LabCorp 2013 Annual Report Download - page 28

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) 2013 2012
ASSETS
Current assets:
Cash and cash equivalents $ 404.0 $ 466.8
Accounts receivable, net of allowance for doubtful accounts of $198.3 and $191.5
at December 31, 2013 and 2012, respectively 784.7 718.5
Supplies inventories 136.5 121.0
Prepaid expenses and other 106.9 74.6
Deferred income taxes – 10.9
Total current assets 1,432.1 1,391.8
Property, plant and equipment, net 707.4 630.8
Goodwill, net 3,022.8 2,901.7
Intangible assets, net 1,572.0 1,667.7
Joint venture partnerships and equity method investments 88.5 78.1
Other assets, net 143.1 124.9
Total assets $ 6,965.9 $ 6,795.0
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 304.5 $ 236.9
Accrued expenses and other 310.0 311.6
Deferred income taxes 9.9 –
Short-term borrowings and current portion of long-term debt 111.3 480.0
Total current liabilities 735.7 1,028.5
Long-term debt, less current portion 2,889.1 2,175.0
Deferred income taxes and other tax liabilities 563.9 546.0
Other liabilities 266.5 307.4
Total liabilities 4,455.2 4,056.9
Commitments and contingent liabilities
Noncontrolling interest 19.4 20.7
Shareholders’ equity
Common stock, 85.7 and 93.5 shares outstanding at December 31, 2013 and 2012, respectively 10.5 11.3
Additional paid-in capital – –
Retained earnings 3,373.5 3,588.5
Less common stock held in treasury (958.9) (951.8)
Accumulated other comprehensive income 66.2 69.4
Total shareholders’ equity 2,491.3 2,717.4
Total liabilities and shareholders’ equity $ 6,965.9 $ 6,795.0
The accompanying notes are an integral part of these consolidated financial statements.