Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 15, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,016 | ||
Entity Registrant Name | CHEMED CORP | ||
Trading Symbol | CHE | ||
Entity Central Index Key | 19,584 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 16,313,155 | ||
Entity Public Float | $ 2,156,861,482 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes |
Consolidated Statement Of Incom
Consolidated Statement Of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Consolidated Statement Of Income [Abstract] | |||
Service revenues and sales | $ 1,576,881 | $ 1,543,388 | $ 1,456,282 |
Cost of services provided and goods sold (excluding depreciation) | 1,115,431 | 1,087,610 | 1,034,673 |
Selling, general and administrative expenses | 243,572 | 237,821 | 222,589 |
Depreciation | 34,279 | 32,369 | 29,881 |
Amortization | 359 | 1,130 | 720 |
Other operating expenses (Note 21) | 4,491 | ||
Total costs and expenses | 1,398,132 | 1,358,930 | 1,287,863 |
Income from operations | 178,749 | 184,458 | 168,419 |
Interest expense | (3,715) | (3,645) | (8,186) |
Other income/(expense) - net (Note 10) | 2,020 | (687) | 2,521 |
Income before income taxes | 177,054 | 180,126 | 162,754 |
Income taxes (Note 11) | (68,311) | (69,852) | (63,437) |
Net income | $ 108,743 | $ 110,274 | $ 99,317 |
Earnings Per Share (Note 15) | |||
Net income | $ 6.64 | $ 6.54 | $ 5.79 |
Average number of shares outstanding | 16,383 | 16,870 | 17,165 |
Diluted Earnings Per Share (Note 15) | |||
Net income | $ 6.48 | $ 6.33 | $ 5.57 |
Average number of shares outstanding | 16,789 | 17,422 | 17,840 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash and cash equivalents (Note 9) | $ 15,310 | $ 14,727 |
Accounts receivable less allowances of $14,236 (2015 - $13,244) | 132,021 | 106,262 |
Inventories | 5,755 | 6,314 |
Prepaid income taxes | 3,709 | 10,653 |
Prepaid expenses | 13,105 | 12,852 |
Total current assets | 169,900 | 150,808 |
Investments of deferred compensation plans held in trust (Notes 14 and 16) | 54,389 | 49,481 |
Properties and equipment, at cost, less accumulated depreciation (Note 12) | 121,302 | 117,370 |
Identifiable intangible assets less accumulated amortization of $33,225 (2015 - $32,866) (Note 6) | 55,065 | 55,111 |
Goodwill | 472,366 | 472,322 |
Other assets | 7,037 | 7,233 |
Total Assets | 880,059 | 852,325 |
Current liabilities | ||
Accounts payable | 39,586 | 43,695 |
Current portion of long-term debt (Note 3) | 8,750 | 7,500 |
Accrued insurance | 47,960 | 43,972 |
Accrued compensation | 53,979 | 52,817 |
Accrued legal | 1,805 | 1,233 |
Other current liabilities | 19,752 | 22,119 |
Total current liabilities | 171,832 | 171,336 |
Deferred income taxes (Note 11) | 14,291 | 21,041 |
Long-term debt (Note 3) | 100,000 | 83,750 |
Deferred compensation liabilities (Note 14) | 54,288 | 49,467 |
Other liabilities | 15,549 | 13,478 |
Total Liabilities | 355,960 | 339,072 |
Commitments and contingencies (Note 13 and 18) | ||
Stockholders' Equity | ||
Capital stock - authorized 80,000,000 shares $1 par; issued 34,270,104 shares (2015 - 33,985,316 shares) | 34,270 | 33,985 |
Paid-in capital | 639,703 | 603,006 |
Retained earnings | 958,149 | 865,845 |
Treasury stock - 18,083,527 shares (2015 - 17,187,540 shares), at cost | (1,110,536) | (991,978) |
Deferred compensation payable in Company stock (Note 14) | 2,513 | 2,395 |
Total Stockholders' Equity | 524,099 | 513,253 |
Total Liabilities and Stockholders' Equity | $ 880,059 | $ 852,325 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Consolidated Balance Sheet [Abstract] | ||
Accounts receivable, allowances | $ 14,236 | $ 13,244 |
Identifiable intangible assets, accumulated amortization | $ 33,225 | $ 32,866 |
Capital stock - authorized | 80,000,000 | 80,000,000 |
Capital stock - par value | $ 1 | $ 1 |
Capital stock - issued | 34,270,104 | 33,985,316 |
Treasury stock | 18,083,527 | 17,187,540 |
Consolidated Statement Of Cash
Consolidated Statement Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows from Operating Activities | |||
Net income | $ 108,743 | $ 110,274 | $ 99,317 |
Adjustments to reconcile net income to net cash provided by operations: | |||
Depreciation and amortization | 34,638 | 33,499 | 30,601 |
Provision for uncollectible accounts receivable | 16,319 | 14,247 | 13,173 |
Stock option expense | 8,330 | 5,445 | 4,802 |
Provision/(benefit) for deferred income taxes (Note 11) | (6,707) | 6,325 | 6,978 |
Amortization of restricted stock awards | 1,855 | 2,107 | 2,471 |
Noncash early retirement expense | 1,747 | ||
Noncash portion of long-term incentive compensation | 1,301 | 6,644 | 2,569 |
Noncash directors' compensation | 541 | 540 | 480 |
Amortization of debt issuance costs | 519 | 523 | 826 |
Amortization of discount on convertible notes | 3,392 | ||
Changes in operating assets and liabilities, excluding amounts acquired in business combinations: | |||
Decrease/(increase) in accounts receivable | (42,142) | 4,132 | (45,785) |
Decrease/(increase) in inventories | 559 | (142) | 535 |
Decrease/(increase) in prepaid expenses | (253) | (1,290) | 6,362 |
Increase/(decrease) in accounts payable and other current liabilities | 891 | 476 | (26,304) |
Increase in income taxes | 13,886 | 344 | 11,279 |
Increase in other assets | (5,224) | (47) | (4,769) |
Increase in other liabilities | 7,105 | 1,320 | 8,484 |
Excess tax benefit on share-based compensation | (7,195) | (14,042) | (5,172) |
Other sources | 480 | 1,145 | 1,040 |
Net cash provided by operating activities | 135,393 | 171,500 | 110,279 |
Cash Flows from Investing Activities | |||
Capital expenditures | (39,772) | (44,135) | (43,571) |
Business combinations, net of cash acquired (Note 7) | (6,614) | (250) | |
Other sources/(uses) | (90) | 432 | 294 |
Net cash used by investing activities | (39,862) | (50,317) | (43,527) |
Cash Flows from Financing Activities | |||
Proceeds from revolving line of credit | 184,550 | 103,200 | 386,350 |
Payments on revolving line of credit | (159,550) | (153,200) | (336,350) |
Purchases of treasury stock | (102,313) | (59,323) | (110,019) |
Dividends paid | (16,439) | (15,605) | (14,255) |
Capital stock surrendered to pay taxes on stock-based compensation | (8,772) | (15,734) | (7,524) |
Proceeds from exercise of stock options (Note 4) | 8,421 | 15,424 | 23,910 |
Payments on other long-term debt | (7,500) | (6,250) | (189,456) |
Excess tax benefit on share-based compensation | 7,195 | 14,042 | 5,172 |
Increase/(decrease) in cash overdrafts payable | (736) | (1,177) | 9,714 |
Proceeds from other long-term debt | 100,000 | ||
Retirement of warrants | (2,648) | ||
Debt issuance costs | (914) | ||
Other (uses)/sources | 196 | (1,965) | (1,018) |
Net cash used by financing activities | (94,948) | (120,588) | (137,038) |
Increase/ (decrease) in cash and cash equivalents | 583 | 595 | (70,286) |
Cash and cash equivalents at beginning of year | 14,727 | 14,132 | 84,418 |
Cash and cash equivalents at end of year | $ 15,310 | $ 14,727 | $ 14,132 |
Consolidated Statement Of Chang
Consolidated Statement Of Changes In Stockholders' Equity - USD ($) $ in Thousands | Capital Stock [Member] | Paid-In Capital [Member] | Retained Earnings [Member] | Treasury Stock-At Cost [Member] | Deferred Compensation Payable In Company Stock [Member] | Total |
Balance at Dec. 31, 2013 | $ 32,245 | $ 481,011 | $ 686,114 | $ (752,634) | $ 2,154 | $ 448,890 |
Net income | 99,317 | 99,317 | ||||
Dividends paid | (14,255) | (14,255) | ||||
Stock awards and exercise of stock options (Note 4) | 809 | 61,469 | (31,237) | 31,041 | ||
Purchases of treasury stock (Note 20) | (110,019) | (110,019) | ||||
Retirement of warrants | (2,645) | (2,645) | ||||
Other | 283 | (990) | (395) | 129 | (973) | |
Balance at Dec. 31, 2014 | 33,337 | 538,845 | 771,176 | (894,285) | 2,283 | 451,356 |
Net income | 110,274 | 110,274 | ||||
Dividends paid | (15,605) | (15,605) | ||||
Stock awards and exercise of stock options (Note 4) | 648 | 66,077 | (38,257) | 28,468 | ||
Purchases of treasury stock (Note 20) | (59,323) | (59,323) | ||||
Other | (1,916) | (113) | 112 | (1,917) | ||
Balance at Dec. 31, 2015 | 33,985 | 603,006 | 865,845 | (991,978) | 2,395 | 513,253 |
Net income | 108,743 | 108,743 | ||||
Dividends paid | (16,439) | (16,439) | ||||
Stock awards and exercise of stock options (Note 4) | 285 | 36,453 | (16,127) | 20,611 | ||
Purchases of treasury stock (Note 20) | (102,313) | (102,313) | ||||
Other | 244 | (118) | 118 | 244 | ||
Balance at Dec. 31, 2016 | $ 34,270 | $ 639,703 | $ 958,149 | $ (1,110,536) | $ 2,513 | $ 524,099 |
Consolidated Statement Of Chan7
Consolidated Statement Of Changes In Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Consolidated Statement Of Changes In Stockholders' Equity [Abstract] | |||
Dividends paid per share | $ 1 | $ 0.92 | $ 0.84 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 1. Summary of Significant Accounting Policies NATURE OF OPERATIONS We operate through our two wholly-owned subsidiaries: VITAS Healthcare Corporation (“VITAS”) and Roto-Rooter Group, Inc. (“Roto-Rooter”). VITAS focuses on hospice care that helps make terminally ill patients' final days as comfortable as possible. Through its team of doctors, nurses, home health aides, social workers, clergy and volunteers, VITAS provides direct medical services to patients, as well as spiritual and emotional counseling to both patients and their families. Roto-Rooter provides plumbing, drain cleaning and water restoration services to both residential and commercial customers. Through its network of company-owned branches, independent contractors and franchisees, Roto-Rooter offers plumbing, drain cleaning service and water restoration to approximately 90 % of the U.S. population. PRINCIPLES OF ACCOUNTING The consolidated financial statements have been prepared on a going-concern basis. Management has adopted the evaluation requirements of Accounting Stanadards Update “ASU No. 2014-15 – Presentation of Financial Statements – Going Concern”. The consolidated financial statements include the accounts of Chemed Corporation and its wholly owned subsidiaries. All intercompany transactions have been eliminated . We have analyzed the provisions of the Financial Accounting Standards Board (“FASB”) authoritative guidance on the consolidation of variable interest entities relative to our contractual relationships with Roto-Rooter’s independent contractors and franchisees. The guidance requires the primary beneficiary of a Variable Interest Entity (“VIE”) to consolidate the accounts of the VIE. Based upon the guidance provided by the FASB, we have concluded that neither the independent contractors nor the franchisees are VIEs. CASH EQUIVALENTS Cash equivalents comprise short-term, highly liquid investments, including money market funds that have original maturities of three months or less. ACCOUNTS AND LOANS RECEIVABLE Accounts and loans receivable are recorded at the principal balance outstanding less estimated allowances for uncollectible accounts. For the Roto-Rooter segment, allowances for trade accounts receivable are generally provided for accounts more than 90 days past due, although collection efforts continue beyond that time. Due to the small number of loans receivable outstanding, allowances for loan losses are determined on a case-by-case basis. For the VITAS segment, allowances for accounts receivable are provided on accounts based on expected collection rates by payer types. The expected collection rate is based on both historical averages and known current trends. Final write-off of overdue accounts or loans receivable is made when all reasonable collection efforts have been made and payment is not forthcoming. We closely monitor our receivables and periodically review procedures for granting credit to attempt to hold losses to a minimum. We make appropriate provisions to reduce our accounts receivable balance for any governmental or other payer reviews resulting in denials of patient service revenue. We believe our hospice programs comply with all payer requirements at the time of billing. However, we cannot predict whether future billing reviews or similar audits by payers will result in material denials or reductions in revenue. CONCENTRATION OF RISK As of December 31, 2016 and 2015, approximately 59 % and 49 %, respectively, of VITAS’ total accounts receivable balance were due from Medicare and 31 % and 41 %, respectively, of VITAS’ total accounts receivable balance were due from various state Medicaid programs. Combined accounts receivable from Medicare and Medicaid represent approximately 62 % of the consolidated net accounts receivable in the accompanying consolidated balance sheet as of December 31, 2016. As further described in Note 19, we had agreements with two vendors to provide specified pharmacy services for VITAS and its hospice patients. In 2016 and 2015, respectively, purchases made from these vendors represent in excess of 90 % of all pharmacy services used by VITAS. INVENTORIES Substantially all of the inventories are either general merchandise or finished goods. Inventories are stated at the lower of cost or net r ealizable v alue. For determining the value of inventories, cost methods that reasonably approximate the first-in, first-out (“FIFO”) method are used. DEPRECIATION AND PROPERTIES AND EQUIPMENT Depreciation of properties and equipment is computed using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the lesser of the remaining lease terms (excluding option terms) or their useful lives. Expenditures for maintenance, repairs, renewals and betterments that do not materially prolong the useful lives of the assets are expensed as incurred. The cost of property retired or sold and the related accumulated depreciation are removed from the accounts, and the resulting gain or loss is reflected currently in other income, net. Expenditures for major software purchases and software developed for internal use are capitalized and depreciated using the straight-line method over the estimated useful lives of the assets. For software developed for internal use, external direct costs for materials and services and certain internal payroll and related fringe benefit costs are capitalized in accordance with the FASB’s authoritative guidance on accounting for the costs of computer software developed or obtained for internal use. The weighted average lives of our property and equipment at December 31, 2016, were: Buildings and building improvements 12.3 yrs. Transportation equipment 10.3 Machinery and equipment 5.3 Computer software 4.6 Furniture and fixtures 4.8 GOODWILL AND INTANGIBLE ASSETS The table below shows a rollforward of Goodwill (in thousands): Roto- Vitas Rooter Total Balance at December 31, 2014 $ 328,301 $ 138,421 $ 466,722 Business combinations - 5,944 5,944 Foreign currency adjustments - (344) (344) Balance at December 31, 2015 $ 328,301 $ 144,021 $ 472,322 Foreign currency adjustments - 44 44 Balance at December 31, 2016 $ 328,301 $ 144,065 $ 472,366 Identifiable, definite-lived intangible assets arise from purchase business combinations and are amortized using either an accelerated method or the straight-line method over the estimated useful lives of the assets. The selection of an amortization method is based on which method best reflects the economic pattern of usage of the asset. The weighted average lives of our identifiable, definite-lived intangible assets at December 31, 2016, were: Covenants not to compete 6.5 yrs. Reacquired franchise rights 6.1 Referral networks 10.0 Customer lists 13.3 The date of our annual goodwill and indefinite-lived intangible asset impairment analysis is October 1. The VITAS trade name is considered to have an indefinite life. We also capitalize the direct costs of obtaining licenses to operate either hospice programs or plumbing operations subject to a minimum capitalization threshold. These costs are amortized over the life of the license using the straight line method. Certificates of Need (“CON”), which are required in certain states for hospice operations, are generally granted without expiration and thus, we believe them to be indefinite-lived assets subject to impairment testing. We consider that Roto-Rooter Corp. (“RRC”), Roto-Rooter Services Co. (“RRSC”) and VITAS are appropriate reporting units for testing goodwill impairment. We consider RRC and RRSC separate reporting units but one operating segment. This is appropriate as they each have their own set of general ledger accounts that can be analyzed at “one level below an operating segment” per the definition of a reporting unit in FASB guidance. We completed our qualitative analysis for impairment of goodwill and our indefinite-lived intangible assets as of October 1, 2016. Based on our assessment, we do not believe that it is more likely than not that our reporting units or indefinite-lived assets fair values are less than their carrying values. LONG-LIVED ASSETS If we believe a triggering event may have occurred that indicates a possible impairment of our long-lived assets, we perform an estimate and valuation of the future benefits of our long-lived assets (other than goodwill, the VITAS trade name and capitalized CON costs) based on key financial indicators. If the projected undiscounted cash flows of a major business unit indicate that properties and equipment or identifiable, definite-lived intangible assets have been impaired, a write-down to fair value is made. OTHER ASSETS Debt issuance costs are included in other assets. Issuance costs related to revolving credit agreements are amortized using the straight line method, over the life of the agreement. All other issuance costs are amortized using the effective interest method over the life of the debt. There are no amounts included in other assets that individually exceed 5% of total assets. REVENUE RECOGNITION Both the VITAS segment and Roto-Rooter segment recognize service revenues and sales when the earnings process has been completed. Generally, this occurs when services are provided or products are delivered. See Footnote 2 for a more detailed description of revenue related to our VITAS segment. Sales of Roto-Rooter products, including drain cleaning machines and drain cleaning solution, comprise less than 2 % of our total service revenues and sales for each of the three years in the period ended December 31, 2016. The VITAS segment does not have product sales. CHARITY CARE VITAS provides charity care, in certain circumstances, to patients without charge when management of the hospice program determines that the patient does not have the financial wherewithal to make payment. There is no revenue or associated accounts receivable in the accompanying consolidated financial statements related to charity care. The cost of providing charity care during the years ended December 31, 2016, 2015 and 2014, was $ 7. 0 million, $ 7. 6 million and $ 7. 3 million, respectively and is included in cost of services provided and goods sold. The cost of charity care is calculated by taking the ratio of charity care days to total days of care and multiplying by total cost of care. SALES TAX The Roto-Rooter segment collects sales tax from customers when required by state and federal laws. We record the amount of sales tax collected net in the accompanying consolidated statement of income. GUARANTEES In the normal course of business, Roto-Rooter enters into various guarantees and indemnifications in our relationships with customers and others. These arrangements include guarantees of services for periods ranging from one day to one year and product satisfaction guarantees. At December 31, 2016 and 2015, our accrual for service guarantees and warranty claims was $ 405,000 and $340,000 respectively. OPERATING EXPENSES Cost of services provided and goods sold (excluding depreciation) includes salaries, wages and benefits of service providers and field personnel, material costs, medical supplies and equipment, pharmaceuticals, insurance costs, service vehicle costs and other expenses directly related to providing service revenues or generating sales. Selling, general and administrative expenses include salaries, wages, stock-based compensation expense and benefits of selling, marketing and administrative employees, advertising expenses, communications and branch telephone expenses, office rent and operating costs, legal, banking and professional fees and other administrative costs. The cost associated with VITAS sales personnel is included in cost of services provided and goods sold (excluding depreciation). ADVERTISING We expense the production costs of advertising the first time the advertising takes place. The costs of telephone directory listings are expensed when the directories are placed in circulation. These directories are generally in circulation for approximately one year, at which point they are typically replaced by the publisher with a new directory. We generally pay for directory placement assuming it is in circulation for one year. If the directory is in circulation for less than or greater than one year, we receive a credit or additional billing, as necessary. We do not control the timing of when a new directory is placed in circulation. We pay for and expense the cost of internet advertising and placement on a “per click” basis. Advertising expense for the year ended December 31, 2016, was $ 3 7.2 million (2015 – $ 36.4 million; 2014 - $ 3 2.8 million). COMPUTATION OF EARNINGS PER SHARE Earnings per share are computed using the weighted average number of shares of capital stock outstanding. Diluted earnings per share reflect the dilutive impact of our outstanding stock options and nonvested stock awards. Stock options whose exercise price is greater than the average market price of our stock are excluded from the computation of diluted earnings per share. Outstanding performance stock units (“PSUs”) that are vested or projected to vest are included in the computation of diluted earnings per share. OTHER CURRENT LIABILITIES There are no amounts included in other current liabilities that individually exceed 5% of total current liabilities. OTHER LIABILITIES (NON-CURRENT) There are no amounts included in other liabilities that individually exceed 5% of total liabilities. STOCK-BASED COMPENSATION PLANS Stock-based compensation cost is measured at the grant date, based on the fair value of the award and recognized as expense over the employee’s requisite service period on a straight-line basis. INSURANCE ACCRUALS For our Roto-Rooter segment and Corporate Office, we initially self-insure for all casualty insurance claims (workers’ compensation, auto liability and general liability). As a result, we closely monitor and frequently evaluate our historical claims experience to estimate the appropriate level of accrual for self-insured claims. Our third-party administrator (“TPA”) processes and reviews claims on a monthly basis. Currently, our exposure on any single claim is capped by stop-loss coverage at $ 750,000 . In developing our estimates, we accumulate historical claims data for the previous 10 years to calculate loss development factors (“LDF”) by insurance coverage type. LDFs are applied to known claims to estimate the ultimate potential liability for known and unknown claims for each open policy year. LDFs are updated annually. Because this methodology relies heavily on historical claims data, the key risk is whether the historical claims are an accurate predictor of future claims exposure. The risk also exists that certain claims have been incurred and not reported on a timely basis. To mitigate these risks, in conjunction with our TPA, we closely monitor claims to ensure timely accumulation of data and compare claims trends with the industry experience of our TPA. For the VITAS segment, we initially self-insure for workers’ compensation claims. Currently, VITAS’ exposure on any single claim is capped by stop-loss coverage at $ 1,000 ,000 . For VITAS’ self-insurance accruals for workers’ compensation, the valuation methods used are similar to those used internally for our other business units. We are also insured for other risks with respect to professional liability with a deductible of $750,000 . Our casualty insurance liabilities are recorded gross before any estimated recovery for amounts exceeding our stop loss limits. Estimated recoveries from insurance carriers are recorded as accounts receivable. TAXES ON INCOME Deferred taxes are provided on an asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amount of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in our opinion, it is more likely than not that some portion or all of the deferred tax assets will not be realized due to insufficient taxable income within the carryback or carryforward period available under the tax laws. Deferred tax assets and liabilities are adjusted for the effects of changes in laws and rates on the date of enactment. In November 2015, the FASB issued ASU No. 2015-17 which simplifies the balance sheet classification required for deferred tax balances. It allows for a company’s deferred tax assets and liabilities to be netted into a noncurrent account, either asset or liability, by jurisdiction. The ASU is required to be adopted for annual periods beginning after December 15, 2016, and the interim periods within that annual period. Early adoption is permitted. Companies have the choice to adopt prospectively or retrospectively. In order to simplify our balance sheet classification required for deferred tax balances, we adopted the ASU for our annual balance sheet as of December 31, 2015, on a prospective basis. We are subject to income taxes in Canada, U.S. federal and most state jurisdictions. Significant judgment is required to determine our provision for income taxes. Our financial statements reflect expected future tax consequences of such uncertain positions assuming the taxing authorities’ full knowledge of the position and all relevant facts. CONTINGENCIES As discussed in Note 18, we are subject to various lawsuits and claims in the normal course of our business. In addition, we periodically receive communications from governmental and regulatory agencies concerning compliance with Medicare and Medicaid billing requirements at our VITAS subsidiary. We establish reserves for specific, uninsured liabilities in connection with regulatory and legal action that we deem to be probable and reasonably estimable. We record legal fees associated with legal and regulatory actions as the costs are incurred. We disclose material loss contingencies that are probable but not reasonably estimable and those that are at least reasonably possible. ESTIMATES The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Disclosures of after-tax expenses and adjustments are based on estimates of the effective income tax rates for the applicable segments. CLASSIFICATION ADJUSTMENT In 2016 and 2015, we classified $ 1.9 million and $2.1 million, respectively, of non-cash restricted stock award amortization in selling, general and administrative expenses. We also recorded a classification adjustment of $ 2.5 million to decrease amortization and increase selling, general and administrative expenses in our Consolidated Statement of Income for 2014 related to non-cash restricted stock award amortization. This classification adjustment does not impact income from operations, income before income taxes, net income, earnings per share, net cash provided by operating activities or our Consolidated Balance Sheet. We believe the impact of the classification adjustment is immaterial to our consolidated financial statements for the current and prior periods. |
Hospice Revenue Recognition
Hospice Revenue Recognition | 12 Months Ended |
Dec. 31, 2016 | |
Hospice Revenue Recognition [Abstract] | |
Hospice Revenue Recognition | 2. Hospice Revenue Recognition Approximately 97% of our revenue in 2016 was from Medicare and Medicaid. The remaining revenue was from commercial insurance carriers and individual self-payers. MEDICARE AND MEDICAID REVENUE Gross revenue is recorded on an accrual basis based on the date of service at amounts equal to the established payment rates. Medicare establishes the payment rates yearly which are consistent among all providers in the hospice industry. The payment rates are daily or hourly rates for each of the four levels of care we provide. The four levels of care are routine home care, general inpatient care, continuous home care and respite care. Routine home care accounts for 78.9% , 77.6% and 76.0% of our total net revenue for the years ending December 31, 2016, 2015 and 2014. VITAS is subject to certain limitations on Medicare payments for services. Specifically, if the number of inpatient care days any hospice program provides to Medicare beneficiaries exceeds 20% of the total days of hospice care such program provided to all Medicare patients for an annual period beginning September 28, the days in excess of the 20 % figure may be reimbursed only at the routine homecare rate. None of VITAS ’ hospice programs exceeded the payment limi ts on inpatient services in 2016, 2015 or 2014 . VITAS is also subject to a Medicare annual per-beneficiary cap (“Medicare cap”). Compliance with the Medicare cap is measured in one of two ways based on a provider election. The “streamlined” method compares total Medicare payments received under a Medicare provider number with respect to services provided to all Medicare hospice care beneficiaries in the program or programs covered by that Medicare provider number between November 1 of each year and October 31 of the following year with the product of the per-beneficiary cap amount and the number of Medicare beneficiaries electing hospice care for the first time from that hospice program or programs from September 28 through September 27 of the following year. The “proportional” method compares the total Medicare payments received under a Medicare provider number with respect to services provided to all Medicare hospice care beneficiaries in the program or programs covered by the Medicare provider number between September 28 and September 27 of the following year with the product of the per beneficiary cap amount and a pro-rated number of Medicare beneficiaries receiving hospice services from that program during the same period. The pro-rated number of Medicare beneficiaries is calculated based on the ratio of days the beneficiary received hospice services durin g the measurement period to the total number of days the beneficiary received hospice services. We actively monitor each of our hospice programs, by provider number, as to their specific admission, discharge rate and median length of stay data in an attempt to determine whether revenues are likely to exceed the annual per-beneficiary Medicare cap. Should we determine that revenues for a program are likely to exceed the Medicare cap based on projected trends, we attempt to institute corrective actions, which include changes to the patient mix and increased patient admissions. However, should we project our corrective action will not prevent that program from exceeding its Medicare cap, we estimate the amount of revenue recognized during the period that will require repayment to the Federal government under the Medicare cap and record the amount as a reduction to service revenue. In 2013, the U.S. government implemented automatic budget reductions of 2.0% for all government payees, including hospice benefits paid under the Medicare program. In 2015, CMS determined that the Medicare cap should be calculated “as if” sequestration did not occur. As a result of this decision, VITAS has received notification from our third party intermediary that an additional $2.1 million is owed for Medicare cap in three programs arising during the 2013, 2014 and 2015 measurement periods. The amounts are automatically deducted from our semi-monthly PIP payments. We do not believe that CMS is authorized under the sequestration authority or the statutory methodology for establishing the Medicare cap to the amounts they have withheld and intend to withhold under their current “as if” methodology. We have appealed CMS’s methodology change with the appropriate regulatory appeal board. During the year ended December 31, 2016, we recorded $228,000 in Medicare cap revenue reduction related to one program’s projected 2015 measurement period liability. This revenue reduction was related to the CMS’s methodology change described above. During the year ended December 31, 2015 we recorded a $165,000 Medicare cap reversal of amounts recorded in the fourth quarter of 2014 for one program’s projected 2015 measurement period liability. During the year ended December 31, 2014 , we recorded a net Medicare cap liability of $1.3 million for two programs’ projected 2014 and 2015 measurement period liability offset by the reversal of one program’s 2011 measurement period projected Medicare cap liability. The net pretax expense/(income) was $228,000 , ( $165 ,000 ) , and $ 1.3 million for fiscal years 2016, 2015 and 2014, respectively Shown below is the Medicare cap liability activity for the years ended December 31, 2016 and 2015, (in thousands): 2016 2015 Beginning Balance January 1, $ 1,165 $ 6,112 2015 measurement period 228 (165) Payments (1,158) (4,782) Ending Balance December 31, $ 235 $ 1,165 REVENUE FROM OTHER PAYERS Gross revenue is recorded on an accrual basis based on the date of service at amounts equal to our established rates with the applicable payer. ALLOWANCE FOR DOUBTFUL ACCOUNTS Payers may deny payment for services or require repayment of amounts that we previously received in whole or in part on the basis that such services are not eligible for coverage and do not qualify for reimbursement. We estimate denials each period and make adequate provision in the financial statements. The estimate of denials is based on historical trends and known circumstances and does not vary materially from period to period on an aggregate basis. Accounts are written-off when we believe all reasonable collection efforts have been exhausted. The allowance for doubtful accounts for VITAS comprises the following (in thousands): Medicare Medicaid Commercial Other Total Beginning Balance January 1, 2014 $ 4,814 $ 5,899 $ 2,037 $ 300 $ 13,050 Bad debt provision 286 8,096 2,969 2 11,353 Write-offs (1,863) (8,089) (2,819) (642) (13,413) Other/Contractual adjustments 562 93 687 (174) 1,168 Ending Balance December 31, 2015 3,799 5,999 2,874 (514) 12,158 Bad debt provision 1,793 7,209 3,938 664 13,604 Write-offs (3,382) (6,595) (4,331) (209) (14,517) Other/Contractual adjustments 752 65 791 (113) 1,495 Ending Balance December 31, 2016 $ 2,962 $ 6,678 $ 3,272 $ (172) $ 12,740 |
Long-Term Debt And Lines Of Cre
Long-Term Debt And Lines Of Credit | 12 Months Ended |
Dec. 31, 2016 | |
Long-Term Debt And Lines Of Credit [Abstract] | |
Long-Term Debt And Lines Of Credit | 3. Long-Term Debt and Lines of Credit On May 15, 2014, we retired our Senior Convertible Notes (the “Notes”) outstanding. We paid the $187.0 million of principal outstanding using a combination of cash on hand and our existing revolving credit facility. In addition, we issued 249,000 Chemed shares in conjunction with the conversion feature of the Notes. At the time we issued the Notes, we had entered into a purchased call transaction to offset any potential economic dilution resulting from the conversion feature in the Notes. As a result, we received 266,000 Chemed shares from the exercise of the purchased call transaction. The issuance of shares under the conversion feature of the Notes, as well as the receipt of shares from the purchased call transaction were recorded as adjustments to paid-in capital during 2014. At the time we issued the Notes we also sold warrants for the right to purchase approximately 2,477,000 Chemed shares in the future. During 2014, we settled these warrants with one counterparty representing half of the total warrants issued for $2.6 million in cash. The amount paid was recorded as an adjustment to paid-in capital. During 2014, Chemed’s stock price exceeded the exercise price of the remaining outstanding sold warrants resulting in the Company, on December 8, 2014, issuing 35,166 of common shares to the other counterparty in full settlement of the warrants. Pursuant to authoritative guidance, the settlement of the sold warrants was accounted for as an equity transaction. On June 30, 2014, we replaced our existing credit agreement with the Third Amended and Restated Credit Agreement (“2014 Credit Agreement”). Terms of the 2014 Credit Agreement consist of a five -year, $350 million revolving credit facility and a $100 million term loan. The 2014 Credit Agreement has a floating interest rate that is generally LIBOR plus a tiered additional rate which varies based on our current leverage ratio. The interest rate is LIBOR plus 113 basis points as of December 31, 2016. The debt outstanding at December 31, 2016 and 2015 consists of the following (in thousands): December 31, 2016 2015 Revolver $ 25,000 $ - Term loan 83,750 91,250 Total 108,750 91,250 Current portion of term loan (8,750) (7,500) Long-term debt $ 100,000 $ 83,750 Scheduled principal payments of the term loan are as follows: 2017 $ 8,750 2018 10,000 2019 65,000 $ 83,750 Capitalized interest was not material for any of the periods shown. Summarized below are the total amounts of interest paid during the years ended December 31 (in thousands): 2016 $ 3,047 2015 2,988 2014 4,322 Debt issuance costs associated with the existing credit agreement were not written off as the lenders and their relative percentage participation in the facility did not change. With respect to the 2014 Credit Agreement, deferred financing costs were $0.9 million. The 2014 Credit Agreement contains the following quarterly financial covenants: Description Requirement Chemed Leverage Ratio (Consolidated Indebtedness/Consolidated Adj. EBITDA) < 3.50 to 1.00 0.63 to 1.00 Fixed Charge Coverage Ratio (Consolidated Free Cash Flow/Consolidated Fixed Charges) > 1.50 to 1.00 2.18 to 1.00 Annual Operating Lease Commitment < $50.0 million $21.1 million We are in compliance with all debt covenants as of December 31, 2016. We have issued $38.7 million in standby letters of credit as of December 31, 2016 for insurance purposes. Issued letters of credit reduce our available credit under the 2014 Credit Agreement. As of December 31, 2016, we have approximately $286.6 million of unused lines of credit available and eligible to be drawn down under our revolving credit facility. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2016 | |
Stock-Based Compensation Plans [Abstract] | |
Stock-Based Compensation Plans | 4. Stock-Based Compensation Plans We have t wo stock incentive plans under which 3.8 million shares can be issued to key employees and directors through a grant of stock options, stock awards and/or performance stock units (“PSUs”). The Compensation/Incentive Committee (“CIC”) of the Board of Directors administers these plans. We grant stock options, stock awards and PSUs to our officers, other key employees and directors to better align their long-term interests with those of our shareholders. We grant stock options at an exercise price equal to the market price of our stock on the date of grant. Options vest evenly annually over a three -year period. Those granted in 2016 and 2015 have a contractual life of 5 years; those granted prior to 2015 have a contractual life of 10 years. Restricted stock awards granted in 2015 vest ratably annually over a three year period; previous restricted stock awards generally cliff vest over a three - or four -year period. Unrestricted stock awards generally are granted to our non-employee directors annually at the time of our annual meeting. PSUs are contingent upon achievement of multi-year earnings targets or market targets. Upon achievement of targets, PSUs are converted to unrestricted shares of Capital stock. We recognize the cost of stock options, stock awards and PSUs on a straight-line basis over the service life of the award, generally the vesting period. We include the cost of all stock-based compensation in selling, general and administrative expense. In May 2016, the CIC granted 4 ,275 unrestricted shares of Capital Stock to the Company’s outside directors. PERFORMANCE AWARDS In February 2014, 2015 and 2016, the CIC granted PSUs contingent upon the achievement of certain total stockholder return (“TSR”) targets as compared to the TSR of a group of peer companies for the three -year measurement period, at which date the awards may vest. We utilize a Monte Carlo simulation approach in a risk-neutral framework with inputs including historical volatility and the risk-free rate of interest to value these TSR awards. We amortize the total estimated cost over the service period of the award. In February 2014, 2015 and 2016, the CIC granted PSUs contingent on the achievement of certain earnings per share (“EPS”) targets over the three-year measurement period. At the end of each reporting period, we estimate the number of shares we believe will ultimately vest and record that expense over the service period of the award. Comparative data for the PSUs include: 2016 Awards 2015 Awards 2014 Awards TSR Awards Shares granted 9,541 10,761 10,340 Per-share fair value $ 150.74 $ 142.55 $ 112.60 Volatility 26.7% 25.2% 30.8% Risk-free interest rate 0.89% 0.93% 0.33% EPS Awards Shares granted 9,541 10,761 14,061 Per-share fair value $ 126.37 $ 113.14 $ 82.80 Common Assumptions Service period (years) 2.9 2.9 2.9 Three-year measurement period ends December 31, 2018 2017 2016 The following table summarizes total stock option , stock award and PSU activity during 2016 : Stock Options Stock Awards Performance Units (PSUs) Weighted Average Aggregate Weighted Weighted Remaining Intrinsic Average Number of Average Number of Exercise Contractual Value Number of Grant-Date Target Grant-Date Options Price Life (Years) (thousands) Awards Price Units Price Outstanding at January 1, 2016 1,563,875 $ 100.09 96,732 $ 87.75 76,376 $ 94.45 Granted 505,775 135.85 4,275 126.53 34,008 109.24 Exercised/Vested (233,903) 67.45 (55,740) 81.72 (46,610) 71.72 Canceled/ Forfeited (7,769) 117.34 - - - - Outstanding at December 31, 2016 1,827,978 114.09 5.3 $ 82,972 45,267 98.82 63,774 118.95 Vested and expected to vest at December 31, 2016 1,827,978 114.09 5.3 82,972 45,267 98.82 75,436 * 116.68 Exercisable at December 31, 2016 909,787 89.83 5.6 63,370 n.a. n.a. n.a. n.a. * Amount includes 36,812 share units which vested and were converted to Capital Stock and distributed in the first quarter of 2017. The shares that vested in 2017 had a weighted average grant-date fair value of $99.50 per share and an estimated fair value of $167 per share. We estimate the fair value of stock options using the Black-Scholes valuation model. We determine expected term, volatility, and dividend yield and forfeiture rate based on our historical experience. We believe that historical experience is the best indicator of these factors. Comparative data for stock option s, stock award s and PSUs include (in thousands, except per-share amounts): Years Ended December 31, 2016 2015 2014 Total compensation cost of stock-based compensation plans charged against income $ 13,773 $ 14,737 $ 10,323 Total income tax benefit recognized in income for stock based compensation plans 5,062 5,416 3,794 Total intrinsic value of stock options exercised 17,635 45,600 26,344 Total intrinsic value of stock awards vested during the period 7,429 12,065 4,564 Per-share weighted averaged grant-date fair value of stock awards granted 126.53 121.75 88.48 The assumptions we used to value stock option grants are as follows: 2016 2015 2014 Stock price on date of issuance $135.85 $157.36 $106.59 Grant date fair value per share $22.74 $29.46 $21.58 Number of options granted 505,775 422,750 410,800 Expected term (years) 4.0 4.0 4.8 Risk free rate of return 1.09% 1.57% 1.59% Volatility 21.10% 22.20% 22.60% Dividend yield 0.8% 0.6% 0.8% Forfeiture rate - - - Other data for stock options, stock awards and PSUs for 2016 include (dollar amounts in thousands): Stock Stock Options Awards PSUs Total unrecognized compensation related to nonvested options, stock awards and PSUs at the end of year $ 20,039 $ 1,805 $ 2,085 Weighted average period over which unrecognized compensation cost of nonvested options, stock awards and PSUs to be recognized (years) 2.3 1.3 1.4 Actual income tax benefit realized from options exercised or stock awards and PSUs vested $ 6,491 $ 2,735 $ 2,191 Aggregate intrinsic value of stock options, stock awards and PSUs vested and expected to vest $ 82,972 $ 7,219 $ 12,030 EMPLOYEE STOCK PURCHASE PLAN (“ESPP”) The ESPP allows eligible participants to purchase our shares through payroll deductions at current market value. We pay administrative and broker fees associated with the ESPP. Shares purchased for the ESPP are purchased on the open market and credited directly to participants’ accounts. In accordance with the FASB’s guidance, the ESPP is non-compensatory. |
Segments And Nature Of The Busi
Segments And Nature Of The Business | 12 Months Ended |
Dec. 31, 2016 | |
Segments And Nature Of The Business [Abstract] | |
Segments And Nature Of The Business | 5. Segments and Nature of the Business Our segments include the VITAS segment and the Roto-Rooter segment. Relative contributions of each segment to service revenues and sales were 71 % and 29 %, respec tively, in 2016 and 72 % and 28 %, respectively, in 2015 . The vast majority of our service revenues and sales from continuing operations are generated from business within the United States. The reportable segments have been defined along service lines, which is consistent with the way the businesses are managed. In determining reportable segments, the RRSC and RRC operating units of the Roto-Rooter segment have been aggregated on the basis of possessing similar operating and economic characteristics. The characteristics of these operating segments and the basis for aggregation are reviewed annually. Accordingly, the reportable segments are defined as follows: · The VITAS segment provides hospice services for patients with terminal illnesses. This type of care is aimed at making the terminally ill patient’s end of life as comfortable and pain-free as possible. Hospice care is available to patients who have been initially certified or re-certified as terminally ill (i.e., a prognosis of six months or less) by their attending physician, if any, and the hospice physician. VITAS offers all levels of hospice care in a given market, including routine home care, inpatient care and continuous care. Over 95 % of VITAS’ revenues are derived through the Medicare and Medicaid reimbursement programs. · The Roto-Rooter segment provides repair and maintenance services to residential and commercial accounts using the Roto-Rooter registered service marks. Such services include plumbing, drain cleaning and water restoration. They are delivered through company-owned and operated territories, independent contractor-operated territories and franchised locations. This segment also manufactures and sells products and equipment used to provide such services. · We report corporate administrative expenses and unallocated investing and financing income and expense not directly related to either segment as “Corporate”. Corporate administrative expense includes the stewardship, accounting and reporting, legal, tax and other costs of operating a publicly held corporation. Corporate investing and financing income and expenses include the costs and income associated with corporate debt and investment arrangements. Segment data are set forth below (in thousands): For the Years Ended December 31, 2016 2015 2014 Revenues by Type of Service VITAS Routine homecare $ 887,940 $ 865,145 $ 810,413 Continuous care 138,025 150,802 152,206 General inpatient 97,580 99,439 102,876 Medicare cap (228) 165 (1,290) Total segment 1,123,317 1,115,551 1,064,205 Roto-Rooter Sewer and drain cleaning 145,699 142,562 141,078 Plumbing repair and maintenance 197,280 188,065 174,993 Independent contractors 40,097 37,966 36,496 Water restoration 50,229 38,163 18,480 Other products and services 20,259 21,081 21,030 Total segment 453,564 427,837 392,077 Total service revenues and sales $ 1,576,881 $ 1,543,388 $ 1,456,282 Aftertax Segment Earnings/(Loss) VITAS $ 84,961 $ 93,346 $ 86,185 Roto-Rooter 52,893 48,573 42,075 Total 137,854 141,919 128,260 Corporate (29,111) (31,645) (28,943) Net income $ 108,743 $ 110,274 $ 99,317 Interest Income VITAS $ 8,294 $ 7,740 $ 6,111 Roto-Rooter 3,653 3,425 2,931 Total 11,947 11,165 9,042 Corporate - - 10 Intercompany eliminations (11,564) (10,884) (9,081) Total interest income $ 383 $ 281 $ (29) Interest Expense VITAS $ 211 $ 200 $ 207 Roto-Rooter 332 348 363 Total 543 548 570 Corporate 3,172 3,097 7,616 Total interest expense $ 3,715 $ 3,645 $ 8,186 Income Tax Provision VITAS $ 51,910 $ 56,675 $ 53,278 Roto-Rooter 32,719 29,630 25,808 Total 84,629 86,305 79,086 Corporate (16,318) (16,453) (15,649) Total income tax provision $ 68,311 $ 69,852 $ 63,437 Identifiable Assets VITAS $ 542,142 $ 523,717 $ 546,031 Roto-Rooter 261,641 255,192 251,407 Total 803,783 778,909 797,438 Corporate 76,276 73,416 62,494 Total identifiable assets $ 880,059 $ 852,325 $ 859,932 For the Years Ended December 31, 2016 2015 2014 Additions to Long-Lived Assets VITAS $ 22,000 $ 23,278 $ 21,880 Roto-Rooter 17,709 26,476 21,595 Total 39,709 49,754 43,475 Corporate 63 995 346 Total additions to long-lived assets $ 39,772 $ 50,749 $ 43,821 Depreciation and Amortization VITAS $ 19,090 $ 19,547 $ 19,048 Roto-Rooter 15,002 13,360 10,975 Total 34,092 32,907 30,023 Corporate 546 592 578 Total depreciation and amortization $ 34,638 $ 33,499 $ 30,601 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Intangible Assets [Abstract] | |
Intangible Assets | 6. Intangible Assets Amortization of definite-lived intangible asset s for t he years ended December 31, 2016, 2015, 2014, was $ 359,000 , $1.1 million and $ 720,000 respectively. The following is a schedule by year of projected amortization expense for definite-lived intangible assets (in thousands): 2017 $ 162 2018 128 2019 96 2020 66 2021 26 Thereafter 35 The balance in identifiable intangible assets comprises the following (in thousands): Gross Accumulated Net Book Asset Amortization Value December 31, 2016 Referral networks $ 21,729 $ (21,528) $ 201 Covenants not to compete 9,533 (9,295) 238 Customer lists 1,215 (1,215) - Reacquired franchise rights 1,261 (1,187) 74 Subtotal - definite-lived intangibles 33,738 (33,225) 513 VITAS trade name 51,300 - 51,300 Rapid Rooter trade name 150 - 150 Operating licenses 3,102 - 3,102 Total $ 88,290 $ (33,225) $ 55,065 December 31, 2015 Referral networks $ 21,729 $ (21,473) $ 256 Covenants not to compete 9,533 (9,220) 313 Customer lists 1,215 (1,215) - Reacquired franchise rights 1,260 (958) 302 Subtotal - definite-lived intangibles 33,737 (32,866) 871 VITAS trade name 51,300 - 51,300 Rapid Rooter trade name 150 - 150 Operating licenses 2,790 - 2,790 Total $ 87,977 $ (32,866) $ 55,111 |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Business Combinations | 7. Business Combinations We did not complete any business combinations during 2016. During 2015, we completed two business combination s of former franchisees within the Roto-Rooter segment for $ 6.6 million in cash to increase our market penetration in Pennsylvania and Nebraska. The purchase price of these acquisition s was allocated as follows (in thousands): . Identifiable intangible assets $ 213 Goodwill 5,944 Other assets and liabilities - net 457 $ 6,614 During 2014, we completed one business combination of a former franchisee within the Roto-Rooter segment for $250,000 in cash to increase our market penetration in Idaho. The purchase price of this acquisition was allocated as follows (in thousands): Identifiable intangible assets $ 47 Goodwill 198 Other assets and liabilities - net 5 $ 250 The unaudited pro forma results of operations, assuming purchase business combinations completed in 2015 and 2014 were completed on January 1, 2014, do not materially impact the accompanying consolidated financial statements. The results of operations of each of the above business combinations are included in our results of operations from the date of the respective acquisition. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | 8. Discontinued Operations At D ecember 31, 2016 and 2015 , the accrual for our estimated liability for potential environmental cleanup and related costs arising from the 1991 sale of DuBois amounted to $ 1.7 million. Of the 2016 balance, $ 826,000 is included in other current liabilities and $ 901,000 is included in other liabilities (long-t erm). The estimated amounts and timing of payments of these liabilities follows (in thousands): 2017 $ 826 2018 300 Thereafter 601 $ 1,727 We are contingently liable for additional DuBois-related environmental cleanup and related costs up to a maximum of $ 14.9 million. On the basis of a continuing evaluation of the potential liability, we believe it is not probable this additional liability will be paid. Accordingly, no provision for this contingent liability has been recorded. The potential liability is not insured, and the recorded liability does not assume the recovery of insurance proceeds. Also, the environmental liability has not been discounted because it is not possible to reliably project the timing of payments. We believe that any adjustments to our recorded liability will not materially adversely affect our financial position, results of operations or cash flows. |
Cash Overdrafts And Cash Equiva
Cash Overdrafts And Cash Equivalents | 12 Months Ended |
Dec. 31, 2016 | |
Cash Overdrafts And Cash Equivalents [Abstract] | |
Cash Overdrafts And Cash Equivalents | 9. Cash Overdrafts and Cash Equivalents Included in accounts payable are cash overdrafts of $ 8.6 million and $9.3 million as of December 31, 2016 and 2015 , respectively. From time to time throughout the year, we invest excess cash in money market funds directly with major commercial banks. We closely monitor the creditworthiness of the institutions with which we invest our overnight funds . We had $ 72,000 in cash equ ivalents as of December 31, 2016 . These cash equivalents were invested in noninterest bearing accounts. There was $ 76,000 in cash equ ivalents as of December 31, 2015 . The weighted average rate of return for these cash equivalents was 0.20 % . |
Other Income_(Expense)-Net
Other Income/(Expense)-Net | 12 Months Ended |
Dec. 31, 2016 | |
Other Income/(Expense) - Net [Abstract] | |
Other Income/(Expense)-Net | 10. Other Income/(expense)—Net Other income/(expense)—net from continuing operations comprises the following (in thousands): For the Years Ended December 31, 2016 2015 2014 Market value gains related to deferred compensation trusts $ 2,061 $ 148 $ 3,118 Loss on disposal of property and equipment (424) (698) (640) Interest income/ (expense) 383 281 (29) Other--net - (418) 72 Total other income/(expense) $ 2,020 $ (687) $ 2,521 The market value gain relates to gains on the assets in the deferred compensation trust. There is an offsetting expense in selling, general and administrative expense to reflect the corresponding increase in the liability. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | 11. Income Taxes The provision for income taxes comprises the following (in thousands): For the Years Ended December 31, 2016 2015 2014 Current U.S. federal $ 64,698 $ 55,026 $ 48,577 U.S. state and local 9,927 8,104 7,285 Foreign 393 397 597 Deferred U.S. federal, state and local (6,712) 6,323 6,970 Foreign 5 2 8 Total $ 68,311 $ 69,852 $ 63,437 A summary of the temporary differences that give rise to deferred tax assets/ (liabilities) follows (in thousands): December 31, 2016 2015 Accrued liabilities $ 43,575 $ 39,529 Stock compensation expense 9,309 8,555 Allowance for uncollectible accounts receivable 1,952 1,729 State net operating loss carryforwards 1,811 1,701 Other 776 896 Deferred income tax assets 57,423 52,410 Amortization of intangible assets (52,133) (50,136) Accelerated tax depreciation (14,975) (18,030) Currents assets (1,825) (1,576) Market valuation of investments (1,341) (1,375) State income taxes (793) (1,465) Other (639) (857) Deferred income tax liabilities (71,706) (73,439) Net deferred income tax liabilities $ (14,283) $ (21,029) At December 31, 2016 and 2015 , state net operating loss carryforwards were $36.0 million and $34.0 million, respectively. These net operating losses will expire, in varying amounts, between 2024 and 2036 . Based on our history of operating earnings, we have determined that our operating income will, more likely than not, be sufficient to ensure realization of our deferred income tax assets. A reconciliation of the beginning and ending of year amount of our unrecognized tax benefit is as follows (in thousands): 2016 2015 2014 Balance at January 1, $ 1,052 $ 980 $ 892 Unrecognized tax benefits due to positions taken in current year 218 260 247 Decrease due to expiration of statute of limitations (201) (188) (159) Balance at December 31, $ 1,069 $ 1,052 $ 980 We file tax returns in the U.S. federal jurisdiction and various states. T he years ended December 31, 2013 and forward remain open for review for federal income tax purposes. The earliest open year relating to any of our major state jurisdictions is the fiscal year ended December 31 , 2011 . During the next twelve months, we do not anticipate a material net change in unrecognized tax benefits. We classify interest related to our accrual for uncertain tax positions in separate interest ac counts. As of December 31, 2016 and 2015 , we have approximately $130,000 and $125,000 , respectively, accrued in interest payable related to uncertain tax positions. These accruals are included in other current liabilities in the accompanying consolidated balance sheet. Net interest expense related to uncertain tax positions included in interest expense in the accompanying consolidated statement of income is not material. The difference between the actual income tax provision for continuing operations and the income tax provision calculated at the statutory U.S. federal tax rate is explained as follows (in thousands): For the Years Ended December 31, 2016 2015 2014 Income tax provision calculated using the statutory rate of 35% $ 61,969 $ 63,044 $ 56,964 State and local income taxes, less federal income tax effect 6,044 5,787 5,536 Nondeductible expenses 881 1,438 1,290 Other--net (583) (417) (353) Income tax provision $ 68,311 $ 69,852 $ 63,437 Effective tax rate 38.6 % 38.8 % 39.0 % Summarized below are the total amounts of income taxes paid during the years ended December 31 (in thousands): 2016 $ 60,905 2015 62,928 2014 44,921 Provision has not been made for additional taxes on $ 35.1 million of undistributed earnings of our domestic subsidiaries. Should we elect to sell our interest in all of these businesses rather than to effect a tax-free liquidation, additional taxes amounting to approximately $ 12.9 million would be incurred based on current income tax rates. |
Properties And Equipment
Properties And Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Properties And Equipment [Abstract] | |
Properties And Equipment | 12. Properties and Equipment A summary of properties and equipment follows (in thousands): December 31, 2016 2015 Land $ 7,098 $ 5,365 Buildings and building improvements 79,814 64,440 Transportation equipment 33,895 31,077 Machinery and equipment 89,346 83,293 Computer software 45,079 45,414 Furniture and fixtures 71,781 71,894 Projects under development 5,579 16,981 Total properties and equipment 332,592 318,464 Less accumulated depreciation (211,290) (201,094) Net properties and equipment $ 121,302 $ 117,370 The net book value of computer software at December 31, 2016 and 2015, was $7.9 million and $ 8.3 million, respectively. Depreciation expense for computer software was $ 4.0 million, $ 3.9 million and $ 4.4 million for the years ended December 31, 2016, 2015 and 2014, respectively |
Lease Arrangements
Lease Arrangements | 12 Months Ended |
Dec. 31, 2016 | |
Lease Arrangements [Abstract] | |
Lease Arrangements | 13. Lease Arrangements We have operating leases that cover our corporate office headquarters, various warehouse and office facilities, office equipment and transportation equipment. The remaining terms of these leases range from monthly to eleven years, and in most cases we expect that these leases will be renewed or replaced by other leases in the normal course of business. We have no significant capita l leases as of December 31, 2016 or 2015 . The following is a summary of future minimum rental payments and sublease rentals to be received under operating leases that have initial or remaining noncancelable terms in excess of one year at December 31, 2016 (in thousands): 2017 $ 21,091 2018 17,884 2019 14,423 2020 11,943 2021 7,810 Thereafter 15,891 Total minimum rental payments $ 89,042 Total rental expense incurred under operating leases for continuing operations follows (in thousands): For the Years Ended December 31, 2016 2015 2014 Total rental expense $ 40,034 $ 40,021 $ 39,606 |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2016 | |
Retirement Plans [Abstract] | |
Retirement Plans | 14. Retirement Plans Retirement obligations under various plans cover substantially all full-time employees who meet age and/or service eligibility requirements . All plans providing retirement benefits to our employees are defined contribution plans. Expenses for our retirement and profit-sharing plans, excess benefit plans and other similar plans are as follows (in thousands): For the Years Ended December 31, 2016 2015 2014 $ 14,467 $ 11,970 $ 13,838 These expenses include the impact of market gains and losses on assets held in deferred compensation plans. We have excess benefit plans for key employees whose participation in the qualified plans is limited by U.S. Employee Retirement Income Security Act requirements. Benefits are determined based on theoretical participation in the qualified plans. Benefits are only invested in mutual funds, and participants are not permitted to diversify accumulated benefits in shares of our capital stock. Trust assets invested in shares of our stock are included in treasury stock, and the corresponding liability is included in a separate component of stockholders’ equity. At December 31, 2016 , these trusts held 99,315 shares at historical average cost or $ 2.5 mil lion of our stock (2015 – 99,309 shares or $ 2.4 million). |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 1 5. Earnings Per Share The computation of earnings per share follows (in thousands, except per share data): Net Income For the Years Ended December 31, Net Income Shares Earnings per Share 2016 Earnings $ 108,743 16,383 $ 6.64 Dilutive stock options - 296 Nonvested stock awards - 110 Diluted earnings $ 108,743 16,789 $ 6.48 2015 Earnings $ 110,274 16,870 $ 6.54 Dilutive stock options - 394 Nonvested stock awards - 158 Diluted earnings $ 110,274 17,422 $ 6.33 2014 Earnings $ 99,317 17,165 $ 5.79 Dilutive stock options - 412 Nonvested stock awards - 149 Conversion of Notes and impact of warrants outstanding - 114 Diluted earnings $ 99,317 17,840 $ 5.57 During 2016 , 923,000 stock options were excluded from the computation of diluted earnings per share as their exercise prices were greater than the average market price durin g most of the year. During 2015 , 422,000 stock options were also excluded. During 2014 , 411,000 stock options were also excluded. In 2014, diluted earnings per share was impacted by the issuance of 249,000 shares of capital stock under the conversion feature of our 1.875% Senior Convertible Notes (the “Notes”) on May 15, 2014. The dilutive impact of this conversion feature for 2014 was 102,000 shares. At the time we issued the Notes, as discussed in Note 3, we also sold warrants for the right to purchase approximately 2,477,000 Chemed shares in the future. During the quarter ended June 30, 2014, we settled these warrants with one counterparty representing half of the total warrants issued for $ 2.6 million. The amount paid was recorded as an adjustment to paid-in capital. During the third quarter of 2014, Chemed’s stock price exceeded the exercise price of the remaining outstanding sold warrants resulting in the Company, on December 8, 2014, issuing 35,166 of Capital shares to the other counterparty in full settlement of the warrants. Pursuant to authoritative guidance, the settlement of the sold warrants were accounted for as an equity transaction. The dilutive impact of the warrants was 12,000 shares for the year ended December 31, 2014. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Financial Instruments [Abstract] | |
Financial Instruments | 16. Financial Instruments FASB’s authoritative guidance on fair value measurements defines a hierarchy which prioritizes the inputs in fair value measurements. Level 1 measurements are measurements using quoted prices in active markets for identical assets or liabilities. Level 2 measurements use significant other observable inputs. Level 3 measurements are measurements using significant unobservable inputs which require a company to develop its own assumptions. In recording the fair value of assets and liabilities, companies must use the most reliable measurement available. The following shows the carrying value, fair value and the hierarchy for our financial instruments as of December 31, 2016 (in thousands): Fair Value Measure Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investments of deferred compensation plans held in trust $ 54,389 $ 54,389 $ - $ - Long-term debt and current portion of long-term debt 108,750 - 108,750 - The following shows the carrying value, fair value and the hierarchy for our financial instruments as of December 31, 2015 (in thousands): Fair Value Measure Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investments of deferred compensation plans held in trust $ 49,481 $ 49,481 $ - $ - Long-term debt 91,250 - 91,250 - For cash and cash equivalents, accounts receivable and accounts payable, the carrying amount is a reasonable estimate of fair value because of the liquidity and short-term nature of these instruments. As further described in Footnote 3, our outstanding long-term debt and current portion of long-term debt have floating interest rates that are reset at short-term intervals, generally 30 or 60 days. The interest rate we pay also includes an additional amount based on our current leverage ratio. As such, we believe our borrowings reflect significant nonperformance risks, mainly credit risk. Based on these factors, we believe the fair value of our long-term debt and current portion of long-term debt approximate the carrying value. |
Loans Receivable From Independe
Loans Receivable From Independent Contractors | 12 Months Ended |
Dec. 31, 2016 | |
Loans Receivable From Independent Contractors [Abstract] | |
Loans Receivable From Independent Contractors | 17. Loans Receivable from Independent Contractors At December 31, 2016 , we had contractual arrangements with 69 independent contractors to provide plumbing repair , drain cleaning and water restoration services under sublicensing agreements using the Roto-Rooter name in lesser-populated areas of the United States and Canada. The arrangements give the independent contractors the right to conduct a plumbing, drain cleaning and water restoration business using the Roto-Rooter name in a specified territory in exchange for a royalty based on a percentage of labor sales, depending upon type of service this percentage ranges between 27% – 32% . We also pay for certain telephone directory advertising and internet marketing in these areas, lease certain capital equipment and provide operating manuals to serve as resources for operating a plumbing , drain cleaning and water restoration business. The contracts are generally cancelable upon 90 days’ written notice (without cause) or upon a few days’ notice (with cause). The independent contractors are responsible for running the businesses as they believe best. Our maximum exposure to loss from arrangements with our independent contractors at December 31, 2016, is approximately $ 1.7 million (2015 - $ 1.8 million). The exposure to loss is mainly the result of loans provided to the independent contractors. In most cases, these loans are partially secured by receivables and equipment owned by the independent contractor. The interest rates on the loans range from zero to 7 % per annum, and the remaining terms of the loans range from 2.5 months to 5.4 years at D ecember 31, 2016 . We recorded the following from our independent contractors (in thousands): For the Years Ended December 31, 2016 2015 2014 Revenues $ 40,097 $ 37,966 $ 36,496 Pretax profits 24,477 22,176 21,238 |
Legal And Regulatory Matters
Legal And Regulatory Matters | 12 Months Ended |
Dec. 31, 2016 | |
Legal And Regulatory Matters [Abstract] | |
Legal And Regulatory Matters | 18. Legal and Regulatory Matters The VITAS segment of the Company’s business operates in a heavily-regulated industry. As a result, the Company is subjected to inquiries and investigations by various government agencies, as well as to lawsuits, including qui tam actions. The following sections describe the various ongoing material lawsuits and investigations of which the Company is currently aware. It is not possible at this time for us to estimate either the timing or outcome of any of those matters, or whether any potential loss, or range of potential losses, is probable or reasonably estimable. Regulatory Matters and Litigation On May 2, 2013, the government filed a False Claims Act complaint against the Company and certain of its hospice-related subsidiaries in the U.S. District Court for the Western District of Missouri, United States v. VITAS Hospice Services, LLC, et al. , No. 4:13-cv-00449-BCW (the “2013 Action”). Prior to that date, the Company received various qui tam lawsuits and subpoenas from the U.S. Department of Justice and OIG that have been previously disclosed. The 2013 Action alleges that, since at least 2002, VITAS, and since 2004, the Company, submitted or caused the submission of false claims to the Medicare program by (a) billing Medicare for continuous home care services when the patients were not eligible, the services were not provided, or the medical care was inappropriate, and (b) billing Medicare for patients who were not eligible for the Medicare hospice benefit because they did not have a life expectancy of six months or less if their illnesses ran their normal course. This complaint seeks treble damages, statutory penalties, and the costs of the action, plus interest. The defendants filed a motion to dismiss on September 24, 2013. On September 30, 2014, the Court denied the motion, except to the extent that claims were filed before July 24, 2002. On November 13, 2014, the government filed a Second Amended Complaint. The Second Amended Complaint changed and supplemented some of the allegations, but did not otherwise expand the causes of action or the nature of the relief sought against VITAS. VITAS filed its Answer to the Second Amended Complaint on August 11, 2015. This case is in the discovery phase. The Company is not able to reasonably estimate the probability of loss or range of loss at this time. For additional procedural history of this litigation, please refer to our prior quarterly and annual filings. The net costs incurred related to U.S. v. Vitas and related regulatory matters were $5.3 million, $5.0 million and $2.1 million for 2016, 2015 and 2014 respectively In November 2013, two shareholder derivative lawsuits were filed against the Company’s current and former directors, as well as certain of its officers, both of which are covered by the Company’s commercial insurance. On November 6, 2013, KBC Asset Management NV filed suit in the United States District Court for the District of Delaware, KBC Asset Management NV, derivatively on behalf of Chemed Corp. v. McNamara, et al. , No. 13 Civ. 1854 (LPS) (D. Del.). On November 14, 2013, Mildred A. North filed suit in the United States District Court for the Southern District of Ohio, North, derivatively on behalf of Chemed Corp. v. Kevin McNamara, et al. , No. 13 Civ. 833 (MRB) (S.D. Ohio). Those proceedings were subsequently consolidated in the District of Delaware under the caption In re Chemed Corp. Shareholder and Derivative Litigation , No. 13 Civ. 1854 (LPS) (CJB) (D. Del.), by Order of the United States District Court for the District of Delaware dated February 2, 2015. Also on February 2, 2015, the Court appointed Plaintiff KBC the sole lead plaintiff and its counsel, the sole lead and liaison counsel. On March 3, 2015, Lead Plaintiff KBC designated its Complaint as the operative complaint in the consolidated proceedings. The consolidated Complaint named Kevin McNamara, Joel Gemunder, Patrick Grace, Thomas Hutton, Walter Krebs, Andrea Lindell, Thomas Rice, Donald Saunders, Arthur Tucker, Jr., George Walsh III, Frank Wood, Timothy O’Toole, David Williams and Ernest Mrozek as individual defendants, together with the Company as nominal defendant. The Complaint alleges a claim for breach of fiduciary duty against the individual defendants, and seeks (a) a declaration that the individual defendants breached their fiduciary duties to the Company; (b) an order requiring those defendants to pay compensatory damages, restitution and exemplary damages, in unspecified amounts, to the Company; (c) an order directing the Company to implement new policies and procedures; and (d) costs and disbursements incurred in bringing the action, including attorneys’ fees. Also on March 3, 2015, defendants renewed their previously-filed motion to dismiss those claims and allegations, which motion the court referred to Magistrate Judge Burke. On December 23, 2015, Magistrate Judge Burke issued a Report and Recommendation recommending that (1) defendants’ motion to dismiss be granted; (2) plaintiff be given 14 days from the date of affirmance by the district court to file an amended complaint addressing deficiencies with regard to their duty of loyalty claim; and (3) failure to do so should give rise to dismissal with prejudice. On January 11, 2016, Lead Plaintiff KBC filed Objections to the Report and Recommendation. Defendants’ responses to those Objections were filed on January 28, 2016. On May 12, 2016, the court issued a Memorandum Order (1) overruling Lead Plaintiff KBC’s Objections to the Report and Recommendation; (2) adopting the Report and Recommendation; (3) granting Chemed’s motion to dismiss; and (4) dismissing Lead Plaintiff KBC’s Complaint, without prejudice to KBC’s opportunity to file within 30 days of the date of the court’s Order an amended Complaint addressing the deficiencies in its duty of loyalty claim. Lead Plaintiff KBC did not file an amended Complaint within the time specified by the court—i.e., on or before June 13, 2016. However, on that date (June 13, 2016), counsel for Chemed shareholder Michael Kvint filed a letter with the court requesting a two -week extension (1) to file a motion to substitute Mr. Kvint as Lead Plaintiff, in place of Lead Plaintiff KBC; and (2) in that capacity, to file an amended Complaint. Alternatively, counsel for Mr. Kvint requested that any dismissal of the action be with prejudice to KBC only. On June 14, 2016, Chemed filed a reply letter with the court, reserving its rights to oppose any motion filed by Mr. Kvint and, if warranted, to oppose any other actions taken by Mr. Kvint to proceed with the action (including by filing an untimely amended Complaint). On June 21, 2016, the court entered an Oral Order providing Mr. Kvint until June 30, 2016 to file a Motion to Substitute and Motion for Leave to File an Amended Complaint. On that date, Mr. Kvint filed, under seal, a Motion to Substitute Plaintiff and File Amended Complaint, and attached a Proposed Amended Complaint. Chemed filed an Answering Brief in Opposition to Mr. Kvint’ motion on July 18, 2016. Mr. Kvint filed a Reply Brief in Support of his motion on July 27, 2016. The Court requested further briefing. Jordan Seper, (“Seper”) a Registered Nurse at VITAS' Inland Empire program from May 12, 2014 to March 21, 2015, filed a lawsuit in San Francisco Superior Court on September 26, 2016. She alleged VITAS Healthcare Corp of CA (“VITAS CA”) (1) failed to provide minimum wage for all hours worked; (2) failed to provide overtime for all hours worked; (3) failed to provide a second meal period; (4) failed to provide rest breaks; (5) failed to indemnify for necessary expenditures; (6) failed to timely pay wages due at time of separation; and (7) engaged in unfair business practices. Seper seeks a state-wide class action of current and former non-exempt employees employed with VITAS in California within the four years preceding the filing of the lawsuit. She seeks court determination that this action may be maintained as a class action for the entire California class and subclasses, designation as class representative, declaratory relief, injunctive relief, damages (including wages for regular or overtime hours allegedly worked but not paid, premium payments for missed meal or rest periods, and unreimbursed expenses), all applicable penalties associated with each claim, pre and post-judgment interest, and attorneys' fees and costs. Seper served VITAS CA with the lawsuit, Jordan A. Seper on behalf of herself and others similarly situated v. VITAS Healthcare Corporation of California, a Delaware corporation; VITAS Healthcare Corp of CA, a business entity unknown; and DOES 1 to 100, inclusive; Los Angeles Superior Court Case Number BC 642857 on October 13, 2016. On November 14, 2016, the Parties filed a Stipulation to transfer the venue of the lawsuit from San Francisco to Los Angeles. The Los Angeles Superior Court accepted transfer of the case on December 6, 2016. On December 16, 2016, VITAS CA filed its Answer and served written discovery on Seper. Jiwan Chhina ("Chhina"), hired by VITAS as a Home Health Aide on February 5, 2002, is currently a Licensed Vocational Nurse for VITAS' San Diego program. On September 27, 2016, Chhina filed a lawsuit in San Diego Superior Court, alleging (1) failure to pay minimum wage for all hours worked; (2) failure to provide overtime for all hours worked; (3) failure to pay wages for all hours at the regular rate; (4) failure to provide meal periods; (5) failure to provide rest breaks; (6) failure to provide complete and accurate wage statements; (7) failure to pay for all reimbursement expenses; (8) unfair business practices; and (9) violation of the California Private Attorneys General Act. Chhina seeks to pursue these claims in the form of a state-wide class action of current and former non-exempt employees employed with VITAS in California within the four years preceding the filing of the lawsuit. He seeks court determination that this action may be maintained as a class action for the entire California class and subclasses, designation as class representative, declaratory relief, injunctive relief, damages (including wages for regular or overtime hours allegedly worked but not paid, premium payments for missed meal or rest periods, and unreimbursed expenses), all applicable penalties associated with each claim, pre-judgment interest, and attorneys' fees and costs. Chhina served VITAS CA with the lawsuit, Jiwann Chhina v. VITAS Health Services of California, Inc., a California corporation; VITAS Healthcare Corporation of California, a Delaware corporation; VITAS Healthcare Corporation of California, a Delaware corporation dba VITAS Healthcare, Inc.; and DOES 1 to 100, inclusive; San Diego Superior Court Case Number 37-2015-00033978-CU-OE-CTL on November 3, 2016. On December 1, 2016, VITAS filed its Answer and served written discovery on Plaintiff. The Company is not able to reasonably estimate the probability of loss or range of loss for either of these lawsuits at this time. The Company intends to defend vigorously against the allegations in each of the above lawsuits. Regardless of the outcome of any of the preceding matters, responding to the subpoenas and dealing with the various regulatory agencies and opposing parties can adversely affect us through defense costs, potential payments, diversion of management time, and related publicity. Although the Company intends to defend them vigorously, there can be no assurance that those suits will not have a material adverse effect on the Company. |
Concentration Of Risk
Concentration Of Risk | 12 Months Ended |
Dec. 31, 2016 | |
Concentration Of Risk [Abstract] | |
Concentration Of Risk | 19. Concentration of Risk During the year VITAS had pharmacy services agreements (“Agreements”) with two service providers to provide specified pharmacy services for VITAS and its hospice patients. VITAS made purchases from these two providers of $ 3 5.2 million, $ 3 7.7 million and $ 3 5.6 million for the years ended December 31, 2016, 2015 and 2014, respectively. For the years ended December 31, 2016, 2015 and 2014, respectively, purchases from these vendors represent approximately 90 % of all pharmacy services used by VITAS. VITAS’ accounts payable for pharmacy services was $ 2.5 million at December 31, 2016. At December 31, 2015, VITAS’ accounts payable for pharmacy services was $ 3.0 million. |
Capital Stock Transactions
Capital Stock Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Capital Stock Transactions [Abstract] | |
Capital Stock Transactions | 20. Capital Stock Transactions In March 2016 , our Board of Directors authorized an additional $100 million for stock repurchase under the Febru ary 2011 repurchase program. We repurchased the following capital stock: For the Years Ended December 31, 2016 2015 2014 Total cost of repurchased shares (in thousands): $ 102,313 $ 59,323 $ 110,019 Shares repurchased 780,134 460,765 1,182,934 Weighted average price per share $ 131.15 $ 128.75 $ 93.01 |
Other Operating Expenses
Other Operating Expenses | 12 Months Ended |
Dec. 31, 2016 | |
Other Operating Expenses [Abstract] | |
Other Operating Expenses | 21. Other Operating Expenses During 2016, the Company recorded early retirement related costs and accelerated stock-based compensation expense of approximately of $4.5 million pretax and $2.8 million after-tax related to the early retirement of VITAS’ former Chief Executive Officer. The costs were calculated in accordance with the terms of his employment agreement. |
Recent Accounting Statements
Recent Accounting Statements | 12 Months Ended |
Dec. 31, 2016 | |
Recent Accounting Statements [Abstract] | |
Recent Accounting Statements | 22. Recent Accounting Statements In May 2014, the FASB issued Accounting Standards Update “ASU No. 2014-09 – Revenue from Contracts with Customers” which provides additional guidance to clarify the principles for recognizing revenue. The standard is intended to develop a common revenue standard for removing inconsistencies and weaknesses, improve comparability, provide more useful information to users through improved disclosure requirements, and simplify the preparation of financial statements. This guidance and subsequent amendments are effective for fiscal years beginning after December 15, 2017. We are in the process of analyzing various contractual arrangements with customers at each subsidiary. We believe that it is likely, as a result of adopting the ASU that certain expenses currently included in bad debt expense will be shown as contractual allowances (i.e. net revenue). We currently do not have an estimate of the magnitude of this potential impact. We anticipate a modified retrospective adoption of the ASU. In February 2016, the FASB issued Accounting Standards Update “ASU No. 2016-02 – Leases” which introduces a lessee model that brings most leases on to the balance sheets and updates lessor accounting to align with changes in the lessee model and the revenue recognition standard. The guidance is effective for fiscal years beginning after December 15, 2018. We are currently evaluating the impact of this ASU on our financial statements, existing lease recognition policies and disclosures. In March 2016, the FASB issued Accounting Standards Update “ASU No. 2016-09 - Compensation – Stock Compensation” which is part of the FASB’s Simplification Initiative. The object of this initiative is to identify, evaluate, and improve areas of GAAP. The areas of simplification in this initiative involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2016. The impact of this ASU on our financial statements in 2017 and later years could be material, dependent upon the volatility of our stock price. This price volatility could materially increase or decrease the amount of the income tax benefit related to stock compensation recognized in the income statement and the classification of such benefit in the statement of cash flows. Adoption of this statement will not materially impact our statement of financial position. In August 2016, the FASB issued Accounting Standards Update “ASU No. 2016-15 – Cash Flow Classification” which amends guidance on the classification of certain cash receipts and payments in the statement of cash flows. The primary purpose of ASU 2016-15 is to reduce diversity in practice related to eight specific cash flow issues. The guidance in this ASU is effective for fiscal years beginning after December 15, 2017. We have analyzed the impact of ASU 2016-15 on our statement of cash flows and do not expect it to have a material effect. In January 2017, the FASB issued Accounting Standards Update “ASU No. 2017-4 – Intangibles – Goodwill and Other”. To simplify the subsequent measurement of goodwill, the FASB eliminated Step 2 from the goodwill impairment test. The guidance in the ASU is effective for the Company in fiscal years beginning after December 15, 2019. Early adoption is permitted. We anticipate adoption of this standard will have no impact on our consolidated financial statements. |
Schedule II - Valuation And Qua
Schedule II - Valuation And Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Schedule II - Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation And Qualifying Accounts | SCHEDULE II CHEMED CORPORATION AND SUBSIDIARY COMPANIES VALUATION AND QUALIFYING ACCOUNTS (IN THOUSANDS) DR/(CR) ADDITIONS (CHARGED) CREDITED (CHARGED) BALANCE AT TO COSTS CREDITED BALANCE BEGINNING AND TO OTHER DEDUCTIONS AT END DESCRIPTION OF PERIOD EXPENSES ACCOUNTS (a) OF PERIOD Allowances for doubtful accounts (b) For the year 2016 $ (13,244) $ (16,420) $ (1,518) $ 16,946 $ (14,236) For the year 2015 $ (14,728) $ (14,435) $ (1,169) $ 17,088 $ (13,244) For the year 2014 $ (12,590) $ (13,079) $ (840) $ 11,781 $ (14,728) (a) With respect to allowances for doubtful accounts, deductions include accounts considered uncollectible or written off, payments, companies divested, etc. (b) Classified in consolidated balance sheet as a reduction of accounts receivable. S-3 |
Summary Of Significant Accoun31
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Nature Of Operations | NATURE OF OPERATIONS We operate through our two wholly-owned subsidiaries: VITAS Healthcare Corporation (“VITAS”) and Roto-Rooter Group, Inc. (“Roto-Rooter”). VITAS focuses on hospice care that helps make terminally ill patients' final days as comfortable as possible. Through its team of doctors, nurses, home health aides, social workers, clergy and volunteers, VITAS provides direct medical services to patients, as well as spiritual and emotional counseling to both patients and their families. Roto-Rooter provides plumbing, drain cleaning and water restoration services to both residential and commercial customers. Through its network of company-owned branches, independent contractors and franchisees, Roto-Rooter offers plumbing, drain cleaning service and water restoration to approximately 90 % of the U.S. population. |
Principles Of Accounting | PRINCIPLES OF ACCOUNTING The consolidated financial statements have been prepared on a going-concern basis. Management has adopted the evaluation requirements of Accounting Stanadards Update “ASU No. 2014-15 – Presentation of Financial Statements – Going Concern”. The consolidated financial statements include the accounts of Chemed Corporation and its wholly owned subsidiaries. All intercompany transactions have been eliminated . We have analyzed the provisions of the Financial Accounting Standards Board (“FASB”) authoritative guidance on the consolidation of variable interest entities relative to our contractual relationships with Roto-Rooter’s independent contractors and franchisees. The guidance requires the primary beneficiary of a Variable Interest Entity (“VIE”) to consolidate the accounts of the VIE. Based upon the guidance provided by the FASB, we have concluded that neither the independent contractors nor the franchisees are VIEs. |
Cash Equivalents | CASH EQUIVALENTS Cash equivalents comprise short-term, highly liquid investments, including money market funds that have original maturities of three months or less. |
Accounts And Loans Receivable | ACCOUNTS AND LOANS RECEIVABLE Accounts and loans receivable are recorded at the principal balance outstanding less estimated allowances for uncollectible accounts. For the Roto-Rooter segment, allowances for trade accounts receivable are generally provided for accounts more than 90 days past due, although collection efforts continue beyond that time. Due to the small number of loans receivable outstanding, allowances for loan losses are determined on a case-by-case basis. For the VITAS segment, allowances for accounts receivable are provided on accounts based on expected collection rates by payer types. The expected collection rate is based on both historical averages and known current trends. Final write-off of overdue accounts or loans receivable is made when all reasonable collection efforts have been made and payment is not forthcoming. We closely monitor our receivables and periodically review procedures for granting credit to attempt to hold losses to a minimum. We make appropriate provisions to reduce our accounts receivable balance for any governmental or other payer reviews resulting in denials of patient service revenue. We believe our hospice programs comply with all payer requirements at the time of billing. However, we cannot predict whether future billing reviews or similar audits by payers will result in material denials or reductions in revenue. |
Concentration Of Risk | CONCENTRATION OF RISK As of December 31, 2016 and 2015, approximately 59 % and 49 %, respectively, of VITAS’ total accounts receivable balance were due from Medicare and 31 % and 41 %, respectively, of VITAS’ total accounts receivable balance were due from various state Medicaid programs. Combined accounts receivable from Medicare and Medicaid represent approximately 62 % of the consolidated net accounts receivable in the accompanying consolidated balance sheet as of December 31, 2016. As further described in Note 19, we had agreements with two vendors to provide specified pharmacy services for VITAS and its hospice patients. In 2016 and 2015, respectively, purchases made from these vendors represent in excess of 90 % of all pharmacy services used by VITAS. |
Inventories | INVENTORIES Substantially all of the inventories are either general merchandise or finished goods. Inventories are stated at the lower of cost or net r ealizable v alue. For determining the value of inventories, cost methods that reasonably approximate the first-in, first-out (“FIFO”) method are used. |
Depreciation And Properties And Equipment | DEPRECIATION AND PROPERTIES AND EQUIPMENT Depreciation of properties and equipment is computed using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the lesser of the remaining lease terms (excluding option terms) or their useful lives. Expenditures for maintenance, repairs, renewals and betterments that do not materially prolong the useful lives of the assets are expensed as incurred. The cost of property retired or sold and the related accumulated depreciation are removed from the accounts, and the resulting gain or loss is reflected currently in other income, net. Expenditures for major software purchases and software developed for internal use are capitalized and depreciated using the straight-line method over the estimated useful lives of the assets. For software developed for internal use, external direct costs for materials and services and certain internal payroll and related fringe benefit costs are capitalized in accordance with the FASB’s authoritative guidance on accounting for the costs of computer software developed or obtained for internal use. The weighted average lives of our property and equipment at December 31, 2016, were: Buildings and building improvements 12.3 yrs. Transportation equipment 10.3 Machinery and equipment 5.3 Computer software 4.6 Furniture and fixtures 4.8 |
Goodwill And Intangible Assets | GOODWILL AND INTANGIBLE ASSETS The table below shows a rollforward of Goodwill (in thousands): Roto- Vitas Rooter Total Balance at December 31, 2014 $ 328,301 $ 138,421 $ 466,722 Business combinations - 5,944 5,944 Foreign currency adjustments - (344) (344) Balance at December 31, 2015 $ 328,301 $ 144,021 $ 472,322 Foreign currency adjustments - 44 44 Balance at December 31, 2016 $ 328,301 $ 144,065 $ 472,366 Identifiable, definite-lived intangible assets arise from purchase business combinations and are amortized using either an accelerated method or the straight-line method over the estimated useful lives of the assets. The selection of an amortization method is based on which method best reflects the economic pattern of usage of the asset. The weighted average lives of our identifiable, definite-lived intangible assets at December 31, 2016, were: Covenants not to compete 6.5 yrs. Reacquired franchise rights 6.1 Referral networks 10.0 Customer lists 13.3 The date of our annual goodwill and indefinite-lived intangible asset impairment analysis is October 1. The VITAS trade name is considered to have an indefinite life. We also capitalize the direct costs of obtaining licenses to operate either hospice programs or plumbing operations subject to a minimum capitalization threshold. These costs are amortized over the life of the license using the straight line method. Certificates of Need (“CON”), which are required in certain states for hospice operations, are generally granted without expiration and thus, we believe them to be indefinite-lived assets subject to impairment testing. We consider that Roto-Rooter Corp. (“RRC”), Roto-Rooter Services Co. (“RRSC”) and VITAS are appropriate reporting units for testing goodwill impairment. We consider RRC and RRSC separate reporting units but one operating segment. This is appropriate as they each have their own set of general ledger accounts that can be analyzed at “one level below an operating segment” per the definition of a reporting unit in FASB guidance. We completed our qualitative analysis for impairment of goodwill and our indefinite-lived intangible assets as of October 1, 2016. Based on our assessment, we do not believe that it is more likely than not that our reporting units or indefinite-lived assets fair values are less than their carrying values. |
Long-Lived Assets | LONG-LIVED ASSETS If we believe a triggering event may have occurred that indicates a possible impairment of our long-lived assets, we perform an estimate and valuation of the future benefits of our long-lived assets (other than goodwill, the VITAS trade name and capitalized CON costs) based on key financial indicators. If the projected undiscounted cash flows of a major business unit indicate that properties and equipment or identifiable, definite-lived intangible assets have been impaired, a write-down to fair value is made. |
Other Assets | OTHER ASSETS Debt issuance costs are included in other assets. Issuance costs related to revolving credit agreements are amortized using the straight line method, over the life of the agreement. All other issuance costs are amortized using the effective interest method over the life of the debt. There are no amounts included in other assets that individually exceed 5% of total assets. |
Revenue Recognition | REVENUE RECOGNITION Both the VITAS segment and Roto-Rooter segment recognize service revenues and sales when the earnings process has been completed. Generally, this occurs when services are provided or products are delivered. See Footnote 2 for a more detailed description of revenue related to our VITAS segment. Sales of Roto-Rooter products, including drain cleaning machines and drain cleaning solution, comprise less than 2 % of our total service revenues and sales for each of the three years in the period ended December 31, 2016. The VITAS segment does not have product sales. |
Charity Care | CHARITY CARE VITAS provides charity care, in certain circumstances, to patients without charge when management of the hospice program determines that the patient does not have the financial wherewithal to make payment. There is no revenue or associated accounts receivable in the accompanying consolidated financial statements related to charity care. The cost of providing charity care during the years ended December 31, 2016, 2015 and 2014, was $ 7. 0 million, $ 7. 6 million and $ 7. 3 million, respectively and is included in cost of services provided and goods sold. The cost of charity care is calculated by taking the ratio of charity care days to total days of care and multiplying by total cost of care. |
Sales Tax | SALES TAX The Roto-Rooter segment collects sales tax from customers when required by state and federal laws. We record the amount of sales tax collected net in the accompanying consolidated statement of income. |
Guarantees | GUARANTEES In the normal course of business, Roto-Rooter enters into various guarantees and indemnifications in our relationships with customers and others. These arrangements include guarantees of services for periods ranging from one day to one year and product satisfaction guarantees. At December 31, 2016 and 2015, our accrual for service guarantees and warranty claims was $ 405,000 and $340,000 respectively. |
Operating Expenses | OPERATING EXPENSES Cost of services provided and goods sold (excluding depreciation) includes salaries, wages and benefits of service providers and field personnel, material costs, medical supplies and equipment, pharmaceuticals, insurance costs, service vehicle costs and other expenses directly related to providing service revenues or generating sales. Selling, general and administrative expenses include salaries, wages, stock-based compensation expense and benefits of selling, marketing and administrative employees, advertising expenses, communications and branch telephone expenses, office rent and operating costs, legal, banking and professional fees and other administrative costs. The cost associated with VITAS sales personnel is included in cost of services provided and goods sold (excluding depreciation). |
Advertising | ADVERTISING We expense the production costs of advertising the first time the advertising takes place. The costs of telephone directory listings are expensed when the directories are placed in circulation. These directories are generally in circulation for approximately one year, at which point they are typically replaced by the publisher with a new directory. We generally pay for directory placement assuming it is in circulation for one year. If the directory is in circulation for less than or greater than one year, we receive a credit or additional billing, as necessary. We do not control the timing of when a new directory is placed in circulation. We pay for and expense the cost of internet advertising and placement on a “per click” basis. Advertising expense for the year ended December 31, 2016, was $ 3 7.2 million (2015 – $ 36.4 million; 2014 - $ 3 2.8 million). |
Computation Of Earnings Per Share | COMPUTATION OF EARNINGS PER SHARE Earnings per share are computed using the weighted average number of shares of capital stock outstanding. Diluted earnings per share reflect the dilutive impact of our outstanding stock options and nonvested stock awards. Stock options whose exercise price is greater than the average market price of our stock are excluded from the computation of diluted earnings per share. Outstanding performance stock units (“PSUs”) that are vested or projected to vest are included in the computation of diluted earnings per share. |
Other Current Liabilities | OTHER CURRENT LIABILITIES There are no amounts included in other current liabilities that individually exceed 5% of total current liabilities. |
Other Liabilities (Non-Current) | OTHER LIABILITIES (NON-CURRENT) There are no amounts included in other liabilities that individually exceed 5% of total liabilities. |
Stock-Based Compensation Plans | STOCK-BASED COMPENSATION PLANS Stock-based compensation cost is measured at the grant date, based on the fair value of the award and recognized as expense over the employee’s requisite service period on a straight-line basis. |
Insurance Accruals | INSURANCE ACCRUALS For our Roto-Rooter segment and Corporate Office, we initially self-insure for all casualty insurance claims (workers’ compensation, auto liability and general liability). As a result, we closely monitor and frequently evaluate our historical claims experience to estimate the appropriate level of accrual for self-insured claims. Our third-party administrator (“TPA”) processes and reviews claims on a monthly basis. Currently, our exposure on any single claim is capped by stop-loss coverage at $ 750,000 . In developing our estimates, we accumulate historical claims data for the previous 10 years to calculate loss development factors (“LDF”) by insurance coverage type. LDFs are applied to known claims to estimate the ultimate potential liability for known and unknown claims for each open policy year. LDFs are updated annually. Because this methodology relies heavily on historical claims data, the key risk is whether the historical claims are an accurate predictor of future claims exposure. The risk also exists that certain claims have been incurred and not reported on a timely basis. To mitigate these risks, in conjunction with our TPA, we closely monitor claims to ensure timely accumulation of data and compare claims trends with the industry experience of our TPA. For the VITAS segment, we initially self-insure for workers’ compensation claims. Currently, VITAS’ exposure on any single claim is capped by stop-loss coverage at $ 1,000 ,000 . For VITAS’ self-insurance accruals for workers’ compensation, the valuation methods used are similar to those used internally for our other business units. We are also insured for other risks with respect to professional liability with a deductible of $750,000 . Our casualty insurance liabilities are recorded gross before any estimated recovery for amounts exceeding our stop loss limits. Estimated recoveries from insurance carriers are recorded as accounts receivable. |
Taxes On Income | TAXES ON INCOME Deferred taxes are provided on an asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amount of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in our opinion, it is more likely than not that some portion or all of the deferred tax assets will not be realized due to insufficient taxable income within the carryback or carryforward period available under the tax laws. Deferred tax assets and liabilities are adjusted for the effects of changes in laws and rates on the date of enactment. In November 2015, the FASB issued ASU No. 2015-17 which simplifies the balance sheet classification required for deferred tax balances. It allows for a company’s deferred tax assets and liabilities to be netted into a noncurrent account, either asset or liability, by jurisdiction. The ASU is required to be adopted for annual periods beginning after December 15, 2016, and the interim periods within that annual period. Early adoption is permitted. Companies have the choice to adopt prospectively or retrospectively. In order to simplify our balance sheet classification required for deferred tax balances, we adopted the ASU for our annual balance sheet as of December 31, 2015, on a prospective basis. We are subject to income taxes in Canada, U.S. federal and most state jurisdictions. Significant judgment is required to determine our provision for income taxes. Our financial statements reflect expected future tax consequences of such uncertain positions assuming the taxing authorities’ full knowledge of the position and all relevant facts. |
Contingencies | CONTINGENCIES As discussed in Note 18, we are subject to various lawsuits and claims in the normal course of our business. In addition, we periodically receive communications from governmental and regulatory agencies concerning compliance with Medicare and Medicaid billing requirements at our VITAS subsidiary. We establish reserves for specific, uninsured liabilities in connection with regulatory and legal action that we deem to be probable and reasonably estimable. We record legal fees associated with legal and regulatory actions as the costs are incurred. We disclose material loss contingencies that are probable but not reasonably estimable and those that are at least reasonably possible. |
Estimates | ESTIMATES The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Disclosures of after-tax expenses and adjustments are based on estimates of the effective income tax rates for the applicable segments. |
Classification Adjustment | CLASSIFICATION ADJUSTMENT In 2016 and 2015, we classified $ 1.9 million and $2.1 million, respectively, of non-cash restricted stock award amortization in selling, general and administrative expenses. We also recorded a classification adjustment of $ 2.5 million to decrease amortization and increase selling, general and administrative expenses in our Consolidated Statement of Income for 2014 related to non-cash restricted stock award amortization. This classification adjustment does not impact income from operations, income before income taxes, net income, earnings per share, net cash provided by operating activities or our Consolidated Balance Sheet. We believe the impact of the classification adjustment is immaterial to our consolidated financial statements for the current and prior periods. |
Summary Of Significant Accoun32
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Schedule Of Weighted Average Lives Of Property And Equipment | Buildings and building improvements 12.3 yrs. Transportation equipment 10.3 Machinery and equipment 5.3 Computer software 4.6 Furniture and fixtures 4.8 |
Schedule of movement in Goodwill | Roto- Vitas Rooter Total Balance at December 31, 2014 $ 328,301 $ 138,421 $ 466,722 Business combinations - 5,944 5,944 Foreign currency adjustments - (344) (344) Balance at December 31, 2015 $ 328,301 $ 144,021 $ 472,322 Foreign currency adjustments - 44 44 Balance at December 31, 2016 $ 328,301 $ 144,065 $ 472,366 |
Weighted Average Lives Of Identifiable, Definite-Lived Intangible Assets | Covenants not to compete 6.5 yrs. Reacquired franchise rights 6.1 Referral networks 10.0 Customer lists 13.3 |
Hospice Revenue Recognition (Ta
Hospice Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Hospice Revenue Recognition [Abstract] | |
Schedule Of Medicare Cap Liability Activity | 2016 2015 Beginning Balance January 1, $ 1,165 $ 6,112 2015 measurement period 228 (165) Payments (1,158) (4,782) Ending Balance December 31, $ 235 $ 1,165 |
Schedule Of Allowance For Doubtful Accounts | Medicare Medicaid Commercial Other Total Beginning Balance January 1, 2014 $ 4,814 $ 5,899 $ 2,037 $ 300 $ 13,050 Bad debt provision 286 8,096 2,969 2 11,353 Write-offs (1,863) (8,089) (2,819) (642) (13,413) Other/Contractual adjustments 562 93 687 (174) 1,168 Ending Balance December 31, 2015 3,799 5,999 2,874 (514) 12,158 Bad debt provision 1,793 7,209 3,938 664 13,604 Write-offs (3,382) (6,595) (4,331) (209) (14,517) Other/Contractual adjustments 752 65 791 (113) 1,495 Ending Balance December 31, 2016 $ 2,962 $ 6,678 $ 3,272 $ (172) $ 12,740 |
Long-Term Debt And Lines Of C34
Long-Term Debt And Lines Of Credit (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Long-Term Debt And Lines Of Credit [Abstract] | |
Debt Outstanding | December 31, 2016 2015 Revolver $ 25,000 $ - Term loan 83,750 91,250 Total 108,750 91,250 Current portion of term loan (8,750) (7,500) Long-term debt $ 100,000 $ 83,750 |
Schedule of Principal Payments of the Term Loan | 2017 $ 8,750 2018 10,000 2019 65,000 $ 83,750 |
Interest Paid During Period | 2016 $ 3,047 2015 2,988 2014 4,322 |
Financial Debt Covenants | Description Requirement Chemed Leverage Ratio (Consolidated Indebtedness/Consolidated Adj. EBITDA) < 3.50 to 1.00 0.63 to 1.00 Fixed Charge Coverage Ratio (Consolidated Free Cash Flow/Consolidated Fixed Charges) > 1.50 to 1.00 2.18 to 1.00 Annual Operating Lease Commitment < $50.0 million $21.1 million |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Stock-Based Compensation Plans [Abstract] | |
Schedule Of Comparative Date For Performance Stock Units | 2016 Awards 2015 Awards 2014 Awards TSR Awards Shares granted 9,541 10,761 10,340 Per-share fair value $ 150.74 $ 142.55 $ 112.60 Volatility 26.7% 25.2% 30.8% Risk-free interest rate 0.89% 0.93% 0.33% EPS Awards Shares granted 9,541 10,761 14,061 Per-share fair value $ 126.37 $ 113.14 $ 82.80 Common Assumptions Service period (years) 2.9 2.9 2.9 Three-year measurement period ends December 31, 2018 2017 2016 |
Schedule Of Total Stock Option And Award Activity | Stock Options Stock Awards Performance Units (PSUs) Weighted Average Aggregate Weighted Weighted Remaining Intrinsic Average Number of Average Number of Exercise Contractual Value Number of Grant-Date Target Grant-Date Options Price Life (Years) (thousands) Awards Price Units Price Outstanding at January 1, 2016 1,563,875 $ 100.09 96,732 $ 87.75 76,376 $ 94.45 Granted 505,775 135.85 4,275 126.53 34,008 109.24 Exercised/Vested (233,903) 67.45 (55,740) 81.72 (46,610) 71.72 Canceled/ Forfeited (7,769) 117.34 - - - - Outstanding at December 31, 2016 1,827,978 114.09 5.3 $ 82,972 45,267 98.82 63,774 118.95 Vested and expected to vest at December 31, 2016 1,827,978 114.09 5.3 82,972 45,267 98.82 75,436 * 116.68 Exercisable at December 31, 2016 909,787 89.83 5.6 63,370 n.a. n.a. n.a. n.a. * Amount includes 36,812 share units which vested and were converted to Capital Stock and distributed in the first quarter of 2017. The shares that vested in 2017 had a weighted average grant-date fair value of $99.50 per share and an estimated fair value of $167 per share. |
Schedule Of Other Data For Stock Option And Stock Award Activity | Years Ended December 31, 2016 2015 2014 Total compensation cost of stock-based compensation plans charged against income $ 13,773 $ 14,737 $ 10,323 Total income tax benefit recognized in income for stock based compensation plans 5,062 5,416 3,794 Total intrinsic value of stock options exercised 17,635 45,600 26,344 Total intrinsic value of stock awards vested during the period 7,429 12,065 4,564 Per-share weighted averaged grant-date fair value of stock awards granted 126.53 121.75 88.48 |
Schedule Of Valuation Assumptions | 2016 2015 2014 Stock price on date of issuance $135.85 $157.36 $106.59 Grant date fair value per share $22.74 $29.46 $21.58 Number of options granted 505,775 422,750 410,800 Expected term (years) 4.0 4.0 4.8 Risk free rate of return 1.09% 1.57% 1.59% Volatility 21.10% 22.20% 22.60% Dividend yield 0.8% 0.6% 0.8% Forfeiture rate - - - |
Schedule Of Other Data For Stock Options, Stock Awards And PSUs | Stock Stock Options Awards PSUs Total unrecognized compensation related to nonvested options, stock awards and PSUs at the end of year $ 20,039 $ 1,805 $ 2,085 Weighted average period over which unrecognized compensation cost of nonvested options, stock awards and PSUs to be recognized (years) 2.3 1.3 1.4 Actual income tax benefit realized from options exercised or stock awards and PSUs vested $ 6,491 $ 2,735 $ 2,191 Aggregate intrinsic value of stock options, stock awards and PSUs vested and expected to vest $ 82,972 $ 7,219 $ 12,030 |
Segments And Nature Of The Bu36
Segments And Nature Of The Business (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segments And Nature Of The Business [Abstract] | |
Service Revenues And Sales And After-Tax Earnings By Business Segment | For the Years Ended December 31, 2016 2015 2014 Revenues by Type of Service VITAS Routine homecare $ 887,940 $ 865,145 $ 810,413 Continuous care 138,025 150,802 152,206 General inpatient 97,580 99,439 102,876 Medicare cap (228) 165 (1,290) Total segment 1,123,317 1,115,551 1,064,205 Roto-Rooter Sewer and drain cleaning 145,699 142,562 141,078 Plumbing repair and maintenance 197,280 188,065 174,993 Independent contractors 40,097 37,966 36,496 Water restoration 50,229 38,163 18,480 Other products and services 20,259 21,081 21,030 Total segment 453,564 427,837 392,077 Total service revenues and sales $ 1,576,881 $ 1,543,388 $ 1,456,282 Aftertax Segment Earnings/(Loss) VITAS $ 84,961 $ 93,346 $ 86,185 Roto-Rooter 52,893 48,573 42,075 Total 137,854 141,919 128,260 Corporate (29,111) (31,645) (28,943) Net income $ 108,743 $ 110,274 $ 99,317 Interest Income VITAS $ 8,294 $ 7,740 $ 6,111 Roto-Rooter 3,653 3,425 2,931 Total 11,947 11,165 9,042 Corporate - - 10 Intercompany eliminations (11,564) (10,884) (9,081) Total interest income $ 383 $ 281 $ (29) Interest Expense VITAS $ 211 $ 200 $ 207 Roto-Rooter 332 348 363 Total 543 548 570 Corporate 3,172 3,097 7,616 Total interest expense $ 3,715 $ 3,645 $ 8,186 Income Tax Provision VITAS $ 51,910 $ 56,675 $ 53,278 Roto-Rooter 32,719 29,630 25,808 Total 84,629 86,305 79,086 Corporate (16,318) (16,453) (15,649) Total income tax provision $ 68,311 $ 69,852 $ 63,437 Identifiable Assets VITAS $ 542,142 $ 523,717 $ 546,031 Roto-Rooter 261,641 255,192 251,407 Total 803,783 778,909 797,438 Corporate 76,276 73,416 62,494 Total identifiable assets $ 880,059 $ 852,325 $ 859,932 For the Years Ended December 31, 2016 2015 2014 Additions to Long-Lived Assets VITAS $ 22,000 $ 23,278 $ 21,880 Roto-Rooter 17,709 26,476 21,595 Total 39,709 49,754 43,475 Corporate 63 995 346 Total additions to long-lived assets $ 39,772 $ 50,749 $ 43,821 Depreciation and Amortization VITAS $ 19,090 $ 19,547 $ 19,048 Roto-Rooter 15,002 13,360 10,975 Total 34,092 32,907 30,023 Corporate 546 592 578 Total depreciation and amortization $ 34,638 $ 33,499 $ 30,601 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Intangible Assets [Abstract] | |
Schedule By Year Of Projected Amortization Expense For Definite-Lived Intangible Assets | 2017 $ 162 2018 128 2019 96 2020 66 2021 26 Thereafter 35 |
Schedule Of Intangible Assets | Gross Accumulated Net Book Asset Amortization Value December 31, 2016 Referral networks $ 21,729 $ (21,528) $ 201 Covenants not to compete 9,533 (9,295) 238 Customer lists 1,215 (1,215) - Reacquired franchise rights 1,261 (1,187) 74 Subtotal - definite-lived intangibles 33,738 (33,225) 513 VITAS trade name 51,300 - 51,300 Rapid Rooter trade name 150 - 150 Operating licenses 3,102 - 3,102 Total $ 88,290 $ (33,225) $ 55,065 December 31, 2015 Referral networks $ 21,729 $ (21,473) $ 256 Covenants not to compete 9,533 (9,220) 313 Customer lists 1,215 (1,215) - Reacquired franchise rights 1,260 (958) 302 Subtotal - definite-lived intangibles 33,737 (32,866) 871 VITAS trade name 51,300 - 51,300 Rapid Rooter trade name 150 - 150 Operating licenses 2,790 - 2,790 Total $ 87,977 $ (32,866) $ 55,111 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
PENNSYLVANIA and NEBRASKA [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Business Acquisitions | . Identifiable intangible assets $ 213 Goodwill 5,944 Other assets and liabilities - net 457 $ 6,614 |
IDAHO | |
Business Acquisition [Line Items] | |
Schedule Of Business Acquisitions | Identifiable intangible assets $ 47 Goodwill 198 Other assets and liabilities - net 5 $ 250 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations [Abstract] | |
Schedule Of Estimated Timing Of Payments Of Liabilities | 2017 $ 826 2018 300 Thereafter 601 $ 1,727 |
Other Income_(Expense)-Net (Tab
Other Income/(Expense)-Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Income/(Expense) - Net [Abstract] | |
Schedule Of Other Income/(Expense)- Net | For the Years Ended December 31, 2016 2015 2014 Market value gains related to deferred compensation trusts $ 2,061 $ 148 $ 3,118 Loss on disposal of property and equipment (424) (698) (640) Interest income/ (expense) 383 281 (29) Other--net - (418) 72 Total other income/(expense) $ 2,020 $ (687) $ 2,521 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Schedule Of Provision For Income Taxes | For the Years Ended December 31, 2016 2015 2014 Current U.S. federal $ 64,698 $ 55,026 $ 48,577 U.S. state and local 9,927 8,104 7,285 Foreign 393 397 597 Deferred U.S. federal, state and local (6,712) 6,323 6,970 Foreign 5 2 8 Total $ 68,311 $ 69,852 $ 63,437 |
Schedule Of Temporary Differences That Give Rise To Deferred Tax Assets (Liabilities) | December 31, 2016 2015 Accrued liabilities $ 43,575 $ 39,529 Stock compensation expense 9,309 8,555 Allowance for uncollectible accounts receivable 1,952 1,729 State net operating loss carryforwards 1,811 1,701 Other 776 896 Deferred income tax assets 57,423 52,410 Amortization of intangible assets (52,133) (50,136) Accelerated tax depreciation (14,975) (18,030) Currents assets (1,825) (1,576) Market valuation of investments (1,341) (1,375) State income taxes (793) (1,465) Other (639) (857) Deferred income tax liabilities (71,706) (73,439) Net deferred income tax liabilities $ (14,283) $ (21,029) |
Schedule Of Significant Changes To Unrecognized Tax Benefits | 2016 2015 2014 Balance at January 1, $ 1,052 $ 980 $ 892 Unrecognized tax benefits due to positions taken in current year 218 260 247 Decrease due to expiration of statute of limitations (201) (188) (159) Balance at December 31, $ 1,069 $ 1,052 $ 980 |
Schedule Of Difference Between Actual Income Tax Provision For Continuing Operations And Income Tax Provision Calculated At Statutory U.S. Federal Tax Rate | For the Years Ended December 31, 2016 2015 2014 Income tax provision calculated using the statutory rate of 35% $ 61,969 $ 63,044 $ 56,964 State and local income taxes, less federal income tax effect 6,044 5,787 5,536 Nondeductible expenses 881 1,438 1,290 Other--net (583) (417) (353) Income tax provision $ 68,311 $ 69,852 $ 63,437 Effective tax rate 38.6 % 38.8 % 39.0 % |
Schedule Of Income Taxes Paid | 2016 $ 60,905 2015 62,928 2014 44,921 |
Properties And Equipment (Table
Properties And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Properties And Equipment [Abstract] | |
Schedule Of Properties And Equipment | December 31, 2016 2015 Land $ 7,098 $ 5,365 Buildings and building improvements 79,814 64,440 Transportation equipment 33,895 31,077 Machinery and equipment 89,346 83,293 Computer software 45,079 45,414 Furniture and fixtures 71,781 71,894 Projects under development 5,579 16,981 Total properties and equipment 332,592 318,464 Less accumulated depreciation (211,290) (201,094) Net properties and equipment $ 121,302 $ 117,370 |
Lease Arrangements (Tables)
Lease Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Lease Arrangements [Abstract] | |
Summary Of Future Minimum Rental Payments And Sublease Rentals To Be Received Under Operating Leases | 2017 $ 21,091 2018 17,884 2019 14,423 2020 11,943 2021 7,810 Thereafter 15,891 Total minimum rental payments $ 89,042 |
Schedule Of Total Rental Expense Incurred Under Operating Leases For Continuing Operations | For the Years Ended December 31, 2016 2015 2014 Total rental expense $ 40,034 $ 40,021 $ 39,606 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Retirement Plans [Abstract] | |
Schedule Of Expenses For Retirement, Profit-Sharing Plans, Excess Benefit Plans And Other Similar Plans | For the Years Ended December 31, 2016 2015 2014 $ 14,467 $ 11,970 $ 13,838 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule Of Computation Of Earnings Per Share | Net Income For the Years Ended December 31, Net Income Shares Earnings per Share 2016 Earnings $ 108,743 16,383 $ 6.64 Dilutive stock options - 296 Nonvested stock awards - 110 Diluted earnings $ 108,743 16,789 $ 6.48 2015 Earnings $ 110,274 16,870 $ 6.54 Dilutive stock options - 394 Nonvested stock awards - 158 Diluted earnings $ 110,274 17,422 $ 6.33 2014 Earnings $ 99,317 17,165 $ 5.79 Dilutive stock options - 412 Nonvested stock awards - 149 Conversion of Notes and impact of warrants outstanding - 114 Diluted earnings $ 99,317 17,840 $ 5.57 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Financial Instruments [Abstract] | |
Carrying Value, Fair Value And Hierarchy Of Financial Instruments | Fair Value Measure Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investments of deferred compensation plans held in trust $ 54,389 $ 54,389 $ - $ - Long-term debt and current portion of long-term debt 108,750 - 108,750 - The following shows the carrying value, fair value and the hierarchy for our financial instruments as of December 31, 2015 (in thousands): Fair Value Measure Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investments of deferred compensation plans held in trust $ 49,481 $ 49,481 $ - $ - Long-term debt 91,250 - 91,250 - |
Loans Receivable From Indepen47
Loans Receivable From Independent Contractors (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Loans Receivable From Independent Contractors [Abstract] | |
Schedule Of Independent Contractors | For the Years Ended December 31, 2016 2015 2014 Revenues $ 40,097 $ 37,966 $ 36,496 Pretax profits 24,477 22,176 21,238 |
Capital Stock Transactions (Tab
Capital Stock Transactions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Capital Stock Transactions [Abstract] | |
Schedule Of Capital Stock Repurchases | For the Years Ended December 31, 2016 2015 2014 Total cost of repurchased shares (in thousands): $ 102,313 $ 59,323 $ 110,019 Shares repurchased 780,134 460,765 1,182,934 Weighted average price per share $ 131.15 $ 128.75 $ 93.01 |
Summary Of Significant Accoun49
Summary Of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($)entityitem | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||
Number of wholly-owned subsidiaries | entity | 2 | ||
Number of venders | item | 2 | ||
Cost of providing charity care | $ 7,000,000 | $ 7,600,000 | $ 7,300,000 |
Guarantee and warranty claims accrual | 405,000 | 340,000 | |
Advertising expense in continuing operations | $ 37,200,000 | 36,400,000 | 32,800,000 |
Years in circulation | 1 year | ||
Historical claims data, period of time | 10 years | ||
Classification adjustments | $ 1,900,000 | $ 2,100,000 | $ 2,500,000 |
Sales Revenue [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk, percentage | 90.00% | 90.00% | 90.00% |
Total Assets [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk, percentage | 5.00% | ||
Total Current Liabilities [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk, percentage | 5.00% | ||
Total Liabilities [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk, percentage | 5.00% | ||
Roto Rooter And Corporate Office [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Exposure on single claim | $ 750,000 | ||
Segment Roto-Rooter [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of Operating Segments | item | 1 | ||
Percent of population serviced | 90.00% | ||
Segment Roto-Rooter [Member] | Service Revenues [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk, percentage | 2.00% | 2.00% | 2.00% |
Segment Roto-Rooter [Member] | Sales Revenue [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk, percentage | 29.00% | 28.00% | |
Segment VITAS [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Revenues | $ 0 | ||
Exposure on single claim | 1,000,000 | ||
Professional liability and other risks, insurance deductible | $ 750,000 | ||
Segment VITAS [Member] | Service Revenues [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk, percentage | 90.00% | 90.00% | |
Segment VITAS [Member] | Sales Revenue [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk, percentage | 71.00% | 72.00% | |
Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Period of service guarantee | 1 day | ||
Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Period of service guarantee | 1 year | ||
Medicare [Member] | Accounts Receivable [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk, percentage | 59.00% | 49.00% | |
Medicaid [Member] | Accounts Receivable [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk, percentage | 31.00% | 41.00% | |
Medicare And Medicaid [Member] | Accounts Receivable [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk, percentage | 62.00% |
Summary Of Significant Accoun50
Summary Of Significant Accounting Policies (Schedule Of Weighted Average Lives Of Property And Equipment) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Building And Building Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Weighted average lives of property and equipment | 12 years 3 months 18 days |
Transportation Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Weighted average lives of property and equipment | 10 years 3 months 18 days |
Machinery And Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Weighted average lives of property and equipment | 5 years 3 months 18 days |
Computer Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Weighted average lives of property and equipment | 4 years 7 months 6 days |
Furniture And Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Weighted average lives of property and equipment | 4 years 9 months 18 days |
Summary Of Significant Accoun51
Summary Of Significant Accounting Policies (Schedule of movement in Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Business Combination Segment Allocation [Line Items] | ||
Beginning balance | $ 472,322 | $ 466,722 |
Business combinations | 5,944 | |
Foreign currency adjustments | 44 | (344) |
Ending balance | 472,366 | 472,322 |
Segment VITAS [Member] | ||
Business Combination Segment Allocation [Line Items] | ||
Beginning balance | 328,301 | 328,301 |
Business combinations | ||
Foreign currency adjustments | ||
Ending balance | 328,301 | 328,301 |
Roto-Rooter segment [Member] | ||
Business Combination Segment Allocation [Line Items] | ||
Beginning balance | 144,021 | 138,421 |
Business combinations | 5,944 | |
Foreign currency adjustments | 44 | (344) |
Ending balance | $ 144,065 | $ 144,021 |
Summary Of Significant Accoun52
Summary Of Significant Accounting Policies (Weighted Average Lives Of Identifiable, Definite-Lived Intangible Assets) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Covenants Not To Compete [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average lives of identifiable, definite-lived intangible assets | 6 years 6 months |
Reacquired Franchise Rights [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average lives of identifiable, definite-lived intangible assets | 6 years 1 month 6 days |
Referral Networks [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average lives of identifiable, definite-lived intangible assets | 10 years |
Customer Lists [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted average lives of identifiable, definite-lived intangible assets | 13 years 3 months 18 days |
Hospice Revenue Recognition (Na
Hospice Revenue Recognition (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue Recognition [Line Items] | ||||
Percentage of revenue | 97.00% | |||
Medicare care costs reimbursement, benchmark percentage of the days in care | 20.00% | |||
Percentage of automatic budget reductions | 2.00% | |||
Routine Home Care [Member] | ||||
Revenue Recognition [Line Items] | ||||
Percentage of revenue | 78.90% | 77.60% | 76.00% | |
One Program Projected Measurement Period Liability [Member] | ||||
Revenue Recognition [Line Items] | ||||
Net pretax expense/(income) from medicare cap liability | $ 228,000 | $ (165,000) | ||
Two Program Projected Measurement Period Liability [Member] | ||||
Revenue Recognition [Line Items] | ||||
Net pretax expense/(income) from medicare cap liability | $ 1,300,000 | |||
Three Program Projected Measurment Period Liability [Member] | ||||
Revenue Recognition [Line Items] | ||||
Unbilled revenue | $ 2,100,000 | $ 2,100,000 | $ 2,100,000 |
Hospice Revenue Recognition (Sc
Hospice Revenue Recognition (Schedule Of Medicare Cap Liability Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Hospice Revenue Recognition [Abstract] | ||
Beginning Balance January 1, | $ 1,165 | $ 6,112 |
2015 measurement period | 228 | (165) |
Payments | (1,158) | (4,782) |
Ending Balance December 31, | $ 235 | $ 1,165 |
Hospice Revenue Recognition (55
Hospice Revenue Recognition (Schedule Of Allowance For Doubtful Accounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||
Bad debt provision | $ 16,319 | $ 14,247 | $ 13,173 |
Segment VITAS [Member] | |||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||
Beginning Balance | 12,158 | 13,050 | |
Bad debt provision | 13,604 | 11,353 | |
Write-offs | (14,517) | (13,413) | |
Other/Contractual adjustments | 1,495 | 1,168 | |
Ending Balance | 12,740 | 12,158 | 13,050 |
Medicare [Member] | |||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||
Beginning Balance | 3,799 | 4,814 | |
Bad debt provision | 1,793 | 286 | |
Write-offs | (3,382) | (1,863) | |
Other/Contractual adjustments | 752 | 562 | |
Ending Balance | 2,962 | 3,799 | 4,814 |
Medicaid [Member] | |||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||
Beginning Balance | 5,999 | 5,899 | |
Bad debt provision | 7,209 | 8,096 | |
Write-offs | (6,595) | (8,089) | |
Other/Contractual adjustments | 65 | 93 | |
Ending Balance | 6,678 | 5,999 | 5,899 |
Commercial [Member] | |||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||
Beginning Balance | 2,874 | 2,037 | |
Bad debt provision | 3,938 | 2,969 | |
Write-offs | (4,331) | (2,819) | |
Other/Contractual adjustments | 791 | 687 | |
Ending Balance | 3,272 | 2,874 | 2,037 |
Other [Member] | |||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||
Beginning Balance | (514) | 300 | |
Bad debt provision | 664 | 2 | |
Write-offs | (209) | (642) | |
Other/Contractual adjustments | (113) | (174) | |
Ending Balance | $ (172) | $ (514) | $ 300 |
Long-Term Debt And Lines Of C56
Long-Term Debt And Lines Of Credit (Narrative) (Details) - USD ($) | Dec. 08, 2014 | Dec. 31, 2016 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||
Repayment of convertible notes | $ 187,000,000 | ||
Shares issued in conjunction with the conversion feature of the Notes | 35,166 | 249,000 | |
Warrants issued for cash | $ 2,648,000 | ||
Number of shares called by warrants | 2,477,000 | ||
Stock received in purchased call transaction | 266,000 | ||
2014 Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facility period, years | 5 years | ||
Standby letters of credit issued | $ 38,700,000 | ||
Deferred financing costs | $ 900,000 | ||
2014 Credit Agreement [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable interest rate | 1.13% | ||
2014 Credit Agreement [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Face amount of debt | $ 350,000,000 | ||
Unused lines of credit | 286,600,000 | ||
2014 Credit Agreement [Member] | Term Notes [Member] | |||
Debt Instrument [Line Items] | |||
Face amount of debt | $ 100,000,000 |
Long-Term Debt And Lines Of C57
Long-Term Debt And Lines Of Credit (Debt Outstanding) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Total | $ 108,750 | $ 91,250 |
Current portion of term loan | (8,750) | (7,500) |
Long-term debt | 100,000 | 83,750 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total | 25,000 | |
Term Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total | $ 83,750 | $ 91,250 |
Long-Term Debt And Lines Of C58
Long-Term Debt And Lines Of Credit (Schedule of Principal Payments of the Term Loan) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Total | $ 108,750 | $ 91,250 |
Term Notes [Member] | ||
Debt Instrument [Line Items] | ||
2,017 | 8,750 | |
2,018 | 10,000 | |
2,019 | 65,000 | |
Total | $ 83,750 | $ 91,250 |
Long-Term Debt And Lines Of C59
Long-Term Debt And Lines Of Credit (Interest Paid During Period) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Long-Term Debt And Lines Of Credit [Abstract] | |||
Interest paid | $ 3,047 | $ 2,988 | $ 4,322 |
Long-Term Debt And Lines Of C60
Long-Term Debt And Lines Of Credit (Financial Debt Covenants) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Leverage Ratio (Consolidated Indebtedness/Consolidated Adj. EBITDA), Requirement | 1 |
Leverage Ratio (Consolidated Indebtedness Consolidated Adj. EBITDA), Chemed | 0.63 |
Fixed Charge Coverage Ratio (Consolidated Free Cash Flow/Consolidated Fixed Charges), Requirement | 1 |
Fixed Charge Coverage Ratio (Consolidated Free Cash Flow/Consolidated Fixed Charges), Chemed | 1 |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Leverage Ratio (Consolidated Indebtedness/Consolidated Adj. EBITDA), Requirement | 3.50 |
Leverage Ratio (Consolidated Indebtedness Consolidated Adj. EBITDA), Chemed | 1 |
Fixed Charge Coverage Ratio (Consolidated Free Cash Flow/Consolidated Fixed Charges), Requirement | 1.50 |
Fixed Charge Coverage Ratio (Consolidated Free Cash Flow/Consolidated Fixed Charges), Chemed | 2.18 |
Annual Operating Lease Commitment, Requirement | $ 50 |
Annual Operating Lease Commitment, Chemed | $ 21.1 |
Stock-Based Compensation Plan61
Stock-Based Compensation Plans (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
May 31, 2016shares | Mar. 31, 2017$ / sharesshares | Dec. 31, 2016item$ / sharesshares | Dec. 31, 2015shares | Dec. 31, 2014shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of stock incentive plans | item | 2 | ||||
Number of shares authorized | 3,800,000 | ||||
Options granted | 505,775 | 422,750 | 410,800 | ||
Perfromance Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted | 34,008 | ||||
Shares vesting period, years | 3 years | ||||
Per-share weighted averaged grant-date fair value of stock awards vested | $ / shares | $ 71.72 | ||||
Perfromance Stock Units [Member] | Scenario, Forecast [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vested share units that will be converted | 36,812 | ||||
Per-share weighted averaged grant-date fair value of stock awards vested | $ / shares | $ 99.50 | ||||
Estimated fair value per share | $ / shares | $ 167 | ||||
Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares vesting period, years | 3 years | ||||
Shares contractual life | 5 years | ||||
Stock Options [Member] | Prior to Year 2015 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares contractual life | 10 years | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares vesting period, years | 3 years | ||||
Restricted Stock [Member] | Prior to Year 2015 [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares vesting period, years | 3 years | ||||
Restricted Stock [Member] | Prior to Year 2015 [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares vesting period, years | 4 years | ||||
Performance Based TSR [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted | 9,541 | 10,761 | 10,340 | ||
Performance Based EPS [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted | 9,541 | 10,761 | 14,061 | ||
Outside Directors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options granted | 4,275 |
Stock-Based Compensation Plan62
Stock-Based Compensation Plans (Schedule of Comparative Date for Performance Stock Units) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Per-share fair value | $ 126.53 | $ 121.75 | $ 88.48 |
Volatility | 21.10% | 22.20% | 22.60% |
Risk-free interest rate | 1.09% | 1.57% | 1.59% |
Service period (years) | 2 years 10 months 24 days | 2 years 10 months 24 days | 2 years 10 months 24 days |
Performance Based TSR [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 9,541 | 10,761 | 10,340 |
Per-share fair value | $ 150.74 | $ 142.55 | $ 112.60 |
Volatility | 26.70% | 25.20% | 30.80% |
Risk-free interest rate | 0.89% | 0.93% | 0.33% |
Performance Based EPS [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 9,541 | 10,761 | 14,061 |
Per-share fair value | $ 126.37 | $ 113.14 | $ 82.80 |
Stock-Based Compensation Plan63
Stock-Based Compensation Plans (Schedule Of Total Stock Option And Award Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Options, Outstanding at January 1, 2016 | 1,563,875 | |||
Number of Options, Granted | 505,775 | 422,750 | 410,800 | |
Number of Options, Exercised/Vested | (233,903) | |||
Number of Options, Canceled/Forfeited | (7,769) | |||
Number of Options, Outstanding at December 31, 2016 | 1,827,978 | 1,563,875 | ||
Number of Options, Vested and expected to vest at December 31, 2016 | 1,827,978 | |||
Number of Options, Exercisable at December 31, 2016 | 909,787 | |||
Weighted Average Exercise Price, Outstanding at January 1, 2016 | $ 100.09 | |||
Weighted Average Exercise Price, Granted | 135.85 | |||
Weighted Average Exercise Price, Exercised/Vested | 67.45 | |||
Weighted Average Exercise Price, Canceled/Forfeited | 117.34 | |||
Weighted Average Exercise Price, Outstanding at December 31, 2016 | 114.09 | $ 100.09 | ||
Weighted Average Exercise Price, Vested and expected to vest at December 31, 2016 | 114.09 | |||
Weighted Average Exercise Price, Exercisable at December 31, 2016 | $ 89.83 | |||
Weighted Average Remaining Contractual Life (Years), Outstanding at December 31, 2016 | 5 years 3 months 18 days | |||
Weighted Average Remaining Contractual Life (Years), Vested and expected to vest at December 31, 2016 | 5 years 3 months 18 days | |||
Weighted Average Remaining Contractual Life (Years), Exercisable at December 31, 2016 | 5 years 7 months 6 days | |||
Aggregate Intrinsic Value, Outstanding at December 31, 2016 | $ 82,972 | |||
Aggregate Intrinsic Value, Vested and dxpected to vest at December 31, 2016 | 82,972 | |||
Aggregate Intrinsic Value, Exercisable at December 31, 2016 | $ 63,370 | |||
Weighted Average Grant-Date Price, Granted | $ 126.53 | $ 121.75 | $ 88.48 | |
Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Awards, Outstanding at January 1, 2016 | 96,732 | |||
Number of Awards, Granted | 4,275 | |||
Number of Awards, Exercised/Vested | (55,740) | |||
Number of Awards, Outstanding at December 31, 2016 | 45,267 | 96,732 | ||
Number of Awards, Vested and expected to vest at December 31, 2016 | 45,267 | |||
Weighted Average Grant-Date Price, Outstanding at January 1, 2016 | $ 87.75 | |||
Weighted Average Grant-Date Price, Granted | 126.53 | |||
Weighted Average Grant-Date Price, Exercised/Vested | 81.72 | |||
Weighted Average Grant-Date Price, Outstanding at December 31, 2016 | 98.82 | $ 87.75 | ||
Weighted Average Exercise Price, Vested and expected to vest at December 31, 2016 | $ 98.82 | |||
Perfromance Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Nonvested Target Units, Outstanding at January 1, 2016 | 76,376 | |||
Number of Nonvested Target Units, Granted | 34,008 | |||
Number of Nonvested Target Units, Exercised/Vested | (46,610) | |||
Number of Nonvested Target Units, Outstanding at December 31, 2016 | 63,774 | 76,376 | ||
Number of Nonvested Target Units, Vested and expected to vest at December 31, 2016 | [1] | 75,436 | ||
Weighted Average Grant-Date Price, Outstanding at January 1, 2016 | $ 94.45 | |||
Weighted Average Grant-Date Price, Granted | 109.24 | |||
Weighted Average Grant-Date Price, Exercised/Vested | 71.72 | |||
Weighted Average Grant-Date Price, Outstanding at December 31, 2016 | 118.95 | $ 94.45 | ||
Weighted Average Exercise Price, Vested and expected to vest at December 31, 2016 | $ 116.68 | |||
[1] | Amount includes 36,812 share units which vested and were converted to Capital Stock and distributed in the first quarter of 2017. The shares that vested in 2017 had a weighted average grant-date fair value of $99.50 per share and an estimated fair value of $167 per share. |
Stock-Based Compensation Plan64
Stock-Based Compensation Plans (Schedule Of Other Data For Stock Option And Stock Award Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock-Based Compensation Plans [Abstract] | |||
Total compensation cost of stock-based compensation plans charged against income | $ 13,773 | $ 14,737 | $ 10,323 |
Total income tax benefit recognized in income for stock based compensation plans | 5,062 | 5,416 | 3,794 |
Total intrinsic value of stock options exercised | 17,635 | 45,600 | 26,344 |
Total intrinsic value of stock awards vested during the period | $ 7,429 | $ 12,065 | $ 4,564 |
Per-share weighted averaged grant-date fair value of stock awards granted | $ 126.53 | $ 121.75 | $ 88.48 |
Stock-Based Compensation Plan65
Stock-Based Compensation Plans (Schedule Of Valuation Assumptions) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock-Based Compensation Plans [Abstract] | |||
Stock price on date of issuance | $ 135.85 | $ 157.36 | $ 106.59 |
Grant date fair value per share | $ 22.74 | $ 29.46 | $ 21.58 |
Number of options granted | 505,775 | 422,750 | 410,800 |
Expected term (years) | 4 years | 4 years | 4 years 9 months 18 days |
Risk free rate of return | 1.09% | 1.57% | 1.59% |
Volatility | 21.10% | 22.20% | 22.60% |
Dividend yield | 0.80% | 0.60% | 0.80% |
Forfeiture rate |
Stock-Based Compensation Plan66
Stock-Based Compensation Plans (Schedule Of Other Data For Stock Options, Stock Awards And PSUs) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total unrecognized compensation related to nonvested options, stock awards and PSU's at end of year | $ 20,039 |
Weighted average period over which unrecognized compensation cost of nonvested options, stock awards and PSU's to be recognized (years) | 2 years 3 months 18 days |
Actual income tax benefit realized from options exercised or stock awards and PSU's vested | $ 6,491 |
Aggregate intrinsic value of stock options, stock awards and PSUs vested and expected to vest | 82,972 |
Stock Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total unrecognized compensation related to nonvested options, stock awards and PSU's at end of year | $ 1,805 |
Weighted average period over which unrecognized compensation cost of nonvested options, stock awards and PSU's to be recognized (years) | 1 year 3 months 18 days |
Actual income tax benefit realized from options exercised or stock awards and PSU's vested | $ 2,735 |
Aggregate intrinsic value of stock options, stock awards and PSUs vested and expected to vest | 7,219 |
Perfromance Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total unrecognized compensation related to nonvested options, stock awards and PSU's at end of year | $ 2,085 |
Weighted average period over which unrecognized compensation cost of nonvested options, stock awards and PSU's to be recognized (years) | 1 year 4 months 24 days |
Actual income tax benefit realized from options exercised or stock awards and PSU's vested | $ 2,191 |
Aggregate intrinsic value of stock options, stock awards and PSUs vested and expected to vest | $ 12,030 |
Segments And Nature Of The Bu67
Segments And Nature Of The Business (Service Revenues And Sales And After-Tax Earnings By Business Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Total service revenues and sales | $ 1,576,881 | $ 1,543,388 | $ 1,456,282 |
Net income | 108,743 | 110,274 | 99,317 |
Total interest income | 383 | 281 | (29) |
Total interest expense | 3,715 | 3,645 | 8,186 |
Total income tax provision | 68,311 | 69,852 | 63,437 |
Total identifiable assets | 880,059 | 852,325 | 859,932 |
Total additions to long-lived assets | 39,772 | 50,749 | 43,821 |
Total depreciation and amortization | 34,638 | 33,499 | 30,601 |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net income | 137,854 | 141,919 | 128,260 |
Total interest income | 11,947 | 11,165 | 9,042 |
Total interest expense | 543 | 548 | 570 |
Total income tax provision | 84,629 | 86,305 | 79,086 |
Total identifiable assets | 803,783 | 778,909 | 797,438 |
Total additions to long-lived assets | 39,709 | 49,754 | 43,475 |
Total depreciation and amortization | 34,092 | 32,907 | 30,023 |
Intercompany Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Total interest income | (11,564) | (10,884) | (9,081) |
Segment VITAS [Member] | |||
Segment Reporting Information [Line Items] | |||
Total service revenues and sales | 1,123,317 | 1,115,551 | 1,064,205 |
Net income | 84,961 | 93,346 | 86,185 |
Total interest income | 8,294 | 7,740 | 6,111 |
Total interest expense | 211 | 200 | 207 |
Total income tax provision | 51,910 | 56,675 | 53,278 |
Total identifiable assets | 542,142 | 523,717 | 546,031 |
Total additions to long-lived assets | 22,000 | 23,278 | 21,880 |
Total depreciation and amortization | 19,090 | 19,547 | 19,048 |
Segment Roto-Rooter [Member] | |||
Segment Reporting Information [Line Items] | |||
Total service revenues and sales | 453,564 | 427,837 | 392,077 |
Net income | 52,893 | 48,573 | 42,075 |
Total interest income | 3,653 | 3,425 | 2,931 |
Total interest expense | 332 | 348 | 363 |
Total income tax provision | 32,719 | 29,630 | 25,808 |
Total identifiable assets | 261,641 | 255,192 | 251,407 |
Total additions to long-lived assets | 17,709 | 26,476 | 21,595 |
Total depreciation and amortization | 15,002 | 13,360 | 10,975 |
Corporate Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net income | (29,111) | (31,645) | (28,943) |
Total interest income | 10 | ||
Total interest expense | 3,172 | 3,097 | 7,616 |
Total income tax provision | (16,318) | (16,453) | (15,649) |
Total identifiable assets | 76,276 | 73,416 | 62,494 |
Total additions to long-lived assets | 63 | 995 | 346 |
Total depreciation and amortization | 546 | 592 | 578 |
Routine Homecare [Member] | Segment VITAS [Member] | |||
Segment Reporting Information [Line Items] | |||
Total service revenues and sales | 887,940 | 865,145 | 810,413 |
Continuous Care [Member] | Segment VITAS [Member] | |||
Segment Reporting Information [Line Items] | |||
Total service revenues and sales | 138,025 | 150,802 | 152,206 |
General Inpatient [Member] | Segment VITAS [Member] | |||
Segment Reporting Information [Line Items] | |||
Total service revenues and sales | 97,580 | 99,439 | 102,876 |
Medicare Cap [Member] | Segment VITAS [Member] | |||
Segment Reporting Information [Line Items] | |||
Total service revenues and sales | (228) | 165 | (1,290) |
Sewer And Drain Cleaning [Member] | Segment Roto-Rooter [Member] | |||
Segment Reporting Information [Line Items] | |||
Total service revenues and sales | 145,699 | 142,562 | 141,078 |
Plumbing Repair And Maintenance [Member] | Segment Roto-Rooter [Member] | |||
Segment Reporting Information [Line Items] | |||
Total service revenues and sales | 197,280 | 188,065 | 174,993 |
Independent Contractors [Member] | Segment Roto-Rooter [Member] | |||
Segment Reporting Information [Line Items] | |||
Total service revenues and sales | 40,097 | 37,966 | 36,496 |
Water Restoration [Member] | Segment Roto-Rooter [Member] | |||
Segment Reporting Information [Line Items] | |||
Total service revenues and sales | 50,229 | 38,163 | 18,480 |
Other Products And Services [Member] | Segment Roto-Rooter [Member] | |||
Segment Reporting Information [Line Items] | |||
Total service revenues and sales | $ 20,259 | $ 21,081 | $ 21,030 |
Sales Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 90.00% | 90.00% | 90.00% |
Sales Revenue [Member] | Segment VITAS [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 71.00% | 72.00% | |
Sales Revenue [Member] | Segment Roto-Rooter [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 29.00% | 28.00% | |
Sales Revenue [Member] | Medicare And Medicaid Reimbursement Programs [Member] | Segment VITAS [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 95.00% |
Intangible Assets (Schedule By
Intangible Assets (Schedule By Year Of Projected Amortization Expense For Definite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Intangible Assets [Abstract] | |||
2,017 | $ 162 | ||
2,018 | 128 | ||
2,019 | 96 | ||
2,018 | 66 | ||
2,021 | 26 | ||
Thereafter | 35 | ||
Amortization of Intangible Assets | $ 359 | $ 1,100 | $ 720 |
Intangible Assets (Schedule Of
Intangible Assets (Schedule Of Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Definite and Indefinite-lived Intangible Assets [Line Items] | ||
Gross Asset, Subtotal- definite-lived intangibles | $ 33,738 | $ 33,737 |
Accumulated Amortization, Subtotal- definite-lived intangibles | (33,225) | (32,866) |
Net Book Value, Subtotal - definite-lived intangibles | 513 | 871 |
Intangible assets, Gross Asset | 88,290 | 87,977 |
Intangible assets, Net Book Value | 55,065 | 55,111 |
VITAS Trade Name [Member] | ||
Definite and Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Asset | 51,300 | 51,300 |
Intangible assets, Net Book Value | 51,300 | 51,300 |
Rapid Rooter Trade Name [Member] | ||
Definite and Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Asset | 150 | 150 |
Intangible assets, Net Book Value | 150 | 150 |
Operating Licenses [Member] | ||
Definite and Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Asset | 3,102 | 2,790 |
Intangible assets, Net Book Value | 3,102 | 2,790 |
Referral Networks [Member] | ||
Definite and Indefinite-lived Intangible Assets [Line Items] | ||
Gross Asset, Subtotal- definite-lived intangibles | 21,729 | 21,729 |
Accumulated Amortization, Subtotal- definite-lived intangibles | (21,528) | (21,473) |
Net Book Value, Subtotal - definite-lived intangibles | 201 | 256 |
Covenants Not To Compete [Member] | ||
Definite and Indefinite-lived Intangible Assets [Line Items] | ||
Gross Asset, Subtotal- definite-lived intangibles | 9,533 | 9,533 |
Accumulated Amortization, Subtotal- definite-lived intangibles | (9,295) | (9,220) |
Net Book Value, Subtotal - definite-lived intangibles | 238 | 313 |
Customer Lists [Member] | ||
Definite and Indefinite-lived Intangible Assets [Line Items] | ||
Gross Asset, Subtotal- definite-lived intangibles | 1,215 | 1,215 |
Accumulated Amortization, Subtotal- definite-lived intangibles | (1,215) | (1,215) |
Reacquired Franchise Rights [Member] | ||
Definite and Indefinite-lived Intangible Assets [Line Items] | ||
Gross Asset, Subtotal- definite-lived intangibles | 1,261 | 1,260 |
Accumulated Amortization, Subtotal- definite-lived intangibles | (1,187) | (958) |
Net Book Value, Subtotal - definite-lived intangibles | $ 74 | $ 302 |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2015USD ($)entity | Dec. 31, 2014USD ($)entity | |
Business Acquisition [Line Items] | ||
Business combinations | $ 6,614,000 | $ 250,000 |
Segment Roto-Rooter [Member] | PENNSYLVANIA and NEBRASKA [Member] | ||
Business Acquisition [Line Items] | ||
Number of businesses acquired | entity | 2 | |
Business combinations | $ 6,600,000 | |
Segment Roto-Rooter [Member] | IDAHO | ||
Business Acquisition [Line Items] | ||
Number of businesses acquired | entity | 1 | |
Business combinations | $ 250,000 |
Business Combinations (Schedule
Business Combinations (Schedule Of Business Acquisitions) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||
Goodwill | $ 472,366 | $ 472,322 | $ 466,722 |
PENNSYLVANIA and NEBRASKA [Member] | |||
Business Acquisition [Line Items] | |||
Identifiable intangible assets | 213 | ||
Goodwill | 5,944 | ||
Other assets and liabilities - net | 457 | ||
Assets total | $ 6,614 | ||
IDAHO | |||
Business Acquisition [Line Items] | |||
Identifiable intangible assets | 47 | ||
Goodwill | 198 | ||
Other assets and liabilities - net | 5 | ||
Assets total | $ 250 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - DuBois [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Estimated liability for potential environmental cleanup and related costs from the sale | $ 1,700 | $ 1,700 |
Discontinued operations, amount included in other current liabilities | 826 | |
Discontinued operations, amount included in other liabilities (long-term) | 901 | |
Maximum [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Contingent liability for incurring additional environmental cleanup and related costs | $ 14,900 |
Discontinued Operations (Schedu
Discontinued Operations (Schedule Of Estimated Timing Of Payments Of Liabilities) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Discontinued Operations [Abstract] | |
2,017 | $ 826 |
2,018 | 300 |
Thereafter | 601 |
Total estimated timing of payments of liabilities related to discontinued operations | $ 1,727 |
Cash Overdrafts And Cash Equi74
Cash Overdrafts And Cash Equivalents (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2016 | |
Cash Overdrafts And Cash Equivalents [Abstract] | ||
Cash overdrafts included in accounts payable | $ 9,300,000 | $ 8,600,000 |
Cash equivalents | $ 76,000 | $ 72,000 |
Cash equivalents weighted average rate of return | 0.20% |
Other Income_(Expense)-Net (Sch
Other Income/(Expense)-Net (Schedule Of Other Income/(Expense)- Net) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Income/(Expense) - Net [Abstract] | |||
Market value gains related to deferred compensation trusts | $ 2,061 | $ 148 | $ 3,118 |
Loss on disposal of property and equipment | (424) | (698) | (640) |
Interest income/ (expense) | 383 | 281 | (29) |
Other - net | (418) | 72 | |
Total other income/(expense) | $ 2,020 | $ (687) | $ 2,521 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Line Items] | ||
Net operating loss carryforwards | $ 36,000 | $ 34,000 |
Accrued interest payable related to uncertain tax positions | 130 | $ 125 |
Undistributed earnings of domestic subsidiaries | 35,100 | |
Additional taxes if interest in all businesses is sold rather than to effect a tax-free liquidation | $ 12,900 | |
Maximum [Member] | ||
Income Taxes [Line Items] | ||
Net operating losses expiration date | Jan. 1, 2036 | |
Minimum [Member] | ||
Income Taxes [Line Items] | ||
Net operating losses expiration date | Jan. 1, 2024 |
Income Taxes (Schedule Of Provi
Income Taxes (Schedule Of Provision For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||
Current, U.S. federal | $ 64,698 | $ 55,026 | $ 48,577 |
Current, U.S. state and local | 9,927 | 8,104 | 7,285 |
Current, Foreign | 393 | 397 | 597 |
Deferred, U.S. federal, state and local | (6,712) | 6,323 | 6,970 |
Deferred, Foreign | 5 | 2 | 8 |
Total | $ 68,311 | $ 69,852 | $ 63,437 |
Income Taxes (Summary Of Tempor
Income Taxes (Summary Of Temporary Differences That Give Rise To Deferred Tax Assets/ (Liabilities)) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Taxes [Abstract] | ||
Accrued liabilities | $ 43,575 | $ 39,529 |
Stock compensation expense | 9,309 | 8,555 |
Allowance for uncollectible accounts receivable | 1,952 | 1,729 |
State net operating loss carryforwards | 1,811 | 1,701 |
Other | 776 | 896 |
Deferred income tax assets | 57,423 | 52,410 |
Amortization of intangible assets | (52,133) | (50,136) |
Accelerated tax depreciation | (14,975) | (18,030) |
Current assets | (1,825) | (1,576) |
Market valuation of investments | (1,341) | (1,375) |
State income taxes | (793) | (1,465) |
Other | (639) | (857) |
Deferred income tax liabilities | (71,706) | (73,439) |
Deferred income tax liabilities | $ (14,283) | $ (21,029) |
Income Taxes (Schedule Of Signi
Income Taxes (Schedule Of Significant Changes To Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||
Balance at January 1, | $ 1,052 | $ 980 | $ 892 |
Unrecognized tax benefits due to positions taken in current year | 218 | 260 | 247 |
Decrease due to expiration of statute of limitations | (201) | (188) | (159) |
Balance at December 31, | $ 1,069 | $ 1,052 | $ 980 |
Income Taxes (Schedule Of Diffe
Income Taxes (Schedule Of Difference Between Actual Income Tax Provision For Continuing Operations And Income Tax Provision Calculated At Statutory U.S. Federal Tax Rate) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||
Income tax provision calculated using the statutory rate of 35% | $ 61,969 | $ 63,044 | $ 56,964 |
State and local income taxes, less federal income tax effect | 6,044 | 5,787 | 5,536 |
Nondeductible expenses | 881 | 1,438 | 1,290 |
Other --net | (583) | (417) | (353) |
Income tax provision | $ 68,311 | $ 69,852 | $ 63,437 |
Effective tax rate | 38.60% | 38.80% | 39.00% |
Statutory rate | 35.00% |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Taxes Paid) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||
Income taxes paid | $ 60,905 | $ 62,928 | $ 44,921 |
Properties And Equipment (Narra
Properties And Equipment (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Properties And Equipment [Abstract] | |||
Net book value of computer software | $ 7.9 | $ 8.3 | |
Depreciation expense for computer software | $ 4 | $ 3.9 | $ 4.4 |
Properties And Equipment (Sched
Properties And Equipment (Schedule Of Properties And Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Total properties and equipment | $ 332,592 | $ 318,464 |
Less accumulated depreciation | (211,290) | (201,094) |
Net properties and equipment | 121,302 | 117,370 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total properties and equipment | 7,098 | 5,365 |
Buildings and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total properties and equipment | 79,814 | 64,440 |
Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total properties and equipment | 33,895 | 31,077 |
Machinery And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total properties and equipment | 89,346 | 83,293 |
Computer Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total properties and equipment | 45,079 | 45,414 |
Furniture And Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total properties and equipment | 71,781 | 71,894 |
Projects Under Development [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total properties and equipment | $ 5,579 | $ 16,981 |
Lease Arrangements (Narrative)
Lease Arrangements (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Leased Assets [Line Items] | ||
Capital Lease Obligations | $ 0 | $ 0 |
Maximum [Member] | ||
Operating Leased Assets [Line Items] | ||
Lease arrangements, remaining terms of leases under operating lease | 11 years |
Lease Arrangements (Summary Of
Lease Arrangements (Summary Of Future Minimum Rental Payments And Sublease Rentals To Be Received Under Operating Leases) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Lease Arrangements [Abstract] | |
2,017 | $ 21,091 |
2,018 | 17,884 |
2,019 | 14,423 |
2,020 | 11,943 |
2,021 | 7,810 |
Thereafter | 15,891 |
Total minimum rental payments | $ 89,042 |
Lease Arrangements (Schedule Of
Lease Arrangements (Schedule Of Total Rental Expense Incurred Under Operating Leases For Continuing Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Lease Arrangements [Abstract] | |||
Total rental expense | $ 40,034 | $ 40,021 | $ 39,606 |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Retirement Plans [Abstract] | ||
Number of treasury stock shares held | 99,315 | 99,309 |
Treasury stock held value | $ 2.5 | $ 2.4 |
Retirement Plans (Schedule Of E
Retirement Plans (Schedule Of Expenses For Retirement, Profit-Sharing Plans, Excess Benefit Plans And Other Similar Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Retirement Plans [Abstract] | |||
Defined contribution plans expense | $ 14,467 | $ 11,970 | $ 13,838 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - USD ($) $ in Thousands | Dec. 08, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Excluded stock options | 923,000 | 422,000 | 411,000 | |
Shares issued in conjunction with the conversion feature of the Notes | 35,166 | 249,000 | ||
Number of shares called by warrants | 2,477,000 | |||
Dilutive impact of the warrants | 12,000 | |||
Payments for Repurchase of Warrants | $ 2,648 | |||
Senior Convertible Notes [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Interest rate of senior convertible notes | 1.875% | |||
Dilutive impact of the warrants | 102,000 |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Computation Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||
Earnings, Net Income | $ 108,743 | $ 110,274 | $ 99,317 |
Dilutive stock options, Net Income | |||
Nonvested stock awards, Net Income | |||
Diluted earnings, Net Income | $ 108,743 | $ 110,274 | $ 99,317 |
Earnings, Shares | 16,383 | 16,870 | 17,165 |
Dilutive stock options, Shares | 296 | 394 | 412 |
Nonvested stock awards, Shares | 110 | 158 | 149 |
Conversion of Notes and impact of warrants outstanding, Shares | 114 | ||
Diluted Earnings, Shares | 16,789 | 17,422 | 17,840 |
Earnings per Share | $ 6.64 | $ 6.54 | $ 5.79 |
Earnings per Share, Diluted earnings | $ 6.48 | $ 6.33 | $ 5.57 |
Financial Instruments (Carrying
Financial Instruments (Carrying Value, Fair Value And Hierarchy Of Financial Instruments) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Period in which the interest rate will reset | 30 days | |
Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Period in which the interest rate will reset | 60 days | |
Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments of deferred compensation plans held in trust | $ 54,389 | $ 49,481 |
Long-term debt and current portion of long-term debt | 108,750 | 91,250 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments of deferred compensation plans held in trust | 54,389 | 49,481 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt and current portion of long-term debt | $ 108,750 | $ 91,250 |
Loans Receivable From Indepen92
Loans Receivable From Independent Contractors (Narrative) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($) | |
Independent Contractor Operations [Line Items] | ||
Independent contractors with sublicenses | item | 69 | |
Maximum exposure to loss from arrangements with independent contractors | $ | $ 1.7 | $ 1.8 |
Days contracts may be cancelled with written notice | 90 days | |
Maximum [Member] | ||
Independent Contractor Operations [Line Items] | ||
Percentage of labor sales | 32.00% | |
Interest rates on loans | 7.00% | |
Terms of the loans to independent contractors, years | 5 years 4 months 24 days | |
Minimum [Member] | ||
Independent Contractor Operations [Line Items] | ||
Percentage of labor sales | 27.00% | |
Interest rates on loans | 0.00% | |
Terms of the loans to independent contractors, years | 2 months 15 days |
Loans Receivable From Indepen93
Loans Receivable From Independent Contractors (Schedule Of Independent Contractors) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loans Receivable From Independent Contractors [Abstract] | |||
Revenues | $ 40,097 | $ 37,966 | $ 36,496 |
Pretax profits | $ 24,477 | $ 22,176 | $ 21,238 |
Legal And Regulatory Matters (D
Legal And Regulatory Matters (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2013item | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Loss Contingencies [Line Items] | ||||
Number of shareholder derivative lawsuits filed | item | 2 | |||
Number of days given to file amended complaint | 14 days | |||
Extension period | 14 days | |||
U.S. v. VITAS [Member] | ||||
Loss Contingencies [Line Items] | ||||
Life expectancy period | 6 months | |||
Net costs incurred | $ | $ 5.3 | $ 5 | $ 2.1 | |
Seper v. VITAS [Member] | ||||
Loss Contingencies [Line Items] | ||||
Proceeding time period for law suite | 4 years | |||
Chhina v. VITAS [Member] | ||||
Loss Contingencies [Line Items] | ||||
Proceeding time period for law suite | 4 years |
Concentration Of Risk (Narrativ
Concentration Of Risk (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Concentration Risk [Line Items] | |||
VITAS made purchases from Enclara | $ 35,200 | $ 37,700 | $ 35,600 |
Accounts payable | 39,586 | 43,695 | |
Supplier Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Accounts payable | $ 2,500 | ||
Segment VITAS [Member] | |||
Concentration Risk [Line Items] | |||
Number of service providers | item | 2 | ||
Accounts payable | $ 3,000 | ||
Sales Revenue [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of concentration risk services represent from vendor | 90.00% | 90.00% | 90.00% |
Sales Revenue [Member] | Segment VITAS [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of concentration risk services represent from vendor | 71.00% | 72.00% |
Capital Stock Transactions (Nar
Capital Stock Transactions (Narrative) (Details) $ in Millions | Mar. 31, 2016USD ($) |
Capital Stock Transactions [Abstract] | |
Stock repurchase program, amount authorized | $ 100 |
Capital Stock Transactions (Sch
Capital Stock Transactions (Schedule Of Capital Stock Repurchases) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Capital Stock Transactions [Abstract] | |||
Total cost of repurchased shares | $ 102,313 | $ 59,323 | $ 110,019 |
Shares repurchased | 780,134 | 460,765 | 1,182,934 |
Weighted average price per share | $ 131.15 | $ 128.75 | $ 93.01 |
Other Operating Expenses (Narra
Other Operating Expenses (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Other Operating Expenses [Line Items] | |
Other operating expenses | $ 4,491 |
Segment VITAS [Member] | Chief Executive Officer [Member] | |
Other Operating Expenses [Line Items] | |
Other operating expenses | 4,500 |
Other operating expense, after tax | $ 2,800 |
Schedule II - Valuation And Q99
Schedule II - Valuation And Qualifying Accounts (Details) - Allowance For Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
BALANCE AT BEGINNING OF PERIOD | $ (13,244) | $ (14,728) | $ (12,590) |
(CHARGED) CREDITED TO COSTS AND EXPENSES | (16,420) | (14,435) | (13,079) |
(CHARGED) CREDITED TO OTHER ACCOUNTS | (1,518) | (1,169) | (840) |
DEDUCTIONS | 16,946 | 17,088 | 11,781 |
BALANCE AT END OF PERIOD | $ (14,236) | $ (13,244) | $ (14,728) |