Cover Page
Cover Page - shares shares in Millions | 6 Months Ended | |
Jun. 30, 2023 | Aug. 03, 2023 | |
Document Information [Table] | ||
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 88.6 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 1-11353 | |
Entity Registrant Name | LABORATORY CORPORATION OF AMERICA HOLDINGS | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 13-3757370 | |
Entity Address, Address Line One | 358 South Main Street | |
Entity Address, City or Town | Burlington, | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 27215 | |
City Area Code | 336 | |
Local Phone Number | 229-1127 | |
Title of 12(b) Security | Common Stock, $0.10 par value | |
Trading Symbol | LH | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0000920148 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Current assets: | |||
Accounts Receivable, after Allowance for Credit Loss, Current | $ 1,904,800,000 | $ 1,904,800,000 | $ 1,785,500,000 |
Unbilled Contracts Receivable | 137,800,000 | 137,800,000 | 211,800,000 |
Supplies inventories | 487,800,000 | 487,800,000 | 470,600,000 |
Prepaid expenses and other | 659,900,000 | 659,900,000 | 610,400,000 |
Disposal Group, Including Discontinued Operation, Assets, Current | 0 | 0 | 1,226,100,000 |
Total current assets | 5,120,900,000 | 5,120,900,000 | 4,625,000,000 |
Property, plant and equipment, net | 2,762,100,000 | 2,762,100,000 | 2,794,100,000 |
Goodwill, net | 6,182,200,000 | 6,182,200,000 | 6,123,700,000 |
Intangible Assets, Net (Excluding Goodwill) | 3,154,100,000 | 3,154,100,000 | 3,123,600,000 |
Joint venture partnerships and equity method investments | 67,200,000 | 67,200,000 | 65,700,000 |
Deferred Income Taxes and Other Assets, Current | 6,400,000 | 6,400,000 | 6,400,000 |
Other assets, net | 425,800,000 | 425,800,000 | 378,400,000 |
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 0 | 0 | 3,038,200,000 |
Total assets | 17,718,700,000 | 17,718,700,000 | 20,155,100,000 |
Liabilities, Current [Abstract] | |||
Accounts Payable, Current | 713,100,000 | 713,100,000 | 852,200,000 |
Accrued Liabilities, Current | 657,800,000 | 657,800,000 | 787,000,000 |
Deferred Revenue, Current | 349,700,000 | 349,700,000 | 310,600,000 |
Operating Lease, Liability, Current | 154,800,000 | 154,800,000 | 163,800,000 |
Finance Lease, Liability, Current | 6,500,000 | 6,500,000 | 6,000,000 |
Current debt excluding finance lease liability | 301,400,000 | 301,400,000 | 301,300,000 |
Long-term debt, less current portion | 2,183,300,000 | 2,183,300,000 | 3,078,500,000 |
Long-term Debt, Excluding Current Maturities | 5,042,400,000 | 5,042,400,000 | 5,038,800,000 |
Commitments and contingent liabilities | 418,500,000 | 418,500,000 | 401,100,000 |
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 0 | 0 | 241,300,000 |
Operating Lease, Liability, Noncurrent | 623,500,000 | 623,500,000 | 652,900,000 |
Finance Lease, Liability, Noncurrent | 81,700,000 | 81,700,000 | 83,600,000 |
Deferred income taxes and other tax liabilities | 564,500,000 | 564,500,000 | 543,400,000 |
Noncontrolling interest | 8,913,900,000 | 8,913,900,000 | 10,039,600,000 |
Shareholders' equity: | |||
Common stock, 92.8 and 93.5 shares outstanding at March 31, 2013 and December 31, 2012, respectively | 19,800,000 | 19,800,000 | 18,900,000 |
Additional paid-in capital | 94,400,000 | 94,400,000 | 0 |
Retained earnings | 8,100,000 | 8,100,000 | 8,100,000 |
Accumulated other comprehensive income | (8,836,200,000) | (8,836,200,000) | (10,581,700,000) |
Total liabilities and shareholders' equity | (153,700,000) | (153,700,000) | (493,200,000) |
Stockholders' Equity Attributable to Parent | 8,785,000,000 | 8,785,000,000 | 10,096,600,000 |
Liabilities and Equity | 17,718,700,000 | 17,718,700,000 | 20,155,100,000 |
Net earnings | 189,100,000 | 402,400,000 | |
Cash and cash equivalents | 1,930,600,000 | 1,930,600,000 | 320,600,000 |
Disposal Group, Including Discontinued Operation, Liabilities, Current | $ 0 | $ 0 | $ 657,600,000 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) - USD ($) shares in Millions, $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Accounts Receivable, Allowance for Credit Loss | $ 30.6 | $ 30.7 |
Shareholders' Equity: | ||
Common stock, shares outstanding (in shares) | 88.7 | 88.2 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net restructuring and other special charges | $ 15.8 | $ 31.5 | $ 23.3 | $ 35 |
Operating Income (Loss) | 266.3 | 428.8 | 596.1 | 1,034 |
Interest Expense | 49.8 | 42.3 | 100.5 | 84.4 |
Equity method income, net | 0.9 | 1.4 | (1.2) | 4.8 |
Investment income | 4.5 | 1.7 | 6.7 | 2.5 |
Other, net | (16.9) | (29.5) | (23.8) | (45.2) |
Earnings before income taxes | 205 | 360.1 | 477.3 | 911.7 |
Provision for income taxes | 49.8 | 92.1 | 113.7 | 222.6 |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 155.2 | 268 | 363.6 | 689.1 |
Net earnings | 189.1 | 358.9 | 402.4 | 851 |
Net Income (Loss) Attributable to Noncontrolling Interest | 0.2 | 0.3 | 0.6 | 0.8 |
Net Income (Loss) Attributable to Parent | $ 188.9 | $ 358.6 | $ 401.8 | $ 850.2 |
Income (Loss) from Continuing Operations, Per Basic Share | $ 1.75 | $ 2.90 | $ 4.10 | $ 7.43 |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share | 0.38 | 0.99 | 0.43 | 1.74 |
Basic earnings per common share (in dollars per share) | 2.13 | 3.89 | 4.53 | 9.17 |
Diluted earnings per common share (in dollars per share) | $ 2.12 | $ 3.87 | $ 4.51 | $ 9.11 |
Revenues | $ 3,033.7 | $ 2,923 | $ 6,071.5 | $ 6,067.5 |
Cost of Revenue | 2,191.5 | 1,980.5 | 4,379.2 | 4,042.9 |
Gross Profit | 842.2 | 942.5 | 1,692.3 | 2,024.6 |
Selling, general and administrative expenses | 505.8 | 432.4 | 963 | 854.4 |
Amortization of intangibles and other assets | 51.5 | 49.8 | 104.9 | 100 |
Asset Impairment Charges | 2.8 | 0 | 5 | 1.2 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 33.9 | $ 90.9 | $ 38.8 | $ 161.9 |
Income (Loss) from Continuing Operations, Per Diluted Share | $ 1.74 | $ 2.89 | $ 4.08 | $ 7.38 |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share | $ 0.38 | $ 0.98 | $ 0.43 | $ 1.73 |
Revenues | $ 3,033.7 | $ 2,923 | $ 6,071.5 | $ 6,067.5 |
Cost of Revenue | 2,191.5 | 1,980.5 | 4,379.2 | 4,042.9 |
Gross Profit | 842.2 | 942.5 | 1,692.3 | 2,024.6 |
Selling, general and administrative expenses | 505.8 | 432.4 | 963 | 854.4 |
Amortization of intangibles and other assets | 51.5 | 49.8 | 104.9 | 100 |
Asset Impairment Charges | 2.8 | 0 | 5 | 1.2 |
Net restructuring and other special charges | 15.8 | 31.5 | 23.3 | 35 |
Operating Income (Loss) | 266.3 | 428.8 | 596.1 | 1,034 |
Other income (expenses): | ||||
Interest expense | (49.8) | (42.3) | (100.5) | (84.4) |
Equity method income, net | 0.9 | 1.4 | (1.2) | 4.8 |
Investment income | 4.5 | 1.7 | 6.7 | 2.5 |
Other, net | (16.9) | (29.5) | (23.8) | (45.2) |
Earnings before income taxes | 205 | 360.1 | 477.3 | 911.7 |
Provision for income taxes | 49.8 | 92.1 | 113.7 | 222.6 |
Net earnings | 189.1 | 358.9 | 402.4 | 851 |
Less: Net earnings attributable to the noncontrolling interest | (0.2) | (0.3) | (0.6) | (0.8) |
Net earnings attributable to Laboratory Corporation of America Holdings | $ 188.9 | $ 358.6 | $ 401.8 | $ 850.2 |
Basic earnings per common share (in dollars per share) | $ 2.13 | $ 3.89 | $ 4.53 | $ 9.17 |
Diluted earnings per common share (in dollars per share) | $ 2.12 | $ 3.87 | $ 4.51 | $ 9.11 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Provision for income taxes | $ 49.8 | $ 92.1 | $ 113.7 | $ 222.6 |
Net earnings | 189.1 | 358.9 | 402.4 | 851 |
Other Comprehensive Earnings, Net of Tax | ||||
Foreign currency translation adjustments | 51.7 | (241.1) | 99.8 | (315.7) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | 1.1 | 0.7 | 2.3 | 2.9 |
Other comprehensive earnings (loss) before tax | 52.8 | (240.4) | 102.1 | (312.8) |
Tax effect of adjustments | (0.3) | (0.2) | (0.6) | (0.8) |
Other comprehensive earnings (loss), net of tax | 52.5 | (240.6) | 101.5 | (313.6) |
Comprehensive earnings | 241.6 | 118.3 | 503.9 | 537.4 |
Less: Net earnings attributable to the noncontrolling interest | (0.2) | (0.3) | (0.6) | (0.8) |
Comprehensive earnings attributable to Laboratory Corporation of America Holdings | $ 241.4 | $ 118 | $ 503.3 | $ 536.6 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] |
BALANCE at Dec. 31, 2021 | $ 10,273.4 | $ 8.5 | $ 0 | $ 10,456.8 | $ (191.9) |
Net earnings attributable to Laboratory Corporation of America Holdings | 491.6 | 0 | 0 | 491.6 | 0 |
Other comprehensive earnings, net of tax | (73) | 0 | 0 | 0 | (73) |
Issuance of common stock under employee stock plans | (18.2) | 0 | (18.2) | 0 | 0 |
Surrender of restricted stock and performance share awards | (27.3) | 0 | (27.3) | 0 | 0 |
Stock compensation | 38.2 | 0 | 38.2 | 0 | 0 |
BALANCE at Mar. 31, 2022 | 10,721.1 | 8.5 | 29.1 | 10,948.4 | (264.9) |
BALANCE at Dec. 31, 2021 | 10,273.4 | 8.5 | 0 | 10,456.8 | (191.9) |
Net earnings attributable to Laboratory Corporation of America Holdings | 850.2 | ||||
Other comprehensive earnings, net of tax | (313.6) | ||||
BALANCE at Jun. 30, 2022 | 10,400.7 | 8.3 | 0 | 10,897.9 | (505.5) |
BALANCE at Mar. 31, 2022 | 10,721.1 | 8.5 | 29.1 | 10,948.4 | (264.9) |
Net earnings attributable to Laboratory Corporation of America Holdings | 358.6 | 0 | 0 | 358.6 | 0 |
Other comprehensive earnings, net of tax | (240.6) | 0 | 0 | 0 | (240.6) |
Dividends, Cash | (68.6) | ||||
Dividends | 0 | 0 | (68.6) | 0 | |
Issuance of common stock under employee stock plans | (0.9) | 0 | (0.9) | 0 | 0 |
Surrender of restricted stock and performance share awards | (10.1) | 0 | (10.1) | 0 | 0 |
Stock compensation | 39.4 | 0 | 39.4 | 0 | 0 |
Stock Repurchased During Period, Value | 400 | (0.2) | (59.3) | (340.5) | 0 |
BALANCE at Jun. 30, 2022 | 10,400.7 | 8.3 | 0 | 10,897.9 | (505.5) |
Retained Earnings (Accumulated Deficit) | 10,581.7 | ||||
BALANCE at Dec. 31, 2022 | 10,096.6 | 8.1 | 0 | 10,581.7 | (493.2) |
Net earnings attributable to Laboratory Corporation of America Holdings | 212.9 | 0 | 0 | 212.9 | 0 |
Other comprehensive earnings, net of tax | 49 | 0 | 0 | 0 | 49 |
Dividends | (64.7) | 0 | 0 | (64.7) | 0 |
Issuance of common stock under employee stock plans | (27.6) | 0 | (27.6) | 0 | 0 |
Surrender of restricted stock and performance share awards | (20.5) | 0 | (20.5) | 0 | 0 |
Stock compensation | 40.6 | 0 | 40.6 | 0 | 0 |
BALANCE at Mar. 31, 2023 | 10,341.5 | 8.1 | 47.7 | 10,729.9 | (444.2) |
BALANCE at Dec. 31, 2022 | 10,096.6 | 8.1 | 0 | 10,581.7 | (493.2) |
Net earnings attributable to Laboratory Corporation of America Holdings | 401.8 | ||||
Other comprehensive earnings, net of tax | 101.5 | ||||
BALANCE at Jun. 30, 2023 | 8,785 | 8.1 | 94.4 | 8,836.2 | (153.7) |
BALANCE at Mar. 31, 2023 | 10,341.5 | 8.1 | 47.7 | 10,729.9 | (444.2) |
Net earnings attributable to Laboratory Corporation of America Holdings | 188.9 | 0 | 0 | 188.9 | 0 |
Other comprehensive earnings, net of tax | 52.5 | 0 | 0 | 0 | 52.5 |
Stockholders' Equity Note, Spinoff Transaction | (1,780.1) | 0 | 0 | (2,018.1) | 238 |
Dividends | (64.5) | 0 | 0 | (64.5) | 0 |
Issuance of common stock under employee stock plans | (26.8) | 0 | (26.8) | 0 | 0 |
Surrender of restricted stock and performance share awards | (18.2) | 0 | (18.2) | 0 | 0 |
Stock compensation | 38.1 | 0 | 38.1 | 0 | 0 |
BALANCE at Jun. 30, 2023 | 8,785 | $ 8.1 | $ 94.4 | $ 8,836.2 | $ (153.7) |
Retained Earnings (Accumulated Deficit) | $ 8,836.2 |
Statement of Cash Flows (Statem
Statement of Cash Flows (Statement) $ in Millions | 3 Months Ended |
Jun. 30, 2023 USD ($) | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Six Months Ended June 30, 2023 2022 Cash paid during period for: Interest $ 109.5 $ 95.5 Income taxes, net of refunds 133.3 277.8 Disclosure of non-cash financing and investing activities: Change in accrued property, plant and equipment 16.5 (11.2) |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract] | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 1,930.6 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings | $ 402.4 | $ 851 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation And Amortization Of Leased Assets | 85.1 | 87.6 |
Depreciation and amortization | 285 | 272.7 |
Stock compensation | 67.3 | 63.7 |
Asset Impairment Charges | 5 | 1.2 |
Deferred income taxes | 16.2 | (23.9) |
Other Operating Activities, Cash Flow Statement | 3.1 | 14.5 |
Change in assets and liabilities (net of effects of acquisitions): | ||
Increase in accounts receivable (net) | 107.6 | (64.6) |
Increase (Decrease) in Unbilled Contract Receivable | (74.1) | 81.6 |
Increase in inventories | 16.1 | 35.7 |
Decrease in accounts payable | (160.3) | 112.5 |
Increase (Decrease) in Deferred Revenue | 34.8 | 29.6 |
Increase (Decrease) in Prepaid Expense and Other Assets | 30.2 | 17.5 |
Increase (Decrease) in Accrued Liabilities and Other Operating Liabilities | (272.8) | (272.2) |
Net cash provided by operating activities | 472.6 | 928.5 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Cash payments for laboratory-related assets | (181.5) | (247.4) |
Proceeds from sale of assets | 0.2 | 1.1 |
Proceeds from Sale of Equity Method Investments | 0 | 0.4 |
Payments to Acquire Equity Method Investments | (10.4) | (4.7) |
Payments to Acquire Businesses, Net of Cash Acquired | (136.9) | (554.9) |
Net cash used for investing activities | (353.3) | (815.6) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from revolving credit facilities | 1,420.9 | 0 |
Repayments of Lines of Credit | (1,420.9) | 0 |
Payment, Tax Withholding, Share-based Payment Arrangement | 38.7 | 37.4 |
Net proceeds from issuance of stock to employees | 54.4 | 19.1 |
Payments of Dividends | (129) | (66.7) |
Other Financing Cash Flows | 11.4 | 12.4 |
Net cash provided by (used for) financing activities | 1,484.4 | (497.4) |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | 6.3 | (19.4) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 1,610 | (403.9) |
Business Acquisition [Line Items] | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 1,930.6 | 978.3 |
Net cash provided by operating activities | 472.6 | 928.5 |
Net cash used for investing activities | (353.3) | (815.6) |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (38.8) | (161.9) |
Proceeds from Hedge, Investing Activities | 0 | 3 |
Payments for Repurchase of Common Stock | 0 | (400) |
Continuing Operations | ||
Business Acquisition [Line Items] | ||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (328.6) | (802.5) |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (347.2) | (904.6) |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (124.7) | (497.4) |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations | 109.4 | 90.5 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (347.2) | (904.6) |
Discontinued Operations | ||
Business Acquisition [Line Items] | ||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | (24.7) | (13.1) |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 125.4 | 23.9 |
Cash Provided by (Used in) Financing Activities, Discontinued Operations | $ 1,609.1 | $ 0 |
Statement of Cash Flows, Supple
Statement of Cash Flows, Supplemental Disclosures $ in Millions | 3 Months Ended |
Jun. 30, 2023 USD ($) | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION Six Months Ended June 30, 2023 2022 Cash paid during period for: Interest $ 109.5 $ 95.5 Income taxes, net of refunds 133.3 277.8 Disclosure of non-cash financing and investing activities: Change in accrued property, plant and equipment 16.5 (11.2) |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract] | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 1,930.6 |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION Description Information - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Debt Conversion [Line Items] | ||
Capital Expenditures Incurred but Not yet Paid | $ (11.2) | |
Decrease in Capital Expenditures Incurred but not yet Paid | $ 16.5 | |
Cash and cash equivalents | 1,930.6 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 1,930.6 | 978.3 |
Cash paid during period for: | ||
Interest | 109.5 | 95.5 |
Income taxes, net of refunds | $ 133.3 | $ 277.8 |
BASIS OF FINANCIAL STATEMENT PR
BASIS OF FINANCIAL STATEMENT PRESENTATION | 3 Months Ended |
Jun. 30, 2023 | |
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 global leader of innovative and comprehensive laboratory service that serves physicians, hospitals, patients and biopharmaceutical clients. The Company provides insights and advances science to improve health and improve lives through its strong diagnostics and drug development laboratory capabilities. On June 30, 2023 (the Distribution Date), Labcorp completed the previously announced separation (the Separation) of Fortrea Holdings Inc. (Fortrea) from the Company, see Note 2 (Discontinued Operations) to the Condensed Consolidated Financial Statements. The remainder of the Drug Development segment has been renamed as the Biopharma Laboratory Services Segment. All current and historical operating results of Fortrea are presented as Discontinued Operations, net of tax, in the consolidated statement of operations. All historical assets and liabilities of Fortrea are classified as current and long-term assets of discontinued operations and current and long-term liabilities of discontinued operations in the accompanying balance sheet as of December 31, 2022. The spin-off is expected to be treated as tax-free for the Company and its shareholders for U.S. federal income tax purposes. The Company reports its business in two segments, Diagnostics Laboratories (Dx) and Biopharma Laboratory Services (BLS). For further financial information about these segments, see Note 12 (Business Segment Information) to the Condensed Consolidated Financial Statements. During the three months ended June 30, 2023, Dx and BLS contributed approximately 77% and 23%, respectively, of revenues to the Company. During the six months ended June 30, 2023, Dx and BLS contributed approximately 78% and 22%, 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 (loss).” 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 Securities and Exchange Commission (SEC) and do not contain certain information included in the Company’s fiscal year 2022 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. Recent Accounting Pronouncements On Dec. 14, 2022, the SEC adopted significant amendments to Rule 10b5-1 under the Securities Exchange Act of 1934 and new rules and disclosure requirements associated with 10b5-1 trading plans meant to address the SEC and other industry participants’ views of potential abuses under the current insider trading regime, including “cooling-off” periods for insiders, prohibitions on overlapping plans, certain insider certifications, and other requirements. The final rules became effective for the Company in the second quarter of 2023. On May 3, 2023, the SEC adopted amendments to the disclosure requirements relating to repurchases of an issuer’s equity securities, including requiring issuers to provide daily repurchase activity on a quarterly basis. These disclosures will be required in the Company's first filing that covers its first full fiscal quarter beginning on or after October 1, 2023. |
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 global leader of innovative and comprehensive laboratory service that serves physicians, hospitals, patients and biopharmaceutical clients. The Company provides insights and advances science to improve health and improve lives through its strong diagnostics and drug development laboratory capabilities. On June 30, 2023 (the Distribution Date), Labcorp completed the previously announced separation (the Separation) of Fortrea Holdings Inc. (Fortrea) from the Company, see Note 2 (Discontinued Operations) to the Condensed Consolidated Financial Statements. The remainder of the Drug Development segment has been renamed as the Biopharma Laboratory Services Segment. All current and historical operating results of Fortrea are presented as Discontinued Operations, net of tax, in the consolidated statement of operations. All historical assets and liabilities of Fortrea are classified as current and long-term assets of discontinued operations and current and long-term liabilities of discontinued operations in the accompanying balance sheet as of December 31, 2022. The spin-off is expected to be treated as tax-free for the Company and its shareholders for U.S. federal income tax purposes. The Company reports its business in two segments, Diagnostics Laboratories (Dx) and Biopharma Laboratory Services (BLS). For further financial information about these segments, see Note 12 (Business Segment Information) to the Condensed Consolidated Financial Statements. During the three months ended June 30, 2023, Dx and BLS contributed approximately 77% and 23%, respectively, of revenues to the Company. During the six months ended June 30, 2023, Dx and BLS contributed approximately 78% and 22%, 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 (loss).” 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 Securities and Exchange Commission (SEC) and do not contain certain information included in the Company’s fiscal year 2022 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. Recent Accounting Pronouncements On Dec. 14, 2022, the SEC adopted significant amendments to Rule 10b5-1 under the Securities Exchange Act of 1934 and new rules and disclosure requirements associated with 10b5-1 trading plans meant to address the SEC and other industry participants’ views of potential abuses under the current insider trading regime, including “cooling-off” periods for insiders, prohibitions on overlapping plans, certain insider certifications, and other requirements. The final rules became effective for the Company in the second quarter of 2023. On May 3, 2023, the SEC adopted amendments to the disclosure requirements relating to repurchases of an issuer’s equity securities, including requiring issuers to provide daily repurchase activity on a quarterly basis. These disclosures will be required in the Company's first filing that covers its first full fiscal quarter beginning on or after October 1, 2023. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE Basic earnings per share is computed by dividing net earnings attributable to the Company by the weighted average number of common shares outstanding. Diluted earnings per share is computed by dividing net earnings 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 per share to diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Earnings Shares Per Share Amount Earnings Shares Per Share Amount Earnings Shares Per Share Amount Earnings Shares Per Share Amount Basic earnings per share: Net earnings $ 155.0 88.7 $ 1.75 $ 267.7 92.3 $ 2.90 $ 363.0 88.6 $ 4.10 $ 688.3 92.7 $ 7.43 Dilutive effect of employee stock options and awards — 0.3 — 0.4 — 0.4 — 0.6 Net earnings including impact of dilutive adjustments $ 155.0 89.0 $ 1.74 $ 267.7 92.7 $ 2.89 $ 363.0 89.0 $ 4.08 $ 688.3 93.3 $ 7.38 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Employee stock options and awards 0.5 0.5 0.4 0.3 |
PREFERRED STOCK AND COMMON SHAR
PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Stockholders' Equity Note [Abstract] | ||
Changes in common shares issued and held in treasury | The changes in common shares issued are summarized below: Issued and Outstanding Common shares at December 31, 2022 88.2 Shares issued under employee stock plans 0.5 Common shares at June 30, 2023 88.7 | |
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, 2022 $ (462.3) $ (30.9) $ (493.2) Fortrea Holdings Inc. spin off 231.6 6.4 238.0 Current year adjustments 99.8 12.5 112.3 Pension settlement charge — (7.9) (7.9) Amounts reclassified from accumulated other comprehensive income — (2.3) (2.3) Tax effect of adjustments — (0.6) (0.6) Balance as of June 30, 2023 $ (130.9) $ (22.8) $ (153.7) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Preferred Stock and Common Shareholders' Equity | PREFERRED STOCK AND COMMON SHAREHOLDERS’ EQUITYThe 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 June 30, 2023, and December 31, 2022. The changes in common shares issued are summarized below: Issued and Outstanding Common shares at December 31, 2022 88.2 Shares issued under employee stock plans 0.5 Common shares at June 30, 2023 88.7 Share Repurchase Program As of June 30, 2023, the Company had outstanding authorization from the board of directors to purchase up to $1,531.5 of the Company's common stock. Dividends For the six months ended June 30, 2023, the Company paid $129.0 in common stock dividends. On July 13, 2023, the Company announced a cash dividend of $0.72 per share of common stock for the third quarter, or approximately $64.8 in the aggregate. The dividend will be payable on September 8, 2023, to stockholders of record of all issued and outstanding shares of common stock as of the close of business on August 8, 2023. The declaration and payment of any future dividends will be at the discretion of the Company's board of directors. Accumulated Other Comprehensive Earnings (Loss) 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, 2022 $ (462.3) $ (30.9) $ (493.2) Fortrea Holdings Inc. spin off 231.6 6.4 238.0 Current year adjustments 99.8 12.5 112.3 Pension settlement charge — (7.9) (7.9) Amounts reclassified from accumulated other comprehensive income — (2.3) (2.3) Tax effect of adjustments — (0.6) (0.6) Balance as of June 30, 2023 $ (130.9) $ (22.8) $ (153.7) |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The Company’s population of financial assets and liabilities subject to fair value measurements as of June 30, 2023, and December 31, 2022, is as follows: Fair Value Measurements as of June 30, 2023 Balance Sheet Fair Value as of Using Fair Value Hierarchy Classification June 30, 2023 Level 1 Level 2 Level 3 Noncontrolling interest put Noncontrolling interest $ 15.5 $ — $ 15.5 $ — Cross currency swaps Other liabilities 68.4 — 68.4 — Interest rate swaps Other liabilities 78.4 — 78.4 — Cash surrender value of life insurance policies Other assets, net 106.3 — 106.3 — Deferred compensation liability Other liabilities 101.1 — 101.1 — Contingent consideration Accrued expenses and other; Other liabilities 69.0 — — 69.0 Fair Value Measurements as of December 31, 2022 Balance Sheet Fair Value as of Using Fair Value Hierarchy Classification December 31, 2022 Level 1 Level 2 Level 3 Noncontrolling interest put Noncontrolling interest $ 15.0 $ — $ 15.0 $ — Cross currency swaps Other liabilities, net 45.7 — 45.7 — Interest rate swaps Other liabilities, net 79.7 — 79.7 — Cash surrender value of life insurance policies Other assets, net 100.7 — 100.7 — Deferred compensation liability Other liabilities 96.9 — 96.9 — Contingent consideration Accrued expenses and other; Other liabilities 77.4 — — 77.4 Fair Value Measurement of Level 3 Liabilities Contingent Consideration Balance at December 31, 2022 $ 77.4 Adjustments (8.4) Balance as of June 30, 2023 $ 69.0 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 26 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 accrued earn-out business 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. The carrying amounts of cash and cash equivalents, accounts receivable, income taxes receivable, and accounts payable are considered to be representative of their respective fair values due to their short-term nature. The fair market value of the senior notes, based on market pricing, was approximately $5,007.7 and $4,973.9 as of June 30, 2023, and December 31, 2022, |
BUSINESS ACQUISITIONS
BUSINESS ACQUISITIONS | 6 Months Ended |
Jun. 30, 2023 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | BUSINESS ACQUISITIONS During the six months ended June 30, 2023, the Company closed two acquisitions for cash of $136.9 which expanded its presence in the northeastern U.S. and Canada. The preliminary purchase considerations for these acquisitions were allocated under the acquisition method of accounting to the estimated fair market value of the net assets acquired, including approximately $84.1 in identifiable intangible assets. A residual amount of non-tax deductible goodwill of approximately $50.8 was recorded as of June 30, 2023. The amortization period for non-compete agreements and customer list assets acquired from these businesses are 7 and 15 years, respectively. The purchase price allocations for these acquisitions have not been finalized as of June 30, 2023. Had the Company's total 2023 acquisitions been completed as of January 1, 2023, the Company's pro forma results would not have been materially different from those reported. During the six months ended June 30, 2023, the Company recorded several measurement period adjustments for 2022 acquisitions, relating to final valuations and deferred tax true-ups. The adjustments include the following: |
BUSINESS SEGMENT INFORMATION Bu
BUSINESS SEGMENT INFORMATION Business Segment information (Notes) | 3 Months Ended |
Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | |
Segment Reporting Disclosure [Text Block] | BUSINESS SEGMENT INFORMATIONThe following table is a summary of segment information for the three and six months ended June 30, 2023, and 2022. 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. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTSOn July 6, 2023, the Company entered into an agreement to acquire select assets of Legacy Health's outreach laboratory business in the northwest U.S. Labcorp will also manage Legacy Health's inpatient hospital laboratories through a long-term agreement to provide staffing, leadership, scientific knowledge, analytics, supply chain services and laboratory support. On July 24, 2023, the Company also completed the acquisition of certain assets of Enzo Biochem, Inc. in New Jersey, which serves the New York tri-state healthcare communities. On August 3, 2023, the Company announced it had entered into an agreement with Tufts Medicine, a leading integrated academic health system in Massachusetts, to acquire the Tufts Medicine outreach laboratory business and select operating assets as a first step toward a larger strategic partnership. The combined purchase price for these transactions was approximately $385.0. |
Discontinued Operations and Dis
Discontinued Operations and Disposal Groups | 3 Months Ended |
Jun. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure | 2. DISCONTINUED OPERATIONS A discontinued operation may include a component or a group of components of the Company's operations. A disposal of a component or a group of components is reported in discontinued operations if the disposal represents a strategic shift that has or will have a major effect on the Company's operations and financial results when the following occurs: (1) a component (or group of components) meets the criteria to be classified as held for sale; (2) the component or group of components is disposed of by sale; or (3) the component or group of components is disposed of other than by sale (for example, by abandonment or in a distribution to owners in a spin-off). For any component classified as held for sale or disposed of by sale or other than by sale, qualifying for presentation as a discontinued operation, the Company reports the results of operations of the discontinued operations (including any gain or loss recognized on the disposal or loss recognized on classification as held for sale of a discontinued operation), less applicable income taxes (benefit), as a separate component in the consolidated statement of operations for current and all prior periods presented. The Company also reports assets and liabilities associated with discontinued operations as separate line items on the consolidated balance sheet for prior periods. The spin-off of Fortrea from Labcorp was achieved through the Company’s pro-rata distribution of 100% of the outstanding shares of Fortrea common stock to holders of record of Labcorp common stock. Each holder of record of Labcorp common stock received one share of Fortrea common stock for every share of Labcorp common stock held at 5:00 p.m., Burlington, North Carolina, time on June 20, 2023, the record date for the distribution. In June 2023, Fortrea, prior to the Separation and while a subsidiary of the Company, issued $570.0 of 7.500% senior secured notes due 2030 (the Fortrea Notes). As of June 30, 2023, the initial proceeds were held in escrow for release to Fortrea upon satisfaction of certain conditions, including completion of the Separation. The proceeds from the Fortrea Notes were used to fund cash payments of approximately $1,600.0 to the Company in connection with the Separation. The Company does not guarantee the Fortrea Notes following the Separation. Also in June 2023, Fortrea entered into three floating secured overnight financing rate (SOFR) credit facilities totaling $1,520.0. These are comprised of $450.0 Revolver maturing June 30, 2028; $500.0 Term Loan A maturing June 30, 2028; and $570.0 Term Loan B maturing June 30, 2030. In connection with the spin-off, all outstanding (vested and unvested) share-based awards of the Company held by Fortrea employees were adjusted and converted into awards of Fortrea common stock. In each case, the award was equitably adjusted or converted in a manner intended to preserve the aggregate intrinsic value of the original Company equity award and, other than regarding performance share awards, the terms of the equity awards, such as vesting dates, generally remain substantially the same. These conversions and adjustments did not materially impact the number of Company share-based awards outstanding. In addition, the Company entered into several agreements with Fortrea on or prior to the Distribution Date that, among other things, provide a framework for the Company’s relationship with Fortrea after the spin-off, including a separation and distribution agreement, a tax matters agreement, an employee matters agreement, and a transition services agreement. These agreements contain the key provisions relating to the spin-off, including provisions relating to the principal intercompany transactions required to effect the spin-off, the conditions to the spin-off and provisions governing the relationship between Fortrea and the Company after the spin-off. Financial Information of Discontinued Operations Earnings from Discontinued Operations, Net of Tax in the Consolidated Statements of Operations reflect the after-tax results of Fortrea's business and Separation-related fees, and does not include any allocation of general corporate overhead expense or interest expense of the Company. The following table summarizes the significant line items included in Earnings from Discontinued Operations, Net of Tax in the Consolidated Statements of Operations for the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenues $ 766.5 $ 773.9 $ 1,506.6 $ 1,529.0 Cost of revenues 629.1 593.7 1,244.5 1,198.0 Gross profit 137.4 180.2 262.1 331.0 Selling, general and administrative expenses 85.4 53.6 184.1 95.7 Amortization of intangibles and other assets 16.0 16.6 31.9 33.5 Restructuring and other charges 4.1 12.9 3.0 22.0 Operating income 31.9 97.1 43.1 179.8 Other income (expense): Interest expense (0.5) (0.2) (0.5) (0.3) Investment income 0.5 0.3 (1.2) 0.6 Other, net 8.3 19.1 4.2 24.7 Earnings before income taxes 40.2 116.3 45.6 204.8 Provision for income taxes 6.3 25.4 6.8 42.9 Net earnings attributable to Laboratory Corporation of America Holdings $ 33.9 $ 90.9 $ 38.8 $ 161.9 The following table summarizes the carrying value of the significant classes of assets and liabilities classified as discontinued operations as of December 31, 2022: December 31, ASSETS Current assets: Cash and cash equivalents $ 109.4 Accounts receivable, net 436.5 Unbilled services 583.6 Prepaid expenses and other 96.6 Total current assets 1,226.1 Property, plant and equipment, net 162.1 Goodwill, net 1,997.3 Intangible assets, net 823.3 Deferred income taxes 1.2 Other assets, net 54.3 Total assets $ 4,264.3 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 82.6 Accrued expenses and other 281.8 Unearned revenue 271.5 Short-term operating lease liabilities 21.7 Total current liabilities 657.6 Operating lease liabilities 26.8 Deferred income taxes and other tax liabilities 192.8 Other liabilities 21.7 Total liabilities 898.9 Total shareholders’ equity 3,365.4 Total liabilities and shareholders’ equity $ 4,264.3 |
Intangible Assets, Goodwill and
Intangible Assets, Goodwill and Other (Policies) | 3 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Goodwill, Policy | 6. GOODWILL AND INTANGIBLE ASSETS The changes in the carrying amount of goodwill for the six months ended June 30, 2023, are as follows: Dx BLS Total June 30, 2023 June 30, 2023 June 30, 2023 Balance as of December 31, 2022 $ 4,533.5 $ 1,590.2 $ 6,123.7 Goodwill acquired during the period 50.8 — 50.8 Foreign currency impact and other adjustments to goodwill (16.3) 24.0 7.7 Balance as of June 30, 2023 $ 4,568.0 $ 1,614.2 $ 6,182.2 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. Although the Company believes that the current assumptions and estimates used in its goodwill analysis are reasonable, supportable, and appropriate, the Company's business could be impacted by unfavorable changes, including those that impact the existing assumptions used in the impairment analysis. Various factors could reasonably be expected to unfavorably impact existing assumptions: primarily a worsening economic environment and protracted economic downturn and related impacts, including delays in revenue from new customers; increases in customer termination activity; or increases in operating costs. Accordingly, there can be no assurance that the estimates and assumptions made for the purposes of the goodwill impairment analysis will prove to be accurate predictions of future performance. The Company will continue to monitor the financial performance of, and assumptions for, its reporting units. A significant increase in the discount rate, decrease in the revenue and terminal growth rates, decreased operating margin, or substantial reductions in end markets and volume assumptions, could have a negative impact on the estimated fair value of the reporting units. A future impairment charge for goodwill or intangible assets could have a material effect on the Company's consolidated financial position and results of operations. The components of identifiable intangible assets are as follows: June 30, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 3,595.7 $ (1,262.8) $ 2,332.9 $ 3,489.9 $ (1,169.6) $ 2,320.3 Patents, licenses and technology 551.9 (258.1) 293.8 520.4 (243.3) 277.1 Non-compete agreements 86.7 (50.5) 36.2 80.1 (46.8) 33.3 Trade name 16.4 (4.6) 11.8 16.4 (3.5) 12.9 Land use right 3.5 (2.4) 1.1 3.5 (2.2) 1.3 Canadian licenses 470.1 — 470.1 468.7 — 468.7 Other 14.2 (6.0) 8.2 14.2 (4.2) 10.0 4,738.5 (1,584.4) 3,154.1 4,593.2 (1,469.6) 3,123.6 Amortization of intangible assets for the three and six months ended June 30, 2023, and 2022, was $51.5 and $49.8 and $104.9 and $100.0, respectively. The amortization expense for the net carrying amount of intangible assets is estimated to be $107.6 for the remainder of fiscal 2023, $210.8 in fiscal 2024, $201.4 in fiscal 2025, $192.5 in fiscal 2026, $181.1 in fiscal 2027, and $1,675.4 thereafter. |
Revenue from Contract with Cust
Revenue from Contract with Customer (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUES The Company's revenues by segment and by payers/customer groups for the three and six months ended June 30, 2023, and 2022, were as follows: For the Three Months Ended June 30, 2023 For the Three Months Ended June 30, 2022 North America Europe Other Total North America Europe Other Total Payer/Customer Dx Clients 24 % — % — % 24 % 23 % — % — % 23 % Patients 10 % — % — % 10 % 9 % — % — % 9 % Medicare and Medicaid 8 % — % — % 8 % 8 % — % — % 8 % Third party 35 % — % — % 35 % 37 % — % — % 37 % Total Dx revenues by payer 77 % — % — % 77 % 77 % — % — % 77 % BLS Pharmaceutical, biotechnology and medical device companies 10 % 9 % 4 % 23 % 10 % 9 % 4 % 23 % Total revenues 87 % 9 % 4 % 100 % 87 % 9 % 4 % 100 % For the Six Months Ended June 30, 2023 For the Six Months Ended June 30, 2022 North America Europe Other Total North America Europe Other Total Payer/Customer Dx Clients 25 % — % — % 25 % 22 % — % — % 22 % Patients 10 % — % — % 10 % 7 % — % — % 7 % Medicare and Medicaid 8 % — % — % 8 % 7 % — % — % 7 % Third party 35 % — % — % 35 % 41 % — % — % 41 % Total Dx revenues by payer 78 % — % — % 78 % 77 % — % — % 77 % BLS Pharmaceutical, biotechnology and medical device companies 9 % 9 % 4 % 22 % 10 % 9 % 4 % 23 % Total revenues 87 % 9 % 4 % 100 % 87 % 9 % 4 % 100 % Revenues in the U.S. were $2,537.0 (83.6%) and $2,449.5 (83.8%) for the three months ended June 30, 2023, and 2022, respectively, and for the six months ended June 30, 2023, and 2022, were $5,094.4 (83.9%) and $5,061.6 (83.4%), respectively. Accounts Receivable, Unbilled Services and Unearned Revenue The following table provides information about accounts receivable, unbilled services, and unearned revenue from contracts with customers: June 30, 2023 December 31, 2022 Dx accounts receivable $ 1,114.4 $ 1,046.9 BLS accounts receivable 821.0 769.3 Less BLS allowance for doubtful accounts (30.6) (30.7) Accounts receivable $ 1,904.8 $ 1,785.5 Gross unbilled services $ 148.7 $ 222.3 Less reserve for unbilled services (10.9) (10.5) Unbilled services $ 137.8 $ 211.8 Unearned revenue $ 349.7 $ 310.6 Revenues recognized during the period that were included in the unearned revenue balance at the beginning of the period were $20.2 and $21.1 for the three months ended June 30, 2023 and 2022, respectively, and $72.8 and $56.6 for the six months ended June 30, 2023, and 2022, 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 six months ended June 30, 2023, is as follows: Accounts Receivable Unbilled Services Note and Other Receivables Total Balance as of December 31, 2022 $ 30.7 $ 10.5 $ 0.7 $ 41.9 Plus, credit loss expense 4.3 — — 4.3 Less, write offs (4.4) 0.4 — (4.0) Balance as of June 30, 2023 $ 30.6 $ 10.9 $ 0.7 $ 42.2 The credit loss expense in the first six months primarily related to the collection risk from several biotech receivable balances in the first quarter. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Reconciliation of Basic earnings per Share to Diluted Earnings per Share | The following represents a reconciliation of basic earnings per share to diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Earnings Shares Per Share Amount Earnings Shares Per Share Amount Earnings Shares Per Share Amount Earnings Shares Per Share Amount Basic earnings per share: Net earnings $ 155.0 88.7 $ 1.75 $ 267.7 92.3 $ 2.90 $ 363.0 88.6 $ 4.10 $ 688.3 92.7 $ 7.43 Dilutive effect of employee stock options and awards — 0.3 — 0.4 — 0.4 — 0.6 Net earnings including impact of dilutive adjustments $ 155.0 89.0 $ 1.74 $ 267.7 92.7 $ 2.89 $ 363.0 89.0 $ 4.08 $ 688.3 93.3 $ 7.38 |
Potential common shares not included in computation of diluted earnings per share | 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Employee stock options and awards 0.5 0.5 0.4 0.3 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the six months ended June 30, 2023, are as follows: Dx BLS Total June 30, 2023 June 30, 2023 June 30, 2023 Balance as of December 31, 2022 $ 4,533.5 $ 1,590.2 $ 6,123.7 Goodwill acquired during the period 50.8 — 50.8 Foreign currency impact and other adjustments to goodwill (16.3) 24.0 7.7 Balance as of June 30, 2023 $ 4,568.0 $ 1,614.2 $ 6,182.2 | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | he components of identifiable intangible assets are as follows: June 30, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 3,595.7 $ (1,262.8) $ 2,332.9 $ 3,489.9 $ (1,169.6) $ 2,320.3 Patents, licenses and technology 551.9 (258.1) 293.8 520.4 (243.3) 277.1 Non-compete agreements 86.7 (50.5) 36.2 80.1 (46.8) 33.3 Trade name 16.4 (4.6) 11.8 16.4 (3.5) 12.9 Land use right 3.5 (2.4) 1.1 3.5 (2.2) 1.3 Canadian licenses 470.1 — 470.1 468.7 — 468.7 Other 14.2 (6.0) 8.2 14.2 (4.2) 10.0 4,738.5 (1,584.4) 3,154.1 4,593.2 (1,469.6) 3,123.6 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Company's population of financial assets and liabilities subject to fair value measurements | The Company’s population of financial assets and liabilities subject to fair value measurements as of June 30, 2023, and December 31, 2022, is as follows: Fair Value Measurements as of June 30, 2023 Balance Sheet Fair Value as of Using Fair Value Hierarchy Classification June 30, 2023 Level 1 Level 2 Level 3 Noncontrolling interest put Noncontrolling interest $ 15.5 $ — $ 15.5 $ — Cross currency swaps Other liabilities 68.4 — 68.4 — Interest rate swaps Other liabilities 78.4 — 78.4 — Cash surrender value of life insurance policies Other assets, net 106.3 — 106.3 — Deferred compensation liability Other liabilities 101.1 — 101.1 — Contingent consideration Accrued expenses and other; Other liabilities 69.0 — — 69.0 Fair Value Measurements as of December 31, 2022 Balance Sheet Fair Value as of Using Fair Value Hierarchy Classification December 31, 2022 Level 1 Level 2 Level 3 Noncontrolling interest put Noncontrolling interest $ 15.0 $ — $ 15.0 $ — Cross currency swaps Other liabilities, net 45.7 — 45.7 — Interest rate swaps Other liabilities, net 79.7 — 79.7 — Cash surrender value of life insurance policies Other assets, net 100.7 — 100.7 — Deferred compensation liability Other liabilities 96.9 — 96.9 — Contingent consideration Accrued expenses and other; Other liabilities 77.4 — — 77.4 |
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, 2022 $ 77.4 Adjustments (8.4) Balance as of June 30, 2023 $ 69.0 |
REVENUE (Tables)
REVENUE (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | The rollforward for the allowance for credit losses for the six months ended June 30, 2023, is as follows: Accounts Receivable Unbilled Services Note and Other Receivables Total Balance as of December 31, 2022 $ 30.7 $ 10.5 $ 0.7 $ 41.9 Plus, credit loss expense 4.3 — — 4.3 Less, write offs (4.4) 0.4 — (4.0) Balance as of June 30, 2023 $ 30.6 $ 10.9 $ 0.7 $ 42.2 |
Contract with Customer, Asset and Liability [Table Text Block] | June 30, 2023 December 31, 2022 Dx accounts receivable $ 1,114.4 $ 1,046.9 BLS accounts receivable 821.0 769.3 Less BLS allowance for doubtful accounts (30.6) (30.7) Accounts receivable $ 1,904.8 $ 1,785.5 Gross unbilled services $ 148.7 $ 222.3 Less reserve for unbilled services (10.9) (10.5) Unbilled services $ 137.8 $ 211.8 Unearned revenue $ 349.7 $ 310.6 |
Disaggregation of Revenue [Table Text Block] | The Company's revenues by segment and by payers/customer groups for the three and six months ended June 30, 2023, and 2022, were as follows: For the Three Months Ended June 30, 2023 For the Three Months Ended June 30, 2022 North America Europe Other Total North America Europe Other Total Payer/Customer Dx Clients 24 % — % — % 24 % 23 % — % — % 23 % Patients 10 % — % — % 10 % 9 % — % — % 9 % Medicare and Medicaid 8 % — % — % 8 % 8 % — % — % 8 % Third party 35 % — % — % 35 % 37 % — % — % 37 % Total Dx revenues by payer 77 % — % — % 77 % 77 % — % — % 77 % BLS Pharmaceutical, biotechnology and medical device companies 10 % 9 % 4 % 23 % 10 % 9 % 4 % 23 % Total revenues 87 % 9 % 4 % 100 % 87 % 9 % 4 % 100 % For the Six Months Ended June 30, 2023 For the Six Months Ended June 30, 2022 North America Europe Other Total North America Europe Other Total Payer/Customer Dx Clients 25 % — % — % 25 % 22 % — % — % 22 % Patients 10 % — % — % 10 % 7 % — % — % 7 % Medicare and Medicaid 8 % — % — % 8 % 7 % — % — % 7 % Third party 35 % — % — % 35 % 41 % — % — % 41 % Total Dx revenues by payer 78 % — % — % 78 % 77 % — % — % 77 % BLS Pharmaceutical, biotechnology and medical device companies 9 % 9 % 4 % 22 % 10 % 9 % 4 % 23 % Total revenues 87 % 9 % 4 % 100 % 87 % 9 % 4 % 100 % Revenues in the U.S. were $2,537.0 (83.6%) and $2,449.5 (83.8%) for the three months ended June 30, 2023, and 2022, respectively, and for the six months ended June 30, 2023, and 2022, were $5,094.4 (83.9%) and $5,061.6 (83.4%), respectively. |
BASIS OF FINANCIAL STATEMENT _2
BASIS OF FINANCIAL STATEMENT PRESENTATION (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Asset Impairment Charges | $ 2.8 | $ 0 | $ 5 | $ 1.2 | ||||
Revenues | 3,033.7 | $ 2,923 | 6,071.5 | $ 6,067.5 | ||||
Contract with Customer, Liability | $ 349.7 | $ 349.7 | $ 310.6 | |||||
Percent of Revenue Contributed | 100% | 100% | 100% | 100% | ||||
Provision for income taxes | $ 49.8 | $ 92.1 | $ 113.7 | $ 222.6 | ||||
Net Income (Loss) Attributable to Parent | 188.9 | $ 212.9 | 358.6 | $ 491.6 | 401.8 | 850.2 | ||
Stockholders' Equity Attributable to Parent | 8,785 | $ 10,341.5 | 10,400.7 | $ 10,721.1 | 8,785 | 10,400.7 | 10,096.6 | $ 10,273.4 |
Deferred Revenue, Revenue Recognized | 72.8 | 56.6 | ||||||
Cash and cash equivalents | 1,930.6 | 1,930.6 | $ 320.6 | |||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 1,930.6 | $ 978.3 | $ 1,930.6 | $ 978.3 | $ 1,472.7 | |||
Ownership percentage below which investments are generally accounted for on the cost method (in thousandths) | 20% | |||||||
LabCorp Diagnostics [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Percent of Revenue Contributed | 77% | 77% | 78% | 77% |
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 Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income [Abstract] | ||||
Net earnings attributable to Laboratory Corporation of America Holdings | $ 155 | $ 267.7 | $ 363 | $ 688.3 |
Shares [Abstract] | ||||
Net earnings, basic (in shares) | 88.7 | 92.3 | 88.6 | 92.7 |
Dilutive effect of employee stock options and awards, (in shares) | 0.3 | 0.4 | 0.4 | 0.6 |
Income (Loss) from Continuing Operations, Per Diluted Share | $ 1.74 | $ 2.89 | $ 4.08 | $ 7.38 |
Per Share Amount [Abstract] | ||||
Net Income (Loss) Available to Common Stockholders, Diluted | $ 155 | $ 267.7 | $ 363 | $ 688.3 |
Weighted Average Number of Shares Outstanding, Diluted | 89 | 92.7 | 89 | 93.3 |
Income (Loss) from Continuing Operations, Per Basic Share | $ 1.75 | $ 2.90 | $ 4.10 | $ 7.43 |
EARNINGS PER SHARE (Potential c
EARNINGS PER SHARE (Potential common shares not included in computation of diluted earnings per share) (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Stock options (in shares) | 0.5 | 0.5 | 0.4 | 0.3 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS (Changes in Carrying Amount of Goodwill) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Goodwill [Line Items] | |||||
Amortization of intangibles and other assets | $ 51.5 | $ 49.8 | $ 104.9 | $ 100 | |
Intangible Assets, Gross (Excluding Goodwill) | 4,738.5 | 4,738.5 | $ 4,593.2 | ||
Balance as of January 1 | 6,123.7 | ||||
Adjustments to goodwill | 7.7 | ||||
Balance at end of period | 6,182.2 | 6,182.2 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | 1,584.4 | 1,584.4 | 1,469.6 | ||
Intangible Assets, Net (Excluding Goodwill) | $ 3,154.1 | 3,154.1 | 3,123.6 | ||
Goodwill, Acquired During Period | 50.8 | $ 332.8 | |||
Goodwill [Roll Forward] | |||||
Goodwill and Intangible Assets, Goodwill, Policy | 6. GOODWILL AND INTANGIBLE ASSETS The changes in the carrying amount of goodwill for the six months ended June 30, 2023, are as follows: Dx BLS Total June 30, 2023 June 30, 2023 June 30, 2023 Balance as of December 31, 2022 $ 4,533.5 $ 1,590.2 $ 6,123.7 Goodwill acquired during the period 50.8 — 50.8 Foreign currency impact and other adjustments to goodwill (16.3) 24.0 7.7 Balance as of June 30, 2023 $ 4,568.0 $ 1,614.2 $ 6,182.2 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. Although the Company believes that the current assumptions and estimates used in its goodwill analysis are reasonable, supportable, and appropriate, the Company's business could be impacted by unfavorable changes, including those that impact the existing assumptions used in the impairment analysis. Various factors could reasonably be expected to unfavorably impact existing assumptions: primarily a worsening economic environment and protracted economic downturn and related impacts, including delays in revenue from new customers; increases in customer termination activity; or increases in operating costs. Accordingly, there can be no assurance that the estimates and assumptions made for the purposes of the goodwill impairment analysis will prove to be accurate predictions of future performance. The Company will continue to monitor the financial performance of, and assumptions for, its reporting units. A significant increase in the discount rate, decrease in the revenue and terminal growth rates, decreased operating margin, or substantial reductions in end markets and volume assumptions, could have a negative impact on the estimated fair value of the reporting units. A future impairment charge for goodwill or intangible assets could have a material effect on the Company's consolidated financial position and results of operations. The components of identifiable intangible assets are as follows: June 30, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 3,595.7 $ (1,262.8) $ 2,332.9 $ 3,489.9 $ (1,169.6) $ 2,320.3 Patents, licenses and technology 551.9 (258.1) 293.8 520.4 (243.3) 277.1 Non-compete agreements 86.7 (50.5) 36.2 80.1 (46.8) 33.3 Trade name 16.4 (4.6) 11.8 16.4 (3.5) 12.9 Land use right 3.5 (2.4) 1.1 3.5 (2.2) 1.3 Canadian licenses 470.1 — 470.1 468.7 — 468.7 Other 14.2 (6.0) 8.2 14.2 (4.2) 10.0 4,738.5 (1,584.4) 3,154.1 4,593.2 (1,469.6) 3,123.6 Amortization of intangible assets for the three and six months ended June 30, 2023, and 2022, was $51.5 and $49.8 and $104.9 and $100.0, respectively. The amortization expense for the net carrying amount of intangible assets is estimated to be $107.6 for the remainder of fiscal 2023, $210.8 in fiscal 2024, $201.4 in fiscal 2025, $192.5 in fiscal 2026, $181.1 in fiscal 2027, and $1,675.4 thereafter. | ||||
LabCorp Diagnostics [Member] | |||||
Goodwill [Line Items] | |||||
Balance as of January 1 | 4,533.5 | ||||
Adjustments to goodwill | (16.3) | ||||
Balance at end of period | $ 4,568 | 4,568 | |||
Goodwill, Acquired During Period | 50.8 | ||||
Covance Drug Development [Member] | |||||
Goodwill [Line Items] | |||||
Balance as of January 1 | 1,590.2 | ||||
Adjustments to goodwill | 24 | ||||
Balance at end of period | 1,614.2 | 1,614.2 | |||
Goodwill, Acquired During Period | 0 | ||||
Customer Relationships [Member] | |||||
Goodwill [Line Items] | |||||
Intangible Assets, Gross (Excluding Goodwill) | 3,595.7 | 3,595.7 | 3,489.9 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 1,262.8 | 1,262.8 | 1,169.6 | ||
Intangible Assets, Net (Excluding Goodwill) | 2,332.9 | 2,332.9 | 2,320.3 | ||
Patents, Licenses And Technology [Member] | |||||
Goodwill [Line Items] | |||||
Intangible Assets, Gross (Excluding Goodwill) | 551.9 | 551.9 | 520.4 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 258.1 | 258.1 | 243.3 | ||
Intangible Assets, Net (Excluding Goodwill) | 293.8 | 293.8 | 277.1 | ||
Noncompete Agreements [Member] | |||||
Goodwill [Line Items] | |||||
Intangible Assets, Gross (Excluding Goodwill) | 86.7 | 86.7 | 80.1 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 50.5 | 50.5 | 46.8 | ||
Intangible Assets, Net (Excluding Goodwill) | 36.2 | 36.2 | 33.3 | ||
Trade Names [Member] | |||||
Goodwill [Line Items] | |||||
Intangible Assets, Gross (Excluding Goodwill) | 16.4 | 16.4 | 16.4 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 4.6 | 4.6 | 3.5 | ||
Intangible Assets, Net (Excluding Goodwill) | 11.8 | 11.8 | 12.9 | ||
Use Rights [Member] | |||||
Goodwill [Line Items] | |||||
Intangible Assets, Gross (Excluding Goodwill) | 3.5 | 3.5 | 3.5 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 2.4 | 2.4 | 2.2 | ||
Intangible Assets, Net (Excluding Goodwill) | 1.1 | 1.1 | 1.3 | ||
Canadian licenses [Member] | |||||
Goodwill [Line Items] | |||||
Intangible Assets, Gross (Excluding Goodwill) | 470.1 | 470.1 | 468.7 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 0 | 0 | 0 | ||
Intangible Assets, Net (Excluding Goodwill) | $ 470.1 | $ 470.1 | $ 468.7 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS (Components of identifiable intangible assets) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | $ 4,738.5 | $ 4,593.2 |
Finite-Lived Intangible Assets, Accumulated Amortization | (1,584.4) | (1,469.6) |
Intangible Assets, Net (Excluding Goodwill) | 3,154.1 | 3,123.6 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 3,595.7 | 3,489.9 |
Finite-Lived Intangible Assets, Accumulated Amortization | (1,262.8) | (1,169.6) |
Intangible Assets, Net (Excluding Goodwill) | 2,332.9 | 2,320.3 |
Patents, Licenses And Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 551.9 | 520.4 |
Finite-Lived Intangible Assets, Accumulated Amortization | (258.1) | (243.3) |
Intangible Assets, Net (Excluding Goodwill) | 293.8 | 277.1 |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 86.7 | 80.1 |
Finite-Lived Intangible Assets, Accumulated Amortization | (50.5) | (46.8) |
Intangible Assets, Net (Excluding Goodwill) | 36.2 | 33.3 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 16.4 | 16.4 |
Finite-Lived Intangible Assets, Accumulated Amortization | (4.6) | (3.5) |
Intangible Assets, Net (Excluding Goodwill) | 11.8 | 12.9 |
Use Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 3.5 | 3.5 |
Finite-Lived Intangible Assets, Accumulated Amortization | (2.4) | (2.2) |
Intangible Assets, Net (Excluding Goodwill) | 1.1 | 1.3 |
Canadian licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 470.1 | 468.7 |
Finite-Lived Intangible Assets, Accumulated Amortization | 0 | 0 |
Intangible Assets, Net (Excluding Goodwill) | 470.1 | 468.7 |
In Process R&A and Media | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 14.2 | 14.2 |
Finite-Lived Intangible Assets, Accumulated Amortization | (6) | (4.2) |
Intangible Assets, Net (Excluding Goodwill) | $ 8.2 | $ 10 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible Assets, Gross (Excluding Goodwill) | $ 4,738.5 | $ 4,738.5 | $ 4,593.2 | ||
Goodwill | 6,182.2 | 6,182.2 | 6,123.7 | ||
Amortization of intangibles and other assets | 51.5 | $ 49.8 | 104.9 | $ 100 | |
Adjustments to goodwill | 7.7 | ||||
Estimated amortization expense, 2012 | 107.6 | 107.6 | |||
Estimated amortization expense, 2013 | 210.8 | 210.8 | |||
Estimated amortization expense, 2014 | 201.4 | 201.4 | |||
Estimated amortization expense, 2015 | 192.5 | 192.5 | |||
Estimated amortization expense, 2016 | 181.1 | 181.1 | |||
Estimated amortization expense, Thereafter | 1,675.4 | 1,675.4 | |||
Current Expected Credit Losses Opening Balance Sheet Impact on Retained Earnings | 4.3 | ||||
Amortization of intangible assets | 51.5 | $ 49.8 | 104.9 | $ 100 | |
LabCorp Diagnostics [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | 4,568 | 4,568 | 4,533.5 | ||
Adjustments to goodwill | (16.3) | ||||
Covance Drug Development [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | $ 1,614.2 | 1,614.2 | $ 1,590.2 | ||
Adjustments to goodwill | $ 24 |
DEBT (Short-term borrowings and
DEBT (Short-term borrowings and current portion of long-term debt) (Table) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Short-term Debt [Line Items] | ||
Current debt excluding finance lease liability | $ 301.4 | $ 301.3 |
Notes Payable | 1.6 | 1.7 |
3.60% senior notes due 2025 | 1,000 | 1,000 |
4.00% senior notes due 2023 | 300 | 300 |
Short term debt issuance costs | $ (0.2) | $ (0.4) |
DEBT (Long-term debt) (Details)
DEBT (Long-term debt) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
4.00% senior notes due 2023 | $ 300 | $ 300 |
3.25% senior notes due 2024 | 600 | 600 |
2.30% senior notes due 2024 | 400 | 400 |
3.60% senior notes due 2025 | 1,000 | 1,000 |
1.55% senior notes due 2026 | 500 | 500 |
3.60% senior notes due 2027 | 600 | 600 |
2.95% senior notes due 2029 | 650 | 650 |
2.70% senior notes due 2031 | 500 | |
4.70% senior notes due 2045 | 900 | 900 |
Long term debt issuance costs | 30.8 | 33.8 |
Notes Payable, Noncurrent | 1.6 | 2.3 |
Long-term Debt, Excluding Current Maturities | 5,042.4 | $ 5,038.8 |
Senior notes due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | $ 600 |
DEBT (Senior Notes) (Details)
DEBT (Senior Notes) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | $ 5,042.4 | $ 5,038.8 |
Line of Credit Facility, Maximum Borrowing Capacity | 1,000 | |
Credit Facility Option to Increase | 500 | |
Credit Facility, Maximum Swing Line Borrowings | 100 | |
Long term debt issuance costs | 30.8 | 33.8 |
Notes Payable | 1.6 | 1.7 |
Foreign Currency Contract, Asset, Fair Value Disclosure | 45.7 | |
2.30% senior notes due 2024 | 400 | 400 |
2.95% senior notes due 2029 | 650 | 650 |
Fair Value Hedge Liabilities | 78.4 | |
2.70% senior notes due 2031 | $ 500 | |
Three month LIBOR | 1.0706% | |
Interest Rate Swap [Member] | ||
Debt Instrument [Line Items] | ||
2.70% senior notes due 2031 | $ 421.6 | $ 420.3 |
Senior notes due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | $ 600 | |
Senior notes due 2031 | ||
Debt Instrument [Line Items] | ||
Subordinated Borrowing, Interest Rate | 2.70% |
DEBT (Credit Facilities) (Detai
DEBT (Credit Facilities) (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Line of Credit Facility [Line Items] | ||
Revolving Credit Facility, maximum borrowing capacity | $ 1,000,000,000 | |
Line of Credit Facility, Commitment Fee Description | 0.10% to 0.225% | |
Notes Payable | $ 1,600,000 | $ 1,700,000 |
Credit Facility Option to Increase | 500,000,000 | |
Credit Facility, Maximum Swing Line Borrowings | 100,000,000 | |
Letters of Credit Outstanding, Amount | 84,700,000 | |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit Facility, Maximum Letters of Credit | $ 150,000,000 | |
Line of Credit Facility, Interest Rate at Period End | 6.17% |
PREFERRED STOCK AND COMMON SH_2
PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||
Sep. 08, 2023 | Aug. 08, 2023 | Jul. 13, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Aug. 03, 2023 | |
Class of Stock [Line Items] | |||||||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 1,531,500,000 | 1,531,500,000 | |||||||
Common Shares Outstanding Rollforward [Abstract] | |||||||||
Common shares outstanding, beginning balance (in shares) | 88,200,000 | 88,200,000 | |||||||
Common shares outstanding, ending balance (in shares) | 88,700,000 | 88,700,000 | |||||||
Rollforward of common shares held in treasury | |||||||||
Common Stock, Shares Authorized | 265,000,000 | 265,000,000 | |||||||
Common Stock, Par or Stated Value Per Share | $ 0.10 | $ 0.10 | |||||||
Preferred Stock, Shares Authorized | 30,000,000 | 30,000,000 | |||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.10 | $ 0.10 | |||||||
Preferred Stock, Shares Outstanding | 0 | 0 | |||||||
Tax effect of adjustments | $ 0 | ||||||||
Dividends | $ 64,500,000 | $ 64,700,000 | |||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (2,300,000) | ||||||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | (7,900,000) | ||||||||
Foreign currency translation adjustments | 51,700,000 | $ (241,100,000) | $ 99,800,000 | $ (315,700,000) | |||||
Dividends | $ 64,500,000 | $ 64,700,000 | |||||||
Subsequent Event [Member] | |||||||||
Rollforward of common shares held in treasury | |||||||||
Dividends Payable, Date of Record | Aug. 08, 2023 | ||||||||
Dividends Payable, Date Declared | Jul. 13, 2023 | ||||||||
Dividends Payable, Amount Per Share | $ 0.72 | ||||||||
Dividends | $ 64,800,000 | ||||||||
Dividends Payable, Date to be Paid | Sep. 08, 2023 | ||||||||
Dividends Payable, Date Declared | Jul. 13, 2023 | ||||||||
Dividends Payable, Date to be Paid | Sep. 08, 2023 | ||||||||
Dividends Payable, Date of Record | Aug. 08, 2023 | ||||||||
Dividends Payable, Amount Per Share | $ 0.72 | ||||||||
Dividends | $ 64,800,000 | ||||||||
Common Stock [Member] | |||||||||
Rollforward of common shares issued | |||||||||
Common shares issued, beginning balance (in shares) | 88,200,000 | 88,200,000 | |||||||
Commons Stock Issued During Period Shares Employee Stock Plans | 500,000 | ||||||||
Common shares issued, ending balance (in shares) | 88,700,000 | 88,700,000 | |||||||
Common Stock, Shares, Issued | 88,700,000 | 88,700,000 | |||||||
Common Shares Outstanding Rollforward [Abstract] | |||||||||
Commons Stock Issued During Period Shares Employee Stock Plans | 500,000 | ||||||||
Commons Stock Issued During Period Shares Employee Stock Plans | 500,000 |
PREFERRED STOCK AND COMMON SH_3
PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY - Accumulated Other Comprehensive Earnings (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | $ (7,900,000) | |||
Stockholders' Equity Note, Spinoff Transaction | $ (1,780,100,000) | |||
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, 2022 $ (462.3) $ (30.9) $ (493.2) Fortrea Holdings Inc. spin off 231.6 6.4 238.0 Current year adjustments 99.8 12.5 112.3 Pension settlement charge — (7.9) (7.9) Amounts reclassified from accumulated other comprehensive income — (2.3) (2.3) Tax effect of adjustments — (0.6) (0.6) Balance as of June 30, 2023 $ (130.9) $ (22.8) $ (153.7) | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment and Tax | 12,500,000 | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 112,300,000 | |||
Accumulated Other Comprehensive Earnings [Roll Forward] | ||||
Foreign Currency Translation Adjustments, Beginning balance | (462,300,000) | |||
Other comprehensive income before reclassifications | 99,800,000 | |||
Tax effect of adjustments | 0 | |||
Foreign Currency Translation Adjustments, Ending balance | $ (130,900,000) | (130,900,000) | ||
Net Benefit Plan Adjustments, Beginning balance | (30,900,000) | |||
Tax effect of adjustments | (600,000) | |||
Net Benefit Plan Adjustments, Ending balance | (22,800,000) | (22,800,000) | ||
Accumulated Other Comprehensive Earnings, Beginning balance | (493,200,000) | |||
Other comprehensive income before reclassifications | 99,800,000 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | 0 | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | (2,300,000) | |||
Tax effect of adjustments | (300,000) | $ (200,000) | (600,000) | $ (800,000) |
Accumulated Other Comprehensive Earnings, Ending balance | (153,700,000) | (153,700,000) | ||
Pension settlement charge | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | 0 | |||
Stockholders' Equity Note, Spinoff Transaction | 231,600,000 | |||
Net Benefit Plan Adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' Equity Note, Spinoff Transaction | $ 6,400,000 | |||
Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' Equity Note, Spinoff Transaction | $ 238,000,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions | 3 Months Ended |
Jun. 30, 2023 USD ($) | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | $ 817 |
Enhanced Damages | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Awarded, Value | 100 |
Initial Damages | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Awarded, Value | $ 272 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Number of Measurement Funds Available For Participant Election | 26 | |
Noncontrolling interest puts | $ 15.5 | $ 15 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 68.4 | |
Fair market value of senior notes | 5,007.7 | 4,973.9 |
Cash Surrender Value, Fair Value Disclosure | 106.3 | 100.7 |
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability | 101.1 | 96.9 |
Contingent Consideration Classified as Equity, Fair Value Disclosure | 69 | 77.4 |
Foreign Currency Contract, Asset, Fair Value Disclosure | 45.7 | |
Fair Value Hedges, Net | 78.4 | 79.7 |
Contingent consideration adjustment | (8.4) | |
Tax effect of adjustments | 0 | |
Long-term Debt, Excluding Current Maturities | 5,042.4 | 5,038.8 |
Fair Value Hedge Liabilities | 78.4 | |
Senior notes due 2027 [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 600 | |
Senior notes due 2022 [Member] | 2018 Swap Agreements | ||
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Derivative, Notional Amount | 300 | |
Senior notes due 2024 | 2022 Swap Agreements | ||
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Derivative, Notional Amount | 300 | |
Level 1 [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Noncontrolling interest puts | 0 | 0 |
Cash Surrender Value, Fair Value Disclosure | 0 | 0 |
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability | 0 | 0 |
Contingent Consideration Classified as Equity, Fair Value Disclosure | 0 | 0 |
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 |
Fair Value Hedges, Net | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Noncontrolling interest puts | 15.5 | 15 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 68.4 | |
Cash Surrender Value, Fair Value Disclosure | 106.3 | 100.7 |
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability | 101.1 | 96.9 |
Contingent Consideration Classified as Equity, Fair Value Disclosure | 0 | 0 |
Foreign Currency Contract, Asset, Fair Value Disclosure | 45.7 | |
Fair Value Hedges, Net | 78.4 | 79.7 |
Level 3 [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Noncontrolling interest puts | 0 | 0 |
Cash Surrender Value, Fair Value Disclosure | 0 | 0 |
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability | 0 | 0 |
Contingent Consideration Classified as Equity, Fair Value Disclosure | 69 | 77.4 |
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 |
Fair Value Hedges, Net | $ 0 | $ 0 |
BUSINESS ACQUISITIONS (Details)
BUSINESS ACQUISITIONS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Business Combinations [Abstract] | |||
Payments to Acquire Businesses, Net of Cash Acquired | $ 136.9 | $ 554.9 | |
Business Acquisition [Line Items] | |||
Goodwill, Acquired During Period | 50.8 | 332.8 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 325.3 | 325.3 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 0.8 | 0.8 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 679.7 | 679.7 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 4.1 | 4.1 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | 24.1 | 24.1 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue | 3.3 | 3.3 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | 17.1 | 17.1 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 76.2 | 76.2 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 124.8 | 124.8 | |
Business Acquisition, Pro Forma Revenue | 2,961.9 | 6,149.8 | |
Business Acquisition, Pro Forma Net Income (Loss) | 270.2 | 690 | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 554.9 | 554.9 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 1.2 | 1.2 | |
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 10 | 10 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 4.1 | 4.1 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 2.9 | 2.9 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | $ 2.6 | 2.6 | |
Prepaid Expenses and Other Current Assets [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments Related to Previous Period | 0.6 | ||
Accrued Liabilities [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments Related to Previous Period | (8.3) | ||
Other Noncurrent Liabilities [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments Related to Previous Period | (2.3) | ||
Goodwill [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | $ (29.4) | ||
Customer Lists | Maximum [Member] | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | ||
Noncompete Agreements [Member] | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | ||
Other acquirees | |||
Business Combinations [Abstract] | |||
Finite-lived Intangible Assets Acquired | $ 84.1 | 325.3 | |
Business Acquisition [Line Items] | |||
Finite-lived Intangible Assets Acquired | 84.1 | 325.3 | |
Goodwill, Acquired During Period | 50.8 | $ 332.8 | |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 19.5 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 0.2 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets | (10.6) | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments Related to Previous Period | 0 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities | (10.6) | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | $ (1.5) | ||
Noncompete Agreements [Member] | Minimum [Member] | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years |
BUSINESS SEGMENT INFORMATION _2
BUSINESS SEGMENT INFORMATION Business Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Percent of Revenue Contributed | 100% | 100% | 100% | 100% |
Revenues | $ 3,033.7 | $ 2,923 | $ 6,071.5 | $ 6,067.5 |
Operating Income (Loss) | 266.3 | 428.8 | 596.1 | 1,034 |
Amortization of Intangible Assets | (51.5) | (49.8) | (104.9) | (100) |
Net Restructuring Charges | (15.8) | (31.5) | (23.3) | (35) |
Goodwill and Intangible Asset Impairment | (2.8) | 0 | (5) | (1.2) |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | 514.3 | 608.6 | 1,029.4 | 1,387.6 |
Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 6.1 | 10.3 | 12.4 | 24.1 |
Corporate Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | $ (177.9) | $ (98.5) | $ (300.1) | $ (217.4) |
LabCorp Diagnostics [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Percent of Revenue Contributed | 77% | 77% | 78% | 77% |
Diagnostics | ||||
Segment Reporting Information [Line Items] | ||||
Percent of Revenue Contributed | 77% | |||
Diagnostics | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 2,340.8 | $ 2,255.4 | $ 4,723.6 | $ 4,709.5 |
Operating Income (Loss) | $ 409.7 | 515.6 | 851.2 | 1,198.7 |
Drug Development | ||||
Segment Reporting Information [Line Items] | ||||
Percent of Revenue Contributed | 23% | |||
Drug Development | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 699 | 677.9 | 1,360.3 | 1,382.1 |
Operating Income (Loss) | $ 104.6 | $ 93 | $ 178.2 | $ 188.9 |
REVENUE (Details)
REVENUE (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | ||
Deferred Revenue, Revenue Recognized | $ 72.8 | $ 56.6 |
REVENUE Disaggregated Revenue T
REVENUE Disaggregated Revenue Table (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Disaggregation of Revenue [Line Items] | |||||
Accounts Receivable, Allowance for Credit Loss | $ 30.6 | $ 30.6 | $ 30.7 | ||
Unbilled Services, Allowance for Credit Loss | 10.9 | 10.9 | 10.5 | ||
Note Receivable, Allowance for Credit Loss | 0.7 | 0.7 | 0.7 | ||
Allowance for Credit Loss | 42.2 | 42.2 | 41.9 | ||
Current Expected Credit Losses Opening Balance Sheet Impact on Retained Earnings | 4.3 | ||||
Allowance for Credit Loss, Write Off | 4 | ||||
Deferred Revenue, Revenue Recognized | 72.8 | $ 56.6 | |||
Contract with Customer, Asset, before Allowance for Credit Loss | 148.7 | 148.7 | 222.3 | ||
Contract with Customer, Liability | 349.7 | 349.7 | 310.6 | ||
Unbilled Contracts Receivable | $ 137.8 | $ 137.8 | 211.8 | ||
Percent of Revenue Contributed | 100% | 100% | 100% | 100% | |
Revenues | $ 3,033.7 | $ 2,923 | $ 6,071.5 | $ 6,067.5 | |
Accounts Receivable, after Allowance for Credit Loss, Current | 1,904.8 | 1,904.8 | 1,785.5 | ||
Allowance for Credit Loss, Receivable, Other, Current | (10.9) | (10.9) | (10.5) | ||
Contract with Customer, Asset, after Allowance for Credit Loss, Current | $ 137.8 | $ 137.8 | 211.8 | ||
Europe [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 9% | 9% | 9% | 9% | |
North America | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 87% | 87% | 87% | 87% | |
Other countries [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 4% | 4% | 4% | 4% | |
UNITED STATES | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 83.60% | 83.80% | |||
Revenues | $ 2,537 | $ 2,449.5 | $ 5,094.4 | $ 5,061.6 | |
Medicare and Medicaid [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 8% | 8% | 8% | 7% | |
LabCorp Diagnostics [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 77% | 77% | 78% | 77% | |
LabCorp Diagnostics [Member] | Europe [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 0% | 0% | 0% | 0% | |
LabCorp Diagnostics [Member] | North America | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 77% | 77% | 78% | 77% | |
LabCorp Diagnostics [Member] | Other countries [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 0% | 0% | 0% | 0% | |
LabCorp Diagnostics [Member] | Client [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 24% | 23% | 25% | 22% | |
LabCorp Diagnostics [Member] | Client [Member] | Europe [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 0% | 0% | 0% | 0% | |
LabCorp Diagnostics [Member] | Client [Member] | North America | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 24% | 23% | 25% | 22% | |
LabCorp Diagnostics [Member] | Client [Member] | Other countries [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 0% | 0% | 0% | 0% | |
LabCorp Diagnostics [Member] | Self-Pay [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 10% | 9% | 10% | 7% | |
LabCorp Diagnostics [Member] | Self-Pay [Member] | Europe [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 0% | 0% | 0% | 0% | |
LabCorp Diagnostics [Member] | Self-Pay [Member] | North America | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 10% | 9% | 10% | 7% | |
LabCorp Diagnostics [Member] | Self-Pay [Member] | Other countries [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 0% | 0% | 0% | 0% | |
LabCorp Diagnostics [Member] | Medicare and Medicaid [Member] | Europe [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 0% | 0% | 0% | 0% | |
LabCorp Diagnostics [Member] | Medicare and Medicaid [Member] | North America | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 8% | 8% | 8% | 7% | |
LabCorp Diagnostics [Member] | Medicare and Medicaid [Member] | Other countries [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 0% | 0% | 0% | 0% | |
LabCorp Diagnostics [Member] | Third party [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 35% | 37% | 35% | 41% | |
LabCorp Diagnostics [Member] | Third party [Member] | Europe [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 0% | 0% | 0% | 0% | |
LabCorp Diagnostics [Member] | Third party [Member] | North America | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 35% | 37% | 35% | 41% | |
LabCorp Diagnostics [Member] | Third party [Member] | Other countries [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 0% | 0% | 0% | 0% | |
Covance Drug Development [Member] | Biopharmaceutical and medical device companies [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 23% | 23% | |||
Covance Drug Development [Member] | Biopharmaceutical and medical device companies [Member] | Europe [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 9% | 9% | |||
Covance Drug Development [Member] | Biopharmaceutical and medical device companies [Member] | North America | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 10% | 10% | |||
Covance Drug Development [Member] | Biopharmaceutical and medical device companies [Member] | Other countries [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 4% | 4% | |||
Diagnostics | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 77% | ||||
Accounts Receivable, before Allowance for Credit Loss | $ 1,114.4 | $ 1,114.4 | 1,046.9 | ||
Drug Development | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 23% | ||||
Accounts Receivable, before Allowance for Credit Loss | $ 821 | $ 821 | $ 769.3 | ||
Drug Development | Biopharmaceutical and medical device companies [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 23% | 22% | |||
Drug Development | Biopharmaceutical and medical device companies [Member] | Europe [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 9% | 9% | |||
Drug Development | Biopharmaceutical and medical device companies [Member] | North America | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 10% | 9% | |||
Drug Development | Biopharmaceutical and medical device companies [Member] | Other countries [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 4% | 4% | |||
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 Off | 0 | ||||
Unbilled Contracts Receivable [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Current Expected Credit Losses Opening Balance Sheet Impact on Retained Earnings | 0 | ||||
Allowance for Credit Loss, Write Off | 0.4 | ||||
Accounts Receivable [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Current Expected Credit Losses Opening Balance Sheet Impact on Retained Earnings | 4.3 | ||||
Allowance for Credit Loss, Write Off | $ 4.4 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] | 1 Months Ended |
Aug. 03, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Event [Member] | 385.0 |
Subsequent Event [Line Items] | |
Subsequent Event [Member] | 385.0 |
Discontinued Operations and D_2
Discontinued Operations and Disposal Groups (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |||||
Disposal Group, Including Discontinued Operation, Revenue | $ 766.5 | $ 773.9 | $ 1,506.6 | $ 1,529 | |
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents | $ 109.4 | ||||
Disposal Group, Including Discontinued Operation, Costs of Goods Sold | 629.1 | 593.7 | 1,244.5 | 1,198 | |
Disposal Group, Including Discontinued Operation, Gross Profit (Loss) | 137.4 | 180.2 | 262.1 | 331 | |
Disposal Group, Including Discontinued Operation, General and Administrative Expense | 85.4 | 53.6 | 184.1 | 95.7 | |
Disposal Group, Including Discontinued Operation, Depreciation and Amortization | 16 | 16.6 | 31.9 | 33.5 | |
Disposal Group, Including Discontinued Operation, Restructuring and other charges | 4.1 | 12.9 | 3 | 22 | |
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | 31.9 | 97.1 | 43.1 | 179.8 | |
Disposal Group, Including Discontinued Operation, Interest Expense | (0.5) | (0.2) | (0.5) | (0.3) | |
Disposal Group, Including Discontinued Operation, Interest Income | (0.5) | (0.3) | (1.2) | (0.6) | |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 40.2 | 116.3 | 45.6 | 204.8 | |
Discontinued Operation, Tax Effect of Discontinued Operation | 6.3 | 25.4 | 6.8 | 42.9 | |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 33.9 | 90.9 | 38.8 | 161.9 | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 33.9 | 90.9 | 38.8 | 161.9 | |
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | 436.5 | ||||
Disposal Group, Including Discontinued Operation, Assets, Current | 0 | 0 | 1,226.1 | ||
Disposal Group, Including Discontinued Operation, Prepaid and Other Assets, Current | 96.6 | ||||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 583.6 | ||||
Disposal Group, Including Discontinued Operation, Goodwill, Noncurrent | 1,997.3 | ||||
Disposal Group, Including Discontinued Operation, Intangible Assets, Noncurrent | 823.3 | ||||
Disposal Group, Including Discontinued Operation, Assets | 4,264.3 | ||||
Disposal Group, Including Discontinued Operation, Deferred Tax Assets | 1.2 | ||||
Disposal Group, Including Discontinued Operation, Accounts Payable, Current | 82.6 | ||||
Disposal Group, Including Discontinued Operation, Accrued Liabilities, Current | 281.8 | ||||
Disposal Group, Including Discontinued Operation, Deferred Revenue, Current | 271.5 | ||||
Disposal Group, Including Discontinued Operation, Short-term operating lease liabilities | 21.7 | ||||
Disposal Group, Including Discontinued Operation, Liabilities, Current | 0 | 657.6 | 0 | 657.6 | 657.6 |
Disposal Group, Including Discontinued Operation, Operating lease liabilities | 26.8 | ||||
Disposal Group, Including Discontinued Operation, Accrued Income Tax Payable, Noncurrent | 192.8 | ||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent | 21.7 | ||||
Disposal Group, Including Discontinued Operation, Liabilities | 898.9 | ||||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Noncurrent | 162.1 | ||||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 54.3 | ||||
Disposal Group, Including Discontinued Operation, Fortrea Senior Notes | $ 570 | $ 570 | |||
Disposal Group, Including Discontinued Operation, Fortrea Senior Notes Interest Rate | 7.50% | 7.50% | |||
Disposal Group, Including Discontinued Operation, Fortrea Distribution | $ 1,600 | $ 1,600 | |||
Disposal Group, Including Discontinued Operation, Total Shareholders' Equity | 3,365.4 | ||||
Disposal Group, Including Discontinued Operation, Total liabilities and shareholders’ equity | $ 4,264.3 | ||||
Disposal Group, Including Discontinued Operation, Fortrea Credit Facilities | 1,520 | 1,520 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Disposal Group, Including Discontinued Operation, Fortrea Credit Facilities | 1,520 | 1,520 | |||
Disposal Group, Including Discontinued Operations, Other Nonoperating income (expense) | 8.3 | $ 19.1 | 4.2 | $ 24.7 | |
Fortrea Revolver due 2028 | |||||
Discontinued Operations and Disposal Groups [Abstract] | |||||
Disposal Group, Including Discontinued Operation, Fortrea Credit Facilities | 450 | 450 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Disposal Group, Including Discontinued Operation, Fortrea Credit Facilities | 450 | 450 | |||
Fortrea Term Loan A maturing 2028 | |||||
Discontinued Operations and Disposal Groups [Abstract] | |||||
Disposal Group, Including Discontinued Operation, Fortrea Credit Facilities | 500 | 500 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Disposal Group, Including Discontinued Operation, Fortrea Credit Facilities | 500 | 500 | |||
Fortrea Term Loan B maturing 2028 | |||||
Discontinued Operations and Disposal Groups [Abstract] | |||||
Disposal Group, Including Discontinued Operation, Fortrea Credit Facilities | 570 | 570 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Disposal Group, Including Discontinued Operation, Fortrea Credit Facilities | $ 570 | $ 570 |
Uncategorized Items - lh-202306
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations | $ 430,000,000 |