Community Health Systems Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Community Health Systems, Inc. has filed its annual 10-K report detailing its 2023 financial performance and key corporate information.</b>

AI Summary

COMMUNITY HEALTH SYSTEMS INC (CYH) filed a Annual Report (10-K) with the SEC on February 21, 2024. Community Health Systems, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. Key financial instruments mentioned include Senior Secured Notes at 4.75% due 2031 and Senior Notes at 6.875% due 2028. The company's business address is 4000 Meridian Boulevard, Franklin, TN 37067. The filing references various debt instruments and employee benefit trusts, including Core Trust Holdings LLC and pension plans.

Why It Matters

For investors and stakeholders tracking COMMUNITY HEALTH SYSTEMS INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial health, operational status, and strategic positioning for the fiscal year 2023. Investors and analysts can use this report to assess the company's debt structure, including various notes and credit agreements, and understand its long-term financial obligations.

Risk Assessment

Risk Level: medium — COMMUNITY HEALTH SYSTEMS INC shows moderate risk based on this filing. The company's financial structure involves significant debt, including Senior Secured Notes and Senior Notes with varying interest rates and maturity dates, indicating a medium level of financial risk.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand the impact of the company's debt obligations and operational performance on future profitability.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-21 — Filing Date (Date of submission)
• 4.75% — Interest Rate (Senior Secured Notes due 2031)
• 6.875% — Interest Rate (Senior Notes due 2028)

Key Players & Entities

• COMMUNITY HEALTH SYSTEMS INC (company) — Filer name
• CYH (company) — Ticker symbol
• 4000 Meridian Boulevard, Franklin, TN 37067 (company) — Business address
• 615-465-7000 (company) — Business phone
• 2023-12-31 (date) — Fiscal year end
• 2024-02-21 (date) — Filing date
• Senior Secured Notes at 4.75% due 2031 (dollar_amount) — Debt instrument
• Senior Notes at 6.875% due 2028 (dollar_amount) — Debt instrument

FAQ

Risk Factors

• Debt Obligations [medium — financial]: The company has significant long-term debt, including Senior Secured Notes and Senior Notes, which carry interest rate risk and maturity obligations.
• Healthcare Industry Competition [medium — market]: The company operates in a competitive healthcare market, facing challenges from other providers and changes in healthcare policy.
• Hospital Operations and Performance [medium — operational]: The financial results are dependent on the operational performance of its hospitals, including occupancy rates and service utilization.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-21: Filing Date — Date the 10-K report was officially submitted to the SEC.

Key Financial Figures

• $4.4 — expenditures grew 4.1% in 2022 to over $4.4 trillion, an increase from the growth o
• $7.1 — lthcare annual expenditures will exceed $7.1 trillion by 2031, accounting for approx
• $1.4 — spital care expenditures totaled nearly $1.4 trillion in 2022, an increase of 2.2% o
• $2.3 — y from 2024 through 2031, reaching over $2.3 trillion by 2031. U.S. Hospital Indus

Filing Documents

• cyh-20231231.htm (10-K) — 5178KB
• cyh-ex2_7.htm (EX-2.7) — 615KB
• cyh-ex4_10.htm (EX-4.10) — 43KB
• cyh-ex4_15.htm (EX-4.15) — 43KB
• cyh-ex4_20.htm (EX-4.20) — 39KB
• cyh-ex4_23.htm (EX-4.23) — 43KB
• cyh-ex4_26.htm (EX-4.26) — 44KB
• cyh-ex4_29.htm (EX-4.29) — 41KB
• cyh-ex4_32.htm (EX-4.32) — 44KB
• cyh-ex4_35.htm (EX-4.35) — 40KB
• cyh-ex4_38.htm (EX-4.38) — 43KB
• cyh-ex21.htm (EX-21) — 626KB
• cyh-ex23_1.htm (EX-23.1) — 3KB
• cyh-ex31_1.htm (EX-31.1) — 10KB
• cyh-ex31_2.htm (EX-31.2) — 10KB
• cyh-ex32_1.htm (EX-32.1) — 6KB
• cyh-ex32_2.htm (EX-32.2) — 6KB
• cyh-ex97.htm (EX-97) — 90KB
• img84332153_0.jpg (GRAPHIC) — 34KB
• 0000950170-24-018021.txt (&nbsp;) — 23851KB
• cyh-20231231.xsd (EX-101.SCH) — 2898KB
• cyh-20231231_htm.xml (XML) — 4555KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 24 Item 1B. Unresolved Staff Comments 44 Item 1C. Cybersecurity 44 Item 2.

Properties

Properties 45 Item 3.

Legal Proceedings

Legal Proceedings 48 Item 4. Mine Safety Disclosures 50 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 51 Item 6. Reserved 52 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 53 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 72 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 73 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 118 Item 9A.

Controls and Procedures

Controls and Procedures 118 Item 9B. Other Information 118 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 118 PART III Item 10. Directors, Executive Officers and Corporate Governance 121 Item 11.

Executive Compensation

Executive Compensation 122 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 122 Item 13. Certain Relationships and Related Transactions, and Director Independence 122 Item 14. Principal Accountant Fees and Services 122 PART IV Item 15. Exhibits and Financial Statement Schedules 123 Item 16. Form 10-K Summary 130

Business of Commun ity Health Systems, Inc

Item 1. Business of Commun ity Health Systems, Inc. Overview of Our Company We are one of the nation's largest healthcare companies. Our affiliates are leading providers of healthcare services, developing and operating healthcare delivery systems in 40 distinct markets across 15 states. As of December 31, 2023, our subsidiaries own or lease 71 affiliated hospitals, with approximately 12,000 beds, and operate more than 1,000 sites of care, including physician practices, urgent care centers, freestanding emergency departments, occupational medicine clinics, imaging centers, cancer centers and ambulatory surgery centers. We generate revenues by providing a broad range of general and specialized hospital healthcare services and outpatient services to patients in the communities in which we are located. For the hospitals that we own and operate, we are paid for our services by governmental agencies, private insurers and directly by the patients we serve. Services provided through our hospitals and outpatient facilities include general acute care, emergency room, general and specialty surgery, critical care, internal medicine, obstetrics, diagnostic, psychiatric and rehabilitation services. An integral part of providing these services is our network of affiliated physicians at our hospitals and affiliated businesses. As of December 31, 2023, we employed approximately 1,500 physicians and an additional 1,100 licensed healthcare practitioners. Through our management and operation of these businesses, we provide standardization and centralization of operations across key business areas; strategic assistance to expand and improve services and facilities; implementation of patient safety and quality of care improvement programs and assistance in the recruitment of additional physicians and licensed healthcare practitioners to the markets in which our hospitals are located. In a number of our markets, we have partnered with local physicians, for-profit entities and/or not-f

View Full Filing

View this 10-K filing on SEC EDGAR