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Variable Interest Entities (VIEs)
6 Months Ended
Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities (VIEs) Variable Interest Entities (VIEs)
A VIE is defined as a legal entity whose equity owners do not have sufficient equity at risk, or, as a group, the holders of the equity investment at risk lack any of the following three characteristics: decision-making rights, the obligation to absorb losses, or the right to receive the expected residual returns of the entity. The primary beneficiary is identified as the variable interest holder that has both the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and the obligation to absorb expected losses or the right to receive benefits from the entity that could potentially be significant to the VIE.
The Company follows guidance on the consolidation of VIEs that requires companies to utilize a qualitative approach to determine whether it is the primary beneficiary of a VIE. See Note 2 – “Basis of Presentation and Summary of Significant Accounting Policies” to the accompanying consolidated financial statements for information on how the Company determines VIEs and its treatment.
The following table includes assets that can only be used to settle the liabilities of APC and its VIEs, including Alpha Care and Accountable Health Care, and to which the creditors of APC, including Alpha Care and Accountable Health Care, have no recourse to the Company, nor do creditors of the Company have recourse against the assets of APC, including Alpha Care and Accountable Health Care. These assets and liabilities, with the exception of the investment in a privately held entity that does not report net asset value per share and amounts due to affiliates, which are eliminated upon consolidation with NMM, are included in the accompanying consolidated balance sheets (in thousands).
June 30,
2020
December 31,
2019
Assets
Current assets
Cash and cash equivalents$113,790  $87,110  
Restricted cash—  75  
Investment in marketable securities117,611  123,948  
Receivables, net15,687  9,300  
Receivables, net – related party55,889  42,976  
Other receivables734  744  
Prepaid expenses and other current assets7,752  7,403  
Loan receivable6,425  6,425  
Loan receivable – related parties—  16,500  
Total current assets
317,888  294,481  
Noncurrent assets
Land, property and equipment, net9,085  9,547  
Intangible assets, net75,177  81,439  
Goodwill109,460  108,913  
Investment in affiliates285,569  318,315  
Investment in privately held entities36,584  1,615  
Investments in other entities – equity method26,864  28,427  
Restricted cash746  746  
Operating lease right-of-use assets7,017  4,751  
Other assets20,750  1,057  
Total noncurrent assets
571,252  554,810  
Total assets
$889,140  $849,291  
Current liabilities
Accounts payable and accrued expenses$11,822  $11,187  
Fiduciary accounts payable1,853  2,027  
Medical liabilities47,304  49,019  
Income taxes payable42,211  4,530  
Amount due to affiliate21,533  28,058  
Dividends payable431  271  
Finance lease liabilities102  102  
Operating lease liabilities1,319  1,088  
Total current liabilities
126,575  96,282  
Noncurrent liabilities
Deferred tax liability9,490  14,059  
Finance lease liabilities, net of current portion355  416  
Operating lease liabilities, net of current portion5,833  3,742  
Total noncurrent liabilities
15,678  18,217  
Total liabilities
$142,253  $114,499  
The assets of the Company’s other consolidated VIEs were not considered significant.