Variable Interest Entities (VIEs)

12 Months Ended

Dec. 31, 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 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 the creditors of APC have no recourse to the Company. These assets and liabilities, with the exception of the investment in a privately held entity and amounts due to affiliate, which are eliminated upon consolidation with NMM, are included in the accompanying consolidated balance sheets (in thousands).

	December 31,
	2020		2019
Assets
Current assets
Cash and cash equivalents	$	126,158	$	87,110
Restricted cash – short-term	—		75
Investment in marketable securities	67,637		123,948
Receivables, net	5,155		9,300
Receivables, net – related party	46,718		42,976

Other receivables	1,084		744
Prepaid expenses and other current assets	14,813		7,403
Loans receivable	50		6,425
Loans receivable - related parties	—		16,500
Total current assets	261,615		294,481
Noncurrent assets
Land, property and equipment, net	27,599		9,547
Intangible assets, net	69,250		81,439
Goodwill	109,460		108,913
Loans receivable – related parties	4,145		—
Investment in affiliates*	225,144		318,315
Investments in other entities – equity method	43,516		28,427
Investment in privately held entities	36,584		1,615
Restricted cash – long-term	500		746
Operating lease right-of-use assets	6,298		4,751
Other assets	17,177		1,057
Total noncurrent assets	539,673		554,810
Total assets	$	801,288	$	849,291
Current liabilities
Accounts payable and accrued expenses	$	12,963	$	11,187
Fiduciary accounts payable	9,642		2,027
Medical liabilities	37,684		49,019
Income taxes payable	4,225		4,530
Dividend payable	485		271
Amount due to affiliate	22,698		28,058
Current portion of long-term debt	201		—
Finance lease liabilities	102		102
Operating lease liabilities	1,242		1,088
Total current liabilities	89,242		96,282
Noncurrent liabilities
Long-term debt, net of current portion	7,379		—
Deferred tax liability	9,144		14,059
Liability for unissued equity shares	—		—
Finance lease liabilities, net of current portion	311		416
Operating lease liabilities, net of current portion	5,242		3,742
Total noncurrent liabilities	22,076		18,217
Total liabilities	$	111,318	$	114,499

*Investment in affiliates include APC’s investment in ApolloMed which is reflected as treasury shares and eliminated upon consolidation. As a result this balance is not reflected on ApolloMed’s consolidated balance sheets as of December 31, 2020 and 2019.