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Quarterly Results
 12 Months Ended
Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Results

13) QUARTERLY RESULTS (unaudited)

The quarterly financial data is prepared on the same basis as the audited annual financial statements, and include all adjustments, which include only normal recurring adjustments, necessary for the fair statement of our results of operations for these periods. The following tables summarize the quarterly financial data for the two years ended December 31, 2020 and 2019:

 

2020

 

First

Quarter

 

 

Second

Quarter

 

 

Third

Quarter

 

 

Fourth

Quarter

 

 

Total

 

 

 

(amounts in thousands, except per share amounts)

 

Net revenues

 

$

2,829,667

 

 

$

2,729,754

 

 

$

2,912,541

 

 

$

3,086,935

 

 

$

11,558,897

 

Net income

 

$

144,460

 

 

$

256,504

 

 

$

244,092

 

 

$

307,734

 

 

$

952,790

 

Less: Net income attributable to noncontrolling interests

 

$

2,423

 

 

$

4,575

 

 

$

2,813

 

 

$

(974

)

 

$

8,837

 

Net income attributable to UHS

 

$

142,037

 

 

$

251,929

 

 

$

241,279

 

 

$

308,708

 

 

$

943,953

 

Earnings per share attributable to UHS-Basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total basic earnings per share

 

$

1.64

 

 

$

2.97

 

 

$

2.84

 

 

$

3.63

 

 

$

11.06

 

Earnings per share attributable to UHS-Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total diluted earnings per share

 

$

1.64

 

 

$

2.95

 

 

$

2.82

 

 

$

3.60

 

 

$

10.99

 

 

 First Quarter:

 

•

an unfavorable after-tax impact of $770,000  or $.01 per diluted share, resulting from our January 1, 2017 adoption of ASU 2016-09, “Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”);

 

•

an unfavorable after-tax impact of $7.4 million or $.08 per diluted share, resulting from recording the unrealized loss on marketable securities held for sale.

Second Quarter:

 

•

an unfavorable after-tax impact of $505,000  or $.01 per diluted share, resulting from our January 1, 2017 adoption of ASU 2016-09;

 

•

a favorable after-tax impact of $2.2 million or $.03 per diluted share, resulting from recording the unrealized gain on marketable securities held for sale.

Third Quarter:

 

•

an unfavorable after-tax impact of $3.1 million  or $.04 per diluted share, resulting from our January 1, 2017 adoption of ASU 2016-09;

 

•

an unfavorable after-tax impact of $2.1 million or $.02 per diluted share, resulting from recording the unrealized loss on marketable securities held for sale.

Fourth Quarter:

 

•

an unfavorable after-tax impact of $3.0 million or $.04 per diluted share, resulting from our January 1, 2017 adoption of ASU 2016-09;

 

•

a favorable after-tax impact of $3.9 million or $.05 per diluted share, resulting from recording the unrealized gain on marketable securities held for sale.

 

 

2019

 

First

Quarter

 

 

Second

Quarter

 

 

Third

Quarter

 

 

Fourth

Quarter

 

 

Total

 

 

 

(amounts in thousands, except per share amounts)

 

Net revenues

 

$

2,804,391

 

 

$

2,855,168

 

 

$

2,822,453

 

 

$

2,896,247

 

 

$

11,378,259

 

Net income

 

$

237,398

 

 

$

241,265

 

 

$

100,870

 

 

$

248,010

 

 

$

827,543

 

Less: Net income attributable to noncontrolling interests

 

$

3,230

 

 

$

2,945

 

 

$

3,680

 

 

$

2,834

 

 

$

12,689

 

Net income attributable to UHS

 

$

234,168

 

 

$

238,320

 

 

$

97,190

 

 

$

245,176

 

 

$

814,854

 

Earnings per share attributable to UHS-Basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total basic earnings per share

 

$

2.57

 

 

$

2.67

 

 

$

1.10

 

 

$

2.81

 

 

$

9.16

 

Earnings per share attributable to UHS-Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total diluted earnings per share

 

$

2.57

 

 

$

2.66

 

 

$

1.10

 

 

$

2.79

 

 

$

9.13

 

 

The 2019 quarterly financial data presented above includes the following:

First Quarter:

 

•

a favorable after-tax impact of $10.9 million, or $.12 per diluted share, resulting from our January 1, 2017 adoption of ASU 2016-09.

Second Quarter:

 

•

an unfavorable $11.0 million pre-tax impact ($8.4 million, or $.09 per diluted share, net of taxes) increase in the reserve established in connection with the discussions with the Department of Justice related to the civil aspects of the government’s investigation of certain of our behavioral health care facilities (“ DOJ Reserve”);

 

•

a favorable after-tax impact of $509,000, or $.01 per diluted share, resulting from our January 1, 2017 adoption of ASU 2016-09.

Third Quarter:

 

•

an unfavorable $6.2 million after-tax impact, or $.07 per diluted share recorded to provide income taxes on the portion of the DOJ reserve that is deemed non-deductible;

 

•

an unfavorable $97.6 million pre-tax impact ($74.6 million, or $.84 per diluted share, net of taxes) recorded in connection with provision for asset impairment.

 

•

a favorable after-tax impact of $1.7 million, or $.02 per diluted share, resulting from our January 1, 2017 adoption of ASU 2016-09.