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Stockholders' Deficit | 9 Months Ended
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Sep. 30, 2025
Equity [Abstract] |
STOCKHOLDERS' DEFICIT | 10. STOCKHOLDERS’ DEFICIT Authorized capital shares of the Company include 400,000,000 shares of capital stock consisting of 300,000,000 shares of common stock and 100,000,000 shares of preferred stock. Each of the aforementioned classes of capital stock has a par value of $0.01 per share. Shares of preferred stock, none of which were outstanding as of September 30, 2025, may be issued in one or more series having such rights, preferences and other provisions as determined by the Company’s Board of Directors without approval by the holders of common stock. The Company is a holding company, which operates through its subsidiaries. The ABL Facility and the indentures governing each series of the Company’s outstanding notes contain various covenants under which the assets of the subsidiaries of the Company are subject to certain restrictions relating to, among other matters, dividends and distributions, as referenced in the paragraph below. The ABL Facility and the indentures governing each series of the Company’s outstanding notes restrict the Company’s subsidiaries from, among other matters, paying dividends and making distributions to the Company, which thereby limits the Company’s ability to pay dividends and/or repurchase stock. As of September 30, 2025, under the most restrictive test in these agreements (and subject to certain exceptions), the Company has approximately $300 million of capacity to pay permitted dividends and/or repurchase shares of stock or make other restricted payments. The schedule below presents the reconciliation of the carrying amount of total equity, equity attributable to the Company’s stockholders, and equity attributable to noncontrolling interests as of September 30, 2025, and during each of the three-month periods following December 31, 2024 (in millions).
|  |  |  |  |  | Community Health Systems, Inc. Stockholders |  |  |  |  |  |  |
|  | Redeemable Noncontrolling Interest |  |  |  | Common Stock |  |  | Additional Paid-In Capital |  |  | Accumulated Other Comprehensive (Loss) Income |  |  | Accumulated Deficit |  |  | Noncontrolling Interest |  |  | Total Stockholders’ Deficit |
Balance, December 31, 2024 |  | $ | 359 |  |  |  | $ | 1 |  |  | $ | 2,175 |  |  | $ | (10 | ) |  | $ | (4,080 | ) |  | $ | 238 |  |  | $ | (1,676 | )
Comprehensive income (loss) |  |  | 13 |  |  |  |  | — |  |  |  | — |  |  |  | 3 |  |  |  | (13 | ) |  |  | 25 |  |  |  | 15 |
Distributions to noncontrolling interests |  |  | (10 | ) |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (25 | ) |  |  | (25 | )
Disposition of less-than-wholly owned entity |  |  | — |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (8 | ) |  |  | (8 | )
Adjustment to redemption value of redeemable noncontrolling interests |  |  | 2 |  |  |  |  | — |  |  |  | (2 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2 | )
Cancellation of restricted stock for tax withholdings on vested shares |  |  | — |  |  |  |  | — |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1 | )
Stock-based compensation |  |  | — |  |  |  |  | — |  |  |  | 4 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4 |
Balance, March 31, 2025 |  |  | 364 |  |  |  |  | 1 |  |  |  | 2,176 |  |  |  | (7 | ) |  |  | (4,093 | ) |  |  | 230 |  |  |  | (1,693 | )
Comprehensive income |  |  | 14 |  |  |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | 282 |  |  |  | 24 |  |  |  | 308 |
Distributions to noncontrolling interests |  |  | (33 | ) |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (28 | ) |  |  | (28 | )
Contributions from noncontrolling interests |  |  | 1 |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Disposition of less-than-wholly owned entity |  |  | (27 | ) |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (7 | ) |  |  | (7 | )
Adjustment to redemption value of redeemable noncontrolling interests |  |  | (5 | ) |  |  |  | — |  |  |  | 5 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5 |
Stock-based compensation |  |  | — |  |  |  |  | — |  |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3 |
Balance, June 30, 2025 |  |  | 314 |  |  |  |  | 1 |  |  |  | 2,184 |  |  |  | (5 | ) |  |  | (3,811 | ) |  |  | 219 |  |  |  | (1,412 | )
Comprehensive income |  |  | 16 |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 130 |  |  |  | 25 |  |  |  | 155 |
Contributions from noncontrolling interests |  |  | 1 |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Distributions to noncontrolling interests |  |  | (9 | ) |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (15 | ) |  |  | (15 | )
Purchases of subsidiary shares from noncontrolling interests |  |  | — |  |  |  |  | — |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | (2 | )
Adjustment to redemption value of redeemable noncontrolling interests |  |  | 1 |  |  |  |  | — |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1 | )
Stock-based compensation |  |  | — |  |  |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |
Balance, September 30, 2025 |  | $ | 323 |  |  |  | $ | 1 |  |  | $ | 2,183 |  |  | $ | (5 | ) |  | $ | (3,681 | ) |  | $ | 228 |  |  | $ | (1,274 | )
The following schedule presents the reconciliation of the carrying amount of total equity, equity attributable to the Company’s stockholders, and equity attributable to the noncontrolling interests as of September 30, 2024, and during each of the three-month periods following December 31, 2023 (in millions):
|  |  |  |  |  | Community Health Systems, Inc. Stockholders |  |  |  |  |  |  |
|  | Redeemable Noncontrolling Interest |  |  |  | Common Stock |  |  | Additional Paid-In Capital |  |  | Accumulated Other Comprehensive (Loss) Income |  |  | Accumulated Deficit |  |  | Noncontrolling Interest |  |  | Total Stockholders’ Deficit |
Balance, December 31, 2023 |  | $ | 323 |  |  |  | $ | 1 |  |  | $ | 2,185 |  |  | $ | (14 | ) |  | $ | (3,564 | ) |  | $ | 245 |  |  | $ | (1,147 | )
Comprehensive income (loss) |  |  | 16 |  |  |  |  | — |  |  |  | — |  |  |  | (2 | ) |  |  | (41 | ) |  |  | 19 |  |  |  | (24 | )
Distributions to noncontrolling interests |  |  | (17 | ) |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (33 | ) |  |  | (33 | )
Adjustment to redemption value of redeemable noncontrolling interests |  |  | (3 | ) |  |  |  | — |  |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3 |
Cancellation of restricted stock for tax withholdings on vested shares |  |  | — |  |  |  |  | — |  |  |  | (2 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2 | )
Other reclassifications of noncontrolling interests |  |  | 10 |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (10 | ) |  |  | (10 | )
Stock-based compensation |  |  | — |  |  |  |  | — |  |  |  | 6 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6 |
Balance, March 31, 2024 |  |  | 329 |  |  |  |  | 1 |  |  |  | 2,192 |  |  |  | (16 | ) |  |  | (3,605 | ) |  |  | 221 |  |  |  | (1,207 | )
Comprehensive income (loss) |  |  | 15 |  |  |  |  | — |  |  |  | — |  |  |  | 3 |  |  |  | (14 | ) |  |  | 25 |  |  |  | 14 |
Distributions to noncontrolling interests |  |  | (14 | ) |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (20 | ) |  |  | (20 | )
Purchases of subsidiary shares from noncontrolling interests |  |  | 1 |  |  |  |  | — |  |  |  | (2 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2 | )
Adjustment to redemption value of redeemable noncontrolling interests |  |  | 2 |  |  |  |  | — |  |  |  | (2 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2 | )
Other reclassifications of noncontrolling interests |  |  | (9 | ) |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12 |  |  |  | 12 |
Stock-based compensation |  |  | — |  |  |  |  | — |  |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2 |
Balance, June 30, 2024 |  |  | 324 |  |  |  |  | 1 |  |  |  | 2,190 |  |  |  | (13 | ) |  |  | (3,619 | ) |  |  | 238 |  |  |  | (1,203 | )
Comprehensive income (loss) |  |  | 13 |  |  |  |  | — |  |  |  | — |  |  |  | 5 |  |  |  | (391 | ) |  |  | 23 |  |  |  | (363 | )
Distributions to noncontrolling interests |  |  | (10 | ) |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (26 | ) |  |  | (26 | )
Purchases of subsidiary shares from noncontrolling interests |  |  | — |  |  |  |  | — |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1 | )
Adjustment to redemption value of redeemable noncontrolling interests |  |  | (1 | ) |  |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |
Disposition of less-than-wholly owned entity |  |  | (4 | ) |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (4 | ) |  |  | (4 | )
Stock-based compensation |  |  | — |  |  |  |  | — |  |  |  | 4 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4 |
Balance, September 30, 2024 |  | $ | 322 |  |  |  | $ | 1 |  |  | $ | 2,194 |  |  | $ | (8 | ) |  | $ | (4,010 | ) |  | $ | 231 |  |  | $ | (1,592 | )
The following schedule discloses the effects of changes in the Company’s ownership interest in its less-than-wholly-owned subsidiaries (in millions):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Net income (loss) attributable to Community Health Systems, Inc. stockholders |  | $ | 130 |  |  | $ | (391 | ) |  | $ | 399 |  |  | $ | (446 | )
Transfers to the noncontrolling interests: |  |  |  |  |  |  |  |  |  |  |  |
Net (decrease) increase in Community Health Systems, Inc. paid-in-capital for purchase of subsidiary partnership interests |  |  | (1 | ) |  |  | 1 |  |  |  | (1 | ) |  |  | 4 |
Net transfers to the noncontrolling interests |  |  | (1 | ) |  |  | 1 |  |  |  | (1 | ) |  |  | 4 |
Change to Community Health Systems, Inc. stockholders’ deficit from net income (loss) attributable to Community Health Systems, Inc. stockholders and transfers to noncontrolling interests |  | $ | 129 |  |  | $ | (390 | ) |  | $ | 398 |  |  | $ | (442 | )

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