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Variable Interest Entities

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

Variable Interest Entities:As of December 31, 2022 and December 31, 2021, we consolidated eight and ten, respectively, limited partnership-like entities that are VIEs and of which we are the primary beneficiary. Our ownership percentages in these entities range from 50.0% to 75.0% as of December 31, 2022. Through partnership and management agreements with or governing each of these entities, we manage all of these entities and handle all day-to-day operating decisions. Accordingly, we have the decision-making power over the activities that most significantly impact the economic performance of our VIEs and an obligation to absorb losses or receive benefits from the VIE that could potentially be significant to the VIE. These decisions and significant activities include, but are not limited to, marketing efforts, oversight of patient admissions, medical training, nurse and therapist scheduling, provision of healthcare services, billing, collections and creation and maintenance of medical records. The terms of the agreements governing each of our VIEs prohibit us from using the assets of each VIE to satisfy the obligations of other entities.

The carrying amounts and classifications of the consolidated VIEs’ assets and liabilities, which are included in our consolidated balance sheets, are as follows (in millions):

			As of December 31,
			2022						2021
Assets
Current assets:
Cash and cash equivalents			$	0.2					$	—
Accounts receivable			34.0						33.6
Other current assets			6.7						5.9
Current assets of discontinued operations			—						4.5
Total current assets			40.9						44.0
Property and equipment, net			129.0						116.3
Operating lease right-of-use assets			1.7						3.2
Goodwill			15.9						15.9
Intangible assets, net			1.5						2.0
Other long-term assets			18.8						31.1
Long-term assets of discontinued operations			—						13.7
Total assets			$	207.8					$	226.2
Liabilities
Current liabilities:
Current portion of long-term debt			$	0.8					$	1.0
Current operating lease liabilities			0.4						1.5
Accounts payable			7.0						5.9
Accrued payroll			8.2						10.0
Other current liabilities			15.7						9.0
Current liabilities of discontinued operations			—						0.4
Total current liabilities			32.1						27.8
Long-term debt, net of current portion			14.5						8.6
Long-term operating lease liabilities			1.3						1.8
Total liabilities			$	47.9					$	38.2

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- References

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- Definition

The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-URI https://asc.fasb.org/topic&trid=2197479

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