LabCorp 2014 Annual Report Download - page 95

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F-16
4. RESTRUCTURING RESERVES
The following represents the Company’s restructuring activities for the period indicated:
Severance
and Other
Employee
Costs
Lease
and Other
Facility
Costs Total
Balance as of December 31, 2013 $ 0.8 $ 24.9 $ 25.7
Restructuring charges 10.5 8.4 18.9
Reduction of prior restructuring accruals (0.4)(0.7)(1.1)
Cash payments and other adjustments (10.5)(10.9)(21.4)
Balance as of December 31, 2014 $ 0.4 $ 21.7 $ 22.1
Current $ 7.8
Non-current 14.3
$ 22.1
The non-current portion of the restructuring liabilities is expected to be paid out over 6 years.
5. JOINT VENTURE PARTNERSHIPS AND EQUITY METHOD INVESTMENTS
At December 31, 2014 the Company had investments in the following unconsolidated joint venture partnerships and equity
method investments:
Locations Net
Investment Interest
Owned
Joint Venture Partnerships:
Milwaukee, Wisconsin $ 20.5 50.00%
Alberta, Canada 55.2 43.37%
Florence, South Carolina 10.0 49.00%
Equity Method Investments:
Various 6.9 various
The joint venture agreements that govern the conduct of business of these partnerships mandates unanimous agreement between
partners on all major business decisions as well as providing other participating rights to each partner. The equity method investments
represent the Company’s purchase of shares in clinical diagnostic companies. The investments are accounted for under the equity
method of accounting as the Company does not have control of these investments. The Company has no material obligations or
guarantees to, or in support of, these unconsolidated investments and their operations.
Condensed unconsolidated financial information for joint venture partnerships and equity method investments is shown in the
following table.
LABORATORY CORPORATION OF AMERICA HOLDINGS AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars and shares in millions, except per share data)