LabCorp 2014 Annual Report Download - page 86

Download and view the complete annual report

Please find page 86 of the 2014 LabCorp annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 128

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128

F-7
LABORATORY CORPORATION OF AMERICA HOLDINGS AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Millions)
Years Ended December 31,
2014 2013 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings $ 512.6 $ 575.4 $ 584.8
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization 245.5 230.1 229.8
Stock compensation 45.7 37.3 40.7
(Gain)/loss on sale of assets (12.5)(3.9) 5.5
Accrued interest on zero-coupon subordinated notes 2.0 2.3 2.7
Cumulative earnings less than (in excess of) distributions from equity method
investments (5.8)(4.2)(0.4)
Deferred income taxes 27.7 56.2 53.3
Change in assets and liabilities (net of effects of acquisitions):
(Increase) decrease in accounts receivable (net) (31.1)(67.5) 0.6
Increase in inventories (0.3)(15.3)(6.3)
(Increase) decrease in prepaid expenses and other (12.9)(32.3) 7.1
Increase (decrease) in accounts payable (21.2) 60.8 (30.0)
Increase (decrease) in accrued expenses and other (10.7)(20.2)(46.4)
Net cash provided by operating activities 739.0 818.7 841.4
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (203.5)(202.2)(173.8)
Proceeds from sale of assets 1.4 1.1 3.2
Proceeds from sale of investments 31.6 7.5 —
Acquisition of licensing technology — — (2.5)
Investments in equity affiliates (20.2)(6.5)(26.0)
Acquisition of businesses, net of cash acquired (159.4)(159.5)(335.1)
Net cash used for investing activities (350.1)(359.6)(534.2)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from senior notes offerings — 700.0 1,000.0
Proceeds from revolving credit facilities — 412.0 305.0
Payments on revolving credit facilities — (412.0)(865.0)
Payments on zero-coupon subordinated notes (18.9)(21.5)(8.2)
Payments on long-term debt — (350.0)—
Payment of debt issuance costs (24.1)(9.3)(8.9)
Payments on long-term lease obligations (1.4)(0.4)—
Noncontrolling interest distributions (1.2)(0.9)(1.2)
Deferred payments on acquisitions (6.7)(5.6)—
Excess tax benefits from stock based compensation 5.9 11.0 8.2
Net proceeds from issuance of stock to employees 114.8 174.0 85.8
Purchase of common stock (269.0)(1,015.6)(516.5)
Net cash used for financing activities (200.6)(518.3)(0.8)
Effect of exchange rate changes on cash and cash equivalents (12.3)(3.6) 1.1
Net increase (decrease) in cash and cash equivalents 176.0 (62.8) 307.5
Cash and cash equivalents at beginning of period 404.0 466.8 159.3
Cash and cash equivalents at end of period $ 580.0 $ 404.0 $ 466.8
The accompanying notes are an integral part of these consolidated financial statements.