0000075252-21-000098 | 10-Q | XBRL Viewer

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Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe accompanying unaudited consolidated financial statements include the accounts of Owens & Minor, Inc. and the subsidiaries it controls (we, us, or our) and contain all adjustments (which are comprised only of normal recurring accruals and use of estimates) necessary to conform with U.S. generally accepted accounting principles (GAAP). All significant intercompany accounts and transactions have been eliminated. The Movianto business represented a component that met accounting requirements to be classified as discontinued operations for the three months ended March 31, 2020. In accordance with GAAP, the results of operations of the Movianto business are presented as discontinued operations through June 18, 2020 (the Divestiture Date) and, as such, have been excluded from continuing operations for the three months ended March 31, 2020. With the exception of Note 3, the Notes to Consolidated Financial Statements reflect the continuing operations of Owens & Minor, Inc. and its subsidiaries. See Note 3 for additional information regarding discontinued operations. The results of operations for interim periods are not necessarily indicative of the results expected for the full year.
Reclassifications	Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make assumptions and estimates that affect reported amounts and related disclosures. Actual results may differ from these estimates.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted CashCash, cash equivalents and restricted cash includes cash and marketable securities with an original maturity or maturity at acquisition of three months or less. Cash, cash equivalents and restricted cash are stated at cost. Nearly all of our cash, cash equivalents and restricted cash are held in cash depository accounts in major banks in the United States, Europe, and Asia. Cash that is held by a major bank and has restrictions on its availability to us is classified as restricted cash. Restricted cash included in Other assets, net as of March 31, 2021 represents cash held in an escrow account as required by the Centers for Medicare & Medicaid Services (CMS) in conjunction with the Bundled Payments for Care Improvement (BPCI) Advanced Program.
Fair Value	The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable reported in the consolidated balance sheets approximate fair value due to the short-term nature of these instruments. The carrying amount of restricted cash also approximates fair value due to its nature. The fair value of debt is estimated based on quoted market prices or dealer quotes for the identical liability when traded as an asset in an active market (Level 1) or, if quoted market prices or dealer quotes are not available, on the borrowing rates currently available for loans with similar terms, credit ratings, and average remaining maturities (Level 2). See Note 6 for the fair value of debt. The fair value of foreign currency contracts is determined based on the present value of expected future cash flows considering the risks involved, including non-performance risk, and using discount rates appropriate for the respective maturities. Observable Level 2 inputs are used to determine the present value of expected future cash flows. See Note 8 for the fair value of derivatives.
Segment Reporting	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 distribution, outsourced logistics and value-added services business. Global Products manufactures and sources medical surgical products through our production and kitting operations. We evaluate the performance of our segments based on their operating income excluding intangible amortization and acquisition-related and exit and realignment charges 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.
Recent Accounting Pronouncements	In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. Most amendments within the standard are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. We adopted ASU No. 2019-12 effective beginning January 1, 2021. Its adoption did not have a material impact on our consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments are effective for all entities as of March 12, 2020 through December 31, 2022. At the present time, none of our lenders have requested that we transition away from LIBOR for our borrowings that bear interest based on LIBOR and we will continue to evaluate the impact through transition. In October 2020, the FASB issued ASU No. 2020-10, Codification Improvements, to improve consistency by amending the FASB Accounting Standards Codification (the Codification) to include all disclosure guidance in the appropriate disclosure sections. This ASU also clarifies application of various provisions in the Codification by amending and adding new headings, cross referencing to other guidance, and refining or correcting terminology. The amendments in this ASU do not change GAAP and, therefore, are not expected to result in a significant change in practice. We adopted ASU No. 2020-10 effective beginning January 1, 2021. Its adoption did not have a material impact on our consolidated financial statements. There have been no further changes in our significant accounting policies from those contained in our Annual Report on Form 10-K for the year ended December 31, 2020.

- Definition

Disclosure of accounting policy for segment reporting.

+ References + Details

Derivatives - Summary of the terms and fair value of our outstanding derivative financial instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Economic (non-designated) hedges \| Foreign currency contracts
Derivative [Line Items]
Notional amount	$ 18,700	$ 30,300
Designated as Hedging Instrument \| Cash flow hedging \| Interest rate swaps
Derivative [Line Items]
Notional amount		300,000
Other current assets \| Economic (non-designated) hedges \| Foreign currency contracts
Derivative [Line Items]
Derivative asset, fair value	0	151
Other current liabilities \| Economic (non-designated) hedges \| Foreign currency contracts
Derivative [Line Items]
Derivative liabilities, fair value	$ 110	0
Other assets, net \| Designated as Hedging Instrument \| Cash flow hedging \| Interest rate swaps
Derivative [Line Items]
Derivative asset, fair value		0
Other liabilities \| Designated as Hedging Instrument \| Cash flow hedging \| Interest rate swaps
Derivative [Line Items]
Derivative liabilities, fair value		$ 17,872

Exit and Realignment Costs - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restructuring Cost and Reserve [Line Items]
Incurred cost	$ 3,800
Reserves associated with certain retained assets	8,462	$ 5,213
Other asset charges	100
Acquisition-related and exit and realignment charges	5,963	6,064
Exit and Realignment Charges
Restructuring Cost and Reserve [Line Items]
Acquisition-related and exit and realignment charges	0	$ 4,200
Fusion5
Restructuring Cost and Reserve [Line Items]
Reserves associated with certain retained assets	3,200
Disposal group, not discontinued operation, loss (gain) on write-down	$ 500

Segment Information

3 Months Ended

Mar. 31, 2021

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 distribution, outsourced logistics and value-added services business. Global Products manufactures and sources medical surgical products through our production and kitting operations.

We evaluate the performance of our segments based on their operating income excluding intangible amortization and acquisition-related and exit and realignment charges 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 March 31,
	2021		2020
Net revenue:
Global Solutions	$	1,849,509	$	1,847,593
Global Products	658,750		391,192
Total segment net revenue	2,508,259		2,238,785
Inter-segment revenue
Global Products	(181,725)		(116,092)
Total inter-segment revenue	(181,725)		(116,092)
Consolidated net revenue	$	2,326,534	$	2,122,693

Operating income:
Global Solutions	$	8,892	$	7,691
Global Products	163,587		18,571
Inter-segment eliminations	(9,798)		1,169
Intangible amortization	(10,026)		(10,611)
Acquisition-related and exit and realignment charges	(5,963)		(6,064)
Consolidated operating income	$	146,692	$	10,756

Depreciation and amortization:
Global Solutions	$	9,839	$	10,636
Global Products	13,061		13,277
Consolidated depreciation and amortization	$	22,900	$	23,913

Capital expenditures:
Global Solutions	$	3,000	$	1,032
Global Products	3,623		3,017
Discontinued operations	—		1,664
Consolidated capital expenditures	$	6,623	$	5,713


	March 31, 2021		December 31, 2020
Total assets:
Global Solutions	$	2,072,642	$	2,117,372
Global Products	1,263,724		1,135,209
Segment assets	3,336,366		3,252,581
Cash and cash equivalents	54,455		83,058
Consolidated total assets	$	3,390,821	$	3,335,639

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 March 31,
	2021		2020
Net revenue:
United States	$	2,182,755	$	2,033,454
International	143,779		89,239
Consolidated net revenue	$	2,326,534	$	2,122,693

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Segment Information - Financial Information by Segment (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) segment	Mar. 31, 2020 USD ($)
Segment Reporting, Revenue Reconciling Item [Line Items]
Number of reportable segments \| segment	2
Net revenue	$ 2,326,534	$ 2,122,693
Operating earnings (loss):	146,692	10,756
Intangible amortization	(10,000)	(10,600)
Acquisition-related and exit and realignment charges	(5,963)	(6,064)
Consolidated depreciation and amortization	22,900	23,913
Discontinued operations	0	1,664
Consolidated capital expenditures	6,623	5,713
Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenue	2,508,259	2,238,785
Operating Segments \| Global Solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenue	1,849,509	1,847,593
Operating earnings (loss):	8,892	7,691
Depreciation and amortization	9,839	10,636
Capital expenditures	3,000	1,032
Operating Segments \| Global Products
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenue	658,750	391,192
Operating earnings (loss):	163,587	18,571
Depreciation and amortization	13,061	13,277
Capital expenditures	3,623	3,017
Intersegment Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenue	(181,725)	(116,092)
Operating earnings (loss):	(9,798)	1,169
Intersegment Eliminations \| Global Products
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenue	(181,725)	(116,092)
Segment Reconciling Items
Segment Reporting, Revenue Reconciling Item [Line Items]
Intangible amortization	(10,026)	(10,611)
Acquisition-related and exit and realignment charges	$ (5,963)	$ (6,064)

Discontinued Operations - Schedule of Cash Flow Information for Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating Activities:
Impairment charges	$ 0	$ 9,080
Investing Activities:
Capital expenditures	$ 0	1,664
Movianto \| Discontinued Operations, Held-for-sale
Operating Activities:
Depreciation and amortization		0
Impairment charges		9,080
Investing Activities:
Capital expenditures		$ 1,664

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rate was 24.4% for the three months ended March 31, 2021, compared to a tax benefit of 48.9% in the same quarter of 2020. The change in these rates resulted primarily from an income tax benefit recorded in the first quarter of 2020 associated with the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the mixture of income and losses in jurisdictions in which we operate, and the incremental income tax benefit associated with the vesting of restricted stock recorded in the first quarter of 2021. The liability for unrecognized tax benefits was $21.0 million at March 31, 2021 and $20.8 million at December 31, 2020. Included in the liability at March 31, 2021 and December 31, 2020 were $2.7 million of tax positions for which ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. On August 26, 2020, we received a Notice of Proposed Adjustment (NOPA) from the Internal Revenue Services (IRS) regarding our 2015 and 2016 consolidated income tax returns. Within the NOPA, the IRS has asserted that our taxable income for 2015 and 2016 should be higher based on their assessment of the appropriate amount of taxable income that we should report in the United States in connection with our sourcing of products by our foreign subsidiaries for sale in the United States by our domestic subsidiaries. Our amount of taxable income in the United States is based on our transfer pricing methodology, which has been consistently applied through the current date. We strongly disagree with the IRS position and will pursue all available administrative and judicial remedies, including those available under the U.S. - Ireland Income Tax Treaty to alleviate double taxation. We regularly assess the likelihood of adverse outcomes resulting from examinations such as this to determine the adequacy of our tax reserves. We believe that we have adequately reserved for this matter and that the final adjudication of this matter will not have a material impact on our consolidated financial position, results of operations or cash flows. However, the ultimate outcome of disputes of this nature is uncertain, and if the IRS were to prevail on its assertions, the additional tax, interest, and any potential penalties could have a material adverse impact on our financial position, results of operations or cash flows.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Discontinued Operations - Narrative (Details) - Movianto - Discontinued Operations, Held-for-sale - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Jun. 18, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash consideration			$ 133,000
Total assets of discontinued operations	$ 0	$ 0
Total liabilities of discontinued operations	$ 0	$ 0

Debt

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Debt

Debt consists of the following:



	March 31, 2021				December 31, 2020
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
4.375% Senior Notes, due December 2024	$	244,862	$	254,183	$	244,780	$	253,241
4.500% Senior Notes, due March 2029	491,299		503,475		—		—
Term Loan A-2	—		—		33,865		34,390
Term Loan B	—		—		477,525		486,614
Revolver	6,700		6,700		103,200		103,200
Receivables Securitization Program	226,004		230,000		152,929		155,100
Finance leases and other	13,543		13,543		13,668		13,668
Total debt	982,408		1,007,901		1,025,967		1,046,213
Less current maturities	(1,066)		(1,066)		(39,949)		(40,453)
Long-term debt	$	981,342	$	1,006,835	$	986,018	$	1,005,760

We have $246 million, excluding debt issuance costs and deferred fees, of 4.375% senior notes due in 2024 (the 2024 Notes), with interest payable semi-annually. The 2024 Notes were sold at 99.6% of the principal amount with an effective yield of 4.422%. We have the option to redeem the 2024 Notes in part or in whole prior to maturity at a redemption price equal to the greater of 100% of the principal amount or the present value of the remaining scheduled payments discounted at the applicable Benchmark Treasury Rate plus 30 basis points.

In March 2021, we issued $500 million, excluding debt issuance costs and deferred fees, of 4.500% senior unsecured notes due in 2029 (the 2029 Unsecured Notes), with interest payable semi-annually (the Notes Offering). The 2029 Unsecured Notes were sold at 100% of the principal amount with an effective yield of 4.500%. We used a portion of the net proceeds from the Notes Offering to repay our Term B Loan and borrowings under our revolving credit facility. In connection with these repayments, we recorded $15.3 million in write-offs of deferred financing costs and third party fees within loss on extinguishment of debt for the three months ended March 31, 2021. We may redeem all or part of the 2029 Unsecured Notes prior to March 31, 2024, at a price equal to 100% of the principal amount of the 2029 Unsecured Notes redeemed, plus accrued and unpaid interest, if any, to, but not including, the redemption date, plus a “make-whole” premium, as described in the Indenture dated March 10, 2021 (the Indenture). On or after March 31, 2024, we may redeem all or part of the 2029 Unsecured Notes at the applicable redemption prices described in the Indenture, plus accrued and unpaid interest, if any, to, but not including, the redemption date. We may also redeem up to 40% of the aggregate principal amount of the 2029 Unsecured Notes at any time prior to March 31, 2024, at a redemption price equal to 104.5% with an amount equal to or less than the net cash proceeds from certain equity offerings, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

On March 10, 2021, we terminated our then existing credit agreement and all obligations thereunder were repaid. On that same date, we entered into a new credit agreement with Bank of America, N.A. and a syndicate of lenders (the Credit Agreement) with a $300 million revolving credit facility. The interest rate on our revolving credit facility is based on a spread over either the Eurocurrency Rate or the Base Rate (each as defined in the Credit Agreement). The Credit Agreement matures in March 2026.

At March 31, 2021 and December 31, 2020, we had borrowings of $6.7 million and $103 million and letters of credit of $11.4 million and $13.9 million outstanding under our revolving credit facilities. At March 31, 2021 and December 31, 2020, we had $282 million and $283 million available for borrowing. We also had letters of credit and bank guarantees outstanding for $1.9 million and $1.6 million as of March 31, 2021 and December 31, 2020, which supports certain leased facilities as well as other normal business activities in the United States and Europe. These letters of credit and guarantees were issued independent of the Credit Agreement.

We entered into a Security and Pledge Agreement (the Security Agreement), dated March 10, 2021, pursuant to which we granted collateral on behalf of the holders of the 2024 Notes, and the parties secured under the Credit Agreement (the Secured Parties) including first priority liens and security interests in (a) all present and future shares of capital stock owned by the Credit Parties (as defined) in the Credit Parties’ present and future subsidiaries and (b) all present and future personal property and assets of the Credit Parties, subject to certain exceptions. The Credit Agreement included additional collateral requirements of the Credit Parties, including an obligation to pledge our owned U.S. real estate and the remaining equity interests in foreign subsidiaries.

On March 10, 2021, we entered into an amendment to our accounts receivable securitization program (the Receivables Securitization Program). Pursuant to the amended Receivables Securitization Program, the aggregate principal amount of the loans made by the Lenders (as defined) will not exceed $450 million outstanding at any time. The interest rate under the Receivables Securitization Program is based on a spread over the London Interbank Offered Rate (LIBOR) or successor rate. Under the Receivables Securitization Program, certain of our subsidiaries sell substantially all of their accounts receivable balances to our wholly owned special purpose entity, O&M Funding LLC. The Receivables Securitization Program matures in March 2024.

The Credit Agreement, Receivables Securitization Program, 2024 Notes and 2029 Unsecured Notes contain cross-default provisions which could result in the acceleration of payments due in the event of default of either agreement. The terms of the Credit Agreement also require us to maintain ratios for leverage and interest coverage, including on a pro forma basis in the event of an acquisition or divestiture. We were in compliance with our debt covenants at March 31, 2021.

As of March 31, 2021, scheduled future principal payments of debt, excluding finance leases and other, were $476 million in 2024, $6.7 million in 2026, and $500 million in 2029. Current maturities include $1.1 million in current portion of finance leases.

Retirement Plans (Tables)

3 Months Ended

Mar. 31, 2021

Retirement Benefits [Abstract]

Schedule of components of net periodic benefit cost for domestic retirement plan

The components of net periodic benefit cost for the three months ended March 31, 2021 and 2020 were as follows:


	Three Months Ended March 31,
	2021		2020
Service cost	$	704	$	351
Interest cost	446		494
Recognized net actuarial loss	353		214
Net periodic benefit cost	$	1,503	$	1,059

Retirement Plans - Components of Net Periodic Benefit Cost (Details) - United States - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 704	$ 351
Interest cost	446	494
Recognized net actuarial loss	353	214
Net periodic benefit cost	$ 1,503	$ 1,059

Discontinued Operations

3 Months Ended

Mar. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

On June 18, 2020, we completed the divestiture of our European logistics business, Movianto (the Divestiture), as well as certain support functions in our Dublin office, to Walden Group SAS (the Buyer) and EHDH (as Buyer’s guarantor) for cash consideration of $133 million. We concluded that the Movianto business met the criteria for discontinued operations through the Divestiture Date, as the intention to sell represented a strategic shift and the criteria for held-for-sale were met. Movianto was previously reported in the Global Solutions segment.

Accordingly, the results of operations from the Movianto business are reported in the accompanying consolidated statements of operations as Loss from discontinued operations, net of tax for the three months ended March 31, 2020.

The following table summarizes the financial results of our discontinued operations for the three months ended March 31, 2020:


	Three Months Ended March 31, 2020
Net revenue	$	122,342
Cost of goods sold	32,106
Gross margin	90,236
Distribution, selling, and administrative expenses	80,953
Asset impairment charges	9,080
Acquisition-related and exit and realignment charges	271
Other operating income, net	(461)
Operating income	393
Interest expense, net	1,720
Loss from discontinued operations before income taxes	(1,327)
Income tax provision from discontinued operations	1,088
Loss from discontinued operations, net of tax	$	(2,415)

We suspended depreciation and amortization on assets that are held-for-sale, including right-of-use assets recorded in accordance with ASU No. 2016-02, for three months ended March 31, 2020.

No revenue or expense have been recorded in discontinued operations related to the disposal group subsequent to the Divestiture Date.

We have entered into transition services agreements with a subsidiary of the Buyer, pursuant to which we and a subsidiary of the Buyer will provide to each other various transitional services. Certain transition service arrangement costs and reimbursements were recorded during the three months ended March 31, 2021 and were immaterial for the period presented.

We had no assets and liabilities of the discontinued Movianto business reflected on the consolidated balance sheets at March 31, 2021 and December 31, 2020.

The following table provides operating and investing cash flow information for our discontinued operations:


	Three Months Ended March 31, 2020
Operating Activities:
Depreciation and amortization	$	—
Impairment charges	9,080
Investing Activities:
Capital expenditures	1,664

Net Income (Loss) per Common Share (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Summary of calculation of net loss per common share

The following summarizes the calculation of net income (loss) per common share attributable to common shareholders for the three months ended March 31, 2021 and 2020:


	Three Months Ended March 31,
(in thousands, except per share data)	2021		2020

Weighted average shares outstanding - basic	70,834		60,571
Dilutive shares	104		—
Weighted average shares outstanding - diluted	70,938		60,571

Income (loss) from continuing operations	$	69,589	$	(8,909)
Basic and diluted per share	$	0.98	$	(0.15)

Loss from discontinued operations	$	—	$	(2,415)
Basic and diluted per share	$	—	$	(0.04)

Net income (loss)	$	69,589	$	(11,324)
Basic and diluted per share	$	0.98	$	(0.19)

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 54,455	$ 83,058
Restricted cash included in Other current assets	0	35,126
Restricted cash included in Other assets, net	16,322	16,322
Total cash, cash equivalents, and restricted cash	$ 70,777	$ 134,506	$ 140,993	$ 84,687

Exit and Realignment Costs (Tables)

3 Months Ended

Mar. 31, 2021

Restructuring and Related Activities [Abstract]

Summary of exit and realignment charges by segment

Exit and realignment charges by segment for the three months ended March 31, 2021 and 2020 were as follows:


	Three Months Ended March 31,
	2021		2020
Global Solutions segment	$	4,663	$	1,829
Global Products segment	1,300		—
Total exit and realignment charges	$	5,963	$	1,829

Schedule of restructuring and related costs accrual activity

The following table summarizes the activity related to exit and realignment cost accruals through March 31, 2021 and 2020:


	Total
Accrued exit and realignment costs, December 31, 2020	$	3,146
Provision for exit and realignment activities:
Information system restructuring costs	1,029
Lease obligations	347
Other	781
Cash payments	(2,915)
Accrued exit and realignment costs, March 31, 2021	$	2,388

Accrued exit and realignment costs, December 31, 2019	$	8,162
Provision for exit and realignment activities:
Severance	1,391
Information system restructuring costs	183
Lease obligations	202
Other	53
Cash payments	(5,799)
Accrued exit and realignment costs, March 31, 2020	$	4,192

Fair Value	3 Months Ended
Fair Value	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value	Fair ValueThe carrying amounts of cash and cash equivalents, accounts receivable and accounts payable reported in the consolidated balance sheets approximate fair value due to the short-term nature of these instruments. The carrying amount of restricted cash also approximates fair value due to its nature. The fair value of debt is estimated based on quoted market prices or dealer quotes for the identical liability when traded as an asset in an active market (Level 1) or, if quoted market prices or dealer quotes are not available, on the borrowing rates currently available for loans with similar terms, credit ratings, and average remaining maturities (Level 2). See Note 6 for the fair value of debt. The fair value of foreign currency contracts is determined based on the present value of expected future cash flows considering the risks involved, including non-performance risk, and using discount rates appropriate for the respective maturities. Observable Level 2 inputs are used to determine the present value of expected future cash flows. See Note 8 for the fair value of derivatives.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Recent Accounting Pronouncements	3 Months Ended
Recent Accounting Pronouncements	Mar. 31, 2021
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. Most amendments within the standard are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. We adopted ASU No. 2019-12 effective beginning January 1, 2021. Its adoption did not have a material impact on our consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments are effective for all entities as of March 12, 2020 through December 31, 2022. At the present time, none of our lenders have requested that we transition away from LIBOR for our borrowings that bear interest based on LIBOR and we will continue to evaluate the impact through transition. In October 2020, the FASB issued ASU No. 2020-10, Codification Improvements, to improve consistency by amending the FASB Accounting Standards Codification (the Codification) to include all disclosure guidance in the appropriate disclosure sections. This ASU also clarifies application of various provisions in the Codification by amending and adding new headings, cross referencing to other guidance, and refining or correcting terminology. The amendments in this ASU do not change GAAP and, therefore, are not expected to result in a significant change in practice. We adopted ASU No. 2020-10 effective beginning January 1, 2021. Its adoption did not have a material impact on our consolidated financial statements. There have been no further changes in our significant accounting policies from those contained in our Annual Report on Form 10-K for the year ended December 31, 2020.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill and Intangible Assets - Changes in Carrying Amount of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Goodwill [Roll Forward]
Carrying amount of goodwill, December 31, 2020	$ 394,086
Currency translation adjustments	(2,737)
Carrying amount of goodwill, March 31, 2021	391,349
Global Solutions
Goodwill [Roll Forward]
Carrying amount of goodwill, December 31, 2020	283,905
Currency translation adjustments	0
Carrying amount of goodwill, March 31, 2021	283,905
Global Products
Goodwill [Roll Forward]
Carrying amount of goodwill, December 31, 2020	110,181
Currency translation adjustments	(2,737)
Carrying amount of goodwill, March 31, 2021	$ 107,444

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Net revenue	$ 2,326,534	$ 2,122,693
Cost of goods sold	1,883,783	1,854,134
Gross margin	442,751	268,559
Distribution, selling and administrative expenses	292,701	254,048
Acquisition-related and exit and realignment charges	5,963	6,064
Other operating income, net	(2,605)	(2,309)
Operating income	146,692	10,756
Interest expense, net	13,672	23,342
Loss on extinguishment of debt	40,433	4,127
Other expense, net	569	719
Income (loss) from continuing operations before income taxes	92,018	(17,432)
Income tax provision (benefit)	22,429	(8,523)
Income (loss) from continuing operations, net of tax	69,589	(8,909)
Loss from discontinued operations, net of tax	0	(2,415)
Net income (loss)	$ 69,589	$ (11,324)
Income (loss) from continuing operations per common share: basic and diluted (in usd per share)	$ 0.98	$ (0.15)
Loss from discontinued operations per common share: basic and diluted (in usd per share)	0	(0.04)
Net income (loss) per common share: basic and diluted (in usd per share)	$ 0.98	$ (0.19)

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Net intangible assets	$ 232,009	$ 243,351
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Gross intangible assets	268,688	270,505
Accumulated amortization	(127,344)	(121,209)
Net intangible assets	$ 141,344	$ 149,296
Weighted average useful life (in years)	10 years	10 years
Tradenames
Finite-Lived Intangible Assets [Line Items]
Gross intangible assets	$ 90,000	$ 90,000
Accumulated amortization	(26,972)	(24,881)
Net intangible assets	$ 63,028	$ 65,119
Weighted average useful life (in years)	11 years	11 years
Other Intangibles
Finite-Lived Intangible Assets [Line Items]
Gross intangible assets	$ 43,238	$ 43,245
Accumulated amortization	(15,601)	(14,309)
Net intangible assets	$ 27,637	$ 28,936
Weighted average useful life (in years)	8 years	8 years

Segment Information (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Financial information by segment

The following tables present financial information by segment:


	Three Months Ended March 31,
	2021		2020
Net revenue:
Global Solutions	$	1,849,509	$	1,847,593
Global Products	658,750		391,192
Total segment net revenue	2,508,259		2,238,785
Inter-segment revenue
Global Products	(181,725)		(116,092)
Total inter-segment revenue	(181,725)		(116,092)
Consolidated net revenue	$	2,326,534	$	2,122,693

Operating income:
Global Solutions	$	8,892	$	7,691
Global Products	163,587		18,571
Inter-segment eliminations	(9,798)		1,169
Intangible amortization	(10,026)		(10,611)
Acquisition-related and exit and realignment charges	(5,963)		(6,064)
Consolidated operating income	$	146,692	$	10,756

Depreciation and amortization:
Global Solutions	$	9,839	$	10,636
Global Products	13,061		13,277
Consolidated depreciation and amortization	$	22,900	$	23,913

Capital expenditures:
Global Solutions	$	3,000	$	1,032
Global Products	3,623		3,017
Discontinued operations	—		1,664
Consolidated capital expenditures	$	6,623	$	5,713

Consolidated total assets


	March 31, 2021		December 31, 2020
Total assets:
Global Solutions	$	2,072,642	$	2,117,372
Global Products	1,263,724		1,135,209
Segment assets	3,336,366		3,252,581
Cash and cash equivalents	54,455		83,058
Consolidated total assets	$	3,390,821	$	3,335,639

Schedule of revenue from external customers and long-lived assets, by geographical

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 March 31,
	2021		2020
Net revenue:
United States	$	2,182,755	$	2,033,454
International	143,779		89,239
Consolidated net revenue	$	2,326,534	$	2,122,693

Shareholders' Equity - Narrative (Details) - Equity Distribution Agreement - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	May 31, 2020	Mar. 31, 2021
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)		0
Aggregate offering price, remaining available amount		$ 50
Common Stock
Class of Stock [Line Items]
Aggregate offering price	$ 50

Segment Information - Consolidated Total Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 3,390,821	$ 3,335,639
Cash and cash equivalents	54,455	83,058
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	3,336,366	3,252,581
Operating Segments \| Global Solutions
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	2,072,642	2,117,372
Operating Segments \| Global Products
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 1,263,724	$ 1,135,209

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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+ Details

Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Accumulated Other Comprehensive Loss

The following table shows the changes in accumulated other comprehensive loss by component for the three months ended March 31, 2021 and 2020:


	Retirement Plans		Currency Translation Adjustments		Derivatives		Total
Accumulated other comprehensive loss, December 31, 2020	$	(18,447)	$	(18)	$	(20,044)	$	(38,509)
Other comprehensive income (loss) before reclassifications	—		(12,262)		2,426		(9,836)
Income tax	—		—		(611)		(611)
Other comprehensive income (loss) before reclassifications, net of tax	—		(12,262)		1,815		(10,447)
Amounts reclassified from accumulated other comprehensive loss	156		—		25,518		25,674
Income tax	(35)		—		(7,289)		(7,324)
Amounts reclassified from accumulated other comprehensive loss, net of tax	121		—		18,229		18,350
Other comprehensive income (loss)	121		(12,262)		20,044		7,903
Accumulated other comprehensive loss, March 31, 2021	$	(18,326)	$	(12,280)	$	—	$	(30,606)


	Retirement Plans		Currency Translation Adjustments		Derivatives		Total
Accumulated other comprehensive loss, December 31, 2019	$	(14,691)	$	(25,301)	$	(12,715)	$	(52,707)
Other comprehensive loss before reclassifications	—		(28,178)		(16,958)		(45,136)
Income tax	—		—		4,646		4,646
Other comprehensive loss before reclassifications, net of tax	—		(28,178)		(12,312)		(40,490)
Amounts reclassified from accumulated other comprehensive loss	214		—		1,259		1,473
Income tax	(44)		—		(344)		(388)
Amounts reclassified from accumulated other comprehensive loss, net of tax	170		—		915		1,085
Other comprehensive income (loss)	170		(28,178)		(11,397)		(39,405)
Accumulated other comprehensive loss, March 31, 2020	$	(14,521)	$	(53,479)	$	(24,112)	$	(92,112)

We include amounts reclassified out of accumulated other comprehensive loss related to defined benefit pension plans as a component of net periodic pension cost recorded in Other expense, net.

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 21,231	$ 19,087
Property and equipment, accumulated depreciation	$ 292,568	$ 284,126
Common stock, par value (in usd per share)	$ 2	$ 2
Common stock, authorized (shares)	200,000	200,000
Common stock, issued (shares)	75,100	73,472
Common stock, outstanding (shares)	75,100	73,472

Exit and Realignment Costs - Accrual for Exit and Realignment Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restructuring Reserve [Roll Forward]
Accrued exit and realignment costs, beginning of period	$ 3,146	$ 8,162
Cash payments	(2,915)	(5,799)
Accrued exit and realignment costs, end of period	2,388	4,192
Severance
Restructuring Reserve [Roll Forward]
Provision for exit and realignment activities:		1,391
Information system restructuring costs
Restructuring Reserve [Roll Forward]
Provision for exit and realignment activities:	1,029	183
Lease obligations
Restructuring Reserve [Roll Forward]
Provision for exit and realignment activities:	347	202
Other
Restructuring Reserve [Roll Forward]
Provision for exit and realignment activities:	$ 781	$ 53

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 69,589	$ (11,324)
Other comprehensive income (loss), net of tax:
Currency translation adjustments	(12,262)	(28,178)
Change in unrecognized net periodic pension costs	121	170
Net gain (loss) on derivative instruments	20,044	(11,397)
Total other comprehensive income (loss), net of tax	7,903	(39,405)
Comprehensive income (loss)	$ 77,492	$ (50,729)

- Definition

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

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+ Details

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2021	Apr. 29, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	1-9810
Entity Registrant Name	Owens & Minor, Inc.
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-1701843
Entity Address, Address Line One	9120 Lockwood Boulevard
Entity Address, City or Town	Mechanicsville
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23116
City Area Code	804
Local Phone Number	723-7000
Title of 12(b) Security	Common Stock, $2 par value per share
Trading Symbol	OMI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Smaller Reporting Entity	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		75,147,827
Entity Central Index Key	0000075252
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate	24.40%	48.90%
Liability for unrecognized tax benefit	$ 21.0		$ 20.8
Unrecognized tax benefit highly certain	$ 2.7		$ 2.7

Exit and Realignment Costs

3 Months Ended

Mar. 31, 2021

Restructuring and Related Activities [Abstract]

Exit and Realignment Costs

We periodically incur exit and realignment and other charges associated with optimizing our operations which includes the consolidation of certain distribution and outsourced logistics centers, administrative offices and warehouses, our client engagement center and IT restructuring charges. These charges also include costs associated with our strategic organizational realignment which include management changes, certain professional fees, and costs to streamline administrative functions and processes and divestiture related costs.

Exit and realignment charges by segment for the three months ended March 31, 2021 and 2020 were as follows:


	Three Months Ended March 31,
	2021		2020
Global Solutions segment	$	4,663	$	1,829
Global Products segment	1,300		—
Total exit and realignment charges	$	5,963	$	1,829

The following table summarizes the activity related to exit and realignment cost accruals through March 31, 2021 and 2020:


	Total
Accrued exit and realignment costs, December 31, 2020	$	3,146
Provision for exit and realignment activities:
Information system restructuring costs	1,029
Lease obligations	347
Other	781
Cash payments	(2,915)
Accrued exit and realignment costs, March 31, 2021	$	2,388

Accrued exit and realignment costs, December 31, 2019	$	8,162
Provision for exit and realignment activities:
Severance	1,391
Information system restructuring costs	183
Lease obligations	202
Other	53
Cash payments	(5,799)
Accrued exit and realignment costs, March 31, 2020	$	4,192

In addition to the exit and realignment accruals in the preceding table, we also incurred $3.8 million of costs that were expensed as incurred for the three months ended March 31, 2021, including $3.2 million related to an increase in reserves associated with certain retained assets of Fusion5, $0.5 million in impairment charges related to our client engagement center, and $0.1 million in other asset charges.

There were no acquisition-related charges included within acquisition-related and exit and realignment charges presented in our consolidated statements of operations for the three months ended March 31, 2021. Acquisition-related charges included within acquisition-related and exit and realignment charges presented in our consolidated statements of operations were $4.2 million for the three months ended March 31, 2020 and consisted primarily of transition costs for the Halyard acquisition.

We may incur additional costs in 2021 related to certain retained assets of Fusion5.

Derivatives (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments

The following table summarizes the terms and fair value of our outstanding derivative financial instruments as of March 31, 2021:

Derivative Assets

Derivative Liabilities

Notional Amount

Maturity Date

Classification

Fair Value

Classification

Fair Value

Economic (non-designated) hedges

Foreign currency contracts

18,700

April 2021

Other current assets

—

Other current liabilities

110

The following table summarizes the terms and fair value of our outstanding derivative financial instruments as of December 31, 2020:


				Derivative Assets			Derivative Liabilities
	Notional Amount		Maturity Date	Classification	Fair Value		Classification	Fair Value
Cash flow hedges
Interest rate swaps	$	300,000	May 2022 and May 2025	Other assets, net	$	—	Other liabilities	$	17,872

Economic (non-designated) hedges
Foreign currency contracts	$	30,300	January 2021	Other current assets	$	151	Other current liabilities	$	—

Schedule of cash flow hedges included in accumulated other comprehensive income (loss)

The following table summarizes the effect of cash flow hedge accounting on our consolidated statements of operations for the three months ended March 31, 2021:


	Amount of Gain Recognized in Other Comprehensive Income		Location of Loss Reclassified from Accumulated Other Comprehensive Loss into Income	Total Amount of Expense Line Items Presented in the Consolidated Statement of Operations in Which the Effects are Recorded		Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Income
Interest rate swaps	$	2,426	Loss on extinguishment of debt	$	(40,433)	$	(25,518)

The following table summarizes the effect of cash flow hedge accounting on our consolidated statements of operations for the three months ended March 31, 2020:


	Amount of Loss Recognized in Other Comprehensive Loss		Location of Loss Reclassified from Accumulated Other Comprehensive Loss into Income	Total Amount of Expense Line Items Presented in the Consolidated Statement of Operations in Which the Effects are Recorded		Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Income
Interest rate swaps	$	(16,958)	Interest expense, net	$	(23,342)	$	(1,259)

The amount of ineffectiveness associated with these contracts was immaterial for the periods presented.

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

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+ Details

Derivatives

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

We are directly and indirectly affected by changes in foreign currency, which may adversely impact our financial performance and are referred to as “market risks.” When deemed appropriate, we use derivatives as a risk management tool to mitigate the potential impact of certain market risks. We do not enter into derivative financial instruments for trading purposes.

We enter into foreign currency contracts to manage our foreign exchange exposure related to certain balance sheet items that do not meet the requirements for hedge accounting. These derivative instruments are adjusted to fair value at the end of each period through earnings. The gain or loss recorded on these instruments is substantially offset by the remeasurement adjustment on the foreign currency denominated asset or liability.

We determine the fair value of our foreign currency derivatives based on observable market-based inputs or unobservable inputs that are corroborated by market data. We do not view the fair value of our derivatives in isolation, but rather in relation to the fair values or cash flows of the underlying exposure. All derivatives are carried at fair value in our consolidated balance sheets in other current assets and other current liabilities. We consider the risk of counterparty default to be minimal. We report cash flows from our hedging instruments in the same cash flow statement category as the hedged items.

The following table summarizes the terms and fair value of our outstanding derivative financial instruments as of March 31, 2021:

Derivative Assets

Derivative Liabilities

Notional Amount

Maturity Date

Classification

Fair Value

Classification

Fair Value

Economic (non-designated) hedges

Foreign currency contracts

18,700

April 2021

Other current assets

—

Other current liabilities

110

In March 2021, we terminated the remaining $300 million in notional value of interest rate swaps. In September 2020, we had previously terminated $150 million in notional value of interest rate swaps. The remaining balance of the fair value adjustments of $25.1 million, which related to these terminated interest rate swaps, within Accumulated other comprehensive loss was reclassified to Loss on extinguishment of debt within our Consolidated Statements of Operations for the three months ended March 31, 2021.

The following table summarizes the terms and fair value of our outstanding derivative financial instruments as of December 31, 2020:


				Derivative Assets			Derivative Liabilities
	Notional Amount		Maturity Date	Classification	Fair Value		Classification	Fair Value
Cash flow hedges
Interest rate swaps	$	300,000	May 2022 and May 2025	Other assets, net	$	—	Other liabilities	$	17,872

Economic (non-designated) hedges
Foreign currency contracts	$	30,300	January 2021	Other current assets	$	151	Other current liabilities	$	—

The following table summarizes the effect of cash flow hedge accounting on our consolidated statements of operations for the three months ended March 31, 2021:


	Amount of Gain Recognized in Other Comprehensive Income		Location of Loss Reclassified from Accumulated Other Comprehensive Loss into Income	Total Amount of Expense Line Items Presented in the Consolidated Statement of Operations in Which the Effects are Recorded		Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Income
Interest rate swaps	$	2,426	Loss on extinguishment of debt	$	(40,433)	$	(25,518)

The following table summarizes the effect of cash flow hedge accounting on our consolidated statements of operations for the three months ended March 31, 2020:


	Amount of Loss Recognized in Other Comprehensive Loss		Location of Loss Reclassified from Accumulated Other Comprehensive Loss into Income	Total Amount of Expense Line Items Presented in the Consolidated Statement of Operations in Which the Effects are Recorded		Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Income
Interest rate swaps	$	(16,958)	Interest expense, net	$	(23,342)	$	(1,259)

The amount of ineffectiveness associated with these contracts was immaterial for the periods presented.

For the three months ended March 31, 2021 and 2020, we recognized losses of $1.0 million and $2.7 million associated with our economic (non-designated) foreign currency contracts.

We recorded the change in fair value of derivative instruments and the remeasurement adjustment of the foreign currency denominated asset or liability in other operating income, net for our foreign exchange contracts.

Net Income (Loss) per Common Share - Summary of Calculation of Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Weighted average number of shares outstanding, basic (in shares)	70,834	60,571
Diluted shares (in shares)	104	0
Weighted average number of shares outstanding, diluted (in shares)	70,938	60,571
Income (loss) from continuing operations	$ 69,589	$ (8,909)
Income (loss) from continuing operations per common share: basic and diluted (in usd per share)	$ 0.98	$ (0.15)
Loss from discontinued operations	$ 0	$ (2,415)
Loss from discontinued operations per common share: basic and diluted (in usd per share)	$ 0	$ (0.04)
Net income (loss)	$ 69,589	$ (11,324)
Net income (loss) per common share: basic and diluted (in usd per share)	$ 0.98	$ (0.19)

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in carrying amount of goodwill

The following table summarizes the goodwill balances by segment and the changes in the carrying amount of goodwill through March 31, 2021:


	Global Solutions		Global Products		Consolidated
Carrying amount of goodwill, December 31, 2020	$	283,905	$	110,181	$	394,086
Currency translation adjustments	—		(2,737)		(2,737)
Carrying amount of goodwill, March 31, 2021	$	283,905	$	107,444	$	391,349

Intangible assets

Intangible assets at March 31, 2021 and December 31, 2020 were as follows:


	March 31, 2021						December 31, 2020
	Customer Relationships		Tradenames		Other Intangibles		Customer Relationships		Tradenames		Other Intangibles

Gross intangible assets	$	268,688	$	90,000	$	43,238	$	270,505	$	90,000	$	43,245
Accumulated amortization	(127,344)		(26,972)		(15,601)		(121,209)		(24,881)		(14,309)
Net intangible assets	$	141,344	$	63,028	$	27,637	$	149,296	$	65,119	$	28,936
Weighted average useful life	10 years		11 years		8 years		10 years		11 years		8 years

Shareholders' Equity	3 Months Ended
Shareholders' Equity	Mar. 31, 2021
Equity [Abstract]
Shareholders' Equity	Shareholders' EquityIn May 2020, we entered into an equity distribution agreement, pursuant to which we may offer and sell, from time to time, shares of our common stock having an aggregate offering price of up to $50.0 million. We intend to use the net proceeds from the sale of our securities offered by this program for the repayment of indebtedness and/or for general corporate and working capital purposes. As of March 31, 2021, no shares were issued and $50.0 million of common stock remained available under the at-the-market equity financing program.

Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations

The following table summarizes the financial results of our discontinued operations for the three months ended March 31, 2020:


	Three Months Ended March 31, 2020
Net revenue	$	122,342
Cost of goods sold	32,106
Gross margin	90,236
Distribution, selling, and administrative expenses	80,953
Asset impairment charges	9,080
Acquisition-related and exit and realignment charges	271
Other operating income, net	(461)
Operating income	393
Interest expense, net	1,720
Loss from discontinued operations before income taxes	(1,327)
Income tax provision from discontinued operations	1,088
Loss from discontinued operations, net of tax	$	(2,415)

The following table provides operating and investing cash flow information for our discontinued operations:


	Three Months Ended March 31, 2020
Operating Activities:
Depreciation and amortization	$	—
Impairment charges	9,080
Investing Activities:
Capital expenditures	1,664

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
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+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 54,455	$ 83,058
Accounts receivable, net of allowances of $21,231 and $19,087	736,176	700,792
Merchandise inventories	1,322,897	1,233,751
Other current assets	93,208	118,264
Total current assets	2,206,736	2,135,865
Property and equipment, net of accumulated depreciation of $292,568 and $284,126	307,852	315,662
Operating lease assets	155,152	144,755
Goodwill	391,349	394,086
Intangible assets, net	232,009	243,351
Other assets, net	97,723	101,920
Total assets	3,390,821	3,335,639
Current liabilities
Accounts payable	1,021,761	1,000,186
Accrued payroll and related liabilities	64,661	109,447
Other current liabilities	250,875	236,094
Total current liabilities	1,337,297	1,345,727
Long-term debt, excluding current portion	981,342	986,018
Operating lease liabilities, excluding current portion	130,565	119,932
Deferred income taxes	51,476	50,641
Other liabilities	103,880	121,267
Total liabilities	2,604,560	2,623,585
Commitments and contingencies
Equity
Common stock, par value $2 per share; authorized - 200,000 shares; issued and outstanding - 75,100 shares and 73,472 shares	150,200	146,944
Paid-in capital	430,490	436,597
Retained earnings	236,177	167,022
Accumulated other comprehensive loss	(30,606)	(38,509)
Total equity	786,261	712,054
Total liabilities and equity	$ 3,390,821	$ 3,335,639