0000019584-21-000013 | 10-Q | XBRL Viewer

Document And Entity Information	6 Months Ended
Document And Entity Information	Jun. 30, 2021 shares
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Fiscal Period Focus	Q2
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	1-8351
Entity Registrant Name	CHEMED CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	31-0791746
Entity Address, Address Line One	255 E. Fifth Street
Entity Address, Address Line Two	Suite 2600
Entity Address, City or Town	Cincinnati
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45202
City Area Code	513
Local Phone Number	762-6690
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Capital Stock $1 Par Value
Trading Symbol	CHE
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding	15,731,457
Amendment Flag	false
Entity Central Index Key	0000019584
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 92,120	$ 162,675
Accounts receivable	123,329	126,853
Inventories	7,411	7,095
Prepaid income taxes	23,386	6,603
Prepaid expenses	22,840	26,177
Total current assets	269,086	329,403
Investments of deferred compensation plans	98,256	88,811
Properties and equipment, at cost, less accumulated depreciation of $307,347 (2020 - $293,380)	192,653	187,820
Lease right of use asset	123,207	123,448
Identifiable intangible assets less accumulated amortization of $52,628 (2020 - $47,607)	113,137	118,085
Goodwill	578,650	578,585
Other assets	8,807	8,759
Total Assets	1,383,796	1,434,911
Current liabilities
Accounts payable	55,975	54,234
Income taxes	5	9,464
Accrued insurance	51,963	54,703
Accrued compensation	83,608	91,282
Accrued legal	1,391	10,632
Short-term lease liability	36,440	36,200
Other current liabilities	38,020	42,593
Total current liabilities	267,402	299,108
Deferred income taxes	21,713	20,664
Deferred compensation liabilities	97,374	88,456
Long-term lease liability	99,093	99,210
Other liabilities	27,440	26,273
Total Liabilities	513,022	533,711
Commitments and contingencies (Note 10)
STOCKHOLDERS' EQUITY
Capital stock - authorized 80,000,000 shares $1 par; issued 36,385,091 shares (2020 - 36,258,638 shares)	36,385	36,259
Paid-in capital	999,697	961,404
Retained earnings	1,834,835	1,723,777
Treasury stock - 20,720,835 shares (2020 - 20,351,562 shares)	(2,002,326)	(1,822,579)
Deferred compensation payable in Company stock	2,183	2,339
Total Stockholders' Equity	870,774	901,200
Total Liabilities and Stockholders' Equity	$ 1,383,796	$ 1,434,911

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Consolidated Balance Sheets [Abstract]
Properties and equipment, at cost, accumulated depreciation	$ 307,347	$ 293,380
Identifiable intangible assets, accumulated amortization	$ 52,628	$ 47,607
Capital stock - authorized	80,000,000	80,000,000
Capital stock - par value	$ 1	$ 1
Capital stock - issued	36,385,091	36,258,638
Treasury stock	20,720,835	20,351,562

Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Consolidated Statements Of Income [Abstract]
Service revenues and sales	$ 532,256	$ 502,199	$ 1,059,616	$ 1,017,997
Cost of services provided and goods sold (excluding depreciation)	350,493	352,163	690,966	703,908
Selling, general and administrative expenses	93,838	84,513	185,437	155,096
Depreciation	13,612	11,659	25,327	23,047
Amortization	2,510	2,488	5,020	4,965
Other operating expenses/(income)	104	(41,384)	726	(41,142)
Total costs and expenses	460,557	409,439	907,476	845,874
Income from operations	71,699	92,760	152,140	172,123
Interest expense	(379)	(651)	(760)	(1,626)
Other income/(expense) - net	3,785	7,514	7,387	(1,952)
Income before income taxes	75,105	99,623	158,767	168,545
Income taxes	(18,583)	(17,522)	(36,845)	(30,553)
Net income	$ 56,522	$ 82,101	$ 121,922	$ 137,992
Earnings Per Share:
Net income	$ 3.57	$ 5.16	$ 7.66	$ 8.65
Average number of shares outstanding	15,829	15,914	15,919	15,953
Diluted Earnings Per Share:
Net income	$ 3.51	$ 5.01	$ 7.52	$ 8.39
Average number of shares outstanding	16,101	16,373	16,205	16,445
Cash Dividends Per Share	$ 0.34	$ 0.32	$ 0.68	$ 0.64

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash Flows from Operating Activities
Net income	$ 121,922	$ 137,992
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	30,347	28,012
Stock option expense	12,345	10,113
Litigation settlements paid	(9,440)
Noncash long-term incentive compensation	3,402	3,527
Noncash directors' compensation	1,173	1,171
Provision for deferred income taxes	1,051	2,717
Amortization of debt issuance costs	153	153
Provision for bad debts	40	871
Unutilized CARES Act grant		39,236
Deferred payroll taxes		10,716
Changes in operating assets and liabilities:
Decrease in accounts receivable	4,722	6,696
Increase in inventories	(316)	(5)
Decrease/(increase) in prepaid expenses	3,337	(33)
(Decrease)/increase in accounts payable and other current liabilities	(10,815)	13,303
Change in current income taxes	(26,242)	23,725
Net change in lease assets and liabilities	(436)	1,287
Increase in other assets	(10,088)	(2,988)
Increase in other liabilities	10,088	1,383
Other sources/(uses)	796	(54)
Net cash provided by operating activities	132,039	277,822
Cash Flows from Investing Activities
Capital expenditures	(33,604)	(32,251)
Business combinations		(3,600)
Other sources/(uses)	302	473
Net cash used by investing activities	(33,302)	(35,378)
Cash Flows from Financing Activities
Purchases of treasury stock	(166,649)	(122,148)
Proceeds from exercise of stock options	16,186	19,440
Dividends paid	(10,864)	(10,238)
Capital stock surrendered to pay taxes on stock-based compensation	(8,598)	(14,845)
Payments on revolving line of credit		(264,900)
Proceeds from revolving line of credit		174,900
Change in cash overdrafts payable		(9,849)
Other sources/(uses)	633	(586)
Net cash used by financing activities	(169,292)	(228,226)
(Decrease)/Increase in Cash and Cash Equivalents	(70,555)	14,218
Cash and cash equivalents at beginning of year	162,675	6,158
Cash and cash equivalents at end of period	$ 92,120	$ 20,376

Consolidated Statements Of Changes In Stockholders Equity - USD ($) $ in Thousands	Capital Stock [Member]	Paid-In Capital [Member]	Retained Earnings [Member]	Treasury Stock-At Cost [Member]	Deferred Compensation Payable In Company Stock [Member]	Total
Balance at Dec. 31, 2019	$ 35,811	$ 860,671	$ 1,425,752	$ (1,597,940)	$ 2,314	$ 726,608
Net income			137,992			137,992
Dividends paid			(10,238)			(10,238)
Stock awards and exercise of stock options	229	44,312		(25,135)		19,406
Purchases of treasury stock				(122,148)		(122,148)
Other		(562)	(362)	(76)	76	(924)
Balance at Jun. 30, 2020	36,040	904,421	1,553,144	(1,745,299)	2,390	750,696
Balance at Mar. 31, 2020	35,912	878,550	1,476,151	(1,709,390)	2,378	683,601
Net income			82,101			82,101
Dividends paid			(5,108)			(5,108)
Stock awards and exercise of stock options	128	25,340		(13,995)		11,473
Purchases of treasury stock				(21,914)		(21,914)
Other		531			12	543
Balance at Jun. 30, 2020	36,040	904,421	1,553,144	(1,745,299)	2,390	750,696
Balance at Dec. 31, 2020	36,259	961,404	1,723,777	(1,822,579)	2,339	901,200
Net income			121,922			121,922
Dividends paid			(10,864)			(10,864)
Stock awards and exercise of stock options	126	37,637		(13,255)		24,508
Purchases of treasury stock				(166,649)		(166,649)
Other		656		157	(156)	657
Balance at Jun. 30, 2021	36,385	999,697	1,834,835	(2,002,326)	2,183	870,774
Balance at Mar. 31, 2021	36,345	982,739	1,783,740	(1,876,315)	2,375	928,884
Net income			56,522			56,522
Dividends paid			(5,427)			(5,427)
Stock awards and exercise of stock options	40	16,630		(4,323)		12,347
Purchases of treasury stock				(121,882)		(121,882)
Other		328		194	(192)	330
Balance at Jun. 30, 2021	$ 36,385	$ 999,697	$ 1,834,835	$ (2,002,326)	$ 2,183	$ 870,774

- 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

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Consolidated Statements Of Changes In Stockholders Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Consolidated Statements Of Changes In Stockholders Equity [Abstract]
Dividends paid per share	$ 0.34	$ 0.32	$ 0.68	$ 0.64

Basis Of Presentation

6 Months Ended

Jun. 30, 2021

Basis Of Presentation [Abstract]

Basis Of Presentation

1. Basis of Presentation

As used herein, the terms “We,” “Company” and “Chemed” refer to Chemed Corporation or Chemed Corporation and its consolidated subsidiaries.

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, 2020 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. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021 or any other future period, and we make no representations related thereto. 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, 2020.

CORONAVIRUS AID, RELIEF AND ECONOMIC STIMULUS (CARES) ACT

The current COVID-19 pandemic did have a material impact on our results of operations, cash flow and financial position as of and for the three and six months ended June 30, 2021. We are closely monitoring the impact of the pandemic on all aspects of our business including impacts to employees, customers, patients, suppliers and vendors. The Company’s two operating subsidiaries have been categorized as critical infrastructure businesses and are not currently materially limited by federal, state or local regulations that restrict movement or operating ability.

The length and severity of the pandemic, coupled with related governmental actions including relief acts and actions relating to our workforce at federal, state and local levels, and underlying economic disruption will determine the ultimate short-term and long-term impact to our business operations and financial results. We are unable to predict the myriad of possible issues that could arise or the ultimate effect to our businesses as a result of the unknown short, medium and long-term impacts that the pandemic will have on the United States economy and society as a whole.

On March 27, 2020, the CARES Act was passed. It is intended to provide economic relief to individuals and businesses affected by the coronavirus pandemic. It also contains provisions related to healthcare providers’ operations and the issues caused by the coronavirus pandemic. The following are significant economic impacts for Chemed and its subsidiaries as a result of specific provisions of the CARES Act:

A portion of the CARES Act provides $100 billion from the Public Health and Social Services Emergency Fund (“Relief Fund”) to healthcare providers on the front lines of the coronavirus response. Of this distribution, $30 billion was designated to be automatically distributed to facilities and healthcare providers based upon their 2019 Medicare fee-for-service revenue.

On April 10, 2020 VITAS automatically received $80.2 million from the Relief Fund based upon VITAS’s 2019 Medicare fee-for-service Medicare revenue. The main condition that is attached to the grant is that the money will be used “only for health care related expenses or lost revenues that are attributable to coronavirus”. HHS guidance does not specifically designate what healthcare expenses are related to COVID-19. The guidance to date is general and broad but does provide some examples such as equipment and supplies, workforce training, reporting COVID-19 test results, securing separate facilities for COVID-19 patients and acquiring additional resources to expand or preserve care delivery. VITAS has cared for approximately 3,200 COVID positive patients through June 30, 2021.

The additional conditions to the Relief Fund payment are specific in nature, such as the money cannot be used for gun control advocacy purposes, abortions, embryo research, etc. The Company is in compliance, and intends to maintain compliance, with these specific conditions. Based on this analysis, management believes that there is reasonable assurance that VITAS will comply with the conditions.

Chemed and its subsidiaries have deferred $36.4 million of certain employer payroll taxes as permitted by the CARES Act. $18.2 million is classified as short-term and $18.2 million is classified as a long-term liability.

During the period from May 1, 2020 through June 30, 2021, the 2% Medicare sequestration reimbursement cut was suspended. For the three and six month periods ended June 30, 2021, approximately $5.9 million and $11.9 million, respectively, was recognized as revenue due to the suspension of sequestration. In April 2021, legislation was signed into law that suspended sequestration through December 31, 2021.

There is no U.S. GAAP that covers accounting for such government “grants” to for-profit entities. As a result, the Company analogized to International Accounting Standard 20 – Accounting for Government Grants and Disclosures (“IAS 20”). Under IAS 20,

once it is reasonably assured that the entity will comply with the conditions of the grant, the grant money should be recognized on a systematic basis over the periods in which the entity recognizes the related expenses or lost revenue.

All CARES Act funds received were fully recognized as of December 31, 2020. However, the rules concerning the utilization of the funds continue to evolve and we will continue to comply with those applicable to us. The portal to report utilization of CARES Act funds opened on July 1, 2021. We intend to complete reporting by the September 30, 2021 deadline.

CLOUD COMPUTING

As of June 30, 2021, we have two cloud computing arrangements that are service contracts. Roto-Rooter is implementing a system to assist in technician dispatch and VITAS implemented a new human resources system. We have capitalized approximately $9.1 million related to implementation of these projects which are included in prepaid assets in the accompanying balance sheets. The VITAS human resource system was placed into service in January 2020 and is being amortized over 5 years. For the three months ended June 30, 2021 and 2020, $249,000 and $263,000, respectively, has been amortized. For the six months ended June 30, 2021 and 2020, $448,000 and $525,000, respectively, has been amortized. The Roto-Rooter project was placed into service during the second quarter of 2021. For the quarter and year to date ended June 30, 2021, $349,000 has been amortized.

INCOME TAXES

In December 2019, the FASB issued Accounting Standards Update “ASU No. 2019-12 – Simplifying the Accounting for Income Taxes”. The ASU adds new guidance to simplify accounting for income taxes, changes the accounting for certain income tax transactions and makes minor improvements to the codifications. The ASU is effective for the Company on January 1, 2021. The impact of adoption was not material.

Our effective income tax rate was 24.7% in the second quarter of 2021 compared to 17.6% during the second quarter of 2020. Excess tax benefit on stock options reduced our income tax expenses by $868,000 and $8.2 million, respectively for the quarters ended June 30, 2021 and 2020.

Our effective income tax rate was 23.2% in the first six months of 2021 compared to 18.1% during the first six months of 2020. Excess tax benefit on stock options reduced our income tax expenses by $4.1 million and $12.8 million, respectively for the first six months ended June 30, 2021 and 2020.

NON-CASH TRANSACTIONS

Included in the accompanying Consolidated Balance Sheets are $1.6 million and $3.9 million of capitalized property and equipment which were not paid for as of June 30, 2021 and December 31, 2020, respectively. Accrued property and equipment purchases 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.

BUSINESS COMBINATIONS

We account for acquired businesses using the acquisition method of accounting. All assets acquired and liabilities assumed are recorded at their respective fair values at the date of acquisition. The determination of fair value involves estimates and the use of valuation techniques when market value is not readily available. We use various techniques to determine fair value in accordance with accepted valuation models, primarily the income approach. The significant assumptions used in developing fair values include, but are not limited to, revenue growth rates, the amount and timing of future cash flows, discount rates, useful lives, royalty rates and future tax rates. The excess of purchase price over the fair value of assets and liabilities acquired is recorded as goodwill. See Note 16 for discussion of recent acquisitions.

Quarterly amortization of intangible assets is mainly driven by two Roto-Rooter franchise acquisitions completed in 2019. The total purchase price of these acquisitions was $138.0 million. As part of the purchase price allocation, approximately $59.2 million was determined to be the value of reacquired franchise rights which are being amortized over the remaining life of each franchise agreement. The average remaining life on the reacquired franchise agreements was approximately seven years. Quarterly amortization of reacquired franchise rights for these two acquisitions is approximately $2.0 million ($8.1 million annualized through 2026). This contrasts to quarterly franchise fees historically collected from these two franchisees of approximately $470,000 ($1.9 million annualized).

ESTIMATES

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect amounts reported in the consolidated financial statements and accompanying Notes. Actual results could differ from those estimates. Disclosures of after-tax expenses and adjustments are based on estimates of the effective income tax rates for the applicable segments.

Revenue Recognition

6 Months Ended

Jun. 30, 2021

Revenue Recognition [Abstract]

Revenue Recognition

2. Revenue Recognition

In May 2014, the FASB issued Accounting Standards Update “ASU No. 2014-09 – Revenue from Contracts with Customers.” The standard and subsequent amendments are theoretically intended to develop a common revenue standard for removing inconsistencies and weaknesses, improve comparability, provide for more useful information to users through improved disclosure requirements and simplify the preparation of financial statements. The standard is also referred to as Accounting Standards Codification No. 606 (“ASC 606”).

VITAS

Service revenue for VITAS is reported at the amount that reflects the ultimate consideration we expect to receive in exchange for providing patient care. These amounts are due from third-party payors, primarily commercial health insurers and government programs (Medicare and Medicaid), and include variable consideration for revenue adjustments due to settlements of audits and reviews, as well as certain hospice-specific revenue capitations. Amounts are generally billed monthly or subsequent to patient discharge. Subsequent changes in the transaction price initially recognized are not significant.

Hospice services are provided on a daily basis and the type of service provided is determined based on a physician’s determination of each patient’s specific needs on that given day. Reimbursement rates for hospice services are on a per diem basis regardless of the type of service provided or the payor. Reimbursement rates from government programs are established by the appropriate governmental agency and are standard across all hospice providers. Reimbursement rates from health insurers are negotiated with each payor and generally structured to closely mirror the Medicare reimbursement model. The types of hospice services provided and associated reimbursement model for each are as follows:

Routine Home Care occurs when a patient receives hospice care in their home, including a nursing home setting. The routine home care rate is paid for each day that a patient is in a hospice program and is not receiving one of the other categories of hospice care. For Medicare patients, the routine home care rate reflects a two-tiered rate, with a higher rate for the first 60 days of a hospice patient’s care and a lower rate for days 61 and after. In addition, there is a Service Intensity Add-on payment which covers direct home care visits conducted by a registered nurse or social worker in the last seven days of a hospice patient’s life, reimbursed up to 4 hours per day in 15 minute increments at the continuous home care rate.

General Inpatient Care occurs when a patient requires services in a controlled setting for a short period of time for pain control or symptom management which cannot be managed in other settings. General inpatient care services must be provided in a Medicare or Medicaid certified hospital or long-term care facility or at a freestanding inpatient hospice facility with the required registered nurse staffing.

Continuous Home Care is provided to patients while at home, including a nursing home setting, during periods of crisis when intensive monitoring and care, primarily nursing care, is required in order to achieve palliation or management of acute medical symptoms. Continuous home care requires a minimum of 8 hours of care within a 24-hour day, which begins at midnight. The care must be predominantly nursing care provided by either a registered nurse or licensed nurse practitioner. While the published Medicare continuous home care rates are daily rates, Medicare pays for continuous home care in 15 minute increments. This 15 minute rate is calculated by dividing the daily rate by 96.

Respite Care permits a hospice patient to receive services on an inpatient basis for a short period of time in order to provide relief for the patient’s family or other caregivers from the demands of caring for the patient. A hospice can receive payment for respite care for a given patient for up to five consecutive days at a time, after which respite care is reimbursed at the routine home care rate.

Each level of care represents a separate promise under the contract of care and is provided independently for each patient contingent upon the patient’s specific medical needs as determined by a physician. However, the clinical criteria used to determine a patient’s level of care is consistent across all patients, given that, each patient is subject to the same payor rules and regulations. As a result, we have concluded that each level of care is capable of being distinct and is distinct in the context of the contract. Furthermore, we have determined that each level of care represents a stand ready service provided as a series of either days or hours of patient care. We believe that the performance obligations for each level of care meet criteria to be satisfied over time. VITAS recognizes revenue based on the service output. VITAS believes this to be the most faithful depiction of the transfer of control of services as the patient simultaneously receives and consumes the benefits provided by our performance. Revenue is recognized on a daily or hourly basis for each patient in accordance with the reimbursement model for each type of service. VITAS’ performance obligations relate to contracts with an expected duration of less than one year. Therefore, VITAS has elected to apply the optional exception provided in ASC 606 and is not required to disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period. The unsatisfied or partially satisfied performance obligations referred to above relate to bereavement services provided to patients’ families for at least 12 months after discharge.

Care is provided to patients regardless of their ability to pay. Patients who meet our criteria for charity care are provided care without charge. There is no revenue or associated accounts receivable in the accompanying Consolidated Financial Statements related to charity care. The cost of providing charity care during the quarters ended June 30, 2021 and 2020 was $2.3 million and $1.7 million, respectively. The cost of providing charity care during the first six months ended June 30, 2021 and 2020 was $4.4 million and $3.9 million, respectively. The cost of charity care is included in cost of services provided and goods sold and is calculated by taking the ratio of charity care days to total days of care and multiplying by the total cost of care.

Generally, patients who are covered by third-party payors are responsible for related deductibles and coinsurance which vary in amount. VITAS also provides service to patients without a reimbursement source and may offer those patients discounts from standard charges. VITAS estimates the transaction price for patients with deductibles and coinsurance, along with those uninsured patients, based on historical experience and current conditions. The estimate of any contractual adjustments, discounts or implicit price concessions reduces the amount of revenue initially recognized. Subsequent changes to the estimate of the transaction price are recorded as adjustments to patient service revenue in the period of change. Subsequent changes that are determined to be the result of an adverse change in the patients’ ability to pay (i.e. change in credit risk) are recorded as bad debt expense. VITAS has no material adjustments related to subsequent changes in the estimate of the transaction price or subsequent changes as the result of an adverse change in the patient’s ability to pay for any period reported.

Laws and regulations concerning government programs, including Medicare and Medicaid, are complex and subject to varying interpretation. Medicare and Medicaid programs have broad authority to audit and review compliance with such laws and regulations, and impose payment suspensions when merited. Additionally, the contracts we have with commercial health insurance payors provide for retroactive audit and review of claims. Settlement with third party payors for retroactive adjustments due to audits, reviews or investigations are considered variable consideration and are included in the determination of the estimated transaction price for providing patient care. The variable consideration is estimated based on the terms of the payment agreement, existing correspondence from the payor and our historical settlement activity. These estimates are adjusted in future periods, as new information becomes available.

We are subject to certain limitations on Medicare payments for services which are considered variable consideration, as follows:

Inpatient Cap. If the number of inpatient care days any hospice program provides to Medicare beneficiaries exceeds 20% of the total days of hospice care such program provided to all Medicare patients for an annual period beginning September 28, the days in excess of the 20% figure may be reimbursed only at the routine homecare rate. None of VITAS’ hospice programs exceeded the payment limits on inpatient services during the three months ended June 30, 2021 and 2020.

Medicare Cap. We are also subject to a Medicare annual per-beneficiary cap (“Medicare cap”). Compliance with the Medicare cap is measured in one of two ways based on a provider election. The “streamlined” method compares total Medicare payments received under a Medicare provider number with respect to services provided to all Medicare hospice care beneficiaries in the program or programs covered by that Medicare provider number with the product of the per-beneficiary cap amount and the number of Medicare beneficiaries electing hospice care for the first time from that hospice program or programs from September 28 through September 27 of the following year. At June 30, 2021, all our programs except one are using the “streamlined” method.

The “proportional” method compares the total Medicare payments received under a Medicare provider number with respect to services provided to all Medicare hospice care beneficiaries in the program or programs covered by the Medicare provider number between September 28 and September 27 of the following year with the product of the per beneficiary cap amount and a pro-rated number of Medicare beneficiaries receiving hospice services from that program during the same period. The pro-rated number of Medicare beneficiaries is calculated based on the ratio of days the beneficiary received hospice services during the measurement period to the total number of days the beneficiary received hospice services.

We actively monitor each of our hospice programs, by provider number, as to their specific admission, discharge rate and median length of stay data in an attempt to determine whether revenues are likely to exceed the annual per-beneficiary Medicare cap. Should we determine that revenues for a program are likely to exceed the Medicare cap based on projected trends, we attempt to institute corrective actions, which include changes to the patient mix and increased patient admissions. However, should we project our corrective action will not prevent that program from exceeding its Medicare cap, we estimate revenue recognized during the government fiscal year that will require repayment to the Federal government under the Medicare cap and record an adjustment to revenue of an amount equal to a ratable portion of our best estimate for the year.

In 2013, the U.S. government implemented automatic budget reductions of 2.0% for all government payees, including hospice benefits paid under the Medicare program. In 2015, CMS determined that the Medicare cap should be calculated “as if” sequestration did not occur. As a result of this decision, VITAS has received notification from our third-party intermediary that an additional $8.7

million is owed for Medicare cap in three programs arising during the 2013 through 2020 measurement periods. The amounts are automatically deducted from our semi-monthly PIP payments. We do not believe that CMS is authorized under the sequestration authority or the statutory methodology for establishing the Medicare cap to the amounts they have withheld and intend to withhold under their current “as if” methodology. We have appealed CMS’s methodology change. Pursuant to the recent legislation and the April extension, the sequestration has been lifted for the period from May 1, 2020 through December 31, 2021.

During the quarter ended June 30, 2021, we recorded $2.0 million in net Medicare cap revenue reduction related to two programs for the 2021 government fiscal year. During the quarter ended June 30, 2020, we recorded $5.8 million in net Medicare cap revenue reduction related to five programs for the 2020 government fiscal year.

During the first six months ended June 30, 2021, we recorded $3.5 million in net Medicare cap revenue reduction related to two programs for the 2021 government fiscal year. During the first six months ended June 30, 2020, we recorded $8.3 million in net Medicare cap revenue reduction related to five programs for the 2020 government fiscal year.

For VITAS’ patients in the nursing home setting in which Medicaid pays the nursing home room and board, VITAS serves as a pass-through between Medicaid and the nursing home. We are responsible for paying the nursing home for that patient’s room and board. Medicaid reimburses us for 95% of the amount we have paid. This results in a 5% net expense for VITAS related to nursing home room and board. This transaction creates a performance obligation in that VITAS is facilitating room and board being delivered to our patient. As a result, the 5% net expense is recognized as a contra-revenue account under ASC 606 in the accompanying financial statements.

The composition of patient care service revenue by payor and level of care for the quarter ended June 30, 2021 is as follows (in thousands):



	Medicare		Medicaid		Commercial		Total
Routine home care	$	247,061	$	11,509		6,356	$	264,926
Continuous care		22,010		1,237		1,035		24,282
Inpatient care		23,905		2,069		1,397		27,371
	$	292,976	$	14,815	$	8,788	$	316,579

All other revenue - self-pay, respite care, etc.								3,078
Subtotal							$	319,657
Medicare cap adjustment								(2,000)
Implicit price concessions								(3,065)
Room and board, net								(2,657)
Net revenue							$	311,935

The composition of patient care service revenue by payor and level of care for the quarter ended June 30, 2020 is as follows (in thousands):


	Medicare		Medicaid		Commercial		Total
Routine home care	$	257,550	$	12,673	$	6,122	$	276,345
Continuous care		31,483		1,622		1,477		34,582
Inpatient care		22,448		2,311		1,109		25,868
	$	311,481	$	16,606	$	8,708	$	336,795

All other revenue - self-pay, respite care, etc.								2,109
Subtotal							$	338,904
Medicare cap adjustment								(5,750)
Implicit price concessions								(3,042)
Room and board, net								(2,647)
Net revenue							$	327,465

‎

The composition of patient care service revenue by payor and level of care for the six months ended June 30,2021 is as follows (in thousands):


	Medicare		Medicaid		Commercial		Total
Routine home care	$	493,125	$	23,088	$	12,467	$	528,680
Continuous care		46,917		2,496		2,218		51,631
Inpatient care		49,346		4,539		2,642		56,527
	$	589,388	$	30,123	$	17,327	$	636,838

All other revenue - self-pay, respite care, etc.								6,016
Subtotal							$	642,854
Medicare cap adjustment								(3,500)
Implicit price concessions								(6,309)
Room and board, net								(5,322)
Net revenue							$	627,723

The composition of patient care service revenue by payor and level of care for the six months ended June 30, 2020 is as follows (in thousands):


	Medicare		Medicaid		Commercial		Total
Routine home care	$	511,505	$	24,806	$	11,787	$	548,098
Continuous care		68,615		3,493		3,029		75,137
Inpatient care		50,596		4,870		2,884		58,350
	$	630,716	$	33,169	$	17,700	$	681,585

All other revenue - self-pay, respite care, etc.								5,265
Subtotal							$	686,850
Medicare cap adjustment								(8,250)
Implicit price concessions								(7,192)
Room and board, net								(6,028)
Net revenue							$	665,380

Roto-Rooter

Roto-Rooter provides plumbing, drain cleaning, water restoration and other related services to both residential and commercial customers primarily in the United States. Services are provided through a network of company-owned branches, independent contractors and franchisees. Service revenue for Roto-Rooter is reported at the amount that reflects the ultimate consideration we expect to receive in exchange for providing services.

Roto-Rooter owns and operates branches focusing mainly on large population centers in the United States. Roto-Rooter’s primary lines of business in company-owned branches consist of plumbing, sewer and drain cleaning, excavation and water restoration. For purposes of ASC 606 analysis, plumbing, sewer and drain cleaning, and excavation have been combined into one portfolio and are referred to as “short-term core services”. Water restoration is analyzed as a separate portfolio. The following describes the key characteristics of these portfolios:

Short-term Core Services are plumbing, drain and sewer cleaning and excavation services. These services are provided to both commercial and residential customers. The duration of services provided in this category range from a few hours to a few days. There are no significant warranty costs or on-going obligations to the customer once a service has been completed. For residential customers, payment is received at the time of job completion before the Roto-Rooter technician leaves the residence. Commercial customers may be granted credit subject to internally designated authority limits and credit check guidelines. If credit is granted, payment terms are generally 30 days or less.

Each job in this category is a distinct service with a distinct performance obligation to the customer. Revenue is recognized at the completion of each job. Variable consideration consists of pre-invoice discounts and post-invoice discounts. Pre-invoice discounts are given in the form of coupons or price concessions. Post-invoice discounts consist of credit memos generally granted to resolve customer service issues. Variable consideration is estimated based on historical activity and recorded at the time service is completed.

Water Restoration Services involve the remediation of water and humidity after a flood. These services are provided to both commercial and residential customers. The duration of services provided in this category generally ranges from 3 to 5 days. There are

no significant warranties or on-going obligations to the customer once service has been completed. The majority of these services are paid by the customer’s insurance company. Variable consideration relates primarily to allowances taken by insurance companies upon payment. Variable consideration is estimated based on historical activity and recorded at the time service is completed.

For both short-term core services and water restoration services, Roto-Rooter satisfies its performance obligation at a point in time. The services provided generally involve fixing plumbing, drainage or flood-related issues at the customer’s property. At the time service is complete, the customer acknowledges its obligation to pay for service and its satisfaction with the service performed. This provides evidence that the customer has accepted the service and Roto-Rooter is now entitled to payment. As such, Roto-Rooter recognizes revenue for these services upon completion of the job and receipt of customer acknowledgement. Roto-Rooter’s performance obligations for short-term core services and water restoration services relate to contracts with an expected duration of less than a year. Therefore, Roto-Rooter has elected to apply the optional exception provided in ASC 606 and is not required to disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period. Roto-Rooter does not have significant unsatisfied or partially unsatisfied performance obligations at the time of initial revenue recognition for short-term core or water restoration services.

Roto-Rooter owns the rights to certain territories and contracts with independent third-parties to operate the territory under Roto-Rooter’s registered trademarks. Such contracts are for a specified term but cancellable by either party without penalty with 90 days’ advance notice. Under the terms of these arrangements, Roto-Rooter provides certain back office support and advertising along with a limited license to use Roto-Rooter’s registered trademarks. The independent contractor is responsible for all day-to-day management of the business including staffing decisions and pricing of services provided. All performance obligations of Roto-Rooter cease at the termination of the arrangement.

Independent contractors pay Roto-Rooter a standard fee calculated as a percentage of their cash collection from weekly sales. The primary value for the independent contractors under these arrangements is the right to use Roto-Rooter’s registered trademarks. Roto-Rooter recognizes revenue from independent contractors over-time (weekly) as the independent contractor’s labor sales are completed and payment from customers are received. Payment from independent contractors is also received on a weekly basis. The use of Roto-Rooter’s registered trademarks and advertising provides immediate value to the independent contractor as a result of Roto-Rooter’s nationally recognized brand. Therefore, over-time recognition provides the most faithful depiction of the transfer of services as the customer simultaneously receives and consumes the benefits provided. There is no significant variable consideration related to these arrangements.

Roto-Rooter has licensed the rights to operate under Roto-Rooter’s registered trademarks in other territories to franchisees. Each such contract is for a 10 year term but cancellable by Roto-Rooter for cause with 60 day advance notice without penalty. The franchisee may cancel the contract for any reason with 60 days advance notice without penalty. Under the terms of the contract, Roto-Rooter provides national advertising and consultation on various aspects of operating a Roto-Rooter business along with the right to use Roto-Rooter’s registered trademarks. The franchisee is responsible for all day- to-day management of the business including staffing decisions, pricing of services provided and local advertising spend and placement. All performance obligations of Roto-Rooter cease at the termination of the arrangement.

Franchisees pay Roto-Rooter a standard monthly fee based on the population within the franchise territory. The standard fee is revised on a yearly basis based on changes in the Consumer Price Index for All Urban Consumers. The primary value for the franchisees under this arrangement is the right to use Roto-Rooter’s registered trademarks. Roto-Rooter recognizes revenue from franchisees over-time (monthly). Payment from franchisees is also received on a monthly basis. The use of Roto-Rooter’s registered trademarks and advertising provides immediate value to the franchisees as a result of Roto-Rooter’s nationally recognized brand. Therefore, over-time recognition provides the most faithful depiction of the transfer of services as the customer simultaneously receives and consumes the benefits provided. There is no significant variable consideration related to these arrangements.

The composition of disaggregated revenue for the second quarter is as follows (in thousands):


	June 30,
	2021		2020
Short-term core service jobs	$	162,683	$	126,541
Water restoration		38,583		31,426
Contractor revenue		19,026		15,193
Franchise fees		1,255		1,210
All other		3,882		2,971
Subtotal	$	225,429	$	177,341
Implicit price concessions and credit memos		(5,108)		(2,607)
Net revenue	$	220,321	$	174,734

The composition of disaggregated revenue for the first six months is as follows (in thousands):


	June 30,
	2021		2020
Short-term core service jobs	$	318,032	$	260,965
Water restoration		76,018		60,672
Contractor revenue		37,785		31,421
Franchise fees		2,582		2,400
All other		7,828		6,505
Subtotal	$	442,245	$	361,963
Implicit price concessions and credit memos		(10,352)		(9,346)
Net revenue	$	431,893	$	352,617

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Segments

6 Months Ended

Jun. 30, 2021

Segments [Abstract]

Segments

3. Segments

Service revenues and sales by business segment are shown in Note 2. After-tax income/(loss) by business segment are as follows (in thousands):



	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020

VITAS	$	29,712	$	60,245	$	70,481	$	101,524
Roto-Rooter		42,773		29,468		79,950		53,790
Total		72,485		89,713		150,431		155,314
Corporate		(15,963)		(7,612)		(28,509)		(17,322)
Net income	$	56,522	$	82,101	$	121,922	$	137,992

We report corporate administrative expenses and unallocated investing and financing income and expense not directly related to either segment as “Corporate”.

- 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.

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-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Earnings Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share[Abstract]

Earnings Per Share

4. Earnings per Share

Earnings per share (“EPS”) are computed using the weighted average number of shares of capital stock outstanding. Earnings and diluted earnings per share are computed as follows (in thousands, except per share data):


			Net Income
For the Three Months Ended June 30,		Income		Shares	Earnings per Share
2021
	Earnings	$	56,522	15,829	$	3.57
	Dilutive stock options		-	235
	Nonvested stock awards		-	37
	Diluted earnings	$	56,522	16,101	$	3.51

2020
	Earnings	$	82,101	15,914	$	5.16
	Dilutive stock options		-	383
	Nonvested stock awards		-	76
	Diluted earnings	$	82,101	16,373	$	5.01

‎


			Net Income
For the Six Months Ended June 30,		Income		Shares	Earnings per Share
2021
	Earnings	$	121,922	15,919	$	7.66
	Dilutive stock options		-	242
	Nonvested stock awards		-	44
	Diluted earnings	$	121,922	16,205	$	7.52

2020
	Earnings	$	137,992	15,953	$	8.65
	Dilutive stock options		-	415
	Nonvested stock awards		-	77
	Diluted earnings	$	137,992	16,445	$	8.39

For the three and six months ended June 30, 2021, there were 235,000 and 242,000, respectively, stock options were excluded from the computation of dilutive earnings per share because they would have been anti-dilutive.

For the three and six months ended June 30, 2020, there were 285,000 stock options excluded from the computation of dilutive earnings per share because they would have been anti-dilutive.

Long-Term Debt And Lines Of Credit

6 Months Ended

Jun. 30, 2021

Long-Term Debt And Lines Of Credit [Abstract]

Long-Term Debt And Lines Of Credit

5. Long-Term Debt and Lines of Credit

On June 20, 2018, we replaced our existing credit agreement with the Fourth Amended and Restated Credit Agreement (“2018 Credit Agreement”). Terms of the 2018 Credit Agreement consist of a five year, $450 million revolving credit facility and a $150 million expansion feature, which may consist of term loans or additional revolving commitments. The interest rate at the inception of the agreement is LIBOR plus 100 basis points. The 2018 Credit Agreement has a floating interest rate that is generally LIBOR plus a tiered additional rate which varies based on our current leverage ratio. The 2018 Credit Agreement includes transition provisions in the instance LIBOR is no longer published or used as an industry-accepted rate.

There is no debt outstanding as of June 30, 2021.

The 2018 Credit Agreement contains the following quarterly financial covenants effective as of June 30, 2021:



Description		Requirement

Leverage Ratio (Consolidated Indebtedness/Consolidated Adj. EBITDA)		< 3.50 to 1.00

Fixed Charge Coverage Ratio (Consolidated Free Cash Flow/Consolidated Fixed Charges)		> 1.50 to 1.00

We are in compliance with all debt covenants as of June 30, 2021. We have issued $46.3 million in standby letters of credit as of June 30, 2021, mainly for insurance purposes. Issued letters of credit reduce our available credit under the 2018 Credit Agreement. As of June 30, 2021, we have approximately $403.7 million of unused lines of credit available and eligible to be drawn down under our revolving credit facility.

Other Income/(Expense) - Net

6 Months Ended

Jun. 30, 2021

Other Income/(Expense) - Net [Abstract]

Other Income/(Expense) - Net

6. Other Income/(Expense) – Net

Other income/(expense) – net comprises the following (in thousands):



	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Market value adjustment on assets held in
deferred compensation trust	$	3,655	$	7,408	$	6,693	$	(2,164)
Interest income		138		116		230		225
Other-net		(8)		(10)		464		(13)
Total other income/(expense) - net	$	3,785	$	7,514	$	7,387	$	(1,952)

Leases

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Leases

7. Leases

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. Our leases have remaining terms of under 1 year to 10 years, some of which include options to extend the lease for up to 5 years, and some of which include options to terminate the lease within 1 year.

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.

We do not currently have any finance leases, therefore all lease information disclosed is related to operating leases.

The components of balance sheet information related to leases were as follows:


	‎June 30,		‎December 31,
	2021		2020
Assets
Operating lease assets	$	123,207	$	123,448

Liabilities
Current operating leases		36,440		36,200
Noncurrent operating leases		99,093		99,210
Total operating lease liabilities	$	135,533	$	135,410

The components of lease expense for the second quarter is as follows (in thousands):


	Three months ended June 30,
	2021		2020
Lease Expense (a)
Operating lease expense	$	15,550	$	15,103
Sublease income		(46)		(7)
Net lease expense	$	15,504	$	15,096

The components of lease expense for the first six months is as follows (in thousands):


	Six months ended June 30,
	2021		2020
Lease Expense (a)
Operating lease expense	$	30,911	$	29,731
Sublease income		(90)		(7)
Net lease expense	$	30,821	$	29,724

(a)Includes short-term leases and variable lease costs, which are immaterial. Included in both cost of services provided and goods sold and selling, general and administrative expenses.

‎

The components of cash flow information related to leases were as follows:


	Six months ended ‎June 30,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from leases	$	25,901	$	24,967

Leased assets obtained in exchange for new operating lease liabilities	$	25,685	$	40,133


Weighted Average Remaining Lease Term at June 30, 2021
Operating leases	4.9	years


Weighted Average Discount Rate at June 30, 2021
Operating leases	2.56	%


Maturity of Operating Lease Liabilities (in thousands)

2021	$	23,050
2022		35,336
2023		27,905
2024		21,414
2025		15,163
Thereafter		21,414
Total lease payments	$	144,282
Less: interest		(8,749)
Total liability recognized on the balance sheet	$	135,533

For leases commencing prior to April 2019, minimum rental payments exclude payments to landlords for real estate taxes and common area maintenance. Operating lease payments include $2.3 million related to extended lease terms that are reasonably certain of being exercised and exclude $2.1 million of lease payments for leases signed but not yet commenced.

Stock-Based Compensation Plans

6 Months Ended

Jun. 30, 2021

Stock-Based Compensation Plans [Abstract]

Stock-Based Compensation Plans

8. Stock-Based Compensation Plans

On February 19, 2021, the Compensation/Incentive Committee of the Board of Directors (“CIC”) granted 6,277 Performance Stock Units (“PSUs”) contingent upon the achievement of certain total shareholder return (“TSR”) targets as compared to the TSR of a group of peer companies for the three year period ending December 31, 2023, the date at which such awards vest. The cumulative compensation cost of the TSR-based PSU award to be recorded over the three year service period is $3.8 million.

On February 19, 2021, the CIC also granted 6,277 PSUs contingent upon the achievement of certain earnings per share (“EPS”) targets for the three year period ending December 31, 2023. At the end of each reporting period, the Company estimates the number of shares that it believes will ultimately be earned and records the corresponding expense over the service period of the award. We currently estimate the cumulative compensation cost of the EPS-based PSUs to be recorded over the three year service period is $3.1 million.

Retirement Plans

6 Months Ended

Jun. 30, 2021

Retirement Plans [Abstract]

Retirement Plans

9. Retirement Plans

All of the Company’s plans that provide retirement and similar benefits are defined contribution plans. These expenses include the impact of market gains and losses on assets held in deferred compensation plans and are recorded in selling, general and administrative expenses. Net (losses)/gains for the Company’s retirement and profit-sharing plans, excess benefit plans and other similar plans are as follows (in thousands):



Three months ended June 30,				Six months ended June 30,
2021		2020		2021		2020
$	7,904	$	11,354	$	16,603	$	6,940

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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+ Details

Legal And Regulatory Matters

6 Months Ended

Jun. 30, 2021

Legal And Regulatory Matters [Abstract]

Legal And Regulatory Matters

10. Legal and Regulatory Matters

The VITAS segment of the Company’s business operates in a heavily-regulated industry. As a result, the Company is subjected to inquiries and investigations by various government agencies, which can result in penalties including repayment obligations, funding

withholding, or debarment, as well as to lawsuits, including qui tam actions. The following sections describe the various ongoing material lawsuits and investigations of which the Company is currently aware. Other than as described below, it is not possible at this time for us to estimate either the timing or outcome of any of those matters, or whether any potential loss, or range of potential losses, is probable or reasonably estimable.

Regulatory Matters and Litigation

On October 30, 2017, the Company entered into a settlement agreement to resolve civil litigation under the False Claims Act brought by the United States Department of Justice (“DOJ”) on behalf of the OIG and various relators concerning VITAS, filed in the U.S. District Court of the Western District of Missouri. The Company denied any violation of law and agreed to settlement without admission of wrongdoing.

In connection with the settlement, VITAS and certain of its subsidiaries entered into a corporate integrity agreement (“CIA”) on October 30, 2017. The CIA formalizes various aspects of VITAS’ already existing Compliance Program and contains requirements designed to document compliance with federal healthcare program requirements. It has a term of five years during which it imposes monitoring, reporting, certification, oversight, screening and training obligations, certain of which had previously been implemented by VITAS. It also requires VITAS to engage an Independent Review Organization to perform audit and review functions and to prepare reports regarding compliance with federal healthcare programs. In the event of breach of the CIA, VITAS could become liable for payment of stipulated penalties or could be excluded from participation in federal healthcare programs.

The Company entered into a settlement agreement in March 2019 that resolved the California state-wide wage and hour class action claims raised in four separate cases: (1) Jordan A. Seper on behalf of herself and others similarly situated v. VITAS Healthcare Corporation of California, a Delaware corporation; VITAS Healthcare Corp of CA, a business entity unknown; and DOES 1 to 100, inclusive; Los Angeles Superior Court Case Number BC 642857 (“Seper”); (2) Jiwan Chhina v. VITAS Health Services of California, Inc., a California corporation; VITAS Healthcare Corporation of California, a Delaware corporation; VITAS Healthcare Corporation of California, a Delaware corporation dba VITAS Healthcare Inc.; and DOES 1 to 100, inclusive; San Diego Superior Court Case Number 37-2015-00033978-CU-OE-CTL (“Chhina”) (which was subsequently merged with Seper); (3) Chere Phillips and Lady Moore v. VITAS Healthcare Corporation of California, Sacramento County Superior Court, Case No. 34-2017-0021-2755 (“Phillips and Moore”); and (4) Williams v. VITAS Healthcare Corporation of California, Alameda County Superior Court Case No. RG 17853886 (“Williams”). These actions were brought by both current and former employees including a registered nurse, a licensed vocational nurse (LVN), home health aides and a social worker. Each action stated multiple claims generally including (1) failure to pay minimum wage for all hours worked; (2) failure to provide overtime for all hours worked; (3) failure to pay wages for all hours at the regular rate; (4) failure to provide meal periods; (5) failure to provide rest breaks; (6) failure to provide complete and accurate wage statements; (7) failure to pay for all reimbursement expenses; (8) unfair business practices; and (9) violation of the California Private Attorneys General Act. The cases generally asserted claims on behalf of classes defined to include all current and former non-exempt employees employed with VITAS in California within the four years preceding the filing of each lawsuit.

The settlement amount of $5.75 million plus employment taxes was recorded in the first quarter of 2019. The definition of the class to participate in the settlement is intended to cover claims raised in the consolidated Seper/Chhina matter, claims raised in Phillips and Moore, as well as any class claims in Williams. The court granted final approval of the settlement hearing in December of 2020 and the settlement was paid in the first quarter of 2021.

Alfred Lax (“Lax”), a former employee of Roto-Rooter Services Company (“RRSC”) filed a class action lawsuit in Santa Clara County Superior Court in November of 2018 alleging (1) failure to provide or compensate for required rest breaks; (2) failure to properly pay for all hours worked; (3) failure to provide accurate wage statements; (4) failure to reimburse for work-related expenses; and (5) unfair business practices. Lax stated these claims as a representative of a class defined as all service technicians employed by RRSC in California during the four years preceding the filing of the complaint. The lawsuit is, Alfred Lax on behalf of himself and all others similarly situated v. Roto-Rooter Services Company, and Does 1 through 50 inclusive; Santa Clara County Superior Court Case Number 18CV338652. The Company entered into a settlement agreement in August 2020 to resolve the allegations, for a settlement amount of $2.6 million plus employment taxes. The settlement includes technicians in its Menlo Park and Bristol locations. The settlement was recorded in the third quarter of 2020. Final approval of the settlement was granted in the first quarter of 2021 and the settlement was paid.

On October 16, 2020, VITAS received a Civil Investigative Demand (“CID”) issued by the U.S. Department of Justice pursuant to the False Claims Act concerning allegations of the submission of false claims for hospice services for which reimbursement was sought from federal healthcare programs, including Medicare. The CID has requested information regarding 32 patients from our Florida operations. We are cooperating with the U.S. Department of Justice with respect to this investigation. The Company cannot predict when the investigation will be resolved or the outcome of the investigation.

Regardless of the outcome of any of the preceding matters, dealing with the various regulatory agencies and opposing parties can adversely affect us through defense costs, potential payments, withholding of governmental funding, diversion of management time,

and related publicity. Although the Company intends to defend them vigorously, there can be no assurance that those suits will not have a material adverse effect on the Company.

Concentration Of Risk

6 Months Ended

Jun. 30, 2021

Concentration Of Risk [Abstract]

Concentration Of Risk

11. Concentration of Risk

As of June 30, 2021, and December 31, 2020, approximately 68% and 74%, respectively, of VITAS’ total accounts receivable balance were from Medicare and 24% and 20%, respectively, of VITAS’ total accounts receivable balance were due from various state Medicaid or managed Medicaid programs. Combined accounts receivable from Medicare, Medicaid, and managed Medicaid represent approximately 75% of the consolidated net accounts receivable in the accompanying consolidated balance sheets as of June 30, 2021.

VITAS has a pharmacy services contract with one service provider for specified pharmacy services related to its hospice operations. A large majority of VITAS’ pharmaceutical purchases are from this vendor. The pharmaceuticals purchased by VITAS are available through many providers in the United States. However, a disruption from VITAS’ main service provider could adversely impact VITAS’ operations, including temporary logistical challenges and increased cost associated with getting medication to our patients.

Cash Overdrafts And Cash Equivalents

6 Months Ended

Jun. 30, 2021

Cash Overdrafts And Cash Equivalents [Abstract]

Cash Overdrafts And Cash Equivalents

12. Cash Overdrafts and Cash Equivalents

There are no cash overdrafts payable included in accounts payable at June 30, 2021 or December 31, 2020.

From time to time throughout the year, we invest excess cash in money market funds with major commercial banks. We closely monitor the creditworthiness of the institutions with which we invest our overnight funds. The amount invested was not material for each balance sheet date presented.

Financial Instruments

6 Months Ended

Jun. 30, 2021

Financial Instruments [Abstract]

Financial Instruments

13. Financial Instruments

FASB’s authoritative guidance on fair value measurements defines a hierarchy which prioritizes the inputs in fair value measurements. Level 1 measurements are measurements using quoted prices in active markets for identical assets or liabilities. Level 2 measurements use significant other observable inputs. Level 3 measurements are measurements using significant unobservable inputs which require a company to develop its own assumptions. In recording the fair value of assets and liabilities, companies must use the most reliable measurement available.

The following shows the carrying value, fair value and the hierarchy for our financial instruments as of June 30, 2021 (in thousands):


				Fair Value Measure
		Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Mutual fund investments of deferred
compensation plans held in trust	$	98,256	$	98,256	$	-	$	-

The following shows the carrying value, fair value and the hierarchy for our financial instruments as of December 31, 2020 (in thousands):


				Fair Value Measure
		Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Mutual fund investments of deferred
compensation plans held in trust	$	88,811	$	88,811	$	-	$	-

For cash and cash equivalents, accounts receivable and accounts payable, the carrying amount is a reasonable estimate of fair value because of the liquidity and short-term nature of these instruments. As further described in Note 5, our outstanding long-term debt and current portion of long-term debt have floating interest rates that are reset at short-term intervals, generally 30 or 60 days. The interest rate we pay also includes an additional amount based on our current leverage ratio. As such, we believe our borrowings reflect significant nonperformance risks, mainly credit risk. Based on these factors, we believe the fair value of our long-term debt and current portion of long-term debt approximate the carrying value.

Capital Stock Repurchase Plan Transactions

6 Months Ended

Jun. 30, 2021

Capital Stock Repurchase Plan Transactions [Abstract]

Capital Stock Repurchase Plan Transactions

14. Capital Stock Repurchase Plan Transactions

We repurchased the following capital stock:



	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020

Total cost of repurchased shares (in thousands)	$	121,882	$	21,914	$	166,649	$	122,148
Shares repurchased		250,000		50,000		350,000		275,000
Weighted average price per share	$	487.52	$	438.27	$	476.14	$	444.18

In May 2021, the Board of Directors authorized an additional $300.0 million for stock repurchase under Chemed’s existing share repurchase program. We currently have $311.8 million of authorization remaining under this share repurchase plan.

Recent Accounting Standards

6 Months Ended

Jun. 30, 2021

Recent Accounting Standards [Abstract]

Recent Accounting Standards

15. Recent Accounting Standards

In March 2020, the FASB issued Accounting Standards Update “ASU No. 2020-04 - Reference Rate Reform”. The update provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another rate expected to be discontinued. The update is effective for all entities as of March 12, 2020 and will apply through December 31, 2022. The interest rate charged on borrowings from our existing revolver is based on LIBOR. The credit agreement includes provisions for modifying the interest rate in the instance that LIBOR is discontinued. As a result, no contract modifications will be required when LIBOR is discontinued.

- 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

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+ Details

Acquisitions

6 Months Ended

Jun. 30, 2021

Acquisitions [Abstract]

Acquisitions

16. Acquisitions

On June 1, 2020, we completed the acquisition of a Roto-Rooter franchise and the related assets in Bloomington, IN for $2.2 million in cash.

Goodwill is assessed for impairment on a yearly basis as of October 1. All goodwill recognized is deductible for tax purposes.

Shown below is movement in Goodwill (in thousands):


	VITAS		Roto-Rooter		Total
Balance at December 31, 2020	$	333,331	$	245,254	$	578,585
Foreign currency adjustments		-		65		65
Balance at June 30, 2021	$	333,331	$	245,319	$	578,650

Basis Of Presentation (Policy)	6 Months Ended
Basis Of Presentation (Policy)	Jun. 30, 2021
Basis Of Presentation [Abstract]
Basis Of Presentation	As used herein, the terms “We,” “Company” and “Chemed” refer to Chemed Corporation or Chemed Corporation and its consolidated subsidiaries. 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, 2020 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. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021 or any other future period, and we make no representations related thereto. 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, 2020.
Coronavirus Aid, Relief And Economic Stimulus (CARES) Act	CORONAVIRUS AID, RELIEF AND ECONOMIC STIMULUS (CARES) ACT The current COVID-19 pandemic did have a material impact on our results of operations, cash flow and financial position as of and for the three and six months ended June 30, 2021. We are closely monitoring the impact of the pandemic on all aspects of our business including impacts to employees, customers, patients, suppliers and vendors. The Company’s two operating subsidiaries have been categorized as critical infrastructure businesses and are not currently materially limited by federal, state or local regulations that restrict movement or operating ability. The length and severity of the pandemic, coupled with related governmental actions including relief acts and actions relating to our workforce at federal, state and local levels, and underlying economic disruption will determine the ultimate short-term and long-term impact to our business operations and financial results. We are unable to predict the myriad of possible issues that could arise or the ultimate effect to our businesses as a result of the unknown short, medium and long-term impacts that the pandemic will have on the United States economy and society as a whole. On March 27, 2020, the CARES Act was passed. It is intended to provide economic relief to individuals and businesses affected by the coronavirus pandemic. It also contains provisions related to healthcare providers’ operations and the issues caused by the coronavirus pandemic. The following are significant economic impacts for Chemed and its subsidiaries as a result of specific provisions of the CARES Act: A portion of the CARES Act provides $100 billion from the Public Health and Social Services Emergency Fund (“Relief Fund”) to healthcare providers on the front lines of the coronavirus response. Of this distribution, $30 billion was designated to be automatically distributed to facilities and healthcare providers based upon their 2019 Medicare fee-for-service revenue. On April 10, 2020 VITAS automatically received $80.2 million from the Relief Fund based upon VITAS’s 2019 Medicare fee-for-service Medicare revenue. The main condition that is attached to the grant is that the money will be used “only for health care related expenses or lost revenues that are attributable to coronavirus”. HHS guidance does not specifically designate what healthcare expenses are related to COVID-19. The guidance to date is general and broad but does provide some examples such as equipment and supplies, workforce training, reporting COVID-19 test results, securing separate facilities for COVID-19 patients and acquiring additional resources to expand or preserve care delivery. VITAS has cared for approximately 3,200 COVID positive patients through June 30, 2021. The additional conditions to the Relief Fund payment are specific in nature, such as the money cannot be used for gun control advocacy purposes, abortions, embryo research, etc. The Company is in compliance, and intends to maintain compliance, with these specific conditions. Based on this analysis, management believes that there is reasonable assurance that VITAS will comply with the conditions. Chemed and its subsidiaries have deferred $36.4 million of certain employer payroll taxes as permitted by the CARES Act. $18.2 million is classified as short-term and $18.2 million is classified as a long-term liability. During the period from May 1, 2020 through June 30, 2021, the 2% Medicare sequestration reimbursement cut was suspended. For the three and six month periods ended June 30, 2021, approximately $5.9 million and $11.9 million, respectively, was recognized as revenue due to the suspension of sequestration. In April 2021, legislation was signed into law that suspended sequestration through December 31, 2021. There is no U.S. GAAP that covers accounting for such government “grants” to for-profit entities. As a result, the Company analogized to International Accounting Standard 20 – Accounting for Government Grants and Disclosures (“IAS 20”). Under IAS 20, once it is reasonably assured that the entity will comply with the conditions of the grant, the grant money should be recognized on a systematic basis over the periods in which the entity recognizes the related expenses or lost revenue. All CARES Act funds received were fully recognized as of December 31, 2020. However, the rules concerning the utilization of the funds continue to evolve and we will continue to comply with those applicable to us. The portal to report utilization of CARES Act funds opened on July 1, 2021. We intend to complete reporting by the September 30, 2021 deadline.
Cloud Computing	CLOUD COMPUTING As of June 30, 2021, we have two cloud computing arrangements that are service contracts. Roto-Rooter is implementing a system to assist in technician dispatch and VITAS implemented a new human resources system. We have capitalized approximately $9.1 million related to implementation of these projects which are included in prepaid assets in the accompanying balance sheets. The VITAS human resource system was placed into service in January 2020 and is being amortized over 5 years. For the three months ended June 30, 2021 and 2020, $249,000 and $263,000, respectively, has been amortized. For the six months ended June 30, 2021 and 2020, $448,000 and $525,000, respectively, has been amortized. The Roto-Rooter project was placed into service during the second quarter of 2021. For the quarter and year to date ended June 30, 2021, $349,000 has been amortized.
Income Taxes	INCOME TAXES In December 2019, the FASB issued Accounting Standards Update “ASU No. 2019-12 – Simplifying the Accounting for Income Taxes”. The ASU adds new guidance to simplify accounting for income taxes, changes the accounting for certain income tax transactions and makes minor improvements to the codifications. The ASU is effective for the Company on January 1, 2021. The impact of adoption was not material. Our effective income tax rate was 24.7% in the second quarter of 2021 compared to 17.6% during the second quarter of 2020. Excess tax benefit on stock options reduced our income tax expenses by $868,000 and $8.2 million, respectively for the quarters ended June 30, 2021 and 2020. Our effective income tax rate was 23.2% in the first six months of 2021 compared to 18.1% during the first six months of 2020. Excess tax benefit on stock options reduced our income tax expenses by $4.1 million and $12.8 million, respectively for the first six months ended June 30, 2021 and 2020.
Non-Cash Transactions	NON-CASH TRANSACTIONS Included in the accompanying Consolidated Balance Sheets are $1.6 million and $3.9 million of capitalized property and equipment which were not paid for as of June 30, 2021 and December 31, 2020, respectively. Accrued property and equipment purchases 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.
Business Combinations	BUSINESS COMBINATIONS We account for acquired businesses using the acquisition method of accounting. All assets acquired and liabilities assumed are recorded at their respective fair values at the date of acquisition. The determination of fair value involves estimates and the use of valuation techniques when market value is not readily available. We use various techniques to determine fair value in accordance with accepted valuation models, primarily the income approach. The significant assumptions used in developing fair values include, but are not limited to, revenue growth rates, the amount and timing of future cash flows, discount rates, useful lives, royalty rates and future tax rates. The excess of purchase price over the fair value of assets and liabilities acquired is recorded as goodwill. See Note 16 for discussion of recent acquisitions. Quarterly amortization of intangible assets is mainly driven by two Roto-Rooter franchise acquisitions completed in 2019. The total purchase price of these acquisitions was $138.0 million. As part of the purchase price allocation, approximately $59.2 million was determined to be the value of reacquired franchise rights which are being amortized over the remaining life of each franchise agreement. The average remaining life on the reacquired franchise agreements was approximately seven years. Quarterly amortization of reacquired franchise rights for these two acquisitions is approximately $2.0 million ($8.1 million annualized through 2026). This contrasts to quarterly franchise fees historically collected from these two franchisees of approximately $470,000 ($1.9 million annualized).
Estimates	ESTIMATES The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect amounts reported in the consolidated financial statements and accompanying Notes. Actual results could differ from those estimates. Disclosures of after-tax expenses and adjustments are based on estimates of the effective income tax rates for the applicable segments.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2021

Revenue Recognition [Abstract]

Schedule Of Patient Care Service Revenue

The composition of patient care service revenue by payor and level of care for the quarter ended June 30, 2021 is as follows (in thousands):



	Medicare		Medicaid		Commercial		Total
Routine home care	$	247,061	$	11,509		6,356	$	264,926
Continuous care		22,010		1,237		1,035		24,282
Inpatient care		23,905		2,069		1,397		27,371
	$	292,976	$	14,815	$	8,788	$	316,579

All other revenue - self-pay, respite care, etc.								3,078
Subtotal							$	319,657
Medicare cap adjustment								(2,000)
Implicit price concessions								(3,065)
Room and board, net								(2,657)
Net revenue							$	311,935

The composition of patient care service revenue by payor and level of care for the quarter ended June 30, 2020 is as follows (in thousands):


	Medicare		Medicaid		Commercial		Total
Routine home care	$	257,550	$	12,673	$	6,122	$	276,345
Continuous care		31,483		1,622		1,477		34,582
Inpatient care		22,448		2,311		1,109		25,868
	$	311,481	$	16,606	$	8,708	$	336,795

All other revenue - self-pay, respite care, etc.								2,109
Subtotal							$	338,904
Medicare cap adjustment								(5,750)
Implicit price concessions								(3,042)
Room and board, net								(2,647)
Net revenue							$	327,465

‎

The composition of patient care service revenue by payor and level of care for the six months ended June 30,2021 is as follows (in thousands):


	Medicare		Medicaid		Commercial		Total
Routine home care	$	493,125	$	23,088	$	12,467	$	528,680
Continuous care		46,917		2,496		2,218		51,631
Inpatient care		49,346		4,539		2,642		56,527
	$	589,388	$	30,123	$	17,327	$	636,838

All other revenue - self-pay, respite care, etc.								6,016
Subtotal							$	642,854
Medicare cap adjustment								(3,500)
Implicit price concessions								(6,309)
Room and board, net								(5,322)
Net revenue							$	627,723

The composition of patient care service revenue by payor and level of care for the six months ended June 30, 2020 is as follows (in thousands):


	Medicare		Medicaid		Commercial		Total
Routine home care	$	511,505	$	24,806	$	11,787	$	548,098
Continuous care		68,615		3,493		3,029		75,137
Inpatient care		50,596		4,870		2,884		58,350
	$	630,716	$	33,169	$	17,700	$	681,585

All other revenue - self-pay, respite care, etc.								5,265
Subtotal							$	686,850
Medicare cap adjustment								(8,250)
Implicit price concessions								(7,192)
Room and board, net								(6,028)
Net revenue							$	665,380

Schedule Of Disaggregated Revenue

The composition of disaggregated revenue for the second quarter is as follows (in thousands):


	June 30,
	2021		2020
Short-term core service jobs	$	162,683	$	126,541
Water restoration		38,583		31,426
Contractor revenue		19,026		15,193
Franchise fees		1,255		1,210
All other		3,882		2,971
Subtotal	$	225,429	$	177,341
Implicit price concessions and credit memos		(5,108)		(2,607)
Net revenue	$	220,321	$	174,734

The composition of disaggregated revenue for the first six months is as follows (in thousands):


	June 30,
	2021		2020
Short-term core service jobs	$	318,032	$	260,965
Water restoration		76,018		60,672
Contractor revenue		37,785		31,421
Franchise fees		2,582		2,400
All other		7,828		6,505
Subtotal	$	442,245	$	361,963
Implicit price concessions and credit memos		(10,352)		(9,346)
Net revenue	$	431,893	$	352,617

Segments (Tables)

6 Months Ended

Jun. 30, 2021

Segments [Abstract]

Segment Data



	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020

VITAS	$	29,712	$	60,245	$	70,481	$	101,524
Roto-Rooter		42,773		29,468		79,950		53,790
Total		72,485		89,713		150,431		155,314
Corporate		(15,963)		(7,612)		(28,509)		(17,322)
Net income	$	56,522	$	82,101	$	121,922	$	137,992

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share[Abstract]

Schedule Of Computation Of Earnings Per Share


			Net Income
For the Three Months Ended June 30,		Income		Shares	Earnings per Share
2021
	Earnings	$	56,522	15,829	$	3.57
	Dilutive stock options		-	235
	Nonvested stock awards		-	37
	Diluted earnings	$	56,522	16,101	$	3.51

2020
	Earnings	$	82,101	15,914	$	5.16
	Dilutive stock options		-	383
	Nonvested stock awards		-	76
	Diluted earnings	$	82,101	16,373	$	5.01

‎


			Net Income
For the Six Months Ended June 30,		Income		Shares	Earnings per Share
2021
	Earnings	$	121,922	15,919	$	7.66
	Dilutive stock options		-	242
	Nonvested stock awards		-	44
	Diluted earnings	$	121,922	16,205	$	7.52

2020
	Earnings	$	137,992	15,953	$	8.65
	Dilutive stock options		-	415
	Nonvested stock awards		-	77
	Diluted earnings	$	137,992	16,445	$	8.39

Long-Term Debt And Lines of Credit (Tables)

6 Months Ended

Jun. 30, 2021

Long-Term Debt And Lines Of Credit [Abstract]

Financial Debt Covenants



Description		Requirement

Leverage Ratio (Consolidated Indebtedness/Consolidated Adj. EBITDA)		< 3.50 to 1.00

Fixed Charge Coverage Ratio (Consolidated Free Cash Flow/Consolidated Fixed Charges)		> 1.50 to 1.00

Other Income/(Expense) - Net (Tables)

6 Months Ended

Jun. 30, 2021

Other Income/(Expense) - Net [Abstract]

Schedule Of Other Income/(Expense) - Net



	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Market value adjustment on assets held in
deferred compensation trust	$	3,655	$	7,408	$	6,693	$	(2,164)
Interest income		138		116		230		225
Other-net		(8)		(10)		464		(13)
Total other income/(expense) - net	$	3,785	$	7,514	$	7,387	$	(1,952)

Leases (Tables)

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Components Of Balance Sheet Information Related To Leases


	‎June 30,		‎December 31,
	2021		2020
Assets
Operating lease assets	$	123,207	$	123,448

Liabilities
Current operating leases		36,440		36,200
Noncurrent operating leases		99,093		99,210
Total operating lease liabilities	$	135,533	$	135,410

Components Of Lease Expense


	Three months ended June 30,
	2021		2020
Lease Expense (a)
Operating lease expense	$	15,550	$	15,103
Sublease income		(46)		(7)
Net lease expense	$	15,504	$	15,096

The components of lease expense for the first six months is as follows (in thousands):


	Six months ended June 30,
	2021		2020
Lease Expense (a)
Operating lease expense	$	30,911	$	29,731
Sublease income		(90)		(7)
Net lease expense	$	30,821	$	29,724

(a)Includes short-term leases and variable lease costs, which are immaterial. Included in both cost of services provided and goods sold and selling, general and administrative expenses.

Components Of Cash Flow Information Related To Leases


	Six months ended ‎June 30,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from leases	$	25,901	$	24,967

Leased assets obtained in exchange for new operating lease liabilities	$	25,685	$	40,133


Weighted Average Remaining Lease Term at June 30, 2021
Operating leases	4.9	years


Weighted Average Discount Rate at June 30, 2021
Operating leases	2.56	%

Summary Of Maturity Of Operating Lease Liabilities


Maturity of Operating Lease Liabilities (in thousands)

2021	$	23,050
2022		35,336
2023		27,905
2024		21,414
2025		15,163
Thereafter		21,414
Total lease payments	$	144,282
Less: interest		(8,749)
Total liability recognized on the balance sheet	$	135,533

Retirement Plans (Tables)

6 Months Ended

Jun. 30, 2021

Retirement Plans [Abstract]

Schedule Of Expenses For Retirement, Profit-Sharing Plans, Excess Benefit Plans And Other Similar Plans



Three months ended June 30,				Six months ended June 30,
2021		2020		2021		2020
$	7,904	$	11,354	$	16,603	$	6,940

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2021

Financial Instruments [Abstract]

Carrying Value, Fair Value And Hierarchy Of Financial Instruments

The following shows the carrying value, fair value and the hierarchy for our financial instruments as of June 30, 2021 (in thousands):


				Fair Value Measure
		Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Mutual fund investments of deferred
compensation plans held in trust	$	98,256	$	98,256	$	-	$	-

The following shows the carrying value, fair value and the hierarchy for our financial instruments as of December 31, 2020 (in thousands):


				Fair Value Measure
		Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Mutual fund investments of deferred
compensation plans held in trust	$	88,811	$	88,811	$	-	$	-

Capital Stock Repurchase Plan Transactions (Tables)

6 Months Ended

Jun. 30, 2021

Capital Stock Repurchase Plan Transactions [Abstract]

Schedule Of Repurchased Capital Stock



	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020

Total cost of repurchased shares (in thousands)	$	121,882	$	21,914	$	166,649	$	122,148
Shares repurchased		250,000		50,000		350,000		275,000
Weighted average price per share	$	487.52	$	438.27	$	476.14	$	444.18

Acquisitions (Tables)

6 Months Ended

Jun. 30, 2021

Acquisitions [Abstract]

Schedule Of Movement In Goodwill


	VITAS		Roto-Rooter		Total
Balance at December 31, 2020	$	333,331	$	245,254	$	578,585
Foreign currency adjustments		-		65		65
Balance at June 30, 2021	$	333,331	$	245,319	$	578,650

Basis Of Presentation (Narrative) (Details) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended	14 Months Ended
Basis Of Presentation (Narrative) (Details) $ in Thousands	Mar. 27, 2020 USD ($)	Jun. 30, 2021 USD ($) item	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) item	Jun. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jun. 30, 2021 USD ($) item	Dec. 31, 2020 USD ($)	Apr. 10, 2020 USD ($)
Deferred payroll taxes					$ 10,716
Revenue		$ 532,256	$ 502,199	$ 1,059,616	$ 1,017,997
Number of cloud computing arrangements \| item		2		2			2
Effective tax rate		24.70%	17.60%	23.20%	18.10%
Excess tax benefit on stock options reduced income tax expense		$ 868	$ 8,200	$ 4,100	$ 12,800
Capitalized property and equipment		1,600		1,600			$ 1,600	$ 3,900
CARES Act [Member]
Deferred payroll taxes	$ 36,400
Deferred payroll taxes, short-term liability	18,200
Deferred payroll taxes, long-term liability	18,200
Relief Fund	100,000,000
CARES Act - 2019 Medicare Fee-For-Service [Member]
Relief Fund	$ 30,000,000
Cloud Computing [Member]
Capitalized contract cost		9,100		$ 9,100			$ 9,100
VITAS [Member]
Number of COVID positive patients cared \| item				3,200
Percentage of Medicare sequestration reimbursement							2.00%
Revenue		5,900		$ 11,900
VITAS [Member] \| CARES Act - 2019 Medicare Fee-For-Service [Member]
Relief Fund									$ 80,200
VITAS [Member] \| Cloud Computing [Member]
Capitalized contract cost, amortization expense		$ 249	$ 263	$ 448	$ 525
Capitalized contract cost, amortization period		5 years		5 years			5 years
Roto-Rooter [Member]
Total purchase price						$ 138,000
Roto-Rooter [Member] \| Cloud Computing [Member]
Capitalized contract cost, amortization expense		$ 349		$ 349
Reacquired Franchise Rights [Member] \| Roto-Rooter [Member]
Total purchase price				59,200
Amortization of business combinations				2,000
Franchise fees				$ 470
Average remaining life				7 years
Reacquired Franchise Rights [Member] \| Roto-Rooter [Member] \| Annualized Through 2026 [Member]
Amortization of business combinations				$ 8,100
Reacquired Franchise Rights [Member] \| Roto-Rooter [Member] \| Annualized [Member]
Franchise fees				$ 1,900

Revenue Recognition (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended	96 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2013	Dec. 31, 2020
Three Program Projected Measurement Period Liability [Member]
Revenue Recognition [line items]
Additional Medicare cap adjustment related to prior cap liabilities						$ 8.7
Roto-Rooter [Member]
Revenue Recognition [line items]
Credit payment terms			30 days
Duration of advance notice of cancellation without penalty for both parties			90 days
Term of contract			10 years
Duration of advance notice of cancelation without penatly			60 days
Roto-Rooter [Member] \| Maximum [Member]
Revenue Recognition [line items]
Duration of services provided			5 days
Roto-Rooter [Member] \| Minimum [Member]
Revenue Recognition [line items]
Duration of services provided			3 days
VITAS [Member]
Revenue Recognition [line items]
Period of tier one care rate			60 days
Period of tier two care rate			61 days
Period of services provided after discharge			12 months
Period of service intensity add-on payment			7 days
Reimbursement period per day in 15 min. increments			4 hours
Minimum amount of care per 24-hr period			8 hours
Charity care cost	$ 2.3	$ 1.7	$ 4.4	$ 3.9
Percentage of automatic budget reductions					2.00%
Percentage of medicaid reimbursement			95.00%
Percentage of expenses			5.00%
VITAS [Member] \| Maximum [Member]
Revenue Recognition [line items]
Inpatient cap percentage			20.00%
VITAS [Member] \| Two Program Projected Measurement Period Liability [Member]
Revenue Recognition [line items]
Medicare cap adjustment	$ 2.0		$ 3.5
VITAS [Member] \| Five Programs Projected Measurement Period Liability [Member]
Revenue Recognition [line items]
Medicare cap adjustment		$ 5.8		$ 8.3

Revenue Recognition (Schedule Of Patient Care Service Revenue) (Details) - VITAS [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Care service revenue	$ 319,657	$ 338,904	$ 642,854	$ 686,850
Net revenue	311,935	327,465	627,723	665,380
Routine Home Care [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Care service revenue	264,926	276,345	528,680	548,098
Continuous Care [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Care service revenue	24,282	34,582	51,631	75,137
Inpatient Care [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Care service revenue	27,371	25,868	56,527	58,350
Care Services Total [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Care service revenue	316,579	336,795	636,838	681,585
All Other Revenue- Self-pay, Respite Care, Etc. [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Care service revenue	3,078	2,109	6,016	5,265
Medicare Cap Adjustment [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Medicare cap adjustment	(2,000)	(5,750)	(3,500)	(8,250)
Implicit Price Concessions [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Implicit price concessions	(3,065)	(3,042)	(6,309)	(7,192)
Room And Board, Net [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Room and board, net	(2,657)	(2,647)	(5,322)	(6,028)
Medicare [Member] \| Routine Home Care [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Care service revenue	247,061	257,550	493,125	511,505
Medicare [Member] \| Continuous Care [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Care service revenue	22,010	31,483	46,917	68,615
Medicare [Member] \| Inpatient Care [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Care service revenue	23,905	22,448	49,346	50,596
Medicare [Member] \| Care Services Total [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Care service revenue	292,976	311,481	589,388	630,716
Medicaid [Member] \| Routine Home Care [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Care service revenue	11,509	12,673	23,088	24,806
Medicaid [Member] \| Continuous Care [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Care service revenue	1,237	1,622	2,496	3,493
Medicaid [Member] \| Inpatient Care [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Care service revenue	2,069	2,311	4,539	4,870
Medicaid [Member] \| Care Services Total [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Care service revenue	14,815	16,606	30,123	33,169
Commercial [Member] \| Routine Home Care [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Care service revenue	6,356	6,122	12,467	11,787
Commercial [Member] \| Continuous Care [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Care service revenue	1,035	1,477	2,218	3,029
Commercial [Member] \| Inpatient Care [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Care service revenue	1,397	1,109	2,642	2,884
Commercial [Member] \| Care Services Total [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Care service revenue	$ 8,788	$ 8,708	$ 17,327	$ 17,700

Revenue Recognition (Schedule Of Disaggregated Revenue) (Details) - Roto-Rooter [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Subtotal	$ 225,429	$ 177,341	$ 442,245	$ 361,963
Implicit price concessions and credit memos	(5,108)	(2,607)	(10,352)	(9,346)
Net revenue	220,321	174,734	431,893	352,617
Short-Term Core Service Jobs [Member]
Subtotal	162,683	126,541	318,032	260,965
Water Restoration [Member]
Subtotal	38,583	31,426	76,018	60,672
Contractor Revenue [Member]
Subtotal	19,026	15,193	37,785	31,421
Franchise Fees [Member]
Subtotal	1,255	1,210	2,582	2,400
All Other [Member]
Subtotal	$ 3,882	$ 2,971	$ 7,828	$ 6,505

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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Segments (Segment Data) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Segments (Segment Data) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Net income	$ 56,522	$ 82,101	$ 121,922	$ 137,992
Operating Segments [Member]
Segment Reporting Information [Line Items]
Net income	72,485	89,713	150,431	155,314
VITAS [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Net income	29,712	60,245	70,481	101,524
Roto-Rooter [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Net income	42,773	29,468	79,950	53,790
Corporate [Member]
Segment Reporting Information [Line Items]
Net income	$ (15,963)	$ (7,612)	$ (28,509)	$ (17,322)

- Definition

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

+ References

+ Details

Earnings Per Share (Narrative) (Details) - shares	3 Months Ended		6 Months Ended
Earnings Per Share (Narrative) (Details) - shares	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share[Abstract]
Excluded stock options, Anti-dilutive	235,000	285,000	242,000	285,000

Earnings Per Share (Schedule Of Computation Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share[Abstract]
Earnings	$ 56,522	$ 82,101	$ 121,922	$ 137,992
Diluted earnings	$ 56,522	$ 82,101	$ 121,922	$ 137,992
Earnings, Shares	15,829	15,914	15,919	15,953
Dilutive stock options, Shares	235	383	242	415
Nonvested stock awards, Shares	37	76	44	77
Diluted earnings, Shares	16,101	16,373	16,205	16,445
Earnings, Earnings per Share	$ 3.57	$ 5.16	$ 7.66	$ 8.65
Diluted earnings, Earnings per Share	$ 3.51	$ 5.01	$ 7.52	$ 8.39

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

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

+ References

+ Details

Long-Term Debt And Lines of Credit (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 20, 2018
Debt Instrument [Line Items]
Standby letters of credit	$ 46.3
2018 Credit Agreement [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility period, years	5 years
Borrowing amount		$ 450.0
Amount outstanding	$ 0.0
Unused lines of credit	$ 403.7
2018 Credit Agreement [Member] \| Revolving Credit Facility [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate	100.00%
2018 Credit Agreement [Member] \| Expansion Feature [Member]
Debt Instrument [Line Items]
Borrowing amount		$ 150.0

Long-Term Debt And Lines of Credit (Financial Debt Covenants) (Details)	6 Months Ended
	Jun. 30, 2021
Minimum [Member]
Debt Instrument [Line Items]
Leverage Ratio (Consolidated Indebtedness/Consolidated Adj. EBITDA), Requirement	1.00
Fixed Charge Coverage Ratio (Consolidated Free Cash Flow/Consolidated Fixed Charges), Requirement	1.00
Maximum [Member]
Debt Instrument [Line Items]
Leverage Ratio (Consolidated Indebtedness/Consolidated Adj. EBITDA), Requirement	3.50
Fixed Charge Coverage Ratio (Consolidated Free Cash Flow/Consolidated Fixed Charges), Requirement	1.50

Other Income/(Expense) - Net (Schedule Of Other Income/(Expense) - Net) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Other Income/(Expense) - Net [Abstract]
Market value adjustment on assets held in deferred compensation trust	$ 3,655	$ 7,408	$ 6,693	$ (2,164)
Interest income	138	116	230	225
Other-net	(8)	(10)	464	(13)
Total other income/(expense) - net	$ 3,785	$ 7,514	$ 7,387	$ (1,952)

Leases (Narrative) (Details) $ in Millions	6 Months Ended
Leases (Narrative) (Details) $ in Millions	Jun. 30, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Option to extend the lease, term	up to 5 years
Option to terminate the lease, term	within 1 year
Operating lease payments related to extended lease terms	$ 2.3
Lease payments for leases signed but not yet commenced	$ 2.1
Minimum [Member]
Lessee, Lease, Description [Line Items]
Remaining terms of leases under operating lease	1 year
Maximum [Member]
Lessee, Lease, Description [Line Items]
Remaining terms of leases under operating lease	10 years

Leases (Components Of Balance Sheet Information Related To Leases) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets
Operating lease assets	$ 123,207	$ 123,448
Liabilities
Current operating leases	36,440	36,200
Noncurrent operating leases	99,093	99,210
Total operating lease liabilities	$ 135,533	$ 135,410

Leases (Components Of Lease Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Lease Expense
Operating lease expense	$ 15,550	$ 15,103	$ 30,911	$ 29,731
Sublease income	(46)	(7)	(90)	(7)
Net lease expense	$ 15,504	$ 15,096	$ 30,821	$ 29,724

Leases (Components Of Cash Flow Information Related To Leases) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from leases	$ 25,901	$ 24,967
Leased assets obtained in exchange for new operating lease liabilities	$ 25,685	$ 40,133
Weighted Average Remaining Lease Term, Operating leases	4 years 10 months 24 days
Weighted Average Discount Rate, Operating leases	2.56%

Leases (Summary Of Maturity Of Operating Lease Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Leases [Abstract]
2021	$ 23,050
2022	35,336
2023	27,905
2024	21,414
2025	15,163
Thereafter	21,414
Total lease payments	144,282
Less: interest	(8,749)
Total liability recognized on the balance sheet	$ 135,533	$ 135,410

Stock-Based Compensation Plans (Narrative) (Details) - USD ($) $ in Millions		6 Months Ended
	Feb. 19, 2021	Jun. 30, 2021
Performance Based TSR [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares vesting period, years		3 years
Cumulative compensation expense	$ 3.8
Performance Based EPS [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares vesting period, years		3 years
Cumulative compensation expense	$ 3.1
Compensation/Incentive Committee [Member] \| Perfromance Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of stock granted	6,277

Retirement Plans (Schedule Of Expenses For Retirement, Profit-Sharing Plans, Excess Benefit Plans And Other Similar Plans) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Retirement Plans [Abstract]
Net (losses)/gains for retirement and profit-sharing plans, excess benefit plans and other similar plans	$ 7,904	$ 11,354	$ 16,603	$ 6,940

Legal And Regulatory Matters (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Aug. 31, 2020	Mar. 31, 2019
Seper/Chhina v. VITAS [Member]
Loss Contingencies [Line Items]
Settlement amount		$ 5,750
Lax v. Roto-Rooter [Member]
Loss Contingencies [Line Items]
Settlement amount	$ 2,600

Concentration Of Risk (Narrative) (Details) - VITAS [Member] - item	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Concentration Risk [Line Items]
Number of service providers	1
Medicare [Member] \| Accounts Receivable [Member] \| Credit Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	68.00%	74.00%
Medicaid [Member] \| Accounts Receivable [Member] \| Credit Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	24.00%	20.00%
Medicare, Medicaid, And Managed Medicaid [Member] \| Accounts Receivable [Member] \| Credit Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	75.00%

Cash Overdrafts And Cash Equivalents (Narrative) (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Cash Overdrafts And Cash Equivalents [Abstract]
Cash overdrafts included in accounts payable	$ 0	$ 0

Financial Instruments (Narrative) (Details)	6 Months Ended
Financial Instruments (Narrative) (Details)	Jun. 30, 2021
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Period in which the interest rate will reset	30 days
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Period in which the interest rate will reset	60 days

Financial Instruments (Carrying Value, Fair Value And Hierarchy Of Financial Instruments) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual fund investments of deferred compensation plans held in trust	$ 98,256	$ 88,811
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual fund investments of deferred compensation plans held in trust	$ 98,256	$ 88,811

Capital Stock Repurchase Plan Transactions (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2021	May 31, 2020
Capital Stock Repurchase Plan Transactions [Abstract]
Stock repurchase program, amount authorized		$ 300.0
Stock repurchase program, remaining authorized repurchase amount	$ 311.8

Capital Stock Repurchase Plan Transactions (Schedule Of Repurchased Capital Stock) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Capital Stock Repurchase Plan Transactions [Abstract]
Total cost of repurchased shares	$ 121,882	$ 21,914	$ 166,649	$ 122,148
Shares repurchased	250,000	50,000	350,000	275,000
Weighted average price per share	$ 487.52	$ 438.27	$ 476.14	$ 444.18

Acquisitions (Narrative) (Details) - Roto-Rooter, Bloomington [Member] - USD ($) $ in Millions		6 Months Ended
	Jun. 01, 2020	Jun. 30, 2021
Goodwill [Line Items]
Acquisition date		Jun. 01, 2020
Acquisition, in cash	$ 2.2

Acquisitions (Schedule Of Movement In Goodwill) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($)
Goodwill [Line Items]
Beginning balance	$ 578,585
Foreign currency adjustments	65
Ending balance	578,650
VITAS [Member]
Goodwill [Line Items]
Beginning balance	333,331
Foreign currency adjustments
Ending balance	333,331
Roto-Rooter [Member]
Goodwill [Line Items]
Beginning balance	245,254
Foreign currency adjustments	65
Ending balance	$ 245,319