XML 60 R6.htm IDEA: XBRL DOCUMENT v2.4.1.9
Consolidated Statements of Cash Flows (USD $)
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Cash Flows From Operating Activities:      
Net income $ 53,369,000us-gaap_NetIncomeLoss $ 64,613,000us-gaap_NetIncomeLoss $ 59,300,000us-gaap_NetIncomeLoss
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 34,384,000us-gaap_DepreciationDepletionAndAmortization 28,547,000us-gaap_DepreciationDepletionAndAmortization 29,792,000us-gaap_DepreciationDepletionAndAmortization
Provision for doubtful accounts 6,228,000us-gaap_ProvisionForDoubtfulAccounts 5,226,000us-gaap_ProvisionForDoubtfulAccounts 2,455,000us-gaap_ProvisionForDoubtfulAccounts
Equity in earnings of unconsolidated investments (6,675,000)us-gaap_IncomeLossFromEquityMethodInvestments (14,188,000)us-gaap_IncomeLossFromEquityMethodInvestments (13,616,000)us-gaap_IncomeLossFromEquityMethodInvestments
Distributions from unconsolidated investments 10,288,000us-gaap_EquityMethodInvestmentDividendsOrDistributions 15,473,000us-gaap_EquityMethodInvestmentDividendsOrDistributions 6,317,000us-gaap_EquityMethodInvestmentDividendsOrDistributions
Gains on sale of marketable securities (379,000)us-gaap_GainLossOnSaleOfSecuritiesNet (39,000)us-gaap_GainLossOnSaleOfSecuritiesNet (1,640,000)us-gaap_GainLossOnSaleOfSecuritiesNet
Gain on recovery of notes receivable   (5,454,000)us-gaap_OtherNoncashIncome  
Deferred income taxes (1,434,000)us-gaap_IncreaseDecreaseInDeferredIncomeTaxes (2,404,000)us-gaap_IncreaseDecreaseInDeferredIncomeTaxes 1,416,000us-gaap_IncreaseDecreaseInDeferredIncomeTaxes
Stock-based compensation 2,021,000us-gaap_ShareBasedCompensation 2,298,000us-gaap_ShareBasedCompensation 2,366,000us-gaap_ShareBasedCompensation
Changes in operating assets and liabilities, net of the effect of acquisitions:      
Restricted cash and cash equivalents (6,245,000)us-gaap_IncreaseDecreaseInRestrictedCashForOperatingActivities (10,405,000)us-gaap_IncreaseDecreaseInRestrictedCashForOperatingActivities (7,636,000)us-gaap_IncreaseDecreaseInRestrictedCashForOperatingActivities
Accounts receivable (5,215,000)us-gaap_IncreaseDecreaseInAccountsReceivable (13,778,000)us-gaap_IncreaseDecreaseInAccountsReceivable (7,263,000)us-gaap_IncreaseDecreaseInAccountsReceivable
Income tax receivable (4,727,000)us-gaap_IncreaseDecreaseInIncomeTaxesReceivable 5,933,000us-gaap_IncreaseDecreaseInIncomeTaxesReceivable 537,000us-gaap_IncreaseDecreaseInIncomeTaxesReceivable
Inventories 19,000us-gaap_IncreaseDecreaseInInventories (486,000)us-gaap_IncreaseDecreaseInInventories 759,000us-gaap_IncreaseDecreaseInInventories
Prepaid expenses and other assets (2,587,000)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets (76,000)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets (77,000)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
Trade accounts payable 2,827,000us-gaap_IncreaseDecreaseInAccountsPayableTrade 2,495,000us-gaap_IncreaseDecreaseInAccountsPayableTrade 831,000us-gaap_IncreaseDecreaseInAccountsPayableTrade
Accrued payroll (3,603,000)us-gaap_IncreaseDecreaseInAccruedSalaries 26,219,000us-gaap_IncreaseDecreaseInAccruedSalaries (16,418,000)us-gaap_IncreaseDecreaseInAccruedSalaries
Amounts due to third party payors 1,312,000us-gaap_IncreaseDecreaseInOtherAccountsPayable 2,352,000us-gaap_IncreaseDecreaseInOtherAccountsPayable 481,000us-gaap_IncreaseDecreaseInOtherAccountsPayable
Other current liabilities and accrued risk reserves (5,652,000)us-gaap_IncreaseDecreaseInOtherAccruedLiabilities (6,401,000)us-gaap_IncreaseDecreaseInOtherAccruedLiabilities 11,675,000us-gaap_IncreaseDecreaseInOtherAccruedLiabilities
Obligation to provide future services 238,000nhc_IncreaseDecreaseinContinuingCareRetirementCommunitiesObligationForFutureServicesAmount 1,898,000nhc_IncreaseDecreaseinContinuingCareRetirementCommunitiesObligationForFutureServicesAmount (2,461,000)nhc_IncreaseDecreaseinContinuingCareRetirementCommunitiesObligationForFutureServicesAmount
Other noncurrent liabilities 1,486,000us-gaap_IncreaseDecreaseInOtherOperatingLiabilities 635,000us-gaap_IncreaseDecreaseInOtherOperatingLiabilities (2,354,000)us-gaap_IncreaseDecreaseInOtherOperatingLiabilities
Deferred revenue 39,000us-gaap_IncreaseDecreaseInDeferredRevenue (110,000)us-gaap_IncreaseDecreaseInDeferredRevenue (91,000)us-gaap_IncreaseDecreaseInDeferredRevenue
Net cash provided by operating activities 75,694,000us-gaap_NetCashProvidedByUsedInOperatingActivities 102,348,000us-gaap_NetCashProvidedByUsedInOperatingActivities 64,373,000us-gaap_NetCashProvidedByUsedInOperatingActivities
Cash Flows From Investing Activities:      
Additions to property and equipment (53,298,000)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (43,438,000)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (22,003,000)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Investments in unconsolidated limited liability companies (1,975,000)us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates    
Acquisition of real estate of six skilled nursing facilities   (21,000,000)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired  
Acquisition of non-controlling interest (768,000)us-gaap_PaymentsToMinorityShareholders   (7,500,000)us-gaap_PaymentsToMinorityShareholders
Investments in notes receivable (767,000)us-gaap_PaymentsToAcquireNotesReceivable   (600,000)us-gaap_PaymentsToAcquireNotesReceivable
Collections of notes receivable 3,156,000us-gaap_ProceedsFromCollectionOfNotesReceivable 11,865,000us-gaap_ProceedsFromCollectionOfNotesReceivable 1,260,000us-gaap_ProceedsFromCollectionOfNotesReceivable
Decrease in restricted cash and cash equivalents 9,523,000us-gaap_IncreaseDecreaseInRestrictedCashAndInvestments 8,039,000us-gaap_IncreaseDecreaseInRestrictedCashAndInvestments 46,660,000us-gaap_IncreaseDecreaseInRestrictedCashAndInvestments
Purchases of marketable securities (62,165,000)us-gaap_PaymentsToAcquireRestrictedInvestments (93,155,000)us-gaap_PaymentsToAcquireRestrictedInvestments (111,691,000)us-gaap_PaymentsToAcquireRestrictedInvestments
Sale of marketable securities 48,786,000us-gaap_ProceedsFromSaleOfRestrictedInvestments 81,389,000us-gaap_ProceedsFromSaleOfRestrictedInvestments 62,649,000us-gaap_ProceedsFromSaleOfRestrictedInvestments
Net cash used in investing activities (57,508,000)us-gaap_NetCashProvidedByUsedInInvestingActivities (56,300,000)us-gaap_NetCashProvidedByUsedInInvestingActivities (31,225,000)us-gaap_NetCashProvidedByUsedInInvestingActivities
Cash Flows From Financing Activities:      
Tax benefit (expense) from stock-based compensation 201,000nhc_ProceedsPaymentsTaxBenefitExpenseFromStockbasedCompensation (225,000)nhc_ProceedsPaymentsTaxBenefitExpenseFromStockbasedCompensation (267,000)nhc_ProceedsPaymentsTaxBenefitExpenseFromStockbasedCompensation
Principal payments under capital lease obligations (2,436,000)us-gaap_RepaymentsOfDebtAndCapitalLeaseObligations    
Dividends paid to preferred stockholders (8,670,000)us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock (8,671,000)us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock (8,671,000)us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock
Dividends paid to common stockholders (18,704,000)us-gaap_PaymentsOfDividendsCommonStock (17,469,000)us-gaap_PaymentsOfDividendsCommonStock (30,849,000)us-gaap_PaymentsOfDividendsCommonStock
Issuance of common shares 7,429,000us-gaap_ProceedsFromIssuanceOfCommonStock 991,000us-gaap_ProceedsFromIssuanceOfCommonStock 13,412,000us-gaap_ProceedsFromIssuanceOfCommonStock
Repurchase of common shares (6,995,000)us-gaap_PaymentsForRepurchaseOfCommonStock (4,700,000)us-gaap_PaymentsForRepurchaseOfCommonStock  
Entrance fee deposits (refunds) (501,000)us-gaap_IncreaseDecreaseInCustomerDeposits 40,000us-gaap_IncreaseDecreaseInCustomerDeposits (1,310,000)us-gaap_IncreaseDecreaseInCustomerDeposits
(Increase) decrease in deposits (448,000)us-gaap_IncreaseDecreaseInDeposits (1,010,000)us-gaap_IncreaseDecreaseInDeposits 230,000us-gaap_IncreaseDecreaseInDeposits
Net cash used in financing activities (30,124,000)us-gaap_NetCashProvidedByUsedInFinancingActivities (31,044,000)us-gaap_NetCashProvidedByUsedInFinancingActivities (27,455,000)us-gaap_NetCashProvidedByUsedInFinancingActivities
Net Increase (Decrease) in Cash and Cash Equivalents (11,938,000)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 15,004,000us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 5,693,000us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and Cash Equivalents, Beginning of Period 81,705,000us-gaap_CashAndCashEquivalentsAtCarryingValue 66,701,000us-gaap_CashAndCashEquivalentsAtCarryingValue 61,008,000us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and Cash Equivalents, End of Period 69,767,000us-gaap_CashAndCashEquivalentsAtCarryingValue 81,705,000us-gaap_CashAndCashEquivalentsAtCarryingValue 66,701,000us-gaap_CashAndCashEquivalentsAtCarryingValue
Supplemental Information:      
Cash payments for interest 2,242,000us-gaap_InterestPaid 497,000us-gaap_InterestPaid 383,000us-gaap_InterestPaid
Cash payments for income taxes 36,642,000us-gaap_IncomeTaxesPaidNet 34,273,000us-gaap_IncomeTaxesPaidNet 34,142,000us-gaap_IncomeTaxesPaidNet
Non-cash financing and investing activities include:      
Buildings, personal property, and obligations recorded under capital lease agreements 39,032,000us-gaap_NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1    
NHC assigned the assets and liabilities of eight Solaris Hospice programs to Caris in exchange for an additional limited partnership interest.      
Current assets assigned     1,862,000nhc_NoncashOrPartNoncashAcquisitionFixedAssetsAssigned
Property and equipment assigned     303,000nhc_NoncashOrPartNoncashAcquisitionPropertyAndEquipmentAssigned
Current liabilities assigned     (799,000)nhc_NoncashOrPartNoncashAcquisitionCurrentLiabilitiesAssigned
Goodwill     2,945,000nhc_NoncashOrPartNoncashAcquisitionGoodwillAssigned
Investment in limited liability company     $ (4,311,000)nhc_NoncashOrPartNoncashAcquisitionInvestmentInLimitedLiabilityCompany