$DVA
DAVITA INC.

2015 Q3 Form 10-Q Financial Statement

#000156459015009428 Filed on November 05, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $3.526B $3.252B
YoY Change 8.42% 8.41%
Cost Of Revenue $2.501B $2.327B
YoY Change 7.5% 11.03%
Gross Profit $1.025B $925.3M
YoY Change 10.74% 2.32%
Gross Profit Margin 29.06% 28.45%
Selling, General & Admin $356.0M $326.8M
YoY Change 8.94% 6.59%
% of Gross Profit 34.74% 35.32%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $162.1M $149.2M
YoY Change 8.65% 12.38%
% of Gross Profit 15.82% 16.12%
Operating Expenses $518.1M $476.0M
YoY Change 8.84% 8.33%
Operating Profit $509.4M $437.5M
YoY Change 16.42% 16.03%
Interest Expense -$100.7M -$94.70M
YoY Change 6.34% -4.54%
% of Operating Profit -19.77% -21.64%
Other Income/Expense, Net $2.500M -$1.246M
YoY Change -300.64% -158.97%
Pretax Income $408.4M $336.4M
YoY Change 21.39% 24.24%
Income Tax $147.1M $116.6M
% Of Pretax Income 36.02% 34.67%
Net Earnings $215.9M $184.1M
YoY Change 17.24% 34.76%
Net Earnings / Revenue 6.12% 5.66%
Basic Earnings Per Share $1.02 $0.87
Diluted Earnings Per Share $1.00 $0.85
COMMON SHARES
Basic Shares Outstanding 212.6M shares
Diluted Shares Outstanding 217.2M shares

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.000B $1.669B
YoY Change 19.86% 70.83%
Cash & Equivalents $1.047B $1.527B
Short-Term Investments $953.0M $142.0M
Other Short-Term Assets $429.0M $172.3M
YoY Change 149.05% 9.76%
Inventory $173.0M $114.7M
Prepaid Expenses
Receivables $1.700B $1.469B
Other Receivables $466.0M $346.0M
Total Short-Term Assets $4.738B $4.178B
YoY Change 13.39% 23.57%
LONG-TERM ASSETS
Property, Plant & Equipment $2.622B $2.359B
YoY Change 11.14% 15.18%
Goodwill $9.488B $9.345B
YoY Change 1.53% 2.19%
Intangibles $1.998B
YoY Change -3.0%
Long-Term Investments $158.0M $154.0M
YoY Change 2.6% 35.09%
Other Assets $62.39M $67.33M
YoY Change -7.34% -15.66%
Total Long-Term Assets $14.16B $13.92B
YoY Change 1.68% 3.55%
TOTAL ASSETS
Total Short-Term Assets $4.738B $4.178B
Total Long-Term Assets $14.16B $13.92B
Total Assets $18.89B $18.10B
YoY Change 4.38% 7.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $487.9M $442.2M
YoY Change 10.35% 23.38%
Accrued Expenses $836.0M $762.0M
YoY Change 9.71% 11.24%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $115.0M $121.5M
YoY Change -5.37% -53.26%
Total Short-Term Liabilities $2.411B $2.598B
YoY Change -7.2% 5.89%
LONG-TERM LIABILITIES
Long-Term Debt $9.082B $8.381B
YoY Change 8.36% 2.44%
Other Long-Term Liabilities $406.0M $368.5M
YoY Change 10.19% 4.17%
Total Long-Term Liabilities $406.0M $368.5M
YoY Change 10.19% 4.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.411B $2.598B
Total Long-Term Liabilities $406.0M $368.5M
Total Liabilities $12.81B $12.19B
YoY Change 5.04% 3.59%
SHAREHOLDERS EQUITY
Retained Earnings $4.363B $3.879B
YoY Change 12.47% 23.08%
Common Stock $1.107B $215.0K
YoY Change 514578.6% 0.94%
Preferred Stock
YoY Change
Treasury Stock (at cost) $424.7M
YoY Change
Treasury Stock Shares $5.623M
Shareholders Equity $4.990B $4.975B
YoY Change
Total Liabilities & Shareholders Equity $18.89B $18.10B
YoY Change 4.38% 7.57%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $215.9M $184.1M
YoY Change 17.24% 34.76%
Depreciation, Depletion And Amortization $162.1M $149.2M
YoY Change 8.65% 12.38%
Cash From Operating Activities $679.0M $847.9M
YoY Change -19.92% 15.64%
INVESTING ACTIVITIES
Capital Expenditures $171.3M $164.9M
YoY Change 3.9% -216.88%
Acquisitions
YoY Change
Other Investing Activities -$31.70M -$223.4M
YoY Change -85.81% 153.58%
Cash From Investing Activities -$203.1M -$388.3M
YoY Change -47.7% 69.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -361.2M -355.6M
YoY Change 1.57% 136.28%
NET CHANGE
Cash From Operating Activities 679.0M 847.9M
Cash From Investing Activities -203.1M -388.3M
Cash From Financing Activities -361.2M -355.6M
Net Change In Cash 114.7M 104.0M
YoY Change 10.29% -70.58%
FREE CASH FLOW
Cash From Operating Activities $679.0M $847.9M
Capital Expenditures $171.3M $164.9M
Free Cash Flow $507.7M $683.0M
YoY Change -25.67% -21.88%

Facts In Submission

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us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">9.</p></td> <td valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Contingencies</p></td></tr></table></div> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The majority of the Company&#8217;s revenues are from government programs and may be subject to adjustment as a result of: (i)&#160;examination by government agencies or contractors, for which the resolution of any matters raised may take extended periods of time to finalize; (ii)&#160;differing interpretations of government regulations by different Medicare contractors or regulatory authorities; (iii)&#160;differing opinions regarding a patient&#8217;s medical diagnosis or the medical necessity of services provided; and (iv)&#160;retroactive applications or interpretations of governmental requirements. In addition, the Company&#8217;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.</p> <p style="margin-top:10pt;margin-bottom:0pt;margin-left:2.27%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Inquiries by the Federal Government and Certain Related Civil Proceedings</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Vainer Private Civil Suit</font>: As previously disclosed, the Company received a subpoena for documents from the Office of Inspector General (OIG) for the U.S. Department of Health and Human Services (HHS) relating to the pharmaceutical products Zemplar, Hectorol, Venofer, Ferrlecit and erythropoietin (EPO), as well as other related matters, covering the period from January 2003 to December 2008. The Company subsequently learned that the allegations underlying this inquiry were made as part of a civil complaint filed by relators, Daniel Barbir and Dr. Alon Vainer, pursuant to the <font style="font-style:italic;">qui tam</font> provisions of the federal False Claims Act. The relators also alleged that the Company&#8217;s drug administration practices for the Company&#8217;s dialysis operations for Vitamin D and iron agents from 2003 through 2010 fraudulently created unnecessary waste, which was billed to and paid for by the government. In June 2015, the Company finalized the terms of the settlement with plaintiffs, including a settlement amount of $450,000 and attorney fees and other costs of $45,000. </p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">2011 U.S. Attorney Medicaid Investigation</font>: In October 2011, the Company announced that it would be receiving a request for documents, which could include an administrative subpoena from the OIG. Subsequent to the Company&#8217;s announcement of this 2011 U.S. Attorney Medicaid Investigation, the Company received a request for documents in connection with the inquiry by the U.S. Attorney&#8217;s Office for the Eastern District of New York. The request related to payments for infusion drugs covered by Medicaid composite payments for dialysis. It is the Company&#8217;s understanding that this inquiry is civil in nature. The Company understands further that certain other providers that operate dialysis clinics in New York may have received a similar request for documents. The Company has cooperated with the government and produced the requested documents. In April 2014, the Company reached an agreement in principle with the government to resolve this matter, and is currently in the process of working with the government to finalize the specific terms of the settlement, and has accrued an amount that is immaterial.</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Swoben Private Civil Suit</font>:&#160;In April 2013, the Company&#8217;s HealthCare Partners (HCP) subsidiary was served with a civil complaint filed by a former employee of SCAN Health Plan (SCAN), a health maintenance organization (HMO). On July&#160;13, 2009, pursuant to the <font style="font-style:italic;">qui tam</font> provisions of the federal False Claims Act (FCA) and the California False Claims Act, James M. Swoben, as relator, filed a <font style="font-style:italic;">qui tam</font> action in the United States District Court for the Central District of California purportedly on behalf of the United States of America and the State of California against SCAN, and certain other defendants whose identities were under seal. The allegations in the complaint relate to alleged overpayments received from government healthcare programs. In or about August 2012, SCAN entered into a Settlement Agreement with the United States of America and the State of California. The United States and the State of California partially intervened in the action for the purpose of settlement with and dismissal of the action against SCAN.&#160;In or about November 2011, the relator filed his Third Amended Complaint under seal alleging violations&#160;of the federal FCA and the California False Claims Act, which named additional defendants, including HCP and certain health insurance companies (the defendant HMOs). The allegations in the complaint against HCP relate to patient diagnosis coding to determine reimbursement in the Medicare Advantage program, referred to as Hierarchical Condition Coding (HCC) and Risk Adjustment Factor (RAF) scores.&#160;The complaint sought monetary damages and civil penalties as well as costs and expenses. The United States Department of Justice reviewed these allegations and in January 2013 declined to intervene in the case. On June&#160;26, 2013, HCP and the defendant HMOs filed their respective motions to dismiss the Third Amended Complaint pursuant to Federal Rules of Civil Procedure 12(b)(6) and 9(b), challenging the legal sufficiency of the claims asserted in the complaint. On July&#160;30, 2013, the court granted HCP&#8217;s motion and dismissed with prejudice all of the claims in the Third Amended Complaint and judgment was entered in September 2013. The court specifically determined that further amendments to the complaint would be futile because, in part, the allegations were publicly disclosed in reports and other sources relating to audits conducted by the Centers of Medicare&#160;&amp; Medicaid Services (CMS). In October 2013, the plaintiff appealed to the United States Court of Appeals for the Ninth Circuit and the court&#8217;s disposition of the appeal is pending.</p> <p style="margin-bottom:0pt;margin-top:10pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">2015 U.S. Attorney Transportation Investigation</font>: In February 2015, the Company announced that it received six subpoenas from the OIG&#160;for medical records from six different dialysis centers in southern California operated by the Company. Specifically, each subpoena seeks the medical records of a single patient of the respective dialysis center. The Company has been advised by an attorney with the Civil Division of the United States Attorney&#8217;s Office for the Central District of California that the subpoenas relate to an investigation concerning the medical necessity of patient transportation.&#160; The Company does not provide transportation or bill for the transport of its dialysis patients.&#160; The Company does not know the scope of the investigation by the government, nor what conduct or activities might be the subject of the investigation.</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">2015 U.S. OIG Medicare Advantage Civil Investigation</font>: In March 2015, JSA HealthCare Corporation (JSA), a subsidiary of HCP, received a subpoena from the OIG. The Company has been advised by an attorney with the Civil Division of the United States Department of Justice in Washington, D.C. that the subpoena relates to an ongoing civil investigation concerning Medicare Advantage service providers&#8217; risk adjustment practices and data, including identification and verification of patient diagnoses and factors used in making the diagnoses. The subpoena requests documents and information for the period from January 1, 2008 through December 31, 2013, for certain Medicare Advantage plans for which JSA provided services. It also requests information regarding JSA&#8217;s communications about patient diagnoses as they relate to certain Medicare Advantage plans generally, and more specifically as related to two Florida physicians with whom JSA previously contracted. The Company is producing the requested information and is cooperating with the government&#8217;s investigation.</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition to the subpoena described above, in June 2015, the Company received a subpoena from the OIG. This civil subpoena covers the period from January 1, 2008 through the present and seeks production of a wide range of documents relating to the Company&#8217;s and its subsidiaries&#8217; (including HealthCare Partners and its subsidiary JSA HealthCare Corporation) provision of services to Medicare Advantage plans and related patient diagnosis coding and risk adjustment submissions and payments. The Company believes that the request is part of a broader industry investigation into Medicare Advantage patient diagnosis coding and risk adjustment practices and potential overpayments by the government.&nbsp;&nbsp;Some of the information requested relates to what the Company disclosed in the risk factors of the Company&#8217;s quarterly report on Form 10-Q for the first quarter of 2015 as a potentially improper historical HCP coding practice related to a particular condition. The practice in question was discontinued following the Company&#8217;s November 1, 2012 acquisition of HCP and, as the Company previously disclosed, the Company notified CMS of the coding practice and potential overpayments. In connection with the HCP merger, the Company has certain indemnification rights against the sellers and an escrow was established as security for the indemnification. The Company would pursue an indemnification claim against the sellers secured by the escrow for any and all liabilities incurred. The Company can make no assurances that the indemnification and escrow would cover the full amount of the Company&#8217;s potential losses related to this matter. The Company is cooperating with the government and will gather and produce the requested information. </p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Except for the private civil complaints filed by the relators as described above, to the Company&#8217;s knowledge, no proceedings have been initiated against the Company at this time in connection with any of the inquiries by the federal government. Although the Company cannot predict whether or when proceedings might be initiated or when these matters may be resolved, 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. Responding to the subpoenas or inquiries and defending the Company in the relator proceedings will continue to require management&#8217;s attention and significant legal expense. Any negative findings in the inquiries or relator proceedings could result in substantial financial penalties or awards against the Company, exclusion from future participation in the Medicare and Medicaid programs and if criminal proceedings were initiated against the Company, possible criminal penalties. At this time, the Company cannot predict the ultimate outcome of these inquiries, or the potential outcome of the relators&#8217; claims (except as described above), or the potential range of damages, if any. </p> <p style="margin-bottom:0pt;margin-top:10pt;margin-left:2.27%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Shareholder Derivative Claims </p> <p style="margin-bottom:0pt;margin-top:10pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">DaVita HealthCare Partners Inc. Derivative Litigation</font>: On January&#160;7, 2014, the U.S. District Court for the District of Colorado consolidated the two previously disclosed shareholder derivative lawsuits: the Haverhill Retirement System action filed on May&#160;17, 2013 and the Clark Shareholder action filed on August&#160;7, 2012. The court appointed Haverhill lead plaintiff. The complaints filed against the directors of the Company and against the Company, as nominal defendant allege, among other things, that the Company&#8217;s directors breached fiduciary duties to the Company relating to the 2010 and 2011 U.S. Attorney physician relationship investigations described above, the Vainer <font style="font-style:italic;">qui tam</font> private civil suit described above and the Woodard <font style="font-style:italic;">qui tam</font> private civil suit for which the Company previously announced a settlement in July 2012. The Company entered into a settlement with the lead plaintiff, which as previously disclosed, were described in a court-ordered notice sent to shareholders in late January 2015, and included enhancements to the Company&#8217;s corporate governance practices and provides that the Company will not oppose the derivative plaintiff&#8217;s application for an award of fees and expenses, the dollar amount of which is not material to the Company. The Court approved the settlement and entered an order granting final approval of the settlement on June 5, 2015 and final judgment in the case was entered on June 9, 2015.</p> <p style="margin-bottom:0pt;margin-top:10pt;margin-left:2.27%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Other </p> <p style="margin-bottom:0pt;margin-top:10pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has received several notices of claims from commercial payors and other third parties related to historical billing practices and claims against DVA Renal Healthcare (formerly known as Gambro Healthcare), a subsidiary of the Company, related to historical Gambro Healthcare billing practices and other matters covered by its 2004 settlement agreement with the Department of Justice and certain agencies of the U.S. government. The Company has received no further indication that any of these claims are active, and some of them may be barred by applicable statutes of limitations. To the extent any of these claims might proceed, the Company intends to defend against them vigorously; however, the Company may not be successful and these claims may lead to litigation and any such litigation may be resolved unfavorably. At this time, the Company cannot predict the ultimate outcome of these matters or the potential range of damages, if any. </p> <p style="margin-bottom:0pt;margin-top:10pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">A wage and hour claim, which has been styled as a class action, is pending against the Company in the Superior Court of California. The Company was served with the complaint in this lawsuit in April 2008, and it has been amended since that time. The complaint, as amended, alleges that the Company failed to provide meal periods, failed to pay compensation in lieu of providing rest or meal periods, failed to pay overtime, and failed to comply with certain other California Labor Code requirements. In September 2011, the court denied the plaintiffs&#8217; motion for class certification. Plaintiffs appealed that decision. In January 2013, the Court of Appeals affirmed the trial court&#8217;s decision on some claims, but remanded the case to the trial court for clarification of its decision on one of the claims. The Company reached an agreement with the plaintiffs to settle the claim that was remanded to the trial court, and that settlement has been finalized. The amount of the settlement is not material to the Company&#8217;s condensed consolidated financial statements. In June 2015, the Company reached an agreement in principle to resolve the remainder of the claims in this litigation. The settlement must be approved by the court, and the parties are in the process of seeking that approval. The amount of the settlement is not material to the Company&#8217;s condensed consolidated financial statements. </p> <p style="margin-bottom:0pt;margin-top:10pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition to the foregoing, the Company is subject to claims and suits, including from time to time, contractual disputes and professional and general liability claims, as well as audits and investigations by various government entities, in the ordinary course of business. The Company believes that the ultimate resolution of any such pending proceedings, whether the underlying claims are covered by insurance or not, will not have a material adverse effect on its financial condition, results of operations or cash flows. </p></div>
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1<font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">9</font><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">.</font></p></td> <td valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">New accounting standards</p></td></tr></table></div> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In September 2015, the FASB issued Accounting Standards Update (ASU) No. 2015-16, <font style="font-style:italic;">Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. </font>The amendments in this ASU allow an acquirer to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. This will be inclusive of the effect on earnings of changes in depreciation, amortization, or other income effects as a result of the change to provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendments in this ASU are effective for the Company beginning on January 1, 2016, to be applied prospectively. Early adoption is permitted. The adoption of this standard will not have a material impact on the Company&#8217;s condensed consolidated financial statements. </p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In July 2015, the FASB issued ASU No. 2015-11, <font style="font-style:italic;">Inventory (Topic 330): Simplifying the Measurement of Inventory. </font>The amendments in this ASU apply to all inventory with the exception of inventory measured using last-in, first-out or the retail inventory method. This ASU simplifies the measurement of inventory. Under this new standard, inventory should be measured using the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonable predictable costs of completion, disposal and transportation. The amendments in this ASU are effective for the Company beginning January 1, 2017 and should be applied prospectively. Early adoption is permitted. The adoption of this standard will not have a material impact on the Company&#8217;s condensed consolidated financial statements. </p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In April 2015, the FASB issued ASU No. 2015-03, <font style="font-style:italic;">Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs</font>. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. In August 2015, the FASB issued ASU 2015-15, <font style="font-style:italic;">Interest &#8211; Imputation of Interest (Subtopic 835-30) &#8211; Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, </font>which clarifies that the treatment of debt issuance costs related to a line-of-credit may continue to be deferred in an asset position and subsequently amortized over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The amendments in these ASUs are effective for the Company beginning January 1, 2016. Early adoption is permitted. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The adoption of this standard will not have a material impact on the Company&#8217;s condensed consolidated financial statements.</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In April 2015, the FASB issued ASU No. 2015-05, <font style="font-style:italic;">Customer&#8217;s Accounting for Fees Paid in a Cloud Computing Arrangement</font>, which amends ASC 350-40, Intangibles-Goodwill and Other-Internal-Use Software. This ASU provides guidance to customers about whether a cloud computing arrangement includes a software license. If an arrangement includes a software license, the accounting for the license will be consistent with licenses of other intangible assets. If the arrangement does not include a license, the arrangement will be accounted for as a service contract. The effective date will be the first quarter of fiscal year 2017 and can be adopted prospectively or retrospectively. The adoption of this standard will not have a material impact on the Company&#8217;s condensed consolidated financial statements. </p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In February 2015, the FASB issued ASU No.&#160;2015-02, <font style="font-style:italic;">Consolidation (Topic 810): Amendments to the Consolidation Analysis</font>. The amendments in the ASU clarify consolidation of VIEs regarding which reporting entity consolidates the legal entity. The amendments in the ASU are effective for the Company January 1, 2016. Early adoption is permitted. The adoption of this standard is not expected to have a material impact on the Company&#8217;s condensed consolidated financial statements.</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In May 2014, the FASB issued ASU No.&#160;2014-09, <font style="font-style:italic;">Revenue from Contracts with Customers</font>, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard as issued is effective for the Company on January&#160;1, 2017. In July 2015, the FASB issued ASU 2015-14, <font style="font-style:italic;">Revenue from Contracts with Customers (Topic 606): Deferral of Effective Date. </font>This guidance approves a one-year deferral of the effective date of ASU 2014-09. The final ASU now permits the Company to adopt this standard on January 1, 2018. Early application is permitted as of the initial effective date of January 1, 2017, but not prior to that date. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:5pt;">&nbsp;</p></div>
CY2014Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainLossBeforeTax
4976000
us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
2194000
us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
2194000
CY2015Q3 dva Weighted Average Number Basic Shares Outstanding Adjustment
WeightedAverageNumberBasicSharesOutstandingAdjustment
214569000
CY2014Q3 dva Weighted Average Number Basic Shares Outstanding Adjustment
WeightedAverageNumberBasicSharesOutstandingAdjustment
214810000
dva Weighted Average Number Basic Shares Outstanding Adjustment
WeightedAverageNumberBasicSharesOutstandingAdjustment
215108000
dva Weighted Average Number Basic Shares Outstanding Adjustment
WeightedAverageNumberBasicSharesOutstandingAdjustment
214280000
CY2014Q3 dva Stock Issued Or Vested During Period Shares Stock Awards
StockIssuedOrVestedDuringPeriodSharesStockAwards
1000
dva Stock Issued Or Vested During Period Shares Stock Awards
StockIssuedOrVestedDuringPeriodSharesStockAwards
1000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2313000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2414000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1092000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1804000
CY2015Q3 dva Percentage Of Outstanding Patient Accounts Receivables
PercentageOfOutstandingPatientAccountsReceivables
1.00
dva Accounts Receivable Period Outstanding
AccountsReceivablePeriodOutstanding
P3M
us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
19176000
CY2015Q3 us-gaap Held To Maturity Securities
HeldToMaturitySecurities
921648000
CY2015Q3 us-gaap Available For Sale Securities
AvailableForSaleSecurities
31343000
CY2015Q3 us-gaap Marketable Securities
MarketableSecurities
952991000
CY2014Q4 us-gaap Held To Maturity Securities
HeldToMaturitySecurities
335975000
CY2014Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
28123000
CY2014Q4 us-gaap Marketable Securities
MarketableSecurities
364098000
CY2014Q4 us-gaap Held To Maturity Securities Current
HeldToMaturitySecuritiesCurrent
335975000
CY2014Q4 us-gaap Available For Sale Securities Current
AvailableForSaleSecuritiesCurrent
1424000
CY2014Q4 us-gaap Available For Sale Securities Noncurrent
AvailableForSaleSecuritiesNoncurrent
26699000
CY2014Q4 us-gaap Marketable Securities Noncurrent
MarketableSecuritiesNoncurrent
26699000
CY2015Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainLossBeforeTax
2700000
dva Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Sold In Current Quarter Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfSoldInCurrentQuarterNetOfTax
207000
us-gaap Proceeds From Sale Of Available For Sale Securities Equity
ProceedsFromSaleOfAvailableForSaleSecuritiesEquity
1611000
us-gaap Proceeds From Sale Of Available For Sale Securities Equity
ProceedsFromSaleOfAvailableForSaleSecuritiesEquity
1321000
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax
284000
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax
340000
dva Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Sold In Current Quarter Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfSoldInCurrentQuarterNetOfTax
173000
CY2013Q4 us-gaap Goodwill
Goodwill
9212974000
CY2014 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
221514000
CY2014 us-gaap Goodwill Written Off Related To Sale Of Business Unit
GoodwillWrittenOffRelatedToSaleOfBusinessUnit
1851000
CY2014 us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
-17342000
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
89133000
us-gaap Goodwill Written Off Related To Sale Of Business Unit
GoodwillWrittenOffRelatedToSaleOfBusinessUnit
446000
us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
-16403000
us-gaap Goodwill Impaired Change In Estimate Description
GoodwillImpairedChangeInEstimateDescription
Further reductions in HCP’s reimbursement rates or other significant adverse changes in its expected future cash flows or valuation assumptions could result in a goodwill impairment charge in the future. For example, a sustained, long-term reduction of 3% in operating income for HCP California, HCP Nevada and HCP New Mexico could reduce their estimated fair values by up to 1.8%, 1.9% and 2.1%, respectively. Separately, an increase in their respective discount rates of 100 basis points could reduce the estimated fair values of HCP California, HCP Nevada and HCP New Mexico by up to 4.6%, 3.4% and 3.9%, respectively.
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
dva Increase Decrease In Prior Year Estimates Of Health Care Costs Payable
IncreaseDecreaseInPriorYearEstimatesOfHealthCareCostsPayable
-1327000
CY2015Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
36004000
us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
4127000
CY2015Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
36004000
CY2014Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
31877000
CY2015Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
10174000
CY2014Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
10123000
CY2015Q3 us-gaap Senior Notes
SeniorNotes
4500000000
CY2014Q4 us-gaap Senior Notes
SeniorNotes
3775000000
CY2015Q3 dva Acquisition Obligations And Other Notes Payable
AcquisitionObligationsAndOtherNotesPayable
61348000
CY2014Q4 dva Acquisition Obligations And Other Notes Payable
AcquisitionObligationsAndOtherNotesPayable
69045000
CY2015Q3 us-gaap Capital Lease Obligations
CapitalLeaseObligations
255897000
CY2014Q4 us-gaap Capital Lease Obligations
CapitalLeaseObligations
218097000
CY2015Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
9210995000
CY2014Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
8519642000
CY2015Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
14282000
CY2014Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
16208000
CY2015Q3 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
9196713000
CY2014Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
8503434000
CY2015Q3 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
29880000
CY2015Q3 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Two
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearTwo
119395000
CY2015Q3 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Three
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearThree
149372000
CY2015Q3 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Four
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearFour
160391000
CY2015Q3 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Five
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearFive
734892000
CY2015Q3 dva Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Six
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearSix
58790000
CY2015Q3 dva Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Seven And Thereafter
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearSevenAndThereafter
7958275000
CY2015Q3 us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.0440
CY2015Q3 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.0440
CY2015Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
56000000
us-gaap Unrecorded Unconditional Purchase Obligation Description
UnrecordedUnconditionalPurchaseObligationDescription
Certain consolidated joint ventures are contractually scheduled to dissolve after terms ranging from ten to fifty years.
dva Longterm Incentive Program Compensation Cost
LongtermIncentiveProgramCompensationCost
100171000
dva Longterm Incentive Program Compensation Cost
LongtermIncentiveProgramCompensationCost
88323000
dva Employee Service Share Based Compensation Estimated Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationEstimatedTaxBenefitFromCompensationExpense
14870000
dva Employee Service Share Based Compensation Estimated Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationEstimatedTaxBenefitFromCompensationExpense
16075000
dva Net Income Attributable To Parent Net Of Transfers To Noncontrolling Interests
NetIncomeAttributableToParentNetOfTransfersToNoncontrollingInterests
255217000
dva Net Income Attributable To Parent Net Of Transfers To Noncontrolling Interests
NetIncomeAttributableToParentNetOfTransfersToNoncontrollingInterests
514943000
CY2015Q3 dva Debt Expense Including Debt Refinancing Charges
DebtExpenseIncludingDebtRefinancingCharges
103481000
CY2014Q3 dva Debt Expense Including Debt Refinancing Charges
DebtExpenseIncludingDebtRefinancingCharges
99878000
dva Debt Expense Including Debt Refinancing Charges
DebtExpenseIncludingDebtRefinancingCharges
353193000
dva Debt Expense Including Debt Refinancing Charges
DebtExpenseIncludingDebtRefinancingCharges
409893000
CY2015Q3 dva Investments And Other Current Assets
InvestmentsAndOtherCurrentAssets
1990575000
CY2015Q3 us-gaap Investments And Other Noncurrent Assets
InvestmentsAndOtherNoncurrentAssets
220663000
CY2015Q3 dva Long Term Debt And Other Noncurrent
LongTermDebtAndOtherNoncurrent
10394938000
CY2015Q3 dva Longterm Incentive Program Awards Compensation Cost Not Yet Recognized Net
LongtermIncentiveProgramAwardsCompensationCostNotYetRecognizedNet
145914000
CY2015Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
75635000
dva Longterm Incentive Program Awards Compensation Cost Not Yet Recognized Period For Recognition
LongtermIncentiveProgramAwardsCompensationCostNotYetRecognizedPeriodForRecognition
P1Y1M6D
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y3M18D
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
31069000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
45527000
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
5623000
CY2015Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
4556000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
424705000
CY2015Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
340592000
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
75.53
CY2015Q3 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
74.76
CY2015Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
725944000
CY2010Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
274056000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2015Q3 dva Segment Reporting Information Corporate Expenses
SegmentReportingInformationCorporateExpenses
4975000
CY2014Q3 dva Segment Reporting Information Corporate Expenses
SegmentReportingInformationCorporateExpenses
3527000
dva Segment Reporting Information Corporate Expenses
SegmentReportingInformationCorporateExpenses
14534000
dva Segment Reporting Information Corporate Expenses
SegmentReportingInformationCorporateExpenses
8415000
CY2015Q3 us-gaap Minority Interest Ownership Percentage By Parent
MinorityInterestOwnershipPercentageByParent
0.50
CY2015Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
171340000
CY2014Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
164914000
CY2015Q3 us-gaap Minority Interest Period Increase Decrease
MinorityInterestPeriodIncreaseDecrease
-12094000
CY2014Q3 us-gaap Minority Interest Period Increase Decrease
MinorityInterestPeriodIncreaseDecrease
-2278000
us-gaap Minority Interest Period Increase Decrease
MinorityInterestPeriodIncreaseDecrease
-20515000
us-gaap Minority Interest Period Increase Decrease
MinorityInterestPeriodIncreaseDecrease
-151000
CY2015Q3 dva Net Income Attributable To Parent Net Of Transfers To Noncontrolling Interests
NetIncomeAttributableToParentNetOfTransfersToNoncontrollingInterests
203778000
CY2014Q3 dva Net Income Attributable To Parent Net Of Transfers To Noncontrolling Interests
NetIncomeAttributableToParentNetOfTransfersToNoncontrollingInterests
181844000
CY2014Q4 dva Investments And Other Current Assets
InvestmentsAndOtherCurrentAssets
1385707000
CY2014Q4 us-gaap Investments And Other Noncurrent Assets
InvestmentsAndOtherNoncurrentAssets
232026000
CY2014Q4 dva Long Term Debt And Other Noncurrent
LongTermDebtAndOtherNoncurrent
9663787000
us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
727591000
dva Payments For Proceeds From Sale Of Investments In Securities And Other
PaymentsForProceedsFromSaleOfInvestmentsInSecuritiesAndOther
604327000
dva Proceeds From Repayments Of Long Term Debt
ProceedsFromRepaymentsOfLongTermDebt
639317000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-525438000
us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
916456000
dva Payments For Proceeds From Sale Of Investments In Securities And Other
PaymentsForProceedsFromSaleOfInvestmentsInSecuritiesAndOther
173181000
dva Proceeds From Repayments Of Long Term Debt
ProceedsFromRepaymentsOfLongTermDebt
31298000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-150307000

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