LabCorp 2015 Annual Report Download - page 99
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Index
The following represents the Company’s restructuring activities for the period indicated:
LCD
CDD
Total
Severance and Other
Employee Costs
Lease and Other
Facility Costs
Severance and Other
Employee Costs
Lease and Other
Facility Costs
Balance as of December 31, 2014 $ 0.4
$ 21.7
$ —
$ —
$ 22.1
Restructuring charges 9.7
29.4
48.2
26.6
113.9
Reduction of prior restructuring accruals —
(1.1)
—
—
(1.1)
Cash payments and other adjustments (10.0)
(23.5)
3.3
(25.5)
(55.7)
Balance as of December 31, 2015 $ 0.1
$ 26.5
$ 51.5
$ 1.1
$ 79.2
Current
$ 58.6
Non-current
20.6
$ 79.2
The non-current portion of the restructuring liabilities is expected to be paid out over 6 years. Cash payments and other adjustments includes the reclass of
profit sharing, pension, and holiday accrual.
At December 31, 2015 the Company had investments in the following unconsolidated joint venture partnerships and equity method investments:
Locations Net Investment
Interest Owned
Joint Venture Partnerships:
Alberta, Canada (2) $ 44.0
43.37%
Florence, South Carolina 10.4
49.00%
Equity Method Investments:
Various 3.8
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.
Effective June 30, 2015, the Company dissolved a joint venture partnership that had been located in Milwaukee, Wisconsin.
Condensed unconsolidated financial information for joint venture partnerships and equity method investments is shown in the following table.
As of December 31: 2015
2014
Current assets $ 22.6
$ 66.0
Other assets 19.2
43.3
Total assets $ 41.8
$ 109.3
Current liabilities $ 17.3
$ 28.2
Other liabilities 1.3
1.4
Total liabilities 18.6
29.6
Partners' equity 23.2
79.7
Total liabilities and partners’ equity $ 41.8
$ 109.3
For the period January 1 - December 31: 2015
2014
2013
Net revenues $ 213.7
$ 283.8
$ 255.2
Gross profit 54.3
81.3
84.1
Net earnings 20.1
31.0
37.7
F-19