Guarantor And Non-Guarantor Supplementary Information | 6 Months Ended |
Jun. 30, 2014 |
Guarantor And Non-Guarantor Supplementary Information [Abstract] | ' |
Guarantor And Non-Guarantor Supplementary Information | ' |
Note 13. Guarantor and Non-Guarantor Supplementary Information |
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The 6.625% Senior Notes and the 5.5% Senior Notes are jointly and severally guaranteed on an unsecured senior basis by substantially all of the Company’s existing subsidiaries that guarantee the Senior Credit Agreement. The guarantees are subject to customary release provisions set forth in the agreements for the 6.625% Senior Notes and the 5.5% Senior Notes. |
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The condensed consolidating financial information for the parent issuer, guarantor subsidiaries, non-guarantor subsidiaries, certain eliminations and the Company is presented below for the three and six months ended June 30, 2014 and 2013 and as of June 30, 2014 and December 31, 2013. Prior year amounts have been reclassified to conform to current year presentation. |
LIFEPOINT HOSPITALS, INC. |
Condensed Consolidating Statements of Operations |
For the Three Months Ended June 30, 2014 |
(In millions) |
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| Parent | | | | | Non- | | | | | | |
| Issuer | | Guarantors | | Guarantors | | Eliminations | | Consolidated |
Revenues before provision for | | | | | | | | | | | | | | |
doubtful accounts | $ | - | | $ | 861.8 | | $ | 384.4 | | $ | - | | $ | 1,246.2 |
Provision for doubtful accounts | | - | | | 140.4 | | | 58.8 | | | - | | | 199.2 |
Revenues | | - | | | 721.4 | | | 325.6 | | | - | | | 1,047.0 |
| | | | | | | | | | | | | | |
Salaries and benefits | | 6.9 | | | 323.5 | | | 158.1 | | | - | | | 488.5 |
Supplies | | - | | | 104.4 | | | 58.1 | | | - | | | 162.5 |
Other operating expenses | | - | | | 187.2 | | | 71.1 | | | - | | | 258.3 |
Other income | | - | | | -15.2 | | | -5.8 | | | - | | | -21 |
Equity in earnings of affiliates | | -57.6 | | | - | | | - | | | 57.6 | | | - |
Depreciation and amortization | | - | | | 46.1 | | | 14.8 | | | - | | | 60.9 |
Interest expense, net | | 11.8 | | | 17.7 | | | 1.8 | | | - | | | 31.3 |
Management (income) fees | | - | | | -4.9 | | | 4.9 | | | - | | | - |
| | -38.9 | | | 658.8 | | | 303.0 | | | 57.6 | | | 980.5 |
Income from continuing operations | | | | | | | | | | | | | | |
before taxes | | 38.9 | | | 62.6 | | | 22.6 | | | -57.6 | | | 66.5 |
(Benefit) provision for income taxes | | -0.2 | | | 24.9 | | | - | | | - | | | 24.7 |
Net income | | 39.1 | | | 37.7 | | | 22.6 | | | -57.6 | | | 41.8 |
Less: Net income attributable to | | | | | | | | | | | | | | |
noncontrolling interests and | | | | | | | | | | | | | | |
redeemable noncontrolling interests | | - | | | -0.2 | | | -2.5 | | | - | | | -2.7 |
Net income attributable to LifePoint | | | | | | | | | | | | | | |
Hospitals, Inc. | $ | 39.1 | | $ | 37.5 | | $ | 20.1 | | $ | -57.6 | | $ | 39.1 |
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LIFEPOINT HOSPITALS, INC. |
Condensed Consolidating Statements of Operations |
For the Three Months Ended June 30, 2013 |
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(In millions) |
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| Parent | | | | | Non- | | | | | | |
| Issuer | | Guarantors | | Guarantors | | Eliminations | | Consolidated |
Revenues before provision for | | | | | | | | | | | | | | |
doubtful accounts | $ | - | | $ | 815.6 | | $ | 260.1 | | $ | - | | $ | 1,075.7 |
Provision for doubtful accounts | | - | | | 141.5 | | | 39.3 | | | - | | | 180.8 |
Revenues | | - | | | 674.1 | | | 220.8 | | | - | | | 894.9 |
| | | | | | | | | | | | | | |
Salaries and benefits | | 6.3 | | | 312.1 | | | 103.7 | | | - | | | 422.1 |
Supplies | | - | | | 102.3 | | | 41.8 | | | - | | | 144.1 |
Other operating expenses | | 0.1 | | | 171.5 | | | 51.3 | | | - | | | 222.9 |
Other income | | - | | | -9.9 | | | -1.1 | | | - | | | -11 |
Equity in earnings of affiliates | | -38 | | | - | | | - | | | 38.0 | | | - |
Depreciation and amortization | | - | | | 43.4 | | | 12.5 | | | - | | | 55.9 |
Interest expense, net | | 3.3 | | | 17.1 | | | 2.2 | | | - | | | 22.6 |
Gain on settlement of pre-acquisition | | | | | | | | | | | | | | |
contingent obligation | | - | | | - | | | -5.6 | | | - | | | -5.6 |
Management (income) fees | | - | | | -3.2 | | | 3.2 | | | - | | | - |
| | -28.3 | | | 633.3 | | | 208.0 | | | 38.0 | | | 851.0 |
Income from continuing operations | | | | | | | | | | | | | | |
before taxes | | 28.3 | | | 40.8 | | | 12.8 | | | -38 | | | 43.9 |
Provision for income taxes | | 0.9 | | | 15.8 | | | - | | | - | | | 16.7 |
Income from continuing operations | | 27.4 | | | 25.0 | | | 12.8 | | | -38 | | | 27.2 |
Income from discontinued operations, | | | | | | | | | | | | | | |
net of taxes | | - | | | 0.3 | | | - | | | - | | | 0.3 |
Net income | | 27.4 | | | 25.3 | | | 12.8 | | | -38 | | | 27.5 |
Less: Net (income) loss attributable | | | | | | | | | | | | | | |
to noncontrolling interests and | | | | | | | | | | | | | | |
redeemable noncontrolling interests | | - | | | -0.3 | | | 0.2 | | | - | | | -0.1 |
Net income attributable to LifePoint | | | | | | | | | | | | | | |
Hospitals, Inc. | $ | 27.4 | | $ | 25.0 | | $ | 13.0 | | $ | -38 | | $ | 27.4 |
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LIFEPOINT HOSPITALS, INC. |
Condensed Consolidating Statements of Operations |
For the Six Months Ended June 30, 2014 |
(In millions) |
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| Parent | | | | | Non- | | | | | | |
| Issuer | | Guarantors | | Guarantors | | Eliminations | | Consolidated |
Revenues before provision for | | | | | | | | | | | | | | |
doubtful accounts | $ | - | | $ | 1,699.8 | | $ | 729.2 | | $ | - | | $ | 2,429.0 |
Provision for doubtful accounts | | - | | | 268.7 | | | 106.1 | | | - | | | 374.8 |
Revenues | | - | | | 1,431.1 | | | 623.1 | | | - | | | 2,054.2 |
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Salaries and benefits | | 13.8 | | | 648.0 | | | 301.5 | | | - | | | 963.3 |
Supplies | | - | | | 207.1 | | | 112.4 | | | - | | | 319.5 |
Other operating expenses | | - | | | 367.9 | | | 133.9 | | | - | | | 501.8 |
Other income | | - | | | -28.8 | | | -6.1 | | | - | | | -34.9 |
Equity in earnings of affiliates | | -113.9 | | | - | | | - | | | 113.9 | | | - |
Depreciation and amortization | | - | | | 91.4 | | | 30.6 | | | - | | | 122.0 |
Interest expense, net | | 26.1 | | | 34.7 | | | 4.4 | | | - | | | 65.2 |
Management (income) fees | | - | | | -10 | | | 10.0 | | | - | | | - |
| | -74 | | | 1,310.3 | | | 586.7 | | | 113.9 | | | 1,936.9 |
Income from continuing operations | | | | | | | | | | | | | | |
before taxes | | 74.0 | | | 120.8 | | | 36.4 | | | -113.9 | | | 117.3 |
(Benefit) provision for income taxes | | -2.2 | | | 40.0 | | | - | | | - | | | 37.8 |
Net income | | 76.2 | | | 80.8 | | | 36.4 | | | -113.9 | | | 79.5 |
Less: Net income attributable to | | | | | | | | | | | | | | |
noncontrolling interests and | | | | | | | | | | | | | | |
redeemable noncontrolling interests | | - | | | -0.4 | | | -2.9 | | | - | | | -3.3 |
Net income attributable to LifePoint | | | | | | | | | | | | | | |
Hospitals, Inc. | $ | 76.2 | | $ | 80.4 | | $ | 33.5 | | $ | -113.9 | | $ | 76.2 |
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LIFEPOINT HOSPITALS, INC. |
Condensed Consolidating Statements of Operations |
For the Six Months Ended June 30, 2013 |
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(In millions) |
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| Parent | | | | | Non- | | | | | | |
| Issuer | | Guarantors | | Guarantors | | Eliminations | | Consolidated |
Revenues before provision for | | | | | | | | | | | | | | |
doubtful accounts | $ | - | | $ | 1,658.4 | | $ | 517.5 | | $ | - | | $ | 2,175.9 |
Provision for doubtful accounts | | - | | | 275.7 | | | 74.2 | | | - | | | 349.9 |
Revenues | | - | | | 1,382.7 | | | 443.3 | | | - | | | 1,826.0 |
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Salaries and benefits | | 13.1 | | | 631.8 | | | 210.4 | | | - | | | 855.3 |
Supplies | | - | | | 202.9 | | | 85.9 | | | - | | | 288.8 |
Other operating expenses | | 0.5 | | | 345.7 | | | 98.2 | | | - | | | 444.4 |
Other income | | - | | | -15.6 | | | -1.1 | | | - | | | -16.7 |
Equity in earnings of affiliates | | -82.9 | | | - | | | - | | | 82.9 | | | - |
Depreciation and amortization | | - | | | 87.0 | | | 24.7 | | | - | | | 111.7 |
Interest expense, net | | 8.1 | | | 34.0 | | | 4.4 | | | - | | | 46.5 |
Gain on settlement of pre-acquisition | | | | | | | | | | | | | | |
contingent obligation | | - | | | - | | | -5.6 | | | - | | | -5.6 |
Debt transaction costs | | 4.4 | | | - | | | - | | | - | | | 4.4 |
Management (income) fees | | - | | | -6.5 | | | 6.5 | | | - | | | - |
| | -56.8 | | | 1,279.3 | | | 423.4 | | | 82.9 | | | 1,728.8 |
Income from continuing operations | | | | | | | | | | | | | | |
before taxes | | 56.8 | | | 103.4 | | | 19.9 | | | -82.9 | | | 97.2 |
(Benefit) provision for income taxes | | -3 | | | 40.0 | | | - | | | - | | | 37.0 |
Income from continuing operations | | 59.8 | | | 63.4 | | | 19.9 | | | -82.9 | | | 60.2 |
Income from discontinued operations, | | | | | | | | | | | | | | |
net of taxes | | - | | | 0.4 | | | - | | | - | | | 0.4 |
Net income | | 59.8 | | | 63.8 | | | 19.9 | | | -82.9 | | | 60.6 |
Less: Net income attributable to | | | | | | | | | | | | | | |
noncontrolling interests and | | | | | | | | | | | | | | |
redeemable noncontrolling interests | | - | | | -0.3 | | | -0.5 | | | - | | | -0.8 |
Net income attributable to LifePoint | | | | | | | | | | | | | | |
Hospitals, Inc. | $ | 59.8 | | $ | 63.5 | | $ | 19.4 | | $ | -82.9 | | $ | 59.8 |
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LIFEPOINT HOSPITALS, INC. |
Condensed Consolidating Balance Sheets |
30-Jun-14 |
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(In millions) |
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| Parent | | | | | Non- | | | | | | |
| Issuer | | Guarantors | | Guarantors | | Eliminations | | Consolidated |
ASSETS | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | |
Cash and cash equivalents | $ | - | | $ | 234.9 | | $ | 107.1 | | $ | - | | $ | 342.0 |
Accounts receivable, net | | - | | | 472.0 | | | 174.4 | | | - | | | 646.4 |
Inventories | | - | | | 73.0 | | | 33.9 | | | - | | | 106.9 |
Prepaid expenses | | 0.3 | | | 29.1 | | | 9.3 | | | - | | | 38.7 |
Deferred tax assets | | 130.1 | | | - | | | - | | | - | | | 130.1 |
Other current assets | | 16.8 | | | 50.9 | | | 38.8 | | | - | | | 106.5 |
| | 147.2 | | | 859.9 | | | 363.5 | | | - | | | 1,370.6 |
Property and equipment: | | | | | | | | | | | | | | |
Land | | - | | | 73.8 | | | 55.6 | | | - | | | 129.4 |
Buildings and improvements | | - | | | 1,578.2 | | | 487.5 | | | - | | | 2,065.7 |
Equipment | | - | | | 1,271.7 | | | 254.1 | | | - | | | 1,525.8 |
Construction in progress | | - | | | 41.3 | | | 18.8 | | | - | | | 60.1 |
| | - | | | 2,965.0 | | | 816.0 | | | - | | | 3,781.0 |
Accumulated depreciation | | - | | | -1,380.40 | | | -183.2 | | | - | | | -1,563.60 |
| | - | | | 1,584.6 | | | 632.8 | | | - | | | 2,217.4 |
Deferred loan costs, net | | 33.5 | | | - | | | - | | | - | | | 33.5 |
Intangible assets, net | | - | | | 37.3 | | | 34.1 | | | - | | | 71.4 |
Investments in subsidiaries | | 1,959.4 | | | - | | | - | | | -1,959.40 | | | - |
Due from subsidiaries | | 2,399.8 | | | - | | | - | | | -2,399.80 | | | - |
Other | | 4.7 | | | 19.3 | | | 14.5 | | | - | | | 38.5 |
Goodwill | | - | | | 1,435.4 | | | 194.7 | | | - | | | 1,630.1 |
Total assets | $ | 4,544.6 | | $ | 3,936.5 | | $ | 1,239.6 | | $ | -4,359.20 | | $ | 5,361.5 |
LIABILITIES AND EQUITY | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | |
Accounts payable | $ | - | | $ | 101.0 | | $ | 47.1 | | $ | - | | $ | 148.1 |
Accrued salaries | | - | | | 102.6 | | | 44.0 | | | - | | | 146.6 |
Other current liabilities | | 12.9 | | | 122.0 | | | 50.5 | | | - | | | 185.4 |
Current maturities of long-term debt | | 11.3 | | | 0.6 | | | 1.0 | | | - | | | 12.9 |
| | 24.2 | | | 326.2 | | | 142.6 | | | - | | | 493.0 |
Long-term debt | | 2,149.4 | | | 49.5 | | | 3.6 | | | - | | | 2,202.5 |
Due to Parent | | - | | | 1,914.4 | | | 485.4 | | | -2,399.80 | | | - |
Deferred income tax liabilities | | 203.8 | | | - | | | - | | | - | | | 203.8 |
Long-term portion of reserves for self-insurance claims | | - | | | 104.8 | | | 29.1 | | | - | | | 133.9 |
Other long-term liabilities | | - | | | 20.6 | | | 35.7 | | | - | | | 56.3 |
Long-term income tax liability | | 18.9 | | | - | | | - | | | - | | | 18.9 |
Total liabilities | | 2,396.3 | | | 2,415.5 | | | 696.4 | | | -2,399.80 | | | 3,108.4 |
Redeemable noncontrolling interests | | - | | | - | | | 84.7 | | | - | | | 84.7 |
Total LifePoint Hospitals, Inc. stockholders' equity | | 2,148.3 | | | 1,519.7 | | | 439.7 | | | -1,959.40 | | | 2,148.3 |
Noncontrolling interests | | - | | | 1.3 | | | 18.8 | | | - | | | 20.1 |
Total equity | | 2,148.3 | | | 1,521.0 | | | 458.5 | | | -1,959.40 | | | 2,168.4 |
Total liabilities and equity | $ | 4,544.6 | | $ | 3,936.5 | | $ | 1,239.6 | | $ | -4,359.20 | | $ | 5,361.5 |
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LIFEPOINT HOSPITALS, INC. |
Condensed Consolidating Balance Sheets |
December 31, 2013 |
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(In millions) |
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| Parent | | | | | Non- | | | | | | |
| Issuer | | Guarantors | | Guarantors | | Eliminations | | Consolidated |
ASSETS | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | |
Cash and cash equivalents | $ | - | | $ | 558.3 | | $ | 79.6 | | $ | - | | $ | 637.9 |
Accounts receivable, net | | - | | | 444.3 | | | 151.4 | | | - | | | 595.7 |
Inventories | | - | | | 73.4 | | | 28.6 | | | - | | | 102.0 |
Prepaid expenses | | 0.1 | | | 30.6 | | | 7.3 | | | - | | | 38.0 |
Deferred tax assets | | 147.7 | | | - | | | - | | | - | | | 147.7 |
Other current assets | | - | | | 53.0 | | | 19.9 | | | - | | | 72.9 |
| | 147.8 | | | 1,159.6 | | | 286.8 | | | - | | | 1,594.2 |
Property and equipment: | | | | | | | | | | | | | | |
Land | | - | | | 76.0 | | | 36.3 | | | - | | | 112.3 |
Buildings and improvements | | - | | | 1,570.1 | | | 449.5 | | | - | | | 2,019.6 |
Equipment | | - | | | 1,256.4 | | | 213.5 | | | - | | | 1,469.9 |
Construction in progress | | - | | | 45.6 | | | 13.1 | | | - | | | 58.7 |
| | - | | | 2,948.1 | | | 712.4 | | | - | | | 3,660.5 |
Accumulated depreciation | | - | | | -1,309.00 | | | -154.3 | | | - | | | -1,463.30 |
| | - | | | 1,639.1 | | | 558.1 | | | - | | | 2,197.2 |
Deferred loan costs, net | | 31.1 | | | - | | | - | | | - | | | 31.1 |
Intangible assets, net | | - | | | 40.3 | | | 32.3 | | | - | | | 72.6 |
Investments in subsidiaries | | 1,853.1 | | | - | | | - | | | -1,853.10 | | | - |
Due from subsidiaries | | 2,760.4 | | | - | | | - | | | -2,760.40 | | | - |
Other | | 3.4 | | | 22.4 | | | 14.9 | | | - | | | 40.7 |
Goodwill | | - | | | 1,435.1 | | | 215.9 | | | - | | | 1,651.0 |
Total assets | $ | 4,795.8 | | $ | 4,296.5 | | $ | 1,108.0 | | $ | -4,613.50 | | $ | 5,586.8 |
LIABILITIES AND EQUITY | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | |
Accounts payable | $ | - | | $ | 99.1 | | $ | 36.8 | | $ | - | | $ | 135.9 |
Accrued salaries | | - | | | 102.1 | | | 37.5 | | | - | | | 139.6 |
Other current liabilities | | 14.8 | | | 146.4 | | | 36.0 | | | - | | | 197.2 |
Current maturities of long-term debt | | 581.4 | | | 0.7 | | | 0.9 | | | - | | | 583.0 |
| | 596.2 | | | 348.3 | | | 111.2 | | | - | | | 1,055.7 |
Long-term debt | | 1,739.8 | | | 50.0 | | | 4.0 | | | - | | | 1,793.8 |
Due to Parent | | - | | | 2,324.8 | | | 435.6 | | | -2,760.40 | | | - |
Deferred income tax liabilities | | 233.1 | | | - | | | - | | | - | | | 233.1 |
Long-term portion of reserves for self-insurance claims | | - | | | 113.5 | | | 26.3 | | | - | | | 139.8 |
Other long-term liabilities | | - | | | 20.2 | | | 35.2 | | | - | | | 55.4 |
Long-term income tax liability | | 16.6 | | | - | | | - | | | - | | | 16.6 |
Total liabilities | | 2,585.7 | | | 2,856.8 | | | 612.3 | | | -2,760.40 | | | 3,294.4 |
Redeemable noncontrolling interests | | - | | | - | | | 59.8 | | | - | | | 59.8 |
Total LifePoint Hospitals, Inc. stockholders' equity | | 2,210.1 | | | 1,438.2 | | | 414.9 | | | -1,853.10 | | | 2,210.1 |
Noncontrolling interests | | - | | | 1.5 | | | 21.0 | | | - | | | 22.5 |
Total equity | | 2,210.1 | | | 1,439.7 | | | 435.9 | | | -1,853.10 | | | 2,232.6 |
Total liabilities and equity | $ | 4,795.8 | | $ | 4,296.5 | | $ | 1,108.0 | | $ | -4,613.50 | | $ | 5,586.8 |
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LIFEPOINT HOSPITALS, INC. |
Condensed Consolidating Statements of Cash Flows |
For the Three Months Ended June 30, 2014 |
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(In millions) |
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| Parent | | | | | Non- | | | | | | |
| Issuer | | Guarantors | | Guarantors | | Eliminations | | Consolidated |
Cash flows from operating activities: | | | | | | | | | | | | | | |
Net income | $ | 39.1 | | $ | 37.7 | | $ | 22.6 | | $ | -57.6 | | $ | 41.8 |
Adjustments to reconcile net income to net cash provided | | | | | | | | | | | | | | |
by operating activities: | | | | | | | | | | | | | | |
Equity in earnings of affiliates | | -57.6 | | | - | | | - | | | 57.6 | | | - |
Stock-based compensation | | 6.4 | | | - | | | - | | | - | | | 6.4 |
Depreciation and amortization | | - | | | 46.1 | | | 14.8 | | | - | | | 60.9 |
Amortization of physician minimum revenue guarantees | | - | | | 3.3 | | | 0.5 | | | - | | | 3.8 |
Amortization of debt discounts, premium and deferred loan costs | | 4.3 | | | - | | | - | | | - | | | 4.3 |
Deferred income taxes | | 36.5 | | | - | | | - | | | - | | | 36.5 |
Reserve for self-insurance claims, net of payments | | - | | | -1.4 | | | - | | | - | | | -1.4 |
Increase (decrease) in cash from operating assets and | | | | | | | | | | | | | | |
liabilities, net of effects of acquisitions and divestitures: | | | | | | | | | | | | | | |
Accounts receivable | | - | | | 2.9 | | | 19.3 | | | - | | | 22.2 |
Inventories and other current assets | | -0.3 | | | -5.2 | | | 2.8 | | | - | | | -2.7 |
Accounts payable and accrued expenses | | -21 | | | -16.6 | | | 6.3 | | | - | | | -31.3 |
Income taxes payable/receivable | | -71.8 | | | - | | | - | | | - | | | -71.8 |
Other | | - | | | 0.2 | | | -0.9 | | | - | | | -0.7 |
Net cash (used in) provided by operating activities | | -64.4 | | | 67.0 | | | 65.4 | | | - | | | 68.0 |
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Cash flows from investing activities: | | | | | | | | | | | | | | |
Purchases of property and equipment | | - | | | -21.6 | | | -9.6 | | | - | | | -31.2 |
Acquisitions, net of cash acquired | | - | | | - | | | -27.2 | | | - | | | -27.2 |
Other | | -0.4 | | | 1.0 | | | -0.5 | | | - | | | 0.1 |
Net cash used in investing activities | | -0.4 | | | -20.6 | | | -37.3 | | | - | | | -58.3 |
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Cash flows from financing activities: | | | | | | | | | | | | | | |
Proceeds from borrowings | | 412.0 | | | - | | | - | | | - | | | 412.0 |
Payments of borrowings | | -579.8 | | | - | | | - | | | - | | | -579.8 |
Repurchases of common stock | | -36.1 | | | - | | | - | | | - | | | -36.1 |
Payment of debt financing costs | | -5.5 | | | - | | | - | | | - | | | -5.5 |
Proceeds from exercise of stock options | | 11.1 | | | - | | | - | | | - | | | 11.1 |
Change in intercompany balances with affiliates, net | | 263.2 | | | -253.2 | | | -10 | | | - | | | - |
Other | | -0.1 | | | -0.1 | | | -1.5 | | | - | | | -1.7 |
Net cash provided by (used in) financing activities | | 64.8 | | | -253.3 | | | -11.5 | | | - | | | -200 |
| | | | | | | | | | | | | | |
Change in cash and cash equivalents | | - | | | -206.9 | | | 16.6 | | | - | | | -190.3 |
Cash and cash equivalents at beginning of period | | - | | | 441.8 | | | 90.5 | | | - | | | 532.3 |
Cash and cash equivalents at end of period | $ | - | | $ | 234.9 | | $ | 107.1 | | $ | - | | $ | 342.0 |
|
|
|
LIFEPOINT HOSPITALS, INC. |
Condensed Consolidating Statements of Cash Flows |
For the Three Months Ended June 30, 2013 |
|
(In millions) |
|
| | | | | | | | | | | | | | |
| Parent | | | | | Non- | | | | | | |
| Issuer | | Guarantors | | Guarantors | | Eliminations | | Consolidated |
Cash flows from operating activities: | | | | | | | | | | | | | | |
Net income | $ | 27.4 | | $ | 25.3 | | $ | 12.8 | | $ | -38 | | $ | 27.5 |
Adjustments to reconcile net income to net cash provided | | | | | | | | | | | | | | |
by operating activities: | | | | | | | | | | | | | | |
Income from discontinued operations | | - | | | -0.3 | | | - | | | - | | | -0.3 |
Equity in earnings of affiliates | | -38 | | | - | | | - | | | 38.0 | | | - |
Stock-based compensation | | 6.3 | | | - | | | - | | | - | | | 6.3 |
Depreciation and amortization | | - | | | 43.4 | | | 12.5 | | | - | | | 55.9 |
Amortization of physician minimum revenue guarantees | | - | | | 4.2 | | | 0.3 | | | - | | | 4.5 |
Amortization of debt discounts and deferred loan costs | | 6.0 | | | - | | | - | | | - | | | 6.0 |
Gain on settlement of contingent obligation | | - | | | - | | | -5.6 | | | - | | | -5.6 |
Deferred income tax benefit | | -36.6 | | | - | | | - | | | - | | | -36.6 |
Reserve for self-insurance claims, net of payments | | - | | | 0.2 | | | 1.9 | | | - | | | 2.1 |
Increase (decrease) in cash from operating assets and | | | | | | | | | | | | | | |
liabilities, net of effects of acquisitions and divestitures: | | | | | | | | | | | | | | |
Accounts receivable | | - | | | 1.0 | | | 9.9 | | | - | | | 10.9 |
Inventories and other current assets | | -0.1 | | | 12.2 | | | -1.2 | | | - | | | 10.9 |
Accounts payable and accrued expenses | | -11.8 | | | -8.1 | | | 4.1 | | | - | | | -15.8 |
Income taxes payable/receivable | | -7.5 | | | - | | | - | | | - | | | -7.5 |
Other | | -0.1 | | | -0.5 | | | -0.2 | | | - | | | -0.8 |
Net cash (used in) provided by operating activities - continuing | | | | | | | | | | | | | | |
operations | | -54.4 | | | 77.4 | | | 34.5 | | | - | | | 57.5 |
Net cash used in operating activities - discontinued operations | | - | | | -0.6 | | | - | | | - | | | -0.6 |
Net cash (used in) provided by operating activities | | -54.4 | | | 76.8 | | | 34.5 | | | - | | | 56.9 |
| | | | | | | | | | | | | | |
Cash flows from investing activities: | | | | | | | | | | | | | | |
Purchases of property and equipment | | - | | | -28.5 | | | -8.8 | | | - | | | -37.3 |
Acquisitions, net of cash acquired | | - | | | -4.9 | | | - | | | - | | | -4.9 |
Other | | - | | | 0.2 | | | 1.0 | | | - | | | 1.2 |
Net cash used in investing activities | | - | | | -33.2 | | | -7.8 | | | - | | | -41 |
| | | | | | | | | | | | | | |
Cash flows from financing activities: | | | | | | | | | | | | | | |
Payments of borrowings | | -3.6 | | | - | | | - | | | - | | | -3.6 |
Repurchases of common stock | | -0.1 | | | - | | | - | | | - | | | -0.1 |
Payment of debt financing costs | | -0.1 | | | - | | | | | | | | | -0.1 |
Proceeds from exercise of stock options | | 4.6 | | | - | | | - | | | - | | | 4.6 |
Change in intercompany balances with affiliates, net | | 53.8 | | | -28.5 | | | -25.3 | | | - | | | - |
Other | | -0.2 | | | 0.1 | | | -2 | | | - | | | -2.1 |
Net cash provided by (used in) financing activities | | 54.4 | | | -28.4 | | | -27.3 | | | - | | | -1.3 |
| | | | | | | | | | | | | | |
Change in cash and cash equivalents | | - | | | 15.2 | | | -0.6 | | | - | | | 14.6 |
Cash and cash equivalents at beginning of period | | - | | | 90.0 | | | 70.4 | | | - | | | 160.4 |
Cash and cash equivalents at end of period | $ | - | | $ | 105.2 | | $ | 69.8 | | $ | - | | $ | 175.0 |
|
|
|
|
|
LIFEPOINT HOSPITALS, INC. |
Condensed Consolidating Statements of Cash Flows |
For the Six Months Ended June 30, 2014 |
|
(In millions) |
|
|
| | | | | | | | | | | | | | |
| Parent | | | | | Non- | | | | | | |
| Issuer | | Guarantors | | Guarantors | | Eliminations | | Consolidated |
Cash flows from operating activities: | | | | | | | | | | | | | | |
Net income | $ | 76.2 | | $ | 80.8 | | $ | 36.4 | | $ | -113.9 | | $ | 79.5 |
Adjustments to reconcile net income to net cash provided | | | | | | | | | | | | | | |
by operating activities: | | | | | | | | | | | | | | |
Equity in earnings of affiliates | | -113.9 | | | - | | | - | | | 113.9 | | | - |
Stock-based compensation | | 13.1 | | | - | | | - | | | - | | | 13.1 |
Depreciation and amortization | | - | | | 91.4 | | | 30.6 | | | - | | | 122.0 |
Amortization of physician minimum revenue guarantees | | - | | | 6.9 | | | 0.8 | | | - | | | 7.7 |
Amortization of debt discounts, premium and deferred loan costs | | 11.6 | | | - | | | - | | | - | | | 11.6 |
Deferred income tax benefit | | -5.1 | | | - | | | - | | | - | | | -5.1 |
Reserve for self-insurance claims, net of payments | | - | | | 1.9 | | | 2.8 | | | - | | | 4.7 |
Increase (decrease) in cash from operating assets and | | | | | | | | | | | | | | |
liabilities, net of effects of acquisitions and divestitures: | | | | | | | | | | | | | | |
Accounts receivable | | - | | | -29.3 | | | 1.0 | | | - | | | -28.3 |
Inventories and other current assets | | -0.2 | | | 18.6 | | | 2.0 | | | - | | | 20.4 |
Accounts payable and accrued expenses | | 0.7 | | | -45.1 | | | 12.8 | | | - | | | -31.6 |
Income taxes payable/receivable | | -19.3 | | | - | | | - | | | - | | | -19.3 |
Other | | -0.1 | | | 1.5 | | | 0.5 | | | - | | | 1.9 |
Net cash (used in) provided by operating activities | | -37 | | | 126.7 | | | 86.9 | | | - | | | 176.6 |
| | | | | | | | | | | | | | |
Cash flows from investing activities: | | | | | | | | | | | | | | |
Purchases of property and equipment | | - | | | -37.3 | | | -16.4 | | | - | | | -53.7 |
Acquisitions, net of cash acquired | | - | | | -2.7 | | | -85.1 | | | - | | | -87.8 |
Other | | -1.2 | | | 0.4 | | | 0.4 | | | - | | | -0.4 |
Net cash used in investing activities | | -1.2 | | | -39.6 | | | -101.1 | | | - | | | -141.9 |
| | | | | | | | | | | | | | |
Cash flows from financing activities: | | | | | | | | | | | | | | |
Proceeds from borrowings | | 412.0 | | | - | | | - | | | - | | | 412.0 |
Payments of borrowings | | -579.8 | | | - | | | - | | | - | | | -579.8 |
Repurchases of common stock | | -171.9 | | | - | | | - | | | - | | | -171.9 |
Payment of debt financing costs | | -5.9 | | | - | | | - | | | - | | | -5.9 |
Proceeds from exercise of stock options | | 18.3 | | | - | | | - | | | - | | | 18.3 |
Change in intercompany balances with affiliates, net | | 365.6 | | | -410.4 | | | 44.8 | | | - | | | - |
Other | | -0.1 | | | -0.1 | | | -3.1 | | | - | | | -3.3 |
Net cash provided by (used in) financing activities | | 38.2 | | | -410.5 | | | 41.7 | | | - | | | -330.6 |
| | | | | | | | | | | | | | |
Change in cash and cash equivalents | | - | | | -323.4 | | | 27.5 | | | - | | | -295.9 |
Cash and cash equivalents at beginning of period | | - | | | 558.3 | | | 79.6 | | | - | | | 637.9 |
Cash and cash equivalents at end of period | $ | - | | $ | 234.9 | | $ | 107.1 | | $ | - | | $ | 342.0 |
|
|
|
LIFEPOINT HOSPITALS, INC. |
Condensed Consolidating Statements of Cash Flows |
For the Six Months Ended June 30, 2013 |
|
(In millions) |
|
| | | | | | | | | | | | | | |
| Parent | | | | | Non- | | | | | | |
| Issuer | | Guarantors | | Guarantors | | Eliminations | | Consolidated |
Cash flows from operating activities: | | | | | | | | | | | | | | |
Net income | $ | 59.8 | | $ | 63.8 | | $ | 19.9 | | $ | -82.9 | | $ | 60.6 |
Adjustments to reconcile net income to net cash provided | | | | | | | | | | | | | | |
by operating activities: | | | | | | | | | | | | | | |
Income from discontinued operations | | - | | | -0.4 | | | - | | | - | | | -0.4 |
Equity in earnings of affiliates | | -82.9 | | | - | | | - | | | 82.9 | | | - |
Stock-based compensation | | 13.1 | | | - | | | - | | | - | | | 13.1 |
Depreciation and amortization | | - | | | 87.0 | | | 24.7 | | | - | | | 111.7 |
Amortization of physician minimum revenue guarantees | | - | | | 8.2 | | | 0.8 | | | - | | | 9.0 |
Amortization of debt discounts and deferred loan costs | | 13.1 | | | - | | | - | | | - | | | 13.1 |
Gain on settlement of pre-acquisition contingent obligation | | - | | | - | | | -5.6 | | | - | | | -5.6 |
Debt transaction costs | | 4.4 | | | - | | | - | | | - | | | 4.4 |
Deferred income tax benefit | | -43.7 | | | - | | | - | | | - | | | -43.7 |
Reserve for self-insurance claims, net of payments | | - | | | 0.6 | | | 6.1 | | | - | | | 6.7 |
Increase (decrease) in cash from operating assets and | | | | | | | | | | | | | | |
liabilities, net of effects of acquisitions and divestitures: | | | | | | | | | | | | | | |
Accounts receivable | | - | | | -23.6 | | | 5.0 | | | - | | | -18.6 |
Inventories and other current assets | | - | | | 6.4 | | | -1.6 | | | - | | | 4.8 |
Accounts payable and accrued expenses | | -2.4 | | | -31.8 | | | 8.2 | | | - | | | -26 |
Income taxes payable/receivable | | 19.5 | | | - | | | - | | | - | | | 19.5 |
Other | | - | | | 0.4 | | | 0.3 | | | - | | | 0.7 |
Net cash (used in) provided by operating activities - continuing | | | | | | | | | | | | | | |
operations | | -19.1 | | | 110.6 | | | 57.8 | | | - | | | 149.3 |
Net cash used in operating activities - discontinued operations | | - | | | -0.2 | | | - | | | - | | | -0.2 |
Net cash (used in) provided by operating activities | | -19.1 | | | 110.4 | | | 57.8 | | | - | | | 149.1 |
| | | | | | | | | | | | | | |
Cash flows from investing activities: | | | | | | | | | | | | | | |
Purchases of property and equipment | | - | | | -58.3 | | | -17.5 | | | - | | | -75.8 |
Acquisitions, net of cash acquired | | - | | | -6.2 | | | - | | | - | | | -6.2 |
Other | | -0.2 | | | 0.6 | | | 1.0 | | | - | | | 1.4 |
Net cash used in investing activities | | -0.2 | | | -63.9 | | | -16.5 | | | - | | | -80.6 |
| | | | | | | | | | | | | | |
Cash flows from financing activities: | | | | | | | | | | | | | | |
Proceeds from borrowings | | 323.0 | | | - | | | - | | | - | | | 323.0 |
Payments of borrowings | | -317.2 | | | - | | | - | | | - | | | -317.2 |
Repurchases of common stock | | -7.2 | | | - | | | - | | | - | | | -7.2 |
Payment of debt financing costs | | -1 | | | - | | | - | | | - | | | -1 |
Proceeds from exercise of stock options | | 28.2 | | | - | | | - | | | - | | | 28.2 |
Change in intercompany balances with affiliates, net | | -6.3 | | | 33.8 | | | -27.5 | | | - | | | - |
Other | | -0.2 | | | -0.1 | | | -4 | | | - | | | -4.3 |
Net cash provided by (used in) financing activities | | 19.3 | | | 33.7 | | | -31.5 | | | - | | | 21.5 |
| | | | | | | | | | | | | | |
Change in cash and cash equivalents | | - | | | 80.2 | | | 9.8 | | | - | | | 90.0 |
Cash and cash equivalents at beginning of period | | - | | | 25.0 | | | 60.0 | | | - | | | 85.0 |
Cash and cash equivalents at end of period | $ | - | | $ | 105.2 | | $ | 69.8 | | $ | - | | $ | 175.0 |
|
|