<SEC-DOCUMENT>0001577916-15-000011.txt : 20151123
<SEC-HEADER>0001577916-15-000011.hdr.sgml : 20151123
<ACCEPTANCE-DATETIME>20151002162144
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001577916-15-000011
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20151002

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Premier, Inc.
		CENTRAL INDEX KEY:			0001577916
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MANAGEMENT SERVICES [8741]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		13034 BALLANTYNE CORPORATE PLACE
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28277
		BUSINESS PHONE:		704-357-0022

	MAIL ADDRESS:	
		STREET 1:		13034 BALLANTYNE CORPORATE PLACE
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28277
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
		<!-- Document created using Wdesk 1 -->
		<!-- Copyright 2015 Workiva -->
		<title>CORRESP</title>
	</head>
	<body style="font-family:Times New Roman;font-size:10pt;">
<a name="s304CF21C510A179B89FE29AF476BEF49"></a><div></div><br><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">October 2, 2015</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:138%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:138%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Mr. Robert F. Telewicz Jr.</font></div><div style="line-height:138%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Branch Chief</font></div><div style="line-height:138%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Office of Real Estate and Commodities</font></div><div style="line-height:138%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Division of Corporation Finance</font></div><div style="line-height:138%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">U.S. Securities and Exchange Commission</font></div><div style="line-height:138%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">100 F Street, N.E.; Mail Stop 3233</font></div><div style="line-height:138%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Washington, D.C. 20549-6628</font></div><div style="line-height:138%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:138%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Re:  &#160;&#160;&#160;&#160;Premier, Inc.</font></div><div style="line-height:138%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Form 10-K for the year ended June 30, 2015</font></div><div style="line-height:138%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Filed on August 26, 2015</font></div><div style="line-height:138%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">File No. 001-36092</font></div><div style="line-height:138%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Dear Mr. Telewicz:</font></div><div style="line-height:138%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Set forth below is Premier, Inc.&#8217;s (the &#8220;Company&#8221; or &#8220;Premier&#8221;) response to the comment of the staff (the &#8220;Staff&#8221;) of the Division of Corporation Finance of the Securities and Exchange Commission (the &#8220;Commission&#8221;) received in a letter via email, dated September 22, 2015, relating to Premier's Form 10-K for the year ended June 30, 2015 which was filed on August 26, 2015.</font></div><div style="line-height:138%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:138%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">For ease of review, we have set forth below the comment in your letter in bold font and the Company&#8217;s response thereto.  Capitalized terms used but not defined herein are used herein as defined in the Form 10-K.</font></div><div style="line-height:138%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:138%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Consolidated Statements of Income, page 95</font></div><div style="line-height:138%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:138%;font-size:12pt;padding-left:24px;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:138%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Please explain to us how you determined it would be appropriate to present the adjustment of redeemable limited partners&#8217; capital to redemption amount outside of net income attributable to stockholders.  Cite any relevant accounting literature in your response.</font></div></td></tr></table><div style="line-height:138%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:138%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Response</font><font style="font-family:inherit;font-size:12pt;">:  Accounting Standards Codification 480-10-S99-3A (historically EITF Topic No. D-98, or &#8220;Topic D-98&#8221;), &#8220;Classification and Measurement of Redeemable Securities&#8221;, paragraph </font></div><br><div><div style="line-height:100%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s304CF21C510A179B89FE29AF476BEF49"></a><div></div><br><div style="line-height:138%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">19A </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">Noncontrolling Interests, </font><font style="font-family:inherit;font-size:12pt;">subparagraph a, </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">Noncontrolling interest in the form of preferred securities</font><font style="font-family:inherit;font-size:12pt;">&#32;states: </font></div><div style="line-height:138%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:138%;text-align:left;padding-left:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;the impact on income available to common stockholders of the parent arising from adjustments to the carrying amount of a redeemable noncontrolling interest other than common stock depends upon whether the redemption feature in the equity security was issued, or is guaranteed, by the parent. If the redemption feature was issued, or is guaranteed, by the parent, </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">the entire adjustment under paragraph 18 reduces or increases income available to common stockholders of the parent</font><font style="font-family:inherit;font-size:12pt;">. Otherwise, the adjustment is attributed to the parent and the noncontrolling interest in accordance with paragraphs 260-10-55-64 through 55-67&#8221; (emphasis added).  </font></div><div style="line-height:138%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:138%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">As the redeemable limited partners&#8217; capital, i.e., our Class B common stock, is redeemable by the parent, the Company has elected to show both net income available to common stockholders and then the direct adjustment to reduce or increase net income available to common stockholders, as stated in Topic D-98.  We have included a subtotal in the income statement given the magnitude of the adjustment and to more clearly call out the actual income attributable to the noncontrolling interests separately from the redemption adjustment, which is not expected to result in an actual cash outlay.  We note that stockholders and securities analysts have not expressed confusion over the presentation of the adjustment given it is not reflective of the Company&#8217;s ongoing operations, and the phrase &#8220;net income attributable to stockholders&#8221; appears in both the subtotal and in the bottom line captions.  </font></div><div style="line-height:138%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:138%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Based on the foregoing, we believe our presentation of the adjustment of redeemable limited partners&#8217; capital to redemption amount outside of net income attributable to stockholders is appropriate.  </font></div><div style="line-height:138%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:138%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If you have any further questions or require additional information, please do not hesitate to contact me directly via email at craig_mckasson@premierinc.com or via telephone at 704-816-6307.     </font></div><div style="line-height:120%;text-align:left;padding-left:282px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:282px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Very truly yours,</font></div><div style="line-height:120%;text-align:left;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">/s/CRAIG S. MCKASSON</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Craig S. McKasson</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Senior Vice President and Chief Financial Officer</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div><div style="line-height:100%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
