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8.00% Series A Convertible Preferred Stock
 9 Months Ended
Sep. 30, 2021
Temporary Equity Disclosure [Abstract]  
8.00% Series A Convertible Preferred Stock 8.00% Series A Convertible Preferred Stock
On January 15, 2021, TCP-ASC, a limited liability limited partnership jointly owned by Ascension Health Alliance, the parent entity of Ascension, and investment funds affiliated with TowerBrook, a related party, converted all of its 294,266 shares (the “Preferred Shares”) of preferred stock into 117,706,400 shares of common stock of the Company into which the Preferred Shares were convertible pursuant to the Certificate of Designation of the preferred stock, and, in consideration therefor, the Company (i) issued 21,582,800 additional shares of common stock to the Investor, and (ii) paid the Investor $105.0 million in cash. On January 19, 2021, the Company filed a Certificate of Elimination of 8.00% Series A Convertible Preferred Stock with the Secretary of State of the State of Delaware to eliminate the Certificate of Designations of the 8.00% Series A Convertible Preferred Stock. The consideration paid to induce the conversion was recorded as a dividend of $592.3 million and reduced income available to common shareholders in our earnings per share calculation. The dividend was calculated as the cash paid of $105.0 million plus the fair value on the conversion date of the additional 21,582,800 shares of common stock issued as consideration for the conversion.

The following table summarizes the preferred stock activity for the nine months ended September 30, 2021 (in millions, except per share data):

Preferred Stock
Shares Issued and OutstandingCarrying Value
Balance at December 31, 2020288,497 $251.5 
Dividends paid/accrued dividends5,769 — 
Conversion of preferred stock(294,266)(251.5)
Balance at September 30, 2021— $—