SEC Filings

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

(16) Financial Information for the Company and Its Subsidiaries

The 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 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. As a result of the refinancing related to the Merger, the guarantor structure of certain entities changed and these statements have been revised to reflect the current structure post-Merger.
Condensed Consolidating Balance Sheet - June 30, 2017 (In millions)
 
Parent Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Total Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
128.0

 
$
109.2

 
$
204.1

 
$

 
$
441.3

Insurance collateral

 

 
100.5

 

 
100.5

Accounts receivable, net

 
238.6

 
1,114.6

 

 
1,353.2

Supplies inventory

 

 
23.1

 

 
23.1

Prepaid and other current assets
26.0

 
54.6

 
69.3

 
(3.2
)
 
146.7

Current assets held for sale

 
3,005.6

 

 

 
3,005.6

Total current assets
154.0


3,408.0


1,511.6


(3.2
)

5,070.4

Property and equipment, net
12.1

 
101.1

 
192.6

 

 
305.8

Investments in and advances to affiliates
11,251.6

 
1,084.7

 

 
(12,204.9
)
 
131.4

Intercompany receivable
2,897.4

 
203.0

 

 
(3,100.4
)
 

Goodwill

 
1,660.9

 

 
6,518.1

 
8,179.0

Intangible assets, net
11.4

 
1,311.1

 
2,440.6

 

 
3,763.1

Other assets
39.0

 
40.7

 
59.0

 

 
138.7

Total assets
$
14,365.5

 
$
7,809.5

 
$
4,203.8

 
$
(8,790.4
)
 
$
17,588.4

Liabilities and Equity
 

 
 

 
 

 
 

 
 

Current liabilities:
 

 
 

 
 

 
 

 
 

Current portion of long-term debt
$
40.0

 
$
0.5

 
$
12.5

 
$

 
$
53.0

Accounts payable
2.0

 
26.7

 
32.9

 

 
61.6

Accrued salaries and benefits
3.8

 
167.3

 
304.0

 

 
475.1

Accrued interest
51.1

 

 

 

 
51.1

Other accrued liabilities
17.4

 
267.1

 
134.8

 
(3.2
)
 
416.1

Current liabilities held for sale

 
734.6

 

 

 
734.6

Total current liabilities
114.3


1,196.2


484.2


(3.2
)

1,791.5

Long-term debt
6,230.8

 
0.2

 
45.4

 

 
6,276.4

Deferred income taxes
1,627.9

 

 
207.7

 

 
1,835.6

Insurance reserves
5.0

 
181.1

 
128.2

 

 
314.3

Other long-term liabilities
34.1

 
81.7

 
32.6

 

 
148.4

Intercompany payable

 
2,539.5

 
560.9

 
(3,100.4
)
 

Noncontrolling interests – redeemable

 

 
75.2

 
111.5

 
186.7

Equity:
 
 
 
 
 
 
 
 


Total Envision Healthcare Corporation equity
6,353.4

 
3,810.8

 
2,533.8

 
(6,344.6
)
 
6,353.4

Noncontrolling interests – non-redeemable

 

 
135.8

 
546.3

 
682.1

Total equity
6,353.4

 
3,810.8

 
2,669.6

 
(5,798.3
)
 
7,035.5

Total liabilities and equity
$
14,365.5

 
$
7,809.5

 
$
4,203.8

 
$
(8,790.4
)
 
$
17,588.4


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