Property and equipment assets are deprecated over a period of one to 47 years. Impairment of Long-Lived Assets The System evaluates on an ongoing basis the recoverability of its assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. [...] The System has not recorded any impairment charges in the accompanying combined statements of operations and changes in net assets for the years ended December 31, 2023 and 2022. [...] NOTES TO THE COMBINED FINANCIAL STATEMENTS DECEMBER 31, 2023 AND 2022 (dollars in thousands) 14 Revenue from the Medicare program accounted for approximately 42% and 43% of the System’s net patient service revenue for 2023 and 2022, respectively. [...] NOTES TO THE COMBINED FINANCIAL STATEMENTS DECEMBER 31, 2023 AND 2022 (dollars in thousands) 17 Charity Care In the ordinary course of business, the System renders services to patients who are financially unable to pay for hospital care. [...] INVESTMENTS Assets Limited as to Use The composition of assets limited as to use at December 31, 2023 and 2022 is set forth in the following table. [...] NOTES TO THE COMBINED FINANCIAL STATEMENTS DECEMBER 31, 2023 AND 2022 (dollars in thousands) 22 The System’s expected rate of return on Plan assets is determined by the Plan assets’ historical long-term investment performance, current asset allocation, and estimates of future long-term returns by asset class. 2023 2022 Weighted-average assumptions used to determine pension benefit obl [...] NOTES TO THE COMBINED FINANCIAL STATEMENTS DECEMBER 31, 2023 AND 2022 (dollars in thousands) 24 The System attempts to mitigate investment risk by rebalancing between investment classes as the System’s contributions and monthly benefit payments are made. [...] The System made contributions to the Retirement Plan of approximately $2,649 and $2,990 for the years ended December 31, 2023 and 2022, respectively. 13. [...] NOTES TO THE COMBINED FINANCIAL STATEMENTS DECEMBER 31, 2023 AND 2022 (dollars in thousands) 27 The combined financial statements report certain categories of expenses that are attributable to healthcare services as well as general and administrative functions. Therefore, these expenses require allocation on a reasonable basis that is consistently applied. [...] NOTES TO THE COMBINED FINANCIAL STATEMENTS DECEMBER 31, 2023 AND 2022 (dollars in thousands) 30 Litigation The System is involved in litigation and regulatory investigations arising in the normal course of business. After consultation with legal counsel, management estimates that these matters will be resolved without material adverse effect on the System’s future financial position or
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- United States of America
