Item 6. SELECTED FINANCIAL DATA (in millions, except per share amounts)
The selected financial data presented below under the captions “Statement of Operations Data” and “Balance Sheet Data” as of and for the five-year period ended December 31, 2019, are derived from consolidated financial statements of the Company, which have been audited by an independent registered public accounting firm.
Years Ended December 31,
(a)2019
(b)2018
(c)2017
(d)2016
(e)2015
Statement of Operations Data:
Revenues
$
11,554.8
$
11,333.4
$
10,308.0
$
9,552.9
$
8,505.7
Gross profit
3,252.5
3,176.4
3,091.8
2,854.0
2,903.3
Operating income (h)
1,330.2
1,325.7
1,305.2
1,270.6
996.8
Net earnings attributable to Laboratory
Corporation of America Holdings
823.8
883.7
1,227.1
711.8
437.6
Basic earnings per common share
$
8.42
$
8.71
$
11.99
$
6.94
$
4.43
Diluted earnings per common share
$
8.35
$
8.61
$
11.81
$
6.82
$
4.35
Basic weighted average common shares outstanding
97.9
101.4
102.4
102.5
98.8
Diluted weighted average common shares outstanding
98.6
102.6
103.9
104.3
100.6
Balance Sheet Data:
Cash and cash equivalents and short-term investments
$
337.5
$
426.8
$
316.6
$
433.6
$
716.4
Goodwill and intangible assets, net (g)
11,899.5
11,271.4
11,567.0
9,824.9
9,526.6
Total assets (g) (f)
18,046.4
16,185.3
16,673.0
14,334.8
14,104.7
Long-term obligations (f)
7,107.6
6,059.8
6,762.1
5,849.5
6,364.2
Total shareholders' equity
7,567.0
6,971.4
6,804.1
5,518.2
4,945.1
(a)
During 2019, the Company recorded net restructuring charges of $54.6. The charges were comprised of $32.9 in severance and other personnel costs and $24.9 in facility-related costs primarily associated with facility closures and general integration initiatives. These charges were offset by the reversal of previously established reserves of $1.7 in unused severance and $1.5 in unused facility-related costs.
(b)
During 2018, the Company recorded net restructuring charges of $48.1. The charges were comprised of $40.3 in severance and other personnel costs and $11.8 in facility-related costs primarily associated with facility closures and general integration initiatives. These charges were offset by the reversal of previously established reserves of $2.0 in unused severance and $2.0 in unused facility-related costs.
During 2017, the Company recorded net restructuring charges of $70.9. The charges were comprised of $36.1 in severance and other personnel costs and $39.9 in facility-related costs primarily associated with facility closures and general integration initiatives. These charges were offset by the reversal of previously established reserves of $0.5 in unused severance and $4.6 in unused facility-related costs. The Company also recognized asset impairment losses of $23.5 related to the termination of software development projects within the Covance Drug Development (CDD) segment and the forgiveness of certain indebtedness for LabCorp Diagnostics (LCD) customers in areas heavily impacted by hurricanes during the third quarter.
(d)
During 2016, the Company recorded net restructuring charges of $58.4. The charges were comprised of $30.9 in severance and other personnel costs and $33.8 in facility-related costs primarily associated with facility closures and general integration initiatives. These charges were offset by the reversal of previously established reserves of $2.8 in unused severance and $3.5 in unused facility-related costs.
(e)
During 2015, the Company recorded net restructuring charges of $113.9. The charges were comprised of $59.2 in severance and other personnel costs and $55.8 in facility-related costs primarily associated with facility closures and general integration initiatives. These charges were offset by the reversal of previously established reserves of $1.1 in unused facility-related costs.
(f)
See Note 5 Leases and Note 12 Debt to the Consolidated Financial Statements.
(g)
During 2016, the Company revised the final purchase price allocation for Covance. As a result, an out of period adjustment of $25.6 was recorded to reduce goodwill and increase a deferred tax asset as of December 31, 2015. The Company concluded that the impact of this adjustment was not material to the current or prior periods.
(h)
Net earnings attributable to Laboratory Corporation of America Holdings in 2017 includes a provisional net benefit of $519.0 due to the Tax Cuts and Jobs Act (TCJA). For additional information on the TCJA, see Note 14 Income Taxes to the Consolidated Financial Statements.
filings.tools