Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 01, 2014 | Jun. 28, 2013 | |
Document and Entity Information | ' | ' | ' |
Entity Registrant Name | 'SELECT MEDICAL HOLDINGS CORP | ' | ' |
Entity Central Index Key | '0001320414 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $518,721,725 |
Entity Common Stock, Shares Outstanding | ' | 140,286,867 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | $4,319 | $40,144 | $12,043 | $4,365 |
Accounts receivable, net of allowance for doubtful accounts of $41,854 and $40,815 in 2012 and 2013, respectively | 391,319 | 359,929 | ' | ' |
Current deferred tax asset | 17,624 | 17,877 | ' | ' |
Prepaid income taxes | ' | 3,895 | ' | ' |
Other current assets | 41,140 | 31,818 | ' | ' |
Total Current Assets | 454,402 | 453,663 | ' | ' |
Property and equipment, net | 509,102 | 501,552 | ' | ' |
Goodwill | 1,642,633 | 1,640,534 | 1,631,716 | ' |
Other identifiable intangibles | 71,907 | 71,745 | ' | ' |
Other assets | 139,578 | 93,867 | ' | ' |
Total Assets | 2,817,622 | 2,761,361 | 2,772,147 | ' |
Current Liabilities: | ' | ' | ' | ' |
Bank overdrafts | 12,506 | 17,836 | ' | ' |
Current portion of long-term debt and notes payable | 17,565 | 11,646 | ' | ' |
Accounts payable | 88,285 | 89,547 | ' | ' |
Accrued payroll | 90,011 | 88,586 | ' | ' |
Accrued vacation | 59,730 | 55,714 | ' | ' |
Accrued interest | 12,297 | 22,016 | ' | ' |
Accrued other | 90,471 | 86,843 | ' | ' |
Income taxes payable | 622 | ' | ' | ' |
Due to third party payors | 37 | 1,078 | ' | ' |
Total Current Liabilities | 371,524 | 373,266 | ' | ' |
Long-term debt, net of current portion | 1,427,710 | 1,458,597 | ' | ' |
Non-current deferred tax liability | 96,287 | 89,510 | ' | ' |
Other non-current liabilities | 91,875 | 83,699 | ' | ' |
Total Liabilities | 1,987,396 | 2,005,072 | ' | ' |
Redeemable non-controlling interests | 11,584 | 10,811 | ' | ' |
Stockholders' Equity: | ' | ' | ' | ' |
Common stock | 140 | 141 | ' | ' |
Capital in excess of par | 474,729 | 473,697 | ' | ' |
Retained earnings (accumulated deficit) | 311,365 | 243,210 | ' | ' |
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity | 786,234 | 717,048 | ' | ' |
Non-controlling interests | 32,408 | 28,430 | ' | ' |
Total Equity | 818,642 | 745,478 | 846,338 | 807,176 |
Total Liabilities and Equity | 2,817,622 | 2,761,361 | ' | ' |
Select | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 4,319 | 40,144 | 12,043 | 4,365 |
Accounts receivable, net of allowance for doubtful accounts of $41,854 and $40,815 in 2012 and 2013, respectively | 391,319 | 359,929 | ' | ' |
Current deferred tax asset | 17,624 | 17,877 | ' | ' |
Prepaid income taxes | ' | 3,895 | ' | ' |
Other current assets | 41,140 | 31,818 | ' | ' |
Total Current Assets | 454,402 | 453,663 | ' | ' |
Property and equipment, net | 509,102 | 501,552 | ' | ' |
Goodwill | 1,642,633 | 1,640,534 | ' | ' |
Other identifiable intangibles | 71,907 | 71,745 | ' | ' |
Other assets | 139,578 | 92,819 | ' | ' |
Total Assets | 2,817,622 | 2,760,313 | 2,770,738 | ' |
Current Liabilities: | ' | ' | ' | ' |
Bank overdrafts | 12,506 | 17,836 | ' | ' |
Current portion of long-term debt and notes payable | 17,565 | 11,646 | ' | ' |
Accounts payable | 88,285 | 89,547 | ' | ' |
Accrued payroll | 90,011 | 88,586 | ' | ' |
Accrued vacation | 59,730 | 55,714 | ' | ' |
Accrued interest | 12,297 | 18,759 | ' | ' |
Accrued other | 90,471 | 92,083 | ' | ' |
Income taxes payable | 622 | ' | ' | ' |
Due to third party payors | 37 | 1,078 | ' | ' |
Total Current Liabilities | 371,524 | 375,249 | ' | ' |
Long-term debt, net of current portion | 1,427,710 | 1,291,297 | ' | ' |
Non-current deferred tax liability | 96,287 | 89,510 | ' | ' |
Other non-current liabilities | 91,875 | 83,699 | ' | ' |
Total Liabilities | 1,987,396 | 1,839,755 | ' | ' |
Redeemable non-controlling interests | 11,584 | 10,811 | ' | ' |
Stockholders' Equity: | ' | ' | ' | ' |
Common stock | 0 | 0 | ' | ' |
Capital in excess of par | 869,576 | 859,839 | ' | ' |
Retained earnings (accumulated deficit) | -83,342 | 21,478 | ' | ' |
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity | 786,234 | 881,317 | ' | ' |
Non-controlling interests | 32,408 | 28,430 | ' | ' |
Total Equity | 818,642 | 909,747 | 1,010,105 | 1,107,890 |
Total Liabilities and Equity | $2,817,622 | $2,760,313 | ' | ' |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowance for doubtful accounts (in dollars) | $40,815 | $41,854 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 700,000,000 | 700,000,000 |
Common stock, shares issued | 140,260,968 | 140,589,256 |
Common stock, shares outstanding | 140,260,968 | 140,589,256 |
Select | ' | ' |
Accounts receivable, allowance for doubtful accounts (in dollars) | $40,815 | $41,854 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares issued | 100 | 100 |
Common stock, shares outstanding | 100 | 100 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Income (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net operating revenues | $746,175 | $722,845 | $756,673 | $749,955 | $741,086 | $713,669 | $750,193 | $744,021 | $2,975,648 | $2,948,969 | $2,804,507 |
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of services | ' | ' | ' | ' | ' | ' | ' | ' | 2,495,476 | 2,443,550 | 2,308,570 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 76,921 | 66,194 | 62,354 |
Bad debt expense | ' | ' | ' | ' | ' | ' | ' | ' | 37,423 | 39,055 | 51,347 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 64,392 | 63,311 | 71,517 |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 2,674,212 | 2,612,110 | 2,493,788 |
Income from operations | 68,244 | 62,399 | 88,263 | 82,530 | 80,923 | 70,819 | 93,513 | 91,604 | 301,436 | 336,859 | 310,719 |
Other income and expense: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on early retirement of debt | ' | ' | ' | ' | ' | ' | ' | ' | -18,747 | -6,064 | -31,018 |
Equity in earnings of unconsolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 2,476 | 7,705 | 2,923 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 322 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -87,364 | -94,950 | -99,216 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 197,801 | 243,550 | 183,730 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 74,792 | 89,657 | 70,968 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 123,009 | 153,893 | 112,762 |
Less: Net income attributable to non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | 8,619 | 5,663 | 4,916 |
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation | 28,920 | 23,272 | 27,780 | 34,418 | 39,406 | 24,110 | 43,172 | 41,542 | 114,390 | 148,230 | 107,846 |
Income per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in dollars per share) | $0.21 | $0.17 | $0.20 | $0.25 | $0.28 | $0.17 | $0.31 | $0.29 | $0.82 | $1.05 | $0.71 |
Diluted (in dollars per share) | $0.21 | $0.17 | $0.20 | $0.24 | $0.28 | $0.17 | $0.31 | $0.29 | $0.82 | $1.05 | $0.71 |
Select | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net operating revenues | 746,175 | 722,845 | 756,673 | 749,955 | 741,086 | 713,669 | 750,193 | 744,021 | 2,975,648 | 2,948,969 | 2,804,507 |
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of services | ' | ' | ' | ' | ' | ' | ' | ' | 2,495,476 | 2,443,550 | 2,308,570 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 76,921 | 66,194 | 62,354 |
Bad debt expense | ' | ' | ' | ' | ' | ' | ' | ' | 37,423 | 39,055 | 51,347 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 64,392 | 63,311 | 71,517 |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 2,674,212 | 2,612,110 | 2,493,788 |
Income from operations | 68,244 | 62,399 | 88,263 | 82,530 | 80,923 | 70,819 | 93,513 | 91,604 | 301,436 | 336,859 | 310,719 |
Other income and expense: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on early retirement of debt | ' | ' | ' | ' | ' | ' | ' | ' | -17,788 | -6,064 | -20,385 |
Equity in earnings of unconsolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 2,476 | 7,705 | 2,923 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 322 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -84,954 | -83,759 | -81,232 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 201,170 | 254,741 | 212,347 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 75,971 | 93,574 | 80,984 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 125,199 | 161,167 | 131,363 |
Less: Net income attributable to non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | 8,619 | 5,663 | 4,916 |
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation | $28,920 | $23,272 | $27,780 | $36,608 | $41,254 | $25,953 | $45,018 | $43,279 | $116,580 | $155,504 | $126,447 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Equity and Income (USD $) | Total | Select | Comprehensive Income | Comprehensive Income | Common Stock | Common Stock | Capital in Excess of Par | Capital in Excess of Par | Retained Earnings (Accumulated Deficit) | Retained Earnings (Accumulated Deficit) | Non-controlling Interests | Non-controlling Interests |
In Thousands, except Share data, unless otherwise specified | Select | Select | Select | Select | Select | |||||||
Balance at Dec. 31, 2010 | $807,176 | $1,107,890 | ' | ' | $155 | $0 | $535,628 | $834,894 | $245,164 | $246,767 | $26,229 | $26,229 |
Balance (in shares) at Dec. 31, 2010 | ' | ' | ' | ' | 154,519,000 | 0 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 111,197 | 129,798 | 111,197 | 129,798 | ' | ' | ' | ' | 107,846 | 126,447 | 3,351 | 3,351 |
Net income - attributable to redeemable non-controlling interests | ' | ' | 1,565 | 1,565 | ' | ' | ' | ' | ' | ' | ' | ' |
Total comprehensive income | 111,197 | 129,798 | 112,762 | 131,363 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance and vesting of restricted stock | 2,527 | ' | ' | ' | 0 | ' | 2,527 | ' | ' | ' | ' | ' |
Issuance and vesting of restricted stock (in shares) | 565,000 | ' | ' | ' | 565,000 | ' | ' | ' | ' | ' | ' | ' |
Repurchase of common shares | -72,804 | ' | ' | ' | -10 | ' | -45,733 | ' | -27,061 | ' | ' | ' |
Repurchase of common shares (in shares) | ' | ' | ' | ' | -9,870,000 | ' | ' | ' | ' | ' | ' | ' |
Stock option expense | 1,198 | ' | ' | ' | ' | ' | 1,198 | ' | ' | ' | ' | ' |
Exercise of stock options | 208 | ' | ' | ' | 0 | ' | 208 | ' | ' | ' | ' | ' |
Exercise of stock options (in shares) | 53,932 | ' | ' | ' | 54,000 | ' | ' | ' | ' | ' | ' | ' |
Federal tax benefit of losses contributed by Holdings | ' | 10,016 | ' | ' | ' | ' | ' | 10,016 | ' | ' | ' | ' |
Additional investment by Holdings | ' | 208 | ' | ' | ' | ' | ' | 208 | ' | ' | ' | ' |
Net change in dividends payable to Holdings | ' | 7,360 | ' | ' | ' | ' | ' | ' | ' | 7,360 | ' | ' |
Dividends declared and paid | ' | -245,729 | ' | ' | ' | ' | ' | ' | ' | -245,729 | ' | ' |
Contribution related to restricted stock awards and stock option issuances by Holdings | ' | 3,726 | ' | ' | ' | ' | ' | 3,726 | ' | ' | ' | ' |
Distributions to non-controlling interests | -2,688 | -2,688 | ' | ' | ' | ' | ' | ' | ' | ' | -2,688 | -2,688 |
Other | -476 | -476 | ' | ' | ' | ' | ' | ' | -243 | -243 | -233 | -233 |
Balance at Dec. 31, 2011 | 846,338 | 1,010,105 | ' | ' | 145 | 0 | 493,828 | 848,844 | 325,706 | 134,602 | 26,659 | 26,659 |
Balance (in shares) at Dec. 31, 2011 | ' | ' | ' | ' | 145,268,000 | 0 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 151,948 | 159,222 | 151,948 | 159,222 | ' | ' | ' | ' | 148,230 | 155,504 | 3,718 | 3,718 |
Net income - attributable to redeemable non-controlling interests | ' | ' | 1,945 | 1,945 | ' | ' | ' | ' | ' | ' | ' | ' |
Total comprehensive income | 151,948 | 159,222 | 153,893 | 161,167 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance and vesting of restricted stock | 4,472 | ' | ' | ' | ' | ' | 4,472 | ' | ' | ' | ' | ' |
Issuance and vesting of restricted stock (in shares) | 761,500 | ' | ' | ' | 746,000 | ' | ' | ' | ' | ' | ' | ' |
Repurchase of common shares | -46,902 | ' | ' | ' | -5 | ' | -27,208 | ' | -19,689 | ' | ' | ' |
Repurchase of common shares (in shares) | ' | ' | ' | ' | -5,726,000 | ' | ' | ' | ' | ' | ' | ' |
Stock option expense | 1,205 | ' | ' | ' | ' | ' | 1,205 | ' | ' | ' | ' | ' |
Exercise of stock options | 1,817 | ' | ' | ' | 1 | ' | 1,816 | ' | ' | ' | ' | ' |
Exercise of stock options (in shares) | 301,208 | ' | ' | ' | 301,000 | ' | ' | ' | ' | ' | ' | ' |
Federal tax benefit of losses contributed by Holdings | ' | 3,917 | ' | ' | ' | ' | ' | 3,917 | ' | ' | ' | ' |
Additional investment by Holdings | ' | 1,817 | ' | ' | ' | ' | ' | 1,817 | ' | ' | ' | ' |
Dividends declared and paid | -210,888 | -268,479 | ' | ' | ' | ' | ' | ' | -210,888 | -268,479 | ' | ' |
Contribution related to restricted stock awards and stock option issuances by Holdings | ' | 5,677 | ' | ' | ' | ' | ' | 5,677 | ' | ' | ' | ' |
Distributions to non-controlling interests | -1,884 | -1,884 | ' | ' | ' | ' | ' | ' | ' | ' | -1,884 | -1,884 |
Purchase of non-controlling interests | -479 | -479 | ' | ' | ' | ' | -416 | -416 | ' | ' | -63 | -63 |
Other | -149 | -149 | ' | ' | ' | ' | ' | ' | -149 | -149 | ' | ' |
Balance at Dec. 31, 2012 | 745,478 | 909,747 | ' | ' | 141 | 0 | 473,697 | 859,839 | 243,210 | 21,478 | 28,430 | 28,430 |
Balance (in shares) at Dec. 31, 2012 | ' | ' | ' | ' | 140,589,000 | 0 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 119,946 | 122,136 | 119,946 | 122,136 | ' | ' | ' | ' | 114,390 | 116,580 | 5,556 | 5,556 |
Net income - attributable to redeemable non-controlling interests | ' | ' | 3,063 | 3,063 | ' | ' | ' | ' | ' | ' | ' | ' |
Total comprehensive income | ' | 122,136 | 123,009 | 125,199 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance and vesting of restricted stock | 6,220 | ' | ' | ' | ' | ' | 6,220 | ' | ' | ' | ' | ' |
Issuance and vesting of restricted stock (in shares) | 952,500 | ' | ' | ' | 953,000 | ' | ' | ' | ' | ' | ' | ' |
Repurchase of common shares | -11,781 | ' | ' | ' | -1 | ' | -7,524 | ' | -4,256 | ' | ' | ' |
Repurchase of common shares (in shares) | ' | ' | ' | ' | -1,447,000 | ' | ' | ' | ' | ' | ' | ' |
Stock option expense | 811 | ' | ' | ' | ' | ' | 811 | ' | ' | ' | ' | ' |
Exercise of stock options | 1,525 | ' | ' | ' | ' | ' | 1,525 | ' | ' | ' | ' | ' |
Exercise of stock options (in shares) | 166,600 | ' | ' | ' | 166,000 | ' | ' | ' | ' | ' | ' | ' |
Federal tax benefit of losses contributed by Holdings | ' | 1,179 | ' | ' | ' | ' | ' | 1,179 | ' | ' | ' | ' |
Additional investment by Holdings | ' | 1,525 | ' | ' | ' | ' | ' | 1,525 | ' | ' | ' | ' |
Net change in dividends payable to Holdings | ' | 5,239 | ' | ' | ' | ' | ' | ' | ' | 5,239 | ' | ' |
Dividends declared and paid | -41,961 | -226,621 | ' | ' | ' | ' | ' | ' | -41,961 | -226,621 | ' | ' |
Contribution related to restricted stock awards and stock option issuances by Holdings | ' | 7,033 | ' | ' | ' | ' | ' | 7,033 | ' | ' | ' | ' |
Distributions to non-controlling interests | -1,839 | -1,839 | ' | ' | ' | ' | ' | ' | ' | ' | -1,839 | -1,839 |
Purchase of non-controlling interests | 261 | 261 | ' | ' | ' | ' | ' | ' | ' | ' | 261 | 261 |
Other | -18 | -18 | ' | ' | ' | ' | ' | ' | -18 | -18 | ' | ' |
Balance at Dec. 31, 2013 | $818,642 | $818,642 | ' | ' | $140 | $0 | $474,729 | $869,576 | $311,365 | ($83,342) | $32,408 | $32,408 |
Balance (in shares) at Dec. 31, 2013 | ' | ' | ' | ' | 140,261,000 | 0 | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities | ' | ' | ' |
Net income | $123,009 | $153,893 | $112,762 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 64,392 | 63,311 | 71,517 |
Provision for bad debts | 37,423 | 39,055 | 51,347 |
Equity in earnings of unconsolidated subsidiaries | -2,476 | -7,705 | -2,923 |
Loss on early retirement of debt | 18,747 | 6,064 | 31,018 |
Gain from disposal or sale of assets | -581 | -5,906 | -4,966 |
Non-cash stock compensation expense | 7,033 | 5,677 | 3,725 |
Amortization of debt discount and issuance costs | 8,433 | 7,566 | 8,007 |
Deferred income taxes | 7,032 | 7,909 | 35,305 |
Changes in operating assets and liabilities, net of effects from acquisition of businesses: | ' | ' | ' |
Accounts receivable | -67,145 | 15,158 | -111,126 |
Other current assets | -8,167 | -1,607 | -1,201 |
Other assets | -3,484 | 5,862 | -2,081 |
Accounts payable | -1,283 | -6,117 | 20,629 |
Due to third-party payors | -1,041 | -4,448 | 227 |
Accrued expenses | 10,631 | 19,970 | 4,888 |
Net cash provided by operating activities | 192,523 | 298,682 | 217,128 |
Investing activities | ' | ' | ' |
Purchases of property and equipment | -73,660 | -68,185 | -46,016 |
Investment in businesses, net of distributions | -34,893 | -14,689 | -15,699 |
Acquisition of businesses, net of cash acquired | -1,665 | -6,043 | -899 |
Proceeds from sale of assets | 2,912 | 16,511 | 7,879 |
Net cash used in investing activities | -107,306 | -72,406 | -54,735 |
Financing activities | ' | ' | ' |
Borrowings on revolving credit facilities | 690,000 | 495,000 | 735,000 |
Payments on revolving credit facilities | -800,000 | -405,000 | -720,000 |
Borrowings on 2011 credit facility term loans, net of discount | 298,500 | 266,750 | 841,500 |
Payments on 2011 credit facility term loans | -596,720 | -9,875 | -4,250 |
Issuance of 6.375% senior subordinated notes | 600,000 | ' | ' |
Payments on 2005 credit facility term loans, net of premium | ' | ' | -484,633 |
Repurchase of 10% senior subordinated notes | ' | ' | -150,000 |
Repurchase of senior floating rate notes | -167,300 | ' | ' |
Repurchase of 7 5/8% senior subordinated notes, net of premiums | -70,000 | -278,495 | -273,941 |
Borrowings of other debt | 15,310 | 8,281 | 7,055 |
Principal payments on other debt | -10,834 | -10,295 | -7,499 |
Debt issuance costs | -18,914 | -6,527 | -18,556 |
Proceeds from (repayment of) bank overdrafts | -5,330 | 1,227 | -2,183 |
Dividends paid | -41,961 | -210,888 | ' |
Repurchase of common stock | -11,781 | -46,902 | -72,804 |
Proceeds from issuance of common stock | 1,525 | 1,817 | 208 |
Distributions to non-controlling interests | -3,537 | -3,268 | -4,612 |
Net cash used in financing activities | -121,042 | -198,175 | -154,715 |
Net increase (decrease) in cash and cash equivalents | -35,825 | 28,101 | 7,678 |
Cash and cash equivalents at beginning of period | 40,144 | 12,043 | 4,365 |
Cash and cash equivalents at end of period | 4,319 | 40,144 | 12,043 |
Supplemental Cash Flow Information | ' | ' | ' |
Cash paid for interest | 89,061 | 80,722 | 107,488 |
Cash paid for taxes | 64,963 | 77,614 | 39,000 |
Select | ' | ' | ' |
Operating activities | ' | ' | ' |
Net income | 125,199 | 161,167 | 131,363 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 64,392 | 63,311 | 71,517 |
Provision for bad debts | 37,423 | 39,055 | 51,347 |
Equity in earnings of unconsolidated subsidiaries | -2,476 | -7,705 | -2,923 |
Loss on early retirement of debt | 17,788 | 6,064 | 20,385 |
Gain from disposal or sale of assets | -581 | -5,906 | -4,966 |
Non-cash stock compensation expense | 7,033 | 5,677 | 3,725 |
Amortization of debt discount and issuance costs | 8,344 | 7,190 | 6,700 |
Deferred income taxes | 7,032 | 7,909 | 35,305 |
Changes in operating assets and liabilities, net of effects from acquisition of businesses: | ' | ' | ' |
Accounts receivable | -67,145 | 15,158 | -111,126 |
Other current assets | -8,167 | -1,607 | -1,201 |
Other assets | -3,484 | 5,877 | -2,068 |
Accounts payable | -1,283 | -6,117 | 20,629 |
Due to third-party payors | -1,041 | -4,448 | 227 |
Accrued expenses | 15,068 | 23,746 | 21,139 |
Net cash provided by operating activities | 198,102 | 309,371 | 240,053 |
Investing activities | ' | ' | ' |
Purchases of property and equipment | -73,660 | -68,185 | -46,016 |
Investment in businesses, net of distributions | -34,893 | -14,689 | -15,699 |
Acquisition of businesses, net of cash acquired | -1,665 | -6,043 | -899 |
Proceeds from sale of assets | 2,912 | 16,511 | 7,879 |
Net cash used in investing activities | -107,306 | -72,406 | -54,735 |
Financing activities | ' | ' | ' |
Borrowings on revolving credit facilities | 690,000 | 495,000 | 735,000 |
Payments on revolving credit facilities | -800,000 | -405,000 | -720,000 |
Borrowings on 2011 credit facility term loans, net of discount | 298,500 | 266,750 | 841,500 |
Payments on 2011 credit facility term loans | -596,720 | -9,875 | -4,250 |
Issuance of 6.375% senior subordinated notes | 600,000 | ' | ' |
Payments on 2005 credit facility term loans, net of premium | ' | ' | -484,633 |
Repurchase of 7 5/8% senior subordinated notes, net of premiums | -70,000 | -278,495 | -273,941 |
Borrowings of other debt | 15,310 | 8,281 | 7,055 |
Principal payments on other debt | -10,834 | -10,295 | -7,499 |
Debt issuance costs | -18,914 | -6,527 | -18,556 |
Proceeds from (repayment of) bank overdrafts | -5,330 | 1,227 | -2,183 |
Equity investment by Holdings | 1,525 | 1,817 | 208 |
Dividends paid | -226,621 | -268,479 | -245,729 |
Distributions to non-controlling interests | -3,537 | -3,268 | -4,612 |
Net cash used in financing activities | -126,621 | -208,864 | -177,640 |
Net increase (decrease) in cash and cash equivalents | -35,825 | 28,101 | 7,678 |
Cash and cash equivalents at beginning of period | 40,144 | 12,043 | 4,365 |
Cash and cash equivalents at end of period | 4,319 | 40,144 | 12,043 |
Supplemental Cash Flow Information | ' | ' | ' |
Cash paid for interest | 83,482 | 70,047 | 84,575 |
Cash paid for taxes | $64,963 | $77,614 | $39,000 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
6.375% senior subordinated notes | ' | ' | ' |
Long-term debt and notes payable | ' | ' | ' |
Interest rate of debt (as a percent) | 6.38% | ' | ' |
10% senior subordinated notes | ' | ' | ' |
Long-term debt and notes payable | ' | ' | ' |
Interest rate of debt (as a percent) | 10.00% | 10.00% | 10.00% |
7 5/8% senior subordinated notes | ' | ' | ' |
Long-term debt and notes payable | ' | ' | ' |
Interest rate of debt (as a percent) | ' | 7.63% | 7.63% |
Organization_and_Significant_A
Organization and Significant Accounting Policies | 12 Months Ended | ||
Dec. 31, 2013 | |||
Organization and Significant Accounting Policies | ' | ||
Organization and Significant Accounting Policies | ' | ||
1.     Organization and Significant Accounting Policies | |||
Business Description | |||
        Select Medical Corporation ("Select") was formed in December 1996 and commenced operations during February 1997 upon the completion of its first acquisition. Select Medical Holdings Corporation ("Holdings") was formed in October 2004 for the purpose of affecting a leveraged buyout of Select, which was a publicly traded entity. On February 24, 2005, Select merged with a subsidiary of Holdings, which resulted in Select becoming a wholly-owned subsidiary of Holdings (the "Merger"). On September 30, 2009 Holdings completed its initial public offering of common stock. Generally accepted accounting principles ("GAAP") require that any amounts recorded or incurred (such as goodwill and compensation expense) by the parent as a result of the Merger or for the benefit of the subsidiary be "pushed down" and recorded in Select's consolidated financial statements. Holdings and Select and their subsidiaries are collectively referred to as the "Company." The consolidated financial statements of Holdings include the accounts of its wholly-owned subsidiary Select. Holdings conducts substantially all of its business through Select and its subsidiaries. | |||
        The Company provides long term acute care hospital services and inpatient acute rehabilitative hospital care through its specialty hospital segment and provides physical, occupational and speech rehabilitation services through its outpatient rehabilitation segment. The Company's specialty hospital segment consists of hospitals designed to serve the needs of long term stay acute patients and hospitals designed to serve patients that require intensive medical rehabilitation care. Patients are typically admitted to the Company's specialty hospitals from general acute care hospitals. These patients have specialized needs, and serious and often complex medical conditions such as respiratory failure, neuromuscular disorders, traumatic brain and spinal cord injuries, strokes, non-healing wounds, cardiac disorders, renal disorders and cancer. The Company's outpatient rehabilitation segment consists of clinics and contract services that provide physical, occupational and speech rehabilitation services. The Company's outpatient rehabilitation patients are typically diagnosed with musculoskeletal impairments that restrict their ability to perform normal activities of daily living. The Company operated 119, 122 and 123 specialty hospitals at December 31, 2011, 2012 and 2013, respectively. At December 31, 2011, 2012 and 2013, the Company operated 954, 979, and 1,006 outpatient clinics, respectively. At December 31, 2011, 2012 and 2013, the Company had facilities in the District of Columbia and 39 states. | |||
Reclassifications | |||
        Certain reclassifications have been made to prior-year amounts in order to conform to the current-year presentation. | |||
Principles of Consolidation | |||
        The consolidated financial statements include the accounts of the Company, its majority owned subsidiaries, limited liability companies and limited partnerships the Company and its subsidiaries control through ownership of general and limited partnership or membership interests. All significant intercompany balances and transactions are eliminated in consolidation. | |||
Use of Estimates | |||
        The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. | |||
Cash and Cash Equivalents | |||
        The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash equivalents are stated at cost which approximates market value. | |||
Accounts Receivable and Allowance for Doubtful Accounts | |||
        The Company reports accounts receivable at estimated net realizable values. Substantially all of the Company's accounts receivable are related to providing healthcare services to patients whose costs are primarily paid by federal and state governmental authorities, managed care health plans, commercial insurance companies and workers' compensation programs. Collection of these accounts receivable is the Company's primary source of cash and is critical to its operating performance. The Company's primary collection risks relate to non-governmental payors who insure these patients and deductibles, co-payments and amounts owed by the patient. Deductibles, co-payments and amounts owed by the patient are an immaterial portion of the Company's net accounts receivable balance and accounted for approximately 0.2% and 0.3% of the net accounts receivable balance before doubtful accounts at December 31, 2012 and 2013, respectively. The Company's general policy is to verify insurance coverage prior to the date of admission for a patient admitted to the Company's hospitals or in the case of the Company's outpatient rehabilitation clinics, the Company verifies insurance coverage prior to their first therapy visit. The Company's estimate for the allowance for doubtful accounts is calculated by providing a reserve allowance based upon the age of an account balance. Generally the Company has reserved as uncollectible all governmental accounts over 365 days and non-governmental accounts over 180 days from discharge. This method is monitored based on historical cash collections experience. Collections are impacted by the effectiveness of the Company's collection efforts with non-governmental payors and regulatory or administrative disruptions with the fiscal intermediaries that pay the Company's governmental receivables. | |||
        The Company has historically collected substantially all of its third-party insured receivables (net of contractual allowances) which include receivables from governmental agencies. The Company reviews its overall reserve adequacy by monitoring historical cash collections as a percentage of net revenue less the provision for bad debts. | |||
        Uncollected accounts are written off the balance sheet when they are turned over to an outside collection agency, or when management determines that the balance is uncollectible, whichever occurs first. | |||
Property and Equipment | |||
        Property and equipment are stated at cost net of accumulated depreciation. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets or the term of the lease, as appropriate. The general range of useful lives is as follows: | |||
Leasehold improvements | 5 – 15 years | ||
Furniture and equipment | 3 – 20 years | ||
Buildings | 40Â years | ||
Building Improvements | 5 – 25 years | ||
Land Improvements | 2 – 25 years | ||
        The Company reviews the realizability of long-lived assets whenever events or circumstances occur which indicate recorded costs may not be recoverable. Gains or losses related to the retirement or disposal of property and equipment are reported as a component of income from operations. | |||
Concentration of Credit Risk | |||
        Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash balances and trade receivables. The Company invests its excess cash with large financial institutions. The Company grants unsecured credit to its patients, most of who reside in the service area of the Company's facilities and are insured under third-party payor agreements. Because of the geographic diversity of the Company's facilities and non-governmental third-party payors, Medicare represents the Company's only significant concentration of credit risk. | |||
Income Taxes | |||
        Deferred tax assets and liabilities are recognized using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. As part of the process of preparing its consolidated financial statements, the Company estimates income taxes based on its actual current tax exposure together with assessing temporary differences resulting from differing treatment of items for book and tax purposes. The Company also recognizes as deferred tax assets the future tax benefits from net operating loss carry forwards. The Company evaluates the realizability of these deferred tax assets by assessing their valuation allowances and by adjusting the amount of such allowances, if necessary. Among the factors used to assess the likelihood of realization are projections of future taxable income streams, the expected timing of the reversals of existing temporary differences, and the impact of tax planning strategies that could be implemented to avoid the potential loss of future tax benefits. | |||
        Reserves for uncertain tax positions are established for exposure items related to various federal and state tax matters. Income tax reserves are recorded when an exposure is identified and when, in the opinion of management, it is more likely than not that a tax position will not be sustained and the amount of the liability can be estimated. | |||
Intangible Assets | |||
        Goodwill and certain other indefinite-lived intangible assets are not amortized, but instead are subject to periodic impairment evaluations. In performing the quantitative periodic impairment tests, the fair value of the reporting unit is compared to its carrying value, including goodwill and other intangible assets. If the carrying value exceeds the fair value, an impairment condition exists, which results in an impairment loss equal to the excess carrying value. | |||
        To determine the fair value of its reporting units, the Company uses a discounted cash flow approach. Included in this analysis are assumptions regarding revenue growth rate, future Adjusted EBITDA margin estimates, future general and administrative expense rates and the industry's weighted average cost of capital and industry specific market comparable Adjusted EBITDA multiples. The Company also must estimate residual values at the end of the forecast period and future capital expenditure requirements. Each of these assumptions requires the Company to use its knowledge of (1) its industry, (2) its recent transactions, and (3) reasonable performance expectations for its operations. If any one of the above assumptions changes or fails to materialize, the resulting decline in the Company's estimated fair value could result in a material impairment charge to the goodwill associated with any one of the reporting units. | |||
        Impairment tests are required to be conducted at least annually, or when events or conditions occur that might suggest a possible impairment. These events or conditions include, but are not limited to, a significant adverse change in the business environment, regulatory environment or legal factors; a current period operating or cash flow loss combined with a history of such losses or a projection of continuing losses; or a sale or disposition of a significant portion of a reporting unit. The occurrence of one of these events or conditions could significantly impact an impairment assessment, necessitating an impairment charge. For purposes of goodwill impairment assessment, the Company has defined its reporting units as specialty hospitals, outpatient rehabilitation clinics and contract therapy with goodwill having been allocated among reporting units based on the relative fair value of those divisions when the Merger occurred in 2005 and based on subsequent acquisitions and dispositions. The Company's most recent impairment assessment was completed during the fourth quarter of 2013 utilizing financial information as of October 1, 2013 and indicated that there was no impairment with respect to goodwill or other recorded intangible assets. | |||
        Identifiable assets and liabilities acquired in connection with business combinations accounted for under the purchase method are recorded at their respective fair values. Deferred income taxes have been recorded to the extent of differences between the fair value and the tax basis of the assets acquired and liabilities assumed. Company management has allocated the intangible assets between identifiable intangibles and goodwill. At December 31, 2013, intangible assets other than goodwill consist of the values assigned to trademarks, certificates of need and accreditations. Management believes that the estimated useful lives established are reasonable based on the economic factors applicable to each of the intangible assets. | |||
        The approximate useful life of each class of intangible assets is as follows: | |||
Trademarks | Indefinite | ||
Certificates of need | Indefinite | ||
Accreditations | Indefinite | ||
        The Company reviews the realizability of intangible assets whenever events or circumstances occur which indicate recorded amounts may not be recoverable. | |||
        If the expected future cash flows (undiscounted) are less than the carrying amount of such assets, the Company recognizes an impairment loss for the difference between the carrying amount of the assets and their estimated fair value. | |||
Due to Third-Party Payors | |||
        Due to third-party payors represents the difference between amounts received under interim payment plans from Medicare and Medicaid for services rendered and amounts estimated to be reimbursed by those third-party payors upon settlement of cost reports. | |||
Insurance Risk Programs | |||
        Under a number of the Company's insurance programs, which include the Company's employee health insurance program, its workers' compensation, professional malpractice liability insurance programs and certain components under its property and casualty insurance program, the Company is liable for a portion of its losses. In these situations the Company accrues for its losses under an occurrence-based approach whereby the Company estimates the losses that will be incurred in a respective accounting period and accrues that estimated liability. Where the Company has substantial exposure, actuarial methods are utilized in estimating the losses. In cases where the Company has minimal exposure, losses are estimated by analyzing historical trends. These programs are monitored quarterly and estimates are revised as necessary to take into account additional information. Provisions for losses for professional liability risks retained by the Company at December 31, 2012 and 2013 have been discounted at 3%. At December 31, 2012 and 2013, respectively, the Company had recorded a liability of $92.5 million and $103.4 million related to these programs. If the Company did not discount the provisions for losses for professional liability risks, the aggregate liability for all of the insurance risk programs would be approximately $95.6 million and $106.8 million at December 31, 2012 and 2013, respectively. | |||
Equity Method Investments | |||
        Investments in equity method investees are accounted for using the equity method based upon the level of ownership and/or the Company's ability to exercise significant influence over the operating and financial policies of the investee. Investments of this nature are recorded at original cost and adjusted periodically to recognize the Company's proportionate share of the investees' net income or losses after the date of investment. When net losses from an investment accounted for under the equity method exceeds its carrying amount, the investment balance is reduced to zero. The Company resumes accounting for the investment under the equity method if the entity subsequently reports net income and the Company's share of that net income exceeds the share of the net losses not recognized during the period the equity method was suspended. Investments are written down only when there is clear evidence that a decline in value that is other than temporary has occurred. The Company evaluates its investments in companies accounted for using the equity method for impairment when there is evidence or indicators that a decrease in value may be other than temporary. | |||
Non-Controlling Interests | |||
        The interests held by other parties in subsidiaries, limited liability companies and limited partnerships owned and controlled by the Company are generally reported as a component of stockholders' equity. Some of those minority ownership interests consist of outside owners that have certain "put rights," that are currently exercisable, and that, if exercised, require the Company to purchase the minority member's interest. These redeemable non-controlling interests that are currently redeemable or considered probable of becoming redeemable have been adjusted to their approximate redemption values and are reported outside of the stockholders' equity section. As of December 31, 2012 and 2013, the Company believes the redemption values of the non-controlling ownership interests approximates the fair value of those interests classified as redeemable non-controlling interests. The redeemable non-controlling interests' balances reported on our consolidated balance sheets were $10.8 million and $11.6 million as of December 31, 2012 and 2013, respectively. The non-controlling interests' balances reported in the stockholders' equity section of our consolidated balance sheets were $28.4 million and $32.4 million as of December 31, 2012 and 2013, respectively. | |||
        Net income attributable to non-controlling interests was $4.9 million, $5.7 million and $8.6 million for the years ended December 31, 2011, 2012, and 2013, respectively. Non-controlling interests reported in the consolidated statement of operations and comprehensive income reflect the respective interests in the income or loss of the subsidiaries, attributable to the other parties, the effect of which is removed from the Company's consolidated statement of operations and comprehensive income. | |||
Revenue Recognition | |||
        Net operating revenues consists primarily of patient service revenues and revenues generated from therapy services provided to healthcare institutions under contractual arrangements and are recognized as services are rendered. | |||
        Patient service revenue is reported net of provisions for contractual allowances from third-party payors and patients. The Company has agreements with third-party payors that provide for payments to the Company at amounts different from its established billing rates. The differences between the estimated program reimbursement rates and the standard billing rates are accounted for as contractual adjustments, which are deducted from gross revenues to arrive at net operating revenues. Payment arrangements include prospectively determined rates per discharge, reimbursed costs, discounted charges, per diem and per visit payments. Retroactive adjustments are accrued on an estimated basis in the period the related services are rendered and adjusted in future periods as final settlements are determined. Accounts receivable resulting from such payment arrangements are recorded net of contractual allowances. | |||
        A significant portion of the Company's net operating revenues are generated directly from the Medicare program. Net operating revenues generated directly from the Medicare program represented approximately 48%, 47% and 46% of the Company's net operating revenues for the years ended December 31, 2011, 2012 and 2013, respectively. Approximately 29% and 32% of the Company's accounts receivable (after allowances for contractual adjustments but before doubtful accounts) at December 31, 2012 and 2013, respectively, are from Medicare. As a provider of services to the Medicare program, the Company is subject to extensive regulations. The inability of any of the Company's specialty hospitals or clinics to comply with regulations can result in significant changes in that specialty hospital's or clinic's net operating revenues generated from the Medicare program. | |||
        Revenues generated under contractual arrangements are comprised primarily of billings for services rendered to nursing homes, hospitals, schools and other third parties. | |||
Stock Based Compensation | |||
        The Company measures the compensation costs of share-based compensation arrangements based on the grant-date fair value and recognizes the costs in the financial statements over the period during which employees are required to provide services. Share-based compensation arrangements comprise both stock options and restricted share plans. Employee stock options are valued using the Black-Scholes option valuation method which uses assumptions that relate to the expected volatility of the Company's common stock, the expected dividend yield of the Company's stock, the expected life of the options and the risk free interest rate. Such compensation amounts, if any, are amortized over the respective vesting periods or periods of service of the option grant. The Company values restricted stock grants by using the closing market price of its stock on the date of grant. | |||
Acquisitions
Acquisitions | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Acquisitions | ' | ||||||||||
Acquisitions | ' | ||||||||||
2.     Acquisitions | |||||||||||
For the Year Ended December 31, 2011 | |||||||||||
        The Company exchanged one of its long term acute care hospitals and paid $2.0 million in cash for an entity that operates an inpatient rehabilitation hospital. The Company also paid $2.3 million in cash and issued a $1.0 million note for an outpatient rehabilitation business. In addition, the Company purchased non-controlling interests for $0.5 million in cash. The Company completed the post-closing settlement of net working capital with the seller of Regency Hospital Company, L.L.C. resulting in the receipt of $3.9 million in cash. | |||||||||||
For the Year Ended December 31, 2012 | |||||||||||
        The Company paid $5.9 million in cash and issued $1.8 million in notes for the purchase of several outpatient rehabilitation businesses. In addition, the Company purchased non-controlling interests for $0.1 million in cash. | |||||||||||
For the Year Ended December 31, 2013 | |||||||||||
        The Company paid $0.9 million in cash and issued $0.3 million in notes for the purchase of several outpatient rehabilitation businesses and paid $0.2 million in cash and issued a $3.0 million note for the purchase of an inpatient rehabilitation hospital. In addition, the Company purchased non-controlling interests for $0.6 million in cash. | |||||||||||
        Information with respect to all businesses acquired in purchase transactions is as follows: | |||||||||||
For the Year Ended | |||||||||||
December 31, | |||||||||||
2011 | 2012 | 2013 | |||||||||
(in thousands) | |||||||||||
Cash paid (net of cash acquired) | $ | 899 | $ | 6,043 | $ | 1,665 | |||||
Notes issued | 1,020 | 1,844 | 3,283 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
1,919 | 7,887 | 4,948 | |||||||||
Contingent consideration | — | 1,500 | 100 | ||||||||
Liabilities assumed | 701 | 107 | 885 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
2,620 | 9,494 | 5,933 | |||||||||
Fair value of assets acquired, principally accounts receivable and property and equipment | 767 | 1,313 | 3,487 | ||||||||
Non-controlling interests | (602 | ) | (970 | ) | 347 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Cost in excess of fair value of net assets acquired (goodwill) | $ | 2,455 | $ | 9,151 | $ | 2,099 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Significant_Transactions
Significant Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Significant Transactions | ' |
Significant Transactions | ' |
3.     Significant Transactions | |
        On April 1, 2011, the Company entered into a joint venture with Baylor Health Care System. The joint venture consists of a partnership between Baylor Institute for Rehabilitation and a wholly-owned subsidiary of the Company. The Company contributed several businesses to the joint venture, including its Frisco inpatient rehabilitation hospital and certain Texas-based outpatient rehabilitation clinics. A gain of $1.2 million was recognized on this contribution and is included in the general and administrative line item on the consolidated statement of operations for the year ended December 31, 2011. In 2011, the Company invested $13.5 million in cash which consisted of the purchase of partnership units for $7.6 million and working capital investments of $5.9 million and in 2012, the Company invested an additional $7.8 million. The Company owns a 49.0% non-controlling interest in the partnership and is accounting for the investment using the equity method. | |
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property and Equipment | ' | |||||||
Property and Equipment | ' | |||||||
4.     Property and Equipment | ||||||||
        Property and equipment consists of the following: | ||||||||
December 31, | ||||||||
2012 | 2013 | |||||||
(in thousands) | ||||||||
Land | $ | 68,573 | $ | 68,492 | ||||
Leasehold improvements | 128,468 | 146,117 | ||||||
Buildings | 352,677 | 368,968 | ||||||
Furniture and equipment | 246,858 | 256,079 | ||||||
Construction-in-progress | 21,648 | 26,639 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
818,224 | 866,295 | |||||||
Less: accumulated depreciation | 316,672 | 357,193 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total property and equipment | $ | 501,552 | $ | 509,102 | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
        Depreciation expense was $69.8 million, $62.5 million and $63.9 million for the years ended December 31, 2011, 2012 and 2013, respectively. | ||||||||
Intangible_Assets
Intangible Assets | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Intangible Assets | ' | ||||||||||
Intangible Assets | ' | ||||||||||
5.     Intangible Assets | |||||||||||
        The gross carrying amounts of the Company's indefinite-lived intangible assets consist of the following: | |||||||||||
December 31, | |||||||||||
2012 | 2013 | ||||||||||
(in thousands) | |||||||||||
Goodwill | $ | 1,640,534 | $ | 1,642,633 | |||||||
Trademarks | 57,709 | 57,709 | |||||||||
Certificates of need | 11,914 | 12,115 | |||||||||
Accreditations | 2,122 | 2,083 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Total | $ | 1,712,279 | $ | 1,714,540 | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
        The Company's accreditations and trademarks have renewal terms. The costs to renew these intangibles are expensed as incurred. At December 31, 2013, the accreditations and trademarks have a weighted average time until next renewal of 1.5 years and 6.5 years, respectively. | |||||||||||
        Amortization expense for intangible assets with finite lives follows: | |||||||||||
For the Year Ended | |||||||||||
December 31 | |||||||||||
2011 | 2012 | 2013 | |||||||||
(in thousands) | |||||||||||
Amortization expense | $ | 1,306 | $ | 340 | $ | — | |||||
        Amortization expense for the Company's intangible assets primarily relates to the amortization of the value associated with the non-compete agreements entered into in connection with the acquisitions of the outpatient rehabilitation division of HealthSouth Corporation and SemperCare Inc. During 2011 the non-compete agreement related to the acquisition of SemperCare Inc. was fully amortized and during 2012 the non-compete agreement related to the acquisition of substantially all of the outpatient rehabilitation division of HealthSouth Corporation was fully amortized. | |||||||||||
        The changes in the carrying amount of goodwill for the Company's reportable segments for the years ended December 31, 2012 and 2013 are as follows: | |||||||||||
Specialty | Outpatient | Total | |||||||||
Hospitals | Rehabilitation | ||||||||||
(in thousands) | |||||||||||
Balance as of January 1, 2012 | $ | 1,333,553 | $ | 298,163 | $ | 1,631,716 | |||||
Goodwill acquired during year | — | 9,151 | 9,151 | ||||||||
Other | (333 | ) | — | (333 | ) | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Balance as of December 31, 2012 | $ | 1,333,220 | $ | 307,314 | $ | 1,640,534 | |||||
Goodwill acquired during year | 1,395 | 837 | 2,232 | ||||||||
Purchase price adjustment | — | (133 | ) | (133 | ) | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Balance as of December 31, 2013 | $ | 1,334,615 | $ | 308,018 | $ | 1,642,633 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
LongTerm_Debt_and_Notes_Payabl
Long-Term Debt and Notes Payable | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Long-Term Debt and Notes Payable | ' | |||||||
Long-Term Debt and Notes Payable | ' | |||||||
6.     Long-Term Debt and Notes Payable | ||||||||
        The components of long-term debt and notes payable are shown in the following tables: | ||||||||
Holdings | ||||||||
December 31, | ||||||||
2012 | 2013 | |||||||
(in thousands) | ||||||||
75/8% senior subordinated notes | $ | 70,000 | $ | — | ||||
6.375% senior notes | — | 600,000 | ||||||
Senior secured credit facilities: | ||||||||
Revolving loan | 130,000 | 20,000 | ||||||
Term loans(1) | 1,096,641 | 807,815 | ||||||
Senior floating rate notes | 167,300 | — | ||||||
Other | 6,302 | 17,460 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total debt | 1,470,243 | 1,445,275 | ||||||
Less: current maturities | 11,646 | 17,565 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total long-term debt | $ | 1,458,597 | $ | 1,427,710 | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Select | ||||||||
December 31, | ||||||||
2012 | 2013 | |||||||
(in thousands) | ||||||||
75/8% senior subordinated notes | $ | 70,000 | $ | — | ||||
6.375% senior notes | — | 600,000 | ||||||
Senior secured credit facilities: | ||||||||
Revolving loan | 130,000 | 20,000 | ||||||
Term loans(1) | 1,096,641 | 807,815 | ||||||
Other | 6,302 | 17,460 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total debt | 1,302,943 | 1,445,275 | ||||||
Less: current maturities | 11,646 | 17,565 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total long-term debt | $ | 1,291,297 | $ | 1,427,710 | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | ||||||||
Presented net of unamortized discount of $14.2 million and $6.3 million at December 31, 2012 and 2013, respectively. | ||||||||
Senior Secured Credit Facilities | ||||||||
        On June 1, 2011, Select entered into a senior secured credit agreement that provided $1.15 billion in senior secured credit facilities. Subsequently, the Company has amended its senior secured credit agreement and at December 31, 2013, it consists of the following: | ||||||||
• | ||||||||
A $300.0 million revolving credit facility of which $293.3 million matures on March 1, 2018 and $6.7 million matures on June 1, 2016. Select had $237.7 million of availability under its revolving loan facility (after giving effect to $42.3 million of outstanding letters of credit) at December 31, 2013. | ||||||||
• | ||||||||
An aggregate $814.2 million principle amount ($807.8 million net of discounts) term loan facility consisting of a series B term loan in the amount of $295.9 million, net of discount, and a series C term loan in the amount of $511.9 million, net of discount. The term loans amortize in equal quarterly installments on the last day of each March, June, September and December in aggregate amounts equal to $2.1 million. The balance of the series B term loan and series C term loans will be payable on February 20, 2016 and June 1, 2018, respectively. | ||||||||
        As of December 31, 2013, borrowings under the senior secured credit facilities bear interest at a rate equal to: | ||||||||
• | ||||||||
in the case of the series B term loans, Adjusted LIBO plus 3.25%, or Alternate Base Rate plus 2.25%; | ||||||||
• | ||||||||
in the case of the series C term loans, Adjusted LIBO plus 3.00%, or Alternate Base Rate plus 2.00%; and | ||||||||
• | ||||||||
in the case of the revolving loans, Adjusted LIBO plus 3.75%, or Alternate Base Rate plus 2.75%, | ||||||||
        "Adjusted LIBO" (as defined in the senior secured credit agreement) shall at no time be less than 1.00% with respect to borrowings under the series C term loans. Adjusted LIBO and Alternate Base Rate with respect to the revolving loans may vary, in each case based on Select's leverage ratio (the ratio of indebtedness to consolidated EBITDA, as defined in the senior secured credit agreement) for the most recently reported period. | ||||||||
        Select will be required to prepay borrowings under the senior secured credit facilities with (1) 100% of the net cash proceeds received from non-ordinary course asset sales or other dispositions, or as a result of a casualty or condemnation, subject to reinvestment provisions and other customary carveouts and the payment of certain indebtedness secured by liens subject to a first lien intercreditor agreement, (2) 100% of the net cash proceeds received from the issuance of debt obligations other than certain permitted debt obligations, and (3) 50% of excess cash flow (as defined in the senior secured credit agreement) if Select's leverage ratio is greater than 3.75 to 1.00 and 25% of excess cash flow if Select's leverage ratio is less than or equal to 3.75 to 1.00 and greater than 3.25 to 1.00, in each case, reduced by the aggregate amount of term loans optionally prepaid during the applicable fiscal year. Select will not be required to prepay borrowings with excess cash flow if Select's leverage ratio is less than or equal to 3.25 to 1.00. At December 31, 2013, Select's leverage ratio was 3.91 to 1.00 which will require a prepayment of borrowings under the senior secured credit facilities of 50% of excess cash flow (as defined in the senior secured credit agreement), or approximately $34.0 million. Select expects to have the borrowing capacity and intends to use borrowings under its revolving credit facility to make the required prepayment during the first quarter ended March 31, 2014. Therefore, outstanding borrowings subject to required prepayment as of December 31, 2013 under the senior secured credit facilities are classified as long-term on our Consolidated Balance Sheet as of December 31, 2013. | ||||||||
        The senior secured credit facilities require Select to maintain a leverage ratio, which is tested quarterly and prohibits Select from making capital expenditures in excess of $125.0 million in any fiscal year (subject to a 50% carry-over provision). Failure to comply with these financial covenants would result in an event of default under the senior secured credit facilities and, absent a waiver or an amendment from the lenders, preclude Select from making further borrowings under the revolving credit facility and permit the lenders to accelerate all outstanding borrowings under the senior secured credit facilities. As of December 31, 2013, Select was in compliance with all financial covenants related to the senior secured credit facilities. | ||||||||
        The senior secured credit facilities also contain a number of affirmative and restrictive covenants, including limitations on mergers, consolidations and dissolutions; sales of assets; investments and acquisitions; indebtedness; liens; affiliate transactions; and dividends and restricted payments. The senior secured credit facilities contain events of default for non-payment of principal and interest when due, cross-default and cross-acceleration provisions and an event of default that would be triggered by a change of control. | ||||||||
Senior Notes | ||||||||
        On May 28, 2013, Select issued and sold $600.0 million aggregate principal amount of its 6.375% senior notes due 2021. On May 28, 2013, Select used the proceeds of the senior notes to pay a portion of the amounts then outstanding on the original term loan and the series A term loan, and to pay related fees and expenses. | ||||||||
        Interest on the senior notes accrues at the rate of 6.375% per annum and is payable semi-annually in cash in arrears on June 1 and December 1 of each year, commencing on December 1, 2013. The senior notes are Select's senior unsecured obligations and rank equally in right of payment with all of its other existing and future senior unsecured indebtedness and senior in right of payment to all of its existing and future subordinated indebtedness. The senior notes are unconditionally guaranteed by all of Select's wholly-owned subsidiaries. The senior notes are guaranteed, jointly and severally, by Select's direct or indirect existing and future domestic restricted subsidiaries other than certain non-guarantor subsidiaries. | ||||||||
        Select may redeem some or all of the senior notes prior to June 1, 2016 by paying a "make-whole" premium. Select may redeem some or all of the senior notes on or after June 1, 2016 at specified redemption prices. In addition, prior to June 1, 2016, Select may redeem up to 35% of the senior notes with the net proceeds of certain equity offerings at a price of 106.375% plus accrued and unpaid interest, if any. Select is obligated to offer to repurchase the senior notes at a price of 101% of their principal amount plus accrued and unpaid interest, if any, as a result of certain change of control events. These restrictions and prohibitions are subject to certain qualifications and exceptions. | ||||||||
        The Indenture relating to the senior notes contains covenants that, among other things, limit Select's ability and the ability of certain of its subsidiaries to (i) grant liens on its assets, (ii) make dividend payments, other distributions or other restricted payments, (iii) incur restrictions on the ability of Select's restricted subsidiaries to pay dividends or make other payments, (iv) enter into sale and leaseback transactions, (v) merge, consolidate, transfer or dispose of substantially all of their assets, (vi) incur additional indebtedness, (vii) make investments, (viii) sell assets, including capital stock of subsidiaries, (ix) use the proceeds from sales of assets, including capital stock of restricted subsidiaries, and (x) enter into transactions with affiliates. In addition, the Indenture requires, among other things, Select to provide financial and current reports to holders of the senior notes or file such reports electronically with the U.S. Securities and Exchange Commission (the "SEC"). These covenants are subject to a number of exceptions, limitations and qualifications set forth in the Indenture. | ||||||||
Maturities of Long-Term Debt and Notes Payable | ||||||||
        Maturities of the Company's long-term debt for the years after 2013 are approximately as follows and are presented net of the discount on the senior secured credit facility term loans (in thousands): | ||||||||
2014 | $ | 17,565 | ||||||
2015 | 10,183 | |||||||
2016 | 296,232 | |||||||
2017 | 4,075 | |||||||
2018 | 515,820 | |||||||
2019 and beyond | 601,400 | |||||||
Loss on Early Retirement of Debt | ||||||||
        During the year ended December 31, 2011, the Company refinanced its senior secured credit facility, repurchased and retired $266.5 million principal amount of Select's 75/8% senior subordinated notes, and repurchased and retired $150.0 million principal amount of Holdings 10% senior subordinated notes. A loss on early retirement of debt of $31.0 million and $20.4 million for Holdings and Select, respectively, was recognized for the year ended December 31, 2011, which included the write-off of unamortized debt issuance costs, tender premiums and original issue discount. | ||||||||
        During the year ended December 31, 2012, the Company repurchased and retired an aggregate of $275.0 million principal amount of Select's outstanding 75/8% senior subordinated notes. A loss on early retirement of debt of $6.1 million was recognized by Holdings and Select for the year ended December 31, 2012, which included the write-off of unamortized debt issuance costs and call premiums. | ||||||||
        During the year ended December 31, 2013, Select entered into a credit extension amendment on February 20, 2013, the proceeds of which were used to redeem all of its outstanding 75/8% senior subordinated notes, to finance Holdings' redemption of all of its 10% senior floating rate, and to repay a portion of the balance outstanding under Select's revolving credit facility. Additionally, on May 28, 2013, Select issued and sold $600.0 million aggregate principal amount of its 6.375% senior notes due 2021, the proceeds of which were used to pay a portion of the senior secured credit facility term loans then outstanding and to pay related fees and expenses. A loss on early retirement of debt of $18.7 million and $17.8 million for Holdings and Select, respectively, was recognized for the year ended December 31, 2013, which included the write-off of unamortized debt issuance costs. | ||||||||
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2013 | |
Stockholders' Equity | ' |
Stockholders' Equity | ' |
7.     Stockholders' Equity | |
Common Stock | |
        Holdings' board of directors has authorized a common stock repurchase program to repurchase up to $350.0 million worth of shares of its common stock. The program will remain in effect until March 31, 2015, unless extended by the board of directors. Stock repurchases under this program may be made in the open market or through privately negotiated transactions, and at times and in such amounts as Holdings deems appropriate. Holdings is funding this program with cash on hand and borrowings under its revolving credit facility. For the years ended December 31, 2011, 2012 and 2013, respectively, Holdings repurchased 9,858,907 shares at a cost of $72.7 million, 5,725,782 shares at a cost of $46.8 million and 1,115,691 shares at a cost of $10.0 million which includes transaction costs. | |
        Holdings granted 565,000 shares, 761,500 shares and 952,500 shares of restricted stock for the years ended December 31, 2011, 2012 and 2013, respectively and issued 53,932 shares, 301,208 shares and 166,600 shares of common stock related to the exercise of stock options and for the years ended December 31, 2011, 2012 and 2013, respectively. Also, 10,860 shares, 15,860 shares and 331,697 shares of stock were forfeited for the years ended December 31, 2011, 2012 and 2013, respectively. | |
Stock_Option_and_Restricted_St
Stock Option and Restricted Stock Plans | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Stock Option and Restricted Stock Plans | ' | ||||||||||||||||
Stock Option and Restricted Stock Plans | ' | ||||||||||||||||
8.     Stock Option and Restricted Stock Plans | |||||||||||||||||
        On February 25, 2005, Holdings adopted the Select Medical Holdings Corporation 2005 Equity Incentive Plan. On May 13, 2011, the Select Medical Holdings Corporation 2005 Equity Incentive Plan was frozen and Holdings adopted the 2011 Select Medical Holdings Corporation 2011 Equity Incentive Plan. The Select Medical Holdings Corporation 2005 Equity Incentive Plan and the Select Medical Holdings Corporation 2011 Equity Incentive Plan are referred to as the "Plans." The Plans provide for grants of restricted stock and stock options of Holdings. On November 8, 2005 the board of directors of Holdings adopted a director equity incentive plan ("Director Plan") and on August 12, 2009, the board of directors and stockholders of Holdings approved an amendment and restatement of the Director Plan. This amendment authorized Holdings to issue under the Director Plan options to purchase up to 75,000 shares of its common stock and restricted stock awards covering up to 150,000 shares of its common stock. | |||||||||||||||||
        The options under the Plans and Director Plan generally vest over five years and have an option term not to exceed ten years. The fair value of the options granted was estimated using the Black-Scholes option pricing model assuming an expected volatility of 36%, no dividend yield, an expected life of five years and a risk free rate of 3.3% for 2011. There were no options granted under the Plans or Director Plan during the years ended December 31, 2012 and 2013. | |||||||||||||||||
        The following is a summary of stock option grants under the Plans and Director Plan from January 1, 2011 through December 31, 2013: | |||||||||||||||||
Number of Options | Exercise | Fair Value of | |||||||||||||||
Granted | Price | Common Stock | |||||||||||||||
(share amounts in thousands) | |||||||||||||||||
March 3, 2011 | 88 | 7.66 | 7.66 | ||||||||||||||
May 13, 2011 | 20 | 9 | 9 | ||||||||||||||
August 3, 2011 | 10 | 7.14 | 7.14 | ||||||||||||||
        Stock option transactions and other information related to the Plans are as follows: | |||||||||||||||||
Price Per Share | Shares | Weighted | |||||||||||||||
Average | |||||||||||||||||
Exercise Price | |||||||||||||||||
(share amounts in thousands) | |||||||||||||||||
Balance, January 1, 2012 | $ | 3.33 - 10.00 | 2,730 | $ | 8.16 | ||||||||||||
Granted | — | — | — | ||||||||||||||
Exercised | 3.33 - 10.00 | (280 | ) | 6.07 | |||||||||||||
Canceled | 7.66 - 10.00 | (27 | ) | 8.18 | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
Balance, December 31, 2012 | $ | 3.33 - 10.00 | 2,423 | $ | 8.4 | ||||||||||||
Granted | — | — | — | ||||||||||||||
Exercised | 7.14 - 10.00 | (167 | ) | 9.15 | |||||||||||||
Canceled | 8.33 - 10.00 | (316 | ) | 9.13 | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
Balance, December 31, 2013 | $ | 3.33 - 10.00 | 1,940 | $ | 8.22 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
        Additional information with respect to the outstanding options as of December 31, 2013 for the Plans is as follows: | |||||||||||||||||
Exercise Price | Number | Weighted Average | Number | ||||||||||||||
Outstanding | Remaining | Exercisable | |||||||||||||||
Contractual Life | |||||||||||||||||
(share amounts in thousands) | |||||||||||||||||
$  3.00 – 4.00 | 220 | 1.15 | 220 | ||||||||||||||
6.00 – 7.00 | 9 | 6.61 | 3 | ||||||||||||||
7.01 – 8.00 | 75 | 7.2 | 28 | ||||||||||||||
8.01 – 9.00 | 585 | 3.31 | 557 | ||||||||||||||
9.01 – 10.00 | 1,051 | 5.51 | 848 | ||||||||||||||
        The weighted average remaining contractual term for all outstanding options is 4.42 years and the weighted average remaining contractual term of exercisable options is 4.11 years. | |||||||||||||||||
        The total intrinsic value of options exercised for the years ended December 31, 2013, 2012, and 2011 was $0.2 million, $1.1 million and $0.2 million respectively. The aggregate intrinsic value of options outstanding and options exercisable at December 31, 2013 was $6.6 million and $5.8 million, respectively. | |||||||||||||||||
        Transactions and other information related to the Director Plan are as follows: | |||||||||||||||||
Price Per Share | Shares | Weighted Average | |||||||||||||||
Exercise Price | |||||||||||||||||
(share amounts in thousands) | |||||||||||||||||
Balance, January 1, 2012 | $ | 3.33 - 10.00 | 63 | $ | 7.62 | ||||||||||||
Granted | — | — | — | ||||||||||||||
Exercised | 3.33 - 8.33 | (21 | ) | 5.47 | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
Balance, December 31, 2012 | $ | 3.33 - 10.00 | 42 | $ | 8.69 | ||||||||||||
Granted | — | — | — | ||||||||||||||
Exercised | — | — | — | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
Balance, December 31, 2013 | $ | 3.33 - 10.00 | 42 | $ | 8.69 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
        Additional information with respect to the outstanding options as of December 31, 2013 for the Director Plan is as follows: | |||||||||||||||||
Exercise Price | Number | Weighted | Number | ||||||||||||||
Outstanding | Average | Exercisable | |||||||||||||||
Remaining | |||||||||||||||||
Contractual Life | |||||||||||||||||
(share amounts in thousands) | |||||||||||||||||
$ |   3.00 – 4.00 | 6 | 1.61 | 6 | |||||||||||||
8.00 – 9.00 | 9 | 3.37 | 9 | ||||||||||||||
9.01 – 10.00 | 27 | 5.12 | 25 | ||||||||||||||
        The weighted average remaining contractual term for all outstanding options is 4.24 years and the weighted average remaining contractual term of exercisable options is 4.16 years. | |||||||||||||||||
        The aggregate intrinsic value of options outstanding and options exercisable at December 31, 2013 was $122.7 thousand and $118.8 thousand, respectively. | |||||||||||||||||
        The following is a summary of restricted stock issuances from January 1, 2011 through December 31, 2013: | |||||||||||||||||
Number of Shares Issued | Fair Value of Common Stock | ||||||||||||||||
(share amounts in thousands) | |||||||||||||||||
August 3, 2011 | 25 | 7.14 | |||||||||||||||
November 3, 2011 | 190 | 8.61 | |||||||||||||||
December 15, 2011 | 350 | 8.57 | |||||||||||||||
March 26, 2012 | 65 | 8.33 | |||||||||||||||
May 2, 2012 | 129 | 8.67 | |||||||||||||||
August 7, 2012 | 38 | 11.84 | |||||||||||||||
October 30, 2012 | 530 | 10.75 | |||||||||||||||
January 2, 2013 | 5 | 9.9 | |||||||||||||||
February 20, 2013 | 35 | 8.8 | |||||||||||||||
May 1, 2013 | 115 | 8.06 | |||||||||||||||
August 7, 2013 | 38 | 8.89 | |||||||||||||||
October 30, 2013 | 760 | 8.5 | |||||||||||||||
        Stock compensation expense for each of the next five years, based on restricted stock awards granted as of December 31, 2013, is estimated to be as follows: | |||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||
(in thousands) | |||||||||||||||||
Stock compensation expense | $ | 7,740 | $ | 6,057 | $ | 3,061 | $ | 581 | $ | 40 | |||||||
        The Company recognized the following stock compensation expense related to restricted stock and stock option awards: | |||||||||||||||||
For the Year Ended | |||||||||||||||||
December 31, | |||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||
(in thousands) | |||||||||||||||||
Stock compensation expense: | |||||||||||||||||
Included in general and administrative | $ | 1,996 | $ | 3,538 | $ | 5,276 | |||||||||||
Included in cost of services | 1,729 | 2,139 | 1,757 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
Total | $ | 3,725 | $ | 5,677 | $ | 7,033 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Income Taxes | ' | |||||||||||||||||||||
Income Taxes | ' | |||||||||||||||||||||
9.     Income Taxes | ||||||||||||||||||||||
        Significant components of the Company's tax provision for the years ended December 31, 2011, 2012, and 2013 are as follows: | ||||||||||||||||||||||
Holdings | Select | |||||||||||||||||||||
For the Year Ended | For the Year Ended | |||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||
2011 | 2012 | 2013 | 2011 | 2012 | 2013 | |||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||
Current: | ||||||||||||||||||||||
Federal | $ | 29,991 | $ | 70,159 | $ | 55,847 | $ | 40,007 | $ | 74,076 | $ | 57,026 | ||||||||||
State and local | 5,672 | 11,589 | 11,913 | 5,672 | 11,589 | 11,913 | ||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||
Total current | 35,663 | 81,748 | 67,760 | 45,679 | 85,665 | 68,939 | ||||||||||||||||
Deferred | 35,305 | 7,909 | 7,032 | 35,305 | 7,909 | 7,032 | ||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||
Total income tax provision | $ | 70,968 | $ | 89,657 | $ | 74,792 | $ | 80,984 | $ | 93,574 | $ | 75,971 | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||
        The differences between the expected income tax provision and income taxes computed at the federal statutory rate of 35% were as follows: | ||||||||||||||||||||||
Holdings | Select | |||||||||||||||||||||
For the Year Ended | For the Year Ended | |||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||
2011 | 2012 | 2013 | 2011 | 2012 | 2013 | |||||||||||||||||
Expected federal tax rate | 35 | % | 35 | % | 35 | % | 35 | % | 35 | % | 35 | % | ||||||||||
State and local taxes, net of federal benefit | 4.5 | 4.2 | 4.6 | 3.9 | 4 | 4.5 | ||||||||||||||||
Other permanent differences | 1 | 0.6 | 1.1 | 0.9 | 0.6 | 1.1 | ||||||||||||||||
Valuation allowance | (0.5 | ) | (0.6 | ) | (0.7 | ) | (0.4 | ) | (0.6 | ) | (0.6 | ) | ||||||||||
Uncertain tax positions | (3.6 | ) | (0.5 | ) | (0.6 | ) | (3.1 | ) | (0.5 | ) | (0.6 | ) | ||||||||||
IRS audit settlements | — | (0.6 | ) | — | — | (0.5 | ) | — | ||||||||||||||
Non-controlling interest | (1.1 | ) | (0.9 | ) | (1.7 | ) | (0.9 | ) | (0.9 | ) | (1.7 | ) | ||||||||||
Sale of entities | 3.1 | — | — | 2.7 | — | — | ||||||||||||||||
Other | 0.2 | (0.4 | ) | 0.1 | — | (0.4 | ) | 0.1 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||
Total | 38.6 | % | 36.8 | % | 37.8 | % | 38.1 | % | 36.7 | % | 37.8 | % | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||
        A summary of deferred tax assets and liabilities for Holdings and Select is as follows: | ||||||||||||||||||||||
December 31, 2012 | December 31, 2013 | |||||||||||||||||||||
Total | Current | Non-Current | Total | Current | Non-Current | |||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Deferred tax assets | ||||||||||||||||||||||
Allowance for doubtful accounts | $ | 1,496 | $ | 1,496 | $ | — | $ | 1,484 | $ | 1,484 | $ | — | ||||||||||
Compensation and benefit related accruals | 45,784 | 38,254 | 7,530 | 45,147 | 35,706 | 9,441 | ||||||||||||||||
Professional malpractice liability insurance | 17,005 | 5,003 | 12,002 | 20,333 | 6,382 | 13,951 | ||||||||||||||||
Restructuring reserve | 679 | 679 | — | 441 | 441 | — | ||||||||||||||||
Net operating loss carryforwards | 24,543 | 777 | 23,766 | 22,686 | 422 | 22,264 | ||||||||||||||||
Other | 1,025 | 996 | 29 | 630 | 630 | — | ||||||||||||||||
Stock options | 4,089 | — | 4,089 | 4,392 | — | 4,392 | ||||||||||||||||
Uncertain tax positions | 2,661 | — | 2,661 | 2,107 | — | 2,107 | ||||||||||||||||
Total deferred tax assets | 97,282 | 47,205 | 50,077 | 97,220 | 45,065 | 52,155 | ||||||||||||||||
Deferred tax liabilities | ||||||||||||||||||||||
Deferred income | (33,188 | ) | (26,253 | ) | (6,935 | ) | (31,832 | ) | (24,897 | ) | (6,935 | ) | ||||||||||
Other | (1,311 | ) | (118 | ) | (1,193 | ) | (2,620 | ) | (230 | ) | (2,390 | ) | ||||||||||
Depreciation and amortization | (121,075 | ) | — | (121,075 | ) | (130,884 | ) | — | (130,884 | ) | ||||||||||||
Total deferred tax liabilities | (155,574 | ) | (26,371 | ) | (129,203 | ) | (165,336 | ) | (25,127 | ) | (140,209 | ) | ||||||||||
Net deferred taxes before valuation allowance | (58,292 | ) | 20,834 | (79,126 | ) | (68,116 | ) | 19,938 | (88,054 | ) | ||||||||||||
Valuation allowance | (13,341 | ) | (2,957 | ) | (10,384 | ) | (10,547 | ) | (2,314 | ) | (8,233 | ) | ||||||||||
Net deferred taxes | $ | (71,633 | ) | $ | 17,877 | $ | (89,510 | ) | $ | (78,663 | ) | $ | 17,624 | $ | (96,287 | ) | ||||||
        The valuation allowance as of December 31, 2013 is primarily attributable to the uncertainty regarding the realization of state net operating losses and other net deferred tax assets of loss entities. The net deferred tax liabilities at December 31, 2012 and 2013 of approximately $71.6 million and $78.7 million, respectively, consist of items which have been recognized for tax reporting purposes, but which will increase tax on returns to be filed in the future, and include the use of net operating loss carryforwards. The Company has performed the required assessment of positive and negative evidence regarding the realization of the deferred tax assets. This assessment included a review of legal entities with three years of cumulative losses, estimates of projected future taxable income and the impact of tax-planning strategies that management plans to implement. Although realization is not assured, based on the Company's assessment, it has concluded that it is more likely than not that such assets, net of the determined valuation allowance, will be realized. | ||||||||||||||||||||||
        The total state net operating losses are approximately $512.3 million. State net operating loss carry forwards expire and are subject to gross valuation allowances as follows: | ||||||||||||||||||||||
State Net Operating Losses | Gross Valuation Allowance | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
2014 | $ | 5,427 | $ | 5,401 | ||||||||||||||||||
2015 | 8,333 | 7,980 | ||||||||||||||||||||
2016 | 11,238 | 9,728 | ||||||||||||||||||||
2017 | 12,834 | 11,092 | ||||||||||||||||||||
Thereafter through 2033 | 473,034 | 355,392 | ||||||||||||||||||||
Reserves for Uncertain Tax Positions: | ||||||||||||||||||||||
        The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax of multiple state jurisdictions. Significant judgment is required in evaluating the Company's tax positions and determining its provision for income taxes. During the ordinary course of business, there are many transactions and calculations for which the ultimate tax determination is uncertain. The Company establishes reserves for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. These reserves are established when it is believed that certain positions might be challenged despite the Company's belief that its tax return positions are fully supportable. The Company adjusts these reserves in light of changing facts and circumstances, such as the outcome of a tax audit. The provision for income taxes includes the impact of reserve provisions and changes to reserves that are considered appropriate. | ||||||||||||||||||||||
        The reconciliation of the Company's unrecognized tax benefits is as follows (in thousands): | ||||||||||||||||||||||
Gross tax contingencies — January 1, 2011 | $ | 22,310 | ||||||||||||||||||||
Reductions for tax positions taken in prior periods due primarily to statute expiration | (2,706 | ) | ||||||||||||||||||||
Reductions for tax positions taken in prior periods due to change in estimate | (7,012 | ) | ||||||||||||||||||||
Additions for existing tax positions taken | 3,064 | |||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ||||||||||||||||||
Gross tax contingencies — December 31, 2011 | 15,656 | |||||||||||||||||||||
Reductions for tax positions taken in prior periods due primarily to statute expiration | (2,516 | ) | ||||||||||||||||||||
Additions for existing tax positions taken | 750 | |||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ||||||||||||||||||
Gross tax contingencies — December 31, 2012 | 13,890 | |||||||||||||||||||||
Reductions for tax positions taken in prior periods due primarily to statute expiration | (2,299 | ) | ||||||||||||||||||||
Additions for existing tax positions taken | 435 | |||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ||||||||||||||||||
Gross tax contingencies — December 31, 2013 | $ | 12,026 | ||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ||||||||||||||||||
        In 2011, the Company recognized $7.0 million of income tax benefits based on new information discovered by the Company which substantiates previously unrecognized tax benefits from an acquisition which occurred in 1999. | ||||||||||||||||||||||
        As of December 31, 2012 and 2013, the Company had $13.9 million and $12.0 million of unrecognized tax benefits, respectively, all of which, if fully recognized, would affect the Company's effective income tax rate. | ||||||||||||||||||||||
        As of December 31, 2013, changes to the Company's gross unrecognized tax benefits that the Company believes are reasonably possible in the next 12 months are not material. The Company's policy is to include interest related to income taxes in income tax expense. As of December 31, 2012 and December 31, 2013, the Company had accrued interest related to income taxes of $1.5 million and $1.6 million, net of federal income taxes, respectively. Interest recognized for the years ended December 31, 2011, 2012 and 2013 was $0.4 million, $0.5 million, and $0.5 million, net of federal income tax benefits, respectively. | ||||||||||||||||||||||
        The Company has substantially concluded all U.S. federal income tax matters for years through 2005. Substantially all material state, local and foreign income tax matters have been concluded for years through 2008. | ||||||||||||||||||||||
Retirement_Savings_Plan
Retirement Savings Plan | 12 Months Ended |
Dec. 31, 2013 | |
Retirement Savings Plan | ' |
Retirement Savings Plan | ' |
10.    Retirement Savings Plan | |
        The Company sponsors a defined contribution retirement savings plan for substantially all of its employees. Employees who are not classified as HCE's (highly compensated employees) may contribute up to 30% of their salary; HCE's may contribute up to 6% of their salary. The Plan provides a discretionary company match which is determined annually. Currently, the Company matches 25% of the first 6% of compensation employees contribute to the plan. The employees vest in the employer contributions over a three-year period beginning on the employee's hire date. The expense incurred by the Company related to this plan was $7.6 million, $8.2 million and $8.7 million during the years ended December 31, 2011, 2012 and 2013, respectively. | |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Segment Information | ' | ||||||||||||||||
Segment Information | ' | ||||||||||||||||
11.    Segment Information | |||||||||||||||||
        The Company's reportable segments consist of (i) specialty hospitals and (ii) outpatient rehabilitation. Other activities include the Company's corporate services and certain other non-consolidating joint ventures and minority investments in other healthcare related businesses. The outpatient rehabilitation reportable segment has two operating segments: outpatient rehabilitation clinics and contract therapy. These operating segments are aggregated for reporting purposes as they have common economic characteristics and provide a similar service to a similar patient base. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates performance of the segments based on Adjusted EBITDA. Adjusted EBITDA is defined as net income before interest, income taxes, depreciation and amortization, gain (loss) on early retirement of debt, stock compensation expense, equity in earnings (losses) of unconsolidated subsidiaries and other income (expense). | |||||||||||||||||
        The following tables summarize selected financial data for the Company's reportable segments. The segment results of Holdings are identical to those of Select with the exception of total assets. | |||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||
Specialty | Outpatient | Other | Total | ||||||||||||||
Hospitals | Rehabilitation | ||||||||||||||||
(in thousands) | |||||||||||||||||
Net revenue | $ | 2,095,519 | $ | 708,867 | $ | 121 | $ | 2,804,507 | |||||||||
Adjusted EBITDA | 362,334 | 83,864 | (60,237 | ) | 385,961 | ||||||||||||
Total assets(1): | |||||||||||||||||
Select | 2,187,767 | 486,589 | 96,382 | 2,770,738 | |||||||||||||
Holdings | 2,187,767 | 486,589 | 97,791 | 2,772,147 | |||||||||||||
Capital expenditures | 30,464 | 12,135 | 3,417 | 46,016 | |||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||
Specialty | Outpatient | Other | Total | ||||||||||||||
Hospitals | Rehabilitation | ||||||||||||||||
(in thousands) | |||||||||||||||||
Net revenue | $ | 2,197,529 | $ | 751,317 | $ | 123 | $ | 2,948,969 | |||||||||
Adjusted EBITDA | 381,354 | 87,024 | (62,531 | ) | 405,847 | ||||||||||||
Total assets(1): | |||||||||||||||||
Select | 2,143,906 | 491,920 | 124,487 | 2,760,313 | |||||||||||||
Holdings | 2,143,906 | 491,920 | 125,535 | 2,761,361 | |||||||||||||
Capital expenditures | 50,005 | 13,209 | 4,971 | 68,185 | |||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
Specialty | Outpatient | Other | Total | ||||||||||||||
Hospitals | Rehabilitation | ||||||||||||||||
(in thousands) | |||||||||||||||||
Net revenue | $ | 2,198,121 | $ | 777,177 | $ | 350 | $ | 2,975,648 | |||||||||
Adjusted EBITDA | 353,843 | 90,313 | (71,295 | ) | 372,861 | ||||||||||||
Total assets(1): | |||||||||||||||||
Select | 2,205,921 | 512,539 | 99,162 | 2,817,622 | |||||||||||||
Holdings | 2,205,921 | 512,539 | 99,162 | 2,817,622 | |||||||||||||
Capital expenditures | 56,523 | 14,113 | 3,024 | 73,660 | |||||||||||||
-1 | |||||||||||||||||
The specialty hospital segment includes $2.7 million in real estate assets held for sale on December 31, 2011, 2012 and 2013. | |||||||||||||||||
        A reconciliation of Adjusted EBITDA to income before income taxes is as follows: | |||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||
Specialty | Outpatient | Other | |||||||||||||||
Hospitals | Rehabilitation | ||||||||||||||||
(in thousands) | |||||||||||||||||
Adjusted EBITDA | $ | 362,334 | $ | 83,864 | $ | (60,237 | ) | ||||||||||
Depreciation and amortization | (50,629 | ) | (16,487 | ) | (4,401 | ) | |||||||||||
Stock compensation expense | — | — | (3,725 | ) | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Holdings | Select | ||||||||||||||||
Income (loss) from operations | $ | 311,705 | $ | 67,377 | $ | (68,363 | ) | $ | 310,719 | $ | 310,719 | ||||||
Loss on early retirement of debt | (31,018 | ) | (20,385 | ) | |||||||||||||
Equity in earnings of unconsolidated subsidiaries | 2,923 | 2,923 | |||||||||||||||
Interest expense, net | (98,894 | ) | (80,910 | ) | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Income before income taxes | $ | 183,730 | $ | 212,347 | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Year Ended December 31, 2012 | |||||||||||||||||
Specialty | Outpatient | Other | |||||||||||||||
Hospitals | Rehabilitation | ||||||||||||||||
(in thousands) | |||||||||||||||||
Adjusted EBITDA | $ | 381,354 | $ | 87,024 | $ | (62,531 | ) | ||||||||||
Depreciation and amortization | (46,836 | ) | (13,208 | ) | (3,267 | ) | |||||||||||
Stock compensation expense | — | — | (5,677 | ) | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Holdings | Select | ||||||||||||||||
Income (loss) from operations | $ | 334,518 | $ | 73,816 | $ | (71,475 | ) | $ | 336,859 | $ | 336,859 | ||||||
Loss on early retirement of debt | (6,064 | ) | (6,064 | ) | |||||||||||||
Equity in earnings of unconsolidated subsidiaries | 7,705 | 7,705 | |||||||||||||||
Interest expense, net | (94,950 | ) | (83,759 | ) | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Income before income taxes | $ | 243,550 | $ | 254,741 | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Year Ended December 31, 2013 | |||||||||||||||||
Specialty | Outpatient | Other | |||||||||||||||
Hospitals | Rehabilitation | ||||||||||||||||
(in thousands) | |||||||||||||||||
Adjusted EBITDA | $ | 353,843 | $ | 90,313 | $ | (71,295 | ) | ||||||||||
Depreciation and amortization | (48,621 | ) | (12,024 | ) | (3,747 | ) | |||||||||||
Stock compensation expense | — | — | (7,033 | ) | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Holdings | Select | ||||||||||||||||
Income (loss) from operations | $ | 305,222 | $ | 78,289 | $ | (82,075 | ) | $ | 301,436 | $ | 301,436 | ||||||
Loss on early retirement of debt | (18,747 | ) | (17,788 | ) | |||||||||||||
Equity in earnings of unconsolidated subsidiaries | 2,476 | 2,476 | |||||||||||||||
Interest expense, net | (87,364 | ) | (84,954 | ) | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Income before income taxes | $ | 197,801 | $ | 201,170 | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Income_per_Share
Income per Share | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Income per Share | ' | ||||||||||
Income per Share | ' | ||||||||||
12.   Income per Share | |||||||||||
        The Company applies the two-class method for calculating and presenting income per common share. The two-class method is an earnings allocation formula that determines earnings per share for each class of stock participation rights in undistributed earnings. Under the two class method: | |||||||||||
(a) | |||||||||||
Net income attributable to Select Medical Holdings Corporation is reduced by any contractual amount of dividends in the current period for each class of stock. There were no contractual dividends for the years ended December 31, 2011, 2012 and 2013. | |||||||||||
(b) | |||||||||||
The remaining income is allocated to common stock and unvested restricted stock to the extent that each security may share in income, as if all of the earnings for the period had been distributed. The total income allocated to each security is determined by adding together the amount allocated for dividends in (a)Â above and the amount allocated for participation features. | |||||||||||
(c) | |||||||||||
The income allocated to common stock is then divided by the weighted average number of outstanding shares to which the earnings are allocated to determine the income per share for common stock. | |||||||||||
        In applying the two-class method, the Company determined that undistributed earnings should be allocated equally on a per share basis between the common stock and unvested restricted stock due to the equal participation rights of the common stock and unvested restricted stock (i.e., the voting conversion rights). | |||||||||||
        The following table sets forth for the periods indicated the calculation of income per share in the Company's Consolidated Statement of Operations and the differences between basic weighted average shares outstanding and diluted weighted average shares outstanding used to compute basic and diluted earnings per share, respectively: | |||||||||||
For the Year Ended December 31, | |||||||||||
2011 | 2012 | 2013 | |||||||||
(in thousands, except per share amounts) | |||||||||||
Numerator: | |||||||||||
Net income attributable to Select Medical Holdings Corporation | $ | 107,846 | $ | 148,230 | $ | 114,390 | |||||
Less: Earnings allocated to unvested restricted stockholders | 1,205 | 2,514 | 2,450 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net income available to common stockholders | $ | 106,641 | $ | 145,716 | $ | 111,940 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Denominator: | |||||||||||
Weighted average shares — basic | 150,501 | 138,767 | 136,879 | ||||||||
Effect of dilutive securities: | |||||||||||
Stock options | 224 | 275 | 168 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Weighted average shares — diluted | 150,725 | 139,042 | 137,047 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Basic income per common share: | $ | 0.71 | $ | 1.05 | $ | 0.82 | |||||
Diluted income per common share: | $ | 0.71 | $ | 1.05 | $ | 0.82 | |||||
        The following amounts are shown here for informational and comparative purposes only since their inclusion would be anti-dilutive: | |||||||||||
For the Year Ended December 31, | |||||||||||
2011 | 2012 | 2013 | |||||||||
(in thousands) | |||||||||||
Stock options | 2,414 | 1,654 | 1,474 |
Fair_Value
Fair Value | 12 Months Ended |
Dec. 31, 2013 | |
Fair Value | ' |
Fair Value | ' |
13.   Fair Value | |
        Financial instruments include cash and cash equivalents, notes payable and long-term debt. The carrying amount of cash and cash equivalents approximates fair value because of the short-term maturity of these instruments. | |
        The carrying value of Select's senior secured credit facility was $1,226.6 million and $827.8 million at December 31, 2012 and 2013, respectively. The fair value of Select's senior secured credit facility was $1,216.2 million and $828.3 million at December 31, 2012 and 2013, respectively. The fair value of Select's senior secured credit facility was based on quoted market prices for this debt in the syndicated loan market. | |
        The carrying value of Select's 6.375% senior notes was $600.0 million at December 31, 2013. The fair value of Select's 6.375% senior notes was $586.5 million at December 31, 2013. The fair value of this debt was based on quoted market prices. | |
        The Company considers the inputs in the valuation process of its senior secured credit facility and 6.375% senior notes to be Level 2 in the fair value hierarchy. Level 2 in the fair value hierarchy is defined as inputs that are observable for the asset or liability, either directly or indirectly which includes quoted prices for identical assets or liabilities in markets that are not active. | |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Related Party Transactions | ' | ||||||||||
Related Party Transactions | ' | ||||||||||
14.   Related Party Transactions | |||||||||||
        The Company rents its corporate office space from related parties affiliated through common ownership or management. The Company made payments for office rent, leasehold improvements and miscellaneous expenses aggregating $4.0 million during both the years ended December 31, 2011 and 2012 and $4.2 million during the year ended December 31, 2013 to the affiliated companies. | |||||||||||
        As of December 31, 2013, future rental commitments under outstanding agreements with the affiliated companies are approximately as follows (in thousands): | |||||||||||
2014 | $ | 3,758 | |||||||||
2015 | 3,792 | ||||||||||
2016 | 3,828 | ||||||||||
2017 | 3,865 | ||||||||||
2018 | 3,950 | ||||||||||
Thereafter | 17,047 | ||||||||||
​ | ​ | ​ | ​ | ​ | |||||||
$ | 36,240 | ||||||||||
​ | ​ | ​ | ​ | ​ | |||||||
​ | ​ | ​ | ​ | ​ | |||||||
        The Company provides contracted services, principally employee leasing services and charges management fees to related parties affiliated through its equity investments. Net operating revenues generated from the provision of contracted services and management fees to related parties through equity investments are as follows: | |||||||||||
For the Year Ended | |||||||||||
December 31, | |||||||||||
2011 | 2012 | 2013 | |||||||||
(in thousands) | |||||||||||
BIR JV, LLP | $ | 53,309 | $ | 92,205 | $ | 96,465 | |||||
Rehabilitation Institute of Denton, LLC | 7,292 | 8,133 | 7,163 | ||||||||
OHRH, LLC | — | — | 2,069 | ||||||||
Global Rehab — Scottsdale, LLC. | — | — | 4,129 | ||||||||
Amplion Clinical Communications, Inc. | — | 305 | 1,534 | ||||||||
Other | 150 | 140 | 310 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total | $ | 60,751 | $ | 100,783 | $ | 111,670 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies | ' | ||||
Commitments and Contingencies | ' | ||||
15.   Commitments and Contingencies | |||||
Leases | |||||
        The Company leases facilities and equipment from unrelated parties under operating leases. Minimum future lease obligations on long-term non-cancelable operating leases in effect at December 31, 2013 are approximately as follows (in thousands): | |||||
2014 | $ | 125,611 | |||
2015 | 98,100 | ||||
2016 | 77,724 | ||||
2017 | 63,517 | ||||
2018 | 51,104 | ||||
Thereafter | 364,253 | ||||
​ | ​ | ​ | ​ | ​ | |
$ | 780,309 | ||||
​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | |
        Total rent expense for operating leases, including cancelable leases, for the years ended December 31, 2011, 2012 and 2013 was $163.9 million, $168.3 million and $164.6 million, respectively. | |||||
        Property rent expense to unrelated parties for the years ended December 31, 2011, 2012 and 2013 was $114.8 million, $118.1 million and $119.5 million, respectively. | |||||
Construction Commitments | |||||
        At December 31, 2013, the Company had outstanding commitments under construction contracts related to new construction, improvements and renovations at the Company's long term acute care properties and inpatient rehabilitation facilities totaling approximately $22.8 million. | |||||
Other | |||||
        A subsidiary of the Company has entered into a naming, promotional and sponsorship agreement with an NFL team for the team's headquarters complex that requires a payment of $2.9 million in 2014. Each successive annual payment increases by 2.3% through 2025. The naming, promotional and sponsorship agreement is in effect until 2025. | |||||
Litigation | |||||
        The Company is a party to various legal actions, proceedings and claims (some of which are not insured), and regulatory and other governmental audits and investigations in the ordinary course of its business. The Company cannot predict the ultimate outcome of pending litigation, proceedings and regulatory and other governmental audits and investigations. These matters could potentially subject the Company to sanctions, damages, recoupments, fines and other penalties. The Department of Justice, Centers for Medicare & Medicaid Services ("CMS") or other federal and state enforcement and regulatory agencies may conduct additional investigations related to the Company's businesses in the future that may, either individually or in the aggregate, have a material adverse effect on the Company's business, financial position, results of operations and liquidity. | |||||
        To address claims arising out of the operations of the Company's specialty hospitals and outpatient rehabilitation facilities, the Company maintains professional malpractice liability insurance and general liability insurance, subject to self-insured retention of $2.0 million per medical incident for professional liability claims and $2.0 million per occurrence for general liability claims. The Company also maintains umbrella liability insurance covering claims which, due to their nature or amount, are not covered by or not fully covered by the Company's other insurance policies. These insurance policies also do not generally cover punitive damages and are subject to various deductibles and policy limits. Significant legal actions, as well as the cost and possible lack of available insurance, could subject the Company to substantial uninsured liabilities. In the Company's opinion, the outcome of these actions, individually or in the aggregate, will not have a material adverse effect on its financial position, results of operations, or cash flows. | |||||
        Healthcare providers are subject to lawsuits under the qui tam provisions of the federal False Claims Act. Qui tam lawsuits typically remain under seal (hence, usually unknown to the defendant) for some time while the government decides whether or not to intervene on behalf of a private qui tam plaintiff (known as a relator) and take the lead in the litigation. These lawsuits can involve significant monetary damages and penalties and award bounties to private plaintiffs who successfully bring the suits. The Company has been a defendant in these cases in the past, and may be named as a defendant in similar cases from time to time in the future. | |||||
        On January 8, 2013, a federal magistrate judge unsealed an Amended Complaint in United States of America and the State of Indiana, ex rel. Doe I, Doe II and Doe III v. Select Medical Corporation, Select Specialty Hospital-Evansville, Evansville Physician Investment Corporation, Dr. Richard Sloan and Dr. Jeffrey Selby. The Amended Complaint, which was served on the Company on February 15, 2013, is a civil action filed under seal on September 28, 2012 in the United States District Court for the Southern District of Indiana by private plaintiff-relators on behalf of the United States and the state of Indiana under the federal False Claims Act and Indiana False Claims and Whistleblower Protection Act. Although the Amended Complaint identifies the relators by fictitious pseudonyms, on March 28, 2013, the relators filed a Notice identifying themselves as the former CEO at the Company's long term acute care hospital in Evansville, Indiana ("SSH-Evansville") and two former case managers at SSH-Evansville. The named defendants include the Company, SSH-Evansville, and two physicians who have practiced at SSH-Evansville. On March 26, 2013, the defendants, relators and the United States filed a joint motion seeking a stay of the proceedings, in which the United States notified the court that its investigation has not been completed and therefore it is not yet able to decide whether or not to intervene, and on March 29, 2013, the magistrate judge granted the motion and stayed all deadlines in the case for 90 days. The court has subsequently granted additional motions filed by the United States to continue the stay, and the current stay extends until March 17, 2014. | |||||
        In January 2014, representatives of the United States Attorney's Office for the Southern District of Indiana and the Office of Attorney General for the State of Indiana informed the Company that, while they have not yet decided whether to intervene in the case, their investigation is continuing concerning allegations that SSH-Evansville admitted patients for whom long-term acute care was not medically necessary, up-coded diagnoses at admission, discharged patients too early or held patients too long, readmitted patients discharged to short-stay acute care hospitals only after nine days to enable billing for two admissions, and allowed unnecessary bronchoscopies to be performed. The Company is involved in ongoing discussions with the government regarding this matter. | |||||
        As previously disclosed, beginning in April 2012, the Company and SSH-Evansville have received various subpoenas and demands for documents relating to SSH-Evansville, including a request for information and subpoenas from the Office of Inspector General of the U.S. Department of Health and Human Services and subpoenas from the Office of Attorney General for the State of Indiana, and the Evansville (Indiana) Police Department has executed a search warrant at SSH-Evansville. The Company has produced and will continue to produce documents in response to, and intends to fully cooperate with, these governmental investigations. At this time, the Company is unable to predict the timing and outcome of this matter. | |||||
Supplemental_Disclosures_of_Ca
Supplemental Disclosures of Cash Flow Information | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Supplemental Disclosures of Cash Flow Information | ' | ||||||||||
Supplemental Disclosures of Cash Flow Information | ' | ||||||||||
16.   Supplemental Disclosures of Cash Flow Information | |||||||||||
        Non-cash investing and financing activities are comprised of the following for the years ended December 31, 2011, 2012 and 2013: | |||||||||||
Holdings | |||||||||||
For the Year Ended | |||||||||||
December 31, | |||||||||||
2011 | 2012 | 2013 | |||||||||
(in thousands) | |||||||||||
Notes issued with acquisitions(1) | $ | 1,020 | $ | 1,844 | $ | 3,283 | |||||
Liabilities assumed with acquisitions(1) | 701 | 107 | 885 | ||||||||
Contingent consideration related to acquisitions(1) | — | 1,500 | 100 | ||||||||
Notes related to investment in business | — | — | 3,399 | ||||||||
Select | |||||||||||
For the Year Ended | |||||||||||
December 31, | |||||||||||
2011 | 2012 | 2013 | |||||||||
(in thousands) | |||||||||||
Dividends declared to Holdings by Select(2) | $ | (5,240 | ) | $ | (5,240 | ) | $ | — | |||
Notes issued with acquisitions(1) | 1,020 | 1,844 | 3,283 | ||||||||
Liabilities assumed with acquisitions(1) | 701 | 107 | 885 | ||||||||
Contingent consideration related to acquisitions(1) | — | 1,500 | 100 | ||||||||
Notes related to investment in business | — | — | 3,399 | ||||||||
-1 | |||||||||||
Refer to Footnote 2 — Acquisitions. | |||||||||||
-2 | |||||||||||
Recorded in accrued other liabilities on the consolidated balance sheet of Select. | |||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events | ' |
Subsequent Events | ' |
17.   Subsequent Events | |
        On February 19, 2014, Select Medical's board of directors declared a cash dividend of $0.10 per share. The dividend will be payable on or about March 10, 2014 to stockholders of record as of the close of business on March 3, 2014. | |
Financial_Information_for_Subs
Financial Information for Subsidiary Guarantors and Non-Guarantor Subsidiaries under Select's 6.375% Senior Notes | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Financial Information for Subsidiary Guarantors and Non-Guarantor Subsidiaries under Select's 6.375% Senior Notes | ' | ||||||||||||||||
Financial Information for Subsidiary Guarantors and Non-Guarantor Subsidiaries under Select's 6.375% Senior Notes | ' | ||||||||||||||||
18.   Financial Information for Subsidiary Guarantors and Non-Guarantor Subsidiaries under Select's 6.375% Senior Notes | |||||||||||||||||
        Select's 6.375% senior notes are fully and unconditionally guaranteed, except for customary limitations, on a senior basis by all of Select's wholly-owned subsidiaries (the "Subsidiary Guarantors") which is defined as a subsidiary where Select or a subsidiary of Select holds all of the outstanding ownership interests. Certain of Select's subsidiaries did not guarantee the 6.375% senior notes (the "Non-Guarantor Subsidiaries"). | |||||||||||||||||
        Select conducts a significant portion of its business through its subsidiaries. Presented below is consolidating financial information for Select, the Subsidiary Guarantors and the Non-Guarantor Subsidiaries at December 31, 2012 and 2013 and for the years ended December 31, 2011, 2012 and 2013. | |||||||||||||||||
        The equity method has been used by Select with respect to investments in subsidiaries. The equity method has been used by Subsidiary Guarantors with respect to investments in Non-Guarantor Subsidiaries. Separate financial statements for Subsidiary Guarantors are not presented. | |||||||||||||||||
        The consolidating balance sheets at December 2011 and the consolidating statement of cash flows for the year ended December 31, 2011 included in this footnote contain certain immaterial adjustments that were made to the December 31, 2011 consolidating balance sheet and the consolidating statement of cash flows for the year ended December 31, 2011 relating to the presentation of intercompany transactions. On the December 31, 2011 consolidating balance sheet, intercompany accounts that were previously reported as both asset and liability balances within the liability section of the balance sheet have been adjusted and presented separately as either an intercompany receivable within the current asset classification or as an intercompany payable within the current liability classification, based upon the account's attributes on each subsidiary's balance sheet. On the consolidating statement of cash flows for the year ended December 31, 2011, the changes in intercompany advances that were previously reported as a change in operating assets and liabilities in cash flow provided by operating activities has been adjusted as a financing activity. These adjustments had no impact on the total equity of the Guarantors, non-Guarantors or Parent Company. They did not alter the net increase or decrease in cash for the Guarantors, non-Guarantors or Parent Company. | |||||||||||||||||
Select Medical Corporation | |||||||||||||||||
Consolidating Balance Sheet | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Select Medical | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||
Corporation (Parent | Guarantors | Subsidiaries | |||||||||||||||
Company Only) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Assets | |||||||||||||||||
Current Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 71 | $ | 3,098 | $ | 1,150 | $ | — | $ | 4,319 | |||||||
Accounts receivable, net | — | 337,517 | 54,452 | -650 | (a) | 391,319 | |||||||||||
Current deferred tax asset | 7,965 | 5,214 | 4,445 | — | 17,624 | ||||||||||||
Intercompany receivables | — | 1,079,736 | 105,028 | -1,184,764 | (b) | — | |||||||||||
Other current assets | 9,745 | 26,545 | 4,850 | — | 41,140 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Current Assets | 17,781 | 1,452,110 | 169,925 | (1,185,414 | ) | 454,402 | |||||||||||
Property and equipment, net | 15,624 | 434,040 | 59,438 | — | 509,102 | ||||||||||||
Investment in affiliates | 3,059,581 | 83,012 | — | -3,142,593 | (c)(d) | — | |||||||||||
Goodwill | — | 1,642,633 | — | — | 1,642,633 | ||||||||||||
Non-current deferred tax asset | 7,662 | — | — | -7,662 | (e) | — | |||||||||||
Other identifiable intangibles | — | 71,907 | — | — | 71,907 | ||||||||||||
Other assets | 35,274 | 103,696 | 608 | — | 139,578 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Assets | $ | 3,135,922 | $ | 3,787,398 | $ | 229,971 | $ | (4,335,669 | ) | $ | 2,817,622 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Liabilities and Equity | |||||||||||||||||
Current Liabilities: | |||||||||||||||||
Bank overdrafts | $ | 12,506 | $ | — | $ | — | $ | — | $ | 12,506 | |||||||
Current portion of long-term debt and notes payable | 9,107 | 7,317 | 1,141 | — | 17,565 | ||||||||||||
Accounts payable | 6,749 | 68,574 | 12,962 | — | 88,285 | ||||||||||||
Intercompany payables | 1,184,764 | — | — | -1,184,764 | (b) | — | |||||||||||
Accrued payroll | 1,167 | 88,599 | 245 | — | 90,011 | ||||||||||||
Accrued vacation | 4,619 | 47,682 | 7,429 | — | 59,730 | ||||||||||||
Accrued interest | 11,076 | 1,221 | — | — | 12,297 | ||||||||||||
Accrued other | 59,249 | 23,493 | 7,729 | — | 90,471 | ||||||||||||
Income taxes payable | 622 | — | — | — | 622 | ||||||||||||
Due to third party payors | — | 1 | 686 | -650 | (a) | 37 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Current Liabilities | 1,289,859 | 236,887 | 30,192 | (1,185,414 | ) | 371,524 | |||||||||||
Long-term debt, net of current portion | 1,006,201 | 364,060 | 57,449 | — | 1,427,710 | ||||||||||||
Non-current deferred tax liability | — | 96,111 | 7,838 | -7,662 | (e) | 96,287 | |||||||||||
Other non-current liabilities | 53,628 | 33,123 | 5,124 | — | 91,875 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Liabilities | 2,349,688 | 730,181 | 100,603 | (1,193,076 | ) | 1,987,396 | |||||||||||
Redeemable non-controlling interests | — | — | 11,584 | — | 11,584 | ||||||||||||
Stockholder's Equity: | |||||||||||||||||
Common stock | 0 | — | — | — | 0 | ||||||||||||
Capital in excess of par | 869,576 | — | — | — | 869,576 | ||||||||||||
Retained earnings | (83,342 | ) | 920,694 | 21,186 | -941,880 | (d) | (83,342 | ) | |||||||||
Subsidiary investment | — | 2,136,523 | 64,190 | -2,200,713 | (c) | — | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Select Medical Corporation Stockholder's Equity | 786,234 | 3,057,217 | 85,376 | (3,142,593 | ) | 786,234 | |||||||||||
Non-controlling interests | — | — | 32,408 | — | 32,408 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Equity | 786,234 | 3,057,217 | 117,784 | (3,142,593 | ) | 818,642 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Liabilities and Equity | $ | 3,135,922 | $ | 3,787,398 | $ | 229,971 | $ | (4,335,669 | ) | $ | 2,817,622 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
(a) | |||||||||||||||||
Reclass portion of due to third party payor to accounts receivable net in consolidation. | |||||||||||||||||
(b) | |||||||||||||||||
Elimination of intercompany. | |||||||||||||||||
(c) | |||||||||||||||||
Elimination of investments in consolidated subsidiaries. | |||||||||||||||||
(d) | |||||||||||||||||
Elimination of investments in consolidated subsidiaries' earnings. | |||||||||||||||||
(e) | |||||||||||||||||
Reclass of non-current deferred tax assset to report net non-current deferred tax liability in consolidation. | |||||||||||||||||
Select Medical Corporation | |||||||||||||||||
Consolidating Statement of Operations | |||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||
Select Medical | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||
Corporation (Parent | Guarantors | Subsidiaries | |||||||||||||||
Company Only) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Net operating revenues | $ | 350 | $ | 2,553,505 | $ | 421,793 | $ | — | $ | 2,975,648 | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Costs and expenses: | |||||||||||||||||
Cost of services | 1,757 | 2,135,754 | 357,965 | — | 2,495,476 | ||||||||||||
General and administrative | 76,709 | 212 | — | — | 76,921 | ||||||||||||
Bad debt expense | — | 31,003 | 6,420 | — | 37,423 | ||||||||||||
Depreciation and amortization | 3,746 | 50,982 | 9,664 | — | 64,392 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total costs and expenses | 82,212 | 2,217,951 | 374,049 | — | 2,674,212 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Income (loss) from operations | (81,862 | ) | 335,554 | 47,744 | — | 301,436 | |||||||||||
Other income and expense: | |||||||||||||||||
Intercompany interest and royalty fees | (1,326 | ) | 1,339 | (13 | ) | — | — | ||||||||||
Intercompany management fees | 144,447 | (125,361 | ) | (19,086 | ) | — | — | ||||||||||
Equity in earnings of unconsolidated subsidiaries | — | 2,384 | 92 | — | 2,476 | ||||||||||||
Loss on early retirement of debt | (17,788 | ) | — | — | — | (17,788 | ) | ||||||||||
Interest expense | (58,100 | ) | (22,760 | ) | (4,094 | ) | — | (84,954 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Income (loss) from operations before income taxes | (14,629 | ) | 191,156 | 24,643 | — | 201,170 | |||||||||||
Income tax expense (benefit) | (1,238 | ) | 76,870 | 339 | — | 75,971 | |||||||||||
Equity in earnings of subsidiaries | 129,971 | 15,716 | — | -145,687 | (a) | — | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net income | 116,580 | 130,002 | 24,304 | (145,687 | ) | 125,199 | |||||||||||
Less: Net income attributable to non-controlling interests | — | — | 8,619 | — | 8,619 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net income attributable to Select Medical Corporation | $ | 116,580 | $ | 130,002 | $ | 15,685 | $ | (145,687 | ) | $ | 116,580 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
(a) | |||||||||||||||||
Elimination of equity in earnings of subsidiaries. | |||||||||||||||||
Select Medical Corporation | |||||||||||||||||
Consolidating Statement of Cash Flows | |||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||
Select Medical | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||
Corporation (Parent | Guarantors | Subsidiaries | |||||||||||||||
Company Only) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Operating activities | |||||||||||||||||
Net income | $ | 116,580 | $ | 130,002 | $ | 24,304 | $ | (145,687 | )(a) | $ | 125,199 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 3,746 | 50,982 | 9,664 | — | 64,392 | ||||||||||||
Provision for bad debts | — | 31,003 | 6,420 | — | 37,423 | ||||||||||||
Equity in earnings of unconsolidated subsidiaires | — | (2,384 | ) | (92 | ) | — | (2,476 | ) | |||||||||
Loss on early retirement of debt | 17,788 | — | — | — | 17,788 | ||||||||||||
Gain from disposal or sale of assets | — | (463 | ) | (118 | ) | — | (581 | ) | |||||||||
Non-cash stock compensation expense | 7,033 | — | — | — | 7,033 | ||||||||||||
Amortization of debt discount and issuance costs | 8,344 | — | — | — | 8,344 | ||||||||||||
Deferred income taxes | 7,032 | — | — | — | 7,032 | ||||||||||||
Changes in operating assets and liabilities, net of effects from acquisition of businesses: | |||||||||||||||||
Equity in earnings of subsidiaries | (129,971 | ) | (15,716 | ) | — | 145,687 | (a) | — | |||||||||
Accounts receivable | — | (59,804 | ) | (7,341 | ) | — | (67,145 | ) | |||||||||
Other current assets | (4,145 | ) | (5,735 | ) | 1,713 | — | (8,167 | ) | |||||||||
Other assets | (6,594 | ) | 3,026 | 84 | — | (3,484 | ) | ||||||||||
Accounts payable | 2,075 | (3,660 | ) | 302 | — | (1,283 | ) | ||||||||||
Due to third-party payors | — | 996 | (2,037 | ) | — | (1,041 | ) | ||||||||||
Accrued expenses | (4,929 | ) | 20,609 | (612 | ) | — | 15,068 | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net cash provided by operating activities | 16,959 | 148,856 | 32,287 | — | 198,102 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Investing activities | |||||||||||||||||
Purchases of property and equipment | (3,024 | ) | (60,532 | ) | (10,104 | ) | — | (73,660 | ) | ||||||||
Investment in businesses, net of distributions | — | (34,893 | ) | — | — | (34,893 | ) | ||||||||||
Acquisition of businesses, net of cash acquired | — | (1,665 | ) | — | — | (1,665 | ) | ||||||||||
Proceeds from sale of assets | — | 2,456 | 456 | — | 2,912 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net cash used in investing activities | (3,024 | ) | (94,634 | ) | (9,648 | ) | — | (107,306 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Financing activities | |||||||||||||||||
Borrowings on revolving credit facility | 690,000 | — | — | — | 690,000 | ||||||||||||
Payments on revolving credit facility | (800,000 | ) | — | — | — | (800,000 | ) | ||||||||||
Borrowings on credit facility term loans, net of discount | 298,500 | — | — | — | 298,500 | ||||||||||||
Payments on credit facility term loans | (596,720 | ) | — | — | — | (596,720 | ) | ||||||||||
Issuance of 6.375% senior notes | 600,000 | — | — | — | 600,000 | ||||||||||||
Repurchase of 75/8% senior subordinated notes, net of premiums | (70,000 | ) | — | — | — | (70,000 | ) | ||||||||||
Borrowings of other debt | 8,923 | 5,303 | 1,084 | — | 15,310 | ||||||||||||
Principal payments on other debt | (7,752 | ) | (873 | ) | (2,209 | ) | — | (10,834 | ) | ||||||||
Debt issuance costs | (18,914 | ) | — | — | — | (18,914 | ) | ||||||||||
Repayments of bank overdrafts | (5,330 | ) | — | — | — | (5,330 | ) | ||||||||||
Equity investment by Holdings | 1,525 | — | — | — | 1,525 | ||||||||||||
Dividends paid to Holdings | (226,621 | ) | — | — | — | (226,621 | ) | ||||||||||
Intercompany | 77,455 | (59,288 | ) | (18,167 | ) | — | — | ||||||||||
Distributions to non-controlling interests | — | — | (3,537 | ) | — | (3,537 | ) | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net cash used in financing activities | (48,934 | ) | (54,858 | ) | (22,829 | ) | — | (126,621 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net decrease in cash and cash equivalents | (34,999 | ) | (636 | ) | (190 | ) | — | (35,825 | ) | ||||||||
Cash and cash equivalents at beginning of period | 35,070 | 3,734 | 1,340 | — | 40,144 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Cash and cash equivalents at end of period | $ | 71 | $ | 3,098 | $ | 1,150 | $ | — | $ | 4,319 | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
(a) | |||||||||||||||||
Elimination of equity in earnings of consolidated subsidiaries. | |||||||||||||||||
Select Medical Corporation | |||||||||||||||||
Consolidating Balance Sheet | |||||||||||||||||
December 31, 2012 | |||||||||||||||||
Select Medical | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||
Corporation (Parent | Guarantors | Subsidiaries | |||||||||||||||
Company Only) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Assets | |||||||||||||||||
Current Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 35,070 | $ | 3,734 | $ | 1,340 | $ | — | $ | 40,144 | |||||||
Accounts receivable, net | — | 308,043 | 53,531 | -1,645 | (a) | 359,929 | |||||||||||
Current deferred tax asset | 12,383 | 1,060 | 4,434 | — | 17,877 | ||||||||||||
Prepaid income taxes | 3,895 | — | — | — | 3,895 | ||||||||||||
Intercompany receivables | — | 1,021,479 | 102,694 | (1,124,173 | )(b) | — | |||||||||||
Other current assets | 5,600 | 19,655 | 6,563 | — | 31,818 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Current Assets | 56,948 | 1,353,971 | 168,562 | (1,125,818 | ) | 453,663 | |||||||||||
Property and equipment, net | 16,344 | 425,677 | 59,531 | — | 501,552 | ||||||||||||
Investment in affiliates | 2,930,022 | 82,475 | — | (3,012,497 | )(c)(d) | — | |||||||||||
Goodwill | — | 1,640,534 | — | — | 1,640,534 | ||||||||||||
Other identifiable intangibles | — | 71,745 | — | — | 71,745 | ||||||||||||
Non-current deferred tax asset | 5,107 | — | — | -5,107 | (e) | — | |||||||||||
Other assets | 28,680 | 63,447 | 692 | — | 92,819 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Assets | $ | 3,037,101 | $ | 3,637,849 | $ | 228,785 | $ | (4,143,422 | ) | $ | 2,760,313 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Liabilities and Equity | |||||||||||||||||
Current Liabilities: | |||||||||||||||||
Bank overdrafts | $ | 17,836 | $ | — | $ | — | $ | — | $ | 17,836 | |||||||
Current portion of long-term debt and notes payable | 8,916 | 1,059 | 1,671 | — | 11,646 | ||||||||||||
Accounts payable | 4,674 | 72,213 | 12,660 | — | 89,547 | ||||||||||||
Intercompany payables | 1,124,173 | — | — | -1,124,173 | (b) | — | |||||||||||
Accrued payroll | 186 | 88,096 | 304 | — | 88,586 | ||||||||||||
Accrued vacation | 4,249 | 44,508 | 6,957 | — | 55,714 | ||||||||||||
Accrued interest | 17,955 | 804 | — | — | 18,759 | ||||||||||||
Accrued other | 55,206 | 31,343 | 5,534 | — | 92,083 | ||||||||||||
Due to third party payors | — | — | 2,723 | -1,645 | (a) | 1,078 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Current Liabilities | 1,233,195 | 238,023 | 29,849 | (1,125,818 | ) | 375,249 | |||||||||||
Long-term debt, net of current portion | 872,671 | 358,104 | 60,522 | — | 1,291,297 | ||||||||||||
Non-current deferred tax liability | — | 85,287 | 9,330 | -5,107 | (e) | 89,510 | |||||||||||
Other non-current liabilities | 49,918 | 28,808 | 4,973 | — | 83,699 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Liabilities | 2,155,784 | 710,222 | 104,674 | (1,130,925 | ) | 1,839,755 | |||||||||||
Redeemable non-controlling interests | — | — | 10,811 | — | 10,811 | ||||||||||||
Stockholder's Equity: | |||||||||||||||||
Common stock | 0 | — | — | — | 0 | ||||||||||||
Capital in excess of par | 859,839 | — | — | — | 859,839 | ||||||||||||
Retained earnings | 21,478 | 790,692 | 21,197 | -811,889 | (d) | 21,478 | |||||||||||
Subsidiary investment | — | 2,136,935 | 63,673 | -2,200,608 | (c) | — | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Select Medical Corporation Stockholder's Equity | 881,317 | 2,927,627 | 84,870 | (3,012,497 | ) | 881,317 | |||||||||||
Non-controlling interests | — | — | 28,430 | — | 28,430 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Equity | 881,317 | 2,927,627 | 113,300 | (3,012,497 | ) | 909,747 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Liabilities and Equity | $ | 3,037,101 | $ | 3,637,849 | $ | 228,785 | $ | (4,143,422 | ) | $ | 2,760,313 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
(a) | |||||||||||||||||
Reclass portion of due to third party payor to accounts receivable net in consolidation. | |||||||||||||||||
(b) | |||||||||||||||||
Elimination of intercompany. | |||||||||||||||||
(c) | |||||||||||||||||
Elimination of investments in consolidated subsidiaries. | |||||||||||||||||
(d) | |||||||||||||||||
Elimination of investments in consolidated subsidiaries' earnings. | |||||||||||||||||
(e) | |||||||||||||||||
Reclass of non-current deferred tax asset to report net non-current deferred tax liability in consolidation. | |||||||||||||||||
Select Medical Corporation | |||||||||||||||||
Consolidating Statement of Operations | |||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||
Select Medical | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||
Corporation (Parent | Guarantors | Subsidiaries | |||||||||||||||
Company Only) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Net operating revenues | $ | 123 | $ | 2,549,896 | $ | 398,950 | $ | — | $ | 2,948,969 | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Costs and expenses: | |||||||||||||||||
Cost of services | 2,139 | 2,099,734 | 341,677 | — | 2,443,550 | ||||||||||||
General and administrative | 67,402 | (1,208 | ) | — | — | 66,194 | |||||||||||
Bad debt expense | — | 33,595 | 5,460 | — | 39,055 | ||||||||||||
Depreciation and amortization | 3,267 | 50,734 | 9,310 | — | 63,311 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total costs and expenses | 72,808 | 2,182,855 | 356,447 | — | 2,612,110 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Income (loss) from operations | (72,685 | ) | 367,041 | 42,503 | — | 336,859 | |||||||||||
Other income and expense: | |||||||||||||||||
Intercompany interest and royalty fees | (2,532 | ) | 2,494 | 38 | — | — | |||||||||||
Intercompany management fees | 120,276 | (102,096 | ) | (18,180 | ) | — | — | ||||||||||
Loss on early retirement of debt | (6,064 | ) | — | — | — | (6,064 | ) | ||||||||||
Equity in earnings of unconsolidated subsidiaries | — | 7,637 | 68 | — | 7,705 | ||||||||||||
Interest expense | (54,167 | ) | (25,348 | ) | (4,244 | ) | — | (83,759 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Income (loss) from operations before income taxes | (15,172 | ) | 249,728 | 20,185 | — | 254,741 | |||||||||||
Income tax expense (benefit) | (8,206 | ) | 101,795 | (15 | ) | — | 93,574 | ||||||||||
Equity in earnings of subsidiaries | 162,470 | 15,639 | — | (178,109 | )(a) | — | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net income | 155,504 | 163,572 | 20,200 | (178,109 | ) | 161,167 | |||||||||||
Less: Net income attributable to non-controlling interests | — | — | 5,663 | — | 5,663 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net income attributable to Select Medical Corporation | $ | 155,504 | $ | 163,572 | $ | 14,537 | $ | (178,109 | ) | $ | 155,504 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
(a) | |||||||||||||||||
Elimination of equity in earnings of subsidiaries. | |||||||||||||||||
Select Medical Corporation | |||||||||||||||||
Consolidating Statement of Cash Flows | |||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||
Select Medical | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||
Corporation (Parent | Guarantors | Subsidiaries | |||||||||||||||
Company Only) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Operating activities | |||||||||||||||||
Net income | $ | 155,504 | $ | 163,572 | $ | 20,200 | $ | -178,109 | (a) | $ | 161,167 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 3,267 | 50,734 | 9,310 | — | 63,311 | ||||||||||||
Provision for bad debts | — | 33,595 | 5,460 | — | 39,055 | ||||||||||||
Equity in earnings of unconsolidated subsidiaires | — | (7,637 | ) | (68 | ) | — | (7,705 | ) | |||||||||
Loss on early retirement of debt | 6,064 | — | — | — | 6,064 | ||||||||||||
Loss (gain) from disposal or sale of assets | — | (6,002 | ) | 96 | — | (5,906 | ) | ||||||||||
Non-cash stock compensation expense | 5,677 | — | — | — | 5,677 | ||||||||||||
Amortization of debt discount and issuance costs | 7,190 | — | — | — | 7,190 | ||||||||||||
Deferred income taxes | 7,909 | — | — | — | 7,909 | ||||||||||||
Changes in operating assets and liabilities, net of effects from acquisition of businesses: | |||||||||||||||||
Equity in earnings of subsidiaries | (162,470 | ) | (15,639 | ) | — | 178,109 | (a) | — | |||||||||
Accounts receivable | — | 29,727 | (14,569 | ) | — | 15,158 | |||||||||||
Other current assets | 740 | 141 | (2,488 | ) | — | (1,607 | ) | ||||||||||
Other assets | 2,448 | 3,268 | 161 | — | 5,877 | ||||||||||||
Accounts payable | (2,679 | ) | (4,040 | ) | 602 | — | (6,117 | ) | |||||||||
Due to third-party payors | — | (15,278 | ) | 10,830 | — | (4,448 | ) | ||||||||||
Accrued expenses | 25,350 | (3,835 | ) | 2,231 | — | 23,746 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net cash provided by operating activities | 49,000 | 228,606 | 31,765 | — | 309,371 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Investing activities | |||||||||||||||||
Purchases of property and equipment | (5,150 | ) | (49,160 | ) | (13,875 | ) | — | (68,185 | ) | ||||||||
Investment in businesses, net of distributions | — | (14,689 | ) | — | — | (14,689 | ) | ||||||||||
Acquisition of businesses, net of cash acquired | — | (6,043 | ) | — | — | (6,043 | ) | ||||||||||
Proceeds from sale of assets | — | 16,511 | — | — | 16,511 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net cash used in investing activities | (5,150 | ) | (53,381 | ) | (13,875 | ) | — | (72,406 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Financing activities | |||||||||||||||||
Borrowings on revolving credit facility | 495,000 | — | — | — | 495,000 | ||||||||||||
Payments on revolving credit facility | (405,000 | ) | — | — | — | (405,000 | ) | ||||||||||
Borrowings on 2011 credit facility term loans, net of discount | 266,750 | — | — | — | 266,750 | ||||||||||||
Payments on 2011 credit facility term loans | (9,875 | ) | — | — | — | (9,875 | ) | ||||||||||
Repurchase of 75/8% senior subordinated notes, net of premiums | (278,495 | ) | — | — | — | (278,495 | ) | ||||||||||
Borrowings of other debt | 8,003 | — | 278 | — | 8,281 | ||||||||||||
Principal payments on other debt | (8,049 | ) | (433 | ) | (1,813 | ) | — | (10,295 | ) | ||||||||
Debt issuance costs | (6,527 | ) | — | — | — | (6,527 | ) | ||||||||||
Proceeds from bank overdrafts | 1,227 | — | — | — | 1,227 | ||||||||||||
Equity investment by Holdings | 1,817 | — | — | — | 1,817 | ||||||||||||
Dividends paid to Holdings | (268,479 | ) | — | — | — | (268,479 | ) | ||||||||||
Intercompany | 183,421 | (171,058 | ) | (12,363 | ) | — | — | ||||||||||
Distributions to non-controlling interests | — | — | (3,268 | ) | — | (3,268 | ) | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net cash used in financing activities | (20,207 | ) | (171,491 | ) | (17,166 | ) | — | (208,864 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net increase in cash and cash equivalents | 23,643 | 3,734 | 724 | — | 28,101 | ||||||||||||
Cash and cash equivalents at beginning of period | 11,427 | — | 616 | — | 12,043 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Cash and cash equivalents at end of period | $ | 35,070 | $ | 3,734 | $ | 1,340 | $ | — | $ | 40,144 | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
(a) | |||||||||||||||||
Elimination of equity in earnings of consolidated subsidiaries. | |||||||||||||||||
Select Medical Corporation | |||||||||||||||||
Consolidating Statement of Operations | |||||||||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||
Select Medical | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||
Corporation (Parent | Guarantors | Subsidiaries | |||||||||||||||
Company Only) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Net operating revenues | $ | 121 | $ | 2,436,177 | $ | 368,209 | $ | — | $ | 2,804,507 | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Costs and expenses: | |||||||||||||||||
Cost of services | 1,729 | 1,996,671 | 310,170 | — | 2,308,570 | ||||||||||||
General and administrative | 61,995 | 359 | — | — | 62,354 | ||||||||||||
Bad debt expense | — | 44,300 | 7,047 | — | 51,347 | ||||||||||||
Depreciation and amortization | 4,115 | 58,064 | 9,338 | — | 71,517 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total costs and expenses | 67,839 | 2,099,394 | 326,555 | — | 2,493,788 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Income (loss) from operations | (67,718 | ) | 336,783 | 41,654 | — | 310,719 | |||||||||||
Other income and expense: | |||||||||||||||||
Intercompany interest and royalty fees | (3,408 | ) | 3,382 | 26 | — | — | |||||||||||
Intercompany management fees | 120,013 | (102,970 | ) | (17,043 | ) | — | — | ||||||||||
Loss on early retirement of debt | (20,385 | ) | — | — | — | (20,385 | ) | ||||||||||
Equity in earnings of unconsolidated subsidiaries | — | 2,870 | 53 | — | 2,923 | ||||||||||||
Interest income | 132 | 122 | 68 | — | 322 | ||||||||||||
Interest expense | (41,817 | ) | (34,612 | ) | (4,803 | ) | — | (81,232 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Income (loss) before income taxes | (13,183 | ) | 205,575 | 19,955 | — | 212,347 | |||||||||||
Income tax expense (benefit) | (12,821 | ) | 92,561 | 1,244 | — | 80,984 | |||||||||||
Equity in earnings of subsidiaries | 126,809 | 13,406 | — | -140,215 | (a) | — | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net income | 126,447 | 126,420 | 18,711 | (140,215 | ) | 131,363 | |||||||||||
Less: Net income attributable to non-controlling interests | — | — | 4,916 | — | 4,916 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net income attributable to Select Medical Corporation | $ | 126,447 | $ | 126,420 | $ | 13,795 | $ | (140,215 | ) | $ | 126,447 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
(a) | |||||||||||||||||
Elimination of equity in earnings of subsidiaries. | |||||||||||||||||
Select Medical Corporation | |||||||||||||||||
Consolidating Statement of Cash Flows | |||||||||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||
Select Medical | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||
Corporation (Parent | Guarantors | Subsidiaries | |||||||||||||||
Company Only) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Operating activities | |||||||||||||||||
Net income | $ | 126,447 | $ | 126,420 | $ | 18,711 | $ | -140,215 | (a) | $ | 131,363 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 4,115 | 58,064 | 9,338 | — | 71,517 | ||||||||||||
Provision for bad debts | — | 44,300 | 7,047 | — | 51,347 | ||||||||||||
Equity in earnings of unconsolidated subsidiaries | — | (2,870 | ) | (53 | ) | — | (2,923 | ) | |||||||||
Loss on early retirement of debt | 20,385 | — | — | — | 20,385 | ||||||||||||
Loss (gain) from disposal or sale of assets | 13 | (5,024 | ) | 45 | — | (4,966 | ) | ||||||||||
Non-cash stock compensation expense | 3,725 | — | — | — | 3,725 | ||||||||||||
Amortization of debt discount and issuance costs | 6,700 | — | — | — | 6,700 | ||||||||||||
Deferred income taxes | 35,305 | — | — | — | 35,305 | ||||||||||||
Changes in operating assets and liabilities, net of effects from acquisition of businesses: | |||||||||||||||||
Equity in earnings of subsidiaries | (126,809 | ) | (13,406 | ) | — | 140,215 | (a) | — | |||||||||
Accounts receivable | — | (98,966 | ) | (12,160 | ) | — | (111,126 | ) | |||||||||
Other current assets | (1,780 | ) | 1,165 | (586 | ) | — | (1,201 | ) | |||||||||
Other assets | (12,069 | ) | 9,683 | 318 | — | (2,068 | ) | ||||||||||
Accounts payable | 1,326 | 16,247 | 3,056 | — | 20,629 | ||||||||||||
Due to third-party payors | — | 1,408 | (1,181 | ) | — | 227 | |||||||||||
Accrued expenses | 14,823 | 5,522 | 794 | — | 21,139 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net cash provided by operating activities | 72,181 | 142,543 | 25,329 | — | 240,053 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Investing activities | |||||||||||||||||
Purchases of property and equipment | (3,413 | ) | (37,759 | ) | (4,844 | ) | — | (46,016 | ) | ||||||||
Investment in businesses, net of distributions | — | (15,699 | ) | — | — | (15,699 | ) | ||||||||||
Acquisition of businesses, net of cash acquired | — | (899 | ) | — | — | (899 | ) | ||||||||||
Proceeds from sale of assets | — | 7,879 | — | — | 7,879 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net cash used in investing activities | (3,413 | ) | (46,478 | ) | (4,844 | ) | — | (54,735 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Financing activities | |||||||||||||||||
Borrowings on revolving credit facility | 735,000 | — | — | — | 735,000 | ||||||||||||
Payments on revolving credit facility | (720,000 | ) | — | — | — | (720,000 | ) | ||||||||||
Borrowings on 2011 credit facility term loans, net of discount | 841,500 | — | — | — | 841,500 | ||||||||||||
Payments on 2011 credit facility term loans | (4,250 | ) | — | — | — | (4,250 | ) | ||||||||||
Payments on 2005 credit facility term loans, net of call premium | (484,633 | ) | — | — | — | (484,633 | ) | ||||||||||
Repurchase of 75/8% senior subordinated notes, net of premiums | (273,941 | ) | — | — | — | (273,941 | ) | ||||||||||
Borrowings of other debt | 6,100 | 955 | — | — | 7,055 | ||||||||||||
Principal payments on other debt | (5,662 | ) | (755 | ) | (1,082 | ) | — | (7,499 | ) | ||||||||
Debt issuance costs | (18,556 | ) | — | — | — | (18,556 | ) | ||||||||||
Repayments of bank overdrafts | (2,183 | ) | — | — | — | (2,183 | ) | ||||||||||
Equity investment by Holdings | 208 | — | — | — | 208 | ||||||||||||
Dividends paid to Holdings | (245,729 | ) | — | — | — | (245,729 | ) | ||||||||||
Intercompany | 114,656 | (99,832 | ) | (14,824 | ) | — | — | ||||||||||
Distributions to non-controlling interests | — | — | (4,612 | ) | — | (4,612 | ) | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net cash used in financing activities | (57,490 | ) | (99,632 | ) | (20,518 | ) | — | (177,640 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net increase (decrease) in cash and cash equivalents | 11,278 | (3,567 | ) | (33 | ) | — | 7,678 | ||||||||||
Cash and cash equivalents at beginning of period | 149 | 3,567 | 649 | — | 4,365 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Cash and cash equivalents at end of period | $ | 11,427 | $ | — | $ | 616 | $ | — | $ | 12,043 | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
(a) | |||||||||||||||||
Elimination of equity in earnings of consolidated subsidiaries. | |||||||||||||||||
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Selected Quarterly Financial Data (Unaudited) | ' | |||||||||||||
Selected Quarterly Financial Data (Unaudited) | ' | |||||||||||||
19.   Selected Quarterly Financial Data (Unaudited) | ||||||||||||||
        The table below sets forth selected unaudited financial data for each quarter of the last two years. | ||||||||||||||
Holdings | ||||||||||||||
First | Second | Third | Fourth | |||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
(in thousands, except per share amounts) | ||||||||||||||
Year ended December 31, 2012 | ||||||||||||||
Net operating revenues | $ | 744,021 | $ | 750,193 | $ | 713,669 | $ | 741,086 | ||||||
Income from operations | 91,604 | 93,513 | 70,819 | 80,923 | ||||||||||
Net income attributable to Select Medical Holdings Corporation | $ | 41,542 | $ | 43,172 | $ | 24,110 | $ | 39,406 | ||||||
Income per common share: | ||||||||||||||
Basic | $ | 0.29 | $ | 0.31 | $ | 0.17 | $ | 0.28 | ||||||
Diluted | $ | 0.29 | $ | 0.31 | $ | 0.17 | $ | 0.28 | ||||||
Select | ||||||||||||||
First | Second | Third | Fourth | |||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
(in thousands) | ||||||||||||||
Year ended December 31, 2012 | ||||||||||||||
Net operating revenues | $ | 744,021 | $ | 750,193 | $ | 713,669 | $ | 741,086 | ||||||
Income from operations | 91,604 | 93,513 | 70,819 | 80,923 | ||||||||||
Net income attributable to Select Medical Corporation | $ | 43,279 | $ | 45,018 | $ | 25,953 | $ | 41,254 | ||||||
Holdings | ||||||||||||||
First | Second | Third | Fourth | |||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
(in thousands, except per share amounts) | ||||||||||||||
Year ended December 31, 2013 | ||||||||||||||
Net operating revenues | $ | 749,955 | $ | 756,673 | $ | 722,845 | $ | 746,175 | ||||||
Income from operations | 82,530 | 88,263 | 62,399 | 68,244 | ||||||||||
Net income attributable to Select Medical Holdings Corporation | $ | 34,418 | $ | 27,780 | $ | 23,272 | $ | 28,920 | ||||||
Income per common share: | ||||||||||||||
Basic | $ | 0.25 | $ | 0.2 | $ | 0.17 | $ | 0.21 | ||||||
Diluted | $ | 0.24 | $ | 0.2 | $ | 0.17 | $ | 0.21 | ||||||
Select | ||||||||||||||
First | Second | Third | Fourth | |||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
(in thousands) | ||||||||||||||
Year ended December 31, 2013 | ||||||||||||||
Net operating revenues | $ | 749,955 | $ | 756,673 | $ | 722,845 | $ | 746,175 | ||||||
Income from operations | 82,530 | 88,263 | 62,399 | 68,244 | ||||||||||
Net income attributable to Select Medical Corporation | $ | 36,608 | $ | 27,780 | $ | 23,272 | $ | 28,920 | ||||||
   | ||||||||||||||
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | ' | ||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | ' | ||||||||||||||||
Select Medical Holdings Corporation | |||||||||||||||||
Select Medical Corporation | |||||||||||||||||
Schedule II — Valuation and Qualifying Accounts | |||||||||||||||||
Description | Balance at | Charged to | Acquisitions | Deductions | Balance at | ||||||||||||
Beginning | Cost and | (A) | (B) | End of Year | |||||||||||||
of Year | Expenses | ||||||||||||||||
(in thousands) | |||||||||||||||||
Allowance for Doubtful Accounts | |||||||||||||||||
Year ended December 31, 2013 | $ | 41,854 | $ | 37,423 | $ | — | $ | (38,462 | ) | $ | 40,815 | ||||||
Year ended December 31, 2012 | $ | 47,469 | $ | 39,055 | $ | — | $ | (44,670 | ) | $ | 41,854 | ||||||
Year ended December 31, 2011 | $ | 44,416 | $ | 51,347 | $ | 108 | $ | (48,402 | ) | $ | 47,469 | ||||||
Income Tax Valuation Allowance | |||||||||||||||||
Year ended December 31, 2013 | $ | 13,341 | $ | (2,794 | ) | $ | — | $ | — | $ | 10,547 | ||||||
Year ended December 31, 2012 | $ | 15,733 | $ | (2,392 | ) | $ | — | $ | — | $ | 13,341 | ||||||
Year ended December 31, 2011 | $ | 16,622 | $ | (889 | ) | $ | — | $ | — | $ | 15,733 | ||||||
(A) | |||||||||||||||||
Represents opening balance sheet reserves resulting from purchase accounting entries. | |||||||||||||||||
(B) | |||||||||||||||||
Allowance for doubtful accounts deductions represent write-offs against the reserve for 2011, 2012 and 2013. | |||||||||||||||||
Organization_and_Significant_A1
Organization and Significant Accounting Policies (Policies) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Organization and Significant Accounting Policies | ' | ||
Reclassifications | ' | ||
Reclassifications | |||
        Certain reclassifications have been made to prior-year amounts in order to conform to the current-year presentation. | |||
Principles of Consolidation | ' | ||
Principles of Consolidation | |||
        The consolidated financial statements include the accounts of the Company, its majority owned subsidiaries, limited liability companies and limited partnerships the Company and its subsidiaries control through ownership of general and limited partnership or membership interests. All significant intercompany balances and transactions are eliminated in consolidation. | |||
Use of Estimates | ' | ||
Use of Estimates | |||
        The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. | |||
Cash and Cash Equivalents | ' | ||
Cash and Cash Equivalents | |||
        The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash equivalents are stated at cost which approximates market value. | |||
Accounts Receivable and Allowance for Doubtful Accounts | ' | ||
Accounts Receivable and Allowance for Doubtful Accounts | |||
        The Company reports accounts receivable at estimated net realizable values. Substantially all of the Company's accounts receivable are related to providing healthcare services to patients whose costs are primarily paid by federal and state governmental authorities, managed care health plans, commercial insurance companies and workers' compensation programs. Collection of these accounts receivable is the Company's primary source of cash and is critical to its operating performance. The Company's primary collection risks relate to non-governmental payors who insure these patients and deductibles, co-payments and amounts owed by the patient. Deductibles, co-payments and amounts owed by the patient are an immaterial portion of the Company's net accounts receivable balance and accounted for approximately 0.2% and 0.3% of the net accounts receivable balance before doubtful accounts at December 31, 2012 and 2013, respectively. The Company's general policy is to verify insurance coverage prior to the date of admission for a patient admitted to the Company's hospitals or in the case of the Company's outpatient rehabilitation clinics, the Company verifies insurance coverage prior to their first therapy visit. The Company's estimate for the allowance for doubtful accounts is calculated by providing a reserve allowance based upon the age of an account balance. Generally the Company has reserved as uncollectible all governmental accounts over 365 days and non-governmental accounts over 180 days from discharge. This method is monitored based on historical cash collections experience. Collections are impacted by the effectiveness of the Company's collection efforts with non-governmental payors and regulatory or administrative disruptions with the fiscal intermediaries that pay the Company's governmental receivables. | |||
        The Company has historically collected substantially all of its third-party insured receivables (net of contractual allowances) which include receivables from governmental agencies. The Company reviews its overall reserve adequacy by monitoring historical cash collections as a percentage of net revenue less the provision for bad debts. | |||
        Uncollected accounts are written off the balance sheet when they are turned over to an outside collection agency, or when management determines that the balance is uncollectible, whichever occurs first. | |||
Property and Equipment | ' | ||
Property and Equipment | |||
        Property and equipment are stated at cost net of accumulated depreciation. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets or the term of the lease, as appropriate. The general range of useful lives is as follows: | |||
Leasehold improvements | 5 – 15 years | ||
Furniture and equipment | 3 – 20 years | ||
Buildings | 40Â years | ||
Building Improvements | 5 – 25 years | ||
Land Improvements | 2 – 25 years | ||
        The Company reviews the realizability of long-lived assets whenever events or circumstances occur which indicate recorded costs may not be recoverable. Gains or losses related to the retirement or disposal of property and equipment are reported as a component of income from operations. | |||
Concentration of Credit Risk | ' | ||
Concentration of Credit Risk | |||
        Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash balances and trade receivables. The Company invests its excess cash with large financial institutions. The Company grants unsecured credit to its patients, most of who reside in the service area of the Company's facilities and are insured under third-party payor agreements. Because of the geographic diversity of the Company's facilities and non-governmental third-party payors, Medicare represents the Company's only significant concentration of credit risk. | |||
Income Taxes | ' | ||
Income Taxes | |||
        Deferred tax assets and liabilities are recognized using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. As part of the process of preparing its consolidated financial statements, the Company estimates income taxes based on its actual current tax exposure together with assessing temporary differences resulting from differing treatment of items for book and tax purposes. The Company also recognizes as deferred tax assets the future tax benefits from net operating loss carry forwards. The Company evaluates the realizability of these deferred tax assets by assessing their valuation allowances and by adjusting the amount of such allowances, if necessary. Among the factors used to assess the likelihood of realization are projections of future taxable income streams, the expected timing of the reversals of existing temporary differences, and the impact of tax planning strategies that could be implemented to avoid the potential loss of future tax benefits. | |||
        Reserves for uncertain tax positions are established for exposure items related to various federal and state tax matters. Income tax reserves are recorded when an exposure is identified and when, in the opinion of management, it is more likely than not that a tax position will not be sustained and the amount of the liability can be estimated. | |||
Intangible Assets | ' | ||
Intangible Assets | |||
        Goodwill and certain other indefinite-lived intangible assets are not amortized, but instead are subject to periodic impairment evaluations. In performing the quantitative periodic impairment tests, the fair value of the reporting unit is compared to its carrying value, including goodwill and other intangible assets. If the carrying value exceeds the fair value, an impairment condition exists, which results in an impairment loss equal to the excess carrying value. | |||
        To determine the fair value of its reporting units, the Company uses a discounted cash flow approach. Included in this analysis are assumptions regarding revenue growth rate, future Adjusted EBITDA margin estimates, future general and administrative expense rates and the industry's weighted average cost of capital and industry specific market comparable Adjusted EBITDA multiples. The Company also must estimate residual values at the end of the forecast period and future capital expenditure requirements. Each of these assumptions requires the Company to use its knowledge of (1) its industry, (2) its recent transactions, and (3) reasonable performance expectations for its operations. If any one of the above assumptions changes or fails to materialize, the resulting decline in the Company's estimated fair value could result in a material impairment charge to the goodwill associated with any one of the reporting units. | |||
        Impairment tests are required to be conducted at least annually, or when events or conditions occur that might suggest a possible impairment. These events or conditions include, but are not limited to, a significant adverse change in the business environment, regulatory environment or legal factors; a current period operating or cash flow loss combined with a history of such losses or a projection of continuing losses; or a sale or disposition of a significant portion of a reporting unit. The occurrence of one of these events or conditions could significantly impact an impairment assessment, necessitating an impairment charge. For purposes of goodwill impairment assessment, the Company has defined its reporting units as specialty hospitals, outpatient rehabilitation clinics and contract therapy with goodwill having been allocated among reporting units based on the relative fair value of those divisions when the Merger occurred in 2005 and based on subsequent acquisitions and dispositions. The Company's most recent impairment assessment was completed during the fourth quarter of 2013 utilizing financial information as of October 1, 2013 and indicated that there was no impairment with respect to goodwill or other recorded intangible assets. | |||
        Identifiable assets and liabilities acquired in connection with business combinations accounted for under the purchase method are recorded at their respective fair values. Deferred income taxes have been recorded to the extent of differences between the fair value and the tax basis of the assets acquired and liabilities assumed. Company management has allocated the intangible assets between identifiable intangibles and goodwill. At December 31, 2013, intangible assets other than goodwill consist of the values assigned to trademarks, certificates of need and accreditations. Management believes that the estimated useful lives established are reasonable based on the economic factors applicable to each of the intangible assets. | |||
        The approximate useful life of each class of intangible assets is as follows: | |||
Trademarks | Indefinite | ||
Certificates of need | Indefinite | ||
Accreditations | Indefinite | ||
        The Company reviews the realizability of intangible assets whenever events or circumstances occur which indicate recorded amounts may not be recoverable. | |||
        If the expected future cash flows (undiscounted) are less than the carrying amount of such assets, the Company recognizes an impairment loss for the difference between the carrying amount of the assets and their estimated fair value. | |||
Due to Third-Party Payors | ' | ||
Due to Third-Party Payors | |||
        Due to third-party payors represents the difference between amounts received under interim payment plans from Medicare and Medicaid for services rendered and amounts estimated to be reimbursed by those third-party payors upon settlement of cost reports. | |||
Insurance Risk Programs | ' | ||
Insurance Risk Programs | |||
        Under a number of the Company's insurance programs, which include the Company's employee health insurance program, its workers' compensation, professional malpractice liability insurance programs and certain components under its property and casualty insurance program, the Company is liable for a portion of its losses. In these situations the Company accrues for its losses under an occurrence-based approach whereby the Company estimates the losses that will be incurred in a respective accounting period and accrues that estimated liability. Where the Company has substantial exposure, actuarial methods are utilized in estimating the losses. In cases where the Company has minimal exposure, losses are estimated by analyzing historical trends. These programs are monitored quarterly and estimates are revised as necessary to take into account additional information. Provisions for losses for professional liability risks retained by the Company at December 31, 2012 and 2013 have been discounted at 3%. At December 31, 2012 and 2013, respectively, the Company had recorded a liability of $92.5 million and $103.4 million related to these programs. If the Company did not discount the provisions for losses for professional liability risks, the aggregate liability for all of the insurance risk programs would be approximately $95.6 million and $106.8 million at December 31, 2012 and 2013, respectively. | |||
Equity Method Investments | ' | ||
Equity Method Investments | |||
        Investments in equity method investees are accounted for using the equity method based upon the level of ownership and/or the Company's ability to exercise significant influence over the operating and financial policies of the investee. Investments of this nature are recorded at original cost and adjusted periodically to recognize the Company's proportionate share of the investees' net income or losses after the date of investment. When net losses from an investment accounted for under the equity method exceeds its carrying amount, the investment balance is reduced to zero. The Company resumes accounting for the investment under the equity method if the entity subsequently reports net income and the Company's share of that net income exceeds the share of the net losses not recognized during the period the equity method was suspended. Investments are written down only when there is clear evidence that a decline in value that is other than temporary has occurred. The Company evaluates its investments in companies accounted for using the equity method for impairment when there is evidence or indicators that a decrease in value may be other than temporary. | |||
Non-Controlling Interests | ' | ||
Non-Controlling Interests | |||
        The interests held by other parties in subsidiaries, limited liability companies and limited partnerships owned and controlled by the Company are generally reported as a component of stockholders' equity. Some of those minority ownership interests consist of outside owners that have certain "put rights," that are currently exercisable, and that, if exercised, require the Company to purchase the minority member's interest. These redeemable non-controlling interests that are currently redeemable or considered probable of becoming redeemable have been adjusted to their approximate redemption values and are reported outside of the stockholders' equity section. As of December 31, 2012 and 2013, the Company believes the redemption values of the non-controlling ownership interests approximates the fair value of those interests classified as redeemable non-controlling interests. The redeemable non-controlling interests' balances reported on our consolidated balance sheets were $10.8 million and $11.6 million as of December 31, 2012 and 2013, respectively. The non-controlling interests' balances reported in the stockholders' equity section of our consolidated balance sheets were $28.4 million and $32.4 million as of December 31, 2012 and 2013, respectively. | |||
        Net income attributable to non-controlling interests was $4.9 million, $5.7 million and $8.6 million for the years ended December 31, 2011, 2012, and 2013, respectively. Non-controlling interests reported in the consolidated statement of operations and comprehensive income reflect the respective interests in the income or loss of the subsidiaries, attributable to the other parties, the effect of which is removed from the Company's consolidated statement of operations and comprehensive income. | |||
Revenue Recognition | ' | ||
Revenue Recognition | |||
        Net operating revenues consists primarily of patient service revenues and revenues generated from therapy services provided to healthcare institutions under contractual arrangements and are recognized as services are rendered. | |||
        Patient service revenue is reported net of provisions for contractual allowances from third-party payors and patients. The Company has agreements with third-party payors that provide for payments to the Company at amounts different from its established billing rates. The differences between the estimated program reimbursement rates and the standard billing rates are accounted for as contractual adjustments, which are deducted from gross revenues to arrive at net operating revenues. Payment arrangements include prospectively determined rates per discharge, reimbursed costs, discounted charges, per diem and per visit payments. Retroactive adjustments are accrued on an estimated basis in the period the related services are rendered and adjusted in future periods as final settlements are determined. Accounts receivable resulting from such payment arrangements are recorded net of contractual allowances. | |||
        A significant portion of the Company's net operating revenues are generated directly from the Medicare program. Net operating revenues generated directly from the Medicare program represented approximately 48%, 47% and 46% of the Company's net operating revenues for the years ended December 31, 2011, 2012 and 2013, respectively. Approximately 29% and 32% of the Company's accounts receivable (after allowances for contractual adjustments but before doubtful accounts) at December 31, 2012 and 2013, respectively, are from Medicare. As a provider of services to the Medicare program, the Company is subject to extensive regulations. The inability of any of the Company's specialty hospitals or clinics to comply with regulations can result in significant changes in that specialty hospital's or clinic's net operating revenues generated from the Medicare program. | |||
        Revenues generated under contractual arrangements are comprised primarily of billings for services rendered to nursing homes, hospitals, schools and other third parties. | |||
Stock Based Compensation | ' | ||
Stock Based Compensation | |||
        The Company measures the compensation costs of share-based compensation arrangements based on the grant-date fair value and recognizes the costs in the financial statements over the period during which employees are required to provide services. Share-based compensation arrangements comprise both stock options and restricted share plans. Employee stock options are valued using the Black-Scholes option valuation method which uses assumptions that relate to the expected volatility of the Company's common stock, the expected dividend yield of the Company's stock, the expected life of the options and the risk free interest rate. Such compensation amounts, if any, are amortized over the respective vesting periods or periods of service of the option grant. The Company values restricted stock grants by using the closing market price of its stock on the date of grant. | |||
Organization_and_Significant_A2
Organization and Significant Accounting Policies (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Organization and Significant Accounting Policies | ' | ||
Schedule of general range of useful lives of property and equipment | ' | ||
Leasehold improvements | 5 – 15 years | ||
Furniture and equipment | 3 – 20 years | ||
Buildings | 40Â years | ||
Building Improvements | 5 – 25 years | ||
Land Improvements | 2 – 25 years | ||
Schedule of approximate useful life of each class of intangible assets | ' | ||
Trademarks | Indefinite | ||
Certificates of need | Indefinite | ||
Accreditations | Indefinite |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Acquisitions | ' | ||||||||||
Schedule of all businesses acquired in purchase transactions | ' | ||||||||||
For the Year Ended | |||||||||||
December 31, | |||||||||||
2011 | 2012 | 2013 | |||||||||
(in thousands) | |||||||||||
Cash paid (net of cash acquired) | $ | 899 | $ | 6,043 | $ | 1,665 | |||||
Notes issued | 1,020 | 1,844 | 3,283 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
1,919 | 7,887 | 4,948 | |||||||||
Contingent consideration | — | 1,500 | 100 | ||||||||
Liabilities assumed | 701 | 107 | 885 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
2,620 | 9,494 | 5,933 | |||||||||
Fair value of assets acquired, principally accounts receivable and property and equipment | 767 | 1,313 | 3,487 | ||||||||
Non-controlling interests | (602 | ) | (970 | ) | 347 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Cost in excess of fair value of net assets acquired (goodwill) | $ | 2,455 | $ | 9,151 | $ | 2,099 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property and Equipment | ' | |||||||
Schedule of components of property and equipment | ' | |||||||
December 31, | ||||||||
2012 | 2013 | |||||||
(in thousands) | ||||||||
Land | $ | 68,573 | $ | 68,492 | ||||
Leasehold improvements | 128,468 | 146,117 | ||||||
Buildings | 352,677 | 368,968 | ||||||
Furniture and equipment | 246,858 | 256,079 | ||||||
Construction-in-progress | 21,648 | 26,639 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
818,224 | 866,295 | |||||||
Less: accumulated depreciation | 316,672 | 357,193 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total property and equipment | $ | 501,552 | $ | 509,102 | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Intangible Assets | ' | ||||||||||
Schedule of gross carrying amounts of the Company's indefinite-lived intangible assets | ' | ||||||||||
December 31, | |||||||||||
2012 | 2013 | ||||||||||
(in thousands) | |||||||||||
Goodwill | $ | 1,640,534 | $ | 1,642,633 | |||||||
Trademarks | 57,709 | 57,709 | |||||||||
Certificates of need | 11,914 | 12,115 | |||||||||
Accreditations | 2,122 | 2,083 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Total | $ | 1,712,279 | $ | 1,714,540 | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Schedule of amortization expenses for intangible assets with finite lives | ' | ||||||||||
For the Year Ended | |||||||||||
December 31 | |||||||||||
2011 | 2012 | 2013 | |||||||||
(in thousands) | |||||||||||
Amortization expense | $ | 1,306 | $ | 340 | $ | — | |||||
Schedule of changes in the carrying amount of goodwill for the Company's reportable segments | ' | ||||||||||
Specialty | Outpatient | Total | |||||||||
Hospitals | Rehabilitation | ||||||||||
(in thousands) | |||||||||||
Balance as of January 1, 2012 | $ | 1,333,553 | $ | 298,163 | $ | 1,631,716 | |||||
Goodwill acquired during year | — | 9,151 | 9,151 | ||||||||
Other | (333 | ) | — | (333 | ) | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Balance as of December 31, 2012 | $ | 1,333,220 | $ | 307,314 | $ | 1,640,534 | |||||
Goodwill acquired during year | 1,395 | 837 | 2,232 | ||||||||
Purchase price adjustment | — | (133 | ) | (133 | ) | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Balance as of December 31, 2013 | $ | 1,334,615 | $ | 308,018 | $ | 1,642,633 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
LongTerm_Debt_and_Notes_Payabl1
Long-Term Debt and Notes Payable (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Schedule of components of long-term debt and notes payable | ' | |||||||
Holdings | ||||||||
December 31, | ||||||||
2012 | 2013 | |||||||
(in thousands) | ||||||||
75/8% senior subordinated notes | $ | 70,000 | $ | — | ||||
6.375% senior notes | — | 600,000 | ||||||
Senior secured credit facilities: | ||||||||
Revolving loan | 130,000 | 20,000 | ||||||
Term loans(1) | 1,096,641 | 807,815 | ||||||
Senior floating rate notes | 167,300 | — | ||||||
Other | 6,302 | 17,460 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total debt | 1,470,243 | 1,445,275 | ||||||
Less: current maturities | 11,646 | 17,565 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total long-term debt | $ | 1,458,597 | $ | 1,427,710 | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Schedule of maturities of the Company's long-term debt | ' | |||||||
Maturities of the Company's long-term debt for the years after 2013 are approximately as follows and are presented net of the discount on the senior secured credit facility term loans (in thousands): | ||||||||
2014 | $ | 17,565 | ||||||
2015 | 10,183 | |||||||
2016 | 296,232 | |||||||
2017 | 4,075 | |||||||
2018 | 515,820 | |||||||
2019 and beyond | 601,400 | |||||||
Select | ' | |||||||
Schedule of components of long-term debt and notes payable | ' | |||||||
Select | ||||||||
December 31, | ||||||||
2012 | 2013 | |||||||
(in thousands) | ||||||||
75/8% senior subordinated notes | $ | 70,000 | $ | — | ||||
6.375% senior notes | — | 600,000 | ||||||
Senior secured credit facilities: | ||||||||
Revolving loan | 130,000 | 20,000 | ||||||
Term loans(1) | 1,096,641 | 807,815 | ||||||
Other | 6,302 | 17,460 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total debt | 1,302,943 | 1,445,275 | ||||||
Less: current maturities | 11,646 | 17,565 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total long-term debt | $ | 1,291,297 | $ | 1,427,710 | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | ||||||||
Presented net of unamortized discount of $14.2 million and $6.3 million at December 31, 2012 and 2013, respectively. | ||||||||
Stock_Option_and_Restricted_St1
Stock Option and Restricted Stock Plans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Stock option and restricted stock plans | ' | ||||||||||||||||
Summary of stock option grants | ' | ||||||||||||||||
The following is a summary of stock option grants under the Plans and Director Plan from January 1, 2011 through December 31, 2013: | |||||||||||||||||
Number of Options | Exercise | Fair Value of | |||||||||||||||
Granted | Price | Common Stock | |||||||||||||||
(share amounts in thousands) | |||||||||||||||||
March 3, 2011 | 88 | 7.66 | 7.66 | ||||||||||||||
May 13, 2011 | 20 | 9 | 9 | ||||||||||||||
August 3, 2011 | 10 | 7.14 | 7.14 | ||||||||||||||
Summary of restricted stock issuances | ' | ||||||||||||||||
The following is a summary of restricted stock issuances from January 1, 2011 through December 31, 2013: | |||||||||||||||||
Number of Shares Issued | Fair Value of Common Stock | ||||||||||||||||
(share amounts in thousands) | |||||||||||||||||
August 3, 2011 | 25 | 7.14 | |||||||||||||||
November 3, 2011 | 190 | 8.61 | |||||||||||||||
December 15, 2011 | 350 | 8.57 | |||||||||||||||
March 26, 2012 | 65 | 8.33 | |||||||||||||||
May 2, 2012 | 129 | 8.67 | |||||||||||||||
August 7, 2012 | 38 | 11.84 | |||||||||||||||
October 30, 2012 | 530 | 10.75 | |||||||||||||||
January 2, 2013 | 5 | 9.9 | |||||||||||||||
February 20, 2013 | 35 | 8.8 | |||||||||||||||
May 1, 2013 | 115 | 8.06 | |||||||||||||||
August 7, 2013 | 38 | 8.89 | |||||||||||||||
October 30, 2013 | 760 | 8.5 | |||||||||||||||
Schedule of stock compensation expense for each of the next five years | ' | ||||||||||||||||
Stock compensation expense for each of the next five years, based on restricted stock awards granted as of December 31, 2013, is estimated to be as follows: | |||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||
(in thousands) | |||||||||||||||||
Stock compensation expense | $ | 7,740 | $ | 6,057 | $ | 3,061 | $ | 581 | $ | 40 | |||||||
Schedule of stock compensation expense recognized related to restricted stock and stock option awards | ' | ||||||||||||||||
For the Year Ended | |||||||||||||||||
December 31, | |||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||
(in thousands) | |||||||||||||||||
Stock compensation expense: | |||||||||||||||||
Included in general and administrative | $ | 1,996 | $ | 3,538 | $ | 5,276 | |||||||||||
Included in cost of services | 1,729 | 2,139 | 1,757 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
Total | $ | 3,725 | $ | 5,677 | $ | 7,033 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
Plans | ' | ||||||||||||||||
Stock option and restricted stock plans | ' | ||||||||||||||||
Schedule of stock option transactions and other information | ' | ||||||||||||||||
Price Per Share | Shares | Weighted | |||||||||||||||
Average | |||||||||||||||||
Exercise Price | |||||||||||||||||
(share amounts in thousands) | |||||||||||||||||
Balance, January 1, 2012 | $ | 3.33 - 10.00 | 2,730 | $ | 8.16 | ||||||||||||
Granted | — | — | — | ||||||||||||||
Exercised | 3.33 - 10.00 | (280 | ) | 6.07 | |||||||||||||
Canceled | 7.66 - 10.00 | (27 | ) | 8.18 | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
Balance, December 31, 2012 | $ | 3.33 - 10.00 | 2,423 | $ | 8.4 | ||||||||||||
Granted | — | — | — | ||||||||||||||
Exercised | 7.14 - 10.00 | (167 | ) | 9.15 | |||||||||||||
Canceled | 8.33 - 10.00 | (316 | ) | 9.13 | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
Balance, December 31, 2013 | $ | 3.33 - 10.00 | 1,940 | $ | 8.22 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
Schedule of additional information with respect to the outstanding options | ' | ||||||||||||||||
Additional information with respect to the outstanding options as of December 31, 2013 for the Plans is as follows: | |||||||||||||||||
Exercise Price | Number | Weighted Average | Number | ||||||||||||||
Outstanding | Remaining | Exercisable | |||||||||||||||
Contractual Life | |||||||||||||||||
(share amounts in thousands) | |||||||||||||||||
$  3.00 – 4.00 | 220 | 1.15 | 220 | ||||||||||||||
6.00 – 7.00 | 9 | 6.61 | 3 | ||||||||||||||
7.01 – 8.00 | 75 | 7.2 | 28 | ||||||||||||||
8.01 – 9.00 | 585 | 3.31 | 557 | ||||||||||||||
9.01 – 10.00 | 1,051 | 5.51 | 848 | ||||||||||||||
Director Plan | ' | ||||||||||||||||
Stock option and restricted stock plans | ' | ||||||||||||||||
Schedule of stock option transactions and other information | ' | ||||||||||||||||
Price Per Share | Shares | Weighted Average | |||||||||||||||
Exercise Price | |||||||||||||||||
(share amounts in thousands) | |||||||||||||||||
Balance, January 1, 2012 | $ | 3.33 - 10.00 | 63 | $ | 7.62 | ||||||||||||
Granted | — | — | — | ||||||||||||||
Exercised | 3.33 - 8.33 | (21 | ) | 5.47 | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
Balance, December 31, 2012 | $ | 3.33 - 10.00 | 42 | $ | 8.69 | ||||||||||||
Granted | — | — | — | ||||||||||||||
Exercised | — | — | — | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
Balance, December 31, 2013 | $ | 3.33 - 10.00 | 42 | $ | 8.69 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
Schedule of additional information with respect to the outstanding options | ' | ||||||||||||||||
Additional information with respect to the outstanding options as of December 31, 2013 for the Director Plan is as follows: | |||||||||||||||||
Exercise Price | Number | Weighted | Number | ||||||||||||||
Outstanding | Average | Exercisable | |||||||||||||||
Remaining | |||||||||||||||||
Contractual Life | |||||||||||||||||
(share amounts in thousands) | |||||||||||||||||
$ |   3.00 – 4.00 | 6 | 1.61 | 6 | |||||||||||||
8.00 – 9.00 | 9 | 3.37 | 9 | ||||||||||||||
9.01 – 10.00 | 27 | 5.12 | 25 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Income Taxes | ' | |||||||||||||||||||||
Schedule of significant components of the Company's tax provision | ' | |||||||||||||||||||||
Holdings | Select | |||||||||||||||||||||
For the Year Ended | For the Year Ended | |||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||
2011 | 2012 | 2013 | 2011 | 2012 | 2013 | |||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||
Current: | ||||||||||||||||||||||
Federal | $ | 29,991 | $ | 70,159 | $ | 55,847 | $ | 40,007 | $ | 74,076 | $ | 57,026 | ||||||||||
State and local | 5,672 | 11,589 | 11,913 | 5,672 | 11,589 | 11,913 | ||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||
Total current | 35,663 | 81,748 | 67,760 | 45,679 | 85,665 | 68,939 | ||||||||||||||||
Deferred | 35,305 | 7,909 | 7,032 | 35,305 | 7,909 | 7,032 | ||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||
Total income tax provision | $ | 70,968 | $ | 89,657 | $ | 74,792 | $ | 80,984 | $ | 93,574 | $ | 75,971 | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||
Schedule of differences between the expected income tax provision and income taxes computed at the federal statutory rate | ' | |||||||||||||||||||||
Holdings | Select | |||||||||||||||||||||
For the Year Ended | For the Year Ended | |||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||
2011 | 2012 | 2013 | 2011 | 2012 | 2013 | |||||||||||||||||
Expected federal tax rate | 35 | % | 35 | % | 35 | % | 35 | % | 35 | % | 35 | % | ||||||||||
State and local taxes, net of federal benefit | 4.5 | 4.2 | 4.6 | 3.9 | 4 | 4.5 | ||||||||||||||||
Other permanent differences | 1 | 0.6 | 1.1 | 0.9 | 0.6 | 1.1 | ||||||||||||||||
Valuation allowance | (0.5 | ) | (0.6 | ) | (0.7 | ) | (0.4 | ) | (0.6 | ) | (0.6 | ) | ||||||||||
Uncertain tax positions | (3.6 | ) | (0.5 | ) | (0.6 | ) | (3.1 | ) | (0.5 | ) | (0.6 | ) | ||||||||||
IRS audit settlements | — | (0.6 | ) | — | — | (0.5 | ) | — | ||||||||||||||
Non-controlling interest | (1.1 | ) | (0.9 | ) | (1.7 | ) | (0.9 | ) | (0.9 | ) | (1.7 | ) | ||||||||||
Sale of entities | 3.1 | — | — | 2.7 | — | — | ||||||||||||||||
Other | 0.2 | (0.4 | ) | 0.1 | — | (0.4 | ) | 0.1 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||
Total | 38.6 | % | 36.8 | % | 37.8 | % | 38.1 | % | 36.7 | % | 37.8 | % | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||
Summary of deferred tax assets and liabilities for Holdings and Select | ' | |||||||||||||||||||||
December 31, 2012 | December 31, 2013 | |||||||||||||||||||||
Total | Current | Non-Current | Total | Current | Non-Current | |||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Deferred tax assets | ||||||||||||||||||||||
Allowance for doubtful accounts | $ | 1,496 | $ | 1,496 | $ | — | $ | 1,484 | $ | 1,484 | $ | — | ||||||||||
Compensation and benefit related accruals | 45,784 | 38,254 | 7,530 | 45,147 | 35,706 | 9,441 | ||||||||||||||||
Professional malpractice liability insurance | 17,005 | 5,003 | 12,002 | 20,333 | 6,382 | 13,951 | ||||||||||||||||
Restructuring reserve | 679 | 679 | — | 441 | 441 | — | ||||||||||||||||
Net operating loss carryforwards | 24,543 | 777 | 23,766 | 22,686 | 422 | 22,264 | ||||||||||||||||
Other | 1,025 | 996 | 29 | 630 | 630 | — | ||||||||||||||||
Stock options | 4,089 | — | 4,089 | 4,392 | — | 4,392 | ||||||||||||||||
Uncertain tax positions | 2,661 | — | 2,661 | 2,107 | — | 2,107 | ||||||||||||||||
Total deferred tax assets | 97,282 | 47,205 | 50,077 | 97,220 | 45,065 | 52,155 | ||||||||||||||||
Deferred tax liabilities | ||||||||||||||||||||||
Deferred income | (33,188 | ) | (26,253 | ) | (6,935 | ) | (31,832 | ) | (24,897 | ) | (6,935 | ) | ||||||||||
Other | (1,311 | ) | (118 | ) | (1,193 | ) | (2,620 | ) | (230 | ) | (2,390 | ) | ||||||||||
Depreciation and amortization | (121,075 | ) | — | (121,075 | ) | (130,884 | ) | — | (130,884 | ) | ||||||||||||
Total deferred tax liabilities | (155,574 | ) | (26,371 | ) | (129,203 | ) | (165,336 | ) | (25,127 | ) | (140,209 | ) | ||||||||||
Net deferred taxes before valuation allowance | (58,292 | ) | 20,834 | (79,126 | ) | (68,116 | ) | 19,938 | (88,054 | ) | ||||||||||||
Valuation allowance | (13,341 | ) | (2,957 | ) | (10,384 | ) | (10,547 | ) | (2,314 | ) | (8,233 | ) | ||||||||||
Net deferred taxes | $ | (71,633 | ) | $ | 17,877 | $ | (89,510 | ) | $ | (78,663 | ) | $ | 17,624 | $ | (96,287 | ) | ||||||
Schedule of state net operating loss carry forwards | ' | |||||||||||||||||||||
State Net Operating Losses | Gross Valuation Allowance | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
2014 | $ | 5,427 | $ | 5,401 | ||||||||||||||||||
2015 | 8,333 | 7,980 | ||||||||||||||||||||
2016 | 11,238 | 9,728 | ||||||||||||||||||||
2017 | 12,834 | 11,092 | ||||||||||||||||||||
Thereafter through 2033 | 473,034 | 355,392 | ||||||||||||||||||||
Schedule of reconciliation of the Company's unrecognized tax benefits | ' | |||||||||||||||||||||
The reconciliation of the Company's unrecognized tax benefits is as follows (in thousands): | ||||||||||||||||||||||
Gross tax contingencies — January 1, 2011 | $ | 22,310 | ||||||||||||||||||||
Reductions for tax positions taken in prior periods due primarily to statute expiration | (2,706 | ) | ||||||||||||||||||||
Reductions for tax positions taken in prior periods due to change in estimate | (7,012 | ) | ||||||||||||||||||||
Additions for existing tax positions taken | 3,064 | |||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ||||||||||||||||||
Gross tax contingencies — December 31, 2011 | 15,656 | |||||||||||||||||||||
Reductions for tax positions taken in prior periods due primarily to statute expiration | (2,516 | ) | ||||||||||||||||||||
Additions for existing tax positions taken | 750 | |||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ||||||||||||||||||
Gross tax contingencies — December 31, 2012 | 13,890 | |||||||||||||||||||||
Reductions for tax positions taken in prior periods due primarily to statute expiration | (2,299 | ) | ||||||||||||||||||||
Additions for existing tax positions taken | 435 | |||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ||||||||||||||||||
Gross tax contingencies — December 31, 2013 | $ | 12,026 | ||||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ||||||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Segment Information | ' | ||||||||||||||||
Schedule of selected financial data for the Company's reportable segments | ' | ||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||
Specialty | Outpatient | Other | Total | ||||||||||||||
Hospitals | Rehabilitation | ||||||||||||||||
(in thousands) | |||||||||||||||||
Net revenue | $ | 2,095,519 | $ | 708,867 | $ | 121 | $ | 2,804,507 | |||||||||
Adjusted EBITDA | 362,334 | 83,864 | (60,237 | ) | 385,961 | ||||||||||||
Total assets(1): | |||||||||||||||||
Select | 2,187,767 | 486,589 | 96,382 | 2,770,738 | |||||||||||||
Holdings | 2,187,767 | 486,589 | 97,791 | 2,772,147 | |||||||||||||
Capital expenditures | 30,464 | 12,135 | 3,417 | 46,016 | |||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||
Specialty | Outpatient | Other | Total | ||||||||||||||
Hospitals | Rehabilitation | ||||||||||||||||
(in thousands) | |||||||||||||||||
Net revenue | $ | 2,197,529 | $ | 751,317 | $ | 123 | $ | 2,948,969 | |||||||||
Adjusted EBITDA | 381,354 | 87,024 | (62,531 | ) | 405,847 | ||||||||||||
Total assets(1): | |||||||||||||||||
Select | 2,143,906 | 491,920 | 124,487 | 2,760,313 | |||||||||||||
Holdings | 2,143,906 | 491,920 | 125,535 | 2,761,361 | |||||||||||||
Capital expenditures | 50,005 | 13,209 | 4,971 | 68,185 | |||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
Specialty | Outpatient | Other | Total | ||||||||||||||
Hospitals | Rehabilitation | ||||||||||||||||
(in thousands) | |||||||||||||||||
Net revenue | $ | 2,198,121 | $ | 777,177 | $ | 350 | $ | 2,975,648 | |||||||||
Adjusted EBITDA | 353,843 | 90,313 | (71,295 | ) | 372,861 | ||||||||||||
Total assets(1): | |||||||||||||||||
Select | 2,205,921 | 512,539 | 99,162 | 2,817,622 | |||||||||||||
Holdings | 2,205,921 | 512,539 | 99,162 | 2,817,622 | |||||||||||||
Capital expenditures | 56,523 | 14,113 | 3,024 | 73,660 | |||||||||||||
-1 | |||||||||||||||||
The specialty hospital segment includes $2.7 million in real estate assets held for sale on December 31, 2011, 2012 and 2013. | |||||||||||||||||
Schedule of reconciliation of Adjusted EBITDA to income before income taxes | ' | ||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||
Specialty | Outpatient | Other | |||||||||||||||
Hospitals | Rehabilitation | ||||||||||||||||
(in thousands) | |||||||||||||||||
Adjusted EBITDA | $ | 362,334 | $ | 83,864 | $ | (60,237 | ) | ||||||||||
Depreciation and amortization | (50,629 | ) | (16,487 | ) | (4,401 | ) | |||||||||||
Stock compensation expense | — | — | (3,725 | ) | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Holdings | Select | ||||||||||||||||
Income (loss) from operations | $ | 311,705 | $ | 67,377 | $ | (68,363 | ) | $ | 310,719 | $ | 310,719 | ||||||
Loss on early retirement of debt | (31,018 | ) | (20,385 | ) | |||||||||||||
Equity in earnings of unconsolidated subsidiaries | 2,923 | 2,923 | |||||||||||||||
Interest expense, net | (98,894 | ) | (80,910 | ) | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Income before income taxes | $ | 183,730 | $ | 212,347 | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Year Ended December 31, 2012 | |||||||||||||||||
Specialty | Outpatient | Other | |||||||||||||||
Hospitals | Rehabilitation | ||||||||||||||||
(in thousands) | |||||||||||||||||
Adjusted EBITDA | $ | 381,354 | $ | 87,024 | $ | (62,531 | ) | ||||||||||
Depreciation and amortization | (46,836 | ) | (13,208 | ) | (3,267 | ) | |||||||||||
Stock compensation expense | — | — | (5,677 | ) | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Holdings | Select | ||||||||||||||||
Income (loss) from operations | $ | 334,518 | $ | 73,816 | $ | (71,475 | ) | $ | 336,859 | $ | 336,859 | ||||||
Loss on early retirement of debt | (6,064 | ) | (6,064 | ) | |||||||||||||
Equity in earnings of unconsolidated subsidiaries | 7,705 | 7,705 | |||||||||||||||
Interest expense, net | (94,950 | ) | (83,759 | ) | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Income before income taxes | $ | 243,550 | $ | 254,741 | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Year Ended December 31, 2013 | |||||||||||||||||
Specialty | Outpatient | Other | |||||||||||||||
Hospitals | Rehabilitation | ||||||||||||||||
(in thousands) | |||||||||||||||||
Adjusted EBITDA | $ | 353,843 | $ | 90,313 | $ | (71,295 | ) | ||||||||||
Depreciation and amortization | (48,621 | ) | (12,024 | ) | (3,747 | ) | |||||||||||
Stock compensation expense | — | — | (7,033 | ) | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Holdings | Select | ||||||||||||||||
Income (loss) from operations | $ | 305,222 | $ | 78,289 | $ | (82,075 | ) | $ | 301,436 | $ | 301,436 | ||||||
Loss on early retirement of debt | (18,747 | ) | (17,788 | ) | |||||||||||||
Equity in earnings of unconsolidated subsidiaries | 2,476 | 2,476 | |||||||||||||||
Interest expense, net | (87,364 | ) | (84,954 | ) | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Income before income taxes | $ | 197,801 | $ | 201,170 | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Income_per_Share_Tables
Income per Share (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Income per Share | ' | ||||||||||
Schedule of computation of basic and diluted income per common share | ' | ||||||||||
For the Year Ended December 31, | |||||||||||
2011 | 2012 | 2013 | |||||||||
(in thousands, except per share amounts) | |||||||||||
Numerator: | |||||||||||
Net income attributable to Select Medical Holdings Corporation | $ | 107,846 | $ | 148,230 | $ | 114,390 | |||||
Less: Earnings allocated to unvested restricted stockholders | 1,205 | 2,514 | 2,450 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net income available to common stockholders | $ | 106,641 | $ | 145,716 | $ | 111,940 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Denominator: | |||||||||||
Weighted average shares — basic | 150,501 | 138,767 | 136,879 | ||||||||
Effect of dilutive securities: | |||||||||||
Stock options | 224 | 275 | 168 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Weighted average shares — diluted | 150,725 | 139,042 | 137,047 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Basic income per common share: | $ | 0.71 | $ | 1.05 | $ | 0.82 | |||||
Diluted income per common share: | $ | 0.71 | $ | 1.05 | $ | 0.82 | |||||
Schedule of anti-dilutive shares excluded from computation | ' | ||||||||||
For the Year Ended December 31, | |||||||||||
2011 | 2012 | 2013 | |||||||||
(in thousands) | |||||||||||
Stock options | 2,414 | 1,654 | 1,474 |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Related Party Transactions | ' | ||||||||||
Schedule of future rental commitments under outstanding agreements with the affiliated companies | ' | ||||||||||
As of December 31, 2013, future rental commitments under outstanding agreements with the affiliated companies are approximately as follows (in thousands): | |||||||||||
2014 | $ | 3,758 | |||||||||
2015 | 3,792 | ||||||||||
2016 | 3,828 | ||||||||||
2017 | 3,865 | ||||||||||
2018 | 3,950 | ||||||||||
Thereafter | 17,047 | ||||||||||
​ | ​ | ​ | ​ | ​ | |||||||
$ | 36,240 | ||||||||||
​ | ​ | ​ | ​ | ​ | |||||||
​ | ​ | ​ | ​ | ​ | |||||||
Schedule of net operating revenues generated from the provision of contracted services and management fees to related parties | ' | ||||||||||
For the Year Ended | |||||||||||
December 31, | |||||||||||
2011 | 2012 | 2013 | |||||||||
(in thousands) | |||||||||||
BIR JV, LLP | $ | 53,309 | $ | 92,205 | $ | 96,465 | |||||
Rehabilitation Institute of Denton, LLC | 7,292 | 8,133 | 7,163 | ||||||||
OHRH, LLC | — | — | 2,069 | ||||||||
Global Rehab — Scottsdale, LLC. | — | — | 4,129 | ||||||||
Amplion Clinical Communications, Inc. | — | 305 | 1,534 | ||||||||
Other | 150 | 140 | 310 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total | $ | 60,751 | $ | 100,783 | $ | 111,670 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies | ' | ||||
Schedule of minimum future lease obligations on long-term non-cancelable operating leases | ' | ||||
Minimum future lease obligations on long-term non-cancelable operating leases in effect at December 31, 2013 are approximately as follows (in thousands): | |||||
2014 | $ | 125,611 | |||
2015 | 98,100 | ||||
2016 | 77,724 | ||||
2017 | 63,517 | ||||
2018 | 51,104 | ||||
Thereafter | 364,253 | ||||
​ | ​ | ​ | ​ | ​ | |
$ | 780,309 | ||||
​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | |
Supplemental_Disclosures_of_Ca1
Supplemental Disclosures of Cash Flow Information (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Schedule of non-cash investing and financing activities | ' | ||||||||||
Holdings | |||||||||||
For the Year Ended | |||||||||||
December 31, | |||||||||||
2011 | 2012 | 2013 | |||||||||
(in thousands) | |||||||||||
Notes issued with acquisitions(1) | $ | 1,020 | $ | 1,844 | $ | 3,283 | |||||
Liabilities assumed with acquisitions(1) | 701 | 107 | 885 | ||||||||
Contingent consideration related to acquisitions(1) | — | 1,500 | 100 | ||||||||
Notes related to investment in business | — | — | 3,399 | ||||||||
Select | ' | ||||||||||
Schedule of non-cash investing and financing activities | ' | ||||||||||
Select | |||||||||||
For the Year Ended | |||||||||||
December 31, | |||||||||||
2011 | 2012 | 2013 | |||||||||
(in thousands) | |||||||||||
Dividends declared to Holdings by Select(2) | $ | (5,240 | ) | $ | (5,240 | ) | $ | — | |||
Notes issued with acquisitions(1) | 1,020 | 1,844 | 3,283 | ||||||||
Liabilities assumed with acquisitions(1) | 701 | 107 | 885 | ||||||||
Contingent consideration related to acquisitions(1) | — | 1,500 | 100 | ||||||||
Notes related to investment in business | — | — | 3,399 | ||||||||
-1 | |||||||||||
Refer to Footnote 2 — Acquisitions. | |||||||||||
-2 | |||||||||||
Recorded in accrued other liabilities on the consolidated balance sheet of Select. | |||||||||||
Financial_Information_for_Subs1
Financial Information for Subsidiary Guarantors and Non-Guarantor Subsidiaries under Select's 6.375% Senior Notes (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Financial Information for Subsidiary Guarantors and Non-Guarantor Subsidiaries under Select's 6.375% Senior Notes | ' | ||||||||||||||||
Schedule of Condensed Consolidating Balance Sheet | ' | ||||||||||||||||
Select Medical Corporation | |||||||||||||||||
Consolidating Balance Sheet | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Select Medical | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||
Corporation (Parent | Guarantors | Subsidiaries | |||||||||||||||
Company Only) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Assets | |||||||||||||||||
Current Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 71 | $ | 3,098 | $ | 1,150 | $ | — | $ | 4,319 | |||||||
Accounts receivable, net | — | 337,517 | 54,452 | -650 | (a) | 391,319 | |||||||||||
Current deferred tax asset | 7,965 | 5,214 | 4,445 | — | 17,624 | ||||||||||||
Intercompany receivables | — | 1,079,736 | 105,028 | -1,184,764 | (b) | — | |||||||||||
Other current assets | 9,745 | 26,545 | 4,850 | — | 41,140 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Current Assets | 17,781 | 1,452,110 | 169,925 | (1,185,414 | ) | 454,402 | |||||||||||
Property and equipment, net | 15,624 | 434,040 | 59,438 | — | 509,102 | ||||||||||||
Investment in affiliates | 3,059,581 | 83,012 | — | -3,142,593 | (c)(d) | — | |||||||||||
Goodwill | — | 1,642,633 | — | — | 1,642,633 | ||||||||||||
Non-current deferred tax asset | 7,662 | — | — | -7,662 | (e) | — | |||||||||||
Other identifiable intangibles | — | 71,907 | — | — | 71,907 | ||||||||||||
Other assets | 35,274 | 103,696 | 608 | — | 139,578 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Assets | $ | 3,135,922 | $ | 3,787,398 | $ | 229,971 | $ | (4,335,669 | ) | $ | 2,817,622 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Liabilities and Equity | |||||||||||||||||
Current Liabilities: | |||||||||||||||||
Bank overdrafts | $ | 12,506 | $ | — | $ | — | $ | — | $ | 12,506 | |||||||
Current portion of long-term debt and notes payable | 9,107 | 7,317 | 1,141 | — | 17,565 | ||||||||||||
Accounts payable | 6,749 | 68,574 | 12,962 | — | 88,285 | ||||||||||||
Intercompany payables | 1,184,764 | — | — | -1,184,764 | (b) | — | |||||||||||
Accrued payroll | 1,167 | 88,599 | 245 | — | 90,011 | ||||||||||||
Accrued vacation | 4,619 | 47,682 | 7,429 | — | 59,730 | ||||||||||||
Accrued interest | 11,076 | 1,221 | — | — | 12,297 | ||||||||||||
Accrued other | 59,249 | 23,493 | 7,729 | — | 90,471 | ||||||||||||
Income taxes payable | 622 | — | — | — | 622 | ||||||||||||
Due to third party payors | — | 1 | 686 | -650 | (a) | 37 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Current Liabilities | 1,289,859 | 236,887 | 30,192 | (1,185,414 | ) | 371,524 | |||||||||||
Long-term debt, net of current portion | 1,006,201 | 364,060 | 57,449 | — | 1,427,710 | ||||||||||||
Non-current deferred tax liability | — | 96,111 | 7,838 | -7,662 | (e) | 96,287 | |||||||||||
Other non-current liabilities | 53,628 | 33,123 | 5,124 | — | 91,875 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Liabilities | 2,349,688 | 730,181 | 100,603 | (1,193,076 | ) | 1,987,396 | |||||||||||
Redeemable non-controlling interests | — | — | 11,584 | — | 11,584 | ||||||||||||
Stockholder's Equity: | |||||||||||||||||
Common stock | 0 | — | — | — | 0 | ||||||||||||
Capital in excess of par | 869,576 | — | — | — | 869,576 | ||||||||||||
Retained earnings | (83,342 | ) | 920,694 | 21,186 | -941,880 | (d) | (83,342 | ) | |||||||||
Subsidiary investment | — | 2,136,523 | 64,190 | -2,200,713 | (c) | — | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Select Medical Corporation Stockholder's Equity | 786,234 | 3,057,217 | 85,376 | (3,142,593 | ) | 786,234 | |||||||||||
Non-controlling interests | — | — | 32,408 | — | 32,408 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Equity | 786,234 | 3,057,217 | 117,784 | (3,142,593 | ) | 818,642 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Liabilities and Equity | $ | 3,135,922 | $ | 3,787,398 | $ | 229,971 | $ | (4,335,669 | ) | $ | 2,817,622 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
(a) | |||||||||||||||||
Reclass portion of due to third party payor to accounts receivable net in consolidation. | |||||||||||||||||
(b) | |||||||||||||||||
Elimination of intercompany. | |||||||||||||||||
(c) | |||||||||||||||||
Elimination of investments in consolidated subsidiaries. | |||||||||||||||||
(d) | |||||||||||||||||
Elimination of investments in consolidated subsidiaries' earnings. | |||||||||||||||||
(e) | |||||||||||||||||
Reclass of non-current deferred tax assset to report net non-current deferred tax liability in consolidation. | |||||||||||||||||
Select Medical Corporation | |||||||||||||||||
Consolidating Balance Sheet | |||||||||||||||||
December 31, 2012 | |||||||||||||||||
Select Medical | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||
Corporation (Parent | Guarantors | Subsidiaries | |||||||||||||||
Company Only) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Assets | |||||||||||||||||
Current Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 35,070 | $ | 3,734 | $ | 1,340 | $ | — | $ | 40,144 | |||||||
Accounts receivable, net | — | 308,043 | 53,531 | -1,645 | (a) | 359,929 | |||||||||||
Current deferred tax asset | 12,383 | 1,060 | 4,434 | — | 17,877 | ||||||||||||
Prepaid income taxes | 3,895 | — | — | — | 3,895 | ||||||||||||
Intercompany receivables | — | 1,021,479 | 102,694 | (1,124,173 | )(b) | — | |||||||||||
Other current assets | 5,600 | 19,655 | 6,563 | — | 31,818 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Current Assets | 56,948 | 1,353,971 | 168,562 | (1,125,818 | ) | 453,663 | |||||||||||
Property and equipment, net | 16,344 | 425,677 | 59,531 | — | 501,552 | ||||||||||||
Investment in affiliates | 2,930,022 | 82,475 | — | (3,012,497 | )(c)(d) | — | |||||||||||
Goodwill | — | 1,640,534 | — | — | 1,640,534 | ||||||||||||
Other identifiable intangibles | — | 71,745 | — | — | 71,745 | ||||||||||||
Non-current deferred tax asset | 5,107 | — | — | -5,107 | (e) | — | |||||||||||
Other assets | 28,680 | 63,447 | 692 | — | 92,819 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Assets | $ | 3,037,101 | $ | 3,637,849 | $ | 228,785 | $ | (4,143,422 | ) | $ | 2,760,313 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Liabilities and Equity | |||||||||||||||||
Current Liabilities: | |||||||||||||||||
Bank overdrafts | $ | 17,836 | $ | — | $ | — | $ | — | $ | 17,836 | |||||||
Current portion of long-term debt and notes payable | 8,916 | 1,059 | 1,671 | — | 11,646 | ||||||||||||
Accounts payable | 4,674 | 72,213 | 12,660 | — | 89,547 | ||||||||||||
Intercompany payables | 1,124,173 | — | — | -1,124,173 | (b) | — | |||||||||||
Accrued payroll | 186 | 88,096 | 304 | — | 88,586 | ||||||||||||
Accrued vacation | 4,249 | 44,508 | 6,957 | — | 55,714 | ||||||||||||
Accrued interest | 17,955 | 804 | — | — | 18,759 | ||||||||||||
Accrued other | 55,206 | 31,343 | 5,534 | — | 92,083 | ||||||||||||
Due to third party payors | — | — | 2,723 | -1,645 | (a) | 1,078 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Current Liabilities | 1,233,195 | 238,023 | 29,849 | (1,125,818 | ) | 375,249 | |||||||||||
Long-term debt, net of current portion | 872,671 | 358,104 | 60,522 | — | 1,291,297 | ||||||||||||
Non-current deferred tax liability | — | 85,287 | 9,330 | -5,107 | (e) | 89,510 | |||||||||||
Other non-current liabilities | 49,918 | 28,808 | 4,973 | — | 83,699 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Liabilities | 2,155,784 | 710,222 | 104,674 | (1,130,925 | ) | 1,839,755 | |||||||||||
Redeemable non-controlling interests | — | — | 10,811 | — | 10,811 | ||||||||||||
Stockholder's Equity: | |||||||||||||||||
Common stock | 0 | — | — | — | 0 | ||||||||||||
Capital in excess of par | 859,839 | — | — | — | 859,839 | ||||||||||||
Retained earnings | 21,478 | 790,692 | 21,197 | -811,889 | (d) | 21,478 | |||||||||||
Subsidiary investment | — | 2,136,935 | 63,673 | -2,200,608 | (c) | — | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Select Medical Corporation Stockholder's Equity | 881,317 | 2,927,627 | 84,870 | (3,012,497 | ) | 881,317 | |||||||||||
Non-controlling interests | — | — | 28,430 | — | 28,430 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Equity | 881,317 | 2,927,627 | 113,300 | (3,012,497 | ) | 909,747 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Liabilities and Equity | $ | 3,037,101 | $ | 3,637,849 | $ | 228,785 | $ | (4,143,422 | ) | $ | 2,760,313 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
(a) | |||||||||||||||||
Reclass portion of due to third party payor to accounts receivable net in consolidation. | |||||||||||||||||
(b) | |||||||||||||||||
Elimination of intercompany. | |||||||||||||||||
(c) | |||||||||||||||||
Elimination of investments in consolidated subsidiaries. | |||||||||||||||||
(d) | |||||||||||||||||
Elimination of investments in consolidated subsidiaries' earnings. | |||||||||||||||||
(e) | |||||||||||||||||
Reclass of non-current deferred tax asset to report net non-current deferred tax liability in consolidation. | |||||||||||||||||
Schedule of Condensed Consolidating Statement of Operations | ' | ||||||||||||||||
Select Medical Corporation | |||||||||||||||||
Consolidating Statement of Operations | |||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||
Select Medical | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||
Corporation (Parent | Guarantors | Subsidiaries | |||||||||||||||
Company Only) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Net operating revenues | $ | 350 | $ | 2,553,505 | $ | 421,793 | $ | — | $ | 2,975,648 | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Costs and expenses: | |||||||||||||||||
Cost of services | 1,757 | 2,135,754 | 357,965 | — | 2,495,476 | ||||||||||||
General and administrative | 76,709 | 212 | — | — | 76,921 | ||||||||||||
Bad debt expense | — | 31,003 | 6,420 | — | 37,423 | ||||||||||||
Depreciation and amortization | 3,746 | 50,982 | 9,664 | — | 64,392 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total costs and expenses | 82,212 | 2,217,951 | 374,049 | — | 2,674,212 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Income (loss) from operations | (81,862 | ) | 335,554 | 47,744 | — | 301,436 | |||||||||||
Other income and expense: | |||||||||||||||||
Intercompany interest and royalty fees | (1,326 | ) | 1,339 | (13 | ) | — | — | ||||||||||
Intercompany management fees | 144,447 | (125,361 | ) | (19,086 | ) | — | — | ||||||||||
Equity in earnings of unconsolidated subsidiaries | — | 2,384 | 92 | — | 2,476 | ||||||||||||
Loss on early retirement of debt | (17,788 | ) | — | — | — | (17,788 | ) | ||||||||||
Interest expense | (58,100 | ) | (22,760 | ) | (4,094 | ) | — | (84,954 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Income (loss) from operations before income taxes | (14,629 | ) | 191,156 | 24,643 | — | 201,170 | |||||||||||
Income tax expense (benefit) | (1,238 | ) | 76,870 | 339 | — | 75,971 | |||||||||||
Equity in earnings of subsidiaries | 129,971 | 15,716 | — | -145,687 | (a) | — | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net income | 116,580 | 130,002 | 24,304 | (145,687 | ) | 125,199 | |||||||||||
Less: Net income attributable to non-controlling interests | — | — | 8,619 | — | 8,619 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net income attributable to Select Medical Corporation | $ | 116,580 | $ | 130,002 | $ | 15,685 | $ | (145,687 | ) | $ | 116,580 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
(a) | |||||||||||||||||
Elimination of equity in earnings of subsidiaries. | |||||||||||||||||
Consolidating Statement of Operations | |||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||
Select Medical | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||
Corporation (Parent | Guarantors | Subsidiaries | |||||||||||||||
Company Only) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Net operating revenues | $ | 123 | $ | 2,549,896 | $ | 398,950 | $ | — | $ | 2,948,969 | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Costs and expenses: | |||||||||||||||||
Cost of services | 2,139 | 2,099,734 | 341,677 | — | 2,443,550 | ||||||||||||
General and administrative | 67,402 | (1,208 | ) | — | — | 66,194 | |||||||||||
Bad debt expense | — | 33,595 | 5,460 | — | 39,055 | ||||||||||||
Depreciation and amortization | 3,267 | 50,734 | 9,310 | — | 63,311 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total costs and expenses | 72,808 | 2,182,855 | 356,447 | — | 2,612,110 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Income (loss) from operations | (72,685 | ) | 367,041 | 42,503 | — | 336,859 | |||||||||||
Other income and expense: | |||||||||||||||||
Intercompany interest and royalty fees | (2,532 | ) | 2,494 | 38 | — | — | |||||||||||
Intercompany management fees | 120,276 | (102,096 | ) | (18,180 | ) | — | — | ||||||||||
Loss on early retirement of debt | (6,064 | ) | — | — | — | (6,064 | ) | ||||||||||
Equity in earnings of unconsolidated subsidiaries | — | 7,637 | 68 | — | 7,705 | ||||||||||||
Interest expense | (54,167 | ) | (25,348 | ) | (4,244 | ) | — | (83,759 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Income (loss) from operations before income taxes | (15,172 | ) | 249,728 | 20,185 | — | 254,741 | |||||||||||
Income tax expense (benefit) | (8,206 | ) | 101,795 | (15 | ) | — | 93,574 | ||||||||||
Equity in earnings of subsidiaries | 162,470 | 15,639 | — | (178,109 | )(a) | — | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net income | 155,504 | 163,572 | 20,200 | (178,109 | ) | 161,167 | |||||||||||
Less: Net income attributable to non-controlling interests | — | — | 5,663 | — | 5,663 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net income attributable to Select Medical Corporation | $ | 155,504 | $ | 163,572 | $ | 14,537 | $ | (178,109 | ) | $ | 155,504 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
(a) | |||||||||||||||||
Elimination of equity in earnings of subsidiaries. | |||||||||||||||||
Consolidating Statement of Operations | |||||||||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||
Select Medical | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||
Corporation (Parent | Guarantors | Subsidiaries | |||||||||||||||
Company Only) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Net operating revenues | $ | 121 | $ | 2,436,177 | $ | 368,209 | $ | — | $ | 2,804,507 | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Costs and expenses: | |||||||||||||||||
Cost of services | 1,729 | 1,996,671 | 310,170 | — | 2,308,570 | ||||||||||||
General and administrative | 61,995 | 359 | — | — | 62,354 | ||||||||||||
Bad debt expense | — | 44,300 | 7,047 | — | 51,347 | ||||||||||||
Depreciation and amortization | 4,115 | 58,064 | 9,338 | — | 71,517 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total costs and expenses | 67,839 | 2,099,394 | 326,555 | — | 2,493,788 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Income (loss) from operations | (67,718 | ) | 336,783 | 41,654 | — | 310,719 | |||||||||||
Other income and expense: | |||||||||||||||||
Intercompany interest and royalty fees | (3,408 | ) | 3,382 | 26 | — | — | |||||||||||
Intercompany management fees | 120,013 | (102,970 | ) | (17,043 | ) | — | — | ||||||||||
Loss on early retirement of debt | (20,385 | ) | — | — | — | (20,385 | ) | ||||||||||
Equity in earnings of unconsolidated subsidiaries | — | 2,870 | 53 | — | 2,923 | ||||||||||||
Interest income | 132 | 122 | 68 | — | 322 | ||||||||||||
Interest expense | (41,817 | ) | (34,612 | ) | (4,803 | ) | — | (81,232 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Income (loss) before income taxes | (13,183 | ) | 205,575 | 19,955 | — | 212,347 | |||||||||||
Income tax expense (benefit) | (12,821 | ) | 92,561 | 1,244 | — | 80,984 | |||||||||||
Equity in earnings of subsidiaries | 126,809 | 13,406 | — | -140,215 | (a) | — | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net income | 126,447 | 126,420 | 18,711 | (140,215 | ) | 131,363 | |||||||||||
Less: Net income attributable to non-controlling interests | — | — | 4,916 | — | 4,916 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net income attributable to Select Medical Corporation | $ | 126,447 | $ | 126,420 | $ | 13,795 | $ | (140,215 | ) | $ | 126,447 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
(a) | |||||||||||||||||
Elimination of equity in earnings of subsidiaries. | |||||||||||||||||
Schedule of Condensed Consolidating Statement of Cash Flows | ' | ||||||||||||||||
Consolidating Statement of Cash Flows | |||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||
Select Medical | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||
Corporation (Parent | Guarantors | Subsidiaries | |||||||||||||||
Company Only) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Operating activities | |||||||||||||||||
Net income | $ | 116,580 | $ | 130,002 | $ | 24,304 | $ | (145,687 | )(a) | $ | 125,199 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 3,746 | 50,982 | 9,664 | — | 64,392 | ||||||||||||
Provision for bad debts | — | 31,003 | 6,420 | — | 37,423 | ||||||||||||
Equity in earnings of unconsolidated subsidiaires | — | (2,384 | ) | (92 | ) | — | (2,476 | ) | |||||||||
Loss on early retirement of debt | 17,788 | — | — | — | 17,788 | ||||||||||||
Gain from disposal or sale of assets | — | (463 | ) | (118 | ) | — | (581 | ) | |||||||||
Non-cash stock compensation expense | 7,033 | — | — | — | 7,033 | ||||||||||||
Amortization of debt discount and issuance costs | 8,344 | — | — | — | 8,344 | ||||||||||||
Deferred income taxes | 7,032 | — | — | — | 7,032 | ||||||||||||
Changes in operating assets and liabilities, net of effects from acquisition of businesses: | |||||||||||||||||
Equity in earnings of subsidiaries | (129,971 | ) | (15,716 | ) | — | 145,687 | (a) | — | |||||||||
Accounts receivable | — | (59,804 | ) | (7,341 | ) | — | (67,145 | ) | |||||||||
Other current assets | (4,145 | ) | (5,735 | ) | 1,713 | — | (8,167 | ) | |||||||||
Other assets | (6,594 | ) | 3,026 | 84 | — | (3,484 | ) | ||||||||||
Accounts payable | 2,075 | (3,660 | ) | 302 | — | (1,283 | ) | ||||||||||
Due to third-party payors | — | 996 | (2,037 | ) | — | (1,041 | ) | ||||||||||
Accrued expenses | (4,929 | ) | 20,609 | (612 | ) | — | 15,068 | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net cash provided by operating activities | 16,959 | 148,856 | 32,287 | — | 198,102 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Investing activities | |||||||||||||||||
Purchases of property and equipment | (3,024 | ) | (60,532 | ) | (10,104 | ) | — | (73,660 | ) | ||||||||
Investment in businesses, net of distributions | — | (34,893 | ) | — | — | (34,893 | ) | ||||||||||
Acquisition of businesses, net of cash acquired | — | (1,665 | ) | — | — | (1,665 | ) | ||||||||||
Proceeds from sale of assets | — | 2,456 | 456 | — | 2,912 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net cash used in investing activities | (3,024 | ) | (94,634 | ) | (9,648 | ) | — | (107,306 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Financing activities | |||||||||||||||||
Borrowings on revolving credit facility | 690,000 | — | — | — | 690,000 | ||||||||||||
Payments on revolving credit facility | (800,000 | ) | — | — | — | (800,000 | ) | ||||||||||
Borrowings on credit facility term loans, net of discount | 298,500 | — | — | — | 298,500 | ||||||||||||
Payments on credit facility term loans | (596,720 | ) | — | — | — | (596,720 | ) | ||||||||||
Issuance of 6.375% senior notes | 600,000 | — | — | — | 600,000 | ||||||||||||
Repurchase of 75/8% senior subordinated notes, net of premiums | (70,000 | ) | — | — | — | (70,000 | ) | ||||||||||
Borrowings of other debt | 8,923 | 5,303 | 1,084 | — | 15,310 | ||||||||||||
Principal payments on other debt | (7,752 | ) | (873 | ) | (2,209 | ) | — | (10,834 | ) | ||||||||
Debt issuance costs | (18,914 | ) | — | — | — | (18,914 | ) | ||||||||||
Repayments of bank overdrafts | (5,330 | ) | — | — | — | (5,330 | ) | ||||||||||
Equity investment by Holdings | 1,525 | — | — | — | 1,525 | ||||||||||||
Dividends paid to Holdings | (226,621 | ) | — | — | — | (226,621 | ) | ||||||||||
Intercompany | 77,455 | (59,288 | ) | (18,167 | ) | — | — | ||||||||||
Distributions to non-controlling interests | — | — | (3,537 | ) | — | (3,537 | ) | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net cash used in financing activities | (48,934 | ) | (54,858 | ) | (22,829 | ) | — | (126,621 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net decrease in cash and cash equivalents | (34,999 | ) | (636 | ) | (190 | ) | — | (35,825 | ) | ||||||||
Cash and cash equivalents at beginning of period | 35,070 | 3,734 | 1,340 | — | 40,144 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Cash and cash equivalents at end of period | $ | 71 | $ | 3,098 | $ | 1,150 | $ | — | $ | 4,319 | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
(a) | |||||||||||||||||
Elimination of equity in earnings of consolidated subsidiaries. | |||||||||||||||||
Consolidating Statement of Cash Flows | |||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||
Select Medical | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||
Corporation (Parent | Guarantors | Subsidiaries | |||||||||||||||
Company Only) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Operating activities | |||||||||||||||||
Net income | $ | 155,504 | $ | 163,572 | $ | 20,200 | $ | -178,109 | (a) | $ | 161,167 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 3,267 | 50,734 | 9,310 | — | 63,311 | ||||||||||||
Provision for bad debts | — | 33,595 | 5,460 | — | 39,055 | ||||||||||||
Equity in earnings of unconsolidated subsidiaires | — | (7,637 | ) | (68 | ) | — | (7,705 | ) | |||||||||
Loss on early retirement of debt | 6,064 | — | — | — | 6,064 | ||||||||||||
Loss (gain) from disposal or sale of assets | — | (6,002 | ) | 96 | — | (5,906 | ) | ||||||||||
Non-cash stock compensation expense | 5,677 | — | — | — | 5,677 | ||||||||||||
Amortization of debt discount and issuance costs | 7,190 | — | — | — | 7,190 | ||||||||||||
Deferred income taxes | 7,909 | — | — | — | 7,909 | ||||||||||||
Changes in operating assets and liabilities, net of effects from acquisition of businesses: | |||||||||||||||||
Equity in earnings of subsidiaries | (162,470 | ) | (15,639 | ) | — | 178,109 | (a) | — | |||||||||
Accounts receivable | — | 29,727 | (14,569 | ) | — | 15,158 | |||||||||||
Other current assets | 740 | 141 | (2,488 | ) | — | (1,607 | ) | ||||||||||
Other assets | 2,448 | 3,268 | 161 | — | 5,877 | ||||||||||||
Accounts payable | (2,679 | ) | (4,040 | ) | 602 | — | (6,117 | ) | |||||||||
Due to third-party payors | — | (15,278 | ) | 10,830 | — | (4,448 | ) | ||||||||||
Accrued expenses | 25,350 | (3,835 | ) | 2,231 | — | 23,746 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net cash provided by operating activities | 49,000 | 228,606 | 31,765 | — | 309,371 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Investing activities | |||||||||||||||||
Purchases of property and equipment | (5,150 | ) | (49,160 | ) | (13,875 | ) | — | (68,185 | ) | ||||||||
Investment in businesses, net of distributions | — | (14,689 | ) | — | — | (14,689 | ) | ||||||||||
Acquisition of businesses, net of cash acquired | — | (6,043 | ) | — | — | (6,043 | ) | ||||||||||
Proceeds from sale of assets | — | 16,511 | — | — | 16,511 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net cash used in investing activities | (5,150 | ) | (53,381 | ) | (13,875 | ) | — | (72,406 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Financing activities | |||||||||||||||||
Borrowings on revolving credit facility | 495,000 | — | — | — | 495,000 | ||||||||||||
Payments on revolving credit facility | (405,000 | ) | — | — | — | (405,000 | ) | ||||||||||
Borrowings on 2011 credit facility term loans, net of discount | 266,750 | — | — | — | 266,750 | ||||||||||||
Payments on 2011 credit facility term loans | (9,875 | ) | — | — | — | (9,875 | ) | ||||||||||
Repurchase of 75/8% senior subordinated notes, net of premiums | (278,495 | ) | — | — | — | (278,495 | ) | ||||||||||
Borrowings of other debt | 8,003 | — | 278 | — | 8,281 | ||||||||||||
Principal payments on other debt | (8,049 | ) | (433 | ) | (1,813 | ) | — | (10,295 | ) | ||||||||
Debt issuance costs | (6,527 | ) | — | — | — | (6,527 | ) | ||||||||||
Proceeds from bank overdrafts | 1,227 | — | — | — | 1,227 | ||||||||||||
Equity investment by Holdings | 1,817 | — | — | — | 1,817 | ||||||||||||
Dividends paid to Holdings | (268,479 | ) | — | — | — | (268,479 | ) | ||||||||||
Intercompany | 183,421 | (171,058 | ) | (12,363 | ) | — | — | ||||||||||
Distributions to non-controlling interests | — | — | (3,268 | ) | — | (3,268 | ) | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net cash used in financing activities | (20,207 | ) | (171,491 | ) | (17,166 | ) | — | (208,864 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net increase in cash and cash equivalents | 23,643 | 3,734 | 724 | — | 28,101 | ||||||||||||
Cash and cash equivalents at beginning of period | 11,427 | — | 616 | — | 12,043 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Cash and cash equivalents at end of period | $ | 35,070 | $ | 3,734 | $ | 1,340 | $ | — | $ | 40,144 | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
(a) | |||||||||||||||||
Elimination of equity in earnings of consolidated subsidiaries. | |||||||||||||||||
Consolidating Statement of Cash Flows | |||||||||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||
Select Medical | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||
Corporation (Parent | Guarantors | Subsidiaries | |||||||||||||||
Company Only) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Operating activities | |||||||||||||||||
Net income | $ | 126,447 | $ | 126,420 | $ | 18,711 | $ | -140,215 | (a) | $ | 131,363 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 4,115 | 58,064 | 9,338 | — | 71,517 | ||||||||||||
Provision for bad debts | — | 44,300 | 7,047 | — | 51,347 | ||||||||||||
Equity in earnings of unconsolidated subsidiaries | — | (2,870 | ) | (53 | ) | — | (2,923 | ) | |||||||||
Loss on early retirement of debt | 20,385 | — | — | — | 20,385 | ||||||||||||
Loss (gain) from disposal or sale of assets | 13 | (5,024 | ) | 45 | — | (4,966 | ) | ||||||||||
Non-cash stock compensation expense | 3,725 | — | — | — | 3,725 | ||||||||||||
Amortization of debt discount and issuance costs | 6,700 | — | — | — | 6,700 | ||||||||||||
Deferred income taxes | 35,305 | — | — | — | 35,305 | ||||||||||||
Changes in operating assets and liabilities, net of effects from acquisition of businesses: | |||||||||||||||||
Equity in earnings of subsidiaries | (126,809 | ) | (13,406 | ) | — | 140,215 | (a) | — | |||||||||
Accounts receivable | — | (98,966 | ) | (12,160 | ) | — | (111,126 | ) | |||||||||
Other current assets | (1,780 | ) | 1,165 | (586 | ) | — | (1,201 | ) | |||||||||
Other assets | (12,069 | ) | 9,683 | 318 | — | (2,068 | ) | ||||||||||
Accounts payable | 1,326 | 16,247 | 3,056 | — | 20,629 | ||||||||||||
Due to third-party payors | — | 1,408 | (1,181 | ) | — | 227 | |||||||||||
Accrued expenses | 14,823 | 5,522 | 794 | — | 21,139 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net cash provided by operating activities | 72,181 | 142,543 | 25,329 | — | 240,053 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Investing activities | |||||||||||||||||
Purchases of property and equipment | (3,413 | ) | (37,759 | ) | (4,844 | ) | — | (46,016 | ) | ||||||||
Investment in businesses, net of distributions | — | (15,699 | ) | — | — | (15,699 | ) | ||||||||||
Acquisition of businesses, net of cash acquired | — | (899 | ) | — | — | (899 | ) | ||||||||||
Proceeds from sale of assets | — | 7,879 | — | — | 7,879 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net cash used in investing activities | (3,413 | ) | (46,478 | ) | (4,844 | ) | — | (54,735 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Financing activities | |||||||||||||||||
Borrowings on revolving credit facility | 735,000 | — | — | — | 735,000 | ||||||||||||
Payments on revolving credit facility | (720,000 | ) | — | — | — | (720,000 | ) | ||||||||||
Borrowings on 2011 credit facility term loans, net of discount | 841,500 | — | — | — | 841,500 | ||||||||||||
Payments on 2011 credit facility term loans | (4,250 | ) | — | — | — | (4,250 | ) | ||||||||||
Payments on 2005 credit facility term loans, net of call premium | (484,633 | ) | — | — | — | (484,633 | ) | ||||||||||
Repurchase of 75/8% senior subordinated notes, net of premiums | (273,941 | ) | — | — | — | (273,941 | ) | ||||||||||
Borrowings of other debt | 6,100 | 955 | — | — | 7,055 | ||||||||||||
Principal payments on other debt | (5,662 | ) | (755 | ) | (1,082 | ) | — | (7,499 | ) | ||||||||
Debt issuance costs | (18,556 | ) | — | — | — | (18,556 | ) | ||||||||||
Repayments of bank overdrafts | (2,183 | ) | — | — | — | (2,183 | ) | ||||||||||
Equity investment by Holdings | 208 | — | — | — | 208 | ||||||||||||
Dividends paid to Holdings | (245,729 | ) | — | — | — | (245,729 | ) | ||||||||||
Intercompany | 114,656 | (99,832 | ) | (14,824 | ) | — | — | ||||||||||
Distributions to non-controlling interests | — | — | (4,612 | ) | — | (4,612 | ) | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net cash used in financing activities | (57,490 | ) | (99,632 | ) | (20,518 | ) | — | (177,640 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net increase (decrease) in cash and cash equivalents | 11,278 | (3,567 | ) | (33 | ) | — | 7,678 | ||||||||||
Cash and cash equivalents at beginning of period | 149 | 3,567 | 649 | — | 4,365 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Cash and cash equivalents at end of period | $ | 11,427 | $ | — | $ | 616 | $ | — | $ | 12,043 | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
(a) | |||||||||||||||||
Elimination of equity in earnings of consolidated subsidiaries. | |||||||||||||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Quarterly Financial Information | ' | |||||||||||||
Schedule of selected unaudited quarterly financial data | ' | |||||||||||||
Holdings | ||||||||||||||
First | Second | Third | Fourth | |||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
(in thousands, except per share amounts) | ||||||||||||||
Year ended December 31, 2012 | ||||||||||||||
Net operating revenues | $ | 744,021 | $ | 750,193 | $ | 713,669 | $ | 741,086 | ||||||
Income from operations | 91,604 | 93,513 | 70,819 | 80,923 | ||||||||||
Net income attributable to Select Medical Holdings Corporation | $ | 41,542 | $ | 43,172 | $ | 24,110 | $ | 39,406 | ||||||
Income per common share: | ||||||||||||||
Basic | $ | 0.29 | $ | 0.31 | $ | 0.17 | $ | 0.28 | ||||||
Diluted | $ | 0.29 | $ | 0.31 | $ | 0.17 | $ | 0.28 | ||||||
Holdings | ||||||||||||||
First | Second | Third | Fourth | |||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
(in thousands, except per share amounts) | ||||||||||||||
Year ended December 31, 2013 | ||||||||||||||
Net operating revenues | $ | 749,955 | $ | 756,673 | $ | 722,845 | $ | 746,175 | ||||||
Income from operations | 82,530 | 88,263 | 62,399 | 68,244 | ||||||||||
Net income attributable to Select Medical Holdings Corporation | $ | 34,418 | $ | 27,780 | $ | 23,272 | $ | 28,920 | ||||||
Income per common share: | ||||||||||||||
Basic | $ | 0.25 | $ | 0.2 | $ | 0.17 | $ | 0.21 | ||||||
Diluted | $ | 0.24 | $ | 0.2 | $ | 0.17 | $ | 0.21 | ||||||
Select | ' | |||||||||||||
Quarterly Financial Information | ' | |||||||||||||
Schedule of selected unaudited quarterly financial data | ' | |||||||||||||
Select | ||||||||||||||
First | Second | Third | Fourth | |||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
(in thousands) | ||||||||||||||
Year ended December 31, 2012 | ||||||||||||||
Net operating revenues | $ | 744,021 | $ | 750,193 | $ | 713,669 | $ | 741,086 | ||||||
Income from operations | 91,604 | 93,513 | 70,819 | 80,923 | ||||||||||
Net income attributable to Select Medical Corporation | $ | 43,279 | $ | 45,018 | $ | 25,953 | $ | 41,254 | ||||||
Select | ||||||||||||||
First | Second | Third | Fourth | |||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
(in thousands) | ||||||||||||||
Year ended December 31, 2013 | ||||||||||||||
Net operating revenues | $ | 749,955 | $ | 756,673 | $ | 722,845 | $ | 746,175 | ||||||
Income from operations | 82,530 | 88,263 | 62,399 | 68,244 | ||||||||||
Net income attributable to Select Medical Corporation | $ | 36,608 | $ | 27,780 | $ | 23,272 | $ | 28,920 |
Organization_and_Significant_A3
Organization and Significant Accounting Policies (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
item | item | item | |
Business Description | ' | ' | ' |
Number of specialty hospitals operated by the entity | 123 | 122 | 119 |
Number of outpatient clinics operated by the entity | 1,006 | 979 | 954 |
Number of states in which the entity had facilities | 39 | 39 | 39 |
Accounts Receivable and Allowance for Doubtful Accounts | ' | ' | ' |
Deductibles, co-payments and self-insured amounts as a percentage of net accounts receivable balance before doubtful accounts | 0.30% | 0.20% | ' |
Minimum period from date of discharge that outstanding governmental accounts are reserved as uncollectible | '365 days | ' | ' |
Minimum period from date of discharge that outstanding non-governmental accounts are reserved as uncollectible | '180 days | ' | ' |
Organization_and_Significant_A4
Organization and Significant Accounting Policies (Details 2) | 12 Months Ended |
Dec. 31, 2013 | |
Leasehold improvements | Minimum | ' |
Property and equipment | ' |
Estimated useful lives | '5 years |
Leasehold improvements | Maximum | ' |
Property and equipment | ' |
Estimated useful lives | '15 years |
Furniture and equipment | Minimum | ' |
Property and equipment | ' |
Estimated useful lives | '3 years |
Furniture and equipment | Maximum | ' |
Property and equipment | ' |
Estimated useful lives | '20 years |
Buildings | ' |
Property and equipment | ' |
Estimated useful lives | '40 years |
Building Improvements | Minimum | ' |
Property and equipment | ' |
Estimated useful lives | '5 years |
Building Improvements | Maximum | ' |
Property and equipment | ' |
Estimated useful lives | '25 years |
Land Improvements | Minimum | ' |
Property and equipment | ' |
Estimated useful lives | '2 years |
Land Improvements | Maximum | ' |
Property and equipment | ' |
Estimated useful lives | '25 years |
Organization_and_Significant_A5
Organization and Significant Accounting Policies (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Insurance Risk Programs | Insurance Risk Programs | ||
Intangible Assets | ' | ' | ' |
Impairment to goodwill or other recorded intangible assets | $0 | ' | ' |
Insurance risk programs | ' | ' | ' |
Discount rate for provisions for losses for professional liability (as a percent) | ' | 3.00% | 3.00% |
Liability recorded after discounting | ' | 103.4 | 92.5 |
Value of aggregate liability, if the entity did not discount the provisions for losses | ' | $106.80 | $95.60 |
Organization_and_Significant_A6
Organization and Significant Accounting Policies (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Non-Controlling Interests | ' | ' | ' |
Redeemable non-controlling interests | $11,584 | $10,811 | ' |
Non-controlling interests | 32,408 | 28,430 | ' |
Net income attributable to non-controlling interests | $8,619 | $5,663 | $4,916 |
Net operating revenues | Customer concentration | Medicare program | ' | ' | ' |
Revenue recognition | ' | ' | ' |
Percentage of concentration risk | 46.00% | 47.00% | 48.00% |
Accounts receivable | Customer concentration | Medicare program | ' | ' | ' |
Revenue recognition | ' | ' | ' |
Percentage of concentration risk | 32.00% | 29.00% | ' |
Acquisitions_Details
Acquisitions (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cost of acquired entity | ' | ' | ' |
Cash paid net of cash acquired | $1,665,000 | $6,043,000 | $899,000 |
Notes issued | 3,283,000 | 1,844,000 | 1,020,000 |
Total purchase price | 4,948,000 | 7,887,000 | 1,919,000 |
Contingent consideration | 100,000 | 1,500,000 | ' |
Liabilities assumed | 885,000 | 107,000 | 701,000 |
Total cost of acquisitions and liabilities assumed | 5,933,000 | 9,494,000 | 2,620,000 |
Fair value of assets acquired | ' | ' | ' |
Accounts receivable and property and equipment | 3,487,000 | 1,313,000 | 767,000 |
Non-controlling interests | 347,000 | -970,000 | -602,000 |
Cost in excess of fair value of net assets acquired (goodwill) | 2,099,000 | 9,151,000 | 2,455,000 |
Other additional information | ' | ' | ' |
Non-controlling interests purchased in cash | 600,000 | 100,000 | 500,000 |
Regency Hospital Company, L.L.C. | ' | ' | ' |
Other additional information | ' | ' | ' |
Cash received on settlement of net working capital | ' | ' | 3,900,000 |
Outpatient rehabilitation business | ' | ' | ' |
Cost of acquired entity | ' | ' | ' |
Cash paid net of cash acquired | 900,000 | 5,900,000 | 2,300,000 |
Notes issued | 300,000 | 1,800,000 | 1,000,000 |
Inpatient rehabilitation hospital | ' | ' | ' |
Cost of acquired entity | ' | ' | ' |
Cash paid net of cash acquired | 200,000 | ' | 2,000,000 |
Notes issued | $3,000,000 | ' | ' |
Other additional information | ' | ' | ' |
Number of long term acute care hospitals exchanged | ' | ' | 1 |
Significant_Transactions_Detai
Significant Transactions (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Significant transactions | ' | ' | ' |
Investment in cash | $34,893,000 | $14,689,000 | $15,699,000 |
Baylor Health Care System | ' | ' | ' |
Significant transactions | ' | ' | ' |
Gain on contribution of property to equity method investment | ' | ' | 1,200,000 |
Investment in cash | ' | 7,800,000 | 13,500,000 |
Purchase of partnership units | ' | ' | 7,600,000 |
Working capital investments | ' | ' | $5,900,000 |
Percentage of ownership | 49.00% | ' | ' |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property and equipment | ' | ' | ' |
Property and equipment, gross | $866,295,000 | $818,224,000 | ' |
Less: accumulated depreciation | 357,193,000 | 316,672,000 | ' |
Total property and equipment | 509,102,000 | 501,552,000 | ' |
Depreciation expense | 63,900,000 | 62,500,000 | 69,800,000 |
Land | ' | ' | ' |
Property and equipment | ' | ' | ' |
Property and equipment, gross | 68,492,000 | 68,573,000 | ' |
Leasehold improvements | ' | ' | ' |
Property and equipment | ' | ' | ' |
Property and equipment, gross | 146,117,000 | 128,468,000 | ' |
Buildings | ' | ' | ' |
Property and equipment | ' | ' | ' |
Property and equipment, gross | 368,968,000 | 352,677,000 | ' |
Furniture and equipment | ' | ' | ' |
Property and equipment | ' | ' | ' |
Property and equipment, gross | 256,079,000 | 246,858,000 | ' |
Construction-in-progress | ' | ' | ' |
Property and equipment | ' | ' | ' |
Property and equipment, gross | $26,639,000 | $21,648,000 | ' |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Trademarks | Trademarks | Certificates of need | Certificates of need | Accreditations | Accreditations | |||
Indefinite-lived intangible assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Carrying Amount of Goodwill | $1,642,633 | $1,640,534 | $1,631,716 | ' | ' | ' | ' | ' | ' |
Gross Carrying Amount | $1,714,540 | $1,712,279 | ' | $57,709 | $57,709 | $12,115 | $11,914 | $2,083 | $2,122 |
Weighted average time until next renewal | ' | ' | ' | '6 years 6 months | ' | ' | ' | '1 year 6 months | ' |
Intangible_Assets_Details_2
Intangible Assets (Details 2) (Non-compete agreements, Outpatient rehabilitation division of HealthSouth Corporation, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
Non-compete agreements | Outpatient rehabilitation division of HealthSouth Corporation | ' | ' |
Finite-lived intangible assets | ' | ' |
Amortization expense | $340 | $1,306 |
Intangible_Assets_Details_3
Intangible Assets (Details 3) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill | ' | ' |
Balance at the beginning of the period | $1,640,534 | $1,631,716 |
Goodwill acquired during year | 2,232 | 9,151 |
Other | ' | -333 |
Purchase price adjustment | -133 | ' |
Balance at the end of the period | 1,642,633 | 1,640,534 |
Specialty Hospitals | ' | ' |
Goodwill | ' | ' |
Balance at the beginning of the period | 1,333,220 | 1,333,553 |
Goodwill acquired during year | 1,395 | ' |
Other | ' | -333 |
Balance at the end of the period | 1,334,615 | 1,333,220 |
Outpatient Rehabilitation | ' | ' |
Goodwill | ' | ' |
Balance at the beginning of the period | 307,314 | 298,163 |
Goodwill acquired during year | 837 | 9,151 |
Purchase price adjustment | -133 | ' |
Balance at the end of the period | $308,018 | $307,314 |
LongTerm_Debt_and_Notes_Payabl2
Long-Term Debt and Notes Payable (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | 28-May-13 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 01, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | |
Select | Select | Select | 7 5/8% senior subordinated notes | 7 5/8% senior subordinated notes | 7 5/8% senior subordinated notes | 7 5/8% senior subordinated notes | 6.375% senior notes | 6.375% senior notes | 6.375% senior notes | 6.375% senior notes | 6.375% senior notes | Senior secured credit facility | Senior secured credit facility | Senior secured credit facility | Senior secured credit facility | Senior secured credit facility | Senior secured credit facility | Senior secured credit facility | Senior secured credit facility | Term loans | Term loans | Term loans | Term loans | Series B Term Loan | Series B Term Loan | Series B Term Loan | Series C Term Loan | Series C Term Loan | Series C Term Loan | Series C Term Loan | Senior floating rate notes | Other | Other | Other | Other | Letters of credit | Revolving loan | Revolving loan | Revolving loan | Revolving loan | Revolving loan | Revolving loan | Revolving credit facility that matures on March 1, 2018 | Revolving credit facility that matures on June 1, 2016 | 10% senior subordinated notes | 10% senior subordinated notes | ||||
Select | Select | Select | Select | Select | Select | Select | Select | Select | Select | Select | Select | Select | Select | Select | Select | Adjusted LIBO | Alternate base rate | Select | Adjusted LIBO | Alternate base rate | Select | Select | Select | Select | Select | Adjusted LIBO | Alternate base rate | Select | Select | Select | Select | |||||||||||||||||||
Prior to June 1, 2016 | Maximum | Leverage ratio greater than 3.75 to 1.00 | Leverage ratio less than or equal to 3.75 to 1.00 but greater than 3.25 to 1.00 | Leverage ratio equal to 3.91 to 1.00 | Maximum | Maximum | Minimum | Minimum | ||||||||||||||||||||||||||||||||||||||||||
Prior to June 1, 2016 | Leverage ratio greater than 3.75 to 1.00 | Leverage ratio less than or equal to 3.25 to 1.00 | Adjusted LIBO | |||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt and notes payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate of debt (as a percent) | ' | ' | ' | ' | ' | ' | 7.63% | 7.63% | 7.63% | 7.63% | 6.38% | 6.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | 10.00% |
Total debt | $1,445,275,000 | $1,470,243,000 | ' | $1,445,275,000 | $1,302,943,000 | ' | $70,000,000 | ' | $70,000,000 | ' | $600,000,000 | $600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $807,815,000 | $1,096,641,000 | $807,815,000 | $1,096,641,000 | ' | ' | $295,900,000 | ' | ' | $511,900,000 | ' | $167,300,000 | $17,460,000 | $6,302,000 | $17,460,000 | $6,302,000 | ' | $20,000,000 | $130,000,000 | ' | ' | $20,000,000 | $130,000,000 | ' | ' | ' | ' |
Less: current maturities | 17,565,000 | 11,646,000 | ' | 17,565,000 | 11,646,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long-term debt | 1,427,710,000 | 1,458,597,000 | ' | 1,427,710,000 | 1,291,297,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized discounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,300,000 | 14,200,000 | 6,300,000 | 14,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | 293,300,000 | 6,700,000 | ' | ' |
Loss on early retirement of debt | 18,747,000 | 6,064,000 | 31,018,000 | 17,788,000 | 6,064,000 | 20,385,000 | -6,100,000 | ' | -6,100,000 | 20,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,000,000 | ' |
Aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 814,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Periodic payment in equal quarterly installments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Adjusted LIBO | 'Alternate base rate | ' | 'Adjusted LIBO | 'Alternate base rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Adjusted LIBO | 'Alternate base rate | ' | ' | ' | ' | ' | ' |
Interest rate margin (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% | 2.25% | ' | 3.00% | 2.00% | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | 3.75% | 2.75% | ' | ' | ' | ' | ' | ' |
Availability under revolving loan facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 237,700,000 | ' | ' | ' | ' | ' |
Outstanding letters of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pro forma ratio of total indebtedness to Consolidated EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.91 | ' | 3.75 | 3.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of net cash proceeds received from non-ordinary course asset sales or other dispositions, or as a result of a casualty or condemnation to be used for prepayment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of net proceeds received from the issuance of debt obligations other than certain permitted debt obligations to be used for prepayment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of excess cash flow to be used for prepayment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 25.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment of debt required unless a specified leverage ratio is met | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual capital expenditure permitted under the covenants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of the amount permitted for capital expenditures in previous fiscal year which can carry-over | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of principal amount at which notes may be required to be repurchased in event of change of control by the entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of the principal amount of the debt instrument which the entity may redeem with the proceeds from certain equity offerings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of the principal amount representing the redemption price of notes which may be redeemed with proceeds from certain equity offerings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 106.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturities of Long-Term Debt and Notes Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 17,565,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 10,183,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 296,232,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | 4,075,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | 515,820,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2019 and beyond | 601,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of debt repurchased and retired | ' | ' | ' | ' | ' | ' | ' | ' | $275,000,000 | $266,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $150,000,000 | ' |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stockholders' Equity | ' | ' | ' |
Maximum amount authorized to be repurchased under the common stock repurchase program | $350 | ' | ' |
Number of shares repurchased under the program | 1,115,691 | 5,725,782 | 9,858,907 |
Value of shares repurchased under the program | $10 | $46.80 | $72.70 |
Shares of restricted stock granted | 952,500 | 761,500 | 565,000 |
Shares of common stock related to the exercise of stock options issued | 166,600 | 301,208 | 53,932 |
Shares of common stock forfeited | 331,697 | 15,860 | 10,860 |
Stock_Option_and_Restricted_St2
Stock Option and Restricted Stock Plans (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 03, 2011 | 13-May-11 | Mar. 03, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 12, 2009 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 12, 2009 | |
Options | Options | Options | Options | Options | Options | Plans | Plans | Plans | Plans | Plans | Plans | Director Plan | Director Plan | Director Plan | Director Plan | Director Plan | Director Plan | Director Plan | Director Plan | ||||
Options | Options | Options | Options | Options | Options | Options | Options | Options | Options | Options | Options | Options | Restricted stock awards | ||||||||||
Minimum | Minimum | Maximum | Maximum | Minimum | Minimum | Maximum | Maximum | ||||||||||||||||
Stock option and restricted stock plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000 | ' | ' | ' | ' | 150,000 |
Vesting period | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expiration term | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected volatility (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 36.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend yield (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected life | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk free rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 3.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value of Common Stock (in dollars per share) | ' | ' | ' | $7.14 | $9 | $7.66 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8.40 | $8.16 | $3.33 | $3.33 | $10 | $10 | $7.62 | $8.69 | ' | $3.33 | $3.33 | $10 | $10 | ' |
Granted (in dollars per share) | ' | ' | ' | $7.14 | $9 | $7.66 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9.15 | $6.07 | $7.14 | $3.33 | $10 | $10 | $5.47 | ' | ' | $3.33 | ' | $8.33 | ' | ' |
Canceled (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9.13 | $8.18 | $8.33 | $7.66 | $10 | $10 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the end of the period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8.22 | $8.40 | $3.33 | $3.33 | $10 | $10 | $8.69 | $8.69 | ' | $3.33 | $3.33 | $10 | $10 | ' |
Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,423,000 | 2,730,000 | ' | ' | ' | ' | 63,000 | 42,000 | ' | ' | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | 10,000 | 20,000 | 88,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised (in shares) | -166,600 | -301,208 | -53,932 | ' | ' | ' | ' | ' | ' | -167,000 | -280,000 | ' | ' | ' | ' | -21,000 | ' | ' | ' | ' | ' | ' | ' |
Canceled (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -316,000 | -27,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the end of the period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,940,000 | 2,423,000 | ' | ' | ' | ' | 42,000 | 42,000 | ' | ' | ' | ' | ' | ' |
Stock_Option_and_Restricted_St3
Stock Option and Restricted Stock Plans (Details 2) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
$ 3.00 - 4.00 | Plans | ' |
Additional information with respect to the outstanding options | ' |
Exercise price, low end of range (in dollars per share) | $3 |
Exercise price, high end of range (in dollars per share) | $4 |
Number Outstanding (in shares) | 220 |
Weighted Average Remaining Contractual Life | '1 year 1 month 24 days |
Number Exercisable (in shares) | 220 |
$ 6.00 - 7.00 | Plans | ' |
Additional information with respect to the outstanding options | ' |
Exercise price, low end of range (in dollars per share) | $6 |
Exercise price, high end of range (in dollars per share) | $7 |
Number Outstanding (in shares) | 9 |
Weighted Average Remaining Contractual Life | '6 years 7 months 10 days |
Number Exercisable (in shares) | 3 |
$ 7.01 - 8.00 | Plans | ' |
Additional information with respect to the outstanding options | ' |
Exercise price, low end of range (in dollars per share) | $7.01 |
Exercise price, high end of range (in dollars per share) | $8 |
Number Outstanding (in shares) | 75 |
Weighted Average Remaining Contractual Life | '7 years 2 months 12 days |
Number Exercisable (in shares) | 28 |
$ 8.01 - 9.00 | Plans | ' |
Additional information with respect to the outstanding options | ' |
Exercise price, low end of range (in dollars per share) | $8.01 |
Exercise price, high end of range (in dollars per share) | $9 |
Number Outstanding (in shares) | 585 |
Weighted Average Remaining Contractual Life | '3 years 3 months 22 days |
Number Exercisable (in shares) | 557 |
$ 9.01 - 10.00 | Plans | ' |
Additional information with respect to the outstanding options | ' |
Exercise price, low end of range (in dollars per share) | $9.01 |
Exercise price, high end of range (in dollars per share) | $10 |
Number Outstanding (in shares) | 1,051 |
Weighted Average Remaining Contractual Life | '5 years 6 months 4 days |
Number Exercisable (in shares) | 848 |
Exercise price range six | Director Plan | ' |
Additional information with respect to the outstanding options | ' |
Exercise price, low end of range (in dollars per share) | $3 |
Exercise price, high end of range (in dollars per share) | $4 |
Number Outstanding (in shares) | 6 |
Weighted Average Remaining Contractual Life | '1 year 7 months 10 days |
Number Exercisable (in shares) | 6 |
Exercise price range seven | Director Plan | ' |
Additional information with respect to the outstanding options | ' |
Exercise price, low end of range (in dollars per share) | $8 |
Exercise price, high end of range (in dollars per share) | $9 |
Number Outstanding (in shares) | 9 |
Weighted Average Remaining Contractual Life | '3 years 4 months 13 days |
Number Exercisable (in shares) | 9 |
Exercise price range eight | Director Plan | ' |
Additional information with respect to the outstanding options | ' |
Exercise price, low end of range (in dollars per share) | $9.01 |
Exercise price, high end of range (in dollars per share) | $10 |
Number Outstanding (in shares) | 27 |
Weighted Average Remaining Contractual Life | '5 years 1 month 13 days |
Number Exercisable (in shares) | 25 |
Stock_Option_and_Restricted_St4
Stock Option and Restricted Stock Plans (Details 3) (USD $) | 12 Months Ended | 0 Months Ended | |||||||||||||||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Oct. 30, 2013 | Aug. 07, 2013 | 1-May-13 | Feb. 20, 2013 | Jan. 02, 2013 | Oct. 30, 2012 | Aug. 07, 2012 | 2-May-12 | Mar. 26, 2012 | Dec. 15, 2011 | Nov. 03, 2011 | Aug. 03, 2011 | Dec. 31, 2013 |
Options | Options | Options | Options | Restricted stock awards | Restricted stock awards | Restricted stock awards | Restricted stock awards | Restricted stock awards | Restricted stock awards | Restricted stock awards | Restricted stock awards | Restricted stock awards | Restricted stock awards | Restricted stock awards | Restricted stock awards | Restricted stock awards | |
Plans | Plans | Plans | Director Plan | ||||||||||||||
Stock option and restricted stock plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining contractual term for all outstanding options | '4 years 5 months 1 day | ' | ' | '4 years 2 months 26 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining contractual term of exercisable options | '4 years 1 month 10 days | ' | ' | '4 years 1 month 28 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total intrinsic value of options exercised (in dollars) | $200,000 | $1,100,000 | $200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value of options outstanding (in dollars) | 6,600,000 | ' | ' | 122,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value of options exercisable (in dollars) | 5,800,000 | ' | ' | 118,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Shares Issued | ' | ' | ' | ' | 760 | 38 | 115 | 35 | 5 | 530 | 38 | 129 | 65 | 350 | 190 | 25 | ' |
Fair Value of Common Stock (in dollars per share) | ' | ' | ' | ' | $8.50 | $8.89 | $8.06 | $8.80 | $9.90 | $10.75 | $11.84 | $8.67 | $8.33 | $8.57 | $8.61 | $7.14 | ' |
Stock compensation expense for each of the next five years, based on restricted stock awards granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,740,000 |
2015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,057,000 |
2016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,061,000 |
2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 581,000 |
2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $40,000 |
Stock_Option_and_Restricted_St5
Stock Option and Restricted Stock Plans (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock compensation expense: | ' | ' | ' |
Total | $7,033 | $5,677 | $3,725 |
Included in general and administrative | ' | ' | ' |
Stock compensation expense: | ' | ' | ' |
Total | 5,276 | 3,538 | 1,996 |
Included in cost of services | ' | ' | ' |
Stock compensation expense: | ' | ' | ' |
Total | $1,757 | $2,139 | $1,729 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | $55,847 | $70,159 | $29,991 |
State and local | 11,913 | 11,589 | 5,672 |
Total current | 67,760 | 81,748 | 35,663 |
Deferred | 7,032 | 7,909 | 35,305 |
Total income tax provision | 74,792 | 89,657 | 70,968 |
Differences between the expected income tax provision and income taxes computed at the federal statutory rate | ' | ' | ' |
Expected federal tax rate (as a percent) | 35.00% | 35.00% | 35.00% |
State and local taxes, net of federal benefit (as a percent) | 4.60% | 4.20% | 4.50% |
Other permanent differences (as a percent) | 1.10% | 0.60% | 1.00% |
Valuation allowance (as a percent) | -0.70% | -0.60% | -0.50% |
Uncertain tax positions (as a percent) | -0.60% | -0.50% | -3.60% |
IRS audit settlements (as a percent) | ' | -0.60% | ' |
Non-controlling interest (as a percent) | -1.70% | -0.90% | -1.10% |
Sale of entities (as a percent) | ' | ' | 3.10% |
Other (as a percent) | 0.10% | -0.40% | 0.20% |
Total (as a percent) | 37.80% | 36.80% | 38.60% |
Select | ' | ' | ' |
Current: | ' | ' | ' |
Federal | 57,026 | 74,076 | 40,007 |
State and local | 11,913 | 11,589 | 5,672 |
Total current | 68,939 | 85,665 | 45,679 |
Deferred | 7,032 | 7,909 | 35,305 |
Total income tax provision | $75,971 | $93,574 | $80,984 |
Differences between the expected income tax provision and income taxes computed at the federal statutory rate | ' | ' | ' |
Expected federal tax rate (as a percent) | 35.00% | 35.00% | 35.00% |
State and local taxes, net of federal benefit (as a percent) | 4.50% | 4.00% | 3.90% |
Other permanent differences (as a percent) | 1.10% | 0.60% | 0.90% |
Valuation allowance (as a percent) | -0.60% | -0.60% | -0.40% |
Uncertain tax positions (as a percent) | -0.60% | -0.50% | -3.10% |
IRS audit settlements (as a percent) | ' | -0.50% | ' |
Non-controlling interest (as a percent) | -1.70% | -0.90% | -0.90% |
Sale of entities (as a percent) | ' | ' | 2.70% |
Other (as a percent) | 0.10% | -0.40% | ' |
Total (as a percent) | 37.80% | 36.70% | 38.10% |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred tax assets | ' | ' |
Allowance for doubtful accounts, Total | $1,484 | $1,496 |
Allowance for doubtful accounts, Current | 1,484 | 1,496 |
Compensation and benefit related accruals, Total | 45,147 | 45,784 |
Compensation and benefit related accruals, Current | 35,706 | 38,254 |
Compensation and benefit related accruals, Non-Current | 9,441 | 7,530 |
Professional malpractice liability insurance, Total | 20,333 | 17,005 |
Professional malpractice liability insurance, Current | 6,382 | 5,003 |
Professional malpractice liability insurance, Non-Current | 13,951 | 12,002 |
Restructuring reserve, Total | 441 | 679 |
Restructuring reserve, Current | 441 | 679 |
Net operating loss carryforwards, Total | 22,686 | 24,543 |
Net operating loss carryforwards, Current | 422 | 777 |
Net operating loss carryforwards, Non-Current | 22,264 | 23,766 |
Other, Total | 630 | 1,025 |
Other, Current | 630 | 996 |
Other, Non-Current | ' | 29 |
Stock options, Total | 4,392 | 4,089 |
Stock options, Non-Current | 4,392 | 4,089 |
Uncertain tax positions, Total | 2,107 | 2,661 |
Uncertain tax positions, Non-Current | 2,107 | 2,661 |
Total deferred tax assets, Total | 97,220 | 97,282 |
Total deferred tax assets, Current | 45,065 | 47,205 |
Total deferred tax assets, Non-Current | 52,155 | 50,077 |
Deferred tax liabilities | ' | ' |
Deferred income, Total | -31,832 | -33,188 |
Deferred income, Current | -24,897 | -26,253 |
Deferred income, Non-Current | -6,935 | -6,935 |
Other, Total | -2,620 | -1,311 |
Other, Current | -230 | -118 |
Other, Non-Current | -2,390 | -1,193 |
Depreciation and amortization, Total | -130,884 | -121,075 |
Depreciation and amortization, Non-Current | -130,884 | -121,075 |
Total deferred tax liabilities, Total | -165,336 | -155,574 |
Total deferred tax liabilities, Current | -25,127 | -26,371 |
Total deferred tax liabilities, Non-Current | -140,209 | -129,203 |
Net deferred taxes before valuation allowance, Total | -68,116 | -58,292 |
Net deferred taxes before valuation allowance, Current | 19,938 | 20,834 |
Net deferred taxes before valuation allowance, Non-Current | -88,054 | -79,126 |
Valuation allowance, Total | -10,547 | -13,341 |
Valuation allowance, Current | -2,314 | -2,957 |
Valuation allowance, Non-Current | -8,233 | -10,384 |
Net deferred taxes, Total | -78,663 | -71,633 |
Net deferred taxes, Current | 17,624 | 17,877 |
Net deferred taxes, Non-Current | ($96,287) | ($89,510) |
Additional information related to valuation allowance | ' | ' |
Period of review for assessment of deferred tax assets | '3 years | ' |
Income_Taxes_Details_3
Income Taxes (Details 3) (State, USD $) | Dec. 31, 2013 |
State | ' |
Net operating loss carry forwards | ' |
Net operating losses | $512,300,000 |
State Net Operating Losses | ' |
2014 | 5,427,000 |
2015 | 8,333,000 |
2016 | 11,238,000 |
2017 | 12,834,000 |
Thereafter through 2033 | 473,034,000 |
Gross Valuation Allowance | ' |
2014 | 5,401,000 |
2015 | 7,980,000 |
2016 | 9,728,000 |
2017 | 11,092,000 |
Thereafter through 20xx | $355,392,000 |
Income_Taxes_Details_4
Income Taxes (Details 4) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reconciliation of the Company's unrecognized tax benefits | ' | ' | ' |
Gross tax contingencies at the beginning of the period | $13,890,000 | $15,656,000 | $22,310,000 |
Reductions for tax positions taken in prior periods due primarily to statute expiration | -2,299,000 | -2,516,000 | -2,706,000 |
Reductions for tax positions taken in prior periods due to change in estimate | ' | ' | -7,012,000 |
Additions for existing tax positions taken | 435,000 | 750,000 | 3,064,000 |
Gross tax contingencies at the end of the period | 12,026,000 | 13,890,000 | 15,656,000 |
Income tax benefits recognized based on new information discovered | ' | ' | 7,000,000 |
Unrecognized tax benefits, if fully recognized, would affect effective income tax rate | 12,000,000 | 13,900,000 | ' |
Accrued interest related to income taxes | 1,600,000 | 1,500,000 | ' |
Interest recognized | $500,000 | $500,000 | $400,000 |
Retirement_Savings_Plan_Detail
Retirement Savings Plan (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Retirement savings plan | ' | ' | ' |
Matching contribution by the employer (as a percent) | 25.00% | ' | ' |
Matching contribution of the employees (as a percent) | 6.00% | ' | ' |
Vesting period | '3 years | ' | ' |
Expense incurred | $8.70 | $8.20 | $7.60 |
Employees who are not classified as HCE's | Maximum | ' | ' | ' |
Retirement savings plan | ' | ' | ' |
Contribution by employees (as a percent) | 30.00% | ' | ' |
HCE | Maximum | ' | ' | ' |
Retirement savings plan | ' | ' | ' |
Contribution by employees (as a percent) | 6.00% | ' | ' |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Summary of selected financial data | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenue | $746,175,000 | $722,845,000 | $756,673,000 | $749,955,000 | $741,086,000 | $713,669,000 | $750,193,000 | $744,021,000 | $2,975,648,000 | $2,948,969,000 | $2,804,507,000 |
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 372,861,000 | 405,847,000 | 385,961,000 |
Total assets: | 2,817,622,000 | ' | ' | ' | 2,761,361,000 | ' | ' | ' | 2,817,622,000 | 2,761,361,000 | 2,772,147,000 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 73,660,000 | 68,185,000 | 46,016,000 |
Select | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of selected financial data | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenue | 746,175,000 | 722,845,000 | 756,673,000 | 749,955,000 | 741,086,000 | 713,669,000 | 750,193,000 | 744,021,000 | 2,975,648,000 | 2,948,969,000 | 2,804,507,000 |
Total assets: | 2,817,622,000 | ' | ' | ' | 2,760,313,000 | ' | ' | ' | 2,817,622,000 | 2,760,313,000 | 2,770,738,000 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 73,660,000 | 68,185,000 | 46,016,000 |
Specialty Hospitals | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of selected financial data | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate assets held for sale | 2,700,000 | ' | ' | ' | 2,700,000 | ' | ' | ' | 2,700,000 | 2,700,000 | 2,700,000 |
Operating Segments | Specialty Hospitals | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of selected financial data | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | 2,198,121,000 | 2,197,529,000 | 2,095,519,000 |
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 353,843,000 | 381,354,000 | 362,334,000 |
Total assets: | 2,205,921,000 | ' | ' | ' | 2,143,906,000 | ' | ' | ' | 2,205,921,000 | 2,143,906,000 | 2,187,767,000 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 56,523,000 | 50,005,000 | 30,464,000 |
Operating Segments | Specialty Hospitals | Select | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of selected financial data | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets: | 2,205,921,000 | ' | ' | ' | 2,143,906,000 | ' | ' | ' | 2,205,921,000 | 2,143,906,000 | 2,187,767,000 |
Operating Segments | Outpatient Rehabilitation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating segments | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Summary of selected financial data | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | 777,177,000 | 751,317,000 | 708,867,000 |
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 90,313,000 | 87,024,000 | 83,864,000 |
Total assets: | 512,539,000 | ' | ' | ' | 491,920,000 | ' | ' | ' | 512,539,000 | 491,920,000 | 486,589,000 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 14,113,000 | 13,209,000 | 12,135,000 |
Operating Segments | Outpatient Rehabilitation | Select | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of selected financial data | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets: | 512,539,000 | ' | ' | ' | 491,920,000 | ' | ' | ' | 512,539,000 | 491,920,000 | 486,589,000 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of selected financial data | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | 350,000 | 123,000 | 121,000 |
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | -71,295,000 | -62,531,000 | -60,237,000 |
Total assets: | 99,162,000 | ' | ' | ' | 125,535,000 | ' | ' | ' | 99,162,000 | 125,535,000 | 97,791,000 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 3,024,000 | 4,971,000 | 3,417,000 |
Other | Select | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of selected financial data | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets: | $99,162,000 | ' | ' | ' | $124,487,000 | ' | ' | ' | $99,162,000 | $124,487,000 | $96,382,000 |
Segment_Information_Details_2
Segment Information (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | $372,861 | $405,847 | $385,961 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | -64,392 | -63,311 | -71,517 |
Stock compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | -7,033 | -5,677 | -3,725 |
Income from operations | 68,244 | 62,399 | 88,263 | 82,530 | 80,923 | 70,819 | 93,513 | 91,604 | 301,436 | 336,859 | 310,719 |
Loss on early retirement of debt | ' | ' | ' | ' | ' | ' | ' | ' | -18,747 | -6,064 | -31,018 |
Equity in earnings of unconsolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 2,476 | 7,705 | 2,923 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -87,364 | -94,950 | -98,894 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 197,801 | 243,550 | 183,730 |
Select | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | -64,392 | -63,311 | -71,517 |
Income from operations | 68,244 | 62,399 | 88,263 | 82,530 | 80,923 | 70,819 | 93,513 | 91,604 | 301,436 | 336,859 | 310,719 |
Loss on early retirement of debt | ' | ' | ' | ' | ' | ' | ' | ' | -17,788 | -6,064 | -20,385 |
Equity in earnings of unconsolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 2,476 | 7,705 | 2,923 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -84,954 | -83,759 | -80,910 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 201,170 | 254,741 | 212,347 |
Operating Segments | Specialty Hospitals | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 353,843 | 381,354 | 362,334 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | -48,621 | -46,836 | -50,629 |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 305,222 | 334,518 | 311,705 |
Operating Segments | Outpatient Rehabilitation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 90,313 | 87,024 | 83,864 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | -12,024 | -13,208 | -16,487 |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 78,289 | 73,816 | 67,377 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | -71,295 | -62,531 | -60,237 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | -3,747 | -3,267 | -4,401 |
Stock compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | -7,033 | -5,677 | -3,725 |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | ($82,075) | ($71,475) | ($68,363) |
Income_per_Share_Details
Income per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractual dividends | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 |
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to Select Medical Holdings Corporation | 28,920 | 23,272 | 27,780 | 34,418 | 39,406 | 24,110 | 43,172 | 41,542 | 114,390 | 148,230 | 107,846 |
Less: Earnings allocated to unvested restricted stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 2,450 | 2,514 | 1,205 |
Net income available to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | $111,940 | $145,716 | $106,641 |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average shares - basic | ' | ' | ' | ' | ' | ' | ' | ' | 136,879 | 138,767 | 150,501 |
Effect of dilutive securities: Stock options (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 168 | 275 | 224 |
Weighted average shares - diluted | ' | ' | ' | ' | ' | ' | ' | ' | 137,047 | 139,042 | 150,725 |
Income per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic income per common share: (in dollars per share) | $0.21 | $0.17 | $0.20 | $0.25 | $0.28 | $0.17 | $0.31 | $0.29 | $0.82 | $1.05 | $0.71 |
Diluted income per common share: (in dollars per share) | $0.21 | $0.17 | $0.20 | $0.24 | $0.28 | $0.17 | $0.31 | $0.29 | $0.82 | $1.05 | $0.71 |
Anti-dilutive securities excluded from computation of earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 1,474 | 1,654 | 2,414 |
Fair_Value_Details
Fair Value (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value | ' | ' |
Carrying value | $1,445,275,000 | $1,470,243,000 |
Select | ' | ' |
Fair Value | ' | ' |
Carrying value | 1,445,275,000 | 1,302,943,000 |
Senior secured credit facility | Select | ' | ' |
Fair Value | ' | ' |
Carrying value | 827,800,000 | 1,226,600,000 |
Fair value | 828,300,000 | 1,216,200,000 |
6.375% senior notes | ' | ' |
Fair Value | ' | ' |
Carrying value | 600,000,000 | ' |
Interest rate of debt (as a percent) | 6.38% | ' |
6.375% senior notes | Select | ' | ' |
Fair Value | ' | ' |
Carrying value | 600,000,000 | ' |
Fair value | $586,500,000 | ' |
Interest rate of debt (as a percent) | 6.38% | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Related party transactions | ' | ' | ' |
Net operating revenues from contracted services and management fees to related parties | $111,670,000 | $100,783,000 | $60,751,000 |
Future rental commitments under outstanding agreements | ' | ' | ' |
2014 | 125,611,000 | ' | ' |
2015 | 98,100,000 | ' | ' |
2016 | 77,724,000 | ' | ' |
2017 | 63,517,000 | ' | ' |
2018 | 51,104,000 | ' | ' |
Thereafter | 364,253,000 | ' | ' |
Total | 780,309,000 | ' | ' |
Affiliated companies | ' | ' | ' |
Related party transactions | ' | ' | ' |
Payments for office rent, leasehold improvements and miscellaneous expenses | 4,200,000 | 4,000,000 | 4,000,000 |
Future rental commitments under outstanding agreements | ' | ' | ' |
2014 | 3,758,000 | ' | ' |
2015 | 3,792,000 | ' | ' |
2016 | 3,828,000 | ' | ' |
2017 | 3,865,000 | ' | ' |
2018 | 3,950,000 | ' | ' |
Thereafter | 17,047,000 | ' | ' |
Total | 36,240,000 | ' | ' |
BIR JV, LLP | ' | ' | ' |
Related party transactions | ' | ' | ' |
Net operating revenues from contracted services and management fees to related parties | 96,465,000 | 92,205,000 | 53,309,000 |
Rehabilitation Institute of Denton, LLC | ' | ' | ' |
Related party transactions | ' | ' | ' |
Net operating revenues from contracted services and management fees to related parties | 7,163,000 | 8,133,000 | 7,292,000 |
OHRH, LLC | ' | ' | ' |
Related party transactions | ' | ' | ' |
Net operating revenues from contracted services and management fees to related parties | 2,069,000 | ' | ' |
Global Rehab - Scottsdale, LLC | ' | ' | ' |
Related party transactions | ' | ' | ' |
Net operating revenues from contracted services and management fees to related parties | 4,129,000 | ' | ' |
Amplion Clinical Communications, Inc | ' | ' | ' |
Related party transactions | ' | ' | ' |
Net operating revenues from contracted services and management fees to related parties | 1,534,000 | 305,000 | ' |
Other | ' | ' | ' |
Related party transactions | ' | ' | ' |
Net operating revenues from contracted services and management fees to related parties | $310,000 | $140,000 | $150,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Future rental commitments under outstanding agreements | ' | ' | ' |
2014 | $125,611,000 | ' | ' |
2015 | 98,100,000 | ' | ' |
2016 | 77,724,000 | ' | ' |
2017 | 63,517,000 | ' | ' |
2018 | 51,104,000 | ' | ' |
Thereafter | 364,253,000 | ' | ' |
Total | 780,309,000 | ' | ' |
Total rent expense for operating leases | 164,600,000 | 168,300,000 | 163,900,000 |
Property rent expense to unrelated parties | 119,500,000 | 118,100,000 | 114,800,000 |
Construction Commitments | ' | ' | ' |
Outstanding commitments under construction contracts | $22,800,000 | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details 2) (Naming, promotional and sponsorship agreement, Subsidiary, USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Naming, promotional and sponsorship agreement | Subsidiary | ' |
Commitments and Contingencies | ' |
Amount expected to be paid in next year | $2.90 |
Increase in successive annual payment (as a percent) | 0.023 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Details 3) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 29, 2013 | Jan. 08, 2013 | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 |
SSH-Evansville | SSH-Evansville | SSH-Evansville | Professional liability claims | General liability claims | |
Amended complaint | Amended complaint | Amended complaint | |||
item | item | ||||
Commitments and Contingencies | ' | ' | ' | ' | ' |
Self insurance retention per occurrence | ' | ' | ' | $2 | $2 |
Number of case managers identified as plaintiff | ' | 2 | ' | ' | ' |
Number of physicians named as defendants | ' | 2 | ' | ' | ' |
Number of days the deadlines have been stayed from the Magistrate judge | '90 days | ' | ' | ' | ' |
Period after which patients were readmitted to short-stay acute care hospitals to enable billing for two admissions | ' | ' | '9 days | ' | ' |
Number of admissions into hospitals | ' | ' | 2 | ' | ' |
Supplemental_Disclosures_of_Ca2
Supplemental Disclosures of Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Notes issued with acquisitions | $3,283 | $1,844 | $1,020 |
Liabilities assumed with acquisitions | 885 | 107 | 701 |
Contingent consideration related to acquisitions | 100 | 1,500 | ' |
Notes related to investment in business | 3,399 | ' | ' |
Select | ' | ' | ' |
Dividends declared to Holdings | ' | -5,240 | -5,240 |
Notes issued with acquisitions | 3,283 | 1,844 | 1,020 |
Liabilities assumed with acquisitions | 885 | 107 | 701 |
Contingent consideration related to acquisitions | 100 | 1,500 | ' |
Notes related to investment in business | $3,399 | ' | ' |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event, Select, USD $) | 0 Months Ended |
Feb. 19, 2014 | |
Subsequent Event | Select | ' |
Subsequent Event | ' |
Cash dividend declared (in dollars per share) | $0.10 |
Financial_Information_for_Subs2
Financial Information for Subsidiary Guarantors and Non-Guarantor Subsidiaries under Select's 6.375% Senior Notes (Details) (6.375% senior notes) | Dec. 31, 2013 |
Financial information for subsidiary guarantors and non-guarantor subsidiaries under select's 6.375% senior notes | ' |
Interest rate of debt (as a percent) | 6.38% |
Select | ' |
Financial information for subsidiary guarantors and non-guarantor subsidiaries under select's 6.375% senior notes | ' |
Interest rate of debt (as a percent) | 6.38% |
Financial_Information_for_Subs3
Financial Information for Subsidiary Guarantors and Non-Guarantor Subsidiaries under Select's 6.375% Senior Notes (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | $4,319 | $40,144 | $12,043 | $4,365 |
Accounts receivable, net | 391,319 | 359,929 | ' | ' |
Current deferred tax asset | 17,624 | 17,877 | ' | ' |
Prepaid income taxes | ' | 3,895 | ' | ' |
Other current assets | 41,140 | 31,818 | ' | ' |
Total Current Assets | 454,402 | 453,663 | ' | ' |
Property and equipment, net | 509,102 | 501,552 | ' | ' |
Goodwill | 1,642,633 | 1,640,534 | 1,631,716 | ' |
Other identifiable intangibles | 71,907 | 71,745 | ' | ' |
Other assets | 139,578 | 93,867 | ' | ' |
Total Assets | 2,817,622 | 2,761,361 | 2,772,147 | ' |
Current Liabilities: | ' | ' | ' | ' |
Bank overdrafts | 12,506 | 17,836 | ' | ' |
Current portion of long-term debt and notes payable | 17,565 | 11,646 | ' | ' |
Accounts payable | 88,285 | 89,547 | ' | ' |
Accrued payroll | 90,011 | 88,586 | ' | ' |
Accrued vacation | 59,730 | 55,714 | ' | ' |
Accrued interest | 12,297 | 22,016 | ' | ' |
Accrued other | 90,471 | 86,843 | ' | ' |
Income taxes payable | 622 | ' | ' | ' |
Due to third party payors | 37 | 1,078 | ' | ' |
Total Current Liabilities | 371,524 | 373,266 | ' | ' |
Long-term debt, net of current portion | 1,427,710 | 1,458,597 | ' | ' |
Non-current deferred tax liability | 96,287 | 89,510 | ' | ' |
Other non-current liabilities | 91,875 | 83,699 | ' | ' |
Total Liabilities | 1,987,396 | 2,005,072 | ' | ' |
Redeemable non-controlling interest | 11,584 | 10,811 | ' | ' |
Stockholder's Equity: | ' | ' | ' | ' |
Common stock | 140 | 141 | ' | ' |
Capital in excess of par | 474,729 | 473,697 | ' | ' |
Retained earnings | 311,365 | 243,210 | ' | ' |
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity | 786,234 | 717,048 | ' | ' |
Non-controlling interests | 32,408 | 28,430 | ' | ' |
Total Equity | 818,642 | 745,478 | 846,338 | 807,176 |
Total Liabilities and Equity | 2,817,622 | 2,761,361 | ' | ' |
Select Medical Corporation | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 4,319 | 40,144 | 12,043 | 4,365 |
Accounts receivable, net | 391,319 | 359,929 | ' | ' |
Current deferred tax asset | 17,624 | 17,877 | ' | ' |
Prepaid income taxes | ' | 3,895 | ' | ' |
Other current assets | 41,140 | 31,818 | ' | ' |
Total Current Assets | 454,402 | 453,663 | ' | ' |
Property and equipment, net | 509,102 | 501,552 | ' | ' |
Goodwill | 1,642,633 | 1,640,534 | ' | ' |
Other identifiable intangibles | 71,907 | 71,745 | ' | ' |
Other assets | 139,578 | 92,819 | ' | ' |
Total Assets | 2,817,622 | 2,760,313 | 2,770,738 | ' |
Current Liabilities: | ' | ' | ' | ' |
Bank overdrafts | 12,506 | 17,836 | ' | ' |
Current portion of long-term debt and notes payable | 17,565 | 11,646 | ' | ' |
Accounts payable | 88,285 | 89,547 | ' | ' |
Accrued payroll | 90,011 | 88,586 | ' | ' |
Accrued vacation | 59,730 | 55,714 | ' | ' |
Accrued interest | 12,297 | 18,759 | ' | ' |
Accrued other | 90,471 | 92,083 | ' | ' |
Income taxes payable | 622 | ' | ' | ' |
Due to third party payors | 37 | 1,078 | ' | ' |
Total Current Liabilities | 371,524 | 375,249 | ' | ' |
Long-term debt, net of current portion | 1,427,710 | 1,291,297 | ' | ' |
Non-current deferred tax liability | 96,287 | 89,510 | ' | ' |
Other non-current liabilities | 91,875 | 83,699 | ' | ' |
Total Liabilities | 1,987,396 | 1,839,755 | ' | ' |
Redeemable non-controlling interest | 11,584 | 10,811 | ' | ' |
Stockholder's Equity: | ' | ' | ' | ' |
Common stock | 0 | 0 | ' | ' |
Capital in excess of par | 869,576 | 859,839 | ' | ' |
Retained earnings | -83,342 | 21,478 | ' | ' |
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity | 786,234 | 881,317 | ' | ' |
Non-controlling interests | 32,408 | 28,430 | ' | ' |
Total Equity | 818,642 | 909,747 | 1,010,105 | 1,107,890 |
Total Liabilities and Equity | 2,817,622 | 2,760,313 | ' | ' |
Select Medical Corporation | Reportable legal entities | Select Medical Corporation (Parent Company Only) | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 71 | 35,070 | 11,427 | 149 |
Current deferred tax asset | 7,965 | 12,383 | ' | ' |
Prepaid income taxes | ' | 3,895 | ' | ' |
Other current assets | 9,745 | 5,600 | ' | ' |
Total Current Assets | 17,781 | 56,948 | ' | ' |
Property and equipment, net | 15,624 | 16,344 | ' | ' |
Investment in affiliates | 3,059,581 | 2,930,022 | ' | ' |
Non-current deferred tax asset | 7,662 | 5,107 | ' | ' |
Other assets | 35,274 | 28,680 | ' | ' |
Total Assets | 3,135,922 | 3,037,101 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Bank overdrafts | 12,506 | 17,836 | ' | ' |
Current portion of long-term debt and notes payable | 9,107 | 8,916 | ' | ' |
Accounts payable | 6,749 | 4,674 | ' | ' |
Intercompany payables | 1,184,764 | 1,124,173 | ' | ' |
Accrued payroll | 1,167 | 186 | ' | ' |
Accrued vacation | 4,619 | 4,249 | ' | ' |
Accrued interest | 11,076 | 17,955 | ' | ' |
Accrued other | 59,249 | 55,206 | ' | ' |
Income taxes payable | 622 | ' | ' | ' |
Total Current Liabilities | 1,289,859 | 1,233,195 | ' | ' |
Long-term debt, net of current portion | 1,006,201 | 872,671 | ' | ' |
Other non-current liabilities | 53,628 | 49,918 | ' | ' |
Total Liabilities | 2,349,688 | 2,155,784 | ' | ' |
Stockholder's Equity: | ' | ' | ' | ' |
Common stock | 0 | 0 | ' | ' |
Capital in excess of par | 869,576 | 859,839 | ' | ' |
Retained earnings | -83,342 | 21,478 | ' | ' |
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity | 786,234 | 881,317 | ' | ' |
Total Equity | 786,234 | 881,317 | ' | ' |
Total Liabilities and Equity | 3,135,922 | 3,037,101 | ' | ' |
Select Medical Corporation | Reportable legal entities | Subsidiary Guarantors | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 3,098 | 3,734 | ' | 3,567 |
Accounts receivable, net | 337,517 | 308,043 | ' | ' |
Current deferred tax asset | 5,214 | 1,060 | ' | ' |
Intercompany receivables | 1,079,736 | 1,021,479 | ' | ' |
Other current assets | 26,545 | 19,655 | ' | ' |
Total Current Assets | 1,452,110 | 1,353,971 | ' | ' |
Property and equipment, net | 434,040 | 425,677 | ' | ' |
Investment in affiliates | 83,012 | 82,475 | ' | ' |
Goodwill | 1,642,633 | 1,640,534 | ' | ' |
Other identifiable intangibles | 71,907 | 71,745 | ' | ' |
Other assets | 103,696 | 63,447 | ' | ' |
Total Assets | 3,787,398 | 3,637,849 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Current portion of long-term debt and notes payable | 7,317 | 1,059 | ' | ' |
Accounts payable | 68,574 | 72,213 | ' | ' |
Accrued payroll | 88,599 | 88,096 | ' | ' |
Accrued vacation | 47,682 | 44,508 | ' | ' |
Accrued interest | 1,221 | 804 | ' | ' |
Accrued other | 23,493 | 31,343 | ' | ' |
Due to third party payors | 1 | ' | ' | ' |
Total Current Liabilities | 236,887 | 238,023 | ' | ' |
Long-term debt, net of current portion | 364,060 | 358,104 | ' | ' |
Non-current deferred tax liability | 96,111 | 85,287 | ' | ' |
Other non-current liabilities | 33,123 | 28,808 | ' | ' |
Total Liabilities | 730,181 | 710,222 | ' | ' |
Stockholder's Equity: | ' | ' | ' | ' |
Retained earnings | 920,694 | 790,692 | ' | ' |
Subsidiary investment | 2,136,523 | 2,136,935 | ' | ' |
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity | 3,057,217 | 2,927,627 | ' | ' |
Total Equity | 3,057,217 | 2,927,627 | ' | ' |
Total Liabilities and Equity | 3,787,398 | 3,637,849 | ' | ' |
Select Medical Corporation | Reportable legal entities | Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 1,150 | 1,340 | 616 | 649 |
Accounts receivable, net | 54,452 | 53,531 | ' | ' |
Current deferred tax asset | 4,445 | 4,434 | ' | ' |
Intercompany receivables | 105,028 | 102,694 | ' | ' |
Other current assets | 4,850 | 6,563 | ' | ' |
Total Current Assets | 169,925 | 168,562 | ' | ' |
Property and equipment, net | 59,438 | 59,531 | ' | ' |
Other assets | 608 | 692 | ' | ' |
Total Assets | 229,971 | 228,785 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Current portion of long-term debt and notes payable | 1,141 | 1,671 | ' | ' |
Accounts payable | 12,962 | 12,660 | ' | ' |
Accrued payroll | 245 | 304 | ' | ' |
Accrued vacation | 7,429 | 6,957 | ' | ' |
Accrued other | 7,729 | 5,534 | ' | ' |
Due to third party payors | 686 | 2,723 | ' | ' |
Total Current Liabilities | 30,192 | 29,849 | ' | ' |
Long-term debt, net of current portion | 57,449 | 60,522 | ' | ' |
Non-current deferred tax liability | 7,838 | 9,330 | ' | ' |
Other non-current liabilities | 5,124 | 4,973 | ' | ' |
Total Liabilities | 100,603 | 104,674 | ' | ' |
Redeemable non-controlling interest | 11,584 | 10,811 | ' | ' |
Stockholder's Equity: | ' | ' | ' | ' |
Retained earnings | 21,186 | 21,197 | ' | ' |
Subsidiary investment | 64,190 | 63,673 | ' | ' |
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity | 85,376 | 84,870 | ' | ' |
Non-controlling interests | 32,408 | 28,430 | ' | ' |
Total Equity | 117,784 | 113,300 | ' | ' |
Total Liabilities and Equity | 229,971 | 228,785 | ' | ' |
Select Medical Corporation | Eliminations | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Accounts receivable, net | -650 | -1,645 | ' | ' |
Intercompany receivables | -1,184,764 | -1,124,173 | ' | ' |
Total Current Assets | -1,185,414 | -1,125,818 | ' | ' |
Investment in affiliates | -3,142,593 | -3,012,497 | ' | ' |
Non-current deferred tax asset | -7,662 | -5,107 | ' | ' |
Total Assets | -4,335,669 | -4,143,422 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Intercompany payables | -1,184,764 | -1,124,173 | ' | ' |
Due to third party payors | -650 | -1,645 | ' | ' |
Total Current Liabilities | -1,185,414 | -1,125,818 | ' | ' |
Non-current deferred tax liability | -7,662 | -5,107 | ' | ' |
Total Liabilities | -1,193,076 | -1,130,925 | ' | ' |
Stockholder's Equity: | ' | ' | ' | ' |
Retained earnings | -941,880 | -811,889 | ' | ' |
Subsidiary investment | -2,200,713 | -2,200,608 | ' | ' |
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity | -3,142,593 | -3,012,497 | ' | ' |
Total Equity | -3,142,593 | -3,012,497 | ' | ' |
Total Liabilities and Equity | ($4,335,669) | ($4,143,422) | ' | ' |
Financial_Information_for_Subs4
Financial Information for Subsidiary Guarantors and Non-Guarantor Subsidiaries under Select's 6.375% Senior Notes (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Consolidating Statement of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net operating revenues | $746,175 | $722,845 | $756,673 | $749,955 | $741,086 | $713,669 | $750,193 | $744,021 | $2,975,648 | $2,948,969 | $2,804,507 |
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of services | ' | ' | ' | ' | ' | ' | ' | ' | 2,495,476 | 2,443,550 | 2,308,570 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 76,921 | 66,194 | 62,354 |
Bad debt expense | ' | ' | ' | ' | ' | ' | ' | ' | 37,423 | 39,055 | 51,347 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 64,392 | 63,311 | 71,517 |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 2,674,212 | 2,612,110 | 2,493,788 |
Income from operations | 68,244 | 62,399 | 88,263 | 82,530 | 80,923 | 70,819 | 93,513 | 91,604 | 301,436 | 336,859 | 310,719 |
Other income and expense: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in earnings (losses) of unconsolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 2,476 | 7,705 | 2,923 |
Loss on early retirement of debt | ' | ' | ' | ' | ' | ' | ' | ' | -18,747 | -6,064 | -31,018 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 322 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -87,364 | -94,950 | -99,216 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 197,801 | 243,550 | 183,730 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 74,792 | 89,657 | 70,968 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 123,009 | 153,893 | 112,762 |
Less: Net income attributable to non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | 8,619 | 5,663 | 4,916 |
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation | 28,920 | 23,272 | 27,780 | 34,418 | 39,406 | 24,110 | 43,172 | 41,542 | 114,390 | 148,230 | 107,846 |
Select Medical Corporation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statement of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net operating revenues | 746,175 | 722,845 | 756,673 | 749,955 | 741,086 | 713,669 | 750,193 | 744,021 | 2,975,648 | 2,948,969 | 2,804,507 |
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of services | ' | ' | ' | ' | ' | ' | ' | ' | 2,495,476 | 2,443,550 | 2,308,570 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 76,921 | 66,194 | 62,354 |
Bad debt expense | ' | ' | ' | ' | ' | ' | ' | ' | 37,423 | 39,055 | 51,347 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 64,392 | 63,311 | 71,517 |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 2,674,212 | 2,612,110 | 2,493,788 |
Income from operations | 68,244 | 62,399 | 88,263 | 82,530 | 80,923 | 70,819 | 93,513 | 91,604 | 301,436 | 336,859 | 310,719 |
Other income and expense: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in earnings (losses) of unconsolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 2,476 | 7,705 | 2,923 |
Loss on early retirement of debt | ' | ' | ' | ' | ' | ' | ' | ' | -17,788 | -6,064 | -20,385 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 322 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -84,954 | -83,759 | -81,232 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 201,170 | 254,741 | 212,347 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 75,971 | 93,574 | 80,984 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 125,199 | 161,167 | 131,363 |
Less: Net income attributable to non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | 8,619 | 5,663 | 4,916 |
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation | 28,920 | 23,272 | 27,780 | 36,608 | 41,254 | 25,953 | 45,018 | 43,279 | 116,580 | 155,504 | 126,447 |
Select Medical Corporation | Reportable legal entities | Select Medical Corporation (Parent Company Only) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statement of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 350 | 123 | 121 |
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of services | ' | ' | ' | ' | ' | ' | ' | ' | 1,757 | 2,139 | 1,729 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 76,709 | 67,402 | 61,995 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 3,746 | 3,267 | 4,115 |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 82,212 | 72,808 | 67,839 |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | -81,862 | -72,685 | -67,718 |
Other income and expense: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intercompany interest and royalty fees | ' | ' | ' | ' | ' | ' | ' | ' | -1,326 | -2,532 | -3,408 |
Intercompany management fees | ' | ' | ' | ' | ' | ' | ' | ' | 144,447 | 120,276 | 120,013 |
Loss on early retirement of debt | ' | ' | ' | ' | ' | ' | ' | ' | -17,788 | -6,064 | -20,385 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 132 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -58,100 | -54,167 | -41,817 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -14,629 | -15,172 | -13,183 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -1,238 | -8,206 | -12,821 |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 129,971 | 162,470 | 126,809 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 116,580 | 155,504 | 126,447 |
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation | ' | ' | ' | ' | ' | ' | ' | ' | 116,580 | 155,504 | 126,447 |
Select Medical Corporation | Reportable legal entities | Subsidiary Guarantors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statement of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,553,505 | 2,549,896 | 2,436,177 |
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of services | ' | ' | ' | ' | ' | ' | ' | ' | 2,135,754 | 2,099,734 | 1,996,671 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 212 | -1,208 | 359 |
Bad debt expense | ' | ' | ' | ' | ' | ' | ' | ' | 31,003 | 33,595 | 44,300 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 50,982 | 50,734 | 58,064 |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 2,217,951 | 2,182,855 | 2,099,394 |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 335,554 | 367,041 | 336,783 |
Other income and expense: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intercompany interest and royalty fees | ' | ' | ' | ' | ' | ' | ' | ' | 1,339 | 2,494 | 3,382 |
Intercompany management fees | ' | ' | ' | ' | ' | ' | ' | ' | -125,361 | -102,096 | -102,970 |
Equity in earnings (losses) of unconsolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 2,384 | 7,637 | 2,870 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 122 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -22,760 | -25,348 | -34,612 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 191,156 | 249,728 | 205,575 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 76,870 | 101,795 | 92,561 |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 15,716 | 15,639 | 13,406 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 130,002 | 163,572 | 126,420 |
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation | ' | ' | ' | ' | ' | ' | ' | ' | 130,002 | 163,572 | 126,420 |
Select Medical Corporation | Reportable legal entities | Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statement of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 421,793 | 398,950 | 368,209 |
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of services | ' | ' | ' | ' | ' | ' | ' | ' | 357,965 | 341,677 | 310,170 |
Bad debt expense | ' | ' | ' | ' | ' | ' | ' | ' | 6,420 | 5,460 | 7,047 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 9,664 | 9,310 | 9,338 |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 374,049 | 356,447 | 326,555 |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 47,744 | 42,503 | 41,654 |
Other income and expense: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intercompany interest and royalty fees | ' | ' | ' | ' | ' | ' | ' | ' | -13 | 38 | 26 |
Intercompany management fees | ' | ' | ' | ' | ' | ' | ' | ' | -19,086 | -18,180 | -17,043 |
Equity in earnings (losses) of unconsolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 92 | 68 | 53 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 68 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -4,094 | -4,244 | -4,803 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 24,643 | 20,185 | 19,955 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 339 | -15 | 1,244 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 24,304 | 20,200 | 18,711 |
Less: Net income attributable to non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | 8,619 | 5,663 | 4,916 |
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation | ' | ' | ' | ' | ' | ' | ' | ' | 15,685 | 14,537 | 13,795 |
Select Medical Corporation | Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other income and expense: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -145,687 | -178,109 | -140,215 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -145,687 | -178,109 | -140,215 |
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation | ' | ' | ' | ' | ' | ' | ' | ' | ($145,687) | ($178,109) | ($140,215) |
Financial_Information_for_Subs5
Financial Information for Subsidiary Guarantors and Non-Guarantor Subsidiaries under Select's 6.375% Senior Notes (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities | ' | ' | ' |
Net income | $123,009 | $153,893 | $112,762 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 64,392 | 63,311 | 71,517 |
Provision for bad debts | 37,423 | 39,055 | 51,347 |
Equity in earnings of unconsolidated subsidiaries | -2,476 | -7,705 | -2,923 |
Loss on early retirement of debt | 18,747 | 6,064 | 31,018 |
Loss (gain) from disposal or sale of assets | -581 | -5,906 | -4,966 |
Non-cash stock compensation expense | 7,033 | 5,677 | 3,725 |
Amortization of debt discount and issuance costs | 8,433 | 7,566 | 8,007 |
Deferred income taxes | 7,032 | 7,909 | 35,305 |
Changes in operating assets and liabilities, net of effects from acquisition of businesses: | ' | ' | ' |
Accounts receivable | -67,145 | 15,158 | -111,126 |
Other current assets | -8,167 | -1,607 | -1,201 |
Other assets | -3,484 | 5,862 | -2,081 |
Accounts payable | -1,283 | -6,117 | 20,629 |
Due to third-party payors | -1,041 | -4,448 | 227 |
Accrued expenses | 10,631 | 19,970 | 4,888 |
Net cash provided by operating activities | 192,523 | 298,682 | 217,128 |
Investing activities | ' | ' | ' |
Purchases of property and equipment | -73,660 | -68,185 | -46,016 |
Investment in businesses, net of distributions | -34,893 | -14,689 | -15,699 |
Acquisition of businesses, net of cash acquired | -1,665 | -6,043 | -899 |
Proceeds from sale of assets | 2,912 | 16,511 | 7,879 |
Net cash used in investing activities | -107,306 | -72,406 | -54,735 |
Financing activities | ' | ' | ' |
Borrowings on revolving credit facility | 690,000 | 495,000 | 735,000 |
Payments on revolving credit facility | -800,000 | -405,000 | -720,000 |
Borrowings on credit facility term loans, net of discount | 298,500 | 266,750 | 841,500 |
Payments on credit facility term loans | -596,720 | -9,875 | -4,250 |
Payments on 2005 credit facility term loans, net of call premium | ' | ' | -484,633 |
Repurchase of 7 5/8% senior subordinated notes, net of premiums | -70,000 | -278,495 | -273,941 |
Borrowings of other debt | 15,310 | 8,281 | 7,055 |
Principal payments on other debt | -10,834 | -10,295 | -7,499 |
Debt issuance costs | -18,914 | -6,527 | -18,556 |
Repayments of bank overdrafts | -5,330 | 1,227 | -2,183 |
Dividends paid to Holdings | -41,961 | -210,888 | ' |
Distributions to non-controlling interests | -3,537 | -3,268 | -4,612 |
Net cash used in financing activities | -121,042 | -198,175 | -154,715 |
Net increase (decrease) in cash and cash equivalents | -35,825 | 28,101 | 7,678 |
Cash and cash equivalents at beginning of period | 40,144 | 12,043 | 4,365 |
Cash and cash equivalents at end of period | 4,319 | 40,144 | 12,043 |
Select Medical Corporation | ' | ' | ' |
Operating activities | ' | ' | ' |
Net income | 125,199 | 161,167 | 131,363 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 64,392 | 63,311 | 71,517 |
Provision for bad debts | 37,423 | 39,055 | 51,347 |
Equity in earnings of unconsolidated subsidiaries | -2,476 | -7,705 | -2,923 |
Loss on early retirement of debt | 17,788 | 6,064 | 20,385 |
Loss (gain) from disposal or sale of assets | -581 | -5,906 | -4,966 |
Non-cash stock compensation expense | 7,033 | 5,677 | 3,725 |
Amortization of debt discount and issuance costs | 8,344 | 7,190 | 6,700 |
Deferred income taxes | 7,032 | 7,909 | 35,305 |
Changes in operating assets and liabilities, net of effects from acquisition of businesses: | ' | ' | ' |
Accounts receivable | -67,145 | 15,158 | -111,126 |
Other current assets | -8,167 | -1,607 | -1,201 |
Other assets | -3,484 | 5,877 | -2,068 |
Accounts payable | -1,283 | -6,117 | 20,629 |
Due to third-party payors | -1,041 | -4,448 | 227 |
Accrued expenses | 15,068 | 23,746 | 21,139 |
Net cash provided by operating activities | 198,102 | 309,371 | 240,053 |
Investing activities | ' | ' | ' |
Purchases of property and equipment | -73,660 | -68,185 | -46,016 |
Investment in businesses, net of distributions | -34,893 | -14,689 | -15,699 |
Acquisition of businesses, net of cash acquired | -1,665 | -6,043 | -899 |
Proceeds from sale of assets | 2,912 | 16,511 | 7,879 |
Net cash used in investing activities | -107,306 | -72,406 | -54,735 |
Financing activities | ' | ' | ' |
Borrowings on revolving credit facility | 690,000 | 495,000 | 735,000 |
Payments on revolving credit facility | -800,000 | -405,000 | -720,000 |
Borrowings on credit facility term loans, net of discount | 298,500 | 266,750 | 841,500 |
Payments on credit facility term loans | -596,720 | -9,875 | -4,250 |
Payments on 2005 credit facility term loans, net of call premium | ' | ' | -484,633 |
Issuance of 6.375% senior notes | 600,000 | ' | ' |
Repurchase of 7 5/8% senior subordinated notes, net of premiums | -70,000 | -278,495 | -273,941 |
Borrowings of other debt | 15,310 | 8,281 | 7,055 |
Principal payments on other debt | -10,834 | -10,295 | -7,499 |
Debt issuance costs | -18,914 | -6,527 | -18,556 |
Repayments of bank overdrafts | -5,330 | 1,227 | -2,183 |
Equity investment by Holdings | 1,525 | 1,817 | 208 |
Dividends paid to Holdings | -226,621 | -268,479 | -245,729 |
Distributions to non-controlling interests | -3,537 | -3,268 | -4,612 |
Net cash used in financing activities | -126,621 | -208,864 | -177,640 |
Net increase (decrease) in cash and cash equivalents | -35,825 | 28,101 | 7,678 |
Cash and cash equivalents at beginning of period | 40,144 | 12,043 | 4,365 |
Cash and cash equivalents at end of period | 4,319 | 40,144 | 12,043 |
Select Medical Corporation | Reportable legal entities | Select Medical Corporation (Parent Company Only) | ' | ' | ' |
Operating activities | ' | ' | ' |
Net income | 116,580 | 155,504 | 126,447 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 3,746 | 3,267 | 4,115 |
Loss on early retirement of debt | 17,788 | 6,064 | 20,385 |
Loss (gain) from disposal or sale of assets | ' | ' | 13 |
Non-cash stock compensation expense | 7,033 | 5,677 | 3,725 |
Amortization of debt discount and issuance costs | 8,344 | 7,190 | 6,700 |
Deferred income taxes | 7,032 | 7,909 | 35,305 |
Changes in operating assets and liabilities, net of effects from acquisition of businesses: | ' | ' | ' |
Equity in earnings of subsidiaries | -129,971 | -162,470 | -126,809 |
Other current assets | -4,145 | 740 | -1,780 |
Other assets | -6,594 | 2,448 | -12,069 |
Accounts payable | 2,075 | -2,679 | 1,326 |
Accrued expenses | -4,929 | 25,350 | 14,823 |
Net cash provided by operating activities | 16,959 | 49,000 | 72,181 |
Investing activities | ' | ' | ' |
Purchases of property and equipment | -3,024 | -5,150 | -3,413 |
Net cash used in investing activities | -3,024 | -5,150 | -3,413 |
Financing activities | ' | ' | ' |
Borrowings on revolving credit facility | 690,000 | 495,000 | 735,000 |
Payments on revolving credit facility | -800,000 | -405,000 | -720,000 |
Borrowings on credit facility term loans, net of discount | 298,500 | 266,750 | 841,500 |
Payments on credit facility term loans | -596,720 | -9,875 | -4,250 |
Payments on 2005 credit facility term loans, net of call premium | ' | ' | -484,633 |
Issuance of 6.375% senior notes | 600,000 | ' | ' |
Repurchase of 7 5/8% senior subordinated notes, net of premiums | -70,000 | -278,495 | -273,941 |
Borrowings of other debt | 8,923 | 8,003 | 6,100 |
Principal payments on other debt | -7,752 | -8,049 | -5,662 |
Debt issuance costs | -18,914 | -6,527 | -18,556 |
Repayments of bank overdrafts | -5,330 | 1,227 | -2,183 |
Equity investment by Holdings | 1,525 | 1,817 | 208 |
Dividends paid to Holdings | -226,621 | -268,479 | -245,729 |
Intercompany | 77,455 | 183,421 | 114,656 |
Net cash used in financing activities | -48,934 | -20,207 | -57,490 |
Net increase (decrease) in cash and cash equivalents | -34,999 | 23,643 | 11,278 |
Cash and cash equivalents at beginning of period | 35,070 | 11,427 | 149 |
Cash and cash equivalents at end of period | 71 | 35,070 | 11,427 |
Select Medical Corporation | Reportable legal entities | Subsidiary Guarantors | ' | ' | ' |
Operating activities | ' | ' | ' |
Net income | 130,002 | 163,572 | 126,420 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 50,982 | 50,734 | 58,064 |
Provision for bad debts | 31,003 | 33,595 | 44,300 |
Equity in earnings of unconsolidated subsidiaries | -2,384 | -7,637 | -2,870 |
Loss (gain) from disposal or sale of assets | -463 | -6,002 | -5,024 |
Changes in operating assets and liabilities, net of effects from acquisition of businesses: | ' | ' | ' |
Equity in earnings of subsidiaries | -15,716 | -15,639 | -13,406 |
Accounts receivable | -59,804 | 29,727 | -98,966 |
Other current assets | -5,735 | 141 | 1,165 |
Other assets | 3,026 | 3,268 | 9,683 |
Accounts payable | -3,660 | -4,040 | 16,247 |
Due to third-party payors | 996 | -15,278 | 1,408 |
Accrued expenses | 20,609 | -3,835 | 5,522 |
Net cash provided by operating activities | 148,856 | 228,606 | 142,543 |
Investing activities | ' | ' | ' |
Purchases of property and equipment | -60,532 | -49,160 | -37,759 |
Investment in businesses, net of distributions | -34,893 | -14,689 | -15,699 |
Acquisition of businesses, net of cash acquired | -1,665 | -6,043 | -899 |
Proceeds from sale of assets | 2,456 | 16,511 | 7,879 |
Net cash used in investing activities | -94,634 | -53,381 | -46,478 |
Financing activities | ' | ' | ' |
Borrowings of other debt | 5,303 | ' | 955 |
Principal payments on other debt | -873 | -433 | -755 |
Intercompany | -59,288 | -171,058 | -99,832 |
Net cash used in financing activities | -54,858 | -171,491 | -99,632 |
Net increase (decrease) in cash and cash equivalents | -636 | 3,734 | -3,567 |
Cash and cash equivalents at beginning of period | 3,734 | ' | 3,567 |
Cash and cash equivalents at end of period | 3,098 | 3,734 | ' |
Select Medical Corporation | Reportable legal entities | Non-Guarantor Subsidiaries | ' | ' | ' |
Operating activities | ' | ' | ' |
Net income | 24,304 | 20,200 | 18,711 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 9,664 | 9,310 | 9,338 |
Provision for bad debts | 6,420 | 5,460 | 7,047 |
Equity in earnings of unconsolidated subsidiaries | -92 | -68 | -53 |
Loss (gain) from disposal or sale of assets | -118 | 96 | 45 |
Changes in operating assets and liabilities, net of effects from acquisition of businesses: | ' | ' | ' |
Accounts receivable | -7,341 | -14,569 | -12,160 |
Other current assets | 1,713 | -2,488 | -586 |
Other assets | 84 | 161 | 318 |
Accounts payable | 302 | 602 | 3,056 |
Due to third-party payors | -2,037 | 10,830 | -1,181 |
Accrued expenses | -612 | 2,231 | 794 |
Net cash provided by operating activities | 32,287 | 31,765 | 25,329 |
Investing activities | ' | ' | ' |
Purchases of property and equipment | -10,104 | -13,875 | -4,844 |
Proceeds from sale of assets | 456 | ' | ' |
Net cash used in investing activities | -9,648 | -13,875 | -4,844 |
Financing activities | ' | ' | ' |
Borrowings of other debt | 1,084 | 278 | ' |
Principal payments on other debt | -2,209 | -1,813 | -1,082 |
Intercompany | -18,167 | -12,363 | -14,824 |
Distributions to non-controlling interests | -3,537 | -3,268 | -4,612 |
Net cash used in financing activities | -22,829 | -17,166 | -20,518 |
Net increase (decrease) in cash and cash equivalents | -190 | 724 | -33 |
Cash and cash equivalents at beginning of period | 1,340 | 616 | 649 |
Cash and cash equivalents at end of period | 1,150 | 1,340 | 616 |
Select Medical Corporation | Eliminations | ' | ' | ' |
Operating activities | ' | ' | ' |
Net income | -145,687 | -178,109 | -140,215 |
Changes in operating assets and liabilities, net of effects from acquisition of businesses: | ' | ' | ' |
Equity in earnings of subsidiaries | $145,687 | $178,109 | $140,215 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Selected quarterly financial data (unaudited) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net operating revenues | $746,175 | $722,845 | $756,673 | $749,955 | $741,086 | $713,669 | $750,193 | $744,021 | $2,975,648 | $2,948,969 | $2,804,507 |
Income from operations | 68,244 | 62,399 | 88,263 | 82,530 | 80,923 | 70,819 | 93,513 | 91,604 | 301,436 | 336,859 | 310,719 |
Net income attributable to Select Medical Holdings Corporation | 28,920 | 23,272 | 27,780 | 34,418 | 39,406 | 24,110 | 43,172 | 41,542 | 114,390 | 148,230 | 107,846 |
Income per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in dollars per share) | $0.21 | $0.17 | $0.20 | $0.25 | $0.28 | $0.17 | $0.31 | $0.29 | $0.82 | $1.05 | $0.71 |
Diluted (in dollars per share) | $0.21 | $0.17 | $0.20 | $0.24 | $0.28 | $0.17 | $0.31 | $0.29 | $0.82 | $1.05 | $0.71 |
Select | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selected quarterly financial data (unaudited) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net operating revenues | 746,175 | 722,845 | 756,673 | 749,955 | 741,086 | 713,669 | 750,193 | 744,021 | 2,975,648 | 2,948,969 | 2,804,507 |
Income from operations | 68,244 | 62,399 | 88,263 | 82,530 | 80,923 | 70,819 | 93,513 | 91,604 | 301,436 | 336,859 | 310,719 |
Net income attributable to Select Medical Holdings Corporation | $28,920 | $23,272 | $27,780 | $36,608 | $41,254 | $25,953 | $45,018 | $43,279 | $116,580 | $155,504 | $126,447 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Doubtful Accounts | ' | ' | ' |
Changes in valuation and qualifying accounts | ' | ' | ' |
Balance at Beginning of Year | $41,854 | $47,469 | $44,416 |
Charged to Cost and Expenses | 37,423 | 39,055 | 51,347 |
Acquisitions | ' | ' | 108 |
Deductions | -38,462 | -44,670 | -48,402 |
Balance at End of Year | 40,815 | 41,854 | 47,469 |
Income Tax Valuation Allowance | ' | ' | ' |
Changes in valuation and qualifying accounts | ' | ' | ' |
Balance at Beginning of Year | 13,341 | 15,733 | 16,622 |
Charged to Cost and Expenses | -2,794 | -2,392 | -889 |
Balance at End of Year | $10,547 | $13,341 | $15,733 |