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Dispositions and Acquisitions of Assets and Businesses and Assets Held for Sale | 6 Months Ended
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Jun. 30, 2011
Dispositions and Acquisitions of Assets and Businesses and Assets Held for Sale |
Dispositions and Acquisitions of Assets and Businesses and Assets Held for Sale | (9) Dispositions and acquisitions of assets and businesses and assets held for sale Six-month period ended June 30, 2011: Acquisitions: There were no acquisitions during the first six months of 2011. Divestitures: During the first six months of 2011, we received cash proceeds of $2 million for: (i) sale of the real property of a closed acute care hospital (during first quarter), and; (ii) installment payment for our ownership interest in an outpatient surgery center (during second quarter). These transactions did not have a material impact on our consolidated financial statements or results of operations. Six-month period ended June 30, 2010: Acquisitions: During the first quarter of 2010, we acquired substantially all of the assets of an outpatient surgery center located in Florida in which we previously held a 20% minority ownership interest. The purchase price consideration in connection with this transaction consisted of acquisition of the net assets less the assumption of the outstanding liabilities and third-party debt. In November, 2010, we completed the acquisition of Psychiatric Solutions, Inc. ("PSI"). PSI was formerly the largest operator of freestanding inpatient behavioral health care facilities operating a total of 105 inpatient and outpatient facilities in 32 states, Puerto Rico, and the U.S. Virgin Islands. Assuming the acquisition of PSI occurred on January 1, 2010, pro forma net revenues for the three and six-month period ended June 30, 2010 would have been approximately $1.84 billion and $3.66 billion, respectively. Our pro forma net income attributable to UHS for the three and six-month period ended June 30, 2010 would have been $96.2 million and $178.2 million, respectively, and our pro forma net income attributable to UHS per diluted share for the three and six-month period ended June 30, 2010 would have been $.98 per diluted share and $1.82 per diluted share, respectively. Divestitures: During the first quarter of 2010, we sold our minority ownership interest in a healthcare technology company for cash proceeds of $3 million. This transaction resulted in a $2 million pre-tax gain which is included in our financial results for the six-month period ended June 30, 2010. Assets held for sale: In connection with the receipt of antitrust clearance from the Federal Trade Commission ("FTC") in connection with our acquisition of PSI in November, 2010, we agreed to divest three former PSI facilities, one of which is located in Delaware (MeadowWood Behavioral Health System) and two of which are located in Nevada (Montevista Hospital and Red Rock Hospital) as well as one of our legacy facilities in Puerto Rico (Hospital San Juan Capestrano). We completed the divestiture of MeadowWood Behavioral Health System in July, 2011. Pursuant to the terms of our agreement with the FTC, we are required to divest the facilities in Nevada within approximately six months, and the facility in Puerto Rico within approximately nine months, from the date the agreement was finalized, which occurred on April 19, 2011. The operating results for the three former PSI facilities located in Delaware and Nevada are discontinued operations during the three and six-month period ended June 30, 2011. Since the aggregate income from discontinued operations before income tax expense for these facilities is not material to our consolidated financial statements during the three and six-month periods ended June 30, 2011, it is included as a reduction to other operating expenses. The assets and liabilities for MeadowWood Behavioral Health System, Montevista Hospital, Red Rock Hospital and Hospital San Juan Capestrano are reflected as "held for sale" on our Consolidated Balance Sheets as of June 30, 2011 and December 31, 2010.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + Details
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