Universal Health Services (UHS) 10-Q 7 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	UHS
Entity Registrant Name	UNIVERSAL HEALTH SERVICES INC
Entity Central Index Key	352,915
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,595,308
Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		91,736,432
Class C
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		663,940
Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		27,862

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - Entity [Domain] - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net revenues before provision for doubtful accounts	$ 2,452,680	$ 2,227,721	$ 4,832,781	$ 4,374,219
Less: Provision for doubtful accounts	177,476	175,955	332,224	384,139
Net revenues	2,275,204	2,051,766	4,500,557	3,990,080
Operating charges:
Salaries, wages and benefits	1,044,064	961,920	2,075,767	1,897,285
Other operating expenses	535,711	460,665	1,041,677	860,573
Supplies expense	240,979	223,774	479,720	439,572
Depreciation and amortization	97,257	90,691	196,255	184,050
Lease and rental expense	23,196	23,458	46,087	46,796
Electronic health records incentive income	(1,395)	(2,174)	(1,395)	(2,604)
Operating Expenses, Total	1,939,812	1,758,334	3,838,111	3,425,672
Income from operations	335,392	293,432	662,446	564,408
Interest expense, net	27,684	35,087	57,721	70,280
Income before income taxes	307,708	258,345	604,725	494,128
Provision for income taxes	106,304	91,731	208,998	175,662
Net income	201,404	166,614	395,727	318,466
Less: Income attributable to noncontrolling interests	19,211	14,943	39,235	28,717
Net income attributable to UHS	$ 182,193	$ 151,671	$ 356,492	$ 289,749
Basic earnings per share attributable to UHS	$ 1.84	$ 1.53	$ 3.60	$ 2.93
Diluted earnings per share attributable to UHS	$ 1.80	$ 1.51	$ 3.54	$ 2.89
Weighted average number of common shares - basic	99,004	98,872	98,957	98,722
Add: Other share equivalents	1,923	1,363	1,830	1,474
Weighted average number of common shares and equivalents - diluted	100,927	100,235	100,787	100,196

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income - Entity [Domain] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net income	$ 201,404	$ 166,614	$ 395,727	$ 318,466
Other comprehensive income (loss):
Unrealized derivative gains on cash flow hedges	806	4,465	4,938	8,210
Amortization of terminated hedge	(84)	(84)	(168)	(168)
Foreign currency translation adjustment	2,626	0	2,208	0
Other comprehensive income before tax	3,348	4,381	6,978	8,042
Income tax expense related to items of other comprehensive income	715	1,620	2,212	2,974
Total other comprehensive income, net of tax	2,633	2,761	4,766	5,068
Comprehensive income	204,037	169,375	400,493	323,534
Less: Comprehensive income attributable to noncontrolling interests	19,211	14,943	39,235	28,717
Comprehensive income attributable to UHS	$ 184,826	$ 154,432	$ 361,258	$ 294,817

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - Entity [Domain] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 42,464	$ 32,069	$ 14,732	$ 17,238
Accounts receivable, net	1,360,973	1,282,735
Supplies	109,117	108,115
Deferred income taxes	124,857	114,565
Other current assets	71,548	77,654
Total current assets	1,708,959	1,615,138
Property and equipment	6,371,767	6,212,030
Less: accumulated depreciation	(2,685,730)	(2,532,341)
Property, plant and equipment, net, Total	3,686,037	3,679,689
Other assets:
Goodwill	3,316,945	3,291,213
Deferred charges	36,927	40,319
Other	329,691	348,084
Total assets	9,078,559	8,974,443	$ 8,548,072
Current liabilities:
Current maturities of long-term debt	73,807	68,319
Accounts payable and accrued liabilities	1,096,081	1,113,062
Federal and state taxes	24,423	1,446
Total current liabilities	1,194,311	1,182,827
Other noncurrent liabilities	279,281	268,555
Long-term debt	2,961,515	3,210,215
Deferred income taxes	271,109	282,214
Redeemable noncontrolling interests	250,533	239,552
Equity:
UHS common stockholders' equity	4,061,756	3,735,946
Noncontrolling interest	60,054	55,134
Total equity	4,121,810	3,791,080
Liabilities and Equity, Total	$ 9,078,559	$ 8,974,443

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - Entity [Domain] - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash Flows from Operating Activities:
Net income	$ 395,727	$ 318,466
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation & amortization	196,255	184,050
Stock-based compensation expense	20,474	14,945
Gains on sales of assets and businesses, net of losses	0	(10,134)
Changes in assets & liabilities, net of effects from acquisitions and dispositions:
Accounts receivable	(95,013)	(61,865)
Accrued interest	(1,520)	(271)
Accrued and deferred income taxes	10,870	(9,435)
Other working capital accounts	(10,899)	17,739
Other assets and deferred charges	4,074	10,415
Other	2,163	(4,092)
Accrued insurance expense, net of commercial premiums paid	50,511	38,520
Payments made in settlement of self-insurance claims	(41,039)	(39,922)
Net cash provided by operating activities	531,603	458,416
Cash Flows from Investing Activities:
Property and equipment additions, net of disposals	(170,580)	(186,786)
Proceeds received from sale of assets and businesses	0	11,450
Acquisition of property and businesses	(34,500)	(71,000)
Costs incurred for purchase and implementation of electronic health records application	0	(8,399)
Net cash provided by (used in) investing activities	(205,080)	(254,735)
Cash Flows from Financing Activities:
Reduction of long-term debt	(255,658)	(179,126)
Additional borrowings	5,200	0
Repurchase of common shares	(68,157)	(35,773)
Dividends paid	(19,804)	(9,884)
Issuance of common stock	4,039	3,287
Excess income tax benefits related to stock-based compensation	28,489	28,493
Profit distributions to noncontrolling interests	(23,295)	(13,184)
Proceeds received from sale/leaseback of real property	12,765	0
Net cash (used in) provided by financing activities	(316,421)	(206,187)
Effect of exchange rate changes on cash and cash equivalents	293	0
Increase (decrease) in cash and cash equivalents	10,395	(2,506)
Cash and cash equivalents, beginning of period	32,069	17,238
Cash and cash equivalents, end of period	42,464	14,732
Supplemental Disclosures of Cash Flow Information:
Interest paid	55,718	60,078
Income taxes paid, net of refunds	166,637	156,434
Noncash purchases of property and equipment	$ 34,488	$ 58,020

General

General	6 Months Ended
	Jun. 30, 2015
General	(1) General This Quarterly Report on Form 10-Q is for the quarterly period ended June 30, 2015. In this Quarterly Report, “we,” “us,” “our” “UHS” and the “Company” refer to Universal Health Services, Inc. and its subsidiaries. The condensed consolidated financial statements include the accounts of our majority-owned subsidiaries and partnerships and limited liability companies controlled by us, or our subsidiaries, as managing general partner or managing member. The condensed consolidated financial statements included herein have been prepared by us, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and reflect all adjustments (consisting only of normal recurring adjustments) which, in our opinion, are necessary to fairly state results for the interim periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although we believe that the accompanying disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements, significant accounting policies and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014. Provider Taxes: Under these programs, including the impact of Uncompensated Care and Upper Payment Limit programs, and the Texas Delivery System Reform Incentive program, we earned revenues (before Provider Taxes) of approximately $92 million and $75 million during the three-month periods ended June 30, 2015 and 2014, respectively, and approximately $159 million and $124 million during the six-month periods ended June 30, 2015 and 2014, respectively. These revenues were offset by Provider Taxes of approximately $39 million and $32 million during the three-month periods ended June 30, 2015 and 2014, respectively, and approximately $67 million and $50 million during the six-month periods ended June 30, 2015 and 2014, respectively, which are recorded in other operating expenses on the Condensed Consolidated Statements of Income as included herein. Prior to 2015, these Provider Taxes were recorded as a reduction to our net revenues. Accordingly, the unaudited Condensed Consolidated Statements of Income for the three and six-month periods ended June 30, 2014 have been revised to reflect the current period classification, resulting in an increase in net revenue and an increase in other operating expenses of $32 million and $50 million, respectively. We assessed this adjustment to the classification and concluded that it was not material to our previously issued annual and quarterly Consolidated Statements of Income, which will be revised in future filings.

Relationship with Universal Hea

Relationship with Universal Health Realty Income Trust and Related Party Transactions	6 Months Ended
	Jun. 30, 2015
Relationship with Universal Health Realty Income Trust and Related Party Transactions	(2) Relationship with Universal Health Realty Income Trust and Related Party Transactions Relationship with Universal Health Realty Income Trust: Universal Health Realty Income Trust (the “Trust”) commenced operations in 1986 by purchasing certain properties from us and immediately leasing the properties back to our respective subsidiaries. Most of the leases were entered into at the time the Trust commenced operations and provided for initial terms of 13 to 15 years with up to six additional 5-year renewal terms. Each lease also provided for additional or bonus rental, as discussed below. The base rents are paid monthly and the bonus rents are computed and paid on a quarterly basis, based upon a computation that compares current quarter revenue to a corresponding quarter in the base year. The leases with our subsidiaries are unconditionally guaranteed by us and are cross-defaulted with one another. At June 30, 2015, we held approximately 5.9% of the outstanding shares of the Trust. We serve as Advisor to the Trust under an annually renewable advisory agreement pursuant to the terms of which we conduct the Trust’s day-to-day affairs, provide administrative services and present investment opportunities. In addition, certain of our officers and directors are also officers and/or directors of the Trust. Management believes that it has the ability to exercise significant influence over the Trust, therefore we account for our investment in the Trust using the equity method of accounting. We earned an advisory fee from the Trust, which is included in net revenues in the accompanying consolidated statements of income, of approximately $700,000 and $600,000 during the three-month periods ended June 30, 2015 and 2014, respectively, and approximately $1.4 million and $1.2 million during the six-month periods ended June 30, 2015 and 2014, respectively. Our pre-tax share of income from the Trust was approximately $800,000 and $100,000 during the three-month periods ended June 30, 2015 and 2014, respectively, and approximately $1.0 million and $400,000 for the six-month periods ended June 30, 2015 and 2014, respectively. Included in our share of the Trust’s income for the three and six months ended June 30, 2015, is our share of a gain realized by the Trust in connection with a property exchange transaction completed during the second quarter of 2015. The carrying value of this investment was approximately $9.3 million at each of June 30, 2015 and December 31, 2014, and is included in other assets in the accompanying consolidated balance sheets. The market value of our investment in the Trust was $36.6 million at June 30, 2015 and $37.9 million at December 31, 2014, based on the closing price of the Trust’s stock on the respective dates. During the first quarter of 2015, wholly-owned subsidiaries of ours sold to and leased back from the Trust, two recently constructed free-standing emergency departments (“FEDs”) located in Texas which were completed and opened during the first quarter of 2015. In conjunction with these transactions, ten-year lease agreements with six, five-year renewal options have been executed with the Trust. We have the option to purchase the properties upon the expiration of the fixed terms and each five-year renewal terms at the fair market value of the property. The aggregate construction cost/sales proceeds of these facilities was approximately $13 million, and the aggregate rent expense paid to the Trust at the commencement of the leases will approximate $900,000 annually. In December, 2014, upon the expiration of the lease term, we elected to purchase from the Trust for $17.3 million, the real property of The Bridgeway, a 103-bed behavioral health care facility located in North Little Rock, Arkansas. Pursuant to the terms of the lease, we and the Trust were both required to obtain appraisals of the property to determine its fair market value/purchase price. The rent expense paid by us to the Trust, prior to our purchase of The Bridgeway’s real property in December, 2014, was approximately $1.1 million annually. The table below details the renewal options and terms for each of our three acute care hospital facilities leased from the Trust as of June 30, 2015: Hospital Name Annual End of Lease Term Renewal McAllen Medical Center $ 5,485,000 December, 2016 15 (a) Wellington Regional Medical Center $ 3,030,000 December, 2016 15 (b) Southwest Healthcare System, Inland Valley Campus $ 2,648,000 December, 2016 15 (b) (a) We have three 5-year renewal options at existing lease rates (through 2031). (b) We have one 5-year renewal option at existing lease rates (through 2021) and two 5-year renewal options at fair market value lease rates (2022 through 2031). Total rent expense under the operating leases on these three hospital facilities was approximately $4 million during each of the three months ended June 30, 2015 and 2014, and approximately $8 million for each of the six-month periods ended June 30, 2015 and 2014. In addition, certain of our subsidiaries are tenants in several medical office buildings and two FEDs (as discussed above) owned by the Trust or by limited liability companies in which the Trust holds 100% of the ownership interest. Pursuant to the terms of the three hospital leases with the Trust, we have the option to renew the leases at the lease terms described above by providing notice to the Trust at least 90 days prior to the termination of the then current term. We also have the right to purchase the respective leased hospitals at the end of the lease terms or any renewal terms at their appraised fair market value as well as purchase any or all of the three leased hospital properties at their appraised fair market value upon one month’s notice should a change of control of the Trust occur. In addition, we have rights of first refusal to: (i) purchase the respective leased facilities during and for 180 days after the lease terms at the same price, terms and conditions of any third-party offer, or; (ii) renew the lease on the respective leased facility at the end of, and for 180 days after, the lease term at the same terms and conditions pursuant to any third-party offer. Other Related Party Transactions: In December, 2010, our Board of Directors approved the Company’s entering into supplemental life insurance plans and agreements on the lives of our chief executive officer (“CEO”) and his wife. As a result of these agreements, based on actuarial tables and other assumptions, during the life expectancies of the insureds, we would pay approximately $25 million in premiums, and certain trusts owned by our chief executive officer, would pay approximately $8 million in premiums. Based on the projected premiums mentioned above, and assuming the policies remain in effect until the death of the insureds, we will be entitled to receive death benefit proceeds of no less than $33 million representing the $25 million of aggregate premiums paid by us as well as the $8 million of aggregate premiums paid by the trusts. During 2014 we paid approximately $1.3 million in premium payments and expect to pay similar amounts during 2015. A member of our Board of Directors and member of the Executive Committee is Of Counsel to the law firm used by us as our principal outside counsel. This Board member is also the trustee of certain trusts for the benefit of our CEO and his family. This law firm also provides personal legal services to our CEO.

Other Noncurrent liabilities an

Other Noncurrent liabilities and Redeemable/Noncontrolling Interests	6 Months Ended
	Jun. 30, 2015
Other Noncurrent liabilities and Redeemable/Noncontrolling Interests	(3) Other Noncurrent liabilities and Redeemable/Noncontrolling Interests Other noncurrent liabilities include the long-term portion of our professional and general liability, workers’ compensation reserves, pension and deferred compensation liabilities, and a liability incurred in connection with split-dollar life insurance agreements on the lives of our chief executive officer and his wife. Outside owners hold noncontrolling, minority ownership interests of: (i) approximately 28% in our five acute care facilities (and one additional facility currently under construction) located in Las Vegas, Nevada; (ii) 20% in an acute care facility located in Washington, D.C.; (iii) approximately 11% in an acute care facility located in Laredo, Texas, and; (iv) 20% in a behavioral health care facility located in Philadelphia, Pennsylvania. The redeemable noncontrolling interest balances of $251 million as of June 30, 2015 and $240 million as of December 31, 2014, and the noncontrolling interest balances of $60 million as of June 30, 2015 and $55 million as of December 31, 2014, consist primarily of the third-party ownership interests in these hospitals. In connection with five acute care facilities (and an additional facility currently under construction) located in Las Vegas, Nevada, the minority ownership interests of which are reflected as redeemable noncontrolling interests on our Consolidated Balance Sheet, the outside owners have certain “put rights” that, if exercisable, and if exercised, require us to purchase the minority member’s interests at fair market value. The put rights are exercisable upon the occurrence of: (i) certain specified financial conditions falling below established thresholds; (ii) breach of the management contract by the managing member (a subsidiary of ours), or; (iii) if the minority member’s ownership percentage is reduced to less than certain thresholds. In connection with a behavioral health care facility located in Philadelphia, Pennsylvania and acquired by us as part of the PSI acquisition, the minority ownership interest of which is also reflected as redeemable noncontrolling interests on our Consolidated Balance Sheet, the outside owner has a “put option” to put its entire ownership interest to us at any time. If exercised, the put option requires us to purchase the minority member’s interest at fair market value.

Long-term debt and cash flow he

Long-term debt and cash flow hedges	6 Months Ended
	Jun. 30, 2015
Long-term debt and cash flow hedges	(4) Long-term debt and cash flow hedges Debt: During the third quarter of 2014, we completed the following financing transactions: • In August, 2014, we entered into a fourth amendment to our credit agreement dated as of November 15, 2010, as amended (“Credit Agreement”). The Credit Agreement, which is scheduled to mature in August, 2019, consists of: (i) an $800 million revolving credit facility (no borrowings outstanding as of June 30, 2015), and; (ii) a $1.775 billion term loan A facility ($1.742 billion of borrowings outstanding as of June 30, 2015) which combined our previously outstanding term loan A and term loan A2 facilities which were scheduled to mature in 2016; • Repaid $550 million of outstanding borrowings pursuant to our previously outstanding term loan B facility which was scheduled to mature in 2016; • Increased the borrowing capacity on our existing accounts receivable securitization program (“Securitization”) to $360 million from $275 million, effective August 1, 2014. The Securitization, the terms of which remain the same as the previous agreement, as discussed below, is scheduled to mature in October, 2016; • Issued $300 million aggregate principal amount of 3.750% senior secured notes due in 2019 (see below for additional disclosure); • Issued $300 million aggregate principal amount of 4.750% senior secured notes due in 2022 (see below for additional disclosure); • Redeemed our previously outstanding $250 million, 7.00% senior unsecured notes due in 2018 on July 31, 2014 for an aggregate price equal to 104.56% of the principal amount. Borrowings under the Credit Agreement bear interest at either (1) the ABR rate which is defined as the rate per annum equal to, at our election: the greatest of (a) the lender’s prime rate, (b) the weighted average of the federal funds rate, plus 0.5% and (c) one month LIBOR rate plus 1%, in each case, plus an applicable margin based upon our consolidated leverage ratio at the end of each quarter ranging from 0.50% to 1.25% for revolving credit and term loan-A borrowings, or (2) the one, two, three or six month LIBOR rate (at our election), plus an applicable margin based upon our consolidated leverage ratio at the end of each quarter ranging from 1.50% to 2.25% for revolving credit and term loan-A borrowings. As of June 30, 2015, the applicable margins were 0.50% for ABR-based loans, 1.50% for LIBOR-based loans under the revolving credit and term loan-A facilities. As of June 30, 2015, we had no borrowings outstanding pursuant to the terms of our $800 million revolving credit facility and we had $755 million of available borrowing capacity, net of $6 million of outstanding borrowings pursuant to a short-term, on-demand credit facility and $39 million of outstanding letters of credit. The revolving credit facility includes a $125 million sub-limit for letters of credit. The Credit Agreement is secured by certain assets of the Company and our material subsidiaries and guaranteed by our material subsidiaries. Pursuant to the terms of the Credit Agreement, term loan-A quarterly installment payments of approximately: (i) $11 million commenced during the fourth quarter of 2014 and are scheduled to continue through September, 2016, and; (ii) $22 million are scheduled from the fourth quarter of 2016 through June, 2019. As discussed above, on August 1, 2014, our accounts receivable securitization program (“Securitization”), with a group of conduit lenders and liquidity banks which is scheduled to mature in October, 2016, was amended to increase the borrowing capacity to $360 million from $275 million. Substantially all of the patient-related accounts receivable of our acute care hospitals (“Receivables”) serve as collateral for the outstanding borrowings. We have accounted for this Securitization as borrowings. We maintain effective control over the Receivables since, pursuant to the terms of the Securitization, the Receivables are sold from certain of our subsidiaries to special purpose entities that are wholly-owned by us. The Receivables, however, are owned by the special purpose entities, can be used only to satisfy the debts of the wholly-owned special purpose entities, and thus are not available to us except through our ownership interest in the special purpose entities. The wholly-owned special purpose entities use the Receivables to collateralize the loans obtained from the group of third-party conduit lenders and liquidity banks. The group of third-party conduit lenders and liquidity banks do not have recourse to us beyond the assets of the wholly-owned special purpose entities that securitize the loans. At June 30, 2015, we had $240 million of outstanding borrowings and $120 million of additional capacity pursuant to the terms of our accounts receivable securitization program. On August 7, 2014, we issued $300 million aggregate principal amount of 3.750% Senior Secured Notes due 2019 (the “2019 Notes”) and $300 million aggregate principal amount of 4.750% Senior Secured Notes due 2022 (the “2022 Notes”, and together with the 2019 Notes, the “New Senior Secured Notes”). The New Senior Secured Notes were offered only to qualified institutional buyers under Rule 144A and to non-U.S. persons outside the United States in reliance on Regulation S under the Securities Act of 1933, as amended (the “Securities Act”). The New Senior Secured Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Interest is payable on the New Senior Secured Notes on February 1 and August 1 of each year to the holders of record at the close of business on the January 15 and July 15 immediately preceding the related interest payment dates, commencing on February 1, 2015 until the maturity date of August 1, 2019 for the 2019 Notes and August 1, 2022 for the 2022 Notes. On June 30, 2006, we issued $250 million of senior secured notes which have a 7.125% coupon rate and mature on June 30, 2016 (the “7.125% Notes”). Interest on the 7.125% Notes is payable semiannually in arrears on June 30th and December 30th of each year. In June, 2008, we issued an additional $150 million of 7.125% Notes which formed a single series with the original 7.125% Notes issued in June, 2006. Other than their date of issuance and initial price to the public, the terms of the 7.125% Notes issued in June, 2008 are identical to and trade interchangeably with, the 7.125% Notes which were originally issued in June, 2006. On July 31, 2014, we redeemed the $250 million, 7.00% senior unsecured notes (the “Unsecured Notes”), which were scheduled to mature on October 1, 2018, at a redemption price equal to 104.56% of the principal amount of the Unsecured Notes resulting in a make-whole premium payment of approximately $11 million. The Unsecured Notes were issued on September 29, 2010 and registered in April, 2011. Interest on the Unsecured Note was payable semiannually in arrears on April 1st and October 1st of each year. In connection with entering into the previous Credit Agreement on November 15, 2010, and in accordance with the Indenture dated January 20, 2000 governing the rights of our existing notes, we entered into a supplemental indenture pursuant to which our 7.125% Notes (due in 2016) were equally and ratably secured with the lenders under the Credit Agreement with respect to the collateral for so long as the lenders under the Credit Agreement are so secured. Our Credit Agreement includes a material adverse change clause that must be represented at each draw. The Credit Agreement contains covenants that include a limitation on sales of assets, mergers, change of ownership, liens and indebtedness, transactions with affiliates, dividends and stock repurchases; and requires compliance with financial covenants including maximum leverage and minimum interest coverage ratios. We are in compliance with all required covenants as of June 30, 2015. As of June 30, 2015, the carrying value of our debt was $3.0 billion and the fair-value of our debt was $3.1 billion. The fair value of our debt was computed based upon quotes received from financial institutions. We consider these to be “level 2” in the fair value hierarchy as outlined in the authoritative guidance for disclosures in connection with debt instruments. Cash Flow Hedges: We manage our ratio of fixed and floating rate debt with the objective of achieving a mix that management believes is appropriate. To manage this risk in a cost-effective manner, we, from time to time, enter into interest rate swap agreements in which we agree to exchange various combinations of fixed and/or variable interest rates based on agreed upon notional amounts. We account for our derivative and hedging activities using the Financial Accounting Standard Board’s (“FASB”) guidance which requires all derivative instruments, including certain derivative instruments embedded in other contracts, to be carried at fair value on the balance sheet. For derivative transactions designated as hedges, we formally document all relationships between the hedging instrument and the related hedged item, as well as its risk-management objective and strategy for undertaking each hedge transaction. Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Cash flow hedges are accounted for by recording the fair value of the derivative instrument on the balance sheet as either an asset or liability, with a corresponding amount recorded in accumulated other comprehensive income (“AOCI”) within shareholders’ equity. Amounts are reclassified from AOCI to the income statement in the period or periods the hedged transaction affects earnings. We use interest rate derivatives in our cash flow hedge transactions. Such derivatives are designed to be highly effective in offsetting changes in the cash flows related to the hedged liability. For derivative instruments designated as cash flow hedges, the ineffective portion of the change in expected cash flows of the hedged item are recognized currently in the income statement. For hedge transactions that do not qualify for the short-cut method, at the hedge’s inception and on a regular basis thereafter, a formal assessment is performed to determine whether changes in the fair values or cash flows of the derivative instruments have been highly effective in offsetting changes in cash flows of the hedged items and whether they are expected to be highly effective in the future. The fair value of interest rate swap agreements approximates the amount at which they could be settled, based on estimates obtained from the counterparties. We assess the effectiveness of our hedge instruments on a quarterly basis. We performed periodic assessments of the cash flow hedge instruments during 2014 and the first six months of 2015 and determined the hedges to be highly effective. We also determined that any portion of the hedges deemed to be ineffective was de minimis and therefore there was no material effect on our consolidated financial position, operations or cash flows. The counterparties to the interest rate swap agreements expose us to credit risk in the event of nonperformance. However, at June 30, 2015 and December 31, 2014, each swap agreement entered into by us was in a net liability position which would require us to make the settlement payments to the counterparties. We do not anticipate nonperformance by our counterparties. We do not hold or issue derivative financial instruments for trading purposes. Seven interest rate swaps on a total notional amount of $825 million matured in May, 2015. Four of these swaps, with a total notional amount of $600 million, became effective in December, 2011 and provided that we receive three-month LIBOR while the average fixed rate payable was 2.38%. The remaining three swaps, with a total notional amount of $225 million, became effective in March, 2011 and provided that we receive three-month LIBOR while the average fixed rate payable was 1.91%. During the second quarter of 2015, we entered into four forward starting interest rate swaps whereby we pay a fixed rate on a total notional amount of $500 million and receive one-month LIBOR. Each of the four swaps became effective on July 15, 2015 and are scheduled to mature on April 15, 2019. The average fixed rate payable on these swaps is 1.40%. In July, 2015, we entered into two additional forward starting interest rate swaps whereby we pay a fixed rate on a total notional amount of $200 million and receive one-month LIBOR. One swap on a notional amount of $100 million became effective on July 15, 2015 and another swap on a notional amount of $100 million becomes effective on September 15, 2015. Both of these swaps are scheduled to mature on April 15, 2019. The average fixed rate payable on these two swaps is 1.30%. We measure our interest rate swaps at fair value on a recurring basis. The fair value of our interest rate swaps is based primarily on quotes from banks. We consider those inputs to be “level 2” in the fair value hierarchy as outlined in the authoritative guidance for disclosures in connection with derivative instruments and hedging activities. The fair value of our interest rate swaps was a net liability of $2 million at June 30, 2015, of which $5 million is included in other current liabilities, partially offset by a $3 million asset which is included in other assets. The fair value of our interest rate swaps was a liability of $6 million at December 31, 2014, all of which is included in other current liabilities.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies	(5) Commitments and Contingencies Professional and General Liability and Workers Compensation Liability: Effective November, 2010, excluding certain subsidiaries acquired since 2010 as discussed below, the vast majority of our subsidiaries are self-insured for professional and general liability exposure up to $10 million and $3 million per occurrence, respectively. Our subsidiaries were provided with several excess policies through commercial insurance carriers which provide for coverage in excess of the applicable per occurrence self-insured retention (either $3 million or $10 million) up to $250 million per occurrence and in the aggregate for claims incurred in 2014 and up to $200 million per occurrence and in the aggregate for claims incurred from 2011 through 2013. We remain liable for 10% of the claims paid pursuant to the commercially insured coverage in excess of $10 million up to $60 million per occurrence and in the aggregate. Since our acquisition of Psychiatric Solutions, Inc. (“PSI”) in November, 2010, the former PSI subsidiaries are self-insured for professional and general liability exposure up to $3 million per occurrence. The nine behavioral health facilities acquired from Ascend Health Corporation (“Ascend”) in October, 2012 have general and professional liability policies through commercial insurance carriers which provide for up to $12 million of aggregate coverage, subject to a $100,000 per occurrence deductible. The 17 facilities acquired from Cygnet Health Care Limited (“Cygnet”), consisting of 15 inpatient behavioral health hospitals and 2 nursing homes, have policies through a commercial insurance carrier located in the United Kingdom that provides for £10 million of professional liability coverage and £25 million of general liability coverage. The facilities acquired from PSI, Ascend and Cygnet, like our other facilities, are also provided excess coverage through commercial insurance carriers for coverage in excess of the underlying commercial policy limitations, as mentioned above. Our estimated liability for self-insured professional and general liability claims is based on a number of factors including, among other things, the number of asserted claims and reported incidents, estimates of losses for these claims based on recent and historical settlement amounts, estimates of incurred but not reported claims based on historical experience, and estimates of amounts recoverable under our commercial insurance policies. While we continuously monitor these factors, our ultimate liability for professional and general liability claims could change materially from our current estimates due to inherent uncertainties involved in making this estimate. Given our significant self-insured exposure for professional and general liability claims, there can be no assurance that a sharp increase in the number and/or severity of claims asserted against us will not have a material adverse effect on our future results of operations. As of June 30, 2015, the total accrual for our professional and general liability claims was $201 million, of which $51 million is included in current liabilities. As of December 31, 2014, the total accrual for our professional and general liability claims was $193 million, of which $51 million is included in current liabilities. As of June 30, 2015, the total accrual for our workers’ compensation liability claims was $68 million, of which $32 million is included in current liabilities. As of December 31, 2014, the total accrual for our workers’ compensation liability claims was $67 million, of which $32 million is included in current liabilities. Property Insurance: We have commercial property insurance policies for our properties covering catastrophic losses, including windstorm damage, up to a $1 billion policy limit per occurrence, subject to a deductible ranging from $50,000 to $250,000 per occurrence. Losses resulting from named windstorms are subject to deductibles between 3% and 5% of the declared total insurable value of the property. In addition, we have commercial property insurance policies covering catastrophic losses resulting from earthquake and flood damage, each subject to aggregated loss limits (as opposed to per occurrence losses). Our earthquake limit is $250 million, subject to a deductible of $250,000, except for facilities located within documented fault zones. Earthquake losses that affect facilities located in fault zones within the United States are subject to a $100 million limit and will have applied deductibles ranging from 1% to 5% of the declared total insurable value of the property. The earthquake limit in Puerto Rico is $25 million, subject to a $25,000 deductible. Non-critical flood losses have either a $250,000 or $500,000 deductible, based upon the location of the facility. Since certain of our facilities have been designated by our insurer as flood prone, we have elected to purchase policies from The National Flood Insurance Program to cover a substantial portion of the applicable deductible. Property insurance for the facilities acquired from Cygnet are provided on an all risk basis up to a £180 million limit that includes coverage for real and personal property as well as business interruption losses. Other Our accounts receivable as of June 30, 2015 and December 31, 2014 include amounts due from Illinois of approximately $24 million and $44 million, respectively. Collection of the outstanding receivables continues to be delayed due to state budgetary and funding pressures. Approximately $8 million as of June 30, 2015 and $23 million as of December 31, 2014, of the receivables due from Illinois were outstanding in excess of 60 days, as of each respective date. In addition, our accounts receivable as of June 30, 2015 and December 31, 2014 includes approximately $97 million and $102 million, respectively, due from Texas in connection with Medicaid supplemental payment programs. The $97 million due from Texas as of June 30, 2015 consists of $52 million related to uncompensated care program revenues, $27 million related to disproportionate share hospital program revenues and $18 million to Delivery Service Reform Incentive Payment program revenues. Although the accounts receivable due from Illinois and Texas could remain outstanding for the foreseeable future, since we expect to eventually collect all amounts due to us, no related reserves have been established in our consolidated financial statements. However, we can provide no assurance that we will eventually collect all amounts due to us from Illinois and/or Texas. Failure to ultimately collect all outstanding amounts due from these states would have an adverse impact on our future consolidated results of operations and cash flows. As of June 30, 2015 we were party to certain off balance sheet arrangements consisting of standby letters of credit and surety bonds which totaled $118 million consisting of: (i) $96 million related to our self-insurance programs, and; (ii) $22 million of other debt and public utility guarantees. Legal Proceedings We are subject to claims and suits in the ordinary course of business, including those arising from care and treatment afforded by our hospitals and are party to various government investigations, regulatory matters and litigation, as outlined below. Office of Inspector General (“OIG”) and Government Investigations: In September, 2010, we, along with many other companies in the healthcare industry, received a letter from the United States Department of Justice (“DOJ”) advising of a False Claim Act investigation being conducted in connection with the implantation of implantable cardioverter defibrillators (“ICDs”) from 2003 to 2010 at several of our acute care facilities. The DOJ alleges that ICDs were implanted and billed by our facilities in contravention of a National Coverage Determination regarding these devices. We had previously established a reserve in connection with this matter which did not have a material impact on our consolidated financial statements. During the second quarter of 2015, we finalized a settlement agreement with the government which approximated our established reserve. In February, 2013, the Office of Inspector General for the United States Department of Health and Human Services (“OIG”) served a subpoena requesting various documents from January, 2008 to the date of the subpoena directed at Universal Health Services, Inc. (“UHS”) concerning it and UHS of Delaware, Inc., and several UHS owned behavioral health facilities including: Keys of Carolina, Old Vineyard Behavioral Health, The Meadows Psychiatric Center, Streamwood Behavioral Health, Hartgrove Hospital, Rock River Academy and Residential Treatment Center, Roxbury Treatment Center, Harbor Point Behavioral Health Center, f/k/a, The Pines Residential Treatment Center, including the Crawford, Brighton and Kempsville campuses, Wekiva Springs Center and River Point Behavioral Health. Prior to receiving this subpoena: (i) the Keys of Carolina and Old Vineyard received notification during the second half of 2012 from the DOJ of its intent to proceed with an investigation following requests for documents for the period of January, 2007 to the date of the subpoenas from the North Carolina state Attorney General’s Office; (ii) Harbor Point Behavioral Health Center received a subpoena in December, 2012 from the Attorney General of the Commonwealth of Virginia requesting various documents from July, 2006 to the date of the subpoena, and; (iii) The Meadows Psychiatric Center received a subpoena from the OIG in February, 2013 requesting certain documents from 2008 to the date of the subpoena. Unrelated to these matters, the Keys of Carolina was closed and the real property was sold in January, 2013. We were advised that a qui tam action had been filed against Roxbury Treatment Center but the government declined to intervene and the case was dismissed. In April, 2013, the OIG served facility specific subpoenas on Wekiva Springs Center and River Point Behavioral Health requesting various documents from January, 2005 to the date of the subpoenas. In July, 2013, another subpoena was issued to Wekiva Springs Center and River Point Behavioral Health requesting additional records. In October, 2013, we were advised by the DOJ’s Criminal Frauds Section that they received a referral from the DOJ Civil Division and opened an investigation of River Point Behavioral Health and Wekiva Springs Center. Subsequent subpoenas have since been issued to River Point Behavioral Health and Wekiva Springs Center requesting additional documentation. In April, 2014, the Centers for Medicare and Medicaid Services (“CMS”) instituted a Medicare payment suspension at River Point Behavioral Health in accordance with federal regulations regarding suspension of payments during certain investigations. The Florida Agency for Health Care Administration subsequently issued a Medicaid payment suspension for the facility. River Point Behavioral Health submitted a rebuttal statement disputing the basis of the suspension and requesting revocation of the suspension. Notwithstanding, CMS continued the payment suspension. River Point Behavioral Health provided additional information to CMS in an effort to obtain relief from the payment suspension but the suspension remains in effect. In March 2015, we received notification from CMS that the payment suspension will be continued for another 180 days. We cannot predict if and/or when the facility’s suspended payments will resume. Although the operating results of River Point Behavioral Health did not have a material impact on our consolidated results of operations during the six-month period ended June 30, 2015 or the year ended December 31, 2014, the payment suspension has had a material adverse effect on the facility’s results of operations and financial condition. In June, 2013, the OIG served a subpoena on Coastal Harbor Health System in Savannah, Georgia requesting documents from January, 2009 to the date of the subpoena. In February, 2014, we were notified that the investigation conducted by the Criminal Frauds Section had been expanded to include the National Deaf Academy. In March, 2014, a Civil Investigative Demand (“CID”) was served on the National Deaf Academy requesting documents and information from the facility from January 1, 2008 through the date of the CID. We have been advised by the government that the National Deaf Academy has been added to the facilities which are the subject of the coordinated investigation referenced above. In March, 2014, CIDs were served on Hartgrove Hospital, Rock River Academy and Streamwood Behavioral Health requesting documents and information from those facilities from January, 2008 through the date of the CID. In September, 2014, the DOJ Civil Division advised us that they were expanding their investigation to include four additional facilities and were requesting production of documents from these facilities. These facilities are Arbour-HRI Hospital, Behavioral Hospital of Bellaire, St. Simons by the Sea, and Turning Point Care Center. In December 2014, the DOJ Civil Division requested that Salt Lake Behavioral Health produce documents responsive to the original subpoenas issued in February, 2013. In March, 2015, the OIG issued subpoenas to Central Florida Behavioral Hospital and University Behavioral Center requesting certain documents from January, 2008 to the date of the subpoena. In late March, 2015, we were notified that the investigation conducted by the Criminal Frauds Section has been expanded to include UHS as a corporate entity arising out of the coordinated investigation of the facilities described above and, in particular, Hartgrove Hospital. The DOJ has advised us that the civil aspect of the coordinated investigation referenced above is a False Claim Act investigation focused on billings submitted to government payers in relation to services provided at those facilities. At present, we are uncertain as to potential liability and/or financial exposure of the Company and/or named facilities, if any, in connection with these matters. Regulatory Matters On July 23, 2015, Timberlawn Mental Health System (“Timberlawn”) received notification from CMS of its intent to terminate Timberlawn’s Medicare provider agreement effective August 7, 2015. This notification resulted from surveys conducted which allege that Timberlawn is out of compliance with conditions of participation required for participation in the Medicare/Medicaid program. Some of the deficiencies were considered by CMS to be an “immediate jeopardy” situation. We have filed a request for expedited administrative appeal with the U.S. Department of Health and Human Services, Departmental Appeals Board, Civil Remedies Division, seeking review and reversal of the termination action. In conjunction with the administrative appeal, we have filed litigation in the U.S District Court for the Northern District of Texas seeking a temporary restraining order and preliminary injunction to have the termination stayed pending the conclusion of the administrative appeal. The termination date has been extended to August 13, 2015 pending further review and rulings by the U.S. District Court. We can provide no assurance that we will be successful in the administrative appeal or litigation or that Timberlawn will not ultimately lose its Medicare/Medicaid certification. Any such termination of Timerlawn’s Medicare/Medicaid certification, should it ultimately occur, would have a material adverse effect on the facility’s future results of operations and financial condition and could result in closure of the facility. The operating results of Timberlawn did not have a material impact on our consolidated results of operations or financial condition for the six-month period ended June 30, 2015 or the year ended December 31, 2014. During the second quarter of 2015, Texoma Medical Center (“Texoma”), which includes TMC Behavioral Health Center, entered into a Systems Improvement Agreement (“SIA”) with CMS. The SIA abated a termination action from CMS following surveys which identified alleged failures to comply with conditions of participation primarily involving Texoma’s behavioral health operations. The terms of the SIA required Texoma to engage independent consultants/experts approved by CMS to analyze and develop implementation plans at Texoma to meet Medicare conditions of participation. At the conclusion of the SIA, CMS will conduct a full certification survey to determine if Texoma is in substantial compliance with the Medicare conditions of participation. The term of agreement is set to conclude October 2, 2016 unless the terms of the agreement are fulfilled earlier. During the term of the SIA, Texoma remains eligible to receive reimbursements from Medicare and Medicaid for services rendered to Medicare and Medicaid beneficiaries. Matters Relating to Psychiatric Solutions, Inc. (“PSI”): The following matters pertain to PSI or former PSI facilities (owned by subsidiaries of PSI) which were in existence prior to the acquisition of PSI and for which we have assumed the defense as a result of our acquisition which was completed in November, 2010. Department of Justice Investigation of Friends Hospital: In October, 2010, Friends Hospital in Philadelphia, Pennsylvania, received a subpoena from the DOJ requesting certain documents from the facility. The requested documents were collected and provided to the DOJ for review and examination. Another subpoena was issued to the facility in July, 2011 requesting additional documents, which have also been delivered to the DOJ. All documents requested and produced pertained to the operations of the facility while under PSI’s ownership prior to our acquisition. At present, we are uncertain as to the focus, scope or extent of the investigation, liability of the facility and/or potential financial exposure, if any, in connection with this matter. Department of Justice Investigation of Riveredge Hospital: In 2008, Riveredge Hospital in Chicago, Illinois received a subpoena from the DOJ requesting certain information from the facility. Additional requests for documents were also received from the DOJ in 2009 and 2010. The requested documents have been provided to the DOJ. All documents requested and produced pertained to the operations of the facility while under PSI’s ownership prior to our acquisition. At present, we are uncertain as to the focus, scope or extent of the investigation, liability of the facility and/or potential financial exposure, if any, in connection with this matter. General: We operate in a highly regulated and litigious industry which subjects us to various claims and lawsuits in the ordinary course of business as well as regulatory proceedings and government investigations. These claims or suits include claims for damages for personal injuries, medical malpractice, commercial/contractual disputes, wrongful restriction of, or interference with, physicians’ staff privileges, and employment related claims, In addition, health care companies are subject to investigations and/or actions by various state and federal governmental agencies or those bringing claims on their behalf. Government action has increased with respect to investigations and/or allegations against healthcare providers concerning possible violations of fraud and abuse and false claims statutes as well as compliance with clinical and operational regulations. Currently, and from time to time, we and some of our facilities are subjected to inquiries in the form of subpoenas, Civil Investigative Demands, audits and other document requests from various federal and state agencies. These inquiries can lead to notices and/or actions including repayment obligations from state and federal government agencies associated with potential non-compliance with laws and regulations. Further, the federal False Claim Act allows private individuals to bring lawsuits (qui tam actions) against healthcare providers that submit claims for payments to the government. Various states have also adopted similar statutes. When such a claim is filed, the government will investigate the matter and decide if they are going to intervene in the pending case. These qui tam lawsuits are placed under seal by the court to comply with the False Claims Act’s requirements. If the government chooses not to intervene, the private individual(s) can proceed independently on behalf of the government. Health care providers that are found to violate the False Claims Act may be subject to substantial monetary fines/penalties as well as face potential exclusion from participating in government health care programs or be required to comply with Corporate Integrity Agreements as a condition of a settlement of a False Claim Act matter. In September 2014, the Criminal Division of the DOJ, announced that all qui tam cases will be shared with their Division to determine if a parallel criminal investigation should be opened. The Criminal Division has also stated an intention to pursue corporations in criminal prosecutions. In addition, health care facilities are subject to monitoring by state and federal surveyors to ensure compliance with program Conditions of Participation. In the event a facility is found to be out of compliance with a Condition of Participation and unable to remedy the alleged deficiency(s), the facility faces termination from the Medicare and Medicaid programs or compliance with a System Improvement Agreement to remedy deficiencies and ensure compliance. The laws and regulations governing the healthcare industry are complex covering, among other things, government healthcare participation requirements, licensure, certification and accreditation, privacy of patient information, reimbursement for patient services as well as fraud and abuse compliance. These laws and regulations are constantly evolving and expanding. Further, the Affordable Care Act has added additional obligations on healthcare providers to report and refund overpayments by government healthcare programs and authorizes the suspension of Medicare and Medicaid payments “pending an investigation of a credible allegation of fraud.” We monitor our business and have developed an ethics and compliance program with respect to these complex laws, rules and regulations. Although we believe our policies, procedures and practices comply with government regulations, there is no assurance that we will not be faced with the sanctions referenced above which include fines, penalties and/or substantial damages, repayment obligations, payment suspensions, licensure revocation, and expulsion from government healthcare programs. Even if we were to ultimately prevail in any action brought against us or our facilities or in responding to any inquiry, such action or inquiry could have a material adverse effect on us. The outcome of any current or future litigation or governmental or internal investigations, including the matters described above, cannot be accurately predicted, nor can we predict any resulting penalties, fines or other sanctions that may be imposed at the discretion of federal or state regulatory authorities. We record accruals for such contingencies to the extent that we conclude it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. No estimate of the possible loss or range of loss in excess of amounts accrued, if any, can be made at this time regarding the matters specifically described above because the inherently unpredictable nature of legal proceedings may be exacerbated by various factors, including, but not limited to: (i) the damages sought in the proceedings are unsubstantiated or indeterminate; (ii) discovery is not complete; (iii) the proceeding is in its early stages; (iv) the matters present legal uncertainties; (v) there are significant facts in dispute; (vi) there are a large number of parties, or; (vii) there is a wide range of potential outcomes. It is possible that the outcome of these matters could have a material adverse impact on our future results of operations, financial position, cash flows and, potentially, our reputation. In addition, various suits and claims arising against us in the ordinary course of business are pending. In the opinion of management, the outcome of such claims and litigation will not materially affect our consolidated financial position or results of operations.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2015
Segment Reporting	(6) Segment Reporting Our reportable operating segments consist of acute care hospital services and behavioral health care services. The “Other” segment column below includes centralized services including information services, purchasing, reimbursement, accounting, taxation, legal, advertising, design and construction and patient accounting as well as the operating results for our other operating entities including outpatient surgery and radiation centers. The chief operating decision making group for our acute care hospital services and behavioral health care services is comprised of the Chief Executive Officer, the President and the Presidents of each operating segment. The Presidents of each operating segment also manage the profitability of each respective segment’s various facilities. The operating segments are managed separately because each operating segment represents a business unit that offers different types of healthcare services or operates in different healthcare environments. The accounting policies of the operating segments are the same as those described in the summary of significant accounting policies included in our Annual Report on Form 10-K for the year ended December 31, 2014. Three months ended June 30, 2015 Acute Care Behavioral Other Total (Amounts in thousands) Gross inpatient revenues $ 4,188,933 $ 1,865,070 — $ 6,054,003 Gross outpatient revenues $ 2,403,044 $ 217,013 $ 8,284 $ 2,628,341 Total net revenues $ 1,164,516 $ 1,106,860 $ 3,828 $ 2,275,204 Income/(loss) before allocation of corporate overhead and income taxes $ 140,584 $ 268,413 ($ 101,289 ) $ 307,708 Allocation of corporate overhead ($ 49,422 ) ($ 29,721 ) $ 79,143 0 Income/(loss) after allocation of corporate overhead and before income taxes $ 91,162 $ 238,692 ($ 22,146 ) $ 307,708 Total assets as of 6/30/15 $ 3,425,974 $ 5,320,163 $ 332,422 $ 9,078,559 Six months ended June 30, 2015 Acute Care Behavioral Other Total (Amounts in thousands) Gross inpatient revenues $ 8,517,700 $ 3,688,495 — $ 12,206,195 Gross outpatient revenues $ 4,687,756 $ 421,582 $ 16,111 $ 5,125,449 Total net revenues $ 2,310,456 $ 2,183,205 $ 6,896 $ 4,500,557 Income/(loss) before allocation of corporate overhead and income taxes $ 295,784 $ 521,855 ($ 212,914 ) $ 604,725 Allocation of corporate overhead ($ 98,848 ) ($ 59,387 ) $ 158,235 0 Income/(loss) after allocation of corporate overhead and before income taxes $ 196,936 $ 462,468 ($ 54,679 ) $ 604,725 Total assets as of 6/30/15 $ 3,425,974 $ 5,320,163 $ 332,422 $ 9,078,559 Three months ended June 30, 2014 Acute Care Behavioral Other Total (Amounts in thousands) Gross inpatient revenues $ 3,724,309 $ 1,686,512 — $ 5,410,821 Gross outpatient revenues $ 2,068,076 $ 204,480 $ 8,335 $ 2,280,891 Total net revenues $ 1,037,065 $ 1,011,239 $ 3,462 $ 2,051,766 Income/(loss) before allocation of corporate overhead and income taxes $ 118,345 $ 243,540 ($ 103,540 ) $ 258,345 Allocation of corporate overhead ($ 44,693 ) ($ 23,136 ) $ 67,829 0 Income/(loss) after allocation of corporate overhead and before income taxes $ 73,652 $ 220,404 ($ 35,711 ) $ 258,345 Total assets as of 6/30/14 $ 3,319,048 $ 4,995,534 $ 233,490 $ 8,548,072 Six months ended June 30, 2014 Acute Care Behavioral Other Total (Amounts in thousands) Gross inpatient revenues $ 7,600,673 $ 3,295,411 — $ 10,896,084 Gross outpatient revenues $ 4,025,567 $ 388,595 $ 16,849 $ 4,431,011 Total net revenues $ 2,011,712 $ 1,971,586 $ 6,782 $ 3,990,080 Income/(loss) before allocation of corporate overhead and income taxes $ 229,994 $ 464,688 ($ 200,554 ) $ 494,128 Allocation of corporate overhead ($ 89,390 ) ($ 49,305 ) $ 138,695 0 Income/(loss) after allocation of corporate overhead and before income taxes $ 140,604 $ 415,383 ($ 61,859 ) $ 494,128 Total assets as of 6/30/14 $ 3,319,048 $ 4,995,534 $ 233,490 $ 8,548,072

Earnings Per Share Data ("EPS")

Earnings Per Share Data ("EPS") and Stock Based Compensation	6 Months Ended
	Jun. 30, 2015
Earnings Per Share Data ("EPS") and Stock Based Compensation	(7) Earnings Per Share Data (“EPS”) and Stock Based Compensation Basic earnings per share are based on the weighted average number of common shares outstanding during the period. Diluted earnings per share are based on the weighted average number of common shares outstanding during the period adjusted to give effect to common stock equivalents. The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data): Three months ended Six months ended (amounts in thousands) 2015 2014 2015 2014 Basic and Diluted: Net income attributable to UHS $ 182,193 $ 151,671 $ 356,492 $ 289,749 Less: Net income attributable to unvested restricted share grants (71 ) (77 ) (139 ) (147 ) Net income attributable to UHS – basic and diluted $ 182,122 $ 151,594 $ 356,353 $ 289,602 Weighted average number of common shares - basic 99,004 98,872 98,957 98,722 Net effect of dilutive stock options and grants based on the treasury stock method 1,923 1,363 1,830 1,474 Weighted average number of common shares and equivalents - diluted 100,927 100,235 100,787 100,196 Earnings per basic share attributable to UHS: $ 1.84 $ 1.53 $ 3.60 $ 2.93 Earnings per diluted share attributable to UHS: $ 1.80 $ 1.51 $ 3.54 $ 2.89 The “Net effect of dilutive stock options and grants based on the treasury stock method”, for all periods presented above, excludes certain outstanding stock options applicable to each period since the effect would have been anti-dilutive. There were no significant anti-dilutive stock options during the three months ended June 30, 2015. The excluded weighted-average stock options totaled 1.5 million for the six months ended June 30, 2015. There were no significant anti-dilutive stock options during the three and six months ended June 30, 2014. All classes of our common stock have the same dividend rights. Stock-Based Compensation: The expense associated with share-based compensation arrangements is a non-cash charge. In the Consolidated Statements of Cash Flows, share-based compensation expense is an adjustment to reconcile net income to cash provided by operating activities and aggregated to $20.5 million and $14.9 million during the six-month periods ended June 30, 2015 and 2014, respectively. In accordance with ASC 718, excess income tax benefits related to stock based compensation are classified as cash inflows from financing activities on the Consolidated Statement of Cash Flows. During each of the first six months of 2015 and 2014, we generated $28.5 million of excess income tax benefits related to stock based compensation which are reflected as cash inflows from financing activities in our Consolidated Statements of Cash Flows.

Dispositions and acquisitions

Dispositions and acquisitions	6 Months Ended
	Jun. 30, 2015
Dispositions and acquisitions	(8) Dispositions and acquisitions Six-month period ended June 30, 2015: Acquisitions: During the first six months of 2015, we paid approximately $35 million to acquire: (i) the Orchard Portman House Hospital (now called Cygnet Hospital-Taunton), a 46-bed behavioral health care facility located near Taunton, United Kingdom; (ii) certain assets and a management contract related to the operations of a 24-bed critical access hospital located in Bonham, Texas, and; (iii) various other businesses and real property assets. There were no divestitures during the first six months of 2015. Six-month period ended June 30, 2014: Acquisitions: During the first six months of 2014, we spent $71 million to: (i) acquire and fund the required capital reserves related to a commercial health insurer headquartered in Reno, Nevada; (ii) acquire the Psychiatric Institute of Washington (“PIW”), a 124-bed behavioral health care facility and outpatient treatment center located in Washington, D.C., and; (iii) to acquire the operations of Palo Verde Behavioral Health, a 48-bed behavioral health facility in Tucson, Arizona. As part of the acquisition of PIW, we also acquired the Arbor Group, L.L.C., which operates three management contracts covering 66 beds in the Washington, D.C. and Maryland market. Divestitures: During the first six months of 2014, we received approximately $11 million of cash proceeds for the divestiture of a non-operating investment (sold during the first quarter of 2014). This transaction resulted in a pre-tax gain of approximately $10 million which is included in our consolidated results of operations during the six-month period ended June 30, 2014.

Dividends

Dividends	6 Months Ended
	Jun. 30, 2015
Dividends	(9) Dividends We declared and paid dividends of $9.9 million, or $.10 per share, during the second quarter of 2015 and $5.0 million, or $.05 per share, during the second quarter of 2014. We declared and paid dividends of $19.8 million and $9.9 million during the six-month periods ended June 30, 2015 and 2014, respectively.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Taxes	(10) Income Taxes As of January 1, 2015, our unrecognized tax benefits were approximately $2 million. The amount, if recognized, that would affect the effective tax rate is approximately $2 million. During the quarter ended June 30, 2015, changes to the estimated liabilities for uncertain tax positions (including accrued interest) relating to tax positions taken during prior and current periods did not have a material impact on our financial statements. We recognize accrued interest and penalties associated with uncertain tax positions as part of the tax provision. As of June 30, 2015, we have less than $1 million of accrued interest and penalties. The U.S. federal statute of limitations remains open for the 2011 and subsequent years. Foreign and U.S. state and local jurisdictions have statutes of limitations generally ranging from 3 to 4 years. The statute of limitations on certain jurisdictions could expire within the next twelve months. It is reasonably possible that the amount of uncertain tax benefits will change during the next 12 months, however, it is anticipated that any such change, if it were to occur, would not have a material impact on our results of operations. We operate in multiple jurisdictions with varying tax laws. We are subject to audits by any of these taxing authorities. Our tax returns have been examined by the Internal Revenue Service (“IRS”) through the year ended December 31, 2006. We believe that adequate accruals have been provided for federal, foreign and state taxes.

Supplemental Condensed Consolid

Supplemental Condensed Consolidating Financial Information	6 Months Ended
	Jun. 30, 2015
Supplemental Condensed Consolidating Financial Information	(11) Supplemental Condensed Consolidating Financial Information Certain of our senior notes are guaranteed by a group of subsidiaries (the “Guarantors”). The Guarantors, each of which is a 100% directly owned subsidiary of Universal Health Services, Inc., fully and unconditionally guarantee the senior notes on a joint and several basis, subject to certain customary release provisions. The following financial statements present condensed consolidating financial data for (i) Universal Health Services, Inc. (on a parent company only basis), (ii) the combined Guarantors, (iii) the combined non guarantor subsidiaries (all other subsidiaries), (iv) an elimination column for adjustments to arrive at the information for the parent company, Guarantors, and non guarantors on a consolidated basis, and (v) the parent company and our subsidiaries on a consolidated basis. Investments in subsidiaries are accounted for by the parent company and the Guarantors using the equity method for this presentation. Results of operations of subsidiaries are therefore classified in the parent company’s and Guarantors’ investment in subsidiaries accounts. The elimination entries set forth in the following condensed consolidating financial statements eliminate distributed and undistributed income of subsidiaries, investments in subsidiaries, and intercompany balances and transactions between the parent, Guarantors, and non guarantors. UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF INCOME FOR THE THREE MONTHS ENDED JUNE 30, 2015 (amounts in thousands) Parent Guarantors Non Consolidating Total Net revenues before provision for doubtful accounts $ 0 $ 1,690,272 $ 770,481 $ (8,073 ) $ 2,452,680 Less: Provision for doubtful accounts 0 114,894 62,582 0 177,476 Net revenues 0 1,575,378 707,899 (8,073 ) 2,275,204 Operating charges: Salaries, wages and benefits 0 745,230 298,834 0 1,044,064 Other operating expenses 0 367,145 176,236 (7,670 ) 535,711 Supplies expense 0 145,631 95,348 0 240,979 Depreciation and amortization 0 69,057 28,200 0 97,257 Lease and rental expense 0 14,144 9,455 (403 ) 23,196 Electronic health records incentive income 0 (1,395 ) 0 0 (1,395 ) 0 1,339,812 608,073 (8,073 ) 1,939,812 Income from operations 0 235,566 99,826 0 335,392 Interest expense 26,032 1,166 486 0 27,684 Interest (income) expense, affiliate 0 23,055 (23,055 ) 0 0 Equity in net income of consolidated affiliates (198,261 ) (60,788 ) 0 259,049 0 Income before income taxes 172,229 272,133 122,395 (259,049 ) 307,708 Provision for income taxes (9,964 ) 90,739 25,529 0 106,304 Net income 182,193 181,394 96,866 (259,049 ) 201,404 Less: Income attributable to noncontrolling interests 0 0 19,211 0 19,211 Net income attributable to UHS $ 182,193 $ 181,394 $ 77,655 $ (259,049 ) $ 182,193 UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2015 (amounts in thousands) Parent Guarantors Non Consolidating Total Net revenues before provision for doubtful accounts $ 0 $ 3,351,884 $ 1,496,561 $ (15,664 ) $ 4,832,781 Less: Provision for doubtful accounts 0 221,198 111,026 0 332,224 Net revenues 0 3,130,686 1,385,535 (15,664 ) 4,500,557 Operating charges: Salaries, wages and benefits 0 1,485,784 589,983 0 2,075,767 Other operating expenses 0 718,725 337,922 (14,970 ) 1,041,677 Supplies expense 0 286,992 192,728 0 479,720 Depreciation and amortization 0 138,702 57,553 0 196,255 Lease and rental expense 0 27,899 18,882 (694 ) 46,087 Electronic health records incentive income 0 (1,395 ) 0 0 (1,395 ) 0 2,656,707 1,197,068 (15,664 ) 3,838,111 Income from operations 0 473,979 188,467 0 662,446 Interest expense 54,544 2,393 784 0 57,721 Interest (income) expense, affiliate 0 46,109 (46,109 ) 0 0 Equity in net income of consolidated affiliates (390,159 ) (120,303 ) 0 510,462 0 Income before income taxes 335,615 545,780 233,792 (510,462 ) 604,725 Provision for income taxes (20,877 ) 182,869 47,006 0 208,998 Net income 356,492 362,911 186,786 (510,462 ) 395,727 Less: Income attributable to noncontrolling interests 0 0 39,235 0 39,235 Net income attributable to UHS $ 356,492 $ 362,911 $ 147,551 $ (510,462 ) $ 356,492 UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF INCOME FOR THE THREE MONTHS ENDED JUNE 30, 2014 (amounts in thousands) Parent Guarantors Non Consolidating Total Net revenues before provision for doubtful accounts $ 0 $ 1,547,499 $ 687,743 $ (7,521 ) $ 2,227,721 Less: Provision for doubtful accounts 0 121,531 54,424 0 175,955 Net revenues 0 1,425,968 633,319 (7,521 ) 2,051,766 Operating charges: Salaries, wages and benefits 0 688,041 273,879 0 961,920 Other operating expenses 0 311,145 156,596 (7,076 ) 460,665 Supplies expense 0 136,754 87,020 0 223,774 Depreciation and amortization 0 64,622 26,069 0 90,691 Lease and rental expense 0 14,444 9,459 (445 ) 23,458 Electronic health records incentive income 0 (1,704 ) (470 ) 0 (2,174 ) 0 1,213,302 552,553 (7,521 ) 1,758,334 Income from operations 0 212,666 80,766 0 293,432 Interest expense 33,589 1,147 351 0 35,087 Interest (income) expense, affiliate 0 22,112 (22,112 ) 0 0 Equity in net income of consolidated affiliates (172,404 ) (49,911 ) 0 222,315 0 Income before income taxes 138,815 239,318 102,527 (222,315 ) 258,345 Provision for income taxes (12,856 ) 84,448 20,139 0 91,731 Net income 151,671 154,870 82,388 (222,315 ) 166,614 Less: Income attributable to noncontrolling interests 0 0 14,943 0 14,943 Net income attributable to UHS $ 151,671 $ 154,870 $ 67,445 $ (222,315 ) $ 151,671 UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2014 (amounts in thousands) Parent Guarantors Non Consolidating Total Net revenues before provision for doubtful accounts $ 0 $ 3,025,958 $ 1,362,939 $ (14,678 ) $ 4,374,219 Less: Provision for doubtful accounts 0 257,517 126,622 0 384,139 Net revenues 0 2,768,441 1,236,317 (14,678 ) 3,990,080 Operating charges: Salaries, wages and benefits 0 1,357,294 539,991 0 1,897,285 Other operating expenses 0 565,860 308,730 (14,017 ) 860,573 Supplies expense 0 268,229 171,343 0 439,572 Depreciation and amortization 0 132,336 51,714 0 184,050 Lease and rental expense 0 28,793 18,664 (661 ) 46,796 Electronic health records incentive income 0 (2,134 ) (470 ) 0 (2,604 ) 0 2,350,378 1,089,972 (14,678 ) 3,425,672 Income from operations 0 418,063 146,345 0 564,408 Interest expense 67,162 1,971 1,147 0 70,280 Interest (income) expense, affiliate 0 44,224 (44,224 ) 0 0 Equity in net income of consolidated affiliates (331,205 ) (92,863 ) 0 424,068 0 Income before income taxes 264,043 464,731 189,422 (424,068 ) 494,128 Provision for income taxes (25,706 ) 163,201 38,167 0 175,662 Net income 289,749 301,530 151,255 (424,068 ) 318,466 Less: Income attributable to noncontrolling interests 0 0 28,717 0 28,717 Net income attributable to UHS $ 289,749 $ 301,530 $ 122,538 $ (424,068 ) $ 289,749 UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED JUNE 30, 2015 (amounts in thousands) Parent Guarantors Non Consolidating Total Net income $ 182,193 $ 181,394 $ 96,866 $ (259,049 ) $ 201,404 Other comprehensive income (loss): Unrealized derivative gains on cash flow hedges 806 0 0 0 806 Amortization of terminated hedge (84 ) 0 0 0 (84 ) Foreign currency translation adjustment 2,626 2,626 0 (2,626 ) 2,626 Other comprehensive income before tax 3,348 2,626 0 (2,626 ) 3,348 Income tax expense related to items of other comprehensive income 715 0 0 0 715 Total other comprehensive income, net of tax 2,633 2,626 0 (2,626 ) 2,633 Comprehensive income 184,826 184,020 96,866 (261,675 ) 204,037 Less: Comprehensive income attributable to noncontrolling interests 0 0 19,211 0 19,211 Comprehensive income attributable to UHS $ 184,826 $ 184,020 $ 77,655 $ (261,675 ) $ 184,826 UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2015 (amounts in thousands) Parent Guarantors Non Consolidating Total Net income $ 356,492 $ 362,911 $ 186,786 $ (510,462 ) $ 395,727 Other comprehensive income (loss): Unrealized derivative gains on cash flow hedges 4,938 0 0 0 4,938 Amortization of terminated hedge (168 ) 0 0 0 (168 ) Foreign currency translation adjustment 2,208 2,208 0 (2,208 ) 2,208 Other comprehensive income before tax 6,978 2,208 0 (2,208 ) 6,978 Income tax expense related to items of other comprehensive income 2,212 0 0 0 2,212 Total other comprehensive income, net of tax 4,766 2,208 0 (2,208 ) 4,766 Comprehensive income 361,258 365,119 186,786 (512,670 ) 400,493 Less: Comprehensive income attributable to noncontrolling interests 0 0 39,235 0 39,235 Comprehensive income attributable to UHS $ 361,258 $ 365,119 $ 147,551 $ (512,670 ) $ 361,258 UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED JUNE 30, 2014 (amounts in thousands) Parent Guarantors Non Consolidating Total Net income $ 151,671 $ 154,870 $ 82,388 $ (222,315 ) $ 166,614 Other comprehensive income (loss): Unrealized derivative gains on cash flow hedges 4,465 0 0 0 4,465 Amortization of terminated hedge (84 ) 0 0 0 (84 ) Other comprehensive income before tax 4,381 0 0 0 4,381 Income tax expense related to items of other comprehensive income 1,620 0 0 0 1,620 Total other comprehensive income, net of tax 2,761 0 0 0 2,761 Comprehensive income 154,432 154,870 82,388 (222,315 ) 169,375 Less: Comprehensive income attributable to noncontrolling interests 0 0 14,943 0 14,943 Comprehensive income attributable to UHS $ 154,432 $ 154,870 $ 67,445 $ (222,315 ) $ 154,432 UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2014 (amounts in thousands) Parent Guarantors Non Consolidating Total Net income $ 289,749 $ 301,530 $ 151,255 $ (424,068 ) $ 318,466 Other comprehensive income (loss): Unrealized derivative gains on cash flow hedges 8,210 0 0 0 8,210 Amortization of terminated hedge (168 ) 0 0 0 (168 ) Other comprehensive income before tax 8,042 0 0 0 8,042 Income tax expense related to items of other comprehensive income 2,974 0 0 0 2,974 Total other comprehensive income, net of tax 5,068 0 0 0 5,068 Comprehensive income 294,817 301,530 151,255 (424,068 ) 323,534 Less: Comprehensive income attributable to noncontrolling interests 0 0 28,717 0 28,717 Comprehensive income attributable to UHS $ 294,817 $ 301,530 $ 122,538 $ (424,068 ) $ 294,817 UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET AS OF JUNE 30, 2015 (amounts in thousands) Parent Guarantors Non Consolidating Total Assets Current assets: Cash and cash equivalents $ 0 $ 29,556 12,908 $ 0 $ 42,464 Accounts receivable, net 0 947,030 413,943 0 1,360,973 Supplies 0 67,001 42,116 0 109,117 Deferred income taxes 122,658 2,199 0 0 124,857 Other current assets 0 60,873 10,675 0 71,548 Total current assets 122,658 1,106,659 479,642 0 1,708,959 Investments in subsidiaries 7,405,907 1,781,599 0 (9,187,506 ) 0 Intercompany receivable 0 0 517,996 (517,996 ) 0 Intercompany note receivable 0 0 1,222,637 (1,222,637 ) 0 Property and equipment 0 4,579,230 1,792,537 0 6,371,767 Less: accumulated depreciation 0 (1,794,709 ) (891,021 ) 0 (2,685,730 ) 0 2,784,521 901,516 0 3,686,037 Other assets: Goodwill 0 2,789,994 526,951 0 3,316,945 Deferred charges 28,887 5,659 2,381 0 36,927 Other 11,906 272,316 45,469 0 329,691 $ 7,569,358 $ 8,740,748 $ 3,696,592 $ (10,928,139 ) $ 9,078,559 Liabilities and Stockholders’ Equity Current liabilities: Current maturities of long-term debt $ 50,074 $ 1,206 $ 22,527 $ 0 $ 73,807 Accounts payable and accrued liabilities 17,137 1,004,946 73,998 0 1,096,081 Federal and state taxes 24,423 0 0 0 24,423 Total current liabilities 91,634 1,006,152 96,525 0 1,194,311 Intercompany payable 208,304 309,692 0 (517,996 ) 0 Other noncurrent liabilities 1,385 207,405 70,491 0 279,281 Long-term debt 2,935,170 17,401 8,944 0 2,961,515 Intercompany note payable 0 1,222,637 0 (1,222,637 ) 0 Deferred income taxes 271,109 0 0 0 271,109 Redeemable noncontrolling interests 0 0 250,533 0 250,533 UHS common stockholders’ equity 4,061,756 5,977,461 3,210,045 (9,187,506 ) 4,061,756 Noncontrolling interest 0 0 60,054 0 60,054 Total equity 4,061,756 5,977,461 3,270,099 (9,187,506 ) 4,121,810 $ 7,569,358 $ 8,740,748 $ 3,696,592 $ (10,928,139 ) $ 9,078,559 UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2014 (amounts in thousands) Parent Guarantors Non Consolidating Total Assets Current assets: Cash and cash equivalents $ 0 $ 21,784 $ 10,285 $ 0 $ 32,069 Accounts receivable, net 0 933,971 348,764 0 1,282,735 Supplies 0 67,847 40,268 0 108,115 Deferred income taxes 113,822 743 0 0 114,565 Other current assets 0 62,431 15,223 0 77,654 Total current assets 113,822 1,086,776 414,540 0 1,615,138 Investments in subsidiaries 7,013,540 1,661,296 0 (8,674,836 ) 0 Intercompany receivable 103,808 0 408,682 (512,490 ) 0 Intercompany note receivable 0 0 1,222,637 (1,222,637 ) 0 Property and equipment 0 4,494,567 1,717,463 0 6,212,030 Less: accumulated depreciation 0 (1,686,192 ) (846,149 ) 0 (2,532,341 ) 0 2,808,375 871,314 0 3,679,689 Other assets: Goodwill 0 2,764,555 526,658 0 3,291,213 Deferred charges 32,379 5,402 2,538 0 40,319 Other 9,601 283,302 55,181 0 348,084 $ 7,273,150 $ 8,609,706 $ 3,501,550 $ (10,409,963 ) $ 8,974,443 Liabilities and Stockholders’ Equity Current liabilities: Current maturities of long-term debt $ 44,874 1,260 22,185 0 $ 68,319 Accounts payable and accrued liabilities 20,245 1,051,309 41,508 0 1,113,062 Federal and state taxes 1,446 0 0 0 1,446 Total current liabilities 66,565 1,052,569 63,693 0 1,182,827 Intercompany payable 0 512,490 0 (512,490 ) 0 Other noncurrent liabilities 1,322 189,456 77,777 0 268,555 Long-term debt 3,187,103 20,212 2,900 0 3,210,215 Intercompany note payable 0 1,222,637 0 (1,222,637 ) 0 Deferred income taxes 282,214 0 0 0 282,214 Redeemable noncontrolling interests 0 0 239,552 0 239,552 UHS common stockholders’ equity 3,735,946 5,612,342 3,062,494 (8,674,836 ) 3,735,946 Noncontrolling interest 0 0 55,134 0 55,134 Total equity 3,735,946 5,612,342 3,117,628 (8,674,836 ) 3,791,080 $ 7,273,150 $ 8,609,706 $ 3,501,550 $ (10,409,963 ) $ 8,974,443 UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2015 (amounts in thousands) Parent Guarantors Non Consolidating Total Net cash (used in) provided by operating activities $ (9,690 ) 333,512 207,781 $ $ 531,603 Cash Flows from Investing Activities: Property and equipment additions, net of disposals 0 (97,857 ) (72,723 ) 0 (170,580 ) Acquisition of property and businesses 0 (22,513 ) (11,987 ) 0 (34,500 ) Net cash used in investing activities 0 (120,370 ) (84,710 ) 0 (205,080 ) Cash Flows from Financing Activities: Reduction of long-term debt (252,189 ) (2,865 ) (604 ) 0 (255,658 ) Additional borrowings 5,200 0 0 0 5,200 Repurchase of common shares (68,157 ) 0 0 0 (68,157 ) Dividends paid (19,804 ) 0 0 0 (19,804 ) Issuance of common stock 4,039 0 0 0 4,039 Excess income tax benefits related to stock-based compensation 28,489 0 0 0 28,489 Profit distributions to noncontrolling interests 0 0 (23,295 ) 0 (23,295 ) Proceeds received from sale/leaseback of real property 0 0 12,765 0 12,765 Changes in intercompany balances with affiliates, net 312,112 (202,798 ) (109,314 ) 0 0 Net cash provided by (used in) financing activities 9,690 (205,663 ) (120,448 ) 0 (316,421 ) Effect of exchange rate changes on cash and cash equivalents 0 293 0 0 293 Increase in cash and cash equivalents 0 7,772 2,623 0 10,395 Cash and cash equivalents, beginning of period 0 21,784 10,285 0 32,069 Cash and cash equivalents, end of period $ 0 $ 29,556 $ 12,908 $ 0 $ 42,464 UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2014 (amounts in thousands) Parent Guarantors Non Consolidating Total Net cash provided by operating activities $ 6,497 256,770 195,149 $ 0 $ 458,416 Cash Flows from Investing Activities: Property and equipment additions, net of disposals 0 (116,688 ) (70,098 ) 0 (186,786 ) Proceeds received from sale of assets and businesses 0 11,450 0 0 11,450 Cash paid/reserved related to acquisition of property and businesses 0 (67,699 ) (3,301 ) 0 (71,000 ) Costs incurred for purchase and implementation of electronic health records application 0 (8,399 ) 0 0 (8,399 ) Net cash used in investing activities 0 (181,336 ) (73,399 ) 0 (254,735 ) Cash Flows from Financing Activities: Reduction of long-term debt (167,755 ) (317 ) (11,054 ) 0 (179,126 ) Repurchase of common shares (35,773 ) 0 0 0 (35,773 ) Dividends paid (9,884 ) 0 0 0 (9,884 ) Issuance of common stock 3,287 0 0 0 3,287 Excess income tax benefits related to stock-based compensation 28,493 0 0 0 28,493 Profit distributions to noncontrolling interests 0 0 (13,184 ) 0 (13,184 ) Changes in intercompany balances with affiliates, net 175,135 (78,577 ) (96,558 ) 0 0 Net cash (used in) provided by financing activities (6,497 ) (78,894 ) (120,796 ) 0 (206,187 ) (Decrease) increase in cash and cash equivalents 0 (3,460 ) 954 0 (2,506 ) Cash and cash equivalents, beginning of period 0 7,990 9,248 0 17,238 Cash and cash equivalents, end of period $ 0 $ 4,530 $ 10,202 $ 0 $ 14,732

Recent Accounting Standards

Recent Accounting Standards	6 Months Ended
	Jun. 30, 2015
Recent Accounting Standards	(12) Recent Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers”, which provides guidance for revenue recognition. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This ASU also requires additional disclosures. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016. We are currently in the process of evaluating the impact of adoption of this ASU on our consolidated financial statements. In August 2014, FASB issued ASU No. 2014-15, “Preparation of Financial Statements—Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (ASU 2014-15). Continuation of a reporting entity as a going concern is presumed as the basis for preparing financial statements unless and until the entity’s liquidation becomes imminent. Preparation of financial statements under this presumption is commonly referred to as the going concern basis of accounting. If and when an entity’s liquidation becomes imminent, financial statements should be prepared under the liquidation basis of accounting in accordance with Subtopic 205-30, “Presentation of Financial Statements—Liquidation Basis of Accounting”. Even when an entity’s liquidation is not imminent, there may be conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern. In those situations, financial statements should continue to be prepared under the going concern basis of accounting, but the new criteria in ASU 2014-15 should be followed to determine whether to disclose information about the relevant conditions and events. The amendments in ASU 2014-15 are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. We will evaluate the going concern considerations in this ASU. In April 2015, the FASB issued an update to the accounting standard relating to the presentation of debt issuance costs. Under the new guidance, debt issuance costs related to a recognized debt liability will be presented on the balance sheet as a direct deduction from the debt liability. This amendment becomes effective for annual periods beginning on or after December 15, 2015, and interim periods beginning on or after December 15, 2015; however, early adoption is permitted. We do not expect the adoption of this guidance to have a material impact on our condensed consolidated financial statements.

General (Policies)

General (Policies)	6 Months Ended
	Jun. 30, 2015
Provider Taxes	Provider Taxes: Under these programs, including the impact of Uncompensated Care and Upper Payment Limit programs, and the Texas Delivery System Reform Incentive program, we earned revenues (before Provider Taxes) of approximately $92 million and $75 million during the three-month periods ended June 30, 2015 and 2014, respectively, and approximately $159 million and $124 million during the six-month periods ended June 30, 2015 and 2014, respectively. These revenues were offset by Provider Taxes of approximately $39 million and $32 million during the three-month periods ended June 30, 2015 and 2014, respectively, and approximately $67 million and $50 million during the six-month periods ended June 30, 2015 and 2014, respectively, which are recorded in other operating expenses on the Condensed Consolidated Statements of Income as included herein. Prior to 2015, these Provider Taxes were recorded as a reduction to our net revenues. Accordingly, the unaudited Condensed Consolidated Statements of Income for the three and six-month periods ended June 30, 2014 have been revised to reflect the current period classification, resulting in an increase in net revenue and an increase in other operating expenses of $32 million and $50 million, respectively. We assessed this adjustment to the classification and concluded that it was not material to our previously issued annual and quarterly Consolidated Statements of Income, which will be revised in future filings.

Relationship with Universal H19

Relationship with Universal Health Realty Income Trust and Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2015
Remaining Renewal Options and Terms for Each of Three Hospital Facilities Leased from Trust	The table below details the renewal options and terms for each of our three acute care hospital facilities leased from the Trust as of June 30, 2015: Hospital Name Annual End of Lease Term Renewal McAllen Medical Center $ 5,485,000 December, 2016 15 (a) Wellington Regional Medical Center $ 3,030,000 December, 2016 15 (b) Southwest Healthcare System, Inland Valley Campus $ 2,648,000 December, 2016 15 (b) (a) We have three 5-year renewal options at existing lease rates (through 2031). (b) We have one 5-year renewal option at existing lease rates (through 2021) and two 5-year renewal options at fair market value lease rates (2022 through 2031).

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting	Three months ended June 30, 2015 Acute Care Behavioral Other Total (Amounts in thousands) Gross inpatient revenues $ 4,188,933 $ 1,865,070 — $ 6,054,003 Gross outpatient revenues $ 2,403,044 $ 217,013 $ 8,284 $ 2,628,341 Total net revenues $ 1,164,516 $ 1,106,860 $ 3,828 $ 2,275,204 Income/(loss) before allocation of corporate overhead and income taxes $ 140,584 $ 268,413 ($ 101,289 ) $ 307,708 Allocation of corporate overhead ($ 49,422 ) ($ 29,721 ) $ 79,143 0 Income/(loss) after allocation of corporate overhead and before income taxes $ 91,162 $ 238,692 ($ 22,146 ) $ 307,708 Total assets as of 6/30/15 $ 3,425,974 $ 5,320,163 $ 332,422 $ 9,078,559 Six months ended June 30, 2015 Acute Care Behavioral Other Total (Amounts in thousands) Gross inpatient revenues $ 8,517,700 $ 3,688,495 — $ 12,206,195 Gross outpatient revenues $ 4,687,756 $ 421,582 $ 16,111 $ 5,125,449 Total net revenues $ 2,310,456 $ 2,183,205 $ 6,896 $ 4,500,557 Income/(loss) before allocation of corporate overhead and income taxes $ 295,784 $ 521,855 ($ 212,914 ) $ 604,725 Allocation of corporate overhead ($ 98,848 ) ($ 59,387 ) $ 158,235 0 Income/(loss) after allocation of corporate overhead and before income taxes $ 196,936 $ 462,468 ($ 54,679 ) $ 604,725 Total assets as of 6/30/15 $ 3,425,974 $ 5,320,163 $ 332,422 $ 9,078,559 Three months ended June 30, 2014 Acute Care Behavioral Other Total (Amounts in thousands) Gross inpatient revenues $ 3,724,309 $ 1,686,512 — $ 5,410,821 Gross outpatient revenues $ 2,068,076 $ 204,480 $ 8,335 $ 2,280,891 Total net revenues $ 1,037,065 $ 1,011,239 $ 3,462 $ 2,051,766 Income/(loss) before allocation of corporate overhead and income taxes $ 118,345 $ 243,540 ($ 103,540 ) $ 258,345 Allocation of corporate overhead ($ 44,693 ) ($ 23,136 ) $ 67,829 0 Income/(loss) after allocation of corporate overhead and before income taxes $ 73,652 $ 220,404 ($ 35,711 ) $ 258,345 Total assets as of 6/30/14 $ 3,319,048 $ 4,995,534 $ 233,490 $ 8,548,072 Six months ended June 30, 2014 Acute Care Behavioral Other Total (Amounts in thousands) Gross inpatient revenues $ 7,600,673 $ 3,295,411 — $ 10,896,084 Gross outpatient revenues $ 4,025,567 $ 388,595 $ 16,849 $ 4,431,011 Total net revenues $ 2,011,712 $ 1,971,586 $ 6,782 $ 3,990,080 Income/(loss) before allocation of corporate overhead and income taxes $ 229,994 $ 464,688 ($ 200,554 ) $ 494,128 Allocation of corporate overhead ($ 89,390 ) ($ 49,305 ) $ 138,695 0 Income/(loss) after allocation of corporate overhead and before income taxes $ 140,604 $ 415,383 ($ 61,859 ) $ 494,128 Total assets as of 6/30/14 $ 3,319,048 $ 4,995,534 $ 233,490 $ 8,548,072

Earnings Per Share Data ("EPS21

Earnings Per Share Data ("EPS") and Stock Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Computation of Basic and Diluted Earnings per Share	The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data): Three months ended Six months ended (amounts in thousands) 2015 2014 2015 2014 Basic and Diluted: Net income attributable to UHS $ 182,193 $ 151,671 $ 356,492 $ 289,749 Less: Net income attributable to unvested restricted share grants (71 ) (77 ) (139 ) (147 ) Net income attributable to UHS – basic and diluted $ 182,122 $ 151,594 $ 356,353 $ 289,602 Weighted average number of common shares - basic 99,004 98,872 98,957 98,722 Net effect of dilutive stock options and grants based on the treasury stock method 1,923 1,363 1,830 1,474 Weighted average number of common shares and equivalents - diluted 100,927 100,235 100,787 100,196 Earnings per basic share attributable to UHS: $ 1.84 $ 1.53 $ 3.60 $ 2.93 Earnings per diluted share attributable to UHS: $ 1.80 $ 1.51 $ 3.54 $ 2.89

Supplemental Condensed Consol22

Supplemental Condensed Consolidating Financial Information (Tables)	6 Months Ended
	Jun. 30, 2015
Condensed Consolidating Statements of Income	UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF INCOME FOR THE THREE MONTHS ENDED JUNE 30, 2015 (amounts in thousands) Parent Guarantors Non Consolidating Total Net revenues before provision for doubtful accounts $ 0 $ 1,690,272 $ 770,481 $ (8,073 ) $ 2,452,680 Less: Provision for doubtful accounts 0 114,894 62,582 0 177,476 Net revenues 0 1,575,378 707,899 (8,073 ) 2,275,204 Operating charges: Salaries, wages and benefits 0 745,230 298,834 0 1,044,064 Other operating expenses 0 367,145 176,236 (7,670 ) 535,711 Supplies expense 0 145,631 95,348 0 240,979 Depreciation and amortization 0 69,057 28,200 0 97,257 Lease and rental expense 0 14,144 9,455 (403 ) 23,196 Electronic health records incentive income 0 (1,395 ) 0 0 (1,395 ) 0 1,339,812 608,073 (8,073 ) 1,939,812 Income from operations 0 235,566 99,826 0 335,392 Interest expense 26,032 1,166 486 0 27,684 Interest (income) expense, affiliate 0 23,055 (23,055 ) 0 0 Equity in net income of consolidated affiliates (198,261 ) (60,788 ) 0 259,049 0 Income before income taxes 172,229 272,133 122,395 (259,049 ) 307,708 Provision for income taxes (9,964 ) 90,739 25,529 0 106,304 Net income 182,193 181,394 96,866 (259,049 ) 201,404 Less: Income attributable to noncontrolling interests 0 0 19,211 0 19,211 Net income attributable to UHS $ 182,193 $ 181,394 $ 77,655 $ (259,049 ) $ 182,193 UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2015 (amounts in thousands) Parent Guarantors Non Consolidating Total Net revenues before provision for doubtful accounts $ 0 $ 3,351,884 $ 1,496,561 $ (15,664 ) $ 4,832,781 Less: Provision for doubtful accounts 0 221,198 111,026 0 332,224 Net revenues 0 3,130,686 1,385,535 (15,664 ) 4,500,557 Operating charges: Salaries, wages and benefits 0 1,485,784 589,983 0 2,075,767 Other operating expenses 0 718,725 337,922 (14,970 ) 1,041,677 Supplies expense 0 286,992 192,728 0 479,720 Depreciation and amortization 0 138,702 57,553 0 196,255 Lease and rental expense 0 27,899 18,882 (694 ) 46,087 Electronic health records incentive income 0 (1,395 ) 0 0 (1,395 ) 0 2,656,707 1,197,068 (15,664 ) 3,838,111 Income from operations 0 473,979 188,467 0 662,446 Interest expense 54,544 2,393 784 0 57,721 Interest (income) expense, affiliate 0 46,109 (46,109 ) 0 0 Equity in net income of consolidated affiliates (390,159 ) (120,303 ) 0 510,462 0 Income before income taxes 335,615 545,780 233,792 (510,462 ) 604,725 Provision for income taxes (20,877 ) 182,869 47,006 0 208,998 Net income 356,492 362,911 186,786 (510,462 ) 395,727 Less: Income attributable to noncontrolling interests 0 0 39,235 0 39,235 Net income attributable to UHS $ 356,492 $ 362,911 $ 147,551 $ (510,462 ) $ 356,492 UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF INCOME FOR THE THREE MONTHS ENDED JUNE 30, 2014 (amounts in thousands) Parent Guarantors Non Consolidating Total Net revenues before provision for doubtful accounts $ 0 $ 1,547,499 $ 687,743 $ (7,521 ) $ 2,227,721 Less: Provision for doubtful accounts 0 121,531 54,424 0 175,955 Net revenues 0 1,425,968 633,319 (7,521 ) 2,051,766 Operating charges: Salaries, wages and benefits 0 688,041 273,879 0 961,920 Other operating expenses 0 311,145 156,596 (7,076 ) 460,665 Supplies expense 0 136,754 87,020 0 223,774 Depreciation and amortization 0 64,622 26,069 0 90,691 Lease and rental expense 0 14,444 9,459 (445 ) 23,458 Electronic health records incentive income 0 (1,704 ) (470 ) 0 (2,174 ) 0 1,213,302 552,553 (7,521 ) 1,758,334 Income from operations 0 212,666 80,766 0 293,432 Interest expense 33,589 1,147 351 0 35,087 Interest (income) expense, affiliate 0 22,112 (22,112 ) 0 0 Equity in net income of consolidated affiliates (172,404 ) (49,911 ) 0 222,315 0 Income before income taxes 138,815 239,318 102,527 (222,315 ) 258,345 Provision for income taxes (12,856 ) 84,448 20,139 0 91,731 Net income 151,671 154,870 82,388 (222,315 ) 166,614 Less: Income attributable to noncontrolling interests 0 0 14,943 0 14,943 Net income attributable to UHS $ 151,671 $ 154,870 $ 67,445 $ (222,315 ) $ 151,671 UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2014 (amounts in thousands) Parent Guarantors Non Consolidating Total Net revenues before provision for doubtful accounts $ 0 $ 3,025,958 $ 1,362,939 $ (14,678 ) $ 4,374,219 Less: Provision for doubtful accounts 0 257,517 126,622 0 384,139 Net revenues 0 2,768,441 1,236,317 (14,678 ) 3,990,080 Operating charges: Salaries, wages and benefits 0 1,357,294 539,991 0 1,897,285 Other operating expenses 0 565,860 308,730 (14,017 ) 860,573 Supplies expense 0 268,229 171,343 0 439,572 Depreciation and amortization 0 132,336 51,714 0 184,050 Lease and rental expense 0 28,793 18,664 (661 ) 46,796 Electronic health records incentive income 0 (2,134 ) (470 ) 0 (2,604 ) 0 2,350,378 1,089,972 (14,678 ) 3,425,672 Income from operations 0 418,063 146,345 0 564,408 Interest expense 67,162 1,971 1,147 0 70,280 Interest (income) expense, affiliate 0 44,224 (44,224 ) 0 0 Equity in net income of consolidated affiliates (331,205 ) (92,863 ) 0 424,068 0 Income before income taxes 264,043 464,731 189,422 (424,068 ) 494,128 Provision for income taxes (25,706 ) 163,201 38,167 0 175,662 Net income 289,749 301,530 151,255 (424,068 ) 318,466 Less: Income attributable to noncontrolling interests 0 0 28,717 0 28,717 Net income attributable to UHS $ 289,749 $ 301,530 $ 122,538 $ (424,068 ) $ 289,749
Condensed Consolidating Statements of Comprehensive Income	UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED JUNE 30, 2015 (amounts in thousands) Parent Guarantors Non Consolidating Total Net income $ 182,193 $ 181,394 $ 96,866 $ (259,049 ) $ 201,404 Other comprehensive income (loss): Unrealized derivative gains on cash flow hedges 806 0 0 0 806 Amortization of terminated hedge (84 ) 0 0 0 (84 ) Foreign currency translation adjustment 2,626 2,626 0 (2,626 ) 2,626 Other comprehensive income before tax 3,348 2,626 0 (2,626 ) 3,348 Income tax expense related to items of other comprehensive income 715 0 0 0 715 Total other comprehensive income, net of tax 2,633 2,626 0 (2,626 ) 2,633 Comprehensive income 184,826 184,020 96,866 (261,675 ) 204,037 Less: Comprehensive income attributable to noncontrolling interests 0 0 19,211 0 19,211 Comprehensive income attributable to UHS $ 184,826 $ 184,020 $ 77,655 $ (261,675 ) $ 184,826 UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2015 (amounts in thousands) Parent Guarantors Non Consolidating Total Net income $ 356,492 $ 362,911 $ 186,786 $ (510,462 ) $ 395,727 Other comprehensive income (loss): Unrealized derivative gains on cash flow hedges 4,938 0 0 0 4,938 Amortization of terminated hedge (168 ) 0 0 0 (168 ) Foreign currency translation adjustment 2,208 2,208 0 (2,208 ) 2,208 Other comprehensive income before tax 6,978 2,208 0 (2,208 ) 6,978 Income tax expense related to items of other comprehensive income 2,212 0 0 0 2,212 Total other comprehensive income, net of tax 4,766 2,208 0 (2,208 ) 4,766 Comprehensive income 361,258 365,119 186,786 (512,670 ) 400,493 Less: Comprehensive income attributable to noncontrolling interests 0 0 39,235 0 39,235 Comprehensive income attributable to UHS $ 361,258 $ 365,119 $ 147,551 $ (512,670 ) $ 361,258 UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED JUNE 30, 2014 (amounts in thousands) Parent Guarantors Non Consolidating Total Net income $ 151,671 $ 154,870 $ 82,388 $ (222,315 ) $ 166,614 Other comprehensive income (loss): Unrealized derivative gains on cash flow hedges 4,465 0 0 0 4,465 Amortization of terminated hedge (84 ) 0 0 0 (84 ) Other comprehensive income before tax 4,381 0 0 0 4,381 Income tax expense related to items of other comprehensive income 1,620 0 0 0 1,620 Total other comprehensive income, net of tax 2,761 0 0 0 2,761 Comprehensive income 154,432 154,870 82,388 (222,315 ) 169,375 Less: Comprehensive income attributable to noncontrolling interests 0 0 14,943 0 14,943 Comprehensive income attributable to UHS $ 154,432 $ 154,870 $ 67,445 $ (222,315 ) $ 154,432 UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2014 (amounts in thousands) Parent Guarantors Non Consolidating Total Net income $ 289,749 $ 301,530 $ 151,255 $ (424,068 ) $ 318,466 Other comprehensive income (loss): Unrealized derivative gains on cash flow hedges 8,210 0 0 0 8,210 Amortization of terminated hedge (168 ) 0 0 0 (168 ) Other comprehensive income before tax 8,042 0 0 0 8,042 Income tax expense related to items of other comprehensive income 2,974 0 0 0 2,974 Total other comprehensive income, net of tax 5,068 0 0 0 5,068 Comprehensive income 294,817 301,530 151,255 (424,068 ) 323,534 Less: Comprehensive income attributable to noncontrolling interests 0 0 28,717 0 28,717 Comprehensive income attributable to UHS $ 294,817 $ 301,530 $ 122,538 $ (424,068 ) $ 294,817
Condensed Consolidating Balance Sheet	UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET AS OF JUNE 30, 2015 (amounts in thousands) Parent Guarantors Non Consolidating Total Assets Current assets: Cash and cash equivalents $ 0 $ 29,556 12,908 $ 0 $ 42,464 Accounts receivable, net 0 947,030 413,943 0 1,360,973 Supplies 0 67,001 42,116 0 109,117 Deferred income taxes 122,658 2,199 0 0 124,857 Other current assets 0 60,873 10,675 0 71,548 Total current assets 122,658 1,106,659 479,642 0 1,708,959 Investments in subsidiaries 7,405,907 1,781,599 0 (9,187,506 ) 0 Intercompany receivable 0 0 517,996 (517,996 ) 0 Intercompany note receivable 0 0 1,222,637 (1,222,637 ) 0 Property and equipment 0 4,579,230 1,792,537 0 6,371,767 Less: accumulated depreciation 0 (1,794,709 ) (891,021 ) 0 (2,685,730 ) 0 2,784,521 901,516 0 3,686,037 Other assets: Goodwill 0 2,789,994 526,951 0 3,316,945 Deferred charges 28,887 5,659 2,381 0 36,927 Other 11,906 272,316 45,469 0 329,691 $ 7,569,358 $ 8,740,748 $ 3,696,592 $ (10,928,139 ) $ 9,078,559 Liabilities and Stockholders’ Equity Current liabilities: Current maturities of long-term debt $ 50,074 $ 1,206 $ 22,527 $ 0 $ 73,807 Accounts payable and accrued liabilities 17,137 1,004,946 73,998 0 1,096,081 Federal and state taxes 24,423 0 0 0 24,423 Total current liabilities 91,634 1,006,152 96,525 0 1,194,311 Intercompany payable 208,304 309,692 0 (517,996 ) 0 Other noncurrent liabilities 1,385 207,405 70,491 0 279,281 Long-term debt 2,935,170 17,401 8,944 0 2,961,515 Intercompany note payable 0 1,222,637 0 (1,222,637 ) 0 Deferred income taxes 271,109 0 0 0 271,109 Redeemable noncontrolling interests 0 0 250,533 0 250,533 UHS common stockholders’ equity 4,061,756 5,977,461 3,210,045 (9,187,506 ) 4,061,756 Noncontrolling interest 0 0 60,054 0 60,054 Total equity 4,061,756 5,977,461 3,270,099 (9,187,506 ) 4,121,810 $ 7,569,358 $ 8,740,748 $ 3,696,592 $ (10,928,139 ) $ 9,078,559 UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2014 (amounts in thousands) Parent Guarantors Non Consolidating Total Assets Current assets: Cash and cash equivalents $ 0 $ 21,784 $ 10,285 $ 0 $ 32,069 Accounts receivable, net 0 933,971 348,764 0 1,282,735 Supplies 0 67,847 40,268 0 108,115 Deferred income taxes 113,822 743 0 0 114,565 Other current assets 0 62,431 15,223 0 77,654 Total current assets 113,822 1,086,776 414,540 0 1,615,138 Investments in subsidiaries 7,013,540 1,661,296 0 (8,674,836 ) 0 Intercompany receivable 103,808 0 408,682 (512,490 ) 0 Intercompany note receivable 0 0 1,222,637 (1,222,637 ) 0 Property and equipment 0 4,494,567 1,717,463 0 6,212,030 Less: accumulated depreciation 0 (1,686,192 ) (846,149 ) 0 (2,532,341 ) 0 2,808,375 871,314 0 3,679,689 Other assets: Goodwill 0 2,764,555 526,658 0 3,291,213 Deferred charges 32,379 5,402 2,538 0 40,319 Other 9,601 283,302 55,181 0 348,084 $ 7,273,150 $ 8,609,706 $ 3,501,550 $ (10,409,963 ) $ 8,974,443 Liabilities and Stockholders’ Equity Current liabilities: Current maturities of long-term debt $ 44,874 1,260 22,185 0 $ 68,319 Accounts payable and accrued liabilities 20,245 1,051,309 41,508 0 1,113,062 Federal and state taxes 1,446 0 0 0 1,446 Total current liabilities 66,565 1,052,569 63,693 0 1,182,827 Intercompany payable 0 512,490 0 (512,490 ) 0 Other noncurrent liabilities 1,322 189,456 77,777 0 268,555 Long-term debt 3,187,103 20,212 2,900 0 3,210,215 Intercompany note payable 0 1,222,637 0 (1,222,637 ) 0 Deferred income taxes 282,214 0 0 0 282,214 Redeemable noncontrolling interests 0 0 239,552 0 239,552 UHS common stockholders’ equity 3,735,946 5,612,342 3,062,494 (8,674,836 ) 3,735,946 Noncontrolling interest 0 0 55,134 0 55,134 Total equity 3,735,946 5,612,342 3,117,628 (8,674,836 ) 3,791,080 $ 7,273,150 $ 8,609,706 $ 3,501,550 $ (10,409,963 ) $ 8,974,443
Condensed Consolidating Statements of Cash Flows	UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2015 (amounts in thousands) Parent Guarantors Non Consolidating Total Net cash (used in) provided by operating activities $ (9,690 ) 333,512 207,781 $ $ 531,603 Cash Flows from Investing Activities: Property and equipment additions, net of disposals 0 (97,857 ) (72,723 ) 0 (170,580 ) Acquisition of property and businesses 0 (22,513 ) (11,987 ) 0 (34,500 ) Net cash used in investing activities 0 (120,370 ) (84,710 ) 0 (205,080 ) Cash Flows from Financing Activities: Reduction of long-term debt (252,189 ) (2,865 ) (604 ) 0 (255,658 ) Additional borrowings 5,200 0 0 0 5,200 Repurchase of common shares (68,157 ) 0 0 0 (68,157 ) Dividends paid (19,804 ) 0 0 0 (19,804 ) Issuance of common stock 4,039 0 0 0 4,039 Excess income tax benefits related to stock-based compensation 28,489 0 0 0 28,489 Profit distributions to noncontrolling interests 0 0 (23,295 ) 0 (23,295 ) Proceeds received from sale/leaseback of real property 0 0 12,765 0 12,765 Changes in intercompany balances with affiliates, net 312,112 (202,798 ) (109,314 ) 0 0 Net cash provided by (used in) financing activities 9,690 (205,663 ) (120,448 ) 0 (316,421 ) Effect of exchange rate changes on cash and cash equivalents 0 293 0 0 293 Increase in cash and cash equivalents 0 7,772 2,623 0 10,395 Cash and cash equivalents, beginning of period 0 21,784 10,285 0 32,069 Cash and cash equivalents, end of period $ 0 $ 29,556 $ 12,908 $ 0 $ 42,464 UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2014 (amounts in thousands) Parent Guarantors Non Consolidating Total Net cash provided by operating activities $ 6,497 256,770 195,149 $ 0 $ 458,416 Cash Flows from Investing Activities: Property and equipment additions, net of disposals 0 (116,688 ) (70,098 ) 0 (186,786 ) Proceeds received from sale of assets and businesses 0 11,450 0 0 11,450 Cash paid/reserved related to acquisition of property and businesses 0 (67,699 ) (3,301 ) 0 (71,000 ) Costs incurred for purchase and implementation of electronic health records application 0 (8,399 ) 0 0 (8,399 ) Net cash used in investing activities 0 (181,336 ) (73,399 ) 0 (254,735 ) Cash Flows from Financing Activities: Reduction of long-term debt (167,755 ) (317 ) (11,054 ) 0 (179,126 ) Repurchase of common shares (35,773 ) 0 0 0 (35,773 ) Dividends paid (9,884 ) 0 0 0 (9,884 ) Issuance of common stock 3,287 0 0 0 3,287 Excess income tax benefits related to stock-based compensation 28,493 0 0 0 28,493 Profit distributions to noncontrolling interests 0 0 (13,184 ) 0 (13,184 ) Changes in intercompany balances with affiliates, net 175,135 (78,577 ) (96,558 ) 0 0 Net cash (used in) provided by financing activities (6,497 ) (78,894 ) (120,796 ) 0 (206,187 ) (Decrease) increase in cash and cash equivalents 0 (3,460 ) 954 0 (2,506 ) Cash and cash equivalents, beginning of period 0 7,990 9,248 0 17,238 Cash and cash equivalents, end of period $ 0 $ 4,530 $ 10,202 $ 0 $ 14,732

General (Detail)

General (Detail) - Entity [Domain] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Organization And Description Of Business [Line Items]
Revenue from Medicaid programs	$ 2,452,680	$ 2,227,721	$ 4,832,781	$ 4,374,219
Increase (decrease) in net revenue		32,000
Increase (decrease) in other operating expense				50,000
State Medicaid programs
Organization And Description Of Business [Line Items]
Revenue from Medicaid programs	92,000	75,000	159,000	124,000
Revenue offset amount	$ 39,000	$ 32,000	$ 67,000	$ 50,000

Relationship with Universal H24

Relationship with Universal Health Realty Income Trust and Related Party Transactions - Additional Information (Detail)	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)Facility	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Related Party Transaction [Line Items]
Lease renewal period, years				5 years
Notice period on renewal of lease				90 days
Period of rights of refusal to leased facilities				180 days
Minimum
Related Party Transaction [Line Items]
Lease initial terms				13 years
Maximum
Related Party Transaction [Line Items]
Lease initial terms				15 years
Chief Executive Officer
Related Party Transaction [Line Items]
Estimated payments to acquire life insurance policies				$ 25,000,000
Payments to acquire life insurance policies						$ 1,300,000
Chief Executive Officer | Trust Owned by Chief Executive Officer
Related Party Transaction [Line Items]
Estimated payments to acquire life insurance policies				8,000,000
Chief Executive Officer | Minimum
Related Party Transaction [Line Items]
Estimated death benefit proceeds				$ 33,000,000
Relationship with Universal Health Realty Income Trust
Related Party Transaction [Line Items]
Trust outstanding shares held, percentage	5.90%			5.90%
Advisory fee earned	$ 700,000		$ 600,000	$ 1,400,000	$ 1,200,000
Pre-tax share of income from the Trust	800,000		100,000	1,000,000	400,000
Carrying value of investment in Trust	9,300,000			9,300,000		9,300,000
Market value of investment in Trust	36,600,000			36,600,000		37,900,000
Aggregate construction cost/sales proceeds		$ 13,000,000
Aggregate rent expense paid		$ 900,000				1,100,000
Estimated purchase price of The Bridgeway's real property						$ 17,300,000
Rent expense under operating leases	$ 4,000,000		$ 4,000,000	$ 8,000,000	$ 8,000,000
Non-controlling ownership interests by subsidiaries	100.00%			100.00%
Relationship with Universal Health Realty Income Trust | Texas
Related Party Transaction [Line Items]
Number of free-standing emergency departments to be acquired | Facility		2

Remaining Renewal Options and T

Remaining Renewal Options and Terms for Hospital Facilities Leased from Trust (Detail) - 6 months ended Jun. 30, 2015 - USD ($)		Total
McAllen Medical Center
Property Subject to or Available for Operating Lease [Line Items]
Annual Minimum Rent		$ 5,485,000
End of Lease Term		2016-12
Renewal Term (years)	[1]	15 years
Wellington Regional Medical Center
Property Subject to or Available for Operating Lease [Line Items]
Annual Minimum Rent		$ 3,030,000
End of Lease Term		2016-12
Renewal Term (years)	[2]	15 years
Southwest Healthcare System, Inland Valley Campus
Property Subject to or Available for Operating Lease [Line Items]
Annual Minimum Rent		$ 2,648,000
End of Lease Term		2016-12
Renewal Term (years)	[2]	15 years
[1]	We have three 5-year renewal options at existing lease rates (through 2031).
[2]	We have one 5-year renewal option at existing lease rates (through 2021) and two 5-year renewal options at fair market value lease rates (2022 through 2031).

Remaining Renewal Options and26

Remaining Renewal Options and Terms for Hospital Facilities Leased from Trust (Parenthetical) (Detail) - 3 months ended Mar. 31, 2015 - RenewalOptions	Total
McAllen Medical Center
Property Subject to or Available for Operating Lease [Line Items]
Number of renewal options at existing lease rates	3
Renewal options term at existing lease rates	5 years
McAllen Medical Center | Maximum
Property Subject to or Available for Operating Lease [Line Items]
Renewal options at existing lease rates expiration year	2,031
Wellington Regional Medical Center
Property Subject to or Available for Operating Lease [Line Items]
Number of renewal options at existing lease rates	1
Renewal options term at existing lease rates	5 years
Number of renewal options at fair market lease rates	2
Renewal options term at fair market lease rates	5 years
Wellington Regional Medical Center | Maximum
Property Subject to or Available for Operating Lease [Line Items]
Renewal options at existing lease rates expiration year	2,021
Renewal options at fair market value lease rates expiration year	2,031
Wellington Regional Medical Center | Minimum
Property Subject to or Available for Operating Lease [Line Items]
Renewal options at fair market value lease rates expiration year	2,022
Southwest Healthcare System, Inland Valley Campus
Property Subject to or Available for Operating Lease [Line Items]
Number of renewal options at existing lease rates	1
Renewal options term at existing lease rates	5 years
Number of renewal options at fair market lease rates	2
Renewal options term at fair market lease rates	5 years
Southwest Healthcare System, Inland Valley Campus | Maximum
Property Subject to or Available for Operating Lease [Line Items]
Renewal options at existing lease rates expiration year	2,021
Renewal options at fair market value lease rates expiration year	2,031
Southwest Healthcare System, Inland Valley Campus | Minimum
Property Subject to or Available for Operating Lease [Line Items]
Renewal options at fair market value lease rates expiration year	2,022

Other Noncurrent Liabilities 27

Other Noncurrent Liabilities and Redeemable/Noncontrolling Interests - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2015USD ($)Facility	Dec. 31, 2014USD ($)
Noncontrolling Interest [Line Items]
Redeemable non-controlling interest balances	$ 251	$ 240
Non-controlling interest balances	$ 60	$ 55
Acute Care Hospital Services | Las Vegas, Nevada
Noncontrolling Interest [Line Items]
Percentage of noncontrolling, minority ownership interests held by outside owners	28.00%
Acute care facilities with outside owners holding non-controlling minority interest | Facility	5
Number of additional facility currently under construction | Facility	1
Acute Care Hospital Services | Washington, District of Columbia
Noncontrolling Interest [Line Items]
Percentage of noncontrolling, minority ownership interests held by outside owners	20.00%
Acute Care Hospital Services | Laredo, Texas
Noncontrolling Interest [Line Items]
Percentage of noncontrolling, minority ownership interests held by outside owners	11.00%
Behavioral Health Services | Philadelphia, Pennsylvania
Noncontrolling Interest [Line Items]
Percentage of noncontrolling, minority ownership interests held by outside owners	20.00%

Long-term debt and cash flow 28

Long-term debt and cash flow hedges - Additional Information (Detail) - Entity [Domain]

Aug. 07, 2014USD ($)

Aug. 01, 2014USD ($)

Jul. 31, 2014USD ($)

Jul. 31, 2015USD ($)Derivative

Aug. 30, 2014USD ($)

Jun. 30, 2015USD ($)Derivative

Dec. 31, 2014USD ($)

Mar. 31, 2011USD ($)Derivative

Jun. 30, 2015USD ($)

Jun. 30, 2014USD ($)

Oct. 31, 2013USD ($)

Jun. 30, 2008USD ($)

Jun. 30, 2006USD ($)

Debt Instrument [Line Items]

Reduction of long-term debt

$ 255,658,000

$ 179,126,000

Rate adjustment to weighted average federal funds rate for credit facility borrowings

0.50%

0.50%

Rate adjustment to one month Eurodollar rate on credit facility borrowings

1.00%

Accounts receivable securitization program credit facility, amount outstanding

$ 240,000,000

$ 240,000,000

Long-term debt

2,961,515,000

$ 3,210,215,000

2,961,515,000

Fair value of debt

$ 3,100,000,000

$ 3,100,000,000

Number of additional forward starting interest rate swaps | Derivative

4

7

Maturity date of interest rate cash flow hedges

May 31, 2015

Two Point Three Eight Percent Forward Starting Interest Rate Swaps

Debt Instrument [Line Items]

Fixed rate payable on interest rate swap

2.38%

One Point Nine One Percent Forward Starting Interest Rate Swaps

Debt Instrument [Line Items]

Fixed rate payable on interest rate swap

1.91%

One Point Four Zero Percent Forward Starting Interest Rate Swaps

Debt Instrument [Line Items]

Maturity date of interest rate cash flow hedges

Apr. 15, 2019

Fixed rate payable on interest rate swap

1.40%

1.40%

Interest Rate Swap

Debt Instrument [Line Items]

Fair value of our interest rate swaps, net

$ 2,000,000

$ 2,000,000

Fair value of our interest rate swaps, liability

5,000,000

6,000,000

5,000,000

Fair value of our interest rate swaps, asset

3,000,000

3,000,000

Cash Flow Hedging

Debt Instrument [Line Items]

Notional amount of interest rate cash flow hedges

$ 825,000,000

Cash Flow Hedging | Two Point Three Eight Percent Forward Starting Interest Rate Swaps

Debt Instrument [Line Items]

Notional amount of interest rate cash flow hedges

600,000,000

Cash Flow Hedging | One Point Nine One Percent Forward Starting Interest Rate Swaps

Debt Instrument [Line Items]

Notional amount of interest rate cash flow hedges

$ 225,000,000

Cash Flow Hedging | One Point Four Zero Percent Forward Starting Interest Rate Swaps

Debt Instrument [Line Items]

Notional amount of interest rate cash flow hedges

$ 500,000,000

$ 500,000,000

Subsequent Event

Debt Instrument [Line Items]

Number of additional forward starting interest rate swaps | Derivative

2

Subsequent Event | One Point Three Zero Percent Forward Starting Interest Rate Swaps

Debt Instrument [Line Items]

Maturity date of interest rate cash flow hedges

Apr. 15, 2019

Average fixed rate payable on interest rate swap

1.30%

Subsequent Event | Cash Flow Hedging | Forward Starting Interest Rate Swaps

Debt Instrument [Line Items]

Notional amount of interest rate cash flow hedges

$ 200,000,000

One Point Three Zero Percent Forward Starting Interest Rate Swaps | Subsequent Event | Cash Flow Hedging | One Point Three Zero Percent Forward Starting Interest Rate Swaps

Debt Instrument [Line Items]

Notional amount of interest rate cash flow hedges

100,000,000

One Point Three Zero Percent Forward Starting Interest Rate Swaps | Subsequent Event | Cash Flow Hedging | One Point Three Zero Percent Forward Starting Interest Rate Swaps

Debt Instrument [Line Items]

Notional amount of interest rate cash flow hedges

$ 100,000,000

ABR-based loans

Debt Instrument [Line Items]

Current applicable margins

0.50%

0.50%

3.750% Senior Secured Notes due 2019

Debt Instrument [Line Items]

Senior notes, issued

$ 300,000,000

Senior notes, interest rate

3.75%

4.750% Senior Secured Notes due 2022

Debt Instrument [Line Items]

Senior notes, issued

$ 300,000,000

Senior notes, interest rate

4.75%

Senior Notes 7.125%

Debt Instrument [Line Items]

Senior notes, issued

$ 250,000,000

Senior notes, interest rate

7.125%

Senior notes, maturity date

Jun. 30, 2016

Line of credit facility additional borrowing capacity

$ 150,000,000

Senior notes, repayment terms

Interest on the 7.125% Notes is payable semiannually in arrears on June 30th and December 30th of each year.

7.00% Senior Unsecured Notes

Debt Instrument [Line Items]

Reduction of long-term debt

$ 250,000,000

Senior notes, interest rate

7.00%

Debt instrument redemption, date

Jul. 31, 2014

Jul. 31, 2014

Unsecured notes make-whole redemption price

104.56%

Senior notes, maturity date

Oct. 1, 2018

Write-off deferred charges, original issue discount and make-whole premiums paid

$ 11,000,000

Accounts Receivable Securitization Facility

Debt Instrument [Line Items]

Accounts receivable securitization program, additional capacity

$ 120,000,000

$ 120,000,000

Amendment of Credit Facility

Debt Instrument [Line Items]

Line of credit facility, starting date

Aug. 7, 2014

Line of credit facility, maturity

2019-08

Accounts receivable securitization program credit facility, borrowing capacity

$ 360,000,000

$ 275,000,000

Amendment of Credit Facility | Accounts Receivable Securitization Facility

Debt Instrument [Line Items]

Line of credit facility, starting date

Aug. 1, 2014

Line of credit facility, maturity

2016-10

Term Loan A

Debt Instrument [Line Items]

Current applicable margins

1.50%

1.50%

Term Loan A | One Month Eurodollar Rate Plus Index Based Loans | Minimum

Debt Instrument [Line Items]

Consolidated leverage ratio

0.50%

0.50%

Term Loan A | One Month Eurodollar Rate Plus Index Based Loans | Maximum

Debt Instrument [Line Items]

Consolidated leverage ratio

1.25%

1.25%

Term Loan A | One Two Three Six Month Eurodollar Rate Plus Index Based Loans | Minimum

Debt Instrument [Line Items]

Consolidated leverage ratio

1.50%

1.50%

Term Loan A | One Two Three Six Month Eurodollar Rate Plus Index Based Loans | Maximum

Debt Instrument [Line Items]

Consolidated leverage ratio

2.25%

2.25%

Term Loan A | Quarterly installment payments commence in the fourth quarter of 2014 through September, 2016

Debt Instrument [Line Items]

Scheduled principal payments made

11,000,000

Term Loan A | Quarterly installment payments after September, 2016

Debt Instrument [Line Items]

Scheduled principal payments made

$ 22,000,000

Term Loan A | Amendment of Credit Facility

Debt Instrument [Line Items]

Line of credit facility, borrowing capacity

$ 1,775,000,000

Line of credit facility amount outstanding

$ 1,742,000,000

$ 1,742,000,000

New Senior Secured Notes

Debt Instrument [Line Items]

Senior notes, interest payment, commencement date

Feb. 1, 2015

New Senior Secured Notes | 3.750% Senior Secured Notes due 2019

Debt Instrument [Line Items]

Senior notes, issued

$ 300,000,000

Senior notes, interest rate

3.75%

Senior notes, maturity date

Aug. 1, 2019

New Senior Secured Notes | 4.750% Senior Secured Notes due 2022

Debt Instrument [Line Items]

Senior notes, issued

$ 300,000,000

Senior notes, interest rate

4.75%

Senior notes, maturity date

Aug. 1, 2022

Revolving Credit Facility

Debt Instrument [Line Items]

Line of credit facility, borrowing capacity

800,000,000

$ 800,000,000

Line of credit facility amount outstanding

$ 0

$ 0

Current applicable margins

1.50%

1.50%

Line of credit facility, available borrowing capacity

$ 755,000,000

$ 755,000,000

Letters of credit, outstanding

$ 39,000,000

$ 39,000,000

Revolving Credit Facility | One Month Eurodollar Rate Plus Index Based Loans | Minimum

Debt Instrument [Line Items]

Consolidated leverage ratio

0.50%

0.50%

Revolving Credit Facility | One Month Eurodollar Rate Plus Index Based Loans | Maximum

Debt Instrument [Line Items]

Consolidated leverage ratio

1.25%

1.25%

Revolving Credit Facility | One Two Three Six Month Eurodollar Rate Plus Index Based Loans | Minimum

Debt Instrument [Line Items]

Consolidated leverage ratio

1.50%

1.50%

Revolving Credit Facility | One Two Three Six Month Eurodollar Rate Plus Index Based Loans | Maximum

Debt Instrument [Line Items]

Consolidated leverage ratio

2.25%

2.25%

Revolving Credit Facility | Short Term on Demand Credit Facility

Debt Instrument [Line Items]

Line of credit facility amount outstanding

$ 6,000,000

$ 6,000,000

Revolving Credit Facility | Letter of Credit

Debt Instrument [Line Items]

Line of credit facility, borrowing capacity

$ 125,000,000

$ 125,000,000

Revolving Credit Facility | Amendment of Credit Facility

Debt Instrument [Line Items]

Line of credit facility, borrowing capacity

$ 800,000,000

Term Loan B Facility

Debt Instrument [Line Items]

Reduction of long-term debt

$ 550,000,000

Line of credit facility, maturity year

2,016

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) £ in Millions	1 Months Ended		6 Months Ended
	Mar. 31, 2015	Nov. 30, 2010GBP (£)Facility	Jun. 30, 2015GBP (£)	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Oct. 31, 2012USD ($)	Nov. 30, 2010USD ($)
Commitments and Contingencies Disclosure [Line Items]
Self-insured for professional and general liability				$ 201,000,000	$ 193,000,000
Self-insured for professional and general liability, current				51,000,000	51,000,000
Compensation liability claims				68,000,000	67,000,000
Compensation and related benefits				32,000,000	32,000,000
Accounts receivable, net				1,360,973,000	1,282,735,000
Payment suspension period increased	180 days
Letters of Credit and Surety Bonds
Commitments and Contingencies Disclosure [Line Items]
Off-balance sheet contingent obligation				118,000,000
Cygnet Health Care Limited
Commitments and Contingencies Disclosure [Line Items]
Number of inpatient behavioral health hospitals | Facility		15
Number of facilities | Facility		17
Number of nursing homes | Facility		2
Property insurance | £			£ 180
Professional Liability | Cygnet Health Care Limited
Commitments and Contingencies Disclosure [Line Items]
Self-insured for professional and general liability | £		£ 10
General Liability | Cygnet Health Care Limited
Commitments and Contingencies Disclosure [Line Items]
Self-insured for professional and general liability | £		£ 25
Location 2
Commitments and Contingencies Disclosure [Line Items]
Minimum Insurance Deductible				250,000
Location 1
Commitments and Contingencies Disclosure [Line Items]
Minimum Insurance Deductible				50,000
Illinois
Commitments and Contingencies Disclosure [Line Items]
Accounts receivable, net				24,000,000	44,000,000
Accounts receivable net greater than sixty days Past due				8,000,000	23,000,000
Accounts receivable				97,000,000	$ 102,000,000
Illinois | Uncompensated Care Program Revenues
Commitments and Contingencies Disclosure [Line Items]
Accounts receivable				52,000,000
Illinois | Disproportionate Share Hospital Program Revenues
Commitments and Contingencies Disclosure [Line Items]
Accounts receivable				27,000,000
Illinois | Delivery System Reform Incentive Pool
Commitments and Contingencies Disclosure [Line Items]
Accounts receivable				18,000,000
Wind Storms | Maximum
Commitments and Contingencies Disclosure [Line Items]
Commercial property insurance policies covering catastrophic losses				$ 1,000,000,000
Percentage of insurance deductible				5.00%
Wind Storms | Minimum
Commitments and Contingencies Disclosure [Line Items]
Percentage of insurance deductible				3.00%
Earthquake
Commitments and Contingencies Disclosure [Line Items]
Minimum Insurance Deductible				$ 250,000
Earthquake | Maximum
Commitments and Contingencies Disclosure [Line Items]
Commercial property insurance policies covering catastrophic losses				250,000,000
Earthquake | UNITED STATES | Maximum
Commitments and Contingencies Disclosure [Line Items]
Commercial property insurance policies covering catastrophic losses				$ 100,000,000
Percentage of insurance deductible				5.00%
Earthquake | UNITED STATES | Minimum
Commitments and Contingencies Disclosure [Line Items]
Percentage of insurance deductible				1.00%
Earthquake | PUERTO RICO
Commitments and Contingencies Disclosure [Line Items]
Commercial property insurance policies covering catastrophic losses				$ 25,000,000
Maximum insurance deductible				25,000
Flood | Location 2
Commitments and Contingencies Disclosure [Line Items]
Maximum insurance deductible				250,000
Flood | Location 1
Commitments and Contingencies Disclosure [Line Items]
Maximum insurance deductible				$ 500,000
Subsidiaries | Professional Liability | Maximum
Commitments and Contingencies Disclosure [Line Items]
Self-insured for professional and general liability								$ 10,000,000
Subsidiaries | General Liability | Maximum
Commitments and Contingencies Disclosure [Line Items]
Self-insured for professional and general liability								$ 3,000,000
Subsidiaries | General and Professional Liability Insurance Policies
Commitments and Contingencies Disclosure [Line Items]
Percentage of liability for claims paid under commercially insured coverage				10.00%
Subsidiaries | General and Professional Liability Insurance Policies | Maximum
Commitments and Contingencies Disclosure [Line Items]
Purchased several excess policies through commercial insurance carriers per occurrence				$ 250,000,000		$ 200,000,000
Liability for claims paid under commercially insured coverage				60,000,000
Subsidiaries | General and Professional Liability Insurance Policies | Minimum
Commitments and Contingencies Disclosure [Line Items]
Liability for claims paid under commercially insured coverage				10,000,000
Psychiatric Solutions Inc | General and Professional Liability Insurance Policies | Maximum
Commitments and Contingencies Disclosure [Line Items]
Self-insured for professional and general liability				3,000,000
Behavioral Health Facilities Acquired from Ascend Health Corporation | General and Professional Liability Insurance Policies
Commitments and Contingencies Disclosure [Line Items]
Minimum Insurance Deductible							$ 100,000
Behavioral Health Facilities Acquired from Ascend Health Corporation | General and Professional Liability Insurance Policies | Maximum
Commitments and Contingencies Disclosure [Line Items]
Self-insured for professional and general liability							$ 12,000,000
Self Insurance Programs | Letters of Credit and Surety Bonds
Commitments and Contingencies Disclosure [Line Items]
Off-balance sheet contingent obligation				96,000,000
Other Debt Guarantees | Letters of Credit and Surety Bonds
Commitments and Contingencies Disclosure [Line Items]
Off-balance sheet contingent obligation				$ 22,000,000

Segment Reporting (Detail)

Segment Reporting (Detail) - Entity [Domain] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Segment Reporting Information [Line Items]
Gross inpatient revenues	$ 6,054,003	$ 5,410,821	$ 12,206,195	$ 10,896,084
Gross outpatient revenues	2,628,341	2,280,891	5,125,449	4,431,011
Total net revenues	2,275,204	2,051,766	4,500,557	3,990,080
Income/(loss) before allocation of corporate overhead and income taxes	307,708	258,345	604,725	494,128
Allocation of corporate overhead	0	0	0	0
Income/(loss) after allocation of corporate overhead and before income taxes	307,708	258,345	604,725	494,128
Total assets	9,078,559	8,548,072	9,078,559	8,548,072	$ 8,974,443
Acute Care Hospital Services
Segment Reporting Information [Line Items]
Gross inpatient revenues	4,188,933	3,724,309	8,517,700	7,600,673
Gross outpatient revenues	2,403,044	2,068,076	4,687,756	4,025,567
Total net revenues	1,164,516	1,037,065	2,310,456	2,011,712
Income/(loss) before allocation of corporate overhead and income taxes	140,584	118,345	295,784	229,994
Allocation of corporate overhead	(49,422)	(44,693)	(98,848)	(89,390)
Income/(loss) after allocation of corporate overhead and before income taxes	91,162	73,652	196,936	140,604
Total assets	3,425,974	3,319,048	3,425,974	3,319,048
Behavioral Health Services
Segment Reporting Information [Line Items]
Gross inpatient revenues	1,865,070	1,686,512	3,688,495	3,295,411
Gross outpatient revenues	217,013	204,480	421,582	388,595
Total net revenues	1,106,860	1,011,239	2,183,205	1,971,586
Income/(loss) before allocation of corporate overhead and income taxes	268,413	243,540	521,855	464,688
Allocation of corporate overhead	(29,721)	(23,136)	(59,387)	(49,305)
Income/(loss) after allocation of corporate overhead and before income taxes	238,692	220,404	462,468	415,383
Total assets	5,320,163	4,995,534	5,320,163	4,995,534
Other
Segment Reporting Information [Line Items]
Gross outpatient revenues	8,284	8,335	16,111	16,849
Total net revenues	3,828	3,462	6,896	6,782
Income/(loss) before allocation of corporate overhead and income taxes	(101,289)	(103,540)	(212,914)	(200,554)
Allocation of corporate overhead	79,143	67,829	158,235	138,695
Income/(loss) after allocation of corporate overhead and before income taxes	(22,146)	(35,711)	(54,679)	(61,859)
Total assets	$ 332,422	$ 233,490	$ 332,422	$ 233,490

Computation of Basic and Dilute

Computation of Basic and Diluted Earnings per Share (Detail) - Entity [Domain] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Basic and Diluted:
Net income attributable to UHS	$ 182,193	$ 151,671	$ 356,492	$ 289,749
Less: Net income attributable to unvested restricted share grants	(71)	(77)	(139)	(147)
Net income attributable to UHS - basic and diluted	$ 182,122	$ 151,594	$ 356,353	$ 289,602
Weighted average number of common shares - basic	99,004	98,872	98,957	98,722
Net effect of dilutive stock options and grants based on the treasury stock method	1,923	1,363	1,830	1,474
Weighted average number of common shares and equivalents - diluted	100,927	100,235	100,787	100,196
Earnings per basic share attributable to UHS	$ 1.84	$ 1.53	$ 3.60	$ 2.93
Earnings per diluted share attributable to UHS	$ 1.80	$ 1.51	$ 3.54	$ 2.89

Earnings Per Share Data ("EPS32

Earnings Per Share Data ("EPS") and Stock Based Compensation - Additional Information (Detail) - Entity [Domain] - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anti-dilutive weighted average stock options excluded from computation of earnings per share	0	0	1,500,000	0
Unrecognized compensation cost related to unvested options and restricted stock	$ 84,600,000		$ 84,600,000
Unrecognized compensation cost, remaining weighted average vesting period in years			3 years 1 month 6 days
Stock options granted during period (net of cancellations)			2,943,850
Weighted-average grant date fair value, per share			$ 21.28
Stock-based compensation expense			$ 20,474,000	$ 14,945,000
Excess income tax benefits related to stock-based compensation			28,489,000	28,493,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost recognized	9,100,000	$ 7,400,000	19,500,000	14,200,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost recognized	$ 274,000	$ 358,000	$ 493,000	$ 648,000

Dispositions and Acquisitions -

Dispositions and Acquisitions - Additional Information (Detail) - Entity [Domain]	6 Months Ended
	Jun. 30, 2015USD ($)Bed	Jun. 30, 2014USD ($)Bed
Acquisitions And Divestitures [Line Items]
Cash paid/reserved related to acquisition of property and businesses	$ 34,500,000	$ 71,000,000
Number of beds | Bed	24	66
Proceeds from Divestiture of Businesses	$ 0
Aggregate cash proceeds from divestiture of businesses		$ 11,000,000
Pre-tax gain (loss) proceeds from divestiture of businesses		$ 10,000,000
Cygnet Hospital-Taunton
Acquisitions And Divestitures [Line Items]
Number of beds | Bed	46
Psychiatric Institute
Acquisitions And Divestitures [Line Items]
Number of beds | Bed		124
Palo Verde Behavioral Health
Acquisitions And Divestitures [Line Items]
Number of beds | Bed		48

Dividends - Additional Informat

Dividends - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Dividends [Line Items]
Dividends declared and paid	$ 9.9	$ 5	$ 19.8	$ 9.9
Quarterly cash dividend	$ 0.10	$ 0.05

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jan. 01, 2015
Income Taxes [Line Items]
Unrecognized tax benefits		$ 2,000,000
Impact of unrecognized tax benefits if recognized		$ 2,000,000
Jurisdictions statutes of limitations expiration period	12 months
Period of expiration of the statute of limitations for certain jurisdictions	Within the next twelve months
Minimum
Income Taxes [Line Items]
Foreign and U.S. state and local jurisdictions have statutes of limitations, in years	3 years
Maximum
Income Taxes [Line Items]
Accrued interest and penalties	$ 1,000,000
Foreign and U.S. state and local jurisdictions have statutes of limitations, in years	4 years

Supplemental Condensed Consol36

Supplemental Condensed Consolidating Financial Information - Additional Information (Detail)	Jun. 30, 2015
Guarantors
Supplementary Information [Line Items]
Percentage of ownership interests	100.00%

Supplemental Condensed Consol37

Supplemental Condensed Consolidating Statements of Income (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Condensed Financial Statements, Captions [Line Items]
Net revenues before provision for doubtful accounts	$ 2,452,680	$ 2,227,721	$ 4,832,781	$ 4,374,219
Less: Provision for doubtful accounts	177,476	175,955	332,224	384,139
Net revenues	2,275,204	2,051,766	4,500,557	3,990,080
Operating charges:
Salaries, wages and benefits	1,044,064	961,920	2,075,767	1,897,285
Other operating expenses	535,711	460,665	1,041,677	860,573
Supplies expense	240,979	223,774	479,720	439,572
Depreciation and amortization	97,257	90,691	196,255	184,050
Lease and rental expense	23,196	23,458	46,087	46,796
Electronic health records incentive income	(1,395)	(2,174)	(1,395)	(2,604)
Operating expenses	1,939,812	1,758,334	3,838,111	3,425,672
Income from operations	335,392	293,432	662,446	564,408
Interest expense	27,684	35,087	57,721	70,280
Interest (income) expense, affiliate	0	0	0	0
Equity in net income of consolidated affiliates	0	0	0	0
Income before income taxes	307,708	258,345	604,725	494,128
Provision for income taxes	106,304	91,731	208,998	175,662
Net income	201,404	166,614	395,727	318,466
Less: Income attributable to noncontrolling interests	19,211	14,943	39,235	28,717
Net income attributable to UHS	182,193	151,671	356,492	289,749
Consolidating Adjustments
Condensed Financial Statements, Captions [Line Items]
Net revenues before provision for doubtful accounts	(8,073)	(7,521)	(15,664)	(14,678)
Less: Provision for doubtful accounts	0	0	0	0
Net revenues	(8,073)	(7,521)	(15,664)	(14,678)
Operating charges:
Salaries, wages and benefits	0	0	0	0
Other operating expenses	(7,670)	(7,076)	(14,970)	(14,017)
Supplies expense	0	0	0	0
Depreciation and amortization	0	0	0	0
Lease and rental expense	(403)	(445)	(694)	(661)
Electronic health records incentive income	0	0	0	0
Operating expenses	(8,073)	(7,521)	(15,664)	(14,678)
Income from operations	0	0	0	0
Interest expense	0	0	0	0
Interest (income) expense, affiliate	0	0	0	0
Equity in net income of consolidated affiliates	259,049	222,315	510,462	424,068
Income before income taxes	(259,049)	(222,315)	(510,462)	(424,068)
Provision for income taxes	0	0	0	0
Net income	(259,049)	(222,315)	(510,462)	(424,068)
Less: Income attributable to noncontrolling interests	0	0	0	0
Net income attributable to UHS	(259,049)	(222,315)	(510,462)	(424,068)
Parent
Condensed Financial Statements, Captions [Line Items]
Net revenues before provision for doubtful accounts	0	0	0	0
Less: Provision for doubtful accounts	0	0	0	0
Net revenues	0	0	0	0
Operating charges:
Salaries, wages and benefits	0	0	0	0
Other operating expenses	0	0	0	0
Supplies expense	0	0	0	0
Depreciation and amortization	0	0	0	0
Lease and rental expense	0	0	0	0
Electronic health records incentive income	0	0	0	0
Operating expenses	0	0	0	0
Income from operations	0	0	0	0
Interest expense	26,032	33,589	54,544	67,162
Interest (income) expense, affiliate	0	0	0	0
Equity in net income of consolidated affiliates	(198,261)	(172,404)	(390,159)	(331,205)
Income before income taxes	172,229	138,815	335,615	264,043
Provision for income taxes	(9,964)	(12,856)	(20,877)	(25,706)
Net income	182,193	151,671	356,492	289,749
Less: Income attributable to noncontrolling interests	0	0	0	0
Net income attributable to UHS	182,193	151,671	356,492	289,749
Guarantors
Condensed Financial Statements, Captions [Line Items]
Net revenues before provision for doubtful accounts	1,690,272	1,547,499	3,351,884	3,025,958
Less: Provision for doubtful accounts	114,894	121,531	221,198	257,517
Net revenues	1,575,378	1,425,968	3,130,686	2,768,441
Operating charges:
Salaries, wages and benefits	745,230	688,041	1,485,784	1,357,294
Other operating expenses	367,145	311,145	718,725	565,860
Supplies expense	145,631	136,754	286,992	268,229
Depreciation and amortization	69,057	64,622	138,702	132,336
Lease and rental expense	14,144	14,444	27,899	28,793
Electronic health records incentive income	(1,395)	(1,704)	(1,395)	(2,134)
Operating expenses	1,339,812	1,213,302	2,656,707	2,350,378
Income from operations	235,566	212,666	473,979	418,063
Interest expense	1,166	1,147	2,393	1,971
Interest (income) expense, affiliate	23,055	22,112	46,109	44,224
Equity in net income of consolidated affiliates	(60,788)	(49,911)	(120,303)	(92,863)
Income before income taxes	272,133	239,318	545,780	464,731
Provision for income taxes	90,739	84,448	182,869	163,201
Net income	181,394	154,870	362,911	301,530
Less: Income attributable to noncontrolling interests	0	0	0	0
Net income attributable to UHS	181,394	154,870	362,911	301,530
Non Guarantors
Condensed Financial Statements, Captions [Line Items]
Net revenues before provision for doubtful accounts	770,481	687,743	1,496,561	1,362,939
Less: Provision for doubtful accounts	62,582	54,424	111,026	126,622
Net revenues	707,899	633,319	1,385,535	1,236,317
Operating charges:
Salaries, wages and benefits	298,834	273,879	589,983	539,991
Other operating expenses	176,236	156,596	337,922	308,730
Supplies expense	95,348	87,020	192,728	171,343
Depreciation and amortization	28,200	26,069	57,553	51,714
Lease and rental expense	9,455	9,459	18,882	18,664
Electronic health records incentive income	0	(470)	0	(470)
Operating expenses	608,073	552,553	1,197,068	1,089,972
Income from operations	99,826	80,766	188,467	146,345
Interest expense	486	351	784	1,147
Interest (income) expense, affiliate	(23,055)	(22,112)	(46,109)	(44,224)
Equity in net income of consolidated affiliates	0	0	0	0
Income before income taxes	122,395	102,527	233,792	189,422
Provision for income taxes	25,529	20,139	47,006	38,167
Net income	96,866	82,388	186,786	151,255
Less: Income attributable to noncontrolling interests	19,211	14,943	39,235	28,717
Net income attributable to UHS	$ 77,655	$ 67,445	$ 147,551	$ 122,538

Supplemental Condensed Consol38

Supplemental Condensed Consolidating Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Condensed Statement of Income Captions [Line Items]
Net income	$ 201,404	$ 166,614	$ 395,727	$ 318,466
Other comprehensive income (loss):
Unrealized derivative gains on cash flow hedges	806	4,465	4,938	8,210
Amortization of terminated hedge	(84)	(84)	(168)	(168)
Foreign currency translation adjustment	2,626	0	2,208	0
Other comprehensive income (loss) before tax	3,348	4,381	6,978	8,042
Income tax (benefit) expense related to items of other comprehensive income	715	1,620	2,212	2,974
Total other comprehensive income, net of tax	2,633	2,761	4,766	5,068
Comprehensive income	204,037	169,375	400,493	323,534
Less: Comprehensive income attributable to noncontrolling interests	19,211	14,943	39,235	28,717
Comprehensive income attributable to UHS	184,826	154,432	361,258	294,817
Consolidating Adjustments
Condensed Statement of Income Captions [Line Items]
Net income	(259,049)	(222,315)	(510,462)	(424,068)
Other comprehensive income (loss):
Unrealized derivative gains on cash flow hedges	0	0	0	0
Amortization of terminated hedge	0	0	0	0
Foreign currency translation adjustment	(2,626)		(2,208)
Other comprehensive income (loss) before tax	(2,626)	0	(2,208)	0
Income tax (benefit) expense related to items of other comprehensive income	0	0	0	0
Total other comprehensive income, net of tax	(2,626)	0	(2,208)	0
Comprehensive income	(261,675)	(222,315)	(512,670)	(424,068)
Less: Comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive income attributable to UHS	(261,675)	(222,315)	(512,670)	(424,068)
Parent
Condensed Statement of Income Captions [Line Items]
Net income	182,193	151,671	356,492	289,749
Other comprehensive income (loss):
Unrealized derivative gains on cash flow hedges	806	4,465	4,938	8,210
Amortization of terminated hedge	(84)	(84)	(168)	(168)
Foreign currency translation adjustment	2,626		2,208
Other comprehensive income (loss) before tax	3,348	4,381	6,978	8,042
Income tax (benefit) expense related to items of other comprehensive income	715	1,620	2,212	2,974
Total other comprehensive income, net of tax	2,633	2,761	4,766	5,068
Comprehensive income	184,826	154,432	361,258	294,817
Less: Comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive income attributable to UHS	184,826	154,432	361,258	294,817
Guarantors
Condensed Statement of Income Captions [Line Items]
Net income	181,394	154,870	362,911	301,530
Other comprehensive income (loss):
Unrealized derivative gains on cash flow hedges	0	0	0	0
Amortization of terminated hedge	0	0	0	0
Foreign currency translation adjustment	2,626		2,208
Other comprehensive income (loss) before tax	2,626	0	2,208	0
Income tax (benefit) expense related to items of other comprehensive income	0	0	0	0
Total other comprehensive income, net of tax	2,626	0	2,208	0
Comprehensive income	184,020	154,870	365,119	301,530
Less: Comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive income attributable to UHS	184,020	154,870	365,119	301,530
Non Guarantors
Condensed Statement of Income Captions [Line Items]
Net income	96,866	82,388	186,786	151,255
Other comprehensive income (loss):
Unrealized derivative gains on cash flow hedges	0	0	0	0
Amortization of terminated hedge	0	0	0	0
Foreign currency translation adjustment	0		0
Other comprehensive income (loss) before tax	0	0	0	0
Income tax (benefit) expense related to items of other comprehensive income	0	0	0	0
Total other comprehensive income, net of tax	0	0	0	0
Comprehensive income	96,866	82,388	186,786	151,255
Less: Comprehensive income attributable to noncontrolling interests	19,211	14,943	39,235	28,717
Comprehensive income attributable to UHS	$ 77,655	$ 67,445	$ 147,551	$ 122,538

Supplemental Condensed Consol39

Supplemental Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 42,464	$ 32,069	$ 14,732	$ 17,238
Accounts receivable, net	1,360,973	1,282,735
Supplies	109,117	108,115
Deferred income taxes	124,857	114,565
Other current assets	71,548	77,654
Total current assets	1,708,959	1,615,138
Investments in subsidiaries	0	0
Intercompany receivable	0	0
Intercompany note receivable	0	0
Property and equipment	6,371,767	6,212,030
Less: accumulated depreciation	(2,685,730)	(2,532,341)
Property, Plant and Equipment, Net	3,686,037	3,679,689
Other assets:
Goodwill	3,316,945	3,291,213
Deferred charges	36,927	40,319
Other	329,691	348,084
Total assets	9,078,559	8,974,443	8,548,072
Current liabilities:
Current maturities of long-term debt	73,807	68,319
Accounts payable and accrued liabilities	1,096,081	1,113,062
Federal and state taxes	24,423	1,446
Total current liabilities	1,194,311	1,182,827
Intercompany payable	0	0
Other noncurrent liabilities	279,281	268,555
Long-term debt	2,961,515	3,210,215
Intercompany note payable	0	0
Deferred income taxes	271,109	282,214
Redeemable noncontrolling interests	250,533	239,552
UHS common stockholders' equity	4,061,756	3,735,946
Noncontrolling interest	60,054	55,134
Total equity	4,121,810	3,791,080
Liabilities and Equity, Total	9,078,559	8,974,443
Consolidating Adjustments
Current assets:
Cash and cash equivalents	0	0	0	0
Accounts receivable, net	0	0
Supplies	0	0
Deferred income taxes	0	0
Other current assets	0	0
Total current assets	0	0
Investments in subsidiaries	(9,187,506)	(8,674,836)
Intercompany receivable	(517,996)	(512,490)
Intercompany note receivable	(1,222,637)	(1,222,637)
Property and equipment	0	0
Less: accumulated depreciation	0	0
Property, Plant and Equipment, Net	0	0
Other assets:
Goodwill	0	0
Deferred charges	0	0
Other	0	0
Total assets	(10,928,139)	(10,409,963)
Current liabilities:
Current maturities of long-term debt	0	0
Accounts payable and accrued liabilities	0	0
Federal and state taxes	0	0
Total current liabilities	0	0
Intercompany payable	(517,996)	(512,490)
Other noncurrent liabilities	0	0
Long-term debt	0	0
Intercompany note payable	(1,222,637)	(1,222,637)
Deferred income taxes	0	0
Redeemable noncontrolling interests	0	0
UHS common stockholders' equity	(9,187,506)	(8,674,836)
Noncontrolling interest	0	0
Total equity	(9,187,506)	(8,674,836)
Liabilities and Equity, Total	(10,928,139)	(10,409,963)
Parent
Current assets:
Cash and cash equivalents	0	0	0	0
Accounts receivable, net	0	0
Supplies	0	0
Deferred income taxes	122,658	113,822
Other current assets	0	0
Total current assets	122,658	113,822
Investments in subsidiaries	7,405,907	7,013,540
Intercompany receivable	0	103,808
Intercompany note receivable	0	0
Property and equipment	0	0
Less: accumulated depreciation	0	0
Property, Plant and Equipment, Net	0	0
Other assets:
Goodwill	0	0
Deferred charges	28,887	32,379
Other	11,906	9,601
Total assets	7,569,358	7,273,150
Current liabilities:
Current maturities of long-term debt	50,074	44,874
Accounts payable and accrued liabilities	17,137	20,245
Federal and state taxes	24,423	1,446
Total current liabilities	91,634	66,565
Intercompany payable	208,304	0
Other noncurrent liabilities	1,385	1,322
Long-term debt	2,935,170	3,187,103
Intercompany note payable	0	0
Deferred income taxes	271,109	282,214
Redeemable noncontrolling interests	0	0
UHS common stockholders' equity	4,061,756	3,735,946
Noncontrolling interest	0	0
Total equity	4,061,756	3,735,946
Liabilities and Equity, Total	7,569,358	7,273,150
Guarantors
Current assets:
Cash and cash equivalents	29,556	21,784	4,530	7,990
Accounts receivable, net	947,030	933,971
Supplies	67,001	67,847
Deferred income taxes	2,199	743
Other current assets	60,873	62,431
Total current assets	1,106,659	1,086,776
Investments in subsidiaries	1,781,599	1,661,296
Intercompany receivable	0	0
Intercompany note receivable	0	0
Property and equipment	4,579,230	4,494,567
Less: accumulated depreciation	(1,794,709)	(1,686,192)
Property, Plant and Equipment, Net	2,784,521	2,808,375
Other assets:
Goodwill	2,789,994	2,764,555
Deferred charges	5,659	5,402
Other	272,316	283,302
Total assets	8,740,748	8,609,706
Current liabilities:
Current maturities of long-term debt	1,206	1,260
Accounts payable and accrued liabilities	1,004,946	1,051,309
Federal and state taxes	0	0
Total current liabilities	1,006,152	1,052,569
Intercompany payable	309,692	512,490
Other noncurrent liabilities	207,405	189,456
Long-term debt	17,401	20,212
Intercompany note payable	1,222,637	1,222,637
Deferred income taxes	0	0
Redeemable noncontrolling interests	0	0
UHS common stockholders' equity	5,977,461	5,612,342
Noncontrolling interest	0	0
Total equity	5,977,461	5,612,342
Liabilities and Equity, Total	8,740,748	8,609,706
Non Guarantors
Current assets:
Cash and cash equivalents	12,908	10,285	$ 10,202	$ 9,248
Accounts receivable, net	413,943	348,764
Supplies	42,116	40,268
Deferred income taxes	0	0
Other current assets	10,675	15,223
Total current assets	479,642	414,540
Investments in subsidiaries	0	0
Intercompany receivable	517,996	408,682
Intercompany note receivable	1,222,637	1,222,637
Property and equipment	1,792,537	1,717,463
Less: accumulated depreciation	(891,021)	(846,149)
Property, Plant and Equipment, Net	901,516	871,314
Other assets:
Goodwill	526,951	526,658
Deferred charges	2,381	2,538
Other	45,469	55,181
Total assets	3,696,592	3,501,550
Current liabilities:
Current maturities of long-term debt	22,527	22,185
Accounts payable and accrued liabilities	73,998	41,508
Federal and state taxes	0	0
Total current liabilities	96,525	63,693
Intercompany payable	0	0
Other noncurrent liabilities	70,491	77,777
Long-term debt	8,944	2,900
Intercompany note payable	0	0
Deferred income taxes	0	0
Redeemable noncontrolling interests	250,533	239,552
UHS common stockholders' equity	3,210,045	3,062,494
Noncontrolling interest	60,054	55,134
Total equity	3,270,099	3,117,628
Liabilities and Equity, Total	$ 3,696,592	$ 3,501,550

Supplemental Condensed Consol40

Supplemental Condensed Consolidating Statements of Cash flows (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Condensed Financial Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	$ 531,603	$ 458,416
Cash Flows from Investing Activities:
Property and equipment additions, net of disposals	(170,580)	(186,786)
Proceeds received from sale of assets and businesses	0	11,450
Acquisition of property and businesses	(34,500)	(71,000)
Costs incurred for purchase and implementation of electronic health records application	0	(8,399)
Net cash used in investing activities	(205,080)	(254,735)
Cash Flows from Financing Activities:
Reduction of long-term debt	(255,658)	(179,126)
Additional borrowings	5,200	0
Repurchase of common shares	(68,157)	(35,773)
Dividends paid	(19,804)	(9,884)
Issuance of common stock	4,039	3,287
Excess income tax benefits related to stock-based compensation	28,489	28,493
Profit distributions to noncontrolling interests	(23,295)	(13,184)
Proceeds received from sale/leaseback of real property	12,765	0
Changes in intercompany balances with affiliates, net	0	0
Net cash (used in) provided by financing activities	(316,421)	(206,187)
Effect of exchange rate changes on cash and cash equivalents	293	0
(Decrease) increase in cash and cash equivalents	10,395	(2,506)
Cash and cash equivalents, beginning of period	32,069	17,238
Cash and cash equivalents, end of period	42,464	14,732
Consolidating Adjustments
Condensed Financial Statements, Captions [Line Items]
Net cash (used in) provided by operating activities		0
Cash Flows from Investing Activities:
Property and equipment additions, net of disposals	0	0
Proceeds received from sale of assets and businesses		0
Acquisition of property and businesses	0	0
Costs incurred for purchase and implementation of electronic health records application		0
Net cash used in investing activities	0	0
Cash Flows from Financing Activities:
Reduction of long-term debt	0	0
Additional borrowings	0
Repurchase of common shares	0	0
Dividends paid	0	0
Issuance of common stock	0	0
Excess income tax benefits related to stock-based compensation	0	0
Profit distributions to noncontrolling interests	0	0
Proceeds received from sale/leaseback of real property	0
Changes in intercompany balances with affiliates, net	0	0
Net cash (used in) provided by financing activities	0	0
Effect of exchange rate changes on cash and cash equivalents	0
(Decrease) increase in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of period	0	0
Cash and cash equivalents, end of period	0	0
Parent
Condensed Financial Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	(9,690)	6,497
Cash Flows from Investing Activities:
Property and equipment additions, net of disposals	0	0
Proceeds received from sale of assets and businesses		0
Acquisition of property and businesses	0	0
Costs incurred for purchase and implementation of electronic health records application		0
Net cash used in investing activities	0	0
Cash Flows from Financing Activities:
Reduction of long-term debt	(252,189)	(167,755)
Additional borrowings	5,200
Repurchase of common shares	(68,157)	(35,773)
Dividends paid	(19,804)	(9,884)
Issuance of common stock	4,039	3,287
Excess income tax benefits related to stock-based compensation	28,489	28,493
Profit distributions to noncontrolling interests	0	0
Proceeds received from sale/leaseback of real property	0
Changes in intercompany balances with affiliates, net	312,112	175,135
Net cash (used in) provided by financing activities	9,690	(6,497)
Effect of exchange rate changes on cash and cash equivalents	0
(Decrease) increase in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of period	0	0
Cash and cash equivalents, end of period	0	0
Guarantors
Condensed Financial Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	333,512	256,770
Cash Flows from Investing Activities:
Property and equipment additions, net of disposals	(97,857)	(116,688)
Proceeds received from sale of assets and businesses		11,450
Acquisition of property and businesses	(22,513)	(67,699)
Costs incurred for purchase and implementation of electronic health records application		(8,399)
Net cash used in investing activities	(120,370)	(181,336)
Cash Flows from Financing Activities:
Reduction of long-term debt	(2,865)	(317)
Additional borrowings	0
Repurchase of common shares	0	0
Dividends paid	0	0
Issuance of common stock	0	0
Excess income tax benefits related to stock-based compensation	0	0
Profit distributions to noncontrolling interests	0	0
Proceeds received from sale/leaseback of real property	0
Changes in intercompany balances with affiliates, net	(202,798)	(78,577)
Net cash (used in) provided by financing activities	(205,663)	(78,894)
Effect of exchange rate changes on cash and cash equivalents	293
(Decrease) increase in cash and cash equivalents	7,772	(3,460)
Cash and cash equivalents, beginning of period	21,784	7,990
Cash and cash equivalents, end of period	29,556	4,530
Non Guarantors
Condensed Financial Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	207,781	195,149
Cash Flows from Investing Activities:
Property and equipment additions, net of disposals	(72,723)	(70,098)
Proceeds received from sale of assets and businesses		0
Acquisition of property and businesses	(11,987)	(3,301)
Costs incurred for purchase and implementation of electronic health records application		0
Net cash used in investing activities	(84,710)	(73,399)
Cash Flows from Financing Activities:
Reduction of long-term debt	(604)	(11,054)
Additional borrowings	0
Repurchase of common shares	0	0
Dividends paid	0	0
Issuance of common stock	0	0
Excess income tax benefits related to stock-based compensation	0	0
Profit distributions to noncontrolling interests	(23,295)	(13,184)
Proceeds received from sale/leaseback of real property	12,765
Changes in intercompany balances with affiliates, net	(109,314)	(96,558)
Net cash (used in) provided by financing activities	(120,448)	(120,796)
Effect of exchange rate changes on cash and cash equivalents	0
(Decrease) increase in cash and cash equivalents	2,623	954
Cash and cash equivalents, beginning of period	10,285	9,248
Cash and cash equivalents, end of period	$ 12,908	$ 10,202