Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 27, 2015 | Jun. 30, 2014 |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ACHC | ||
Entity Registrant Name | Acadia Healthcare Company, Inc. | ||
Entity Central Index Key | 1520697 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 66,452,931 | ||
Entity Public Float | $2.10 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $94,040 | $4,569 |
Accounts receivable, net of allowance for doubtful accounts of $22,449 and $18,345, respectively | 118,378 | 95,885 |
Deferred tax assets | 20,155 | 15,703 |
Other current assets | 41,570 | 28,969 |
Total current assets | 274,143 | 145,126 |
Property and equipment: | ||
Land | 132,406 | 58,947 |
Building and improvements | 858,055 | 259,523 |
Equipment | 73,584 | 36,742 |
Construction in progress | 66,268 | 44,186 |
Less accumulated depreciation | -60,613 | -29,289 |
Property and equipment, net | 1,069,700 | 370,109 |
Goodwill | 802,986 | 661,549 |
Intangible assets, net | 21,636 | 20,568 |
Deferred tax assets - noncurrent | 13,141 | |
Other assets | 41,984 | 27,307 |
Total assets | 2,223,590 | 1,224,659 |
Current liabilities: | ||
Current portion of long-term debt | 26,965 | 15,195 |
Accounts payable | 48,696 | 36,026 |
Accrued salaries and benefits | 59,317 | 37,721 |
Other accrued liabilities | 30,956 | 25,748 |
Total current liabilities | 165,934 | 114,690 |
Long-term debt | 1,069,305 | 601,941 |
Deferred tax liabilities - noncurrent | 63,880 | 7,971 |
Other liabilities | 43,506 | 19,347 |
Total liabilities | 1,342,625 | 743,949 |
Equity: | ||
Preferred stock, $0.01 par value; 10,000,000 shares authorized, no shares issued | ||
Common stock, $0.01 par value; 90,000,000 shares authorized; 59,211,859 and 50,070,980 issued and outstanding as of December 31, 2013 and 2012, respectively | 592 | 501 |
Additional paid-in capital | 847,301 | 461,807 |
Accumulated other comprehensive loss | -68,370 | |
Retained earnings | 101,442 | 18,402 |
Total equity | 880,965 | 480,710 |
Total liabilities and equity | $2,223,590 | $1,224,659 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Receivable, allowance for doubtful accounts | $22,449 | $18,345 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, authorized | 10,000,000 | 10,000,000 |
Preferred stock, issued | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock, shares issued | 59,211,859 | 50,070,980 |
Common stock, shares outstanding | 59,211,859 | 50,070,980 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||||||||||
Revenue before provision for doubtful accounts | $294,901 | $294,479 | $213,803 | $201,418 | $189,999 | $184,702 | $177,494 | $161,213 | $1,030,784 | $735,109 | $413,850 |
Provision for doubtful accounts | -26,183 | -21,701 | -6,389 | ||||||||
Revenue | 1,004,601 | 713,408 | 407,461 | ||||||||
Salaries, wages and benefits (including equity-based compensation expense of $10,058, $5,249 and $2,267, respectively) | 575,412 | 407,962 | 239,639 | ||||||||
Professional fees | 52,482 | 37,171 | 19,019 | ||||||||
Supplies | 48,422 | 37,569 | 19,496 | ||||||||
Rents and leases | 12,201 | 10,049 | 7,838 | ||||||||
Other operating expenses | 110,654 | 80,572 | 42,777 | ||||||||
Depreciation and amortization | 32,667 | 17,090 | 7,982 | ||||||||
Interest expense, net | 48,221 | 37,250 | 29,769 | ||||||||
Debt extinguishment costs | 9,350 | ||||||||||
Gain on foreign currency derivatives | -15,262 | ||||||||||
Transaction-related expenses | 13,650 | 7,150 | 8,112 | ||||||||
Total expenses | 878,447 | 644,163 | 374,632 | ||||||||
Income (loss) from continuing operations before income taxes | 34,840 | 33,156 | 37,362 | 20,796 | 19,935 | 22,287 | 20,291 | 6,732 | 126,154 | 69,245 | 32,829 |
Provision for income taxes | 42,922 | 25,975 | 12,325 | ||||||||
Income (loss) from continuing operations | 83,232 | 43,270 | 20,504 | ||||||||
Loss from discontinued operations, net of income taxes | -192 | -691 | -101 | ||||||||
Net income | $22,129 | $25,402 | $22,451 | $13,058 | $12,280 | $14,364 | $12,197 | $3,738 | $83,040 | $42,579 | $20,403 |
Basic earnings per share: | |||||||||||
Income from continuing operations | $1.51 | $0.87 | $0.53 | ||||||||
Loss from discontinued operations | ($0.02) | ||||||||||
Net income | $0.38 | $0.43 | $0.43 | $0.26 | $0.25 | $0.29 | $0.24 | $0.07 | $1.51 | $0.85 | $0.53 |
Diluted earnings per share: | |||||||||||
Income from continuing operations | $1.50 | $0.86 | $0.53 | ||||||||
Loss from discontinued operations | ($0.01) | ||||||||||
Net income | $0.37 | $0.43 | $0.43 | $0.26 | $0.24 | $0.29 | $0.24 | $0.07 | $1.50 | $0.85 | $0.53 |
Weighted-average shares outstanding: | |||||||||||
Basic | 55,063 | 50,004 | 38,477 | ||||||||
Diluted | 55,327 | 50,261 | 38,696 |
Consolidated_Statements_of_Inc1
Consolidated Statements of Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Equity-based compensation expense | $10,058 | $5,249 | $2,267 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net income | $22,129 | $25,402 | $22,451 | $13,058 | $12,280 | $14,364 | $12,197 | $3,738 | $83,040 | $42,579 | $20,403 |
Other comprehensive loss: | |||||||||||
Foreign currency translation loss | -66,206 | ||||||||||
Pension liability adjustment, net of tax of $0.6 million, $0 and $0, respectively | -2,164 | ||||||||||
Other comprehensive loss | -68,370 | ||||||||||
Comprehensive income | $14,670 | $42,579 | $20,403 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Pension liability adjustment, tax | $0.60 | $0 | $0 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Retained Earnings [Member] |
In Thousands, except Share data | |||||
Balance at Dec. 31, 2011 | $96,365 | $321 | $140,624 | ($44,580) | |
Balance, shares at Dec. 31, 2011 | 32,116,000 | ||||
Issuance of common stock, net | 311,841 | 176 | 311,665 | ||
Issuance of common stock, net, shares | 17,538,000 | ||||
Common stock issued under stock incentive plans | 960 | 2 | 958 | ||
Common stock issued under stock incentive plans, shares | 233,000 | ||||
Equity-based compensation expense | 2,267 | 2,267 | |||
Excess tax benefit from equity awards | 714 | 714 | |||
Net income | 20,403 | 20,403 | |||
Balance at Dec. 31, 2012 | 432,550 | 499 | 456,228 | -24,177 | |
Balance, shares at Dec. 31, 2012 | 49,887,000 | ||||
Issuance of common stock, net | 205 | 205 | |||
Common stock issued under stock incentive plans | 313 | 2 | 311 | ||
Common stock issued under stock incentive plans, shares | 126,662 | 184,000 | |||
Common stock withheld for minimum statutory taxes | -1,555 | -1,555 | |||
Equity-based compensation expense | 5,249 | 5,249 | |||
Excess tax benefit from equity awards | 1,779 | 1,779 | |||
Net income | 42,579 | 42,579 | |||
Balance at Dec. 31, 2013 | 480,710 | 501 | 461,807 | 18,402 | |
Balance, shares at Dec. 31, 2013 | 50,071,000 | ||||
Issuance of common stock, net | 374,431 | 89 | 374,342 | ||
Issuance of common stock, net, shares | 8,882,000 | ||||
Common stock issued under stock incentive plans | 570 | 2 | 568 | ||
Common stock issued under stock incentive plans, shares | 210,199 | 259,000 | |||
Common stock withheld for minimum statutory taxes | -4,669 | -4,669 | |||
Equity-based compensation expense | 10,058 | 10,058 | |||
Excess tax benefit from equity awards | 4,617 | 4,617 | |||
Other | 578 | 578 | |||
Other comprehensive loss | -68,370 | -68,370 | |||
Net income | 83,040 | 83,040 | |||
Balance at Dec. 31, 2014 | $880,965 | $592 | $847,301 | ($68,370) | $101,442 |
Balance, shares at Dec. 31, 2014 | 59,212,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities: | |||
Net income | $83,040 | $42,579 | $20,403 |
Adjustments to reconcile net income to net cash provided by continuing operating activities: | |||
Depreciation and amortization | 32,667 | 17,090 | 7,982 |
Amortization of debt issuance costs | 3,198 | 2,264 | 2,507 |
Equity-based compensation expense | 10,058 | 5,249 | 2,267 |
Deferred income tax expense | 7,215 | 10,083 | 2,847 |
Loss from discontinued operations, net of taxes | 192 | 691 | 101 |
Debt extinguishment costs | 9,350 | ||
Gain on foreign currency derivatives | -15,262 | ||
Other | 488 | 21 | -3 |
Change in operating assets and liabilities, net of effect of acquisitions: | |||
Accounts receivable, net | -15,110 | -21,242 | -10,344 |
Other current assets | -2,011 | -3,652 | 1,583 |
Other assets | -6,513 | -2,239 | 637 |
Accounts payable and other accrued liabilities | 2,793 | -848 | 485 |
Accrued salaries and benefits | 11,980 | 2,803 | 5,142 |
Other liabilities | 2,749 | 3,181 | 702 |
Net cash (used in) provided by continuing operating activities | 115,484 | 65,330 | 34,309 |
Net cash (used in) provided by discontinued operating activities | -198 | 232 | -411 |
Net cash provided by operating activities | 115,286 | 65,562 | 33,898 |
Investing activities: | |||
Cash paid for acquisitions, net of cash acquired | -738,702 | -164,019 | -443,473 |
Cash paid for capital expenditures | -113,244 | -68,941 | -27,595 |
Cash paid for real estate acquisitions | -23,177 | -8,092 | -53,159 |
Settlement of foreign currency derivatives | 15,262 | ||
Other | -913 | -1,926 | -417 |
Net cash used in investing activities | -860,774 | -242,978 | -524,644 |
Financing activities: | |||
Borrowings on long-term debt | 542,500 | 150,000 | 176,063 |
Borrowings on revolving credit facility | 230,500 | 61,500 | 16,000 |
Principal payments on revolving credit facility | -284,000 | -8,000 | -16,000 |
Principal payments on long-term debt | -7,695 | -7,680 | -6,000 |
Repayment of long-term debt | -52,500 | ||
Payment of debt issuance costs | -12,993 | -4,307 | -4,551 |
Payment of premium on note redemption | -6,759 | ||
Issuances of common stock, net | 374,431 | -205 | 311,841 |
Common stock withheld for minimum statutory taxes, net | -4,099 | -1,242 | 960 |
Excess tax benefit from equity awards | 4,617 | 1,779 | 714 |
Cash paid for contingent consideration | -5,000 | ||
Other | -289 | ||
Net cash provided by financing activities | 837,972 | 132,586 | 479,027 |
Effect of exchange rate changes on cash | -3,013 | ||
Net increase (decrease) in cash and cash equivalents | 89,471 | -44,830 | -11,719 |
Cash and cash equivalents at beginning of the period | 4,569 | 49,399 | 61,118 |
Cash and cash equivalents at end of the period | 94,040 | 4,569 | 49,399 |
Supplemental Cash Flow Information: | |||
Cash paid for interest | 36,776 | 33,270 | 27,238 |
Cash paid for income taxes | 32,257 | 16,960 | 3,928 |
Significant Non-Cash Transactions: | |||
Contingent consideration issued in connection with acquisition | 1,467 | 6,120 | |
Effect of acquisitions: | |||
Assets acquired, excluding cash | 819,518 | 192,928 | 482,891 |
Liabilities assumed | -78,849 | -17,725 | -44,982 |
Deposits paid for acquisitions | 500 | 11,684 | |
Prior year deposits paid for acquisitions | -500 | -11,684 | |
Contingent consideration issued in connection with acquisition | -1,467 | -6,120 | |
Cash paid for acquisitions, net of cash acquired | $738,702 | $164,019 | $443,473 |
Description_of_Business_and_Ba
Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | 1. Description of Business and Basis of Presentation |
Description of Business | |
Acadia Healthcare Company, Inc. (the “Company”) develops and operates inpatient psychiatric facilities, residential treatment centers, group homes, substance abuse facilities and facilities providing outpatient behavioral healthcare services to serve the behavioral health and recovery needs of communities throughout the United States, the United Kingdom and Puerto Rico. At December 31, 2014, the Company operated 78 behavioral healthcare facilities with over 5,800 beds in 24 states, the United Kingdom and Puerto Rico. On February 11, 2015, the Company completed its acquisition of CRC Health Group, Inc. (“CRC”) for total consideration of approximately $1.3 billion. CRC is a leading provider of treatment services related to substance abuse and other addiction and behavioral disorders. At December 31, 2014, CRC operated 35 inpatient facilities with over 2,400 beds and 81 comprehensive treatment centers located in 30 states. | |
Basis of Presentation | |
The business of the Company is conducted through limited liability companies and C-corporations, each of which is a direct or indirect wholly owned subsidiary of the Company. The Company’s consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, all of which are 100% owned. All significant intercompany accounts and transactions have been eliminated in consolidation. | |
The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. The majority of the Company’s expenses are “cost of revenue” items. Costs that could be classified as general and administrative expenses include the Company’s corporate office costs, which were $36.9 million, $29.0 million and $21.6 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |
Certain reclassifications have been made to prior years to conform to the current year presentation. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies | ||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||
The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. At times, cash and cash equivalent balances may exceed federally insured limits. Management believes that the Company mitigates any risks by depositing cash and investing in cash equivalents with major financial institutions. | |||||||||||||||||
Revenue and Accounts Receivable | |||||||||||||||||
Revenue is primarily derived from services rendered to patients for inpatient psychiatric and substance abuse care, outpatient psychiatric care and adolescent residential treatment. The Company receives payments from the following sources for services rendered in our facilities: (i) state governments under their respective Medicaid and other programs; (ii) commercial insurers; (iii) the federal government under the Medicare program administered by CMS; (iv) NHS in the United Kingdom; and (v) individual patients and clients. Revenue is recorded in the period in which services are provided at established billing rates less contractual adjustments based on amounts reimbursable by Medicare or Medicaid under provisions of cost or prospective reimbursement formulas or amounts due from other third-party payors at contractually determined rates. | |||||||||||||||||
The following table presents revenue by payor type as a percentage of revenue before provision for doubtful accounts: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Commercial | 23 | % | 24.9 | % | 20.1 | % | |||||||||||
Medicare | 19.4 | 21.5 | 11.8 | ||||||||||||||
Medicaid | 38.3 | 48 | 63.6 | ||||||||||||||
NHS | 14.5 | — | — | ||||||||||||||
Self-Pay | 2.5 | 3.4 | 2.5 | ||||||||||||||
Other | 2.3 | 2.2 | 2 | ||||||||||||||
Revenue | 100 | % | 100 | % | 100 | % | |||||||||||
On a combined basis, revenue related to the Medicare and Medicaid programs were 58%, 70% and 75% of all revenue before provision for doubtful accounts for the years ended December 31, 2014, 2013 and 2012, respectively. The Company’s concentration of credit risk from other payors is reduced by the large number of payors and their geographic dispersion. The Company generated approximately 15% and 12% of its revenue for the year ended December 31, 2014 from facilities located in the United Kingdom and Arkansas, respectively, and approximately 17% and 8% of its revenue from facilities located in Arkansas and Mississippi for the year ended December 31, 2013. | |||||||||||||||||
Allowance for Contractual Discounts | |||||||||||||||||
The Company derives a significant portion of its revenues from Medicare, Medicaid and other payors that receive discounts from established billing rates. The Medicare and Medicaid regulations and various managed care contracts under which these discounts must be calculated are complex, subject to interpretation and adjustment, and may include multiple reimbursement mechanisms for different types of services provided in the Company’s inpatient facilities and cost settlement provisions. Management estimates the allowance for contractual discounts on a payor-specific basis given its interpretation of the applicable regulations or contract terms. The services authorized and provided and related reimbursement are often subject to interpretation that could result in payments that differ from the Company’s estimates. Additionally, updated regulations and contract renegotiations occur frequently, necessitating regular review and assessment of the estimation process by management. | |||||||||||||||||
Settlements under cost reimbursement agreements with third-party payors are estimated and recorded in the period in which the related services are rendered and are adjusted in future periods as final settlements are determined. Final determination of amounts earned under the Medicare and Medicaid programs often occurs in subsequent years because of audits by such programs, rights of appeal and the application of numerous technical provisions. In the opinion of management, adequate provision has been made for any adjustments and final settlements. However, there can be no assurance that any such adjustments and final settlements will not have a material effect on the Company’s financial condition or results of operations. The Company’s cost report receivables were $1.9 million at December 31, 2014 and were included in other current assets in the consolidated balance sheets. The Company’s cost report liabilities were $0.8 million at December 31, 2013 and were included in other accrued liabilities in the consolidated balance sheets. Management believes that these receivables and liabilities are properly stated and are not likely to be settled for a significantly different amount. The net adjustments to estimated cost report settlements resulted in increases to revenue of $0.3 million and $0.2 million for the years ended December 31, 2014 and 2013, respectively. | |||||||||||||||||
Management believes that it is in compliance with all applicable laws and regulations and is not aware of any pending or threatened investigations involving allegations of wrongdoing. While no such regulatory inquiries have been made, compliance with such laws and regulations can be subject to future government review and interpretation, as well as significant regulatory action including fines, penalties and exclusion from the Medicare and Medicaid programs. | |||||||||||||||||
Allowance for Doubtful Accounts | |||||||||||||||||
The Company’s ability to collect outstanding patient receivables from third party payors is critical to its operating performance and cash flows. The primary collection risk with regard to patient receivables relates to uninsured patient accounts or patient accounts for which primary insurance has paid, but the portion owed by the patient remains outstanding. The Company estimates uncollectible accounts and establish an allowance for doubtful accounts in order to adjust accounts receivable to estimated net realizable value. In evaluating the collectability of accounts receivable, the Company considers a number of factors, including the age of the accounts, historical collection experience, current economic conditions, and other relevant factors. Accounts receivable that are determined to be uncollectible based on the Company’s policies are written off to the allowance for doubtful accounts. Significant changes in payor mix or business office operations could have a significant impact on the Company’s results of operations and cash flows. | |||||||||||||||||
A summary of activity in the Company’s allowance for doubtful accounts is as follows (in thousands): | |||||||||||||||||
Balance at | Additions | Accounts | Balance at | ||||||||||||||
Beginning of | Charged to Costs | Written Off, Net | End of | ||||||||||||||
Period | and Expenses | of Recoveries | Period | ||||||||||||||
Year ended December 31, 2012 | $ | 2,424 | $ | 6,389 | $ | (1,329 | ) | $ | 7,484 | ||||||||
Year ended December 31, 2013 | 7,484 | 21,701 | (10,840 | ) | 18,345 | ||||||||||||
Year ended December 31, 2014 | 18,345 | 26,183 | (22,079 | ) | 22,449 | ||||||||||||
Charity Care | |||||||||||||||||
The Company provides care without charge to patients who are financially unable to pay for the healthcare services they receive based on Company policies and federal and state poverty thresholds. The costs of providing charity care services were $2.5 million, $2.6 million and $1.2 million for the years ended December 31, 2014, 2013 and 2012, respectively. The estimated cost of charity care services was determined using a ratio of cost to gross charges determined from our most recently filed Medicare cost reports and applying that ratio to the gross charges associated with providing charity care for the period. | |||||||||||||||||
Insurance | |||||||||||||||||
The Company is subject to medical malpractice and other lawsuits due to the nature of the services the Company provides. The Company’s operations have professional and general liability insurance for claims in excess of a $250,000 deductible with an insured excess limit of $36 million. The reserve for professional and general liability risks was estimated based on historical claims, demographic factors, industry trends, severity factors, and other actuarial assumptions calculated by an independent third-party actuary. The estimated accrual for professional and general liabilities could be significantly affected should current and future occurrences differ from historical claim trends and expectations. While claims are monitored closely when estimating professional and general liability accruals, the complexity of the claims and wide range of potential outcomes often hampers timely adjustments to the assumptions used in these estimates. The professional and general liability reserve was $16.3 million as of December 31, 2014, of which $4.2 million was included in other accrued liabilities and $12.1 million was included in other long-term liabilities. The professional and general liability reserve was $14.0 million as of December 31, 2013, of which $4.1 million was included in other accrued liabilities and $9.9 million was included in other long-term liabilities. The Company estimates receivables for the portion of professional and general liability reserves that are recoverable under the Company’s insurance policies based on an independent actuarial evaluation. Such receivable was $12.0 million as of December 31, 2014, of which $3.5 million was included in other current assets and $8.5 million was included in other assets, and such receivable was $11.2 million as of December 31, 2013, of which $3.4 million was included in other current assets and $7.8 million was included in other assets. | |||||||||||||||||
The Company’s statutory workers’ compensation program is fully insured with a $500,000 deductible per accident. The workers’ compensation liability was $8.4 million as of December 31, 2014, of which $4.8 million was included in accrued salaries and benefits and $3.6 million was included in other long-term liabilities, and such liability was $6.2 million as of December 31, 2013, of which $4.1 million was included in accrued salaries and benefits and $2.1 million was included in other long-term liabilities. The reserve for workers compensation claims was based upon independent actuarial estimates of future amounts that will be paid to claimants. Management believes that adequate provisions have been made for workers’ compensation and professional and general liability risk exposures. | |||||||||||||||||
Property and Equipment and Other Long-Lived Assets | |||||||||||||||||
Property and equipment are recorded at cost. Depreciation is calculated on the straight-line basis over the estimated useful lives of the assets, which typically range from 10 to 40 years for buildings and improvements, three to seven years for equipment and the shorter of the lease term or estimated useful lives for leasehold improvements. When assets are sold or retired, the corresponding cost and accumulated depreciation are removed from the related accounts and any gain or loss is recorded in the period of sale or retirement. Repair and maintenance costs are expensed as incurred. Depreciation expense was $32.1 million, $16.3 million and $7.4 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||
The carrying values of long-lived assets are reviewed for possible impairment whenever events, circumstances or operating results indicate that the carrying amount of an asset may not be recoverable. If this review indicates that the asset will not be recoverable, as determined based upon the undiscounted cash flows of the operating asset over the remaining useful lives, the carrying value of the asset will be reduced to its estimated fair value. Fair value estimates are based on independent appraisals, market values of comparable assets or internal evaluations of future net cash flows. | |||||||||||||||||
Goodwill and Indefinite-Lived Intangible Assets | |||||||||||||||||
The Company’s goodwill and other indefinite-lived intangible assets, which consist of licenses and accreditations and certificates of need intangible assets that are not amortized, are evaluated for impairment annually during the fourth quarter or more frequently if events indicate that the carrying value of a reporting unit may not be recoverable. The Company has two operating segments, U.S. Facilities and U.K. Facilities, for segment reporting purposes, each of which represents a reporting unit for purposes of the Company’s goodwill impairment test. Potential impairment is noted for a reporting unit if its carrying value exceeds the fair value of the reporting unit. For a reporting unit with potential impairment of goodwill, the Company determines the implied fair value of goodwill. If the carrying value of goodwill exceeds its implied fair value, an impairment loss is recorded. The Company’s annual impairment tests of goodwill and other indefinite-lived intangibles in 2014, 2013 and 2012 resulted in no impairment charges. | |||||||||||||||||
Other Current Assets | |||||||||||||||||
Other current assets consisted of the following (in thousands): | |||||||||||||||||
As of December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Other receivables | $ | 12,713 | $ | 6,833 | |||||||||||||
Prepaid expenses | 11,746 | 6,397 | |||||||||||||||
Insurance receivable – current portion | 3,500 | 3,400 | |||||||||||||||
Workers’ compensation deposits – current portion | 4,800 | 4,100 | |||||||||||||||
Income taxes receivable | 3,399 | 4,005 | |||||||||||||||
Other | 5,412 | 4,234 | |||||||||||||||
Other current assets | $ | 41,570 | $ | 28,969 | |||||||||||||
Debt Issuance Costs | |||||||||||||||||
Debt issuance costs are deferred and amortized to interest expense over the term of the related debt. Debt issuance costs at December 31, 2014 were $20.9 million, net of accumulated amortization of $9.5 million. Debt issuance costs at December 31, 2013 were $13.3 million, net of accumulated amortization of $6.1 million. Amortization expense related to debt issuance costs, which is reported as interest expense, was $3.2 million and $2.3 million, respectively, for the years ended December 31, 2014 and 2013. Estimated amortization of debt issuance costs for the years ending December 31, 2015, 2016, 2017, 2018 and 2019 is $4.5 million, $4.6 million, $4.7 million, $4.5 million and $1.6 million, respectively. | |||||||||||||||||
Other Accrued Liabilities | |||||||||||||||||
Other accrued liabilities consisted of the following (in thousands): | |||||||||||||||||
As of December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Accrued interest | $ | 13,013 | $ | 5,065 | |||||||||||||
Insurance liability – current portion | 4,239 | 4,139 | |||||||||||||||
Contingent consideration | 3,000 | 4,891 | |||||||||||||||
Accrued property taxes | 2,069 | 1,819 | |||||||||||||||
Other | 8,635 | 9,834 | |||||||||||||||
Other accrued liabilities | $ | 30,956 | $ | 25,748 | |||||||||||||
Stock Compensation | |||||||||||||||||
The Company measures and recognizes the cost of employee services received in exchange for awards of equity instruments based on the grant-date fair value in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718, “Compensation—Stock Compensation.” The Company uses the Black-Scholes valuation model to determine grant-date fair value for equity awards and uses straight-line amortization of share-based compensation expense over the requisite service period of the respective awards. | |||||||||||||||||
Earnings Per Share | |||||||||||||||||
Basic and diluted earnings per share are calculated in accordance with FASB ASC 260, “Earnings Per Share,” based on the weighted-average number of shares outstanding in each period and dilutive stock options, nonvested shares and warrants, to the extent such securities have a dilutive effect on earnings per share. | |||||||||||||||||
Income Taxes | |||||||||||||||||
The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and net operating loss and tax credit carryforwards. The amount of deferred taxes on these temporary differences is determined using the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, as applicable, based on tax rates and laws in the respective tax jurisdiction enacted as of the balance sheet date. | |||||||||||||||||
The Company reviews its deferred tax assets for recoverability and establishes a valuation allowance based on historical taxable income, projected future taxable income, applicable tax strategies, and the expected timing of the reversals of existing temporary differences. A valuation allowance is provided when it is more likely than not that some portion or all of the deferred tax assets will not be realized. | |||||||||||||||||
The Company records a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. | |||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||
In April 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” (“ASU 2014-08”). ASU 2014-08 raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. ASU 2014-08 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. Early adoption is permitted. Management is evaluating the impact of ASU 2014-08 on the Company’s consolidated financial statements and does not expect ASU 2014-08 to have a significant impact on the Company’s consolidated financial statements. | |||||||||||||||||
In May 2014, the FASB and the International Accounting Standards Board issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). ASU 2014-09’s core principal is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is not permitted. Management is evaluating the impact of ASU 2014-09 on the Company’s consolidated financial statements. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share | 3. Earnings Per Share | ||||||||||||
The following table sets forth the computation of basic and diluted earnings (loss) per share for the years ended December 31, 2014, 2013 and 2012 (in thousands except per share amounts): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator: | |||||||||||||
Basic and diluted earnings (loss) per share: | |||||||||||||
Income (loss) from continuing operations | $ | 83,232 | $ | 43,270 | $ | 20,504 | |||||||
(Loss) from discontinued operations | (192 | ) | (691 | ) | (101 | ) | |||||||
Net income (loss) | $ | 83,040 | $ | 42,579 | $ | 20,403 | |||||||
Denominator: | |||||||||||||
Weighted average shares outstanding for basic earnings per share | 55,063 | 50,004 | 38,477 | ||||||||||
Effects of dilutive instruments | 264 | 257 | 219 | ||||||||||
Shares used in computing diluted earnings per common share | 55,327 | 50,261 | 38,696 | ||||||||||
Basic net earnings (loss) per share: | |||||||||||||
Income (loss) from continuing operations | $ | 1.51 | $ | 0.87 | $ | 0.53 | |||||||
Loss from discontinued operations | — | (0.02 | ) | — | |||||||||
Net income (loss) | $ | 1.51 | $ | 0.85 | $ | 0.53 | |||||||
Diluted net earnings (loss) per share: | |||||||||||||
Income (loss) from continuing operations | $ | 1.5 | $ | 0.86 | $ | 0.53 | |||||||
Loss from discontinued operations | — | (0.01 | ) | — | |||||||||
Net income (loss) | $ | 1.5 | $ | 0.85 | $ | 0.53 | |||||||
Approximately 0.7 million, 0.6 million and 0.4 million shares of common stock issuable upon exercise of outstanding stock options were excluded from the calculation of diluted earnings per share for the year ended December 31, 2014, 2013 and 2012, respectively, because their effect would have been anti-dilutive. |
Acquisitions
Acquisitions | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Business Combinations [Abstract] | |||||||||||||
Acquisitions | 4. Acquisitions | ||||||||||||
Croxton | |||||||||||||
On December 1, 2014, the Company acquired the assets of Croxton Warwick Lodge (“Croxton”), an inpatient psychiatric facility with 24 beds located in Melton Mowbray, Leicestershire, England, for cash consideration of $15.6 million. | |||||||||||||
Skyway | |||||||||||||
On December 31, 2014, the Company completed the acquisition of Skyway House (“Skyway”), a substance abuse facility with 28 beds located in Chico, California, for $0.3 million. | |||||||||||||
McCallum | |||||||||||||
On September 3, 2014, the Company acquired for $37.4 million the assets of McCallum Place (“McCallum”), an eating disorder treatment facility with 85 beds offering residential, partial hospitalization and intensive outpatient treatment programs located in St. Louis, Missouri, and Austin, Texas. The Company may make a cash payment under an earn-out agreement of up to $6.0 million, contingent upon achievement by McCallum of certain operating performance targets for the one-year period ending October 31, 2015. | |||||||||||||
Partnerships in Care | |||||||||||||
On July 1, 2014, the Company acquired Partnerships in Care for cash consideration of $661.7 million, which is net of cash acquired of $12.0 million and the gain on settlement of the foreign currency derivatives of $15.3 million. The Company used $300.0 million of proceeds from the July 1, 2014 sale of 5.125% Senior Notes due 2022 (the “5.125% Senior Notes”) (described in Note 7), $374.4 million of proceeds from the June 2014 sale of Acadia common stock (described in Note 8) and borrowings under the Company’s Amended and Restated Senior Secured Credit Facility to fund the acquisition. Partnerships in Care is the second largest independent provider of inpatient behavioral healthcare services in the United Kingdom, operating 23 inpatient behavioral healthcare facilities with over 1,200 beds at the acquisition date. | |||||||||||||
Pacific Grove | |||||||||||||
On January 1, 2014, the Company acquired the assets of Pacific Grove Hospital (“Pacific Grove”), an inpatient psychiatric facility with 68 beds located in Riverside, California, for cash consideration of $10.5 million. | |||||||||||||
2013 Acquisitions | |||||||||||||
On December 1, 2013, the Company acquired the assets of Cascade Behavioral Hospital (“Cascade”). On October 1, 2013, the Company acquired the assets of Longleaf Hospital (“Longleaf”). On August 1, 2013, the Company acquired The Refuge, a Healing Place (“The Refuge”). On May 1, 2013, the Company acquired two facilities from United Medical Corporation (the “UMC Facilities”). On January 31, 2013, the Company acquired DMC-Memphis, Inc. d/b/a Delta Medical Center (“Delta”). On January 1, 2013, the Company acquired the assets of Greenleaf Center (“Greenleaf”). | |||||||||||||
Summary of Acquisitions | |||||||||||||
The Company selectively seeks opportunities to expand and diversify its base of operations by acquiring additional facilities. The majority of the goodwill associated with domestic acquisitions completed in 2014 and 2013 is deductible for federal income tax purposes. The fair values assigned to certain assets and liabilities assumed by the Company have been estimated on a preliminary basis and are subject to change as new facts and circumstances emerge that were present at the date of acquisition. Specifically, the Company is further assessing the valuation of certain tax matters as well as certain receivables and assumed liabilities of McCallum and Partnerships in Care. | |||||||||||||
The preliminary fair values of assets acquired and liabilities assumed, at the corresponding acquisition dates, during the year ended December 31, 2014 in connection with the Partnerships in Care and other 2014 acquisitions were as follows (in thousands): | |||||||||||||
Partnerships in Care | Other | Total | |||||||||||
Cash | $ | 11,674 | $ | — | $ | 11,674 | |||||||
Accounts receivable | 7,684 | 1,849 | 9,533 | ||||||||||
Prepaid expenses and other current assets | 8,828 | 186 | 9,014 | ||||||||||
Property and equipment | 610,477 | 27,203 | 637,680 | ||||||||||
Goodwill | 120,364 | 31,951 | 152,315 | ||||||||||
Intangible assets | 651 | 204 | 855 | ||||||||||
Other assets | 6,897 | 3,224 | 10,121 | ||||||||||
Total assets acquired | 766,575 | 64,617 | 831,192 | ||||||||||
Accounts payable | 3,958 | 93 | 4,051 | ||||||||||
Accrued salaries and benefits | 10,422 | — | 10,422 | ||||||||||
Other accrued expenses | 6,690 | 732 | 7,422 | ||||||||||
Deferred tax liabilities – noncurrent | 49,250 | — | 49,250 | ||||||||||
Other liabilities | 7,704 | — | 7,704 | ||||||||||
Total liabilities assumed | 78,024 | 825 | 78,849 | ||||||||||
Net assets acquired | $ | 688,551 | $ | 63,792 | $ | 752,343 | |||||||
The fair values of assets acquired and liabilities assumed during 2013, at the corresponding acquisition dates, were as follows (in thousands): | |||||||||||||
UMC Facilities | Other | Total | |||||||||||
Cash | $ | 52 | $ | 873 | $ | 925 | |||||||
Accounts receivable | 4,961 | 5,840 | 10,801 | ||||||||||
Prepaid expenses and other current assets | 691 | 3,039 | 3,730 | ||||||||||
Property and equipment | 22,347 | 42,672 | 65,019 | ||||||||||
Goodwill | 67,589 | 37,651 | 105,240 | ||||||||||
Intangible assets | 1,505 | 1,910 | 3,415 | ||||||||||
Other assets | 4,712 | 29 | 4,741 | ||||||||||
Total assets acquired | 101,857 | 92,014 | 193,871 | ||||||||||
Accounts payable | 1,535 | 7,487 | 9,022 | ||||||||||
Accrued salaries and benefits | 588 | 3,079 | 3,667 | ||||||||||
Other accrued expenses | 315 | 2,298 | 2,613 | ||||||||||
Other liabilities | — | 2,360 | 2,360 | ||||||||||
Total liabilities assumed | 2,438 | 15,224 | 17,662 | ||||||||||
Net assets acquired | $ | 99,419 | $ | 76,790 | $ | 176,209 | |||||||
Other | |||||||||||||
The qualitative factors comprising the goodwill acquired in the Greenleaf, Delta, the UMC Facilities, The Refuge, Longleaf, Cascade, Pacific Grove, Partnerships in Care, McCallum, Croxton and Skyway acquisitions (collectively the “2013 and 2014 Acquisitions”) include efficiencies derived through synergies expected by the elimination of certain redundant corporate functions and expenses, the ability to leverage call center referrals to a broader provider base, coordination of services provided across the combined network of facilities, achievement of operating efficiencies by benchmarking performance, and applying best practices throughout the combined companies. | |||||||||||||
Transaction-related expenses comprised the following costs for the years ended December 31, 2014, 2013 and 2012 (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Legal, accounting and other fees | $ | 12,836 | $ | 5,535 | $ | 4,161 | |||||||
Severance and contract termination costs | 814 | 1,615 | 3,951 | ||||||||||
$ | 13,650 | $ | 7,150 | $ | 8,112 | ||||||||
CRC Acquisition | |||||||||||||
On February 11, 2015, the Company completed its acquisition of CRC for total consideration of approximately $1.3 billion. As consideration for the acquisition, the Company issued 5,975,326 shares of its common stock to certain holders of CRC common stock and repaid CRC’s outstanding indebtedness. CRC is a leading provider of treatment services related to substance abuse and other addiction and behavioral disorders. At the acquisition date, CRC operated 35 inpatient facilities with over 2,400 beds and 81 comprehensive treatment centers located in 30 states. | |||||||||||||
The preliminary fair values of assets acquired and liabilities assumed in connection with the CRC acquisition are estimated as follows (in thousands). As the acquisition was recently completed on February 11, 2015, these amounts have been estimated on a preliminary basis from historical financial information and are subject to change as acquisition method of accounting is finalized. | |||||||||||||
Cash | $ | 15,000 | |||||||||||
Accounts receivable | 50,000 | ||||||||||||
Prepaid expenses and other current assets | 16,000 | ||||||||||||
Property and equipment | 130,000 | ||||||||||||
Goodwill | 1,050,500 | ||||||||||||
Intangible assets | 15,000 | ||||||||||||
Deferred tax assets - noncurrent | 94,000 | ||||||||||||
Total assets acquired | 1,370,500 | ||||||||||||
Accounts payable | 6,000 | ||||||||||||
Accrued salaries and benefits | 23,000 | ||||||||||||
Other accrued expenses | 32,500 | ||||||||||||
Long-term debt | 895,467 | ||||||||||||
Other liabilities | 25,000 | ||||||||||||
Total liabilities assumed | 981,967 | ||||||||||||
Net assets acquired | $ | 388,533 | |||||||||||
Pro Forma Information | |||||||||||||
The consolidated statements of income for the year ended December 31, 2014 included revenue of $300.4 million and income from continuing operations before income taxes of $23.9 million for acquisitions completed in 2013 and 2014. The consolidated statements of income for the year ended December 31, 2013 included revenue of $80.8 million and loss from continuing operations before income taxes of $0.3 million for acquisitions completed in 2013. | |||||||||||||
The following table provides certain pro forma financial information for the Company as if the 2013 and 2014 Acquisitions and the CRC acquisition occurred as of January 1, 2013 (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Revenue | $ | 1,569,877 | $ | 1,480,631 | |||||||||
Income from continuing operations, before income taxes | $ | 126,263 | $ | 18,652 | |||||||||
Other_Intangible_Assets
Other Intangible Assets | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Other Intangible Assets | 5. Other Intangible Assets | ||||||||||||||||
Other identifiable intangible assets and related accumulated amortization consisted of the following as of December 31, 2014 and 2013 (in thousands): | |||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||
Contract intangible assets | $ | 2,100 | $ | 2,100 | $ | (1,330 | ) | $ | (910 | ) | |||||||
Non-compete agreements | 1,247 | 1,247 | (1,155 | ) | (1,021 | ) | |||||||||||
3,347 | 3,347 | (2,485 | ) | (1,931 | ) | ||||||||||||
Intangible assets not subject to amortization: | |||||||||||||||||
Licenses and accreditations | 9,184 | 8,391 | — | — | |||||||||||||
Trade names | 3,000 | 3,000 | — | — | |||||||||||||
Certificates of need | 8,590 | 7,761 | — | — | |||||||||||||
20,774 | 19,152 | — | — | ||||||||||||||
Total | $ | 24,121 | $ | 22,499 | $ | (2,485 | ) | $ | (1,931 | ) | |||||||
Amortization expense related to definite-lived intangible assets was $0.6 million, $0.8 million and $0.6 million for the years ended December 31, 2014, 2013 and 2012, respectively. Estimated amortization expense for the years ending December 31, 2014, 2015, 2016, 2017 and 2018 is $0.5 million, $0.4 million, $0 million, $0 and $0, respectively. The Company’s licenses and accreditations, trade names and certificate of need intangible assets have indefinite lives and are, therefore, not subject to amortization. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Discontinued Operations | 6. Discontinued Operations | ||||||||||||
In 2012, the Company disposed of a facility located in Miami, Florida and recognized a pretax loss on disposal of $0.2 million, which had been included in loss from discontinued operations on the consolidated statements of income. The results of operations of this facility, in addition to certain terminated management contracts, have been reported as discontinued operations in the accompanying consolidated financial statements. | |||||||||||||
A summary of results from discontinued operations is as follows (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenue | $ | — | $ | — | $ | 3,576 | |||||||
Net loss from discontinued operations, net of income taxes | $ | (192 | ) | $ | (691 | ) | $ | (101 | ) | ||||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Long-Term Debt | 7. Long-Term Debt | ||||||||
Long-term debt consisted of the following (in thousands): | |||||||||
December 31, 2014 | December 31, 2013 | ||||||||
Amended and Restated Senior Credit Facility: | |||||||||
Senior Secured Term A Loans (net of discount of $1,924 and $0, respectively) | $ | 525,576 | $ | 292,500 | |||||
Senior Secured Revolving Line of Credit | — | 53,500 | |||||||
12.875% Senior Notes due 2018 (net of discount of $1,080 and $1,283, respectively) | 96,420 | 96,216 | |||||||
6.125% Senior Notes due 2021 | 150,000 | 150,000 | |||||||
5.125% Senior Notes due 2022 | 300,000 | — | |||||||
9.0% and 9.5% Revenue Bonds (net of premium of $1,649 and $2,100, respectively) | 24,274 | 24,920 | |||||||
1,096,270 | 617,136 | ||||||||
Less: current portion | (26,965 | ) | (15,195 | ) | |||||
Long-term debt | $ | 1,069,305 | $ | 601,941 | |||||
Amended and Restated Senior Credit Facility | |||||||||
The Company entered into a senior secured credit facility (the “Senior Secured Credit Facility”) on April 1, 2011. On December 31, 2012, the Company entered into an Amended and Restated Credit Agreement (the “Amended and Restated Credit Agreement”) which amended and restated the Senior Secured Credit Facility (“Amended and Restated Senior Credit Facility”). | |||||||||
On February 13, 2014, the Company entered into a Fourth Amendment (the “Fourth Amendment”) to the Amended and Restated Credit Agreement, to increase the size of the Amended and Restated Senior Credit Facility and extend the maturity date thereof, which resulted in the Company having a revolving line of credit of up to $300.0 million and term loans of $300.0 million. The Fourth Amendment also reduced the interest rates applicable to the Amended and Restated Senior Credit Facility and provided increased flexibility to the Company in terms of the financial and other restrictive covenants. The Fourth Amendment also provides for a $150.0 million incremental credit facility, with the potential for unlimited additional incremental amounts, provided the Company meets certain financial ratios, in each case subject to customary conditions precedent to borrowing. | |||||||||
On June 16, 2014, the Company entered into a Fifth Amendment (the “Fifth Amendment”) to the Amended and Restated Credit Agreement. The Fifth Amendment specifically permitted the Company’s acquisition of Partnerships in Care, gave the Company the ability to incur a tranche of term loan B debt in the future through its incremental credit facility, and modified certain of the restrictive covenants on miscellaneous investments and incurrence of miscellaneous liens. The restrictive covenants on investments in joint ventures and foreign subsidiaries were also amended such that the Company may now invest, in any given fiscal year, up to five percent (5%) of its total assets in both joint ventures and foreign subsidiaries, respectively; provided that the aggregate amount of investments in both joint ventures and foreign subsidiaries, respectively, may not exceed ten percent (10%) of its total assets over the life of the Amended and Restated Senior Credit Facility; provided further that the aggregate amount of investments made in both joint ventures and foreign subsidiaries collectively pursuant to the foregoing may not exceed fifteen percent (15%) of its total assets. Finally, the Fifth Amendment provided increased flexibility to the Company in terms of its financial covenants. | |||||||||
On December 15, 2014, the Company entered into a Sixth Amendment (the “Sixth Amendment”) to our Amended and Restated Credit Agreement. Pursuant to the Sixth Amendment, we incurred $235.0 million of additional term loans. A portion of the additional term loan advance was used to prepay our outstanding revolving loans, and a portion of the additional term loan advance is being held as cash on the consolidated balance sheet. The Sixth Amendment also specifically permitted the acquisition of CRC. In connection with the acquisition of CRC, the Sixth Amendment (i) imposed a temporary reserve on the Company’s revolving credit facility in the amount of $110.0 million in order to preserve such reserved amounts for later borrowings to partially fund the consideration for the acquisition of CRC (subject to limited conditionality provisions) (the reserve is no longer in effect due to the acquisition of CRC), (ii) permitted the incurrence of an additional incremental term loan facility under the Amended and Restated Credit Agreement partially to fund the consideration for the acquisition of CRC (subject to limited conditionality provisions) and (iii) permitted the issuance of additional senior unsecured indebtedness or senior unsecured bridge indebtedness partially to fund the consideration for the acquisition of CRC. | |||||||||
On February 6, 2015, the Company entered into a Seventh Amendment (the “Seventh Amendment”) to our Amended and Restated Credit Agreement. The Seventh Amendment added Citibank, N.A. as an “L/C Issuer” under the Amended and Restated Credit Agreement in order to permit the rollover of CRC’s existing letters of credit into the Amended and Restated Credit Agreement and increased both the Company’s Letter of Credit Sublimit and Swing Line Sublimit to $20.0 million. | |||||||||
On February 11, 2015, the Company entered into a First Incremental Facility Amendment (the “First Incremental Amendment”) to our Amended and Restated Credit Agreement. The First Incremental Amendment activated a new $500.0 million incremental Term Loan B facility (the “TLB Facility”) that was added to our Amended and Restated Senior Credit Facility, subject to limited conditionality provisions. Borrowings under the TLB Facility were used to fund a portion of the purchase price for our acquisition of CRC. | |||||||||
The Company had $299.6 million of availability under the revolving line of credit as of December 31, 2014. Borrowings under the revolving line of credit are subject to customary conditions precedent to borrowing. The Amended and Restated Credit Agreement requires quarterly term loan principal repayments of our outstanding term loan A loans (“TLA Facility”) of $6.7 million for March 31, 2015 to December 31, 2015, $10.0 million for March 31, 2016 to December 31, 2016, $13.4 million for March 31, 2017 to December 31, 2017, and $16.7 million for March 31, 2018 to December 31, 2018, with the remaining principal balance of the TLA Facility due on the maturity date of February 13, 2019. On December 15, 2014, prior to the execution of the Sixth Amendment, the Company prepaid the December 31, 2014 quarterly term loan principal payment of $1.9 million. The Company is required to repay the TLB Facility in equal quarterly installments of $1.3 million on the last business day of each March, June, September and December, with the outstanding principal balance of the TLB Facility due on February 11, 2022. | |||||||||
Borrowings under the Amended and Restated Senior Credit Facility are guaranteed by each of the Company’s wholly-owned domestic subsidiaries (other than certain excluded subsidiaries) and are secured by a lien on substantially all of the assets of the Company and such subsidiaries. Borrowings with respect to the TLA Facility and the Company’s revolving credit facility (collectively, “Pro Rata Facilities”) under the Amended and Restated Credit Agreement bear interest at a rate tied to Acadia’s Consolidated Leverage Ratio (defined as consolidated funded debt net of up to $40.0 million of unrestricted and unencumbered cash to consolidated EBITDA, in each case as defined in the Amended and Restated Credit Agreement). The Applicable Rate (as defined in the Amended and Restated Credit Agreement) for the Pro Rata Facilities was 2.75% for Eurodollar Rate Loans (as defined in the Amended and Restated Credit Agreement) and 1.75% for Base Rate Loans (as defined in the Amended and Restated Credit Agreement) at December 31, 2014. Eurodollar Rate Loans with respect to the Pro Rata Facilities bear interest at the Applicable Rate plus the Eurodollar Rate (as defined in the Amended and Restated Credit Agreement) (based upon the LIBOR Rate (as defined in the Amended and Restated Credit Agreement) prior to commencement of the interest rate period). Base Rate Loans with respect to the Pro Rata Facilities bear interest at the Applicable Rate plus the highest of (i) the federal funds rate plus 0.50%, (ii) the prime rate and (iii) the Eurodollar Rate plus 1.0%. As of December 31, 2014, the Pro Rata Facilities bore interest at a rate of LIBOR plus 2.75%. In addition, we are required to pay a commitment fee on undrawn amounts under the revolving line of credit. We paid a commitment fee of 0.50% for undrawn amounts for the period from January 1, 2013 through February 12, 2014 and 0.40% for undrawn amounts for the period from February 13, 2014 through the date of the Sixth Amendment. Borrowings under the Pro Rata Facilities mature on February 13, 2019. | |||||||||
The Amended and Restated Credit Agreement requires the Company and its subsidiaries to comply with customary affirmative, negative and financial covenants, including a fixed charge coverage ratio, consolidated leverage ratio and senior secured leverage ratio. The Company may be required to pay all of its indebtedness immediately if it defaults on any of the numerous financial or other restrictive covenants contained in any of its material debt agreements. As of December 31, 2014, the Company was in compliance with such covenants. | |||||||||
12.875% Senior Notes due 2018 | |||||||||
On November 1, 2011, the Company issued $150.0 million of 12.875% Senior Notes due 2018 (the “12.875% Senior Notes”) at 98.323% of the aggregate principal amount of $150.0 million, a discount of $2.5 million. The notes bear interest at a rate of 12.875% per annum. The Company pays interest on the notes semi-annually, in arrears, on November 1 and May 1 of each year. | |||||||||
The indenture governing the 12.875% Senior Notes contains covenants that, among other things, limit the Company’s ability and the ability of its restricted subsidiaries to: (i) pay dividends, redeem stock or make other distributions or investments; (ii) incur additional debt or issue certain preferred stock; (iii) transfer or sell assets; (iv) engage in certain transactions with affiliates; (v) create restrictions on dividends or other payments by the restricted subsidiaries; (vi) merge, consolidate or sell substantially all of the Company’s assets; and (vii) create liens on assets. | |||||||||
The 12.875% Senior Notes issued by the Company are guaranteed by each of the Company’s subsidiaries that guarantee the Company’s obligations under the Amended and Restated Senior Credit Facility. The guarantees are full and unconditional and joint and several. | |||||||||
On March 12, 2013, the Company redeemed $52.5 million in principal amount of the 12.875% Senior Notes using a portion of the net proceeds of its December 2012 equity offering pursuant to the provision in the indenture permitting an optional redemption with equity proceeds of up to 35% of the principal amount of 12.875% Senior Notes. The 12.875% Senior Notes were redeemed at a redemption price of 112.875% of the principal amount thereof plus accrued and unpaid interest to, but not including, the redemption date in accordance with the provisions of the indenture governing the 12.875% Senior Notes. As part of the redemption of 35% of the 12.875% Senior Notes, the Company recorded a debt extinguishment charge of $9.4 million, including the premium and write-off of deferred financing costs, which was recorded in debt extinguishment costs in the consolidated statements of income. | |||||||||
6.125% Senior Notes due 2021 | |||||||||
On March 12, 2013, the Company issued $150.0 million of 6.125% Senior Notes due 2021 (the “6.125% Senior Notes”). The 6.125% Senior Notes mature on March 15, 2021 and bear interest at a rate of 6.125% per annum, payable semi-annually in arrears on March 15 and September 15 of each year. | |||||||||
The indenture governing the 6.125% Senior Notes contains covenants that, among other things, limit the Company’s ability and the ability of its restricted subsidiaries to: (i) pay dividends, redeem stock or make other distributions or investments; (ii) incur additional debt or issue certain preferred stock; (iii) transfer or sell assets; (iv) engage in certain transactions with affiliates; (v) create restrictions on dividends or other payments by the restricted subsidiaries; (vi) merge, consolidate or sell substantially all of the Company’s assets; and (vii) create liens on assets. | |||||||||
The 6.125% Senior Notes issued by the Company are guaranteed by each of the Company’s subsidiaries that guarantee the Company’s obligations under the Amended and Restated Senior Credit Facility. The guarantees are full and unconditional and joint and several. | |||||||||
The Company may redeem the 6.125% Senior Notes at its option, in whole or part, at any time prior to March 15, 2016, at a price equal to 100% of the principal amount of the 6.125% Senior Notes redeemed, plus accrued and unpaid interest to the redemption date and plus an applicable premium. The Company may redeem the 6.125% Senior Notes, in whole or in part, on or after March 15, 2016, at the redemption prices set forth in the indenture governing the 6.125% Senior Notes plus accrued and unpaid interest to the redemption date. At any time on or before March 15, 2016, the Company may elect to redeem up to 35% of the aggregate principal amount of the 6.125% Senior Notes at a redemption price equal to 106.125% of the principal amount thereof, plus accrued and unpaid interest to the redemption date, with the net proceeds of one or more equity offerings. | |||||||||
5.125% Senior Notes due 2022 | |||||||||
On July 1, 2014, the Company issued $300.0 million of 5.125% Senior Notes. The 5.125% Senior Notes mature on July 1, 2022 and bear interest at a rate of 5.125% per annum, payable semi-annually in arrears on January 1 and July 1 of each year, beginning on January 1, 2015. | |||||||||
The indenture governing the 5.125% Senior Notes contains covenants that limit, among other things, the Company’s ability and the ability of its restricted subsidiaries to: (i) pay dividends, redeem stock or make other distributions or investments; (ii) incur additional debt or issue certain preferred stock; (iii) transfer or sell assets; (iv) engage in certain transactions with affiliates; (v) create restrictions on dividends or other payments by the restricted subsidiaries; (vi) merge, consolidate or sell substantially all of the Company’s assets and (vii) create liens on assets. | |||||||||
The 5.125% Senior Notes issued by the Company are guaranteed by each of the Company’s subsidiaries that guarantee the Company’s obligations under the Amended and Restated Senior Credit Facility. The guarantees are full and unconditional and joint and several. | |||||||||
The Company may redeem the 5.125% Senior Notes at its option, in whole or part, at any time prior to July 1, 2017, at a price equal to 100% of the principal amount of the 5.125% Senior Notes redeemed, plus accrued and unpaid interest to the redemption date and plus an applicable premium. The Company may redeem the 5.125% Senior Notes, in whole or in part, on or after July 1, 2017, at the redemption prices set forth in the indenture governing the 5.125% Senior Notes plus accrued and unpaid interest to the redemption date. At any time on or before July 1, 2017, the Company may elect to redeem up to 35% of the aggregate principal amount of the 5.125% Senior Notes at a redemption price equal to 105.125% of the principal amount thereof, plus accrued and unpaid interest to the redemption date, with the net proceeds of one or more equity offerings. | |||||||||
5.625% Senior Notes due 2023 | |||||||||
On February 11, 2015, the Company issued $375.0 million of 5.625% Senior Notes due 2023. The 5.625% Senior Notes mature on February 15, 2023 and bear interest at a rate of 5.625% per annum, payable semi-annually in arrears on February 15 and August 15 of each year, beginning on August 15, 2015. | |||||||||
The indenture governing the 5.625% Senior Notes contains covenants that, among other things, limit the Company’s ability and the ability of its restricted subsidiaries to: (i) pay dividends, redeem stock or make other distributions or investments; (ii) incur additional debt or issue certain preferred stock; (iii) transfer or sell assets; (iv) engage in certain transactions with affiliates; (v) create restrictions on dividends or other payments by the restricted subsidiaries; (vi) merge, consolidate or sell substantially all of the Company’s assets and (vii) create liens on assets. | |||||||||
The 5.625% Senior Notes issued by the Company are guaranteed by each of the Company’s subsidiaries that guarantee the Company’s obligations under the Amended and Restated Senior Credit Facility. The guarantees are full and unconditional and joint and several. | |||||||||
The Company may redeem the 5.625% Senior Notes at its option, in whole or part, at any time prior to February 15, 2018, at a price equal to 100% of the principal amount of the 5.625% Senior Notes redeemed, plus accrued and unpaid interest to the redemption date and plus an applicable premium. We may redeem the 5.625% Senior Notes, in whole or in part, on or after February 15, 2018, at the redemption prices set forth in the indenture governing the 5.625% Senior Notes plus accrued and unpaid interest to the redemption date. At any time on or before February 15, 2018, the Company may elect to redeem up to 35% of the aggregate principal amount of the 5.625% Senior Notes at a redemption price equal to 105.625% of the principal amount thereof, plus accrued and unpaid interest to the redemption date, with the net proceeds of one or more equity offerings. | |||||||||
9.0% and 9.5% Revenue Bonds | |||||||||
On November 11, 2012, in connection with the acquisition of Park Royal, the Company assumed debt of $23.0 million. The fair market value of the debt assumed was $25.6 million and resulted in a debt premium balance being recorded as of the acquisition date. The debt consisted of $7.5 million and $15.5 million of Lee County (Florida) Industrial Development Authority Healthcare Facilities Revenue Bonds, Series 2010 with stated interest rates of 9.0% and 9.5% (“9.0% and 9.5% Revenue Bonds”), respectively. The 9.0% bonds in the amount of $7.5 million have a maturity date of December 1, 2030 and require yearly principal payments beginning in 2013. The 9.5% bonds in the amount of $15.5 million have a maturity date of December 1, 2040 and require yearly principal payments beginning in 2031. The principal payments establish a bond sinking fund to be held with the trustee and shall be sufficient to redeem the principal amounts of the 9.0% and 9.5% Revenue Bonds on their respective maturity dates. As of December 31, 2014 and December 31, 2013, $2.3 million was recorded within other assets on the balance sheet related to the debt service reserve fund requirements. The yearly principal payments, which establish a bond sinking fund, will increase the debt service reserve fund requirements. The bond premium amount of $2.6 million is amortized as a reduction of interest expense over the life of the revenue bonds using the effective interest method. | |||||||||
Other | |||||||||
The aggregate maturities of long-term debt as of December 31, 2014 were as follows (in thousands): | |||||||||
2015 | $ | 26,965 | |||||||
2016 | 40,360 | ||||||||
2017 | 53,755 | ||||||||
2018 | 67,155 | ||||||||
2019 | 340,555 | ||||||||
Thereafter | 568,835 | ||||||||
Total | $ | 1,097,625 | |||||||
Equity
Equity | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Equity | 8. Equity |
Preferred Stock | |
The Company’s amended and restated certificate of incorporation provides that up to 10,000,000 shares of preferred stock may be issued. The Board of Directors has the authority to issue preferred stock in one or more series and to fix for each series the voting powers (full, limited or none), and the designations, preferences and relative participating, optional or other special rights and qualifications, limitations or restrictions on the stock and the number of shares constituting any series and the designations of this series, without any further vote or action by the stockholders. | |
Common Stock | |
The Company’s amended and restated certificate of incorporation provides that up to 90,000,000 shares of common stock may be issued. Holders of the Company’s common stock are entitled to one vote for each share held of record on all matters on which stockholders may vote. There are no preemptive, conversion, redemption or sinking fund provisions applicable to shares of the Company’s common stock. In the event of liquidation, dissolution or winding up, holders of the Company’s common stock are entitled to share ratably in the assets available for distribution, subject to any prior rights of any holders of preferred stock then outstanding. Delaware law prohibits the Company from paying any dividends unless it has capital surplus or net profits available for this purpose. In addition, the Amended and Restated Senior Credit Facility imposes restrictions on the Company’s ability to pay dividends. | |
Equity Offerings | |
On June 17, 2014, the Company completed the offering of 8,881,794 shares of common stock (including shares sold pursuant to the exercise of the over-allotment option that the Company granted to the underwriters as part of the offering) at a price of $44.00 per share. The net proceeds to the Company from the sale of the shares, after deducting the underwriting discount of $15.6 million and additional offering-related expenses of $0.8 million, were $374.4 million. The Company used the net offering proceeds to fund a portion of the consideration for the acquisition of Partnerships in Care. | |
On February 11, 2015, the Company completed its acquisition of CRC for total consideration of approximately $1.3 billion. As consideration for the acquisition, the Company issued 5,975,326 shares of its common stock to certain holders of CRC common stock and repaid CRC’s outstanding indebtedness. |
EquityBased_Compensation
Equity-Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Equity-Based Compensation | 9. Equity-Based Compensation | ||||||||||||||||
Equity Incentive Plans | |||||||||||||||||
The Company issues stock-based awards, including stock options, restricted stock and restricted stock units, to certain officers, employees and non-employee directors under the Acadia Healthcare Company, Inc. Incentive Compensation Plan (the “Equity Incentive Plan”). As of December 31, 2014, a maximum of 4,700,000 shares of the Company’s common stock were authorized for issuance as stock options, restricted stock and restricted stock units or other share-based compensation under the Equity Incentive Plan, of which 2,671,030 were available for future grant. Stock options may be granted for terms of up to ten years. The Company recognizes expense on all share-based awards on a straight-line basis over the requisite service period of the entire award. Grants to employees generally vest in annual increments of 25% each year, commencing one year after the date of grant. The exercise prices of stock options are equal to the most recent closing price of the Company’s common stock on the date of grant. | |||||||||||||||||
The Company recognized $10.1 million, $5.2 million and $2.3 million in equity-based compensation expense for the years ended December 31, 2014, 2013 and 2012, respectively. As of December 31, 2014, there was $31.3 million of unrecognized compensation expense related to unvested options, restricted stock and restricted stock units, which is expected to be recognized over the remaining weighted average vesting period of 1.5 years. | |||||||||||||||||
As of December 31, 2014, there were no warrants outstanding and exercisable. The Company recognized a deferred income tax benefit of $4.1 million and $2.1 million for the years ended December 31, 2014 and 2013, respectively, related to equity-based compensation expense. The actual tax benefit realized from stock options exercised during the years ended December 31, 2014 and 2013 was $4.6 million and $1.8 million, respectively. No tax benefits were recognized or realized during the year ended December 31, 2012. | |||||||||||||||||
Stock option activity during 2013 and 2014 was as follows (aggregate intrinsic value in thousands): | |||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
Options | Average | Average | Intrinsic | ||||||||||||||
Exercise Price | Remaining | Value | |||||||||||||||
Contractual | |||||||||||||||||
Term (in years) | |||||||||||||||||
Options outstanding at January 1, 2013 | 555,097 | $ | 13.13 | 7.53 | $ | 5,632 | |||||||||||
Options granted | 411,800 | 30.55 | 9.3 | 2,059 | |||||||||||||
Options exercised | (126,662 | ) | 9.36 | N/A | 2,803 | ||||||||||||
Options cancelled | (41,426 | ) | 23.5 | N/A | N/A | ||||||||||||
Options outstanding at December 31, 2013 | 798,809 | 21.93 | 8.2 | 10,700 | |||||||||||||
Options granted | 226,663 | 49.8 | 9.25 | 209 | |||||||||||||
Options exercised | (210,199 | ) | 14.93 | N/A | 4,994 | ||||||||||||
Options cancelled | (77,851 | ) | 27.85 | N/A | N/A | ||||||||||||
Options outstanding at December 31, 2014 | 737,422 | $ | 32.19 | 8.09 | $ | 14,512 | |||||||||||
Options exercisable at December 31, 2013 | 133,647 | $ | 11.15 | 4.81 | $ | 3,472 | |||||||||||
Options exercisable at December 31, 2014 | 91,947 | $ | 28.87 | 6.3 | $ | 3,326 | |||||||||||
Restricted stock activity during 2013 and 2014 was as follows: | |||||||||||||||||
Number of | Weighted | ||||||||||||||||
Shares | Average | ||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Unvested at January 1, 2013 | 318,063 | $ | 15.73 | ||||||||||||||
Granted | 290,845 | 31.31 | |||||||||||||||
Cancelled | (53,056 | ) | 21.27 | ||||||||||||||
Vested | (94,155 | ) | 15.52 | ||||||||||||||
Unvested at December 31, 2013 | 461,697 | $ | 24.96 | ||||||||||||||
Granted | 468,484 | 48.99 | |||||||||||||||
Cancelled | (75,369 | ) | 36.36 | ||||||||||||||
Vested | (132,784 | ) | 22.81 | ||||||||||||||
Unvested at December 31, 2014 | 722,028 | $ | 39.77 | ||||||||||||||
Restricted stock unit activity during 2013 and 2014 was as follows: | |||||||||||||||||
Number of | Weighted | ||||||||||||||||
Units | Average | ||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Unvested at January 1, 2013 | 68,628 | $ | 16.11 | ||||||||||||||
Granted | 72,876 | 29.39 | |||||||||||||||
Cancelled | — | — | |||||||||||||||
Vested | (45,753 | ) | 16.11 | ||||||||||||||
Unvested at December 31, 2013 | 95,751 | $ | 23.05 | ||||||||||||||
Granted | 108,449 | 50.75 | |||||||||||||||
Cancelled | — | — | |||||||||||||||
Vested | (79,087 | ) | 21.81 | ||||||||||||||
Unvested at December 31, 2014 | 125,113 | $ | 38.73 | ||||||||||||||
The grant-date fair value of the Company’s stock options is estimated using the Black-Scholes option pricing model. The following table summarizes the grant-date fair value of options and the assumptions used to develop the fair value estimates for options granted during the year ended December 31, 2014 and 2013: | |||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
Weighted average grant-date fair value of options | $ | 17.14 | $ | 11.62 | |||||||||||||
Risk-free interest rate | 1.7 | % | 1 | % | |||||||||||||
Expected volatility | 36 | % | 40 | % | |||||||||||||
Expected life (in years) | 5.5 | 5.5 | |||||||||||||||
The Company’s estimate of expected volatility for stock options is based upon the volatility of guideline companies given the lack of sufficient historical trading experience of the Company’s common stock. The risk-free interest rate is the approximate yield on United States Treasury Strips having a life equal to the expected option life on the date of grant. The expected life is an estimate of the number of years an option will be held before it is exercised. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | 10. Income Taxes | ||||||||||||
Income tax expense (benefit) from continuing operations consists of the following for the periods presented (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 30,834 | $ | 13,202 | $ | 7,045 | |||||||
State | 3,959 | 2,513 | 2,553 | ||||||||||
Foreign | 914 | 177 | — | ||||||||||
Total current | 35,707 | 15,892 | 9,598 | ||||||||||
Deferred: | |||||||||||||
Federal | 2,667 | 7,802 | 3,144 | ||||||||||
State | 353 | 1,786 | (417 | ) | |||||||||
Foreign | 4,195 | 495 | — | ||||||||||
Total deferred provision | 7,215 | 10,083 | 2,727 | ||||||||||
Provision for (benefit from) income taxes | $ | 42,922 | $ | 25,975 | $ | 12,325 | |||||||
The following table presents the income taxes associated with continuing operations and discontinued operations as reflected in the consolidated statements of income (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Continuing operations | $ | 42,922 | $ | 25,975 | $ | 12,325 | |||||||
Discontinued operations | (22 | ) | (544 | ) | (197 | ) | |||||||
Total | $ | 42,900 | $ | 25,431 | $ | 12,128 | |||||||
A reconciliation of the U.S. federal statutory rate, from continuing operations, to the effective tax rate is as follows for the periods presented: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
U.S. federal statutory rate on income before income taxes | 35 | % | 35 | % | 35 | % | |||||||
Impact of foreign operations (1) | (4.2 | ) | (0.3 | ) | — | ||||||||
State income taxes, net of federal tax effect | 2.3 | 4.9 | 3.8 | ||||||||||
Permanent differences | 1.1 | 0.8 | 0.8 | ||||||||||
Change in valuation allowance | (0.1 | ) | (0.3 | ) | (0.9 | ) | |||||||
Other | (0.1 | ) | (2.6 | ) | (1.2 | ) | |||||||
Effective income tax rate | 34 | % | 37.5 | % | 37.5 | % | |||||||
-1 | Our effective tax rate reflects the benefit of having a portion of our operations outside the U.S., most of which are taxed at statutory rates lower than the statutory U.S. rate of 35%, and the benefit of some income being partially exempt from income taxes due to various operating and financing activities. | ||||||||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities of the Company at December 31, 2014 and December 31, 2013 were as follows (in thousands): | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating losses and tax credit carryforwards – federal and state | $ | 5,082 | $ | 905 | |||||||||
Fixed asset basis difference | — | 1,141 | |||||||||||
Bad debt allowance | 9,028 | 7,490 | |||||||||||
Accrued compensation and severance | 11,517 | 7,669 | |||||||||||
Pension reserves | 1,975 | — | |||||||||||
Insurance reserves | 4,621 | 2,680 | |||||||||||
Leases | 850 | 1,083 | |||||||||||
Accrued expenses | 41 | 91 | |||||||||||
Other assets | 1,989 | 1,553 | |||||||||||
Total gross deferred tax assets | 35,103 | 22,612 | |||||||||||
Less: valuation allowance | (4,734 | ) | (124 | ) | |||||||||
Deferred tax assets | 30,369 | 22,488 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Fixed asset basis difference | (38,147 | ) | — | ||||||||||
Prepaid items | (1,705 | ) | (1,560 | ) | |||||||||
Intangible assets | (21,094 | ) | (13,196 | ) | |||||||||
Other liabilities | (7 | ) | — | ||||||||||
Total deferred tax liabilities | (60,953 | ) | (14,756 | ) | |||||||||
Total net deferred tax (liability) asset | $ | (30,584 | ) | $ | 7,732 | ||||||||
The above amounts are classified as current or long-term in the consolidated balance sheets in accordance with the asset or liability to which they relate or, when applicable, based on the expected timing of the reversals of existing temporary differences. Current deferred tax assets at December 31, 2014 and 2013 were $20.2 million and $15.7 million, respectively. Non-current deferred tax assets at December 31, 2014 were $13.1 million. Non-current deferred tax liabilities at December 31, 2014 and 2013 were $63.9 million and $8.0 million, respectively. | |||||||||||||
The Company records a valuation allowance to reduce its net deferred tax assets to the amount that is more likely than not to be realized. As of December 31, 2014 and 2013, the Company carried a valuation allowance against deferred tax assets of $4.7 million and $0.1 million, respectively. | |||||||||||||
The Company fully utilized all federal net operating loss carryforwards as of the period ended December 31, 2012. The foreign net operating loss carryforward as of December 31, 2014 is approximately $23.7 million and has no expiration. In addition, the Company has certain foreign tax credits which do not have an expiration date. | |||||||||||||
The Company has state net operating loss carryfowards at December 31, 2014 and 2013 of approximately $7.1 million and $18.5 million, respectively. These net operating loss carryforwards, if not used to offset future taxable income, will expire from 2031 to 2033. In addition, the Company has certain state tax credits which will begin to expire in 2026 if not utilized. | |||||||||||||
Income taxes receivable was $3.4 million and $4.0 million at December 31, 2014 and 2013, respectively, and was included in other current assets in the consolidated balance sheet. Income taxes payable of $0.1 million at December 31, 2014 was included in other accrued liabilities in the consolidated balance sheet. In addition, income taxes payable of $2.4 million and $1.3 million at December 31, 2014 and 2013, respectively, were included in other liabilities in the consolidated balance sheet. The balance in other liabilities relates to certain unrecognized tax benefits. | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized income tax benefits is as follows (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at January 1 | $ | 1,893 | $ | 1,195 | $ | 1,050 | |||||||
Additions based on tax positions related to the current year | — | 321 | 262 | ||||||||||
Additions for tax positions of prior years | 1,030 | 377 | — | ||||||||||
Reductions as a result of the lapse of applicable statutes of limitations | — | — | (117 | ) | |||||||||
Balance at December 31 | $ | 2,923 | $ | 1,893 | $ | 1,195 | |||||||
The Company’s continuing accounting policy is to recognize interest and penalties related to income tax matters as a component of tax expense in the consolidated statements of income. The Company recognized interest and penalties relative to uncertain tax positions of $0.3 million and $0.1 million for the period ending December 31, 2014 and 2013, respectively. No interest or penalties were recognized relative to uncertain tax positions during the year ended December 31, 2012. It is possible the amount of unrecognized tax benefit could change in the next twelve months as a result of a lapse of the statute of limitations and settlements with taxing authorities; however, management does not anticipate the change will have a material impact on the Company’s consolidated financial statements. | |||||||||||||
The Company’s uncertain tax positions are related to tax years that remain subject to examination by the relevant taxing authorities. The Company and its subsidiaries file income tax returns in federal and in many state and local jurisdictions as well as foreign jurisdictions. The Company may be subject to examination by the Internal Revenue Service (“IRS”) for calendar year 2011 through 2014. Additionally, any net operating losses that were generated in prior years and utilized in these years may also be subject to examination by the IRS. In foreign jurisdictions, the Company may be subject to examination for calendar years 2010 through 2014. Generally, for state tax purposes, the Company’s 2010 through 2014 tax years remain open for examination by the tax authorities. At the date of this report there were no audits or inquires that had progressed sufficiently to predict their ultimate outcome. | |||||||||||||
One of the Company’s Puerto Rico subsidiaries was granted a tax exemption for which a tax credit of up to 15% of eligible payroll expenses is available to offset up to 50% of the income taxes attributed to that entity. The tax exemption will expire on December 31, 2017. | |||||||||||||
The Company does not provide for U.S. income taxes on the undistributed earnings of its foreign subsidiaries as it is the Company’s intention to utilize those earnings in the foreign operations for an indefinite period of time. At December 31, 2014, undistributed earnings of the foreign subsidiaries amounted to approximately $20.7 million. The amount of unrecognized deferred tax liability related to these temporary differences is not practicable at this time as this could be significantly impacted by the source location and amount of the distribution, the underlying tax rate already paid on the earnings, foreign withholding taxes, and the opportunity to use foreign tax credits. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | 11. Derivatives |
The Company entered into two foreign currency forward contracts in June 2014 in connection with the Partnerships in Care acquisition. The foreign currency forward contracts limited the economic risk of changes in the foreign exchange rate between US Dollars (“USD”) and British Pounds (“GBP”) associated with the payment of the purchase price in GBP on July 1, 2014. These foreign currency forward contracts did not meet the hedge accounting criteria under Accounting Standards Codification 815, Derivatives and Hedging. As such, gains associated with changes in fair value of $15.3 million for the year ended December 31, 2014 have been recorded in the consolidated statements of income. The final fair value of the foreign currency forward contracts settled on July 1, 2014. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | 12. Fair Value Measurements | ||||||||||||||||
The carrying amounts reported for cash and cash equivalents, accounts receivable, other current assets, accounts payable and other current liabilities approximate fair value because of the short-term maturity of these instruments. | |||||||||||||||||
The carrying amounts and fair values of the Company’s Amended and Restated Senior Credit Facility, 12.875% Senior Notes, 6.125% Senior Notes, 5.125% Senior Notes, 9.0% and 9.5% Revenue Bonds and contingent consideration liability as of December 31, 2014 and 2013 were as follows (in thousands): | |||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Amended and Restated Senior Credit Facility | $ | 525,576 | $ | 346,000 | $ | 525,576 | $ | 346,000 | |||||||||
12.875% Senior Notes due 2018 | $ | 96,420 | $ | 96,216 | $ | 109,688 | $ | 118,706 | |||||||||
6.125% Senior Notes due 2021 | $ | 150,000 | $ | 150,000 | $ | 153,000 | $ | 155,625 | |||||||||
5.125% Senior Notes due 2022 | $ | 300,000 | — | $ | 295,500 | — | |||||||||||
9.0% and 9.5% Revenue Bonds | $ | 24,274 | $ | 24,920 | $ | 24,274 | $ | 24,920 | |||||||||
Contingent consideration liabilities | $ | 3,000 | $ | 6,500 | $ | 3,000 | $ | 6,500 | |||||||||
The Company’s Amended and Restated Senior Credit Facility, 12.875% Senior Notes, 6.125% Senior Notes, 5.125% Senior Notes and 9.0% and 9.5% Revenue Bonds were categorized as Level 2 in the GAAP fair value hierarchy. Fair values were based on trading activity among the Company’s lenders and the average bid and ask price as determined using published rates. | |||||||||||||||||
The fair value of the contingent consideration liabilities were categorized as Level 3 in the GAAP fair value hierarchy. The contingent consideration liabilities were valued using a probability-weighted discounted cash flow method. This analysis reflected the contractual terms of the purchase agreements and utilized assumptions with regard to future earnings, probabilities of achieving such future earnings and a discount rate. Significant increases with respect to assumptions as to future earnings and probabilities of achieving such future earnings would result in higher fair value measurement while an increase in the discount rate would result in a lower fair value measurement. During the year ended December 31, 2014, the Company changed its projections of the timing of future payments for the Park Royal contingent consideration liability. This change resulted in a $0.5 million increase in the fair value of the contingent consideration liability, which was recorded in transaction-related expenses in the consolidated statements of income. During the year ended December 31, 2014, the Company paid $5.0 million of the estimated $7.0 million Park Royal contingent consideration liability as a result of the facility achieving certain earnings targets. The Company may make an earn-out payment of up to $6.0 million, contingent upon achievement by McCallum of certain operating performance targets for the one-year period ending October 31, 2015. During the year ended December 31, 2014, the Company changed its probability of achieving future earnings for the McCallum contingent consideration liability. This change resulted in a $0.5 million decrease in the fair value of the contingent consideration liability, which was recorded in transaction-related expenses in the consolidated statements of income. |
Leases
Leases | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Leases | 13. Leases | ||||
The Company is obligated under certain operating leases to rent space for its facilities and other office space. The original terms of the leases typically range from five to ten years, with optional renewal periods. | |||||
Aggregate minimum lease payments under non-cancelable operating leases with original or remaining lease terms in excess of one year were as follows as of December 31, 2014 (in thousands): | |||||
2015 | $ | 9,951 | |||
2016 | 8,976 | ||||
2017 | 6,439 | ||||
2018 | 4,118 | ||||
2019 | 2,678 | ||||
Thereafter | 18,551 | ||||
Total minimum rental obligations | $ | 50,713 | |||
During the years ended December 31, 2014, 2013 and 2012, rent expense was $12.2 million, $10.0 million and $7.8 million, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14. Commitments and Contingencies |
The Company is, from time to time, subject to various claims and legal actions that arise in the ordinary course of the Company’s business, including claims for damages for personal injuries, medical malpractice, breach of contract, tort and employment related claims. In these actions, plaintiffs request a variety of damages, including, in some instances, punitive and other types of damages that may not be covered by insurance. In the opinion of management, the Company is not currently a party to any proceeding that would individually or in the aggregate have a material adverse effect on the Company’s business, financial condition or results of operations. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Segment Information | 15. Segment Information | ||||||||||||||||
The Company operates in one line of business, which is operating acute inpatient psychiatric facilities, specialty treatment facilities, residential treatment centers and facilities providing outpatient behavioral healthcare services. As management reviews the operating results of its facilities in the United States (the U.S. Facilities) and its facilities in the United Kingdom (the U.K. Facilities) separately to assess performance and make decisions, the Company’s operating segments include its U.S. Facilities and U.K. Facilities. At December 31, 2014, the U.S. Facilities included 54 behavioral healthcare facilities with approximately 4,600 beds in 24 states and Puerto Rico, and the U.K. Facilities included 24 behavioral healthcare facilities with approximately 1,300 beds in the United Kingdom. | |||||||||||||||||
The following tables set forth the financial information by operating segment, including a reconciliation of Segment EBITDA to income from continuing operations before income taxes (in thousands): | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Revenue: | |||||||||||||||||
U.S. Facilities | $ | 850,625 | $ | 710,695 | $ | 406,718 | |||||||||||
U.K. Facilities | 151,127 | — | — | ||||||||||||||
Corporate and Other | 2,849 | 2,713 | 743 | ||||||||||||||
$ | 1,004,601 | $ | 713,408 | $ | 407,461 | ||||||||||||
Segment EBITDA (1): | |||||||||||||||||
U.S. Facilities | $ | 209,668 | $ | 172,625 | $ | 102,443 | |||||||||||
U.K. Facilities | 39,832 | — | — | ||||||||||||||
Corporate and Other | (34,012 | ) | (27,291 | ) | (21,484 | ) | |||||||||||
$ | 215,488 | $ | 145,334 | $ | 80,959 | ||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Segment EBITDA (1) | $ | 215,488 | $ | 145,334 | $ | 80,959 | |||||||||||
Plus (less): | |||||||||||||||||
Equity-based compensation expense | (10,058 | ) | (5,249 | ) | (2,267 | ) | |||||||||||
Gain on foreign currency derivatives | 15,262 | — | — | ||||||||||||||
Debt extinguishment costs | — | (9,350 | ) | — | |||||||||||||
Transaction-related expenses | (13,650 | ) | (7,150 | ) | (8,112 | ) | |||||||||||
Interest expense, net | (48,221 | ) | (37,250 | ) | (29,769 | ) | |||||||||||
Depreciation and amortization | (32,667 | ) | (17,090 | ) | (7,982 | ) | |||||||||||
Income (loss) from continuing operations before income taxes | $ | 126,154 | $ | 69,245 | $ | 32,829 | |||||||||||
U.S. Facilities | U.K. Facilities | Corporate and | Consolidated | ||||||||||||||
Other | |||||||||||||||||
Goodwill: | |||||||||||||||||
Balance at January 1, 2014 | $ | 661,549 | $ | — | $ | — | $ | 661,549 | |||||||||
Increase from 2014 acquisitions | 31,951 | 120,364 | — | 152,315 | |||||||||||||
Foreign currency translation loss | — | (11,323 | ) | — | (11,323 | ) | |||||||||||
Other | 445 | — | — | 445 | |||||||||||||
Balance at December 31, 2014 | $ | 693,945 | $ | 109,041 | $ | — | $ | 802,986 | |||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Assets (2): | |||||||||||||||||
U.S. Facilities | $ | 1,327,563 | $ | 1,155,813 | |||||||||||||
U.K. Facilities | 726,693 | — | |||||||||||||||
Corporate and Other | 169,334 | 68,846 | |||||||||||||||
$ | 2,223,590 | $ | 1,224,659 | ||||||||||||||
-1 | Segment EBITDA is defined as income from continuing operations before provision for income taxes, equity-based compensation expense, debt extinguishment costs, gain on foreign currency derivatives, transaction-related expenses, interest expense and depreciation and amortization. The Company uses Segment EBITDA as an analytical indicator to measure the performance of the Company’s segments and to develop strategic objectives and operating plans for those segments. Segment EBITDA is commonly used as an analytical indicator within the health care industry, and also serves as a measure of leverage capacity and debt service ability. Segment EBITDA should not be considered as a measure of financial performance under generally accepted accounting principles, and the items excluded from Segment EBITDA are significant components in understanding and assessing financial performance. Because Segment EBITDA is not a measurement determined in accordance with generally accepted accounting principles and is thus susceptible to varying calculations, Segment EBITDA, as presented, may not be comparable to other similarly titled measures of other companies. | ||||||||||||||||
-2 | Assets include property and equipment for the U.S. Facilities of $478.1 million, U.K. Facilities of $578.6 million and corporate and other of $13.0 million at December 31, 2014. Assets include property and equipment for the U.S. Facilities of $358.7 million and corporate and other of $11.4 million at December 31, 2013. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Compensation and Retirement Disclosure [Abstract] | |||||
Employee Benefit Plans | 16. Employee Benefit Plans | ||||
Defined Contribution Plan | |||||
The Company maintains a qualified defined contribution 401(k) plan covering substantially all of its employees in the United States. The Company may, at its discretion, make contributions to the plan. For the years ended December 31, 2014, 2013 and 2012, the Company contributed $0.1 million, $0.3 million and $0.1 million, respectively, to the 401(k) plan. | |||||
Partnerships in Care Pension Plan | |||||
As part of the acquisition of Partnerships in Care on July 1, 2014, the Company assumed a frozen contributory defined benefit retirement plan (“Partnerships in Care Pension Plan”) covering substantially all of the employees of Partnerships in Care and its subsidiaries prior to May 1, 2005. The benefits under the Partnerships in Care Pension Plan are primarily based on years of service and final average earnings. | |||||
The Company accounts for the Partnerships in Care Pension Plan in accordance with ASC 715-30 “Compensation — Defined Benefit Plans”, (“ASC 715-30”). In accordance with ASC 715-30, the Company recognizes the unfunded liability of the Partnerships in Care Pension Plan on the Company’s consolidated balance sheet and unrecognized gains (losses) and prior service credits (costs) as changes in other comprehensive income (loss). The measurement date of the Partnerships in Care Pension Plan’s assets and liabilities coincides with the Company’s year-end. The Company’s pension benefit obligation is measured using actuarial calculations that incorporate discount rates, rate of compensation increases, when applicable, expected long-term returns on plan assets and consider expected age of retirement and mortality. Expected return on plan assets is determined by using the specific asset distribution at the measurement date. | |||||
The Partnerships in Care Pension Plan pension liability was $7.6 million as of July 1, 2014. The following table summarizes the funded status of the Partnerships in Care Pension Plan based upon actuarial valuations prepared as of the most recent valuation date of December 31, 2014 (in thousands): | |||||
Reconciliation of funded status: | |||||
Projected benefit obligation | $ | 66,910 | |||
Fair value of plan assets | 57,356 | ||||
Funded status | $ | 9,554 | |||
The following table summarizes changes in the Partnerships in Care Pension Plan pension liability (in thousands): | |||||
Pension liability at July 1, 2014 | $ | 7,602 | |||
Employer contributions | (825 | ) | |||
Net pension benefit expense | 729 | ||||
Pension liability adjustment | 2,758 | ||||
Foreign currency translation loss | (710 | ) | |||
Pension liability at December 31, 2014 | $ | 9,554 | |||
A pension liability of $9.6 million is recorded within other liabilities on the consolidated balance sheet as of December 31, 2014. The following assumptions were used to determine the plan benefit obligation: | |||||
Discount rate | 3.6 | % | |||
Compensation increase rate | 3.4 | % | |||
Measurement date | December 31, 2014 | ||||
A summary of the components of net pension plan expense for the six months ended December 31, 2014 is as follows (in thousands): | |||||
Interest cost on projected benefit obligation | $ | 1,389 | |||
Service cost on projected benefit obligation | 545 | ||||
Expected return on assets | (1,205 | ) | |||
Total pension plan expense | $ | 729 | |||
Assumptions used to determine the net periodic pension plan expense for the six months ended December 31, 2014 were as follows: | |||||
Discount rate | 3.6 | % | |||
Expected long-term rate of return on plan assets | 4.3 | % | |||
The Company recognizes changes in the funded status of the pension plan as a direct increase or decrease to stockholders’ equity through accumulated other comprehensive income. The accumulated other comprehensive loss related to the Partnerships in Care Pension Plan for the year ended December 31, 2014 was $2.8 million ($2.2 million net of taxes). | |||||
The trustees of the Partnerships in Care Pension Plan are required to invest assets in the best interest of the Partnerships in Care Pension Plan’s members and also ensure liquid assets are available to make benefit payments as they become due. Performance of the Partnerships in Care Pension Plan’s assets are monitored quarterly, at a minimum, and asset allocations are adjusted as needed. The Partnerships in Care Pension Plan’s weighted-average asset allocations by asset category as of December 31, 2014 were as follows: | |||||
Cash and cash equivalents | 1.3 | % | |||
United Kingdom government obligation | 16.1 | % | |||
Equity securities | 43.6 | % | |||
Debt securities | 34.1 | % | |||
Other | 4.9 | % | |||
As of December 31, 2014, the Partnerships in Care Pension Plan cash and cash equivalents were classified as Level 1 in the GAAP fair value hierarchy. Fair values were based on utilizing quoted prices (unadjusted) in active markets for identical assets. The United Kingdom government obligations, equity securities, debt securities and other investments were classified as Level 2 in the GAAP fair value hierarchy. Fair values were based on data points that are observable, such as quoted prices, interest rates and yield curves. |
Quarterly_Information_Unaudite
Quarterly Information (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Information (Unaudited) | 17. Quarterly Information (Unaudited) | ||||||||||||||||
The tables below present summarized unaudited quarterly results of operations for the years ended December 31, 2014 and 2013. Management believes that all necessary adjustments have been included in the amounts stated below for a fair presentation of the results of operations for the periods presented when read in conjunction with the Company’s consolidated financial statements for the years ended December 31, 2013 and 2012. Results of operations for a particular quarter are not necessarily indicative of results of operations for an annual period and are not predictive of future periods. | |||||||||||||||||
Quarter Ended | |||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
(In thousands except per share amounts) | |||||||||||||||||
2014:00:00 | |||||||||||||||||
Revenue | $ | 201,418 | $ | 213,803 | $ | 294,479 | $ | 294,901 | |||||||||
Income from continuing operations before income taxes | $ | 20,796 | $ | 37,362 | (1) | $ | 33,156 | (1) | $ | 34,840 | |||||||
Net income | $ | 13,058 | $ | 22,451 | (1) | $ | 25,402 | (1) | $ | 22,129 | |||||||
Basic net income per share | $ | 0.26 | $ | 0.43 | (1) | $ | 0.43 | (1) | $ | 0.38 | |||||||
Diluted net income per share | $ | 0.26 | $ | 0.43 | (1) | $ | 0.43 | (1) | $ | 0.37 | |||||||
2013:00:00 | |||||||||||||||||
Revenue | $ | 161,213 | $ | 177,494 | $ | 184,702 | $ | 189,999 | |||||||||
Income from continuing operations before income taxes | $ | 6,732 | (2) | $ | 20,291 | $ | 22,287 | $ | 19,935 | ||||||||
Net income | $ | 3,738 | (2) | $ | 12,197 | $ | 14,364 | $ | 12,280 | ||||||||
Basic net income per share | $ | 0.07 | (2) | $ | 0.24 | $ | 0.29 | $ | 0.25 | ||||||||
Diluted net income per share | $ | 0.07 | (2) | $ | 0.24 | $ | 0.29 | $ | 0.24 | ||||||||
-1 | Includes gain on foreign currency derivatives of $13.7 million and $1.5 million, in connection with the Partnerships in Care acquisition, for the three months ended June 30, 2014 and September 30, 2014, respectively. | ||||||||||||||||
-2 | Includes debt extinguishment costs of $9.4 million, or $5.8 million net of taxes, in connection with the redemption of $52.5 million of the 12.875% Senior Notes on March 12, 2013. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18. Subsequent Events |
On February 11, 2015, the Company completed its acquisition of CRC for total consideration of approximately $1.3 billion. CRC is a leading provider of treatment services related to substance abuse and other addiction and behavioral disorders. At the acquisition date, CRC operated 35 inpatient facilities with over 2,400 beds and 81 comprehensive treatment centers located in 30 states. In connection with the CRC acquisition, on February 11, 2015, the Company issued 5,975,326 shares of its common stock to certain holders of CRC common stock, borrowed $500.0 million under its TLB Facility and $25.0 million under its revolving credit facility, and issued $375.0 million of 5.625% Senior Notes. See Note 4 – Acquisitions and Note 7 – Long-Term Debt for additional details. |
Financial_Information_for_the_
Financial Information for the Company and Its Subsidiaries | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||
Financial Information for the Company and Its Subsidiaries | 19. Financial Information for the Company and Its Subsidiaries | ||||||||||||||||||||
The Company conducts substantially all of its business through its subsidiaries. The 12.875% Senior Notes, 6.125% Senior Notes, 5.125% Senior Notes and 5.625% Senior Notes are jointly and severally guaranteed on an unsecured senior basis by all of the Company’s subsidiaries that guarantee the Company’s obligations under the Amended and Restated Senior Credit Facility. Presented below is condensed consolidating financial information for the Company and its subsidiaries as of December 31, 2014 and 2013, and for the years ended December 31, 2014, 2013 and 2012. The information segregates the parent company (Acadia Healthcare Company, Inc.), the combined wholly-owned subsidiary guarantors, the combined non-guarantor subsidiaries and eliminations. | |||||||||||||||||||||
Acadia Healthcare Company, Inc. | |||||||||||||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Non- | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Guarantors | Amounts | |||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 76,685 | $ | 17,355 | $ | — | $ | 94,040 | |||||||||||
Accounts receivable, net | — | 100,797 | 17,581 | — | 118,378 | ||||||||||||||||
Deferred tax assets | — | 18,395 | 1,760 | — | 20,155 | ||||||||||||||||
Other current assets | — | 36,049 | 5,521 | — | 41,570 | ||||||||||||||||
Total current assets | — | 231,926 | 42,217 | — | 274,143 | ||||||||||||||||
Property and equipment, net | — | 451,943 | 617,757 | — | 1,069,700 | ||||||||||||||||
Goodwill | — | 596,611 | 206,375 | — | 802,986 | ||||||||||||||||
Intangible assets, net | — | 19,057 | 2,579 | — | 21,636 | ||||||||||||||||
Deferred tax assets – noncurrent | 4,563 | — | 14,244 | (5,666 | ) | 13,141 | |||||||||||||||
Investment in subsidiaries | 1,759,337 | — | — | (1,759,337 | ) | — | |||||||||||||||
Other assets | 202,708 | 18,727 | 2,323 | (181,774 | ) | 41,984 | |||||||||||||||
Total assets | $ | 1,966,608 | $ | 1,318,264 | $ | 885,495 | $ | (1,946,777 | ) | $ | 2,223,590 | ||||||||||
Current liabilities: | |||||||||||||||||||||
Current portion of long-term debt | $ | 26,750 | $ | — | $ | 215 | $ | — | $ | 26,965 | |||||||||||
Accounts payable | — | 39,486 | 9,210 | — | 48,696 | ||||||||||||||||
Accrued salaries and benefits | — | 47,597 | 11,720 | — | 59,317 | ||||||||||||||||
Other accrued liabilities | 13,647 | 7,688 | 9,621 | — | 30,956 | ||||||||||||||||
Total current liabilities | 40,397 | 94,771 | 30,766 | — | 165,934 | ||||||||||||||||
Long-term debt | 1,045,246 | — | 205,833 | (181,774 | ) | 1,069,305 | |||||||||||||||
Deferred tax liabilities – noncurrent | — | 21,027 | 48,519 | (5,666 | ) | 63,880 | |||||||||||||||
Other liabilities | — | 33,321 | 10,185 | — | 43,506 | ||||||||||||||||
Total liabilities | 1,085,643 | 149,119 | 295,303 | (187,440 | ) | 1,342,625 | |||||||||||||||
Total equity | 880,965 | 1,169,145 | 590,192 | (1,759,337 | ) | 880,965 | |||||||||||||||
Total liabilities and equity | $ | 1,966,608 | $ | 1,318,264 | $ | 885,495 | $ | (1,946,777 | ) | $ | 2,223,590 | ||||||||||
Acadia Healthcare Company, Inc. | |||||||||||||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Non- | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Guarantors | Amounts | |||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 6,494 | $ | (1,925 | ) | $ | 4,569 | ||||||||||
Accounts receivable, net | — | 86,597 | 9,288 | — | 95,885 | ||||||||||||||||
Deferred tax assets | — | 15,284 | 419 | — | 15,703 | ||||||||||||||||
Other current assets | — | 27,886 | 1,083 | — | 28,969 | ||||||||||||||||
Total current assets | — | 129,767 | 17,284 | (1,925 | ) | 145,126 | |||||||||||||||
Property and equipment, net | — | 340,175 | 29,934 | — | 370,109 | ||||||||||||||||
Goodwill | — | 564,539 | 97,010 | — | 661,549 | ||||||||||||||||
Intangible assets, net | — | 18,578 | 1,990 | — | 20,568 | ||||||||||||||||
Investment in subsidiaries | 1,034,160 | — | — | (1,034,160 | ) | — | |||||||||||||||
Other assets | 46,236 | 11,675 | 8,082 | (38,686 | ) | 27,307 | |||||||||||||||
Total assets | $ | 1,080,396 | $ | 1,064,734 | $ | 154,300 | $ | (1,074,771 | ) | $ | 1,224,659 | ||||||||||
Current liabilities: | |||||||||||||||||||||
Current portion of long-term debt | $ | 15,000 | $ | — | $ | 195 | $ | — | $ | 15,195 | |||||||||||
Accounts payable | — | 36,289 | 1,662 | (1,925 | ) | 36,026 | |||||||||||||||
Accrued salaries and benefits | — | 36,027 | 1,694 | — | 37,721 | ||||||||||||||||
Other accrued liabilities | 4,876 | 19,982 | 890 | — | 25,748 | ||||||||||||||||
Total current liabilities | 19,876 | 92,298 | 4,441 | (1,925 | ) | 114,690 | |||||||||||||||
Long-term debt | 577,216 | — | 57,650 | (32,925 | ) | 601,941 | |||||||||||||||
Deferred tax liabilities – noncurrent | 2,594 | 11,138 | — | (5,761 | ) | 7,971 | |||||||||||||||
Other liabilities | — | 19,347 | — | — | 19,347 | ||||||||||||||||
Total liabilities | 599,686 | 122,783 | 62,091 | (40,611 | ) | 743,949 | |||||||||||||||
Total equity | 480,710 | 941,951 | 92,209 | (1,034,160 | ) | 480,710 | |||||||||||||||
Total liabilities and equity | $ | 1,080,396 | $ | 1,064,734 | $ | 154,300 | $ | (1,074,771 | ) | $ | 1,224,659 | ||||||||||
Acadia Healthcare Company, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Non- | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Guarantors | Amounts | |||||||||||||||||||
Revenue before provision for doubtful accounts | $ | — | $ | 826,465 | $ | 204,319 | $ | — | $ | 1,030,784 | |||||||||||
Provision for doubtful accounts | — | (23,866 | ) | (2,317 | ) | — | (26,183 | ) | |||||||||||||
Revenue | — | 802,599 | 202,002 | — | 1,004,601 | ||||||||||||||||
Salaries, wages and benefits | 10,058 | 459,297 | 106,057 | — | 575,412 | ||||||||||||||||
Professional fees | — | 38,632 | 13,850 | — | 52,482 | ||||||||||||||||
Supplies | — | 40,511 | 7,911 | — | 48,422 | ||||||||||||||||
Rents and leases | — | 10,136 | 2,065 | — | 12,201 | ||||||||||||||||
Other operating expenses | — | 83,835 | 26,819 | — | 110,654 | ||||||||||||||||
Depreciation and amortization | — | 22,990 | 9,677 | — | 32,667 | ||||||||||||||||
Interest expense, net | 27,199 | 6,207 | 14,815 | — | 48,221 | ||||||||||||||||
Gain on foreign currency derivatives | (15,262 | ) | — | — | — | (15,262 | ) | ||||||||||||||
Transaction-related expenses | — | 12,367 | 1,283 | — | 13,650 | ||||||||||||||||
Total expenses | 21,995 | 673,975 | 182,477 | — | 878,447 | ||||||||||||||||
(Loss) income from continuing operations before income taxes | (21,995 | ) | 128,624 | 19,525 | — | 126,154 | |||||||||||||||
Equity in earnings of subsidiaries | 97,414 | — | — | (97,414 | ) | — | |||||||||||||||
(Benefit from) provision for income taxes | (7,621 | ) | 44,608 | 5,935 | — | 42,922 | |||||||||||||||
Income (loss) from continuing operations | 83,040 | 84,016 | 13,590 | (97,414 | ) | 83,232 | |||||||||||||||
Loss from discontinued operations, net of income taxes | — | (192 | ) | — | — | (192 | ) | ||||||||||||||
Net income (loss) | $ | 83,040 | $ | 83,824 | $ | 13,590 | $ | (97,414 | ) | $ | 83,040 | ||||||||||
Other comprehensive loss: | |||||||||||||||||||||
Foreign currency translation loss | — | — | (66,206 | ) | — | (66,206 | ) | ||||||||||||||
Pension liability adjustment, net | — | — | (2,164 | ) | — | (2,164 | ) | ||||||||||||||
Other comprehensive loss | — | — | (68,370 | ) | — | (68,370 | ) | ||||||||||||||
Comprehensive income (loss) | $ | 83,040 | $ | 83,824 | $ | (54,780 | ) | $ | (97,414 | ) | $ | 14,670 | |||||||||
Acadia Healthcare Company, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Non- | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Guarantors | Amounts | |||||||||||||||||||
Revenue before provision for doubtful accounts | $ | — | $ | 700,407 | $ | 34,702 | $ | — | $ | 735,109 | |||||||||||
Provision for doubtful accounts | — | (20,700 | ) | (1,001 | ) | — | (21,701 | ) | |||||||||||||
Revenue | — | 679,707 | 33,701 | — | 713,408 | ||||||||||||||||
Salaries, wages and benefits | 5,249 | 388,749 | 13,964 | — | 407,962 | ||||||||||||||||
Professional fees | — | 34,149 | 3,022 | — | 37,171 | ||||||||||||||||
Supplies | — | 35,686 | 1,883 | — | 37,569 | ||||||||||||||||
Rents and leases | — | 9,282 | 767 | — | 10,049 | ||||||||||||||||
Other operating expenses | — | 72,626 | 7,946 | — | 80,572 | ||||||||||||||||
Depreciation and amortization | — | 15,882 | 1,208 | — | 17,090 | ||||||||||||||||
Interest expense, net | 35,327 | 22 | 1,901 | — | 37,250 | ||||||||||||||||
Debt extinguishment costs | 9,350 | — | — | — | 9,350 | ||||||||||||||||
Transaction-related expenses | — | 6,716 | 434 | — | 7,150 | ||||||||||||||||
Total expenses | 49,926 | 563,112 | 31,125 | — | 644,163 | ||||||||||||||||
(Loss) income from continuing operations before income taxes | (49,926 | ) | 116,595 | 2,576 | — | 69,245 | |||||||||||||||
Equity in earnings of subsidiaries | 73,538 | — | — | (73,538 | ) | — | |||||||||||||||
(Benefit from) provision for income taxes | (18,967 | ) | 44,294 | 648 | — | 25,975 | |||||||||||||||
Income (loss) from continuing operations | 42,579 | 72,301 | 1,928 | (73,538 | ) | 43,270 | |||||||||||||||
Loss from discontinued operations, net of income taxes | — | (691 | ) | — | — | (691 | ) | ||||||||||||||
Net income (loss) | $ | 42,579 | $ | 71,610 | $ | 1,928 | $ | (73,538 | ) | $ | 42,579 | ||||||||||
Comprehensive income (loss) | $ | 42,579 | $ | 71,610 | $ | 1,928 | $ | (73,538 | ) | $ | 42,579 | ||||||||||
Acadia Healthcare Company, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Non- | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Guarantors | Amounts | |||||||||||||||||||
Revenue before provision for doubtful accounts | $ | — | $ | 412,161 | $ | 1,689 | $ | — | $ | 413,850 | |||||||||||
Provision for doubtful accounts | — | (6,389 | ) | — | — | (6,389 | ) | ||||||||||||||
Revenue | — | 405,772 | 1,689 | — | 407,461 | ||||||||||||||||
Salaries, wages and benefits | 2,267 | 236,182 | 1,190 | — | 239,639 | ||||||||||||||||
Professional fees | — | 18,806 | 213 | — | 19,019 | ||||||||||||||||
Supplies | — | 19,382 | 114 | — | 19,496 | ||||||||||||||||
Rents and leases | — | 7,816 | 22 | — | 7,838 | ||||||||||||||||
Other operating expenses | — | 42,121 | 656 | — | 42,777 | ||||||||||||||||
Depreciation and amortization | — | 7,874 | 108 | — | 7,982 | ||||||||||||||||
Interest expense, net | 29,512 | — | 257 | — | 29,769 | ||||||||||||||||
Transaction-related expenses | — | 8,112 | — | — | 8,112 | ||||||||||||||||
Total expenses | 31,779 | 340,293 | 2,560 | — | 374,632 | ||||||||||||||||
(Loss) income from continuing operations before income taxes | (31,779 | ) | 65,479 | (871 | ) | — | 32,829 | ||||||||||||||
Equity in earnings of subsidiaries | 40,251 | — | — | (40,251 | ) | — | |||||||||||||||
(Benefit from) provision for income taxes | (11,931 | ) | 24,583 | (327 | ) | — | 12,325 | ||||||||||||||
Income (loss) from continuing operations | 20,403 | 40,896 | (544 | ) | (40,251 | ) | 20,504 | ||||||||||||||
Loss from discontinued operations, net of income taxes | — | (101 | ) | — | — | (101 | ) | ||||||||||||||
Net income (loss) | $ | 20,403 | $ | 40,795 | $ | (544 | ) | $ | (40,251 | ) | $ | 20,403 | |||||||||
Comprehensive income (loss) | $ | 20,403 | $ | 40,795 | $ | (544 | ) | $ | (40,251 | ) | $ | 20,403 | |||||||||
Acadia Healthcare Company, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Non- | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Guarantors | Amounts | |||||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net income (loss) | $ | 83,040 | $ | 83,824 | $ | 13,590 | $ | (97,414 | ) | $ | 83,040 | ||||||||||
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | |||||||||||||||||||||
Equity in earnings of subsidiaries | (97,414 | ) | — | — | 97,414 | — | |||||||||||||||
Depreciation and amortization | — | 22,990 | 9,677 | — | 32,667 | ||||||||||||||||
Amortization of debt issuance costs | 2,748 | — | 450 | — | 3,198 | ||||||||||||||||
Equity-based compensation expense | 10,058 | — | — | — | 10,058 | ||||||||||||||||
Deferred income tax (benefit) expense | (1,969 | ) | 5,231 | 3,953 | — | 7,215 | |||||||||||||||
Loss from discontinued operations, net of taxes | — | 192 | — | — | 192 | ||||||||||||||||
Gain on foreign currency derivatives | (15,262 | ) | — | — | — | (15,262 | ) | ||||||||||||||
Other | — | 449 | 39 | — | 488 | ||||||||||||||||
Change in operating assets and liabilities, net of effect of acquisitions: | |||||||||||||||||||||
Accounts receivable, net | — | (13,636 | ) | (1,474 | ) | — | (15,110 | ) | |||||||||||||
Other current assets | — | (2,205 | ) | 194 | — | (2,011 | ) | ||||||||||||||
Other assets | (1,151 | ) | (6,910 | ) | 397 | 1,151 | (6,513 | ) | |||||||||||||
Accounts payable and other accrued liabilities | — | (5,559 | ) | 8,352 | — | 2,793 | |||||||||||||||
Accrued salaries and benefits | — | 11,035 | 945 | — | 11,980 | ||||||||||||||||
Other liabilities | — | 1,769 | 980 | — | 2,749 | ||||||||||||||||
Net cash (used in) provided by continuing operating activities | (19,950 | ) | 97,180 | 37,103 | 1,151 | 115,484 | |||||||||||||||
Net cash used in discontinued operating activities | — | (198 | ) | — | — | (198 | ) | ||||||||||||||
Net cash (used in) provided by operating activities | (19,950 | ) | 96,982 | 37,103 | 1,151 | 115,286 | |||||||||||||||
Investing activities: | |||||||||||||||||||||
Cash paid for acquisitions, net of cash acquired | — | (723,064 | ) | (15,638 | ) | — | (738,702 | ) | |||||||||||||
Cash paid for capital expenditures | — | (83,864 | ) | (29,380 | ) | — | (113,244 | ) | |||||||||||||
Cash paid for real estate acquisitions | — | (23,177 | ) | — | — | (23,177 | ) | ||||||||||||||
Settlement of foreign currency derivatives | 15,262 | — | — | — | 15,262 | ||||||||||||||||
Other | — | (913 | ) | — | — | (913 | ) | ||||||||||||||
Net cash used in investing activities | 15,262 | (831,018 | ) | (45,018 | ) | — | (860,774 | ) | |||||||||||||
Financing activities: | |||||||||||||||||||||
Borrowings on long-term debt | 542,500 | — | — | — | 542,500 | ||||||||||||||||
Borrowings on revolving credit facility | 230,500 | — | — | — | 230,500 | ||||||||||||||||
Principal payments on revolving credit facility | (284,000 | ) | — | — | — | (284,000 | ) | ||||||||||||||
Principal payments on long-term debt | (7,500 | ) | — | (1,346 | ) | 1,151 | (7,695 | ) | |||||||||||||
Payment of debt issuance costs | (12,993 | ) | — | — | — | (12,993 | ) | ||||||||||||||
Issuance of common stock, net | 374,431 | — | — | — | 374,431 | ||||||||||||||||
Common stock withheld for minimum statutory taxes, net | (4,099 | ) | — | — | — | (4,099 | ) | ||||||||||||||
Excess tax benefit from equity awards | 4,617 | — | — | — | 4,617 | ||||||||||||||||
Cash paid for contingent consideration | — | (5,000 | ) | — | — | (5,000 | ) | ||||||||||||||
Other | — | (289 | ) | — | — | (289 | ) | ||||||||||||||
Cash (used in) provided by intercompany activity | (838,768 | ) | 816,010 | 23,135 | (377 | ) | — | ||||||||||||||
Net cash provided by financing activities | 4,688 | 810,721 | 21,789 | 774 | 837,972 | ||||||||||||||||
Effect of exchange rate changes on cash | — | — | (3,013 | ) | — | (3,013 | ) | ||||||||||||||
Net increase in cash and cash equivalents | — | 76,685 | 10,861 | 1,925 | 89,471 | ||||||||||||||||
Cash and cash equivalents at beginning of the period | — | — | 6,494 | (1,925 | ) | 4,569 | |||||||||||||||
Cash and cash equivalents at end of the period | $ | — | $ | 76,685 | $ | 17,355 | $ | — | $ | 94,040 | |||||||||||
Acadia Healthcare Company, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Non- | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Guarantors | Amounts | |||||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net income (loss) | $ | 42,579 | $ | 71,610 | $ | 1,928 | $ | (73,538 | ) | $ | 42,579 | ||||||||||
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | |||||||||||||||||||||
Equity in earnings of subsidiaries | (73,538 | ) | — | — | 73,538 | — | |||||||||||||||
Depreciation and amortization | — | 15,882 | 1,208 | — | 17,090 | ||||||||||||||||
Amortization of debt issuance costs | 2,725 | — | (461 | ) | — | 2,264 | |||||||||||||||
Equity-based compensation expense | 5,249 | — | — | — | 5,249 | ||||||||||||||||
Deferred income tax expense | (754 | ) | 10,278 | 559 | — | 10,083 | |||||||||||||||
Loss from discontinued operations, net of taxes | — | 691 | — | — | 691 | ||||||||||||||||
Debt extinguishment costs | 9,350 | — | — | — | 9,350 | ||||||||||||||||
Other | — | 21 | — | — | 21 | ||||||||||||||||
Change in operating assets and liabilities, net of effect of acquisitions: | |||||||||||||||||||||
Accounts receivable, net | — | (22,768 | ) | 1,526 | — | (21,242 | ) | ||||||||||||||
Other current assets | — | (3,774 | ) | 122 | — | (3,652 | ) | ||||||||||||||
Other assets | — | (1,950 | ) | (289 | ) | — | (2,239 | ) | |||||||||||||
Accounts payable and other accrued liabilities | — | (287 | ) | (561 | ) | — | (848 | ) | |||||||||||||
Accrued salaries and benefits | — | 2,161 | 642 | — | 2,803 | ||||||||||||||||
Other liabilities | — | 3,181 | — | — | 3,181 | ||||||||||||||||
Net cash (used in) provided by continuing operating activities | (14,389 | ) | 75,045 | 4,674 | — | 65,330 | |||||||||||||||
Net cash used in discontinued operating activities | — | 232 | — | — | 232 | ||||||||||||||||
Net cash (used in) provided by operating activities | (14,389 | ) | 75,277 | 4,674 | — | 65,562 | |||||||||||||||
Investing activities: | |||||||||||||||||||||
Cash paid for acquisitions, net of cash acquired | — | (164,019 | ) | — | — | (164,019 | ) | ||||||||||||||
Cash paid for capital expenditures | — | (68,497 | ) | (444 | ) | — | (68,941 | ) | |||||||||||||
Cash paid for real estate acquisitions | — | (8,092 | ) | — | — | (8,092 | ) | ||||||||||||||
Other | — | (1,926 | ) | — | — | (1,926 | ) | ||||||||||||||
Net cash used in investing activities | — | (242,534 | ) | (444 | ) | — | (242,978 | ) | |||||||||||||
Financing activities: | |||||||||||||||||||||
Borrowings on long-term debt | 150,000 | — | — | — | 150,000 | ||||||||||||||||
Borrowings on revolving credit facility | 61,500 | — | — | — | 61,500 | ||||||||||||||||
Principal payments on revolving credit facility | (8,000 | ) | — | — | — | (8,000 | ) | ||||||||||||||
Principal payments on long-term debt | (7,500 | ) | — | (180 | ) | — | (7,680 | ) | |||||||||||||
Repayment of long-term debt | (52,500 | ) | — | — | — | (52,500 | ) | ||||||||||||||
Payment of debt issuance costs | (4,307 | ) | — | — | — | (4,307 | ) | ||||||||||||||
Payment of premium on note redemption | (6,759 | ) | — | — | — | (6,759 | ) | ||||||||||||||
Issuance of common stock, net | (205 | ) | — | — | — | (205 | ) | ||||||||||||||
Common stock withheld for minimum statutory taxes, net | (1,242 | ) | — | — | — | (1,242 | ) | ||||||||||||||
Excess tax benefit from equity awards | 1,779 | — | — | — | 1,779 | ||||||||||||||||
Cash (used in) provided by intercompany activity | (118,377 | ) | 117,950 | 2,352 | (1,925 | ) | — | ||||||||||||||
Net cash (used in) provided by financing activities | 14,389 | 117,950 | 2,172 | (1,925 | ) | 132,586 | |||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (49,307 | ) | 6,402 | (1,925 | ) | (44,830 | ) | |||||||||||||
Cash and cash equivalents at beginning of the period | — | 49,307 | 92 | — | 49,399 | ||||||||||||||||
Cash and cash equivalents at end of the period | $ | — | $ | — | $ | 6,494 | $ | (1,925 | ) | $ | 4,569 | ||||||||||
Acadia Healthcare Company, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Non- | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Guarantors | Amounts | |||||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net income (loss) | $ | 20,403 | $ | 40,795 | $ | (544 | ) | $ | (40,251 | ) | $ | 20,403 | |||||||||
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | |||||||||||||||||||||
Equity in earnings of subsidiaries | (40,251 | ) | — | — | 40,251 | — | |||||||||||||||
Depreciation and amortization | — | 7,874 | 108 | — | 7,982 | ||||||||||||||||
Amortization of debt issuance costs | 2,507 | — | — | — | 2,507 | ||||||||||||||||
Equity-based compensation expense | 2,267 | — | — | — | 2,267 | ||||||||||||||||
Deferred income tax expense | (519 | ) | 3,376 | (10 | ) | — | 2,847 | ||||||||||||||
Other | — | (3 | ) | — | — | (3 | ) | ||||||||||||||
Loss from discontinued operations, net of taxes | — | 101 | — | — | 101 | ||||||||||||||||
Change in operating assets and liabilities, net of effect of acquisitions: | |||||||||||||||||||||
Accounts receivable, net | — | (9,283 | ) | (1,061 | ) | — | (10,344 | ) | |||||||||||||
Other current assets | — | 1,579 | 4 | — | 1,583 | ||||||||||||||||
Other assets | — | 603 | 34 | — | 637 | ||||||||||||||||
Accounts payable and other accrued liabilities | — | 997 | (512 | ) | — | 485 | |||||||||||||||
Accrued salaries and benefits | — | 5,121 | 21 | — | 5,142 | ||||||||||||||||
Other liabilities | — | 702 | — | — | 702 | ||||||||||||||||
Net cash (used in) provided by continuing operating activities | (15,593 | ) | 51,862 | (1,960 | ) | — | 34,309 | ||||||||||||||
Net cash used in discontinued operating activities | — | (411 | ) | — | — | (411 | ) | ||||||||||||||
Net cash (used in) provided by operating activities | (15,593 | ) | 51,451 | (1,960 | ) | — | 33,898 | ||||||||||||||
Investing activities: | |||||||||||||||||||||
Cash paid for acquisitions, net of cash acquired | — | (443,473 | ) | — | — | (443,473 | ) | ||||||||||||||
Cash paid for capital expenditures | — | (27,595 | ) | — | — | (27,595 | ) | ||||||||||||||
Cash paid for real estate acquisitions | — | (53,159 | ) | — | — | (53,159 | ) | ||||||||||||||
Other | — | (417 | ) | — | — | (417 | ) | ||||||||||||||
Net cash used in investing activities | — | (524,644 | ) | — | — | (524,644 | ) | ||||||||||||||
Financing activities: | |||||||||||||||||||||
Borrowings on long-term debt | 176,063 | — | — | — | 176,063 | ||||||||||||||||
Borrowings on revolving credit facility | 16,000 | — | — | — | 16,000 | ||||||||||||||||
Principal payments on revolving credit facility | (16,000 | ) | — | — | — | (16,000 | ) | ||||||||||||||
Principal payments on long-term debt | (6,000 | ) | — | — | — | (6,000 | ) | ||||||||||||||
Payment of debt issuance costs | (4,551 | ) | — | — | — | (4,551 | ) | ||||||||||||||
Issuance of common stock, net | 311,841 | — | — | — | 311,841 | ||||||||||||||||
Common stock withheld for minimum statutory taxes, net | 960 | — | — | — | 960 | ||||||||||||||||
Excess tax benefit from equity awards | 714 | — | — | — | 714 | ||||||||||||||||
Cash (used in) provided by intercompany activity | (463,434 | ) | 461,382 | 2,052 | — | — | |||||||||||||||
Net cash (used in) provided by financing activities | 15,593 | 461,382 | 2,052 | — | 479,027 | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (11,811 | ) | 92 | — | (11,719 | ) | ||||||||||||||
Cash and cash equivalents at beginning of the period | — | 61,118 | — | — | 61,118 | ||||||||||||||||
Cash and cash equivalents at end of the period | $ | — | $ | 49,307 | $ | 92 | $ | — | $ | 49,399 | |||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||||||||||||||||
The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. At times, cash and cash equivalent balances may exceed federally insured limits. Management believes that the Company mitigates any risks by depositing cash and investing in cash equivalents with major financial institutions. | |||||||||||||||||
Revenue and Accounts Receivable | Revenue and Accounts Receivable | ||||||||||||||||
Revenue is primarily derived from services rendered to patients for inpatient psychiatric and substance abuse care, outpatient psychiatric care and adolescent residential treatment. The Company receives payments from the following sources for services rendered in our facilities: (i) state governments under their respective Medicaid and other programs; (ii) commercial insurers; (iii) the federal government under the Medicare program administered by CMS; (iv) NHS in the United Kingdom; and (v) individual patients and clients. Revenue is recorded in the period in which services are provided at established billing rates less contractual adjustments based on amounts reimbursable by Medicare or Medicaid under provisions of cost or prospective reimbursement formulas or amounts due from other third-party payors at contractually determined rates. | |||||||||||||||||
The following table presents revenue by payor type as a percentage of revenue before provision for doubtful accounts: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Commercial | 23 | % | 24.9 | % | 20.1 | % | |||||||||||
Medicare | 19.4 | 21.5 | 11.8 | ||||||||||||||
Medicaid | 38.3 | 48 | 63.6 | ||||||||||||||
NHS | 14.5 | — | — | ||||||||||||||
Self-Pay | 2.5 | 3.4 | 2.5 | ||||||||||||||
Other | 2.3 | 2.2 | 2 | ||||||||||||||
Revenue | 100 | % | 100 | % | 100 | % | |||||||||||
On a combined basis, revenue related to the Medicare and Medicaid programs were 58%, 70% and 75% of all revenue before provision for doubtful accounts for the years ended December 31, 2014, 2013 and 2012, respectively. The Company’s concentration of credit risk from other payors is reduced by the large number of payors and their geographic dispersion. The Company generated approximately 15% and 12% of its revenue for the year ended December 31, 2014 from facilities located in the United Kingdom and Arkansas, respectively, and approximately 17% and 8% of its revenue from facilities located in Arkansas and Mississippi for the year ended December 31, 2013. | |||||||||||||||||
Allowance for Contractual Discounts | Allowance for Contractual Discounts | ||||||||||||||||
The Company derives a significant portion of its revenues from Medicare, Medicaid and other payors that receive discounts from established billing rates. The Medicare and Medicaid regulations and various managed care contracts under which these discounts must be calculated are complex, subject to interpretation and adjustment, and may include multiple reimbursement mechanisms for different types of services provided in the Company’s inpatient facilities and cost settlement provisions. Management estimates the allowance for contractual discounts on a payor-specific basis given its interpretation of the applicable regulations or contract terms. The services authorized and provided and related reimbursement are often subject to interpretation that could result in payments that differ from the Company’s estimates. Additionally, updated regulations and contract renegotiations occur frequently, necessitating regular review and assessment of the estimation process by management. | |||||||||||||||||
Settlements under cost reimbursement agreements with third-party payors are estimated and recorded in the period in which the related services are rendered and are adjusted in future periods as final settlements are determined. Final determination of amounts earned under the Medicare and Medicaid programs often occurs in subsequent years because of audits by such programs, rights of appeal and the application of numerous technical provisions. In the opinion of management, adequate provision has been made for any adjustments and final settlements. However, there can be no assurance that any such adjustments and final settlements will not have a material effect on the Company’s financial condition or results of operations. The Company’s cost report receivables were $1.9 million at December 31, 2014 and were included in other current assets in the consolidated balance sheets. The Company’s cost report liabilities were $0.8 million at December 31, 2013 and were included in other accrued liabilities in the consolidated balance sheets. Management believes that these receivables and liabilities are properly stated and are not likely to be settled for a significantly different amount. The net adjustments to estimated cost report settlements resulted in increases to revenue of $0.3 million and $0.2 million for the years ended December 31, 2014 and 2013, respectively. | |||||||||||||||||
Management believes that it is in compliance with all applicable laws and regulations and is not aware of any pending or threatened investigations involving allegations of wrongdoing. While no such regulatory inquiries have been made, compliance with such laws and regulations can be subject to future government review and interpretation, as well as significant regulatory action including fines, penalties and exclusion from the Medicare and Medicaid programs. | |||||||||||||||||
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts | ||||||||||||||||
The Company’s ability to collect outstanding patient receivables from third party payors is critical to its operating performance and cash flows. The primary collection risk with regard to patient receivables relates to uninsured patient accounts or patient accounts for which primary insurance has paid, but the portion owed by the patient remains outstanding. The Company estimates uncollectible accounts and establish an allowance for doubtful accounts in order to adjust accounts receivable to estimated net realizable value. In evaluating the collectability of accounts receivable, the Company considers a number of factors, including the age of the accounts, historical collection experience, current economic conditions, and other relevant factors. Accounts receivable that are determined to be uncollectible based on the Company’s policies are written off to the allowance for doubtful accounts. Significant changes in payor mix or business office operations could have a significant impact on the Company’s results of operations and cash flows. | |||||||||||||||||
A summary of activity in the Company’s allowance for doubtful accounts is as follows (in thousands): | |||||||||||||||||
Balance at | Additions | Accounts | Balance at | ||||||||||||||
Beginning of | Charged to Costs | Written Off, Net | End of | ||||||||||||||
Period | and Expenses | of Recoveries | Period | ||||||||||||||
Year ended December 31, 2012 | $ | 2,424 | $ | 6,389 | $ | (1,329 | ) | $ | 7,484 | ||||||||
Year ended December 31, 2013 | 7,484 | 21,701 | (10,840 | ) | 18,345 | ||||||||||||
Year ended December 31, 2014 | 18,345 | 26,183 | (22,079 | ) | 22,449 | ||||||||||||
Charity Care | Charity Care | ||||||||||||||||
The Company provides care without charge to patients who are financially unable to pay for the healthcare services they receive based on Company policies and federal and state poverty thresholds. The costs of providing charity care services were $2.5 million, $2.6 million and $1.2 million for the years ended December 31, 2014, 2013 and 2012, respectively. The estimated cost of charity care services was determined using a ratio of cost to gross charges determined from our most recently filed Medicare cost reports and applying that ratio to the gross charges associated with providing charity care for the period. | |||||||||||||||||
Insurance | Insurance | ||||||||||||||||
The Company is subject to medical malpractice and other lawsuits due to the nature of the services the Company provides. The Company’s operations have professional and general liability insurance for claims in excess of a $250,000 deductible with an insured excess limit of $36 million. The reserve for professional and general liability risks was estimated based on historical claims, demographic factors, industry trends, severity factors, and other actuarial assumptions calculated by an independent third-party actuary. The estimated accrual for professional and general liabilities could be significantly affected should current and future occurrences differ from historical claim trends and expectations. While claims are monitored closely when estimating professional and general liability accruals, the complexity of the claims and wide range of potential outcomes often hampers timely adjustments to the assumptions used in these estimates. The professional and general liability reserve was $16.3 million as of December 31, 2014, of which $4.2 million was included in other accrued liabilities and $12.1 million was included in other long-term liabilities. The professional and general liability reserve was $14.0 million as of December 31, 2013, of which $4.1 million was included in other accrued liabilities and $9.9 million was included in other long-term liabilities. The Company estimates receivables for the portion of professional and general liability reserves that are recoverable under the Company’s insurance policies based on an independent actuarial evaluation. Such receivable was $12.0 million as of December 31, 2014, of which $3.5 million was included in other current assets and $8.5 million was included in other assets, and such receivable was $11.2 million as of December 31, 2013, of which $3.4 million was included in other current assets and $7.8 million was included in other assets. | |||||||||||||||||
The Company’s statutory workers’ compensation program is fully insured with a $500,000 deductible per accident. The workers’ compensation liability was $8.4 million as of December 31, 2014, of which $4.8 million was included in accrued salaries and benefits and $3.6 million was included in other long-term liabilities, and such liability was $6.2 million as of December 31, 2013, of which $4.1 million was included in accrued salaries and benefits and $2.1 million was included in other long-term liabilities. The reserve for workers compensation claims was based upon independent actuarial estimates of future amounts that will be paid to claimants. Management believes that adequate provisions have been made for workers’ compensation and professional and general liability risk exposures. | |||||||||||||||||
Property and Equipment and Other Long-Lived Assets | Property and Equipment and Other Long-Lived Assets | ||||||||||||||||
Property and equipment are recorded at cost. Depreciation is calculated on the straight-line basis over the estimated useful lives of the assets, which typically range from 10 to 40 years for buildings and improvements, three to seven years for equipment and the shorter of the lease term or estimated useful lives for leasehold improvements. When assets are sold or retired, the corresponding cost and accumulated depreciation are removed from the related accounts and any gain or loss is recorded in the period of sale or retirement. Repair and maintenance costs are expensed as incurred. Depreciation expense was $32.1 million, $16.3 million and $7.4 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||
The carrying values of long-lived assets are reviewed for possible impairment whenever events, circumstances or operating results indicate that the carrying amount of an asset may not be recoverable. If this review indicates that the asset will not be recoverable, as determined based upon the undiscounted cash flows of the operating asset over the remaining useful lives, the carrying value of the asset will be reduced to its estimated fair value. Fair value estimates are based on independent appraisals, market values of comparable assets or internal evaluations of future net cash flows. | |||||||||||||||||
Goodwill and Indefinite-Lived Intangible Assets | Goodwill and Indefinite-Lived Intangible Assets | ||||||||||||||||
The Company’s goodwill and other indefinite-lived intangible assets, which consist of licenses and accreditations and certificates of need intangible assets that are not amortized, are evaluated for impairment annually during the fourth quarter or more frequently if events indicate that the carrying value of a reporting unit may not be recoverable. The Company has two operating segments, U.S. Facilities and U.K. Facilities, for segment reporting purposes, each of which represents a reporting unit for purposes of the Company’s goodwill impairment test. Potential impairment is noted for a reporting unit if its carrying value exceeds the fair value of the reporting unit. For a reporting unit with potential impairment of goodwill, the Company determines the implied fair value of goodwill. If the carrying value of goodwill exceeds its implied fair value, an impairment loss is recorded. The Company’s annual impairment tests of goodwill and other indefinite-lived intangibles in 2014, 2013 and 2012 resulted in no impairment charges. | |||||||||||||||||
Other Current Assets | Other Current Assets | ||||||||||||||||
Other current assets consisted of the following (in thousands): | |||||||||||||||||
As of December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Other receivables | $ | 12,713 | $ | 6,833 | |||||||||||||
Prepaid expenses | 11,746 | 6,397 | |||||||||||||||
Insurance receivable – current portion | 3,500 | 3,400 | |||||||||||||||
Workers’ compensation deposits – current portion | 4,800 | 4,100 | |||||||||||||||
Income taxes receivable | 3,399 | 4,005 | |||||||||||||||
Other | 5,412 | 4,234 | |||||||||||||||
Other current assets | $ | 41,570 | $ | 28,969 | |||||||||||||
Debt Issuance Costs | Debt Issuance Costs | ||||||||||||||||
Debt issuance costs are deferred and amortized to interest expense over the term of the related debt. Debt issuance costs at December 31, 2014 were $20.9 million, net of accumulated amortization of $9.5 million. Debt issuance costs at December 31, 2013 were $13.3 million, net of accumulated amortization of $6.1 million. Amortization expense related to debt issuance costs, which is reported as interest expense, was $3.2 million and $2.3 million, respectively, for the years ended December 31, 2014 and 2013. Estimated amortization of debt issuance costs for the years ending December 31, 2015, 2016, 2017, 2018 and 2019 is $4.5 million, $4.6 million, $4.7 million, $4.5 million and $1.6 million, respectively. | |||||||||||||||||
Other Accrued Liabilities | Other Accrued Liabilities | ||||||||||||||||
Other accrued liabilities consisted of the following (in thousands): | |||||||||||||||||
As of December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Accrued interest | $ | 13,013 | $ | 5,065 | |||||||||||||
Insurance liability – current portion | 4,239 | 4,139 | |||||||||||||||
Contingent consideration | 3,000 | 4,891 | |||||||||||||||
Accrued property taxes | 2,069 | 1,819 | |||||||||||||||
Other | 8,635 | 9,834 | |||||||||||||||
Other accrued liabilities | $ | 30,956 | $ | 25,748 | |||||||||||||
Stock Compensation | Stock Compensation | ||||||||||||||||
The Company measures and recognizes the cost of employee services received in exchange for awards of equity instruments based on the grant-date fair value in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718, “Compensation—Stock Compensation.” The Company uses the Black-Scholes valuation model to determine grant-date fair value for equity awards and uses straight-line amortization of share-based compensation expense over the requisite service period of the respective awards. | |||||||||||||||||
Earnings Per Share | Earnings Per Share | ||||||||||||||||
Basic and diluted earnings per share are calculated in accordance with FASB ASC 260, “Earnings Per Share,” based on the weighted-average number of shares outstanding in each period and dilutive stock options, nonvested shares and warrants, to the extent such securities have a dilutive effect on earnings per share. | |||||||||||||||||
Income Taxes | Income Taxes | ||||||||||||||||
The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and net operating loss and tax credit carryforwards. The amount of deferred taxes on these temporary differences is determined using the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, as applicable, based on tax rates and laws in the respective tax jurisdiction enacted as of the balance sheet date. | |||||||||||||||||
The Company reviews its deferred tax assets for recoverability and establishes a valuation allowance based on historical taxable income, projected future taxable income, applicable tax strategies, and the expected timing of the reversals of existing temporary differences. A valuation allowance is provided when it is more likely than not that some portion or all of the deferred tax assets will not be realized. | |||||||||||||||||
The Company records a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. | |||||||||||||||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | ||||||||||||||||
In April 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” (“ASU 2014-08”). ASU 2014-08 raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. ASU 2014-08 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. Early adoption is permitted. Management is evaluating the impact of ASU 2014-08 on the Company’s consolidated financial statements and does not expect ASU 2014-08 to have a significant impact on the Company’s consolidated financial statements. | |||||||||||||||||
In May 2014, the FASB and the International Accounting Standards Board issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). ASU 2014-09’s core principal is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is not permitted. Management is evaluating the impact of ASU 2014-09 on the Company’s consolidated financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Revenue by Payor Type as Percentage of Revenue | The following table presents revenue by payor type as a percentage of revenue before provision for doubtful accounts: | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Commercial | 23 | % | 24.9 | % | 20.1 | % | |||||||||||
Medicare | 19.4 | 21.5 | 11.8 | ||||||||||||||
Medicaid | 38.3 | 48 | 63.6 | ||||||||||||||
NHS | 14.5 | — | — | ||||||||||||||
Self-Pay | 2.5 | 3.4 | 2.5 | ||||||||||||||
Other | 2.3 | 2.2 | 2 | ||||||||||||||
Revenue | 100 | % | 100 | % | 100 | % | |||||||||||
Summary of Activity in the Company's Allowance for Doubtful Accounts | A summary of activity in the Company’s allowance for doubtful accounts is as follows (in thousands): | ||||||||||||||||
Balance at | Additions | Accounts | Balance at | ||||||||||||||
Beginning of | Charged to Costs | Written Off, Net | End of | ||||||||||||||
Period | and Expenses | of Recoveries | Period | ||||||||||||||
Year ended December 31, 2012 | $ | 2,424 | $ | 6,389 | $ | (1,329 | ) | $ | 7,484 | ||||||||
Year ended December 31, 2013 | 7,484 | 21,701 | (10,840 | ) | 18,345 | ||||||||||||
Year ended December 31, 2014 | 18,345 | 26,183 | (22,079 | ) | 22,449 | ||||||||||||
Other Current Assets | Other current assets consisted of the following (in thousands): | ||||||||||||||||
As of December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Other receivables | $ | 12,713 | $ | 6,833 | |||||||||||||
Prepaid expenses | 11,746 | 6,397 | |||||||||||||||
Insurance receivable – current portion | 3,500 | 3,400 | |||||||||||||||
Workers’ compensation deposits – current portion | 4,800 | 4,100 | |||||||||||||||
Income taxes receivable | 3,399 | 4,005 | |||||||||||||||
Other | 5,412 | 4,234 | |||||||||||||||
Other current assets | $ | 41,570 | $ | 28,969 | |||||||||||||
Summary of Other Accrued Liabilities | Other accrued liabilities consisted of the following (in thousands): | ||||||||||||||||
As of December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Accrued interest | $ | 13,013 | $ | 5,065 | |||||||||||||
Insurance liability – current portion | 4,239 | 4,139 | |||||||||||||||
Contingent consideration | 3,000 | 4,891 | |||||||||||||||
Accrued property taxes | 2,069 | 1,819 | |||||||||||||||
Other | 8,635 | 9,834 | |||||||||||||||
Other accrued liabilities | $ | 30,956 | $ | 25,748 | |||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Computation of Basic and Diluted Earnings (Loss) Per Share | The following table sets forth the computation of basic and diluted earnings (loss) per share for the years ended December 31, 2014, 2013 and 2012 (in thousands except per share amounts): | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator: | |||||||||||||
Basic and diluted earnings (loss) per share: | |||||||||||||
Income (loss) from continuing operations | $ | 83,232 | $ | 43,270 | $ | 20,504 | |||||||
(Loss) from discontinued operations | (192 | ) | (691 | ) | (101 | ) | |||||||
Net income (loss) | $ | 83,040 | $ | 42,579 | $ | 20,403 | |||||||
Denominator: | |||||||||||||
Weighted average shares outstanding for basic earnings per share | 55,063 | 50,004 | 38,477 | ||||||||||
Effects of dilutive instruments | 264 | 257 | 219 | ||||||||||
Shares used in computing diluted earnings per common share | 55,327 | 50,261 | 38,696 | ||||||||||
Basic net earnings (loss) per share: | |||||||||||||
Income (loss) from continuing operations | $ | 1.51 | $ | 0.87 | $ | 0.53 | |||||||
Loss from discontinued operations | — | (0.02 | ) | — | |||||||||
Net income (loss) | $ | 1.51 | $ | 0.85 | $ | 0.53 | |||||||
Diluted net earnings (loss) per share: | |||||||||||||
Income (loss) from continuing operations | $ | 1.5 | $ | 0.86 | $ | 0.53 | |||||||
Loss from discontinued operations | — | (0.01 | ) | — | |||||||||
Net income (loss) | $ | 1.5 | $ | 0.85 | $ | 0.53 | |||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Preliminary Fair Values of Assets Acquired and Liabilities Assumed at Corresponding Acquisition Date | The preliminary fair values of assets acquired and liabilities assumed, at the corresponding acquisition dates, during the year ended December 31, 2014 in connection with the Partnerships in Care and other 2014 acquisitions were as follows (in thousands): | ||||||||||||
Partnerships in Care | Other | Total | |||||||||||
Cash | $ | 11,674 | $ | — | $ | 11,674 | |||||||
Accounts receivable | 7,684 | 1,849 | 9,533 | ||||||||||
Prepaid expenses and other current assets | 8,828 | 186 | 9,014 | ||||||||||
Property and equipment | 610,477 | 27,203 | 637,680 | ||||||||||
Goodwill | 120,364 | 31,951 | 152,315 | ||||||||||
Intangible assets | 651 | 204 | 855 | ||||||||||
Other assets | 6,897 | 3,224 | 10,121 | ||||||||||
Total assets acquired | 766,575 | 64,617 | 831,192 | ||||||||||
Accounts payable | 3,958 | 93 | 4,051 | ||||||||||
Accrued salaries and benefits | 10,422 | — | 10,422 | ||||||||||
Other accrued expenses | 6,690 | 732 | 7,422 | ||||||||||
Deferred tax liabilities – noncurrent | 49,250 | — | 49,250 | ||||||||||
Other liabilities | 7,704 | — | 7,704 | ||||||||||
Total liabilities assumed | 78,024 | 825 | 78,849 | ||||||||||
Net assets acquired | $ | 688,551 | $ | 63,792 | $ | 752,343 | |||||||
The fair values of assets acquired and liabilities assumed during 2013, at the corresponding acquisition dates, were as follows (in thousands): | |||||||||||||
UMC Facilities | Other | Total | |||||||||||
Cash | $ | 52 | $ | 873 | $ | 925 | |||||||
Accounts receivable | 4,961 | 5,840 | 10,801 | ||||||||||
Prepaid expenses and other current assets | 691 | 3,039 | 3,730 | ||||||||||
Property and equipment | 22,347 | 42,672 | 65,019 | ||||||||||
Goodwill | 67,589 | 37,651 | 105,240 | ||||||||||
Intangible assets | 1,505 | 1,910 | 3,415 | ||||||||||
Other assets | 4,712 | 29 | 4,741 | ||||||||||
Total assets acquired | 101,857 | 92,014 | 193,871 | ||||||||||
Accounts payable | 1,535 | 7,487 | 9,022 | ||||||||||
Accrued salaries and benefits | 588 | 3,079 | 3,667 | ||||||||||
Other accrued expenses | 315 | 2,298 | 2,613 | ||||||||||
Other liabilities | — | 2,360 | 2,360 | ||||||||||
Total liabilities assumed | 2,438 | 15,224 | 17,662 | ||||||||||
Net assets acquired | $ | 99,419 | $ | 76,790 | $ | 176,209 | |||||||
Transaction Related Expenses as Incurred | Transaction-related expenses comprised the following costs for the years ended December 31, 2014, 2013 and 2012 (in thousands): | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Legal, accounting and other fees | $ | 12,836 | $ | 5,535 | $ | 4,161 | |||||||
Severance and contract termination costs | 814 | 1,615 | 3,951 | ||||||||||
$ | 13,650 | $ | 7,150 | $ | 8,112 | ||||||||
Pro Forma Financial Information for Acquisitions Occurred | The following table provides certain pro forma financial information for the Company as if the 2013 and 2014 Acquisitions and the CRC acquisition occurred as of January 1, 2013 (in thousands): | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Revenue | $ | 1,569,877 | $ | 1,480,631 | |||||||||
Income from continuing operations, before income taxes | $ | 126,263 | $ | 18,652 | |||||||||
CRC Health Group, Inc [Member] | |||||||||||||
Preliminary Fair Values of Assets Acquired and Liabilities Assumed at Corresponding Acquisition Date | The preliminary fair values of assets acquired and liabilities assumed in connection with the CRC acquisition are estimated as follows (in thousands). As the acquisition was recently completed on February 11, 2015, these amounts have been estimated on a preliminary basis from historical financial information and are subject to change as acquisition method of accounting is finalized. | ||||||||||||
Cash | $ | 15,000 | |||||||||||
Accounts receivable | 50,000 | ||||||||||||
Prepaid expenses and other current assets | 16,000 | ||||||||||||
Property and equipment | 130,000 | ||||||||||||
Goodwill | 1,050,500 | ||||||||||||
Intangible assets | 15,000 | ||||||||||||
Deferred tax assets - noncurrent | 94,000 | ||||||||||||
Total assets acquired | 1,370,500 | ||||||||||||
Accounts payable | 6,000 | ||||||||||||
Accrued salaries and benefits | 23,000 | ||||||||||||
Other accrued expenses | 32,500 | ||||||||||||
Long-term debt | 895,467 | ||||||||||||
Other liabilities | 25,000 | ||||||||||||
Total liabilities assumed | 981,967 | ||||||||||||
Net assets acquired | $ | 388,533 | |||||||||||
Other_Intangible_Assets_Tables
Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Other Identifiable Intangible Assets and Related Accumulated Amortization | Other identifiable intangible assets and related accumulated amortization consisted of the following as of December 31, 2014 and 2013 (in thousands): | ||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||
Contract intangible assets | $ | 2,100 | $ | 2,100 | $ | (1,330 | ) | $ | (910 | ) | |||||||
Non-compete agreements | 1,247 | 1,247 | (1,155 | ) | (1,021 | ) | |||||||||||
3,347 | 3,347 | (2,485 | ) | (1,931 | ) | ||||||||||||
Intangible assets not subject to amortization: | |||||||||||||||||
Licenses and accreditations | 9,184 | 8,391 | — | — | |||||||||||||
Trade names | 3,000 | 3,000 | — | — | |||||||||||||
Certificates of need | 8,590 | 7,761 | — | — | |||||||||||||
20,774 | 19,152 | — | — | ||||||||||||||
Total | $ | 24,121 | $ | 22,499 | $ | (2,485 | ) | $ | (1,931 | ) | |||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Summary of Results from Discontinued Operations | A summary of results from discontinued operations is as follows (in thousands): | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenue | $ | — | $ | — | $ | 3,576 | |||||||
Net loss from discontinued operations, net of income taxes | $ | (192 | ) | $ | (691 | ) | $ | (101 | ) | ||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Components of Long Term Debt | Long-term debt consisted of the following (in thousands): | ||||||||
December 31, 2014 | December 31, 2013 | ||||||||
Amended and Restated Senior Credit Facility: | |||||||||
Senior Secured Term A Loans (net of discount of $1,924 and $0, respectively) | $ | 525,576 | $ | 292,500 | |||||
Senior Secured Revolving Line of Credit | — | 53,500 | |||||||
12.875% Senior Notes due 2018 (net of discount of $1,080 and $1,283, respectively) | 96,420 | 96,216 | |||||||
6.125% Senior Notes due 2021 | 150,000 | 150,000 | |||||||
5.125% Senior Notes due 2022 | 300,000 | — | |||||||
9.0% and 9.5% Revenue Bonds (net of premium of $1,649 and $2,100, respectively) | 24,274 | 24,920 | |||||||
1,096,270 | 617,136 | ||||||||
Less: current portion | (26,965 | ) | (15,195 | ) | |||||
Long-term debt | $ | 1,069,305 | $ | 601,941 | |||||
Summary of Aggregate Maturities of Long-Term Debt | The aggregate maturities of long-term debt as of December 31, 2014 were as follows (in thousands): | ||||||||
2015 | $ | 26,965 | |||||||
2016 | 40,360 | ||||||||
2017 | 53,755 | ||||||||
2018 | 67,155 | ||||||||
2019 | 340,555 | ||||||||
Thereafter | 568,835 | ||||||||
Total | $ | 1,097,625 | |||||||
EquityBased_Compensation_Table
Equity-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Stock Option Activity | Stock option activity during 2013 and 2014 was as follows (aggregate intrinsic value in thousands): | ||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
Options | Average | Average | Intrinsic | ||||||||||||||
Exercise Price | Remaining | Value | |||||||||||||||
Contractual | |||||||||||||||||
Term (in years) | |||||||||||||||||
Options outstanding at January 1, 2013 | 555,097 | $ | 13.13 | 7.53 | $ | 5,632 | |||||||||||
Options granted | 411,800 | 30.55 | 9.3 | 2,059 | |||||||||||||
Options exercised | (126,662 | ) | 9.36 | N/A | 2,803 | ||||||||||||
Options cancelled | (41,426 | ) | 23.5 | N/A | N/A | ||||||||||||
Options outstanding at December 31, 2013 | 798,809 | 21.93 | 8.2 | 10,700 | |||||||||||||
Options granted | 226,663 | 49.8 | 9.25 | 209 | |||||||||||||
Options exercised | (210,199 | ) | 14.93 | N/A | 4,994 | ||||||||||||
Options cancelled | (77,851 | ) | 27.85 | N/A | N/A | ||||||||||||
Options outstanding at December 31, 2014 | 737,422 | $ | 32.19 | 8.09 | $ | 14,512 | |||||||||||
Options exercisable at December 31, 2013 | 133,647 | $ | 11.15 | 4.81 | $ | 3,472 | |||||||||||
Options exercisable at December 31, 2014 | 91,947 | $ | 28.87 | 6.3 | $ | 3,326 | |||||||||||
Restricted Stock Activity | Restricted stock activity during 2013 and 2014 was as follows: | ||||||||||||||||
Number of | Weighted | ||||||||||||||||
Shares | Average | ||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Unvested at January 1, 2013 | 318,063 | $ | 15.73 | ||||||||||||||
Granted | 290,845 | 31.31 | |||||||||||||||
Cancelled | (53,056 | ) | 21.27 | ||||||||||||||
Vested | (94,155 | ) | 15.52 | ||||||||||||||
Unvested at December 31, 2013 | 461,697 | $ | 24.96 | ||||||||||||||
Granted | 468,484 | 48.99 | |||||||||||||||
Cancelled | (75,369 | ) | 36.36 | ||||||||||||||
Vested | (132,784 | ) | 22.81 | ||||||||||||||
Unvested at December 31, 2014 | 722,028 | $ | 39.77 | ||||||||||||||
Restricted Stock Unit Activity | Restricted stock unit activity during 2013 and 2014 was as follows: | ||||||||||||||||
Number of | Weighted | ||||||||||||||||
Units | Average | ||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Unvested at January 1, 2013 | 68,628 | $ | 16.11 | ||||||||||||||
Granted | 72,876 | 29.39 | |||||||||||||||
Cancelled | — | — | |||||||||||||||
Vested | (45,753 | ) | 16.11 | ||||||||||||||
Unvested at December 31, 2013 | 95,751 | $ | 23.05 | ||||||||||||||
Granted | 108,449 | 50.75 | |||||||||||||||
Cancelled | — | — | |||||||||||||||
Vested | (79,087 | ) | 21.81 | ||||||||||||||
Unvested at December 31, 2014 | 125,113 | $ | 38.73 | ||||||||||||||
Schedule of Stock Options Valuation Assumptions | The following table summarizes the grant-date fair value of options and the assumptions used to develop the fair value estimates for options granted during the year ended December 31, 2014 and 2013: | ||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
Weighted average grant-date fair value of options | $ | 17.14 | $ | 11.62 | |||||||||||||
Risk-free interest rate | 1.7 | % | 1 | % | |||||||||||||
Expected volatility | 36 | % | 40 | % | |||||||||||||
Expected life (in years) | 5.5 | 5.5 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Components of Provision for Income Taxes | Income tax expense (benefit) from continuing operations consists of the following for the periods presented (in thousands): | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 30,834 | $ | 13,202 | $ | 7,045 | |||||||
State | 3,959 | 2,513 | 2,553 | ||||||||||
Foreign | 914 | 177 | — | ||||||||||
Total current | 35,707 | 15,892 | 9,598 | ||||||||||
Deferred: | |||||||||||||
Federal | 2,667 | 7,802 | 3,144 | ||||||||||
State | 353 | 1,786 | (417 | ) | |||||||||
Foreign | 4,195 | 495 | — | ||||||||||
Total deferred provision | 7,215 | 10,083 | 2,727 | ||||||||||
Provision for (benefit from) income taxes | $ | 42,922 | $ | 25,975 | $ | 12,325 | |||||||
Income Taxes Associated with Continuing Operations and Discontinued Operations | The following table presents the income taxes associated with continuing operations and discontinued operations as reflected in the consolidated statements of income (in thousands): | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Continuing operations | $ | 42,922 | $ | 25,975 | $ | 12,325 | |||||||
Discontinued operations | (22 | ) | (544 | ) | (197 | ) | |||||||
Total | $ | 42,900 | $ | 25,431 | $ | 12,128 | |||||||
Effective Income Tax Rate | A reconciliation of the U.S. federal statutory rate, from continuing operations, to the effective tax rate is as follows for the periods presented: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
U.S. federal statutory rate on income before income taxes | 35 | % | 35 | % | 35 | % | |||||||
Impact of foreign operations (1) | (4.2 | ) | (0.3 | ) | — | ||||||||
State income taxes, net of federal tax effect | 2.3 | 4.9 | 3.8 | ||||||||||
Permanent differences | 1.1 | 0.8 | 0.8 | ||||||||||
Change in valuation allowance | (0.1 | ) | (0.3 | ) | (0.9 | ) | |||||||
Other | (0.1 | ) | (2.6 | ) | (1.2 | ) | |||||||
Effective income tax rate | 34 | % | 37.5 | % | 37.5 | % | |||||||
Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities of the Company at December 31, 2014 and December 31, 2013 were as follows (in thousands): | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating losses and tax credit carryforwards – federal and state | $ | 5,082 | $ | 905 | |||||||||
Fixed asset basis difference | — | 1,141 | |||||||||||
Bad debt allowance | 9,028 | 7,490 | |||||||||||
Accrued compensation and severance | 11,517 | 7,669 | |||||||||||
Pension reserves | 1,975 | — | |||||||||||
Insurance reserves | 4,621 | 2,680 | |||||||||||
Leases | 850 | 1,083 | |||||||||||
Accrued expenses | 41 | 91 | |||||||||||
Other assets | 1,989 | 1,553 | |||||||||||
Total gross deferred tax assets | 35,103 | 22,612 | |||||||||||
Less: valuation allowance | (4,734 | ) | (124 | ) | |||||||||
Deferred tax assets | 30,369 | 22,488 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Fixed asset basis difference | (38,147 | ) | — | ||||||||||
Prepaid items | (1,705 | ) | (1,560 | ) | |||||||||
Intangible assets | (21,094 | ) | (13,196 | ) | |||||||||
Other liabilities | (7 | ) | — | ||||||||||
Total deferred tax liabilities | (60,953 | ) | (14,756 | ) | |||||||||
Total net deferred tax (liability) asset | $ | (30,584 | ) | $ | 7,732 | ||||||||
Unrecognized Income Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized income tax benefits is as follows (in thousands): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at January 1 | $ | 1,893 | $ | 1,195 | $ | 1,050 | |||||||
Additions based on tax positions related to the current year | — | 321 | 262 | ||||||||||
Additions for tax positions of prior years | 1,030 | 377 | — | ||||||||||
Reductions as a result of the lapse of applicable statutes of limitations | — | — | (117 | ) | |||||||||
Balance at December 31 | $ | 2,923 | $ | 1,893 | $ | 1,195 | |||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Carrying Amounts and Fair Values of Company's Amended and Restated Senior Credit Facilities and Contingent Consideration Liability | The carrying amounts and fair values of the Company’s Amended and Restated Senior Credit Facility, 12.875% Senior Notes, 6.125% Senior Notes, 5.125% Senior Notes, 9.0% and 9.5% Revenue Bonds and contingent consideration liability as of December 31, 2014 and 2013 were as follows (in thousands): | ||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Amended and Restated Senior Credit Facility | $ | 525,576 | $ | 346,000 | $ | 525,576 | $ | 346,000 | |||||||||
12.875% Senior Notes due 2018 | $ | 96,420 | $ | 96,216 | $ | 109,688 | $ | 118,706 | |||||||||
6.125% Senior Notes due 2021 | $ | 150,000 | $ | 150,000 | $ | 153,000 | $ | 155,625 | |||||||||
5.125% Senior Notes due 2022 | $ | 300,000 | — | $ | 295,500 | — | |||||||||||
9.0% and 9.5% Revenue Bonds | $ | 24,274 | $ | 24,920 | $ | 24,274 | $ | 24,920 | |||||||||
Contingent consideration liabilities | $ | 3,000 | $ | 6,500 | $ | 3,000 | $ | 6,500 |
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Schedule of Aggregate Minimum Lease Payments under Non-cancelable Operating Leases | Aggregate minimum lease payments under non-cancelable operating leases with original or remaining lease terms in excess of one year were as follows as of December 31, 2014 (in thousands): | ||||
2015 | $ | 9,951 | |||
2016 | 8,976 | ||||
2017 | 6,439 | ||||
2018 | 4,118 | ||||
2019 | 2,678 | ||||
Thereafter | 18,551 | ||||
Total minimum rental obligations | $ | 50,713 | |||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Assets [Member] | |||||||||||||||||
Summary of Financial Information by Operating Segment | |||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Assets (2): | |||||||||||||||||
U.S. Facilities | $ | 1,327,563 | $ | 1,155,813 | |||||||||||||
U.K. Facilities | 726,693 | — | |||||||||||||||
Corporate and Other | 169,334 | 68,846 | |||||||||||||||
$ | 2,223,590 | $ | 1,224,659 | ||||||||||||||
Goodwill [Member] | |||||||||||||||||
Summary of Financial Information by Operating Segment | |||||||||||||||||
U.S. Facilities | U.K. Facilities | Corporate and | Consolidated | ||||||||||||||
Other | |||||||||||||||||
Goodwill: | |||||||||||||||||
Balance at January 1, 2014 | $ | 661,549 | $ | — | $ | — | $ | 661,549 | |||||||||
Increase from 2014 acquisitions | 31,951 | 120,364 | — | 152,315 | |||||||||||||
Foreign currency translation loss | — | (11,323 | ) | — | (11,323 | ) | |||||||||||
Other | 445 | — | — | 445 | |||||||||||||
Balance at December 31, 2014 | $ | 693,945 | $ | 109,041 | $ | — | $ | 802,986 | |||||||||
Operating Income (Loss) [Member] | |||||||||||||||||
Summary of Financial Information by Operating Segment | The following tables set forth the financial information by operating segment, including a reconciliation of Segment EBITDA to income from continuing operations before income taxes (in thousands): | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Revenue: | |||||||||||||||||
U.S. Facilities | $ | 850,625 | $ | 710,695 | $ | 406,718 | |||||||||||
U.K. Facilities | 151,127 | — | — | ||||||||||||||
Corporate and Other | 2,849 | 2,713 | 743 | ||||||||||||||
$ | 1,004,601 | $ | 713,408 | $ | 407,461 | ||||||||||||
Segment EBITDA (1): | |||||||||||||||||
U.S. Facilities | $ | 209,668 | $ | 172,625 | $ | 102,443 | |||||||||||
U.K. Facilities | 39,832 | — | — | ||||||||||||||
Corporate and Other | (34,012 | ) | (27,291 | ) | (21,484 | ) | |||||||||||
$ | 215,488 | $ | 145,334 | $ | 80,959 | ||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Segment EBITDA (1) | $ | 215,488 | $ | 145,334 | $ | 80,959 | |||||||||||
Plus (less): | |||||||||||||||||
Equity-based compensation expense | (10,058 | ) | (5,249 | ) | (2,267 | ) | |||||||||||
Gain on foreign currency derivatives | 15,262 | — | — | ||||||||||||||
Debt extinguishment costs | — | (9,350 | ) | — | |||||||||||||
Transaction-related expenses | (13,650 | ) | (7,150 | ) | (8,112 | ) | |||||||||||
Interest expense, net | (48,221 | ) | (37,250 | ) | (29,769 | ) | |||||||||||
Depreciation and amortization | (32,667 | ) | (17,090 | ) | (7,982 | ) | |||||||||||
Income (loss) from continuing operations before income taxes | $ | 126,154 | $ | 69,245 | $ | 32,829 | |||||||||||
-1 | Segment EBITDA is defined as income from continuing operations before provision for income taxes, equity-based compensation expense, debt extinguishment costs, gain on foreign currency derivatives, transaction-related expenses, interest expense and depreciation and amortization. The Company uses Segment EBITDA as an analytical indicator to measure the performance of the Company’s segments and to develop strategic objectives and operating plans for those segments. Segment EBITDA is commonly used as an analytical indicator within the health care industry, and also serves as a measure of leverage capacity and debt service ability. Segment EBITDA should not be considered as a measure of financial performance under generally accepted accounting principles, and the items excluded from Segment EBITDA are significant components in understanding and assessing financial performance. Because Segment EBITDA is not a measurement determined in accordance with generally accepted accounting principles and is thus susceptible to varying calculations, Segment EBITDA, as presented, may not be comparable to other similarly titled measures of other companies. |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Compensation and Retirement Disclosure [Abstract] | |||||
Summary of Funded Status of Partnerships in Care Pension Plan Based Upon Actuarial Valuations | The Partnerships in Care Pension Plan pension liability was $7.6 million as of July 1, 2014. The following table summarizes the funded status of the Partnerships in Care Pension Plan based upon actuarial valuations prepared as of the most recent valuation date of December 31, 2014 (in thousands): | ||||
Reconciliation of funded status: | |||||
Projected benefit obligation | $ | 66,910 | |||
Fair value of plan assets | 57,356 | ||||
Funded status | $ | 9,554 | |||
Summary of Changes in Partnerships in Care Pension Plan Pension Liability | The following table summarizes changes in the Partnerships in Care Pension Plan pension liability (in thousands): | ||||
Pension liability at July 1, 2014 | $ | 7,602 | |||
Employer contributions | (825 | ) | |||
Net pension benefit expense | 729 | ||||
Pension liability adjustment | 2,758 | ||||
Foreign currency translation loss | (710 | ) | |||
Pension liability at December 31, 2014 | $ | 9,554 | |||
Summary of Assumptions Used to Determine Plan Benefit obligation | The following assumptions were used to determine the plan benefit obligation: | ||||
Discount rate | 3.6 | % | |||
Compensation increase rate | 3.4 | % | |||
Measurement date | December 31, 2014 | ||||
Assumptions used to determine the net periodic pension plan expense for the six months ended December 31, 2014 were as follows: | |||||
Discount rate | 3.6 | % | |||
Expected long-term rate of return on plan assets | 4.3 | % | |||
Summary of Components of Net Pension Plan Expense | A summary of the components of net pension plan expense for the six months ended December 31, 2014 is as follows (in thousands): | ||||
Interest cost on projected benefit obligation | $ | 1,389 | |||
Service cost on projected benefit obligation | 545 | ||||
Expected return on assets | (1,205 | ) | |||
Total pension plan expense | $ | 729 | |||
Schedule of Weighted-Average Asset Allocation by Asset Category in Partnerships in Care Pension Plan | The Partnerships in Care Pension Plan’s weighted-average asset allocations by asset category as of December 31, 2014 were as follows: | ||||
Cash and cash equivalents | 1.3 | % | |||
United Kingdom government obligation | 16.1 | % | |||
Equity securities | 43.6 | % | |||
Debt securities | 34.1 | % | |||
Other | 4.9 | % |
Quarterly_Information_Unaudite1
Quarterly Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information | |||||||||||||||||
Quarter Ended | |||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
(In thousands except per share amounts) | |||||||||||||||||
2014:00:00 | |||||||||||||||||
Revenue | $ | 201,418 | $ | 213,803 | $ | 294,479 | $ | 294,901 | |||||||||
Income from continuing operations before income taxes | $ | 20,796 | $ | 37,362 | (1) | $ | 33,156 | (1) | $ | 34,840 | |||||||
Net income | $ | 13,058 | $ | 22,451 | (1) | $ | 25,402 | (1) | $ | 22,129 | |||||||
Basic net income per share | $ | 0.26 | $ | 0.43 | (1) | $ | 0.43 | (1) | $ | 0.38 | |||||||
Diluted net income per share | $ | 0.26 | $ | 0.43 | (1) | $ | 0.43 | (1) | $ | 0.37 | |||||||
2013:00:00 | |||||||||||||||||
Revenue | $ | 161,213 | $ | 177,494 | $ | 184,702 | $ | 189,999 | |||||||||
Income from continuing operations before income taxes | $ | 6,732 | (2) | $ | 20,291 | $ | 22,287 | $ | 19,935 | ||||||||
Net income | $ | 3,738 | (2) | $ | 12,197 | $ | 14,364 | $ | 12,280 | ||||||||
Basic net income per share | $ | 0.07 | (2) | $ | 0.24 | $ | 0.29 | $ | 0.25 | ||||||||
Diluted net income per share | $ | 0.07 | (2) | $ | 0.24 | $ | 0.29 | $ | 0.24 | ||||||||
-1 | Includes gain on foreign currency derivatives of $13.7 million and $1.5 million, in connection with the Partnerships in Care acquisition, for the three months ended June 30, 2014 and September 30, 2014, respectively. | ||||||||||||||||
-2 | Includes debt extinguishment costs of $9.4 million, or $5.8 million net of taxes, in connection with the redemption of $52.5 million of the 12.875% Senior Notes on March 12, 2013. |
Financial_Information_for_the_1
Financial Information for the Company and Its Subsidiaries (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||
Summary of Condensed Consolidating Balance Sheets | Acadia Healthcare Company, Inc. | ||||||||||||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Non- | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Guarantors | Amounts | |||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 76,685 | $ | 17,355 | $ | — | $ | 94,040 | |||||||||||
Accounts receivable, net | — | 100,797 | 17,581 | — | 118,378 | ||||||||||||||||
Deferred tax assets | — | 18,395 | 1,760 | — | 20,155 | ||||||||||||||||
Other current assets | — | 36,049 | 5,521 | — | 41,570 | ||||||||||||||||
Total current assets | — | 231,926 | 42,217 | — | 274,143 | ||||||||||||||||
Property and equipment, net | — | 451,943 | 617,757 | — | 1,069,700 | ||||||||||||||||
Goodwill | — | 596,611 | 206,375 | — | 802,986 | ||||||||||||||||
Intangible assets, net | — | 19,057 | 2,579 | — | 21,636 | ||||||||||||||||
Deferred tax assets – noncurrent | 4,563 | — | 14,244 | (5,666 | ) | 13,141 | |||||||||||||||
Investment in subsidiaries | 1,759,337 | — | — | (1,759,337 | ) | — | |||||||||||||||
Other assets | 202,708 | 18,727 | 2,323 | (181,774 | ) | 41,984 | |||||||||||||||
Total assets | $ | 1,966,608 | $ | 1,318,264 | $ | 885,495 | $ | (1,946,777 | ) | $ | 2,223,590 | ||||||||||
Current liabilities: | |||||||||||||||||||||
Current portion of long-term debt | $ | 26,750 | $ | — | $ | 215 | $ | — | $ | 26,965 | |||||||||||
Accounts payable | — | 39,486 | 9,210 | — | 48,696 | ||||||||||||||||
Accrued salaries and benefits | — | 47,597 | 11,720 | — | 59,317 | ||||||||||||||||
Other accrued liabilities | 13,647 | 7,688 | 9,621 | — | 30,956 | ||||||||||||||||
Total current liabilities | 40,397 | 94,771 | 30,766 | — | 165,934 | ||||||||||||||||
Long-term debt | 1,045,246 | — | 205,833 | (181,774 | ) | 1,069,305 | |||||||||||||||
Deferred tax liabilities – noncurrent | — | 21,027 | 48,519 | (5,666 | ) | 63,880 | |||||||||||||||
Other liabilities | — | 33,321 | 10,185 | — | 43,506 | ||||||||||||||||
Total liabilities | 1,085,643 | 149,119 | 295,303 | (187,440 | ) | 1,342,625 | |||||||||||||||
Total equity | 880,965 | 1,169,145 | 590,192 | (1,759,337 | ) | 880,965 | |||||||||||||||
Total liabilities and equity | $ | 1,966,608 | $ | 1,318,264 | $ | 885,495 | $ | (1,946,777 | ) | $ | 2,223,590 | ||||||||||
Acadia Healthcare Company, Inc. | |||||||||||||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Non- | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Guarantors | Amounts | |||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 6,494 | $ | (1,925 | ) | $ | 4,569 | ||||||||||
Accounts receivable, net | — | 86,597 | 9,288 | — | 95,885 | ||||||||||||||||
Deferred tax assets | — | 15,284 | 419 | — | 15,703 | ||||||||||||||||
Other current assets | — | 27,886 | 1,083 | — | 28,969 | ||||||||||||||||
Total current assets | — | 129,767 | 17,284 | (1,925 | ) | 145,126 | |||||||||||||||
Property and equipment, net | — | 340,175 | 29,934 | — | 370,109 | ||||||||||||||||
Goodwill | — | 564,539 | 97,010 | — | 661,549 | ||||||||||||||||
Intangible assets, net | — | 18,578 | 1,990 | — | 20,568 | ||||||||||||||||
Investment in subsidiaries | 1,034,160 | — | — | (1,034,160 | ) | — | |||||||||||||||
Other assets | 46,236 | 11,675 | 8,082 | (38,686 | ) | 27,307 | |||||||||||||||
Total assets | $ | 1,080,396 | $ | 1,064,734 | $ | 154,300 | $ | (1,074,771 | ) | $ | 1,224,659 | ||||||||||
Current liabilities: | |||||||||||||||||||||
Current portion of long-term debt | $ | 15,000 | $ | — | $ | 195 | $ | — | $ | 15,195 | |||||||||||
Accounts payable | — | 36,289 | 1,662 | (1,925 | ) | 36,026 | |||||||||||||||
Accrued salaries and benefits | — | 36,027 | 1,694 | — | 37,721 | ||||||||||||||||
Other accrued liabilities | 4,876 | 19,982 | 890 | — | 25,748 | ||||||||||||||||
Total current liabilities | 19,876 | 92,298 | 4,441 | (1,925 | ) | 114,690 | |||||||||||||||
Long-term debt | 577,216 | — | 57,650 | (32,925 | ) | 601,941 | |||||||||||||||
Deferred tax liabilities – noncurrent | 2,594 | 11,138 | — | (5,761 | ) | 7,971 | |||||||||||||||
Other liabilities | — | 19,347 | — | — | 19,347 | ||||||||||||||||
Total liabilities | 599,686 | 122,783 | 62,091 | (40,611 | ) | 743,949 | |||||||||||||||
Total equity | 480,710 | 941,951 | 92,209 | (1,034,160 | ) | 480,710 | |||||||||||||||
Total liabilities and equity | $ | 1,080,396 | $ | 1,064,734 | $ | 154,300 | $ | (1,074,771 | ) | $ | 1,224,659 | ||||||||||
Summary of Condensed Consolidating Statement of Comprehensive Loss | Acadia Healthcare Company, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Non- | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Guarantors | Amounts | |||||||||||||||||||
Revenue before provision for doubtful accounts | $ | — | $ | 826,465 | $ | 204,319 | $ | — | $ | 1,030,784 | |||||||||||
Provision for doubtful accounts | — | (23,866 | ) | (2,317 | ) | — | (26,183 | ) | |||||||||||||
Revenue | — | 802,599 | 202,002 | — | 1,004,601 | ||||||||||||||||
Salaries, wages and benefits | 10,058 | 459,297 | 106,057 | — | 575,412 | ||||||||||||||||
Professional fees | — | 38,632 | 13,850 | — | 52,482 | ||||||||||||||||
Supplies | — | 40,511 | 7,911 | — | 48,422 | ||||||||||||||||
Rents and leases | — | 10,136 | 2,065 | — | 12,201 | ||||||||||||||||
Other operating expenses | — | 83,835 | 26,819 | — | 110,654 | ||||||||||||||||
Depreciation and amortization | — | 22,990 | 9,677 | — | 32,667 | ||||||||||||||||
Interest expense, net | 27,199 | 6,207 | 14,815 | — | 48,221 | ||||||||||||||||
Gain on foreign currency derivatives | (15,262 | ) | — | — | — | (15,262 | ) | ||||||||||||||
Transaction-related expenses | — | 12,367 | 1,283 | — | 13,650 | ||||||||||||||||
Total expenses | 21,995 | 673,975 | 182,477 | — | 878,447 | ||||||||||||||||
(Loss) income from continuing operations before income taxes | (21,995 | ) | 128,624 | 19,525 | — | 126,154 | |||||||||||||||
Equity in earnings of subsidiaries | 97,414 | — | — | (97,414 | ) | — | |||||||||||||||
(Benefit from) provision for income taxes | (7,621 | ) | 44,608 | 5,935 | — | 42,922 | |||||||||||||||
Income (loss) from continuing operations | 83,040 | 84,016 | 13,590 | (97,414 | ) | 83,232 | |||||||||||||||
Loss from discontinued operations, net of income taxes | — | (192 | ) | — | — | (192 | ) | ||||||||||||||
Net income (loss) | $ | 83,040 | $ | 83,824 | $ | 13,590 | $ | (97,414 | ) | $ | 83,040 | ||||||||||
Other comprehensive loss: | |||||||||||||||||||||
Foreign currency translation loss | — | — | (66,206 | ) | — | (66,206 | ) | ||||||||||||||
Pension liability adjustment, net | — | — | (2,164 | ) | — | (2,164 | ) | ||||||||||||||
Other comprehensive loss | — | — | (68,370 | ) | — | (68,370 | ) | ||||||||||||||
Comprehensive income (loss) | $ | 83,040 | $ | 83,824 | $ | (54,780 | ) | $ | (97,414 | ) | $ | 14,670 | |||||||||
Acadia Healthcare Company, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Non- | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Guarantors | Amounts | |||||||||||||||||||
Revenue before provision for doubtful accounts | $ | — | $ | 700,407 | $ | 34,702 | $ | — | $ | 735,109 | |||||||||||
Provision for doubtful accounts | — | (20,700 | ) | (1,001 | ) | — | (21,701 | ) | |||||||||||||
Revenue | — | 679,707 | 33,701 | — | 713,408 | ||||||||||||||||
Salaries, wages and benefits | 5,249 | 388,749 | 13,964 | — | 407,962 | ||||||||||||||||
Professional fees | — | 34,149 | 3,022 | — | 37,171 | ||||||||||||||||
Supplies | — | 35,686 | 1,883 | — | 37,569 | ||||||||||||||||
Rents and leases | — | 9,282 | 767 | — | 10,049 | ||||||||||||||||
Other operating expenses | — | 72,626 | 7,946 | — | 80,572 | ||||||||||||||||
Depreciation and amortization | — | 15,882 | 1,208 | — | 17,090 | ||||||||||||||||
Interest expense, net | 35,327 | 22 | 1,901 | — | 37,250 | ||||||||||||||||
Debt extinguishment costs | 9,350 | — | — | — | 9,350 | ||||||||||||||||
Transaction-related expenses | — | 6,716 | 434 | — | 7,150 | ||||||||||||||||
Total expenses | 49,926 | 563,112 | 31,125 | — | 644,163 | ||||||||||||||||
(Loss) income from continuing operations before income taxes | (49,926 | ) | 116,595 | 2,576 | — | 69,245 | |||||||||||||||
Equity in earnings of subsidiaries | 73,538 | — | — | (73,538 | ) | — | |||||||||||||||
(Benefit from) provision for income taxes | (18,967 | ) | 44,294 | 648 | — | 25,975 | |||||||||||||||
Income (loss) from continuing operations | 42,579 | 72,301 | 1,928 | (73,538 | ) | 43,270 | |||||||||||||||
Loss from discontinued operations, net of income taxes | — | (691 | ) | — | — | (691 | ) | ||||||||||||||
Net income (loss) | $ | 42,579 | $ | 71,610 | $ | 1,928 | $ | (73,538 | ) | $ | 42,579 | ||||||||||
Comprehensive income (loss) | $ | 42,579 | $ | 71,610 | $ | 1,928 | $ | (73,538 | ) | $ | 42,579 | ||||||||||
Acadia Healthcare Company, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Non- | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Guarantors | Amounts | |||||||||||||||||||
Revenue before provision for doubtful accounts | $ | — | $ | 412,161 | $ | 1,689 | $ | — | $ | 413,850 | |||||||||||
Provision for doubtful accounts | — | (6,389 | ) | — | — | (6,389 | ) | ||||||||||||||
Revenue | — | 405,772 | 1,689 | — | 407,461 | ||||||||||||||||
Salaries, wages and benefits | 2,267 | 236,182 | 1,190 | — | 239,639 | ||||||||||||||||
Professional fees | — | 18,806 | 213 | — | 19,019 | ||||||||||||||||
Supplies | — | 19,382 | 114 | — | 19,496 | ||||||||||||||||
Rents and leases | — | 7,816 | 22 | — | 7,838 | ||||||||||||||||
Other operating expenses | — | 42,121 | 656 | — | 42,777 | ||||||||||||||||
Depreciation and amortization | — | 7,874 | 108 | — | 7,982 | ||||||||||||||||
Interest expense, net | 29,512 | — | 257 | — | 29,769 | ||||||||||||||||
Transaction-related expenses | — | 8,112 | — | — | 8,112 | ||||||||||||||||
Total expenses | 31,779 | 340,293 | 2,560 | — | 374,632 | ||||||||||||||||
(Loss) income from continuing operations before income taxes | (31,779 | ) | 65,479 | (871 | ) | — | 32,829 | ||||||||||||||
Equity in earnings of subsidiaries | 40,251 | — | — | (40,251 | ) | — | |||||||||||||||
(Benefit from) provision for income taxes | (11,931 | ) | 24,583 | (327 | ) | — | 12,325 | ||||||||||||||
Income (loss) from continuing operations | 20,403 | 40,896 | (544 | ) | (40,251 | ) | 20,504 | ||||||||||||||
Loss from discontinued operations, net of income taxes | — | (101 | ) | — | — | (101 | ) | ||||||||||||||
Net income (loss) | $ | 20,403 | $ | 40,795 | $ | (544 | ) | $ | (40,251 | ) | $ | 20,403 | |||||||||
Comprehensive income (loss) | $ | 20,403 | $ | 40,795 | $ | (544 | ) | $ | (40,251 | ) | $ | 20,403 | |||||||||
Summary of Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Acadia Healthcare Company, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Non- | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Guarantors | Amounts | |||||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net income (loss) | $ | 83,040 | $ | 83,824 | $ | 13,590 | $ | (97,414 | ) | $ | 83,040 | ||||||||||
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | |||||||||||||||||||||
Equity in earnings of subsidiaries | (97,414 | ) | — | — | 97,414 | — | |||||||||||||||
Depreciation and amortization | — | 22,990 | 9,677 | — | 32,667 | ||||||||||||||||
Amortization of debt issuance costs | 2,748 | — | 450 | — | 3,198 | ||||||||||||||||
Equity-based compensation expense | 10,058 | — | — | — | 10,058 | ||||||||||||||||
Deferred income tax (benefit) expense | (1,969 | ) | 5,231 | 3,953 | — | 7,215 | |||||||||||||||
Loss from discontinued operations, net of taxes | — | 192 | — | — | 192 | ||||||||||||||||
Gain on foreign currency derivatives | (15,262 | ) | — | — | — | (15,262 | ) | ||||||||||||||
Other | — | 449 | 39 | — | 488 | ||||||||||||||||
Change in operating assets and liabilities, net of effect of acquisitions: | |||||||||||||||||||||
Accounts receivable, net | — | (13,636 | ) | (1,474 | ) | — | (15,110 | ) | |||||||||||||
Other current assets | — | (2,205 | ) | 194 | — | (2,011 | ) | ||||||||||||||
Other assets | (1,151 | ) | (6,910 | ) | 397 | 1,151 | (6,513 | ) | |||||||||||||
Accounts payable and other accrued liabilities | — | (5,559 | ) | 8,352 | — | 2,793 | |||||||||||||||
Accrued salaries and benefits | — | 11,035 | 945 | — | 11,980 | ||||||||||||||||
Other liabilities | — | 1,769 | 980 | — | 2,749 | ||||||||||||||||
Net cash (used in) provided by continuing operating activities | (19,950 | ) | 97,180 | 37,103 | 1,151 | 115,484 | |||||||||||||||
Net cash used in discontinued operating activities | — | (198 | ) | — | — | (198 | ) | ||||||||||||||
Net cash (used in) provided by operating activities | (19,950 | ) | 96,982 | 37,103 | 1,151 | 115,286 | |||||||||||||||
Investing activities: | |||||||||||||||||||||
Cash paid for acquisitions, net of cash acquired | — | (723,064 | ) | (15,638 | ) | — | (738,702 | ) | |||||||||||||
Cash paid for capital expenditures | — | (83,864 | ) | (29,380 | ) | — | (113,244 | ) | |||||||||||||
Cash paid for real estate acquisitions | — | (23,177 | ) | — | — | (23,177 | ) | ||||||||||||||
Settlement of foreign currency derivatives | 15,262 | — | — | — | 15,262 | ||||||||||||||||
Other | — | (913 | ) | — | — | (913 | ) | ||||||||||||||
Net cash used in investing activities | 15,262 | (831,018 | ) | (45,018 | ) | — | (860,774 | ) | |||||||||||||
Financing activities: | |||||||||||||||||||||
Borrowings on long-term debt | 542,500 | — | — | — | 542,500 | ||||||||||||||||
Borrowings on revolving credit facility | 230,500 | — | — | — | 230,500 | ||||||||||||||||
Principal payments on revolving credit facility | (284,000 | ) | — | — | — | (284,000 | ) | ||||||||||||||
Principal payments on long-term debt | (7,500 | ) | — | (1,346 | ) | 1,151 | (7,695 | ) | |||||||||||||
Payment of debt issuance costs | (12,993 | ) | — | — | — | (12,993 | ) | ||||||||||||||
Issuance of common stock, net | 374,431 | — | — | — | 374,431 | ||||||||||||||||
Common stock withheld for minimum statutory taxes, net | (4,099 | ) | — | — | — | (4,099 | ) | ||||||||||||||
Excess tax benefit from equity awards | 4,617 | — | — | — | 4,617 | ||||||||||||||||
Cash paid for contingent consideration | — | (5,000 | ) | — | — | (5,000 | ) | ||||||||||||||
Other | — | (289 | ) | — | — | (289 | ) | ||||||||||||||
Cash (used in) provided by intercompany activity | (838,768 | ) | 816,010 | 23,135 | (377 | ) | — | ||||||||||||||
Net cash provided by financing activities | 4,688 | 810,721 | 21,789 | 774 | 837,972 | ||||||||||||||||
Effect of exchange rate changes on cash | — | — | (3,013 | ) | — | (3,013 | ) | ||||||||||||||
Net increase in cash and cash equivalents | — | 76,685 | 10,861 | 1,925 | 89,471 | ||||||||||||||||
Cash and cash equivalents at beginning of the period | — | — | 6,494 | (1,925 | ) | 4,569 | |||||||||||||||
Cash and cash equivalents at end of the period | $ | — | $ | 76,685 | $ | 17,355 | $ | — | $ | 94,040 | |||||||||||
Acadia Healthcare Company, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Non- | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Guarantors | Amounts | |||||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net income (loss) | $ | 42,579 | $ | 71,610 | $ | 1,928 | $ | (73,538 | ) | $ | 42,579 | ||||||||||
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | |||||||||||||||||||||
Equity in earnings of subsidiaries | (73,538 | ) | — | — | 73,538 | — | |||||||||||||||
Depreciation and amortization | — | 15,882 | 1,208 | — | 17,090 | ||||||||||||||||
Amortization of debt issuance costs | 2,725 | — | (461 | ) | — | 2,264 | |||||||||||||||
Equity-based compensation expense | 5,249 | — | — | — | 5,249 | ||||||||||||||||
Deferred income tax expense | (754 | ) | 10,278 | 559 | — | 10,083 | |||||||||||||||
Loss from discontinued operations, net of taxes | — | 691 | — | — | 691 | ||||||||||||||||
Debt extinguishment costs | 9,350 | — | — | — | 9,350 | ||||||||||||||||
Other | — | 21 | — | — | 21 | ||||||||||||||||
Change in operating assets and liabilities, net of effect of acquisitions: | |||||||||||||||||||||
Accounts receivable, net | — | (22,768 | ) | 1,526 | — | (21,242 | ) | ||||||||||||||
Other current assets | — | (3,774 | ) | 122 | — | (3,652 | ) | ||||||||||||||
Other assets | — | (1,950 | ) | (289 | ) | — | (2,239 | ) | |||||||||||||
Accounts payable and other accrued liabilities | — | (287 | ) | (561 | ) | — | (848 | ) | |||||||||||||
Accrued salaries and benefits | — | 2,161 | 642 | — | 2,803 | ||||||||||||||||
Other liabilities | — | 3,181 | — | — | 3,181 | ||||||||||||||||
Net cash (used in) provided by continuing operating activities | (14,389 | ) | 75,045 | 4,674 | — | 65,330 | |||||||||||||||
Net cash used in discontinued operating activities | — | 232 | — | — | 232 | ||||||||||||||||
Net cash (used in) provided by operating activities | (14,389 | ) | 75,277 | 4,674 | — | 65,562 | |||||||||||||||
Investing activities: | |||||||||||||||||||||
Cash paid for acquisitions, net of cash acquired | — | (164,019 | ) | — | — | (164,019 | ) | ||||||||||||||
Cash paid for capital expenditures | — | (68,497 | ) | (444 | ) | — | (68,941 | ) | |||||||||||||
Cash paid for real estate acquisitions | — | (8,092 | ) | — | — | (8,092 | ) | ||||||||||||||
Other | — | (1,926 | ) | — | — | (1,926 | ) | ||||||||||||||
Net cash used in investing activities | — | (242,534 | ) | (444 | ) | — | (242,978 | ) | |||||||||||||
Financing activities: | |||||||||||||||||||||
Borrowings on long-term debt | 150,000 | — | — | — | 150,000 | ||||||||||||||||
Borrowings on revolving credit facility | 61,500 | — | — | — | 61,500 | ||||||||||||||||
Principal payments on revolving credit facility | (8,000 | ) | — | — | — | (8,000 | ) | ||||||||||||||
Principal payments on long-term debt | (7,500 | ) | — | (180 | ) | — | (7,680 | ) | |||||||||||||
Repayment of long-term debt | (52,500 | ) | — | — | — | (52,500 | ) | ||||||||||||||
Payment of debt issuance costs | (4,307 | ) | — | — | — | (4,307 | ) | ||||||||||||||
Payment of premium on note redemption | (6,759 | ) | — | — | — | (6,759 | ) | ||||||||||||||
Issuance of common stock, net | (205 | ) | — | — | — | (205 | ) | ||||||||||||||
Common stock withheld for minimum statutory taxes, net | (1,242 | ) | — | — | — | (1,242 | ) | ||||||||||||||
Excess tax benefit from equity awards | 1,779 | — | — | — | 1,779 | ||||||||||||||||
Cash (used in) provided by intercompany activity | (118,377 | ) | 117,950 | 2,352 | (1,925 | ) | — | ||||||||||||||
Net cash (used in) provided by financing activities | 14,389 | 117,950 | 2,172 | (1,925 | ) | 132,586 | |||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (49,307 | ) | 6,402 | (1,925 | ) | (44,830 | ) | |||||||||||||
Cash and cash equivalents at beginning of the period | — | 49,307 | 92 | — | 49,399 | ||||||||||||||||
Cash and cash equivalents at end of the period | $ | — | $ | — | $ | 6,494 | $ | (1,925 | ) | $ | 4,569 | ||||||||||
Acadia Healthcare Company, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Consolidating | Total | |||||||||||||||||
Subsidiary | Non- | Adjustments | Consolidated | ||||||||||||||||||
Guarantors | Guarantors | Amounts | |||||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net income (loss) | $ | 20,403 | $ | 40,795 | $ | (544 | ) | $ | (40,251 | ) | $ | 20,403 | |||||||||
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | |||||||||||||||||||||
Equity in earnings of subsidiaries | (40,251 | ) | — | — | 40,251 | — | |||||||||||||||
Depreciation and amortization | — | 7,874 | 108 | — | 7,982 | ||||||||||||||||
Amortization of debt issuance costs | 2,507 | — | — | — | 2,507 | ||||||||||||||||
Equity-based compensation expense | 2,267 | — | — | — | 2,267 | ||||||||||||||||
Deferred income tax expense | (519 | ) | 3,376 | (10 | ) | — | 2,847 | ||||||||||||||
Other | — | (3 | ) | — | — | (3 | ) | ||||||||||||||
Loss from discontinued operations, net of taxes | — | 101 | — | — | 101 | ||||||||||||||||
Change in operating assets and liabilities, net of effect of acquisitions: | |||||||||||||||||||||
Accounts receivable, net | — | (9,283 | ) | (1,061 | ) | — | (10,344 | ) | |||||||||||||
Other current assets | — | 1,579 | 4 | — | 1,583 | ||||||||||||||||
Other assets | — | 603 | 34 | — | 637 | ||||||||||||||||
Accounts payable and other accrued liabilities | — | 997 | (512 | ) | — | 485 | |||||||||||||||
Accrued salaries and benefits | — | 5,121 | 21 | — | 5,142 | ||||||||||||||||
Other liabilities | — | 702 | — | — | 702 | ||||||||||||||||
Net cash (used in) provided by continuing operating activities | (15,593 | ) | 51,862 | (1,960 | ) | — | 34,309 | ||||||||||||||
Net cash used in discontinued operating activities | — | (411 | ) | — | — | (411 | ) | ||||||||||||||
Net cash (used in) provided by operating activities | (15,593 | ) | 51,451 | (1,960 | ) | — | 33,898 | ||||||||||||||
Investing activities: | |||||||||||||||||||||
Cash paid for acquisitions, net of cash acquired | — | (443,473 | ) | — | — | (443,473 | ) | ||||||||||||||
Cash paid for capital expenditures | — | (27,595 | ) | — | — | (27,595 | ) | ||||||||||||||
Cash paid for real estate acquisitions | — | (53,159 | ) | — | — | (53,159 | ) | ||||||||||||||
Other | — | (417 | ) | — | — | (417 | ) | ||||||||||||||
Net cash used in investing activities | — | (524,644 | ) | — | — | (524,644 | ) | ||||||||||||||
Financing activities: | |||||||||||||||||||||
Borrowings on long-term debt | 176,063 | — | — | — | 176,063 | ||||||||||||||||
Borrowings on revolving credit facility | 16,000 | — | — | — | 16,000 | ||||||||||||||||
Principal payments on revolving credit facility | (16,000 | ) | — | — | — | (16,000 | ) | ||||||||||||||
Principal payments on long-term debt | (6,000 | ) | — | — | — | (6,000 | ) | ||||||||||||||
Payment of debt issuance costs | (4,551 | ) | — | — | — | (4,551 | ) | ||||||||||||||
Issuance of common stock, net | 311,841 | — | — | — | 311,841 | ||||||||||||||||
Common stock withheld for minimum statutory taxes, net | 960 | — | — | — | 960 | ||||||||||||||||
Excess tax benefit from equity awards | 714 | — | — | — | 714 | ||||||||||||||||
Cash (used in) provided by intercompany activity | (463,434 | ) | 461,382 | 2,052 | — | — | |||||||||||||||
Net cash (used in) provided by financing activities | 15,593 | 461,382 | 2,052 | — | 479,027 | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (11,811 | ) | 92 | — | (11,719 | ) | ||||||||||||||
Cash and cash equivalents at beginning of the period | — | 61,118 | — | — | 61,118 | ||||||||||||||||
Cash and cash equivalents at end of the period | $ | — | $ | 49,307 | $ | 92 | $ | — | $ | 49,399 | |||||||||||
Description_of_Business_and_Ba1
Description of Business and Basis of Presentation - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 11, 2015 |
Facilities | Facilities | |||
Beds | State | |||
State | Beds | |||
Business And Basis Of Presentation [Line Items] | ||||
Number of facilities | 78 | |||
Number beds | 5,800 | |||
Number of states covered under inpatient psychiatric facilities | 24 | |||
Percentage of ownership in subsidiaries | 100.00% | |||
General and administrative expenses | $36.90 | $29 | $21.60 | |
CRC Health Group, Inc [Member] | ||||
Business And Basis Of Presentation [Line Items] | ||||
Number of states covered under inpatient psychiatric facilities | 30 | |||
Number of beds | 2,400 | |||
Acquisition completion date | 11-Feb-15 | |||
CRC Health Group, Inc [Member] | Comprehensive Treatment Centers [Member] | ||||
Business And Basis Of Presentation [Line Items] | ||||
Number of facilities acquired | 81 | |||
CRC Health Group, Inc [Member] | Minimum [Member] | ||||
Business And Basis Of Presentation [Line Items] | ||||
Number of inpatient | 35 | |||
Subsequent Event [Member] | CRC Health Group, Inc [Member] | ||||
Business And Basis Of Presentation [Line Items] | ||||
Number of facilities | 35 | |||
Number of states covered under inpatient psychiatric facilities | 30 | |||
Number of inpatient | 35 | |||
Number of beds | 2,400 | |||
Total consideration related to acquisition | $1,300 | |||
Acquisition completion date | 11-Feb-15 | |||
Subsequent Event [Member] | CRC Health Group, Inc [Member] | Comprehensive Treatment Centers [Member] | ||||
Business And Basis Of Presentation [Line Items] | ||||
Number of facilities acquired | 81 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Revenue by Payor Type as Percentage of Revenue (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | |||
Percentage of revenue | 100.00% | 100.00% | 100.00% |
Commercial [Member] | |||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | |||
Percentage of revenue | 23.00% | 24.90% | 20.10% |
Medicare [Member] | |||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | |||
Percentage of revenue | 19.40% | 21.50% | 11.80% |
Medicaid [Member] | |||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | |||
Percentage of revenue | 38.30% | 48.00% | 63.60% |
NHS [Member] | |||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | |||
Percentage of revenue | 14.50% | ||
Self-Pay [Member] | |||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | |||
Percentage of revenue | 2.50% | 3.40% | 2.50% |
Other [Member] | |||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | |||
Percentage of revenue | 2.30% | 2.20% | 2.00% |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment | |||
Summary Of Significant Policies [Line Items] | |||
Percentage of revenue | 100.00% | 100.00% | 100.00% |
Cost report receivables | $1,900,000 | $800,000 | |
Net adjustments to estimated cost report settlements resulted in increases to revenue | 300,000 | 200,000 | |
Costs of providing charity care services | 2,500,000 | 2,600,000 | 1,200,000 |
Insurance claims in excess of deductible | 250,000 | ||
Insured excess limit | 36,000,000 | ||
Professional and general liability reserve | 16,300,000 | 14,000,000 | |
Professional and general liability reserve current | 4,200,000 | 4,100,000 | |
Professional and general liability reserve noncurrent | 12,100,000 | 9,900,000 | |
Insurance receivable | 12,000,000 | 11,200,000 | |
Insurance receivable current | 3,500,000 | 3,400,000 | |
Insurance receivable noncurrent | 8,500,000 | 7,800,000 | |
Workers compensation insurance claims deductible per accident | 500,000 | ||
Reserve for workers compensation liability | 8,400,000 | 6,200,000 | |
Accrued salaries and benefits | 4,800,000 | 4,100,000 | |
Other long-term liabilities | 3,600,000 | 2,100,000 | |
Depreciation expense | 32,100,000 | 16,300,000 | 7,400,000 |
Number of operating segment | 2 | ||
Number of reporting unit | 1 | ||
Intangible assets impairment charges | 0 | ||
Debt issuance costs | 20,900,000 | 13,300,000 | |
Accumulated amortization | 9,500,000 | 6,100,000 | |
Amortization expenses reported as interest expense | 3,200,000 | 2,300,000 | |
Estimated amortization of debt issuance costs year one | 4,500,000 | ||
Estimated amortization of debt issuance costs year two | 4,600,000 | ||
Estimated amortization of debt issuance costs year three | 4,700,000 | ||
Estimated amortization of debt issuance costs year four | 4,500,000 | ||
Estimated amortization of debt issuance costs year five | $1,600,000 | ||
Minimum [Member] | Buildings and Improvements [Member] | |||
Summary Of Significant Policies [Line Items] | |||
Property plant and equipment estimated useful life | 10 years | ||
Minimum [Member] | Equipment [Member] | |||
Summary Of Significant Policies [Line Items] | |||
Property plant and equipment estimated useful life | 3 years | ||
Maximum [Member] | Buildings and Improvements [Member] | |||
Summary Of Significant Policies [Line Items] | |||
Property plant and equipment estimated useful life | 40 years | ||
Maximum [Member] | Equipment [Member] | |||
Summary Of Significant Policies [Line Items] | |||
Property plant and equipment estimated useful life | 7 years | ||
United Kingdom [Member] | |||
Summary Of Significant Policies [Line Items] | |||
Percentage of revenue generated by facility | 15.00% | ||
Arkansas [Member] | |||
Summary Of Significant Policies [Line Items] | |||
Percentage of revenue generated by facility | 12.00% | 17.00% | |
Mississippi [Member] | |||
Summary Of Significant Policies [Line Items] | |||
Percentage of revenue generated by facility | 8.00% | ||
Medicare and Medicaid [Member] | |||
Summary Of Significant Policies [Line Items] | |||
Percentage of revenue | 58.00% | 70.00% | 75.00% |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Summary of Activity in Company's Allowance for Doubtful Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Receivables [Abstract] | |||
Balance at Beginning of Period | $18,345 | $7,484 | $2,424 |
Additions Charged to Costs and Expenses | 26,183 | 21,701 | 6,389 |
Accounts Written Off, Net of Recoveries | -22,079 | -10,840 | -1,329 |
Balance at End of Period | $22,449 | $18,345 | $7,484 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Other Current Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Other receivables | $12,713 | $6,833 |
Prepaid expenses | 11,746 | 6,397 |
Insurance receivable - current portion | 3,500 | 3,400 |
Workers' compensation deposits - current portion | 4,800 | 4,100 |
Income taxes receivable | 3,399 | 4,005 |
Other | 5,412 | 4,234 |
Other current assets | $41,570 | $28,969 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies - Summary of Other Accrued Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Accrued interest | $13,013 | $5,065 |
Insurance liability - current portion | 4,239 | 4,139 |
Contingent consideration | 3,000 | 4,891 |
Accrued property taxes | 2,069 | 1,819 |
Other | 8,635 | 9,834 |
Other accrued liabilities | $30,956 | $25,748 |
Earnings_Per_Share_Computation
Earnings Per Share - Computation of Basic and Diluted Earnings (Loss) Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Basic and diluted earnings (loss) per share: | |||||||||||
Income (loss) from continuing operations | $83,232 | $43,270 | $20,504 | ||||||||
(Loss) from discontinued operations | -192 | -691 | -101 | ||||||||
Net income (loss) | $22,129 | $25,402 | $22,451 | $13,058 | $12,280 | $14,364 | $12,197 | $3,738 | $83,040 | $42,579 | $20,403 |
Denominator: | |||||||||||
Weighted average shares outstanding for basic earnings per share | 55,063 | 50,004 | 38,477 | ||||||||
Effects of dilutive instruments | 264 | 257 | 219 | ||||||||
Shares used in computing diluted earnings per common share | 55,327 | 50,261 | 38,696 | ||||||||
Basic net earnings (loss) per share: | |||||||||||
Income (loss) from continuing operations | $1.51 | $0.87 | $0.53 | ||||||||
Loss from discontinued operations | ($0.02) | ||||||||||
Net income (loss) | $0.38 | $0.43 | $0.43 | $0.26 | $0.25 | $0.29 | $0.24 | $0.07 | $1.51 | $0.85 | $0.53 |
Diluted net earnings (loss) per share: | |||||||||||
Income (loss) from continuing operations | $1.50 | $0.86 | $0.53 | ||||||||
Loss from discontinued operations | ($0.01) | ||||||||||
Net income (loss) | $0.37 | $0.43 | $0.43 | $0.26 | $0.24 | $0.29 | $0.24 | $0.07 | $1.50 | $0.85 | $0.53 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||
Excluded common stock for computation of diluted earnings per share | 0.7 | 0.6 | 0.4 |
Acquisitions_Recent_Acquisitio
Acquisitions - Recent Acquisitions (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||
Jun. 17, 2014 | Dec. 31, 2014 | Jul. 01, 2014 | Jan. 01, 2014 | Sep. 03, 2014 | Dec. 01, 2014 | |
Facilities | ||||||
Business Acquisition [Line Items] | ||||||
Gain on foreign currency derivatives | $15,262,000 | |||||
Net proceeds from sale of shares | 374,400,000 | |||||
5.125% Senior Notes due 2022 [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Senior notes interest percentage | 5.13% | |||||
Partnerships In Care [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition completion date | 1-Jul-14 | |||||
Total consideration related to acquisition | 661,700,000 | |||||
Cash from consideration related to acquisition | 12,000,000 | |||||
Gain on foreign currency derivatives | 15,300,000 | |||||
Net proceeds from sale of shares | 374,400,000 | |||||
Number of inpatient psychiatric facilities | 23 | |||||
Partnerships In Care [Member] | Minimum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of beds | 1,200 | |||||
Partnerships In Care [Member] | 5.125% Senior Notes due 2022 [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Proceeds from issuance of debt | 300,000,000 | |||||
Debt instrument maturity date | 1-Jul-22 | |||||
Senior notes interest percentage | 5.13% | |||||
Pacific Grove [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition cash paid | 10,500,000 | |||||
Number of beds | 68 | |||||
McCallum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition cash paid | 37,400,000 | |||||
Number of beds | 85 | |||||
Cash payments for earn-out agreement | 6,000,000 | 6,000,000 | ||||
Croxton [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition cash paid | 15,600,000 | |||||
Number of beds | 24 | |||||
Skyway [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition cash paid | $300,000 | |||||
Number of beds | 28 | |||||
Acquisition completion date | 31-Dec-14 |
Acquisitions_2013_Acquisitions
Acquisitions - 2013 Acquisitions (Detail) | 0 Months Ended | 12 Months Ended |
1-May-13 | Dec. 31, 2014 | |
Facility | ||
Cascade [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition completion date | 1-Dec-13 | |
Longleaf [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition completion date | 1-Oct-13 | |
The Refuge [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition completion date | 1-Aug-13 | |
UMC Facilities [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition completion date | 1-May-13 | 1-May-13 |
Number of facilities acquired | 2 | |
Delta [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition completion date | 31-Jan-13 | |
Greenleaf [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition completion date | 1-Jan-13 |
Acquisitions_Summary_of_Acquis
Acquisitions - Summary of Acquisitions (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Business Acquisition [Line Items] | ||
Goodwill | $802,986 | $661,549 |
2014 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Cash | 11,674 | |
Accounts receivable | 9,533 | |
Prepaid expenses and other current assets | 9,014 | |
Property and equipment | 637,680 | |
Goodwill | 152,315 | |
Intangible assets | 855 | |
Other assets | 10,121 | |
Total assets acquired | 831,192 | |
Accounts payable | 4,051 | |
Accrued salaries and benefits | 10,422 | |
Other accrued expenses | 7,422 | |
Deferred tax liabilities - noncurrent | 49,250 | |
Other liabilities | 7,704 | |
Total liabilities assumed | 78,849 | |
Net assets acquired | 752,343 | |
2013 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Cash | 925 | |
Accounts receivable | 10,801 | |
Prepaid expenses and other current assets | 3,730 | |
Property and equipment | 65,019 | |
Goodwill | 105,240 | |
Intangible assets | 3,415 | |
Other assets | 4,741 | |
Total assets acquired | 193,871 | |
Accounts payable | 9,022 | |
Accrued salaries and benefits | 3,667 | |
Other accrued expenses | 2,613 | |
Other liabilities | 2,360 | |
Total liabilities assumed | 17,662 | |
Net assets acquired | 176,209 | |
Partnerships In Care [Member] | 2014 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Cash | 11,674 | |
Accounts receivable | 7,684 | |
Prepaid expenses and other current assets | 8,828 | |
Property and equipment | 610,477 | |
Goodwill | 120,364 | |
Intangible assets | 651 | |
Other assets | 6,897 | |
Total assets acquired | 766,575 | |
Accounts payable | 3,958 | |
Accrued salaries and benefits | 10,422 | |
Other accrued expenses | 6,690 | |
Deferred tax liabilities - noncurrent | 49,250 | |
Other liabilities | 7,704 | |
Total liabilities assumed | 78,024 | |
Net assets acquired | 688,551 | |
Other [Member] | 2014 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Accounts receivable | 1,849 | |
Prepaid expenses and other current assets | 186 | |
Property and equipment | 27,203 | |
Goodwill | 31,951 | |
Intangible assets | 204 | |
Other assets | 3,224 | |
Total assets acquired | 64,617 | |
Accounts payable | 93 | |
Other accrued expenses | 732 | |
Total liabilities assumed | 825 | |
Net assets acquired | 63,792 | |
Other [Member] | 2013 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Cash | 873 | |
Accounts receivable | 5,840 | |
Prepaid expenses and other current assets | 3,039 | |
Property and equipment | 42,672 | |
Goodwill | 37,651 | |
Intangible assets | 1,910 | |
Other assets | 29 | |
Total assets acquired | 92,014 | |
Accounts payable | 7,487 | |
Accrued salaries and benefits | 3,079 | |
Other accrued expenses | 2,298 | |
Other liabilities | 2,360 | |
Total liabilities assumed | 15,224 | |
Net assets acquired | 76,790 | |
UMC Facilities [Member] | 2013 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Cash | 52 | |
Accounts receivable | 4,961 | |
Prepaid expenses and other current assets | 691 | |
Property and equipment | 22,347 | |
Goodwill | 67,589 | |
Intangible assets | 1,505 | |
Other assets | 4,712 | |
Total assets acquired | 101,857 | |
Accounts payable | 1,535 | |
Accrued salaries and benefits | 588 | |
Other accrued expenses | 315 | |
Total liabilities assumed | 2,438 | |
Net assets acquired | $99,419 |
Acquisitions_Other_Detail
Acquisitions - Other (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Combinations [Abstract] | |||
Legal, accounting and other fees | $12,836 | $5,535 | $4,161 |
Severance and contract termination costs | 814 | 1,615 | 3,951 |
Transaction-related expenses | $13,650 | $7,150 | $8,112 |
Acquisitions_CRC_Acquisition_D
Acquisitions - CRC Acquisition (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |
Dec. 31, 2014 | Feb. 11, 2015 | Dec. 31, 2013 | |
Center | Facilities | ||
Beds | |||
State | |||
Business Acquisition [Line Items] | |||
Number of states covered | 24 | ||
Goodwill | 802,986,000 | $661,549,000 | |
CRC Health Group, Inc [Member] | |||
Business Acquisition [Line Items] | |||
Number of states covered | 30 | ||
Number of beds | 2,400 | ||
CRC Health Group, Inc [Member] | Comprehensive Treatment Centers [Member] | |||
Business Acquisition [Line Items] | |||
Number of facilities acquired | 81 | ||
Subsequent Event [Member] | CRC Health Group, Inc [Member] | |||
Business Acquisition [Line Items] | |||
Total consideration related to acquisition | 1,300,000,000 | ||
Shares issued for acquisition | 5,975,326 | ||
Number of inpatient facilities | 35 | ||
Number of states covered | 30 | ||
Number of beds | 2,400 | ||
Cash | 15,000,000 | ||
Accounts receivable | 50,000,000 | ||
Prepaid expenses and other current assets | 16,000,000 | ||
Property and equipment | 130,000,000 | ||
Goodwill | 1,050,500,000 | ||
Intangible assets | 15,000,000 | ||
Deferred tax assets - noncurrent | 94,000,000 | ||
Total assets acquired | 1,370,500,000 | ||
Accounts payable | 6,000,000 | ||
Accrued salaries and benefits | 23,000,000 | ||
Other accrued expenses | 32,500,000 | ||
Long-term debt | 895,467,000 | ||
Other liabilities | 25,000,000 | ||
Total liabilities assumed | 981,967,000 | ||
Net assets acquired | $388,533,000 | ||
Subsequent Event [Member] | CRC Health Group, Inc [Member] | Comprehensive Treatment Centers [Member] | |||
Business Acquisition [Line Items] | |||
Number of facilities acquired | 81 |
Acquisitions_Pro_Forma_Informa
Acquisitions - Pro Forma Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||
Revenue | $1,004,601 | $713,408 | $407,461 | ||||||||
Income (loss) from continuing operations | 34,840 | 33,156 | 37,362 | 20,796 | 19,935 | 22,287 | 20,291 | 6,732 | 126,154 | 69,245 | 32,829 |
Revenue | 1,569,877 | 1,480,631 | |||||||||
Income from continuing operations, before income taxes | 126,263 | 18,652 | |||||||||
Acquisitions Completed in 2013 and 2014 [Member] | |||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||
Revenue | 300,400 | ||||||||||
Income (loss) from continuing operations | 23,900 | ||||||||||
Acquisitions Completed in 2013 [Member] | |||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||
Revenue | 80,800 | ||||||||||
Income (loss) from continuing operations | ($300) |
Other_Intangible_Assets_Other_
Other Intangible Assets - Other Identifiable Intangible Assets and Related Accumulated Amortization (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, Gross Carrying Amount | $3,347 | $3,347 |
Intangible assets not subject to amortization, Gross Carrying Amount | 20,774 | 19,152 |
Total | 24,121 | 22,499 |
Intangible assets subject to amortization, Accumulated Amortization | -2,485 | -1,931 |
Contract Intangible Assets [Member] | ||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, Gross Carrying Amount | 2,100 | 2,100 |
Intangible assets subject to amortization, Accumulated Amortization | -1,330 | -910 |
Non-Compete Agreements [Member] | ||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, Gross Carrying Amount | 1,247 | 1,247 |
Intangible assets subject to amortization, Accumulated Amortization | -1,155 | -1,021 |
Licenses and Accreditations [Member] | ||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization, Gross Carrying Amount | 9,184 | 8,391 |
Trade Names [Member] | ||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization, Gross Carrying Amount | 3,000 | 3,000 |
Certificates of Need [Member] | ||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization, Gross Carrying Amount | $8,590 | $7,761 |
Other_Intangible_Assets_Additi
Other Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $0.60 | $0.80 | $0.60 |
Estimated amortization expense, 2014 | 0.5 | ||
Estimated amortization expense, 2015 | 0.4 | ||
Estimated amortization expense, 2016 | 0 | ||
Estimated amortization expense, 2017 | 0 | ||
Estimated amortization expense, 2018 | $0 |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2012 |
Discontinued Operations and Disposal Groups [Abstract] | |
Loss on disposal of entity | $0.20 |
Discontinued_Operations_Summar
Discontinued Operations - Summary of Results from Discontinued Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Discontinued Operations and Disposal Groups [Abstract] | |||
Revenue | $3,576 | ||
Net loss from discontinued operations, net of income taxes | ($192) | ($691) | ($101) |
LongTerm_Debt_Components_of_Lo
Long-Term Debt - Components of Long-Term Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Long-term debt | $1,096,270 | $617,136 |
Long-term debt | 1,096,270 | 617,136 |
Less: current portion | -26,965 | -15,195 |
Long-term debt | 1,069,305 | 601,941 |
Amended and Restated Credit Facility [Member] | Senior Secured Term A Loans [Member] | ||
Debt Instrument [Line Items] | ||
Senior Secured | 525,576 | 292,500 |
Amended and Restated Credit Facility [Member] | Senior Secured Revolving Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Senior Secured | 53,500 | |
12.875% Senior Notes Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | 96,420 | 96,216 |
6.125% Senior Notes Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | 150,000 | 150,000 |
5.125% Senior Notes due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | 300,000 | |
9.0% and 9.5% Revenue Bonds [Member] | ||
Debt Instrument [Line Items] | ||
9.0% and 9.5% Revenue Bonds | $24,274 | $24,920 |
LongTerm_Debt_Components_of_Lo1
Long-Term Debt - Components of Long-Term Debt (Parenthetical) (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 12, 2013 | Nov. 01, 2011 |
12.875% Senior Notes Due 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
9.0% and 9.5% Revenue Bonds | 12.88% | 12.88% | 12.88% | |
Senior Notes | 2018 | 2018 | ||
Debt instrument discount | $1,080 | $1,283 | $2,500 | |
6.125% Senior Notes Due 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
9.0% and 9.5% Revenue Bonds | 6.13% | 6.13% | ||
Senior Notes | 2021 | 2021 | ||
5.125% Senior Notes due 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
9.0% and 9.5% Revenue Bonds | 5.13% | 5.13% | ||
Senior Notes | 2022 | 2022 | ||
9.0% and 9.5% Revenue Bonds [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument premium | 1,649 | 2,100 | ||
9.0% Revenue Bonds [Member] | ||||
Debt Instrument [Line Items] | ||||
9.0% and 9.5% Revenue Bonds | 9.00% | 9.00% | ||
9.5% Revenue Bonds [Member] | ||||
Debt Instrument [Line Items] | ||||
9.0% and 9.5% Revenue Bonds | 9.50% | 9.50% | ||
Senior Secured Term A Loans [Member] | Amended and Restated Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument discount | $1,924 | $0 |
LongTerm_Debt_Amended_and_Rest
Long-Term Debt (Amended and Restated Senior Credit Facility) - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 11 Months Ended | 13 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | |||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 15, 2014 | Feb. 13, 2014 | Dec. 31, 2012 | Jan. 04, 2011 | Dec. 31, 2014 | Feb. 12, 2013 | Jun. 16, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Feb. 06, 2015 | Feb. 11, 2015 | |
Debt Instrument [Line Items] | ||||||||||||||||
Quarterly term loan principal payment | $284,000,000 | $8,000,000 | $16,000,000 | |||||||||||||
Amended and Restated Credit Facility [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Date entered into an agreement | 15-Dec-14 | 13-Feb-14 | 31-Dec-12 | 1-Apr-11 | ||||||||||||
Amount available under revolving line of credit | 299,600,000 | 299,600,000 | 299,600,000 | 299,600,000 | ||||||||||||
Debt instrument maturity date | 11-Feb-22 | 13-Feb-19 | ||||||||||||||
Quarterly term loan principal payment | 1,900,000 | |||||||||||||||
Term loan repayments | 1,300,000 | |||||||||||||||
Consolidated funded debt, unrestricted and unencumbered cash to consolidated EBITDA | 40,000,000 | |||||||||||||||
Commitment fee for undrawn amounts | 0.40% | 0.50% | ||||||||||||||
Amended and Restated Credit Facility [Member] | Miscellaneous Investments [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Date entered into an agreement | 16-Jun-14 | |||||||||||||||
Restrictive covenants on investments, Description | The Company may now invest, in any given fiscal year, up to five percent (5%) of its total assets in both joint ventures and foreign subsidiaries, respectively; provided that the aggregate amount of investments in both joint ventures and foreign subsidiaries, respectively, may not exceed ten percent (10%) of its total assets over the life of the Amended and Restated Senior Credit Facility; provided further that the aggregate amount of investments made in both joint ventures and foreign subsidiaries collectively pursuant to the foregoing may not exceed fifteen percent (15%) of its total assets. | |||||||||||||||
Amended and Restated Credit Facility [Member] | Scenario, Plan [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Additional term loans | 150,000,000 | |||||||||||||||
Line of Credit Facility, Increase (Decrease) for Period, Description | The Fourth Amendment also provides for a $150.0 million incremental credit facility, with the potential for unlimited additional incremental amounts, provided the Company meets certain financial ratios, in each case subject to customary conditions precedent to borrowing. | |||||||||||||||
Amended and Restated Credit Facility [Member] | March 31, 2015 to December 31, 2015 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Term loan principal repayments | 6,700,000 | |||||||||||||||
Term loan repayments | 1,300,000 | |||||||||||||||
Amended and Restated Credit Facility [Member] | March 31, 2016 to December 31, 2016 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Term loan principal repayments | 10,000,000 | |||||||||||||||
Term loan repayments | 1,300,000 | |||||||||||||||
Amended and Restated Credit Facility [Member] | March 31, 2017 to December 31, 2017 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Term loan principal repayments | 13,400,000 | |||||||||||||||
Term loan repayments | 1,300,000 | |||||||||||||||
Amended and Restated Credit Facility [Member] | March 31, 2018 to December 31, 2018 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Term loan principal repayments | 16,700,000 | |||||||||||||||
Amended and Restated Credit Facility [Member] | Senior Secured Term A Loans [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of credit | 300,000,000 | |||||||||||||||
Additional term loans | 235,000,000 | |||||||||||||||
Amended and Restated Credit Facility [Member] | Senior Secured Revolving Line of Credit [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of credit | 300,000,000 | |||||||||||||||
Amended and Restated Credit Facility [Member] | Seventh Amendment [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Date entered into an agreement | 6-Feb-15 | |||||||||||||||
Amended and Restated Credit Facility [Member] | Letter of Credit [Member] | Seventh Amendment [Member] | Subsequent Event [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of credit | 20,000,000 | |||||||||||||||
Amended and Restated Credit Facility [Member] | Swing Line Sublimit [Member] | Seventh Amendment [Member] | Subsequent Event [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of credit | 20,000,000 | |||||||||||||||
Amended and Restated Credit Facility [Member] | CRC Health Group, Inc [Member] | Senior Secured Revolving Line of Credit [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Temporary reserve | 110,000,000 | |||||||||||||||
Amended and Restated Credit Facility [Member] | Eurodollar [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest on borrowings | 2.75% | |||||||||||||||
Basis spread on variable rate | 1.00% | |||||||||||||||
Amended and Restated Credit Facility [Member] | Base Rate Loans [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest on borrowings | 1.75% | |||||||||||||||
Basis spread on variable rate | 0.50% | |||||||||||||||
Amended and Restated Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest on borrowings | 2.75% | |||||||||||||||
Amended and Restated Credit Facility [Member] | Senior Debt Obligations [Member] | First Incremental Amendment [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Date entered into an agreement | 11-Feb-15 | |||||||||||||||
Amended and Restated Credit Facility [Member] | Senior Debt Obligations [Member] | First Incremental Amendment [Member] | Subsequent Event [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of credit | $500,000,000 |
LongTerm_Debt_12875_Senior_Not
Long-Term Debt (12.875% Senior Notes due 2018) - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Mar. 12, 2013 | Dec. 31, 2014 | Nov. 01, 2011 | |
Debt Instrument [Line Items] | ||||
Debt extinguishment charge | ($9,350,000) | |||
12.875% Senior Notes Due 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Issued Senior Notes | 150,000,000 | |||
Issue rate of senior notes | 98.32% | |||
Debt instrument discount | 1,283,000 | 1,080,000 | 2,500,000 | |
Interest on the notes | Semi-annually, in arrears, on November 1 and May 1 of each year | |||
Debt instrument, maximum redemption amount | 52,500,000 | |||
Debt instrument, redemption price percentage | 112.88% | |||
Senior notes interest percentage | 12.88% | 12.88% | 12.88% | |
Redemption percentage of senior notes | 35.00% | |||
Debt extinguishment charge | ($9,350,000) |
LongTerm_Debt_6125_Senior_Note
Long-Term Debt (6.125% Senior Notes due 2021) - Additional Information (Detail) (6.125% Senior Notes Due 2021 [Member], USD $) | 0 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 12, 2013 | Dec. 31, 2014 | Mar. 12, 2013 |
Debt Instrument [Line Items] | |||
Issued Senior Notes | $150 | $150 | |
Debt instrument maturity date | 15-Mar-21 | ||
Interest on the notes | Payable semi-annually in arrears on March 15 and September 15 of each year. | ||
Senior notes terms | The Company may redeem the 6.125% Senior Notes at its option, in whole or part, at any time prior to March 15, 2016, at a price equal to 100% of the principal amount of the 6.125% Senior Notes redeemed, plus accrued and unpaid interest to the redemption date and plus an applicable premium. The Company may redeem the 6.125% Senior Notes, in whole or in part, on or after March 15, 2016, at the redemption prices set forth in the indenture governing the 6.125% Senior Notes plus accrued and unpaid interest to the redemption date. At any time on or before March 15, 2016, the Company may elect to redeem up to 35% of the aggregate principal amount of the 6.125% Senior Notes at a redemption price equal to 106.125% of the principal amount thereof, plus accrued and unpaid interest to the redemption date, with the net proceeds of one or more equity offerings. | ||
Redemption percentage of senior notes | 35.00% | ||
Prior to March 15, 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, redemption price percentage | 100.00% | ||
Prior to March 15, 2016, 35% Redemption [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, redemption price percentage | 106.13% |
LongTerm_Debt_5125_Senior_Note
Long-Term Debt (5.125% Senior Notes due 2022) - Additional Information (Detail) (5.125% Senior Notes due 2022 [Member], USD $) | 0 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Jul. 01, 2014 | Dec. 31, 2014 | Jul. 01, 2014 |
Debt Instrument [Line Items] | |||
Issued Senior Notes | $300 | $300 | |
Debt instrument maturity date | 1-Jul-22 | ||
Interest on the notes | Payable semi-annually in arrears on January 1 and July 1 of each year, beginning on January 1, 2015. | ||
Senior notes terms | The Company may redeem the 5.125% Senior Notes at its option, in whole or part, at any time prior to July 1, 2017, at a price equal to 100% of the principal amount of the 5.125% Senior Notes redeemed, plus accrued and unpaid interest to the redemption date and plus an applicable premium. The Company may redeem the 5.125% Senior Notes, in whole or in part, on or after July 1, 2017, at the redemption prices set forth in the indenture governing the 5.125% Senior Notes plus accrued and unpaid interest to the redemption date. At any time on or before July 1, 2017, the Company may elect to redeem up to 35% of the aggregate principal amount of the 5.125% Senior Notes at a redemption price equal to 105.125% of the principal amount thereof, plus accrued and unpaid interest to the redemption date, with the net proceeds of one or more equity offerings. | ||
Redemption percentage of senior notes | 35.00% | ||
Prior to July 1, 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, redemption price percentage | 100.00% | ||
Prior to July 1, 2017, 35% Redemption [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, redemption price percentage | 105.13% |
LongTerm_Debt_5625_Senior_Note
Long-Term Debt (5.625% Senior Notes due 2023) - Additional Information (Detail) (5.625% Senior Notes due 2023 [Member ], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Feb. 11, 2015 |
Debt Instrument [Line Items] | ||
Debt instrument maturity date | 15-Feb-23 | |
Date of initial payments on senior notes | 15-Aug-15 | |
Redemption percentage of senior notes | 35.00% | |
Prior to February 15, 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, redemption price percentage | 100.00% | |
Prior to February 15, 2018, 35% Redemption [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, redemption price percentage | 105.63% | |
Subsequent Event [Member] | ||
Debt Instrument [Line Items] | ||
Issued Senior Notes | $375 | |
Debt instrument interest rate | 5.63% |
LongTerm_Debt_90_and_95_Revenu
Long-Term Debt (9.0% and 9.5% Revenue Bonds) - Additional Information (Detail) (9.0% and 9.5% Revenue Bonds [Member], USD $) | 0 Months Ended | ||
Nov. 11, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | |||
9.0% and 9.5% Revenue Bonds | $24,274,000 | $24,920,000 | |
Debt instrument premium | 1,649,000 | 2,100,000 | |
Park Royal [Member] | |||
Debt Instrument [Line Items] | |||
9.0% and 9.5% Revenue Bonds | 23,000,000 | ||
Debt service reserve fund within other assets | 2,300,000 | 2,300,000 | |
Debt instrument premium | 2,600,000 | ||
Fair Value Measurement [Member] | Park Royal [Member] | |||
Debt Instrument [Line Items] | |||
9.0% and 9.5% Revenue Bonds | 25,600,000 | ||
9.0% Revenue Bonds [Member] | Park Royal [Member] | |||
Debt Instrument [Line Items] | |||
9.0% and 9.5% Revenue Bonds | 7,500,000 | ||
Debt instrument maturity date | 1-Dec-30 | ||
9.5% Revenue Bonds [Member] | Park Royal [Member] | |||
Debt Instrument [Line Items] | |||
9.0% and 9.5% Revenue Bonds | $15,500,000 | ||
Debt instrument maturity date | 1-Dec-40 |
LongTerm_Debt_Other_Schedule_o
Long-Term Debt (Other) - Schedule of Aggregate Maturities of Long-Term Debt (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | |
2015 | $26,965 |
2016 | 40,360 |
2017 | 53,755 |
2018 | 67,155 |
2019 | 340,555 |
Thereafter | 568,835 |
Total | $1,097,625 |
Equity_Additional_Information_
Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | |
In Millions, except Share data, unless otherwise specified | Jun. 17, 2014 | Dec. 31, 2014 | Feb. 11, 2015 | Dec. 31, 2013 |
Equity [Line Items] | ||||
Preferred stock, number of shares proposed to be issued | 10,000,000 | 10,000,000 | ||
Common stock, number of shares proposed to be issued | 90,000,000 | 90,000,000 | ||
Common stock voting rights | One vote for each share | |||
Common stock offered | 8,881,794 | 59,211,859 | 50,070,980 | |
Common stock offer price | $44 | $0.01 | $0.01 | |
Underwriting discount amount | $15.60 | |||
Additional offering-related expenses | 0.8 | |||
Net proceeds from sale of shares | 374.4 | |||
Subsequent Event [Member] | CRC Health Group, Inc [Member] | ||||
Equity [Line Items] | ||||
Total consideration related to acquisition | $1,300 | |||
Common stock shares, issued | 5,975,326 | |||
Maximum [Member] | ||||
Equity [Line Items] | ||||
Preferred stock, number of shares proposed to be issued | 10,000,000 | |||
Common stock, number of shares proposed to be issued | 90,000,000 |
EquityBased_Compensation_Addit
Equity-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Authorized common stock | 4,700,000 | ||
Equity incentive plan available for future grant | 2,671,030 | ||
Annual increments in employee grants | 25.00% | ||
Stock options, contractual term | 10 years | ||
Equity-based compensation expense | $10,058,000 | $5,249,000 | $2,267,000 |
Unrecognized compensation expense related to unvested options | 31,300,000 | ||
Vesting period | 1 year 6 months | ||
Warrants outstanding and exercisable | 0 | ||
Deferred income tax benefit | 7,215,000 | 10,083,000 | 2,727,000 |
Tax realized from stock options exercised | 4,600,000 | 1,800,000 | 0 |
Stock Compensation Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred income tax benefit | $4,100,000 | $2,100,000 |
EquityBased_Compensation_Stock
Equity-Based Compensation - Stock Option Activity (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Options outstanding, Beginning balance | 798,809 | 555,097 | |
Options granted | 226,663 | 411,800 | |
Options exercised | -210,199 | -126,662 | |
Options cancelled | -77,851 | -41,426 | |
Options outstanding, Ending balance | 737,422 | 798,809 | 555,097 |
Options outstanding, Weighted Average Exercise Price, Beginning balance | $21.93 | $13.13 | |
Options exercisable, Ending balance | 91,947 | 133,647 | |
Options granted, Weighted Average Exercise Price | $49.80 | $30.55 | |
Options exercised, Weighted Average Exercise Price | $14.93 | $9.36 | |
Options cancelled, Weighted Average Exercise Price | $27.85 | $23.50 | |
Options outstanding, Weighted Average Exercise Price, Ending balance | $32.19 | $21.93 | $13.13 |
Options outstanding, Aggregate Intrinsic Value, Beginning balance | $10,700 | $5,632 | |
Options exercisable, Weighted Average Exercise Price, Ending balance | $28.87 | $11.15 | |
Options granted, Aggregate Intrinsic Value | 209 | 2,059 | |
Options granted, Weighted Average Remaining Contractual Term | 9 years 3 months | 9 years 3 months 18 days | |
Options exercised, Aggregate Intrinsic Value | 4,994 | 2,803 | |
Options outstanding, Weighted Average Remaining Contractual Term | 8 years 1 month 2 days | 8 years 2 months 12 days | 7 years 6 months 11 days |
Options cancelled, Aggregate Intrinsic Value | 0 | 0 | |
Options exercisable, Weighted Average Remaining Contractual Term, Ending balance | 6 years 3 months 18 days | 4 years 9 months 22 days | |
Options outstanding, Aggregate Intrinsic Value, Ending balance | 14,512 | 10,700 | 5,632 |
Options exercisable, Aggregate Intrinsic Value, Ending balance | $3,326 | $3,472 |
EquityBased_Compensation_Restr
Equity-Based Compensation - Restricted Stock Activity (Detail) (Restricted Stock Award [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Stock Award [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested, Number of Shares/Units, Beginning balance | 461,697 | 318,063 |
Granted, Number of Shares | 468,484 | 290,845 |
Cancelled, Number of Shares | -75,369 | -53,056 |
Vested, Number of Shares | -132,784 | -94,155 |
Unvested, Number of Shares/Units, Ending balance | 722,028 | 461,697 |
Unvested, Weighted Average Grant-Date Fair Value, Beginning balance | $24.96 | $15.73 |
Granted, Weighted Average Grant-Date Fair Value | $48.99 | $31.31 |
Cancelled, Weighted Average Grant-Date Fair Value | $36.36 | $21.27 |
Vested, Weighted Average Grant-Date Fair Value | $22.81 | $15.52 |
Unvested , Weighted Average Grant-Date Fair Value, Ending balance | $39.77 | $24.96 |
EquityBased_Compensation_Restr1
Equity-Based Compensation - Restricted Stock Unit Activity (Detail) (Restricted Stock Units [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested, Number of Shares/Units, Beginning balance | 95,751 | 68,628 |
Granted, Number of Units | 108,449 | 72,876 |
Cancelled, Number of Units | 0 | 0 |
Vested, Number of Units | -79,087 | -45,753 |
Unvested, Number of Shares/Units, Ending balance | 125,113 | 95,751 |
Unvested, Weighted Average Grant-Date Fair Value, Beginning balance | $23.05 | $16.11 |
Granted, Weighted Average Grant-Date Fair Value | $50.75 | $29.39 |
Cancelled, Weighted Average Grant-Date Fair Value | $0 | $0 |
Vested, Weighted Average Grant-Date Fair Value | $21.81 | $16.11 |
Unvested , Weighted Average Grant-Date Fair Value, Ending balance | $38.73 | $23.05 |
EquityBased_Compensation_Sched
Equity-Based Compensation - Schedule of Stock Options Valuation Assumptions (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Weighted average grant-date fair value of options | $17.14 | $11.62 |
Risk-free interest rate | 1.70% | 1.00% |
Expected volatility | 36.00% | 40.00% |
Expected life (in years) | 5 years 6 months | 5 years 6 months |
Income_Taxes_Components_of_Pro
Income Taxes - Components of Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||
Federal | $30,834 | $13,202 | $7,045 |
State | 3,959 | 2,513 | 2,553 |
Foreign | 914 | 177 | |
Total current | 35,707 | 15,892 | 9,598 |
Deferred: | |||
Federal | 2,667 | 7,802 | 3,144 |
State | 353 | 1,786 | -417 |
Foreign | 4,195 | 495 | |
Total deferred provision | 7,215 | 10,083 | 2,727 |
Provision for (benefit from) income taxes | $42,922 | $25,975 | $12,325 |
Income_Taxes_Income_Taxes_Asso
Income Taxes - Income Taxes Associated with Continuing Operations and Discontinued Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Continuing operations | $42,922 | $25,975 | $12,325 |
Discontinued operations | -22 | -544 | -197 |
Total | $42,900 | $25,431 | $12,128 |
Income_Taxes_Effective_Income_
Income Taxes - Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory rate on income before income taxes | 35.00% | 35.00% | 35.00% |
Impact of foreign operations | -4.20% | -0.30% | |
State income taxes, net of federal tax effect | 2.30% | 4.90% | 3.80% |
Permanent differences | 1.10% | 0.80% | 0.80% |
Change in valuation allowance | -0.10% | -0.30% | -0.90% |
Other | -0.10% | -2.60% | -1.20% |
Effective income tax rate | 34.00% | 37.50% | 37.50% |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Net operating losses and tax credit carryforwards - federal and state | $5,082 | $905 |
Fixed asset basis difference | 1,141 | |
Bad debt allowance | 9,028 | 7,490 |
Accrued compensation and severance | 11,517 | 7,669 |
Pension reserves | 1,975 | |
Insurance reserves | 4,621 | 2,680 |
Leases | 850 | 1,083 |
Accrued expenses | 41 | 91 |
Other assets | 1,989 | 1,553 |
Total gross deferred tax assets | 35,103 | 22,612 |
Less: valuation allowance | -4,734 | -124 |
Deferred tax assets | 30,369 | 22,488 |
Deferred tax liabilities: | ||
Fixed asset basis difference | -38,147 | |
Prepaid items | -1,705 | -1,560 |
Intangible assets | -21,094 | -13,196 |
Other liabilities | -7 | |
Total deferred tax liabilities | -60,953 | -14,756 |
Total net deferred tax (liability) asset | ($30,584) | $7,732 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Examination [Line Items] | |||
Current deferred tax assets | $20,200,000 | $15,700,000 | |
Non-current deferred tax assets | 13,100,000 | ||
Non-current deferred tax liabilities | 63,900,000 | 8,000,000 | |
Valuation allowance against deferred tax assets | 4,734,000 | 124,000 | |
Foreign net operating loss carryforward | 23,700,000 | ||
State net operating loss carry forwards | 7,100,000 | 18,500,000 | |
Operating loss carryforwards expiration start year | 2031 | ||
Operating loss carryforwards expiration end year | 2033 | ||
Expiration of State tax credits | 2026 | ||
Income taxes receivable | 3,399,000 | 4,005,000 | |
Income tax payable included in other accrued liabilities | 100,000 | ||
Interest and penalties recognized | 300,000 | 100,000 | 0 |
Maximum [Member] | |||
Income Tax Examination [Line Items] | |||
Exemption of tax credit | 50.00% | ||
Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member] | |||
Income Tax Examination [Line Items] | |||
Period of examination by internal revenue service | 2011 | ||
Internal Revenue Service (IRS) [Member] | Latest Tax Year [Member] | |||
Income Tax Examination [Line Items] | |||
Period of examination by internal revenue service | 2014 | ||
Payroll [Member] | Maximum [Member] | |||
Income Tax Examination [Line Items] | |||
Exemption of tax credit | 15.00% | ||
Foreign Tax Authority [Member] | |||
Income Tax Examination [Line Items] | |||
Period of examination by internal revenue service minimum | 2010 | ||
Period of examination by internal revenue service maximum | 2014 | ||
State and Local Jurisdiction [Member] | |||
Income Tax Examination [Line Items] | |||
Period of examination by internal revenue service minimum | 2010 | ||
Period of examination by internal revenue service maximum | 2014 | ||
Other Liabilities [Member] | |||
Income Tax Examination [Line Items] | |||
Income tax payable included in other accrued liabilities | 2,400,000 | 1,300,000 | |
Non US Subsidiaries [Member] | |||
Income Tax Examination [Line Items] | |||
Undistributed earnings of the foreign subsidiaries | $20,700,000 |
Income_Taxes_Unrecognized_Inco
Income Taxes - Unrecognized Income Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Balance at January 1 | $1,893 | $1,195 | $1,050 |
Additions based on tax positions related to the current year | 321 | 262 | |
Additions for tax positions of prior years | 1,030 | 377 | |
Reductions as a result of the lapse of applicable statutes of limitations | -117 | ||
Balance at December 31 | $2,923 | $1,893 | $1,195 |
Derivatives_Additional_Informa
Derivatives - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 |
Contract | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Number of foreign currency forward contracts | 2 | |
Gain associated with changes in fair value of the foreign currency forward contracts | $15.30 |
Fair_Value_Measurements_Carryi
Fair Value Measurements - Carrying Amounts and Fair Values of Long-Term Debt and Contingent Consideration Liability (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
12.875% Senior Notes Due 2018 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | $96,420 | $96,216 |
6.125% Senior Notes Due 2021 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 150,000 | 150,000 |
5.125% Senior Notes due 2022 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 300,000 | |
9.0% and 9.5% Revenue Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
9.0% and 9.5% Revenue Bonds | 24,274 | 24,920 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Contingent consideration liabilities | 3,000 | 6,500 |
Fair Value [Member] | Amended and Restated Credit Facility [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Amended and Restated Senior Credit Facility | 525,576 | 346,000 |
Fair Value [Member] | 12.875% Senior Notes Due 2018 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 109,688 | 118,706 |
Fair Value [Member] | 6.125% Senior Notes Due 2021 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 153,000 | 155,625 |
Fair Value [Member] | 5.125% Senior Notes due 2022 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 295,500 | |
Fair Value [Member] | 9.0% and 9.5% Revenue Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
9.0% and 9.5% Revenue Bonds | 24,274 | 24,920 |
Carrying Amounts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Contingent consideration liabilities | 3,000 | 6,500 |
Carrying Amounts [Member] | Amended and Restated Credit Facility [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Amended and Restated Senior Credit Facility | 525,576 | 346,000 |
Carrying Amounts [Member] | 12.875% Senior Notes Due 2018 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 96,420 | 96,216 |
Carrying Amounts [Member] | 6.125% Senior Notes Due 2021 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 150,000 | 150,000 |
Carrying Amounts [Member] | 5.125% Senior Notes due 2022 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 300,000 | |
Carrying Amounts [Member] | 9.0% and 9.5% Revenue Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
9.0% and 9.5% Revenue Bonds | $24,274 | $24,920 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Sep. 03, 2014 | Dec. 31, 2013 | Mar. 12, 2013 | |
Disclosures Regarding Financial Instruments [Line Items] | ||||
Contingent consideration, Paid | $5,000,000 | |||
Park Royal [Member] | ||||
Disclosures Regarding Financial Instruments [Line Items] | ||||
Increase (Decrease) in fair value of contingent consideration liability | 500,000 | |||
Contingent consideration, Paid | 5,000,000 | |||
Contingent consideration liability | 7,000,000 | |||
McCallum [Member] | ||||
Disclosures Regarding Financial Instruments [Line Items] | ||||
Increase (Decrease) in fair value of contingent consideration liability | -500,000 | |||
Cash payments for earn-out agreement | $6,000,000 | $6,000,000 | ||
12.875% Senior Notes Due 2018 [Member] | ||||
Disclosures Regarding Financial Instruments [Line Items] | ||||
Debt instrument interest rate | 12.88% | 12.88% | 12.88% | |
6.125% Senior Notes Due 2021 [Member] | ||||
Disclosures Regarding Financial Instruments [Line Items] | ||||
Debt instrument interest rate | 6.13% | 6.13% | ||
5.125% Senior Notes due 2022 [Member] | ||||
Disclosures Regarding Financial Instruments [Line Items] | ||||
Debt instrument interest rate | 5.13% | 5.13% | ||
9.0% Revenue Bonds [Member] | ||||
Disclosures Regarding Financial Instruments [Line Items] | ||||
Debt instrument interest rate | 9.00% | 9.00% | ||
9.5% Revenue Bonds [Member] | ||||
Disclosures Regarding Financial Instruments [Line Items] | ||||
Debt instrument interest rate | 9.50% | 9.50% |
Leases_Additional_Information_
Leases - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Leased Assets [Line Items] | |||
Rent expense | $12,201 | $10,049 | $7,838 |
Minimum [Member] | |||
Operating Leased Assets [Line Items] | |||
Original terms of the leases | 5 years | ||
Maximum [Member] | |||
Operating Leased Assets [Line Items] | |||
Original terms of the leases | 10 years |
Leases_Schedule_of_Aggregate_M
Leases - Schedule of Aggregate Minimum Lease Payments under Non-cancelable Operating Leases (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | |
2015 | $9,951 |
2016 | 8,976 |
2017 | 6,439 |
2018 | 4,118 |
2019 | 2,678 |
Thereafter | 18,551 |
Total minimum rental obligations | $50,713 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Facilities | |
Beds | |
State | |
Segment Reporting Information [Line Items] | |
Number of facilities | 78 |
Number beds | 5,800 |
Number of operating states | 24 |
U.S. Facilities [Member] | |
Segment Reporting Information [Line Items] | |
Number of facilities | 54 |
Number of operating states | 24 |
U.S. Facilities [Member] | Minimum [Member] | |
Segment Reporting Information [Line Items] | |
Number beds | 4,600 |
U.K. Facilities [Member] | |
Segment Reporting Information [Line Items] | |
Number of facilities | 24 |
U.K. Facilities [Member] | Minimum [Member] | |
Segment Reporting Information [Line Items] | |
Number beds | 1,300 |
Segment_Information_Summary_of
Segment Information - Summary of Financial Information by Operating Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $1,004,601 | $713,408 | $407,461 | ||||||||
Segment EBITDA | 215,488 | 145,334 | 80,959 | ||||||||
Equity-based compensation expense | -10,058 | -5,249 | -2,267 | ||||||||
Gain on foreign currency derivatives | 15,262 | ||||||||||
Debt extinguishment costs | -9,350 | ||||||||||
Transaction-related expenses | -13,650 | -7,150 | -8,112 | ||||||||
Interest expense, net | -48,221 | -37,250 | -29,769 | ||||||||
Depreciation and amortization | -32,667 | -17,090 | -7,982 | ||||||||
Income (loss) from continuing operations before income taxes | 34,840 | 33,156 | 37,362 | 20,796 | 19,935 | 22,287 | 20,291 | 6,732 | 126,154 | 69,245 | 32,829 |
U.S. Facilities [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 850,625 | 710,695 | 406,718 | ||||||||
Segment EBITDA | 209,668 | 172,625 | 102,443 | ||||||||
U.K. Facilities [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 151,127 | ||||||||||
Segment EBITDA | 39,832 | ||||||||||
Corporate and Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 2,849 | 2,713 | 743 | ||||||||
Segment EBITDA | ($34,012) | ($27,291) | ($21,484) |
Segment_Information_Summary_of1
Segment Information - Summary of Financial Information by Operating Segment, Goodwill (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Goodwill: | |
Beginning balance | $661,549 |
Increase from 2014 acquisitions | 152,315 |
Foreign currency translation loss | -11,323 |
Other | 445 |
Ending balance | 802,986 |
U.S. Facilities [Member] | |
Goodwill: | |
Beginning balance | 661,549 |
Increase from 2014 acquisitions | 31,951 |
Other | 445 |
Ending balance | 693,945 |
U.K. Facilities [Member] | |
Goodwill: | |
Increase from 2014 acquisitions | 120,364 |
Foreign currency translation loss | -11,323 |
Ending balance | $109,041 |
Segment_Information_Summary_of2
Segment Information - Summary of Financial Information by Operating Segment, Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Assets | $2,223,590 | $1,224,659 |
U.S. Facilities [Member] | ||
Assets: | ||
Assets | 1,327,563 | 1,155,813 |
U.K. Facilities [Member] | ||
Assets: | ||
Assets | 726,693 | |
Corporate and Other [Member] | ||
Assets: | ||
Assets | $169,334 | $68,846 |
Segment_Information_Summary_of3
Segment Information - Summary of Financial Information by Operating Segment, Assets (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Property and equipment, net | $1,069,700 | $370,109 |
U.S. Facilities [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Property and equipment, net | 478,100 | 358,700 |
U.K. Facilities [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Property and equipment, net | 578,600 | |
Corporate and Other [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Property and equipment, net | $13,000 | $11,400 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 01, 2014 | |
Defined Benefit Plan, Funded Status of Plan [Abstract] | ||||
Defined contribution plan, employer discretionary contribution amount | $100,000 | $300,000 | $100,000 | |
Pension liability under defined benefit pension plan | 9,554,000 | 7,602,000 | ||
Employee benefit plan, Accumulated other comprehensive income Loss | 2,800,000 | |||
Employee benefit plan, Accumulated other comprehensive income Loss , Net | $2,200,000 |
Employee_Benefit_Plans_Summary
Employee Benefit Plans - Summary of Funded Status of Partnerships in Care Pension Plan Based Upon Actuarial Valuations (Detail) (USD $) | Dec. 31, 2014 | Jul. 01, 2014 |
In Thousands, unless otherwise specified | ||
Reconciliation of funded status: | ||
Projected benefit obligation | $66,910 | |
Fair value of plan assets | 57,356 | |
Funded status | $9,554 | $7,602 |
Employee_Benefit_Plans_Summary1
Employee Benefit Plans - Summary of Changes in Partnerships in Care Pension Plan Pension Liability (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Jul. 01, 2014 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | ||
Net pension benefit expense | $7,602 | |
Employer contributions | -825 | |
Net pension benefit expense | 729 | |
Pension liability adjustment | 2,758 | |
Foreign currency translation loss | -710 | |
Pension liability at December 31, 2014 | $9,554 | $7,602 |
Employee_Benefit_Plans_Summary2
Employee Benefit Plans - Summary of Assumptions Used to Determine Plan Benefit Obligation (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
Discount rate | 3.60% |
Compensation increase rate | 3.40% |
Measurement date | 12/31/14 |
Employee_Benefit_Plans_Summary3
Employee Benefit Plans - Summary of Components of Net Pension Plan Expense (Detail) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Compensation and Retirement Disclosure [Abstract] | |
Interest cost on projected benefit obligation | $1,389 |
Service cost on projected benefit obligation | 545 |
Expected return on assets | -1,205 |
Total pension plan expense | $729 |
Employee_Benefit_Plans_Summary4
Employee Benefit Plans - Summary of Assumptions Used to Determine Net Periodic Pension Plan Expense (Detail) | 6 Months Ended |
Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
Discount rate | 3.60% |
Expected long-term rate of return on plan assets | 4.30% |
Employee_Benefit_Plans_Schedul
Employee Benefit Plans - Schedule of Weighted-Average Asset Allocation by Asset Category in Partnerships in Care Pension Plan (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Cash and Cash Equivalents [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted-average asset allocation | 1.30% |
United Kingdom Government Obligation [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted-average asset allocation | 16.10% |
Equity Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted-average asset allocation | 43.60% |
Debt Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted-average asset allocation | 34.10% |
Other [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted-average asset allocation | 4.90% |
Quarterly_Information_Unaudite2
Quarterly Information (Unaudited) - Schedule of Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $294,901 | $294,479 | $213,803 | $201,418 | $189,999 | $184,702 | $177,494 | $161,213 | $1,030,784 | $735,109 | $413,850 |
Income from continuing operations before income taxes | 34,840 | 33,156 | 37,362 | 20,796 | 19,935 | 22,287 | 20,291 | 6,732 | 126,154 | 69,245 | 32,829 |
Net income | $22,129 | $25,402 | $22,451 | $13,058 | $12,280 | $14,364 | $12,197 | $3,738 | $83,040 | $42,579 | $20,403 |
Basic net income per share | $0.38 | $0.43 | $0.43 | $0.26 | $0.25 | $0.29 | $0.24 | $0.07 | $1.51 | $0.85 | $0.53 |
Diluted net income per share | $0.37 | $0.43 | $0.43 | $0.26 | $0.24 | $0.29 | $0.24 | $0.07 | $1.50 | $0.85 | $0.53 |
Quarterly_Information_Unaudite3
Quarterly Information (Unaudited) - Schedule of Quarterly Financial Information (Parenthetical) (Detail) (USD $) | 12 Months Ended | 3 Months Ended | |||
Dec. 31, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2013 | Dec. 31, 2014 | |
Quarterly Financial Information [Line Items] | |||||
Debt extinguishment costs | ($9,350,000) | ||||
Partnerships in Care and CRC [Member] | |||||
Quarterly Financial Information [Line Items] | |||||
Gain on foreign currency derivatives | 1,500,000 | 13,700,000 | |||
12.875% Senior Notes Due 2018 [Member] | |||||
Quarterly Financial Information [Line Items] | |||||
Debt extinguishment costs | -9,350,000 | ||||
Debt extinguishment costs, net of taxes | -5,800,000 | ||||
Redemption amount | $52,500,000 | ||||
Debt instrument interest rate | 12.88% | 12.88% |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended |
Dec. 31, 2014 | Feb. 11, 2015 | |
Facilities | Facilities | |
State | State | |
Subsequent Event [Line Items] | ||
Number of facilities operated by CRC | 78 | |
Number of states covered under treatment services CRC | 24 | |
CRC Health Group, Inc [Member] | ||
Subsequent Event [Line Items] | ||
Number of states covered under treatment services CRC | 30 | |
Acquisition completion date | 11-Feb-15 | |
Subsequent Event [Member] | CRC Health Group, Inc [Member] | ||
Subsequent Event [Line Items] | ||
Business acquisition cash paid | $1,300,000,000 | |
Number of facilities operated by CRC | 35 | |
Number of states covered under treatment services CRC | 30 | |
Acquisition completion date | 11-Feb-15 | |
Shares issued for acquisition | 5,975,326 | |
Subsequent Event [Member] | TLB Facility [Member] | CRC Health Group, Inc [Member] | ||
Subsequent Event [Line Items] | ||
Amended and Restated Senior Credit Facility | 500,000,000 | |
Subsequent Event [Member] | 5.625% Senior Notes Due 2023 [Member] | CRC Health Group, Inc [Member] | ||
Subsequent Event [Line Items] | ||
Issued Senior Notes | 375,000,000 | |
Issue rate of senior notes | 5.63% | |
Subsequent Event [Member] | Senior Secured Revolving Line of Credit [Member] | CRC Health Group, Inc [Member] | ||
Subsequent Event [Line Items] | ||
Amended and Restated Senior Credit Facility | $25,000,000 |
Financial_Information_for_the_2
Financial Information for the Company and Its Subsidiaries - Additional Information (Detail) | Dec. 31, 2014 | Mar. 31, 2013 |
12.875% Senior Notes Due 2018 [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt instrument interest rate | 12.88% | 12.88% |
6.125% Senior Notes Due 2021 [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt instrument interest rate | 6.13% | |
5.125% Senior Notes due 2022 [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt instrument interest rate | 5.13% | |
5.625% Senior Notes Due 2023 [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt instrument interest rate | 5.63% |
Financial_Information_for_the_3
Financial Information for the Company and Its Subsidiaries - Summary of Condensed Consolidating Balance Sheets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Current assets: | ||||
Cash and cash equivalents | $94,040 | $4,569 | $49,399 | $61,118 |
Accounts receivable, net | 118,378 | 95,885 | ||
Deferred tax assets | 20,155 | 15,703 | ||
Other current assets | 41,570 | 28,969 | ||
Total current assets | 274,143 | 145,126 | ||
Property and equipment, net | 1,069,700 | 370,109 | ||
Goodwill | 802,986 | 661,549 | ||
Intangible assets, net | 21,636 | 20,568 | ||
Deferred tax assets - noncurrent | 13,141 | |||
Other assets | 41,984 | 27,307 | ||
Total assets | 2,223,590 | 1,224,659 | ||
Current liabilities: | ||||
Current portion of long-term debt | 26,965 | 15,195 | ||
Accounts payable | 48,696 | 36,026 | ||
Accrued salaries and benefits | 59,317 | 37,721 | ||
Other accrued liabilities | 30,956 | 25,748 | ||
Total current liabilities | 165,934 | 114,690 | ||
Long-term debt | 1,069,305 | 601,941 | ||
Deferred tax liabilities - noncurrent | 63,880 | 7,971 | ||
Other liabilities | 43,506 | 19,347 | ||
Total liabilities | 1,342,625 | 743,949 | ||
Total equity | 880,965 | 480,710 | 432,550 | 96,365 |
Total liabilities and equity | 2,223,590 | 1,224,659 | ||
Consolidation, Eliminations [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | -1,925 | |||
Total current assets | -1,925 | |||
Deferred tax assets - noncurrent | -5,666 | |||
Investment in subsidiaries | -1,759,337 | -1,034,160 | ||
Other assets | -181,774 | -38,686 | ||
Total assets | -1,946,777 | -1,074,771 | ||
Current liabilities: | ||||
Accounts payable | -1,925 | |||
Total current liabilities | -1,925 | |||
Long-term debt | -181,774 | -32,925 | ||
Deferred tax liabilities - noncurrent | -5,666 | -5,761 | ||
Total liabilities | -187,440 | -40,611 | ||
Total equity | -1,759,337 | -1,034,160 | ||
Total liabilities and equity | -1,946,777 | -1,074,771 | ||
Parent [Member] | ||||
Current assets: | ||||
Deferred tax assets - noncurrent | 4,563 | |||
Investment in subsidiaries | 1,759,337 | 1,034,160 | ||
Other assets | 202,708 | 46,236 | ||
Total assets | 1,966,608 | 1,080,396 | ||
Current liabilities: | ||||
Current portion of long-term debt | 26,750 | 15,000 | ||
Other accrued liabilities | 13,647 | 4,876 | ||
Total current liabilities | 40,397 | 19,876 | ||
Long-term debt | 1,045,246 | 577,216 | ||
Deferred tax liabilities - noncurrent | 2,594 | |||
Total liabilities | 1,085,643 | 599,686 | ||
Total equity | 880,965 | 480,710 | ||
Total liabilities and equity | 1,966,608 | 1,080,396 | ||
Combined Subsidiary Guarantors [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 76,685 | 49,307 | 61,118 | |
Accounts receivable, net | 100,797 | 86,597 | ||
Deferred tax assets | 18,395 | 15,284 | ||
Other current assets | 36,049 | 27,886 | ||
Total current assets | 231,926 | 129,767 | ||
Property and equipment, net | 451,943 | 340,175 | ||
Goodwill | 596,611 | 564,539 | ||
Intangible assets, net | 19,057 | 18,578 | ||
Other assets | 18,727 | 11,675 | ||
Total assets | 1,318,264 | 1,064,734 | ||
Current liabilities: | ||||
Accounts payable | 39,486 | 36,289 | ||
Accrued salaries and benefits | 47,597 | 36,027 | ||
Other accrued liabilities | 7,688 | 19,982 | ||
Total current liabilities | 94,771 | 92,298 | ||
Deferred tax liabilities - noncurrent | 21,027 | 11,138 | ||
Other liabilities | 33,321 | 19,347 | ||
Total liabilities | 149,119 | 122,783 | ||
Total equity | 1,169,145 | 941,951 | ||
Total liabilities and equity | 1,318,264 | 1,064,734 | ||
Combined Non-Guarantors [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 17,355 | 6,494 | 92 | |
Accounts receivable, net | 17,581 | 9,288 | ||
Deferred tax assets | 1,760 | 419 | ||
Other current assets | 5,521 | 1,083 | ||
Total current assets | 42,217 | 17,284 | ||
Property and equipment, net | 617,757 | 29,934 | ||
Goodwill | 206,375 | 97,010 | ||
Intangible assets, net | 2,579 | 1,990 | ||
Deferred tax assets - noncurrent | 14,244 | |||
Other assets | 2,323 | 8,082 | ||
Total assets | 885,495 | 154,300 | ||
Current liabilities: | ||||
Current portion of long-term debt | 215 | 195 | ||
Accounts payable | 9,210 | 1,662 | ||
Accrued salaries and benefits | 11,720 | 1,694 | ||
Other accrued liabilities | 9,621 | 890 | ||
Total current liabilities | 30,766 | 4,441 | ||
Long-term debt | 205,833 | 57,650 | ||
Deferred tax liabilities - noncurrent | 48,519 | |||
Other liabilities | 10,185 | |||
Total liabilities | 295,303 | 62,091 | ||
Total equity | 590,192 | 92,209 | ||
Total liabilities and equity | $885,495 | $154,300 |
Financial_Information_for_the_4
Financial Information for the Company and Its Subsidiaries - Summary of Condensed Consolidating Statement of Statement of Comprehensive Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenue before provision for doubtful accounts | $294,901 | $294,479 | $213,803 | $201,418 | $189,999 | $184,702 | $177,494 | $161,213 | $1,030,784 | $735,109 | $413,850 |
Provision for doubtful accounts | -26,183 | -21,701 | -6,389 | ||||||||
Revenue | 1,004,601 | 713,408 | 407,461 | ||||||||
Salaries, wages and benefits | 575,412 | 407,962 | 239,639 | ||||||||
Professional fees | 52,482 | 37,171 | 19,019 | ||||||||
Supplies | 48,422 | 37,569 | 19,496 | ||||||||
Rents and leases | 12,201 | 10,049 | 7,838 | ||||||||
Other operating expenses | 110,654 | 80,572 | 42,777 | ||||||||
Depreciation and amortization | 32,667 | 17,090 | 7,982 | ||||||||
Interest expense, net | 48,221 | 37,250 | 29,769 | ||||||||
Gain on foreign currency derivatives | -15,262 | ||||||||||
Debt extinguishment costs | 9,350 | ||||||||||
Transaction-related expenses | 13,650 | 7,150 | 8,112 | ||||||||
Total expenses | 878,447 | 644,163 | 374,632 | ||||||||
(Loss) income from continuing operations before income taxes | 34,840 | 33,156 | 37,362 | 20,796 | 19,935 | 22,287 | 20,291 | 6,732 | 126,154 | 69,245 | 32,829 |
(Benefit from) provision for income taxes | 42,922 | 25,975 | 12,325 | ||||||||
Income (loss) from continuing operations | 83,232 | 43,270 | 20,504 | ||||||||
Loss from discontinued operations, net of income taxes | -192 | -691 | -101 | ||||||||
Net income (loss) | 22,129 | 25,402 | 22,451 | 13,058 | 12,280 | 14,364 | 12,197 | 3,738 | 83,040 | 42,579 | 20,403 |
Other comprehensive loss: | |||||||||||
Foreign currency translation loss | -66,206 | ||||||||||
Pension liability adjustment, net | -2,164 | ||||||||||
Other comprehensive loss | -68,370 | ||||||||||
Comprehensive income (loss) | 14,670 | 42,579 | 20,403 | ||||||||
Consolidation, Eliminations [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Equity in earnings of subsidiaries | -97,414 | -73,538 | -40,251 | ||||||||
Income (loss) from continuing operations | -97,414 | -73,538 | -40,251 | ||||||||
Net income (loss) | -97,414 | -73,538 | -40,251 | ||||||||
Other comprehensive loss: | |||||||||||
Comprehensive income (loss) | -97,414 | -73,538 | -40,251 | ||||||||
Parent [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Salaries, wages and benefits | 10,058 | 5,249 | 2,267 | ||||||||
Interest expense, net | 27,199 | 35,327 | 29,512 | ||||||||
Gain on foreign currency derivatives | -15,262 | ||||||||||
Debt extinguishment costs | 9,350 | ||||||||||
Total expenses | 21,995 | 49,926 | 31,779 | ||||||||
(Loss) income from continuing operations before income taxes | -21,995 | -49,926 | -31,779 | ||||||||
Equity in earnings of subsidiaries | 97,414 | 73,538 | 40,251 | ||||||||
(Benefit from) provision for income taxes | -7,621 | -18,967 | -11,931 | ||||||||
Income (loss) from continuing operations | 83,040 | 42,579 | 20,403 | ||||||||
Net income (loss) | 83,040 | 42,579 | 20,403 | ||||||||
Other comprehensive loss: | |||||||||||
Comprehensive income (loss) | 83,040 | 42,579 | 20,403 | ||||||||
Combined Subsidiary Guarantors [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenue before provision for doubtful accounts | 826,465 | 700,407 | 412,161 | ||||||||
Provision for doubtful accounts | -23,866 | -20,700 | -6,389 | ||||||||
Revenue | 802,599 | 679,707 | 405,772 | ||||||||
Salaries, wages and benefits | 459,297 | 388,749 | 236,182 | ||||||||
Professional fees | 38,632 | 34,149 | 18,806 | ||||||||
Supplies | 40,511 | 35,686 | 19,382 | ||||||||
Rents and leases | 10,136 | 9,282 | 7,816 | ||||||||
Other operating expenses | 83,835 | 72,626 | 42,121 | ||||||||
Depreciation and amortization | 22,990 | 15,882 | 7,874 | ||||||||
Interest expense, net | 6,207 | 22 | |||||||||
Transaction-related expenses | 12,367 | 6,716 | 8,112 | ||||||||
Total expenses | 673,975 | 563,112 | 340,293 | ||||||||
(Loss) income from continuing operations before income taxes | 128,624 | 116,595 | 65,479 | ||||||||
(Benefit from) provision for income taxes | 44,608 | 44,294 | 24,583 | ||||||||
Income (loss) from continuing operations | 84,016 | 72,301 | 40,896 | ||||||||
Loss from discontinued operations, net of income taxes | -192 | -691 | -101 | ||||||||
Net income (loss) | 83,824 | 71,610 | 40,795 | ||||||||
Other comprehensive loss: | |||||||||||
Comprehensive income (loss) | 83,824 | 71,610 | 40,795 | ||||||||
Combined Non-Guarantors [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenue before provision for doubtful accounts | 204,319 | 34,702 | 1,689 | ||||||||
Provision for doubtful accounts | -2,317 | -1,001 | |||||||||
Revenue | 202,002 | 33,701 | 1,689 | ||||||||
Salaries, wages and benefits | 106,057 | 13,964 | 1,190 | ||||||||
Professional fees | 13,850 | 3,022 | 213 | ||||||||
Supplies | 7,911 | 1,883 | 114 | ||||||||
Rents and leases | 2,065 | 767 | 22 | ||||||||
Other operating expenses | 26,819 | 7,946 | 656 | ||||||||
Depreciation and amortization | 9,677 | 1,208 | 108 | ||||||||
Interest expense, net | 14,815 | 1,901 | 257 | ||||||||
Transaction-related expenses | 1,283 | 434 | |||||||||
Total expenses | 182,477 | 31,125 | 2,560 | ||||||||
(Loss) income from continuing operations before income taxes | 19,525 | 2,576 | -871 | ||||||||
(Benefit from) provision for income taxes | 5,935 | 648 | -327 | ||||||||
Income (loss) from continuing operations | 13,590 | 1,928 | -544 | ||||||||
Net income (loss) | 13,590 | 1,928 | -544 | ||||||||
Other comprehensive loss: | |||||||||||
Foreign currency translation loss | -66,206 | ||||||||||
Pension liability adjustment, net | -2,164 | ||||||||||
Other comprehensive loss | -68,370 | ||||||||||
Comprehensive income (loss) | ($54,780) | $1,928 | ($544) |
Financial_Information_for_the_5
Financial Information for the Company and Its Subsidiaries - Summary of Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities: | |||
Net income (loss) | $83,040 | $42,579 | $20,403 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | |||
Depreciation and amortization | 32,667 | 17,090 | 7,982 |
Amortization of debt issuance costs | 3,198 | 2,264 | 2,507 |
Equity-based compensation expense | 10,058 | 5,249 | 2,267 |
Deferred income tax (benefit) expense | 7,215 | 10,083 | 2,847 |
Loss from discontinued operations, net of taxes | 192 | 691 | 101 |
Gain on foreign currency derivatives | -15,262 | ||
Debt extinguishment costs | 9,350 | ||
Other | 488 | 21 | -3 |
Change in operating assets and liabilities, net of effect of acquisitions: | |||
Accounts receivable, net | -15,110 | -21,242 | -10,344 |
Other current assets | -2,011 | -3,652 | 1,583 |
Other assets | -6,513 | -2,239 | 637 |
Accounts payable and other accrued liabilities | 2,793 | -848 | 485 |
Accrued salaries and benefits | 11,980 | 2,803 | 5,142 |
Other liabilities | 2,749 | 3,181 | 702 |
Net cash (used in) provided by continuing operating activities | 115,484 | 65,330 | 34,309 |
Net cash used in discontinued operating activities | -198 | 232 | -411 |
Net cash (used in) provided by operating activities | 115,286 | 65,562 | 33,898 |
Investing activities: | |||
Cash paid for acquisitions, net of cash acquired | -738,702 | -164,019 | -443,473 |
Cash paid for capital expenditures | -113,244 | -68,941 | -27,595 |
Cash paid for real estate acquisitions | -23,177 | -8,092 | -53,159 |
Settlement of foreign currency derivatives | 15,262 | ||
Other | -913 | -1,926 | -417 |
Net cash used in investing activities | -860,774 | -242,978 | -524,644 |
Financing activities: | |||
Borrowings on long-term debt | 542,500 | 150,000 | 176,063 |
Borrowings on revolving credit facility | 230,500 | 61,500 | 16,000 |
Principal payments on revolving credit facility | -284,000 | -8,000 | -16,000 |
Principal payments on long-term debt | -7,695 | -7,680 | -6,000 |
Repayment of long-term debt | -52,500 | ||
Payment of debt issuance costs | -12,993 | -4,307 | -4,551 |
Payment of premium on note redemption | -6,759 | ||
Issuance of common stock, net | 374,431 | -205 | 311,841 |
Common stock withheld for minimum statutory taxes, net | -4,099 | -1,242 | 960 |
Excess tax benefit from equity awards | 4,617 | 1,779 | 714 |
Cash paid for contingent consideration | -5,000 | ||
Other | -289 | ||
Net cash provided by financing activities | 837,972 | 132,586 | 479,027 |
Effect of exchange rate changes on cash | -3,013 | ||
Net increase (decrease) in cash and cash equivalents | 89,471 | -44,830 | -11,719 |
Cash and cash equivalents at beginning of the period | 4,569 | 49,399 | 61,118 |
Cash and cash equivalents at end of the period | 94,040 | 4,569 | 49,399 |
Consolidation, Eliminations [Member] | |||
Operating activities: | |||
Net income (loss) | -97,414 | -73,538 | -40,251 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | |||
Equity in earnings of subsidiaries | 97,414 | 73,538 | 40,251 |
Change in operating assets and liabilities, net of effect of acquisitions: | |||
Other assets | 1,151 | ||
Net cash (used in) provided by continuing operating activities | 1,151 | ||
Net cash (used in) provided by operating activities | 1,151 | ||
Financing activities: | |||
Principal payments on long-term debt | 1,151 | ||
Cash (used in) provided by intercompany activity | -377 | -1,925 | |
Net cash provided by financing activities | 774 | -1,925 | |
Net increase (decrease) in cash and cash equivalents | 1,925 | -1,925 | |
Cash and cash equivalents at beginning of the period | -1,925 | ||
Cash and cash equivalents at end of the period | -1,925 | ||
Parent [Member] | |||
Operating activities: | |||
Net income (loss) | 83,040 | 42,579 | 20,403 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | |||
Equity in earnings of subsidiaries | -97,414 | -73,538 | -40,251 |
Amortization of debt issuance costs | 2,748 | 2,725 | 2,507 |
Equity-based compensation expense | 10,058 | 5,249 | 2,267 |
Deferred income tax (benefit) expense | -1,969 | -754 | -519 |
Gain on foreign currency derivatives | -15,262 | ||
Debt extinguishment costs | 9,350 | ||
Change in operating assets and liabilities, net of effect of acquisitions: | |||
Other assets | -1,151 | ||
Net cash (used in) provided by continuing operating activities | -19,950 | -14,389 | -15,593 |
Net cash (used in) provided by operating activities | -19,950 | -14,389 | -15,593 |
Investing activities: | |||
Settlement of foreign currency derivatives | 15,262 | ||
Net cash used in investing activities | 15,262 | ||
Financing activities: | |||
Borrowings on long-term debt | 542,500 | 150,000 | 176,063 |
Borrowings on revolving credit facility | 230,500 | 61,500 | 16,000 |
Principal payments on revolving credit facility | -284,000 | -8,000 | -16,000 |
Principal payments on long-term debt | -7,500 | -7,500 | -6,000 |
Repayment of long-term debt | -52,500 | ||
Payment of debt issuance costs | -12,993 | -4,307 | -4,551 |
Payment of premium on note redemption | -6,759 | ||
Issuance of common stock, net | 374,431 | -205 | 311,841 |
Common stock withheld for minimum statutory taxes, net | -4,099 | -1,242 | 960 |
Excess tax benefit from equity awards | 4,617 | 1,779 | 714 |
Cash (used in) provided by intercompany activity | -838,768 | -118,377 | -463,434 |
Net cash provided by financing activities | 4,688 | 14,389 | 15,593 |
Combined Subsidiary Guarantors [Member] | |||
Operating activities: | |||
Net income (loss) | 83,824 | 71,610 | 40,795 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | |||
Depreciation and amortization | 22,990 | 15,882 | 7,874 |
Deferred income tax (benefit) expense | 5,231 | 10,278 | 3,376 |
Loss from discontinued operations, net of taxes | 192 | 691 | 101 |
Other | 449 | 21 | -3 |
Change in operating assets and liabilities, net of effect of acquisitions: | |||
Accounts receivable, net | -13,636 | -22,768 | -9,283 |
Other current assets | -2,205 | -3,774 | 1,579 |
Other assets | -6,910 | -1,950 | 603 |
Accounts payable and other accrued liabilities | -5,559 | -287 | 997 |
Accrued salaries and benefits | 11,035 | 2,161 | 5,121 |
Other liabilities | 1,769 | 3,181 | 702 |
Net cash (used in) provided by continuing operating activities | 97,180 | 75,045 | 51,862 |
Net cash used in discontinued operating activities | -198 | 232 | -411 |
Net cash (used in) provided by operating activities | 96,982 | 75,277 | 51,451 |
Investing activities: | |||
Cash paid for acquisitions, net of cash acquired | -723,064 | -164,019 | -443,473 |
Cash paid for capital expenditures | -83,864 | -68,497 | -27,595 |
Cash paid for real estate acquisitions | -23,177 | -8,092 | -53,159 |
Other | -913 | -1,926 | -417 |
Net cash used in investing activities | -831,018 | -242,534 | -524,644 |
Financing activities: | |||
Cash paid for contingent consideration | -5,000 | ||
Other | -289 | ||
Cash (used in) provided by intercompany activity | 816,010 | 117,950 | 461,382 |
Net cash provided by financing activities | 810,721 | 117,950 | 461,382 |
Net increase (decrease) in cash and cash equivalents | 76,685 | -49,307 | -11,811 |
Cash and cash equivalents at beginning of the period | 49,307 | 61,118 | |
Cash and cash equivalents at end of the period | 76,685 | 49,307 | |
Combined Non-Guarantors [Member] | |||
Operating activities: | |||
Net income (loss) | 13,590 | 1,928 | -544 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | |||
Depreciation and amortization | 9,677 | 1,208 | 108 |
Amortization of debt issuance costs | 450 | -461 | |
Deferred income tax (benefit) expense | 3,953 | 559 | -10 |
Other | 39 | ||
Change in operating assets and liabilities, net of effect of acquisitions: | |||
Accounts receivable, net | -1,474 | 1,526 | -1,061 |
Other current assets | 194 | 122 | 4 |
Other assets | 397 | -289 | 34 |
Accounts payable and other accrued liabilities | 8,352 | -561 | -512 |
Accrued salaries and benefits | 945 | 642 | 21 |
Other liabilities | 980 | ||
Net cash (used in) provided by continuing operating activities | 37,103 | 4,674 | -1,960 |
Net cash (used in) provided by operating activities | 37,103 | 4,674 | -1,960 |
Investing activities: | |||
Cash paid for acquisitions, net of cash acquired | -15,638 | ||
Cash paid for capital expenditures | -29,380 | -444 | |
Net cash used in investing activities | -45,018 | -444 | |
Financing activities: | |||
Principal payments on long-term debt | -1,346 | -180 | |
Cash (used in) provided by intercompany activity | 23,135 | 2,352 | 2,052 |
Net cash provided by financing activities | 21,789 | 2,172 | 2,052 |
Effect of exchange rate changes on cash | -3,013 | ||
Net increase (decrease) in cash and cash equivalents | 10,861 | 6,402 | 92 |
Cash and cash equivalents at beginning of the period | 6,494 | 92 | |
Cash and cash equivalents at end of the period | $17,355 | $6,494 | $92 |