Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 24, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | AMSURG CORP | ||
Entity Central Index Key | 895,930 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 54,720,648 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 3,318,935,487 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and cash equivalents | $ 106,660 | $ 208,079 |
Restricted cash and marketable securities | 13,506 | 10,219 |
Accounts receivable, net of allowance of $167,411 and $113,357, respectively | 337,330 | 233,053 |
Supplies inventory | 21,406 | 19,974 |
Prepaid and other current assets | 75,771 | 92,900 |
Total current assets | 554,673 | 564,225 |
Property and equipment, net | 189,168 | 180,448 |
Investments in unconsolidated affiliates | 169,170 | 75,475 |
Goodwill | 3,970,210 | 3,381,149 |
Intangible assets, net | 1,641,811 | 1,273,879 |
Other assets | 21,450 | 25,886 |
Total assets | 6,546,482 | 5,501,062 |
Liabilities and Equity | ||
Current portion of long-term debt | 20,377 | 18,826 |
Accounts payable | 32,561 | 29,585 |
Accrued salaries and benefits | 202,537 | 140,044 |
Accrued interest | 30,480 | 29,644 |
Other accrued liabilities | 119,237 | 67,986 |
Total current liabilities | 405,192 | 286,085 |
Long-term debt | 2,405,130 | 2,232,186 |
Deferred income taxes | 699,498 | 611,018 |
Other long-term liabilities | $ 96,183 | $ 89,443 |
Commitments and contingencies | ||
Noncontrolling interests – redeemable | $ 175,732 | $ 184,099 |
Equity: | ||
Preferred stock, no par value, 5,000 shares authorized, 1,725 shares issued and outstanding | 166,632 | 166,632 |
Common stock, no par value, 120,000 and 70,000 shares authorized, respectively, 54,294 and 48,113 shares issued and outstanding, respectively | 1,345,418 | 885,393 |
Retained earnings | 781,413 | 627,522 |
Total AmSurg Corp. equity | 2,293,463 | 1,679,547 |
Noncontrolling interests – non-redeemable | 471,284 | 418,684 |
Total equity | 2,764,747 | 2,098,231 |
Total liabilities and equity | $ 6,546,482 | $ 5,501,062 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Allowances for accounts receivable | $ 167,411 | $ 113,357 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 1,725,000 | 1,725,000 |
Preferred stock, shares outstanding | 1,725,000 | 1,725,000 |
Common stock, shares authorized | 120,000,000 | 70,000,000 |
Common Stock, Shares, Issued | 54,294,000 | 48,113,000 |
Common stock, shares outstanding | 54,294,000 | 48,113,000 |
Consolidated Statements Of Earn
Consolidated Statements Of Earnings - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | $ 2,832,958 | $ 1,738,950 | $ 1,057,196 |
Provision for uncollectibles | (287,427) | (139,274) | (21,947) |
Net revenue | 2,566,884 | 1,621,949 | 1,057,196 |
Operating expenses: | |||
Salaries and benefits | 1,314,392 | 694,576 | 327,585 |
Supply cost | 184,222 | 164,296 | 153,126 |
Other operating expenses | 397,794 | 284,928 | 216,501 |
Transaction costs | 8,324 | 33,890 | 300 |
Depreciation and amortization | 97,493 | 60,344 | 32,400 |
Total operating expenses | 2,002,225 | 1,238,034 | 729,912 |
Net gain on deconsolidations | 36,694 | 3,411 | 2,237 |
Equity in earnings of unconsolidated affiliates | 16,152 | 7,038 | 3,151 |
Operating income | 617,505 | 394,364 | 332,672 |
Interest expense, net | 121,586 | 83,285 | 29,525 |
Debt extinguishment costs | 0 | 16,887 | 0 |
Earnings from continuing operations before income taxes | 495,919 | 294,192 | 303,147 |
Income tax expense | 113,790 | 48,103 | 48,654 |
Net earnings from continuing operations | 382,129 | 246,089 | 254,493 |
Net earnings (loss) from discontinued operations | (1,013) | (1,296) | 7,051 |
Net earnings | 381,116 | 244,793 | 261,544 |
Less net earnings attributable to noncontrolling interests | 218,169 | 191,092 | 188,841 |
Net earnings attributable to AmSurg Corp. shareholders | 162,947 | 53,701 | 72,703 |
Preferred stock dividends | (9,056) | (4,503) | 0 |
Net earnings attributable to AmSurg Corp. common shareholders | 153,891 | 49,198 | 72,703 |
Amounts attributable to AmSurg Corp. common shareholders: | |||
Earnings from continuing operations, net of income tax | 154,892 | 50,777 | 71,009 |
Earnings (loss) from discontinued operations, net of income tax | (1,001) | (1,579) | 1,694 |
Net earnings attributable to AmSurg Corp. common shareholders | $ 153,891 | $ 49,198 | $ 72,703 |
Basic earnings per share attributable to AmSurg Corp. common shareholders: | |||
Net earnings from continuing operations (usd per share) | $ 3.22 | $ 1.29 | $ 2.27 |
Net earnings from discontinued operations (usd per share) | (0.02) | (0.04) | 0.05 |
Net earnings (usd per share) | 3.20 | 1.25 | 2.32 |
Diluted earnings per share attributable to AmSurg Corp. common shareholders: | |||
Net earnings from continuing operations (usd per share) | 3.18 | 1.28 | 2.22 |
Net earnings from discontinued operations (usd per share) | (0.02) | (0.04) | 0.05 |
Net earnings (usd per share) | $ 3.16 | $ 1.24 | $ 2.28 |
Weighted average number of shares and share equivalents outstanding: | |||
Basic (in shares) | 48,058 | 39,311 | 31,338 |
Diluted (in shares) | 51,612 | 39,625 | 31,954 |
Physician Services [Member] | |||
Provision for uncollectibles | $ (266,074) | $ (117,001) | $ 0 |
Net revenue | $ 1,336,834 | $ 512,014 | $ 0 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Mandatory Convertible Preferred Stock [Member] | Retained Earnings [Member] | Non-Controlling Interests - Non-Redeemable [Member] | Total Equity (Permanent) [Member] | Non-controlling Interests - Redeemable (Temporary Equity) [Member] |
Balance at Dec. 31, 2012 | $ 183,867 | $ 0 | $ 505,621 | $ 310,978 | $ 1,000,466 | $ 175,382 | |
Balance (in shares) at Dec. 31, 2012 | 31,941,000 | 0 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | $ 261,544 | 72,703 | 49,789 | 122,492 | 139,052 | ||
Issuance of restricted stock (in shares) | 292,000 | ||||||
Cancellation of restricted stock (in shares) | (16,000) | ||||||
Stock options exercised | $ 33,349 | 33,349 | |||||
Stock options exercised (in shares) | 1,392,366 | 1,393,000 | |||||
Stock repurchased | $ (45,964) | (45,964) | |||||
Stock repurchased (in shares) | (1,257,000) | ||||||
Share-based compensation | $ 8,321 | 8,321 | |||||
Tax benefit related to exercise of share-based awards | 7,247 | 7,247 | |||||
Acquisitions and other transactions impacting noncontrolling interests | 679 | 48,115 | 48,794 | (319) | |||
Distributions to noncontrolling interests, net of capital contributions | (49,533) | (49,533) | (134,298) | ||||
Disposals and other transactions impacting noncontrolling interests | (1,626) | 2,010 | 384 | (2,120) | |||
Balance at Dec. 31, 2013 | $ 185,873 | $ 0 | 578,324 | 361,359 | 1,125,556 | 177,697 | |
Balance (in shares) at Dec. 31, 2013 | 32,353,000 | 0 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | $ 244,793 | 53,701 | 56,048 | 109,749 | 135,044 | ||
Issuance of stock | $ 693,289 | $ 166,632 | 859,921 | ||||
Issuance of stock (in shares) | 15,490,000 | 1,725,000 | |||||
Issuance of restricted stock (in shares) | 272,000 | ||||||
Cancellation of restricted stock (in shares) | (12,000) | ||||||
Stock options exercised | $ 2,630 | 2,630 | |||||
Stock options exercised (in shares) | 111,743 | 111,000 | |||||
Stock repurchased | $ (4,615) | (4,615) | |||||
Stock repurchased (in shares) | (101,000) | ||||||
Share-based compensation | $ 10,104 | 10,104 | |||||
Tax benefit related to exercise of share-based awards | 3,177 | 3,177 | |||||
Dividends paid on preferred stock | (4,503) | (4,503) | |||||
Acquisitions and other transactions impacting noncontrolling interests | 744 | 54,725 | 55,469 | 6,482 | |||
Distributions to noncontrolling interests, net of capital contributions | (56,439) | (56,439) | (133,594) | ||||
Disposals and other transactions impacting noncontrolling interests | (5,809) | 2,991 | (2,818) | (1,530) | |||
Balance at Dec. 31, 2014 | $ 2,098,231 | $ 885,393 | $ 166,632 | 627,522 | 418,684 | 2,098,231 | 184,099 |
Balance (in shares) at Dec. 31, 2014 | 48,113,000 | 1,725,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | $ 381,116 | 162,947 | 67,568 | 230,515 | 150,601 | ||
Issuance of stock | $ 447,720 | 447,720 | |||||
Issuance of stock (in shares) | 5,835,000 | ||||||
Issuance of restricted stock (in shares) | 314,000 | ||||||
Cancellation of restricted stock (in shares) | (14,000) | ||||||
Stock options exercised | $ 2,584 | 2,584 | |||||
Stock options exercised (in shares) | 113,220 | 113,000 | |||||
Stock repurchased | $ (3,684) | (3,684) | |||||
Stock repurchased (in shares) | (67,000) | ||||||
Share-based compensation | $ 15,009 | 15,009 | |||||
Tax benefit related to exercise of share-based awards | 4,001 | 4,001 | |||||
Dividends paid on preferred stock | (9,056) | (9,056) | |||||
Acquisitions and other transactions impacting noncontrolling interests | 1,019 | 81,863 | 82,882 | (725) | |||
Distributions to noncontrolling interests, net of capital contributions | (66,294) | (66,294) | (147,182) | ||||
Disposals and other transactions impacting noncontrolling interests | (6,624) | (30,537) | (37,161) | (11,061) | |||
Balance at Dec. 31, 2015 | $ 2,764,747 | $ 1,345,418 | $ 166,632 | $ 781,413 | $ 471,284 | $ 2,764,747 | $ 175,732 |
Balance (in shares) at Dec. 31, 2015 | 54,294,000 | 1,725,000 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net earnings | $ 381,116 | $ 244,793 | $ 261,544 |
Adjustments to reconcile net earnings to net cash flows provided by operating activities: | |||
Depreciation and amortization | 97,493 | 60,344 | 32,400 |
Amortization of deferred loan costs | 8,362 | 17,715 | 1,977 |
Provision for uncollectibles | 287,427 | 139,274 | 21,947 |
Net (gain) loss on sale of long-lived assets | (12) | 2,843 | (1,468) |
Net gain on deconsolidations | (36,694) | (3,411) | (2,237) |
Share-based compensation | 15,009 | 10,104 | 8,321 |
Excess tax benefit from share-based compensation | (4,001) | (3,177) | (7,247) |
Deferred income taxes | 19,037 | 30,780 | 38,363 |
Equity in earnings of unconsolidated affiliates | (16,152) | (7,038) | (3,151) |
Debt extinguishment costs | 0 | 4,536 | 0 |
Net change in fair value of contingent consideration | 8,804 | 0 | 0 |
Increases (decreases) in cash and cash equivalents, net of acquisitions and dispositions: | |||
Accounts receivable | (326,234) | (137,663) | (23,244) |
Supplies inventory | (342) | (206) | 132 |
Prepaid and other current assets | 25,880 | (9,091) | (5,308) |
Accounts payable | 3,131 | (8,440) | 441 |
Accrued expenses and other liabilities | 66,600 | 66,175 | 6,693 |
Other, net | 8,535 | 4,833 | 3,661 |
Net cash flows provided by operating activities | 537,959 | 412,371 | 332,824 |
Cash flows from investing activities: | |||
Acquisitions and related expenses | (962,689) | (2,184,058) | (73,594) |
Acquisition of property and equipment | (60,305) | (40,217) | (28,856) |
Proceeds from sale of interests in surgery centers | 7,114 | 7,069 | 3,553 |
Purchases of marketable securities | (3,984) | (6,474) | 0 |
Maturities of marketable securities | 4,233 | 3,486 | 0 |
Other | (1,194) | (4,941) | 159 |
Net cash flows used in investing activities | (1,016,825) | (2,225,135) | (98,738) |
Cash flows from financing activities: | |||
Proceeds from long-term borrowings and revolving credit facility | 560,133 | 2,048,958 | 162,204 |
Repayment on long-term borrowings and revolving credit facility | (392,586) | (408,475) | (202,083) |
Distributions to noncontrolling interests | (214,899) | (190,097) | (184,149) |
Proceeds from preferred stock offering | 0 | 172,500 | 0 |
Proceeds from common stock offering | 466,777 | 439,875 | 0 |
Proceeds from issuance of common stock upon exercise of stock options | 2,584 | 2,630 | 33,349 |
Repurchase of common stock | (3,684) | (4,615) | (45,964) |
Payments of equity issuance costs | (19,058) | (24,494) | 0 |
Financing costs incurred | (1,111) | (65,811) | (1,322) |
Other | (20,709) | (468) | 8,321 |
Net cash flows provided by (used in) financing activities | 377,447 | 1,970,003 | (229,644) |
Net increase (decrease) in cash and cash equivalents | (101,419) | 157,239 | 4,442 |
Cash and cash equivalents, beginning of period | 208,079 | 50,840 | 46,398 |
Cash and cash equivalents, end of period | 106,660 | 208,079 | 50,840 |
Supplemental cash flow information: | |||
Interest payments | 112,678 | 38,129 | 28,378 |
Income tax payments, net of refunds | $ 74,602 | $ 19,224 | $ 7,756 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Accounting Policies Below are a summary of the Company's policies that are not otherwise found within other notes. a. Principles of Consolidation Ambulatory Services AmSurg Corp. (the “Company”), through its wholly-owned subsidiaries, owns interests, primarily 51%, in limited liability companies (LLCs) and limited partnerships (LPs) which own and operate ASCs primarily in the following specialties: gastroenterology; multi-specialty; ophthalmology; and orthopaedics. All LLCs and LPs and noncontrolling partners are referred to herein as “partnerships” and “partners”, respectively. The Company does not have an ownership interest in a partnership greater than 51% which it does not consolidate. The Company has ownership interests of less than 51% in 23 partnerships, 2 of which it consolidates as the Company has substantive participation rights and 21 of which it does not consolidate as the Company’s rights are limited to protective rights only. Consolidation of certain less than wholly owned partnerships is necessary as the Company’s wholly-owned subsidiaries have primarily 51% or more of the financial interest of the partnership, are the general partner or majority member with all the duties, rights and responsibilities thereof, are responsible for the day-to-day management of the partnership, and have control of the entities. The responsibilities of the Company’s noncontrolling partners (LPs and noncontrolling members) are to supervise the delivery of medical services, with their rights being restricted to those that protect their financial interests, such as approval of the acquisition of significant assets or the incurrence of debt which they are generally required to guarantee on a pro rata basis based upon their respective ownership interests. Intercompany profits, transactions and balances have been eliminated. Ownership interests in consolidated subsidiaries held by parties other than the Company are identified and generally presented in the consolidated financial statements within the equity section but separate from the Company’s equity. However, for instances in which certain redemption features that are not solely within the control of the Company are present, classification of noncontrolling interests outside of permanent equity is required. Consolidated net income attributable to the Company and to the noncontrolling interests are identified and presented on the consolidated statements of earnings; changes in ownership interests are accounted for as equity transactions; and when a subsidiary is deconsolidated, any retained noncontrolling equity investment in the former subsidiary and the gain or loss on the deconsolidation of the subsidiary are measured at fair value. Certain transactions with noncontrolling interests are also classified within financing activities in the statements of cash flows. As further described in note 19, upon the occurrence of various fundamental regulatory changes, the Company would be obligated, under the terms of certain partnership and operating agreements, to purchase the noncontrolling interests related to a substantial majority of the Company’s partnerships. While the Company believes that the likelihood of a change in current law that would trigger such purchases was remote as of December 31, 2015 , the occurrence of such regulatory changes is outside the control of the Company. As a result, these noncontrolling interests that are subject to this redemption feature are not included as part of the Company’s equity and are classified as noncontrolling interests – redeemable on the Company’s consolidated balance sheets. Center profits and losses of consolidated entities are allocated to the Company’s partners in proportion to their ownership percentages and reflected in the aggregate as net earnings attributable to noncontrolling interests. The partners of the Company’s center partnerships typically are organized as general partnerships, LLCs or LPs that are not subject to federal income tax. Each partner shares in the pre-tax earnings of the center in which it is a partner. Accordingly, the earnings attributable to noncontrolling interests in each of the Company’s consolidated partnerships are generally determined on a pre-tax basis, and total net earnings attributable to noncontrolling interests are presented after net earnings. However, the Company considers the impact of the net earnings attributable to noncontrolling interests on earnings before income taxes in order to determine the amount of pre-tax earnings on which the Company must determine its income tax expense. In addition, distributions from the partnerships are made to both the Company’s wholly-owned subsidiaries and the partners on a pre-tax basis. Physician Services On July 16, 2014, the Company completed its acquisition of Sheridan Healthcare (Sheridan). Sheridan is a national provider of multi-specialty physician and administrative services to hospitals, ambulatory surgery centers and other healthcare facilities. Sheridan focuses on delivering comprehensive physician services, primarily in the areas of anesthesiology, radiology, children's services and emergency medicine to healthcare facilities. Through its contracts with healthcare facilities, Sheridan is authorized to bill and collect charges for fee for service medical services rendered by its healthcare professionals and employees in exchange for the provision of services to the patients of these facilities. Contract revenue is earned directly from hospital customers through a variety of payment arrangements that are established to supplement payments from third-party payors. Sheridan also provides physician services and manages office-based practices in the areas of gynecology, obstetrics and perinatology. The consolidated financial statements include the accounts of Sheridan and its wholly-owned subsidiaries along with the accounts of affiliated professional corporations (PCs) with which Sheridan has certain management arrangements. Sheridan's agreements with these PCs provide that the term of the arrangements is permanent, subject only to termination by the Company, except in the case of gross negligence, fraud or bankruptcy of the Company. The PC structure is primarily used in states which prohibit the corporate practice of medicine. The arrangements are captive in nature as a majority of the outstanding voting equity instruments of the PCs are owned by nominee shareholders appointed at the sole discretion of the Company. The nominee shareholder is generally a medical doctor who is generally a senior corporate employee of the Company. The Company has a contractual right to transfer the ownership of the PCs at any time to any person it designates as the nominee shareholder. The Company has the right to all assets and to receive income, both as ongoing fees and as proceeds from the sale of any interest in the PCs, in an amount that fluctuates based on the performance of the PCs and the change in the fair value of the interest in the PCs. The Company has exclusive responsibility for the provision of all non-medical services required for the day-to-day operation and management of the PCs and establishes the guidelines for the employment and compensation of the physicians and other employees of the PCs which is consistent with the operation of the Company's wholly-owned affiliates. Based on the provisions of these agreements, the Company has determined that the PCs are variable interest entities and that the Company is the primary beneficiary as defined in ASC 810 “ Consolidations. ” b. Cash and Cash Equivalents Cash and cash equivalents are comprised principally of demand deposits at banks and other highly liquid short-term investments with maturities of less than three months when purchased. Cash and cash equivalents are reflected in the financial statements at cost, which approximates fair value. c. Restricted Cash and Marketable Securities As of December 31, 2015 and 2014 , the Company had $27.4 million and $30.3 million , respectively, of restricted cash and marketable securities in the accompanying consolidated balance sheets which is restricted for the purpose of satisfying the obligations of the Company's wholly-owned captive insurance company. The Company has reflected $13.9 million and $20.1 million as of December 31, 2015 and 2014 , respectively, of its restricted cash and marketable securities as a component of other assets in the accompanying consolidated balance sheets. Restricted cash and marketable securities reflected as a component of total current assets in the accompanying consolidated balance sheets represent amounts available to satisfy the claims payments estimated to occur in the next 12 months. As of December 31, 2015 and 2014 , the Company had $2.7 million and $3.0 million , respectively, included in restricted cash and marketable securities at cost, consisting of certificates of deposit with maturities less than 180 days, which approximates fair value. d. Supplies Inventory Supplies inventory consists of medical and drug supplies and is recorded at cost on a first-in, first-out basis. e. Fair Value Measurements The fair value of a financial instrument is the amount at which the instrument could be exchanged in an orderly transaction between market participants to sell the asset or transfer the liability. The inputs used by the Company to measure fair value are classified into the following hierarchy: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with market data at the measurement date. Level 3: Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. In determining the fair value of assets and liabilities that are measured on a recurring basis at December 31, 2015 and 2014 , with the exception of contingent purchase price payables and the retained interests of investments in unconsolidated affiliates (further discussed in note 4 and note 5, respectively), the Company utilized Level 1 and 2 inputs to perform such measurements methods, which were commensurate with the market approach. There were no transfers to or from Levels 1 and 2 during the year ended December 31, 2015 . The Company's non-patient receivables and accounts payable are reflected in the financial statements at cost, which approximates fair value. f. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. g. Reclassifications Certain amounts in the consolidated financial statements and these notes have been reclassified for the retrospective adoption of the Financial Accounting Standards Board's (FASB) Accounting Standards Update (ASU) 2015-17 “ Balance Sheet Classification of Deferred Taxes ” . See below for further explanation. h. Recent Accounting Pronouncements In April 2014, the FASB issued ASU 2014-08 “Presentation of Financial Statements and Property, Plant and Equipment,” which raised the threshold for a disposal to qualify as a discontinued operation and requires certain new disclosures for individually material disposals that do not meet the new definition of a discontinued operation. The ASU’s intent is to reduce the number of disposals reported as discontinued operations by focusing on strategic shifts that have or will have a major effect on the Company’s operations and financial results rather than routine disposals that are not a change in the Company’s strategy. The guidance is effective for interim and annual periods beginning after December 15, 2014, with earlier adoption permitted. From time to time, the Company will dispose of certain of its entities due to management’s assessment of the Company’s strategy in the market and due to limited growth opportunities at those entities. Historically, these dispositions were classified as discontinued operations and recorded separately from continuing operations. The Company adopted this ASU effective January 1, 2015. In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers,” which will eliminate the transaction and industry-specific revenue recognition guidance under current GAAP and replace it with a principle-based approach using the following steps: identify the contract(s) with a customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract and recognize revenue when (or as) the entity satisfies a performance obligation. In August 2015, the FASB issued ASU 2015-14 “ Revenue from Contracts with Customers (Topic 606), Deferral of the Effective Date” which granted a one-year deferral of this ASU. The guidance in ASU 2014-09 will now be effective for public entities for annual reporting periods beginning after December 15, 2017, including interim periods therein. Early adoption will be permitted for annual reporting periods beginning after December 15, 2016, including interim periods therein. The Company has yet to assess the impact, if any, this ASU will have on the Company's consolidated financial position, results of operations or cash flows. In February 2015, the FASB issued ASU No. 2015-02, “ Consolidations (Topic 810) - Amendments to the Consolidation Analysis”. The new guidance makes amendments to the current consolidation guidance, including introducing a separate consolidation analysis specific to limited partnerships and other similar entities. Under this analysis, limited partnerships and other similar entities will be considered a variable-interest entity unless the limited partners hold substantive kick-out rights or participating rights. The standard is effective for annual periods beginning after December 15, 2015, including interim periods therein. The Company does not believe this ASU will impact the Company's consolidated financial position, results of operations or cash flows. However, the Company continues to evaluate the disclosures required under this ASU and has not yet determined the impact, if any. In April 2015, the FASB issued ASU No. 2015-03, “ Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”. ASU 2015-03 amends current presentation guidance by requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. In August 2015, the FASB issued ASU 2015-15 “Interest - Imputation of Interest (Subtopic 835-50), Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to Securities and Exchange Commission (SEC) Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting (SEC Update)” which incorporates into the Accounting Standards Codification an SEC staff announcement that the SEC staff will not object to an entity presenting the cost of securing a revolving line of credit as an asset, regardless of whether a balance is outstanding. The standards are effective for annual periods beginning after December 15, 2015, and interim periods within those fiscal years. Upon adoption, the Company will reclassify debt issuance costs which are currently presented as a component of intangible assets in the accompanying consolidated balance sheets to long-term debt, except those debt issuance costs associated with the Company's revolving credit facility. The Company expects the adoption of this standard will not have a significant impact on the Company's consolidated financial position and will have no impact on the results of operations or cash flows. In September 2015, the FASB issued ASU 2015-16 “Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments” which eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. Instead, an acquirer will recognize a measurement-period adjustment during the period in which it determines the amount of the adjustment, including the effect on earnings of any amounts it would have recorded in previous periods if the accounting had been completed at the acquisition date. The guidance is effective for fiscal years, including interim periods within those fiscal years, beginning after December 31, 2015 with early adoption permitted. The Company adopted this standard as of September 2015. The adoption of this ASU did not have a material effect on the Company's consolidated financial position, results of operations or cash flows as of December 31, 2015. In November 2015, the FASB issued ASU 2015-17 “Balance Sheet Classification of Deferred Taxes” which requires companies to classify all deferred tax assets and liabilities as noncurrent on the balance sheet instead of separating deferred taxes into current and non-current. The guidance is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Early adoption is permitted and companies may adopt the guidance prospectively or retrospectively. The Company adopted this standard retrospectively as of December 31, 2015 and as a result, reclassified $22.5 million from prepaid and other current assets to noncurrent deferred income taxes at December 31, 2014 in the accompanying consolidated balance sheets. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2015 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Revenue Recognition Ambulatory Services Ambulatory services revenues consist of billing for the use of the centers’ facilities directly to the patient or third-party payor and, at certain of the Company’s centers (primarily centers that perform gastrointestinal endoscopy procedures), billing for anesthesia services provided by medical professionals employed or contracted by the Company’s centers. Such revenues are recognized when the related surgical procedures are performed. Revenues exclude any amounts billed for physicians’ surgical services, which are billed separately by the physicians to the patient or third-party payor. Revenues from ambulatory services are recognized on the date of service, net of estimated contractual adjustments from third-party medical service payors including Medicare and Medicaid. During the years ended December 31, 2015 , 2014 and 2013 , the Company derived approximately 26% , 25% and 25% , respectively, of its ambulatory services revenues from governmental healthcare programs, primarily Medicare and managed Medicare programs. Physician Services Physician services revenues primarily consist of fee for service revenue and contract revenue and is derived principally from the provision of physician services to patients of the healthcare facilities the Company serves. Contract revenue represents income earned from the Company's hospital customers to supplement payments from third-party payors. The Company records revenue at the time services are provided, net of a contractual allowance and a provision for uncollectibles. Revenue less the contractual allowance represents the net revenue expected to be collected from third-party payors (including managed care, commercial and governmental payors such as Medicare and Medicaid) and patients insured by these payors. The Company also recognizes revenue for services provided during the period but are not yet billed. Expected collections are estimated based on fees and negotiated payment rates in the case of third-party payors, the specific benefits provided for under each patient's healthcare plan, mandated payment rates under the Medicare and Medicaid programs, and historical cash collections. The Company's provision for uncollectibles includes its estimate of uncollectible balances due from uninsured patients, uncollectible co-pay and deductible balances due from insured patients and special charges, if any, for uncollectible balances due from managed care, commercial and governmental payors. The Company records net revenue from uninsured patients at its estimated realizable value, which includes a provision for uncollectible balances, based on historical cash collections (net of recoveries). Net revenue for the physician services segment consists of the following major payors (in thousands): Year Ended December 31, 2015 Period from July 16, 2014 - December 31, 2014 (1) Medicare $ 172,783 12.9 % $ 61,378 12.0 % Medicaid 69,607 5.2 28,224 5.5 Commercial and managed care 1,007,902 75.4 382,343 74.7 Self-pay 222,830 16.7 102,727 20.1 Net fee for service revenue 1,473,122 110.2 574,672 112.3 Contract and other revenue 129,786 9.7 54,343 10.6 Provision for uncollectibles (266,074 ) (19.9 ) (117,001 ) (22.9 ) Net revenue for physician services $ 1,336,834 100.0 % $ 512,014 100.0 % (1) On July 16, 2014, the Company completed the acquisition of Sheridan. Accordingly, historical amounts for periods prior to that date are not included. |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Accounts Receivable | Accounts Receivable The Company manages accounts receivable by regularly reviewing its accounts and contracts and by providing appropriate allowances for contractual adjustments and uncollectible amounts. Some of the factors considered by management in determining the amount of such allowances are the historical trends of cash collections, contractual and bad debt write-offs, accounts receivable agings, established fee schedules, contracts with payors, changes in payor mix and procedure statistics. Assessment of actual collections of accounts receivable in subsequent periods may require changes in the estimated contractual allowance and provision for uncollectibles. The Company routinely tests its analysis by comparing cash collections to net patient revenues and monitoring self-pay utilization. In addition, when actual collection percentages differ from expected results, for each facility or contract, supplemental detailed reviews of the outstanding accounts receivable balances may be performed by the Company to determine whether there are facts and circumstances existing that may cause a different conclusion as to the estimate of the collectability of that contract’s accounts receivable from the estimate resulting from using the historical collection experience. The Company may also supplement its allowance for doubtful accounts policy for its physician services using a hindsight calculation that utilizes write-off data for all payor classes during the previous periods to estimate the allowance for doubtful accounts at a point in time. Material changes in estimates may result from unforeseen write-offs of patient or third party accounts receivable, unsuccessful disputes with managed care payors, adverse macro-economic conditions which limit patients’ ability to meet their financial obligations for the care provided by physicians, or broad changes to government regulations that adversely impact reimbursement rates for services provided by the Company. Significant changes in payor mix, specialty mix, acuity, business office operations, general economic conditions and health care coverage provided by federal or state governments or private insurers may have a significant impact on the Company’s estimates and significantly affect its results of operations and cash flows. Due to the nature of the Company's operations, it is required to separate the presentation of its bad debt expense on the consolidated statement of earnings. The Company records the portion of its bad debts associated with its physician services segment as a component of net revenue in the accompanying consolidated statement of earnings, and the remaining portion, which is associated with its ambulatory services segment, is recorded as a component of other operating expenses in the accompanying consolidated statement of earnings. The bifurcation is a result of the Company's ability to assess the ultimate collection of the patient service revenue associated with its ambulatory services segment before services are provided. The Company's ambulatory services segment is generally able to verify a patient's insurance coverage and ability to pay before services are provided as those services are pre-scheduled and non-emergent. Bad debt expense for the ambulatory services segment is included in other operating expenses and was approximately $21.4 million , $21.9 million and $21.7 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Bad debt expense related to physician services was $266.1 million for the year ended December 31, 2015 and $117.0 million during the period from July 16, 2014 through December 31, 2014. At December 31, 2015 and 2014 allowances for doubtful accounts were $167.4 million and $113.4 million , respectively. The increase in the allowance for doubtful accounts is primarily a result of operations from acquisitions completed during the year ended December 31, 2015 . At December 31, 2015 and 2014 , approximately 80% and 73% , respectively, of the Company’s allowance for doubtful accounts was related to fee for service patient receivables associated with the Company's physician services segment. The principal exposure for uncollectible fee for service visits is from self-pay patients and, to a lesser extent, for co-payments and deductibles from patients with insurance. Concentration of credit risk is limited by the diversity and number of facilities, patients, payors and by the geographic dispersion of the Company’s operations. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions The Company accounts for its business combinations under the fundamental requirements of the acquisition method of accounting and under the premise that an acquirer be identified for each business combination. The acquirer is the entity that obtains control of one or more businesses in the business combination and the acquisition date is the date the acquirer achieves control. The assets acquired, liabilities assumed and any noncontrolling interests in the acquired business at the acquisition date are recognized at their fair values as of that date, and the direct costs incurred in connection with the business combination are recorded and expensed separately from the business combination. Acquisitions in which the Company is able to exert significant influence but does not have control are accounted for using the equity method. Ambulatory Services Acquisitions During 2015 and 2014 , the Company, through a wholly-owned subsidiary, acquired a controlling interest in seven and eight surgery centers, respectively. Of the centers acquired during 2014 , three were acquired as part of the Sheridan transaction and five were individually acquired in separate transactions. The aggregate amount paid for the centers and for settlement of purchase price payable obligations during December 31, 2015 and 2014 was approximately $131.3 million and $50.9 million , respectively, and was paid in cash and funded by a combination of operating cash flow and borrowings under the Company’s revolving credit facility. The acquisitions completed during the year ended December 31, 2015 consist of the following: Acquired Operations Location Date Acquired Specialty River Drive Surgery & Laser Center, LLC Elmwood Park, NJ February 2015 Ophthalmology Campus Surgery Center, LLC Daly City, CA June 2015 Multi-Specialty Waverly Surgery Center, LLC Palo Alto, CA June 2015 Multi-Specialty Surgical Center at Millburn, LLC Millburn-East Willow, NJ July 2015 Multi-Specialty Eye Surgery Center of Western Ohio, LLC Lima, OH August 2015 Ophthalmology Surgical Specialty Center of Northeastern PA, LLC Forty Fort, PA October 2015 Multi-Specialty South Portland Surgical Center, LLC Tualatin, OR November 2015 Multi-Specialty Physician Services Acquisitions The Company completed the acquisition of nine physician practices in 2015 and two physician practices in 2014 following the acquisition of Sheridan. During 2015 and 2014 , the total consideration consisted of cash of $831.4 million and $19.0 million , respectively, which was funded at closing through available cash, current year operating cash flow and borrowings through the Company's credit facility. The acquisitions completed during the year ended December 31, 2015 consist of the following: Acquired Operations Location Date Acquired Specialty Ambulatory Anesthesia Care, PC Mountainside, NJ January 2015 Anesthesia Sheridan Radiology Management Services, Inc. Beachwood, OH January 2015 Radiology Radiology Associates of Hollywood, P.A. Pembroke Pines, FL March 2015 Radiology Halifax Anesthesiology Associates, P.A. Daytona Beach, FL April 2015 Anesthesia Coastal Anesthesiology Consultants, P.A. St. Augustine, FL July 2015 Anesthesia Bay Area Anesthesia, LLC Tampa, FL August 2015 Anesthesia Valley Anesthesia Consultants, Ltd. Phoenix, AZ November 2015 Anesthesia Chandler Emergency Medical Group, LLC Phoenix, AZ December 2015 Emergency Northside Anesthesiology Consultants, LLC Atlanta, GA December 2015 Anesthesia As a result of certain acquisitions completed during the year ended December 31, 2014, the Company has agreed to pay as additional consideration, amounts which are contingent on the acquired entities achieving future performance metrics. As of December 31, 2015 and December 31, 2014, the Company had accrued $5.5 million and $20.7 million , respectively, as a component of accrued liabilities and other long-term liabilities in the accompanying consolidated balance sheets which represents management's estimate of the fair values of the contingent consideration. During the year ended December 31, 2015 , the Company made a payment of $28.7 million , of which $15.7 million was to settle the amount recorded at the acquisition date and represents a financing outflow in the consolidated statement of cash flows. As of December 31, 2015 , the Company estimates it may have to pay between $5.0 million and $6.0 million in future contingent payments for acquisitions made prior to December 31, 2014 based upon the current projected financial performance or anticipated achievement of other targets of the acquired operations. The current estimate of future contingent payments could increase or decrease depending upon the actual performance of the acquisitions over each respective measurement period. During the year ended December 31, 2015 , the Company recorded a net increase of $10.0 million based on results of operations of the associated acquisitions, of which $8.8 million is included in other operating expenses in the accompanying consolidated statements of earnings. Additionally, the Company recorded an increase in the contingent liability of $3.5 million during the year ended December 31, 2015 as a result of the acquisition accounting associated with the purchase of Sheridan. The acquisitions completed during the year ended December 31, 2015 did not contain provisions for contingent consideration. The Company utilizes Level 3 inputs, which include unobservable data, to measure the fair value of the contingent consideration. The fair value was determined utilizing future forecasts of both earnings and other performance metrics which are expected to be achieved during the performance period, in accordance with each respective purchase agreement. In estimating the fair value, management developed various scenarios and weighted the probable outcome of each scenario using a range of expected probability specific to each agreement. Management utilized a market rate to discount the results of such analysis in order to record the present value of the expected future payout. The timing of the payments of the additional consideration varies by agreement but is expected to occur within one to three years from the respective date of acquisition. Sheridan Acquisition On July 16, 2014 (the “acquisition date”), the Company completed the acquisition of Sheridan in a cash and stock transaction. At closing, the Company paid approximately $2.1 billion in cash and issued 5,713,909 shares of its common stock to the former owners of Sheridan in exchange for all of the outstanding equity interests of Sheridan. The shares issued to Sheridan were valued at approximately $272.0 million based on the closing price of the Company's common stock on July 16, 2014. The acquisition of Sheridan enhances the growth profile and diversity of the Company focusing on complementary specialties across the healthcare continuum. To fund the transaction, the Company completed offerings of common stock and mandatory convertible preferred stock resulting in the issuance of 9,775,000 shares of common stock and 1,725,000 shares of mandatory convertible preferred stock. Proceeds from the common stock offering and mandatory preferred stock offering, net of transaction fees, were approximately $421.3 million and $166.6 million , respectively. In addition, on July 16, 2014, the Company entered into a new senior secured credit facility, which includes an $870.0 million term loan and a $300.0 million revolving credit facility, and completed a private offering of $1.1 billion aggregate principal amount of 5.625% senior unsecured notes due 2022. Fees and expenses associated with the Sheridan transaction, which includes fees incurred related to the Company's equity issuances and debt financings, was approximately $139.1 million during the year ended December 31, 2014 . Approximately $53.0 million was capitalized as deferred financing costs, $24.5 million was related to the equity offerings and recorded as a reduction to equity, $31.9 million was expensed as transaction costs, $12.8 million was amortized through interest expense and $16.9 million was recorded as debt extinguishment costs during the year ended December 31, 2014 . Purchase Price Allocations The acquisition date fair value of the total consideration transferred and acquisition date fair value of each major class of consideration for the acquisitions completed during 2015 and 2014 , including post acquisition date adjustments recorded to purchase price allocations, are as follows (in thousands): 2015 2014 Individual Individual Acquisitions (1) Acquisitions Sheridan Accounts receivable $ 62,216 $ 1,816 $ 130,260 Other current assets 21,477 1,075 105,757 Property and equipment 15,484 3,294 20,185 Goodwill 682,458 101,865 1,534,656 Intangible assets 420,414 14,207 1,200,028 Other long-term assets 342 — 50,304 Accounts payable (3,641 ) (2,519 ) (5,862 ) Other accrued liabilities (45,386 ) (626 ) (118,548 ) Deferred income taxes (88,728 ) — (432,792 ) Other long-term liabilities (4,958 ) (8,588 ) (69,456 ) Long-term debt (6,046 ) (717 ) (4,594 ) Total fair value 1,053,632 109,807 2,409,938 Less: Fair value attributable to noncontrolling interests 85,443 39,371 24,365 Acquisition date fair value of total consideration transferred $ 968,189 $ 70,436 $ 2,385,573 (1) Represents the preliminary allocation of fair value of acquired assets and liabilities associated with these acquisitions at December 31, 2015 . During 2015 , no significant changes were made to the purchase price allocation of assets and liabilities, existing at the date of acquisition, related to individual acquisitions completed in 2014 . During 2015 , factors became known to the Company that resulted in changes to the purchase price allocation of assets and liabilities, existing at the date of acquisition, related to Sheridan and resulted in a net decrease to goodwill of $8.3 million , an increase to other accrued expenses, a decrease to other current assets and a decrease to deferred income taxes. The total fair value of acquisitions completed by the Company include amounts allocated to goodwill, which result from the acquisitions' favorable reputations in their markets, their market positions and their ability to deliver quality care with high patient satisfaction consistent with the Company’s business model. Fair value attributable to noncontrolling interests is based on significant inputs that are not observable in the market. Key inputs used to determine the fair value include financial multiples used in the purchase of noncontrolling interests primarily from acquisitions of centers. Such multiples, based on earnings, are used as a benchmark for the discount to be applied for the lack of control or marketability. The fair value of noncontrolling interests for acquisitions where the purchase price allocation is not finalized may be subject to adjustment as the Company completes its initial accounting for acquired intangible assets. Additionally, the Company continues to obtain information relative to the fair values of assets acquired, liabilities assumed and any noncontrolling interests associated with acquisitions completed in the last twelve months. Acquired assets and assumed liabilities include, but are not limited to, fixed assets, licenses, intangible assets and professional liabilities. The valuations are based on appraisal reports, discounted cash flow analyses, actuarial analyses or other appropriate valuation techniques to determine the fair value of the assets acquired or liabilities assumed. A majority of the deferred income taxes recognized as a component of the Company's purchase price allocation is a result of the difference between the book and tax basis of the amortizable intangible assets recognized. The amount allocated to the deferred income tax liability is subject to change as a result of the final allocation of purchase price to amortizable intangibles. The Company expects to finalize the purchase price allocation for its most recent acquisitions as soon as practical. During the year ended December 31, 2015 , the Company incurred approximately $8.3 million of transaction costs associated with its acquisition of surgery centers and physician practices. During the year ended December 31, 2014 , the Company incurred approximately $33.9 million of transaction costs primarily associated with the acquisition of Sheridan. Such costs excluded those amounts that were either capitalized or expensed as part of the financing transactions associated with acquisitions. Revenues and net earnings included in the years ended December 31, 2015 and 2014 associated with completed acquisitions are as follows (in thousands): 2015 2014 Individual Individual Acquisitions Acquisitions Sheridan Net revenue $ 179,113 $ 20,844 517,213 Net earnings 26,901 5,155 26,776 Less: Net earnings attributable to noncontrolling interests 7,448 2,859 459 Net earnings attributable to AmSurg Corp. common shareholders $ 19,453 $ 2,296 $ 26,317 The unaudited consolidated pro forma results for the years ended December 31, 2015 and 2014 , assuming all 2015 acquisitions had been consummated on January 1, 2014 , all 2014 acquisitions had been consummated on January 1, 2013 are as follows (in thousands): 2015 2014 Net revenue $ 2,858,544 $ 2,680,273 Net earnings 401,950 322,653 Amounts attributable to AmSurg Corp. common shareholders: Net earnings 170,453 104,548 Net earnings per common share: Basic $ 3.55 $ 2.21 Diluted $ 3.48 $ 2.20 |
Investments in Unconsolidated A
Investments in Unconsolidated Affiliates | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Affiliates | Investments in Unconsolidated Affiliates Investments in unconsolidated affiliates in which the Company exerts significant influence but does not control or otherwise consolidate are accounted for using the equity method. Equity method investments are initially recorded at cost, unless such investments are a result of the Company entering into a transaction whereby the Company loses control of a previously controlled entity but retains a noncontrolling interest. Such transactions, which result in the deconsolidation of a previously consolidated entity, are measured at fair value. The fair value measurement utilizes Level 3 inputs, which include unobservable data, to measure the fair value of the retained noncontrolling interest. The fair value determination are generally based on a combination of multiple valuation methods which can include discounted cash flow, income approach, or market value approach which incorporates estimates of future earnings and market valuation multiples for certain guideline companies. These investments are included as investments in unconsolidated affiliates in the accompanying consolidated balance sheets. The Company’s share of the profits and losses from these investments is reported in equity in earnings of unconsolidated affiliates in the accompanying consolidated statements of earnings. The Company monitors its investments for other-than-temporary impairment by considering factors such as current economic and market conditions and the operating performance of the companies and records reductions in carrying values when necessary. As of December 31, 2015 and 2014 , the Company has recorded in the accompanying consolidated balance sheets its investments in unconsolidated affiliates of $169.2 million and $75.5 million , respectively. The Company's net earnings from these investments during the years ended December 31, 2015 , 2014 and 2013 were approximately $16.2 million , $7.0 million and $3.2 million , respectively. During the year ended December 31, 2015 , the Company's ambulatory services segment entered into five separate equity method investments. As a result of these investment transactions, the Company contributed its controlling interest in nine centers and received net cash of $8.5 million in exchange for noncontrolling interests in the new investments. Each of these investments is jointly owned by a health system and the Company. The newly formed investments (including the contributed centers) are controlled by the health systems. Also, as part of these transactions, the Company obtained a non-controlling interest in three additional centers and one surgical hospital which were contributed by the health systems. During the year ended December 31, 2015 , the Company's physician services segment contributed three contracts into an entity jointly owned by the Company and a health system. During the year ended December 31, 2014 , the Company's ambulatory services segment entered into four separate equity method investments. As a result of these investment transactions, the Company contributed its controlling interest in four of its centers and received net cash of $1.2 million in exchange for noncontrolling interests in the new investments. Each of these investments is jointly owned by a health system and the Company. The newly formed investments (including the contributed centers) are controlled by the health systems. Also, as part of these transactions, the Company obtained a non-controlling interest in one additional centers which was contributed by a health system. During the year ended December 31, 2013, the Company's ambulatory services segment entered into one equity method investment. As a result of this investment transaction, the Company contributed cash of $0.3 million and its controlling interest in one center in exchange for a noncontrolling interests in the new investment. This investment is jointly owned by a health system and the Company. The newly formed investment (including the contributed center) are controlled by the health system. Also, as part of this transaction, the Company obtained a non-controlling interest in one additional center which was contributed by the health system. As a result of these transactions, for the years ended December 31, 2015 and 2014 , the Company recorded the fair value of the Company's investment in these entities of approximately $83.1 million and $56.4 million , respectively, in the accompanying consolidated balance sheets, as a component of investments in unconsolidated affiliates. 10% to 50% which were primarily based on third party valuations received by the Company. Accordingly, the Company recognized a net gain on deconsolidations in the accompanying consolidated statements of earnings of approximately $36.7 million , $3.4 million , and $2.2 million during the years ended December 31, 2015 , 2014 and 2013 . Included in the Company’s investments in unconsolidated affiliates are certain investments which the Company has determined meet the definition of a variable interest entity. The Company has a variable interest in these investments through its equity interests; however, the Company is not the primary beneficiary of these entities as it only holds 50% of the voting rights and does not have the power to direct the activities that most significantly impact the entities' economic performance as a result of the Company’s shared control. As a result, the Company has accounted for these investments under the equity method of accounting. The Company's investment in these entities was $89.6 million and $53.2 million as of December 31, 2015 and 2014 , respectively, and are reflected in the accompanying consolidated balance sheets as a component of investments in unconsolidated affiliates. During the year ended December 31, 2015 , the Company contributed four centers which were previously controlled into an entity deemed by the Company to meet the definition of a variable interest entity which resulted in the Company’s recording the fair value of its retained noncontrolling interest of approximately $27.1 million as a component of investments in unconsolidated affiliates in the accompanying consolidated balance sheets. During the year ended December 31, 2014 , as part of the acquisition of Sheridan, the Company acquired an interest in an entity deemed to be a variable interest entity and recorded the estimated fair value of the investment of $49.4 million on the acquisition date. The Company’s ownership interest in these investments ranges from 49% to 51% and under the terms of the operating agreements, the Company earns billing and management fees and receives its share of earnings distributions from each entity. The Company has no other material obligations or guarantees related to these entities. The Company has recorded its share of the earnings of these investments of $11.0 million and $3.4 million as a component of equity in earnings of unconsolidated affiliates in the accompanying consolidated statement of earnings during 2015 and 2014 , respectively. In addition, the Company recognized management and billing fees totaling $14.3 million and $4.7 million during 2015 and 2014 , respectively, which are included in net revenue in the accompanying consolidated statement of earnings. Additionally, the Company has recorded receivables from these entities in the amount of $2.3 million and $3.5 million as of December 31, 2015 and 2014 , respectively. These receivables are included in other current assets in the accompanying consolidated balance sheets. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions | Discontinued Operations During the years ended December 31, 2014 and 2013, the Company discontinued the operations of certain centers in its ambulatory services segment due to management’s assessment of the Company’s strategy in the market and due to the limited growth opportunities at these centers. For centers discontinued in 2014 and prior, the results of operations of those centers have been classified as discontinued operations in all periods presented. As of January 1, 2015, the Company adopted ASU 2014-08 which raised the threshold for a disposal to qualify as a discontinued operation. As a result, the Company expects that any future disposals of its centers will no longer meet the definition to be accounted for as discontinued operations, and any gain or loss from such disposals will be included in continuing operations. The Company did not dispose of any centers during the year ended December 31, 2015 , but continues to have operating activity associated with centers previously classified as discontinued operations. Results of operations and associated gain (loss) on discontinued centers for the years ended December 31, 2015 , 2014 and 2013 are as follows (in thousands): 2015 2014 2013 Revenues $ — $ 9,545 $ 25,373 Earnings before income taxes — 893 5,607 Results of discontinued operations, net of tax: Earnings (loss) from operations of discontinued interests in surgery centers (1,013 ) 710 4,449 Gain (loss) on disposal of discontinued interests in surgery centers — (2,006 ) 2,602 Net earnings (loss) from discontinued operations (1,013 ) (1,296 ) 7,051 Less: Net earnings (loss) from discontinued operations attributable to noncontrolling interests (12 ) 283 5,357 Net earnings (loss) from discontinued operations attributable to AmSurg Corp. common shareholders $ (1,001 ) $ (1,579 ) $ 1,694 Cash proceeds from centers discontinued for the years ended December 31, 2014 and 2013 were $7.1 million and $3.6 million , respectively. There were no cash proceeds during 2015. |
Prepaid and Other Current Asset
Prepaid and Other Current Assets | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid and Other Current Assets | Prepaid and Other Current Assets The following table presents a summary of items comprising prepaid and other current assets in the accompanying consolidated balance sheets as of December 31, 2015 and 2014 (in thousands): 2015 2014 Income taxes receivable $ 7,908 $ 28,694 Prepaid expenses 18,900 18,682 Deferred compensation plan assets 16,623 17,320 Other 32,340 28,204 Total prepaid and other current assets $ 75,771 $ 92,900 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment are stated at cost. Equipment held under capital leases is stated at the present value of minimum lease payments at the inception of the related leases. Depreciation for buildings and improvements is recognized under the straight-line method over 20 to 40 years or, for leasehold improvements, over the remaining term of the lease plus renewal options for which failure to renew the lease imposes a penalty on the Company in such an amount that a renewal appears, at the inception of the lease, to be reasonably assured. The primary penalty to which the Company is subject is the economic detriment associated with existing leasehold improvements which might be impaired if a decision is made not to continue the use of the leased property. Depreciation for movable equipment is recognized over useful lives of three to ten years . Property and equipment at December 31, 2015 and 2014 were as follows (in thousands): 2015 2014 Building and improvements $ 177,253 $ 170,420 Movable equipment 237,312 215,444 Construction in progress 8,676 11,940 423,241 397,804 Less accumulated depreciation (234,073 ) (217,356 ) Property and equipment, net $ 189,168 $ 180,448 At December 31, 2015 , the Company and its partnerships had unfunded construction and equipment purchases of approximately $18.3 million in order to complete construction in progress primarily associated with the construction of the Company's new physician services headquarters. Depreciation expense for continuing and discontinued operations for the years ended December 31, 2015 , 2014 and 2013 was $35.4 million , $33.2 million and $29.8 million , respectively. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Intangible Assets | Goodwill and Intangible Assets The Company’s intangible assets include goodwill and other intangibles, which include the fair value of both the customer relationships with hospitals and trade names acquired in the Company's physician services segment. The Company's indefinite lived intangibles include goodwill and trade names. Goodwill represents the excess of purchase price over the fair value of net assets acquired. The Company evaluates indefinite lived intangible assets, including goodwill, for impairment at least on an annual basis and more frequently if certain indicators are encountered. Indefinite lived intangibles are to be tested at the reporting unit level, defined as an operating segment or one level below an operating segment (referred to as a component), with the fair value of the reporting unit being compared to its carrying amount. If the fair value of a reporting unit exceeds its carrying amount, the indefinite lived intangibles associated with the reporting unit is not considered to be impaired. The Company completed its annual impairment test as of October 1, 2015 , and determined that its indefinite lived intangibles were not impaired. The Company's finite-lived intangibles includes its customer relationship with hospitals. The Company tests its finite-lived intangibles for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. The Company's policy is to recognize an impairment charge when the carrying amount is not recoverable and such amount exceeds fair value. During the year ended December 31, 2015 , there were no events or circumstances that indicated a potential impairment in the Company's finite-lived intangibles. The changes in the carrying amount of goodwill for the years ended December 31, 2015 and 2014 are as follows (in thousands): 2015 2014 Balance, beginning of year $ 3,381,149 $ 1,758,970 Goodwill acquired, including post acquisition adjustments 674,476 1,636,521 Goodwill disposed, including impact of deconsolidation transactions (85,415 ) (14,342 ) Balance, end of year $ 3,970,210 $ 3,381,149 As of December 31, 2015 , the ambulatory services segment and the physician services segment each had approximately $2.0 billion of goodwill compared to $1.9 billion for ambulatory services and $1.5 billion for physician services, respectively, at December 31, 2014 . During the year ended December 31, 2015 , goodwill increased $123.4 million for the ambulatory services segment primarily due to the acquisition of seven centers, net of nine deconsolidations. During the year ended December 31, 2015 , goodwill increased by $465.7 million for the physician services segment primarily due to the acquisition of nine physician practices, net of three deconsolidations. For the years ended December 31, 2015 and 2014 approximately $295.7 million and $64.5 million , respectively, of goodwill recorded was deductible for tax purposes. Intangible assets consist primarily of customer relationships with hospitals, deferred financing costs, capitalized software and certain amortizable and non-amortizable non-compete and customer agreements. Customer relationships with hospitals are initially recorded at their estimated fair value and amortized on a straight-line basis over 20 years . Deferred financing costs and amortizable non-compete agreements and customer agreements are amortized over the term of the related debt as interest expense and the contractual term or estimated life ( five to ten years ) of the agreements as amortization expense. Capitalized software is amortized over estimated useful lives of three to eight years. Intangible assets at December 31, 2015 and 2014 consisted of the following (in thousands): 2015 2014 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Net Amount Amortization Net Amortizable intangible assets: Customer relationships with hospitals $ 1,379,977 $ (74,490 ) $ 1,305,487 $ 971,645 $ (22,145 ) $ 949,500 Deferred financing costs 60,664 (13,490 ) 47,174 59,574 (5,151 ) 54,423 Capitalized software 71,462 (28,125 ) 43,337 50,387 (19,197 ) 31,190 Agreements, contracts and other 11,267 (2,449 ) 8,818 3,523 (2,752 ) 771 Total amortizable intangible assets 1,523,370 (118,554 ) 1,404,816 1,085,129 (49,245 ) 1,035,884 Non-amortizable intangible assets: Trade name 228,000 — 228,000 228,000 — 228,000 Restrictive covenant arrangements 8,995 — 8,995 9,995 — 9,995 Total non-amortizable intangible assets 236,995 — 236,995 237,995 — 237,995 Total intangible assets $ 1,760,365 $ (118,554 ) $ 1,641,811 $ 1,323,124 $ (49,245 ) $ 1,273,879 Amortization of intangible assets for the years ended December 31, 2015 , 2014 and 2013 was $70.5 million , $32.5 million and $2.2 million , respectively. Included in the 2014 amount above is also $12.8 million that was charged to interest expenses related to a write-off of a commitment fee for bridge financing, which the Company had secured in order to complete the acquisition of Sheridan but did not require upon obtaining permanent financing. Estimated amortization of intangible assets for the five years and thereafter subsequent to December 31, 2015 is $90.3 million , $89.1 million , $87.8 million , $84.8 million , $81.6 million and $971.2 million , respectively. The Company expects to recognize amortization of all intangible assets over a weighted average period of 17.8 years with no expected residual values. |
Other Accrued Liabilities
Other Accrued Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Accrued Liabilities, Current [Abstract] | |
Other Current Liabilities | Other Accrued Liabilities The following table presents a summary of items comprising other accrued liabilities in the accompanying consolidated balance sheets as of December 31, 2015 and 2014 (in thousands): 2015 2014 Accrued professional liabilities $ 14,362 $ 11,983 Contingent purchase price payable 5,509 12,213 Current income taxes payable 7,892 — Refunds payable 48,415 17,752 Other 43,059 26,038 Total other accrued liabilities $ 119,237 $ 67,986 |
Accrued Professional Liabilitie
Accrued Professional Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Accounts Professional Liabilities | Accrued Professional Liabilities The Company maintains professional liability insurance policies with third-party insurers generally on a claims-made basis, subject to self-insured retention, exclusions and other restrictions. A substantial portion of the professional liability loss risks are being provided by a third-party insurer which is fully reinsured by the Company's wholly-owned captive insurance subsidiary. The Company records an estimate of liabilities for self-insured amounts and claims incurred but not reported based on an actuarial valuation using historical loss patterns, which are not discounted. At December 31, 2015 , the Company's accrued professional liabilities are presented in the accompanying consolidated balance sheets as a component of other accrued liabilities and other long-term liabilities as follows (in thousands): 2015 2014 Estimated losses under self-insured programs $ 30,748 $ 25,337 Incurred but not reported losses 36,166 28,448 Total accrued professional liabilities 66,914 53,785 Less estimated losses payable within one year 14,362 11,983 Total $ 52,552 $ 41,802 The changes to the Company's estimated losses under self-insured programs as of December 31, 2015 and 2014 were as follows (in thousands): 2015 2014 Balance, beginning of year $ 53,785 $ 1,171 Assumed liabilities through acquisitions 13,317 53,512 Provision related to current period reserves 15,943 5,423 Payments for current period reserves (4,475 ) (1,595 ) Benefit related to changes in prior period reserves (425 ) (661 ) Payments for prior period reserves (8,863 ) (6,055 ) Other, net (2,368 ) 1,990 Balance, end of year $ 66,914 $ 53,785 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term Debt Long-term debt at December 31, 2015 and 2014 consisted of the following (in thousands): 2015 2014 Revolving credit agreement $ 175,000 $ — Term Loan 856,950 865,650 Senior Unsecured Notes due 2020 (5.625%) 250,000 250,000 Senior Unsecured Notes due 2022 (5.625%) 1,100,000 1,100,000 Other debt at an average interest rate of 3.4%, due through 2022 24,944 20,156 Capitalized lease arrangements at an average interest rate of 5.4%, due through 2021 18,613 15,206 2,425,507 2,251,012 Less current portion 20,377 18,826 Long-term debt $ 2,405,130 $ 2,232,186 Principal payments required on the Company’s long-term debt and capital leases in the five years and thereafter subsequent to December 31, 2015 are $20.4 million , $18.0 million , $14.8 million , $187.0 million , $261.0 million , and $1.9 billion . The fair value of the Company's fixed rate long-term debt and variable rate long-term debt approximated its carrying values of $1.4 billion and $1.0 billion at December 31, 2015 , respectively. With the exception of the Company’s 2020 and 2022 Senior Unsecured Notes, the fair value of fixed rate debt (Level 2) is determined based on an estimation of discounted future cash flows of the debt at rates currently quoted or offered to the Company for similar debt instruments of comparable maturities by its lenders. The fair value of the Company’s 2020 and 2022 Senior Unsecured Notes (Level 1) is determined based on quoted prices in an active market. a. Term Loan and Credit Facility On July 16, 2014, the Company entered into a credit facility that is comprised of an $870.0 million term loan and a $300.0 million revolving credit facility. On October 21, 2015, the Company exercised the accordion feature of its revolving credit facility and increased the Company's borrowing capacity by $200.0 million to $500.0 million . As of December 31, 2015 , the Company had available $325.0 million under the revolving credit facility. The term loan matures on July 16, 2021 and bears interest at a rate equal to, at the Company’s option, the alternative base rate as defined in the agreement (ABR) plus 1.75% to 2.00% or LIBOR plus 2.75% to 3.00% , with a LIBOR floor of 0.75% , or a combination thereof ( 3.75% on December 31, 2015 ). The term loan requires quarterly principal payments of 0.25% of the face amount totaling $8.7 million annually. The revolving credit facility matures on July 16, 2019 and permits the Company to borrow at an interest rate equal to, at the Company’s option, the ABR plus 1.75% to 2.00% or LIBOR plus 2.75% to 3.00% , or a combination thereof; and provides for a fee of 0.375% of unused commitments. The Company has the option to increase borrowings under the senior secured credit facility by an unlimited amount as long as certain financial covenants are met and lender approval is obtained. The senior credit facility contains certain covenants relating to the ratio of debt to operating performance measurements and interest coverage ratios and is secured by a pledge of the stock of the Company’s wholly-owned subsidiaries and certain of the Company’s less than wholly-owned subsidiaries. As of December 31, 2015 , the Company was in compliance with the covenants contained in the term loan and credit facility. Prior to entering into the Company's credit facility, the Company maintained a revolving credit facility which had a maturity of June 2018 . On July 3, 2014, the Company utilized proceeds received from its common and preferred stock offerings to repay its outstanding obligation under the existing revolving credit facility. As a result of the early termination, the Company recognized approximately $4.5 million as debt extinguishment costs in the accompanying statements of earnings during the year ended December 31, 2014 related to the write-off of net deferred loan costs. b. Senior Unsecured Notes 2020 Senior Unsecured Notes On November 20, 2012, the Company completed a private offering of $250.0 million aggregate principal amount of 5.625% senior unsecured notes due 2020 (2020 Senior Unsecured Notes). On May 31, 2013, the Company completed an offer to exchange the outstanding 2020 Senior Unsecured Notes for an equal amount of such notes that are registered under the Securities Act of 1933, as amended (Securities Act). The net proceeds from the issuance of the 2020 Senior Unsecured Notes were used to reduce the outstanding indebtedness under the Company’s revolving credit agreement. The 2020 Senior Unsecured Notes are unsecured obligations of the Company and are guaranteed by its existing and subsequently acquired or organized wholly-owned domestic subsidiaries. The 2020 Senior Unsecured Notes are pari passu in right of payment with all the existing and future senior debt of the Company and senior to all existing and future subordinated debt of the Company. Interest on the 2020 Senior Unsecured Notes accrues at the rate of 5.625% per annum and is payable semi-annually in arrears on May 30 and November 30, through the maturity date of November 30, 2020 . The Company may redeem the 2020 Senior Unsecured Notes in whole or in part. The redemption price for such a redemption (expressed as percentages of principal amount) is set forth below, plus accrued and unpaid interest and liquidated damages, if any, if redeemed during the twelve-month period beginning on November 30 of the years indicated below: Period Redemption Price 2015 104.219 % 2016 102.813 % 2017 101.406 % 2018 and thereafter 100.000 % The 2020 Senior Unsecured Notes contain certain covenants which, among other things, limit, but may not restrict the Company’s ability to enter into or guarantee additional borrowings, sell preferred stock, pay dividends and repurchase stock. The Company was in compliance with the covenants contained in the indenture relating to the 2020 Senior Unsecured Notes at December 31, 2015 . 2022 Senior Unsecured Notes On July 16, 2014, the Company completed a private offering of $1.1 billion aggregate principal amount of 5.625% senior unsecured notes due 2022 (2022 Senior Unsecured Notes). On February 19, 2015, the Company completed an offer to exchange the outstanding 2022 Senior Unsecured Notes, for an equal amount of such notes that are registered under the Securities Act. The 2022 Senior Unsecured Notes are unsecured obligations of the Company and are guaranteed by the Company and existing and subsequently acquired or organized wholly-owned domestic subsidiaries. The 2022 Senior Unsecured Notes are pari passu in right of payment with all the existing and future senior debt of the Company and senior to all existing and future subordinated debt of the Company. Interest on the 2022 Senior Unsecured Notes accrues at the rate of 5.625% per annum and is payable semi-annually in arrears on January 15 and July 15, beginning on January 15, 2015, and ending on the maturity date of July 15, 2022. Prior to July 15, 2017, the Company may redeem up to 35% of the aggregate principal amount of the 2022 Senior Unsecured Notes at a redemption price of 105.625% of the principal amount thereof, plus accrued and unpaid interest and liquidated damages, if any, using proceeds of one or more equity offerings. On or after July 15, 2017, the Company may redeem the 2022 Senior Unsecured Notes in whole or in part. The redemption price for such a redemption (expressed as percentages of principal amount) is set forth below, plus accrued and unpaid interest and liquidated damages, if any, if redeemed during the twelve-month period beginning on July 15 of the years indicated below: Period Redemption Price 2017 104.219 % 2018 102.813 % 2019 101.406 % 2020 and thereafter 100.000 % The 2022 Senior Unsecured Notes contain certain covenants which, among other things, limit, but may not restrict the Company’s ability to enter into or guarantee additional borrowings, sell preferred stock, pay dividends and repurchase stock. Based on the terms of the 2022 Notes, the Company has adequate ability to meet its obligations to pay dividends as required under the terms of its mandatory preferred stock. The Company was in compliance with the covenants contained in the indenture relating to the 2022 Senior Unsecured Notes at December 31, 2015 . c. Senior Secured Notes During 2010, the Company issued $75.0 million principal amount of senior secured notes due 2020 (Senior Secured Notes) pursuant to a note purchase agreement. The Senior Secured Notes had a maturity date of May 28, 2020 . On July 16, 2014, the Company redeemed the Senior Secured Notes utilizing proceeds received from its common and preferred stock offerings. As a result of the early extinguishment, the Company paid an early termination fee of approximately $12.4 million to the holders of the Senior Secured Notes, which is recognized as a component of debt extinguishment costs during the year ended December 31, 2014 in the accompanying statements of earnings. d. Other debt Certain partnerships included in the Company’s consolidated financial statements have loans with local lending institutions, included above in other debt, which are collateralized by certain assets of the surgery centers with a book value of approximately $41.7 million . The Company and the partners have guaranteed payment of the loans in proportion to the relative partnership interests. |
Other Long-term Liabilities
Other Long-term Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-term Liabilities | Other Long-term Liabilities The following table presents a summary of items comprising other long-term liabilities in the accompanying consolidated balance sheets as of December 31, 2015 and 2014 (in thousands): 2015 2014 Accrued professional liabilities $ 52,552 $ 41,802 Contingent purchase price payable — 8,470 Deferred rent 18,958 16,814 Tax-effected unrecognized benefits 3,426 8,353 Other 21,247 14,004 Other long-term liabilities $ 96,183 $ 89,443 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company files a consolidated federal income tax return. Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company applies recognition thresholds and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return as it relates to accounting for uncertainty in income taxes. In addition, it is the Company’s policy to recognize interest accrued and penalties, if any, related to unrecognized benefits as income tax expense in its statement of earnings. The Company does not expect significant changes to its tax positions or liability for tax uncertainties during the next 12 months. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal or state income tax examinations for years prior to 2012 . Total income taxes expense (benefit) for the years ended December 31, 2015 , 2014 and 2013 was included within the following sections of the consolidated financial statements as follows (in thousands): 2015 2014 2013 Earnings from continuing operations $ 113,790 $ 48,103 $ 48,654 Discontinued operations (694 ) (643 ) 9 Shareholders’ equity (2,227 ) (3,177 ) (7,381 ) Total $ 110,869 $ 44,283 $ 41,282 Income tax expense from continuing operations for the years ended December 31, 2015 , 2014 and 2013 was comprised of the following (in thousands): 2015 2014 2013 Current: Federal $ 83,228 $ 8,640 $ 7,895 State 14,268 4,396 3,598 Deferred: Federal 11,715 27,505 31,509 State 4,579 7,562 5,652 Income tax expense $ 113,790 $ 48,103 $ 48,654 Income tax expense from continuing operations for the years ended December 31, 2015 , 2014 and 2013 differed from the amount computed by applying the U.S. federal income tax rate of 35% to earnings before income taxes as a result of the following (in thousands): 2015 2014 2013 Statutory federal income tax $ 173,572 $ 102,967 $ 106,101 Less federal income tax assumed directly by noncontrolling interests (76,364 ) (66,783 ) (64,219 ) State income taxes, net of federal income tax benefit 11,604 6,616 5,539 Increase in valuation allowances 317 4,662 924 Interest related to unrecognized tax benefits (548 ) (161 ) (155 ) Other 5,209 802 464 Income tax expense $ 113,790 $ 48,103 $ 48,654 The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. Decreases in interest and penalty obligations of $0.2 million , $0.1 million and $0.2 million were recognized in the consolidated statement of earnings for the years ended December 31, 2015 , 2014 and 2013 , respectively, resulting in a total recognition of interest and penalty obligations of approximately $0.8 million and $1.2 million in the consolidated balance sheet at December 31, 2015 and 2014 , respectively. The Company primarily has unrecognized tax benefits that represent an amortization deduction which is temporary in nature. A reconciliation of the beginning and ending amount of the liability associated with unrecognized tax benefits for the years ended December 31, 2015 , 2014 and 2013 is as follows (in thousands): 2015 2014 2013 Balance at beginning of year $ 7,336 $ 6,330 $ 9,235 Additions for tax positions of current year — 204 46 Increases (decreases) for tax positions taken during a prior period (1,006 ) 1,069 — Lapse of statute of limitations (3,178 ) (267 ) (2,951 ) Balance at end of year $ 3,152 $ 7,336 $ 6,330 The Company believes that the total amount of increases in unrecognized tax benefits within the next 12 months is not considered significant. The total amount of unrecognized tax benefits that would affect the Company’s effective tax rate if recognized is approximately $0.1 million . The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2015 and 2014 were as follows (in thousands): 2015 2014 Deferred tax assets: Allowance for uncollectible accounts $ 3,276 $ 1,096 Accrued assets and other 36,600 27,537 Share-based compensation 10,710 7,719 Interest on unrecognized tax benefits 113 245 Accrued liabilities and other 4,080 3,931 Medical malpractice 19,035 16,240 Operating and capital loss carryforwards 29,718 22,709 Valuation allowances (21,814 ) (17,457 ) Total deferred tax assets 81,718 62,020 Deferred tax liabilities: Prepaid expenses 1,789 2,435 Property and equipment, principally due to differences in depreciation 16,787 15,235 Goodwill, intangible assets and other, principally due to differences in amortization 762,640 655,358 Total deferred tax liabilities 781,216 673,028 Net deferred tax liabilities $ 699,498 $ 611,008 The Company has provided valuation allowances on its gross deferred tax assets to the extent that management does not believe that it is more likely than not that such asset will be realized. Capital loss carryforwards began to expire in 2014, and state net operating losses began to expire in 2015. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity a. Common Stock During December 2015, the Company issued 5,835,000 shares of its common stock in a public offering, at $80.00 per share, prior to underwriting discounts, commissions and other related offering expenses of approximately $19.1 million . Proceeds were used to repay a portion of the Company's revolving credit facility, to fund a portion of the acquisitions completed during the year ended 2015 and for general corporate purposes. On July 2, 2014, the Company issued 9,775,000 shares of its common stock in a public offering, at $45.00 per share, prior to underwriting discounts, commissions and other related offering expenses of approximately $18.5 million . Proceeds from the issuance were used to satisfy certain debt obligations with the remaining amount utilized to fund a portion of the Sheridan acquisition. In addition, on July 16, 2014, the Company issued 5,713,909 shares of its common stock directly to the former owners of Sheridan as part of the total consideration for the Sheridan acquisition. The Company registered these shares with the SEC in October of 2014. The former owners of Sheridan subsequently sold their shares in November of 2014. During 2013, under a board authorized stock repurchase program, the Company purchased 1,154,378 shares of the Company's common stock for approximately $42.7 million , at an average price of $36.93 per share, in order to mitigate the dilutive effect of shares issued upon the exercise of stock options pursuant to the Company's stock incentive plans. The stock repurchase program expired during 2014. In addition, the Company repurchases shares by withholding a portion of employee restricted stock that vested to cover payroll withholding taxes in accordance with the restricted stock agreements. During 2015 and 2014 , the Company repurchased 67,000 shares and 100,720 shares, respectively, of common stock for approximately $3.7 million and $4.6 million , respectively. b. Preferred Stock On July 2, 2014, the Company issued 1,725,000 shares of its mandatory convertible preferred stock in a public offering, at $100.00 per share, prior to underwriting discounts, commissions and other related offering expenses of approximately $5.9 million . The mandatory convertible preferred stock pays dividends at an annual rate of 5.25% of the initial liquidation preference of $100 per share. Dividends accrue and cumulate from the date of issuance and, to the extent lawful and declared by the Company's Board of Directors, will be paid on each January 1, April 1, July 1 and October 1 in cash or, at the Company's election (subject to certain limitations), by delivery of any combination of cash and shares of common stock. Each share of the mandatory convertible preferred stock has a liquidation preference of $100 , plus an amount equal to accrued and unpaid dividends. Each share of the mandatory convertible preferred stock will automatically convert on July 1, 2017 (subject to postponement in certain cases), into between 1.8141 and 2.2222 shares of common stock (the “minimum conversion rate” and “maximum conversion rate,” respectively), each subject to adjustment. The number of shares of common stock issuable on conversion will be determined based on the average volume weighted average price per share of the Company's common stock over the 20 consecutive trading day period commencing on and including the 22nd scheduled trading day prior to July 1, 2017. At any time prior to July 1, 2017, holders may elect to convert all or a portion of their shares of mandatory convertible preferred stock into shares of common stock at the minimum conversion rate. If any holder elects to convert shares of mandatory convertible preferred stock during a specified period beginning on the effective date of a fundamental change the conversion rate will be adjusted under certain circumstances and such holder will also be entitled to a fundamental change dividend make-whole amount. During the year ended December 31, 2015 , the Company's Board of Directors declared four dividends each totaling $1.3125 per share in cash, or $2.3 million , for the Company's mandatory convertible preferred stock. All dividends declared during 2015 have been paid except those dividends declared on November 19, 2015, which were funded to the paying agent to be paid on January 1, 2016 to the shareholders of record as of December 15, 2015. On August 29, 2014, the Company's Board of Directors declared its first dividend of $1.2979 per share in cash, or $2.2 million and on November 25, 2014, the Company's Board of Directors declared a dividend for $1.3125 per share, or $2.3 million for the Company's mandatory convertible preferred stock. c. Stock Incentive Plans Transactions in which the Company receives employee and non-employee services in exchange for the Company’s equity instruments or liabilities that are based on the fair value of the Company’s equity securities or may be settled by the issuance of these securities are accounted using a fair value method. The Company applies the Black-Scholes method of valuation in determining share-based compensation expense for option awards. Benefits of tax deductions in excess of recognized compensation cost are reported as a financing cash flow, thus reducing the Company’s net operating cash flows and increasing its financing cash flows by $4.0 million , $3.2 million and $7.2 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. The Company examines its concentrations of holdings, its historical patterns of award exercises and forfeitures as well as forward-looking factors, in an effort to determine if there were any discernible employee populations. From this analysis, the Company has identified three employee populations, consisting of senior executives, officers and all other recipients. The expected volatility rate applied was estimated based on historical volatility. The expected term assumption applied is based on contractual terms, historical exercise and cancellation patterns and forward-looking factors where present for each population identified. The risk-free interest rate used is based on the U.S. Treasury yield curve in effect at the time of the grant. The pre-vesting forfeiture rate is based on historical rates and forward-looking factors for each population identified. The Company will adjust the estimated forfeiture rate to its actual experience. The Company intends to retain its earnings to finance growth and development of the business and does not expect to declare or pay any cash dividends in the foreseeable future except as required in accordance with the terms of the Company's mandatory convertible preferred stock. In May 2014, the Company adopted the AmSurg Corp. 2014 Equity and Incentive Plan. The Company also has unvested restricted stock and fully vested options outstanding under the AmSurg Corp. 2006 Stock Incentive Plan, as amended, and the AmSurg Corp. 1997 Stock Incentive Plan, as amended, under which no additional awards may be granted. Under these plans, the Company has granted restricted stock and non-qualified options to purchase shares of common stock to employees and outside directors from its authorized but unissued common stock. At December 31, 2015 , 1,200,000 shares were authorized for grant under the 2014 Equity and Incentive Plan and 900,039 shares were available for future equity grants. Restricted stock granted to outside directors vests on the first anniversary of the date of grant. Restricted stock granted to employees vests over four years in three equal installments beginning on the second anniversary of the date of grant. The fair value of restricted stock is determined based on the closing bid price of the Company’s common stock on the grant date. Under Company policy, shares held by outside directors and senior management are subject to certain holding requirements and restrictions. The Company has not issued options subsequent to 2008, and all outstanding options are fully vested. Options were granted at market value on the date of the grant and vested over four years. Outstanding options have a term of ten years from the date of grant. Other information pertaining to share-based activity for the years ended December 31, 2015 , 2014 and 2013 was as follows (in thousands): 2015 2014 2013 Share-based compensation expense $ 15,009 $ 10,104 $ 8,321 Fair value of shares vested 13,220 15,126 11,742 Cash received from option exercises 2,584 2,630 33,349 Tax benefit from option exercises 4,001 3,177 7,247 As of December 31, 2015 , the Company had total unrecognized compensation cost of approximately $16.6 million related to non-vested awards, which the Company expects to recognize through 2019 and over a weighted average period of 1.1 years. During the years ended December 31, 2015 , 2014 and 2013 , there were no options that were anti-dilutive. A summary of the status of and changes for non-vested restricted shares for the three years ended December 31, 2015 , is as follows: Weighted Number Average of Shares Grant Price Non-vested shares at January 1, 2013 828,686 $ 22.50 Shares granted 291,863 31.66 Shares vested (360,337 ) 21.55 Shares forfeited (16,343 ) 23.11 Non-vested shares at December 31, 2013 743,869 $ 26.54 Shares granted 272,780 43.12 Shares vested (336,160 ) 25.69 Shares forfeited (12,380 ) 38.94 Non-vested shares at December 31, 2014 668,109 $ 33.51 Shares granted 313,498 56.19 Shares vested (233,831 ) 28.19 Shares forfeited (13,675 ) 42.15 Non-vested shares at December 31, 2015 734,101 $ 44.73 In addition to the non-vested restricted shares, during the year ended December 31, 2015 , the Company granted 68,533 performance-based restricted stock units (RSUs) to certain of its officers and physician employees. The fair value of the Company's common stock on the grant date of these RSUs was $55.40 . The RSUs will vest ratably over a three year period from the grant date. The conversion of the RSUs to restricted stock is contingent on the Company’s achievement of a specified one -year financial performance goal for the year ended December 31, 2015 and, if achieved, would occur during the first quarter of 2016. If the financial performance goal is not achieved, the RSUs will be forfeited. The number of RSUs that will ultimately be received by the holders range from 0% to 150% of the units granted, depending on the Company’s level of achievement with respect to the financial performance goal. At December 31, 2015 , the financial performance goal was achieved at a level that will result in the conversion of the RSUs to restricted stock at 150% . A summary of stock option activity for the three years ended December 31, 2015 is summarized as follows: Weighted Weighted Average Average Remaining Number Exercise Contractual of Shares Price Term (in years) Outstanding at January 1, 2013 1,662,830 $ 23.82 2.9 Options exercised with total intrinsic value of $33.3 million (1,392,366 ) 23.95 Outstanding at December 31, 2013 270,464 $ 23.16 2.5 Options exercised with total intrinsic value of $2.6 million (111,743 ) 23.53 Outstanding at December 31, 2014 158,721 $ 22.89 1.7 Options exercised with total intrinsic value of $4.9 million (113,220 ) 22.81 Options terminated (11,750 ) 23.42 Outstanding, Vested and Exercisable at December 31, 2015 with an aggregate intrinsic value of $1.8 million 33,751 $ 22.98 1.1 The aggregate intrinsic value represents the total pre-tax intrinsic value received by the option holders on the exercise date or that would have been received by the option holders had all holders of in-the-money outstanding options at December 31, 2015 exercised their options at the Company’s closing stock price on December 31, 2015 . d. Earnings per Share Basic net earnings attributable to AmSurg Corp. common stockholders, per common share, excludes dilution and is computed by dividing net earnings attributable to AmSurg Corp. common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net earnings attributable to AmSurg common stockholders, per common share is computed by dividing net earnings attributable to AmSurg Corp. common stockholders by the weighted-average number of common shares outstanding during the period plus any potential dilutive common share equivalents, including shares issuable (1) upon the vesting of restricted stock awards as determined under the treasury stock method and (2) upon conversion of the Company's mandatory convertible preferred stock as determined under the if-converted method. For purposes of calculating diluted earnings per share, preferred stock dividends have been subtracted from both net earnings from continuing operations attributable to AmSurg Corp. and net earnings attributable to AmSurg Corp. common shareholders in periods in which utilizing the if-converted method would be anti-dilutive. The following is a reconciliation of the numerator and denominators of basic and diluted earnings per share (in thousands, except per share amounts): Earnings Shares Per Share (Numerator) (Denominator) Amount For the year ended December 31, 2015: Net earnings from continuing operations attributable to AmSurg Corp. common shareholders (basic) $ 154,892 48,058 $ 3.22 Preferred stock dividends 9,056 — Effect of dilutive securities, options and non-vested shares — 3,554 Net earnings from continuing operations attributable to AmSurg Corp. common shareholders (diluted) $ 163,948 51,612 $ 3.18 For the year ended December 31, 2014: Net earnings from continuing operations attributable to AmSurg Corp. common shareholders (basic) $ 50,777 39,311 $ 1.29 Effect of dilutive securities, options and non-vested shares — 314 Net earnings from continuing operations attributable to AmSurg Corp. common shareholders (diluted) $ 50,777 39,625 $ 1.28 For the year ended December 31, 2013: Net earnings from continuing operations attributable to AmSurg Corp. common shareholders (basic) $ 71,009 31,338 $ 2.27 Effect of dilutive securities, options and non-vested shares — 616 Net earnings from continuing operations attributable to AmSurg Corp. common shareholders (diluted) $ 71,009 31,954 $ 2.22 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Leases | Leases The Company has entered into various building and equipment capital and operating leases in operation and under development and for office space, expiring at various dates through 2037 . Future minimum lease payments, including payments during expected renewal option periods, at December 31, 2015 were as follows (in thousands): Year Ended December 31, Capital Leases Operating Leases 2016 $ 3,021 $ 55,636 2017 2,776 55,857 2018 2,502 53,515 2019 2,068 52,034 2020 1,866 50,378 Thereafter 12,991 331,746 Total minimum rentals 25,224 $ 599,166 Less amounts representing interest at rates ranging from 1.7% to 13.4% 6,611 Capital lease obligations $ 18,613 At December 31, 2015 , buildings and equipment with a cost of approximately $23.4 million and accumulated depreciation of approximately $5.6 million were held under capital leases. The Company and the partners in the partnerships have guaranteed payment of certain of these leases. Rental expense for operating leases for the years ended December 31, 2015 , 2014 and 2013 was approximately $74.6 million , $66.1 million and $52.6 million , respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Certain surgery centers lease space from entities affiliated with their physician partners at negotiated rates that management believes were equal to fair market value at the inception of the leases based on relevant market data. Certain surgery centers reimburse their physician partners for salaries and benefits and billing fees related to time spent by employees of their practices on activities of the centers at current market rates. In addition, certain centers compensate at market rates their physician partners for physician advisory services provided to the surgery centers, including medical director and performance improvement services. Excluding transactions with investments in unconsolidated affiliates disclosed in Note 5, related party payments for the years ended December 31, 2015 , 2014 and 2013 were as follows (in thousands): 2015 2014 2013 Operating leases $ 27,622 $ 27,559 $ 29,240 Salaries and benefits 62,590 66,763 72,892 Billing fees 10,873 9,899 11,591 Medical advisory services 2,635 2,811 2,993 The Company also reimburses their physician partners for operating expenses paid by the physician partners to third party providers on the behalf of the surgery center. The Company believes that the foregoing transactions are reasonably expected to benefit the Company and that the amount of reimbursed expenses included in other operating expenses in the accompanying consolidated statements of earnings for each of the years ended December 31, 2015 , 2014 and 2013 were not significant. It is the Company’s policy that all transactions by the Company with officers, directors, five percent shareholders and their affiliates be entered into only if such transactions are on terms no less favorable to the Company than could be obtained from unaffiliated third parties, are reasonably expected to benefit the Company and are approved by the Nominating and Corporate Governance Committee of the Company’s Board of Directors. |
Employee Benefit Programs
Employee Benefit Programs | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Programs The Company maintains multiple qualified contributory savings plans as allowed under Section 401(k) of the Internal Revenue Code. These plans are defined contribution plans covering substantially all employees of the Company and provide for voluntary contributions by employees, subject to certain limits. Company contributions are primarily based on specified percentages of employee compensation. In some instances, the plan may allow for elective or required Company contributions subject to the limits defined by each plan. The Company funds contributions as accrued. The Company’s contributions for the years ended December 31, 2015 , 2014 and 2013 were approximately $14.1 million , $1.6 million and $1.1 million , respectively, and vest immediately or incrementally over a period of four to five years , depending on the plan and the tenures of the respective employees for which the contributions were made. During 2014, the Company recorded expenses of approximately $5.6 million related to Sheridan which represented the period July 16, 2014 through December 31, 2014. The Company maintains the Supplemental Executive and Director Retirement Savings Plan. This plan is a defined contribution plan covering all officers of the Company and provides for voluntary contributions of up to 50% of employee annual compensation. Company contributions are at the discretion of the Compensation Committee of the Board of Directors and vest incrementally over five years. The employee and employer contributions are placed in a Rabbi Trust and recorded in the accompanying consolidated balance sheets in prepaid and other current assets. Employer contributions to this plan for the years ended December 31, 2015 , 2014 and 2013 were approximately $5.2 million , $0.8 million and $2.3 million , respectively. As of December 31, 2015 and 2014 , the cash surrender value of the supplemental executive and director retirement savings plan investments, which are included in prepaid and other current assets in the accompanying consolidated balance sheets, was $16.6 million and $17.3 million , respectively. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies Litigation From time to time the Company is named as a party to legal claims and proceedings in the ordinary course of business. The Company's management is not aware of any claims or proceedings that are expected to have a material adverse impact on the Company's consolidated financial condition, results of operations or cash flows. Insurance Programs Given the nature of the services provided, the Company and its subsidiaries are subject to professional and general liability claims and related lawsuits in the ordinary course of business. The Company maintains professional insurance with third-party insurers generally on a claims-made basis, subject to self-insured retentions, exclusions and other restrictions. A substantial portion of the professional liability loss risks are being provided by a third-party insurer which is fully reinsured by the Company's wholly-owned captive insurance subsidiary. In addition, the captive provides stop loss coverage for the Company’s self-insured employee health program. The assets, liabilities and results of operations of the wholly-owned captive are consolidated in the accompanying consolidated financial statements. The liabilities for self-insurance in the accompanying consolidated balance sheets include estimates of the ultimate costs related to both reported claims on an individual and aggregate basis and unreported claims. The Company also obtains professional liability insurance on a claims-made basis from third party insurers for its surgery centers and certain of its owned practices and employed physicians. The Company’s reserves for professional liability claims within the self-insured retention are based upon periodic actuarial calculations. These actuarial estimates consider historical claims frequency and severity, loss development patterns and other actuarial assumptions and are not discounted to present value. The Company also maintains insurance for director and officer liability, workers’ compensation liability and property damage. Certain policies are subject to deductibles. In addition to the insurance coverage provided, the Company indemnifies its officers and directors for actions taken on behalf of the Company and its subsidiaries. Redeemable Noncontrolling Interests Certain of the Company’s wholly-owned subsidiaries are responsible for all debts incurred but unpaid by the Company's less than wholly-owned partnerships as these subsidiaries are the general partner. As manager of the operations of these partnerships, the Company has the ability to limit potential liabilities by curtailing operations or taking other operating actions. In the event of a change in current law that would prohibit the physicians’ current form of ownership in the partnerships, the Company would be obligated to purchase the physicians’ interests in a substantial majority of the Company’s partnerships. The purchase price to be paid in such event would be determined by a predefined formula, as specified in the partnership agreements. The Company believes the likelihood of a change in current law that would trigger such purchases was remote as of December 31, 2015 . As a result, the noncontrolling interests that are subject to this redemption feature are not included as part of the Company’s equity and are classified as noncontrolling interests – redeemable on the Company’s consolidated balance sheets. Physician Services Headquarters Operating Lease On January 16, 2015, the Company entered into an agreement to lease approximately 222,000 square feet of office space in Plantation, Florida which it intends to be the future headquarters of its physician services operations. The Company took possession of the space in the fourth quarter of 2015 and began tenant improvements on approximately 167,000 square feet of space, which it intends to occupy during the third quarter of 2016. In addition, the Company plans to begin tenant improvements on an additional 55,000 square feet of space during the third quarter of 2016, which it intends to occupy during the fourth quarter of 2016. Annual rent expense is expected to be approximately $2.9 million . The initial term of this lease agreement expires in February 2029. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting Prior to the Sheridan acquisition, the Company operated its centers as individual components of one operating and reportable segment. Upon completion of the Sheridan acquisition, the Company operates in two major lines of business - the operation of ambulatory surgery centers and providing multi-specialty outsourced physician services, which have been identified as its operating and reportable segments. Through the ambulatory services segment, the Company acquires, develops and operates ambulatory surgery centers in partnership with physicians. Through the physician services segment, the Company provides outsourced physician services in multiple specialties to hospitals, ambulatory surgery centers and other healthcare facilities, primarily in the areas of anesthesiology, radiology, children’s services and emergency medicine. The Company’s financial information by operating segment is prepared on an internal management reporting basis and includes allocations of corporate overhead to each segment. This financial information is used by the chief operating decision maker to allocate resources and assess the performance of the operating segments. The Company’s operating segments have been defined based on the separate financial information that is regularly produced and reviewed by the Company’s chief operating decision maker which is its Chief Executive Officer. The following table presents financial information for each reportable segment (in thousands): Year ended December 31, 2015 2014 2013 Net Revenue: Ambulatory Services $ 1,230,050 $ 1,109,935 $ 1,057,196 Physician Services (1) 1,336,834 512,014 — Total $ 2,566,884 $ 1,621,949 $ 1,057,196 Adjusted Segment EBITDA: Ambulatory Services $ 226,229 $ 197,377 $ 187,972 Physician Services (1) 266,031 107,105 — Total $ 492,260 $ 304,482 $ 187,972 Adjusted Segment EBITDA: $ 492,260 $ 304,482 $ 187,972 Earnings from continuing operations attributable to noncontrolling interests 218,181 190,809 183,484 Interest expense, net (121,586 ) (83,285 ) (29,525 ) Depreciation and amortization (97,493 ) (60,344 ) (32,400 ) Share-based compensation (15,009 ) (10,104 ) (8,321 ) Net change in fair value of contingent consideration (8,804 ) — — Transaction costs (8,324 ) (33,890 ) (300 ) Debt extinguishment costs — (16,887 ) — Net gain on deconsolidations 36,694 3,411 2,237 Earnings from continuing operations before income taxes $ 495,919 $ 294,192 $ 303,147 Acquisition and Capital Expenditures: Ambulatory Services (2) $ 168,593 $ 81,156 $ 102,450 Physician Services 854,401 28,909 — Total $ 1,022,994 $ 110,065 $ 102,450 2015 2014 Assets: Ambulatory Services $ 2,609,479 $ 2,526,625 Physician Services 3,937,003 2,974,437 Total $ 6,546,482 $ 5,501,062 (1) On July 16, 2014, the Company completed the acquisition of Sheridan. Accordingly, historical amounts for periods prior to that date are not included. (2) Excludes the purchase price to acquire Sheridan in 2014. |
Financial Information for the C
Financial Information for the Company and Its Subsidiaries | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Financial Information for the Company and Its Subsidiaries | Financial Information for the Company and Its Subsidiaries The 2020 Senior Unsecured Notes and 2022 Senior Unsecured Notes are senior unsecured obligations of the Company and are guaranteed by its existing and subsequently acquired or organized 100% owned domestic subsidiaries. The 2020 Senior Unsecured Notes and 2022 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 Rule 3-10 of Regulation S-X “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, 2015 (In thousands) Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated Assets Current assets: Cash and cash equivalents $ 20,437 $ 27,507 $ 58,716 $ — $ 106,660 Restricted cash and marketable securities — — 13,506 — 13,506 Accounts receivable, net — 223,434 113,896 — 337,330 Supplies inventory — — 21,406 — 21,406 Prepaid and other current assets 28,739 39,046 16,062 (8,076 ) 75,771 Total current assets 49,176 289,987 223,586 (8,076 ) 554,673 Property and equipment, net 12,515 14,601 162,052 — 189,168 Investments in and receivables from unconsolidated affiliates 4,901,026 1,775,272 — (6,507,128 ) 169,170 Goodwill — 1,956,741 — 2,013,469 3,970,210 Intangible assets, net 59,928 1,579,537 2,346 — 1,641,811 Other assets 4,653 1,717 17,078 (1,998 ) 21,450 Total assets $ 5,027,298 $ 5,617,855 $ 405,062 $ (4,503,733 ) $ 6,546,482 Liabilities and Equity Current liabilities: Current portion of long-term debt $ 8,700 $ — $ 11,677 $ — $ 20,377 Accounts payable 2,816 3,760 29,837 (3,852 ) 32,561 Accrued salaries and benefits 31,510 158,705 12,322 — 202,537 Accrued interest 30,463 — 17 — 30,480 Other accrued liabilities 13,962 76,590 32,909 (4,224 ) 119,237 Total current liabilities 87,451 239,055 86,762 (8,076 ) 405,192 Long-term debt 2,373,251 — 55,275 (23,396 ) 2,405,130 Deferred income taxes 268,573 432,923 — (1,998 ) 699,498 Other long-term liabilities 4,560 71,509 20,114 — 96,183 Intercompany payable — 1,228,157 — (1,228,157 ) — Noncontrolling interests – redeemable — — 63,060 112,672 175,732 Equity: Total AmSurg Corp. equity 2,293,463 3,646,211 132,267 (3,778,478 ) 2,293,463 Noncontrolling interests – non-redeemable — — 47,584 423,700 471,284 Total equity 2,293,463 3,646,211 179,851 (3,354,778 ) 2,764,747 Total liabilities and equity $ 5,027,298 $ 5,617,855 $ 405,062 $ (4,503,733 ) $ 6,546,482 Condensed Consolidating Balance Sheet - December 31, 2014 (In thousands) Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated Assets Current assets: Cash and cash equivalents $ 134,351 $ 23,471 $ 50,257 $ — $ 208,079 Restricted cash and marketable securities — — 10,219 — 10,219 Accounts receivable, net — 123,772 109,281 — 233,053 Supplies inventory — 301 19,673 — 19,974 Prepaid and other current assets 46,097 37,826 13,795 (4,818 ) 92,900 Total current assets 180,448 185,370 203,225 (4,818 ) 564,225 Property and equipment, net 10,391 9,972 160,085 — 180,448 Investments in and receivables from unconsolidated affiliates 3,912,804 1,587,881 — (5,425,210 ) 75,475 Goodwill — 1,490,981 — 1,890,168 3,381,149 Intangible assets, net 67,678 1,203,218 2,983 — 1,273,879 Other assets 3,323 943 23,086 (1,466 ) 25,886 Total assets $ 4,174,644 $ 4,478,365 $ 389,379 $ (3,541,326 ) $ 5,501,062 Liabilities and Equity Current liabilities: Current portion of long-term debt $ 8,700 $ — $ 10,126 $ — $ 18,826 Accounts payable 1,849 35 31,781 (4,080 ) 29,585 Accrued salaries and benefits 25,035 101,395 13,614 — 140,044 Accrued interest 29,621 — 23 — 29,644 Other accrued liabilities 8,051 44,305 16,368 (738 ) 67,986 Total current liabilities 73,256 145,735 71,912 (4,818 ) 286,085 Long-term debt 2,206,950 — 53,648 (28,412 ) 2,232,186 Deferred income taxes 207,500 404,984 — (1,466 ) 611,018 Other long-term liabilities 7,391 63,616 18,436 — 89,443 Intercompany payable — 1,219,979 8,010 (1,227,989 ) — Noncontrolling interests – redeemable — — 63,544 120,555 184,099 Equity: Total AmSurg Corp. equity 1,679,547 2,644,051 130,206 (2,774,257 ) 1,679,547 Noncontrolling interests – non-redeemable — — 43,623 375,061 418,684 Total equity 1,679,547 2,644,051 173,829 (2,399,196 ) 2,098,231 Total liabilities and equity $ 4,174,644 $ 4,478,365 $ 389,379 $ (3,541,326 ) $ 5,501,062 Condensed Consolidating Statement of Earnings - Year Ended December 31, 2015 (In thousands) Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated Net revenue $ 28,554 $ 1,331,042 $ 1,245,292 $ (38,004 ) $ 2,566,884 Operating expenses: Salaries and benefits 69,102 937,484 308,313 (507 ) 1,314,392 Supply cost — 2,436 181,866 (80 ) 184,222 Other operating expenses 24,682 145,369 265,160 (37,417 ) 397,794 Transaction costs 1,762 6,562 — — 8,324 Depreciation and amortization 3,912 61,658 31,923 — 97,493 Total operating expenses 99,458 1,153,509 787,262 (38,004 ) 2,002,225 Gain (loss) on deconsolidations — 37,350 (656 ) — 36,694 Equity in earnings of unconsolidated affiliates 349,139 251,093 — (584,080 ) 16,152 Operating income 278,235 465,976 457,374 (584,080 ) 617,505 Interest expense, net 41,140 77,947 2,499 — 121,586 Earnings from continuing operations before income taxes 237,095 388,029 454,875 (584,080 ) 495,919 Income tax expense 73,159 38,891 1,740 — 113,790 Net earnings from continuing operations 163,936 349,138 453,135 (584,080 ) 382,129 Net loss from discontinued operations (989 ) — (24 ) — (1,013 ) Net earnings 162,947 349,138 453,111 (584,080 ) 381,116 Net earnings attributable to noncontrolling interests — — 218,169 — 218,169 Net earnings attributable to AmSurg Corp. shareholders 162,947 349,138 234,942 (584,080 ) 162,947 Preferred stock dividends (9,056 ) — — — (9,056 ) Net earnings attributable to AmSurg Corp. common shareholders $ 153,891 $ 349,138 $ 234,942 $ (584,080 ) $ 153,891 Amounts attributable to AmSurg Corp. common shareholders: Earnings from continuing operations, net of income tax $ 154,880 $ 349,138 $ 234,954 $ (584,080 ) $ 154,892 Loss from discontinued operations, net of income tax (989 ) — (12 ) — (1,001 ) Net earnings attributable to AmSurg Corp. common shareholders $ 153,891 $ 349,138 $ 234,942 $ (584,080 ) $ 153,891 Condensed Consolidating Statement of Earnings - Year Ended December 31, 2014 (In thousands) Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated Net revenue $ 24,773 $ 508,572 $ 1,112,940 $ (24,336 ) $ 1,621,949 Operating expenses: Salaries and benefits 65,697 350,615 284,050 (5,786 ) 694,576 Supply cost — 1,292 163,004 — 164,296 Other operating expenses 18,667 53,413 231,398 (18,550 ) 284,928 Transaction costs 29,004 4,886 — — 33,890 Depreciation and amortization 4,044 25,610 30,690 — 60,344 Total operating expenses 117,412 435,816 709,142 (24,336 ) 1,238,034 Gain on deconsolidation — 3,411 — — 3,411 Equity in earnings of unconsolidated affiliates 237,657 211,889 — (442,508 ) 7,038 Operating income 145,018 288,056 403,798 (442,508 ) 394,364 Interest expense, net 47,997 33,026 2,262 — 83,285 Debt extinguishment costs 16,887 — — — 16,887 Earnings from continuing operations before income taxes 80,134 255,030 401,536 (442,508 ) 294,192 Income tax expense 29,166 17,373 1,564 — 48,103 Net earnings from continuing operations 50,968 237,657 399,972 (442,508 ) 246,089 Net earnings (loss) from discontinued operations 2,733 — (4,029 ) — (1,296 ) Net earnings 53,701 237,657 395,943 (442,508 ) 244,793 Net earnings attributable to noncontrolling interests — 21 191,071 — 191,092 Net earnings attributable to AmSurg Corp. shareholders 53,701 237,636 204,872 (442,508 ) 53,701 Preferred stock dividends (4,503 ) — — — (4,503 ) Net earnings attributable to AmSurg Corp. common shareholders $ 49,198 $ 237,636 $ 204,872 $ (442,508 ) $ 49,198 Amounts attributable to AmSurg Corp. common shareholders: Earnings from continuing operations, net of income tax $ 46,465 $ 237,636 $ 209,184 $ (442,508 ) $ 50,777 Earnings (loss) from discontinued operations, net of income tax 2,733 — (4,312 ) — (1,579 ) Net earnings attributable to AmSurg Corp. common shareholders $ 49,198 $ 237,636 $ 204,872 $ (442,508 ) $ 49,198 Condensed Consolidating Statement of Earnings - Year Ended December 31, 2013 (In thousands) Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated Net revenue $ 24,167 $ — $ 1,050,547 $ (17,518 ) $ 1,057,196 Operating expenses: Salaries and benefits 61,038 — 267,014 (467 ) 327,585 Supply cost — — 153,126 — 153,126 Other operating expenses 22,360 — 211,192 (17,051 ) 216,501 Transaction costs 300 — — — 300 Depreciation and amortization 3,186 — 29,214 — 32,400 Total operating expenses 86,884 — 660,546 (17,518 ) 729,912 Gain on deconsolidation — 2,237 — — 2,237 Equity in earnings of unconsolidated affiliates 207,199 204,962 — (409,010 ) 3,151 Operating income 144,482 207,199 390,001 (409,010 ) 332,672 Interest expense, net 27,282 — 2,243 — 29,525 Earnings from continuing operations before income taxes 117,200 207,199 387,758 (409,010 ) 303,147 Income tax expense 47,139 — 1,515 — 48,654 Net earnings from continuing operations 70,061 207,199 386,243 (409,010 ) 254,493 Net earnings from discontinued operations 2,642 — 4,409 — 7,051 Net earnings 72,703 207,199 390,652 (409,010 ) 261,544 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 $ 70,061 $ 207,199 $ 202,759 $ (409,010 ) $ 71,009 Earnings (loss) from discontinued operations, net of income tax 2,642 — (948 ) — 1,694 Net earnings attributable to AmSurg Corp. common shareholders $ 72,703 $ 207,199 $ 201,811 $ (409,010 ) $ 72,703 Condensed Consolidating Statement of Cash Flows - Year Ended December 31, 2015 (In thousands) Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated Cash flows from operating activities: Net cash flows provided by operating activities $ 40,432 $ 353,932 $ 489,820 $ (346,225 ) $ 537,959 Cash flows from investing activities: Acquisitions and related transactions (757,775 ) (969,259 ) — 764,345 (962,689 ) Acquisition of property and equipment (5,876 ) (22,988 ) (31,441 ) — (60,305 ) Proceeds from sale of interests in surgery centers — 7,114 — — 7,114 Purchases of marketable securities — — (3,984 ) — (3,984 ) Maturities of marketable securities — — 4,233 — 4,233 Other — (2,927 ) 1,733 — (1,194 ) Net cash flows used in investing activities (763,651 ) (988,060 ) (29,459 ) 764,345 (1,016,825 ) Cash flows from financing activities: Proceeds from long-term borrowings 546,000 — 14,133 — 560,133 Repayment on long-term borrowings (379,700 ) — (12,886 ) — (392,586 ) Distributions to owners, including noncontrolling interests — (109,862 ) (451,262 ) 346,225 (214,899 ) Capital contributions — 757,775 — (757,775 ) — Proceeds from common stock offering 466,777 — — — 466,777 Payments of equity issuance costs (19,058 ) — — — (19,058 ) Financing cost incurred (1,101 ) — (10 ) — (1,111 ) Changes in intercompany balances with affiliates, net 5,016 — (5,016 ) — — Other financing activities, net (8,629 ) (9,749 ) 3,139 (6,570 ) (21,809 ) Net cash flows provided by (used in) financing activities 609,305 638,164 (451,902 ) (418,120 ) 377,447 Net increase (decrease) in cash and cash equivalents (113,914 ) 4,036 8,459 — (101,419 ) Cash and cash equivalents, beginning of period 134,351 23,471 50,257 — 208,079 Cash and cash equivalents, end of period $ 20,437 $ 27,507 $ 58,716 $ — $ 106,660 Condensed Consolidating Statement of Cash Flows - Year Ended December 31, 2014 (In thousands) Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated Cash flows from operating activities: Net cash flows provided by operating activities $ 96,681 $ 298,415 $ 430,880 $ (413,605 ) $ 412,371 Cash flows from investing activities: Acquisitions and related transactions (2,124,124 ) (2,188,191 ) 1,520 2,126,737 (2,184,058 ) Acquisition of property and equipment (7,877 ) (9,933 ) (22,407 ) — (40,217 ) Proceeds from sale of interests in surgery centers — 7,069 — — 7,069 Purchases of marketable securities — — (6,474 ) — (6,474 ) Maturities of marketable securities — — 3,486 — 3,486 Other (3,068 ) (6,594 ) 4,721 — (4,941 ) Net cash flows used in investing activities (2,135,069 ) (2,197,649 ) (19,154 ) 2,126,737 (2,225,135 ) Cash flows from financing activities: Proceeds from long-term borrowings 2,040,000 — 8,958 — 2,048,958 Repayment on long-term borrowings (396,493 ) — (11,982 ) — (408,475 ) Distributions to owners, including noncontrolling interests — (202,247 ) (401,455 ) 413,605 (190,097 ) Capital contributions — 2,124,124 — (2,124,124 ) — Proceeds from preferred stock offering 172,500 — — — 172,500 Proceeds from common stock offering 439,875 — — — 439,875 Payments of equity issuance costs (24,494 ) — — — (24,494 ) Financing cost incurred (65,811 ) — — — (65,811 ) Changes in intercompany balances with affiliates, net 2,965 — (2,965 ) — — Other financing activities, net (2,513 ) 828 1,845 (2,613 ) (2,453 ) Net cash flows provided by (used in) financing activities 2,166,029 1,922,705 (405,599 ) (1,713,132 ) 1,970,003 Net increase in cash and cash equivalents 127,641 23,471 6,127 — 157,239 Cash and cash equivalents, beginning of period 6,710 — 44,130 — 50,840 Cash and cash equivalents, end of period $ 134,351 $ 23,471 $ 50,257 $ — $ 208,079 Condensed Consolidating Statement of Cash Flows - Year Ended December 31, 2013 (In thousands) Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total 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: Acquisitions 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 period 7,259 — 39,139 — 46,398 Cash and cash equivalents, end of period $ 6,710 $ — $ 44,130 $ — $ 50,840 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company assessed events occurring subsequent to December 31, 2015 for potential recognition and disclosure in the consolidated financial statements. No events have occurred that would require adjustment to or disclosure in the consolidated financial statements. |
Quarterly Statement of Earnings
Quarterly Statement of Earnings Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Statement of Earnings Data (Unaudited) | Quarterly Statement of Earnings Data (Unaudited) The following table presents certain quarterly statement of earnings data for the years ended December 31, 2015 and 2014 . The quarterly statement of earnings data set forth below was derived from the Company’s unaudited financial statements and includes all adjustments, consisting of normal recurring adjustments, which the Company considers necessary for a fair presentation thereof. Results of operations for any particular quarter are not necessarily indicative of results of operations for a full year or predictive of future periods. 2015 2014 Q1 Q2 Q3 Q4 Q1 Q2 Q3 (1) Q4 (In thousands, except per share data) Net revenues $ 570,445 $ 641,950 $ 650,227 $ 704,262 $ 259,561 $ 278,227 $ 502,350 $ 581,811 Earnings from continuing operations before income taxes 83,004 115,940 135,797 161,178 73,028 80,487 39,142 101,535 Net earnings from continuing operations 68,755 90,747 98,279 124,348 60,046 67,689 39,120 79,234 Net earnings (loss) from discontinued operations — — — (1,013 ) 68 483 (1,697 ) (150 ) Net earnings 68,755 90,747 98,279 123,335 60,114 68,172 37,423 79,084 Net earnings (loss) attributable to AmSurg Corp. common shareholders: Continuing 18,774 31,411 40,397 64,310 17,392 18,771 (10,697 ) 25,311 Discontinued — — — (1,001 ) (197 ) 190 (1,376 ) (196 ) Net earnings (loss) $ 18,774 $ 31,411 $ 40,397 $ 63,309 $ 17,195 $ 18,961 $ (12,073 ) $ 25,115 Basic net earnings (loss) from continuing operations per share $ 0.39 $ 0.66 $ 0.85 $ 1.31 $ 0.55 $ 0.59 $ (0.23 ) $ 0.53 Basic net earnings (loss) per share $ 0.39 $ 0.66 $ 0.85 $ 1.28 $ 0.54 $ 0.60 $ (0.26 ) $ 0.53 Diluted net earnings (loss) from continuing operations per share $ 0.39 $ 0.65 $ 0.83 $ 1.26 $ 0.54 $ 0.58 $ (0.23 ) $ 0.53 Diluted net earnings (loss) per share $ 0.39 $ 0.65 $ 0.83 $ 1.24 $ 0.54 $ 0.59 $ (0.26 ) $ 0.53 (1) The results of operations for Sheridan are effective July 16, 2014. Additionally, $16.9 million of debt extinguishment costs and $25.1 million of transaction costs were incurred during the quarter. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | AmSurg Corp. Schedule II – Valuation and Qualifying Accounts For the Years Ended December 31, 2015 , 2014 and 2013 (In thousands ) Balance at Charged to Charge-off Balance Beginning Cost and Against at End of of Period Expenses Allowances Period Allowance for uncollectible accounts included under the balance sheet caption “Accounts receivable”: Year ended December 31, 2015 $ 113,357 $ 287,427 $ (233,373 ) $ 167,411 Year ended December 31, 2014 27,862 139,274 (53,779 ) 113,357 Year ended December 31, 2013 22,379 21,983 (16,500 ) 27,862 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation Ambulatory Services AmSurg Corp. (the “Company”), through its wholly-owned subsidiaries, owns interests, primarily 51%, in limited liability companies (LLCs) and limited partnerships (LPs) which own and operate ASCs primarily in the following specialties: gastroenterology; multi-specialty; ophthalmology; and orthopaedics. All LLCs and LPs and noncontrolling partners are referred to herein as “partnerships” and “partners”, respectively. The Company does not have an ownership interest in a partnership greater than 51% which it does not consolidate. The Company has ownership interests of less than 51% in 23 partnerships, 2 of which it consolidates as the Company has substantive participation rights and 21 of which it does not consolidate as the Company’s rights are limited to protective rights only. Consolidation of certain less than wholly owned partnerships is necessary as the Company’s wholly-owned subsidiaries have primarily 51% or more of the financial interest of the partnership, are the general partner or majority member with all the duties, rights and responsibilities thereof, are responsible for the day-to-day management of the partnership, and have control of the entities. The responsibilities of the Company’s noncontrolling partners (LPs and noncontrolling members) are to supervise the delivery of medical services, with their rights being restricted to those that protect their financial interests, such as approval of the acquisition of significant assets or the incurrence of debt which they are generally required to guarantee on a pro rata basis based upon their respective ownership interests. Intercompany profits, transactions and balances have been eliminated. Ownership interests in consolidated subsidiaries held by parties other than the Company are identified and generally presented in the consolidated financial statements within the equity section but separate from the Company’s equity. However, for instances in which certain redemption features that are not solely within the control of the Company are present, classification of noncontrolling interests outside of permanent equity is required. Consolidated net income attributable to the Company and to the noncontrolling interests are identified and presented on the consolidated statements of earnings; changes in ownership interests are accounted for as equity transactions; and when a subsidiary is deconsolidated, any retained noncontrolling equity investment in the former subsidiary and the gain or loss on the deconsolidation of the subsidiary are measured at fair value. Certain transactions with noncontrolling interests are also classified within financing activities in the statements of cash flows. As further described in note 19, upon the occurrence of various fundamental regulatory changes, the Company would be obligated, under the terms of certain partnership and operating agreements, to purchase the noncontrolling interests related to a substantial majority of the Company’s partnerships. While the Company believes that the likelihood of a change in current law that would trigger such purchases was remote as of December 31, 2015 , the occurrence of such regulatory changes is outside the control of the Company. As a result, these noncontrolling interests that are subject to this redemption feature are not included as part of the Company’s equity and are classified as noncontrolling interests – redeemable on the Company’s consolidated balance sheets. Center profits and losses of consolidated entities are allocated to the Company’s partners in proportion to their ownership percentages and reflected in the aggregate as net earnings attributable to noncontrolling interests. The partners of the Company’s center partnerships typically are organized as general partnerships, LLCs or LPs that are not subject to federal income tax. Each partner shares in the pre-tax earnings of the center in which it is a partner. Accordingly, the earnings attributable to noncontrolling interests in each of the Company’s consolidated partnerships are generally determined on a pre-tax basis, and total net earnings attributable to noncontrolling interests are presented after net earnings. However, the Company considers the impact of the net earnings attributable to noncontrolling interests on earnings before income taxes in order to determine the amount of pre-tax earnings on which the Company must determine its income tax expense. In addition, distributions from the partnerships are made to both the Company’s wholly-owned subsidiaries and the partners on a pre-tax basis. Physician Services On July 16, 2014, the Company completed its acquisition of Sheridan Healthcare (Sheridan). Sheridan is a national provider of multi-specialty physician and administrative services to hospitals, ambulatory surgery centers and other healthcare facilities. Sheridan focuses on delivering comprehensive physician services, primarily in the areas of anesthesiology, radiology, children's services and emergency medicine to healthcare facilities. Through its contracts with healthcare facilities, Sheridan is authorized to bill and collect charges for fee for service medical services rendered by its healthcare professionals and employees in exchange for the provision of services to the patients of these facilities. Contract revenue is earned directly from hospital customers through a variety of payment arrangements that are established to supplement payments from third-party payors. Sheridan also provides physician services and manages office-based practices in the areas of gynecology, obstetrics and perinatology. The consolidated financial statements include the accounts of Sheridan and its wholly-owned subsidiaries along with the accounts of affiliated professional corporations (PCs) with which Sheridan has certain management arrangements. Sheridan's agreements with these PCs provide that the term of the arrangements is permanent, subject only to termination by the Company, except in the case of gross negligence, fraud or bankruptcy of the Company. The PC structure is primarily used in states which prohibit the corporate practice of medicine. The arrangements are captive in nature as a majority of the outstanding voting equity instruments of the PCs are owned by nominee shareholders appointed at the sole discretion of the Company. The nominee shareholder is generally a medical doctor who is generally a senior corporate employee of the Company. The Company has a contractual right to transfer the ownership of the PCs at any time to any person it designates as the nominee shareholder. The Company has the right to all assets and to receive income, both as ongoing fees and as proceeds from the sale of any interest in the PCs, in an amount that fluctuates based on the performance of the PCs and the change in the fair value of the interest in the PCs. The Company has exclusive responsibility for the provision of all non-medical services required for the day-to-day operation and management of the PCs and establishes the guidelines for the employment and compensation of the physicians and other employees of the PCs which is consistent with the operation of the Company's wholly-owned affiliates. Based on the provisions of these agreements, the Company has determined that the PCs are variable interest entities and that the Company is the primary beneficiary as defined in ASC 810 “ Consolidations. ” |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents are comprised principally of demand deposits at banks and other highly liquid short-term investments with maturities of less than three months when purchased. Cash and cash equivalents are reflected in the financial statements at cost, which approximates fair value. |
Restricted Cash | Restricted Cash and Marketable Securities As of December 31, 2015 and 2014 , the Company had $27.4 million and $30.3 million , respectively, of restricted cash and marketable securities in the accompanying consolidated balance sheets which is restricted for the purpose of satisfying the obligations of the Company's wholly-owned captive insurance company. The Company has reflected $13.9 million and $20.1 million as of December 31, 2015 and 2014 , respectively, of its restricted cash and marketable securities as a component of other assets in the accompanying consolidated balance sheets. Restricted cash and marketable securities reflected as a component of total current assets in the accompanying consolidated balance sheets represent amounts available to satisfy the claims payments estimated to occur in the next 12 months. As of December 31, 2015 and 2014 , the Company had $2.7 million and $3.0 million , respectively, included in restricted cash and marketable securities at cost, consisting of certificates of deposit with maturities less than 180 days, which approximates fair value. |
Supplies Inventory | Supplies Inventory Supplies inventory consists of medical and drug supplies and is recorded at cost on a first-in, first-out basis. |
Fair Value Measurements | Fair Value Measurements The fair value of a financial instrument is the amount at which the instrument could be exchanged in an orderly transaction between market participants to sell the asset or transfer the liability. The inputs used by the Company to measure fair value are classified into the following hierarchy: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with market data at the measurement date. Level 3: Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. In determining the fair value of assets and liabilities that are measured on a recurring basis at December 31, 2015 and 2014 , with the exception of contingent purchase price payables and the retained interests of investments in unconsolidated affiliates (further discussed in note 4 and note 5, respectively), the Company utilized Level 1 and 2 inputs to perform such measurements methods, which were commensurate with the market approach. There were no transfers to or from Levels 1 and 2 during the year ended December 31, 2015 . The Company's non-patient receivables and accounts payable are reflected in the financial statements at cost, which approximates fair value. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Reclassifications | Reclassifications Certain amounts in the consolidated financial statements and these notes have been reclassified for the retrospective adoption of the Financial Accounting Standards Board's (FASB) Accounting Standards Update (ASU) 2015-17 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In April 2014, the FASB issued ASU 2014-08 “Presentation of Financial Statements and Property, Plant and Equipment,” which raised the threshold for a disposal to qualify as a discontinued operation and requires certain new disclosures for individually material disposals that do not meet the new definition of a discontinued operation. The ASU’s intent is to reduce the number of disposals reported as discontinued operations by focusing on strategic shifts that have or will have a major effect on the Company’s operations and financial results rather than routine disposals that are not a change in the Company’s strategy. The guidance is effective for interim and annual periods beginning after December 15, 2014, with earlier adoption permitted. From time to time, the Company will dispose of certain of its entities due to management’s assessment of the Company’s strategy in the market and due to limited growth opportunities at those entities. Historically, these dispositions were classified as discontinued operations and recorded separately from continuing operations. The Company adopted this ASU effective January 1, 2015. In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers,” which will eliminate the transaction and industry-specific revenue recognition guidance under current GAAP and replace it with a principle-based approach using the following steps: identify the contract(s) with a customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract and recognize revenue when (or as) the entity satisfies a performance obligation. In August 2015, the FASB issued ASU 2015-14 “ Revenue from Contracts with Customers (Topic 606), Deferral of the Effective Date” which granted a one-year deferral of this ASU. The guidance in ASU 2014-09 will now be effective for public entities for annual reporting periods beginning after December 15, 2017, including interim periods therein. Early adoption will be permitted for annual reporting periods beginning after December 15, 2016, including interim periods therein. The Company has yet to assess the impact, if any, this ASU will have on the Company's consolidated financial position, results of operations or cash flows. In February 2015, the FASB issued ASU No. 2015-02, “ Consolidations (Topic 810) - Amendments to the Consolidation Analysis”. The new guidance makes amendments to the current consolidation guidance, including introducing a separate consolidation analysis specific to limited partnerships and other similar entities. Under this analysis, limited partnerships and other similar entities will be considered a variable-interest entity unless the limited partners hold substantive kick-out rights or participating rights. The standard is effective for annual periods beginning after December 15, 2015, including interim periods therein. The Company does not believe this ASU will impact the Company's consolidated financial position, results of operations or cash flows. However, the Company continues to evaluate the disclosures required under this ASU and has not yet determined the impact, if any. In April 2015, the FASB issued ASU No. 2015-03, “ Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”. ASU 2015-03 amends current presentation guidance by requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. In August 2015, the FASB issued ASU 2015-15 “Interest - Imputation of Interest (Subtopic 835-50), Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to Securities and Exchange Commission (SEC) Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting (SEC Update)” which incorporates into the Accounting Standards Codification an SEC staff announcement that the SEC staff will not object to an entity presenting the cost of securing a revolving line of credit as an asset, regardless of whether a balance is outstanding. The standards are effective for annual periods beginning after December 15, 2015, and interim periods within those fiscal years. Upon adoption, the Company will reclassify debt issuance costs which are currently presented as a component of intangible assets in the accompanying consolidated balance sheets to long-term debt, except those debt issuance costs associated with the Company's revolving credit facility. The Company expects the adoption of this standard will not have a significant impact on the Company's consolidated financial position and will have no impact on the results of operations or cash flows. In September 2015, the FASB issued ASU 2015-16 “Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments” which eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. Instead, an acquirer will recognize a measurement-period adjustment during the period in which it determines the amount of the adjustment, including the effect on earnings of any amounts it would have recorded in previous periods if the accounting had been completed at the acquisition date. The guidance is effective for fiscal years, including interim periods within those fiscal years, beginning after December 31, 2015 with early adoption permitted. The Company adopted this standard as of September 2015. The adoption of this ASU did not have a material effect on the Company's consolidated financial position, results of operations or cash flows as of December 31, 2015. In November 2015, the FASB issued ASU 2015-17 “Balance Sheet Classification of Deferred Taxes” which requires companies to classify all deferred tax assets and liabilities as noncurrent on the balance sheet instead of separating deferred taxes into current and non-current. The guidance is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Early adoption is permitted and companies may adopt the guidance prospectively or retrospectively. The Company adopted this standard retrospectively as of December 31, 2015 and as a result, reclassified $22.5 million from prepaid and other current assets to noncurrent deferred income taxes at December 31, 2014 in the accompanying consolidated balance sheets. |
Revenue Recognition | Ambulatory Services Ambulatory services revenues consist of billing for the use of the centers’ facilities directly to the patient or third-party payor and, at certain of the Company’s centers (primarily centers that perform gastrointestinal endoscopy procedures), billing for anesthesia services provided by medical professionals employed or contracted by the Company’s centers. Such revenues are recognized when the related surgical procedures are performed. Revenues exclude any amounts billed for physicians’ surgical services, which are billed separately by the physicians to the patient or third-party payor. Revenues from ambulatory services are recognized on the date of service, net of estimated contractual adjustments from third-party medical service payors including Medicare and Medicaid. During the years ended December 31, 2015 , 2014 and 2013 , the Company derived approximately 26% , 25% and 25% , respectively, of its ambulatory services revenues from governmental healthcare programs, primarily Medicare and managed Medicare programs. Physician Services Physician services revenues primarily consist of fee for service revenue and contract revenue and is derived principally from the provision of physician services to patients of the healthcare facilities the Company serves. Contract revenue represents income earned from the Company's hospital customers to supplement payments from third-party payors. The Company records revenue at the time services are provided, net of a contractual allowance and a provision for uncollectibles. Revenue less the contractual allowance represents the net revenue expected to be collected from third-party payors (including managed care, commercial and governmental payors such as Medicare and Medicaid) and patients insured by these payors. The Company also recognizes revenue for services provided during the period but are not yet billed. Expected collections are estimated based on fees and negotiated payment rates in the case of third-party payors, the specific benefits provided for under each patient's healthcare plan, mandated payment rates under the Medicare and Medicaid programs, and historical cash collections. The Company's provision for uncollectibles includes its estimate of uncollectible balances due from uninsured patients, uncollectible co-pay and deductible balances due from insured patients and special charges, if any, for uncollectible balances due from managed care, commercial and governmental payors. The Company records net revenue from uninsured patients at its estimated realizable value, which includes a provision for uncollectible balances, based on historical cash collections (net of recoveries). |
Accounts Receivable | Accounts Receivable The Company manages accounts receivable by regularly reviewing its accounts and contracts and by providing appropriate allowances for contractual adjustments and uncollectible amounts. Some of the factors considered by management in determining the amount of such allowances are the historical trends of cash collections, contractual and bad debt write-offs, accounts receivable agings, established fee schedules, contracts with payors, changes in payor mix and procedure statistics. Assessment of actual collections of accounts receivable in subsequent periods may require changes in the estimated contractual allowance and provision for uncollectibles. The Company routinely tests its analysis by comparing cash collections to net patient revenues and monitoring self-pay utilization. In addition, when actual collection percentages differ from expected results, for each facility or contract, supplemental detailed reviews of the outstanding accounts receivable balances may be performed by the Company to determine whether there are facts and circumstances existing that may cause a different conclusion as to the estimate of the collectability of that contract’s accounts receivable from the estimate resulting from using the historical collection experience. The Company may also supplement its allowance for doubtful accounts policy for its physician services using a hindsight calculation that utilizes write-off data for all payor classes during the previous periods to estimate the allowance for doubtful accounts at a point in time. Material changes in estimates may result from unforeseen write-offs of patient or third party accounts receivable, unsuccessful disputes with managed care payors, adverse macro-economic conditions which limit patients’ ability to meet their financial obligations for the care provided by physicians, or broad changes to government regulations that adversely impact reimbursement rates for services provided by the Company. Significant changes in payor mix, specialty mix, acuity, business office operations, general economic conditions and health care coverage provided by federal or state governments or private insurers may have a significant impact on the Company’s estimates and significantly affect its results of operations and cash flows. |
Acquisitions | Acquisitions The Company accounts for its business combinations under the fundamental requirements of the acquisition method of accounting and under the premise that an acquirer be identified for each business combination. The acquirer is the entity that obtains control of one or more businesses in the business combination and the acquisition date is the date the acquirer achieves control. The assets acquired, liabilities assumed and any noncontrolling interests in the acquired business at the acquisition date are recognized at their fair values as of that date, and the direct costs incurred in connection with the business combination are recorded and expensed separately from the business combination. Acquisitions in which the Company is able to exert significant influence but does not have control are accounted for using the equity method. |
Investments in Unconsolidated Affiliates | Investments in Unconsolidated Affiliates Investments in unconsolidated affiliates in which the Company exerts significant influence but does not control or otherwise consolidate are accounted for using the equity method. Equity method investments are initially recorded at cost, unless such investments are a result of the Company entering into a transaction whereby the Company loses control of a previously controlled entity but retains a noncontrolling interest. Such transactions, which result in the deconsolidation of a previously consolidated entity, are measured at fair value. The fair value measurement utilizes Level 3 inputs, which include unobservable data, to measure the fair value of the retained noncontrolling interest. The fair value determination are generally based on a combination of multiple valuation methods which can include discounted cash flow, income approach, or market value approach which incorporates estimates of future earnings and market valuation multiples for certain guideline companies. These investments are included as investments in unconsolidated affiliates in the accompanying consolidated balance sheets. The Company’s share of the profits and losses from these investments is reported in equity in earnings of unconsolidated affiliates in the accompanying consolidated statements of earnings. The Company monitors its investments for other-than-temporary impairment by considering factors such as current economic and market conditions and the operating performance of the companies and records reductions in carrying values when necessary. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost. Equipment held under capital leases is stated at the present value of minimum lease payments at the inception of the related leases. Depreciation for buildings and improvements is recognized under the straight-line method over 20 to 40 years or, for leasehold improvements, over the remaining term of the lease plus renewal options for which failure to renew the lease imposes a penalty on the Company in such an amount that a renewal appears, at the inception of the lease, to be reasonably assured. The primary penalty to which the Company is subject is the economic detriment associated with existing leasehold improvements which might be impaired if a decision is made not to continue the use of the leased property. Depreciation for movable equipment is recognized over useful lives of three to ten years . |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The Company’s intangible assets include goodwill and other intangibles, which include the fair value of both the customer relationships with hospitals and trade names acquired in the Company's physician services segment. The Company's indefinite lived intangibles include goodwill and trade names. Goodwill represents the excess of purchase price over the fair value of net assets acquired. The Company evaluates indefinite lived intangible assets, including goodwill, for impairment at least on an annual basis and more frequently if certain indicators are encountered. Indefinite lived intangibles are to be tested at the reporting unit level, defined as an operating segment or one level below an operating segment (referred to as a component), with the fair value of the reporting unit being compared to its carrying amount. If the fair value of a reporting unit exceeds its carrying amount, the indefinite lived intangibles associated with the reporting unit is not considered to be impaired. The Company completed its annual impairment test as of October 1, 2015 , and determined that its indefinite lived intangibles were not impaired. The Company's finite-lived intangibles includes its customer relationship with hospitals. The Company tests its finite-lived intangibles for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. The Company's policy is to recognize an impairment charge when the carrying amount is not recoverable and such amount exceeds fair value. During the year ended December 31, 2015 , there were no events or circumstances that indicated a potential impairment in the Company's finite-lived intangibles. |
Amortization of Intangible Assets | Intangible assets consist primarily of customer relationships with hospitals, deferred financing costs, capitalized software and certain amortizable and non-amortizable non-compete and customer agreements. Customer relationships with hospitals are initially recorded at their estimated fair value and amortized on a straight-line basis over 20 years . Deferred financing costs and amortizable non-compete agreements and customer agreements are amortized over the term of the related debt as interest expense and the contractual term or estimated life ( five to ten years ) of the agreements as amortization expense. Capitalized software is amortized over estimated useful lives of three to eight years. |
Insurance Programs | The Company maintains professional liability insurance policies with third-party insurers generally on a claims-made basis, subject to self-insured retention, exclusions and other restrictions. A substantial portion of the professional liability loss risks are being provided by a third-party insurer which is fully reinsured by the Company's wholly-owned captive insurance subsidiary. The Company records an estimate of liabilities for self-insured amounts and claims incurred but not reported based on an actuarial valuation using historical loss patterns, which are not discounted. Insurance Programs Given the nature of the services provided, the Company and its subsidiaries are subject to professional and general liability claims and related lawsuits in the ordinary course of business. The Company maintains professional insurance with third-party insurers generally on a claims-made basis, subject to self-insured retentions, exclusions and other restrictions. A substantial portion of the professional liability loss risks are being provided by a third-party insurer which is fully reinsured by the Company's wholly-owned captive insurance subsidiary. In addition, the captive provides stop loss coverage for the Company’s self-insured employee health program. The assets, liabilities and results of operations of the wholly-owned captive are consolidated in the accompanying consolidated financial statements. The liabilities for self-insurance in the accompanying consolidated balance sheets include estimates of the ultimate costs related to both reported claims on an individual and aggregate basis and unreported claims. The Company also obtains professional liability insurance on a claims-made basis from third party insurers for its surgery centers and certain of its owned practices and employed physicians. |
Income Taxes | Income Taxes The Company files a consolidated federal income tax return. Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company applies recognition thresholds and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return as it relates to accounting for uncertainty in income taxes. In addition, it is the Company’s policy to recognize interest accrued and penalties, if any, related to unrecognized benefits as income tax expense in its statement of earnings. The Company does not expect significant changes to its tax positions or liability for tax uncertainties during the next 12 months. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal or state income tax examinations for years prior to 2012 . |
Stock Incentive Plans | Stock Incentive Plans Transactions in which the Company receives employee and non-employee services in exchange for the Company’s equity instruments or liabilities that are based on the fair value of the Company’s equity securities or may be settled by the issuance of these securities are accounted using a fair value method. The Company applies the Black-Scholes method of valuation in determining share-based compensation expense for option awards. Benefits of tax deductions in excess of recognized compensation cost are reported as a financing cash flow, thus reducing the Company’s net operating cash flows and increasing its financing cash flows by $4.0 million , $3.2 million and $7.2 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. The Company examines its concentrations of holdings, its historical patterns of award exercises and forfeitures as well as forward-looking factors, in an effort to determine if there were any discernible employee populations. From this analysis, the Company has identified three employee populations, consisting of senior executives, officers and all other recipients. The expected volatility rate applied was estimated based on historical volatility. The expected term assumption applied is based on contractual terms, historical exercise and cancellation patterns and forward-looking factors where present for each population identified. The risk-free interest rate used is based on the U.S. Treasury yield curve in effect at the time of the grant. The pre-vesting forfeiture rate is based on historical rates and forward-looking factors for each population identified. The Company will adjust the estimated forfeiture rate to its actual experience. The Company intends to retain its earnings to finance growth and development of the business and does not expect to declare or pay any cash dividends in the foreseeable future except as required in accordance with the terms of the Company's mandatory convertible preferred stock. |
Earnings per Share | Earnings per Share Basic net earnings attributable to AmSurg Corp. common stockholders, per common share, excludes dilution and is computed by dividing net earnings attributable to AmSurg Corp. common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net earnings attributable to AmSurg common stockholders, per common share is computed by dividing net earnings attributable to AmSurg Corp. common stockholders by the weighted-average number of common shares outstanding during the period plus any potential dilutive common share equivalents, including shares issuable (1) upon the vesting of restricted stock awards as determined under the treasury stock method and (2) upon conversion of the Company's mandatory convertible preferred stock as determined under the if-converted method. For purposes of calculating diluted earnings per share, preferred stock dividends have been subtracted from both net earnings from continuing operations attributable to AmSurg Corp. and net earnings attributable to AmSurg Corp. common shareholders in periods in which utilizing the if-converted method would be anti-dilutive. |
Related Party Transactions | It is the Company’s policy that all transactions by the Company with officers, directors, five percent shareholders and their affiliates be entered into only if such transactions are on terms no less favorable to the Company than could be obtained from unaffiliated third parties, are reasonably expected to benefit the Company and are approved by the Nominating and Corporate Governance Committee of the Company’s Board of Directors. |
Segment Reporting | Segment Reporting Prior to the Sheridan acquisition, the Company operated its centers as individual components of one operating and reportable segment. Upon completion of the Sheridan acquisition, the Company operates in two major lines of business - the operation of ambulatory surgery centers and providing multi-specialty outsourced physician services, which have been identified as its operating and reportable segments. Through the ambulatory services segment, the Company acquires, develops and operates ambulatory surgery centers in partnership with physicians. Through the physician services segment, the Company provides outsourced physician services in multiple specialties to hospitals, ambulatory surgery centers and other healthcare facilities, primarily in the areas of anesthesiology, radiology, children’s services and emergency medicine. The Company’s financial information by operating segment is prepared on an internal management reporting basis and includes allocations of corporate overhead to each segment. This financial information is used by the chief operating decision maker to allocate resources and assess the performance of the operating segments. The Company’s operating segments have been defined based on the separate financial information that is regularly produced and reviewed by the Company’s chief operating decision maker which is its Chief Executive Officer. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Revenue Recognition [Abstract] | |
Schedule of Revenue and Fees by Segment and Major Payors | Net revenue for the physician services segment consists of the following major payors (in thousands): Year Ended December 31, 2015 Period from July 16, 2014 - December 31, 2014 (1) Medicare $ 172,783 12.9 % $ 61,378 12.0 % Medicaid 69,607 5.2 28,224 5.5 Commercial and managed care 1,007,902 75.4 382,343 74.7 Self-pay 222,830 16.7 102,727 20.1 Net fee for service revenue 1,473,122 110.2 574,672 112.3 Contract and other revenue 129,786 9.7 54,343 10.6 Provision for uncollectibles (266,074 ) (19.9 ) (117,001 ) (22.9 ) Net revenue for physician services $ 1,336,834 100.0 % $ 512,014 100.0 % (1) On July 16, 2014, the Company completed the acquisition of Sheridan. Accordingly, historical amounts for periods prior to that date are not included. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The acquisitions completed during the year ended December 31, 2015 consist of the following: Acquired Operations Location Date Acquired Specialty River Drive Surgery & Laser Center, LLC Elmwood Park, NJ February 2015 Ophthalmology Campus Surgery Center, LLC Daly City, CA June 2015 Multi-Specialty Waverly Surgery Center, LLC Palo Alto, CA June 2015 Multi-Specialty Surgical Center at Millburn, LLC Millburn-East Willow, NJ July 2015 Multi-Specialty Eye Surgery Center of Western Ohio, LLC Lima, OH August 2015 Ophthalmology Surgical Specialty Center of Northeastern PA, LLC Forty Fort, PA October 2015 Multi-Specialty South Portland Surgical Center, LLC Tualatin, OR November 2015 Multi-Specialty The acquisition date fair value of the total consideration transferred and acquisition date fair value of each major class of consideration for the acquisitions completed during 2015 and 2014 , including post acquisition date adjustments recorded to purchase price allocations, are as follows (in thousands): 2015 2014 Individual Individual Acquisitions (1) Acquisitions Sheridan Accounts receivable $ 62,216 $ 1,816 $ 130,260 Other current assets 21,477 1,075 105,757 Property and equipment 15,484 3,294 20,185 Goodwill 682,458 101,865 1,534,656 Intangible assets 420,414 14,207 1,200,028 Other long-term assets 342 — 50,304 Accounts payable (3,641 ) (2,519 ) (5,862 ) Other accrued liabilities (45,386 ) (626 ) (118,548 ) Deferred income taxes (88,728 ) — (432,792 ) Other long-term liabilities (4,958 ) (8,588 ) (69,456 ) Long-term debt (6,046 ) (717 ) (4,594 ) Total fair value 1,053,632 109,807 2,409,938 Less: Fair value attributable to noncontrolling interests 85,443 39,371 24,365 Acquisition date fair value of total consideration transferred $ 968,189 $ 70,436 $ 2,385,573 (1) Represents the preliminary allocation of fair value of acquired assets and liabilities associated with these acquisitions at December 31, 2015 . The acquisitions completed during the year ended December 31, 2015 consist of the following: Acquired Operations Location Date Acquired Specialty Ambulatory Anesthesia Care, PC Mountainside, NJ January 2015 Anesthesia Sheridan Radiology Management Services, Inc. Beachwood, OH January 2015 Radiology Radiology Associates of Hollywood, P.A. Pembroke Pines, FL March 2015 Radiology Halifax Anesthesiology Associates, P.A. Daytona Beach, FL April 2015 Anesthesia Coastal Anesthesiology Consultants, P.A. St. Augustine, FL July 2015 Anesthesia Bay Area Anesthesia, LLC Tampa, FL August 2015 Anesthesia Valley Anesthesia Consultants, Ltd. Phoenix, AZ November 2015 Anesthesia Chandler Emergency Medical Group, LLC Phoenix, AZ December 2015 Emergency Northside Anesthesiology Consultants, LLC Atlanta, GA December 2015 Anesthesia |
Revenues And Net Earnings Associated With Acquisitions | Revenues and net earnings included in the years ended December 31, 2015 and 2014 associated with completed acquisitions are as follows (in thousands): 2015 2014 Individual Individual Acquisitions Acquisitions Sheridan Net revenue $ 179,113 $ 20,844 517,213 Net earnings 26,901 5,155 26,776 Less: Net earnings attributable to noncontrolling interests 7,448 2,859 459 Net earnings attributable to AmSurg Corp. common shareholders $ 19,453 $ 2,296 $ 26,317 |
Consolidated Pro Forma Results Of Acquisition | The unaudited consolidated pro forma results for the years ended December 31, 2015 and 2014 , assuming all 2015 acquisitions had been consummated on January 1, 2014 , all 2014 acquisitions had been consummated on January 1, 2013 are as follows (in thousands): 2015 2014 Net revenue $ 2,858,544 $ 2,680,273 Net earnings 401,950 322,653 Amounts attributable to AmSurg Corp. common shareholders: Net earnings 170,453 104,548 Net earnings per common share: Basic $ 3.55 $ 2.21 Diluted $ 3.48 $ 2.20 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Results Of Operations Of Centers Discontinued | Results of operations and associated gain (loss) on discontinued centers for the years ended December 31, 2015 , 2014 and 2013 are as follows (in thousands): 2015 2014 2013 Revenues $ — $ 9,545 $ 25,373 Earnings before income taxes — 893 5,607 Results of discontinued operations, net of tax: Earnings (loss) from operations of discontinued interests in surgery centers (1,013 ) 710 4,449 Gain (loss) on disposal of discontinued interests in surgery centers — (2,006 ) 2,602 Net earnings (loss) from discontinued operations (1,013 ) (1,296 ) 7,051 Less: Net earnings (loss) from discontinued operations attributable to noncontrolling interests (12 ) 283 5,357 Net earnings (loss) from discontinued operations attributable to AmSurg Corp. common shareholders $ (1,001 ) $ (1,579 ) $ 1,694 |
Prepaid and Other Current Ass35
Prepaid and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Prepaid and Other Current Assets | The following table presents a summary of items comprising prepaid and other current assets in the accompanying consolidated balance sheets as of December 31, 2015 and 2014 (in thousands): 2015 2014 Income taxes receivable $ 7,908 $ 28,694 Prepaid expenses 18,900 18,682 Deferred compensation plan assets 16,623 17,320 Other 32,340 28,204 Total prepaid and other current assets $ 75,771 $ 92,900 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment at December 31, 2015 and 2014 were as follows (in thousands): 2015 2014 Building and improvements $ 177,253 $ 170,420 Movable equipment 237,312 215,444 Construction in progress 8,676 11,940 423,241 397,804 Less accumulated depreciation (234,073 ) (217,356 ) Property and equipment, net $ 189,168 $ 180,448 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes In Carrying Amount Of Goodwill | The changes in the carrying amount of goodwill for the years ended December 31, 2015 and 2014 are as follows (in thousands): 2015 2014 Balance, beginning of year $ 3,381,149 $ 1,758,970 Goodwill acquired, including post acquisition adjustments 674,476 1,636,521 Goodwill disposed, including impact of deconsolidation transactions (85,415 ) (14,342 ) Balance, end of year $ 3,970,210 $ 3,381,149 |
Schedule of Finite-Lived Intangible Assets | Intangible assets at December 31, 2015 and 2014 consisted of the following (in thousands): 2015 2014 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Net Amount Amortization Net Amortizable intangible assets: Customer relationships with hospitals $ 1,379,977 $ (74,490 ) $ 1,305,487 $ 971,645 $ (22,145 ) $ 949,500 Deferred financing costs 60,664 (13,490 ) 47,174 59,574 (5,151 ) 54,423 Capitalized software 71,462 (28,125 ) 43,337 50,387 (19,197 ) 31,190 Agreements, contracts and other 11,267 (2,449 ) 8,818 3,523 (2,752 ) 771 Total amortizable intangible assets 1,523,370 (118,554 ) 1,404,816 1,085,129 (49,245 ) 1,035,884 Non-amortizable intangible assets: Trade name 228,000 — 228,000 228,000 — 228,000 Restrictive covenant arrangements 8,995 — 8,995 9,995 — 9,995 Total non-amortizable intangible assets 236,995 — 236,995 237,995 — 237,995 Total intangible assets $ 1,760,365 $ (118,554 ) $ 1,641,811 $ 1,323,124 $ (49,245 ) $ 1,273,879 |
Schedule of Indefinite-Lived Intangible Assets | Intangible assets at December 31, 2015 and 2014 consisted of the following (in thousands): 2015 2014 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Net Amount Amortization Net Amortizable intangible assets: Customer relationships with hospitals $ 1,379,977 $ (74,490 ) $ 1,305,487 $ 971,645 $ (22,145 ) $ 949,500 Deferred financing costs 60,664 (13,490 ) 47,174 59,574 (5,151 ) 54,423 Capitalized software 71,462 (28,125 ) 43,337 50,387 (19,197 ) 31,190 Agreements, contracts and other 11,267 (2,449 ) 8,818 3,523 (2,752 ) 771 Total amortizable intangible assets 1,523,370 (118,554 ) 1,404,816 1,085,129 (49,245 ) 1,035,884 Non-amortizable intangible assets: Trade name 228,000 — 228,000 228,000 — 228,000 Restrictive covenant arrangements 8,995 — 8,995 9,995 — 9,995 Total non-amortizable intangible assets 236,995 — 236,995 237,995 — 237,995 Total intangible assets $ 1,760,365 $ (118,554 ) $ 1,641,811 $ 1,323,124 $ (49,245 ) $ 1,273,879 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Other Accrued Liabilities | The following table presents a summary of items comprising other accrued liabilities in the accompanying consolidated balance sheets as of December 31, 2015 and 2014 (in thousands): 2015 2014 Accrued professional liabilities $ 14,362 $ 11,983 Contingent purchase price payable 5,509 12,213 Current income taxes payable 7,892 — Refunds payable 48,415 17,752 Other 43,059 26,038 Total other accrued liabilities $ 119,237 $ 67,986 |
Accrued Professional Liabilit39
Accrued Professional Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Professional Liabilities | At December 31, 2015 , the Company's accrued professional liabilities are presented in the accompanying consolidated balance sheets as a component of other accrued liabilities and other long-term liabilities as follows (in thousands): 2015 2014 Estimated losses under self-insured programs $ 30,748 $ 25,337 Incurred but not reported losses 36,166 28,448 Total accrued professional liabilities 66,914 53,785 Less estimated losses payable within one year 14,362 11,983 Total $ 52,552 $ 41,802 |
Schedule of Self Insurance Reserve Roll Forward | The changes to the Company's estimated losses under self-insured programs as of December 31, 2015 and 2014 were as follows (in thousands): 2015 2014 Balance, beginning of year $ 53,785 $ 1,171 Assumed liabilities through acquisitions 13,317 53,512 Provision related to current period reserves 15,943 5,423 Payments for current period reserves (4,475 ) (1,595 ) Benefit related to changes in prior period reserves (425 ) (661 ) Payments for prior period reserves (8,863 ) (6,055 ) Other, net (2,368 ) 1,990 Balance, end of year $ 66,914 $ 53,785 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Components Of Long-Term Debt | Long-term debt at December 31, 2015 and 2014 consisted of the following (in thousands): 2015 2014 Revolving credit agreement $ 175,000 $ — Term Loan 856,950 865,650 Senior Unsecured Notes due 2020 (5.625%) 250,000 250,000 Senior Unsecured Notes due 2022 (5.625%) 1,100,000 1,100,000 Other debt at an average interest rate of 3.4%, due through 2022 24,944 20,156 Capitalized lease arrangements at an average interest rate of 5.4%, due through 2021 18,613 15,206 2,425,507 2,251,012 Less current portion 20,377 18,826 Long-term debt $ 2,405,130 $ 2,232,186 |
Redemption Price Percentage | The redemption price for such a redemption (expressed as percentages of principal amount) is set forth below, plus accrued and unpaid interest and liquidated damages, if any, if redeemed during the twelve-month period beginning on November 30 of the years indicated below: Period Redemption Price 2015 104.219 % 2016 102.813 % 2017 101.406 % 2018 and thereafter 100.000 % The redemption price for such a redemption (expressed as percentages of principal amount) is set forth below, plus accrued and unpaid interest and liquidated damages, if any, if redeemed during the twelve-month period beginning on July 15 of the years indicated below: Period Redemption Price 2017 104.219 % 2018 102.813 % 2019 101.406 % 2020 and thereafter 100.000 % |
Other Long-term Liabilities (Ta
Other Long-term Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-term Liabilities | The following table presents a summary of items comprising other long-term liabilities in the accompanying consolidated balance sheets as of December 31, 2015 and 2014 (in thousands): 2015 2014 Accrued professional liabilities $ 52,552 $ 41,802 Contingent purchase price payable — 8,470 Deferred rent 18,958 16,814 Tax-effected unrecognized benefits 3,426 8,353 Other 21,247 14,004 Other long-term liabilities $ 96,183 $ 89,443 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Total Income Tax Expense | Total income taxes expense (benefit) for the years ended December 31, 2015 , 2014 and 2013 was included within the following sections of the consolidated financial statements as follows (in thousands): 2015 2014 2013 Earnings from continuing operations $ 113,790 $ 48,103 $ 48,654 Discontinued operations (694 ) (643 ) 9 Shareholders’ equity (2,227 ) (3,177 ) (7,381 ) Total $ 110,869 $ 44,283 $ 41,282 |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense from continuing operations for the years ended December 31, 2015 , 2014 and 2013 was comprised of the following (in thousands): 2015 2014 2013 Current: Federal $ 83,228 $ 8,640 $ 7,895 State 14,268 4,396 3,598 Deferred: Federal 11,715 27,505 31,509 State 4,579 7,562 5,652 Income tax expense $ 113,790 $ 48,103 $ 48,654 |
Schedule of Effective Income Tax Rate Reconciliation | Income tax expense from continuing operations for the years ended December 31, 2015 , 2014 and 2013 differed from the amount computed by applying the U.S. federal income tax rate of 35% to earnings before income taxes as a result of the following (in thousands): 2015 2014 2013 Statutory federal income tax $ 173,572 $ 102,967 $ 106,101 Less federal income tax assumed directly by noncontrolling interests (76,364 ) (66,783 ) (64,219 ) State income taxes, net of federal income tax benefit 11,604 6,616 5,539 Increase in valuation allowances 317 4,662 924 Interest related to unrecognized tax benefits (548 ) (161 ) (155 ) Other 5,209 802 464 Income tax expense $ 113,790 $ 48,103 $ 48,654 |
Summary of Income Tax Contingencies | A reconciliation of the beginning and ending amount of the liability associated with unrecognized tax benefits for the years ended December 31, 2015 , 2014 and 2013 is as follows (in thousands): 2015 2014 2013 Balance at beginning of year $ 7,336 $ 6,330 $ 9,235 Additions for tax positions of current year — 204 46 Increases (decreases) for tax positions taken during a prior period (1,006 ) 1,069 — Lapse of statute of limitations (3,178 ) (267 ) (2,951 ) Balance at end of year $ 3,152 $ 7,336 $ 6,330 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2015 and 2014 were as follows (in thousands): 2015 2014 Deferred tax assets: Allowance for uncollectible accounts $ 3,276 $ 1,096 Accrued assets and other 36,600 27,537 Share-based compensation 10,710 7,719 Interest on unrecognized tax benefits 113 245 Accrued liabilities and other 4,080 3,931 Medical malpractice 19,035 16,240 Operating and capital loss carryforwards 29,718 22,709 Valuation allowances (21,814 ) (17,457 ) Total deferred tax assets 81,718 62,020 Deferred tax liabilities: Prepaid expenses 1,789 2,435 Property and equipment, principally due to differences in depreciation 16,787 15,235 Goodwill, intangible assets and other, principally due to differences in amortization 762,640 655,358 Total deferred tax liabilities 781,216 673,028 Net deferred tax liabilities $ 699,498 $ 611,008 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Share-Based Activity | Other information pertaining to share-based activity for the years ended December 31, 2015 , 2014 and 2013 was as follows (in thousands): 2015 2014 2013 Share-based compensation expense $ 15,009 $ 10,104 $ 8,321 Fair value of shares vested 13,220 15,126 11,742 Cash received from option exercises 2,584 2,630 33,349 Tax benefit from option exercises 4,001 3,177 7,247 |
Schedule Of Changes In Non-Vested Restricted Shares | A summary of the status of and changes for non-vested restricted shares for the three years ended December 31, 2015 , is as follows: Weighted Number Average of Shares Grant Price Non-vested shares at January 1, 2013 828,686 $ 22.50 Shares granted 291,863 31.66 Shares vested (360,337 ) 21.55 Shares forfeited (16,343 ) 23.11 Non-vested shares at December 31, 2013 743,869 $ 26.54 Shares granted 272,780 43.12 Shares vested (336,160 ) 25.69 Shares forfeited (12,380 ) 38.94 Non-vested shares at December 31, 2014 668,109 $ 33.51 Shares granted 313,498 56.19 Shares vested (233,831 ) 28.19 Shares forfeited (13,675 ) 42.15 Non-vested shares at December 31, 2015 734,101 $ 44.73 |
Schedule Of Stock Option Activity | A summary of stock option activity for the three years ended December 31, 2015 is summarized as follows: Weighted Weighted Average Average Remaining Number Exercise Contractual of Shares Price Term (in years) Outstanding at January 1, 2013 1,662,830 $ 23.82 2.9 Options exercised with total intrinsic value of $33.3 million (1,392,366 ) 23.95 Outstanding at December 31, 2013 270,464 $ 23.16 2.5 Options exercised with total intrinsic value of $2.6 million (111,743 ) 23.53 Outstanding at December 31, 2014 158,721 $ 22.89 1.7 Options exercised with total intrinsic value of $4.9 million (113,220 ) 22.81 Options terminated (11,750 ) 23.42 Outstanding, Vested and Exercisable at December 31, 2015 with an aggregate intrinsic value of $1.8 million 33,751 $ 22.98 1.1 |
Schedule Of Reconciliation Of Numerator And Denominators Of Basic And Diluted Earnings Per Share | The following is a reconciliation of the numerator and denominators of basic and diluted earnings per share (in thousands, except per share amounts): Earnings Shares Per Share (Numerator) (Denominator) Amount For the year ended December 31, 2015: Net earnings from continuing operations attributable to AmSurg Corp. common shareholders (basic) $ 154,892 48,058 $ 3.22 Preferred stock dividends 9,056 — Effect of dilutive securities, options and non-vested shares — 3,554 Net earnings from continuing operations attributable to AmSurg Corp. common shareholders (diluted) $ 163,948 51,612 $ 3.18 For the year ended December 31, 2014: Net earnings from continuing operations attributable to AmSurg Corp. common shareholders (basic) $ 50,777 39,311 $ 1.29 Effect of dilutive securities, options and non-vested shares — 314 Net earnings from continuing operations attributable to AmSurg Corp. common shareholders (diluted) $ 50,777 39,625 $ 1.28 For the year ended December 31, 2013: Net earnings from continuing operations attributable to AmSurg Corp. common shareholders (basic) $ 71,009 31,338 $ 2.27 Effect of dilutive securities, options and non-vested shares — 616 Net earnings from continuing operations attributable to AmSurg Corp. common shareholders (diluted) $ 71,009 31,954 $ 2.22 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Future Minimum Lease Payment Schedule | Future minimum lease payments, including payments during expected renewal option periods, at December 31, 2015 were as follows (in thousands): Year Ended December 31, Capital Leases Operating Leases 2016 $ 3,021 $ 55,636 2017 2,776 55,857 2018 2,502 53,515 2019 2,068 52,034 2020 1,866 50,378 Thereafter 12,991 331,746 Total minimum rentals 25,224 $ 599,166 Less amounts representing interest at rates ranging from 1.7% to 13.4% 6,611 Capital lease obligations $ 18,613 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Payments | elated party payments for the years ended December 31, 2015 , 2014 and 2013 were as follows (in thousands): 2015 2014 2013 Operating leases $ 27,622 $ 27,559 $ 29,240 Salaries and benefits 62,590 66,763 72,892 Billing fees 10,873 9,899 11,591 Medical advisory services 2,635 2,811 2,993 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following table presents financial information for each reportable segment (in thousands): Year ended December 31, 2015 2014 2013 Net Revenue: Ambulatory Services $ 1,230,050 $ 1,109,935 $ 1,057,196 Physician Services (1) 1,336,834 512,014 — Total $ 2,566,884 $ 1,621,949 $ 1,057,196 Adjusted Segment EBITDA: Ambulatory Services $ 226,229 $ 197,377 $ 187,972 Physician Services (1) 266,031 107,105 — Total $ 492,260 $ 304,482 $ 187,972 Adjusted Segment EBITDA: $ 492,260 $ 304,482 $ 187,972 Earnings from continuing operations attributable to noncontrolling interests 218,181 190,809 183,484 Interest expense, net (121,586 ) (83,285 ) (29,525 ) Depreciation and amortization (97,493 ) (60,344 ) (32,400 ) Share-based compensation (15,009 ) (10,104 ) (8,321 ) Net change in fair value of contingent consideration (8,804 ) — — Transaction costs (8,324 ) (33,890 ) (300 ) Debt extinguishment costs — (16,887 ) — Net gain on deconsolidations 36,694 3,411 2,237 Earnings from continuing operations before income taxes $ 495,919 $ 294,192 $ 303,147 Acquisition and Capital Expenditures: Ambulatory Services (2) $ 168,593 $ 81,156 $ 102,450 Physician Services 854,401 28,909 — Total $ 1,022,994 $ 110,065 $ 102,450 2015 2014 Assets: Ambulatory Services $ 2,609,479 $ 2,526,625 Physician Services 3,937,003 2,974,437 Total $ 6,546,482 $ 5,501,062 (1) On July 16, 2014, the Company completed the acquisition of Sheridan. Accordingly, historical amounts for periods prior to that date are not included. (2) Excludes the purchase price to acquire Sheridan in 2014. |
Financial Information for the47
Financial Information for the Company and Its Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet - December 31, 2015 (In thousands) Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated Assets Current assets: Cash and cash equivalents $ 20,437 $ 27,507 $ 58,716 $ — $ 106,660 Restricted cash and marketable securities — — 13,506 — 13,506 Accounts receivable, net — 223,434 113,896 — 337,330 Supplies inventory — — 21,406 — 21,406 Prepaid and other current assets 28,739 39,046 16,062 (8,076 ) 75,771 Total current assets 49,176 289,987 223,586 (8,076 ) 554,673 Property and equipment, net 12,515 14,601 162,052 — 189,168 Investments in and receivables from unconsolidated affiliates 4,901,026 1,775,272 — (6,507,128 ) 169,170 Goodwill — 1,956,741 — 2,013,469 3,970,210 Intangible assets, net 59,928 1,579,537 2,346 — 1,641,811 Other assets 4,653 1,717 17,078 (1,998 ) 21,450 Total assets $ 5,027,298 $ 5,617,855 $ 405,062 $ (4,503,733 ) $ 6,546,482 Liabilities and Equity Current liabilities: Current portion of long-term debt $ 8,700 $ — $ 11,677 $ — $ 20,377 Accounts payable 2,816 3,760 29,837 (3,852 ) 32,561 Accrued salaries and benefits 31,510 158,705 12,322 — 202,537 Accrued interest 30,463 — 17 — 30,480 Other accrued liabilities 13,962 76,590 32,909 (4,224 ) 119,237 Total current liabilities 87,451 239,055 86,762 (8,076 ) 405,192 Long-term debt 2,373,251 — 55,275 (23,396 ) 2,405,130 Deferred income taxes 268,573 432,923 — (1,998 ) 699,498 Other long-term liabilities 4,560 71,509 20,114 — 96,183 Intercompany payable — 1,228,157 — (1,228,157 ) — Noncontrolling interests – redeemable — — 63,060 112,672 175,732 Equity: Total AmSurg Corp. equity 2,293,463 3,646,211 132,267 (3,778,478 ) 2,293,463 Noncontrolling interests – non-redeemable — — 47,584 423,700 471,284 Total equity 2,293,463 3,646,211 179,851 (3,354,778 ) 2,764,747 Total liabilities and equity $ 5,027,298 $ 5,617,855 $ 405,062 $ (4,503,733 ) $ 6,546,482 Condensed Consolidating Balance Sheet - December 31, 2014 (In thousands) Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated Assets Current assets: Cash and cash equivalents $ 134,351 $ 23,471 $ 50,257 $ — $ 208,079 Restricted cash and marketable securities — — 10,219 — 10,219 Accounts receivable, net — 123,772 109,281 — 233,053 Supplies inventory — 301 19,673 — 19,974 Prepaid and other current assets 46,097 37,826 13,795 (4,818 ) 92,900 Total current assets 180,448 185,370 203,225 (4,818 ) 564,225 Property and equipment, net 10,391 9,972 160,085 — 180,448 Investments in and receivables from unconsolidated affiliates 3,912,804 1,587,881 — (5,425,210 ) 75,475 Goodwill — 1,490,981 — 1,890,168 3,381,149 Intangible assets, net 67,678 1,203,218 2,983 — 1,273,879 Other assets 3,323 943 23,086 (1,466 ) 25,886 Total assets $ 4,174,644 $ 4,478,365 $ 389,379 $ (3,541,326 ) $ 5,501,062 Liabilities and Equity Current liabilities: Current portion of long-term debt $ 8,700 $ — $ 10,126 $ — $ 18,826 Accounts payable 1,849 35 31,781 (4,080 ) 29,585 Accrued salaries and benefits 25,035 101,395 13,614 — 140,044 Accrued interest 29,621 — 23 — 29,644 Other accrued liabilities 8,051 44,305 16,368 (738 ) 67,986 Total current liabilities 73,256 145,735 71,912 (4,818 ) 286,085 Long-term debt 2,206,950 — 53,648 (28,412 ) 2,232,186 Deferred income taxes 207,500 404,984 — (1,466 ) 611,018 Other long-term liabilities 7,391 63,616 18,436 — 89,443 Intercompany payable — 1,219,979 8,010 (1,227,989 ) — Noncontrolling interests – redeemable — — 63,544 120,555 184,099 Equity: Total AmSurg Corp. equity 1,679,547 2,644,051 130,206 (2,774,257 ) 1,679,547 Noncontrolling interests – non-redeemable — — 43,623 375,061 418,684 Total equity 1,679,547 2,644,051 173,829 (2,399,196 ) 2,098,231 Total liabilities and equity $ 4,174,644 $ 4,478,365 $ 389,379 $ (3,541,326 ) $ 5,501,062 |
Condensed Consolidating Statement of Earnings | Condensed Consolidating Statement of Earnings - Year Ended December 31, 2015 (In thousands) Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated Net revenue $ 28,554 $ 1,331,042 $ 1,245,292 $ (38,004 ) $ 2,566,884 Operating expenses: Salaries and benefits 69,102 937,484 308,313 (507 ) 1,314,392 Supply cost — 2,436 181,866 (80 ) 184,222 Other operating expenses 24,682 145,369 265,160 (37,417 ) 397,794 Transaction costs 1,762 6,562 — — 8,324 Depreciation and amortization 3,912 61,658 31,923 — 97,493 Total operating expenses 99,458 1,153,509 787,262 (38,004 ) 2,002,225 Gain (loss) on deconsolidations — 37,350 (656 ) — 36,694 Equity in earnings of unconsolidated affiliates 349,139 251,093 — (584,080 ) 16,152 Operating income 278,235 465,976 457,374 (584,080 ) 617,505 Interest expense, net 41,140 77,947 2,499 — 121,586 Earnings from continuing operations before income taxes 237,095 388,029 454,875 (584,080 ) 495,919 Income tax expense 73,159 38,891 1,740 — 113,790 Net earnings from continuing operations 163,936 349,138 453,135 (584,080 ) 382,129 Net loss from discontinued operations (989 ) — (24 ) — (1,013 ) Net earnings 162,947 349,138 453,111 (584,080 ) 381,116 Net earnings attributable to noncontrolling interests — — 218,169 — 218,169 Net earnings attributable to AmSurg Corp. shareholders 162,947 349,138 234,942 (584,080 ) 162,947 Preferred stock dividends (9,056 ) — — — (9,056 ) Net earnings attributable to AmSurg Corp. common shareholders $ 153,891 $ 349,138 $ 234,942 $ (584,080 ) $ 153,891 Amounts attributable to AmSurg Corp. common shareholders: Earnings from continuing operations, net of income tax $ 154,880 $ 349,138 $ 234,954 $ (584,080 ) $ 154,892 Loss from discontinued operations, net of income tax (989 ) — (12 ) — (1,001 ) Net earnings attributable to AmSurg Corp. common shareholders $ 153,891 $ 349,138 $ 234,942 $ (584,080 ) $ 153,891 Condensed Consolidating Statement of Earnings - Year Ended December 31, 2014 (In thousands) Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated Net revenue $ 24,773 $ 508,572 $ 1,112,940 $ (24,336 ) $ 1,621,949 Operating expenses: Salaries and benefits 65,697 350,615 284,050 (5,786 ) 694,576 Supply cost — 1,292 163,004 — 164,296 Other operating expenses 18,667 53,413 231,398 (18,550 ) 284,928 Transaction costs 29,004 4,886 — — 33,890 Depreciation and amortization 4,044 25,610 30,690 — 60,344 Total operating expenses 117,412 435,816 709,142 (24,336 ) 1,238,034 Gain on deconsolidation — 3,411 — — 3,411 Equity in earnings of unconsolidated affiliates 237,657 211,889 — (442,508 ) 7,038 Operating income 145,018 288,056 403,798 (442,508 ) 394,364 Interest expense, net 47,997 33,026 2,262 — 83,285 Debt extinguishment costs 16,887 — — — 16,887 Earnings from continuing operations before income taxes 80,134 255,030 401,536 (442,508 ) 294,192 Income tax expense 29,166 17,373 1,564 — 48,103 Net earnings from continuing operations 50,968 237,657 399,972 (442,508 ) 246,089 Net earnings (loss) from discontinued operations 2,733 — (4,029 ) — (1,296 ) Net earnings 53,701 237,657 395,943 (442,508 ) 244,793 Net earnings attributable to noncontrolling interests — 21 191,071 — 191,092 Net earnings attributable to AmSurg Corp. shareholders 53,701 237,636 204,872 (442,508 ) 53,701 Preferred stock dividends (4,503 ) — — — (4,503 ) Net earnings attributable to AmSurg Corp. common shareholders $ 49,198 $ 237,636 $ 204,872 $ (442,508 ) $ 49,198 Amounts attributable to AmSurg Corp. common shareholders: Earnings from continuing operations, net of income tax $ 46,465 $ 237,636 $ 209,184 $ (442,508 ) $ 50,777 Earnings (loss) from discontinued operations, net of income tax 2,733 — (4,312 ) — (1,579 ) Net earnings attributable to AmSurg Corp. common shareholders $ 49,198 $ 237,636 $ 204,872 $ (442,508 ) $ 49,198 Condensed Consolidating Statement of Earnings - Year Ended December 31, 2013 (In thousands) Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated Net revenue $ 24,167 $ — $ 1,050,547 $ (17,518 ) $ 1,057,196 Operating expenses: Salaries and benefits 61,038 — 267,014 (467 ) 327,585 Supply cost — — 153,126 — 153,126 Other operating expenses 22,360 — 211,192 (17,051 ) 216,501 Transaction costs 300 — — — 300 Depreciation and amortization 3,186 — 29,214 — 32,400 Total operating expenses 86,884 — 660,546 (17,518 ) 729,912 Gain on deconsolidation — 2,237 — — 2,237 Equity in earnings of unconsolidated affiliates 207,199 204,962 — (409,010 ) 3,151 Operating income 144,482 207,199 390,001 (409,010 ) 332,672 Interest expense, net 27,282 — 2,243 — 29,525 Earnings from continuing operations before income taxes 117,200 207,199 387,758 (409,010 ) 303,147 Income tax expense 47,139 — 1,515 — 48,654 Net earnings from continuing operations 70,061 207,199 386,243 (409,010 ) 254,493 Net earnings from discontinued operations 2,642 — 4,409 — 7,051 Net earnings 72,703 207,199 390,652 (409,010 ) 261,544 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 $ 70,061 $ 207,199 $ 202,759 $ (409,010 ) $ 71,009 Earnings (loss) from discontinued operations, net of income tax 2,642 — (948 ) — 1,694 Net earnings attributable to AmSurg Corp. common shareholders $ 72,703 $ 207,199 $ 201,811 $ (409,010 ) $ 72,703 |
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows - Year Ended December 31, 2015 (In thousands) Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated Cash flows from operating activities: Net cash flows provided by operating activities $ 40,432 $ 353,932 $ 489,820 $ (346,225 ) $ 537,959 Cash flows from investing activities: Acquisitions and related transactions (757,775 ) (969,259 ) — 764,345 (962,689 ) Acquisition of property and equipment (5,876 ) (22,988 ) (31,441 ) — (60,305 ) Proceeds from sale of interests in surgery centers — 7,114 — — 7,114 Purchases of marketable securities — — (3,984 ) — (3,984 ) Maturities of marketable securities — — 4,233 — 4,233 Other — (2,927 ) 1,733 — (1,194 ) Net cash flows used in investing activities (763,651 ) (988,060 ) (29,459 ) 764,345 (1,016,825 ) Cash flows from financing activities: Proceeds from long-term borrowings 546,000 — 14,133 — 560,133 Repayment on long-term borrowings (379,700 ) — (12,886 ) — (392,586 ) Distributions to owners, including noncontrolling interests — (109,862 ) (451,262 ) 346,225 (214,899 ) Capital contributions — 757,775 — (757,775 ) — Proceeds from common stock offering 466,777 — — — 466,777 Payments of equity issuance costs (19,058 ) — — — (19,058 ) Financing cost incurred (1,101 ) — (10 ) — (1,111 ) Changes in intercompany balances with affiliates, net 5,016 — (5,016 ) — — Other financing activities, net (8,629 ) (9,749 ) 3,139 (6,570 ) (21,809 ) Net cash flows provided by (used in) financing activities 609,305 638,164 (451,902 ) (418,120 ) 377,447 Net increase (decrease) in cash and cash equivalents (113,914 ) 4,036 8,459 — (101,419 ) Cash and cash equivalents, beginning of period 134,351 23,471 50,257 — 208,079 Cash and cash equivalents, end of period $ 20,437 $ 27,507 $ 58,716 $ — $ 106,660 Condensed Consolidating Statement of Cash Flows - Year Ended December 31, 2014 (In thousands) Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total Consolidated Cash flows from operating activities: Net cash flows provided by operating activities $ 96,681 $ 298,415 $ 430,880 $ (413,605 ) $ 412,371 Cash flows from investing activities: Acquisitions and related transactions (2,124,124 ) (2,188,191 ) 1,520 2,126,737 (2,184,058 ) Acquisition of property and equipment (7,877 ) (9,933 ) (22,407 ) — (40,217 ) Proceeds from sale of interests in surgery centers — 7,069 — — 7,069 Purchases of marketable securities — — (6,474 ) — (6,474 ) Maturities of marketable securities — — 3,486 — 3,486 Other (3,068 ) (6,594 ) 4,721 — (4,941 ) Net cash flows used in investing activities (2,135,069 ) (2,197,649 ) (19,154 ) 2,126,737 (2,225,135 ) Cash flows from financing activities: Proceeds from long-term borrowings 2,040,000 — 8,958 — 2,048,958 Repayment on long-term borrowings (396,493 ) — (11,982 ) — (408,475 ) Distributions to owners, including noncontrolling interests — (202,247 ) (401,455 ) 413,605 (190,097 ) Capital contributions — 2,124,124 — (2,124,124 ) — Proceeds from preferred stock offering 172,500 — — — 172,500 Proceeds from common stock offering 439,875 — — — 439,875 Payments of equity issuance costs (24,494 ) — — — (24,494 ) Financing cost incurred (65,811 ) — — — (65,811 ) Changes in intercompany balances with affiliates, net 2,965 — (2,965 ) — — Other financing activities, net (2,513 ) 828 1,845 (2,613 ) (2,453 ) Net cash flows provided by (used in) financing activities 2,166,029 1,922,705 (405,599 ) (1,713,132 ) 1,970,003 Net increase in cash and cash equivalents 127,641 23,471 6,127 — 157,239 Cash and cash equivalents, beginning of period 6,710 — 44,130 — 50,840 Cash and cash equivalents, end of period $ 134,351 $ 23,471 $ 50,257 $ — $ 208,079 Condensed Consolidating Statement of Cash Flows - Year Ended December 31, 2013 (In thousands) Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Total 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: Acquisitions 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 period 7,259 — 39,139 — 46,398 Cash and cash equivalents, end of period $ 6,710 $ — $ 44,130 $ — $ 50,840 |
Quarterly Statement of Earnin48
Quarterly Statement of Earnings Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following table presents certain quarterly statement of earnings data for the years ended December 31, 2015 and 2014 . The quarterly statement of earnings data set forth below was derived from the Company’s unaudited financial statements and includes all adjustments, consisting of normal recurring adjustments, which the Company considers necessary for a fair presentation thereof. Results of operations for any particular quarter are not necessarily indicative of results of operations for a full year or predictive of future periods. 2015 2014 Q1 Q2 Q3 Q4 Q1 Q2 Q3 (1) Q4 (In thousands, except per share data) Net revenues $ 570,445 $ 641,950 $ 650,227 $ 704,262 $ 259,561 $ 278,227 $ 502,350 $ 581,811 Earnings from continuing operations before income taxes 83,004 115,940 135,797 161,178 73,028 80,487 39,142 101,535 Net earnings from continuing operations 68,755 90,747 98,279 124,348 60,046 67,689 39,120 79,234 Net earnings (loss) from discontinued operations — — — (1,013 ) 68 483 (1,697 ) (150 ) Net earnings 68,755 90,747 98,279 123,335 60,114 68,172 37,423 79,084 Net earnings (loss) attributable to AmSurg Corp. common shareholders: Continuing 18,774 31,411 40,397 64,310 17,392 18,771 (10,697 ) 25,311 Discontinued — — — (1,001 ) (197 ) 190 (1,376 ) (196 ) Net earnings (loss) $ 18,774 $ 31,411 $ 40,397 $ 63,309 $ 17,195 $ 18,961 $ (12,073 ) $ 25,115 Basic net earnings (loss) from continuing operations per share $ 0.39 $ 0.66 $ 0.85 $ 1.31 $ 0.55 $ 0.59 $ (0.23 ) $ 0.53 Basic net earnings (loss) per share $ 0.39 $ 0.66 $ 0.85 $ 1.28 $ 0.54 $ 0.60 $ (0.26 ) $ 0.53 Diluted net earnings (loss) from continuing operations per share $ 0.39 $ 0.65 $ 0.83 $ 1.26 $ 0.54 $ 0.58 $ (0.23 ) $ 0.53 Diluted net earnings (loss) per share $ 0.39 $ 0.65 $ 0.83 $ 1.24 $ 0.54 $ 0.59 $ (0.26 ) $ 0.53 (1) The results of operations for Sheridan are effective July 16, 2014. Additionally, $16.9 million of debt extinguishment costs and $25.1 million of transaction costs were incurred during the quarter. |
Summary of Significant Accoun49
Summary of Significant Accounting Policies (Details) $ in Millions | Dec. 31, 2015USD ($)center | Dec. 31, 2014USD ($) |
Ownership Interests [Line Items] | ||
Number of centers with ownership interest of less than 51% | center | 23 | |
Restricted Cash and Marketable Securities | ||
Restricted cash and marketable securities, total | $ 27.4 | $ 30.3 |
Restricted cash and marketable securities, noncurrent | 13.9 | 20.1 |
Restricted marketable securities | $ 2.7 | 3 |
Consolidated [Member] | ||
Ownership Interests [Line Items] | ||
Number of centers with ownership interest of less than 51% | center | 2 | |
Nonconsolidated [Member] | ||
Ownership Interests [Line Items] | ||
Number of centers with ownership interest of less than 51% | center | 21 | |
New Accounting Pronouncement, Early Adoption, Effect [Member] | ||
Ownership Interests [Line Items] | ||
Deferred tax assets, net, current | $ 22.5 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue, Major Customer [Line Items] | ||||||||||||
Provision for uncollectibles | $ (287,427) | $ (139,274) | $ (21,947) | |||||||||
Net revenue | $ 704,262 | $ 650,227 | $ 641,950 | $ 570,445 | $ 581,811 | $ 502,350 | $ 278,227 | $ 259,561 | 2,566,884 | 1,621,949 | 1,057,196 | |
Physician Services [Member] | ||||||||||||
Revenue, Major Customer [Line Items] | ||||||||||||
Net fee for service revenue | $ 574,672 | 1,473,122 | ||||||||||
Contract and other revenue | 54,343 | 129,786 | ||||||||||
Provision for uncollectibles | (117,001) | (266,074) | (117,001) | 0 | ||||||||
Net revenue | 512,014 | $ 1,336,834 | $ 512,014 | $ 0 | ||||||||
Ambulatory Services [Member] | ||||||||||||
Revenue, Major Customer [Line Items] | ||||||||||||
Percentage of revenues from governmental healthcare programs | 26.00% | 25.00% | 25.00% | |||||||||
Net revenue | $ 1,230,050 | $ 1,109,935 | $ 1,057,196 | |||||||||
Medicare [Member] | Physician Services [Member] | ||||||||||||
Revenue, Major Customer [Line Items] | ||||||||||||
Net fee for service revenue | 61,378 | 172,783 | ||||||||||
Medicaid [Member] | Physician Services [Member] | ||||||||||||
Revenue, Major Customer [Line Items] | ||||||||||||
Net fee for service revenue | 28,224 | 69,607 | ||||||||||
Commercial and Managed Care [Member] | Physician Services [Member] | ||||||||||||
Revenue, Major Customer [Line Items] | ||||||||||||
Net fee for service revenue | 382,343 | 1,007,902 | ||||||||||
Self-Pay [Member] | Physician Services [Member] | ||||||||||||
Revenue, Major Customer [Line Items] | ||||||||||||
Net fee for service revenue | $ 102,727 | $ 222,830 | ||||||||||
Sales Revenue, Net [Member] | Physician Services [Member] | ||||||||||||
Revenue, Major Customer [Line Items] | ||||||||||||
Percent of net revenue, over | 100.00% | 100.00% | ||||||||||
Health Care Organization, Patient Service Revenue [Member] | Sales Revenue, Net [Member] | Physician Services [Member] | ||||||||||||
Revenue, Major Customer [Line Items] | ||||||||||||
Percent of net revenue, over | 112.30% | 110.20% | ||||||||||
Health Care Organization, Patient Service Revenue [Member] | Sales Revenue, Net [Member] | Medicare [Member] | Physician Services [Member] | ||||||||||||
Revenue, Major Customer [Line Items] | ||||||||||||
Percent of net revenue, over | 12.00% | 12.90% | ||||||||||
Health Care Organization, Patient Service Revenue [Member] | Sales Revenue, Net [Member] | Medicaid [Member] | Physician Services [Member] | ||||||||||||
Revenue, Major Customer [Line Items] | ||||||||||||
Percent of net revenue, over | 5.50% | 5.20% | ||||||||||
Health Care Organization, Patient Service Revenue [Member] | Sales Revenue, Net [Member] | Commercial and Managed Care [Member] | Physician Services [Member] | ||||||||||||
Revenue, Major Customer [Line Items] | ||||||||||||
Percent of net revenue, over | 74.70% | 75.40% | ||||||||||
Health Care Organization, Patient Service Revenue [Member] | Sales Revenue, Net [Member] | Self-Pay [Member] | Physician Services [Member] | ||||||||||||
Revenue, Major Customer [Line Items] | ||||||||||||
Percent of net revenue, over | 20.10% | 16.70% | ||||||||||
Contract and Other Revenue [Member] | Sales Revenue, Net [Member] | Physician Services [Member] | ||||||||||||
Revenue, Major Customer [Line Items] | ||||||||||||
Percent of net revenue, over | 10.60% | 9.70% | ||||||||||
Provision for Uncollectibles [Member] | Sales Revenue, Net [Member] | Physician Services [Member] | ||||||||||||
Revenue, Major Customer [Line Items] | ||||||||||||
Percent of net revenue, over | 22.90% | 19.90% |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Bad debt expense | $ 287,427 | $ 139,274 | $ 21,947 | |
Allowances for accounts receivable | $ 113,357 | $ 167,411 | $ 113,357 | |
Product Concentration Risk [Member] | Allowance for Doubtful Accounts [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for doubtful accounts related to fee for service patient visits | 80.00% | 73.00% | ||
Ambulatory Services [Member] | Other Operating Expenses [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Bad debt expense | $ 21,400 | $ 21,900 | 21,700 | |
Physician Services [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Bad debt expense | $ 117,001 | $ 266,074 | $ 117,001 | $ 0 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) | Jul. 16, 2014USD ($)shares | Jul. 02, 2014shares | Dec. 31, 2015USD ($)shares | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($)physician_practice | Dec. 31, 2015USD ($)physician_practicecenter | Dec. 31, 2014USD ($)center | Dec. 31, 2013USD ($)center | Oct. 21, 2015USD ($) |
Business Acquisition [Line Items] | |||||||||
Acquisitions and related expenses, net | $ 962,689,000 | $ 2,184,058,000 | $ 73,594,000 | ||||||
Acquisition accounting, change in the contingent consideration | 8,804,000 | 0 | 0 | ||||||
Proceeds from common stock offering | 466,777,000 | 439,875,000 | 0 | ||||||
Proceeds from preferred stock offering | 0 | 172,500,000 | 0 | ||||||
Payments of equity issuance costs | (19,058,000) | (24,494,000) | 0 | ||||||
Transaction costs | $ 25,100,000 | 8,324,000 | 33,890,000 | 300,000 | |||||
Debt extinguishment costs | 0 | (16,887,000) | $ 0 | ||||||
Contingent purchase price payable | $ 0 | $ 8,470,000 | 0 | 8,470,000 | |||||
Sheridan Healthcare [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash paid to acquire business | $ 2,100,000,000 | ||||||||
Value of common stock issued for acquisition | 272,000,000 | ||||||||
Fees and expenses associated with acquisition | 139,100,000 | 139,100,000 | |||||||
Deferred financing costs | $ 53,000,000 | 53,000,000 | |||||||
Goodwill, Purchase Accounting Adjustments | 8,300,000 | ||||||||
Transaction costs | 31,900,000 | ||||||||
Common Stock [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Issuance of common stock (in shares) | shares | 9,775,000 | 5,835,000 | |||||||
Proceeds from common stock offering | $ 421,300,000 | ||||||||
Common Stock [Member] | Sheridan Healthcare [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Shares of common stock issued for acquisition | shares | 5,713,909 | ||||||||
Mandatory Convertible Preferred Stock [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Issuance of common stock (in shares) | shares | 1,725,000 | ||||||||
Proceeds from preferred stock offering | $ 166,600,000 | ||||||||
Senior Secured Credit Facility - Term Loan [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Maximum borrowing capacity | 870,000,000 | ||||||||
Revolving Credit Facility [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Maximum borrowing capacity | 300,000,000 | $ 500,000,000 | |||||||
Debt extinguishment costs | 4,500,000 | ||||||||
Senior Notes [Member] | 2022 Senior Unsecured Notes [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Face amount | $ 1,100,000,000 | ||||||||
Interest rate | 5.625% | ||||||||
Bridge Loan [Member] | Interest Expense [Member] | Sheridan Healthcare [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Fees paid to obtain a commitment for financing | 12,800,000 | ||||||||
Ambulatory Services [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquisitions and related expenses, net | $ 131,300,000 | $ 50,900,000 | |||||||
Ambulatory Services [Member] | Controlling Interest [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of business acquisitions | center | 7 | 8 | |||||||
Ambulatory Services [Member] | Sheridan Healthcare [Member] | Controlling Interest [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of business acquisitions | center | 3 | ||||||||
Ambulatory Services [Member] | Series of Individually Immaterial Business Acquisitions [Member] | Controlling Interest [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of business acquisitions | center | 5 | ||||||||
Physician Services [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquisition accounting, change in the contingent consideration | $ 10,000,000 | ||||||||
Physician Services [Member] | Sheridan Healthcare [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquisition accounting, change in the contingent consideration | $ 3,500,000 | ||||||||
Physician Services [Member] | Series of Individually Immaterial Business Acquisitions [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of business acquisitions | physician_practice | 2 | 9 | |||||||
Cash paid to acquire business | $ 19,000,000 | $ 831,400,000 | |||||||
Estimate of fair values of the contingent consideration | $ 5,500,000 | $ 20,700,000 | 5,500,000 | $ 20,700,000 | |||||
Payments for contingent consideration | 28,700,000 | ||||||||
Payment to settle amount recorded at the acquisition date | 15,700,000 | ||||||||
Estimate contingent consideration payment, low | 5,000,000 | 5,000,000 | |||||||
Estimate contingent consideration payment, high | $ 6,000,000 | $ 6,000,000 | |||||||
Joint Venture [Member] | Ambulatory Services [Member] | Controlling Interest [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Number Of Consolidated Entities Contributed To Joint Venture | center | 9 | 4 | 1 | ||||||
Joint Venture [Member] | Physician Services [Member] | Controlling Interest [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Number Of Consolidated Entities Contributed To Joint Venture | center | 3 |
Acquisitions (Fair Value Of Tot
Acquisitions (Fair Value Of Total Consideration Transferred And Major Class Of Consideration) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | |||
Goodwill | $ 3,970,210 | $ 3,381,149 | $ 1,758,970 |
Series of Individually Immaterial Business Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Accounts receivable | 62,216 | 1,816 | |
Other current assets | 21,477 | 1,075 | |
Property and equipment | 15,484 | 3,294 | |
Goodwill | 682,458 | 101,865 | |
Intangible assets | 420,414 | 14,207 | |
Other long-term assets | 342 | 0 | |
Accounts payable | (3,641) | (2,519) | |
Other accrued liabilities | (45,386) | (626) | |
Deferred income taxes | (88,728) | 0 | |
Other long-term liabilities | (4,958) | (8,588) | |
Long-term debt | (6,046) | (717) | |
Total fair value | 1,053,632 | 109,807 | |
Less: Fair value attributable to noncontrolling interests | 85,443 | 39,371 | |
Acquisition date fair value of total consideration transferred | 968,189 | 70,436 | |
Sheridan Healthcare [Member] | |||
Business Acquisition [Line Items] | |||
Accounts receivable | 130,260 | ||
Other current assets | 105,757 | ||
Property and equipment | 20,185 | ||
Goodwill | 1,534,656 | ||
Intangible assets | 1,200,028 | ||
Other long-term assets | 50,304 | ||
Accounts payable | (5,862) | ||
Other accrued liabilities | (118,548) | ||
Deferred income taxes | (432,792) | ||
Other long-term liabilities | (69,456) | ||
Long-term debt | (4,594) | ||
Total fair value | 2,409,938 | ||
Less: Fair value attributable to noncontrolling interests | 24,365 | ||
Acquisition date fair value of total consideration transferred | 2,385,573 | ||
Physician Services [Member] | |||
Business Acquisition [Line Items] | |||
Goodwill | $ 2,000,000 | $ 1,500,000 |
Acquisitions (Revs and Earnings
Acquisitions (Revs and Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | |||||||||||
Revenues | $ 704,262 | $ 650,227 | $ 641,950 | $ 570,445 | $ 581,811 | $ 502,350 | $ 278,227 | $ 259,561 | $ 2,566,884 | $ 1,621,949 | $ 1,057,196 |
Net earnings | 123,335 | 98,279 | 90,747 | 68,755 | 79,084 | 37,423 | 68,172 | 60,114 | 381,116 | 244,793 | 261,544 |
Less: Net earnings attributable to noncontrolling interests | 218,169 | 191,092 | 188,841 | ||||||||
Net earnings attributable to AmSurg Corp. common shareholders | $ 63,309 | $ 40,397 | $ 31,411 | $ 18,774 | $ 25,115 | $ (12,073) | $ 18,961 | $ 17,195 | 153,891 | 49,198 | $ 72,703 |
Series of Individually Immaterial Business Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenues | 179,113 | 20,844 | |||||||||
Net earnings | 26,901 | 5,155 | |||||||||
Less: Net earnings attributable to noncontrolling interests | 7,448 | 2,859 | |||||||||
Net earnings attributable to AmSurg Corp. common shareholders | $ 19,453 | 2,296 | |||||||||
Sheridan Healthcare [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenues | 517,213 | ||||||||||
Net earnings | 26,776 | ||||||||||
Less: Net earnings attributable to noncontrolling interests | 459 | ||||||||||
Net earnings attributable to AmSurg Corp. common shareholders | $ 26,317 |
Acquisitions (Consolidated Pro
Acquisitions (Consolidated Pro Forma Results Of Acquisition) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Combinations [Abstract] | ||
Net revenue | $ 2,858,544 | $ 2,680,273 |
Net earnings | 401,950 | 322,653 |
Net earnings attributable to AmSurg Corp. common shareholders | $ 170,453 | $ 104,548 |
Net earnings per common share, Basic (usd per share) | $ 3.55 | $ 2.21 |
Net earnings per common share, Diluted (usd per share) | $ 3.48 | $ 2.20 |
Investments in Unconsolidated56
Investments in Unconsolidated Affiliates (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($)entityequity_method_investmentcenter | Dec. 31, 2014USD ($)equity_method_investmentcenter | Dec. 31, 2013USD ($)equity_method_investmentcenter | |
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Investments in unconsolidated affiliates | $ 169,170 | $ 75,475 | $ 75,475 | $ 169,170 | $ 75,475 | |||||||
Equity in earnings of unconsolidated affiliates | 16,152 | 7,038 | $ 3,151 | |||||||||
Net gain on deconsolidations | 36,694 | 3,411 | 2,237 | |||||||||
Management and billing fees included in net revenue | 704,262 | $ 650,227 | $ 641,950 | $ 570,445 | 581,811 | $ 502,350 | $ 278,227 | $ 259,561 | 2,566,884 | 1,621,949 | 1,057,196 | |
Receivables from VIEs included in other current assets | 75,771 | 92,900 | 92,900 | 75,771 | 92,900 | |||||||
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Investments in unconsolidated affiliates | 89,600 | 53,200 | 53,200 | 89,600 | 53,200 | |||||||
Equity in earnings of unconsolidated affiliates | $ 11,000 | 3,400 | ||||||||||
Ownership percentage | 50.00% | |||||||||||
Management and billing fees included in net revenue | $ 14,300 | 4,700 | ||||||||||
Receivables from VIEs included in other current assets | 2,300 | 3,500 | 3,500 | $ 2,300 | 3,500 | |||||||
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | Minimum [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Ownership percentage | 49.00% | |||||||||||
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | Maximum [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Ownership percentage | 51.00% | |||||||||||
Joint Venture [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Increase in equity method investments | $ 83,100 | 56,400 | ||||||||||
Joint Venture [Member] | Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Investments in unconsolidated affiliates | $ 27,100 | $ 27,100 | ||||||||||
Number consolidated centers contributed to joint venture | center | 4 | |||||||||||
Sheridan Healthcare [Member] | Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Investments in unconsolidated affiliates | $ 49,400 | 49,400 | 49,400 | |||||||||
Ambulatory Services [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Management and billing fees included in net revenue | $ 1,230,050 | $ 1,109,935 | $ 1,057,196 | |||||||||
Ambulatory Services [Member] | Minimum [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Estimated probability of fair value variables range | 10.00% | |||||||||||
Ambulatory Services [Member] | Maximum [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Estimated probability of fair value variables range | 50.00% | |||||||||||
Ambulatory Services [Member] | Controlling Interest [Member] | Joint Venture [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number consolidated centers contributed to joint venture | center | 9 | 4 | 1 | |||||||||
Ambulatory Services [Member] | Noncontrolling Interest In Centers [Member] | Joint Venture [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of equity investments acquired in the period | equity_method_investment | 5 | 4 | 1 | |||||||||
Number of joint venture entities acquired | center | 3 | 1 | 1 | |||||||||
Ambulatory Services [Member] | Noncontrolling Interest In Surgical Hospital [Member] | Joint Venture [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of joint venture entities acquired | entity | 1 | |||||||||||
Physician Services [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Management and billing fees included in net revenue | $ 512,014 | $ 1,336,834 | $ 512,014 | $ 0 | ||||||||
Physician Services [Member] | Controlling Interest [Member] | Joint Venture [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number consolidated centers contributed to joint venture | center | 3 | |||||||||||
Deconsolidation [Member] | Ambulatory Services [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Net cash received in exchange for noncontrolling interests in new investments | $ 8,500 | $ 1,200 | ||||||||||
Cash contributed from divestiture of interest in consolidated subsidiaries | $ 300 |
Discontinued Operations (Result
Discontinued Operations (Results Of Operations Of Centers Discontinued) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Results of discontinued operations, net of tax: | |||||||||||
Net earnings (loss) from discontinued operations | $ (1,013) | $ 0 | $ 0 | $ 0 | $ (150) | $ (1,697) | $ 483 | $ 68 | $ (1,013) | $ (1,296) | $ 7,051 |
Net earnings (loss) from discontinued operations attributable to AmSurg Corp. common shareholders | $ (1,001) | $ 0 | $ 0 | $ 0 | $ (196) | $ (1,376) | $ 190 | $ (197) | (1,001) | (1,579) | 1,694 |
Cash proceeds from disposal | 7,114 | 7,069 | 3,553 | ||||||||
Discontinued Operations, Disposed Of By Sale Or Abandonment [Member] | |||||||||||
Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Revenues | 0 | 9,545 | 25,373 | ||||||||
Earnings before income taxes | 0 | 893 | 5,607 | ||||||||
Results of discontinued operations, net of tax: | |||||||||||
Earnings (loss) from operations of discontinued interests in surgery centers | (1,013) | 710 | 4,449 | ||||||||
Gain (loss) on disposal of discontinued interests in surgery centers | 0 | (2,006) | 2,602 | ||||||||
Net earnings (loss) from discontinued operations | (1,013) | (1,296) | 7,051 | ||||||||
Less: Net earnings (loss) from discontinued operations attributable to noncontrolling interests | (12) | 283 | 5,357 | ||||||||
Net earnings (loss) from discontinued operations attributable to AmSurg Corp. common shareholders | (1,001) | (1,579) | 1,694 | ||||||||
Cash proceeds from disposal | $ 0 | $ 7,100 | $ 3,600 |
Prepaid and Other Current Ass58
Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Income taxes receivable | $ 7,908 | $ 28,694 |
Prepaid expenses | 18,900 | 18,682 |
Deferred compensation plan assets | 16,623 | 17,320 |
Other | 32,340 | 28,204 |
Total prepaid and other current assets | $ 75,771 | $ 92,900 |
Property and Equipment (Narrati
Property and Equipment (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Unfunded construction and equipment purchases | $ 18.3 | ||
Depreciation expense | $ 35.4 | $ 33.2 | $ 29.8 |
Building and Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 20 years | ||
Building and Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 40 years | ||
Movable Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 3 years | ||
Movable Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 10 years |
Property and Equipment (PPE Sch
Property and Equipment (PPE Schedule) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Abstract] | ||
Building and improvements | $ 177,253 | $ 170,420 |
Movable equipment | 237,312 | 215,444 |
Construction in progress | 8,676 | 11,940 |
Property and equipment, gross | 423,241 | 397,804 |
Less accumulated depreciation | (234,073) | (217,356) |
Property and equipment, net | $ 189,168 | $ 180,448 |
Goodwill And Intangible Asset61
Goodwill And Intangible Assets (Narrative) (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2014USD ($)physician_practice | Dec. 31, 2015USD ($)physician_practicecenter | Dec. 31, 2014USD ($)center | Dec. 31, 2013USD ($)center | |
Segment Reporting Information [Line Items] | ||||
Goodwill | $ 3,381,149 | $ 3,970,210 | $ 3,381,149 | $ 1,758,970 |
Increase in goodwill | 674,476 | 1,636,521 | ||
Goodwill deductible for tax purposes | 64,500 | $ 295,700 | 64,500 | |
Amortization period | 17 years 292 days | |||
Debt extinguishment costs | $ 0 | 4,536 | 0 | |
Amortization of Intangible Assets | 70,500 | 32,500 | $ 2,200 | |
Estimated amortization of intangible assets, 2016 | 90,300 | |||
Estimated amortization of intangible assets, 2017 | 89,100 | |||
Estimated amortization of intangible assets, 2018 | 87,800 | |||
Estimated amortization of intangible assets, 2019 | 84,800 | |||
Estimated amortization of intangible assets, 2020 | 81,600 | |||
Estimated amortization of intangible assets, 2021 and thereafter | 971,200 | |||
Ambulatory Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Goodwill | 1,900,000 | 2,000,000 | 1,900,000 | |
Increase in goodwill | 123,400 | |||
Physician Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Goodwill | 1,500,000 | 2,000,000 | 1,500,000 | |
Increase in goodwill | 465,700 | |||
Sheridan Healthcare [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Goodwill | 1,534,656 | 1,534,656 | ||
Deferred financing costs | 53,000 | 53,000 | ||
Intangible assets | 1,200,028 | 1,200,028 | ||
Series of Individually Immaterial Business Acquisitions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Goodwill | 101,865 | 682,458 | 101,865 | |
Intangible assets | $ 14,207 | $ 420,414 | 14,207 | |
Series of Individually Immaterial Business Acquisitions [Member] | Physician Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of business acquisitions | physician_practice | 2 | 9 | ||
Interest Expense [Member] | Bridge Loan [Member] | Sheridan Healthcare [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Fees paid to obtain a commitment for financing | $ 12,800 | |||
Customer Relationships [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Amortization period | 20 years | |||
Deferred Financing Costs, Amortizable Non-Compete Agreements, and Customer Agreements [Member] | Minimum [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Amortization period | 5 years | |||
Deferred Financing Costs, Amortizable Non-Compete Agreements, and Customer Agreements [Member] | Maximum [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Amortization period | 10 years | |||
Capitalized software [Member] | Minimum [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Amortization period | 3 years | |||
Capitalized software [Member] | Maximum [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Amortization period | 8 years | |||
Controlling Interest [Member] | Ambulatory Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of business acquisitions | center | 7 | 8 | ||
Controlling Interest [Member] | Sheridan Healthcare [Member] | Ambulatory Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of business acquisitions | center | 3 | |||
Controlling Interest [Member] | Series of Individually Immaterial Business Acquisitions [Member] | Ambulatory Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of business acquisitions | center | 5 | |||
Joint Venture [Member] | Controlling Interest [Member] | Ambulatory Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number Of Consolidated Entities Contributed To Joint Venture | center | 9 | 4 | 1 | |
Joint Venture [Member] | Controlling Interest [Member] | Physician Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number Of Consolidated Entities Contributed To Joint Venture | center | 3 |
Goodwill And Intangible Asset62
Goodwill And Intangible Assets (Changes In Carrying Amount Of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Roll Forward] | ||
Balance, beginning of year | $ 3,381,149 | $ 1,758,970 |
Goodwill acquired, including post acquisition adjustments | 674,476 | 1,636,521 |
Goodwill disposed, including impact of deconsolidation transactions | (85,415) | (14,342) |
Balance, end of year | $ 3,970,210 | $ 3,381,149 |
Goodwill And Intangible Asset63
Goodwill And Intangible Assets (Summary Of Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Indefinite-lived Intangible Assets [Line Items] | ||
Non-amortizable intangible assets | $ 236,995 | $ 237,995 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,523,370 | 1,085,129 |
Accumulated Amortization | (118,554) | (49,245) |
Net | 1,404,816 | 1,035,884 |
Total intangible assets, gross carrying amount | 1,760,365 | 1,323,124 |
Total intangible assets, net | 1,641,811 | 1,273,879 |
Trade name [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Non-amortizable intangible assets | 228,000 | 228,000 |
Restrictive covenant arrangements [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Non-amortizable intangible assets | 8,995 | 9,995 |
Customer relationships with hospitals [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,379,977 | 971,645 |
Accumulated Amortization | (74,490) | (22,145) |
Net | 1,305,487 | 949,500 |
Deferred financing cost [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 60,664 | 59,574 |
Accumulated Amortization | (13,490) | (5,151) |
Net | 47,174 | 54,423 |
Capitalized software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 71,462 | 50,387 |
Accumulated Amortization | (28,125) | (19,197) |
Net | 43,337 | 31,190 |
Agreements, contracts, and other intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 11,267 | 3,523 |
Accumulated Amortization | (2,449) | (2,752) |
Net | $ 8,818 | $ 771 |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accrued Liabilities, Current [Abstract] | ||
Accrued professional liabilities | $ 14,362 | $ 11,983 |
Contingent purchase price payable | 5,509 | 12,213 |
Current income taxes payable | 7,892 | 0 |
Refunds payable | 48,415 | 17,752 |
Other | 43,059 | 26,038 |
Total other accrued liabilities | $ 119,237 | $ 67,986 |
Accrued Professional Liabilit65
Accrued Professional Liabilities - Components of Reserves (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Payables and Accruals [Abstract] | |||
Estimated losses under self-insured programs | $ 30,748 | $ 25,337 | |
Incurred but not reported losses | 36,166 | 28,448 | |
Total accrued professional liabilities | 66,914 | 53,785 | $ 1,171 |
Less estimated losses payable within one year | 14,362 | 11,983 | |
Total | $ 52,552 | $ 41,802 |
Accrued Professional Liabilit66
Accrued Professional Liabilities - Rollforward of Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Self Insurance Reserve [Roll Forward] | ||
Beginning balance | $ 53,785 | $ 1,171 |
Assumed liabilities through acquisitions | 13,317 | 53,512 |
Provision related to current period reserves | 15,943 | 5,423 |
Payments for current period reserves | (4,475) | (1,595) |
Benefit related to changes in prior period reserves | (425) | (661) |
Payments for prior period reserves | (8,863) | (6,055) |
Other, net | (2,368) | 1,990 |
Ending balance | $ 66,914 | $ 53,785 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) | Jul. 16, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 21, 2015 | Nov. 20, 2012 | May. 28, 2010 |
Payments required on Company's long-term debt and capital leases | |||||||
2,016 | $ 20,400,000 | ||||||
2,017 | 18,000,000 | ||||||
2,018 | 14,800,000 | ||||||
2,019 | 187,000,000 | ||||||
2,020 | 261,000,000 | ||||||
Thereafter | 1,900,000,000 | ||||||
Term Loan and Credit Facility | |||||||
Debt extinguishment costs | 0 | $ (16,887,000) | $ 0 | ||||
Revolving Credit Facility [Member] | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Long-term debt, carrying value | 175,000,000 | 0 | |||||
Term Loan and Credit Facility | |||||||
Remaining carrying value under revolving credit facility | 325,000,000 | ||||||
Loans Payable [Member] | |||||||
Other Debt | |||||||
Book value of certain assets of surgery centers pledged as collateral | 41,700,000 | ||||||
Fixed Interest Rate [Member] | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Long-term debt, carrying value | 1,400,000,000 | ||||||
Long-term debt, fair value | 1,400,000,000 | ||||||
Variable Interest Rate [Member] | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Long-term debt, carrying value | 1,000,000,000 | ||||||
Long-term debt, fair value | 1,000,000,000 | ||||||
5.625% Senior Unsecured Notes due 2020 [Member] | Senior Notes [Member] | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Long-term debt, carrying value | 250,000,000 | 250,000,000 | |||||
Senior Unsecured Debt | |||||||
Face amount | $ 250,000,000 | ||||||
Interest rate | 5.625% | ||||||
Senior Secured Debt | |||||||
Face amount | $ 250,000,000 | ||||||
Interest rate | 5.625% | ||||||
5.625% Senior Unsecured Notes due 2022 [Member] | Senior Notes [Member] | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Long-term debt, carrying value | $ 1,100,000,000 | $ 1,100,000,000 | |||||
Senior Unsecured Debt | |||||||
Face amount | $ 1,100,000,000 | ||||||
Interest rate | 5.625% | ||||||
Redeemable principal percentage | 35.00% | ||||||
Senior Secured Debt | |||||||
Face amount | $ 1,100,000,000 | ||||||
Interest rate | 5.625% | ||||||
8.04% Senior Secured Notes due 2020 [Member] | Senior Notes [Member] | |||||||
Senior Unsecured Debt | |||||||
Face amount | $ 75,000,000 | ||||||
Senior Secured Debt | |||||||
Face amount | $ 75,000,000 | ||||||
Early termination fee | $ 12,400,000 | ||||||
Period Prior to July 15, 2017 [Member] | 5.625% Senior Unsecured Notes due 2022 [Member] | Senior Notes [Member] | |||||||
Senior Unsecured Debt | |||||||
Redemption price as percent of the principal amount | 105.625% | ||||||
Senior Secured Credit Facility - Term Loan [Member] | |||||||
Term Loan and Credit Facility | |||||||
Borrowing capacity of new revolving credit agreement | $ 870,000,000 | ||||||
Quarterly principal payment as a percent of face amount | 0.25% | ||||||
Annual principal payment | $ 8,700,000 | ||||||
Revolving Credit Facility [Member] | |||||||
Term Loan and Credit Facility | |||||||
Borrowing capacity of new revolving credit agreement | $ 300,000,000 | $ 500,000,000 | |||||
Line of Credit Facility, Accordion Feature, Increase To Maximum Borrowing Capacity | $ 200,000,000 | ||||||
Unused commitment fee as a percent | 0.375% | ||||||
Debt extinguishment costs | $ 4,500,000 | ||||||
Base Rate [Member] | Senior Secured Credit Facility - Term Loan [Member] | Maximum [Member] | |||||||
Term Loan and Credit Facility | |||||||
Basis spread | 2.00% | ||||||
Base Rate [Member] | Senior Secured Credit Facility - Term Loan [Member] | Minimum [Member] | |||||||
Term Loan and Credit Facility | |||||||
Basis spread | 1.75% | ||||||
Base Rate [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||||||
Term Loan and Credit Facility | |||||||
Basis spread | 2.00% | ||||||
Base Rate [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||||||
Term Loan and Credit Facility | |||||||
Basis spread | 1.75% | ||||||
LIBOR [Member] | Senior Secured Credit Facility - Term Loan [Member] | |||||||
Term Loan and Credit Facility | |||||||
Floor rate | 0.75% | ||||||
Current variable rate | 3.75% | ||||||
LIBOR [Member] | Senior Secured Credit Facility - Term Loan [Member] | Maximum [Member] | |||||||
Term Loan and Credit Facility | |||||||
Basis spread | 3.00% | ||||||
LIBOR [Member] | Senior Secured Credit Facility - Term Loan [Member] | Minimum [Member] | |||||||
Term Loan and Credit Facility | |||||||
Basis spread | 2.75% | ||||||
LIBOR [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||||||
Term Loan and Credit Facility | |||||||
Basis spread | 3.00% | ||||||
LIBOR [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||||||
Term Loan and Credit Facility | |||||||
Basis spread | 2.75% |
Long-Term Debt (Components Of L
Long-Term Debt (Components Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Other debt at an average interest rate of 3.4%, due through 2022 | $ 24,944 | $ 20,156 |
Capitalized lease arrangements at an average interest rate of 5.4%, due through 2021 | 18,613 | 15,206 |
Long-term debt and capitalized lease arrangements | 2,425,507 | 2,251,012 |
Less current portion | 20,377 | 18,826 |
Long-term debt | $ 2,405,130 | 2,232,186 |
Other debt, average rate | 3.40% | |
Capitalized lease arrangements, average rate | 5.40% | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 175,000 | 0 |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 856,950 | 865,650 |
Fixed Interest Rate [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,400,000 | |
5.625% Senior Unsecured Notes due 2020 [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 250,000 | 250,000 |
5.625% Senior Unsecured Notes due 2022 [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,100,000 | $ 1,100,000 |
Variable Interest Rate [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,000,000 |
Long-Term Debt (Redemption Pric
Long-Term Debt (Redemption Price) (Details) - Senior Notes [Member] | 12 Months Ended |
Dec. 31, 2015 | |
2015 [Member] | 5.625% Senior Unsecured Notes due 2020 [Member] | |
Redemption price as percent of the principal amount | 104.219% |
2016 [Member] | 5.625% Senior Unsecured Notes due 2020 [Member] | |
Redemption price as percent of the principal amount | 102.813% |
2017 [Member] | 5.625% Senior Unsecured Notes due 2020 [Member] | |
Redemption price as percent of the principal amount | 101.406% |
2017 [Member] | 5.625% Senior Unsecured Notes due 2022 [Member] | |
Redemption price as percent of the principal amount | 104.219% |
2018 and thereafter [Member] | 5.625% Senior Unsecured Notes due 2020 [Member] | |
Redemption price as percent of the principal amount | 100.00% |
2018 [Member] | 5.625% Senior Unsecured Notes due 2022 [Member] | |
Redemption price as percent of the principal amount | 102.813% |
2019 [Member] | 5.625% Senior Unsecured Notes due 2022 [Member] | |
Redemption price as percent of the principal amount | 101.406% |
2020 and thereafter [Member] | 5.625% Senior Unsecured Notes due 2022 [Member] | |
Redemption price as percent of the principal amount | 100.00% |
Other Long-term Liabilities (De
Other Long-term Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Liabilities Disclosure [Abstract] | ||
Accrued professional liabilities | $ 52,552 | $ 41,802 |
Contingent purchase price payable | 0 | 8,470 |
Deferred rent | 18,958 | 16,814 |
Tax-effected unrecognized benefits | 3,426 | 8,353 |
Other | 21,247 | 14,004 |
Other long-term liabilities | $ 96,183 | $ 89,443 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal income tax rate | 35.00% | 35.00% | 35.00% |
Decreases in interest and penalty obligations | $ 0.2 | $ 0.1 | $ 0.2 |
Interest obligations | 0.8 | $ 1.2 | |
Tax-effected unrecognized benefits | $ 0.1 |
Income Taxes (Total Income Tax
Income Taxes (Total Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Earnings from continuing operations | $ 113,790 | $ 48,103 | $ 48,654 |
Discontinued operations | (694) | (643) | 9 |
Shareholders’ equity | (2,227) | (3,177) | (7,381) |
Total | $ 110,869 | $ 44,283 | $ 41,282 |
Income Taxes (Income Tax Expens
Income Taxes (Income Tax Expense from Cont. Ops) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||
Federal | $ 83,228 | $ 8,640 | $ 7,895 |
State | 14,268 | 4,396 | 3,598 |
Deferred: | |||
Federal | 11,715 | 27,505 | 31,509 |
State | 4,579 | 7,562 | 5,652 |
Income tax expense | $ 113,790 | $ 48,103 | $ 48,654 |
Income Taxes (Income Tax Expe74
Income Taxes (Income Tax Expense Reconciliation to Federal Rate) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Statutory federal income tax | $ 173,572 | $ 102,967 | $ 106,101 |
Less federal income tax assumed directly by noncontrolling interests | (76,364) | (66,783) | (64,219) |
State income taxes, net of federal income tax benefit | 11,604 | 6,616 | 5,539 |
Increase in valuation allowances | 317 | 4,662 | 924 |
Interest related to unrecognized tax benefits | (548) | (161) | (155) |
Other | 5,209 | 802 | 464 |
Income tax expense | $ 113,790 | $ 48,103 | $ 48,654 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Liability Rec) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 7,336 | $ 6,330 | $ 9,235 |
Additions for tax positions of current year | 0 | 204 | 46 |
Increases (decreases) for tax positions taken during a prior period | (1,006) | 1,069 | 0 |
Lapse of statute of limitations | (3,178) | (267) | (2,951) |
Balance at end of year | $ 3,152 | $ 7,336 | $ 6,330 |
Income Taxes (Deferred Assets a
Income Taxes (Deferred Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Allowance for uncollectible accounts | $ 3,276 | $ 1,096 |
Accrued assets and other | 36,600 | 27,537 |
Share-based compensation | 10,710 | 7,719 |
Interest on unrecognized tax benefits | 113 | 245 |
Accrued liabilities and other | 4,080 | 3,931 |
Medical malpractice | 19,035 | 16,240 |
Operating and capital loss carryforwards | 29,718 | 22,709 |
Valuation allowances | (21,814) | (17,457) |
Total deferred tax assets | 81,718 | 62,020 |
Deferred tax liabilities: | ||
Prepaid expenses | 1,789 | 2,435 |
Property and equipment, principally due to differences in depreciation | 16,787 | 15,235 |
Goodwill, intangible assets and other, principally due to differences in amortization | 762,640 | 655,358 |
Total deferred tax liabilities | 781,216 | 673,028 |
Net deferred tax liabilities | $ 699,498 | $ 611,008 |
Shareholder's Equity (Narrative
Shareholder's Equity (Narrative) (Details) $ / shares in Units, $ in Thousands | Nov. 25, 2014USD ($)$ / shares | Aug. 29, 2014USD ($)$ / shares | Jul. 16, 2014shares | Jul. 02, 2014USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Sep. 30, 2015USD ($)$ / shares | Jun. 30, 2015USD ($)$ / shares | Mar. 31, 2015USD ($)$ / shares | Dec. 31, 2015USD ($)installment$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)$ / sharesshares |
Preferred Stock | ||||||||||||
Preferred stock dividends | $ | $ 9,056 | $ 4,503 | $ 0 | |||||||||
Stock Incentive Plans: | ||||||||||||
Excess tax benefit from share-based compensation | $ | $ 4,001 | $ 3,177 | $ 7,247 | |||||||||
Number of shares authorized for grant under share incentive plan | 1,200,000 | 1,200,000 | 1,200,000 | |||||||||
Shares available for future grants/issuance under stock incentive plan | 900,039 | 900,039 | 900,039 | |||||||||
Unrecognized compensation cost on non vested awards | $ | $ 16,600 | $ 16,600 | $ 16,600 | |||||||||
Weighted average period | 1 year 1 month 12 days | |||||||||||
Shares granted, Number of Shares | 313,498 | 272,780 | 291,863 | |||||||||
Shares granted, Weighted Average Grant Price (usd per share) | $ / shares | $ 56.19 | $ 43.12 | $ 31.66 | |||||||||
Stock Repurchased Under Repurchase Program [Member] | ||||||||||||
Common Stock: | ||||||||||||
Repurchase of common stock, shares | 1,154,378 | |||||||||||
Repurchase of common stock | $ | $ 42,700 | |||||||||||
Average price per share | $ / shares | $ 36.93 | |||||||||||
Stock Repurchased To Cover Employee Tax Withholdings [Member] | ||||||||||||
Common Stock: | ||||||||||||
Repurchase of common stock, shares | 67,000 | 100,720 | ||||||||||
Repurchase of common stock | $ | $ 3,700 | $ 4,600 | ||||||||||
Stock Options [Member] | ||||||||||||
Stock Incentive Plans: | ||||||||||||
Award vesting period | 4 years | |||||||||||
Options term | 10 years | |||||||||||
Employees [Member] | Restricted Stock [Member] | ||||||||||||
Stock Incentive Plans: | ||||||||||||
Award vesting period | 4 years | |||||||||||
Number of installments in restricted stock granted. | installment | 3 | |||||||||||
Stock Options [Member] | ||||||||||||
Stock Incentive Plans: | ||||||||||||
Number of anti-dilutive options | 0 | 0 | 0 | |||||||||
Common Stock [Member] | ||||||||||||
Common Stock: | ||||||||||||
Issuance of stock (in shares) | 9,775,000 | 5,835,000 | ||||||||||
Issuance of stock, price per share | $ / shares | $ 45 | $ 80 | ||||||||||
Stock offering expenses | $ | $ 18,500 | $ 19,100 | ||||||||||
Mandatory Convertible Preferred Stock [Member] | ||||||||||||
Common Stock: | ||||||||||||
Issuance of stock (in shares) | 1,725,000 | |||||||||||
Issuance of stock, price per share | $ / shares | $ 100 | |||||||||||
Stock offering expenses | $ | $ 5,900 | |||||||||||
Preferred Stock | ||||||||||||
Dividend rate | 5.25% | |||||||||||
Initial liquidation preference (usd per share) | $ / shares | $ 100 | $ 100 | $ 100 | |||||||||
Consecutive trading day | 20 days | |||||||||||
Dividends declared (usd per share) | $ / shares | $ 1.3125 | $ 1.2979 | $ 1.3125 | $ 1.3125 | $ 1.3125 | $ 1.3125 | ||||||
Preferred stock dividends | $ | $ 2,300 | $ 2,200 | $ 2,300 | $ 2,300 | $ 2,300 | $ 2,300 | ||||||
Sheridan Healthcare [Member] | Common Stock [Member] | ||||||||||||
Common Stock: | ||||||||||||
Shares of common stock issued for acquisition | 5,713,909 | |||||||||||
Minimum [Member] | Mandatory Convertible Preferred Stock [Member] | ||||||||||||
Preferred Stock | ||||||||||||
Conversion rate (shares) | 1.8141 | 1.8141 | 1.8141 | |||||||||
Maximum [Member] | Mandatory Convertible Preferred Stock [Member] | ||||||||||||
Preferred Stock | ||||||||||||
Conversion rate (shares) | 2.2222 | 2.2222 | 2.2222 | |||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||
Stock Incentive Plans: | ||||||||||||
Award vesting period | 3 years | |||||||||||
Shares granted, Number of Shares | 68,533 | |||||||||||
Shares granted, Weighted Average Grant Price (usd per share) | $ / shares | $ 55.40 | |||||||||||
Financial performance goal term | 1 year | |||||||||||
Percent of units granted | 150.00% | |||||||||||
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | ||||||||||||
Stock Incentive Plans: | ||||||||||||
Percent of units granted | 0.00% | |||||||||||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ||||||||||||
Stock Incentive Plans: | ||||||||||||
Percent of units granted | 150.00% |
Shareholders' Equity (Share-Bas
Shareholders' Equity (Share-Based Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity [Abstract] | |||
Share-based compensation expense | $ 15,009 | $ 10,104 | $ 8,321 |
Fair value of shares vested | 13,220 | 15,126 | 11,742 |
Cash received from option exercises | 2,584 | 2,630 | 33,349 |
Tax benefit from option exercises | $ 4,001 | $ 3,177 | $ 7,247 |
Shareholders Equity (Schedule O
Shareholders Equity (Schedule Of Changes In Non-Vested Restricted Shares) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Non-vested shares at beginning of period, Number of Shares | 668,109 | 743,869 | 828,686 |
Shares granted, Number of Shares | 313,498 | 272,780 | 291,863 |
Shares vested, Number of Shares | (233,831) | (336,160) | (360,337) |
Shares forfeited, Number of Shares | (13,675) | (12,380) | (16,343) |
Non-vested shares at end of period, Number of Shares | 734,101 | 668,109 | 743,869 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Non-vested shares at beginning of period, Weighted Average Grant Price (usd per share) | $ 33.51 | $ 26.54 | $ 22.50 |
Shares granted, Weighted Average Grant Price (usd per share) | 56.19 | 43.12 | 31.66 |
Shares vested, Weighted Average Grant Price (usd per share) | 28.19 | 25.69 | 21.55 |
Shares forfeited, Weighted Average Grant Price (usd per share) | 42.15 | 38.94 | 23.11 |
Non-vested shares at end of period, Weighted Average Grant Price (usd per share) | $ 44.73 | $ 33.51 | $ 26.54 |
Shareholder's Equity (Schedule
Shareholder's Equity (Schedule of Stock Option Activity (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Outstanding at beginning of period, Number of Shares | 158,721 | 270,464 | 1,662,830 | |
Options exercised, Number of Shares | (113,220) | (111,743) | (1,392,366) | |
Options terminated, Number of Shares | (11,750) | |||
Outstanding at end of period, Number of Shares | 33,751 | 158,721 | 270,464 | 1,662,830 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||
Outstanding at beginning of period, Weighted Average Exercise Price (usd per share) | $ 22.89 | $ 23.16 | $ 23.82 | |
Options exercised, Weighted Average Exercise Price (usd per share) | 22.81 | 23.53 | 23.95 | |
Options terminated, Weighted Average Exercise Price (usd per share) | 23.42 | |||
Outstanding at end of period, Weighted Average Exercise Price (usd per share) | $ 22.98 | $ 22.89 | $ 23.16 | $ 23.82 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||
Outstanding at beginning of period, Weighted Average Remaining Contractual Life (in years) | 1 year 36 days | 1 year 256 days | 2 years 182 days | 2 years 328 days |
Outstanding at end of period, Weighted Average Remaining Contractual Life (in years) | 1 year 36 days | 1 year 256 days | 2 years 182 days | 2 years 328 days |
Shareholder's Equity (Schedul81
Shareholder's Equity (Schedule of Stock Option Activity - Additional) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity [Abstract] | |||
Total intrinsic value with options exercised | $ 4.9 | $ 2.6 | $ 33.3 |
Aggregate intrinsic value of options outstanding | 1.8 | ||
Total intrinsic value of options vested or expected to vest | $ 1.8 | ||
Vested or expected to vest at end of period, Number of Shares | 33,751 | ||
Vested or expected to vest at end of period, weighted average exercise price (usd per share) | $ 22.98 | ||
Vested or expected to vest at end of period, Weighted Average Remaining Contractual Life (in years) | 1 year 36 days | ||
Total Intrinsic value of options exercisable | $ 1.8 | ||
Exercisable at end of period, Number of Shares | 33,751 | ||
Exercisable at end of period, Weighted Average Exercise Price (usd per share) | $ 22.98 | ||
Exercisable at end of period, Weighted Average Remaining Contractual Life (in years) | 1 year 36 days |
Shareholder's Equity (Schedul82
Shareholder's Equity (Schedule Of Reconciliation Of Numerator And Denominators Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity [Abstract] | |||||||||||
Net earnings from continuing operations attributable to AmSurg Corp. common shareholders (Numerator) | $ 64,310 | $ 40,397 | $ 31,411 | $ 18,774 | $ 25,311 | $ (10,697) | $ 18,771 | $ 17,392 | $ 154,892 | $ 50,777 | $ 71,009 |
Convertible Preferred Dividends, Net of Tax | 9,056 | ||||||||||
Net Income (Loss) Attributable to Parent, Diluted | $ 163,948 | ||||||||||
Net earnings from continuing operations attributable to AmSurg Corp. common shareholders (basic), shares (Numerator) | 48,058 | 39,311 | 31,338 | ||||||||
Effect of dilutive securities options and non-vested shares, shares | 3,554 | 314 | 616 | ||||||||
Net earnings from continuing operations attributable to AmSurg Corp. (diluted), shares (Denominator) | 51,612 | 39,625 | 31,954 | ||||||||
Net earnings from continuing operations attributable to AmSurg Corp. common shareholders (basic) (usd per share) | $ 1.31 | $ 0.85 | $ 0.66 | $ 0.39 | $ 0.53 | $ (0.23) | $ 0.59 | $ 0.55 | $ 3.22 | $ 1.29 | $ 2.27 |
Net earnings from continuing operations attributable to AmSurg Corp. common shareholders (diluted) (usd per share) | $ 1.26 | $ 0.83 | $ 0.65 | $ 0.39 | $ 0.53 | $ (0.23) | $ 0.58 | $ 0.54 | $ 3.18 | $ 1.28 | $ 2.22 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Leases [Abstract] | |||
Lease Expiration Date | Apr. 30, 2037 | ||
Capital lease assets | $ 23.4 | ||
Capital lease assets, accumulated depreciation | 5.6 | ||
Operating leases, rental expense | $ 74.6 | $ 66.1 | $ 52.6 |
Leases (Future Min Schedule) (D
Leases (Future Min Schedule) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
2,016 | $ 3,021 | |
2,017 | 2,776 | |
2,018 | 2,502 | |
2,019 | 2,068 | |
2,020 | 1,866 | |
Thereafter | 12,991 | |
Total minimum rentals | 25,224 | |
Less amounts representing interest at rates ranging from 1.7% to 13.4% | 6,611 | |
Capital lease obligations | 18,613 | $ 15,206 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
2,016 | 55,636 | |
2,017 | 55,857 | |
2,018 | 53,515 | |
2,019 | 52,034 | |
2,020 | 50,378 | |
Thereafter | 331,746 | |
Total minimum rentals | $ 599,166 |
Leases (Future Min Schedule - A
Leases (Future Min Schedule - Additional) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Minimum [Member] | |
Capital Lease Interest Rate Range [Line Items] | |
Capital lease interest rates | 1.70% |
Maximum [Member] | |
Capital Lease Interest Rate Range [Line Items] | |
Capital lease interest rates | 13.40% |
Related Party Transactions (Rel
Related Party Transactions (Related Party Payments) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Related Party Transactions [Abstract] | |||
Operating leases | $ 27,622 | $ 27,559 | $ 29,240 |
Salaries and benefits | 62,590 | 66,763 | 72,892 |
Billing fees | 10,873 | 9,899 | 11,591 |
Medical advisory services | $ 2,635 | $ 2,811 | $ 2,993 |
Employee Benefit Programs (Deta
Employee Benefit Programs (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Contribution Plan Disclosure [Line Items] | ||||
Cash surrender value | $ 17,320 | $ 16,623 | $ 17,320 | |
AmSurg 401(k) Plan and Trust [Member] | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Employer contributions | 14,100 | 1,600 | $ 1,100 | |
401(k) as Part of Sheridan Acquisition [Member] | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Plan expense | 5,600 | |||
Supplemental Executive And Director Retirement Savings Plan [Member] | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Employer contributions | $ 5,200 | 800 | $ 2,300 | |
Maximum voluntary contribution as a percent of annual compensation | 50.00% | |||
Supplemental Executive And Director Retirement Savings Plan [Member] | Prepaid Expenses and Other Current Assets [Member] | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Cash surrender value | $ 17,320 | $ 16,623 | $ 17,320 | |
Minimum [Member] | AmSurg 401(k) Plan and Trust [Member] | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Requisite service period | 4 years | |||
Maximum [Member] | AmSurg 401(k) Plan and Trust [Member] | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Requisite service period | 5 years |
Commitments and Contingencies (
Commitments and Contingencies (Details) ft² in Thousands, $ in Millions | Jan. 16, 2015USD ($)ft² | Sep. 30, 2016ft² | Dec. 31, 2015ft² |
Schedule Of Operating Leases Square Footage [Line Items] | |||
Operating Leases, Area Of Office Space | 222 | 167 | |
Operating Leases, Rent Expense, Per Year | $ | $ 2.9 | ||
Scenario, Forecast [Member] | |||
Schedule Of Operating Leases Square Footage [Line Items] | |||
Operating Leases, Area Of Office Space | 55 |
Segment Reporting (Details)
Segment Reporting (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2014USD ($)segment | Jul. 15, 2014segment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Segment Reporting [Abstract] | |||||||||||||
Number of reportable segments | segment | 2 | 1 | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net revenue | $ 704,262 | $ 650,227 | $ 641,950 | $ 570,445 | $ 581,811 | $ 502,350 | $ 278,227 | $ 259,561 | $ 2,566,884 | $ 1,621,949 | $ 1,057,196 | ||
Adjusted EBITDA | 492,260 | 304,482 | 187,972 | ||||||||||
Earnings from continuing operations attributable to noncontrolling interests | 218,181 | 190,809 | 183,484 | ||||||||||
Interest expense, net | (121,586) | (83,285) | (29,525) | ||||||||||
Depreciation and amortization | (97,493) | (60,344) | (32,400) | ||||||||||
Share-based compensation | (15,009) | (10,104) | (8,321) | ||||||||||
Net change in fair value of contingent consideration | (8,804) | 0 | 0 | ||||||||||
Transaction costs | (25,100) | (8,324) | (33,890) | (300) | |||||||||
Debt extinguishment costs | 0 | (16,887) | 0 | ||||||||||
Net gain on deconsolidations | 36,694 | 3,411 | 2,237 | ||||||||||
Earnings from continuing operations before income taxes | 161,178 | $ 135,797 | $ 115,940 | $ 83,004 | 101,535 | $ 39,142 | $ 80,487 | $ 73,028 | 495,919 | 294,192 | 303,147 | ||
Acquisition and Capital Expenditures | 1,022,994 | 110,065 | 102,450 | ||||||||||
Assets | 6,546,482 | 5,501,062 | $ 5,501,062 | 6,546,482 | 5,501,062 | ||||||||
Ambulatory Services [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net revenue | 1,230,050 | 1,109,935 | 1,057,196 | ||||||||||
Adjusted EBITDA | 226,229 | 197,377 | 187,972 | ||||||||||
Acquisition and Capital Expenditures | 168,593 | 81,156 | 102,450 | ||||||||||
Assets | 2,609,479 | 2,526,625 | 2,526,625 | 2,609,479 | 2,526,625 | ||||||||
Physician Services [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net revenue | 512,014 | 1,336,834 | 512,014 | 0 | |||||||||
Adjusted EBITDA | 266,031 | 107,105 | 0 | ||||||||||
Net change in fair value of contingent consideration | (10,000) | ||||||||||||
Acquisition and Capital Expenditures | 854,401 | 28,909 | $ 0 | ||||||||||
Assets | $ 3,937,003 | $ 2,974,437 | $ 2,974,437 | $ 3,937,003 | $ 2,974,437 |
Financial Information for the90
Financial Information for the Company and Its Subsidiaries (Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | ||||
Cash and cash equivalents | $ 106,660 | $ 208,079 | $ 50,840 | $ 46,398 |
Restricted cash and marketable securities | 13,506 | 10,219 | ||
Accounts receivable, net | 337,330 | 233,053 | ||
Supplies inventory | 21,406 | 19,974 | ||
Prepaid and other current assets | 75,771 | 92,900 | ||
Total current assets | 554,673 | 564,225 | ||
Property and equipment, net | 189,168 | 180,448 | ||
Investments in and receivables from unconsolidated affiliates | 169,170 | 75,475 | ||
Goodwill | 3,970,210 | 3,381,149 | 1,758,970 | |
Intangible assets, net | 1,641,811 | 1,273,879 | ||
Other assets | 21,450 | 25,886 | ||
Total assets | 6,546,482 | 5,501,062 | ||
Liabilities and Equity | ||||
Current portion of long-term debt | 20,377 | 18,826 | ||
Accounts payable | 32,561 | 29,585 | ||
Accrued salaries and benefits | 202,537 | 140,044 | ||
Accrued interest | 30,480 | 29,644 | ||
Other accrued liabilities | 119,237 | 67,986 | ||
Total current liabilities | 405,192 | 286,085 | ||
Long-term debt | 2,405,130 | 2,232,186 | ||
Deferred income taxes | 699,498 | 611,018 | ||
Other long-term liabilities | 96,183 | 89,443 | ||
Intercompany payable | 0 | 0 | ||
Noncontrolling interests – redeemable | 175,732 | 184,099 | ||
Equity: | ||||
Total AmSurg Corp. equity | 2,293,463 | 1,679,547 | ||
Noncontrolling interests – non-redeemable | 471,284 | 418,684 | ||
Total equity | 2,764,747 | 2,098,231 | ||
Total liabilities and equity | 6,546,482 | 5,501,062 | ||
Consolidating Adjustments [Member] | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Restricted cash and marketable securities | 0 | 0 | ||
Accounts receivable, net | 0 | 0 | ||
Supplies inventory | 0 | 0 | ||
Prepaid and other current assets | (8,076) | (4,818) | ||
Total current assets | (8,076) | (4,818) | ||
Property and equipment, net | 0 | 0 | ||
Investments in and receivables from unconsolidated affiliates | (6,507,128) | (5,425,210) | ||
Goodwill | 2,013,469 | 1,890,168 | ||
Intangible assets, net | 0 | 0 | ||
Other assets | (1,998) | (1,466) | ||
Total assets | (4,503,733) | (3,541,326) | ||
Liabilities and Equity | ||||
Current portion of long-term debt | 0 | 0 | ||
Accounts payable | (3,852) | (4,080) | ||
Accrued salaries and benefits | 0 | 0 | ||
Accrued interest | 0 | 0 | ||
Other accrued liabilities | (4,224) | (738) | ||
Total current liabilities | (8,076) | (4,818) | ||
Long-term debt | (23,396) | (28,412) | ||
Deferred income taxes | (1,998) | (1,466) | ||
Other long-term liabilities | 0 | 0 | ||
Intercompany payable | (1,228,157) | (1,227,989) | ||
Noncontrolling interests – redeemable | 112,672 | 120,555 | ||
Equity: | ||||
Total AmSurg Corp. equity | (3,778,478) | (2,774,257) | ||
Noncontrolling interests – non-redeemable | 423,700 | 375,061 | ||
Total equity | (3,354,778) | (2,399,196) | ||
Total liabilities and equity | (4,503,733) | (3,541,326) | ||
Parent Company [Member] | ||||
Assets | ||||
Cash and cash equivalents | 20,437 | 134,351 | 6,710 | 7,259 |
Restricted cash and marketable securities | 0 | 0 | ||
Accounts receivable, net | 0 | 0 | ||
Supplies inventory | 0 | 0 | ||
Prepaid and other current assets | 28,739 | 46,097 | ||
Total current assets | 49,176 | 180,448 | ||
Property and equipment, net | 12,515 | 10,391 | ||
Investments in and receivables from unconsolidated affiliates | 4,901,026 | 3,912,804 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 59,928 | 67,678 | ||
Other assets | 4,653 | 3,323 | ||
Total assets | 5,027,298 | 4,174,644 | ||
Liabilities and Equity | ||||
Current portion of long-term debt | 8,700 | 8,700 | ||
Accounts payable | 2,816 | 1,849 | ||
Accrued salaries and benefits | 31,510 | 25,035 | ||
Accrued interest | 30,463 | 29,621 | ||
Other accrued liabilities | 13,962 | 8,051 | ||
Total current liabilities | 87,451 | 73,256 | ||
Long-term debt | 2,373,251 | 2,206,950 | ||
Deferred income taxes | 268,573 | 207,500 | ||
Other long-term liabilities | 4,560 | 7,391 | ||
Intercompany payable | 0 | 0 | ||
Noncontrolling interests – redeemable | 0 | 0 | ||
Equity: | ||||
Total AmSurg Corp. equity | 2,293,463 | 1,679,547 | ||
Noncontrolling interests – non-redeemable | 0 | 0 | ||
Total equity | 2,293,463 | 1,679,547 | ||
Total liabilities and equity | 5,027,298 | 4,174,644 | ||
Guarantor Subsidiaries [Member] | ||||
Assets | ||||
Cash and cash equivalents | 27,507 | 23,471 | 0 | 0 |
Restricted cash and marketable securities | 0 | 0 | ||
Accounts receivable, net | 223,434 | 123,772 | ||
Supplies inventory | 0 | 301 | ||
Prepaid and other current assets | 39,046 | 37,826 | ||
Total current assets | 289,987 | 185,370 | ||
Property and equipment, net | 14,601 | 9,972 | ||
Investments in and receivables from unconsolidated affiliates | 1,775,272 | 1,587,881 | ||
Goodwill | 1,956,741 | 1,490,981 | ||
Intangible assets, net | 1,579,537 | 1,203,218 | ||
Other assets | 1,717 | 943 | ||
Total assets | 5,617,855 | 4,478,365 | ||
Liabilities and Equity | ||||
Current portion of long-term debt | 0 | 0 | ||
Accounts payable | 3,760 | 35 | ||
Accrued salaries and benefits | 158,705 | 101,395 | ||
Accrued interest | 0 | 0 | ||
Other accrued liabilities | 76,590 | 44,305 | ||
Total current liabilities | 239,055 | 145,735 | ||
Long-term debt | 0 | 0 | ||
Deferred income taxes | 432,923 | 404,984 | ||
Other long-term liabilities | 71,509 | 63,616 | ||
Intercompany payable | 1,228,157 | 1,219,979 | ||
Noncontrolling interests – redeemable | 0 | 0 | ||
Equity: | ||||
Total AmSurg Corp. equity | 3,646,211 | 2,644,051 | ||
Noncontrolling interests – non-redeemable | 0 | 0 | ||
Total equity | 3,646,211 | 2,644,051 | ||
Total liabilities and equity | 5,617,855 | 4,478,365 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Assets | ||||
Cash and cash equivalents | 58,716 | 50,257 | $ 44,130 | $ 39,139 |
Restricted cash and marketable securities | 13,506 | 10,219 | ||
Accounts receivable, net | 113,896 | 109,281 | ||
Supplies inventory | 21,406 | 19,673 | ||
Prepaid and other current assets | 16,062 | 13,795 | ||
Total current assets | 223,586 | 203,225 | ||
Property and equipment, net | 162,052 | 160,085 | ||
Investments in and receivables from unconsolidated affiliates | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 2,346 | 2,983 | ||
Other assets | 17,078 | 23,086 | ||
Total assets | 405,062 | 389,379 | ||
Liabilities and Equity | ||||
Current portion of long-term debt | 11,677 | 10,126 | ||
Accounts payable | 29,837 | 31,781 | ||
Accrued salaries and benefits | 12,322 | 13,614 | ||
Accrued interest | 17 | 23 | ||
Other accrued liabilities | 32,909 | 16,368 | ||
Total current liabilities | 86,762 | 71,912 | ||
Long-term debt | 55,275 | 53,648 | ||
Deferred income taxes | 0 | 0 | ||
Other long-term liabilities | 20,114 | 18,436 | ||
Intercompany payable | 0 | 8,010 | ||
Noncontrolling interests – redeemable | 63,060 | 63,544 | ||
Equity: | ||||
Total AmSurg Corp. equity | 132,267 | 130,206 | ||
Noncontrolling interests – non-redeemable | 47,584 | 43,623 | ||
Total equity | 179,851 | 173,829 | ||
Total liabilities and equity | $ 405,062 | $ 389,379 |
Financial Information for the91
Financial Information for the Company and Its Subsidiaries (Income Statements) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net revenue | $ 704,262 | $ 650,227 | $ 641,950 | $ 570,445 | $ 581,811 | $ 502,350 | $ 278,227 | $ 259,561 | $ 2,566,884 | $ 1,621,949 | $ 1,057,196 |
Operating expenses: | |||||||||||
Salaries and benefits | 1,314,392 | 694,576 | 327,585 | ||||||||
Supply cost | 184,222 | 164,296 | 153,126 | ||||||||
Other operating expenses | 397,794 | 284,928 | 216,501 | ||||||||
Transaction costs | 25,100 | 8,324 | 33,890 | 300 | |||||||
Depreciation and amortization | 97,493 | 60,344 | 32,400 | ||||||||
Total operating expenses | 2,002,225 | 1,238,034 | 729,912 | ||||||||
Net gain on deconsolidations | 36,694 | 3,411 | 2,237 | ||||||||
Equity in earnings of unconsolidated affiliates | 16,152 | 7,038 | 3,151 | ||||||||
Operating income | 617,505 | 394,364 | 332,672 | ||||||||
Interest expense, net | 121,586 | 83,285 | 29,525 | ||||||||
Debt extinguishment costs | 0 | 16,887 | 0 | ||||||||
Earnings from continuing operations before income taxes | 161,178 | 135,797 | 115,940 | 83,004 | 101,535 | 39,142 | 80,487 | 73,028 | 495,919 | 294,192 | 303,147 |
Income tax expense | 113,790 | 48,103 | 48,654 | ||||||||
Net earnings from continuing operations | 124,348 | 98,279 | 90,747 | 68,755 | 79,234 | 39,120 | 67,689 | 60,046 | 382,129 | 246,089 | 254,493 |
Net earnings (loss) from discontinued operations | (1,013) | 0 | 0 | 0 | (150) | (1,697) | 483 | 68 | (1,013) | (1,296) | 7,051 |
Net earnings | 123,335 | 98,279 | 90,747 | 68,755 | 79,084 | 37,423 | 68,172 | 60,114 | 381,116 | 244,793 | 261,544 |
Less net earnings attributable to noncontrolling interests | 218,169 | 191,092 | 188,841 | ||||||||
Net earnings attributable to AmSurg Corp. shareholders | 162,947 | 53,701 | 72,703 | ||||||||
Preferred stock dividends | (9,056) | (4,503) | 0 | ||||||||
Net earnings attributable to AmSurg Corp. common shareholders | 63,309 | 40,397 | 31,411 | 18,774 | 25,115 | (12,073) | 18,961 | 17,195 | 153,891 | 49,198 | 72,703 |
Amounts attributable to AmSurg Corp. common shareholders: | |||||||||||
Earnings from continuing operations, net of income tax | 64,310 | 40,397 | 31,411 | 18,774 | 25,311 | (10,697) | 18,771 | 17,392 | 154,892 | 50,777 | 71,009 |
Earnings (loss) from discontinued operations, net of income tax | (1,001) | 0 | 0 | 0 | (196) | (1,376) | 190 | (197) | (1,001) | (1,579) | 1,694 |
Net earnings attributable to AmSurg Corp. common shareholders | $ 63,309 | $ 40,397 | $ 31,411 | $ 18,774 | $ 25,115 | $ (12,073) | $ 18,961 | $ 17,195 | 153,891 | 49,198 | 72,703 |
Consolidating Adjustments [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net revenue | (38,004) | (24,336) | (17,518) | ||||||||
Operating expenses: | |||||||||||
Salaries and benefits | (507) | (5,786) | (467) | ||||||||
Supply cost | (80) | 0 | 0 | ||||||||
Other operating expenses | (37,417) | (18,550) | (17,051) | ||||||||
Transaction costs | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Total operating expenses | (38,004) | (24,336) | (17,518) | ||||||||
Net gain on deconsolidations | 0 | 0 | 0 | ||||||||
Equity in earnings of unconsolidated affiliates | (584,080) | (442,508) | (409,010) | ||||||||
Operating income | (584,080) | (442,508) | (409,010) | ||||||||
Interest expense, net | 0 | 0 | 0 | ||||||||
Debt extinguishment costs | 0 | ||||||||||
Earnings from continuing operations before income taxes | (584,080) | (442,508) | (409,010) | ||||||||
Income tax expense | 0 | 0 | 0 | ||||||||
Net earnings from continuing operations | (584,080) | (442,508) | (409,010) | ||||||||
Net earnings (loss) from discontinued operations | 0 | 0 | 0 | ||||||||
Net earnings | (584,080) | (442,508) | (409,010) | ||||||||
Less net earnings attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net earnings attributable to AmSurg Corp. shareholders | (584,080) | (442,508) | |||||||||
Preferred stock dividends | 0 | 0 | |||||||||
Net earnings attributable to AmSurg Corp. common shareholders | (584,080) | (442,508) | (409,010) | ||||||||
Amounts attributable to AmSurg Corp. common shareholders: | |||||||||||
Earnings from continuing operations, net of income tax | (584,080) | (442,508) | (409,010) | ||||||||
Earnings (loss) from discontinued operations, net of income tax | 0 | 0 | 0 | ||||||||
Net earnings attributable to AmSurg Corp. common shareholders | (584,080) | (442,508) | (409,010) | ||||||||
Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net revenue | 28,554 | 24,773 | 24,167 | ||||||||
Operating expenses: | |||||||||||
Salaries and benefits | 69,102 | 65,697 | 61,038 | ||||||||
Supply cost | 0 | 0 | 0 | ||||||||
Other operating expenses | 24,682 | 18,667 | 22,360 | ||||||||
Transaction costs | 1,762 | 29,004 | 300 | ||||||||
Depreciation and amortization | 3,912 | 4,044 | 3,186 | ||||||||
Total operating expenses | 99,458 | 117,412 | 86,884 | ||||||||
Net gain on deconsolidations | 0 | 0 | 0 | ||||||||
Equity in earnings of unconsolidated affiliates | 349,139 | 237,657 | 207,199 | ||||||||
Operating income | 278,235 | 145,018 | 144,482 | ||||||||
Interest expense, net | 41,140 | 47,997 | 27,282 | ||||||||
Debt extinguishment costs | 16,887 | ||||||||||
Earnings from continuing operations before income taxes | 237,095 | 80,134 | 117,200 | ||||||||
Income tax expense | 73,159 | 29,166 | 47,139 | ||||||||
Net earnings from continuing operations | 163,936 | 50,968 | 70,061 | ||||||||
Net earnings (loss) from discontinued operations | (989) | 2,733 | 2,642 | ||||||||
Net earnings | 162,947 | 53,701 | 72,703 | ||||||||
Less net earnings attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net earnings attributable to AmSurg Corp. shareholders | 162,947 | 53,701 | |||||||||
Preferred stock dividends | (9,056) | (4,503) | |||||||||
Net earnings attributable to AmSurg Corp. common shareholders | 153,891 | 49,198 | 72,703 | ||||||||
Amounts attributable to AmSurg Corp. common shareholders: | |||||||||||
Earnings from continuing operations, net of income tax | 154,880 | 46,465 | 70,061 | ||||||||
Earnings (loss) from discontinued operations, net of income tax | (989) | 2,733 | 2,642 | ||||||||
Net earnings attributable to AmSurg Corp. common shareholders | 153,891 | 49,198 | 72,703 | ||||||||
Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net revenue | 1,331,042 | 508,572 | 0 | ||||||||
Operating expenses: | |||||||||||
Salaries and benefits | 937,484 | 350,615 | 0 | ||||||||
Supply cost | 2,436 | 1,292 | 0 | ||||||||
Other operating expenses | 145,369 | 53,413 | 0 | ||||||||
Transaction costs | 6,562 | 4,886 | 0 | ||||||||
Depreciation and amortization | 61,658 | 25,610 | 0 | ||||||||
Total operating expenses | 1,153,509 | 435,816 | 0 | ||||||||
Net gain on deconsolidations | 37,350 | 3,411 | 2,237 | ||||||||
Equity in earnings of unconsolidated affiliates | 251,093 | 211,889 | 204,962 | ||||||||
Operating income | 465,976 | 288,056 | 207,199 | ||||||||
Interest expense, net | 77,947 | 33,026 | 0 | ||||||||
Debt extinguishment costs | 0 | ||||||||||
Earnings from continuing operations before income taxes | 388,029 | 255,030 | 207,199 | ||||||||
Income tax expense | 38,891 | 17,373 | 0 | ||||||||
Net earnings from continuing operations | 349,138 | 237,657 | 207,199 | ||||||||
Net earnings (loss) from discontinued operations | 0 | 0 | 0 | ||||||||
Net earnings | 349,138 | 237,657 | 207,199 | ||||||||
Less net earnings attributable to noncontrolling interests | 0 | 21 | 0 | ||||||||
Net earnings attributable to AmSurg Corp. shareholders | 349,138 | 237,636 | |||||||||
Preferred stock dividends | 0 | 0 | |||||||||
Net earnings attributable to AmSurg Corp. common shareholders | 349,138 | 237,636 | 207,199 | ||||||||
Amounts attributable to AmSurg Corp. common shareholders: | |||||||||||
Earnings from continuing operations, net of income tax | 349,138 | 237,636 | 207,199 | ||||||||
Earnings (loss) from discontinued operations, net of income tax | 0 | 0 | 0 | ||||||||
Net earnings attributable to AmSurg Corp. common shareholders | 349,138 | 237,636 | 207,199 | ||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net revenue | 1,245,292 | 1,112,940 | 1,050,547 | ||||||||
Operating expenses: | |||||||||||
Salaries and benefits | 308,313 | 284,050 | 267,014 | ||||||||
Supply cost | 181,866 | 163,004 | 153,126 | ||||||||
Other operating expenses | 265,160 | 231,398 | 211,192 | ||||||||
Transaction costs | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 31,923 | 30,690 | 29,214 | ||||||||
Total operating expenses | 787,262 | 709,142 | 660,546 | ||||||||
Net gain on deconsolidations | (656) | 0 | 0 | ||||||||
Equity in earnings of unconsolidated affiliates | 0 | 0 | 0 | ||||||||
Operating income | 457,374 | 403,798 | 390,001 | ||||||||
Interest expense, net | 2,499 | 2,262 | 2,243 | ||||||||
Debt extinguishment costs | 0 | ||||||||||
Earnings from continuing operations before income taxes | 454,875 | 401,536 | 387,758 | ||||||||
Income tax expense | 1,740 | 1,564 | 1,515 | ||||||||
Net earnings from continuing operations | 453,135 | 399,972 | 386,243 | ||||||||
Net earnings (loss) from discontinued operations | (24) | (4,029) | 4,409 | ||||||||
Net earnings | 453,111 | 395,943 | 390,652 | ||||||||
Less net earnings attributable to noncontrolling interests | 218,169 | 191,071 | 188,841 | ||||||||
Net earnings attributable to AmSurg Corp. shareholders | 234,942 | 204,872 | |||||||||
Preferred stock dividends | 0 | 0 | |||||||||
Net earnings attributable to AmSurg Corp. common shareholders | 234,942 | 204,872 | 201,811 | ||||||||
Amounts attributable to AmSurg Corp. common shareholders: | |||||||||||
Earnings from continuing operations, net of income tax | 234,954 | 209,184 | 202,759 | ||||||||
Earnings (loss) from discontinued operations, net of income tax | (12) | (4,312) | (948) | ||||||||
Net earnings attributable to AmSurg Corp. common shareholders | $ 234,942 | $ 204,872 | $ 201,811 |
Financial Information for the92
Financial Information for the Company and Its Subsidiaries (Cash Flow Statements) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net cash flows provided by operating activities | $ 537,959 | $ 412,371 | $ 332,824 |
Cash flows from investing activities: | |||
Acquisitions and related transactions | (962,689) | (2,184,058) | (73,594) |
Acquisition of property and equipment | (60,305) | (40,217) | (28,856) |
Proceeds from sale of interests in surgery centers | 7,114 | 7,069 | 3,553 |
Purchases of marketable securities | (3,984) | (6,474) | 0 |
Maturities of marketable securities | 4,233 | 3,486 | 0 |
Other | (1,194) | (4,941) | 159 |
Net cash flows used in investing activities | (1,016,825) | (2,225,135) | (98,738) |
Cash flows from financing activities: | |||
Proceeds from long-term borrowings and revolving credit facility | 560,133 | 2,048,958 | 162,204 |
Repayment on long-term borrowings and revolving credit facility | (392,586) | (408,475) | (202,083) |
Distributions to owners, including noncontrolling interests | (214,899) | (190,097) | (184,149) |
Capital contributions | 0 | 0 | |
Proceeds from preferred stock offering | 0 | 172,500 | 0 |
Proceeds from common stock offering | 466,777 | 439,875 | 0 |
Payments of equity issuance costs | (19,058) | (24,494) | 0 |
Financing costs incurred | (1,111) | (65,811) | (1,322) |
Changes in intercompany balances with affiliates, net | 0 | 0 | 0 |
Other financing activities, net | (21,809) | (2,453) | (5,616) |
Net cash flows provided by (used in) financing activities | 377,447 | 1,970,003 | (229,644) |
Net increase (decrease) in cash and cash equivalents | (101,419) | 157,239 | 4,442 |
Cash and cash equivalents, beginning of period | 208,079 | 50,840 | 46,398 |
Cash and cash equivalents, end of period | 106,660 | 208,079 | 50,840 |
Consolidating Adjustments [Member] | |||
Cash flows from operating activities: | |||
Net cash flows provided by operating activities | (346,225) | (413,605) | (347,648) |
Cash flows from investing activities: | |||
Acquisitions and related transactions | 764,345 | 2,126,737 | 694 |
Acquisition of property and equipment | 0 | 0 | 0 |
Proceeds from sale of interests in surgery centers | 0 | 0 | 0 |
Purchases of marketable securities | 0 | 0 | |
Maturities of marketable securities | 0 | 0 | |
Other | 0 | 0 | 0 |
Net cash flows used in investing activities | 764,345 | 2,126,737 | 694 |
Cash flows from financing activities: | |||
Proceeds from long-term borrowings and revolving credit facility | 0 | 0 | 0 |
Repayment on long-term borrowings and revolving credit facility | 0 | 0 | 0 |
Distributions to owners, including noncontrolling interests | 346,225 | 413,605 | 347,648 |
Capital contributions | (757,775) | (2,124,124) | |
Proceeds from preferred stock offering | 0 | ||
Proceeds from common stock offering | 0 | 0 | |
Payments of equity issuance costs | 0 | 0 | |
Financing costs incurred | 0 | 0 | |
Changes in intercompany balances with affiliates, net | 0 | 0 | 0 |
Other financing activities, net | (6,570) | (2,613) | (694) |
Net cash flows provided by (used in) financing activities | (418,120) | (1,713,132) | 346,954 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 | 0 |
Parent Company [Member] | |||
Cash flows from operating activities: | |||
Net cash flows provided by operating activities | 40,432 | 96,681 | 45,127 |
Cash flows from investing activities: | |||
Acquisitions and related transactions | (757,775) | (2,124,124) | 0 |
Acquisition of property and equipment | (5,876) | (7,877) | (3,693) |
Proceeds from sale of interests in surgery centers | 0 | 0 | 0 |
Purchases of marketable securities | 0 | 0 | |
Maturities of marketable securities | 0 | 0 | |
Other | 0 | (3,068) | 0 |
Net cash flows used in investing activities | (763,651) | (2,135,069) | (3,693) |
Cash flows from financing activities: | |||
Proceeds from long-term borrowings and revolving credit facility | 546,000 | 2,040,000 | 152,700 |
Repayment on long-term borrowings and revolving credit facility | (379,700) | (396,493) | (188,081) |
Distributions to owners, including noncontrolling interests | 0 | 0 | 0 |
Capital contributions | 0 | 0 | |
Proceeds from preferred stock offering | 172,500 | ||
Proceeds from common stock offering | 466,777 | 439,875 | |
Payments of equity issuance costs | (19,058) | (24,494) | |
Financing costs incurred | (1,101) | (65,811) | |
Changes in intercompany balances with affiliates, net | 5,016 | 2,965 | 88 |
Other financing activities, net | (8,629) | (2,513) | (6,690) |
Net cash flows provided by (used in) financing activities | 609,305 | 2,166,029 | (41,983) |
Net increase (decrease) in cash and cash equivalents | (113,914) | 127,641 | (549) |
Cash and cash equivalents, beginning of period | 134,351 | 6,710 | 7,259 |
Cash and cash equivalents, end of period | 20,437 | 134,351 | 6,710 |
Guarantor Subsidiaries [Member] | |||
Cash flows from operating activities: | |||
Net cash flows provided by operating activities | 353,932 | 298,415 | 208,773 |
Cash flows from investing activities: | |||
Acquisitions and related transactions | (969,259) | (2,188,191) | (74,288) |
Acquisition of property and equipment | (22,988) | (9,933) | 0 |
Proceeds from sale of interests in surgery centers | 7,114 | 7,069 | 3,553 |
Purchases of marketable securities | 0 | 0 | |
Maturities of marketable securities | 0 | 0 | |
Other | (2,927) | (6,594) | 159 |
Net cash flows used in investing activities | (988,060) | (2,197,649) | (70,576) |
Cash flows from financing activities: | |||
Proceeds from long-term borrowings and revolving credit facility | 0 | 0 | 0 |
Repayment on long-term borrowings and revolving credit facility | 0 | 0 | 0 |
Distributions to owners, including noncontrolling interests | (109,862) | (202,247) | (138,875) |
Capital contributions | 757,775 | 2,124,124 | |
Proceeds from preferred stock offering | 0 | ||
Proceeds from common stock offering | 0 | 0 | |
Payments of equity issuance costs | 0 | 0 | |
Financing costs incurred | 0 | 0 | |
Changes in intercompany balances with affiliates, net | 0 | 0 | 0 |
Other financing activities, net | (9,749) | 828 | 678 |
Net cash flows provided by (used in) financing activities | 638,164 | 1,922,705 | (138,197) |
Net increase (decrease) in cash and cash equivalents | 4,036 | 23,471 | 0 |
Cash and cash equivalents, beginning of period | 23,471 | 0 | 0 |
Cash and cash equivalents, end of period | 27,507 | 23,471 | 0 |
Non-Guarantor Subsidiaries [Member] | |||
Cash flows from operating activities: | |||
Net cash flows provided by operating activities | 489,820 | 430,880 | 426,572 |
Cash flows from investing activities: | |||
Acquisitions and related transactions | 0 | 1,520 | 0 |
Acquisition of property and equipment | (31,441) | (22,407) | (25,163) |
Proceeds from sale of interests in surgery centers | 0 | 0 | 0 |
Purchases of marketable securities | (3,984) | (6,474) | |
Maturities of marketable securities | 4,233 | 3,486 | |
Other | 1,733 | 4,721 | 0 |
Net cash flows used in investing activities | (29,459) | (19,154) | (25,163) |
Cash flows from financing activities: | |||
Proceeds from long-term borrowings and revolving credit facility | 14,133 | 8,958 | 9,504 |
Repayment on long-term borrowings and revolving credit facility | (12,886) | (11,982) | (14,002) |
Distributions to owners, including noncontrolling interests | (451,262) | (401,455) | (392,922) |
Capital contributions | 0 | 0 | |
Proceeds from preferred stock offering | 0 | ||
Proceeds from common stock offering | 0 | 0 | |
Payments of equity issuance costs | 0 | 0 | |
Financing costs incurred | (10) | 0 | |
Changes in intercompany balances with affiliates, net | (5,016) | (2,965) | (88) |
Other financing activities, net | 3,139 | 1,845 | 1,090 |
Net cash flows provided by (used in) financing activities | (451,902) | (405,599) | (396,418) |
Net increase (decrease) in cash and cash equivalents | 8,459 | 6,127 | 4,991 |
Cash and cash equivalents, beginning of period | 50,257 | 44,130 | 39,139 |
Cash and cash equivalents, end of period | $ 58,716 | $ 50,257 | $ 44,130 |
Quarterly Statement of Earnin93
Quarterly Statement of Earnings Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net revenue | $ 704,262 | $ 650,227 | $ 641,950 | $ 570,445 | $ 581,811 | $ 502,350 | $ 278,227 | $ 259,561 | $ 2,566,884 | $ 1,621,949 | $ 1,057,196 |
Earnings from continuing operations before income taxes | 161,178 | 135,797 | 115,940 | 83,004 | 101,535 | 39,142 | 80,487 | 73,028 | 495,919 | 294,192 | 303,147 |
Net earnings from continuing operations | 124,348 | 98,279 | 90,747 | 68,755 | 79,234 | 39,120 | 67,689 | 60,046 | 382,129 | 246,089 | 254,493 |
Net earnings (loss) from discontinued operations | (1,013) | 0 | 0 | 0 | (150) | (1,697) | 483 | 68 | (1,013) | (1,296) | 7,051 |
Net earnings | 123,335 | 98,279 | 90,747 | 68,755 | 79,084 | 37,423 | 68,172 | 60,114 | 381,116 | 244,793 | 261,544 |
Net earnings (loss) attributable to AmSurg Corp. common shareholders: | |||||||||||
Continuing | 64,310 | 40,397 | 31,411 | 18,774 | 25,311 | (10,697) | 18,771 | 17,392 | 154,892 | 50,777 | 71,009 |
Discontinued | (1,001) | 0 | 0 | 0 | (196) | (1,376) | 190 | (197) | (1,001) | (1,579) | 1,694 |
Net earnings attributable to AmSurg Corp. common shareholders | $ 63,309 | $ 40,397 | $ 31,411 | $ 18,774 | $ 25,115 | $ (12,073) | $ 18,961 | $ 17,195 | $ 153,891 | $ 49,198 | $ 72,703 |
Basic net earnings (loss) from continuing operations per share | $ 1.31 | $ 0.85 | $ 0.66 | $ 0.39 | $ 0.53 | $ (0.23) | $ 0.59 | $ 0.55 | $ 3.22 | $ 1.29 | $ 2.27 |
Basic net earnings (loss) per share | 1.28 | 0.85 | 0.66 | 0.39 | 0.53 | (0.26) | 0.60 | 0.54 | 3.20 | 1.25 | 2.32 |
Diluted net earnings (loss) from continuing operations per share | 1.26 | 0.83 | 0.65 | 0.39 | 0.53 | (0.23) | 0.58 | 0.54 | 3.18 | 1.28 | 2.22 |
Diluted net earnings (loss) per share | $ 1.24 | $ 0.83 | $ 0.65 | $ 0.39 | $ 0.53 | $ (0.26) | $ 0.59 | $ 0.54 | $ 3.16 | $ 1.24 | $ 2.28 |
Debt extinguishment costs | $ 0 | $ (16,887) | $ 0 | ||||||||
Transaction costs | $ 25,100 | $ 8,324 | $ 33,890 | $ 300 |
Schedule II - Valuation and Q94
Schedule II - Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation Allowances and Reserves, Balance, Beginning Balance | $ 113,357 | $ 27,862 | $ 22,379 |
Charged to Cost and Expenses | 287,427 | 139,274 | 21,983 |
Charge-off Against Allowances | (233,373) | (53,779) | (16,500) |
Valuation Allowances and Reserves, Balance, Ending Balance | $ 167,411 | $ 113,357 | $ 27,862 |