.549.000 333.973 438.119 Total 51,00 66,90 999.951 50.993 66.895 (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 dollars is calculated using the total value of the shares purchased in euro converted using the daily exchange rate for the transactions. The value of the shares retired in dollars is calculated using the average weighted price of the shares repurchased in 2013. (3) The amount of the shares repurchased 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, 2016 | |
Patient Service Revenues by Payor | |
Patient Service Revenue | 2016 2015 2014 Medicare program $ 5.413.652 $ 5.058.262 $ 4.677.053 Private/alternative payors 5.361.158 4.830.401 4.278.847 Medicaid and other government sources 619.419 538.077 433.092 Hospitals 1.018.176 915.184 568.859 Total patient service revenue $ 12.412.405 $ 11.341.924 $ 9.957.851 |
Earning Per Share (Tables)
Earning Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share (Tables) [Abstract] | |
Schedule of Earning per Share | 2016 2015 2014 Numerators: Net income attributable to shareholders of FMC-AG & Co. KGaA $ 1.243.267 $ 1.029.445 $ 1.045.266 Denominators: Weighted average number of shares outstanding 305.748.381 304.440.184 302.339.124 Potentially dilutive shares 509.363 479.851 528.772 Total weighted average shares outstanding assuming dilution 306.257.744 304.920.035 302.867.896 Basic earnings per share $ 4,07 $ 3,38 $ 3,46 Fully diluted earnings per share $ 4,06 $ 3,38 $ 3,45 |
Stock Options (Tables)
Stock Options (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Stock Options (Tables) [Abstract] | |
Schedule of share-based compensation arrangements by share-based payment award | Weighted Weighted average average Options exercise exercise (in thousands) price price Stock options for shares € $ Balance at December 31, 2015 8.737 58,75 61,93 Granted - - - Exercised 908 43,45 45,80 Forfeited 1.762 52,08 54,89 Balance at December 31, 2016 6.067 62,98 66,38 |
Schedule of fully vested options outstanding and exerciseable | Fully Vested Outstanding and Exercisable Options Weighted average Weighted Weighted Number remaining average average Aggregate Aggregate of contractual exercise exercise intrinsic intrinsic Options life in years price price value value (in thousands) € $ € $ Options for shares 1.162 2,02 49,68 52,37 35.759 37.694 |
Schedule of stock options fair value assumptions | 2015 Expected dividend yield 1,46% Risk-free interest rate 0,44% Expected volatility 22,32% Expected life of options 8 years Weighted average exercise price (in €) 77,06 Weighted average exercise price (in US-$) 83,89 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes (Tables) [Abstract] | |
Schedule of income before income taxes by jurisdiction | 2016 2015 2014 Germany $ 205.818 $ 134.193 $ 243.684 United States 1.626.406 1.440.040 1.262.570 Other 399.766 361.039 337.152 $ 2.231.990 $ 1.935.272 $ 1.843.406 |
Schedule of income tax benefit from continuing operations by jurisdiction | 2016 2015 2014 Current: Germany $ 56.037 $ 72.231 $ 72.613 United States 503.029 458.780 270.676 Other 142.037 138.588 141.291 701.103 669.599 484.580 Deferred: Germany (23.333) (45.813) (22.651) United States 21.813 (12.693) 152.423 Other (16.444) 11.030 (30.754) (17.964) (47.476) 99.018 $ 683.139 $ 622.123 $ 583.598 |
Schedule of income tax expense reconciliation | 2016 2015 2014 Expected corporate income tax expense $ 662.566 $ 573.228 $ 538.275 Tax-free income (38.008) (35.715) (44.658) Income from equity method investees (17.314) (14.272) (5.476) Tax rate differentials 145.801 126.263 148.294 Nondeductible expenses 37.251 36.406 25.161 Taxes for prior years (23.334) 19.969 (25.247) Change in valuation allowance 6.600 (2.571) 6.284 Noncontrolling partnership interests (116.818) (109.470) (81.594) Tax on divestitures - 14.953 - Other 26.395 13.332 22.559 Actual income tax expense $ 683.139 $ 622.123 $ 583.598 Effective tax rate 30,6% 32,1% 31,7% |
Schedule of components of deferred tax assets | 2016 2015 Deferred tax assets: Accounts receivable $ 12.543 $ 8.850 Inventories 12.585 11.503 Intangible assets 6.487 7.967 Property, plant and equipment and other non-current assets 25.461 28.476 Accrued expenses and other liabilities 352.999 372.365 Pension liabilities 114.564 151.732 Net operating loss carryforwards, tax credit carryforwards and interest carryforwards 171.294 131.640 Derivatives 5.784 1.317 Stock-based compensation 6.873 3.173 Other 24.403 4.018 Total deferred tax assets $ 732.993 $ 721.041 Less: valuation allowance (33.255) (34.654) Net deferred tax assets $ 699.738 $ 686.387 Deferred tax liabilities: Accounts receivable $ 26.480 $ 43.664 Inventories 7.208 8.318 Intangible assets 706.186 686.650 Property, plant and equipment and other non-current assets 166.129 129.835 Accrued expenses and other liabilities 16.231 5.575 Derivatives 10.353 5.488 Other 236.580 242.524 Total deferred tax liabilities 1.169.167 1.122.054 Net deferred tax assets (liabilities) $ (469.429) $ (435.667) |
Summary of operating loss carryforwards | 2017 $ 23.808 2018 24.033 2019 21.179 2020 34.464 2021 15.619 2022 16.056 2023 13.597 2024 14.297 2025 13.616 2026 and thereafter 21.825 Without expiration date 91.442 Total $ 289.936 |
Summary of income tax contingencies | Unrecognized tax benefits (excluding interest) 2016 2015 2014 Balance at January 1, $ 149.289 $ 166.108 $ 199.924 Increases in unrecognized tax benefits prior periods 27.802 30.973 35.584 Decreases in unrecognized tax benefits prior periods (38.707) (20.244) (21.143) Increases in unrecognized tax benefits current period 2.287 - 12.600 Changes related to settlements with tax authorities (22.401) (6.762) (60.872) Reductions as a result of a lapse of the statute of limitations - (1.300) - Foreign currency translation (298) (19.486) 15 Balance at December 31, $ 117.972 $ 149.289 $ 166.108 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Operating Leases (Tables) [Abstract] | |
Schedule of the future minimum lease payments due | 2017 $ 740.438 2018 641.122 2019 559.252 2020 476.878 2021 395.448 Thereafter 1.360.906 4.174.044 |
Financial Instrument (Tables)
Financial Instrument (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Financial Instruments (Tables) [Abstract] | |
Non-Derivative Financial Instruments | 2016 2015 Fair Value Carrying Fair Carrying Fair Hierarchy Amount Value Amount Value Assets Cash and cash equivalents 1 $ 747.233 $ 747.233 $ 549.500 $ 549.500 Trade accounts receivable (1) 2 3.540.124 3.540.124 3.303.456 3.303.456 Accounts receivable from related parties 2 220.797 220.797 218.285 218.285 Available for sale financial assets (2) 1 270.310 270.310 275.770 275.770 Other financial assets (2) 2 442.163 442.163 376.035 376.035 Liabilities Accounts payable (1) 2 $ 606.800 $ 606.800 $ 627.828 $ 627.828 Accounts payable to related parties 2 278.355 278.355 153.023 153.023 Other current financial liabilities (3) 2 1.351.590 1.351.590 1.330.283 1.330.283 Short-term debt (4) 2 605.656 605.745 128.304 128.304 Long term debt, excluding Amended 2012 Credit Agreement, Senior Notes and Convertible Bonds 2 275.612 276.647 172.919 172.919 Amended 2012 Credit Agreement 2 2.365.522 2.370.539 2.611.580 2.625.591 Senior Notes 2 4.923.476 5.317.087 5.325.618 5.782.937 Convertible Bonds 2 401.333 529.087 407.705 546.057 Variable payments outstanding for acquisitions (3) 3 235.596 235.596 55.660 55.660 Noncontrolling interests subject to put provisions 3 1.234.888 1.234.888 1.023.755 1.023.755 (1) Includes long-term trade accounts receivable and payable, which are included in "Other assets" and "Other liabilities" in the Consolidated Balance Sheets. (2) Included in "Prepaid expenses and other current assets" and "Other assets" in the Consolidated Balance Sheets. (3) Included in "Accrued expenses and other current liabilities" and "Other liabilities" in the Consolidated Balance Sheets. (4) Also includes amounts from related parties. |
Derivative Financial Instruments Valuation | 2016 2015 Assets (2) Liabilities (2) Assets (2) Liabilities (2) Derivatives in cash flow hedging relationships (1) Current Foreign exchange contracts 2.127 (4.323) 3.114 (2.921) Interest rate contracts - - - (1.637) Non-current Foreign exchange contracts 18 (80) 171 (127) Interest rate contracts - (1.491) - (961) Total $ 2.145 $ (5.894) $ 3.285 $ (5.646) Derivatives not designated as hedging instruments (1) Current Foreign exchange contracts 39.785 (22.574) 23.908 (7.056) Non-current Foreign exchange contracts - (125) 1.062 (65) Derivatives embedded in the Convertible Bonds - (99.785) - (115.990) Share Options to secure the Convertible Bonds 99.785 - 115.990 - Total $ 139.570 $ (122.484) $ 140.960 $ (123.111) (1) At December 31, 2016 and December 31, 2015, 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, 2016 2015 (Effective Portion) 2016 2015 Interest rate contracts $ 1.162 $ 11.817 Interest income/expense $ 29.150 $ 28.355 Foreign exchange contracts (2.664) 2.273 Costs of Revenue 147 17.686 $ (1.502) $ 14.090 $ 29.297 $ 46.041 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 2016 2015 Foreign exchange contracts Selling, general and administrative expense $ (2.335) $ (61.328) Foreign exchange contracts Interest income/expense 3.251 8.196 Derivatives embedded in the Convertible Bonds Interest income/expense (13.146) 58.105 Share Options to secure the Convertible Bonds Interest income/expense 13.146 (58.105) $ 916 $ (53.132) |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 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 $ 14.090 $ (4.511) $ 9.579 $ - $ 9.579 Reclassification adjustments 46.041 (12.557) 33.484 - 33.484 Total other comprehensive income (loss) relating to cash flow hedges 60.131 (17.068) 43.063 - 43.063 Foreign currency translation adjustment (347.164) - (347.164) (4.961) (352.125) Defined benefit pension plans: Actuarial (loss) gain on defined benefit pension plans 47.209 (13.434) 33.775 - 33.775 Reclassification adjustments 34.625 (12.851) 21.774 - 21.774 Total other comprehensive income (loss) relating to defined benefit pension plans 81.834 (26.285) 55.549 - 55.549 Other comprehensive income (loss) $ (205.199) $ (43.353) $ (248.552) $ (4.961) $ (253.513) Year ended December 31, 2016 Other comprehensive income (loss) relating to cash flow hedges: Changes in fair value of cash flow hedges during the period $ (1.502) $ 627 $ (875) $ - $ (875) Reclassification adjustments 29.297 (8.419) 20.878 - 20.878 Total other comprehensive income (loss) relating to cash flow hedges 27.795 (7.792) 20.003 - 20.003 Foreign currency translation adjustment 2.726 - 2.726 (1.446) 1.280 Defined benefit pension plans: Actuarial (loss) gain on defined benefit pension plans (32.275) 7.416 (24.859) - (24.859) Reclassification adjustments 30.811 (11.398) 19.413 - 19.413 Total other comprehensive income (loss) relating to defined benefit pension plans (1.464) (3.982) (5.446) - (5.446) Other comprehensive income (loss) $ 29.057 $ (11.774) $ 17.283 $ (1.446) $ 15.837 |
Other Comprehensive Income (L53
Other Comprehensive Income (Loss) (Tables 1) | 12 Months Ended |
Dec. 31, 2016 | |
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, 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 9.579 33.775 (347.164) (303.810) (4.961) (308.771) Amounts reclassified from AOCI 33.484 21.774 - 55.258 - 55.258 Other comprehensive income (loss) after reclassifications 43.063 55.549 (347.164) (248.552) (4.961) (253.513) Balance at December 31, 2015 $ (60.214) $ (226.470) $ (1.049.611) $ (1.336.295) $ (10.222) $ (1.346.517) Other comprehensive income (loss) before reclassifications (875) (24.859) 2.726 (23.008) (1.446) (24.454) Amounts reclassified from AOCI 20.878 19.413 - 40.291 - 40.291 Other comprehensive income (loss) after reclassifications 20.003 (5.446) 2.726 17.283 (1.446) 15.837 Balance at December 31, 2016 $ (40.211) $ (231.916) $ (1.046.885) $ (1.319.012) $ (11.668) $ (1.330.680) |
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 2016 2015 2014 (Gain) Loss related to cash flow hedges Interest rate contracts $ 29.150 $ 28.355 $ 26.571 Interest income/expense Foreign exchange contracts 147 17.686 2.549 Costs of Revenue 29.297 46.041 29.120 Total before tax (8.419) (12.557) (8.385) Tax expense or benefit $ 20.878 $ 33.484 $ 20.735 Net of tax Actuarial (Gain) Loss on defined benefit pension plans Amortization of unrealized (gain) loss $ 30.811 $ 34.625 $ 17.147 (1) 30.811 34.625 17.147 Total before tax (11.398) (12.851) (6.347) Tax expense or benefit $ 19.413 $ 21.774 $ 10.800 Net of tax Total reclassifications for the period $ 40.291 $ 55.258 $ 31.535 Net of tax (1) Included in the computation of net periodic pension cost (see Note 10 for additional details). |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 2016 Revenue external customers $ 12.885.879 $ 2.666.644 $ 1.631.717 $ 712.150 $ 17.896.390 $ 14.397 $ 17.910.787 Inter - segment revenue 3.437 - 34 267 3.738 (3.738) - Revenue 12.889.316 2.666.644 1.631.751 712.417 17.900.128 10.659 17.910.787 Operating income 2.119.297 524.181 319.076 65.849 3.028.403 (390.880) 2.637.523 Depreciation and amortization (430.824) (120.791) (48.196) (17.242) (617.053) (158.892) (775.945) Income (loss) from equity method investees 64.806 (2.919) 1.519 1.502 64.908 - 64.908 Total assets 18.255.288 3.785.602 1.863.441 729.193 24.633.524 2.300.418 26.933.942 thereof investments in equity method investees 324.860 221.054 106.900 26.428 679.242 - 679.242 Capital expenditures, acquisitions and investments (1) 916.354 310.568 53.795 45.477 1.326.194 281.379 1.607.573 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 (2) 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 (3) 17.269.258 3.293.600 1.727.495 604.667 22.895.020 2.470.234 25.365.254 thereof investments in equity method investees 288.956 220.610 109.347 25.796 644.709 - 644.709 Capital expenditures, acquisitions and investments (4) 709.503 174.229 48.949 50.549 983.230 286.523 1.269.753 2014 (5) 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 (6), (7) 16.701.657 3.574.076 1.819.394 714.752 22.809.879 2.359.699 25.169.578 thereof investments in equity method investees 291.118 238.604 119.428 27.672 676.822 - 676.822 Capital expenditures, acquisitions and investments (8) 2.006.585 210.509 128.480 74.135 2.419.709 290.976 2.710.685 (1) North America, EMEA, Asia-Pacific, Latin America and Corporate acquisitions exclude $22,870, $235,627, $7,790, $5,526 and $7,654, respectively, of non-cash acquisitions for 2016. (2) 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. (3) Deferred taxes which were classified as current at December 31, 2015 have been reclassified to non-current in accordance with Accounting Standards Update 2015-17, Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes. Deferred taxes previously recorded in 2015 within current assets and liabilities have been reclassified to non-current assets and liabilities in the amount of $216,127 and $36,399, respectively. As a result of deferred tax netting, non-current assets and liabilities were then adjusted in the amount of $168,232. (4) 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. (5) 2014 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. (6) At December 31, 2014 debt issuance costs in the amount of $66,120 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. (7) Deferred taxes which were classified as current at December 31, 2014 have been reclassified to non-current in accordance with Accounting Standards Update 2015-17, Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes. Deferred taxes previously recorded in 2014 within current assets and liabilities have been reclassified to non-current assets and liabilities in the amount of $245,354 and $34,787, respectively. As a result of deferred tax netting, non-current assets and liabilities were then adjusted in the amount of $211,403. (8) 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. |
Schedule of revenue from external customers | Germany North America Rest of the World Total 2016 Revenue external customers $ 421.604 $ 12.885.879 $ 4.603.304 $ 17.910.787 Long-lived assets 907.921 15.227.607 3.181.818 19.317.346 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 |
Supplementary Cash Flow Infor55
Supplementary Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Supplementary Cash Flow Information (Tables) [Abstract] | |
Cash Flow Supplemental [Text Block] | 2016 2015 2014 Supplementary cash flow information: Cash paid for interest $ 387.125 $ 381.212 $ 379.978 Cash paid for income taxes (1) $ 598.916 $ 547.401 $ 689.954 Cash inflow for income taxes from stock option exercises (2) $ 8.887 $ 18.073 $ 8.529 Supplemental disclosures of cash flow information: Details for acquisitions: Assets acquired $ (877.706) $ (216.023) $ (2.505.027) Liabilities assumed 125.623 34.841 450.808 Noncontrolling interest subject to put provisions 48.292 7.622 95.015 Noncontrolling interest 15.992 983 328.997 Non-cash consideration 244.458 69.233 18.253 Cash paid (443.341) (103.344) (1.611.954) Less cash acquired 22.869 3.193 132.433 Net cash paid for acquisitions (420.472) (100.151) (1.479.521) Cash paid for investments (143.637) (184.101) (274.913) Cash paid for intangible assets (13.472) (32.558) (24.624) Total cash paid for acquisitions and investments, net of cash acquired, and purchases of intangible assets $ (577.581) $ (316.810) $ (1.779.058) (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, 2016, 2015 and 2014 was $6,427, $13,451 and $4,056, respectively. |
Supplemental Condensed Combin56
Supplemental Condensed Combining Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Condensed Combining Information (Tables) [Abstract] | |
Income statement information segregated by issuers and guarantors | For the year ended December 31, 2016 Issuer Guarantors FMC US Finance FMC - AG & Co. KGaA D-GmbH FMCH Non-Guarantor Subsidiaries Combining Adjustment Combined Total Revenue $ - $ - $ 1.930.408 $ - $ 19.269.789 $ (3.289.410) $ 17.910.787 Cost of revenue - - 1.218.268 - 14.162.753 (3.249.876) 12.131.145 Gross profit - - 712.140 - 5.107.036 (39.534) 5.779.642 Operating (income) expenses: Selling, general and administrative (1) - 150.457 225.873 23.507 2.557.983 21.935 2.979.755 Research and development - - 90.490 - 72.598 (724) 162.364 Operating income (loss) - (150.457) 395.777 (23.507) 2.476.455 (60.745) 2.637.523 Other (income) expense: Interest, net (7.152) 181.102 (3.925) 235.053 455 - 405.533 Other, net - (1.631.682) 299.545 (1.006.195) - 2.338.332 - Income (loss) before income taxes 7.152 1.300.123 100.157 747.635 2.476.000 (2.399.077) 2.231.990 Income tax expense (benefit) 2.625 56.856 118.090 (102.002) 909.834 (302.264) 683.139 Net income (loss) 4.527 1.243.267 (17.933) 849.637 1.566.166 (2.096.813) 1.548.851 Net income attributable to noncontrolling interests - - - - 305.584 - 305.584 Net income (loss) attributable to shareholders of FMC-AG & Co. KGaA $ 4.527 $ 1.243.267 $ (17.933) $ 849.637 $ 1.260.582 $ (2.096.813) $ 1.243.267 (1) Selling, general and administrative is presented net of income from 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 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. |
Balance sheet information segregated by issuers and guarantors | At December 31, 2016 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 $ 0 $ 38.207 $ 988 $ - $ 1.012.927 $ (304.889) $ 747.233 Trade accounts receivable, less allowance for doubtful accounts - - 152.040 - 3.372.856 (638) 3.524.258 Accounts receivable from related parties 1.266.328 1.867.405 994.691 2.344.048 4.124.502 (10.376.177) 220.797 Inventories - - 238.215 - 1.353.960 (182.341) 1.409.834 Prepaid expenses and other current assets - 80.201 49.939 183 1.238.146 43.364 1.411.833 Total current assets 1.266.328 1.985.813 1.435.873 2.344.231 11.102.391 (10.820.681) 7.313.955 Property, plant and equipment, net - 649 274.042 - 3.601.302 (102.780) 3.773.213 Intangible assets - 657 44.528 - 796.804 5.209 847.198 Goodwill - - 52.908 - 13.613.538 - 13.666.446 Deferred taxes - 105.601 49.495 - 166.127 (118.385) 202.838 Other assets and notes receivables (1) - 14.297.824 36.194 14.515.756 7.471.030 (35.190.512) 1.130.292 Total assets $ 1.266.328 $ 16.390.544 $ 1.893.040 $ 16.859.987 $ 36.751.192 $ (46.227.149) $ 26.933.942 Current liabilities: Accounts payable $ - $ 1.275 $ 25.315 $ - $ 580.104 $ - $ 606.694 Accounts payable to related parties - 361.658 808.527 1.672.266 6.761.341 (9.325.437) 278.355 Accrued expenses and other current liabilities 29.771 39.189 126.974 150.676 2.309.043 (2.468) 2.653.185 Short-term borrowings - 844.800 - - 100.788 (343.094) 602.494 Short-term borrowings from related parties - 1.310.482 - - - (1.307.320) 3.162 Current portion of long-term debt and capital lease obligations 502.671 25.298 1.284 200.000 34.145 - 763.398 Income tax payable - 10.410 - - 119.599 - 130.009 Total current liabilities 532.442 2.593.112 962.100 2.022.942 9.905.020 (10.978.319) 5.037.297 Long term debt and capital lease obligations, less current portion 650.000 628.551 4.563 1.896.451 6.423.443 (2.400.463) 7.202.545 Long term borrowings from related parties - 2.204.248 - 3.246.515 - (5.450.763) - Other liabilities - 102.595 3.862 410.454 103.597 38.334 658.842 Pension liabilities - 20.090 381.788 - 175.137 (36.748) 540.267 Income tax payable 976 33.226 - - (2.368) 92.742 124.576 Deferred taxes - - - - 703.018 (30.751) 672.267 Total liabilities 1.183.418 5.581.822 1.352.313 7.576.362 17.307.847 (18.765.968) 14.235.794 Noncontrolling interests subject to put provisions and other temporary equity - - - - 1.241.088 - 1.241.088 Total FMC-AG & Co. KGaA shareholders' equity 82.910 10.808.722 540.727 9.283.625 17.553.919 (27.461.181) 10.808.722 Noncontrolling interests not subject to put provisions - - - - 648.338 - 648.338 Total equity 82.910 10.808.722 540.727 9.283.625 18.202.257 (27.461.181) 11.457.060 Total liabilities and equity $ 1.266.328 $ 16.390.544 $ 1.893.040 $ 16.859.987 $ 36.751.192 $ (46.227.149) $ 26.933.942 (1) Other assets and notes receivables are presented net of investment in equity method investees. 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 Total current assets 1.266.559 1.077.799 1.124.555 2.435.959 10.130.384 (9.266.809) 6.768.447 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 - 91.392 27.626 - 221.211 (151.396) 188.833 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 $ 15.121.906 $ 1.564.751 $ 15.692.047 $ 33.744.969 $ (42.024.978) $ 25.365.254 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 Total current liabilities 29.771 2.149.963 638.371 1.883.917 8.870.620 (9.423.196) 4.149.446 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 - - - - 693.815 (69.315) 624.500 Total liabilities 1.188.175 5.234.764 955.154 7.166.344 16.351.194 (17.054.745) 13.840.886 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 $ 15.121.906 $ 1.564.751 $ 15.692.047 $ 33.744.969 $ (42.024.978) $ 25.365.254 (1) Other assets and notes receivables are presented net of investment in equity method investees. |
Statement of cash flows information segregated by issuers and guarantors | For the year ended December 31, 2016 Issuer Guarantors FMC US Finance FMC - AG & Co. KGaA D-GmbH FMCH Non-Guarantor Subsidiaries Combining Adjustment Combined Total Operating Activities: Net income (loss) $ 4.527 $ 1.243.267 $ (17.933) $ 849.637 $ 1.566.166 $ (2.096.813) $ 1.548.851 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity affiliate income - (393.220) - (1.006.195) - 1.399.415 - Depreciation and amortization - 1.251 66.502 - 738.307 (30.115) 775.945 Change in deferred taxes, net - (26.327) (8.431) - 37.690 (8.560) (5.628) (Gain) loss on sale of fixed assets and investments - (346) 3.148 - (5.119) - (2.317) (Gain) loss on investments - (67.509) 5.728 - - 61.781 - (Write Up) write-off loans from related parties - 33.940 2.113 - - (36.053) - Compensation expense related to stock options - 25.691 - - 4.485 - 30.176 Investments in equity method investees, net - - - - (58.608) - (58.608) Changes in assets and liabilities, net of amounts from businesses acquired: Trade accounts receivable, net - - (13.141) - (230.566) 1.418 (242.289) Inventories - - (8.889) - (94.250) 36.471 (66.668) Prepaid expenses and other current and non-current assets - 60.145 10.466 106.963 (156.916) 33.093 53.751 Accounts receivable from / payable to related parties (28) (1.083.344) 7.812 150.463 274.202 705.103 54.208 Accounts payable, accrued expenses and other current and non-current liabilities - (35.530) 44.870 2.506 34.060 (177) 45.729 Income tax payable 175 12.007 - (102.002) 129.680 (33.128) 6.732 Net cash provided by (used in) operating activities 4.674 (229.975) 92.245 1.372 2.239.131 32.435 2.139.882 Investing Activities: Purchases of property, plant and equipment - (383) (68.659) - (994.311) 33.361 (1.029.992) Proceeds from sale of property, plant and equipment - 86 546 - 17.030 - 17.662 Disbursement of loans to related parties - 104.036 - 365.016 - (469.052) - Acquisitions and investments, net of cash acquired, and purchases of intangible assets - (148.005) (885) (200) (576.467) 147.976 (577.581) Proceeds from divestitures - 80.115 - - 192.267 (61.798) 210.584 Net cash provided by (used in) investing activities - 35.849 (68.998) 364.816 (1.361.481) (349.513) (1.379.327) Financing Activities: Short-term debt, net - 486.259 (27.900) - 380.832 (343.094) 496.097 Long-term debt and capital lease obligations, net (4.676) (26.566) 552 241.012 (1.409.956) 469.052 (730.582) Increase (decrease) of accounts receivable securitization program - - - - 124.000 - 124.000 Proceeds from exercise of stock options - 44.018 - - 5.047 - 49.065 Dividends paid - (277.176) - - (20.786) 20.786 (277.176) Capital increase (decrease) - - - (607.200) 741.307 (134.107) - Distributions to noncontrolling interest - - - - (325.762) - (325.762) Contributions from noncontrolling interest - - - - 79.597 - 79.597 Net cash provided by (used in) financing activities (4.676) 226.535 (27.348) (366.188) (425.721) 12.637 (584.761) Effect of exchange rate changes on cash and cash equivalents - 5.350 34 - 16.555 - 21.939 Cash and Cash Equivalents: Net increase (decrease) in cash and cash equivalents (2) 37.759 (4.067) - 468.484 (304.441) 197.733 Cash and cash equivalents at beginning of period 2 448 5.055 - 544.443 (448) 549.500 Cash and cash equivalents at end of period $ 0 $ 38.207 $ 988 $ - $ 1.012.927 $ (304.889) $ 747.233 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 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 |
Comprehensive income statement information segregated by issuer | For the year ended December 31, 2016 Issuer Guarantors Non-Guarantor Subsidiaries Combining Adjustment Combined Total FMC US Finance FMC - AG & Co. KGaA D-GmbH FMCH Net Income $ 4.527 $ 1.243.267 $ (17.933) $ 849.637 $ 1.566.166 $ (2.096.813) $ 1.548.851 Gain (loss) related to cash flow hedges - 30.311 1.412 - (3.928) - 27.795 Actuarial gain (loss) on defined benefit pension plans - (2.686) (39.547) 45.479 (4.710) - (1.464) Gain (loss) related to foreign currency translation - 77.047 (16.128) - (83.079) 23.440 1.280 Income tax (expense) benefit related to components of other comprehensive income - (9.501) (12.161) 17.941 (8.053) - (11.774) Other comprehensive income (loss), net of tax - 95.171 (66.424) 63.420 (99.770) 23.440 15.837 Total comprehensive income $ 4.527 $ 1.338.438 $ (84.357) $ 913.057 $ 1.466.396 $ (2.073.373) $ 1.564.688 Comprehensive income attributable to noncontrolling interests - - - - - 304.138 304.138 Comprehensive income attributable to shareholders of FMC-AG & Co. KGaA $ 4.527 $ 1.338.438 $ (84.357) $ 913.057 $ 1.466.396 $ (2.377.511) $ 1.260.550 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 4.267 - 81.834 Gain (loss) related to foreign currency translation - (46.797) (63.961) - (258.491) 17.124 (352.125) Income tax (expense) benefit related to components of other comprehensive income - (12.251) (15.869) (8.586) (6.647) - (43.353) 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 |
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts (Table) | 12 Months Ended |
Dec. 31, 2016 | |
Allowance for Doubtful Accounts Table [Abstract] | |
Development of Allowance [Table] | Development of allowance for doubtful accounts 2016 2015 2014 Allowance for doubtful accounts as of January 1 $ 465.790 $ 418.508 $ 413.165 Change in valuation allowances as recorded in the consolidated statements of income 477.045 440.284 325.451 Write-offs and recoveries of amounts previously written-off (433.713) (381.087) (309.058) Foreign currency translation (560) (11.915) (11.050) Allowance for doubtful accounts as of December 31 $ 508.562 $ 465.790 $ 418.508 |
The Company and Basis of Pres58
The Company and Basis of Presentation (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Variable Interest Entity [Line Items] | |||
Trade accounts receivable | $ 3,524,258,000 | $ 3,285,196,000 | |
Goodwill | 13,666,446,000 | 13,032,750,000 | $ 13,082,180,000 |
Equity | 10,808,722,000 | 9,887,142,000 | |
Variable Interest Entity [Member] | |||
Variable Interest Entity [Line Items] | |||
Trade accounts receivable | 80,080,000 | 97,326,000 | |
Other current assets | 85,948,000 | 80,596,000 | |
Property, plant and equipment, intangible assets and other noncurrent assets | 57,306,000 | 60,155,000 | |
Goodwill | 31,931,000 | 31,995,000 | |
Accounts payable, accrued expenses and other liabilities | 191,223,000 | 204,126,000 | |
Noncurrent loans to related parties | 54,301,000 | 41,151,000 | |
Equity | $ 9,741,000 | $ 24,795,000 |
Related Party Transactions (Det
Related Party Transactions (Details) | 12 Months Ended | ||||
Dec. 31, 2016EUR (€) | Dec. 31, 2016USD ($) | Dec. 31, 2015EUR (€) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Related Party Transactions [Line Items] | |||||
FSE ownership percentage | 30.82% | 30.82% | |||
Amount of transaction | $ 400,000,000 | $ 400,000,000 | |||
Due to related parties | 278,355,000 | 153,023,000 | |||
Accounts receivable from related parties | 220,797,000 | 218,285,000 | |||
Sales To Related Party [Member] | Services [Member] | |||||
Related Party Transactions [Line Items] | |||||
Amount of transaction | 22,956,000 | 31,785,000 | $ 26,247,000 | ||
Sales To Related Party [Member] | Products [Member] | |||||
Related Party Transactions [Line Items] | |||||
Amount of transaction | 25,848,000 | 25,925,000 | 63,918,000 | ||
Purchases From Related Party [Member] | Services [Member] | |||||
Related Party Transactions [Line Items] | |||||
Amount of transaction | 104,384,000 | 96,162,000 | 94,044,000 | ||
Purchases From Related Party [Member] | Lease Agreements [Member] | |||||
Related Party Transactions [Line Items] | |||||
Amount of transaction | 25,671,000 | 24,281,000 | 27,943,000 | ||
Purchases From Related Party [Member] | Products [Member] | |||||
Related Party Transactions [Line Items] | |||||
Amount of transaction | 458,955,000 | 312,506,000 | 72,338,000 | ||
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 | 7,264,000 | ||||
Accounts receivable from related parties | 3,647,000 | 12,706,000 | |||
Accounts Receivable with Related Party [Member] | Products [Member] | |||||
Related Party Transactions [Line Items] | |||||
Due to related parties | 12,021,000 | ||||
Accounts receivable from related parties | 8,378,000 | 8,774,000 | |||
Accounts Payable With Related Party [Member] | Services [Member] | |||||
Related Party Transactions [Line Items] | |||||
Amount of transaction | 3,065,000 | ||||
Annual compensation for assuming unlimited liability, amount of General Partner's invested capital | 3,065,000 | ||||
Accounts Payable With Related Party [Member] | Products [Member] | |||||
Related Party Transactions [Line Items] | |||||
Amount of transaction | 63,368,000 | ||||
Fresenius SE [Member] | |||||
Related Party Transactions [Line Items] | |||||
Amount of transaction | $ 38,206,000 | $ 15,786,000 | |||
Amount of transaction in Euros | € | € 36,245,000 | € 14,500,000 | |||
Interest rate | 0.771% | 0.771% | 0.97% | 0.97% | |
future minimum rental payments | $ 18,022,000 | $ 24,224,000 | |||
Fresenius SE [Member] | Operating Lease Agreements [Member] | |||||
Related Party Transactions [Line Items] | |||||
Amount of transaction | 121,844,000 | ||||
Amount of transaction in Euros | € | € 24,224,000 | ||||
Due to related parties | 121,844,000 | ||||
Fresenius SE [Member] | Sales To Related Party [Member] | Services [Member] | |||||
Related Party Transactions [Line Items] | |||||
Amount of transaction | 431,000 | 254,000 | 380,000 | ||
Fresenius SE [Member] | Sales To Related Party [Member] | Products [Member] | |||||
Related Party Transactions [Line Items] | |||||
Amount of transaction | 2,000 | 5,000 | 1,000 | ||
Fresenius SE [Member] | Purchases From Related Party [Member] | Services [Member] | |||||
Related Party Transactions [Line Items] | |||||
Amount of transaction | 22,381,000 | 20,262,000 | 21,788,000 | ||
Fresenius SE [Member] | Purchases From Related Party [Member] | Lease Agreements [Member] | |||||
Related Party Transactions [Line Items] | |||||
Amount of transaction | 10,488,000 | 9,621,000 | 10,554,000 | ||
Fresenius SE [Member] | Accounts Receivable with Related Party [Member] | |||||
Related Party Transactions [Line Items] | |||||
Amount of transaction | 208,589,000 | 131,252,000 | |||
Fresenius SE [Member] | Accounts Receivable with Related Party [Member] | Services [Member] | |||||
Related Party Transactions [Line Items] | |||||
Due to related parties | 3,185,000 | ||||
Accounts receivable from related parties | 139,000 | 422,000 | |||
Fresenius SE [Member] | Accounts Payable With Related Party [Member] | |||||
Related Party Transactions [Line Items] | |||||
Amount of transaction | 196,431,000 | 115,932,000 | |||
Fresenius SE [Member] | Accounts Payable With Related Party [Member] | Services [Member] | |||||
Related Party Transactions [Line Items] | |||||
Amount of transaction | 54,000 | ||||
Annual compensation for assuming unlimited liability, amount of General Partner's invested capital | 54,000 | ||||
Fresenius SE [Member] | Accounts Payable With Related Party [Member] | Products [Member] | |||||
Related Party Transactions [Line Items] | |||||
Amount of transaction | 5,046,000 | ||||
Annual compensation for assuming unlimited liability, amount of General Partner's invested capital | 63,368,000 | ||||
General Partner [Member] | |||||
Related Party Transactions [Line Items] | |||||
Amount of transaction | 1,581,000 | ||||
Amount of transaction in Euros | € | € 1,500,000 | ||||
Annual compensation for assuming unlimited liability, amount of General Partner's invested capital | $ 133,000 | 133,000 | 159,000 | ||
Interest rate, advances received | 1.054% | 1.054% | |||
Related party transaction amounts of transaction 2 | $ 1,581,000 | ||||
General partner management services | 22,663,000 | 16,940,000 | 25,511,000 | ||
General Partner [Member] | Compensation For Risk Exposure [Member] | |||||
Related Party Transactions [Line Items] | |||||
Due to related parties | 22,663,000 | ||||
Accounts receivable from related parties | 16,940,000 | ||||
General Partner [Member] | Accounts Receivable with Related Party [Member] | |||||
Related Party Transactions [Line Items] | |||||
Due to related parties | 486,000 | ||||
General partner management services | 183,000 | 486,000 | |||
General Partner [Member] | Accounts Payable With Related Party [Member] | |||||
Related Party Transactions [Line Items] | |||||
Due to related parties | 15,491,000 | 17,806,000 | |||
General partner management services | 15,491,000 | 183,000 | |||
Related Party Law Firm [Member] | |||||
Related Party Transactions [Line Items] | |||||
Amount of transaction | 1,392,000 | 958,000 | 1,957,000 | ||
Equity Method Investees [Member] | |||||
Related Party Transactions [Line Items] | |||||
Amount of transaction | 79,618,000 | 22,500,000 | |||
gain intangible | 11,137,000 | ||||
Equity Method Investees [Member] | Sales To Related Party [Member] | Services [Member] | |||||
Related Party Transactions [Line Items] | |||||
Amount of transaction | 19,457,000 | 23,369,000 | 17,911,000 | ||
Equity Method Investees [Member] | Purchases From Related Party [Member] | Products [Member] | |||||
Related Party Transactions [Line Items] | |||||
Amount of transaction | 410,927,000 | 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 | 2,641,000 | 10,180,000 | |||
Equity Method Investees [Member] | Accounts Receivable with Related Party [Member] | Products [Member] | |||||
Related Party Transactions [Line Items] | |||||
Due to related parties | 8,253,000 | ||||
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 | 58,322,000 | ||||
Fresenius SE Affiliate [Member] | |||||
Related Party Transactions [Line Items] | |||||
Amount of transaction | $ 8,749,000 | 9,036,000 | |||
Amount of transaction in Euros | € | € 8,300,000 | € 8,300,000 | |||
Interest rate | 5.25% | 5.25% | |||
future minimum rental payments | $ 128,436,000 | 16,215,000 | |||
Fresenius SE Affiliate [Member] | Operating Lease Agreements [Member] | |||||
Related Party Transactions [Line Items] | |||||
Amount of transaction | 22,250,000 | ||||
Amount of transaction in Euros | € | € 16,215,000 | ||||
Due to related parties | 22,250,000 | ||||
Fresenius SE Affiliate [Member] | Sales To Related Party [Member] | Services [Member] | |||||
Related Party Transactions [Line Items] | |||||
Amount of transaction | 3,068,000 | 8,162,000 | 7,956,000 | ||
Fresenius SE Affiliate [Member] | Sales To Related Party [Member] | Products [Member] | |||||
Related Party Transactions [Line Items] | |||||
Amount of transaction | 25,846,000 | 25,920,000 | 63,917,000 | ||
Fresenius SE Affiliate [Member] | Purchases From Related Party [Member] | Services [Member] | |||||
Related Party Transactions [Line Items] | |||||
Amount of transaction | 82,003,000 | 75,900,000 | 72,256,000 | ||
Fresenius SE Affiliate [Member] | Purchases From Related Party [Member] | Lease Agreements [Member] | |||||
Related Party Transactions [Line Items] | |||||
Amount of transaction | 15,183,000 | 14,660,000 | 17,389,000 | ||
Fresenius SE Affiliate [Member] | Purchases From Related Party [Member] | Products [Member] | |||||
Related Party Transactions [Line Items] | |||||
Amount of transaction | 48,028,000 | 37,166,000 | $ 44,754,000 | ||
Fresenius SE Affiliate [Member] | Accounts Receivable with Related Party [Member] | Services [Member] | |||||
Related Party Transactions [Line Items] | |||||
Due to related parties | 4,079,000 | ||||
Accounts receivable from related parties | 867,000 | 2,104,000 | |||
Fresenius SE Affiliate [Member] | Accounts Receivable with Related Party [Member] | Products [Member] | |||||
Related Party Transactions [Line Items] | |||||
Due to related parties | 3,768,000 | ||||
Accounts receivable from related parties | 8,378,000 | $ 8,774,000 | |||
Fresenius SE Affiliate [Member] | Accounts Payable With Related Party [Member] | Services [Member] | |||||
Related Party Transactions [Line Items] | |||||
Amount of transaction | 3,011,000 | ||||
Annual compensation for assuming unlimited liability, amount of General Partner's invested capital | 3,011,000 | ||||
Fresenius SE Affiliate [Member] | Accounts Payable With Related Party [Member] | Products [Member] | |||||
Related Party Transactions [Line Items] | |||||
Amount of transaction | 58,322,000 | ||||
Annual compensation for assuming unlimited liability, amount of General Partner's invested capital | $ 5,046,000 |
Inventories (Details)
Inventories (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Inventories (Details) [Abstract] | ||
Finished goods | $ 724,813,914 | $ 670,291,000 |
Raw materials and purchased components | 225,878,997 | 206,525,000 |
Health care supplies | 381,908,095 | 395,342,000 |
Work in process | 77,233,111 | 68,593,000 |
Inventories | 1,409,834,000 | $ 1,340,751,000 |
Inventories [Member] | ||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Due within one year | 442,024,000 | |
Purchase obligations under certain unconditional purchase agreements committed as of the balance sheet date | $ 213,338,000 |
Prepaid Expenses and Other Cu61
Prepaid Expenses and Other Current Assets (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Prepaid expenses and other current assets details [Abstract] | ||
available for sale financial assets | $ 264,310,000 | $ 271,952,000 |
insurance recoveries | 220,000,000 | 220,000,000 |
Cost report receivable from Medicare and Medicaid | 126,655,000 | 109,311,000 |
Payments on account | 88,549,000 | 37,016,000 |
other taxes receivable | 79,833,000 | 69,684,000 |
Other prepayments current | 68,648,000 | 63,210,000 |
Leases receivable | 57,483,000 | 53,117,000 |
Prepaid Rent | 57,394,000 | 51,651,000 |
Prepaid Taxes | 54,959,000 | 131,396,000 |
Rebate Receivable | 50,168,000 | 48,625,000 |
Derivative Instruments and Hedges, Assets | 41,913,000 | 27,021,000 |
Amounts due from managed locations | 28,863,000 | 20,888,000 |
Prepaid insurance | 17,491,000 | 21,848,000 |
Prepaid deposit | 15,913,000 | 15,276,000 |
Other deferred charges | 239,654,000 | 233,720,000 |
Total prepaid expenses and other current assets | $ 1,411,833,000 | $ 1,374,715,000 |
Property, Plant and Equipment62
Property, Plant and Equipment (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 8,162,108,000 | $ 7,408,582,000 | |
Accumulated depreciation | 4,388,895,000 | 3,983,008,000 | |
Property, plant and equipment, net | 3,773,213,000 | 3,425,574,000 | |
Depreciation expense | 657,518,000 | 606,964,000 | $ 600,845,000 |
Land and Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 68,560,000 | 65,076,000 | |
Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 3,159,699,000 | 2,758,018,000 | |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 4,379,553,000 | 4,070,878,000 | |
Assets Held under Capital Leases [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 88,079,000 | 69,179,000 | |
Accumulated depreciation | 43,198,000 | 32,339,000 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 466,217,000 | 445,431,000 | |
Assets Leased to Others [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 670,258,000 | $ 628,140,000 |
Intangible Assets and Goodwil63
Intangible Assets and Goodwill (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |||
2,017 | $ 117,315,000 | ||
2,018 | 111,578,000 | ||
2,019 | 109,232,000 | ||
2,020 | 101,705,000 | ||
2,021 | 98,582,000 | ||
Amortization Expense [Abstract] | |||
Amortization Of Intangible Assets | 118,427,000 | $ 110,359,000 | $ 98,483,000 |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 1,554,168,000 | 1,430,042,000 | |
Accumulated Amortization | (919,908,000) | (815,973,000) | |
Goodwill [Roll Forward] | |||
Goodwill | 13,032,750,000 | 13,082,180,000 | |
Goodwill acquired | 648,583,000 | 116,899,000 | |
Reclassifications | 3,163,000 | ||
Foreign Currency Translation Adjustment | (18,050,000) | (166,329,000) | |
Goodwill | 13,666,446,000 | 13,032,750,000 | 13,082,180,000 |
Indefinite Lived Intangible Assets [Line Items] | |||
Carrying Amount | 212,938,000 | 216,420,000 | |
Intangible Assets | 847,198,000 | 830,489,000 | |
Tradename [Member] | |||
Indefinite Lived Intangible Assets [Line Items] | |||
Carrying Amount | 209,441,000 | 209,404,000 | |
Management contracts [Member] | |||
Indefinite Lived Intangible Assets [Line Items] | |||
Carrying Amount | 3,497,000 | 7,016,000 | |
Segment North America(Member) | |||
Goodwill [Roll Forward] | |||
Goodwill | 11,223,579,000 | 11,180,954,000 | |
Goodwill acquired | 292,138,000 | 43,186,000 | |
Reclassifications | 3,163,000 | ||
Foreign Currency Translation Adjustment | (341,000) | (561,000) | |
Goodwill | 11,518,539,000 | 11,223,579,000 | 11,180,954,000 |
Segment EMEA (Member) | |||
Goodwill [Roll Forward] | |||
Goodwill | 943,972,000 | 1,018,881,000 | |
Goodwill acquired | 314,463,000 | 52,484,000 | |
Reclassifications | 0 | 4,867,000 | |
Foreign Currency Translation Adjustment | (20,331,000) | (132,260,000) | |
Goodwill | 1,238,104,000 | 943,972,000 | 1,018,881,000 |
Segment Asia Pacific (Member) | |||
Goodwill [Roll Forward] | |||
Goodwill | 373,574,000 | 365,351,000 | |
Goodwill acquired | 15,152,000 | 22,247,000 | |
Reclassifications | 0 | (2,774,000) | |
Foreign Currency Translation Adjustment | (825,000) | (11,250,000) | |
Goodwill | 387,901,000 | 373,574,000 | 365,351,000 |
Segment Latin America [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill | 79,275,000 | 100,824,000 | |
Goodwill acquired | (9,624,000) | (1,018,000) | |
Reclassifications | 0 | ||
Foreign Currency Translation Adjustment | 5,377,000 | (20,531,000) | |
Goodwill | 94,276,000 | 79,275,000 | 100,824,000 |
Reporting Segment Total [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill | 12,620,400,000 | 12,666,010,000 | |
Goodwill acquired | 631,377,000 | 116,899,000 | |
Reclassifications | 3,163,000 | 2,093,000 | |
Foreign Currency Translation Adjustment | (16,120,000) | (164,602,000) | |
Goodwill | 13,238,820,000 | 12,620,400,000 | 12,666,010,000 |
Corporates [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill | 412,350,000 | 416,170,000 | |
Goodwill acquired | 17,206,000 | ||
Reclassifications | 0 | (2,093,000) | |
Foreign Currency Translation Adjustment | (1,930,000) | (1,727,000) | |
Goodwill | 427,626,000 | 412,350,000 | $ 416,170,000 |
Noncompete Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 360,938,000 | 346,186,000 | |
Accumulated Amortization | (292,980,000) | (273,220,000) | |
Developed Technology Rights [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 176,893,000 | 106,510,000 | |
Accumulated Amortization | (64,440,000) | (57,821,000) | |
License and distribution agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 192,747,000 | 193,280,000 | |
Accumulated Amortization | (121,152,000) | (112,167,000) | |
Self-developed software [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 153,826,000 | 140,914,000 | |
Accumulated Amortization | (88,729,000) | (72,797,000) | |
Other intangible assets category [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 389,125,000 | 357,065,000 | |
Accumulated Amortization | (289,697,000) | (264,621,000) | |
Construction in Progress [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 18,873,000 | 23,333,000 | |
Customer Relationships Domain [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 261,766,000 | 262,754,000 | |
Accumulated Amortization | $ (62,910,000) | $ (35,347,000) |
Accrued Expenses and Other Cu64
Accrued Expenses and Other Current Liabilities (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Accrued Expenses And Other Liabilities (Details) [Abstract] | ||
Accrued salaries, wages and incentive plan compensations | $ 743,772,000 | $ 664,996,000 |
Unapplied cash and receivable credits | 411,495,000 | 395,817,000 |
Accrued settlement | 280,000,000 | 280,000,000 |
Accrued insurance | 263,484,000 | 225,845,000 |
Accrued Operating Expenses | 190,364,000 | 236,286,000 |
Accrued Leases | 122,402,000 | 105,469,000 |
Interest Accrual | 113,571,000 | 121,348,000 |
Witholding tax and VAT | 93,777,000 | 84,918,000 |
Accrued variable payments acquisition | 82,559,000 | 52,370,000 |
Derivative financial instruments | 26,897,000 | 11,614,000 |
Other | 324,864,000 | 324,474,000 |
Total accrued expenses and other current liabilities | $ 2,653,185,000 | $ 2,503,137,000 |
Short-term Borrowings and Oth65
Short-term Borrowings and Other Financial Liabilities and Short-term Borrowings from Related Parties (Details) | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2016EUR (€) | Dec. 31, 2016USD ($) | |
Short Term Borrowings Other Financial Liabilities And Short Term Borrowings From Related Parties (Details) [Abstract] | ||||
Borrowings under lines of credit | $ 109,230,000 | $ 93,829,000 | ||
Commercial Paper Program | 0 | 501,662,000 | ||
Other financial liabilities | 22,000 | 7,003,000 | ||
Short-term borrowings and other financial liabilities | 109,252,000 | 602,494,000 | ||
Short Term Borrowings Due To Related Parties Current | 19,052,000 | 3,162,000 | ||
Short-term borrowings, Other financial liabilities and Short-term borrowings from related parties | $ 128,304,000 | $ 605,656,000 | ||
Lines of credit weighted average interest rate | 6.38% | 6.49% | 6.49% | |
Other commercial bank agreements, amounts available | $ 222,888,000 | $ 242,407,000 | ||
Related Party Transaction [Line Items] | ||||
Related Party Transaction Amounts Of Transaction | $ 400,000,000 | 400,000,000 | ||
commercial paper | 1,054,100,000 | |||
Commercial paper Euro | € | € 1,000,000,000 | |||
Cash management system | 48,277,000 | 343,094,000 | ||
Commercial Paper Outstanding Euro | 476,000,000 | |||
Commercial Paper Outstanding Dollar | $ 501,752,000 | |||
Commercial Paper Average Rate | 0.00% | 0.00% | ||
Fresenius SE [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction Amounts Of Transaction | $ 38,206,000 | $ 15,786,000 | ||
Related Party Transaction Rate | 0.771% | 0.97% | ||
General Partner [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction Amounts Of Transaction | $ 1,581,000 |
Long-term Debt and Capital Le66
Long-term Debt and Capital Lease Obligations (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Senior Credit Agreement | $ 2,365,522,000 | $ 2,611,580,000 |
Senior Long Term Notes | 4,923,476,000 | 5,325,618,000 |
Equity Neutral Convertible Bond | 401,333,000 | 407,705,000 |
Accounts receivable facility | 173,965,000 | 50,185,000 |
Capital lease obligations | 46,143,000 | 40,621,000 |
Other | 55,504,000 | 82,113,000 |
Long-term debt and capital lease obligations | 7,965,943,000 | 8,517,822,000 |
Less current maturities | (763,398,000) | (664,335,000) |
Total long-term debt less current maturities | 7,202,545,000 | 7,853,487,000 |
Annual Payments [Abstract] | ||
2,017 | 764,300,000 | |
2,018 | 1,064,456,000 | |
2,019 | 3,178,459,000 | |
2,020 | 930,017,000 | |
2,021 | 972,874,000 | |
Thereafter | 1,115,424,000 | |
Total | 8,025,530,000 | |
Revolving Facility [Line Items] | ||
Letter of credit outstanding which reduces available borrowings under the revolving credit facility | 3,550,000 | 3,600,000 |
Long Term Debt Other Disclosures [Abstract] | ||
Pending payments of purchase considerations | 16,073,000 | 2,597,000 |
Pending Payments Current | 25,895,000 | 4,115,000 |
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 | 175,000,000 | 51,000,000 |
Line Of Credit Facility Increase Decrease Other Net ARF | $ 15,647,000 | $ 16,622,000 |
Accounts Receivable Facility | ||
Senior Notes [Line Items] | ||
Debt Instrument Interest Rate Stated Percentage | 1.00% | 0.89% |
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 | 463.804 | |
Effective interest rate | 1.72% | |
Revolving Facility [Line Items] | ||
Maximum amount available USD | $ 3,787,273,200 | $ 4,035,961,000 |
Balance outstanding USD | $ 2,375,820,200 | $ 2,625,591,000 |
Revolving Credit USD [Member] | ||
Credit Agreement [Line Items] | ||
Effective interest rate | 2.15% | 1.72% |
Revolving Facility [Line Items] | ||
Maximum amount available USD | $ 1,000,000,000 | $ 1,000,000,000 |
Balance outstanding USD | $ 10,187,000 | $ 25,110,000 |
Revolving Credit EUR [Member] | ||
Credit Agreement [Line Items] | ||
Effective interest rate | 1.25% | 1.38% |
Revolving Facility [Line Items] | ||
Maximum amount available USD | $ 421,640,000 | $ 435,480,000 |
USD Term Loan [Member] | ||
Revolving Facility [Line Items] | ||
Maximum amount available USD | 2,100,000,000 | 2,300,000,000 |
Balance outstanding USD | 2,100,000,000 | 2,300,000,000 |
EUR Term Loan [Member] | ||
Revolving Facility [Line Items] | ||
Maximum amount available USD | 265,633,200 | 300,481,000 |
Balance outstanding USD | $ 265,633,200 | $ 300,481,000 |
2010 5.5% | ||
Senior Notes [Line Items] | ||
Debt Instrument Interest Rate Stated Percentage | 5.50% | |
Debt Instrument Face Amount | $ 0 | |
2010 5.5% | Accounts Receivable Facility | ||
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 | $ 0 | |
2011 3.58% | Accounts Receivable Facility | ||
Senior Notes [Line Items] | ||
Debt Instrument Interest Rate Stated Percentage | 3.205% | |
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 | $ 499,098,000 | |
2007 6 7/8% | Accounts Receivable Facility | ||
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 | $ 418,665,000 | |
2011 6.5% EUR | Accounts Receivable Facility | ||
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 | $ 397,275,000 | |
2011 6.5% USD | Accounts Receivable Facility | ||
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 | $ 797,560,000 | |
2012 5.625% | Accounts Receivable Facility | ||
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 | $ 262,464,000 | |
2012 5.25% | Accounts Receivable Facility | ||
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 | $ 496,798,000 | |
Senior Notes 2014 4.125% | Accounts Receivable Facility | ||
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 | $ 643,708,000 | |
2011 5.75% | Accounts Receivable Facility | ||
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 | $ 314,235,000 | |
2011 5.25% | Accounts Receivable Facility | ||
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 | $ 696,834,000 | |
2012 5.875% | Accounts Receivable Facility | ||
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 | $ 396,839,000 | |
Senior Notes 2014 4.75% | Accounts Receivable Facility | ||
Senior Notes [Line Items] | ||
Debt Instrument Interest Rate Stated Percentage | 4.75% | |
Debt Instrument Face Amount | $ 396,431,000 | |
convertible debt | ||
Convertible Bond [Line Items] | ||
Debt Instrument Interest Rate Effective Percentage Convertible | 2.611% | |
Equity Neutral Convertible Bond at Issuance | $ 514,080,000 | |
Debt Instrument Maturity Date Convertible | Jan. 30, 2020 | |
Convertible Conversion | $ 73.6054 | |
Option Cost Amortization | $ 20,307,000 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | 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 | $ 4,726,000 | $ 4,393,000 | |
Pension liabilities, noncurrent | 506,800,000 | 557,973,000 | |
Accumulated benefit obligation for all defined benefit plans | 780,820,000 | 759,171,000 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||
Expected Funding for 2017 | 1,180,000 | ||
Minimum Funding Requirement | 9,600,000 | ||
Voluntary Contribution | 100,964,570.74 | ||
Change in benefit obligations | |||
Benefit obligation beginning of year | 822,626,000 | 877,722,000 | |
Foreign currency translation | 15,151,000 | 40,646,000 | |
Other adjustments | 11,772,000 | ||
Service cost | 25,335,000 | 25,825,000 | $ 18,617,000 |
Interest cost | 29,330,000 | 28,016,000 | 29,513,000 |
Transfer of plan participants | 31,000 | (102,000) | |
amendments | 0 | (410,000) | |
Actuarial (gain) loss | 36,757,000 | (56,250,000) | |
Benefits paid | 34,008,000 | 23,163,000 | |
curtailments | (9,059,000) | (138,000) | |
Benefit Obligation End Of Year | 855,861,000 | 822,626,000 | |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 260,260,000 | 270,858,000 | |
Foreign Currency 1 | (3,000) | ||
Other Adjustments1 | 102,000 | ||
Actual return on plan assets | 13,225,000 | (11,158,000) | |
Employer contributions | 110,565,000 | 20,098,000 | |
Benefits paid, fair value | (30,707,000) | (19,640,000) | |
Settlements | (9,005,000) | ||
Fair value of plan assets at end of year | 344,335,000 | 260,260,000 | |
Funded status, end of year | |||
Funded status at end of year | 511,526,000 | 562,366,000 | |
Net amount recognized | |||
Benefit plans offered by other subsidiaries | 35,550,000 | 30,059,000 | |
Net amount recognized | 547,076,000 | 592,425,000 | |
total expense 401k | 48,458,000 | 46,267,000 | $ 41,560,000 |
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 with an obligation in excess of plan assets | 404,778,658.1 | 333,319,658.1 | |
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 | 438,235,000 | 477,667,000 | |
Other Subsidiaries [Member] | |||
Employee Benefit Plan Compensation And Retirement [Line Items] | |||
Pension liabilities, current | 2,083,000 | 2,765,000 | |
Pension liabilities, noncurrent | 33,467,000 | 27,355,000 | |
Pension Assets | 61,000 | ||
France [Member] | |||
Employee Benefit Plan Compensation And Retirement [Line Items] | |||
Accumulated benefit obligation for all defined benefit plans | 4,231,356.7609 | 4,063,028.4 | |
Accumulated benefit obligation for all defined benefit plans with an obligation in excess of plan assets | $ 8,616,200.6266 | $ 7,576,352 |
Employee Benefit Plans (Detai68
Employee Benefit Plans (Details 1) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Domestic Pension Plans of Foreign Entity, Defined Benefit [Member] | ||
Schedule Of Defined Benefit Plans [Line Items] | ||
Defined Benefit Plan, Benefit Obligation | $ 404,778,658.1 | $ 333,319,658.1 |
United States Pension Plans of US Entity, Defined Benefit [Member] | ||
Schedule Of Defined Benefit Plans [Line Items] | ||
Defined Benefit Plan, Benefit Obligation | $ 438,235,000 | $ 477,667,000 |
Employee Benefit Plans (Detai69
Employee Benefit Plans (Details 2) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | $ 357,758,000 | $ 356,294,000 | $ 438,128,000 | $ 222,967,000 |
Pre-tax changes recognized in Other Comprehensive Income (AOCI) [Abstract] | ||||
Actuarial (gain) loss for the year | 39,014,000 | (28,687,000) | 253,969,000 | |
Other adjustments pensions pre tax | 1,167,000 | |||
Prior Service Costs | 55,000 | (503,000) | (17,147,000) | |
Amortization of unrealized losses | (30,811,000) | (34,625,000) | (21,661,000) | |
Foreign currency translation adjustment | $ (6,794,000) | $ (19,186,000) | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||||
Discount rate | 3.25% | 3.67% | ||
Rate of compensation increase | 3.23% | 3.27% | ||
Components Of Net Periodic Benefit Cost [Abstract] | ||||
Expected return on plan assets | $ (15,482,000) | $ (16,405,000) | (16,169,000) | |
Amortization of unrealized losses | 30,811,000 | 34,625,000 | 17,147,000 | |
Amortization of prior service cost | (55,000) | 94,000 | ||
Defined Benefit Plan Recognized Net Gain Loss Due To Settlements | (54,000) | (138,000) | ||
Net periodic benefit costs | $ 69,885,000 | $ 72,017,000 | $ 49,108,000 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||||
Discount rate | 3.67% | 3.21% | 4.55% | |
Expected return on plan assets | 6.00% | 6.00% | 6.00% | |
Rate of compensation increase | 3.27% | 3.26% | 3.29% | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | ||||
2,017 | $ 23,145,000 | |||
2,018 | 24,496,000 | |||
2,019 | 26,411,000 | |||
2,020 | 28,617,000 | |||
2,021 | 30,635,000 | |||
2022 - 2026 | $ 182,971,000 |
Employee Benefit Plans (Detai70
Employee Benefit Plans (Details 3) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Measurements By Level [Line Items] | ||
Total | $ 344,335,000 | $ 260,260,000 |
Equity Securities [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Equity investments | 85,448,000 | 64,828,000 |
Equity Funds [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Other types of investments | 102,000 | 103,000 |
Government Bonds [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Fixed income investments | 2,502,000 | 4,815,000 |
Other Bonds [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Fixed income investments | 5,628,000 | 7,794,000 |
U S Treasury Money Market Funds [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Fixed income investments | 30,337,000 | 13,003,000 |
U S Bonds [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Fixed income investments | 220,318,000 | 169,717,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Total | 30,239,000 | 17,473,000 |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Equity investments | (2,102,000) | 98,000 |
Fair Value, Inputs, Level 1 [Member] | Equity Funds [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Other types of investments | 102,000 | 103,000 |
Fair Value, Inputs, Level 1 [Member] | Government Bonds [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Fixed income investments | 1,902,000 | 4,269,000 |
Fair Value, Inputs, Level 1 [Member] | U S Treasury Money Market Funds [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Fixed income investments | 30,337,000 | 13,003,000 |
Significant Observable Inputs (Level 2) | ||
Fair Value Measurements By Level [Line Items] | ||
Total | 314,096,000 | 242,787,000 |
Significant Observable Inputs (Level 2) | Equity Securities [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Equity investments | 87,550,000 | 64,730,000 |
Significant Observable Inputs (Level 2) | Government Bonds [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Fixed income investments | 600,000 | 546,000 |
Significant Observable Inputs (Level 2) | Other Bonds [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Fixed income investments | 5,628,000 | 7,794,000 |
Significant Observable Inputs (Level 2) | U S Bonds [Member] | ||
Fair Value Measurements By Level [Line Items] | ||
Fixed income investments | $ 220,318,000 | $ 169,717,000 |
Employee Benefit Plans (Detai71
Employee Benefit Plans (Details 4) | Dec. 31, 2016USD ($) |
Discount Rate [Member] | |
Defined Benefit Plan Liability Increase Decrease [Line Items] | |
0.5% Increase | $ (75,036,000) |
0.5% Decrease | 86,517,000 |
Rate of Compensation Increase [Member] | |
Defined Benefit Plan Liability Increase Decrease [Line Items] | |
0.5% Increase | 12,286,000 |
0.5% Decrease | (12,095,000) |
Rate Of Pension Increase [Member] | |
Defined Benefit Plan Liability Increase Decrease [Line Items] | |
0.5% Increase | 31,285,000 |
0.5% Decrease | $ (28,276,000) |
Noncontrolling Interests Subj72
Noncontrolling Interests Subject to Put Provisions (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Temporary Equity [Line Items] | ||||
Put provisions exercisable | $ 303,913,000 | $ 258,552,000 | $ 123,846,000 | |
Other Temporary Equity Subsidiary Plan | 6,200,000 | 4,613,000 | ||
Noncontrolling interests subject to put provisions [Member] | ||||
Temporary Equity [Line Items] | ||||
Noncontrolling interests subject to put provisions beginning | 1,023,755,000 | 824,658,000 | $ 648,251,000 | |
contributions to noncontrolling interests | (187,354,000) | (164,830,000) | (142,696,000) | |
Purchase (sale) of noncontrolling interests | 57,707,000 | 7,915,000 | 87,902,000 | |
Cash contributions from noncontrolling interests | 32,259,000 | 16,749,000 | 16,064,000 | |
Expiration put provisions 1 | (9,756,000) | 5,206,000 | (4,650,000) | |
Changes in fair value of noncontrolling interests | 138,112,000 | 178,003,000 | 89,767,000 | |
Net income attributable to noncontrolling interest | 182,102,000 | 159,127,000 | 133,593,000 | |
Other Comprehensive Income Loss Net Of Tax | (1,937,000) | (3,073,000) | (3,573,000) | |
Noncontrolling interests subject to put provisions ending without temporary equity | $ 1,234,888,000 | $ 1,023,755,000 | $ 824,658,000 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) | 12 Months Ended | |||
Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($) | Dec. 31, 2016€ / shares | |
Stockholders' Equity Note [Abstract] | ||||
Payment of dividends | $ (277,176,000) | $ (263,244,000) | $ (317,903,000) | |
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.8 | $ 0.78 | ||
Conditional capital [Line Items] | ||||
Conditional capital increase | $ 6,557,000 | |||
Common stock, no par value | € / shares | € 1 | |||
Class of Stock [Line Items] | ||||
Common stock authorized | shares | 385,913,972 | |||
Stock options beginning balance | shares | 6,067,000 | 8,737,000 | ||
Weighted average remaining contractual life in years | five | |||
Stock options exercised during the period | shares | 907,720 | |||
Options Outstanding | shares | 6,067,167 | |||
Conditional Capital Available | $ 16,146,000 | |||
Total Conditional Capital | 19,703,000 | |||
2011 SOP [Member] | ||||
Class of Stock [Line Items] | ||||
Conditional Capital Available | 11,960,000 | |||
2006 SOP [Member] | ||||
Class of Stock [Line Items] | ||||
Conditional Capital Available | $ 4,186,000 |
Shareholders' Equity (Details 1
Shareholders' Equity (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2014 | |
Shares Repurchased [Line Items] | ||
Average price paid per share | $ 66.9 | $ 66.9 |
Total number of shares purchased as part of publicly announced plans or programs | 999,951 | 7,548,951 |
Total Value of Shares Repurchased | $ 66,895,000 | $ 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 | |
Amount Retired [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 | 6,549,000 | |
Total Value of Shares Repurchased | $ 438,119,000 |
Sources Of Revenue (Details)
Sources Of Revenue (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Patient Service Revenue by Payor [Line Items] | |||
Patient Service Revenue | $ 12,412,405,000 | $ 11,341,924,000 | $ 9,957,851,000 |
Medicare ESRD program | |||
Patient Service Revenue by Payor [Line Items] | |||
Patient Service Revenue | 5,413,652,000 | 5,058,262,000 | 4,677,053,000 |
Private/alternative payors | |||
Patient Service Revenue by Payor [Line Items] | |||
Patient Service Revenue | 5,361,158,000 | 4,830,401,000 | 4,278,847,000 |
Medicaid and other government sources | |||
Patient Service Revenue by Payor [Line Items] | |||
Patient Service Revenue | 619,419,000 | 538,077,000 | 433,092,000 |
Hospitals | |||
Patient Service Revenue by Payor [Line Items] | |||
Patient Service Revenue | $ 1,018,176,000 | $ 915,184,000 | $ 568,859,000 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Numerators: | |||
Income attributable to the Company | $ 1,243,267,000 | $ 1,029,445,000 | $ 1,045,266,000 |
Denominators: | |||
Weighted average number of ordinary shares outstanding | 305,748,380.931694 | 304,440,184 | 302,339,124 |
Potentially dilutive Ordinary shares | 509,363.09908986 | 479,851 | 528,772 |
Total weighted average Ordinary shares outstanding assuming dilution | 306,257,744.030784 | 304,920,035 | 302,867,896 |
Basic income per Ordinary share | $ 4.07 | $ 3.38 | $ 3.46 |
Fully diluted income per Ordinary share | $ 4.06 | $ 3.38 | $ 3.45 |
Stock Options (Details)
Stock Options (Details) | 12 Months Ended | |||
Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($) | Dec. 31, 2016€ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Conditional capital increase | $ 6,557,000 | |||
Common stock no par value (in Euros) | € / shares | € 1 | |||
Weighted average exercise price | $ / shares | $ 83.89 | |||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||
Compensation expense | 30,176,000 | $ 12,323,000 | $ 8,507,000 | |
Compensation expense, deferred tax income | 8,232,000 | 1,857,000 | 1,384,000 | |
Share-based Compensation | 25,691,000 | 6,583,000 | 6,307,000 | |
Cash Settled Share Based Payment | 11,932,000 | 5,389,000 | ||
Proceeds And Excess Tax Benefit From Share based Compensation | 6,427,000 | $ 13,451,000 | 4,056,000 | |
Unrecognized Compensation Costs For Non Vested Options | $ 23,336,000 | |||
Board member compensation (Member) | ||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||
Units Held | shares | 1,010,784 | |||
Company Management Employees [Member] | ||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||
Units Held | shares | 5,056,383 | |||
Phantom Stock 2011 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards granted | shares | 607,828 | |||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||
Cash Settled Share Based Payment | $ 17,167,000 | |||
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 | |||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||
Units Held | shares | 81,019.25 | |||
Phantom Stock 2011 Plan [Member] | Company Management Employees [Member] | ||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||
Units Held | shares | 812,970.25 | |||
Long Term Incentive Program 2011 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards granted | shares | 3,073,360 | |||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||
Cash Settled Share Based Payment | $ 21,598,000 | |||
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 | |||
Weighted Average Fair Value per share | $ / shares | $ 80.36 | |||
Total fair value of granted shares | $ 48,843,000 | |||
NewIncentiveBonusPlan [Member] | ||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||
Share-based Compensation | $ 3,631,693 | $ 891,000 | $ 1,040,000 | |
2016 LTIP [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards granted | shares | 642,349 | |||
2016 LTIP [Member] | Board member compensation (Member) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards granted | shares | 79,888 | |||
Weighted Average Fair Value per share | $ / shares | $ 80.31 | |||
Total fair value of granted shares | $ 51,588,000 | |||
2016 LTIP [Member] | Company Management Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards granted | shares | 555,148 |
Stock Options (Details 1)
Stock Options (Details 1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Stock options exercised during the period | 907,720 | ||
Options forfeited | 1,762,000 | ||
Stock options ending balance | 6,067,000 | 8,737,000 | |
Stock Options Transactions Weighted Average Price Per Share [Roll Forward] | |||
Granted | $ 0 | ||
Exercised | 45.8 | ||
Forfeited | 54.89 | ||
Weighted average price per share ending balance | $ 66.38 | $ 61.93 | |
Share-based Compensation Arrangement by Share-based Payment Awards, Option, Vested and Expected to Vest [Abstract] | |||
Weighted average exercise price | $ 61.93 | ||
Fully Vested Options (Abstract) | |||
Cash received from exercise of stock options | $ 44,018,000 | $ 76,093,000 | $ 98,523,000 |
Intrinsic value of options exercised | 34,767,000 | 73,886,000 | 47,396,000 |
Tax benefit received from exercise of stock options | $ 8,887,000 | $ 18,073,000 | $ 8,529,000 |
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 | 1,162,000 | ||
Weighted average exercise price | $ 52.37 | ||
Aggregate intrinsic value | $ 37,694,000 |
Stock Options (Details 2)
Stock Options (Details 2) | 12 Months Ended |
Dec. 31, 2015$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |
Expected dividend yield | 1.46% |
Risk - free interest rate | 0.44% |
Expected volatility | 22.32% |
Expected life of options | 8 years |
Weighted average exercise price | $ 83.89 |
Subsidiary Incentive Units (Det
Subsidiary Incentive Units (Details 1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Subsidiary Incentive Unit [Line Items] | |||
Unrecognized Compensation Cost | $ 17,220,000 | $ 28,448,000 | $ 32,311,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income before income taxes is attributable to the following geographic locations: | |||
Germany | $ 205,818,000 | $ 134,193,000 | $ 243,684,000 |
United States | 1,626,406,000 | 1,440,040,000 | 1,262,570,000 |
Other | 399,766,000 | 361,039,000 | 337,152,000 |
Income before income taxes | 2,231,990,000 | 1,935,272,000 | 1,843,406,000 |
Current income tax expense or benefit [Abstract] | |||
Germany | 56,037,000 | 72,231,000 | 72,613,000 |
United States | 503,029,000 | 458,780,000 | 270,676,000 |
Other | 142,037,000 | 138,588,000 | 141,291,000 |
Total income tax expense current | 701,103,000 | 669,599,000 | 484,580,000 |
Deferred income tax expense or benefit [Abstract] | |||
Germany | (23,333,000) | (45,813,000) | (22,651,000) |
United States | 21,813,000 | (12,693,000) | 152,423,000 |
Other | (16,444,000) | 11,030,000 | (30,754,000) |
Total income tax expense deferred | (17,964,000) | (47,476,000) | 99,018,000 |
Income tax expense | $ 683,139,000 | $ 622,123,000 | $ 583,598,000 |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||
Federal corporation income tax base rate | 29.69% | 29.62% | 29.20% |
Deferred tax assets: | |||
Accounts receivable, primarily due to allowance for doubtful accounts | $ 12,543,000 | $ 8,850,000 | |
Inventory, primarily due to additional costs capitalized for tax purposes, and inventory reserve accounts | 12,585,000 | 11,503,000 | |
Intangible Assets Deferred Asset | 6,487,000 | 7,967,000 | |
Plant, equipment, intangible assets and other noncurrent assets, principally due to differences in depreciation and amortization | 25,461,000 | 28,476,000 | |
Accrued expenses and other liabilities for financial accounting purposes, not currently tax deductible | 352,999,000 | 372,365,000 | |
Pensions | 114,564,000 | 151,732,000 | |
Net operating loss carryforwards, tax credit carryforwards and interest carryforwards | 171,294,000 | 131,640,000 | |
Derivatives | 5,784,000 | 1,317,000 | |
Stock-based compensation expense | 6,873,000 | 3,173,000 | |
Other | 24,403,000 | 4,018,000 | |
Total deferred tax assets | 732,993,000 | 721,041,000 | |
Less: valuation allowance [N] | (33,255,000) | (34,654,000) | |
Net deferred tax assets | 699,738,000 | 686,387,000 | |
Deferred tax liabilities: | |||
Accounts receivable | 26,480,000 | 43,664,000 | |
Inventory, primarily due to inventory reserve accounts for tax purposes | 7,208,000 | 8,318,000 | |
Intangible Assets Deferred Liability | 706,186,000 | 686,650,000 | |
Plant, equipment and intangible assets, primarily due to differences in depreciation and amortization | 166,129,000 | 129,835,000 | |
Accrued expenses and other liabilities for financial reporting purposes, not currently tax deductible | 16,231,000 | 5,575,000 | |
Derivatives | 10,353,000 | 5,488,000 | |
Other | 236,580,000 | 242,524,000 | |
Total deferred tax liabilities | 1,169,167,000 | 1,122,054,000 | |
Net deferred tax assets (liabilities) | 469,429,000 | 435,667,000 | |
Estimated future tax liabilities associtaed with earnings that are likely to be distributed in 2011 and following years | 11,497,000 | 9,273,000 | |
Undistributed earning of foreign subsidiaries | $ 7,418,713,000 | 7,463,853,000 | |
German income tax on dividends and capital gains | 5.00% | ||
Unrecognized tax benefits (net of interest) | |||
beginning unrecognized tax benefits | $ 149,289,000 | 166,108,000 | $ 199,924,000 |
Increases in unrecognized tax benefits prior periods | 27,802,000 | 30,973,000 | 35,584,000 |
Decreases in unrecognized tax benefits prior periods | (38,707,000) | (20,244,000) | (21,143,000) |
Increases in unrecognized tax benefits current period | 2,287,000 | 0 | 12,600,000 |
Changes related to settlements with tax authorities | (22,401,000) | (6,762,000) | (60,872,000) |
Reductions as a result of a lapse of the statute of limitations | 0 | (1,300,000) | 0 |
Foreign currency translation | (298,000) | (19,486,000) | 15,000 |
Ending unrecognozed tax benefits balance | 117,972,000 | 149,289,000 | 166,108,000 |
Unrecognized tax benefits which would affect the effective tax rate if recognized | 111,957,000 | ||
Valuation Allowance [Line Items] | |||
Valuation allowance increase | 1,399,000 | 14,825,000 | |
Deferred Tax Liability for Insurance Recoveries | 86,790,000 | ||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 289,936,000 | ||
Income Tax Examination [Line Items] | |||
Interest and penalties recognized | 6,594,000 | 11,478,000 | $ 13,986,000 |
Accrual for tax related interest and penalties | 24,938,000 | $ 27,029,000 | |
Operating Loss Carryforwards Expiration In One Year [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 23,808,000 | ||
Operating Loss Carryforwards Expiration In Two Years [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 24,033,000 | ||
Operating Loss Carryforwards Expiration In Three Years [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 21,179,000 | ||
Operating Loss Carryforwards Expiration In Four Years [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 34,464,000 | ||
Operating Loss Carryforwards Expiration In Five Years [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 15,619,000 | ||
Operating Loss Carryforwards Expiration In Six Years [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 16,056,000 | ||
Operating Loss Carryforwards Expiration In Seven Years [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 13,597,000 | ||
Operating Loss Carryforwards Expiration In Eight Years [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 14,297,000 | ||
Operating Loss Carryforwards Expiration In Nine Years [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 13,616,000 | ||
Operating Loss Carryforwards Expiration In Ten Years And Thereafter [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 21,825,000 | ||
Operating Loss Carryforwards No Expiration Date [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | $ 91,442,000 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation between the expected and actual income tax expense | |||
Expected corporate income tax expense | $ 662,566,000 | $ 573,228,000 | $ 538,275,000 |
Tax free income [N] | (38,008,000) | (35,715,000) | (44,658,000) |
Tax portion of income from at equity investments | (17,314,000) | (14,272,000) | (5,476,000) |
Tax rate differentials | 145,801,000 | 126,263,000 | 148,294,000 |
Non-deductible expenses | 37,251,000 | 36,406,000 | 25,161,000 |
Taxes for prior year | (23,334,000) | 19,969,000 | (25,247,000) |
Change in valuation allowance | 6,600,000 | (2,571,000) | 6,284,000 |
Noncontrolling partnership interests [N] | 116,818,000 | 109,470,000 | 81,594,000 |
Tax On Divestiture | 0 | 14,953,000 | |
Other | 26,395,000 | 13,332,000 | 22,559,000 |
Income tax expense | $ 683,139,000 | $ 622,123,000 | $ 583,598,000 |
Effective tax rate | 30.60672% | 32.14654% | 31.65868% |
Operating Leases (Details)
Operating Leases (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Leases, Rent Expense, Net [Abstract] | |||
2,017 | $ 740,438,000 | ||
2,018 | 641,122,000 | ||
2,019 | 559,252,000 | ||
2,020 | 476,878,000 | ||
2,021 | 395,448,000 | ||
Thereafter | 1,360,906,000 | ||
Total | 4,174,044,000 | ||
operating lease rental expense | $ 754,380,000 | $ 754,380,000 | $ 729,387,000 |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Assets: | ||||
Cash and cash equivalents | $ 747,233,000 | $ 549,500,000 | $ 633,855,000 | $ 682,777,000 |
Liabilities: | ||||
Short-term borrowings | 602,494,000 | 109,252,000 | ||
Senior Credit Agreement | 2,365,522,000 | 2,611,580,000 | ||
Senior Long Term Notes | 4,923,476,000 | 5,325,618,000 | ||
Noncontrolling interests subject to put provisions ending | 1,241,088,000 | 1,028,368,000 | $ 824,658,000 | |
Financial instruments notional amount of foreign currency cash flow hedge derivatives | 108,950,000 | 193,880,000 | ||
Financial instrument notional amount of foreign currency derivative instruments not designated as hedging instruments | 1,483,763,000 | 1,637,129,000 | ||
Financial instrument notional amount of interest rate derivatives | 265,633,000 | 409,351,000 | ||
Amount estimated to be transferred in the future from accumulated OCI into earnings | 3,737,000 | |||
Interest Rate Swaps Additional Interest Expense | 20,918,000 | |||
Amount of additional interest expense expected to be reclassified into earnings | $ 37,752,000 | 58,581,000 | ||
The time period estimated for the anticipated transfer of interest expense into earnings | 12 months | |||
Derivative Assets Subject To Master Netting Agreements | $ 25,627,000 | 24,366,000 | ||
Derivative Liabilities Subject To Master Netting Agreements | 28,198,000 | 12,765,000 | ||
Derivative Net Liabilities Subject To Master Netting Agreements | 16,984,000 | 4,672,000 | ||
Derivative Net Assets Subject To Master Netting Agreements | 14,413,000 | 16,273,000 | ||
Carrying Reported Amount Fair Value Disclosure [Member] | ||||
Assets: | ||||
Cash and cash equivalents | 747,233,000 | 549,500,000 | ||
Accounts receivable | 3,540,124,000 | 3,303,456,000 | ||
accounts receivable related party | 220,797,000 | 218,285,000 | ||
available for sale securities | 270,310,000 | 275,770,000 | ||
other assets | 442,163,000 | 376,035,000 | ||
Liabilities: | ||||
Accounts Payable | 606,800,000 | 627,828,000 | ||
Total Related Party Accounts Payable | 278,355,000 | 153,023,000 | ||
other current liabilities | 1,351,590,000 | 1,330,283,000 | ||
Short-term borrowings | 605,656,000 | 128,304,000 | ||
Long term debt, excluding Amended 2012 Senior Credit Agreement and Senior Notes | 275,612,000 | 172,919,000 | ||
Senior Credit Agreement | 2,365,522,000 | 2,611,580,000 | ||
Senior Long Term Notes | 4,923,476,000 | 5,325,618,000 | ||
Convertible Debt | 401,333,000 | 407,705,000 | ||
other liabilities | 235,596,000 | 55,660,000 | ||
Noncontrolling interests subject to put provisions ending | 1,234,888,000 | 1,023,755,000 | ||
Portion At Fair Value Fair Value Disclosure [Member] | ||||
Assets: | ||||
Cash and cash equivalents | 747,233,000 | 549,500,000 | ||
Accounts receivable | 3,540,124,000 | 3,303,456,000 | ||
accounts receivable related party | 220,797,000 | 218,285,000 | ||
available for sale securities | 270,310,000 | 275,770,000 | ||
other assets | 442,163,000 | 376,035,000 | ||
Liabilities: | ||||
Accounts Payable | 606,800,000 | 627,828,000 | ||
Total Related Party Accounts Payable | 278,355,000 | 153,023,000 | ||
other current liabilities | 1,351,590,000 | 1,330,283,000 | ||
Short-term borrowings | 605,745,000 | 128,304,000 | ||
Long term debt, excluding Amended 2012 Senior Credit Agreement and Senior Notes | 276,647,000 | 172,919,000 | ||
Senior Credit Agreement | 2,370,539,000 | 2,625,591,000 | ||
Senior Long Term Notes | 5,317,087,000 | 5,782,937,000 | ||
Convertible Debt | 529,087,000 | 546,057,000 | ||
other liabilities | 235,596,000 | 55,660,000 | ||
Noncontrolling interests subject to put provisions ending | $ 1,234,888,000 | $ 1,023,755,000 |
Financial Instruments (Details
Financial Instruments (Details 1) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Interest Rate Risk Management [Abstract] | ||
Interest rate swap agreements interest rate | 0.32% | |
Designated As Hedging Instrument [Member] | Significant Observable Inputs (Level 2) | ||
Derivatives Fair Value [Line Items] | ||
Assets | $ 2,145,000 | $ 3,285,000 |
Liabilities | (5,894,000) | (5,646,000) |
Nondesignated as Hedging Instrument [Member] | Significant Observable Inputs (Level 2) | ||
Derivatives Fair Value [Line Items] | ||
Assets | 139,570,000 | 140,960,000 |
Liabilities | (122,484,000) | (123,111,000) |
Foreign Exchange Contract Current [Member] | Designated As Hedging Instrument [Member] | Significant Observable Inputs (Level 2) | ||
Derivatives Fair Value [Line Items] | ||
Assets | 2,127,000 | 3,114,000 |
Liabilities | (4,323,000) | (2,921,000) |
Foreign Exchange Contract Current [Member] | Nondesignated as Hedging Instrument [Member] | Significant Observable Inputs (Level 2) | ||
Derivatives Fair Value [Line Items] | ||
Assets | 39,785,000 | 23,908,000 |
Liabilities | (22,574,000) | (7,056,000) |
Interest Rate Contract Current Dollar [Member] | Designated As Hedging Instrument [Member] | Significant Observable Inputs (Level 2) | ||
Derivatives Fair Value [Line Items] | ||
Liabilities | 0 | (1,637,000) |
Foreign Exchange Contract Non Current [Member] | Designated As Hedging Instrument [Member] | Significant Observable Inputs (Level 2) | ||
Derivatives Fair Value [Line Items] | ||
Assets | 18,000 | 171,000 |
Liabilities | (80,000) | (127,000) |
Foreign Exchange Contract Non Current [Member] | Nondesignated as Hedging Instrument [Member] | Significant Observable Inputs (Level 2) | ||
Derivatives Fair Value [Line Items] | ||
Assets | 0 | 1,062,000 |
Liabilities | (125,000) | (65,000) |
Interest Rate Contract Non Current Dollar [Member] | Designated As Hedging Instrument [Member] | Significant Observable Inputs (Level 2) | ||
Derivatives Fair Value [Line Items] | ||
Liabilities | (1,491,000) | (961,000) |
embedded derivative | Nondesignated as Hedging Instrument [Member] | Significant Observable Inputs (Level 2) | ||
Derivatives Fair Value [Line Items] | ||
Liabilities | (99,785,000) | (115,990,000) |
Bond option | Nondesignated as Hedging Instrument [Member] | Significant Observable Inputs (Level 2) | ||
Derivatives Fair Value [Line Items] | ||
Assets | $ 99,785,000 | $ 115,990,000 |
Financial Instruments (Detail86
Financial Instruments (Details 2) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Designated As Hedging Instrument [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) | $ 29,297,000 | $ 46,041,000 |
Amount of (Gain) or Loss Recognized in Income on Derivatives | (1,502,000) | 14,090,000 |
Designated As Hedging Instrument [Member] | Interest Rate Contract [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Amount of (Gain) or Loss Recognized in Income on Derivatives | 1,162,000 | 11,817,000 |
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 | (2,664,000) | 2,273,000 |
Nondesignated as Hedging Instrument [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Amount of (Gain) or Loss Recognized in Income on Derivatives | 916,000 | (53,132,000) |
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) | 29,150,000 | 28,355,000 |
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 | 3,251,000 | 8,196,000 |
Interest Income Expense [Member] | Nondesignated as Hedging Instrument [Member] | Derivatives Embedded in Convertible Bonds [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Amount of (Gain) or Loss Recognized in Income on Derivatives | (13,146,000) | 58,105,000 |
Interest Income Expense [Member] | Nondesignated as Hedging Instrument [Member] | Share Options to Secure Convertible Bonds [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Amount of (Gain) or Loss Recognized in Income on Derivatives | 13,146,000 | (58,105,000) |
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) | 147,000 | 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 | $ (2,335,000) | $ (61,328,000) |
Other Comprehensive Income (L87
Other Comprehensive Income (Loss) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax [Line Items] | |||
Total other comprehensive income (loss) relating to cash flow hedges, pretax | $ 27,795,000 | $ 60,131,000 | $ 25,547,000 |
Foreign-currency translation adjustment - pretax | 1,280,000 | (352,125,000) | (421,789,000) |
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 | (1,502,000) | 14,090,000 | (3,573,000) |
Reclassification adjustments - pretax | 29,297,000 | 46,041,000 | 29,120,000 |
Total other comprehensive income (loss) relating to cash flow hedges, pretax | 27,795,000 | 60,131,000 | 25,547,000 |
Foreign-currency translation adjustment - pretax | 2,726,000 | (347,164,000) | (415,703,000) |
Actuarial gain on defined benefit plans- net of tax | (32,275,000) | 47,209,000 | (232,308,000) |
Adjustments related to pension obligations - pretax | 30,811,000 | 34,625,000 | 17,147,000 |
Total OCI Related to Pension | (1,464,000) | 81,834,000 | (215,161,000) |
Other comprehensive income (loss) - pretax | 29,057,000 | (205,199,000) | (605,317,000) |
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 | 627,000 | (4,511,000) | 1,417,000 |
Reclassification adjustments - pretax | (8,419,000) | (12,557,000) | (8,385,000) |
Total other comprehensive income (loss) relating to cash flow hedges, pretax | (7,792,000) | (17,068,000) | (6,968,000) |
Foreign-currency translation adjustment - pretax | 0 | ||
Actuarial gain on defined benefit plans- net of tax | 7,416,000 | (13,434,000) | 81,476,000 |
Adjustments related to pension obligations - pretax | (11,398,000) | (12,851,000) | (6,347,000) |
Total OCI Related to Pension | (3,982,000) | (26,285,000) | 75,129,000 |
Other comprehensive income (loss) - pretax | (11,774,000) | (43,353,000) | 68,161,000 |
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 | (875,000) | 9,579,000 | (2,156,000) |
Reclassification adjustments - pretax | 20,878,000 | 33,484,000 | 20,735,000 |
Total other comprehensive income (loss) relating to cash flow hedges, pretax | 20,003,000 | 43,063,000 | 18,579,000 |
Foreign-currency translation adjustment - pretax | 2,726,000 | (347,164,000) | (415,703,000) |
Actuarial gain on defined benefit plans- net of tax | (24,859,000) | 33,775,000 | (150,832,000) |
Adjustments related to pension obligations - pretax | 19,413,000 | 21,774,000 | 10,800,000 |
Total OCI Related to Pension | (5,446,000) | 55,549,000 | (140,032,000) |
Other comprehensive income (loss) - pretax | 17,283,000 | (248,552,000) | (537,156,000) |
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 | (1,446,000) | (4,961,000) | (6,086,000) |
Other comprehensive income (loss) - pretax | (1,446,000) | (4,961,000) | (6,086,000) |
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 | (875,000) | 9,579,000 | (2,156,000) |
Reclassification adjustments - pretax | 20,878,000 | 33,484,000 | 20,735,000 |
Total other comprehensive income (loss) relating to cash flow hedges, pretax | 20,003,000 | 43,063,000 | 18,579,000 |
Foreign-currency translation adjustment - pretax | 1,280,000 | (352,125,000) | (421,789,000) |
Actuarial gain on defined benefit plans- net of tax | (24,859,000) | 33,775,000 | (150,832,000) |
Adjustments related to pension obligations - pretax | 19,413,000 | 21,774,000 | 10,800,000 |
Total OCI Related to Pension | (5,446,000) | 55,549,000 | (140,032,000) |
Other comprehensive income (loss) - pretax | $ 15,837,000 | $ (253,513,000) | $ (543,242,000) |
Other Comprehensive Income (L88
Other Comprehensive Income (Loss) (Details 2) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Balance | $ (1,336,295,000) | ||
Balance | (1,319,012,000) | $ (1,336,295,000) | |
Total FMC-AG and Co. KGaA [Member] | OtherComprehensiveIncomeRollforward [Member] | |||
Balance | (1,346,517,000) | (1,093,004,000) | $ (549,762,000) |
Other comprehensive income before reclassifications | (24,454,000) | (308,771,000) | (574,777,000) |
Amounts reclassified from Accumulated Other comprehensive income | (40,291,000) | (55,258,000) | (31,535,000) |
Other comprehensive income (loss), net of tax | 15,837,000 | (253,513,000) | (543,242,000) |
Balance | (1,330,680,000) | (1,346,517,000) | (1,093,004,000) |
Accumulated net gain loss from designated or qualifying cash flow hedges (member) | OtherComprehensiveIncomeRollforward [Member] | |||
Balance | (60,214,000) | (103,277,000) | (121,856,000) |
Other comprehensive income before reclassifications | (875,000) | 9,579,000 | (2,156,000) |
Amounts reclassified from Accumulated Other comprehensive income | (20,878,000) | (33,484,000) | (20,735,000) |
Other comprehensive income (loss), net of tax | 20,003,000 | 43,063,000 | 18,579,000 |
Balance | (40,211,000) | (60,214,000) | (103,277,000) |
AccumulatedDefinedBenefitPlansAdjustmentMember | OtherComprehensiveIncomeRollforward [Member] | |||
Balance | (226,470,000) | (282,019,000) | (141,987,000) |
Other comprehensive income before reclassifications | (24,859,000) | 33,775,000 | (150,832,000) |
Amounts reclassified from Accumulated Other comprehensive income | (19,413,000) | (21,774,000) | (10,800,000) |
Other comprehensive income (loss), net of tax | (5,446,000) | 55,549,000 | (140,032,000) |
Balance | (231,916,000) | (226,470,000) | (282,019,000) |
AccumulatedTranslationAdjustmentMember | OtherComprehensiveIncomeRollforward [Member] | |||
Balance | (1,049,611,000) | (702,447,000) | (286,744,000) |
Other comprehensive income before reclassifications | 2,726,000 | (347,164,000) | (415,703,000) |
Amounts reclassified from Accumulated Other comprehensive income | 0 | 0 | 0 |
Other comprehensive income (loss), net of tax | 2,726,000 | (347,164,000) | (415,703,000) |
Balance | (1,046,885,000) | (1,049,611,000) | (702,447,000) |
Total before non-controlling interests | OtherComprehensiveIncomeRollforward [Member] | |||
Balance | (1,336,295,000) | (1,087,743,000) | (550,587,000) |
Other comprehensive income before reclassifications | (23,008,000) | (303,810,000) | (568,691,000) |
Amounts reclassified from Accumulated Other comprehensive income | (40,291,000) | (55,258,000) | (31,535,000) |
Other comprehensive income (loss), net of tax | 17,283,000 | (248,552,000) | (537,156,000) |
Balance | (1,319,012,000) | (1,336,295,000) | (1,087,743,000) |
Noncontrolling interests not subject to put provisions [Member] | OtherComprehensiveIncomeRollforward [Member] | |||
Balance | (10,222,000) | (5,261,000) | 825,000 |
Other comprehensive income before reclassifications | (1,446,000) | (4,961,000) | (6,086,000) |
Amounts reclassified from Accumulated Other comprehensive income | 0 | 0 | 0 |
Other comprehensive income (loss), net of tax | (1,446,000) | (4,961,000) | (6,086,000) |
Balance | $ (11,668,000) | $ (10,222,000) | $ (5,261,000) |
Other Comprehensive Income (L89
Other Comprehensive Income (Loss) (Details 3) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other comprehensive income loss net of tax portion attributables to parent [Line Items] | |||
Cost of revenues | $ 12,131,145,000 | $ 11,406,419,000 | $ 10,835,767,000 |
Total reclassification for the period | (40,291,000) | (55,258,000) | (31,535,000) |
Cash Flow Hedge Interest Rate Contract [Member] | |||
Other comprehensive income loss net of tax portion attributables to parent [Line Items] | |||
AOCI Interest income | 29,150,000 | 28,355,000 | 26,571,000 |
Cash Flow Hedge Foreign Exchange Contract [Member] | |||
Other comprehensive income loss net of tax portion attributables to parent [Line Items] | |||
AOCI Interest income | 0 | ||
Cost of revenues | 147,000 | 17,686,000 | 2,549,000 |
Cash Flow Hedge [Member] | |||
Other comprehensive income loss net of tax portion attributables to parent [Line Items] | |||
Total before tax | 29,297,000 | 46,041,000 | 29,120,000 |
Tax expense or benefit | 8,419,000 | 12,557,000 | 8,385,000 |
Net of tax | 20,878,000 | 33,484,000 | 20,735,000 |
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 | 30,811,000 | 34,625,000 | 17,147,000 |
Total before tax | 30,811,000 | 34,625,000 | 17,147,000 |
Tax expense or benefit | 11,398,000 | 12,851,000 | 6,347,000 |
Net of tax | $ 19,413,000 | $ 21,774,000 | $ 10,800,000 |
Supplementary Cash Flow Infor90
Supplementary Cash Flow Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Supplementary cash flow information: | |||
Cash paid for interest | $ 387,125,000 | $ 381,212,000 | $ 379,978,000 |
Cash paid for income taxes, net of tax refund | 598,916,000 | 547,401,000 | 689,954,000 |
Tax Benefit From Stock Options Exercised 1 | 8,887,000 | 18,073,000 | 8,529,000 |
Supplemental disclosures of cash flow information, details for acquisitions: | |||
Acquisition purchase price allocation assets acquired | (877,706,000) | (216,023,000) | (2,505,027,000) |
Acquisition purchase price allocation liabilities assumed | (125,623,000) | (34,841,000) | (450,808,000) |
Noncontrolling interest subject to put provisions | (48,292,000) | (7,622,000) | (95,015,000) |
Noncontrolling interest | (15,992,000) | (983,000) | (328,997,000) |
Acquisition purchase price allocation notes payable and long term debt | (244,458,000) | (69,233,000) | (18,253,000) |
Cash paid | 443,341,000 | 103,344,000 | 1,611,954,000 |
Less cash acquired | 22,869,000 | 3,193,000 | 132,433,000 |
Net cash paid for acquisitions | (420,472,000) | (100,151,000) | (1,479,521,000) |
Cash Paid For Investments | (143,637,000) | (184,101,000) | (274,913,000) |
Cash paid for intangible assets | (13,472,000) | (32,558,000) | (24,624,000) |
Cash paid for acquisitions and investments net of cash acquired and purchases of intangible assets | $ (577,581,000) | $ (316,810,000) | $ (1,779,058,000) |
Business Segment Information (D
Business Segment Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Entity-Wide Information, Revenue from External Customer [Line Items] | |||
Income (Loss) From Equity Method Investments | $ (64,908,000) | $ (31,452,000) | $ (24,838,000) |
thereof investment in equity method investees | 679,242,000 | 644,709,000 | |
North America member | |||
Entity-Wide Information, Revenue from External Customer [Line Items] | |||
Net revenue from external customers | 12,885,879,000 | 11,813,330,000 | 10,500,095,000 |
Revenues from transactions with other same entity operating segments | 3,437,000 | 5,292,000 | 8,992,000 |
Segment revenue | 12,889,316,000 | 11,818,622,000 | 10,509,087,000 |
Segment depreciation and amortization | (430,824,000) | (399,434,000) | (364,137,000) |
Segment operating income | 2,119,297,000 | 1,797,835,000 | 1,642,911,000 |
Income (Loss) From Equity Method Investments | 64,806,000 | 20,799,000 | 18,457,000 |
Segment assets | 18,255,288,000 | 17,269,258,000 | 16,701,657,000 |
thereof investment in equity method investees | 324,860,000 | 288,956,000 | 291,118,000 |
Capital expenditures, acquisitions and investments | 916,354,000 | 709,503,000 | 2,006,585,000 |
EMEA member | |||
Entity-Wide Information, Revenue from External Customer [Line Items] | |||
Net revenue from external customers | 2,666,644,000 | 2,628,688,000 | 3,072,067,000 |
Revenues from transactions with other same entity operating segments | 0 | 1,000 | |
Segment revenue | 2,666,644,000 | 2,628,689,000 | 3,072,067,426 |
Segment depreciation and amortization | (120,791,000) | (113,131,000) | (133,155,000) |
Segment operating income | 524,181,000 | 576,895,000 | 589,971,000 |
Income (Loss) From Equity Method Investments | (2,919,000) | 6,820,000 | 4,415,000 |
Segment assets | 3,785,602,000 | 3,293,600,000 | 3,574,076,000 |
thereof investment in equity method investees | 221,054,000 | 220,610,000 | 238,604,000 |
Capital expenditures, acquisitions and investments | 310,568,000 | 174,229,000 | 210,509,000 |
Latin America Member | |||
Entity-Wide Information, Revenue from External Customer [Line Items] | |||
Net revenue from external customers | 712,150,000 | 766,424,000 | 836,008,000 |
Revenues from transactions with other same entity operating segments | 267,000 | 447,000 | 336,000 |
Segment revenue | 712,417,000 | 766,871,000 | 836,344,000 |
Segment depreciation and amortization | (17,242,000) | (14,835,000) | (19,814,000) |
Segment operating income | 65,849,000 | 48,233,000 | 101,439,000 |
Income (Loss) From Equity Method Investments | 1,502,000 | 1,307,000 | 1,024,000 |
Segment assets | 729,193,000 | 604,667,000 | 714,752,000 |
thereof investment in equity method investees | 26,428,000 | 25,796,000 | 27,672,000 |
Capital expenditures, acquisitions and investments | 45,477,000 | 50,549,000 | 74,135,000 |
Asia Pacific | |||
Entity-Wide Information, Revenue from External Customer [Line Items] | |||
Net revenue from external customers | 1,631,717,000 | 1,501,456,000 | 1,356,936,000 |
Revenues from transactions with other same entity operating segments | 34,000 | 143,000 | 7,000 |
Segment revenue | 1,631,751,000 | 1,501,599,000 | 1,356,943,000 |
Segment depreciation and amortization | (48,196,000) | (44,616,000) | (37,729,000) |
Segment operating income | 319,076,000 | 297,860,000 | 279,046,000 |
Income (Loss) From Equity Method Investments | 1,519,000 | 2,526,000 | 942,000 |
Segment assets | 1,863,441,000 | 1,727,495,000 | 1,819,394,000 |
thereof investment in equity method investees | 106,900,000 | 109,347,000 | 119,428,000 |
Capital expenditures, acquisitions and investments | 53,795,000 | 48,949,000 | 128,480,000 |
Segment Total [Member] | |||
Entity-Wide Information, Revenue from External Customer [Line Items] | |||
Net revenue from external customers | 17,896,390,000 | 16,709,898,000 | 15,765,106,000 |
Revenues from transactions with other same entity operating segments | 3,738,000 | 5,883,000 | 9,335,426 |
Segment revenue | 17,900,128,000 | 16,715,781,000 | 15,774,441,426 |
Segment depreciation and amortization | (617,053,000) | (572,016,000) | (554,835,000) |
Segment operating income | 3,028,403,000 | 2,720,823,000 | 2,613,367,000 |
Income (Loss) From Equity Method Investments | 64,908,000 | 31,452,000 | 24,838,000 |
Segment assets | 24,633,524,000 | 22,895,020,000 | 22,809,879,000 |
thereof investment in equity method investees | 679,242,000 | 644,709,000 | 676,822,000 |
Capital expenditures, acquisitions and investments | 1,326,194,000 | 983,230,000 | 2,419,709,000 |
Corporates [Member] | |||
Entity-Wide Information, Revenue from External Customer [Line Items] | |||
Net revenue from external customers | 14,397,000 | 27,684,000 | 66,507,000 |
Revenues from transactions with other same entity operating segments | (3,738,000) | (5,883,000) | (9,335,426) |
Segment revenue | 10,659,000 | 21,801,000 | 57,171,574 |
Segment depreciation and amortization | (158,892,000) | (145,306,000) | (144,493,000) |
Segment operating income | (390,880,000) | (394,091,000) | (358,834,000) |
Income (Loss) From Equity Method Investments | 0 | 0 | 0 |
Segment assets | 2,300,418,000 | 2,470,234,000 | 2,359,699,000 |
thereof investment in equity method investees | 0 | 0 | 0 |
Capital expenditures, acquisitions and investments | 281,379,000 | 286,523,000 | 290,976,000 |
Total FMC-AG and Co. KGaA [Member] | |||
Entity-Wide Information, Revenue from External Customer [Line Items] | |||
Net revenue from external customers | 17,910,787,000 | 16,737,582,000 | 15,831,613,000 |
Revenues from transactions with other same entity operating segments | 0 | ||
Segment revenue | 17,910,787,000 | 16,737,582,000 | 15,831,613,000 |
Segment depreciation and amortization | (775,945,000) | (717,322,000) | (699,328,000) |
Segment operating income | 2,637,523,000 | 2,326,732,000 | 2,254,533,000 |
Income (Loss) From Equity Method Investments | 64,908,000 | 31,452,000 | 24,838,000 |
Segment assets | 26,933,942,000 | 25,365,254,000 | 25,169,578,000 |
thereof investment in equity method investees | 679,242,000 | 644,709,000 | 676,822,000 |
Capital expenditures, acquisitions and investments | $ 1,607,573,000 | $ 1,269,753,000 | $ 2,710,685,000 |
Business Segment Information 92
Business Segment Information (Details 1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net revenue external customers | $ 17,910,787,000 | $ 16,737,582,000 | $ 15,831,613,000 |
Long-lived assets | 19,317,346,000 | 18,290,751,000 | 18,455,949,000 |
Germany [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net revenue external customers | 421,604,000 | 400,401,000 | 456,937,000 |
Long-lived assets | 907,921,000 | 556,276,000 | 520,690,000 |
Segment North America(Member) | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net revenue external customers | 12,885,879,000 | 11,813,330,000 | 10,500,095,000 |
Long-lived assets | 15,227,607,000 | 14,771,036,000 | 14,753,136,000 |
Remaining World [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net revenue external customers | 4,603,304,000 | 4,523,851,000 | 4,874,581,000 |
Long-lived assets | $ 3,181,818,000 | $ 2,963,439,000 | $ 3,182,123,000 |
Supplemental Condensed Combin93
Supplemental Condensed Combining Information (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated Statements of Income | ||||
Net revenue | $ 17,910,787,000 | $ 16,737,582,000 | $ 15,831,613,000 | |
Cost of revenues | 12,131,145,000 | 11,406,419,000 | 10,835,767,000 | |
Gross profit | 5,779,642,000 | 5,331,163,000 | 4,995,846,000 | |
Operating expenses: | ||||
Research and development | 162,364,000 | 140,302,000 | 122,114,000 | |
Operating income | 2,637,523,000 | 2,326,732,000 | 2,254,533,000 | |
Other (income) expense: | ||||
Income before income taxes | 2,231,990,000 | 1,935,272,000 | 1,843,406,000 | |
Income tax expense | 683,139,000 | 622,123,000 | 583,598,000 | |
Net Income | 1,548,851,000 | 1,313,149,000 | 1,259,808,000 | |
Less: Net income attributable to noncontrolling interests | 305,584,000 | 283,704,000 | 214,542,000 | |
Income attributable to the Company | 1,243,267,000 | 1,029,445,000 | 1,045,266,000 | |
Current assets: | ||||
Cash and cash equivalents | 747,233,000 | 549,500,000 | 633,855,000 | $ 682,777,000 |
Trade accounts receivable less allowance for doubtful accounts of $465,790 in 2016 and $465,790 in 2015 | 3,524,258,000 | 3,285,196,000 | ||
Accounts receivable from related parties | 220,797,000 | 218,285,000 | ||
Inventories | 1,409,834,000 | 1,340,751,000 | ||
Prepaid expenses and other current assets | 1,411,833,000 | 1,374,715,000 | ||
Total current assets | 7,313,955,000 | 6,768,447,000 | ||
Property, plant and equipment, net | 3,773,213,000 | 3,425,574,000 | ||
Intangible assets | 847,198,000 | 830,489,000 | ||
Goodwill | 13,666,446,000 | 13,032,750,000 | 13,082,180,000 | |
Deferred tax asset, non-current | 202,838,000 | 188,833,000 | ||
Total assets | 26,933,942,000 | 25,365,254,000 | ||
Current liabilities: | ||||
Accounts payable | 606,694,000 | 627,828,000 | ||
Accounts payable to related parties | 278,355,000 | 153,023,000 | ||
Accrued expenses and other current liabilities | 2,653,185,000 | 2,503,137,000 | ||
Short-term borrowings and other financial liabilities | 602,494,000 | 109,252,000 | ||
Short Term Borrowings Due To Related Parties Current | 3,162,000 | 19,052,000 | ||
Current portion of long-term debt and capital lease obligations | 763,398,000 | 664,335,000 | ||
Income tax payable, current | 130,009,000 | 72,819,000 | ||
Total current liabilities | 5,037,297,000 | 4,149,446,000 | ||
Total long-term debt less current maturities | 7,202,545,000 | 7,853,487,000 | ||
Other liabilities | 658,842,000 | 465,625,000 | ||
Pension liabilities | 540,267,000 | 585,328,000 | ||
Income tax payable, non-current | 124,576,000 | 162,500,000 | ||
Deferred tax liability, non-current | 672,267,000 | 624,500,000 | ||
Total liabilities | 14,235,794,000 | 13,840,886,000 | ||
Noncontrolling interests subject to put provisions ending | 1,241,088,000 | 1,028,368,000 | 824,658,000 | |
Company shareholders' equity | 10,808,722,000 | 9,887,142,000 | ||
Noncontrolling interests not subject to put provisions | 648,338,000 | 608,858,000 | ||
Total equity | 11,457,060,000 | 10,496,000,000 | ||
Total liabilities and equity | 26,933,942,000 | 25,365,254,000 | ||
Consolidated Statements of Comprehensive Income | ||||
Net Income | 1,548,851,000 | 1,313,149,000 | 1,259,808,000 | |
Defined Benefit Plan Actuarial Gain Loss | 36,757,000 | (56,250,000) | ||
Total comprehensive income | 1,564,688,000 | 1,059,636,000 | 716,566,000 | |
Comprehensive income attributable to noncontrolling interests | (304,138,000) | (278,743,000) | (208,456,000) | |
Comprehensive income attributable to the Company | 1,260,550,000 | 780,893,000 | 508,110,000 | |
FMC US Finance [Member] | ||||
Other (income) expense: | ||||
Interest, net | 7,152,000 | 6,993,000 | 6,930,000 | |
Other, net | 0 | 0 | ||
Income before income taxes | 7,152,000 | 6,993,000 | 6,930,000 | |
Income tax expense | 2,625,000 | 2,584,000 | 2,524,000 | |
Net Income | 4,527,000 | 4,409,000 | 4,406,000 | |
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | |
Income attributable to the Company | 4,527,000 | 4,409,000 | 4,406,000 | |
Current assets: | ||||
Cash and cash equivalents | 0 | 2,000 | 1,000 | |
Trade accounts receivable less allowance for doubtful accounts of $465,790 in 2016 and $465,790 in 2015 | 0 | |||
Accounts receivable from related parties | 1,266,328,000 | 1,266,557,000 | ||
Inventories | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | 1,266,328,000 | 1,266,559,000 | ||
Property, plant and equipment, net | 0 | |||
Intangible assets | 0 | |||
Goodwill | 0 | |||
Deferred tax asset, non-current | 0 | |||
Other assets | 0 | |||
Total assets | 1,266,328,000 | 1,266,559,000 | ||
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 | 502,671,000 | 0 | ||
Income tax payable, current | 0 | |||
Total current liabilities | 532,442,000 | 29,771,000 | ||
Total long-term debt less current maturities | 650,000,000 | 1,157,603,000 | ||
Long term borrowings from related parties | 0 | |||
Other liabilities | 0 | |||
Pension liabilities | 0 | |||
Income tax payable, non-current | 976,000 | 801,000 | ||
Deferred tax liability, non-current | 0 | |||
Total liabilities | 1,183,418,000 | 1,188,175,000 | ||
Noncontrolling interests subject to put provisions ending | 0 | |||
redeemable preferred stock | 0 | |||
Company shareholders' equity | 82,910,000 | 78,384,000 | ||
Noncontrolling interests not subject to put provisions | 0 | 0 | ||
Total equity | 82,910,000 | 78,384,000 | ||
Total liabilities and equity | 1,266,328,000 | 1,266,559,000 | ||
Consolidated Statements of Comprehensive Income | ||||
Net Income | 4,527,000 | 4,409,000 | 4,406,000 | |
Total comprehensive income | 4,527,000 | 4,409,000 | 4,406,000 | |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | |
Comprehensive income attributable to the Company | 4,527,000 | 4,409,000 | 4,406,000 | |
Total Company [Member] | ||||
Operating expenses: | ||||
Selling, general and administrative | 150,457,000 | 183,650,000 | 234,170,000 | |
Research and development | 0 | 0 | 0 | |
Operating income | (150,457,000) | (183,650,000) | (234,170,000) | |
Other (income) expense: | ||||
Interest, net | (181,102,000) | (200,596,000) | (238,554,000) | |
Other, net | 1,631,682,000 | 1,437,029,000 | 1,555,399,000 | |
Income before income taxes | 1,300,123,000 | 1,052,783,000 | 1,082,675,000 | |
Income tax expense | 56,856,000 | 23,338,000 | 37,409,000 | |
Net Income | 1,243,267,000 | 1,029,445,000 | 1,045,266,000 | |
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | |
Income attributable to the Company | 1,243,267,000 | 1,029,445,000 | 1,045,266,000 | |
Current assets: | ||||
Cash and cash equivalents | 38,207,000 | 448,000 | ||
Accounts receivable from related parties | 1,867,405,000 | 985,449,000 | ||
Prepaid expenses and other current assets | 80,201,000 | 91,902,000 | ||
Total current assets | 1,077,799,000 | |||
Property, plant and equipment, net | 649,000 | 595,000 | ||
Intangible assets | 657,000 | 1,653,000 | ||
Goodwill | 0 | |||
Deferred tax asset, non-current | 105,601,000 | 91,392,000 | ||
Other assets | 14,297,824,000 | 13,950,467,000 | ||
Total assets | 16,390,544,000 | 15,121,906,000 | ||
Current liabilities: | ||||
Accounts payable | 1,275,000 | 7,233,000 | ||
Accounts payable to related parties | 361,658,000 | 277,986,000 | ||
Accrued expenses and other current liabilities | 39,189,000 | 61,216,000 | ||
Short-term borrowings and other financial liabilities | 844,800,000 | 0 | ||
Short Term Borrowings Due To Related Parties Current | 1,310,482,000 | 1,757,402,000 | ||
Current portion of long-term debt and capital lease obligations | 25,298,000 | 25,228,000 | ||
Income tax payable, current | 10,410,000 | 20,898,000 | ||
Total current liabilities | 2,593,112,000 | 2,149,963,000 | ||
Total long-term debt less current maturities | 628,551,000 | 663,515,000 | ||
Long term borrowings from related parties | 2,204,248,000 | 2,276,600,000 | ||
Other liabilities | 102,595,000 | 117,444,000 | ||
Pension liabilities | 20,090,000 | 15,342,000 | ||
Income tax payable, non-current | 33,226,000 | 11,900,000 | ||
Total liabilities | 5,581,822,000 | 5,234,764,000 | ||
Company shareholders' equity | 10,808,722,000 | 9,887,142,000 | ||
Noncontrolling interests not subject to put provisions | 0 | |||
Total equity | 10,808,722,000 | 9,887,142,000 | ||
Total liabilities and equity | 16,390,544,000 | 15,121,906,000 | ||
Consolidated Statements of Comprehensive Income | ||||
Net Income | 1,243,267,000 | 1,029,445,000 | 1,045,266,000 | |
Gain Loss Cash Flow Hedges | 30,311,000 | 40,358,000 | 46,374,000 | |
Defined Benefit Plan Actuarial Gain Loss | (2,686,000) | 2,228,000 | (4,788,000) | |
gain loss foreign currency translation | 77,047,000 | (46,797,000) | 20,407,000 | |
Income Tax Expense Benefit Components Other Comprehensive Income | (9,501,000) | (12,251,000) | (11,873,000) | |
other comprehensive income net of tax | 95,171,000 | (16,462,000) | 50,120,000 | |
Total comprehensive income | 1,338,438,000 | 1,012,983,000 | 1,095,386,000 | |
Comprehensive income attributable to the Company | 1,338,438,000 | 1,012,983,000 | 1,095,386,000 | |
D GmbH [Member] | ||||
Consolidated Statements of Income | ||||
Net revenue | 1,930,408,000 | 1,870,515,000 | 2,211,756,000 | |
Cost of revenues | 1,218,268,000 | 1,192,256,000 | 1,395,295,000 | |
Gross profit | 712,140,000 | 678,259,000 | 816,461,000 | |
Operating expenses: | ||||
Selling, general and administrative | 225,873,000 | 255,184,000 | 198,789,000 | |
Research and development | 90,490,000 | 75,661,000 | 74,338,000 | |
Operating income | 395,777,000 | 347,414,000 | 543,334,000 | |
Other (income) expense: | ||||
Interest, net | 3,925,000 | 3,706,000 | 5,029,000 | |
Other, net | (299,545,000) | (208,835,000) | (382,870,000) | |
Income before income taxes | 100,157,000 | 142,285,000 | 165,493,000 | |
Income tax expense | 118,090,000 | 120,728,000 | 150,268,000 | |
Net Income | (17,933,000) | 21,557,000 | 15,225,000 | |
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | |
Income attributable to the Company | (17,933,000) | 21,557,000 | 15,225,000 | |
Current assets: | ||||
Cash and cash equivalents | 988,000 | 5,055,000 | 5,722,000 | |
Trade accounts receivable less allowance for doubtful accounts of $465,790 in 2016 and $465,790 in 2015 | 152,040,000 | 144,105,000 | ||
Accounts receivable from related parties | 994,691,000 | 682,359,000 | ||
Inventories | 238,215,000 | 233,012,000 | ||
Prepaid expenses and other current assets | 49,939,000 | 60,024,000 | ||
Total current assets | 1,435,873,000 | 1,124,555,000 | ||
Property, plant and equipment, net | 274,042,000 | 267,926,000 | ||
Intangible assets | 44,528,000 | 51,593,000 | ||
Goodwill | 52,908,000 | 49,599,000 | ||
Deferred tax asset, non-current | 49,495,000 | 27,626,000 | ||
Other assets | 36,194,000 | 43,452,000 | ||
Total assets | 1,893,040,000 | 1,564,751,000 | ||
Current liabilities: | ||||
Accounts payable | 25,315,000 | 22,914,000 | ||
Accounts payable to related parties | 808,527,000 | 497,410,000 | ||
Accrued expenses and other current liabilities | 126,974,000 | 118,047,000 | ||
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 | 1,284,000 | 0 | ||
Income tax payable, current | 0 | |||
Total current liabilities | 962,100,000 | 638,371,000 | ||
Total long-term debt less current maturities | 4,563,000 | 0 | ||
Long term borrowings from related parties | 0 | |||
Other liabilities | 3,862,000 | 1,612,000 | ||
Pension liabilities | 381,788,000 | 315,171,000 | ||
Income tax payable, non-current | 0 | |||
Deferred tax liability, non-current | 0 | |||
Total liabilities | 1,352,313,000 | 955,154,000 | ||
Noncontrolling interests subject to put provisions ending | 0 | |||
redeemable preferred stock | 0 | |||
Company shareholders' equity | 540,727,000 | 609,597,000 | ||
Noncontrolling interests not subject to put provisions | 0 | 0 | ||
Total equity | 540,727,000 | 609,597,000 | ||
Total liabilities and equity | 1,893,040,000 | 1,564,751,000 | ||
Consolidated Statements of Comprehensive Income | ||||
Net Income | (17,933,000) | 21,557,000 | 15,225,000 | |
Gain Loss Cash Flow Hedges | 1,412,000 | |||
Defined Benefit Plan Actuarial Gain Loss | (39,547,000) | 53,574,000 | (85,460,000) | |
gain loss foreign currency translation | (16,128,000) | (63,961,000) | (85,635,000) | |
Income Tax Expense Benefit Components Other Comprehensive Income | (12,161,000) | (15,869,000) | 25,288,000 | |
other comprehensive income net of tax | (66,424,000) | (26,256,000) | (145,807,000) | |
Total comprehensive income | (84,357,000) | (4,699,000) | (130,582,000) | |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | |
Comprehensive income attributable to the Company | (84,357,000) | (4,699,000) | (130,582,000) | |
FMCH [Member] | ||||
Operating expenses: | ||||
Selling, general and administrative | 23,507,000 | 190,544,000 | 147,203,000 | |
Research and development | 0 | 0 | 0 | |
Operating income | (23,507,000) | (190,544,000) | (147,203,000) | |
Other (income) expense: | ||||
Interest, net | (235,053,000) | (227,381,000) | (198,726,000) | |
Other, net | 1,006,195,000 | 844,301,000 | 771,567,000 | |
Income before income taxes | 747,635,000 | 426,376,000 | 425,638,000 | |
Income tax expense | (102,002,000) | (164,871,000) | (136,469,000) | |
Net Income | 849,637,000 | 591,247,000 | 562,107,000 | |
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | |
Income attributable to the Company | 849,637,000 | 591,247,000 | 562,107,000 | |
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Trade accounts receivable less allowance for doubtful accounts of $465,790 in 2016 and $465,790 in 2015 | 0 | |||
Accounts receivable from related parties | 2,344,048,000 | 2,434,976,000 | ||
Inventories | 0 | 0 | ||
Prepaid expenses and other current assets | 183,000 | 983,000 | ||
Total current assets | 2,344,231,000 | 2,435,959,000 | ||
Property, plant and equipment, net | 0 | |||
Intangible assets | 0 | |||
Goodwill | 0 | |||
Deferred tax asset, non-current | 0 | |||
Other assets | 14,515,756,000 | 13,256,088,000 | ||
Total assets | 16,859,987,000 | 15,692,047,000 | ||
Current liabilities: | ||||
Accounts payable | 0 | |||
Accounts payable to related parties | 1,672,266,000 | 1,668,390,000 | ||
Accrued expenses and other current liabilities | 150,676,000 | 15,527,000 | ||
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 | |||
Total current liabilities | 2,022,942,000 | 1,883,917,000 | ||
Total long-term debt less current maturities | 1,896,451,000 | 2,113,544,000 | ||
Long term borrowings from related parties | 3,246,515,000 | 2,680,741,000 | ||
Other liabilities | 410,454,000 | 488,142,000 | ||
Pension liabilities | 0 | 0 | ||
Income tax payable, non-current | 0 | 0 | ||
Deferred tax liability, non-current | 0 | 0 | ||
Total liabilities | 7,576,362,000 | 7,166,344,000 | ||
Noncontrolling interests subject to put provisions ending | 0 | |||
redeemable preferred stock | 0 | 235,141,000 | ||
Company shareholders' equity | 9,283,625,000 | 8,290,562,000 | ||
Noncontrolling interests not subject to put provisions | 0 | 0 | ||
Total equity | 9,283,625,000 | 8,290,562,000 | ||
Total liabilities and equity | 16,859,987,000 | 15,692,047,000 | ||
Consolidated Statements of Comprehensive Income | ||||
Net Income | 849,637,000 | 591,247,000 | 562,107,000 | |
Defined Benefit Plan Actuarial Gain Loss | 45,479,000 | 21,765,000 | (116,240,000) | |
gain loss foreign currency translation | 0 | 0 | ||
Income Tax Expense Benefit Components Other Comprehensive Income | 17,941,000 | (8,586,000) | 45,857,000 | |
other comprehensive income net of tax | 63,420,000 | 13,179,000 | (70,383,000) | |
Total comprehensive income | 913,057,000 | 604,426,000 | 491,724,000 | |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | |
Comprehensive income attributable to the Company | 913,057,000 | 604,426,000 | 491,724,000 | |
Non Guarantor Subsidiaries [Member] | ||||
Consolidated Statements of Income | ||||
Net revenue | 19,269,789,000 | 17,938,856,000 | 17,159,641,000 | |
Cost of revenues | 14,162,753,000 | 13,279,090,000 | 12,929,889,000 | |
Gross profit | 5,107,036,000 | 4,659,766,000 | 4,229,752,000 | |
Operating expenses: | ||||
Selling, general and administrative | 2,557,983,000 | 2,256,333,000 | 2,046,499,000 | |
Research and development | 72,598,000 | 64,641,000 | 47,776,000 | |
Operating income | 2,476,455,000 | 2,338,792,000 | 2,135,477,000 | |
Other (income) expense: | ||||
Interest, net | (455,000) | 25,829,000 | 14,181,000 | |
Other, net | 0 | 0 | 0 | |
Income before income taxes | 2,476,000,000 | 2,364,621,000 | 2,149,658,000 | |
Income tax expense | 909,834,000 | 880,073,000 | 832,919,000 | |
Net Income | 1,566,166,000 | 1,484,548,000 | 1,316,739,000 | |
Less: Net income attributable to noncontrolling interests | 305,584,000 | 283,704,000 | 214,542,000 | |
Income attributable to the Company | 1,260,582,000 | 1,200,844,000 | 1,102,197,000 | |
Current assets: | ||||
Cash and cash equivalents | 1,012,927,000 | 544,443,000 | 628,015,000 | |
Trade accounts receivable less allowance for doubtful accounts of $465,790 in 2016 and $465,790 in 2015 | 3,372,856,000 | 3,140,355,000 | ||
Accounts receivable from related parties | 4,124,502,000 | 4,002,451,000 | ||
Inventories | 1,353,960,000 | 1,256,252,000 | ||
Prepaid expenses and other current assets | 1,238,146,000 | 1,186,883,000 | ||
Total current assets | 11,102,391,000 | 10,130,384,000 | ||
Property, plant and equipment, net | 3,601,302,000 | 3,260,604,000 | ||
Intangible assets | 796,804,000 | 777,319,000 | ||
Goodwill | 13,613,538,000 | 12,983,151,000 | ||
Deferred tax asset, non-current | 166,127,000 | 221,211,000 | ||
Other assets | 7,471,030,000 | 6,372,300,000 | ||
Total assets | 36,751,192,000 | 33,744,969,000 | ||
Current liabilities: | ||||
Accounts payable | 580,104,000 | 597,681,000 | ||
Accounts payable to related parties | 6,761,341,000 | 5,386,272,000 | ||
Accrued expenses and other current liabilities | 2,309,043,000 | 2,285,939,000 | ||
Short-term borrowings and other financial liabilities | 100,788,000 | 109,700,000 | ||
Short Term Borrowings Due To Related Parties Current | 0 | |||
Current portion of long-term debt and capital lease obligations | 34,145,000 | 439,107,000 | ||
Income tax payable, current | 119,599,000 | 51,921,000 | ||
Total current liabilities | 9,905,020,000 | 8,870,620,000 | ||
Total long-term debt less current maturities | 6,423,443,000 | 6,657,108,000 | ||
Long term borrowings from related parties | 0 | 0 | ||
Other liabilities | 103,597,000 | (176,998,000) | ||
Pension liabilities | 175,137,000 | 284,589,000 | ||
Income tax payable, non-current | (2,368,000) | 22,060,000 | ||
Deferred tax liability, non-current | 703,018,000 | 693,815,000 | ||
Total liabilities | 17,307,847,000 | 16,351,194,000 | ||
Noncontrolling interests subject to put provisions ending | 1,241,088,000 | 1,028,368,000 | ||
redeemable preferred stock | 0 | (235,141,000) | ||
Company shareholders' equity | 17,553,919,000 | 15,991,690,000 | ||
Noncontrolling interests not subject to put provisions | 648,338,000 | 608,858,000 | ||
Total equity | 18,202,257,000 | 16,600,548,000 | ||
Total liabilities and equity | 36,751,192,000 | 33,744,969,000 | ||
Consolidated Statements of Comprehensive Income | ||||
Net Income | 1,566,166,000 | 1,484,548,000 | 1,316,739,000 | |
Gain Loss Cash Flow Hedges | (3,928,000) | 19,773,000 | (20,827,000) | |
Defined Benefit Plan Actuarial Gain Loss | (4,710,000) | 4,267,000 | (8,673,000) | |
gain loss foreign currency translation | (83,079,000) | (258,491,000) | (375,504,000) | |
Income Tax Expense Benefit Components Other Comprehensive Income | (8,053,000) | (6,647,000) | 8,889,000 | |
other comprehensive income net of tax | (99,770,000) | (241,098,000) | (396,115,000) | |
Total comprehensive income | 1,466,396,000 | 1,243,450,000 | 920,624,000 | |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | |
Comprehensive income attributable to the Company | 1,466,396,000 | 1,243,450,000 | 920,624,000 | |
Combining Adjustment [Member] | ||||
Consolidated Statements of Income | ||||
Net revenue | (3,289,410,000) | (3,071,789,000) | (3,539,784,000) | |
Cost of revenues | (3,249,876,000) | (3,064,927,000) | (3,489,417,000) | |
Gross profit | (39,534,000) | (6,862,000) | (50,367,000) | |
Operating expenses: | ||||
Selling, general and administrative | 21,935,000 | (21,582,000) | (7,462,000) | |
Research and development | (724,000) | 0 | 0 | |
Operating income | (60,745,000) | 14,720,000 | (42,905,000) | |
Other (income) expense: | ||||
Interest, net | 0 | (11,000) | 13,000 | |
Other, net | (2,338,332,000) | (2,072,495,000) | (1,944,096,000) | |
Income before income taxes | (2,399,077,000) | (2,057,786,000) | (1,986,988,000) | |
Income tax expense | (302,264,000) | (239,729,000) | (303,053,000) | |
Net Income | (2,096,813,000) | (1,818,057,000) | (1,683,935,000) | |
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | |
Income attributable to the Company | (2,096,813,000) | (1,818,057,000) | (1,683,935,000) | |
Current assets: | ||||
Cash and cash equivalents | (304,889,000) | (448,000) | 0 | |
Trade accounts receivable less allowance for doubtful accounts of $465,790 in 2016 and $465,790 in 2015 | (638,000) | 736,000 | ||
Accounts receivable from related parties | (10,376,177,000) | (9,153,507,000) | ||
Inventories | (182,341,000) | (148,513,000) | ||
Prepaid expenses and other current assets | 43,364,000 | 34,923,000 | ||
Total current assets | (10,820,681,000) | (9,266,809,000) | ||
Property, plant and equipment, net | (102,780,000) | (103,551,000) | ||
Intangible assets | 5,209,000 | (76,000) | ||
Goodwill | 0 | 0 | ||
Deferred tax asset, non-current | (118,385,000) | (151,396,000) | ||
Other assets | (35,190,512,000) | (32,503,146,000) | ||
Total assets | (46,227,149,000) | (42,024,978,000) | ||
Current liabilities: | ||||
Accounts payable | 0 | |||
Accounts payable to related parties | (9,325,437,000) | (7,677,035,000) | ||
Accrued expenses and other current liabilities | (2,468,000) | (7,363,000) | ||
Short-term borrowings and other financial liabilities | (343,094,000) | (448,000) | ||
Short Term Borrowings Due To Related Parties Current | (1,307,320,000) | (1,738,350,000) | ||
Current portion of long-term debt and capital lease obligations | 0 | |||
Income tax payable, current | 0 | |||
Total current liabilities | (10,978,319,000) | (9,423,196,000) | ||
Total long-term debt less current maturities | (2,400,463,000) | (2,738,283,000) | ||
Long term borrowings from related parties | (5,450,763,000) | (4,957,341,000) | ||
Other liabilities | 38,334,000 | 35,425,000 | ||
Pension liabilities | (36,748,000) | (29,774,000) | ||
Income tax payable, non-current | 92,742,000 | 127,739,000 | ||
Deferred tax liability, non-current | (30,751,000) | (69,315,000) | ||
Total liabilities | (18,765,968,000) | (17,054,745,000) | ||
Noncontrolling interests subject to put provisions ending | 0 | |||
redeemable preferred stock | 0 | |||
Company shareholders' equity | (27,461,181,000) | (24,970,233,000) | ||
Noncontrolling interests not subject to put provisions | 0 | 0 | ||
Total equity | (27,461,181,000) | (24,970,233,000) | ||
Total liabilities and equity | (46,227,149,000) | (42,024,978,000) | ||
Consolidated Statements of Comprehensive Income | ||||
Net Income | (2,096,813,000) | (1,818,057,000) | (1,683,935,000) | |
gain loss foreign currency translation | 23,440,000 | 17,124,000 | 18,943,000 | |
other comprehensive income net of tax | 23,440,000 | 17,124,000 | 18,943,000 | |
Total comprehensive income | (2,073,373,000) | (1,800,933,000) | (1,664,992,000) | |
Comprehensive income attributable to noncontrolling interests | (304,138,000) | (278,743,000) | (208,456,000) | |
Comprehensive income attributable to the Company | (2,377,511,000) | (2,079,676,000) | (1,873,448,000) | |
Combined Total [Member] | ||||
Consolidated Statements of Income | ||||
Net revenue | 17,910,787,000 | 16,737,582,000 | 15,831,613,000 | |
Cost of revenues | 12,131,145,000 | 11,406,419,000 | 10,835,767,000 | |
Gross profit | 5,779,642,000 | 5,331,163,000 | 4,995,846,000 | |
Operating expenses: | ||||
Selling, general and administrative | 2,979,755,000 | 2,864,129,000 | 2,619,199,000 | |
Research and development | 162,364,000 | 140,302,000 | 122,114,000 | |
Operating income | 2,637,523,000 | 2,326,732,000 | 2,254,533,000 | |
Other (income) expense: | ||||
Interest, net | (405,533,000) | (391,460,000) | (411,127,000) | |
Other, net | 0 | 0 | 0 | |
Income before income taxes | 2,231,990,000 | 1,935,272,000 | 1,843,406,000 | |
Income tax expense | 683,139,000 | 622,123,000 | 583,598,000 | |
Net Income | 1,548,851,000 | 1,313,149,000 | 1,259,808,000 | |
Less: Net income attributable to noncontrolling interests | 305,584,000 | 283,704,000 | 214,542,000 | |
Income attributable to the Company | 1,243,267,000 | 1,029,445,000 | 1,045,266,000 | |
Current assets: | ||||
Cash and cash equivalents | 747,233,000 | 549,500,000 | 633,855,000 | |
Trade accounts receivable less allowance for doubtful accounts of $465,790 in 2016 and $465,790 in 2015 | 3,524,258,000 | 3,285,196,000 | ||
Accounts receivable from related parties | 220,797,000 | 218,285,000 | ||
Inventories | 1,409,834,000 | 1,340,751,000 | ||
Prepaid expenses and other current assets | 1,411,833,000 | 1,374,715,000 | ||
Total current assets | 7,313,955,000 | 6,768,447,000 | ||
Property, plant and equipment, net | 3,773,213,000 | 3,425,574,000 | ||
Intangible assets | 847,198,000 | 830,489,000 | ||
Goodwill | 13,666,446,000 | 13,032,750,000 | ||
Deferred tax asset, non-current | 202,838,000 | 188,833,000 | ||
Other assets | 1,130,292,000 | 1,119,161,000 | ||
Total assets | 26,933,942,000 | 25,365,254,000 | ||
Current liabilities: | ||||
Accounts payable | 606,694,000 | 627,828,000 | ||
Accounts payable to related parties | 278,355,000 | 153,023,000 | ||
Accrued expenses and other current liabilities | 2,653,185,000 | 2,503,137,000 | ||
Short-term borrowings and other financial liabilities | 602,494,000 | 109,252,000 | ||
Short Term Borrowings Due To Related Parties Current | 3,162,000 | 19,052,000 | ||
Current portion of long-term debt and capital lease obligations | 763,398,000 | 664,335,000 | ||
Income tax payable, current | 130,009,000 | 72,819,000 | ||
Total current liabilities | 5,037,297,000 | 4,149,446,000 | ||
Total long-term debt less current maturities | 7,202,545,000 | 7,853,487,000 | ||
Long term borrowings from related parties | 0 | 0 | ||
Other liabilities | 658,842,000 | 465,625,000 | ||
Pension liabilities | 540,267,000 | 585,328,000 | ||
Income tax payable, non-current | 124,576,000 | 162,500,000 | ||
Deferred tax liability, non-current | 672,267,000 | 624,500,000 | ||
Total liabilities | 14,235,794,000 | 13,840,886,000 | ||
Noncontrolling interests subject to put provisions ending | 1,241,088,000 | 1,028,368,000 | ||
redeemable preferred stock | 0 | 0 | ||
Company shareholders' equity | 10,808,722,000 | 9,887,142,000 | ||
Noncontrolling interests not subject to put provisions | 648,338,000 | 608,858,000 | ||
Total equity | 11,457,060,000 | 10,496,000,000 | ||
Total liabilities and equity | 26,933,942,000 | 25,365,254,000 | ||
Consolidated Statements of Comprehensive Income | ||||
Net Income | 1,548,851,000 | 1,313,149,000 | 1,259,808,000 | |
Gain Loss Cash Flow Hedges | 27,795,000 | 60,131,000 | 25,547,000 | |
Defined Benefit Plan Actuarial Gain Loss | (1,464,000) | 81,834,000 | (215,161,000) | |
gain loss foreign currency translation | 1,280,000 | (352,125,000) | (421,789,000) | |
Income Tax Expense Benefit Components Other Comprehensive Income | (11,774,000) | (43,353,000) | 68,161,000 | |
other comprehensive income net of tax | 15,837,000 | (253,513,000) | (543,242,000) | |
Total comprehensive income | 1,564,688,000 | 1,059,636,000 | 716,566,000 | |
Comprehensive income attributable to noncontrolling interests | (304,138,000) | (278,743,000) | (208,456,000) | |
Comprehensive income attributable to the Company | $ 1,260,550,000 | $ 780,893,000 | $ 508,110,000 |
Supplemental Condensed Combin94
Supplemental Condensed Combining Information (Details 1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Activities: | |||
Net Income | $ 1,548,851,000 | $ 1,313,149,000 | $ 1,259,808,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 775,945,000 | 717,322,000 | 699,328,000 |
Change in deferred taxes, net | (5,628,000) | (45,452,000) | 113,790,000 |
Stock Option Compensation Expense | 30,176,000 | 12,323,000 | 8,507,000 |
Changes in assets and liabilities, net of amounts from businesses acquired: | |||
Trade accounts receivable, net | 242,289,000 | 330,960,000 | 157,411,000 |
Inventories, net | 66,668,000 | 301,009,000 | 85,758,000 |
Prepaid expenses, other current and non-current assets | (53,751,000) | (47,997,000) | 24,179,000 |
Accounts payable, accrued expenses and other current and non-current liabilities | 45,729,000 | 548,955,000 | 121,424,000 |
Income tax payable | 6,732,000 | (9,092,000) | (94,916,000) |
Net cash provided by (used in) operating activities | 2,139,882,000 | 1,960,047,000 | 1,861,392,000 |
Investing Activities: | |||
Purchases of property, plant and equipment | (1,029,992,000) | (952,943,000) | (931,627,000) |
Proceeds from sale of property, plant and equipment | 17,662,000 | 17,408,000 | 11,673,000 |
Acquisitions and investments, net of cash acquired, and net purchases of intangible assets | 577,581,000 | 316,810,000 | 1,779,058,000 |
Proceeds from divestitures | 210,584,000 | 251,660,000 | 8,257,000 |
Net cash (used in) provided by investing activities | (1,379,327,000) | (1,000,685,000) | (2,690,755,000) |
Financing Activities: | |||
Increase (decrease) of accounts receivable securitization program | (124,000,000) | 290,750,000 | 9,500,000 |
Proceeds from exercise of stock options | 49,065,000 | 94,166,000 | 107,047,000 |
Payment of dividends [N] | 277,176,000 | 263,244,000 | 317,903,000 |
Distributions to noncontrolling interests | 325,762,000 | 284,474,000 | 250,271,000 |
Contributions from noncontrolling interests | 79,597,000 | 67,395,000 | 42,356,000 |
Net cash (used in) provided by financing activities | (584,761,000) | (1,007,539,000) | 805,011,000 |
Effect of exchange rate changes on cash and cash equivalents | 21,939,000 | (36,178,000) | (24,570,000) |
Cash and Cash Equivalents: | |||
(decrease) in cash and cash equivalents | 197,733,000 | (84,355,000) | (48,922,000) |
Cash and cash equivalents at end of period | 747,233,000 | 549,500,000 | 633,855,000 |
FMC US Finance [Member] | |||
Operating Activities: | |||
Net Income | 4,527,000 | 4,409,000 | 4,406,000 |
Changes in assets and liabilities, net of amounts from businesses acquired: | |||
Accounts receivable from/payable to related parties | 28,000 | 12,000 | 3,000 |
Accounts payable, accrued expenses and other current and non-current liabilities | 0 | ||
Income tax payable | 175,000 | 164,000 | (1,650,000) |
Net cash provided by (used in) operating activities | 4,674,000 | 4,561,000 | 2,753,000 |
Financing Activities: | |||
Long-term debt and capital lease obligations, net | (4,676,000) | (4,560,000) | (2,752,000) |
Net cash (used in) provided by financing activities | (4,676,000) | (4,560,000) | (2,752,000) |
Cash and Cash Equivalents: | |||
(decrease) in cash and cash equivalents | (2,000) | 1,000 | 1,000 |
Cash and cash equivalents beginning balance | 2,000 | 1,000 | 0 |
Cash and cash equivalents at end of period | 0 | 2,000 | 1,000 |
Total Company 2 [Member] | |||
Operating Activities: | |||
Net Income | 1,243,267,000 | 1,029,445,000 | 1,045,266,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Income Loss From Equity Method Investments Net Of Dividends Or Distributions | 393,220,000 | 1,026,063,000 | (4,211,195,000) |
Depreciation and amortization | 1,251,000 | 611,000 | 632,000 |
Change in deferred taxes, net | (26,327,000) | (28,642,000) | (18,444,000) |
(Gain) loss on sale of fixed assets and investments | 346,000 | 65,480,000 | |
(Gain) Loss on investments | (67,509,000) | 49,283,000 | 13,862,000 |
Write-off of loans from related parties | 33,940,000 | (6,306,000) | 67,629,000 |
Stock Option Compensation Expense | 25,691,000 | 6,583,000 | 6,307,000 |
Investments In Equity Method Investees | 5,535,000 | 42,087,000 | |
Changes in assets and liabilities, net of amounts from businesses acquired: | |||
Prepaid expenses, other current and non-current assets | (60,145,000) | (5,090,000) | (20,961,000) |
Accounts receivable from/payable to related parties | 1,083,344,000 | (593,823,000) | 5,222,902,000 |
Accounts payable, accrued expenses and other current and non-current liabilities | (35,530,000) | 18,756,000 | 29,906,000 |
Income tax payable | 12,007,000 | 10,853,000 | (112,696,000) |
Net cash provided by (used in) operating activities | (229,975,000) | 593,488,000 | 83,803,000 |
Investing Activities: | |||
Purchases of property, plant and equipment | 383,000 | 341,000 | 835,000 |
Proceeds from sale of property, plant and equipment | 86,000 | 57,000 | |
Disbursements of loans to related parties | 104,036,000 | (301,245,000) | (163,172,000) |
Acquisitions and investments, net of cash acquired, and net purchases of intangible assets | 148,005,000 | 90,112,000 | 273,204,000 |
Proceeds from divestitures | 80,115,000 | 20,562,000 | |
Net cash (used in) provided by investing activities | 35,849,000 | (371,079,000) | (437,211,000) |
Financing Activities: | |||
Short-term borrowings, net | 486,259,000 | 14,534,000 | 1,803,000 |
Long-term debt and capital lease obligations, net | (26,566,000) | (50,839,000) | 540,825,000 |
Proceeds from exercise of stock options | 44,018,000 | 76,093,000 | 98,523,000 |
Payment of dividends [N] | 277,176,000 | 263,244,000 | 317,903,000 |
Net cash (used in) provided by financing activities | 226,535,000 | (223,456,000) | 323,248,000 |
Effect of exchange rate changes on cash and cash equivalents | 5,350,000 | 1,378,000 | 30,264,000 |
Cash and Cash Equivalents: | |||
(decrease) in cash and cash equivalents | 37,759,000 | 331,000 | 104,000 |
Cash and cash equivalents beginning balance | 448,000 | 13,000 | |
Cash and cash equivalents at end of period | 38,207,000 | 117,000 | |
D GmbH [Member] | |||
Operating Activities: | |||
Net Income | (17,933,000) | 21,557,000 | 15,225,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 66,502,000 | 52,242,000 | 55,433,000 |
Change in deferred taxes, net | (8,431,000) | (1,997,000) | (2,212,000) |
(Gain) loss on sale of fixed assets and investments | (3,148,000) | (880,000) | (131,000) |
(Gain) Loss on investments | 5,728,000 | 0 | 986,000 |
Write-off of loans from related parties | 2,113,000 | 50,344,000 | 7,371,000 |
Changes in assets and liabilities, net of amounts from businesses acquired: | |||
Trade accounts receivable, net | 13,141,000 | (1,307,000) | 33,760,000 |
Inventories, net | 8,889,000 | 26,250,000 | (24,166,000) |
Prepaid expenses, other current and non-current assets | (10,466,000) | 33,404,000 | (10,742,000) |
Accounts receivable from/payable to related parties | (7,812,000) | 90,143,000 | (6,481,000) |
Accounts payable, accrued expenses and other current and non-current liabilities | 44,870,000 | 20,310,000 | 47,061,000 |
Income tax payable | 0 | 0 | 0 |
Net cash provided by (used in) operating activities | 92,245,000 | (5,154,000) | 131,624,000 |
Investing Activities: | |||
Purchases of property, plant and equipment | (68,659,000) | (80,824,000) | (111,994,000) |
Proceeds from sale of property, plant and equipment | (546,000) | (555,000) | 454,000 |
Disbursements of loans to related parties | 0 | 0 | 0 |
Acquisitions and investments, net of cash acquired, and net purchases of intangible assets | 885,000 | 891,000 | 15,168,000 |
Proceeds from divestitures | 0 | 0 | 0 |
Net cash (used in) provided by investing activities | (68,998,000) | (82,270,000) | (126,708,000) |
Financing Activities: | |||
Short-term borrowings, net | (27,900,000) | 87,346,000 | (2,982,000) |
Long-term debt and capital lease obligations, net | 552,000 | ||
Net cash (used in) provided by financing activities | (27,348,000) | 87,346,000 | (2,982,000) |
Effect of exchange rate changes on cash and cash equivalents | 34,000 | (589,000) | (702,000) |
Cash and Cash Equivalents: | |||
(decrease) in cash and cash equivalents | (4,067,000) | (667,000) | 1,232,000 |
Cash and cash equivalents beginning balance | 5,055,000 | 5,722,000 | 4,490,000 |
Cash and cash equivalents at end of period | 988,000 | 5,055,000 | 5,722,000 |
FMCH [Member] | |||
Operating Activities: | |||
Net Income | 849,637,000 | 591,247,000 | 562,107,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Income Loss From Equity Method Investments Net Of Dividends Or Distributions | 1,006,195,000 | 844,301,000 | 771,567,000 |
Changes in assets and liabilities, net of amounts from businesses acquired: | |||
Prepaid expenses, other current and non-current assets | (106,963,000) | (193,867,000) | (149,106,000) |
Accounts receivable from/payable to related parties | (150,463,000) | (185,216,000) | 814,972,000 |
Accounts payable, accrued expenses and other current and non-current liabilities | 2,506,000 | 4,370,000 | 1,754,000 |
Income tax payable | (102,002,000) | (164,871,000) | (136,469,000) |
Net cash provided by (used in) operating activities | 1,372,000 | (34,472,000) | (1,010,041,000) |
Investing Activities: | |||
Purchases of property, plant and equipment | 0 | ||
Proceeds from sale of property, plant and equipment | 0 | ||
Disbursements of loans to related parties | 365,016,000 | 312,278,000 | 249,485,000 |
Acquisitions and investments, net of cash acquired, and net purchases of intangible assets | 200,000 | 0 | 1,800,000 |
Proceeds from divestitures | 0 | 0 | |
Net cash (used in) provided by investing activities | 364,816,000 | 312,278,000 | 247,685,000 |
Financing Activities: | |||
Long-term debt and capital lease obligations, net | 241,012,000 | (277,806,000) | 762,356,000 |
Payment of dividends [N] | 0 | ||
capital increase | (607,200,000) | 0 | |
Net cash (used in) provided by financing activities | (366,188,000) | (277,806,000) | 762,356,000 |
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 | 1,566,166,000 | 1,484,548,000 | 1,316,739,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 738,307,000 | 698,483,000 | 676,704,000 |
Change in deferred taxes, net | 37,690,000 | (2,415,000) | 145,601,000 |
(Gain) loss on sale of fixed assets and investments | 5,119,000 | 3,157,000 | (2,523,000) |
Stock Option Compensation Expense | 4,485,000 | 5,740,000 | 2,200,000 |
Investments In Equity Method Investees | (58,608,000) | (23,311,000) | (18,964,000) |
Changes in assets and liabilities, net of amounts from businesses acquired: | |||
Trade accounts receivable, net | 230,566,000 | 332,939,000 | 123,932,000 |
Inventories, net | 94,250,000 | 283,906,000 | 148,719,000 |
Prepaid expenses, other current and non-current assets | 156,916,000 | 117,604,000 | 198,834,000 |
Accounts receivable from/payable to related parties | (274,202,000) | 621,180,000 | (948,813,000) |
Accounts payable, accrued expenses and other current and non-current liabilities | 34,060,000 | 505,793,000 | 42,577,000 |
Income tax payable | 129,680,000 | 128,319,000 | 146,271,000 |
Net cash provided by (used in) operating activities | 2,239,131,000 | 1,438,371,000 | 2,790,979,000 |
Investing Activities: | |||
Purchases of property, plant and equipment | 994,311,000 | 904,256,000 | 863,362,000 |
Proceeds from sale of property, plant and equipment | 17,030,000 | 17,906,000 | 11,219,000 |
Disbursements of loans to related parties | 0 | 0 | 0 |
Acquisitions and investments, net of cash acquired, and net purchases of intangible assets | 576,467,000 | 270,693,000 | 1,773,964,000 |
Proceeds from divestitures | 192,267,000 | 251,660,000 | 8,257,000 |
Net cash (used in) provided by investing activities | (1,361,481,000) | (905,383,000) | (2,617,850,000) |
Financing Activities: | |||
Short-term borrowings, net | 380,832,000 | (113,244,000) | (28,172,000) |
Long-term debt and capital lease obligations, net | (1,409,956,000) | 3,352,000 | (124,109,000) |
Increase (decrease) of accounts receivable securitization program | (124,000,000) | 290,750,000 | 9,500,000 |
Proceeds from exercise of stock options | 5,047,000 | 18,073,000 | 8,524,000 |
Payment of dividends [N] | 20,786,000 | 2,707,000 | 20,387,000 |
capital increase | 741,307,000 | 22,762,000 | 218,371,000 |
Distributions to noncontrolling interests | 325,762,000 | 284,474,000 | 250,271,000 |
Contributions from noncontrolling interests | 79,597,000 | 67,395,000 | 42,356,000 |
Net cash (used in) provided by financing activities | (425,721,000) | (579,593,000) | (163,188,000) |
Effect of exchange rate changes on cash and cash equivalents | 16,555,000 | (36,967,000) | (54,132,000) |
Cash and Cash Equivalents: | |||
(decrease) in cash and cash equivalents | 468,484,031.102955 | (83,572,000) | (44,191,000) |
Cash and cash equivalents beginning balance | 544,443,000 | 628,015,000 | 672,206,000 |
Cash and cash equivalents at end of period | 1,012,927,000 | 544,443,000 | 628,015,000 |
Combining Adjustment [Member] | |||
Operating Activities: | |||
Net Income | (2,096,813,000) | (1,818,057,000) | (1,683,935,000) |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Income Loss From Equity Method Investments Net Of Dividends Or Distributions | (1,399,415,000) | (1,870,364,000) | 3,439,628,000 |
Depreciation and amortization | (30,115,000) | (34,014,000) | (33,441,000) |
Change in deferred taxes, net | (8,560,000) | (12,398,000) | (11,155,000) |
(Gain) loss on sale of fixed assets and investments | 0 | (65,439,000) | |
(Gain) Loss on investments | 61,781,000 | (49,283,000) | (14,848,000) |
Write-off of loans from related parties | (36,053,000) | (44,038,000) | (75,000,000) |
Changes in assets and liabilities, net of amounts from businesses acquired: | |||
Trade accounts receivable, net | (1,418,000) | (672,000) | (281,000) |
Inventories, net | (36,471,000) | (9,147,000) | (38,795,000) |
Prepaid expenses, other current and non-current assets | (33,093,000) | (48,000) | 6,154,000 |
Accounts receivable from/payable to related parties | (705,103,000) | 40,796,000 | (5,077,605,000) |
Accounts payable, accrued expenses and other current and non-current liabilities | (177,000) | (274,000) | 126,000 |
Income tax payable | (33,128,000) | 16,443,000 | 9,628,000 |
Net cash provided by (used in) operating activities | 32,435,000 | (36,747,000) | (137,726,000) |
Investing Activities: | |||
Purchases of property, plant and equipment | (33,361,000) | (32,478,000) | (44,564,000) |
Proceeds from sale of property, plant and equipment | 0 | 0 | 0 |
Disbursements of loans to related parties | (469,052,000) | (11,033,000) | (86,313,000) |
Acquisitions and investments, net of cash acquired, and net purchases of intangible assets | (147,976,000) | (44,886,000) | (285,078,000) |
Proceeds from divestitures | (61,798,000) | (20,562,000) | 0 |
Net cash (used in) provided by investing activities | (349,513,000) | 45,769,000 | 243,329,000 |
Financing Activities: | |||
Short-term borrowings, net | (343,094,000) | (448,000) | |
Long-term debt and capital lease obligations, net | 469,052,000 | 11,033,000 | 86,313,000 |
Payment of dividends [N] | (20,786,000) | (2,707,000) | (20,387,000) |
capital increase | (134,107,000) | (22,762,000) | (218,371,000) |
Net cash (used in) provided by financing activities | 12,637,000 | (9,470,000) | (111,671,000) |
Cash and Cash Equivalents: | |||
(decrease) in cash and cash equivalents | (304,441,031.102955) | (448,000) | (6,068,000) |
Cash and cash equivalents beginning balance | (448,000) | 0 | 6,068,000 |
Cash and cash equivalents at end of period | (304,889,000) | (448,000) | 0 |
Combined Total [Member] | |||
Operating Activities: | |||
Net Income | 1,548,851,000 | 1,313,149,000 | 1,259,808,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 775,945,000 | 717,322,000 | 699,328,000 |
Change in deferred taxes, net | (5,628,000) | (45,452,000) | 113,790,000 |
(Gain) loss on sale of fixed assets and investments | 2,317,000 | 2,318,000 | (2,654,000) |
Stock Option Compensation Expense | 30,176,000 | 12,323,000 | 8,507,000 |
Cash Inflow Hedging | 0 | ||
Investments In Equity Method Investees | (58,608,000) | (17,776,000) | 23,123,000 |
Changes in assets and liabilities, net of amounts from businesses acquired: | |||
Trade accounts receivable, net | 242,289,000 | 330,960,000 | 157,411,000 |
Inventories, net | 66,668,000 | 301,009,000 | 85,758,000 |
Prepaid expenses, other current and non-current assets | (53,751,000) | (47,997,000) | 24,179,000 |
Accounts receivable from/payable to related parties | (54,208,000) | (26,908,000) | 4,978,000 |
Accounts payable, accrued expenses and other current and non-current liabilities | 45,729,000 | 548,955,000 | 121,424,000 |
Income tax payable | 6,732,000 | (9,092,000) | (94,916,000) |
Net cash provided by (used in) operating activities | 2,139,882,000 | 1,960,047,000 | 1,861,392,000 |
Investing Activities: | |||
Purchases of property, plant and equipment | (1,029,992,000) | (952,943,000) | (931,627,000) |
Proceeds from sale of property, plant and equipment | 17,662,000 | 17,408,000 | 11,673,000 |
Disbursements of loans to related parties | 0 | 0 | 0 |
Acquisitions and investments, net of cash acquired, and net purchases of intangible assets | 577,581,000 | 316,810,000 | 1,779,058,000 |
Proceeds from divestitures | 210,584,000 | 251,660,000 | 8,257,000 |
Net cash (used in) provided by investing activities | (1,379,327,000) | (1,000,685,000) | (2,690,755,000) |
Financing Activities: | |||
Short-term borrowings, net | 496,097,000 | (11,812,000) | (29,351,000) |
Long-term debt and capital lease obligations, net | (730,582,000) | (318,820,000) | 1,262,633,000 |
Increase (decrease) of accounts receivable securitization program | (124,000,000) | 290,750,000 | 9,500,000 |
Proceeds from exercise of stock options | 49,065,000 | 94,166,000 | 107,047,000 |
Payment of dividends [N] | 277,176,000 | 263,244,000 | 317,903,000 |
Proceeds from conversion of preference shares into ordinary shares | 0 | ||
Proceeds From Repurchase Of Equity | 0 | ||
Distributions to noncontrolling interests | 325,762,000 | 284,474,000 | 250,271,000 |
Contributions from noncontrolling interests | 79,597,000 | 67,395,000 | 42,356,000 |
Net cash (used in) provided by financing activities | (584,761,000) | (1,007,539,000) | 805,011,000 |
Effect of exchange rate changes on cash and cash equivalents | 21,939,000 | (36,178,000) | (24,570,000) |
Cash and Cash Equivalents: | |||
(decrease) in cash and cash equivalents | 197,733,000 | (84,355,000) | (48,922,000) |
Cash and cash equivalents beginning balance | 549,500,000 | 633,855,000 | 682,777,000 |
Cash and cash equivalents at end of period | $ 747,233,000 | $ 549,500,000 | $ 633,855,000 |
Development of Allowance for 95
Development of Allowance for Doubtful Accounts (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Valuation allowances [Abstract] | |||
Trade accounts receivable allowance for doubtful accounts 1 | $ 465,790,000 | $ 418,508,000 | $ 413,165,000 |
Change in valuation allowances as recorded in the consolidated statements of income | 477,045,000 | 440,284,000 | 325,451,000 |
Write-offs and recoveries of amounts previously written off | (433,713,000) | (381,087,000) | (309,058,000) |
Foreign currency translation | (560,000) | (11,915,000) | (11,050,000) |
Trade accounts receivable allowance for doubtful accounts 2 | $ 508,562,000 | $ 465,790,000 | $ 418,508,000 |