Document and Entity Information
Document and Entity Information - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2020 | May 01, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 1-14106 | |
Entity Registrant Name | DAVITA INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 51-0354549 | |
Entity Address, Address Line One | 2000 16th Street | |
Entity Address, City or Town | Denver, | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80202 | |
City Area Code | 720 | |
Local Phone Number | 631-2100 | |
Title of 12(b) Security | Common Stock, $0.001 par value | |
Trading Symbol | DVA | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 121.8 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0000927066 | |
Current Fiscal Year End Date | --12-31 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||
Dialysis patient service revenues | $ 2,713,281 | $ 2,629,689 |
Other revenues | 127,956 | 113,423 |
Total revenues | 2,841,237 | 2,743,112 |
Operating expenses and charges: | ||
Patient care costs | 1,975,449 | 1,964,935 |
General and administrative | 263,576 | 250,813 |
Depreciation and amortization | 154,679 | 148,528 |
Equity investment income | (17,843) | (2,708) |
Goodwill impairment charges | 0 | 41,037 |
Total operating expenses and charges | 2,375,861 | 2,402,605 |
Operating income | 465,376 | 340,507 |
Debt expense | (88,603) | (131,519) |
Debt refinancing charges | (2,948) | 0 |
Other (loss) income, net | (4,350) | 6,940 |
Income from continuing operations before income taxes | 369,475 | 215,928 |
Income tax expense | 91,560 | 56,746 |
Net income from continuing operations | 277,915 | 159,182 |
Net income from discontinued operations, net of tax | 9,980 | 30,305 |
Net income | 287,895 | 189,487 |
Less: Net income attributable to noncontrolling interests | (48,302) | (40,198) |
Net income attributable to DaVita Inc. | $ 239,593 | $ 149,289 |
Earnings per share attributable to DaVita Inc.: | ||
Basic net income from continuing operations per share | $ 1.84 | $ 0.72 |
Basic net income per share | 1.92 | 0.90 |
Diluted net income from continuing operations per share | 1.81 | 0.72 |
Diluted net income per share | $ 1.89 | $ 0.90 |
Weighted average shares for earnings per share: | ||
Basic (in shares) | 124,901,671 | 166,387,958 |
Diluted (in shares) | 126,894,847 | 166,780,657 |
Amounts attributable to DaVita Inc.: | ||
Net income from continuing operations | $ 229,613 | $ 120,254 |
Net income from discontinued operations | 9,980 | 29,035 |
Net income attributable to DaVita Inc. | $ 239,593 | $ 149,289 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 287,895 | $ 189,487 |
Unrealized losses on interest rate cap agreements: | ||
Unrealized losses | (13,018) | (580) |
Reclassifications of net realized losses into net income | 1,623 | 1,606 |
Unrealized losses on foreign currency translation: | ||
Foreign currency translation adjustments | (81,632) | (13,653) |
Other comprehensive loss | (93,027) | (12,627) |
Total comprehensive income | 194,868 | 176,860 |
Less: Comprehensive income attributable to noncontrolling interests | (48,302) | (40,198) |
Comprehensive income attributable to DaVita Inc. | $ 146,566 | $ 136,662 |
CONSOLIDATED BALANCE SHEETS (un
CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and cash equivalents | $ 1,381,764 | $ 1,102,372 |
Restricted cash and equivalents | 106,724 | 106,346 |
Short-term investments | 9,376 | 11,572 |
Accounts receivable, net | 1,820,132 | 1,795,598 |
Inventories | 95,685 | 97,949 |
Other receivables | 519,081 | 489,695 |
Prepaid and other current assets | 59,853 | 66,866 |
Income tax receivable | 31,324 | 19,772 |
Total current assets | 4,023,939 | 3,690,170 |
Property and equipment, net of accumulated depreciation of $4,092,166 and $3,969,566, respectively | 3,445,423 | 3,473,384 |
Operating lease right-of-use asset | 2,847,776 | 2,830,047 |
Intangible assets, net of accumulated amortization of $84,643 and $81,922, respectively | 117,953 | 135,684 |
Equity method and other investments | 254,499 | 241,983 |
Long-term investments | 34,657 | 36,519 |
Other long-term assets | 94,030 | 115,972 |
Goodwill | 6,778,023 | 6,787,635 |
Total assets | 17,596,300 | 17,311,394 |
LIABILITIES AND EQUITY | ||
Accounts payable | 340,092 | 403,840 |
Other liabilities | 757,784 | 756,174 |
Accrued compensation and benefits | 596,999 | 695,052 |
Current portion of operating lease liabilities | 356,033 | 343,912 |
Current portion of long-term debt | 146,318 | 130,708 |
Income tax payable | 23,520 | 42,412 |
Total current liabilities | 2,220,746 | 2,372,098 |
Long-term operating lease liabilities | 2,734,370 | 2,723,800 |
Long-term debt | 8,442,136 | 7,977,526 |
Other long-term liabilities | 161,940 | 160,809 |
Deferred income taxes | 675,728 | 577,543 |
Total liabilities | 14,234,920 | 13,811,776 |
Commitments and contingencies: | ||
Noncontrolling interests subject to put provisions | 1,228,036 | 1,180,376 |
Equity: | ||
Preferred stock ($0.001 par value, 5,000,000 shares authorized; none issued) | 0 | 0 |
Common stock ($0.001 par value, 450,000,000 shares authorized; 125,857,178 and 121,804,880 shares issued and outstanding at March 31, 2020, respectively and 125,842,853 shares issued and outstanding at December 31, 2019 | 126 | 126 |
Additional paid-in capital | 720,053 | 749,043 |
Retained earnings | 1,671,331 | 1,431,738 |
Treasury Stock, Value | (303,139) | 0 |
Accumulated other comprehensive (loss) income | (140,525) | (47,498) |
Total DaVita Inc. shareholders' equity | 1,947,846 | 2,133,409 |
Noncontrolling interests not subject to put provisions | 185,498 | 185,833 |
Total equity | 2,133,344 | 2,319,242 |
Total liabilities and equity | $ 17,596,300 | $ 17,311,394 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Property and equipment, accumulated depreciation | $ 4,092,166 | $ 3,969,566 |
Intangible assets, accumulated amortization | $ 84,643 | $ 81,922 |
Preferred stock, par value (usd per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, par value (usd per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 450,000,000 | 450,000,000 |
Common stock, shares issued (in shares) | 125,857,178 | 125,842,853 |
Common stock, shares outstanding (in shares) | 121,804,880 | 125,842,853 |
Treasury Stock, Common, Shares | 4,052,298 | 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 287,895 | $ 189,487 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 154,679 | 148,528 |
Impairment charges | 0 | 41,037 |
Debt refinancing charges | 884 | 0 |
Stock-based compensation expense | 19,870 | 12,110 |
Deferred income taxes | 103,301 | 41,372 |
Equity investment loss, net | (9,482) | (337) |
Other non-cash charges, net | 5,055 | 1,720 |
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures: | ||
Accounts receivable | (32,966) | (132,292) |
Inventories | 1,835 | 3,324 |
Other receivables and other current assets | (24,965) | 1,199 |
Other long-term assets | 2,673 | (1,997) |
Accounts payable | (24,045) | (38,537) |
Accrued compensation and benefits | (96,428) | (173,583) |
Other current liabilities | 3,982 | 17,236 |
Income taxes | (32,616) | 32,502 |
Other long-term liabilities | 709 | (465) |
Net cash provided by operating activities | 360,381 | 141,304 |
Cash flows from investing activities: | ||
Additions of property and equipment | (154,942) | (198,878) |
Acquisitions | (34,107) | (11,274) |
Proceeds from asset and business sales | 31,518 | 13,903 |
Purchase of debt investments held-to-maturity | (5,049) | (209) |
Purchase of other debt and equity investments | (2,633) | (3,290) |
Proceeds from debt investments held-to-maturity | 5,049 | 0 |
Proceeds from sale of other debt and equity investments | 3,268 | 3,302 |
Purchase of equity method investments | (6,174) | (4,067) |
Distributions from equity method investments | 445 | 155 |
Net cash used in investing activities | (162,625) | (200,358) |
Cash flows from financing activities: | ||
Borrowings | 570,779 | 17,133,464 |
Payments on long-term debt and other financing costs | (104,942) | (16,776,267) |
Purchase of treasury stock | (321,798) | 0 |
Distributions to noncontrolling interests | (58,131) | (44,230) |
Stock award exercises and other share issuances, net | 2,397 | 1,517 |
Contributions from noncontrolling interests | 9,387 | 18,947 |
Purchases of noncontrolling interests | (700) | (8,480) |
Net cash provided by financing activities | 96,992 | 324,951 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (14,978) | (921) |
Net increase in cash, cash equivalents and restricted cash | 279,770 | 264,976 |
Cash, cash equivalents and restricted cash of continuing operations at beginning of the year | 1,208,718 | 415,420 |
Cash, cash equivalents and restricted cash of continuing operations at end of the period | 1,488,488 | 561,434 |
Discontinued Operations | ||
Cash flows from financing activities: | ||
Net increase in cash, cash equivalents and restricted cash | 0 | 118,962 |
Continuing Operations | ||
Cash flows from financing activities: | ||
Net increase in cash, cash equivalents and restricted cash | $ 279,770 | $ 146,014 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY (unaudited) - USD ($) $ in Thousands | Total | Total | TotalRestricted Stock Units | TotalStock Appreciation Rights | Non- controlling interests subject to put provisions | Common stock | Common stockRestricted Stock Units | Common stockStock Appreciation Rights | Additional paid-in capital | Additional paid-in capitalRestricted Stock Units | Additional paid-in capitalStock Appreciation Rights | Retained earnings | Treasury stock | Accumulated other comprehensive (loss) income | Non- controlling interests not subject to put provisions |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Cumulative effect of change in accounting principle | $ 39,876 | $ (38) | $ 39,876 | $ (6) | |||||||||||
Temporary equity, start balance at Dec. 31, 2018 | 1,124,641 | ||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||
Net income | 25,389 | ||||||||||||||
Distributions | (27,565) | ||||||||||||||
Contributions | 6,415 | ||||||||||||||
Acquisitions and divestitures | 1,762 | ||||||||||||||
Partial purchases | (1,967) | ||||||||||||||
Fair value remeasurements | 14,407 | ||||||||||||||
Temporary equity, ending balance at Mar. 31, 2019 | 1,143,044 | ||||||||||||||
Beginning balance at Dec. 31, 2018 | 3,703,442 | $ 166 | $ 995,006 | 2,743,194 | $ 0 | $ (34,924) | 204,956 | ||||||||
Beginning balance (in shares) at Dec. 31, 2018 | 166,387,000 | 0 | |||||||||||||
Comprehensive income: | |||||||||||||||
Net income attributable to DaVita Inc. | $ 149,289 | 149,289 | 149,289 | 14,809 | |||||||||||
Other comprehensive income (loss) | (12,627) | (12,627) | (12,627) | ||||||||||||
Stock unit shares issued (in shares) | 9,000 | 0 | |||||||||||||
Stock-settled SAR shares issued | $ (104) | $ 0 | $ (104) | ||||||||||||
Stock-settled stock-based compensation expense | 12,091 | 12,091 | |||||||||||||
Changes in noncontrolling interest from: | |||||||||||||||
Distributions | (16,665) | ||||||||||||||
Contributions | 12,532 | ||||||||||||||
Acquisitions and divestitures | 0 | 0 | |||||||||||||
Acquisitions and divestitures, non-controlling interest | 0 | ||||||||||||||
Partial purchases | (2,206) | (2,206) | (4,307) | ||||||||||||
Fair value remeasurements | (14,407) | (14,407) | |||||||||||||
Ending balance at Mar. 31, 2019 | 3,875,354 | $ 166 | 990,380 | 2,932,359 | $ 0 | (47,551) | 211,319 | ||||||||
Ending balance (in shares) at Mar. 31, 2019 | 166,396,000 | 0 | |||||||||||||
Temporary equity, start balance at Dec. 31, 2019 | 1,180,376 | ||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||
Net income | 32,176 | ||||||||||||||
Distributions | (37,566) | ||||||||||||||
Contributions | 5,283 | ||||||||||||||
Partial purchases | (255) | ||||||||||||||
Fair value remeasurements | 48,022 | ||||||||||||||
Temporary equity, ending balance at Mar. 31, 2020 | $ 1,228,036 | ||||||||||||||
Beginning balance at Dec. 31, 2019 | $ 2,319,242 | 2,133,409 | $ 126 | 749,043 | 1,431,738 | $ 0 | (47,498) | 185,833 | |||||||
Beginning balance (in shares) at Dec. 31, 2019 | 125,842,853 | 125,843,000 | 0 | ||||||||||||
Comprehensive income: | |||||||||||||||
Net income attributable to DaVita Inc. | $ 239,593 | 239,593 | 239,593 | 16,126 | |||||||||||
Other comprehensive income (loss) | (93,027) | (93,027) | (93,027) | ||||||||||||
Stock purchase shares issued | 0 | ||||||||||||||
Stock unit shares issued (in shares) | 8,000 | 6,000 | |||||||||||||
Stock-settled SAR shares issued | $ (75) | $ (245) | $ (75) | $ (245) | |||||||||||
Stock-settled stock-based compensation expense | 19,797 | 19,797 | |||||||||||||
Changes in noncontrolling interest from: | |||||||||||||||
Distributions | (20,565) | ||||||||||||||
Contributions | 4,104 | ||||||||||||||
Partial purchases | (445) | (445) | |||||||||||||
Fair value remeasurements | (48,022) | (48,022) | |||||||||||||
Purchase of treasury stock (in shares) | (4,052,000) | ||||||||||||||
Purchase of treasury stock | (303,139) | $ (303,139) | |||||||||||||
Ending balance at Mar. 31, 2020 | $ 2,133,344 | $ 1,947,846 | $ 126 | $ 720,053 | $ 1,671,331 | $ (303,139) | $ (140,525) | $ 185,498 | |||||||
Ending balance (in shares) at Mar. 31, 2020 | 121,804,880 | 125,857,000 | (4,052,000) |
Condensed consolidated interim
Condensed consolidated interim financial statements Condensed consolidated interim financial statements | 3 Months Ended |
Mar. 31, 2020 | |
Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Condensed consolidated interim financial statements The unaudited condensed consolidated interim financial statements included in this report are prepared by the Company. In the opinion of management, all adjustments necessary for a fair presentation of the results of operations are reflected in these condensed consolidated interim financial statements. All significant intercompany accounts and transactions have been eliminated. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. The most significant estimates and assumptions underlying these financial statements and accompanying notes generally involve revenue recognition and accounts receivable, impairments of goodwill, accounting for income taxes, certain fair value estimates and loss contingencies. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the operating results for the full year. These condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 (10-K). Prior year balances and amounts have been reclassified to conform to the current year presentation. The Company has evaluated subsequent events through the date these condensed consolidated interim financial statements were issued and has included all necessary adjustments and disclosures. |
Revenue Recognition Revenue Rec
Revenue Recognition Revenue Recognition | 3 Months Ended |
Mar. 31, 2020 | |
Text Block [Abstract] | |
Revenue Recognition [Text Block] | Revenue recognition The following table summarizes the Company's segment revenues by primary payor source: For the three months ended March 31, 2020 March 31, 2019 U.S. dialysis Other - Ancillary services Consolidated U.S. dialysis Other - Ancillary services Consolidated Dialysis patient service revenues: Medicare and Medicare Advantage $ 1,502,222 $ $ 1,502,222 $ 1,493,516 $ $ 1,493,516 Medicaid and Managed Medicaid 171,467 171,467 154,190 154,190 Other government 111,910 94,574 206,484 106,127 84,475 190,602 Commercial 825,582 39,467 865,049 788,413 33,388 821,801 Other revenues: Medicare and Medicare Advantage 98,478 98,478 61,700 61,700 Medicaid and Managed Medicaid 366 366 6 6 Commercial 10,521 10,521 32,619 32,619 Other (1) 5,442 17,602 23,044 4,905 17,750 22,655 Eliminations of intersegment revenues (32,242 ) (4,152 ) (36,394 ) (30,641 ) (3,336 ) (33,977 ) Total $ 2,584,381 $ 256,856 $ 2,841,237 $ 2,516,510 $ 226,602 $ 2,743,112 (1) Other consists of management service fees earned in the respective Company line of business as well as other revenue from the Company's ancillary services. The Company’s allowance for doubtful accounts related to performance obligations satisfied in years prior to January 1, 2018 was $4,422 and $8,328 as of March 31, 2020 and December 31, 2019 , respectively. There are significant uncertainties associated with estimating revenue, which generally take several years to resolve. These estimates are subject to ongoing insurance coverage changes, geographic coverage differences, differing interpretations of contract coverage and other payor issues, as well as patient issues including, without limitation, determination of applicable primary and secondary coverage, changes in patient insurance coverage and coordination of benefits. As these estimates are refined over time, both positive and negative adjustments to revenue are recognized in the current period. Dialysis patient service revenues. Revenues are recognized based on the Company’s estimate of the transaction price the Company expects to collect as a result of satisfying its performance obligations. Dialysis patient service revenues are recognized in the period services are provided based on these estimates. Revenues consist primarily of payments from government and commercial health plans for dialysis services provided to patients. A usual and customary fee schedule is maintained for the Company’s dialysis treatments and related lab services; however, actual collectible revenue is normally recognized at a discount from the fee schedule. Other revenues. Other revenues consist of fees for management and administrative support services provided to outpatient dialysis centers that the Company does not own or in which the Company owns a noncontrolling interest, revenues associated with the Company's non-dialysis ancillary services, and administrative and management support services to certain non-dialysis joint ventures in which the Company owns a noncontrolling interest. |
Earnings per share (Notes)
Earnings per share (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Earnings per share Basic earnings per share is calculated by dividing net income attributable to the Company by the weighted average number of common shares outstanding. Weighted average common shares outstanding include restricted stock unit awards that are no longer subject to forfeiture because the recipients have satisfied either the explicit vesting terms or retirement eligibility requirements. Diluted earnings per share includes the dilutive effect of outstanding stock-settled stock appreciation rights and unvested stock units as computed under the treasury stock method. The reconciliations of the numerators and denominators used to calculate basic and diluted earnings per share were as follows: Three months ended 2020 2019 Net income from continuing operations attributable to DaVita Inc. $ 229,613 $ 120,254 Net income from discontinued operations attributable to DaVita Inc. 9,980 29,035 Net income attributable to DaVita Inc. $ 239,593 $ 149,289 Weighted average shares - basic 124,902 166,388 Assumed incremental shares from stock plans 1,993 393 Weighted average shares - diluted 126,895 166,781 Basic net income attributable to DaVita Inc. from: Continuing operations per share $ 1.84 $ 0.72 Discontinued operations per share 0.08 0.18 Basic net income per share attributable to DaVita Inc. $ 1.92 $ 0.90 Diluted net income attributable to DaVita Inc. from: Continuing operations per share $ 1.81 $ 0.72 Discontinued operations per share 0.08 0.18 Diluted net income per share attributable to DaVita Inc. $ 1.89 $ 0.90 Anti-dilutive stock-settled awards excluded from calculations (1) 3,207 6,150 (1) Shares associated with stock-settled stock appreciation rights and performance stock units were excluded from the diluted denominator calculations because they are anti-dilutive under the treasury stock method. |
Investments in debt and equity
Investments in debt and equity securities | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in debt and equity securities | Short-term and long-term investments The Company’s short-term and long-term debt and equity investments consist of the following: March 31, 2020 December 31, 2019 Debt Equity Total Debt Equity Total Certificates of deposit and other time deposits $ 8,190 $ — $ 8,190 $ 8,140 $ — $ 8,140 Investments in mutual funds and common stock — 35,843 35,843 — 39,951 39,951 $ 8,190 $ 35,843 $ 44,033 $ 8,140 $ 39,951 $ 48,091 Short-term investments $ 8,190 $ 1,186 $ 9,376 $ 8,140 $ 3,432 $ 11,572 Long-term investments — 34,657 34,657 — 36,519 36,519 $ 8,190 $ 35,843 $ 44,033 $ 8,140 $ 39,951 $ 48,091 Debt securities: The Company's short-term debt investments are principally bank certificates of deposit with contractual maturities longer than three months but shorter than one year. These debt securities are accounted for as held to maturity and recorded at amortized cost, which approximated their fair values at March 31, 2020 and December 31, 2019 . Equity securities: The Company's equity investments in mutual funds and common stock are held within a trust to fund existing obligations associated with several of the Company’s non-qualified deferred compensation plans. During the three months ended March 31, 2020 , the Company recognized pre-tax net losses of $3,407 in other (loss) income associated with changes in the fair value of these equity securities, comprised of pre-tax realized gains of $293 and a net increase in unrealized losses of $3,700 . During the three months ended March 31, 2019 , the Company recognized pre-tax net gains of $1,893 in other (loss) income associated with changes in the fair value of these equity securities, comprised of pre-tax realized gains of $170 and a net increase in unrealized gains of $1,723 . |
Equity method and other investm
Equity method and other investments | 3 Months Ended |
Mar. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity method and other investments | Equity method and other investments The Company maintains equity method and minor adjusted cost method investments in the private securities of certain other healthcare and healthcare-related businesses. The Company classifies these investments as "Equity method and other investments" on its consolidated balance sheet. The Company's equity method and other investments were comprised of the following: March 31, 2020 December 31, 2019 APAC joint venture $ 123,696 $ 116,924 Other equity method partnerships 114,355 114,611 Adjusted cost method investments 16,448 10,448 $ 254,499 $ 241,983 During the three months ended March 31, 2020 and 2019 , the Company recognized equity investment income of $17,843 and $2,708 , respectively, from equity method investments in nonconsolidated businesses. Equity investments in nonconsolidated businesses over which the Company maintains significant influence, but which do not have readily determinable fair values, are carried on the equity method. The Company's largest equity method investment is its ownership interest in DaVita Care Pte. Ltd. (the APAC joint venture, or APAC JV), which is 75% -owned by the Company and 25% -owned by its other noncontrolling investor. As described in Note 9 to the Company's consolidated financial statements included in the 10-K, the Company does not consolidate the APAC JV. The Company's other equity method investments include legal entities over which the Company has significant influence but in which it does not maintain a controlling financial interest. Almost all of these are U.S. partnerships in the form of limited liability companies. The Company's ownership interests in these partnerships vary, but typically range from 30% to 50% . During the three months ended March 31, 2020 and 2019 , there were no meaningful impairments or other valuation adjustments recognized on these investments. |
Goodwill
Goodwill | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill Changes in goodwill by reportable segments were as follows: U.S. dialysis Other - Ancillary services Consolidated Balance at December 31, 2018 $ 6,275,004 $ 566,956 $ 6,841,960 Acquisitions 18,089 72,137 90,226 Impairment charges — (124,892 ) (124,892 ) Foreign currency and other adjustments (5,993 ) (13,666 ) (19,659 ) Balance at December 31, 2019 $ 6,287,100 $ 500,535 $ 6,787,635 Acquisitions 2,839 23,931 26,770 Divestitures (1,549 ) — (1,549 ) Foreign currency and other adjustments — (34,833 ) (34,833 ) Balance at March 31, 2020 $ 6,288,390 $ 489,633 $ 6,778,023 Goodwill $ 6,288,390 $ 638,117 $ 6,926,507 Accumulated impairment charges — (148,484 ) (148,484 ) $ 6,288,390 $ 489,633 $ 6,778,023 During the three months ended March 31, 2020 , the Company did not recognize any goodwill impairment charges. During the three months ended March 31, 2019, the Company recognized a $41,037 goodwill impairment charge in its Germany kidney care business. This charge resulted primarily from a change in relevant discount rates, as well as a decline in current and expected future patient census and an increase in the first quarter of 2019 and expected future costs, principally due to wage increases expected to result from recently announced legislation. Developments, events, changes in operating performance and other changes in circumstances since the dates of the Company’s last annual goodwill impairment assessments have not caused management to believe it is more likely than not that the fair values of any of the Company's reporting units would be less than their respective carrying amounts as of March 31, 2020 . Except as described in Note 10 to the 10-K, none of the Company's various other reporting units were considered at risk of significant goodwill impairment as of March 31, 2020 . As dialysis treatments are an essential, life-sustaining service for patients who depend on them, the Company's operations have continued and are currently expected to continue during the novel coronavirus (COVID-19) pandemic. However, the ultimate impact of the dynamic and rapidly evolving COVID-19 pandemic on the Company will depend on future developments that are highly uncertain and difficult to predict, including among other things the severity and duration of the pandemic, the impact on our patient population, the pandemic’s impact on the U.S. and global economies and unemployment, and the timing, scope and effectiveness of governmental responses. While the Company does not currently expect a material adverse impact to its business as a result of this public health crisis, there can be no assurance that the COVID-19 pandemic will not have a material adverse impact on one or more of the Company's businesses. |
Income taxes
Income taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes As of March 31, 2020 , the Company’s total liability for unrecognized tax benefits relating to tax positions that do not meet the more-likely-than-not threshold was $68,602 , of which $64,356 would impact the Company's effective tax rate if recognized. The total balance increased $388 from the December 31, 2019 balance of $68,214 . The Company recognizes accrued interest and penalties related to unrecognized tax benefits in its income tax expense. At March 31, 2020 and December 31, 2019 , the Company had approximately $15,249 and $14,428 , respectively, accrued for interest and penalties related to unrecognized tax benefits, net of federal tax benefits. |
Long-term debt
Long-term debt | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-term debt | Long-term debt Long-term debt was comprised of the following: As of March 31, 2020 March 31, 2020 December 31, 2019 Maturity date Interest rate Estimated fair value (1) Senior Secured Credit Facilities: Term Loan A $ 1,728,125 $ 1,739,063 8/12/2024 LIBOR + 1.50% $ 1,659,000 Term Loan B-1 (2) 2,736,267 — 8/12/2026 LIBOR + 1.75% $ 2,640,498 Term Loan B (2) — 2,743,125 8/12/2026 LIBOR + 2.25% $ — Revolving line of credit 500,000 — 8/12/2024 LIBOR + 1.50% $ 500,000 Senior Notes: 5 1/8% Senior Notes 1,750,000 1,750,000 7/15/2024 5.125 % $ 1,743,525 5% Senior Notes 1,500,000 1,500,000 5/1/2025 5.00 % $ 1,497,900 Acquisition obligations and other notes payable (3) 167,727 180,352 2020-2027 4.71 % $ 167,727 Financing lease obligations (4) 275,092 268,534 2020-2036 5.31 % Total debt principal outstanding 8,657,211 8,181,074 Discount and deferred financing costs (5) (68,757 ) (72,840 ) 8,588,454 8,108,234 Less current portion (146,318 ) (130,708 ) $ 8,442,136 $ 7,977,526 (1) Fair value estimates are based upon bid and ask quotes for the Company's senior secured credit facilities and senior notes, typically a level 2 input. The carrying values of acquisition obligations and other notes payable presented here approximate their estimated fair values, based on estimates of their current present values using level 2 interest rate inputs. (2) On February 13, 2020 , the Company entered into an amendment to its credit agreement governing its senior secured credit facilities to refinance the Term Loan B with a $2,743,125 secured Term Loan B-1. (3) The interest rate presented for acquisition obligations and other notes payable is their weighted average interest rate based on the current interest rate in effect and assuming no changes to the LIBOR based interest rates. (4) Financing lease obligations are measured at their approximate present value at inception. The interest rate presented is the weighted average discount rate embedded in financing leases outstanding. (5) As of March 31, 2020 , the carrying amount of the Company’s senior secured credit facilities and senior notes include a discount of $6,207 and deferred financing costs of $42,420 ; and deferred financing costs of $20,130 , respectively. As of December 31, 2019 , the carrying amount of the Company’s senior secured credit facilities and senior notes include a discount of $6,457 and deferred financing costs of $45,444 ; and deferred financing costs of $20,939 , respectively. Scheduled maturities of long-term debt at March 31, 2020 were as follows: 2020 (remainder of the year) $ 95,359 2021 $ 170,056 2022 $ 172,376 2023 $ 224,727 2024 $ 3,671,586 2025 $ 61,951 Thereafter $ 4,261,156 On February 13, 2020 , the Company entered into an amendment to refinance its senior secured Term Loan B (Repricing Amendment) with a secured Term Loan B-1 that bears interest at a rate equal to LIBOR plus an applicable margin of 1.75% and matures on August 12, 2026 . The Repricing Amendment did not change the interest rate on the Term Loan A or the revolving line of credit. No additional debt was incurred, nor any additional proceeds received, by the Company in connection with the Repricing Amendment. As a result of this transaction, the Company recognized debt refinancing charges of $2,948 in the three months ended March 31, 2020 . The majority of the Company's Term Loan B debt was considered a modification, therefore these charges primarily represent fees incurred on this transaction, as well as the write off and capitalization of deferred financing costs associated with the portion of debt considered extinguished. For the portion of the Term Loan B debt that was considered extinguished and reborrowed in this refinancing, the Company recognized $68,842 in constructive financing cash outflows and financing cash inflows on the statement of cash flows, even though no funds were actually paid or received. Another $55,895 of the debt considered extinguished in this refinancing represented a non-cash financing activity. During the first three months of 2020 , the Company made regularly scheduled mandatory principal payments under its senior secured credit facilities totaling $10,938 on Term Loan A and $6,858 on Term Loan B-1. As of March 31, 2020 , the Company maintains several interest rate cap agreements that have the economic effect of capping the Company's maximum exposure to LIBOR variable interest rate changes on specific portions of the Company's floating rate debt, including all of the Term Loan B-1 and a portion of the Term Loan A. The remaining $1,464,392 outstanding principal balance of the Term Loan A and the revolving line of credit are subject to LIBOR-based interest rate volatility. The cap agreements are designated as cash flow hedges and, as a result, changes in the fair values of these cap agreements are reported in other comprehensive income. The amortization of the original cap premium is recognized as a component of debt expense on a straight-line basis over the terms of the cap agreements. These cap agreements do not contain credit-risk contingent features. In August 2019, the Company entered into several forward interest rate cap agreements with a notional amount of $3,500,000 that have the economic effect of capping the Company's maximum exposure to LIBOR variable interest rate changes on specific portions of the Company's floating rate debt (2019 cap agreements). These 2019 cap agreements are designated as cash flow hedges and, as a result, changes in their fair values are reported in other comprehensive income. These 2019 cap agreements do not contain credit-risk contingent features, and become effective on June 30, 2020 . The following table summarizes the Company’s interest rate cap agreements outstanding as of March 31, 2020 and December 31, 2019 , which are classified in "Other long-term assets" on its consolidated balance sheet: Three months ended March 31, 2020 Fair value Notional amount LIBOR maximum rate Effective date Expiration date Debt expense Recorded OCI loss March 31, 2020 December 31, 2019 2015 cap agreements $ 3,500,000 3.50% 6/29/2018 6/30/2020 $ 2,163 $ — $ — $ — 2019 cap agreements $ 3,500,000 2.00% 6/30/2020 6/30/2024 $ 17,346 $ 7,106 $ 24,452 The following table summarizes the effects of the Company’s interest rate cap agreements for the three months ended March 31, 2020 and 2019 : Amount of unrecognized losses in OCI on interest rate cap agreements Income statement location Reclassification from accumulated other comprehensive loss into net income Three months ended Three months ended Derivatives designated as cash flow hedges 2020 2019 2020 2019 Interest rate cap agreements $ (17,346 ) $ (781 ) Debt expense $ 2,163 $ 2,163 Related income tax 4,328 201 Related income tax (540 ) (557 ) Total $ (13,018 ) $ (580 ) $ 1,623 $ 1,606 See Note 14 to these condensed consolidated financial statements for further details on amounts recorded and reclassified from accumulated other comprehensive loss. The Company’s weighted average effective interest rate on the senior secured credit facilities at the end of the first quarter of 2020 was 2.78% , based on the current margins in effect for the Term Loan A, Term Loan B-1 and revolving line of credit as of March 31, 2020 , as described above. The Company’s overall weighted average effective interest rate for the three months ended March 31, 2020 was 4.35% , and as of March 31, 2020 was 3.75% . As of March 31, 2020 , the Company’s interest rates are fixed on approximately 41.83% of its total debt. As of March 31, 2020 , the Company had $500,000 drawn on its $1,000,000 revolving line of credit under its senior secured credit facilities. The Company also has approximately $57,705 of outstanding letters of credit under a separate bilateral secured letter of credit facility. |
Leases Leases
Leases Leases | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | Leases The majority of the Company’s facilities are leased under non-cancellable operating leases ranging in terms from five years to fifteen years and which contain renewal options of five years to ten years at the fair rental value at the time of renewal. As of March 31, 2020 and December 31, 2019 , assets recorded under finance leases were $257,750 and $247,246 , respectively, and accumulated amortization associated with finance leases was $33,318 and $27,193 , respectively, included in property and equipment, net, on the Company's consolidated balance sheet. The components of lease expense were as follows: Lease cost Three months ended March 31, 2020 Three months ended March 31, 2019 Operating lease cost (1) : Fixed lease expense $ 134,733 $ 128,110 Variable lease expense 30,059 28,571 Financing lease cost: Amortization of leased assets 6,077 5,826 Interest on lease liabilities 3,603 3,775 Net lease cost $ 174,472 $ 166,282 (1) Includes short-term lease expense and sublease income, which are immaterial. Other information related to leases was as follows: Other information Three months ended March 31, 2020 Three months ended March 31, 2019 Gains on sale leasebacks, net $ 9,489 $ 3,987 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 162,828 $ 153,587 Operating cash flows from finance leases $ 5,178 $ 5,661 Financing cash flows from finance leases $ 4,180 $ 5,344 Net operating lease assets obtained in exchange for new or modified $ 101,473 $ 45,034 Lease term and discount rate March 31, 2020 Weighted average remaining lease term (years): Operating leases 8.9 Finance leases 10.2 Weighted average discount rate: Operating leases 4.0 % Finance leases 5.3 % Future minimum lease payments under non-cancellable leases as of March 31, 2020 were as follows: Operating leases Finance leases 2020 (remainder of the year) $ 344,537 $ 30,291 2021 505,417 34,177 2022 472,643 34,621 2023 426,485 34,700 2024 372,190 34,725 2025 320,079 34,549 Thereafter 1,248,317 153,800 Total future minimum lease payments $ 3,689,668 $ 356,863 Less portion representing interest (599,265 ) (81,771 ) Present value of lease liabilities $ 3,090,403 $ 275,092 |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies The majority of the Company’s revenues are from government programs and may be subject to adjustment as a result of: (i) examination by government agencies or contractors, for which the resolution of any matters raised may take extended periods of time to finalize; (ii) differing interpretations of government regulations by different Medicare contractors or regulatory authorities; (iii) differing opinions regarding a patient’s medical diagnosis or the medical necessity of services provided; and (iv) retroactive applications or interpretations of governmental requirements. In addition, the Company’s revenues from commercial payors may be subject to adjustment as a result of potential claims for refunds, as a result of government actions or as a result of other claims by commercial payors. The Company operates in a highly regulated industry and is a party to various lawsuits, demands, claims, qui tam suits, governmental investigations and audits (including, without limitation, investigations or other actions resulting from its obligation to self-report suspected violations of law) and other legal proceedings. The Company records accruals for certain legal proceedings and regulatory matters to the extent that the Company determines an unfavorable outcome is probable and the amount of the loss can be reasonably estimated. As of March 31, 2020 and December 31, 2019 , the Company’s total recorded accruals with respect to legal proceedings and regulatory matters, net of anticipated third party recoveries, were immaterial. While these accruals reflect the Company’s best estimate of the probable loss for those matters as of the dates of those accruals, the recorded amounts may differ materially from the actual amount of the losses for those matters, and any anticipated third party recoveries for any such losses may not ultimately be recoverable. Additionally, in some cases, no estimate of the possible loss or range of loss in excess of amounts accrued, if any, can be made because of the inherently unpredictable nature of legal proceedings and regulatory matters, which also may be impacted by various factors, including, without limitation, that they may involve indeterminate claims for monetary damages or may involve fines, penalties or non-monetary remedies; present novel legal theories or legal uncertainties; involve disputed facts; represent a shift in regulatory policy; are in the early stages of the proceedings; or may result in a change of business practices. Further, there may be various levels of judicial review available to the Company in connection with any such proceeding. The following is a description of certain lawsuits, claims, governmental investigations and audits and other legal proceedings to which the Company is subject. Governmental Inquiries and Certain Related Proceedings 2016 U.S. Attorney Texas Investigation : In February 2016, DaVita Rx, LLC (DaVita Rx), a wholly-owned subsidiary of the Company, received a Civil Investigative Demand (CID) from the U.S. Attorney’s Office, Northern District of Texas. The government is conducting a federal False Claims Act (FCA) investigation concerning allegations that DaVita Rx presented or caused to be presented false claims for payment to the government for prescription medications, as well as an investigation into the Company’s relationships with pharmaceutical manufacturers. The CID covers the period from January 1, 2006 through the present. In connection with the Company’s ongoing efforts working with the government, the Company learned that a qui tam complaint had been filed covering some of the issues in the CID and practices that had been identified by the Company in a self-disclosure filed with the Office of Inspector General (OIG) for the U.S. Department of Health and Human Services (HHS) in February 2016. In December 2017, the Company finalized and executed a settlement agreement with the government and relators in the qui tam matter that included total monetary consideration of $63,700 , as previously disclosed, of which $41,500 was an incremental cash payment and $22,200 was for amounts previously refunded, and all of which was previously accrued. The government’s investigation into certain of the Company's relationships with pharmaceutical manufacturers is ongoing, and in July 2018 the OIG served the Company with a subpoena seeking additional documents and information relating to those relationships. The Company is continuing to cooperate with the government in this investigation. 2017 U.S. Attorney Massachusetts Investigation : In January 2017, the Company was served with an administrative subpoena for records by the U.S. Attorney’s Office, District of Massachusetts, relating to an investigation into possible federal health care offenses. The subpoena covered the period from January 1, 2007 to the present, and sought documents relevant to charitable patient assistance organizations, particularly the American Kidney Fund (AKF), including documents related to efforts to provide patients with information concerning the availability of charitable assistance. The Department of Justice notified the court on July 23, 2019 of its decision to elect not to intervene in the matter of U.S. ex rel. David Gonzalez v. DaVita Healthcare Partners, et al . The complaint then was unsealed in the U.S. District Court, District of Massachusetts by order entered on August 1, 2019. The Department of Justice has confirmed that the complaint, which alleges violations of the FCA and various state false claims acts, was the basis of its investigation initiated in January 2017. The Company has not been served with the complaint. 2017 U.S. Attorney Colorado Investigation : In November 2017, the U.S. Attorney’s Office, District of Colorado informed the Company of an investigation it was conducting into possible federal healthcare offenses involving DaVita Kidney Care, as well as several of the Company’s wholly-owned subsidiaries. In addition to DaVita Kidney Care, the matter currently includes an investigation into DaVita Rx, DaVita Laboratory Services, Inc. (DaVita Labs), and RMS Lifeline Inc. (Lifeline). In each of August 2018 and May 2019, the Company received a CID pursuant to the FCA from the U.S. Attorney's Office relating to this investigation. The Company is continuing to cooperate with the government in this investigation. 2018 U.S. Attorney Florida Investigation : In March 2018, DaVita Labs received two CIDs from the U.S. Attorney’s Office, Middle District of Florida that were identical in nature but directed to the two different labs. According to the face of the CIDs, the U.S. Attorney’s Office is conducting an investigation as to whether the Company’s subsidiary submitted claims for blood, urine, and fecal testing, where there were insufficient test validation or stability studies to ensure accurate results, in violation of the FCA. In October 2018, DaVita Labs received a subpoena from the OIG in connection with this matter requesting certain patient records linked to clinical laboratory tests. On September 30, 2019, the U.S. Attorney’s Office notified the U.S. District Court, Middle District of Florida, of its decision not to elect to intervene at this time in the matter of U.S. ex rel. Lorne Holland, et al. v. DaVita Healthcare Partners, Inc., et al . The court then unsealed the complaint, which alleges violations of the FCA, by order dated the same day. In January 2020, the private party relators served the Company and DaVita Labs with an amended complaint. On February 24, 2020, the Company and DaVita Labs filed a motion to dismiss the amended complaint. The Company and DaVita Labs dispute these allegations and intend to defend this action accordingly. 2020 U.S. Attorney New Jersey Investigation : In March 2020, the U.S. Attorney’s Office, District of New Jersey served the Company with a subpoena and a CID relating to an investigation being conducted by that office and the U.S. Attorney’s Office, Eastern District of Pennsylvania. The subpoena and CID request information on several topics, including certain of the Company’s joint venture arrangements with physicians and physician groups, medical director agreements, and compliance with the Corporate Integrity Agreement. The Company is cooperating with the government in this investigation. 2020 California Department of Insurance Investigation : In April 2020, the California Department of Insurance sent the Company a Investigative Subpoena relating to an investigation being conducted by that office. The subpoena requests information on a number of topics, including but not limited to the Company’s communications with patients about insurance plans and financial assistance from the American Kidney Fund (AKF), analyses of the potential impact of patients’ decisions to change insurance providers, and documents relating to donations or contributions to the AKF. The Company is cooperating with the California Department of Insurance in this investigation. * * * Although the Company cannot predict whether or when proceedings might be initiated or when these matters may be resolved (other than as may be described above), it is not unusual for inquiries such as these to continue for a considerable period of time through the various phases of document and witness requests and on-going discussions with regulators and to develop over the course of time. In addition to the inquiries and proceedings specifically identified above, the Company frequently is subject to other inquiries by state or federal government agencies and/or private civil qui tam complaints filed by relators. Negative findings or terms and conditions that the Company might agree to accept as part of a negotiated resolution of pending or future government inquiries or relator proceedings could result in, among other things, substantial financial penalties or awards against the Company, substantial payments made by the Company, harm to the Company’s reputation, required changes to the Company’s business practices, exclusion from future participation in the Medicare, Medicaid and other federal health care programs and, if criminal proceedings were initiated against the Company, members of its board of directors or management, possible criminal penalties, any of which could have a material adverse effect on the Company. Shareholder and Derivative Claims Peace Officers’ Annuity and Benefit Fund of Georgia Securities Class Action Civil Suit : On February 1, 2017, the Peace Officers’ Annuity and Benefit Fund of Georgia filed a putative federal securities class action complaint in the U.S. District Court for the District of Colorado against the Company and certain executives. The complaint covers the time period of August 2015 to October 2016 and alleges, generally, that the Company and its executives violated federal securities laws concerning the Company’s financial results and revenue derived from patients who received charitable premium assistance from an industry-funded non-profit organization. The complaint further alleges that the process by which patients obtained commercial insurance and received charitable premium assistance was improper and "created a false impression of DaVita’s business and operational status and future growth prospects." In November 2017, the court appointed the lead plaintiff and an amended complaint was filed on January 12, 2018. On March 27, 2018, the Company and various individual defendants filed a motion to dismiss. On March 28, 2019, the U.S. District Court for the District of Colorado denied the motion to dismiss. The Company answered the complaint on May 28, 2019. On January 31, 2020, the plaintiffs filed a motion for class certification that the Company intends to oppose. The Company disputes these allegations and intends to defend this action accordingly. In re DaVita Inc. Stockholder Derivative Litigation : On August 15, 2017, the U.S. District Court for the District of Delaware consolidated three previously disclosed shareholder derivative lawsuits: the Blackburn Shareholder action filed on February 10, 2017, the Gabilondo Shareholder action filed on May 30, 2017, and the City of Warren Police and Fire Retirement System Shareholder action filed on June 9, 2017. The complaint covers the time period from 2015 to present and alleges, generally, breach of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement, corporate waste, and misrepresentations and/or failures to disclose certain information in violation of the federal securities laws in connection with an alleged practice to direct patients with government-subsidized health insurance into private health insurance plans to maximize the Company’s profits. An amended complaint was filed in September 2017, and on December 18, 2017, the Company filed a motion to dismiss and a motion to stay proceedings in the alternative. On April 25, 2019, the court denied the Company's motion to dismiss. The Company answered the complaint on May 28, 2019. The Company disputes these allegations and intends to defend this action accordingly. Other Proceedings In addition to the foregoing, from time to time the Company is subject to other lawsuits, demands, claims, governmental investigations and audits and legal proceedings that arise due to the nature of its business, including, without limitation, contractual disputes, such as with payors, suppliers and others, employee-related matters and professional and general liability claims. From time to time, the Company also initiates litigation or other legal proceedings as a plaintiff arising out of contracts or other matters. * * * Other than as may be described above, the Company cannot predict the ultimate outcomes of the various legal proceedings and regulatory matters to which the Company is or may be subject from time to time, including those described in this Note 10 to these condensed consolidated financial statements, or the timing of their resolution or the ultimate losses or impact of developments in those matters, which could have a material adverse effect on the Company’s revenues, earnings and cash flows. Further, any legal proceedings or regulatory matters involving the Company, whether meritorious or not, are time consuming, and often require management’s attention and result in significant legal expense, and may result in the diversion of significant operational resources, or otherwise harm the Company’s business, results of operations, financial condition, cash flows or reputation. |
Other commitments
Other commitments | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Noncontrolling interests subject to put provisions and other commitments | Other commitments The Company has certain other potential commitments to provide operating capital to a number of dialysis centers that are wholly-owned by third parties or businesses in which the Company maintains a noncontrolling equity interest as well as to physician-owned vascular access clinics or medical practices that the Company operates under management and administrative services agreements of approximately $9,460 . |
Long-term incentive compensatio
Long-term incentive compensation | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Long-term incentive compensation | Long-term incentive compensation Long-term incentive program (LTIP) compensation includes both stock-based awards (principally stock-settled stock appreciation rights, restricted stock units, and performance stock units) as well as long-term performance-based cash awards. Long-term incentive compensation expense, which is primarily general and administrative in nature, is attributed to the Company’s U.S. dialysis business, corporate administrative support, and ancillary services. The Company’s stock-based compensation expense for stock-settled awards is measured at the estimated fair value of awards on the date of grant and recognized on a cumulative straight-line basis over the vesting terms of the awards unless the stock awards are based on non-market based performance metrics, in which case expense is adjusted for the expected ultimate shares to be issued as of the end of each reporting period. Stock-based compensation expense for cash-settled awards is based on their estimated fair values as of the end of each reporting period. The expense for all stock-based awards is recognized net of expected forfeitures. During the three months ended March 31, 2020 , the Company granted 950 restricted and performance stock units with an aggregate grant-date fair value of $72,648 and a weighted-average expected life of approximately 3.5 years and 2,765 stock-settled stock appreciation rights with an aggregate grant-date fair value of $73,833 and a weighted-average expected life of approximately 4.8 years . For the three months ended March 31, 2020 and 2019 , the Company recognized $25,594 and $13,107 , respectively, in total LTIP expense, of which $19,870 and $10,301 , respectively, represented stock-based compensation expense for stock appreciation rights, restricted stock units, performance stock units and discounted employee stock plan purchases, which are primarily included in general and administrative expense. The estimated tax benefits recorded for stock-based compensation for the three months ended March 31, 2020 and 2019 was $2,584 and $1,495 , respectively. As of March 31, 2020 , the Company had $247,420 in total estimated but unrecognized stock-based compensation expense under the Company’s equity compensation and employee stock purchase plans. The Company expects to recognize this expense over a weighted average remaining period of 1.7 years . The Company no longer has outstanding long-term performance-based cash awards in its principal U.S. dialysis business as the performance and accrual period for these awards ended December 31, 2019 with a final payout of $66,302 in 2020. For the three months ended March 31, 2020 and 2019 , the Company recognized $199 and $151 , respectively, in actual tax benefits upon the settlement of stock awards. On November 4, 2019, the independent members of the Company’s Board of Directors (Board) approved an award of 2,500 premium-priced stock-settled stock appreciation rights (Premium-Priced Award) to the Company’s Chief Executive Officer (CEO), which award was subject to stockholder approval of a related amendment to the Company's 2011 Incentive Award Plan (2011 Plan). The Company's stockholders approved such amendment to the 2011 Plan on January 23, 2020, authorizing the grant to the Company's CEO. Since stockholder approval occurred in 2020, subsequent to the Board approval, this award had both a service inception and grant date of January 23, 2020 for accounting purposes. The base price of the Premium-Priced Award is $67.80 per share, which is a 20% premium to the clearing price of the Company's 2019 modified Dutch auction tender offer. The award vests 50% on each of November 4, 2022 and November 4, 2023 , and expires on November 4, 2024 . The award includes a requirement that the CEO hold any shares acquired upon exercise of this award, net of shares used to cover related taxes, until November 4, 2024 (that is, for the full term of the award), subject to lapse of the holding period upon a change in control of the Company or due to the CEO's death or termination due to disability. |
Share repurchases
Share repurchases | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Share repurchases | Share repurchases The following table summarizes the Company's repurchases of its common stock during the three months ended March 31, 2020 and 2019 : Three months ended March 31, 2020 Three months ended March 31, 2019 Shares repurchased Amount paid Average paid per share Shares repurchased Amount paid Average paid per share Open market repurchases 4,052 $ 303,139 $ 74.81 — $ — $ — The Company did not repurchase any shares subsequent to March 31, 2020 through May 4, 2020 . Effective as of the close of business on November 4, 2019 , the Board terminated all remaining prior share repurchase authorizations available to the Company and approved a new share repurchase authorization of $2,000,000 . As of May 4, 2020 , the Company had a total of $1,400,356 available under the current repurchase authorization for additional share repurchases. Although this share repurchase authorization does not have an expiration date, the Company remains subject to share repurchase limitations, including under the terms of its current senior secured credit facilities and the indentures governing its senior notes. |
Accumulated other comprehensive
Accumulated other comprehensive (loss) income | 3 Months Ended |
Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |
Comprehensive income | Accumulated other comprehensive loss For the three months ended March 31, 2020 For the three months ended March 31, 2019 Interest Foreign Accumulated Interest Foreign Accumulated Beginning balance $ (1,433 ) $ (46,065 ) $ (47,498 ) $ (8,961 ) $ (25,963 ) $ (34,924 ) Unrealized losses (17,346 ) (81,632 ) (98,978 ) (781 ) (13,653 ) (14,434 ) Related income tax 4,328 — 4,328 201 — 201 (13,018 ) (81,632 ) (94,650 ) (580 ) (13,653 ) (14,233 ) Reclassification into net income 2,163 — 2,163 2,163 — 2,163 Related income tax (540 ) — (540 ) (557 ) — (557 ) 1,623 — 1,623 1,606 — 1,606 Ending balance $ (12,828 ) $ (127,697 ) $ (140,525 ) $ (7,935 ) $ (39,616 ) $ (47,551 ) The reclassification of net cap realized losses into income are recorded as debt expense in the corresponding consolidated statements of income. See Note 8 to these condensed consolidated financial statements for further details. |
Acquisitions and divestitures
Acquisitions and divestitures | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions and divestitures | Acquisitions and divestitures During the three months ended March 31, 2020 , the Company acquired dialysis businesses consisting of two dialysis centers located in the U.S. and 22 dialysis centers located outside the U.S. for a total of $34,107 in net cash, $875 in deferred purchase price obligations, and $5,007 in earn-out obligations and assumed liabilities. The assets and liabilities for these acquisitions were recorded at their estimated fair values at the dates of the acquisitions and are included in the Company’s condensed consolidated financial statements, as are their operating results, from the designated effective dates of the acquisitions. The initial purchase price allocations for these transactions have been recorded at estimated fair values based on the best information available to management and will be finalized when certain information arranged to be obtained has been received. In particular, certain income tax amounts are pending final evaluation and quantification of pre-acquisition tax contingencies and filing of final tax returns. In addition, valuation of certain working capital items, fixed assets and intangibles are pending final audits and related valuation reports. The following table summarizes the assets acquired and liabilities assumed in these transactions at their estimated acquisition date fair values: Current assets $ 7,412 Property and equipment 8,892 Intangible and other long-term assets 6,107 Goodwill 26,770 Deferred income taxes 1,513 Current liabilities (10,705 ) $ 39,989 Amortizable intangible assets acquired during the three months ended March 31, 2020 primarily represent non-compete agreements which had weighted-average estimated useful lives of approximately four years . The total estimated amount of goodwill deductible for tax purposes associated with these acquisitions was approximately $11,241 . Contingent earn-out obligations The Company has several contingent earn-out obligations associated with acquisitions that could result in the Company paying the former owners of acquired companies a total of up to $31,723 if certain performance targets or quality margins are met primarily over the next one year to five years . As of March 31, 2020 , the estimated fair values of these contingent earn-out obligations is $22,386 , of which $4,579 is included in other current liabilities and the remaining $17,807 is included in other long-term liabilities in the Company’s consolidated balance sheet. The following is a reconciliation of changes in contingent earn-out obligations for the three months ended March 31, 2020 : Balance at December 31, 2019 $ 24,586 Contingent earn-out obligations associated with acquisitions 2,672 Foreign currency translation adjustment for contingent earn-out obligations (4,874 ) Remeasurement of fair value for contingent earn-out obligations 2 Balance at March 31, 2020 $ 22,386 |
Held for Sale and Discontinued
Held for Sale and Discontinued Operations Held for Sale and Discontinued Operations | 3 Months Ended |
Mar. 31, 2020 | |
Held for Sale and Discontinued Operations [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Discontinued operations previously held for sale DaVita Medical Group On June 19, 2019 , the Company completed the sale of its DaVita Medical Group (DMG) business to Optum, a subsidiary of UnitedHealth Group Inc., for an aggregate purchase price of $4,340,000 , prior to certain closing and post-closing adjustments specified in the related equity purchase agreement dated as of December 5, 2017 , as amended as of September 20, 2018 and as of December 11, 2018 (as amended, the equity purchase agreement). The Company recorded a preliminary estimated pre-tax net loss of approximately $23,022 on the sale of its DMG business in 2019 . This preliminary net loss was based on initial estimates of the Company's expected aggregate proceeds from the sale, net of transaction costs and obligations, as well as the estimated values of DMG net assets sold as of the closing date. These estimated net proceeds included $4,465,476 in cash received from Optum at closing, or $3,824,509 net of cash and restricted cash included in the DMG net assets sold. During the three months ended March 31, 2020 , the Company recognized $9,980 in additional tax benefits under the Coronavirus Aid, Relief, and Economic Security (CARES) Act related to its period of DMG ownership, which have been recognized as an adjustment to the Company's loss on sale of the DMG business. The ultimate net proceeds from the DMG sale, as well as the value of its previously held for sale net assets sold, remain subject to estimate revisions and post-closing adjustments pursuant to the equity purchase agreement, which could be material. The Company continues to work with Optum concerning what, if any, net working capital adjustment or other potential adjustments to the purchase price are appropriate, via the process set forth in the equity purchase agreement. Under the equity purchase agreement, the Company also has certain indemnification obligations that could require payments to the buyer relating to the Company's previous ownership and operation of the DMG business. Potential payments under these provisions, if any, remain subject to significant uncertainties and could have a material adverse effect on the net proceeds ultimately retained by the Company or the total amount of its loss on the sale of this business. The following table presents the financial results of discontinued operations related to DMG: Three months ended 2020 2019 Revenues $ — $ 1,382,281 Expenses — 1,338,153 Income from discontinued operations before taxes — 44,128 Income tax expense — 13,823 Gain (loss) on sale of discontinued operations, net of tax 9,980 — Net income from discontinued operations, net of tax $ 9,980 $ 30,305 The following table presents cash flows of discontinued operations related to DMG: Three months ended 2020 2019 Net cash provided by operating activities from discontinued operations $ — $ 68,240 Net cash used in investing activities from discontinued operations $ — $ (22,809 ) |
Variable interest entities
Variable interest entities | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable interest entities | Variable interest entities (VIEs) At March 31, 2020 , these condensed consolidated financial statements include total assets of VIEs of $320,505 and total liabilities and noncontrolling interests of VIEs to third parties of $234,915 . There have been no material changes in the nature of the Company's arrangements with VIEs or its judgments concerning them from those described in Note 23 to the Company's consolidated financial statements included in the 10-K. |
Fair value of financial instrum
Fair value of financial instruments | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair value of financial instruments | Fair values of financial instruments The Company measures the fair value of certain assets, liabilities and noncontrolling interests subject to put provisions (redeemable equity interests classified as temporary equity) based upon certain valuation techniques that include observable or unobservable inputs and assumptions that market participants would use in pricing these assets, liabilities, temporary equity and commitments. The Company has also classified certain assets, liabilities and temporary equity that are measured at fair value into the appropriate fair value hierarchy levels as defined by the Financial Accounting Standards Board (FASB). The following table summarizes the Company’s assets, liabilities and temporary equity that are measured at fair value on a recurring basis as of March 31, 2020 : Total Quoted prices in Significant other Significant Assets Investments in equity securities $ 35,843 $ 35,843 $ — $ — Interest rate cap agreements $ 7,106 $ — $ 7,106 $ — Liabilities Contingent earn-out obligations $ 22,386 $ — $ — $ 22,386 Temporary equity Noncontrolling interests subject to put provisions $ 1,228,036 $ — $ — $ 1,228,036 For reconciliations of changes in contingent earn-out obligations and noncontrolling interests subject to put provisions during the three months ended March 31, 2020 , see Note 15 and the consolidated statement of equity, respectively. Investments in equity securities represent investments in various open-ended registered investment companies (mutual funds) and common stock and are recorded at fair value estimated based on reported market prices or redemption prices, as applicable. See Note 4 to these condensed consolidated financial statements for further discussion. Interest rate cap agreements are recorded at fair value estimated from valuation models utilizing the income approach and commonly accepted valuation techniques that use inputs from closing prices for similar assets and liabilities in active markets as well as other relevant observable market inputs at quoted intervals such as current interest rates, forward yield curves, implied volatility and credit default swap pricing. The Company does not believe the ultimate amount that could be realized upon settlement of these interest rate cap agreements would be materially different from the fair value estimates currently reported. See Note 8 to these condensed consolidated financial statements for further discussion. The estimated fair value measurements of contingent earn-out obligations are primarily based on unobservable inputs, including projected earnings before interest, taxes, depreciation, and amortization (EBITDA) and revenue. The estimated fair value of these contingent earn-out obligations is remeasured as of each reporting date and could fluctuate based upon any significant changes in key assumptions, such as changes in the Company's credit risk adjusted rate that is used to discount obligations to present value. See Note 15 to these condensed consolidated financial statements for further discussion. The estimated fair value of noncontrolling interests subject to put provisions is based principally on the higher of either estimated liquidation value of net assets or a multiple of earnings for each subject dialysis partnership, based on historical earnings, revenue mix, and other performance indicators that can affect future results. The multiples used for these valuations are derived from observed ownership transactions for dialysis businesses between unrelated parties in the U.S. in recent years, and the specific valuation multiple applied to each dialysis partnership is principally determined by its recent and expected revenue mix and contribution margin. As of March 31, 2020, an increase or decrease in the weighted average multiple used in these valuations of one times EBITDA would change the estimated fair value of these noncontrolling interests by approximately $150,000 . See Note 17 to the Company's consolidated financial statements included in the 10-K for further discussion of the Company’s methodology for estimating the fair value of noncontrolling interests subject to put obligations. The Company's fair value estimates for its senior secured credit facilities and senior notes are based upon bid and ask quotes for these instruments, typically a level 2 input. See Note 8 to these condensed consolidated financial statements for further discussion of the Company's debt. Other financial instruments consist primarily of cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable, other accrued liabilities, lease liabilities and debt. The balances of financial instruments other than debt and lease liabilities are presented in these condensed consolidated financial statements at March 31, 2020 at their approximate fair values due to the short-term nature of their settlements. |
Segment reporting
Segment reporting | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure | Segment reporting The Company’s operations are comprised of its U.S. dialysis and related lab services business, its various ancillary services and strategic initiatives, including its international operations, and its corporate administrative support. On June 19, 2019 , the Company completed the sale of its DMG division to Optum, a subsidiary of UnitedHealth Group Inc. As a result of this transaction, DMG's results of operations have been reported as discontinued operations for all periods presented. The Company’s separate operating segments include its U.S. dialysis and related lab services business, each of its ancillary services and strategic initiatives, its kidney care operations in each foreign sovereign jurisdiction, its other health operations in each foreign sovereign jurisdiction, and its equity method investment in the APAC JV. The U.S. dialysis and related lab services business qualifies as a separately reportable segment, and all other ancillary services and strategic initiatives operating segments, including the international operating segments, have been combined and disclosed in the other segments category. See Note 25 to the Company's consolidated financial statements included in the 10-K for further description of how the Company determines and measures results for its operating segments. The following is a summary of segment net revenues, segment operating margin (loss), and a reconciliation of segment operating margin to consolidated income before income taxes: Three months ended 2020 2019 Segment revenues: U.S. dialysis Dialysis patient service revenues: External sources $ 2,579,240 $ 2,511,826 Intersegment revenues 31,941 30,420 U.S. dialysis patient service revenues 2,611,181 2,542,246 Other revenues (1) : External sources 5,141 4,684 Intersegment revenues 301 221 Total U.S. dialysis revenues 2,616,623 2,547,151 Other—Ancillary services Dialysis patient service revenues, net 134,041 117,863 Other external sources 122,815 108,739 Intersegment revenues 4,152 3,336 Total ancillary services revenues 261,008 229,938 Total net segment revenues 2,877,631 2,777,089 Elimination of intersegment revenues (36,394 ) (33,977 ) Consolidated revenues $ 2,841,237 $ 2,743,112 Segment operating margin (loss): U.S. dialysis $ 491,607 $ 416,981 Other—Ancillary services (2,646 ) (57,630 ) Total segment operating margin 488,961 359,351 Reconciliation of segment operating margin to consolidated income from continuing Corporate administrative support (23,585 ) (18,844 ) Consolidated operating income 465,376 340,507 Debt expense (88,603 ) (131,519 ) Debt refinancing charges (2,948 ) — Other income, net (4,350 ) 6,940 Consolidated income from continuing operations before income taxes $ 369,475 $ 215,928 (1) Includes management fee revenue from providing management and administrative services to dialysis ventures in which the Company owns a noncontrolling equity investment or which are wholly-owned by third parties. A summary of assets by reportable segment was as follows: March 31, 2020 December 31, 2019 U.S. dialysis (including equity $ 16,075,622 $ 15,778,880 Other—Ancillary services (including 1,520,678 1,532,514 Consolidated assets $ 17,596,300 $ 17,311,394 Depreciation and amortization expense by reportable segment was as follows: Three months ended 2020 2019 U.S. dialysis $ 146,300 $ 140,780 Other — Ancillary services 8,379 7,748 $ 154,679 $ 148,528 Expenditures for property and equipment by reportable segment were as follows: Three months ended 2020 2019 U.S. dialysis $ 148,763 $ 170,548 Other—Ancillary services 6,179 8,578 DMG—Discontinued operations — 19,752 $ 154,942 $ 198,878 |
Changes in DaVita Inc.'s owners
Changes in DaVita Inc.'s ownership interest in consolidated subsidiaries | 3 Months Ended |
Mar. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Changes in DaVita Inc.'s ownership interest in consolidated subsidiaries | Changes in DaVita Inc.’s ownership interests in consolidated subsidiaries The effects of changes in DaVita Inc.’s ownership interests in consolidated subsidiaries on the Company’s consolidated equity were as follows: Three months ended 2020 2019 Net income attributable to DaVita Inc. $ 239,593 $ 149,289 Changes in paid-in capital for: Purchases of noncontrolling interests (445 ) (2,206 ) Net transfers to noncontrolling interests (445 ) (2,206 ) Net income attributable to DaVita Inc., net of transfers to noncontrolling interests $ 239,148 $ 147,083 |
New accounting standards
New accounting standards | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
New accounting standards | New accounting standards New standards recently adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments in this ASU amend the impairment model to utilize an expected loss methodology in place of the incurred loss methodology for financial instruments and off-balance sheet credit exposures. The amendment requires entities to consider a broader range of information to estimate expected credit losses, which may result in earlier recognition of losses. The amendments in this ASU became effective for the Company beginning on January 1, 2020 and were applied using a modified retrospective basis. The adoption of ASU No. 2016-13 did not have a material impact on the Company's consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework -Changes to the Disclosure Requirements for Fair Value Measurement . The applicable amendments in this ASU remove requirements for disclosures concerning transfers between fair value measurement levels 1, 2 and 3 and disclosures concerning valuation processes for level 3 fair value measurements. The applicable amendments in this ASU also add a requirement to separately disclose the changes in unrealized gains and losses included in other comprehensive income for the reporting period for level 3 items measured at fair value on a recurring basis, and require disclosure of the range and weighted average of significant unobservable inputs used to develop level 3 fair value measurements. The amendments in this ASU became effective for the Company beginning on January 1, 2020 and were applied on a prospective basis. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements when adopted January 1, 2020. In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . ASU No. 2018-15 aligns the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The Company adopted this ASU as of January 1, 2020, using the prospective transition approach, which allows the Company to change the accounting method without restating prior periods or booking cumulative adjustments. The adoption of ASU No. 2018-15 did not have a material impact on the Company's consolidated financial statements. New standards not yet adopted In December 2019, the FASB issued ASU No. 2019-12 , Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . ASU No. 2019-12 attempts to simplify aspects of accounting for franchise taxes and enacted changes in tax laws or rates, and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. ASU No. 2019-12 is effective for public business entities for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year. Early adoption is permitted for all entities. The Company is currently assessing the effect this guidance may have on its consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU No. 2020-04 provides optional expedients and exceptions for applying U.S. generally accepted accounting principles (GAAP) to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another rate that is expected to be discontinued. The amendments in this ASU were effective beginning on March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2022. The Company is currently assessing the effect this guidance may have on its consolidated financial statements. |
Condensed consolidating financi
Condensed consolidating financial statements | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed consolidating financial statements | Condensed consolidating financial statements The following information is presented in accordance with Rule 3-10 of Regulation S-X. The operating and investing activities of the separate legal entities included in the Company’s condensed consolidated financial statements are fully interdependent and integrated. Revenues and operating expenses of the separate legal entities include intercompany charges for management and other administrative services. The Company’s senior notes are guaranteed by a substantial majority of its domestic subsidiaries as measured by revenue, income and assets. The subsidiary guarantors have guaranteed the senior notes on a joint and several basis. However, a subsidiary guarantor will be released from its obligations under its guarantee of the senior notes and the indentures governing the senior notes if, in general, there is a sale or other disposition of all or substantially all of the assets of such subsidiary guarantor, including by merger or consolidation, or a sale or other disposition of all of the equity interests in such subsidiary guarantor held by the Company and its restricted subsidiaries, as defined in the indentures; such subsidiary guarantor is designated by the Company as an unrestricted subsidiary, as defined in the indentures, or otherwise ceases to be a restricted subsidiary of the Company, in each case in accordance with the indentures; or such subsidiary guarantor no longer guarantees any other indebtedness, as defined in the indentures, of the Company or any of its restricted subsidiaries, except for guarantees that are contemporaneously released. The senior notes are not guaranteed by certain of the Company’s domestic subsidiaries, any of the Company’s foreign subsidiaries, or any entities that do not constitute subsidiaries within the meaning of the indentures, such as corporations in which the Company holds capital stock with less than a majority of the voting power, joint ventures and partnerships in which the Company holds less than a majority of the equity or voting interests, non-owned entities and third parties. Contemporaneously with the Company entering into its $5,500,000 senior secured credit agreement (the New Credit Agreement) on August 12, 2019 and pursuant to the indentures governing the Company’s senior notes, certain subsidiaries of the Company were released from their guarantees of the Company's senior notes such that, after that release, the remaining subsidiary guarantors of the senior notes were the same subsidiaries guaranteeing the New Credit Agreement. The following condensed consolidating financial statements have been prepared for all periods presented based on the current subsidiary guarantors and non-guarantors stipulated in the New Credit Agreement. Condensed Consolidating Statements of Operations For the three months ended March 31, 2020 DaVita Inc. Guarantor subsidiaries Non- Guarantor subsidiaries Consolidating adjustments Consolidated total Patient service revenues $ — $ 1,729,740 $ 1,050,877 $ (67,336 ) $ 2,713,281 Other revenues 197,283 156,860 41,428 (267,615 ) 127,956 Total net revenues 197,283 1,886,600 1,092,305 (334,951 ) 2,841,237 Operating expenses 154,651 1,640,821 915,340 (334,951 ) 2,375,861 Operating income 42,632 245,779 176,965 — 465,376 Debt expense (91,362 ) (59,093 ) (11,337 ) 70,241 (91,551 ) Other income (loss), net 62,453 805 2,633 (70,241 ) (4,350 ) Income tax expense 3,424 80,975 7,161 — 91,560 Equity earnings in subsidiaries 229,294 98,795 — (328,089 ) — Net income from continuing operations 239,593 205,311 161,100 (328,089 ) 277,915 Net income from discontinued operations, net of tax — — 9,980 — 9,980 Net income 239,593 205,311 171,080 (328,089 ) 287,895 Less: Net income attributable to noncontrolling interests — — — (48,302 ) (48,302 ) Net income attributable to DaVita Inc. $ 239,593 $ 205,311 $ 171,080 $ (376,391 ) $ 239,593 For the three months ended March 31, 2019 DaVita Inc. Guarantor Non- Consolidating Consolidated Patient service revenues $ — $ 1,706,593 $ 986,373 $ (63,277 ) $ 2,629,689 Other revenues 188,836 146,117 34,909 (256,439 ) 113,423 Total net revenues 188,836 1,852,710 1,021,282 (319,716 ) 2,743,112 Operating expenses and charges 143,659 1,634,285 944,377 (319,716 ) 2,402,605 Operating income 45,177 218,425 76,905 — 340,507 Debt expense (133,595 ) (50,650 ) (12,549 ) 65,275 (131,519 ) Other income, net 110,198 648 11,060 (114,966 ) 6,940 Income tax expense 7,026 44,027 5,693 — 56,746 Equity earnings in subsidiaries 134,535 64,375 — (198,910 ) — Net income from continuing operations 149,289 188,771 69,723 (248,601 ) 159,182 Net (loss) income from discontinued operations, net of tax — — (19,386 ) 49,691 30,305 Net income 149,289 188,771 50,337 (198,910 ) 189,487 Less: Net income attributable to noncontrolling interests — — — (40,198 ) (40,198 ) Net income attributable to DaVita Inc. $ 149,289 $ 188,771 $ 50,337 $ (239,108 ) $ 149,289 Condensed Consolidating Statements of Comprehensive Income For the three months ended March 31, 2020 DaVita Inc. Guarantor Non- Consolidating Consolidated Net income $ 239,593 $ 205,311 $ 171,080 $ (328,089 ) $ 287,895 Other comprehensive loss (11,395 ) — (81,632 ) — (93,027 ) Total comprehensive income 228,198 205,311 89,448 (328,089 ) 194,868 Less: Comprehensive income attributable to noncontrolling interest — — — (48,302 ) (48,302 ) Comprehensive income attributable to DaVita Inc. $ 228,198 $ 205,311 $ 89,448 $ (376,391 ) $ 146,566 For the three months ended March 31, 2019 DaVita Inc. Guarantor Non- Consolidating Consolidated Net income $ 149,289 $ 188,771 $ 50,337 $ (198,910 ) $ 189,487 Other comprehensive income (loss) 1,026 — (13,653 ) — (12,627 ) Total comprehensive income 150,315 188,771 36,684 (198,910 ) 176,860 Less: Comprehensive income attributable to noncontrolling interest — — — (40,198 ) (40,198 ) Comprehensive income attributable to DaVita Inc. $ 150,315 $ 188,771 $ 36,684 $ (239,108 ) $ 136,662 Condensed Consolidating Balance Sheets As of March 31, 2020 DaVita Inc. Guarantor Non- Consolidating Consolidated Cash and cash equivalents $ 1,075,965 $ 411 $ 305,388 $ — $ 1,381,764 Restricted cash and equivalents 14,540 — 92,184 — 106,724 Accounts receivable, net — 1,184,686 635,446 — 1,820,132 Other current assets 86,786 556,210 100,357 (28,034 ) 715,319 Total current assets 1,177,291 1,741,307 1,133,375 (28,034 ) 4,023,939 Property and equipment, net 555,409 1,555,662 1,336,966 (2,614 ) 3,445,423 Operating lease right-of-use assets 107,620 1,643,765 1,114,378 (17,987 ) 2,847,776 Intangible assets, net 340 28,766 88,847 — 117,953 Investments in and advances to affiliates, net 10,961,209 7,869,131 3,099,564 (21,929,904 ) — Other long-term assets and investments 85,777 130,528 187,405 (20,524 ) 383,186 Goodwill — 4,812,207 1,965,816 — 6,778,023 Total assets $ 12,887,646 $ 17,781,366 $ 8,926,351 $ (21,999,063 ) $ 17,596,300 Current liabilities $ 365,783 $ 1,172,340 $ 683,608 $ (985 ) $ 2,220,746 Intercompany liabilities, net 1,534,892 3,099,564 2,693,572 (7,328,028 ) — Long-term operating leases liabilities 133,926 1,554,717 1,062,852 (17,125 ) 2,734,370 Long-term debt and other long-term liabilities 8,209,577 786,685 334,591 (51,049 ) 9,279,804 Noncontrolling interests subject to put provisions 695,622 — — 532,414 1,228,036 Total DaVita Inc. shareholders' equity 1,947,846 11,168,060 3,433,816 (14,601,876 ) 1,947,846 Noncontrolling interests not subject to put — — 717,912 (532,414 ) 185,498 Total equity 1,947,846 11,168,060 4,151,728 (15,134,290 ) 2,133,344 Total liabilities and equity $ 12,887,646 $ 17,781,366 $ 8,926,351 $ (21,999,063 ) $ 17,596,300 As of December 31, 2019 DaVita Inc. Guarantor Non- Consolidating Consolidated Cash and cash equivalents $ 758,241 $ 532 $ 343,599 $ — $ 1,102,372 Restricted cash and equivalents 14,499 — 91,847 — 106,346 Accounts receivable, net — 1,189,301 606,297 — 1,795,598 Other current assets 76,787 548,553 102,410 (41,896 ) 685,854 Total current assets 849,527 1,738,386 1,144,153 (41,896 ) 3,690,170 Property and equipment, net 543,932 1,589,417 1,344,543 (4,508 ) 3,473,384 Operating lease right-of-use assets 109,415 1,656,145 1,084,552 (20,065 ) 2,830,047 Intangible assets, net 362 31,569 103,753 — 135,684 Investments in and advances to affiliates, net 10,813,991 7,611,402 3,051,208 (21,476,601 ) — Other long-term assets and investments 102,779 133,698 176,315 (18,318 ) 394,474 Goodwill — 4,812,972 1,974,663 — 6,787,635 Total assets $ 12,420,006 $ 17,573,589 $ 8,879,187 $ (21,561,388 ) $ 17,311,394 Current liabilities $ 379,286 $ 1,327,378 $ 666,470 $ (1,036 ) $ 2,372,098 Intercompany payables 1,381,863 3,051,208 2,615,151 (7,048,222 ) — Long-term operating lease liabilities 136,123 1,567,776 1,039,145 (19,244 ) 2,723,800 Long-term debt and other long-term liabilities 7,741,725 674,558 364,102 (64,507 ) 8,715,878 Noncontrolling interests subject to put provisions 647,600 — — 532,776 1,180,376 Total DaVita Inc. shareholders' equity 2,133,409 10,952,669 3,475,710 (14,428,379 ) 2,133,409 Noncontrolling interests not subject to put — — 718,609 (532,776 ) 185,833 Total equity 2,133,409 10,952,669 4,194,319 (14,961,155 ) 2,319,242 Total liabilities and equity $ 12,420,006 $ 17,573,589 $ 8,879,187 $ (21,561,388 ) $ 17,311,394 Condensed Consolidating Statements of Cash Flows For the three months ended March 31, 2020 DaVita Inc. Guarantor Non- Consolidating Consolidated Cash flows provided by operating activities: Net income $ 239,593 $ 205,311 $ 171,080 $ (328,089 ) $ 287,895 Changes in operating assets and liabilities and non-cash (182,332 ) (71,454 ) (1,817 ) 328,089 72,486 Net cash provided by operating activities 57,261 133,857 169,263 — 360,381 Cash flows used in investing activities: Additions of property and equipment (52,714 ) (41,144 ) (61,084 ) — (154,942 ) Acquisitions — (984 ) (33,123 ) — (34,107 ) Proceeds from asset and business sales — 4,180 27,338 — 31,518 Proceeds (purchases) from investment sales and other items, net 452 271 (5,817 ) — (5,094 ) Net cash used in investing activities (52,262 ) (37,677 ) (72,686 ) — (162,625 ) Cash flows provided by (used in) financing activities: Long-term debt and related financing costs, net 481,856 (2,462 ) (13,557 ) — 465,837 Intercompany borrowings (payments) 153,029 (95,857 ) (57,172 ) — — Other items (322,119 ) 2,018 (48,744 ) — (368,845 ) Net cash provided by (used in) financing activities 312,766 (96,301 ) (119,473 ) — 96,992 Effect of exchange rate changes on cash, cash — — (14,978 ) — (14,978 ) Net increase (decrease) in cash, cash equivalents and 317,765 (121 ) (37,874 ) — 279,770 Cash, cash equivalents and restricted cash of continuing 772,740 532 435,446 — 1,208,718 Cash, cash equivalents and restricted cash of continuing $ 1,090,505 $ 411 $ 397,572 $ — $ 1,488,488 For the three months ended March 31, 2019 DaVita Inc. Guarantor Non- Consolidating Consolidated Cash flows provided by (used in) operating activities: Net income $ 149,289 $ 188,771 $ 50,337 $ (198,910 ) $ 189,487 Changes in operating assets and liabilities and non-cash (124,409 ) (289,332 ) 166,648 198,910 (48,183 ) Net cash provided by (used in) operating activities 24,880 (100,561 ) 216,985 — 141,304 Cash flows used in investing activities: Additions of property and equipment (38,942 ) (76,529 ) (83,407 ) — (198,878 ) Acquisitions — — (11,274 ) — (11,274 ) Proceeds from asset and business sales — 2,270 11,633 — 13,903 Proceeds (purchases) from investment sales and other items, net 1,804 (3,878 ) (2,035 ) — (4,109 ) Net cash used in investing activities (37,138 ) (78,137 ) (85,083 ) — (200,358 ) Cash flows provided by financing activities: Long-term debt and related financing costs, net 365,133 (2,364 ) (5,572 ) — 357,197 Intercompany (payments) borrowings (220,697 ) 188,870 31,827 — — Other items 1,517 (8,427 ) (25,336 ) — (32,246 ) Net cash provided by financing activities 145,953 178,079 919 — 324,951 Effect of exchange rate changes on cash, cash — — (921 ) — (921 ) Net increase (decrease) in cash, cash equivalents and restricted cash 133,695 (619 ) 131,900 — 264,976 Less: Net increase in cash, cash equivalents and restricted cash from discontinued operations — — 118,962 — 118,962 Net increase (decrease) in cash, cash equivalents and restricted cash from continuing operations 133,695 (619 ) 12,938 — 146,014 Cash, cash equivalents and restricted cash of continuing 61,658 13,280 340,482 — 415,420 Cash, cash equivalents and restricted cash of continuing $ 195,353 $ 12,661 $ 353,420 $ — $ 561,434 |
Subsequent events (Notes)
Subsequent events (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent events | ubsequent events In March 2020, the World Health Organization declared the outbreak of COVID-19 a pandemic, and the virus continues to spread throughout the world. As a caregiving organization, the Company is exposed to and will continue to be impacted by the effects of the COVID-19 pandemic. The Company has continued to provide essential, life-sustaining care for its patients during this public health crisis. The Company has also maintained business process continuity during the pandemic by enabling most back office teammates to work remotely, and as of the date of this report has not experienced any material issues in billing or cash collections. This transition combined with the Company's balance sheet has helped the Company to avoid any material deterioration of its liquidity position as a result of the COVID-19 crisis at this time. The Company is closely monitoring the impact of the pandemic and the resulting economic downturn on all aspects of its business, including the impact on its patients, teammates, physician partners, suppliers, vendors and other business partners. We expect that the long-term impact of this public health crisis on the Company will be driven primarily by the severity and duration of the pandemic, the impact on our patient population, the pandemic’s impact on the U.S. and global economies and unemployment, and the timing, scope and effectiveness of federal, state and local governmental responses. At this time, the Company cannot reasonably estimate the ultimate impact the COVID-19 pandemic will have on its business, financial condition, results of operations, cash flows and liquidity, but the adverse impact could be material. Under the CARES Act, in April 2020 the government distributed approximately $250,000 |
Condensed consolidated interi_2
Condensed consolidated interim financial statements Condensed consolidaed interim financial statements (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Condensed consolidated interim financial statements | The unaudited condensed consolidated interim financial statements included in this report are prepared by the Company. In the opinion of management, all adjustments necessary for a fair presentation of the results of operations are reflected in these condensed consolidated interim financial statements. All significant intercompany accounts and transactions have been eliminated. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. The most significant estimates and assumptions underlying these financial statements and accompanying notes generally involve revenue recognition and accounts receivable, impairments of goodwill, accounting for income taxes, certain fair value estimates and loss contingencies. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the operating results for the full year. These condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 (10-K). Prior year balances and amounts have been reclassified to conform to the current year presentation. The Company has evaluated subsequent events through the date these condensed consolidated interim financial statements were issued and has included all necessary adjustments and disclosures. |
Earnings Per Share | Basic earnings per share is calculated by dividing net income attributable to the Company by the weighted average number of common shares outstanding. Weighted average common shares outstanding include restricted stock unit awards that are no longer subject to forfeiture because the recipients have satisfied either the explicit vesting terms or retirement eligibility requirements. Diluted earnings per share includes the dilutive effect of outstanding stock-settled stock appreciation rights and unvested stock units as computed under the treasury stock method. |
Short-term and Long-term Investments | Debt securities: The Company's short-term debt investments are principally bank certificates of deposit with contractual maturities longer than three months but shorter than one year. These debt securities are accounted for as held to maturity and recorded at amortized cost, which approximated their fair values at March 31, 2020 and December 31, 2019 . Equity securities: |
Income Taxes | The Company recognizes accrued interest and penalties related to unrecognized tax benefits in its income tax expense. |
Long-term debt | The cap agreements are designated as cash flow hedges and, as a result, changes in the fair values of these cap agreements are reported in other comprehensive income. The amortization of the original cap premium is recognized as a component of debt expense on a straight-line basis over the terms of the cap agreements. |
Long-term incentive compensation | The Company’s stock-based compensation expense for stock-settled awards is measured at the estimated fair value of awards on the date of grant and recognized on a cumulative straight-line basis over the vesting terms of the awards unless the stock awards are based on non-market based performance metrics, in which case expense is adjusted for the expected ultimate shares to be issued as of the end of each reporting period. Stock-based compensation expense for cash-settled awards is based on their estimated fair values as of the end of each reporting period. The expense for all stock-based awards is recognized net of expected forfeitures. |
Accumulated other comprehensive Income | The reclassification of net cap realized losses into income are recorded as debt expense in the corresponding consolidated statements of income. |
Fair Value of Financial Instruments | Interest rate cap agreements are recorded at fair value estimated from valuation models utilizing the income approach and commonly accepted valuation techniques that use inputs from closing prices for similar assets and liabilities in active markets as well as other relevant observable market inputs at quoted intervals such as current interest rates, forward yield curves, implied volatility and credit default swap pricing. The Company does not believe the ultimate amount that could be realized upon settlement of these interest rate cap agreements would be materially different from the fair value estimates currently reported. See Note 8 to these condensed consolidated financial statements for further discussion. |
New Accounting Standards | New standards recently adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments in this ASU amend the impairment model to utilize an expected loss methodology in place of the incurred loss methodology for financial instruments and off-balance sheet credit exposures. The amendment requires entities to consider a broader range of information to estimate expected credit losses, which may result in earlier recognition of losses. The amendments in this ASU became effective for the Company beginning on January 1, 2020 and were applied using a modified retrospective basis. The adoption of ASU No. 2016-13 did not have a material impact on the Company's consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework -Changes to the Disclosure Requirements for Fair Value Measurement . The applicable amendments in this ASU remove requirements for disclosures concerning transfers between fair value measurement levels 1, 2 and 3 and disclosures concerning valuation processes for level 3 fair value measurements. The applicable amendments in this ASU also add a requirement to separately disclose the changes in unrealized gains and losses included in other comprehensive income for the reporting period for level 3 items measured at fair value on a recurring basis, and require disclosure of the range and weighted average of significant unobservable inputs used to develop level 3 fair value measurements. The amendments in this ASU became effective for the Company beginning on January 1, 2020 and were applied on a prospective basis. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements when adopted January 1, 2020. In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . ASU No. 2018-15 aligns the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The Company adopted this ASU as of January 1, 2020, using the prospective transition approach, which allows the Company to change the accounting method without restating prior periods or booking cumulative adjustments. The adoption of ASU No. 2018-15 did not have a material impact on the Company's consolidated financial statements. New standards not yet adopted In December 2019, the FASB issued ASU No. 2019-12 , Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . ASU No. 2019-12 attempts to simplify aspects of accounting for franchise taxes and enacted changes in tax laws or rates, and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. ASU No. 2019-12 is effective for public business entities for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year. Early adoption is permitted for all entities. The Company is currently assessing the effect this guidance may have on its consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU No. 2020-04 provides optional expedients and exceptions for applying U.S. generally accepted accounting principles (GAAP) to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another rate that is expected to be discontinued. The amendments in this ASU were effective beginning on March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2022. The Company is currently assessing the effect this guidance may have on its consolidated financial statements. |
Revenue Recognition Segment rev
Revenue Recognition Segment revenue by major payor (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenues by major payor [Abstract] | |
Schedule of Revenue Sources, Health Care Organization [Table Text Block] | The following table summarizes the Company's segment revenues by primary payor source: For the three months ended March 31, 2020 March 31, 2019 U.S. dialysis Other - Ancillary services Consolidated U.S. dialysis Other - Ancillary services Consolidated Dialysis patient service revenues: Medicare and Medicare Advantage $ 1,502,222 $ $ 1,502,222 $ 1,493,516 $ $ 1,493,516 Medicaid and Managed Medicaid 171,467 171,467 154,190 154,190 Other government 111,910 94,574 206,484 106,127 84,475 190,602 Commercial 825,582 39,467 865,049 788,413 33,388 821,801 Other revenues: Medicare and Medicare Advantage 98,478 98,478 61,700 61,700 Medicaid and Managed Medicaid 366 366 6 6 Commercial 10,521 10,521 32,619 32,619 Other (1) 5,442 17,602 23,044 4,905 17,750 22,655 Eliminations of intersegment revenues (32,242 ) (4,152 ) (36,394 ) (30,641 ) (3,336 ) (33,977 ) Total $ 2,584,381 $ 256,856 $ 2,841,237 $ 2,516,510 $ 226,602 $ 2,743,112 (1) Other consists of management service fees earned in the respective Company line of business as well as other revenue from the Company's ancillary services. |
Earnings per share Earnings Per
Earnings per share Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The reconciliations of the numerators and denominators used to calculate basic and diluted earnings per share were as follows: Three months ended 2020 2019 Net income from continuing operations attributable to DaVita Inc. $ 229,613 $ 120,254 Net income from discontinued operations attributable to DaVita Inc. 9,980 29,035 Net income attributable to DaVita Inc. $ 239,593 $ 149,289 Weighted average shares - basic 124,902 166,388 Assumed incremental shares from stock plans 1,993 393 Weighted average shares - diluted 126,895 166,781 Basic net income attributable to DaVita Inc. from: Continuing operations per share $ 1.84 $ 0.72 Discontinued operations per share 0.08 0.18 Basic net income per share attributable to DaVita Inc. $ 1.92 $ 0.90 Diluted net income attributable to DaVita Inc. from: Continuing operations per share $ 1.81 $ 0.72 Discontinued operations per share 0.08 0.18 Diluted net income per share attributable to DaVita Inc. $ 1.89 $ 0.90 Anti-dilutive stock-settled awards excluded from calculations (1) 3,207 6,150 (1) Shares associated with stock-settled stock appreciation rights and performance stock units were excluded from the diluted denominator calculations because they are anti-dilutive under the treasury stock method. |
Investments in debt and equit_2
Investments in debt and equity securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | The Company’s short-term and long-term debt and equity investments consist of the following: March 31, 2020 December 31, 2019 Debt Equity Total Debt Equity Total Certificates of deposit and other time deposits $ 8,190 $ — $ 8,190 $ 8,140 $ — $ 8,140 Investments in mutual funds and common stock — 35,843 35,843 — 39,951 39,951 $ 8,190 $ 35,843 $ 44,033 $ 8,140 $ 39,951 $ 48,091 Short-term investments $ 8,190 $ 1,186 $ 9,376 $ 8,140 $ 3,432 $ 11,572 Long-term investments — 34,657 34,657 — 36,519 36,519 $ 8,190 $ 35,843 $ 44,033 $ 8,140 $ 39,951 $ 48,091 |
Equity method and other inves_2
Equity method and other investments Equity Method and Other Investments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | The Company's equity method and other investments were comprised of the following: March 31, 2020 December 31, 2019 APAC joint venture $ 123,696 $ 116,924 Other equity method partnerships 114,355 114,611 Adjusted cost method investments 16,448 10,448 $ 254,499 $ 241,983 |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Goodwill by Reportable Segments [Text Block] | Changes in goodwill by reportable segments were as follows: U.S. dialysis Other - Ancillary services Consolidated Balance at December 31, 2018 $ 6,275,004 $ 566,956 $ 6,841,960 Acquisitions 18,089 72,137 90,226 Impairment charges — (124,892 ) (124,892 ) Foreign currency and other adjustments (5,993 ) (13,666 ) (19,659 ) Balance at December 31, 2019 $ 6,287,100 $ 500,535 $ 6,787,635 Acquisitions 2,839 23,931 26,770 Divestitures (1,549 ) — (1,549 ) Foreign currency and other adjustments — (34,833 ) (34,833 ) Balance at March 31, 2020 $ 6,288,390 $ 489,633 $ 6,778,023 Goodwill $ 6,288,390 $ 638,117 $ 6,926,507 Accumulated impairment charges — (148,484 ) (148,484 ) $ 6,288,390 $ 489,633 $ 6,778,023 |
Long-term debt (Tables)
Long-term debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term debt was comprised of the following: As of March 31, 2020 March 31, 2020 December 31, 2019 Maturity date Interest rate Estimated fair value (1) Senior Secured Credit Facilities: Term Loan A $ 1,728,125 $ 1,739,063 8/12/2024 LIBOR + 1.50% $ 1,659,000 Term Loan B-1 (2) 2,736,267 — 8/12/2026 LIBOR + 1.75% $ 2,640,498 Term Loan B (2) — 2,743,125 8/12/2026 LIBOR + 2.25% $ — Revolving line of credit 500,000 — 8/12/2024 LIBOR + 1.50% $ 500,000 Senior Notes: 5 1/8% Senior Notes 1,750,000 1,750,000 7/15/2024 5.125 % $ 1,743,525 5% Senior Notes 1,500,000 1,500,000 5/1/2025 5.00 % $ 1,497,900 Acquisition obligations and other notes payable (3) 167,727 180,352 2020-2027 4.71 % $ 167,727 Financing lease obligations (4) 275,092 268,534 2020-2036 5.31 % Total debt principal outstanding 8,657,211 8,181,074 Discount and deferred financing costs (5) (68,757 ) (72,840 ) 8,588,454 8,108,234 Less current portion (146,318 ) (130,708 ) $ 8,442,136 $ 7,977,526 (1) Fair value estimates are based upon bid and ask quotes for the Company's senior secured credit facilities and senior notes, typically a level 2 input. The carrying values of acquisition obligations and other notes payable presented here approximate their estimated fair values, based on estimates of their current present values using level 2 interest rate inputs. (2) On February 13, 2020 , the Company entered into an amendment to its credit agreement governing its senior secured credit facilities to refinance the Term Loan B with a $2,743,125 secured Term Loan B-1. (3) The interest rate presented for acquisition obligations and other notes payable is their weighted average interest rate based on the current interest rate in effect and assuming no changes to the LIBOR based interest rates. (4) Financing lease obligations are measured at their approximate present value at inception. The interest rate presented is the weighted average discount rate embedded in financing leases outstanding. (5) As of March 31, 2020 , the carrying amount of the Company’s senior secured credit facilities and senior notes include a discount of $6,207 and deferred financing costs of $42,420 ; and deferred financing costs of $20,130 , respectively. As of December 31, 2019 , the carrying amount of the Company’s senior secured credit facilities and senior notes include a discount of $6,457 and deferred financing costs of $45,444 ; and deferred financing costs of $20,939 , respectively. |
Scheduled Maturities of Long-term Debt | Scheduled maturities of long-term debt at March 31, 2020 were as follows: 2020 (remainder of the year) $ 95,359 2021 $ 170,056 2022 $ 172,376 2023 $ 224,727 2024 $ 3,671,586 2025 $ 61,951 Thereafter $ 4,261,156 |
Schedule of Derivative Instruments | The following table summarizes the Company’s interest rate cap agreements outstanding as of March 31, 2020 and December 31, 2019 , which are classified in "Other long-term assets" on its consolidated balance sheet: Three months ended March 31, 2020 Fair value Notional amount LIBOR maximum rate Effective date Expiration date Debt expense Recorded OCI loss March 31, 2020 December 31, 2019 2015 cap agreements $ 3,500,000 3.50% 6/29/2018 6/30/2020 $ 2,163 $ — $ — $ — 2019 cap agreements $ 3,500,000 2.00% 6/30/2020 6/30/2024 $ 17,346 $ 7,106 $ 24,452 |
Effects of Interest Rate Swap and Cap Agreements | The following table summarizes the effects of the Company’s interest rate cap agreements for the three months ended March 31, 2020 and 2019 : Amount of unrecognized losses in OCI on interest rate cap agreements Income statement location Reclassification from accumulated other comprehensive loss into net income Three months ended Three months ended Derivatives designated as cash flow hedges 2020 2019 2020 2019 Interest rate cap agreements $ (17,346 ) $ (781 ) Debt expense $ 2,163 $ 2,163 Related income tax 4,328 201 Related income tax (540 ) (557 ) Total $ (13,018 ) $ (580 ) $ 1,623 $ 1,606 |
Leases Leases (Tables)
Leases Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Lease Expense Components | The components of lease expense were as follows: Lease cost Three months ended March 31, 2020 Three months ended March 31, 2019 Operating lease cost (1) : Fixed lease expense $ 134,733 $ 128,110 Variable lease expense 30,059 28,571 Financing lease cost: Amortization of leased assets 6,077 5,826 Interest on lease liabilities 3,603 3,775 Net lease cost $ 174,472 $ 166,282 (1) Includes short-term lease expense and sublease income, which are immaterial. |
Leases Other Information | Other information related to leases was as follows: Other information Three months ended March 31, 2020 Three months ended March 31, 2019 Gains on sale leasebacks, net $ 9,489 $ 3,987 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 162,828 $ 153,587 Operating cash flows from finance leases $ 5,178 $ 5,661 Financing cash flows from finance leases $ 4,180 $ 5,344 Net operating lease assets obtained in exchange for new or modified $ 101,473 $ 45,034 Lease term and discount rate March 31, 2020 Weighted average remaining lease term (years): Operating leases 8.9 Finance leases 10.2 Weighted average discount rate: Operating leases 4.0 % Finance leases 5.3 % |
Schedule Of Minimum Lease Payments | Future minimum lease payments under non-cancellable leases as of March 31, 2020 were as follows: Operating leases Finance leases 2020 (remainder of the year) $ 344,537 $ 30,291 2021 505,417 34,177 2022 472,643 34,621 2023 426,485 34,700 2024 372,190 34,725 2025 320,079 34,549 Thereafter 1,248,317 153,800 Total future minimum lease payments $ 3,689,668 $ 356,863 Less portion representing interest (599,265 ) (81,771 ) Present value of lease liabilities $ 3,090,403 $ 275,092 |
Share repurchases Share Repurch
Share repurchases Share Repurchases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Treasury Stock, Value [Abstract] | |
Class of Treasury Stock [Table Text Block] | The following table summarizes the Company's repurchases of its common stock during the three months ended March 31, 2020 and 2019 : Three months ended March 31, 2020 Three months ended March 31, 2019 Shares repurchased Amount paid Average paid per share Shares repurchased Amount paid Average paid per share Open market repurchases 4,052 $ 303,139 $ 74.81 — $ — $ — |
Accumulated other comprehensi_2
Accumulated other comprehensive (loss) income (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |
Comprehensive income | For the three months ended March 31, 2020 For the three months ended March 31, 2019 Interest Foreign Accumulated Interest Foreign Accumulated Beginning balance $ (1,433 ) $ (46,065 ) $ (47,498 ) $ (8,961 ) $ (25,963 ) $ (34,924 ) Unrealized losses (17,346 ) (81,632 ) (98,978 ) (781 ) (13,653 ) (14,434 ) Related income tax 4,328 — 4,328 201 — 201 (13,018 ) (81,632 ) (94,650 ) (580 ) (13,653 ) (14,233 ) Reclassification into net income 2,163 — 2,163 2,163 — 2,163 Related income tax (540 ) — (540 ) (557 ) — (557 ) 1,623 — 1,623 1,606 — 1,606 Ending balance $ (12,828 ) $ (127,697 ) $ (140,525 ) $ (7,935 ) $ (39,616 ) $ (47,551 ) |
Acquisitions and divestitures (
Acquisitions and divestitures (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration | The following is a reconciliation of changes in contingent earn-out obligations for the three months ended March 31, 2020 : Balance at December 31, 2019 $ 24,586 Contingent earn-out obligations associated with acquisitions 2,672 Foreign currency translation adjustment for contingent earn-out obligations (4,874 ) Remeasurement of fair value for contingent earn-out obligations 2 Balance at March 31, 2020 $ 22,386 |
Dialysis and other businesses | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the assets acquired and liabilities assumed in these transactions at their estimated acquisition date fair values: Current assets $ 7,412 Property and equipment 8,892 Intangible and other long-term assets 6,107 Goodwill 26,770 Deferred income taxes 1,513 Current liabilities (10,705 ) $ 39,989 |
Held for Sale and Discontinue_2
Held for Sale and Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | The following table presents the financial results of discontinued operations related to DMG: Three months ended 2020 2019 Revenues $ — $ 1,382,281 Expenses — 1,338,153 Income from discontinued operations before taxes — 44,128 Income tax expense — 13,823 Gain (loss) on sale of discontinued operations, net of tax 9,980 — Net income from discontinued operations, net of tax $ 9,980 $ 30,305 The following table presents cash flows of discontinued operations related to DMG: Three months ended 2020 2019 Net cash provided by operating activities from discontinued operations $ — $ 68,240 Net cash used in investing activities from discontinued operations $ — $ (22,809 ) |
Fair value of financial instr_2
Fair value of financial instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Assets, Liabilities and Temporary Equity Measured at Fair Value on a Recurring Basis | The following table summarizes the Company’s assets, liabilities and temporary equity that are measured at fair value on a recurring basis as of March 31, 2020 : Total Quoted prices in Significant other Significant Assets Investments in equity securities $ 35,843 $ 35,843 $ — $ — Interest rate cap agreements $ 7,106 $ — $ 7,106 $ — Liabilities Contingent earn-out obligations $ 22,386 $ — $ — $ 22,386 Temporary equity Noncontrolling interests subject to put provisions $ 1,228,036 $ — $ — $ 1,228,036 |
Segment reporting (Tables)
Segment reporting (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Summary of Segment Net Revenues, Segment Operating Income (Loss) and Reconciliation of Segment Income to Consolidated Income Before Income Taxes | The following is a summary of segment net revenues, segment operating margin (loss), and a reconciliation of segment operating margin to consolidated income before income taxes: Three months ended 2020 2019 Segment revenues: U.S. dialysis Dialysis patient service revenues: External sources $ 2,579,240 $ 2,511,826 Intersegment revenues 31,941 30,420 U.S. dialysis patient service revenues 2,611,181 2,542,246 Other revenues (1) : External sources 5,141 4,684 Intersegment revenues 301 221 Total U.S. dialysis revenues 2,616,623 2,547,151 Other—Ancillary services Dialysis patient service revenues, net 134,041 117,863 Other external sources 122,815 108,739 Intersegment revenues 4,152 3,336 Total ancillary services revenues 261,008 229,938 Total net segment revenues 2,877,631 2,777,089 Elimination of intersegment revenues (36,394 ) (33,977 ) Consolidated revenues $ 2,841,237 $ 2,743,112 Segment operating margin (loss): U.S. dialysis $ 491,607 $ 416,981 Other—Ancillary services (2,646 ) (57,630 ) Total segment operating margin 488,961 359,351 Reconciliation of segment operating margin to consolidated income from continuing Corporate administrative support (23,585 ) (18,844 ) Consolidated operating income 465,376 340,507 Debt expense (88,603 ) (131,519 ) Debt refinancing charges (2,948 ) — Other income, net (4,350 ) 6,940 Consolidated income from continuing operations before income taxes $ 369,475 $ 215,928 (1) Includes management fee revenue from providing management and administrative services to dialysis ventures in which the Company owns a noncontrolling equity investment or which are wholly-owned by third parties. |
Summary of Assets by Reportable Segment | A summary of assets by reportable segment was as follows: March 31, 2020 December 31, 2019 U.S. dialysis (including equity $ 16,075,622 $ 15,778,880 Other—Ancillary services (including 1,520,678 1,532,514 Consolidated assets $ 17,596,300 $ 17,311,394 |
Summary of Depreciation and Amortization Expense by Reportable Segment | Depreciation and amortization expense by reportable segment was as follows: Three months ended 2020 2019 U.S. dialysis $ 146,300 $ 140,780 Other — Ancillary services 8,379 7,748 $ 154,679 $ 148,528 |
Summary of Expenditures for Property and Equipment by Reportable Segment | Expenditures for property and equipment by reportable segment were as follows: Three months ended 2020 2019 U.S. dialysis $ 148,763 $ 170,548 Other—Ancillary services 6,179 8,578 DMG—Discontinued operations — 19,752 $ 154,942 $ 198,878 |
Changes in DaVita Inc.'s owne_2
Changes in DaVita Inc.'s ownership interest in consolidated subsidiaries (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Effects of Changes in DaVita Inc's Ownership Interest on Company's Equity | The effects of changes in DaVita Inc.’s ownership interests in consolidated subsidiaries on the Company’s consolidated equity were as follows: Three months ended 2020 2019 Net income attributable to DaVita Inc. $ 239,593 $ 149,289 Changes in paid-in capital for: Purchases of noncontrolling interests (445 ) (2,206 ) Net transfers to noncontrolling interests (445 ) (2,206 ) Net income attributable to DaVita Inc., net of transfers to noncontrolling interests $ 239,148 $ 147,083 |
Condensed Consolidating finan_2
Condensed Consolidating financial statements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidating Statements of Operations | Condensed Consolidating Statements of Operations For the three months ended March 31, 2020 DaVita Inc. Guarantor subsidiaries Non- Guarantor subsidiaries Consolidating adjustments Consolidated total Patient service revenues $ — $ 1,729,740 $ 1,050,877 $ (67,336 ) $ 2,713,281 Other revenues 197,283 156,860 41,428 (267,615 ) 127,956 Total net revenues 197,283 1,886,600 1,092,305 (334,951 ) 2,841,237 Operating expenses 154,651 1,640,821 915,340 (334,951 ) 2,375,861 Operating income 42,632 245,779 176,965 — 465,376 Debt expense (91,362 ) (59,093 ) (11,337 ) 70,241 (91,551 ) Other income (loss), net 62,453 805 2,633 (70,241 ) (4,350 ) Income tax expense 3,424 80,975 7,161 — 91,560 Equity earnings in subsidiaries 229,294 98,795 — (328,089 ) — Net income from continuing operations 239,593 205,311 161,100 (328,089 ) 277,915 Net income from discontinued operations, net of tax — — 9,980 — 9,980 Net income 239,593 205,311 171,080 (328,089 ) 287,895 Less: Net income attributable to noncontrolling interests — — — (48,302 ) (48,302 ) Net income attributable to DaVita Inc. $ 239,593 $ 205,311 $ 171,080 $ (376,391 ) $ 239,593 For the three months ended March 31, 2019 DaVita Inc. Guarantor Non- Consolidating Consolidated Patient service revenues $ — $ 1,706,593 $ 986,373 $ (63,277 ) $ 2,629,689 Other revenues 188,836 146,117 34,909 (256,439 ) 113,423 Total net revenues 188,836 1,852,710 1,021,282 (319,716 ) 2,743,112 Operating expenses and charges 143,659 1,634,285 944,377 (319,716 ) 2,402,605 Operating income 45,177 218,425 76,905 — 340,507 Debt expense (133,595 ) (50,650 ) (12,549 ) 65,275 (131,519 ) Other income, net 110,198 648 11,060 (114,966 ) 6,940 Income tax expense 7,026 44,027 5,693 — 56,746 Equity earnings in subsidiaries 134,535 64,375 — (198,910 ) — Net income from continuing operations 149,289 188,771 69,723 (248,601 ) 159,182 Net (loss) income from discontinued operations, net of tax — — (19,386 ) 49,691 30,305 Net income 149,289 188,771 50,337 (198,910 ) 189,487 Less: Net income attributable to noncontrolling interests — — — (40,198 ) (40,198 ) Net income attributable to DaVita Inc. $ 149,289 $ 188,771 $ 50,337 $ (239,108 ) $ 149,289 |
Condensed Consolidating Statements of Comprehensive Income | Condensed Consolidating Statements of Comprehensive Income For the three months ended March 31, 2020 DaVita Inc. Guarantor Non- Consolidating Consolidated Net income $ 239,593 $ 205,311 $ 171,080 $ (328,089 ) $ 287,895 Other comprehensive loss (11,395 ) — (81,632 ) — (93,027 ) Total comprehensive income 228,198 205,311 89,448 (328,089 ) 194,868 Less: Comprehensive income attributable to noncontrolling interest — — — (48,302 ) (48,302 ) Comprehensive income attributable to DaVita Inc. $ 228,198 $ 205,311 $ 89,448 $ (376,391 ) $ 146,566 For the three months ended March 31, 2019 DaVita Inc. Guarantor Non- Consolidating Consolidated Net income $ 149,289 $ 188,771 $ 50,337 $ (198,910 ) $ 189,487 Other comprehensive income (loss) 1,026 — (13,653 ) — (12,627 ) Total comprehensive income 150,315 188,771 36,684 (198,910 ) 176,860 Less: Comprehensive income attributable to noncontrolling interest — — — (40,198 ) (40,198 ) Comprehensive income attributable to DaVita Inc. $ 150,315 $ 188,771 $ 36,684 $ (239,108 ) $ 136,662 |
Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets As of March 31, 2020 DaVita Inc. Guarantor Non- Consolidating Consolidated Cash and cash equivalents $ 1,075,965 $ 411 $ 305,388 $ — $ 1,381,764 Restricted cash and equivalents 14,540 — 92,184 — 106,724 Accounts receivable, net — 1,184,686 635,446 — 1,820,132 Other current assets 86,786 556,210 100,357 (28,034 ) 715,319 Total current assets 1,177,291 1,741,307 1,133,375 (28,034 ) 4,023,939 Property and equipment, net 555,409 1,555,662 1,336,966 (2,614 ) 3,445,423 Operating lease right-of-use assets 107,620 1,643,765 1,114,378 (17,987 ) 2,847,776 Intangible assets, net 340 28,766 88,847 — 117,953 Investments in and advances to affiliates, net 10,961,209 7,869,131 3,099,564 (21,929,904 ) — Other long-term assets and investments 85,777 130,528 187,405 (20,524 ) 383,186 Goodwill — 4,812,207 1,965,816 — 6,778,023 Total assets $ 12,887,646 $ 17,781,366 $ 8,926,351 $ (21,999,063 ) $ 17,596,300 Current liabilities $ 365,783 $ 1,172,340 $ 683,608 $ (985 ) $ 2,220,746 Intercompany liabilities, net 1,534,892 3,099,564 2,693,572 (7,328,028 ) — Long-term operating leases liabilities 133,926 1,554,717 1,062,852 (17,125 ) 2,734,370 Long-term debt and other long-term liabilities 8,209,577 786,685 334,591 (51,049 ) 9,279,804 Noncontrolling interests subject to put provisions 695,622 — — 532,414 1,228,036 Total DaVita Inc. shareholders' equity 1,947,846 11,168,060 3,433,816 (14,601,876 ) 1,947,846 Noncontrolling interests not subject to put — — 717,912 (532,414 ) 185,498 Total equity 1,947,846 11,168,060 4,151,728 (15,134,290 ) 2,133,344 Total liabilities and equity $ 12,887,646 $ 17,781,366 $ 8,926,351 $ (21,999,063 ) $ 17,596,300 As of December 31, 2019 DaVita Inc. Guarantor Non- Consolidating Consolidated Cash and cash equivalents $ 758,241 $ 532 $ 343,599 $ — $ 1,102,372 Restricted cash and equivalents 14,499 — 91,847 — 106,346 Accounts receivable, net — 1,189,301 606,297 — 1,795,598 Other current assets 76,787 548,553 102,410 (41,896 ) 685,854 Total current assets 849,527 1,738,386 1,144,153 (41,896 ) 3,690,170 Property and equipment, net 543,932 1,589,417 1,344,543 (4,508 ) 3,473,384 Operating lease right-of-use assets 109,415 1,656,145 1,084,552 (20,065 ) 2,830,047 Intangible assets, net 362 31,569 103,753 — 135,684 Investments in and advances to affiliates, net 10,813,991 7,611,402 3,051,208 (21,476,601 ) — Other long-term assets and investments 102,779 133,698 176,315 (18,318 ) 394,474 Goodwill — 4,812,972 1,974,663 — 6,787,635 Total assets $ 12,420,006 $ 17,573,589 $ 8,879,187 $ (21,561,388 ) $ 17,311,394 Current liabilities $ 379,286 $ 1,327,378 $ 666,470 $ (1,036 ) $ 2,372,098 Intercompany payables 1,381,863 3,051,208 2,615,151 (7,048,222 ) — Long-term operating lease liabilities 136,123 1,567,776 1,039,145 (19,244 ) 2,723,800 Long-term debt and other long-term liabilities 7,741,725 674,558 364,102 (64,507 ) 8,715,878 Noncontrolling interests subject to put provisions 647,600 — — 532,776 1,180,376 Total DaVita Inc. shareholders' equity 2,133,409 10,952,669 3,475,710 (14,428,379 ) 2,133,409 Noncontrolling interests not subject to put — — 718,609 (532,776 ) 185,833 Total equity 2,133,409 10,952,669 4,194,319 (14,961,155 ) 2,319,242 Total liabilities and equity $ 12,420,006 $ 17,573,589 $ 8,879,187 $ (21,561,388 ) $ 17,311,394 |
Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statements of Cash Flows For the three months ended March 31, 2020 DaVita Inc. Guarantor Non- Consolidating Consolidated Cash flows provided by operating activities: Net income $ 239,593 $ 205,311 $ 171,080 $ (328,089 ) $ 287,895 Changes in operating assets and liabilities and non-cash (182,332 ) (71,454 ) (1,817 ) 328,089 72,486 Net cash provided by operating activities 57,261 133,857 169,263 — 360,381 Cash flows used in investing activities: Additions of property and equipment (52,714 ) (41,144 ) (61,084 ) — (154,942 ) Acquisitions — (984 ) (33,123 ) — (34,107 ) Proceeds from asset and business sales — 4,180 27,338 — 31,518 Proceeds (purchases) from investment sales and other items, net 452 271 (5,817 ) — (5,094 ) Net cash used in investing activities (52,262 ) (37,677 ) (72,686 ) — (162,625 ) Cash flows provided by (used in) financing activities: Long-term debt and related financing costs, net 481,856 (2,462 ) (13,557 ) — 465,837 Intercompany borrowings (payments) 153,029 (95,857 ) (57,172 ) — — Other items (322,119 ) 2,018 (48,744 ) — (368,845 ) Net cash provided by (used in) financing activities 312,766 (96,301 ) (119,473 ) — 96,992 Effect of exchange rate changes on cash, cash — — (14,978 ) — (14,978 ) Net increase (decrease) in cash, cash equivalents and 317,765 (121 ) (37,874 ) — 279,770 Cash, cash equivalents and restricted cash of continuing 772,740 532 435,446 — 1,208,718 Cash, cash equivalents and restricted cash of continuing $ 1,090,505 $ 411 $ 397,572 $ — $ 1,488,488 For the three months ended March 31, 2019 DaVita Inc. Guarantor Non- Consolidating Consolidated Cash flows provided by (used in) operating activities: Net income $ 149,289 $ 188,771 $ 50,337 $ (198,910 ) $ 189,487 Changes in operating assets and liabilities and non-cash (124,409 ) (289,332 ) 166,648 198,910 (48,183 ) Net cash provided by (used in) operating activities 24,880 (100,561 ) 216,985 — 141,304 Cash flows used in investing activities: Additions of property and equipment (38,942 ) (76,529 ) (83,407 ) — (198,878 ) Acquisitions — — (11,274 ) — (11,274 ) Proceeds from asset and business sales — 2,270 11,633 — 13,903 Proceeds (purchases) from investment sales and other items, net 1,804 (3,878 ) (2,035 ) — (4,109 ) Net cash used in investing activities (37,138 ) (78,137 ) (85,083 ) — (200,358 ) Cash flows provided by financing activities: Long-term debt and related financing costs, net 365,133 (2,364 ) (5,572 ) — 357,197 Intercompany (payments) borrowings (220,697 ) 188,870 31,827 — — Other items 1,517 (8,427 ) (25,336 ) — (32,246 ) Net cash provided by financing activities 145,953 178,079 919 — 324,951 Effect of exchange rate changes on cash, cash — — (921 ) — (921 ) Net increase (decrease) in cash, cash equivalents and restricted cash 133,695 (619 ) 131,900 — 264,976 Less: Net increase in cash, cash equivalents and restricted cash from discontinued operations — — 118,962 — 118,962 Net increase (decrease) in cash, cash equivalents and restricted cash from continuing operations 133,695 (619 ) 12,938 — 146,014 Cash, cash equivalents and restricted cash of continuing 61,658 13,280 340,482 — 415,420 Cash, cash equivalents and restricted cash of continuing $ 195,353 $ 12,661 $ 353,420 $ — $ 561,434 |
Revenue Recognition Segment R_2
Revenue Recognition Segment Revenue by Payor (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Other revenues | $ 127,956 | $ 113,423 |
Total revenues | 2,841,237 | 2,743,112 |
Elimination of intersegment revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | (36,394) | (33,977) |
Medicare and Medicare Advantage | ||
Disaggregation of Revenue [Line Items] | ||
Patient service revenues | 1,502,222 | 1,493,516 |
Other revenues | 98,478 | 61,700 |
Medicaid and Managed Medicaid | ||
Disaggregation of Revenue [Line Items] | ||
Patient service revenues | 171,467 | 154,190 |
Other revenues | 366 | 6 |
Other Government Payors | ||
Disaggregation of Revenue [Line Items] | ||
Patient service revenues | 206,484 | 190,602 |
Commercial Payors | ||
Disaggregation of Revenue [Line Items] | ||
Patient service revenues | 865,049 | 821,801 |
Other revenues | 10,521 | 32,619 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 23,044 | 22,655 |
U.S. dialysis and related lab services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 2,584,381 | 2,516,510 |
U.S. dialysis and related lab services | Elimination of intersegment revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | (32,242) | (30,641) |
U.S. dialysis and related lab services | Medicare and Medicare Advantage | ||
Disaggregation of Revenue [Line Items] | ||
Patient service revenues | 1,502,222 | 1,493,516 |
U.S. dialysis and related lab services | Medicaid and Managed Medicaid | ||
Disaggregation of Revenue [Line Items] | ||
Patient service revenues | 171,467 | 154,190 |
U.S. dialysis and related lab services | Other Government Payors | ||
Disaggregation of Revenue [Line Items] | ||
Patient service revenues | 111,910 | 106,127 |
U.S. dialysis and related lab services | Commercial Payors | ||
Disaggregation of Revenue [Line Items] | ||
Patient service revenues | 825,582 | 788,413 |
U.S. dialysis and related lab services | Other | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 5,442 | 4,905 |
Other—Ancillary services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 256,856 | 226,602 |
Other—Ancillary services | Elimination of intersegment revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | (4,152) | (3,336) |
Other—Ancillary services | Medicare and Medicare Advantage | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 98,478 | 61,700 |
Other—Ancillary services | Medicaid and Managed Medicaid | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 366 | 6 |
Other—Ancillary services | Other Government Payors | ||
Disaggregation of Revenue [Line Items] | ||
Patient service revenues | 94,574 | 84,475 |
Other—Ancillary services | Commercial Payors | ||
Disaggregation of Revenue [Line Items] | ||
Patient service revenues | 39,467 | 33,388 |
Other revenues | 10,521 | 32,619 |
Other—Ancillary services | Other | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | $ 17,602 | $ 17,750 |
Revenue Recognition Revenue R_2
Revenue Recognition Revenue Recognition (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Revenue Recognition [Abstract] | ||
Allowance for doubtful accounts | $ 4,422 | $ 8,328 |
Earnings per share Earnings p_2
Earnings per share Earnings per share - Reconciliation of numberators and denominators used to calculate basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Numerators: | ||
Net income from continuing operations attributable to DaVita Inc. | $ 229,613 | $ 120,254 |
Net income from discontinued operations attributable to DaVita Inc. | 9,980 | 29,035 |
Net income (loss) attributable to DeVita Inc. for earnings per share calculation | $ 239,593 | $ 149,289 |
Weighted average shares outstanding during period | 124,902,000 | 166,388,000 |
Assumed incremental shares from stock plans | 1,993,000 | 393,000 |
Weighted average shares for diluted earnings per share calculation | 126,894,847 | 166,780,657 |
Basic: | ||
Basic net income from continuing operations per share | $ 1.84 | $ 0.72 |
Basic net income (loss) from discontinued operations per share | 0.08 | 0.18 |
Basic net income per share attributable to DaVita Inc. | 1.92 | 0.90 |
Diluted: | ||
Diluted net income from continuing operations per share | 1.81 | 0.72 |
Diluted net income from discontinued operations per share | 0.08 | 0.18 |
Diluted net income per share attributable to DaVita Inc. | $ 1.89 | $ 0.90 |
Anti-dilutive stock-settled awards excluded from calculation | 3,207,000 | 6,150,000 |
Investments in debt and equit_3
Investments in debt and equity securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Investment Holdings [Line Items] | ||
Debt securities | $ 8,190 | $ 8,140 |
Investments in equity securities | 35,843 | 39,951 |
Total | 44,033 | 48,091 |
Debt securities, short-term investments | 8,190 | 8,140 |
Total, short-term investments | 9,376 | 11,572 |
Debt securities, long-term investments | 0 | 0 |
Total, long-term investments | 34,657 | 36,519 |
Certificates of deposit and other time deposits | ||
Investment Holdings [Line Items] | ||
Debt securities | 8,190 | 8,140 |
Investments in equity securities | 0 | 0 |
Total | 8,190 | 8,140 |
Investments in mutual funds and common stock | ||
Investment Holdings [Line Items] | ||
Debt securities | 0 | 0 |
Investments in equity securities | 35,843 | 39,951 |
Total | 35,843 | 39,951 |
Short-term Investments | ||
Investment Holdings [Line Items] | ||
Investments in equity securities | 1,186 | 3,432 |
Long-term Investments | ||
Investment Holdings [Line Items] | ||
Investments in equity securities | $ 34,657 | $ 36,519 |
Investments in debt and equit_4
Investments in debt and equity securities - Additional Information (Detail) - Investments in mutual funds and common stock - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Pre-tax Net Gain (Loss) recognized in Income Statement | $ (3,407) | $ 1,893 |
Pre-tax Realized Gain (Loss) on Securities Arising During Period | 293 | 170 |
Net Increase Decrease In Unrealized Gains On Equity Securities | $ (3,700) | $ 1,723 |
Equity method and other inves_3
Equity method and other investments Equity Method and Other Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Equity Method Investments [Line Items] | ||
Equity method and other investments | $ 254,499 | $ 241,983 |
Adjusted cost method investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method and other investments | 16,448 | 10,448 |
Other equity method partnerships | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method and other investments | 114,355 | 114,611 |
APAC JV - Deconsolidated Noncontrolling Entity | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method and other investments | $ 123,696 | $ 116,924 |
Equity method and other inves_4
Equity method and other investments - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Noncontrolling Interest [Line Items] | ||
Equity investment income (loss) | $ 17,843 | $ 2,708 |
Valuation Adjustment | $ 0 | $ 0 |
Parent Company | ||
Noncontrolling Interest [Line Items] | ||
Ownership interest percentage by parent | 75.00% | |
Parent Company | Minimum | ||
Noncontrolling Interest [Line Items] | ||
Ownership interest percentage by parent | 30.00% | |
Parent Company | Maximum | ||
Noncontrolling Interest [Line Items] | ||
Ownership interest percentage by parent | 50.00% | |
APAC JV - Deconsolidated Noncontrolling Entity | ||
Noncontrolling Interest [Line Items] | ||
Current economic interest in the APAC JV, Owned by Noncontrolling Investors | 25.00% |
Goodwill - Changes in Goodwill
Goodwill - Changes in Goodwill by Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Goodwill [Roll Forward] | |||
Beginning balance | $ 6,787,635 | $ 6,841,960 | $ 6,841,960 |
Acquisitions | 26,770 | 90,226 | |
Impairment charges | 0 | (41,037) | (124,892) |
Foreign currency and other adjustments | (34,833) | (19,659) | |
Divestitures | (1,549) | ||
Ending balance | 6,778,023 | 6,787,635 | |
Goodwill, before accumulated impairment charges | 6,926,507 | ||
Accumulated impairment charges | (148,484) | ||
Ending balance | 6,778,023 | 6,787,635 | |
U.S. dialysis and related lab services | |||
Goodwill [Roll Forward] | |||
Beginning balance | 6,287,100 | 6,275,004 | 6,275,004 |
Acquisitions | 2,839 | 18,089 | |
Impairment charges | 0 | ||
Foreign currency and other adjustments | 0 | (5,993) | |
Divestitures | (1,549) | ||
Ending balance | 6,288,390 | 6,287,100 | |
Goodwill, before accumulated impairment charges | 6,288,390 | ||
Accumulated impairment charges | 0 | ||
Ending balance | 6,288,390 | 6,287,100 | |
Other—Ancillary services and strategic initiatives | |||
Goodwill [Roll Forward] | |||
Beginning balance | 500,535 | $ 566,956 | 566,956 |
Acquisitions | 23,931 | 72,137 | |
Impairment charges | (124,892) | ||
Foreign currency and other adjustments | (34,833) | (13,666) | |
Divestitures | 0 | ||
Ending balance | 489,633 | 500,535 | |
Goodwill, before accumulated impairment charges | 638,117 | ||
Accumulated impairment charges | (148,484) | ||
Ending balance | $ 489,633 | $ 500,535 |
Goodwill - Narrative (Details)
Goodwill - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020USD ($)segment | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Goodwill [Line Items] | |||
Goodwill impairment charges | $ 0 | $ 41,037 | $ 124,892 |
Other Reporting Units | |||
Goodwill [Line Items] | |||
Number of Reportable Segments | segment | 0 | ||
GERMANY | Kidney Care | |||
Goodwill [Line Items] | |||
Goodwill impairment charges | $ 41,037 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Liability for unrecognized tax benefits | $ 68,602 | $ 68,214 |
Unrecognized tax benefits that would impact effective tax rate | 64,356 | |
Increase in liability for unrecognized tax benefits | 388 | |
Accrued interest and penalties related to unrecognized tax benefits, net of federal tax benefits | $ 15,249 | $ 14,428 |
Long-term debt (Detail)
Long-term debt (Detail) - USD ($) $ in Thousands | Feb. 13, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Senior Notes | |||
Debt interest rate during period | 4.35% | ||
Acquisition obligations, other notes payable, and financing lease obligations | |||
Financing lease obligations | $ 275,092 | ||
Long-term debt, weighted average interest rate, at point in time | 3.75% | ||
Total debt principal outstanding | $ 8,657,211 | $ 8,181,074 | |
Discount and deferred financing costs | (68,757) | (72,840) | |
Carrying amount of long-term debt, net of unamortized discounts | 8,588,454 | 8,108,234 | |
Less current portion | (146,318) | (130,708) | |
Total long-term debt | 8,442,136 | 7,977,526 | |
Senior Notes Five Point One Two Five Percent Due Twenty Twenty Four | |||
Senior Notes | |||
Senior Notes | $ 1,750,000 | 1,750,000 | |
Debt interest rate during period | 5.125% | ||
Debt Instrument, Maturity Date | Jul. 15, 2024 | ||
Debt Instrument, Fair Value Disclosure | $ 1,743,525 | ||
Debt Instrument, table footnotes | |||
Debt Instrument, Maturity Date | Jul. 15, 2024 | ||
Senior Notes Five Point Zero Percent Due Twenty Twenty Five | |||
Senior Notes | |||
Senior Notes | $ 1,500,000 | 1,500,000 | |
Debt interest rate during period | 5.00% | ||
Debt Instrument, Maturity Date | May 1, 2025 | ||
Debt Instrument, Fair Value Disclosure | $ 1,497,900 | ||
Debt Instrument, table footnotes | |||
Debt Instrument, Maturity Date | May 1, 2025 | ||
Acquisition obligations and other notes payable | |||
Acquisition obligations, other notes payable, and financing lease obligations | |||
Acquisition obligations and other notes payable | $ 167,727 | 180,352 | |
Debt instrument, maturity date, description | 2020-2027 | ||
Long-term debt, weighted average interest rate, at point in time | 4.71% | ||
Acquisition obligations and other notes payable, fair value | $ 167,727 | ||
Financing lease obligations | |||
Acquisition obligations, other notes payable, and financing lease obligations | |||
Financing lease obligations | $ 275,092 | 268,534 | |
Debt instrument, maturity date, description | 2020-2036 | ||
Finance lease, weighted average discount rate, percent | 5.31% | ||
Financing lease liability, fair value | |||
Revolving line of credit | |||
Senior Secured Credit Facilities | |||
Secured Debt | $ 500,000 | 0 | |
Debt Instrument, Description of Variable Rate Basis | LIBOR + 1.50% | ||
Senior Notes | |||
Debt Instrument, Maturity Date | Aug. 12, 2024 | ||
Debt Instrument, Fair Value Disclosure | $ 500,000 | ||
Debt Instrument, table footnotes | |||
Debt Instrument, Maturity Date | Aug. 12, 2024 | ||
Term Loan A | |||
Senior Secured Credit Facilities | |||
Secured Debt | $ 1,728,125 | 1,739,063 | |
Debt Instrument, Description of Variable Rate Basis | LIBOR + 1.50% | ||
Senior Notes | |||
Debt Instrument, Maturity Date | Aug. 12, 2024 | ||
Debt Instrument, Fair Value Disclosure | $ 1,659,000 | ||
Debt Instrument, table footnotes | |||
Debt Instrument, Maturity Date | Aug. 12, 2024 | ||
Term Loan B-1 | |||
Senior Secured Credit Facilities | |||
Secured Debt | $ 2,743,125 | $ 2,736,267 | 0 |
Debt Instrument, Description of Variable Rate Basis | LIBOR + 1.75% | ||
Senior Notes | |||
Debt Instrument, Maturity Date | Aug. 12, 2026 | ||
Debt Instrument, Fair Value Disclosure | $ 2,640,498 | ||
Debt Instrument, table footnotes | |||
Debt Instrument Agreement Date | Feb. 13, 2020 | ||
Debt Instrument, Maturity Date | Aug. 12, 2026 | ||
Term Loan B-1 | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument, table footnotes | |||
LIBOR plus interest rate margin | 1.75% | ||
Term Loan B | |||
Senior Secured Credit Facilities | |||
Secured Debt | $ 0 | 2,743,125 | |
Debt Instrument, Description of Variable Rate Basis | LIBOR + 2.25% | ||
Senior Notes | |||
Debt Instrument, Maturity Date | Aug. 12, 2026 | ||
Debt Instrument, Fair Value Disclosure | $ 0 | ||
Debt Instrument, table footnotes | |||
Debt Instrument, Maturity Date | Aug. 12, 2026 | ||
Senior Secured Credit Facilities | |||
Acquisition obligations, other notes payable, and financing lease obligations | |||
Long-term debt, weighted average interest rate, at point in time | 2.78% | ||
Debt Instrument, table footnotes | |||
Debt Instrument, Unamortized Discount | $ 6,207 | 6,457 | |
Deferred Offering Costs | 42,420 | 45,444 | |
Senior Notes | |||
Debt Instrument, table footnotes | |||
Deferred Offering Costs | $ 20,130 | $ 20,939 |
Long-term debt - Scheduled Matu
Long-term debt - Scheduled Maturities of Long-term Debt (Detail) $ in Thousands | Mar. 31, 2020USD ($) |
Debt Disclosure [Abstract] | |
2020 (remainder of the year) | $ 95,359 |
2021 | 170,056 |
2022 | 172,376 |
2023 | 224,727 |
2024 | 3,671,586 |
2025 | 61,951 |
Thereafter | $ 4,261,156 |
Long-term debt Schedule of Deri
Long-term debt Schedule of Derivative Instruments (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Interest Rate Cap Agreements Effective June 29, 2018 | |||
Derivative [Line Items] | |||
Derivative, effective date | Jun. 29, 2018 | ||
Derivative, expiration date | Jun. 30, 2020 | ||
Interest Rate Cap Agreements Effective June 30, 2020 | |||
Derivative [Line Items] | |||
Derivative, effective date | Jun. 30, 2020 | ||
Derivative, expiration date | Jun. 30, 2024 | ||
Term Loan Facility | Interest Rate Cap Agreements Effective June 29, 2018 | Maximum | |||
Derivative [Line Items] | |||
Notional amounts of interest rate agreements | $ 3,500,000,000 | ||
LIBOR plus interest rate margin | 3.50% | ||
Term Loan Facility | Interest Rate Cap Agreements Effective June 30, 2020 | Maximum | |||
Derivative [Line Items] | |||
Notional amounts of interest rate agreements | $ 3,500,000,000 | ||
LIBOR plus interest rate margin | 2.00% | ||
Cash Flow Hedging | |||
Derivative [Line Items] | |||
Amount of debt expense reclassified from accumulated OCI into income | $ 1,623,000 | $ 1,606,000 | |
Amount of unrecognized losses in OCI on interest rate cap agreements | (13,018,000) | $ (580,000) | |
Debt Expense | Cash Flow Hedging | Interest Rate Cap Agreements Effective June 29, 2018 | |||
Derivative [Line Items] | |||
Amount of debt expense reclassified from accumulated OCI into income | 2,163,000 | ||
Amount of unrecognized losses in OCI on interest rate cap agreements | 0 | ||
Debt Expense | Cash Flow Hedging | Interest Rate Cap Agreements Effective June 30, 2020 | |||
Derivative [Line Items] | |||
Amount of unrecognized losses in OCI on interest rate cap agreements | 17,346,000 | ||
Other Long-term Assets | Interest Rate Cap Agreements Effective June 29, 2018 | |||
Derivative [Line Items] | |||
Derivative asset, fair value, gross asset | 0 | $ 0 | |
Other Long-term Assets | Interest Rate Cap Agreements Effective June 30, 2020 | |||
Derivative [Line Items] | |||
Derivative asset, fair value, gross asset | $ 7,106,000 | $ 24,452,000 |
Long-term debt - Effects of Int
Long-term debt - Effects of Interest Rate Swap and Cap Agreements (Detail) - Cash Flow Hedging - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative Instruments Gain Loss [Line Items] | ||
Amount of unrecognized losses in OCI on interest rate cap agreements | $ (13,018) | $ (580) |
Reclassification from accumulated other comprehensive loss into net income | 1,623 | 1,606 |
Related income tax | ||
Derivative Instruments Gain Loss [Line Items] | ||
Amount of unrecognized losses in OCI on interest rate cap agreements | 4,328 | 201 |
Reclassification from accumulated other comprehensive loss into net income | (540) | (557) |
Interest rate cap agreements | Debt Expense | ||
Derivative Instruments Gain Loss [Line Items] | ||
Amount of unrecognized losses in OCI on interest rate cap agreements | (17,346) | (781) |
Reclassification from accumulated other comprehensive loss into net income | $ 2,163 | $ 2,163 |
Long-term debt - Additional Inf
Long-term debt - Additional Information (Detail) - USD ($) | Feb. 13, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Debt Instrument [Line Items] | |||
Debt refinancing charges | $ 2,948,000 | $ 0 | |
Weighted average effective interest rate at quarter end | 3.75% | ||
Weighted average effective interest rate during quarter | 4.35% | ||
Percentage of debt instruments bearing fixed interest rate | 41.83% | ||
Letters of credit outstanding | $ 57,705,000 | ||
Revolving line of credit | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | Aug. 12, 2024 | ||
Maximum borrowing capacity on the revolving credit facilities | $ 1,000,000,000 | ||
Term Loan B-1 | |||
Debt Instrument [Line Items] | |||
Debt Instrument Agreement Date | Feb. 13, 2020 | ||
Debt Instrument, Maturity Date | Aug. 12, 2026 | ||
Additional Debt Principal Amount Due To New Agreement | $ 0 | ||
Debt refinancing charges | 2,948,000 | ||
Noncash Financing Outflows Related To Extinguishment Of Long Term Debt | 55,895,000 | ||
Debt Instrument, Periodic Payment, Principal | $ 6,858,000 | ||
Term Loan B-1 | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
LIBOR plus interest rate margin | 1.75% | ||
Term Loan B | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | Aug. 12, 2026 | ||
Cash outflows from extinguishment of secured debt | $ 68,842,000 | ||
Cash inflows from reborrowing of secured debt | $ 68,842,000 | ||
Term Loan A | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | Aug. 12, 2024 | ||
Debt Instrument, Periodic Payment, Principal | $ 10,938,000 | ||
Term Loan A and Revolver subject to uncapped portion of variability of LIBOR | |||
Debt Instrument [Line Items] | |||
Line of credit outstanding principal balance | $ (1,464,392,000) | ||
Senior Secured Credit Facilities | |||
Debt Instrument [Line Items] | |||
Weighted average effective interest rate at quarter end | 2.78% |
Leases Lease Expense Components
Leases Lease Expense Components (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating lease cost: | ||
Fixed lease expense | $ 134,733 | $ 128,110 |
Variable lease expense | 30,059 | 28,571 |
Finance lease cost: | ||
Amortization of leased assets | 6,077 | 5,826 |
Interest on lease liabilities | 3,603 | 3,775 |
Net Lease Cost | $ 174,472 | $ 166,282 |
Leases Leases Other Information
Leases Leases Other Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Leases other information | ||
Gains on sale leasebacks, net | $ 9,489 | $ 3,987 |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | 162,828 | 153,587 |
Operating cash flows from finance leases | 5,178 | 5,661 |
Financing cash flows from finance leases | 4,180 | 5,344 |
Net operating lease assets obtained in exchange for new or modified operating lease liabilities | $ 101,473 | $ 45,034 |
Leases term and discount rate | ||
Operating Lease, Weighted Average Remaining Lease Term | 8 years 10 months 24 days | |
Finance Lease, Weighted Average Remaining Lease Term | 10 years 2 months 12 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 4.00% | |
Finance Lease | ||
Leases term and discount rate | ||
Finance Lease, Weighted Average Discount Rate, Percent | 5.31% |
Leases Schedule of Minimum Leas
Leases Schedule of Minimum Lease Payments (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Operating leases | |
2020 (remainder of the year) | $ 344,537 |
2021 | 505,417 |
2022 | 472,643 |
2023 | 426,485 |
2024 | 372,190 |
2025 | 320,079 |
Thereafter | 1,248,317 |
Total future minimum lease payments, operating leases | 3,689,668 |
Less portion representing interest, operating lease liabilities | (599,265) |
Present value of lease liabilities, operating leases | 3,090,403 |
Finance leases | |
2020 (remainder of the year) | 30,291 |
2021 | 34,177 |
2022 | 34,621 |
2023 | 34,700 |
2024 | 34,725 |
2025 | 34,549 |
Thereafter | 153,800 |
Total future minimum lease payments | 356,863 |
Less portion representing interest, finance lease liabilities | (81,771) |
Present value of lease liabilities, finance leases | $ 275,092 |
Leases Leases - Additional Info
Leases Leases - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Lessee, Lease, Description [Line Items] | ||
Finance Lease, Right-of-Use Asset | $ 257,750 | $ 247,246 |
Finance Lease Accumulated Depreciation | $ 33,318 | $ 27,193 |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, Operating Lease, Term of Contract | 5 years | |
Lessee, Operating Lease, Renewal Term | 5 years | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, Operating Lease, Term of Contract | 15 years | |
Lessee, Operating Lease, Renewal Term | 10 years |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) $ in Thousands | Aug. 15, 2017 | Dec. 31, 2017USD ($) |
US Attorney Prescription Drug Investigation | ||
Other Commitments [Line Items] | ||
Litigation Settlement, Amount Awarded to Other Party | $ 63,700 | |
Stockholder Derivative Litigation | ||
Other Commitments [Line Items] | ||
Loss Contingency Number of Previously Disclosed Lawsuits Consolidated Into One | 3 | |
Incremental Cash Portion | US Attorney Prescription Drug Investigation | ||
Other Commitments [Line Items] | ||
Litigation Settlement, Amount Awarded to Other Party | 41,500 | |
Cash Paid For Portion Previously Refunded | US Attorney Prescription Drug Investigation | ||
Other Commitments [Line Items] | ||
Litigation Settlement, Amount Awarded to Other Party | $ 22,200 |
Other commitments - additional
Other commitments - additional information (Detail) $ in Thousands | Mar. 31, 2020USD ($) |
Commitments to provide operating capital | |
Other Commitments [Line Items] | |
Other potential commitments to provide operating capital to several dialysis centers | $ 9,460 |
Long-term incentive compensat_2
Long-term incentive compensation - Additional Information (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | Jan. 23, 2020$ / shares | Nov. 04, 2019shares | Mar. 31, 2020USD ($)shares | Mar. 31, 2019USD ($) |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Long-term incentive program (LTIP) expense | $ 25,594 | $ 13,107 | ||
Stock-based compensation expense | 19,870 | 12,110 | ||
Estimated tax benefits recorded for stock-based compensation | 2,584 | 1,495 | ||
Compensation cost related to LTIP awards | 66,302 | |||
Unrecognized compensation cost related to nonvested stock-based compensation arrangements under equity compensation and stock purchase plans | $ 247,420 | |||
Unrecognized compensation cost related to nonvested stock-based compensation arrangements under stock-based component of LTIP costs, weighted average remaining period (in years) | 1 year 8 months 12 days | |||
Longterm Incentive Compensation cash awards, number of awards outstanding | 0 | |||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 199 | 151 | ||
Restricted and Performance Stock Units | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-settled awards granted (in shares) | shares | 950 | |||
Aggregate grant-date fair value | $ 72,648 | |||
Weighted-average expected life (in years) | 3 years 6 months | |||
Stock Appreciation Rights | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-settled awards granted (in shares) | shares | 2,765 | |||
Aggregate grant-date fair value | $ 73,833 | |||
Weighted-average expected life (in years) | 4 years 9 months 18 days | |||
Premium Priced Stock-Settled Stock Appreciation Rights | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-settled awards granted (in shares) | shares | 2,500 | |||
Premium Priced Award Base Price Per Share | $ / shares | $ 67.80 | |||
Premium To The Tender Offer Share Purchase Price | 20.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | Nov. 4, 2024 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Holding Period, End Date | Nov. 4, 2024 | |||
Premium Priced Stock-Settled Stock Appreciation Rights | Vesting period, tranche one | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Date | Nov. 4, 2023 | |||
Premium Priced Stock-Settled Stock Appreciation Rights | Vesting period, tranche two | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Date | Nov. 4, 2022 | |||
General and Administrative Expense | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 19,870 | $ 10,301 |
Share repurchases Share Repur_2
Share repurchases Share Repurchase Tender Offer (Details) - Open Market Purchases - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Equity, Class of Treasury Stock [Line Items] | ||
Repurchase of common stock (in shares) | 4,052 | 0 |
Value of treasury stock acquired | $ 303,139 | $ 0 |
Treasury stock acquired, average cost per share | $ 74.81 | $ 0 |
Share repurchases (Details)
Share repurchases (Details) - USD ($) $ in Thousands | 1 Months Ended | |
May 04, 2020 | Nov. 04, 2019 | |
Equity, Class of Treasury Stock [Line Items] | ||
Terminated Remaining Prior Share Repurchases Authorized, Amount | $ 246,373 | |
Stock Repurchase Program, Authorized Amount | $ 2,000,000 | |
Subsequent Event | ||
Equity, Class of Treasury Stock [Line Items] | ||
Repurchase of common stock (in shares) | 0 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 1,400,356 |
Accumulated other comprehensi_3
Accumulated other comprehensive (loss) income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | $ 2,319,242 | |
Ending balance | 2,133,344 | |
Interest rate cap agreements | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (1,433) | $ (8,961) |
Unrealized (losses) gains | (17,346) | (781) |
Related income tax benefit | 4,328 | 201 |
Unrealized (losses) gains net | (13,018) | (580) |
Reclassification into net income | 2,163 | 2,163 |
Related income | (540) | (557) |
Reclassification from accumulated other comprehensive income into net income net of tax | 1,623 | 1,606 |
Ending balance | (12,828) | (7,935) |
Foreign currency translation adjustments | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (46,065) | (25,963) |
Unrealized (losses) gains | (81,632) | (13,653) |
Related income tax benefit | 0 | 0 |
Unrealized (losses) gains net | (81,632) | (13,653) |
Reclassification into net income | 0 | 0 |
Related income | 0 | 0 |
Reclassification from accumulated other comprehensive income into net income net of tax | 0 | 0 |
Ending balance | (127,697) | (39,616) |
Accumulated other comprehensive (loss) income | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (47,498) | (34,924) |
Unrealized (losses) gains | (98,978) | (14,434) |
Related income tax benefit | 4,328 | 201 |
Unrealized (losses) gains net | (94,650) | (14,233) |
Reclassification into net income | 2,163 | 2,163 |
Related income | (540) | (557) |
Reclassification from accumulated other comprehensive income into net income net of tax | 1,623 | 1,606 |
Ending balance | $ (140,525) | $ (47,551) |
Acquisitions and divestitures -
Acquisitions and divestitures - Aggregate Purchase Cost Allocations for Acquisitions (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | |||
Goodwill | $ 6,778,023 | $ 6,787,635 | $ 6,841,960 |
Dialysis and other businesses | |||
Business Acquisition [Line Items] | |||
Current assets | 7,412 | ||
Property and equipment | 8,892 | ||
Intangible and other long-term assets | 6,107 | ||
Goodwill | 26,770 | ||
Deferred income taxes | 1,513 | ||
Current liabilities | (10,705) | ||
Aggregate purchase price | $ 39,989 |
Acquisitions and divestitures C
Acquisitions and divestitures Contingent Earn-out obligations (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Business Combination, Contingent Consideration Arrangements [Abstract] | |
Contingent Earn-out Obligations, Beginning balance | $ 24,586 |
Contingent earn-out obligations associated with acquisitions | 2,672 |
Foreign Currency Translation Adjustment For Contingent Earn Out Obligations | (4,874) |
Remeasurement of fair value for contingent earn-out obligations | 2 |
Contingent Earn-out Obligations, Ending balance | $ 22,386 |
Acquisitions and divestitures_2
Acquisitions and divestitures - Additional Information (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020USD ($)clinic | Mar. 31, 2019USD ($) | |
Business Acquisition [Line Items] | ||
Cash paid to acquire businesses | $ 34,107 | $ 11,274 |
Other accrued liabilities | ||
Business Acquisition [Line Items] | ||
Contingent earn-out obligations | 4,579 | |
Other long-term liabilities | ||
Business Acquisition [Line Items] | ||
Contingent earn-out obligations | 17,807 | |
Other companies | ||
Business Acquisition [Line Items] | ||
Contingent earn-out obligations | $ 22,386 | |
Minimum | Other companies | EBITDA or Operating Income Performance Targets or Quality Margins | ||
Business Acquisition [Line Items] | ||
Earn-out consideration payment period | 1 year | |
Maximum | ||
Business Acquisition [Line Items] | ||
Contingent earn-out obligations and liabilities assumed associated with acquisitions | $ 31,723 | |
Maximum | Other companies | EBITDA or Operating Income Performance Targets or Quality Margins | ||
Business Acquisition [Line Items] | ||
Earn-out consideration payment period | 5 years | |
Noncompete Agreements | ||
Business Acquisition [Line Items] | ||
Amortizable intangible assets acquired, weighted-average estimated useful lives | 4 years | |
Dialysis and other businesses | ||
Business Acquisition [Line Items] | ||
Cash paid to acquire businesses | $ 34,107 | |
Deferred purchase price obligations | 875 | |
Contingent earn-out obligations and liabilities assumed associated with acquisitions | 5,007 | |
Goodwill deductible for tax purposes associated with acquisitions | $ 11,241 | |
U.S. dialysis and related lab services | Dialysis and other businesses | ||
Business Acquisition [Line Items] | ||
Number of businesses acquired | clinic | 2 | |
Foreign Dialysis Centers | Dialysis and other businesses | ||
Business Acquisition [Line Items] | ||
Number of businesses acquired | clinic | 22 |
Held for Sale and Discontinue_3
Held for Sale and Discontinued Operations Schedule of Financial Results of DMG's Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net (loss) income from discontinued operations, net of tax | $ 9,980 | $ 30,305 |
DMG held for sale | Discontinued Operations, Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Revenues | 0 | 1,382,281 |
Expenses | 0 | 1,338,153 |
(Loss) income from discontinued operations before taxes | 0 | 44,128 |
Income tax expense | 0 | 13,823 |
Coronavirus Aid Relief And Economic Security Act Additional Tax Benefit | DMG held for sale | Discontinued Operations, Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Gain (Loss) on Disposition of Business | $ 9,980 | $ 0 |
Held for Sale and Discontinue_4
Held for Sale and Discontinued Operations Schedule of Cash Flows of Discontinued Operations Related to DMG (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Net cash provided by operating activities from discontinued operations | $ 0 | $ 68,240 |
Net cash used in investing activities from discontinued operations | $ 0 | $ (22,809) |
Held for Sale and Discontinue_5
Held for Sale and Discontinued Operations Additional Information (Details) - USD ($) $ in Thousands | Jun. 19, 2019 | Dec. 05, 2017 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from Divestiture of Businesses | $ 4,465,476 | ||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | $ 3,824,509 | ||||
Discontinued Operations, Held-for-sale | DMG held for sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Business acquisition, Effective date of divestiture | Jun. 19, 2019 | ||||
Purchase and Sale Agreement, Aggregate purchase price | $ 4,340,000 | ||||
Business Acquisition, Date of Acquisition Agreement | Dec. 5, 2017 | ||||
Gain (Loss) On Disposition Of Business Interests Before Tax | $ (23,022) | ||||
Coronavirus Aid Relief And Economic Security Act Additional Tax Benefit | Discontinued Operations, Held-for-sale | DMG held for sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain (Loss) on Disposition of Business | $ 9,980 | $ 0 |
Variable interest entities - Ad
Variable interest entities - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | $ 17,596,300 | $ 17,311,394 |
Liabilities | 14,234,920 | $ 13,811,776 |
Variable Interest Entity | ||
Assets | 320,505 | |
Liabilities | $ 234,915 |
Fair value of financial instr_3
Fair value of financial instruments - Assets, Liabilities and Temporary Equity Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Investments in equity securities | $ 35,843 | $ 39,951 |
Fair Value, Measurements, Recurring | ||
Assets | ||
Investments in equity securities | 35,843 | |
Liabilities | ||
Contingent earn-out obligations | 22,386 | |
Temporary equity | ||
Noncontrolling interests subject to put provisions | 1,228,036 | |
Fair Value, Measurements, Recurring | Interest rate cap agreements | ||
Assets | ||
Interest rate cap agreements | 7,106 | |
Fair Value, Measurements, Recurring | Quoted prices in active markets for identical assets (Level 1) | ||
Assets | ||
Investments in equity securities | 35,843 | |
Liabilities | ||
Contingent earn-out obligations | 0 | |
Temporary equity | ||
Noncontrolling interests subject to put provisions | 0 | |
Fair Value, Measurements, Recurring | Quoted prices in active markets for identical assets (Level 1) | Interest rate cap agreements | ||
Assets | ||
Interest rate cap agreements | 0 | |
Fair Value, Measurements, Recurring | Significant other observable inputs (Level 2) | ||
Assets | ||
Investments in equity securities | 0 | |
Liabilities | ||
Contingent earn-out obligations | 0 | |
Temporary equity | ||
Noncontrolling interests subject to put provisions | 0 | |
Fair Value, Measurements, Recurring | Significant other observable inputs (Level 2) | Interest rate cap agreements | ||
Assets | ||
Interest rate cap agreements | 7,106 | |
Fair Value, Measurements, Recurring | Significant unobservable inputs (Level 3) | ||
Assets | ||
Investments in equity securities | 0 | |
Liabilities | ||
Contingent earn-out obligations | 22,386 | |
Temporary equity | ||
Noncontrolling interests subject to put provisions | 1,228,036 | |
Fair Value, Measurements, Recurring | Significant unobservable inputs (Level 3) | Interest rate cap agreements | ||
Assets | ||
Interest rate cap agreements | $ 0 |
Fair value of financial instr_4
Fair value of financial instruments Fair Value of Financial Instruments (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Fair Value Disclosures [Abstract] | |
Potential Increase Decrease In Fair Value Of Noncontrolling Interests Due To Change In Weighted Average EBITDA Multiple | $ 150,000 |
Segment reporting - Summary of
Segment reporting - Summary of Segment Net Revenues, Segment Operating Income (Loss) and Reconciliation of Segment Income to Consolidated Income Before Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | ||
U.S. dialysis and related lab services patient service revenues | $ 2,713,281 | $ 2,629,689 |
Other revenues | 127,956 | 113,423 |
Total revenues | 2,841,237 | 2,743,112 |
Operating income (loss) | 465,376 | 340,507 |
Corporate administrative support | (23,585) | (18,844) |
Debt expense | (88,603) | (131,519) |
Debt refinancing charges | (2,948) | 0 |
Other (loss) income, net | (4,350) | 6,940 |
Income from continuing operations before income taxes | 369,475 | 215,928 |
U.S. dialysis and related lab services | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 2,584,381 | 2,516,510 |
Other—Ancillary services and strategic initiatives | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 256,856 | 226,602 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 2,877,631 | 2,777,089 |
Operating income (loss) | 488,961 | 359,351 |
Operating Segments | U.S. dialysis and related lab services | ||
Segment Reporting Information [Line Items] | ||
U.S. dialysis and related lab services patient service revenues | 2,611,181 | 2,542,246 |
Total revenues | 2,616,623 | 2,547,151 |
Operating income (loss) | 491,607 | 416,981 |
Operating Segments | U.S. dialysis and related lab services | External Sources | ||
Segment Reporting Information [Line Items] | ||
Dialysis patient service revenues | 2,579,240 | 2,511,826 |
Other revenues | 5,141 | 4,684 |
Operating Segments | U.S. dialysis and related lab services | Intersubsegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
Dialysis patient service revenues | 31,941 | 30,420 |
Other revenues | 301 | 221 |
Operating Segments | Other—Ancillary services and strategic initiatives | ||
Segment Reporting Information [Line Items] | ||
Dialysis patient service revenues | 134,041 | 117,863 |
Other revenues | 122,815 | 108,739 |
Total revenues | 261,008 | 229,938 |
Operating income (loss) | (2,646) | (57,630) |
Operating Segments | Other—Ancillary services and strategic initiatives | Intersubsegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
Dialysis patient service revenues | 4,152 | 3,336 |
Intersegment Elimination | ||
Segment Reporting Information [Line Items] | ||
Total revenues | (36,394) | (33,977) |
Intersegment Elimination | U.S. dialysis and related lab services | ||
Segment Reporting Information [Line Items] | ||
Total revenues | (32,242) | (30,641) |
Intersegment Elimination | Other—Ancillary services and strategic initiatives | ||
Segment Reporting Information [Line Items] | ||
Total revenues | $ (4,152) | $ (3,336) |
Segment reporting - Summary o_2
Segment reporting - Summary of Assets by Segment (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Total assets | $ 17,596,300 | $ 17,311,394 |
U.S. dialysis and related lab services | ||
ASSETS | ||
Total assets | 16,075,622 | 15,778,880 |
Other—Ancillary services and strategic initiatives | ||
ASSETS | ||
Total assets | $ 1,520,678 | $ 1,532,514 |
Segment reporting - Summary o_3
Segment reporting - Summary of Assets by Segment (Phantom) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Segment Reporting Information [Line Items] | ||
Equity method and other investments | $ 254,499 | $ 241,983 |
U.S. dialysis and related lab services | ||
Segment Reporting Information [Line Items] | ||
Equity method and other investments | 130,144 | 124,188 |
Other—Ancillary services and strategic initiatives | ||
Segment Reporting Information [Line Items] | ||
Equity method and other investments | $ 124,355 | $ 117,795 |
Segment reporting - Summary o_4
Segment reporting - Summary of Depreciation and Amortization Expense by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | $ 154,679 | $ 148,528 |
U.S. dialysis and related lab services | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | 146,300 | 140,780 |
Other—Ancillary services and strategic initiatives | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | $ 8,379 | $ 7,748 |
Segment reporting - Summary o_5
Segment reporting - Summary of Expenditures for Property and Equipment by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | ||
Expenditures for property and equipment | $ 154,942 | $ 198,878 |
U.S. dialysis and related lab services | ||
Segment Reporting Information [Line Items] | ||
Expenditures for property and equipment | 148,763 | 170,548 |
Other—Ancillary services and strategic initiatives | ||
Segment Reporting Information [Line Items] | ||
Expenditures for property and equipment | 6,179 | 8,578 |
DMG held for sale | ||
Segment Reporting Information [Line Items] | ||
Expenditures for property and equipment | $ 0 | $ 19,752 |
Segment reporting Segment Repor
Segment reporting Segment Reporting - Additional Information (Details) | Jun. 19, 2019 |
DMG held for sale | Discontinued Operations, Held-for-sale | |
Segment Reporting Information [Line Items] | |
Business acquisition, Effective date of divestiture | Jun. 19, 2019 |
Changes in DaVita Inc.'s owne_3
Changes in DaVita Inc.'s ownership interest in consolidated subsidiaries - Effects of Changes in DaVita Inc's Ownership Interest on Company's Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Change Due to Net Income Attributable to Parent and Effects of Changes, Net [Abstract] | ||
Net income attributable to DaVita Inc. | $ 239,593 | $ 149,289 |
Changes in paid-in capital for: | ||
Purchases of noncontrolling interests | (445) | (2,206) |
Net transfers to noncontrolling interests | (445) | (2,206) |
Net income attributable to DaVita Inc., net of transfers to noncontrolling interests | $ 239,148 | $ 147,083 |
Condensed consolidating finan_3
Condensed consolidating financial statements - Condensed Consolidating Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Condensed Income Statements Captions [Line Items] | ||
Dialysis patient service revenues | $ 2,713,281 | $ 2,629,689 |
Other revenues | 127,956 | 113,423 |
Total revenues | 2,841,237 | 2,743,112 |
Operating expenses | 2,375,861 | 2,402,605 |
Operating income | 465,376 | 340,507 |
Debt expense | (91,551) | (131,519) |
Other (loss) income, net | (4,350) | 6,940 |
Income tax expense | 91,560 | 56,746 |
Equity earnings in subsidiaries | 0 | 0 |
Net income from continuing operations | 277,915 | 159,182 |
Net income from discontinued operations, net of tax | 9,980 | 30,305 |
Net income | 287,895 | 189,487 |
Less: Net income attributable to noncontrolling interests | (48,302) | (40,198) |
Net income attributable to DaVita Inc. | 239,593 | 149,289 |
Consolidating adjustments | ||
Condensed Income Statements Captions [Line Items] | ||
Dialysis patient service revenues | (67,336) | (63,277) |
Other revenues | (267,615) | (256,439) |
Total revenues | (334,951) | (319,716) |
Operating expenses | (334,951) | (319,716) |
Operating income | 0 | 0 |
Debt expense | 70,241 | 65,275 |
Other (loss) income, net | (70,241) | (114,966) |
Income tax expense | 0 | 0 |
Equity earnings in subsidiaries | (328,089) | (198,910) |
Net income from continuing operations | (328,089) | (248,601) |
Net income from discontinued operations, net of tax | 0 | 49,691 |
Net income | (328,089) | (198,910) |
Less: Net income attributable to noncontrolling interests | (48,302) | (40,198) |
Net income attributable to DaVita Inc. | (376,391) | (239,108) |
DaVita Inc. | Reportable Legal Entities | ||
Condensed Income Statements Captions [Line Items] | ||
Dialysis patient service revenues | 0 | 0 |
Other revenues | 197,283 | 188,836 |
Total revenues | 197,283 | 188,836 |
Operating expenses | 154,651 | 143,659 |
Operating income | 42,632 | 45,177 |
Debt expense | (91,362) | (133,595) |
Other (loss) income, net | 62,453 | 110,198 |
Income tax expense | 3,424 | 7,026 |
Equity earnings in subsidiaries | 229,294 | 134,535 |
Net income from continuing operations | 239,593 | 149,289 |
Net income from discontinued operations, net of tax | 0 | 0 |
Net income | 239,593 | 149,289 |
Less: Net income attributable to noncontrolling interests | 0 | 0 |
Net income attributable to DaVita Inc. | 239,593 | 149,289 |
Guarantor subsidiaries | Reportable Legal Entities | ||
Condensed Income Statements Captions [Line Items] | ||
Dialysis patient service revenues | 1,729,740 | 1,706,593 |
Other revenues | 156,860 | 146,117 |
Total revenues | 1,886,600 | 1,852,710 |
Operating expenses | 1,640,821 | 1,634,285 |
Operating income | 245,779 | 218,425 |
Debt expense | (59,093) | (50,650) |
Other (loss) income, net | 805 | 648 |
Income tax expense | 80,975 | 44,027 |
Equity earnings in subsidiaries | 98,795 | 64,375 |
Net income from continuing operations | 205,311 | 188,771 |
Net income from discontinued operations, net of tax | 0 | 0 |
Net income | 205,311 | 188,771 |
Less: Net income attributable to noncontrolling interests | 0 | 0 |
Net income attributable to DaVita Inc. | 205,311 | 188,771 |
Non- Guarantor subsidiaries | Reportable Legal Entities | ||
Condensed Income Statements Captions [Line Items] | ||
Dialysis patient service revenues | 1,050,877 | 986,373 |
Other revenues | 41,428 | 34,909 |
Total revenues | 1,092,305 | 1,021,282 |
Operating expenses | 915,340 | 944,377 |
Operating income | 176,965 | 76,905 |
Debt expense | (11,337) | (12,549) |
Other (loss) income, net | 2,633 | 11,060 |
Income tax expense | 7,161 | 5,693 |
Equity earnings in subsidiaries | 0 | 0 |
Net income from continuing operations | 161,100 | 69,723 |
Net income from discontinued operations, net of tax | 9,980 | (19,386) |
Net income | 171,080 | 50,337 |
Less: Net income attributable to noncontrolling interests | 0 | 0 |
Net income attributable to DaVita Inc. | $ 171,080 | $ 50,337 |
Condensed consolidating finan_4
Condensed consolidating financial statements - Condensed Consolidating Statements of Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Condensed Financial Statements Captions [Line Items] | ||
Net income | $ 287,895 | $ 189,487 |
Other comprehensive income | (93,027) | (12,627) |
Total comprehensive income | 194,868 | 176,860 |
Less: Comprehensive income attributable to noncontrolling interests | (48,302) | (40,198) |
Comprehensive income attributable to DaVita Inc. | 146,566 | 136,662 |
Consolidating adjustments | ||
Condensed Financial Statements Captions [Line Items] | ||
Net income | (328,089) | (198,910) |
Other comprehensive income | 0 | 0 |
Total comprehensive income | (328,089) | (198,910) |
Less: Comprehensive income attributable to noncontrolling interests | (48,302) | (40,198) |
Comprehensive income attributable to DaVita Inc. | (376,391) | (239,108) |
DaVita Inc. | Reportable Legal Entities | ||
Condensed Financial Statements Captions [Line Items] | ||
Net income | 239,593 | 149,289 |
Other comprehensive income | (11,395) | 1,026 |
Total comprehensive income | 228,198 | 150,315 |
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 |
Comprehensive income attributable to DaVita Inc. | 228,198 | 150,315 |
Guarantor subsidiaries | Reportable Legal Entities | ||
Condensed Financial Statements Captions [Line Items] | ||
Net income | 205,311 | 188,771 |
Other comprehensive income | 0 | 0 |
Total comprehensive income | 205,311 | 188,771 |
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 |
Comprehensive income attributable to DaVita Inc. | 205,311 | 188,771 |
Non- Guarantor subsidiaries | Reportable Legal Entities | ||
Condensed Financial Statements Captions [Line Items] | ||
Net income | 171,080 | 50,337 |
Other comprehensive income | (81,632) | (13,653) |
Total comprehensive income | 89,448 | 36,684 |
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 |
Comprehensive income attributable to DaVita Inc. | $ 89,448 | $ 36,684 |
Condensed consolidating finan_5
Condensed consolidating financial statements - Condensed Consolidating Balance Sheets (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Condensed Balance Sheet Statements Captions [Line Items] | |||
Cash and cash equivalents | $ 1,381,764 | $ 1,102,372 | |
Restricted cash and equivalents | 106,724 | 106,346 | |
Accounts receivable, net | 1,820,132 | 1,795,598 | |
Other current assets | 715,319 | 685,854 | |
Total current assets | 4,023,939 | 3,690,170 | |
Property and equipment, net | 3,445,423 | 3,473,384 | |
Operating lease right-of-use asset | 2,847,776 | 2,830,047 | |
Intangible assets, net | 117,953 | 135,684 | |
Investments in and advances to affiliates, net | 0 | 0 | |
Other long-term assets and investments | 383,186 | 394,474 | |
Goodwill | 6,778,023 | 6,787,635 | $ 6,841,960 |
Total assets | 17,596,300 | 17,311,394 | |
Current liabilities | 2,220,746 | 2,372,098 | |
Intercompany liabilities, net | 0 | 0 | |
Long-term operating lease liabilities | 2,734,370 | 2,723,800 | |
Long-term debt and other long-term liabilities | 9,279,804 | 8,715,878 | |
Noncontrolling interests subject to put provisions | 1,228,036 | 1,180,376 | |
Total DaVita Inc. shareholders' equity | 1,947,846 | 2,133,409 | |
Noncontrolling interests not subject to put provisions | 185,498 | 185,833 | |
Total equity | 2,133,344 | 2,319,242 | |
Total liabilities and equity | 17,596,300 | 17,311,394 | |
Consolidating adjustments | |||
Condensed Balance Sheet Statements Captions [Line Items] | |||
Cash and cash equivalents | 0 | 0 | |
Restricted cash and equivalents | 0 | 0 | |
Accounts receivable, net | 0 | 0 | |
Other current assets | (28,034) | (41,896) | |
Total current assets | (28,034) | (41,896) | |
Property and equipment, net | (2,614) | (4,508) | |
Operating lease right-of-use asset | (17,987) | (20,065) | |
Intangible assets, net | 0 | 0 | |
Investments in and advances to affiliates, net | (21,929,904) | (21,476,601) | |
Other long-term assets and investments | (20,524) | (18,318) | |
Goodwill | 0 | 0 | |
Total assets | (21,999,063) | (21,561,388) | |
Current liabilities | (985) | (1,036) | |
Intercompany liabilities, net | (7,328,028) | (7,048,222) | |
Long-term operating lease liabilities | (17,125) | (19,244) | |
Long-term debt and other long-term liabilities | (51,049) | (64,507) | |
Noncontrolling interests subject to put provisions | 532,414 | 532,776 | |
Total DaVita Inc. shareholders' equity | (14,601,876) | (14,428,379) | |
Noncontrolling interests not subject to put provisions | (532,414) | (532,776) | |
Total equity | (15,134,290) | (14,961,155) | |
Total liabilities and equity | (21,999,063) | (21,561,388) | |
DaVita Inc. | Reportable Legal Entities | |||
Condensed Balance Sheet Statements Captions [Line Items] | |||
Cash and cash equivalents | 1,075,965 | 758,241 | |
Restricted cash and equivalents | 14,540 | 14,499 | |
Accounts receivable, net | 0 | 0 | |
Other current assets | 86,786 | 76,787 | |
Total current assets | 1,177,291 | 849,527 | |
Property and equipment, net | 555,409 | 543,932 | |
Operating lease right-of-use asset | 107,620 | 109,415 | |
Intangible assets, net | 340 | 362 | |
Investments in and advances to affiliates, net | 10,961,209 | 10,813,991 | |
Other long-term assets and investments | 85,777 | 102,779 | |
Goodwill | 0 | 0 | |
Total assets | 12,887,646 | 12,420,006 | |
Current liabilities | 365,783 | 379,286 | |
Intercompany liabilities, net | 1,534,892 | 1,381,863 | |
Long-term operating lease liabilities | 133,926 | 136,123 | |
Long-term debt and other long-term liabilities | 8,209,577 | 7,741,725 | |
Noncontrolling interests subject to put provisions | 695,622 | 647,600 | |
Total DaVita Inc. shareholders' equity | 1,947,846 | 2,133,409 | |
Noncontrolling interests not subject to put provisions | 0 | 0 | |
Total equity | 1,947,846 | 2,133,409 | |
Total liabilities and equity | 12,887,646 | 12,420,006 | |
Guarantor subsidiaries | Reportable Legal Entities | |||
Condensed Balance Sheet Statements Captions [Line Items] | |||
Cash and cash equivalents | 411 | 532 | |
Restricted cash and equivalents | 0 | 0 | |
Accounts receivable, net | 1,184,686 | 1,189,301 | |
Other current assets | 556,210 | 548,553 | |
Total current assets | 1,741,307 | 1,738,386 | |
Property and equipment, net | 1,555,662 | 1,589,417 | |
Operating lease right-of-use asset | 1,643,765 | 1,656,145 | |
Intangible assets, net | 28,766 | 31,569 | |
Investments in and advances to affiliates, net | 7,869,131 | 7,611,402 | |
Other long-term assets and investments | 130,528 | 133,698 | |
Goodwill | 4,812,207 | 4,812,972 | |
Total assets | 17,781,366 | 17,573,589 | |
Current liabilities | 1,172,340 | 1,327,378 | |
Intercompany liabilities, net | 3,099,564 | 3,051,208 | |
Long-term operating lease liabilities | 1,554,717 | 1,567,776 | |
Long-term debt and other long-term liabilities | 786,685 | 674,558 | |
Noncontrolling interests subject to put provisions | 0 | 0 | |
Total DaVita Inc. shareholders' equity | 11,168,060 | 10,952,669 | |
Noncontrolling interests not subject to put provisions | 0 | 0 | |
Total equity | 11,168,060 | 10,952,669 | |
Total liabilities and equity | 17,781,366 | 17,573,589 | |
Non- Guarantor subsidiaries | Reportable Legal Entities | |||
Condensed Balance Sheet Statements Captions [Line Items] | |||
Cash and cash equivalents | 305,388 | 343,599 | |
Restricted cash and equivalents | 92,184 | 91,847 | |
Accounts receivable, net | 635,446 | 606,297 | |
Other current assets | 100,357 | 102,410 | |
Total current assets | 1,133,375 | 1,144,153 | |
Property and equipment, net | 1,336,966 | 1,344,543 | |
Operating lease right-of-use asset | 1,114,378 | 1,084,552 | |
Intangible assets, net | 88,847 | 103,753 | |
Investments in and advances to affiliates, net | 3,099,564 | 3,051,208 | |
Other long-term assets and investments | 187,405 | 176,315 | |
Goodwill | 1,965,816 | 1,974,663 | |
Total assets | 8,926,351 | 8,879,187 | |
Current liabilities | 683,608 | 666,470 | |
Intercompany liabilities, net | 2,693,572 | 2,615,151 | |
Long-term operating lease liabilities | 1,062,852 | 1,039,145 | |
Long-term debt and other long-term liabilities | 334,591 | 364,102 | |
Noncontrolling interests subject to put provisions | 0 | 0 | |
Total DaVita Inc. shareholders' equity | 3,433,816 | 3,475,710 | |
Noncontrolling interests not subject to put provisions | 717,912 | 718,609 | |
Total equity | 4,151,728 | 4,194,319 | |
Total liabilities and equity | $ 8,926,351 | $ 8,879,187 |
Condensed consolidating finan_6
Condensed consolidating financial statements - Condensed Consolidating Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 287,895 | $ 189,487 |
Changes in operating assets and liabilities and non-cash items included in net income | 72,486 | (48,183) |
Net cash provided by operating activities | 360,381 | 141,304 |
Cash flows from investing activities: | ||
Additions of property and equipment | (154,942) | (198,878) |
Acquisitions | (34,107) | (11,274) |
Proceeds from asset and business sales | 31,518 | 13,903 |
Purchases from investment sales and other items, net | (5,094) | (4,109) |
Net cash used in investing activities | (162,625) | (200,358) |
Cash flows from financing activities: | ||
Long-term debt and related financing costs, net | 465,837 | 357,197 |
Intercompany borrowings (payments) | 0 | 0 |
Other items | (368,845) | (32,246) |
Net cash provided by financing activities | 96,992 | 324,951 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (14,978) | (921) |
Net increase in cash, cash equivalents and restricted cash | 279,770 | 264,976 |
Cash, cash equivalents and restricted cash of continuing operations at beginning of the year | 1,208,718 | 415,420 |
Cash, cash equivalents and restricted cash of continuing operations at end of the period | 1,488,488 | 561,434 |
Consolidating adjustments | ||
Cash flows from operating activities: | ||
Net income | (328,089) | (198,910) |
Changes in operating assets and liabilities and non-cash items included in net income | 328,089 | 198,910 |
Net cash provided by operating activities | 0 | 0 |
Cash flows from investing activities: | ||
Additions of property and equipment | 0 | 0 |
Acquisitions | 0 | 0 |
Proceeds from asset and business sales | 0 | 0 |
Purchases from investment sales and other items, net | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Cash flows from financing activities: | ||
Long-term debt and related financing costs, net | 0 | 0 |
Intercompany borrowings (payments) | 0 | 0 |
Other items | 0 | 0 |
Net cash provided by financing activities | 0 | 0 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0 | 0 |
Net increase in cash, cash equivalents and restricted cash | 0 | 0 |
Cash, cash equivalents and restricted cash of continuing operations at beginning of the year | 0 | 0 |
Cash, cash equivalents and restricted cash of continuing operations at end of the period | 0 | 0 |
DaVita Inc. | Reportable Legal Entities | ||
Cash flows from operating activities: | ||
Net income | 239,593 | 149,289 |
Changes in operating assets and liabilities and non-cash items included in net income | (182,332) | (124,409) |
Net cash provided by operating activities | 57,261 | 24,880 |
Cash flows from investing activities: | ||
Additions of property and equipment | (52,714) | (38,942) |
Acquisitions | 0 | 0 |
Proceeds from asset and business sales | 0 | 0 |
Purchases from investment sales and other items, net | 452 | 1,804 |
Net cash used in investing activities | (52,262) | (37,138) |
Cash flows from financing activities: | ||
Long-term debt and related financing costs, net | 481,856 | 365,133 |
Intercompany borrowings (payments) | 153,029 | (220,697) |
Other items | (322,119) | 1,517 |
Net cash provided by financing activities | 312,766 | 145,953 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0 | 0 |
Net increase in cash, cash equivalents and restricted cash | 317,765 | 133,695 |
Cash, cash equivalents and restricted cash of continuing operations at beginning of the year | 772,740 | 61,658 |
Cash, cash equivalents and restricted cash of continuing operations at end of the period | 1,090,505 | 195,353 |
Guarantor subsidiaries | Reportable Legal Entities | ||
Cash flows from operating activities: | ||
Net income | 205,311 | 188,771 |
Changes in operating assets and liabilities and non-cash items included in net income | (71,454) | (289,332) |
Net cash provided by operating activities | 133,857 | (100,561) |
Cash flows from investing activities: | ||
Additions of property and equipment | (41,144) | (76,529) |
Acquisitions | (984) | 0 |
Proceeds from asset and business sales | 4,180 | 2,270 |
Purchases from investment sales and other items, net | 271 | (3,878) |
Net cash used in investing activities | (37,677) | (78,137) |
Cash flows from financing activities: | ||
Long-term debt and related financing costs, net | (2,462) | (2,364) |
Intercompany borrowings (payments) | (95,857) | 188,870 |
Other items | 2,018 | (8,427) |
Net cash provided by financing activities | (96,301) | 178,079 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0 | 0 |
Net increase in cash, cash equivalents and restricted cash | (121) | (619) |
Cash, cash equivalents and restricted cash of continuing operations at beginning of the year | 532 | 13,280 |
Cash, cash equivalents and restricted cash of continuing operations at end of the period | 411 | 12,661 |
Non- Guarantor subsidiaries | Reportable Legal Entities | ||
Cash flows from operating activities: | ||
Net income | 171,080 | 50,337 |
Changes in operating assets and liabilities and non-cash items included in net income | (1,817) | 166,648 |
Net cash provided by operating activities | 169,263 | 216,985 |
Cash flows from investing activities: | ||
Additions of property and equipment | (61,084) | (83,407) |
Acquisitions | (33,123) | (11,274) |
Proceeds from asset and business sales | 27,338 | 11,633 |
Purchases from investment sales and other items, net | (5,817) | (2,035) |
Net cash used in investing activities | (72,686) | (85,083) |
Cash flows from financing activities: | ||
Long-term debt and related financing costs, net | (13,557) | (5,572) |
Intercompany borrowings (payments) | (57,172) | 31,827 |
Other items | (48,744) | (25,336) |
Net cash provided by financing activities | (119,473) | 919 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (14,978) | (921) |
Net increase in cash, cash equivalents and restricted cash | (37,874) | 131,900 |
Cash, cash equivalents and restricted cash of continuing operations at beginning of the year | 435,446 | 340,482 |
Cash, cash equivalents and restricted cash of continuing operations at end of the period | 397,572 | 353,420 |
Discontinued Operations | ||
Cash flows from financing activities: | ||
Net increase in cash, cash equivalents and restricted cash | 0 | 118,962 |
Discontinued Operations | Consolidating adjustments | ||
Cash flows from financing activities: | ||
Net increase in cash, cash equivalents and restricted cash | 0 | |
Discontinued Operations | DaVita Inc. | Reportable Legal Entities | ||
Cash flows from financing activities: | ||
Net increase in cash, cash equivalents and restricted cash | 0 | |
Discontinued Operations | Guarantor subsidiaries | Reportable Legal Entities | ||
Cash flows from financing activities: | ||
Net increase in cash, cash equivalents and restricted cash | 0 | |
Discontinued Operations | Non- Guarantor subsidiaries | Reportable Legal Entities | ||
Cash flows from financing activities: | ||
Net increase in cash, cash equivalents and restricted cash | 118,962 | |
Continuing Operations | ||
Cash flows from financing activities: | ||
Net increase in cash, cash equivalents and restricted cash | $ 279,770 | 146,014 |
Continuing Operations | Consolidating adjustments | ||
Cash flows from financing activities: | ||
Net increase in cash, cash equivalents and restricted cash | 0 | |
Continuing Operations | DaVita Inc. | Reportable Legal Entities | ||
Cash flows from financing activities: | ||
Net increase in cash, cash equivalents and restricted cash | 133,695 | |
Continuing Operations | Guarantor subsidiaries | Reportable Legal Entities | ||
Cash flows from financing activities: | ||
Net increase in cash, cash equivalents and restricted cash | (619) | |
Continuing Operations | Non- Guarantor subsidiaries | Reportable Legal Entities | ||
Cash flows from financing activities: | ||
Net increase in cash, cash equivalents and restricted cash | $ 12,938 |
Condensed consolidating finan_7
Condensed consolidating financial statements Additional Information (Details) $ in Thousands | Aug. 12, 2019USD ($) |
New Credit Agreement | |
Debt Instrument [Line Items] | |
Secured Debt | $ 5,500,000 |
Subsequent events Additional In
Subsequent events Additional Information (Details) $ in Thousands | 1 Months Ended |
Apr. 30, 2020USD ($) | |
Subsequent Event | |
Subsequent Event [Line Items] | |
Available Funds through the Provider Relief Fund under CARES Act | $ 250,000 |