LabCorp 2006 Annual Report Download - page 32

CONSOLIDATED BALANCE SHEETS
30 Laboratory Corporation of America® Holdings 2006
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December 31,
(in millions) 2006 2005
ASSETS
Current assets:
Cash and cash equivalents $ 51.5 $ 45.4
Short-term investments 135.4 17.7
Accounts receivable, net 541.3 493.4
Supplies inventories 84.3 65.4
Prepaid expenses and other 53.2 37.2
Deferred income taxes 21.3 43.2
Total current assets 887.0 702.3
Property, plant and equipment, net 393.2 381.5
Goodwill, net 1,484.0 1,477.0
Intangible assets, net 610.2 645.7
Investments in joint venture partnerships 577.9 578.9
Other assets, net 48.5 90.4
Total assets $ 4,000.8 $ 3,875.8
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 133.5 $ 116.2
Accrued expenses and other 243.0 227.3
Short-term borrowings and current portion of long-term debt 554.4 544.6
Total current liabilities 930.9 888.1
Long-term debt, less current portion 603.0 604.5
Deferred income taxes 409.2 408.9
Other liabilities 80.6 88.6
Total liabilities 2,023.7 1,990.1
Commitments and contingent liabilities – –
Shareholders’ equity:
Common stock, 122.2 and 126.5 shares outstanding at
December 31, 2006 and December 31, 2005, respectively 14.4 14.8
Additional paid-in capital 1,027.7 1,339.7
Retained earnings 1,767.9 1,336.3
Less common stock held in treasury (891.6) (888.5)
Unearned restricted stock compensation – (6.9)
Accumulated other comprehensive earnings 58.7 90.3
Total shareholders’ equity 1,977.1 1,885.7
Total liabilities and shareholders’ equity $ 4,000.8 $ 3,875.8
The accompanying notes are an integral part of these consolidated financial statements.