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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED March 31, 2022
OR
         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM ___________ TO___________
Commission file number 1-16671
 
AMERISOURCEBERGEN CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 23-3079390
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1 West First AvenueConshohocken,PA 19428-1800
(Address of principal executive offices) (Zip Code)
 (610727-7000
(Registrant’s telephone number, including area code)

 Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of exchange on which registered
Common stock, par value $0.01 per shareABCNew York Stock Exchange(NYSE)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  ý  No  o
 
Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  ý  No o
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act).
 
Large accelerated filer ý  Accelerated filer o  Non-accelerated filer o  Smaller reporting company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes    No  ý
 
The number of shares of common stock of AmerisourceBergen Corporation outstanding as of April 30, 2022 was 209,464,050.


AMERISOURCEBERGEN CORPORATION
 
TABLE OF CONTENTS
 
 Page No.
  
 
  
 
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  

1

PART I. FINANCIAL INFORMATION 
ITEM I. Financial Statements (Unaudited) 
AMERISOURCEBERGEN CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)March 31,
2022
September 30,
2021
 (Unaudited) 
ASSETS  
Current assets:  
Cash and cash equivalents$2,960,759 $2,547,142 
Accounts receivable, less allowances for returns and credit losses:
$1,539,114 as of March 31, 2022 and $1,356,684 as of September 30, 2021
18,111,080 18,167,175 
Inventories15,514,851 15,368,352 
Right to recover assets1,451,687 1,271,557 
Income tax receivable135,285 221,875 
Prepaid expenses and other845,202 853,600 
Assets held for sale390,876 372,908 
Total current assets39,409,740 38,802,609 
Property and equipment, net2,138,598 2,162,961 
Goodwill8,798,265 9,030,531 
Other intangible assets4,888,039 5,256,927 
Deferred income taxes267,200 290,791 
Other assets1,806,311 1,793,986 
TOTAL ASSETS$57,308,153 $57,337,805 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities:  
Accounts payable$38,210,623 $38,009,954 
Accrued expenses and other2,578,236 2,856,405 
Short-term debt1,809,660 300,213 
Liabilities held for sale199,062 192,069 
Total current liabilities42,797,581 41,358,641 
Long-term debt4,646,712 6,383,711 
Accrued income taxes292,949 281,070 
Deferred income taxes1,692,347 1,685,296 
Other liabilities1,037,040 1,082,723 
Accrued litigation liability5,935,459 5,961,953 
Commitments and contingencies (Note 10)
Stockholders’ equity: 
Common stock, $0.01 par value - authorized, issued, and outstanding:
600,000,000 shares, 292,399,477 shares, and 209,402,090 shares as of March 31, 2022, respectively, and 600,000,000 shares, 290,722,533 shares, and 208,089,298 shares as of September 30, 2021, respectively
2,924 2,907 
Additional paid-in capital5,599,819 5,465,104 
Retained earnings2,469,709 1,670,513 
Accumulated other comprehensive loss(1,005,819)(445,442)
Treasury stock, at cost: 82,997,387 shares as of March 31, 2022 and 82,633,235 shares as of September 30, 2021
(6,516,324)(6,469,728)
Total AmerisourceBergen Corporation stockholders' equity550,309 223,354 
Noncontrolling interests355,756 361,057 
Total equity906,065 584,411 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$57,308,153 $57,337,805 
See notes to consolidated financial statements.
2

AMERISOURCEBERGEN CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended
March 31,
Six months ended
March 31,
(in thousands, except per share data)2022202120222021
Revenue$57,719,446 $49,154,171 $117,348,256 $101,670,727 
Cost of goods sold55,484,366 47,620,790 113,052,817 98,685,116 
Gross profit2,235,080 1,533,381 4,295,439 2,985,611 
Operating expenses: 
Distribution, selling, and administrative1,203,238 730,081 2,373,348 1,465,149 
Depreciation96,498 75,270 192,083 149,215 
Amortization78,792 25,527 159,136 51,135 
Employee severance, litigation, and other76,395 78,156 141,364 148,537 
Impairment of assets  4,946  
Operating income780,157 624,347 1,424,562 1,171,575 
Other (income) loss, net(948)23,310 (6,120)9,042 
Interest expense, net52,916 34,526 106,288 68,140 
Income before income taxes728,189 566,511 1,324,394 1,094,393 
Income tax expense172,944 132,506 319,733 281,681 
Net income555,245 434,005 1,004,661 812,712 
Net (income) loss attributable to noncontrolling interests(7,231)1,262 (7,542)(2,600)
Net income attributable to AmerisourceBergen Corporation
$548,014 $435,267 $997,119 $810,112 
Earnings per share:
Basic$2.62 $2.12 $4.77 $3.96 
Diluted$2.59 $2.10 $4.71 $3.91 
Weighted average common shares outstanding:  
Basic209,244 204,916 208,900 204,804 
Diluted211,991 207,315 211,580 207,063 
Cash dividends declared per share of common stock$0.46 $0.44 $0.92 $0.88 
 











See notes to consolidated financial statements.
3

AMERISOURCEBERGEN CORPORATION AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited) 
Three months ended
March 31,
Six months ended
March 31,
(in thousands)2022202120222021
Net income$555,245 $434,005 $1,004,661 $812,712 
Other comprehensive (loss) income
Foreign currency translation adjustments(193,782)(4,219)(572,243)39,939 
Other(304) (977) 
Total other comprehensive (loss) income(194,086)(4,219)(573,220)39,939 
Total comprehensive income361,159 429,786 431,441 852,651 
Comprehensive loss (income) attributable to noncontrolling interests3,819 6,700 5,301 (2,957)
Comprehensive income attributable to AmerisourceBergen Corporation
$364,978 $436,486 $436,742 $849,694 





























See notes to consolidated financial statements.
4

AMERISOURCEBERGEN CORPORATION AND SUBSIDIARIES 
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(Unaudited)
(in thousands, except per share data)Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossTreasury StockNoncontrolling InterestsTotal
December 31, 2021$2,920 $5,546,614 $2,019,077 $(822,783)$(6,504,282)$359,575 $601,121 
Net income— — 548,014 — — 7,231 555,245 
Other comprehensive loss— — — (183,036)— (11,050)(194,086)
Cash dividends, $0.46 per share
— — (97,382)— — — (97,382)
Exercises of stock options4 34,032 — — — — 34,036 
Share-based compensation expense— 19,645 — — — — 19,645 
Purchases of common stock— — — — (11,396)— (11,396)
Employee tax withholdings related to restricted share vesting— — — — (646)— (646)
Other (472)— — — — (472)
March 31, 2022$2,924 $5,599,819 $2,469,709 $(1,005,819)$(6,516,324)$355,756 $906,065 

(in thousands, except per share data)Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossTreasury StockNoncontrolling InterestsTotal
December 31, 2020$2,891 $5,187,669 $780,971 $(70,467)$(6,598,286)$185,674 $(511,548)
Net income (loss)— — 435,267 — — (1,262)434,005 
Other comprehensive income (loss)— — — 1,219 — (5,438)(4,219)
Cash dividends, $0.44 per share
— — (91,262)— — — (91,262)
Exercises of stock options8 72,102 — — — — 72,110 
Share-based compensation expense— 18,793 — — — — 18,793 
Purchases of common stock— — — — (20,196)— (20,196)
Employee tax withholdings related to restricted share vesting
— — — — (281)— (281)
Other1 (185)— — — — (184)
March 31, 2021$2,900 $5,278,379 $1,124,976 $(69,248)$(6,618,763)$178,974 $(102,782)



















See notes to consolidated financial statements.
5

AMERISOURCEBERGEN CORPORATION AND SUBSIDIARIES 
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(Unaudited)
(in thousands, except per share data)Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossTreasury StockNoncontrolling InterestsTotal
September 30, 2021$2,907 $5,465,104 $1,670,513 $(445,442)$(6,469,728)$361,057 $584,411 
Net income— — 997,119 — — 7,542 1,004,661 
Other comprehensive loss— — — (560,377)— (12,843)(573,220)
Cash dividends, $0.92 per share
— — (197,923)— — — (197,923)
Exercises of stock options8 72,965 — — — — 72,973 
Share-based compensation expense— 62,565 — — — — 62,565 
Purchases of common stock— — — — (11,396)— (11,396)
Employee tax withholdings related to restricted share vesting— — — — (35,200)— (35,200)
Other9 (815)— — — — (806)
March 31, 2022$2,924 $5,599,819 $2,469,709 $(1,005,819)$(6,516,324)$355,756 $906,065 

(in thousands, except per share data)Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossTreasury StockNoncontrolling InterestsTotal
September 30, 2020$2,878 $5,081,776 $518,335 $(108,830)$(6,513,083)$179,288 $(839,636)
Adoption of ASC 326, net of tax— — (21,106)— — (2,988)(24,094)
Net income — — 810,112 — — 2,600 812,712 
Other comprehensive income— — — 39,582 — 357 39,939 
Cash dividends, $0.88 per share
— — (182,365)— — — (182,365)
Exercises of stock options15 130,311 — — — — 130,326 
Share-based compensation expense— 67,110 — — — — 67,110 
Purchases of common stock— — — — (82,150)— (82,150)
Employee tax withholdings related to restricted share vesting
— — — — (23,530)— (23,530)
Other7 (818)— — — (283)(1,094)
March 31, 2021$2,900 $5,278,379 $1,124,976 $(69,248)$(6,618,763)$178,974 $(102,782)



















See notes to consolidated financial statements.
6

AMERISOURCEBERGEN CORPORATION AND SUBSIDIARIES 
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Six months ended
March 31,
(in thousands)20222021
OPERATING ACTIVITIES 
Net income$1,004,661 $812,712 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, including amounts charged to cost of goods sold194,407 154,682 
Amortization, including amounts charged to interest expense165,629 54,683 
Provision for credit losses7,406 6,856 
Provision for deferred income taxes51,750 141,601 
Share-based compensation expense62,565 67,110 
LIFO credit(60,738)(46,645)
Impairment of assets4,946  
Other, net(2,545)36,872 
Changes in operating assets and liabilities, excluding the effects of acquisitions:
Accounts receivable(527,521)(193,770)
Inventories(215,479)(314,294)
Income taxes receivable86,590 157,136 
Prepaid expenses and other assets67,847 18,639 
Accounts payable598,411 (292,555)
Income taxes payable(30,023)(21,791)
Accrued expenses(134,656)(107,327)
Long-term accrued litigation liability(26,494)13,775 
Other liabilities(116,760)(38,534)
NET CASH PROVIDED BY OPERATING ACTIVITIES1,129,996 449,150 
INVESTING ACTIVITIES  
Capital expenditures(209,343)(151,612)
Cost of acquired companies, net of cash acquired(124,158) 
Cost of equity investments (162,620)
Other, net(3,663) 
NET CASH USED IN INVESTING ACTIVITIES(337,164)(314,232)
FINANCING ACTIVITIES  
Senior notes and other loan borrowings68,159 2,585,538 
Other loan repayments(317,299)(523,717)
Borrowings under revolving and securitization credit facilities3,855,847 39,083 
Repayments under revolving and securitization credit facilities(3,815,497)(31,259)
Purchases of common stock(11,396)(82,150)
Exercises of stock options72,973 130,326 
Cash dividends on common stock(197,923)(182,365)
Employee tax withholdings related to restricted share vesting(35,200)(23,530)
Other, net(4,251)(3,410)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES(384,587)1,908,516 
EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS, AND RESTRICTED CASH(5,055) 
INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, INCLUDING CASH CLASSIFIED WITHIN ASSETS HELD FOR SALE403,190 2,043,434 
LESS: INCREASE IN CASH CLASSIFIED WITHIN ASSETS HELD FOR SALE(516) 
INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH402,674 2,043,434 
Cash, cash equivalents, and restricted cash at beginning of period3,070,128 4,597,746 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD$3,472,802 $6,641,180 
See notes to consolidated financial statements.
7

AMERISOURCEBERGEN CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
Note 1.  Summary of Significant Accounting Policies
Basis of Presentation
The accompanying financial statements present the consolidated financial position, results of operations, and cash flows of AmerisourceBergen Corporation and its subsidiaries, including less-than-wholly-owned subsidiaries in which AmerisourceBergen Corporation has a controlling financial interest (the "Company"), as of the dates and for the periods indicated. All significant intercompany accounts and transactions have been eliminated in consolidation.
The accompanying unaudited consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP") for interim financial information and in accordance with the instructions to Form 10-Q, and Rule 10-01 of Regulation S-X. In the opinion of management, all adjustments (consisting only of normal recurring accruals, except as otherwise disclosed herein) considered necessary to present fairly the financial position as of March 31, 2022 and the results of operations and cash flows for the interim periods ended March 31, 2022 and 2021 have been included. Certain information and footnote disclosures normally included in financial statements presented in accordance with U.S. GAAP, but which are not required for interim reporting purposes, have been omitted. The accompanying unaudited consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2021.
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Actual amounts could differ from these estimated amounts. Certain reclassifications have been made to prior-period amounts in order to conform to the current year presentation.
Restricted Cash
The Company is required to maintain certain cash deposits with banks mainly consisting of deposits restricted under contractual agency agreements and cash restricted by law and other obligations. Restricted cash includes $289.5 million and $288.4 million held in escrow related to an opioid-related legal settlement as of March 31, 2022 and September 30, 2021, respectively.
The following represents a reconciliation of cash and cash equivalents in the Consolidated Balance Sheets to cash, cash equivalents, and restricted cash used in the Consolidated Statements of Cash Flows:
(amounts in thousands)March 31,
2022
September 30,
2021
(unaudited)
Cash and cash equivalents$2,960,759 $2,547,142 
Restricted cash (included in Prepaid Expenses and Other)452,014 462,986 
Restricted cash (included in Other Assets)60,029 60,000 
Cash, cash equivalents, and restricted cash$3,472,802 $3,070,128 
Recently Adopted Accounting Pronouncements
In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes" ("ASU 2019-12"). ASU 2019-12 removes certain exceptions to the general principles in ASC 740 in order to reduce the cost and complexity of its application. ASU 2019-12 was effective for annual reporting periods beginning after December 15, 2020, including interim periods within those fiscal years, with certain amendments applied on a modified retrospective basis, with a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption, and others prospectively.
The Company adopted ASU No. 2019-12 as of October 1, 2021. The adoption of ASU No. 2019-12 had no impact on the Company's financial statements and is not expected to have a material impact on its results of operations or cash flows.
As of March 31, 2022, there were no other recently-issued accounting standards that could have a material impact on the Company’s financial position, results of operations, cash flows, or notes to the financial statements upon their adoption.
8


New Reporting Structure
The Company undertook a strategic evaluation of its reporting structure to reflect its expanded international presence as a result of the June 2021 acquisition of Alliance Healthcare. As a result of this review, beginning in the first quarter of fiscal 2022, the Company has re-aligned its reporting structure under two reportable segments: U.S. Healthcare Solutions and International Healthcare Solutions. U.S. Healthcare Solutions consists of the legacy Pharmaceutical Distribution Services reportable segment (excluding Profarma), MWI Animal Health, Xcenda, Lash Group, and ICS 3PL. International Healthcare Solutions consists of Alliance Healthcare, World Courier, Innomar, Profarma, and Profarma Specialty. Profarma had previously been included in the Pharmaceutical Distribution Services reportable segment. The Company's previously reported segment results have been revised to conform to its re-aligned reporting structure. Refer to Note 12 for the Company's segment results under the new reporting structure.
Note 2.  Acquisition and Assets and Liabilities Held for Sale
Acquisition
On June 1, 2021, the Company acquired a majority of Walgreens Boots Alliance, Inc.'s ("WBA") Alliance Healthcare businesses ("Alliance Healthcare") for $6,662.0 million in cash, $229.1 million of the Company's common stock (2 million shares at the Company's June 1, 2021 opening stock price of $114.54 per share), and $6.1 million of other equity consideration. The net cash payment was $5,596.7 million, as the Company acquired $922.0 million of cash and cash equivalents and $143.3 million of restricted cash. The shares issued were from the Company's treasury stock on a first-in, first-out basis and were originally purchased for $149.1 million. In the fiscal quarter ended March 31, 2022, the Company's previous estimate of $96.9 million of accrued consideration was settled for $60.0 million, which resulted in a $36.9 million reduction to Goodwill. The $60.0 million cash payment is included in the total $6,662.0 million cash consideration. The Company funded the cash purchase price through a combination of cash on hand and new debt financing. The acquisition expands the Company's reach and solutions in pharmaceutical distribution and adds to the Company's depth and breadth of global manufacturer services.
The purchase price has been allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of the acquisition in the table that follows. The allocation as of March 31, 2022 is pending the finalization of working capital and related account balances, as well as the finalization of deferred taxes. There were no measurement period adjustments recorded to the previously-reported opening balance sheet that would have had a material impact on the Company's previously-reported results of operations had those adjustments been recorded in the previous reporting periods. There can be no assurance that the estimated amounts recorded will represent the final purchase price allocation.


9


(in thousands)
Consideration
Cash$6,662,020 
Equity (2 million shares of AmerisourceBergen Corporation common stock)
229,080 
Other equity consideration6,061 
Fair value of total consideration$6,897,161 
Recognized amounts of identifiable assets acquired and liabilities assumed
Cash and cash equivalents$921,995 
Accounts receivable3,703,895 
Inventories1,647,330 
Prepaid expenses and other381,926 
Property and equipment634,220 
Goodwill2,443,341 
Other intangible assets3,735,000 
Other assets550,855 
Total assets acquired14,018,562 
Accounts payable(4,618,807)
Accrued expenses and other(765,463)
Short-term debt(353,420)
Deferred income taxes(800,115)
Other liabilities(405,332)
Total liabilities assumed(6,943,137)
Net assets acquired7,075,425 
Noncontrolling interest(178,264)
Equity consideration(235,141)
Cash acquired, including restricted cash of $143,308 included in Prepaid Expenses and Other
(1,065,303)
Net cash paid$5,596,717 
The estimated fair value of the intangible assets acquired of $3.7 billion and the estimated useful lives are as follows:
(in thousands, except useful lives)Fair ValueWeighted-Average Useful Life
Customer relationships$3,327,000 18
Trade names408,000 11
Total$3,735,000 
Goodwill resulting from this acquisition is not expected to be deductible for income tax purposes.
The fair value of the $178.3 million noncontrolling interest in Alliance Healthcare Egypt, a 50%-owned subsidiary, was estimated by applying income and market-based approaches. This fair value measurement is based on inputs that are not observable in the market and; therefore, represents a fair value measurement categorized within Level 3 of the fair value hierarchy.
The Company incurred $90.9 million of acquisition-related costs in connection with this acquisition. These costs were recognized in Employee Severance, Litigation, and Other in the Company's Statements of Operations in the fiscal year ended September 30, 2021.
10


Assets and Liabilities Held for Sale
The Company entered into agreements to sell two of its non-core subsidiaries. In connection with entering into these agreements, the Company concluded that both disposal groups met the held for sale criteria and classified their assets and liabilities as held for sale as of March 31, 2022 and September 30, 2021. One disposal group is included within the U.S. Healthcare Solutions reportable segment and the other disposal group is included within the International Healthcare Solutions reportable segment.
In connection with the held for sale classification, the Company recorded a $16.3 million loss on the remeasurement of the disposal group held for sale in the U.S. Healthcare Solutions reportable segment to fair value less cost to sell, $4.9 million of which was recorded in Impairment of Assets on its Consolidated Statement of Operations for the six months ended March 31, 2022. The Company previously recorded a loss of $11.3 million in fiscal 2021. The Company completed the sale of the disposal group included within the U.S. Healthcare Solutions reportable segment in April 2022 for a total of $110 million, subject to a final working capital adjustment. The Company expects to complete the sale of the disposal group included within the International Healthcare Solutions reportable segment by September 30, 2022.
Total assets and liabilities of the combined disposal groups held for sale on the Consolidated Balance Sheet for the periods indicated are comprised of the following:
(in thousands)March 31,
2022
September 30,
2021
Cash and cash equivalents$2,267 $1,751 
Accounts receivables, less allowance for credit losses195,569 182,077 
Inventories130,213 123,424 
Prepaid expenses and other11,493 11,258 
Property and equipment2,949 3,084 
Goodwill31,903 31,903 
Other intangible assets23,424 22,923 
Other assets9,328 7,812 
Loss on the remeasurement of disposal group held for sale to fair value less cost to sell(16,270)(11,324)
Total assets held for sale$390,876 $372,908 
Accounts payable$179,632 $173,104 
Accrued expenses and other4,064 7,234 
Short-term debt7,089 4,225 
Long-term debt 50 
Deferred income taxes5,521 5,857 
Other liabilities2,756 1,599 
Total liabilities held for sale$199,062 $192,069 









11


Note 3. Variable Interest Entity
The Company has substantial governance rights over Profarma Distribuidora de Produtos Farmacêuticos S.A. ("Profarma"), which allow it to direct the activities that significantly impact Profarma’s economic performance. As such, the Company consolidates the operating results of Profarma in its consolidated financial statements. The Company is not obligated to provide future financial support to Profarma.
The following assets and liabilities of Profarma are included in the Company's Consolidated Balance Sheets:
(in thousands)March 31,
2022
September 30,
2021
Cash and cash equivalents$51,646 $33,699 
Accounts receivables, net207,398 148,485 
Inventories250,222 168,229 
Prepaid expenses and other77,458 62,545 
Property and equipment, net38,633 31,920 
Goodwill75,936 75,936 
Other intangible assets68,672 70,840 
Other long-term assets98,900 74,177 
Total assets$868,865 $665,831 
Accounts payable$318,029 $162,768 
Accrued expenses and other44,321 38,477 
Short-term debt49,919 64,215 
Long-term debt81,370 52,613 
Deferred income taxes21,333 37,041 
Other long-term liabilities65,805 57,945 
Total liabilities$580,777 $413,059 
Profarma's assets can only be used to settle its obligations, and its creditors do not have recourse to the general credit of the Company.
Note 4.  Income Taxes
The Company files income tax returns in U.S. federal, state, and various foreign jurisdictions. As of March 31, 2022, the Company had unrecognized tax benefits, defined as the aggregate tax effect of differences between tax return positions and the benefits recognized in the Company’s financial statements, of $538.1 million ($471.1 million, net of federal benefit). If recognized, $452.8 million of these tax benefits would have reduced income tax expense and the effective tax rate. Included in this amount is $24.6 million of interest and penalties, which the Company records in Income Tax Expense in the Company's Consolidated Statements of Operations. In the six months ended March 31, 2022, unrecognized tax benefits increased by $15.3 million. Over the next 12 months, it is reasonably possible that tax authority audit resolutions and the expiration of statutes of limitations could result in a reduction of unrecognized tax benefits of approximately $2.9 million.
The Company's effective tax rates were 23.7% and 24.1% for the three and six months ended March 31, 2022, respectively. The Company's effective tax rates were 23.4% and 25.7% for the three and six months ended March 31, 2021, respectively. The effective tax rates for the three and six months ended March 31, 2022 were higher than the U.S. statutory rate primarily due to U.S. state income taxes as well as discrete tax expense associated with foreign valuation allowance adjustments, offset in part by the benefit of non-U.S. income taxed at rates lower than the U.S. statutory rate. The effective tax rates in the three and six months ended March 31, 2021 were higher than the U.S. statutory rate primarily due to U.S. state income taxes. The Company's effective tax rate for the six months ended March 31, 2021 was higher than the U.S. statutory rate due to discrete tax expense associated with the Swiss deferred tax asset, offset in part by discrete tax benefits resulting from the permanent shutdown of PharMEDium Healthcare Holdings, Inc.

12


Note 5.  Goodwill and Other Intangible Assets
In connection with the change in the Company's reporting structure that is discussed in Note 1, the Company reallocated goodwill among the impacted reporting units using a relative fair value approach and assessed impairment before and after goodwill was reallocated. The following is a summary of the changes in the carrying value of goodwill, by reportable segment, for the six months ended March 31, 2022:
(in thousands)U. S. Healthcare SolutionsInternational Healthcare SolutionsTotal
Goodwill as of September 30, 2021 (as revised)$6,260,374 $2,770,157 $9,030,531 
Purchase accounting adjustments (25,811)(25,811)
Goodwill recognized in connection with acquisition18,409  18,409 
Foreign currency translation(715)(224,149)(224,864)
Goodwill as of March 31, 2022$6,278,068 $2,520,197 $8,798,265 
The following is a summary of other intangible assets:
 March 31, 2022September 30, 2021
(in thousands)Weighted Average Remaining Useful LifeGross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Indefinite-lived trade names
$668,151 $— $668,151 $668,119 $— $668,119 
Finite-lived:
   Customer relationships
16 years4,621,590 (840,923)3,780,667 4,838,549 (718,750)4,119,799 
   Trade names and other11 years602,927 (163,706)439,221 609,050 (140,041)469,009 
Total other intangible assets$5,892,668 $(1,004,629)$4,888,039 $6,115,718 $(