Tenet Healthcare (THC) 10-Q 1 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 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	Jun. 30, 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		99,517,920
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 656	$ 356
Accounts receivable, less allowance for doubtful accounts ($946 at June 30, 2016 and $887 at December 31, 2015)	2,734	2,704
Inventories of supplies, at cost	316	309
Income tax receivable	3	7
Assets held for sale	2	550
Other current assets	1,282	1,245
Total current assets	4,993	5,171
Investments and other assets	1,317	1,175
Deferred income taxes	797	776
Property and equipment, at cost, less accumulated depreciation and amortization ($4,814 at June 30, 2016 and $4,323 at December 31, 2015)	7,977	7,915
Goodwill	7,291	6,970
Other intangible assets, at cost, less accumulated amortization ($734 at June 30, 2016 and $659 at December 31, 2015)	1,865	1,675
Total assets	24,240	23,682
Current liabilities:
Current portion of long-term debt	181	127
Accounts payable	1,272	1,380
Accrued compensation and benefits	843	880
Professional and general liability reserves	179	177
Accrued interest payable	205	205
Liabilities held for sale		101
Accrued legal settlement costs	525	294
Other current liabilities	1,225	1,144
Total current liabilities	4,430	4,308
Long-term debt, net of current portion	14,320	14,383
Professional and general liability reserves	613	578
Defined benefit plan obligations	594	595
Deferred income taxes	274	37
Other long-term liabilities	582	557
Total liabilities	20,813	20,458
Commitments and contingencies
Redeemable noncontrolling interests in equity of consolidated subsidiaries	2,275	2,266
Shareholders' equity:
Common stock, $0.05 par value; authorized 262,500,000 shares; 147,937,909 shares issued at June 30, 2016 and 146,920,454 shares issued at December 31, 2015	7	7
Additional paid-in capital	4,791	4,815
Accumulated other comprehensive loss	(203)	(164)
Accumulated deficit	(1,655)	(1,550)
Common stock in treasury, at cost, 48,421,605 shares at June 30, 2016 and 48,425,298 shares at December 31, 2015	(2,417)	(2,417)
Total shareholders' equity	523	691
Noncontrolling interests	629	267
Total equity	1,152	958
Total liabilities and equity	$ 24,240	$ 23,682

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
CONDENSED CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 946	$ 887
Property and equipment, accumulated depreciation and amortization (in dollars)	4,814	4,323
Other intangible assets, accumulated amortization (in dollars)	$ 734	$ 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	147,937,909	146,920,454
Common stock in treasury, shares	48,421,605	48,425,298

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net operating revenues:
Net operating revenues before provision for doubtful accounts	$ 5,220	$ 4,844	$ 10,640	$ 9,631
Less: Provision for doubtful accounts	352	352	728	715
Net operating revenues	4,868	4,492	9,912	8,916
Equity in earnings of unconsolidated affiliates	30	16	54	20
Operating expenses:
Salaries, wages and benefits	2,316	2,185	4,718	4,310
Supplies	773	707	1,584	1,394
Other operating expenses, net	1,213	1,081	2,455	2,174
Electronic health record incentives	(21)	(33)	(21)	(39)
Depreciation and amortization	215	197	427	404
Impairment and restructuring charges, and acquisition-related costs	22	193	50	222
Litigation and investigation costs	114	14	287	17
Gains on sales, consolidation and deconsolidation of facilities	(1)		(148)
Operating income	267	164	614	454
Interest expense	(244)	(217)	(487)	(416)
Investment earnings (losses)	2	(1)	3	(1)
Net income (loss) from continuing operations, before income taxes	25	(54)	130	37
Income tax benefit (expense)	16	27	(51)	11
Net income (loss) from continuing operations, before discontinued operations	41	(27)	79	48
Discontinued operations:
Loss from operations	(2)	(2)	(7)
Income tax benefit		1	1
Net loss from discontinued operations	(2)	(1)	(6)
Net income (loss)	39	(28)	73	48
Less: Net income attributable to noncontrolling interests	85	33	178	62
Net loss attributable to Tenet Healthcare Corporation common shareholders	(46)	(61)	(105)	(14)
Amounts attributable to Tenet Healthcare Corporation common shareholders
Net loss from continuing operations, net of tax	(44)	(60)	(99)	(14)
Net loss from discontinued operations, net of tax	(2)	(1)	(6)
Net loss attributable to Tenet Healthcare Corporation common shareholders	$ (46)	$ (61)	$ (105)	$ (14)
Basic
Continuing operations (in dollars per share)	$ (0.44)	$ (0.60)	$ (1)	$ (0.14)
Discontinued operations (in dollars per share)	(0.02)	(0.01)	(0.06)
Total loss per share, Basic (in dollars per share)	(0.46)	(0.61)	(1.06)	(0.14)
Diluted
Continuing operations (in dollars per share)	(0.44)	(0.60)	(1)	(0.14)
Discontinued operations (in dollars per share)	(0.02)	(0.01)	(0.06)
Total loss per share, Diluted (in dollars per share)	$ (0.46)	$ (0.61)	$ (1.06)	$ (0.14)
Weighted average shares and dilutive securities outstanding (in thousands):
Basic (in shares)	99,341	99,244	99,054	98,972
Diluted (in shares)	99,341	99,244	99,054	98,972

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$ 39	$ (28)	$ 73	$ 48
Other comprehensive income (loss):
Amortization of net actuarial loss included in net periodic benefit costs	3	2	3	5
Unrealized gains (losses) on securities held as available-for-sale	(2)		1	1
Foreign currency translation adjustments	(43)		(41)
Other comprehensive income (loss) before income taxes	(42)	2	(37)	6
Income tax expense related to items of other comprehensive income (loss)	(1)		(2)	(1)
Total other comprehensive income (loss), net of tax	(43)	2	(39)	5
Comprehensive net income (loss)	(4)	(26)	34	53
Less: Comprehensive income attributable to noncontrolling interests	85	33	178	62
Comprehensive loss attributable to Tenet Healthcare Corporation common shareholders	$ (89)	$ (59)	$ (144)	$ (9)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Net income	$ 73	$ 48
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	427	404
Provision for doubtful accounts	728	715
Deferred income tax expense (benefit)	37	(27)
Stock-based compensation expense	35	33
Impairment and restructuring charges, and acquisition-related costs	50	222
Litigation and investigation costs	287	17
Gains on sales, consolidation and deconsolidation of facilities	(148)
Equity in earnings of unconsolidated affiliates, net of distributions received	10	(20)
Amortization of debt discount and debt issuance costs	21	21
Pre-tax loss (income) from discontinued operations	7
Other items, net	(2)	(5)
Changes in cash from operating assets and liabilities:
Accounts receivable	(725)	(779)
Inventories and other current assets	(30)	36
Income taxes	(17)	9
Accounts payable, accrued expenses and other current liabilities	(106)	(267)
Other long-term liabilities	34	40
Payments for restructuring charges, acquisition-related costs, and litigation costs and settlements	(99)	(86)
Net cash used in operating activities from discontinued operations, excluding income taxes		(8)
Net cash provided by operating activities	582	353
Cash flows from investing activities:
Purchases of property and equipment - continuing operations	(413)	(359)
Purchases of businesses or joint venture interests, net of cash acquired	(94)	(636)
Proceeds from sales of facilities and other assets	573
Proceeds from sales of marketable securities, long-term investments and other assets	24	11
Purchases of equity investments	(35)	(2)
Other long-term assets	(3)
Other items, net	2	1
Net cash provided by (used in) investing activities	54	(985)
Cash flows from financing activities:
Repayments of borrowings under credit facility	(1,195)	(1,315)
Proceeds from borrowings under credit facility	1,195	1,195
Repayments of other borrowings	(76)	(1,992)
Proceeds from other borrowings		3,187
Debt issuance costs		(72)
Distributions paid to noncontrolling interests	(95)	(23)
Proceeds from sale of noncontrolling interests	15	3
Purchase of noncontrolling interest	(177)	(254)
Proceeds from exercise of stock options	3	9
Other items, net	(6)
Net cash provided by (used in) financing activities	(336)	738
Net increase in cash and cash equivalents	300	106
Cash and cash equivalents at beginning of period	356	193
Cash and cash equivalents at end of period	656	299
Supplemental disclosures:
Interest paid, net of capitalized interest	(467)	(385)
Income tax payments, net	$ (29)	$ (8)

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 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 June 30, 2016 , we operated 79 hospitals, 20 short-stay surgical hospitals, over 465 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 134 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, health plans and other entities. 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 and six month periods ended June 30, 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 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 Six Months Ended June 30, June 30, 2016 2015 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 $656 million and $356 million at June 30, 2016 and December 31, 2015 , respectively. At June 30, 2016 and December 31, 2015 , our book overdrafts were approximately $283 million and $301 million, respectively, which were classified as accounts payable. At June 30, 2016 and December 31, 2015 , approximately $190 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 June 30, 2016 and December 31, 2015 , we had $109 million and $133 million, respectively, of property and equipment purchases accrued for items received but not yet paid. Of these amounts, $66 million and $95 million, respectively, were included in accounts payable. During the six months ended June 30, 2016 and 2015 , we entered into non-cancellable capital leases of approximately $77 million and $92 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 June 30, 2016 and December 31, 2015: Gross Carrying Accumulated Net Book Amount Amortization Value At June 30, 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 June 30, 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 214 of the facilities operated by our Ambulatory Care segment and, therefore, consolidate their results ( 212 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 ( 120 of 334 at June 30, 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 Six Months Ended June 30, June 30, 2016 2016 Net operating revenues $ $ Net income $ $ Net income attributable to the investees $ $

ACCOUNTS RECEIVABLE AND ALLOWAN

ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS	6 Months Ended
	Jun. 30, 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: June 30, December 31, 2016 2015 Continuing operations: Patient accounts receivable $ $ Allowance for doubtful accounts Estimated future recoveries Net cost reports and settlements payable and valuation allowances Discontinued operations Accounts receivable, net $ $ At June 30, 2016 and December 31, 2015 , our all owance for doubtful accounts was 26.5% 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 June 30, 2016 and December 31, 2015 , our allowance for doubtful accounts for self-pay was 82.6% and 80.6% , respectively, of our self-pay patient accounts receivable, including co-pays and deductibles owed by patients with insurance. At June 30, 2016 and December 31, 2015 , our allowance for doubtful accounts for managed care was 8.5% 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 and six months ended June 30, 2016 and 2015 . Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Estimated costs for: Self-pay patients $ $ $ $ Charity care patients $ $ $ $ Medicaid DSH and other supplemental revenues $ $ $ $ At June 30, 2016 and December 31, 2015 , we had approximately $494 million and $387 million, respectively, of receivables recorded in other current assets and approximately $191 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	6 Months Ended
	Jun. 30, 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 with respect to the pre-closing period, net receivables of approximately $80 million are included in accounts receivable, less allowance for doubtful accounts in the accompanying Condensed Consolidated Balance Sheet at June 30, 2016 .

IMPAIRMENT AND RESTRUCTURING CH

IMPAIRMENT AND RESTRUCTURING CHARGES, AND ACQUISITION-RELATED COSTS	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2016 , we recorded impairment and restructuring charges and acquisition-related costs of $50 million primarily related to our Hospital Operations and other segment, consisting of approximately $2 million to write-down other intangible assets, $ 17 million of employee severance costs, $2 million of restructuring costs, $1 million of contract and lease termination fees, and $28 million in acquisition-related costs, which include $3 million of transaction costs and $25 million of acquisition integration charges. During the six months ended June 30, 2015 , we recorded impairment and restructuring charges and acquisition-related costs of $222 million, consisting of a $147 million charge to write-down assets held for sale to their estimated fair value, less estimated costs to sell, as a result of us entering into a definitive agreement for the sale of Saint Louis University Hospital in the period, $8 million of employee severance costs, $4 million of restructuring costs, $4 million of contract and lease termination fees, and $59 million in acquisition-related costs, which include $36 million of transaction costs and $23 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 June 30, 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 June 30, 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, 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. Effective July 1, 2016, all of our hospitals and other operations in Missouri were transitioned from our Texas region to our Southern region. 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	6 Months Ended
	Jun. 30, 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 June 30, 2016 and December 31, 2015 : June 30, 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 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 June 30, 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 June 30, 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 June 30, 2016 , we had approximately $132 million of standby letters of credit outstanding under the LC Facility.

GUARANTEES

GUARANTEES	6 Months Ended
	Jun. 30, 2016
GUARANTEES
GUARANTEES	NOTE 6. GUARANTEES At June 30, 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 $83 million. We had a total liability of $72 million recorded for these guarantees included in other current liabilities at June 30, 2016 . At June 30, 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 $32 million. Of the total, $16 million relates to the obligations of consolidated subsidiaries, which obligations are recorded in the accompanying Condensed Consolidated Balance Sheet at June 30, 2016 .

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	6 Months Ended
	Jun. 30, 2016
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS	NOTE 7. EMPLOYEE BENEFIT PLANS At June 30, 2016 , approximately 7.0 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 six months ended June 30, 2016 and 2015 include $31 million and $36 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 six months ended June 30, 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 June 30, 2016 $ years Vested and expected to vest at June 30, 2016 $ $ years Exercisable at June 30, 2016 $ $ years There were 104,815 stock options exercised during the six months ended June 30, 2016 with an aggregate intrinsic value of approximately $1 million, and 122,212 stock options exercised during the same period in 2015 with an aggregate intrinsic value of approximately $2 million. At June 30, 2016 , there were no unrecognized compensation costs related to stock options. Also, there were no stock options granted in the six months ended June 30, 2016 or 2015. The following table summarizes information about our outstanding stock options at June 30, 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 six months ended June 30, 2016 : Restricted Stock Weighted Average Grant Units Date Fair Value Per Unit Unvested at December 31, 2015 $ Granted Vested Forfeited Unvested at June 30, 2016 $ In the six months ended June 30, 2016 , we granted 717,277 restricted stock units subject to time-vesting, of which 484,295 will vest and be settled ratably over a three -year period from the grant date, 57,139 will vest and be settled on the third anniversary of the grant date, and 175,843 will vest and be settled on the fifth anniversary of the grant date. In addition, in May 2016, we made an annual grant of 90,105 restricted stock units to our non-employee directors for the 2016-2017 board service year, which units vested immediately and will settle in shares of our common stock on the third anniversary of the date of the grant. 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 474,443 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 474,443 units granted, depending on our level of achievement with respect to the performance goals. Moreover, in the six months ended June 30, 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 June 30, 2016 , there were $99 million of total unrecognized compensation costs related to restricted stock units. These costs are expected to be recognized over a weighted average period of 2.2 years.

EQUITY

EQUITY	6 Months Ended
	Jun. 30, 2016
EQUITY
EQUITY	NOTE 8. EQUITY Changes in Shareholders’ Equity The following table shows the changes in consolidated equity during the six months ended June 30, 2016 (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 — — — — — — Other comprehensive loss — — — — — — Purchases (sales) of businesses and noncontrolling interests — — — — — Purchase accounting adjustments — — — — — — Stock-based compensation expense, tax benefit and issuance of common stock — — — — — Balances at June 30, 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 — — — — Balances at June 30, 2015 $ $ $ $ $ $ $

PROPERTY AND PROFESSIONAL AND G

PROPERTY AND PROFESSIONAL AND GENERAL LIABILITY INSURANCE	6 Months Ended
	Jun. 30, 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 June 30, 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 $792 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 1.29% at June 30, 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 $164 million and $147 million for the six months ended June 30, 2016 and 2015 , respectively.

CLAIMS AND LAWSUITS

CLAIMS AND LAWSUITS	6 Months Ended
	Jun. 30, 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 —The Company believes that it has reached an agreement in principle with the U.S. Department of Justice (“DOJ”), the U.S. Attorneys’ Offices for the Northern and Middle Districts of Georgia, and the Georgia Attorney General’s Office to resolve the civil qui tam litigation ( United States of America, ex rel. Ralph D. Williams v. Health Management Associates, Inc., et al. ) pending in the U.S. District Court for the Middle District of Georgia and the parallel criminal investigation of the Company and certain of its subsidiaries being conducted by the DOJ and the U.S. Attorney’s Office for the Northern District of Georgia (collectively, the “Clinica de la Mama matters”). The agreement in principle contemplates, among other things, payment by the Company of $513,788,345 , which is comprised of a civil monetary payment of $368,000,000 and a criminal monetary payment of $145,788,345 . Based on the agreement in principle, we have increased our reserve relating to the Clinica de la Mama matters from $407 million to $516 million to reflect the monetary payments and certain other costs to be paid by us. In addition to the monetary component, the agreement in principle contemplates that: (i) Tenet HealthSystem Medical, Inc. (“THSM”), an indirect, wholly owned subsidiary of the Company, will enter into a Non-Prosecution Agreement with the DOJ; (ii) the DOJ will appoint a corporate monitor for a period of three years to assess the Company’s compliance with the federal anti-kickback and Stark laws; and (iii) our two indirect, wholly owned subsidiaries that previously operated Atlanta Medical Center and North Fulton Hospital, and which currently have no operating assets, will agree to plead guilty under 18 U.S.C. § 371 to a single count of conspiracy to violate the federal anti-kickback statute and defraud the United States. The agreement in principle also contemplates that the Company will enter into a Corporate Integrity Agreement with the Office of Inspector General of the U.S. Department of Health and Human Services. Based on discussions with the government, and assuming definitive agreements are reached as contemplated by the agreement in principle, none of our operating facilities will be subject to exclusion from participation in federal healthcare programs or payment suspension as a result of the Clinica de la Mama matters. The implementation of the agreement in principle is subject to the negotiation and approval of definitive agreements and the court’s acceptance of the plea agreements, which we believe will be completed in the three months ending September 30, 2016. We expect the civil monetary payment and the criminal monetary payment will be due shortly after sentencing, which we believe will take place in the three months ending September 30, 2016. We expect to fund the payments through general corporate sources of liquidity, including cash on the balance sheet and borrowings under our revolving credit facility. Although we believe we will reach a final resolution of the Clinica de la Mama matters, there can be no assurance that such a resolution will be reached or that the court will accept the pleas. If a resolution is not reached or approved, or if the terms of the final resolution are materially different than the agreement in principle, the eventual loss related to these matters could materially exceed the amount reserved and could have a material adverse effect on our business, financial condition, results of operations or cash flows. As previously disclosed, the Clinica de la Mama matters relate to contracts that were in effect for various periods from 2000 to 2013 between four hospitals owned by THSM (Atlanta Medical Center, North Fulton Hospital, Spalding Regional Medical Center and Hilton Head Hospital) and Hispanic Medical Management, Inc. Although our Georgia hospitals have been sold, we have retained any potential liabilities arising from the Clinica de la Mama matters. For additional information regarding the Clinica de la Mama matters, reference is made to Note 10 to our Condensed Consolidated Financial Statements in our Quarterly Report on Form 10-Q for the quarterly period ended March 30, 2016 and Note 15 to our Consolidated Financial Statements in our Annual Report. 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. We will continue to seek to defeat class certification and vigorously defend ourselves against the plaintiffs’ allegations. Because these proceedings remain 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. 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 six months ended June 30, 2016 and 2015 : Balances at Litigation and Balances at Beginning Investigation Cash End of of Period Costs Payments Other Period Six Months Ended June 30, 2016 Continuing operations $ $ $ $ — $ Discontinued operations — — — — — $ $ $ $ — $ Six Months Ended June 30, 2015 Continuing operations $ $ $ $ $ Discontinued operations — $ $ $ $ $ For the six months ended June 30, 2016 and 2015 , we recorded costs of $287 million and $17 million, respectively, in continuing operations in connection with significant legal proceedings and governmental reviews. During the six months ended June 30, 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	6 Months Ended
	Jun. 30, 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 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% . The following table shows the changes in redeemable noncontrolling interests in equity of consolidated subsidiaries during the six months ended June 30, 2016 and 2015 : Six Months Ended June 30, 2016 2015 Balances at beginning of period $ $ Net income Distributions paid to noncontrolling interests Purchase accounting adjustments — Purchases and sales of businesses and noncontrolling interests, net Balances at end of period $ $

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2016
INCOME TAXES
INCOME TAXES	NOTE 12. INCOME TAXES During the six months ended June 30, 2016 , we recorded income tax expense of $51 million in continuing operations on pre-tax earnings of $130 million. The recorded income tax differs from taxes calculated at the statutory rate primarily due to state income tax expense of approximately $7 million, tax benefits of $ 47 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 $33 million related to nondeductible litigation. During the six months ended June 30, 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 June 30, 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 June 30, 2016 were $5 million, all of which related to continuing operations. At June 30, 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.

LOSS PER COMMON SHARE

LOSS PER COMMON SHARE	6 Months Ended
	Jun. 30, 2016
LOSS PER COMMON SHARE
LOSS PER COMMON SHARE	NOTE 13. LOSS PER COMMON SHARE The following table is a reconciliation of the numerators and denominators of our basic and diluted loss per common share calculations for our continuing operations for three and six months ended June 30, 2016 and 2015 . Loss attributable to our common shareholders is expressed in millions and weighted average shares are expressed in thousands. Loss Attributable to Common Weighted Shareholders Average Shares Per-Share (Numerator) (Denominator) Amount Three Months Ended June 30, 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 June 30, 2015 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 $ $ Six Months Ended June 30, 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 $ $ Six Months Ended June 30, 2015 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 $ $ All potentially dilutive securities were excluded from the calculation of diluted loss per share for the three and six months ended June 30, 2016 and 2015 because we did not report income from continuing operations available to common shareholders in those periods. 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 and six months ended June 30, 2016 and 2015 , 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 in shares of 1,386 and 1,477 for the three and six months ended June 30, 2016, respectively, and 2,673 and 2,423 for the three and six months ended June 30, 2015 , respectively.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2016 and December 31, 2015 , the estimated fair value of our long-term debt was approximately 95.6% and 96.2% , respectively, of the carrying value of the debt.

ACQUISITIONS

ACQUISITIONS	6 Months Ended
	Jun. 30, 2016
ACQUISITIONS
ACQUISITIONS	NOTE 15. ACQUISITIONS Preliminary purchase price allocations (representing the fair value of the consideration conveyed) for all acquisitions made during the six months ended June 30, 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, can be attributed to the benefits that we expect to realize from operating efficiencies and growth strategies. Of the total $314 million of goodwill recorded for acquisitions completed during the six months ended June 30, 2016, $190 million was recorded in our Hospital Operations and other segment, and $124 million was recorded in our Ambulatory Care segment. Approximately $3 million in transaction costs related to prospective and closed acquisitions were expensed during the six months ended June 30, 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 and noncontrolling interests for some of our 2016 and 2015 acquisitions; therefore, those purchase price allocations are subject to adjustment once the valuations are completed. During the six months ended June 30, 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. USPI Joint Venture and Acquisition of Aspen Effective June 16, 2015, we combined our freestanding ambulatory surgery and imaging center assets with the short-stay surgical facility assets of United Surgical Partners International, Inc. (“USPI”) into the USPI joint venture. We refinanced approximately $1.5 billion of existing USPI debt, which was allocated to the joint venture through an intercompany loan, and paid approximately $424 million to align the respective valuations of the assets contributed to the joint venture. We also completed the Aspen acquisition for approximately $226 million. The final purchase price allocations for our USPI joint venture and Aspen acquisition are as follows: Current assets $ Property and equipment Other intangible assets Goodwill Other long-term assets Current liabilities Deferred taxes — long term Other long-term liabilities Redeemable noncontrolling interests in equity of consolidated subsidiaries Noncontrolling interests Cash paid, net of cash acquired $ 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 Six Months Ended June 30, June 30, 2016 2015 2016 2015 Net operating revenues $ $ $ $ Equity in earnings of unconsolidated affiliates $ $ $ $ Net loss attributable to common shareholders $ $ $ $ Net loss per share attributable to common shareholders $ $ $ $

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 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 June 30, 2016 , our subsidiaries operated 79 hospitals, with a total of 20,380 licensed beds, primarily serving urban and suburban communities in 1 2 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 June 30, 2016 , our USPI joint venture had interests in 250 ambulatory surgery centers, 34 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, health plans and other entities. At June 30, 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: June 30, December 31, 2016 2015 Assets: Hospital Operations and other $ $ Ambulatory Care Conifer Total $ $ Three Months Ended Six Months Ended June 30, June 30, 2016 2015 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 $ $ $ $ Equity in earnings of unconsolidated affiliates: Hospital Operations and other $ $ $ $ Ambulatory Care 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 Investment earnings (losses) Gains on sales, consolidation and deconsolidation of facilities — — Net income (loss) from continuing operations before income taxes $ $ $ $

RECENT ACCOUNTING STANDARDS

RECENT ACCOUNTING STANDARDS	6 Months Ended
	Jun. 30, 2016
RECENT ACCOUNTING STANDARDS
RECENT 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 current 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.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 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 June 30, 2016 , we operated 79 hospitals, 20 short-stay surgical hospitals, over 465 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 134 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, health plans and other entities. 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 and six month periods ended June 30, 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 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 Six Months Ended June 30, June 30, 2016 2015 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 $656 million and $356 million at June 30, 2016 and December 31, 2015 , respectively. At June 30, 2016 and December 31, 2015 , our book overdrafts were approximately $283 million and $301 million, respectively, which were classified as accounts payable. At June 30, 2016 and December 31, 2015 , approximately $190 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 June 30, 2016 and December 31, 2015 , we had $109 million and $133 million, respectively, of property and equipment purchases accrued for items received but not yet paid. Of these amounts, $66 million and $95 million, respectively, were included in accounts payable. During the six months ended June 30, 2016 and 2015 , we entered into non-cancellable capital leases of approximately $77 million and $92 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 June 30, 2016 and December 31, 2015: Gross Carrying Accumulated Net Book Amount Amortization Value At June 30, 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 June 30, 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 214 of the facilities operated by our Ambulatory Care segment and, therefore, consolidate their results ( 212 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 ( 120 of 334 at June 30, 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 Six Months Ended June 30, June 30, 2016 2016 Net operating revenues $ $ Net income $ $ Net income attributable to the investees $ $

BASIS OF PRESENTATION (Tables)

BASIS OF PRESENTATION (Tables)	6 Months Ended
	Jun. 30, 2016
BASIS OF PRESENTATION
Schedule of sources of net operating revenues before provision for doubtful accounts	Three Months Ended Six Months Ended June 30, June 30, 2016 2015 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 June 30, 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 Six Months Ended June 30, June 30, 2016 2016 Net operating revenues $ $ Net income $ $ Net income attributable to the investees $ $

ACCOUNTS RECEIVABLE AND ALLOW26

ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS (Tables)	6 Months Ended
	Jun. 30, 2016
ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS
Schedule Of Components Of Accounts Receivable	June 30, December 31, 2016 2015 Continuing operations: Patient accounts receivable $ $ Allowance for doubtful accounts Estimated future recoveries 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 Six Months Ended June 30, June 30, 2016 2015 2016 2015 Estimated costs for: Self-pay patients $ $ $ $ Charity care patients $ $ $ $ Medicaid DSH and other supplemental revenues $ $ $ $

LONG-TERM DEBT AND LEASE OBLI27

LONG-TERM DEBT AND LEASE OBLIGATIONS (Tables)	6 Months Ended
	Jun. 30, 2016
LONG-TERM DEBT AND LEASE OBLIGATIONS
Summary of long-term debt	June 30, 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)	6 Months Ended
	Jun. 30, 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 June 30, 2016 $ years Vested and expected to vest at June 30, 2016 $ $ years Exercisable at June 30, 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 June 30, 2016 $

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
	Jun. 30, 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 — — — — — — Other comprehensive loss — — — — — — Purchases (sales) of businesses and noncontrolling interests — — — — — Purchase accounting adjustments — — — — — — Stock-based compensation expense, tax benefit and issuance of common stock — — — — — Balances at June 30, 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 — — — — Balances at June 30, 2015 $ $ $ $ $ $ $

CLAIMS AND LAWSUITS (Tables)

CLAIMS AND LAWSUITS (Tables)	6 Months Ended
	Jun. 30, 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 Other Period Six Months Ended June 30, 2016 Continuing operations $ $ $ $ — $ Discontinued operations — — — — — $ $ $ $ — $ Six Months Ended June 30, 2015 Continuing operations $ $ $ $ $ Discontinued operations — $ $ $ $ $

REDEEMABLE NONCONTROLLING INT31

REDEEMABLE NONCONTROLLING INTERESTS IN EQUITY OF CONSOLIDATED SUBSIDIARIES (Tables)	6 Months Ended
	Jun. 30, 2016
REDEEMABLE NONCONTROLLING INTERESTS IN EQUITY OF CONSOLIDATED SUBSIDIARIES
Schedule of changes in redeemable noncontrolling interests in equity of consolidated subsidiaries	Six Months Ended June 30, 2016 2015 Balances at beginning of period $ $ Net income Distributions paid to noncontrolling interests Purchase accounting adjustments — Purchases and sales of businesses and noncontrolling interests, net Balances at end of period $ $

LOSS PER COMMON SHARE (Tables)

LOSS PER COMMON SHARE (Tables)	6 Months Ended
	Jun. 30, 2016
LOSS PER COMMON SHARE
Schedule of reconciliation of numerators and denominators of our basic and diluted loss per common share	Loss Attributable to Common Weighted Shareholders Average Shares Per-Share (Numerator) (Denominator) Amount Three Months Ended June 30, 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 June 30, 2015 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 $ $ Six Months Ended June 30, 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 $ $ Six Months Ended June 30, 2015 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 $ $

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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)	6 Months Ended
	Jun. 30, 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 Six Months Ended June 30, June 30, 2016 2015 2016 2015 Net operating revenues $ $ $ $ Equity in earnings of unconsolidated affiliates $ $ $ $ Net loss attributable to common shareholders $ $ $ $ Net loss per share 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 $
European Surgical Partners Ltd | United Surgical Partners International
Business Acquisition
Schedule of preliminary purchase price allocation	Current assets $ Property and equipment Other intangible assets Goodwill Other long-term assets Current liabilities Deferred taxes — long term Other long-term liabilities Redeemable noncontrolling interests in equity of consolidated subsidiaries Noncontrolling interests Cash paid, net of cash acquired $

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2016
SEGMENT INFORMATION
Reconciliation of assets by reportable segment to consolidated assets	June 30, 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 Six Months Ended June 30, June 30, 2016 2015 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 $ $ $ $ Equity in earnings of unconsolidated affiliates: Hospital Operations and other $ $ $ $ Ambulatory Care 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 Investment earnings (losses) Gains on sales, consolidation and deconsolidation of facilities — — Net income (loss) from continuing operations before income taxes $ $ $ $

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details)	6 Months Ended
	Jun. 30, 2016planInstitution
Business Acquisition
Number of acute care hospitals operated by subsidiaries	79
Number of short-stay surgical hospitals	20
Number of outpatient centers	465
Number of outpatient centers recorded using equity method	134
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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Supplemental payments and net operating revenues
Net operating revenues before provision for doubtful accounts	$ 5,220	$ 4,844	$ 10,640	$ 9,631
Medicare
Supplemental payments and net operating revenues
Net operating revenues before provision for doubtful accounts	879	850	1,738	1,748
Medicaid
Supplemental payments and net operating revenues
Net operating revenues before provision for doubtful accounts	298	349	671	734
Managed care
Supplemental payments and net operating revenues
Net operating revenues before provision for doubtful accounts	2,407	2,501	5,033	4,906
Indemnity, self-pay and other
Supplemental payments and net operating revenues
Net operating revenues before provision for doubtful accounts	464	407	901	821
Acute care hospitals - other revenue
Supplemental payments and net operating revenues
Net operating revenues before provision for doubtful accounts	14	13	21	28
Other operations
Supplemental payments and net operating revenues
Net operating revenues before provision for doubtful accounts	$ 1,158	$ 724	$ 2,276	$ 1,394

BASIS OF PRESENTATION - Cash an

BASIS OF PRESENTATION - Cash and Cash Equivalents (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Cash and Cash Equivalents
Cash and cash equivalents	$ 656	$ 299	$ 356	$ 193
Accrued property and equipment purchases for items received but not yet paid	109		133
Non-cancellable capital leases primarily for buildings and equipment	77	$ 92
Accounts payable
Cash and Cash Equivalents
Book overdrafts classified as accounts payable	283		301
Accrued property and equipment purchases for items received but not yet paid	66		95
Captive insurance subsidiaries
Cash and Cash Equivalents
Cash and cash equivalents	$ 190		$ 171

BASIS OF PRESENTATION - Intangi

BASIS OF PRESENTATION - Intangible Assets Summary (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Other intangible assets
Gross Carrying Amount	$ 2,599	$ 2,334
Accumulated Amortization	(734)	(659)
Net Book Value	1,865	1,675
Capitalized software costs
Other intangible assets
Gross Carrying Amount	1,537	1,456
Accumulated Amortization	(656)	(594)
Net Book Value	881	862
Trade names
Other intangible assets
Gross Carrying Amount	106	106
Net Book Value	106	106
Contracts
Other intangible assets
Gross Carrying Amount	848	653
Accumulated Amortization	(35)	(26)
Net Book Value	813	627
Other
Other intangible assets
Gross Carrying Amount	108	119
Accumulated Amortization	(43)	(39)
Net Book Value	$ 65	$ 80

BASIS OF PRESENTATION - Amortiz

BASIS OF PRESENTATION - Amortization of Intangible Assets (Details) $ in Millions	Jun. 30, 2016USD ($)
Estimated future amortization of intangibles with finite useful lives
Total	$ 1,207
2,016	80
2,017	172
2,018	159
2,019	130
2,020	114
Later Years	$ 552

BASIS OF PRESENTATION - Investm

BASIS OF PRESENTATION - Investments in Unconsolidated Affiliates (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2016USD ($)Institution
Schedule of Equity Method Investments [Line Items]
Net operating revenues | $	$ 615	$ 1,193
Net income | $	130	235
Net income attributable to the investee | $	$ 89	$ 158
Number of outpatient centers		465
Number of outpatient centers recorded using equity method		134
Number of outpatient centers recorded not using equity method		214
Ambulatory Care
Schedule of Equity Method Investments [Line Items]
Number of outpatient centers		334
Number of outpatient centers recorded using equity method		120
Number of outpatient centers recorded not using equity method		212
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 ALLOW42

ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS - Components (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Accounts receivable and allowance for doubtful accounts
Accounts receivable, net	$ 2,734	$ 2,704
Continuing operations
Accounts receivable and allowance for doubtful accounts
Patient accounts receivable	3,568	3,486
Allowance for doubtful accounts	(946)	(887)
Estimated future recoveries	142	144
Net cost reports and settlements payable and valuation allowances	(33)	(42)
Accounts receivable, net	2,731	2,701
Discontinued operations
Accounts receivable and allowance for doubtful accounts
Accounts receivable, net	$ 3	$ 3

ACCOUNTS RECEIVABLE AND ALLOW43

ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS - Allowance (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Accounts receivable and allowance for doubtful accounts
Allowance for doubtful accounts as a percent of patients accounts receivable			26.50%		25.40%
Self-Pay Patients
Accounts receivable and allowance for doubtful accounts
Allowance for doubtful accounts as a percent of patients accounts receivable			82.60%		80.60%
Estimated costs of caring	$ 159	$ 168	$ 310	$ 332
Managed Care Patients
Accounts receivable and allowance for doubtful accounts
Allowance for doubtful accounts as a percent of patients accounts receivable			8.50%		7.50%
Charity Care Patients
Accounts receivable and allowance for doubtful accounts
Estimated costs of caring	31	37	$ 72	73
Medicai DSH and other supplemental revenues
Accounts receivable and allowance for doubtful accounts
Estimated costs of caring	$ 215	$ 220	$ 442	$ 467

ACCOUNTS RECEIVABLE AND ALLOW44

ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS - Other Receivables (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Accounts receivable and allowance for doubtful accounts
Receivables	$ 2,734	$ 2,704
Payables	1,272	1,380
California's Provider Fee Program | Other current assets
Accounts receivable and allowance for doubtful accounts
Receivables	494	387
California's Provider Fee Program | Other current liabilities
Accounts receivable and allowance for doubtful accounts
Payables	$ 191	$ 139

ASSETS AND LIABILITIES HELD F45

ASSETS AND LIABILITIES HELD FOR SALE (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2016	Jun. 30, 2016	Jun. 30, 2015	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		2,734		2,704
Liabilities held for sale				101
Impairment charges		2	$ 147
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		$ 80
Gain on sale	$ 113

IMPAIRMENT AND RESTRUCTURING 46

IMPAIRMENT AND RESTRUCTURING CHARGES, AND ACQUISITION-RELATED COSTS (Details) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)segment	Jun. 30, 2015USD ($)
IMPAIRMENT AND RESTRUCTURING CHARGES, AND ACQUISITION-RELATED COSTS
Net impairment and restructuring charges and acquisition-related costs	$ 50	$ 222
Impairment charges	2	147
Employee severance costs	17	8
Restructuring costs	2	4
Lease termination costs	1	4
Acquisition costs	28	59
Acquisition-related transaction costs	3	36
Acquisition integration charges	$ 25	$ 23
Number of continuing operating segments | segment	3

LONG-TERM DEBT AND LEASE OBLI47

LONG-TERM DEBT AND LEASE OBLIGATIONS - Schedule of Debt (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
LONG-TERM DEBT AND LEASE OBLIGATIONS
Capital leases and mortgage notes	$ 821	$ 852
Unamortized note discounts and premium	(241)	(263)
Total long-term debt	14,501	14,510
Less current portion	181	127
Long-term debt, net of current portion	$ 14,320	$ 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 OBLI48

LONG-TERM DEBT AND LEASE OBLIGATIONS - Credit Agreement and Letter of Credit Facility (Details)	6 Months Ended
	Jun. 30, 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	$ 132,000,000
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	Jun. 30, 2016USD ($)
Income and Revenue Collection Guarantee
GUARANTEES
Maximum potential amount of future payments under guarantees	$ 83
Income and Revenue Collection Guarantee | Other current liabilities
GUARANTEES
Liability for the fair value of guarantees	72
Guaranteed Investees Of Third Parties
GUARANTEES
Liability for the fair value of guarantees	32
Guaranteed Investees Of Third Parties | Other current liabilities
GUARANTEES
Guarantee obligations for consolidated subsidiaries	$ 16

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
EMPLOYEE BENEFIT PLANS
Stock-based compensation costs, pretax	$ 31	$ 36
2008 Stock Incentive Plan
EMPLOYEE BENEFIT PLANS
Shares available for issuance under the plan	7,000,000
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 ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Stock option activity
Stock-Based Compensation Expense	$ 31,000,000	$ 36,000,000
Stock Options
Stock option activity
Outstanding at the beginning of the period (in shares)	1,606,842
Granted (in shares)		0
Exercised (in shares)	(104,815)	(122,212)
Forfeited/Expired (in shares)	(53,456)
Outstanding at the end of the period (in shares)	1,448,571
Vested and expected to vest at the end of the period (in shares)	1,448,571
Exercisable at the end of the period (in shares)	1,448,571
Weighted Average Exercise Price Per Share
Outstanding at the beginning of the period (in dollars per share)	$ 22.87
Exercised (in dollars per share)	18.75
Forfeited/Expired (in dollars per share)	20.20
Outstanding at the end of the period (in dollars per share)	22.71
Vested and expected to vest at the end of the period (in dollars per share)	22.71
Exercisable at the end of the period (in dollars per share)	$ 22.71
Aggregate Intrinsic Value
Outstanding at the end of the period	$ 10,000,000
Vested and expected to vest at the end of the period	10,000,000
Exercisable at the end of the period	$ 10,000,000
Weighted Average Remaining Life
Outstanding at the end of the period	2 years 7 months 6 days
Vested and expected to vest at the end of the period	2 years 7 months 6 days
Exercisable at the end of the period	2 years 7 months 6 days
Other Disclosures
Aggregate Intrinsic value of awards exercised	$ 1,000,000	$ 2,000,000
Unrecognized compensation costs	$ 0

EMPLOYEE BENEFIT PLANS - Range

EMPLOYEE BENEFIT PLANS - Range of Exercise Prices (Details) - Stock Options	6 Months Ended
	Jun. 30, 2016$ / sharesshares
Options Outstanding
Number of Options Outstanding (in shares) | shares	1,448,571
Weighted Average Remaining Contractual life	2 years 7 months 6 days
Weighted Average Exercise Price (in dollars per share)	$ 22.71
Options Exercisable
Number of Options Exercisable (in shares) | shares	1,448,571
Weighted Average Exercise Price (in dollars per share)	$ 22.71
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	184,869
Weighted Average Remaining Contractual life	2 years 8 months 12 days
Weighted Average Exercise Price (in dollars per share)	$ 4.56
Options Exercisable
Number of Options Exercisable (in shares) | shares	184,869
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	827,315
Weighted Average Remaining Contractual life	3 years 3 months 18 days
Weighted Average Exercise Price (in dollars per share)	$ 20.85
Options Exercisable
Number of Options Exercisable (in shares) | shares	827,315
Weighted Average Exercise Price (in dollars per share)	$ 20.85
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	8 months 12 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	254,387
Weighted Average Remaining Contractual life	1 year 8 months 12 days
Weighted Average Exercise Price (in dollars per share)	$ 39.31
Options Exercisable
Number of Options Exercisable (in shares) | shares	254,387
Weighted Average Exercise Price (in dollars per share)	$ 39.31

EMPLOYEE BENEFIT PLANS - Restri

EMPLOYEE BENEFIT PLANS - Restricted Stock (Details) $ / shares in Units, $ in Millions	1 Months Ended		6 Months Ended
	May 31, 2016shares	Jan. 31, 2016director$ / sharesshares	Jun. 30, 2016USD ($)$ / sharesshares
Non Employee Directors
Other Disclosures
Restricted stock that will vest and be settled on the third anniversary of the grant date (in shares)	90,105
Restricted Stock Units
Restricted stock unit activity
Unvested at the beginning of the period (in shares)		3,627,232	3,627,232
Granted (in shares)			1,584,063
Vested (in shares)			(1,509,428)
Forfeited (in shares)			(316,716)
Unvested at the end of the period (in shares)			3,385,151
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			30.43
Vested (in dollars per share) | $ / shares			43.18
Forfeited (in dollars per share) | $ / shares			33.85
Unvested at the end of the period (in dollars per share) | $ / shares			$ 36.82
Other Disclosures
Unrecognized compensation costs | $			$ 99
Period for recognition of unrecognized compensation costs			2 years 2 months 12 days
Restricted Stock Units | Time-vesting
Restricted stock unit activity
Granted (in shares)			717,277
Other Disclosures
Restricted stock that will vest and be settled over a three-year period from the grant date (in shares)			484,295
Restricted stock that will vest and be settled on the fifth anniversary of the grant date (in shares)			175,843
Restricted stock that will vest and be settled on the third anniversary of the grant date (in shares)			57,139
Vesting period			3 years
Restricted Stock Units | Time-vesting | Director
Other Disclosures
Initial grant received (in shares)		5,084
Pro-rated annual grant (in shares)		5,614
New directors | director		2
Restricted Stock Units | Performance-based vesting
Restricted stock unit activity
Granted (in shares)			291,540
Restricted Stock Units | Performance-based vesting | Minimum
Other Disclosures
Awards vesting (as a percent)			0.00%
Restricted Stock Units | Performance-based vesting | Maximum
Other Disclosures
Awards vesting (as a percent)			200.00%
Restricted Stock Units | Performance-based vesting | Senior Officers
Other Disclosures
Restricted stock that will vest and be settled on the third anniversary of the grant date (in shares)			474,443
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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Changes in Shareholders' Equity
Balances			$ 958	$ 785
Net income (loss)			(43)	6
Distributions paid to noncontrolling interests			(51)	(20)
Contributions from noncontrolling interests				1
Other comprehensive income (loss)	$ (43)	$ 2	(39)	5
Purchases (sales) of businesses and noncontrolling interests			78	210
Purchase accounting adjustments			237
Stock-based compensation expense and issuance of common stock			12	31
Balances	1,152	1,018	1,152	1,018
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)			1,021	933
Balances	$ 7	$ 7	$ 7	$ 7
Balances (in shares)	99,516	99,315	99,516	99,315
Additional Paid-in Capital
Changes in Shareholders' Equity
Balances			$ 4,815	$ 4,614
Purchases (sales) of businesses and noncontrolling interests			(36)	130
Stock-based compensation expense and issuance of common stock			12	30
Balances	$ 4,791	$ 4,774	4,791	4,774
Accumulated Other Comprehensive Loss
Changes in Shareholders' Equity
Balances			(164)	(182)
Other comprehensive income (loss)			(39)	5
Balances	(203)	(177)	(203)	(177)
Accumulated Deficit
Changes in Shareholders' Equity
Balances			(1,550)	(1,410)
Net income (loss)			(105)	(14)
Balances	(1,655)	(1,424)	(1,655)	(1,424)
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)	(2,417)	(2,377)
Noncontrolling Interests
Changes in Shareholders' Equity
Balances			267	134
Net income (loss)			62	20
Distributions paid to noncontrolling interests			(51)	(20)
Contributions from noncontrolling interests				1
Purchases (sales) of businesses and noncontrolling interests			114	80
Purchase accounting adjustments			237
Balances	$ 629	$ 215	$ 629	$ 215

PROPERTY AND PROFESSIONAL AND55

PROPERTY AND PROFESSIONAL AND GENERAL LIABILITY INSURANCE (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended		12 Months Ended
	Mar. 31, 2016	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Other operating expense, net
Insurance coverage
Malpractice expense		$ 164	$ 147
Professional and General Liability Insurance
Insurance coverage
Self insurance reserve		$ 792		$ 755
Loss contingency discount rate, maturity rate period	7 years			7 years
Risk-free discount rate (as a percent)		1.29%		2.09%

CLAIMS AND LAWSUITS (Details)

CLAIMS AND LAWSUITS (Details)	1 Months Ended	6 Months Ended
	Jul. 31, 2016USD ($)	Jun. 30, 2016USD ($)defendantitem
Clinica de la Mama Investigations and Qui Tam Action
Loss Contingencies
Number of years DOJ will appoint corporate monitor		3 years
Number of hospitals with sold operating assets | item		2
Number of hospitals for which contracts that were in effect | item		4
Clinica de la Mama Investigations and Qui Tam Action | Forecast
Loss Contingencies
Payment by the company	$ 513,788,345
Civil penalty paid	368,000,000
Criminal penalty paid	$ 145,788,345
Clinica de la Mama Investigations and Qui Tam Action | Minimum
Loss Contingencies
Increase in litigation reserve		$ 407,000,000
Clinica de la Mama Investigations and Qui Tam Action | Maximum
Loss Contingencies
Increase in litigation reserve		$ 516,000,000
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	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Loss Contingencies
Litigation reserve, Balances at Beginning of Period	$ 299	$ 83
Litigation and Investigation costs	287	14
Cash Payments	(57)	(28)
Other		3
Litigation reserve, Balances at End of Period	529	72
Continuing operations
Loss Contingencies
Litigation reserve, Balances at Beginning of Period	299	73
Litigation and Investigation costs	287	17
Cash Payments	(57)	(27)
Other		3
Litigation reserve, Balances at End of Period	$ 529	66
Discontinued operations
Loss Contingencies
Litigation reserve, Balances at Beginning of Period		10
Litigation and Investigation costs		(3)
Cash Payments		(1)
Litigation reserve, Balances at End of Period		$ 6

REDEEMABLE NONCONTROLLING INT58

REDEEMABLE NONCONTROLLING INTERESTS IN EQUITY OF CONSOLIDATED SUBSIDIARIES - Ownership percentage (Details) - United Surgical Partners International - USD ($) $ in Millions	Jun. 16, 2015	Apr. 30, 2016	Jan. 31, 2016
REDEEMABLE NONCONTROLLING INTEREST
Payment made to purchase shares in joint venture	$ 424
Redeemable noncontrolling interests
REDEEMABLE NONCONTROLLING INTEREST
Payment made to purchase shares in joint venture		$ 127
Joint venture ownership percentage		56.30%
Redeemable noncontrolling interests | Put Option | Minimum
REDEEMABLE NONCONTROLLING INTEREST
Equity necessary for joint venture (as a percent)			12.50%
Redeemable noncontrolling interests | Put Option | Maximum
REDEEMABLE NONCONTROLLING INTEREST
Equity necessary for joint venture (as a percent)			25.00%

REDEEMABLE NONCONTROLLING INT59

REDEEMABLE NONCONTROLLING INTERESTS IN EQUITY OF CONSOLIDATED SUBSIDIARIES - Changes in Redeemable Noncontrolling Interests (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Changes in redeemable noncontrolling interests in equity of consolidated subsidiaries
Distributions paid to noncontrolling interests	$ (51)	$ (20)
Contributions from noncontrolling interests		1
Redeemable noncontrolling interests
Changes in redeemable noncontrolling interests in equity of consolidated subsidiaries
Balances at beginning of period	2,266	401
Net income	116	42
Distributions paid to noncontrolling interests	(44)	(3)
Purchase accounting adjustments	(47)
Purchases and sales of businesses and noncontrolling interests, net	(16)	1,151
Balances at end of period	$ 2,275	$ 1,591

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Taxes
Income tax expenses	$ (16)	$ (27)	$ 51	$ (11)
State income tax expense			7
Nondeductible goodwill			29
Nontaxable gains			17
Continued operations pre-tax earnings	25	$ (54)	130	$ 37
Reduction in estimated liabilities for uncertain tax positions			3
Unrecognized tax benefits	37		37
Unrecognized tax benefits which, if recognized, would impact effective tax rate	34		34
Nondeductible litigation			33
Unrecognized federal and state tax benefits and reserves for interest and penalties, which may decrease in the next 12 months	$ 6		6
Continuing operations
Income Taxes
Interest and penalties related to accrued liabilities for uncertain tax positions, recognized			$ 5

LOSS PER COMMON SHARE (Details)

LOSS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net Loss Attributable to Common Shareholders (Numerator)
Net loss attributable to Tenet Healthcare Corporation common shareholders for basic loss per share	$ (44)	$ (60)	$ (99)	$ (14)
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	$ (44)	$ (60)	$ (99)	$ (14)
Weighted Average Shares (Denominator)
Net loss attributable to Tenet Healthcare Corporation common shareholders for basic loss per share	99,341	99,244	99,054	98,972
Effect of dilutive stock options, restricted stock units and deferred compensation units (in weighted average shares)
Net loss attributable to Tenet Healthcare Corporation common shareholders for diluted loss per share	99,341	99,244	99,054	98,972
Per-Share Amount
Net loss attributable to Tenet Healthcare Corporation common shareholders for basic loss per share	$ (0.44)	$ (0.60)	$ (1)	$ (0.14)
Effect of dilutive stock options, restricted stock units, and deferred compensation units (Per-Share)
Net loss attributable to Tenet Healthcare Corporation common shareholders for diluted loss per share	$ (0.44)	$ (0.60)	$ (1)	$ (0.14)

LOSS PER COMMON SHARE - Antidil

LOSS PER COMMON SHARE - Antidilutive securities (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Employee stock options, restricted stock units and deferred compensation units
Antidilutive securities
Anti-dilutive securities excluded from computation of earnings per share	1,386	2,673	1,477	2,423

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Recurring basis - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Fair value of assets and liabilities measured on recurring basis
Marketable debt securities-noncurrent	$ 63	$ 59
Investments	63	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	95.60%	96.20%
Significant Other Observable Inputs (Level 2)
Fair value of assets and liabilities measured on recurring basis
Marketable debt securities-noncurrent	$ 38	$ 35
Investments	$ 38	$ 35

ACQUISITIONS - Purchase Price A

ACQUISITIONS - Purchase Price Allocation (Details) - USD ($) $ in Millions	Jun. 16, 2015	Jun. 30, 2016	Dec. 31, 2015
Final purchase price allocations
Goodwill		$ 7,291	$ 6,970
Hospital Operations
Final purchase price allocations
Goodwill		190
Ambulatory Care
Final purchase price allocations
Goodwill		124
United Surgical Partners International
Final purchase price allocations
Assumed debt	$ 1,500
Payment contributed to joint venture	424
Series of individual business acquisitions
Final purchase price allocations
Current assets		41
Property and equipment		31
Other intangible assets		6
Goodwill		314
Other long-term assets		6
Current liabilities		(23)
Other long-term liabilities		(16)
Redeemable noncontrolling interests in equity of consolidated subsidiaries		(114)
Noncontrolling interests		(122)
Cash paid, net of cash acquired		(94)
Gain on consolidations		29
Transaction costs related to prospective and closed acquisitions		3
European Surgical Partners Ltd
Final purchase price allocations
Purchase price	$ 226
European Surgical Partners Ltd | United Surgical Partners International
Final purchase price allocations
Current assets		234
Property and equipment		554
Other intangible assets		539
Goodwill		2,794
Other long-term assets		813
Current liabilities		(326)
Deferred taxes - long term		(335)
Other long-term liabilities		(1,969)
Redeemable noncontrolling interests in equity of consolidated subsidiaries		(1,481)
Noncontrolling interests		(257)
Cash paid, net of cash acquired		$ 566

ACQUISITIONS - Pro Forma (Detai

ACQUISITIONS - Pro Forma (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Pro Forma Information - Unaudited
Net operating revenues	$ 4,868	$ 4,671	$ 9,912	$ 9,300
Equity in earnings of unconsolidated affiliates	30	16	54	20
Net loss attributable to common shareholders	$ (46)	$ (73)	$ (105)	$ (45)
Net loss per share attributable to common shareholders	$ (0.46)	$ (0.74)	$ (1.06)	$ (0.46)
Pro Forma
Pro Forma Information - Unaudited
Equity in earnings of unconsolidated affiliates	$ 30	$ 38	$ 54	$ 63

SEGMENT INFORMATION - General I

SEGMENT INFORMATION - General Information and Customer Concentration (Details)	6 Months Ended
	Jun. 30, 2016stateitemplanInstitution
SEGMENT INFORMATION
Number of hospitals owned by subsidiaries	79
Number of facilities owned by subsidiaries	9
Number of short-stay surgical hospitals	20
Number of licensed beds in hospitals operated by subsidiaries | item	20,380
Number of states where operations occur | state	12
Number of provider-based outpatient centers operated by subsidiaries	465
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	34
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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
SEGMENT INFORMATION
Assets	$ 24,240		$ 24,240		$ 23,682
Capital expenditures:	205	$ 175	413	$ 359
Net operating revenues	4,868	4,492	9,912	8,916
Equity in earnings of unconsolidated affiliates	30	16	54	20
Adjusted EBITDA	617	568	1,230	1,097
Depreciation and amortization	215	197	427	404
Adjusted EBITDA and other reconciling items
Adjusted EBITDA	617	568	1,230	1,097
Depreciation and amortization	(215)	(197)	(427)	(404)
Impairment and restructuring charges, and acquisition-related costs	(22)	(193)	(50)	(222)
Litigation and investigation costs	(114)	(14)	(287)	(17)
Interest expense	(244)	(217)	(487)	(416)
Investment earnings (losses)	2	(1)	3	(1)
Gains on sales, consolidation and deconsolidation of facilities	1		148
Net income (loss) from continuing operations, before income taxes	25	(54)	130	37
Hospital operations and other
SEGMENT INFORMATION
Assets	17,412		17,412		17,353
Conifer
SEGMENT INFORMATION
Assets	1,155		1,155		1,170
Ambulatory Care
SEGMENT INFORMATION
Assets	5,673		5,673		$ 5,159
Operating segments | Hospital operations and other
SEGMENT INFORMATION
Capital expenditures:	184	166	375	341
Net operating revenues	4,202	4,175	8,599	8,326
Equity in earnings of unconsolidated affiliates	4	10	3	14
Adjusted EBITDA	415	459	829	877
Depreciation and amortization	181	178	355	369
Adjusted EBITDA and other reconciling items
Adjusted EBITDA	415	459	829	877
Depreciation and amortization	(181)	(178)	(355)	(369)
Operating segments | Conifer
SEGMENT INFORMATION
Capital expenditures:	5	6	10	11
Net operating revenues	386	340	771	682
Adjusted EBITDA	63	60	126	142
Depreciation and amortization	12	12	25	24
Adjusted EBITDA and other reconciling items
Adjusted EBITDA	63	60	126	142
Depreciation and amortization	(12)	(12)	(25)	(24)
Operating segments | Conifer | Tenet
SEGMENT INFORMATION
Net operating revenues	162	165	329	325
Operating segments | Conifer | Other customers
SEGMENT INFORMATION
Net operating revenues	224	175	442	357
Operating segments | Ambulatory Care
SEGMENT INFORMATION
Capital expenditures:	16	3	28	7
Net operating revenues	442	142	871	233
Equity in earnings of unconsolidated affiliates	26	6	51	6
Adjusted EBITDA	139	49	275	78
Depreciation and amortization	22	7	47	11
Adjusted EBITDA and other reconciling items
Adjusted EBITDA	139	49	275	78
Depreciation and amortization	(22)	(7)	(47)	(11)
Intercompany eliminations
SEGMENT INFORMATION
Net operating revenues	$ (162)	$ (165)	$ (329)	$ (325)