LabCorp 2014 Annual Report Download - page 83

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F-4
LABORATORY CORPORATION OF AMERICA HOLDINGS AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Millions, Except Per Share Data)
Years Ended December 31,
2014 2013 2012
Net sales $ 6,011.6 $ 5,808.3 $ 5,671.4
Cost of sales 3,808.5 3,585.1 3,421.7
Gross profit 2,203.1 2,223.2 2,249.7
Selling, general and administrative expenses 1,198.2 1,128.8 1,114.6
Amortization of intangibles and other assets 76.7 81.7 86.3
Restructuring and other special charges 17.8 21.8 25.3
Operating income 910.4 990.9 1,023.5
Other income (expenses):
Interest expense (109.5)(96.5)(94.5)
Equity method income, net 14.3 16.9 21.4
Investment income 1.1 2.2 1.0
Other, net 10.4 2.1 (7.2)
Earnings before income taxes 826.7 915.6 944.2
Provision for income taxes 314.1 340.2 359.4
Net earnings 512.6 575.4 584.8
Less: Net earnings attributable to the noncontrolling interest (1.4)(1.6)(1.7)
Net earnings attributable to Laboratory Corporation of America Holdings $ 511.2 $ 573.8 $ 583.1
Basic earnings per common share $ 6.03 $ 6.36 $ 6.09
Diluted earnings per common share $ 5.91 $ 6.25 $ 5.99
The accompanying notes are an integral part of these consolidated financial statements.