XML 36 R20.htm IDEA: XBRL DOCUMENT v3.8.0.1
Quarterly Results
 12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Results

12) QUARTERLY RESULTS (unaudited)

The following tables summarize the quarterly financial data for the two years ended December 31, 2017 and 2016:

 

2017

 

First

Quarter

 

 

Second

Quarter

 

 

Third

Quarter

 

 

Fourth

Quarter

 

 

Total

 

 

 

(amounts in thousands, except per share amounts)

 

Net revenues

 

$

2,612,858

 

 

$

2,612,356

 

 

$

2,541,864

 

 

$

2,642,787

 

 

$

10,409,865

 

Net income

 

$

210,527

 

 

$

190,388

 

 

$

145,362

 

 

$

225,035

 

 

$

771,312

 

Less: Net income attributable to noncontrolling interests

 

$

4,472

 

 

$

4,994

 

 

$

4,117

 

 

$

5,426

 

 

$

19,009

 

Net income attributable to UHS

 

$

206,055

 

 

$

185,394

 

 

$

141,245

 

 

$

219,609

 

 

$

752,303

 

Earnings per share attributable to UHS-Basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total basic earnings per share

 

$

2.13

 

 

$

1.93

 

 

$

1.48

 

 

$

2.32

 

 

$

7.86

 

Earnings per share attributable to UHS-Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total diluted earnings per share

 

$

2.12

 

 

$

1.91

 

 

$

1.47

 

 

$

2.31

 

 

$

7.81

 

 

The 2017 quarterly financial data presented above includes the following:

First Quarter:

 

•

an unfavorable $8.1 million pre-tax impact ($5.1 million, or $.05 per diluted share, net of taxes) recorded in connection with the implementation of EHR applications;

 

•

a favorable after-tax impact of $6.8 million, or $.07 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”).

Second Quarter:

 

•

an unfavorable $6.4 million pre-tax impact ($4.0 million, or $.04 per diluted share, net of taxes) recorded in connection with the implementation of EHR applications;

 

•

a favorable after-tax impact of $1.4 million, or $.01 per diluted share, resulting from our January 1, 2017 adoption of ASU 2016-09.

Third Quarter:

 

•

an unfavorable $4.2 million pre-tax impact ($2.6 million, or $.03 per diluted share, net of taxes) recorded in connection with the implementation of EHR application;

 

•

a favorable after-tax impact of $487,000, or $.01 per diluted share, resulting from our January 1, 2017 adoption of ASU 2016-09.

Fourth Quarter:

 

•

an unfavorable $3.6 million pre-tax impact ($2.3 million, or $.03 per diluted share, net of taxes) recorded in connection with the implementation of EHR applications;

 

•

a favorable after-tax impact of $13.5 million, or $.14 per diluted share, resulting from our January 1, 2017 adoption of ASU 2016-09;

 

•

a favorable after-tax impact of $30.0 million, or $.32 per diluted share, resulting from a reduction in our net deferred income tax liability resulting from lower federal income tax rates beginning January 1, 2018 pursuant to the Tax Cuts and Jobs Act of 2017;

 

•

an unfavorable after-tax impact of $11.3 million, or $.12 per diluted share, resulting from the one-time repatriation tax incurred pursuant to the Tax Cuts and Jobs Act of 2017 (in connection with our behavioral health care facilities located in the U.K. and Puerto Rico).

 

2016

 

First

Quarter

 

 

Second

Quarter

 

 

Third

Quarter

 

 

Fourth

Quarter

 

 

Total

 

 

 

(amounts in thousands, except per share amounts)

 

Net revenues

 

$

2,449,798

 

 

$

2,430,855

 

 

$

2,409,872

 

 

$

2,475,685

 

 

$

9,766,210

 

Net income

 

$

215,719

 

 

$

195,449

 

 

$

157,265

 

 

$

178,738

 

 

$

747,171

 

Less: Net income attributable to noncontrolling interests

 

$

24,960

 

 

$

9,872

 

 

$

5,400

 

 

$

4,530

 

 

$

44,762

 

Net income attributable to UHS

 

$

190,759

 

 

$

185,577

 

 

$

151,865

 

 

$

174,208

 

 

$

702,409

 

Earnings per share attributable to UHS-Basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total basic earnings per share

 

$

1.95

 

 

$

1.91

 

 

$

1.56

 

 

$

1.80

 

 

$

7.22

 

Earnings per share attributable to UHS-Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total diluted earnings per share

 

$

1.93

 

 

$

1.89

 

 

$

1.54

 

 

$

1.78

 

 

$

7.14

 

 

The 2016 quarterly financial data presented above includes the following:

First Quarter:

 

•

an unfavorable $8.3 million pre-tax impact ($5.2 million, or $.05 per diluted share, net of taxes) recorded in connection with the implementation of EHR applications;

Second Quarter:

 

•

an unfavorable $8.7 million pre-tax impact ($5.5 million, or $.05 per diluted share, net of taxes) recorded in connection with the implementation of EHR applications.

Third Quarter:

 

•

an unfavorable $8.5 million pre-tax impact ($5.3 million, or $.06 per diluted share, net of taxes) recorded in connection with the implementation of EHR applications.

Fourth Quarter:

 

•

an unfavorable $2.8 million pre-tax impact ($1.8 million, or $.02 per diluted share, net of taxes) recorded in connection with the implementation of EHR applications.