Quest Diagnostics 2015 Annual Report Download - page 105
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QUEST DIAGNOSTICS INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – CONTINUED
(in millions unless otherwise indicated)
F- 30
12. ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Accounts payable and accrued expenses at December 31, 2015 and 2014 consisted of the following:
2015 2014
Trade accounts payable $ 279 $ 257
Accrued wages and benefits (including incentive compensation) 305 364
Income taxes payable 4 63
Accrued interest 52 67
Accrued insurance 60 59
Merger consideration payable 2 56
Dividend payable 55 48
Accrued expenses 257 277
Total $ 1,014 $ 1,191
13. DEBT
Long-term debt at December 31, 2015 and 2014 consisted of the following:
2015 2014
5.45% Senior Notes due November 2015 $ — $ 500
3.20% Senior Notes due April 2016 150 304
6.40% Senior Notes due July 2017 — 375
2.70% Senior Notes due April 2019 300 300
4.75% Senior Notes due January 2020 522 524
2.50% Senior Notes due March 2020 299 —
4.70% Senior Notes due April 2021 554 549
4.25% Senior Notes due April 2024 313 311
3.50% Senior Notes due March 2025 601 —
6.95% Senior Notes due July 2037 247 421
5.75% Senior Notes due January 2040 368 439
4.70% Senior Notes due March 2045 300 —
Other 22 39
Debt issuance costs (25)(20)
Total long-term debt 3,651 3,742
Less: Current portion of long-term debt 159 518
Total long-term debt, net of current portion $ 3,492 $ 3,224
Secured Receivables Credit Facility
In October 2015, the Company amended and restated the agreement for the $525 million secured receivables credit
facility (the “Secured Receivables Credit Facility”) entered into in December 2014, increasing the borrowing capacity under the
facility to $600 million. The amended and restated Secured Receivables Credit Facility matures in October 2017. Under the
Secured Receivables Credit Facility, the Company can issue letters of credit totaling $100 million (see Note 17). Issued letters
of credit reduce the available borrowing capacity under the facility. Interest on the borrowings under the Secured Receivables
Credit Facility is based on rates that are intended to approximate commercial paper rates for highly-rated issuers plus a spread.
At December 31, 2015 and 2014, the Company's borrowing rate under the Secured Receivables Credit Facility was 0.96% and
0.86%, respectively. Borrowings under the Secured Receivables Credit Facility are collateralized by certain domestic
receivables. At both December 31, 2015 and 2014, there were no outstanding borrowings under the Secured Receivables Credit
Facility.
QUEST DIAGNOSTICS 2015 ANNUAL REPORT ON FORM 10-K