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Subsequent Event | 3 Months Ended
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Mar. 31, 2020
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] |
Subsequent Events |
12. | Subsequent Event:
On May 6, 2020, the Company entered into a securities purchase agreement with an affiliate of North American Partners in Anesthesia (“NAPA”) to divest of the Company’s anesthesiology medical group, and the transaction closed on May 6, 2020. Pursuant to the terms and conditions of the agreement, at the closing of the transaction, the Company received a cash payment of $ 50.0 million, subject to certain customary adjustments, as well as a contingent economic interest in NAPA with a value ranging from $0 to $250 million based upon the multiple of invested capital returned to NAPA’s owners upon exit of the investment. The Company will begin to receive a payment on its economic interest at an exit multiple of 2.0, with such payment reaching $ 250 million at an exit multiple of 5.0. In addition, the Company retained the accounts receivable of the anesthesiology medical group, which net of various other working capital items, approximated $ 110.0 million at March 31, 2020. Upon completion of a valuation to determine the final net proceeds, the Company anticipates recording a loss on disposal in the range of approximately $ 500.0 million to $ 600.0 million. The following table represents the major classes of assets and liabilities of the anesthesiology medical group that are included in the accompanying Consolidated Balance Sheets as of March 31, 2020 (in thousands):
|  | March 31, 2020 |
Assets |  |  |  |
Cash and cash equivalents |  | $ | 19 |
Accounts receivable, net |  |  | 147,717 |
Prepaid expenses and other assets |  |  | 14,519 |
Property and equipment, net |  |  | 900 |
Goodwill |  |  | 545,272 |
Intangible assets, net |  |  | 60,034 |
|  | $768,461 |
Liabilities |  |  |  |
Accounts payable and accrued expenses |  | $ | 54,311 |
Accrued professional liabilities |  |  | 20,627 |
Other liabilities |  |  | 5,174 |
|  | $80,112 |

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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