LabCorp 2014 Annual Report Download - page 97

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F-18
7. PROPERTY, PLANT AND EQUIPMENT, NET
December 31,
2014 December 31,
2013
Land $ 29.3 $ 29.0
Buildings and building improvements 201.8 188.8
Machinery and equipment 719.8 712.1
Software 434.7 404.9
Leasehold improvements 200.1 196.5
Furniture and fixtures 57.7 58.1
Construction in progress 126.7 127.9
Equipment and real estate under capital leases 42.9 14.6
1,813.0 1,731.9
Less accumulated depreciation and amortization of capital lease assets (1,026.5)(1,024.5)
$ 786.5 $ 707.4
Depreciation expense and amortization of property, plant and equipment was $157.6, $144.7 and $141.1 for 2014, 2013 and
2012, respectively, including software depreciation of $38.5, $39.3, and $35.1 for 2014, 2013 and 2012, respectively.
During 2014, the Company adopted a policy that fully depreciated information technology equipment which remained on
the books in excess of twice their useful life would be written off. In accordance with this policy, $36.8 of information
technology equipment was written off in 2014 with no impact to net income.
8. GOODWILL AND INTANGIBLE ASSETS
The changes in the carrying amount of goodwill (net of accumulated amortization) for the years ended December 31, 2014
and 2013 are as follows:
Clinical Diagnostics
Laboratory Segment Other Segment Total
December 31,
2014 December 31,
2013 December 31,
2014 December 31,
2013 December 31,
2014 December 31,
2013
Balance as of January 1 $ 2,960.2 $ 2,857.1 $ 62.6 $ 44.6 $ 3,022.8 $ 2,901.7
Goodwill acquired during
the period 81.8 107.5 — 19.5 81.8 127.0
Adjustments to goodwill — (4.4) (5.2)(1.5)(5.2)(5.9)
Balance at end of period $ 3,042.0 $ 2,960.2 $ 57.4 $ 62.6 $ 3,099.4 $ 3,022.8
The components of identifiable intangible assets are as follows:
LABORATORY CORPORATION OF AMERICA HOLDINGS AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars and shares in millions, except per share data)