JOINT VENTURE PARTNERSHIPS AND EQUITY METHOD INVESTMENTS
At December 31, 2013 the Company had investments in the following unconsolidated joint venture partnerships and equity method investments:
|
| | | | | | |
Locations | Net Investment | | Interest Owned |
Joint Venture Partnerships: | | | |
Milwaukee, Wisconsin | $ | 15.5 |
| | 50.00 | % |
Alberta, Canada | 58.5 |
| | 43.37 | % |
Florence, South Carolina | 10.0 |
| | 49.00 | % |
Equity Method Investments: | | | |
Various | 4.5 |
| | various |
|
The joint venture agreements that govern the conduct of business of these partnerships mandates unanimous agreement between partners on all major business decisions as well as providing other participating rights to each partner. The equity method investments represent the Company’s purchase of shares in clinical diagnostic companies. The investments are accounted for under the equity method of accounting as the Company does not have control of these investments. The Company has no material obligations or guarantees to, or in support of, these unconsolidated investments and their operations.
Condensed unconsolidated financial information for joint venture partnerships and equity method investments is shown in the following table.
|
| | | | | | | |
As of December 31: | 2013 | | 2012 |
Current assets | $ | 43.4 |
| | $ | 36.8 |
|
Other assets | 40.9 |
| | 39.9 |
|
Total assets | $ | 84.3 |
| | $ | 76.7 |
|
Current liabilities | $ | 21.9 |
| | $ | 19.6 |
|
Other liabilities | 1.3 |
| | 1.7 |
|
Total liabilities | 23.2 |
| | 21.3 |
|
Partners' equity | 61.1 |
| | 55.4 |
|
Total liabilities and partners’ equity | $ | 84.3 |
| | $ | 76.7 |
|
|
| | | | | | | | | | | |
For the period January 1 - December 31: | 2013 | | 2012 | | 2011 |
Net sales | $ | 255.2 |
| | $ | 249.0 |
| | $ | 247.4 |
|
Gross profit | 84.1 |
| | 86.4 |
| | 73.1 |
|
Net earnings | 37.7 |
| | 42.2 |
| | 28.0 |
|
The Company’s recorded investment in the Alberta joint venture partnership at December 31, 2013 includes $45.6 of value assigned to the partnership’s Canadian license (with an indefinite life and deductible for tax) to conduct diagnostic testing services in the province.
