Quest Diagnostics 2000 Annual Report Download - page 99

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QUEST DIAGNOSTICS INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(dollars in thousands unless otherwise indicated)
F-29
Investments in subsidiaries are accounted for by the parent on the equity method for purposes of the
supplemental consolidating presentation. Earnings (losses) of subsidiaries are therefore reflected in the parent’s
investment accounts and earnings. The principal elimination entries eliminate investments in subsidiaries and
intercompany balances and transactions.
The following condensed consolidating financial data illustrates the composition of the combined guarantors. It
reflects the impact of the Receivables Financing as discussed above beginning with the third quarter of 2000, the addition
of SBCL as a Subsidiary Guarantor for periods subsequent to the closing of the acquisition during the third quarter of
1999 (see Note 3) and the formation of two joint ventures in 1998 that are non-guarantor subsidiaries. The Company
believes that separate complete financial statements of the respective guarantors would not provide additional material
information which would be useful in assessing the financial composition of the Subsidiary Guarantors.