Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 25, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ACHC | ||
Entity Registrant Name | Acadia Healthcare Company, Inc. | ||
Entity Central Index Key | 1,520,697 | ||
Current Fiscal Year End Date | --12-31 | ||
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 | 87,219,536 | ||
Entity Public Float | $ 4 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 11,215 | $ 94,040 |
Accounts receivable, net of allowance for doubtful accounts of $29,332 and $22,449, respectively | 216,626 | 118,378 |
Deferred tax assets | 20,155 | |
Other current assets | 66,895 | 41,570 |
Total current assets | 294,736 | 274,143 |
Property and equipment: | ||
Land | 214,138 | 132,406 |
Building and improvements | 1,277,800 | 858,055 |
Equipment | 141,543 | 73,584 |
Construction in progress | 195,042 | 66,268 |
Less accumulated depreciation | (119,470) | (60,613) |
Property and equipment, net | 1,709,053 | 1,069,700 |
Goodwill | 2,128,215 | 802,986 |
Intangible assets, net | 59,575 | 21,636 |
Deferred tax assets - noncurrent | 49,114 | 13,141 |
Other assets | 38,515 | 25,349 |
Total assets | 4,279,208 | 2,206,955 |
Current liabilities: | ||
Current portion of long-term debt | 45,360 | 26,965 |
Accounts payable | 91,341 | 48,696 |
Accrued salaries and benefits | 80,696 | 59,317 |
Other accrued liabilities | 72,806 | 30,956 |
Total current liabilities | 290,203 | 165,934 |
Long-term debt | 2,195,384 | 1,052,670 |
Deferred tax liabilities - noncurrent | 23,936 | 63,880 |
Other liabilities | 78,602 | 43,506 |
Total liabilities | 2,588,125 | $ 1,325,990 |
Redeemable noncontrolling interests | $ 8,055 | |
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; 70,745,746 and 59,211,859 issued and outstanding as of December 31, 2015 and 2014, respectively | $ 707 | $ 592 |
Additional paid-in capital | 1,572,972 | 847,301 |
Accumulated other comprehensive loss | (104,647) | (68,370) |
Retained earnings | 213,996 | 101,442 |
Total equity | 1,683,028 | 880,965 |
Total liabilities and equity | $ 4,279,208 | $ 2,206,955 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Receivable, allowance for doubtful accounts | $ 29,332 | $ 22,449 |
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 | 70,745,746 | 59,211,859 |
Common stock, shares outstanding | 70,745,746 | 59,211,859 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||||||||||
Revenue before provision for doubtful accounts | $ 495,319 | $ 479,730 | $ 453,660 | $ 365,783 | $ 294,901 | $ 294,479 | $ 213,803 | $ 201,418 | $ 1,829,619 | $ 1,030,784 | $ 735,109 |
Provision for doubtful accounts | (35,127) | (26,183) | (21,701) | ||||||||
Revenue | 1,794,492 | 1,004,601 | 713,408 | ||||||||
Salaries, wages and benefits (including equity-based compensation expense of $20,472, $10,058 and $5,249, respectively) | 973,732 | 575,412 | 407,962 | ||||||||
Professional fees | 116,463 | 52,482 | 37,171 | ||||||||
Supplies | 80,663 | 48,422 | 37,569 | ||||||||
Rents and leases | 32,528 | 12,201 | 10,049 | ||||||||
Other operating expenses | 206,746 | 110,654 | 80,572 | ||||||||
Depreciation and amortization | 63,550 | 32,667 | 17,090 | ||||||||
Interest expense, net | 106,742 | 48,221 | 37,250 | ||||||||
Debt extinguishment costs | 10,818 | 9,350 | |||||||||
Loss (gain) on foreign currency derivatives | 1,926 | (15,262) | |||||||||
Transaction-related expenses | 36,571 | 13,650 | 7,150 | ||||||||
Total expenses | 1,629,739 | 878,447 | 644,163 | ||||||||
Income from continuing operations before income taxes | 52,518 | 41,645 | 49,355 | 21,205 | 34,840 | 33,156 | 37,362 | 20,796 | 164,753 | 126,154 | 69,245 |
Provision for income taxes | 53,388 | 42,922 | 25,975 | ||||||||
Income (loss) from continuing operations | 111,365 | 83,232 | 43,270 | ||||||||
Income (loss) from discontinued operations, net of income taxes | 111 | (192) | (691) | ||||||||
Net income | 111,476 | 83,040 | 42,579 | ||||||||
Net loss attributable to noncontrolling interests | 1,078 | ||||||||||
Net income attributable to Acadia Healthcare Company, Inc. | $ 34,566 | $ 29,550 | $ 33,844 | $ 14,594 | $ 22,129 | $ 25,402 | $ 22,451 | $ 13,058 | $ 112,554 | $ 83,040 | $ 42,579 |
Basic earnings attributable to Acadia Healthcare Company, Inc. stockholders: | |||||||||||
Income from continuing operations | $ 1.65 | $ 1.51 | $ 0.87 | ||||||||
Loss from discontinued operations | (0.02) | ||||||||||
Net income | $ 0.49 | $ 0.42 | $ 0.50 | $ 0.23 | $ 0.38 | $ 0.43 | $ 0.43 | $ 0.26 | 1.65 | 1.51 | 0.85 |
Diluted earnings attributable to Acadia Healthcare Company, Inc. stockholders: | |||||||||||
Income from continuing operations | 1.64 | 1.50 | 0.86 | ||||||||
Loss from discontinued operations | (0.01) | ||||||||||
Net income | $ 0.49 | $ 0.42 | $ 0.49 | $ 0.23 | $ 0.37 | $ 0.43 | $ 0.43 | $ 0.26 | $ 1.64 | $ 1.50 | $ 0.85 |
Weighted-average shares outstanding: | |||||||||||
Basic | 68,085 | 55,063 | 50,004 | ||||||||
Diluted | 68,391 | 55,327 | 50,261 |
Consolidated Statements of Inc5
Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Equity-based compensation expense | $ 20,472 | $ 10,058 | $ 5,249 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 111,476 | $ 83,040 | $ 42,579 |
Other comprehensive loss: | |||
Foreign currency translation loss | (40,103) | (66,206) | |
Pension liability adjustment, net of tax of $0.9 million, $0.6 and $0, respectively | 3,826 | (2,164) | |
Other comprehensive loss | (36,277) | (68,370) | |
Comprehensive loss | 75,199 | 14,670 | 42,579 |
Comprehensive loss attributable to noncontrolling interests | 1,078 | ||
Comprehensive (loss) income attributable to Acadia Healthcare Company. Inc. | $ 76,277 | $ 14,670 | $ 42,579 |
Consolidated Statements of Com7
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Pension liability adjustment, tax | $ 0.9 | $ 0.6 | $ 0 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Other Comprehensive Loss [Member] | Retained Earnings (Accumulated Deficit) [Member] |
Balance at Dec. 31, 2012 | $ 432,550 | $ 499 | $ 456,228 | $ (24,177) | |
Balance, shares at Dec. 31, 2012 | 49,887,000 | ||||
Common stock issued under stock incentive plans | 313 | $ 2 | 311 | ||
Common stock issued under stock incentive plans, shares | 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 | |||
Issuance of common stock, net | 205 | 205 | |||
Net income attributable to Acadia Healthcare Company, Inc. stockholders | 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 | ||||
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 | |||
Issuance of common stock, net | 374,431 | $ 89 | 374,342 | ||
Issuance of common stock, net, shares | 8,882,000 | ||||
Other comprehensive loss | (68,370) | $ (68,370) | |||
Other | 578 | 578 | |||
Net income attributable to Acadia Healthcare Company, Inc. stockholders | 83,040 | 83,040 | |||
Balance at Dec. 31, 2014 | $ 880,965 | $ 592 | 847,301 | (68,370) | 101,442 |
Balance, shares at Dec. 31, 2014 | 59,211,859 | 59,212,000 | |||
Common stock issued under stock incentive plans | $ 1,815 | $ 4 | 1,811 | ||
Common stock issued under stock incentive plans, shares | 214,079 | 384,000 | |||
Common stock withheld for minimum statutory taxes | $ (9,577) | (9,577) | |||
Equity-based compensation expense | 20,472 | 20,472 | |||
Excess tax benefit from equity awards | 309 | 309 | |||
Issuance of common stock, net | 711,517 | $ 111 | 711,406 | ||
Issuance of common stock, net, shares | 11,150,000 | ||||
Other comprehensive loss | (36,277) | (36,277) | |||
Other | 1,250 | 1,250 | |||
Net income attributable to Acadia Healthcare Company, Inc. stockholders | 112,554 | 112,554 | |||
Balance at Dec. 31, 2015 | $ 1,683,028 | $ 707 | $ 1,572,972 | $ (104,647) | $ 213,996 |
Balance, shares at Dec. 31, 2015 | 70,745,746 | 70,746,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities: | |||
Net income | $ 111,476 | $ 83,040 | $ 42,579 |
Adjustments to reconcile net income to net cash provided by continuing operating activities: | |||
Depreciation and amortization | 63,550 | 32,667 | 17,090 |
Amortization of debt issuance costs | 6,709 | 3,198 | 2,264 |
Equity-based compensation expense | 20,472 | 10,058 | 5,249 |
Deferred income tax expense | 43,613 | 7,215 | 10,083 |
(Income) loss from discontinued operations, net of taxes | (111) | 192 | 691 |
Debt extinguishment costs | 10,818 | 9,350 | |
Loss (gain) on foreign currency derivatives | 1,926 | (15,262) | |
Other | 1,615 | 488 | 21 |
Change in operating assets and liabilities, net of effect of acquisitions: | |||
Accounts receivable, net | (24,954) | (15,110) | (21,242) |
Other current assets | (2,717) | (2,011) | (3,652) |
Other assets | (8,021) | (6,513) | (2,239) |
Accounts payable and other accrued liabilities | 6,868 | 2,793 | (848) |
Accrued salaries and benefits | 1,658 | 11,980 | 2,803 |
Other liabilities | 9,236 | 2,749 | 3,181 |
Net cash (used in) provided by continuing operating activities | 242,138 | 115,484 | 65,330 |
Net cash (used in) provided by discontinued operating activities | (1,735) | (198) | 232 |
Net cash provided by operating activities | 240,403 | 115,286 | 65,562 |
Investing activities: | |||
Cash paid for acquisitions, net of cash acquired | (574,777) | (738,702) | (164,019) |
Cash paid for capital expenditures | (276,047) | (113,244) | (68,941) |
Cash paid for real estate acquisitions | (26,622) | (23,177) | (8,092) |
Settlement of foreign currency derivatives | (1,926) | 15,262 | |
Other | (5,099) | (913) | (1,926) |
Net cash used in investing activities | (884,471) | (860,774) | (242,978) |
Financing activities: | |||
Borrowings on long-term debt | 1,150,000 | 542,500 | 150,000 |
Borrowings on revolving credit facility | 468,000 | 230,500 | 61,500 |
Principal payments on revolving credit facility | (310,000) | (284,000) | (8,000) |
Principal payments on long-term debt | (31,965) | (7,695) | (7,680) |
Repayment of assumed CRC debt | (904,467) | (52,500) | |
Repayment of senior notes | (97,500) | (52,500) | |
Payment of debt issuance costs | (26,421) | (12,993) | (4,307) |
Payment of premium on senior notes | (7,480) | (6,759) | |
Issuances of common stock, net | 331,308 | 374,431 | (205) |
Common stock withheld for minimum statutory taxes, net | (7,762) | (4,099) | (1,242) |
Excess tax benefit from equity awards | 309 | 4,617 | 1,779 |
Cash paid for contingent consideration | (5,000) | ||
Other | (420) | (289) | |
Net cash (used in) provided by financing activities | 563,602 | 837,972 | 132,586 |
Effect of exchange rate changes on cash | (2,359) | (3,013) | |
Net increase(decrease) in cash and cash equivalents | (82,825) | 89,471 | (44,830) |
Cash and cash equivalents at beginning of the period | 94,040 | 4,569 | 49,399 |
Cash and cash equivalents at end of the period | 11,215 | 94,040 | 4,569 |
Supplemental Cash Flow Information: | |||
Cash paid for interest | 87,034 | 36,776 | 33,270 |
Cash paid for income taxes | 6,911 | 32,257 | 16,960 |
Significant Non-Cash Transactions: | |||
Contingent consideration issued in connection with acquisition | 1,467 | ||
Effect of acquisitions: | |||
Assets acquired, excluding cash | 1,988,634 | 819,518 | 192,928 |
Liabilities assumed | (1,024,515) | (78,849) | (17,725) |
Issuance of common stock in connection with acquisition | (380,210) | ||
Redeemable noncontrolling interest resulting from acquisitions | (9,132) | ||
Deposits paid for acquisitions | 500 | ||
Prior year deposits paid for acquisitions | (500) | (11,684) | |
Contingent consideration issued in connection with acquisition | (1,467) | ||
Cash paid for acquisitions, net of cash acquired | $ 574,777 | $ 738,702 | $ 164,019 |
Description of Business and Bas
Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015, the Company operated 258 behavioral healthcare facilities with over 9,900 beds in 39 states, the United Kingdom and Puerto Rico. Basis of Presentation The business of the Company is conducted through limited liability companies, partnerships and C-corporations. The Company’s consolidated financial statements include the accounts of the Company and all subsidiaries controlled by the Company through its’ direct or indirect ownership of majority interests and exclusive rights granted to the Company as the controlling member of an entity. All 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 $68.3 million, $36.9 million and $29.0 million for the years ended December 31, 2015, 2014 and 2013, respectively. Certain reclassifications have been made to prior years to conform to the current year presentation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
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) the NHS (including Local Authorities) 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, 2015 2014 2013 Commercial 23.1 % 23.0 % 24.9 % Medicare 11.7 19.4 21.5 Medicaid 33.3 38.3 48.0 NHS 19.5 14.5 — Self-Pay 9.6 2.5 3.4 Other 2.8 2.3 2.2 Revenue 100 % 100 % 100 % On a combined basis, revenue related to the Medicare and Medicaid programs were 45%, 58% and 70% of all revenue before provision for doubtful accounts for the years ended December 31, 2015, 2014 and 2013, 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 20% of its revenue for the year ended December 31, 2015 from facilities located in the United Kingdom, approximately 15% and 12% of its revenue from facilities located in the United Kingdom and Arkansas, respectively, for the year ended December 31, 2014 and approximately 17% of its revenue from facilities located in Arkansas 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 $4.2 million and $1.9 million at December 31, 2015 and 2014, respectively, and were included in other current assets in the consolidated balance sheets. Management believes that these receivables 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 $1.9 million, $0.3 million and $0.2 million for the years ended December 31, 2015, 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 establishes 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 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 Year ended December 31, 2015 22,449 35,127 (28,244 ) 29,332 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 $4.6 million, $2.5 million and $2.6 million for the years ended December 31, 2015, 2014 and 2013, 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 $1,000,000 self-insured retention with an insured excess limit of $50 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. 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 $41.9 million as of December 31, 2015, of which $10.5 million was included in other accrued liabilities and $31.4 million was included in other long-term liabilities. 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 Company estimates receivables for the portion of professional and general liability reserves that are recoverable under the Company’s insurance policies. Such receivable was $21.3 million as of December 31, 2015, of which $5.3 million was included in other current assets and $16.0 million was included in other assets, and 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. The Company’s statutory workers’ compensation program is fully insured with a $500,000 deductible per accident. The workers’ compensation liability was $14.7 million as of December 31, 2015, of which $7.5 million was included in accrued salaries and benefits and $7.2 million was included in other long-term liabilities, and such 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. 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 50 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 $63.0 million, $32.1 million and $16.3 million for the years ended December 31, 2015, 2014 and 2013, 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 2015, 2014 and 2013 resulted in no impairment charges. Other Current Assets Other current assets consisted of the following (in thousands): As of December 31, 2015 2014 Prepaid expenses $ 21,817 $ 11,746 Other receivables 17,518 12,713 Insurance receivable – current portion 5,290 3,500 Workers’ compensation deposits – current portion 7,500 4,800 Income taxes receivable 6,540 3,399 Inventory 4,681 3,249 Other 3,549 2,163 Other current assets $ 66,895 $ 41,570 Other Accrued Liabilities Other accrued liabilities consisted of the following (in thousands): As of December 31, 2015 2014 Accrued interest $ 26,132 $ 13,013 Insurance liability – current portion 10,490 4,239 Other current liabilities 7,499 725 Income taxes payable 7,367 148 Contingent consideration 667 3,000 Accrued property taxes 2,951 2,069 Other 17,700 7,762 Other accrued liabilities $ 72,806 $ 30,956 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 Earnings Per Share Basic and diluted earnings per share are calculated in accordance with FASB ASC 260, “ 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 November 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2015-17, “Balance Sheet Classification of Deferred Taxes” In September 2015, the FASB issued ASU 2015-16, “Business Combinations (Subtopic 805-10)” In April 2015, the FASB issued ASU 2015-03, “Interest-Imputation of Interest (Subtopic 835-30)” In May 2014, the FASB and the International Accounting Standards Board issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015, 2014 and 2013 (in thousands except per share amounts): Year Ended December 31, 2015 2014 2013 Numerator: Basic and diluted earnings (loss) per share attributable to Acadia Healthcare Company, Inc.: Income from continuing operations $ 112,443 $ 83,232 $ 43,270 Income (loss) from discontinued operation 111 (192 ) (691 ) Net income attributable to Acadia Healthcare Company, Inc. $ 112,554 $ 83,040 $ 42,579 Denominator: Weighted average shares outstanding for basic earnings per share 68,085 55,063 50,004 Effects of dilutive instruments 306 264 257 Shares used in computing diluted earnings per common share 68,391 55,327 50,261 Basic earnings (loss) per share attributable to Acadia Healthcare Company, Inc.: Income from continuing operations $ 1.65 $ 1.51 $ 0.87 Loss from discontinued operations — — (0.02 ) Net income attributable to Acadia Healthcare Company, Inc.: $ 1.65 $ 1.51 $ 0.85 Diluted earnings (loss) per share attributable to Acadia Healthcare Company, Inc.: Income from continuing operations $ 1.64 $ 1.50 $ 0.86 Loss from discontinued operations — — (0.01 ) Net income attributable to Acadia Healthcare Company, Inc.: $ 1.64 $ 1.50 $ 0.85 Approximately 0.8 million, 0.7 million and 0.6 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, 2015, 2014 and 2013, respectively, because their effect would have been anti-dilutive. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | 4. Acquisitions U.S. Acquisitions On December 1, 2015, the Company completed the acquisition of certain facilities from MMO Behavioral Health Systems (“MMO”), including two acute inpatient behavioral health facilities with a total of 80 beds located in Jennings and Covington, Louisiana, for cash consideration of approximately $20.2 million. On November 1, 2015, the Company completed the acquisitions of (i) Discovery House for cash consideration of approximately $118.5 million and (ii) Duffy’s for cash consideration of approximately $29.6 million. Discovery House operates 19 comprehensive treatment centers located in four states. Duffy’s is a substance abuse facility with 61 beds located in Calistoga, California. On August 31, 2015, the Company completed the acquisition of a controlling interest in Southcoast Behavioral (“Southcoast”), an inpatient psychiatric facility located in Fairhaven, Massachusetts. The Company owns 75% of the equity interests in the facility. The value of the 25% noncontrolling interest approximates $9.2 million. The Company considered an income approach and other valuation methodologies to value the noncontrolling interests. The Company consolidates the operations of the facility based on its 75% equity ownership and its management of the entity. The noncontrolling interests are reflected as redeemable noncontrolling interests on the accompanying condensed consolidated balance sheet based on a put right that could require the Company to purchase the noncontrolling interests upon the occurrence of a change in control. On July 1, 2015, the Company completed the acquisition of the assets of Belmont Behavioral Health (“Belmont”), an inpatient psychiatric facility with 147 beds located in Philadelphia, Pennsylvania for cash consideration of approximately $38.2 million which consists of $35.0 million base purchase price and an estimated working capital settlement of $3.2 million. On March 1, 2015, the Company acquired the stock of Quality Addiction Management, Inc. (“QAM”) for total consideration of approximately $54.8 million. QAM operates seven comprehensive treatment centers located in Wisconsin. On February 11, 2015, the Company completed its acquisition of CRC Health Group, Inc. (“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 of $904.5 million. 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. U.K. Acquisitions On November 1, 2015, the Company completed the acquisition of Cleveland House, an inpatient psychiatric facility with 32 beds located in England, for approximately $10.3 million. On October 1, 2015, the Company completed the acquisition of Meadow View, an inpatient psychiatric facility with 28 beds located in England, for cash consideration of approximately $6.8 million. On September 1, 2015, the Company completed the acquisitions of (i) three facilities from The Danshell Group (“Danshell”) for approximately $59.8 million, (ii) two facilities from Health and Social Care Partnerships (“H&SCP”) for approximately $26.2 million and (iii) Manor Hall for approximately $14.0 million. The inpatient psychiatric facilities acquired from Danshell have an aggregate of 73 beds and are located in England. The inpatient psychiatric facilities acquired from H&SCP have an aggregate of 50 beds and are located in England. Manor Hall has 26 beds and is located in England. On July 1, 2015, the Company completed the acquisition of The Manor Clinic, a substance abuse facility with 15 beds located in England, for cash consideration of approximately $5.9 million. On June 1, 2015, the Company completed the acquisitions of (i) one facility from Choice Lifestyles (“Choice”) for approximately $25.9 million and (ii) 15 facilities from Care UK Limited (“Care UK”) for approximately $88.2 million. The inpatient psychiatric facility acquired from Choice has 42 beds and is located in England. The inpatient psychiatric facilities acquired from Care UK have an aggregate of 299 beds and are located in England. On April 1, 2015, the Company completed the acquisitions of (i) two facilities from Choice for approximately $37.5 million, (ii) Pastoral Care Group (“Pastoral”) for approximately $34.2 million and (iii) Mildmay Oaks f/k/a Vista Independent Hospital (“Mildmay Oaks”) for approximately $14.9 million. The two inpatient psychiatric facilities acquired from Choice have an aggregate of 48 beds and are located in England. Pastoral operates two inpatient psychiatric facilities with an aggregate of 65 beds located in Wales. Mildmay Oaks is an inpatient psychiatric facility with 67 beds located in England. 2014 Acquisitions On December 1, 2014, the Company acquired the assets of Croxton Warwick Lodge (“Croxton”), an inpatient psychiatric facility with 24 beds located in England, for cash consideration of $15.6 million. 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 cash consideration of $0.3 million. On September 3, 2014, the Company completed the acquisition 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, for total consideration of $37.4 million. On July 1, 2014, the Company acquired Partnerships in Care for cash consideration of $661.7 million, which was net of cash acquired of $12.0 million and the gain on settlement of foreign currency derivatives of $15.3 million. At the acquisition date, Partnerships in Care was 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. 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. Summary of Acquisitions The Company selectively seeks opportunities to expand and diversify its base of operations by acquiring additional facilities. Approximately $326.1 million of the goodwill associated with domestic acquisitions completed in 2015 and 2014 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 real property and intangible assets and certain tax matters as well as certain receivables and assumed liabilities of MMO, Discovery House, Duffy’s, Cleveland House, Meadow View, Danshell, H&SCP, Manor Hall, The Manor Clinic, Belmont, Choice, Care UK, Pastoral, Mildmay Oaks, QAM and CRC. The preliminary fair values of assets acquired and liabilities assumed, at the corresponding acquisition dates, during the year ended December 31, 2015 in connection with 2015 acquisitions were as follows (in thousands): CRC Other Total Cash $ 19,599 $ 5,417 $ 25,016 Accounts receivable 47,018 27,191 74,209 Prepaid expenses and other current assets 11,979 2,957 14,936 Property and equipment 137,555 273,143 410,698 Goodwill 1,042,521 313,680 1,356,201 Intangible assets 37,000 204 37,204 Deferred tax asset-noncurrent 88,857 — 88,857 Other assets 6,478 51 6,529 Total assets acquired 1,391,007 622,643 2,013,650 Accounts payable 4,740 4,477 9,217 Accrued salaries and benefits 14,827 3,687 18,514 Other accrued expenses 38,677 5,291 43,968 Deferred tax liabilities – noncurrent — 13,619 13,619 Debt 904,467 — 904,467 Other liabilities 34,720 10 34,730 Total liabilities assumed 997,431 27,084 1,024,515 Redeemable noncontrolling interests — 9,132 9,132 Net assets acquired $ 393,576 $ 586,427 $ 980,003 The fair values of assets acquired and liabilities assumed during 2014, at the corresponding acquisition dates, 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 8,828 169 8,997 Property and equipment 610,477 27,203 637,680 Goodwill 92,959 32,232 125,191 Intangible assets 651 204 855 Other assets 6,897 3,240 10,137 Total assets acquired 739,170 64,897 804,067 Accounts payable 3,958 93 4,051 Accrued salaries and benefits 10,422 — 10,422 Other accrued expenses 7,166 1,014 8,180 Deferred tax liabilities – noncurrent 21,369 — 21,369 Other liabilities 7,704 — 7,704 Total liabilities assumed 50,619 1,107 51,726 Net assets acquired $ 688,551 $ 63,790 $ 752,341 Other The qualitative factors comprising the goodwill acquired in the Pacific Grove, Partnerships in Care, McCallum, Croxton, Skyway, CRC, QAM, Choice, Pastoral, Mildmay Oaks, Care UK, The Manor Clinic, Belmont, Southcoast, Danshell, H&SCP, Manor Hall, Meadow View, Cleveland House, Duffy’s, Discovery House and MMO acquisitions (collectively the “2014 and 2015 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, 2015, 2014 and 2013 (in thousands): Year Ended December 31, 2015 2014 2013 Advisory and financing commitment fees $ 10,337 $ — $ — Legal, accounting and other fees 17,768 12,836 5,535 Severance and contract termination costs 8,466 814 1,615 $ 36,571 $ 13,650 $ 7,150 Priory Acquisition On February 16, 2016, the Company completed its acquisition of Priory Group No. 1 Limited (“Priory”) for a total purchase price of approximately $2.2 billion, including total cash consideration of approximately $1.9 billion and 4,033,561 shares of its common stock. Priory is the leading independent provider of behavioral healthcare services in the United Kingdom. The preliminary fair values of assets acquired and liabilities assumed in connection with the Priory acquisition are estimated as follows (in thousands). As the acquisition was recently completed on February 16, 2016, these amounts have been estimated on a preliminary basis and are subject to change as the acquisition method of accounting is finalized. Cash $ 23,000 Accounts receivable 62,000 Prepaid expenses and other current assets 15,000 Property and equipment 1,582,000 Goodwill 554,500 Intangible assets 37,500 Deferred tax assets - noncurrent 31,000 Total assets acquired 2,305,000 Accounts payable 82,000 Accrued salaries and benefits 26,000 Other accrued expenses 6,000 Long-term debt 1,348,400 Other liabilities 35,000 Total liabilities assumed 1,497,400 Net assets acquired $ 807,600 Pro Forma Information The consolidated statements of income for the year ended December 31, 2015 included revenue of $883.2 million and income from continuing operations before income taxes of $138.1 million for acquisitions completed in 2015. The consolidated statements of income for the year ended December 31, 2014 included revenue of $161.4 million and income from continuing operations before income taxes of $11.3 million for acquisitions completed in 2014. The following table provides certain pro forma financial information for the Company as if the 2014 and 2015 Acquisitions and the Priory acquisition occurred as of January 1, 2014 (in thousands): Year Ended December 31, 2015 2014 Revenue $ 2,851,695 $ 2,731,176 Income from continuing operations, before income taxes $ 91,383 $ 76,491 |
Other Intangible Assets
Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 (in thousands): Gross Carrying Amount Accumulated Amortization December 31, December 31, December 31, December 31, Intangible assets subject to amortization: Contract intangible assets $ 2,100 $ 2,100 $ (1,750 ) $ (1,330 ) Non-compete agreements 1,247 1,247 (1,247 ) (1,155 ) 3,347 3,347 (2,997 ) (2,485 ) Intangible assets not subject to amortization: Licenses and accreditations 11,479 9,184 — — Trade names 37,800 3,000 — — Certificates of need 9,946 8,590 — — 59,225 20,774 — — Total $ 62,572 $ 24,121 $ (2,997 ) $ (2,485 ) Amortization expense related to definite-lived intangible assets was $0.5 million, $0.6 million and $0.8 million for the years ended December 31, 2015, 2014 and 2013, respectively. Estimated amortization expense for the years ending December 31, 2016, 2017, 2018, 2019 and 2020 is $0.4 million, $0 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, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | 6. Discontinued Operations The results of operations of 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, 2015 2014 2013 Revenue $ — $ — $ — Net income (loss) from discontinued operations, net of income taxes $ 111 $ (192 ) $ (691 ) |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 7. Long-Term Debt Long-term debt consisted of the following (in thousands): December 31, 2015 December 31, 2014 Amended and Restated Senior Credit Facility: Senior Secured Term A Loans $ 500,750 $ 527,500 Senior Secured Term B Loans 495,000 — Senior Secured Revolving Line of Credit 158,000 — 12.875% Senior Notes due 2018 — 97,500 6.125% Senior Notes due 2021 150,000 150,000 5.125% Senior Notes due 2022 300,000 300,000 5.625% Senior Notes due 2023 650,000 — 9.0% and 9.5% Revenue Bonds 22,410 22,625 Less: unamortized debt issuance costs, discount and premium (35,416 ) (17,990 ) 2,240,744 1,079,635 Less: current portion (45,360 ) (26,965 ) Long-term debt $ 2,195,384 $ 1,052,670 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. 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, the Company incurred $235.0 million of additional term loans. A portion of the additional term loan advance was used to prepay its 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. The Sixth Amendment also permits the Company, subject to certain consents, to add one or more foreign borrowers and/or request revolving loans and letters of credit in foreign currencies. 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 the acquisition of CRC. On April 22, 2015, the Company entered into an Eighth Amendment (the “Eighth Amendment”) to our Amended and Restated Credit Agreement. The Eighth Amendment changed the definition of “Change of Control” in part to remove a provision whose purpose was, when calculating whether a majority of incumbent directors have approved new directors, that any incumbent director that became a director as a result of a threatened or actual proxy contest was not counted in such calculation. On January 25, 2016, the Company entered into the Ninth Amendment (the “Ninth Amendment”) to the Amended and Restated Senior Credit Facility. The Ninth Amendment modifies certain definitions and provides increased flexibility to the Company in terms of its financial covenants. Our baskets for permitted investments were also increased to provide increased flexibility for us to invest in non-wholly owned subsidiaries, joint ventures and foreign subsidiaries. We may now invest in non-wholly owned subsidiaries and joint ventures up to 10.0% of our and our subsidiaries’ total assets in any four consecutive fiscal quarter period, and up to 12.5% of our and our subsidiaries’ total assets during the term of the Amended and Restated Credit Agreement. We may also invest in foreign subsidiaries that are not loan parties up to 10% of our and our subsidiaries’ total assets in any consecutive four fiscal quarter period, and up to 15% of our and our subsidiaries’ total assets during the term of the Amended and Restated Credit Agreement. The foregoing permitted investments are subject to an aggregate cap of 25% of our and our subsidiaries’ total assets in any fiscal year. On February 16, 2016, the Company entered into a Second Incremental Facility Amendment (the “Second Incremental Amendment”) to our Amended and Restated Credit Agreement. The Second Incremental Amendment activated a new $955.0 million incremental Term Loan B facility (the “New TLB Facility”) and added $135.0 million to the Term Loan A facility (the “TLA Facility”) to the Amended and Restated Senior Secured Credit Facility, subject to limited conditionality provisions. Borrowings under the New TLB Facility were used to fund a portion of the purchase price for the acquisition of Priory and the fees and expenses for such acquisition and the related financing transactions. Borrowings under the TLA Facility were used to pay down the majority of our $300.0 million revolving credit facility. The Company had $135.7 million of availability under the revolving line of credit as of December 31, 2015. 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 TLA Facility of $10.0 million for March 31, 2016 to December 31, 2016, $13.4 million for September 30, 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 Existing 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 Existing TLB Facility due on February 11, 2022. The Company is required to repay the New TLB Facility in equal quarterly installments of approximately $2.4 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 16, 2023. 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 3.0% for Eurodollar Rate Loans (as defined in the Amended and Restated Credit Agreement) and 2.25% for Base Rate Loans (as defined in the Amended and Restated Credit Agreement) at December 31, 2015. 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, 2015, the Pro Rata Facilities bore interest at a rate of LIBOR plus 3.0%. In addition, the Company is required to pay a commitment fee on undrawn amounts under the revolving line of credit. 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, 2015, the Company was in compliance with such covenants. Senior Notes 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. 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. On September 21, 2015, the Company purchased approximately $88.3 million aggregate principal amount of 12.875% Senior Notes in connection with a tender offer for any and all of the 12.875% Senior Notes. The notes purchased represent 90.6% of the outstanding $97.5 million principal amount of 12.875% Senior Notes. The 12.875% Senior Notes were purchased at a price of 107.875% of the principal amount thereof plus accrued and unpaid interest to, but not including, September 21, 2015. On September 18, 2015, the Company delivered a notice to redeem all $9.2 million in principal amount of the 12.875% Senior Notes remaining outstanding following the consummation of the tender offer. The redemption was effective November 1, 2015 with payment made to the note holders on November 2, 2015. The Company redeemed the remaining 12.875% Senior Notes in accordance to their terms, and therefore no debt remains outstanding under the 12.875% Senior Notes. In connection with the purchase of notes, the Company recorded a debt extinguishment charge of approximately $10.8 million at the year ended December 31, 2015, including the premium and write-off of deferred financing costs, which was recorded in debt extinguishment costs in the accompanying 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. 5.125% Senior Notes due 2022 On July 1, 2014, the Company issued $300.0 million of 5.125% Senior Notes due 2022 (the “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. 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”). 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. On September 21, 2015, the Company issued $275.0 million of additional 5.625% Senior Notes. The additional notes form a single class of debt securities with the existing 5.625% Senior Notes. Giving effect to this issuance, the Company has outstanding an aggregate of $650.0 million of 5.625% Senior Notes. 6.500% Senior Notes due 2024 On February 16, 2016, we issued $390.0 million of 6.500% Senior Notes due 2024 (the “6.500% Senior Notes”). The 6.500% Senior Notes mature on March 1, 2024 and bear interest at a rate of 6.500% per annum, payable semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2016. The indentures governing the 6.125% Senior Notes, 5.125% Senior Notes, 5.625% Senior Notes and 6.500% Senior Notes (together, the “Senior Notes”) contain 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 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 Senior Notes at its option, in whole or part, at the dates and amounts set forth in the indentures. 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, 2015 and 2014, $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. 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, 2015 were $37.6 million, net of accumulated amortization of $12.6 million. Debt issuance costs at December 31, 2014 were $20.9 million, net of accumulated amortization of $9.5 million. Amortization expense related to debt issuance costs, which is reported as interest expense, was $7.1 million and $3.2 million, respectively, for the years ended December 31, 2015 and 2014. Estimated amortization of debt issuance costs for the years ending December 31, 2016, 2017, 2018, 2019 and 2020 is $6.5 million, $6.6 million, $6.7 million, $5.1 million and $5.2 million, respectively. Other The aggregate maturities of long-term debt as of December 31, 2015 were as follows (in thousands): 2016 $ 45,360 2017 58,755 2018 72,155 2019 345,555 2020 5,330 Thereafter 1,749,005 Total $ 2,276,160 In connection with the acquisition of Priory on February 16, 2016, the Company borrowed $955.0 million under its New TLB Facility, issued $390.0 million of 6.500% Senior Notes and borrowed $135.0 million under the TLA Facility. The aggregate maturities of the long-term debt following the acquisition of Priory on February 16, 2016 were as follows (in thousands): 2016 $ 65,035 2017 81,805 2018 98,580 2019 449,605 2020 14,880 Thereafter 2,903,255 Total $ 3,613,160 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2015 | |
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 currently 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. In February 2016, the Company filed definitive proxy materials with the SEC related to the Company’s Special Meeting of the Stockholders to be held on March 3, 2016, where the Company’s stockholders will be asked to amend the Company’s Amended and Restated Certificate of Incorporation to increase the number of authorized shares of its common stock from 90,000,000 shares to 180,000,000 shares. 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 costs 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. On May 11, 2015, the Company completed the offering of 5,175,000 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 $66.50 per share. The net proceeds to the Company from the sale of the shares, after deducting the underwriting discount of $12.0 million and additional offering-related costs of $0.8 million, were $331.3 million. The Company used the net offering proceeds to repay outstanding indebtedness and fund acquisitions. On January 12, 2016, the Company completed the offering of 11,500,000 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 $61.00 per share. The net proceeds to the Company from the sale of the shares, after deducting the underwriting discount of $15.8 million and additional offering-related costs of $0.7 million, were $685.0 million. The Company used the net offering proceeds to fund a portion of the purchase price for the acquisition of Priory. On February 16, 2016, the Company completed its acquisition of Priory for a total purchase price of approximately $2.2 billion including total cash consideration of approximately $1.9 billion and the issuance of 4,033,561 shares of our common stock. |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015, 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 1,921,673 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 $20.5 million, $10.1 million and $5.2 million in equity-based compensation expense for the years ended December 31, 2015, 2014 and 2013, respectively. As of December 31, 2015, there was $47.9 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 1.4 years. As of December 31, 2015, there were no warrants outstanding and exercisable. The Company recognized a deferred income tax benefit of $8.4 million and $4.1 million for the years ended December 31, 2015 and 2014, respectively, related to equity-based compensation expense. The actual tax benefit realized from stock options exercised during the years ended December 31, 2015, 2014 and 2013 was $0.3 million, $4.6 million and $1.8 million, respectively. Stock option activity during 2014 and 2015 was as follows (aggregate intrinsic value in thousands): Number of Weighted Weighted Aggregate Options outstanding at January 1, 2014 798,809 $ 21.93 8.20 $ 10,700 Options granted 226,663 49.80 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 granted 204,700 63.07 9.21 1,724 Options exercised (214,079 ) 42.75 N/A 9,890 Options cancelled (33,300 ) 46.53 N/A N/A Options outstanding at December 31, 2015 694,743 $ 42.87 7.70 $ 20,717 Options exercisable at December 31, 2014 91,947 $ 28.87 6.30 $ 3,326 Options exercisable at December 31, 2015 106,330 $ 36.41 5.83 $ 4,968 Restricted stock activity during 2014 and 2015 was as follows: Number of Weighted Grant-Date Unvested at January 1, 2014 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 Granted 503,052 62.67 Cancelled (44,900 ) 49.55 Vested (235,618 ) 34.93 Unvested at December 31, 2015 944,562 $ 52.74 Restricted stock unit activity during 2014 and 2015 was as follows: Number of Weighted Grant-Date Unvested at January 1, 2014 95,751 $ 23.05 Granted 108,449 50.75 Cancelled — — Vested (79,087 ) 21.81 Unvested at December 31, 2014 125,113 $ 38.73 Granted 217,994 61.77 Cancelled — — Vested (125,023 ) 32.38 Unvested at December 31, 2015 218,084 $ 56.97 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, 2015 and 2014: December 31, 2015 December 31, 2014 Weighted average grant-date fair value of options $ 21.78 $ 17.14 Risk-free interest rate 1.5 % 1.7 % Expected volatility 35 % 36 % 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, 2015 | |
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, 2015 2014 2013 Current: Federal $ (218 ) $ 30,834 $ 13,202 State 4,078 3,959 2,513 Foreign 5,915 914 177 Total current 9,775 35,707 15,892 Deferred: Federal 40,635 2,667 7,802 State 5,349 353 1,786 Foreign (2,371 ) 4,195 495 Total deferred provision 43,613 7,215 10,083 Provision for (benefit from) income taxes $ 53,388 $ 42,922 $ 25,975 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, 2015 2014 2013 Continuing operations $ 53,388 $ 42,922 $ 25,975 Discontinued operations (88 ) (22 ) (544 ) Total $ 53,300 $ 42,900 $ 25,431 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, 2015 2014 2013 U.S. federal statutory rate on income before income taxes 35.0 % 35.0 % 35.0 % Impact of foreign operations (1) (10.0 ) (4.2 ) (0.3 ) State income taxes, net of federal tax effect 4.8 2.3 4.9 Permanent differences 4.2 1.1 0.8 Change in valuation allowance 1.2 (0.1 ) (0.3 ) Other (2.8 ) (0.1 ) (2.6 ) Effective income tax rate 32.4 % 34.0 % 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%, the benefit of some income being partially exempt from income taxes due to various operating and financing activities and certain asset basis changes. 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, 2015 and December 31, 2014 were as follows (in thousands): December 31, 2015 2014 Deferred tax assets: Net operating losses and tax credit carryforwards – federal and state $ 47,695 $ 5,082 Bad debt allowance 14,050 9,028 Accrued compensation and severance 20,150 11,517 Pension reserves 536 1,975 Insurance reserves 15,449 4,621 Leases 2,675 850 Accrued expenses 5,324 41 Other assets 3,551 1,989 Total gross deferred tax assets 109,430 35,103 Less: valuation allowance (16,571 ) (4,734 ) Deferred tax assets 92,859 30,369 Deferred tax liabilities: Fixed asset basis difference (11,392 ) (38,147 ) Prepaid items (3,113 ) (1,705 ) Intangible assets (48,918 ) (21,094 ) Other liabilities (4,258 ) (7 ) Total deferred tax liabilities (67,681 ) (60,953 ) Total net deferred tax asset (liability) $ 25,178 $ (30,584 ) 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 were $20.2 million. The Company has elected early adoption prospectively of ASU 2015-17, as permitted, as of December 31, 2015. Thus, there were no current deferred tax assets at December 31, 2015. Non-current deferred tax assets at December 31, 2015 and 2014 were $49.1 and $13.1 million, respectively. Non-current deferred tax liabilities at December 31, 2015 and 2014 were $23.9 million and $63.9 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, 2015 and 2014, the Company carried a valuation allowance against deferred tax assets of $16.6 million and $4.7 million, respectively. The domestic net operating loss carryforwards the company has acquired for federal net operating loss carryforwards are approximately $88.0 million as of December 31, 2015. The foreign net operating loss carryforwards as of December 31, 2015 and 2014 are approximately $14.7 million and $23.7 million, respectively, and have 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, 2015 and 2014 of approximately $213.9 million and $7.1 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 $6.5 million and $3.4 million at December 31, 2015 and 2014, respectively, and was included in other current assets in the consolidated balance sheet. Income taxes payable of $7.4 and $0.1 million at December 31, 2015 and 2014 was included in other accrued liabilities in the consolidated balance sheet. In addition, income taxes payable of $5.4 million and $2.4 million at December 31, 2015 and 2014, 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): 2015 2014 2013 Balance at January 1 $ 2,923 $ 1,893 $ 1,195 Additions based on tax positions related to the current year 1,516 — 321 Additions for tax positions of prior years 2,874 1,030 377 Reductions as a result of the lapse of applicable statutes of limitations (2,802 ) — — Balance at December 31 $ 4,511 $ 2,923 $ 1,893 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, $0.3 million and $0.1 million for the period ending December 31, 2015, 2014 and 2013, respectively. 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 is currently under examination by the Internal Revenue Service (“IRS”) for the calendar year 2013. The Company may be subject to examination by IRS for calendar year 2012 through 2015. 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 2011 through 2015. Generally, for state tax purposes, the Company’s 2011 through 2015 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, 2015, undistributed earnings of the foreign subsidiaries amounted to approximately $48.0 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, foreign currency translation adjustment and the opportunity to use foreign tax credits. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | 11. Derivatives The Company entered into foreign currency forward contracts during years ended December 31, 2015 and 2014 in connection with acquisitions in the United Kingdom. The foreign currency forward contracts limited the economic risk of changes in the foreign exchange rate between USD and GBP associated with the payment of the purchase price in GBP. These foreign currency forward contracts did not meet the hedge accounting criteria under Accounting Standards Codification 815, Derivatives and Hedging |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
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, 5.625% Senior Notes, 9.0% and 9.5% Revenue Bonds and contingent consideration liability as of December 31, 2015 and 2014 were as follows (in thousands): Carrying Amount Fair Value December 31, December 31, 2015 2014 2015 2014 Amended and Restated Senior Credit Facility $ 977,861 $ 525,576 $ 977,861 $ 525,576 12.875% Senior Notes due 2018 $ — $ 96,420 $ — $ 109,688 6.125% Senior Notes due 2021 $ 147,082 $ 150,000 $ 149,288 $ 153,000 5.125% Senior Notes due 2022 $ 294,749 $ 300,000 $ 275,590 $ 295,500 5.625% Senior Notes due 2023 $ 639,431 $ — $ 604,262 $ — 9.0% and 9.5% Revenue Bonds $ 23,621 $ 24,274 $ 23,621 $ 24,274 Contingent consideration liabilities $ 667 $ 3,000 $ 667 $ 3,000 The Company’s Amended and Restated Senior Credit Facility, 12.875% Senior Notes, 6.125% Senior Notes, 5.125% Senior Notes, 5.625% 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. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 (in thousands): 2016 $ 29,229 2017 23,675 2018 18,513 2019 14,220 2020 11,047 Thereafter 56,522 Total minimum rental obligations $ 153,206 During the years ended December 31, 2015, 2014 and 2013, rent expense was $32.5 million, $12.2 million and $10.0 million, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 | |
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, 2015, the U.S. Facilities included 204 behavioral healthcare facilities with approximately 7,700 beds in 39 states and Puerto Rico, and the U.K. Facilities included 54 behavioral healthcare facilities with approximately 2,200 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, 2015 2014 2013 Revenue: U.S. Facilities $ 1,426,205 $ 850,625 $ 710,695 U.K. Facilities 360,698 151,127 — Corporate and Other 7,589 2,849 2,713 $ 1,794,492 $ 1,004,601 $ 713,408 Segment EBITDA (1): U.S. Facilities $ 377,587 $ 209,668 $ 172,625 U.K. Facilities 90,035 39,832 — Corporate and Other (62,790 ) (34,012 ) (27,291 ) $ 404,832 $ 215,488 $ 145,334 Year Ended December 31, 2015 2014 2013 Segment EBITDA (1) $ 404,832 $ 215,488 $ 145,334 Plus (less): Equity-based compensation expense (20,472 ) (10,058 ) (5,249 ) (Loss) gain on foreign currency derivatives (1,926 ) 15,262 — Debt extinguishment costs (10,818 ) — (9,350 ) Transaction-related expenses (36,571 ) (13,650 ) (7,150 ) Interest expense, net (106,742 ) (48,221 ) (37,250 ) Depreciation and amortization (63,550 ) (32,667 ) (17,090 ) Income from continuing operations before income taxes $ 164,753 $ 126,154 $ 69,245 U.S. Facilities U.K. Facilities Corporate and Consolidated Goodwill: Balance at January 1, 2015 $ 693,945 $ 109,041 $ — $ 802,986 Increase from 2015 acquisitions 1,247,647 108,554 — 1,356,201 Foreign currency translation loss — (3,848 ) — (3,848 ) Other 281 (27,405 ) — (27,124 ) Balance at December 31, 2015 $ 1,941,873 $ 186,342 $ — $ 2,128,215 December 31, 2015 2014 Assets (2): U.S. Facilities $ 3,061,519 $ 1,327,563 U.K. Facilities 1,045,922 726,693 Corporate and Other 171,767 152,699 $ 4,279,208 $ 2,206,955 (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 $832.2 million, U.K. Facilities of $824.4 million and corporate and other of $52.4 million at December 31, 2015. 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. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015, 2014 and 2013, the Company contributed $0.1 million, $0.1 million and $0.3 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 at which time, the Partnerships in Care Plan was frozen to new participants. Effective May 2015, the active participants no longer accrue benefits. The benefits under the Partnerships in Care Pension Plan were 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 following table summarizes the funded status (unfunded liability) of the Partnerships in Care Pension Plan based upon actuarial valuations prepared as of December 31, 2015 and 2014 (in thousands): 2015 2014 Projected benefit obligation $ 58,107 $ 66,910 Fair value of plan assets 55,286 57,356 Funded status (unfunded liability) $ 2,821 $ 9,554 The following table summarizes changes in the Partnerships in Care Pension Plan net pension liability as of December 31, 2015 and 2014 (in thousands): 2015 2014 Net pension liability at beginning of period $ 9,554 $ 7,602 Employer contributions (1,217 ) (825 ) Net pension (benefit) expense (419 ) 729 Pension liability adjustment (4,661 ) 2,758 Foreign currency translation loss (436 ) (710 ) Net pension liability at end of period $ 2,821 $ 9,554 A pension liability of $2.8 million and $9.6 million were recorded within other liabilities on the consolidated balance sheet as of December 31, 2015 and 2014. The following assumptions were used to determine the plan benefit obligation: Discount rate 3.8 % 3.6 % Compensation increase rate — % 3.4 % Measurement date December 31, 2015 December 31, 2014 A summary of the components of net pension plan expense for the year ended December 31, 2015 and the six months ended December 31, 2014 is as follows (in thousands): 2015 2014 Interest cost on projected benefit obligation $ 2,369 $ 1,389 Service cost on projected benefit obligation (616 ) 545 Curtailments on projected benefit obligation (1,373 ) — Expected return on assets (2,031 ) (1,205 ) Total pension plan (benefit) expense $ (419 ) $ 729 Assumptions used to determine the net periodic pension plan expense for the year ended December 31, 2015 and the six months ended December 31, 2014 were as follows: 2015 2014 Discount rate 3.8 % 3.6 % Expected long-term rate of return on plan assets 3.8 % 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 income (loss) related to the Partnerships in Care Pension Plan for the years ended December 31, 2015 and 2014 was $2.6 million ($1.7 million net of taxes) and $(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, 2015 and 2014 were as follows: December 31, 2015 December 31, 2014 Cash and cash equivalents 1.7 % 1.3 % United Kingdom government obligation 3.8 % 16.1 % Annuity contracts 46.5 % — % Equity securities 35.7 % 43.6 % Debt securities 8.5 % 34.1 % Other 3.8 % 4.9 % As of December 31, 2015 and 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, annuity contracts, 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, 2015 | |
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, 2015 and 2014. 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, 2015 and 2014. 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) 2015: Revenue $ 365,783 $ 453,660 $ 479,730 $ 495,319 Income from continuing operations before income taxes $ 21,205 $ 49,355 $ 41,645 (1) $ 52,518 Net income attributable to Acadia Healthcare Company, Inc. stockholders $ 14,594 $ 33,844 $ 29,550 (1) $ 34,566 Basic earnings per share attributable to Acadia Healthcare Company, Inc. stockholders $ 0.23 $ 0.50 $ 0.42 (1) $ 0.49 Diluted earnings per share attributable to Acadia Healthcare Company, Inc. stockholders $ 0.23 $ 0.49 $ 0.42 (1) $ 0.49 2014: Revenue $ 201,418 $ 213,803 $ 294,479 $ 294,901 Income from continuing operations before income taxes $ 20,796 $ 37,362 (2) $ 33,156 (2) $ 34,840 Net income attributable to Acadia Healthcare Company, Inc. stockholders $ 13,058 $ 22,451 (2) $ 25,402 (2) $ 22,129 Basic earnings per share attributable to Acadia Healthcare Company, Inc. stockholders $ 0.26 $ 0.43 (2) $ 0.43 (2) $ 0.38 Diluted earnings per share attributable to Acadia Healthcare Company, Inc. stockholders $ 0.26 $ 0.43 (2) $ 0.43 (2) $ 0.37 (1) Includes debt extinguishment costs of $10.0 million, or $6.8 million net of taxes, in connection with the redemption of $88.3 million of the 12.875% Senior Notes on September 21, 2015. On November 1, 2015, the Company redeemed all of the outstanding $9.2 million principal amount of the 12.875% Senior Notes and incurred additional debt extinguishment cost of $0.8 million. (2) 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. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18. Subsequent Events On February 16, 2016, the Company completed its acquisition of Priory for a total purchase price of approximately $2.2 billion, including total cash consideration of approximately $1.9 billion and the issuance of 4,033,561 shares of its common stock. Priory is the leading independent provider of behavioral healthcare services in the United Kingdom. At December 31, 2015, Priory operated 327 facilities with approximately 7,100 beds. The cash sources included the net proceeds of $685.0 million from a public equity offering of 11,500,000 shares completed on January 12, 2016, $390.0 million from the Company’s offering of 6.500% Senior Notes and borrowings of $955.0 million under the New TLB Facility. In addition, the Company used borrowings from its TLA Facility, which was increased by $135.0 million, to pay down the majority of its $300.0 million revolving credit facility. See Note 4 – Acquisitions and Note 7 – Long-Term Debt for additional details. |
Financial Information for the C
Financial Information for the Company and Its Subsidiaries | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014, and for the years ended December 31, 2015, 2014 and 2013. 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, 2015 (In thousands) Parent Combined Combined Consolidating Total Current assets: Cash and cash equivalents $ — $ 1,987 $ 9,228 $ — $ 11,215 Accounts receivable, net — 187,546 29,080 — 216,626 Deferred tax assets — — — — — Other current assets — 57,968 8,927 — 66,895 Total current assets — 247,501 47,235 — 294,736 Property and equipment, net — 805,439 903,614 — 1,709,053 Goodwill — 1,835,339 292,876 — 2,128,215 Intangible assets, net — 57,024 2,551 — 59,575 Deferred tax assets – noncurrent 3,946 40,587 4,581 — 49,114 Investment in subsidiaries 1,323,069 — — (1,323,069 ) — Other assets 427,270 32,947 2,322 (424,024 ) 38,515 Total assets $ 1,754,285 $ 3,018,837 $ 1,253,179 $ (1,747,093 ) $ 4,279,208 Current liabilities: Current portion of long-term debt $ 45,125 $ — $ 235 $ — $ 45,360 Accounts payable — 75,015 16,326 — 91,341 Accrued salaries and benefits — 66,249 14,447 — 80,696 Other accrued liabilities 26,132 10,886 35,788 — 72,806 Total current liabilities 71,257 152,150 66,796 — 290,203 Long-term debt — 2,171,998 447,410 (424,024 ) 2,195,384 Deferred tax liabilities – noncurrent — — 23,936 — 23,936 Other liabilities — 75,159 3,443 — 78,602 Total liabilities 71,257 2,399,307 541,585 — 2,588,125 Redeemable noncontrolling interests — — 8,055 — 8,055 Total equity 1,683,028 619,530 703,539 (1,323,069 ) 1,683,028 Total liabilities and equity $ 1,754,285 $ 3,018,837 $ 1,253,179 $ (1,747,093 ) $ 4,279,208 Acadia Healthcare Company, Inc. Condensed Consolidating Balance Sheets December 31, 2014 (In thousands) Parent Combined Combined Consolidating Total 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 186,073 18,727 2,323 (181,774 ) 25,349 Total assets $ 1,949,973 $ 1,318,264 $ 885,495 $ (1,946,777 ) $ 2,206,955 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 1,028,611 — 205,833 (181,774 ) 1,052,670 Deferred tax liabilities – noncurrent — 21,027 48,519 (5,666 ) 63,880 Other liabilities — 33,321 10,185 — 43,506 Total liabilities 1,069,008 149,119 295,303 (187,440 ) 1,325,990 Total equity 880,965 1,169,145 590,192 (1,759,337 ) 880,965 Total liabilities and equity $ 1,949,973 $ 1,318,264 $ 885,495 $ (1,946,777 ) $ 2,206,955 Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Comprehensive Income Year Ended December 31, 2015 (In thousands) Parent Combined Combined Consolidating Total Revenue before provision for doubtful accounts $ — $ 1,415,016 $ 414,603 $ — $ 1,829,619 Provision for doubtful accounts — (32,614 ) (2,513 ) — (35,127 ) Revenue — 1,382,402 412,090 — 1,794,492 Salaries, wages and benefits 20,472 726,215 227,045 — 973,732 Professional fees — 83,422 33,041 — 116,463 Supplies — 65,077 15,586 — 80,663 Rents and leases — 29,094 3,434 — 32,528 Other operating expenses — 170,018 36,728 — 206,746 Depreciation and amortization — 41,768 21,782 — 63,550 Interest expense, net 68,533 17,476 20,733 — 106,742 Debt extinguishment costs 10,818 — — — 10,818 Loss on foreign currency derivatives 1,926 — — — 1,926 Transaction-related expenses — 24,914 11,657 — 36,571 Total expenses 101,749 1,157,984 370,006 — 1,629,739 (Loss) income from continuing operations before income taxes (101,749 ) 224,418 42,084 — 164,753 Equity in earnings of subsidiaries 176,178 — — (176,178 ) — (Benefit from) provision for income taxes (37,047 ) 85,765 4,670 — 53,388 Income (loss) from continuing operations 111,476 138,653 37,414 (176,178 ) 111,365 Income from discontinued operations, net of income taxes — 111 — — 111 Net income (loss) 111,476 138,764 37,414 (176,178 ) 111,476 Net loss attributable to noncontrolling interests — — 1,078 — 1,078 Net income attributable to Acadia Healthcare Company, Inc. $ 111,476 $ 138,764 $ 38,492 $ (176,178 ) $ 112,554 Other comprehensive income: Foreign currency translation gain — — (40,103 ) — (40,103 ) Pension liability adjustment, net — — 3,826 — 3,826 Other comprehensive income — — (36,277 ) — (36,277 ) Comprehensive income (loss) $ 111,476 $ 138,764 $ 2,215 $ (176,178 ) $ 76,277 Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Comprehensive Income Year Ended December 31, 2014 (In thousands) Parent Combined Combined Consolidating Total 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 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 Cash Flows Year Ended December 31, 2015 (In thousands) Parent Combined Combined Consolidating Total Operating activities: Net income (loss) $ 111,476 $ 138,764 $ 37,414 $ (176,178 ) $ 111,476 Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: Equity in earnings of subsidiaries (176,178 ) — — 176,178 — Depreciation and amortization — 41,768 21,782 — 63,550 Amortization of debt issuance costs 7,147 — (438 ) — 6,709 Equity-based compensation expense 20,472 — — — 20,472 Deferred income tax (benefit) expense 617 42,246 750 — 43,613 Loss from discontinued operations, net of taxes — (111 ) — — (111 ) Debt extinguishment costs 10,818 — — — 10,818 Loss (gain) on foreign currency derivatives 1,926 — — — 1,926 Other — 1,582 33 — 1,615 Change in operating assets and liabilities, net of effect of acquisitions: Accounts receivable, net — (18,632 ) (6,322 ) — (24,954 ) Other current assets — (1,152 ) (1,565 ) — (2,717 ) Other assets (1,100 ) (8,567 ) 546 1,100 (8,021 ) Accounts payable and other accrued liabilities — (7,583 ) 14,451 — 6,868 Accrued salaries and benefits — 312 1,346 — 1,658 Other liabilities — 9,350 (114 ) — 9,236 Net cash (used in) provided by continuing operating activities (24,822 ) 197,977 67,883 1,100 242,138 Net cash provided by discontinued operating activities — (1,735 ) — — (1,735 ) Net cash (used in) provided by operating activities (24,822 ) 196,242 67,883 1,100 240,403 Investing activities: Cash paid for acquisitions, net of cash acquired — (254,848 ) (319,929 ) — (574,777 ) Cash paid for capital expenditures — (172,329 ) (103,718 ) — (276,047 ) Cash paid for real estate acquisitions — (25,293 ) (1,329 ) — (26,622 ) Settlement of foreign currency derivatives — (1,926 ) — — (1,926 ) Other — (5,099 ) — — (5,099 ) Net cash used in investing activities — (459,495 ) (424,976 ) — (884,471 ) Financing activities: Borrowings on long-term debt 1,150,000 — — — 1,150,000 Borrowings on revolving credit facility 468,000 — — — 468,000 Principal payments on revolving credit facility (310,000 ) — — — (310,000 ) Principal payments on long-term debt (31,965 ) — (1,315 ) 1,315 (31,965 ) Repayment of assumed CRC debt (904,467 ) — — — (904,467 ) Repayments of senior notes (97,500 ) — — — (97,500 ) Payment of debt issuance costs (26,421 ) — — — (26,421 ) Payment of premium on senior notes (7,480 ) — — — (7,480 ) Issuance of Common Stock — 331,308 — — 331,308 Common stock withheld for minimum statutory taxes, net (7,762 ) — — — (7,762 ) Excess tax benefit from equity awards 309 — — — 309 Other — (420 ) — — (420 ) Cash provided by (used in) intercompany activity (207,892 ) (139,974 ) 350,281 (2,415 ) — Net cash provided by (used in) financing activities 24,822 190,914 348,966 (1,100 ) 563,602 Effect of exchange rate changes on cash — (2,359 ) — — (2,359 ) Net (decrease) increase in cash and cash equivalents — (74,698 ) (8,217 ) — (82,825 ) Cash and cash equivalents at beginning of the period — 76,685 17,355 — 94,040 Cash and cash equivalents at end of the period $ — $ 1,987 $ 9,228 $ — $ 11,215 Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2014 (In thousands) Parent Combined Combined Consolidating Total 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 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 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
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) the NHS (including Local Authorities) 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, 2015 2014 2013 Commercial 23.1 % 23.0 % 24.9 % Medicare 11.7 19.4 21.5 Medicaid 33.3 38.3 48.0 NHS 19.5 14.5 — Self-Pay 9.6 2.5 3.4 Other 2.8 2.3 2.2 Revenue 100 % 100 % 100 % On a combined basis, revenue related to the Medicare and Medicaid programs were 45%, 58% and 70% of all revenue before provision for doubtful accounts for the years ended December 31, 2015, 2014 and 2013, 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 20% of its revenue for the year ended December 31, 2015 from facilities located in the United Kingdom, approximately 15% and 12% of its revenue from facilities located in the United Kingdom and Arkansas, respectively, for the year ended December 31, 2014 and approximately 17% of its revenue from facilities located in Arkansas 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 $4.2 million and $1.9 million at December 31, 2015 and 2014, respectively, and were included in other current assets in the consolidated balance sheets. Management believes that these receivables 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 $1.9 million, $0.3 million and $0.2 million for the years ended December 31, 2015, 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 establishes 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 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 Year ended December 31, 2015 22,449 35,127 (28,244 ) 29,332 |
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 $4.6 million, $2.5 million and $2.6 million for the years ended December 31, 2015, 2014 and 2013, 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 $1,000,000 self-insured retention with an insured excess limit of $50 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. 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 $41.9 million as of December 31, 2015, of which $10.5 million was included in other accrued liabilities and $31.4 million was included in other long-term liabilities. 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 Company estimates receivables for the portion of professional and general liability reserves that are recoverable under the Company’s insurance policies. Such receivable was $21.3 million as of December 31, 2015, of which $5.3 million was included in other current assets and $16.0 million was included in other assets, and 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. The Company’s statutory workers’ compensation program is fully insured with a $500,000 deductible per accident. The workers’ compensation liability was $14.7 million as of December 31, 2015, of which $7.5 million was included in accrued salaries and benefits and $7.2 million was included in other long-term liabilities, and such 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. 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 50 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 $63.0 million, $32.1 million and $16.3 million for the years ended December 31, 2015, 2014 and 2013, 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 2015, 2014 and 2013 resulted in no impairment charges. |
Other Current Assets | Other Current Assets Other current assets consisted of the following (in thousands): As of December 31, 2015 2014 Prepaid expenses $ 21,817 $ 11,746 Other receivables 17,518 12,713 Insurance receivable – current portion 5,290 3,500 Workers’ compensation deposits – current portion 7,500 4,800 Income taxes receivable 6,540 3,399 Inventory 4,681 3,249 Other 3,549 2,163 Other current assets $ 66,895 $ 41,570 |
Other Accrued Liabilities | Other Accrued Liabilities Other accrued liabilities consisted of the following (in thousands): As of December 31, 2015 2014 Accrued interest $ 26,132 $ 13,013 Insurance liability – current portion 10,490 4,239 Other current liabilities 7,499 725 Income taxes payable 7,367 148 Contingent consideration 667 3,000 Accrued property taxes 2,951 2,069 Other 17,700 7,762 Other accrued liabilities $ 72,806 $ 30,956 |
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 |
Earnings Per Share | Earnings Per Share Basic and diluted earnings per share are calculated in accordance with FASB ASC 260, “ 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 November 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2015-17, “Balance Sheet Classification of Deferred Taxes” In September 2015, the FASB issued ASU 2015-16, “Business Combinations (Subtopic 805-10)” In April 2015, the FASB issued ASU 2015-03, “Interest-Imputation of Interest (Subtopic 835-30)” In May 2014, the FASB and the International Accounting Standards Board issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Commercial 23.1 % 23.0 % 24.9 % Medicare 11.7 19.4 21.5 Medicaid 33.3 38.3 48.0 NHS 19.5 14.5 — Self-Pay 9.6 2.5 3.4 Other 2.8 2.3 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 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 Year ended December 31, 2015 22,449 35,127 (28,244 ) 29,332 |
Other Current Assets | Other current assets consisted of the following (in thousands): As of December 31, 2015 2014 Prepaid expenses $ 21,817 $ 11,746 Other receivables 17,518 12,713 Insurance receivable – current portion 5,290 3,500 Workers’ compensation deposits – current portion 7,500 4,800 Income taxes receivable 6,540 3,399 Inventory 4,681 3,249 Other 3,549 2,163 Other current assets $ 66,895 $ 41,570 |
Summary of Other Accrued Liabilities | Other accrued liabilities consisted of the following (in thousands): As of December 31, 2015 2014 Accrued interest $ 26,132 $ 13,013 Insurance liability – current portion 10,490 4,239 Other current liabilities 7,499 725 Income taxes payable 7,367 148 Contingent consideration 667 3,000 Accrued property taxes 2,951 2,069 Other 17,700 7,762 Other accrued liabilities $ 72,806 $ 30,956 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015, 2014 and 2013 (in thousands except per share amounts): Year Ended December 31, 2015 2014 2013 Numerator: Basic and diluted earnings (loss) per share attributable to Acadia Healthcare Company, Inc.: Income from continuing operations $ 112,443 $ 83,232 $ 43,270 Income (loss) from discontinued operation 111 (192 ) (691 ) Net income attributable to Acadia Healthcare Company, Inc. $ 112,554 $ 83,040 $ 42,579 Denominator: Weighted average shares outstanding for basic earnings per share 68,085 55,063 50,004 Effects of dilutive instruments 306 264 257 Shares used in computing diluted earnings per common share 68,391 55,327 50,261 Basic earnings (loss) per share attributable to Acadia Healthcare Company, Inc.: Income from continuing operations $ 1.65 $ 1.51 $ 0.87 Loss from discontinued operations — — (0.02 ) Net income attributable to Acadia Healthcare Company, Inc.: $ 1.65 $ 1.51 $ 0.85 Diluted earnings (loss) per share attributable to Acadia Healthcare Company, Inc.: Income from continuing operations $ 1.64 $ 1.50 $ 0.86 Loss from discontinued operations — — (0.01 ) Net income attributable to Acadia Healthcare Company, Inc.: $ 1.64 $ 1.50 $ 0.85 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Preliminary Fair Values of Assets Acquired and Liabilities Assumed at Corresponding Acquisition Date | The fair values of assets acquired and liabilities assumed during 2014, at the corresponding acquisition dates, 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 8,828 169 8,997 Property and equipment 610,477 27,203 637,680 Goodwill 92,959 32,232 125,191 Intangible assets 651 204 855 Other assets 6,897 3,240 10,137 Total assets acquired 739,170 64,897 804,067 Accounts payable 3,958 93 4,051 Accrued salaries and benefits 10,422 — 10,422 Other accrued expenses 7,166 1,014 8,180 Deferred tax liabilities – noncurrent 21,369 — 21,369 Other liabilities 7,704 — 7,704 Total liabilities assumed 50,619 1,107 51,726 Net assets acquired $ 688,551 $ 63,790 $ 752,341 |
Transaction Related Expenses as Incurred | Transaction-related expenses comprised the following costs for the years ended December 31, 2015, 2014 and 2013 (in thousands): Year Ended December 31, 2015 2014 2013 Advisory and financing commitment fees $ 10,337 $ — $ — Legal, accounting and other fees 17,768 12,836 5,535 Severance and contract termination costs 8,466 814 1,615 $ 36,571 $ 13,650 $ 7,150 |
Pro Forma Financial Information for Acquisitions Occurred | The following table provides certain pro forma financial information for the Company as if the 2014 and 2015 Acquisitions and the Priory acquisition occurred as of January 1, 2014 (in thousands): Year Ended December 31, 2015 2014 Revenue $ 2,851,695 $ 2,731,176 Income from continuing operations, before income taxes $ 91,383 $ 76,491 |
CRC Health Group Inc and Other Acquisitions [Member] | |
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, 2015 in connection with 2015 acquisitions were as follows (in thousands): CRC Other Total Cash $ 19,599 $ 5,417 $ 25,016 Accounts receivable 47,018 27,191 74,209 Prepaid expenses and other current assets 11,979 2,957 14,936 Property and equipment 137,555 273,143 410,698 Goodwill 1,042,521 313,680 1,356,201 Intangible assets 37,000 204 37,204 Deferred tax asset-noncurrent 88,857 — 88,857 Other assets 6,478 51 6,529 Total assets acquired 1,391,007 622,643 2,013,650 Accounts payable 4,740 4,477 9,217 Accrued salaries and benefits 14,827 3,687 18,514 Other accrued expenses 38,677 5,291 43,968 Deferred tax liabilities – noncurrent — 13,619 13,619 Debt 904,467 — 904,467 Other liabilities 34,720 10 34,730 Total liabilities assumed 997,431 27,084 1,024,515 Redeemable noncontrolling interests — 9,132 9,132 Net assets acquired $ 393,576 $ 586,427 $ 980,003 |
Priory [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 Priory acquisition are estimated as follows (in thousands). As the acquisition was recently completed on February 16, 2016, these amounts have been estimated on a preliminary basis and are subject to change as the acquisition method of accounting is finalized. Cash $ 23,000 Accounts receivable 62,000 Prepaid expenses and other current assets 15,000 Property and equipment 1,582,000 Goodwill 554,500 Intangible assets 37,500 Deferred tax assets - noncurrent 31,000 Total assets acquired 2,305,000 Accounts payable 82,000 Accrued salaries and benefits 26,000 Other accrued expenses 6,000 Long-term debt 1,348,400 Other liabilities 35,000 Total liabilities assumed 1,497,400 Net assets acquired $ 807,600 |
Other Intangible Assets (Tables
Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 (in thousands): Gross Carrying Amount Accumulated Amortization December 31, December 31, December 31, December 31, Intangible assets subject to amortization: Contract intangible assets $ 2,100 $ 2,100 $ (1,750 ) $ (1,330 ) Non-compete agreements 1,247 1,247 (1,247 ) (1,155 ) 3,347 3,347 (2,997 ) (2,485 ) Intangible assets not subject to amortization: Licenses and accreditations 11,479 9,184 — — Trade names 37,800 3,000 — — Certificates of need 9,946 8,590 — — 59,225 20,774 — — Total $ 62,572 $ 24,121 $ (2,997 ) $ (2,485 ) |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Revenue $ — $ — $ — Net income (loss) from discontinued operations, net of income taxes $ 111 $ (192 ) $ (691 ) |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Components of Long-Term Debt | Long-term debt consisted of the following (in thousands): December 31, 2015 December 31, 2014 Amended and Restated Senior Credit Facility: Senior Secured Term A Loans $ 500,750 $ 527,500 Senior Secured Term B Loans 495,000 — Senior Secured Revolving Line of Credit 158,000 — 12.875% Senior Notes due 2018 — 97,500 6.125% Senior Notes due 2021 150,000 150,000 5.125% Senior Notes due 2022 300,000 300,000 5.625% Senior Notes due 2023 650,000 — 9.0% and 9.5% Revenue Bonds 22,410 22,625 Less: unamortized debt issuance costs, discount and premium (35,416 ) (17,990 ) 2,240,744 1,079,635 Less: current portion (45,360 ) (26,965 ) Long-term debt $ 2,195,384 $ 1,052,670 |
Summary of Aggregate Maturities of Long-Term Debt | The aggregate maturities of long-term debt as of December 31, 2015 were as follows (in thousands): 2016 $ 45,360 2017 58,755 2018 72,155 2019 345,555 2020 5,330 Thereafter 1,749,005 Total $ 2,276,160 |
Priory [Member] | |
Summary of Aggregate Maturities of Long-Term Debt | The aggregate maturities of the long-term debt following the acquisition of Priory on February 16, 2016 were as follows (in thousands): 2016 $ 65,035 2017 81,805 2018 98,580 2019 449,605 2020 14,880 Thereafter 2,903,255 Total $ 3,613,160 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Option Activity | Stock option activity during 2014 and 2015 was as follows (aggregate intrinsic value in thousands): Number of Weighted Weighted Aggregate Options outstanding at January 1, 2014 798,809 $ 21.93 8.20 $ 10,700 Options granted 226,663 49.80 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 granted 204,700 63.07 9.21 1,724 Options exercised (214,079 ) 42.75 N/A 9,890 Options cancelled (33,300 ) 46.53 N/A N/A Options outstanding at December 31, 2015 694,743 $ 42.87 7.70 $ 20,717 Options exercisable at December 31, 2014 91,947 $ 28.87 6.30 $ 3,326 Options exercisable at December 31, 2015 106,330 $ 36.41 5.83 $ 4,968 |
Restricted Stock Activity | Restricted stock activity during 2014 and 2015 was as follows: Number of Weighted Grant-Date Unvested at January 1, 2014 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 Granted 503,052 62.67 Cancelled (44,900 ) 49.55 Vested (235,618 ) 34.93 Unvested at December 31, 2015 944,562 $ 52.74 |
Restricted Stock Unit Activity | Restricted stock unit activity during 2014 and 2015 was as follows: Number of Weighted Grant-Date Unvested at January 1, 2014 95,751 $ 23.05 Granted 108,449 50.75 Cancelled — — Vested (79,087 ) 21.81 Unvested at December 31, 2014 125,113 $ 38.73 Granted 217,994 61.77 Cancelled — — Vested (125,023 ) 32.38 Unvested at December 31, 2015 218,084 $ 56.97 |
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, 2015 and 2014: December 31, 2015 December 31, 2014 Weighted average grant-date fair value of options $ 21.78 $ 17.14 Risk-free interest rate 1.5 % 1.7 % Expected volatility 35 % 36 % Expected life (in years) 5.5 5.5 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Current: Federal $ (218 ) $ 30,834 $ 13,202 State 4,078 3,959 2,513 Foreign 5,915 914 177 Total current 9,775 35,707 15,892 Deferred: Federal 40,635 2,667 7,802 State 5,349 353 1,786 Foreign (2,371 ) 4,195 495 Total deferred provision 43,613 7,215 10,083 Provision for (benefit from) income taxes $ 53,388 $ 42,922 $ 25,975 |
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, 2015 2014 2013 Continuing operations $ 53,388 $ 42,922 $ 25,975 Discontinued operations (88 ) (22 ) (544 ) Total $ 53,300 $ 42,900 $ 25,431 |
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, 2015 2014 2013 U.S. federal statutory rate on income before income taxes 35.0 % 35.0 % 35.0 % Impact of foreign operations (1) (10.0 ) (4.2 ) (0.3 ) State income taxes, net of federal tax effect 4.8 2.3 4.9 Permanent differences 4.2 1.1 0.8 Change in valuation allowance 1.2 (0.1 ) (0.3 ) Other (2.8 ) (0.1 ) (2.6 ) Effective income tax rate 32.4 % 34.0 % 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%, the benefit of some income being partially exempt from income taxes due to various operating and financing activities and certain asset basis changes. |
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, 2015 and December 31, 2014 were as follows (in thousands): December 31, 2015 2014 Deferred tax assets: Net operating losses and tax credit carryforwards – federal and state $ 47,695 $ 5,082 Bad debt allowance 14,050 9,028 Accrued compensation and severance 20,150 11,517 Pension reserves 536 1,975 Insurance reserves 15,449 4,621 Leases 2,675 850 Accrued expenses 5,324 41 Other assets 3,551 1,989 Total gross deferred tax assets 109,430 35,103 Less: valuation allowance (16,571 ) (4,734 ) Deferred tax assets 92,859 30,369 Deferred tax liabilities: Fixed asset basis difference (11,392 ) (38,147 ) Prepaid items (3,113 ) (1,705 ) Intangible assets (48,918 ) (21,094 ) Other liabilities (4,258 ) (7 ) Total deferred tax liabilities (67,681 ) (60,953 ) Total net deferred tax asset (liability) $ 25,178 $ (30,584 ) |
Unrecognized Income Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized income tax benefits is as follows (in thousands): 2015 2014 2013 Balance at January 1 $ 2,923 $ 1,893 $ 1,195 Additions based on tax positions related to the current year 1,516 — 321 Additions for tax positions of prior years 2,874 1,030 377 Reductions as a result of the lapse of applicable statutes of limitations (2,802 ) — — Balance at December 31 $ 4,511 $ 2,923 $ 1,893 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 5.625% Senior Notes, 9.0% and 9.5% Revenue Bonds and contingent consideration liability as of December 31, 2015 and 2014 were as follows (in thousands): Carrying Amount Fair Value December 31, December 31, 2015 2014 2015 2014 Amended and Restated Senior Credit Facility $ 977,861 $ 525,576 $ 977,861 $ 525,576 12.875% Senior Notes due 2018 $ — $ 96,420 $ — $ 109,688 6.125% Senior Notes due 2021 $ 147,082 $ 150,000 $ 149,288 $ 153,000 5.125% Senior Notes due 2022 $ 294,749 $ 300,000 $ 275,590 $ 295,500 5.625% Senior Notes due 2023 $ 639,431 $ — $ 604,262 $ — 9.0% and 9.5% Revenue Bonds $ 23,621 $ 24,274 $ 23,621 $ 24,274 Contingent consideration liabilities $ 667 $ 3,000 $ 667 $ 3,000 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 (in thousands): 2016 $ 29,229 2017 23,675 2018 18,513 2019 14,220 2020 11,047 Thereafter 56,522 Total minimum rental obligations $ 153,206 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Reconciliation of Segment EBITDA to Income from Continuing Operations | 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, 2015 2014 2013 Revenue: U.S. Facilities $ 1,426,205 $ 850,625 $ 710,695 U.K. Facilities 360,698 151,127 — Corporate and Other 7,589 2,849 2,713 $ 1,794,492 $ 1,004,601 $ 713,408 Segment EBITDA (1): U.S. Facilities $ 377,587 $ 209,668 $ 172,625 U.K. Facilities 90,035 39,832 — Corporate and Other (62,790 ) (34,012 ) (27,291 ) $ 404,832 $ 215,488 $ 145,334 Year Ended December 31, 2015 2014 2013 Segment EBITDA (1) $ 404,832 $ 215,488 $ 145,334 Plus (less): Equity-based compensation expense (20,472 ) (10,058 ) (5,249 ) (Loss) gain on foreign currency derivatives (1,926 ) 15,262 — Debt extinguishment costs (10,818 ) — (9,350 ) Transaction-related expenses (36,571 ) (13,650 ) (7,150 ) Interest expense, net (106,742 ) (48,221 ) (37,250 ) Depreciation and amortization (63,550 ) (32,667 ) (17,090 ) Income from continuing operations before income taxes $ 164,753 $ 126,154 $ 69,245 (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. |
Summary of Assets by Operating Segment | December 31, 2015 2014 Assets (2): U.S. Facilities $ 3,061,519 $ 1,327,563 U.K. Facilities 1,045,922 726,693 Corporate and Other 171,767 152,699 $ 4,279,208 $ 2,206,955 (2) Assets include property and equipment for the U.S. Facilities of $832.2 million, U.K. Facilities of $824.4 million and corporate and other of $52.4 million at December 31, 2015. 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. |
Goodwill [Member] | |
Summary of Assets by Operating Segment | U.S. Facilities U.K. Facilities Corporate and Consolidated Goodwill: Balance at January 1, 2015 $ 693,945 $ 109,041 $ — $ 802,986 Increase from 2015 acquisitions 1,247,647 108,554 — 1,356,201 Foreign currency translation loss — (3,848 ) — (3,848 ) Other 281 (27,405 ) — (27,124 ) Balance at December 31, 2015 $ 1,941,873 $ 186,342 $ — $ 2,128,215 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Summary of Funded Status (Unfunded Liability) of Partnerships in Care Pension Plan Based Upon Actuarial Valuations | The following table summarizes the funded status (unfunded liability) of the Partnerships in Care Pension Plan based upon actuarial valuations prepared as of December 31, 2015 and 2014 (in thousands): 2015 2014 Projected benefit obligation $ 58,107 $ 66,910 Fair value of plan assets 55,286 57,356 Funded status (unfunded liability) $ 2,821 $ 9,554 |
Summary of Changes in Partnerships in Care Pension Plan Net Pension Liability | The following table summarizes changes in the Partnerships in Care Pension Plan net pension liability as of December 31, 2015 and 2014 (in thousands): 2015 2014 Net pension liability at beginning of period $ 9,554 $ 7,602 Employer contributions (1,217 ) (825 ) Net pension (benefit) expense (419 ) 729 Pension liability adjustment (4,661 ) 2,758 Foreign currency translation loss (436 ) (710 ) Net pension liability at end of period $ 2,821 $ 9,554 |
Summary of Assumptions Used to Determine Plan Benefit obligation | The following assumptions were used to determine the plan benefit obligation: Discount rate 3.8 % 3.6 % Compensation increase rate — % 3.4 % Measurement date December 31, 2015 December 31, 2014 Assumptions used to determine the net periodic pension plan expense for the year ended December 31, 2015 and the six months ended December 31, 2014 were as follows: 2015 2014 Discount rate 3.8 % 3.6 % Expected long-term rate of return on plan assets 3.8 % 4.3 % |
Summary of Components of Net Pension Plan Expense | A summary of the components of net pension plan expense for the year ended December 31, 2015 and the six months ended December 31, 2014 is as follows (in thousands): 2015 2014 Interest cost on projected benefit obligation $ 2,369 $ 1,389 Service cost on projected benefit obligation (616 ) 545 Curtailments on projected benefit obligation (1,373 ) — Expected return on assets (2,031 ) (1,205 ) Total pension plan (benefit) expense $ (419 ) $ 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, 2015 and 2014 were as follows: December 31, 2015 December 31, 2014 Cash and cash equivalents 1.7 % 1.3 % United Kingdom government obligation 3.8 % 16.1 % Annuity contracts 46.5 % — % Equity securities 35.7 % 43.6 % Debt securities 8.5 % 34.1 % Other 3.8 % 4.9 % |
Quarterly Information (Unaudi42
Quarterly Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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) 2015: Revenue $ 365,783 $ 453,660 $ 479,730 $ 495,319 Income from continuing operations before income taxes $ 21,205 $ 49,355 $ 41,645 (1) $ 52,518 Net income attributable to Acadia Healthcare Company, Inc. stockholders $ 14,594 $ 33,844 $ 29,550 (1) $ 34,566 Basic earnings per share attributable to Acadia Healthcare Company, Inc. stockholders $ 0.23 $ 0.50 $ 0.42 (1) $ 0.49 Diluted earnings per share attributable to Acadia Healthcare Company, Inc. stockholders $ 0.23 $ 0.49 $ 0.42 (1) $ 0.49 2014: Revenue $ 201,418 $ 213,803 $ 294,479 $ 294,901 Income from continuing operations before income taxes $ 20,796 $ 37,362 (2) $ 33,156 (2) $ 34,840 Net income attributable to Acadia Healthcare Company, Inc. stockholders $ 13,058 $ 22,451 (2) $ 25,402 (2) $ 22,129 Basic earnings per share attributable to Acadia Healthcare Company, Inc. stockholders $ 0.26 $ 0.43 (2) $ 0.43 (2) $ 0.38 Diluted earnings per share attributable to Acadia Healthcare Company, Inc. stockholders $ 0.26 $ 0.43 (2) $ 0.43 (2) $ 0.37 (1) Includes debt extinguishment costs of $10.0 million, or $6.8 million net of taxes, in connection with the redemption of $88.3 million of the 12.875% Senior Notes on September 21, 2015. On November 1, 2015, the Company redeemed all of the outstanding $9.2 million principal amount of the 12.875% Senior Notes and incurred additional debt extinguishment cost of $0.8 million. (2) 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. |
Financial Information for the43
Financial Information for the Company and Its Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Condensed Consolidating Balance Sheets | Acadia Healthcare Company, Inc. Condensed Consolidating Balance Sheets December 31, 2015 (In thousands) Parent Combined Combined Consolidating Total Current assets: Cash and cash equivalents $ — $ 1,987 $ 9,228 $ — $ 11,215 Accounts receivable, net — 187,546 29,080 — 216,626 Deferred tax assets — — — — — Other current assets — 57,968 8,927 — 66,895 Total current assets — 247,501 47,235 — 294,736 Property and equipment, net — 805,439 903,614 — 1,709,053 Goodwill — 1,835,339 292,876 — 2,128,215 Intangible assets, net — 57,024 2,551 — 59,575 Deferred tax assets – noncurrent 3,946 40,587 4,581 — 49,114 Investment in subsidiaries 1,323,069 — — (1,323,069 ) — Other assets 427,270 32,947 2,322 (424,024 ) 38,515 Total assets $ 1,754,285 $ 3,018,837 $ 1,253,179 $ (1,747,093 ) $ 4,279,208 Current liabilities: Current portion of long-term debt $ 45,125 $ — $ 235 $ — $ 45,360 Accounts payable — 75,015 16,326 — 91,341 Accrued salaries and benefits — 66,249 14,447 — 80,696 Other accrued liabilities 26,132 10,886 35,788 — 72,806 Total current liabilities 71,257 152,150 66,796 — 290,203 Long-term debt — 2,171,998 447,410 (424,024 ) 2,195,384 Deferred tax liabilities – noncurrent — — 23,936 — 23,936 Other liabilities — 75,159 3,443 — 78,602 Total liabilities 71,257 2,399,307 541,585 — 2,588,125 Redeemable noncontrolling interests — — 8,055 — 8,055 Total equity 1,683,028 619,530 703,539 (1,323,069 ) 1,683,028 Total liabilities and equity $ 1,754,285 $ 3,018,837 $ 1,253,179 $ (1,747,093 ) $ 4,279,208 Acadia Healthcare Company, Inc. Condensed Consolidating Balance Sheets December 31, 2014 (In thousands) Parent Combined Combined Consolidating Total 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 186,073 18,727 2,323 (181,774 ) 25,349 Total assets $ 1,949,973 $ 1,318,264 $ 885,495 $ (1,946,777 ) $ 2,206,955 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 1,028,611 — 205,833 (181,774 ) 1,052,670 Deferred tax liabilities – noncurrent — 21,027 48,519 (5,666 ) 63,880 Other liabilities — 33,321 10,185 — 43,506 Total liabilities 1,069,008 149,119 295,303 (187,440 ) 1,325,990 Total equity 880,965 1,169,145 590,192 (1,759,337 ) 880,965 Total liabilities and equity $ 1,949,973 $ 1,318,264 $ 885,495 $ (1,946,777 ) $ 2,206,955 |
Summary of Condensed Consolidating Statement of Comprehensive Income | Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Comprehensive Income Year Ended December 31, 2015 (In thousands) Parent Combined Combined Consolidating Total Revenue before provision for doubtful accounts $ — $ 1,415,016 $ 414,603 $ — $ 1,829,619 Provision for doubtful accounts — (32,614 ) (2,513 ) — (35,127 ) Revenue — 1,382,402 412,090 — 1,794,492 Salaries, wages and benefits 20,472 726,215 227,045 — 973,732 Professional fees — 83,422 33,041 — 116,463 Supplies — 65,077 15,586 — 80,663 Rents and leases — 29,094 3,434 — 32,528 Other operating expenses — 170,018 36,728 — 206,746 Depreciation and amortization — 41,768 21,782 — 63,550 Interest expense, net 68,533 17,476 20,733 — 106,742 Debt extinguishment costs 10,818 — — — 10,818 Loss on foreign currency derivatives 1,926 — — — 1,926 Transaction-related expenses — 24,914 11,657 — 36,571 Total expenses 101,749 1,157,984 370,006 — 1,629,739 (Loss) income from continuing operations before income taxes (101,749 ) 224,418 42,084 — 164,753 Equity in earnings of subsidiaries 176,178 — — (176,178 ) — (Benefit from) provision for income taxes (37,047 ) 85,765 4,670 — 53,388 Income (loss) from continuing operations 111,476 138,653 37,414 (176,178 ) 111,365 Income from discontinued operations, net of income taxes — 111 — — 111 Net income (loss) 111,476 138,764 37,414 (176,178 ) 111,476 Net loss attributable to noncontrolling interests — — 1,078 — 1,078 Net income attributable to Acadia Healthcare Company, Inc. $ 111,476 $ 138,764 $ 38,492 $ (176,178 ) $ 112,554 Other comprehensive income: Foreign currency translation gain — — (40,103 ) — (40,103 ) Pension liability adjustment, net — — 3,826 — 3,826 Other comprehensive income — — (36,277 ) — (36,277 ) Comprehensive income (loss) $ 111,476 $ 138,764 $ 2,215 $ (176,178 ) $ 76,277 Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Comprehensive Income Year Ended December 31, 2014 (In thousands) Parent Combined Combined Consolidating Total 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 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 |
Summary of Condensed Consolidating Statement of Cash Flows | Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2015 (In thousands) Parent Combined Combined Consolidating Total Operating activities: Net income (loss) $ 111,476 $ 138,764 $ 37,414 $ (176,178 ) $ 111,476 Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: Equity in earnings of subsidiaries (176,178 ) — — 176,178 — Depreciation and amortization — 41,768 21,782 — 63,550 Amortization of debt issuance costs 7,147 — (438 ) — 6,709 Equity-based compensation expense 20,472 — — — 20,472 Deferred income tax (benefit) expense 617 42,246 750 — 43,613 Loss from discontinued operations, net of taxes — (111 ) — — (111 ) Debt extinguishment costs 10,818 — — — 10,818 Loss (gain) on foreign currency derivatives 1,926 — — — 1,926 Other — 1,582 33 — 1,615 Change in operating assets and liabilities, net of effect of acquisitions: Accounts receivable, net — (18,632 ) (6,322 ) — (24,954 ) Other current assets — (1,152 ) (1,565 ) — (2,717 ) Other assets (1,100 ) (8,567 ) 546 1,100 (8,021 ) Accounts payable and other accrued liabilities — (7,583 ) 14,451 — 6,868 Accrued salaries and benefits — 312 1,346 — 1,658 Other liabilities — 9,350 (114 ) — 9,236 Net cash (used in) provided by continuing operating activities (24,822 ) 197,977 67,883 1,100 242,138 Net cash provided by discontinued operating activities — (1,735 ) — — (1,735 ) Net cash (used in) provided by operating activities (24,822 ) 196,242 67,883 1,100 240,403 Investing activities: Cash paid for acquisitions, net of cash acquired — (254,848 ) (319,929 ) — (574,777 ) Cash paid for capital expenditures — (172,329 ) (103,718 ) — (276,047 ) Cash paid for real estate acquisitions — (25,293 ) (1,329 ) — (26,622 ) Settlement of foreign currency derivatives — (1,926 ) — — (1,926 ) Other — (5,099 ) — — (5,099 ) Net cash used in investing activities — (459,495 ) (424,976 ) — (884,471 ) Financing activities: Borrowings on long-term debt 1,150,000 — — — 1,150,000 Borrowings on revolving credit facility 468,000 — — — 468,000 Principal payments on revolving credit facility (310,000 ) — — — (310,000 ) Principal payments on long-term debt (31,965 ) — (1,315 ) 1,315 (31,965 ) Repayment of assumed CRC debt (904,467 ) — — — (904,467 ) Repayments of senior notes (97,500 ) — — — (97,500 ) Payment of debt issuance costs (26,421 ) — — — (26,421 ) Payment of premium on senior notes (7,480 ) — — — (7,480 ) Issuance of Common Stock — 331,308 — — 331,308 Common stock withheld for minimum statutory taxes, net (7,762 ) — — — (7,762 ) Excess tax benefit from equity awards 309 — — — 309 Other — (420 ) — — (420 ) Cash provided by (used in) intercompany activity (207,892 ) (139,974 ) 350,281 (2,415 ) — Net cash provided by (used in) financing activities 24,822 190,914 348,966 (1,100 ) 563,602 Effect of exchange rate changes on cash — (2,359 ) — — (2,359 ) Net (decrease) increase in cash and cash equivalents — (74,698 ) (8,217 ) — (82,825 ) Cash and cash equivalents at beginning of the period — 76,685 17,355 — 94,040 Cash and cash equivalents at end of the period $ — $ 1,987 $ 9,228 $ — $ 11,215 Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2014 (In thousands) Parent Combined Combined Consolidating Total 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 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 |
Description of Business and B44
Description of Business and Basis of Presentation - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)BedsStateFacilities | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Accounting Policies [Abstract] | |||
Number of facilities | Facilities | 258 | ||
Number of beds | Beds | 9,900 | ||
Number of operating states | State | 39 | ||
General and administrative expenses | $ | $ 68.3 | $ 36.9 | $ 29 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies - Revenue by Payor Type as Percentage of Revenue (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | 23.10% | 23.00% | 24.90% |
Medicare [Member] | |||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | |||
Percentage of revenue | 11.70% | 19.40% | 21.50% |
Medicaid [Member] | |||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | |||
Percentage of revenue | 33.30% | 38.30% | 48.00% |
NHS [Member] | |||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | |||
Percentage of revenue | 19.50% | 14.50% | |
Self-Pay [Member] | |||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | |||
Percentage of revenue | 9.60% | 2.50% | 3.40% |
Other [Member] | |||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | |||
Percentage of revenue | 2.80% | 2.30% | 2.20% |
Summary of Significant Accoun46
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2015USD ($)Segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Summary Of Significant Policies [Line Items] | |||
Percentage of revenue | 100.00% | 100.00% | 100.00% |
Cost report receivables | $ 4,200,000 | $ 1,900,000 | |
Net adjustments to estimated cost report settlements resulted in increases to revenue | 1,900,000 | 300,000 | $ 200,000 |
Costs of providing charity care services | 4,600,000 | 2,500,000 | 2,600,000 |
Insurance claims in excess of self-insured retention | 1,000,000 | ||
Insured excess limit | 50,000,000 | ||
Professional and general liability reserve | 41,900,000 | 16,300,000 | |
Professional and general liability reserve current | 10,500,000 | 4,200,000 | |
Professional and general liability reserve noncurrent | 31,400,000 | 12,100,000 | |
Insurance receivable | 21,300,000 | 12,000,000 | |
Insurance receivable - current portion | 5,290,000 | 3,500,000 | |
Insurance receivable noncurrent | 16,000,000 | 8,500,000 | |
Workers compensation insurance claims deductible per accident | 500,000 | ||
Reserve for workers compensation liability | 14,700,000 | 8,400,000 | |
Accrued salaries and benefits | 7,500,000 | 4,800,000 | |
Other long-term liabilities | 7,200,000 | 3,600,000 | |
Depreciation expense | $ 63,000,000 | 32,100,000 | 16,300,000 |
Number of operating segment | Segment | 2 | ||
Number of reporting unit | Segment | 2 | ||
Intangible assets impairment charges | $ 0 | $ 0 | $ 0 |
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 | 50 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 | 20.00% | 15.00% | |
Arkansas [Member] | |||
Summary Of Significant Policies [Line Items] | |||
Percentage of revenue generated by facility | 12.00% | 17.00% | |
Medicare and Medicaid [Member] | |||
Summary Of Significant Policies [Line Items] | |||
Percentage of revenue | 45.00% | 58.00% | 70.00% |
Summary of Significant Accoun47
Summary of Significant Accounting Policies - Summary of Activity in Company's Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Receivables [Abstract] | |||
Balance at Beginning of Period | $ 22,449 | $ 18,345 | $ 7,484 |
Additions Charged to Costs and Expenses | 35,127 | 26,183 | 21,701 |
Accounts Written Off, Net of Recoveries | (28,244) | (22,079) | (10,840) |
Balance at End of Period | $ 29,332 | $ 22,449 | $ 18,345 |
Summary of Significant Accoun48
Summary of Significant Accounting Policies - Other Current Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 21,817 | $ 11,746 |
Other receivables | 17,518 | 12,713 |
Insurance receivable - current portion | 5,290 | 3,500 |
Workers' compensation deposits - current portion | 7,500 | 4,800 |
Income taxes receivable | 6,540 | 3,399 |
Inventory | 4,681 | 3,249 |
Other | 3,549 | 2,163 |
Other current assets | $ 66,895 | $ 41,570 |
Summary of Significant Accoun49
Summary of Significant Accounting Policies - Summary of Other Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Accrued interest | $ 26,132 | $ 13,013 |
Insurance liability - current portion | 10,490 | 4,239 |
Other current liabilities | 7,499 | 725 |
Income taxes payable | 7,367 | 148 |
Contingent consideration | 667 | 3,000 |
Accrued property taxes | 2,951 | 2,069 |
Other | 17,700 | 7,762 |
Other accrued liabilities | $ 72,806 | $ 30,956 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Basic and diluted earnings (loss) per share attributable to Acadia Healthcare Company, Inc.: | |||||||||||
Income from continuing operations | $ 112,443 | $ 83,232 | $ 43,270 | ||||||||
Income (loss) from discontinued operation | 111 | (192) | (691) | ||||||||
Net income attributable to Acadia Healthcare Company, Inc. | $ 34,566 | $ 29,550 | $ 33,844 | $ 14,594 | $ 22,129 | $ 25,402 | $ 22,451 | $ 13,058 | $ 112,554 | $ 83,040 | $ 42,579 |
Denominator: | |||||||||||
Weighted average shares outstanding for basic earnings per share | 68,085 | 55,063 | 50,004 | ||||||||
Effects of dilutive instruments | 306 | 264 | 257 | ||||||||
Shares used in computing diluted earnings per common share | 68,391 | 55,327 | 50,261 | ||||||||
Basic earnings (loss) per share attributable to Acadia Healthcare Company, Inc.: | |||||||||||
Income from continuing operations | $ 1.65 | $ 1.51 | $ 0.87 | ||||||||
Loss from discontinued operations | (0.02) | ||||||||||
Net income attributable to Acadia Healthcare Company, Inc.: | $ 0.49 | $ 0.42 | $ 0.50 | $ 0.23 | $ 0.38 | $ 0.43 | $ 0.43 | $ 0.26 | 1.65 | 1.51 | 0.85 |
Diluted earnings (loss) per share attributable to Acadia Healthcare Company, Inc.: | |||||||||||
Income from continuing operations | 1.64 | 1.50 | 0.86 | ||||||||
Loss from discontinued operations | (0.01) | ||||||||||
Net income attributable to Acadia Healthcare Company, Inc.: | $ 0.49 | $ 0.42 | $ 0.49 | $ 0.23 | $ 0.37 | $ 0.43 | $ 0.43 | $ 0.26 | $ 1.64 | $ 1.50 | $ 0.85 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Excluded common stock for computation of diluted earnings per share | 0.8 | 0.7 | 0.6 |
Acquisitions - US Acquisitions
Acquisitions - US Acquisitions - Additional Information (Detail) $ in Millions | Dec. 01, 2015USD ($)BedsFacility | Nov. 01, 2015USD ($)BedsStateCenter | Jul. 01, 2015USD ($)Beds | Mar. 01, 2015USD ($)Center | Feb. 11, 2015USD ($)BedsStateCenterFacilitiesshares | Dec. 31, 2015State | Aug. 31, 2015USD ($) |
Business Acquisition [Line Items] | |||||||
Number of operating states | State | 39 | ||||||
MMO Behavioral Health Systems [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of beds | Beds | 80 | ||||||
Business acquisition cash paid | $ 20.2 | ||||||
Number of facilities acquired | Facility | 2 | ||||||
Discovery House Group Inc [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition cash paid | $ 118.5 | ||||||
Number of facilities acquired | Center | 19 | ||||||
Number of operating states | State | 4 | ||||||
Duffys Napa Valley Rehab [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of beds | Beds | 61 | ||||||
Business acquisition cash paid | $ 29.6 | ||||||
Quality Addiction Management [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition cash paid | $ 54.8 | ||||||
Number of facilities acquired | Center | 7 | ||||||
CRC Health Group, Inc [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of facilities acquired | Center | 81 | ||||||
Number of operating states | State | 30 | ||||||
Total consideration related to acquisition | $ 1,300 | ||||||
Shares issued for acquisition | shares | 5,975,326 | ||||||
Outstanding indebtedness of CRC repaid | $ 904.5 | ||||||
Number of inpatient facilities | Facilities | 35 | ||||||
CRC Health Group, Inc [Member] | Minimum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of beds | Beds | 2,400 | ||||||
Massachusetts [Member] | Southcoast Behavioral [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Approximate value of noncontrolling interest | $ 9.2 | ||||||
Equity ownership interests percentage in the facility | 75.00% | ||||||
Percentage of noncontrolling interests in the facility | 25.00% | ||||||
Pennsylvania [Member] | Belmont Behavioral Health [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of beds | Beds | 147 | ||||||
Business acquisition cash paid | $ 38.2 | ||||||
Total consideration related to acquisition | 35 | ||||||
Estimated working capital settlement | $ 3.2 |
Acquisitions - UK Acquisitions
Acquisitions - UK Acquisitions - Additional Information (Detail) - United Kingdom [Member] $ in Millions | Nov. 01, 2015USD ($)Beds | Oct. 01, 2015USD ($)Beds | Sep. 01, 2015USD ($)BedsFacility | Jul. 01, 2015USD ($)Beds | Jun. 01, 2015USD ($)BedsFacility | Apr. 01, 2015USD ($)BedsFacility |
Care UK Limited [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition cash paid | $ | $ 88.2 | |||||
Number of beds | Beds | 299 | |||||
Number of facilities acquired | Facility | 15 | |||||
Choice Lifestyles [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition cash paid | $ | $ 25.9 | $ 37.5 | ||||
Number of beds | Beds | 42 | 48 | ||||
Number of facilities acquired | Facility | 1 | 2 | ||||
Pastoral Care Group [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition cash paid | $ | $ 34.2 | |||||
Number of beds | Beds | 65 | |||||
Number of facilities acquired | Facility | 2 | |||||
Mildmay Oaks [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition cash paid | $ | $ 14.9 | |||||
Number of beds | Beds | 67 | |||||
Cleveland House [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition cash paid | $ | $ 10.3 | |||||
Number of beds | Beds | 32 | |||||
Meadow View [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition cash paid | $ | $ 6.8 | |||||
Number of beds | Beds | 28 | |||||
Health and Social Care Partnerships [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition cash paid | $ | $ 26.2 | |||||
Number of beds | Beds | 50 | |||||
Number of facilities acquired | Facility | 2 | |||||
The Danshell Group [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition cash paid | $ | $ 59.8 | |||||
Number of beds | Beds | 73 | |||||
Number of facilities acquired | Facility | 3 | |||||
Manor Hall [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition cash paid | $ | $ 14 | |||||
Number of beds | Beds | 26 | |||||
The Manor Clinic [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition cash paid | $ | $ 5.9 | |||||
Number of beds | Beds | 15 |
Acquisitions - 2014 Acquisition
Acquisitions - 2014 Acquisitions - Additional Information (Detail) $ in Thousands | Dec. 31, 2014USD ($)Beds | Dec. 01, 2014USD ($)Beds | Sep. 03, 2014USD ($)Beds | Jul. 01, 2014USD ($)BedsFacilities | Jan. 01, 2014USD ($)Beds | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)Beds |
Business Acquisition [Line Items] | |||||||
Gain on foreign currency derivatives | $ (1,926) | $ 15,262 | |||||
Croxton [Member] | 2014 Acquisitions [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition cash paid | $ 15,600 | ||||||
Number of beds | Beds | 24 | ||||||
Skyway [Member] | 2014 Acquisitions [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition cash paid | $ 300 | ||||||
Number of beds | Beds | 28 | 28 | |||||
Acquisition completion date | Dec. 31, 2014 | ||||||
McCallum [Member] | 2014 Acquisitions [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition cash paid | $ 37,400 | ||||||
Number of beds | Beds | 85 | ||||||
Partnerships In Care [Member] | 2014 Acquisitions [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquisition completion date | Jul. 1, 2014 | ||||||
Number of inpatient psychiatric facilities | Facilities | 23 | ||||||
Total consideration related to acquisition | $ 661,700 | ||||||
Cash from consideration related to acquisition | 12,000 | ||||||
Gain on foreign currency derivatives | $ 15,300 | ||||||
Partnerships In Care [Member] | Minimum [Member] | 2014 Acquisitions [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of beds | Beds | 1,200 | ||||||
Pacific Grove [Member] | 2014 Acquisitions [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition cash paid | $ 10,500 | ||||||
Number of beds | Beds | 68 |
Acquisitions - Summary of Acqui
Acquisitions - Summary of Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||
Goodwill associated with domestic acquisitions | $ 2,128,215 | $ 802,986 |
Domestic Acquisitions in 2015 and 2014 [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill associated with domestic acquisitions | $ 326,100 | $ 326,100 |
Acquisitions - Summary of Acq56
Acquisitions - Summary of Acquisitions (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||
Goodwill | $ 2,128,215 | $ 802,986 |
2014 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Cash | 11,674 | |
Accounts receivable | 9,533 | |
Prepaid expenses and other current assets | 8,997 | |
Property and equipment | 637,680 | |
Goodwill | 125,191 | |
Intangible assets | 855 | |
Other assets | 10,137 | |
Total assets acquired | 804,067 | |
Accounts payable | 4,051 | |
Accrued salaries and benefits | 10,422 | |
Other accrued expenses | 8,180 | |
Deferred tax liabilities - noncurrent | 21,369 | |
Other liabilities | 7,704 | |
Total liabilities assumed | 51,726 | |
Net assets acquired | 752,341 | |
2015 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Cash | 25,016 | |
Accounts receivable | 74,209 | |
Prepaid expenses and other current assets | 14,936 | |
Property and equipment | 410,698 | |
Goodwill | 1,356,201 | |
Intangible assets | 37,204 | |
Deferred tax asset-noncurrent | 88,857 | |
Other assets | 6,529 | |
Total assets acquired | 2,013,650 | |
Accounts payable | 9,217 | |
Accrued salaries and benefits | 18,514 | |
Other accrued expenses | 43,968 | |
Deferred tax liabilities - noncurrent | 13,619 | |
Debt | 904,467 | |
Other liabilities | 34,730 | |
Total liabilities assumed | 1,024,515 | |
Redeemable noncontrolling interests | 9,132 | |
Net assets acquired | 980,003 | |
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 | 92,959 | |
Intangible assets | 651 | |
Other assets | 6,897 | |
Total assets acquired | 739,170 | |
Accounts payable | 3,958 | |
Accrued salaries and benefits | 10,422 | |
Other accrued expenses | 7,166 | |
Deferred tax liabilities - noncurrent | 21,369 | |
Other liabilities | 7,704 | |
Total liabilities assumed | 50,619 | |
Net assets acquired | 688,551 | |
Other [Member] | 2014 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Accounts receivable | 1,849 | |
Prepaid expenses and other current assets | 169 | |
Property and equipment | 27,203 | |
Goodwill | 32,232 | |
Intangible assets | 204 | |
Other assets | 3,240 | |
Total assets acquired | 64,897 | |
Accounts payable | 93 | |
Other accrued expenses | 1,014 | |
Total liabilities assumed | 1,107 | |
Net assets acquired | $ 63,790 | |
Other [Member] | 2015 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Cash | 5,417 | |
Accounts receivable | 27,191 | |
Prepaid expenses and other current assets | 2,957 | |
Property and equipment | 273,143 | |
Goodwill | 313,680 | |
Intangible assets | 204 | |
Other assets | 51 | |
Total assets acquired | 622,643 | |
Accounts payable | 4,477 | |
Accrued salaries and benefits | 3,687 | |
Other accrued expenses | 5,291 | |
Deferred tax liabilities - noncurrent | 13,619 | |
Other liabilities | 10 | |
Total liabilities assumed | 27,084 | |
Redeemable noncontrolling interests | 9,132 | |
Net assets acquired | 586,427 | |
CRC Health Group, Inc [Member] | 2015 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Cash | 19,599 | |
Accounts receivable | 47,018 | |
Prepaid expenses and other current assets | 11,979 | |
Property and equipment | 137,555 | |
Goodwill | 1,042,521 | |
Intangible assets | 37,000 | |
Deferred tax asset-noncurrent | 88,857 | |
Other assets | 6,478 | |
Total assets acquired | 1,391,007 | |
Accounts payable | 4,740 | |
Accrued salaries and benefits | 14,827 | |
Other accrued expenses | 38,677 | |
Debt | 904,467 | |
Other liabilities | 34,720 | |
Total liabilities assumed | 997,431 | |
Net assets acquired | $ 393,576 |
Acquisitions - Other (Detail)
Acquisitions - Other (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Combinations [Abstract] | |||
Advisory and financing commitment fees | $ 10,337 | ||
Legal, accounting and other fees | 17,768 | $ 12,836 | $ 5,535 |
Severance and contract termination costs | 8,466 | 814 | 1,615 |
Transaction-related expenses | $ 36,571 | $ 13,650 | $ 7,150 |
Acquisitions - Priory Acquisiti
Acquisitions - Priory Acquisition - Additional Information (Detail) - Subsequent Event [Member] - Priory [Member] $ in Billions | Feb. 16, 2016USD ($)shares |
Business Acquisition [Line Items] | |
Total consideration related to acquisition | $ 2.2 |
Business acquisition cash paid | $ 1.9 |
Shares issued for acquisition | shares | 4,033,561 |
Acquisitions - Priory Acquisi59
Acquisitions - Priory Acquisition (Detail) - USD ($) $ in Thousands | Feb. 16, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||
Goodwill | $ 2,128,215 | $ 802,986 | |
Priory [Member] | Subsequent Event [Member] | |||
Business Acquisition [Line Items] | |||
Cash | $ 23,000 | ||
Accounts receivable | 62,000 | ||
Prepaid expenses and other current assets | 15,000 | ||
Property and equipment | 1,582,000 | ||
Goodwill | 554,500 | ||
Intangible assets | 37,500 | ||
Deferred tax assets - noncurrent | 31,000 | ||
Total assets acquired | 2,305,000 | ||
Accounts payable | 82,000 | ||
Accrued salaries and benefits | 26,000 | ||
Other accrued expenses | 6,000 | ||
Long-term debt | 1,348,400 | ||
Other liabilities | 35,000 | ||
Total liabilities assumed | 1,497,400 | ||
Net assets acquired | $ 807,600 |
Acquisitions - Pro Forma Inform
Acquisitions - Pro Forma Information - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | |||||||||||
Revenue | $ 1,794,492 | $ 1,004,601 | $ 713,408 | ||||||||
Income from continuing operations before income taxes | $ 52,518 | $ 41,645 | $ 49,355 | $ 21,205 | $ 34,840 | $ 33,156 | $ 37,362 | $ 20,796 | 164,753 | 126,154 | $ 69,245 |
Acquisitions 2015 [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenue | 883,200 | ||||||||||
Income from continuing operations before income taxes | $ 138,100 | ||||||||||
Acquisitions Completed in 2013 and 2014 [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenue | 161,400 | ||||||||||
Income from continuing operations before income taxes | $ 11,300 |
Acquisitions - Pro Forma Info61
Acquisitions - Pro Forma Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Combinations [Abstract] | ||
Revenue | $ 2,851,695 | $ 2,731,176 |
Income from continuing operations, before income taxes | $ 91,383 | $ 76,491 |
Other Intangible Assets - Other
Other Intangible Assets - Other Identifiable Intangible Assets and Related Accumulated Amortization (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
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 | 59,225 | 20,774 |
Total | 62,572 | 24,121 |
Intangible assets subject to amortization, Accumulated Amortization | (2,997) | (2,485) |
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 | (1,750) | (1,330) |
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 | (1,247) | (1,155) |
Licenses and Accreditations [Member] | ||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization, Gross Carrying Amount | 11,479 | 9,184 |
Trade Names [Member] | ||
Schedule Of Finite and Indefinite Lived Other Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization, Gross Carrying Amount | 37,800 | 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 | $ 9,946 | $ 8,590 |
Other Intangible Assets - Addit
Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 0.5 | $ 0.6 | $ 0.8 |
Estimated amortization expense, remainder of 2016 | 0.4 | ||
Estimated amortization expense, 2017 | 0 | ||
Estimated amortization expense, 2018 | 0 | ||
Estimated amortization expense, 2019 | 0 | ||
Estimated amortization expense, 2020 | $ 0 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Results from Discontinued Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Discontinued Operations and Disposal Groups [Abstract] | |||
Revenue | $ 0 | $ 0 | $ 0 |
Net income (loss) from discontinued operations, net of income taxes | $ 111 | $ (192) | $ (691) |
Long-Term Debt - Components of
Long-Term Debt - Components of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 21, 2015 | Sep. 18, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||||
Less: unamortized debt issuance costs, discount and premium | $ (35,416) | $ (17,990) | ||
Long-term debt | 2,240,744 | 1,079,635 | ||
Long-term debt | 2,240,744 | 1,079,635 | ||
Less: current portion | (45,360) | (26,965) | ||
Long-term debt | 2,195,384 | 1,052,670 | ||
Amended and Restated Senior Credit Facility [Member] | Senior Secured Term A Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Secured | 500,750 | 527,500 | ||
Amended and Restated Senior Credit Facility [Member] | Senior Secured Term B Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Secured | 495,000 | |||
Amended and Restated Senior Credit Facility [Member] | Senior Secured Revolving Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Secured | 158,000 | |||
12.875% Senior Notes Due 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | $ 9,200 | 97,500 | ||
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 | 300,000 | ||
5.625% Senior Notes Due 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 650,000 | $ 650,000 | ||
9.0% and 9.5% Revenue Bonds [Member] | ||||
Debt Instrument [Line Items] | ||||
9.0% and 9.5% Revenue Bonds | $ 22,410 | $ 22,625 |
Long-Term Debt - Components o66
Long-Term Debt - Components of Long-Term Debt (Parenthetical) (Detail) | 12 Months Ended | |||||||
Dec. 31, 2015 | Dec. 31, 2014 | Nov. 01, 2015 | Sep. 21, 2015 | Feb. 11, 2015 | Jul. 01, 2014 | Mar. 12, 2013 | Nov. 01, 2011 | |
12.875% Senior Notes Due 2018 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument interest rate | 12.875% | 12.875% | 12.875% | 12.875% | 12.875% | 12.875% | ||
Senior notes maturity year | 2,018 | 2,018 | ||||||
6.125% Senior Notes Due 2021 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument interest rate | 6.125% | 6.125% | 6.125% | |||||
Senior notes maturity year | 2,021 | 2,021 | ||||||
5.125% Senior Notes Due 2022 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument interest rate | 5.125% | 5.125% | 5.125% | |||||
Senior notes maturity year | 2,022 | 2,022 | ||||||
5.625% Senior Notes Due 2023 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument interest rate | 5.625% | 5.625% | 5.625% | 5.625% | ||||
Senior notes maturity year | 2,023 | 2,023 | ||||||
9.0% Revenue Bonds [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument interest rate | 9.00% | 9.00% | ||||||
9.5% Revenue Bonds [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument interest rate | 9.50% | 9.50% |
Long-Term Debt (Amended and Res
Long-Term Debt (Amended and Restated Senior Credit Facility) - Additional Information (Detail) - USD ($) | Feb. 16, 2016 | Dec. 15, 2015 | Dec. 15, 2014 | Jun. 16, 2014 | Feb. 13, 2014 | Dec. 31, 2012 | Apr. 01, 2011 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 11, 2015 | Feb. 06, 2015 |
Debt Instrument [Line Items] | ||||||||||||||||||||
Quarterly term loan principal payment | $ 310,000,000 | $ 284,000,000 | $ 8,000,000 | |||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Date entered into an agreement | Dec. 15, 2014 | Feb. 13, 2014 | Dec. 31, 2012 | Apr. 1, 2011 | ||||||||||||||||
Amount available under revolving line of credit | $ 135,700,000 | $ 135,700,000 | ||||||||||||||||||
Debt instrument maturity date | Feb. 13, 2019 | Feb. 11, 2022 | ||||||||||||||||||
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 | |||||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Additional term loans | $ 135,000,000 | |||||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Miscellaneous Investments [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Date entered into an agreement | Jun. 16, 2014 | |||||||||||||||||||
Amended and Restated Senior 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 Senior 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 Senior Credit Facility [Member] | Senior Secured Revolving Line of Credit [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Line of credit | $ 300,000,000 | |||||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Seventh Amendment [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Date entered into an agreement | Feb. 6, 2015 | |||||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | TLB Facility Due on February 16, 2023 [Member] | Scenario, Forecast [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Term loan repayments | $ 2,400,000 | |||||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Ninth Amendment [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Date entered into an agreement | Jan. 25, 2016 | |||||||||||||||||||
Restrictive covenants on investments, Description | The Ninth Amendment modifies certain definitions and provides increased flexibility to the Company in terms of its financial covenants. Our baskets for permitted investments were also increased to provide increased flexibility for us to invest in non-wholly owned subsidiaries, joint ventures and foreign subsidiaries. We may now invest in non-wholly owned subsidiaries and joint ventures up to 10.0% of our and our subsidiaries’ total assets in any four consecutive fiscal quarter period, and up to 12.5% of our and our subsidiaries’ total assets during the term of the Amended and Restated Credit Agreement. We may also invest in foreign subsidiaries that are not loan parties up to 10% of our and our subsidiaries’ total assets in any consecutive four fiscal quarter period, and up to 15% of our and our subsidiaries’ total assets during the term of the Amended and Restated Credit Agreement. The foregoing permitted investments are subject to an aggregate cap of 25% of our and our subsidiaries’ total assets in any fiscal year. | |||||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Second Incremental Amendment [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Date entered into an agreement | Feb. 16, 2016 | |||||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Second Incremental Amendment [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
New incremental Term Loan B facility | $ 955,000,000 | |||||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Letter of Credit [Member] | Seventh Amendment [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Line of credit | $ 20,000,000 | |||||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Swing Line Sublimit [Member] | Seventh Amendment [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Line of credit | $ 20,000,000 | |||||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Eurodollar [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Interest on borrowings | 3.00% | |||||||||||||||||||
Basis spread on variable rate | 1.00% | |||||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Base Rate Loans [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Interest on borrowings | 2.25% | |||||||||||||||||||
Basis spread on variable rate | 0.50% | |||||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Interest on borrowings | 3.00% | |||||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Senior Debt Obligations [Member] | First Incremental Amendment [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Date entered into an agreement | Feb. 11, 2015 | |||||||||||||||||||
Line of credit | $ 500,000,000 | |||||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | September 30, 2015 to December 31, 2015 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Term loan repayments | $ 1,300,000 | |||||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | September 30, 2015 to December 31, 2015 [Member] | TLB Facility Due on February 16, 2023 [Member] | Scenario, Forecast [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Term loan repayments | $ 2,400,000 | |||||||||||||||||||
Amended and Restated Senior 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 Senior Credit Facility [Member] | March 31, 2016 to December 31, 2016 [Member] | TLB Facility Due on February 16, 2023 [Member] | Scenario, Forecast [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Term loan repayments | $ 2,400,000 | |||||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | September 30, 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 Senior Credit Facility [Member] | September 30, 2017 to December 31, 2017 [Member] | TLB Facility Due on February 16, 2023 [Member] | Scenario, Forecast [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Term loan repayments | $ 2,400,000 | |||||||||||||||||||
Amended and Restated Senior 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 Senior Credit Facility [Member] | CRC Health Group, Inc [Member] | Senior Secured Revolving Line of Credit [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Temporary reserve | $ 110,000,000 |
Long-Term Debt (12.875% Senior
Long-Term Debt (12.875% Senior Notes due 2018) - Additional Information (Detail) - USD ($) | Nov. 01, 2015 | Sep. 21, 2015 | Sep. 18, 2015 | Mar. 12, 2013 | Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2014 | Nov. 01, 2011 |
Debt Instrument [Line Items] | ||||||||
Debt extinguishment charge | $ (10,818,000) | $ (9,350,000) | ||||||
Purchase of senior notes | $ 97,500,000 | $ 52,500,000 | ||||||
12.875% Senior Notes Due 2018 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Issued Senior Notes | $ 97,500,000 | $ 150,000,000 | ||||||
Issue rate of senior notes | 98.323% | |||||||
Debt instrument discount | $ 2,500,000 | |||||||
Senior notes interest percentage | 12.875% | 12.875% | 12.875% | 12.875% | 12.875% | 12.875% | ||
Interest on the notes | Semi-annually, in arrears, on November 1 and May 1 of each year | |||||||
Debt instrument, maximum redemption amount | $ 9,200,000 | $ 88,300,000 | $ 52,500,000 | |||||
Debt instrument, percentage of principal amount redeemed | 107.875% | 112.875% | ||||||
Debt instrument, redemption price percentage | 90.60% | 35.00% | ||||||
Debt extinguishment charge | $ 800,000 | $ 10,000,000 | $ 9,400,000 | $ 10,800,000 | ||||
Purchase of senior notes | $ 88,300,000 | |||||||
Debt instrument amount outstanding | $ 0 | |||||||
Senior notes, redemption beginning period | Nov. 1, 2015 | |||||||
Senior Notes | $ 9,200,000 | $ 97,500,000 |
Long-Term Debt (6.125% Senior N
Long-Term Debt (6.125% Senior Notes due 2021) - Additional Information (Detail) - 6.125% Senior Notes Due 2021 [Member] - USD ($) $ in Millions | Mar. 12, 2013 | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||
Issued Senior Notes | $ 150 | ||
Debt instrument interest rate | 6.125% | 6.125% | 6.125% |
Debt instrument maturity date | Mar. 15, 2021 | ||
Interest on the notes | Payable semi-annually in arrears on March 15 and September 15 of each year. |
Long-Term Debt (5.125% Senior N
Long-Term Debt (5.125% Senior Notes due 2022) - Additional Information (Detail) - 5.125% Senior Notes Due 2022 [Member] - USD ($) $ in Millions | Jul. 01, 2014 | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||
Issued Senior Notes | $ 300 | ||
Debt instrument interest rate | 5.125% | 5.125% | 5.125% |
Debt instrument maturity date | Jul. 1, 2022 | ||
Interest on the notes | Payable semi-annually in arrears on January 1 and July 1 of each year, beginning on January 1, 2015. |
Long-Term Debt (5.625% Senior N
Long-Term Debt (5.625% Senior Notes due 2023) - Additional Information (Detail) - 5.625% Senior Notes Due 2023 [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Sep. 21, 2015 | Feb. 11, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||||
Issued Senior Notes | $ 275,000 | $ 375,000 | ||
Debt instrument interest rate | 5.625% | 5.625% | 5.625% | 5.625% |
Debt instrument maturity date | Feb. 15, 2023 | |||
Date of initial payments on senior notes | Aug. 15, 2015 | |||
Senior Notes | $ 650,000 | $ 650,000 |
Long-Term Debt (6.500% Senior N
Long-Term Debt (6.500% Senior Notes due 2024) - Additional Information (Detail) - 6.500% Senior Notes Due 2024 [Member] - USD ($) | Feb. 16, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Interest on the notes | Payable semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2016. | |
Subsequent Event [Member] | ||
Debt Instrument [Line Items] | ||
Issued Senior Notes | $ 390,000,000 | |
Debt instrument interest rate | 6.50% | |
Debt instrument maturity date | Mar. 1, 2024 |
Long-Term Debt (9.0% and 9.5% R
Long-Term Debt (9.0% and 9.5% Revenue Bonds) - Additional Information (Detail) - USD ($) $ in Thousands | Nov. 11, 2012 | Dec. 31, 2015 | Dec. 31, 2014 |
9.0% and 9.5% Revenue Bonds [Member] | |||
Debt Instrument [Line Items] | |||
9.0% and 9.5% Revenue Bonds | $ 22,410 | $ 22,625 | |
9.0% and 9.5% Revenue Bonds [Member] | Park Royal [Member] | |||
Debt Instrument [Line Items] | |||
9.0% and 9.5% Revenue Bonds | $ 23,000 | ||
Debt service reserve fund within other assets | $ 2,300 | $ 2,300 | |
Debt instrument premium | 2,600 | ||
9.0% and 9.5% Revenue Bonds [Member] | Fair Value Measurement [Member] | Park Royal [Member] | |||
Debt Instrument [Line Items] | |||
9.0% and 9.5% Revenue Bonds | 25,600 | ||
9.0% Revenue Bonds [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 9.00% | 9.00% | |
9.0% Revenue Bonds [Member] | Park Royal [Member] | |||
Debt Instrument [Line Items] | |||
9.0% and 9.5% Revenue Bonds | $ 7,500 | ||
Debt instrument interest rate | 9.00% | ||
Debt instrument maturity date | Dec. 1, 2030 | ||
9.5% Revenue Bonds [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 9.50% | 9.50% | |
9.5% Revenue Bonds [Member] | Park Royal [Member] | |||
Debt Instrument [Line Items] | |||
9.0% and 9.5% Revenue Bonds | $ 15,500 | ||
Debt instrument interest rate | 9.50% | ||
Debt instrument maturity date | Dec. 1, 2040 |
Long-Term Debt (Debt Issuance C
Long-Term Debt (Debt Issuance Costs) - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Disclosure [Abstract] | ||
Debt issuance costs | $ 37.6 | $ 20.9 |
Accumulated amortization | 12.6 | 9.5 |
Amortization expenses reported as interest expense | 7.1 | $ 3.2 |
Estimated amortization of debt issuance costs year one | 6.5 | |
Estimated amortization of debt issuance costs year two | 6.6 | |
Estimated amortization of debt issuance costs year three | 6.7 | |
Estimated amortization of debt issuance costs year four | 5.1 | |
Estimated amortization of debt issuance costs year five | $ 5.2 |
Long-Term Debt (Other) - Summar
Long-Term Debt (Other) - Summary of Aggregate Maturities of Long-Term Debt (Detail) - USD ($) $ in Thousands | Feb. 16, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
2,016 | $ 45,360 | |
2,017 | 58,755 | |
2,018 | 72,155 | |
2,019 | 345,555 | |
2,020 | 5,330 | |
Thereafter | 1,749,005 | |
Total | $ 2,276,160 | |
Subsequent Event [Member] | Priory [Member] | ||
Debt Instrument [Line Items] | ||
2,016 | $ 65,035 | |
2,017 | 81,805 | |
2,018 | 98,580 | |
2,019 | 449,605 | |
2,020 | 14,880 | |
Thereafter | 2,903,255 | |
Total | $ 3,613,160 |
Equity - Additional Information
Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Feb. 16, 2016 | Jan. 12, 2016 | May. 11, 2015 | Feb. 11, 2015 | Jun. 17, 2014 | Dec. 31, 2015 | Feb. 29, 2016 | Dec. 30, 2015 | Dec. 31, 2014 |
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 | 5,175,000 | 8,881,794 | 70,745,746 | 59,211,859 | |||||
Common stock offer price | $ 66.50 | $ 44 | $ 0.01 | $ 0.01 | |||||
Underwriting discount amount | $ 12,000 | $ 15,600 | |||||||
Additional offering-related costs | 800 | 800 | |||||||
Net proceeds from sale of shares | $ 331,300 | $ 374,400 | $ 380,210 | ||||||
Subsequent Event [Member] | |||||||||
Equity [Line Items] | |||||||||
Common stock, number of shares proposed to be issued | 180,000,000 | ||||||||
Common stock offered | 11,500,000 | ||||||||
Common stock offer price | $ 61 | ||||||||
Underwriting discount amount | $ 15,800 | ||||||||
Additional offering-related costs | 700 | ||||||||
Net proceeds from sale of shares | $ 685,000 | ||||||||
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 | ||||||||
CRC Health Group, Inc [Member] | |||||||||
Equity [Line Items] | |||||||||
Total consideration related to acquisition | $ 1,300,000 | ||||||||
Shares issued for acquisition | 5,975,326 | ||||||||
Priory [Member] | Subsequent Event [Member] | |||||||||
Equity [Line Items] | |||||||||
Common stock offered | 11,500,000 | ||||||||
Net proceeds from sale of shares | $ 685,000 | ||||||||
Total consideration related to acquisition | $ 2,200,000 | ||||||||
Shares issued for acquisition | 4,033,561 | ||||||||
Business acquisition cash paid | $ 1,900,000 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Authorized common stock | 4,700,000 | ||
Equity incentive plan available for future grant | 1,921,673 | ||
Annual increments in employee grants | 25.00% | ||
Stock options, contractual term | 10 years | ||
Equity-based compensation expense | $ 20,472 | $ 10,058 | $ 5,249 |
Unrecognized compensation expense related to unvested options | $ 47,900 | ||
Vesting period | 1 year 4 months 24 days | ||
Warrants outstanding and exercisable | 0 | ||
Deferred income tax benefit | $ 43,613 | 7,215 | 10,083 |
Tax realized from stock options exercised | 300 | 4,600 | $ 1,800 |
Stock Compensation Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred income tax benefit | $ (8,400) | $ (4,100) |
Equity-Based Compensation - Sto
Equity-Based Compensation - Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Options outstanding, Beginning balance | 737,422 | 798,809 | |
Options granted | 204,700 | 226,663 | |
Options exercised | (214,079) | (210,199) | |
Options cancelled | (33,300) | (77,851) | |
Options outstanding, Ending balance | 694,743 | 737,422 | 798,809 |
Options outstanding, Weighted Average Exercise Price, Beginning balance | $ 32.19 | $ 21.93 | |
Options exercisable, Ending balance | 106,330 | 91,947 | |
Options granted, Weighted Average Exercise Price | $ 63.07 | $ 49.80 | |
Options exercised, Weighted Average Exercise Price | 42.75 | 14.93 | |
Options cancelled, Weighted Average Exercise Price | 46.53 | 27.85 | |
Options outstanding, Weighted Average Exercise Price, Ending balance | $ 42.87 | $ 32.19 | $ 21.93 |
Options outstanding, Aggregate Intrinsic Value, Beginning balance | $ 14,512 | $ 10,700 | |
Options exercisable, Weighted Average Exercise Price, Ending balance | $ 36.41 | $ 28.87 | |
Options granted, Aggregate Intrinsic Value | $ 1,724 | $ 209 | |
Options granted, Weighted Average Remaining Contractual Term | 9 years 2 months 16 days | 9 years 3 months | |
Options exercised, Aggregate Intrinsic Value | $ 9,890 | $ 4,994 | |
Options outstanding, Weighted Average Remaining Contractual Term | 7 years 8 months 12 days | 8 years 1 month 2 days | 8 years 2 months 12 days |
Options cancelled, Aggregate Intrinsic Value | $ 0 | $ 0 | |
Options exercisable, Weighted Average Remaining Contractual Term, Ending balance | 5 years 9 months 29 days | 6 years 3 months 18 days | |
Options outstanding, Aggregate Intrinsic Value, Ending balance | $ 20,717 | $ 14,512 | $ 10,700 |
Options exercisable, Aggregate Intrinsic Value, Ending balance | $ 4,968 | $ 3,326 |
Equity-Based Compensation - Res
Equity-Based Compensation - Restricted Stock Activity (Detail) - Restricted Stock Award [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested, Number of Shares/Units, Beginning balance | 722,028 | 461,697 |
Granted, Number of Shares | 503,052 | 468,484 |
Cancelled, Number of Shares | (44,900) | (75,369) |
Vested, Number of Shares | (235,618) | (132,784) |
Unvested, Number of Shares/Units, Ending balance | 944,562 | 722,028 |
Unvested, Weighted Average Grant-Date Fair Value, Beginning balance | $ 39.77 | $ 24.96 |
Granted, Weighted Average Grant-Date Fair Value | 62.67 | 48.99 |
Cancelled, Weighted Average Grant-Date Fair Value | 49.55 | 36.36 |
Vested, Weighted Average Grant-Date Fair Value | 34.93 | 22.81 |
Unvested, Weighted Average Grant-Date Fair Value, Ending balance | $ 52.74 | $ 39.77 |
Equity-Based Compensation - R80
Equity-Based Compensation - Restricted Stock Unit Activity (Detail) - Restricted Stock Units [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested, Number of Shares/Units, Beginning balance | 125,113 | 95,751 |
Granted, Number of Units | 217,994 | 108,449 |
Cancelled, Number of Units | 0 | 0 |
Vested, Number of Units | (125,023) | (79,087) |
Unvested, Number of Shares/Units, Ending balance | 218,084 | 125,113 |
Unvested, Weighted Average Grant-Date Fair Value, Beginning balance | $ 38.73 | $ 23.05 |
Granted, Weighted Average Grant-Date Fair Value | 61.77 | 50.75 |
Cancelled, Weighted Average Grant-Date Fair Value | 0 | 0 |
Vested, Weighted Average Grant-Date Fair Value | 32.38 | 21.81 |
Unvested, Weighted Average Grant-Date Fair Value, Ending balance | $ 56.97 | $ 38.73 |
Equity-Based Compensation - Sch
Equity-Based Compensation - Schedule of Stock Options Valuation Assumptions (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Weighted average grant-date fair value of options | $ 21.78 | $ 17.14 |
Risk-free interest rate | 1.50% | 1.70% |
Expected volatility | 35.00% | 36.00% |
Expected life (in years) | 5 years 6 months | 5 years 6 months |
Income Taxes - Components of Pr
Income Taxes - Components of Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||
Federal | $ (218) | $ 30,834 | $ 13,202 |
State | 4,078 | 3,959 | 2,513 |
Foreign | 5,915 | 914 | 177 |
Total current | 9,775 | 35,707 | 15,892 |
Deferred: | |||
Federal | 40,635 | 2,667 | 7,802 |
State | 5,349 | 353 | 1,786 |
Foreign | (2,371) | 4,195 | 495 |
Total deferred provision | 43,613 | 7,215 | 10,083 |
Provision for (benefit from) income taxes | $ 53,388 | $ 42,922 | $ 25,975 |
Income Taxes - Income Taxes Ass
Income Taxes - Income Taxes Associated with Continuing Operations and Discontinued Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Continuing operations | $ 53,388 | $ 42,922 | $ 25,975 |
Discontinued operations | (88) | (22) | (544) |
Total | $ 53,300 | $ 42,900 | $ 25,431 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory rate on income before income taxes | 35.00% | 35.00% | 35.00% |
Impact of foreign operations | (10.00%) | (4.20%) | (0.30%) |
State income taxes, net of federal tax effect | 4.80% | 2.30% | 4.90% |
Permanent differences | 4.20% | 1.10% | 0.80% |
Change in valuation allowance | 1.20% | (0.10%) | (0.30%) |
Other | (2.80%) | (0.10%) | (2.60%) |
Effective income tax rate | 32.40% | 34.00% | 37.50% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Net operating losses and tax credit carryforwards - federal and state | $ 47,695 | $ 5,082 |
Bad debt allowance | 14,050 | 9,028 |
Accrued compensation and severance | 20,150 | 11,517 |
Pension reserves | 536 | 1,975 |
Insurance reserves | 15,449 | 4,621 |
Leases | 2,675 | 850 |
Accrued expenses | 5,324 | 41 |
Other assets | 3,551 | 1,989 |
Total gross deferred tax assets | 109,430 | 35,103 |
Less: valuation allowance | (16,571) | (4,734) |
Deferred tax assets | 92,859 | 30,369 |
Deferred tax liabilities: | ||
Fixed asset basis difference | (11,392) | (38,147) |
Prepaid items | (3,113) | (1,705) |
Intangible assets | (48,918) | (21,094) |
Other liabilities | (4,258) | (7) |
Total deferred tax liabilities | (67,681) | (60,953) |
Total net deferred tax asset | $ 25,178 | |
Total net deferred tax liability | $ (30,584) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Examination [Line Items] | |||
Current deferred tax assets | $ 0 | $ 20,200,000 | |
Non-current deferred tax assets | 49,100,000 | 13,100,000 | |
Non-current deferred tax liabilities | 23,900,000 | 63,900,000 | |
Valuation allowance against deferred tax assets | 16,571,000 | 4,734,000 | |
Domestic net operating loss carryforward | 88,000,000 | ||
Foreign net operating loss carryforwards | 14,700,000 | 23,700,000 | |
State net operating loss carry forwards | $ 213,900,000 | 7,100,000 | |
Operating loss carryforwards expiration start year | 2,031 | ||
Operating loss carryforwards expiration end year | 2,033 | ||
Expiration of State tax credits | 2,026 | ||
Income taxes receivable | $ 6,540,000 | 3,399,000 | |
Income tax payable included in other accrued liabilities | 7,367,000 | 148,000 | |
Interest and penalties recognized | $ 300,000 | 300,000 | $ 100,000 |
Maximum [Member] | |||
Income Tax Examination [Line Items] | |||
Exemption of tax credit | 50.00% | ||
Internal Revenue Service (IRS) [Member] | |||
Income Tax Examination [Line Items] | |||
Period of examination by internal revenue service | 2,013 | ||
Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member] | |||
Income Tax Examination [Line Items] | |||
Period of examination by internal revenue service | 2,012 | ||
Internal Revenue Service (IRS) [Member] | Latest Tax Year [Member] | |||
Income Tax Examination [Line Items] | |||
Period of examination by internal revenue service | 2,015 | ||
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 | 2,011 | ||
Period of examination by internal revenue service maximum | 2,015 | ||
State and Local Jurisdiction [Member] | |||
Income Tax Examination [Line Items] | |||
Period of examination by internal revenue service minimum | 2,011 | ||
Period of examination by internal revenue service maximum | 2,015 | ||
Other Liabilities [Member] | |||
Income Tax Examination [Line Items] | |||
Income tax payable included in other accrued liabilities | $ 5,400,000 | $ 2,400,000 | |
Non US Subsidiaries [Member] | |||
Income Tax Examination [Line Items] | |||
Undistributed earnings of the foreign subsidiaries | $ 48,000,000 |
Income Taxes - Unrecognized Inc
Income Taxes - Unrecognized Income Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Balance at January 1 | $ 2,923 | $ 1,893 | $ 1,195 |
Additions based on tax positions related to the current year | 1,516 | 321 | |
Additions for tax positions of prior years | 2,874 | 1,030 | 377 |
Reductions as a result of the lapse of applicable statutes of limitations | (2,802) | ||
Balance at December 31 | $ 4,511 | $ 2,923 | $ 1,893 |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Losses (gains) associated with changes in fair value of the foreign currency forward contracts | $ 1.9 | $ (15.3) |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amounts and Fair Values of Company's Amended and Restated Senior Credit Facilities and Contingent Consideration Liability (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Contingent consideration liabilities | $ 667 | $ 3,000 |
Fair Value [Member] | Amended and Restated Senior Credit Facility [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Amended and Restated Senior Credit Facility | 977,861 | 525,576 |
Fair Value [Member] | 12.875% Senior Notes Due 2018 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 109,688 | |
Fair Value [Member] | 6.125% Senior Notes Due 2021 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 149,288 | 153,000 |
Fair Value [Member] | 5.125% Senior Notes Due 2022 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 275,590 | 295,500 |
Fair Value [Member] | 5.625% Senior Notes Due 2023 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 604,262 | |
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 | 23,621 | 24,274 |
Carrying Amounts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Contingent consideration liabilities | 667 | 3,000 |
Carrying Amounts [Member] | Amended and Restated Senior Credit Facility [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Amended and Restated Senior Credit Facility | 977,861 | 525,576 |
Carrying Amounts [Member] | 12.875% Senior Notes Due 2018 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 96,420 | |
Carrying Amounts [Member] | 6.125% Senior Notes Due 2021 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 147,082 | 150,000 |
Carrying Amounts [Member] | 5.125% Senior Notes Due 2022 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 294,749 | 300,000 |
Carrying Amounts [Member] | 5.625% Senior Notes Due 2023 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 639,431 | |
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 | $ 23,621 | $ 24,274 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | Dec. 31, 2015 | Nov. 01, 2015 | Sep. 21, 2015 | Dec. 31, 2014 | Jul. 01, 2014 | Mar. 12, 2013 | Nov. 01, 2011 |
12.875% Senior Notes Due 2018 [Member] | |||||||
Disclosures Regarding Financial Instruments [Line Items] | |||||||
Debt instrument interest rate | 12.875% | 12.875% | 12.875% | 12.875% | 12.875% | 12.875% | |
6.125% Senior Notes Due 2021 [Member] | |||||||
Disclosures Regarding Financial Instruments [Line Items] | |||||||
Debt instrument interest rate | 6.125% | 6.125% | 6.125% | ||||
5.125% Senior Notes Due 2022 [Member] | |||||||
Disclosures Regarding Financial Instruments [Line Items] | |||||||
Debt instrument interest rate | 5.125% | 5.125% | 5.125% | ||||
5.625 % Senior Notes Due 2021 [Member] | |||||||
Disclosures Regarding Financial Instruments [Line Items] | |||||||
Debt instrument interest rate | 5.625% | ||||||
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 ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Leased Assets [Line Items] | |||
Rent expense | $ 32,528 | $ 12,201 | $ 10,049 |
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
Leases - Schedule of Aggregate Minimum Lease Payments under Non-cancelable Operating Leases (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Leases [Abstract] | |
2,016 | $ 29,229 |
2,017 | 23,675 |
2,018 | 18,513 |
2,019 | 14,220 |
2,020 | 11,047 |
Thereafter | 56,522 |
Total minimum rental obligations | $ 153,206 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015BedsStateFacilities | |
Segment Reporting Information [Line Items] | |
Number of facilities | Facilities | 258 |
Number of beds | Beds | 9,900 |
Number of operating states | State | 39 |
U.S. Facilities [Member] | |
Segment Reporting Information [Line Items] | |
Number of facilities | Facilities | 204 |
Number of beds | Beds | 7,700 |
Number of operating states | State | 39 |
U.K. Facilities [Member] | |
Segment Reporting Information [Line Items] | |
Number of facilities | Facilities | 54 |
Number of beds | Beds | 2,200 |
Segment Information - Summary o
Segment Information - Summary of Financial Information by Operating Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 1,794,492 | $ 1,004,601 | $ 713,408 | ||||||||
Segment EBITDA | 404,832 | 215,488 | 145,334 | ||||||||
Equity-based compensation expense | (20,472) | (10,058) | (5,249) | ||||||||
(Loss) gain on foreign currency derivatives | (1,926) | 15,262 | |||||||||
Debt extinguishment costs | (10,818) | (9,350) | |||||||||
Transaction-related expenses | (36,571) | (13,650) | (7,150) | ||||||||
Interest expense, net | (106,742) | (48,221) | (37,250) | ||||||||
Depreciation and amortization | (63,550) | (32,667) | (17,090) | ||||||||
Income from continuing operations before income taxes | $ 52,518 | $ 41,645 | $ 49,355 | $ 21,205 | $ 34,840 | $ 33,156 | $ 37,362 | $ 20,796 | 164,753 | 126,154 | 69,245 |
U.S. Facilities [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,426,205 | 850,625 | 710,695 | ||||||||
Segment EBITDA | 377,587 | 209,668 | 172,625 | ||||||||
U.K. Facilities [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 360,698 | 151,127 | |||||||||
Segment EBITDA | 90,035 | 39,832 | |||||||||
Corporate and Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 7,589 | 2,849 | 2,713 | ||||||||
Segment EBITDA | $ (62,790) | $ (34,012) | $ (27,291) |
Segment Information - Summary95
Segment Information - Summary of Financial Information by Operating Segment, Goodwill (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Goodwill: | |
Beginning balance | $ 802,986 |
Increase from 2015 acquisitions | 1,356,201 |
Foreign currency translation loss | (3,848) |
Other | (27,124) |
Ending balance | 2,128,215 |
U.S. Facilities [Member] | |
Goodwill: | |
Beginning balance | 693,945 |
Increase from 2015 acquisitions | 1,247,647 |
Other | 281 |
Ending balance | 1,941,873 |
U.K. Facilities [Member] | |
Goodwill: | |
Beginning balance | 109,041 |
Increase from 2015 acquisitions | 108,554 |
Foreign currency translation loss | (3,848) |
Other | (27,405) |
Ending balance | $ 186,342 |
Segment Information - Summary96
Segment Information - Summary of Financial Information by Operating Segment, Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Assets | $ 4,279,208 | $ 2,206,955 |
U.S. Facilities [Member] | ||
Assets: | ||
Assets | 3,061,519 | 1,327,563 |
U.K. Facilities [Member] | ||
Assets: | ||
Assets | 1,045,922 | 726,693 |
Corporate and Other [Member] | ||
Assets: | ||
Assets | $ 171,767 | $ 152,699 |
Segment Information - Summary97
Segment Information - Summary of Financial Information by Operating Segment, Assets (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Property and equipment, net | $ 1,709,053 | $ 1,069,700 |
U.S. Facilities [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Property and equipment, net | 832,200 | 478,100 |
U.K. Facilities [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Property and equipment, net | 824,400 | 578,600 |
Corporate and Other [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Property and equipment, net | $ 52,400 | $ 13,000 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan, employer discretionary contribution amount | $ 100 | $ 100 | $ 300 |
Pension liability under defined benefit pension plan | 58,107 | 66,910 | |
Employee benefit plan, Accumulated other comprehensive income (loss) | 2,600 | (2,800) | |
Employee benefit plan, Accumulated other comprehensive income (loss) , Net | 1,700 | 2,200 | |
Partnerships in Care Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension liability under defined benefit pension plan | $ 2,821 | $ 9,554 | $ 7,602 |
Employee Benefit Plans - Summar
Employee Benefit Plans - Summary of Funded Status (Unfunded Liability) of Partnerships in Care Pension Plan Based Upon Actuarial Valuations (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | ||
Projected benefit obligation | $ 58,107 | $ 66,910 |
Fair value of plan assets | 55,286 | 57,356 |
Funded status (unfunded liability) | $ 2,821 | $ 9,554 |
Employee Benefit Plans - Sum100
Employee Benefit Plans - Summary of Changes in Partnerships in Care Pension Plan Net Pension Liability (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Net pension liability at beginning of period | $ 66,910 | ||
Net pension (benefit) expense | $ (729) | 419 | |
Net pension liability at end of period | 66,910 | 58,107 | $ 66,910 |
Partnerships in Care Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net pension liability at beginning of period | 9,554 | 7,602 | |
Employer contributions | (1,217) | (825) | |
Net pension (benefit) expense | (419) | 729 | |
Pension liability adjustment | (4,661) | 2,758 | |
Foreign currency translation loss | (436) | (710) | |
Net pension liability at end of period | $ 9,554 | $ 2,821 | $ 9,554 |
Employee Benefit Plans - Sum101
Employee Benefit Plans - Summary of Assumptions Used to Determine Plan Benefit Obligation (Detail) | Dec. 31, 2015 | Dec. 31, 2014 |
Compensation and Retirement Disclosure [Abstract] | ||
Discount rate | 3.80% | 3.60% |
Compensation increase rate | 3.40% |
Employee Benefit Plans - Sum102
Employee Benefit Plans - Summary of Components of Net Pension Plan Expense (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Dec. 31, 2014 | Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | ||
Interest cost on projected benefit obligation | $ 1,389 | $ 2,369 |
Service cost on projected benefit obligation | 545 | (616) |
Curtailments on projected benefit obligation | (1,373) | |
Expected return on assets | (1,205) | (2,031) |
Total pension plan (benefit) expense | $ 729 | $ (419) |
Employee Benefit Plans - Sum103
Employee Benefit Plans - Summary of Assumptions Used to Determine Net Periodic Pension Plan Expense (Detail) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2014 | Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | ||
Discount rate | 3.60% | 3.80% |
Expected long-term rate of return on plan assets | 4.30% | 3.80% |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Weighted-Average Asset Allocation by Asset Category in Partnerships in Care Pension Plan (Detail) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocation | 1.70% | 1.30% |
United Kingdom Government Obligation [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocation | 3.80% | 16.10% |
Annuity Contracts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocation | 46.50% | |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocation | 35.70% | 43.60% |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocation | 8.50% | 34.10% |
Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocation | 3.80% | 4.90% |
Quarterly Information (Unaud105
Quarterly Information (Unaudited) - Schedule of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 495,319 | $ 479,730 | $ 453,660 | $ 365,783 | $ 294,901 | $ 294,479 | $ 213,803 | $ 201,418 | $ 1,829,619 | $ 1,030,784 | $ 735,109 |
Income from continuing operations before income taxes | 52,518 | 41,645 | 49,355 | 21,205 | 34,840 | 33,156 | 37,362 | 20,796 | 164,753 | 126,154 | 69,245 |
Net income attributable to Acadia Healthcare Company, Inc. stockholders | $ 34,566 | $ 29,550 | $ 33,844 | $ 14,594 | $ 22,129 | $ 25,402 | $ 22,451 | $ 13,058 | $ 112,554 | $ 83,040 | $ 42,579 |
Basic earnings per share attributable to Acadia Healthcare Company, Inc. stockholders | $ 0.49 | $ 0.42 | $ 0.50 | $ 0.23 | $ 0.38 | $ 0.43 | $ 0.43 | $ 0.26 | $ 1.65 | $ 1.51 | $ 0.85 |
Diluted earnings per share attributable to Acadia Healthcare Company, Inc. stockholders | $ 0.49 | $ 0.42 | $ 0.49 | $ 0.23 | $ 0.37 | $ 0.43 | $ 0.43 | $ 0.26 | $ 1.64 | $ 1.50 | $ 0.85 |
Quarterly Information (Unaud106
Quarterly Information (Unaudited) - Schedule of Quarterly Financial Information (Parenthetical) (Detail) - USD ($) $ in Thousands | Nov. 01, 2015 | Sep. 21, 2015 | Mar. 12, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2014 | Nov. 01, 2011 |
Quarterly Financial Information [Line Items] | |||||||||
Debt extinguishment costs | $ (10,818) | $ (9,350) | |||||||
Partnerships in Care and CRC [Member] | |||||||||
Quarterly Financial Information [Line Items] | |||||||||
Gain on foreign currency derivatives | $ 1,500 | $ 13,700 | |||||||
12.875% Senior Notes Due 2018 [Member] | |||||||||
Quarterly Financial Information [Line Items] | |||||||||
Debt extinguishment costs | $ 800 | $ 10,000 | $ 9,400 | $ 10,800 | |||||
Debt extinguishment costs, net of taxes | 6,800 | ||||||||
Redemption amount | $ 9,200 | $ 88,300 | $ 52,500 | ||||||
Debt instrument interest rate | 12.875% | 12.875% | 12.875% | 12.875% | 12.875% | 12.875% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | Feb. 16, 2016USD ($)shares | Jan. 12, 2016USD ($)shares | May. 11, 2015USD ($)shares | Jun. 17, 2014USD ($)shares | Dec. 31, 2015USD ($)BedsFacilitiesshares | Dec. 31, 2014shares |
Subsequent Event [Line Items] | ||||||
Number of facilities operated by Priory | Facilities | 258 | |||||
Net proceeds from sale of shares | $ 331,300,000 | $ 374,400,000 | $ 380,210,000 | |||
Common stock offered | shares | 5,175,000 | 8,881,794 | 70,745,746 | 59,211,859 | ||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Net proceeds from sale of shares | $ 685,000,000 | |||||
Common stock offered | shares | 11,500,000 | |||||
Subsequent Event [Member] | 6.500% Senior Notes Due 2024 [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Issued Senior Notes | $ 390,000,000 | |||||
Debt instrument interest rate | 6.50% | |||||
Priory [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Number of facilities operated by Priory | Facilities | 327 | |||||
Number of beds | Beds | 7,100 | |||||
Priory [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Total consideration related to acquisition | $ 2,200,000,000 | |||||
Business acquisition cash paid | $ 1,900,000,000 | |||||
Shares issued for acquisition | shares | 4,033,561 | |||||
Acquisition completion date | Feb. 16, 2016 | |||||
Net proceeds from sale of shares | $ 685,000,000 | |||||
Common stock offered | shares | 11,500,000 | |||||
Priory [Member] | Subsequent Event [Member] | TLA Facility [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Additional term loans | $ 135,000,000 | |||||
Priory [Member] | Subsequent Event [Member] | Senior Secured Revolving Line of Credit [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Line of credit | $ 300,000,000 | |||||
Priory [Member] | Subsequent Event [Member] | 6.500% Senior Notes Due 2024 [Member] | TLB Facility [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Issued Senior Notes | $ 390,000,000 | |||||
Debt instrument interest rate | 6.50% | |||||
Amended and Restated Senior Credit Facility | $ 955,000,000 |
Financial Information for th108
Financial Information for the Company and Its Subsidiaries - Additional Information (Detail) | Dec. 31, 2015 | Nov. 01, 2015 | Sep. 21, 2015 | Feb. 11, 2015 | Dec. 31, 2014 | Jul. 01, 2014 | Mar. 12, 2013 | Nov. 01, 2011 |
12.875% Senior Notes Due 2018 [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt instrument interest rate | 12.875% | 12.875% | 12.875% | 12.875% | 12.875% | 12.875% | ||
6.125% Senior Notes Due 2021 [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt instrument interest rate | 6.125% | 6.125% | 6.125% | |||||
5.125% Senior Notes Due 2022 [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt instrument interest rate | 5.125% | 5.125% | 5.125% | |||||
5.625% Senior Notes Due 2023 [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt instrument interest rate | 5.625% | 5.625% | 5.625% | 5.625% |
Financial Information for th109
Financial Information for the Company and Its Subsidiaries - Summary of Condensed Consolidating Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets: | ||||
Cash and cash equivalents | $ 11,215 | $ 94,040 | $ 4,569 | $ 49,399 |
Accounts receivable, net | 216,626 | 118,378 | ||
Deferred tax assets | 20,155 | |||
Other current assets | 66,895 | 41,570 | ||
Total current assets | 294,736 | 274,143 | ||
Property and equipment, net | 1,709,053 | 1,069,700 | ||
Goodwill | 2,128,215 | 802,986 | ||
Intangible assets, net | 59,575 | 21,636 | ||
Deferred tax assets - noncurrent | 49,114 | 13,141 | ||
Other assets | 38,515 | 25,349 | ||
Total assets | 4,279,208 | 2,206,955 | ||
Current liabilities: | ||||
Current portion of long-term debt | 45,360 | 26,965 | ||
Accounts payable | 91,341 | 48,696 | ||
Accrued salaries and benefits | 80,696 | 59,317 | ||
Other accrued liabilities | 72,806 | 30,956 | ||
Total current liabilities | 290,203 | 165,934 | ||
Long-term debt | 2,195,384 | 1,052,670 | ||
Deferred tax liabilities - noncurrent | 23,936 | 63,880 | ||
Other liabilities | 78,602 | 43,506 | ||
Total liabilities | 2,588,125 | 1,325,990 | ||
Redeemable noncontrolling interests | 8,055 | |||
Total equity | 1,683,028 | 880,965 | 480,710 | 432,550 |
Total liabilities and equity | 4,279,208 | 2,206,955 | ||
Consolidating Adjustments [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | (1,925) | |||
Deferred tax assets - noncurrent | (5,666) | |||
Investment in subsidiaries | (1,323,069) | (1,759,337) | ||
Other assets | (424,024) | (181,774) | ||
Total assets | (1,747,093) | (1,946,777) | ||
Current liabilities: | ||||
Long-term debt | (424,024) | (181,774) | ||
Deferred tax liabilities - noncurrent | (5,666) | |||
Total liabilities | (187,440) | |||
Total equity | (1,323,069) | (1,759,337) | ||
Total liabilities and equity | (1,747,093) | (1,946,777) | ||
Parent [Member] | ||||
Current assets: | ||||
Deferred tax assets - noncurrent | 3,946 | 4,563 | ||
Investment in subsidiaries | 1,323,069 | 1,759,337 | ||
Other assets | 427,270 | 186,073 | ||
Total assets | 1,754,285 | 1,949,973 | ||
Current liabilities: | ||||
Current portion of long-term debt | 45,125 | 26,750 | ||
Other accrued liabilities | 26,132 | 13,647 | ||
Total current liabilities | 71,257 | 40,397 | ||
Long-term debt | 1,028,611 | |||
Total liabilities | 71,257 | 1,069,008 | ||
Total equity | 1,683,028 | 880,965 | ||
Total liabilities and equity | 1,754,285 | 1,949,973 | ||
Combined Subsidiary Guarantors [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 1,987 | 76,685 | 49,307 | |
Accounts receivable, net | 187,546 | 100,797 | ||
Deferred tax assets | 18,395 | |||
Other current assets | 57,968 | 36,049 | ||
Total current assets | 247,501 | 231,926 | ||
Property and equipment, net | 805,439 | 451,943 | ||
Goodwill | 1,835,339 | 596,611 | ||
Intangible assets, net | 57,024 | 19,057 | ||
Deferred tax assets - noncurrent | 40,587 | |||
Other assets | 32,947 | 18,727 | ||
Total assets | 3,018,837 | 1,318,264 | ||
Current liabilities: | ||||
Accounts payable | 75,015 | 39,486 | ||
Accrued salaries and benefits | 66,249 | 47,597 | ||
Other accrued liabilities | 10,886 | 7,688 | ||
Total current liabilities | 152,150 | 94,771 | ||
Long-term debt | 2,171,998 | |||
Deferred tax liabilities - noncurrent | 21,027 | |||
Other liabilities | 75,159 | 33,321 | ||
Total liabilities | 2,399,307 | 149,119 | ||
Total equity | 619,530 | 1,169,145 | ||
Total liabilities and equity | 3,018,837 | 1,318,264 | ||
Combined Non-Guarantors [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 9,228 | 17,355 | $ 6,494 | $ 92 |
Accounts receivable, net | 29,080 | 17,581 | ||
Deferred tax assets | 1,760 | |||
Other current assets | 8,927 | 5,521 | ||
Total current assets | 47,235 | 42,217 | ||
Property and equipment, net | 903,614 | 617,757 | ||
Goodwill | 292,876 | 206,375 | ||
Intangible assets, net | 2,551 | 2,579 | ||
Deferred tax assets - noncurrent | 4,581 | 14,244 | ||
Other assets | 2,322 | 2,323 | ||
Total assets | 1,253,179 | 885,495 | ||
Current liabilities: | ||||
Current portion of long-term debt | 235 | 215 | ||
Accounts payable | 16,326 | 9,210 | ||
Accrued salaries and benefits | 14,447 | 11,720 | ||
Other accrued liabilities | 35,788 | 9,621 | ||
Total current liabilities | 66,796 | 30,766 | ||
Long-term debt | 447,410 | 205,833 | ||
Deferred tax liabilities - noncurrent | 23,936 | 48,519 | ||
Other liabilities | 3,443 | 10,185 | ||
Total liabilities | 541,585 | 295,303 | ||
Redeemable noncontrolling interests | 8,055 | |||
Total equity | 703,539 | 590,192 | ||
Total liabilities and equity | $ 1,253,179 | $ 885,495 |
Financial Information for th110
Financial Information for the Company and Its Subsidiaries - Summary of Condensed Consolidating Statement of Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenue before provision for doubtful accounts | $ 495,319 | $ 479,730 | $ 453,660 | $ 365,783 | $ 294,901 | $ 294,479 | $ 213,803 | $ 201,418 | $ 1,829,619 | $ 1,030,784 | $ 735,109 |
Provision for doubtful accounts | (35,127) | (26,183) | (21,701) | ||||||||
Revenue | 1,794,492 | 1,004,601 | 713,408 | ||||||||
Salaries, wages and benefits | 973,732 | 575,412 | 407,962 | ||||||||
Professional fees | 116,463 | 52,482 | 37,171 | ||||||||
Supplies | 80,663 | 48,422 | 37,569 | ||||||||
Rents and leases | 32,528 | 12,201 | 10,049 | ||||||||
Other operating expenses | 206,746 | 110,654 | 80,572 | ||||||||
Depreciation and amortization | 63,550 | 32,667 | 17,090 | ||||||||
Interest expense, net | 106,742 | 48,221 | 37,250 | ||||||||
Debt extinguishment costs | 10,818 | 9,350 | |||||||||
Gain on foreign currency derivatives | 1,926 | (15,262) | |||||||||
Transaction-related expenses | 36,571 | 13,650 | 7,150 | ||||||||
Total expenses | 1,629,739 | 878,447 | 644,163 | ||||||||
(Loss) income from continuing operations before income taxes | 164,753 | 126,154 | 69,245 | ||||||||
(Benefit from) provision for income taxes | 53,388 | 42,922 | 25,975 | ||||||||
Income (loss) from continuing operations | 111,365 | 83,232 | 43,270 | ||||||||
Income (loss) from discontinued operations, net of income taxes | 111 | (192) | (691) | ||||||||
Net income (loss) | 111,476 | 83,040 | 42,579 | ||||||||
Net loss attributable to noncontrolling interests | 1,078 | ||||||||||
Net income attributable to Acadia Healthcare Company, Inc. | $ 34,566 | $ 29,550 | $ 33,844 | $ 14,594 | $ 22,129 | $ 25,402 | $ 22,451 | $ 13,058 | 112,554 | 83,040 | 42,579 |
Other comprehensive income: | |||||||||||
Foreign currency translation gain | (40,103) | (66,206) | |||||||||
Pension liability adjustment, net | 3,826 | (2,164) | |||||||||
Other comprehensive income | (36,277) | (68,370) | |||||||||
Other comprehensive loss | (36,277) | (68,370) | |||||||||
Comprehensive (loss) income attributable to Acadia Healthcare Company. Inc. | 76,277 | 14,670 | 42,579 | ||||||||
Consolidating Adjustments [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Equity in earnings of subsidiaries | (176,178) | (97,414) | (73,538) | ||||||||
Income (loss) from continuing operations | (176,178) | (97,414) | (73,538) | ||||||||
Net income (loss) | (176,178) | (97,414) | (73,538) | ||||||||
Net income attributable to Acadia Healthcare Company, Inc. | (176,178) | ||||||||||
Other comprehensive income: | |||||||||||
Comprehensive (loss) income attributable to Acadia Healthcare Company. Inc. | (176,178) | (97,414) | (73,538) | ||||||||
Parent [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Salaries, wages and benefits | 20,472 | 10,058 | 5,249 | ||||||||
Interest expense, net | 68,533 | 27,199 | 35,327 | ||||||||
Debt extinguishment costs | 10,818 | 9,350 | |||||||||
Gain on foreign currency derivatives | 1,926 | (15,262) | |||||||||
Total expenses | 101,749 | 21,995 | 49,926 | ||||||||
(Loss) income from continuing operations before income taxes | (101,749) | (21,995) | (49,926) | ||||||||
Equity in earnings of subsidiaries | 176,178 | 97,414 | 73,538 | ||||||||
(Benefit from) provision for income taxes | (37,047) | (7,621) | (18,967) | ||||||||
Income (loss) from continuing operations | 111,476 | 83,040 | 42,579 | ||||||||
Net income (loss) | 111,476 | 83,040 | 42,579 | ||||||||
Net income attributable to Acadia Healthcare Company, Inc. | 111,476 | ||||||||||
Other comprehensive income: | |||||||||||
Comprehensive (loss) income attributable to Acadia Healthcare Company. Inc. | 111,476 | 83,040 | 42,579 | ||||||||
Combined Subsidiary Guarantors [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenue before provision for doubtful accounts | 1,415,016 | 826,465 | 700,407 | ||||||||
Provision for doubtful accounts | (32,614) | (23,866) | (20,700) | ||||||||
Revenue | 1,382,402 | 802,599 | 679,707 | ||||||||
Salaries, wages and benefits | 726,215 | 459,297 | 388,749 | ||||||||
Professional fees | 83,422 | 38,632 | 34,149 | ||||||||
Supplies | 65,077 | 40,511 | 35,686 | ||||||||
Rents and leases | 29,094 | 10,136 | 9,282 | ||||||||
Other operating expenses | 170,018 | 83,835 | 72,626 | ||||||||
Depreciation and amortization | 41,768 | 22,990 | 15,882 | ||||||||
Interest expense, net | 17,476 | 6,207 | 22 | ||||||||
Transaction-related expenses | 24,914 | 12,367 | 6,716 | ||||||||
Total expenses | 1,157,984 | 673,975 | 563,112 | ||||||||
(Loss) income from continuing operations before income taxes | 224,418 | 128,624 | 116,595 | ||||||||
(Benefit from) provision for income taxes | 85,765 | 44,608 | 44,294 | ||||||||
Income (loss) from continuing operations | 138,653 | 84,016 | 72,301 | ||||||||
Income (loss) from discontinued operations, net of income taxes | 111 | (192) | (691) | ||||||||
Net income (loss) | 138,764 | 83,824 | 71,610 | ||||||||
Net income attributable to Acadia Healthcare Company, Inc. | 138,764 | ||||||||||
Other comprehensive income: | |||||||||||
Comprehensive (loss) income attributable to Acadia Healthcare Company. Inc. | 138,764 | 83,824 | 71,610 | ||||||||
Combined Non-Guarantors [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenue before provision for doubtful accounts | 414,603 | 204,319 | 34,702 | ||||||||
Provision for doubtful accounts | (2,513) | (2,317) | (1,001) | ||||||||
Revenue | 412,090 | 202,002 | 33,701 | ||||||||
Salaries, wages and benefits | 227,045 | 106,057 | 13,964 | ||||||||
Professional fees | 33,041 | 13,850 | 3,022 | ||||||||
Supplies | 15,586 | 7,911 | 1,883 | ||||||||
Rents and leases | 3,434 | 2,065 | 767 | ||||||||
Other operating expenses | 36,728 | 26,819 | 7,946 | ||||||||
Depreciation and amortization | 21,782 | 9,677 | 1,208 | ||||||||
Interest expense, net | 20,733 | 14,815 | 1,901 | ||||||||
Transaction-related expenses | 11,657 | 1,283 | 434 | ||||||||
Total expenses | 370,006 | 182,477 | 31,125 | ||||||||
(Loss) income from continuing operations before income taxes | 42,084 | 19,525 | 2,576 | ||||||||
(Benefit from) provision for income taxes | 4,670 | 5,935 | 648 | ||||||||
Income (loss) from continuing operations | 37,414 | 13,590 | 1,928 | ||||||||
Net income (loss) | 37,414 | 13,590 | 1,928 | ||||||||
Net loss attributable to noncontrolling interests | 1,078 | ||||||||||
Net income attributable to Acadia Healthcare Company, Inc. | 38,492 | ||||||||||
Other comprehensive income: | |||||||||||
Foreign currency translation gain | (40,103) | (66,206) | |||||||||
Pension liability adjustment, net | 3,826 | (2,164) | |||||||||
Other comprehensive income | (36,277) | (68,370) | |||||||||
Other comprehensive loss | (36,277) | (68,370) | |||||||||
Comprehensive (loss) income attributable to Acadia Healthcare Company. Inc. | $ 2,215 | $ (54,780) | $ 1,928 |
Financial Information for th111
Financial Information for the Company and Its Subsidiaries - Summary of Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities: | |||
Net income (loss) | $ 111,476 | $ 83,040 | $ 42,579 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | |||
Depreciation and amortization | 63,550 | 32,667 | 17,090 |
Amortization of debt issuance costs | 6,709 | 3,198 | 2,264 |
Equity-based compensation expense | 20,472 | 10,058 | 5,249 |
Deferred income tax (benefit) expense | 43,613 | 7,215 | 10,083 |
(Income) loss from discontinued operations, net of taxes | (111) | 192 | 691 |
Debt extinguishment costs | 10,818 | 9,350 | |
Loss (gain) on foreign currency derivatives | 1,926 | (15,262) | |
Other | 1,615 | 488 | 21 |
Change in operating assets and liabilities, net of effect of acquisitions: | |||
Accounts receivable, net | (24,954) | (15,110) | (21,242) |
Other current assets | (2,717) | (2,011) | (3,652) |
Other assets | (8,021) | (6,513) | (2,239) |
Accounts payable and other accrued liabilities | 6,868 | 2,793 | (848) |
Accrued salaries and benefits | 1,658 | 11,980 | 2,803 |
Other liabilities | 9,236 | 2,749 | 3,181 |
Net cash (used in) provided by continuing operating activities | 242,138 | 115,484 | 65,330 |
Net cash provided by (used in) discontinued operating activities | (1,735) | (198) | 232 |
Net cash (used in) provided by operating activities | 240,403 | 115,286 | 65,562 |
Investing activities: | |||
Cash paid for acquisitions, net of cash acquired | (574,777) | (738,702) | (164,019) |
Cash paid for capital expenditures | (276,047) | (113,244) | (68,941) |
Cash paid for real estate acquisitions | (26,622) | (23,177) | (8,092) |
Settlement of foreign currency derivatives | (1,926) | 15,262 | |
Other | (5,099) | (913) | (1,926) |
Net cash used in investing activities | (884,471) | (860,774) | (242,978) |
Financing activities: | |||
Borrowings on long-term debt | 1,150,000 | 542,500 | 150,000 |
Borrowings on revolving credit facility | 468,000 | 230,500 | 61,500 |
Principal payments on revolving credit facility | (310,000) | (284,000) | (8,000) |
Principal payments on long-term debt | (31,965) | (7,695) | (7,680) |
Repayment of assumed CRC debt | (904,467) | (52,500) | |
Repayments of senior notes | (97,500) | (52,500) | |
Payment of debt issuance costs | (26,421) | (12,993) | (4,307) |
Payment of premium on senior notes | (7,480) | (6,759) | |
Payment of premium on note redemption | (6,759) | ||
Issuance of common stock, net | 331,308 | 374,431 | (205) |
Common stock withheld for minimum statutory taxes, net | (7,762) | (4,099) | (1,242) |
Excess tax benefit from equity awards | 309 | 4,617 | 1,779 |
Cash paid for contingent consideration | (5,000) | ||
Other | (420) | (289) | |
Net cash (used in) provided by financing activities | 563,602 | 837,972 | 132,586 |
Effect of exchange rate changes on cash | (2,359) | (3,013) | |
Net (decrease) increase in cash and cash equivalents | (82,825) | 89,471 | (44,830) |
Cash and cash equivalents at beginning of the period | 94,040 | 4,569 | 49,399 |
Cash and cash equivalents at end of the period | 11,215 | 94,040 | 4,569 |
Consolidating Adjustments [Member] | |||
Operating activities: | |||
Net income (loss) | (176,178) | (97,414) | (73,538) |
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | |||
Equity in earnings of subsidiaries | 176,178 | 97,414 | 73,538 |
Change in operating assets and liabilities, net of effect of acquisitions: | |||
Other assets | 1,100 | 1,151 | |
Net cash (used in) provided by continuing operating activities | 1,100 | 1,151 | |
Net cash (used in) provided by operating activities | 1,100 | 1,151 | |
Financing activities: | |||
Principal payments on long-term debt | 1,315 | 1,151 | |
Cash (used in) provided by intercompany activity | (2,415) | (377) | (1,925) |
Net cash (used in) provided by financing activities | (1,100) | 774 | (1,925) |
Net (decrease) increase 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) | 111,476 | 83,040 | 42,579 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | |||
Equity in earnings of subsidiaries | (176,178) | (97,414) | (73,538) |
Amortization of debt issuance costs | 7,147 | 2,748 | 2,725 |
Equity-based compensation expense | 20,472 | 10,058 | 5,249 |
Deferred income tax (benefit) expense | 617 | (1,969) | (754) |
Debt extinguishment costs | 10,818 | 9,350 | |
Loss (gain) on foreign currency derivatives | 1,926 | (15,262) | |
Change in operating assets and liabilities, net of effect of acquisitions: | |||
Other assets | (1,100) | (1,151) | |
Net cash (used in) provided by continuing operating activities | (24,822) | (19,950) | (14,389) |
Net cash (used in) provided by operating activities | (24,822) | (19,950) | (14,389) |
Investing activities: | |||
Settlement of foreign currency derivatives | 15,262 | ||
Net cash used in investing activities | 15,262 | ||
Financing activities: | |||
Borrowings on long-term debt | 1,150,000 | 542,500 | 150,000 |
Borrowings on revolving credit facility | 468,000 | 230,500 | 61,500 |
Principal payments on revolving credit facility | (310,000) | (284,000) | (8,000) |
Principal payments on long-term debt | (31,965) | (7,500) | (7,500) |
Repayment of assumed CRC debt | (904,467) | (52,500) | |
Repayments of senior notes | (97,500) | ||
Payment of debt issuance costs | (26,421) | (12,993) | (4,307) |
Payment of premium on senior notes | (7,480) | ||
Payment of premium on note redemption | (6,759) | ||
Issuance of common stock, net | 374,431 | (205) | |
Common stock withheld for minimum statutory taxes, net | (7,762) | (4,099) | (1,242) |
Excess tax benefit from equity awards | 309 | 4,617 | 1,779 |
Cash (used in) provided by intercompany activity | (207,892) | (838,768) | (118,377) |
Net cash (used in) provided by financing activities | 24,822 | 4,688 | 14,389 |
Combined Subsidiary Guarantors [Member] | |||
Operating activities: | |||
Net income (loss) | 138,764 | 83,824 | 71,610 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | |||
Depreciation and amortization | 41,768 | 22,990 | 15,882 |
Deferred income tax (benefit) expense | 42,246 | 5,231 | 10,278 |
(Income) loss from discontinued operations, net of taxes | (111) | 192 | 691 |
Other | 1,582 | 449 | 21 |
Change in operating assets and liabilities, net of effect of acquisitions: | |||
Accounts receivable, net | (18,632) | (13,636) | (22,768) |
Other current assets | (1,152) | (2,205) | (3,774) |
Other assets | (8,567) | (6,910) | (1,950) |
Accounts payable and other accrued liabilities | (7,583) | (5,559) | (287) |
Accrued salaries and benefits | 312 | 11,035 | 2,161 |
Other liabilities | 9,350 | 1,769 | 3,181 |
Net cash (used in) provided by continuing operating activities | 197,977 | 97,180 | 75,045 |
Net cash provided by (used in) discontinued operating activities | (1,735) | (198) | 232 |
Net cash (used in) provided by operating activities | 196,242 | 96,982 | 75,277 |
Investing activities: | |||
Cash paid for acquisitions, net of cash acquired | (254,848) | (723,064) | (164,019) |
Cash paid for capital expenditures | (172,329) | (83,864) | (68,497) |
Cash paid for real estate acquisitions | (25,293) | (23,177) | (8,092) |
Settlement of foreign currency derivatives | (1,926) | ||
Other | (5,099) | (913) | (1,926) |
Net cash used in investing activities | (459,495) | (831,018) | (242,534) |
Financing activities: | |||
Issuance of common stock, net | 331,308 | ||
Cash paid for contingent consideration | (5,000) | ||
Other | (420) | (289) | |
Cash (used in) provided by intercompany activity | (139,974) | 816,010 | 117,950 |
Net cash (used in) provided by financing activities | 190,914 | 810,721 | 117,950 |
Effect of exchange rate changes on cash | (2,359) | ||
Net (decrease) increase in cash and cash equivalents | (74,698) | 76,685 | (49,307) |
Cash and cash equivalents at beginning of the period | 76,685 | 49,307 | |
Cash and cash equivalents at end of the period | 1,987 | 76,685 | |
Combined Non-Guarantors [Member] | |||
Operating activities: | |||
Net income (loss) | 37,414 | 13,590 | 1,928 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: | |||
Depreciation and amortization | 21,782 | 9,677 | 1,208 |
Amortization of debt issuance costs | (438) | 450 | (461) |
Deferred income tax (benefit) expense | 750 | 3,953 | 559 |
Other | 33 | 39 | |
Change in operating assets and liabilities, net of effect of acquisitions: | |||
Accounts receivable, net | (6,322) | (1,474) | 1,526 |
Other current assets | (1,565) | 194 | 122 |
Other assets | 546 | 397 | (289) |
Accounts payable and other accrued liabilities | 14,451 | 8,352 | (561) |
Accrued salaries and benefits | 1,346 | 945 | 642 |
Other liabilities | (114) | 980 | |
Net cash (used in) provided by continuing operating activities | 67,883 | 37,103 | 4,674 |
Net cash (used in) provided by operating activities | 67,883 | 37,103 | 4,674 |
Investing activities: | |||
Cash paid for acquisitions, net of cash acquired | (319,929) | (15,638) | |
Cash paid for capital expenditures | (103,718) | (29,380) | (444) |
Cash paid for real estate acquisitions | (1,329) | ||
Net cash used in investing activities | (424,976) | (45,018) | (444) |
Financing activities: | |||
Principal payments on long-term debt | (1,315) | (1,346) | (180) |
Cash (used in) provided by intercompany activity | 350,281 | 23,135 | 2,352 |
Net cash (used in) provided by financing activities | 348,966 | 21,789 | 2,172 |
Effect of exchange rate changes on cash | (3,013) | ||
Net (decrease) increase in cash and cash equivalents | (8,217) | 10,861 | 6,402 |
Cash and cash equivalents at beginning of the period | 17,355 | 6,494 | 92 |
Cash and cash equivalents at end of the period | $ 9,228 | $ 17,355 | $ 6,494 |