XML 27 R15.htm IDEA: XBRL DOCUMENT
v3.21.2

Leases | 9 Months Ended
--- | ---
Sep. 30, 2021
Leases [Abstract] |
Leases | Leases The Company records right of use (ROU) assets and lease liabilities for non-cancelable operating leases primarily for real estate and equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Expense related to leases is recorded on a straight-line basis over the lease term, including rent holidays. The Company recognized operating lease expense of $123 million and $68 million for the three months ended September 30, 2021 and 2020, respectively, and $257 million and $202 million for the nine months ended September 30, 2021 and 2020, respectively. The increase in operating lease expense is primarily due to the acquisition of the remaining 60% interest of Circle Health, one of the U.K.’s largest independent operators of hospitals, in July 2021, which leases its hospitals and facilities. The following table sets forth the ROU assets and lease liabilities ($ in millions):
| September 30, 2021 |  | December 31, 2020
Assets |  |  |
ROU assets (recorded within other long-term assets) | $ | 3,637 |  |  | $ | 1,311 |
Liabilities |  |  |
Short-term (recorded within accounts payable and accrued expenses) | $ | 200 |  |  | $ | 204 |
Long-term (recorded within other long-term liabilities) | 3,660 |  |  | 1,334 |
Total lease liabilities | $ | 3,860 |  |  | $ | 1,538 |
During the three and nine months ended September 30, 2021, the Company reduced its lease liabilities by $136 million and $274 million, respectively, for cash paid. In addition, new operating leases commenced or were acquired resulting in the recognition of ROU assets and lease liabilities of $2,396 million and $2,504 million, during the three and nine months ended September 30, 2021, respective ly. Of the newly commenced operating leases, $2,351 million of the increase in ROU assets and lease liabilities is due to the Company’s acquisition of the remaining 60% interest in its investment in Circle Health that occurred in July 2021. As of September 30, 2021, the Company had additional operating leases that have not yet commenced of $43 million. These operating leases will commence in 2021 and 2022 with lease terms ranging from two to nine years. Prior to the acquisition of the remaining Circle Health portfolio, the average remaining lease term of the Company’s operating lease population was 9.2 years. The average remaining lease term of the Circle Health portfolio is 28.9 years resulting in a weighted average remaining lease term for the Company of 21.4 years as of September 30, 2021. The lease liabilities as of September 30, 2021 reflect a weighted average discount rate of 5.7%. Lease payments over the next five years and thereafter are as follows ($ in millions):
| September 30, 2021
2021 | $ | 86 |
2022 | 409 |
2023 | 388 |
2024 | 370 |
2025 | 337 |
2026 | 316 |
Thereafter | 5,546 |
Total lease payments | 7,452 |
Less: imputed interest | (3,592) |
Total lease liabilities | $ | 3,860 |

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration