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23
LABORATORY CORPORATION OF AMERICA
Management’s Discussion and Analysis
of Financial Condition and Results of Operations
23
LABORATORY CORPORATION OF AMERICA
Consolidated Statements of Operations
Years Ended December 31,
(In Millions, Except Per Share Data) 2010 2009 2008
Net sales $ 5,003.9 $ 4,694.7 $ 4,505.2
Cost of sales 2,906.1 2,723.8 2,631.4
Gross profit 2,097.8 1,970.9 1,873.8
Selling, general and administrative expenses 1,034.3 958.9 935.1
Amortization of intangibles and other assets 72.7 62.6 57.9
Restructuring and other special charges 12.0 13.5 37.9
Operating income 978.8 935.9 842.9
Other income (expenses):
Interest expense (70.0) (62.9) (72.0)
Equity method income, net 10.6 13.8 14.4
Investment income 1.1 1.6 2.5
Other, net (4.9) (3.8) (2.1)
Earnings before income taxes 915.6 884.6 785.7
Provision for income taxes 344.0 329.0 307.9
Net earnings 571.6 555.6 477.8
Less: Net earnings attributable to the noncontrolling interest (13.4) (12.3) (13.3)
Net earnings attributable to Laboratory Corporation of America Holdings $ 558.2 $ 543.3 $ 464.5
Basic earnings per common share $ 5.42 $ 5.06 $ 4.23
Diluted earnings per common share $ 5.29 $ 4.98 $ 4.16
The accompanying notes are an integral part of these consolidated financial statements.