LabCorp 2014 Annual Report Download - page 99

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F-20
10. OTHER LIABILITIES
December 31,
2014 December 31,
2013
Post-retirement benefit obligation $ 26.7 $ 60.6
Defined benefit plan obligation 117.9 80.0
Restructuring reserves 14.3 16.4
Self-insurance reserves 34.9 31.6
Acquisition related reserves 2.2 7.2
Deferred revenue 3.4 4.0
Deferred compensation plan obligation 43.4 36.3
Worker's compensation and auto 23.1 19.9
Other 8.3 10.5
$ 274.2 $ 266.5
11. DEBT
Short-term borrowings and current portion of long-term debt at December 31, 2014 and 2013 consisted of the following:
December 31,
2014 December 31,
2013
Zero-coupon convertible subordinated notes $ 93.9 $ 110.8
5.625% Senior Notes due 2015 250.0 —
Capital lease obligation 3.2 0.5
Total short-term borrowings and current portion of long-term debt $ 347.1 $ 111.3
Long-term debt at December 31, 2014 and 2013 consisted of the following:
December 31,
2014 December 31,
2013
5.625% Senior Notes due 2015 $ — $ 250.0
3.125% Senior Notes due 2016 325.0 325.0
2.20% Senior Notes due 2017 500.0 500.0
2.50% Senior Notes due 2018 400.0 400.0
4.625% Senior Notes due 2020 618.5 600.0
3.75% Senior Notes due 2022 500.0 500.0
4.00% Senior Notes due 2023 300.0 300.0
Capital leases 39.2 14.1
Total long-term debt $ 2,682.7 $ 2,889.1
Credit Facilities
On November 2, 2014, in connection with entering into the Merger Agreement with Covance, the Company entered into
a bridge facility commitment letter. Under the bridge facility commitment letter, the lenders agreed to provide a $4,250.0 senior
unsecured bridge term loan credit facility consisting of a$3,850.0 364-day unsecured debt bridge tranche and a $400.0 60-day
unsecured cash bridge tranche for the purpose of financing all or a portion of the cash consideration and the fees and expenses
in connection with the transactions contemplated by the Merger Agreement. The bridge facility was permitted to be drawn
LABORATORY CORPORATION OF AMERICA HOLDINGS AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars and shares in millions, except per share data)