Quest Diagnostics 2009 Annual Report Download - page 114

Download and view the complete annual report

Please find page 114 of the 2009 Quest Diagnostics annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 124

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124

(a) During the third quarter of 2006, the Company completed its wind down of NID and classified the operations
of NID as discontinued operations. Results of operations have been prepared to report the results of NID as
discontinued operations for all periods presented (see Note 16).
(b) In the second quarter of 2009, the Company recorded a $15.5 million gain associated with an insurance
settlement for storm-related losses.
(c) In the second quarter of 2009, the Company recorded $6.3 million in charges related to the early
extinguishment of debt, primarily related to the June 2009 Debt Tender Offer (see Note 10).
(d) In the second quarter of 2009, the Company recorded a $7.0 million charge related to the write-off of an
investment (see Note 2 and Note 3).
(e) In the third quarter of 2009, the Company recorded $1.3 million in charges related to the early
extinguishment of debt, primarily related to the repayment of the remaining principal outstanding under the
Debentures due 2034 (see Note 10).
(f) In the fourth quarter of 2009, the Company recorded $12.8 million in charges related to the early
extinguishment of debt, primarily related to the November 2009 Debt Tender Offer (see Note 10).
(g) Includes $7.0 million associated with certain discrete tax benefits.
(h) Management estimates the impact of hurricanes in the third quarter of 2008 adversely impacted net revenues
and operating income for the year ended December 31, 2008 by approximately $10 million and $8 million,
respectively.
(i) In the second, third and fourth quarters of 2008, the Company recorded a tax benefit of $2.8 million, $3.4
million and $10.3 million, respectively, primarily associated with favorable resolutions of certain tax
contingencies.
(j) In the third quarter of 2008, the Company recorded an $8.9 million charge associated with the write-down of
an equity investment.
(k) In the fourth quarter of 2008, the Company recorded $16.2 million of charges, primarily associated with
workforce reductions.
(l) In the third quarter of 2008, the Company recorded a charge of $73 million associated with the government’s
investigation in connection with NID (see Note 16).
F-44