v3.26.3
Variable Interest Entities
9 Months Ended
Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities Variable Interest Entities
As of September 30, 2026 and December 31, 2025, 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 September 30, 2026. 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):
September 30, 2026December 31, 2025
Assets
Current assets:
Cash and cash equivalents$0.4 $1.6 
Accounts receivable
43.0 34.9 
Other current assets11.1 4.7 
Total current assets54.5 41.2 
Property and equipment, net131.0 135.0 
Operating lease right-of-use assets1.3 1.3 
Goodwill15.9 15.9 
Intangible assets, net1.5 0.8 
Other long-term assets9.4 9.6 
Total assets$213.6 $203.8 
Liabilities
Current liabilities:
Current portion of long-term debt$1.1 $1.0 
Current operating lease liabilities0.1 — 
Accounts payable9.4 6.6 
Accrued expenses and other current liabilities28.6 29.9 
Total current liabilities39.2 37.5 
Long-term debt, net of current portion10.8 11.6 
Long-term operating lease liabilities1.2 1.4 
Total liabilities$51.2 $50.5