01—Abstract
Summary
Summary of the 10-K/A filed March 7, 2011. Cited figures are marked; the original filing is the authoritative source.
This Form 10-K/A (Amendment No. 1) for Laboratory Corporation of America Holdings, the fiscal year ended December 31, 2010, was filed solely to update Exhibit 15 to furnish interactive XBRL data files as Exhibit 101.
The XBRL files cover the Consolidated Balance Sheets, Consolidated Statements of Operations, Changes in Shareholders' Equity, Cash Flows, Notes to Consolidated Financial Statements, and Financial Statement Schedule II - Valuation and Qualifying Accounts and Reserves. The amendment states that no other changes were made to the original Form 10-K and that it does not reflect subsequent events or update any disclosures in that report. The filing reports that the registrant is a large accelerated filer and a Delaware corporation headquartered in Burlington, North Carolina, with its common stock listed on the New York Stock Exchange.
The aggregate market value of common stock held by non-affiliates was approximately $7.8 billiona as of June 30, 2010, and 100.0 million shares were outstanding as of February 18, 2011. The exhibit index references several corporate actions during 2010, including an Underwriting Agreement dated November 16, 2010 with Citigroup Global Markets Inc., an Asset Purchase Agreement with Genzyme Corporation dated September 13, 2010, and new indentures dated November 19, 2010 with U.S. Bank National Association covering 2016 and 2020 notes. Financial figures and operating results are not presented in this amendment's text; they reside in the XBRL exhibit.
02—Key points
Key Highlights
- Filing type: Amendment No. 1 on Form 10-K/A for fiscal year ended December 31, 2010, filed solely to add XBRL interactive data files as Exhibit 101.
- XBRL exhibit covers the balance sheets, statements of operations, shareholders' equity, cash flows, notes to financial statements, and Schedule II - Valuation and Qualifying Accounts and Reserves.
- Large accelerated filer; common stock listed on the New York Stock Exchange at $0.10 par value.
- Aggregate market value of non-affiliate common stock was approximately $7.8 billion as of June 30, 2010.
- 100.0 million shares of common stock outstanding as of February 18, 2011.
- Exhibit index references a November 16, 2010 underwriting agreement with Citigroup Global Markets Inc. and new 2016 and 2020 notes issued under indentures dated November 19, 2010.
- Exhibit index references an Asset Purchase Agreement with Genzyme Corporation dated September 13, 2010.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2010, Labcorp Holdings kept $0.11.
- Revenue$5.00B100.0%
- Cost of revenue−$2.91B58.1%
- Gross profit$2.10B41.9%
- Operating costs−$1.12B22.4%
- Operating income$978.8M19.6%
- Interest, other & tax−$420.6M8.4%
- Net income$558.2M11.2%
Where FY2010 revenue went
$5.00B- Cost of revenue: $2.91B, 58% of revenue
- SG&A: $1.03B, 21% of revenue
- Net income: $558.2M, 11% of revenue
- Other operating costs: $84.7M, 1.7% of revenue
- Interest, other & tax: $420.6M, 8.4% of revenue
Kept 11% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-K/AFY2010filed March 7, 2011Financial Statements
FY2010 against FY2009
| Line item | FY2010FY2009 | Change |
|---|---|---|
| Revenue | $5.00B$4.69B | +6.6% |
| Cost of Revenue | $2.91B$2.72B | +6.7% |
| Gross Profit | $2.10B$1.97B | +6.4% |
| SG&A Expenses | $1.03B$958.90M | +7.9% |
| Operating Income | $978.80M$935.90M | +4.6% |
| Interest Expense | $70.00M$62.90M | +11.3% |
| Net Income | $558.20M$543.30M | +2.7% |
| EPS (Basic) | $5.42$5.06 | +7.1% |
| EPS (Diluted) | $5.29$4.98 | +6.2% |
| Shares Outstanding (Basic) | 103.00M107.40M | −4.1% |
| Shares Outstanding (Diluted) | 105.40M109.10M | −3.4% |
05—Questions
Frequently Asked Questions
Why was this 10-K/A filed?
The sole purpose of the amendment is to update Exhibit 15 to furnish interactive data files, formatted in XBRL, as Exhibit 101. The filing states that no other changes were made to the original Form 10-K.
Does this amendment change any financial results or disclosures?
No. The filing states that the amendment does not reflect subsequent events or modify or update any disclosures made in the original Form 10-K.
Which financial statements are included in the XBRL exhibit?
Exhibit 101 provides the Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Changes in Shareholders' Equity, Consolidated Statements of Cash Flows, Notes to Consolidated Financial Statements, and Financial Statement Schedule II - Valuation and Qualifying Accounts and Reserves.
What corporate transactions does the exhibit index reference?
The exhibit index references an Underwriting Agreement dated November 16, 2010 with Citigroup Global Markets Inc., an Asset Purchase Agreement with Genzyme Corporation dated September 13, 2010, and indentures dated November 19, 2010 with U.S. Bank National Association covering the 2016 and 2020 notes.
Are the XBRL files considered filed for liability purposes?
The filing states that under Rule 406T of Regulation S-T, the interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934.
06—Continue