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Description of the Business and Spin-Off (Tables)
3 Months Ended
Mar. 31, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Summary of Transactions to Effect the Spin-Off

The following table provides a summary of the major transactions to effect the Spin-off of QHC as a newly formed, independent company (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

Long-Term

 

 

Due to

 

 

 

Common Stock

 

 

Paid-in

 

 

Parent's

 

 

 

Debt

 

 

Parent, Net

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at April 29, 2016 (prior to the Spin-off)

 

$

24,179

 

 

$

1,813,836

 

 

 

 

 

 

$

 

 

$

 

 

$

3,137

 

Borrowings of long-term debt, net of debt issuance discounts

 

 

1,255,464

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payments of debt issuance costs

 

 

(29,146

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash proceeds paid to Parent

 

 

 

 

 

(1,217,336

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Transfer of liabilities from Parent

 

 

 

 

 

(22,292

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net deferred income tax liability resulting from the Spin-off

 

 

 

 

 

(46,783

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-cash capital contribution from Parent

 

 

 

 

 

(527,425

)

 

 

 

 

 

 

 

 

 

530,562

 

 

 

(3,137

)

Distribution of common stock

 

 

 

 

 

 

 

 

 

27,719,645

 

 

 

3

 

 

 

(3

)

 

 

 

Distribution of restricted stock awards

 

 

 

 

 

 

 

 

 

692,409

 

 

 

 

 

 

 

 

 

 

Balance at April 29, 2016 (after the Spin-off)

 

$

1,250,497

 

 

$

 

 

 

 

28,412,054

 

 

$

3

 

 

$

530,559

 

 

$

 

 

Summary of Liabilities Transferred from Parent

The following table provides a summary of the liabilities transferred to QHC from CHS in connection with the Spin-off (in thousands):

 

 

April 29,
2016

 

 

 

 

 

 

Accounts payable

 

$

13,607

 

Benefit plan liabilities

 

 

5,964

 

Other liabilities

 

 

2,721

 

Total liabilities transferred from Parent

 

$

22,292