Quest Diagnostics 2003 Annual Report Download - page 91

QUEST DIAGNOSTICS INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(dollars in thousands unless otherwise indicated)
The estimated amortization expense related to other intangible assets for each of the five succeeding fiscal
years and thereafter as of December 31, 2003 is as follows:
Fiscal Year Ending
December 31,
2004 ............................................................. 6,558
2005 ............................................................. 3,048
2006 ............................................................. 1,819
2007 ............................................................. 1,035
2008 ............................................................. 861
Thereafter ........................................................ 3,657
Total ........................................................... $16,978
10. ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Accounts payable and accrued expenses at December 31, 2003 and 2002 consisted of the following:
2003 2002
Accrued wages and benefits ................................................. $255,340 $250,226
Accrued expenses ........................................................... 221,783 208,037
Trade accounts payable ...................................................... 118,731 111,982
Income taxes payable ....................................................... 29,073 20,268
Accrued restructuring and integration costs ................................... 12,493 10,791
Accrued settlement reserves .................................................. 12,430 8,641
Total ..................................................................... $649,850 $609,945
11. DEBT
Long-term debt at December 31, 2003 and 2002 consisted of the following:
2003 2002
Term loan due June 2007 .................................................. $ 304,921 $ -
6
3
⁄ 4 % Senior Notes due July 2006 .......................................... 274,219 273,907
7
1
⁄ 2 % Senior Notes due July 2011 .......................................... 274,171 274,060
1
3
⁄ 4 % Contingent Convertible Debentures due November 2021 ................ 247,760 247,635
Other ..................................................................... 1,586 26,937
Total ................................................................... 1,102,657 822,539
Less: current portion ...................................................... 73,950 26,032
Total long-term debt..................................................... $1,028,707 $796,507
Secured Receivables Credit Facility
On July 21, 2000, the Company completed a receivables-backed financing transaction (the “secured
receivables credit facility’’), the proceeds of which were used to pay down loans outstanding under the
Company’s then existing senior secured credit facility that was used to finance the acquisition of SBCL. The
secured receivables credit facility is currently being provided by Blue Ridge Asset Funding Corporation, a
commercial paper funding vehicle administered by Wachovia Bank, N.A., La Fayette Asset Securitization LLC,
a commercial funding vehicle administered by Credit Lyonnais and Jupiter Securitization Corporation, a
commercial funding vehicle administered by Bank One, N.A.
Interest on the $250 million secured receivables credit facility is based on rates that are intended to
approximate commercial paper rates for highly rated issuers. Borrowings outstanding under the secured
receivables credit facility, if any, are classified as a current liability on our consolidated balance sheet since the
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