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LH Laboratory Corp. Of America

Cover Page

Cover Page - shares shares in Millions3 Months Ended
Mar. 31, 2021May 03, 2021
Document Information [Table]
Entity Interactive Data CurrentYes
Entity Filer CategoryLarge Accelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding97.7
Document Fiscal Period FocusQ1
Amendment Flagfalse
Document Type10-Q
Document Quarterly Reporttrue
Document Period End DateMar. 31,
2021
Document Transition Reportfalse
Entity File Number1-11353
Entity Registrant NameLABORATORY CORPORATION OF AMERICA HOLDINGS
Entity Incorporation, State or Country CodeDE
Entity Tax Identification Number13-3757370
Entity Address, Address Line One358 South Main Street
Entity Address, City or TownBurlington,
Entity Address, State or ProvinceNC
Entity Address, Postal Zip Code27215
City Area Code336
Local Phone Number229-1127
Title of 12(b) SecurityCommon Stock, $0.10 par value
Trading SymbolLH
Security Exchange NameNYSE
Entity Current Reporting StatusYes
Document Fiscal Year Focus2021
Current Fiscal Year End Date--12-31
Entity Central Index Key0000920148

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Statement of Financial Position [Abstract]
Accounts Payable, Current $ 621.3 $ 638.9
Current assets:
Cash and cash equivalents1,890.8 1,320.8
Accounts Receivable, after Allowance for Credit Loss, Current2,323.5 2,479.8
Unbilled Contracts Receivable579.5 536.8
Supplies inventories427.5 423.2
Prepaid expenses and other416.8 364.8
Total current assets5,638.1 5,125.4
Property, plant and equipment, net2,697 2,729.6
Goodwill, net7,720.5 7,751.5
Intangible Assets, Net (Excluding Goodwill)3,834 3,961.1
Joint venture partnerships and equity method investments85 73.5
Deferred Income Taxes and Other Assets, Current20.2 20.6
Other assets, net422.3 410
Total assets20,417.1 20,071.7
Liabilities, Current [Abstract]
Accrued Liabilities, Current1,508.1 1,357.7
Deferred Revenue, Current540.3 506.5
Operating Lease, Liability, Current191.3 192
Finance Lease, Liability, Current6.3 6.7
Current debt excluding finance lease liability501.4 376.7
Long-term debt, less current portion3,368.7 3,078.5
Long-term Debt, Excluding Current Maturities4,920.9 5,419
Commitments and contingent liabilities486.9 526.4
Operating Lease, Liability, Noncurrent657.8 677.6
Finance Lease, Liability, Noncurrent82.7 84.4
Deferred income taxes and other tax liabilities857.7 905.4
Noncontrolling interest10,374.7 10,691.3
Shareholders' equity:
Common stock, 92.8 and 93.5 shares outstanding at March 31, 2013 and December 31, 2012, respectively20.9 20.7
Additional paid-in capital67.1 110.3
Retained earnings9 9
Accumulated other comprehensive income(10,171.9)(9,402.3)
Total liabilities and shareholders' equity(226.5)(161.9)
Stockholders' Equity Attributable to Parent10,021.5 9,359.7
Liabilities and Equity $ 20,417.1 $ 20,071.7

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) - USD ($) shares in Millions, $ in MillionsMar. 31, 2021Dec. 31, 2020
Accounts Receivable, Allowance for Credit Loss $ 21 $ 22.1
Shareholders' Equity:
Common stock, shares outstanding (in shares)97.8 97.5

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Revenues $ 4,161,500,000 $ 2,823,800,000
Cost of Revenue2,562,500,000 2,095,800,000
Gross Profit1,599,000,000 728,000,000
Selling, general and administrative expenses429,800,000 395,500,000
Amortization of intangibles and other assets92,100,000 62,300,000
Asset Impairment Charges0 437,400,000
Net restructuring and other special charges19,200,000 25,400,000
Operating Income (Loss)1,057,900,000 (192,600,000)
Other income (expenses):
Interest expense(48,500,000)(55,000,000)
Equity method income, net4,500,000 (6,600,000)
Investment income2,400,000 2,600,000
Other, net5,500,000 (16,100,000)
Earnings before income taxes1,021,800,000 (267,700,000)
Provision for income taxes251,700,000 49,200,000
Net earnings770,100,000 (316,900,000)
Less: Net earnings attributable to the noncontrolling interest(500,000)(300,000)
Net earnings attributable to Laboratory Corporation of America Holdings $ 769,600,000 $ (317,200,000)
Basic earnings per common share (in dollars per share) $ 7.88 $ (3.27)
Diluted earnings per common share (in dollars per share) $ 7.82 $ (3.27)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Unaudited) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Provision for income taxes $ 251,700,000 $ 49,200,000
Net earnings770,100,000 (316,900,000)
Other Comprehensive Earnings, Net of Tax
Foreign currency translation adjustments(66,800,000)(147,500,000)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax3,000,000 2,700,000
Other comprehensive earnings (loss) before tax(63,800,000)(144,800,000)
Tax effect of adjustments(800,000)(700,000)
Other comprehensive earnings (loss), net of tax(64,600,000)(145,500,000)
Comprehensive earnings705,500,000 (462,400,000)
Less: Net earnings attributable to the noncontrolling interest(500,000)(300,000)
Comprehensive earnings attributable to Laboratory Corporation of America Holdings $ 705,000,000 $ (462,700,000)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in MillionsTotalCommon Stock [Member]Additional Paid-in Capital [Member]Retained Earnings [Member]Accumulated Other Comprehensive Income [Member]
Retained Earnings (Accumulated Deficit) $ 9,402.3
BALANCE at Dec. 31, 20209,359.7 $ 9 $ 110.3 $ 9,402.3 $ (161.9)
Net earnings attributable to Laboratory Corporation of America Holdings769.6
Other comprehensive earnings, net of tax(64.6)
BALANCE at Mar. 31, 202110,021.5
Retained Earnings (Accumulated Deficit) $ 10,171.9

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings $ 770,100,000 $ (316,900,000)
Adjustments to reconcile net earnings to net cash provided by operating activities:
Contingent consideration adjustment1,100,000
Depreciation And Amortization Of Leased Assets48,300,000 57,200,000
Depreciation and amortization183,900,000 144,600,000
Stock compensation28,700,000 17,900,000
Asset Impairment Charges0 437,400,000
Deferred income taxes(27,800,000)5,100,000
Other Operating Activities, Cash Flow Statement(3,200,000)43,300,000
Change in assets and liabilities (net of effects of acquisitions):
Increase in accounts receivable (net)146,700,000 46,700,000
Increase (Decrease) in Unbilled Contract Receivable42,500,000 1,100,000
Increase in inventories(4,700,000)(10,600,000)
Decrease in prepaid expenses and other(51,900,000)(3,000,000)
Decrease in accounts payable(16,900,000)(56,500,000)
Increase (Decrease) in Deferred Revenue31,800,000 (11,200,000)
Increase (Decrease) in Accrued Liabilities and Other Operating Liabilities95,100,000 (149,100,000)
Net cash provided by operating activities1,157,600,000 203,800,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures(95,400,000)(106,600,000)
Proceeds from sale of assets2,600,000 7,000,000
Proceeds from Sale of Equity Method Investments0 900,000
Investments in equity affiliates(5,500,000)(7,900,000)
Acquisition of businesses, net of cash acquired(34,100,000)0
Net cash used for investing activities(132,400,000)(106,600,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facilities0 151,700,000
Payment, Tax Withholding, Share-based Payment Arrangement(28,100,000)(22,000,000)
Net proceeds from issuance of stock to employees24,700,000 26,900,000
Payments for Repurchase of Common Stock(68,500,000)(100,000,000)
Other Financing Cash Flows(3,200,000)(7,700,000)
Repayments of Lines of Credit0 (151,700,000)
Net cash provided by (used for) financing activities(450,100,000)(102,800,000)
Effect of exchange rate changes on cash and cash equivalents(5,100,000)(8,300,000)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect570,000,000 (13,900,000)
Cash and cash equivalents at beginning of period1,320,800,000 337,500,000
Cash and cash equivalents at end of period1,890,800,000 323,600,000
Repayments of Other Long-term Debt $ (375,000,000) $ 0

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION3 Months Ended
Mar. 31, 2021
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow InformationThree Months Ended March 31, 2021 2020 Supplemental schedule of cash flow information: Cash paid during period for: Interest $ 77.7 $ 80.0 Income taxes, net of refunds 40.8 5.8 Disclosure of non-cash financing and investing activities: Change in accrued property, plant and equipment (4.8) (14.0)
Supplemental Cash Flow InformationSUPPLEMENTAL CASH FLOW INFORMATION Three Months Ended March 31, 2021 2020 Supplemental schedule of cash flow information: Cash paid during period for: Interest $ 77.7 $ 80.0 Income taxes, net of refunds 40.8 5.8 Disclosure of non-cash financing and investing activities: Change in accrued property, plant and equipment (4.8) (14.0)

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION Tabular Information3 Months Ended
Mar. 31, 2021
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow InformationThree Months Ended March 31, 2021 2020 Supplemental schedule of cash flow information: Cash paid during period for: Interest $ 77.7 $ 80.0 Income taxes, net of refunds 40.8 5.8 Disclosure of non-cash financing and investing activities: Change in accrued property, plant and equipment (4.8) (14.0)
Supplemental Cash Flow InformationSUPPLEMENTAL CASH FLOW INFORMATION Three Months Ended March 31, 2021 2020 Supplemental schedule of cash flow information: Cash paid during period for: Interest $ 77.7 $ 80.0 Income taxes, net of refunds 40.8 5.8 Disclosure of non-cash financing and investing activities: Change in accrued property, plant and equipment (4.8) (14.0)

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION Description Information - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Debt Conversion [Line Items]
Capital Expenditures Incurred but Not yet Paid $ (14)
Decrease in Capital Expenditures Incurred but not yet Paid $ (4.8)
Cash paid during period for:
Interest77.7 80
Income taxes, net of refunds $ 40.8 $ 5.8

BASIS OF FINANCIAL STATEMENT PR

BASIS OF FINANCIAL STATEMENT PRESENTATION3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]BASIS OF FINANCIAL STATEMENT PRESENTATION Laboratory Corporation of America ® Holdings (Labcorp ® or the Company) is a leading global life sciences company that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. By leveraging its strong diagnostics and drug development capabilities, the Company provides insights and accelerates innovations to improve health and improve lives. The Company reports its business in two segments, Labcorp Diagnostics (Dx) and Labcorp Drug Development (DD). For further financial information about these segments, see Note 15 Business Segment Information to the Condensed Consolidated Financial Statements. During the three months ended March 31, 2021, Dx and DD contributed approximately 65% and 35% respectively, of revenues to the Company. The condensed consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries for which it exercises control. Long-term investments in affiliated companies in which the Company exercises significant influence, but which it does not control, are accounted for using the equity method. Investments in which the Company does not exercise significant influence (generally, when the Company has an investment of less than 20.0% and no representation on the investee's board of directors) are accounted for at fair value or at cost minus impairment adjusted for observable price changes in orderly transactions for an identical or similar investment of the same issuer for those investments that do not have readily determinable fair values. All significant inter-company transactions and accounts have been eliminated. The Company does not have any significant variable interest entities or special purpose entities whose financial results are not included in the condensed consolidated financial statements. The financial statements of the Company's operating foreign subsidiaries are measured using the local currency as the functional currency. Assets and liabilities are translated at exchange rates as of the balance sheet date. Revenues and expenses are translated at average monthly exchange rates prevailing during the period. Resulting translation adjustments are included in “Accumulated other comprehensive income.” The accompanying condensed consolidated financial statements of the Company are unaudited. In the opinion of management, all adjustments necessary for a fair statement of results of operations, cash flows, and financial position have been made. Except as otherwise disclosed, all such adjustments are of a normal recurring nature. Interim results are not necessarily indicative of results for a full year. The year-end condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles. The condensed consolidated financial statements and notes are presented in accordance with the rules and regulations of the United States (U.S.) Securities and Exchange Commission (SEC) and do not contain certain information included in the Company’s 2020 Annual Report on Form 10-K (Annual Report). Therefore, these interim statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report. Recently Adopted Guidance In August 2018, the Financial Accounting Standards Board (FASB) issued a new accounting standard to reduce, modify, and add to the disclosure requirements on defined benefit pension and other postretirement plans. The Company adopted this standard effective January 1, 2021. The adoption of this standard did not have a material impact on the consolidated financial statements. In December 2019, the FASB issued a new accounting standard to simplify accounting for income taxes and remove, modify, and add to the disclosure requirements of income taxes. The Company adopted this standard effective January 1, 2021. The adoption of this standard did not have a material impact on the consolidated financial statements. In January 2020, the FASB issued a new accounting standard to clarify the interaction of the accounting for equity securities and investments accounted for under the equity method of accounting and the accounting for certain forward contracts and purchased options. The Company adopted this standard effective January 1, 2021. The adoption of this standard did not have a material impact on the consolidated financial statements. New Accounting Pronouncements In March 2020, the FASB issued a new accounting standard to provide optional expedients and exceptions if certain conditions are met for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform. The expedients and exceptions in the standard are effective between March 12,
Basis of Presentation and Significant Accounting Policies [Text Block]BASIS OF FINANCIAL STATEMENT PRESENTATION Laboratory Corporation of America ® Holdings (Labcorp ® or the Company) is a leading global life sciences company that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. By leveraging its strong diagnostics and drug development capabilities, the Company provides insights and accelerates innovations to improve health and improve lives. The Company reports its business in two segments, Labcorp Diagnostics (Dx) and Labcorp Drug Development (DD). For further financial information about these segments, see Note 15 Business Segment Information to the Condensed Consolidated Financial Statements. During the three months ended March 31, 2021, Dx and DD contributed approximately 65% and 35% respectively, of revenues to the Company. The condensed consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries for which it exercises control. Long-term investments in affiliated companies in which the Company exercises significant influence, but which it does not control, are accounted for using the equity method. Investments in which the Company does not exercise significant influence (generally, when the Company has an investment of less than 20.0% and no representation on the investee's board of directors) are accounted for at fair value or at cost minus impairment adjusted for observable price changes in orderly transactions for an identical or similar investment of the same issuer for those investments that do not have readily determinable fair values. All significant inter-company transactions and accounts have been eliminated. The Company does not have any significant variable interest entities or special purpose entities whose financial results are not included in the condensed consolidated financial statements. The financial statements of the Company's operating foreign subsidiaries are measured using the local currency as the functional currency. Assets and liabilities are translated at exchange rates as of the balance sheet date. Revenues and expenses are translated at average monthly exchange rates prevailing during the period. Resulting translation adjustments are included in “Accumulated other comprehensive income.” The accompanying condensed consolidated financial statements of the Company are unaudited. In the opinion of management, all adjustments necessary for a fair statement of results of operations, cash flows, and financial position have been made. Except as otherwise disclosed, all such adjustments are of a normal recurring nature. Interim results are not necessarily indicative of results for a full year. The year-end condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles. The condensed consolidated financial statements and notes are presented in accordance with the rules and regulations of the United States (U.S.) Securities and Exchange Commission (SEC) and do not contain certain information included in the Company’s 2020 Annual Report on Form 10-K (Annual Report). Therefore, these interim statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report.

EARNINGS PER SHARE

EARNINGS PER SHARE3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per ShareEARNINGS (LOSS) PER SHAREBasic earnings (loss) per share is computed by dividing net earnings (loss) attributable to Laboratory Corporation of America Holdings by the weighted average number of common shares outstanding. Diluted earnings (loss) per share is computed by dividing net earnings (loss) including the impact of dilutive adjustments by the weighted average number of common shares outstanding plus potentially dilutive shares, as if they had been issued at the earlier of the date of issuance or the beginning of the period presented. Potentially dilutive common shares result primarily from the Company’s outstanding stock options, restricted stock awards, restricted stock units, and performance share awards. The following represents a reconciliation of basic earnings (loss) per share to diluted earnings (loss) per share: Three Months Ended March 31, 2021 2020 Earnings Shares Per Share Amount Earnings (Loss) Shares Per Share Amount Basic earnings (loss) per share: Net earnings (loss) $ 769.6 97.6 $ 7.88 $ (317.2) 97.2 $ (3.27) Dilutive effect of employee stock options and awards — 0.9 — — Net earnings (loss) including impact of dilutive adjustments $ 769.6 98.5 $ 7.82 $ (317.2) 97.2 $ (3.27) Diluted earnings per share represent the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. These potential shares include dilutive stock options and unissued restricted stock awards. The following table summarizes the potential common shares not included in the computation of diluted earnings per share because their impact would have been antidilutive: Three Months Ended March 31, 2021 2020 Employee stock options and awards — 1.3

RESTRUCTURING AND OTHER SPECIAL

RESTRUCTURING AND OTHER SPECIAL CHARGES3 Months Ended
Mar. 31, 2021
Restructuring and Related Activities [Abstract]
Restructuring and Related Activities Disclosure [Text Block]RESTRUCTURING AND OTHER CHARGES During the three months ended March 31, 2021, the Company recorded net restructuring and other charges of $19.2: $7.5 within Dx and $11.7 within DD. The charges were comprised of $4.2 related to severance and other personnel costs and $15.1 in facility closures, lease terminations, and general integration activities. The charges were offset by the reversal of previously established liability of $0.1 in unused facility-related costs. During the three months ended March 31, 2020, the Company recorded net restructuring and other charges of $25.4: $8.1 within Dx and $17.3 within DD. The charges were comprised of $5.1 related to severance and other personnel costs, $4.7 for a DD lab facility impairment, and $15.8 in costs associated with facility closures, impairment of operating lease right-of-use assets, and general integration initiatives. The charges were offset by the reversal of previously established liability of $0.2 in unused facility reserves. The following represents the Company’s restructuring reserve activities for the period indicated: Dx DD Severance and Other Employee Costs Facility Costs Severance and Other Employee Costs Facility Costs Total Balance as of December 31, 2020 $ 0.3 $ 0.4 $ 2.4 $ 4.7 $ 7.8 Restructuring charges 2.2 5.5 2.0 9.6 19.3 Adjustments to prior restructuring accruals (0.1) (0.1) 0.1 — (0.1) Cash payments and other adjustments (2.4) (5.3) (1.9) (8.1) (17.7) Balance as of March 31, 2021 $ — $ 0.5 $ 2.6 $ 6.2 $ 9.3 Current $ 6.3 Non-current 3.0 $ 9.3

DEBT

DEBT3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
DebtDEBT Short-term borrowings and the current portion of long-term debt at March 31, 2021, and December 31, 2020, consisted of the following: March 31, December 31, 2020 3.20% senior notes due 2022 $ 500.0 $ — 2019 Term Loan — 375.0 Debt issuance costs (0.5) (0.4) Current portion of note payable 1.9 2.1 Total short-term borrowings and current portion of long-term debt $ 501.4 $ 376.7 Long-term debt at March 31, 2021, and December 31, 2020, consisted of the following: March 31, December 31, 2020 3.20% senior notes due 2022 $ — $ 500.0 3.75% senior notes due 2022 500.0 500.0 4.00% senior notes due 2023 300.0 300.0 3.25% senior notes due 2024 600.0 600.0 2.30% senior notes due 2024 400.0 400.0 3.60% senior notes due 2025 1,000.0 1,000.0 3.60% senior notes due 2027 600.0 600.0 2.95% senior notes due 2029 650.0 650.0 4.70% senior notes due 2045 900.0 900.0 Debt issuance costs (34.9) (37.1) Note payable 5.8 6.1 Total long-term debt $ 4,920.9 $ 5,419.0 Credit Facilities On June 3, 2019, the Company entered into an $850.0 term loan (the 2019 Term Loan) with a scheduled maturity date of June 3, 2021. The Company paid off the 2019 Term Loan balance during the first quarter of 2021. The 2019 Term Loan balance at March 31, 2021, and December 31, 2020, was $0.0 and $375.0, respectively. The Company also maintains a senior revolving credit facility, which was amended and restated on April 30, 2021. It consists of a five-year facility in the principal amount of up to $1,000.0, with the option of increasing the facility by up to an additional $500.0 (which was $350.0 prior to the amendment and restatement), subject to the agreement of one or more new or existing lenders to provide such additional amounts and certain other customary conditions. The revolving credit facility also provides for a subfacility of up to $100.0 for swing line borrowings and a subfacility of up to $150.0 for issuances of letters of credit. The Company is required to pay a facility fee on the aggregate commitments under the revolving credit facility, at a per annum rate ranging from 0.100% to 0.225% (which was a per annum rate ranging from 0.100% to 0.25% prior to the amendment and restatement), depending on the Company's debt ratings. The revolving credit facility is permitted to be used for general corporate purposes, including working capital, capital expenditures, funding of share repurchases and certain other payments, acquisitions, and other investments. There were no balances outstanding on the Company's current revolving credit facility as of March 31, 2021 and December 31, 2020. As of March 31, 2021, the effective interest rate on the revolving credit facility was 1.09%. The credit facility expires on April 30, 2026. Under the revolving credit facility, the Company is subject to negative covenants limiting subsidiary indebtedness and certain other covenants typical for investment grade-rated borrowers, and the Company is required to maintain certain leverage ratios. The Company was in compliance with all covenants in the revolving credit facility at March 31, 2021, and expects that it will remain in compliance with its existing debt covenants for the next twelve months.
Short-term borrowings and current portion of long-term debtShort-term borrowings and the current portion of long-term debt at March 31, 2021, and December 31, 2020, consisted of the following: March 31, December 31, 2020 3.20% senior notes due 2022 $ 500.0 $ — 2019 Term Loan — 375.0 Debt issuance costs (0.5) (0.4) Current portion of note payable 1.9 2.1 Total short-term borrowings and current portion of long-term debt $ 501.4 $ 376.7

PREFERRED STOCK AND COMMON SHAR

PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY3 Months Ended
Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Changes in common shares issued and held in treasuryThe changes in common shares issued are summarized below: Issued and Outstanding Common shares at December 31, 2020 97.5 Common stock issued under employee stock plans 0.6 Retirement of common stock (0.3) Common shares at March 31, 2021 97.8
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]The components of accumulated other comprehensive earnings (loss) are as follows: Foreign Currency Translation Adjustments Net Benefit Plan Adjustments Accumulated Other Comprehensive Earnings (Loss) Balance as of December 31, 2020 $ (21.3) $ (140.6) $ (161.9) Current year adjustments (66.8) 3.0 (63.8) Tax effect of adjustments — (0.8) (0.8) Balance as of March 31, 2021 $ (88.1) $ (138.4) $ (226.5)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred Stock and Common Shareholders' EquityPREFERRED STOCK AND COMMON SHAREHOLDERS’ EQUITY The Company is authorized to issue up to 265.0 shares of common stock, par value $0.10 per share. The Company is authorized to issue up to 30.0 shares of preferred stock, par value $0.10 per share. There were no preferred shares outstanding as of March 31, 2021, and December 31, 2020. The changes in common shares issued are summarized below: Issued and Outstanding Common shares at December 31, 2020 97.5 Common stock issued under employee stock plans 0.6 Retirement of common stock (0.3) Common shares at March 31, 2021 97.8 Share Repurchase Program During the three months ended March 31, 2021, the Company purchased 0.3 shares of its common stock at an average price of $218.27. When the Company repurchases shares, the amount paid to repurchase the shares in excess of the par or stated value is allocated to additional paid-in-capital unless subject to limitation or the balance in additional paid-in-capital is exhausted. Remaining amounts are recognized as a reduction in retained earnings. As of March 31, 2021, the Company had outstanding authorization from the board of directors to purchase up to $731.5 of the Company's common stock. The repurchase authorization has no expiration date. Accumulated Other Comprehensive Earnings The components of accumulated other comprehensive earnings (loss) are as follows: Foreign Currency Translation Adjustments Net Benefit Plan Adjustments Accumulated Other Comprehensive Earnings (Loss) Balance as of December 31, 2020 $ (21.3) $ (140.6) $ (161.9) Current year adjustments (66.8) 3.0 (63.8) Tax effect of adjustments — (0.8) (0.8) Balance as of March 31, 2021 $ (88.1) $ (138.4) $ (226.5)

INCOME TAXES

INCOME TAXES3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income TaxesINCOME TAXES The Company does not recognize a tax benefit unless it concludes that it is more likely than not that the benefit will be sustained on audit by the taxing authority based solely on the technical merits of the associated tax position. If the recognition threshold is met, the Company recognizes a tax benefit measured at the largest amount of the tax benefit that it believes is greater than 50% likely to be realized. The 2021 tax rate was favorable to the 2020 tax rate due primarily to the 2020 impairment charges for which either no tax benefit was recorded (as they were not deductible) or the associated tax assets required a full valuation allowance. The gross unrecognized income tax benefits were $48.9 and $48.8 at March 31, 2021, and December 31, 2020, respectively. It is anticipated that the amount of the unrecognized income tax benefits will change within the next 12 months; however, these changes are not expected to have a significant impact on the results of operations, cash flows or the financial position of the Company. As of March 31, 2021, and December 31, 2020, $46.8 and $46.7, respectively, are the approximate amounts of gross unrecognized income tax benefits that, if recognized, would favorably affect the effective income tax rate in future periods. The Company recognizes interest and penalties related to unrecognized income tax benefits in income tax expense. Accrued interest and penalties related to uncertain tax positions totaled $8.7 and $8.3 as of March 31, 2021, and December 31, 2020, respectively. The Company has substantially concluded all U.S. federal income tax matters for years through 2016. Substantially all material state and local and foreign income tax matters have been concluded through 2015 and 2011, respectively. The Company has various state and foreign income tax examinations ongoing throughout the year. The Company believes adequate provisions have been recorded related to all open tax years.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES3 Months Ended
Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and ContingenciesCOMMITMENTS AND CONTINGENCIES The Company is involved from time to time in various claims and legal actions, including arbitrations, class actions, and other litigation (including those described in more detail below), arising in the ordinary course of business. Some of these actions involve claims that are substantial in amount. These matters include, but are not limited to, intellectual property disputes; commercial and contract disputes; professional liability claims; employee-related matters; and inquiries, including subpoenas and other civil investigative demands, from governmental agencies, Medicare or Medicaid payers and MCOs reviewing billing practices or requesting comment on allegations of billing irregularities that are brought to their attention through billing audits or third parties. The Company receives civil investigative demands or other inquiries from various governmental bodies in the ordinary course of its business. Such inquiries can relate to the Company or other parties, including physicians and other health care providers. The Company works cooperatively to respond to appropriate requests for information. The Company also is named from time to time in suits brought under the qui tam provisions of the False Claims Act and comparable state laws. These suits typically allege that the Company has made false statements and/or certifications in connection with claims for payment from U.S. federal or state healthcare programs. The suits may remain under seal (hence, unknown to the Company) for some time while the government decides whether to intervene on behalf of the qui tam plaintiff. Such claims are an inevitable part of doing business in the healthcare field today. The Company believes that it is in compliance in all material respects with all statutes, regulations, and other requirements applicable to its commercial laboratory operations and drug development support services. The healthcare diagnostics and drug development industries are, however, subject to extensive regulation, and the courts have not interpreted many of the applicable statutes and regulations. Therefore, the applicable statutes and regulations could be interpreted or applied by a prosecutorial, regulatory, or judicial authority in a manner that would adversely affect the Company. Potential sanctions for violation of these statutes and regulations include significant civil and criminal penalties, fines, the loss of various licenses, certificates and authorizations, additional liabilities from third-party claims, and/or exclusion from participation in government programs. Many of the current claims and legal actions against the Company are in preliminary stages, and many of these cases seek an indeterminate amount of damages. The Company records an aggregate legal reserve, which is determined using calculations based on historical loss rates and assessment of trends experienced in settlements and defense costs. In accordance with FASB Accounting Standards Codification Topic 450 “Contingencies,” the Company establishes reserves for judicial, regulatory, and arbitration matters outside the aggregate legal reserve if and when those matters present loss contingencies that are both probable and estimable and would exceed the aggregate legal reserve. When loss contingencies are not both probable and estimable, the Company does not establish separate reserves. The Company is unable to estimate a range of reasonably probable loss for the proceedings described in more detail below in which damages either have not been specified or, in the Company's judgment, are unsupported and/or exaggerated and (i) the proceedings are in early stages; (ii) there is uncertainty as to the outcome of pending appeals or motions; (iii) there are significant factual issues to be resolved; and/or (iv) there are novel legal issues to be presented. For these proceedings, however, the Company does not believe, based on currently available information, that the outcomes will have a material adverse effect on the Company's financial condition, though the outcomes could be material to the Company's operating results or cash flows for any particular period, depending, in part, upon the operating results for such period. As previously reported, the Company responded to an October 2007 subpoena from the U.S. Department of Health & Human Services Office of Inspector General's regional office in New York. On August 17, 2011, the U.S. District Court for the Southern District of New York unsealed a False Claims Act lawsuit, United States of America ex rel. NPT Associates v. Laboratory Corporation of America Holdings , which alleges that the Company offered UnitedHealthcare kickbacks in the form of discounts in return for Medicare business. The Plaintiff's Third Amended Complaint further alleges that the Company's billing practices violated the False Claims Acts of 14 states and the District of Columbia. The lawsuit seeks actual and treble damages and civil penalties for each alleged false claim, as well as recovery of costs, attorney's fees, and legal expenses. Neither the U.S. government nor any state government has intervened in the lawsuit. The Company's Motion to Dismiss was granted in October 2014 and Plaintiff was granted the right to replead. On January 11, 2016, Plaintiff filed a motion requesting leave to file an amended complaint under seal and to vacate the briefing schedule for the Company's Motion to Dismiss, while the government reviews the amended complaint. The Court granted the motion and vacated the briefing dates. Plaintiff then filed the Amended Complaint under seal. The Company will vigorously defend the lawsuit. In addition, the Company has received various other subpoenas since 2007 related to Medicaid billing. In October 2009, the Company received a subpoena from the State of Michigan Department of Attorney General seeking documents related to its billing to Michigan Medicaid. The Company cooperated with this request. In October 2013, the Company received a Civil Investigative Demand from the State of Texas Office of the Attorney General requesting documents related to its billing to Texas Medicaid. The Company cooperated with this request. On October 5, 2018, the Company received a second Civil Investigative Demand from the State of Texas Office of the Attorney General requesting documents related to its billing to Texas Medicaid. The Company cooperated with this request. On January 26, 2021, the Company was notified that a qui tam Petition was pending under seal in the District Court, 250 th Judicial District, Travis County, Texas, and that the State of Texas has intervened. On April 14, 2021, the Petition was unsealed. The Petition alleges that the Company submitted claims for reimbursement to Texas Medicaid that were higher than permitted under Texas Medicaid’s alleged “best price” regulations, and that the Company offered remuneration to Texas health care providers in the form of discounted pricing for certain laboratory testing services in exchange for the providers’ referral of Texas Medicaid business to the Company. The Petition seeks actual and double damages and civil penalties, as well as recovery of costs, attorney's fees, and legal expenses. The Company will vigorously defend the lawsuit. On August 31, 2015, the Company was served with a putative class action lawsuit, Patty Davis v. Laboratory Corporation of America, et al., filed in the Circuit Court of the Thirteenth Judicial Circuit for Hillsborough County, Florida. The complaint alleges that the Company violated the Florida Consumer Collection Practices Act by billing patients who were collecting benefits under the Workers' Compensation Statutes. The lawsuit seeks injunctive relief and actual and statutory damages, as well as recovery of attorney's fees and legal expenses. In April 2017, the Circuit Court granted the Company’s Motion for Judgment on the Pleadings. The Plaintiff appealed the Circuit Court’s ruling to the Florida Second District Court of Appeal. On October 16, 2019, the Court of Appeal reversed the Circuit Court’s dismissal, but certified a controlling issue of Florida law to the Florida Supreme Court. On February 17, 2020, the Florida Supreme Court accepted jurisdiction of the lawsuit. The Court held oral arguments on December 9, 2020. The Company will vigorously defend the lawsuit. In December 2014, the Company received a Civil Investigative Demand issued pursuant to the U.S. False Claims Act from the U.S. Attorney's Office for South Carolina, which requested information regarding alleged remuneration and services provided by the Company to physicians who also received draw and processing/handling fees from competitor laboratories Health Diagnostic Laboratory, Inc. (HDL) and Singulex, Inc. (Singulex). The Company cooperated with the request. On April 4, 2018, the U.S. District Court for the District of South Carolina, Beaufort Division, unsealed a False Claims Act lawsuit, United States of America ex rel. Scarlett Lutz, et al. v. Laboratory Corporation of America Holdings , which alleges that the Company's financial relationships with referring physicians violate federal and state anti-kickback statutes. The Plaintiffs' Fourth Amended Complaint further alleges that the Company conspired with HDL and Singulex in violation of the Federal False Claims Act and the California and Illinois insurance fraud prevention acts by facilitating HDL's and Singulex's offers of illegal inducements to physicians and the referral of patients to HDL and Singulex for laboratory testing. The lawsuit seeks actual and treble damages and civil penalties for each alleged false claim, as well as recovery of costs, attorney's fees, and legal expenses. Neither the U.S. government nor any state government has intervened in the lawsuit. The Company filed a Motion to Dismiss seeking the dismissal of the claims asserted under the California and Illinois insurance fraud prevention statutes, the conspiracy claim, the reverse False Claims Act claim, and all claims based on the theory that the Company performed medically unnecessary testing. On January 16, 2019, the Court entered an order granting in part and denying in part the Motion to Dismiss. The Court dismissed the Plaintiffs' claims based on the theory that the Company performed medically unnecessary testing, the claims asserted under the California and Illinois insurance fraud prevention statutes, and the reverse False Claims Act claim. The Court denied the Motion to Dismiss as to the conspiracy claim. On March 12, 2021, the Company filed a Motion for Summary Judgment related to all remaining claims. The Company will vigorously defend the lawsuit. Prior to the Company's acquisition of Sequenom, Inc. (Sequenom) between August 15, 2016 and August 24, 2016, six putative class-action lawsuits were filed on behalf of purported Sequenom stockholders (captioned Malkoff v. Sequenom, Inc., et al., No. 16-cv-02054- JAH-BLM , Gupta v. Sequenom, Inc., et al ., No. 16-cv-02084-JAH-KSC, Fruchter v. Sequenom, Inc., et al ., No. 16-cv-02101- WQH-KSC, Asiatrade Development Ltd. v. Sequenom, Inc., et al. , No. 16-cv-02113-AJB-JMA, Nunes v. Sequenom, Inc., et al. , No. 16-cv-02128-AJB-MDD, and Cusumano v. Sequenom, Inc., et al. , No. 16-cv-02134-LAB-JMA) in the U.S. District Court for the Southern District of California challenging the acquisition transaction. The complaints asserted claims against Sequenom and members of its board of directors (the Individual Defendants). The Nunes action also named the Company and Savoy Acquisition Corp. (Savoy), a wholly owned subsidiary of the Company, as defendants. The complaints alleged that the defendants violated Sections 14(e), 14(d)(4) and 20 of the Securities Exchange Act of 1934 by failing to disclose certain allegedly material information. In addition, the complaints in the Malkoff action, the Asiatrade action, and the Cusumano action alleged that the Individual Defendants breached their fiduciary duties to Sequenom shareholders. The actions sought, among other things, injunctive relief enjoining the merger. On August 30, 2016, the parties entered into a Memorandum of Understanding (MOU) in each of the above-referenced actions. On September 6, 2016, the Court entered an order consolidating for all pre-trial purposes the six individual actions described above under the caption In re Sequenom, Inc. Shareholder Litig. , Lead Case No. 16-cv-02054-JAH-BLM, and designating the complaint from the Malkoff action as the operative complaint for the consolidated action. On November 11, 2016, two competing motions were filed by two separate stockholders (James Reilly and Shikha Gupta) seeking appointment as lead plaintiff under the terms of the Private Securities Litigation Reform Act of 1995. On June 7, 2017, the Court entered an order declaring Mr. Reilly as the lead plaintiff and approving Mr. Reilly's selection of lead counsel. The parties agree that the MOU has been terminated. The Plaintiffs filed a Consolidated Amended Class Action Complaint on July 24, 2017, and the Defendants filed a Motion to Dismiss, which remains pending. On March 13, 2019, the Court stayed the action in its entirety pending the U.S. Supreme Court's anticipated decision in Emulex Corp. v. Varjabedian . On April 23, 2019, however, the U.S. Supreme Court dismissed the writ of certiorari in Emulex as improvidently granted. The Company will vigorously defend the lawsuit. On March 10, 2017, the Company was served with a putative class action lawsuit, Victoria Bouffard, et al. v. Laboratory Corporation of America Holdings , filed in the U.S. District Court for the Middle District of North Carolina. The complaint alleges that the Company's patient list prices unlawfully exceed the rates negotiated for the same services with private and public health insurers in violation of various state consumer protection laws. The lawsuit also alleges breach of implied contract or quasi-contract, unjust enrichment, and fraud. The lawsuit seeks statutory, exemplary, and punitive damages, injunctive relief, and recovery of attorney's fees and costs. In May 2017, the Company filed a Motion to Dismiss Plaintiffs' Complaint and Strike Class Allegations; the Motion to Dismiss was granted in March 2018 without prejudice. On October 10, 2017, a second putative class action lawsuit, Sheryl Anderson, et al. v. Laboratory Corporation of America Holdings , was filed in the U.S. District Court for the Middle District of North Carolina. The complaint contained similar allegations and sought similar relief to the Bouffard complaint, and added additional counts regarding state consumer protection laws. On August 10, 2018, the Plaintiffs filed an Amended Complaint, which consolidated the Bouffard and Anderson actions. On September 10, 2018, the Company filed a Motion to Dismiss Plaintiffs' Amended Complaint and Strike Class Allegations. On August 16, 2019, the Court entered an order granting in part and denying in part the Motion to Dismiss the Amended Complaint, and denying the Motion to Strike the Class Allegations. The Company will vigorously defend the lawsuit. On April 1, 2019, Covance Research Products was served with a Grand Jury Subpoena issued by the Department of Justice (DOJ) in Miami, Florida requiring the production of documents related to the importation into the United States of live non-human primate shipments originating from or transiting through China, Cambodia, and/or Vietnam from April 1, 2014 through March 28, 2019. The Company is cooperating with the DOJ. On May 14, 2019, Retrieval-Masters Creditors Bureau, Inc. d/b/a American Medical Collection Agency (AMCA), an external collection agency, notified the Company about a security incident AMCA experienced that may have involved certain personal information about some of the Company’s patients (the AMCA Incident). The Company referred patient balances to AMCA only when direct collection efforts were unsuccessful. The Company’s systems were not impacted by the AMCA Incident. Upon learning of the AMCA Incident, the Company promptly stopped sending new collection requests to AMCA and stopped AMCA from continuing to work on any pending collection requests from the Company. AMCA informed the Company that it appeared that an unauthorized user had access to AMCA’s system between August 1, 2018, and March 30, 2019, and that AMCA could not rule out the possibility that personal information on AMCA’s system was at risk during that time period. Information on AMCA’s affected system from the Company may have included name, address, and balance information for the patient and person responsible for payment, along with the patient’s phone number, date of birth, referring physician, and date of service. The Company was later informed by AMCA that health insurance information may have been included for some individuals, and because some insurance carriers utilize the Social Security Number as a subscriber identification number, the Social Security Number for some individuals may also have been affected. No ordered tests, laboratory test results, or diagnostic information from the Company were in the AMCA affected system. The Company notified individuals for whom it had a valid mailing address. For the individuals whose Social Security Number was affected, the notice included an offer to enroll in credit monitoring and identity protection services that will be provided free of charge for 24 months. Twenty-three putative class action lawsuits were filed against the Company related to the AMCA Incident in various U.S. District Courts. Numerous similar lawsuits have been filed against other health care providers who used AMCA. These lawsuits have been consolidated into a multidistrict litigation in the District of New Jersey. On November 15, 2019, the Plaintiffs filed a Consolidated Class Action Complaint in the U.S. District Court of New Jersey. On January 22, 2020, the Company filed Motions to Dismiss all claims. The consolidated Complaint generally alleges that the Company did not adequately protect its patients’ data and failed to timely notify those patients of the AMCA Incident. The Complaint asserts various causes of action, including but not limited to negligence, breach of implied contract, unjust enrichment, and the violation of state data protection statutes. The Complaint seeks damages on behalf of a class of all affected Company customers. The Company will vigorously defend the multi-district litigation. The Company was served with a shareholder derivative lawsuit, Raymond Eugenio, Derivatively on Behalf of Nominal Defendant, Laboratory Corporation of America Holdings v. Lance Berberian, et al. , filed in the Court of Chancery of the State of Delaware on April 23, 2020. The complaint asserts derivative claims on the Company’s behalf against the Company’s board of directors and certain executive officers. The complaint generally alleges that the defendants failed to ensure that the Company utilized proper cybersecurity safeguards and failed to implement a sufficient response to data security incidents, including the AMCA Incident. The complaint asserts derivative claims for breach of fiduciary duty and seeks relief including damages, certain disclosures, and certain changes to the Company’s internal governance practices. On June 2, 2020, the Company filed a Motion to Stay the lawsuit due to its overlap with the multi-district litigation referenced above. On July 2, 2020, the Company filed a Motion to Dismiss. On July 14, 2020, the Court entered an order staying the lawsuit pending the resolution of the multi-district litigation. The lawsuit will be vigorously defended. Certain governmental entities have requested information from the Company related to the AMCA Incident. The Company received a request for information from the Office for Civil Rights (OCR) of the Department of Health and Human Services. On April 28, 2020, OCR notified the Company of the closure of its inquiry. The Company has also received requests from a multi-state group of state Attorneys General and is cooperating with these requests for information. On January 31, 2020, the Company was served with a putative class action lawsuit, Luke Davis and Julian Vargas, et al. v. Laboratory Corporation of America Holdings , filed in the U.S. District Court for the Central District of California. The lawsuit alleges that visually impaired patients are unable to use the Company's touchscreen kiosks at Company patient service centers in violation of the Americans with Disabilities Act and similar California statutes. The lawsuit seeks statutory damages, injunctive relief, and attorney's fees and costs. On March 20, 2020, the Company filed a Motion to Dismiss Plaintiffs' Complaint and to Strike Class Allegations. In August 2020, the Plaintiffs filed an Amended Complaint. The Company will vigorously defend the lawsuit. On May 14, 2020, the Company was served with a putative class action lawsuit, Jose Bermejo v. Laboratory Corporation of America (Bermejo I) filed in the Superior Court of California, County of Los Angeles Central District, alleging that certain non-exempt California-based employees were not properly compensated for driving time or properly paid wages upon termination of employment. The Plaintiff asserts these actions violate various California Labor Code provisions and Section 17200 of the Business and Professional Code. The lawsuit seeks monetary damages, civil penalties, and recovery of attorney’s fees and costs. On June 15, 2020, the lawsuit was removed to the U.S. District Court for the Central District of California. On June 16, 2020, the Company was served with a Private Attorney General Act lawsuit by the same plaintiff in Jose Bermejo v. Laboratory Corporation of America (Bermejo II), filed in the Superior Court of California, County of Los Angeles Central District, alleging that certain Company practices violated California Labor Code penalty provisions related to unpaid and minimum wages, unpaid overtime, unpaid mean and rest break premiums, untimely payment of wages following separation of employment, failure to maintain accurate pay records, and non-reimbursement of business expenses. The second lawsuit seeks to recover civil penalties and recovery of attorney's fees and costs. On October 28, 2020, the court issued an order staying proceedings in Bermejo II pending resolution of Bermejo I . The second lawsuit seeks to recover civil penalties and recovery of attorney's fees and costs. The Company will vigorously defend both lawsuits. On August 14, 2020, the Company was served with a Subpoena Duces Tecum issued by the State of Colorado Office of the Attorney General requiring the production of documents related to urine drug testing in all states. The Company is cooperating with this request. On October 2, 2020, the Company was served with a putative class action lawsuit, Peterson v. Laboratory Corporation of America Holdings , filed in the U.S. District Court for the Northern District of New York, alleging claims for a failure to properly pay service representatives compensation for all hours worked and overtime under the Fair Labor Standards Act, as well as notice and recordkeeping claims under the New York Labor Code. On February 21, 2021, Plaintiff filed an amended complaint reiterating allegations of violations of the Fair Labor Standards Act and New York Labor Code, but narrowing the scope of the putative class to only those service representatives employed by the Company within the State of New York. The lawsuit seeks monetary damages, liquidated damages, equitable and injunctive relief, and recovery of attorney's fees and costs. The Company will vigorously defend the lawsuit. On October 5, 2020, the Company was served with a putative class action lawsuit, Williams v. LabCorp Employer Services, Inc. et al, filed in the Superior Court of California, County of Los Angeles, alleging that certain non-exempt California-based employees were not properly compensated for work and overtime hours, not properly paid meal and rest break premiums, not reimbursed for certain business-related expenses, not properly paid for driving or wait times, and received inaccurate wage statements. The Plaintiff also asserts claims for unfair competition under Section 17200 of the Business and Professional Code. On November 4, 2020, the lawsuit was removed to the U.S. District Court for the Central District of California. The lawsuit seeks monetary damages, liquidated damages, civil penalties, and recovery of attorney's fees and costs. The Company will vigorously defend the lawsuit. On March 1, 2021, the Company was served with a putative class action lawsuit, Foy v. Laboratory Corporation of America Holdings d/b/a Labcorp Diagnostics , filed in the U.S. District Court for the Middle District of North Carolina, alleging claims for failure to properly pay service representatives employed outside of California and New York for all hours worked and overtime compensation under the Fair Labor Standards Act. The lawsuit seeks monetary damages, liquidated damages, equitable and injunctive relief, and recovery of attorney’s fees and costs. The Company will vigorously defend the lawsuit. Under the Company's present insurance programs, coverage is obtained for catastrophic exposure as well as those risks required to be insured by law or contract. The Company is responsible for the uninsured portion of losses related primarily to general, professional and vehicle liability, certain medical costs and workers' compensation. The self-insured retentions are on a per-occurrence basis without any aggregate annual limit. Provisions for losses expected under these programs are recorded based upon the Company's estimates of the aggregated liability of claims incurred.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value MeasurementsFAIR VALUE MEASUREMENTS The Company’s population of financial assets and liabilities subject to fair value measurements as of March 31, 2021, and December 31, 2020, is as follows: Fair Value Measurements as of Fair Value March 31, 2021 Balance Sheet Using Fair Value Hierarchy Classification March 31, 2021 Level 1 Level 2 Level 3 Noncontrolling interest put Noncontrolling interest $ 16.4 $ — $ 16.4 $ — Cross currency swaps Other liabilities 3.0 — 3.0 — Cash surrender value of life insurance policies Other assets, net 93.0 — 93.0 — Deferred compensation liability Other liabilities 94.3 — 94.3 — Contingent consideration Other liabilities 12.8 — — 12.8 Fair Value Measurements as of Fair Value December 31, 2020 Balance Sheet Using Fair Value Hierarchy Classification December 31, 2020 Level 1 Level 2 Level 3 Noncontrolling interest put Noncontrolling interest $ 16.2 $ — $ 16.2 $ — Cross currency swaps Other liabilities 40.4 — 40.4 — Cash surrender value of life insurance policies Other assets, net 90.6 — 90.6 — Deferred compensation liability Other liabilities 89.2 — 89.2 — Contingent consideration Other liabilities 13.9 — — 13.9 Fair Value Measurement of Level 3 Liabilities Contingent Consideration Balance at December 31, 2020 $ 13.9 Adjustments (1.1) Balance at March 31, 2021 $ 12.8 The Company has a noncontrolling interest put related to its Ontario subsidiary that has been classified as mezzanine equity in the Company’s condensed consolidated balance sheets. The noncontrolling interest put is valued at its contractually determined value, which approximates fair value. The Company offers certain employees the opportunity to participate in an employee-funded deferred compensation plan (DCP). A participant's deferrals are allocated by the participant to one or more of 16 measurement funds, which are indexed to externally managed funds. From time to time, to offset the cost of the growth in the participant's investment accounts, the Company purchases life insurance policies, with the Company named as beneficiary of the policies. Changes in the cash surrender value of the life insurance policies are based upon earnings and changes in the value of the underlying investments, which are typically invested in a similar manner to the participant's allocations. Changes in the fair value of the DCP obligation are derived using quoted prices in active markets based on the market price per unit multiplied by the number of units. The cash surrender value and the DCP obligations are classified within Level 2 because their inputs are derived principally from observable market data by correlation to the hypothetical investments. Contingent acquisition consideration liabilities are measured at fair value using Level 3 valuations. These contingent consideration liabilities were recorded at fair value on the acquisition date and are remeasured quarterly based on the then assessed fair value and adjusted if necessary. The increases or decreases in the fair value of contingent consideration payable can result from changes in anticipated revenue levels and changes in assumed discount periods and rates. As the fair value measure is based on significant inputs that are not observable in the market, they are categorized as Level 3.

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES3 Months Ended
Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments, Gain (Loss) [Table Text Block]The table below provides information regarding the location and amount of pretax (gains) losses of derivatives designated in fair value hedging: Amount of pre-tax gain/(loss) included in other comprehensive income Amounts reclassified to the Three Months Ended March 31, Three Months Ended March 31, 2021 2020 2021 2020 Interest rate swap contracts $ — $ 1.8 $ — $ — Cross currency swaps $ 37.4 $ 19.9 $ — $ —
Derivative Instruments And Hedging ActivitiesDERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Company addresses its exposure to market risks, principally the market risk associated with changes in interest rates and foreign currency exchange rates, through a controlled program of risk management that includes, from time to time, the use of derivative financial instruments. The Company does not hold or issue derivative financial instruments for trading purposes. The Company does not believe that its exposure to market risk is material to the Company’s financial position or results of operations. Cross Currency Swaps During the fourth quarter of 2018, the Company entered into six U.S. Dollar to Swiss Franc cross-currency swap agreements with an aggregate notional value of $600.0 and which are accounted for as a hedge against the impact of foreign exchange movements on its net investment in a Swiss subsidiary. Of the notional value, $300.0 matures in 2022 and $300.0 matures in 2025. The cross currency swaps maturing in 2022 and 2025 with an aggregate fair value of $(5.8) and $2.8 as of March 31, 2021, respectively, are included in other long-term liabilities. The cross currency swaps maturing in 2022 and 2025 with an aggregate fair value of $(26.0) and $(14.4) as of December 31, 2020, respectively, are included in other long-term liabilities. Changes in the fair value of the cross-currency swaps are recorded as a component of the foreign currency translation adjustment in accumulated other comprehensive income in the Condensed Consolidated Balance Sheet until the hedged item is recognized in earnings. The cumulative amount of the fair value hedging adjustment included in the current value of the cross currency swaps was $37.4 for the three months ended March 31, 2021, and was recognized as currency translation within the Condensed Consolidated Statement of Comprehensive Earnings. There were no amounts reclassified from the Condensed Consolidated Statement of Comprehensive Earnings to the Condensed Consolidated Statement of Operations during the three months ended March 31, 2021. The table below presents the fair value of derivatives on a gross basis and the balance sheet classification of those instruments: March 31, 2021 December 31, 2020 Fair Value of Derivative Fair Value of Derivative Balance Sheet Caption Asset Liability U.S. Dollar Notional Asset Liability U.S. Dollar Notional Derivatives Designated as Hedging Instruments Cross currency swaps Other assets, net or Other liabilities $ — $ 3.0 $ 600.0 $ — $ 40.4 $ 600.0 The table below provides information regarding the location and amount of pretax (gains) losses of derivatives designated in fair value hedging: Amount of pre-tax gain/(loss) included in other comprehensive income Amounts reclassified to the Three Months Ended March 31, Three Months Ended March 31, 2021 2020 2021 2020 Interest rate swap contracts $ — $ 1.8 $ — $ — Cross currency swaps $ 37.4 $ 19.9 $ — $ — No gains or losses from derivative instruments have been recognized into income for the three months ended March 31, 2021, and 2020.
Schedule of Derivative Instruments [Table Text Block]The table below presents the fair value of derivatives on a gross basis and the balance sheet classification of those instruments: March 31, 2021 December 31, 2020 Fair Value of Derivative Fair Value of Derivative Balance Sheet Caption Asset Liability U.S. Dollar Notional Asset Liability U.S. Dollar Notional Derivatives Designated as Hedging Instruments Cross currency swaps Other assets, net or Other liabilities $ — $ 3.0 $ 600.0 $ — $ 40.4 $ 600.0

BUSINESS ACQUISITIONS

BUSINESS ACQUISITIONS3 Months Ended
Mar. 31, 2021
Business Combinations [Abstract]
Business Combination Disclosure [Text Block]BUSINESS ACQUISITIONS AND DISPOSITIONS During the three months ended March 31, 2021, the Company acquired a business and related assets for approximately $34.1 in cash within Dx. The purchase consideration for the acquisition in the three months ended March 31, 2021, has been allocated under the acquisition method of accounting to the estimated fair market value of the net assets acquired, including approximately $17.6 in identifiable intangible assets and a residual amount of non-tax deductible goodwill of approximately $15.6. The amortization periods for intangible assets acquired from the business range from 5 to 15 years for customer relationships and non-compete agreements. The acquisition was made primarily to expand the Company's services for hospitals and health system laboratories. The excess of the fair value of the consideration conveyed over the fair value of the net assets acquired was recorded as goodwill. The goodwill reflects the Company's expectations to utilize the acquired business' workforce and established relationships and the benefits of being able to leverage operational efficiencies with favorable growth opportunities in these markets.

BUSINESS SEGMENT INFORMATION Bu

BUSINESS SEGMENT INFORMATION Business Segment information (Notes)3 Months Ended
Mar. 31, 2021
Segment Reporting Information [Line Items]
Segment Reporting Disclosure [Text Block]BUSINESS SEGMENT INFORMATION The following table is a summary of segment information for the three months March 31, 2021, and 2020. The management approach has been used to present the following segment information. This approach is based upon the way the management of the Company organizes segments within an enterprise for making operating decisions and assessing performance. Financial information is reported on the basis that it is used internally by the chief operating decision maker (CODM) for evaluating segment performance and deciding how to allocate resources to segments. The Company’s chief executive officer has been identified as the CODM. Segment asset information is not presented because it is not used by the CODM at the segment level. Operating earnings of each segment represent revenues less directly identifiable expenses to arrive at operating income for the segment. General management and administrative corporate expenses are included in general corporate expenses below. Three Months Ended March 31, 2021 2021 2020 Revenues: Dx $ 2,757.8 $ 1,702.0 DD 1,438.2 1,143.8 Intercompany eliminations and other (34.5) (22.0) Revenues 4,161.5 2,823.8 Operating earnings (loss): Dx 949.1 205.2 DD 156.4 (338.7) General corporate expenses (47.6) (59.1) Total operating income (loss) 1,057.9 (192.6) Non-operating expenses, net (36.1) (75.1) Earnings (loss) before income taxes 1,021.8 (267.7) Provision for income taxes 251.7 49.2 Net earnings (loss) 770.1 (316.9) Less: Net earnings attributable to the noncontrolling interest (0.5) (0.3) Net earnings (loss) attributable to Laboratory Corporation of America Holdings $ 769.6 $ (317.2)

BASIS OF FINANCIAL STATEMENT _2

BASIS OF FINANCIAL STATEMENT PRESENTATION Use of Estimates (Policies)3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]New Accounting Pronouncements In March 2020, the FASB issued a new accounting standard to provide optional expedients and exceptions if certain conditions are met for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform. The expedients and exceptions in the standard are effective between March 12,
Recently Adopted Accounting Guidance [Policy Text Block]Recently Adopted Guidance In August 2018, the Financial Accounting Standards Board (FASB) issued a new accounting standard to reduce, modify, and add to the disclosure requirements on defined benefit pension and other postretirement plans. The Company adopted this standard effective January 1, 2021. The adoption of this standard did not have a material impact on the consolidated financial statements. In December 2019, the FASB issued a new accounting standard to simplify accounting for income taxes and remove, modify, and add to the disclosure requirements of income taxes. The Company adopted this standard effective January 1, 2021. The adoption of this standard did not have a material impact on the consolidated financial statements. In January 2020, the FASB issued a new accounting standard to clarify the interaction of the accounting for equity securities and investments accounted for under the equity method of accounting and the accounting for certain forward contracts and purchased options. The Company adopted this standard effective January 1, 2021. The adoption of this standard did not have a material impact on the consolidated financial statements.

Intangible Assets, Goodwill and

Intangible Assets, Goodwill and Other (Policies)3 Months Ended
Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, Goodwill, PolicyGOODWILL AND INTANGIBLE ASSETS The changes in the carrying amount of goodwill for the three months ended March 31, 2021, are as follows: Dx DD Total Balance as of December 31, 2020 $ 3,800.2 $ 3,951.3 $ 7,751.5 Goodwill acquired during the period 15.6 — 15.6 Foreign currency impact and other adjustments to goodwill 4.5 (51.1) (46.6) Balance as of March 31, 2021 $ 3,820.3 $ 3,900.2 $ 7,720.5 The Company assesses goodwill and indefinite-lived intangibles for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The Company recognizes an impairment charge for the amount by which the reporting unit's carrying amount exceeds its fair value. Based upon the revised forecasted revenues and operating income following the declaration of the COVID-19 global pandemic, management concluded there was a triggering event and updated its annual 2019 goodwill impairment testing as of March 31, 2020, for certain of its DD reporting units and Dx reporting units. Based on the quantitative impairment assessment, performed in the same manner as the annual quantitative assessment, the Company concluded that the fair value was less than carrying value for two of its reporting units and recorded a goodwill impairment of $418.7 for DD and $3.7 for Dx. The components of identifiable intangible assets are as follows: March 31, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 4,566.3 $ (1,573.0) $ 2,993.3 $ 4,643.3 $ (1,534.9) $ 3,108.4 Patents, licenses and technology 454.2 (257.1) 197.1 434.7 (252.6) 182.1 Non-compete agreements 114.8 (73.7) 41.1 109.6 (70.7) 38.9 Trade name 398.9 (296.5) 102.4 401.8 (263.9) 137.9 Land use right 10.8 (7.2) 3.6 10.9 (6.9) 4.0 Canadian licenses 496.5 — 496.5 489.8 — 489.8 $ 6,041.5 $ (2,207.5) $ 3,834.0 $ 6,090.1 $ (2,129.0) $ 3,961.1

Revenue from Contract with Cust

Revenue from Contract with Customer (Policies)3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
RevenueREVENUES The Company's revenues by segment and by payers/customer groups for the three months ended March 31, 2021, and 2020, were as follows: For the Three Months Ended March 31, 2021 For the Three Months Ended March 31, 2020 North America Europe Other Total North America Europe Other Total Payer/Customer Dx Clients 19 % — % — % 19 % 17 % — % — % 17 % Patients 5 % — % — % 5 % 7 % — % — % 7 % Medicare and Medicaid 7 % — % — % 7 % 8 % — % — % 8 % Third-party 34 % — % — % 34 % 28 % — % — % 28 % Total Dx revenues by payer 65 % — % — % 65 % 60 % — % — % 60 % DD Biopharmaceutical and medical device companies 21 % 10 % 4 % 35 % 20 % 13 % 7 % 40 % Total revenues 86 % 10 % 4 % 100 % 80 % 13 % 7 % 100 % Revenues in the U.S. were $3,472.5 (83%) and $2,165.3 (77%) for the three months ended March 31, 2021, and 2020. Contract costs DD incurs sales commissions in the process of obtaining contracts with customers. Sales commissions that are payable upon contract award are recognized as assets and amortized over the expected contract term, along with related payroll tax expense. The amortization of commission expense is based on the weighted average contract duration for all commissionable awards in the respective business in which the commission expense is paid, which approximates the period over which goods and services are transferred to the customer. The amortization period of sales commissions ranges from approximately 1 to 5 years, depending on the business. For businesses that enter into primarily short-term contracts, the Company applies the practical expedient, which allows costs to obtain a contract to be expensed when incurred if the amortization period of the assets that would otherwise have been recognized is one year or less. Amortization of assets from sales commissions is included in selling, general, and administrative expense. DD incurs costs to fulfill contracts with customers. Contract fulfillment costs include software implementation costs and setup costs for certain market access solutions. These costs are recognized as assets and amortized over the expected term of the contract to which the implementation relates, which is the period over which services are expected to be provided to the customer. This period typically ranges from 2 to 5 years. Amortization of deferred contract fulfillment costs is included in cost of goods sold. March 31, 2021 December 31, 2020 Sales commission assets $ 36.0 $ 32.6 Deferred contract fulfillment costs 14.3 12.6 Total $ 50.3 $ 45.2 Amortization related to sales commission assets and associated payroll taxes for the three months ended March 31, 2021, and 2020, was $6.9 and $5.3, respectively. Amortization related to deferred contract fulfillment costs for the three months ended March 31, 2021, and 2020, was $3.5 and $3.0, respectively. Receivables, Unbilled Services and Unearned Revenue Unbilled services are comprised primarily of unbilled receivables, but also include contract assets. A contract asset is recorded when a right to payment has been earned for work performed, but billing and payment for that work is determined by certain contractual milestones, whereas unbilled receivables are billable upon the passage of time. While the Company attempts to negotiate terms that provide for billing and payment of services prior or in close proximity to the provision of services, this is not always possible and there are fluctuations in the level of unbilled services and unearned revenue from period to period. The following table provides information about receivables, unbilled services, and unearned revenue (contract liabilities) from contracts with customers which primarily exist within DD. March 31, 2021 December 31, 2020 Receivables, which are included in accounts receivable $ 1,007.2 $ 1,001.5 Unbilled services 579.5 548.1 Unearned revenue 522.3 492.2 Revenues recognized during the period, that were included in the unearned revenue balance at the beginning of the period for the three months ended March 31, 2021, and 2020, were $152.3 and $121.8, respectively. Credit Loss Rollforward The Company estimates future expected losses on accounts receivable, unbilled services and notes receivable over the remaining collection period of the instrument. The rollforward for the allowance for credit losses for the three months ended March 31, 2021 is as follows: For the Three Months Ended March 31, 2021 Accounts Receivable Unbilled Services Note and Other Receivables Total Allowance for credit losses as of December 31, 2020 $ 22.1 $ 11.3 $ 5.7 $ 39.1 Plus, credit loss expense (credit) (0.5) — — (0.5) Less, write offs 0.6 — — 0.6 Ending allowance for credit losses $ 21.0 $ 11.3 $ 5.7 $ 38.0 Performance Obligations Under Long-Term Contracts Long-term contracts at the Company consist primarily of fully managed clinical studies within DD. The amount of existing performance obligations under such long-term contracts unsatisfied as of March 31, 2021, was $5,563.4. The Company expects to recognize revenue over the remaining contract term of the individual projects, with contract terms generally ranging from 1 to 8 years. Within DD, revenues of $16.5 and $9.7 were recognized during the three months ended March 31, 2021, and 2020, respectively, from performance obligations that were satisfied in previous periods. This revenue primarily relates to adjustments related to changes in scope in full service clinical studies, and to a lesser extent, changes in estimates.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Reconciliation of Basic earnings per Share to Diluted Earnings per ShareThe following represents a reconciliation of basic earnings (loss) per share to diluted earnings (loss) per share: Three Months Ended March 31, 2021 2020 Earnings Shares Per Share Amount Earnings (Loss) Shares Per Share Amount Basic earnings (loss) per share: Net earnings (loss) $ 769.6 97.6 $ 7.88 $ (317.2) 97.2 $ (3.27) Dilutive effect of employee stock options and awards — 0.9 — — Net earnings (loss) including impact of dilutive adjustments $ 769.6 98.5 $ 7.82 $ (317.2) 97.2 $ (3.27)
Potential common shares not included in computation of diluted earnings per shareThe following table summarizes the potential common shares not included in the computation of diluted earnings per share because their impact would have been antidilutive: Three Months Ended March 31, 2021 2020 Employee stock options and awards — 1.3

RESTRUCTURING AND OTHER SPECI_2

RESTRUCTURING AND OTHER SPECIAL CHARGES Restructuring and Other Special Charges Detail (Tables)3 Months Ended
Mar. 31, 2021
Restructuring Cost and Reserve [Line Items]
Schedule of Restructuring Reserve by Type of Cost [Table Text Block]The following represents the Company’s restructuring reserve activities for the period indicated: Dx DD Severance and Other Employee Costs Facility Costs Severance and Other Employee Costs Facility Costs Total Balance as of December 31, 2020 $ 0.3 $ 0.4 $ 2.4 $ 4.7 $ 7.8 Restructuring charges 2.2 5.5 2.0 9.6 19.3 Adjustments to prior restructuring accruals (0.1) (0.1) 0.1 — (0.1) Cash payments and other adjustments (2.4) (5.3) (1.9) (8.1) (17.7) Balance as of March 31, 2021 $ — $ 0.5 $ 2.6 $ 6.2 $ 9.3 Current $ 6.3 Non-current 3.0 $ 9.3

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)3 Months Ended
Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in Carrying Amount of GoodwillThe changes in the carrying amount of goodwill for the three months ended March 31, 2021, are as follows: Dx DD Total Balance as of December 31, 2020 $ 3,800.2 $ 3,951.3 $ 7,751.5 Goodwill acquired during the period 15.6 — 15.6 Foreign currency impact and other adjustments to goodwill 4.5 (51.1) (46.6) Balance as of March 31, 2021 $ 3,820.3 $ 3,900.2 $ 7,720.5
Schedule of Intangible Assets and Goodwill [Table Text Block]The components of identifiable intangible assets are as follows: March 31, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 4,566.3 $ (1,573.0) $ 2,993.3 $ 4,643.3 $ (1,534.9) $ 3,108.4 Patents, licenses and technology 454.2 (257.1) 197.1 434.7 (252.6) 182.1 Non-compete agreements 114.8 (73.7) 41.1 109.6 (70.7) 38.9 Trade name 398.9 (296.5) 102.4 401.8 (263.9) 137.9 Land use right 10.8 (7.2) 3.6 10.9 (6.9) 4.0 Canadian licenses 496.5 — 496.5 489.8 — 489.8 $ 6,041.5 $ (2,207.5) $ 3,834.0 $ 6,090.1 $ (2,129.0) $ 3,961.1

Debt (Tables)

Debt (Tables)3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
Short-term borrowings and current portion of long-term debtShort-term borrowings and the current portion of long-term debt at March 31, 2021, and December 31, 2020, consisted of the following: March 31, December 31, 2020 3.20% senior notes due 2022 $ 500.0 $ — 2019 Term Loan — 375.0 Debt issuance costs (0.5) (0.4) Current portion of note payable 1.9 2.1 Total short-term borrowings and current portion of long-term debt $ 501.4 $ 376.7

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Company's population of financial assets and liabilities subject to fair value measurementsThe Company’s population of financial assets and liabilities subject to fair value measurements as of March 31, 2021, and December 31, 2020, is as follows: Fair Value Measurements as of Fair Value March 31, 2021 Balance Sheet Using Fair Value Hierarchy Classification March 31, 2021 Level 1 Level 2 Level 3 Noncontrolling interest put Noncontrolling interest $ 16.4 $ — $ 16.4 $ — Cross currency swaps Other liabilities 3.0 — 3.0 — Cash surrender value of life insurance policies Other assets, net 93.0 — 93.0 — Deferred compensation liability Other liabilities 94.3 — 94.3 — Contingent consideration Other liabilities 12.8 — — 12.8 Fair Value Measurements as of Fair Value December 31, 2020 Balance Sheet Using Fair Value Hierarchy Classification December 31, 2020 Level 1 Level 2 Level 3 Noncontrolling interest put Noncontrolling interest $ 16.2 $ — $ 16.2 $ — Cross currency swaps Other liabilities 40.4 — 40.4 — Cash surrender value of life insurance policies Other assets, net 90.6 — 90.6 — Deferred compensation liability Other liabilities 89.2 — 89.2 — Contingent consideration Other liabilities 13.9 — — 13.9
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]Fair Value Measurement of Level 3 Liabilities Contingent Consideration Balance at December 31, 2020 $ 13.9 Adjustments (1.1) Balance at March 31, 2021 $ 12.8

BUSINESS SEGMENT INFORMATION (T

BUSINESS SEGMENT INFORMATION (Tables)3 Months Ended
Mar. 31, 2021
Segment Reconciliation of Operating Income to Consolidated [Abstract]
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]Three Months Ended March 31, 2021 2021 2020 Revenues: Dx $ 2,757.8 $ 1,702.0 DD 1,438.2 1,143.8 Intercompany eliminations and other (34.5) (22.0) Revenues 4,161.5 2,823.8 Operating earnings (loss): Dx 949.1 205.2 DD 156.4 (338.7) General corporate expenses (47.6) (59.1) Total operating income (loss) 1,057.9 (192.6) Non-operating expenses, net (36.1) (75.1) Earnings (loss) before income taxes 1,021.8 (267.7) Provision for income taxes 251.7 49.2 Net earnings (loss) 770.1 (316.9) Less: Net earnings attributable to the noncontrolling interest (0.5) (0.3) Net earnings (loss) attributable to Laboratory Corporation of America Holdings $ 769.6 $ (317.2)

REVENUE (Tables)

REVENUE (Tables)3 Months Ended
Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Financing Receivable, Allowance for Credit Loss [Table Text Block]The rollforward for the allowance for credit losses for the three months ended March 31, 2021 is as follows: For the Three Months Ended March 31, 2021 Accounts Receivable Unbilled Services Note and Other Receivables Total Allowance for credit losses as of December 31, 2020 $ 22.1 $ 11.3 $ 5.7 $ 39.1 Plus, credit loss expense (credit) (0.5) — — (0.5) Less, write offs 0.6 — — 0.6 Ending allowance for credit losses $ 21.0 $ 11.3 $ 5.7 $ 38.0
Contract with Customer, Asset and Liability [Table Text Block]March 31, 2021 December 31, 2020 Receivables, which are included in accounts receivable $ 1,007.2 $ 1,001.5 Unbilled services 579.5 548.1 Unearned revenue 522.3 492.2
Disaggregation of Revenue [Table Text Block]The Company's revenues by segment and by payers/customer groups for the three months ended March 31, 2021, and 2020, were as follows: For the Three Months Ended March 31, 2021 For the Three Months Ended March 31, 2020 North America Europe Other Total North America Europe Other Total Payer/Customer Dx Clients 19 % — % — % 19 % 17 % — % — % 17 % Patients 5 % — % — % 5 % 7 % — % — % 7 % Medicare and Medicaid 7 % — % — % 7 % 8 % — % — % 8 % Third-party 34 % — % — % 34 % 28 % — % — % 28 % Total Dx revenues by payer 65 % — % — % 65 % 60 % — % — % 60 % DD Biopharmaceutical and medical device companies 21 % 10 % 4 % 35 % 20 % 13 % 7 % 40 % Total revenues 86 % 10 % 4 % 100 % 80 % 13 % 7 % 100 % Revenues in the U.S. were $3,472.5 (83%) and $2,165.3 (77%) for the three months ended March 31, 2021, and 2020.
Capitalized Contract Cost [Table Text Block]March 31, 2021 December 31, 2020 Sales commission assets $ 36.0 $ 32.6 Deferred contract fulfillment costs 14.3 12.6 Total $ 50.3 $ 45.2

Leases (Tables)

Leases (Tables)3 Months Ended
Mar. 31, 2021
Leases [Abstract]
Supplemental Cash Flow InformationSUPPLEMENTAL CASH FLOW INFORMATION Three Months Ended March 31, 2021 2020 Supplemental schedule of cash flow information: Cash paid during period for: Interest $ 77.7 $ 80.0 Income taxes, net of refunds 40.8 5.8 Disclosure of non-cash financing and investing activities: Change in accrued property, plant and equipment (4.8) (14.0)

Subsequent Events (Tables)

Subsequent Events (Tables)May 03, 2021
Subsequent Events [Abstract]
Subsequent Events15. SUBSEQUENT EVENT On May 3, 2021, the Company entered into a definitive agreement to acquire select operating assets and intellectual property, from Myriad Genetics' autoimmune business unit, including the Vectra ®

BASIS OF FINANCIAL STATEMENT _3

BASIS OF FINANCIAL STATEMENT PRESENTATION (Details) - USD ($)3 Months Ended
Mar. 31, 2021Sep. 30, 2020Mar. 31, 2020Sep. 30, 2019Dec. 31, 2020Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Asset Impairment Charges $ 0 $ 437,400,000
Revenues4,161,500,000 2,823,800,000
Cost of Revenue2,562,500,000 2,095,800,000
Contract with Customer, Liability522,300,000 $ 492,200,000
Amortization of Deferred Sales Commissions6,900,000 5,300,000
Assets, Current5,638,100,000 5,125,400,000
Net Cash Provided by (Used in) Operating Activities $ 1,157,600,000 $ 203,800,000
Percent of Revenue Contributed100.00%100.00%
Selling, general and administrative expenses $ 429,800,000 $ 395,500,000
Nonoperating Income (Expense)(36,100,000)(75,100,000)
Provision for income taxes251,700,000 49,200,000
Net earnings770,100,000 (316,900,000)
Net Income (Loss) Attributable to Parent $ 769,600,000 $ 769,600,000 $ (317,200,000) $ (317,200,000)
Basic earnings per common share (in dollars per share) $ 7.88 $ (3.27)
Diluted earnings per common share (in dollars per share) $ 7.82 $ (3.27)
Net Cash Provided by (Used in) Investing Activities $ (132,400,000) $ (106,600,000)
Net Cash Provided by (Used in) Financing Activities(450,100,000)(102,800,000)
Effect of exchange rate changes on cash and cash equivalents(5,100,000)(8,300,000)
Assets20,417,100,000 20,071,700,000
Long-term debt, less current portion3,368,700,000 3,078,500,000
Common stock, 92.8 and 93.5 shares outstanding at March 31, 2013 and December 31, 2012, respectively20,900,000 20,700,000
Stockholders' Equity Attributable to Parent10,021,500,000 10,021,500,000 7,020,100,000 9,359,700,000 $ 7,567,000,000
Liabilities and Equity20,417,100,000 20,071,700,000
Capitalized Contract Cost, Amortization3,500,000 3,000,000
Deferred Revenue, Revenue Recognized152,300,000 121,800,000
Revenue, Remaining Performance Obligation, Amount5,563,400,000
Contract with Customer, Performance Obligation Satisfied in Previous Period $ 16,500,000 9,700,000
Ownership percentage below which investments are generally accounted for on the cost method (in thousandths)20.00%
LabCorp Diagnostics [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenues $ 2,757,800,000 $ 1,702,000,000
Percent of Revenue Contributed65.00%60.00%
Goodwill, Impairment Loss $ 3,700,000
Covance Drug Development [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenues $ 1,438,200,000 $ 1,143,800,000
Percent of Revenue Contributed35.00%
Goodwill, Impairment Loss $ 418,700,000
Retained Earnings [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Income (Loss) Attributable to Parent769,600,000 (317,200,000)
Stockholders' Equity Attributable to Parent $ 10,171,900,000 $ 7,529,000,000 $ 9,402,300,000 $ 7,903,600,000

EARNINGS PER SHARE (Reconciliat

EARNINGS PER SHARE (Reconciliation of Basic Earnings Per Share to Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions3 Months Ended
Mar. 31, 2021Sep. 30, 2020Mar. 31, 2020Sep. 30, 2019
Income [Abstract]
Net earnings attributable to Laboratory Corporation of America Holdings $ 769,600,000 $ 769,600,000 $ (317,200,000) $ (317,200,000)
Shares [Abstract]
Net earnings, basic (in shares)97.6 97.2
Dilutive effect of employee stock options and awards, (in shares)0.9 0
Per Share Amount [Abstract]
Basic earnings per common share (in dollars per share) $ 7.88 $ (3.27)
Diluted earnings per common share (in dollars per share) $ 7.82 $ (3.27)
Net Income (Loss) Available to Common Stockholders, Diluted $ 769,600,000 $ (317,200,000)
Weighted Average Number of Shares Outstanding, Diluted98.5 97.2

EARNINGS PER SHARE (Potential c

EARNINGS PER SHARE (Potential common shares not included in computation of diluted earnings per share) (Details) - shares shares in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Earnings Per Share [Abstract]
Stock options (in shares)0 1.3

RESTRUCTURING AND OTHER SPECI_3

RESTRUCTURING AND OTHER SPECIAL CHARGES (Details) - USD ($)3 Months Ended6 Months Ended
Mar. 31, 2021Mar. 31, 2020Jun. 30, 2020Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve $ 9,300,000 $ 7,800,000
Restructuring Charges19,300,000
Restructuring Reserve, Accrual Adjustment100,000
Restructuring Reserve Settled With Cash And Other Adjustment(17,700,000)
Net restructuring charges19,200,000 $ 25,400,000
Restructuring charges related to severance and other employee costs4,200,000 5,100,000
Restructuring charges related to contractual obligations associated with leased facilities and other facility related costs15,100,000 15,800,000
Unused facility restructuring reserves(100,000)(200,000)
Restructuring Reserve, Current6,300,000
Restructuring Reserve, Noncurrent3,000,000
Asset Impairment Charges0 $ 437,400,000
Leaseholds and Leasehold Improvements
Restructuring Cost and Reserve [Line Items]
Asset Impairment Charges $ 4,700,000
Covance Drug Development [Member]
Restructuring Cost and Reserve [Line Items]
Net restructuring charges11,700,000 17,300,000
Covance Drug Development [Member] | Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve2,600,000 2,400,000
Restructuring Charges2,000,000
Restructuring Reserve, Accrual Adjustment100,000
Restructuring Reserve Settled With Cash And Other Adjustment(1,900,000)
Covance Drug Development [Member] | Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve6,200,000 4,700,000
Restructuring Charges9,600,000
Restructuring Reserve, Accrual Adjustment0
Restructuring Reserve Settled With Cash And Other Adjustment(8,100,000)
LabCorp Diagnostics [Member]
Restructuring Cost and Reserve [Line Items]
Net restructuring charges7,500,000 $ 8,100,000
LabCorp Diagnostics [Member] | Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve0 300,000
Restructuring Charges2,200,000
Restructuring Reserve, Accrual Adjustment100,000
Restructuring Reserve Settled With Cash And Other Adjustment(2,400,000)
LabCorp Diagnostics [Member] | Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve500,000 $ 400,000
Restructuring Charges5,500,000
Restructuring Reserve, Accrual Adjustment100,000
Restructuring Reserve Settled With Cash And Other Adjustment $ (5,300,000)

RESTRUCTURING RESERVES (Details

RESTRUCTURING RESERVES (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Mar. 31, 2021Jun. 30, 2020Mar. 31, 2021
Restructuring Cost and Reserve [Line Items]
Unused facility restructuring reserves $ 0.1 $ 0.2
Balance, beginning of period7.8
Restructuring charges19.3
Cash payments and other adjustments(17.7)
Balance, end of period9.3
Current $ 6.3
Non-current3
Total Restructuring Reserve9.3 9.3
LabCorp Diagnostics [Member] | Severance and Other Employee Costs [Member]
Restructuring Cost and Reserve [Line Items]
Balance, beginning of period0.3
Restructuring charges2.2
Cash payments and other adjustments(2.4)
Balance, end of period0
Total Restructuring Reserve0 0
LabCorp Diagnostics [Member] | Lease and Other Facility Costs [Member]
Restructuring Cost and Reserve [Line Items]
Balance, beginning of period0.4
Restructuring charges5.5
Cash payments and other adjustments(5.3)
Balance, end of period0.5
Total Restructuring Reserve0.5 0.5
Covance Drug Development [Member] | Severance and Other Employee Costs [Member]
Restructuring Cost and Reserve [Line Items]
Balance, beginning of period2.4
Restructuring charges2
Cash payments and other adjustments(1.9)
Balance, end of period2.6
Total Restructuring Reserve2.6 2.6
Covance Drug Development [Member] | Lease and Other Facility Costs [Member]
Restructuring Cost and Reserve [Line Items]
Balance, beginning of period4.7
Restructuring charges9.6
Cash payments and other adjustments(8.1)
Balance, end of period6.2
Total Restructuring Reserve $ 6.2 $ 6.2

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS (Changes in Carrying Amount of Goodwill) (Details) - USD ($)3 Months Ended6 Months Ended
Mar. 31, 2021Mar. 31, 2020Jun. 30, 2020Dec. 31, 2020
Goodwill [Line Items]
Amortization of intangibles and other assets $ 92,100,000 $ 62,300,000
Severance Costs4,200,000 $ 5,100,000
Intangible Assets, Gross (Excluding Goodwill)6,041,500,000 $ 6,090,100,000
Balance as of January 17,751,500,000
Adjustments to goodwill(46,600,000)
Balance at end of period7,720,500,000
Finite-Lived Intangible Assets, Accumulated Amortization2,207,500,000 2,129,000,000
Intangible Assets, Net (Excluding Goodwill)3,834,000,000 3,961,100,000
Goodwill, Acquired During Period15,600,000
LabCorp Diagnostics [Member]
Goodwill [Line Items]
Balance as of January 13,800,200,000
Adjustments to goodwill4,500,000
Balance at end of period3,820,300,000
Goodwill, Impairment Loss3,700,000
Goodwill, Acquired During Period15,600,000
Covance Drug Development [Member]
Goodwill [Line Items]
Balance as of January 13,951,300,000
Adjustments to goodwill(51,100,000)
Balance at end of period3,900,200,000
Goodwill, Impairment Loss418,700,000
Goodwill, Acquired During Period0
Customer Relationships [Member]
Goodwill [Line Items]
Intangible Assets, Gross (Excluding Goodwill)4,566,300,000 4,643,300,000
Finite-Lived Intangible Assets, Accumulated Amortization1,573,000,000 1,534,900,000
Intangible Assets, Net (Excluding Goodwill)2,993,300,000 3,108,400,000
Patents, Licenses And Technology [Member]
Goodwill [Line Items]
Intangible Assets, Gross (Excluding Goodwill)454,200,000 434,700,000
Finite-Lived Intangible Assets, Accumulated Amortization257,100,000 252,600,000
Intangible Assets, Net (Excluding Goodwill)197,100,000 182,100,000
Noncompete Agreements [Member]
Goodwill [Line Items]
Intangible Assets, Gross (Excluding Goodwill)114,800,000 109,600,000
Finite-Lived Intangible Assets, Accumulated Amortization73,700,000 70,700,000
Intangible Assets, Net (Excluding Goodwill)41,100,000 38,900,000
Trade Names [Member]
Goodwill [Line Items]
Intangible Assets, Gross (Excluding Goodwill)398,900,000 401,800,000
Finite-Lived Intangible Assets, Accumulated Amortization296,500,000 263,900,000
Intangible Assets, Net (Excluding Goodwill)102,400,000 137,900,000
Use Rights [Member]
Goodwill [Line Items]
Intangible Assets, Gross (Excluding Goodwill)10,800,000 10,900,000
Finite-Lived Intangible Assets, Accumulated Amortization7,200,000 6,900,000
Intangible Assets, Net (Excluding Goodwill)3,600,000 4,000,000
Canadian licenses [Member]
Goodwill [Line Items]
Intangible Assets, Gross (Excluding Goodwill)496,500,000 489,800,000
Finite-Lived Intangible Assets, Accumulated Amortization0 0
Intangible Assets, Net (Excluding Goodwill) $ 496,500,000 $ 489,800,000

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS (Components of identifiable intangible assets) (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill) $ 6,041.5 $ 6,090.1
Accumulated Amortization(2,207.5)(2,129)
Intangible Assets, Net (Excluding Goodwill)3,834 3,961.1
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)4,566.3 4,643.3
Accumulated Amortization(1,573)(1,534.9)
Intangible Assets, Net (Excluding Goodwill)2,993.3 3,108.4
Patents, Licenses And Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)454.2 434.7
Accumulated Amortization(257.1)(252.6)
Intangible Assets, Net (Excluding Goodwill)197.1 182.1
Noncompete Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)114.8 109.6
Accumulated Amortization(73.7)(70.7)
Intangible Assets, Net (Excluding Goodwill)41.1 38.9
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)398.9 401.8
Accumulated Amortization(296.5)(263.9)
Intangible Assets, Net (Excluding Goodwill)102.4 137.9
Use Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)10.8 10.9
Accumulated Amortization(7.2)(6.9)
Intangible Assets, Net (Excluding Goodwill)3.6 4
Canadian licenses [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)496.5 489.8
Accumulated Amortization0 0
Intangible Assets, Net (Excluding Goodwill) $ 496.5 $ 489.8

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill) $ 6,041,500,000 $ 6,090,100,000
Goodwill7,720,500,000 7,751,500,000
Amortization of intangibles and other assets92,100,000 $ 62,300,000
Amortization of intangible assets92,100,000 $ 62,300,000
Finite-Lived Intangible Assets, Future Amortization Expense
Estimated amortization expense, 2012206,900,000
Estimated amortization expense, 2013220,500,000
Estimated amortization expense, 2014217,500,000
Estimated amortization expense, 2015212,900,000
Estimated amortization expense, 2016200,700,000
Estimated amortization expense, Thereafter2,137,300,000
LabCorp Diagnostics [Member]
Finite-Lived Intangible Assets [Line Items]
Goodwill3,820,300,000 3,800,200,000
Goodwill, Impairment Loss3,700,000
Covance Drug Development [Member]
Finite-Lived Intangible Assets [Line Items]
Goodwill3,900,200,000 $ 3,951,300,000
Goodwill, Impairment Loss418,700,000
Covance [Member] | Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization $ 29,200,000

DEBT (Short-term borrowings and

DEBT (Short-term borrowings and current portion of long-term debt) (Table) (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Short-term Debt [Line Items]
Current debt excluding finance lease liability $ 501.4 $ 376.7

DEBT (Long-term debt) (Details)

DEBT (Long-term debt) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Dec. 31, 2020
Debt Instrument [Line Items]
Long-term Debt [Text Block]Long-term debt at March 31, 2021, and December 31, 2020, consisted of the following: March 31, December 31, 2020 3.20% senior notes due 2022 $ — $ 500.0 3.75% senior notes due 2022 500.0 500.0 4.00% senior notes due 2023 300.0 300.0 3.25% senior notes due 2024 600.0 600.0 2.30% senior notes due 2024 400.0 400.0 3.60% senior notes due 2025 1,000.0 1,000.0 3.60% senior notes due 2027 600.0 600.0 2.95% senior notes due 2029 650.0 650.0 4.70% senior notes due 2045 900.0 900.0 Debt issuance costs (34.9) (37.1) Note payable 5.8 6.1 Total long-term debt $ 4,920.9 $ 5,419.0
Long-term Debt, Excluding Current Maturities $ 4,920.9 $ 5,419
Line of Credit Facility, Maximum Borrowing Capacity1,000
Credit Facility, Maximum Swing Line Borrowings100
Notes Payable5.8 6.1
Senior notes due 2022 [Member]
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities0 500
Senior Notes, Noncurrent500 500
Senior notes due 2023 [Member]
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities300 300
Senior notes due 2025 [Member] [Member]
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities1,000 1,000
Senior notes due 2045 [Member]
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities900 $ 900
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit Facility, Maximum Letters of Credit $ 150

DEBT (Senior Notes) (Details)

DEBT (Senior Notes) (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Debt Instrument [Line Items]
Short term debt issuance costs $ 0.5 $ 0.4
Long-term Debt, Excluding Current Maturities4,920.9 5,419
Line of Credit Facility, Maximum Borrowing Capacity1,000
Credit Facility, Maximum Swing Line Borrowings100
Long term debt issuance costs34.9 37.1
Notes Payable1.9 2.1
Foreign Currency Contract, Asset, Fair Value Disclosure40.4
4.625% Senior notes due 2020500 0
2.30% senior notes due 2024400 400
2.95% senior notes due 2029650 650
Senior notes due 2023 [Member]
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities300 300
Senior notes due 2024 [Member] [Member]
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities600 600
Senior notes due 2027 [Member]
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities600 600
Senior notes due 2045 [Member]
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities $ 900 $ 900

DEBT (Credit Facilities) (Detai

DEBT (Credit Facilities) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Dec. 31, 2020Mar. 31, 2020Dec. 31, 2019Jun. 03, 2019
Line of Credit Facility [Line Items]
2019 Term Loan $ 0 $ 375 $ 850
Cash and cash equivalents1,890.8 1,320.8 $ 323.6 $ 337.5
Revolving Credit Facility, maximum borrowing capacity1,000
Notes Payable1.9 2.1
Credit Facility, Maximum Swing Line Borrowings100
Notes Payable5.8 6.1
Senior notes due 2022 [Member]
Line of Credit Facility [Line Items]
Senior Notes, Noncurrent500 $ 500
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity1,000
Credit Facility, Maximum Letters of Credit $ 150
Line of Credit Facility, Interest Rate at Period End1.09%
Second Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
Credit Facility Option to Increase $ 350
Third Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
Credit Facility Option to Increase $ 500
Prime Rate [Member] | Second Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate Description0.100% to 0.25%
Prime Rate [Member] | Third Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate Description0.100% to 0.225%

PREFERRED STOCK AND COMMON SH_2

PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions3 Months Ended
Mar. 31, 2021Sep. 30, 2020Mar. 31, 2020Sep. 30, 2019Mar. 31, 2021
Class of Stock [Line Items]
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased731,500,000
Rollforward of common shares issued
Stock Repurchased During Period, Shares300,000
Payments for Repurchase of Common Stock $ 68.5 $ 100
Rollforward of Share Repurchase Program
Purchase of common stock $ (68.5) $ (100)
Common Shares Outstanding Rollforward [Abstract]
Common shares outstanding, beginning balance (in shares)97,500,000
Common shares outstanding, ending balance (in shares)97,800,000
Rollforward of common shares held in treasury
Common Stock, Shares Authorized265,000,000
Common Stock, Par or Stated Value Per Share $ 0.10
Preferred Stock, Shares Authorized30,000,000
Preferred Stock, Par or Stated Value Per Share $ 0.10
Preferred Stock, Shares Outstanding0
Common Stock [Member]
Rollforward of common shares issued
Common shares issued, beginning balance (in shares)97,500,000
Commons Stock Issued During Period Shares Employee Stock Plans600,000
Stock Repurchased and Retired During Period, Shares(300,000)
Common shares issued, ending balance (in shares)97,800,000
Common Stock, Shares, Issued97,800,000 97,800,000
Common Shares Outstanding Rollforward [Abstract]
Commons Stock Issued During Period Shares Employee Stock Plans600,000
Stock Repurchased and Retired During Period, Shares(300,000)
Commons Stock Issued During Period Shares Employee Stock Plans600,000
Rollforward of common shares held in treasury
Stock Repurchased and Retired During Period, Shares(300,000)

PREFERRED STOCK AND COMMON SH_3

PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY - Accumulated Other Comprehensive Earnings (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]The components of accumulated other comprehensive earnings (loss) are as follows: Foreign Currency Translation Adjustments Net Benefit Plan Adjustments Accumulated Other Comprehensive Earnings (Loss) Balance as of December 31, 2020 $ (21.3) $ (140.6) $ (161.9) Current year adjustments (66.8) 3.0 (63.8) Tax effect of adjustments — (0.8) (0.8) Balance as of March 31, 2021 $ (88.1) $ (138.4) $ (226.5)
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment and Tax $ 3
Other Comprehensive Income (Loss), before Reclassifications, before Tax(63.8)
Accumulated Other Comprehensive Earnings [Roll Forward]
Foreign Currency Translation Adjustments, Beginning balance(21.3)
Other comprehensive income before reclassifications(66.8)
Tax effect of adjustments0
Foreign Currency Translation Adjustments, Ending balance(88.1)
Net Benefit Plan Adjustments, Beginning balance(140.6)
Tax effect of adjustments(0.8)
Net Benefit Plan Adjustments, Ending balance(138.4)
Accumulated Other Comprehensive Earnings, Beginning balance(161.9)
Other comprehensive income before reclassifications(66.8)
Tax effect of adjustments(0.8) $ (0.7)
Accumulated Other Comprehensive Earnings, Ending balance $ (226.5)

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Dec. 31, 2020
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Tax Contingency, Percent50.00%
Gross unrecognized income tax benefits $ 48.9 $ 48.8
Accrued interest and penalties related to unrecognized income tax benefits8.7 8.3
Unrecognized Tax Benefits that Would Impact Effective Tax Rate $ 46.8 $ 46.7

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) $ in Millions3 Months Ended
Mar. 31, 2021USD ($)Dec. 31, 2020USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Number of Measurement Funds Available For Participant Election16
Noncontrolling interest puts $ 16.4 $ 16.2
Foreign Currency Contracts, Liability, Fair Value Disclosure3
Fair market value of senior notes5,844.6 6,121.8
Cash Surrender Value, Fair Value Disclosure93 90.6
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability94.3 89.2
Contingent Consideration Classified as Equity, Fair Value Disclosure12.8 13.9
Foreign Currency Contract, Asset, Fair Value Disclosure40.4
Contingent consideration adjustment(1.1)
Level 1 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Noncontrolling interest puts0 0
Cash Surrender Value, Fair Value Disclosure0 0
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability0 0
Contingent Consideration Classified as Equity, Fair Value Disclosure0 0
Foreign Currency Contract, Asset, Fair Value Disclosure0 0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Noncontrolling interest puts16.4 16.2
Foreign Currency Contracts, Liability, Fair Value Disclosure3
Cash Surrender Value, Fair Value Disclosure93 90.6
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability94.3 89.2
Contingent Consideration Classified as Equity, Fair Value Disclosure0 0
Foreign Currency Contract, Asset, Fair Value Disclosure40.4
Level 3 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Noncontrolling interest puts0 0
Cash Surrender Value, Fair Value Disclosure0 0
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability0 0
Contingent Consideration Classified as Equity, Fair Value Disclosure12.8 13.9
Foreign Currency Contract, Asset, Fair Value Disclosure $ 0 $ 0

DERIVATIVE INSTRUMENTS AND HE_2

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Long-term Debt, Excluding Current Maturities $ 4,920.9 $ 5,419
Senior notes due 2025 [Member] [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net2.8 (14.4)
Cross currency swap maturing 2022 [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net(5.8)(26)
Currency Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss)37.4 $ 19.9
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net0 0
Fair Value Hedge Assets0 0
Fair Value Hedge Liabilities3 40.4
Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss)0 1.8
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net0 $ 0
Senior notes due 2022 [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Long-term Debt, Excluding Current Maturities0 500
Cross currency swap maturing 2022 [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount300
Senior notes due 2025 [Member] [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount300
Senior notes due 2025 [Member] [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Long-term Debt, Excluding Current Maturities1,000 1,000
Senior notes due 2027 [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Long-term Debt, Excluding Current Maturities $ 600 $ 600

BUSINESS ACQUISITIONS (Details)

BUSINESS ACQUISITIONS (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Business Combinations [Abstract]
Finite-lived Intangible Assets Acquired $ 17.6
Payments to Acquire Businesses, Net of Cash Acquired34.1 $ 0
Business Acquisition [Line Items]
Goodwill, Acquired During Period15.6
Finite-lived Intangible Assets Acquired $ 17.6
Customer Relationships [Member] | Maximum [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life15 years
Noncompete Agreements [Member] | Minimum [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life5 years

BUSINESS SEGMENT INFORMATION _2

BUSINESS SEGMENT INFORMATION Business Segment Information (Details) - USD ($)3 Months Ended
Mar. 31, 2021Sep. 30, 2020Mar. 31, 2020Sep. 30, 2019
Segment Reporting Information [Line Items]
Percent of Revenue Contributed100.00%100.00%
Intercompany revenue elimination $ (34,500,000) $ (22,000,000)
Revenues4,161,500,000 2,823,800,000
Operating Income (Loss)1,057,900,000 (192,600,000)
Earnings before income taxes1,021,800,000 (267,700,000)
Provision for income taxes251,700,000 49,200,000
Net earnings770,100,000 (316,900,000)
Net income attributable to Laboratory Corporation of America Holdings(500,000)(300,000)
Nonoperating Income (Expense)(36,100,000)(75,100,000)
Net Income (Loss) Attributable to Parent769,600,000 $ 769,600,000 (317,200,000) $ (317,200,000)
Corporate Segment [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss) $ (47,600,000) $ (59,100,000)
LabCorp Diagnostics [Member]
Segment Reporting Information [Line Items]
Percent of Revenue Contributed65.00%60.00%
Revenues $ 2,757,800,000 $ 1,702,000,000
Operating Income (Loss) $ 949,100,000 205,200,000
Covance Drug Development [Member]
Segment Reporting Information [Line Items]
Percent of Revenue Contributed35.00%
Revenues $ 1,438,200,000 1,143,800,000
Operating Income (Loss) $ 156,400,000 $ (338,700,000)

REVENUE (Details)

REVENUE (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Amortization of Deferred Sales Commissions $ 6.9 $ 5.3
Capitalized Contract Cost, Amortization3.5 3
Contract with Customer, Performance Obligation Satisfied in Previous Period16.5 9.7
Deferred Revenue, Revenue Recognized $ 152.3 $ 121.8

REVENUE Disaggregated Revenue T

REVENUE Disaggregated Revenue Table (Details) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Accounts Receivable, Allowance for Credit Loss $ 21,000,000 $ 22,100,000
Unbilled Services, Allowance for Credit Loss11,300,000 11,300,000
Note Receivable, Allowance for Credit Loss5,700,000 5,700,000
Allowance for Credit Loss38,000,000 39,100,000
Current Expected Credit Losses Opening Balance Sheet Impact on Retained Earnings(500,000)
Allowance for Credit Loss, Write Off $ 600,000
Sales Commission Amortization Period Minimum1 year
Deferred Revenue, Revenue Recognized $ 152,300,000 $ 121,800,000
Contract with Customer, Asset, before Allowance for Credit Loss579,500,000 548,100,000
Revenue, Remaining Performance Obligation, Amount $ 5,563,400,000
Long Term Contracts Duration Minimum1 year
Long Term Contracts Duration Maximum8 years
Contract with Customer, Performance Obligation Satisfied in Previous Period $ 16,500,000 9,700,000
Contract with Customer, Liability522,300,000 492,200,000
Capitalized Contract Cost, Amortization3,500,000 3,000,000
Accrued Sales Commission36,000,000 32,600,000
Capitalized Contract Cost, Net14,300,000 12,600,000
Amount of Deferred Costs Related to Long-term Contracts50,300,000 45,200,000
Amortization of Deferred Sales Commissions6,900,000 $ 5,300,000
Unbilled Contracts Receivable $ 579,500,000 536,800,000
Percent of Revenue Contributed100.00%100.00%
Sales Commission Amortization Period Maximum5 years
Revenues $ 4,161,500,000 $ 2,823,800,000
Europe [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed10.00%13.00%
North America
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed86.00%80.00%
Other countries [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed4.00%7.00%
UNITED STATES
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed83.00%77.00%
Revenues $ 3,472,500,000 $ 2,165,300,000
Medicare and Medicaid [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed7.00%8.00%
LabCorp Diagnostics [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed65.00%60.00%
Revenues $ 2,757,800,000 $ 1,702,000,000
LabCorp Diagnostics [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed0.00%0.00%
LabCorp Diagnostics [Member] | North America
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed65.00%60.00%
LabCorp Diagnostics [Member] | Other countries [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed0.00%0.00%
LabCorp Diagnostics [Member] | Client [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed19.00%17.00%
LabCorp Diagnostics [Member] | Client [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed0.00%0.00%
LabCorp Diagnostics [Member] | Client [Member] | North America
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed19.00%17.00%
LabCorp Diagnostics [Member] | Client [Member] | Other countries [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed0.00%0.00%
LabCorp Diagnostics [Member] | Self-Pay [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed5.00%7.00%
LabCorp Diagnostics [Member] | Self-Pay [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed0.00%0.00%
LabCorp Diagnostics [Member] | Self-Pay [Member] | North America
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed5.00%7.00%
LabCorp Diagnostics [Member] | Self-Pay [Member] | Other countries [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed0.00%0.00%
LabCorp Diagnostics [Member] | Medicare and Medicaid [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed0.00%0.00%
LabCorp Diagnostics [Member] | Medicare and Medicaid [Member] | North America
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed7.00%8.00%
LabCorp Diagnostics [Member] | Medicare and Medicaid [Member] | Other countries [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed0.00%0.00%
LabCorp Diagnostics [Member] | Third party [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed34.00%28.00%
LabCorp Diagnostics [Member] | Third party [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed0.00%0.00%
LabCorp Diagnostics [Member] | Third party [Member] | North America
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed34.00%28.00%
LabCorp Diagnostics [Member] | Third party [Member] | Other countries [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed0.00%0.00%
Covance Drug Development [Member]
Disaggregation of Revenue [Line Items]
Unbilled Contracts Receivable $ 1,007,200,000 $ 1,001,500,000
Percent of Revenue Contributed35.00%
Revenues $ 1,438,200,000 $ 1,143,800,000
Covance Drug Development [Member] | Biopharmaceutical and medical device companies [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed35.00%40.00%
Covance Drug Development [Member] | Biopharmaceutical and medical device companies [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed10.00%13.00%
Covance Drug Development [Member] | Biopharmaceutical and medical device companies [Member] | North America
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed21.00%20.00%
Covance Drug Development [Member] | Biopharmaceutical and medical device companies [Member] | Other countries [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed4.00%7.00%
Minimum [Member]
Disaggregation of Revenue [Line Items]
Capitalized Contract Cost, Amortization Period2 years
Maximum [Member]
Disaggregation of Revenue [Line Items]
Capitalized Contract Cost, Amortization Period5 years
Notes Receivable [Member]
Disaggregation of Revenue [Line Items]
Current Expected Credit Losses Opening Balance Sheet Impact on Retained Earnings $ 0
Allowance for Credit Loss, Write Off0
Unbilled Contracts Receivable [Member]
Disaggregation of Revenue [Line Items]
Current Expected Credit Losses Opening Balance Sheet Impact on Retained Earnings0
Allowance for Credit Loss, Write Off0
Accounts Receivable [Member]
Disaggregation of Revenue [Line Items]
Current Expected Credit Losses Opening Balance Sheet Impact on Retained Earnings(500,000)
Allowance for Credit Loss, Write Off $ 600,000

Leases (Details)

Leases (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Operating Lease, Liability, Current $ 191.3 $ 192
Operating Lease, Liability, Noncurrent657.8 677.6
Finance Lease, Liability, Current6.3 6.7
Finance Lease, Liability, Noncurrent $ 82.7 $ 84.4

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member]May 03, 2021
Subsequent Events [Abstract]
Subsequent Event, Description150.0
Subsequent Event [Line Items]
Subsequent Event, Description150.0

Uncategorized Items - lh-202103

LabelElementValue
Stock Issued During Period, Value, Restricted Stock Award, Forfeituresus-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures $ 28,100,000
Stock Issued During Period, Value, Restricted Stock Award, Forfeituresus-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures22,000,000
APIC, Share-based Payment Arrangement, Increase for Cost Recognitionus-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue17,900,000
APIC, Share-based Payment Arrangement, Increase for Cost Recognitionus-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue28,700,000
Issuance of common stock under employee planslh_Issuanceofcommonstockunderemployeeplans24,700,000
Issuance of common stock under employee planslh_Issuanceofcommonstockunderemployeeplans26,900,000
Additional Paid-in Capital [Member]
Stock Issued During Period, Value, Restricted Stock Award, Forfeituresus-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures22,000,000
Stock Issued During Period, Value, Restricted Stock Award, Forfeituresus-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures28,100,000
Stock Repurchased During Period, Valueus-gaap_StockRepurchasedDuringPeriodValue(49,600,000)
Stock Repurchased During Period, Valueus-gaap_StockRepurchasedDuringPeriodValue(68,500,000)
Net Income (Loss) Attributable to Parentus-gaap_NetIncomeLoss0
Net Income (Loss) Attributable to Parentus-gaap_NetIncomeLoss0
APIC, Share-based Payment Arrangement, Increase for Cost Recognitionus-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue17,900,000
APIC, Share-based Payment Arrangement, Increase for Cost Recognitionus-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue28,700,000
Issuance of common stock under employee planslh_Issuanceofcommonstockunderemployeeplans26,900,000
Issuance of common stock under employee planslh_Issuanceofcommonstockunderemployeeplans24,700,000
Stockholders' Equity Attributable to Parentus-gaap_StockholdersEquity67,100,000
Stockholders' Equity Attributable to Parentus-gaap_StockholdersEquity26,800,000
Stockholders' Equity Attributable to Parentus-gaap_StockholdersEquity0
Other Comprehensive Income (Loss), Net of Taxus-gaap_OtherComprehensiveIncomeLossNetOfTax0
Other Comprehensive Income (Loss), Net of Taxus-gaap_OtherComprehensiveIncomeLossNetOfTax0
Additional Paid-in Capital [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member]
Retained Earnings (Accumulated Deficit)us-gaap_RetainedEarningsAccumulatedDeficit0
AOCI Attributable to Parent [Member]
Stock Issued During Period, Value, Restricted Stock Award, Forfeituresus-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures0
Stock Issued During Period, Value, Restricted Stock Award, Forfeituresus-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures0
Stock Repurchased During Period, Valueus-gaap_StockRepurchasedDuringPeriodValue0
Stock Repurchased During Period, Valueus-gaap_StockRepurchasedDuringPeriodValue0
Net Income (Loss) Attributable to Parentus-gaap_NetIncomeLoss0
Net Income (Loss) Attributable to Parentus-gaap_NetIncomeLoss0
APIC, Share-based Payment Arrangement, Increase for Cost Recognitionus-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue0
APIC, Share-based Payment Arrangement, Increase for Cost Recognitionus-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue0
Issuance of common stock under employee planslh_Issuanceofcommonstockunderemployeeplans0
Issuance of common stock under employee planslh_Issuanceofcommonstockunderemployeeplans0
Stockholders' Equity Attributable to Parentus-gaap_StockholdersEquity(372,400,000)
Stockholders' Equity Attributable to Parentus-gaap_StockholdersEquity(517,900,000)
Stockholders' Equity Attributable to Parentus-gaap_StockholdersEquity(226,500,000)
Other Comprehensive Income (Loss), Net of Taxus-gaap_OtherComprehensiveIncomeLossNetOfTax(145,500,000)
Other Comprehensive Income (Loss), Net of Taxus-gaap_OtherComprehensiveIncomeLossNetOfTax(64,600,000)
AOCI Attributable to Parent [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member]
Retained Earnings (Accumulated Deficit)us-gaap_RetainedEarningsAccumulatedDeficit0
Retained Earnings [Member]
Stock Issued During Period, Value, Restricted Stock Award, Forfeituresus-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures0
Stock Issued During Period, Value, Restricted Stock Award, Forfeituresus-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures0
Stock Repurchased During Period, Valueus-gaap_StockRepurchasedDuringPeriodValue0
Stock Repurchased During Period, Valueus-gaap_StockRepurchasedDuringPeriodValue(50,400,000)
APIC, Share-based Payment Arrangement, Increase for Cost Recognitionus-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue0
APIC, Share-based Payment Arrangement, Increase for Cost Recognitionus-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue0
Issuance of common stock under employee planslh_Issuanceofcommonstockunderemployeeplans0
Issuance of common stock under employee planslh_Issuanceofcommonstockunderemployeeplans0
Other Comprehensive Income (Loss), Net of Taxus-gaap_OtherComprehensiveIncomeLossNetOfTax0
Other Comprehensive Income (Loss), Net of Taxus-gaap_OtherComprehensiveIncomeLossNetOfTax0
Retained Earnings [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member]
Retained Earnings (Accumulated Deficit)us-gaap_RetainedEarningsAccumulatedDeficit(7,000,000)
Common Stock [Member]
Stock Issued During Period, Value, Restricted Stock Award, Forfeituresus-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures0
Stock Issued During Period, Value, Restricted Stock Award, Forfeituresus-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures0
Stock Repurchased During Period, Valueus-gaap_StockRepurchasedDuringPeriodValue0
Stock Repurchased During Period, Valueus-gaap_StockRepurchasedDuringPeriodValue0
Net Income (Loss) Attributable to Parentus-gaap_NetIncomeLoss0
Net Income (Loss) Attributable to Parentus-gaap_NetIncomeLoss0
APIC, Share-based Payment Arrangement, Increase for Cost Recognitionus-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue0
APIC, Share-based Payment Arrangement, Increase for Cost Recognitionus-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue0
Issuance of common stock under employee planslh_Issuanceofcommonstockunderemployeeplans0
Issuance of common stock under employee planslh_Issuanceofcommonstockunderemployeeplans0
Stockholders' Equity Attributable to Parentus-gaap_StockholdersEquity9,000,000
Stockholders' Equity Attributable to Parentus-gaap_StockholdersEquity9,000,000
Stockholders' Equity Attributable to Parentus-gaap_StockholdersEquity9,000,000
Other Comprehensive Income (Loss), Net of Taxus-gaap_OtherComprehensiveIncomeLossNetOfTax0
Other Comprehensive Income (Loss), Net of Taxus-gaap_OtherComprehensiveIncomeLossNetOfTax0
Common Stock [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member]
Retained Earnings (Accumulated Deficit)us-gaap_RetainedEarningsAccumulatedDeficit $ 0