$CHE
CHEMED CORP

2019 Q2 Form 10-Q Financial Statement

#000001958419000003 Filed on July 31, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2 2018 Q1
Revenue $473.6M $441.8M $439.2M
YoY Change 7.19% 6.44% 8.2%
Cost Of Revenue $323.6M $305.7M $304.5M
YoY Change 5.85% 6.94% 6.82%
Gross Profit $149.9M $136.1M $134.6M
YoY Change 10.2% 5.32% 11.55%
Gross Profit Margin 31.66% 30.8% 30.66%
Selling, General & Admin $71.56M $68.30M $69.00M
YoY Change 4.77% 5.07% 6.65%
% of Gross Profit 47.72% 50.19% 51.25%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.887M $9.718M $9.294M
YoY Change 1.74% 9.19% 4.43%
% of Gross Profit 6.59% 7.14% 6.9%
Operating Expenses $71.56M $68.30M $69.00M
YoY Change 4.77% -8.2% -7.38%
Operating Profit $65.53M $58.14M $56.40M
YoY Change 12.71% 6.1% 22.07%
Interest Expense $1.237M $1.524M $1.207M
YoY Change -18.83% -252.4% -234.11%
% of Operating Profit 1.89% 2.62% 2.14%
Other Income/Expense, Net $13.00K $1.038M $0.00
YoY Change -98.75%
Pretax Income $64.30M $57.66M $56.20M
YoY Change 11.53% -250.14% 31.0%
Income Tax $13.58M $2.684M $11.21M
% Of Pretax Income 21.11% 4.66% 19.95%
Net Earnings $50.73M $54.97M $45.00M
YoY Change -7.72% -353.32% 50.99%
Net Earnings / Revenue 10.71% 12.44% 10.25%
Basic Earnings Per Share $3.18 $3.43 $2.79
Diluted Earnings Per Share $3.08 $3.27 $2.66
COMMON SHARES
Basic Shares Outstanding 15.93M 16.04M 16.10M
Diluted Shares Outstanding 16.45M 16.81M 16.89M

Balance Sheet

Concept 2019 Q2 2018 Q2 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.300M $12.70M $13.70M
YoY Change -74.02% -7.97% -70.85%
Cash & Equivalents $3.323M $12.67M $13.69M
Short-Term Investments
Other Short-Term Assets $34.40M $35.90M $31.20M
YoY Change -4.18% 86.98% 126.09%
Inventory $6.336M $5.700M $5.300M
Prepaid Expenses
Receivables $136.1M $119.2M $111.3M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $180.2M $173.4M $161.5M
YoY Change 3.91% 10.8% -8.24%
LONG-TERM ASSETS
Property, Plant & Equipment $149.9M $145.9M $144.7M
YoY Change 2.75% 4.07% 21.19%
Goodwill $510.6M
YoY Change
Intangibles $67.51M
YoY Change
Long-Term Investments $70.50M $67.60M $66.20M
YoY Change 4.29% 15.36% 16.96%
Other Assets $8.874M $7.800M $7.200M
YoY Change 13.77% -71.53% 4.35%
Total Long-Term Assets $913.9M $754.8M $751.2M
YoY Change 21.08% 0.13% 5.77%
TOTAL ASSETS
Total Short-Term Assets $180.2M $173.4M $161.5M
Total Long-Term Assets $913.9M $754.8M $751.2M
Total Assets $1.094B $928.2M $912.7M
YoY Change 17.87% 1.97% 2.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $51.14M $33.60M $34.00M
YoY Change 52.21% -19.42% 16.04%
Accrued Expenses $137.1M $93.00M $99.60M
YoY Change 47.42% -49.87% 5.96%
Deferred Revenue
YoY Change
Short-Term Debt $15.50M $14.60M $8.600M
YoY Change 6.16% 94.67%
Long-Term Debt Due $0.00 $10.00M
YoY Change -100.0% 6.38%
Total Short-Term Liabilities $223.7M $166.4M $177.3M
YoY Change 34.42% -38.05% 7.85%
LONG-TERM LIABILITIES
Long-Term Debt $85.00M $103.4M $132.5M
YoY Change -17.79% -10.09% -3.64%
Other Long-Term Liabilities $7.754M $83.20M $82.10M
YoY Change -90.68% 13.04% 14.35%
Total Long-Term Liabilities $92.75M $186.6M $214.6M
YoY Change -50.29% -1.06% 2.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $223.7M $166.4M $177.3M
Total Long-Term Liabilities $92.75M $186.6M $214.6M
Total Liabilities $475.5M $371.8M $405.7M
YoY Change 27.89% -18.68% 5.21%
SHAREHOLDERS EQUITY
Retained Earnings $1.311B
YoY Change
Common Stock $852.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.548B
YoY Change
Treasury Stock Shares $19.75M
Shareholders Equity $618.6M $556.4M $507.0M
YoY Change
Total Liabilities & Shareholders Equity $1.094B $928.2M $912.7M
YoY Change 17.87% 1.97% 2.99%

Cashflow Statement

Concept 2019 Q2 2018 Q2 2018 Q1
OPERATING ACTIVITIES
Net Income $50.73M $54.97M $45.00M
YoY Change -7.72% -353.32% 50.99%
Depreciation, Depletion And Amortization $9.887M $9.718M $9.294M
YoY Change 1.74% 9.19% 4.43%
Cash From Operating Activities $35.30M $55.80M $65.19M
YoY Change -36.74% 77.14% -5.24%
INVESTING ACTIVITIES
Capital Expenditures -$14.40M -$11.30M $12.65M
YoY Change 27.43% -40.84% -240.53%
Acquisitions $1.450M
YoY Change
Other Investing Activities $0.00 $0.00 -$181.0K
YoY Change -100.0% 81.0%
Cash From Investing Activities -$14.50M -$11.30M -$13.92M
YoY Change 28.32% -42.05% 52.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $81.13M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -26.30M -45.60M -48.71M
YoY Change -42.32% 0.66% 73.97%
NET CHANGE
Cash From Operating Activities 35.30M 55.80M 65.19M
Cash From Investing Activities -14.50M -11.30M -13.92M
Cash From Financing Activities -26.30M -45.60M -48.71M
Net Change In Cash -5.500M -1.100M 2.565M
YoY Change 400.0% -96.7% -91.91%
FREE CASH FLOW
Cash From Operating Activities $35.30M $55.80M $65.19M
Capital Expenditures -$14.40M -$11.30M $12.65M
Free Cash Flow $49.70M $67.10M $52.55M
YoY Change -25.93% 32.61% -32.46%

Facts In Submission

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<span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: bold; margin: 0; padding: 0">1.    Basis of Presentation</span><p dir="ltr" style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%; margin: 0 0 0.001pt"><span style="white-space: pre-wrap; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> </span></p><p dir="ltr" style="text-indent: 0.5in; text-align: justify; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%; margin: 0 0 0.001pt"><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">As used herein, the terms "We," "Company" and "Chemed" refer to Chemed Corporation or Chemed Corporation and its consolidated subsidiaries. </span></p><p dir="ltr" style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%; margin: 0 0 0.001pt"><span style="white-space: pre-wrap; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> </span></p><p dir="ltr" style="text-indent: 0.5in; text-align: justify; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%; margin: 0 0 0.001pt"><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">We have prepared the accompanying unaudited consolidated financial statements of Chemed in accordance with Rule 10-01 of SEC Regulation S-X. Consequently, we have omitted certain disclosures required under generally accepted accounting principles in the United States (“GAAP”) for complete financial statements. The December 31, 2018 balance sheet data were derived from audited financial statements but do not include all disclosures required by GAAP. However, in our opinion, the financial statements presented herein contain all adjustments, consisting only of normal recurring adjustments, necessary to state fairly our financial position, results of operations and cash flows. These financial statements are prepared on the same basis as and should be read in conjunction with the audited Consolidated Financial Statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2018. </span></p><p dir="ltr" style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%; margin: 0 0 0.001pt"><span style="white-space: pre-wrap; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> </span></p><p dir="ltr" style="text-indent: 0.25in; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%; margin: 0 0 0.001pt"><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: italic; font-weight: normal; margin: 0; padding: 0">LEASE ACCOUNTING</span></p><p dir="ltr" style="text-indent: 0.25in; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%; margin: 0 0 0.001pt"><span style="white-space: pre-wrap; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> </span></p><p dir="ltr" style="text-indent: 0.5in; text-align: justify; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%; margin: 0 0 0.001pt"><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">In February 2016, the FASB issued Accounting Standards Update “ASU No. 2016-02 Leases” which introduced a lessee model that brings most leases onto the balance sheets and updates lessor accounting to align with changes in the lessee model and the revenue recognition standard. This standard is also referred to as Accountings Standards Codification No.842 (“ASC 842”). We adopted ASC 842 effective January 1, 2019, using the optional transition method requiring leases existing at, or entered into after, January 1, 2019 to be recognized and measured. The transition method selected does not require adjustments to prior period amounts, which continue to be reflected in accordance with historical accounting. In addition, we elected the package of practical expedients permitted under the transition guidance within the new standard which among other things, allowed us to carry forward the historical lease classification.</span></p><p dir="ltr" style="margin: 0 0 0.001pt 0.25in; text-indent: 0.5in; text-align: justify; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%"><span style="white-space: pre-wrap; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> </span></p><p dir="ltr" style="text-indent: 0.5in; text-align: justify; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%; margin: 0 0 0.001pt"><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">Chemed and each of its operating subsidiaries are service companies. As such, real estate leases comprise the largest lease obligation (and conversely, right of use asset) in our lease portfolio. VITAS has leased office space, as well as space for inpatient units (“IPUs”) and/or contract beds within hospitals. Roto-Rooter mainly has leased office space.</span></p><p dir="ltr" style="margin: 0 0 0.001pt 0.25in; text-indent: 0.5in; text-align: justify; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%"><span style="white-space: pre-wrap; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> </span></p><p dir="ltr" style="text-indent: 0.5in; text-align: justify; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%; margin: 0 0 0.001pt"><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">Roto-Rooter purchases equipment and leases it to certain of its independent contractors. We analyzed these leases in accordance with ASC 842 and determined they are operating leases. As a result, Roto-Rooter will continue to capitalize the equipment underlying these leases, depreciate the equipment and recognize rental income.</span></p><p dir="ltr" style="margin: 0 0 0.001pt 0.25in; text-indent: 0.5in; text-align: justify; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%"><span style="white-space: pre-wrap; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> </span></p><p dir="ltr" style="text-indent: 0.5in; text-align: justify; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%; margin: 0 0 0.001pt"><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">Adoption of the new standard resulted in right of use assets and lease liabilities of $</span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">87.8</span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> million and $</span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">98.7</span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> million, respectively, as of March 31, 2019. In determining the liability, we used our incremental borrowing rate based on the information available at the time of adoption, since the rate implicit in the leases cannot be readily determined. At January 1, 2019, the weighted average rate was </span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">3.47</span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">%. The standard did not materially impact our consolidated net income or cash flows. We did not book a cumulative effect adjustment upon adoption of the standard.</span></p><p dir="ltr" style="text-indent: 0.25in; text-align: justify; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%; margin: 0 0 0.001pt"><span style="white-space: pre-wrap; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> </span></p><p dir="ltr" style="text-indent: 0.25in; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%; margin: 0 0 0.001pt"><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: italic; font-weight: normal; margin: 0; padding: 0">CLOUD COMPUTING</span></p><p dir="ltr" style="text-indent: 0.25in; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%; margin: 0 0 0.001pt"><span style="white-space: pre-wrap; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> </span></p><p dir="ltr" style="text-indent: 0.5in; text-align: justify; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%; margin: 0 0 0.001pt"><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">On January 1, 2019, we early adopted ASU No. 2018-15, “Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract”. This ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal use software. We adopted the ASU on a prospective basis.</span></p><p dir="ltr" style="text-align: justify; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%; margin: 0 0 0.001pt"><span style="white-space: pre-wrap; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> </span></p><p dir="ltr" style="text-indent: 0.5in; text-align: justify; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%; margin: 0 0 0.001pt"><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">As of June 30, 2019, we have two cloud computing arrangements that are service contracts. Roto-Rooter is implementing a system to assist in technician dispatch and VITAS is implementing a new human resources system. We have capitalized approximately $</span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">2.8</span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> million related to implementation of this project which is included in prepaid assets in the accompanying balance sheets. There has been </span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">no</span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> amortization expense associated with the asset, as the software has not yet been placed in service. We anticipate amortizing the assets over the original term of the arrangements plus renewal options that are reasonably certain of being exercised.</span></p><p dir="ltr" style="text-indent: 0.5in; text-align: justify; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%; margin: 0 0 0.001pt"><span style="white-space: pre-wrap; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> </span></p><p dir="ltr" style="text-indent: 0.5in; text-align: justify; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%; margin: 0 0 0.001pt"><span style="white-space: pre-wrap; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> </span></p><p dir="ltr" style="text-indent: 0.5in; text-align: justify; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%; margin: 0 0 0.001pt"><span style="white-space: pre-wrap; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> </span></p><p dir="ltr" style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%; margin: 0 0 0.001pt"><span style="white-space: pre-wrap; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> </span></p><p dir="ltr" style="text-indent: 0.25in; text-align: justify; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%; margin: 0 0 0.001pt"><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: italic; font-weight: normal; margin: 0; padding: 0">NON-EMPLOYEE STOCK COMPENSATION</span></p><p dir="ltr" style="text-indent: 0.25in; text-align: justify; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%; margin: 0 0 0.001pt"><span style="white-space: pre-wrap; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> </span></p><p dir="ltr" style="text-indent: 0.5in; text-align: justify; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%; margin: 0 0 0.001pt"><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">In June 2018, the FASB issued Accounting Standards Update “ASU No. 2018-07 – Compensation – Stock Compensation”. The ASU expands the scope of current guidance to include all share-based payment arrangements related to the acquisition of goods and services from both non-employees and employees. The guidance in the ASU is effective for the Company in all fiscal years beginning after December 15, 2018. Adoption of this standard had no material impact on our consolidated financial statements.</span></p><p dir="ltr" style="text-indent: 0.25in; text-align: justify; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%; margin: 0 0 0.001pt"><span style="white-space: pre-wrap; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> </span></p><p dir="ltr" style="text-indent: 0.25in; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%; margin: 0 0 0.001pt"><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: italic; font-weight: normal; margin: 0; padding: 0">CASH FLOW CLASSIFICATION</span></p><p dir="ltr" style="text-indent: 0.25in; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%; margin: 0 0 0.001pt"><span style="white-space: pre-wrap; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> </span></p><p dir="ltr" style="text-indent: 0.5in; text-align: justify; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%; margin: 0 0 0.001pt"><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">In August 2016, the FASB issued Accounting Standards Update “ASU No. 2016-15 – Cash Flow Classification” which amends guidance on the classification of certain cash receipts and payments in the statement of cash flows. The primary purpose of ASU 2016-15 was to reduce diversity in practice related to eight specific cash flow issues. The guidance in this ASU was effective for fiscal years beginning after December 15, 2017. We adopted this ASU as of January 1, 2018. There was no material effect to our statements of cash flow.</span></p><p dir="ltr" style="text-indent: 0.25in; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%; margin: 0 0 0.001pt"><span style="white-space: pre-wrap; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> </span></p><p dir="ltr" style="text-indent: 0.25in; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%; margin: 0 0 0.001pt"><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: italic; font-weight: normal; margin: 0; padding: 0">INCOME TAXES</span></p><p dir="ltr" style="text-indent: 0.25in; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%; margin: 0 0 0.001pt"><span style="white-space: pre-wrap; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> </span></p><p dir="ltr" style="text-indent: 0.5in; text-align: justify; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%; margin: 0 0 0.001pt"><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">Our effective income tax rate was </span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">21.1</span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">% in the second quarter of 2019 compared to </span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">4.7</span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">% during the second quarter of 2018. Excess tax benefit on stock options reduced our income tax expenses by $</span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">3.2</span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> million and $</span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">11.7</span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> million, respectively for the quarters ended June 30, 2019 and 2018. </span></p><p dir="ltr" style="margin: 0 0 0.001pt 0.25in; text-align: justify; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%"><span style="white-space: pre-wrap; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> </span></p><p dir="ltr" style="text-indent: 0.5in; text-align: justify; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%; margin: 0 0 0.001pt"><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">Our effective income tax rate was </span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">17.1</span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">% for the first six months of 2019 compared to </span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">12.2</span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">% during the first six months of 2018. Excess tax benefit on stock options reduced our income tax expenses by $</span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">9.9</span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> million and $</span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">15.5</span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> million, respectively for the first six months ended June 30, 2019 and 2018. </span></p><p dir="ltr" style="text-align: justify; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%; margin: 0 0 0.001pt"><span style="white-space: pre-wrap; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> </span></p><p dir="ltr" style="margin: 0 0 0.001pt 0.25in; text-align: justify; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%"><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: italic; font-weight: normal; margin: 0; padding: 0">NON-CASH TRANSACTIONS</span></p><p dir="ltr" style="margin: 0 0 0.001pt 0.25in; text-align: justify; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%"><span style="white-space: pre-wrap; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> </span></p><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">Included in the accompanying Consolidated Balance Sheets are $</span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">1.1</span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> million and $</span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">3.2</span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> million of capitalized property and equipment which were not paid for as of June 30, 2019 and December 31, 2018, respectively. These amounts have been excluded from capital expenditures in the accompanying Consolidated Statements of Cash Flow. There are no material non-cash amounts included in interest expense for any period presented.</span>
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: bold; margin: 0; padding: 0">16.    Recent Accounting Standards</span><p dir="ltr" style="margin: 0 0 0.001pt 0.25in; text-align: justify; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%"><span style="white-space: pre-wrap; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> </span></p><p dir="ltr" style="text-indent: 0.5in; text-align: justify; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%; margin: 0 0 0.001pt"><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">In January 2017, the FASB issued Accounting Standards Update “ASU No. 2017-4 – Intangibles – Goodwill and Other”. To simplify the subsequent measurement of goodwill, the FASB eliminated Step 2 from the goodwill impairment test. The </span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">guidance</span><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> in the ASU is effective for the Company in fiscal years beginning after December 15, 2019. Early adoption is permitted. We anticipate adoption of this standard will have no impact on our consolidated financial statements.</span></p><p dir="ltr" style="text-indent: 0.5in; text-align: justify; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%; margin: 0 0 0.001pt"><span style="white-space: pre-wrap; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> </span></p><p dir="ltr" style="text-indent: 0.5in; text-align: justify; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%; margin: 0 0 0.001pt"><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0">In June 2016, FASB issued Accounting Standards Update “ASU No. 2016-13 - Measurement of Credit Losses on Financial Instruments”. The ASU requires the use of the current expected credit loss model to measure impairments of financial assets. The ASU is effective for the Company for fiscal years beginning after December 15, 2019. Management is currently evaluating the impact of this ASU on the Company’ financial statements.</span></p><p dir="ltr" style="margin: 0 0 0.001pt 0.25in; text-align: justify; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 108%"><span style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0; padding: 0"> </span></p>
CY2018Q4 us-gaap Goodwill
Goodwill
510570000
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
57000
CY2019Q2 us-gaap Goodwill
Goodwill
510627000
CY2019Q2 us-gaap Disposal Group Including Discontinued Operation Property Plant And Equipment Noncurrent
DisposalGroupIncludingDiscontinuedOperationPropertyPlantAndEquipmentNoncurrent
15800000
CY2019Q2 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
2300000

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