Quest Diagnostics 2006 Annual Report Download - page 90

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QUEST DIAGNOSTICS INCORPORATED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2006 AND 2005
(in thousands, except per share data)
2006 2005
Assets
Current assets:
Cash and cash equivalents .......................................................... $ 149,640 $ 92,130
Accounts receivable, net of allowance for doubtful accounts of $205,086 and $193,754
at December 31, 2006 and 2005, respectively . . . ................................... 774,414 732,907
Inventories . ........................................................................ 78,564 77,939
Deferred income taxes .............................................................. 120,540 107,442
Prepaid expenses and other current assets ............................................ 67,860 59,079
Total current assets ............................................................ 1,191,018 1,069,497
Property, plant and equipment, net ................................................ 752,357 753,663
Goodwill, net ...................................................................... 3,391,046 3,197,227
Intangible assets, net .............................................................. 193,346 147,383
Other assets ....................................................................... 133,715 138,345
Total assets........................................................................ $5,661,482 $5,306,115
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued expenses . ............................................ $ 833,996 $ 764,453
Short-term borrowings and current portion of long-term debt.......................... 316,874 336,839
Total current liabilities ......................................................... 1,150,870 1,101,292
Long-term debt.................................................................... 1,239,105 1,255,386
Other liabilities.................................................................... 252,336 186,453
Commitments and contingencies
Stockholders’ equity:
Common stock, par value $0.01 per share; 600,000 and 300,000 shares authorized at
December 31, 2006 and 2005, respectively; 213,755 and 213,674 shares issued at
December 31, 2006 and 2005, respectively ........................................ 2,138 2,137
Additional paid-in capital ........................................................... 2,185,073 2,175,533
Retained earnings................................................................... 1,800,255 1,292,510
Unearned compensation ............................................................. - (3,321)
Accumulated other comprehensive loss . . ............................................ (65) (6,205)
Treasury stock, at cost; 19,806 and 15,219 shares at December 31, 2006 and 2005,
respectively ...................................................................... (968,230) (697,670)
Total stockholders’ equity . ..................................................... 3,019,171 2,762,984
Total liabilities and stockholders’ equity ........................................... $5,661,482 $5,306,115
F-3
The accompanying notes are an integral part of these statements.