LabCorp 2010 Annual Report Download - page 24

22
LABORATORY CORPORATION OF AMERICA
Management’s Discussion and Analysis
of Financial Condition and Results of Operations
22
LABORATORY CORPORATION OF AMERICA
Consolidated Balance Sheets
December 31,
(In Millions) 2010 2009
Assets
Current assets:
Cash and cash equivalents $ 230.7 $ 148.5
Accounts receivable, net of allowance for doubtful accounts of $149.2 and $173.1
at December 31, 2010 and 2009, respectively 655.6 574.2
Supplies inventories 103.4 90.0
Prepaid expenses and other 95.7 80.1
Deferred income taxes 58.4 42.8
Total current assets 1,143.8 935.6
Property, plant and equipment, net 586.9 500.8
Goodwill, net 2,601.3 1,897.1
Intangible assets, net 1,674.1 1,342.2
Joint venture partnerships and equity method investments 78.5 71.4
Other assets, net 103.2 90.7
Total assets $ 6,187.8 $ 4,837.8
Liabilities And Shareholders’ Equity
Current liabilities:
Accounts payable $ 257.8 $ 183.1
Accrued expenses and other 352.9 275.7
Noncontrolling interest 148.1 142.4
Short-term borrowings and current portion of long-term debt 361.7 417.2
Total current liabilities 1,120.5 1,018.4
Long-term debt, less current portion 1,826.7 977.2
Deferred income taxes and other tax liabilities 602.3 577.7
Other liabilities 151.4 158.4
Total liabilities 3,700.9 2,731.7
Commitments and contingent liabilities – –
Noncontrolling interest 20.6 –
Shareholders’ equity
Common stock, 102.4 and 105.3 shares outstanding at December 31, 2010 and 2009, respectively 12.2 12.5
Additional paid-in capital 53.9 36.7
Retained earnings 3,246.6 2,927.9
Less common stock held in treasury (934.9) (932.5)
Accumulated other comprehensive income 88.5 61.5
Total shareholders’ equity 2,466.3 2,106.1
Total liabilities and shareholders’ equity $ 6,187.8 $ 4,837.8
The accompanying notes are an integral part of these consolidated financial statements.