Discontinued Operations

12 Months Ended

Dec. 31, 2015

Discontinued Operations [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Discontinued Operations

On February 1, 2015, the Company completed the sale of its Physician Segment for $123.0 million. The gain on the sale was $25.7 million (net of income taxes of $14.4 million). The operating results of this segment are presented as discontinued operations in the consolidated statements of operations and comprehensive income for all periods presented. The consolidated balance sheet at December 31, 2014 separately states the assets and liabilities of the Physician Segment as discontinued operations.

The following table is a reconciliation of the major classes of assets and liabilities of the Physician Segment that are presented separately in the consolidated balance sheet at December 31, 2014 (in thousands):

	December 31, 2014
	As Previously Reported (1)		Physician Segment			As Adjusted
Cash and cash equivalents	$	31,714	$	(2,854	)	$	28,860
Accounts receivable, net	298,761		(21,615		)	277,146
Prepaid expenses and income taxes	14,513		(1,205		)	13,308
Workers' compensation and medical malpractice receivable	18,728		(5,358		)	13,370
Other current assets	2,310		—			2,310
Current assets of discontinued operations	—		31,032			31,032
Total current assets	366,026		—			366,026
Property and equipment, net	46,819		(2,508		)	44,311
Goodwill	570,697		(58,637		)	512,060
Identifiable intangible assets, net	262,569		(11,960		)	250,609
Other non-current assets	5,728		(568		)	5,160
Non-current assets of discontinued operations	—		73,673			73,673
Total assets	$	1,251,839	$	—		$	1,251,839
Current portion of long-term debt	$	17,439	$	—		$	17,439
Accounts payable	8,876		(951		)	7,925
Accrued payroll and contract professional pay	87,189		(4,626		)	82,563
Workers’ compensation and medical malpractice loss reserves	29,135		(13,571		)	15,564
Income taxes payable	340		—			340
Other current liabilities	21,776		(1,047		)	20,729
Current liabilities of discontinued operations	—		20,195			20,195
Total current liabilities	164,755		—			164,755
Long-term debt	394,418		—			394,418
Deferred income tax liabilities	48,842		(767		)	48,075
Other long-term liabilities	9,416		(1,479		)	7,937
Long-term liabilities of discontinued operations	—		2,246			2,246
Total liabilities	$	617,431	$	—		$	617,431

(1) Retrospective adjustments have been made for the effects of early adopting Accounting Standards Updates No. 2015-3 and No. 2015-7 (see "Note 2. Accounting Standards Update").

Cash flows from discontinued operations are included in the accompanying consolidated statements of cash flows. The cash flows that are attributable to the Physician Segment are as follows (in thousands):

	Year Ended December 31,
	2015			2014			2013
Net cash provided by (used in) operating activities	$	(1,778	)	$	836		$	(108	)
Net cash provided by (used in) investing activities:
Cash received from sale of discontinued operations, net	$	115,440		$	—		$	—
Other	(14		)	(308		)	(183		)
Total cash provided by (used in) investing activities	$	115,426		$	(308	)	$	(183	)

As of December 31, 2014, the Company closed its European retained search unit. Results for this European retained search unit, previously included in the Life Sciences Europe Segment, have been presented as discontinued operations in the consolidated statements of operations and comprehensive income for all periods presented.

During 2013 the Company completed the sales of its Allied Healthcare and Nurse Travel divisions. Combined, these divisions were sold for $62.4 million in cash and generated gains totaling $30.8 million (net of income taxes of $19.5 million). These divisions have been presented as discontinued operations in the consolidated statements of operations and comprehensive income for all periods presented.

The following is a summary of the operating results of all of the Company's discontinued operations (in thousands):

	Year Ended December 31,
	2015		2014		2013
Revenues	$	12,068	$	137,166	$	153,465
Costs of services	8,653		94,848		106,728
Gross profit	3,415		42,318		46,737
Selling, general and administrative expenses	2,385		33,078		38,991
Amortization of intangible assets	155		2,721		808
Operating income	875		6,519		6,938
Interest expense, net	—		—		(2,456		)
Income before income taxes	875		6,519		4,482
Provision for income taxes	350		2,830		1,950
Income from discontinued operations, net of income taxes	$	525	$	3,689	$	2,532