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Variable Interest Entities | 9 Months Ended
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Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Variable Interest Entities | Variable Interest Entities As of September 30, 2024 and December 31, 2023, 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 September 30, 2024. 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):
| September 30, 2024 |  | December 31, 2023
Assets |  |  |
Current assets: |  |  |
Cash and cash equivalents | $ | 1.2 |  |  | $ | 0.2 |
Accounts receivable | 33.2 |  |  | 36.7 |
Other current assets | 16.5 |  |  | 5.0 |
Total current assets | 50.9 |  |  | 41.9 |
Property and equipment, net | 135.0 |  |  | 128.8 |
Operating lease right-of-use assets | 1.3 |  |  | 1.4 |
Goodwill | 15.9 |  |  | 15.9 |
Intangible assets, net | 1.0 |  |  | 1.2 |
Other long-term assets | 9.7 |  |  | 18.5 |
Total assets | $ | 213.8 |  |  | $ | 207.7 |
Liabilities |  |  |
Current liabilities: |  |  |
Current portion of long-term debt | $ | 0.9 |  |  | $ | 0.9 |
Accounts payable | 6.5 |  |  | 7.6 |
Accrued expenses and other current liabilities | 22.6 |  |  | 18.7 |
Total current liabilities | 30.0 |  |  | 27.2 |
Long-term debt, net of current portion | 12.9 |  |  | 13.6 |
Long-term operating lease liabilities | 1.4 |  |  | 1.4 |
Total liabilities | $ | 44.3 |  |  | $ | 42.2 |

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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 -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/810/tableOfContent + Details
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