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49
Year Ended December 31,
2015 2014 2013 2012 2011
(dollars in millions)
Balance Sheet Data (at end of year): (a) (b) (c) (d) (e) (f) (g) (h) (i) (j)
Cash and cash equivalents $ 133 $ 192 $ 187 $ 296 $ 165
Total assets 9,962 9,857 8,930 9,263 9,288
Long-term debt 3,492 3,224 3,102 3,333 3,346
Total debt 3,651 3,742 3,314 3,343 4,000
Other Data:
Net cash provided by operating activities $ 810 $ 938 $ 652 $ 1,187 $ 895
Net cash (used in) provided by investing activities (362) (1,025) 328 (217) (1,243)
Net cash (used in) provided by financing activities (507) 92 (1,106) (822) 64
Capital expenditures 263 308 231 182 161
Purchases of treasury stock 224 132 1,037 200 935
Dividends paid 212 187 185 108 65
(a) On August 3, 2015, we completed the acquisition of MemorialCare Health System's laboratory outreach business
("MemorialCare"). On November 16, 2015, the Company completed the acquisition of the business assets of Superior
Mobile Medics, Inc. ("Superior Mobile Medics"). Consolidated operating results for 2015 include the results of operations
of MemorialCare and Superior Mobile Medics subsequent to the closing of the applicable acquisition. In July 2015, we
contributed our clinical trials testing business to a newly formed global clinical trials central laboratory services joint
venture with Quintiles Transnational Holdings Inc., Q2 Solutions ("Clinical Trials Contribution"). For further details
regarding our acquisitions and dispositions, see Note 5 and Note 6, respectively, to the consolidated financial statements.
(b) Operating income includes a pre-tax gain of $334 million associated with the Clinical Trials Contribution. In addition,
operating income includes pre-tax charges of $105 million, primarily associated with workforce reductions and
professional fees incurred in connection with further restructuring and integrating our business. Operating income also
includes net pre-tax charges of $27 million primarily associated with non-cash asset impairment charges associated with
our Celera Products business and the winding down of a subsidiary, costs incurred related to legal matters and a pre-tax
gain of $13 million associated with a decrease in the fair value of the contingent consideration accrual associated with our
Summit Health acquisition.
Income from continuing operations includes $144 million of pre-tax charges on retirement of debt associated with the
March 2015 cash tender offer and the April 2015 redemption and the related income tax benefit of $57 million. In
addition, income from continuing operations includes deferred tax expense of $145 million associated with the gain on the
Clinical Trials Contribution, partially offset by the recognition of a $58 million deferred tax benefit associated with
winding down a subsidiary. For further details regarding our retirement of debt, see Note 13 to the consolidated financial
statements.
Net cash provided by operating activities includes $146 million of pre-tax cash charges, or $89 million after the related
cash tax benefit, associated with the early retirement of debt. In addition, net cash provided by operating activities
includes payments associated with an additional payroll cycle in 2015 and an income tax payment in the third quarter of
2015 associated with certain tax contingencies.
Net cash used in investing activities includes a $33 million investment in Q2 Solutions.
Net cash used in financing activities includes $51 million of deferred acquisition consideration payments, primarily to
UMass Memorial Medical Center ("UMass"), related to the business acquisition in 2013, and $63 million of proceeds from
the sale of a noncontrolling interest in a subsidiary to UMass.
(c) On March 7, 2014, we completed the acquisition of Solstas Lab Partners Group ("Solstas"). On April 18, 2014, we
completed the acquisition of Summit Health, Inc. ("Summit Health"). On April 16, 2014, we completed the acquisition of
the outreach laboratory service operations of Steward Healthcare, LLC ("Steward"). Consolidated operating results for
2014 include the results of operations of Solstas, Summit Health and Steward subsequent to the closing of the applicable
acquisition. For further details regarding our acquisitions, see Note 5 to the consolidated financial statements.
QUEST DIAGNOSTICS 2015 ANNUAL REPORT ON FORM 10-K