LabCorp 2012 Annual Report Download - page 27

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25
LABORATORY CORPORATION OF AMERICA
Management’s Discussion and Analysis
of Financial Condition and Results of Operations (in millions)
25
LABORATORY CORPORATION OF AMERICA
Consolidated Statements of Operations
Years Ended December 31,
(In Millions, Except Per Share Data) 2012 2011 2010
Net sales $ 5,671.4 $ 5,542.3 $ 5,003.9
Cost of sales 3,421.7 3,267.6 2,906.1
Gross profit 2,249.7 2,274.7 2,097.8
Selling, general and administrative expenses 1,114.6 1,159.6 1,034.3
Amortization of intangibles and other assets 86.3 85.8 72.7
Restructuring and other special charges 25.3 80.9 12.0
Operating income 1,023.5 948.4 978.8
Other income (expenses):
Interest expense (94.5) (87.5) (70.0)
Equity method income, net 21.4 9.5 10.6
Investment income 1.0 1.3 1.1
Other, net (7.2) (5.6) (4.9)
Earnings before income taxes 944.2 866.1 915.6
Provision for income taxes 359.4 333.0 344.0
Net earnings 584.8 533.1 571.6
Less: Net earnings attributable to the noncontrolling interest (1.7) (13.4) (13.4)
Net earnings attributable to Laboratory Corporation of America Holdings $ 583.1 $ 519.7 $ 558.2
Basic earnings per common share $ 6.09 $ 5.20 $ 5.42
Diluted earnings per common share $ 5.99 $ 5.11 $ 5.29
The accompanying notes are an integral part of these consolidated financial statements.
Consolidated Statements of Comprehensive Earnings
Years Ended December 31,
(In Millions, Except Per Share Data) 2012 2011 2010
Net earnings $ 584.8 $ 533.1 $ 571.6
Foreign currency translation adjustments 31.3 (13.2) 41.3
Interest rate swap adjustments – 2.4 8.2
Net benefit plan adjustments 7.3 (57.5) (8.3)
Other comprehensive earnings (loss) before tax 38.6 (68.3) 41.2
Provision for income tax related to items of comprehensive earnings (14.7) 25.3 (14.2)
Other comprehensive earnings (loss), net of tax 23.9 (43.0) 27.0
Comprehensive earnings 608.7 490.1 598.6
Less: Net earnings attributable to the noncontrolling interest (1.7) (13.4) (13.4)
Net earnings attributable to Laboratory Corporation of America Holdings $ 607.0 $ 476.7 $ 585.2
The accompanying notes are an integral part of these consolidated financial statements.