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Variable Interest Entities

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

Variable Interest Entities

As of March 31, 2023 and December 31, 2022, we consolidated eight limited partnership-like entities that are variable interest entities (“VIEs”) and of which we are the primary beneficiary. Our ownership percentages in these entities range from 50.0% to 75.0% as of March 31, 2023. 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 condensed consolidated balance sheets, are as follows (in millions):

			March 31, 2023						December 31, 2022
Assets
Current assets:
Cash and cash equivalents			$	0.4					$	0.2
Accounts receivable			30.7						34.0
Other current assets			8.7						6.7
Total current assets			39.8						40.9
Property and equipment, net			126.0						129.0
Operating lease right-of-use assets			1.4						1.7
Goodwill			15.9						15.9
Intangible assets, net			1.4						1.5
Other long-term assets			18.7						18.8
Total assets			$	203.2					$	207.8
Liabilities
Current liabilities:
Current portion of long-term debt			$	0.8					$	0.8
Current operating lease liabilities			—						0.4
Accounts payable			5.7						7.0
Accrued expenses and other current liabilities			22.0						23.9
Total current liabilities			28.5						32.1
Long-term debt, net of current portion			14.3						14.5
Long-term operating lease liabilities			1.3						1.3
Total liabilities			$	44.1					$	47.9

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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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