0000075252-19-000129 | 10-Q | XBRL Viewer

Net Income (Loss) per Common Share (Tables)

9 Months Ended

Sep. 30, 2019

Summary of calculation of net income per common share

The following summarizes the calculation of net income (loss) per common share attributable to common shareholders for the three and nine months ended September 30, 2019 and 2018:



	Three Months Ended September 30,					Nine Months Ended September 30,
(in thousands, except per share data)	2019		2018			2019			2018
Numerator:
Net income (loss) attributable to common shareholders - basic and diluted	$	1,224	$	(565	)	$	(23,348	)	$	(175,191	)
Denominator:
Weighted average shares outstanding - basic and diluted	60,030		59,766			60,498			59,996
Net income (loss) per share attributable to common shareholders:
Basic and diluted	$	0.02	$	(0.01	)	$	(0.39	)	$	(2.92	)

Consolidated Statements of Income (loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Net revenue	$ 2,399,017	$ 2,464,877	$ 7,344,605	$ 7,295,727
Cost of goods sold	2,036,530	2,112,303	6,255,266	6,293,474
Gross margin	362,487	352,574	1,089,339	1,002,253
Distribution, selling and administrative expenses	332,369	325,012	1,016,965	918,147
Goodwill and intangible asset impairment charges	0	0	0	165,447
Acquisition-related and exit and realignment charges	4,905	7,727	15,550	47,416
Other operating (income) expense, net	(101)	(1,522)	674	(2,281)
Operating income (loss)	25,314	21,357	56,150	(126,476)
Interest expense, net	25,938	23,826	80,718	52,651
Other (income) expense, net	(185)	0	1,818	0
Loss before income taxes	(439)	(2,469)	(26,386)	(179,127)
Income tax benefit	(1,663)	(1,904)	(3,038)	(3,936)
Net income (loss)	$ 1,224	$ (565)	$ (23,348)	$ (175,191)
Net income per common share:
Basic and diluted (in usd per share)	$ 0.02	$ (0.01)	$ (0.39)	$ (2.92)

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 96,803	$ 103,367
Accounts receivable, net of allowances of $21,043 and $19,618	741,670	823,418
Merchandise inventories	1,153,079	1,290,103
Other current assets	259,708	321,690
Total current assets	2,251,260	2,538,578
Property and equipment, net of accumulated depreciation of $309,259 and $270,105	383,825	386,723
Operating lease assets	234,853	0
Goodwill	398,065	414,122
Intangible assets, net	299,874	321,764
Other assets, net	120,542	112,601
Total assets	3,688,419	3,773,788
Current liabilities
Accounts payable	873,743	1,109,589
Accrued payroll and related liabilities	62,081	48,203
Other current liabilities	359,965	314,219
Total current liabilities	1,295,789	1,472,011
Long-term debt, excluding current portion	1,553,991	1,650,582
Operating lease liabilities, excluding current portion	198,858	0
Deferred income taxes	50,553	50,852
Other liabilities	97,950	81,924
Total liabilities	3,197,141	3,255,369
Commitments and contingencies
Equity
Common stock, par value $2 per share; authorized - 200,000 shares; issued and outstanding - 62,862 shares and 62,294 shares	125,724	124,588
Paid-in capital	248,916	238,773
Retained earnings	176,914	200,670
Accumulated other comprehensive loss	(60,276)	(45,612)
Total equity	491,278	518,419
Total liabilities and equity	$ 3,688,419	$ 3,773,788

Leases - Future minimum annual payments under non-cancelable lease agreements (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Leases [Abstract]
2019	$ 64,082
2020	53,138
2021	42,480
2022	26,445
2023	19,895
Thereafter	45,708
Total minimum payments	$ 251,748

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock ($2 par value )	Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning Balance (in shares) at Dec. 31, 2017		61,476,000
Beginning Balance at Dec. 31, 2017	$ 1,015,479	$ 122,952	$ 226,937	$ 690,674	$ (25,084)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	8,151			8,151
Other comprehensive income (loss)	9,307				9,307
Dividends declared	(16,027)			(16,027)
Share-based compensation expense, exercises and other (in shares)		336,000
Share-based compensation expense, exercises and other	2,008	$ 672	1,336
Ending Balance at Mar. 31, 2018	1,018,918	$ 123,624	228,273	682,798	(15,777)
Ending Balance (in shares) at Mar. 31, 2018		61,812,000
Beginning Balance (in shares) at Dec. 31, 2017		61,476,000
Beginning Balance at Dec. 31, 2017	1,015,479	$ 122,952	226,937	690,674	(25,084)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(175,191)
Ending Balance at Sep. 30, 2018	792,413	$ 124,538	233,920	467,126	(33,171)
Ending Balance (in shares) at Sep. 30, 2018		62,269,000
Beginning Balance (in shares) at Mar. 31, 2018		61,812,000
Beginning Balance at Mar. 31, 2018	1,018,918	$ 123,624	228,273	682,798	(15,777)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(182,777)			(182,777)
Other comprehensive income (loss)	(20,426)				(20,426)
Dividends declared	(16,175)			(16,175)
Share-based compensation expense, exercises and other (in shares)		529,000
Share-based compensation expense, exercises and other	2,668	$ 1,057	1,611
Ending Balance at Jun. 30, 2018	802,208	$ 124,681	229,884	483,846	(36,203)
Ending Balance (in shares) at Jun. 30, 2018		62,341,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(565)			(565)
Other comprehensive income (loss)	3,032				3,032
Dividends declared	(16,155)			(16,155)
Share-based compensation expense, exercises and other (in shares)		(72,000)
Share-based compensation expense, exercises and other	3,893	$ (143)	4,036
Ending Balance at Sep. 30, 2018	$ 792,413	$ 124,538	233,920	467,126	(33,171)
Ending Balance (in shares) at Sep. 30, 2018		62,269,000
Beginning Balance (in shares) at Dec. 31, 2018	62,294,000	62,294,000
Beginning Balance at Dec. 31, 2018	$ 518,419	$ 124,588	238,773	200,670	(45,612)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(14,096)			(14,096)
Other comprehensive income (loss)	(6,423)				(6,423)
Dividends declared	(119)			(119)
Share-based compensation expense, exercises and other (in shares)		642,000
Share-based compensation expense, exercises and other	4,058	$ 1,284	2,774
Ending Balance at Mar. 31, 2019	$ 501,839	$ 125,872	241,547	186,455	(52,035)
Ending Balance (in shares) at Mar. 31, 2019		62,936,000
Beginning Balance (in shares) at Dec. 31, 2018	62,294,000	62,294,000
Beginning Balance at Dec. 31, 2018	$ 518,419	$ 124,588	238,773	200,670	(45,612)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(23,348)
Ending Balance at Sep. 30, 2019	$ 491,278	$ 125,724	248,916	176,914	(60,276)
Ending Balance (in shares) at Sep. 30, 2019	62,862,000	62,862,000
Beginning Balance (in shares) at Mar. 31, 2019		62,936,000
Beginning Balance at Mar. 31, 2019	$ 501,839	$ 125,872	241,547	186,455	(52,035)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(10,476)			(10,476)
Other comprehensive income (loss)	2,387				2,387
Dividends declared	(114)			(114)
Share-based compensation expense, exercises and other (in shares)		28,000
Share-based compensation expense, exercises and other	3,265	$ 56	3,209
Ending Balance at Jun. 30, 2019	496,901	$ 125,928	244,756	175,865	(49,648)
Ending Balance (in shares) at Jun. 30, 2019		62,964,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1,224			1,224
Other comprehensive income (loss)	(10,628)				(10,628)
Dividends declared	(175)			(175)
Share-based compensation expense, exercises and other (in shares)		(102,000)
Share-based compensation expense, exercises and other	3,956	$ (204)	4,160
Ending Balance at Sep. 30, 2019	$ 491,278	$ 125,724	$ 248,916	$ 176,914	$ (60,276)
Ending Balance (in shares) at Sep. 30, 2019	62,862,000	62,862,000

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Segment Information Financial Information by Segment (Detail) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($) segment	Sep. 30, 2018 USD ($)
Segment Reporting, Revenue Reconciling Item [Line Items]
Number of reportable segments \| segment			2
Net revenue	$ 2,399,017	$ 2,464,877	$ 7,344,605	$ 7,295,727
Operating earnings (loss):	25,314	21,357	56,150	(126,476)
Goodwill and intangible asset impairment charges	0	0	0	165,447
Intangible amortization	(10,900)	(10,400)	(34,400)	(26,100)
Acquisition-related and exit and realignment charges	(4,905)	(7,727)	(15,550)	(47,416)
Depreciation and amortization	29,302	29,782	88,204	73,596
Capital expenditures	12,621	17,251	38,152	47,305
Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenue	2,513,479	2,593,677	7,700,564	7,625,847
Operating Segments \| Global Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenue	2,153,644	2,243,782	6,629,756	6,875,077
Operating earnings (loss):	25,626	24,150	66,152	84,742
Depreciation and amortization	16,174	15,829	47,222	47,464
Capital expenditures	5,830	12,006	24,578	40,152
Operating Segments \| Global Products
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenue	359,835	349,895	1,070,808	750,770
Operating earnings (loss):	16,897	27,634	42,570	61,351
Depreciation and amortization	13,128	13,953	40,982	26,132
Capital expenditures	6,791	5,245	13,574	7,153
Intersegment Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenue	(114,462)	(128,800)	(355,959)	(330,120)
Operating earnings (loss):	(242)	(2,957)	774	(3,032)
Intersegment Eliminations \| Global Products
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenue	(114,462)	(128,800)	(355,959)	(330,120)
Segment Reconciling Items
Segment Reporting, Revenue Reconciling Item [Line Items]
Goodwill and intangible asset impairment charges	0	0	0	(165,447)
Intangible amortization	(10,949)	(10,366)	(34,415)	(26,147)
Acquisition-related and exit and realignment charges	(4,905)	(7,727)	(15,550)	(47,416)
Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating earnings (loss):	$ (1,113)	$ (9,377)	$ (3,381)	$ (30,527)

Leases - Supplemental balance sheet information (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets
Operating lease assets	$ 234,853	$ 0
Finance lease assets	12,561
Total lease assets	247,414
Current
Operating	41,206
Finance	2,729
Noncurrent
Operating	198,858	$ 0
Finance	15,190
Present value of lease liabilities	$ 257,983

Leases

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Leases

We adopted ASU No. 2016-02, Leases (Topic 842), as of January 1, 2019. We elected to use the adoption date as our date of initial application and thus have not restated comparative prior periods. We elected the ‘package of practical expedients’, which permits us not to reassess our prior conclusions about lease identification, lease classification and initial direct costs under the new standard. We did not elect the use-of-hindsight or the practical expedient pertaining to land easements; the latter not being applicable to us.

The new standard also provides practical expedients for an entity’s ongoing accounting. We elected the short-term lease recognition exemption for all leases that qualify. This means, for those leases that qualify, we will not recognize right-of-use assets or lease liabilities, and this includes not recognizing right-of-use assets or lease liabilities for existing short-term leases of those assets in transition. We also elected the practical expedient to not separate lease and non-lease components for all of our leases.

The adoption of the new standard resulted in the recording of operating lease assets and lease liabilities of approximately $197 million and $201 million, respectively, as of January 1, 2019. The standard did not materially impact our consolidated net income (loss) and had no impact on cash flows.

We enter into non-cancelable agreements to lease most of our office and warehouse facilities with remaining terms generally ranging from one to 20 years. Certain leases include renewal options, generally for one to five-year increments. The exercise of lease renewal options is at our sole discretion. We include options to renew (or terminate) in our lease term, and as part of our right-of-use assets and lease liabilities, when it is reasonably certain that we will exercise that option. We also lease some of our transportation and material handling equipment for terms generally ranging from three to 10 years. Leases with a term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. The depreciable life of right-of-use assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Our incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments. We use the implicit rate when readily determinable. The operating lease asset also includes adjustments for any lease payments made and lease incentives.

The components of lease expense were as follows:



	Classification	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Operating lease cost	Distribution, selling and administrative expenses	$	22,358	$	56,597
Finance lease cost:
Amortization of lease assets	Distribution, selling and administrative expenses	1,946		3,157
Interest on lease liabilities	Interest expense, net	625		1,258
Total finance lease cost		2,571		4,415
Short-term lease cost	Distribution, selling and administrative expenses	180		570
Variable lease cost	Distribution, selling and administrative expenses	5,363		14,844
Total lease cost		$	30,472	$	76,426

Variable lease cost consists primarily of taxes, insurance, and common area or other maintenance costs for our leased facilities which are paid as incurred.

Supplemental balance sheet information is as follows:



	Classification	As of September 30, 2019
Assets:
Operating lease assets	Operating lease assets	$	234,853
Finance lease assets	Property and equipment, net	12,561
Total lease assets		$	247,414
Liabilities:
Current
Operating	Other current liabilities	$	41,206
Finance	Other current liabilities	2,729
Noncurrent
Operating	Operating lease liabilities, excluding current portion	198,858
Finance	Long-term debt, excluding current portion	15,190
Total lease liabilities		$	257,983

Other information related to leases was as follows:



	Nine Months Ended September 30, 2019
Supplemental cash flow information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating and finance leases	$	56,576
Financing cash flows from finance leases	$	3,036

Right-of-use assets obtained in exchange for new operating and finance lease liabilities	$	69,171

Weighted average remaining lease term (years)
Operating leases	6.5
Finance leases	8.0

Weighted average discount rate
Operating leases	11.8		%
Finance leases	9.9		%

Maturities of lease liabilities as of September 30, 2019 were as follows:



	Operating Leases			Finance Leases			Total
2019 (remainder)	$	11,045		$	1,276		$	12,321
2020	72,839			3,832			76,671
2021	64,396			2,972			67,368
2022	46,674			2,722			49,396
2023	36,122			2,443			38,565
Thereafter	121,248			13,058			134,306
Total lease payments	352,324			26,303			378,627
Less: Interest	(112,260		)	(8,384		)	(120,644		)
Present value of lease liabilities	$	240,064		$	17,919		$	257,983

At December 31, 2018, future minimum annual payments under non-cancelable lease agreements with original terms in excess of one year, and including payments required under operating leases for facilities we have vacated, were as follows:



	Total
2019	$	64,082
2020	53,138
2021	42,480
2022	26,445
2023	19,895
Thereafter	45,708
Total minimum payments	$	251,748

Rent expense for all operating leases for the year ended December 31, 2018 was $78.3 million.

Leases

The components of lease expense were as follows:



	Classification	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Operating lease cost	Distribution, selling and administrative expenses	$	22,358	$	56,597
Finance lease cost:
Amortization of lease assets	Distribution, selling and administrative expenses	1,946		3,157
Interest on lease liabilities	Interest expense, net	625		1,258
Total finance lease cost		2,571		4,415
Short-term lease cost	Distribution, selling and administrative expenses	180		570
Variable lease cost	Distribution, selling and administrative expenses	5,363		14,844
Total lease cost		$	30,472	$	76,426

Variable lease cost consists primarily of taxes, insurance, and common area or other maintenance costs for our leased facilities which are paid as incurred.

Supplemental balance sheet information is as follows:



	Classification	As of September 30, 2019
Assets:
Operating lease assets	Operating lease assets	$	234,853
Finance lease assets	Property and equipment, net	12,561
Total lease assets		$	247,414
Liabilities:
Current
Operating	Other current liabilities	$	41,206
Finance	Other current liabilities	2,729
Noncurrent
Operating	Operating lease liabilities, excluding current portion	198,858
Finance	Long-term debt, excluding current portion	15,190
Total lease liabilities		$	257,983

Other information related to leases was as follows:



	Nine Months Ended September 30, 2019
Supplemental cash flow information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating and finance leases	$	56,576
Financing cash flows from finance leases	$	3,036

Right-of-use assets obtained in exchange for new operating and finance lease liabilities	$	69,171

Weighted average remaining lease term (years)
Operating leases	6.5
Finance leases	8.0

Weighted average discount rate
Operating leases	11.8		%
Finance leases	9.9		%

Maturities of lease liabilities as of September 30, 2019 were as follows:



	Operating Leases			Finance Leases			Total
2019 (remainder)	$	11,045		$	1,276		$	12,321
2020	72,839			3,832			76,671
2021	64,396			2,972			67,368
2022	46,674			2,722			49,396
2023	36,122			2,443			38,565
Thereafter	121,248			13,058			134,306
Total lease payments	352,324			26,303			378,627
Less: Interest	(112,260		)	(8,384		)	(120,644		)
Present value of lease liabilities	$	240,064		$	17,919		$	257,983



	Total
2019	$	64,082
2020	53,138
2021	42,480
2022	26,445
2023	19,895
Thereafter	45,708
Total minimum payments	$	251,748

Rent expense for all operating leases for the year ended December 31, 2018 was $78.3 million.

Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Income (Loss) by Component (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Total other comprehensive income (loss), net of tax	$ (10,628)	$ 3,032	$ (14,664)	$ (8,087)
Accumulated other comprehensive income (loss), ending balance	(14,379)		(14,379)
Retirement Plans
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), beginning balance	(7,752)	(11,312)	(8,146)	(12,066)
Other comprehensive income (loss) before reclassifications	0	0	0	0
Income tax	0	0	0	0
Other comprehensive income (loss) before reclassifications, net of tax	0	0	0	0
Amounts reclassified from accumulated other comprehensive income (loss)	260	523	780	1,565
Income tax	(61)	(161)	(187)	(449)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	199	362	593	1,116
Total other comprehensive income (loss), net of tax	199	362	593	1,116
Accumulated other comprehensive income (loss), ending balance	(7,553)	(10,950)	(7,553)	(10,950)
Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), beginning balance	(29,306)	(24,942)	(32,551)	(13,185)
Other comprehensive income (loss) before reclassifications	(9,038)	350	(5,793)	(11,407)
Income tax	0	0	0	0
Other comprehensive income (loss) before reclassifications, net of tax	(9,038)	350	(5,793)	(11,407)
Amounts reclassified from accumulated other comprehensive income (loss)	0	0	0	0
Income tax	0	0	0	0
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	0	0	0	0
Total other comprehensive income (loss), net of tax	(9,038)	350	(5,793)	(11,407)
Accumulated other comprehensive income (loss), ending balance	(38,344)	(24,592)	(38,344)	(24,592)
Derivatives and Other
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), beginning balance	(12,590)	51	(4,915)	167
Other comprehensive income (loss) before reclassifications	(3,384)	1,932	(15,325)	2,169
Income tax	1,314	(5)	5,204	(21)
Other comprehensive income (loss) before reclassifications, net of tax	(2,070)	1,927	(10,121)	2,148
Amounts reclassified from accumulated other comprehensive income (loss)	370	491	995	65
Income tax	(89)	(98)	(338)	(9)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	281	393	657	56
Total other comprehensive income (loss), net of tax	(1,789)	2,320	(9,464)	2,204
Accumulated other comprehensive income (loss), ending balance	(14,379)	2,371	(14,379)	2,371
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), beginning balance	(49,648)	(36,203)	(45,612)	(25,084)
Other comprehensive income (loss) before reclassifications	(12,422)	2,282	(21,118)	(9,238)
Income tax	1,314	(5)	5,204	(21)
Other comprehensive income (loss) before reclassifications, net of tax	(11,108)	2,277	(15,914)	(9,259)
Amounts reclassified from accumulated other comprehensive income (loss)	630	1,014	1,775	1,630
Income tax	(150)	(259)	(525)	(458)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	480	755	1,250	1,172
Total other comprehensive income (loss), net of tax	(10,628)	3,032	(14,664)	(8,087)
Accumulated other comprehensive income (loss), ending balance	$ (60,276)	$ (33,171)	$ (60,276)	$ (33,171)

Derivatives - Narrative (Details) - Foreign exchange contract - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Dec. 31, 2018
Designated as Hedging Instrument \| Cash flow hedging
Derivative [Line Items]
Derivative, term of contract		12 months
Notional amount	$ 439	$ 439	$ 25,592
Not Designated as Hedging Instrument, Economic Hedge
Derivative [Line Items]
Derivative, gain on derivative	100	1,100
Not Designated as Hedging Instrument, Economic Hedge \| Cash flow hedging
Derivative [Line Items]
Notional amount	$ 17,695	$ 17,695	$ 32,683

Segment Information Net revenue by geographic area (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Net revenue	$ 2,399,017	$ 2,464,877	$ 7,344,605	$ 7,295,727
United States
Segment Reporting Information [Line Items]
Net revenue	2,200,284	2,200,196	6,774,965	6,694,761
International
Segment Reporting Information [Line Items]
Net revenue	$ 198,733	$ 264,681	$ 569,640	$ 600,966

Segment Information

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Segment Information

We periodically evaluate our application of accounting guidance for reportable segments and disclose information about reportable segments based on the way management organizes the enterprise for making operating decisions and assessing performance. We report our business under two segments: Global Solutions and Global Products. The Global Solutions segment includes our United States and European distribution, logistics and value-added services business. Global Products manufactures and sources medical surgical products through our production and kitting operations. The Halyard business, acquired on April 30, 2018, is part of Global Products.

We evaluate the performance of our segments based on their operating income excluding intangible amortization, acquisition-related and exit and realignment charges, certain purchase price fair value adjustments, and other substantive items that, either as a result of their nature or size, would not be expected to occur as part of our normal business operations on a regular basis.

Segment assets exclude inter-segment account balances as we believe their inclusion would be misleading and not meaningful. We believe all inter-segment sales are at prices that approximate market.

The following tables present financial information by segment:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Net revenue:
Segment net revenue
Global Solutions	$	2,153,644		$	2,243,782		$	6,629,756		$	6,875,077
Global Products	359,835			349,895			1,070,808			750,770
Total segment net revenue	2,513,479			2,593,677			7,700,564			7,625,847
Inter-segment revenue
Global Products	(114,462		)	(128,800		)	(355,959		)	(330,120		)
Total inter-segment revenue	(114,462		)	(128,800		)	(355,959		)	(330,120		)
Consolidated net revenue	$	2,399,017		$	2,464,877		$	7,344,605		$	7,295,727

Operating income (loss):
Global Solutions	$	25,626		$	24,150		$	66,152		$	84,742
Global Products	16,897			27,634			42,570			61,351
Inter-segment eliminations	(242		)	(2,957		)	774			(3,032		)
Goodwill and intangible asset impairment charges	—			—			—			(165,447		)
Intangible amortization	(10,949		)	(10,366		)	(34,415		)	(26,147		)
Acquisition-related and exit and realignment charges	(4,905		)	(7,727		)	(15,550		)	(47,416		)
Other ⁽¹⁾	(1,113		)	(9,377		)	(3,381		)	(30,527		)
Consolidated operating income (loss)	$	25,314		$	21,357		$	56,150		$	(126,476	)

Depreciation and amortization:
Global Solutions	$	16,174		$	15,829		$	47,222		$	47,464
Global Products	13,128			13,953			40,982			26,132
Consolidated depreciation and amortization	$	29,302		$	29,782		$	88,204		$	73,596

Capital expenditures:
Global Solutions	$	5,830		$	12,006		$	24,578		$	40,152
Global Products	6,791			5,245			13,574			7,153
Consolidated capital expenditures	$	12,621		$	17,251		$	38,152		$	47,305

⁽¹⁾Other consists of Software as a Service (SaaS) implementation costs associated with significant global IT platforms in connection with the redesign of our global information system strategy and incremental charge to cost of goods sold from purchase accounting impacts related to the sale of acquired inventory that was written up to fair value.



	September 30, 2019		December 31, 2018
Total assets:
Global Solutions	$	2,547,124	$	2,618,759
Global Products	1,044,492		1,051,662
Segment assets	3,591,616		3,670,421
Cash and cash equivalents	96,803		103,367
Consolidated total assets	$	3,688,419	$	3,773,788

The following table presents net revenue by geographic area, which were attributed based on the location from which we ship products or provide services.



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Net revenue:
United States	$	2,200,284	$	2,200,196	$	6,774,965	$	6,694,761
International	198,733		264,681		569,640		600,966
Consolidated net revenue	$	2,399,017	$	2,464,877	$	7,344,605	$	7,295,727

Goodwill and Intangible Assets - Intangible Assets (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Net intangible assets	$ 299,874	$ 321,764
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Gross intangible assets	283,912	267,510
Accumulated amortization	(96,873)	(72,947)
Net intangible assets	$ 187,039	$ 194,563
Finite-lived intangible asset, weighted average useful life	10 years	10 years
Tradenames
Finite-Lived Intangible Assets [Line Items]
Gross intangible assets	$ 90,000	$ 97,000
Accumulated amortization	(14,429)	(8,544)
Net intangible assets	$ 75,571	$ 88,456
Finite-lived intangible asset, weighted average useful life	11 years	11 years
Other Intangibles
Finite-Lived Intangible Assets [Line Items]
Gross intangible assets	$ 45,600	$ 42,930
Accumulated amortization	(8,336)	(4,185)
Net intangible assets	$ 37,264	$ 38,745
Finite-lived intangible asset, weighted average useful life	8 years	8 years

Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Equity [Abstract]
Amounts reclassified out of accumulated other comprehensive income related to defined benefit pension plans as component of net periodic benefit cost, actuarial net gain or loss	$ 0.3	$ 0.5	$ 0.8	$ 1.6

Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

The following table shows the changes in accumulated other comprehensive income (loss) by component for the three and nine months ended September 30, 2019 and 2018:



	Retirement Plans			Currency Translation Adjustments			Derivatives and Other			Total
Accumulated other comprehensive loss, June 30, 2019	$	(7,752	)	$	(29,306	)	$	(12,590	)	$	(49,648	)
Other comprehensive income (loss) before reclassifications	—			(9,038		)	(3,384		)	(12,422		)
Income tax	—			—			1,314			1,314
Other comprehensive income (loss) before reclassifications, net of tax	—			(9,038		)	(2,070		)	(11,108		)
Amounts reclassified from accumulated other comprehensive income (loss)	260			—			370			630
Income tax	(61		)	—			(89		)	(150		)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	199			—			281			480
Other comprehensive income (loss)	199			(9,038		)	(1,789		)	(10,628		)
Accumulated other comprehensive loss, September 30, 2019	$	(7,553	)	$	(38,344	)	$	(14,379	)	$	(60,276	)



	Retirement Plans			Currency Translation Adjustments			Derivatives and Other			Total
Accumulated other comprehensive income (loss), June 30, 2018	$	(11,312	)	$	(24,942	)	$	51		$	(36,203	)
Other comprehensive income (loss) before reclassifications	—			350			1,932			2,282
Income tax	—			—			(5		)	(5		)
Other comprehensive income (loss) before reclassifications, net of tax	—			350			1,927			2,277
Amounts reclassified from accumulated other comprehensive income (loss)	523			—			491			1,014
Income tax	(161		)	—			(98		)	(259		)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	362			—			393			755
Other comprehensive income (loss)	362			350			2,320			3,032
Accumulated other comprehensive income (loss), September 30, 2018	$	(10,950	)	$	(24,592	)	$	2,371		$	(33,171	)



	Retirement Plans			Currency Translation Adjustments			Derivatives and Other			Total
Accumulated other comprehensive loss, December 31, 2018	$	(8,146	)	$	(32,551	)	$	(4,915	)	$	(45,612	)
Other comprehensive income (loss) before reclassifications	—			(5,793		)	(15,325		)	(21,118		)
Income tax	—			—			5,204			5,204
Other comprehensive income (loss) before reclassifications, net of tax	—			(5,793		)	(10,121		)	(15,914		)
Amounts reclassified from accumulated other comprehensive income (loss)	780			—			995			1,775
Income tax	(187		)	—			(338		)	(525		)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	593			—			657			1,250
Other comprehensive income (loss)	593			(5,793		)	(9,464		)	(14,664		)
Accumulated other comprehensive loss, September 30, 2019	$	(7,553	)	$	(38,344	)	$	(14,379	)	$	(60,276	)



	Retirement Plans			Currency Translation Adjustments			Derivatives and Other			Total
Accumulated other comprehensive income (loss), December 31, 2017	$	(12,066	)	$	(13,185	)	$	167		$	(25,084	)
Other comprehensive income (loss) before reclassifications	—			(11,407		)	2,169			(9,238		)
Income tax	—			—			(21		)	(21		)
Other comprehensive income (loss) before reclassifications, net of tax	—			(11,407		)	2,148			(9,259		)
Amounts reclassified from accumulated other comprehensive income (loss)	1,565			—			65			1,630
Income tax	(449		)	—			(9		)	(458		)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	1,116			—			56			1,172
Other comprehensive income (loss)	1,116			(11,407		)	2,204			(8,087		)
Accumulated other comprehensive income (loss), September 30, 2018	$	(10,950	)	$	(24,592	)	$	2,371		$	(33,171	)

We include amounts reclassified out of accumulated other comprehensive income (loss) related to defined benefit pension plans as a component of net periodic pension cost recorded in distribution, selling and administrative expenses. For the three and nine months ended September 30, 2019, we reclassified $0.3 million and $0.8 million, respectively, of actuarial net losses. For the three and nine months ended September 30, 2018, we reclassified $0.5 million and $1.6 million, respectively, of actuarial net losses.

Leases - Supplemental cash flow information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019 USD ($)
Leases [Abstract]
Operating cash flows from operating and finance leases	$ 56,576
Financing cash flows from finance leases	3,036
Right-of-use assets obtained in exchange for new operating and finance lease liabilities	$ 69,171
Operating lease, weighted average remaining lease term (years)	6 years 6 months
Finance lease, weighted average remaining lease term (years)	8 years
Lessee, operating lease, discount rate (percentage)	11.80%
Lessee, finance lease, discount rate (percentage)	9.90%

Derivatives - Summary of the effect of cash flow hedge (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized in Other Comprehensive Income (Loss)	$ (3,356)	$ (15,933)
Foreign exchange contract
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized in Other Comprehensive Income (Loss)	(28)	608
Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	(25,938)	(80,718)
Interest expense, net \| Reclassification out of Accumulated Other Comprehensive Income \| Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	(632)	(1,314)
Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	(2,036,530)	(6,255,266)
Cost of goods sold \| Reclassification out of Accumulated Other Comprehensive Income \| Foreign exchange contract
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	$ 262	$ 319

Exit and Realignment Costs - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Restructuring Cost and Reserve [Line Items]
Exit and realignment charges	$ 1,352	$ 2,005	$ 4,166	$ 6,415
Global Solutions
Restructuring Cost and Reserve [Line Items]
Exit and realignment charges	1,352	2,085	3,952	6,523
Global Products
Restructuring Cost and Reserve [Line Items]
Exit and realignment charges	$ 0	$ (80)	$ 214	$ (108)

Leases - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Sep. 30, 2019	Jan. 01, 2019
Lessee, Lease, Description [Line Items]
Operating lease assets	$ 0	$ 234,853
Operating lease liabilities		$ 240,064
Rent expense, net	$ 78,300
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, renewal term		1 year
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract		12 months
Lessee, operating lease, renewal term		5 years
Transportation And Material Handling Equipment \| Minimum
Lessee, Lease, Description [Line Items]
Lessor, operating lease, term of contract		3 years
Transportation And Material Handling Equipment \| Maximum
Lessee, Lease, Description [Line Items]
Lessor, operating lease, term of contract		10 years
Office and Warehouse Facilities \| Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract		1 year
Office and Warehouse Facilities \| Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract		20 years
Accounting Standards Update 2016-02
Lessee, Lease, Description [Line Items]
Operating lease assets			$ 197,000
Operating lease liabilities			$ 201,000

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Effective income tax rate	378.80%	77.10%	11.50%	2.20%
Liability for unrecognized tax benefit	$ 11.4		$ 11.4		$ 9.6
Unrecognized tax benefit highly certain	$ 3.1		$ 3.1		$ 1.9

Retirement Plans

9 Months Ended

Sep. 30, 2019

Retirement Benefits [Abstract]

Retirement Plans

We have a noncontributory, unfunded retirement plan for certain officers and retirees in the United States. Certain of our foreign subsidiaries also have defined benefit pension plans covering substantially all of their respective employees.

The components of net periodic benefit cost, which are included in distribution, selling and administrative expenses, for the three and nine months ended September 30, 2019 and 2018, were as follows:



	Three Months Ended September 30,					Nine Months Ended September 30,
	2019		2018			2019		2018
Service cost (benefit)	$	391	$	(28	)	$	1,152	$	10
Interest cost	601		418			1,801		1,256
Recognized net actuarial loss	260		522			780		1,566
Net periodic benefit cost	$	1,252	$	912		$	3,733	$	2,832

Certain of our foreign subsidiaries have health and welfare plans covering substantially all of their respective employees. Our expense for these plans totaled $0.7 million and $0.5 million for the three months ended September 30, 2019 and 2018, respectively, and $1.9 million and $1.6 million for the nine months ended September 30, 2019 and 2018, respectively.

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Leases [Abstract]
Operating lease cost	$ 22,358	$ 56,597
Finance lease cost:
Amortization of lease assets	1,946	3,157
Interest on lease liabilities	625	1,258
Total finance lease cost	2,571	4,415
Short-term lease cost	180	570
Variable lease cost	5,363	14,844
Total lease cost	$ 30,472	$ 76,426

Financing Receivables and Payables	9 Months Ended
Financing Receivables and Payables	Sep. 30, 2019
Receivables [Abstract]
Financing Receivables and Payables	Financing Receivables and Payables At September 30, 2019 and December 31, 2018, we had financing receivables of $165.4 million and $183.3 million, respectively, and related payables of $93.5 million and $100.3 million, respectively, outstanding under our order-to-cash program, which were included in other current assets and other current liabilities, respectively, in the consolidated balance sheets.

Net Loss per Common Share

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Net Income (Loss) per Common Share

The following summarizes the calculation of net income (loss) per common share attributable to common shareholders for the three and nine months ended September 30, 2019 and 2018:



	Three Months Ended September 30,					Nine Months Ended September 30,
(in thousands, except per share data)	2019		2018			2019			2018
Numerator:
Net income (loss) attributable to common shareholders - basic and diluted	$	1,224	$	(565	)	$	(23,348	)	$	(175,191	)
Denominator:
Weighted average shares outstanding - basic and diluted	60,030		59,766			60,498			59,996
Net income (loss) per share attributable to common shareholders:
Basic and diluted	$	0.02	$	(0.01	)	$	(0.39	)	$	(2.92	)

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The following table summarizes the goodwill balances by segment and the changes in the carrying amount of goodwill through September 30, 2019:



	Global Solutions		Global Products			Consolidated
Carrying amount of goodwill, December 31, 2018	$	283,905	$	130,217		$	414,122
Currency translation adjustments	—		1,787			1,787
Acquisition	—		(17,844		)	(17,844		)
Carrying amount of goodwill, September 30, 2019	$	283,905	$	114,160		$	398,065

Intangible assets at September 30, 2019 and December 31, 2018, were as follows:



	September 30, 2019									December 31, 2018
	Customer Relationships			Tradenames			Other Intangibles			Customer Relationships			Tradenames			Other Intangibles

Gross intangible assets	$	283,912		$	90,000		$	45,600		$	267,510		$	97,000		$	42,930
Accumulated amortization	(96,873		)	(14,429		)	(8,336		)	(72,947		)	(8,544		)	(4,185		)
Net intangible assets	$	187,039		$	75,571		$	37,264		$	194,563		$	88,456		$	38,745
Weighted average useful life	10 years			11 years			8 years			10 years			11 years			8 years

At September 30, 2019, $91.7 million in net intangible assets were held in the Global Solutions segment and $208.1 million were held in the Global Products segment. Amortization expense for intangible assets was $10.9 million and $10.4 million for the three months ended September 30, 2019 and 2018 and $34.4 million and $26.1 million for the nine months ended September 30, 2019 and 2018, respectively.

Based on the current carrying value of intangible assets subject to amortization, estimated amortization expense is $11.0 million for the remainder of 2019, $43.0 million for 2020, $41.3 million for 2021, $40.4 million for 2022, $39.2 million for 2023 and $35.3 million for 2024.

Derivatives - Summary of the terms and fair value of our outstanding derivative financial instruments (Details) - Cash flow hedging - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Designated as Hedging Instrument \| Interest rate swaps
Derivative [Line Items]
Notional amount	$ 450,000	$ 450,000
Designated as Hedging Instrument \| Foreign exchange contract
Derivative [Line Items]
Notional amount	439	25,592
Not Designated as Hedging Instrument, Economic Hedge \| Foreign exchange contract
Derivative [Line Items]
Notional amount	17,695	32,683
Other assets, net \| Designated as Hedging Instrument \| Interest rate swaps
Derivative [Line Items]
Derivative assets	0	0
Other assets, net \| Designated as Hedging Instrument \| Foreign exchange contract
Derivative [Line Items]
Derivative assets	25	20
Other assets, net \| Not Designated as Hedging Instrument, Economic Hedge \| Foreign exchange contract
Derivative [Line Items]
Derivative assets	126	0
Other liabilities \| Designated as Hedging Instrument \| Interest rate swaps
Derivative [Line Items]
Derivative liabilities	21,494	6,875
Other liabilities \| Designated as Hedging Instrument \| Foreign exchange contract
Derivative [Line Items]
Derivative liabilities	0	0
Other liabilities \| Not Designated as Hedging Instrument, Economic Hedge \| Foreign exchange contract
Derivative [Line Items]
Derivative liabilities	$ 0	$ 198

Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cash and cash equivalents	$ 96,803	$ 103,367
Restricted cash included in Other assets, net	16,200	0
Total cash, cash equivalents and restricted cash	$ 113,003	$ 103,367	$ 124,890	$ 104,522

Debt - (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Schedule of debt

Debt consists of the following:



	September 30, 2019				December 31, 2018
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
3.875% Senior Notes, due September 2021	$	270,265	$	262,879	$	273,577	$	207,001
4.375% Senior Notes, due December 2024	273,226		217,473		272,972		174,859
Term A Loans, due July 2022	388,018		394,194