Quarterly report pursuant to Section 13 or 15(d)

Variable Interest Entities (VIEs)

Variable Interest Entities (VIEs)
6 Months Ended
Jun. 30, 2021
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 – “Basis of Presentation and Summary of Significant Accounting Policies - Variable Interest Entities” to the accompanying consolidated financial statements for information on how the Company determines VIEs and their treatment.
The following table includes assets that can only be used to settle the liabilities of APC and its VIEs, including Alpha Care and Accountable Health Care, and to which the creditors of APC, including Alpha Care and Accountable Health Care, have no recourse to the Company, nor do creditors of the Company have recourse against the assets of APC, including Alpha Care and Accountable Health Care. These assets and liabilities, with the exception of the investment in a privately held entity that does not report net asset value per share and amounts due to affiliates, which are eliminated upon consolidation with NMM, are included in the accompanying consolidated balance sheets (in thousands).
June 30,
December 31,
Current assets
Cash and cash equivalents $ 105,108  $ 126,158 
Investment in marketable securities 187,130  67,637 
Receivables, net 14,796  5,155 
Receivables, net – related party 66,670  46,718 
Other receivables 1,814  1,084 
Prepaid expenses and other current assets 10,262  14,863 
Loan receivable – related party 4,000  — 
Amount due from affiliate 16,286  — 
Total current assets
406,066  261,615 
Noncurrent assets
Land, property and equipment, net 38,770  27,599 
Intangible assets, net 64,246  69,250 
Goodwill 109,460  109,460 
Loans receivable – related parties 114  4,145 
Investment in affiliates 683,733  225,144 
Investments in other entities – equity method 37,372  43,516 
Investment in privately held entities 405  36,584 
Restricted cash —  500 
Operating lease right-of-use assets 5,597  6,298 
Other assets 1,812  17,177 
Total noncurrent assets
941,509  539,673 
Total assets
$ 1,347,575  $ 801,288 
Current liabilities
Accounts payable and accrued expenses $ 14,310  $ 12,963 
Fiduciary accounts payable 9,092  9,642 
June 30,
December 31,
Medical liabilities 46,256  37,684 
Income taxes payable 1,784  4,225 
Dividends payable 536  485 
Amount due to affiliate —  22,698 
Current portion of long-term debt 205  201 
Finance lease liabilities 110  102 
Operating lease liabilities 1,245  1,242 
Total current liabilities
73,538  89,242 
Noncurrent liabilities
Long-term debt, net of current portion and deferred financing costs 7,390  7,379 
Deferred tax liability 20,190  9,144 
Finance lease liabilities, net of current portion 249  311 
Operating lease liabilities, net of current portion 4,575  5,242 
Other long-term liabilities 1,195  — 
Total noncurrent liabilities
33,599  22,076 
Total liabilities
$ 107,137  $ 111,318 
The assets of the Company’s other consolidated VIEs were not considered significant.