Tenet Healthcare (THC) 10-Q 30 Apr 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 26, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	1-7293
Entity Registrant Name	TENET HEALTHCARE CORP
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	95-2557091
Entity Address, Address Line One	14201 Dallas Parkway
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75254
City Area Code	469
Local Phone Number	893-2200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		97,683
Entity Central Index Key	0000070318
Current Fiscal Year End Date	--12-31
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common stock, $0.05 par value | New York Stock Exchange
Document Information [Line Items]
Title of 12(b) Security	Common stock, $0.05 par value
Trading Symbol	THC
Security Exchange Name	NYSE
6.875% Senior Notes due 2031 | New York Stock Exchange
Document Information [Line Items]
Title of 12(b) Security	6.875% Senior Notes due 2031
Trading Symbol	THC31
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 2,481	$ 1,228
Accounts receivable	3,148	2,914
Inventories of supplies, at cost	395	411
Assets held for sale	22	775
Other current assets	1,775	1,839
Total current assets	7,821	7,167
Investments and other assets	3,244	3,157
Deferred income taxes	20	77
Property and equipment, at cost, less accumulated depreciation and amortization ($5,908 at March 31, 2024 and $6,478 at December 31, 2023)	5,855	6,236
Goodwill	10,568	10,307
Other intangible assets, at cost, less accumulated amortization ($1,312 at March 31, 2024 and $1,447 at December 31, 2023)	1,399	1,368
Total assets	28,907	28,312
Current liabilities:
Current portion of long-term debt	107	120
Accounts payable	1,335	1,408
Accrued compensation and benefits	775	930
Professional and general liability reserves	266	254
Accrued interest payable	249	200
Liabilities held for sale	11	69
Income tax payable	805	23
Other current liabilities	1,868	1,756
Total current liabilities	5,416	4,760
Long-term debt, net of current portion	12,772	14,882
Professional and general liability reserves	794	792
Defined benefit plan obligations	334	335
Deferred income taxes	231	326
Other long-term liabilities	1,689	1,709
Total liabilities	21,236	22,804
Commitments and contingencies
Redeemable noncontrolling interests in equity of consolidated subsidiaries	2,728	2,391
Shareholders’ equity:
Common stock, $0.05 par value; authorized 262,500 shares; 157,805 shares issued at March 31, 2024 and 157,271 shares issued at December 31, 2023	8	8
Additional paid-in capital	4,806	4,834
Accumulated other comprehensive loss	(179)	(181)
Retained earnings (accumulated deficit)	1,959	(192)
Common stock in treasury, at cost, 60,132 shares at March 31, 2024 and 57,321 shares at December 31, 2023	(3,141)	(2,861)
Total shareholders’ equity	3,453	1,608
Noncontrolling interests	1,490	1,509
Total equity	4,943	3,117
Total liabilities and equity	$ 28,907	$ 28,312

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Property and equipment, accumulated depreciation and amortization	$ 5,908	$ 6,478
Accumulated amortization	$ 1,312	$ 1,447
Common stock, par value (in dollars per share)	$ 0.05	$ 0.05
Common stock, authorized shares (in shares)	262,500	262,500
Common stock, shares issued (in shares)	157,805	157,271
Common stock in treasury (in shares)	60,132	57,321

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net operating revenues	$ 5,368	$ 5,021
Grant income	0	3
Equity in earnings of unconsolidated affiliates	59	50
Operating expenses:
Salaries, wages and benefits	2,321	2,258
Supplies	928	891
Other operating expenses, net	1,154	1,093
Depreciation and amortization	208	217
Impairment and restructuring charges, and acquisition-related costs	27	21
Litigation and investigation costs	4	4
Net gains on sales, consolidation and deconsolidation of facilities	(2,500)	(13)
Operating income	3,285	603
Interest expense	(218)	(221)
Other non-operating income (expense), net	25	(2)
Loss from early extinguishment of debt	(8)	0
Income before income taxes	3,084	380
Income tax expense	(750)	(84)
Net income	2,334	296
Less: Net income available to noncontrolling interests	183	153
Net income available to Tenet Healthcare Corporation common shareholders	$ 2,151	$ 143
Earnings per share available to Tenet Healthcare Corporation common shareholders:
Basic earnings per share ((in dollars per share)	$ 21.60	$ 1.40
Diluted earnings per share (in dollars per share)	$ 21.38	$ 1.32
Weighted average shares and dilutive securities outstanding (in thousands):
Basic (in shares)	99,581	102,289
Diluted (in shares)	100,598	106,006

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 2,334	$ 296
Other comprehensive income:
Amortization of net actuarial loss included in other non-operating income (expense), net	2	2
Foreign currency translation adjustments and other	1	0
Other comprehensive income before income taxes	3	2
Income tax expense related to items of other comprehensive income	(1)	0
Total other comprehensive income, net of tax	2	2
Comprehensive net income	2,336	298
Less: Comprehensive income available to noncontrolling interests	183	153
Comprehensive income available to Tenet Healthcare Corporation common shareholders	$ 2,153	$ 145

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Cash Flows [Abstract]
Net income	$ 2,334	$ 296
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	208	217
Deferred income tax expense (benefit)	(38)	8
Stock-based compensation expense	17	14
Impairment and restructuring charges, and acquisition-related costs	27	21
Litigation and investigation costs	4	4
Net gains on sales, consolidation and deconsolidation of facilities	(2,500)	(13)
Loss from early extinguishment of debt	8	0
Equity in earnings of unconsolidated affiliates, net of distributions received	3	11
Amortization of debt discount and debt issuance costs	8	9
Net gains from the sale of investments and long-lived assets	0	(14)
Other items, net	(5)	(2)
Changes in cash from operating assets and liabilities:
Accounts receivable	(263)	35
Inventories and other current assets	(18)	50
Income taxes	783	76
Accounts payable, accrued expenses, contract liabilities and other current liabilities	19	(230)
Other long-term liabilities	24	(9)
Payments for restructuring charges, acquisition-related costs, and litigation costs and settlements	(25)	(24)
Net cash provided by operating activities	586	449
Cash flows from investing activities:
Purchases of property and equipment	(240)	(235)
Purchases of businesses or joint venture interests, net of cash acquired	(449)	(48)
Proceeds from sales of facilities and other assets	4,030	13
Proceeds from sales of marketable securities and long-term investments	7	9
Purchases of marketable securities and long-term investments	(10)	(18)
Other items, net	(10)	(7)
Net cash provided by (used in) investing activities	3,328	(286)
Cash flows from financing activities:
Repayments of borrowings	(2,141)	(45)
Proceeds from borrowings	2	12
Repurchases of common stock	(278)	(50)
Distributions paid to noncontrolling interests	(162)	(134)
Proceeds from the sale of noncontrolling interests	5	25
Purchases of noncontrolling interests	(52)	(41)
Other items, net	(35)	(22)
Net cash used in financing activities	(2,661)	(255)
Net increase (decrease) in cash and cash equivalents	1,253	(92)
Cash and cash equivalents at beginning of period	1,228	858
Cash and cash equivalents at end of period	2,481	766
Supplemental disclosures:
Interest paid, net of capitalized interest	(162)	(177)
Income tax payments, net	$ (5)	$ 0

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION Description of Business and Basis of Presentation Tenet Healthcare Corporation (together with our subsidiaries, referred to herein as “Tenet,” “we” or “us”) is a diversified healthcare services company headquartered in Dallas, Texas. Prior to December 31, 2023, our business was organized into three separate reporting segments: Hospital Operations and other, Ambulatory Care and Conifer. During the three months ended December 31, 2023, we combined our Hospital Operations and other and Conifer segments into a single reporting segment named Hospital Operations and Services (“Hospital Operations”). The results of the revenue cycle management and value-based care services we provide to hospitals, health systems, physician practices, employers and other clients previously reported under our Conifer segment are now combined with our Hospital Operations segment. See below for additional discussion of this change. Our expansive, nationwide care delivery network now consists of our Hospital Operations and Ambulatory Care segments. As of March 31, 2024, our Hospital Operations segment was comprised of 52 acute care and specialty hospitals, a network of employed physicians and 151 outpatient facilities, including imaging centers, urgent care centers (each, a “UCC”), ancillary emergency facilities and micro‑hospitals. Our Ambulatory Care segment is comprised of the operations of our subsidiary USPI Holding Company, Inc. (“USPI”), which held indirect ownership interests in 512 ambulatory surgery centers and 25 surgical hospitals at March 31, 2024. USPI held noncontrolling interests in 157 of these facilities, which are recorded using the equity method of accounting. In addition, we operate a Global Business Center (“GBC”) in Manila, Philippines. This quarterly report supplements our Annual Report on Form 10‑K for the year ended December 31, 2023 (“Annual Report”). As permitted by the Securities and Exchange Commission for interim reporting, we have omitted certain notes and disclosures that substantially duplicate those in our Annual Report. For further information, refer to the audited Consolidated Financial Statements and notes included in our Annual Report. Unless otherwise indicated, all dollar amounts presented in our Condensed Consolidated Financial Statements and these accompanying notes are expressed in millions (except per‑share amounts), and all share amounts are expressed in thousands. Changes to prior-year presentation— As noted above, we combined our Hospital Operations and other and Conifer segments into a single reporting segment named Hospital Operations and Services (Hospital Operations) during the three months ended December 31, 2023. This change was made to reflect updates to the organizational and management structure of our Conifer and Hospital Operations and other segments. All prior‑period data presented in this report has been adjusted to conform to our new reporting segment structure. As of December 31, 2023, our business was organized into two reporting segments: • our Hospital Operations segment, which includes (1) our acute care and specialty hospitals, physician practices, imaging centers, UCCs, ancillary emergency facilities and micro‑hospitals, and (2) the revenue cycle management and value‑based care services we provide to hospitals, health systems, physician practices, employers and other clients through our Conifer Health Solutions, LLC joint venture; and • our Ambulatory Care segment, which is comprised of the ambulatory surgery center and surgical hospital operations of our subsidiary USPI Holding Company, Inc. In addition, due to its increased significance, income tax payable is now presented separately from other current liabilities in the accompanying Condensed Consolidated Balance Sheets. Although our Condensed Consolidated Financial Statements and these related notes are unaudited, we believe all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires us to make estimates and assumptions that affect the amounts reported in our Condensed Consolidated Financial Statements and these accompanying notes. We regularly evaluate the accounting policies and estimates we use. In general, we base the estimates on historical experience and on assumptions that we believe to be reasonable given the particular circumstances in which we operate. Actual results may vary from those estimates. The financial and statistical information we report to other regulatory agencies may be prepared on a basis other than GAAP or using different assumptions or reporting periods and, therefore, may vary from the amounts presented herein. Although we make every effort to ensure that the information we report to those agencies is accurate, complete and consistent with applicable reporting guidelines, we cannot be responsible for the accuracy of the information they make available to the public. Operating results for the three‑month period ended March 31, 2024 are not necessarily indicative of the results that may be expected for the full year. Reasons for this include, but are not limited to: the impact of the demand for, and availability of, qualified medical personnel on compensation costs; overall revenue and cost trends, particularly the timing and magnitude of price changes; fluctuations in contractual allowances and cost report settlements and valuation allowances; managed care contract negotiations, settlements or terminations and payer consolidations; trends in patient accounts receivable collectability and associated implicit price concessions; the impact of cybersecurity incidents on our operations; fluctuations in interest rates; levels of malpractice insurance expense and settlement trends; impairment of long‑lived assets and goodwill; restructuring charges; losses, costs and insurance recoveries related to cybersecurity incidents, natural disasters and weather‑related occurrences; the future course and impact of COVID‑19, or the potential emergence and effects of a future pandemic, epidemic or outbreak of an infectious disease, on our operations, financial condition and liquidity; litigation and investigation costs; acquisitions and dispositions of facilities and other assets; gains (losses) on sales, consolidation and deconsolidation of facilities; income tax rates and deferred tax asset valuation allowance activity; changes in estimates of accruals for annual incentive compensation; the timing and amounts of stock option and restricted stock unit grants to employees and directors; gains (losses) from early extinguishment of debt; and changes in occupancy levels and patient volumes. Our hospitals and outpatient facilities are subject to various factors that affect our service mix, revenue mix and patient volumes and, thereby, impact our net patient service revenues and results of operations. These factors include, among others: changes in federal, state and local healthcare and business regulations; changes in general economic conditions nationally and regionally, including inflation and other factors; the number of uninsured and underinsured individuals in local communities treated at our facilities; disease hotspots and seasonal cycles of illness; climate and weather conditions; physician recruitment, satisfaction, retention and attrition; advances in technology and treatments that reduce length of stay or permit procedures to be performed in an outpatient rather than inpatient setting; local healthcare competitors; utilization pressure by managed care organizations, as well as managed care contract negotiations or terminations; performance data on quality measures and patient satisfaction, as well as standard charges for services; any unfavorable publicity about us, or our joint venture partners, that impacts our relationships with physicians and patients; and changing consumer behavior, including with respect to the timing of elective procedures. These considerations apply to year‑to‑year comparisons as well. Cash and Cash Equivalents We treat highly liquid investments with original maturities of three months or less as cash equivalents. Cash and cash equivalents were $2.481 billion and $1.228 billion at March 31, 2024 and December 31, 2023, respectively. At March 31, 2024 and December 31, 2023, our book overdrafts were $214 million and $187 million, respectively, which were classified as accounts payable. At March 31, 2024 and December 31, 2023, $97 million and $100 million, respectively, of total cash and cash equivalents in the accompanying Condensed Consolidated Balance Sheets were intended for the operations of our insurance‑related subsidiaries. Also at March 31, 2024 and December 31, 2023, we had $57 million and $154 million, respectively, of property and equipment purchases accrued for items received but not yet paid. Of these amounts, $44 million and $141 million, respectively, were included in accounts payable. During the three months ended March 31, 2024 and 2023, we recorded right‑of‑use assets related to non‑cancellable finance leases of $14 million and $19 million, respectively, and related to non‑cancellable operating leases of $41 million and $44 million, respectively, in each case excluding right‑of‑use assets obtained through business acquisitions. Goodwill The following tables provide information on changes in the carrying amount of goodwill: Three Months Ended March 31, 2024 2023 Hospital Operations: Goodwill at beginning of period, net of accumulated impairment losses $ 3,119 $ 3,411 Purchase price allocation adjustments (5) — Goodwill related to assets held for sale and disposed (281) (30) Goodwill at end of period, net of accumulated impairment losses $ 2,833 $ 3,381 Three Months Ended March 31, 2024 2023 Ambulatory Care: Goodwill at beginning of period $ 7,188 $ 6,712 Goodwill acquired during the year, net of purchase price allocation adjustments 607 167 Goodwill related to assets held for sale and disposed or deconsolidated facilities (60) (2) Goodwill at end of period $ 7,735 $ 6,877 Other Intangible Assets The following table provides information regarding other intangible assets, which were included in the accompanying Condensed Consolidated Balance Sheets: Gross Accumulated Net Book Value At March 31, 2024: Other intangible assets with finite useful lives: Capitalized software costs $ 1,581 $ (1,110) $ 471 Contracts 323 (125) 198 Other 86 (77) 9 Other intangible assets with finite lives 1,990 (1,312) 678 Other intangible assets with indefinite useful lives: Trade names 105 — 105 Contracts 612 — 612 Other 4 — 4 Other intangible assets with indefinite lives 721 — 721 Other intangible assets, net $ 2,711 $ (1,312) $ 1,399 At December 31, 2023: Other intangible assets with finite useful lives: Capitalized software costs $ 1,712 $ (1,205) $ 507 Contracts 294 (164) 130 Other 91 (78) 13 Other intangible assets with finite lives 2,097 (1,447) 650 Other intangible assets with indefinite useful lives: Trade names 105 — 105 Contracts 609 — 609 Other 4 — 4 Other intangible assets with indefinite lives 718 — 718 Other intangible assets, net $ 2,815 $ (1,447) $ 1,368 Estimated future amortization of intangible assets with finite useful lives at March 31, 2024 was as follows: Nine Months Ending Years Ending Later Years December 31, Total 2024 2025 2026 2027 2028 Amortization of intangible assets $ 678 $ 125 $ 111 $ 99 $ 88 $ 66 $ 189 We recognized amortization expense of $45 million and $42 million in the accompanying Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023, respectively. Other Current Assets The principal components of other current assets in the accompanying Condensed Consolidated Balance Sheets were as follows: March 31, 2024 December 31, 2023 Prepaid expenses $ 375 $ 391 Contract assets 194 208 California provider fee program receivables 305 329 Receivables from other government programs 240 282 Guarantees 248 274 Non-patient receivables 315 260 Other 98 95 Total other current assets $ 1,775 $ 1,839 Investments in Unconsolidated Affiliates As of March 31, 2024, we controlled 380 of the facilities in our Ambulatory Care segment and, therefore, consolidated their results. We account for many of the facilities in which our Ambulatory Care segment holds ownership interests (157 of 537 at March 31, 2024), as well as additional companies in which our Hospital Operations segment holds ownership interests, under the equity method as investments in unconsolidated affiliates and report only our share of net income as equity in earnings of unconsolidated affiliates in our condensed consolidated statements of operations. Summarized financial information for these equity method investees is included in the following table. For investments acquired during the reported periods, amounts in the table include 100% of the investee’s results beginning on the date of our acquisition of the investment. Three Months Ended March 31, 2024 2023 Net operating revenues $ 835 $ 783 Net income $ 216 $ 185 Net income available to the investees $ 123 $ 107

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE	3 Months Ended
	Mar. 31, 2024
Accounts Receivable Additional Disclosures [Abstract]
ACCOUNTS RECEIVABLE	ACCOUNTS RECEIVABLE The principal components of accounts receivable are presented in the table below: March 31, 2024 December 31, 2023 Patient accounts receivable $ 2,972 $ 2,719 Estimated future recoveries 140 148 Cost report settlements receivable, net of payables and valuation allowances 36 47 Accounts receivable, net $ 3,148 $ 2,914 We participate in various provider fee programs, which help reduce the amount of uncompensated care for indigent patients and those covered by Medicaid. The following table summarizes the amount and classification of assets and liabilities in the accompanying Condensed Consolidated Balance Sheets related to California’s provider fee program: March 31, 2024 December 31, 2023 Assets: Other current assets $ 305 $ 329 Investments and other assets $ 373 $ 334 Liabilities: Other current liabilities $ 203 $ 172 Other long-term liabilities $ 82 $ 135 Uninsured and Charity Patient Costs The following table presents our estimated costs (based on selected operating expenses, which include salaries, wages and benefits, supplies and other operating expenses) of caring for our uninsured and charity patients: Three Months Ended March 31, 2024 2023 Estimated costs for: Uninsured patients $ 139 $ 123 Charity care patients 21 24 Total $ 160 $ 147

CONTRACT BALANCES

CONTRACT BALANCES	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
CONTRACT BALANCES	CONTRACT BALANCES Hospital Operations Segment Our Hospital Operations segment’s contract assets and liabilities primarily derive from: (1) patients receiving ongoing inpatient care from one of our facilities at the end of the reporting period; and (2) timing differences between our performance of revenue cycle management and other contractually-based services and the invoicing or receipt of payment for these services. Our Hospital Operations segment’s contract assets were included in other current assets, and its contract liabilities were included in other current liabilities or other long‑term liabilities, depending upon when we expect to recognize the underlying revenue, in the accompanying Condensed Consolidated Balance Sheets at March 31, 2024 and December 31, 2023. Approximately 87% of our Hospital Operations segment’s contract assets meet the conditions for unconditional right to payment and are reclassified to patient receivables within 90 days. The opening and closing balances of our Hospital Operations segment’s receivables, contract assets, and current and long-term contract liabilities were as follows: Receivables Contract Assets – Contract Liabilities – Contract Liabilities – December 31, 2023 $ 21 $ 208 $ 59 $ 12 March 31, 2024 74 194 67 13 Increase (decrease) $ 53 $ (14) $ 8 $ 1 December 31, 2022 $ 37 $ 200 $ 110 $ 13 March 31, 2023 57 202 76 13 Increase (decrease) $ 20 $ 2 $ (34) $ — The difference between the opening and closing balances of our contract assets is primarily related to patients receiving ongoing inpatient care from one of our facilities at December 31, 2023 who have since been billed for the services provided. In the three months ended March 31, 2024 and 2023, we recognized revenue totaling $52 million and $64 million, respectively, from our revenue cycle management services that was included in the opening current deferred revenue liability. This revenue consists primarily of prepayments for those contract clients who were billed in advance, changes in estimates related to metric‑based services, and up‑front integration services that are recognized over the service period. Contract Costs —At March 31, 2024 and December 31, 2023, unamortized client contract setup costs were $21 million and $22 million, respectively, and were presented as part of investments and other assets in the accompanying Condensed Consolidated Balance Sheets. Net operating revenues for our Hospital Operations and Ambulatory Care segments primarily consist of net patient service revenues, principally for patients covered by Medicare, Medicaid, and managed care and other health plans, as well as certain uninsured patients under our Compact with Uninsured Patients and other uninsured discount and charity programs. Net operating revenues for our Hospital Operations segment also include revenues from providing revenue cycle management and value‑based care services to hospitals, health systems, physician practices, employers and other clients. The table below presents our sources of net operating revenues: Three Months Ended March 31, 2024 2023 Hospital Operations: Net patient service revenues from hospitals and related outpatient facilities: Medicare $ 610 $ 613 Medicaid 411 280 Managed care 2,656 2,503 Uninsured 19 31 Indemnity and other 154 140 Total 3,850 3,567 Other revenues (1) 523 549 Total Hospital Operations 4,373 4,116 Ambulatory Care 995 905 Net operating revenues $ 5,368 $ 5,021 (1) Primarily revenue from physician practices and revenue cycle management. Revenue from revenue cycle management services is included in other revenues for all periods presented to conform with our new reporting segment structure. Estimated cost report settlements receivable, net of payables and valuation allowances were included in accounts receivable in the accompanying Condensed Consolidated Balance Sheets (see Note 2). We believe that we have made adequate provision for any adjustments that may result from the final determination of amounts earned under all the above arrangements with Medicare and Medicaid. The following table presents the composition of net operating revenues for our Ambulatory Care segment: Three Months Ended March 31, 2024 2023 Net patient service revenues $ 954 $ 868 Management fees 33 30 Revenue from other sources 8 7 Net operating revenues $ 995 $ 905 Performance Obligations The following table includes revenue from revenue cycle management services that is expected to be recognized in the future related to performance obligations that are unsatisfied, or partially unsatisfied, at the end of the reporting period: Nine Months Ending Years Ending Later Years December 31, Total 2024 2025 2026 2027 2028 Performance obligations $ 5,854 $ 513 $ 684 $ 683 $ 683 $ 683 $ 2,608 The amounts in the table primarily consist of revenue cycle management fixed fees, which are typically recognized ratably as the performance obligation is satisfied. The estimated revenue does not include volume‑ or contingency‑based contracts, variable‑based escalators, performance incentives, penalties or other variable consideration that is considered constrained. Our contract with Catholic Health Initiatives (“CHI”), a minority interest owner of Conifer Health Solutions, LLC, represents the majority of the fixed‑fee revenue related to remaining performance obligations. Conifer’s contract term with CHI ends December 31, 2032.

DISPOSITION OF ASSETS AND LIABI

DISPOSITION OF ASSETS AND LIABILITIES	3 Months Ended
	Mar. 31, 2024
Discontinued Operation, Additional Disclosures [Abstract]
DISPOSITION OF ASSETS AND LIABILITIES	DISPOSITION OF ASSETS AND LIABILITIES In November 2023, we entered into a definitive agreement for the sale of three hospitals located in South Carolina and certain related operations (together, the “SC Hospitals”), all of which were held by our Hospital Operations segment. The assets and liabilities related to the SC Hospitals were included in assets held for sale and liabilities held for sale, respectively, in the accompanying Condensed Consolidated Balance Sheet at December 31, 2023. We completed the sale of the SC Hospitals in January 2024, resulting in the recognition of a pre-tax gain on sale of $1.673 billion in the three months ended March 31, 2024. In January 2024, we entered into a definitive agreement for the sale of four hospitals and certain related operations located in Orange County and Los Angeles County, California (the “OCLA CA Hospitals”), including facilities from both our Hospital Operations and Ambulatory Care segments. We completed the sale of the OCLA CA Hospitals in March 2024, resulting in the recognition of a pre-tax gain on sale of $529 million in the three months ended March 31, 2024. In February 2024, we entered into a definitive agreement for the sale of two hospitals and certain related operations located in San Luis Obispo County, California (the “Central CA Hospitals”), all of which were held by our Hospital Operations segment. We completed the sale of the Central CA Hospitals in March 2024, resulting in the recognition of a pre-tax gain on sale of $278 million in the three months ended March 31, 2024. Also in March 2024, we completed the sale of two ambulatory surgery centers located in South Carolina and held by our Ambulatory Care segment. We recognized a pre-tax gain of $23 million from this sale. Gains recognized from the disposition of the assets described above are included in net gains on sales, consolidation and deconsolidation of facilities in the accompanying Condensed Consolidated Statement of Operations for the three months ended March 31, 2024. Assets and liabilities classified as held for sale at March 31, 2024 were comprised of the following: Other current assets $ 6 Other intangible assets 16 Other current liabilities (11) Net assets held for sale $ 11 The following table presents amounts included in income before income taxes, related to significant components of our business that were recently disposed of: Three Months Ended March 31, 2024 2023 SC Hospitals (includes a $1.673 billion gain on sale in the 2024 period) $ 1,686 $ 28 OCLA CA Hospitals (includes a $529 million gain on sale in the 2024 period) 541 14 Central CA Hospitals (includes a $278 million gain on sale in the 2024 period) 289 10 Total $ 2,516 $ 52

IMPAIRMENT AND RESTRUCTURING CH

IMPAIRMENT AND RESTRUCTURING CHARGES, AND ACQUISITION-RELATED COSTS	3 Months Ended
	Mar. 31, 2024
Restructuring Costs and Asset Impairment Charges [Abstract]
IMPAIRMENT AND RESTRUCTURING CHARGES, AND ACQUISITION-RELATED COSTS	IMPAIRMENT AND RESTRUCTURING CHARGES, AND ACQUISITION ‑ RELATED COSTS Our impairment tests presume stable, improving or, in some cases, declining operating results in our facilities, which are based on programs and initiatives being implemented that are designed to achieve each facility’s most recent projections. If these projections are not met, or negative trends occur that impact our future outlook, future impairments of long‑lived assets and goodwill may occur, and we may incur additional restructuring charges, which could be material. We record costs associated with restructuring efforts in our statement of operations as they are incurred. Our restructuring plans typically focus on the alignment of our operations in the most strategic and cost‑effective structure, such as the establishment of support operations at our GBC, among other things. Certain restructuring and acquisition‑related costs are based on estimates. Changes in estimates are recognized as they occur. During the three months ended March 31, 2024, we recorded impairment and restructuring charges and acquisition‑related costs of $27 million, consisting of $14 million of restructuring charges, $12 million of acquisition‑related transaction costs and $1 million of impairment charges. Restructuring charges consisted of $7 million of legal costs related to the sale of certain businesses, $3 million related to the transition of various administrative functions to our GBC and $4 million of other restructuring costs. During the three months ended March 31, 2023, we recorded impairment and restructuring charges and acquisition‑related costs of $21 million, consisting of $18 million of restructuring charges, $2 million of acquisition‑related costs and $1 million of impairment charges. Restructuring charges consisted of $4 million of employee severance costs, $4 million related to the transition of various administrative functions to our GBC, $4 million of legal costs related to the sale of certain businesses, $3 million of contract and lease termination fees and $3 million of other restructuring costs. Acquisition‑related costs consisted of $2 million of transaction costs.

LONG-TERM DEBT

LONG-TERM DEBT	3 Months Ended
	Mar. 31, 2024
Long-Term Debt and Lease Obligation [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT The table below presents our long‑term debt included in the accompanying Condensed Consolidated Balance Sheets: March 31, 2024 December 31, 2023 Senior unsecured notes: 6.125% due 2028 $ 2,500 $ 2,500 6.875% due 2031 362 362 Senior secured first lien notes: 4.875% due 2026 — 2,100 5.125% due 2027 1,500 1,500 4.625% due 2028 600 600 4.250% due 2029 1,400 1,400 4.375% due 2030 1,450 1,450 6.125% due 2030 2,000 2,000 6.750% due 2031 1,350 1,350 Senior secured second lien notes: 6.250% due 2027 1,500 1,500 Finance leases, mortgages and other notes 324 361 Unamortized issue costs and note discounts (107) (121) Total long-term debt 12,879 15,002 Less: Current portion 107 120 Long-term debt, net of current portion $ 12,772 $ 14,882 Senior Unsecured Notes and Senior Secured Notes At March 31, 2024, we had senior unsecured notes and senior secured notes with aggregate principal amounts outstanding of $12.662 billion. These notes have fixed interest rates ranging from 4.250% to 6.875% and require semi‑annual interest payments in arrears. A payment of the principal and any accrued but unpaid interest is due upon the maturity date of the respective notes, which dates are staggered from February 2027 through November 2031. In March 2024, we redeemed all $2.100 billion aggregate principal amount outstanding of our 4.875% senior secured first lien notes due 2026 in advance of their maturity date. We paid $2.100 billion using cash on hand to redeem the notes. In connection with the redemption, we recorded a loss from early extinguishment of debt of $8 million in the three months ended March 31, 2024, primarily related to the write-off of associated unamortized issuance costs. Credit Agreement We have a senior secured revolving credit facility (as amended, the “Credit Agreement”) that provides for revolving loans in an aggregate principal amount of up to $1.500 billion with a $200 million subfacility for standby letters of credit. Outstanding revolving loans accrue interest depending on the type of loan at either (a) a base rate plus an applicable margin ranging from 0.25% to 0.75% per annum or (b) Term Secured Overnight Financing Rate (“SOFR”), Daily Simple SOFR or the Euro Interbank Offered Rate (EURIBOR) (each, as defined in the Credit Agreement) plus an applicable margin ranging from 1.25% to 1.75% per annum and (in the case of Term SOFR and Daily Simple SOFR only) a credit spread adjustment of 0.10%, in each case based on available credit. An unused commitment fee payable on the undrawn portion of the revolving loans ranges from 0.25% to 0.375% per annum based on available credit. Our borrowing availability is based on a specified percentage of eligible inventory and accounts receivable, including self‑pay accounts. At March 31, 2024, we had no cash borrowings outstanding under the Credit Agreement, and we had less than $1 million of standby letters of credit outstanding. Based on our eligible receivables, $1.500 billion was available for borrowing under the Credit Agreement at March 31, 2024. Letter of Credit Facility We have a letter of credit facility (as amended to date, the “LC Facility”) that provides for the issuance, from time to time, of standby and documentary letters of credit in an aggregate principal amount of up to $200 million. We amended the LC Facility in September 2023 to, among other things, (1) extend the scheduled maturity date from September 12, 2024 to March 16, 2027, and (2) replace the London Interbank Offered Rate (LIBOR) with Term SOFR as the reference interest rate. Drawings under any letter of credit issued under the LC Facility that we have not reimbursed within three business days after notice thereof accrue interest at a base rate, as defined in the LC Facility, plus a margin of 0.50% per annum. An unused commitment fee is payable at an initial rate of 0.25% per annum with a step up to 0.375% per annum should our secured‑debt‑to‑EBITDA ratio equal or exceed 3.00 to 1.00 at the end of any fiscal quarter. A fee on the aggregate outstanding amount of issued but undrawn letters of credit accrues at a rate of 1.50% per annum. An issuance fee equal to 0.125% per annum of the aggregate face amount of each outstanding letter of credit is payable to the account of the issuer of the related letter of credit. The LC Facility is subject to an effective maximum secured debt covenant of 4.25 to 1.00. At March 31, 2024, we had $110 million of standby letters of credit outstanding under the LC Facility.

GUARANTEES

GUARANTEES	3 Months Ended
	Mar. 31, 2024
Guarantees [Abstract]
GUARANTEES	GUARANTEES At March 31, 2024, the maximum potential amount of future payments under our income guarantees to certain physicians who agree to relocate and revenue collection guarantees to hospital‑based physician groups providing certain services at our hospitals was $316 million. We had a total liability of $246 million recorded for these guarantees included in other current liabilities in the accompanying Condensed Consolidated Balance Sheet at March 31, 2024. At March 31, 2024, we also had issued guarantees of the indebtedness and other obligations of our investees to third parties, the maximum potential amount of future payments under which was approximately $86 million. Of the total, $20 million relates to the obligations of consolidated subsidiaries, which obligations were recorded in other current liabilities in the accompanying Condensed Consolidated Balance Sheet at March 31, 2024.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS Share-Based Compensation Plans The accompanying Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 include $17 million and $14 million, respectively, of pre-tax compensation costs related to our stock‑based compensation arrangements. Stock Options The following table provides information about our stock option activity during the three months ended March 31, 2024: Number of Options Weighted Average Aggregate Weighted Average (In Millions) Outstanding at December 31, 2023 384,440 $ 22.79 Exercised (94,560) $ 18.99 Outstanding at March 31, 2024 289,880 $ 24.02 $ 24 4.1 years The stock options exercised during the three months ended March 31, 2024 had an aggregate intrinsic value of $8 million. No stock options were exercised during the three months ended March 31, 2023, and we did not grant any stock options during either of the three-month periods in 2024 or 2023. The following table provides additional information about our outstanding stock options, all of which were vested and exercisable, at March 31, 2024: Options Outstanding and Exercisable Range of Exercise Prices Number of Weighted Average Weighted Average $18.99 to $20.609 161,285 3.5 years $ 19.99 $20.61 to $35.430 128,595 4.8 years $ 29.07 289,880 4.1 years $ 24.02 Restricted Stock Units The following table presents information about our restricted stock unit (“RSU”) activity during the three months ended March 31, 2024: Number of RSUs Weighted Average Grant Unvested at December 31, 2023 1,421,063 $ 66.46 Granted 527,897 $ 97.18 Performance-based adjustment 204,121 $ 66.42 Vested (642,865) $ 65.22 Forfeited (674) $ 67.77 Unvested at March 31, 2024 1,509,542 $ 79.84 We grant both time‑based RSUs that vest over a prescribed period and performance-based RSUs that vest subject to the achievement of specified performance goals within a pre‑established time frame. The performance-based RSUs may contain provisions that increase or decrease the number of RSUs that ultimately vest, depending upon the level of achievement. For certain of our performance‑based awards, the number of RSUs that ultimately vest is also subject to adjustment based on the achievement of a market‑based condition. These adjustments range from 0% to a maximum of 250% of the number of RSUs initially granted for awards made in 2024, from 0% to a maximum of 225% for awards made in 2023 and from 0% to 200% for awards granted prior to 2023. The table below summarizes the time-based RSUs granted during the three months ended March 31, 2024: No. of RSUs Vesting Terms 247,136 RSUs will vest and be settled ratably over a three The table below summarizes the performance-based RSUs granted during the three months ended March 31, 2024: No. of RSUs Performance Period Potential Vesting Range Vesting Terms Minimum Maximum 275,156 RSUs will vest and be settled on the third anniversary of the grant date 2024 to 2026 — % 250 % 204,121 RSUs vested and settled immediately as a result of our level of achievement with respect to performance‑based RSUs granted in 2021 5,605 RSUs will vest and be settled on the third anniversary of the grant date 2024 to 2026 — % 150 % The table below summarizes the time-based RSUs granted during the three months ended March 31, 2023: No. of RSUs Vesting Terms 301,268 RSUs will vest and be settled ratably over a three 42,626 RSUs will vest and be settled on the fifth anniversary of the grant date 33,586 RSUs vested and settled in December 2023 The table below summarizes the performance-based RSUs granted during the three months ended March 31, 2023: No. of RSUs Performance Period Potential Vesting Range Vesting Terms Minimum Maximum 301,268 RSUs will vest and be settled on the third anniversary of the grant date 2023 to 2025 — % 225 % 185,901 RSUs vested and settled immediately as a result of our level of achievement with respect to performance‑based RSUs granted in 2020 The fair value of an RSU is based on our share price on the grant date. The fair value of an RSU with a market‑based condition is estimated through the use of a Monte Carlo simulation. Significant inputs used in our valuation of these RSUs included the following: Three Months Ended March 31, 2024 2023 Expected volatility 34.9% - 52.1% 53.6% - 65.6% Risk-free interest rate 4.4% - 4.9% 4.5% - 4.8% At March 31, 2024, there were $79 million of total unrecognized compensation costs related to RSUs. These costs are expected to be recognized over a weighted average period of 2.4 years. USPI Management Equity Plan USPI maintains a separate restricted stock plan (the “USPI Management Equity Plan”) under which it grants RSUs representing a contractual right to receive one share of USPI’s non‑voting common stock in the future. The vesting of RSUs granted under the USPI Management Equity Plan varies based on the terms of the underlying award agreement. Once the RSUs have vested and the subsequent requisite holding period is met, during specified times, the participant can sell the underlying shares to USPI at their estimated fair market value. At our sole discretion, the purchase of any non‑voting common shares can be made in cash or in shares of Tenet’s common stock. The following table summarizes RSU activity under the USPI Management Equity Plan during the three months ended March 31, 2024: Number of RSUs Weighted Average Grant Unvested at December 31, 2023 607,984 $ 34.13 Vested (605,987) $ 34.13 Forfeited (1,997) $ 34.13 Unvested at March 31, 2024 — $ 34.13 USPI did not make any grants under the USPI Management Equity Plan during the three months ended March 31, 2024 or 2023. At March 31, 2024, there were 453 thousand outstanding vested shares of non‑voting common stock eligible to be sold to USPI.

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
EQUITY	EQUITY The following tables present the changes in consolidated equity (dollars in millions, share amounts in thousands): Common Stock Additional Accumulated Retained Earnings Treasury Noncontrolling Total Equity Shares Issued Par Balances at December 31, 2023 99,950 $ 8 $ 4,834 $ (181) $ (192) $ (2,861) $ 1,509 $ 3,117 Net income — — — — 2,151 — 82 2,233 Distributions paid to noncontrolling interests — — — — — — (78) (78) Other comprehensive income — — — 2 — — — 2 Sales of businesses and noncontrolling interests, net — — (5) — — — (23) (28) Repurchases of common stock (2,811) — — — — (280) — (280) Stock-based compensation expense and issuance of common stock 534 — (23) — — — — (23) Balances at March 31, 2024 97,673 $ 8 $ 4,806 $ (179) $ 1,959 $ (3,141) $ 1,490 $ 4,943 Common Stock Additional Accumulated Accumulated Treasury Noncontrolling Total Equity Shares Issued Par Balances at December 31, 2022 102,247 $ 8 $ 4,778 $ (181) $ (803) $ (2,660) $ 1,317 $ 2,459 Net income — — — — 143 — 74 217 Distributions paid to noncontrolling interests — — — — — — (61) (61) Other comprehensive income — — — 2 — — — 2 Purchases of businesses and noncontrolling interests, net — — 2 — — — 17 19 Repurchases of common stock (906) — — — — (50) — (50) Stock-based compensation expense and issuance of common stock 571 — (6) — — — — (6) Balances at March 31, 2023 101,912 $ 8 $ 4,774 $ (179) $ (660) $ (2,710) $ 1,347 $ 2,580 Nonredeemable Noncontrolling Interests Our nonredeemable noncontrolling interests balances at March 31, 2024 and December 31, 2023 were comprised of $183 million and $185 million, respectively, from our Hospital Operations segment, and $1.307 billion and $1.324 billion, respectively, from our Ambulatory Care segment. Net income amounts available to nonredeemable noncontrolling interests for the three months ended March 31, 2024 and 2023 in the tables above were comprised of $9 million and $5 million, respectively, from our Hospital Operations segment and $73 million and $69 million, respectively, from our Ambulatory Care segment. Share Repurchase Program In October 2022, our board of directors authorized the repurchase of up to $1 billion of our common stock through a share repurchase program. Repurchases may be made in open‑market or privately negotiated transactions, at management’s discretion subject to market conditions and other factors, and in a manner consistent with applicable securities laws and regulations. The share repurchase program does not obligate us to acquire any particular amount of common stock, and it may be suspended for periods or discontinued at any time before its scheduled expiration date of December 31, 2024. The table below summarizes transactions completed under the repurchase program during the periods shown: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Program Maximum Dollar Value of Shares That May Yet be Purchased Under the Program (In Thousands) (In Thousands) (In Millions) Three Months Ended March 31, 2024: January 1 through January 31, 2024 — $ — — $ 550 February 1 through February 29, 2024 — $ — — $ 550 March 1 through March 31, 2024 2,811 $ 98.86 2,811 $ 272 Three Months Ended March 31, 2023: January 1 through January 31, 2023 — $ — — $ 750 February 1 through February 28, 2023 — $ — — $ 750 March 1 through March 31, 2023 906 $ 55.03 906 $ 700

NET OPERATING REVENUES

NET OPERATING REVENUES	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
NET OPERATING REVENUES	CONTRACT BALANCES Hospital Operations Segment Our Hospital Operations segment’s contract assets and liabilities primarily derive from: (1) patients receiving ongoing inpatient care from one of our facilities at the end of the reporting period; and (2) timing differences between our performance of revenue cycle management and other contractually-based services and the invoicing or receipt of payment for these services. Our Hospital Operations segment’s contract assets were included in other current assets, and its contract liabilities were included in other current liabilities or other long‑term liabilities, depending upon when we expect to recognize the underlying revenue, in the accompanying Condensed Consolidated Balance Sheets at March 31, 2024 and December 31, 2023. Approximately 87% of our Hospital Operations segment’s contract assets meet the conditions for unconditional right to payment and are reclassified to patient receivables within 90 days. The opening and closing balances of our Hospital Operations segment’s receivables, contract assets, and current and long-term contract liabilities were as follows: Receivables Contract Assets – Contract Liabilities – Contract Liabilities – December 31, 2023 $ 21 $ 208 $ 59 $ 12 March 31, 2024 74 194 67 13 Increase (decrease) $ 53 $ (14) $ 8 $ 1 December 31, 2022 $ 37 $ 200 $ 110 $ 13 March 31, 2023 57 202 76 13 Increase (decrease) $ 20 $ 2 $ (34) $ — The difference between the opening and closing balances of our contract assets is primarily related to patients receiving ongoing inpatient care from one of our facilities at December 31, 2023 who have since been billed for the services provided. In the three months ended March 31, 2024 and 2023, we recognized revenue totaling $52 million and $64 million, respectively, from our revenue cycle management services that was included in the opening current deferred revenue liability. This revenue consists primarily of prepayments for those contract clients who were billed in advance, changes in estimates related to metric‑based services, and up‑front integration services that are recognized over the service period. Contract Costs —At March 31, 2024 and December 31, 2023, unamortized client contract setup costs were $21 million and $22 million, respectively, and were presented as part of investments and other assets in the accompanying Condensed Consolidated Balance Sheets. Net operating revenues for our Hospital Operations and Ambulatory Care segments primarily consist of net patient service revenues, principally for patients covered by Medicare, Medicaid, and managed care and other health plans, as well as certain uninsured patients under our Compact with Uninsured Patients and other uninsured discount and charity programs. Net operating revenues for our Hospital Operations segment also include revenues from providing revenue cycle management and value‑based care services to hospitals, health systems, physician practices, employers and other clients. The table below presents our sources of net operating revenues: Three Months Ended March 31, 2024 2023 Hospital Operations: Net patient service revenues from hospitals and related outpatient facilities: Medicare $ 610 $ 613 Medicaid 411 280 Managed care 2,656 2,503 Uninsured 19 31 Indemnity and other 154 140 Total 3,850 3,567 Other revenues (1) 523 549 Total Hospital Operations 4,373 4,116 Ambulatory Care 995 905 Net operating revenues $ 5,368 $ 5,021 (1) Primarily revenue from physician practices and revenue cycle management. Revenue from revenue cycle management services is included in other revenues for all periods presented to conform with our new reporting segment structure. Estimated cost report settlements receivable, net of payables and valuation allowances were included in accounts receivable in the accompanying Condensed Consolidated Balance Sheets (see Note 2). We believe that we have made adequate provision for any adjustments that may result from the final determination of amounts earned under all the above arrangements with Medicare and Medicaid. The following table presents the composition of net operating revenues for our Ambulatory Care segment: Three Months Ended March 31, 2024 2023 Net patient service revenues $ 954 $ 868 Management fees 33 30 Revenue from other sources 8 7 Net operating revenues $ 995 $ 905 Performance Obligations The following table includes revenue from revenue cycle management services that is expected to be recognized in the future related to performance obligations that are unsatisfied, or partially unsatisfied, at the end of the reporting period: Nine Months Ending Years Ending Later Years December 31, Total 2024 2025 2026 2027 2028 Performance obligations $ 5,854 $ 513 $ 684 $ 683 $ 683 $ 683 $ 2,608 The amounts in the table primarily consist of revenue cycle management fixed fees, which are typically recognized ratably as the performance obligation is satisfied. The estimated revenue does not include volume‑ or contingency‑based contracts, variable‑based escalators, performance incentives, penalties or other variable consideration that is considered constrained. Our contract with Catholic Health Initiatives (“CHI”), a minority interest owner of Conifer Health Solutions, LLC, represents the majority of the fixed‑fee revenue related to remaining performance obligations. Conifer’s contract term with CHI ends December 31, 2032.

INSURANCE

INSURANCE	3 Months Ended
	Mar. 31, 2024
Property and Professional and General Liablity Insurance [Abstract]
INSURANCE	INSURANCE Property Insurance We have property, business interruption and related insurance coverage to mitigate the financial impact of catastrophic events or perils that is subject to deductible provisions based on the terms of the policies. These policies are issued on an occurrence basis. For both the policy periods of April 1, 2022 through March 31, 2023 and April 1, 2023 through March 31, 2024, we have coverage totaling $850 million per occurrence, after deductibles and exclusions, with annual aggregate sub‑limits of $100 million for floods, $200 million for earthquakes in California, $200 million for all other earthquakes and a per‑occurrence sub‑limit of $200 million per named windstorm with no annual aggregate. With respect to fires and other perils, excluding floods, earthquakes and named windstorms, the total $850 million limit of coverage per occurrence applies. Deductibles are 5% of insured values for earthquakes in California and named windstorms, and 2% of insured values for earthquakes in the New Madrid fault zone, each with a maximum deductible per claim of $25 million. All other covered losses are subject to a minimum deductible of $5 million per occurrence. We also purchase cyber liability insurance from third parties. During the three months ended March 31, 2023, we received $31 million of insurance recoveries related to a cybersecurity incident that occurred in 2022. Of the amounts received, we recorded $27 million as net operating revenues during the same three-month period in 2023. We did not receive any insurance recoveries or recognize additional recoveries in net operating revenues during the three months ended March 31, 2024. Professional and General Liability Reserves We are self‑insured for the majority of our professional and general liability claims, and we purchase insurance from third‑parties to cover catastrophic claims. At March 31, 2024 and December 31, 2023, the aggregate current and long‑term professional and general liability reserves in the accompanying Condensed Consolidated Balance Sheets were $1.060 billion and $1.046 billion, respectively. These accruals include the reserves recorded by our captive insurance subsidiaries and our self‑insured retention reserves recorded based on modeled estimates for the portion of our professional and general liability risks, including incurred but not reported claims, for which we do not have insurance coverage. Malpractice expense of $70 million and $91 million was included in other operating expenses, net, in the accompanying Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023, respectively.

CLAIMS AND LAWSUITS

CLAIMS AND LAWSUITS	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
CLAIMS AND LAWSUITS	CLAIMS AND LAWSUITS We operate in a highly regulated and litigious industry. Healthcare companies are subject to numerous investigations by various governmental agencies. Further, private parties have the right to bring qui tam or “whistleblower” lawsuits against companies that allegedly submit false claims for payments to, or improperly retain overpayments from, the government and, in some states, private payers. We and our subsidiaries have received inquiries in recent years from government agencies, and we may receive similar inquiries in future periods. We are also subject to class action lawsuits, employment‑related claims and other legal actions in the ordinary course of business, including potential claims related to, among other things, the care and treatment provided at our hospitals and outpatient facilities, the application of various federal and state labor and privacy laws, tax audits and other matters. Some of these actions may involve large demands, as well as substantial defense costs. We cannot predict the outcome of current or future legal actions against us or the effect that judgments or settlements in such matters may have on us; however, we believe that the ultimate resolution of our existing ordinary‑course claims and lawsuits will not have a material effect on our business or financial condition. New claims or inquiries may be initiated against us from time to time. These matters could (1) require us to pay substantial damages or amounts in judgments or settlements, which, individually or in the aggregate, could exceed amounts, if any, that may be recovered under our insurance policies where coverage applies and is available, (2) cause us to incur substantial expenses, (3) require significant time and attention from our management, and (4) cause us to close or sell hospitals or otherwise modify the way we conduct business. We record accruals for estimated losses relating to claims and lawsuits when available information indicates that a loss is probable and we can reasonably estimate the amount of the loss or a range of loss. Significant judgment is required in both the determination of the probability of a loss and the determination as to whether a loss is reasonably estimable. These determinations are updated at least quarterly and are adjusted to reflect the effects of negotiations, settlements, rulings, advice of legal counsel and technical experts, and other information and events pertaining to a particular matter, but are subject to significant uncertainty regarding numerous factors that could affect the ultimate loss levels. If a loss on a material matter is reasonably possible and estimable, we disclose an estimate of the loss or a range of loss. We do not disclose an estimate when we have concluded that a loss is either not reasonably possible or a loss, or a range of loss, is not reasonably estimable, based on available information. Given the inherent uncertainties associated with material legal matters, especially those involving governmental agencies, and the indeterminate damages sought in some cases, we are unable to predict the ultimate liability we may incur from such matters, and an adverse outcome in one or more of these matters could be material to our results of operations or cash flows for any particular reporting period. The following table presents reconciliations of the beginning and ending liability balances in connection with legal settlements and related costs: Balances at Litigation and Cash Other Balances at Three Months Ended March 31, 2024 $ 40 $ 4 $ (15) $ (1) $ 28 Three Months Ended March 31, 2023 $ 51 $ 4 $ (5) $ — $ 50

REDEEMABLE NONCONTROLLING INTER

REDEEMABLE NONCONTROLLING INTERESTS IN EQUITY OF CONSOLIDATED SUBSIDIARIES	3 Months Ended
	Mar. 31, 2024
Noncontrolling Interest [Abstract]
REDEEMABLE NONCONTROLLING INTERESTS IN EQUITY OF CONSOLIDATED SUBSIDIARIES	REDEEMABLE NONCONTROLLING INTERESTS IN EQUITY OF CONSOLIDATED SUBSIDIARIES Certain of our investees’ partnership and operating agreements contain terms that, upon the occurrence of specified events, could obligate us to purchase some or all of the noncontrolling interests related to our consolidated subsidiaries. The noncontrolling interests subject to these provisions, and the income attributable to those interests, are not included as part of our equity and are presented as redeemable noncontrolling interests in the accompanying Condensed Consolidated Balance Sheets at March 31, 2024 and December 31, 2023. The following table presents the changes in redeemable noncontrolling interests in equity of consolidated subsidiaries for the periods presented: Three Months Ended March 31, 2024 2023 Balances at beginning of period $ 2,391 $ 2,149 Net income 101 79 Distributions paid to noncontrolling interests (84) (73) Purchases and sales of businesses and noncontrolling interests, net 320 70 Balances at end of period $ 2,728 $ 2,225 The following tables present the composition by segment of our redeemable noncontrolling interests balances, as well as our net income available to redeemable noncontrolling interests: March 31, 2024 December 31, 2023 Hospital Operations $ 879 $ 860 Ambulatory Care 1,849 1,531 Redeemable noncontrolling interests $ 2,728 $ 2,391 Three Months Ended March 31, 2024 2023 Hospital Operations $ 21 $ 22 Ambulatory Care 80 57 Net income available to redeemable noncontrolling interests $ 101 $ 79 In June 2022, we entered into a share purchase agreement to acquire the 5% ownership interest then-held by Baylor University Medical Center (“Baylor”) in USPI for $406 million. Under the share purchase agreement, we are obligated to make non-interest-bearing monthly payments of approximately $11 million through June 2025. At both March 31, 2024 and December 31, 2023, we had a liability of $135 million recorded in other current liabilities in the accompanying Condensed Consolidated Balance Sheets for the purchase of Baylor’s ownership interest. The long-term portion of this obligation was $31 million and $63 million at March 31, 2024 and December 31, 2023, respectively, which amounts were included in other long-term liabilities in the accompanying Condensed Consolidated Balance Sheets.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES During the three months ended March 31, 2024 and 2023, we recorded income tax expense of $750 million and $84 million on pre-tax income of $3.084 billion and $380 million, respectively. Our provision for income taxes during interim reporting periods is calculated by applying an estimate of the annual effective tax rate to “ordinary” income or loss (pre-tax income or loss excluding unusual or infrequently occurring discrete items) for the reporting period. In calculating “ordinary” income, non‑taxable income available to noncontrolling interests was deducted from pre-tax income. A reconciliation between the amount of reported income tax expense and the amount computed by multiplying income before income taxes by the statutory federal tax rate is presented below: Three Months Ended March 31, 2024 2023 Tax expense at statutory federal rate of 21% $ 648 $ 80 State income taxes, net of federal income tax benefit 203 16 Tax benefit attributable to noncontrolling interests (38) (32) Nondeductible goodwill 126 — Stock-based compensation tax benefit (5) (2) Changes in valuation allowance (185) 19 Other items 1 3 Income tax expense $ 750 $ 84 During the three months ended March 31, 2024, we recorded an income tax benefit of $185 million to decrease the valuation allowance for utilization of interest expense carryforwards primarily due to gains from sales of facilities. During the three months ended March 31, 2023, we recorded income tax expense of $19 million to increase the valuation allowance for interest expense carryforwards as a result of the limitation on business interest expense. The Inflation Reduction Act of 2022 implemented a corporate alternative minimum tax (“CAMT”) of 15% on book income of certain large corporations effective for tax years beginning after December 31, 2022. We are subject to the CAMT, however, we currently do not expect any material impact on our consolidated statement of operations. There were no adjustments to our estimated liabilities for uncertain tax positions during the three months ended March 31, 2024. The total amount of unrecognized tax benefits as of March 31, 2024 was $61 million, of which $59 million, if recognized, would affect our effective tax rate and income tax expense. Our practice is to recognize interest and penalties related to income tax matters in income tax expense in our condensed consolidated statements of operations. Approximately $1 million of interest and penalties related to accrued liabilities for uncertain tax positions are included for the three months ended March 31, 2024. Total accrued interest and penalties on unrecognized tax benefits at March 31, 2024 were $3 million. As of March 31, 2024, no significant changes in unrecognized federal and state tax benefits were expected in the next 12 months as a result of the settlement of audits, the filing of amended tax returns or the expiration of statutes of limitations.

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	EARNINGS PER COMMON SHARE The following table reconciles the numerators and denominators of our basic and diluted earnings per common share calculations. Net income available to our common shareholders is expressed in millions and weighted average shares are expressed in thousands. Net Income Available to Common Shareholders (Numerator) Weighted Per-Share Amount Three Months Ended March 31, 2024 Net income available to Tenet Healthcare Corporation common shareholders for basic earnings per share $ 2,151 99,581 $ 21.60 Effect of dilutive stock options, restricted stock units, deferred compensation units, convertible instruments and dividends on preferred stock — 1,017 (0.22) Net income available to Tenet Healthcare Corporation common shareholders for diluted earnings per share $ 2,151 100,598 $ 21.38 Three Months Ended March 31, 2023 Net income available to Tenet Healthcare Corporation common shareholders for basic earnings per share $ 143 102,289 $ 1.40 Effect of dilutive stock options, restricted stock units, deferred compensation units, convertible instruments and dividends on preferred stock (3) 3,717 (0.08) Net income available to Tenet Healthcare Corporation common shareholders for diluted earnings per share $ 140 106,006 $ 1.32 During the three months ended March 31, 2024 and 2023, our convertible instruments consisted of RSUs issued under the USPI Management Equity Plan; however, during the three-month period in 2023, our convertible instruments also included an agreement related to the ownership interest in a Hospital Operations segment joint venture.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS We are required to provide additional disclosures about fair value measurements as part of our financial statements for each major category of assets and liabilities measured at fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities, which generally are not applicable to non‑financial assets and liabilities. Fair values determined by Level 2 inputs utilize data points that are observable, such as definitive sales agreements, appraisals or established market values of comparable assets. Fair values determined by Level 3 inputs utilize unobservable data points for the asset or liability and include situations where there is little, if any, market activity for the asset or liability, such as internal estimates of future cash flows. Non-Recurring Fair Value Measurements Our non‑financial assets and liabilities not permitted or required to be measured at fair value on a recurring basis typically relate to long‑lived assets held and used, long‑lived assets held for sale and goodwill. The following table presents this information about assets measured at fair value on a non-recurring basis and indicates the fair value hierarchy of the valuation techniques we utilized to determine such fair values: Total Quoted Prices Significant Other Significant March 31, 2024 Long-lived assets held for sale $ 22 $ — $ 22 $ — December 31, 2023 Long-lived assets held for sale $ 775 $ — $ 775 $ — Financial Instruments The fair value of our long‑term debt (except for borrowings under the Credit Agreement) is based on quoted market prices (Level 1). The inputs used to establish the fair value of the borrowings outstanding under the Credit Agreement are considered to be Level 2 inputs. At March 31, 2024 and December 31, 2023, the estimated fair value of our long‑term debt was approximately 97.1% and 96.9%, respectively, of the carrying value of the debt.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	ACQUISITIONS Preliminary purchase price allocations (representing the fair value of the consideration conveyed) for all acquisitions made during the three months ended March 31, 2024 and 2023 are as follows: Three Months Ended March 31, 2024 2023 Current assets $ 65 $ 6 Property and equipment 37 4 Other intangible assets 86 2 Goodwill 613 165 Long-term operating lease assets 93 — Other long-term assets 1 4 Previously held investments in unconsolidated affiliates (4) (37) Current liabilities (58) (5) Long-term operating lease liabilities (83) — Other long-term liabilities (11) (8) Redeemable noncontrolling interests in equity of consolidated subsidiaries (302) (56) Noncontrolling interests (2) (14) Cash paid, net of cash acquired (439) (48) Gains (losses) on consolidations $ (4) $ 13 The goodwill generated from the 2024 transactions, the majority of which we believe will not be deductible for income tax purposes, can be attributed to the benefits that we expect to realize from operating efficiencies and growth strategies. The goodwill total of $613 million from acquisitions completed during the three months ended March 31, 2024 was recorded in our Ambulatory Care segment. Approximately $12 million and $2 million in transaction costs related to prospective and closed acquisitions were expensed during the three months ended March 31, 2024 and 2023, respectively, and were included in impairment and restructuring charges, and acquisition‑related costs in the accompanying Condensed Consolidated Statements of Operations. In December 2023, we acquired a 55% ownership interest in NextCare Arizona I JV, LLC and a minority ownership interest in NextCare Arizona II JV, LLC from NextCare, Inc. and certain of its affiliates (“NextCare”). Through these transactions, we acquired a controlling interest in 41 fully operational UCCs and a telehealth center, as well as a noncontrolling interest in an additional 15 fully operational UCCs, all located in Arizona. We retained $10 million of the purchase price in escrow pending NextCare’s compliance with certain conditions, which amount was remitted to NextCare during the three months ended March 31, 2024. We are required to allocate the purchase prices of acquired businesses to assets acquired or liabilities assumed and, if applicable, noncontrolling interests based on their fair values. The excess of the purchase price allocated over those fair values is recorded as goodwill. The purchase price allocations for certain acquisitions completed in 2024 and 2023 are preliminary. We are in the process of assessing working capital balances and lease and other agreements assumed, as well as obtaining and evaluating valuations of the acquired property and equipment, management contracts and other intangible assets, and noncontrolling interests. Therefore, those purchase price allocations, including goodwill, recorded in the accompanying Condensed Consolidated Financial Statements are subject to adjustment once the assessments and valuation work are completed and evaluated. Such adjustments will be recorded as soon as practical and within the measurement period as defined by the accounting literature. During the three months ended March 31, 2024, we adjusted the preliminary purchase allocations of certain acquisitions completed in 2023 based on the results of completed valuations. These adjustments resulted in a net decrease in goodwill of $11 million.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION Prior to December 31, 2023, our business was organized into three separate reporting segments: Hospital Operations and other, Ambulatory Care and Conifer. During the three months ended December 31, 2023, we combined our Hospital Operations and other and Conifer segments into a single reporting segment named Hospital Operations and Services (Hospital Operations). See Note 1 for additional discussion of this change. Our Hospital Operations segment is comprised of our acute care and specialty hospitals, physician practices and outpatient facilities. At March 31, 2024, our subsidiaries operated 52 hospitals, serving primarily urban and suburban communities in nine states, as well as 151 outpatient facilities, primarily imaging centers, UCCs, ancillary emergency facilities and micro-hospitals. Our Hospital Operations segment also provides revenue cycle management and value‑based care services to hospitals, health systems, physician practices, employers and other clients. Our Ambulatory Care segment is comprised of the operations of USPI. At March 31, 2024, USPI had ownership interests in 512 ambulatory surgery centers (372 consolidated) and 25 surgical hospitals (eight consolidated) in 38 states. The following tables include amounts for each of our reportable segments and the reconciling items necessary to agree to amounts reported in the accompanying Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations, as applicable: March 31, 2024 December 31, 2023 Assets: Hospital Operations $ 17,095 $ 17,268 Ambulatory Care 11,812 11,044 Total $ 28,907 $ 28,312 Three Months Ended March 31, 2024 2023 Capital expenditures: Hospital Operations $ 222 $ 217 Ambulatory Care 18 18 Total $ 240 $ 235 Net operating revenues: Hospital Operations $ 4,373 $ 4,116 Ambulatory Care 995 905 Total $ 5,368 $ 5,021 Equity in earnings of unconsolidated affiliates: Hospital Operations $ 3 $ 3 Ambulatory Care 56 47 Total $ 59 $ 50 Adjusted EBITDA: Hospital Operations $ 630 $ 492 Ambulatory Care 394 340 Total $ 1,024 $ 832 Three Months Ended March 31, 2024 2023 Depreciation and amortization: Hospital Operations $ 177 $ 190 Ambulatory Care 31 27 Total $ 208 $ 217 Adjusted EBITDA $ 1,024 $ 832 Depreciation and amortization (208) (217) Impairment and restructuring charges, and acquisition-related costs (27) (21) Litigation and investigation costs (4) (4) Interest expense (218) (221) Loss from early extinguishment of debt (8) — Other non-operating income (expense), net 25 (2) Net gains on sales, consolidation and deconsolidation of facilities 2,500 13 Income before income taxes $ 3,084 $ 380

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Tenet Healthcare Corporation (together with our subsidiaries, referred to herein as “Tenet,” “we” or “us”) is a diversified healthcare services company headquartered in Dallas, Texas. Prior to December 31, 2023, our business was organized into three separate reporting segments: Hospital Operations and other, Ambulatory Care and Conifer. During the three months ended December 31, 2023, we combined our Hospital Operations and other and Conifer segments into a single reporting segment named Hospital Operations and Services (“Hospital Operations”). The results of the revenue cycle management and value-based care services we provide to hospitals, health systems, physician practices, employers and other clients previously reported under our Conifer segment are now combined with our Hospital Operations segment. See below for additional discussion of this change. Our expansive, nationwide care delivery network now consists of our Hospital Operations and Ambulatory Care segments. As of March 31, 2024, our Hospital Operations segment was comprised of 52 acute care and specialty hospitals, a network of employed physicians and 151 outpatient facilities, including imaging centers, urgent care centers (each, a “UCC”), ancillary emergency facilities and micro‑hospitals. Our Ambulatory Care segment is comprised of the operations of our subsidiary USPI Holding Company, Inc. (“USPI”), which held indirect ownership interests in 512 ambulatory surgery centers and 25 surgical hospitals at March 31, 2024. USPI held noncontrolling interests in 157 of these facilities, which are recorded using the equity method of accounting. In addition, we operate a Global Business Center (“GBC”) in Manila, Philippines. This quarterly report supplements our Annual Report on Form 10‑K for the year ended December 31, 2023 (“Annual Report”). As permitted by the Securities and Exchange Commission for interim reporting, we have omitted certain notes and disclosures that substantially duplicate those in our Annual Report. For further information, refer to the audited Consolidated Financial Statements and notes included in our Annual Report. Unless otherwise indicated, all dollar amounts presented in our Condensed Consolidated Financial Statements and these accompanying notes are expressed in millions (except per‑share amounts), and all share amounts are expressed in thousands. Changes to prior-year presentation— As noted above, we combined our Hospital Operations and other and Conifer segments into a single reporting segment named Hospital Operations and Services (Hospital Operations) during the three months ended December 31, 2023. This change was made to reflect updates to the organizational and management structure of our Conifer and Hospital Operations and other segments. All prior‑period data presented in this report has been adjusted to conform to our new reporting segment structure. As of December 31, 2023, our business was organized into two reporting segments: • our Hospital Operations segment, which includes (1) our acute care and specialty hospitals, physician practices, imaging centers, UCCs, ancillary emergency facilities and micro‑hospitals, and (2) the revenue cycle management and value‑based care services we provide to hospitals, health systems, physician practices, employers and other clients through our Conifer Health Solutions, LLC joint venture; and • our Ambulatory Care segment, which is comprised of the ambulatory surgery center and surgical hospital operations of our subsidiary USPI Holding Company, Inc. In addition, due to its increased significance, income tax payable is now presented separately from other current liabilities in the accompanying Condensed Consolidated Balance Sheets. Although our Condensed Consolidated Financial Statements and these related notes are unaudited, we believe all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires us to make estimates and assumptions that affect the amounts reported in our Condensed Consolidated Financial Statements and these accompanying notes. We regularly evaluate the accounting policies and estimates we use. In general, we base the estimates on historical experience and on assumptions that we believe to be reasonable given the particular circumstances in which we operate. Actual results may vary from those estimates. The financial and statistical information we report to other regulatory agencies may be prepared on a basis other than GAAP or using different assumptions or reporting periods and, therefore, may vary from the amounts presented herein. Although we make every effort to ensure that the information we report to those agencies is accurate, complete and consistent with applicable reporting guidelines, we cannot be responsible for the accuracy of the information they make available to the public. Operating results for the three‑month period ended March 31, 2024 are not necessarily indicative of the results that may be expected for the full year. Reasons for this include, but are not limited to: the impact of the demand for, and availability of, qualified medical personnel on compensation costs; overall revenue and cost trends, particularly the timing and magnitude of price changes; fluctuations in contractual allowances and cost report settlements and valuation allowances; managed care contract negotiations, settlements or terminations and payer consolidations; trends in patient accounts receivable collectability and associated implicit price concessions; the impact of cybersecurity incidents on our operations; fluctuations in interest rates; levels of malpractice insurance expense and settlement trends; impairment of long‑lived assets and goodwill; restructuring charges; losses, costs and insurance recoveries related to cybersecurity incidents, natural disasters and weather‑related occurrences; the future course and impact of COVID‑19, or the potential emergence and effects of a future pandemic, epidemic or outbreak of an infectious disease, on our operations, financial condition and liquidity; litigation and investigation costs; acquisitions and dispositions of facilities and other assets; gains (losses) on sales, consolidation and deconsolidation of facilities; income tax rates and deferred tax asset valuation allowance activity; changes in estimates of accruals for annual incentive compensation; the timing and amounts of stock option and restricted stock unit grants to employees and directors; gains (losses) from early extinguishment of debt; and changes in occupancy levels and patient volumes. Our hospitals and outpatient facilities are subject to various factors that affect our service mix, revenue mix and patient volumes and, thereby, impact our net patient service revenues and results of operations. These factors include, among others: changes in federal, state and local healthcare and business regulations; changes in general economic conditions nationally and regionally, including inflation and other factors; the number of uninsured and underinsured individuals in local communities treated at our facilities; disease hotspots and seasonal cycles of illness; climate and weather conditions; physician recruitment, satisfaction, retention and attrition; advances in technology and treatments that reduce length of stay or permit procedures to be performed in an outpatient rather than inpatient setting; local healthcare competitors; utilization pressure by managed care organizations, as well as managed care contract negotiations or terminations; performance data on quality measures and patient satisfaction, as well as standard charges for services; any unfavorable publicity about us, or our joint venture partners, that impacts our relationships with physicians and patients; and changing consumer behavior, including with respect to the timing of elective procedures. These considerations apply to year‑to‑year comparisons as well.
Cash and Cash Equivalents	We treat highly liquid investments with original maturities of three months or less as cash equivalents. Cash and cash equivalents were $2.481 billion and $1.228 billion at March 31, 2024 and December 31, 2023, respectively. At March 31, 2024 and December 31, 2023, our book overdrafts were $214 million and $187 million, respectively, which were classified as accounts payable. At March 31, 2024 and December 31, 2023, $97 million and $100 million, respectively, of total cash and cash equivalents in the accompanying Condensed Consolidated Balance Sheets were intended for the operations of our insurance‑related subsidiaries. Also at March 31, 2024 and December 31, 2023, we had $57 million and $154 million, respectively, of property and equipment purchases accrued for items received but not yet paid. Of these amounts, $44 million and $141 million, respectively, were included in accounts payable. During the three months ended March 31, 2024 and 2023, we recorded right‑of‑use assets related to non‑cancellable finance leases of $14 million and $19 million, respectively, and related to non‑cancellable operating leases of $41 million and $44 million, respectively, in each case excluding right‑of‑use assets obtained through business acquisitions.
Investments in Unconsolidated Affiliates	As of March 31, 2024, we controlled 380 of the facilities in our Ambulatory Care segment and, therefore, consolidated their results. We account for many of the facilities in which our Ambulatory Care segment holds ownership interests (157 of 537 at March 31, 2024), as well as additional companies in which our Hospital Operations segment holds ownership interests, under the equity method as investments in unconsolidated affiliates and report only our share of net income as equity in earnings of unconsolidated affiliates in our condensed consolidated statements of operations.

BASIS OF PRESENTATION (Tables)

BASIS OF PRESENTATION (Tables)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Changes in the Carrying Amount of Goodwill	The following tables provide information on changes in the carrying amount of goodwill: Three Months Ended March 31, 2024 2023 Hospital Operations: Goodwill at beginning of period, net of accumulated impairment losses $ 3,119 $ 3,411 Purchase price allocation adjustments (5) — Goodwill related to assets held for sale and disposed (281) (30) Goodwill at end of period, net of accumulated impairment losses $ 2,833 $ 3,381 Three Months Ended March 31, 2024 2023 Ambulatory Care: Goodwill at beginning of period $ 7,188 $ 6,712 Goodwill acquired during the year, net of purchase price allocation adjustments 607 167 Goodwill related to assets held for sale and disposed or deconsolidated facilities (60) (2) Goodwill at end of period $ 7,735 $ 6,877
Schedule of Other Intangible Assets	The following table provides information regarding other intangible assets, which were included in the accompanying Condensed Consolidated Balance Sheets: Gross Accumulated Net Book Value At March 31, 2024: Other intangible assets with finite useful lives: Capitalized software costs $ 1,581 $ (1,110) $ 471 Contracts 323 (125) 198 Other 86 (77) 9 Other intangible assets with finite lives 1,990 (1,312) 678 Other intangible assets with indefinite useful lives: Trade names 105 — 105 Contracts 612 — 612 Other 4 — 4 Other intangible assets with indefinite lives 721 — 721 Other intangible assets, net $ 2,711 $ (1,312) $ 1,399 At December 31, 2023: Other intangible assets with finite useful lives: Capitalized software costs $ 1,712 $ (1,205) $ 507 Contracts 294 (164) 130 Other 91 (78) 13 Other intangible assets with finite lives 2,097 (1,447) 650 Other intangible assets with indefinite useful lives: Trade names 105 — 105 Contracts 609 — 609 Other 4 — 4 Other intangible assets with indefinite lives 718 — 718 Other intangible assets, net $ 2,815 $ (1,447) $ 1,368
Schedule of Indefinite-Lived Intangible Assets	The following table provides information regarding other intangible assets, which were included in the accompanying Condensed Consolidated Balance Sheets: Gross Accumulated Net Book Value At March 31, 2024: Other intangible assets with finite useful lives: Capitalized software costs $ 1,581 $ (1,110) $ 471 Contracts 323 (125) 198 Other 86 (77) 9 Other intangible assets with finite lives 1,990 (1,312) 678 Other intangible assets with indefinite useful lives: Trade names 105 — 105 Contracts 612 — 612 Other 4 — 4 Other intangible assets with indefinite lives 721 — 721 Other intangible assets, net $ 2,711 $ (1,312) $ 1,399 At December 31, 2023: Other intangible assets with finite useful lives: Capitalized software costs $ 1,712 $ (1,205) $ 507 Contracts 294 (164) 130 Other 91 (78) 13 Other intangible assets with finite lives 2,097 (1,447) 650 Other intangible assets with indefinite useful lives: Trade names 105 — 105 Contracts 609 — 609 Other 4 — 4 Other intangible assets with indefinite lives 718 — 718 Other intangible assets, net $ 2,815 $ (1,447) $ 1,368
Schedule of Estimated Future Amortization of Intangibles with Finite Useful Lives	Estimated future amortization of intangible assets with finite useful lives at March 31, 2024 was as follows: Nine Months Ending Years Ending Later Years December 31, Total 2024 2025 2026 2027 2028 Amortization of intangible assets $ 678 $ 125 $ 111 $ 99 $ 88 $ 66 $ 189
Schedule of Other Current Assets	The principal components of other current assets in the accompanying Condensed Consolidated Balance Sheets were as follows: March 31, 2024 December 31, 2023 Prepaid expenses $ 375 $ 391 Contract assets 194 208 California provider fee program receivables 305 329 Receivables from other government programs 240 282 Guarantees 248 274 Non-patient receivables 315 260 Other 98 95 Total other current assets $ 1,775 $ 1,839
Schedule of Equity Method Investments	Summarized financial information for these equity method investees is included in the following table. For investments acquired during the reported periods, amounts in the table include 100% of the investee’s results beginning on the date of our acquisition of the investment. Three Months Ended March 31, 2024 2023 Net operating revenues $ 835 $ 783 Net income $ 216 $ 185 Net income available to the investees $ 123 $ 107

ACCOUNTS RECEIVABLE (Tables)

ACCOUNTS RECEIVABLE (Tables)	3 Months Ended
	Mar. 31, 2024
Accounts Receivable Additional Disclosures [Abstract]
Schedule of Components of Accounts Receivable	The principal components of accounts receivable are presented in the table below: March 31, 2024 December 31, 2023 Patient accounts receivable $ 2,972 $ 2,719 Estimated future recoveries 140 148 Cost report settlements receivable, net of payables and valuation allowances 36 47 Accounts receivable, net $ 3,148 $ 2,914
Schedule of Location of Assets and Liabilities	The following table summarizes the amount and classification of assets and liabilities in the accompanying Condensed Consolidated Balance Sheets related to California’s provider fee program: March 31, 2024 December 31, 2023 Assets: Other current assets $ 305 $ 329 Investments and other assets $ 373 $ 334 Liabilities: Other current liabilities $ 203 $ 172 Other long-term liabilities $ 82 $ 135
Schedule of Estimated Costs for Charity Care and Self-Pay Patients	The following table presents our estimated costs (based on selected operating expenses, which include salaries, wages and benefits, supplies and other operating expenses) of caring for our uninsured and charity patients: Three Months Ended March 31, 2024 2023 Estimated costs for: Uninsured patients $ 139 $ 123 Charity care patients 21 24 Total $ 160 $ 147

CONTRACT BALANCES (Tables)

CONTRACT BALANCES (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule Of Opening And Closing Balances Of Company's Contract Assets	The opening and closing balances of our Hospital Operations segment’s receivables, contract assets, and current and long-term contract liabilities were as follows: Receivables Contract Assets – Contract Liabilities – Contract Liabilities – December 31, 2023 $ 21 $ 208 $ 59 $ 12 March 31, 2024 74 194 67 13 Increase (decrease) $ 53 $ (14) $ 8 $ 1 December 31, 2022 $ 37 $ 200 $ 110 $ 13 March 31, 2023 57 202 76 13 Increase (decrease) $ 20 $ 2 $ (34) $ —

DISPOSITION OF ASSETS AND LIA_2

DISPOSITION OF ASSETS AND LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2024
Discontinued Operation, Additional Disclosures [Abstract]
Schedule of Assets and Liabilities Classified As Held for Sale	Assets and liabilities classified as held for sale at March 31, 2024 were comprised of the following: Other current assets $ 6 Other intangible assets 16 Other current liabilities (11) Net assets held for sale $ 11 The following table presents amounts included in income before income taxes, related to significant components of our business that were recently disposed of: Three Months Ended March 31, 2024 2023 SC Hospitals (includes a $1.673 billion gain on sale in the 2024 period) $ 1,686 $ 28 OCLA CA Hospitals (includes a $529 million gain on sale in the 2024 period) 541 14 Central CA Hospitals (includes a $278 million gain on sale in the 2024 period) 289 10 Total $ 2,516 $ 52

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	3 Months Ended
	Mar. 31, 2024
Long-Term Debt and Lease Obligation [Abstract]
Schedule of Long-Term Debt	The table below presents our long‑term debt included in the accompanying Condensed Consolidated Balance Sheets: March 31, 2024 December 31, 2023 Senior unsecured notes: 6.125% due 2028 $ 2,500 $ 2,500 6.875% due 2031 362 362 Senior secured first lien notes: 4.875% due 2026 — 2,100 5.125% due 2027 1,500 1,500 4.625% due 2028 600 600 4.250% due 2029 1,400 1,400 4.375% due 2030 1,450 1,450 6.125% due 2030 2,000 2,000 6.750% due 2031 1,350 1,350 Senior secured second lien notes: 6.250% due 2027 1,500 1,500 Finance leases, mortgages and other notes 324 361 Unamortized issue costs and note discounts (107) (121) Total long-term debt 12,879 15,002 Less: Current portion 107 120 Long-term debt, net of current portion $ 12,772 $ 14,882

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	The following table provides information about our stock option activity during the three months ended March 31, 2024: Number of Options Weighted Average Aggregate Weighted Average (In Millions) Outstanding at December 31, 2023 384,440 $ 22.79 Exercised (94,560) $ 18.99 Outstanding at March 31, 2024 289,880 $ 24.02 $ 24 4.1 years
Schedule of Information about Outstanding Stock Options	The following table provides additional information about our outstanding stock options, all of which were vested and exercisable, at March 31, 2024: Options Outstanding and Exercisable Range of Exercise Prices Number of Weighted Average Weighted Average $18.99 to $20.609 161,285 3.5 years $ 19.99 $20.61 to $35.430 128,595 4.8 years $ 29.07 289,880 4.1 years $ 24.02
Schedule of Restricted Stock Unit Activity	The following table presents information about our restricted stock unit (“RSU”) activity during the three months ended March 31, 2024: Number of RSUs Weighted Average Grant Unvested at December 31, 2023 1,421,063 $ 66.46 Granted 527,897 $ 97.18 Performance-based adjustment 204,121 $ 66.42 Vested (642,865) $ 65.22 Forfeited (674) $ 67.77 Unvested at March 31, 2024 1,509,542 $ 79.84 The table below summarizes the time-based RSUs granted during the three months ended March 31, 2024: No. of RSUs Vesting Terms 247,136 RSUs will vest and be settled ratably over a three The table below summarizes the performance-based RSUs granted during the three months ended March 31, 2024: No. of RSUs Performance Period Potential Vesting Range Vesting Terms Minimum Maximum 275,156 RSUs will vest and be settled on the third anniversary of the grant date 2024 to 2026 — % 250 % 204,121 RSUs vested and settled immediately as a result of our level of achievement with respect to performance‑based RSUs granted in 2021 5,605 RSUs will vest and be settled on the third anniversary of the grant date 2024 to 2026 — % 150 % The table below summarizes the time-based RSUs granted during the three months ended March 31, 2023: No. of RSUs Vesting Terms 301,268 RSUs will vest and be settled ratably over a three 42,626 RSUs will vest and be settled on the fifth anniversary of the grant date 33,586 RSUs vested and settled in December 2023 The table below summarizes the performance-based RSUs granted during the three months ended March 31, 2023: No. of RSUs Performance Period Potential Vesting Range Vesting Terms Minimum Maximum 301,268 RSUs will vest and be settled on the third anniversary of the grant date 2023 to 2025 — % 225 % 185,901 RSUs vested and settled immediately as a result of our level of achievement with respect to performance‑based RSUs granted in 2020 The following table summarizes RSU activity under the USPI Management Equity Plan during the three months ended March 31, 2024: Number of RSUs Weighted Average Grant Unvested at December 31, 2023 607,984 $ 34.13 Vested (605,987) $ 34.13 Forfeited (1,997) $ 34.13 Unvested at March 31, 2024 — $ 34.13
Schedule of Significant Inputs used in Valuation of RSUs	Significant inputs used in our valuation of these RSUs included the following: Three Months Ended March 31, 2024 2023 Expected volatility 34.9% - 52.1% 53.6% - 65.6% Risk-free interest rate 4.4% - 4.9% 4.5% - 4.8%

EQUITY (Tables)

EQUITY (Tables)	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Schedule of Changes In Consolidated Equity	The following tables present the changes in consolidated equity (dollars in millions, share amounts in thousands): Common Stock Additional Accumulated Retained Earnings Treasury Noncontrolling Total Equity Shares Issued Par Balances at December 31, 2023 99,950 $ 8 $ 4,834 $ (181) $ (192) $ (2,861) $ 1,509 $ 3,117 Net income — — — — 2,151 — 82 2,233 Distributions paid to noncontrolling interests — — — — — — (78) (78) Other comprehensive income — — — 2 — — — 2 Sales of businesses and noncontrolling interests, net — — (5) — — — (23) (28) Repurchases of common stock (2,811) — — — — (280) — (280) Stock-based compensation expense and issuance of common stock 534 — (23) — — — — (23) Balances at March 31, 2024 97,673 $ 8 $ 4,806 $ (179) $ 1,959 $ (3,141) $ 1,490 $ 4,943 Common Stock Additional Accumulated Accumulated Treasury Noncontrolling Total Equity Shares Issued Par Balances at December 31, 2022 102,247 $ 8 $ 4,778 $ (181) $ (803) $ (2,660) $ 1,317 $ 2,459 Net income — — — — 143 — 74 217 Distributions paid to noncontrolling interests — — — — — — (61) (61) Other comprehensive income — — — 2 — — — 2 Purchases of businesses and noncontrolling interests, net — — 2 — — — 17 19 Repurchases of common stock (906) — — — — (50) — (50) Stock-based compensation expense and issuance of common stock 571 — (6) — — — — (6) Balances at March 31, 2023 101,912 $ 8 $ 4,774 $ (179) $ (660) $ (2,710) $ 1,347 $ 2,580
Schedule of Share Repurchase Activity	The table below summarizes transactions completed under the repurchase program during the periods shown: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Program Maximum Dollar Value of Shares That May Yet be Purchased Under the Program (In Thousands) (In Thousands) (In Millions) Three Months Ended March 31, 2024: January 1 through January 31, 2024 — $ — — $ 550 February 1 through February 29, 2024 — $ — — $ 550 March 1 through March 31, 2024 2,811 $ 98.86 2,811 $ 272 Three Months Ended March 31, 2023: January 1 through January 31, 2023 — $ — — $ 750 February 1 through February 28, 2023 — $ — — $ 750 March 1 through March 31, 2023 906 $ 55.03 906 $ 700

NET OPERATING REVENUES (Tables)

NET OPERATING REVENUES (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Operating Revenues Less Provision for Doubtful Accounts and Implicit Price Concessions	The table below presents our sources of net operating revenues: Three Months Ended March 31, 2024 2023 Hospital Operations: Net patient service revenues from hospitals and related outpatient facilities: Medicare $ 610 $ 613 Medicaid 411 280 Managed care 2,656 2,503 Uninsured 19 31 Indemnity and other 154 140 Total 3,850 3,567 Other revenues (1) 523 549 Total Hospital Operations 4,373 4,116 Ambulatory Care 995 905 Net operating revenues $ 5,368 $ 5,021 (1) Primarily revenue from physician practices and revenue cycle management. Revenue from revenue cycle management services is included in other revenues for all periods presented to conform with our new reporting segment structure. The following table presents the composition of net operating revenues for our Ambulatory Care segment: Three Months Ended March 31, 2024 2023 Net patient service revenues $ 954 $ 868 Management fees 33 30 Revenue from other sources 8 7 Net operating revenues $ 995 $ 905
Schedule of Performance Obligation, Expected Timing of Satisfaction	The following table includes revenue from revenue cycle management services that is expected to be recognized in the future related to performance obligations that are unsatisfied, or partially unsatisfied, at the end of the reporting period: Nine Months Ending Years Ending Later Years December 31, Total 2024 2025 2026 2027 2028 Performance obligations $ 5,854 $ 513 $ 684 $ 683 $ 683 $ 683 $ 2,608

CLAIMS AND LAWSUITS (Tables)

CLAIMS AND LAWSUITS (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Reconciliations of Legal Settlements and Related Costs	The following table presents reconciliations of the beginning and ending liability balances in connection with legal settlements and related costs: Balances at Litigation and Cash Other Balances at Three Months Ended March 31, 2024 $ 40 $ 4 $ (15) $ (1) $ 28 Three Months Ended March 31, 2023 $ 51 $ 4 $ (5) $ — $ 50

REDEEMABLE NONCONTROLLING INT_2

REDEEMABLE NONCONTROLLING INTERESTS IN EQUITY OF CONSOLIDATED SUBSIDIARIES (Tables)	3 Months Ended
	Mar. 31, 2024
Noncontrolling Interest [Abstract]
Schedule of Changes in Redeemable Noncontrolling Interests in Equity of Consolidated Subsidiaries	The following table presents the changes in redeemable noncontrolling interests in equity of consolidated subsidiaries for the periods presented: Three Months Ended March 31, 2024 2023 Balances at beginning of period $ 2,391 $ 2,149 Net income 101 79 Distributions paid to noncontrolling interests (84) (73) Purchases and sales of businesses and noncontrolling interests, net 320 70 Balances at end of period $ 2,728 $ 2,225 The following tables present the composition by segment of our redeemable noncontrolling interests balances, as well as our net income available to redeemable noncontrolling interests: March 31, 2024 December 31, 2023 Hospital Operations $ 879 $ 860 Ambulatory Care 1,849 1,531 Redeemable noncontrolling interests $ 2,728 $ 2,391 Three Months Ended March 31, 2024 2023 Hospital Operations $ 21 $ 22 Ambulatory Care 80 57 Net income available to redeemable noncontrolling interests $ 101 $ 79

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Reconciliation Between Reported Income Tax Expense and Income Taxes Calculated by the Statutory Federal Income Tax Rate	A reconciliation between the amount of reported income tax expense and the amount computed by multiplying income before income taxes by the statutory federal tax rate is presented below: Three Months Ended March 31, 2024 2023 Tax expense at statutory federal rate of 21% $ 648 $ 80 State income taxes, net of federal income tax benefit 203 16 Tax benefit attributable to noncontrolling interests (38) (32) Nondeductible goodwill 126 — Stock-based compensation tax benefit (5) (2) Changes in valuation allowance (185) 19 Other items 1 3 Income tax expense $ 750 $ 84

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Reconcile of Numerators and Denominators of Our Basic and Diluted Earnings Per Common Share	The following table reconciles the numerators and denominators of our basic and diluted earnings per common share calculations. Net income available to our common shareholders is expressed in millions and weighted average shares are expressed in thousands. Net Income Available to Common Shareholders (Numerator) Weighted Per-Share Amount Three Months Ended March 31, 2024 Net income available to Tenet Healthcare Corporation common shareholders for basic earnings per share $ 2,151 99,581 $ 21.60 Effect of dilutive stock options, restricted stock units, deferred compensation units, convertible instruments and dividends on preferred stock — 1,017 (0.22) Net income available to Tenet Healthcare Corporation common shareholders for diluted earnings per share $ 2,151 100,598 $ 21.38 Three Months Ended March 31, 2023 Net income available to Tenet Healthcare Corporation common shareholders for basic earnings per share $ 143 102,289 $ 1.40 Effect of dilutive stock options, restricted stock units, deferred compensation units, convertible instruments and dividends on preferred stock (3) 3,717 (0.08) Net income available to Tenet Healthcare Corporation common shareholders for diluted earnings per share $ 140 106,006 $ 1.32

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value Assets on a Nonrecurring Basis	The following table presents this information about assets measured at fair value on a non-recurring basis and indicates the fair value hierarchy of the valuation techniques we utilized to determine such fair values: Total Quoted Prices Significant Other Significant March 31, 2024 Long-lived assets held for sale $ 22 $ — $ 22 $ — December 31, 2023 Long-lived assets held for sale $ 775 $ — $ 775 $ —

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Schedule of Preliminary Purchase Price Allocation	Preliminary purchase price allocations (representing the fair value of the consideration conveyed) for all acquisitions made during the three months ended March 31, 2024 and 2023 are as follows: Three Months Ended March 31, 2024 2023 Current assets $ 65 $ 6 Property and equipment 37 4 Other intangible assets 86 2 Goodwill 613 165 Long-term operating lease assets 93 — Other long-term assets 1 4 Previously held investments in unconsolidated affiliates (4) (37) Current liabilities (58) (5) Long-term operating lease liabilities (83) — Other long-term liabilities (11) (8) Redeemable noncontrolling interests in equity of consolidated subsidiaries (302) (56) Noncontrolling interests (2) (14) Cash paid, net of cash acquired (439) (48) Gains (losses) on consolidations $ (4) $ 13

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Reconciliation of Assets by Reportable Segment to Consolidated Assets	The following tables include amounts for each of our reportable segments and the reconciling items necessary to agree to amounts reported in the accompanying Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations, as applicable: March 31, 2024 December 31, 2023 Assets: Hospital Operations $ 17,095 $ 17,268 Ambulatory Care 11,812 11,044 Total $ 28,907 $ 28,312
Schedule of Reconciliation of Other Significant Reconciling Items From Segments to Consolidated	Three Months Ended March 31, 2024 2023 Capital expenditures: Hospital Operations $ 222 $ 217 Ambulatory Care 18 18 Total $ 240 $ 235 Net operating revenues: Hospital Operations $ 4,373 $ 4,116 Ambulatory Care 995 905 Total $ 5,368 $ 5,021 Equity in earnings of unconsolidated affiliates: Hospital Operations $ 3 $ 3 Ambulatory Care 56 47 Total $ 59 $ 50 Adjusted EBITDA: Hospital Operations $ 630 $ 492 Ambulatory Care 394 340 Total $ 1,024 $ 832 Three Months Ended March 31, 2024 2023 Depreciation and amortization: Hospital Operations $ 177 $ 190 Ambulatory Care 31 27 Total $ 208 $ 217 Adjusted EBITDA $ 1,024 $ 832 Depreciation and amortization (208) (217) Impairment and restructuring charges, and acquisition-related costs (27) (21) Litigation and investigation costs (4) (4) Interest expense (218) (221) Loss from early extinguishment of debt (8) — Other non-operating income (expense), net 25 (2) Net gains on sales, consolidation and deconsolidation of facilities 2,500 13 Income before income taxes $ 3,084 $ 380

BASIS OF PRESENTATION - Descrip

BASIS OF PRESENTATION - Description of Business and Basis of Presentation (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2024 hospital	Mar. 31, 2024 healthcare_facility	Dec. 31, 2023 segment	Dec. 31, 2022 segment
Business Acquisition [Line Items]
Number of reportable segments | segment			2	3
Hospital Operations
Business Acquisition [Line Items]
Number of acute care and specialty hospitals operated	52
Number of outpatient facilities operated | healthcare_facility		151
United Surgical Partners International | Ambulatory Care
Business Acquisition [Line Items]
Number of ambulatory surgery centers	512
Number of surgical hospitals operated by subsidiaries	25
Number of outpatient centers recorded using equity method	157	157

BASIS OF PRESENTATION - Cash an

BASIS OF PRESENTATION - Cash and Cash Equivalents (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Cash and Cash Equivalents
Cash and cash equivalents	$ 2,481		$ 1,228
Accrued property and equipment purchases for items received but not yet paid	57		154
Non-cancellable finance leases entered into	14	$ 19
Non-cancellable operating leases liability entered into	41	$ 44
Captive Insurance Subsidiaries
Cash and Cash Equivalents
Cash and cash equivalents	97		100
Accounts Payable
Cash and Cash Equivalents
Book overdrafts classified as accounts payable	214		187
Accrued property and equipment purchases for items received but not yet paid	$ 44		$ 141

BASIS OF PRESENTATION - Goodwil

BASIS OF PRESENTATION - Goodwill (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill [Roll Forward]
Goodwill at beginning of period, net of accumulated impairment losses	$ 10,307
Purchase price allocation adjustments	(11)
Goodwill at end of period, net of accumulated impairment losses	10,568
Hospital Operations:
Goodwill [Roll Forward]
Goodwill at beginning of period, net of accumulated impairment losses	3,119	$ 3,411
Purchase price allocation adjustments	(5)	0
Goodwill related to assets held for sale and disposed	(281)	(30)
Goodwill at end of period, net of accumulated impairment losses	2,833	3,381
Ambulatory Care:
Goodwill [Roll Forward]
Goodwill at beginning of period, net of accumulated impairment losses	7,188	6,712
Goodwill related to assets held for sale and disposed	(60)	(2)
Goodwill acquired during the year, net of purchase price allocation adjustments	607	167
Goodwill at end of period, net of accumulated impairment losses	$ 7,735	$ 6,877

BASIS OF PRESENTATION - Other I

BASIS OF PRESENTATION - Other Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,990	$ 2,097
Accumulated Amortization	(1,312)	(1,447)
Net Book Value	678	650
Other intangible assets with indefinite lives	721	718
Gross Carrying Amount	2,711	2,815
Net Book Value	1,399	1,368
Trade names
Finite-Lived Intangible Assets [Line Items]
Other intangible assets with indefinite lives	105	105
Contracts
Finite-Lived Intangible Assets [Line Items]
Other intangible assets with indefinite lives	612	609
Other
Finite-Lived Intangible Assets [Line Items]
Other intangible assets with indefinite lives	4	4
Capitalized software costs
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,581	1,712
Accumulated Amortization	(1,110)	(1,205)
Net Book Value	471	507
Contracts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	323	294
Accumulated Amortization	(125)	(164)
Net Book Value	198	130
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	86	91
Accumulated Amortization	(77)	(78)
Net Book Value	$ 9	$ 13

BASIS OF PRESENTATION - Amortiz

BASIS OF PRESENTATION - Amortization of Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Net Book Value	$ 678		$ 650
2024	125
2025	111
2026	99
2027	88
2028	66
Later Years	189
Amortization expense	$ 45	$ 42

BASIS OF PRESENTATION - Other C

BASIS OF PRESENTATION - Other Current Asset (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Accounts receivable and allowance for doubtful accounts
Prepaid expenses	$ 375	$ 391
Contract assets	194	208
California provider fee program receivables	3,148	2,914
Receivables from other government programs	240	282
Guarantees	248	274
Non-patient receivables	315	260
Other	98	95
Total other current assets	1,775	1,839
California's Provider Fee Program
Accounts receivable and allowance for doubtful accounts
California provider fee program receivables	$ 305	$ 329

BASIS OF PRESENTATION - Investm

BASIS OF PRESENTATION - Investments in Unconsolidated Affiliates (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) hospital	Mar. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Investee results reflected (percent)	1
Net operating revenues	$ 5,368	$ 5,021
Net income	2,334	296
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net operating revenues	835	783
Net income	216	185
Net income available to the investees	$ 123	107
Ambulatory Care
Schedule of Equity Method Investments [Line Items]
Number of outpatient centers operated | hospital	380
Number of outpatient centers | hospital	537
Net operating revenues	$ 995	$ 905

ACCOUNTS RECEIVABLE - Component

ACCOUNTS RECEIVABLE - Components (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Accounts receivable and allowance for doubtful accounts
Accounts receivable, net	$ 3,148	$ 2,914
Continuing Operations
Accounts receivable and allowance for doubtful accounts
Patient accounts receivable	2,972	2,719
Estimated future recoveries	140	148
Cost report settlements receivable, net of payables and valuation allowances	36	47
Accounts receivable, net	$ 3,148	$ 2,914

ACCOUNTS RECEIVABLE - Location

ACCOUNTS RECEIVABLE - Location of Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets:
Other current assets	$ 3,148	$ 2,914
Liabilities:
Other current liabilities	1,335	1,408
California's Provider Fee Program
Assets:
Other current assets	305	329
Investments and other assets	373	334
Liabilities:
Other current liabilities	203	172
Other long-term liabilities	$ 82	$ 135

ACCOUNTS RECEIVABLE - Allowance

ACCOUNTS RECEIVABLE - Allowance (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounts receivable and allowance for doubtful accounts
Estimated costs of caring	$ 160	$ 147
Uninsured patients
Accounts receivable and allowance for doubtful accounts
Estimated costs of caring	139	123
Charity care patients
Accounts receivable and allowance for doubtful accounts
Estimated costs of caring	$ 21	$ 24

CONTRACT BALANCES - Hospital Op

CONTRACT BALANCES - Hospital Operations and Ambulatory Care Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Percentage of contract assets that meet the conditions for unconditional right to payment (percentage)	87%		87%
Contract Assets – Unbilled Revenue
Balance at beginning of period	$ 208
Balance at end of period	194
Hospital Operations
Receivables
Balance at beginning of period	21	$ 37
Balance at end of period	74	57
Increase (decrease)	53	20
Contract Assets – Unbilled Revenue
Balance at beginning of period	208	200
Balance at end of period	194	202
Increase (decrease)	(14)	2
Contract Liabilities – Current Deferred Revenue and Advances from Medicare
Balance at beginning of period	59	110
Balance at end of period	67	76
Contract Liabilities – Long-Term Deferred Revenue
Balance at beginning of period	12	13
Balance at end of period	13	13
Hospital Operations | Short-term Contract with Customer
Contract Liabilities – Current Deferred Revenue and Advances from Medicare
Increase (decrease)	8	(34)
Contract Liabilities – Long-Term Deferred Revenue
Increase (decrease)	8	(34)
Hospital Operations | Long-term Contract with Customer
Contract Liabilities – Current Deferred Revenue and Advances from Medicare
Increase (decrease)	1	0
Contract Liabilities – Long-Term Deferred Revenue
Increase (decrease)	$ 1	$ 0

CONTRACT BALANCES - Narrative (

CONTRACT BALANCES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Amount of revenue recognized included in current deferred revenue liability	$ 52	$ 64

CONTRACT BALANCES - Contract Co

CONTRACT BALANCES - Contract Costs (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Unamortized deferred contract setup costs	$ 21	$ 22

DISPOSITION OF ASSETS AND LIA_3

DISPOSITION OF ASSETS AND LIABILITIES - Narrative (Details) $ in Millions	1 Months Ended				3 Months Ended
	Mar. 31, 2024 USD ($)	Feb. 29, 2024 hospital	Jan. 31, 2024 hospital	Nov. 30, 2023 hospital	Mar. 31, 2024 USD ($)
SC Hospitals | Discontinued Operations, Held-for-sale
Current Assets and Liabilities Held for Sale
Number of hospitals for sale | hospital				3
SC Hospitals | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Current Assets and Liabilities Held for Sale
Gain on sale of properties | $					$ 1,673
OCLA CA Hospitals | Discontinued Operations, Held-for-sale
Current Assets and Liabilities Held for Sale
Number of hospitals for sale | hospital			4
Gain on sale of properties | $					529
Central CA Hospitals | Discontinued Operations, Held-for-sale
Current Assets and Liabilities Held for Sale
Number of hospitals for sale | hospital		2
Gain on sale of properties | $					$ 278
Ambulatory Surgery Centers | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Current Assets and Liabilities Held for Sale
Number of hospitals for sale | hospital				2
Gain on sale of properties | $	$ 23

DISPOSITION OF ASSETS AND LIA_4

DISPOSITION OF ASSETS AND LIABILITIES - Schedule of Assets and Liabilities Held for Sale (Details) - Discontinued Operations, Held-for-sale $ in Millions	Mar. 31, 2024 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other current assets	$ 6
Other intangible assets	16
Other current liabilities	(11)
Net assets held for sale	$ 11

DISPOSITION OF ASSETS AND LIA_5

DISPOSITION OF ASSETS AND LIABILITIES - Schedule of Significant Components (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from continuing operations, before income taxes:	$ 2,516	$ 52
Disposal Group, Disposed of by Sale, Not Discontinued Operations | SC Hospitals
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from continuing operations, before income taxes:	1,686	28
Gain on sale of properties	1,673
Discontinued Operations, Held-for-sale | OCLA CA Hospitals
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from continuing operations, before income taxes:	541	14
Gain on sale of properties	529
Discontinued Operations, Held-for-sale | Central CA Hospitals
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from continuing operations, before income taxes:	289	$ 10
Gain on sale of properties	$ 278

IMPAIRMENT AND RESTRUCTURING _2

IMPAIRMENT AND RESTRUCTURING CHARGES, AND ACQUISITION-RELATED COSTS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment and restructuring charges, and acquisition-related costs	$ 27	$ 21
Restructuring charges	14	18
Acquisition costs	12	2
Impairment charges	1	1
Other restructuring costs	4	3
Contract and lease termination costs		3
Transaction costs	12	2
Legal Costs Related to the Sale of Certain Facilities
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restructuring charges	7	4
Global Business Center in the Republic of Philippines
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restructuring charges	$ 3	4
Employee Severance
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restructuring charges		$ 4

LONG-TERM DEBT - Schedule of Lo

LONG-TERM DEBT - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
LONG-TERM DEBT AND LEASE OBLIGATIONS
Finance leases, mortgages and other notes	$ 324	$ 361
Unamortized issue costs and note discounts	(107)	(121)
Total long-term debt	12,879	15,002
Less: Current portion	107	120
Long-term debt, net of current portion	$ 12,772	14,882
Senior Notes | 6.125% due 2028
LONG-TERM DEBT AND LEASE OBLIGATIONS
Stated interest rate, percentage	6.125%
Carrying amount	$ 2,500	2,500
Senior Notes | 6.875% due 2031
LONG-TERM DEBT AND LEASE OBLIGATIONS
Stated interest rate, percentage	6.875%
Carrying amount	$ 362	362
Senior Notes | 4.875% due 2026
LONG-TERM DEBT AND LEASE OBLIGATIONS
Stated interest rate, percentage	4.875%
Carrying amount	$ 0	2,100
Senior Notes | 5.125% due 2027
LONG-TERM DEBT AND LEASE OBLIGATIONS
Stated interest rate, percentage	5.125%
Carrying amount	$ 1,500	1,500
Senior Notes | 4.625% due 2028
LONG-TERM DEBT AND LEASE OBLIGATIONS
Stated interest rate, percentage	4.625%
Carrying amount	$ 600	600
Senior Notes | 4.250% due 2029
LONG-TERM DEBT AND LEASE OBLIGATIONS
Stated interest rate, percentage	4.25%
Carrying amount	$ 1,400	1,400
Senior Notes | 4.375% due 2030
LONG-TERM DEBT AND LEASE OBLIGATIONS
Stated interest rate, percentage	4.375%
Carrying amount	$ 1,450	1,450
Senior Notes | 6.125% due 2030
LONG-TERM DEBT AND LEASE OBLIGATIONS
Stated interest rate, percentage	6.125%
Carrying amount	$ 2,000	2,000
Senior Notes | 6.750% due 2031
LONG-TERM DEBT AND LEASE OBLIGATIONS
Stated interest rate, percentage	6.75%
Carrying amount	$ 1,350	1,350
Senior Notes | 6.250% due 2027
LONG-TERM DEBT AND LEASE OBLIGATIONS
Stated interest rate, percentage	6.25%
Carrying amount	$ 1,500	$ 1,500

LONG-TERM DEBT - Senior Unsecur

LONG-TERM DEBT - Senior Unsecured and Senior Secured Notes (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
LONG-TERM DEBT AND LEASE OBLIGATIONS
Loss from early extinguishment of debt	$ 8,000,000	$ 0
Senior Notes
LONG-TERM DEBT AND LEASE OBLIGATIONS
Long term debt, face amount	12,662,000,000
Loss from early extinguishment of debt	$ 8,000,000
Senior Notes | 4.875% due 2026
LONG-TERM DEBT AND LEASE OBLIGATIONS
Stated interest rate, percentage	4.875%
Repurchased face amount	$ 2,100,000,000
Senior Notes | Minimum
LONG-TERM DEBT AND LEASE OBLIGATIONS
Stated interest rate, percentage	4.25%
Senior Notes | Maximum
LONG-TERM DEBT AND LEASE OBLIGATIONS
Stated interest rate, percentage	6.875%

LONG-TERM DEBT - Credit Agreeme

LONG-TERM DEBT - Credit Agreement (Narrative) (Details) - Credit Agreement - Credit Agreement	3 Months Ended
	Mar. 31, 2024 USD ($)
LONG-TERM DEBT AND LEASE OBLIGATIONS
Cash borrowings outstanding	$ 0
Standby letters of credit outstanding (less than)	1,000,000
Amount available for borrowing under revolving credit facility	1,500,000,000
Revolving Credit Facility
LONG-TERM DEBT AND LEASE OBLIGATIONS
Revolving credit facility, maximum borrowing capacity (up to)	$ 1,500,000,000
Revolving Credit Facility | Minimum
LONG-TERM DEBT AND LEASE OBLIGATIONS
Unused commitment fee (percentage)	0.25%
Revolving Credit Facility | Maximum
LONG-TERM DEBT AND LEASE OBLIGATIONS
Unused commitment fee (percentage)	0.375%
Revolving Credit Facility | Base rate | Minimum
LONG-TERM DEBT AND LEASE OBLIGATIONS
Margin on variable rate (percentage)	0.25%
Revolving Credit Facility | Base rate | Maximum
LONG-TERM DEBT AND LEASE OBLIGATIONS
Margin on variable rate (percentage)	0.75%
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
LONG-TERM DEBT AND LEASE OBLIGATIONS
Basis spread on credit spread	0.10%
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum
LONG-TERM DEBT AND LEASE OBLIGATIONS
Margin on variable rate (percentage)	1.25%
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum
LONG-TERM DEBT AND LEASE OBLIGATIONS
Margin on variable rate (percentage)	1.75%
Letter of Credit
LONG-TERM DEBT AND LEASE OBLIGATIONS
Revolving credit facility, maximum borrowing capacity (up to)	$ 200,000,000

LONG-TERM DEBT - Letter of Cred

LONG-TERM DEBT - Letter of Credit Facility (Narrative) (Details) - Credit Agreement - Letter of Credit Facility - Letter of Credit	1 Months Ended
	Sep. 30, 2023 USD ($) day	Mar. 31, 2024 USD ($)
LONG-TERM DEBT AND LEASE OBLIGATIONS
Revolving credit facility, maximum borrowing capacity (up to)	$ 200,000,000
Secured debt to EBITDA ratio	3
Interest rate on issued but undrawn letters of credit	1.50%
Issuance fee, based on face amount (percentage)	0.125%
Maximum secured debt covenant ratio	4.25
Standby letters of credit outstanding (less than)		$ 110,000,000
Minimum
LONG-TERM DEBT AND LEASE OBLIGATIONS
Unused commitment fee (percentage)	0.25%
Maximum
LONG-TERM DEBT AND LEASE OBLIGATIONS
Number of business days after notice, for reimbursement of amount drawn | day	3
Unused commitment fee (percentage)	0.375%
Federal Funds Rate
LONG-TERM DEBT AND LEASE OBLIGATIONS
Margin on variable rate (percentage)	0.50%

GUARANTEES (Details)

GUARANTEES (Details) $ in Millions	Mar. 31, 2024 USD ($)
Income and Revenue Collection Guarantee
GUARANTEES
Maximum potential amount of future payments under guarantees	$ 316
Income and Revenue Collection Guarantee | Other current liabilities
GUARANTEES
Liability for the fair value of guarantees	246
Guaranteed Investees of Third Parties
GUARANTEES
Maximum potential amount of future payments under guarantees	86
Guaranteed Investees of Third Parties | Other current liabilities
GUARANTEES
Guarantee obligations for consolidated subsidiaries	$ 20

EMPLOYEE BENEFIT PLANS - Narrat

EMPLOYEE BENEFIT PLANS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation costs, pretax	$ 17	$ 14
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate Intrinsic value of awards exercised	$ 8
Exercised (in shares)	94,560	0
Granted (in shares)	0	0

EMPLOYEE BENEFIT PLANS - Stock

EMPLOYEE BENEFIT PLANS - Stock Options (Details) - Stock Options - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Number of Options
Outstanding at the beginning of the period (in shares)	384,440
Exercised (in shares)	(94,560)	0
Outstanding at the end of the period (in shares)	289,880
Weighted Average Exercise Price Per Share
Outstanding at the beginning of the period (in dollars per share)	$ 22.79
Exercised (in dollars per share)	18.99
Outstanding at the end of the period (in dollars per share)	$ 24.02
Aggregate Intrinsic Value
Outstanding at the end of the period	$ 24
Weighted Average Remaining Life
Outstanding at the end of the period	4 years 1 month 6 days

EMPLOYEE BENEFIT PLANS - Schedu

EMPLOYEE BENEFIT PLANS - Schedule of Information about Outstanding Stock Options (Details) - Stock Options	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of Options
Number of Options (in shares) | shares	289,880
Weighted Average Remaining Contractual Life	4 years 1 month 6 days
Weighted Average Exercise Price (in dollars per share)	$ 24.02
$18.99 to $20.609
Number of Options
Number of Options (in shares) | shares	161,285
Weighted Average Remaining Contractual Life	3 years 6 months
Weighted Average Exercise Price (in dollars per share)	$ 19.99
$18.99 to $20.609
Number of Options
Number of Options (in shares) | shares	128,595
Weighted Average Remaining Contractual Life	4 years 9 months 18 days
Weighted Average Exercise Price (in dollars per share)	$ 29.07
Minimum | $18.99 to $20.609
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price per share, low end of the range (in dollars per share)	18.99
Minimum | $18.99 to $20.609
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price per share, low end of the range (in dollars per share)	20.61
Maximum | $18.99 to $20.609
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price per share, high end of the range (in dollars per share)	20.609
Maximum | $18.99 to $20.609
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price per share, high end of the range (in dollars per share)	$ 35.430

EMPLOYEE BENEFIT PLANS - Restri

EMPLOYEE BENEFIT PLANS - Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restricted Stock Units
Number of RSUs
Unvested at the beginning of the period (in shares)	1,421,063
Granted (in shares)	527,897
Vested (in shares)	(642,865)
Forfeited (in shares)	(674)
Unvested at the end of the period (in shares)	1,509,542
Weighted Average Grant Date Fair Value Per RSU
Unvested at the beginning of the period (in dollars per share)	$ 66.46
Granted (in dollars per share)	97.18
Vested (in dollars per share)	65.22
Forfeited (in dollars per share)	67.77
Unvested at the end of the period (in dollars per share)	$ 79.84
Other Disclosures
Awards granted in the period (in shares)	527,897
Unrecognized compensation costs	$ 79
Period for recognition of unrecognized compensation costs	2 years 4 months 24 days
Performance Based Restricted Stock Unit
Number of RSUs
Granted (in shares)	204,121
Weighted Average Grant Date Fair Value Per RSU
Granted (in dollars per share)	$ 66.42
Other Disclosures
Awards granted in the period (in shares)	204,121
Performance Based Restricted Stock Unit | Performance Based Vesting, 0 to 250%
Number of RSUs
Granted (in shares)	275,156
Other Disclosures
Awards granted in the period (in shares)	275,156
Performance Based Restricted Stock Unit | Performance Based Vesting, 0 to 250% | Minimum
Other Disclosures
Vesting percentage	0%
Performance Based Restricted Stock Unit | Performance Based Vesting, 0 to 250% | Minimum | Awards Granted In 2024
Other Disclosures
Vesting percentage	0%
Performance Based Restricted Stock Unit | Performance Based Vesting, 0 to 250% | Maximum
Other Disclosures
Vesting percentage	250%
Performance Based Restricted Stock Unit | Performance Based Vesting, 0 to 250% | Maximum | Awards Granted In 2024
Other Disclosures
Vesting percentage	250%
Performance Based Restricted Stock Unit | Performance based vesting, 0 to 225% | Minimum | Awards Granted In 2023
Other Disclosures
Vesting percentage	0%
Performance Based Restricted Stock Unit | Performance based vesting, 0 to 225% | Maximum | Awards Granted In 2023
Other Disclosures
Vesting percentage	225%
Performance Based Restricted Stock Unit | Performance based vesting, 0 to 200% | Minimum | Awards Granted Before 2023
Other Disclosures
Vesting percentage	0%
Performance Based Restricted Stock Unit | Performance based vesting, 0 to 200% | Maximum | Awards Granted Before 2023
Other Disclosures
Vesting percentage	200%
Performance Based Restricted Stock Unit | Performance Based Vesting and Settled Immediately
Number of RSUs
Granted (in shares)	204,121	185,901
Other Disclosures
Awards granted in the period (in shares)	204,121	185,901
Performance Based Restricted Stock Unit | Performance Based Vesting, Three Year Period, Zero to Two Hundred Percent
Number of RSUs
Granted (in shares)	5,605
Other Disclosures
Awards granted in the period (in shares)	5,605
Performance Based Restricted Stock Unit | Performance Based Vesting, Three Year Period, Zero to Two Hundred Percent | Minimum
Other Disclosures
Vesting percentage	0%
Performance Based Restricted Stock Unit | Performance Based Vesting, Three Year Period, Zero to Two Hundred Percent | Maximum
Other Disclosures
Vesting percentage	150%
Performance Based Restricted Stock Unit | Performance Based Vesting, Three Year Period, Zero to Two Hundred Twenty-Five Percent
Number of RSUs
Granted (in shares)		301,268
Other Disclosures
Awards granted in the period (in shares)		301,268
Performance Based Restricted Stock Unit | Performance Based Vesting, Three Year Period, Zero to Two Hundred Twenty-Five Percent | Minimum
Other Disclosures
Vesting percentage		0%
Performance Based Restricted Stock Unit | Performance Based Vesting, Three Year Period, Zero to Two Hundred Twenty-Five Percent | Maximum
Other Disclosures
Vesting percentage		225%
Time Based Restricted Stock Units | Vest Ratably Over Three Year Period from Grant Date
Number of RSUs
Granted (in shares)	247,136	301,268
Other Disclosures
Awards granted in the period (in shares)	247,136	301,268
Vesting period	3 years	3 years
Time Based Restricted Stock Units | Vest and Settled on Fifth Anniversary
Number of RSUs
Granted (in shares)		42,626
Other Disclosures
Awards granted in the period (in shares)		42,626
Time Based Restricted Stock Units | Vest on December 31, 2023
Number of RSUs
Granted (in shares)		33,586
Other Disclosures
Awards granted in the period (in shares)		33,586

EMPLOYEE BENEFIT PLANS - Sche_2

EMPLOYEE BENEFIT PLANS - Schedule of Significant Inputs used in Valuation of RSUs (Details) - Restricted Stock Units	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum	34.90%	53.60%
Expected volatility, maximum	52.10%	65.60%
Risk-free interest rate, minimum	4.40%	4.50%
Risk-free interest rate, maximum	4.90%	4.80%

EMPLOYEE BENEFIT PLANS - USPI M

EMPLOYEE BENEFIT PLANS - USPI Management Equity Plan (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restricted Stock Units
Number of RSUs
Unvested at the beginning of the period (in shares)	1,421,063
Vested (in shares)	(642,865)
Forfeited (in shares)	(674)
Unvested at the end of the period (in shares)	1,509,542
Weighted Average Grant Date Fair Value Per RSU
Unvested at the beginning of the period (in dollars per share)	$ 66.46
Vested (in dollars per share)	65.22
Forfeited (in dollars per share)	67.77
Unvested at the end of the period (in dollars per share)	$ 79.84
Awards granted in the period (in shares)	527,897
USPI Management Equity Plan | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual right to receive shares of common stock for a stock based award (in shares)	1
Number of RSUs
Unvested at the beginning of the period (in shares)	607,984
Vested (in shares)	(605,987)
Forfeited (in shares)	(1,997)
Unvested at the end of the period (in shares)	0
Weighted Average Grant Date Fair Value Per RSU
Unvested at the beginning of the period (in dollars per share)	$ 34.13
Vested (in dollars per share)	34.13
Forfeited (in dollars per share)	34.13
Unvested at the end of the period (in dollars per share)	$ 34.13
Awards granted in the period (in shares)	0	0
USPI Management Equity Plan | Nonvoting Common Stock
Weighted Average Grant Date Fair Value Per RSU
Outstanding vested shares eligible to be sold (in shares)	453,000

EQUITY - Changes in Shareholder

EQUITY - Changes in Shareholders' Equity (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Changes in Shareholders' Equity
Balances, beginning of period	$ 3,117	$ 2,459
Net income	2,233	217
Distributions paid to noncontrolling interests	(78)	(61)
Other comprehensive income	2	2
Purchases (sales) of businesses and noncontrolling interests, net	(28)	19
Repurchases of common stock	(280)	(50)
Stock-based compensation expense and issuance of common stock	(23)	(6)
Balances, end of period	$ 4,943	$ 2,580
Common Stock
Changes in Shareholders' Equity
Balances, beginning of period (in shares)	99,950	102,247
Balances, beginning of period	$ 8	$ 8
Repurchases of common stock (in shares)	(2,811)	(906)
Stock-based compensation expense and issuance of common stock (in shares)	534	571
Balances, end of period (in shares)	97,673	101,912
Balances, end of period	$ 8	$ 8
Additional Paid-In Capital
Changes in Shareholders' Equity
Balances, beginning of period	4,834	4,778
Purchases (sales) of businesses and noncontrolling interests, net	(5)	2
Stock-based compensation expense and issuance of common stock	(23)	(6)
Balances, end of period	4,806	4,774
Accumulated Other Comprehensive Loss
Changes in Shareholders' Equity
Balances, beginning of period	(181)	(181)
Other comprehensive income	2	2
Balances, end of period	(179)	(179)
Retained Earnings (Accumulated Deficit)
Changes in Shareholders' Equity
Balances, beginning of period	(192)	(803)
Net income	2,151	143
Balances, end of period	1,959	(660)
Treasury Stock
Changes in Shareholders' Equity
Balances, beginning of period	(2,861)	(2,660)
Repurchases of common stock	(280)	(50)
Balances, end of period	(3,141)	(2,710)
Noncontrolling Interests
Changes in Shareholders' Equity
Balances, beginning of period	1,509	1,317
Net income	82	74
Distributions paid to noncontrolling interests	(78)	(61)
Purchases (sales) of businesses and noncontrolling interests, net	(23)	17
Balances, end of period	$ 1,490	$ 1,347

EQUITY - Narrative (Details)

EQUITY - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Oct. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders equity balance	$ 4,943	$ 2,580	$ 3,117	$ 2,459
Net income	2,233	217
Amount of common stock authorized to be repurchased					$ 1,000
Noncontrolling Interests
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders equity balance	1,490	1,347	1,509	$ 1,317
Net income	82	74
Noncontrolling Interests | Hospital Operations
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders equity balance	183		185
Net income	9	5
Noncontrolling Interests | Ambulatory Care
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders equity balance	1,307		$ 1,324
Net income	$ 73	$ 69

EQUITY - Share Repurchase Progr

EQUITY - Share Repurchase Programs (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	1 Months Ended
	Mar. 31, 2024	Feb. 29, 2024	Jan. 31, 2024	Mar. 31, 2023	Feb. 28, 2023	Jan. 31, 2023
Equity, Class of Treasury Stock [Line Items]
Total Number of Shares Purchased (in shares)	2,811	0	0	906	0	0
Average Price Paid per Share (in dollars per shares)	$ 98.86	$ 0	$ 0	$ 55.03	$ 0	$ 0
Maximum Dollar Value of Shares That May Yet be Purchased Under the Program	$ 272	$ 550	$ 550	$ 700	$ 750	$ 750
Publicly Announced Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Total Number of Shares Purchased (in shares)	2,811	0	0	906	0	0

NET OPERATING REVENUES - Net Op

NET OPERATING REVENUES - Net Operating Revenue By Source (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Net operating revenues	$ 5,368	$ 5,021
Ambulatory Care
Disaggregation of Revenue [Line Items]
Net operating revenues	995	905
Operating Segments
Disaggregation of Revenue [Line Items]
Net operating revenues	5,368	5,021
Operating Segments | Hospital Operations
Disaggregation of Revenue [Line Items]
Net operating revenues	4,373	4,116
Operating Segments | Ambulatory Care
Disaggregation of Revenue [Line Items]
Net operating revenues	995	905
Continuing Operations
Disaggregation of Revenue [Line Items]
Net operating revenues	5,368	5,021
Continuing Operations | Operating Segments | Hospital Operations
Disaggregation of Revenue [Line Items]
Net operating revenues	4,373	4,116
Continuing Operations | Operating Segments | Hospital Operations | Other Revenues
Disaggregation of Revenue [Line Items]
Net operating revenues	523	549
Continuing Operations | Operating Segments | Ambulatory Care
Disaggregation of Revenue [Line Items]
Net operating revenues	995	905
Continuing Operations | Acute Care Hospitals and Related Outpatient Facilities | Operating Segments | Hospital Operations | Medicare
Disaggregation of Revenue [Line Items]
Net operating revenues	610	613
Continuing Operations | Acute Care Hospitals and Related Outpatient Facilities | Operating Segments | Hospital Operations | Medicaid
Disaggregation of Revenue [Line Items]
Net operating revenues	411	280
Continuing Operations | Acute Care Hospitals and Related Outpatient Facilities | Operating Segments | Hospital Operations | Managed care
Disaggregation of Revenue [Line Items]
Net operating revenues	2,656	2,503
Continuing Operations | Acute Care Hospitals and Related Outpatient Facilities | Operating Segments | Hospital Operations | Uninsured
Disaggregation of Revenue [Line Items]
Net operating revenues	19	31
Continuing Operations | Acute Care Hospitals and Related Outpatient Facilities | Operating Segments | Hospital Operations | Indemnity and other
Disaggregation of Revenue [Line Items]
Net operating revenues	154	140
Continuing Operations | Acute Care Hospitals and Related Outpatient Facilities | Operating Segments | Hospital Operations | Total
Disaggregation of Revenue [Line Items]
Net operating revenues	$ 3,850	$ 3,567

NET OPERATING REVENUES - Net _2

NET OPERATING REVENUES - Net Operating Revenue Composition, Ambulatory and Conifer Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Net operating revenues	$ 5,368	$ 5,021
Ambulatory Care
Disaggregation of Revenue [Line Items]
Net operating revenues	995	905
Ambulatory Care | Net patient service revenues
Disaggregation of Revenue [Line Items]
Net operating revenues	954	868
Ambulatory Care | Management fees
Disaggregation of Revenue [Line Items]
Net operating revenues	33	30
Ambulatory Care | Revenue from other sources
Disaggregation of Revenue [Line Items]
Net operating revenues	$ 8	$ 7

NET OPERATING REVENUES - Perfor

NET OPERATING REVENUES - Performance Obligations (Details) $ in Millions	Mar. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations	$ 5,854
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations	$ 513
Revenue, remaining performance obligation, expected timing of satisfaction, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations	$ 684
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations	$ 683
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations	$ 683
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations	$ 683
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations	$ 2,608
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year

INSURANCE - Insurance (Details)

INSURANCE - Insurance (Details) - USD ($)	3 Months Ended		24 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Dec. 31, 2023
Insurance coverage
Insurance, annual coverage limit			$ 850,000,000
Insurance recoveries		$ 31,000,000
Net operating revenues	$ 5,368,000,000	5,021,000,000
Insurance Recoveries
Insurance coverage
Net operating revenues	0	27,000,000
Other Operating Expense, Net
Insurance coverage
Malpractice expense	70,000,000	$ 91,000,000
Professional and General Liability Reserves
Insurance coverage
Self insurance reserve	$ 1,060,000,000		1,060,000,000	$ 1,046,000,000
Floods
Insurance coverage
Insurance, maximum coverage per incident			100,000,000
Earthquake | California
Insurance coverage
Insurance, maximum coverage per incident			200,000,000
Earthquake | Other Geographic Areas
Insurance coverage
Insurance, maximum coverage per incident			200,000,000
Windstorms
Insurance coverage
Insurance, maximum coverage per incident			200,000,000
Fire and other perils
Insurance coverage
Insurance, maximum coverage per incident			$ 850,000,000
California Earthquakes And Named Windstorms
Insurance coverage
Insurance deductible as a percent			5%
New Madrid Fault Earthquakes
Insurance coverage
Insurance deductible as a percent			2%
Insurance, maximum deductible per incident			$ 25,000,000
Other Catastrophic Events
Insurance coverage
Insurance, deductible			$ 5,000,000

CLAIMS AND LAWSUITS - Reconcili

CLAIMS AND LAWSUITS - Reconciliations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Loss Contingency Accrual [Roll Forward]
Litigation and investigation costs	$ 4	$ 4
Claims, Lawsuits, and Regulatory Proceedings
Loss Contingency Accrual [Roll Forward]
Litigation reserve, balance at beginning of period	40	51
Litigation and investigation costs	4	4
Cash Payments	(15)	(5)
Other	(1)	0
Litigation reserve, balance at end of period	$ 28	$ 50

REDEEMABLE NONCONTROLLING INT_3

REDEEMABLE NONCONTROLLING INTERESTS IN EQUITY OF CONSOLIDATED SUBSIDIARIES - Changes in Redeemable Noncontrolling Interests (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Increase (Decrease) in Temporary Equity [Roll Forward]
Balances at beginning of period	$ 2,391
Net income	101	$ 79
Distributions paid to noncontrolling interests	(78)	(61)
Balances at end of period	2,728
Redeemable Noncontrolling Interests
Increase (Decrease) in Temporary Equity [Roll Forward]
Balances at beginning of period	2,391	2,149
Net income	101	79
Distributions paid to noncontrolling interests	(84)	(73)
Purchases and sales of businesses and noncontrolling interests, net	320	70
Balances at end of period	$ 2,728	$ 2,225

REDEEMABLE NONCONTROLLING INT_4

REDEEMABLE NONCONTROLLING INTERESTS IN EQUITY OF CONSOLIDATED SUBSIDIARIES - Segment Details (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Redeemable Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests	$ 2,728		$ 2,391
Net income available to redeemable noncontrolling interests	101	$ 79
Hospital Operations
Redeemable Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests	879		860
Net income available to redeemable noncontrolling interests	21	22
Ambulatory Care
Redeemable Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests	1,849		$ 1,531
Net income available to redeemable noncontrolling interests	$ 80	$ 57

REDEEMABLE NONCONTROLLING INT_5

REDEEMABLE NONCONTROLLING INTERESTS IN EQUITY OF CONSOLIDATED SUBSIDIARIES - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2024	Dec. 31, 2023
Redeemable Noncontrolling Interest [Line Items]
Other current liabilities		$ 1,868	$ 1,756
Other long-term liabilities		1,689	1,709
United Surgical Partners International
Redeemable Noncontrolling Interest [Line Items]
Other current liabilities		135	135
Other long-term liabilities		31	$ 63
Baylor University Medical Center | United Surgical Partners International
Redeemable Noncontrolling Interest [Line Items]
Share purchase agreement amount of payment	$ 406
Payment on execution of share purchase agreement		$ 11
Put Option | Baylor University Medical Center | United Surgical Partners International
Redeemable Noncontrolling Interest [Line Items]
Ownership percentage	5%

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 750	$ 84
Income before income taxes	3,084	380
Change in valuation allowance for interest expense carryforwards	(185)	$ 19
Unrecognized tax benefits	61
Unrecognized tax benefits which, if recognized, would impact effective tax rate	59
Interest and penalties related to accrued liabilities for uncertain tax positions, recognized	1
Interest and penalties related to accrued liabilities for uncertain tax positions, recognized	$ 3

INCOME TAXES - Federal Tax Reco

INCOME TAXES - Federal Tax Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reconciliation between reported income tax expense (benefit) and income taxes calculated by the statutory federal income tax rate
Tax expense at statutory federal rate of 21%	$ 648	$ 80
State income taxes, net of federal income tax benefit	203	16
Tax benefit attributable to noncontrolling interests	(38)	(32)
Nondeductible goodwill	126	0
Stock-based compensation tax benefit	(5)	(2)
Changes in valuation allowance	(185)	19
Other items	1	3
Income tax expense	$ 750	$ 84

EARNINGS PER COMMON SHARE (Deta

EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net Income Available to Common Shareholders (Numerator)
Net income available to Tenet Healthcare Corporation common shareholders for basic earnings per share	$ 2,151	$ 143
Effect of dilutive stock options, restricted stock units, deferred compensation units, convertible instruments and dividends on preferred stock	0	(3)
Net income available to Tenet Healthcare Corporation common shareholders for diluted earnings per share	$ 2,151	$ 140
Weighted Average Shares (Denominator)
Net income available to Tenet Healthcare Corporation common shareholders for basic earnings per share (in shares)	99,581	102,289
Effect of dilutive stock options, restricted stock units, deferred compensation units, convertible instruments and dividends on preferred stock (in shares)	1,017	3,717
Net income available to Tenet Healthcare Corporation common shareholders for diluted earnings per share (in shares)	100,598	106,006
Per-Share Amount
Net income available to Tenet Healthcare Corporation common shareholders for basic earnings per share (in dollars per share)	$ 21.60	$ 1.40
Effect of dilutive stock options, restricted stock units, deferred compensation units, convertible instruments and dividends on preferred stock (in dollars per share)	(0.22)	(0.08)
Net income available to Tenet Healthcare Corporation common shareholders for diluted earnings per share (in dollars per share)	$ 21.38	$ 1.32

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Nonrecurring
Fair value of assets and liabilities measured on recurring basis
Long-lived assets held for sale	$ 22
Long-lived assets held for sale		$ 775
Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair value of assets and liabilities measured on recurring basis
Long-lived assets held for sale	0
Long-lived assets held for sale		0
Nonrecurring | Significant Other Observable Inputs (Level 2)
Fair value of assets and liabilities measured on recurring basis
Long-lived assets held for sale	22
Long-lived assets held for sale		775
Nonrecurring | Significant Unobservable Inputs (Level 3)
Fair value of assets and liabilities measured on recurring basis
Long-lived assets held for sale	$ 0
Long-lived assets held for sale		$ 0
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair value of assets and liabilities measured on recurring basis
Estimated fair value of debt instrument as percentage of carrying value (percent)	97.10%	96.90%

ACQUISITIONS - Preliminary Purc

ACQUISITIONS - Preliminary Purchase Price Allocations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Final purchase price allocations
Goodwill	$ 10,568		$ 10,307
Cash paid, net of cash acquired	(449)	$ (48)
Gains (losses) on consolidations	(4)	13
Series of Individual Business Acquisitions
Final purchase price allocations
Current assets	65	6
Property and equipment	37	4
Other intangible assets	86	2
Goodwill	613	165
Long-term operating lease assets	93	0
Other long-term assets	1	4
Previously held investments in unconsolidated affiliates	(4)	(37)
Current liabilities	(58)	(5)
Long-term operating lease liabilities	(83)	0
Other long-term liabilities	(11)	(8)
Redeemable noncontrolling interests in equity of consolidated subsidiaries	(302)	(56)
Noncontrolling interests	(2)	(14)
Cash paid, net of cash acquired	$ (439)	$ (48)

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended
	Dec. 31, 2023 USD ($) healthcare_facility	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)
Business Acquisition [Line Items]
Goodwill	$ 10,307	$ 10,568
Transaction costs related to prospective and closed acquisitions		12	$ 2
Purchase price allocation adjustments		(11)
SurgeCenter Development
Business Acquisition [Line Items]
Goodwill		613	$ 165
NextCare Arizona I JV, LLC
Business Acquisition [Line Items]
Business acquisition, percentage of voting interests acquired	55%
Number of operational urgent care centers acquired | healthcare_facility	41
Purchase price in escrow		$ 10
NextCare Arizona II JV, LLC
Business Acquisition [Line Items]
Number of operational urgent care centers acquired, noncontrolling interest | healthcare_facility	15

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2024 surgery_center state hospital healthcare_facility	Dec. 31, 2023 segment	Dec. 31, 2022 segment
Segment Reporting Information [Line Items]
Number of reportable segments | segment		2	3
Hospital Operations
Segment Reporting Information [Line Items]
Number of hospitals operated by subsidiaries	52
Number of states where operations occur | state	9
Number of outpatient facilities operated | healthcare_facility	151
Ambulatory Care | United Surgical Partners International
Segment Reporting Information [Line Items]
Number of states where operations occur | state	38
Number of ambulatory surgery centers	512
Number of ambulatory surgery centers consolidated | surgery_center	372
Number of surgical hospitals operated by subsidiaries	25
Number of surgical hospitals consolidated	8

SEGMENT INFORMATION - Reconcili

SEGMENT INFORMATION - Reconciling Items (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Assets	$ 28,907		$ 28,312
Net operating revenues	5,368	$ 5,021
Equity in earnings of unconsolidated affiliates:	59	50
Adjusted EBITDA:
Adjusted EBITDA	1,024	832
Depreciation and amortization	(208)	(217)
Impairment and restructuring charges, and acquisition-related costs	(27)	(21)
Litigation and investigation costs	(4)	(4)
Interest expense	(218)	(221)
Loss from early extinguishment of debt	(8)	0
Other non-operating income (expense), net	25	(2)
Net gains on sales, consolidation and deconsolidation of facilities	2,500	13
Income before income taxes	3,084	380
Operating Segments
Segment Reporting Information [Line Items]
Capital expenditures:	240	235
Net operating revenues	5,368	5,021
Equity in earnings of unconsolidated affiliates:	59	50
Adjusted EBITDA:
Adjusted EBITDA	1,024	832
Depreciation and amortization	(208)	(217)
Hospital Operations
Segment Reporting Information [Line Items]
Assets	17,095		17,268
Hospital Operations | Operating Segments
Segment Reporting Information [Line Items]
Capital expenditures:	222	217
Net operating revenues	4,373	4,116
Equity in earnings of unconsolidated affiliates:	3	3
Adjusted EBITDA:
Adjusted EBITDA	630	492
Depreciation and amortization	(177)	(190)
Ambulatory Care
Segment Reporting Information [Line Items]
Assets	11,812		$ 11,044
Net operating revenues	995	905
Ambulatory Care | Operating Segments
Segment Reporting Information [Line Items]
Capital expenditures:	18	18
Net operating revenues	995	905
Equity in earnings of unconsolidated affiliates:	56	47
Adjusted EBITDA:
Adjusted EBITDA	394	340
Depreciation and amortization	$ (31)	$ (27)