Company: THC
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0000070318-25-000009
Chunk: 114

Company: TENET HEALTHCARE CORP
Filing Date: 2025-02-18
Form: 10-K
Item: Item 8
Chunk 114
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 Cash EquivalentsWe treat highly liquid investments with original maturities of three months or less as cash equivalents. Cash and cash equivalents were $3.019 billion and $1.228 billion at December 31, 2024 and 2023, respectively. At December 31, 2024 and 2023, our book overdrafts were $143 million and $187 million, respectively, which were classified as accounts payable. At December 31, 2024 and 2023, $110 million and $100 million, respectively, of total cash and cash equivalents in the accompanying Consolidated Balance Sheets were intended for the operations of our insurance‑related subsidiaries.At December 31, 2024, 2023 and 2022, we had $127 million, $154 million and $196 million, respectively, of property and equipment purchases accrued for items received but not yet paid. Of these amounts, $109 million, $141 million and $191 million, respectively, were included in accounts payable.In June 2022, we acquired all of Baylor University Medical Center’s (“Baylor”) 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 accompanying Consolidated Statement of Cash Flows for the year ended December 31, 2022. Payments made subsequent to the transaction’s close are reflected as cash activity within the financing section of our consolidated statements of cash flows in the respective periods. See Note 18 for additional information about this transaction.

Investments in Debt and Equity SecuritiesWe classify investments in debt securities as either available‑for‑sale, held‑to‑maturity or as part of a trading portfolio. Our policy is to classify investments in debt securities that may be needed for cash requirements as “available‑for‑sale.” At December 31, 2024 and 2023, we had no significant investments in debt securities classified as either held‑to‑maturity or trading. We carry debt securities classified as available‑for‑sale at fair value