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Share Name | Share Symbol | Market | Type |
---|---|---|---|
AmerisourceBergen Corp | NYSE:ABC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 179.98 | 0 | 01:00:00 |
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the Fiscal Year Ended September 30, 2017
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OR
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from to
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Commission
File Number
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Registrant, State of Incorporation
Address and Telephone Number
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I.R.S. Employer
Identification Number
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1-16671
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AmerisourceBergen Corporation
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23-3079390
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(a Delaware Corporation)
1300 Morris Drive
Chesterbrook, PA 19087-5594
610-727-7000
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Large accelerated filer
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Accelerated filer
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Non-accelerated filer
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(Do not check if a smaller reporting company)
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Smaller reporting company
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Emerging growth company
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•
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Optimize and Grow Our Pharmaceutical Distribution and Strategic Global Sourcing Businesses.
We believe we are well-positioned in size and market breadth to continue to grow our distribution businesses as we invest to improve our operating and capital efficiencies. Distribution, including specialty pharmaceuticals, anchors our growth and position in the pharmaceutical supply channel as we provide superior distribution services and deliver value-added solutions, which improve the efficiency and competitiveness of both healthcare providers and pharmaceutical manufacturers, thus allowing the pharmaceutical supply channel to better deliver healthcare to patients.
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•
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Optimize and Grow Our Global Commercialization Services and Animal Health Businesses.
Our consulting service businesses help global pharmaceutical and biotechnology manufacturers commercialize their products in the channel. We believe we are the largest provider of reimbursement services that assist pharmaceutical companies in supporting access to branded drugs. We also provide outcomes research, contract field staffing, patient assistance and copay assistance programs, adherence programs, risk mitigation services, and other market access programs to pharmaceutical companies. World Courier is a leading global specialty transportation and logistics provider for the biopharmaceutical industry. World Courier further strengthens our service offerings to global pharmaceutical manufacturers and provides an established platform for the introduction of our specialty services outside North America. MWI Animal Health (“MWI”) sells pharmaceuticals, vaccines, parasiticides, diagnostics, micro feed ingredients, and various other products to customers in both the companion animal and production animal markets. MWI also offers its customers a variety of value-added services, including its e-commerce platform, technology management systems, pharmacy fulfillment, inventory management system, equipment procurement consultation, special order fulfillment, and educational seminars, which we believe closely integrate MWI with its customers' day-to-day operations and provide them with meaningful incentives to continue doing business with MWI. We continue to seek opportunities to expand our offerings in our Global Commercialization Services and Animal Health businesses.
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•
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Acquisitions.
In order to grow our core strategic offerings and to enter related markets, we have acquired businesses and will continue to consider additional acquisitions.
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•
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Divestitures.
In order to allow us to concentrate on our strategic focus areas, we have divested certain non-core businesses and may, from time to time, consider additional divestitures.
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Name
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Age
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Current Position with the Company
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Steven H. Collis
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56
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Chairman, President, and Chief Executive Officer
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John G. Chou
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61
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Executive Vice President and Chief Legal & Business Officer
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Gina K. Clark
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60
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Executive Vice President and Chief Communications & Administration Officer
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James F. Cleary, Jr.
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54
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Executive Vice President and Group President, Global Commercialization Services & Animal Health
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Dale Danilewitz
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55
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Executive Vice President and Chief Information Officer
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Kathy H. Gaddes
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54
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Executive Vice President and Chief Human Resources Officer
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Tim G. Guttman
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58
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Executive Vice President and Chief Financial Officer
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Peyton R. Howell
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50
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Executive Vice President and President, Health Systems & Specialty Care Solutions
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Robert P. Mauch
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50
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Executive Vice President and Group President, Pharmaceutical Distribution & Strategic Global Sourcing
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Sun Park
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41
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Executive Vice President, Strategy and Development
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High
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Low
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||||
Fiscal Year Ended September 30, 2017
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First Quarter
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$
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81.33
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$
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69.03
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Second Quarter
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$
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92.23
|
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$
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81.53
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Third Quarter
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$
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96.38
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$
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80.94
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Fourth Quarter
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$
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95.22
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$
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78.04
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Fiscal Year Ended September 30, 2016
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|
|
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First Quarter
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$
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105.02
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$
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92.71
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Second Quarter
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$
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103.36
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$
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83.62
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Third Quarter
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$
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91.89
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$
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73.66
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Fourth Quarter
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$
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89.89
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$
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80.16
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Period
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Total Number
of Shares
Purchased
|
|
Average
Price
Paid Per
Share
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|
Total Number of
Shares Purchased
as Part of Publicly
Announced
Programs
|
|
Approximate
Dollar Value of
Shares that May
Yet Be Purchased
Under the
Programs
|
||||||
October 1 to October 31
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|
—
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$
|
—
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—
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$
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118,760,836
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November 1 to November 30
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2,925,923
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$
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63.07
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2,814,017
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$
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943,157,508
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December 1 to December 31
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702,488
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$
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77.26
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702,450
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$
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888,885,792
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January 1 to January 31
|
|
—
|
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$
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—
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|
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—
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$
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888,885,792
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February 1 to February 28
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328
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|
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$
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89.28
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|
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—
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$
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888,885,792
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March 1 to March 31
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—
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$
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—
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—
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$
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888,885,792
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April 1 to April 30
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—
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$
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—
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—
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$
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888,885,792
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May 1 to May 31
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621
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$
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82.49
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—
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$
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888,885,792
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June 1 to June 30
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3,417
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$
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93.58
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|
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—
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$
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888,885,792
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July 1 to July 31
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|
—
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$
|
—
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—
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$
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888,885,792
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August 1 to August 31
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1,253,534
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$
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79.76
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1,253,534
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$
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788,906,335
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September 1 to September 30
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907
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$
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80.24
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—
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$
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788,906,335
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Total
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4,887,218
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$
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69.42
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4,770,001
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(a)
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In May 2016, the Company's board of directors authorized a share repurchase program that, together with the availability remaining under the existing August 2013 share repurchase program, permitted the Company to purchase up to $750 million of its outstanding shares or common stock, subject to market conditions. In September 2016, the Company entered into an Accelerated Share Repurchase ("ASR") transaction with a financial institution. The ASR transaction was settled in November 2016, at which time the financial institution delivered an additional 0.5 million shares of the Company's common stock. In addition to the ASR transaction settlement, the Company purchased 1.6 million shares of its common stock for a total of $118.8 million to complete its authorization under this program.
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(b)
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In November 2016, the Company's board of directors authorized a new share repurchase program allowing the Company to purchase up to
$1.0 billion
of its outstanding shares of common stock, subject to market conditions. During the fiscal year ended September 30, 2017, the Company purchased
2.7 million
shares of its common stock for a total of
$211.1 million
under this program. As of September 30, 2017, the Company had
$788.9 million
of availability remaining under the November 2016 share repurchase program.
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(c)
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Employees surrendered 117,217 shares during the fiscal year ended
September 30, 2017
to meet minimum tax-withholding obligations upon vesting of restricted stock.
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As of or for the Fiscal Year Ended September 30,
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||||||||||||||||||
(Amounts in thousands, except per share amounts)
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2017(a)
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2016(b)
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2015(c)
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2014(d)
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2013(e)
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||||||||||
Statement of Operations Data:
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|||||
Revenue
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|
$
|
153,143,826
|
|
|
$
|
146,849,686
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|
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$
|
135,961,803
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|
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$
|
119,569,127
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$
|
87,959,167
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Gross profit
|
|
4,546,002
|
|
|
4,272,606
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|
|
3,529,313
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2,982,366
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2,507,819
|
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|||||
Operating expenses
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|
3,485,660
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|
|
2,746,832
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|
|
3,107,093
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|
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2,200,275
|
|
|
1,605,417
|
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|||||
Operating income
|
|
1,060,342
|
|
|
1,525,774
|
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|
422,220
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|
|
782,091
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|
902,402
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|||||
Interest expense, net
|
|
145,185
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|
|
139,912
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|
109,036
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|
|
83,634
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|
80,326
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|||||
Income (loss) from continuing operations
|
|
364,484
|
|
|
1,427,929
|
|
|
(138,165
|
)
|
|
281,776
|
|
|
491,901
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|
|||||
Net income (loss)
|
|
364,484
|
|
|
1,427,929
|
|
|
(138,165
|
)
|
|
274,230
|
|
|
432,173
|
|
|||||
Earnings per share from continuing operations — diluted
|
|
$
|
1.64
|
|
|
$
|
6.32
|
|
|
$
|
(0.63
|
)
|
|
$
|
1.20
|
|
|
$
|
2.09
|
|
Earnings per share — diluted
|
|
$
|
1.64
|
|
|
$
|
6.32
|
|
|
$
|
(0.63
|
)
|
|
$
|
1.16
|
|
|
$
|
1.84
|
|
Cash dividends declared per common share
|
|
$
|
1.46
|
|
|
$
|
1.36
|
|
|
$
|
1.16
|
|
|
$
|
0.94
|
|
|
$
|
0.84
|
|
Weighted average common shares outstanding — diluted
|
|
221,602
|
|
|
225,959
|
|
|
217,786
|
|
|
235,405
|
|
|
235,345
|
|
|||||
Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and cash equivalents
|
|
$
|
2,435,115
|
|
|
$
|
2,741,832
|
|
|
$
|
2,167,442
|
|
|
$
|
1,808,513
|
|
|
$
|
1,231,006
|
|
Accounts receivable, net
|
|
10,303,324
|
|
|
9,175,876
|
|
|
8,222,951
|
|
|
6,312,883
|
|
|
6,051,920
|
|
|||||
Merchandise inventories
|
|
11,461,428
|
|
|
10,723,920
|
|
|
9,755,094
|
|
|
8,593,852
|
|
|
6,981,494
|
|
|||||
Property and equipment, net
|
|
1,797,945
|
|
|
1,530,682
|
|
|
1,192,510
|
|
|
1,044,831
|
|
|
907,562
|
|
|||||
Total assets
|
|
35,316,470
|
|
|
33,637,501
|
|
|
27,962,982
|
|
|
21,677,432
|
|
|
19,022,639
|
|
|||||
Accounts payable
|
|
25,404,042
|
|
|
23,926,320
|
|
|
20,886,439
|
|
|
15,592,834
|
|
|
13,335,792
|
|
|||||
Long-term debt, including current portion
|
|
3,442,055
|
|
|
4,186,703
|
|
|
3,493,048
|
|
|
1,995,632
|
|
|
1,396,606
|
|
|||||
Stockholders' equity
|
|
2,064,461
|
|
|
2,129,404
|
|
|
616,386
|
|
|
1,943,043
|
|
|
2,308,143
|
|
|||||
Total liabilities and stockholders' equity
|
|
$
|
35,316,470
|
|
|
$
|
33,637,501
|
|
|
$
|
27,962,982
|
|
|
$
|
21,677,432
|
|
|
$
|
19,022,639
|
|
(a)
|
Includes $101.1 million of LIFO credit, net of income tax expense of $56.7 million, a $0.9 million gain from antitrust litigation settlements, net of income tax expense of $0.5 million, and $937.4 million of employee severance, litigation, and other costs, net of income tax benefit of $21.9 million.
|
(b)
|
Includes $367.2 million of Warrants income, net of income tax benefit of $507.5 million, $120.9 million of LIFO expense, net of income tax benefit of $79.3 million, an $80.8 million gain from antitrust litigation settlements, net of income tax expense of $53.0 million, $62.1 million of employee severance, litigation, and other costs, net of income tax benefit of $40.8 million, and a $28.7 million pension settlement charge, net of income tax benefit of $18.9 million.
|
(c)
|
Includes $887.5 million of Warrants expense, net of income tax benefit of $25.3 million, $336.2 million of LIFO expense, net of income tax benefit of $206.6 million, a $40.6 million gain from antitrust litigation settlements, net of income tax expense of $24.9 million, a $30.6 million impairment charge on an equity investment, with no income tax benefit, and $23.5 million of employee severance, litigation, and other costs, net of income tax benefit of $14.4 million.
|
(d)
|
Includes $397.5 million of Warrants expense, net of income tax benefit of $25.2 million, $214.6 million of LIFO expense, net of income tax benefit of $133.4 million, $20.3 million of loss on early retirement of debt, net of income tax benefit of $12.7 million, a $15.1 million gain from antitrust litigation settlements, net of income tax expense of $9.3 million, and $5.1 million of employee severance, litigation, and other costs, net of income tax benefit of $3.1 million.
|
(e)
|
Includes $169.8 million of LIFO expense, net of income tax benefit of $107.2 million, $76.3 million of Warrants expense, net of income tax benefit of $13.7 million, $14.7 million of employee severance, litigation, and other costs, net of income tax benefit of $8.8 million, and a $14.3 million gain from antitrust litigation settlements, net of income tax expense of $8.6 million.
|
•
|
Revenue
increased
4.3%
from the prior fiscal year primarily due to the revenue growth of our Pharmaceutical Distribution Services segment;
|
•
|
Total gross profit
increased
6.4%
from the prior fiscal year primarily due to the
reduction
of last-in, first-out ("LIFO") expense, which was a credit of
$157.8 million
in the current fiscal year, in comparison to an expense of
$200.2 million
in the prior fiscal year and an increase in gross profit in Other, offset in part by a
decrease
in gains from antitrust litigation settlements of
$132.4 million
and a
decrease
in gross profit in Pharmaceutical Distribution Services. The LIFO credit in the current fiscal year was primarily driven by lower brand inflation and greater generic deflation for the fiscal year ended September 30,
2017
in comparison to the prior fiscal year;
|
•
|
Distribution, selling, and administrative expenses
increased
1.8%
from the prior fiscal year and as a percentage of revenue was
1.39%
in the current fiscal year; a
3
basis point decline compared to the prior fiscal year. The decrease in expense as a percentage of revenue in comparison to the prior fiscal year was primarily due to initiatives taken in second half of the fiscal 2016 to improve operating efficiency across many of our businesses and certain administrative functions;
|
•
|
Total operating expenses
increased
$738.8 million
from the prior fiscal year, primarily due to litigation settlements and accruals of
$914.4 million
recognized during the fiscal year ended
September 30, 2017
. The increase in litigation costs was offset in part by a decrease in Warrants expense of $140.3 million and a $47.6 million pension settlement charge, both of which were recognized during the fiscal year ended September 30, 2016; and
|
•
|
Our effective tax rates were
60.3%
and
(2.7)%
in the fiscal years ended
September 30, 2017
and
2016
, respectively. Our effective tax rate in the fiscal year ended
September 30, 2017
was negatively impacted by legal settlements and accrual charges that we currently estimate to be non-deductible (see Note 13 of the Notes to Consolidated Financial Statements), offset in part by certain discrete items, the growth of our international businesses in Switzerland and Ireland that have significantly lower income tax rates, and the benefit from stock option exercises and restricted stock vesting. Prior to the fiscal year ended September 30, 2017, tax benefits resulting from share-based compensation were recorded as adjustments to Additional Paid-In Capital within Stockholders' Equity (see Note 1 of the Notes to Consolidated Financial Statements). Our effective tax rate in the fiscal year ended
September 30, 2016
primarily benefited from the receipt of an Internal Revenue Service ("IRS") private letter ruling that entitled us to an income tax deduction equal to the fair value of the Warrants on the dates of exercise.
|
|
|
Fiscal Year Ended
September 30,
|
|
|
||||||
(dollars in thousands)
|
|
2017
|
|
2016
|
|
Change
|
||||
Pharmaceutical Distribution Services
|
|
$
|
147,453,495
|
|
|
$
|
141,701,997
|
|
|
4.1%
|
Other
|
|
5,747,863
|
|
|
5,207,095
|
|
|
10.4%
|
||
Intersegment eliminations
|
|
(57,532
|
)
|
|
(59,406
|
)
|
|
(3.2)%
|
||
Revenue
|
|
$
|
153,143,826
|
|
|
$
|
146,849,686
|
|
|
4.3%
|
|
|
Fiscal Year Ended
September 30,
|
|
|
||||||
(dollars in thousands)
|
|
2017
|
|
2016
|
|
Change
|
||||
Pharmaceutical Distribution Services
|
|
$
|
3,182,836
|
|
|
$
|
3,232,873
|
|
|
(1.5)%
|
Other
|
|
1,204,545
|
|
|
1,106,309
|
|
|
8.9%
|
||
Intersegment eliminations
|
|
(556
|
)
|
|
(104
|
)
|
|
|
||
Gain from antitrust litigation settlements
|
|
1,395
|
|
|
133,758
|
|
|
|
||
LIFO credit (expense)
|
|
157,782
|
|
|
(200,230
|
)
|
|
|
||
Gross profit
|
|
$
|
4,546,002
|
|
|
$
|
4,272,606
|
|
|
6.4%
|
|
|
Fiscal Year Ended
September 30, |
|
|
||||||
(dollars in thousands)
|
|
2017
|
|
2016
|
|
Change
|
||||
Distribution, selling, and administrative
|
|
$
|
2,128,730
|
|
|
$
|
2,091,237
|
|
|
1.8%
|
Depreciation and amortization
|
|
397,603
|
|
|
364,735
|
|
|
9.0%
|
||
Warrants expense
|
|
—
|
|
|
140,342
|
|
|
|
||
Employee severance, litigation, and other
|
|
959,327
|
|
|
102,911
|
|
|
|
||
Pension settlement
|
|
—
|
|
|
47,607
|
|
|
|
||
Total operating expenses
|
|
$
|
3,485,660
|
|
|
$
|
2,746,832
|
|
|
26.9%
|
|
|
Fiscal Year Ended
September 30, |
|
|
||||||
(dollars in thousands)
|
|
2017
|
|
2016
|
|
Change
|
||||
Pharmaceutical Distribution Services
|
|
$
|
1,643,629
|
|
|
$
|
1,702,725
|
|
|
(3.5)%
|
Other
|
|
373,797
|
|
|
327,746
|
|
|
14.1%
|
||
Intersegment eliminations
|
|
(556
|
)
|
|
(103
|
)
|
|
|
||
Total segment operating income
|
|
2,016,870
|
|
|
2,030,368
|
|
|
(0.7)%
|
||
|
|
|
|
|
|
|
||||
Gain from antitrust litigation settlements
|
|
1,395
|
|
|
133,758
|
|
|
|
||
LIFO credit (expense)
|
|
157,782
|
|
|
(200,230
|
)
|
|
|
||
Acquisition-related intangibles amortization
|
|
(156,378
|
)
|
|
(147,262
|
)
|
|
|
||
Warrants expense
|
|
—
|
|
|
(140,342
|
)
|
|
|
||
Employee severance, litigation, and other
|
|
(959,327
|
)
|
|
(102,911
|
)
|
|
|
||
Pension settlement
|
|
—
|
|
|
(47,607
|
)
|
|
|
||
Operating income
|
|
$
|
1,060,342
|
|
|
$
|
1,525,774
|
|
|
|
|
|
Fiscal Year Ended September 30,
|
||||||||||
|
|
2017
|
|
2016
|
||||||||
(dollars in thousands)
|
|
Amount
|
|
Weighted Average
Interest Rate
|
|
Amount
|
|
Weighted Average
Interest Rate
|
||||
Interest expense
|
|
$
|
149,042
|
|
|
2.99%
|
|
$
|
144,349
|
|
|
2.72%
|
Interest income
|
|
(3,857
|
)
|
|
0.52%
|
|
(4,437
|
)
|
|
0.45%
|
||
Interest expense, net
|
|
$
|
145,185
|
|
|
|
|
$
|
139,912
|
|
|
|
|
|
Fiscal Year Ended
September 30,
|
|
|
||||||
(dollars in thousands)
|
|
2016
|
|
2015
|
|
Change
|
||||
Pharmaceutical Distribution Services
|
|
$
|
141,701,997
|
|
|
$
|
132,383,820
|
|
|
7.0%
|
Other
|
|
5,207,095
|
|
|
3,586,879
|
|
|
45.2%
|
||
Intersegment eliminations
|
|
(59,406
|
)
|
|
(8,896
|
)
|
|
|
||
Revenue
|
|
$
|
146,849,686
|
|
|
$
|
135,961,803
|
|
|
8.0%
|
|
|
Fiscal Year Ended
September 30,
|
|
|
||||||
(dollars in thousands)
|
|
2016
|
|
2015
|
|
Change
|
||||
Pharmaceutical Distribution Services
|
|
$
|
3,232,873
|
|
|
$
|
3,137,351
|
|
|
3.0%
|
Other
|
|
1,106,309
|
|
|
869,276
|
|
|
27.3%
|
||
Intersegment eliminations
|
|
(104
|
)
|
|
—
|
|
|
|
||
Gain from antitrust litigation settlements
|
|
133,758
|
|
|
65,493
|
|
|
|
||
LIFO expense
|
|
(200,230
|
)
|
|
(542,807
|
)
|
|
|
||
Gross profit
|
|
$
|
4,272,606
|
|
|
$
|
3,529,313
|
|
|
21.1%
|
|
|
Fiscal Year Ended
September 30, |
|
|
||||||
(dollars in thousands)
|
|
2016
|
|
2015
|
|
Change
|
||||
Distribution, selling, and administrative
|
|
$
|
2,091,237
|
|
|
$
|
1,907,840
|
|
|
9.6%
|
Depreciation and amortization
|
|
364,735
|
|
|
248,635
|
|
|
46.7%
|
||
Warrants expense
|
|
140,342
|
|
|
912,724
|
|
|
|
||
Employee severance, litigation, and other
|
|
102,911
|
|
|
37,894
|
|
|
|
||
Pension settlement
|
|
47,607
|
|
|
—
|
|
|
|
||
Total operating expenses
|
|
$
|
2,746,832
|
|
|
$
|
3,107,093
|
|
|
(11.6)%
|
|
|
Fiscal Year Ended
September 30, |
|
|
||||||
(dollars in thousands)
|
|
2016
|
|
2015
|
|
Change
|
||||
Pharmaceutical Distribution Services
|
|
$
|
1,702,725
|
|
|
$
|
1,666,110
|
|
|
2.2%
|
Other
|
|
327,746
|
|
|
238,137
|
|
|
37.6%
|
||
Intersegment eliminations
|
|
(103
|
)
|
|
—
|
|
|
|
||
Total segment operating income
|
|
2,030,368
|
|
|
1,904,247
|
|
|
6.6%
|
||
|
|
|
|
|
|
|
||||
Gain from antitrust litigation settlements
|
|
133,758
|
|
|
65,493
|
|
|
|
||
LIFO expense
|
|
(200,230
|
)
|
|
(542,807
|
)
|
|
|
||
Acquisition-related intangibles amortization
|
|
(147,262
|
)
|
|
(54,095
|
)
|
|
|
||
Warrants expense
|
|
(140,342
|
)
|
|
(912,724
|
)
|
|
|
||
Employee severance, litigation, and other
|
|
(102,911
|
)
|
|
(37,894
|
)
|
|
|
||
Pension settlement
|
|
(47,607
|
)
|
|
—
|
|
|
|
||
Operating income
|
|
$
|
1,525,774
|
|
|
$
|
422,220
|
|
|
|
|
|
Fiscal Year Ended September 30,
|
||||||||||
|
|
2016
|
|
2015
|
||||||||
(dollars in thousands)
|
|
Amount
|
|
Weighted Average
Interest Rate
|
|
Amount
|
|
Weighted Average
Interest Rate
|
||||
Interest expense
|
|
$
|
144,349
|
|
|
2.72%
|
|
$
|
112,021
|
|
|
2.88%
|
Interest income
|
|
(4,437
|
)
|
|
0.45%
|
|
(2,985
|
)
|
|
0.18%
|
||
Interest expense, net
|
|
$
|
139,912
|
|
|
|
|
$
|
109,036
|
|
|
|
(in thousands)
|
|
Outstanding
Balance
|
|
Additional
Availability
|
||||
Fixed-Rate Debt:
|
|
|
|
|
|
|
||
$400,000, 4.875% senior notes due 2019
|
|
$
|
398,399
|
|
|
$
|
—
|
|
$500,000, 3.50% senior notes due 2021
|
|
497,877
|
|
|
—
|
|
||
$500,000, 3.40% senior notes due 2024
|
|
496,766
|
|
|
—
|
|
||
$500,000, 3.25% senior notes due 2025
|
|
494,950
|
|
|
—
|
|
||
$500,000, 4.25% senior notes due 2045
|
|
494,082
|
|
|
—
|
|
||
Total fixed-rate debt
|
|
2,382,074
|
|
|
—
|
|
||
|
|
|
|
|
||||
Variable-Rate Debt:
|
|
|
|
|
|
|
||
Revolving credit note
|
|
—
|
|
|
75,000
|
|
||
Receivables securitization facility due 2019
|
|
500,000
|
|
|
950,000
|
|
||
Term loans due in 2020
|
|
547,860
|
|
|
—
|
|
||
Multi-currency revolving credit facility due 2021
|
|
—
|
|
|
1,400,000
|
|
||
Overdraft facility due in 2021 (£30,000)
|
|
12,121
|
|
|
28,066
|
|
||
Total variable-rate debt
|
|
1,059,981
|
|
|
2,453,066
|
|
||
Total debt
|
|
$
|
3,442,055
|
|
|
$
|
2,453,066
|
|
|
|
Fiscal Year Ended September 30,
|
||||
|
|
2017
|
|
2016
|
|
2015
|
Days sales outstanding
|
|
23.8
|
|
21.6
|
|
20.0
|
Days inventory on hand
|
|
30.1
|
|
30.0
|
|
29.5
|
Days payable outstanding
|
|
57.4
|
|
56.9
|
|
51.9
|
|
|
Page
|
|
||
|
|
|
|
||
|
||
|
||
|
||
|
||
|
|
|
/s/ Ernst & Young LLP
|
|
|
September 30,
|
||||||
(in thousands, except share and per share data)
|
|
2017
|
|
2016
|
||||
ASSETS
|
|
|
|
|
|
|
||
Current assets:
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
$
|
2,435,115
|
|
|
$
|
2,741,832
|
|
Accounts receivable, less allowances for returns and doubtful accounts:
2017 — $1,050,361; 2016 — $905,345
|
|
10,303,324
|
|
|
9,175,876
|
|
||
Merchandise inventories
|
|
11,461,428
|
|
|
10,723,920
|
|
||
Prepaid expenses and other
|
|
103,432
|
|
|
210,219
|
|
||
Total current assets
|
|
24,303,299
|
|
|
22,851,847
|
|
||
|
|
|
|
|
||||
Property and equipment, at cost:
|
|
|
|
|
|
|
||
Land
|
|
40,302
|
|
|
40,290
|
|
||
Buildings and improvements
|
|
979,589
|
|
|
859,148
|
|
||
Machinery, equipment, and other
|
|
2,071,314
|
|
|
1,717,298
|
|
||
Total property and equipment
|
|
3,091,205
|
|
|
2,616,736
|
|
||
Less accumulated depreciation
|
|
(1,293,260
|
)
|
|
(1,086,054
|
)
|
||
Property and equipment, net
|
|
1,797,945
|
|
|
1,530,682
|
|
||
|
|
|
|
|
||||
Goodwill
|
|
6,044,281
|
|
|
5,991,497
|
|
||
Other intangible assets
|
|
2,833,281
|
|
|
2,967,849
|
|
||
Other assets
|
|
337,664
|
|
|
295,626
|
|
||
|
|
|
|
|
||||
TOTAL ASSETS
|
|
$
|
35,316,470
|
|
|
$
|
33,637,501
|
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
||
|
|
|
|
|
||||
Current liabilities:
|
|
|
|
|
|
|
||
Accounts payable
|
|
$
|
25,404,042
|
|
|
$
|
23,926,320
|
|
Accrued expenses and other
|
|
1,402,002
|
|
|
743,839
|
|
||
Short-term debt
|
|
12,121
|
|
|
610,210
|
|
||
Total current liabilities
|
|
26,818,165
|
|
|
25,280,369
|
|
||
|
|
|
|
|
||||
Long-term debt
|
|
3,429,934
|
|
|
3,576,493
|
|
||
Long-term financing obligation
|
|
351,635
|
|
|
275,991
|
|
||
Deferred income taxes
|
|
2,492,612
|
|
|
2,214,774
|
|
||
Other liabilities
|
|
159,663
|
|
|
160,470
|
|
||
|
|
|
|
|
||||
Stockholders' equity:
|
|
|
|
|
|
|
||
Common stock, $0.01 par value — authorized, issued, and outstanding:
2017 — 600,000,000 shares, 280,584,076 shares and 217,993,598 shares; 2016 — 600,000,000 shares, 277,753,762 shares and 220,050,502 shares
|
|
2,806
|
|
|
2,778
|
|
||
Additional paid-in capital
|
|
4,517,635
|
|
|
4,333,001
|
|
||
Retained earnings
|
|
2,395,218
|
|
|
2,303,941
|
|
||
Accumulated other comprehensive loss
|
|
(95,850
|
)
|
|
(114,308
|
)
|
||
Treasury stock, at cost: 2017 — 62,590,478 shares; 2016 — 57,703,260 shares
|
|
(4,755,348
|
)
|
|
(4,396,008
|
)
|
||
Total stockholders' equity
|
|
2,064,461
|
|
|
2,129,404
|
|
||
|
|
|
|
|
||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
|
35,316,470
|
|
|
$
|
33,637,501
|
|
|
|
Fiscal Year Ended September 30,
|
||||||||||
(in thousands, except per share data)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Revenue
|
|
$
|
153,143,826
|
|
|
$
|
146,849,686
|
|
|
$
|
135,961,803
|
|
Cost of goods sold
|
|
148,597,824
|
|
|
142,577,080
|
|
|
132,432,490
|
|
|||
Gross profit
|
|
4,546,002
|
|
|
4,272,606
|
|
|
3,529,313
|
|
|||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|||
Distribution, selling, and administrative
|
|
2,128,730
|
|
|
2,091,237
|
|
|
1,907,840
|
|
|||
Depreciation
|
|
237,100
|
|
|
212,242
|
|
|
192,144
|
|
|||
Amortization
|
|
160,503
|
|
|
152,493
|
|
|
56,491
|
|
|||
Warrants
|
|
—
|
|
|
140,342
|
|
|
912,724
|
|
|||
Employee severance, litigation, and other
|
|
959,327
|
|
|
102,911
|
|
|
37,894
|
|
|||
Pension settlement
|
|
—
|
|
|
47,607
|
|
|
—
|
|
|||
Operating income
|
|
1,060,342
|
|
|
1,525,774
|
|
|
422,220
|
|
|||
Other (income) loss
|
|
(2,730
|
)
|
|
(5,048
|
)
|
|
13,598
|
|
|||
Impairment charge on equity investment
|
|
—
|
|
|
—
|
|
|
30,622
|
|
|||
Interest expense, net
|
|
145,185
|
|
|
139,912
|
|
|
109,036
|
|
|||
Income before income taxes
|
|
917,887
|
|
|
1,390,910
|
|
|
268,964
|
|
|||
Income tax expense (benefit)
|
|
553,403
|
|
|
(37,019
|
)
|
|
407,129
|
|
|||
Net income (loss)
|
|
$
|
364,484
|
|
|
$
|
1,427,929
|
|
|
$
|
(138,165
|
)
|
|
|
|
|
|
|
|
||||||
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|||
Basic
|
|
$
|
1.67
|
|
|
$
|
6.73
|
|
|
$
|
(0.63
|
)
|
Diluted
|
|
$
|
1.64
|
|
|
$
|
6.32
|
|
|
$
|
(0.63
|
)
|
|
|
|
|
|
|
|
||||||
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|||
Basic
|
|
218,375
|
|
|
212,206
|
|
|
217,786
|
|
|||
Diluted
|
|
221,602
|
|
|
225,959
|
|
|
217,786
|
|
|
|
Fiscal Year Ended September 30,
|
||||||||||
(in thousands)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Net income (loss)
|
|
$
|
364,484
|
|
|
$
|
1,427,929
|
|
|
$
|
(138,165
|
)
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|||
Net change in foreign currency translation adjustments
|
|
16,540
|
|
|
(9,311
|
)
|
|
(84,142
|
)
|
|||
Benefit plan funded status adjustments net of tax of $928, $333, and $1,055, respectively
|
|
1,657
|
|
|
(562
|
)
|
|
(4,607
|
)
|
|||
Pension plan adjustment, net of tax of $19,054
|
|
—
|
|
|
31,538
|
|
|
—
|
|
|||
Other
|
|
261
|
|
|
360
|
|
|
4,462
|
|
|||
Total other comprehensive income (loss)
|
|
18,458
|
|
|
22,025
|
|
|
(84,287
|
)
|
|||
Total comprehensive income (loss)
|
|
$
|
382,942
|
|
|
$
|
1,449,954
|
|
|
$
|
(222,452
|
)
|
(in thousands, except per share data)
|
|
Common
Stock
|
|
Additional
Paid-in
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Treasury
|
|
Total
|
||||||||||||
September 30, 2014
|
|
$
|
2,711
|
|
|
$
|
2,749,185
|
|
|
$
|
1,556,573
|
|
|
$
|
(52,046
|
)
|
|
$
|
(2,313,380
|
)
|
|
$
|
1,943,043
|
|
Net loss
|
|
|
|
|
|
|
|
(138,165
|
)
|
|
|
|
|
|
|
|
(138,165
|
)
|
||||||
Other comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
(84,287
|
)
|
|
|
|
|
(84,287
|
)
|
||||||
Cash dividends, $1.16 per share
|
|
|
|
|
|
|
|
(253,919
|
)
|
|
|
|
|
|
|
|
(253,919
|
)
|
||||||
Exercises of stock options
|
|
36
|
|
|
105,839
|
|
|
|
|
|
|
|
|
|
|
|
105,875
|
|
||||||
Excess tax benefits related to share-based compensation
|
|
|
|
|
88,116
|
|
|
|
|
|
|
|
|
|
|
|
88,116
|
|
||||||
Share-based compensation expense
|
|
|
|
|
60,944
|
|
|
|
|
|
|
|
|
|
|
|
60,944
|
|
||||||
Common stock purchases for employee stock purchase plan
|
|
|
|
|
(328
|
)
|
|
|
|
|
|
|
|
|
|
|
(328
|
)
|
||||||
Warrants expense
|
|
|
|
|
912,724
|
|
|
|
|
|
|
|
|
|
|
|
912,724
|
|
||||||
Purchases of call options
|
|
|
|
|
(180,000
|
)
|
|
|
|
|
|
|
|
|
|
|
(180,000
|
)
|
||||||
Purchases of common stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,823,106
|
)
|
|
(1,823,106
|
)
|
||||||
Employee tax withholdings related to restricted share vesting
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(14,511
|
)
|
|
(14,511
|
)
|
||||||
Other
|
|
3
|
|
|
(3
|
)
|
|
|
|
|
|
|
|
|
|
|
—
|
|
||||||
September 30, 2015
|
|
2,750
|
|
|
3,736,477
|
|
|
1,164,489
|
|
|
(136,333
|
)
|
|
(4,150,997
|
)
|
|
616,386
|
|
||||||
Net income
|
|
|
|
|
|
|
|
1,427,929
|
|
|
|
|
|
|
|
|
1,427,929
|
|
||||||
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
22,025
|
|
|
|
|
|
22,025
|
|
||||||
Cash dividends, $1.36 per share
|
|
|
|
|
|
|
|
(288,477
|
)
|
|
|
|
|
|
|
|
(288,477
|
)
|
||||||
Exercises of stock options
|
|
22
|
|
|
74,746
|
|
|
|
|
|
|
|
|
|
|
|
74,768
|
|
||||||
Share-based compensation expense
|
|
|
|
|
64,992
|
|
|
|
|
|
|
|
|
|
|
|
64,992
|
|
||||||
Common stock purchases for employee stock purchase plan
|
|
|
|
|
(548
|
)
|
|
|
|
|
|
|
|
|
|
|
(548
|
)
|
||||||
Warrants expense
|
|
|
|
|
140,342
|
|
|
|
|
|
|
|
|
|
|
|
140,342
|
|
||||||
Exercises of warrants
|
|
|
|
|
336,998
|
|
|
|
|
|
|
|
|
2,023,481
|
|
|
2,360,479
|
|
||||||
Purchases of common stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,866,344
|
)
|
|
(1,866,344
|
)
|
||||||
Accelerated share repurchase transaction
|
|
|
|
(20,000
|
)
|
|
|
|
|
|
(380,000
|
)
|
|
(400,000
|
)
|
|||||||||
Employee tax withholdings related to restricted share vesting
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(22,148
|
)
|
|
(22,148
|
)
|
||||||
Other
|
|
6
|
|
|
(6
|
)
|
|
|
|
|
|
|
|
|
|
|
—
|
|
||||||
September 30, 2016
|
|
2,778
|
|
|
4,333,001
|
|
|
2,303,941
|
|
|
(114,308
|
)
|
|
(4,396,008
|
)
|
|
2,129,404
|
|
||||||
Adoption of ASU 2016-09 (see Note 1)
|
|
|
|
|
|
47,063
|
|
|
|
|
|
|
47,063
|
|
||||||||||
Net income
|
|
|
|
|
|
|
|
364,484
|
|
|
|
|
|
|
|
|
364,484
|
|
||||||
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
18,458
|
|
|
|
|
|
18,458
|
|
||||||
Cash dividends, $1.46 per share
|
|
|
|
|
|
|
|
(320,270
|
)
|
|
|
|
|
|
|
|
(320,270
|
)
|
||||||
Exercises of stock options
|
|
25
|
|
|
102,898
|
|
|
|
|
|
|
|
|
|
|
|
102,923
|
|
||||||
Share-based compensation expense
|
|
|
|
|
62,206
|
|
|
|
|
|
|
|
|
|
|
|
62,206
|
|
||||||
Common stock purchases for employee stock purchase plan
|
|
|
|
|
(467
|
)
|
|
|
|
|
|
|
|
|
|
|
(467
|
)
|
||||||
Purchases of common stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(329,929
|
)
|
|
(329,929
|
)
|
||||||
Settlement of fiscal 2016 accelerated share repurchase transaction
|
|
|
|
20,000
|
|
|
|
|
|
|
|
(20,000
|
)
|
|
—
|
|
||||||||
Employee tax withholdings related to restricted share vesting
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9,411
|
)
|
|
(9,411
|
)
|
||||||
Other
|
|
3
|
|
|
(3
|
)
|
|
|
|
|
|
|
|
|
|
|
—
|
|
||||||
September 30, 2017
|
|
$
|
2,806
|
|
|
$
|
4,517,635
|
|
|
$
|
2,395,218
|
|
|
$
|
(95,850
|
)
|
|
$
|
(4,755,348
|
)
|
|
$
|
2,064,461
|
|
|
|
Fiscal Year Ended September 30,
|
||||||||||
(in thousands)
|
|
2017
|
|
2016
|
|
2015
|
||||||
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|||
Net income (loss)
|
|
$
|
364,484
|
|
|
$
|
1,427,929
|
|
|
$
|
(138,165
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|||
Depreciation, including amounts charged to cost of goods sold
|
|
262,420
|
|
|
232,538
|
|
|
193,290
|
|
|||
Amortization, including amounts charged to interest expense
|
|
169,911
|
|
|
159,628
|
|
|
62,698
|
|
|||
Provision for doubtful accounts
|
|
8,934
|
|
|
13,124
|
|
|
8,119
|
|
|||
Provision (benefit) for deferred income taxes
|
|
319,069
|
|
|
(130,927
|
)
|
|
20,826
|
|
|||
Warrants expense
|
|
—
|
|
|
140,342
|
|
|
912,724
|
|
|||
Share-based compensation expense
|
|
62,206
|
|
|
64,992
|
|
|
60,944
|
|
|||
LIFO (credit) expense
|
|
(157,782
|
)
|
|
200,230
|
|
|
542,807
|
|
|||
Pension settlement
|
|
—
|
|
|
47,607
|
|
|
—
|
|
|||
(Gain) loss on sale of businesses
|
|
(3,677
|
)
|
|
—
|
|
|
12,953
|
|
|||
Impairment charge on equity investment
|
|
—
|
|
|
—
|
|
|
30,622
|
|
|||
Other
|
|
11,421
|
|
|
(5,171
|
)
|
|
(11,604
|
)
|
|||
Changes in operating assets and liabilities, excluding the effects of acquisitions and
divestitures:
|
|
|
|
|
|
|
|
|
|
|||
Accounts receivable
|
|
(1,277,896
|
)
|
|
(912,724
|
)
|
|
(1,478,793
|
)
|
|||
Merchandise inventories
|
|
(431,454
|
)
|
|
(1,107,252
|
)
|
|
(1,379,189
|
)
|
|||
Prepaid expenses and other assets
|
|
33,646
|
|
|
(46,159
|
)
|
|
(37,131
|
)
|
|||
Accounts payable
|
|
1,473,389
|
|
|
3,011,508
|
|
|
4,957,227
|
|
|||
Accrued expenses
|
|
661,174
|
|
|
(43,267
|
)
|
|
152,762
|
|
|||
Income taxes and other liabilities
|
|
8,293
|
|
|
126,099
|
|
|
12,138
|
|
|||
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
|
1,504,138
|
|
|
3,178,497
|
|
|
3,922,228
|
|
|||
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|||
Capital expenditures
|
|
(466,397
|
)
|
|
(464,616
|
)
|
|
(231,585
|
)
|
|||
Cost of acquired companies, net of cash acquired
|
|
(61,648
|
)
|
|
(2,731,356
|
)
|
|
(2,633,412
|
)
|
|||
Cost of equity investments
|
|
(11,347
|
)
|
|
(19,034
|
)
|
|
—
|
|
|||
Proceeds from sales of businesses
|
|
12,094
|
|
|
—
|
|
|
17,163
|
|
|||
Proceeds from sales of investment securities available-for-sale
|
|
74,778
|
|
|
101,829
|
|
|
—
|
|
|||
Purchases of investment securities available-for-sale
|
|
(48,635
|
)
|
|
(42,083
|
)
|
|
(86,214
|
)
|
|||
Other
|
|
3,114
|
|
|
(13,919
|
)
|
|
2,883
|
|
|||
NET CASH USED IN INVESTING ACTIVITIES
|
|
(498,041
|
)
|
|
(3,169,179
|
)
|
|
(2,931,165
|
)
|
|||
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|||
Term loan and senior notes borrowings
|
|
—
|
|
|
1,000,000
|
|
|
1,996,390
|
|
|||
Senior notes and term loan repayments
|
|
(750,000
|
)
|
|
(800,000
|
)
|
|
(500,000
|
)
|
|||
Borrowings under revolving and securitization credit facilities
|
|
9,336,400
|
|
|
8,846,876
|
|
|
111,100
|
|
|||
Repayments under revolving and securitization credit facilities
|
|
(9,335,953
|
)
|
|
(8,333,662
|
)
|
|
(111,100
|
)
|
|||
Purchases of common stock
|
|
(329,929
|
)
|
|
(2,266,344
|
)
|
|
(1,859,106
|
)
|
|||
Exercises of warrants
|
|
—
|
|
|
2,360,479
|
|
|
—
|
|
|||
Exercises of stock options, including excess tax benefits of $88,116 in fiscal 2015
|
|
102,923
|
|
|
74,768
|
|
|
193,991
|
|
|||
Cash dividends on common stock
|
|
(320,270
|
)
|
|
(288,477
|
)
|
|
(253,919
|
)
|
|||
Purchases of call options
|
|
—
|
|
|
—
|
|
|
(180,000
|
)
|
|||
Employee tax withholdings related to restricted share vesting
|
|
(9,411
|
)
|
|
(22,148
|
)
|
|
(14,511
|
)
|
|||
Other
|
|
(6,574
|
)
|
|
(6,420
|
)
|
|
(14,979
|
)
|
|||
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES
|
|
(1,312,814
|
)
|
|
565,072
|
|
|
(632,134
|
)
|
|||
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
|
|
(306,717
|
)
|
|
574,390
|
|
|
358,929
|
|
|||
Cash and cash equivalents at beginning of year
|
|
2,741,832
|
|
|
2,167,442
|
|
|
1,808,513
|
|
|||
CASH AND CASH EQUIVALENTS AT END OF YEAR
|
|
$
|
2,435,115
|
|
|
$
|
2,741,832
|
|
|
$
|
2,167,442
|
|
|
|
Fiscal Year Ended September 30,
|
||||||||||
(in thousands)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Current provision:
|
|
|
|
|
|
|
|
|
|
|||
Federal
|
|
$
|
141,071
|
|
|
$
|
11,892
|
|
|
$
|
310,847
|
|
State and local
|
|
35,950
|
|
|
26,741
|
|
|
46,240
|
|
|||
Foreign
|
|
57,313
|
|
|
55,275
|
|
|
29,216
|
|
|||
|
|
234,334
|
|
|
93,908
|
|
|
386,303
|
|
|||
Deferred provision (benefit):
|
|
|
|
|
|
|
|
|
|
|||
Federal
|
|
265,074
|
|
|
(119,218
|
)
|
|
1,283
|
|
|||
State and local
|
|
54,995
|
|
|
(11,490
|
)
|
|
18,201
|
|
|||
Foreign
|
|
(1,000
|
)
|
|
(219
|
)
|
|
1,342
|
|
|||
|
|
319,069
|
|
|
(130,927
|
)
|
|
20,826
|
|
|||
Provision (benefit) for income taxes
|
|
$
|
553,403
|
|
|
$
|
(37,019
|
)
|
|
$
|
407,129
|
|
|
Fiscal Year Ended September 30,
|
||||
|
2017
|
|
2016
|
|
2015
|
Statutory U.S. federal income tax rate
|
35.0%
|
|
35.0%
|
|
35.0%
|
State and local income tax rate, net of federal tax benefit
|
5.4
|
|
0.6
|
|
10.4
|
Foreign
|
(14.6)
|
|
(8.4)
|
|
(20.4)
|
Warrants
|
—
|
|
(32.8)
|
|
109.7
|
Valuation allowance
|
2.2
|
|
2.2
|
|
9.2
|
Excess tax benefits related to share-based compensation
|
(3.8)
|
|
—
|
|
—
|
Non-deductible litigation settlements and accruals (see Note 13)
|
34.3
|
|
—
|
|
—
|
Other
|
1.8
|
|
0.7
|
|
7.5
|
Effective income tax rate
|
60.3%
|
|
(2.7)%
|
|
151.4%
|
|
|
September 30,
|
||||||
(in thousands)
|
|
2017
|
|
2016
|
||||
Merchandise inventories
|
|
$
|
1,519,779
|
|
|
$
|
1,281,364
|
|
Property and equipment
|
|
150,240
|
|
|
123,443
|
|
||
Goodwill and other intangible assets
|
|
1,214,597
|
|
|
1,248,297
|
|
||
Other
|
|
1,126
|
|
|
6,709
|
|
||
Gross deferred tax liabilities
|
|
2,885,742
|
|
|
2,659,813
|
|
||
|
|
|
|
|
||||
Net operating loss and tax credit carryforwards
|
|
(320,180
|
)
|
|
(321,541
|
)
|
||
Capital loss carryforwards
|
|
(64,346
|
)
|
|
(65,535
|
)
|
||
Allowance for doubtful accounts
|
|
(25,871
|
)
|
|
(25,272
|
)
|
||
Accrued expenses
|
|
(36,188
|
)
|
|
(37,842
|
)
|
||
Employee and retiree benefits
|
|
(17,121
|
)
|
|
(17,759
|
)
|
||
Share-based compensation
|
|
(59,495
|
)
|
|
(52,238
|
)
|
||
Other
|
|
(81,009
|
)
|
|
(90,383
|
)
|
||
Gross deferred tax assets
|
|
(604,210
|
)
|
|
(610,570
|
)
|
||
Valuation allowance for deferred tax assets
|
|
211,080
|
|
|
165,531
|
|
||
Deferred tax assets, net of valuation allowance
|
|
(393,130
|
)
|
|
(445,039
|
)
|
||
Net deferred tax liabilities
|
|
$
|
2,492,612
|
|
|
$
|
2,214,774
|
|
|
|
Fiscal Year Ended September 30,
|
||||||||||
(in thousands)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Unrecognized tax benefits at beginning of period
|
|
$
|
75,766
|
|
|
$
|
44,722
|
|
|
$
|
42,908
|
|
Additions of tax positions of the current year
|
|
252,866
|
|
|
24,145
|
|
|
3,616
|
|
|||
Additions to tax positions of the prior years
|
|
1,049
|
|
|
11,840
|
|
|
—
|
|
|||
Reductions of tax positions of the prior years
|
|
(668
|
)
|
|
(1,407
|
)
|
|
(871
|
)
|
|||
Settlements with taxing authorities
|
|
(3,285
|
)
|
|
(2,589
|
)
|
|
(33
|
)
|
|||
Expiration of statutes of limitations
|
|
(1,859
|
)
|
|
(945
|
)
|
|
(898
|
)
|
|||
Unrecognized tax benefits at end of period
|
|
$
|
323,869
|
|
|
$
|
75,766
|
|
|
$
|
44,722
|
|
(in thousands)
|
|
Pharmaceutical
Distribution Services
|
|
Other
|
|
Total
|
||||||
Goodwill as of September 30, 2015
|
|
$
|
2,438,437
|
|
|
$
|
1,705,954
|
|
|
$
|
4,144,391
|
|
Goodwill recognized in connection with acquisitions
|
|
1,832,113
|
|
|
18,196
|
|
|
1,850,309
|
|
|||
Foreign currency translation
|
|
—
|
|
|
(3,203
|
)
|
|
(3,203
|
)
|
|||
Goodwill as of September 30, 2016
|
|
4,270,550
|
|
|
1,720,947
|
|
|
5,991,497
|
|
|||
Goodwill recognized in connection with acquisitions
|
|
—
|
|
|
54,151
|
|
|
54,151
|
|
|||
Goodwill disposed in connection with divestiture
|
|
—
|
|
|
(3,564
|
)
|
|
(3,564
|
)
|
|||
Foreign currency translation
|
|
—
|
|
|
2,197
|
|
|
2,197
|
|
|||
Goodwill as of September 30, 2017
|
|
$
|
4,270,550
|
|
|
$
|
1,773,731
|
|
|
$
|
6,044,281
|
|
|
|
September 30, 2017
|
|
September 30, 2016
|
||||||||||||||||||||||
(dollars in thousands)
|
|
Weighted Average Remaining Useful Life
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Amount
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Amount
|
||||||||||||
Indefinite-lived trade names
|
|
|
|
$
|
685,088
|
|
|
$
|
—
|
|
|
$
|
685,088
|
|
|
$
|
684,991
|
|
|
$
|
—
|
|
|
$
|
684,991
|
|
Finite-lived:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Customer relationships
|
|
15 years
|
|
2,329,665
|
|
|
(408,636
|
)
|
|
1,921,029
|
|
|
2,322,404
|
|
|
(273,638
|
)
|
|
2,048,766
|
|
||||||
Trade names and other
|
|
11 years
|
|
325,353
|
|
|
(98,189
|
)
|
|
227,164
|
|
|
307,234
|
|
|
(73,142
|
)
|
|
234,092
|
|
||||||
Total other intangible assets
|
|
|
|
$
|
3,340,106
|
|
|
$
|
(506,825
|
)
|
|
$
|
2,833,281
|
|
|
$
|
3,314,629
|
|
|
$
|
(346,780
|
)
|
|
$
|
2,967,849
|
|
|
|
September 30,
|
||||||
(in thousands)
|
|
2017
|
|
2016
|
||||
Revolving credit note
|
|
$
|
—
|
|
|
$
|
—
|
|
Receivables securitization facility due 2019
|
|
500,000
|
|
|
500,000
|
|
||
Term loans due in 2020
|
|
547,860
|
|
|
697,055
|
|
||
Multi-currency revolving credit facility due 2021
|
|
—
|
|
|
—
|
|
||
Overdraft facility due in 2021
|
|
12,121
|
|
|
11,275
|
|
||
$600,000, 1.15% senior notes due 2017
|
|
—
|
|
|
598,935
|
|
||
$400,000, 4.875% senior notes due 2019
|
|
398,399
|
|
|
397,669
|
|
||
$500,000, 3.50% senior notes due 2021
|
|
497,877
|
|
|
497,361
|
|
||
$500,000, 3.40% senior notes due 2024
|
|
496,766
|
|
|
496,276
|
|
||
$500,000, 3.25% senior notes due 2025
|
|
494,950
|
|
|
494,266
|
|
||
$500,000, 4.25% senior notes due 2045
|
|
494,082
|
|
|
493,866
|
|
||
Total debt
|
|
$
|
3,442,055
|
|
|
$
|
4,186,703
|
|
Less current portion
|
|
12,121
|
|
|
610,210
|
|
||
Total, net of current portion
|
|
$
|
3,429,934
|
|
|
$
|
3,576,493
|
|
|
|
September 30,
|
||||||
(in thousands)
|
|
2017
|
|
2016
|
||||
Pension and postretirement adjustments (see Note 9)
|
|
$
|
(4,186
|
)
|
|
$
|
(5,843
|
)
|
Foreign currency translation
|
|
(92,164
|
)
|
|
(108,704
|
)
|
||
Other
|
|
500
|
|
|
239
|
|
||
Total accumulated other comprehensive loss
|
|
$
|
(95,850
|
)
|
|
$
|
(114,308
|
)
|
|
|
Fiscal Year Ended September 30,
|
|||||||
(in thousands)
|
|
2017
|
|
2016
|
|
2015
|
|||
Weighted average common shares outstanding — basic
|
|
218,375
|
|
|
212,206
|
|
|
217,786
|
|
Effect of dilutive securities — stock options, restricted stock, restricted stock units, and the unsettled ASR transaction
|
|
3,227
|
|
|
3,338
|
|
|
—
|
|
Dilutive effect of the Warrants
|
|
—
|
|
|
10,415
|
|
|
—
|
|
Weighted average common shares outstanding — diluted
|
|
221,602
|
|
|
225,959
|
|
|
217,786
|
|
(in thousands, except exercise price and contractual term)
|
|
Options
|
|
Weighted
Average
Exercise
Price
|
|
Weighted
Average
Remaining
Contractual
Term
|
|
Aggregate
Intrinsic
Value
|
|||
Outstanding as of September 30, 2016
|
|
11,004
|
|
|
$63
|
|
4 years
|
|
$
|
247,586
|
|
Granted
|
|
2,106
|
|
|
$76
|
|
|
|
|
|
|
Exercised
|
|
(2,510
|
)
|
|
$41
|
|
|
|
|
|
|
Forfeited
|
|
(284
|
)
|
|
$86
|
|
|
|
|
|
|
Expired
|
|
(29
|
)
|
|
$92
|
|
|
|
|
||
Outstanding as of September 30, 2017
|
|
10,287
|
|
|
$70
|
|
4 years
|
|
$
|
170,856
|
|
Exercisable as of September 30, 2017
|
|
5,535
|
|
|
$58
|
|
3 years
|
|
$
|
149,760
|
|
Expected to vest after September 30, 2017
|
|
4,586
|
|
|
$84
|
|
5 years
|
|
$
|
20,376
|
|
(in thousands, except grant date fair value)
|
|
Options
|
|
Weighted
Average
Grant Date
Fair Value
|
|
Nonvested as of September 30, 2016
|
|
5,061
|
|
|
$14
|
Granted
|
|
2,106
|
|
|
$14
|
Vested
|
|
(2,131
|
)
|
|
$12
|
Forfeited
|
|
(284
|
)
|
|
$15
|
Nonvested as of September 30, 2017
|
|
4,752
|
|
|
$15
|
(in thousands, except grant date fair value)
|
|
Restricted
Shares
|
|
Weighted
Average
Grant Date
Fair Value
|
|
Nonvested as of September 30, 2016
|
|
608
|
|
|
$85
|
Granted
|
|
467
|
|
|
$76
|
Vested
|
|
(201
|
)
|
|
$69
|
Forfeited
|
|
(55
|
)
|
|
$89
|
Nonvested as of September 30, 2017
|
|
819
|
|
|
$84
|
(in thousands, except grant date fair value)
|
|
Performance
Stock
Units
|
|
Weighted
Average
Grant Date
Fair Value
|
|
Nonvested as of September 30, 2016
|
|
164
|
|
|
$93
|
Granted
|
|
119
|
|
|
$76
|
Vested
|
|
(82
|
)
|
|
$89
|
Nonvested as of September 30, 2017
|
|
201
|
|
|
$85
|
Payments Due by Fiscal Year (in thousands)
|
|
Operating
Leases
|
|
Financing Obligations
1
|
|
Total
|
||||||
2018
|
|
$
|
61,676
|
|
|
$
|
28,706
|
|
|
$
|
90,382
|
|
2019
|
|
50,165
|
|
|
30,913
|
|
|
81,078
|
|
|||
2020
|
|
45,173
|
|
|
31,564
|
|
|
76,737
|
|
|||
2021
|
|
34,631
|
|
|
30,182
|
|
|
64,813
|
|
|||
2022
|
|
27,321
|
|
|
28,474
|
|
|
55,795
|
|
|||
Thereafter
|
|
76,511
|
|
|
159,345
|
|
|
235,856
|
|
|||
Total minimum lease payments
|
|
$
|
295,477
|
|
|
$
|
309,184
|
|
|
$
|
604,661
|
|
|
|
|
|
|
|
|
||||||
1
Represents the portion of future minimum lease payments relating to facility leases where the Company was determined to be the accounting owner (see Note 1). These payments are recognized as reductions to the financing obligation and as interest expense and exclude the future non-cash termination of the financing obligation.
|
|
|
Fiscal Year Ended September 30,
|
||||||||||
(in thousands)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Employee severance and other costs
|
|
$
|
38,095
|
|
|
$
|
53,519
|
|
|
$
|
5,336
|
|
Litigation settlements and accruals
|
|
914,400
|
|
|
—
|
|
|
—
|
|
|||
Deal-related transaction costs
|
|
6,832
|
|
|
19,243
|
|
|
32,558
|
|
|||
Transfer of surplus plan assets
|
|
—
|
|
|
17,149
|
|
|
—
|
|
|||
Customer contract dispute settlements
|
|
—
|
|
|
13,000
|
|
|
—
|
|
|||
Total employee severance, litigation, and other
|
|
$
|
959,327
|
|
|
$
|
102,911
|
|
|
$
|
37,894
|
|
|
|
Fiscal Year Ended September 30,
|
||||||||||
(in thousands)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Pharmaceutical Distribution Services
|
|
$
|
147,453,495
|
|
|
$
|
141,701,997
|
|
|
$
|
132,383,820
|
|
Other
|
|
5,747,863
|
|
|
5,207,095
|
|
|
3,586,879
|
|
|||
Intersegment eliminations
|
|
(57,532
|
)
|
|
(59,406
|
)
|
|
(8,896
|
)
|
|||
Revenue
|
|
$
|
153,143,826
|
|
|
$
|
146,849,686
|
|
|
$
|
135,961,803
|
|
|
|
Fiscal Year Ended September 30,
|
||||||||||
(in thousands)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Pharmaceutical Distribution Services
|
|
$
|
1,643,629
|
|
|
$
|
1,702,725
|
|
|
$
|
1,666,110
|
|
Other
|
|
373,797
|
|
|
327,746
|
|
|
238,137
|
|
|||
Intersegment eliminations
|
|
(556
|
)
|
|
(103
|
)
|
|
—
|
|
|||
Total segment operating income
|
|
$
|
2,016,870
|
|
|
$
|
2,030,368
|
|
|
$
|
1,904,247
|
|
|
|
Fiscal Year Ended September 30,
|
||||||||||
(in thousands)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Total segment operating income
|
|
$
|
2,016,870
|
|
|
$
|
2,030,368
|
|
|
$
|
1,904,247
|
|
Gain from antitrust litigation settlements
|
|
1,395
|
|
|
133,758
|
|
|
65,493
|
|
|||
LIFO credit (expense)
|
|
157,782
|
|
|
(200,230
|
)
|
|
(542,807
|
)
|
|||
Acquisition-related intangibles amortization
|
|
(156,378
|
)
|
|
(147,262
|
)
|
|
(54,095
|
)
|
|||
Warrants expense
|
|
—
|
|
|
(140,342
|
)
|
|
(912,724
|
)
|
|||
Employee severance, litigation, and other
|
|
(959,327
|
)
|
|
(102,911
|
)
|
|
(37,894
|
)
|
|||
Pension settlement charge
|
|
—
|
|
|
(47,607
|
)
|
|
—
|
|
|||
Operating income
|
|
1,060,342
|
|
|
1,525,774
|
|
|
422,220
|
|
|||
Other (income) loss
|
|
(2,730
|
)
|
|
(5,048
|
)
|
|
13,598
|
|
|||
Impairment charge on equity investment
|
|
—
|
|
|
—
|
|
|
30,622
|
|
|||
Interest expense, net
|
|
145,185
|
|
|
139,912
|
|
|
109,036
|
|
|||
Income before income taxes
|
|
$
|
917,887
|
|
|
$
|
1,390,910
|
|
|
$
|
268,964
|
|
|
|
September 30,
|
||||||||||
(in thousands)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Pharmaceutical Distribution Services
|
|
$
|
29,691,127
|
|
|
$
|
28,605,047
|
|
|
$
|
23,135,738
|
|
Other
|
|
5,625,343
|
|
|
5,032,454
|
|
|
4,827,244
|
|
|||
Total assets
|
|
$
|
35,316,470
|
|
|
$
|
33,637,501
|
|
|
$
|
27,962,982
|
|
|
|
Fiscal Year Ended September 30,
|
||||||||||
(in thousands)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Pharmaceutical Distribution Services
|
|
$
|
188,065
|
|
|
$
|
170,973
|
|
|
$
|
153,547
|
|
Other
|
|
53,160
|
|
|
46,500
|
|
|
40,993
|
|
|||
Acquisition-related intangibles amortization
|
|
156,378
|
|
|
147,262
|
|
|
54,095
|
|
|||
Total depreciation and amortization
|
|
$
|
397,603
|
|
|
$
|
364,735
|
|
|
$
|
248,635
|
|
|
|
Fiscal Year Ended September 30,
|
||||||||||
(in thousands)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Pharmaceutical Distribution Services
|
|
$
|
339,478
|
|
|
$
|
359,391
|
|
|
$
|
179,582
|
|
Other
|
|
126,919
|
|
|
105,225
|
|
|
52,003
|
|
|||
Total capital expenditures
|
|
$
|
466,397
|
|
|
$
|
464,616
|
|
|
$
|
231,585
|
|
|
|
Fiscal Year Ended September 30, 2017
|
||||||||||||||||||
(in thousands, except per share amounts)
|
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
|
Fiscal
Year
|
||||||||||
Revenue
|
|
$
|
38,169,265
|
|
|
$
|
37,147,402
|
|
|
$
|
38,707,144
|
|
|
$
|
39,120,015
|
|
|
$
|
153,143,826
|
|
Gross profit (a)
|
|
$
|
1,037,680
|
|
|
$
|
1,256,427
|
|
|
$
|
1,079,875
|
|
|
$
|
1,172,020
|
|
|
$
|
4,546,002
|
|
Distribution, selling, and administrative expenses; depreciation; and amortization
|
|
616,627
|
|
|
619,512
|
|
|
624,982
|
|
|
665,212
|
|
|
2,526,333
|
|
|||||
Employee severance, litigation, and other (b)
|
|
21,066
|
|
|
11,934
|
|
|
284,517
|
|
|
641,810
|
|
|
959,327
|
|
|||||
Operating income (loss)
|
|
$
|
399,987
|
|
|
$
|
624,981
|
|
|
$
|
170,376
|
|
|
$
|
(135,002
|
)
|
|
$
|
1,060,342
|
|
Net income (loss)
|
|
$
|
247,246
|
|
|
$
|
411,473
|
|
|
$
|
50,352
|
|
|
$
|
(344,587
|
)
|
|
$
|
364,484
|
|
Earnings per share operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic
|
|
$
|
1.13
|
|
|
$
|
1.89
|
|
|
$
|
0.23
|
|
|
$
|
(1.58
|
)
|
|
$
|
1.67
|
|
Diluted
|
|
$
|
1.11
|
|
|
$
|
1.86
|
|
|
$
|
0.23
|
|
|
$
|
(1.58
|
)
|
|
$
|
1.64
|
|
(a)
|
The first quarter of the fiscal year ended September 30,
2017
includes gains from antitrust litigation settlements of
$1.4 million
. The first quarter of the fiscal year ended September 30,
2017
includes LIFO expense of
$28.3 million
. The second, third, and fourth quarters of the fiscal year ended September 30,
2017
include LIFO credits of
$86.5 million
,
$24.7 million
, and
$74.9 million
, respectively.
|
(b)
|
The third quarter of the fiscal year ended September 30, 2017 includes
$273.4 million
for litigation settlements. The fourth quarter of the fiscal year ended September 30, 2017 includes a
$625.0 million
litigation accrual.
|
|
|
Fiscal Year Ended September 30, 2016
|
||||||||||||||||||
(in thousands, except per share amounts)
|
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
|
Fiscal
Year
|
||||||||||
Revenue
|
|
$
|
36,709,046
|
|
|
$
|
35,698,357
|
|
|
$
|
36,881,680
|
|
|
$
|
37,560,603
|
|
|
$
|
146,849,686
|
|
Gross profit (a)
|
|
$
|
964,877
|
|
|
$
|
1,075,331
|
|
|
$
|
1,107,863
|
|
|
$
|
1,124,535
|
|
|
$
|
4,272,606
|
|
Distribution, selling, and administrative expenses; depreciation; and amortization
|
|
608,039
|
|
|
612,302
|
|
|
610,706
|
|
|
624,925
|
|
|
2,455,972
|
|
|||||
Warrants expense (income)
|
|
467,375
|
|
|
(503,946
|
)
|
|
(83,704
|
)
|
|
260,617
|
|
|
140,342
|
|
|||||
Employee severance, litigation, and other and pension settlement
|
|
67,599
|
|
|
16,493
|
|
|
52,234
|
|
|
14,192
|
|
|
150,518
|
|
|||||
Operating (loss) income
|
|
$
|
(178,136
|
)
|
|
$
|
950,482
|
|
|
$
|
528,627
|
|
|
$
|
224,801
|
|
|
$
|
1,525,774
|
|
Net income
|
|
$
|
329,639
|
|
|
$
|
603,450
|
|
|
$
|
349,155
|
|
|
$
|
145,685
|
|
|
$
|
1,427,929
|
|
Earnings per share operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic
|
|
$
|
1.60
|
|
|
$
|
2.90
|
|
|
$
|
1.62
|
|
|
$
|
0.66
|
|
|
$
|
6.73
|
|
Diluted
|
|
$
|
1.45
|
|
|
$
|
2.68
|
|
|
$
|
1.55
|
|
|
$
|
0.64
|
|
|
$
|
6.32
|
|
(a)
|
The first and third quarters of the fiscal year ended September 30,
2016
include gains from antitrust and litigation settlements of
$12.8 million
and
$121.0 million
, respectively. The first, second, and third quarters of the fiscal year ended September 30,
2016
include LIFO expense of
$101.6 million
,
$92.4 million
, and
$80.4 million
, respectively. The fourth quarter of the fiscal year ended September 30,
2016
includes a LIFO credit of
$74.1 million
.
|
|
/s/ Ernst & Young LLP
|
|
Page
|
Financial Statement Schedule: The following financial statement schedule is submitted in response to
Item 15(a)(2):
|
|
Exhibit
Number
|
Description
|
3.1
|
|
3.2
|
|
4.1
|
|
4.2
|
|
4.3
|
|
4.4
|
|
4.5
|
|
4.6
|
|
4.7
|
|
4.8
|
|
4.9
|
|
4.10
|
|
4.11
|
|
10.1
|
|
10.2
|
|
‡10.3
|
Exhibit
Number
|
Description
|
‡10.4
|
|
‡10.5
|
|
‡10.6
|
|
‡10.7
|
|
‡10.8
|
|
‡10.9
|
|
‡10.10
|
|
‡10.11
|
|
‡10.12
|
|
‡10.13
|
|
‡10.14
|
|
‡10.15
|
|
‡10.16
|
|
‡10.17
|
|
‡10.18
|
|
‡10.19
|
|
‡10.20
|
|
‡10.21
|
|
‡10.22
|
Exhibit
Number
|
Description
|
‡10.23
|
|
‡10.24
|
|
‡10.25
|
|
‡10.26
|
|
‡10.27
|
|
‡10.28
|
|
‡10.29
|
|
‡10.30
|
|
‡10.31
|
|
‡10.32
|
|
10.33
|
|
10.34
|
|
10.35
|
|
10.36
|
|
10.37
|
|
10.38
|
|
10.39
|
Exhibit
Number
|
Description
|
10.40
|
|
10.41
|
|
10.42
|
|
10.43
|
|
10.44
|
|
10.45
|
|
10.46
|
|
10.47
|
|
10.48
|
|
10.49
|
|
10.50
|
|
10.51
|
Exhibit
Number
|
Description
|
10.52
|
|
10.53
|
|
10.54
|
|
10.55
|
|
10.56
|
|
12
|
|
21
|
|
23
|
|
31.1
|
|
31.2
|
|
32
|
|
101
|
Financial statements from the Annual Report on Form 10-K of AmerisourceBergen Corporation for the fiscal year ended September 30, 2017, formatted in Extensible Business Reporting Language (XBRL): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Stockholders' Equity, (v) the Consolidated Statements of Cash Flows, and (vi) the Notes to Consolidated Financial Statements.
|
*
|
Copies of the exhibits will be furnished to any security holder of the Registrant upon payment of the reasonable cost of reproduction.
|
‡
|
Each marked exhibit is a management contract or a compensatory plan, contract or arrangement in which a director or executive officer of the Registrant participates or has participated.
|
|
|
AMERISOURCEBERGEN CORPORATION
|
||
Date: November 21, 2017
|
|
By:
|
|
/s/ STEVEN H. COLLIS
Steven H. Collis
Chairman, President and Chief Executive Officer
|
Signature
|
|
Title
|
|
|
|
/s/ STEVEN H. COLLIS___________________________
Steven H. Collis
|
|
Chairman, President and Chief Executive Officer
(Principal Executive Officer)
|
|
|
|
/s/ TIM G. GUTTMAN____________________________
Tim G. Guttman
|
|
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
|
|
|
|
/s/ LAZARUS KRIKORIAN________________________
Lazarus Krikorian
|
|
Senior Vice President and Corporate Controller
(Principal Accounting Officer)
|
|
|
|
_______________________________________________
Ornella Barra
|
|
Director
|
|
|
|
/s/ DOUGLAS R. CONANT________________________
Douglas R. Conant
|
|
Director
|
|
|
|
/s/ D. MARK DURCAN____________________________
D. Mark Durcan
|
|
Director
|
|
|
|
/s/ RICHARD W. GOCHNAUER____________________
Richard W. Gochnauer
|
|
Director
|
|
|
|
/s/ LON R. GREENBERG__________________________
Lon R. Greenberg
|
|
Director
|
Signature
|
|
Title
|
|
|
|
/s/ JANE E. HENNEY, M.D.________________________
Jane E. Henney, M.D.
|
|
Lead Independent Director
|
|
|
|
/s/ KATHLEEN W. HYLE__________________________
Kathleen W. Hyle
|
|
Director
|
|
|
|
/s/ MICHAEL J. LONG____________________________
Michael J. Long
|
|
Director
|
|
|
|
/s/ HENRY W. MCGEE____________________________
Henry W. McGee
|
|
Director
|
(In thousands)
|
|
Balance at
Beginning
of Period
|
|
Charged to
Costs and
Expenses (1)
|
|
Deductions-
Describe (2)
|
|
Balance at
End of
Period (3)
|
||||||||
Year Ended September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Allowances for returns and doubtful accounts
|
|
$
|
926,034
|
|
|
$
|
3,157,960
|
|
|
$
|
(3,015,743
|
)
|
|
$
|
1,068,251
|
|
|
|
|
|
|
|
|
|
|
||||||||
Year Ended September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Allowances for returns and doubtful accounts
|
|
$
|
923,755
|
|
|
$
|
2,882,914
|
|
|
$
|
(2,880,635
|
)
|
|
$
|
926,034
|
|
|
|
|
|
|
|
|
|
|
||||||||
Year Ended September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Allowances for returns and doubtful accounts
|
|
$
|
1,022,052
|
|
|
$
|
2,721,263
|
|
|
$
|
(2,819,560
|
)
|
|
$
|
923,755
|
|
(1)
|
Represents the provision for returns and doubtful accounts.
|
(2)
|
Represents accounts receivable written off during year, net of recoveries and reductions to the returns allowance.
|
(3)
|
Includes an allowance for doubtful accounts for long-term accounts receivable within Other Assets on the Consolidated Balance Sheets of
$17,890
,
$20,689
and
$23,991
, as of
September 30, 2017
,
2016
, and
2015
, respectively.
|
1 Year AmerisourceBergen Chart |
1 Month AmerisourceBergen Chart |
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