Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 01, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
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 Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 88,455,125 | ||
Entity Public Float | $ 3.5 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 50,510 | $ 67,290 |
Accounts receivable, net | 318,087 | 296,925 |
Other current assets | 81,820 | 107,335 |
Total current assets | 450,417 | 471,550 |
Property and equipment: | ||
Land | 430,771 | 450,342 |
Building and improvements | 2,423,594 | 2,370,918 |
Equipment | 444,538 | 400,596 |
Construction in progress | 294,848 | 173,693 |
Less accumulated depreciation | (485,985) | (347,419) |
Property and equipment, net | 3,107,766 | 3,048,130 |
Goodwill | 2,396,412 | 2,751,174 |
Intangible assets, net | 88,990 | 87,348 |
Deferred tax assets | 3,468 | 3,731 |
Derivative instrument assets | 60,524 | 12,997 |
Other assets | 64,927 | 49,572 |
Total assets | 6,172,504 | 6,424,502 |
Current liabilities: | ||
Current portion of long-term debt | 34,112 | 34,830 |
Accounts payable | 117,740 | 102,299 |
Accrued salaries and benefits | 113,299 | 99,047 |
Other accrued liabilities | 151,226 | 141,213 |
Total current liabilities | 416,377 | 377,389 |
Long-term debt | 3,159,375 | 3,205,058 |
Deferred tax liabilities | 80,372 | 80,333 |
Other liabilities | 154,267 | 166,434 |
Total liabilities | 3,810,391 | 3,829,214 |
Redeemable noncontrolling interests | 28,806 | 22,417 |
Equity: | ||
Preferred stock, $0.01 par value; 10,000,000 shares authorized, no shares issued | ||
Common stock, $0.01 par value; 180,000,000 shares authorized; 87,444,473 and 87,060,114 issued and outstanding as of December 31, 2018 and 2017, respectively | 874 | 871 |
Additional paid-in capital | 2,541,987 | 2,517,545 |
Accumulated other comprehensive loss | (462,377) | (374,118) |
Retained earnings | 252,823 | 428,573 |
Total equity | 2,333,307 | 2,572,871 |
Total liabilities and equity | $ 6,172,504 | $ 6,424,502 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
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 | 180,000,000 | 180,000,000 |
Common stock, shares issued | 87,444,473 | 87,060,114 |
Common stock, shares outstanding | 87,444,473 | 87,060,114 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||||||||||
Revenue before provision for doubtful accounts | $ 3,012,442 | $ 2,877,234 | $ 2,852,823 | ||||||||
Provision for doubtful accounts | (40,918) | (41,909) | |||||||||
Revenue | $ 743,547 | $ 760,916 | $ 765,738 | $ 742,241 | $ 724,512 | $ 716,714 | $ 715,896 | $ 679,194 | 3,012,442 | 2,836,316 | 2,810,914 |
Salaries, wages and benefits (including equity-based compensation expense of $22,001, $23,467 and $28,345, respectively) | 1,659,348 | 1,536,160 | 1,541,854 | ||||||||
Professional fees | 227,425 | 196,223 | 185,486 | ||||||||
Supplies | 119,314 | 114,439 | 117,425 | ||||||||
Rents and leases | 80,282 | 76,775 | 73,348 | ||||||||
Other operating expenses | 354,498 | 331,827 | 312,556 | ||||||||
Depreciation and amortization | 158,832 | 143,010 | 135,103 | ||||||||
Interest expense, net | 185,410 | 176,007 | 181,325 | ||||||||
Debt extinguishment costs | 1,815 | 810 | 4,253 | ||||||||
Legal settlements expense | 22,100 | 22,076 | |||||||||
Loss on impairment | 337,900 | 337,889 | |||||||||
Loss on divestiture | 178,809 | ||||||||||
Gain on foreign currency derivatives | (523) | ||||||||||
Transaction-related expenses | 34,507 | 24,267 | 48,323 | ||||||||
Total expenses | 3,181,396 | 2,599,518 | 2,777,959 | ||||||||
(Loss) income before income taxes | (341,336) | 55,036 | 69,258 | 48,088 | 60,689 | 61,459 | 66,216 | 48,484 | (168,954) | 236,798 | 32,955 |
Provision for income taxes | 6,532 | 37,209 | 28,779 | ||||||||
Net (loss) income | (175,486) | 199,589 | 4,176 | ||||||||
Net (income) loss attributable to noncontrolling interests | (264) | 246 | 1,967 | ||||||||
Net (loss) income attributable to Acadia Healthcare Company, Inc. | $ (331,637) | $ 46,232 | $ 58,836 | $ 50,819 | $ 69,629 | $ 45,618 | $ 49,630 | $ 34,958 | $ (175,750) | $ 199,835 | $ 6,143 |
Earnings per share attributable to Acadia Healthcare Company, Inc. stockholders: | |||||||||||
Basic | $ (3.80) | $ 0.53 | $ 0.67 | $ 0.58 | $ 0.80 | $ 0.52 | $ 0.57 | $ 0.40 | $ (2.01) | $ 2.30 | $ 0.07 |
Diluted | $ (3.80) | $ 0.53 | $ 0.67 | $ 0.58 | $ 0.80 | $ 0.52 | $ 0.57 | $ 0.40 | $ (2.01) | $ 2.30 | $ 0.07 |
Weighted-average shares outstanding: | |||||||||||
Basic | 87,288 | 86,948 | 85,701 | ||||||||
Diluted | 87,288 | 87,060 | 85,972 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
Equity-based compensation expense | $ 22,001 | $ 23,467 | $ 28,345 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net (loss) income | $ (175,486) | $ 199,589 | $ 4,176 |
Other comprehensive (loss) income: | |||
Foreign currency translation (loss) gain | (127,521) | 206,784 | (477,967) |
Gain (loss) on derivative instruments, net of tax of $12.7 million, $(22.9) million and $29.1, respectively | 36,799 | (33,431) | 40,598 |
Pension liability adjustment, net of tax of $0.3 million, $0.4 million and $(1.3) million, respectively | 2,463 | 2,099 | (7,554) |
Other comprehensive (loss) gain | (88,259) | 175,452 | (444,923) |
Comprehensive (loss) income | (263,745) | 375,041 | (440,747) |
Comprehensive (income) loss attributable to noncontrolling interests | (264) | 246 | 1,967 |
Comprehensive (loss) income attributable to Acadia Healthcare Company, Inc. | $ (264,009) | $ 375,287 | $ (438,780) |
Consoidated Statements of Compr
Consoidated Statements of Comprehensive (Loss) Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Loss on derivative instruments, tax | $ 12.7 | $ (22.9) | $ 29.1 |
Pension liability adjustment, tax | $ 0.3 | $ 0.4 | $ (1.3) |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Earnings (Accumulated Deficit) [Member] |
Balance at Dec. 31, 2015 | $ 1,683,028 | $ 707 | $ 1,572,972 | $ (104,647) | $ 213,996 |
Balance, shares at Dec. 31, 2015 | 70,746,000 | ||||
Common stock issued under stock incentive plans | $ 1,384 | $ 5 | 1,379 | ||
Common stock issued under stock incentive plans, shares | 57,397 | 408,000 | |||
Common stock withheld for minimum statutory taxes | $ (10,230) | (10,230) | |||
Equity-based compensation expense | 28,345 | 28,345 | |||
Issuance of common stock, net | 901,979 | $ 155 | 901,824 | ||
Issuance of common stock, net, shares | 15,534,000 | ||||
Other comprehensive loss | (444,923) | (444,923) | |||
Other | 1,998 | 1,998 | |||
Net income (Loss) attributable to Acadia Healthcare Company, Inc. stockholders | 6,143 | 6,143 | |||
Balance at Dec. 31, 2016 | 2,167,724 | $ 867 | 2,496,288 | (549,570) | 220,139 |
Balance, shares at Dec. 31, 2016 | 86,688,000 | ||||
Common stock issued under stock incentive plans | $ 2,069 | $ 4 | 2,065 | ||
Common stock issued under stock incentive plans, shares | 87,367 | 372,000 | |||
Common stock withheld for minimum statutory taxes | $ (5,524) | (5,524) | |||
Equity-based compensation expense | 23,467 | 23,467 | |||
Cumulative effect of change in accountingprinciple | 8,599 | 8,599 | |||
Other comprehensive loss | 175,452 | 175,452 | |||
Other | 1,249 | 1,249 | |||
Net income (Loss) attributable to Acadia Healthcare Company, Inc. stockholders | 199,835 | 199,835 | |||
Balance at Dec. 31, 2017 | $ 2,572,871 | $ 871 | 2,517,545 | (374,118) | 428,573 |
Balance, shares at Dec. 31, 2017 | 87,060,114 | 87,060,000 | |||
Common stock issued under stock incentive plans | $ 374 | $ 3 | 371 | ||
Common stock issued under stock incentive plans, shares | 20,989 | 384,000 | |||
Common stock withheld for minimum statutory taxes | $ (3,781) | (3,781) | |||
Equity-based compensation expense | 22,001 | 22,001 | |||
Other comprehensive loss | (88,259) | (88,259) | |||
Other | 5,851 | 5,851 | |||
Net income (Loss) attributable to Acadia Healthcare Company, Inc. stockholders | (175,750) | (175,750) | |||
Balance at Dec. 31, 2018 | $ 2,333,307 | $ 874 | $ 2,541,987 | $ (462,377) | $ 252,823 |
Balance, shares at Dec. 31, 2018 | 87,444,473 | 87,444,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands, £ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Operating activities: | |||
Net (loss) income | $ (175,486) | $ 199,589 | $ 4,176 |
Adjustments to reconcile net (loss) income to net cash provided by continuing operating activities: | |||
Depreciation and amortization | 158,832 | 143,010 | 135,103 |
Amortization of debt issuance costs | 10,456 | 9,855 | 10,324 |
Equity-based compensation expense | 22,001 | 23,467 | 28,345 |
Deferred income taxes | (9,714) | 31,372 | 28,647 |
Debt extinguishment costs | 1,815 | 810 | 4,253 |
Legal settlements expense | 22,076 | ||
Loss on impairment | 337,889 | ||
Loss on divestiture | 178,809 | ||
Gain on foreign currency derivatives | (523) | ||
Other | 12,371 | 11,412 | 4,715 |
Change in operating assets and liabilities, net of effect of acquisitions: | |||
Accounts receivable, net | (16,821) | (28,570) | (15,718) |
Other current assets | 13,864 | 20,808 | (20,648) |
Other assets | 2,762 | (3,176) | (4,354) |
Accounts payable and other accrued liabilities | 26,054 | (10,113) | 22,693 |
Accrued salaries and benefits | 15,748 | (8,988) | (8,572) |
Other liabilities | (5,219) | 11,794 | 4,484 |
Net cash provided by continuing operating activities | 416,628 | 401,270 | 371,734 |
Net cash used in discontinued operating activities | (2,548) | (1,693) | (10,256) |
Net cash provided by operating activities | 414,080 | 399,577 | 361,478 |
Investing activities: | |||
Cash paid for acquisitions, net of cash acquired | (18,191) | (683,455) | |
Cash paid for capital expenditures | (341,462) | (274,177) | (307,472) |
Cash paid for real estate acquisitions | (18,383) | (41,057) | (40,757) |
Settlement of foreign currency derivatives | 523 | ||
Cash received on divestitures | 373,266 | ||
Other | (1,119) | (3,101) | (2,470) |
Net cash used in investing activities | (360,964) | (336,526) | (660,365) |
Financing activities: | |||
Borrowings on long-term debt | 1,480,000 | ||
Borrowings on revolving credit facility | 179,000 | ||
Principal payments on revolving credit facility | (337,000) | ||
Principal payments on long-term debt | (39,738) | (34,805) | (49,941) |
Repayment of assumed debt | (1,348,389) | ||
Repayment of long-term debt | (21,920) | (22,500) | (200,594) |
Payment of debt issuance costs | (36,649) | ||
Issuances of common stock, net | 685,097 | ||
Common stock withheld for minimum statutory taxes, net | (3,407) | (3,455) | (8,846) |
Other | (2,265) | 686 | (3,837) |
Net cash (used in) provided by financing activities | (67,330) | (60,074) | 358,841 |
Effect of exchange rate changes on cash | (2,566) | 7,250 | (14,106) |
Net (decrease) increase in cash and cash equivalents | (16,780) | 10,227 | 45,848 |
Cash and cash equivalents at beginning of the period | 67,290 | 57,063 | 11,215 |
Cash and cash equivalents at end of the period | 50,510 | 67,290 | 57,063 |
Supplemental Cash Flow Information: | |||
Cash paid for interest | 175,204 | 159,098 | 161,146 |
Cash paid for income taxes | $ 6,720 | 10,291 | 15,483 |
Effect of acquisitions: | |||
Assets acquired, excluding cash | 19,649 | 2,516,880 | |
Liabilities assumed | (1,458) | (1,616,543) | |
Issuance of common stock in connection with acquisition | (216,882) | ||
Cash paid for acquisitions, net of cash acquired | $ 18,191 | $ 683,455 |
Description of Business and Bas
Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2018 | |
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 (“U.S.”), the United Kingdom (“U.K.”) and Puerto Rico. At December 31, 2018, the Company operated 583 behavioral healthcare facilities with approximately 18,100 beds in 40 states, the U.K. 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 $86.6 million, $76.4 million and $86.8 million for the years ended December 31, 2018, 2017 and 2016, 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, 2018 | |
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. Insurance The Company is subject to medical malpractice and other lawsuits due to the nature of the services the Company provides. A portion of the Company’s professional liability risks are insured through a wholly-owned insurance subsidiary. The Company is self-insured for professional liability claims up to $3.0 million per claim and has obtained reinsurance coverage from a third party to cover claims in excess of the retention limit. The reinsurance policy has a coverage limit of $75.0 million in the aggregate. The Company’s reinsurance receivables are recognized consistent with the related liabilities and include known claims and any incurred but not reported claims that are covered by current insurance policies in place. 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 $42.8 million at December 31, 2018, of which $5.0 million was included in other accrued liabilities and $37.8 million was included in other long-term liabilities. The professional and general liability reserve was $55.0 million at December 31, 2017, of which $22.8 million was included in other accrued liabilities and $32.2 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 $8.2 million at December 31, 2018, of which $2.1 million was included in other current assets and $6.1 million was included in other assets, and such receivable was $22.7 million at December 31, 2017, of which $17.6 million was included in other current assets and $5.1 million was included in other assets. The Company’s statutory workers’ compensation program is fully insured with a $0.5 million deductible per accident. The workers’ compensation liability was $19.3 million at December 31, 2018, of which $10.0 million was included in accrued salaries and benefits and $9.3 million was included in other long-term liabilities, and such liability was $18.5 million at December 31, 2017, of which $10.0 million was included in accrued salaries and benefits and $8.5 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 $158.8 million, $143.0 million and $134.8 million for the years ended years ended December 31, 2018, 2017 and 2016, 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. The Company performed its impairment review of long-lived assets in the fourth quarter of 2018, which indicated the carrying amounts of certain long-lived assets in our U.K. Facilities may not be recoverable. This created a non-cash loss on impairment of $12.0 million for the year ended December 31, 2018, which was recorded in loss on impairment on our consolidated statements of operation. No impairment was recorded for the years ended December 31, 2017 and 2016. Goodwill and Indefinite-Lived Intangible Assets In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) ASU 2017-04, “Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment” The Company’s goodwill and other indefinite-lived intangible assets, which consist of license and accreditations, trade names 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 the carrying value of a reporting unit may not be recoverable. The Company has two operating segments, the Company’s facilities in the U.S (the “U.S. Facilities”) and the facilities in the U.K. (the “U.K. Facilities”), for segment reporting purposes, each of which represents a reporting unit for purposes of the Company’s goodwill impairment test. The Company’s annual goodwill impairment test performed as of October 1, 2018 considered the recent financial performance, including the labor market pressures faced by the U.K. Facilities. The impairment test for the U.S. Facilities indicated estimated fair value exceeded carrying value, and therefore no impairment was recorded. The impairment test for the U.K. Facilities indicated carrying value exceeded the estimated fair value. The difference was recorded as a non-cash loss on impairment of $325.9 million for the year ended December 31, 2018 within loss on impairment in the consolidated statements of operations. The Company’s annual impairment tests of goodwill and other indefinite-lived intangible assets in 2017 and 2016 resulted in no impairment charges. In performing the goodwill impairment test, the Company used a combination of the income and market approaches to estimate fair value of our reporting units. Determining fair value requires substantial judgement and use significant unobservable inputs, which are categorized as Level 3 fair value measurements. For the income approach, the Company used a discounted cash flow model in which cash flows are projected using internal forecasts over future periods, plus a terminal value, and are discounted to present value using a risk-adjusted rate of return. The Company’s internal forecasts include estimates of growth rates based on our current views of the long-term outlook of each reporting unit and may materially differ from actual results. Discount rate assumptions are based on an assessment of the risk inherent in the future cash flows of each reporting unit. The discount rates used in its analysis range from 9.0% to 10.5% and correspond to the risks inherent in each reporting unit. For the market approach, we compared our reporting units to guideline companies actively traded in public markets and included a control premium, which was based on acquisition premiums of selected companies similar to our reporting units. Estimating fair values of our reporting units includes substantial judgement and significant estimates and may materially differ from actual results. Changes in assumptions, industry or peer groups could negatively impact estimated fair value. Other Current Assets Other current assets consisted of the following (in thousands): December 31, 2018 2017 Prepaid expenses $ 30,802 $ 27,320 Other receivables 19,205 21,427 Cost report receivable 10,340 9,028 Workers’ compensation deposits – current portion 10,000 10,000 Inventory 5,055 4,787 Insurance receivable – current portion 2,049 17,588 Income taxes receivable 2,380 15,056 Other 1,989 2,129 Other current assets $ 81,820 $ 107,335 Other Accrued Liabilities Other accrued liabilities consisted of the following (in thousands): December 31, 2018 2017 Accrued expenses $ 44,938 $ 37,268 Accrued interest 32,838 36,370 Unearned income 32,154 31,342 Accrued legal settlements 22,076 — Insurance liability – current portion 4,956 22,788 Accrued property taxes 4,136 3,945 Income taxes payable 3,041 1,012 Other 7,087 8,488 Other accrued liabilities $ 151,226 $ 141,213 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”) 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 in 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. The Tax Act was enacted on December 22, 2017. The Tax Act reduced the U.S. federal corporate tax rate from 35% to 21%, required companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and created new taxes on certain foreign sourced earnings. See additional disclosure described in Note 10 – Income Taxes. Recent Accounting Pronouncements In August 2018, the FASB issued ASU 2018-15, “ Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract In August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” In March 2016, the FASB issued ASU 2016-02, “ Leases The Company will adopt ASU 2016-02 retrospectively at the beginning of the period of adoption and will record a cumulative-effect adjustment to retained earnings on January 1, 2019. The Company expects to elect the package of practical expedients offered in the transition guidance which allows management to not reassess lease identification, lease classification and initial direct costs. The Company also expects to elect the accounting policy practical expedients by class of underlying asset to: (i) combine associated lease and non-lease components into a single lease component; and (ii) exclude recording short-term leases as right-of-use assets and liabilities on the balance sheet. The Company has substantially completed its evaluation of the financial impact of the new standard as it relates to the Company’s lease portfolio, which primarily consists of real estate leases integral for facility operations. Management believes the largest effect of adopting the new standard will be to record a significant amount of right-of-use assets and liabilities for current operating leases. Management continues to evaluate the impact ASU 2016-02 will have on the Company’s internal controls, policies, and procedures. See Note 13 – Leases for the Company’s aggregate minimum lease payments under non-cancelable operating leases under accounting guidance at December 31, 2018. The Company is continuing to refine its approach under ASU 2016-02, including finalizing its transition calculations, controls and disclosure policies. The Company will finalize its accounting assessment and quantitative impact of adoption of ASU 2016-02 during the first quarter of 2019. The Company will continue to monitor industry activities and any additional accounting guidance and will adjust the Company’s assessment and implementation plans accordingly. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” In May 2014, the FASB and the International Accounting Standards Board issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | 3. Revenue ASU 2014-09 requires companies to exercise more judgment and recognize revenue using a five-step process. The Company adopted ASU 2014-09 using the modified retrospective method for all contracts effective January 1, 2018 and is using a portfolio approach to group contracts with similar characteristics and analyze historical cash collections trends. Modified retrospective adoption requires entities to apply the standard retrospectively to the most current period presented in the financial statements, requiring the cumulative effect of the retrospective application as an adjustment to the opening balance of retained earnings at the date of initial application. Prior periods have not been adjusted. No cumulative-effect adjustment in retained earnings was recorded as the adoption of ASU 2014-09 did not significantly impact the Company’s reported historical revenue. As a result of certain changes required by ASU 2014-09, the majority of the Company’s provision for doubtful accounts are recorded as a direct reduction to revenue instead of being presented as a separate line item on the consolidated statements of operations. The adoption of ASU 2014-09 has no impact on the Company’s accounts receivable as it was historically recorded net of allowance for doubtful accounts and contractual adjustments, and the Company has eliminated the presentation of allowance for doubtful accounts on the consolidated balance sheets. At December 31, 2018 and 2017, estimated implicit price concessions of $47.0 million and $40.9 million, respectively, had been recorded as reductions to our accounts receivable balances to enable us to record our revenues and accounts receivable at the estimated amounts we expected to collect. The adoption of ASU 2014-09 did not have a significant impact on the Company’s consolidated statements of operations. The impact of adopting ASU 2014-09 on the consolidated statements of operations for the year ended December 31, 2018 was as follows (in thousands): Year Ended December 31, 2018 As Reported Prior to Adopting ASU 2014-09 Revenue before provision for doubtful accounts $ 3,012,442 $ 3,060,180 Provision for doubtful accounts — (47,738 ) Revenue $ 3,012,442 $ 3,012,442 The Company evaluated the nature, amount, timing and uncertainty of revenue and cash flows using the five-step process provided within ASU 2014-09. Revenue is primarily derived from services rendered to patients for inpatient psychiatric and substance abuse care, outpatient psychiatric care and residential treatment. The services provided by the Company have no fixed duration and can be terminated by the patient or the facility at any time, and therefore, each treatment is its own stand-alone contract. Services ordered by a healthcare provider in an episode of care are not separately identifiable and therefore have been combined into a single performance obligation for each contract. The Company recognizes revenue as its performance obligations are completed. The performance obligation is satisfied over time as the customer simultaneously receives and consumes the benefits of As our performance obligations relate to contracts with a duration of one year or less, the Company elected the optional exemption in ASC 606-10-50-14(a). Therefore, the Company is not required to disclose the transaction price for the remaining performance obligations at the end of the reporting period or when the Company expects to recognize the revenue. The Company has minimal unsatisfied performance obligations at the end of the reporting period as our patients typically are under no obligation to remain admitted in our facilities. The Company disaggregates revenue from contracts with customers by service type and by payor within each of the Company’s segments. U.S. Facilities The Company’s U.S. Facilities and services provided by the U.S. Facilities can generally be classified into the following categories: acute inpatient psychiatric facilities; specialty treatment facilities; residential treatment centers; and outpatient community-based services. Acute inpatient psychiatric facilities. Acute inpatient psychiatric facilities provide a high level of care in order to stabilize patients that are either a threat to themselves or to others. The acute setting provides 24-hour observation, daily intervention and monitoring by psychiatrists. Specialty treatment facilities . Specialty treatment facilities include residential recovery facilities, eating disorder facilities and comprehensive treatment centers. The Company provides a comprehensive continuum of care for adults with addictive disorders and co-occurring mental disorders. Inpatient, including detoxification and rehabilitation, partial hospitalization and outpatient treatment programs give patients access to the least restrictive level of care. Residential treatment centers . Residential treatment centers treat patients with behavioral disorders in a non-hospital setting, including outdoor programs. The facilities balance therapy activities with social, academic and other activities. Outpatient community-based services . Outpatient community-based programs are designed to provide therapeutic treatment to children and adolescents who have a clinically-defined emotional, psychiatric or chemical dependency disorder while enabling the youth to remain at home and within their community. The table below presents total U.S. revenue attributed to each category (in thousands): Year Ended December 31, 2018 2017 2016 Acute inpatient psychiatric facilities $ 814,124 $ 757,211 $ 694,151 Specialty treatment facilities 761,017 725,151 702,225 Residential treatment centers 293,053 284,637 256,539 Outpatient community-based services 36,501 42,845 45,610 Revenue $ 1,904,695 $ 1,809,844 $ 1,698,525 The Company receives payments from the following sources for services rendered in our U.S. Facilities: (i) state governments under their respective Medicaid and other programs; (ii) commercial insurers; (iii) the federal government under the Medicare program administered by the Centers for Medicare and Medicaid Services (“CMS”); and (iv) individual patients and clients. As the period between the time of service and time of payment is typically one year or less, the Company elected the practical expedient under ASC 606-10-32-18 and did not adjust for the effects of a significant financing component. The Company determines the transaction price based on established billing rates reduced by contractual adjustments provided to third-party payors, discounts provided to uninsured patients and implicit price concessions. Contractual adjustments and discounts are based on contractual agreements, discount policies and historical experience. Implicit price concessions are based on historical collection experience. Most of our U.S. Facilities have contracts containing variable consideration. However, it is unlikely a significant reversal of revenue will occur when the uncertainty is resolved, and therefore, the Company has included the variable consideration in the estimated transaction price. Subsequent changes resulting from a patient’s ability to pay are recorded as bad debt expense, which is included as a component of other operating expenses in the consolidating statements of operations. Bad debt expense for the year ended December 31, 2018 was not significant. The Company derives a significant portion of its revenue 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 transaction price 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 $10.3 million and $9.0 million for the years ended December 31, 2018 and 2017, 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 $0.5 million, $0.2 million and $0.7 million for the years ended December 31, 2018, 2017 and 2016, respectively. 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. Such amounts determined to qualify as charity care are not reported as revenue. The cost of providing charity care services were $4.7 million, $5.3 million and $5.6 million for the years ended December 31, 2018, 2017 and 2016, 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. The following table presents revenue by payor type and as a percentage of revenue in our U.S. Facilities for the years ended December 31, 2018, 2017 and 2016 (in thousands): Year Ended December 31, 2018 2017 2016 Amount % Amount % Amount % Commercial $ 573,089 30.1 % $ 569,242 30.8 % $ 534,468 30.7 % Medicare 280,340 14.7 % 281,270 15.2 % 266,868 15.3 % Medicaid 893,644 46.9 % 796,375 43.0 % 725,508 41.7 % Self-Pay 134,054 7.1 % 169,727 9.2 % 185,094 10.6 % Other 23,568 1.2 % 33,942 1.8 % 28,418 1.7 % Revenue before provision for doubtful accounts 1,904,695 100.0 % 1,850,556 100.0 % 1,740,356 100.0 % Provision for doubtful accounts — (40,712 ) (41,831 ) Revenue $ 1,904,695 $ 1,809,844 $ 1,698,525 U.K. Facilities The Company’s U.K. Facilities and services provided by the U.K. Facilities can generally be classified into the following categories: healthcare facilities, education and children’s services, adult care facilities and elderly care facilities. Healthcare facilities . Healthcare facilities provide psychiatric treatment and nursing for sufferers of mental disorders, including for patients whose risk of harm to others and risk of escape from hospitals cannot be managed safely within other mental health settings. In order to manage the risks involved with treating patients, the facility is managed through the application of a range of security measures depending on the level of dependency and risk exhibited by the patient. Education and children’s services. Education and children’s services provide specialist education for children and young people with special educational needs, including autism, Asperger’s Syndrome, social, emotional and mental health, and specific learning difficulties, such as dyslexia. The division also offers standalone children’s homes for children that require 52-week residential care to support complex and challenging behavior and fostering services. Adult care facilities . Adult care focuses on care of individuals with a variety of learning difficulties, mental health illnesses and adult autism spectrum disorders. It also includes long-term, short-term and respite nursing care to high-dependency elderly individuals who are physically frail or suffering from dementia. Care is provided in a number of settings, including in residential care homes and through supported living. The table below presents total U.K. revenue attributed to each category (in thousands): Year Ended December 31, 2018 2017 2016 Healthcare facilities $ 615,741 $ 567,747 $ 683,467 Education and Children’s Services 192,129 170,328 146,703 Adult Care facilities 299,877 288,397 280,191 Revenue $ 1,107,747 $ 1,026,472 $ 1,110,361 The Company receives payments from approximately 500 public funded sources in the U.K. (including the National Health Service (“NHS”), Clinical Commissioning Groups (“CCGs”) and local authorities in England, Scotland and Wales) and individual patients and clients. The Company determines the transaction price based on established billing rates by payor and is reduced by implicit price concessions. Implicit price concessions are insignificant in our U.K. Facilities. There is no significant variable consideration in our U.K. Facilities’ contracts. As the period between the time of service and time of payment is typically one year or less, the Company elected the practical expedient under ASC 606-10-32-18 and did not adjust for the effects of a significant financing component. The following table presents revenue by payor type and as a percentage of revenue in our U.K. Facilities for the years ended December 31, 2018, 2017 and 2016 (in thousands): Year Ended December 31, 2018 2017 2016 Amount % Amount % Amount % U.K. public funded sources $ 1,000,828 90.3 % $ 922,159 89.8 % $ 1,021,888 92.0 % Self-Pay 104,824 9.5 % 95,687 9.3 % 83,066 7.5 % Other 2,095 0.2 % 8,832 0.9 % 5,485 0.5 % Revenue before provision for doubtful accounts 1,107,747 100.0 % 1,026,678 100.0 % 1,110,439 100.0 % Provision for doubtful accounts — (206 ) (78 ) Revenue $ 1,107,747 $ 1,026,472 $ 1,110,361 The Company’s contract liabilities primarily consist of unearned revenue in our U.K. Facilities due to the timing of payments received mainly in our education and children’s services and healthcare facilities. Contract liabilities are included in other accrued liabilities on the consolidated balance sheets. A summary of the activity in unearned revenue in the U.K. Facilities is as follows (in thousands): Balance at December 31, 2017 $ 30,812 Payments received 167,604 Revenue recognized (164,917 ) Foreign currency translation loss (2,260 ) Balance at December 31, 2018 $ 31,239 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 4. Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31, 2018, 2017 and 2016 (in thousands except per share amounts): Year Ended December 31, 2018 2017 2016 Numerator: Net (loss) income attributable to Acadia Healthcare Company, Inc. $ (175,750 ) $ 199,835 $ 6,143 Denominator: Weighted average shares outstanding for basic earnings per share 87,288 86,948 85,701 Effects of dilutive instruments — 112 271 Shares used in computing diluted earnings per common share 87,288 87,060 85,972 Earnings per share attributable to Acadia Healthcare Company, Inc. stockholders: Basic $ (2.01 ) $ 2.30 $ 0.07 Diluted $ (2.01 ) $ 2.30 $ 0.07 For the year ended December 31, 2018, approximately 0.1 million of the outstanding restricted stock and shares of common stock issuable upon exercise of outstanding stock option awards have been excluded from the calculation of diluted earnings per share because the net loss for the year ended December 31, 2018 causes such securities to be anti-dilutive. Approximately 1.9 million, 1.4 million and 1.1 million shares of common stock issuable upon exercise of outstanding stock options were excluded from the calculation of diluted earnings per share for the years ended December 31, 2018, 2017 and 2016, respectively, because their effect would have been anti-dilutive. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | 5. Acquisitions The Company’s strategy is to acquire and develop behavioral healthcare facilities and improve operating results within its facilities and its other behavioral healthcare operations. 2019 Acquisitions On February 15, 2019, the Company completed the acquisition of Whittier Pavilion (“Whittier”), an inpatient psychiatric facility with 71 beds located in Haverhill, Massachusetts, for cash consideration of approximately $17.9 million. Also on February 15, 2019, the Company completed the acquisition of Mission Treatment (“Mission Treatment”) for cash consideration of approximately $22.5 million and a working capital settlement. Mission Treatment operates nine comprehensive treatment centers in California, Nevada, Arizona and Oklahoma. 2017 Acquisition On November 13, 2017, we completed the acquisition of Aspire Scotland, an education facility with 36 beds located in Scotland, for cash consideration of approximately $21.3 million. 2016 U.S. Acquisitions On June 1, 2016, the Company completed the acquisition of Pocono Mountain Recovery Center (“Pocono Mountain”), an inpatient psychiatric facility with 108 beds located in Henryville, Pennsylvania, for cash consideration of approximately $25.4 million. On May 1, 2016, the Company completed the acquisition of TrustPoint Hospital (“TrustPoint”), an inpatient psychiatric facility with 100 beds located in Murfreesboro, Tennessee, for cash consideration of approximately $62.7 million. On April 1, 2016, the Company completed the acquisition of Serenity Knolls (“Serenity Knolls”), an inpatient psychiatric facility with 30 beds located in Forest Knolls, California, for cash consideration of approximately $10.0 million. Priory On February 16, 2016, the Company completed the acquisition of Priory Group No. 1 Limited (“Priory”) for a total purchase price of approximately $2.2 billion, including cash consideration of approximately $1.9 billion and the issuance of 4,033,561 shares of its common stock to shareholders of Priory. Priory was the leading independent provider of behavioral healthcare services in the U.K. operating 324 facilities with approximately 7,100 beds at February 16, 2016. The Competition and Markets Authority (the “CMA”) in the U.K. reviewed the Company’s acquisition of Priory. On July 14, 2016, the CMA announced that the Company’s acquisition of Priory was referred for a phase 2 investigation unless the Company offered acceptable undertakings to address the CMA’s competition concerns relating to the provision of behavioral healthcare services in certain markets. On July 28, 2016, the CMA announced that the Company had offered undertakings to address the CMA’s concerns and that, in lieu of a phase 2 investigation, the CMA would consider the Company’s undertakings. On October 18, 2016, the Company signed a definitive agreement with BC Partners (“BC Partners”) for the sale of 21 existing U.K. behavioral health facilities and one de novo behavioral health facility with an aggregate of approximately 1,000 beds (collectively, the “U.K. Disposal Group”). On November 10, 2016, the CMA accepted the Company’s undertakings to sell the U.K. Disposal Group to BC Partners and confirmed that the divestiture satisfied the CMA’s concerns about the impact of the Company’s acquisition of Priory on competition for the provision of behavioral healthcare services in certain markets in the U.K. As a result of the CMA’s acceptance of the undertakings, the Company’s acquisition of Priory was not referred for a phase 2 investigation. On November 30, 2016, the Company completed the sale of the U.K. Disposal Group to BC Partners for £320 million cash (the “U.K. Divestiture”). In conjunction with the sale, the Company recorded a loss on divestiture of $175.0 million in the consolidated statements of operations for the year ended December 31, 2016. The loss on divestiture consisted of an allocation of goodwill to the U.K. Disposal Group of $106.9 million, loss on the sale of properties of $42.0 million and estimated transaction-related expenses of $26.1 million. The allocation of goodwill was based on the fair value of the U.K. Disposal Group relative to the total fair value of the Company’s U.K. Facilities segment. The consolidated statements of operations for the year ended December 31, 2016 include revenue of $154.7 million and income before income taxes of $81.2 million related to the U.K. Disposal Group excluding the loss on divestiture. Transaction-related expenses Transaction-related expenses represent costs primarily related to our acquisitions and related integration efforts and, for 2018, to the Chief Executive Officer (“CEO”) transition. In December 2018, Mr. Joey A. Jacobs was removed from his positions as CEO and Chairman of the Board of directors (the “Board”) of the Company. Also in December 2018, Ms. Debra K. Osteen was elected by the Board to serve as the Company’s CEO. In connection with this CEO transition, the Company recorded a charge of $14.0 million, which was comprised of cash payments to Mr. Jacobs of $8.1 million, the accelerated vesting of Mr. Jacobs’ restricted stock awards of $5.0 million, a cash payment to Ms. Osteen of $0.4 million and other costs of $0.5 million. CEO transition costs of $14.0 million were recorded in transaction-related expenses in the consolidated statements of operations. Transaction-related expenses comprised the following costs for the years ended years ended December 31, 2018, 2017 and 2016 (in thousands): Year Ended December 31, 2018 2017 2016 CEO transition costs $ 14,033 $ — $ — Termination and closure costs 11,829 16,190 15,449 Legal, accounting and other 8,645 8,077 18,024 Advisory and financing commitment fees — — 14,850 $ 34,507 $ 24,267 $ 48,323 |
Other Intangible Assets
Other Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Other Intangible Assets | 6. Other Intangible Assets Other identifiable intangible assets and related accumulated amortization consisted of the following at December 31, 2018 and 2017 (in thousands): Gross Carrying Amount Accumulated Amortization December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Intangible assets subject to amortization: Contract intangible assets $ 2,100 $ 2,100 $ (2,100 ) $ (2,100 ) Non-compete agreements 1,147 1,147 (1,147 ) (1,147 ) 3,247 3,247 (3,247 ) (3,247 ) Intangible assets not subject to amortization: Licenses and accreditations 12,343 12,266 — — Trade names 60,109 60,586 — — Certificates of need 16,538 14,496 — — 88,990 87,348 — — Total $ 92,237 $ 90,595 $ (3,247 ) $ (3,247 ) All the Company’s definite-lived intangible assets are fully amortized. The Company’s licenses and accreditations, trade names and certificate of need intangible assets have indefinite lives and are, therefore, not subject to amortization. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 7. Long-Term Debt Long-term debt consisted of the following (in thousands): December 31, 2018 December 31, 2017 Amended and Restated Senior Credit Facility: Senior Secured Term A Loans $ 365,750 $ 380,000 Senior Secured Term B Loans 1,372,912 1,398,400 Senior Secured Revolving Line of Credit — — 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 650,000 650,000 6.500% Senior Notes due 2024 390,000 390,000 9.0% and 9.5% Revenue Bonds — 21,920 Other long-term debt 5,953 — Less: unamortized debt issuance costs, discount and premium (41,128 ) (50,432 ) 3,193,487 3,239,888 Less: current portion (34,112 ) (34,830 ) Long-term debt $ 3,159,375 $ 3,205,058 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 (the “Amended and Restated Senior Credit Facility”). The Company has amended the Amended and Restated Credit Agreement from time to time as described in the Company’s prior filings with the SEC. On May 10, 2017, the Company entered into a Third Repricing Amendment (the “Third Repricing Amendment”) to the Amended and Restated Credit Agreement. The Third Repricing Amendment reduced the Applicable Rate with respect to the Term Loan B facility Tranche B-1 (the “Tranche B-1 Facility”) and the Term Loan B facility Tranche B-2 (the “Tranche B-2 Facility”) from 3.00% to 2.75% in the case of Eurodollar Rate loans and from 2.00% to 1.75% in the case of Base Rate Loans. In connection with the Third Repricing Amendment, the Company recorded a debt extinguishment charge of $0.8 million, including the discount and write-off of deferred financing costs, which was recorded in debt extinguishment costs in the consolidated statements of operations. On March 22, 2018, the Company entered into a Second Repricing Facilities Amendment (the “Second Repricing Facilities Amendment”) to the Amended and Restated Credit Agreement. The Second Repricing Facilities Amendment (i) replaced the Tranche B-1 Facility and the Tranche B-2 Facility with a new Term Loan B facility Tranche B-3 (the “Tranche B-3 Facility”) and a new Term Loan B facility Tranche B-4 (the “Tranche B-4 Facility”), respectively, and (ii) reduced the Applicable Rate from 2.75% to 2.50% in the case of Eurodollar Rate loans and reduced the Applicable Rate from 1.75% to 1.50% in the case of Base Rate Loans. On March 29, 2018, the Company entered into a Third Repricing Facilities Amendment to the Amended and Restated Credit Agreement (the “Third Repricing Facilities Amendment”, and together with the Second Repricing Facilities Amendment, the “Repricing Facilities Amendments”). The Third Repricing Facilities Amendment replaced the existing revolving credit facility and Term Loan A facility (“TLA Facility”) with a new revolving credit facility and TLA Facility, respectively. The Company’s line of In connection with the Repricing Facilities Amendments, the Company recorded a debt extinguishment charge of $0.9 million, including the discount and write-off of deferred financing costs, which was recorded in debt extinguishment costs in the consolidated statements of operations. On February 6, 2019, the Company entered into the Eleventh Amendment (the “Eleventh Amendment”) to the Amended and Restated Credit Agreement. The Eleventh Amendment, among other things, amended the definition of “Consolidated EBITDA” to remove the cap on non-cash charges, losses and expenses related to the impairment of goodwill, which in turn provided increased flexibility to the Company in terms of the Company’s financial covenants. On February 27, 2019, the Company entered into the Twelfth Amendment (the “Twelfth Amendment”) to the Amended and Restated Credit Agreement. The Twelfth Amendment, among other things, modified certain definitions, including “Consolidated EBITDA”, and increased our permitted Maximum Consolidated Leverage Ratio, thereby providing increased flexibility to the Company in terms of the Company’s financial covenants. The Company had $486.7 million of availability under the revolving line of credit and had standby letters of credit outstanding of $13.3 million related to security for the payment of claims required by its workers’ compensation insurance program at December 31, 2018. 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 $4.8 million for March 31, 2019 to December 31, 2019, $7.1 million for March 31, 2020 to December 31, 2020, and $9.5 million for March 31, 2021 to September 30, 2021, with the remaining principal balance of the TLA Facility due on the maturity date of November 30, 2021. The Company is required to repay the Tranche B-3 Facility in equal quarterly installments of $1.2 million on the last business day of each March, June, September and December, with the outstanding principal balance of the Tranche B-3 Facility due on February 11, 2022. The Company is required to repay the Tranche B-4 Facility in equal quarterly installments of approximately $2.3 million on the last business day of each March, June, September and December, with the outstanding principal balance of the Tranche B-4 Facility due on February 16, 2023. On December 29, 2017, the Company made an additional payment of $22.5 million, including $7.7 million on the Tranche B-1 Facility and $14.8 million on the Tranche B-2 Facility. On April 17, 2018, the Company made an additional payment of $15.0 million, including $5.1 million on the Tranche B-3 Facility and $9.9 million on the Tranche B-4 Facility. 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 $50.0 million of unrestricted and unencumbered cash to consolidated EBITDA, in each case as defined in the Amended and Restated Credit Agreement). The Applicable Rate (as defined in the Amended and Restated Credit Agreement) for the Pro Rata Facilities was 2.5% for Eurodollar Rate Loans (as defined in the Amended and Restated Credit Agreement) and 1.5% for Base Rate Loans (as defined in the Amended and Restated Credit Agreement) at December 31, 2018. 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%. At December 31, 2018, the Pro Rata Facilities bore interest at a rate of LIBOR plus 2.5%. 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. The Company was in compliance with such covenants. Senior Notes 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. 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”). On September 21, 2015, the Company issued $275.0 million of additional 5.625% Senior Notes. The additional notes formed a single class of debt securities with the 5.625% Senior Notes issued in February 2015. Giving effect to this issuance, the Company has outstanding an aggregate of $650.0 million of 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. 6.500% Senior Notes due 2024 On February 16, 2016, the Company 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 The Pavilion at HealthPark, LLC (“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. On December 1, 2018, the Company exercised the option to redeem in whole the 9.0% and 9.5% Revenue Bonds at a redemption price equal to the sum of 104% of the principal amount of the 9.0% and 9.5% Revenue Bonds plus accrued and unpaid interest. In connection with the redemption of the 9.0% and 9.5% Revenue Bonds, the Company recorded a debt extinguishment charge of $0.9 million, which was recorded in debt extinguishment costs in the consolidated statements of operations. The 9.0% bonds in the amount of $7.5 million had a maturity date of December 1, 2030 and required yearly principal payments beginning in 2013. The 9.5% bonds in the amount of $15.5 million had a maturity date of December 1, 2040 and required yearly principal payments beginning in 2031. The principal payments established 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. At December 31, 2017, $2.3 million was recorded within other assets on the consolidated balance sheets related to the debt service reserve fund requirements. The yearly principal payments, which established a bond sinking fund, will increase the debt service reserve fund requirements. The bond premium amount of $2.6 million was 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, 2018 were $37.8 million, net of accumulated amortization of $36.5 million. Debt issuance costs at December 31, 2017 were $46.5 million, net of accumulated amortization of $27.5 million. Amortization expense related to debt issuance costs, which is included in interest expense on the consolidated statements of operations, was $9.0 million, $8.6 million and $8.6 million, respectively, for the years ended December 31, 2018, 2017 and 2016. Other The aggregate maturities of long-term debt at December 31, 2018 were as follows (in thousands): 2019 $ 34,112 2020 43,679 2021 483,501 2022 764,855 2023 1,518,468 Thereafter 390,000 Total $ 3,234,615 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Equity | 8. Equity Preferred Stock The Company’s amended and restated certificate of incorporation provides that up to 10,000,000 shares of preferred stock may be issued. The Board of Directors has the authority to issue preferred stock in one or more series and to fix for each series the voting powers (full, limited or none), and the designations, preferences and relative participating, optional or other special rights and qualifications, limitations or restrictions on the stock and the number of shares constituting any series and the designations of this series, without any further vote or action by the stockholders. Common Stock The Company’s amended and restated certificate of incorporation provides that up to 180,000,000 shares of common stock may be issued. Holders of the Company’s common stock are entitled to one vote for each share held of record on all matters on which stockholders may vote. There are no preemptive, conversion, redemption or sinking fund provisions applicable to shares of the Company’s common stock. In the event of liquidation, dissolution or winding up, holders of the Company’s common stock are entitled to share ratably in the assets available for distribution, subject to any prior rights of any holders of preferred stock then outstanding. Delaware law prohibits the Company from paying any dividends unless it has capital surplus or net profits available for this purpose. In addition, the Amended and Restated Senior Credit Facility imposes restrictions on the Company’s ability to pay dividends. |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased 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”). At December 31, 2018, a maximum of 8,200,000 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 3,261,276 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 closing price of the Company’s common stock on the most recent trading date prior to the date of grant. The Company recognized $22.0 million, $23.5 million and $28.3 million in equity-based compensation expense for the years ended December 31, 2018, 2017 and 2016, respectively. Stock compensation expense for the years ended December 31, 2018 and 2017 included forfeiture adjustments and restricted stock unit adjustments based on actual performance compared to vesting targets of $(5.5) million and $(5.7) million, respectively. At December 31, 2018, there was $34.7 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 1.2 years. At December 31, 2018, there were no warrants outstanding and exercisable. The Company recognized a deferred income tax benefit of $7.0 million and $9.2 million for the years ended December 31, 2018 and 2017, respectively, related to equity-based compensation expense. Stock Options Stock option activity during 2016, 2017 and 2018 was as follows (aggregate intrinsic value in thousands): Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Options outstanding at January 1, 2016 694,743 $ 42.87 7.70 $ 20,717 Options granted 503,850 57.98 9.28 297 Options exercised (57,397 ) 31.92 N/A 1,530 Options cancelled (140,250 ) 57.13 N/A N/A Options outstanding at December 31, 2016 1,000,946 48.42 7.46 8,166 Options granted 259,300 42.25 9.30 205 Options exercised (87,367 ) 25.92 N/A 1,636 Options cancelled (198,313 ) 54.71 N/A N/A Options outstanding at December 31, 2017 974,566 47.89 7.46 3,802 Options granted 374,700 37.54 9.21 246 Options exercised (20,989 ) 17.83 N/A 383 Options cancelled (128,737 ) 50.83 N/A N/A Options outstanding at December 31, 2018 1,199,540 $ 44.64 7.26 $ 2,717 Options exercisable at December 31, 2017 405,634 $ 41.20 6.05 $ 3,549 Options exercisable at December 31, 2018 534,164 $ 44.98 5.73 $ 2,386 Fair values are 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 years ended December 31, 2018, 2017 and 2016: Year Ended December 31, 2018 2017 2016 Weighted average grant-date fair value of options $ 13.67 $ 14.39 $ 18.96 Risk-free interest rate 2.2 % 2.0 % 1.4 % Expected volatility 37 % 33 % 33 % Expected life (in years) 5.1 5.5 5.5 The Company’s estimate of expected volatility for stock options is based upon the volatility of our stock price over the expected life of the award. The risk-free interest rate is the approximate yield on U. S. 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. Other Stock-Based Awards Restricted stock activity during 2016, 2017 and 2018 was as follows: Number of Shares Weighted Average Grant-Date Fair Value Unvested at January 1, 2016 944,562 $ 52.74 Granted 387,347 55.38 Cancelled (122,178 ) 57.02 Vested (365,312 ) 47.18 Unvested at December 31, 2016 844,419 $ 55.76 Granted 404,224 42.38 Cancelled (145,981 ) 55.03 Vested (292,794 ) 53.07 Unvested at December 31, 2017 809,868 $ 50.19 Granted 480,137 36.84 Cancelled (88,989 ) 47.57 Vested (395,959 ) 50.41 Unvested at December 31, 2018 805,057 $ 42.40 Restricted stock unit activity during 2016, 2017 and 2018 was as follows: Number of Units Weighted Average Grant-Date Fair Value Unvested at January 1, 2016 218,084 $ 56.97 Granted 230,750 56.95 Cancelled — — Vested (175,235 ) 52.71 Unvested at December 31, 2016 273,599 $ 59.68 Granted 219,840 43.23 Cancelled — — Vested (132,530 ) 58.67 Unvested at December 31, 2017 360,909 $ 50.04 Granted 285,358 42.26 Cancelled (89,173 ) 55.44 Vested (72,983 ) 49.64 Unvested at December 31, 2018 484,111 $ 44.52 Restricted stock awards are time-based vesting awards that vest over a period of three or four years and are subject to continuing service of the employee or non-employee director over the ratable vesting periods. The fair values of the restricted stock awards were determined based on the closing price of the Company’s common stock on the trading date immediately prior to the grant date. Restricted stock units are granted to employees and are subject to Company performance compared to pre-established targets and, in the case of the 2018 awards, Company performance compared to peers. In addition to Company performance, these performance-based restricted stock units are subject to the continuing service of the employee during the two- or three-year period covered by the awards. The performance condition for the restricted stock units is based on the Company’s achievement of annually established targets for diluted earnings per share. Additionally, the number of shares issuable pursuant to restricted stock units granted during 2018 is subject to adjustment based on the Company’s three-year annualized total stockholder return relative to a peer group consisting of S&P 1500 companies within the Healthcare Providers & Services 6 digit GICS industry group and selected other companies deemed to be peers. The number of shares issuable at the end of the applicable vesting period of restricted stock units ranges from 0% to 200% of the targeted units based on the Company’s actual performance compared to the targets and, for 2018 awards, performance compared to peers. The fair values of restricted stock units were determined based on the closing price of the Company’s common stock on the trading date immediately prior to the grant date for units subject to performance conditions, or at its Monte-Carlo simulation value for units subject to market conditions. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. Income Taxes Provision for income taxes consists of the following for the periods presented (in thousands): Year Ended December 31, 2018 2017 2016 Current: Federal $ 13,961 $ 3,325 $ 572 State 1,113 680 (863 ) Foreign 1,172 1,832 423 Total current 16,246 5,837 132 Deferred: Federal (7,176 ) 27,179 45,077 State (10 ) 4,408 1,491 Foreign (2,528 ) (215 ) (17,921 ) Total deferred provision (9,714 ) 31,372 28,647 Provision for income taxes $ 6,532 $ 37,209 $ 28,779 A reconciliation of the U.S. federal statutory rate to the effective tax rate is as follows for the periods presented: Year Ended December 31, 2018 2017 2016 U.S. federal statutory rate on income before income taxes 21.0 % 35.0 % 35.0 % Impact of foreign operations 9.5 (14.1 ) (13.5 ) Impact of foreign divestiture — — 39.2 Impacts of SAB 118 6.7 — — Effects of statutory rate change — (8.5 ) (14.5 ) State income taxes, net of federal tax effect (1.4 ) 2.1 7.5 Permanent differences (4.1 ) 1.8 8.3 Goodwill impairment (36.6 ) — — Transaction-related items — — 25.9 Change in valuation allowance (1.4 ) 1.6 2.8 Unrecognized tax benefit release 3.1 (0.8 ) (7.2 ) Interest disallowance (2.2 ) — — Federal tax credits 1.0 — — Other 0.5 (1.4 ) 3.8 Effective income tax rate (3.9 )% 15.7 % 87.3 % The domestic and foreign components of income (loss) before income taxes are as follows (in thousands): Year Ended December 31, 2018 2017 2016 Foreign $ (228,350 ) $ 120,905 $ (144,717 ) Domestic 59,396 115,893 177,672 Total $ (168,954 ) $ 236,798 $ 32,955 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, 2018 and December 31, 2017 were as follows (in thousands): December 31, 2018 2017 Deferred tax assets: Net operating losses and tax credit carryforwards – federal and state $ 27,294 $ 29,409 Bad debt allowance 898 827 Accrued compensation and severance 15,229 14,179 Pension reserves 595 1,494 Insurance reserves 13,994 13,483 Leases 5,374 5,332 Accrued expenses 4,231 3,114 Interest carryforwards 32,272 5,074 Other assets 2,284 1,747 Total gross deferred tax assets 102,171 74,659 Less: valuation allowance (24,079 ) (21,155 ) Deferred tax assets 78,092 53,504 Deferred tax liabilities: Fixed asset basis difference (48,698 ) (54,214 ) Prepaid items (1,728 ) (1,490 ) Intangible assets (87,628 ) (70,820 ) Accrued expenses — — Other liabilities (16,942 ) (3,582 ) Total deferred tax liabilities (154,996 ) (130,106 ) Total net deferred tax liability $ (76,904 ) $ (76,602 ) 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. At December 31, 2018 and 2017, the Company carried a valuation allowance against deferred tax assets of $24.1 million and $21.2 million, respectively. The Company had domestic net operating loss carryforwards at December 31, 2018 and 2017 of approximately $0.0 million and $12.2 million, respectively. The foreign net operating loss carryforwards at December 31, 2018 and 2017 are approximately $81.0 million and $93.9 million, respectively, and have no expiration. The Company has state net operating loss carryforwards at December 31, 2018 and 2017 of approximately $236.0 million and $256.9 million, respectively. These net operating loss carryforwards, if not used to offset future taxable income, will expire from 2019 to 2037. In addition, the Company has certain state tax credits of $0.9 million which will begin to expire in 2028 if not utilized. Income taxes receivable was $2.4 million and $15.1 million at December 31, 2018 and 2017, respectively, and was included in other current assets in the consolidated balance sheets. Income taxes payable of $3.0 million and $1.0 million at December 31, 2018 and 2017, respectively, was included in other accrued liabilities in the consolidated balance sheets. The Company has recorded income taxes payable related to unrecognized tax benefits of $0.9 million and $6.4 million at December 31, 2018 and 2017, respectively, in other liabilities in the consolidated balance sheets. A reconciliation of the beginning and ending amount of unrecognized income tax benefits net of the federal benefit is as follows (in thousands): 2018 2017 Balance at January 1 $ 6,104 $ 6,949 Additions based on tax positions related to the current year 52 5,488 Additions for tax positions of prior years — 95 Reductions as a result of the lapse of applicable statutes of limitations and settlements with tax authorities (5,443 ) (6,428 ) Balance at December 31 $ 713 $ 6,104 The Company recognizes interest and penalties related to unrecognized tax benefits in its consolidated balance sheets. At December 31, 2018 and 2017, the cumulative amounts recognized were $0.1 million and $0.1 million, 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 may be subject to examination by the Internal Revenue Service (“IRS”) for calendar year 2015 through 2017. 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 2014 through 2017. Generally, for state tax purposes, the Company’s 2012 through 2017 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. U.S. Tax Reform On December 22, 2017, Public Law 115-97, informally referred to as The Tax Cuts and Jobs Act (the “Tax Act”) was enacted into law. The Tax Act provided for significant changes to the U.S. tax code that has impacted businesses. Effective January 1, 2018, the Tax Act reduced the U.S. federal tax rate for corporations from 35% to 21%, for U.S. taxable income. The Tax Act included other changes, including, but not limited to, a general elimination of U.S. federal income taxes on dividends from foreign subsidiaries, a new provision designed to tax global intangible low-taxed income, a limitation of the deduction for net operating losses, elimination of net operating loss carrybacks, immediate deductions for depreciation expense for certain qualified property, additional limitations on the deductibility of executive compensation and limitations on the deductibility of interest. ASC 740 “Income Taxes” (“ASC 740”) requires the Company to recognize the effect of tax law changes in the period of enactment. However, the SEC staff issued Staff Accounting Bulletin 118 (“SAB 118”) which allowed the Company to record provisional amounts during a measurement period similar to the measurement period used when accounting for business combinations. The Tax Act required a one-time remeasurement of deferred taxes to reflect their value at a lower tax rate of 21% and a one-time transition tax on certain repatriated earnings of foreign subsidiaries that is payable over eight years. At December 31, 2018, the Company has completed its accounting for the tax effects of the enactment of the Tax Act. At December 31, 2018, the Company has recorded a reduction in net deferred taxes of $20.6 million related to the remeasurement of its deferred tax balance. In addition, the Company has recorded a one-time transition tax liability in relation to its foreign subsidiaries of $0.0 million at December 31, 2018. The Company continues to assess the impact of the Tax Act on its business. Deferred Tax Assets and Liabilities The Company remeasured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21%. As a result of the reduction in the corporate income tax rate, the Company was required to revalue its net deferred tax assets and liabilities to account for the future impact of lower corporate tax rates on this deferred amount and record any change in the value of such asset or liability as a one-time non-cash charge or benefit on its income statement. The Company recorded a reduction in net deferred taxes of $20.2 million as of December 31, 2017 and an additional reduction of $0.4 million as of December 31, 2018 for a total reduction in net deferred taxes of $20.6 million related to the remeasurement of its deferred tax balance. U.S. Tax on Foreign Earnings The one-time transition tax is based on total post-1986 earnings and profits that the Company previously deferred from U.S. income taxes. At December 31, 2018, the Company has completed the earnings and profits analysis for its foreign subsidiaries to calculate the effects of the one-time transition tax and has recorded a one-time transition tax liability amount of $0.0 million. As part of the analysis of the Tax Act, the Company made an adjustment regarding the treatment of foreign dividends of $10.9 million during the twelve months ended December 31, 2018. The change in the provisional estimate recorded at December 31, 2017 was recognized under the law that existed prior to December 22, 2017. The Company has continued to analyze the impacts for Global Intangible Low-Taxed Income (“GILTI”), Foreign-Derived Intangible Income, the Base Erosion and Anti-Abuse Tax and any remaining impacts of the foreign income provisions of the Tax Act. At December 31, 2018, the Company has recorded a tax liability amount of $0.0 million relating to such items. The Tax Act subjects a U.S. shareholder to tax on GILTI earned by certain foreign subsidiaries. The FASB Staff Q&A, Topic 740, No. 5, “ Accounting for Global Intangible Low-Taxed Income |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives | 11. Derivatives The Company entered into foreign currency forward contracts during the years ended December 31, 2018 and 2017 in connection with certain transfers of cash between the U.S. and U.K. under the Company’s cash management and foreign currency risk management programs. Foreign currency forward contracts limit the economic risk of changes in the exchange rate between US Dollars (“USD”) and British Pounds (“GBP”) associated with cash transfers. In May 2016, the Company entered into multiple cross currency swap agreements with an aggregate notional amount of $650.0 million to manage foreign currency risk by effectively converting a portion of its fixed-rate USD-denominated senior notes, including the semi-annual interest payments thereunder, to fixed-rate GBP-denominated debt of £449.3 million. The senior notes effectively converted include $150.0 million aggregate principal amount of 6.125% Senior Notes, $300.0 million aggregate principal amount of 5.125% Senior Notes and $200.0 million aggregate principal amount of 5.625% Senior Notes. During the term of the swap The Company has designated the cross currency swap agreements and certain forward contracts entered into during 2017 and 2018 as qualifying hedging instruments and is accounting for these as net investment hedges. The fair value of these derivatives at December 31, 2018 and 2017 of $60.5 million and $13.0 million, respectively, are recorded as a derivative instruments asset on the consolidated balance sheets. The gains and losses resulting from fair value adjustments to the cross currency swap agreements are recorded in accumulated other comprehensive income as the swaps are effective in hedging the designated risk. Cash flows related to the cross currency swaps are included in operating activities in the consolidated statements of cash flows. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
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, 6.125% Senior Notes, 5.125% Senior Notes, 5.625% Senior Notes, 6.500% Senior Notes, 9.0% and 9.5% Revenue Bonds, other long-term debt and derivative instruments at December 31, 2018 and 2017 were as follows (in thousands): Carrying Amount Fair Value December 31, December 31, 2018 2017 2018 2017 Amended and Restated Senior Credit Facility $ 1,715,338 $ 1,749,185 $ 1,715,338 $ 1,749,185 6.125% Senior Notes due 2021 $ 148,657 $ 148,098 $ 147,542 $ 150,134 5.125% Senior Notes due 2022 $ 296,946 $ 296,174 $ 283,583 $ 296,914 5.625% Senior Notes due 2023 $ 643,289 $ 641,891 $ 609,516 $ 651,519 6.500% Senior Notes due 2024 $ 383,304 $ 382,251 $ 369,888 $ 397,541 9.0% and 9.5% Revenue Bonds $ — $ 22,289 $ — $ 22,289 Other long-term debt $ 5,953 $ — $ 5,953 $ — Derivative instruments $ 60,524 $ 12,997 $ 60,524 $ 12,997 The Company’s Amended and Restated Senior Credit Facility, 6.125% Senior Notes, 5.125% Senior Notes, 5.625% Senior Notes, 6.500% Senior Notes, 9.0% and 9.5% Revenue Bonds and other long-term debt 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 values of the derivative instruments were categorized as Level 2 in the GAAP fair value hierarchy and were based on observable market inputs including applicable exchange rates and interest rates. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2018 | |
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 30 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 at December 31, 2018 (in thousands): 2019 $ 64,958 2020 61,704 2021 57,195 2022 51,570 2023 47,684 Thereafter 777,684 Total minimum rental obligations $ 1,060,795 During the years ended December 31, 2018, 2017 and 2016, rent expense was $80.3 million, $76.8 million and $73.3 million, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14. Commitments and Contingencies The Company is, from time to time, subject to various claims, lawsuits, governmental investigations and regulatory actions, including claims for damages for personal injuries, medical malpractice, overpayments, breach of contract, securities law violations, 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 addition, healthcare companies are subject to numerous investigations by various governmental agencies. Certain of the Company’s individual facilities have received, and from time to time, other facilities may receive, subpoenas, civil investigative demands, audit requests and other inquiries from, and may be subject to investigation by, federal and state agencies. These investigations can result in repayment obligations, and violations of the False Claims Act can result in substantial monetary penalties and fines, the imposition of a corporate integrity agreement and exclusion from participation in governmental health programs. In addition, the federal False Claims Act permits private parties to bring qui tam, or “whistleblower,” suits against companies that submit false claims for payments to, or improperly retain overpayments from, the government. Some states have adopted similar state whistleblower and false claims provisions. During the third quarter of 2018, the U.S. Attorney’s Office for the Southern District of West Virginia served subpoenas on seven of our comprehensive treatment centers located in West Virginia requesting various documents from January 2012 to present. The U.S. Attorney’s Office has advised us that the civil aspect of the investigation is a False Claims Act investigation focused on claims submitted by the centers for certain lab services. The Company is cooperating fully with the government’s investigation and has established a reserve of $19.0 million relating to the Company’s billing for lab services in West Virginia which was recorded in other accrued liabilities on the consolidated balance sheets and in legal settlements expense on the consolidated statements of operations. Changes in the reserve may be required in future periods as discussions with the government continue and additional information becomes available. In the fall of 2017, the Department of Health and Human Services Office of Inspector General issued subpoenas to three of the Company’s facilities requesting certain documents from January 2013 to the date of the subpoenas. The U.S. Attorney’s Office for the Middle District of Florida issued a civil investigative demand to one of the Company’s facilities in December 2017 requesting certain documents from November 2012 to the date of the demand. The government’s investigation of these four facilities is focused on claims not eligible for payment because of alleged violations of certain regulatory requirements relating to, among other things, medical necessity, admission eligibility, discharge decisions, length of stay and patient care issues. The Company is cooperating with the government’s investigation but is not able to quantify any potential liability in connection with these investigations. On January 15, 2019, the Company paid $3.1 million in connection with a class action lawsuit filed in 2011 on behalf of the shareholders of PHC, Inc. d/b/a Pioneer Behavioral Health (“PHC”) related to the merger of the Company with PHC. At December 31, 2018 $3.1 million was recorded in other accrued liabilities on the consolidated balance sheets and in legal settlements expense on the consolidated statements of operations. |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2018 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | 15. Noncontrolling Interests Noncontrolling interests in the consolidated financial statements represents the portion of equity held by noncontrolling partners in the Company’s non-wholly owned subsidiaries. At December 31, 2018, the Company operated four facilities and owns between 60% and 80% of the equity interests, and noncontrolling partners own the remaining equity interests. The initial value of the noncontrolling interests is based on the fair value of contributions, and the Company consolidates the operations of each facility based on its equity ownership and its control of the entity. The noncontrolling interests are reflected as redeemable noncontrolling interests on the accompanying consolidated balance sheets based on put rights that could require the Company to purchase the noncontrolling interests upon the occurrence of a change in control. The components of redeemable noncontrolling interests are as follows (in thousands): Balance at January 1, 2017 $ 17,754 Acquisition of redeemable noncontrolling interests 4,909 Net loss attributable to noncontrolling interests (246 ) Balance at December 31, 2017 22,417 Acquisition of redeemable noncontrolling interests 6,125 Net income attributable to noncontrolling interests 264 Balance at December 31, 2018 $ 28,806 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | 16. 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 U.S. Facilities and its 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, 2018, the U.S. Facilities included 213 behavioral healthcare facilities with approximately 9,300 beds in 40 states and Puerto Rico, and the U.K. Facilities included 370 behavioral healthcare facilities with approximately 8,800 beds in the U.K. The following tables set forth the financial information by operating segment, including a reconciliation of Segment EBITDA to income before income taxes (in thousands): Year Ended December 31, 2018 2017 2016 Revenue: U.S. Facilities $ 1,904,695 $ 1,809,844 $ 1,698,525 U.K. Facilities 1,107,747 1,026,472 1,110,361 Corporate and Other — — 2,028 $ 3,012,442 $ 2,836,316 $ 2,810,914 Segment EBITDA (1) : U.S. Facilities $ 488,207 $ 475,260 $ 443,341 U.K. Facilities 185,755 198,566 245,046 Corporate and Other (80,386 ) (69,467 ) (79,797 ) $ 593,576 $ 604,359 $ 608,590 Year Ended December 31, 2018 2017 2016 Segment EBITDA(1) $ 593,576 $ 604,359 $ 608,590 Plus (less): Equity-based compensation expense (22,001 ) (23,467 ) (28,345 ) Debt extinguishment costs (1,815 ) (810 ) (4,253 ) Legal settlements expense (22,076 ) — — Loss on impairment (337,889 ) — — Loss on divestiture — — (178,809 ) Gain on foreign currency derivatives — — 523 Transaction-related expenses (34,507 ) (24,267 ) (48,323 ) Interest expense, net (185,410 ) (176,007 ) (181,325 ) Depreciation and amortization (158,832 ) (143,010 ) (135,103 ) (Loss) income before income taxes $ (168,954 ) $ 236,798 $ 32,955 U.S. Facilities U.K. Facilities Corporate and Other Consolidated Goodwill: Balance at January 1, 2018 $ 2,042,592 $ 708,582 $ — $ 2,751,174 Loss on impairment — (325,875 ) — (325,875 ) Increase from contribution of redeemable noncontrolling interests 2,245 — — 2,245 Foreign currency translation loss — (31,894 ) — (31,894 ) Prior year purchase price adjustments — 762 — 762 Balance at December 31, 2018 $ 2,044,837 $ 351,575 $ — $ 2,396,412 December 31, 2018 2017 Assets (2) : U.S. Facilities $ 3,779,040 $ 3,567,126 U.K. Facilities 2,175,809 2,647,150 Corporate and Other 217,655 210,226 $ 6,172,504 $ 6,424,502 (1) Segment EBITDA is defined as income before provision for income taxes, equity-based compensation expense, debt extinguishment costs, legal settlements expense, loss on impairment, loss on divestiture, 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 GAAP, 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 GAAP 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 $1.4 billion, U.K. Facilities of $1.7 billion and corporate and other of $44.9 million at December 31, 2018. Assets include property and equipment for the U.S. Facilities of $1.2 billion, U.K. Facilities of $1.8 billion and corporate and other of $49.2 million at December 31, 2017. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 17. Employee Benefit Plans Defined Contribution Plan The Company maintains a qualified defined contribution 401(k) plan covering substantially all of its employees in the U.S. The Company may, at its discretion, make contributions to the plan. The Company recorded expense of $3.5 million, $0.2 million, and $0.1 million related to the 401(k) plan for the years ended December 31, 2018, 2017 and 2016, respectively. 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 at December 31, 2018 and 2017 (in thousands): 2018 2017 Projected benefit obligation $ 57,993 $ 67,288 Fair value of plan assets 54,491 58,493 Unfunded liability $ 3,502 $ 8,795 The following table summarizes changes in the Partnerships in Care Pension Plan net pension liability at December 31, 2018 and 2017 (in thousands): 2018 2017 Net pension liability at beginning of period $ 8,795 $ 10,700 Employer contributions (2,267 ) (809 ) Net pension expense 283 426 Pension liability adjustment (2,803 ) (2,544 ) Foreign currency translation (loss) gain (506 ) 1,022 Net pension liability at end of period $ 3,502 $ 8,795 A pension liability of $3.5 million and $8.8 million were recorded within other liabilities on the consolidated balance sheets at December 31, 2018 and 2017. The following assumptions were used to determine the plan benefit obligation: Discount rate 2.8 % 2.5 % Compensation increase rate 3.3 % 3.3 % Measurement date December 31, 2018 December 31, 2017 A summary of the components of net pension plan expense for the years ended December 31, 2018 and 2017 is as follows (in thousands): 2018 2017 Interest cost on projected benefit obligation $ 1,602 $ 1,738 Expected return on assets (1,319 ) (1,312 ) Net pension expense $ 283 $ 426 Assumptions used to determine the net periodic pension plan expense for the years ended December 31, 2018 and 2017 were as follows: 2018 2017 Discount rate 2.8 % 2.5 % Expected long-term rate of return on plan assets 2.8 % 2.5 % 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, net of taxes, for the years ended December 31, 2018, 2017 and 2016 was $(1.8) million, $(4.5) million and $(6.1) million, respectively. 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 at December 31, 2018 and 2017 were as follows: December 31, 2018 December 31, 2017 Cash and cash equivalents 1.3 % 0.7 % U.K. government obligation 15.0 % 19.0 % Annuity contracts 38.6 % 38.6 % Equity securities 25.4 % 29.4 % Debt securities 15.8 % 9.9 % Other 3.9 % 2.4 % At December 31, 2018 and 2017, 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 U.K. 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. |
Other Comprehensive Loss
Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Other Comprehensive Loss | 18. Other Comprehensive Loss The components of accumulated other comprehensive loss are as follows (in thousands): Foreign Currency Translation Adjustments Change in Fair Value of Derivative Instruments Pension Plan Total Balance at January 1, 2016 $ (106,309 ) $ — $ 1,662 $ (104,647 ) Foreign currency translation loss (477,772 ) — (195 ) (477,967 ) Gain on derivative instruments, net of tax of $29.1 million — 40,598 — 40,598 Pension liability adjustment, net of tax of $(1.3) million — — (7,554 ) (7,554 ) Balance at December 31, 2016 (584,081 ) 40,598 (6,087 ) (549,570 ) Foreign currency translation gain 207,341 — (557 ) 206,784 Loss on derivative instruments, net of tax of $(22.9) million — (33,431 ) — (33,431 ) Pension liability adjustment, net of tax of $0.4 million — — 2,099 2,099 Balance at December 31, 2017 (376,740 ) 7,167 (4,545 ) (374,118 ) Foreign currency translation gain (127,788 ) — 267 (127,521 ) Gain on derivative instruments, net of tax of $12.7 million — 36,799 — 36,799 Pension liability adjustment, net of tax of $0.3 million — — 2,463 2,463 Balance at December 31, 2018 $ (504,528 ) $ 43,966 $ (1,815 ) $ (462,377 ) |
Quarterly Information (Unaudite
Quarterly Information (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Information (Unaudited) | 19. Quarterly Information (Unaudited) The tables below present summarized unaudited quarterly results of operations for the years ended December 31, 2018 and 2017. 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, 2018 and 2017. 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) 2018: Revenue $ 742,241 $ 765,738 $ 760,916 $ 743,547 Income (loss) before income taxes $ 48,088 $ 69,258 $ 55,036 $ (341,336 ) Net income (loss) attributable to Acadia Healthcare Company, Inc. stockholders $ 50,819 (1) $ 58,836 $ 46,232 $ (331,637 ) (2) Basic earnings per share attributable to Acadia Healthcare Company, Inc. stockholders $ 0.58 (1) $ 0.67 $ 0.53 $ (3.80 ) (2) Diluted earnings per share attributable to Acadia Healthcare Company, Inc. stockholders $ 0.58 (1) $ 0.67 $ 0.53 $ (3.80 ) (2) 2017: Revenue $ 679,194 $ 715,896 $ 716,714 $ 724,512 Income before income taxes $ 48,484 $ 66,216 $ 61,459 $ 60,689 Net income attributable to Acadia Healthcare Company, Inc. stockholders $ 34,958 $ 49,630 $ 45,618 $ 69,629 (3) Basic earnings per share attributable to Acadia Healthcare Company, Inc. stockholders $ 0.40 $ 0.57 $ 0.52 $ 0.80 (3) Diluted earnings per share attributable to Acadia Healthcare Company, Inc. stockholders $ 0.40 $ 0.57 $ 0.52 $ 0.80 (3) (1) Includes tax benefits of $10.5 million pursuant to a change in the Company’s provisional amounts recorded at December 31, 2017 related to the enactment of the Tax Act. (2) Includes loss on impairment of $337.9 million and legal settlements expense of $22.1 million. (3 ) Includes a one-time tax benefit of $20.2 million on revaluation of deferred tax items pursuant to the enactment of the Tax Act. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 20. Subsequent Events On February 15, 2019, the Company completed the acquisition of Whittier, an inpatient psychiatric facility with 71 beds located in Haverhill, Massachusetts, for cash consideration of approximately $17.9 million. Also on February 15, 2019, the Company completed the acquisition of Mission Treatment for cash consideration of approximately $22.5 million and a working capital settlement. Mission Treatment operates nine comprehensive treatment centers in California, Nevada, Arizona and Oklahoma. On February 6, 2019, the Company entered into the Eleventh Amendment to the Amended and Restated Credit Agreement. The Eleventh Amendment, among other things, amended the definition of “Consolidated EBITDA” to remove the cap on non-cash charges, losses and expenses related to the impairment of goodwill, which in turn provided increased flexibility to the Company in terms of the Company’s financial covenants. On February 27, 2019, the Company entered into the Twelfth Amendment to the Amended and Restated Credit Agreement. The Twelfth Amendment, among other things, modified certain definitions, including “Consolidated EBITDA”, and increased our permitted Maximum Consolidated Leverage Ratio, thereby providing increased flexibility to the Company in terms of the Company’s financial covenants. |
Financial Information for the C
Financial Information for the Company and Its Subsidiaries | 12 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Financial Information for the Company and Its Subsidiaries | 21. Financial Information for the Company and Its Subsidiaries The Company conducts substantially all of its business through its subsidiaries. The 6.125% Senior Notes, 5.125% Senior Notes, 5.625% Senior Notes and 6.500% 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 at December 31, 2018 and 2017, and for the years ended December 31, 2018, 2017 and 2016. 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, 2018 (In thousands) Parent Combined Subsidiary Guarantors Combined Non- Guarantors Consolidating Adjustments Total Consolidated Amounts Current assets: Cash and cash equivalents $ — $ 32,471 $ 18,039 $ — $ 50,510 Accounts receivable, net — 248,218 69,869 — 318,087 Other current assets — 60,160 21,660 — 81,820 Total current assets — 340,849 109,568 — 450,417 Property and equipment, net — 1,219,803 1,887,963 — 3,107,766 Goodwill — 1,936,057 460,355 — 2,396,412 Intangible assets, net — 56,611 32,379 — 88,990 Deferred tax assets – noncurrent 1,841 — 3,468 (1,841 ) 3,468 Derivative instruments 60,524 — — — 60,524 Investment in subsidiaries 5,190,771 — — (5,190,771 ) — Other assets 306,495 52,824 9,548 (303,940 ) 64,927 Total assets $ 5,559,631 $ 3,606,144 $ 2,503,281 $ (5,496,552 ) $ 6,172,504 Current liabilities: Current portion of long-term debt $ 34,112 $ — $ — $ — $ 34,112 Accounts payable — 79,463 38,277 — 117,740 Accrued salaries and benefits — 84,150 29,149 — 113,299 Other accrued liabilities 32,837 42,062 76,327 — 151,226 Total current liabilities 66,949 205,675 143,753 — 416,377 Long-term debt 3,159,375 — 303,940 (303,940 ) 3,159,375 Deferred tax liabilities – noncurrent — 31,874 50,339 (1,841 ) 80,372 Other liabilities — 107,866 46,401 — 154,267 Total liabilities 3,226,324 345,415 544,433 (305,781 ) 3,810,391 Redeemable noncontrolling interests — — 28,806 — 28,806 Total equity 2,333,307 3,260,729 1,930,042 (5,190,771 ) 2,333,307 Total liabilities and equity $ 5,559,631 $ 3,606,144 $ 2,503,281 $ (5,496,552 ) $ 6,172,504 Acadia Healthcare Company, Inc. Condensed Consolidating Balance Sheets December 31, 2017 (In thousands) Parent Combined Subsidiary Guarantors Combined Non- Guarantors Consolidating Adjustments Total Consolidated Amounts Current assets: Cash and cash equivalents $ — $ 46,860 $ 20,430 $ — $ 67,290 Accounts receivable, net — 230,890 66,035 — 296,925 Other current assets — 85,746 21,589 — 107,335 Total current assets — 363,496 108,054 — 471,550 Property and equipment, net — 1,086,802 1,961,328 — 3,048,130 Goodwill — 1,936,057 815,117 — 2,751,174 Intangible assets, net — 57,628 29,720 — 87,348 Deferred tax assets – noncurrent 2,370 — 3,731 (2,370 ) 3,731 Derivative instruments 12,997 — — — 12,997 Investment in subsidiaries 5,429,386 — — (5,429,386 ) — Other assets 381,913 38,860 7,807 (379,008 ) 49,572 Total assets $ 5,826,666 $ 3,482,843 $ 2,925,757 $ (5,810,764 ) $ 6,424,502 Current liabilities: Current portion of long-term debt $ 34,550 $ — $ 280 $ — $ 34,830 Accounts payable — 70,767 31,532 — 102,299 Accrued salaries and benefits — 69,057 29,990 — 99,047 Other accrued liabilities 36,196 27,676 77,341 — 141,213 Total current liabilities 70,746 167,500 139,143 — 377,389 Long-term debt 3,183,049 — 401,017 (379,008 ) 3,205,058 Deferred tax liabilities – noncurrent — 27,975 54,728 (2,370 ) 80,333 Other liabilities — 103,112 63,322 — 166,434 Total liabilities 3,253,795 298,587 658,210 (381,378 ) 3,829,214 Redeemable noncontrolling interests — — 22,417 — 22,417 Total equity 2,572,871 3,184,256 2,245,130 (5,429,386 ) 2,572,871 Total liabilities and equity $ 5,826,666 $ 3,482,843 $ 2,925,757 $ (5,810,764 ) $ 6,424,502 Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) Year Ended December 31, 2018 (In thousands) Parent Combined Subsidiary Guarantors Combined Non- Guarantors Consolidating Adjustments Total Consolidated Amounts Revenue $ — $ 1,788,757 $ 1,223,685 $ — 3,012,442 Salaries, wages and benefits 22,001 965,419 671,928 — 1,659,348 Professional fees — 98,441 128,984 — 227,425 Supplies — 76,526 42,788 — 119,314 Rents and leases — 33,101 47,181 — 80,282 Other operating expenses — 225,446 129,052 — 354,498 Depreciation and amortization — 74,341 84,491 — 158,832 Interest expense, net 65,588 92,983 26,839 — 185,410 Debt extinguishment costs 940 — 875 — 1,815 Legal settlements expense — 22,076 — — 22,076 Loss on impairment — — 337,889 — 337,889 Transaction-related expenses — 29,720 4,787 — 34,507 Total expenses 88,529 1,618,053 1,474,814 — 3,181,396 (Loss) income before income taxes (88,529 ) 170,704 (251,129 ) — (168,954 ) Equity in earnings of subsidiaries (98,669 ) — — 98,669 — (Benefit from) provision for income taxes (11,712 ) 19,045 (801 ) — 6,532 Net (loss) income (175,486 ) 151,659 (250,328 ) 98,669 (175,486 ) Net income attributable to noncontrolling interests — — (264 ) — (264 ) Net (loss) income attributable to Acadia Healthcare Company, Inc. $ (175,486 ) $ 151,659 $ (250,592 ) $ 98,669 $ (175,750 ) Other comprehensive income: Foreign currency translation loss — — (127,521 ) — (127,521 ) Gain on derivative instruments 36,799 — — — 36,799 Pension liability adjustment, net — — 2,463 — 2,463 Other comprehensive income (loss) 36,799 — (125,058 ) — (88,259 ) Comprehensive (loss) income attributable to Acadia Healthcare Company, Inc. $ (138,687 ) $ 151,659 $ (375,650 ) $ 98,669 $ (264,009 ) Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) Year Ended December 31, 2017 (In thousands) Parent Combined Subsidiary Guarantors Combined Non- Guarantors Consolidating Adjustments Total Consolidated Amounts Revenue before provision for doubtful accounts $ — $ 1,746,656 $ 1,130,578 $ — $ 2,877,234 Provision for doubtful accounts — (35,636 ) (5,282 ) — (40,918 ) Revenue — 1,711,020 1,125,296 — 2,836,316 Salaries, wages and benefits 23,467 902,180 610,513 — 1,536,160 Professional fees — 93,991 102,232 — 196,223 Supplies — 75,248 39,191 — 114,439 Rents and leases — 33,365 43,410 — 76,775 Other operating expenses — 217,900 113,927 — 331,827 Depreciation and amortization — 66,482 76,528 — 143,010 Interest expense, net 61,872 81,274 32,861 — 176,007 Debt extinguishment costs 810 — — — 810 Transaction-related expenses — 11,236 13,031 — 24,267 Total expenses 86,149 1,481,676 1,031,693 — 2,599,518 (Loss) income before income taxes (86,149 ) 229,344 93,603 — 236,798 Equity in earnings of subsidiaries 259,282 — — (259,282 ) — (Benefit from) provision for income taxes (26,456 ) 69,882 (6,217 ) — 37,209 Net income (loss) 199,589 159,462 99,820 (259,282 ) 199,589 Net loss attributable to noncontrolling interests — — 246 — 246 Net income (loss) attributable to Acadia Healthcare Company, Inc. $ 199,589 $ 159,462 $ 100,066 $ (259,282 ) $ 199,835 Other comprehensive income: Foreign currency translation gain — — 206,784 — 206,784 Loss on derivative instruments (33,431 ) — — — (33,431 ) Pension liability adjustment, net — — 2,099 — 2,099 Other comprehensive (loss) income (33,431 ) — 208,883 — 175,452 Comprehensive income (loss) attributable to Acadia Healthcare Company, Inc. $ 166,158 $ 159,462 $ 308,949 $ (259,282 ) $ 375,287 Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) Year Ended December 31, 2016 (In thousands) Parent Combined Subsidiary Guarantors Combined Non- Guarantors Consolidating Adjustments Total Consolidated Amounts Revenue before provision for doubtful accounts $ — $ 1,662,734 $ 1,190,089 $ — $ 2,852,823 Provision for doubtful accounts — (38,349 ) (3,560 ) — (41,909 ) Revenue — 1,624,385 1,186,529 — 2,810,914 Salaries, wages and benefits 28,345 865,104 648,405 — 1,541,854 Professional fees — 89,062 96,424 — 185,486 Supplies — 76,246 41,179 — 117,425 Rents and leases — 34,540 38,808 — 73,348 Other operating expenses — 206,308 106,248 — 312,556 Depreciation and amortization — 58,018 77,085 — 135,103 Interest expense, net 50,921 75,848 54,556 — 181,325 Debt extinguishment costs 4,253 — — — 4,253 Loss on divestiture — 778 178,031 — 178,809 Gain on foreign currency derivatives (523 ) — — — (523 ) Transaction-related expenses — 32,173 16,150 — 48,323 Total expenses 82,996 1,438,077 1,256,886 — 2,777,959 (Loss) income before income taxes (82,996 ) 186,308 (70,357 ) — 32,955 Equity in earnings of subsidiaries 65,560 — — (65,560 ) — (Benefit from) provision for income taxes (21,612 ) 68,335 (17,944 ) — 28,779 Net income (loss) 4,176 117,973 (52,413 ) (65,560 ) 4,176 Net loss attributable to noncontrolling interests — — 1,967 — 1,967 Net income (loss) attributable to Acadia Healthcare Company, Inc. $ 4,176 $ 117,973 $ (50,446 ) $ (65,560 ) $ 6,143 Other comprehensive income: Foreign currency translation loss — — (477,967 ) — (477,967 ) Gain on derivative instruments 40,598 — — — 40,598 Pension liability adjustment, net — — (7,554 ) — (7,554 ) Other comprehensive income (loss) 40,598 — (485,521 ) — (444,923 ) Comprehensive income (loss) attributable to Acadia Healthcare Company, Inc. $ 44,774 $ 117,973 $ (535,967 ) $ (65,560 ) $ (438,780 ) Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2018 (In thousands) Parent Combined Subsidiary Guarantors Combined Non- Guarantors Consolidating Adjustments Total Consolidated Amounts Operating activities: Net (loss) income $ (175,486 ) $ 151,659 $ (250,328 ) $ 98,669 $ (175,486 ) Adjustments to reconcile net (loss) income to net cash (used in) provided by continuing operating activities: Equity in earnings of subsidiaries 98,669 — — (98,669 ) — Depreciation and amortization — 74,341 84,491 — 158,832 Amortization of debt issuance costs 10,825 — (369 ) — 10,456 Equity-based compensation expense 22,001 — — — 22,001 Deferred income taxes 529 (8,795 ) (1,448 ) — (9,714 ) Debt extinguishment costs 940 — 875 — 1,815 Legal settlements expense — 22,076 — — 22,076 Loss on impairment — — 337,889 — 337,889 Other 6,981 5,457 (67 ) — 12,371 Change in operating assets and liabilities, net of effect of acquisitions: Accounts receivable, net — (17,328 ) 507 — (16,821 ) Other current assets — 14,881 (1,017 ) — 13,864 Other assets 4,596 118 2,644 (4,596 ) 2,762 Accounts payable and other accrued liabilities — 15,743 10,311 — 26,054 Accrued salaries and benefits — 15,094 654 — 15,748 Other liabilities — 3,014 (8,233 ) — (5,219 ) Net cash (used in) provided by continuing operating activities (30,945 ) 276,260 175,909 (4,596 ) 416,628 Net cash used in discontinued operating activities — (2,548 ) — — (2,548 ) Net cash (used in) provided by operating activities (30,945 ) 273,712 175,909 (4,596 ) 414,080 Investing activities: Cash paid for capital expenditures — (210,023 ) (131,439 ) — (341,462 ) Cash paid for real estate acquisitions — (14,096 ) (4,287 ) — (18,383 ) Other — (4,199 ) 3,080 — (1,119 ) Net cash used in investing activities — (228,318 ) (132,646 ) — (360,964 ) Financing activities: Principal payments on long-term debt (39,738 ) (169 ) (4,427 ) 4,596 (39,738 ) Repayment of long-term debt — — (21,920 ) — (21,920 ) Common stock withheld for minimum statutory taxes, net (3,407 ) — — — (3,407 ) Other (1,742 ) 2,094 (2,617 ) — (2,265 ) Cash provided by (used in) intercompany activity 75,832 (61,708 ) (14,124 ) — — Net cash provided by (used in) financing activities 30,945 (59,783 ) (43,088 ) 4,596 (67,330 ) Effect of exchange rate changes on cash — — (2,566 ) — (2,566 ) Net decrease in cash and cash equivalents — (14,389 ) (2,391 ) — (16,780 ) Cash and cash equivalents at beginning of the period — 46,860 20,430 — 67,290 Cash and cash equivalents at end of the period $ — $ 32,471 $ 18,039 $ — $ 50,510 Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2017 (In thousands) Parent Combined Subsidiary Guarantors Combined Non- Guarantors Consolidating Adjustments Total Consolidated Amounts Operating activities: Net income (loss) $ 199,589 $ 159,462 $ 99,820 $ (259,282 ) $ 199,589 Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: Equity in earnings of subsidiaries (259,282 ) — — 259,282 — Depreciation and amortization — 66,482 76,528 — 143,010 Amortization of debt issuance costs 10,270 — (415 ) — 9,855 Equity-based compensation expense 23,467 — — — 23,467 Deferred income taxes 1,236 28,882 1,254 — 31,372 Debt extinguishment costs 810 — — — 810 Other 4,189 2,498 4,725 — 11,412 Change in operating assets and liabilities, net of effect of acquisitions: Accounts receivable, net — (21,791 ) (6,779 ) — (28,570 ) Other current assets — (6,429 ) 27,237 — 20,808 Other assets 24,549 (3,277 ) 101 (24,549 ) (3,176 ) Accounts payable and other accrued liabilities — 4,909 (15,022 ) — (10,113 ) Accrued salaries and benefits — (3,974 ) (5,014 ) — (8,988 ) Other liabilities — 8,794 3,000 — 11,794 Net cash provided by (used in) continuing operating activities 4,828 235,556 185,435 (24,549 ) 401,270 Net cash used in discontinued operating activities — (1,693 ) — — (1,693 ) Net cash provided by (used in) operating activities 4,828 233,863 185,435 (24,549 ) 399,577 Investing activities: Cash paid for acquisitions, net of cash acquired — — (18,191 ) — (18,191 ) Cash paid for capital expenditures — (161,312 ) (112,865 ) — (274,177 ) Cash paid for real estate acquisitions — (37,047 ) (4,010 ) — (41,057 ) Other — (7,944 ) 4,843 — (3,101 ) Net cash used in investing activities — (206,303 ) (130,223 ) — (336,526 ) Financing activities: Principal payments on long-term debt (34,550 ) (14,250 ) (10,554 ) 24,549 (34,805 ) Repayment of long-term debt (22,500 ) — — — (22,500 ) Common stock withheld for minimum statutory taxes, net (3,455 ) — — — (3,455 ) Other (539 ) 1,225 — — 686 Cash provided by (used in) intercompany activity 56,216 16,644 (72,860 ) — — Net cash (used in) provided by financing activities (4,828 ) 3,619 (83,414 ) 24,549 (60,074 ) Effect of exchange rate changes on cash — — 7,250 — 7,250 Net increase (decrease) in cash and cash equivalents — 31,179 (20,952 ) — 10,227 Cash and cash equivalents at beginning of the period — 15,681 41,382 — 57,063 Cash and cash equivalents at end of the period $ — $ 46,860 $ 20,430 $ — $ 67,290 Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2016 (In thousands) Parent Combined Subsidiary Guarantors Combined Non- Guarantors Consolidating Adjustments Total Consolidated Amounts Operating activities: Net income (loss) $ 4,176 $ 117,973 $ (52,413 ) $ (65,560 ) $ 4,176 Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: Equity in earnings of subsidiaries (65,560 ) — — 65,560 — Depreciation and amortization — 58,018 77,085 — 135,103 Amortization of debt issuance costs 10,751 — (427 ) — 10,324 Equity-based compensation expense 28,345 — — — 28,345 Deferred income taxes (2,172 ) 50,611 (19,792 ) — 28,647 Loss from discontinued operations, net of taxes — — — — — Debt extinguishment costs 4,253 — — — 4,253 Loss on divestiture — 778 178,031 — 178,809 (Gain) loss on foreign currency derivatives (523 ) — — — (523 ) Other — 4,022 693 — 4715 Change in operating assets and liabilities, net of effect of acquisitions: Accounts receivable, net — (24,017 ) 8,299 — (15,718 ) Other current assets — (3,138 ) (17,510 ) — (20,648 ) Other assets (3,109 ) (4,048 ) (306 ) 3,109 (4,354 ) Accounts payable and other accrued liabilities — (45,552 ) 68,245 — 22,693 Accrued salaries and benefits — 3,844 (12,416 ) — (8,572 ) Other liabilities — 4,050 434 — 4,484 Net cash (used in) provided by continuing operating activities (23,839 ) 162,541 229,923 3,109 371,734 Net cash used in discontinued operating activities — (10,256 ) — — (10,256 ) Net cash (used in) provided by operating activities (23,839 ) 152,285 229,923 3,109 361,478 Investing activities: Cash paid for acquisitions, net of cash acquired — (103,359 ) (580,096 ) — (683,455 ) Cash paid for capital expenditures — (177,593 ) (129,879 ) — (307,472 ) Cash paid for real estate acquisitions — (28,956 ) (11,801 ) — (40,757 ) Settlement of foreign currency derivatives — 523 — — 523 Cash received for divestiture 370,000 7,859 (4,593 ) — 373,266 Other — (1,573 ) (897 ) — (2,470 ) Net cash used in investing activities 370,000 (303,099 ) (727,266 ) — (660,365 ) Financing activities: Borrowings on long-term debt 1,480,000 — — — 1,480,000 Borrowings on revolving credit facility 179,000 — — — 179,000 Principal payments on revolving credit facility (337,000 ) — — — (337,000 ) Principal payments on long-term debt (49,706 ) (293,000 ) (3,344 ) 296,109 (49,941 ) Repayment of assumed debt (1,348,389 ) — — — (1,348,389 ) Repayment of long-term debt (200,594 ) — — — (200,594 ) Payment of debt issuance costs (36,649 ) — — — (36,649 ) Issuance of common stock 685,097 — — — 685,097 Common stock withheld for minimum statutory taxes, net (8,846 ) — — — (8,846 ) Other (1,149 ) (2,688 ) — — (3,837 ) Cash (used in) provided by intercompany activity (707,925 ) 460,196 546,947 (299,218 ) — Net cash (used in) provided by financing activities (346,161 ) 164,508 543,603 (3,109 ) 358,841 Effect of exchange rate changes on cash — — (14,106 ) — (14,106 ) Net increase in cash and cash equivalents — 13,694 32,154 — 45,848 Cash and cash equivalents at beginning of the period — 1,987 9,228 — 11,215 Cash and cash equivalents at end of the period $ — $ 15,681 $ 41,382 $ — $ 57,063 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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. |
Insurance | Insurance The Company is subject to medical malpractice and other lawsuits due to the nature of the services the Company provides. A portion of the Company’s professional liability risks are insured through a wholly-owned insurance subsidiary. The Company is self-insured for professional liability claims up to $3.0 million per claim and has obtained reinsurance coverage from a third party to cover claims in excess of the retention limit. The reinsurance policy has a coverage limit of $75.0 million in the aggregate. The Company’s reinsurance receivables are recognized consistent with the related liabilities and include known claims and any incurred but not reported claims that are covered by current insurance policies in place. 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 $42.8 million at December 31, 2018, of which $5.0 million was included in other accrued liabilities and $37.8 million was included in other long-term liabilities. The professional and general liability reserve was $55.0 million at December 31, 2017, of which $22.8 million was included in other accrued liabilities and $32.2 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 $8.2 million at December 31, 2018, of which $2.1 million was included in other current assets and $6.1 million was included in other assets, and such receivable was $22.7 million at December 31, 2017, of which $17.6 million was included in other current assets and $5.1 million was included in other assets. The Company’s statutory workers’ compensation program is fully insured with a $0.5 million deductible per accident. The workers’ compensation liability was $19.3 million at December 31, 2018, of which $10.0 million was included in accrued salaries and benefits and $9.3 million was included in other long-term liabilities, and such liability was $18.5 million at December 31, 2017, of which $10.0 million was included in accrued salaries and benefits and $8.5 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 $158.8 million, $143.0 million and $134.8 million for the years ended years ended December 31, 2018, 2017 and 2016, 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. The Company performed its impairment review of long-lived assets in the fourth quarter of 2018, which indicated the carrying amounts of certain long-lived assets in our U.K. Facilities may not be recoverable. This created a non-cash loss on impairment of $12.0 million for the year ended December 31, 2018, which was recorded in loss on impairment on our consolidated statements of operation. No impairment was recorded for the years ended December 31, 2017 and 2016. |
Goodwill and Indefinite-Lived Intangible Assets | Goodwill and Indefinite-Lived Intangible Assets In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) ASU 2017-04, “Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment” The Company’s goodwill and other indefinite-lived intangible assets, which consist of license and accreditations, trade names 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 the carrying value of a reporting unit may not be recoverable. The Company has two operating segments, the Company’s facilities in the U.S (the “U.S. Facilities”) and the facilities in the U.K. (the “U.K. Facilities”), for segment reporting purposes, each of which represents a reporting unit for purposes of the Company’s goodwill impairment test. The Company’s annual goodwill impairment test performed as of October 1, 2018 considered the recent financial performance, including the labor market pressures faced by the U.K. Facilities. The impairment test for the U.S. Facilities indicated estimated fair value exceeded carrying value, and therefore no impairment was recorded. The impairment test for the U.K. Facilities indicated carrying value exceeded the estimated fair value. The difference was recorded as a non-cash loss on impairment of $325.9 million for the year ended December 31, 2018 within loss on impairment in the consolidated statements of operations. The Company’s annual impairment tests of goodwill and other indefinite-lived intangible assets in 2017 and 2016 resulted in no impairment charges. In performing the goodwill impairment test, the Company used a combination of the income and market approaches to estimate fair value of our reporting units. Determining fair value requires substantial judgement and use significant unobservable inputs, which are categorized as Level 3 fair value measurements. For the income approach, the Company used a discounted cash flow model in which cash flows are projected using internal forecasts over future periods, plus a terminal value, and are discounted to present value using a risk-adjusted rate of return. The Company’s internal forecasts include estimates of growth rates based on our current views of the long-term outlook of each reporting unit and may materially differ from actual results. Discount rate assumptions are based on an assessment of the risk inherent in the future cash flows of each reporting unit. The discount rates used in its analysis range from 9.0% to 10.5% and correspond to the risks inherent in each reporting unit. For the market approach, we compared our reporting units to guideline companies actively traded in public markets and included a control premium, which was based on acquisition premiums of selected companies similar to our reporting units. Estimating fair values of our reporting units includes substantial judgement and significant estimates and may materially differ from actual results. Changes in assumptions, industry or peer groups could negatively impact estimated fair value. |
Other Current Assets | Other Current Assets Other current assets consisted of the following (in thousands): December 31, 2018 2017 Prepaid expenses $ 30,802 $ 27,320 Other receivables 19,205 21,427 Cost report receivable 10,340 9,028 Workers’ compensation deposits – current portion 10,000 10,000 Inventory 5,055 4,787 Insurance receivable – current portion 2,049 17,588 Income taxes receivable 2,380 15,056 Other 1,989 2,129 Other current assets $ 81,820 $ 107,335 |
Other Accrued Liabilities | Other Accrued Liabilities Other accrued liabilities consisted of the following (in thousands): December 31, 2018 2017 Accrued expenses $ 44,938 $ 37,268 Accrued interest 32,838 36,370 Unearned income 32,154 31,342 Accrued legal settlements 22,076 — Insurance liability – current portion 4,956 22,788 Accrued property taxes 4,136 3,945 Income taxes payable 3,041 1,012 Other 7,087 8,488 Other accrued liabilities $ 151,226 $ 141,213 |
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”) 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 in 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. The Tax Act was enacted on December 22, 2017. The Tax Act reduced the U.S. federal corporate tax rate from 35% to 21%, required companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and created new taxes on certain foreign sourced earnings. See additional disclosure described in Note 10 – Income Taxes. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2018, the FASB issued ASU 2018-15, “ Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract In August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” In March 2016, the FASB issued ASU 2016-02, “ Leases The Company will adopt ASU 2016-02 retrospectively at the beginning of the period of adoption and will record a cumulative-effect adjustment to retained earnings on January 1, 2019. The Company expects to elect the package of practical expedients offered in the transition guidance which allows management to not reassess lease identification, lease classification and initial direct costs. The Company also expects to elect the accounting policy practical expedients by class of underlying asset to: (i) combine associated lease and non-lease components into a single lease component; and (ii) exclude recording short-term leases as right-of-use assets and liabilities on the balance sheet. The Company has substantially completed its evaluation of the financial impact of the new standard as it relates to the Company’s lease portfolio, which primarily consists of real estate leases integral for facility operations. Management believes the largest effect of adopting the new standard will be to record a significant amount of right-of-use assets and liabilities for current operating leases. Management continues to evaluate the impact ASU 2016-02 will have on the Company’s internal controls, policies, and procedures. See Note 13 – Leases for the Company’s aggregate minimum lease payments under non-cancelable operating leases under accounting guidance at December 31, 2018. The Company is continuing to refine its approach under ASU 2016-02, including finalizing its transition calculations, controls and disclosure policies. The Company will finalize its accounting assessment and quantitative impact of adoption of ASU 2016-02 during the first quarter of 2019. The Company will continue to monitor industry activities and any additional accounting guidance and will adjust the Company’s assessment and implementation plans accordingly. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” 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 Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Other Current Assets | Other current assets consisted of the following (in thousands): December 31, 2018 2017 Prepaid expenses $ 30,802 $ 27,320 Other receivables 19,205 21,427 Cost report receivable 10,340 9,028 Workers’ compensation deposits – current portion 10,000 10,000 Inventory 5,055 4,787 Insurance receivable – current portion 2,049 17,588 Income taxes receivable 2,380 15,056 Other 1,989 2,129 Other current assets $ 81,820 $ 107,335 |
Summary of Other Accrued Liabilities | Other accrued liabilities consisted of the following (in thousands): December 31, 2018 2017 Accrued expenses $ 44,938 $ 37,268 Accrued interest 32,838 36,370 Unearned income 32,154 31,342 Accrued legal settlements 22,076 — Insurance liability – current portion 4,956 22,788 Accrued property taxes 4,136 3,945 Income taxes payable 3,041 1,012 Other 7,087 8,488 Other accrued liabilities $ 151,226 $ 141,213 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Summary of the Activity in Unearned Revenue in the U.K. Facilities | A summary of the activity in unearned revenue in the U.K. Facilities is as follows (in thousands): Balance at December 31, 2017 $ 30,812 Payments received 167,604 Revenue recognized (164,917 ) Foreign currency translation loss (2,260 ) Balance at December 31, 2018 $ 31,239 |
U.S. Facilities [Member] | |
Schedule of Revenue Attributed to Each Category | The table below presents total U.S. revenue attributed to each category (in thousands): Year Ended December 31, 2018 2017 2016 Acute inpatient psychiatric facilities $ 814,124 $ 757,211 $ 694,151 Specialty treatment facilities 761,017 725,151 702,225 Residential treatment centers 293,053 284,637 256,539 Outpatient community-based services 36,501 42,845 45,610 Revenue $ 1,904,695 $ 1,809,844 $ 1,698,525 |
Schedule of Revenue and Percentage Generated by Each Payor Type | The following table presents revenue by payor type and as a percentage of revenue in our U.S. Facilities for the years ended December 31, 2018, 2017 and 2016 (in thousands): Year Ended December 31, 2018 2017 2016 Amount % Amount % Amount % Commercial $ 573,089 30.1 % $ 569,242 30.8 % $ 534,468 30.7 % Medicare 280,340 14.7 % 281,270 15.2 % 266,868 15.3 % Medicaid 893,644 46.9 % 796,375 43.0 % 725,508 41.7 % Self-Pay 134,054 7.1 % 169,727 9.2 % 185,094 10.6 % Other 23,568 1.2 % 33,942 1.8 % 28,418 1.7 % Revenue before provision for doubtful accounts 1,904,695 100.0 % 1,850,556 100.0 % 1,740,356 100.0 % Provision for doubtful accounts — (40,712 ) (41,831 ) Revenue $ 1,904,695 $ 1,809,844 $ 1,698,525 |
U.K. Facilities [Member] | |
Schedule of Revenue Attributed to Each Category | The table below presents total U.K. revenue attributed to each category (in thousands): Year Ended December 31, 2018 2017 2016 Healthcare facilities $ 615,741 $ 567,747 $ 683,467 Education and Children’s Services 192,129 170,328 146,703 Adult Care facilities 299,877 288,397 280,191 Revenue $ 1,107,747 $ 1,026,472 $ 1,110,361 |
Schedule of Revenue and Percentage Generated by Each Payor Type | The following table presents revenue by payor type and as a percentage of revenue in our U.K. Facilities for the years ended December 31, 2018, 2017 and 2016 (in thousands): Year Ended December 31, 2018 2017 2016 Amount % Amount % Amount % U.K. public funded sources $ 1,000,828 90.3 % $ 922,159 89.8 % $ 1,021,888 92.0 % Self-Pay 104,824 9.5 % 95,687 9.3 % 83,066 7.5 % Other 2,095 0.2 % 8,832 0.9 % 5,485 0.5 % Revenue before provision for doubtful accounts 1,107,747 100.0 % 1,026,678 100.0 % 1,110,439 100.0 % Provision for doubtful accounts — (206 ) (78 ) Revenue $ 1,107,747 $ 1,026,472 $ 1,110,361 |
Accounting Standards Update 2014-09 [Member] | |
Summary of Impact of Adoption of Accounting Standards | The impact of adopting ASU 2014-09 on the consolidated statements of operations for the year ended December 31, 2018 was as follows (in thousands): Year Ended December 31, 2018 As Reported Prior to Adopting ASU 2014-09 Revenue before provision for doubtful accounts $ 3,012,442 $ 3,060,180 Provision for doubtful accounts — (47,738 ) Revenue $ 3,012,442 $ 3,012,442 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31, 2018, 2017 and 2016 (in thousands except per share amounts): Year Ended December 31, 2018 2017 2016 Numerator: Net (loss) income attributable to Acadia Healthcare Company, Inc. $ (175,750 ) $ 199,835 $ 6,143 Denominator: Weighted average shares outstanding for basic earnings per share 87,288 86,948 85,701 Effects of dilutive instruments — 112 271 Shares used in computing diluted earnings per common share 87,288 87,060 85,972 Earnings per share attributable to Acadia Healthcare Company, Inc. stockholders: Basic $ (2.01 ) $ 2.30 $ 0.07 Diluted $ (2.01 ) $ 2.30 $ 0.07 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Transaction Related Expenses as Incurred | Transaction-related expenses comprised the following costs for the years ended years ended December 31, 2018, 2017 and 2016 (in thousands): Year Ended December 31, 2018 2017 2016 CEO transition costs $ 14,033 $ — $ — Termination and closure costs 11,829 16,190 15,449 Legal, accounting and other 8,645 8,077 18,024 Advisory and financing commitment fees — — 14,850 $ 34,507 $ 24,267 $ 48,323 |
Other Intangible Assets (Tables
Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 at December 31, 2018 and 2017 (in thousands): Gross Carrying Amount Accumulated Amortization December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Intangible assets subject to amortization: Contract intangible assets $ 2,100 $ 2,100 $ (2,100 ) $ (2,100 ) Non-compete agreements 1,147 1,147 (1,147 ) (1,147 ) 3,247 3,247 (3,247 ) (3,247 ) Intangible assets not subject to amortization: Licenses and accreditations 12,343 12,266 — — Trade names 60,109 60,586 — — Certificates of need 16,538 14,496 — — 88,990 87,348 — — Total $ 92,237 $ 90,595 $ (3,247 ) $ (3,247 ) |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Components of Long-Term Debt | Long-term debt consisted of the following (in thousands): December 31, 2018 December 31, 2017 Amended and Restated Senior Credit Facility: Senior Secured Term A Loans $ 365,750 $ 380,000 Senior Secured Term B Loans 1,372,912 1,398,400 Senior Secured Revolving Line of Credit — — 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 650,000 650,000 6.500% Senior Notes due 2024 390,000 390,000 9.0% and 9.5% Revenue Bonds — 21,920 Other long-term debt 5,953 — Less: unamortized debt issuance costs, discount and premium (41,128 ) (50,432 ) 3,193,487 3,239,888 Less: current portion (34,112 ) (34,830 ) Long-term debt $ 3,159,375 $ 3,205,058 |
Summary of Aggregate Maturities of Long-Term Debt | The aggregate maturities of long-term debt at December 31, 2018 were as follows (in thousands): 2019 $ 34,112 2020 43,679 2021 483,501 2022 764,855 2023 1,518,468 Thereafter 390,000 Total $ 3,234,615 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Option Activity | Stock option activity during 2016, 2017 and 2018 was as follows (aggregate intrinsic value in thousands): Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Options outstanding at January 1, 2016 694,743 $ 42.87 7.70 $ 20,717 Options granted 503,850 57.98 9.28 297 Options exercised (57,397 ) 31.92 N/A 1,530 Options cancelled (140,250 ) 57.13 N/A N/A Options outstanding at December 31, 2016 1,000,946 48.42 7.46 8,166 Options granted 259,300 42.25 9.30 205 Options exercised (87,367 ) 25.92 N/A 1,636 Options cancelled (198,313 ) 54.71 N/A N/A Options outstanding at December 31, 2017 974,566 47.89 7.46 3,802 Options granted 374,700 37.54 9.21 246 Options exercised (20,989 ) 17.83 N/A 383 Options cancelled (128,737 ) 50.83 N/A N/A Options outstanding at December 31, 2018 1,199,540 $ 44.64 7.26 $ 2,717 Options exercisable at December 31, 2017 405,634 $ 41.20 6.05 $ 3,549 Options exercisable at December 31, 2018 534,164 $ 44.98 5.73 $ 2,386 |
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 years ended December 31, 2018, 2017 and 2016: Year Ended December 31, 2018 2017 2016 Weighted average grant-date fair value of options $ 13.67 $ 14.39 $ 18.96 Risk-free interest rate 2.2 % 2.0 % 1.4 % Expected volatility 37 % 33 % 33 % Expected life (in years) 5.1 5.5 5.5 |
Restricted Stock Activity | Restricted stock activity during 2016, 2017 and 2018 was as follows: Number of Shares Weighted Average Grant-Date Fair Value Unvested at January 1, 2016 944,562 $ 52.74 Granted 387,347 55.38 Cancelled (122,178 ) 57.02 Vested (365,312 ) 47.18 Unvested at December 31, 2016 844,419 $ 55.76 Granted 404,224 42.38 Cancelled (145,981 ) 55.03 Vested (292,794 ) 53.07 Unvested at December 31, 2017 809,868 $ 50.19 Granted 480,137 36.84 Cancelled (88,989 ) 47.57 Vested (395,959 ) 50.41 Unvested at December 31, 2018 805,057 $ 42.40 |
Restricted Stock Unit Activity | Restricted stock unit activity during 2016, 2017 and 2018 was as follows: Number of Units Weighted Average Grant-Date Fair Value Unvested at January 1, 2016 218,084 $ 56.97 Granted 230,750 56.95 Cancelled — — Vested (175,235 ) 52.71 Unvested at December 31, 2016 273,599 $ 59.68 Granted 219,840 43.23 Cancelled — — Vested (132,530 ) 58.67 Unvested at December 31, 2017 360,909 $ 50.04 Granted 285,358 42.26 Cancelled (89,173 ) 55.44 Vested (72,983 ) 49.64 Unvested at December 31, 2018 484,111 $ 44.52 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Components of Provision for Income Taxes | Provision for income taxes consists of the following for the periods presented (in thousands): Year Ended December 31, 2018 2017 2016 Current: Federal $ 13,961 $ 3,325 $ 572 State 1,113 680 (863 ) Foreign 1,172 1,832 423 Total current 16,246 5,837 132 Deferred: Federal (7,176 ) 27,179 45,077 State (10 ) 4,408 1,491 Foreign (2,528 ) (215 ) (17,921 ) Total deferred provision (9,714 ) 31,372 28,647 Provision for income taxes $ 6,532 $ 37,209 $ 28,779 |
Effective Income Tax Rate | A reconciliation of the U.S. federal statutory rate to the effective tax rate is as follows for the periods presented: Year Ended December 31, 2018 2017 2016 U.S. federal statutory rate on income before income taxes 21.0 % 35.0 % 35.0 % Impact of foreign operations 9.5 (14.1 ) (13.5 ) Impact of foreign divestiture — — 39.2 Impacts of SAB 118 6.7 — — Effects of statutory rate change — (8.5 ) (14.5 ) State income taxes, net of federal tax effect (1.4 ) 2.1 7.5 Permanent differences (4.1 ) 1.8 8.3 Goodwill impairment (36.6 ) — — Transaction-related items — — 25.9 Change in valuation allowance (1.4 ) 1.6 2.8 Unrecognized tax benefit release 3.1 (0.8 ) (7.2 ) Interest disallowance (2.2 ) — — Federal tax credits 1.0 — — Other 0.5 (1.4 ) 3.8 Effective income tax rate (3.9 )% 15.7 % 87.3 % |
Summary of Domestic and Foreign Components of Income (Loss) before Income Taxes | The domestic and foreign components of income (loss) before income taxes are as follows (in thousands): Year Ended December 31, 2018 2017 2016 Foreign $ (228,350 ) $ 120,905 $ (144,717 ) Domestic 59,396 115,893 177,672 Total $ (168,954 ) $ 236,798 $ 32,955 |
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, 2018 and December 31, 2017 were as follows (in thousands): December 31, 2018 2017 Deferred tax assets: Net operating losses and tax credit carryforwards – federal and state $ 27,294 $ 29,409 Bad debt allowance 898 827 Accrued compensation and severance 15,229 14,179 Pension reserves 595 1,494 Insurance reserves 13,994 13,483 Leases 5,374 5,332 Accrued expenses 4,231 3,114 Interest carryforwards 32,272 5,074 Other assets 2,284 1,747 Total gross deferred tax assets 102,171 74,659 Less: valuation allowance (24,079 ) (21,155 ) Deferred tax assets 78,092 53,504 Deferred tax liabilities: Fixed asset basis difference (48,698 ) (54,214 ) Prepaid items (1,728 ) (1,490 ) Intangible assets (87,628 ) (70,820 ) Accrued expenses — — Other liabilities (16,942 ) (3,582 ) Total deferred tax liabilities (154,996 ) (130,106 ) Total net deferred tax liability $ (76,904 ) $ (76,602 ) |
Unrecognized Income Tax Benefits Net of Federal Benefit | A reconciliation of the beginning and ending amount of unrecognized income tax benefits net of the federal benefit is as follows (in thousands): 2018 2017 Balance at January 1 $ 6,104 $ 6,949 Additions based on tax positions related to the current year 52 5,488 Additions for tax positions of prior years — 95 Reductions as a result of the lapse of applicable statutes of limitations and settlements with tax authorities (5,443 ) (6,428 ) Balance at December 31 $ 713 $ 6,104 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Carrying Amounts and Fair Values of Company's Amended and Restated Senior Credit Facilities and Contingent Consideration Liabilities | The carrying amounts and fair values of the Company’s Amended and Restated Senior Credit Facility, 6.125% Senior Notes, 5.125% Senior Notes, 5.625% Senior Notes, 6.500% Senior Notes, 9.0% and 9.5% Revenue Bonds, other long-term debt and derivative instruments at December 31, 2018 and 2017 were as follows (in thousands): Carrying Amount Fair Value December 31, December 31, 2018 2017 2018 2017 Amended and Restated Senior Credit Facility $ 1,715,338 $ 1,749,185 $ 1,715,338 $ 1,749,185 6.125% Senior Notes due 2021 $ 148,657 $ 148,098 $ 147,542 $ 150,134 5.125% Senior Notes due 2022 $ 296,946 $ 296,174 $ 283,583 $ 296,914 5.625% Senior Notes due 2023 $ 643,289 $ 641,891 $ 609,516 $ 651,519 6.500% Senior Notes due 2024 $ 383,304 $ 382,251 $ 369,888 $ 397,541 9.0% and 9.5% Revenue Bonds $ — $ 22,289 $ — $ 22,289 Other long-term debt $ 5,953 $ — $ 5,953 $ — Derivative instruments $ 60,524 $ 12,997 $ 60,524 $ 12,997 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 at December 31, 2018 (in thousands): 2019 $ 64,958 2020 61,704 2021 57,195 2022 51,570 2023 47,684 Thereafter 777,684 Total minimum rental obligations $ 1,060,795 |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Noncontrolling Interest [Abstract] | |
Summary of Redeemable Noncontrolling Interests | The components of redeemable noncontrolling interests are as follows (in thousands): Balance at January 1, 2017 $ 17,754 Acquisition of redeemable noncontrolling interests 4,909 Net loss attributable to noncontrolling interests (246 ) Balance at December 31, 2017 22,417 Acquisition of redeemable noncontrolling interests 6,125 Net income attributable to noncontrolling interests 264 Balance at December 31, 2018 $ 28,806 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Summary of Reconciliation of Segment EBITDA to Income before Income Taxes | The following tables set forth the financial information by operating segment, including a reconciliation of Segment EBITDA to income before income taxes (in thousands): Year Ended December 31, 2018 2017 2016 Revenue: U.S. Facilities $ 1,904,695 $ 1,809,844 $ 1,698,525 U.K. Facilities 1,107,747 1,026,472 1,110,361 Corporate and Other — — 2,028 $ 3,012,442 $ 2,836,316 $ 2,810,914 Segment EBITDA (1) : U.S. Facilities $ 488,207 $ 475,260 $ 443,341 U.K. Facilities 185,755 198,566 245,046 Corporate and Other (80,386 ) (69,467 ) (79,797 ) $ 593,576 $ 604,359 $ 608,590 Year Ended December 31, 2018 2017 2016 Segment EBITDA(1) $ 593,576 $ 604,359 $ 608,590 Plus (less): Equity-based compensation expense (22,001 ) (23,467 ) (28,345 ) Debt extinguishment costs (1,815 ) (810 ) (4,253 ) Legal settlements expense (22,076 ) — — Loss on impairment (337,889 ) — — Loss on divestiture — — (178,809 ) Gain on foreign currency derivatives — — 523 Transaction-related expenses (34,507 ) (24,267 ) (48,323 ) Interest expense, net (185,410 ) (176,007 ) (181,325 ) Depreciation and amortization (158,832 ) (143,010 ) (135,103 ) (Loss) income before income taxes $ (168,954 ) $ 236,798 $ 32,955 |
Summary of Assets by Operating Segment | December 31, 2018 2017 Assets (2) : U.S. Facilities $ 3,779,040 $ 3,567,126 U.K. Facilities 2,175,809 2,647,150 Corporate and Other 217,655 210,226 $ 6,172,504 $ 6,424,502 (1) Segment EBITDA is defined as income before provision for income taxes, equity-based compensation expense, debt extinguishment costs, legal settlements expense, loss on impairment, loss on divestiture, 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 GAAP, 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 GAAP 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 $1.4 billion, U.K. Facilities of $1.7 billion and corporate and other of $44.9 million at December 31, 2018. Assets include property and equipment for the U.S. Facilities of $1.2 billion, U.K. Facilities of $1.8 billion and corporate and other of $49.2 million at December 31, 2017. |
Goodwill [Member] | |
Summary of Assets by Operating Segment | U.S. Facilities U.K. Facilities Corporate and Other Consolidated Goodwill: Balance at January 1, 2018 $ 2,042,592 $ 708,582 $ — $ 2,751,174 Loss on impairment — (325,875 ) — (325,875 ) Increase from contribution of redeemable noncontrolling interests 2,245 — — 2,245 Foreign currency translation loss — (31,894 ) — (31,894 ) Prior year purchase price adjustments — 762 — 762 Balance at December 31, 2018 $ 2,044,837 $ 351,575 $ — $ 2,396,412 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 at December 31, 2018 and 2017 (in thousands): 2018 2017 Projected benefit obligation $ 57,993 $ 67,288 Fair value of plan assets 54,491 58,493 Unfunded liability $ 3,502 $ 8,795 |
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 at December 31, 2018 and 2017 (in thousands): 2018 2017 Net pension liability at beginning of period $ 8,795 $ 10,700 Employer contributions (2,267 ) (809 ) Net pension expense 283 426 Pension liability adjustment (2,803 ) (2,544 ) Foreign currency translation (loss) gain (506 ) 1,022 Net pension liability at end of period $ 3,502 $ 8,795 |
Summary of Assumptions Used to Determine Plan Benefit obligation | A pension liability of $3.5 million and $8.8 million were recorded within other liabilities on the consolidated balance sheets at December 31, 2018 and 2017. The following assumptions were used to determine the plan benefit obligation: Discount rate 2.8 % 2.5 % Compensation increase rate 3.3 % 3.3 % Measurement date December 31, 2018 December 31, 2017 Assumptions used to determine the net periodic pension plan expense for the years ended December 31, 2018 and 2017 were as follows: 2018 2017 Discount rate 2.8 % 2.5 % Expected long-term rate of return on plan assets 2.8 % 2.5 % |
Summary of Components of Net Pension Plan Expense | A summary of the components of net pension plan expense for the years ended December 31, 2018 and 2017 is as follows (in thousands): 2018 2017 Interest cost on projected benefit obligation $ 1,602 $ 1,738 Expected return on assets (1,319 ) (1,312 ) Net pension expense $ 283 $ 426 |
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 at December 31, 2018 and 2017 were as follows: December 31, 2018 December 31, 2017 Cash and cash equivalents 1.3 % 0.7 % U.K. government obligation 15.0 % 19.0 % Annuity contracts 38.6 % 38.6 % Equity securities 25.4 % 29.4 % Debt securities 15.8 % 9.9 % Other 3.9 % 2.4 % |
Other Comprehensive Loss (Table
Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Components Of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss are as follows (in thousands): Foreign Currency Translation Adjustments Change in Fair Value of Derivative Instruments Pension Plan Total Balance at January 1, 2016 $ (106,309 ) $ — $ 1,662 $ (104,647 ) Foreign currency translation loss (477,772 ) — (195 ) (477,967 ) Gain on derivative instruments, net of tax of $29.1 million — 40,598 — 40,598 Pension liability adjustment, net of tax of $(1.3) million — — (7,554 ) (7,554 ) Balance at December 31, 2016 (584,081 ) 40,598 (6,087 ) (549,570 ) Foreign currency translation gain 207,341 — (557 ) 206,784 Loss on derivative instruments, net of tax of $(22.9) million — (33,431 ) — (33,431 ) Pension liability adjustment, net of tax of $0.4 million — — 2,099 2,099 Balance at December 31, 2017 (376,740 ) 7,167 (4,545 ) (374,118 ) Foreign currency translation gain (127,788 ) — 267 (127,521 ) Gain on derivative instruments, net of tax of $12.7 million — 36,799 — 36,799 Pension liability adjustment, net of tax of $0.3 million — — 2,463 2,463 Balance at December 31, 2018 $ (504,528 ) $ 43,966 $ (1,815 ) $ (462,377 ) |
Quarterly Information (Unaudi_2
Quarterly Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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) 2018: Revenue $ 742,241 $ 765,738 $ 760,916 $ 743,547 Income (loss) before income taxes $ 48,088 $ 69,258 $ 55,036 $ (341,336 ) Net income (loss) attributable to Acadia Healthcare Company, Inc. stockholders $ 50,819 (1) $ 58,836 $ 46,232 $ (331,637 ) (2) Basic earnings per share attributable to Acadia Healthcare Company, Inc. stockholders $ 0.58 (1) $ 0.67 $ 0.53 $ (3.80 ) (2) Diluted earnings per share attributable to Acadia Healthcare Company, Inc. stockholders $ 0.58 (1) $ 0.67 $ 0.53 $ (3.80 ) (2) 2017: Revenue $ 679,194 $ 715,896 $ 716,714 $ 724,512 Income before income taxes $ 48,484 $ 66,216 $ 61,459 $ 60,689 Net income attributable to Acadia Healthcare Company, Inc. stockholders $ 34,958 $ 49,630 $ 45,618 $ 69,629 (3) Basic earnings per share attributable to Acadia Healthcare Company, Inc. stockholders $ 0.40 $ 0.57 $ 0.52 $ 0.80 (3) Diluted earnings per share attributable to Acadia Healthcare Company, Inc. stockholders $ 0.40 $ 0.57 $ 0.52 $ 0.80 (3) (1) Includes tax benefits of $10.5 million pursuant to a change in the Company’s provisional amounts recorded at December 31, 2017 related to the enactment of the Tax Act. (2) Includes loss on impairment of $337.9 million and legal settlements expense of $22.1 million. (3 ) Includes a one-time tax benefit of $20.2 million on revaluation of deferred tax items pursuant to the enactment of the Tax Act. |
Financial Information for the_2
Financial Information for the Company and Its Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Summary of Condensed Consolidating Balance Sheets | Acadia Healthcare Company, Inc. Condensed Consolidating Balance Sheets December 31, 2018 (In thousands) Parent Combined Subsidiary Guarantors Combined Non- Guarantors Consolidating Adjustments Total Consolidated Amounts Current assets: Cash and cash equivalents $ — $ 32,471 $ 18,039 $ — $ 50,510 Accounts receivable, net — 248,218 69,869 — 318,087 Other current assets — 60,160 21,660 — 81,820 Total current assets — 340,849 109,568 — 450,417 Property and equipment, net — 1,219,803 1,887,963 — 3,107,766 Goodwill — 1,936,057 460,355 — 2,396,412 Intangible assets, net — 56,611 32,379 — 88,990 Deferred tax assets – noncurrent 1,841 — 3,468 (1,841 ) 3,468 Derivative instruments 60,524 — — — 60,524 Investment in subsidiaries 5,190,771 — — (5,190,771 ) — Other assets 306,495 52,824 9,548 (303,940 ) 64,927 Total assets $ 5,559,631 $ 3,606,144 $ 2,503,281 $ (5,496,552 ) $ 6,172,504 Current liabilities: Current portion of long-term debt $ 34,112 $ — $ — $ — $ 34,112 Accounts payable — 79,463 38,277 — 117,740 Accrued salaries and benefits — 84,150 29,149 — 113,299 Other accrued liabilities 32,837 42,062 76,327 — 151,226 Total current liabilities 66,949 205,675 143,753 — 416,377 Long-term debt 3,159,375 — 303,940 (303,940 ) 3,159,375 Deferred tax liabilities – noncurrent — 31,874 50,339 (1,841 ) 80,372 Other liabilities — 107,866 46,401 — 154,267 Total liabilities 3,226,324 345,415 544,433 (305,781 ) 3,810,391 Redeemable noncontrolling interests — — 28,806 — 28,806 Total equity 2,333,307 3,260,729 1,930,042 (5,190,771 ) 2,333,307 Total liabilities and equity $ 5,559,631 $ 3,606,144 $ 2,503,281 $ (5,496,552 ) $ 6,172,504 Acadia Healthcare Company, Inc. Condensed Consolidating Balance Sheets December 31, 2017 (In thousands) Parent Combined Subsidiary Guarantors Combined Non- Guarantors Consolidating Adjustments Total Consolidated Amounts Current assets: Cash and cash equivalents $ — $ 46,860 $ 20,430 $ — $ 67,290 Accounts receivable, net — 230,890 66,035 — 296,925 Other current assets — 85,746 21,589 — 107,335 Total current assets — 363,496 108,054 — 471,550 Property and equipment, net — 1,086,802 1,961,328 — 3,048,130 Goodwill — 1,936,057 815,117 — 2,751,174 Intangible assets, net — 57,628 29,720 — 87,348 Deferred tax assets – noncurrent 2,370 — 3,731 (2,370 ) 3,731 Derivative instruments 12,997 — — — 12,997 Investment in subsidiaries 5,429,386 — — (5,429,386 ) — Other assets 381,913 38,860 7,807 (379,008 ) 49,572 Total assets $ 5,826,666 $ 3,482,843 $ 2,925,757 $ (5,810,764 ) $ 6,424,502 Current liabilities: Current portion of long-term debt $ 34,550 $ — $ 280 $ — $ 34,830 Accounts payable — 70,767 31,532 — 102,299 Accrued salaries and benefits — 69,057 29,990 — 99,047 Other accrued liabilities 36,196 27,676 77,341 — 141,213 Total current liabilities 70,746 167,500 139,143 — 377,389 Long-term debt 3,183,049 — 401,017 (379,008 ) 3,205,058 Deferred tax liabilities – noncurrent — 27,975 54,728 (2,370 ) 80,333 Other liabilities — 103,112 63,322 — 166,434 Total liabilities 3,253,795 298,587 658,210 (381,378 ) 3,829,214 Redeemable noncontrolling interests — — 22,417 — 22,417 Total equity 2,572,871 3,184,256 2,245,130 (5,429,386 ) 2,572,871 Total liabilities and equity $ 5,826,666 $ 3,482,843 $ 2,925,757 $ (5,810,764 ) $ 6,424,502 |
Summary of Condensed Consolidating Statement of Comprehensive Income (Loss) | Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) Year Ended December 31, 2018 (In thousands) Parent Combined Subsidiary Guarantors Combined Non- Guarantors Consolidating Adjustments Total Consolidated Amounts Revenue $ — $ 1,788,757 $ 1,223,685 $ — 3,012,442 Salaries, wages and benefits 22,001 965,419 671,928 — 1,659,348 Professional fees — 98,441 128,984 — 227,425 Supplies — 76,526 42,788 — 119,314 Rents and leases — 33,101 47,181 — 80,282 Other operating expenses — 225,446 129,052 — 354,498 Depreciation and amortization — 74,341 84,491 — 158,832 Interest expense, net 65,588 92,983 26,839 — 185,410 Debt extinguishment costs 940 — 875 — 1,815 Legal settlements expense — 22,076 — — 22,076 Loss on impairment — — 337,889 — 337,889 Transaction-related expenses — 29,720 4,787 — 34,507 Total expenses 88,529 1,618,053 1,474,814 — 3,181,396 (Loss) income before income taxes (88,529 ) 170,704 (251,129 ) — (168,954 ) Equity in earnings of subsidiaries (98,669 ) — — 98,669 — (Benefit from) provision for income taxes (11,712 ) 19,045 (801 ) — 6,532 Net (loss) income (175,486 ) 151,659 (250,328 ) 98,669 (175,486 ) Net income attributable to noncontrolling interests — — (264 ) — (264 ) Net (loss) income attributable to Acadia Healthcare Company, Inc. $ (175,486 ) $ 151,659 $ (250,592 ) $ 98,669 $ (175,750 ) Other comprehensive income: Foreign currency translation loss — — (127,521 ) — (127,521 ) Gain on derivative instruments 36,799 — — — 36,799 Pension liability adjustment, net — — 2,463 — 2,463 Other comprehensive income (loss) 36,799 — (125,058 ) — (88,259 ) Comprehensive (loss) income attributable to Acadia Healthcare Company, Inc. $ (138,687 ) $ 151,659 $ (375,650 ) $ 98,669 $ (264,009 ) Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) Year Ended December 31, 2017 (In thousands) Parent Combined Subsidiary Guarantors Combined Non- Guarantors Consolidating Adjustments Total Consolidated Amounts Revenue before provision for doubtful accounts $ — $ 1,746,656 $ 1,130,578 $ — $ 2,877,234 Provision for doubtful accounts — (35,636 ) (5,282 ) — (40,918 ) Revenue — 1,711,020 1,125,296 — 2,836,316 Salaries, wages and benefits 23,467 902,180 610,513 — 1,536,160 Professional fees — 93,991 102,232 — 196,223 Supplies — 75,248 39,191 — 114,439 Rents and leases — 33,365 43,410 — 76,775 Other operating expenses — 217,900 113,927 — 331,827 Depreciation and amortization — 66,482 76,528 — 143,010 Interest expense, net 61,872 81,274 32,861 — 176,007 Debt extinguishment costs 810 — — — 810 Transaction-related expenses — 11,236 13,031 — 24,267 Total expenses 86,149 1,481,676 1,031,693 — 2,599,518 (Loss) income before income taxes (86,149 ) 229,344 93,603 — 236,798 Equity in earnings of subsidiaries 259,282 — — (259,282 ) — (Benefit from) provision for income taxes (26,456 ) 69,882 (6,217 ) — 37,209 Net income (loss) 199,589 159,462 99,820 (259,282 ) 199,589 Net loss attributable to noncontrolling interests — — 246 — 246 Net income (loss) attributable to Acadia Healthcare Company, Inc. $ 199,589 $ 159,462 $ 100,066 $ (259,282 ) $ 199,835 Other comprehensive income: Foreign currency translation gain — — 206,784 — 206,784 Loss on derivative instruments (33,431 ) — — — (33,431 ) Pension liability adjustment, net — — 2,099 — 2,099 Other comprehensive (loss) income (33,431 ) — 208,883 — 175,452 Comprehensive income (loss) attributable to Acadia Healthcare Company, Inc. $ 166,158 $ 159,462 $ 308,949 $ (259,282 ) $ 375,287 Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) Year Ended December 31, 2016 (In thousands) Parent Combined Subsidiary Guarantors Combined Non- Guarantors Consolidating Adjustments Total Consolidated Amounts Revenue before provision for doubtful accounts $ — $ 1,662,734 $ 1,190,089 $ — $ 2,852,823 Provision for doubtful accounts — (38,349 ) (3,560 ) — (41,909 ) Revenue — 1,624,385 1,186,529 — 2,810,914 Salaries, wages and benefits 28,345 865,104 648,405 — 1,541,854 Professional fees — 89,062 96,424 — 185,486 Supplies — 76,246 41,179 — 117,425 Rents and leases — 34,540 38,808 — 73,348 Other operating expenses — 206,308 106,248 — 312,556 Depreciation and amortization — 58,018 77,085 — 135,103 Interest expense, net 50,921 75,848 54,556 — 181,325 Debt extinguishment costs 4,253 — — — 4,253 Loss on divestiture — 778 178,031 — 178,809 Gain on foreign currency derivatives (523 ) — — — (523 ) Transaction-related expenses — 32,173 16,150 — 48,323 Total expenses 82,996 1,438,077 1,256,886 — 2,777,959 (Loss) income before income taxes (82,996 ) 186,308 (70,357 ) — 32,955 Equity in earnings of subsidiaries 65,560 — — (65,560 ) — (Benefit from) provision for income taxes (21,612 ) 68,335 (17,944 ) — 28,779 Net income (loss) 4,176 117,973 (52,413 ) (65,560 ) 4,176 Net loss attributable to noncontrolling interests — — 1,967 — 1,967 Net income (loss) attributable to Acadia Healthcare Company, Inc. $ 4,176 $ 117,973 $ (50,446 ) $ (65,560 ) $ 6,143 Other comprehensive income: Foreign currency translation loss — — (477,967 ) — (477,967 ) Gain on derivative instruments 40,598 — — — 40,598 Pension liability adjustment, net — — (7,554 ) — (7,554 ) Other comprehensive income (loss) 40,598 — (485,521 ) — (444,923 ) Comprehensive income (loss) attributable to Acadia Healthcare Company, Inc. $ 44,774 $ 117,973 $ (535,967 ) $ (65,560 ) $ (438,780 ) |
Summary of Condensed Consolidating Statement of Cash Flows | Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2018 (In thousands) Parent Combined Subsidiary Guarantors Combined Non- Guarantors Consolidating Adjustments Total Consolidated Amounts Operating activities: Net (loss) income $ (175,486 ) $ 151,659 $ (250,328 ) $ 98,669 $ (175,486 ) Adjustments to reconcile net (loss) income to net cash (used in) provided by continuing operating activities: Equity in earnings of subsidiaries 98,669 — — (98,669 ) — Depreciation and amortization — 74,341 84,491 — 158,832 Amortization of debt issuance costs 10,825 — (369 ) — 10,456 Equity-based compensation expense 22,001 — — — 22,001 Deferred income taxes 529 (8,795 ) (1,448 ) — (9,714 ) Debt extinguishment costs 940 — 875 — 1,815 Legal settlements expense — 22,076 — — 22,076 Loss on impairment — — 337,889 — 337,889 Other 6,981 5,457 (67 ) — 12,371 Change in operating assets and liabilities, net of effect of acquisitions: Accounts receivable, net — (17,328 ) 507 — (16,821 ) Other current assets — 14,881 (1,017 ) — 13,864 Other assets 4,596 118 2,644 (4,596 ) 2,762 Accounts payable and other accrued liabilities — 15,743 10,311 — 26,054 Accrued salaries and benefits — 15,094 654 — 15,748 Other liabilities — 3,014 (8,233 ) — (5,219 ) Net cash (used in) provided by continuing operating activities (30,945 ) 276,260 175,909 (4,596 ) 416,628 Net cash used in discontinued operating activities — (2,548 ) — — (2,548 ) Net cash (used in) provided by operating activities (30,945 ) 273,712 175,909 (4,596 ) 414,080 Investing activities: Cash paid for capital expenditures — (210,023 ) (131,439 ) — (341,462 ) Cash paid for real estate acquisitions — (14,096 ) (4,287 ) — (18,383 ) Other — (4,199 ) 3,080 — (1,119 ) Net cash used in investing activities — (228,318 ) (132,646 ) — (360,964 ) Financing activities: Principal payments on long-term debt (39,738 ) (169 ) (4,427 ) 4,596 (39,738 ) Repayment of long-term debt — — (21,920 ) — (21,920 ) Common stock withheld for minimum statutory taxes, net (3,407 ) — — — (3,407 ) Other (1,742 ) 2,094 (2,617 ) — (2,265 ) Cash provided by (used in) intercompany activity 75,832 (61,708 ) (14,124 ) — — Net cash provided by (used in) financing activities 30,945 (59,783 ) (43,088 ) 4,596 (67,330 ) Effect of exchange rate changes on cash — — (2,566 ) — (2,566 ) Net decrease in cash and cash equivalents — (14,389 ) (2,391 ) — (16,780 ) Cash and cash equivalents at beginning of the period — 46,860 20,430 — 67,290 Cash and cash equivalents at end of the period $ — $ 32,471 $ 18,039 $ — $ 50,510 Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2017 (In thousands) Parent Combined Subsidiary Guarantors Combined Non- Guarantors Consolidating Adjustments Total Consolidated Amounts Operating activities: Net income (loss) $ 199,589 $ 159,462 $ 99,820 $ (259,282 ) $ 199,589 Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: Equity in earnings of subsidiaries (259,282 ) — — 259,282 — Depreciation and amortization — 66,482 76,528 — 143,010 Amortization of debt issuance costs 10,270 — (415 ) — 9,855 Equity-based compensation expense 23,467 — — — 23,467 Deferred income taxes 1,236 28,882 1,254 — 31,372 Debt extinguishment costs 810 — — — 810 Other 4,189 2,498 4,725 — 11,412 Change in operating assets and liabilities, net of effect of acquisitions: Accounts receivable, net — (21,791 ) (6,779 ) — (28,570 ) Other current assets — (6,429 ) 27,237 — 20,808 Other assets 24,549 (3,277 ) 101 (24,549 ) (3,176 ) Accounts payable and other accrued liabilities — 4,909 (15,022 ) — (10,113 ) Accrued salaries and benefits — (3,974 ) (5,014 ) — (8,988 ) Other liabilities — 8,794 3,000 — 11,794 Net cash provided by (used in) continuing operating activities 4,828 235,556 185,435 (24,549 ) 401,270 Net cash used in discontinued operating activities — (1,693 ) — — (1,693 ) Net cash provided by (used in) operating activities 4,828 233,863 185,435 (24,549 ) 399,577 Investing activities: Cash paid for acquisitions, net of cash acquired — — (18,191 ) — (18,191 ) Cash paid for capital expenditures — (161,312 ) (112,865 ) — (274,177 ) Cash paid for real estate acquisitions — (37,047 ) (4,010 ) — (41,057 ) Other — (7,944 ) 4,843 — (3,101 ) Net cash used in investing activities — (206,303 ) (130,223 ) — (336,526 ) Financing activities: Principal payments on long-term debt (34,550 ) (14,250 ) (10,554 ) 24,549 (34,805 ) Repayment of long-term debt (22,500 ) — — — (22,500 ) Common stock withheld for minimum statutory taxes, net (3,455 ) — — — (3,455 ) Other (539 ) 1,225 — — 686 Cash provided by (used in) intercompany activity 56,216 16,644 (72,860 ) — — Net cash (used in) provided by financing activities (4,828 ) 3,619 (83,414 ) 24,549 (60,074 ) Effect of exchange rate changes on cash — — 7,250 — 7,250 Net increase (decrease) in cash and cash equivalents — 31,179 (20,952 ) — 10,227 Cash and cash equivalents at beginning of the period — 15,681 41,382 — 57,063 Cash and cash equivalents at end of the period $ — $ 46,860 $ 20,430 $ — $ 67,290 Acadia Healthcare Company, Inc. Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2016 (In thousands) Parent Combined Subsidiary Guarantors Combined Non- Guarantors Consolidating Adjustments Total Consolidated Amounts Operating activities: Net income (loss) $ 4,176 $ 117,973 $ (52,413 ) $ (65,560 ) $ 4,176 Adjustments to reconcile net income (loss) to net cash (used in) provided by continuing operating activities: Equity in earnings of subsidiaries (65,560 ) — — 65,560 — Depreciation and amortization — 58,018 77,085 — 135,103 Amortization of debt issuance costs 10,751 — (427 ) — 10,324 Equity-based compensation expense 28,345 — — — 28,345 Deferred income taxes (2,172 ) 50,611 (19,792 ) — 28,647 Loss from discontinued operations, net of taxes — — — — — Debt extinguishment costs 4,253 — — — 4,253 Loss on divestiture — 778 178,031 — 178,809 (Gain) loss on foreign currency derivatives (523 ) — — — (523 ) Other — 4,022 693 — 4715 Change in operating assets and liabilities, net of effect of acquisitions: Accounts receivable, net — (24,017 ) 8,299 — (15,718 ) Other current assets — (3,138 ) (17,510 ) — (20,648 ) Other assets (3,109 ) (4,048 ) (306 ) 3,109 (4,354 ) Accounts payable and other accrued liabilities — (45,552 ) 68,245 — 22,693 Accrued salaries and benefits — 3,844 (12,416 ) — (8,572 ) Other liabilities — 4,050 434 — 4,484 Net cash (used in) provided by continuing operating activities (23,839 ) 162,541 229,923 3,109 371,734 Net cash used in discontinued operating activities — (10,256 ) — — (10,256 ) Net cash (used in) provided by operating activities (23,839 ) 152,285 229,923 3,109 361,478 Investing activities: Cash paid for acquisitions, net of cash acquired — (103,359 ) (580,096 ) — (683,455 ) Cash paid for capital expenditures — (177,593 ) (129,879 ) — (307,472 ) Cash paid for real estate acquisitions — (28,956 ) (11,801 ) — (40,757 ) Settlement of foreign currency derivatives — 523 — — 523 Cash received for divestiture 370,000 7,859 (4,593 ) — 373,266 Other — (1,573 ) (897 ) — (2,470 ) Net cash used in investing activities 370,000 (303,099 ) (727,266 ) — (660,365 ) Financing activities: Borrowings on long-term debt 1,480,000 — — — 1,480,000 Borrowings on revolving credit facility 179,000 — — — 179,000 Principal payments on revolving credit facility (337,000 ) — — — (337,000 ) Principal payments on long-term debt (49,706 ) (293,000 ) (3,344 ) 296,109 (49,941 ) Repayment of assumed debt (1,348,389 ) — — — (1,348,389 ) Repayment of long-term debt (200,594 ) — — — (200,594 ) Payment of debt issuance costs (36,649 ) — — — (36,649 ) Issuance of common stock 685,097 — — — 685,097 Common stock withheld for minimum statutory taxes, net (8,846 ) — — — (8,846 ) Other (1,149 ) (2,688 ) — — (3,837 ) Cash (used in) provided by intercompany activity (707,925 ) 460,196 546,947 (299,218 ) — Net cash (used in) provided by financing activities (346,161 ) 164,508 543,603 (3,109 ) 358,841 Effect of exchange rate changes on cash — — (14,106 ) — (14,106 ) Net increase in cash and cash equivalents — 13,694 32,154 — 45,848 Cash and cash equivalents at beginning of the period — 1,987 9,228 — 11,215 Cash and cash equivalents at end of the period $ — $ 15,681 $ 41,382 $ — $ 57,063 |
Description of Business and B_2
Description of Business and Basis of Presentation - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)FacilityBedState | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Accounting Policies [Abstract] | |||
Number of facilities | Facility | 583 | ||
Number of beds | Bed | 18,100 | ||
Number of operating states | State | 40 | ||
General and administrative expenses | $ | $ 86.6 | $ 76.4 | $ 86.8 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2018USD ($)Segment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Significant Accounting Policies [Line Items] | |||
Maximum professional liability aggregate policy limit | $ 75,000,000 | ||
Professional and general liability reserve | 42,800,000 | $ 55,000,000 | |
Professional and general liability reserve current | 5,000,000 | 22,800,000 | |
Professional and general liability reserve noncurrent | 37,800,000 | 32,200,000 | |
Insurance receivable | 8,200,000 | 22,700,000 | |
Insurance receivable - current portion | 2,049,000 | 17,588,000 | |
Insurance receivable noncurrent | 6,100,000 | 5,100,000 | |
Workers compensation insurance claims deductible per accident | 500,000 | ||
Reserve for workers compensation liability | 19,300,000 | 18,500,000 | |
Accrued salaries and benefits | 10,000,000 | 10,000,000 | |
Other long-term liabilities | 9,300,000 | 8,500,000 | |
Depreciation expense | $ 158,800,000 | 143,000,000 | $ 134,800,000 |
Impairment of long-lived assets | 0 | 0 | |
Number of operating segment | Segment | 2 | ||
Number of reporting unit | Segment | 2 | ||
Intangible assets impairment charges | $ 0 | $ 0 | |
U.S. federal corporate tax rate | 21.00% | 35.00% | 35.00% |
U.K. Facilities [Member] | |||
Significant Accounting Policies [Line Items] | |||
Impairment of long-lived assets | $ 12,000,000 | ||
Intangible assets impairment charges | 325,900,000 | ||
U.S. Facilities [Member] | |||
Significant Accounting Policies [Line Items] | |||
Intangible assets impairment charges | 0 | ||
Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Maximum self insured professional liability limit per claim | $ 3,000,000 | ||
Maximum [Member] | Discount Rate [Member] | |||
Significant Accounting Policies [Line Items] | |||
Impairment of goodwill, measurement input | 0.105 | ||
Maximum [Member] | Building and Improvements [Member] | |||
Significant Accounting Policies [Line Items] | |||
Property plant and equipment estimated useful life | 50 years | ||
Maximum [Member] | Equipment [Member] | |||
Significant Accounting Policies [Line Items] | |||
Property plant and equipment estimated useful life | 7 years | ||
Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Maximum professional liability retention limit | $ 3,000,000 | ||
Minimum [Member] | Discount Rate [Member] | |||
Significant Accounting Policies [Line Items] | |||
Impairment of goodwill, measurement input | 0.090 | ||
Minimum [Member] | Building and Improvements [Member] | |||
Significant Accounting Policies [Line Items] | |||
Property plant and equipment estimated useful life | 10 years | ||
Minimum [Member] | Equipment [Member] | |||
Significant Accounting Policies [Line Items] | |||
Property plant and equipment estimated useful life | 3 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Other Current Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 30,802 | $ 27,320 |
Other receivables | 19,205 | 21,427 |
Cost report receivable | 10,340 | 9,028 |
Workers’ compensation deposits – current portion | 10,000 | 10,000 |
Inventory | 5,055 | 4,787 |
Insurance receivable - current portion | 2,049 | 17,588 |
Income taxes receivable | 2,380 | 15,056 |
Other | 1,989 | 2,129 |
Other current assets | $ 81,820 | $ 107,335 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Other Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts Payable And Accrued Liabilities Current [Abstract] | ||
Accrued expenses | $ 44,938 | $ 37,268 |
Accrued interest | 32,838 | 36,370 |
Unearned income | 32,154 | 31,342 |
Accrued legal settlements | 22,076 | |
Insurance liability – current portion | 4,956 | 22,788 |
Accrued property taxes | 4,136 | 3,945 |
Income taxes payable | 3,041 | 1,012 |
Other | 7,087 | 8,488 |
Other accrued liabilities | $ 151,226 | $ 141,213 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Reductions to accounts receivable | $ (16,821,000) | $ (28,570,000) | $ (15,718,000) |
Cost report receivables | 10,340,000 | 9,028,000 | |
Net adjustments to estimated cost report settlements resulted in increases to revenue | 500,000 | 200,000 | 700,000 |
Costs of providing charity care services | 4,700,000 | 5,300,000 | $ 5,600,000 |
Accounting Standards Update 2014-09 [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Cumulative-effect adjustment in retained earnings | 0 | ||
Reductions to accounts receivable | $ 47,000,000 | $ 40,900,000 |
Revenue - Summary of Impact of
Revenue - Summary of Impact of Adoption of Accounting Standards (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||
Revenue before provision for doubtful accounts | $ 3,012,442 | $ 2,877,234 | $ 2,852,823 | ||||||||
Provision for doubtful accounts | (40,918) | (41,909) | |||||||||
Revenue | $ 743,547 | $ 760,916 | $ 765,738 | $ 742,241 | $ 724,512 | $ 716,714 | $ 715,896 | $ 679,194 | 3,012,442 | $ 2,836,316 | $ 2,810,914 |
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||
Revenue before provision for doubtful accounts | 3,060,180 | ||||||||||
Provision for doubtful accounts | (47,738) | ||||||||||
Revenue | $ 3,012,442 |
Revenue - Schedule of U.S. Reve
Revenue - Schedule of U.S. Revenue Attributed to Each Category (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 743,547 | $ 760,916 | $ 765,738 | $ 742,241 | $ 724,512 | $ 716,714 | $ 715,896 | $ 679,194 | $ 3,012,442 | $ 2,836,316 | $ 2,810,914 |
U.S. Facilities [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 1,904,695 | 1,809,844 | 1,698,525 | ||||||||
U.S. Facilities [Member] | Acute Inpatient Psychiatric Facilities [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 814,124 | 757,211 | 694,151 | ||||||||
U.S. Facilities [Member] | Specialty Treatment Facilities [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 761,017 | 725,151 | 702,225 | ||||||||
U.S. Facilities [Member] | Residential Treatment Centers [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 293,053 | 284,637 | 256,539 | ||||||||
U.S. Facilities [Member] | Outpatient Community-Based Services [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 36,501 | $ 42,845 | $ 45,610 |
Revenue - Schedule of U.S. Re_2
Revenue - Schedule of U.S. Revenue and Percentage Generated by Each Payor Type (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | |||||||||||
Revenue before provision for doubtful accounts | $ 3,012,442 | $ 2,877,234 | $ 2,852,823 | ||||||||
Provision for doubtful accounts | (40,918) | (41,909) | |||||||||
Revenue | $ 743,547 | $ 760,916 | $ 765,738 | $ 742,241 | $ 724,512 | $ 716,714 | $ 715,896 | $ 679,194 | 3,012,442 | 2,836,316 | 2,810,914 |
U.S. Facilities [Member] | |||||||||||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | |||||||||||
Revenue before provision for doubtful accounts | 1,904,695 | 1,850,556 | 1,740,356 | ||||||||
Provision for doubtful accounts | (40,712) | (41,831) | |||||||||
Revenue | $ 1,904,695 | $ 1,809,844 | $ 1,698,525 | ||||||||
Revenue before provision for doubtful accounts, Percentage | 100.00% | 100.00% | 100.00% | ||||||||
U.S. Facilities [Member] | Commercial [Member] | |||||||||||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | |||||||||||
Revenue before provision for doubtful accounts | $ 573,089 | $ 569,242 | $ 534,468 | ||||||||
Revenue before provision for doubtful accounts, Percentage | 30.10% | 30.80% | 30.70% | ||||||||
U.S. Facilities [Member] | Medicare [Member] | |||||||||||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | |||||||||||
Revenue before provision for doubtful accounts | $ 280,340 | $ 281,270 | $ 266,868 | ||||||||
Revenue before provision for doubtful accounts, Percentage | 14.70% | 15.20% | 15.30% | ||||||||
U.S. Facilities [Member] | Medicaid [Member] | |||||||||||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | |||||||||||
Revenue before provision for doubtful accounts | $ 893,644 | $ 796,375 | $ 725,508 | ||||||||
Revenue before provision for doubtful accounts, Percentage | 46.90% | 43.00% | 41.70% | ||||||||
U.S. Facilities [Member] | Self-Pay [Member] | |||||||||||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | |||||||||||
Revenue before provision for doubtful accounts | $ 134,054 | $ 169,727 | $ 185,094 | ||||||||
Revenue before provision for doubtful accounts, Percentage | 7.10% | 9.20% | 10.60% | ||||||||
U.S. Facilities [Member] | Other [Member] | |||||||||||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | |||||||||||
Revenue before provision for doubtful accounts | $ 23,568 | $ 33,942 | $ 28,418 | ||||||||
Revenue before provision for doubtful accounts, Percentage | 1.20% | 1.80% | 1.70% |
Revenue - Schedule of U.K. Reve
Revenue - Schedule of U.K. Revenue Attributed to Each Category (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 743,547 | $ 760,916 | $ 765,738 | $ 742,241 | $ 724,512 | $ 716,714 | $ 715,896 | $ 679,194 | $ 3,012,442 | $ 2,836,316 | $ 2,810,914 |
U.K. Facilities [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 1,107,747 | 1,026,472 | 1,110,361 | ||||||||
U.K. Facilities [Member] | Health Care Facilities [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 615,741 | 567,747 | 683,467 | ||||||||
U.K. Facilities [Member] | Education and Children's Services [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 192,129 | 170,328 | 146,703 | ||||||||
U.K. Facilities [Member] | Adult Care Facilities [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 299,877 | $ 288,397 | $ 280,191 |
Revenue - Schedule of U.K. Re_2
Revenue - Schedule of U.K. Revenue and Percentage Generated by Each Payor Type (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | |||||||||||
Revenue before provision for doubtful accounts | $ 3,012,442 | $ 2,877,234 | $ 2,852,823 | ||||||||
Provision for doubtful accounts | (40,918) | (41,909) | |||||||||
Revenue | $ 743,547 | $ 760,916 | $ 765,738 | $ 742,241 | $ 724,512 | $ 716,714 | $ 715,896 | $ 679,194 | 3,012,442 | 2,836,316 | 2,810,914 |
U.K. Facilities [Member] | |||||||||||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | |||||||||||
Revenue before provision for doubtful accounts | 1,107,747 | 1,026,678 | 1,110,439 | ||||||||
Provision for doubtful accounts | (206) | (78) | |||||||||
Revenue | $ 1,107,747 | $ 1,026,472 | $ 1,110,361 | ||||||||
Revenue before provision for doubtful accounts, Percentage | 100.00% | 100.00% | 100.00% | ||||||||
U.K. Facilities [Member] | U.K. Public Funded Sources [Member] | |||||||||||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | |||||||||||
Revenue before provision for doubtful accounts | $ 1,000,828 | $ 922,159 | $ 1,021,888 | ||||||||
Revenue before provision for doubtful accounts, Percentage | 90.30% | 89.80% | 92.00% | ||||||||
U.K. Facilities [Member] | Self-Pay [Member] | |||||||||||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | |||||||||||
Revenue before provision for doubtful accounts | $ 104,824 | $ 95,687 | $ 83,066 | ||||||||
Revenue before provision for doubtful accounts, Percentage | 9.50% | 9.30% | 7.50% | ||||||||
U.K. Facilities [Member] | Other [Member] | |||||||||||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | |||||||||||
Revenue before provision for doubtful accounts | $ 2,095 | $ 8,832 | $ 5,485 | ||||||||
Revenue before provision for doubtful accounts, Percentage | 0.20% | 0.90% | 0.50% |
Revenue - Summary of the Activi
Revenue - Summary of the Activity in Unearned Revenue (Detail) - U.K. Facilities [Member] - Unearned Revenue [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Disaggregation of Revenue [Line Items] | |
Beginning Balance | $ 30,812 |
Payments received | 167,604 |
Revenue recognized | (164,917) |
Foreign currency translation loss | (2,260) |
Ending Balance | $ 31,239 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator: | |||||||||||
Net (loss) income attributable to Acadia Healthcare Company, Inc. | $ (331,637) | $ 46,232 | $ 58,836 | $ 50,819 | $ 69,629 | $ 45,618 | $ 49,630 | $ 34,958 | $ (175,750) | $ 199,835 | $ 6,143 |
Denominator: | |||||||||||
Weighted average shares outstanding for basic earnings per share | 87,288 | 86,948 | 85,701 | ||||||||
Effects of dilutive instruments | 112 | 271 | |||||||||
Shares used in computing diluted earnings per common share | 87,288 | 87,060 | 85,972 | ||||||||
Earnings per share attributable to Acadia Healthcare Company, Inc. stockholders: | |||||||||||
Basic | $ (3.80) | $ 0.53 | $ 0.67 | $ 0.58 | $ 0.80 | $ 0.52 | $ 0.57 | $ 0.40 | $ (2.01) | $ 2.30 | $ 0.07 |
Diluted | $ (3.80) | $ 0.53 | $ 0.67 | $ 0.58 | $ 0.80 | $ 0.52 | $ 0.57 | $ 0.40 | $ (2.01) | $ 2.30 | $ 0.07 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule Of Computation Of Basic And Diluted Earnings Per Common Share [Line Items] | |||
Excluded common stock for computation of diluted earnings per share | 1.9 | 1.4 | 1.1 |
Restricted Stock [Member] | |||
Schedule Of Computation Of Basic And Diluted Earnings Per Common Share [Line Items] | |||
Excluded common stock for computation of diluted earnings per share | 0.1 |
Acquisitions - 2019 Acquisition
Acquisitions - 2019 Acquisitions - Additional Information (Detail) $ in Millions | Feb. 15, 2019USD ($)BedCenter | Dec. 31, 2018Bed |
Business Acquisition [Line Items] | ||
Number of beds | Bed | 18,100 | |
Subsequent Event [Member] | Whittier Pavilion [Member] | Massachusetts [Member] | ||
Business Acquisition [Line Items] | ||
Number of beds | Bed | 71 | |
Business acquisition cash consideration | $ | $ 17.9 | |
Subsequent Event [Member] | Mission Treatment [Member] | California, Nevada, Arizona and Oklahoma [Member] | ||
Business Acquisition [Line Items] | ||
Business acquisition cash consideration | $ | $ 22.5 | |
Number of comprehensive treatment centers operate | Center | 9 |
Acquisitions - 2017 Acquisition
Acquisitions - 2017 Acquisitions - Additional Information (Detail) $ in Millions | Nov. 13, 2017USD ($)Bed | Dec. 31, 2018Bed |
Business Acquisition [Line Items] | ||
Number of beds | 18,100 | |
Aspire [Member] | ||
Business Acquisition [Line Items] | ||
Number of beds | 36 | |
Business acquisition cash consideration | $ | $ 21.3 |
Acquisitions - 2016 US Acquisit
Acquisitions - 2016 US Acquisitions - Additional Information (Detail) $ in Millions | Jun. 01, 2016USD ($)Bed | May 01, 2016USD ($)Bed | Apr. 01, 2016USD ($)Bed | Dec. 31, 2018Bed |
Business Acquisition [Line Items] | ||||
Number of beds | 18,100 | |||
Pocono Mountain Recovery Center [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of beds | 108 | |||
Business acquisition cash consideration | $ | $ 25.4 | |||
TrustPoint Hospital [Member] | Tennessee [Member] | ||||
Business Acquisition [Line Items] | ||||
Business acquisition cash consideration | $ | $ 62.7 | |||
Number of beds | 100 | |||
Serenity Knolls Inc [Member] | ||||
Business Acquisition [Line Items] | ||||
Business acquisition cash consideration | $ | $ 10 | |||
Number of beds | 30 |
Acquisitions - Priory Acquisiti
Acquisitions - Priory Acquisition - Additional Information (Detail) $ in Thousands, £ in Millions | Nov. 30, 2016GBP (£) | Oct. 18, 2016FacilityBed | Feb. 16, 2016USD ($)FacilityBedshares | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Business Acquisition [Line Items] | ||||||||||||||
Number of beds to be sold | Bed | 1,000 | |||||||||||||
Cash received on divestitures | £ 320 | $ 373,266 | ||||||||||||
Loss on divestiture | (178,809) | |||||||||||||
Income before income taxes | $ (341,336) | $ 55,036 | $ 69,258 | $ 48,088 | $ 60,689 | $ 61,459 | $ 66,216 | $ 48,484 | $ (168,954) | $ 236,798 | 32,955 | |||
U.K. Behavioral Health Facilities [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of facilities to be sold | Facility | 21 | |||||||||||||
De novo Behavioral Health Facility [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of facilities to be sold | Facility | 1 | |||||||||||||
U.K. Disposal Group [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Loss on divestiture | 175,000 | |||||||||||||
Revenue | 154,700 | |||||||||||||
Income before income taxes | 81,200 | |||||||||||||
U.K. Disposal Group [Member] | Allocation of Goodwill [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Loss on divestiture | 106,900 | |||||||||||||
U.K. Disposal Group [Member] | Loss on Sale of Properties [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Loss on divestiture | 42,000 | |||||||||||||
U.K. Disposal Group [Member] | Estimated Transaction Related Expense [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Loss on divestiture | $ 26,100 | |||||||||||||
Priory [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business acquisition cash consideration | $ 2,200,000 | |||||||||||||
Business acquisition cash paid | $ 1,900,000 | |||||||||||||
Shares issued for acquisition | shares | 4,033,561 | |||||||||||||
Number of facilities acquired | Facility | 324 | |||||||||||||
Number of beds | Bed | 7,100 |
Acquisitions - Transaction-Rela
Acquisitions - Transaction-Related Expenses - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Jacobs [Member] | |
Business Acquisition [Line Items] | |
CEO transition costs | $ 14 |
Cash paid for business acquisitions | 8.1 |
Accelerated vesting of restricted stock awards | 5 |
Osteen [Member] | |
Business Acquisition [Line Items] | |
CEO transition costs | 14 |
Cash paid for business acquisitions | 0.4 |
Payments for acquisition and other costs | $ 0.5 |
Acquisitions - Transaction Rela
Acquisitions - Transaction Related Expenses as Incurred (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | |||
Termination and closure costs | $ 11,829 | $ 16,190 | $ 15,449 |
Legal, accounting and other | 8,645 | 8,077 | 18,024 |
Advisory and financing commitment fees | 14,850 | ||
Transaction-related expenses | 34,507 | $ 24,267 | $ 48,323 |
Chief Executive Officer [Member] | |||
Business Acquisition [Line Items] | |||
CEO transition costs | $ 14,033 |
Other Intangible Assets - Other
Other Intangible Assets - Other Identifiable Intangible Assets and Related Accumulated Amortization (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule Of Finite And Indefinite Lived Other Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, Gross Carrying Amount | $ 3,247 | $ 3,247 |
Intangible assets not subject to amortization, Gross Carrying Amount | 88,990 | 87,348 |
Total | 92,237 | 90,595 |
Intangible assets subject to amortization, Accumulated Amortization | (3,247) | (3,247) |
Intangible assets not subject to amortization, Accumulated Amortization | 0 | 0 |
Total | (3,247) | (3,247) |
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 | (2,100) | (2,100) |
Non-Compete Agreements [Member] | ||
Schedule Of Finite And Indefinite Lived Other Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, Gross Carrying Amount | 1,147 | 1,147 |
Intangible assets subject to amortization, Accumulated Amortization | (1,147) | (1,147) |
Licenses and Accreditations [Member] | ||
Schedule Of Finite And Indefinite Lived Other Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization, Gross Carrying Amount | 12,343 | 12,266 |
Intangible assets not subject to amortization, Accumulated Amortization | 0 | 0 |
Trade Names [Member] | ||
Schedule Of Finite And Indefinite Lived Other Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization, Gross Carrying Amount | 60,109 | 60,586 |
Intangible assets not subject to amortization, Accumulated Amortization | 0 | 0 |
Certificates of Need [Member] | ||
Schedule Of Finite And Indefinite Lived Other Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization, Gross Carrying Amount | 16,538 | 14,496 |
Intangible assets not subject to amortization, Accumulated Amortization | $ 0 | $ 0 |
Long-Term Debt - Components of
Long-Term Debt - Components of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 21, 2015 |
Debt Instrument [Line Items] | |||
Other long-term debt | $ 5,953 | ||
Less: unamortized debt issuance costs, discount and premium | (41,128) | $ (50,432) | |
Long-term debt | 3,193,487 | 3,239,888 | |
Less: current portion | (34,112) | (34,830) | |
Long-term debt | 3,159,375 | 3,205,058 | |
Amended and Restated Senior Credit Facility [Member] | Senior Secured Term A Loans [Member] | |||
Debt Instrument [Line Items] | |||
Senior Secured | 365,750 | 380,000 | |
Amended and Restated Senior Credit Facility [Member] | Senior Secured Term B Loans [Member] | |||
Debt Instrument [Line Items] | |||
Senior Secured | 1,372,912 | 1,398,400 | |
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 | $ 650,000 |
6.500% Senior Notes Due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 390,000 | 390,000 | |
9.0% and 9.5% Revenue Bonds [Member] | |||
Debt Instrument [Line Items] | |||
9.0% and 9.5% Revenue Bonds | $ 21,920 |
Long-Term Debt - Components o_2
Long-Term Debt - Components of Long-Term Debt (Parenthetical) (Detail) | 12 Months Ended | |||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 01, 2018 | Feb. 16, 2016 | Sep. 21, 2015 | Feb. 11, 2015 | Jul. 01, 2014 | Mar. 12, 2013 | |
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 | ||||||
6.500% Senior Notes Due 2024 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument interest rate | 6.50% | 6.50% | 6.50% | |||||
Senior notes maturity year | 2,024 | 2,024 | ||||||
9.0% Revenue Bonds [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument interest rate | 9.00% | 9.00% | 9.00% | |||||
9.5% Revenue Bonds [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument interest rate | 9.50% | 9.50% | 9.50% |
Long-Term Debt (Amended and Res
Long-Term Debt (Amended and Restated Senior Credit Facility) - Additional Information (Detail) - USD ($) $ in Thousands | Feb. 27, 2019 | Feb. 06, 2019 | Apr. 17, 2018 | Mar. 29, 2018 | Mar. 22, 2018 | Mar. 21, 2018 | Dec. 29, 2017 | May 10, 2017 | May 09, 2017 | Dec. 15, 2015 | Dec. 31, 2012 | Apr. 01, 2011 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 15, 2014 |
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt extinguishment costs | $ (1,815) | $ (810) | $ (4,253) | |||||||||||||||||
Term loan repayments | $ 15,000 | $ 22,500 | ||||||||||||||||||
Consolidated funded debt, unrestricted and unencumbered cash to consolidated EBITDA | $ 50,000 | |||||||||||||||||||
Term Loan A- Facility [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Line of credit | $ 400,000 | |||||||||||||||||||
Tranche B-1 Repricing Amendment [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Term loan repayments | 7,700 | |||||||||||||||||||
Tranche B-2 Repricing Amendment [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Term loan repayments | $ 14,800 | |||||||||||||||||||
Tranche B-3 Facility [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Term loan repayments | 5,100 | |||||||||||||||||||
Tranche B-4 Facilities [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Term loan repayments | $ 9,900 | |||||||||||||||||||
Eurodollar [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Interest on borrowings | 2.50% | |||||||||||||||||||
Base Rate Loans [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Interest on borrowings | 1.50% | |||||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Date entered into an agreement | Dec. 31, 2012 | Apr. 1, 2011 | ||||||||||||||||||
Amount available under revolving line of credit | $ 486,700 | |||||||||||||||||||
Debt instrument maturity date | Nov. 30, 2021 | Feb. 11, 2022 | ||||||||||||||||||
Term loan repayments | $ 1,200 | |||||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | March 31, 2019 to December 31, 2019 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Term loan principal repayments | $ 4,800 | |||||||||||||||||||
Term loan repayments | $ 1,200 | |||||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | March 31, 2020 to December 31, 2020 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Term loan principal repayments | 7,100 | |||||||||||||||||||
Term loan repayments | $ 1,200 | |||||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | March 31, 2021 to September 30, 2021 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Term loan principal repayments | $ 9,500 | |||||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | September 30, 2015 to December 31, 2015 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Term loan repayments | $ 1,200 | |||||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Standby Letters of Credit [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Standby letters of credit outstanding | $ 13,300 | |||||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | TLB Facility Due on February 16, 2023 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Term loan repayments | $ 2,300 | |||||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | TLB Facility Due on February 16, 2023 [Member] | March 31, 2019 to December 31, 2019 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Term loan repayments | $ 2,300 | |||||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | TLB Facility Due on February 16, 2023 [Member] | March 31, 2020 to December 31, 2020 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Term loan repayments | $ 2,300 | |||||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | TLB Facility Due on February 16, 2023 [Member] | September 30, 2015 to December 31, 2015 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Term loan repayments | $ 2,300 | |||||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Third Repricing Amendment [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt extinguishment costs | $ 800 | |||||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Repricing Facilities Amendments [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt extinguishment costs | $ 900 | |||||||||||||||||||
Revolving credit facility applicable rate | 0.25% | |||||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Repricing Facilities Amendments [Member] | Senior Secured Revolving Line of Credit [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Line of credit | $ 500,000 | |||||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Repricing Facilities Amendments [Member] | Term Loan A- Facility [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Line of credit | $ 380,000 | |||||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Eurodollar [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Basis spread on variable rate | 1.00% | |||||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Eurodollar [Member] | Third Repricing Amendment [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Interest on borrowings | 2.75% | 3.00% | ||||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Eurodollar [Member] | Repricing Facilities Amendments [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Interest on borrowings | 2.50% | 2.75% | ||||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Base Rate Loans [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Basis spread on variable rate | 0.50% | |||||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Base Rate Loans [Member] | Third Repricing Amendment [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Interest on borrowings | 1.75% | 2.00% | ||||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Base Rate Loans [Member] | Repricing Facilities Amendments [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Interest on borrowings | 1.50% | 1.75% | ||||||||||||||||||
Amended and Restated Senior Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Interest on borrowings | 2.50% | |||||||||||||||||||
Eleventh Amendment [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Date entered into an agreement | Feb. 6, 2019 | |||||||||||||||||||
Twelfth Amendment [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Date entered into an agreement | Feb. 27, 2019 |
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 ($) | Mar. 12, 2013 | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | |||
Issued Senior Notes | $ 150,000,000 | ||
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 ($) | Jul. 01, 2014 | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | |||
Issued Senior Notes | $ 300,000,000 | ||
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. |
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 ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Sep. 21, 2015 | Feb. 11, 2015 | |
Debt Instrument [Line Items] | ||||
Issued Senior Notes | $ 275,000,000 | $ 375,000,000 | ||
Debt instrument interest rate | 5.625% | 5.625% | 5.625% | 5.625% |
Senior Notes | $ 650,000,000 | $ 650,000,000 | $ 650,000,000 | |
Debt instrument maturity date | Feb. 15, 2023 | |||
Interest on the notes | Payable semi-annually in arrears on February 15 and August 15 of each year. |
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, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | |||
Issued Senior Notes | $ 390,000,000 | ||
Debt instrument interest rate | 6.50% | 6.50% | 6.50% |
Debt instrument maturity date | Mar. 1, 2024 | ||
Interest on the notes | Payable semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2016. |
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 | Dec. 01, 2018 | Nov. 11, 2012 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | |||||
Debt extinguishment charge | $ (1,815) | $ (810) | $ (4,253) | ||
9.0% and 9.5% Revenue Bonds [Member] | |||||
Debt Instrument [Line Items] | |||||
9.0% and 9.5% Revenue Bonds | 21,920 | ||||
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 | ||||
Debt instrument premium | 2,600 | ||||
9.0% and 9.5% Revenue Bonds [Member] | Fair Value [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% | 9.00% | ||
Debt instrument, redemption price percentage of principal amount | 104.00% | ||||
Debt instrument, Redemption date | Dec. 1, 2018 | ||||
Debt extinguishment charge | $ (900) | ||||
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% | 9.50% | ||
Debt instrument, redemption price percentage of principal amount | 104.00% | ||||
Debt instrument, Redemption date | Dec. 1, 2018 | ||||
Debt extinguishment charge | $ (900) | ||||
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |||
Debt issuance costs | $ 37.8 | $ 46.5 | |
Accumulated amortization | 36.5 | 27.5 | |
Amortization expenses reported as interest expense | $ 9 | $ 8.6 | $ 8.6 |
Long-Term Debt (Other) - Summar
Long-Term Debt (Other) - Summary of Aggregate Maturities of Long-Term Debt (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Debt Disclosure [Abstract] | |
2,019 | $ 34,112 |
2,020 | 43,679 |
2,021 | 483,501 |
2,022 | 764,855 |
2,023 | 1,518,468 |
Thereafter | 390,000 |
Total | $ 3,234,615 |
Equity - Additional Information
Equity - Additional Information (Detail) - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
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 | 180,000,000 | 180,000,000 |
Common stock voting rights | one vote for each share | |
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 | 180,000,000 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Authorized common stock | 8,200,000 | |||
Equity incentive plan available for future grant | 3,261,276 | |||
Annual increments in employee grants | 25.00% | |||
Stock options, contractual term | 10 years | |||
Equity-based compensation expense | $ 22,001,000 | $ 23,467,000 | $ 28,345,000 | |
Vesting targets | (5,500,000) | (5,700,000) | ||
Unrecognized compensation expense related to unvested options | $ 34,700,000 | |||
Vesting period | 1 year 2 months 12 days | |||
Warrant outstanding | $ 0 | |||
Deferred income tax benefit | $ 20,200,000 | (9,714,000) | 31,372,000 | $ 28,647,000 |
Stock Compensation Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Deferred income tax benefit | $ 7,000,000 | $ 9,200,000 | ||
Restricted Stock Award [Member] | Minimum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Restricted Stock Award [Member] | Maximum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Restricted Stock Units [Member] | Minimum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 2 years | |||
Number of shares issuable at the end of the vesting period, percentage | 0.00% | |||
Restricted Stock Units [Member] | Maximum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Number of shares issuable at the end of the vesting period, percentage | 200.00% |
Equity-Based Compensation - Sto
Equity-Based Compensation - Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
Options outstanding, Beginning balance | 974,566 | 1,000,946 | 694,743 | |
Options granted | 374,700 | 259,300 | 503,850 | |
Options exercised | (20,989) | (87,367) | (57,397) | |
Options cancelled | (128,737) | (198,313) | (140,250) | |
Options outstanding, Ending balance | 1,199,540 | 974,566 | 1,000,946 | 694,743 |
Options exercisable, Ending balance | 534,164 | 405,634 | ||
Options outstanding, Weighted Average Exercise Price, Beginning balance | $ 47.89 | $ 48.42 | $ 42.87 | |
Options granted, Weighted Average Exercise Price | 37.54 | 42.25 | 57.98 | |
Options exercised, Weighted Average Exercise Price | 17.83 | 25.92 | 31.92 | |
Options cancelled, Weighted Average Exercise Price | 50.83 | 54.71 | 57.13 | |
Options outstanding, Weighted Average Exercise Price, Ending balance | 44.64 | 47.89 | $ 48.42 | $ 42.87 |
Options exercisable, Weighted Average Exercise Price, Ending balance | $ 44.98 | $ 41.20 | ||
Options outstanding, Weighted Average Remaining Contractual Term | 7 years 3 months 3 days | 7 years 5 months 15 days | 7 years 5 months 15 days | 7 years 8 months 12 days |
Options granted, Weighted Average Remaining Contractual Term | 9 years 2 months 15 days | 9 years 3 months 18 days | 9 years 3 months 10 days | |
Options exercisable, Weighted Average Remaining Contractual Term, Ending balance | 5 years 8 months 23 days | 6 years 18 days | ||
Options outstanding, Aggregate Intrinsic Value | $ 2,717 | $ 3,802 | $ 8,166 | $ 20,717 |
Options granted, Aggregate Intrinsic Value | 246 | 205 | 297 | |
Options exercised, Aggregate Intrinsic Value | 383 | 1,636 | 1,530 | |
Options cancelled, Aggregate Intrinsic Value | 0 | 0 | $ 0 | |
Options exercisable, Aggregate Intrinsic Value, Ending balance | $ 2,386 | $ 3,549 |
Equity-Based Compensation - Sch
Equity-Based Compensation - Schedule of Stock Options Valuation Assumptions (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Weighted average grant-date fair value of options | $ 13.67 | $ 14.39 | $ 18.96 |
Risk-free interest rate | 2.20% | 2.00% | 1.40% |
Expected volatility | 37.00% | 33.00% | 33.00% |
Expected life (in years) | 5 years 1 month 6 days | 5 years 6 months | 5 years 6 months |
Equity-Based Compensation - Res
Equity-Based Compensation - Restricted Stock Activity (Detail) - Restricted Stock Award [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unvested, Number of Shares/Units, Beginning balance | 809,868 | 844,419 | 944,562 |
Granted, Number of Shares | 480,137 | 404,224 | 387,347 |
Cancelled, Number of Shares | (88,989) | (145,981) | (122,178) |
Vested, Number of Shares | (395,959) | (292,794) | (365,312) |
Unvested, Number of Shares/Units, Ending balance | 805,057 | 809,868 | 844,419 |
Unvested, Weighted Average Grant-Date Fair Value, Beginning balance | $ 50.19 | $ 55.76 | $ 52.74 |
Granted, Weighted Average Grant-Date Fair Value | 36.84 | 42.38 | 55.38 |
Cancelled, Weighted Average Grant-Date Fair Value | 47.57 | 55.03 | 57.02 |
Vested, Weighted Average Grant-Date Fair Value | 50.41 | 53.07 | 47.18 |
Unvested, Weighted Average Grant-Date Fair Value, Ending balance | $ 42.40 | $ 50.19 | $ 55.76 |
Equity-Based Compensation - R_2
Equity-Based Compensation - Restricted Stock Unit Activity (Detail) - Restricted Stock Units [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unvested, Number of Shares/Units, Beginning balance | 360,909 | 273,599 | 218,084 |
Granted, Number of Units | 285,358 | 219,840 | 230,750 |
Cancelled, Number of Units | (89,173) | ||
Vested, Number of Units | (72,983) | (132,530) | (175,235) |
Unvested, Number of Shares/Units, Ending balance | 484,111 | 360,909 | 273,599 |
Unvested, Weighted Average Grant-Date Fair Value, Beginning balance | $ 50.04 | $ 59.68 | $ 56.97 |
Granted, Weighted Average Grant-Date Fair Value | 42.26 | 43.23 | 56.95 |
Cancelled, Weighted Average Grant-Date Fair Value | 55.44 | ||
Vested, Weighted Average Grant-Date Fair Value | 49.64 | 58.67 | 52.71 |
Unvested, Weighted Average Grant-Date Fair Value, Ending balance | $ 44.52 | $ 50.04 | $ 59.68 |
Income Taxes - Components of Pr
Income Taxes - Components of Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current: | ||||
Federal | $ 13,961 | $ 3,325 | $ 572 | |
State | 1,113 | 680 | (863) | |
Foreign | 1,172 | 1,832 | 423 | |
Total current | 16,246 | 5,837 | 132 | |
Deferred: | ||||
Federal | (7,176) | 27,179 | 45,077 | |
State | (10) | 4,408 | 1,491 | |
Foreign | (2,528) | (215) | (17,921) | |
Total deferred provision | $ 20,200 | (9,714) | 31,372 | 28,647 |
Provision for income taxes | $ 6,532 | $ 37,209 | $ 28,779 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory rate on income before income taxes | 21.00% | 35.00% | 35.00% |
Impact of foreign operations | 9.50% | (14.10%) | (13.50%) |
Impact of foreign divestiture | 39.20% | ||
Impacts of SAB 118 | 6.70% | ||
Effects of statutory rate change | (8.50%) | (14.50%) | |
State income taxes, net of federal tax effect | (1.40%) | 2.10% | 7.50% |
Permanent differences | (4.10%) | 1.80% | 8.30% |
Goodwill impairment | (36.60%) | ||
Transaction-related items | 25.90% | ||
Change in valuation allowance | (1.40%) | 1.60% | 2.80% |
Unrecognized tax benefit release | 3.10% | (0.80%) | (7.20%) |
Interest disallowance | (2.20%) | ||
Federal tax credits | 1.00% | ||
Other | 0.50% | (1.40%) | 3.80% |
Effective income tax rate | (3.90%) | 15.70% | 87.30% |
Income Taxes - Summary of Domes
Income Taxes - Summary of Domestic and Foreign Components of Income (Loss) before Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Line Items] | |||||||||||
Income (loss) before income taxes | $ (341,336) | $ 55,036 | $ 69,258 | $ 48,088 | $ 60,689 | $ 61,459 | $ 66,216 | $ 48,484 | $ (168,954) | $ 236,798 | $ 32,955 |
Foreign Tax Authority [Member] | |||||||||||
Income Taxes [Line Items] | |||||||||||
Income (loss) before income taxes | (228,350) | 120,905 | (144,717) | ||||||||
Domestic Tax Authority [Member] | |||||||||||
Income Taxes [Line Items] | |||||||||||
Income (loss) before income taxes | $ 59,396 | $ 115,893 | $ 177,672 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Net operating losses and tax credit carryforwards – federal and state | $ 27,294 | $ 29,409 |
Bad debt allowance | 898 | 827 |
Accrued compensation and severance | 15,229 | 14,179 |
Pension reserves | 595 | 1,494 |
Insurance reserves | 13,994 | 13,483 |
Leases | 5,374 | 5,332 |
Accrued expenses | 4,231 | 3,114 |
Interest carryforwards | 32,272 | 5,074 |
Other assets | 2,284 | 1,747 |
Total gross deferred tax assets | 102,171 | 74,659 |
Less: valuation allowance | (24,079) | (21,155) |
Deferred tax assets | 78,092 | 53,504 |
Deferred tax liabilities: | ||
Fixed asset basis difference | (48,698) | (54,214) |
Prepaid items | (1,728) | (1,490) |
Intangible assets | (87,628) | (70,820) |
Other liabilities | (16,942) | (3,582) |
Total deferred tax liabilities | (154,996) | (130,106) |
Total net deferred tax liability | $ (76,904) | $ (76,602) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Examination [Line Items] | |||
Valuation allowance against deferred tax assets | $ 24,079 | $ 21,155 | |
Domestic net operating loss carryforward | 0 | 12,200 | |
Foreign net operating loss carryforwards | 81,000 | 93,900 | |
State net operating loss carry forwards | $ 236,000 | 256,900 | |
Operating loss carryforwards expiration start year | 2,019 | ||
Operating loss carryforwards expiration end year | 2,037 | ||
Expiration of State tax credits | 2,028 | ||
State tax credits | $ 900 | ||
Income taxes receivable | 2,380 | 15,056 | |
Income tax payable included in other accrued liabilities | 3,041 | 1,012 | |
Unrecognized tax benefits | 713 | 6,104 | $ 6,949 |
Interest and penalties related to unrecognized tax benefits | $ 100 | $ 100 | |
Exemption of tax credit | 1.00% | ||
U.S. federal statutory rate on income before income taxes | 21.00% | 35.00% | 35.00% |
Deferred tax balance | $ 20,600 | ||
Transition tax on certain repatriated earnings of foreign subsidiaries payable period | 8 years | ||
One-time transition tax liability, foreign earnings | $ 0 | ||
Reduction to deferred tax balance | 400 | $ 20,200 | |
Provisional amount of transition tax liability, foreign subsidiaries | 0 | ||
Foreign dividends | 10,900 | ||
Foreign earnings tax liability | $ 0 | ||
Maximum [Member] | |||
Income Tax Examination [Line Items] | |||
Exemption of tax credit | 50.00% | ||
Foreign Tax Authority [Member] | |||
Income Tax Examination [Line Items] | |||
Period of examination by internal revenue service minimum | 2,014 | ||
Period of examination by internal revenue service maximum | 2,017 | ||
State and Local Jurisdiction [Member] | |||
Income Tax Examination [Line Items] | |||
Period of examination by internal revenue service minimum | 2,012 | ||
Period of examination by internal revenue service maximum | 2,017 | ||
Payroll [Member] | Maximum [Member] | |||
Income Tax Examination [Line Items] | |||
Exemption of tax credit | 15.00% | ||
Earliest Tax Year [Member] | Internal Revenue Service (IRS) [Member] | |||
Income Tax Examination [Line Items] | |||
Period of examination by internal revenue service | 2,015 | ||
Latest Tax Year [Member] | Internal Revenue Service (IRS) [Member] | |||
Income Tax Examination [Line Items] | |||
Period of examination by internal revenue service | 2,017 | ||
Other Liabilities [Member] | |||
Income Tax Examination [Line Items] | |||
Unrecognized tax benefits | $ 900 | $ 6,400 |
Income Taxes - Unrecognized Inc
Income Taxes - Unrecognized Income Tax Benefits Net of Federal Benefit (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Balance at January 1 | $ 6,104 | $ 6,949 |
Additions based on tax positions related to the current year | 52 | 5,488 |
Additions for tax positions of prior years | 95 | |
Reductions as a result of the lapse of applicable statutes of limitations and settlements with tax authorities | (5,443) | (6,428) |
Balance at December 31 | $ 713 | $ 6,104 |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) | 1 Months Ended | ||||||||
May 31, 2016USD ($) | May 31, 2016GBP (£) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | May 31, 2016GBP (£) | Sep. 21, 2015USD ($) | Feb. 11, 2015USD ($) | Jul. 01, 2014USD ($) | Mar. 12, 2013USD ($) | |
Derivative [Line Items] | |||||||||
Cross currency swap assets | $ 60,500,000 | $ 13,000,000 | |||||||
6.125% Senior Notes Due 2021 [Member] | |||||||||
Derivative [Line Items] | |||||||||
Principal amount | $ 150,000,000 | ||||||||
Debt instrument interest rate | 6.125% | 6.125% | 6.125% | ||||||
5.125% Senior Notes Due 2022 [Member] | |||||||||
Derivative [Line Items] | |||||||||
Principal amount | $ 300,000,000 | ||||||||
Debt instrument interest rate | 5.125% | 5.125% | 5.125% | ||||||
5.625% Senior Notes Due 2023 [Member] | |||||||||
Derivative [Line Items] | |||||||||
Principal amount | $ 275,000,000 | $ 375,000,000 | |||||||
Debt instrument interest rate | 5.625% | 5.625% | 5.625% | 5.625% | |||||
Cross Currency Swap Assets [Member] | |||||||||
Derivative [Line Items] | |||||||||
Notional amount | $ 650,000,000 | £ 449,300,000 | |||||||
Cross currency swap agreement cash flow due to interest payment | $ 35,800,000 | £ 24,700,000 | |||||||
Derivative exchange rate | 1.45 | 1.45 | |||||||
Cross Currency Swap Assets [Member] | 6.125% Senior Notes Due 2021 [Member] | |||||||||
Derivative [Line Items] | |||||||||
Principal amount | $ 150,000,000 | ||||||||
Debt instrument interest rate | 6.125% | 6.125% | |||||||
Cross Currency Swap Assets [Member] | 5.125% Senior Notes Due 2022 [Member] | |||||||||
Derivative [Line Items] | |||||||||
Principal amount | $ 300,000,000 | ||||||||
Debt instrument interest rate | 5.125% | 5.125% | |||||||
Cross Currency Swap Assets [Member] | 5.625% Senior Notes Due 2023 [Member] | |||||||||
Derivative [Line Items] | |||||||||
Principal amount | $ 200,000,000 | ||||||||
Debt instrument interest rate | 5.625% | 5.625% |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amounts and Fair Values of Company's Amended and Restated Senior Credit Facilities and Contingent Consideration Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other long-term debt | $ 5,953 | |
Derivative instrument assets | 60,524 | $ 12,997 |
Carrying Amount [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other long-term debt | 5,953 | |
Derivative instrument assets | 60,524 | 12,997 |
Carrying Amount [Member] | Amended and Restated Senior Credit Facility [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior Secured | 1,715,338 | 1,749,185 |
Carrying Amount [Member] | 6.125% Senior Notes Due 2021 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior Notes | 148,657 | 148,098 |
Carrying Amount [Member] | 5.125% Senior Notes Due 2022 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior Notes | 296,946 | 296,174 |
Carrying Amount [Member] | 5.625% Senior Notes Due 2023 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior Notes | 643,289 | 641,891 |
Carrying Amount [Member] | 6.500% Senior Notes due 2024 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior Notes | 383,304 | 382,251 |
Carrying Amount [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 | 22,289 | |
Fair Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative instrument assets | 60,524 | 12,997 |
Other long-term debt | 5,953 | |
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 | 1,715,338 | 1,749,185 |
Fair Value [Member] | 6.125% Senior Notes Due 2021 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior Notes | 147,542 | 150,134 |
Fair Value [Member] | 5.125% Senior Notes Due 2022 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior Notes | 283,583 | 296,914 |
Fair Value [Member] | 5.625% Senior Notes Due 2023 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior Notes | 609,516 | 651,519 |
Fair Value [Member] | 6.500% Senior Notes due 2024 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior Notes | $ 369,888 | 397,541 |
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 | $ 22,289 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | Dec. 31, 2018 | Dec. 01, 2018 | Dec. 31, 2017 | Feb. 16, 2016 | Sep. 21, 2015 | Feb. 11, 2015 | Jul. 01, 2014 | Mar. 12, 2013 |
6.125% Senior Notes Due 2021 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument interest rate | 6.125% | 6.125% | 6.125% | |||||
5.125% Senior Notes Due 2022 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument interest rate | 5.125% | 5.125% | 5.125% | |||||
5.625% Senior Notes Due 2023 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument interest rate | 5.625% | 5.625% | 5.625% | 5.625% | ||||
6.500% Senior Notes Due 2024 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument interest rate | 6.50% | 6.50% | 6.50% | |||||
9.0% Revenue Bonds [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument interest rate | 9.00% | 9.00% | 9.00% | |||||
9.5% Revenue Bonds [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument interest rate | 9.50% | 9.50% | 9.50% |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Leased Assets [Line Items] | |||
Rent expense | $ 80,282 | $ 76,775 | $ 73,348 |
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 | 30 years |
Leases - Schedule of Aggregate
Leases - Schedule of Aggregate Minimum Lease Payments under Non-cancelable Operating Leases (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2,019 | $ 64,958 |
2,020 | 61,704 |
2,021 | 57,195 |
2,022 | 51,570 |
2,023 | 47,684 |
Thereafter | 777,684 |
Total minimum rental obligations | $ 1,060,795 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | Jan. 15, 2019USD ($) | Sep. 30, 2018Facility | Dec. 31, 2018USD ($) |
Pioneer Behavioral Health [Member] | Subsequent Event [Member] | |||
Loss Contingencies [Line Items] | |||
Legal settlement amount paid | $ 3.1 | ||
Other Accrued Liabilities [Member] | Pioneer Behavioral Health [Member] | |||
Loss Contingencies [Line Items] | |||
Litigation reserve | $ 3.1 | ||
West Virginia [Member] | |||
Loss Contingencies [Line Items] | |||
Number of comprehensive treatment centers operate | Facility | 7 | ||
West Virginia [Member] | Other Accrued Liabilities [Member] | |||
Loss Contingencies [Line Items] | |||
Litigation reserve | $ 19 |
Noncontrolling Interests - Addi
Noncontrolling Interests - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018Facility | |
Noncontrolling Interest [Line Items] | |
Number of facilities operated by non-wholly owned subsidiaries | 4 |
Non-Wholly Owned Subsidiaries [Member] | Minimum [Member] | |
Noncontrolling Interest [Line Items] | |
Equity ownership interests percentage in the facility | 60.00% |
Non-Wholly Owned Subsidiaries [Member] | Maximum [Member] | |
Noncontrolling Interest [Line Items] | |
Equity ownership interests percentage in the facility | 80.00% |
Noncontrolling Interests - Summ
Noncontrolling Interests - Summary of Redeemable Noncontrolling Interests (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Noncontrolling Interest [Abstract] | ||
Beginning Balance | $ 22,417 | $ 17,754 |
Acquisition of redeemable noncontrolling interests | 6,125 | 4,909 |
Net income (loss) attributable to noncontrolling interests | 264 | (246) |
Ending Balance | $ 28,806 | $ 22,417 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018FacilityBedState | |
Segment Reporting Information [Line Items] | |
Number of facilities | Facility | 583 |
Number of beds | Bed | 18,100 |
Number of operating states | State | 40 |
U.S. Facilities [Member] | |
Segment Reporting Information [Line Items] | |
Number of facilities | Facility | 213 |
Number of beds | Bed | 9,300 |
Number of operating states | State | 40 |
U.K. Facilities [Member] | |
Segment Reporting Information [Line Items] | |
Number of facilities | Facility | 370 |
Number of beds | Bed | 8,800 |
Segment Information - Summary o
Segment Information - Summary of Reconciliation of Segment EBITDA to Income before Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 743,547 | $ 760,916 | $ 765,738 | $ 742,241 | $ 724,512 | $ 716,714 | $ 715,896 | $ 679,194 | $ 3,012,442 | $ 2,836,316 | $ 2,810,914 |
Segment EBITDA | 593,576 | 604,359 | 608,590 | ||||||||
Equity-based compensation expense | (22,001) | (23,467) | (28,345) | ||||||||
Debt extinguishment costs | (1,815) | (810) | (4,253) | ||||||||
Legal settlements expense | (22,100) | (22,076) | |||||||||
Loss on impairment | (337,900) | (337,889) | |||||||||
Loss on divestiture | (178,809) | ||||||||||
Gain on foreign currency derivatives | 523 | ||||||||||
Transaction-related expenses | (34,507) | (24,267) | (48,323) | ||||||||
Interest expense, net | (185,410) | (176,007) | (181,325) | ||||||||
Depreciation and amortization | (158,832) | (143,010) | (135,103) | ||||||||
(Loss) income before income taxes | $ (341,336) | $ 55,036 | $ 69,258 | $ 48,088 | $ 60,689 | $ 61,459 | $ 66,216 | $ 48,484 | (168,954) | 236,798 | 32,955 |
U.S. Facilities [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,904,695 | 1,809,844 | 1,698,525 | ||||||||
U.S. Facilities [Member] | Operating Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,904,695 | 1,809,844 | 1,698,525 | ||||||||
Segment EBITDA | 488,207 | 475,260 | 443,341 | ||||||||
U.K. Facilities [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,107,747 | 1,026,472 | 1,110,361 | ||||||||
U.K. Facilities [Member] | Operating Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,107,747 | 1,026,472 | 1,110,361 | ||||||||
Segment EBITDA | 185,755 | 198,566 | 245,046 | ||||||||
Corporate and Other [Member] | Corporate Reconciling Items and Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 2,028 | ||||||||||
Segment EBITDA | $ (80,386) | $ (69,467) | $ (79,797) |
Segment Information - Summary_2
Segment Information - Summary of Financial Information by Operating Segment, Goodwill (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Goodwill: | |
Beginning balance | $ 2,751,174 |
Loss on impairment | (325,875) |
Increase from contribution of redeemable noncontrolling interests | 2,245 |
Foreign currency translation loss | (31,894) |
Prior year purchase price adjustments | 762 |
Ending balance | 2,396,412 |
U.S. Facilities [Member] | Operating Segment [Member] | |
Goodwill: | |
Beginning balance | 2,042,592 |
Increase from contribution of redeemable noncontrolling interests | 2,245 |
Ending balance | 2,044,837 |
U.K. Facilities [Member] | Operating Segment [Member] | |
Goodwill: | |
Beginning balance | 708,582 |
Loss on impairment | (325,875) |
Foreign currency translation loss | (31,894) |
Prior year purchase price adjustments | 762 |
Ending balance | $ 351,575 |
Segment Information - Summary_3
Segment Information - Summary of Financial Information by Operating Segment, Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets: | ||
Assets | $ 6,172,504 | $ 6,424,502 |
U.S. Facilities [Member] | Operating Segment [Member] | ||
Assets: | ||
Assets | 3,779,040 | 3,567,126 |
U.K. Facilities [Member] | Operating Segment [Member] | ||
Assets: | ||
Assets | 2,175,809 | 2,647,150 |
Corporate and Other [Member] | Corporate Reconciling Items and Eliminations [Member] | ||
Assets: | ||
Assets | $ 217,655 | $ 210,226 |
Segment Information - Summary_4
Segment Information - Summary of Financial Information by Operating Segment, Assets (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Property and equipment, net | $ 3,107,766 | $ 3,048,130 |
Operating Segment [Member] | U.S. Facilities [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Property and equipment, net | 1,400,000 | 1,200,000 |
Operating Segment [Member] | U.K. Facilities [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Property and equipment, net | 1,700,000 | 1,800,000 |
Corporate Reconciling Items and Eliminations [Member] | Corporate and Other [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Property and equipment, net | $ 44,900 | $ 49,200 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employee benefit plan, Accumulated other comprehensive income (loss) , Net | $ (1,800) | $ (4,500) | $ (6,100) |
Defined Contribution Plan [Member] | 401(k) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution expense | 3,500 | 200 | $ 100 |
Pension Plan [Member] | Partnership in Care Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension liability under defined benefit pension plan | 57,993 | 67,288 | |
Pension Plan [Member] | Partnership in Care Benefits Plan [Member] | Other Liabilities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension liability under defined benefit pension plan | $ 3,500 | $ 8,800 |
Employee Benefit Plans - Summar
Employee Benefit Plans - Summary of Funded Status (Unfunded Liability) of Partnerships in Care Pension Plan Based Upon Actuarial Valuations (Detail) - Pension Plan [Member] - Partnership in Care Benefits Plan [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | $ 57,993 | $ 67,288 | |
Fair value of plan assets | 54,491 | 58,493 | |
Unfunded liability | $ 3,502 | $ 8,795 | $ 10,700 |
Employee Benefit Plans - Summ_2
Employee Benefit Plans - Summary of Changes in Partnerships in Care Pension Plan Net Pension Liability (Detail) - Pension Plan [Member] - Partnership in Care Benefits Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Net pension liability at beginning of period | $ 8,795 | $ 10,700 |
Employer contributions | (2,267) | (809) |
Net pension expense | 283 | 426 |
Pension liability adjustment | (2,803) | (2,544) |
Foreign currency translation (loss) gain | (506) | 1,022 |
Net pension liability at end of period | $ 3,502 | $ 8,795 |
Employee Benefit Plans - Summ_3
Employee Benefit Plans - Summary of Assumptions Used to Determine Plan Benefit Obligation (Detail) - Pension Plan [Member] - Partnership in Care Benefits Plan [Member] | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 2.80% | 2.50% |
Compensation increase rate | 3.30% | 3.30% |
Employee Benefit Plans - Summ_4
Employee Benefit Plans - Summary of Components of Net Pension Plan Expense (Detail) - Pension Plan [Member] - Partnership in Care Benefits Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost on projected benefit obligation | $ 1,602 | $ 1,738 |
Expected return on assets | (1,319) | (1,312) |
Net pension expense | $ 283 | $ 426 |
Employee Benefit Plans - Summ_5
Employee Benefit Plans - Summary of Assumptions Used to Determine Net Periodic Pension Plan Expense (Detail) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Compensation And Retirement Disclosure [Abstract] | ||
Discount rate | 2.80% | 2.50% |
Expected long-term rate of return on plan assets | 2.80% | 2.50% |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Weighted-Average Asset Allocation by Asset Category in Partnerships in Care Pension Plan (Detail) - Pension Plan [Member] - Partnership in Care Benefits Plan [Member] | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocation | 1.30% | 0.70% |
Foreign Government Debt Securities [Member] | United Kingdom [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocation | 15.00% | 19.00% |
Annuity Contracts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocation | 38.60% | 38.60% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocation | 25.40% | 29.40% |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocation | 15.80% | 9.90% |
Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocation | 3.90% | 2.40% |
Other Comprehensive Loss - Comp
Other Comprehensive Loss - Components Of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | $ 2,572,871 | $ 2,167,724 | $ 1,683,028 |
Foreign currency translation (loss) gain | (127,521) | 206,784 | (477,967) |
Gain (loss) on derivative instruments, net of tax of $12.7 million, $(22.9) million and $29.1, respectively | 36,799 | (33,431) | 40,598 |
Pension liability adjustment, net of tax of $0.3 million, $0.4 million and $(1.3) million, respectively | 2,463 | 2,099 | (7,554) |
Balance | 2,333,307 | 2,572,871 | 2,167,724 |
Foreign Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (376,740) | (584,081) | (106,309) |
Foreign currency translation (loss) gain | (127,788) | 207,341 | (477,772) |
Balance | (504,528) | (376,740) | (584,081) |
Change in Fair Value of Derivative Instruments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | 7,167 | 40,598 | |
Gain (loss) on derivative instruments, net of tax of $12.7 million, $(22.9) million and $29.1, respectively | 36,799 | (33,431) | 40,598 |
Balance | 43,966 | 7,167 | 40,598 |
Pension Plan [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (4,545) | (6,087) | 1,662 |
Foreign currency translation (loss) gain | 267 | (557) | (195) |
Pension liability adjustment, net of tax of $0.3 million, $0.4 million and $(1.3) million, respectively | 2,463 | 2,099 | (7,554) |
Balance | (1,815) | (4,545) | (6,087) |
Other Comprehensive Loss [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (374,118) | (549,570) | (104,647) |
Balance | $ (462,377) | $ (374,118) | $ (549,570) |
Other Comprehensive Loss - Co_2
Other Comprehensive Loss - Components Of Accumulated Other Comprehensive Loss (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |||
Gain (Loss) on derivative instruments, tax | $ 12.7 | $ (22.9) | $ 29.1 |
Pension liability adjustment, tax | $ 0.3 | $ 0.4 | $ (1.3) |
Quarterly Information (Unaudi_3
Quarterly Information (Unaudited) - Schedule of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 743,547 | $ 760,916 | $ 765,738 | $ 742,241 | $ 724,512 | $ 716,714 | $ 715,896 | $ 679,194 | $ 3,012,442 | $ 2,836,316 | $ 2,810,914 |
Income (loss) before income taxes | (341,336) | 55,036 | 69,258 | 48,088 | 60,689 | 61,459 | 66,216 | 48,484 | (168,954) | 236,798 | 32,955 |
Net income (loss) attributable to Acadia Healthcare Company, Inc. stockholders | $ (331,637) | $ 46,232 | $ 58,836 | $ 50,819 | $ 69,629 | $ 45,618 | $ 49,630 | $ 34,958 | $ (175,750) | $ 199,835 | $ 6,143 |
Basic earnings per share attributable to Acadia Healthcare Company, Inc. stockholders | $ (3.80) | $ 0.53 | $ 0.67 | $ 0.58 | $ 0.80 | $ 0.52 | $ 0.57 | $ 0.40 | $ (2.01) | $ 2.30 | $ 0.07 |
Diluted earnings per share attributable to Acadia Healthcare Company, Inc. stockholders | $ (3.80) | $ 0.53 | $ 0.67 | $ 0.58 | $ 0.80 | $ 0.52 | $ 0.57 | $ 0.40 | $ (2.01) | $ 2.30 | $ 0.07 |
Quarterly Information (Unaudi_4
Quarterly Information (Unaudited) - Schedule of Quarterly Financial Information (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information [Line Items] | ||||||
Tax benefits | $ (6,532) | $ (37,209) | $ (28,779) | |||
Loss on impairment | $ 337,900 | 337,889 | ||||
Legal settlements expense | $ 22,100 | 22,076 | ||||
Deferred income tax expense | $ 20,200 | $ (9,714) | $ 31,372 | $ 28,647 | ||
Change in Accounting Method Accounted for as Change in Estimate [Member] | ||||||
Quarterly Financial Information [Line Items] | ||||||
Tax benefits | $ 10,500 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ in Millions | Feb. 27, 2019 | Feb. 15, 2019USD ($)BedCenter | Feb. 06, 2019 | Dec. 31, 2018Bed |
Subsequent Event [Line Items] | ||||
Number of beds | Bed | 18,100 | |||
Subsequent Event [Member] | Eleventh Amendment [Member] | ||||
Subsequent Event [Line Items] | ||||
Date entered into an agreement | Feb. 6, 2019 | |||
Subsequent Event [Member] | Twelfth Amendment [Member] | ||||
Subsequent Event [Line Items] | ||||
Date entered into an agreement | Feb. 27, 2019 | |||
Subsequent Event [Member] | Whittier Pavilion [Member] | Massachusetts [Member] | ||||
Subsequent Event [Line Items] | ||||
Number of beds | Bed | 71 | |||
Business acquisition cash consideration | $ | $ 17.9 | |||
Subsequent Event [Member] | Mission Treatment [Member] | California, Nevada, Arizona and Oklahoma [Member] | ||||
Subsequent Event [Line Items] | ||||
Business acquisition cash consideration | $ | $ 22.5 | |||
Number of comprehensive treatment centers operate | Center | 9 |
Financial Information for the_3
Financial Information for the Company and Its Subsidiaries - Additional Information (Detail) | Dec. 31, 2018 | Dec. 31, 2017 | Feb. 16, 2016 | Sep. 21, 2015 | Feb. 11, 2015 | Jul. 01, 2014 | Mar. 12, 2013 |
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% | |||
6.500% Senior Notes Due 2024 [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument interest rate | 6.50% | 6.50% | 6.50% |
Financial Information for the_4
Financial Information for the Company and Its Subsidiaries - Summary of Condensed Consolidating Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||||
Cash and cash equivalents | $ 50,510 | $ 67,290 | $ 57,063 | $ 11,215 |
Accounts receivable, net | 318,087 | 296,925 | ||
Other current assets | 81,820 | 107,335 | ||
Total current assets | 450,417 | 471,550 | ||
Property and equipment, net | 3,107,766 | 3,048,130 | ||
Goodwill | 2,396,412 | 2,751,174 | ||
Intangible assets, net | 88,990 | 87,348 | ||
Deferred tax assets – noncurrent | 3,468 | 3,731 | ||
Derivative instruments | 60,524 | 12,997 | ||
Other assets | 64,927 | 49,572 | ||
Total assets | 6,172,504 | 6,424,502 | ||
Current liabilities: | ||||
Current portion of long-term debt | 34,112 | 34,830 | ||
Accounts payable | 117,740 | 102,299 | ||
Accrued salaries and benefits | 113,299 | 99,047 | ||
Other accrued liabilities | 151,226 | 141,213 | ||
Total current liabilities | 416,377 | 377,389 | ||
Long-term debt | 3,159,375 | 3,205,058 | ||
Deferred tax liabilities – noncurrent | 80,372 | 80,333 | ||
Other liabilities | 154,267 | 166,434 | ||
Total liabilities | 3,810,391 | 3,829,214 | ||
Redeemable noncontrolling interests | 28,806 | 22,417 | 17,754 | |
Total equity | 2,333,307 | 2,572,871 | 2,167,724 | 1,683,028 |
Total liabilities and equity | 6,172,504 | 6,424,502 | ||
Consolidating Adjustments [Member] | ||||
Current assets: | ||||
Deferred tax assets – noncurrent | (1,841) | (2,370) | ||
Investment in subsidiaries | (5,190,771) | (5,429,386) | ||
Other assets | (303,940) | (379,008) | ||
Total assets | (5,496,552) | (5,810,764) | ||
Current liabilities: | ||||
Long-term debt | (303,940) | (379,008) | ||
Deferred tax liabilities – noncurrent | (1,841) | (2,370) | ||
Total liabilities | (305,781) | (381,378) | ||
Total equity | (5,190,771) | (5,429,386) | ||
Total liabilities and equity | (5,496,552) | (5,810,764) | ||
Parent [Member] | ||||
Current assets: | ||||
Deferred tax assets – noncurrent | 1,841 | 2,370 | ||
Derivative instruments | 60,524 | 12,997 | ||
Investment in subsidiaries | 5,190,771 | 5,429,386 | ||
Other assets | 306,495 | 381,913 | ||
Total assets | 5,559,631 | 5,826,666 | ||
Current liabilities: | ||||
Current portion of long-term debt | 34,112 | 34,550 | ||
Other accrued liabilities | 32,837 | 36,196 | ||
Total current liabilities | 66,949 | 70,746 | ||
Long-term debt | 3,159,375 | 3,183,049 | ||
Total liabilities | 3,226,324 | 3,253,795 | ||
Total equity | 2,333,307 | 2,572,871 | ||
Total liabilities and equity | 5,559,631 | 5,826,666 | ||
Combined Subsidiary Guarantors [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 32,471 | 46,860 | 15,681 | 1,987 |
Accounts receivable, net | 248,218 | 230,890 | ||
Other current assets | 60,160 | 85,746 | ||
Total current assets | 340,849 | 363,496 | ||
Property and equipment, net | 1,219,803 | 1,086,802 | ||
Goodwill | 1,936,057 | 1,936,057 | ||
Intangible assets, net | 56,611 | 57,628 | ||
Other assets | 52,824 | 38,860 | ||
Total assets | 3,606,144 | 3,482,843 | ||
Current liabilities: | ||||
Accounts payable | 79,463 | 70,767 | ||
Accrued salaries and benefits | 84,150 | 69,057 | ||
Other accrued liabilities | 42,062 | 27,676 | ||
Total current liabilities | 205,675 | 167,500 | ||
Deferred tax liabilities – noncurrent | 31,874 | 27,975 | ||
Other liabilities | 107,866 | 103,112 | ||
Total liabilities | 345,415 | 298,587 | ||
Total equity | 3,260,729 | 3,184,256 | ||
Total liabilities and equity | 3,606,144 | 3,482,843 | ||
Combined Non-Guarantors [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 18,039 | 20,430 | $ 41,382 | $ 9,228 |
Accounts receivable, net | 69,869 | 66,035 | ||
Other current assets | 21,660 | 21,589 | ||
Total current assets | 109,568 | 108,054 | ||
Property and equipment, net | 1,887,963 | 1,961,328 | ||
Goodwill | 460,355 | 815,117 | ||
Intangible assets, net | 32,379 | 29,720 | ||
Deferred tax assets – noncurrent | 3,468 | 3,731 | ||
Other assets | 9,548 | 7,807 | ||
Total assets | 2,503,281 | 2,925,757 | ||
Current liabilities: | ||||
Current portion of long-term debt | 280 | |||
Accounts payable | 38,277 | 31,532 | ||
Accrued salaries and benefits | 29,149 | 29,990 | ||
Other accrued liabilities | 76,327 | 77,341 | ||
Total current liabilities | 143,753 | 139,143 | ||
Long-term debt | 303,940 | 401,017 | ||
Deferred tax liabilities – noncurrent | 50,339 | 54,728 | ||
Other liabilities | 46,401 | 63,322 | ||
Total liabilities | 544,433 | 658,210 | ||
Redeemable noncontrolling interests | 28,806 | 22,417 | ||
Total equity | 1,930,042 | 2,245,130 | ||
Total liabilities and equity | $ 2,503,281 | $ 2,925,757 |
Financial Information for the_5
Financial Information for the Company and Its Subsidiaries - Summary of Condensed Consolidating Statement of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenue before provision for doubtful accounts | $ 3,012,442 | $ 2,877,234 | $ 2,852,823 | ||||||||
Provision for doubtful accounts | (40,918) | (41,909) | |||||||||
Revenue | $ 743,547 | $ 760,916 | $ 765,738 | $ 742,241 | $ 724,512 | $ 716,714 | $ 715,896 | $ 679,194 | 3,012,442 | 2,836,316 | 2,810,914 |
Salaries, wages and benefits | 1,659,348 | 1,536,160 | 1,541,854 | ||||||||
Professional fees | 227,425 | 196,223 | 185,486 | ||||||||
Supplies | 119,314 | 114,439 | 117,425 | ||||||||
Rents and leases | 80,282 | 76,775 | 73,348 | ||||||||
Other operating expenses | 354,498 | 331,827 | 312,556 | ||||||||
Depreciation and amortization | 158,832 | 143,010 | 135,103 | ||||||||
Interest expense, net | 185,410 | 176,007 | 181,325 | ||||||||
Debt extinguishment costs | 1,815 | 810 | 4,253 | ||||||||
Legal settlements expense | 22,100 | 22,076 | |||||||||
Loss on impairment | 337,900 | 337,889 | |||||||||
Loss on divestiture | 178,809 | ||||||||||
Gain on foreign currency derivatives | (523) | ||||||||||
Transaction-related expenses | 34,507 | 24,267 | 48,323 | ||||||||
Total expenses | 3,181,396 | 2,599,518 | 2,777,959 | ||||||||
(Loss) income before income taxes | (341,336) | 55,036 | 69,258 | 48,088 | 60,689 | 61,459 | 66,216 | 48,484 | (168,954) | 236,798 | 32,955 |
(Benefit from) provision for income taxes | 6,532 | 37,209 | 28,779 | ||||||||
Net (loss) income | (175,486) | 199,589 | 4,176 | ||||||||
Net income attributable to noncontrolling interests | (264) | 246 | 1,967 | ||||||||
Net (loss) income attributable to Acadia Healthcare Company, Inc. | $ (331,637) | $ 46,232 | $ 58,836 | $ 50,819 | $ 69,629 | $ 45,618 | $ 49,630 | $ 34,958 | (175,750) | 199,835 | 6,143 |
Other comprehensive income: | |||||||||||
Foreign currency translation (loss) gain | (127,521) | 206,784 | (477,967) | ||||||||
Gain (loss) on derivative instruments | 36,799 | (33,431) | 40,598 | ||||||||
Pension liability adjustment, net of tax of $0.3 million, $0.4 million and $(1.3) million, respectively | 2,463 | 2,099 | (7,554) | ||||||||
Other comprehensive (loss) gain | (88,259) | 175,452 | (444,923) | ||||||||
Comprehensive (loss) income attributable to Acadia Healthcare Company, Inc. | (264,009) | 375,287 | (438,780) | ||||||||
Consolidating Adjustments [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Equity in earnings of subsidiaries | 98,669 | (259,282) | (65,560) | ||||||||
Net (loss) income | 98,669 | (259,282) | (65,560) | ||||||||
Net (loss) income attributable to Acadia Healthcare Company, Inc. | 98,669 | (259,282) | (65,560) | ||||||||
Other comprehensive income: | |||||||||||
Comprehensive (loss) income attributable to Acadia Healthcare Company, Inc. | 98,669 | (259,282) | (65,560) | ||||||||
Parent [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Salaries, wages and benefits | 22,001 | 23,467 | 28,345 | ||||||||
Interest expense, net | 65,588 | 61,872 | 50,921 | ||||||||
Debt extinguishment costs | 940 | 810 | 4,253 | ||||||||
Gain on foreign currency derivatives | (523) | ||||||||||
Total expenses | 88,529 | 86,149 | 82,996 | ||||||||
(Loss) income before income taxes | (88,529) | (86,149) | (82,996) | ||||||||
Equity in earnings of subsidiaries | (98,669) | 259,282 | 65,560 | ||||||||
(Benefit from) provision for income taxes | (11,712) | (26,456) | (21,612) | ||||||||
Net (loss) income | (175,486) | 199,589 | 4,176 | ||||||||
Net (loss) income attributable to Acadia Healthcare Company, Inc. | (175,486) | 199,589 | 4,176 | ||||||||
Other comprehensive income: | |||||||||||
Gain (loss) on derivative instruments | 36,799 | (33,431) | 40,598 | ||||||||
Other comprehensive (loss) gain | 36,799 | (33,431) | 40,598 | ||||||||
Comprehensive (loss) income attributable to Acadia Healthcare Company, Inc. | (138,687) | 166,158 | 44,774 | ||||||||
Combined Subsidiary Guarantors [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenue before provision for doubtful accounts | 1,746,656 | 1,662,734 | |||||||||
Provision for doubtful accounts | (35,636) | (38,349) | |||||||||
Revenue | 1,788,757 | 1,711,020 | 1,624,385 | ||||||||
Salaries, wages and benefits | 965,419 | 902,180 | 865,104 | ||||||||
Professional fees | 98,441 | 93,991 | 89,062 | ||||||||
Supplies | 76,526 | 75,248 | 76,246 | ||||||||
Rents and leases | 33,101 | 33,365 | 34,540 | ||||||||
Other operating expenses | 225,446 | 217,900 | 206,308 | ||||||||
Depreciation and amortization | 74,341 | 66,482 | 58,018 | ||||||||
Interest expense, net | 92,983 | 81,274 | 75,848 | ||||||||
Legal settlements expense | 22,076 | ||||||||||
Loss on divestiture | 778 | ||||||||||
Transaction-related expenses | 29,720 | 11,236 | 32,173 | ||||||||
Total expenses | 1,618,053 | 1,481,676 | 1,438,077 | ||||||||
(Loss) income before income taxes | 170,704 | 229,344 | 186,308 | ||||||||
(Benefit from) provision for income taxes | 19,045 | 69,882 | 68,335 | ||||||||
Net (loss) income | 151,659 | 159,462 | 117,973 | ||||||||
Net (loss) income attributable to Acadia Healthcare Company, Inc. | 151,659 | 159,462 | 117,973 | ||||||||
Other comprehensive income: | |||||||||||
Comprehensive (loss) income attributable to Acadia Healthcare Company, Inc. | 151,659 | 159,462 | 117,973 | ||||||||
Combined Non-Guarantors [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenue before provision for doubtful accounts | 1,130,578 | 1,190,089 | |||||||||
Provision for doubtful accounts | (5,282) | (3,560) | |||||||||
Revenue | 1,223,685 | 1,125,296 | 1,186,529 | ||||||||
Salaries, wages and benefits | 671,928 | 610,513 | 648,405 | ||||||||
Professional fees | 128,984 | 102,232 | 96,424 | ||||||||
Supplies | 42,788 | 39,191 | 41,179 | ||||||||
Rents and leases | 47,181 | 43,410 | 38,808 | ||||||||
Other operating expenses | 129,052 | 113,927 | 106,248 | ||||||||
Depreciation and amortization | 84,491 | 76,528 | 77,085 | ||||||||
Interest expense, net | 26,839 | 32,861 | 54,556 | ||||||||
Debt extinguishment costs | 875 | ||||||||||
Loss on impairment | 337,889 | ||||||||||
Loss on divestiture | 178,031 | ||||||||||
Transaction-related expenses | 4,787 | 13,031 | 16,150 | ||||||||
Total expenses | 1,474,814 | 1,031,693 | 1,256,886 | ||||||||
(Loss) income before income taxes | (251,129) | 93,603 | (70,357) | ||||||||
(Benefit from) provision for income taxes | (801) | (6,217) | (17,944) | ||||||||
Net (loss) income | (250,328) | 99,820 | (52,413) | ||||||||
Net income attributable to noncontrolling interests | (264) | 246 | 1,967 | ||||||||
Net (loss) income attributable to Acadia Healthcare Company, Inc. | (250,592) | 100,066 | (50,446) | ||||||||
Other comprehensive income: | |||||||||||
Foreign currency translation (loss) gain | (127,521) | 206,784 | (477,967) | ||||||||
Pension liability adjustment, net of tax of $0.3 million, $0.4 million and $(1.3) million, respectively | 2,463 | 2,099 | (7,554) | ||||||||
Other comprehensive (loss) gain | (125,058) | 208,883 | (485,521) | ||||||||
Comprehensive (loss) income attributable to Acadia Healthcare Company, Inc. | $ (375,650) | $ 308,949 | $ (535,967) |
Financial Information for the_6
Financial Information for the Company and Its Subsidiaries - Summary of Condensed Consolidating Statement of Cash Flows (Detail) $ in Thousands, £ in Millions | Nov. 30, 2016GBP (£) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Operating activities: | ||||||
Net (loss) income | $ (175,486) | $ 199,589 | $ 4,176 | |||
Adjustments to reconcile net (loss) income to net cash (used in) provided by continuing operating activities: | ||||||
Depreciation and amortization | 158,832 | 143,010 | 135,103 | |||
Amortization of debt issuance costs | 10,456 | 9,855 | 10,324 | |||
Equity-based compensation expense | 22,001 | 23,467 | 28,345 | |||
Deferred income taxes | $ 20,200 | (9,714) | 31,372 | 28,647 | ||
Debt extinguishment costs | 1,815 | 810 | 4,253 | |||
Legal settlements expense | $ 22,100 | 22,076 | ||||
Loss on impairment | 337,900 | 337,889 | ||||
Loss on divestiture | 178,809 | |||||
(Gain) loss on foreign currency derivatives | (523) | |||||
Other | 12,371 | 11,412 | 4,715 | |||
Change in operating assets and liabilities, net of effect of acquisitions: | ||||||
Accounts receivable, net | (16,821) | (28,570) | (15,718) | |||
Other current assets | 13,864 | 20,808 | (20,648) | |||
Other assets | 2,762 | (3,176) | (4,354) | |||
Accounts payable and other accrued liabilities | 26,054 | (10,113) | 22,693 | |||
Accrued salaries and benefits | 15,748 | (8,988) | (8,572) | |||
Other liabilities | (5,219) | 11,794 | 4,484 | |||
Net cash provided by continuing operating activities | 416,628 | 401,270 | 371,734 | |||
Net cash used in discontinued operating activities | (2,548) | (1,693) | (10,256) | |||
Net cash provided by operating activities | 414,080 | 399,577 | 361,478 | |||
Investing activities: | ||||||
Cash paid for acquisitions, net of cash acquired | (18,191) | (683,455) | ||||
Cash paid for capital expenditures | (341,462) | (274,177) | (307,472) | |||
Cash paid for real estate acquisitions | (18,383) | (41,057) | (40,757) | |||
Settlement of foreign currency derivatives | 523 | |||||
Cash received on divestitures | £ 320 | 373,266 | ||||
Other | (1,119) | (3,101) | (2,470) | |||
Net cash used in investing activities | (360,964) | (336,526) | (660,365) | |||
Financing activities: | ||||||
Borrowings on long-term debt | 1,480,000 | |||||
Borrowings on revolving credit facility | 179,000 | |||||
Principal payments on revolving credit facility | (337,000) | |||||
Principal payments on long-term debt | (39,738) | (34,805) | (49,941) | |||
Repayment of assumed debt | (1,348,389) | |||||
Repayment of long-term debt | (21,920) | (22,500) | (200,594) | |||
Payment of debt issuance costs | (36,649) | |||||
Issuances of common stock, net | 685,097 | |||||
Common stock withheld for minimum statutory taxes, net | (3,407) | (3,455) | (8,846) | |||
Other | (2,265) | 686 | (3,837) | |||
Net cash (used in) provided by financing activities | (67,330) | (60,074) | 358,841 | |||
Effect of exchange rate changes on cash | (2,566) | 7,250 | (14,106) | |||
Net (decrease) increase in cash and cash equivalents | (16,780) | 10,227 | 45,848 | |||
Cash and cash equivalents at beginning of the period | 67,290 | 57,063 | 11,215 | |||
Cash and cash equivalents at end of the period | 50,510 | 67,290 | 50,510 | 67,290 | 57,063 | |
Consolidating Adjustments [Member] | ||||||
Operating activities: | ||||||
Net (loss) income | 98,669 | (259,282) | (65,560) | |||
Adjustments to reconcile net (loss) income to net cash (used in) provided by continuing operating activities: | ||||||
Equity in earnings of subsidiaries | (98,669) | 259,282 | 65,560 | |||
Change in operating assets and liabilities, net of effect of acquisitions: | ||||||
Other assets | (4,596) | (24,549) | 3,109 | |||
Net cash provided by continuing operating activities | (4,596) | (24,549) | 3,109 | |||
Net cash provided by operating activities | (4,596) | (24,549) | 3,109 | |||
Financing activities: | ||||||
Principal payments on long-term debt | 4,596 | 24,549 | 296,109 | |||
Cash provided by (used in) intercompany activity | (299,218) | |||||
Net cash (used in) provided by financing activities | 4,596 | 24,549 | (3,109) | |||
Parent [Member] | ||||||
Operating activities: | ||||||
Net (loss) income | (175,486) | 199,589 | 4,176 | |||
Adjustments to reconcile net (loss) income to net cash (used in) provided by continuing operating activities: | ||||||
Equity in earnings of subsidiaries | 98,669 | (259,282) | (65,560) | |||
Amortization of debt issuance costs | 10,825 | 10,270 | 10,751 | |||
Equity-based compensation expense | 22,001 | 23,467 | 28,345 | |||
Deferred income taxes | 529 | 1,236 | (2,172) | |||
Debt extinguishment costs | 940 | 810 | 4,253 | |||
(Gain) loss on foreign currency derivatives | (523) | |||||
Other | 6,981 | 4,189 | ||||
Change in operating assets and liabilities, net of effect of acquisitions: | ||||||
Other assets | 4,596 | 24,549 | (3,109) | |||
Net cash provided by continuing operating activities | (30,945) | 4,828 | (23,839) | |||
Net cash provided by operating activities | (30,945) | 4,828 | (23,839) | |||
Investing activities: | ||||||
Cash received on divestitures | 370,000 | |||||
Net cash used in investing activities | 370,000 | |||||
Financing activities: | ||||||
Borrowings on long-term debt | 1,480,000 | |||||
Borrowings on revolving credit facility | 179,000 | |||||
Principal payments on revolving credit facility | (337,000) | |||||
Principal payments on long-term debt | (39,738) | (34,550) | (49,706) | |||
Repayment of assumed debt | (1,348,389) | |||||
Repayment of long-term debt | (22,500) | (200,594) | ||||
Payment of debt issuance costs | (36,649) | |||||
Issuances of common stock, net | 685,097 | |||||
Common stock withheld for minimum statutory taxes, net | (3,407) | (3,455) | (8,846) | |||
Other | (1,742) | (539) | (1,149) | |||
Cash provided by (used in) intercompany activity | 75,832 | 56,216 | (707,925) | |||
Net cash (used in) provided by financing activities | 30,945 | (4,828) | (346,161) | |||
Combined Subsidiary Guarantors [Member] | ||||||
Operating activities: | ||||||
Net (loss) income | 151,659 | 159,462 | 117,973 | |||
Adjustments to reconcile net (loss) income to net cash (used in) provided by continuing operating activities: | ||||||
Depreciation and amortization | 74,341 | 66,482 | 58,018 | |||
Deferred income taxes | (8,795) | 28,882 | 50,611 | |||
Legal settlements expense | 22,076 | |||||
Loss on divestiture | 778 | |||||
Other | 5,457 | 2,498 | 4,022 | |||
Change in operating assets and liabilities, net of effect of acquisitions: | ||||||
Accounts receivable, net | (17,328) | (21,791) | (24,017) | |||
Other current assets | 14,881 | (6,429) | (3,138) | |||
Other assets | 118 | (3,277) | (4,048) | |||
Accounts payable and other accrued liabilities | 15,743 | 4,909 | (45,552) | |||
Accrued salaries and benefits | 15,094 | (3,974) | 3,844 | |||
Other liabilities | 3,014 | 8,794 | 4,050 | |||
Net cash provided by continuing operating activities | 276,260 | 235,556 | 162,541 | |||
Net cash used in discontinued operating activities | (2,548) | (1,693) | (10,256) | |||
Net cash provided by operating activities | 273,712 | 233,863 | 152,285 | |||
Investing activities: | ||||||
Cash paid for acquisitions, net of cash acquired | (103,359) | |||||
Cash paid for capital expenditures | (210,023) | (161,312) | (177,593) | |||
Cash paid for real estate acquisitions | (14,096) | (37,047) | (28,956) | |||
Settlement of foreign currency derivatives | 523 | |||||
Cash received on divestitures | 7,859 | |||||
Other | (4,199) | (7,944) | (1,573) | |||
Net cash used in investing activities | (228,318) | (206,303) | (303,099) | |||
Financing activities: | ||||||
Principal payments on long-term debt | (169) | (14,250) | (293,000) | |||
Other | 2,094 | 1,225 | (2,688) | |||
Cash provided by (used in) intercompany activity | (61,708) | 16,644 | 460,196 | |||
Net cash (used in) provided by financing activities | (59,783) | 3,619 | 164,508 | |||
Net (decrease) increase in cash and cash equivalents | (14,389) | 31,179 | 13,694 | |||
Cash and cash equivalents at beginning of the period | 46,860 | 15,681 | 1,987 | |||
Cash and cash equivalents at end of the period | 32,471 | 46,860 | 32,471 | 46,860 | 15,681 | |
Combined Non-Guarantors [Member] | ||||||
Operating activities: | ||||||
Net (loss) income | (250,328) | 99,820 | (52,413) | |||
Adjustments to reconcile net (loss) income to net cash (used in) provided by continuing operating activities: | ||||||
Depreciation and amortization | 84,491 | 76,528 | 77,085 | |||
Amortization of debt issuance costs | (369) | (415) | (427) | |||
Deferred income taxes | (1,448) | 1,254 | (19,792) | |||
Debt extinguishment costs | 875 | |||||
Loss on impairment | 337,889 | |||||
Loss on divestiture | 178,031 | |||||
Other | (67) | 4,725 | 693 | |||
Change in operating assets and liabilities, net of effect of acquisitions: | ||||||
Accounts receivable, net | 507 | (6,779) | 8,299 | |||
Other current assets | (1,017) | 27,237 | (17,510) | |||
Other assets | 2,644 | 101 | (306) | |||
Accounts payable and other accrued liabilities | 10,311 | (15,022) | 68,245 | |||
Accrued salaries and benefits | 654 | (5,014) | (12,416) | |||
Other liabilities | (8,233) | 3,000 | 434 | |||
Net cash provided by continuing operating activities | 175,909 | 185,435 | 229,923 | |||
Net cash provided by operating activities | 175,909 | 185,435 | 229,923 | |||
Investing activities: | ||||||
Cash paid for acquisitions, net of cash acquired | (18,191) | (580,096) | ||||
Cash paid for capital expenditures | (131,439) | (112,865) | (129,879) | |||
Cash paid for real estate acquisitions | (4,287) | (4,010) | (11,801) | |||
Cash received on divestitures | (4,593) | |||||
Other | 3,080 | 4,843 | (897) | |||
Net cash used in investing activities | (132,646) | (130,223) | (727,266) | |||
Financing activities: | ||||||
Principal payments on long-term debt | (4,427) | (10,554) | (3,344) | |||
Repayment of long-term debt | (21,920) | |||||
Other | (2,617) | |||||
Cash provided by (used in) intercompany activity | (14,124) | (72,860) | 546,947 | |||
Net cash (used in) provided by financing activities | (43,088) | (83,414) | 543,603 | |||
Effect of exchange rate changes on cash | (2,566) | 7,250 | (14,106) | |||
Net (decrease) increase in cash and cash equivalents | (2,391) | (20,952) | 32,154 | |||
Cash and cash equivalents at beginning of the period | 20,430 | 41,382 | 9,228 | |||
Cash and cash equivalents at end of the period | $ 18,039 | $ 20,430 | $ 18,039 | $ 20,430 | $ 41,382 |