v3.25.2
Variable Interest Entities
6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities Variable Interest Entities
As of June 30, 2025 and December 31, 2024, we consolidated eight limited partnership-like entities that are variable interest entities (“VIEs”) and of which we are the primary beneficiary. Our ownership percentages in these entities range from 50.0% to 75.0% as of June 30, 2025. Through partnership and management agreements with or governing each of these entities, we manage all of these entities and handle all day-to-day operating decisions. Accordingly, we have the decision-making power over the activities that most significantly impact the economic performance of our VIEs and an obligation to absorb losses or receive benefits from the VIE that could potentially be significant to the VIE. These decisions and significant activities include, but are not limited to, marketing efforts, oversight of patient admissions, medical training, nurse and therapist scheduling, provision of healthcare services, billing, collections, and creation and maintenance of medical records. The terms of the agreements governing each of our VIEs prohibit us from using the assets of each VIE to satisfy the obligations of other entities.
The carrying amounts and classifications of the consolidated VIEs’ assets and liabilities, which are included in our condensed consolidated balance sheets, are as follows (in millions):
June 30, 2025December 31, 2024
Assets 
Current assets: 
Cash and cash equivalents$0.4 $0.4 
Accounts receivable
36.2 34.5 
Other current assets11.0 9.6 
Total current assets47.6 44.5 
Property and equipment, net132.5 135.7 
Operating lease right-of-use assets1.3 1.3 
Goodwill15.9 15.9 
Intangible assets, net0.9 1.0 
Other long-term assets9.7 9.7 
Total assets$207.9 $208.1 
Liabilities
Current liabilities:
Current portion of long-term debt$1.0 $1.0 
Accounts payable7.5 6.2 
Accrued expenses and other current liabilities26.7 23.7 
Total current liabilities35.2 30.9 
Long-term debt, net of current portion12.1 12.7 
Long-term operating lease liabilities1.4 1.4 
Total liabilities$48.7 $45.0