LabCorp 2007 Annual Report Download - page 34

Consolidated Balance Sheets
32 Laboratory Corporation of America® Holdings 2007
December 31,
(in millions) 2007 2006
ASSETS
Current assets:
Cash and cash equivalents $ 56.4 $ 51.5
Short-term investments 109.9 135.4
Accounts receivable, net 623.2 541.3
Supplies inventories 80.4 84.3
Prepaid expenses and other 67.6 53.2
Deferred income taxes – 21.3
Total current assets 937.5 887.0
Property, plant and equipment, net 439.2 393.2
Goodwill, net 1,639.5 1,484.0
Intangible assets, net 613.4 610.2
Investments in joint venture partnerships 683.0 577.9
Other assets, net 55.6 48.5
Total assets $ 4,368.2 $ 4,000.8
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 134.2 $ 133.5
Accrued expenses and other 239.6 243.0
Deferred income taxes 4.6 –
Short-term borrowings and current portion of long-term debt 589.5 554.4
Total current liabilities 967.9 930.9
Long-term debt, less current portion 1,077.5 603.0
Deferred income taxes and other tax liabilities 506.8 409.2
Other liabilities 90.7 80.6
Total liabilities 2,642.9 2,023.7
Commitments and contingent liabilities – –
Shareholders’ equity:
Common stock, 111.0 and 122.2 shares outstanding at
December 31, 2007 and December 31, 2006, respectively 13.2 14.4
Additional paid-in capital 245.5 1,027.7
Retained earnings 2,243.7 1,767.9
Less common stock held in treasury (897.1) (891.6)
Accumulated other comprehensive earnings 120.0 58.7
Total shareholders’ equity 1,725.3 1,977.1
Total liabilities and shareholders’ equity $ 4,368.2 $ 4,000.8
The accompanying notes are an integral part of these consolidated fi nancial statements.
Laboratory Corporation of America