Guarantor | 12 Months Ended |
Dec. 31, 2013 |
Condensed Consolidating Financial Information | ' |
Condensed Consolidating Financial Information | ' |
16. Financial Information for the Company and Its Subsidiaries |
|
The Senior Unsecured Notes, issued in 2012, are senior unsecured obligations of the Company and are guaranteed by the Company and certain of its existing and subsequently acquired or organized wholly owned domestic subsidiaries. The Senior Unsecured Notes are guaranteed on a full and unconditional and joint and several basis, with limited exceptions considered customary for such guarantees, including the release of the guarantee when a subsidiary's assets are sold. The following condensed consolidating financial statements present the Company (as parent issuer), the subsidiary guarantors, the subsidiary non-guarantors and consolidating adjustments. These condensed consolidating financial statements have been prepared and presented in accordance with SEC Regulation S-X Rule 3-10 "Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered." The operating and investing activities of the separate legal entities are fully interdependent and integrated. Accordingly, the results of the separate legal entities are not representative of what the operating results would be on a stand-alone basis. |
Condensed Consolidating Balance Sheet - December 31, 2013 (In thousands) |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | Guarantor | | Non-Guarantor | | Consolidating | | Total |
| | | | | Parent Issuer | | Subsidiaries | | Subsidiaries | | Adjustments | | Consolidated |
| | | | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | |
| Cash and cash equivalents | | $ | 6,710 | | $ | - | | $ | 44,130 | | $ | - | | $ | 50,840 |
| Accounts receivable, net | | | - | | | - | | | 105,072 | | | - | | | 105,072 |
| Supplies inventory | | | 33 | | | - | | | 18,381 | | | - | | | 18,414 |
| Deferred income taxes | | | 3,097 | | | - | | | - | | | - | | | 3,097 |
| Prepaid and other current assets | | | 23,993 | | | - | | | 13,971 | | | -4,362 | | | 33,602 |
| | Total current assets | | | 33,833 | | | - | | | 181,554 | | | -4,362 | | | 211,025 |
Property and equipment, net | | | 9,829 | | | - | | | 160,066 | | | - | | | 169,895 |
Investments in unconsolidated affiliates and long-term notes receivable | | | 1,484,974 | | | 1,453,596 | | | - | | | -2,922,178 | | | 16,392 |
Goodwill and other intangible assets, net | | | 20,684 | | | - | | | 978 | | | 1,758,970 | | | 1,780,632 |
| | | Total assets | | $ | 1,549,320 | | $ | 1,453,596 | | $ | 342,598 | | $ | -1,167,570 | | $ | 2,177,944 |
Liabilities and Equity | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | |
| Current portion of long-term debt | | $ | 10,714 | | $ | - | | $ | 10,130 | | $ | - | | $ | 20,844 |
| Accounts payable | | | 1,972 | | | - | | | 29,487 | | | -3,958 | | | 27,501 |
| Other accrued liabilities | | | 27,419 | | | - | | | 14,510 | | | -404 | | | 41,525 |
| | Total current liabilities | | | 40,105 | | | - | | | 54,127 | | | -4,362 | | | 89,870 |
Long-term debt | | | 561,429 | | | - | | | 53,246 | | | -31,377 | | | 583,298 |
Deferred income taxes | | | 176,020 | | | - | | | - | | | - | | | 176,020 |
Other long-term liabilities | | | 7,569 | | | - | | | 17,934 | | | - | | | 25,503 |
Noncontrolling interests – redeemable | | | - | | | - | | | 63,704 | | | 113,993 | | | 177,697 |
Equity: | | | | | | | | | | | | | | | |
| | Total AmSurg Corp. equity | | | 764,197 | | | 1,453,596 | | | 114,671 | | | -1,568,267 | | | 764,197 |
| | Noncontrolling interests – non-redeemable | | | - | | | - | | | 38,916 | | | 322,443 | | | 361,359 |
| | Total equity | | | 764,197 | | | 1,453,596 | | | 153,587 | | | -1,245,824 | | | 1,125,556 |
| | | Total liabilities and equity | | $ | 1,549,320 | | $ | 1,453,596 | | $ | 342,598 | | $ | -1,167,570 | | $ | 2,177,944 |
Condensed Consolidating Balance Sheet - December 31, 2012 (In thousands) |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | Guarantor | | Non-Guarantor | | Consolidating | | Total |
| | | | | Parent Issuer | | Subsidiaries | | Subsidiaries | | Adjustments | | Consolidated |
| | | | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | |
| Cash and cash equivalents | | $ | 7,259 | | $ | - | | $ | 39,139 | | $ | - | | $ | 46,398 |
| Accounts receivable, net | | | - | | | - | | | 96,752 | | | - | | | 96,752 |
| Supplies inventory | | | - | | | - | | | 18,406 | | | - | | | 18,406 |
| Deferred income taxes | | | 3,088 | | | - | | | - | | | - | | | 3,088 |
| Prepaid and other current assets | | | 19,342 | | | - | | | 13,160 | | | -4,965 | | | 27,537 |
| | Total current assets | | | 29,689 | | | - | | | 167,457 | | | -4,965 | | | 192,181 |
Property and equipment, net | | | 9,199 | | | - | | | 157,413 | | | - | | | 166,612 |
Investments in unconsolidated affiliates and long-term notes receivable | | | 1,413,061 | | | 1,381,596 | | | - | | | -2,783,383 | | | 11,274 |
Goodwill and other intangible assets, net | | | 21,311 | | | - | | | 1,206 | | | 1,652,002 | | | 1,674,519 |
| | | Total assets | | $ | 1,473,260 | | $ | 1,381,596 | | $ | 326,076 | | $ | -1,136,346 | | $ | 2,044,586 |
Liabilities and Equity | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | |
| Current portion of long-term debt | | $ | 5,357 | | $ | - | | $ | 12,050 | | $ | - | | $ | 17,407 |
| Accounts payable | | | 1,379 | | | - | | | 26,035 | | | -3,905 | | | 23,509 |
| Other accrued liabilities | | | 29,380 | | | - | | | 15,177 | | | -1,060 | | | 43,497 |
| | Total current liabilities | | | 36,116 | | | - | | | 53,262 | | | -4,965 | | | 84,413 |
Long-term debt | | | 599,423 | | | - | | | 52,747 | | | -31,465 | | | 620,705 |
Deferred income taxes | | | 137,648 | | | - | | | - | | | - | | | 137,648 |
Other long-term liabilities | | | 10,585 | | | - | | | 15,387 | | | - | | | 25,972 |
Noncontrolling interests – redeemable | | | - | | | - | | | 61,939 | | | 113,443 | | | 175,382 |
Equity: | | | | | | | | | | | | | | | |
| | Total AmSurg Corp. equity | | | 689,488 | | | 1,381,596 | | | 108,412 | | | -1,490,008 | | | 689,488 |
| | Noncontrolling interests – non-redeemable | | | - | | | - | | | 34,329 | | | 276,649 | | | 310,978 |
| | Total equity | | | 689,488 | | | 1,381,596 | | | 142,741 | | | -1,213,359 | | | 1,000,466 |
| | | Total liabilities and equity | | $ | 1,473,260 | | $ | 1,381,596 | | $ | 326,076 | | $ | -1,136,346 | | $ | 2,044,586 |
Condensed Consolidating Statement of Earnings and Comprehensive Income - Year Ended December 31, 2013 (In thousands) |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | Guarantor | | Non-Guarantor | | Consolidating | | Total |
| | | | | Parent Issuer | | Subsidiaries | | Subsidiaries | | Adjustments | | Consolidated |
| | | | | | | | | | | | | | | | | | |
Revenues | $ | 24,167 | | $ | - | | $ | 1,072,694 | | $ | -17,518 | | $ | 1,079,343 |
Operating expenses: | | | | | | | | | | | | | | |
| Salaries and benefits | | 61,038 | | | - | | | 272,619 | | | -467 | | | 333,190 |
| Supply cost | | - | | | - | | | 157,771 | | | - | | | 157,771 |
| Other operating expenses | | 22,660 | | | - | | | 217,068 | | | -17,051 | | | 222,677 |
| Depreciation and amortization | | 3,186 | | | - | | | 29,842 | | | - | | | 33,028 |
| | Total operating expenses | | 86,884 | | | - | | | 677,300 | | | -17,518 | | | 746,666 |
Gain on deconsolidation | | 2,237 | | | 2,237 | | | - | | | -2,237 | | | 2,237 |
Equity in earnings of unconsolidated affiliates | | 204,962 | | | 204,962 | | | - | | | -406,773 | | | 3,151 |
| | Operating income | | 144,482 | | | 207,199 | | | 395,394 | | | -409,010 | | | 338,065 |
Interest expense | | 27,282 | | | - | | | 2,256 | | | - | | | 29,538 |
| Earnings from continuing operations before income taxes | | 117,200 | | | 207,199 | | | 393,138 | | | -409,010 | | | 308,527 |
Income tax expense | | 48,239 | | | - | | | 1,515 | | | - | | | 49,754 |
| Net earnings from continuing operations | | 68,961 | | | 207,199 | | | 391,623 | | | -409,010 | | | 258,773 |
| Net earnings (loss) from discontinued operations | | 3,742 | | | - | | | -971 | | | - | | | 2,771 |
| | Net earnings | | 72,703 | | | 207,199 | | | 390,652 | | | -409,010 | | | 261,544 |
Less net earnings attributable to noncontrolling interests: | | | | | | | | | | | | | | |
| Net earnings from continuing operations | | - | | | - | | | 186,120 | | | - | | | 186,120 |
| Net earnings from discontinued operations | | - | | | - | | | 2,721 | | | - | | | 2,721 |
| | Total net earnings attributable to noncontrolling interests | | - | | | - | | | 188,841 | | | - | | | 188,841 |
| | | Net earnings attributable to AmSurg Corp. common shareholders | $ | 72,703 | | $ | 207,199 | | $ | 201,811 | | $ | -409,010 | | $ | 72,703 |
Amounts attributable to AmSurg Corp. common shareholders: | | | | | | | | | | | | | | |
| Earnings from continuing operations, net of income tax | $ | 68,961 | | $ | 207,199 | | $ | 205,503 | | $ | -409,010 | | $ | 72,653 |
| Discontinued operations, net of income tax | | 3,742 | | | - | | | -3,692 | | | - | | | 50 |
| | | Net earnings attributable to AmSurg Corp. common shareholders | $ | 72,703 | | $ | 207,199 | | $ | 201,811 | | $ | -409,010 | | $ | 72,703 |
| | | | | | | | | | | | | | | | | | |
Net earnings and comprehensive income, net of income tax | $ | 72,703 | | $ | 207,199 | | $ | 390,652 | | $ | -409,010 | | $ | 261,544 |
| Less comprehensive income attributable to noncontrolling interests | | - | | | - | | | 188,841 | | | - | | | 188,841 |
| | Comprehensive income attributable to AmSurg Corp. | | | | | | | | | | | | | | |
| | | | common shareholders | $ | 72,703 | | $ | 207,199 | | $ | 201,811 | | $ | -409,010 | | $ | 72,703 |
Condensed Consolidating Statement of Earnings and Comprehensive Income - Year Ended December 31, 2012 (In thousands) |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | Guarantor | | Non-Guarantor | | Consolidating | | Total |
| | | | | Parent Issuer | | Subsidiaries | | Subsidiaries | | Adjustments | | Consolidated |
| | | | | | | | | | | | | | | | | | |
Revenues | $ | 19,907 | | $ | - | | $ | 918,176 | | $ | -14,901 | | $ | 923,182 |
Operating expenses: | | | | | | | | | | | | | | |
| Salaries and benefits | | 54,895 | | | - | | | 235,618 | | | -450 | | | 290,063 |
| Supply cost | | - | | | - | | | 131,055 | | | - | | | 131,055 |
| Other operating expenses | | 20,499 | | | - | | | 186,977 | | | -14,451 | | | 193,025 |
| Depreciation and amortization | | 2,860 | | | - | | | 26,990 | | | - | | | 29,850 |
| | Total operating expenses | | 78,254 | | | - | | | 580,640 | | | -14,901 | | | 643,993 |
Equity in earnings of unconsolidated affiliates | | 178,137 | | | 178,137 | | | - | | | -354,710 | | | 1,564 |
| | Operating income | | 119,790 | | | 178,137 | | | 337,536 | | | -354,710 | | | 280,753 |
Interest expense | | 14,803 | | | - | | | 2,164 | | | - | | | 16,967 |
| Earnings from continuing operations before income taxes | | 104,987 | | | 178,137 | | | 335,372 | | | -354,710 | | | 263,786 |
Income tax expense | | 40,810 | | | - | | | 1,554 | | | - | | | 42,364 |
| Net earnings from continuing operations | | 64,177 | | | 178,137 | | | 333,818 | | | -354,710 | | | 221,422 |
| Net (loss) earnings from discontinued operations | | -1,614 | | | - | | | 3,835 | | | - | | | 2,221 |
| | Net earnings | | 62,563 | | | 178,137 | | | 337,653 | | | -354,710 | | | 223,643 |
Less net earnings attributable to noncontrolling interests: | | | | | | | | | | | | | | |
| Net earnings from continuing operations | | - | | | - | | | 159,187 | | | - | | | 159,187 |
| Net earnings from discontinued operations | | - | | | - | | | 1,893 | | | - | | | 1,893 |
| | Total net earnings attributable to noncontrolling interests | | - | | | - | | | 161,080 | | | - | | | 161,080 |
| | | Net earnings attributable to AmSurg Corp. common shareholders | $ | 62,563 | | $ | 178,137 | | $ | 176,573 | | $ | -354,710 | | $ | 62,563 |
Amounts attributable to AmSurg Corp. common shareholders: | | | | | | | | | | | | | | |
| Earnings from continuing operations, net of income tax | $ | 64,177 | | $ | 178,137 | | $ | 174,631 | | $ | -354,710 | | $ | 62,235 |
| Discontinued operations, net of income tax | | -1,614 | | | - | | | 1,942 | | | - | | | 328 |
| | | Net earnings attributable to AmSurg Corp. common shareholders | $ | 62,563 | | $ | 178,137 | | $ | 176,573 | | $ | -354,710 | | $ | 62,563 |
| | | | | | | | | | | | | | | | | | |
Net earnings and comprehensive income, net of income tax | $ | 62,563 | | $ | 178,137 | | $ | 337,653 | | $ | -354,710 | | $ | 223,643 |
| Less comprehensive income attributable to noncontrolling interests | | - | | | - | | | 161,080 | | | - | | | 161,080 |
| | Comprehensive income attributable to AmSurg Corp. | | | | | | | | | | | | | | |
| | | | common shareholders | $ | 62,563 | | $ | 178,137 | | $ | 176,573 | | $ | -354,710 | | $ | 62,563 |
Condensed Consolidating Statement of Earnings and Comprehensive Income - Year Ended December 31, 2011 (In thousands) |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | Guarantor | | Non-Guarantor | | Consolidating | | Total |
| | | | | Parent Issuer | | Subsidiaries | | Subsidiaries | | Adjustments | | Consolidated |
| | | | | | | | | | | | | | | | | | |
Revenues | $ | 11,253 | | $ | - | | $ | 768,823 | | $ | -8,001 | | $ | 772,075 |
Operating expenses: | | | | | | | | | | | | | | |
| Salaries and benefits | | 42,739 | | | - | | | 196,358 | | | -359 | | | 238,738 |
| Supply cost | | - | | | - | | | 101,364 | | | - | | | 101,364 |
| Other operating expenses | | 19,468 | | | - | | | 156,521 | | | -7,642 | | | 168,347 |
| Depreciation and amortization | | 2,487 | | | - | | | 23,158 | | | - | | | 25,645 |
| | Total operating expenses | | 64,694 | | | - | | | 477,401 | | | -8,001 | | | 534,094 |
Equity in earnings of unconsolidated affiliates | | 152,409 | | | 152,409 | | | - | | | -304,205 | | | 613 |
| | Operating income | | 98,968 | | | 152,409 | | | 291,422 | | | -304,205 | | | 238,594 |
Interest expense | | 13,195 | | | - | | | 2,132 | | | - | | | 15,327 |
| Earnings from continuing operations before income taxes | | 85,773 | | | 152,409 | | | 289,290 | | | -304,205 | | | 223,267 |
Income tax expense | | 33,806 | | | - | | | 1,167 | | | - | | | 34,973 |
| Net earnings from continuing operations | | 51,967 | | | 152,409 | | | 288,123 | | | -304,205 | | | 188,294 |
| Net (loss) earnings from discontinued operations | | -1,970 | | | - | | | 3,790 | | | - | | | 1,820 |
| | Net earnings | | 49,997 | | | 152,409 | | | 291,913 | | | -304,205 | | | 190,114 |
Less net earnings attributable to noncontrolling interests: | | | | | | | | | | | | | | |
| Net earnings from continuing operations | | - | | | - | | | 138,269 | | | - | | | 138,269 |
| Net earnings from discontinued operations | | - | | | - | | | 1,848 | | | - | | | 1,848 |
| | Total net earnings attributable to noncontrolling interests | | - | | | - | | | 140,117 | | | - | | | 140,117 |
| | | Net earnings attributable to AmSurg Corp. common shareholders | $ | 49,997 | | $ | 152,409 | | $ | 151,796 | | $ | -304,205 | | $ | 49,997 |
Amounts attributable to AmSurg Corp. common shareholders: | | | | | | | | | | | | | | |
| Earnings from continuing operations, net of income tax | $ | 51,967 | | $ | 152,409 | | $ | 149,854 | | $ | -304,205 | | $ | 50,025 |
| Discontinued operations, net of income tax | | -1,970 | | | - | | | 1,942 | | | - | | | -28 |
| | | Net earnings attributable to AmSurg Corp. common shareholders | $ | 49,997 | | $ | 152,409 | | $ | 151,796 | | $ | -304,205 | | $ | 49,997 |
| | | | | | | | | | | | | | | | | | |
Net earnings | $ | 49,997 | | $ | 152,409 | | $ | 291,913 | | $ | -304,205 | | $ | 190,114 |
Other comprehensive income, net of income tax: | | | | | | | | | | | | | | |
| Unrealized gain on interest rate swap, net of income tax | | 515 | | | - | | | - | | | - | | | 515 |
| | Comprehensive income, net of income tax | | 50,512 | | | 152,409 | | | 291,913 | | | -304,205 | | | 190,629 |
| Less comprehensive income attributable to noncontrolling interests | | - | | | - | | | 140,117 | | | - | | | 140,117 |
| | Comprehensive income attributable to AmSurg Corp. | | | | | | | | | | | | | | |
| | | | common shareholders | $ | 50,512 | | $ | 152,409 | | $ | 151,796 | | $ | -304,205 | | $ | 50,512 |
Condensed Consolidating Statement of Cash Flows - Year Ended December 31, 2013 (In thousands) | |
| | | | | | | | | | | | | | | | | | |
| | | | Parent | | Guarantor | | Non-Guarantor | | Consolidating | | Total | |
| | | | Issuer | | Subsidiaries | | Subsidiaries | | Adjustments | | Consolidated | |
| | | | | | | | | | | | | | | | | | |
Cash flows from operating activities: | | | | | | | | | | | | | | | |
| | Net cash flows provided by operating activities | $ | 45,127 | | $ | 208,773 | | $ | 426,572 | | $ | -347,648 | | $ | 332,824 | |
Cash flows from investing activities: | | | | | | | | | | | | | | | |
| Acquisition of interests in surgery centers and related transactions | | - | | | -74,288 | | | - | | | 694 | | | -73,594 | |
| Acquisition of property and equipment | | -3,693 | | | - | | | -25,163 | | | - | | | -28,856 | |
| Proceeds from sale of interests in surgery centers | | - | | | 3,553 | | | - | | | - | | | 3,553 | |
| Other | | - | | | 159 | | | - | | | - | | | 159 | |
| | Net cash flows used in investing activities | | -3,693 | | | -70,576 | | | -25,163 | | | 694 | | | -98,738 | |
Cash flows from financing activities: | | | | | | | | | | | | | | | |
| Proceeds from long-term borrowings | | 152,700 | | | - | | | 9,504 | | | - | | | 162,204 | |
| Repayment on long-term borrowings | | -188,081 | | | - | | | -14,002 | | | - | | | -202,083 | |
| Distributions to owners, including noncontrolling interests | | - | | | -138,875 | | | -392,922 | | | 347,648 | | | -184,149 | |
| Changes in intercompany balances with affiliates, net | | 88 | | | - | | | -88 | | | - | | | - | |
| Other financing activities, net | | -6,690 | | | 678 | | | 1,090 | | | -694 | | | -5,616 | |
| | Net cash flows used in financing activities | | -41,983 | | | -138,197 | | | -396,418 | | | 346,954 | | | -229,644 | |
Net increase (decrease) in cash and cash equivalents | | -549 | | | - | | | 4,991 | | | - | | | 4,442 | |
Cash and cash equivalents, beginning of year | | 7,259 | | | - | | | 39,139 | | | - | | | 46,398 | |
Cash and cash equivalents, end of year | $ | 6,710 | | $ | - | | $ | 44,130 | | $ | - | | $ | 50,840 | |
Condensed Consolidating Statement of Cash Flows - Year Ended December 31, 2012 (In thousands) | |
| | | | | | | | | | | | | | | | | | |
| | | | Parent | | Guarantor | | Non-Guarantor | | Consolidating | | Total | |
| | | | Issuer | | Subsidiaries | | Subsidiaries | | Adjustments | | Consolidated | |
| | | | | | | | | | | | | | | | | | |
Cash flows from operating activities: | | | | | | | | | | | | | | | |
| | Net cash flows provided by (used in) operating activities | $ | -83,605 | | $ | 182,851 | | $ | 379,257 | | $ | -182,851 | | $ | 295,652 | |
Cash flows from investing activities: | | | | | | | | | | | | | | | |
| Acquisition of interests in surgery centers and related transactions | | -90,029 | | | -280,189 | | | - | | | 92,830 | | | -277,388 | |
| Acquisition of property and equipment | | -3,681 | | | - | | | -25,183 | | | - | | | -28,864 | |
| Proceeds from sale of interests in surgery centers | | - | | | 7,309 | | | - | | | - | | | 7,309 | |
| | Net cash flows used in investing activities | | -93,710 | | | -272,880 | | | -25,183 | | | 92,830 | | | -298,943 | |
Cash flows from financing activities: | | | | | | | | | | | | | | | |
| Proceeds from long-term borrowings | | 560,000 | | | - | | | 5,566 | | | - | | | 565,566 | |
| Repayment on long-term borrowings | | -381,220 | | | - | | | -12,944 | | | - | | | -394,164 | |
| Distributions to owners, including noncontrolling interests | | - | | | - | | | -345,792 | | | 182,851 | | | -162,941 | |
| Capital contributions | | - | | | 90,029 | | | - | | | -90,029 | | | - | |
| Changes in intercompany balances with affiliates, net | | -2,666 | | | - | | | 2,666 | | | - | | | - | |
| Other financing activities, net | | -70 | | | - | | | 3,381 | | | -2,801 | | | 510 | |
| | Net cash flows provided by (used in) financing activities | | 176,044 | | | 90,029 | | | -347,123 | | | 90,021 | | | 8,971 | |
Net increase (decrease) in cash and cash equivalents | | -1,271 | | | - | | | 6,951 | | | - | | | 5,680 | |
Cash and cash equivalents, beginning of year | | 8,530 | | | - | | | 32,188 | | | - | | | 40,718 | |
Cash and cash equivalents, end of year | $ | 7,259 | | $ | - | | $ | 39,139 | | $ | - | | $ | 46,398 | |
Condensed Consolidating Statement of Cash Flows - Year Ended December 31, 2011 (In thousands) | |
| | | | | | | | | | | | | | | | | | |
| | | | Parent | | Guarantor | | Non-Guarantor | | Consolidating | | Total | |
| | | | Issuer | | Subsidiaries | | Subsidiaries | | Adjustments | | Consolidated | |
| | | | | | | | | | | | | | | | | | |
Cash flows from operating activities: | | | | | | | | | | | | | | | |
| | Net cash flows provided by (used in) operating activities | $ | -67,911 | | $ | 151,558 | | $ | 311,334 | | $ | -151,558 | | $ | 243,423 | |
Cash flows from investing activities: | | | | | | | | | | | | | | | |
| Acquisition of interests in surgery centers and related transactions | | -84,597 | | | -243,429 | | | - | | | 88,803 | | | -239,223 | |
| Acquisition of property and equipment | | -2,858 | | | - | | | -19,312 | | | - | | | -22,170 | |
| Proceeds from sale of interests in surgery centers | | - | | | 7,274 | | | -248 | | | - | | | 7,026 | |
| | Net cash flows used in investing activities | | -87,455 | | | -236,155 | | | -19,560 | | | 88,803 | | | -254,367 | |
Cash flows from financing activities: | | | | | | | | | | | | | | | |
| Proceeds from long-term borrowings | | 281,100 | | | - | | | 7,769 | | | - | | | 288,869 | |
| Repayment on long-term borrowings | | -118,100 | | | - | | | -11,007 | | | - | | | -129,107 | |
| Distributions to owners, including noncontrolling interests | | - | | | - | | | -290,282 | | | 151,558 | | | -138,724 | |
| Capital contributions | | - | | | 84,597 | | | - | | | -84,597 | | | - | |
| Changes in intercompany balances with affiliates, net | | -178 | | | - | | | 178 | | | - | | | - | |
| Other financing activities, net | | -3,609 | | | - | | | 4,292 | | | -4,206 | | | -3,523 | |
| | Net cash flows provided by (used in) financing activities | | 159,213 | | | 84,597 | | | -289,050 | | | 62,755 | | | 17,515 | |
Net increase in cash and cash equivalents | | 3,847 | | | - | | | 2,724 | | | - | | | 6,571 | |
Cash and cash equivalents, beginning of year | | 4,683 | | | - | | | 29,464 | | | - | | | 34,147 | |
Cash and cash equivalents, end of year | $ | 8,530 | | $ | - | | $ | 32,188 | | $ | - | | $ | 40,718 | |