Tenet Healthcare (THC) 10-Q 2 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 27, 2016
Document and Entity Information
Entity Registrant Name	TENET HEALTHCARE CORP
Entity Central Index Key	70,318
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		99,304,410
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 728	$ 356
Accounts receivable, less allowance for doubtful accounts ($901 at March 31, 2016 and $887 at December 31, 2015)	2,807	2,704
Inventories of supplies, at cost	312	309
Income tax receivable		7
Assets held for sale	2	550
Other current assets	1,280	1,245
Total current assets	5,129	5,171
Investments and other assets	1,142	1,175
Deferred income taxes	726	776
Property and equipment, at cost, less accumulated depreciation and amortization ($4,538 at March 31, 2016 and $4,323 at December 31, 2015)	7,961	7,915
Goodwill	7,122	6,970
Other intangible assets, at cost, less accumulated amortization ($701 at March 31, 2016 and $659 at December 31, 2015)	1,686	1,675
Total assets	23,766	23,682
Current liabilities:
Current portion of long-term debt	172	127
Accounts payable	1,228	1,380
Accrued compensation and benefits	772	880
Professional and general liability reserves	161	177
Accrued interest payable	307	205
Liabilities held for sale		101
Accrued legal settlement costs	423	294
Other current liabilities	1,205	1,144
Total current liabilities	4,268	4,308
Long-term debt, net of current portion	14,350	14,383
Professional and general liability reserves	623	578
Defined benefit plan obligations	593	595
Other long-term liabilities	625	594
Total liabilities	$ 20,459	$ 20,458
Commitments and contingencies
Redeemable noncontrolling interests in equity of consolidated subsidiaries	$ 2,381	$ 2,266
Shareholders' equity:
Common stock, $0.05 par value; authorized 262,500,000 shares; 147,692,493 shares issued at March 31, 2016 and 146,920,454 shares issued at December 31, 2015	7	7
Additional paid-in capital	4,804	4,815
Accumulated other comprehensive loss	(160)	(164)
Accumulated deficit	(1,609)	(1,550)
Common stock in treasury, at cost, 48,424,273 shares at March 31, 2016 and 48,425,298 shares at December 31, 2015	(2,417)	(2,417)
Total shareholders' equity	625	691
Noncontrolling interests	301	267
Total equity	926	958
Total liabilities and equity	$ 23,766	$ 23,682

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
CONDENSED CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 901	$ 887
Property and equipment, accumulated depreciation and amortization (in dollars)	4,538	4,323
Other intangible assets, accumulated amortization (in dollars)	$ 701	$ 659
Common stock, par value (in dollars per share)	$ 0.05	$ 0.05
Common stock, authorized shares	262,500,000	262,500,000
Common stock, shares issued	147,692,493	146,920,454
Common stock in treasury, shares	48,424,273	48,425,298

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net operating revenues:
Net operating revenues before provision for doubtful accounts	$ 5,420	$ 4,787
Less: Provision for doubtful accounts	376	363
Net operating revenues	5,044	4,424
Equity in earnings of unconsolidated affiliates	24	4
Operating expenses:
Salaries, wages and benefits	2,402	2,125
Supplies	811	687
Other operating expenses, net	1,242	1,093
Electronic health record incentives		(6)
Depreciation and amortization	212	207
Impairment and restructuring charges, and acquisition-related costs	28	29
Litigation and investigation costs	173	3
Gains on sales, consolidation and deconsolidation of facilities	(147)
Operating income	347	290
Interest expense	(243)	(199)
Investment earnings	1
Net income from continuing operations, before income taxes	105	91
Income tax benefit (expense)	(67)	(16)
Net income from continuing operations, before discontinued operations	38	75
Discontinued operations:
Loss from operations	(5)	(1)
Litigation and investigation costs		3
Income tax benefit (expense)	1	(1)
Net income (loss) from discontinued operations	(4)	1
Net income	34	76
Less: Net income attributable to noncontrolling interests	93	29
Net income available (loss attributable) to Tenet Healthcare Corporation common shareholders	(59)	47
Amounts available (attributable) to Tenet Healthcare Corporation common shareholders
Net income from continuing operations, net of tax	(55)	46
Net income (loss) from discontinued operations, net of tax	(4)	1
Net income available (loss attributable) to Tenet Healthcare Corporation common shareholders	$ (59)	$ 47
Basic
Continuing operations (in dollars per share)	$ (0.56)	$ 0.47
Discontinued operations (in dollars per share)	(0.04)	0.01
Total loss per share, Basic (in dollars per share)	(0.60)	0.48
Diluted
Continuing operations (in dollars per share)	(0.56)	0.46
Discontinued operations (in dollars per share)	(0.04)	0.01
Total loss per share, Diluted (in dollars per share)	$ (0.60)	$ 0.47
Weighted average shares and dilutive securities outstanding (in thousands):
Basic (in shares)	98,768	98,699
Diluted (in shares)	98,768	100,872

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME
Net income	$ 34	$ 76
Other comprehensive income:
Amortization of net actuarial loss included in net periodic benefit costs		3
Unrealized gains on securities held as available-for-sale	3	1
Foreign currency translation adjustments	2
Other comprehensive income before income taxes	5	4
Income tax expense related to items of other comprehensive income	(1)	(1)
Total other comprehensive income, net of tax	4	3
Comprehensive net income	38	79
Less: Comprehensive income attributable to noncontrolling interests	93	29
Comprehensive net income available (loss attributable) to Tenet Healthcare Corporation common shareholders	$ (55)	$ 50

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Net income	$ 34	$ 76
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	212	207
Provision for doubtful accounts	376	363
Deferred income tax expense	31	12
Stock-based compensation expense	16	15
Impairment and restructuring charges, and acquisition-related costs	28	29
Litigation and investigation costs	173	3
Gains on sales, consolidation and deconsolidation of facilities	(147)
Equity in earnings of unconsolidated affiliates, net of distributions received	12	(4)
Amortization of debt discount and debt issuance costs	10	7
Pre-tax loss (income) from discontinued operations	5	(2)
Other items, net	2	(4)
Changes in cash from operating assets and liabilities:
Accounts receivable	(453)	(484)
Inventories and other current assets	(18)	(74)
Income taxes	28	8
Accounts payable, accrued expenses and other current liabilities	(114)	(200)
Other long-term liabilities	24	28
Payments for restructuring charges, acquisition-related costs, and litigation costs and settlements	(69)	(33)
Net cash used in operating activities from discontinued operations, excluding income taxes	(3)	(4)
Net cash provided by (used in) operating activities	147	(57)
Cash flows from investing activities:
Purchases of property and equipment - continuing operations	(208)	(184)
Purchases of businesses or joint venture interests, net of cash acquired	(29)	(11)
Proceeds from sales of facilities and other assets	573
Proceeds from sales of marketable securities, long-term investments and other assets	12	6
Purchases of equity investments	(18)
Other long-term assets	(10)	2
Net cash provided by (used in) investing activities	320	(187)
Cash flows from financing activities:
Repayments of borrowings under credit facility	(995)	(690)
Proceeds from borrowings under credit facility	995	820
Repayments of other borrowings	(38)	(32)
Proceeds from other borrowings	1	401
Debt issuance costs		(4)
Distributions paid to noncontrolling interests	(44)	(11)
Contributions from noncontrolling interests		2
Purchase of noncontrolling interest		(254)
Proceeds from exercise of stock options		7
Other items, net	(14)	(3)
Net cash provided by (used in) financing activities	(95)	236
Net increase (decrease) in cash and cash equivalents	372	(8)
Cash and cash equivalents at beginning of period	356	193
Cash and cash equivalents at end of period	728	185
Supplemental disclosures:
Interest paid, net of capitalized interest	(132)	(117)
Income tax payments, net	$ (6)	$ 1

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2016
BASIS OF PRESENTATION
BASIS OF PRESENTATION	NOTE 1. 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. At March 31, 2016 , we operated 84 hospitals, 20 short-stay surgical hospitals, over 475 outpatient centers, nine facilities in the United Kingdom and six health plans through our subsidiaries, partnership s and joint ventures, including USPI Holding Company, Inc. (“USPI joint venture”). The results of 142 of these facilities, in which we hold noncontrolling interests, are recorded using the equity method of accounting. Our Conifer Holdings, Inc. (“Conifer”) subsidiary provides healthcare business process services in the areas of revenue cycle management and technology-enabled performance improvement and health management solutions to health systems, as well as individual hospitals, physician practices, self-insured organizations and health plans. This quarterly report supplements our Annual Report on Form 10-K for the year ended December 31, 2015 (“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 financial and statistical data included in these notes to our Condensed Consolidated Financial Statements relate to our continuing operations, with dollar amounts expressed in millions (except per-share amounts) . Certain prior-year amounts have been reclassified to conform to the current-year presentation. Although the Condensed Consolidated Financial Statements and related notes within this document are unaudited, we believe all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature. In preparing our financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), we are required 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. 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 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, 2016 are not necessarily indicative of the results that may be expected for the full year. Reasons for this include, but are not limited to: 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; changes in Medicare and Medicaid regulations; Medicaid and other supplemental funding levels set by the states in which we operate; the timing of approval by the Centers for Medicare and Medicaid Services of Medicaid provider fee revenue programs; trends in patient accounts receivable collectability and associated provisions for doubtful accounts; fluctuations in interest rates; levels of malpractice insurance expense and settlement trends; the number of covered lives managed by our health plans and the plans’ ability to effectively manage medical costs; the timing of when we meet the criteria to recognize electronic health record incentives; impairment of long-lived assets and goodwill; restructuring charges; losses, costs and insurance recoveries related to natural disasters and other weather-related occurrences; litigation and investigation costs; acquisitions and dispositions of facilities and other assets; 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 or losses from early extinguishment of debt; and changes in occupancy levels and patient volumes. Factors that affect patient volumes and, thereby, the results of operations at our hospitals and related healthcare facilities include, but are not limited to: the business environment, economic conditions and demographics of local communities in which we operate; the number of uninsured and underinsured individuals in local communities treated at our hospitals; seasonal cycles of illness; climate and weather conditions; physician recruitment, retention and attrition; advances in technology and treatments that reduce length of stay; local healthcare competitors; managed care contract negotiations or terminations; the number of patients with high-deductible health insurance plans; any unfavorable publicity about us, or our joint venture partners, that impacts our relationships with physicians and patients; changes in healthcare regulations and the participation of individual states in federal programs; and the timing of elective procedures. These considerations apply to year-to-year comparisons as well. Translation of Foreign Currencies The accounts of European Surgical Partners, Limited (“Aspen”) were measured in its local currency (the pound sterling) and then translated into U.S. dollars. All assets and liabilities were translated using the current rate of exchange at the balance sheet date. Results of operations were translated using the average rates prevailing throughout the period of operations. Translation gains or losses resulting from changes in exchange rates are accumulated in shareholders’ equity. Net Operating Revenues Before Provision for Doubtful Accounts We recognize net operating revenues before provision for doubtful accounts in the period in which our services are performed. Net operating revenues before provision for doubtful accounts primarily consist of net patient service revenues that are recorded based on established billing rates (i.e., gross charges), less estimated discounts for contractual and other allowances, principally for patients covered by Medicare, Medicaid, managed care and other health plans, as well as certain uninsured patients under our Compact with Uninsured Patients (“Compact”) and other uninsured discount and charity programs . The table below shows the sources of net operating revenues before provision for doubtful accounts from continuing operations: Three Months Ended March 31, 2016 2015 General Hospitals: Medicare $ $ Medicaid Managed care Indemnity, self-pay and other Acute care hospitals — other revenue Other: Other operations Net operating revenues before provision for doubtful accounts $ $ 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 approximately $728 million and $356 million at March 31, 2016 and December 31, 2015 , respectively. At March 31, 2016 and December 31, 2015 , our book overdrafts were approximately $256 million and $301 million, respectively, which were classified as accounts payable. At March 31, 2016 and December 31, 2015 , approximately $175 million and $171 million, respectively, of total cash and cash equivalents in the accompanying Condensed Consolidated Balance Sheets were intended for the operations of our captive insurance subsidiaries and our health plans. Also at March 31, 2016 and December 31, 2015 , we had $110 million and $133 million, respectively, of property and equipment purchases accrued for items received but not yet paid. Of these amounts, $63 million and $95 million, respectively, were included in accounts payable. During the three months ended March 31, 2016 and 2015 , we entered into non-cancellable capital leases of approximately $31 million and $33 million, respectively, primarily for buildings and equipment. Other Intangible Assets The following tables provide information regarding other intangible assets, which are included in the accompanying Condensed Consolidated Balance Sheets at March 31, 2016 and December 31, 2015: Gross Carrying Accumulated Net Book Amount Amortization Value At March 31, 2016: Capitalized software costs $ $ $ Trade names — Contracts Other Total $ $ $ Gross Carrying Accumulated Net Book Amount Amortization Value At December 31, 2015: Capitalized software costs $ $ $ Trade names — Contracts Other Total $ $ $ Estimated future amortization of intangibles with finite useful lives at March 31, 2016 is as follows: Years Ending December 31, Later Total 2016 2017 2018 2019 2020 Years Amortization of intangible assets $ $ $ $ $ $ $ Investments in Unconsolidated Affiliates We control 213 of the facilities operated by our Ambulatory Care segment and, therefore, consolidate their results ( 211 are consolidated within our Ambulatory Care segment and two are consolidated within our Hospital Operations and other segment). We account for many of the facilities our Ambulatory Care segment operates ( 122 of 335 at March 31, 2016 ) and four of the hospitals our Hospital Operations and other segment operates under the equity method as investments in unconsolidated affiliates and report only our share of net income attributable to the investee as equity in earnings of unconsolidated affiliates in the accompanying Condensed Consolidated Statements of Operations. Summarized financial information for these equity method investees is included in the following table. Three Months Ended March 31, 2016 Net operating revenues $ Net income $ Net income attributable to the investees $

ACCOUNTS RECEIVABLE AND ALLOWAN

ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS	3 Months Ended
	Mar. 31, 2016
ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS
ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS	NOTE 2. ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS The principal components of accounts receivable are shown in the table below: March 31, December 31, 2016 2015 Continuing operations: Patient accounts receivable $ $ Allowance for doubtful accounts Estimated future recoveries from accounts assigned to our Conifer subsidiary Net cost reports and settlements payable and valuation allowances Discontinued operations Accounts receivable, net $ $ At March 31, 2016 and December 31, 2015 , our all owance for doubtful accounts was 25.0% and 25.4% , respectively, of our patient accounts receivable. Accounts that are pursued for collection through Conifer’s regional business offices are maintained on our hospitals’ books and reflected in patient accounts receivable with an allowance for doubtful accounts established to reduce the carrying value of such receivables to their estimated net realizable value. Generally, we estimate this allowance based on the aging of our accounts receivable by hospital, our historical collection experience by hospital and for each type of payer, and other relevant factors. At March 31, 2016 and December 31, 2015 , our allowance for doubtful accounts for self-pay was 81.2% and 80.6% , respectively, of our self-pay patient accounts receivable, including co-pays and deductibles owed by patients with insurance. At March 31, 2016 and December 31, 2015 , our allowance for doubtful accounts for managed care was 8.4% and 7.5% , respectively, of our managed care patient accounts receivable. We also provide charity care to patients who are financially unable to pay for the healthcare services they receive. Most patients who qualify for charity care are charged a per-diem amount for services received, subject to a cap. Except for the per-diem amounts, our policy is not to pursue collection of amounts determined to qualify as charity care; therefore, we do not report these amounts in net operating revenues. Most states include an estimate of the cost of charity care in the determination of a hospital’s eligibility for Medicaid disproportionate share hospital (“DSH”) payments. These payments are intended to mitigate our cost of uncompensated care, as well as reduced Medicaid funding levels. The table below shows our estimated costs (based on selected operating expenses, which include salaries, wages and benefits, supplies and other operating expenses) of caring for our self-pay patients and charity care patients, and revenues attributable to Medicaid DSH and other supplemental revenues we recognized in three months ended March 31, 2016 and 2015 . Three Months Ended March 31, 2016 2015 Estimated costs for: Self-pay patients $ $ Charity care patients $ $ Medicaid DSH and other supplemental revenues $ $ At March 31, 2016 and December 31, 2015 , we had approximately $450 million and $387 million, respectively, of receivables recorded in other current assets and approximately $174 million and $139 million, respectively, of payables recorded in other current liabilities in the accompanying Condensed Consolidated Balance Sheets related to California’s provider fee program.

ASSETS AND LIABILITIES HELD FOR

ASSETS AND LIABILITIES HELD FOR SALE	3 Months Ended
	Mar. 31, 2016
ASSETS AND LIABILITIES HELD FOR SALE
ASSETS AND LIABILITIES HELD FOR SALE	NOTE 3. ASSETS AND LIABILITIES HELD FOR SALE Our hospitals, physician practices and related assets in Georgia met the criteria to be classified as assets held for sale in the three months ended June 30, 2015. In accordance with the guidance in the Financial Accounting Standards Board’s Accounting Standards Codification (“ASC”) 360, “Property, Plant and Equipment,” we classified $549 million of our assets in Georgia as “assets held for sale” in current assets and $101 million of our liabilities in Georgia as “liabilities held for sale” in current liabilities in the accompanying Condensed Consolidated Balance Sheet at December 31, 2015. We completed the sale of our Georgia assets on March 31, 2016 at a transaction price of approximately $575 million and recognized a gain on sale of approximately $113 million. Because we did not sell the related accounts receivable related to the pre-closing period, net receivables of approximately $141 million are included in accounts receivable, less allowance for doubtful accounts in the accompanying Condensed Consolidated Balance Sheet at March 31, 2016.

IMPAIRMENT AND RESTRUCTURING CH

IMPAIRMENT AND RESTRUCTURING CHARGES, AND ACQUISITION-RELATED COSTS	3 Months Ended
	Mar. 31, 2016
IMPAIRMENT AND RESTRUCTURING CHARGES, AND ACQUISITION-RELATED COSTS
IMPAIRMENT AND RESTRUCTURING CHARGES, AND ACQUISITION-RELATED COSTS	NOTE 4. IMPAIRMENT AND RESTRUCTURING CHARGES, AND ACQUISITION-RELATED COSTS During the three months ended March 31, 2016 , we recorded impairment and restructuring charges and acquisition-related costs of $28 million primarily related to our Hospital Operations and other segment, consisting of approximately $2 million to write-down other intangible assets, $ 10 million of employee severance costs, $1 million of restructuring costs, $ 1 million of contract and lease termination fees, and $14 million in acquisition-related costs, which include $5 million of transaction costs and $9 million of acquisition integration charges. During the three months ended March 31, 2015 , we recorded impairment and restructuring charges and acquisition-related costs of $29 million, consisting of $6 million of employee severance costs, $3 million of restructuring costs, and $20 million in acquisition-related costs, which include $7 million of transaction costs and $13 million of acquisition integration charges. 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 the facility’s most recent projections. If these projections are not met, or if in the future negative trends occur that impact our future outlook, impairments of long-lived assets and goodwill may occur, and we may incur additional restructuring charges, which could be material. At March 31, 2016 , our continuing operations consisted of t hree reportable segments, Hospital Operations and other, Ambulatory Care and Conifer. Within our Hospital Operations and other segment, our regions and markets are reporting units used to perform our goodwill impairment analysis and are one level below our reportable business segment level. Our Ambulatory Care segment consists of the operations of our USPI joint venture and our Aspen facilities. Our Hospital Operations and other segment was structured as follows at March 31, 2016 : · Our Florida region included all of our hospitals and other operations in Florida; · Our Northeast region included all of our hospitals and other operations in Illinois, Massachusetts and Pennsylvania; · Our Southern region included all of our hospitals and other operations in Alabama, Georgia, South Carolina and Tennessee; · Our Texas region included all of our hospitals and other operations in Missouri, New Mexico and Texas; · Our Western region included all of our hospitals and other operations in Arizona and California; and · Our Detroit market included all of our hospitals and other operations in the Detroit, Michigan area. We periodically incur costs to implement restructuring efforts for specific operations, which are recorded in our statement of operations as they are incurred. Our restructuring plans focus on various aspects of operations, including aligning our operations in the most strategic and cost-effective structure. Certain restructuring and acquisition-related costs are based on estimates. Changes in estimates are recognized as they occur.

LONG-TERM DEBT AND LEASE OBLIGA

LONG-TERM DEBT AND LEASE OBLIGATIONS	3 Months Ended
	Mar. 31, 2016
LONG-TERM DEBT AND LEASE OBLIGATIONS
LONG-TERM DEBT AND LEASE OBLIGATIONS	NOTE 5. LONG-TERM DEBT AND LEASE OBLIGATIONS The table below shows our long-term debt at March 31, 2016 and December 31, 2015 : March 31, December 31, 2016 2015 Senior notes: 5%, due 2019 $ $ 5 1 / 2 %, due 2019 6 3 / 4 %, due 2020 8%, due 2020 8 1 / 8 %, due 2022 6 3 / 4 %, due 2023 6 7 / 8 %, due 2031 Senior secured notes: 6 1 / 4 %, due 2018 4 3 / 4 %, due 2020 6%, due 2020 Floating % due 2020 4 1 / 2 %, due 2021 4 3 / 8 %, due 2021 Capital leases and mortgage notes Unamortized issue costs, note discounts and premium Total long-term debt Less current portion Long-term debt, net of current portion $ $ Credit Agreement On December 4, 2015, we entered into an amendment to our existing senior secured revolving credit facility (as amended, “Credit Agreement”) in order to, among other things, extend the scheduled maturity date of the facility, reduce the rates of certain interest and fees payable under the facility, and remove certain restrictions with respect to the borrowing base eligibility of certain accounts receivable. The Credit Agreement provides, subject to borrowing availability, for revolving loans in an aggregate principal amount of up to $1 billion, with a $300 million subfacility for standby letters of credit. The Credit Agreement, which has a scheduled maturity date of December 4, 2020, is collateralized by patient accounts receivable of substantially all of our domestic wholly owned hospitals. In addition, borrowings under the Credit Agreement are guaranteed by substantially all of our wholly owned domestic hospital subsidiaries. Outstanding revolving loans accrue interest at a base rate plus a margin ranging from 0.25% to 0.75% per annum or the London Interbank Offered Rate (“LIBOR”) plus a margin ranging from 1.25% to 1.75% per annum, 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 accounts receivable, including self-pay accounts. At March 31, 2016 , we had no cash borrowings outstanding under the Credit Agreement, and we had approximately $4 million of standby letters of credit outstanding. Based on our eligible receivables, approximately $996 million was available for borrowing under the Credit Agreement at March 31, 2016 . Letter of Credit Facility On March 7, 2014, we entered into a letter of credit facility agreement (“LC Facility”) that provides for the issuance of standby and documentary letters of credit (including certain letters of credit issued under our prior credit agreement, which we transferred to the LC Facility (the “Preexisting Letters of Credit”)), from time to time, in an aggregate principal amount of up to $180 million (subject to increase to up to $200 million). The LC Facility has a scheduled maturity date of March 7, 2017, and obligations thereunder are guaranteed by and secured by a first priority pledge of the capital stock and other ownership interests of certain of our domestic hospital subsidiaries on an equal ranking basis with our existing senior secured notes. Drawings under any letter of credit issued under the LC Facility (including the Preexisting Letters of Credit) that we have not reimbursed within three business days after notice thereof will accrue interest at a base rate plus a margin equal to 0.875% per annum. An unused commitment fee is payable at an initial rate of 0.50% per annum with a step down to 0.375% per annum based on the secured debt to EBITDA ratio of 3.00 to 1.00. A per annum fee on the aggregate outstanding amount of issued but undrawn letters of credit (including the Preexisting Letters of Credit) will accrue at a rate of 1.875% 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. At March 31, 2016 , we had approximately $139 million of standby letters of credit outstanding under the LC Facility.

GUARANTEES

GUARANTEES	3 Months Ended
	Mar. 31, 2016
GUARANTEES
GUARANTEES	NOTE 6. GUARANTEES At March 31, 2016 , 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 $89 million. We had a total liability of $75 million recorded for these guarantees included in other current liabilities at March 31, 2016 . At March 31, 2016 , 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 $35 million. Of the total, $17 million relates to the obligations of consolidated subsidiaries, which obligations are recorded in the accompanying Condensed Consolidated Balance Sheet at March 31, 2016 .

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	3 Months Ended
	Mar. 31, 2016
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS	NOTE 7. EMPLOYEE BENEFIT PLANS At March 31, 2016 , approximately 1.7 million shares of common stock were available under our 2008 Stock Incentive Plan for future stock option grants and other incentive awards, including restricted stock units. Options have an exercise price equal to the fair market value of the shares on the date of grant and generally expire 10 years from the date of grant. A restricted stock unit is a contractual right to receive one share of our common stock or the equivalent value in cash in the future. Options and time-based restricted stock units typically vest one -third on each of the first three anniversary dates of the grant; however, certain special retention awards may have longer vesting periods. In addition, we grant performance-based restricted stock units (and, in prior years, have granted performance-based options) that vest subject to the achievement of specified performance goals within a specified timeframe. Our Condensed Consolidated Statements of Operations for the three months ended March 31, 2016 and 2015 include $14 million and $18 million, respectively, of pretax compensation costs related to our stock-based compensation arrangements recorded in salaries, wages and benefits. Stock Options The following table summarizes stock option activity during the three months ended March 31, 2016 : Weighted Average Exercise Price Aggregate Weighted Average Options Per Share Intrinsic Value Remaining Life (In Millions) Outstanding at December 31, 2015 $ Granted — — Exercised Forfeited/Expired Outstanding at March 31, 2016 $ years Vested and expected to vest at March 31, 2016 $ $ years Exercisable at March 31, 2016 $ $ years There were 3,950 stock options exercised during the three months ended March 31, 2016 with an aggregate intrinsic value of less than $1 million, and 77,658 stock options exercised during the same period in 2015 with a less than $1 million aggregate intrinsic value. At March 31, 2016 , there were no unrecognized compensation costs related to stock options. Also, there were no stock options granted in the three months ended March 31, 2016 or 2015. The following table summarizes information about our outstanding stock options at March 31, 2016 : Options Outstanding Options Exercisable Weighted Average Number of Remaining Weighted Average Number of Weighted Average Range of Exercise Prices Options Contractual Life Exercise Price Options Exercise Price $0.00 to $4.569 years $ $ $4.57 to $25.089 years $25.09 to $32.569 years $32.57 to $42.529 years years $ $ Restricted Stock Units The following table summarizes restricted stock unit activity during the three months ended March 31, 2016 : Restricted Stock Weighted Average Grant Units Date Fair Value Per Unit Unvested at December 31, 2015 $ Granted Vested Forfeited Unvested at March 31, 2016 $ In the three months ended March 31, 2016, we granted 474,052 restricted stock units subject to time-vesting, of which 458,379 will vest and be settled ratably over a three -year period from the grant date, and 15,673 will vest and be settled on the third anniversary of the grant date. In January 2016, following the appointment of two new members of our Board of Directors, we also made initial grants totaling 5,084 restricted stock units to these directors, as well as prorated annual grants totaling 5,614 restricted stock units. Both the initial grants and the annual grants vested immediately, however the initial grants will not settle until the directors’ separation from the Board, while the annual grants settle on the third anniversary of the grant date. In addition, we granted 455,437 performance-based restricted stock units to certain of our senior officers; the vesting of these restricted stock units is contingent on our achievement of specified three -year performance goals for the years 2016 to 2018. Provided the goals are achieved, the performance-based restricted stock units will vest and settle on the third anniversary of the grant date. The actual number of performance-based restricted stock units that could vest will range from 0% to 200% of the 455,437 units granted, depending on our level of achievement with respect to the performance goals. Moreover, in the three months ended March 31, 2016, we granted 291,540 restricted stock units as a result of our level of achievement with respect to prior-year target performance goals. At March 31, 2016 , there were $117 million of total unrecognized compensation costs related to restricted stock units. These costs are expected to be recognized over a weighted average period of 2.3 years.

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2016
EQUITY
EQUITY	NOTE 8. EQUITY Changes in Shareholders’ Equity The following table shows the changes in consolidated equity during the three months ended March 31, 2016 and 2015 (dollars in millions, share amounts in thousands): Tenet Healthcare Corporation Shareholders’ Equity Accumulated Common Stock Additional Other Shares Issued Par Paid-in Comprehensive Accumulated Treasury Noncontrolling Outstanding Amount Capital Loss Deficit Stock Interests Total Equity Balances at December 31, 2015 $ $ $ $ $ $ $ Net income (loss) — — — — — Distributions paid to noncontrolling interests — — — — — — Contributions from noncontrolling interests — — — — — — Other comprehensive income — — — — — — Purchases (sales) of businesses and noncontrolling interests — — — — — Stock-based compensation expense, tax benefit and issuance of common stock — — — — — Balances at March 31, 2016 $ $ $ $ $ $ $ Balances at December 31, 2014 $ $ $ $ $ $ $ Net income — — — — — Distributions paid to noncontrolling interests — — — — — — Contributions from noncontrolling interests — — — — — — Other comprehensive income — — — — — — Purchases (sales) of businesses and noncontrolling interests — — — — — — Stock-based compensation expense and issuance of common stock — — — — Balance at March 31, 2015 $ $ $ $ $ $ $

PROPERTY AND PROFESSIONAL AND G

PROPERTY AND PROFESSIONAL AND GENERAL LIABILITY INSURANCE	3 Months Ended
	Mar. 31, 2016
PROPERTY AND PROFESSIONAL AND GENERAL LIABILITY INSURANCE
PROPERTY AND PROFESSIONAL AND GENERAL LIABILITY INSURANCE	NOTE 9. PROPERTY AND PROFESSIONAL AND GENERAL LIABILITY 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 on an occurrence basis. Professional and General Liability Reserves At March 31, 2016 and December 31, 2015 , the aggregate current and long-term professional and general liability reserves in our accompanying Condensed Consolidated Balance Sheets were approximately $784 million and $755 million, respectively. These reserves 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. We estimated the reserves for losses and related expenses using expected loss-reporting patterns discounted to their present value under a risk-free rate approach using a Federal Reserve seven -year maturity rate of 1.54% at March 31, 2016 and 2.09% at December 31, 2015 . If the aggregate limit of any of our professional and general liability policies is exhausted, in whole or in part, it could deplete or reduce the limits available to pay any other material claims applicable to that policy period. Included in other operating expenses, net, in the accompanying Condensed Consolidated Statements of Operations is malpractice expense of $93 million and $89 million for the three months ended March 31, 2016 and 2015 , respectively.

CLAIMS AND LAWSUITS

CLAIMS AND LAWSUITS	3 Months Ended
	Mar. 31, 2016
CLAIMS AND LAWSUITS
CLAIMS AND LAWSUITS	NOTE 10. CLAIMS AND LAWSUITS We operate in a highly regulated and litigious industry. As a result, we commonly become involved in disputes, litigation and regulatory matters incidental to our operations, including governmental investigations, personal injury lawsuits, employment claims and other matters arising out of the normal conduct of our 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. If a loss on a material matter is reasonably possible and estimable, we disclose an estimate of the loss or a range of loss. In cases where we have not disclosed an estimate, we have concluded that the loss is either not reasonably possible or the loss, or a range of loss, is not reasonably estimable, based on available information. Governmental Reviews and Lawsuits 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. The following matters are pending. · Clinica de la Mama Qui Tam Action and Criminal Investigation —As previously disclosed, we and four of our hospital subsidiaries are defendants in civil qui tam litigation ( United States of America, ex rel. Ralph D. Williams v. Health Management Associates, Inc., et al. ) that alleges that the contractual arrangements entered into by the hospital subsidiaries with Hispanic Medical Management, Inc. (“HMM”) violated the federal and state anti-kickback statutes and false claims acts. HMM owned and operated clinics that provided, among other things, prenatal care predominantly to uninsured patients. Beginning in 2000, the hospital subsidiaries contracted with HMM for translation, marketing, management and Medicaid eligibility determination services. Subsequently, the Georgia Attorney General’s Office and the U.S. Attorney’s Office intervened in the qui tam action. Effective March 31, 2016, we sold the operating assets of three of the four hospital subsidiaries; however, we retained any potential liabilities arising from the litigation or the U.S. Department of Justice (“DOJ”) investigation discussed below. If the plaintiff in the pending civil litigation were to prevail, the potential sanctions could include up to three times the reimbursement of relevant government program payments received by the four hospital subsidiaries for uninsured HMM patients treated at the hospitals, the assessment of civil penalties and potential exclusion from participation in federal healthcare programs. Also as previously disclosed, the DOJ has been conducting a criminal investigation of us, certain of our subsidiaries and former employees with respect to the contractual arrangements between HMM and the four hospitals. We are cooperating in the investigation and have responded, and continue to respond, to document and other requests pursuant to subpoenas issued to us and the four subsidiaries. In January 2016, we commenced discussions with the DOJ and the State of Georgia regarding potential resolution of the qui tam action and criminal investigation. In the three months ended March 31, 2016, we increased the aggregate accrual for these matters from $238 million to $407 million to reflect the most recent offer we made on April 25, 2016 to resolve the criminal investigation and civil litigation. The offer was not accepted, but the parties continue to engage in discussions to resolve these matters. There can be no assurance that ongoing discussions will lead to a resolution. The terms of a final resolution of these matters may require us to pay significant fines and penalties and give rise to other costs or adverse consequences that materially exceed the accrual we have established. Based on the ongoing uncertainties and potentially wide range of outcomes associated with any potential resolution, we cannot estimate the amount of potential loss or range of reasonably possible loss in excess of the amount accrued that we may face. In addition to the payment of a monetary penalty, the final terms of any resolution of these matters could include: (i) the execution by the Company of a Corporate Integrity Agreement or a non-prosecution agreement, which may provide for the appointment of a corporate monitor and ongoing compliance audits; (ii) a deferred prosecution agreement by an intermediate subsidiary of the Company; and (iii) a commitment that one or more of the hospital subsidiaries subject to the investigation and proceedings enter into a guilty plea. The non-monetary terms of any resolution could expose us to increased operating costs, reputational harm, administrative burdens, and diminished profits and revenues. If our efforts to negotiate a settlement ultimately are unsuccessful, and we or our subsidiaries are determined to have violated the federal anti-kickback statute, the sanctions could include fines, which could be significant, and mandatory exclusion from participation in federal healthcare programs. To the extent that either the civil or criminal matter discussed above is determined adversely to our interests, such determination could have a material adverse effect on our business, financial condition, results of operations or cash flows. Antitrust Class Action Lawsuit Filed by Registered Nurses in San Antonio In Maderazo, et al. v. VHS San Antonio Partners, L.P. d/b/a Baptist Health Systems, et al. , filed in June 2006 in the U.S. District Court for the Western District of Texas, a purported class of registered nurses employed by three unaffiliated San Antonio-area hospital systems allege those hospital systems, including Baptist Health System, and other unidentified San Antonio regional hospitals violated Section §1 of the federal Sherman Act by conspiring to depress nurses’ compensation and exchanging compensation-related information among themselves in a manner that reduced competition and suppressed the wages paid to such nurses. The suit seeks unspecified damages (subject to trebling under federal law), interest, costs and attorneys’ fees. The case had been stayed since 2008; however, in July 2015, the court lifted the stay and re-opened discovery. Because these proceedings are at an early stage, it is impossible at this time to predict their outcome with any certainty; however, we believe that the ultimate resolution of this matter will not have a material effect on our business, financial condition or results of operations. We will continue to seek to defeat class certification and vigorously defend ourselves against the plaintiffs’ allegations. Ordinary Course Matters We are also subject to other claims and lawsuits arising 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 laws, tax audits and other matters. Although the results of these claims and lawsuits cannot be predicted with certainty, we believe that the ultimate resolution of these 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. The table below presents reconciliations of the beginning and ending liability balances in connection with legal settlements and related costs recorded during the three months ended March 31, 2016 and 2015 : Balances at Litigation and Balances at Beginning Investigation Cash End of of Period Costs Payments Period Three Months Ended March 31, 2016 Continuing operations $ $ $ $ Discontinued operations — — — — $ $ $ $ Three Months Ended March 31, 2015 Continuing operations $ $ $ $ Discontinued operations — $ $ — $ $ For the three months ended March 31, 2016 and 2015 , we recorded costs of $173 million and $3 million, respectively, in continuing operations in connection with significant legal proceedings and governmental reviews. During the three months ended March 31, 2015, we reduced a previously established reserve for a legal matter in discontinued operations by approximately $3 million based on updated claims information.

REDEEMABLE NONCONTROLLING INTER

REDEEMABLE NONCONTROLLING INTERESTS IN EQUITY OF CONSOLIDATED SUBSIDIARIES	3 Months Ended
	Mar. 31, 2016
REDEEMABLE NONCONTROLLING INTERESTS IN EQUITY OF CONSOLIDATED SUBSIDIARIES
REDEEMABLE NONCONTROLLING INTERESTS IN EQUITY OF CONSOLIDATED SUBSIDIARIES	NOTE 11. REDEEMABLE NONCONTROLLING INTERESTS IN EQUITY OF CONSOLIDATED SUBSIDIARIES The following table shows the changes in redeemable noncontrolling interests in equity of consolidated subsidiaries during the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 2015 Balances at beginning of period $ $ Net income Distributions paid to noncontrolling interests Contributions from noncontrolling interests Purchases and sales of businesses and noncontrolling interests, net Balances at end of period $ $

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2016
INCOME TAXES
INCOME TAXES	NOTE 12. INCOME TAXES During the three months ended March 31, 2016 , we recorded income tax expense of $67 million in continuing operations on pre-tax earnings of $105 million. The recorded income tax differs from taxes calculated at the statutory rate primarily due to state income tax expense of approximately $13 million, tax benefits of $21 million related to net income attributable to noncontrolling partnership interests, which is excluded from the computation of the provision for income taxes, tax expense of $29 million related to nondeductible goodwill, tax benefits of $17 million related to nontaxable gains and related changes in deferred taxes, and tax expense of $26 million related to nondeductible litigation. During the three months ended March 31, 2016 , we decreased our estimated liabilities for uncertain tax positions by $3 million, net of related deferred tax assets. The total amount of unrecognized tax benefits at March 31, 2016 was $ 37 million, of which $34 million, if recognized, would impact our effective tax rate and income tax expense (benefit) from continuing operations. Our practice is to recognize interest and penalties related to income tax matters in income tax expense in our consolidated statements of operations. Total accrued interest and penalties on unrecognized tax benefits at March 31, 2016 were $5 million, all of which related to continuing operations. At March 31, 2016 , approximately $ 6 million of unrecognized federal and state tax benefits, as well as reserves for interest and penalties, may decrease 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 (LOSS) PER COMMON SHAR

EARNINGS (LOSS) PER COMMON SHARE	3 Months Ended
	Mar. 31, 2016
EARNINGS (LOSS) PER COMMON SHARE
EARNINGS (LOSS) PER COMMON SHARE	NOTE 13. EARNINGS (LOSS) PER COMMON SHARE The table below is a reconciliation of the numerators and denominators of our basic and diluted earnings (loss) per common share calculations for our continuing operations for three months ended March 31, 2016 and 2015 . Net income available (loss attributable) to our common shareholders is expressed in millions and weighted average shares are expressed in thousands. Net Income Available (Loss Attributable) to Common Weighted Shareholders Average Shares Per-Share (Numerator) (Denominator) Amount Three Months Ended March 31, 2016 Net loss attributable to Tenet Healthcare Corporation common shareholders for basic loss per share $ $ Effect of dilutive stock options, restricted stock units and deferred compensation units — — — Net loss attributable to Tenet Healthcare Corporation common shareholders for diluted loss per share $ $ Three Months Ended March 31, 2015 Net income available to Tenet Healthcare Corporation common shareholders for basic earnings per share $ $ Effect of dilutive stock options, restricted stock units and deferred compensation units — Net income available to Tenet Healthcare Corporation common shareholders for diluted earnings per share $ $ All potentially dilutive securities were excluded from the calculation of diluted loss per share for the three months ended March 31, 2016 because we did not report income from continuing operations available to common shareholders in that period. In circumstances where we do not have income from continuing operations available to common shareholders, the effect of stock options and other potentially dilutive securities is anti-dilutive, that is, a loss from continuing operations attributable to common shareholders has the effect of making the diluted loss per share less than the basic loss per share. Had we generated income from continuing operations available to common shareholders in the three months ended March 31, 2016, the effect (in thousands) of employee stock options, restricted stock units and deferred compensation units on the diluted shares calculation would have been an increase of 1,567 shares .

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2016
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE 14. FAIR VALUE MEASUREMENTS Our financial assets and liabilities recorded at fair value on a recurring basis primarily relate to investments in available-for-sale securities held by our captive insurance subsidiaries. The following tables present information about our assets and liabilities that are measured at fair value on a recurring basis. The following tables also indicate the fair value hierarchy of the valuation techniques we utilized to determine such fair values. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. We consider a security that trades at least weekly to have an active market. Fair values determined by Level 2 inputs utilize data points that are observable, such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. Quoted Prices in Active Significant Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Investments March 31, 2016 (Level 1) (Level 2) (Level 3) Marketable debt securities — noncurrent $ $ $ $ — $ $ $ $ — Quoted Prices in Active Significant Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Investments December 31, 2015 (Level 1) (Level 2) (Level 3) Marketable debt securities — noncurrent $ $ $ $ — $ $ $ $ — 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, which include inputs other than quoted prices included in Level 1 that are observable, either directly or indirectly. At March 31, 2016 and December 31, 2015 , the estimated fair value of our long-term debt was approximately 99.1% and 96.2% , respectively, of the carrying value of the debt.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 31, 2016
ACQUISITIONS
ACQUISITIONS	NOTE 15. ACQUISITIONS Preliminary purchase price allocations (representing the fair value of the consideration conveyed) for all acquisitions made during the three months ended March 31, 2016 are as follows: Current assets $ Property and equipment Other intangible assets Goodwill Other long-term assets Current liabilities Other long-term liabilities Redeemable noncontrolling interests in equity of consolidated subsidiaries Noncontrolling interests Cash paid, net of cash acquired Gains on consolidations $ The goodwill generated from these transactions, the majority of which will not be deductible for income tax purposes, was recorded in our Ambulatory Care segment and can be attributed to the benefits that we expect to realize from operating efficiencies and growth strategies. Approximately $5 million in transaction costs related to prospective and closed acquisitions were expensed during the three months ended March 31, 2016 , and are included in impairment and restructuring charges, and acquisition-related costs in the accompanying Condensed Consolidated Statement of Operations. 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 allocation over those fair values is recorded as goodwill. We are in process of finalizing the purchase price allocations, including valuations of the acquired property and equipment, other intangible assets, investments in affiliates and noncontrolling interests for our 2016 and 2015 acquisitions; therefore, those purchase price allocations are subject to adjustment once the valuations are completed. During the three months ended March 31, 2016, we recognized gains totaling $29 million, associated with stepping up our ownership interests in previously held equity investments, which we began consolidating after we acquired controlling interests. Pro Forma Information – Unaudited The following table provides 2016 actual results compared to 2015 pro forma information for Tenet as if the USPI joint venture and Aspen acquisition had occurred at the beginning of the year ended December 31, 2015. Three Months Ended March 31, 2016 2015 Net operating revenues $ $ Equity in earnings of unconsolidated affiliates $ $ Net income available (loss attributable) to common shareholders $ $ Earnings (loss) per share available (attributable) to common shareholders $ $

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2016
SEGMENT INFORMATION
SEGMENT INFORMATION	NOTE 16. SEGMENT INFORMATION Our business consists of our Hospital Operations and other segment, our Ambulatory Care segment and our Conifer segment. The factors for determining the reportable segments include the manner in which management evaluates operating performance combined with the nature of the individual business activities. Our core business is Hospital Operations and other, which is focused on operating acute care hospitals, ancillary outpatient facilities, freestanding emergency departments, physician practices and health plans. We also own various related healthcare businesses. At March 31, 2016 , our subsidiaries operated 84 hospitals, with a total of 21,529 licensed beds, primarily serving urban and suburban communities in 13 states, and six health plans, as well as hospital-based outpatient centers, freestanding emergency departments and freestanding urgent care centers. Our Ambulatory Care segment is comprised of the operations of our USPI joint venture and our nine Aspen facilities in the United Kingdom. At March 31, 2016, our USPI joint venture had interests in 250 ambulatory surgery centers, 35 urgent care centers, 21 imaging centers and 20 short-stay surgical hospitals in 28 states. Our Conifer segment provides healthcare business process services in the areas of revenue cycle management and technology-enabled performance improvement and health management solutions to health systems, as well as individual hospitals, physician practices, self-insured organizations and health plans. At March 31, 2016 , Conifer provided services to more than 800 Tenet and non-Tenet hospitals and other clients nationwide. Our Conifer subsidiary and our Hospital Operations and other segment entered into formal agreements documenting terms and conditions of various services provided by Conifer to Tenet hospitals, as well as certain administrative services provided by our Hospital Operations and other segment to Conifer. The services provided by both parties under these agreements are charged to the other party based on estimated third-party pricing terms. 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: March 31, December 31, 2016 2015 Assets: Hospital Operations and other $ $ Ambulatory Care Conifer Total $ $ Three Months Ended March 31, 2016 2015 Capital expenditures: Hospital Operations and other $ $ Ambulatory Care Conifer Total $ $ Net operating revenues: Hospital Operations and other $ $ Ambulatory Care Conifer Tenet Other customers Total Conifer revenues Intercompany eliminations Total $ $ Adjusted EBITDA: Hospital Operations and other $ $ Ambulatory Care Conifer Total $ $ Depreciation and amortization: Hospital Operations and other $ $ Ambulatory Care Conifer Total $ $ Adjusted EBITDA $ $ Depreciation and amortization Impairment and restructuring charges, and acquisition-related costs Litigation and investigation costs Interest expense Gains on sales, consolidation and deconsolidation of facilities — Investment earnings — Net income from continuing operations before income taxes $ $

RECENTLY ISSUED ACCOUNTING STAN

RECENTLY ISSUED ACCOUNTING STANDARDS	3 Months Ended
	Mar. 31, 2016
RECENTLY ISSUED ACCOUNTING STANDARDS
RECENTLY ISSUED ACCOUNTING STANDARDS	NOTE 17. RECENT ACCOUNTING STANDARDS In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842)” (“ASU 2016-02”), which affects any entity that enters into a lease (as that term is defined in ASU 2016-02), with some specified scope exceptions. The main difference between the guidance in ASU 2016-02 and previous GAAP is the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. We are currently evaluating the potential impact of this guidance, which will be effective for us beginning in 2019. In March 2016, the FASB issued ASU 2016-09, “Compensation—Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”), which affects all entities that issue share-based payment awards to their employees. The guidance in ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Some of the areas of simplification apply only to nonpublic entities. We are currently evaluating the potential impact of this guidance, which will be effective for us beginning in 2017.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2016
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 18. SUBSEQUENT EVENTS As previously disclosed, as part of the formation of our USPI joint venture in 2015, we entered into a put/call agreement (the “Put/Call Agreement”) with respect to the equity interests in the joint venture held by our joint venture partners. Each year starting in 2016, our joint venture partners must put to us at least 12.5% , and may put up to 25% , of the equity held by them in the joint venture immediately after the closing. In January 2016, Welsh, Carson, Anderson & Stowe, on behalf of our joint venture partners, delivered a put notice for the minimum number of shares they are required to put to us in 2016 according to the Put/Call Agreement. In April 2016, we paid approximately $127 million to purchase these shares, which increased our ownership interest in the USPI joint venture to approximately 56.3% .

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2016
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. At March 31, 2016 , we operated 84 hospitals, 20 short-stay surgical hospitals, over 475 outpatient centers, nine facilities in the United Kingdom and six health plans through our subsidiaries, partnership s and joint ventures, including USPI Holding Company, Inc. (“USPI joint venture”). The results of 142 of these facilities, in which we hold noncontrolling interests, are recorded using the equity method of accounting. Our Conifer Holdings, Inc. (“Conifer”) subsidiary provides healthcare business process services in the areas of revenue cycle management and technology-enabled performance improvement and health management solutions to health systems, as well as individual hospitals, physician practices, self-insured organizations and health plans. This quarterly report supplements our Annual Report on Form 10-K for the year ended December 31, 2015 (“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 financial and statistical data included in these notes to our Condensed Consolidated Financial Statements relate to our continuing operations, with dollar amounts expressed in millions (except per-share amounts) . Certain prior-year amounts have been reclassified to conform to the current-year presentation. Although the Condensed Consolidated Financial Statements and related notes within this document are unaudited, we believe all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature. In preparing our financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), we are required 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. 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 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, 2016 are not necessarily indicative of the results that may be expected for the full year. Reasons for this include, but are not limited to: 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; changes in Medicare and Medicaid regulations; Medicaid and other supplemental funding levels set by the states in which we operate; the timing of approval by the Centers for Medicare and Medicaid Services of Medicaid provider fee revenue programs; trends in patient accounts receivable collectability and associated provisions for doubtful accounts; fluctuations in interest rates; levels of malpractice insurance expense and settlement trends; the number of covered lives managed by our health plans and the plans’ ability to effectively manage medical costs; the timing of when we meet the criteria to recognize electronic health record incentives; impairment of long-lived assets and goodwill; restructuring charges; losses, costs and insurance recoveries related to natural disasters and other weather-related occurrences; litigation and investigation costs; acquisitions and dispositions of facilities and other assets; 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 or losses from early extinguishment of debt; and changes in occupancy levels and patient volumes. Factors that affect patient volumes and, thereby, the results of operations at our hospitals and related healthcare facilities include, but are not limited to: the business environment, economic conditions and demographics of local communities in which we operate; the number of uninsured and underinsured individuals in local communities treated at our hospitals; seasonal cycles of illness; climate and weather conditions; physician recruitment, retention and attrition; advances in technology and treatments that reduce length of stay; local healthcare competitors; managed care contract negotiations or terminations; the number of patients with high-deductible health insurance plans; any unfavorable publicity about us, or our joint venture partners, that impacts our relationships with physicians and patients; changes in healthcare regulations and the participation of individual states in federal programs; and the timing of elective procedures. These considerations apply to year-to-year comparisons as well.
Foreign Currency Transactions and Translations Policy	Translation of Foreign Currencies The accounts of European Surgical Partners, Limited (“Aspen”) were measured in its local currency (the pound sterling) and then translated into U.S. dollars. All assets and liabilities were translated using the current rate of exchange at the balance sheet date. Results of operations were translated using the average rates prevailing throughout the period of operations. Translation gains or losses resulting from changes in exchange rates are accumulated in shareholders’ equity.
Net Operating Revenues before Provision for Doubtful Accounts	Net Operating Revenues Before Provision for Doubtful Accounts We recognize net operating revenues before provision for doubtful accounts in the period in which our services are performed. Net operating revenues before provision for doubtful accounts primarily consist of net patient service revenues that are recorded based on established billing rates (i.e., gross charges), less estimated discounts for contractual and other allowances, principally for patients covered by Medicare, Medicaid, managed care and other health plans, as well as certain uninsured patients under our Compact with Uninsured Patients (“Compact”) and other uninsured discount and charity programs . The table below shows the sources of net operating revenues before provision for doubtful accounts from continuing operations: Three Months Ended March 31, 2016 2015 General Hospitals: Medicare $ $ Medicaid Managed care Indemnity, self-pay and other Acute care hospitals — other revenue Other: Other operations Net operating revenues before provision for doubtful accounts $ $
Cash and Cash Equivalents	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 approximately $728 million and $356 million at March 31, 2016 and December 31, 2015 , respectively. At March 31, 2016 and December 31, 2015 , our book overdrafts were approximately $256 million and $301 million, respectively, which were classified as accounts payable. At March 31, 2016 and December 31, 2015 , approximately $175 million and $171 million, respectively, of total cash and cash equivalents in the accompanying Condensed Consolidated Balance Sheets were intended for the operations of our captive insurance subsidiaries and our health plans. Also at March 31, 2016 and December 31, 2015 , we had $110 million and $133 million, respectively, of property and equipment purchases accrued for items received but not yet paid. Of these amounts, $63 million and $95 million, respectively, were included in accounts payable. During the three months ended March 31, 2016 and 2015 , we entered into non-cancellable capital leases of approximately $31 million and $33 million, respectively, primarily for buildings and equipment.
Other Intangible Assets	Other Intangible Assets The following tables provide information regarding other intangible assets, which are included in the accompanying Condensed Consolidated Balance Sheets at March 31, 2016 and December 31, 2015: Gross Carrying Accumulated Net Book Amount Amortization Value At March 31, 2016: Capitalized software costs $ $ $ Trade names — Contracts Other Total $ $ $ Gross Carrying Accumulated Net Book Amount Amortization Value At December 31, 2015: Capitalized software costs $ $ $ Trade names — Contracts Other Total $ $ $ Estimated future amortization of intangibles with finite useful lives at March 31, 2016 is as follows: Years Ending December 31, Later Total 2016 2017 2018 2019 2020 Years Amortization of intangible assets $ $ $ $ $ $ $
Investments in Unconsolidated Affiliates	Investments in Unconsolidated Affiliates We control 213 of the facilities operated by our Ambulatory Care segment and, therefore, consolidate their results ( 211 are consolidated within our Ambulatory Care segment and two are consolidated within our Hospital Operations and other segment). We account for many of the facilities our Ambulatory Care segment operates ( 122 of 335 at March 31, 2016 ) and four of the hospitals our Hospital Operations and other segment operates under the equity method as investments in unconsolidated affiliates and report only our share of net income attributable to the investee as equity in earnings of unconsolidated affiliates in the accompanying Condensed Consolidated Statements of Operations. Summarized financial information for these equity method investees is included in the following table. Three Months Ended March 31, 2016 Net operating revenues $ Net income $ Net income attributable to the investees $

BASIS OF PRESENTATION (Tables)

BASIS OF PRESENTATION (Tables)	3 Months Ended
	Mar. 31, 2016
BASIS OF PRESENTATION
Schedule of sources of net operating revenues before provision for doubtful accounts	Three Months Ended March 31, 2016 2015 General Hospitals: Medicare $ $ Medicaid Managed care Indemnity, self-pay and other Acute care hospitals — other revenue Other: Other operations Net operating revenues before provision for doubtful accounts $ $
Schedule of other intangible assets	Gross Carrying Accumulated Net Book Amount Amortization Value At March 31, 2016: Capitalized software costs $ $ $ Trade names — Contracts Other Total $ $ $ Gross Carrying Accumulated Net Book Amount Amortization Value At December 31, 2015: Capitalized software costs $ $ $ Trade names — Contracts Other Total $ $ $
Schedule of estimated future amortization of intangibles with finite useful lives	Years Ending December 31, Later Total 2016 2017 2018 2019 2020 Years Amortization of intangible assets $ $ $ $ $ $ $
Schedule of equity method investments	Three Months Ended March 31, 2016 Net operating revenues $ Net income $ Net income attributable to the investees $

ACCOUNTS RECEIVABLE AND ALLOW27

ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS (Tables)	3 Months Ended
	Mar. 31, 2016
ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS
Schedule Of Components Of Accounts Receivable	March 31, December 31, 2016 2015 Continuing operations: Patient accounts receivable $ $ Allowance for doubtful accounts Estimated future recoveries from accounts assigned to our Conifer subsidiary Net cost reports and settlements payable and valuation allowances Discontinued operations Accounts receivable, net $ $
Schedule of estimated costs for charity care and self-pay patients	Three Months Ended March 31, 2016 2015 Estimated costs for: Self-pay patients $ $ Charity care patients $ $ Medicaid DSH and other supplemental revenues $ $

LONG-TERM DEBT AND LEASE OBLI28

LONG-TERM DEBT AND LEASE OBLIGATIONS (Tables)	3 Months Ended
	Mar. 31, 2016
LONG-TERM DEBT AND LEASE OBLIGATIONS
Summary of long-term debt	March 31, December 31, 2016 2015 Senior notes: 5%, due 2019 $ $ 5 1 / 2 %, due 2019 6 3 / 4 %, due 2020 8%, due 2020 8 1 / 8 %, due 2022 6 3 / 4 %, due 2023 6 7 / 8 %, due 2031 Senior secured notes: 6 1 / 4 %, due 2018 4 3 / 4 %, due 2020 6%, due 2020 Floating % due 2020 4 1 / 2 %, due 2021 4 3 / 8 %, due 2021 Capital leases and mortgage notes Unamortized issue costs, note discounts and premium Total long-term debt Less current portion Long-term debt, net of current portion $ $

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	3 Months Ended
	Mar. 31, 2016
EMPLOYEE BENEFIT PLANS
Summary of stock option activity	Weighted Average Exercise Price Aggregate Weighted Average Options Per Share Intrinsic Value Remaining Life (In Millions) Outstanding at December 31, 2015 $ Granted — — Exercised Forfeited/Expired Outstanding at March 31, 2016 $ years Vested and expected to vest at March 31, 2016 $ $ years Exercisable at March 31, 2016 $ $ years
Summary of information about stock options by range of exercise prices	Options Outstanding Options Exercisable Weighted Average Number of Remaining Weighted Average Number of Weighted Average Range of Exercise Prices Options Contractual Life Exercise Price Options Exercise Price $0.00 to $4.569 years $ $ $4.57 to $25.089 years $25.09 to $32.569 years $32.57 to $42.529 years years $ $
Summary of restricted stock unit activity	Restricted Stock Weighted Average Grant Units Date Fair Value Per Unit Unvested at December 31, 2015 $ Granted Vested Forfeited Unvested at March 31, 2016 $

EQUITY (Tables)

EQUITY (Tables)	3 Months Ended
	Mar. 31, 2016
EQUITY
Schedule Of Changes In Consolidated Equity	Tenet Healthcare Corporation Shareholders’ Equity Accumulated Common Stock Additional Other Shares Issued Par Paid-in Comprehensive Accumulated Treasury Noncontrolling Outstanding Amount Capital Loss Deficit Stock Interests Total Equity Balances at December 31, 2015 $ $ $ $ $ $ $ Net income (loss) — — — — — Distributions paid to noncontrolling interests — — — — — — Contributions from noncontrolling interests — — — — — — Other comprehensive income — — — — — — Purchases (sales) of businesses and noncontrolling interests — — — — — Stock-based compensation expense, tax benefit and issuance of common stock — — — — — Balances at March 31, 2016 $ $ $ $ $ $ $ Balances at December 31, 2014 $ $ $ $ $ $ $ Net income — — — — — Distributions paid to noncontrolling interests — — — — — — Contributions from noncontrolling interests — — — — — — Other comprehensive income — — — — — — Purchases (sales) of businesses and noncontrolling interests — — — — — — Stock-based compensation expense and issuance of common stock — — — — Balance at March 31, 2015 $ $ $ $ $ $ $

CLAIMS AND LAWSUITS (Tables)

CLAIMS AND LAWSUITS (Tables)	3 Months Ended
	Mar. 31, 2016
CLAIMS AND LAWSUITS
Reconciliations Of Legal Settlements And Related Costs	Balances at Litigation and Balances at Beginning Investigation Cash End of of Period Costs Payments Period Three Months Ended March 31, 2016 Continuing operations $ $ $ $ Discontinued operations — — — — $ $ $ $ Three Months Ended March 31, 2015 Continuing operations $ $ $ $ Discontinued operations — $ $ — $ $

REDEEMABLE NONCONTROLLING INT32

REDEEMABLE NONCONTROLLING INTERESTS IN EQUITY OF CONSOLIDATED SUBSIDIARIES (Tables)	3 Months Ended
	Mar. 31, 2016
REDEEMABLE NONCONTROLLING INTERESTS IN EQUITY OF CONSOLIDATED SUBSIDIARIES
Schedule of changes in redeemable noncontrolling interests in equity of consolidated subsidiaries	Three Months Ended March 31, 2016 2015 Balances at beginning of period $ $ Net income Distributions paid to noncontrolling interests Contributions from noncontrolling interests Purchases and sales of businesses and noncontrolling interests, net Balances at end of period $ $

EARNINGS (LOSS) PER COMMON SH33

EARNINGS (LOSS) PER COMMON SHARE (Tables)	3 Months Ended
	Mar. 31, 2016
EARNINGS (LOSS) PER COMMON SHARE
Schedule of reconciliation of numerators and denominators of our basic and diluted loss per common share	Net Income Available (Loss Attributable) to Common Weighted Shareholders Average Shares Per-Share (Numerator) (Denominator) Amount Three Months Ended March 31, 2016 Net loss attributable to Tenet Healthcare Corporation common shareholders for basic loss per share $ $ Effect of dilutive stock options, restricted stock units and deferred compensation units — — — Net loss attributable to Tenet Healthcare Corporation common shareholders for diluted loss per share $ $ Three Months Ended March 31, 2015 Net income available to Tenet Healthcare Corporation common shareholders for basic earnings per share $ $ Effect of dilutive stock options, restricted stock units and deferred compensation units — Net income available to Tenet Healthcare Corporation common shareholders for diluted earnings per share $ $

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2016
FAIR VALUE MEASUREMENTS
Schedule of assets and liabilities measured at fair value on a recurring basis	Quoted Prices in Active Significant Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Investments March 31, 2016 (Level 1) (Level 2) (Level 3) Marketable debt securities — noncurrent $ $ $ $ — $ $ $ $ — Quoted Prices in Active Significant Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Investments December 31, 2015 (Level 1) (Level 2) (Level 3) Marketable debt securities — noncurrent $ $ $ $ — $ $ $ $ —

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	3 Months Ended
	Mar. 31, 2016
Business Acquisition
Schedule of pro forma financial information as if USPI joint venture and Aspen acquisition had occurred at the beginning of the year	Three Months Ended March 31, 2016 2015 Net operating revenues $ $ Equity in earnings of unconsolidated affiliates $ $ Net income available (loss attributable) to common shareholders $ $ Earnings (loss) per share available (attributable) to common shareholders $ $
Series of individual business acquisitions
Business Acquisition
Schedule of Preliminary purchase price allocation	Current assets $ Property and equipment Other intangible assets Goodwill Other long-term assets Current liabilities Other long-term liabilities Redeemable noncontrolling interests in equity of consolidated subsidiaries Noncontrolling interests Cash paid, net of cash acquired Gains on consolidations $

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2016
SEGMENT INFORMATION
Reconciliation of assets by reportable segment to consolidated assets	March 31, December 31, 2016 2015 Assets: Hospital Operations and other $ $ Ambulatory Care Conifer Total $ $
Reconciliation of other significant reconciling items from segments to consolidated	Three Months Ended March 31, 2016 2015 Capital expenditures: Hospital Operations and other $ $ Ambulatory Care Conifer Total $ $ Net operating revenues: Hospital Operations and other $ $ Ambulatory Care Conifer Tenet Other customers Total Conifer revenues Intercompany eliminations Total $ $ Adjusted EBITDA: Hospital Operations and other $ $ Ambulatory Care Conifer Total $ $ Depreciation and amortization: Hospital Operations and other $ $ Ambulatory Care Conifer Total $ $ Adjusted EBITDA $ $ Depreciation and amortization Impairment and restructuring charges, and acquisition-related costs Litigation and investigation costs Interest expense Gains on sales, consolidation and deconsolidation of facilities — Investment earnings — Net income from continuing operations before income taxes $ $

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details)	3 Months Ended
	Mar. 31, 2016planInstitution
Business Acquisition
Number of acute care hospitals operated by subsidiaries	84
Number of short-stay surgical hospitals	20
Number of outpatient centers	475
Number of outpatient centers recorded using equity method	142
Number of facilities owned by subsidiaries	9
Number of health plans | plan	6
United Surgical Partners International
Business Acquisition
Number of short-stay surgical hospitals	20

BASIS OF PRESENTATION - Revenue

BASIS OF PRESENTATION - Revenues (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Supplemental payments and net operating revenues
Net operating revenues before provision for doubtful accounts	$ 5,420	$ 4,787
Medicare
Supplemental payments and net operating revenues
Net operating revenues before provision for doubtful accounts	859	898
Medicaid
Supplemental payments and net operating revenues
Net operating revenues before provision for doubtful accounts	373	385
Managed care
Supplemental payments and net operating revenues
Net operating revenues before provision for doubtful accounts	2,626	2,405
Indemnity, self-pay and other
Supplemental payments and net operating revenues
Net operating revenues before provision for doubtful accounts	437	414
Acute care hospitals - other revenue
Supplemental payments and net operating revenues
Net operating revenues before provision for doubtful accounts	7	15
Other operations
Supplemental payments and net operating revenues
Net operating revenues before provision for doubtful accounts	$ 1,118	$ 670

BASIS OF PRESENTATION - Cash an

BASIS OF PRESENTATION - Cash and Cash Equivalents (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Cash and Cash Equivalents
Cash and cash equivalents	$ 728	$ 185	$ 356	$ 193
Accrued property and equipment purchases for items received but not yet paid	110		133
Non-cancellable capital leases primarily for buildings and equipment	31	$ 33
Accounts payable
Cash and Cash Equivalents
Book overdrafts classified as accounts payable	256		301
Accrued property and equipment purchases for items received but not yet paid	63		95
Captive insurance subsidiaries
Cash and Cash Equivalents
Cash and cash equivalents	$ 175		$ 171

BASIS OF PRESENTATION - Intangi

BASIS OF PRESENTATION - Intangible Assets Summary (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Other intangible assets
Gross Carrying Amount	$ 2,387	$ 2,334
Accumulated Amortization	(701)	(659)
Net Book Value	1,686	1,675
Capitalized software costs
Other intangible assets
Gross Carrying Amount	1,495	1,456
Accumulated Amortization	(625)	(594)
Net Book Value	870	862
Trade names
Other intangible assets
Gross Carrying Amount	106	106
Net Book Value	106	106
Contracts
Other intangible assets
Gross Carrying Amount	669	653
Accumulated Amortization	(30)	(26)
Net Book Value	639	627
Other
Other intangible assets
Gross Carrying Amount	117	119
Accumulated Amortization	(46)	(39)
Net Book Value	$ 71	$ 80

BASIS OF PRESENTATION - Amortiz

BASIS OF PRESENTATION - Amortization of Intangible Assets (Details) $ in Millions	Mar. 31, 2016USD ($)
Estimated future amortization of intangibles with finite useful lives
Total	$ 1,207
2,016	141
2,017	174
2,018	146
2,019	122
2,020	89
Later Years	$ 535

BASIS OF PRESENTATION - Investm

BASIS OF PRESENTATION - Investments in Unconsolidated Affiliates (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)Institution
Schedule of Equity Method Investments [Line Items]
Net operating revenues | $	$ 578
Net income | $	105
Net income attributable to the investee | $	$ 69
Number of outpatient centers	475
Number of outpatient centers recorded using equity method	142
Number of outpatient centers recorded not using equity method	213
Ambulatory Care
Schedule of Equity Method Investments [Line Items]
Number of outpatient centers	335
Number of outpatient centers recorded using equity method	122
Number of outpatient centers recorded not using equity method	211
Hospital operations and other
Schedule of Equity Method Investments [Line Items]
Number of hospitals recorded using equity method	4
Number of outpatient centers recorded not using equity method	2

ACCOUNTS RECEIVABLE AND ALLOW43

ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS - Components (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Accounts receivable and allowance for doubtful accounts
Accounts receivable, net	$ 2,807	$ 2,704
Continuing operations
Accounts receivable and allowance for doubtful accounts
Patient accounts receivable	3,606	3,486
Allowance for doubtful accounts	(901)	(887)
Estimated future recoveries from accounts assigned to our Conifer subsidiary	146	144
Net cost reports and settlements payable and valuation allowances	(47)	(42)
Accounts receivable, net	2,804	2,701
Discontinued operations
Accounts receivable and allowance for doubtful accounts
Accounts receivable, net	$ 3	$ 3

ACCOUNTS RECEIVABLE AND ALLOW44

ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS - Allowance (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Accounts receivable and allowance for doubtful accounts
Allowance for doubtful accounts as a percent of patients accounts receivable	25.00%		25.40%
Self-Pay Patients
Accounts receivable and allowance for doubtful accounts
Allowance for doubtful accounts as a percent of patients accounts receivable	81.20%		80.60%
Estimated costs of caring	$ 165	$ 164
Managed Care Patients
Accounts receivable and allowance for doubtful accounts
Allowance for doubtful accounts as a percent of patients accounts receivable	8.40%		7.50%
Charity Care Patients
Accounts receivable and allowance for doubtful accounts
Estimated costs of caring	$ 44	36
Medicai DSH and other supplemental revenues
Accounts receivable and allowance for doubtful accounts
Estimated costs of caring	$ 227	$ 247

ACCOUNTS RECEIVABLE AND ALLOW45

ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS - Other Receivables (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Accounts receivable and allowance for doubtful accounts
Receivables	$ 2,807	$ 2,704
Payables	1,228	1,380
California's Provider Fee Program | Other current assets
Accounts receivable and allowance for doubtful accounts
Receivables	450	387
California's Provider Fee Program | Other current liabilities
Accounts receivable and allowance for doubtful accounts
Payables	$ 174	$ 139

ASSETS AND LIABILITIES HELD F46

ASSETS AND LIABILITIES HELD FOR SALE (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Current Assets and Liabilities Held for Sale
Assets held for sale	$ 2	$ 550
Proceeds from sales of facilities and other assets	573
Net receivables	2,807	2,704
Liabilities held for sale		101
Impairment charges	2
Georgia Facilities | Disposal Group, Held-for-sale, Not Discontinued Operations
Current Assets and Liabilities Held for Sale
Assets held for sale		549
Liabilities held for sale		$ 101
Georgia Facilities | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Current Assets and Liabilities Held for Sale
Proceeds from sales of facilities and other assets	575
Net receivables	141
Gain on sale	$ 113

IMPAIRMENT AND RESTRUCTURING 47

IMPAIRMENT AND RESTRUCTURING CHARGES, AND ACQUISITION-RELATED COSTS (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)segment	Mar. 31, 2015USD ($)
IMPAIRMENT AND RESTRUCTURING CHARGES, AND ACQUISITION-RELATED COSTS
Net impairment and restructuring charges and acquisition-related costs	$ 28	$ 29
Impairment charges	2
Employee severance costs	10	6
Restructuring costs	1	3
Lease termination costs	1
Acquisition costs	14	20
Acquisition-related transaction costs	5	7
Acquisition integration charges	$ 9	$ 13
Number of continuing operating segments | segment	3

LONG-TERM DEBT AND LEASE OBLI48

LONG-TERM DEBT AND LEASE OBLIGATIONS - Schedule of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
LONG-TERM DEBT AND LEASE OBLIGATIONS
Capital leases and mortgage notes	$ 853	$ 852
Unamortized note discounts and premium	(252)	(263)
Total long-term debt	14,522	14,510
Less current portion	172	127
Long-term debt, net of current portion	$ 14,350	$ 14,383
5%, due 2019
LONG-TERM DEBT AND LEASE OBLIGATIONS
Interest rate, stated percentage	5.00%	5.00%
Carrying amount	$ 1,100	$ 1,100
5 1/2%, due 2019
LONG-TERM DEBT AND LEASE OBLIGATIONS
Interest rate, stated percentage	5.50%	5.50%
Carrying amount	$ 500	$ 500
6 3/4%, due 2020
LONG-TERM DEBT AND LEASE OBLIGATIONS
Interest rate, stated percentage	6.75%	6.75%
Carrying amount	$ 300	$ 300
8%, due 2020
LONG-TERM DEBT AND LEASE OBLIGATIONS
Interest rate, stated percentage	8.00%	8.00%
Carrying amount	$ 750	$ 750
8 1/8%, due 2022
LONG-TERM DEBT AND LEASE OBLIGATIONS
Interest rate, stated percentage	8.125%	8.125%
Carrying amount	$ 2,800	$ 2,800
6 3/4%, due 2023
LONG-TERM DEBT AND LEASE OBLIGATIONS
Interest rate, stated percentage	6.75%	6.75%
Carrying amount	$ 1,900	$ 1,900
6 7/8%, due 2031
LONG-TERM DEBT AND LEASE OBLIGATIONS
Interest rate, stated percentage	6.875%	6.875%
Carrying amount	$ 430	$ 430
6 1/4%, due 2018
LONG-TERM DEBT AND LEASE OBLIGATIONS
Interest rate, stated percentage	6.25%	6.25%
Carrying amount	$ 1,041	$ 1,041
4 3/4%, due 2020
LONG-TERM DEBT AND LEASE OBLIGATIONS
Interest rate, stated percentage	4.75%	4.75%
Carrying amount	$ 500	$ 500
6%, due 2020
LONG-TERM DEBT AND LEASE OBLIGATIONS
Interest rate, stated percentage	6.00%	6.00%
Carrying amount	$ 1,800	$ 1,800
Floating % due 2020
LONG-TERM DEBT AND LEASE OBLIGATIONS
Carrying amount	$ 900	$ 900
4 1/2%, due 2021
LONG-TERM DEBT AND LEASE OBLIGATIONS
Interest rate, stated percentage	4.50%	4.50%
Carrying amount	$ 850	$ 850
4 3/8%, due 2021
LONG-TERM DEBT AND LEASE OBLIGATIONS
Interest rate, stated percentage	4.375%	4.375%
Carrying amount	$ 1,050	$ 1,050

LONG-TERM DEBT AND LEASE OBLI49

LONG-TERM DEBT AND LEASE OBLIGATIONS - Credit Agreement and Letter of Credit Facility (Details)	3 Months Ended
	Mar. 31, 2016USD ($)	Mar. 07, 2014USD ($)
Credit Agreement
LONG-TERM DEBT AND LEASE OBLIGATIONS
Revolving credit facility, maximum borrowing capacity	$ 1,000,000,000
Line of credit facility, subfacility maximum available capacity	300,000,000
Borrowings outstanding	0
Standby letters of credit outstanding	4,000,000
Amount available for borrowing under revolving credit facility	$ 996,000,000
Credit Agreement | Minimum
LONG-TERM DEBT AND LEASE OBLIGATIONS
Unused commitment fee (as a percent)	0.25%
Credit Agreement | Maximum
LONG-TERM DEBT AND LEASE OBLIGATIONS
Unused commitment fee (as a percent)	0.375%
Credit Agreement | Base rate | Minimum
LONG-TERM DEBT AND LEASE OBLIGATIONS
Margin on variable rate (as a percent)	0.25%
Credit Agreement | Base rate | Maximum
LONG-TERM DEBT AND LEASE OBLIGATIONS
Margin on variable rate (as a percent)	0.75%
Credit Agreement | LIBOR | Minimum
LONG-TERM DEBT AND LEASE OBLIGATIONS
Margin on variable rate (as a percent)	1.25%
Credit Agreement | LIBOR | Maximum
LONG-TERM DEBT AND LEASE OBLIGATIONS
Margin on variable rate (as a percent)	1.75%
Letter of Credit Facility
LONG-TERM DEBT AND LEASE OBLIGATIONS
Revolving credit facility, maximum borrowing capacity		$ 180,000,000
Unused commitment fee (as a percent)	0.50%
Standby letters of credit outstanding	$ 139,000,000
Borrowing capacity after increase subject to certain conditions		$ 200,000,000
Secured debt to EBITDA ratio	3
Issuance fee (percentage)	1.875%
Issuance fee, based on face amount (percentage)	0.125%
Letter of Credit Facility | Maximum
LONG-TERM DEBT AND LEASE OBLIGATIONS
Number of business days after notice, for reimbursement of amount drawn.	3 days
Unused commitment fee after step down	0.375%
Letter of Credit Facility | Base rate
LONG-TERM DEBT AND LEASE OBLIGATIONS
Margin on variable rate (as a percent)	0.875%

GUARANTEES (Details)

GUARANTEES (Details) $ in Millions	Mar. 31, 2016USD ($)
Income and Revenue Collection Guarantee
GUARANTEES
Maximum potential amount of future payments under guarantees	$ 89
Income and Revenue Collection Guarantee | Other current liabilities
GUARANTEES
Liability for the fair value of guarantees	75
Guaranteed Investees Of Third Parties
GUARANTEES
Liability for the fair value of guarantees	35
Guaranteed Investees Of Third Parties | Other current liabilities
GUARANTEES
Guarantee obligations for consolidated subsidiaries	$ 17

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
EMPLOYEE BENEFIT PLANS
Stock-based compensation costs, pretax	$ 14	$ 18
2008 Stock Incentive Plan
EMPLOYEE BENEFIT PLANS
Shares available for issuance under the plan	1,700,000
2008 Stock Incentive Plan | Stock Options
EMPLOYEE BENEFIT PLANS
Expiration period from the date of grant	10 years
Portion of awards vesting on each of the first three anniversary dates of the grant (as a percent)	33.30%
Vesting period	3 years
2008 Stock Incentive Plan | Restricted Stock Units
EMPLOYEE BENEFIT PLANS
Contractual right to receive shares of common stock for a stock based award	1
Portion of awards vesting on each of the first three anniversary dates of the grant (as a percent)	33.30%
Vesting period	3 years

EMPLOYEE BENEFIT PLANS - Stock

EMPLOYEE BENEFIT PLANS - Stock Options (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Stock option activity
Stock-Based Compensation Expense	$ 14,000,000	$ 18,000,000
Stock Options
Stock option activity
Outstanding at the beginning of the period (in shares)	1,606,842
Granted (in shares)		0
Exercised (in shares)	(3,950)	(77,658)
Forfeited/Expired (in shares)	(29,392)
Outstanding at the end of the period (in shares)	1,573,500		1,606,842
Vested and expected to vest at the end of the period (in shares)	1,573,500
Exercisable at the end of the period (in shares)	1,573,500
Weighted Average Exercise Price Per Share
Outstanding at the beginning of the period (in dollars per share)	$ 22.87
Exercised (in dollars per share)	4.56
Forfeited/Expired (in dollars per share)	4.56
Outstanding at the end of the period (in dollars per share)	22.75		$ 22.87
Vested and expected to vest at the end of the period (in dollars per share)	22.75
Exercisable at the end of the period (in dollars per share)	$ 22.75
Aggregate Intrinsic Value
Outstanding at the end of the period	$ 13,000,000
Vested and expected to vest at the end of the period	13,000,000
Exercisable at the end of the period	$ 13,000,000
Weighted Average Remaining Life
Outstanding at the end of the period	2 years 10 months 24 days		3 years 10 months 24 days
Vested and expected to vest at the end of the period	3 years 10 months 24 days
Exercisable at the end of the period	3 years 8 months 12 days
Other Disclosures
Aggregate Intrinsic value of awards exercised	$ 1,000,000	$ 1,000,000
Unrecognized compensation costs		$ 0

EMPLOYEE BENEFIT PLANS - Range

EMPLOYEE BENEFIT PLANS - Range of Exercise Prices (Details) - Stock Options	3 Months Ended
	Mar. 31, 2016$ / sharesshares
Options Outstanding
Number of Options Outstanding (in shares) | shares	1,573,500
Weighted Average Remaining Contractual life	2 years 10 months 24 days
Weighted Average Exercise Price (in dollars per share)	$ 22.75
Options Exercisable
Number of Options Exercisable (in shares) | shares	1,573,500
Weighted Average Exercise Price (in dollars per share)	$ 22.75
Range of Exercise Prices, $0.00 to $4.569
Summary information about outstanding stock options
Exercise price per share, low end of the range (in dollars per share)	0
Exercise price per share, high end of the range (in dollars per share)	$ 4.569
Options Outstanding
Number of Options Outstanding (in shares) | shares	202,152
Weighted Average Remaining Contractual life	2 years 10 months 24 days
Weighted Average Exercise Price (in dollars per share)	$ 4.56
Options Exercisable
Number of Options Exercisable (in shares) | shares	202,152
Weighted Average Exercise Price (in dollars per share)	$ 4.56
Range of Exercise Prices, $4.57 to $25.089
Summary information about outstanding stock options
Exercise price per share, low end of the range (in dollars per share)	4.57
Exercise price per share, high end of the range (in dollars per share)	$ 25.089
Options Outstanding
Number of Options Outstanding (in shares) | shares	910,897
Weighted Average Remaining Contractual life	3 years 7 months 6 days
Weighted Average Exercise Price (in dollars per share)	$ 20.99
Options Exercisable
Number of Options Exercisable (in shares) | shares	910,897
Weighted Average Exercise Price (in dollars per share)	$ 20.99
Range of Exercise Prices, $25.09 to $32.569
Summary information about outstanding stock options
Exercise price per share, low end of the range (in dollars per share)	25.09
Exercise price per share, high end of the range (in dollars per share)	$ 32.569
Options Outstanding
Number of Options Outstanding (in shares) | shares	182,000
Weighted Average Remaining Contractual life	10 months 24 days
Weighted Average Exercise Price (in dollars per share)	$ 26.40
Options Exercisable
Number of Options Exercisable (in shares) | shares	182,000
Weighted Average Exercise Price (in dollars per share)	$ 26.40
Range of Exercise Prices, $32.57 to $42.529
Summary information about outstanding stock options
Exercise price per share, low end of the range (in dollars per share)	32.57
Exercise price per share, high end of the range (in dollars per share)	$ 42.529
Options Outstanding
Number of Options Outstanding (in shares) | shares	278,451
Weighted Average Remaining Contractual life	1 year 9 months 18 days
Weighted Average Exercise Price (in dollars per share)	$ 39.31
Options Exercisable
Number of Options Exercisable (in shares) | shares	278,451
Weighted Average Exercise Price (in dollars per share)	$ 39.31

EMPLOYEE BENEFIT PLANS - Restri

EMPLOYEE BENEFIT PLANS - Restricted Stock (Details) - Restricted Stock Units $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2016director$ / sharesshares	Mar. 31, 2016USD ($)$ / sharesshares
Restricted stock unit activity
Unvested at the beginning of the period (in shares)	3,627,232	3,627,232
Granted (in shares)		1,231,727
Vested (in shares)		(1,223,015)
Forfeited (in shares)		(23,639)
Unvested at the end of the period (in shares)		3,612,305
Weighted Average Grant Date Fair Value Per Unit
Unvested at the beginning of the period (in dollars per share) | $ / shares	$ 44.69	$ 44.69
Granted (in dollars per share) | $ / shares		31.08
Vested (in dollars per share) | $ / shares		43.68
Forfeited (in dollars per share) | $ / shares		45.05
Unvested at the end of the period (in dollars per share) | $ / shares		$ 40.38
Other Disclosures
Unrecognized compensation costs | $		$ 117
Period for recognition of unrecognized compensation costs		2 years 3 months 18 days
Time-vesting
Restricted stock unit activity
Granted (in shares)		474,052
Other Disclosures
Restricted stock that will vest and be settled over a three-year period from the grant date (in shares)		458,379
Restricted stock that will vest and be settled on the third anniversary of the grant date (in shares)		15,673
Vesting period		3 years
Time-vesting | Director
Other Disclosures
Initial grant received (in shares)	5,084
Pro-rated annual grant (in shares)	5,614
New directors | director	2
Performance-based vesting
Restricted stock unit activity
Granted (in shares)		291,540
Performance-based vesting | Minimum
Other Disclosures
Awards vesting (as a percent)		0.00%
Performance-based vesting | Maximum
Other Disclosures
Awards vesting (as a percent)		200.00%
Performance-based vesting | Senior Officers
Restricted stock unit activity
Granted (in shares)		455,437
Other Disclosures
Term for achievement of specified performance goal		3 years

EQUITY - Changes in Shareholder

EQUITY - Changes in Shareholders' Equity (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Changes in Shareholders' Equity
Balances	$ 958	$ 785
Net income (loss)	(46)	55
Distributions paid to noncontrolling interests	(10)	(10)
Contributions from noncontrolling interests	10	1
Other comprehensive income	4	3
Purchases (sales) of businesses and noncontrolling interests	14	129
Stock-based compensation expense and issuance of common stock	(4)	9
Balances	926	972
Common Stock
Changes in Shareholders' Equity
Balances	$ 7	$ 7
Balances (in shares)	98,495	98,382
Stock-based compensation expense and issuance of common stock (in shares)	773	782
Balances	$ 7	$ 7
Balances (in shares)	99,268	99,164
Additional Paid-in Capital
Changes in Shareholders' Equity
Balances	$ 4,815	$ 4,614
Purchases (sales) of businesses and noncontrolling interests	(7)	129
Stock-based compensation expense and issuance of common stock	(4)	8
Balances	4,804	4,751
Accumulated Other Comprehensive Loss
Changes in Shareholders' Equity
Balances	(164)	(182)
Other comprehensive income	4	3
Balances	(160)	(179)
Accumulated Deficit
Changes in Shareholders' Equity
Balances	(1,550)	(1,410)
Net income (loss)	(59)	47
Balances	(1,609)	(1,363)
Treasury Stock
Changes in Shareholders' Equity
Balances	(2,417)	(2,378)
Stock-based compensation expense and issuance of common stock		1
Balances	(2,417)	(2,377)
Noncontrolling Interests
Changes in Shareholders' Equity
Balances	267	134
Net income (loss)	13	8
Distributions paid to noncontrolling interests	(10)	(10)
Contributions from noncontrolling interests	10	1
Purchases (sales) of businesses and noncontrolling interests	21
Balances	$ 301	$ 133

PROPERTY AND PROFESSIONAL AND56

PROPERTY AND PROFESSIONAL AND GENERAL LIABILITY INSURANCE (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Other operating expense, net
Insurance coverage
Malpractice expense	$ 93	$ 89
Professional and General Liability Insurance
Insurance coverage
Self insurance reserve	$ 784		$ 755
Loss contingency discount rate, maturity rate period	7 years		7 years
Risk-free discount rate (as a percent)	1.54%		2.09%

CLAIMS AND LAWSUITS (Details)

CLAIMS AND LAWSUITS (Details)	1 Months Ended	3 Months Ended
	Jun. 30, 2006defendant	Mar. 31, 2016USD ($)defendantitemInstitution	Dec. 31, 2015USD ($)
Loss Contingencies
Reimbursement times | item		3
Clinica de la Mama Investigations and Qui Tam Action
Loss Contingencies
Number of defendants | defendant		4
Number of hospitals with sold operating assets | Institution		3
Litigation reserve | $		$ 407,000,000	$ 238,000,000
Clinica de la Mama Investigations and Qui Tam Action | Minimum
Loss Contingencies
Number of hospitals that could enter into a guilty plea | Institution		1
Antitrust Class Action Lawsuit
Loss Contingencies
Number of defendants | defendant	3

CLAIMS AND LAWSUITS - Reconcili

CLAIMS AND LAWSUITS - Reconciliations (Details) - Claims, lawsuits, and regulatory proceedings - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Loss Contingencies
Litigation reserve, Balances at Beginning of Period	$ 299	$ 83
Litigation and Investigation costs	173
Cash Payments	(45)	(15)
Litigation reserve, Balances at End of Period	427	68
Continuing operations
Loss Contingencies
Litigation reserve, Balances at Beginning of Period	299	73
Litigation and Investigation costs	173	3
Cash Payments	(45)	(15)
Litigation reserve, Balances at End of Period	$ 427	61
Discontinued operations
Loss Contingencies
Litigation reserve, Balances at Beginning of Period		10
Litigation and Investigation costs		(3)
Litigation reserve, Balances at End of Period		$ 7

REDEEMABLE NONCONTROLLING INT59

REDEEMABLE NONCONTROLLING INTERESTS IN EQUITY OF CONSOLIDATED SUBSIDIARIES - Changes in Redeemable Noncontrolling Interests (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Changes in redeemable noncontrolling interests in equity of consolidated subsidiaries
Distributions paid to noncontrolling interests	$ (10)	$ (10)
Contributions from noncontrolling interests	10	1
Redeemable noncontrolling interests
Changes in redeemable noncontrolling interests in equity of consolidated subsidiaries
Balances at beginning of period	2,266	401
Net income	80	21
Distributions paid to noncontrolling interests	(34)	(1)
Contributions from noncontrolling interests	6	1
Purchases and sales of businesses and noncontrolling interests, net	63	(214)
Balances at end of period	$ 2,381	$ 208

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Taxes
Income tax expenses	$ 67	$ 16
State income tax expense	13
Nondeductible goodwill	29
Nontaxable gains	17
Tax benefits related to net income of noncontrolling interests	21
Continued operations pre-tax earnings	105	$ 91
Reduction in estimated liabilities for uncertain tax positions	3
Unrecognized tax benefits	37
Unrecognized tax benefits which, if recognized, would impact effective tax rate	34
Nondeductible litigation	26
Unrecognized federal and state tax benefits and reserves for interest and penalties, which may decrease in the next 12 months	6
Continuing operations
Income Taxes
Interest and penalties related to accrued liabilities for uncertain tax positions, recognized	$ 5

EARNINGS (LOSS) PER COMMON SH61

EARNINGS (LOSS) PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net Income Available (Loss Attributable) to Common Shareholders (Numerator)
Net income attributable to Tenet Healthcare Corporation common shareholders for basic loss per share	$ (55)	$ 46
Effect of dilutive stock options, restricted stock units, and deferred compensation units
Net income attributable to Tenet Healthcare Corporation common shareholders for diluted loss per share	$ (55)	$ 46
Weighted Average Shares (Denominator)
Net income attributable to Tenet Healthcare Corporation common shareholders for basic loss per share	98,768	98,699
Effect of dilutive stock options, restricted stock units and deferred compensation units (in weighted average shares)		2,173
Net income attributable to Tenet Healthcare Corporation common shareholders for diluted loss per share	98,768	100,872
Per-Share Amount
Net income attributable to Tenet Healthcare Corporation common shareholders for basic loss per share	$ (0.56)	$ 0.47
Effect of dilutive stock options, restricted stock units, and deferred compensation units (Per-Share)		(0.01)
Net income attributable to Tenet Healthcare Corporation common shareholders for diluted loss per share	$ (0.56)	$ 0.46

EARNINGS (LOSS) PER COMMON SH62

EARNINGS (LOSS) PER COMMON SHARE - Antidilutive securities (Details)	3 Months Ended
	Mar. 31, 2016shares
Employee stock options, restricted stock units and deferred compensation units
Antidilutive securities
Anti-dilutive securities excluded from computation of earnings per share	1,567

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Recurring basis - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Fair value of assets and liabilities measured on recurring basis
Marketable debt securities-noncurrent	$ 60	$ 59
Investments	60	59
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair value of assets and liabilities measured on recurring basis
Marketable debt securities-noncurrent	25	24
Investments	$ 25	$ 24
Estimated fair value of the long-term debt instrument as a percentage of carrying value	99.10%	96.20%
Significant Other Observable Inputs (Level 2)
Fair value of assets and liabilities measured on recurring basis
Marketable debt securities-noncurrent	$ 35	$ 35
Investments	$ 35	$ 35

ACQUISITIONS - Purchase Price A

ACQUISITIONS - Purchase Price Allocation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Preliminary purchase price allocations
Goodwill	$ 7,122	$ 6,970
Series of individual business acquisitions
Preliminary purchase price allocations
Current assets	30
Property and equipment	24
Other intangible assets	5
Goodwill	114
Other long-term assets	6
Current liabilities	(9)
Other long-term liabilities	(13)
Redeemable noncontrolling interests in equity of consolidated subsidiaries	(62)
Noncontrolling interests	(37)
Net cash paid	(29)
Gain on consolidations	29
Transaction costs related to prospective and closed acquisitions	$ 5

ACQUISITIONS - Pro Forma (Detai

ACQUISITIONS - Pro Forma (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Pro Forma Information - Unaudited
Net operating revenues	$ 5,044	$ 4,629
Equity in earnings of unconsolidated affiliates	24	4
Net income attributable (loss attributable) to common shareholders	$ (59)	$ 28
Net earnings (loss) per share available (attributable) to common shareholders	$ (0.60)	$ 0.28
Pro Forma
Pro Forma Information - Unaudited
Equity in earnings of unconsolidated affiliates	$ 24	$ 25

SEGMENT INFORMATION - General I

SEGMENT INFORMATION - General Information and Customer Concentration (Details)	3 Months Ended
	Mar. 31, 2016stateitemplanInstitution
SEGMENT INFORMATION
Number of hospitals owned by subsidiaries	84
Number of facilities owned by subsidiaries	9
Number of short-stay surgical hospitals	20
Number of licensed beds in hospitals operated by subsidiaries | item	21,529
Number of states where operations occur | state	13
Number of provider-based outpatient centers operated by subsidiaries	475
Number of health plans | plan	6
United Surgical Partners International
SEGMENT INFORMATION
Number of short-stay surgical hospitals	20
Number of ambulatory surgery centers	250
Number of diagnostic imaging centers	21
Number of states where operations occur | state	28
Number of urgent care centers	35
European Surgical Partners Ltd
SEGMENT INFORMATION
Number of facilities owned by subsidiaries	9
Minimum | Conifer
SEGMENT INFORMATION
Number of Tenet and non-Tenet Hospitals and other health care organizations to which Conifer provided revenue cycle services	800

SEGMENT INFORMATION - Reconcili

SEGMENT INFORMATION - Reconciling Items (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
SEGMENT INFORMATION
Assets	$ 23,766		$ 23,682
Capital expenditures:	208	$ 184
Net operating revenues	5,044	4,424
Adjusted EBITDA	613	529
Depreciation and amortization	212	207
Adjusted EBITDA and other reconciling items
Adjusted EBITDA	613	529
Depreciation and amortization	(212)	(207)
Impairment and restructuring charges, and acquisition-related costs	(28)	(29)
Litigation and investigation costs	(173)	(3)
Interest expense	(243)	(199)
Gains on sales, consolidation and deconsolidation of facilities	147
Investment earnings	1
Net income from continuing operations, before income taxes	105	91
Hospital operations and other
SEGMENT INFORMATION
Assets	17,131		17,353
Conifer
SEGMENT INFORMATION
Assets	1,168		1,170
Ambulatory Care
SEGMENT INFORMATION
Assets	5,467		$ 5,159
Operating segments | Hospital operations and other
SEGMENT INFORMATION
Capital expenditures:	191	176
Net operating revenues	4,397	4,151
Adjusted EBITDA	414	418
Depreciation and amortization	174	192
Adjusted EBITDA and other reconciling items
Adjusted EBITDA	414	418
Depreciation and amortization	(174)	(192)
Operating segments | Conifer
SEGMENT INFORMATION
Capital expenditures:	5	4
Net operating revenues	385	342
Adjusted EBITDA	63	82
Depreciation and amortization	13	11
Adjusted EBITDA and other reconciling items
Adjusted EBITDA	63	82
Depreciation and amortization	(13)	(11)
Operating segments | Conifer | Tenet
SEGMENT INFORMATION
Net operating revenues	167	160
Operating segments | Conifer | Other customers
SEGMENT INFORMATION
Net operating revenues	218	182
Operating segments | Ambulatory Care
SEGMENT INFORMATION
Capital expenditures:	12	4
Net operating revenues	429	91
Adjusted EBITDA	136	29
Depreciation and amortization	25	4
Adjusted EBITDA and other reconciling items
Adjusted EBITDA	136	29
Depreciation and amortization	(25)	(4)
Intercompany eliminations
SEGMENT INFORMATION
Net operating revenues	$ (167)	$ (160)

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - United Surgical Partners International - USD ($) $ in Millions	1 Months Ended
	Apr. 30, 2016	Mar. 31, 2016
Minimum | Put Option
Subsequent events
Equity necessary for joint venture (as a percent)		12.50%
Maximum | Put Option
Subsequent events
Equity necessary for joint venture (as a percent)		25.00%
Subsequent event
Subsequent events
Amount paid for repurchase	$ 127
Ownership interest (as a percent)	56.30%