SEC Filings

10-Q
ENVISION HEALTHCARE CORP filed this Form 10-Q on 08/08/2017
Entire Document
 
Item 1. Financial Statements - (continued)

Insurance collateral consisted of the following as of June 30, 2017 and December 31, 2016 (in millions):
 
June 30, 2017
 
December 31, 2016
Available-for-sale securities:
 
 
 
U.S. Treasuries
$
1.6

 
$
1.0

Corporate bonds/Fixed income
39.6

 
28.3

Corporate equity
14.0

 
14.2

Total available-for-sale securities
55.2

 
43.5

Cash deposits and other
45.3

 
43.5

Insurance collateral
$
100.5

 
$
87.0


Amortized cost basis and aggregate fair value of the Company's available-for-sale securities as of June 30, 2017 and December 31, 2016 were as follows (in millions):
 
June 30, 2017
 
 
 
Gross
 
Gross
 
 
 
Cost
 
Unrealized
 
Unrealized
 
Fair
 
Basis
 
Gains
 
Losses
 
Value
Description:
 
 
 
 
 
 
 
U.S. Treasuries
$
1.6

 
$

 
$

 
$
1.6

Corporate bonds/Fixed income
39.4

 
0.2

 

 
39.6

Corporate equity
12.9

 
1.2

 
(0.1
)
 
14.0

Total available-for-sale securities
$
53.9

 
$
1.4

 
$
(0.1
)
 
$
55.2

 
December 31, 2016
 
 
 
Gross
 
Gross
 
 
 
Cost
 
Unrealized
 
Unrealized
 
Fair
 
Basis
 
Gains
 
Losses
 
Value
Description:
 
 
 
 
 
 
 
U.S. Treasuries
$
1.0

 
$

 
$

 
$
1.0

Corporate bonds/Fixed income
28.3

 

 

 
28.3

Corporate equity
14.4

 
0.1

 
(0.3
)
 
14.2

Total available-for-sale securities
$
43.7

 
$
0.1

 
$
(0.3
)
 
$
43.5


As of June 30, 2017, available-for-sale securities included U.S. Treasuries, corporate bonds and fixed income securities of $3.6 million with contractual maturities within one year and $36.1 million with contractual maturities extending longer than one year through five years and $1.5 million with contractual maturities extending longer than five years. Actual maturities may differ from contractual maturities as a result of the Company's ability to sell these securities prior to maturity.

The Company's available-for-sale investment securities that were temporarily impaired as of June 30, 2017 and December 31, 2016 consisted of corporate equity securities that had a fair value of $2.9 million and $7.6 million with a cumulative unrealized loss position of less than $0.1 million and $0.3 million for less than twelve months, respectively. There were no available-for-sale investment securities that were other-than-temporarily impaired as of June 30, 2017.

The Company evaluates the investment securities available-for-sale on a quarterly basis to determine whether declines in the fair value of these securities are other-than-temporary. The evaluation consists of reviewing the fair value of the security compared to the carrying amount, the historical volatility of the price of each security, and any industry and company specific factors related to each security.

The Company is not aware of any specific factors indicating that the underlying issuers of the corporate bonds/fixed income securities would not be able to pay interest as it becomes due or repay the principal amount at maturity. Therefore, the Company believes that the changes in the estimated fair values of these debt securities are related to temporary market fluctuations and the Company does not

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