0001562762-24-000045 | 10-K | XBRL Viewer

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Stock-Based Compensation Plans (Schedule Of Other Data For Stock Options, Stock Awards And PSUs) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation at the end of the year	$ 60,819
Weighted average period over which unrecognized compensation to be recognized (years)	2 years 2 months 12 days
Actual income tax benefit realized	$ 12,139
Aggregate intrinsic value vested and expected to vest	134,531
Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Actual income tax benefit realized	321
Performance Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation at the end of the year	$ 10,125
Weighted average period over which unrecognized compensation to be recognized (years)	1 year 7 months 6 days
Actual income tax benefit realized	$ 1,478
Aggregate intrinsic value vested and expected to vest	$ 28,719

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Other Current Liabilities

12 Months Ended

Dec. 31, 2023

Other Current Liabilities [Abstract]

Other Current Liabilities

21. Other Current Liabilities



	December 31,
	2023		2022

Medicare cap	$	13,245	$	14,380
Retention bonus		8,901		19,634
Accrued advertising		3,971		2,516
All other		23,071		24,474
	$	49,188	$	61,004

There are no individual amounts exceeding 5% of the total current liabilities in the “all other” line item for either period presented.

Stock-Based Compensation Plans

12 Months Ended

Dec. 31, 2023

Stock-Based Compensation Plans [Abstract]

Stock-Based Compensation Plans

4. Stock-Based Compensation Plans

We have four stock incentive plans under which a total of 6.1 million shares were able to be issued to key employees and directors through a grant of stock options, stock awards and/or performance stock units (“PSUs”). The Compensation/Incentive Committee (“CIC”) of the Board of Directors administers these plans.

We grant stock options, stock awards and PSUs to our officers, other key employees and directors to better align their long-term interests with those of our shareholders. We grant stock options at an exercise price equal to the market price of our stock on the date of grant. Options vest ratably annually over a three year period. Those granted after 2014 have a contractual life of 5 years; those granted prior to 2014 have a contractual life of 10 years. Unrestricted stock awards generally are granted to our non-employee directors annually at the time of our annual meeting. PSUs are contingent upon achievement of multi-year earnings per share (“EPS”) targets or total shareholder return (“TSR”) targets. Upon achievement of targets, PSUs are converted to unrestricted shares of stock.

We recognize the cost of stock options, stock awards and PSUs on a straight-line basis over the service life of the award, generally the vesting period. We include the cost of all stock-based compensation in selling, general and administrative expense.

In May 2023, the CIC granted 2,646 unrestricted shares of stock to the Company’s outside directors.

PERFORMANCE AWARDS

The CIC determines a targeted number of PSUs to be granted to each participant. A participant can ultimately receive up to 200% of the targeted PSUs based upon exceeding the respective EPS and TSR targets.

In February 2021, 2022, and 2023, the CIC granted PSUs contingent upon the achievement of certain TSR targets as compared to the TSR of a group of peer companies for the three-year measurement period, at which date the awards may vest. We utilize a Monte Carlo simulation approach in a risk-neutral framework with inputs including historical volatility and the risk-free rate of interest to value these TSR awards. We amortize the total estimated cost over the service period of the award.

In February 2021, 2022, and 2023, the CIC granted PSUs contingent on the achievement of certain EPS targets over the three-year measurement period. At the end of each reporting period, we estimate the number of shares of stock we believe will ultimately vest and record that expense over the service period of the award.

Comparative data for the PSUs include:



		2023 Awards			2022 Awards			2021 Awards
TSR Awards
Shares of stock granted - target		8,107			7,983			6,277
Per-share fair value	$	633.32		$	595.70		$	599.04
Volatility		25.5	%		30.4	%		30.2	%
Risk-free interest rate		4.3	%		1.7	%		0.2	%

EPS Awards
Shares of stock granted - target		8,107			7,983			6,277
Per-share fair value	$	515.12		$	459.77		$	491.34

Common Assumptions
Service period (years)		2.9			2.9			2.9
Three-year measurement period ends December 31,		2025			2024			2023

The following table summarizes total stock option, stock award and PSU activity during 2023:


	Stock Options						Stock Awards			Performance Units (PSUs)
									Weighted
			Weighted Average			Aggregate			Average				Weighted
				Remaining		Intrinsic			Grant-Date	Number of			Average
	Number of		Exercise	Contractual		Value	Number of		Per-Share	Target			Grant-Date
	Options		Price	Life (Years)		(thousands)	Awards		Fair Value	Units			Price
Outstanding at December 31, 2022	1,181,154	$	432.75				-	$	-	37,490		$	543.11
Granted	315,555		509.46				2,646		545.69	21,802			557.23
Exercised/Vested	(370,105)		406.45				(2,646)		545.69	(15,138)			544.36
Canceled/ Forfeited	(9,381)		455.42				-		-	-			-
Outstanding at December 31, 2023	1,117,223	$	462.94	3.3	$	134,531	-	$	-	44,154		$	549.65

Vested and expected to vest
at December 31, 2023	1,117,223	$	462.94	3.3	$	134,531	-	$	-	49,231	*	$	546.47
Exercisable at December 31, 2023	494,064		437.24	2.2		72,191	n.a.		n.a.	n.a.			n.a.
* Amount includes 9,918 share units which vested and were converted to shares of stock and distributed in the first quarter of 2024.

We estimate the fair value of stock options using the Black-Scholes valuation model. We determine expected term, volatility, and dividend yield and forfeiture rate based on our historical experience. We believe that historical experience is the best indicator of these factors.

‎

Comparative data for stock options, stock awards and PSUs include (in thousands, except per-share amounts):


		Years Ended December 31,
		2023		2022		2021
Total compensation expense of stock-based compensation
plans charged against income	$	40,793	$	33,613	$	31,420
Total income tax benefit recognized in income for stock
based compensation expense charged against income		9,709		8,487		7,918
Total intrinsic value of stock options exercised		54,681		53,339		62,038
Total intrinsic value of stock awards vested during the period		1,444		1,170		1,173
Per-share weighted average grant-date fair value of
stock awards granted		545.69		496.25		482.66

The assumptions we used to value stock option grants are as follows:


		2023			2022			2021
Stock price on date of issuance	$	509.46		$	462.04		$	445.35
Grant date fair value per option	$	111.24		$	104.69		$	96.91
Number of options granted		315,555			312,598			326,806
Expected term (years)		3.5			3.5			3.5
Risk free rate of return		4.99	%		4.39	%		0.87	%
Volatility		19.24	%		22.29	%		28.81	%
Dividend yield		0.3	%		0.3	%		0.3	%
Forfeiture rate		-			-			-

Other data for stock options, stock awards and PSUs for 2023 include (dollar amounts in thousands):


		Stock		Stock
		Options		Awards		PSUs

Total unrecognized compensation at the end of the year	$	60,819	$	-	$	10,125
Weighted average period over which unrecognized compensation to be recognized (years)		2.2		-		1.6
Actual income tax benefit realized	$	12,139	$	321	$	1,478
Aggregate intrinsic value vested and expected to vest	$	134,531	$	-	$	28,719

EMPLOYEE STOCK PURCHASE PLAN (“ESPP”)

The ESPP allows eligible participants to purchase shares of stock through payroll deductions at current market value. We pay administrative and broker fees associated with the ESPP. Shares of stock purchased for the ESPP are purchased on the open market and credited directly to participants’ accounts. In accordance with the FASB’s guidance, the ESPP is non-compensatory.

Stock-Based Compensation Plans (Narrative) (Details)	1 Months Ended		12 Months Ended
Stock-Based Compensation Plans (Narrative) (Details)	May 31, 2023 shares	Feb. 28, 2019	Dec. 31, 2023 item shares	Dec. 31, 2022 shares	Dec. 31, 2021 shares	Mar. 31, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock incentive plans \| item			4
Number of shares authorized			6,100,000
Options granted			315,555	312,598	326,806
Performance Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares vesting period, years		3 years
Shares of stock granted			21,802
Vested share units that will be converted						9,918
Performance Stock Units [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage participant can ultimately receive of the targeted PSUs			200.00%
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares vesting period, years			3 years
Shares contractual life			5 years
Options granted			315,555
Stock Options [Member] \| Prior to Year 2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares contractual life			10 years
Performance Based TSR [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of stock granted			8,107	7,983	6,277
Performance Based EPS [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of stock granted			8,107	7,983	6,277
Outside Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted	2,646

Document And Entity Information - USD ($)

12 Months Ended

Dec. 31, 2023

Feb. 09, 2024

Jun. 30, 2023

Document And Entity Information [Abstract]

Document Type

10-K

Document Annual Report

true

Document Fiscal Period Focus

Document Period End Date

Dec. 31, 2023

Current Fiscal Year End Date

--12-31

Document Fiscal Year Focus

2023

Document Transition Report

false

Entity File Number

1-8351

Entity Registrant Name

CHEMED CORPORATION

Entity Incorporation, State or Country Code

Entity Tax Identification Number

31-0791746

Entity Address, Address Line One

Suite 2600

Entity Address, Address Line Two

255 East Fifth Street

Entity Address, City or Town

Cincinnati

Entity Address, State or Province

Entity Address, Postal Zip Code

45202-4726

City Area Code

513

Local Phone Number

762-6690

Entity Well-known Seasoned Issuer

Yes

Entity Voluntary Filers

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

ICFR Auditor Attestation Flag

true

Document Financial Statement Error Correction Flag

false

Entity Shell Company

false

Entity Public Float

$ 8,049,913,329

Title of 12(b) Security

Capital Stock – Par Value $1 Per Share

Trading Symbol

CHE

Security Exchange Name

NYSE

Entity Common Stock, Shares Outstanding

15,117,093

Documents Incorporated by Reference

Document

Where Incorporated

2023 Annual Report to Stockholders (specified portions)

Proxy Statement for Annual Meeting to be held May 20, 2024

Parts I, II, and IV

Part III

Amendment Flag

false

Entity Central Index Key

0000019584

Auditor Firm Id

238

Auditor Name

PricewaterhouseCoopers LLP

Auditor Location

Cincinnati, Ohio

Earnings Per Share (Narrative) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Excluded stock options, Anti-dilutive	601	891	617

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Components Of Balance Sheet Information Related To Leases


	December 31,
	2023		2022
Assets
Operating lease assets	$	126,387	$	135,662

Liabilities
Current operating leases		38,635		38,996
Noncurrent operating leases		100,776		110,513
Total operating lease liabilities	$	139,411	$	149,509

Components Of Lease Expense


	December 31,
	2023		2022
Lease Expense (a)
Operating lease expense	$	59,769	$	59,530
Sublease income		(93)		(181)
Net lease expense	$	59,676	$	59,349

(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


	December 31,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from leases	$	49,777	$	49,571

Leased assets obtained in exchange for new operating lease liabilities	$	37,111	$	57,551


Weighted Average Remaining Lease Term
Operating leases	4.32	yrs

Weighted Average Discount Rate
Operating leases	3.09	%

Summary Of Maturity Of Operating Lease Liabilities


Maturity of Operating Lease Liabilities (in thousands)

2024	$	44,928
2025		37,248
2026		28,897
2027		16,525
2028		11,285
Thereafter		10,597
Total lease payments	$	149,480
Less: interest		(10,069)
Total liability recognized on the balance sheet	$	139,411

Long-Term Debt And Lines of Credit (Financial Debt Covenants) (Details)	12 Months Ended
	Dec. 31, 2023
Minimum [Member]
Debt Instrument [Line Items]
Leverage Ratio (Consolidated Indebtedness/Consolidated Adj. EBITDA), Requirement	1.00
Leverage Ratio (Consolidated Indebtedness Consolidated Adj. EBITDA), Chemed	(0.06)
Interest Coverage Ratio (Consolidated Adj. EBITDA/Consolidated Interest Expense)	1.00
Fixed Charge Coverage Ratio (Consolidated Free Cash Flow/Consolidated Fixed Charges), Chemed	1.00
Maximum [Member]
Debt Instrument [Line Items]
Leverage Ratio (Consolidated Indebtedness/Consolidated Adj. EBITDA), Requirement	3.50
Leverage Ratio (Consolidated Indebtedness Consolidated Adj. EBITDA), Chemed	1.00
Interest Coverage Ratio (Consolidated Adj. EBITDA/Consolidated Interest Expense)	3.00
Fixed Charge Coverage Ratio (Consolidated Free Cash Flow/Consolidated Fixed Charges), Chemed	151.10

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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+ Details

Leases (Components Of Lease Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Lease Expense
Operating lease expense	$ 59,769	$ 59,530
Sublease income	(93)	(181)
Net lease expense	$ 59,676	$ 59,349

Segments And Nature Of The Business (Segment Data) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Net income	$ 272,509	$ 249,624	$ 268,550
Total interest income	6,270	355	377
Total interest expense	3,108	4,584	1,868
Total income tax provision	77,858	80,055	81,764
Total identifiable assets	1,668,095	1,442,012	1,342,723
Total additions to long-lived assets	61,238	61,868	58,856
Total depreciation and amortization	60,865	59,172	59,051
Operating Segments [Member]
Segment Reporting Information [Line Items]
Net income	346,750	317,572	328,764
Total interest income	32,521	28,602	25,682
Total interest expense	622	568	755
Total income tax provision	96,240	101,695	103,846
Total identifiable assets	1,302,400	1,262,907	1,206,681
Total additions to long-lived assets	60,964	61,691	58,832
Total depreciation and amortization	60,812	59,100	58,970
Intercompany Eliminations [Member]
Segment Reporting Information [Line Items]
Total interest income	$ (31,318)	$ (28,246)	$ (25,305)
VITAS [Member]
Segment Reporting Information [Line Items]
Percentage of segment revenue	58.00%	56.00%	59.00%
VITAS [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Net income	$ 158,509	$ 131,452	$ 162,431
Total interest income	20,478	19,119	18,378
Total interest expense	180	172	160
Total income tax provision	46,115	43,000	52,426
Total identifiable assets	778,950	750,483	693,490
Total additions to long-lived assets	17,450	22,580	28,583
Total depreciation and amortization	$ 20,063	$ 22,056	$ 23,185
Roto-Rooter [Member]
Segment Reporting Information [Line Items]
Percentage of segment revenue	42.00%	44.00%	41.00%
Roto-Rooter [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Net income	$ 188,241	$ 186,120	$ 166,333
Total interest income	12,043	9,483	7,304
Total interest expense	442	396	595
Total income tax provision	50,125	58,695	51,420
Total identifiable assets	523,450	512,424	513,191
Total additions to long-lived assets	43,514	39,111	30,249
Total depreciation and amortization	40,749	37,044	35,785
Corporate [Member]
Segment Reporting Information [Line Items]
Net income	(74,241)	(67,948)	(60,214)
Total interest income	5,067	(1)
Total interest expense	2,486	4,016	1,113
Total income tax provision	(18,382)	(21,640)	(22,082)
Total identifiable assets	365,695	179,105	136,042
Total additions to long-lived assets	274	177	24
Total depreciation and amortization	$ 53	$ 72	$ 81

Properties And Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Properties And Equipment [Abstract]

Schedule Of Properties And Equipment


		December 31,
		2023		2022
Land	$	14,356	$	11,862
Buildings and building improvements		130,695		123,845
Transportation equipment		89,910		79,810
Machinery and equipment		164,249		154,603
Computer software		72,646		69,283
Furniture and fixtures		78,068		76,042
Projects under development		8,788		20,189
Total properties and equipment		558,712		535,634
Less accumulated depreciation		(354,872)		(335,920)
Net properties and equipment	$	203,840	$	199,714

Intangible Assets (Schedule Of Intangible Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Definite and Indefinite-lived Intangible Assets [Line Items]
Gross Asset, Subtotal- definite-lived intangibles	$ 81,271	$ 109,864
Accumulated Amortization, Subtotal- definite-lived intangibles	(48,965)	(67,716)
Net Book Value, Subtotal - definite-lived intangibles	32,306	42,148
Intangible assets, Gross Asset	139,229	167,442
Intangible assets, Net Book Value	90,264	99,726
VITAS Trade Name [Member]
Definite and Indefinite-lived Intangible Assets [Line Items]
Gross Asset, Subtotal- definite-lived intangibles	51,300	51,300
Net Book Value, Subtotal - definite-lived intangibles	51,300	51,300
Roto-Rooter Trade Name [Member]
Definite and Indefinite-lived Intangible Assets [Line Items]
Gross Asset, Subtotal- definite-lived intangibles	150	150
Net Book Value, Subtotal - definite-lived intangibles	150	150
Operating Licenses [Member]
Definite and Indefinite-lived Intangible Assets [Line Items]
Gross Asset, Subtotal- definite-lived intangibles	6,508	6,128
Net Book Value, Subtotal - definite-lived intangibles	6,508	6,128
Referral Networks [Member]
Definite and Indefinite-lived Intangible Assets [Line Items]
Gross Asset, Subtotal- definite-lived intangibles	1,228	22,368
Accumulated Amortization, Subtotal- definite-lived intangibles	(413)	(21,458)
Net Book Value, Subtotal - definite-lived intangibles	815	910
Non-Compete Agreements [Member]
Definite and Indefinite-lived Intangible Assets [Line Items]
Gross Asset, Subtotal- definite-lived intangibles	2,476	10,141
Accumulated Amortization, Subtotal- definite-lived intangibles	(2,354)	(9,928)
Net Book Value, Subtotal - definite-lived intangibles	122	213
Customer Lists [Member]
Definite and Indefinite-lived Intangible Assets [Line Items]
Gross Asset, Subtotal- definite-lived intangibles	4,746	4,746
Accumulated Amortization, Subtotal- definite-lived intangibles	(2,220)	(2,005)
Net Book Value, Subtotal - definite-lived intangibles	2,526	2,741
Reacquired Franchise Rights [Member]
Definite and Indefinite-lived Intangible Assets [Line Items]
Gross Asset, Subtotal- definite-lived intangibles	72,821	72,609
Accumulated Amortization, Subtotal- definite-lived intangibles	(43,978)	(34,325)
Net Book Value, Subtotal - definite-lived intangibles	$ 28,843	$ 38,284

Intangible Assets

12 Months Ended

Dec. 31, 2023

Intangible Assets [Abstract]

Intangible Assets

‎

6. Intangible Assets

Amortization of definite-lived intangible assets for the years ended December 31, 2023, 2022, and 2021, was $10.1 million, $10.1 million and $10.0 million, respectively. The following is a schedule by year of projected amortization expense for definite-lived intangible assets (in thousands):


2024	$	10,049
2025		10,035
2026		9,688
2027		458
2028		308
Thereafter		1,768

The balance in identifiable intangible assets comprises the following (in thousands):


		Gross		Accumulated		Net Book
		Asset		Amortization		Value
December 31, 2023
Referral networks	$	1,228	$	(413)	$	815
Covenants not to compete		2,476		(2,354)		122
Customer lists		4,746		(2,220)		2,526
Reacquired franchise rights		72,821		(43,978)		28,843
Subtotal - definite-lived intangibles		81,271		(48,965)		32,306
VITAS trade name		51,300		-		51,300
Roto-Rooter trade name		150		-		150
Operating licenses		6,508		-		6,508
Total	$	139,229	$	(48,965)	$	90,264

December 31, 2022
Referral networks	$	22,368	$	(21,458)	$	910
Covenants not to compete		10,141		(9,928)		213
Customer lists		4,746		(2,005)		2,741
Reacquired franchise rights		72,609		(34,325)		38,284
Subtotal - definite-lived intangibles		109,864		(67,716)		42,148
VITAS trade name		51,300		-		51,300
Roto-Rooter trade name		150		-		150
Operating licenses		6,128		-		6,128
Total	$	167,442	$	(67,716)	$	99,726

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Line Items]
Net operating loss carryforwards	$ 36,000	$ 41,900
Accrued interest payable related to uncertain tax positions	145	$ 112
Undistributed earnings of domestic subsidiaries	35,100
Additional taxes if interest in all businesses is sold rather than to effect a tax-free liquidation	$ 8,000
Maximum [Member]
Income Taxes [Line Items]
Net operating losses expiration year	2043
Minimum [Member]
Income Taxes [Line Items]
Net operating losses expiration year	2024

Cash Overdrafts, Cash Equivalents, and Supplemental Cash Flow Disclosure

12 Months Ended

Dec. 31, 2023

Cash Overdrafts, Cash Equivalents, and Supplemental Cash Flow Disclosure [Abstract]

Cash Overdrafts, Cash Equivalents, and Supplemental Cash Flow Disclosure

9. Cash Overdrafts, Cash Equivalents, and Supplemental Cash Flow Disclosure

Included in the accompanying Consolidated Balance Sheets are $690,000, $1.9 million, and $1.9 million of capitalized property and equipment which were not paid for as of December 31, 2023, 2022, and 2021, respectively. These amounts have been excluded from capital expenditures in the accompanying Consolidated Statements of Cash Flows. There are no material non-cash amounts included in interest expense for any period presented.

There is $15.7 million of cash overdrafts included in accounts payable as of December 31, 2023. There were no cash overdrafts included in accounts payable as of December 31, 2022

From time to time throughout the year, we invest excess cash in money market funds directly with major commercial banks. We closely monitor the creditworthiness of the institutions with which we invest our overnight funds. In 2023, Chemed began investing excess cash in a money market fund holding US Treasuries. Deposits and withdrawals are made daily, based on the Company’s excess cash balance. There are no penalties associated with withdrawals. The accounts bear interest at a normal market rate.

Long-Term Debt And Lines Of Credit

12 Months Ended

Dec. 31, 2023

Long-Term Debt And Lines Of Credit [Abstract]

Long-Term Debt And Lines Of Credit

3. Long-Term Debt and Lines of Credit

On June 28, 2022, we replaced our existing credit facility with a fifth amended and restated Credit Agreement (“2022 Credit Facilities”). Terms of the 2022 Credit Facilities consist of a five-year $450 million revolver as well as a five-year $100 million term loan. Principal payments of $1.25 million on the term loan are due on the last day of each fiscal quarter, with a final payment due at the end of the agreement. The 2022 Credit Facilities have a floating interest rate that is generally the secured overnight financing rate (“SOFR”) plus an additional tiered rate which varies based on our current leverage ratio. As of December 31, 2023 and 2022, the interest rate is SOFR plus 100 basis points. The 2022 Credit Facilities include an expansion feature that provides the Company the opportunity to increase its revolver and or term loan by an additional $250 million.

We made prepayments totaling $75.0 million plus a regularly scheduled payment of $1.25 million in the first quarter of 2023 on the $100.0 million term loan. We paid the remaining balance of $21.3 million in April 2023. There were no prepayment penalties associated with repayments. There are no significant deferred debt issuance costs capitalized related to the term loan. This prepayment reduced the total borrowing capacity of the 2022 Credit Facilities from $550.0 million to $450.0 million as of December 31, 2023.

‎

The debt outstanding at December 31, 2023 and 2022 consists of the following (in thousands):


		December 31,
		2023		2022
Revolver	$	-	$	-
Term loan		-		97,500
Total		-		97,500
Current portion of long-term debt		-		(5,000)
Long-term debt	$	-	$	92,500

Capitalized interest was not material for any of the periods shown. Summarized below are the total amounts of interest paid during the years ended December 31 (in thousands):


2023	$	2,645
2022		3,704
2021		1,403

The 2022 Credit Facilities contains the following quarterly financial covenants effective as of December 31, 2023:


		Chemed
Description	Requirement	December 31, 2023


Leverage Ratio (Consolidated Indebtedness/Consolidated Adj. EBITDA)	< 3.50 to 1.00	(0.06) to 1.00

Interest Coverage Ratio (Consolidated Adj. EBITDA/Consolidated Interest Expense)
	> 3.00 to 1.00	151.10 to 1.00

We are in compliance with all debt covenants as of December 31, 2023. We have issued $45.2 million in standby letters of credit as of December 31, 2023 for insurance purposes. Issued letters of credit reduce our available credit under the 2022 Credit Facilities. As of December 31, 2023, we have approximately $404.8 million of unused lines of credit available and eligible to be drawn down under our revolving credit facility.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Earnings Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

16. Earnings Per Share

The computation of earnings per share follows (in thousands, except per share data):



For the Years Ended December 31,		Net Income		Shares	Earnings per Share
2023
	Earnings	$	272,509	15,050	$	18.11
	Dilutive stock options		-	103
	Nonvested stock awards		-	47
	Diluted earnings	$	272,509	15,200	$	17.93

2022
	Earnings	$	249,624	14,929	$	16.72
	Dilutive stock options		-	130
	Nonvested stock awards		-	40
	Diluted earnings	$	249,624	15,099	$	16.53

2021
	Earnings	$	268,550	15,671	$	17.14
	Dilutive stock options		-	221
	Nonvested stock awards		-	46
	Diluted earnings	$	268,550	15,938	$	16.85

During 2023, 601,000 stock options were excluded from the computation of diluted earnings per share as their exercise prices were greater than the average market price during most of the year. During 2022, 891,000 stock options were excluded. During 2021, 617,000 stock options were excluded.

Leases (Summary Of Maturity Of Operating Lease Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 44,928
2025	37,248
2026	28,897
2027	16,525
2028	11,285
Thereafter	10,597
Total lease payments	149,480
Less: interest	(10,069)
Total liability recognized on the balance sheet	$ 139,411	$ 149,509

Revenue Recognition (Schedule Of Disaggregated Revenue) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Gross revenue	$ 1,348,112	$ 1,231,010	$ 1,289,433
Net revenue	1,315,065	1,201,564	1,261,246
Roto-Rooter [Member]
Gross revenue	975,936	955,859	897,769
Implicit price concessions and credit memos	(26,584)	(22,460)	(19,754)
Net revenue	949,352	933,399	878,015
Roto-Rooter [Member] \| Drain cleaning [Member]
Gross revenue	249,069	261,606	254,773
Roto-Rooter [Member] \| Plumbing [Member]
Gross revenue	196,695	194,274	176,051
Roto-Rooter [Member] \| Excavation [Member]
Gross revenue	233,196	222,945	215,190
Roto-Rooter [Member] \| Other [Member]
Gross revenue	936	708	1,138
Roto-Rooter [Member] \| Short-Term Core [Member]
Gross revenue	679,896	679,533	647,152
Roto-Rooter [Member] \| Water Restoration [Member]
Gross revenue	185,550	169,434	153,115
Roto-Rooter [Member] \| Independent Contractors [Member]
Gross revenue	85,749	84,442	76,858
Roto-Rooter [Member] \| Franchise Fees [Member]
Gross revenue	5,658	5,591	5,068
Roto-Rooter [Member] \| Other [Member]
Implicit price concessions and credit memos	$ 19,083	$ 16,859	$ 15,576

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes [Abstract]

Schedule Of Provision For Income Taxes


		For the Years Ended December 31,
		2023		2022		2021
Current
U.S. federal	$	75,333	$	52,910	$	64,620
U.S. state and local		9,983		11,813		14,233
Foreign		569		505		511
Deferred
U.S. federal, state and local		(8,029)		14,821		2,358
Foreign		2		6		42
Total	$	77,858	$	80,055	$	81,764

Schedule Of Temporary Differences That Give Rise To Deferred Tax Assets (Liabilities)


		December 31,
		2023		2022
Accrued liabilities	$	39,436	$	38,620
Lease liabilities		34,028		39,057
Stock compensation expense		9,023		9,102
Implicit price concessions		7,294		7,572
State net operating loss carryforwards		1,652		1,443
Other		1,259		1,330
Deferred income tax assets		92,692		97,124
Amortization of intangible assets		(40,747)		(43,205)
Accelerated tax depreciation		(32,411)		(36,519)
Right of use lease assets		(30,891)		(35,514)
Deposit with OAS		(11,413)		(12,769)
Currents assets		(4,272)		(5,064)
State income taxes		(2,552)		(2,634)
Market valuation of investments		(600)		102
Other		(127)		(134)
Deferred income tax liabilities		(123,013)		(135,737)
Net deferred income tax liabilities	$	(30,321)	$	(38,613)

Schedule Of Significant Changes To Unrecognized Tax Benefits


		2023		2022		2021
Balance at January 1,	$	1,313	$	1,379	$	1,304
Decrease due to expiration of statute of limitations		(355)		(422)		(258)
Unrecognized tax benefits due to positions taken in current year		263		356		333
Balance at December 31,	$	1,221	$	1,313	$	1,379

Schedule Of Difference Between Actual Income Tax Provision For Continuing Operations And Income Tax Provision Calculated At Statutory U.S. Federal Tax Rate


		For the Years Ended December 31,
		2023			2022			2021

Income tax provision calculated using the statutory rate of 21%	$	73,577		$	69,233		$	73,566
State and local income taxes, less federal income tax effect		2,306			10,207			10,025
Nondeductible expenses		6,600			6,958			7,443
Excess stock compensation tax benefits		(4,330)			(5,928)			(9,884)
Other--net		(295)			(415)			614
Income tax provision	$	77,858		$	80,055		$	81,764
Effective tax rate		22.2	%		24.3	%		23.3	%

Schedule Of Income Taxes Paid


2023	$	73,876
2022		65,894
2021		99,430

Stock-Based Compensation Plans (Schedule Of Valuation Assumptions) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock-Based Compensation Plans [Abstract]
Stock price on date of issuance	$ 509.46	$ 462.04	$ 445.35
Grant date fair value per share	$ 111.24	$ 104.69	$ 96.91
Number of options granted	315,555	312,598	326,806
Expected term (years)	3 years 6 months	3 years 6 months	3 years 6 months
Risk free rate of return	4.99%	4.39%	0.87%
Volatility	19.24%	22.29%	28.81%
Dividend yield	0.30%	0.30%	0.30%
Forfeiture rate

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash Flows from Operating Activities
Net income	$ 272,509	$ 249,624	$ 268,550
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization	60,865	59,172	59,051
Stock option expense	30,082	26,254	22,502
Deferred payroll taxes		(18,175)	(18,175)	$ 36,400
Noncash portion of long-term incentive compensation	9,267	6,188	7,745
(Benefit)/provision for deferred income taxes	(8,027)	14,827	2,400
Litigation settlements	2,050	4,000
Litigation settlements			(9,440)
Noncash directors' compensation	1,444	1,170	1,173
Amortization of debt issuance costs	580	342	306
Changes in operating assets and liabilities:
Increase in accounts receivable	(41,488)	(2,414)	(8,431)
Increase in inventories	(1,732)	(162)	(3,014)
Decrease/(increase) in prepaid expenses	87	2,397	(6,511)
(Decrease)/increase in accounts payable and other current liabilities	(9,348)	15,343	9,832
Change in current income taxes	11,748	(996)	(20,401)
Net change in lease assets and liabilities	(1,424)	1,471	(44)
Increase in other assets	(9,952)	(45,779)	(10,305)
Increase/(decrease) in other liabilities	12,802	(3,350)	12,074
Other sources/(uses)	836	(26)	1,285
Net cash provided by operating activities	330,299	309,886	308,597
Cash Flows from Investing Activities
Capital expenditures	(56,854)	(57,325)	(58,675)
Business combinations, net of cash acquired	(3,994)	(3,529)
Proceeds from sale of fixed assets	640	2,330	904
Other (uses)/sources	(434)	(878)	14
Net cash used by investing activities	(60,642)	(59,402)	(57,757)
Cash Flows from Financing Activities
Proceeds from exercise of stock options	102,192	44,968	35,848
Payments on other long-term debt	(97,500)	(2,500)
Proceeds from other long-term debt		100,000
Purchases of treasury stock	(67,697)	(114,515)	(576,042)
Dividends paid	(23,502)	(22,017)	(22,016)
Change in cash overdrafts payable	15,749	(11,884)	11,884
Capital stock surrendered to pay taxes on stock-based compensation	(9,557)	(15,611)	(15,129)
Payments on revolving line of credit		(306,800)	(25,300)
Proceeds from revolving line of credit		121,800	210,300
Debt issuance costs		(1,586)
Other sources/(uses)	490	(1,108)	(165)
Net cash used by financing activities	(79,825)	(209,253)	(380,620)
Increase/(decrease) in cash and cash equivalents	189,832	41,231	(129,780)
Cash and cash equivalents at beginning of year	74,126	32,895	162,675
Cash and cash equivalents at end of year	$ 263,958	$ 74,126	$ 32,895	$ 162,675

Capital Stock Transactions (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Nov. 30, 2023	Nov. 30, 2021
Capital Stock Transactions [Abstract]
Stock repurchase program, amount authorized		$ 300.0	$ 600.0
Stock repurchase program, remaining authorized repurchase amount	$ 314.1

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2023

Revenue Recognition [Abstract]

Schedule Of Patient Care Service Revenue

‎

The composition of patient care service revenue by payor and level of care for the year ended December 31, 2023 is as follows (in thousands):


	Medicare		Medicaid		Commercial		Total
Routine home care	$	1,067,629		44,833		23,975	$	1,136,437
Continuous care		78,994		3,123		3,557		85,674
Inpatient care		97,873		8,698		5,848		112,419
	$	1,244,496	$	56,654	$	33,380	$	1,334,530

All other revenue - self-pay, respite care, etc.								13,582
Subtotal							$	1,348,112
Medicare cap adjustment								(8,000)
Implicit price concessions								(14,196)
Room and board, net								(10,851)
Net revenue							$	1,315,065

The composition of patient care service revenue by payor and level of care for the year ended December 31, 2022 is as follows (in thousands):


	Medicare		Medicaid		Commercial		Total
Routine home care	$	973,206	$	43,340	$	22,665	$	1,039,211
Continuous care		70,712		3,159		3,129		77,000
Inpatient care		89,866		7,533		4,962		102,361
	$	1,133,784	$	54,032	$	30,756	$	1,218,572

All other revenue - self-pay, respite care, etc.								12,438
Subtotal							$	1,231,010
Medicare cap adjustment								(7,868)
Implicit price concessions								(12,004)
Room and board, net								(9,574)
Net revenue							$	1,201,564

The composition of patient care service revenue by payor and level of care for the year ended December 31, 2021 is as follows (in thousands):


	Medicare		Medicaid		Commercial		Total
Routine home care	$	997,846	$	46,785	$	25,135	$	1,069,766
Continuous care		85,626		4,689		4,023		94,338
Inpatient care		98,243		9,486		5,458		113,187
	$	1,181,715	$	60,960	$	34,616	$	1,277,291

All other revenue - self-pay, respite care, etc.								12,142
Subtotal							$	1,289,433
Medicare cap adjustment								(6,597)
Implicit price concessions								(11,530)
Room and board, net								(10,060)
Net revenue							$	1,261,246

Schedule Of Disaggregated Revenue


		2023		2022		2021
Drain cleaning	$	249,069	$	261,606	$	254,773
Plumbing		196,695		194,274		176,051
Excavation		233,196		222,945		215,190
Other		936		708		1,138
Subtotal - short term core		679,896		679,533		647,152
Water restoration		185,550		169,434		153,115
Independent contractors		85,749		84,442		76,858
Franchisee fees		5,658		5,591		5,068
Other		19,083		16,859		15,576
Gross revenue	$	975,936	$	955,859	$	897,769
Implicit price concessions and credit memos		(26,584)		(22,460)		(19,754)
Net revenue	$	949,352	$	933,399	$	878,015

Other Assets (Tables)

12 Months Ended

Dec. 31, 2023

Other Assets [Abstract]

Schedule of Other Assets



	December 31,
	2023		2022

Deposit with OAS (Note 18)	$	46,968	$	50,274
Cash surrender value life insurance		3,651		3,636
Noncurrent advances and deposits		2,139		2,368
Deferred debt costs (Note 3)		1,197		1,703
Other		1,663		1,826
	$	55,618	$	59,807

Financial Instruments (Narrative) (Details)	12 Months Ended
Financial Instruments (Narrative) (Details)	Dec. 31, 2023
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

Income Taxes (Schedule Of Difference Between Actual Income Tax Provision For Continuing Operations And Income Tax Provision Calculated At Statutory U.S. Federal Tax Rate) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Abstract]
Statutory rate	21.00%
Income tax provision calculated using the statutory rate of 21%	$ 73,577	$ 69,233	$ 73,566
State and local income taxes, less federal income tax effect	2,306	10,207	10,025
Nondeductible expenses	6,600	6,958	7,443
Excess stock compensation tax benefits	(4,330)	(5,928)	(9,884)
Other --net	(295)	(415)	614
Income tax provision	$ 77,858	$ 80,055	$ 81,764
Effective tax rate	22.20%	24.30%	23.30%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Other Current Liabilities [Abstract]

Schedule of Other Current Liabilities



	December 31,
	2023		2022

Medicare cap	$	13,245	$	14,380
Retention bonus		8,901		19,634
Accrued advertising		3,971		2,516
All other		23,071		24,474
	$	49,188	$	61,004

Other Income/(Expense) – Net (Schedule Of Other Income/(Expense) – Net) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Income/(Expense) – Net [Abstract]
Market value gains/(losses) related to deferred compensation trusts	$ 6,404	$ (9,970)	$ 8,310
Interest income	6,270	355	377
Other-net	232	382	457
Total other income/(expense) - net	$ 12,906	$ (9,233)	$ 9,144

Summary Of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Summary Of Significant Accounting Policies [Abstract]

Summary Of Significant Accounting Policies

1. Summary of Significant Accounting Policies

NATURE OF OPERATIONS

We operate through our two wholly-owned subsidiaries: VITAS Healthcare Corporation (“VITAS”) and Roto-Rooter Group, Inc. (“Roto-Rooter”). VITAS focuses on hospice care that helps make terminally ill patients' final days as comfortable as possible. Through its team of doctors, nurses, home health aides, social workers, clergy and volunteers, VITAS provides direct medical services to patients, as well as spiritual and emotional counseling to both patients and their families. Roto-Rooter provides plumbing, drain cleaning and water restoration services to both residential and commercial customers. Through its network of company-owned branches, Independent Contractors and franchisees, Roto-Rooter offers plumbing, drain cleaning service and water restoration to over 90% of the U.S. population.

PRINCIPLES OF ACCOUNTING

The consolidated financial statements have been prepared on a going-concern basis. The consolidated financial statements include the accounts of Chemed Corporation and its wholly owned subsidiaries. All intercompany transactions have been eliminated. We have analyzed the provisions of the Financial Accounting Standards Board (“FASB”) authoritative guidance on the consolidation of variable interest entities relative to our contractual relationships with Roto-Rooter’s Independent Contractors and franchisees. The guidance requires the primary beneficiary of a Variable Interest Entity (“VIE”) to consolidate the accounts of the VIE. We have concluded that neither the Independent Contractors nor the franchisees are VIEs.

CURRENT EXPECTED CREDIT LOSSES

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments, Credit Losses. The Company’s only material financial asset subject to ASU No. 2016-13 is accounts receivable, trade and other. The Company recognizes an allowance for credit losses related to accounts receivable to present the net amount expected to be collected as of the balance sheet date. Accounts receivable are written-off when it is determined that the amount is deemed uncollectible. The following presents a detailed discussion of the operating subsidiaries’ accounts receivable and their evaluation of credit risk related to those accounts:

Roto-Rooter’s trade accounts receivable are comprised mainly of amounts due from commercial entities and commercial insurance carriers. Roto-Rooter’s accounts receivable are generally outstanding for 90 days or less and there are no significant amounts outstanding greater than one year. Roto-Rooter historically has not experienced significant write-offs due to credit losses. For amounts due from commercial entities, Roto-Rooter utilizes a provision matrix based on historical credit losses by aging category. For amounts due from commercial insurance carriers, mainly from water restoration revenue, Roto-Rooter periodically reviews published default tables related to commercial insurance carriers and provides an allowance. As further discussed below, Roto-Rooter assesses on a quarterly basis whether the historical rates used are expected to be representative of credit risk over the life of the account taking into consideration existing economic conditions.

In excess of 90% of VITAS’ accounts receivable are from the Federal or state governments under Medicare and Medicaid. VITAS believes that it is reasonable to expect that the risk of non-payment as a result of credit issues from these government entities is zero. As such, there is no allowance for credit losses established related to these accounts. The remainder of VITAS’ accounts are from commercial insurance carriers. VITAS’ accounts are generally outstanding for 90 days or less and there are no significant amounts outstanding greater than one year. VITAS historically has not experienced significant write-offs due to credit losses. VITAS periodically reviews published default tables related to commercial insurance carriers and provides an allowance. VITAS assesses on a quarterly basis whether these default rates are expected to be representative of credit risk over the life of the account taking into consideration existing economic conditions.

As further discussed in Note 3, Chemed has $45.2 million in standby letters of credit outstanding. These letters of credit are with large, highly rated financial institutions. The Company periodically reviews published default tables related to these institutions to assess the need for an allowance. Chemed believes that any expected credit loss related to outstanding letters of credit based on current economic conditions is not material. The allowance for doubtful accounts is not material at December 31, 2023.

CORONAVIRUS IMPACT

We have closely monitored the impact of the pandemic on all aspects of our business including impacts to employees, customers, patients, suppliers and vendors.

On March 27, 2020, the CARES Act was passed. It provided economic relief to individuals and businesses affected by the coronavirus pandemic. It also contained provisions related to healthcare providers’ operations and the issues caused by the coronavirus pandemic.

Chemed and its subsidiaries deferred $36.4 million of certain employer payroll taxes as permitted by the CARES Act in 2020. $18.2 million was paid in 2021 and the remaining $18.2 million was paid in 2022.

During the period from May 1, 2020 through March 31, 2022, the 2% Medicare sequestration reimbursement cut was suspended. Sequestration was phased back into place at 1% from April 1, 2022 to June 30, 2022 and the full 2% thereafter. For the years ended December 31, 2022, 2021 and 2020 approximately $8.6 million, $23.9 million and $16.8 million, respectively, was recognized as revenue due to the suspension of sequestration.

The Company recognized $14.0 million of expense in 2021 for COVID-19 related costs. VITAS provided its workers an extra week of paid time off resulting in a $10.0 million charge. The remaining costs are primarily for personal protection equipment.

CASH EQUIVALENTS

Cash equivalents comprise short-term, highly liquid investments, including overnight deposits and money market funds that have original maturities of three months or less.

CONCENTRATION OF RISK

As of December 31, 2023, and 2022, approximately 75% and 64%, respectively, of VITAS’ total accounts receivable balances were from Medicare and 19% and 29%, respectively, of VITAS’ total accounts receivable balances were due from various state Medicaid or managed Medicaid programs. Combined accounts receivable from Medicare, Medicaid, and managed Medicaid represent approximately 80% of the consolidated net accounts receivable in the accompanying consolidated balance sheets as of December 31, 2023.

VITAS has a pharmacy services contract with one service provider for specified pharmacy services related to its hospice operations. Similarly, effective January 1, 2022, VITAS obtains the majority of its medical supplies from a single vendor. A large majority of VITAS’ pharmaceutical and medical supplies purchases are from these vendors. The pharmaceutical and medical supplies purchased by VITAS are available through many providers in the United States. However, a disruption from VITAS’ main service providers could adversely impact VITAS’ operations, including temporary logistical challenges and increased cost associated with getting medication and medical supplies to our patients.

INVENTORIES

Substantially all of the inventories are either general merchandise or finished goods. Inventories are stated at the lower of cost or net realizable value. For determining the value of inventories, cost methods that reasonably approximate the first-in, first-out (“FIFO”) method are used.

DEPRECIATION AND PROPERTIES AND EQUIPMENT

Depreciation of properties and equipment is computed using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the lesser of the remaining lease terms (excluding option terms) or their useful lives. Expenditures for maintenance, repairs, renewals and betterments that do not materially prolong the useful lives of the assets are expensed as incurred. The cost of property retired or sold and the related accumulated depreciation are removed from the accounts, and the resulting gain or loss is reflected currently in other operating expense or other income, net.

Expenditures for major software purchases and software developed for internal use are capitalized and depreciated using the straight-line method over the estimated useful lives of the assets. For software developed for internal use, external direct costs for materials and services and certain internal payroll and related fringe benefit costs are capitalized in accordance with the FASB’s authoritative guidance on accounting for the costs of computer software developed or obtained for internal use.

The weighted average lives of our property and equipment at December 31, 2023, were:


Buildings and building improvements	14.6	yrs.
Transportation equipment	8.5
Machinery and equipment	5.1
Computer software	3.8
Furniture and fixtures	4.4

GOODWILL AND INTANGIBLE ASSETS

The table below shows a rollforward of Goodwill (in thousands):


			Roto-
	Vitas		Rooter		Total
Balance at December 31, 2021	$	333,331	$	245,260	$	578,591
Business combinations		732		2,061		2,793
Foreign currency adjustments		-		(89)		(89)
Balance at December 31, 2022	$	334,063	$	247,232	$	581,295
Business combinations		-		3,682		3,682
Foreign currency adjustments		-		40		40
Balance at December 31, 2023	$	334,063	$	250,954	$	585,017

Identifiable, definite-lived intangible assets arise from purchase business combinations and are amortized using either an accelerated method or the straight-line method over the estimated useful lives of the assets. The selection of an amortization method is based on which method best reflects the economic pattern of usage of the asset. Reacquired franchise rights are amortized over the remaining term of the franchise agreement at the time of acquisition. The weighted average lives of our identifiable, definite-lived intangible assets at December 31, 2023, were:


Covenants not to compete	6.4	yrs.
Reacquired franchise rights	7.4
Referral networks	14.0
Customer lists	16.8

The date of our annual goodwill and indefinite-lived intangible asset impairment analysis is October 1. The VITAS trade name is considered to have an indefinite life. We also capitalize the direct costs of obtaining licenses to operate either hospice programs or plumbing operations subject to a minimum capitalization threshold. These costs are amortized over the life of the license using the straight-line method. Certificates of Need (“CON”), which are required in certain states for hospice operations, are generally granted without expiration and thus, we believe them to be indefinite-lived assets subject to impairment testing.

We consider that Roto-Rooter Corp. (“RRC”), Roto-Rooter Services Co. (“RRSC”) and VITAS are appropriate reporting units for testing goodwill impairment. We consider RRC and RRSC separate reporting units but one operating segment. This is appropriate as they each have their own set of general ledger accounts that can be analyzed at “one level below an operating segment” per the definition of a reporting unit in FASB guidance.

We completed our qualitative analysis for impairment of goodwill and our indefinite-lived intangible assets as of October 1, 2023. Based on our assessment, we do not believe that it is more likely than not that our reporting units or indefinite-lived assets fair values are less than their carrying values.

LONG-LIVED ASSETS

If we believe a triggering event may have occurred that indicates a possible impairment of our long-lived assets, we perform an estimate and valuation of the future benefits of our long-lived assets (other than goodwill, the VITAS trade name and capitalized CON costs) based on key financial indicators. If the projected undiscounted cash flows of a major business unit indicate that properties and equipment or identifiable, definite-lived intangible assets’ have been impaired, a write-down to fair value is made.

LEASE ACCOUNTING

In February 2016, the FASB issued Accounting Standards Update “ASU No. 2016-02 Leases” which introduced a lessee model that brings most leases onto the balance sheet and updates lessor accounting to align with changes in the lessee model and the revenue recognition standard. This standard is also referred to as Accountings Standards Codification No.842 (“ASC 842”).

Our leases have remaining terms of less than 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. We made a policy election to exclude leases with a lease term less than 12 months from being recorded on the balance sheet. We adopted the practical expedient related to the combining of lease and non-lease components, which allows us to account for the lease and non-lease components as a single lease component. We do not currently have any finance leases, all lease information disclosed is related to operating 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.

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. See Note 14 for the detail of lease accounting.

CLOUD COMPUTING

As of December 31, 2023, Roto-Rooter has no significant capitalized implementation costs related to cloud computing.

VITAS utilizes a human resource system that is considered a cloud computing arrangement. We have capitalized approximately $5.6 million related to implementation of this project 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 5.7 years. For each of the years ending December 31, 2023, 2022 and 2021, amortization expense of $995,000 has been recognized, respectively.

OTHER ASSETS

Debt issuance costs are included in other assets. Issuance costs related to revolving credit agreements are amortized using the straight-line method, over the life of the agreement. All other issuance costs are amortized using the effective interest method over the life of the debt. See Note 12 for the detail of other assets.

SALES TAX

The Roto-Rooter segment collects sales tax from customers when required by state and federal laws. We record the amount of sales tax collected net in the accompanying consolidated statements of income.

OPERATING EXPENSES

Cost of services provided and goods sold (excluding depreciation) includes salaries, wages and benefits of service providers and field personnel, material costs, medical supplies and equipment, pharmaceuticals, insurance costs, service vehicle costs and other expenses directly related to providing service revenues or generating sales. Selling, general and administrative expenses include salaries, wages, stock-based compensation expense and benefits of selling, marketing and administrative employees, advertising expenses, communications and branch telephone expenses, office rent and operating costs, legal, banking and professional fees and other administrative costs. The cost associated with VITAS sales personnel is included in cost of services provided and goods sold (excluding depreciation).

ADVERTISING

We expense the production costs of advertising the first time the advertising takes place. We pay for and expense the cost of internet advertising and placement on a “per click” basis. Similarly, the majority of our telephone directory listings and certain types of internet advertising are paid for and expensed on a “cost per call” basis. For those directories that are not on this billing basis, the cost of the directory is expensed when the directories are placed in circulation. Advertising expense for the year ended December 31, 2023 was $72.2 million (2022 – $68.6 million; 2021 - $62.1 million).

OTHER CURRENT LIABILITIES

See Note 21 for the detail of other current liabilities.

STOCK-BASED COMPENSATION PLANS

Stock-based compensation cost is measured at the grant date, based on the fair value of the award and recognized as expense over the employee’s requisite service period on a straight-line basis. See Note 4 for the detail on stock-based compensation.

INSURANCE ACCRUALS

For our Roto-Rooter segment and Corporate Office, we initially self-insure for all casualty insurance claims (workers’ compensation, auto liability and general liability). As a result, we closely monitor and frequently evaluate our historical claims experience to estimate the appropriate level of accrual for self-insured claims. Our third-party administrator (“TPA”) processes and

reviews claims on a monthly basis. Currently, our exposure on any single claim is capped by stop-loss coverage at $750,000. In developing our estimates, we accumulate historical claims data for the previous 10 years to calculate loss development factors (“LDF”) by insurance coverage type. LDFs are applied to known claims to estimate the ultimate potential liability for known and unknown claims for each open policy year. LDFs are updated annually. Because this methodology relies heavily on historical claims data, the key risk is whether the historical claims are an accurate predictor of future claims exposure. The risk also exists that certain claims have been incurred and not reported on a timely basis. To mitigate these risks, in conjunction with our TPA, we closely monitor claims to ensure timely accumulation of data and compare claims trends with the industry experience of our TPA.

For the VITAS segment, we initially self-insure for workers’ compensation claims. Currently, VITAS’ exposure on any single claim is capped by stop-loss coverage at $1,000,000. For VITAS’ self-insurance accruals for workers’ compensation, the valuation methods used are similar to those used internally for our other business units. We are also insured for other risks with respect to professional liability with a deductible of $1,000,000.

Our casualty insurance liabilities are recorded gross before any estimated recovery for amounts exceeding our stop loss limits. Estimated recoveries from insurance carriers are recorded as accounts receivable. Claims experience adjustments to our casualty and workers’ compensation accrual for the years ended December 31, 2023, 2022 and 2021, were net pretax credits of ($6,862,000), ($5,790,000), and ($6,332,000) respectively.

INCOME TAXES

Deferred taxes are provided on an asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amount of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in our opinion, it is more likely than not that some portion or all of the deferred tax assets will not be realized due to insufficient taxable income within the carryback or carryforward period available under the tax laws. Deferred tax assets and liabilities are adjusted for the effects of changes in law and rates on the date of enactment.

We are subject to income taxes in Canada, U.S. federal and most state jurisdictions. Judgement is required to determine our provision for income taxes. Our financial statements reflect expected future tax consequences of such uncertain positions assuming the taxing authorities’ full knowledge of the position and all relevant facts.

Our effective income tax rate was 22.2%, 24.3% and 23.3% for the years ended December 31, 2023, 2022, and 2021, respectively. Excess tax benefit on stock options reduced our income tax expenses by $4.3 million, $5.9 million, and $9.9 million for the years ended December 31, 2023, 2022 and 2021, respectively.

During the third quarter of 2023, the Company recognized a tax benefit from realignment of its state and local corporate tax structure based on the location of operating resources and profitability by business segment. This benefit includes a reduction in current state and local tax expense and a one time benefit of $4.2 million in reduction of deferred tax liabilities reflecting the lower tax rates.

CONTINGENCIES

As discussed in Note 18, we are subject to various lawsuits and claims in the normal course of our business. In addition, we periodically receive communications from governmental and regulatory agencies concerning compliance with Medicare and Medicaid billing requirements at our VITAS subsidiary. We establish reserves for specific, uninsured liabilities in connection with regulatory and legal action that we deem to be probable and reasonably estimable. We record legal fees associated with legal and regulatory actions as the costs are incurred. We disclose material loss contingencies that are probable but not reasonably estimable and those that are at least reasonably possible.

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 7 for discussion of recent acquisitions.

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.

Revenue Recognition (Schedule Of Patient Care Service Revenue) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Care service revenue	$ 1,348,112	$ 1,231,010	$ 1,289,433
Net revenue	1,315,065	1,201,564	1,261,246
Routine Home Care [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Care service revenue	1,136,437	1,039,211	1,069,766
Continuous Care [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Care service revenue	85,674	77,000	94,338
Inpatient Care [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Care service revenue	112,419	102,361	113,187
Care Services Total [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Care service revenue	1,334,530	1,218,572	1,277,291
All Other Revenue- Self-pay, Respite Care, Etc. [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Care service revenue	13,582	12,438	12,142
Medicare Cap Adjustment [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Medicare cap adjustment	(8,000)	(7,868)	(6,597)
Implicit Price Concessions [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Implicit price concessions	(14,196)	(12,004)	(11,530)
Room And Board, Net [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Room and board, net	(10,851)	(9,574)	(10,060)
Medicare [Member] \| Routine Home Care [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Care service revenue	1,067,629	973,206	997,846
Medicare [Member] \| Continuous Care [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Care service revenue	78,994	70,712	85,626
Medicare [Member] \| Inpatient Care [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Care service revenue	97,873	89,866	98,243
Medicare [Member] \| Care Services Total [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Care service revenue	1,244,496	1,133,784	1,181,715
Medicaid [Member] \| Routine Home Care [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Care service revenue	44,833	43,340	46,785
Medicaid [Member] \| Continuous Care [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Care service revenue	3,123	3,159	4,689
Medicaid [Member] \| Inpatient Care [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Care service revenue	8,698	7,533	9,486
Medicaid [Member] \| Care Services Total [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Care service revenue	56,654	54,032	60,960
Commercial [Member] \| Routine Home Care [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Care service revenue	23,975	22,665	25,135
Commercial [Member] \| Continuous Care [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Care service revenue	3,557	3,129	4,023
Commercial [Member] \| Inpatient Care [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Care service revenue	5,848	4,962	5,458
Commercial [Member] \| Care Services Total [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Care service revenue	$ 33,380	$ 30,756	$ 34,616

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Taxes [Abstract]

Income Taxes

11. Income Taxes

The provision for income taxes comprises the following (in thousands):


		For the Years Ended December 31,
		2023		2022		2021
Current
U.S. federal	$	75,333	$	52,910	$	64,620
U.S. state and local		9,983		11,813		14,233
Foreign		569		505		511
Deferred
U.S. federal, state and local		(8,029)		14,821		2,358
Foreign		2		6		42
Total	$	77,858	$	80,055	$	81,764

A summary of the temporary differences that give rise to deferred tax assets/ (liabilities) follows (in thousands):


		December 31,
		2023		2022
Accrued liabilities	$	39,436	$	38,620
Lease liabilities		34,028		39,057
Stock compensation expense		9,023		9,102
Implicit price concessions		7,294		7,572
State net operating loss carryforwards		1,652		1,443
Other		1,259		1,330
Deferred income tax assets		92,692		97,124
Amortization of intangible assets		(40,747)		(43,205)
Accelerated tax depreciation		(32,411)		(36,519)
Right of use lease assets		(30,891)		(35,514)
Deposit with OAS		(11,413)		(12,769)
Currents assets		(4,272)		(5,064)
State income taxes		(2,552)		(2,634)
Market valuation of investments		(600)		102
Other		(127)		(134)
Deferred income tax liabilities		(123,013)		(135,737)
Net deferred income tax liabilities	$	(30,321)	$	(38,613)

At December 31, 2023 and 2022, state net operating loss carryforwards were $36.0 million and $41.9 million, respectively. These net operating losses will expire, in varying amounts, between 2024 and 2043. Based on our history of operating earnings, we have determined that our operating income will, more likely than not, be sufficient to ensure realization of our deferred income tax assets.

A reconciliation of the beginning and ending of year amount of our unrecognized tax benefit is as follows (in thousands):


		2023		2022		2021
Balance at January 1,	$	1,313	$	1,379	$	1,304
Decrease due to expiration of statute of limitations		(355)		(422)		(258)
Unrecognized tax benefits due to positions taken in current year		263		356		333
Balance at December 31,	$	1,221	$	1,313	$	1,379

We file tax returns in the U.S. federal jurisdiction and various states. The years ended December 31, 2020 and forward remain open for review for federal income tax purposes. The earliest open year relating to any of our major state jurisdictions is the fiscal year ended December 31, 2018. During the next twelve months, we do not anticipate a material net change in unrecognized tax benefits.

We classify interest related to our accrual for uncertain tax positions in separate interest accounts. As of December 31, 2023, and 2022, we have approximately $145,000 and $112,000, respectively, accrued in interest payable related to uncertain tax positions. These accruals are included in other current liabilities in the accompanying consolidated balance sheet. Net interest expense related to uncertain tax positions included in interest expense in the accompanying consolidated statement of income is not material.

The difference between the actual income tax provision for continuing operations and the income tax provision calculated at the statutory U.S. federal tax rate is explained as follows (in thousands):


		For the Years Ended December 31,
		2023			2022			2021

Income tax provision calculated using the statutory rate of 21%	$	73,577		$	69,233		$	73,566
State and local income taxes, less federal income tax effect		2,306			10,207			10,025
Nondeductible expenses		6,600			6,958			7,443
Excess stock compensation tax benefits		(4,330)			(5,928)			(9,884)
Other--net		(295)			(415)			614
Income tax provision	$	77,858		$	80,055		$	81,764
Effective tax rate		22.2	%		24.3	%		23.3	%

Summarized below are the total amounts of income taxes paid during the years ended December 31 (in thousands):


2023	$	73,876
2022		65,894
2021		99,430

Provision has not been made for additional taxes on $35.1 million of undistributed earnings of our domestic subsidiaries. Should we elect to sell our interest in these businesses rather than to affect a tax-free liquidation, additional taxes amounting to approximately $8.0 million would be incurred based on current income tax rates.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Consolidated Balance Sheets [Abstract]
Capital stock - authorized	80,000,000	80,000,000
Capital stock - par value	$ 1	$ 1
Capital stock - issued	37,183,681	36,795,792
Treasury stock	22,148,927	21,920,993

Segments and Nature of the Business (Tables)

12 Months Ended

Dec. 31, 2023

Segments and Nature of the Business [Abstract]

Segment Data


		For the Years Ended December 31,
		2023		2022		2021
After-tax Segment Earnings/(Loss)
VITAS	$	158,509	$	131,452	$	162,431
Roto-Rooter		188,241		186,120		166,333
Total		346,750		317,572		328,764
Corporate		(74,241)		(67,948)		(60,214)
Net income	$	272,509	$	249,624	$	268,550
Interest Income
VITAS	$	20,478	$	19,119	$	18,378
Roto-Rooter		12,043		9,483		7,304
Total		32,521		28,602		25,682
Corporate		5,067		(1)		-
Intercompany eliminations		(31,318)		(28,246)		(25,305)
Total interest income	$	6,270	$	355	$	377
Interest Expense
VITAS	$	180	$	172	$	160
Roto-Rooter		442		396		595
Total		622		568		755
Corporate		2,486		4,016		1,113
Total interest expense	$	3,108	$	4,584	$	1,868
Income Tax Provision
VITAS	$	46,115	$	43,000	$	52,426
Roto-Rooter		50,125		58,695		51,420
Total		96,240		101,695		103,846
Corporate		(18,382)		(21,640)		(22,082)
Total income tax provision	$	77,858	$	80,055	$	81,764
Identifiable Assets
VITAS	$	778,950	$	750,483	$	693,490
Roto-Rooter		523,450		512,424		513,191
Total		1,302,400		1,262,907		1,206,681
Corporate		365,695		179,105		136,042
Total identifiable assets	$	1,668,095	$	1,442,012	$	1,342,723
Additions to Long-Lived Assets
VITAS	$	17,450	$	22,580	$	28,583
Roto-Rooter		43,514		39,111		30,249
Total		60,964		61,691		58,832
Corporate		274		177		24
Total additions to long-lived assets	$	61,238	$	61,868	$	58,856
Depreciation and Amortization
VITAS	$	20,063	$	22,056	$	23,185
Roto-Rooter		40,749		37,044		35,785
Total		60,812		59,100		58,970
Corporate		53		72		81
Total depreciation and amortization	$	60,865	$	59,172	$	59,051

Acquisitions

12 Months Ended

Dec. 31, 2023

Acquisitions [Abstract]

Acquisitions

7. Acquisitions

In 2023, Roto-Rooter completed the acquisition of one franchise in South Carolina for $305,000 in cash and one franchise in Georgia for $3.689 million in cash.

In 2022, Roto-Rooter acquired three franchises in New Jersey for a total of $2.29 million in cash. VITAS purchased the hospice assets of one Florida provider for $1.24 million in cash.

No acquisitions were completed during the year ended December 31, 2021.

Revenue and net income from acquisitions made in 2023, 2022, and 2021 was not material.

On August 2, 2019, we entered into an Asset Purchase Agreement (the “Agreement”) to purchase substantially all of the assets of HSW RR, Inc., a Delaware corporation (“HSW”) and certain related assets of its affiliates, for $120.0 million, subject to a working capital adjustment that resulted in an additional $1.4 million payment to HSW. HSW owned and operated fourteen Roto-Rooter franchises mainly in the southwestern section of the United States, including Los Angeles, Dallas and Phoenix.

On July 1, 2019, we completed the acquisition of a Roto-Rooter franchise and the related assets in Oakland, CA for $18.0 million in cash.

Included in the allocation of the purchase price for these 2019 acquisitions was $59.2 million related to reacquired franchise rights. Reacquired franchise rights, included in identifiable intangibles on the Consolidated Balance Sheets, are amortized over the period remaining in each individual franchise agreement. The average amortization period for reacquired franchise rights for the acquisitions made in 2019 is 7.4 years. In 2023, amortization expense from the reacquired franchise rights for these two acquisitions was $8.1 million compared to the franchise fee revenue recognized from all other Roto-Rooter franchises, nationwide, of $5.7 million.

Goodwill is assessed for impairment on a yearly basis as of October 1. The primary factor that contributed to the purchase price resulting in the recognition of goodwill is operational efficiencies expected as a result of consolidating stand- alone franchises and Roto-Rooter’s network of nationwide branches. All goodwill recognized is deductible for tax purposes.

Other Income/(Expense) – Net

12 Months Ended

Dec. 31, 2023

Other Income/(Expense) – Net [Abstract]

Other Income/(Expense) – Net

10. Other Income/(Expense) -- Net

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


		For the Years Ended December 31,
		2023		2022		2021

Market value gains/(losses) related to deferred
compensation trusts	$	6,404	$	(9,970)	$	8,310
Interest income		6,270		355		377
Other		232		382		457
Total other income/(expense)	$	12,906	$	(9,233)	$	9,144

The market value gain or loss relates to realized and unrealized activity on the assets in the deferred compensation trust. There is an offsetting amount in selling, general and administrative expense to reflect the corresponding increase or decrease in the liability.

Summary Of Significant Accounting Policies (Policy)

12 Months Ended

Dec. 31, 2023

Summary Of Significant Accounting Policies [Abstract]

Nature Of Operations

NATURE OF OPERATIONS

Principles Of Accounting

PRINCIPLES OF ACCOUNTING

Current Expected Credit Losses

CURRENT EXPECTED CREDIT LOSSES

Coronavirus Impact

CORONAVIRUS IMPACT

We have closely monitored the impact of the pandemic on all aspects of our business including impacts to employees, customers, patients, suppliers and vendors.

Cash Equivalents

CASH EQUIVALENTS

Cash equivalents comprise short-term, highly liquid investments, including overnight deposits and money market funds that have original maturities of three months or less.

Concentration Of Risk

CONCENTRATION OF RISK

Inventories

INVENTORIES

Depreciation And Properties And Equipment

DEPRECIATION AND PROPERTIES AND EQUIPMENT

The weighted average lives of our property and equipment at December 31, 2023, were:


Buildings and building improvements	14.6	yrs.
Transportation equipment	8.5
Machinery and equipment	5.1
Computer software	3.8
Furniture and fixtures	4.4

Goodwill And Intangible Assets

GOODWILL AND INTANGIBLE ASSETS

The table below shows a rollforward of Goodwill (in thousands):


			Roto-
	Vitas		Rooter		Total
Balance at December 31, 2021	$	333,331	$	245,260	$	578,591
Business combinations		732		2,061		2,793
Foreign currency adjustments		-		(89)		(89)
Balance at December 31, 2022	$	334,063	$	247,232	$	581,295
Business combinations		-		3,682		3,682
Foreign currency adjustments		-		40		40
Balance at December 31, 2023	$	334,063	$	250,954	$	585,017


Covenants not to compete	6.4	yrs.
Reacquired franchise rights	7.4
Referral networks	14.0
Customer lists	16.8

Long-Lived Assets

LONG-LIVED ASSETS

Lease Accounting

LEASE ACCOUNTING

Cloud Computing

CLOUD COMPUTING

As of December 31, 2023, Roto-Rooter has no significant capitalized implementation costs related to cloud computing.

OTHER ASSETS

SALES TAX

OPERATING EXPENSES

ADVERTISING

Other Current Liabilities

OTHER CURRENT LIABILITIES

See Note 21 for the detail of other current liabilities.

Stock-Based Compensation Plans

STOCK-BASED COMPENSATION PLANS

Insurance Accruals

INSURANCE ACCRUALS

Income Taxes

INCOME TAXES

Contingencies

CONTINGENCIES

Business Combinations

BUSINESS COMBINATIONS

Estimates

ESTIMATES

Other Assets (Schedule Of Other Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Assets [Abstract]
Deposit with OAS (Note 18)	$ 46,968	$ 50,274
Cash surrender value life insurance	3,651	3,636
Noncurrent advances and deposits	2,139	2,368
Deferred debt costs (Note 3)	1,197	1,703
Other	1,663	1,826
Other assets	$ 55,618	$ 59,807

Legal And Regulatory Matters

12 Months Ended

Dec. 31, 2023

Legal And Regulatory Matters [Abstract]

Legal And Regulatory Matters

18. 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 with a five-year term. The CIA formalized various aspects of VITAS’ already existing Compliance Program and contained requirements designed to document compliance with federal healthcare program requirements. On June 22, 2023, the OIG confirmed that VITAS has satisfied its requirements under the CIA and that the CIA was concluded.

On October 16, 2020, VITAS received a Civil Investigative Demand (“CID”) issued by the U.S. Department of Justice (“DOJ”) 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 requested information regarding 32 patients from our Florida operations. On November 30, 2022, VITAS received a Letter of Declination from the DOJ, informing VITAS that the United States was declining to intervene in this case giving rise to the CID, United States Ex. Rel. O’Keefe v VITAS Healthcare Corporation, et al. that was unsealed on November 15, 2022. On April 6, 2023, the relator dismissed the case, without prejudice, with the consent of the United States.

VITAS is one of a group of hospice providers selected by the OIG’s Office of Audit Services (“OAS”) for inclusion in an audit of the provision of elevated level-of-care hospice services. On July 14, 2022, VITAS received the final audit report from OAS. Per this report, the OAS audit examined VITAS inpatient and continuous care claims for the period April 2017 to March 2019. The audit covered a total population of 50,850 claims representing total Medicare reimbursement of $210.0 million during this two-year time period. From this population, OAS selected 100 claims, representing $688,000 of reimbursement, for detailed review. The final OAS audit report includes a series of recommendations, including that VITAS repay approximately $140.0 million of the $210.0 million VITAS received from Medicare for hospice services during this two-year period, despite the fact that at the time of the release of the results of the audit, many of the disputed claims were time-barred from being challenged. VITAS believes that the OAS audit process and related final report contains significant flaws including its methodology, medical reviews, technical reviews, proposed extrapolation methodology, and contravenes the “reasonable physician standard” set forth in the appliable Aseracare precedent.

On August 29, 2022, six weeks subsequent to the OAS finalizing its audit, VITAS received a demand letter from its Medicare Administrative Contractor (“MAC”) seeking repayment of $50.3 million. This demand letter is $90.0 million lower than the final OAS audit recommendation, as a significant portion of the 100 claims reviewed are closed pursuant to applicable law and ineligible to be reopened. VITAS timely filed its initial appeal of the overpayment decision and deposited $50.3 million under the “Immediate Recoupment” process to preserve its appeal rights. To date, VITAS has been refunded $3.34 million of the amount deposited and continues to appeal the remaining claims through the Office of Medicare Hearings and Appeals process. The amount deposited has been recorded as an “other long-term asset” in the consolidated balance sheets, as detailed in Note 12.

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.

Retirement Plans (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Retirement Plans [Abstract]
Number of treasury stock shares held	54,833	63,032
Treasury stock held value	$ 2.1	$ 2.2

Summary Of Significant Accounting Policies (Weighted Average Lives Of Identifiable, Definite-Lived Intangible Assets) (Details)	12 Months Ended
	Dec. 31, 2023
Non-Compete Agreements [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average lives of identifiable, definite-lived intangible assets	6 years 4 months 24 days
Reacquired Franchise Rights [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average lives of identifiable, definite-lived intangible assets	7 years 4 months 24 days
Referral Networks [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average lives of identifiable, definite-lived intangible assets	14 years
Customer Lists [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average lives of identifiable, definite-lived intangible assets	16 years 9 months 18 days

Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Plans [Abstract]

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


For the Years Ended December 31,
	2023		2022		2021

$	26,475	$	11,533	$	28,554

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2023

Discontinued Operations [Abstract]

Schedule Of Estimated Timing Of Payments Of Liabilities


2024	$	826
2025		300
Thereafter		596
	$	1,722

Capital Stock Transactions (Schedule Of Repurchased Capital Stock) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Capital Stock Transactions [Abstract]
Total cost of repurchased shares	$ 73,813	$ 114,074	$ 576,483
Shares repurchased	132,969	232,500	1,195,529
Weighted average price per share	$ 555.12	$ 490.64	$ 482.20

Summary Of Significant Accounting Policies (Schedule Of Movement In Goodwill) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Business Combination Segment Allocation [Line Items]
Beginning balance	$ 581,295	$ 578,591
Business combinations	3,682	2,793
Foreign currency adjustments	40	(89)
Ending balance	585,017	581,295
VITAS [Member]
Business Combination Segment Allocation [Line Items]
Beginning balance	334,063	333,331
Business combinations		732
Foreign currency adjustments
Ending balance	334,063	334,063
Roto-Rooter [Member]
Business Combination Segment Allocation [Line Items]
Beginning balance	247,232	245,260
Business combinations	3,682	2,061
Foreign currency adjustments	40	(89)
Ending balance	$ 250,954	$ 247,232

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Capital Stock Transactions

12 Months Ended

Dec. 31, 2023

Capital Stock Transactions [Abstract]

Capital Stock Transactions

19. Capital Stock Transactions

We repurchased the following capital stock:


		For the Years Ended December 31,
		2023		2022		2021
Total cost of repurchased shares (in thousands):	$	73,813	$	114,074	$	576,483
Shares repurchased		132,969		232,500		1,195,529
Weighted average price per share	$	555.12	$	490.64	$	482.20

In November 2023, the Board of Directors authorized $300.0 million for additional stock repurchase under the February 2011 repurchase program. In May and November 2021, the Board of Directors authorized a total of $600.0 million for additional stock repurchase under the February 2011 repurchase program. We currently have $314.1 million of authorization remaining under this share purchase plan.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (b)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: 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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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Properties And Equipment (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Properties And Equipment [Abstract]
Net book value of computer software	$ 8.0	$ 8.9
Depreciation expense for computer software	$ 4.5	$ 5.5	$ 5.8

Summary Of Significant Accounting Policies (Narrative) (Details)	3 Months Ended		6 Months Ended	12 Months Ended				23 Months Ended
	Sep. 30, 2023 USD ($)	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2023 USD ($) entity item	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Mar. 31, 2022
Summary Of Significant Accounting Policies [Line Items]
Covid-19 related costs						$ 14,000,000.0
Number of wholly-owned subsidiaries \| entity				2
Standby letters of credit outstanding				$ 45,200,000
Deferred payroll taxes					$ (18,175,000)	(18,175,000)	$ 36,400,000
Deferred payroll taxes paid					18,200,000	18,200,000
Percentage of Medicare sequestration reimbursement		1.00%	2.00%
Revenue				2,264,417,000	2,134,963,000	2,139,261,000
Advertising expense in continuing operations				72,200,000	68,600,000	62,100,000
Adjustments to casualty and workers compensation accrual, net pretax debits/(credits)				$ (6,862,000)	$ (5,790,000)	$ (6,332,000)
Historical claims data, period of time				10 years
Effective income tax rate				22.20%	24.30%	23.30%
Excess tax benefit on stock options				$ 4,300,000	$ 5,900,000	$ 9,900,000
Lessee, Operating Lease, Option to Extend				up to 5 years
Lessee, Operating Lease, Option to Terminate				options to terminate the lease within 1 year
Income tax expense (benefit) resulting from realignment of state and local tax structure	$ (4,200,000)
Roto Rooter And Corporate Office [Member]
Summary Of Significant Accounting Policies [Line Items]
Exposure on single claim				$ 750,000
Roto-Rooter [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of operating segments \| item				1
Percent of population serviced				90.00%
VITAS [Member]
Summary Of Significant Accounting Policies [Line Items]
Covid-19 related costs						10,000,000.0
Revenue				$ 0
Number of service providers \| item				1
Exposure on single claim				$ 1,000,000
Professional liability and other risks, insurance deductible				$ 1,000,000
Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Lessee, Operating Lease, Remaining Lease Term				1 year
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Lessee, Operating Lease, Remaining Lease Term				10 years
Cloud Computing [Member] \| Roto-Rooter [Member]
Summary Of Significant Accounting Policies [Line Items]
Capitalized contract cost, amortization period				5 years 8 months 12 days
Cloud Computing [Member] \| ASU No. 2018-15 [Member]
Summary Of Significant Accounting Policies [Line Items]
Capitalized contract cost				$ 5,600,000
Capitalized contract cost, amortization expense				$ 995,000
Customer Concentration Risk [Member] \| Medicare [Member] \| Accounts Receivable [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage				75.00%	64.00%
Customer Concentration Risk [Member] \| Medicaid [Member] \| Accounts Receivable [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage				19.00%	29.00%
Customer Concentration Risk [Member] \| Medicare, Medicaid, And Managed Medicaid [Member] \| Accounts Receivable [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage				80.00%
CARES Act [Member] \| VITAS [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of Medicare sequestration reimbursement								2.00%
Revenue					$ 8,600,000	$ 23,900,000	$ 16,800,000

Income Taxes (Schedule Of Income Taxes Paid) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Abstract]
Income taxes paid	$ 73,876	$ 65,894	$ 99,430

Recent Accounting Standards

12 Months Ended

Dec. 31, 2023

Recent Accounting Standards [Abstract]

Recent Accounting Standards

22. Recent Accounting Standards

In November 2023, the FASB issued Accounting Standards Update “ASU 2023-07 – Reportable Segments”. The guidance provides enhanced disclosures about significant segment expenses. The purpose of the amendment is to provide investors with a better understanding of an entity’s overall performance and assess potential future cash flows. The guidance is effective for fiscal periods beginning after December 31, 2023, and interim periods within fiscal years beginning after December 31, 2024. The Company is currently analyzing the impact of the ASU on the current footnote disclosures.

In December 2023, the FASB issued Accounting Standards Update “ASU 2023-09 – Income Tax Disclosure”. The guidance provides increased transparency related to tax risk and tax planning through (1) disclosure in specific categories in the rate reconciliation and (2) provide additional information for reconciling items when a quantitative threshold is met. The guidance is effective for fiscal periods beginning after December 31, 2024. The Company is currently analyzing the impact of the ASU on the current footnote disclosures.

‎

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483194/926-20-65-2

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-Topic 250
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(1)
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+ Details

Stock-Based Compensation Plans (Schedule Of Comparative Data For Stocks Option, Stock Awards And PSUs) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock-Based Compensation Plans [Abstract]
Total compensation expense of stock-based compensation plans charged against income	$ 40,793	$ 33,613	$ 31,420
Total income tax benefit recognized in income for stock based compensation expense charged against income	9,709	8,487	7,918
Total intrinsic value of stock options exercised	54,681	53,339	62,038
Total intrinsic value of stock awards vested during the period	$ 1,444	$ 1,170	$ 1,173
Per-share weighted average grant-date fair value of stock awards granted	$ 545.69	$ 496.25	$ 482.66

Leases (Components Of Cash Flow Information Related To Leases) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from leases	$ 49,777	$ 49,571
Leased assets obtained in exchange for new operating lease liabilities	$ 37,111	$ 57,551
Weighted Average Remaining Lease Term, Operating leases	4 years 3 months 25 days
Weighted Average Discount Rate, Operating leases	3.09%

Leases (Components Of Balance Sheet Information Related To Leases) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Operating lease assets	$ 126,387	$ 135,662
Liabilities
Current operating leases	38,635	38,996
Noncurrent operating leases	100,776	110,513
Total operating lease liabilities	$ 139,411	$ 149,509

Retirement Plans (Schedule Of Expenses For Retirement, Profit-Sharing Plans, Excess Benefit Plans And Other Similar Plans) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Plans [Abstract]
Net (losses)/gains for retirement and profit-sharing plans, excess benefit plans and other similar plans	$ 26,475	$ 11,533	$ 28,554

Long-Term Debt And Lines of Credit (Tables)

12 Months Ended

Dec. 31, 2023

Long-Term Debt And Lines Of Credit [Abstract]

Debt Outstanding


		December 31,
		2023		2022
Revolver	$	-	$	-
Term loan		-		97,500
Total		-		97,500
Current portion of long-term debt		-		(5,000)
Long-term debt	$	-	$	92,500

Interest Paid During The Years


2023	$	2,645
2022		3,704
2021		1,403

Financial Debt Covenants


		Chemed
Description	Requirement	December 31, 2023


Leverage Ratio (Consolidated Indebtedness/Consolidated Adj. EBITDA)	< 3.50 to 1.00	(0.06) to 1.00

Interest Coverage Ratio (Consolidated Adj. EBITDA/Consolidated Interest Expense)
	> 3.00 to 1.00	151.10 to 1.00

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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

Other Operating Expenses

12 Months Ended

Dec. 31, 2023

Other Operating Expenses [Abstract]

Other Operating Expenses

20. Other Operating Expenses


		December 31,
		2023		2022		2021
Litigation settlements	$	2,050	$	4,000	$	-
Loss/(gain) on disposal of property and equipment		211		(309)		987
Total other operating expenses	$	2,261	$	3,691	$	987

Retirement Plans

12 Months Ended

Dec. 31, 2023

Retirement Plans [Abstract]

Retirement Plans

15. Retirement Plans

Retirement obligations under various plans cover substantially all full-time employees who meet age and/or service eligibility requirements. All plans providing retirement benefits to our employees are defined contribution plans. Expenses for our retirement and profit-sharing plans, excess benefit plans and other similar plans are as follows (in thousands):


For the Years Ended December 31,
	2023		2022		2021

$	26,475	$	11,533	$	28,554

These expenses include the impact of market gains and losses on assets held in deferred compensation plans.

Trust assets invested in shares of our stock are included in treasury stock, and the corresponding liability is included in a separate component of stockholders’ equity. At December 31, 2023, these trusts held 54,833 shares at historical average cost of $2.1 million (2022 – 63,032 shares or $2.2 million).

We have excess benefit plans for key employees whose participation in the qualified plans is limited by U.S. Employee Retirement Income Security Act requirements. Benefits are determined based on theoretical participation in the qualified plans. Benefits are only invested in mutual funds, and participants are not permitted to diversify accumulated benefits in shares of our capital stock.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Other Current Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Other Current Liabilities [Abstract]
Medicare cap	$ 13,245	$ 14,380
Retention bonus	8,901	19,634
Accrued advertising	3,971	2,516
All other	23,071	24,474
Other current liabilities	$ 49,188	$ 61,004
Percentage of individual amounts of total current liabilities	5.00%

Properties And Equipment (Schedule Of Properties And Equipment) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total properties and equipment	$ 558,712	$ 535,634
Less accumulated depreciation	(354,872)	(335,920)
Net properties and equipment	203,840	199,714
Land [Member]
Property, Plant and Equipment [Line Items]
Total properties and equipment	14,356	11,862
Buildings and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Total properties and equipment	130,695	123,845
Transportation Equipment [Member]
Property, Plant and Equipment [Line Items]
Total properties and equipment	89,910	79,810
Machinery And Equipment [Member]
Property, Plant and Equipment [Line Items]
Total properties and equipment	164,249	154,603
Computer Software [Member]
Property, Plant and Equipment [Line Items]
Total properties and equipment	72,646	69,283
Furniture And Fixtures [Member]
Property, Plant and Equipment [Line Items]
Total properties and equipment	78,068	76,042
Projects Under Development [Member]
Property, Plant and Equipment [Line Items]
Total properties and equipment	$ 8,788	$ 20,189

Financial Instruments (Carrying Value, Fair Value And Hierarchy Of Financial Instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments of deferred compensation plans held in trust	$ 106,126	$ 93,196
Cash equivalents	257,343	101
Long-term debt and current portion of long-term debt		97,500
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments of deferred compensation plans held in trust	106,126	93,196
Cash equivalents	$ 257,343	101
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt and current portion of long-term debt		$ 97,500

Leases (Narrative) (Details)	12 Months Ended
Leases (Narrative) (Details)	Dec. 31, 2023 USD ($)
Leases [Abstract]
Operating lease payments related to extended lease terms	$ 3,800,000
Lease payments for leases signed but not yet commenced	$ 740,000

Financial Instruments

12 Months Ended

Dec. 31, 2023

Financial Instruments [Abstract]

Financial Instruments

17. 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 December 31, 2023 (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)

Investments of deferred compensation plans held in trust	$	106,126	$	106,126	$	-	$	-
Cash equivalents		257,343		257,343		-		-

‎

The following shows the carrying value, fair value and the hierarchy for our financial instruments as of December 31, 2022 (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)

Investments of deferred compensation plans held in trust	$	93,196	$	93,196	$	-	$	-
Cash equivalents		101		101		-		-
Long-term debt		97,500		-		97,500		-

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 3, 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.

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, 2020	$ 36,259	$ 961,404	$ 1,723,777	$ (1,822,579)	$ 2,339	$ 901,200
Net income			268,550			268,550
Dividends paid			(22,016)			(22,016)
Stock awards and exercise of stock options (Note 4)	255	82,921		(31,037)		52,139
Purchases of treasury stock (Note 19)				(576,483)		(576,483)
Other		16		5	(138)	(117)
Balance at Dec. 31, 2021	36,514	1,044,341	1,970,311	(2,430,094)	2,201	623,273
Net income			249,624			249,624
Dividends paid			(22,017)			(22,017)
Stock awards and exercise of stock options (Note 4)	282	106,619		(43,932)		62,969
Purchases of treasury stock (Note 19)				(114,074)		(114,074)
Other		(1,061)		(45)	46	(1,060)
Balance at Dec. 31, 2022	36,796	1,149,899	2,197,918	(2,588,145)	2,247	798,715
Net income			272,509			272,509
Dividends paid			(23,502)			(23,502)
Stock awards and exercise of stock options (Note 4)	388	190,835		(57,796)		133,427
Purchases of treasury stock (Note 19)				(73,813)		(73,813)
Other		539		166	(165)	540
Balance at Dec. 31, 2023	$ 37,184	$ 1,341,273	$ 2,446,925	$ (2,719,588)	$ 2,082	$ 1,107,876

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Acquisitions (Narrative) (Details) $ in Thousands					12 Months Ended
Acquisitions (Narrative) (Details) $ in Thousands	Sep. 26, 2023 USD ($) item	Jun. 01, 2023 USD ($)	Aug. 02, 2019 USD ($) item	Jul. 01, 2019 USD ($)	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)	Dec. 31, 2019 USD ($) item
Asset Acquisition [Line Items]
Amortization of definite-lived intangible assets					$ 10,100	$ 10,100	$ 10,000
Florida Provider [Member]
Asset Acquisition [Line Items]
Acquisition, in cash						$ 1,240
Franchises, New Jersey [Member]
Asset Acquisition [Line Items]
Number of completed business combinations \| item						3
Acquisition, in cash						$ 2,290
Roto-Rooter, Oakland [Member]
Asset Acquisition [Line Items]
Acquisition date					Jul. 01, 2019
Acquisition, in cash				$ 18,000
Roto-Rooter [Member]
Asset Acquisition [Line Items]
Franchise fee revenue					$ 5,700
Roto-Rooter [Member] \| Franchise, South Carolina [Member]
Asset Acquisition [Line Items]
Number of completed business combinations \| item					1
Acquisition, in cash		$ 305,000
Roto-Rooter [Member] \| Franchise, Georgia [Member]
Asset Acquisition [Line Items]
Number of completed business combinations \| item	1
Acquisition, in cash	$ 3,689
Roto-Rooter [Member] \| HSW RR, Inc [Member]
Asset Acquisition [Line Items]
Acquisition, in cash			$ 120,000
Additional business combination cost			$ 1,400
Number of owned and operated franchises \| item			14
VITAS [Member] \| Florida Provider [Member]
Asset Acquisition [Line Items]
Number of providers assets purchased \| item						1
Franchise [Member]
Asset Acquisition [Line Items]
Number of completed business combinations \| item								2
Reacquired Franchise Rights [Member]
Asset Acquisition [Line Items]
Amortization of definite-lived intangible assets					$ 8,100
Average remaining life					7 years 4 months 24 days
Reacquired Franchise Rights [Member] \| HSW RR, Inc [Member]
Asset Acquisition [Line Items]
Finite-lived intangibles								$ 59,200

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents (Note 9)	$ 263,958	$ 74,126
Accounts receivable	181,511	139,408
Inventories	12,004	10,272
Prepaid income taxes	13,166	18,515
Prepaid expenses	30,204	30,291
Total current assets	500,843	272,612
Investments of deferred compensation plans held in trust (Notes 15 and 17)	106,126	93,196
Properties and equipment, at cost, less accumulated depreciation (Note 13)	203,840	199,714
Lease right of use asset (Note 14)	126,387	135,662
Identifiable intangible assets less accumulated amortization (Note 6)	90,264	99,726
Goodwill	585,017	581,295
Other assets (Note 12)	55,618	59,807
Total Assets	1,668,095	1,442,012
Current liabilities
Accounts payable	64,034	41,884
Current portion of long-term debt (Note 3)		5,000
Income taxes (Note 11)	6,858
Accrued insurance	58,568	58,515
Accrued compensation	88,381	87,350
Accrued legal	6,386	4,456
Short-term lease liability (Note 14)	38,635	38,996
Other current liabilities (Note 21)	49,188	61,004
Total current liabilities	312,050	297,205
Deferred income taxes (Note 11)	30,321	38,613
Long-term debt (Note 3)		92,500
Deferred compensation liabilities (Note 15)	104,069	92,330
Long-term lease liability (Note 14)	100,776	110,513
Other liabilities	13,003	12,136
Total Liabilities	560,219	643,297
Commitments and contingencies (Note 18)
STOCKHOLDERS' EQUITY
Capital stock - authorized 80,000,000 shares $1 par; issued 37,183,681 shares (2022 - 36,795,792 shares)	37,184	36,796
Paid-in capital	1,341,273	1,149,899
Retained earnings	2,446,925	2,197,918
Treasury stock - 22,148,927 shares (2022 - 21,920,993 shares)	(2,719,588)	(2,588,145)
Deferred compensation payable in Company stock (Note 15)	2,082	2,247
Total Stockholders' Equity	1,107,876	798,715
Total Liabilities and Stockholders' Equity	$ 1,668,095	$ 1,442,012

Other Assets

12 Months Ended

Dec. 31, 2023

Other Assets [Abstract]

Other Assets

12. Other Assets

Other assets comprise of the following (in thousands):



	December 31,
	2023		2022

Deposit with OAS (Note 18)	$	46,968	$	50,274
Cash surrender value life insurance		3,651		3,636
Noncurrent advances and deposits		2,139		2,368
Deferred debt costs (Note 3)		1,197		1,703
Other		1,663		1,826
	$	55,618	$	59,807

Earnings Per Share (Schedule Of Computation Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Earnings	$ 272,509	$ 249,624	$ 268,550
Diluted earnings	$ 272,509	$ 249,624	$ 268,550
Earnings, Shares	15,050	14,929	15,671
Dilutive stock options, Shares	103	130	221
Nonvested stock awards, Shares	47	40	46
Diluted earnings, Shares	15,200	15,099	15,938
Earnings, Earnings per Share	$ 18.11	$ 16.72	$ 17.14
Diluted earnings, Earnings per Share	$ 17.93	$ 16.53	$ 16.85

- 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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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

+ Details

- Definition

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

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Discontinued Operations

12 Months Ended

Dec. 31, 2023

Discontinued Operations [Abstract]

Discontinued Operations

8. Discontinued Operations

At December 31, 2023 and 2022, the accrual for our estimated liability for potential environmental cleanup and related costs arising from the 1991 sale of DuBois amounted to $1.7 million. Of the 2023 balance, $826,000 is included in other current liabilities and $896,000 is included in other liabilities (long-term). The estimated amounts and timing of payments of these liabilities follows (in thousands):


2024	$	826
2025		300
Thereafter		596
	$	1,722

We are contingently liable for additional DuBois-related environmental cleanup and related costs up to a maximum of $14.9 million. On the basis of a continuing evaluation of the potential liability, we believe it is not probable this additional liability will be paid. Accordingly, no provision for this contingent liability has been recorded. The potential liability is not insured, and the recorded liability does not assume the recovery of insurance proceeds. Also, the environmental liability has not been discounted because it is not possible to reliably project the timing of payments. We believe that any adjustments to our recorded liability will not materially adversely affect our financial position, results of operations or cash flows.

Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Consolidated Statements Of Income [Abstract]
Service revenues and sales (Note 2)	$ 2,264,417	$ 2,134,963	$ 2,139,261
Cost of services provided and goods sold (excluding depreciation)	1,465,602	1,369,877	1,369,458
Selling, general and administrative expenses	395,120	358,727	366,727
Depreciation	50,802	49,102	49,011
Amortization	10,063	10,070	10,040
Other operating expenses (Note 20)	2,261	3,691	987
Total costs and expenses	1,923,848	1,791,467	1,796,223
Income from operations	340,569	343,496	343,038
Interest expense	(3,108)	(4,584)	(1,868)
Other income/(expense)--net (Note 10)	12,906	(9,233)	9,144
Income before income taxes	350,367	329,679	350,314
Income taxes (Note 11)	(77,858)	(80,055)	(81,764)
Net income	$ 272,509	$ 249,624	$ 268,550
Earnings Per Share (Note 16)
Net income	$ 18.11	$ 16.72	$ 17.14
Average number of shares outstanding	15,050	14,929	15,671
Diluted Earnings Per Share (Note 16)
Net income	$ 17.93	$ 16.53	$ 16.85
Average number of shares outstanding	15,200	15,099	15,938

Discontinued Operations (Schedule Of Estimated Timing Of Payments Of Liabilities) (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Discontinued Operations [Abstract]
2024	$ 826
2025	300
Thereafter	596
Estimated payments of liabilities related to discontinued operations	$ 1,722

Summary Of Significant Accounting Policies (Schedule Of Weighted Average Lives Of Property And Equipment) (Details)	Dec. 31, 2023
Building And Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Weighted average lives of property and equipment	14 years 7 months 6 days
Transportation Equipment [Member]
Property, Plant and Equipment [Line Items]
Weighted average lives of property and equipment	8 years 6 months
Machinery And Equipment [Member]
Property, Plant and Equipment [Line Items]
Weighted average lives of property and equipment	5 years 1 month 6 days
Computer Software [Member]
Property, Plant and Equipment [Line Items]
Weighted average lives of property and equipment	3 years 9 months 18 days
Furniture And Fixtures [Member]
Property, Plant and Equipment [Line Items]
Weighted average lives of property and equipment	4 years 4 months 24 days

Long-Term Debt And Lines of Credit (Narrative) (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Apr. 28, 2023	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Jun. 28, 2022
Debt Instrument [Line Items]
Standby letters of credit			$ 45,200
SOFR [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate			100.00%	100.00%
2018 Credit Agreement [Member]
Debt Instrument [Line Items]
Standby letters of credit			$ 45,200
2018 Credit Agreement [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Unused lines of credit			404,800
2022 Credit Facilities [Member]
Debt Instrument [Line Items]
Borrowing capacity			$ 450,000	$ 550,000
2022 Credit Facilities [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility period, years			5 years
Borrowing capacity					$ 450,000
2022 Credit Facilities [Member] \| Expansion Feature [Member]
Debt Instrument [Line Items]
Borrowing capacity					250,000
2022 Credit Facilities [Member] \| Term Loan [Member]
Debt Instrument [Line Items]
Borrowing capacity					100,000
Periodic principal payments		$ 1,250	$ 1,250
Frequency of principal payments			last day of each fiscal quarter
Repayment of long-term debt (Note 3)	$ 21,300	$ 75,000
Prepayment penalties			$ 0
Amount outstanding					$ 100,000
Deferred financing costs			$ 0

Income Taxes (Schedule Of Significant Changes To Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Abstract]
Balance at January 1,	$ 1,313	$ 1,379	$ 1,304
Decrease due to expiration of statute of limitations	(355)	(422)	(258)
Unrecognized tax benefits due to positions taken in current year	263	356	333
Balance at December 31,	$ 1,221	$ 1,313	$ 1,379

Capital Stock Transactions (Tables)

12 Months Ended

Dec. 31, 2023

Capital Stock Transactions [Abstract]

Schedule Of Repurchased Capital Stock


		For the Years Ended December 31,
		2023		2022		2021
Total cost of repurchased shares (in thousands):	$	73,813	$	114,074	$	576,483
Shares repurchased		132,969		232,500		1,195,529
Weighted average price per share	$	555.12	$	490.64	$	482.20

Segments and Nature of the Business

12 Months Ended

Dec. 31, 2023

Segments and Nature of the Business [Abstract]

Segments and Nature of the Business

5. Segments and Nature of the Business

Our segments include the VITAS segment and the Roto-Rooter segment. Relative contributions of each segment to service revenues and sales were 58% and 42% in 2023, 56% and 44% in 2022 and 59% and 41% in 2021. The vast majority of our service revenues and sales from continuing operations are generated from business within the United States. Service revenues and sales by business segment are shown in Note 2.

The reportable segments have been defined along service lines, which is consistent with the way the businesses are managed. In determining reportable segments, the RRSC and RRC operating units of the Roto-Rooter segment have been aggregated on the basis of possessing similar operating and economic characteristics. The characteristics of these operating segments and the basis for aggregation are reviewed annually.

We report corporate administrative expenses and unallocated investing and financing income and expense not directly related to either segment as “Corporate”. Corporate administrative expense includes the stewardship, accounting and reporting, legal, tax and

other costs of operating a publicly held corporation. Corporate investing and financing income and expenses include the costs and income associated with corporate debt and investment arrangements.

Segment data are set forth below (in thousands):


		For the Years Ended December 31,
		2023		2022		2021
After-tax Segment Earnings/(Loss)
VITAS	$	158,509	$	131,452	$	162,431
Roto-Rooter		188,241		186,120		166,333
Total		346,750		317,572		328,764
Corporate		(74,241)		(67,948)		(60,214)
Net income	$	272,509	$	249,624	$	268,550
Interest Income
VITAS	$	20,478	$	19,119	$	18,378
Roto-Rooter		12,043		9,483		7,304
Total		32,521		28,602		25,682
Corporate		5,067		(1)		-
Intercompany eliminations		(31,318)		(28,246)		(25,305)
Total interest income	$	6,270	$	355	$	377
Interest Expense
VITAS	$	180	$	172	$	160
Roto-Rooter		442		396		595
Total		622		568		755
Corporate		2,486		4,016		1,113
Total interest expense	$	3,108	$	4,584	$	1,868
Income Tax Provision
VITAS	$	46,115	$	43,000	$	52,426
Roto-Rooter		50,125		58,695		51,420
Total		96,240		101,695		103,846
Corporate		(18,382)		(21,640)		(22,082)
Total income tax provision	$	77,858	$	80,055	$	81,764
Identifiable Assets
VITAS	$	778,950	$	750,483	$	693,490
Roto-Rooter		523,450		512,424		513,191
Total		1,302,400		1,262,907		1,206,681
Corporate		365,695		179,105		136,042
Total identifiable assets	$	1,668,095	$	1,442,012	$	1,342,723
Additions to Long-Lived Assets
VITAS	$	17,450	$	22,580	$	28,583
Roto-Rooter		43,514		39,111		30,249
Total		60,964		61,691		58,832
Corporate		274		177		24
Total additions to long-lived assets	$	61,238	$	61,868	$	58,856
Depreciation and Amortization
VITAS	$	20,063	$	22,056	$	23,185
Roto-Rooter		40,749		37,044		35,785
Total		60,812		59,100		58,970
Corporate		53		72		81
Total depreciation and amortization	$	60,865	$	59,172	$	59,051

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Revenue Recognition

12 Months Ended

Dec. 31, 2023

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 includes 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 years ended December 31, 2023, 2022 and 2021, was $8.1 million, $7.8 million and $8.5 million, respectively and is included in cost of services provided and goods sold. The cost of charity care is calculated by taking the ratio of charity care days to total days of care and multiplying by 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. Compliance with such laws and regulations may be subject to future government review and interpretation. 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 years ended December 31, 2023, 2022, and 2021.

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 December 31, 2023, 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, Centers for Medicare and Medicaid Services (“CMS”) determined that the Medicare cap should be calculated “as if” sequestration did not occur. As a result of this decision, VITAS had received notification from our third-party intermediary that an additional $9.0 million was owed for Medicare cap in three programs for the 2013 through 2022 measurement periods. The amounts were automatically deducted from our semi-monthly PIP payments and we did not recognize any revenue for these disputed amounts, but recorded a receivable offset by a reserve of equal amount. Due to recent court decisions, we are no longer appealing the CMS’s methodology change. During the year ended December 31, 2022, we reversed the related receivable and reserve.

During the year ended December 31, 2023 we recorded $8.0 million in Medicare cap revenue reduction related to two programs’ projected 2023 measurement period liability and six programs’ 2024 measurement period liability.

During the year ended December 31, 2022 we recorded $7.9 million in Medicare cap revenue reduction related to two programs’ projected 2022 measurement period liability and five programs’ 2023 measurement period liability.

During the year ended December 31, 2021 we recorded $6.6 million in Medicare cap revenue reduction related to two programs’ projected 2021 measurement period liability and two programs’ 2022 measurement period liability.

At December 31, 2023 and 2022, the Medicare cap liability included in other current liabilities on the accompanying balance sheets was $13.2 million and $14.4 million, respectively.

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 year ended December 31, 2023 is as follows (in thousands):


	Medicare		Medicaid		Commercial		Total
Routine home care	$	1,067,629		44,833		23,975	$	1,136,437
Continuous care		78,994		3,123		3,557		85,674
Inpatient care		97,873		8,698		5,848		112,419
	$	1,244,496	$	56,654	$	33,380	$	1,334,530

All other revenue - self-pay, respite care, etc.								13,582
Subtotal							$	1,348,112
Medicare cap adjustment								(8,000)
Implicit price concessions								(14,196)
Room and board, net								(10,851)
Net revenue							$	1,315,065

The composition of patient care service revenue by payor and level of care for the year ended December 31, 2022 is as follows (in thousands):


	Medicare		Medicaid		Commercial		Total
Routine home care	$	973,206	$	43,340	$	22,665	$	1,039,211
Continuous care		70,712		3,159		3,129		77,000
Inpatient care		89,866		7,533		4,962		102,361
	$	1,133,784	$	54,032	$	30,756	$	1,218,572

All other revenue - self-pay, respite care, etc.								12,438
Subtotal							$	1,231,010
Medicare cap adjustment								(7,868)
Implicit price concessions								(12,004)
Room and board, net								(9,574)
Net revenue							$	1,201,564

The composition of patient care service revenue by payor and level of care for the year ended December 31, 2021 is as follows (in thousands):


	Medicare		Medicaid		Commercial		Total
Routine home care	$	997,846	$	46,785	$	25,135	$	1,069,766
Continuous care		85,626		4,689		4,023		94,338
Inpatient care		98,243		9,486		5,458		113,187
	$	1,181,715	$	60,960	$	34,616	$	1,277,291

All other revenue - self-pay, respite care, etc.								12,142
Subtotal							$	1,289,433
Medicare cap adjustment								(6,597)
Implicit price concessions								(11,530)
Room and board, net								(10,060)
Net revenue							$	1,261,246

‎

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 usually 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 in part 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 (“Independent Contractors”). 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. The 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 for plumbing, drain care cleaning and water restoration services. 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 years ended December 31, 2023, 2022 and 2021 is as follows (in thousands):


		2023		2022		2021
Drain cleaning	$	249,069	$	261,606	$	254,773
Plumbing		196,695		194,274		176,051
Excavation		233,196		222,945		215,190
Other		936		708		1,138
Subtotal - short term core		679,896		679,533		647,152
Water restoration		185,550		169,434		153,115
Independent contractors		85,749		84,442		76,858
Franchisee fees		5,658		5,591		5,068
Other		19,083		16,859		15,576
Gross revenue	$	975,936	$	955,859	$	897,769
Implicit price concessions and credit memos		(26,584)		(22,460)		(19,754)
Net revenue	$	949,352	$	933,399	$	878,015

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Income Taxes (Schedule Of Temporary Differences That Give Rise To Deferred Tax Assets (Liabilities)) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Abstract]
Accrued liabilities	$ 39,436	$ 38,620
Lease liabilities	34,028	39,057
Stock compensation expense	9,023	9,102
Implicit price concessions	7,294	7,572
State net operating loss carryforwards	1,652	1,443
Other	1,259	1,330
Deferred income tax assets	92,692	97,124
Amortization of intangible assets	(40,747)	(43,205)
Accelerated tax depreciation	(32,411)	(36,519)
Right of use lease assets	(30,891)	(35,514)
Deposit with OAS	(11,413)	(12,769)
Current assets	(4,272)	(5,064)
State income taxes	(2,552)	(2,634)
Market valuation of investments	(600)
Market valuation of investments		102
Other	(127)	(134)
Deferred income tax liabilities	(123,013)	(135,737)
Net deferred income tax liabilities	$ (30,321)	$ (38,613)

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

14. 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 IPUs and/or contract beds within hospitals. Roto-Rooter has leased office space.

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


	December 31,
	2023		2022
Assets
Operating lease assets	$	126,387	$	135,662

Liabilities
Current operating leases		38,635		38,996
Noncurrent operating leases		100,776		110,513
Total operating lease liabilities	$	139,411	$	149,509

The components of lease expense were as follows:


	December 31,
	2023		2022
Lease Expense (a)
Operating lease expense	$	59,769	$	59,530
Sublease income		(93)		(181)
Net lease expense	$	59,676	$	59,349

(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:


	December 31,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from leases	$	49,777	$	49,571

Leased assets obtained in exchange for new operating lease liabilities	$	37,111	$	57,551


Weighted Average Remaining Lease Term
Operating leases	4.32	yrs

Weighted Average Discount Rate
Operating leases	3.09	%


Maturity of Operating Lease Liabilities (in thousands)

2024	$	44,928
2025		37,248
2026		28,897
2027		16,525
2028		11,285
Thereafter		10,597
Total lease payments	$	149,480
Less: interest		(10,069)
Total liability recognized on the balance sheet	$	139,411

For leases commencing prior to 2019, minimum rental payments exclude payments to landlords for real estate taxes and common area maintenance. Operating lease payments include $3.8 million related to extended lease terms that are reasonably certain of being exercised and exclude $740,000 of lease payments for leases signed but not yet commenced.

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule Of Computation Of Earnings Per Share



For the Years Ended December 31,		Net Income		Shares	Earnings per Share
2023
	Earnings	$	272,509	15,050	$	18.11
	Dilutive stock options		-	103
	Nonvested stock awards		-	47
	Diluted earnings	$	272,509	15,200	$	17.93

2022
	Earnings	$	249,624	14,929	$	16.72
	Dilutive stock options		-	130
	Nonvested stock awards		-	40
	Diluted earnings	$	249,624	15,099	$	16.53

2021
	Earnings	$	268,550	15,671	$	17.14
	Dilutive stock options		-	221
	Nonvested stock awards		-	46
	Diluted earnings	$	268,550	15,938	$	16.85

Other Operating Expenses (Tables)

12 Months Ended

Dec. 31, 2023

Other Operating Expenses [Abstract]

Schedule Of Other Operating Expenses


		December 31,
		2023		2022		2021
Litigation settlements	$	2,050	$	4,000	$	-
Loss/(gain) on disposal of property and equipment		211		(309)		987
Total other operating expenses	$	2,261	$	3,691	$	987

Cash Overdrafts, Cash Equivalents, and Supplemental Cash Flow Disclosure (Narrative) (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Overdrafts, Cash Equivalents, and Supplemental Cash Flow Disclosure [Abstract]
Capitalized property and equipment were not paid for	$ 690,000	$ 1,900,000	$ 1,900,000
Cash overdrafts included in accounts payable	$ 15,700,000	$ 0

Legal And Regulatory Matters (Narrative) (Details)				12 Months Ended
Legal And Regulatory Matters (Narrative) (Details)	Aug. 29, 2022 USD ($)	Jul. 14, 2022 USD ($) item	Oct. 16, 2020 item	Dec. 31, 2023 USD ($)
Audit of provision of elevated level-of-care hospice services [Member]
Loss Contingencies [Line Items]
Loss Contingency, Period of Occurrence				two-year time period
Number of total care claims \| item		50,850
Reimbursement amount over period of occurrence		$ 210,000,000.0
Number of claims selected \| item		100
Amount of reimbursement for claims selected		$ 688,000
Maximum damages sought		$ 140,000,000.0
Loss Contingency, Damages Sought, Value	$ 50,300,000
Difference between the final OAS audit recommendation and damages sought	$ 90,000,000.0
VITAS [Member]
Loss Contingencies [Line Items]
Number of Patients \| item			32
Refund of amount deposited				$ 3,340,000

Consolidated Statements Of Changes In Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Consolidated Statements Of Changes In Stockholders' Equity [Abstract]
Dividends paid per share	$ 1.56	$ 1.48	$ 1.40

Summary Of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Summary Of Significant Accounting Policies [Abstract]

Schedule Of Weighted Average Lives Of Property And Equipment


Buildings and building improvements	14.6	yrs.
Transportation equipment	8.5
Machinery and equipment	5.1
Computer software	3.8
Furniture and fixtures	4.4

Schedule Of Movement In Goodwill


			Roto-
	Vitas		Rooter		Total
Balance at December 31, 2021	$	333,331	$	245,260	$	578,591
Business combinations		732		2,061		2,793
Foreign currency adjustments		-		(89)		(89)
Balance at December 31, 2022	$	334,063	$	247,232	$	581,295
Business combinations		-		3,682		3,682
Foreign currency adjustments		-		40		40
Balance at December 31, 2023	$	334,063	$	250,954	$	585,017

Weighted Average Lives Of Identifiable, Definite-Lived Intangible Assets


Covenants not to compete	6.4	yrs.
Reacquired franchise rights	7.4
Referral networks	14.0
Customer lists	16.8

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Stock-Based Compensation Plans (Schedule Of Comparative Date for Performance Stock Units) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Per-share fair value	$ 545.69	$ 496.25	$ 482.66
Volatility	19.24%	22.29%	28.81%
Risk-free interest rate	4.99%	4.39%	0.87%
Service period (years)	2 years 10 months 24 days	2 years 10 months 24 days	2 years 10 months 24 days
Three-year measurement period ends December 31,	2025	2024	2023
Performance Based TSR [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of stock granted	8,107	7,983	6,277
Per-share fair value	$ 633.32	$ 595.70	$ 599.04
Volatility	25.50%	30.40%	30.20%
Risk-free interest rate	4.30%	1.70%	0.20%
Performance Based EPS [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of stock granted	8,107	7,983	6,277
Per-share fair value	$ 515.12	$ 459.77	$ 491.34

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Long-Term Debt And Lines Of Credit (Interest Paid During The Years) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Long-Term Debt And Lines Of Credit [Abstract]
Interest paid	$ 2,645	$ 3,704	$ 1,403

Properties And Equipment

12 Months Ended

Dec. 31, 2023

Properties And Equipment [Abstract]

Properties And Equipment

13. Properties and Equipment

A summary of properties and equipment follows (in thousands):


		December 31,
		2023		2022
Land	$	14,356	$	11,862
Buildings and building improvements		130,695		123,845
Transportation equipment		89,910		79,810
Machinery and equipment		164,249		154,603
Computer software		72,646		69,283
Furniture and fixtures		78,068		76,042
Projects under development		8,788		20,189
Total properties and equipment		558,712		535,634
Less accumulated depreciation		(354,872)		(335,920)
Net properties and equipment	$	203,840	$	199,714

The net book value of computer software at December 31, 2023 and 2022, was $8.0 million and $8.9 million, respectively. Depreciation expense for computer software was $4.5 million, $5.5 million and $5.8 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Long-Term Debt And Lines of Credit (Debt Outstanding) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Total	$ 97,500
Current portion of long-term debt	(5,000)
Long-term debt	92,500
Term Loan [Member]
Debt Instrument [Line Items]
Total	$ 97,500

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Other Income/(Expense) – Net (Tables)

12 Months Ended

Dec. 31, 2023

Other Income/(Expense) – Net [Abstract]

Schedule Of Other Income/(Expense) – Net


		For the Years Ended December 31,
		2023		2022		2021

Market value gains/(losses) related to deferred
compensation trusts	$	6,404	$	(9,970)	$	8,310
Interest income		6,270		355		377
Other		232		382		457
Total other income/(expense)	$	12,906	$	(9,233)	$	9,144

Stock-Based Compensation Plans (Schedule Of Total Stock Option, Stock Award And PSU Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, Granted	315,555	312,598	326,806
Weighted Average Grant-Date Price, Granted	$ 545.69	$ 496.25	$ 482.66
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, Outstanding at January 1, 2020	1,181,154
Number of Options, Granted	315,555
Number of Options, Exercised/Vested	(370,105)
Number of Options, Canceled/Forfeited	(9,381)
Number of Options, Outstanding at December 31, 2020	1,117,223	1,181,154
Number of Options, Vested and expected to vest at December 31, 2020	1,117,223
Number of Options, Exercisable at December 31, 2020	494,064
Weighted Average Exercise Price, Outstanding at January 1, 2020	$ 432.75
Weighted Average Exercise Price, Granted	509.46
Weighted Average Exercise Price, Exercised/Vested	406.45
Weighted Average Exercise Price, Canceled/Forfeited	455.42
Weighted Average Exercise Price, Outstanding at December 31, 2020	462.94	$ 432.75
Weighted Average Exercise Price, Vested and expected to vest at December 31, 2020	462.94
Weighted Average Exercise Price, Exercisable at December 31, 2020	$ 437.24
Weighted Average Remaining Contractual Life (Years), Outstanding at December 31, 2020	3 years 3 months 18 days
Weighted Average Remaining Contractual Life (Years), Vested and expected to vest at December 31, 2020	3 years 3 months 18 days
Weighted Average Remaining Contractual Life (Years), Exercisable at December 31, 2020	2 years 2 months 12 days
Aggregate Intrinsic Value, Outstanding at December 31, 2020	$ 134,531
Aggregate Intrinsic Value, Vested and expected to vest at December 31, 2020	134,531
Aggregate Intrinsic Value, Exercisable at December 31, 2020	$ 72,191
Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Awards, Outstanding at January 1, 2020
Number of Awards, Granted	2,646
Number of Awards, Exercised/Vested	(2,646)
Number of Awards, Canceled/ Forfeited
Number of Awards, Outstanding at December 31, 2020
Number of Awards, Vested and expected to vest at December 31, 2020
Weighted Average Grant-Date Price, Outstanding at January 1, 2020
Weighted Average Grant-Date Price, Granted	545.69
Weighted Average Grant-Date Price, Exercised/Vested	545.69
Weighted Average Grant-Date Price, Canceled/Forfeited
Weighted Average Grant-Date Price, Outstanding at December 31, 2020
Weighted Average Exercise Price, Vested and expected to vest at December 31, 2020
Performance Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Nonvested Target Units, Outstanding at January 1, 2020	37,490
Number of Nonvested Target Units, Granted	21,802
Number of Nonvested Target Units, Exercised/Vested	(15,138)
Number of Nonvested Target Units, Outstanding at December 31, 2020	44,154	37,490
Number of Nonvested Target Units, Vested and expected to vest at December 31, 2020	49,231
Weighted Average Grant-Date Price, Outstanding at January 1, 2020	$ 543.11
Weighted Average Grant-Date Price, Granted	557.23
Weighted Average Grant-Date Price, Exercised/Vested	544.36
Weighted Average Grant-Date Price, Outstanding at December 31, 2020	549.65	$ 543.11
Weighted Average Exercise Price, Vested and expected to vest at December 31, 2020	$ 546.47

Intangible Assets (Schedule By Year Of Projected Amortization Expense For Definite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Intangible Assets [Abstract]
Amortization of definite-lived intangible assets	$ 10,100	$ 10,100	$ 10,000
2024	10,049
2025	10,035
2026	9,688
2027	458
2028	308
Thereafter	$ 1,768

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Intangible Assets [Abstract]

Schedule By Year Of Projected Amortization Expense For Definite-Lived Intangible Assets


2024	$	10,049
2025		10,035
2026		9,688
2027		458
2028		308
Thereafter		1,768

Schedule Of Intangible Assets


		Gross		Accumulated		Net Book
		Asset		Amortization		Value
December 31, 2023
Referral networks	$	1,228	$	(413)	$	815
Covenants not to compete		2,476		(2,354)		122
Customer lists		4,746		(2,220)		2,526
Reacquired franchise rights		72,821		(43,978)		28,843
Subtotal - definite-lived intangibles		81,271		(48,965)		32,306
VITAS trade name		51,300		-		51,300
Roto-Rooter trade name		150		-		150
Operating licenses		6,508		-		6,508
Total	$	139,229	$	(48,965)	$	90,264

December 31, 2022
Referral networks	$	22,368	$	(21,458)	$	910
Covenants not to compete		10,141		(9,928)		213
Customer lists		4,746		(2,005)		2,741
Reacquired franchise rights		72,609		(34,325)		38,284
Subtotal - definite-lived intangibles		109,864		(67,716)		42,148
VITAS trade name		51,300		-		51,300
Roto-Rooter trade name		150		-		150
Operating licenses		6,128		-		6,128
Total	$	167,442	$	(67,716)	$	99,726

Other Operating Expenses (Schedule Of Other Operating Expenses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Total other operating expenses	$ 2,261	$ 3,691	$ 987
Litigation Settlements [Member]
Total other operating expenses	2,050	4,000
Loss/(Gain) on disposal of property and equipment [Member]
Total other operating expenses	$ 211	$ (309)	$ 987

Discontinued Operations (Narrative) (Details) - DuBois [Member] - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Estimated liability for potential environmental cleanup and related costs from the sale	$ 1,700	$ 1,700
Discontinued operations, amount included in other current liabilities	826
Discontinued operations, amount included in other liabilities (long-term)	896
Maximum [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contingent liability for incurring additional environmental cleanup and related costs	$ 14,900

Income Taxes (Schedule Of Provision For Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Abstract]
Current, U.S. federal	$ 75,333	$ 52,910	$ 64,620
Current, U.S. state and local	9,983	11,813	14,233
Current, Foreign	569	505	511
Deferred, U.S. federal, state and local	(8,029)	14,821	2,358
Deferred, Foreign	2	6	42
Income tax provision	$ 77,858	$ 80,055	$ 81,764

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Revenue Recognition (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2013
Revenue Recognition [line items]
Medicare cap liability	$ 13,245	$ 14,380
Service revenue and sales	$ 2,264,417	2,134,963	$ 2,139,261
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 penalty	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	$ 8,100	7,800	8,500
Percentage of automatic budget reductions				2.00%
Medicare cap liability	$ 13,200	14,400
Percentage of Medicaid reimbursement	95.00%
Percentage of expenses	5.00%
Service revenue and sales	$ 0
Accounts Receivable, Sale	$ 0
VITAS [Member] \| Adoption of ASC 606 [Member]
Revenue Recognition [line items]
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			$ 6,600
VITAS [Member] \| Two Programs and Five Programs Projected Measurement Period Liability [Member]
Revenue Recognition [line items]
Medicare cap adjustment		$ 7,900
VITAS [Member] \| Two Programs and Six Programs Projected Measurement Period Liability [Member]
Revenue Recognition [line items]
Medicare cap adjustment	$ 8,000
VITAS [Member] \| Three Program Projected Measurement Period Liability [Member]
Revenue Recognition [line items]
Additional Medicare cap adjustment related to prior cap liabilities				$ 9,000

Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2023

Stock-Based Compensation Plans [Abstract]

Schedule Of Comparative Date For Performance Stock Units



		2023 Awards			2022 Awards			2021 Awards
TSR Awards
Shares of stock granted - target		8,107			7,983			6,277
Per-share fair value	$	633.32		$	595.70		$	599.04
Volatility		25.5	%		30.4	%		30.2	%
Risk-free interest rate		4.3	%		1.7	%		0.2	%

EPS Awards
Shares of stock granted - target		8,107			7,983			6,277
Per-share fair value	$	515.12		$	459.77		$	491.34

Common Assumptions
Service period (years)		2.9			2.9			2.9
Three-year measurement period ends December 31,		2025			2024			2023

Schedule Of Total Stock Option, Stock Award And PSU Activity


	Stock Options						Stock Awards			Performance Units (PSUs)
									Weighted
			Weighted Average			Aggregate			Average				Weighted
				Remaining		Intrinsic			Grant-Date	Number of			Average
	Number of		Exercise	Contractual		Value	Number of		Per-Share	Target			Grant-Date
	Options		Price	Life (Years)		(thousands)	Awards		Fair Value	Units			Price
Outstanding at December 31, 2022	1,181,154	$	432.75				-	$	-	37,490		$	543.11
Granted	315,555		509.46				2,646		545.69	21,802			557.23
Exercised/Vested	(370,105)		406.45				(2,646)		545.69	(15,138)			544.36
Canceled/ Forfeited	(9,381)		455.42				-		-	-			-
Outstanding at December 31, 2023	1,117,223	$	462.94	3.3	$	134,531	-	$	-	44,154		$	549.65

Vested and expected to vest
at December 31, 2023	1,117,223	$	462.94	3.3	$	134,531	-	$	-	49,231	*	$	546.47
Exercisable at December 31, 2023	494,064		437.24	2.2		72,191	n.a.		n.a.	n.a.			n.a.
* Amount includes 9,918 share units which vested and were converted to shares of stock and distributed in the first quarter of 2024.

Schedule Of Comparative Data For Stocks Option, Stock Awards And PSUs


		Years Ended December 31,
		2023		2022		2021
Total compensation expense of stock-based compensation
plans charged against income	$	40,793	$	33,613	$	31,420
Total income tax benefit recognized in income for stock
based compensation expense charged against income		9,709		8,487		7,918
Total intrinsic value of stock options exercised		54,681		53,339		62,038
Total intrinsic value of stock awards vested during the period		1,444		1,170		1,173
Per-share weighted average grant-date fair value of
stock awards granted		545.69		496.25		482.66

Schedule Of Valuation Assumptions


		2023			2022			2021
Stock price on date of issuance	$	509.46		$	462.04		$	445.35
Grant date fair value per option	$	111.24		$	104.69		$	96.91
Number of options granted		315,555			312,598			326,806
Expected term (years)		3.5			3.5			3.5
Risk free rate of return		4.99	%		4.39	%		0.87	%
Volatility		19.24	%		22.29	%		28.81	%
Dividend yield		0.3	%		0.3	%		0.3	%
Forfeiture rate		-			-			-

Schedule Of Other Data For Stock Options, Stock Awards And PSUs


		Stock		Stock
		Options		Awards		PSUs

Total unrecognized compensation at the end of the year	$	60,819	$	-	$	10,125
Weighted average period over which unrecognized compensation to be recognized (years)		2.2		-		1.6
Actual income tax benefit realized	$	12,139	$	321	$	1,478
Aggregate intrinsic value vested and expected to vest	$	134,531	$	-	$	28,719

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

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 December 31, 2023 (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)

Investments of deferred compensation plans held in trust	$	106,126	$	106,126	$	-	$	-
Cash equivalents		257,343		257,343		-		-

‎

The following shows the carrying value, fair value and the hierarchy for our financial instruments as of December 31, 2022 (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)

Investments of deferred compensation plans held in trust	$	93,196	$	93,196	$	-	$	-
Cash equivalents		101		101		-		-
Long-term debt		97,500		-		97,500		-