LabCorp 2012 Annual Report Download - page 26

24
LABORATORY CORPORATION OF AMERICA
Management’s Discussion and Analysis
of Financial Condition and Results of Operations (in millions)
24
LABORATORY CORPORATION OF AMERICA
Consolidated Balance Sheets
December 31,
(In Millions) 2012 2011
Assets
Current assets:
Cash and cash equivalents $ 466.8 $ 159.3
Accounts receivable, net of allowance for doubtful accounts of $191.5 and $197.6
at December 31, 2012 and 2011, respectively 718.5 699.8
Supplies inventories 121.0 110.8
Prepaid expenses and other 74.6 79.6
Deferred income taxes 10.9 10.5
Total current assets 1,391.8 1,060.0
Property, plant and equipment, net 630.8 578.3
Goodwill, net 2,901.7 2,681.8
Intangible assets, net 1,667.7 1,620.7
Joint venture partnerships and equity method investments 78.1 76.8
Other assets, net 124.9 94.2
Total assets $ 6,795.0 $ 6,111.8
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable $ 236.9 $ 257.8
Accrued expenses and other 311.6 339.3
Short-term borrowings and current portion of long-term debt 480.0 135.5
Total current liabilities 1,028.5 732.6
Long-term debt, less current portion 2,175.0 2,085.5
Deferred income taxes and other tax liabilities 546.0 477.9
Other liabilities 307.4 292.1
Total liabilities 4,056.9 3,588.1
Commitments and contingent liabilities
Noncontrolling interest 20.7 20.2
Shareholders’ equity
Common stock, 93.5 and 97.8 shares outstanding at December 31, 2012 and 2011, respectively 11.3 11.7
Additional paid-in capital – –
Retained earnings 3,588.5 3,387.2
Less common stock held in treasury (951.8) (940.9)
Accumulated other comprehensive income 69.4 45.5
Total shareholders’ equity 2,717.4 2,503.5
Total liabilities and shareholders’ equity $ 6,795.0 $ 6,111.8
The accompanying notes are an integral part of these consolidated financial statements.