HSA-6175 Final Group Project - HCA Healthcare

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Income Statements

Consolidated Income Statements - USD ($) 3 Months Ended 12 Months Ended
shares in Thousands, $ in Millions Dec. 31, 2018 Sep. 30, 2018 Jun. 30, 2018 Mar. 31, 2018 Dec. 31, 2017 Sep. 30, 2017 Jun. 30, 2017 Mar. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2016
Income Statement [Abstract]
Revenues $12,274 $11,451 $11,529 $11,423 $11,562 $10,696 $10,733 $10,623 $46,677 $43,614 $41,490
Salaries and benefits 21,425 20,059 18,897
Supplies 7,724 7,316 6,933
Other operating expenses 8,608 8,051 7,496
Equity in earnings of affiliates -29 -45 -54
Depreciation and amortization 2,278 2,131 1,966
Interest expense 1,755 1,690 1,707
Gains on sales of facilities -428 -8 -23
Losses on retirement of debt 9 39 4
Legal claim benefits -246
Total expenses including equity in earnings of affiliates 41,342 39,233 36,680
Income before income taxes 5,335 4,381 4,810
Provision for income taxes 946 1,638 1,378
Net income 1,245 896 966 1,282 641 530 795 777 4,389 2,743 3,432
Net income attributable to noncontrolling interests 602 527 542
Net income attributable to HCA Healthcare, Inc. $1,064 $759 $820 $1,144 $474 $426 $657 $659 $3,787 $2,216 $2,890
Per share data:
Basic earnings per share $3.09 $2.20 $2.35 $3.26 $1.34 $1.18 $1.79 $1.78 $10.90 $6.12 $7.53
Diluted earnings per share $3.01 $2.15 $2.31 $3.18 $1.30 $1.15 $1.75 $1.74 $10.66 $5.95 $7.30
Shares used in earnings per share calculations (in millions):
Basic 347,297 362,305 383,591
Diluted 355,303 372,221 395,851
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Comprehensive Income Statements

Consolidated Comprehensive Income Statements - USD ($) 12 Months Ended
$ in Millions Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income $4,389 $2,743 $3,432
Other comprehensive income (loss) before taxes:
Foreign currency translation -71 97 -224
Unrealized gains (losses) on available-for-salesecurities -7 1 -9
Realized gains included in other operating expenses -2
Total unrealized gains (losses) on available-for-sale securities -7 -1 -9
Defined benefit plans 44 -43 -35
Pension costs included in salaries and benefits 21 18 18
Total defined benefit plans 65 -25 -17
Change in fair value of derivative financial instruments 23 11 20
Interest (benefits) costs included in interest expense -10 20 109
Total change in fair value of derivative financial instruments 13 31 129
Other comprehensive income (loss) before taxes 102 -121
Income taxes (benefits) related to other comprehensive income items 8 42 -48
Other comprehensive income (loss) -8 60 -73
Comprehensive income 4,381 2,803 3,359
Comprehensive income attributable to noncontrolling interests 602 527 542
Comprehensive income attributable to HCA Healthcare, Inc. $3,779 $2,276 $2,817
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Balance Sheets

Consolidated Balance Sheets - USD ($) Dec. 31, 2018 Dec. 31, 2017
$ in Millions
Current assets:
Cash and cash equivalents $502 $732
Accounts receivable 6,789 6,501
Inventories 1,732 1,573
Other 1,190 1,171
Total current assets 10,213 9,977
Property and equipment, at cost:
Land 1,944 1,746
Buildings 15,659 14,249
Equipment 23,577 22,168
Construction in progress 1,785 1,921
Property and equipment, at cost 42,965 40,084
Accumulated depreciation -23,208 -22,189
Property and equipment, net 19,757 17,895
Investments of insurance subsidiaries 362 418
Investments in and advances to affiliates 232 199
Goodwill and other intangible assets 7,953 7,394
Other 690 710
Total assets 39,207 36,593
Current liabilities:
Accounts payable 2,577 2,606
Accrued salaries 1,580 1,369
Other accrued expenses 2,624 1,983
Long-term debt due within one year 788 200
Total current liabilities 7,569 6,158
Long-term debt, less net debt issuance costs of $157 and $164 32,033 32,858
Professional liability risks 1,275 1,198
Income taxes and other liabilities 1,248 1,374
Stockholders' deficit:
Common stock $0.01 par; authorized 1,800,000,000 shares; outstanding 342,895,200 shares-2018 and 350,091,600 shares-2017 3 4
Accumulated other comprehensive loss -381 -278
Retained deficit -4,572 -6,532
Stockholders' deficit attributable to HCA Healthcare, Inc. -4,950 -6,806
Noncontrolling interests 2,032 1,811
Total stockholders' deficit -2,918 -4,995
Total liabilities and stockholders' deficit $39,207 $36,593
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Balance Sheets (Parenthetical)

Consolidated Balance Sheets (Parenthetical) - USD ($) Dec. 31, 2018 Dec. 31, 2017
$ in Millions
Statement of Financial Position [Abstract]
Debt issuance costs $157 $164
Common stock, par value $0.01 $0.01
Common stock, shares authorized 1,800,000,000 1,800,000,000
Common stock, shares outstanding 342,895,200 350,091,600
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Statements of Cash Flows

Consolidated Statements of Cash Flows - USD ($) 12 Months Ended
$ in Millions Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2016
Cash flows from operating activities:
Net income $4,389 $2,743 $3,432
Increase (decrease) in cash from operating assets and liabilities:
Accounts receivable -423 -601 10
Inventories and other assets -242 -69 -112
Accounts payable and accrued expenses 698 374 144
Depreciation and amortization 2,278 2,131 1,966
Income taxes 74 433 123
Gains on sales of facilities -428 -8 -23
Losses on retirement of debt 9 39 4
Legal claim benefits -246
Amortization of debt issuance costs 31 31 34
Share-based compensation 268 270 251
Other 107 83 70
Net cash provided by (used in) operating activities 6,761 5,426 5,653
Cash flows from investing activities:
Purchase of property and equipment -3,573 -3,015 -2,760
Acquisition of hospitals and health care entities -1,253 -1,212 -576
Disposal of hospitals and health care entities 808 25 26
Change in investments 57 -73 64
Other 60 -4 6
Net cash used in investing activities -3,901 -4,279 -3,240
Cash flows from financing activities:
Issuances of long-term debt 2,000 1,502 5,400
Net change in revolving bank credit facilities -640 760 -110
Repayment of long-term debt -1,704 -753 -4,475
Distributions to noncontrolling interests -441 -448 -434
Payment of debt issuance costs -25 -26 -40
Payment of cash dividends -487
Repurchases of common stock -1,530 -2,051 -2,751
Other -248 -45 -98
Net cash (used in) provided by financing activities -3,075 -1,061 -2,508
Effect on exchange rate changes in cash and cash equivalents -15
Change in cash and cash equivalents -230 86 -95
Cash and cash equivalents at beginning of period 732 646 741
Cash and cash equivalents at end of period 502 732 646
Interest payments 1,744 1,700 1,666
Income tax payments, net $872 $1,205 $1,255
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Stockholders' Deficit

Consolidated Statements of Stockholders' Deficit - USD ($) Total Common Stock [Member] Capital in Excess of Par Value [Member] Accumulated Other Comprehensive Loss [Member] Retained Deficit [Member] Equity Attributable to Noncontrolling Interests [Member]
$ in Millions
Balances at Dec. 31, 2015 ($6,046) $4 ($265) ($7,338) $1,553
Balance, shares at Dec. 31, 2015 398,739,000
Comprehensive income (loss) 3,359 -73 2,890 542
Repurchase of common stock ($2,751) ($231) -2,520
Repurchase of common stock, shares -36,325,000 -36,325,000
Share-based benefit plans $233 233
Share-based benefit plans, shares 8,122,000
Distributions -434 -434
Other 6 -2 8
Balance at Dec. 31, 2016 -5,633 $4 -338 -6,968 1,669
Balance, shares at Dec. 31, 2016 370,536,000
Comprehensive income (loss) 2,803 60 2,216 527
Repurchase of common stock ($2,051) -271 -1,780
Repurchase of common stock, shares -25,092,000 -25,092,000
Share-based benefit plans $281 281
Share-based benefit plans, shares 4,648,000
Distributions -448 -448
Acquisition of entities with noncontrolling interests 63 63
Other -10 -10
Balance at Dec. 31, 2017 -4,995 $4 -278 -6,532 1,811
Balance, shares at Dec. 31, 2017 350,092,000
Comprehensive income (loss) 4,381 -8 3,787 602
Repurchase of common stock ($1,530) ($1) -103 -1,426
Repurchase of common stock, shares -14,070,000 -14,070,000
Share-based benefit plans $115 115
Share-based benefit plans, shares 6,873,000
Cash dividends declared ($1.40 share) -496 -496
Distributions -441 -441
Acquisition of entities with noncontrolling interests 60 60
Reclassification of stranded tax effects -95 95
Other -12 ($12)
Balance at Dec. 31, 2018 ($2,918) $3 ($381) ($4,572) $2,032
Balance, shares at Dec. 31, 2018 342,895,000
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