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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 10-Q
ýQuarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended September 30, 2022
OR
¨Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from               to
Commission File Number 1-7293
 _________________________________________
TENET HEALTHCARE CORPORATION
(Exact name of Registrant as specified in its charter)
Nevada95-2557091
(State of Incorporation)(IRS Employer Identification No.)
14201 Dallas Parkway
Dallas, TX 75254
(Address of principal executive offices, including zip code)

(469893-2200
(Registrant’s telephone number, including area code)
_____________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbolName of each exchange on which registered
Common stock,$0.05 par valueTHCNew York Stock Exchange
6.875% Senior Notes due 2031THC31New York Stock Exchange
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days.   Yes ý No ¨
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months.   Yes ý No ¨
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company (each as defined in Exchange Act Rule 12b-2).
Large accelerated filer
ý
Accelerated filer
¨
Non-accelerated filer
¨
Smaller reporting company
¨
Emerging growth company
¨
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the Registrant is a shell company (as defined in Exchange Act Rule 12b-2).   Yes ¨ No ý
At October 21, 2022, there were 108,123,186 shares of the Registrant’s common stock outstanding.


TENET HEALTHCARE CORPORATION
TABLE OF CONTENTS
i

PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
TENET HEALTHCARE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
Dollars in Millions
(Unaudited)
September 30,December 31,
20222021
ASSETS
Current assets:
Cash and cash equivalents$1,208 $2,364 
Accounts receivable2,826 2,770 
Inventories of supplies, at cost394 384 
Income tax receivable4  
Other current assets1,566 1,557 
Total current assets 5,998 7,075 
Investments and other assets3,312 3,254 
Deferred income taxes55 65 
Property and equipment, at cost, less accumulated depreciation and amortization
($6,295 at September 30, 2022 and $5,960 at December 31, 2021)
6,291 6,427 
Goodwill9,979 9,261 
Other intangible assets, at cost, less accumulated amortization
($1,422 at September 30, 2022 and $1,374 at December 31, 2021)
1,441 1,497 
Total assets $27,076 $27,579 
LIABILITIES AND EQUITY  
Current liabilities:  
Current portion of long-term debt$131 $135 
Accounts payable1,240 1,300 
Accrued compensation and benefits781 896 
Professional and general liability reserves279 254 
Accrued interest payable249 203 
Contract liabilities111 959 
Other current liabilities1,485 1,362 
Total current liabilities 4,276 5,109 
Long-term debt, net of current portion14,962 15,511 
Professional and general liability reserves804 791 
Defined benefit plan obligations400 421 
Deferred income taxes235 36 
Contract liabilities – long-term14 15 
Other long-term liabilities1,810 1,439 
Total liabilities 22,501 23,322 
Commitments and contingencies
Redeemable noncontrolling interests in equity of consolidated subsidiaries2,068 2,203 
Equity:  
Shareholders’ equity:  
Common stock, $0.05 par value; authorized 262,500,000 shares; 156,276,317 shares
issued at September 30, 2022 and 155,520,691 shares issued at December 31, 2021
8 8 
Additional paid-in capital4,771 4,877 
Accumulated other comprehensive loss(229)(233)
Accumulated deficit(905)(1,214)
Common stock in treasury, at cost, 48,327,503 shares at September 30, 2022 and
48,331,649 shares at December 31, 2021
(2,410)(2,410)
Total shareholders’ equity1,235 1,028 
Noncontrolling interests 1,272 1,026 
Total equity 2,507 2,054 
Total liabilities and equity $27,076 $27,579 

See accompanying Notes to Condensed Consolidated Financial Statements.


TENET HEALTHCARE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Dollars in Millions, Except Per-Share Amounts
(Unaudited) 
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
Net operating revenues $4,801 $4,894 $14,184 $14,629 
Grant income54 3 154 53 
Equity in earnings of unconsolidated affiliates51 45 151 141 
Operating expenses:  
Salaries, wages and benefits2,230 2,209 6,538 6,690 
Supplies817 827 2,413 2,490 
Other operating expenses, net1,018 1,051 2,966 3,177 
Depreciation and amortization209 209 628 654 
Impairment and restructuring charges, and acquisition-related costs24 15 97 55 
Litigation and investigation costs12 29 50 64 
Net gains on sales, consolidation and deconsolidation of facilities (412) (427)
Operating income596 1,014 1,797 2,120 
Interest expense(222)(227)(671)(702)
Other non-operating income, net6 7 6 16 
Loss from early extinguishment of debt (20)(109)(74)
Income from continuing operations, before income taxes380 774 1,023 1,360 
Income tax expense(112)(197)(297)(303)
Income from continuing operations, before discontinued operations268 577 726 1,057 
Discontinued operations:  
Income from operations 1 1  
Income from discontinued operations 1 1  
Net income268 578 727 1,057 
Less: Net income available to noncontrolling interests137 129 418 392 
Net income available to Tenet Healthcare Corporation common shareholders$131 $449 $309 $665 
Amounts available to Tenet Healthcare Corporation common shareholders  
Income from continuing operations, net of tax$131 $448 $308 $665 
Income from discontinued operations, net of tax 1 1  
Net income available to Tenet Healthcare Corporation common shareholders$131 $449 $309 $665 
Earnings per share available to Tenet Healthcare Corporation common shareholders:  
Basic  
Continuing operations$1.21 $4.18 $2.86 $6.23 
Discontinued operations 0.01 0.01  
 $1.21 $4.19 $2.87 $6.23 
Diluted  
Continuing operations$1.16 $4.12 $2.81 $6.13 
Discontinued operations 0.01 0.01  
 $1.16 $4.13 $2.82 $6.13 
Weighted average shares and dilutive securities outstanding
(in thousands):
  
Basic107,923 107,050 107,732 106,727 
Diluted109,888 108,761 112,288 108,465 

See accompanying Notes to Condensed Consolidated Financial Statements.

2

TENET HEALTHCARE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME
Dollars in Millions
(Unaudited)
 
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
Net income$268 $578 $727 $1,057 
Other comprehensive income:
Amortization of net actuarial loss included in other non-operating income, net2 2 7 8 
Unrealized losses on debt securities held as available-for-sale(1) (4) 
Foreign currency translation adjustments2 1 3 1 
Other comprehensive income before income taxes3 3 6 9 
Income tax expense related to items of other comprehensive income(1) (2)(2)
Total other comprehensive income, net of tax2 3 4 7 
Comprehensive net income270 581 731 1,064 
Less: Comprehensive income available to noncontrolling interests137 129 418 392 
Comprehensive income available to Tenet Healthcare Corporation common shareholders$133 $452 $313 $672 

See accompanying Notes to Condensed Consolidated Financial Statements.

3

TENET HEALTHCARE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Dollars in Millions
(Unaudited)
Nine Months Ended
September 30,
20222021
Net income$727 $1,057 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization628 654 
Deferred income tax expense208 183 
Stock-based compensation expense47 43 
Impairment and restructuring charges, and acquisition-related costs97 55 
Litigation and investigation costs50 64 
Net gains on sales, consolidation and deconsolidation of facilities (427)
Loss from early extinguishment of debt109 74 
Equity in earnings of unconsolidated affiliates, net of distributions received14 10 
Amortization of debt discount and debt issuance costs23 25 
Pre-tax income from discontinued operations(1) 
Net gains from the sale of investments and long-lived assets(115)(16)
Other items, net12 (7)
Changes in cash from operating assets and liabilities:  
Accounts receivable(39)(202)
Inventories and other current assets89 (111)
Income taxes(59)67 
Accounts payable, accrued expenses, contract liabilities and other current liabilities(942)(149)
Other long-term liabilities(28)8 
Payments for restructuring charges, acquisition-related costs, and litigation costs and
settlements
(157)(116)
Net cash used in operating activities from discontinued operations, excluding income taxes(1)(1)
Net cash provided by operating activities662 1,211 
Cash flows from investing activities:  
Purchases of property and equipment(472)(354)
Purchases of businesses or joint venture interests, net of cash acquired(224)(64)
Proceeds from sales of facilities and other assets209 1,235 
Proceeds from sales of marketable securities, long-term investments and other assets61 18 
Purchases of marketable securities and equity investments(68)(23)
Other items, net(8)(10)
Net cash provided by (used in) investing activities(502)802 
Cash flows from financing activities:  
Repayments of borrowings(2,786)(3,183)
Proceeds from borrowings2,020 1,413 
Debt issuance costs(24)(15)
Distributions paid to noncontrolling interests(432)(316)
Proceeds from the sale of noncontrolling interests16 14 
Purchases of noncontrolling interests(61)(19)
Medicare advances and grants received by unconsolidated affiliates, net of recoupment (8)
Other items, net(49)(53)
Net cash used in financing activities(1,316)(2,167)
Net decrease in cash and cash equivalents(1,156)(154)
Cash and cash equivalents at beginning of period2,364 2,446 
Cash and cash equivalents at end of period$1,208 $2,292 
Supplemental disclosures:  
Interest paid, net of capitalized interest$(601)$(664)
Income tax payments, net$(148)$(54)
 
See accompanying Notes to Condensed Consolidated Financial Statements.
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TENET HEALTHCARE CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1. BASIS OF PRESENTATION 
Description of Business and Basis of Presentation
Tenet Healthcare Corporation (together with our subsidiaries, referred to herein as “Tenet,” “we” or “us”) is a diversified healthcare services company headquartered in Dallas, Texas. Our care delivery network includes our subsidiary USPI Holding Company, Inc. (“USPI”), which operated or had indirect ownership interests in approximately 440 ambulatory surgery centers and 24 surgical hospitals at September 30, 2022. We hold noncontrolling interests in 164 of these facilities, which are recorded using the equity method of accounting. We also operated 61 acute care and specialty hospitals, approximately 110 other outpatient facilities, a network of employed physicians and a Global Business Center (“GBC”) in Manila, Philippines at September 30, 2022. In addition, we operate Conifer Health Solutions, LLC, in which we own an interest of approximately 76%, through our Conifer Holdings, Inc. subsidiary (“Conifer”).

Effective June 30, 2022, we purchased all of the shares previously held by Baylor University Medical Center (“Baylor”) in USPI for $406 million, which increased our ownership interest in USPI’s voting shares from 95% to 100%. See Note 13 for additional information about this transaction.

Our business consists of our Hospital Operations and other (“Hospital Operations”) segment, our Ambulatory Care segment and our Conifer segment. Our Hospital Operations segment is comprised of our acute care and specialty hospitals, imaging centers, ancillary outpatient facilities, micro‑hospitals and physician practices. Our Ambulatory Care segment is comprised of the operations of USPI, which holds indirect ownership interests in and manages ambulatory surgery centers and surgical hospitals. Our Conifer segment provides revenue cycle management and value-based care services to hospitals, health systems, physician practices, employers and other clients.

This quarterly report supplements our Annual Report on Form 10‑K for the year ended December 31, 2021 (“Annual Report”). As permitted by the Securities and Exchange Commission for interim reporting, we have omitted certain notes and disclosures that substantially duplicate those in our Annual Report. For further information, refer to the audited Consolidated Financial Statements and notes included in our Annual Report. Unless otherwise indicated, all financial and statistical data included in these notes to our Condensed Consolidated Financial Statements relate to our continuing operations, with dollar amounts expressed in millions (except per‑share amounts).

Effective January 1, 2022, we adopted the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”) using the modified retrospective method. Among other amendments, ASU 2020-06 changed the accounting for diluted earnings‑per‑share for convertible instruments and contracts that may be settled in cash or stock. ASU 2020-06 eliminated an entity’s ability to rebut the presumption of share settlement for convertible instruments and contracts that can be partially or fully settled in cash at the issuer’s election. Additionally, ASU 2020-06 requires that the if‑converted method, which is more dilutive than the treasury stock method, be used for all convertible instruments. As a result of our adoption of ASU 2020-06, diluted weighted average shares outstanding increased by one million and four million shares, respectively, and diluted earnings per share available to Tenet common shareholders decreased by $0.04 and $0.02, respectively, for the three and nine months ended September 30, 2022.

Although the Condensed Consolidated Financial Statements and related notes within this document are unaudited, we believe all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature. In preparing our financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), we are required to make estimates and assumptions that affect the amounts reported in our Condensed Consolidated Financial Statements and these accompanying notes. We regularly evaluate the accounting policies and estimates we use. In general, we base the estimates on historical experience and on assumptions that we believe to be reasonable given the particular circumstances in which we operate. Actual results may vary from those estimates. The financial and statistical information we report to other regulatory agencies may be prepared on a basis other than GAAP or using different assumptions or reporting periods and, therefore, may vary from the amounts presented herein. Although we make every effort to ensure that the information we report to those agencies is accurate, complete and consistent with applicable reporting guidelines, we cannot be responsible for the accuracy of the information they make available to the public.

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Operating results for the three and nine‑month periods ended September 30, 2022 are not necessarily indicative of the results that may be expected for the full year. Reasons for this include, but are not limited to: the impact of the COVID‑19 pandemic on our operations, business, financial condition and cash flows; the impact of the demand for, and availability of, qualified medical personnel on compensation costs; the impact of cybersecurity incidents on our operations; overall revenue and cost trends, particularly the timing and magnitude of price changes; fluctuations in contractual allowances and cost report settlements and valuation allowances; managed care contract negotiations, settlements or terminations and payer consolidations; trends in patient accounts receivable collectability and associated implicit price concessions; fluctuations in interest rates; levels of malpractice insurance expense and settlement trends; impairment of long‑lived assets and goodwill; restructuring charges; losses, costs and insurance recoveries related to cybersecurity incidents, natural disasters and other weather‑related occurrences; litigation and investigation costs; acquisitions and dispositions of facilities and other assets; gains (losses) on sales, consolidation and deconsolidation of facilities; income tax rates and deferred tax asset valuation allowance activity; changes in estimates of accruals for annual incentive compensation; the timing and amounts of stock option and restricted stock unit grants to employees and directors; gains (losses) from early extinguishment of debt; and changes in occupancy levels and patient volumes.

Factors that affect service mix, revenue mix, patient volumes and, thereby, the results of operations at our ambulatory surgery centers, hospitals and other healthcare facilities include, but are not limited to: changes in federal, state and local healthcare and business regulations, including mandated closures and other operating restrictions; changes in general economic conditions nationally and regionally, including inflation and the impacts of the COVID-19 pandemic and other factors on business conditions, the economy and financial markets; the number of uninsured and underinsured individuals in local communities treated at our facilities; disease hotspots and seasonal cycles of illness; climate and weather conditions; physician recruitment, satisfaction, retention and attrition; advances in technology and treatments that reduce length of stay or permit procedures to be performed in an outpatient rather than inpatient setting; local healthcare competitors; utilization pressure by managed care organizations, as well as managed care contract negotiations or terminations; performance data on quality measures and patient satisfaction, as well as standard charges for services; any unfavorable publicity about us, or our joint venture partners, that impacts our relationships with physicians and patients; and changing consumer behavior, including with respect to the timing of elective procedures. These considerations apply to year‑to‑year comparisons as well.

Certain prior-year amounts have been reclassified to conform to the current‑year presentation. Due to their increased significance, net gains from the sale of investments and long-lived assets are presented separately in the operating activities section of the accompanying Condensed Consolidated Statements of Cash Flows. In prior periods, this activity was included in other items, net within the operating activities section.

COVID19 Pandemic
The COVID‑19 pandemic has impacted all three segments of our business, as well as our patients, communities and employees, in varying degrees since March 2020. Throughout this time, federal, state and local authorities have undertaken several actions designed to assist healthcare providers in providing care to COVID‑19 and other patients and to mitigate the adverse economic impact of the COVID‑19 pandemic. Among other things, federal legislation (collectively, the “COVID Acts”) authorized aggregate grant payments of $178 billion to be distributed through the Public Health and Social Services Emergency Fund (“PRF”) to healthcare providers who experienced lost revenues and increased expenses as a result of the pandemic. The COVID Acts also revised the Medicare accelerated payment program (“MAPP”) and permitted employers to defer payroll Social Security tax payments in 2020. Our participation in these programs and the related accounting policies are summarized below.

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Grant Income–As detailed in the table below, we received cash payments from the PRF and state and local grant programs during the three and nine months ended September 30, 2022 and 2021. Grant funds received by our Hospital Operations segment and those facilities in our Ambulatory Care segment that we consolidate are included in cash flows from operating activities in our condensed consolidated statements of cash flows. Grant funds received by unconsolidated affiliates for which we provide cash management services (“Cash‑Managed Affiliates”) are included in cash flows from financing activities.
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
Grant funds received from COVID-19 relief programs:
Included in cash flows from operating activities:
Hospital Operations$51 $2 $152 $29 
Ambulatory Care  3 9 
$51 $2 $155 $38 
Included in cash flows from financing activities:
Cash‑Managed Affiliates
$ $ $ $27 

To receive distributions, providers must agree to certain terms and conditions, including, among other things, that the funds are being used for lost revenues and unreimbursed COVIDrelated costs as defined by the U.S. Department of Health and Human Services (“HHS”), and that the providers will not seek collection of outofpocket payments from a COVID19 patient that are greater than what the patient would have otherwise been required to pay if the care had been provided by an innetwork provider. All recipients of PRF payments are required to comply with the reporting requirements described in the terms and conditions and as determined by the Secretary of HHS. PRF funds not utilized by the established deadlines, generally 12 to 18 months after receipt of the grant funds, will be recouped by HHS.

We recognize grant payments as income when there is reasonable assurance that we have complied with the conditions associated with the grant. The estimates we use to recognize grant income could change materially in the future based on our operating performance or fluctuations in the severity of COVID‑19 outbreaks at individual locations, as well as the government’s grant compliance guidance. The table below summarizes grant income recognized by our Hospital Operations and Ambulatory Care segments, which is presented in grant income, and grant income recognized through our unconsolidated affiliates, which is presented in equity in earnings of unconsolidated affiliates, in each case in our condensed consolidated statements of operations.
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
Grant income recognized from COVID-19 relief programs:
Included in grant income:
Hospital Operations$54 $2 $150 $30 
Ambulatory Care 1 4 23 
$54 $3 $154 $53 
 Included in equity in earnings of unconsolidated affiliates:
Unconsolidated affiliates$ $1 $ $12 

At both September 30, 2022 and December 31, 2021, we had remaining deferred grant payment balances of $5 million, which amounts were recorded in other current liabilities in the accompanying Condensed Consolidated Balance Sheets for those periods.

Medicare Accelerated Payment Program (MAPP)–In certain circumstances, when a healthcare facility is experiencing financial difficulty due to delays in receiving payment for the Medicare services it provided, it may be eligible for an accelerated or advance payment pursuant to the MAPP. The COVID Acts revised the MAPP to disburse payments to healthcare providers more quickly and to allow recipients to retain the advance payments for one year from the date of receipt before recoupment commenced through offsets of Medicare claims payments. Recipients were also permitted to repay the advance payments at any time. Our Hospital Operations and Ambulatory Care segments both received advance payments from the MAPP following its expansion under the COVID Acts in the year ended December 31, 2020; however, no additional advances were received during the nine months ended September 30, 2022 or 2021.

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The table below summarizes MAPP advances received in prior periods that were repaid or recouped during the three and nine months ended September 30, 2022 and 2021. Advances to our Hospital Operations segment and those facilities in our Ambulatory Care segment that we consolidate were recouped through a reduction of their respective Medicare claims payments and, together with any repayments, are presented in cash flows from operating activities in our condensed consolidated statements of cash flows. Advance payments to our Cash‑Managed Affiliates were recouped through a reduction of those affiliates’ Medicare claims payments and, together with any repayments, are presented in cash flows from financing activities.
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
MAPP advances repaid or recouped:
Included in cash flows from operating activities:
Hospital Operations$403 $161 $876 $302 
Ambulatory Care2 13 4 24 
$405 $174 $880 $326 
Included in cash flows from financing activities:
Cash‑Managed Affiliates
$ $14 $ $26 

During the three months ended September 30, 2022, all of the remaining MAPP advances we received were fully repaid or recouped, which resulted in no outstanding liability at September 30, 2022. In the accompanying Condensed Consolidated Balance Sheets, advances totaling $880 million were included in contract liabilities at December 31, 2021.

Deferral of Employment Tax Payments–The COVID Acts permitted employers to defer payment of the 6.2% employer Social Security tax beginning March 27, 2020 through December 31, 2020. Deferred tax amounts are required to be paid in equal amounts over two years, with payments due in December 2021 and December 2022. We paid the first half of the Social Security taxes we deferred in 2020 in December 2021. At both September 30, 2022 and December 31, 2021, deferred Social Security tax payments totaling $128 million were included in accrued compensation and benefits in the accompanying Condensed Consolidated Balance Sheets.

Leases
During the three months ended March 31, 2022, we sold several medical office buildings held in our Hospital Operations segment for net cash proceeds of $147 million and concurrently entered into operating lease agreements to continue use of the facilities. We recognized a gain of $69 million from the sale of these buildings, included in other operating expenses, net in the accompanying Condensed Consolidated Statement of Operations, and we recognized right-of-use assets and operating lease obligations of $109 million, in each case in the three months ended March 31, 2022.

During the nine months ended September 30, 2022 and 2021, we recorded right‑of‑use assets related to non‑cancellable finance leases of $64 million and $81 million, respectively, and related to non‑cancellable operating leases of $296 million and $121 million, respectively.

Cash and Cash Equivalents
We treat highly liquid investments with original maturities of three months or less as cash equivalents. Cash and cash equivalents were $1.208 billion and $2.364 billion at September 30, 2022 and December 31, 2021, respectively. At September 30, 2022 and December 31, 2021, our book overdrafts were $197 million and $226 million, respectively, which were classified as accounts payable. At September 30, 2022 and December 31, 2021, $145 million and $188 million, respectively, of total cash and cash equivalents in the accompanying Condensed Consolidated Balance Sheets were intended for the operations of our insurance‑related subsidiaries.

Also at September 30, 2022 and December 31, 2021, we had $71 million and $95 million, respectively, of property and equipment purchases accrued for items received but not yet paid. Of these amounts, $59 million and $88 million, respectively, were included in accounts payable.

In June 2022, we acquired all of Baylor’s 5% voting ownership interest in USPI. We paid $11 million from cash on hand and recognized a liability of $377 million, the present value of the liability on the acquisition date, for the remainder of the purchase price. We recorded reductions in redeemable noncontrolling interest of $365 million for the carrying value of Baylor’s ownership interest and $23 million to additional paid-in capital for the difference between the carrying value and present value of the purchase price for the shares on the acquisition date. This has been reflected as noncash financing activity in the
8

accompanying Condensed Consolidated Statement of Cash Flows for the nine months ended September 30, 2022. Payments made subsequent to the transaction’s close are reflected as cash activity within the financing section of our condensed consolidated statement of cash flows. See Note 13 for additional information about this transaction.

Other Intangible Assets
The following tables provide information regarding other intangible assets, which were included in the accompanying Condensed Consolidated Balance Sheets:
Gross Carrying
Amount
Accumulated
Amortization
Net Book Value
At September 30, 2022:
Other intangible assets with finite useful lives:
Capitalized software costs$1,764 $(1,203)$561 
Contracts294 (141)153 
Other94 (78)16 
Total other intangible assets with finite lives2,152 (1,422)730 
Other intangible assets with indefinite useful lives:
Trade names102 — 102 
Contracts603 — 603 
Other6 — 6 
Total other intangible assets with indefinite lives711 — 711 
Total other intangible assets$2,863 $(1,422)$1,441 
Gross Carrying
Amount
Accumulated
Amortization
Net Book Value
At December 31, 2021:
Other intangible assets with finite useful lives:
Capitalized software costs$1,770 $(1,165)$605 
Contracts295 (128)167 
Other95 (81)14 
Total other intangible assets with finite lives2,160 (1,374)786 
Other intangible assets with indefinite useful lives:
Trade names102 — 102 
Contracts602 — 602 
Other7 — 7 
Total other intangible assets with indefinite lives711 — 711 
Total other intangible assets$2,871 $(1,374)$1,497 

Estimated future amortization of intangibles with finite useful lives at September 30, 2022 was as follows:
  Three Months EndingYears EndingLater Years
December 31,
 Total20222023202420252026
Amortization of intangible assets$730 $47 $127 $124 $102 $82 $248 

We recognized amortization expense of $132 million and $139 million in the accompanying Condensed Consolidated Statements of Operations for the nine months ended September 30, 2022 and 2021, respectively.

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Other Current Assets
The principal components of other current assets in the accompanying Condensed Consolidated Balance Sheets were as follows:
 September 30, 2022December 31, 2021
Prepaid expenses$358 $252 
Contract assets198 199 
Receivables from government programs434 627 
Guarantees138 104 
Non-patient receivables356 321 
Other82 54 
Total other current assets$1,566 $1,557 

Investments in Unconsolidated Affiliates
We control 300 of the facilities within our Ambulatory Care segment and, therefore, consolidate their results. We account for many of the facilities our Ambulatory Care segment holds ownership interests in (164 of 464 at September 30, 2022), as well as additional companies in which our Hospital Operations segment holds ownership interests, under the equity method as investments in unconsolidated affiliates and report only our share of net income as equity in earnings of unconsolidated affiliates in the accompanying Condensed Consolidated Statements of Operations. No grant income was recognized during the three and nine months ended September 30, 2022 by our unconsolidated affiliates. Equity in earnings of unconsolidated affiliates included $1 million and $12 million of grant income for the three and nine months ended September 30, 2021, respectively.

Summarized financial information for these equity method investees is included in the following table. For investments acquired during the reported periods, amounts below include 100% of the investee’s results beginning on the date of our acquisition of the investment.
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2022202120222021
Net operating revenues$788 $720 $2,351