Equity Investments

12 Months Ended

Dec. 31, 2014

Equity Investments [Abstract]

Equity Investments Disclosure

13.  EQUITY INVESTMENTS

As of December 31, 2014, the Company owned equity interests of 27.5% in four hospitals in Las Vegas, Nevada, and 26.1% in one hospital in Las Vegas, Nevada, in which Universal Health Systems, Inc. owns the majority interest, and an equity interest of 38.0% in three hospitals in Macon, Georgia, in which HCA Holdings Inc. (“HCA”) owns the majority interest.  

Summarized combined financial information for these unconsolidated entities in which the Company owns an equity interest is as follows (in millions): 

	December 31,
	2014		2013
Current assets	$	268	$	236
Noncurrent assets		861		790
Total assets	$	1,129	$	1,026
Current liabilities	$	117	$	99
Noncurrent liabilities		2		2
Members’ equity		1,010		925
Total liabilities and equity	$	1,129	$	1,026

	Year Ended December 31,
	2014		2013		2012
Revenues	$	1,368	$	1,246	$	1,237
Operating costs and expenses		1,184		1,117		1,079
Income from continuing operations before taxes		184		130		158

The summarized financial information was derived from the unaudited financial information provided to the Company by those unconsolidated entities. 

In March 2005, the Company began purchasing items, primarily medical supplies, medical equipment and pharmaceuticals, under an agreement with HealthTrust Purchasing Group, L.P. (“HealthTrust”), a group purchasing organization in which the Company is a noncontrolling partner. As part of the HMA merger, the Company acquired HMA’s ownership in HealthTrust. As of December 31, 2014, the Company had a 24.6% ownership interest in HealthTrust.

The Company’s investment in all of its unconsolidated affiliates was $470 million and $422 million at December 31, 2014 and December 31, 2013, respectively, and is included in other assets, net in the accompanying consolidated balance sheets. Included in the Company’s results of operations is the Company’s equity in pre-tax earnings from all of its investments in unconsolidated affiliates, which was $48 million, $43 million and $42 million for the years ended December 31, 2014, 2013 and 2012, respectively.