LabCorp 2008 Annual Report Download - page 34

Laboratory Corporation of America
32 Laboratory Corporation of America® Holdings 2008
Consolidated Balance Sheets
December 31,
(In Millions) 2008 2007
Assets
Current assets:
Cash and cash equivalents $ 219.7 $ 56.4
Short-term investments – 109.9
Accounts receivable, net of allowance for doubtful accounts of $161.0 and $92.5 at December 31, 2008 and 2007, respectively 631.6 623.2
Supplies inventories 91.0 80.4
Prepaid expenses and other 83.8 67.6
Deferred income taxes 6.7 –
Total current assets 1,032.8 937.5
Property, plant and equipment, net 496.4 439.2
Goodwill, net 1,772.2 1,639.5
Intangible assets, net 1,222.6 613.4
Investments in joint venture partnerships 72.0 683.0
Other assets, net 73.5 55.6
Total assets $ 4,669.5 $ 4,368.2
Liabilities And Shareholders’ Equity
Current liabilities:
Accounts payable $ 159.7 $ 134.2
Accrued expenses and other 266.4 239.6
Deferred income taxes – 4.6
Short-term borrowings and current portion of long-term debt 120.8 589.5
Total current liabilities 546.9 967.9
Long-term debt, less current portion 1,600.5 1,077.5
Deferred income taxes and other tax liabilities 522.9 506.8
Other liabilities 189.6 90.7
Total liabilities 2,859.9 2,642.9
Commitments and contingent liabilities – –
Minority interest 121.3 –
Shareholders’ equity:
Common stock, 108.2 and 111.0 shares outstanding at December 31, 2008 and December 31, 2007, respectively 12.8 13.2
Additional paid-in capital 22.0 245.5
Retained earnings 2,600.0 2,243.7
Less common stock held in treasury (929.8) (897.1)
Accumulated other comprehensive (loss) earnings (16.7) 120.0
Total shareholders’ equity 1,688.3 1,725.3
Total liabilities and shareholders’ equity $ 4,669.5 $ 4,368.2
The accompanying notes are an integral part of these consolidated financial statements.