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QUEST DIAGNOSTICS INCORPORATED AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETSDECEMBER 31, 2003 AND 2002(in thousands, except per share data)
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Assets |
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Current
assets: |
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Cash and cash equivalents......................................................................................... |
$ 154,958 |
$ 96,777 |
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Accounts receivable, net of allowance of
$211,739 and $193,456
at
December 31, 2003 and 2002, respectively........................................................ |
609,187 |
522,131 |
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Inventories..................................................................................................................... |
72,484 |
60,899 |
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Deferred income taxes.................................................................................................. |
108,975 |
102,700 |
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Prepaid expenses and other current assets.............................................................. |
50,182 |
41,936 |
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Total
current assets................................................................................................. |
995,786 |
824,443 |
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Property, plant and equipment, net........................................................................... |
607,305 |
570,149 |
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Goodwill, net.................................................................................................................. |
2,518,875 |
1,788,850 |
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Intangible
assets, net................................................................................................... |
16,978 |
22,083 |
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Deferred income taxes................................................................................................. |
49,635 |
29,756 |
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Other
assets.................................................................................................................. |
112,839 |
88,916 |
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Total
assets.................................................................................................................... |
$ 4,301,418 |
$ 3,324,197 |
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Liabilities
and Stockholders’ Equity |
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Current
liabilities: |
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Accounts payable and accrued expenses................................................................ |
$ 649,850 |
$ 609,945 |
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Current portion of long-term debt.............................................................................. |
73,950 |
26,032 |
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Total
current liabilities............................................................................................. |
723,800 |
635,977 |
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Long-term debt............................................................................................................. |
1,028,707 |
796,507 |
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Other
liabilities........................................................................................................... |
154,217 |
122,850 |
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Commitments
and contingencies |
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Common
stockholders’ equity: |
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Common
stock, par value $0.01 per share; 300,000 shares authorized; 106,804
and 97,963 shares issued at December 31, 2003 and 2002, respectively........... |
1,068 |
980 |
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Additional paid-in capital............................................................................................ |
2,267,014 |
1,817,511 |
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Retained earnings (accumulated deficit)................................................................... |
380,559 |
(40,772) |
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Unearned compensation.............................................................................................. |
(2,346) |
(3,332) |
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Accumulated other comprehensive income (loss).................................................. |
5,947 |
(5,524) |
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Treasury stock, at cost; 3,990 shares at
December 31, 2003.................................. |
(257,548) |
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Total
common stockholders’ equity...................................................................... |
2,394,694 |
1,768,863 |
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Total
liabilities and stockholders’ equity................................................................ |
$ 4,301,418 |
$ 3,324,197 |
The accompanying notes are an integral part of these statements. |
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