LabCorp 2011 Annual Report Download - page 24

22
LABORATORY CORPORATION OF AMERICA
Management’s Discussion and Analysis
of Financial Condition and Results of Operations (in millions)
22
LABORATORY CORPORATION OF AMERICA
Consolidated Balance Sheets
December 31,
(In Millions) 2011 2010
Assets
Current assets:
Cash and cash equivalents $ 159.3 $ 230.7
Accounts receivable, net of allowance for doubtful accounts of $197.6 and $149.2
at December 31, 2011 and 2010, respectively 699.8 655.6
Supplies inventories 110.8 103.4
Prepaid expenses and other 79.6 95.7
Deferred income taxes 35.3 58.4
Total current assets 1,084.8 1,143.8
Property, plant and equipment, net 578.3 586.9
Goodwill, net 2,681.8 2,601.3
Intangible assets, net 1,620.7 1,674.1
Joint venture partnerships and equity method investments 76.8 78.5
Other assets, net 94.2 103.2
Total assets $ 6,136.6 $ 6,187.8
Liabilities And Shareholders’ Equity
Current liabilities:
Accounts payable $ 257.8 $ 257.8
Accrued expenses and other 404.1 352.9
Noncontrolling interest – 148.1
Short-term borrowings and current portion of long-term debt 135.5 361.7
Total current liabilities 797.4 1,120.5
Long-term debt, less current portion 2,085.5 1,826.7
Deferred income taxes and other tax liabilities 502.7 602.3
Other liabilities 227.3 151.4
Total liabilities 3,612.9 3,700.9
Commitments and contingent liabilities
Noncontrolling interest 20.2 20.6
Shareholders’ equity
Common stock, 97.8 and 102.4 shares outstanding at December 31, 2011 and 2010, respectively 11.7 12.2
Additional paid-in capital – 53.9
Retained earnings 3,387.2 3,246.6
Less common stock held in treasury (940.9) (934.9)
Accumulated other comprehensive income 45.5 88.5
Total shareholders’ equity 2,503.5 2,466.3
Total liabilities and shareholders’ equity $ 6,136.6 $ 6,187.8
The accompanying notes are an integral part of these consolidated financial statements.