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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) 2013 2012 2011
Net sales $ 5,808.3 $ 5,671.4 $ 5,542.3
Cost of sales 3,585.1 3,421.7 3,267.6
Gross profit 2,223.2 2,249.7 2,274.7
Selling, general and administrative expenses 1,128.8 1,114.6 1,159.6
Amortization of intangibles and other assets 81.7 86.3 85.8
Restructuring and other special charges 21.8 25.3 80.9
Operating income 990.9 1,023.5 948.4
Other income (expenses):
Interest expense (96.5) (94.5) (87.5)
Equity method income, net 16.9 21.4 9.5
Investment income 2.2 1.0 1.3
Other, net 2.1 (7.2) (5.6)
Earnings before income taxes 915.6 944.2 866.1
Provision for income taxes 340.2 359.4 333.0
Net earnings 575.4 584.8 533.1
Less: Net earnings attributable to the noncontrolling interest (1.6) (1.7) (13.4)
Net earnings attributable to Laboratory Corporation of America Holdings $ 573.8 $ 583.1 $ 519.7
Basic earnings per common share $ 6.36 $ 6.09 $ 5.20
Diluted earnings per common share $ 6.25 $ 5.99 $ 5.11
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) 2013 2012 2011
Net earnings $ 575.4 $ 584.8 $ 533.1
Foreign currency translation adjustments (63.2) 31.3 (13.2)
Interest rate swap adjustments – – 2.4
Net benefit plan adjustments 42.1 7.3 (57.5)
Investment adjustments 16.4 – –
Other comprehensive earnings (loss) before tax (4.7) 38.6 (68.3)
Provision for income tax related to items of comprehensive earnings 1.5 (14.7) 25.3
Other comprehensive earnings (loss), net of tax (3.2) 23.9 (43.0)
Comprehensive earnings 572.2 608.7 490.1
Less: Net earnings attributable to the noncontrolling interest (1.6) (1.7) (13.4)
Net earnings attributable to Laboratory Corporation of America Holdings $ 570.6 $ 607.0 $ 476.7
The accompanying notes are an integral part of these consolidated financial statements.