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Business Combinations and Discontinued Operations | 9 Months Ended
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Sep. 30, 2021
Business Combination And Discontinued Operations [Abstract] |
Business Combination and Discontinued Operations | 6. Business Combinations and Discontinued Operations: Business Combinations During the nine months ended September 30, 2021, the Company completed the acquisition of one pediatric orthopedic practice, one multi-location pediatric urgent care practice, one pediatric cardiology practice, one pediatric neurology practice and one maternal-fetal medicine practice for total consideration of $24.6 million, of which $19.6 was paid in cash at closing and $5.0 million is recorded as current and long-term liabilities for amounts payable in future periods. These acquisitions expanded the Company’s national network of physician practices across women’s and children’s services. In connection with these acquisitions, the Company recorded tax deductible goodwill of $19.3 million, fixed assets of $3.5 million and other intangible assets consisting primarily of physician and hospital agreements of $1.8 million. Discontinued Operations – Anesthesiology Services Medical Group The Company divested its anesthesiology services medical group in May 2020. During the nine months ended September 30, 2021, the Company recorded a net decrease to the loss on sale of $19.0 million, primarily related to an adjustment to the sales proceeds and book values of net assets sold resulting from a mutual agreement between the buyer and seller reached during the three months ended March 31, 2021 to treat a portion of the divestiture as an asset sale for tax purposes, the disposal of the single anesthesia practice that remained after the divestiture of the anesthesiology medical group in May 2020 and the completion of the valuation for the contingent economic consideration component of the transaction. The net decrease to the loss on sale is reflected as a component of discontinued operations, net of income taxes, in the Company’s Consolidated Statements of Income for the three and nine months ended September 30, 2021. The operating results of the anesthesiology services medical group were reported as a component of discontinued operations, net of income taxes, in the Company’s Consolidated Statements of Income for the three and nine months ended September 30, 2020 as relevant. The Company’s continuing operations financial statements for the nine months ended September 30, 2021 reflect the Company’s best estimate of the income tax effects associated with the asset sale change. These estimates include an increase in income tax receivable of $24 million, of which $9 million is related to loss carryback provisions enacted under the CARES Act, an increase in deferred tax assets of $17 million and a reduction to capital loss carryforwards and offsetting valuation allowance of $37 million. The Company will adjust these income tax effects as necessary during subsequent periods in 2021 as additional information becomes available. Discontinued Operations – Radiology Services Medical Group The Company divested its radiology services medical group in December 2020. During the nine months ended September 30, 2021, the Company recorded a net increase to the loss on sale of $3.3 million, primarily related to the adjustment of certain transaction related accounting. A final working capital true up is pending and is expected to be completed during 2021 and may result in an incremental change to the loss on sale. The operating results of the radiology services medical group were reported as a component of discontinued operations, net of income taxes, in the Company’s Consolidated Statements of Income for the three and nine months ended September 30, 2020.

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