Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
In Billions, except Share data in Millions, unless otherwise specified | Dec. 31, 2013 | Feb. 20, 2014 | Jun. 30, 2013 |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'LABORATORY CORP OF AMERICA HOLDINGS | ' | ' |
Entity Central Index Key | '0000920148 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 85.3 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $9.70 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $404 | $466.80 |
Accounts receivable, net of allowance for doubtful accounts of $198.3 and $191.5 at December 31, 2013 and 2012, respectively | 784.7 | 718.5 |
Supplies inventories | 136.5 | 121 |
Prepaid expenses and other | 106.9 | 74.6 |
Deferred income taxes | 0 | 10.9 |
Total current assets | 1,432.10 | 1,391.80 |
Property, plant and equipment, net | 707.4 | 630.8 |
Goodwill, net | 3,022.80 | 2,901.70 |
Intangible assets, net | 1,572 | 1,667.70 |
Joint venture partnerships and equity method investments | 88.5 | 78.1 |
Other assets, net | 143.1 | 124.9 |
Total assets | 6,965.90 | 6,795 |
Current liabilities: | ' | ' |
Accounts payable | 304.5 | 236.9 |
Accrued expenses and other | 310 | 311.6 |
Deferred Tax Liabilities, Net, Current | 9.9 | 0 |
Short-term borrowings and current portion of long-term debt | 111.3 | 480 |
Total current liabilities | 735.7 | 1,028.50 |
Long-term debt, less current portion | 2,889.10 | 2,175 |
Deferred income taxes and other tax liabilities | 563.9 | 546 |
Other liabilities | 266.5 | 307.4 |
Total liabilities | 4,455.20 | 4,056.90 |
Commitments and contingent liabilities | ' | ' |
Noncontrolling interest | 19.4 | 20.7 |
Shareholders’ equity | ' | ' |
Common stock, 85.7 and 93.5 shares outstanding at December 31, 2013 and 2012, respectively | 10.5 | 11.3 |
Additional paid-in capital | 0 | 0 |
Retained earnings | 3,373.50 | 3,588.50 |
Less common stock held in treasury | -958.9 | -951.8 |
Accumulated other comprehensive income | 66.2 | 69.4 |
Total shareholders’ equity | 2,491.30 | 2,717.40 |
Total liabilities and shareholders’ equity | $6,965.90 | $6,795 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Allowance for Doubtful Accounts | $198.30 | $191.50 |
Shareholders’ equity | ' | ' |
Common Stock, Shares, Outstanding (in shares) | 85.7 | 93.5 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Net sales | $5,808.30 | $5,671.40 | $5,542.30 |
Cost of sales | 3,585.10 | 3,421.70 | 3,267.60 |
Gross profit | 2,223.20 | 2,249.70 | 2,274.70 |
Selling, general and administrative expenses | 1,128.80 | 1,114.60 | 1,159.60 |
Amortization of intangibles and other assets | 81.7 | 86.3 | 85.8 |
Restructuring and other special charges | 21.8 | 25.3 | 80.9 |
Operating income | 990.9 | 1,023.50 | 948.4 |
Other income (expenses): | ' | ' | ' |
Interest expense | -96.5 | -94.5 | -87.5 |
Equity method income, net | 16.9 | 21.4 | 9.5 |
Investment income | 2.2 | 1 | 1.3 |
Other, net | 2.1 | -7.2 | -5.6 |
Earnings before income taxes | 915.6 | 944.2 | 866.1 |
Provision for income taxes | 340.2 | 359.4 | 333 |
Net earnings | 575.4 | 584.8 | 533.1 |
Less: Net earnings attributable to the noncontrolling interest | -1.6 | -1.7 | -13.4 |
Net earnings attributable to Laboratory Corporation of America Holdings | $573.80 | $583.10 | $519.70 |
Basic earnings per common share | $6.36 | $6.09 | $5.20 |
Diluted earnings per common share | $6.25 | $5.99 | $5.11 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net earnings | $575.40 | $584.80 | $533.10 |
Foreign currency translation adjustments | -63.2 | 31.3 | -13.2 |
Interest rate swap adjustments | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | ' | ' | 2.4 |
Net benefit plan adjustments | 42.1 | 7.3 | -57.5 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax | 16.4 | 0 | 0 |
Other comprehensive earnings (loss) before tax | -4.7 | 38.6 | -68.3 |
Provision for income tax related to items of comprehensive earnings | 1.5 | -14.7 | 25.3 |
Other comprehensive earnings (loss), net of tax | -3.2 | 23.9 | -43 |
Comprehensive earnings | 572.2 | 608.7 | 490.1 |
Less: Net earnings attributable to the noncontrolling interest | -1.6 | -1.7 | -13.4 |
Net earnings attributable to Laboratory Corporation of America Holdings | $570.60 | $607 | $476.70 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) |
In Millions | ||||||
BALANCE at Dec. 31, 2010 | $2,466.30 | $12.20 | $53.90 | $3,246.60 | ($934.90) | $88.50 |
Net earnings attributable to Laboratory Corporation of America Holdings | 519.7 | 0 | 0 | 519.7 | 0 | 0 |
Other comprehensive earnings, net of tax | -43 | 0 | 0 | 0 | 0 | -43 |
Issuance of common stock under employee stock plans | 118 | 0.1 | 117.9 | 0 | 0 | 0 |
Surrender of restricted stock and performance share awards | -6 | 0 | 0 | 0 | -6 | 0 |
Conversion of zero-coupon convertible debt | 36.2 | 0.1 | 36.1 | 0 | 0 | 0 |
Stock compensation | 48.9 | 0 | 48.9 | 0 | 0 | 0 |
Purchase of noncontrolling interest | -3.7 | 0 | -3.7 | 0 | 0 | 0 |
Income tax benefit from stock options exercised | 11 | 0 | 11 | 0 | 0 | 0 |
Purchase of common stock | -643.9 | -0.7 | -264.1 | -379.1 | 0 | 0 |
BALANCE at Dec. 31, 2011 | 2,503.50 | 11.7 | 0 | 3,387.20 | -940.9 | 45.5 |
Net earnings attributable to Laboratory Corporation of America Holdings | 583.1 | 0 | 0 | 583.1 | 0 | 0 |
Other comprehensive earnings, net of tax | 23.9 | 0 | 0 | 0 | 0 | 23.9 |
Issuance of common stock under employee stock plans | 85.2 | 0.1 | 85.1 | 0 | 0 | 0 |
Surrender of restricted stock and performance share awards | -10.9 | 0 | 0 | 0 | -10.9 | 0 |
Conversion of zero-coupon convertible debt | 0 | 0 | 0 | 0 | 0 | 0 |
Stock compensation | 40.7 | 0 | 40.7 | 0 | 0 | 0 |
Purchase of noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 |
Income tax benefit from stock options exercised | 8.4 | 0 | 8.4 | 0 | 0 | 0 |
Purchase of common stock | -516.5 | -0.5 | -134.2 | -381.8 | 0 | 0 |
BALANCE at Dec. 31, 2012 | 2,717.40 | 11.3 | 0 | 3,588.50 | -951.8 | 69.4 |
Net earnings attributable to Laboratory Corporation of America Holdings | 573.8 | 0 | 0 | 573.8 | 0 | 0 |
Other comprehensive earnings, net of tax | -3.2 | 0 | 0 | 0 | 0 | -3.2 |
Issuance of common stock under employee stock plans | 174 | 0.2 | 173.8 | 0 | 0 | 0 |
Surrender of restricted stock and performance share awards | -7.1 | 0 | 0 | 0 | -7.1 | 0 |
Conversion of zero-coupon convertible debt | 4.1 | 0 | 4.1 | 0 | 0 | 0 |
Stock compensation | 37.3 | 0 | 37.3 | 0 | 0 | 0 |
Income tax benefit from stock options exercised | 10.6 | 0 | 10.6 | 0 | 0 | 0 |
Purchase of common stock | -1,015.60 | -1 | -225.8 | -788.8 | 0 | 0 |
BALANCE at Dec. 31, 2013 | $2,491.30 | $10.50 | $0 | $3,373.50 | ($958.90) | $66.20 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net earnings | $575.40 | $584.80 | $533.10 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 230.1 | 229.8 | 231.4 |
Stock compensation | 37.3 | 40.7 | 48.9 |
(Gain)/loss on sale of assets | -3.9 | 5.5 | 7.2 |
Accrued interest on zero-coupon subordinated notes | 2.3 | 2.7 | 3.9 |
Cumulative earnings less than (in excess of) distributions from equity method investments | -4.2 | -0.4 | 1.4 |
Deferred income taxes | 56.2 | 53.3 | 2.2 |
Change in assets and liabilities (net of effects of acquisitions): | ' | ' | ' |
(Increase) decrease in accounts receivable (net) | -67.5 | 0.6 | -37.1 |
Increase in inventories | -15.3 | -6.3 | -6.1 |
(Increase) decrease in prepaid expenses and other | -32.3 | 7.1 | 9.8 |
Increase (decrease) in accounts payable | 60.8 | -30 | -8.7 |
Increase (Decrease) in Accrued Liabilities and Other Operating Liabilities | -20.2 | -46.4 | 69.6 |
Net cash provided by operating activities | 818.7 | 841.4 | 855.6 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Capital expenditures | -202.2 | -173.8 | -145.7 |
Proceeds from sale of assets | 1.1 | 3.2 | 3.7 |
Proceeds from Sale of Equity Method Investments | 7.5 | 0 | 0 |
Acquisition of licensing technology | 0 | -2.5 | 0 |
Investments in equity affiliates | -6.5 | -26 | 0 |
Acquisition of businesses, net of cash acquired | -159.5 | -335.1 | -138.3 |
Net cash used for investing activities | -359.6 | -534.2 | -280.3 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from senior notes offerings | 700 | 1,000 | 0 |
Proceeds from revolving credit facilities | 412 | 305 | 880 |
Payments on revolving credit facilities | -412 | -865 | -320 |
Principal payments on term loan | 0 | 0 | -375 |
Payments on zero-coupon subordinated notes | -21.5 | -8.2 | -155.1 |
Payments on long-term debt | -350 | 0 | -0.9 |
Payment of debt issuance costs | -9.3 | -8.9 | -3.6 |
Repayments of Long-term Capital Lease Obligations | -0.4 | 0 | 0 |
Cash paid to acquire an interest in a consolidated subsidiary | 0 | 0 | -147.9 |
Noncontrolling interest distributions | -0.9 | -1.2 | -7.4 |
Excess tax benefits from stock based compensation | 11 | 8.2 | 10.4 |
Net proceeds from issuance of stock to employees | 174 | 85.8 | 118.4 |
Purchase of common stock | -1,015.60 | -516.5 | -643.9 |
Net cash used for financing activities | -518.3 | -0.8 | -645 |
Deferred payments on acquisitions | 5.6 | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | -3.6 | 1.1 | -1.7 |
Net increase (decrease) in cash and cash equivalents | -62.8 | 307.5 | -71.4 |
Cash and cash equivalents at beginning of period | 466.8 | 159.3 | 230.7 |
Cash and cash equivalents at end of period | $404 | $466.80 | $159.30 |
BUSINESS_ACQUISITIONS
BUSINESS ACQUISITIONS | 12 Months Ended |
Dec. 31, 2013 | |
Business Combinations [Abstract] | ' |
BUSINESS ACQUISITIONS | ' |
BUSINESS ACQUISITIONS | |
During the year ended December 31, 2013, the Company acquired various laboratories and related assets for approximately $159.5 in cash (net of cash acquired). These acquisitions were made primarily to extend the Company's geographic reach in important market areas and/or enhance the Company's scientific differentiation and esoteric testing capabilities. The purchase consideration for these acquisitions has been allocated to the estimated fair market value of the net assets acquired, including approximately $40.9 in identifiable intangible assets (primarily customer relationships and non-compete agreements) and a residual amount of goodwill of approximately $127.0. The purchase price allocations for certain of these acquisitions are preliminary and subject to adjustment based on changes in the fair value of working capital and other assets and liabilities on the effective acquisition dates and final valuation of intangible assets. | |
On July 31, 2012, the Company completed its acquisition of MEDTOX Scientific, Inc. ("MEDTOX"), a provider of high quality specialized laboratory testing services and on-site/point-of-collection testing (POCT) devices, for $236.4 in cash, excluding transaction fees. The MEDTOX acquisition was made to extend the Company's specialty toxicology testing group and enhance the Company's scientific differentiation and esoteric testing capabilities. | |
The MEDTOX purchase consideration has been allocated to the estimated fair market value of the net assets acquired, including approximately $78.0 in identifiable intangible assets (primarily non-tax deductible customer relationships, trade names and trademarks) with weighted-average useful lives of approximately 18 years ; $33.2 in deferred tax liabilities (relating to identifiable intangible assets); and a residual amount of non-tax deductible goodwill of approximately $154.2. | |
During the year ended December 31, 2012, the Company also acquired various other laboratories and related assets for approximately $95.8 in cash (net of cash acquired). These acquisitions were made primarily to extend the Company's geographic reach in important market areas and/or enhance the Company's scientific differentiation and esoteric testing capabilities. | |
In April 2011, the Company and Orchid Cellmark Inc. (“Orchid”) announced that they had entered into a definitive agreement and plan of merger under which the Company would acquire all of the outstanding shares of Orchid in a cash tender offer for $2.80 per share for a total purchase price to stockholders and option holders of approximately $85.4. The tender offer and the merger were subject to customary closing conditions set forth in the agreement and plan of merger, including the acquisition in the tender offer of a majority of Orchid's fully diluted shares and the expiration or early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR Act”). The Company received lawsuits filed by putative classes of shareholders of Orchid in New Jersey and Delaware state courts and federal court in New Jersey alleging breaches of fiduciary duty and/or other violations of state law arising out of the proposed acquisition of Orchid. Both Orchid and the Company were named in the lawsuits. The lawsuits were subsequently dismissed. | |
On December 8, 2011, the Company announced that it had reached an agreement with the U.S. Federal Trade Commission allowing the Company to complete its acquisition of Orchid. Under the terms of the proposed consent decree that was accepted by the FTC for public comment, the Company was required to divest certain assets of Orchid's U.S. government paternity business following closing of the acquisition. On December 16, 2011, the Company sold those assets to DNA Diagnostics Center, a privately held provider of DNA paternity testing. The Company completed its acquisition of Orchid on December 15, 2011. It has recorded a $2.8 non-deductible loss on the divestiture of Orchid's U.S. government paternity business in Other Income and Expense in the accompanying Consolidated Statements of Operations. | |
The Orchid purchase consideration has been allocated to the estimated fair market value of the net assets acquired, including approximately $28.8 in identifiable intangible assets (primarily non-tax deductible customer relationships, trade names and trademarks) with weighted-average useful lives of approximately 12 years;; $9.1 in deferred tax liabilities (relating to identifiable intangible assets); net operating loss tax assets of approximately $20.4, which are expected to be realized over a period of 20 years; and a residual amount of non-tax deductible goodwill of approximately $27.4. | |
During the twelve months ended December 31, 2011, the Company also acquired various laboratories and related assets for approximately $51.9 in cash (net of cash acquired). These acquisitions were made primarily to extend the Company's geographic reach in important market areas and/or enhance the Company's scientific differentiation and esoteric testing capabilities. | |
On October 14, 2011, the Company issued notice to a noncontrolling interest holder in its Other segment of its intent to purchase the holder's partnership units in accordance with the terms of the partnership agreement. On November 28, 2011, this purchase was completed for a total purchase price of $147.9 (CN$151.7) as outlined in the partnership agreement (CN$147.8 plus certain adjustments relating to cash distribution hold backs made to finance recent business acquisitions and capital expenditures). The purchase of these additional partnership units brought the Company's percentage interest owned to 98.2%. | |
Contingent consideration liabilities associated with the Company's business acquisitions are recorded at fair value based upon the estimated probability assessment of the earn-out criteria. Changes in the fair value of contingent consideration liabilities are recognized in earnings until the arrangement is settled. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||||||||||||||||||||||||||
New Accounting Pronouncements | |||||||||||||||||||||||||||||||||
In March 2013, the FASB issued a new accounting standard on foreign currency matters that clarifies the guidance of a parent company's accounting for the cumulative translation adjustment upon derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. Under this new standard, a parent company that ceases to have a controlling financial interest in a foreign subsidiary or group of assets within a foreign entity shall release any related cumulative translation adjustment into net income only if a sale or transfer results in complete or substantially complete liquidation of the foreign entity. This standard shall be applied prospectively and will become effective for the Company on January 1, 2014. The Company expects that the adoption of this standard will not have a material effect on its consolidated financial statements. | |||||||||||||||||||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||||||||||||||||||||||
Basis of Financial Statement Presentation | |||||||||||||||||||||||||||||||||
Laboratory Corporation of America Holdings with its subsidiaries (the “Company”) is the second largest independent clinical laboratory company in the U.S. based on 2013 net revenues. Through a national network of laboratories, the Company offers a broad range of testing services used by the medical profession in core testing, patient diagnosis, and in the monitoring and treatment of disease. In addition, the Company has developed specialty and niche operations based on certain types of specialized testing capabilities and client requirements, such as oncology testing, HIV genotyping and phenotyping, diagnostic genetics and clinical research trials. | |||||||||||||||||||||||||||||||||
Since its founding in 1971, the Company has grown into a network of 44 primary laboratories and over 1,700 patient service centers along with a network of branches and STAT laboratories. With over 34,000 employees, the Company processes tests on approximately 490,000 patient specimens daily and provides clinical laboratory testing services to clients throughout the United States and other countries including Mexico, the Bahamas, Belgium, Germany, Italy, Spain, the United Kingdom, China, Singapore, Japan, South Korea, and three provinces in Canada. The Company operates within two reportable segments based on the way the Company manages its business. | |||||||||||||||||||||||||||||||||
The 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% and no representation on the investee's board of directors) are accounted for using the cost method. All significant inter-company transactions and accounts have been eliminated. The Company does not have any variable interest entities or special purpose entities whose financial results are not included in the consolidated financial statements. | |||||||||||||||||||||||||||||||||
The financial statements of the Company's 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 year. Resulting translation adjustments are included in "Accumulated other comprehensive income.” | |||||||||||||||||||||||||||||||||
Revenue Recognition | |||||||||||||||||||||||||||||||||
Sales are recognized on the accrual basis at the time test results are reported, which approximates when services are provided. Services are provided to certain patients covered by various third-party payer programs including various managed care organizations, as well as the Medicare and Medicaid programs. Billings for services under third-party payer programs are included in sales net of allowances for contractual discounts and allowances for differences between the amounts billed and estimated program payment amounts. Adjustments to the estimated payment amounts based on final settlement with the programs are recorded upon settlement as an adjustment to revenue. In 2013, 2012 and 2011, approximately 16.0%, 17.6% and 19.0%, respectively, of the Company's revenues were derived directly from the Medicare and Medicaid programs. The Company has capitated agreements with certain managed care customers and recognizes related revenue based on a predetermined monthly contractual rate for each member of the managed care plan regardless of the number or cost of services provided by the Company. In 2013, 2012 and 2011, approximately 3.2%, 3.0% and 2.9%, respectively, of the Company's revenues were derived from such capitated agreements. | |||||||||||||||||||||||||||||||||
The Company's net sales are comprised of the following: | |||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||
Net sales | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Clinical diagnostics laboratory: | |||||||||||||||||||||||||||||||||
Core Testing | $ | 3,445.10 | $ | 3,246.60 | $ | 3,143.90 | |||||||||||||||||||||||||||
Genomic and Esoteric Testing | 2,020.10 | 2,089.80 | 2,089.00 | ||||||||||||||||||||||||||||||
Other | 343.1 | 335 | 309.4 | ||||||||||||||||||||||||||||||
Total | $ | 5,808.30 | $ | 5,671.40 | $ | 5,542.30 | |||||||||||||||||||||||||||
Use of Estimates | |||||||||||||||||||||||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported periods. Significant estimates include the allowances for doubtful accounts, deferred tax assets, fair values and amortization lives for intangible assets, and accruals for self-insurance reserves and pensions. The allowance for doubtful accounts is determined based on historical collections trends, the aging of accounts, current economic conditions and regulatory changes. Actual results could differ from those estimates. | |||||||||||||||||||||||||||||||||
Concentration of Credit Risk | |||||||||||||||||||||||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. | |||||||||||||||||||||||||||||||||
The Company maintains cash and cash equivalents with various major financial institutions. The total cash balances on deposit that exceeded the balances insured by the F.D.I.C., were approximately $52.8 at December 31, 2013. Cash equivalents at December 31, 2013, totaled $367.5, which includes amounts invested in money market funds, time deposits, municipal, treasury and government funds. | |||||||||||||||||||||||||||||||||
Substantially all of the Company’s accounts receivable are with companies in the health care industry and individuals. However, concentrations of credit risk are limited due to the number of the Company’s clients as well as their dispersion across many different geographic regions. | |||||||||||||||||||||||||||||||||
While the Company has receivables due from federal and state governmental agencies, the Company does not believe that such receivables represent a credit risk since the related healthcare programs are funded by federal and state governments, and payment is primarily dependent upon submitting appropriate documentation. Accounts receivable balances (gross) from Medicare and Medicaid were $128.6 and $121.1 at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||
For the Company's subsidiary operations in Ontario, Canada, the Ministry of Health determines who can establish a licensed community medical laboratory and caps the amount that each of these licensed laboratories can bill the government sponsored healthcare plan. The Ontario government-sponsored healthcare plan covers the cost of clinical laboratory testing performed by the licensed laboratories. The provincial government discounts the annual testing volumes based on certain utilization discounts and establishes an annual maximum it will pay for all community laboratory tests. The agreed-upon reimbursement rates are subject to Ministry of Health review at the end of year and can be adjusted (at the government's discretion) based upon the actual volume and mix of test work performed by the licensed providers in the province during the year. The accounts receivable balances from the Ontario government sponsored healthcare plan was $33.2 and $26.7 at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||
The portion of the Company's accounts receivable due from patients comprises the largest portion of credit risk. At December 31, 2013 and 2012, receivables due from patients represent approximately 27.8% and 28.3% of the Company's consolidated gross accounts receivable. The Company applies assumptions and judgments including historical collection experience for assessing collectibility and determining allowances for doubtful accounts for accounts receivable from patients. | |||||||||||||||||||||||||||||||||
Earnings per Share | |||||||||||||||||||||||||||||||||
Basic earnings per share is computed by dividing net earnings attributable to Laboratory Corporation of America Holdings 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, performance share awards, and shares issuable upon conversion of zero-coupon subordinated notes. | |||||||||||||||||||||||||||||||||
The following represents a reconciliation of basic earnings per share to diluted earnings per share: | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Income | Shares | Per Share | Income | Shares | Per Share | Income | Shares | Per Share | |||||||||||||||||||||||||
Amount | Amount | Amount | |||||||||||||||||||||||||||||||
Basic earnings per share | $ | 573.8 | 90.2 | $ | 6.36 | $ | 583.1 | 95.7 | $ | 6.09 | $ | 519.7 | 100 | $ | 5.2 | ||||||||||||||||||
Stock options | — | 1.1 | — | 0.8 | — | 0.9 | |||||||||||||||||||||||||||
Restricted stock awards and other | — | — | — | 0.3 | — | 0.3 | |||||||||||||||||||||||||||
Effect of convertible debt, net of tax | — | 0.5 | — | 0.6 | — | 0.6 | |||||||||||||||||||||||||||
Diluted earnings per share | $ | 573.8 | 91.8 | $ | 6.25 | $ | 583.1 | 97.4 | $ | 5.99 | $ | 519.7 | 101.8 | $ | 5.11 | ||||||||||||||||||
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: | |||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Stock options | 0.1 | 2.4 | 1.3 | ||||||||||||||||||||||||||||||
Stock Compensation Plans | |||||||||||||||||||||||||||||||||
The Company measures stock compensation cost for all equity awards at fair value on the date of grant and recognizes compensation expense over the service period for awards expected to vest. The fair value of restricted stock awards and performance shares is determined based on the number of shares granted and the quoted price of the Company’s common stock on the grant date. Such value is recognized as expense over the service period, net of estimated forfeitures. The estimation of equity awards that will ultimately vest requires judgment and the Company considers many factors when estimating expected forfeitures, including types of awards, employee class, and historical experience. The cumulative effect on current and prior periods of a change in the estimated forfeiture rate is recognized as compensation cost in earnings in the period of the revision. Actual results and future estimates may differ substantially from the Company’s current estimates. | |||||||||||||||||||||||||||||||||
See Note 14 for assumptions used in calculating compensation expense for the Company’s stock compensation plans. | |||||||||||||||||||||||||||||||||
Cash Equivalents | |||||||||||||||||||||||||||||||||
Cash and cash equivalents consist of highly liquid instruments, such as commercial paper, time deposits, and other money market instruments, which have original maturities of three months or less. | |||||||||||||||||||||||||||||||||
Inventories | |||||||||||||||||||||||||||||||||
Inventories, consisting primarily of purchased laboratory and client supplies, are stated at the lower of cost (first-in, first-out) or market. | |||||||||||||||||||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||||||||||||||||||
Property, plant and equipment are recorded at cost. The cost of properties held under capital leases is equal to the lower of the net present value of the minimum lease payments or the fair value of the leased property at the inception of the lease. Depreciation and amortization expense is computed on all classes of assets based on their estimated useful lives, as indicated below, using the straight-line method. | |||||||||||||||||||||||||||||||||
Years | |||||||||||||||||||||||||||||||||
Buildings and building improvements | 10 | - | 35 | ||||||||||||||||||||||||||||||
Machinery and equipment | 3 | - | 10 | ||||||||||||||||||||||||||||||
Furniture and fixtures | 5 | - | 10 | ||||||||||||||||||||||||||||||
Software | 3 | - | 10 | ||||||||||||||||||||||||||||||
Leasehold improvements and assets held under capital leases are amortized over the shorter of their estimated useful lives or the term of the related leases. Expenditures for repairs and maintenance are charged to operations as incurred. Retirements, sales and other disposals of assets are recorded by removing the cost and accumulated depreciation from the related accounts with any resulting gain or loss reflected in the consolidated statements of operations. | |||||||||||||||||||||||||||||||||
Capitalized Software Costs | |||||||||||||||||||||||||||||||||
The Company capitalizes purchased software which is ready for service and capitalizes software development costs incurred on significant projects starting from the time that the preliminary project stage is completed and the Company commits to funding a project until the project is substantially complete and the software is ready for its intended use. Capitalized costs include direct material and service costs and payroll and payroll-related costs. Research and development costs and other computer software maintenance costs related to software development are expensed as incurred. Capitalized software costs are amortized using the straight-line method over the estimated useful life of the underlying system, generally five years. | |||||||||||||||||||||||||||||||||
Long-Lived Assets | |||||||||||||||||||||||||||||||||
The Company assesses goodwill and indefinite lived intangibles for impairment at least annually and more frequently if triggering events occur. The timing of the Company's annual impairment testing is the end of the fiscal year. In accordance with the Financial Accounting Standards Board (“FASB”) updates to their authoritative guidance regarding goodwill and indefinite-lived intangible asset impairment testing, an entity is allowed to first assess qualitative factors as a basis for determining whether it is necessary to perform quantitative impairment testing. If an entity determines that it is not more likely than not that the estimated fair value of an asset is less than its carrying value, then no further testing is required. Otherwise, impairment testing must be performed in accordance with the original accounting standards. The updated FASB guidance also allows an entity to bypass the qualitative assessment for any reporting unit in its goodwill assessment and proceed directly to performing the first step of the two-step assessment. Similarly, a Company can proceed directly to a quantitative assessment in the case of impairment testing for indefinite-lived intangible assets as well. In 2013 and 2012, the Company elected to bypass the purely qualitative assessments for its goodwill and indefinite-lived intangible assets and proceed to quantitative assessments utilizing methodologies as described in the following paragraphs. | |||||||||||||||||||||||||||||||||
Step One of the goodwill impairment test includes the estimation of the fair value of each reporting unit as compared to the book value of the reporting unit. The Company uses a market value approach for determining fair value and utilizes a number of factors such as publicly available information regarding the market capitalization of the Company as well as operating results, business plans, and present value techniques. If Step One indicates potential impairment, the second step is performed to measure the amount of the impairment. | |||||||||||||||||||||||||||||||||
The Company has indefinite-lived assets consisting of acquired Canadian licenses. When a quantitative analysis is considered necessary for indefinite-lived intangible assets, the Company utilizes an income approach to determine the fair value. It then compares the carrying value of the indefinite-lived asset to its fair value. Impairment losses are recorded to the extent that the carrying value of the indefinite-lived intangible asset exceeds its fair value. | |||||||||||||||||||||||||||||||||
There are inherent uncertainties related to the factors described above and judgment related to the Company's impairment assessments of goodwill and indefinite-lived intangibles. The assumptions underlying the impairment analyses may change in such a manner that impairment in value may occur in the future. Any such impairment will be recognized in the period in which it becomes known. | |||||||||||||||||||||||||||||||||
The Company completed an annual impairment analysis of its indefinite lived assets, including goodwill, and has found no instances of impairment as of December 31, 2013 or 2012. | |||||||||||||||||||||||||||||||||
Long-lived assets, other than goodwill and indefinite-lived assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. Recoverability of assets to be held and used is determined by the Company at the level for which there are identifiable cash flows by comparison of the carrying amount of the assets to future undiscounted net cash flows before interest expense and income taxes expected to be generated by the assets. Impairment, if any, is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets (based on market prices in an active market or on discounted cash flows). Assets to be disposed of are reported at the lower of the carrying amount or fair value. The Company found no instances of impairment as of December 31, 2013 or 2012. | |||||||||||||||||||||||||||||||||
Intangible Assets | |||||||||||||||||||||||||||||||||
Intangible assets are amortized on a straight-line basis over the expected periods to be benefited, as set forth in the table below, such as legal life for patents and technology and contractual lives for non-compete agreements. | |||||||||||||||||||||||||||||||||
Years | |||||||||||||||||||||||||||||||||
Customer relationships | 10 | - | 30 | ||||||||||||||||||||||||||||||
Patents, licenses and technology | 3 | - | 15 | ||||||||||||||||||||||||||||||
Non-compete agreements | 5 | - | 10 | ||||||||||||||||||||||||||||||
Trade names | 5 | - | 10 | ||||||||||||||||||||||||||||||
Debt Issuance Costs | |||||||||||||||||||||||||||||||||
The costs related to the issuance of debt are capitalized and amortized to interest expense over the terms of the related debt. | |||||||||||||||||||||||||||||||||
Professional Liability | |||||||||||||||||||||||||||||||||
The Company is self-insured (up to certain limits) for professional liability claims arising in the normal course of business, generally related to the testing and reporting of laboratory test results. The Company estimates a liability that represents the ultimate exposure for aggregate losses below those limits. The liability is discounted and is based on actuarial assumptions and factors for known and incurred but not reported claims, including the frequency and payment trends of historical claims. | |||||||||||||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||||||||||||
The Company accounts for income taxes utilizing the asset and liability method. Under this method deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and for tax loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company does not recognize a tax benefit unless the Company concludes that it is more likely than not that the benefit will be sustained on audit by the taxing authority based solely on the technical merits of the associated tax position. If the recognition threshold is met, the Company recognizes a tax benefit measured at the largest amount of the tax benefit that the Company believes is greater than 50% likely to be realized. The Company records interest and penalties in income tax expense. | |||||||||||||||||||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||||||||||||||||||
Interest rate swap agreements, which have been used by the Company from time to time in the management of interest rate exposure, are accounted for at fair value. The Company’s zero-coupon subordinated notes contain two features that are considered to be embedded derivative instruments under authoritative guidance in connection with accounting for derivative instruments and hedging activities. The Company believes these embedded derivatives had no fair value at December 31, 2013 and 2012. | |||||||||||||||||||||||||||||||||
See Note 18 for the Company’s objectives in using derivative instruments and the effect of derivative instruments and related hedged items on the Company’s financial position, financial performance and cash flows. | |||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||||||||||||||
Fair value measurements for financial assets and liabilities are determined based on the assumptions that a market participant would use in pricing an asset or liability. A three-tiered fair value hierarchy draws distinctions between market participant assumptions based on (i) observable inputs such as quoted prices in active markets (Level 1), (ii) inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2) and (iii) unobservable inputs that require the Company to use present value and other valuation techniques in the determination of fair value (Level 3). | |||||||||||||||||||||||||||||||||
Research and Development | |||||||||||||||||||||||||||||||||
The Company expenses research and development costs as incurred. | |||||||||||||||||||||||||||||||||
New Accounting Pronouncements | |||||||||||||||||||||||||||||||||
In March 2013, the FASB issued a new accounting standard on foreign currency matters that clarifies the guidance of a parent company's accounting for the cumulative translation adjustment upon derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. Under this new standard, a parent company that ceases to have a controlling financial interest in a foreign subsidiary or group of assets within a foreign entity shall release any related cumulative translation adjustment into net income only if a sale or transfer results in complete or substantially complete liquidation of the foreign entity. This standard shall be applied prospectively and will become effective for the Company on January 1, 2014. The Company expects that the adoption of this standard will not have a material effect on its consolidated financial statements. |
RESTRUCTURING_AND_OTHER_SPECIA
RESTRUCTURING AND OTHER SPECIAL CHARGES | 12 Months Ended |
Dec. 31, 2013 | |
Restructuring and Related Activities [Abstract] | ' |
RESTRUCTURING AND OTHER SPECIAL CHARGES | ' |
RESTRUCTURING AND OTHER SPECIAL CHARGES | |
During 2013, the Company recorded net restructuring charges of $21.8. The charges were comprised of $15.4 in severance and other personnel costs and $9.5 in facility-related costs primarily associated with general integration activities. These charges were offset by the reversal of previously established reserves of $0.7 in unused severance and $2.4 in unused facility-related costs. | |
During 2012, the Company recorded net restructuring charges of $25.3. The charges were comprised of $16.2 in severance and other personnel costs and $19.6 in facility-related costs primarily associated with the ongoing integration activities of Orchid and Integrated Genetics Division (formerly Genzyme Genetics) and costs associated with the previously announced termination of an executive vice president. These charges were offset by the reversal of previously established reserves of $6.3 in unused severance and $4.2 in unused facility related costs. | |
As part of the Clearstone integration, the Company also recorded a 6.9 loss on the disposal of one of its European subsidiaries in Other, net under Other income (expenses) during 2012. | |
During 2011, the Company recorded net restructuring charges of $44.6. Of this amount, $27.4 related to severance and other personnel costs, and $22.0 primarily related to facility-related costs associated with the ongoing integration of certain acquisitions including Genzyme Genetics and Westcliff. These charges were offset by restructuring credits of $4.8, resulting from the reversal of unused severance and facility closure liabilities. In addition, the Company recorded fixed assets impairment charges of $18.9 primarily related to equipment, computer systems and leasehold improvements in closed facilities. The Company also recorded special charges of $14.8 related to the write-off of certain assets and liabilities related to an investment made in prior years, along with a $2.6 write-off of an uncollectible receivable from a past installment sale of one of the Company's lab operations. |
RESTRUCTURING_RESERVES
RESTRUCTURING RESERVES | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Restructuring Reserve [Abstract] | ' | |||||||||||
RESTRUCTURING RESERVES | ' | |||||||||||
The following represents the Company’s restructuring activities for the period indicated: | ||||||||||||
Severance | Lease | Total | ||||||||||
and Other | and Other | |||||||||||
Employee | Facility | |||||||||||
Costs | Costs | |||||||||||
Balance as of December 31, 2012 | $ | 1.4 | $ | 26.2 | $ | 27.6 | ||||||
Restructuring charges | 15.4 | 9.5 | 24.9 | |||||||||
Reduction of prior restructuring accruals | (0.6 | ) | (2.5 | ) | (3.1 | ) | ||||||
Cash payments and other adjustments | (15.4 | ) | (8.3 | ) | (23.7 | ) | ||||||
Balance as of December 31, 2013 | $ | 0.8 | $ | 24.9 | $ | 25.7 | ||||||
Current | $ | 9.3 | ||||||||||
Non-current | 16.4 | |||||||||||
$ | 25.7 | |||||||||||
The non-current portion of the restructuring liabilities is expected to be paid out over 7 years. |
JOINT_VENTURE_PARTNERSHIPS_AND
JOINT VENTURE PARTNERSHIPS AND EQUITY METHOD INVESTMENTS | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||
JOINT VENTURE PARTNERSHIPS AND EQUITY METHOD INVESTMENTS | ' | |||||||||||
JOINT VENTURE PARTNERSHIPS AND EQUITY METHOD INVESTMENTS | ||||||||||||
At December 31, 2013 the Company had investments in the following unconsolidated joint venture partnerships and equity method investments: | ||||||||||||
Locations | Net Investment | Interest Owned | ||||||||||
Joint Venture Partnerships: | ||||||||||||
Milwaukee, Wisconsin | $ | 15.5 | 50 | % | ||||||||
Alberta, Canada | 58.5 | 43.37 | % | |||||||||
Florence, South Carolina | 10 | 49 | % | |||||||||
Equity Method Investments: | ||||||||||||
Various | 4.5 | various | ||||||||||
The joint venture agreements that govern the conduct of business of these partnerships mandates unanimous agreement between partners on all major business decisions as well as providing other participating rights to each partner. The equity method investments represent the Company’s purchase of shares in clinical diagnostic companies. The investments are accounted for under the equity method of accounting as the Company does not have control of these investments. The Company has no material obligations or guarantees to, or in support of, these unconsolidated investments and their operations. | ||||||||||||
Condensed unconsolidated financial information for joint venture partnerships and equity method investments is shown in the following table. | ||||||||||||
As of December 31: | 2013 | 2012 | ||||||||||
Current assets | $ | 43.4 | $ | 36.8 | ||||||||
Other assets | 40.9 | 39.9 | ||||||||||
Total assets | $ | 84.3 | $ | 76.7 | ||||||||
Current liabilities | $ | 21.9 | $ | 19.6 | ||||||||
Other liabilities | 1.3 | 1.7 | ||||||||||
Total liabilities | 23.2 | 21.3 | ||||||||||
Partners' equity | 61.1 | 55.4 | ||||||||||
Total liabilities and partners’ equity | $ | 84.3 | $ | 76.7 | ||||||||
For the period January 1 - December 31: | 2013 | 2012 | 2011 | |||||||||
Net sales | $ | 255.2 | $ | 249 | $ | 247.4 | ||||||
Gross profit | 84.1 | 86.4 | 73.1 | |||||||||
Net earnings | 37.7 | 42.2 | 28 | |||||||||
The Company’s recorded investment in the Alberta joint venture partnership at December 31, 2013 includes $45.6 of value assigned to the partnership’s Canadian license (with an indefinite life and deductible for tax) to conduct diagnostic testing services in the province. |
ACCOUNTS_RECEIVABLE_NET
ACCOUNTS RECEIVABLE, NET | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Receivables [Abstract] | ' | |||||||
ACCOUNTS RECEIVABLE, NET | ' | |||||||
ACCOUNTS RECEIVABLE, NET | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Gross accounts receivable | $ | 983 | $ | 910 | ||||
Less allowance for doubtful accounts | (198.3 | ) | (191.5 | ) | ||||
$ | 784.7 | $ | 718.5 | |||||
The provision for doubtful accounts was $254.8, $246.0 and $255.1 in 2013, 2012 and 2011 respectively. |
PROPERTY_PLANT_AND_EQUIPMENT_N
PROPERTY, PLANT AND EQUIPMENT, NET | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT, NET | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT, NET | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Land | $ | 29 | $ | 24.9 | ||||
Buildings and building improvements | 188.8 | 138.8 | ||||||
Machinery and equipment | 712.1 | 655.5 | ||||||
Software | 404.9 | 348.5 | ||||||
Leasehold improvements | 196.5 | 193.3 | ||||||
Furniture and fixtures | 58.1 | 58.6 | ||||||
Construction in progress | 127.9 | 154.6 | ||||||
Equipment and real estate under capital leases | 14.6 | 1.5 | ||||||
1,731.90 | 1,575.70 | |||||||
Less accumulated depreciation and amortization of capital lease assets | (1,024.5 | ) | (944.9 | ) | ||||
$ | 707.4 | $ | 630.8 | |||||
Depreciation expense and amortization of property, plant and equipment was $144.7, $141.1 and $141.5 for 2013, 2012 and 2011, respectively, including software depreciation of $39.3, $35.1, and $34.0 for 2013, 2012 and 2011, respectively. |
GOODWILL_AND_INTANGIBLE_ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | ' | |||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | ||||||||||||||||||||||||
The changes in the carrying amount of goodwill (net of accumulated amortization) for the years ended December 31, 2013 and 2012 are as follows: | ||||||||||||||||||||||||
Clinical Diagnostics Laboratory Segment | Other Segment | Total | ||||||||||||||||||||||
December 31, | 31-Dec-12 | December 31, | 31-Dec-12 | December 31, | 31-Dec-12 | |||||||||||||||||||
2013 | 2013 | 2013 | ||||||||||||||||||||||
Balance as of January 1 | $ | 2,857.10 | $ | 2,643.50 | $ | 44.6 | $ | 38.3 | $ | 2,901.70 | $ | 2,681.80 | ||||||||||||
Goodwill acquired during the period | 107.5 | 219.1 | 19.5 | 5.4 | 127 | 224.5 | ||||||||||||||||||
Adjustments to goodwill | (4.4 | ) | (5.5 | ) | (1.5 | ) | 0.9 | (5.9 | ) | (4.6 | ) | |||||||||||||
Balance at end of period | $ | 2,960.20 | $ | 2,857.10 | $ | 62.6 | $ | 44.6 | $ | 3,022.80 | $ | 2,901.70 | ||||||||||||
The components of identifiable intangible assets are as follows: | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||||||||||
Customer relationships | $ | 1,327.00 | $ | (545.1 | ) | $ | 781.9 | $ | 1,296.10 | $ | (483.3 | ) | $ | 812.8 | ||||||||||
Patents, licenses and technology | 116.2 | (85.4 | ) | 30.8 | 117.2 | (76.2 | ) | 41 | ||||||||||||||||
Non-compete agreements | 41.6 | (25.3 | ) | 16.3 | 32.3 | (19.6 | ) | 12.7 | ||||||||||||||||
Trade names | 131.4 | (83.0 | ) | 48.4 | 131.3 | (73.4 | ) | 57.9 | ||||||||||||||||
Canadian licenses | 694.6 | — | 694.6 | 743.3 | — | 743.3 | ||||||||||||||||||
$ | 2,310.80 | $ | (738.8 | ) | $ | 1,572.00 | $ | 2,320.20 | $ | (652.5 | ) | $ | 1,667.70 | |||||||||||
A summary of amortizable intangible assets acquired during 2013, and their respective weighted average amortization periods are as follows: | ||||||||||||||||||||||||
Amount | Weighted | |||||||||||||||||||||||
Average | ||||||||||||||||||||||||
Amortization | ||||||||||||||||||||||||
Period | ||||||||||||||||||||||||
Customer relationships | $ | 31.6 | 16.2 | |||||||||||||||||||||
Non-compete agreements | 9.3 | 5 | ||||||||||||||||||||||
$ | 40.9 | 13.7 | ||||||||||||||||||||||
Amortization of intangible assets was $81.7, $86.3 and $85.8 in 2013, 2012 and 2011, respectively. During 2012, the Company recorded $6.2 accelerated amortization expense relating to the termination of a technology licensing agreement. Amortization expense of intangible assets is estimated to be $84.7 in fiscal 2014, $81.3 in fiscal 2015, $75.9 in fiscal 2016, $68.7 in fiscal 2017, $58.4 in fiscal 2018, and $504.7 thereafter. | ||||||||||||||||||||||||
The Company paid $0.0, $2.5 and $0.0 in 2013, 2012 and 2011 for certain exclusive and non-exclusive licensing rights to diagnostic testing technology. These amounts are being amortized over the life of the licensing agreements. |
ACCRUED_EXPENSES_AND_OTHER
ACCRUED EXPENSES AND OTHER | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
ACCRUED EXPENSES AND OTHER | ' | |||||||
ACCRUED EXPENSES AND OTHER | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Employee compensation and benefits | $ | 166 | $ | 158 | ||||
Self-insurance reserves | 33.3 | 34.2 | ||||||
Accrued taxes payable | 24.2 | 24 | ||||||
Royalty and license fees payable | 8.1 | 13.8 | ||||||
Restructuring reserves | 9.3 | 8.4 | ||||||
Acquisition related reserves | 14.2 | 11.5 | ||||||
Interest payable | 19.7 | 24 | ||||||
Other | 35.2 | 37.7 | ||||||
$ | 310 | $ | 311.6 | |||||
OTHER_LIABILITIES
OTHER LIABILITIES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Liabilities Disclosure [Abstract] | ' | |||||||
OTHER LIABILITIES | ' | |||||||
OTHER LIABILITIES | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Post-retirement benefit obligation | $ | 60.6 | $ | 60.7 | ||||
Defined benefit plan obligation | 80 | 122.5 | ||||||
Restructuring reserves | 16.4 | 19.2 | ||||||
Self-insurance reserves | 31.6 | 44.5 | ||||||
Acquisition related reserves | 7.2 | 10.2 | ||||||
Deferred revenue | 4 | 5.4 | ||||||
Other | 66.7 | 44.9 | ||||||
$ | 266.5 | $ | 307.4 | |||||
DEBT
DEBT | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
DEBT | ' | |||||||||||
DEBT | ||||||||||||
Short-term borrowings and current portion of long-term debt at December 31, 2013 and 2012 consisted of the following: | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||
Zero-coupon convertible subordinated notes | $ | 110.8 | $ | 130 | ||||||||
5.5% Senior Notes due 2013 | — | 350 | ||||||||||
Capital lease obligation | 0.5 | — | ||||||||||
Total short-term borrowings and current portion of long-term debt | $ | 111.3 | $ | 480 | ||||||||
Long-term debt at December 31, 2013 and 2012 consisted of the following: | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||
5.625% Senior Notes due 2015 | $ | 250 | $ | 250 | ||||||||
3.125% Senior Notes due 2016 | 325 | 325 | ||||||||||
2.20% Senior Notes due 2017 | 500 | 500 | ||||||||||
2.50% Senior Notes due 2018 | 400 | — | ||||||||||
4.625% Senior Notes due 2020 | 600 | 600 | ||||||||||
3.75% Senior Notes due 2022 | 500 | 500 | ||||||||||
4.00% Senior Notes due 2023 | 300 | — | ||||||||||
Capital leases | 14.1 | — | ||||||||||
Total long-term debt | $ | 2,889.10 | $ | 2,175.00 | ||||||||
Credit Facilities | ||||||||||||
On December 21, 2011, the Company entered into a Credit Agreement ("the "Credit Agreement") providing for a five-year$1,000.0 senior unsecured revolving credit facility (the “Revolving Credit Facility”) with Bank of America, N.A., acting as Administrative Agent, Barclays Capital as Syndication Agent, and a group of financial institutions as lending parties. As part of the Revolving Credit Facility, the Company repaid all of the outstanding principal balances of $318.8 on its existing term loan facility and $235.0 on its existing revolving credit facility. In conjunction with the repayment and cancellation of its old credit facility, the Company recorded approximately $1.0 of remaining unamortized debt costs as interest expense in the accompanying Consolidated Statements of Operations for the year ended December 31, 2011. | ||||||||||||
There were no balances outstanding on the Company's Revolving Credit Facility at December 31, 2013 or December 31, 2012. The Revolving Credit Facility bears interest at varying rates based upon a base rate or LIBOR plus (in each case) a percentage based on the Company's debt rating with Standard & Poor's and Moody's Rating Services. | ||||||||||||
The Revolving Credit Facility is available for general corporate purposes, including working capital, capital expenditures, acquisitions, funding of share repurchases and other restricted payments permitted under the Credit Agreement. The Credit Agreement also contains limitations on aggregate subsidiary indebtedness and a debt covenant that requires that the Company maintain on the last day of any period of four consecutive fiscal quarters, in each case taken as one accounting period, a ratio of total debt to consolidated EBITDA of not more than 3.0 to 1.0. The Company was in compliance with all covenants in the Credit Agreement at December 31, 2013. As of December 31, 2013, the ratio of total debt to consolidated EBITDA was 2.4. | ||||||||||||
As of December 31, 2013, the effective interest rate on the Revolving Credit Facility was 1.1%. | ||||||||||||
Zero-Coupon Convertible Subordinated Notes | ||||||||||||
The Company had $128.8 and $154.3 aggregate principal amount at maturity of zero-coupon convertible subordinated notes (the “notes”) due 2021 outstanding at December 31, 2013 and 2012, respectively. The notes, which are subordinate to the Company’s bank debt, were sold at an issue price of $671.65 per $1,000 principal amount at maturity (representing a yield to maturity of 2.0% per year). Each one thousand dollar principal amount at maturity of the notes is convertible into 13.4108 shares of the Company’s common stock, subject to adjustment in certain circumstances, if one of the following conditions occurs: | ||||||||||||
1) | If the sales price of the Company’s common stock for at least 20 trading days in a period of 30 consecutive trading days ending on the last trading day of the preceding quarter reaches specified thresholds (beginning at 120% and declining 0.1282% per quarter until it reaches approximately 110% for the quarter beginning July 1, 2021 of the accreted conversion price per share of common stock on the last day of the preceding quarter). The accreted conversion price per share will equal the issue price of a note plus the accrued original issue discount and any accrued contingent additional principal, divided by the number of shares of common stock issuable upon conversion of a note on that day. The conversion trigger price for the fourth quarter of 2013 was $72.55. | |||||||||||
2) | If the credit rating assigned to the notes by Standard & Poor’s Ratings Services is at or below BB-. | |||||||||||
3) | If the notes are called for redemption. | |||||||||||
4) | If specified corporate transactions have occurred (such as if the Company is party to a consolidation, merger or binding share exchange or a transfer of all or substantially all of its assets). | |||||||||||
The Company may redeem for cash all or a portion of the notes at any time at specified redemption prices per one thousand dollar principal amount at maturity of the notes. | ||||||||||||
The Company has registered the notes and the shares of common stock issuable upon conversion of the notes with the Securities and Exchange Commission. | ||||||||||||
During 2013 and 2012, the Company settled notices to convert $25.5 and $9.8 aggregate principal amount at maturity of its zero-coupon subordinated notes with a conversion value of $31.8 and $12.0, respectively. The total cash used for these settlements was $21.5 and $8.2 and the Company also issued 0.1 and 0.0 additional shares of common stock, respectively. As a result of these conversions, in 2013 and 2012 the Company also reversed approximately $3.4 and $0.6, respectively, of deferred tax liability to reflect the tax benefit realized upon issuance of the shares. | ||||||||||||
On September 12, 2013, the Company announced that for the period of September 12, 2013 to March 11, 2014, the zero-coupon subordinated notes will accrue contingent cash interest at a rate of no less than 0.125% of the average market price of a zero-coupon subordinated note for the five trading days ended September 6, 2013, in addition to the continued accrual of the original issue discount. | ||||||||||||
On January 2, 2014, the Company announced that its zero-coupon subordinated notes may be converted into cash and common stock at the conversion rate of 13.4108 per $1,000 principal amount at maturity of the notes, subject to the terms of the zero-coupon subordinated notes and the Indenture, dated as of October 24, 2006 between the Company and The Bank of New York Mellon, as trustee and conversion agent. In order to exercise the option to convert all or a portion of the zero-coupon subordinated notes, holders are required to validly surrender their zero-coupon subordinated notes at any time during the calendar quarter beginning January 1, 2014, through the close of business on the last business day of the calendar quarter, which is 5:00 p.m., New York City time, on Monday, March 31, 2014. If notices of conversion are received, the Company plans to settle the cash portion of the conversion obligation with cash on hand and/or borrowings under the revolving credit facility. | ||||||||||||
Senior Notes | ||||||||||||
On November 1, 2013, the Company issued $700.0 in new senior notes pursuant to the Company’s effective shelf registration on Form S-3. The new senior notes consisted of $400.0 aggregate principal amount of 2.50% Senior Notes due 2018 and $300.0 aggregate principal amount of 4.00% Senior Notes due 2023. The net proceeds were used to repay all of the outstanding borrowings under the Company’s Revolving Credit Facility and for general corporate purposes. | ||||||||||||
The Senior Notes due 2018 and Senior Notes due 2023 bear interest at the rate of 2.50% per annum and 4.00% per annum, respectively, payable semi-annually on November 1 and May 1 of each year, commencing on May 1, 2014. | ||||||||||||
During the third quarter of 2013, the Company entered into two fixed-to-variable interest rate swap agreements for the 4.625% senior notes due 2020 with an aggregate notional amount of $600.0 and variable interest rates based on one-month LIBOR plus 2.298% to hedge against changes in the fair value of a portion of the Company's long term debt. These derivative financial instruments are accounted for as fair value hedges of the senior notes due 2020. These interest rate swaps are included in other long term assets or liabilities, as applicable, and added to the value of the senior notes, with an aggregate fair value of $0.0 at December 31, 2013. | ||||||||||||
On August 23, 2012, the Company issued $1,000.0 in new senior notes pursuant to the Company's effective shelf registration statement on Form S-3. The new senior notes consisted of $500.0 aggregate principal amount of 2.20% Senior Notes due 2017 and $500.0 aggregate principal amount of 3.75% Senior Notes due 2022. The net proceeds were used to repay $625.0 of the outstanding borrowings under the Company's Revolving Credit Facility. The remaining proceeds were available for other general corporate purposes. | ||||||||||||
The Senior Notes due 2017 and Senior Notes due 2022 bear interest at the rate of 2.20% per annum and 3.75% per annum, respectively, payable semi-annually on February 23 and August 23 of each year, commencing February 23, 2013. | ||||||||||||
On October 28, 2010, in conjunction with the acquisition of Genzyme Genetics, the Company entered into a $925.0 Bridge Term Loan Credit Agreement, among the Company, the lenders named therein and Citibank, N.A., as administrative agent (the “Bridge Facility”). The Company replaced and terminated the Bridge Facility in November 2010 by making an offering in the debt capital markets. On November 19, 2010, the Company sold $925.0 in debt securities, consisting of $325.0 aggregate principal amount of 3.125% Senior Notes due May 15, 2016 and $600.0 aggregate principal amount of 4.625% Senior Notes due November 15, 2020. Beginning on May 15, 2011, interest on the Senior Notes due 2016 and 2020 is payable semi-annually on May 15, and November 15,. On December 1, 2010, the acquisition of Genzyme Genetics was funded by the net proceeds from the issuance of these Notes ($915.4) and with cash on hand. | ||||||||||||
The Senior Notes due 2015 bear interest at the rate of 5.625% per annum from December 14, 2005, payable semi-annually on June 15 and December 15. | ||||||||||||
The scheduled payments of long term debt and future minimum lease payments for capital leases at the end of 2013 are summarized as follows: | ||||||||||||
Notes and Other | Capital Leases | Total | ||||||||||
2014 | $ | 110.8 | $ | 2.4 | $ | 113.2 | ||||||
2015 | 250 | 2.4 | 252.4 | |||||||||
2016 | 325 | 2.5 | 327.5 | |||||||||
2017 | 500 | 2.5 | 502.5 | |||||||||
2018 | 400 | 2.5 | 402.5 | |||||||||
Thereafter | 1,400.00 | 17 | 1,417.00 | |||||||||
2,985.80 | 29.3 | 3,015.10 | ||||||||||
Less amounts representing interest | — | (14.7 | ) | (14.7 | ) | |||||||
Total long-term debt | 2,985.80 | 14.6 | 3,000.40 | |||||||||
Less current portion | (110.8 | ) | (0.5 | ) | (111.3 | ) | ||||||
Long-term debt, due beyond one year | $ | 2,875.00 | $ | 14.1 | $ | 2,889.10 | ||||||
PREFERRED_STOCK_AND_COMMON_SHA
PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||||
PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY | ' | |||||||||||||||||||
PREFERRED STOCK AND COMMON SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
The Company is authorized to issue up to 265.0 shares of common stock, par value $0.10 per share. The Company’s treasury shares are recorded at aggregate cost. Common shares issued and outstanding are summarized in the following table: | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Issued | 108.1 | 115.8 | ||||||||||||||||||
In treasury | (22.4 | ) | (22.3 | ) | ||||||||||||||||
Outstanding | 85.7 | 93.5 | ||||||||||||||||||
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 December 31, 2013 and 2012. | ||||||||||||||||||||
The changes in common shares issued and held in treasury are summarized below: | ||||||||||||||||||||
Common shares issued | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Common stock issued at January 1 | 115.8 | 120 | 124.5 | |||||||||||||||||
Common stock issued under employee stock plans | 2.6 | 1.6 | 1.9 | |||||||||||||||||
Common stock issued upon conversion of zero-coupon subordinated notes | 0.1 | — | 1 | |||||||||||||||||
Retirement of common stock | (10.4 | ) | (5.8 | ) | (7.4 | ) | ||||||||||||||
Common stock issued at December 31 | 108.1 | 115.8 | 120 | |||||||||||||||||
Common shares held in treasury | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Common shares held in treasury at January 1 | 22.3 | 22.2 | 22.1 | |||||||||||||||||
Surrender of restricted stock and performance share awards | 0.1 | 0.1 | 0.1 | |||||||||||||||||
Common shares held in treasury at December 31 | 22.4 | 22.3 | 22.2 | |||||||||||||||||
Share Repurchase Program | ||||||||||||||||||||
During 2013, the Company purchased 10.4 shares of its common stock at a total cost of $1,015.6. As of December 31, 2013, the Company had outstanding authorization from the Board of Directors to purchase $1,058.5 of Company common stock. | ||||||||||||||||||||
Accumulated Other Comprehensive Earnings | ||||||||||||||||||||
The components of accumulated other comprehensive earnings are as follows: | ||||||||||||||||||||
Foreign | Net | Investment Adjustments | Interest | Accumulated | ||||||||||||||||
Currency | Benefit | Rate | Other | |||||||||||||||||
Translation | Plan | Swap | Comprehensive | |||||||||||||||||
Adjustments | Adjustments | Adjustments | Earnings | |||||||||||||||||
Balance at December 31, 2010 | $ | 152.8 | $ | (62.9 | ) | — | $ | (1.4 | ) | $ | 88.5 | |||||||||
Current year adjustments | (13.2 | ) | (65.3 | ) | — | 2.4 | (76.1 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (a) | — | 7.8 | — | — | 7.8 | |||||||||||||||
Tax effect of adjustments | 3.9 | 22.4 | — | (1.0 | ) | 25.3 | ||||||||||||||
Balance at December 31, 2011 | 143.5 | (98.0 | ) | — | — | 45.5 | ||||||||||||||
Current year adjustments | 31.3 | (4.8 | ) | — | — | 26.5 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income (a) | — | 12.1 | — | — | 12.1 | |||||||||||||||
Tax effect of adjustments | (11.9 | ) | (2.8 | ) | — | — | (14.7 | ) | ||||||||||||
Balance at December 31, 2012 | 162.9 | (93.5 | ) | — | — | 69.4 | ||||||||||||||
Current year adjustments | (63.2 | ) | 31.6 | 16.4 | — | (15.2 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (a) | — | 10.5 | — | — | 10.5 | |||||||||||||||
Tax effect of adjustments | 23.5 | (15.7 | ) | (6.3 | ) | — | 1.5 | |||||||||||||
Balance at December 31, 2013 | $ | 123.2 | $ | (67.1 | ) | $ | 10.1 | $ | — | $ | 66.2 | |||||||||
(a) The amortization of prior service cost is included in the computation of net periodic benefit cost. Refer to Note 16 Pension and Postretirement Plans for additional information regarding the Company's net periodic benefit cost. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
INCOME TAXES | ' | |||||||||||
INCOME TAXES | ||||||||||||
The sources of income before taxes, classified between domestic and foreign entities are as follows: | ||||||||||||
Pre-tax income | 2013 | 2012 | 2011 | |||||||||
Domestic | $ | 844.2 | $ | 909 | $ | 834 | ||||||
Foreign | 71.4 | 35.2 | 32.1 | |||||||||
Total pre-tax income | $ | 915.6 | $ | 944.2 | $ | 866.1 | ||||||
The provisions for income taxes in the accompanying consolidated statements of operations consist of the following: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current: | ||||||||||||
Federal | $ | 231.6 | $ | 254.1 | $ | 269.7 | ||||||
State | 29.9 | 35.1 | 54.3 | |||||||||
Foreign | 22.5 | 16.9 | 6.8 | |||||||||
$ | 284 | $ | 306.1 | $ | 330.8 | |||||||
Deferred: | ||||||||||||
Federal | $ | 55.2 | $ | 58.3 | $ | 5 | ||||||
State | 6.1 | 0.4 | (4.4 | ) | ||||||||
Foreign | (5.1 | ) | (5.4 | ) | 1.6 | |||||||
56.2 | 53.3 | 2.2 | ||||||||||
$ | 340.2 | $ | 359.4 | $ | 333 | |||||||
A portion of the tax benefit associated with option exercises from stock plans reducing taxes currently payable are recorded through additional paid-in capital. The benefits recorded through additional paid-in capital are approximately $10.6, $8.4 and $11.0 in 2013, 2012 and 2011, respectively. | ||||||||||||
The effective tax rates on earnings before income taxes are reconciled to statutory federal income tax rates as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Statutory federal rate | 35 | % | 35 | % | 35 | % | ||||||
State and local income taxes, net of federal income tax effect | 2.6 | 2.4 | 3.7 | |||||||||
Other | (0.4 | ) | 0.7 | (0.3 | ) | |||||||
Effective rate | 37.2 | % | 38.1 | % | 38.4 | % | ||||||
The effective rate for 2013 was favorably impacted by the release of the capital loss valuation allowance and recording two years of the R&D tax credit. The American Taxpayer Relief Act of 2012 was enacted in early 2013 and reinstated the R&D tax credit for 2012 and extended the credit for calendar year 2013. | ||||||||||||
The effective tax rate for 2012 was favorably impacted by a decrease in the reserve for unrecognized income tax benefits compared to 2011, partially offset by an increase in tax as a result of the Company's increase in ownership percentage of its Ontario subsidiary. The effective tax rate for 2011 was negatively impacted by an increase in the reserve for unrecognized income tax benefits, the divestiture of certain Orchid paternity contracts, and foreign losses not tax effected. | ||||||||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows: | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Accounts receivable | $ | 20.2 | $ | 25 | ||||||||
Employee compensation and benefits | 83.4 | 114.4 | ||||||||||
Self insurance reserves | 17.8 | 17 | ||||||||||
Postretirement benefit obligation | 23.2 | 23.3 | ||||||||||
Acquisition and restructuring reserves | 20.6 | 18.5 | ||||||||||
Tax loss carryforwards | 58 | 66.3 | ||||||||||
Other | 3.8 | 2.1 | ||||||||||
227 | 266.6 | |||||||||||
Less: valuation allowance | (16.5 | ) | (18.4 | ) | ||||||||
Net deferred tax assets | $ | 210.5 | $ | 248.2 | ||||||||
Deferred tax liabilities: | ||||||||||||
Deferred earnings | $ | (15.1 | ) | $ | (17.9 | ) | ||||||
Intangible assets | (463.4 | ) | (434.1 | ) | ||||||||
Property, plant and equipment | (86.4 | ) | (73.8 | ) | ||||||||
Zero-coupon subordinated notes | (106.7 | ) | (110.5 | ) | ||||||||
Currency translation adjustment | (77.9 | ) | (101.0 | ) | ||||||||
Total gross deferred tax liabilities | (749.5 | ) | (737.3 | ) | ||||||||
Net deferred tax liabilities | $ | (539.0 | ) | $ | (489.1 | ) | ||||||
The valuation allowance decreased from $18.4 in 2012 to $16.5 in 2013. The decrease in the valuation allowance is primarily due to a current year capital gain resulting from the disposition of a minority investment. A capital loss carryover with a full valuation allowance was released to offset substantially all of the 2013 capital gain income. | ||||||||||||
The Company has foreign tax loss carryovers of $11.8 with a full valuation allowance. Most of the foreign losses have an indefinite carryover. The Company has federal tax loss carryovers of approximately $44.2 expiring periodically through 2031. The utilization of the tax loss carryovers is limited due to change of ownership rules. However, at this time the Company expects to fully utilize substantially all federal tax loss carryovers. In addition to the net operating losses, the Company has a foreign capital loss carryover of $1.9. The loss has an indefinite life and has a full valuation allowance. | ||||||||||||
The gross unrecognized income tax benefits were $25.6 and $36.4 at December 31, 2013 and 2012, respectively. It is anticipated that the amount of the unrecognized income tax benefits will change within the next twelve months; however, these changes are not expected to have a significant impact on the results of operations, cash flows or the financial position of the Company. | ||||||||||||
The Company recognizes interest and penalties related to unrecognized income tax benefits in income tax expense. Accrued interest and penalties related to uncertain tax positions totaled $9.3 and $9.8 as of December 31, 2013 and 2012, respectively. During the years ended December 31, 2013, 2012 and 2011, the Company recognized $2.4, $3.0 and $3.5, respectively, in interest and penalties expense, which was offset by a benefit of $2.9, $3.9 and $4.9, respectively. | ||||||||||||
The following table shows a reconciliation of the unrecognized income tax benefits from uncertain tax positions for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance as of January 1 | $ | 36.4 | $ | 52.7 | $ | 53.6 | ||||||
Increase in reserve for tax positions taken in the current year | 1.9 | 0.4 | 8.6 | |||||||||
Increase (decrease) in reserve for tax positions taken in a prior period | — | (8.0 | ) | — | ||||||||
Decrease in reserve as a result of settlements reached with tax authorities | (4.4 | ) | (0.1 | ) | (0.2 | ) | ||||||
Decrease in reserve as a result of lapses in the statute of limitations | (8.3 | ) | (8.6 | ) | (9.3 | ) | ||||||
Balance as of December 31 | $ | 25.6 | $ | 36.4 | $ | 52.7 | ||||||
As of December 31, 2013 and 2012, $25.6 and $37.1, respectively, is the approximate amount of unrecognized income tax benefits that, if recognized, would favorably affect the effective income tax rate in any future periods. | ||||||||||||
The Company has substantially concluded all U.S. federal income tax matters for years through 2011. Substantially all material state and local, and foreign income tax matters have been concluded through 2008 and 2001, respectively. | ||||||||||||
The Internal Revenue Service concluded the examination of the Company's 2010 and 2011 income tax returns during 2013. The Company has various state income tax examinations ongoing throughout the year. Canada Revenue Agency is conducting an audit of the 2009 and 2010 Canadian income tax return. The Company believes adequate provisions have been recorded related to all open tax years. | ||||||||||||
Substantially all of the profitable foreign earnings are repatriated on an annual basis and U.S. income taxes have been provided accordingly. The unremitted foreign earnings as of December 31, 2013 are approximately $17.7. If repatriated to the U.S., the incremental U.S. tax, net of any underlying foreign tax credit, would have increased the Company's overall income tax by approximately $0.5. |
STOCK_COMPENSATION_PLANS
STOCK COMPENSATION PLANS | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
STOCK COMPENSATION PLANS | ' | ||||||||||||
STOCK COMPENSATION PLANS | |||||||||||||
Stock Incentive Plans | |||||||||||||
There are currently 10.2 shares authorized for issuance under the Laboratory Corporation of America Holdings 2012 Omnibus Incentive Plan and at December 31, 2013 there were 6.7 additional shares available for grant under the Plan. This Plan was approved by shareholders at the 2012 annual meeting. | |||||||||||||
Stock Options | |||||||||||||
The following table summarizes grants of non-qualified options made by the Company to officers, key employees, and non-employee directors under all plans. Stock options are generally granted at an exercise price equal to or greater than the fair market price per share on the date of grant. Also, for each grant, options vest ratably over a period of three years on the anniversaries of the grant date, subject to their earlier expiration or termination. | |||||||||||||
Changes in options outstanding under the plans for the period indicated were as follows: | |||||||||||||
Number of | Weighted- | Weighted- | Aggregate | ||||||||||
Options | Average | Average | Intrinsic | ||||||||||
Exercise Price | Remaining | Value | |||||||||||
per Option | Contractual | ||||||||||||
Term | |||||||||||||
Outstanding at December 31, 2012 | 6.9 | $ | 77.62 | ||||||||||
Granted | — | — | |||||||||||
Exercised | (2.2 | ) | 72.02 | ||||||||||
Cancelled | (0.1 | ) | 82.92 | ||||||||||
Outstanding at December 31, 2013 | 4.6 | $ | 80.18 | 6.4 | $ | 51.5 | |||||||
Vested and expected to vest at December 31, 2013 | 4.5 | $ | 80.13 | 6.4 | $ | 51.3 | |||||||
Exercisable at December 31, 2013 | 3.1 | $ | 77.06 | 5.7 | $ | 44.2 | |||||||
The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the last trading day of 2013 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2013. The amount of intrinsic value will change based on the fair market value of the Company’s stock. | |||||||||||||
Cash received by the Company from option exercises, the actual tax benefit realized for the tax deductions and the aggregate intrinsic value of options exercised from option exercises under all share-based payment arrangements during the years ended December 31, 2013, 2012, and 2011 were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Cash received by the Company | $ | 158 | $ | 69.4 | $ | 106.1 | |||||||
Tax benefits realized | $ | 21.3 | $ | 9.7 | $ | 17.7 | |||||||
Aggregate intrinsic value | $ | 55.4 | $ | 25.3 | $ | 45.5 | |||||||
The following table summarizes information concerning currently outstanding and exercisable options. | |||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||
Range of | Number | Weighted Average | Number | Weighted | |||||||||
Exercise Prices | Outstanding | Exercisable | Average | ||||||||||
Exercise | |||||||||||||
Remaining | Average | Price | |||||||||||
Contractual | Exercise | ||||||||||||
Life | Price | ||||||||||||
$ 6.80 - 59.37 | 0.1 | 1.6 | $53.25 | 0.1 | $53.25 | ||||||||
$59.38 - 67.60 | 0.4 | 5.1 | $60.32 | 0.4 | $60.32 | ||||||||
$67.61 - 75.63 | 1.1 | 5.3 | $72.82 | 1.1 | $72.82 | ||||||||
$75.64 - 80.37 | 0.4 | 3.4 | $80.07 | 0.4 | $80.07 | ||||||||
$80.38 - 98.49 | 2.6 | 7.8 | $87.39 | 1.1 | $88.57 | ||||||||
4.6 | 6.4 | $80.18 | 3.1 | $77.06 | |||||||||
The following table shows the weighted average grant-date fair values of options issued during the respective year and the weighted average assumptions that the Company used to develop the fair value estimates: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Fair value per option | N/A | $ | 13.43 | $ | 17.06 | ||||||||
Valuation assumptions | |||||||||||||
Weighted average expected life (in years) | N/A | 3.4 | 3.4 | ||||||||||
Risk free interest rate | N/A | 0.4 | % | 1 | % | ||||||||
Expected volatility | N/A | 0.2 | 0.2 | ||||||||||
Expected dividend yield | N/A | — | — | ||||||||||
The Black Scholes model incorporates assumptions to value stock-based awards. The risk-free interest rate for periods within the contractual life of the option is based on a zero-coupon U.S. government instrument over the contractual term of the equity instrument. Expected volatility of the Company’s stock is based on historical volatility of the Company’s stock. The Company uses historical data to calculate the expected life of the option. Groups of employees and non-employee directors that have similar exercise behavior with regard to option exercise timing and forfeiture rates are considered separately for valuation purposes. For 2013, 2012 and 2011, expense related to the Company’s stock option plan totaled $14.5, $21.5 and $24.9, respectively. The Company did not grant any options to employees during 2013. | |||||||||||||
Restricted Stock, Restricted Stock Units and Performance Shares | |||||||||||||
The Company grants restricted stock, restricted stock units and performance shares (“non-vested shares”) to officers, key employees, and non-employee directors under all plans. Restricted stock and restricted stock units become vested annually in equal one third increments beginning on the first anniversary of the grant. A performance share grant in 2011 represents a three year award opportunity for the period 2011-2013 and becomes vested in the first quarter of 2014. A performance share grant in 2012 represents a three year award opportunity for the period of 2012-2014 and becomes vested in the first quarter of 2015. A performance share grant in 2013 represents a three year award opportunity for the period of 2013-2015 and becomes vested in the first quarter of 2016. Performance share awards are subject to certain earnings per share, revenue, operating income, earnings before income taxes and total shareholder return targets, the achievement of which may increase or decrease the number of shares which the grantee receives upon vesting. The unearned restricted stock and performance share compensation is being amortized to expense over the applicable vesting periods. For 2013, 2012 and 2011, total restricted stock, restricted stock units and performance share compensation expense was $19.3, $14.3 and $21.3, respectively. | |||||||||||||
The following table shows a summary of non-vested shares for the year ended December 31, 2013: | |||||||||||||
Number of | Weighted- | ||||||||||||
Shares | Average | ||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
Non-vested at January 1, 2013 | 0.6 | $ | 84.91 | ||||||||||
Granted | 0.5 | 90.19 | |||||||||||
Vested | (0.2 | ) | 75.79 | ||||||||||
Canceled | (0.1 | ) | 90.43 | ||||||||||
Non-vested at December 31, 2013 | 0.8 | $ | 90.7 | ||||||||||
As of December 31, 2013, there was $28.5 of total unrecognized compensation cost related to non-vested restricted stock and performance share-based compensation arrangements granted under the stock incentive plans. That cost is expected to be recognized over a weighted average period of 1.8 years. | |||||||||||||
Employee Stock Purchase Plan | |||||||||||||
The Company has an employee stock purchase plan, begun in 1997 and amended in 1999, 2004, 2008 and 2012, with 6.3 shares of common stock authorized for issuance. The plan permits substantially all employees to purchase a limited number of shares of Company stock at 85% of market value. The Company issues shares to participating employees semi-annually in January and July of each year. Approximately 0.2 shares were purchased by eligible employees in 2013, 2012 and 2011, respectively. For 2013, 2012 and 2011, expense related to the Company’s employee stock purchase plan was $3.5, $4.9 and $2.7, respectively. | |||||||||||||
The Company uses the Black-Scholes model to calculate the fair value of the employee’s purchase right. The fair value of the employee’s purchase right and the assumptions used in its calculation are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Fair value of the employee’s purchase right | $ | 17.22 | $ | 23.02 | $ | 15.58 | |||||||
Valuation assumptions | |||||||||||||
Risk free interest rate | 0.1 | % | 0.1 | % | 0.1 | % | |||||||
Expected volatility | 0.2 | 0.2 | 0.2 | ||||||||||
Expected dividend yield | — | — | — | ||||||||||
COMMITMENTS_AND_CONTINGENT_LIA
COMMITMENTS AND CONTINGENT LIABILITIES | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
COMMITMENTS AND CONTINGENT LIABILITIES | ' | |||
COMMITMENTS AND CONTINGENT LIABILITIES | ||||
The Company is involved from time to time in various claims and legal actions, including arbitrations, class actions, and other litigation (including those described in more detail below), arising in the ordinary course of business. Some of these actions involve claims that are substantial in amount. These matters include, but are not limited to, intellectual property disputes, professional liability, employee related matters, and inquiries, including subpoenas and other civil investigative demands, from governmental agencies and Medicare or Medicaid payers and managed care payers reviewing billing practices or requesting comment on allegations of billing irregularities that are brought to their attention through billing audits or third parties. The Company receives civil investigative demands or other inquiries from various governmental bodies in the ordinary course of its business. Such inquiries can relate to the Company or other healthcare providers. The Company works cooperatively to respond to appropriate requests for information. | ||||
The Company is also named from time to time in suits brought under the qui tam provisions of the False Claims Act and comparable state laws. These suits typically allege that the Company has made false statements and/or certifications in connection with claims for payment from federal or state health care programs. The suits may remain under seal (hence, unknown to the Company) for some time while the government decides whether to intervene on behalf of the qui tam plaintiff. Such claims are an inevitable part of doing business in the health care field today. | ||||
The Company believes that it is in compliance in all material respects with all statutes, regulations and other requirements applicable to its clinical laboratory operations. The clinical laboratory testing industry is, however, subject to extensive regulation, and the courts have not interpreted many of these statutes and regulations. There can be no assurance therefore that those applicable statutes and regulations will not be interpreted or applied by a prosecutorial, regulatory or judicial authority in a manner that would adversely affect the Company. Potential sanctions for violation of these statutes and regulations include significant fines and the loss of various licenses, certificates and authorizations. | ||||
Many of the claims and legal actions against the Company are at preliminary stages, and many of these cases seek an indeterminate amount of damages. The Company records an aggregate legal reserve, which is determined using actuarial calculations around historical loss rates and assessment of trends experienced in settlements and defense costs. In accordance with FASB Accounting Standards Codification Topic 450 “Contingencies”, the Company establishes reserves for judicial, regulatory, and arbitration matters outside the aggregate legal reserve if and when those matters present loss contingencies that are both probable and estimable and would exceed the aggregate legal reserve. When loss contingencies are not both probable and estimable, the Company does not establish separate reserves. | ||||
The Company is unable to estimate a range of reasonably probable loss for cases described in more detail below in which damages either have not been specified or, in the Company's judgment, are unsupported and/or exaggerated and (i) the proceedings are in early stages; (ii) there is uncertainty as to the outcome of pending appeals or motions; (iii) there are significant factual issues to be resolved; and/or (iv) there are novel legal issues to be presented. For these cases, however, the Company does not believe, based on currently available information, that the outcomes of these proceedings will have a material adverse effect on the Company's financial condition, though the outcomes could be material to the Company's operating results for any particular period, depending, in part, upon the operating results for such period. | ||||
As previously reported, the Company reached a settlement in the previously disclosed lawsuit, California ex rel. Hunter Laboratories, LLC et al. v. Quest Diagnostics Incorporated, et al. ("Hunter Labs Settlement Agreement"), to avoid the uncertainty and costs associated with prolonged litigation. Pursuant to the executed settlement agreement, the Company recorded a litigation settlement expense of $34.5 in the second quarter of 2011 (net of a previously recorded reserve of $15.0) and paid the settlement amount of $49.5 in the third quarter of 2012. The Company also agreed to certain reporting obligations regarding its pricing for a limited time period and, at the option of the Company in lieu of such reporting obligations, to provide Medi-Cal with a discount from Medi-Cal's otherwise applicable maximum reimbursement rate from November 1, 2011 through October 31, 2012. In June of 2012, the California legislature enacted Assembly Bill No. 1494, Section 9 of which directs the Department of Health Care Services ("DHCS") to establish new reimbursement rates for Medi-Cal clinical laboratory services that will be based on payments made to California clinical laboratories for similar services by other third-party payers. With stakeholder input, DHCS established data elements and a format for laboratories to report payment data from comparable third-party payers. After reviewing the submitted data, DHCS will propose new reimbursement rates and solicit stakeholder input before their implementation. The bill provides that until the new rates are set through this process, Medi-Cal payments for clinical laboratory services will be reduced (in addition to a 10% payment reduction imposed by statute in 2011) by “up to 10 percent” for tests with dates of service on or after July 1, 2012, with a cap on payments set at 80% of the lowest maximum allowance established under the federal Medicare program. Under the terms of the Hunter Labs Settlement Agreement, the enactment of this new California legislation terminates the Company's reporting obligations (or obligation to provide a discount in lieu of reporting) under that agreement. Taken together, these changes are not expected to have a material impact on the Company's consolidated revenues or results of operations. | ||||
As previously reported, the Company responded to an October 2007 subpoena from the United States Department of Health & Human Services Office of Inspector General's regional office in New York. On August 17, 2011, the Southern District of New York unsealed a False Claims Act lawsuit, United States of America ex rel. NPT Associates v. Laboratory Corporation of America Holdings, which alleges that the Company offered UnitedHealthcare kickbacks in the form of discounts in return for Medicare business. The Plaintiff's third amended complaint further alleges that the Company's billing practices violated False Claims Acts in fourteen states and the District of Columbia. The lawsuit seeks actual and treble damages and civil penalties for each alleged false claim, as well as recovery of costs, attorney's fees, and legal expenses. Neither the U.S. government nor any state government has intervened in the lawsuit. The Company will vigorously defend the lawsuit. | ||||
In addition, the Company has received four other subpoenas since 2007 related to Medicaid billing. In February 2009, the Company received a subpoena from the Commonwealth of Virginia Office of the Attorney General requesting documents related to its billing to Virginia Medicaid. In April of 2013, the Commonwealth of Virginia Office of Attorney General closed its investigation. In October 2009, the Company received a subpoena from the State of Michigan Department of Attorney General seeking documents related to its billing to Michigan Medicaid. In June 2010, the Company received a subpoena from the State of Florida Office of the Attorney General requesting documents related to its billing to Florida Medicaid. In October 2013, the Company received a civil investigative demand from the State of Texas Office of the Attorney General requesting documents related to its billing to Texas Medicaid. The Company is cooperating with these requests. | ||||
On May 2, 2013, the Company was served with a False Claims Act lawsuit, State of Georgia ex rel. Hunter Laboratories, LLC and Chris Riedel v. Quest Diagnostics Incorporated, et al., filed in the State Court of Fulton County, Georgia. The lawsuit, filed by a competitor laboratory, alleges that the Company overcharged Georgia's Medicaid program. The case has been removed to the United States District Court for the Northern District of Georgia. The lawsuit seeks actual and treble damages and civil penalties for each alleged false claim, as well as recovery of costs, attorney's fees, and legal expenses. The government filed a notice declining to intervene in the case. The Company will vigorously defend the lawsuit. | ||||
On August 19, 2013, the Company was served with a False Claims Act lawsuit, Commonwealth of Virginia ex rel. Hunter Laboratories, LLC and Chris Riedel v. Quest Diagnostics Incorporated, et al., filed in the Circuit Court of Fairfax County, Virginia. The lawsuit, filed by a competitor laboratory, alleges that the Company overcharged Virginia’s Medicaid program. The case has been removed to the United States District Court for the Eastern District of Virginia. The lawsuit seeks actual and treble damages and civil penalties for each alleged false claim, as well as recovery of costs, attorney's fees, and legal expenses. The government filed a notice declining to intervene in the case. The Company's Motion to Dismiss was granted and the plaintiffs have been granted the right to replead their complaint. The Company will vigorously defend the lawsuit. | ||||
In October 2011, a putative stockholder of the Company made a letter demand through his counsel for inspection of documents related to policies and procedures concerning the Company's Board of Directors' oversight and monitoring of the Company's billing and claim submission process. The letter also seeks documents prepared for or by the Board regarding allegations from the California ex rel. Hunter Laboratories, LLC et al. v. Quest Diagnostics Incorporated, et al., lawsuit and documents reviewed and relied upon by the Board in connection with the settlement of that lawsuit. The Company is responding to the request pursuant to Delaware law. | ||||
On November 18, 2011, the Company received a letter from U.S. Senators Baucus and Grassley requesting information regarding the Company's relationships with its largest managed care customers. The letter requests information about the Company's contracts and financial data regarding its managed care customers. Company representatives met with Senate Finance Committee staff after receiving the request and subsequently produced documents in response. The Company continues to cooperate with the request for information. | ||||
On February 27, 2012, the Company was served with a False Claims Act lawsuit, United States ex rel. Margaret Brown v. Laboratory Corporation of America Holdings and Tri-State Clinical Laboratory Services, LLC, filed in the United States District Court for the Southern District of Ohio, Western Division. The lawsuit alleges that the defendants submitted false claims for payment for laboratory testing services performed as a result of financial relationships that violated the federal Stark and anti-kickback laws. The Company owned 50% of Tri-State Clinical Laboratory Services, LLC, which was dissolved in June of 2011. The lawsuit seeks actual and treble damages and civil penalties for each alleged false claim, as well as recovery of costs, attorney's fees, and legal expenses. The U.S. government has not intervened in the lawsuit. The Company will vigorously defend the lawsuit. | ||||
On June 7, 2012, the Company was served with a putative class action lawsuit, Yvonne Jansky v. Laboratory Corporation of America, et al., filed in the Superior Court of the State of California, County of San Francisco. The lawsuit alleges that the defendants committed unlawful and unfair business practices, and violated various other state laws by changing screening codes to diagnostic codes on laboratory test orders, thereby resulting in customers being responsible for co-payments and other debts. The lawsuit seeks injunctive relief, actual and punitive damages, as well as recovery of attorney's fees, and legal expenses. The Company will vigorously defend the lawsuit. | ||||
On June 7, 2012, the Company was served with a putative class action lawsuit, Ann Baker Pepe v. Genzyme Corporation and Laboratory Corporation of America Holdings, filed in the United States District Court for the District of Massachusetts. The lawsuit alleges that the defendants failed to preserve DNA samples allegedly entrusted to the defendants and thereby breached a written agreement with plaintiff and violated state laws. The lawsuit seeks injunctive relief, actual, double and treble damages, as well as recovery of attorney's fees and legal expenses. The Company will vigorously defend the lawsuit. | ||||
On August 24, 2012, the Company was served with a putative class action lawsuit, Sandusky Wellness Center, LLC, et al. v. MEDTOX Scientific, Inc., et al., filed in the United States District Court for the District of Minnesota. The lawsuit alleges that on or about February 21, 2012, the defendants violated the federal Telephone Consumer Protection Act by sending unsolicited facsimiles to Plaintiff and more than 39 other recipients without the recipients' prior express invitation or permission. The lawsuit seeks actual damages or the sum of $0.0005 for each violation, subject to trebling under TCPA, and injunctive relief. The Company will vigorously defend the lawsuit. | ||||
The Company was a defendant in two separate putative class action lawsuits, Christine Bohlander v. Laboratory Corporation of America, et al., and Jemuel Andres, et al. v. Laboratory Corporation of America Holdings, et. al., related to overtime pay. After the filing of the two lawsuits on July 8, 2013, the Bohlander lawsuit was consolidated into the Andres lawsuit, and the consolidated lawsuit is now pending in the Superior Court of California for the County of Los Angeles. In the consolidated lawsuit, the Plaintiffs allege on behalf of similarly situated phlebotomists and couriers that the Company failed to pay overtime, failed to provide meal and rest breaks, and committed other violations of the California Labor Code. The complaint seeks monetary damages, civil penalties, costs, injunctive relief, and attorney's fees. The Company intends to vigorously defend the lawsuit. | ||||
On December 17, 2010, the Company was served with a lawsuit, Oliver Wuth, et al. v. Laboratory Corporation of America, et al., filed in the State Superior Court of King County, Washington. The lawsuit alleges that the Company was negligent in the handling of a prenatal genetic test order that allegedly resulted in the parents being given incorrect information. The matter was tried to a jury beginning on October 21, 2013. On December 10, 2013, the jury returned a verdict in in plaintiffs’ favor in the amount of $50.0, with 50% of liability apportioned to the Company and 50% of liability apportioned to co-defendant Valley Medical Center. The Company filed post-judgment motions for a new trial, which were denied, and intends to vigorously pursue an appeal of the judgment on multiple grounds. The Company carries self-insurance reserves and excess liability insurance sufficient to cover the potential liability in this case. | ||||
Under the Company's present insurance programs, coverage is obtained for catastrophic exposure as well as those risks required to be insured by law or contract. The Company is responsible for the uninsured portion of losses related primarily to general, professional and vehicle liability, certain medical costs and workers' compensation. The self-insured retentions are on a per occurrence basis without any aggregate annual limit. Provisions for losses expected under these programs are recorded based upon the Company's estimates of the aggregated liability of claims incurred. At December 31, 2013, the Company had provided letters of credit aggregating approximately $42.5, primarily in connection with certain insurance programs. The Company’s availability under its Revolving Credit Facility is reduced by the amount of these letters of credit. | ||||
The Company leases various facilities and equipment under non-cancelable lease arrangements. Future minimum rental commitments for leases with non-cancelable terms of one year or more at December 31, 2013 are as follows: | ||||
Operating | ||||
2014 | $ | 132.3 | ||
2015 | 81.8 | |||
2016 | 58.1 | |||
2017 | 39.7 | |||
2018 | 20.5 | |||
Thereafter | 41 | |||
Total minimum lease payments | 373.4 | |||
Less: | ||||
Amounts included in restructuring and acquisition related accruals | (12.4 | ) | ||
Non-cancelable sub-lease income | — | |||
Total minimum operating lease payments | $ | 361 | ||
Rental expense, which includes rent for real estate, equipment and automobiles under operating leases, amounted to $235.7, $226.0 and $220.2 for the years ended December 31, 2013, 2012 and 2011, respectively. |
PENSION_AND_POSTRETIREMENT_PLA
PENSION AND POSTRETIREMENT PLANS | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Postemployment Benefits [Abstract] | ' | |||||||||||||||
PENSION AND POSTRETIREMENT PLANS | ' | |||||||||||||||
PENSION AND POSTRETIREMENT PLANS | ||||||||||||||||
Pension Plans | ||||||||||||||||
The Company has a defined benefit retirement plan (the "Company Plan") and a nonqualified supplemental retirement plan (the “PEP”). Both plans have been closed to new participants since December 31, 2009. Employees participating in the Company Plan and the PEP no longer earn service-based credits, but continue to earn interest credits. In addition, effective January 1, 2010, all employees eligible for the defined contribution retirement plan (the “401K Plan”) receive a minimum 3% non-elective contribution (“NEC”) concurrent with each payroll period. Employees are not required to make a contribution to the 401K Plan to receive the NEC. The NEC is non-forfeitable and vests immediately. The 401K Plan also permits discretionary contributions by the Company of 1% to 3% of pay for eligible employees based on service. | ||||||||||||||||
The Company’s 401K Plan covers substantially all employees. Prior to 2010, Company contributions to the plan were based on a percentage of employee contributions. In 2013, 2012 and 2011, the Company made non-elective and discretionary contributions to the plan. Non-elective and discretionary contributions were $49.4, $49.0 and $44.3 in 2013, 2012 and 2011, respectively. | ||||||||||||||||
In addition, the Company Plan covers substantially all employees hired prior to December 31, 2009. The benefits to be paid under the Company Plan are based on years of credited service through December 31, 2009, interest credits and average compensation. The Company’s policy is to fund the Company Plan with at least the minimum amount required by applicable regulations. The Company made contributions to the Company Plan of $8.4, $11.3 and $0.0 in 2013, 2012 and 2011, respectively. | ||||||||||||||||
The PEP covers the Company’s senior management group. Prior to 2010, the PEP provided for the payment of the difference, if any, between the amount of any maximum limitation on annual benefit payments under the Employee Retirement Income Security Act of 1974 and the annual benefit that would be payable under the Company Plan but for such limitation. Effective January 1, 2010, employees participating in the PEP no longer earn service-based credits. The PEP is an unfunded plan. | ||||||||||||||||
Projected pension expense for the Company Plan and the PEP is expected to decrease to $7.8 in 2014. This amount excludes any accelerated recognition of pension cost due to the total lump-sum payouts exceeding certain components of net periodic pension cost in a fiscal year. If such levels were to be met in 2014, the Company projects that it would result in an additional $6.4 of pension expense. | ||||||||||||||||
The Company plans to make contributions of $11.0 to the Company Plan during 2014. | ||||||||||||||||
The effect on operations for both the Company Plan and the PEP are summarized as follows: | ||||||||||||||||
Year ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Service cost for benefits earned | $ | 3.1 | $ | 2.4 | $ | 2.6 | ||||||||||
Interest cost on benefit obligation | 14.7 | 14.9 | 17.1 | |||||||||||||
Expected return on plan assets | (17.3 | ) | (17.3 | ) | (18.9 | ) | ||||||||||
Net amortization and deferral | 10.5 | 12.1 | 7.8 | |||||||||||||
Defined benefit plan costs | $ | 11 | $ | 12.1 | $ | 8.6 | ||||||||||
Amounts included in accumulated other comprehensive earnings consist of unamortized net loss of $99.6. The accumulated other comprehensive earnings that are expected to be recognized as components of the defined benefit plan costs during 2014 are $6.2 related to amortization of the net loss. | ||||||||||||||||
A summary of the changes in the projected benefit obligations of the Company Plan and the PEP are summarized as follows: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Balance at January 1 | $ | 380.7 | $ | 383.2 | ||||||||||||
Service cost | 3.1 | 2.4 | ||||||||||||||
Interest cost | 14.7 | 14.9 | ||||||||||||||
Actuarial (gain)/loss | (22.1 | ) | 5.8 | |||||||||||||
Benefits and administrative expenses paid | (26.7 | ) | (25.6 | ) | ||||||||||||
Balance at December 31 | $ | 349.7 | $ | 380.7 | ||||||||||||
The Accumulated Benefit Obligation was $349.7 and $380.7 at December 31, 2013 and 2012, respectively. | ||||||||||||||||
A summary of the changes in the fair value of plan assets follows: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Fair value of plan assets at beginning of year | $ | 256.8 | $ | 244.5 | ||||||||||||
Actual return on plan assets | 28.1 | 25 | ||||||||||||||
Employer contributions | 9.9 | 12.9 | ||||||||||||||
Benefits and administrative expenses paid | (26.7 | ) | (25.6 | ) | ||||||||||||
Fair value of plan assets at end of year | $ | 268.1 | $ | 256.8 | ||||||||||||
The net funded status of the Company Plan and the PEP at December 31: | ||||||||||||||||
Funded status | $ | 81.6 | $ | 123.9 | ||||||||||||
Recorded as: | ||||||||||||||||
Accrued expenses and other | $ | 1.6 | $ | 1.4 | ||||||||||||
Other liabilities | 80 | 122.5 | ||||||||||||||
$ | 81.6 | $ | 123.9 | |||||||||||||
Weighted average assumptions used in the accounting for the Company Plan and the PEP are summarized as follows: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Discount rate | 4.8 | % | 4 | % | 4 | % | ||||||||||
Expected long term rate of return | 7 | % | 7 | % | 7.3 | % | ||||||||||
The Company maintains an investment policy for the management of the Company Plan’s assets. The objective of this policy is to build a portfolio designed to achieve a balance between investment return and asset protection by investing in indexed funds that are comprised of equities of high quality companies and in high quality fixed income securities which are broadly balanced and represent all market sectors. The target allocations for plan assets are 50% equity securities, 45% fixed income securities and 5% in other assets. Equity securities primarily include investments in large-cap, mid-cap and small-cap companies located in the U.S. and to a lesser extent international equities in developed and emerging countries. Fixed income securities primarily include U.S. Treasury securities, mortgage-backed bonds and corporate bonds of companies from diversified industries. Other assets include investments in commodities. The weighted average expected long-term rate of return for the Company Plan’s assets is as follows: | ||||||||||||||||
Target | Weighted | |||||||||||||||
Allocation | Average | |||||||||||||||
Expected | ||||||||||||||||
Long-Term | ||||||||||||||||
Rate | ||||||||||||||||
of Return | ||||||||||||||||
Equity securities | 50 | % | 5.5 | % | ||||||||||||
Fixed income securities | 45 | % | 1.2 | % | ||||||||||||
Other assets | 5 | % | 0.3 | % | ||||||||||||
The fair values of the Company Plan’s assets at December 31, 2013 and 2012, by asset category are as follows: | ||||||||||||||||
Fair Value Measurements as of | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Fair Value as of December 31, 2013 | Using Fair Value Hierarchy | |||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | |||||||||||||
Cash | $ | 2.7 | $ | 2.7 | $ | — | $ | — | ||||||||
Equity securities: | ||||||||||||||||
U.S. large cap - blend (a) | 65.5 | — | 65.5 | — | ||||||||||||
U.S. mid cap - blend (b) | 25.1 | — | 25.1 | — | ||||||||||||
U.S. small cap - blend (c) | 8.1 | — | 8.1 | — | ||||||||||||
International equity - blend (d) | 40.3 | — | 40.3 | — | ||||||||||||
Commodities index (e) | 11.3 | — | 11.3 | — | ||||||||||||
Fixed income securities: | ||||||||||||||||
U.S. fixed income (f) | 104.1 | — | 104.1 | — | ||||||||||||
U.S inflation protection income (g) | 11 | — | 11 | — | ||||||||||||
Total fair value of the Company Plan’s assets | $ | 268.1 | $ | 2.7 | $ | 265.4 | $ | — | ||||||||
Fair Value Measurements as of | ||||||||||||||||
December 31, 2012 | ||||||||||||||||
Fair Value as of December 31, 2012 | Using Fair Value Hierarchy | |||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | |||||||||||||
Cash | $ | 6.9 | $ | 6.9 | $ | — | $ | — | ||||||||
Equity securities: | ||||||||||||||||
U.S. large cap - blend (a) | 58.1 | — | 58.1 | — | ||||||||||||
U.S. mid cap - blend (b) | 23.2 | — | 23.2 | — | ||||||||||||
U.S. small cap - blend (c) | 6.8 | — | 6.8 | — | ||||||||||||
International equity - blend (d) | 39.4 | — | 39.4 | — | ||||||||||||
Commodities index (e) | 11.5 | — | 11.5 | — | ||||||||||||
Fixed income securities: | ||||||||||||||||
U.S. fixed income (f) | 110.9 | — | 110.9 | — | ||||||||||||
Total fair value of the Company Plan’s assets | $ | 256.8 | $ | 6.9 | $ | 249.9 | $ | — | ||||||||
a) | This category represents an equity index fund not actively managed that tracks the S&P 500 Index. | |||||||||||||||
b) | This category represents an equity index fund not actively managed that tracks the S&P mid-cap 400 Index. | |||||||||||||||
c) | This category represents an equity index fund not actively managed that tracks the Russell 2000 Index. | |||||||||||||||
d) | This category represents an equity index fund not actively managed that tracks the MSCI ACWI ex USA Index. | |||||||||||||||
e) | This category represents a commodities index fund not actively managed that tracks the Dow Jones - UBS Commodity Index. | |||||||||||||||
f) | This category primarily represents bond index funds not actively managed that track the Barclays Capital U.S. Aggregate Index and Barclays Capital U.S. TIPS Index. | |||||||||||||||
g) | This category primarily represents a bond index fund not actively managed that tracks the Barclays Capital U.S. TIPS Index. | |||||||||||||||
The following assumed benefit payments under the Company Plan and PEP, which were used in the calculation of projected benefit obligations, are expected to be paid as follows: | ||||||||||||||||
2013 | $ | 23.4 | ||||||||||||||
2014 | 23.4 | |||||||||||||||
2015 | 23.5 | |||||||||||||||
2016 | 23.3 | |||||||||||||||
2017 | 23.4 | |||||||||||||||
Years 2018-2022 | 120.5 | |||||||||||||||
Post-retirement Medical Plan | ||||||||||||||||
The Company assumed obligations under a subsidiary's post-retirement medical plan. Coverage under this plan is restricted to a limited number of existing employees of the subsidiary. This plan is unfunded and the Company’s policy is to fund benefits as claims are incurred. The effect on operations of the post-retirement medical plan is shown in the following table: | ||||||||||||||||
Year ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Service cost for benefits earned | $ | 0.4 | $ | 0.4 | $ | 0.3 | ||||||||||
Interest cost on benefit obligation | 2.5 | 2.3 | 2.2 | |||||||||||||
Net amortization and deferral | 1 | 0.3 | (0.2 | ) | ||||||||||||
Post-retirement medical plan costs | $ | 3.9 | $ | 3 | $ | 2.3 | ||||||||||
Amounts included in accumulated other comprehensive earnings consist of unamortized net loss of $12.7. The accumulated other comprehensive earnings that are expected to be recognized as components of the post-retirement medical plan costs during 2014 are $1.3 related to amortization of the net loss. | ||||||||||||||||
A summary of the changes in the accumulated post-retirement benefit obligation follows: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Balance at January 1 | $ | 60.7 | $ | 52.7 | ||||||||||||
Service cost for benefits earned | 0.4 | 0.4 | ||||||||||||||
Interest cost on benefit obligation | 2.5 | 2.3 | ||||||||||||||
Participants contributions | 0.3 | 0.4 | ||||||||||||||
Actuarial loss | 4.5 | 6.9 | ||||||||||||||
Benefits paid | (2.7 | ) | (2.0 | ) | ||||||||||||
Plan amendment | (3.0 | ) | — | |||||||||||||
Balance at December 31 | $ | 62.7 | $ | 60.7 | ||||||||||||
Recorded as: | ||||||||||||||||
Other liabilities | $ | 62.7 | $ | 60.7 | ||||||||||||
The weighted-average discount rates used in the calculation of the accumulated post-retirement benefit obligation were 5.0% and 4.2% as of December 31, 2013 and 2012, respectively. The health care cost trend rate was assumed to be 7.5% of December 31, 2013 and 2012, declining gradually to 5.0% in the year 2021. The health care cost trend rate has a significant effect on the amounts reported. The impact of a percentage point change each year in the assumed health care cost trend rates would change the accumulated post-retirement benefit obligation as of December 31, 2013 by an increase of $8.7 or a decrease of $7.3. The impact of a percentage point change on the aggregate of the service cost and interest cost components of the 2013 post-retirement benefit costs results in an increase of $0.5 or decrease of $0.4. The plan amendment in 2013 reflects the impact of shifting from projection scale AA to projection scale BB for both the RP-2000 Combined Healthy Mortality Table and the RP-2000 Disabled Mortality Table. | ||||||||||||||||
The following assumed benefit payments under the Company's post-retirement benefit plan, which reflect expected future service, as appropriate, and were used in the calculation of projected benefit obligations, are expected to be paid as follows: | ||||||||||||||||
2014 | $ | 2.5 | ||||||||||||||
2015 | 2.7 | |||||||||||||||
2016 | 2.9 | |||||||||||||||
2017 | 3 | |||||||||||||||
2018 | 3.1 | |||||||||||||||
Years 2019-2023 | 17.9 | |||||||||||||||
Deferred Compensation Plan | ||||||||||||||||
In 2001, the Board approved the Deferred Compensation Plan ("DCP") under which certain of the Company's executives, may elect to defer up to 100.0% of their annual cash incentive pay and/or up to 50.0% of their annual base salary and/or eligible commissions subject to annual limits established by the federal government. The DCP provides executives a tax efficient strategy for retirement savings and capital accumulation without significant cost to the Company. The Company makes no contributions to the DCP. Amounts deferred by a participant are credited to a bookkeeping account maintained on behalf of each participant, which is used for measurement and determination of amounts to be paid to a participant, or his or her designated beneficiary, pursuant to the terms of the DCP. The amounts accrued under this plan were $36.3 and $26.6 at December 31, 2013 and 2012, respectively. Deferred amounts are the Company's general unsecured obligations and are subject to claims by the Company's creditors. The Company's general assets may be used to fund obligations and pay DCP benefits. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
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 December 31, 2013 and 2012 are as follows: | ||||||||||||||||
Fair Value Measurements as of | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Fair Value as of December 31, 2013 | Using Fair Value Hierarchy | |||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||
Noncontrolling interest put | $ | 19.4 | $ | — | $ | 19.4 | $ | — | ||||||||
Interest rate swap | — | — | — | — | ||||||||||||
Cash surrender value of life insurance policies | 35.1 | — | 35.1 | — | ||||||||||||
Deferred compensation liability | 36.3 | — | 36.3 | — | ||||||||||||
Fair Value Measurements as of | ||||||||||||||||
December 31, 2012 | ||||||||||||||||
Fair Value as of December 31, 2012 | Using Fair Value Hierarchy | |||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||
Noncontrolling interest put | $ | 20.7 | $ | — | $ | 20.7 | $ | — | ||||||||
Cash surrender value of life insurance policies | 30.4 | — | 30.4 | — | ||||||||||||
Deferred compensation liability | 26.6 | — | 26.6 | — | ||||||||||||
The noncontrolling interest put is valued at its contractually determined value, which approximate fair value. During the year ended December 31, 2013, the carrying value of the noncontrolling interest put decreased by $1.3 consisting of a $0.8 increase in the contractually determined value and a $2.5 decrease for foreign currency translation. | ||||||||||||||||
The Company offers certain employees the opportunity to participate in a DCP. A participant's deferrals are "invested" at the direction of the employee in a hypothetical portfolio of investments which are tracked by an administrator. From time to time, 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. 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. | ||||||||||||||||
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 zero-coupon subordinated notes, based on market pricing, was approximately $155.5 and $179.1 as of December 31, 2013 and 2012, respectively. The fair market value of the senior notes, based on market pricing, was approximately $2,907.8 and $2,720.5 as of December 31, 2013 and 2012, respectively. The Company's note and debt instruments are considered level 2 instruments, as the fair market values of these instruments are determined using other observable inputs. The Company's investment in equity securities of $16.4 is considered a level 1 instrument, as the fair market value of this instrument is determined using observable inputs. |
DERIVATIVE_INSTRUMENTS_AND_HED
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 12 Months Ended | |
Dec. 31, 2013 | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | ' | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | ||
The Company addresses its exposure to market risks, principally the market risk associated with changes in interest rates, through a controlled program of risk management that includes, from time to time, the use of derivative financial instruments such as interest rate swap agreements (see Interest Rate Swap section below). Although the Company’s zero-coupon subordinated notes contain features that are considered to be embedded derivative instruments (see Embedded Derivative section below), the Company does not hold or issue derivative financial instruments for trading purposes. The Company does not believe that its exposure to market risk is material to the Company’s financial position or results of operations. | ||
Interest Rate Swap | ||
During the third quarter of 2013, the Company entered into two fixed-to-variable interest rate swap agreements for the 4.625% senior notes due 2020 with an aggregate notional amount of $600.0 and variable interest rates based on one-month LIBOR plus 2.298% to hedge against changes in the fair value of a portion of the Company's long term debt. These derivative financial instruments are accounted for as fair value hedges of the senior notes due 2020. These interest rate swaps are included in other long term assets or liabilities, as applicable, and added to the value of the senior notes, with an aggregate fair value of $0.0 at December 31, 2013. As the specific terms and notional amounts of the derivative financial instruments match those of the fixed-rate debt being hedged, the derivative instruments are assumed to be perfectly effective hedges and accordingly, there is no impact to the Company's consolidated statements of operations. Cash flows from the interest rate swaps are including in operating activities. There were no derivative instruments designated as accounting hedges in 2012. | ||
Embedded Derivatives Related to the Zero-Coupon Subordinated Notes | ||
The Company’s zero-coupon subordinated notes contain the following two features that are considered to be embedded derivative instruments under authoritative guidance in connection with accounting for derivative instruments and hedging activities: | ||
1) | The Company will pay contingent cash interest on the zero-coupon subordinated notes after September 11, 2006, if the average market price of the notes equals 120% or more of the sum of the issue price, accrued original issue discount and contingent additional principal, if any, for a specified measurement period. | |
2) | Holders may surrender zero-coupon subordinated notes for conversion during any period in which the rating assigned to the zero-coupon subordinated notes by Standard & Poor’s Ratings Services is BB- or lower. | |
The Company believes these embedded derivatives had no fair value at December 31, 2013 and 2012. These embedded derivatives also had no impact on the consolidated statements of operations for the years ended December 31, 2013, 2012 and 2011. |
SUPPLEMENTAL_CASH_FLOW_INFORMA
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION | ' | |||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Supplemental schedule of cash flow information: | ||||||||||||
Cash paid during period for: | ||||||||||||
Interest | $ | 97.2 | $ | 77.5 | $ | 99.6 | ||||||
Income taxes, net of refunds | 301.5 | 306.2 | 309.4 | |||||||||
Disclosure of non-cash financing and investing activities: | ||||||||||||
Surrender of restricted stock awards and performance shares | 7.1 | 10.9 | 6 | |||||||||
Conversion of zero-coupon convertible debt | 10.3 | 3.8 | 36.2 | |||||||||
Assets acquired under capital leases | 13.1 | — | — | |||||||||
Accrued property, plant and equipment | 9.1 | 1.2 | — | |||||||||
QUARTERLY_DATA_UNAUDITED
QUARTERLY DATA (UNAUDITED) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
QUARTERLY DATA (UNAUDITED) | ' | |||||||||||||||||||
QUARTERLY DATA (UNAUDITED) | ||||||||||||||||||||
The following is a summary of unaudited quarterly data: | ||||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||
1st | 2nd | 3rd | 4th | Full | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | ||||||||||||||||
Net sales | $ | 1,440.90 | $ | 1,468.20 | $ | 1,462.20 | $ | 1,437.00 | $ | 5,808.30 | ||||||||||
Gross profit | 572.2 | 577.3 | 547.6 | 526.1 | 2,223.20 | |||||||||||||||
Net earnings attributable to Laboratory Corporation of America Holdings | 147.2 | 151.9 | 148.3 | 126.4 | 573.8 | |||||||||||||||
Basic earnings per common share | 1.58 | 1.65 | 1.66 | 1.46 | 6.36 | |||||||||||||||
Diluted earnings per common share | 1.56 | 1.62 | 1.63 | 1.43 | 6.25 | |||||||||||||||
Year ended December 31, 2012 | ||||||||||||||||||||
1st | 2nd | 3rd | 4th | Full | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | ||||||||||||||||
Net sales | $ | 1,423.30 | $ | 1,423.40 | $ | 1,419.40 | $ | 1,405.30 | $ | 5,671.40 | ||||||||||
Gross profit | 576.1 | 579.5 | 556.1 | 538 | 2,249.70 | |||||||||||||||
Net earnings attributable to Laboratory Corporation of America Holdings | 161.6 | 153.3 | 148 | 120.2 | 583.1 | |||||||||||||||
Basic earnings per common share | 1.66 | 1.59 | 1.56 | 1.28 | 6.09 | |||||||||||||||
Diluted earnings per common share | 1.63 | 1.56 | 1.53 | 1.26 | 5.99 | |||||||||||||||
Schedule_II_Valuation_And_Qual
Schedule II - Valuation And Qualifying Accounts And Reserves | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Schedule to Financial Statments [Abstract] | ' | |||||||||||||||
Schedule II - Valuation and Qualifying Accounts | ' | |||||||||||||||
Schedule II | ||||||||||||||||
LABORATORY CORPORATION OF AMERICA HOLDINGS AND SUBSIDIARIES | ||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | ||||||||||||||||
Years Ended December 31, 2013, 2012 and 2011 | ||||||||||||||||
(Dollars in millions) | ||||||||||||||||
Balance at | Additions | -1 | Balance | |||||||||||||
beginning | Charged to Costs and Expense | Other | at end | |||||||||||||
of year | (Deductions)Additions | of year | ||||||||||||||
Year ended December 31, 2013: | ||||||||||||||||
Applied against asset accounts: | ||||||||||||||||
Allowance for doubtful accounts | $ | 191.5 | $ | 254.8 | $ | (248.0 | ) | $ | 198.3 | |||||||
Valuation allowance-deferred tax assets | $ | 18.4 | $ | 0.2 | $ | (2.1 | ) | $ | 16.5 | |||||||
Year ended December 31, 2012: | ||||||||||||||||
Applied against asset accounts: | ||||||||||||||||
Allowance for doubtful accounts | $ | 197.6 | $ | 246 | $ | (252.1 | ) | $ | 191.5 | |||||||
Valuation allowance-deferred tax assets | $ | 14.4 | $ | 2.1 | $ | 1.9 | $ | 18.4 | ||||||||
Year ended December 31, 2011: | ||||||||||||||||
Applied against asset accounts: | ||||||||||||||||
Allowance for doubtful accounts | $ | 149.2 | $ | 255.1 | $ | (206.7 | ) | $ | 197.6 | |||||||
Valuation allowance-deferred tax assets | $ | 11.4 | $ | 3.1 | $ | (0.1 | ) | $ | 14.4 | |||||||
(1) Other (Deductions) Additions consists primarily of write-offs of accounts receivable amounts. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Basis of Financial Statement Presentation | ' | |||
Basis of Financial Statement Presentation | ||||
Laboratory Corporation of America Holdings with its subsidiaries (the “Company”) is the second largest independent clinical laboratory company in the U.S. based on 2013 net revenues. Through a national network of laboratories, the Company offers a broad range of testing services used by the medical profession in core testing, patient diagnosis, and in the monitoring and treatment of disease. In addition, the Company has developed specialty and niche operations based on certain types of specialized testing capabilities and client requirements, such as oncology testing, HIV genotyping and phenotyping, diagnostic genetics and clinical research trials. | ||||
Since its founding in 1971, the Company has grown into a network of 44 primary laboratories and over 1,700 patient service centers along with a network of branches and STAT laboratories. With over 34,000 employees, the Company processes tests on approximately 490,000 patient specimens daily and provides clinical laboratory testing services to clients throughout the United States and other countries including Mexico, the Bahamas, Belgium, Germany, Italy, Spain, the United Kingdom, China, Singapore, Japan, South Korea, and three provinces in Canada. The Company operates within two reportable segments based on the way the Company manages its business. | ||||
The 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% and no representation on the investee's board of directors) are accounted for using the cost method. All significant inter-company transactions and accounts have been eliminated. The Company does not have any variable interest entities or special purpose entities whose financial results are not included in the consolidated financial statements. | ||||
The financial statements of the Company's 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 year. Resulting translation adjustments are included in "Accumulated other comprehensive income.” | ||||
Revenue Recognition | ' | |||
Revenue Recognition | ||||
Sales are recognized on the accrual basis at the time test results are reported, which approximates when services are provided. Services are provided to certain patients covered by various third-party payer programs including various managed care organizations, as well as the Medicare and Medicaid programs. Billings for services under third-party payer programs are included in sales net of allowances for contractual discounts and allowances for differences between the amounts billed and estimated program payment amounts. Adjustments to the estimated payment amounts based on final settlement with the programs are recorded upon settlement as an adjustment to revenue. In 2013, 2012 and 2011, approximately 16.0%, 17.6% and 19.0%, respectively, of the Company's revenues were derived directly from the Medicare and Medicaid programs. The Company has capitated agreements with certain managed care customers and recognizes related revenue based on a predetermined monthly contractual rate for each member of the managed care plan regardless of the number or cost of services provided by the Company. In 2013, 2012 and 2011, approximately 3.2%, 3.0% and 2.9%, respectively, of the Company's revenues were derived from such capitated agreements. | ||||
The Company's net sales are comprised of the following: | ||||
Use of Estimates | ' | |||
Use of Estimates | ||||
The preparation of financial statements in conformity with generally accepted accounting principles requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported periods. Significant estimates include the allowances for doubtful accounts, deferred tax assets, fair values and amortization lives for intangible assets, and accruals for self-insurance reserves and pensions. The allowance for doubtful accounts is determined based on historical collections trends, the aging of accounts, current economic conditions and regulatory changes. Actual results could differ from those estimates. | ||||
Concentration of Credit Risk | ' | |||
Concentration of Credit Risk | ||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. | ||||
The Company maintains cash and cash equivalents with various major financial institutions. The total cash balances on deposit that exceeded the balances insured by the F.D.I.C., were approximately $52.8 at December 31, 2013. Cash equivalents at December 31, 2013, totaled $367.5, which includes amounts invested in money market funds, time deposits, municipal, treasury and government funds. | ||||
Substantially all of the Company’s accounts receivable are with companies in the health care industry and individuals. However, concentrations of credit risk are limited due to the number of the Company’s clients as well as their dispersion across many different geographic regions. | ||||
While the Company has receivables due from federal and state governmental agencies, the Company does not believe that such receivables represent a credit risk since the related healthcare programs are funded by federal and state governments, and payment is primarily dependent upon submitting appropriate documentation. Accounts receivable balances (gross) from Medicare and Medicaid were $128.6 and $121.1 at December 31, 2013 and 2012, respectively. | ||||
For the Company's subsidiary operations in Ontario, Canada, the Ministry of Health determines who can establish a licensed community medical laboratory and caps the amount that each of these licensed laboratories can bill the government sponsored healthcare plan. The Ontario government-sponsored healthcare plan covers the cost of clinical laboratory testing performed by the licensed laboratories. The provincial government discounts the annual testing volumes based on certain utilization discounts and establishes an annual maximum it will pay for all community laboratory tests. The agreed-upon reimbursement rates are subject to Ministry of Health review at the end of year and can be adjusted (at the government's discretion) based upon the actual volume and mix of test work performed by the licensed providers in the province during the year. The accounts receivable balances from the Ontario government sponsored healthcare plan was $33.2 and $26.7 at December 31, 2013 and 2012, respectively. | ||||
The portion of the Company's accounts receivable due from patients comprises the largest portion of credit risk. At December 31, 2013 and 2012, receivables due from patients represent approximately 27.8% and 28.3% of the Company's consolidated gross accounts receivable. The Company applies assumptions and judgments including historical collection experience for assessing collectibility and determining allowances for doubtful accounts for accounts receivable from patients. | ||||
Earnings Per Share | ' | |||
Earnings per Share | ||||
Basic earnings per share is computed by dividing net earnings attributable to Laboratory Corporation of America Holdings 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, performance share awards, and shares issuable upon conversion of zero-coupon subordinated notes. | ||||
Stock Compensation Plans | ' | |||
Stock Compensation Plans | ||||
The Company measures stock compensation cost for all equity awards at fair value on the date of grant and recognizes compensation expense over the service period for awards expected to vest. The fair value of restricted stock awards and performance shares is determined based on the number of shares granted and the quoted price of the Company’s common stock on the grant date. Such value is recognized as expense over the service period, net of estimated forfeitures. The estimation of equity awards that will ultimately vest requires judgment and the Company considers many factors when estimating expected forfeitures, including types of awards, employee class, and historical experience. The cumulative effect on current and prior periods of a change in the estimated forfeiture rate is recognized as compensation cost in earnings in the period of the revision. Actual results and future estimates may differ substantially from the Company’s current estimates. | ||||
See Note 14 for assumptions used in calculating compensation expense for the Company’s stock compensation plans. | ||||
Cash Equivalents | ' | |||
Cash Equivalents | ||||
Cash and cash equivalents consist of highly liquid instruments, such as commercial paper, time deposits, and other money market instruments, which have original maturities of three months or less. | ||||
Inventories | ' | |||
Inventories | ||||
Inventories, consisting primarily of purchased laboratory and client supplies, are stated at the lower of cost (first-in, first-out) or market. | ||||
Property, Plant and Equipment | ' | |||
Property, Plant and Equipment | ||||
Property, plant and equipment are recorded at cost. The cost of properties held under capital leases is equal to the lower of the net present value of the minimum lease payments or the fair value of the leased property at the inception of the lease. Depreciation and amortization expense is computed on all classes of assets based on their estimated useful lives, as indicated below, using the straight-line method. | ||||
Years | ||||
Buildings and building improvements | 10 | - | 35 | |
Machinery and equipment | 3 | - | 10 | |
Furniture and fixtures | 5 | - | 10 | |
Software | 3 | - | 10 | |
Leasehold improvements and assets held under capital leases are amortized over the shorter of their estimated useful lives or the term of the related leases. Expenditures for repairs and maintenance are charged to operations as incurred. Retirements, sales and other disposals of assets are recorded by removing the cost and accumulated depreciation from the related accounts with any resulting gain or loss reflected in the consolidated statements of operations. | ||||
Capitalized Software Costs | ' | |||
Capitalized Software Costs | ||||
The Company capitalizes purchased software which is ready for service and capitalizes software development costs incurred on significant projects starting from the time that the preliminary project stage is completed and the Company commits to funding a project until the project is substantially complete and the software is ready for its intended use. Capitalized costs include direct material and service costs and payroll and payroll-related costs. Research and development costs and other computer software maintenance costs related to software development are expensed as incurred. Capitalized software costs are amortized using the straight-line method over the estimated useful life of the underlying system, generally five years. | ||||
Long-Lived Assets | ' | |||
Long-Lived Assets | ||||
The Company assesses goodwill and indefinite lived intangibles for impairment at least annually and more frequently if triggering events occur. The timing of the Company's annual impairment testing is the end of the fiscal year. In accordance with the Financial Accounting Standards Board (“FASB”) updates to their authoritative guidance regarding goodwill and indefinite-lived intangible asset impairment testing, an entity is allowed to first assess qualitative factors as a basis for determining whether it is necessary to perform quantitative impairment testing. If an entity determines that it is not more likely than not that the estimated fair value of an asset is less than its carrying value, then no further testing is required. Otherwise, impairment testing must be performed in accordance with the original accounting standards. The updated FASB guidance also allows an entity to bypass the qualitative assessment for any reporting unit in its goodwill assessment and proceed directly to performing the first step of the two-step assessment. Similarly, a Company can proceed directly to a quantitative assessment in the case of impairment testing for indefinite-lived intangible assets as well. In 2013 and 2012, the Company elected to bypass the purely qualitative assessments for its goodwill and indefinite-lived intangible assets and proceed to quantitative assessments utilizing methodologies as described in the following paragraphs. | ||||
Step One of the goodwill impairment test includes the estimation of the fair value of each reporting unit as compared to the book value of the reporting unit. The Company uses a market value approach for determining fair value and utilizes a number of factors such as publicly available information regarding the market capitalization of the Company as well as operating results, business plans, and present value techniques. If Step One indicates potential impairment, the second step is performed to measure the amount of the impairment. | ||||
The Company has indefinite-lived assets consisting of acquired Canadian licenses. When a quantitative analysis is considered necessary for indefinite-lived intangible assets, the Company utilizes an income approach to determine the fair value. It then compares the carrying value of the indefinite-lived asset to its fair value. Impairment losses are recorded to the extent that the carrying value of the indefinite-lived intangible asset exceeds its fair value. | ||||
There are inherent uncertainties related to the factors described above and judgment related to the Company's impairment assessments of goodwill and indefinite-lived intangibles. The assumptions underlying the impairment analyses may change in such a manner that impairment in value may occur in the future. Any such impairment will be recognized in the period in which it becomes known. | ||||
The Company completed an annual impairment analysis of its indefinite lived assets, including goodwill, and has found no instances of impairment as of December 31, 2013 or 2012. | ||||
Long-lived assets, other than goodwill and indefinite-lived assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. Recoverability of assets to be held and used is determined by the Company at the level for which there are identifiable cash flows by comparison of the carrying amount of the assets to future undiscounted net cash flows before interest expense and income taxes expected to be generated by the assets. Impairment, if any, is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets (based on market prices in an active market or on discounted cash flows). Assets to be disposed of are reported at the lower of the carrying amount or fair value. The Company found no instances of impairment as of December 31, 2013 or 2012. | ||||
Intangible Assets | ' | |||
Intangible Assets | ||||
Intangible assets are amortized on a straight-line basis over the expected periods to be benefited, as set forth in the table below, such as legal life for patents and technology and contractual lives for non-compete agreements. | ||||
Years | ||||
Customer relationships | 10 | - | 30 | |
Patents, licenses and technology | 3 | - | 15 | |
Non-compete agreements | 5 | - | 10 | |
Trade names | 5 | - | 10 | |
Debt Issuance Costs | ' | |||
Debt Issuance Costs | ||||
The costs related to the issuance of debt are capitalized and amortized to interest expense over the terms of the related debt. | ||||
Professional Liability | ' | |||
Professional Liability | ||||
The Company is self-insured (up to certain limits) for professional liability claims arising in the normal course of business, generally related to the testing and reporting of laboratory test results. The Company estimates a liability that represents the ultimate exposure for aggregate losses below those limits. The liability is discounted and is based on actuarial assumptions and factors for known and incurred but not reported claims, including the frequency and payment trends of historical claims. | ||||
Income Taxes | ' | |||
Income Taxes | ||||
The Company accounts for income taxes utilizing the asset and liability method. Under this method deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and for tax loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company does not recognize a tax benefit unless the Company concludes that it is more likely than not that the benefit will be sustained on audit by the taxing authority based solely on the technical merits of the associated tax position. If the recognition threshold is met, the Company recognizes a tax benefit measured at the largest amount of the tax benefit that the Company believes is greater than 50% likely to be realized. The Company records interest and penalties in income tax expense. | ||||
Derivative Financial Instruments | ' | |||
Derivative Financial Instruments | ||||
Interest rate swap agreements, which have been used by the Company from time to time in the management of interest rate exposure, are accounted for at fair value. The Company’s zero-coupon subordinated notes contain two features that are considered to be embedded derivative instruments under authoritative guidance in connection with accounting for derivative instruments and hedging activities. The Company believes these embedded derivatives had no fair value at December 31, 2013 and 2012. | ||||
See Note 18 for the Company’s objectives in using derivative instruments and the effect of derivative instruments and related hedged items on the Company’s financial position, financial performance and cash flows. | ||||
Fair Value of Financial Instruments | ' | |||
Fair Value of Financial Instruments | ||||
Fair value measurements for financial assets and liabilities are determined based on the assumptions that a market participant would use in pricing an asset or liability. A three-tiered fair value hierarchy draws distinctions between market participant assumptions based on (i) observable inputs such as quoted prices in active markets (Level 1), (ii) inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2) and (iii) unobservable inputs that require the Company to use present value and other valuation techniques in the determination of fair value (Level 3). | ||||
Research and Development | ' | |||
Research and Development | ||||
The Company expenses research and development costs as incurred. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Net Sales | ' | ||||||||||||||||||||||||||||||||
The Company's net sales are comprised of the following: | |||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||
Net sales | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Clinical diagnostics laboratory: | |||||||||||||||||||||||||||||||||
Core Testing | $ | 3,445.10 | $ | 3,246.60 | $ | 3,143.90 | |||||||||||||||||||||||||||
Genomic and Esoteric Testing | 2,020.10 | 2,089.80 | 2,089.00 | ||||||||||||||||||||||||||||||
Other | 343.1 | 335 | 309.4 | ||||||||||||||||||||||||||||||
Total | $ | 5,808.30 | $ | 5,671.40 | $ | 5,542.30 | |||||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Income | Shares | Per Share | Income | Shares | Per Share | Income | Shares | Per Share | |||||||||||||||||||||||||
Amount | Amount | Amount | |||||||||||||||||||||||||||||||
Basic earnings per share | $ | 573.8 | 90.2 | $ | 6.36 | $ | 583.1 | 95.7 | $ | 6.09 | $ | 519.7 | 100 | $ | 5.2 | ||||||||||||||||||
Stock options | — | 1.1 | — | 0.8 | — | 0.9 | |||||||||||||||||||||||||||
Restricted stock awards and other | — | — | — | 0.3 | — | 0.3 | |||||||||||||||||||||||||||
Effect of convertible debt, net of tax | — | 0.5 | — | 0.6 | — | 0.6 | |||||||||||||||||||||||||||
Diluted earnings per share | $ | 573.8 | 91.8 | $ | 6.25 | $ | 583.1 | 97.4 | $ | 5.99 | $ | 519.7 | 101.8 | $ | 5.11 | ||||||||||||||||||
Potential common shares not included in computation of diluted earnings per share | ' | ||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Stock options | 0.1 | 2.4 | 1.3 | ||||||||||||||||||||||||||||||
Property, Plant and Equipment | ' | ||||||||||||||||||||||||||||||||
Years | |||||||||||||||||||||||||||||||||
Buildings and building improvements | 10 | - | 35 | ||||||||||||||||||||||||||||||
Machinery and equipment | 3 | - | 10 | ||||||||||||||||||||||||||||||
Furniture and fixtures | 5 | - | 10 | ||||||||||||||||||||||||||||||
Software | 3 | - | 10 | ||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets | ' | ||||||||||||||||||||||||||||||||
Intangible assets are amortized on a straight-line basis over the expected periods to be benefited, as set forth in the table below, such as legal life for patents and technology and contractual lives for non-compete agreements. | |||||||||||||||||||||||||||||||||
Years | |||||||||||||||||||||||||||||||||
Customer relationships | 10 | - | 30 | ||||||||||||||||||||||||||||||
Patents, licenses and technology | 3 | - | 15 | ||||||||||||||||||||||||||||||
Non-compete agreements | 5 | - | 10 | ||||||||||||||||||||||||||||||
Trade names | 5 | - | 10 |
RESTRUCTURING_RESERVES_Tables
RESTRUCTURING RESERVES (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Restructuring Reserve [Abstract] | ' | |||||||||||
Schedule of Restructuring Reserves | ' | |||||||||||
RESTRUCTURING RESERVES | ||||||||||||
The following represents the Company’s restructuring activities for the period indicated: | ||||||||||||
Severance | Lease | Total | ||||||||||
and Other | and Other | |||||||||||
Employee | Facility | |||||||||||
Costs | Costs | |||||||||||
Balance as of December 31, 2012 | $ | 1.4 | $ | 26.2 | $ | 27.6 | ||||||
Restructuring charges | 15.4 | 9.5 | 24.9 | |||||||||
Reduction of prior restructuring accruals | (0.6 | ) | (2.5 | ) | (3.1 | ) | ||||||
Cash payments and other adjustments | (15.4 | ) | (8.3 | ) | (23.7 | ) | ||||||
Balance as of December 31, 2013 | $ | 0.8 | $ | 24.9 | $ | 25.7 | ||||||
Current | $ | 9.3 | ||||||||||
Non-current | 16.4 | |||||||||||
$ | 25.7 | |||||||||||
The non-current portion of the restructuring liabilities is expected to be paid out over 7 years. |
JOINT_VENTURE_PARTNERSHIPS_AND1
JOINT VENTURE PARTNERSHIPS AND EQUITY METHOD INVESTMENTS (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||
Investments in unconsolidated joint venture partnerships and equity method investment | ' | |||||||||||
At December 31, 2013 the Company had investments in the following unconsolidated joint venture partnerships and equity method investments: | ||||||||||||
Locations | Net Investment | Interest Owned | ||||||||||
Joint Venture Partnerships: | ||||||||||||
Milwaukee, Wisconsin | $ | 15.5 | 50 | % | ||||||||
Alberta, Canada | 58.5 | 43.37 | % | |||||||||
Florence, South Carolina | 10 | 49 | % | |||||||||
Equity Method Investments: | ||||||||||||
Various | 4.5 | various | ||||||||||
Condensed unconsolidated financial information for joint venture partnerships and equity method investments is shown in the following table. | ||||||||||||
As of December 31: | 2013 | 2012 | ||||||||||
Current assets | $ | 43.4 | $ | 36.8 | ||||||||
Other assets | 40.9 | 39.9 | ||||||||||
Total assets | $ | 84.3 | $ | 76.7 | ||||||||
Current liabilities | $ | 21.9 | $ | 19.6 | ||||||||
Other liabilities | 1.3 | 1.7 | ||||||||||
Total liabilities | 23.2 | 21.3 | ||||||||||
Partners' equity | 61.1 | 55.4 | ||||||||||
Total liabilities and partners’ equity | $ | 84.3 | $ | 76.7 | ||||||||
For the period January 1 - December 31: | 2013 | 2012 | 2011 | |||||||||
Net sales | $ | 255.2 | $ | 249 | $ | 247.4 | ||||||
Gross profit | 84.1 | 86.4 | 73.1 | |||||||||
Net earnings | 37.7 | 42.2 | 28 | |||||||||
ACCOUNTS_RECEIVABLE_NET_Tables
ACCOUNTS RECEIVABLE, NET (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Receivables [Abstract] | ' | |||||||
Accounts receivable | ' | |||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Gross accounts receivable | $ | 983 | $ | 910 | ||||
Less allowance for doubtful accounts | (198.3 | ) | (191.5 | ) | ||||
$ | 784.7 | $ | 718.5 | |||||
PROPERTY_PLANT_AND_EQUIPMENT_N1
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, plant and equipment, net | ' | |||||||
December 31, 2013 | December 31, 2012 | |||||||
Land | $ | 29 | $ | 24.9 | ||||
Buildings and building improvements | 188.8 | 138.8 | ||||||
Machinery and equipment | 712.1 | 655.5 | ||||||
Software | 404.9 | 348.5 | ||||||
Leasehold improvements | 196.5 | 193.3 | ||||||
Furniture and fixtures | 58.1 | 58.6 | ||||||
Construction in progress | 127.9 | 154.6 | ||||||
Equipment and real estate under capital leases | 14.6 | 1.5 | ||||||
1,731.90 | 1,575.70 | |||||||
Less accumulated depreciation and amortization of capital lease assets | (1,024.5 | ) | (944.9 | ) | ||||
$ | 707.4 | $ | 630.8 | |||||
GOODWILL_AND_INTANGIBLE_ASSETS1
GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Changes in Carrying Amount of Goodwill | ' | |||||||||||||||||||||||
The changes in the carrying amount of goodwill (net of accumulated amortization) for the years ended December 31, 2013 and 2012 are as follows: | ||||||||||||||||||||||||
Clinical Diagnostics Laboratory Segment | Other Segment | Total | ||||||||||||||||||||||
December 31, | 31-Dec-12 | December 31, | 31-Dec-12 | December 31, | 31-Dec-12 | |||||||||||||||||||
2013 | 2013 | 2013 | ||||||||||||||||||||||
Balance as of January 1 | $ | 2,857.10 | $ | 2,643.50 | $ | 44.6 | $ | 38.3 | $ | 2,901.70 | $ | 2,681.80 | ||||||||||||
Goodwill acquired during the period | 107.5 | 219.1 | 19.5 | 5.4 | 127 | 224.5 | ||||||||||||||||||
Adjustments to goodwill | (4.4 | ) | (5.5 | ) | (1.5 | ) | 0.9 | (5.9 | ) | (4.6 | ) | |||||||||||||
Balance at end of period | $ | 2,960.20 | $ | 2,857.10 | $ | 62.6 | $ | 44.6 | $ | 3,022.80 | $ | 2,901.70 | ||||||||||||
Components of identifiable intangible assets | ' | |||||||||||||||||||||||
The components of identifiable intangible assets are as follows: | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||||||||||
Customer relationships | $ | 1,327.00 | $ | (545.1 | ) | $ | 781.9 | $ | 1,296.10 | $ | (483.3 | ) | $ | 812.8 | ||||||||||
Patents, licenses and technology | 116.2 | (85.4 | ) | 30.8 | 117.2 | (76.2 | ) | 41 | ||||||||||||||||
Non-compete agreements | 41.6 | (25.3 | ) | 16.3 | 32.3 | (19.6 | ) | 12.7 | ||||||||||||||||
Trade names | 131.4 | (83.0 | ) | 48.4 | 131.3 | (73.4 | ) | 57.9 | ||||||||||||||||
Canadian licenses | 694.6 | — | 694.6 | 743.3 | — | 743.3 | ||||||||||||||||||
$ | 2,310.80 | $ | (738.8 | ) | $ | 1,572.00 | $ | 2,320.20 | $ | (652.5 | ) | $ | 1,667.70 | |||||||||||
Acquired amortizable intangible assets and their respective weighted average amortization periods | ' | |||||||||||||||||||||||
A summary of amortizable intangible assets acquired during 2013, and their respective weighted average amortization periods are as follows: | ||||||||||||||||||||||||
Amount | Weighted | |||||||||||||||||||||||
Average | ||||||||||||||||||||||||
Amortization | ||||||||||||||||||||||||
Period | ||||||||||||||||||||||||
Customer relationships | $ | 31.6 | 16.2 | |||||||||||||||||||||
Non-compete agreements | 9.3 | 5 | ||||||||||||||||||||||
$ | 40.9 | 13.7 | ||||||||||||||||||||||
ACCRUED_EXPENSES_AND_OTHER_Tab
ACCRUED EXPENSES AND OTHER (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued expenses and other | ' | |||||||
December 31, 2013 | December 31, 2012 | |||||||
Employee compensation and benefits | $ | 166 | $ | 158 | ||||
Self-insurance reserves | 33.3 | 34.2 | ||||||
Accrued taxes payable | 24.2 | 24 | ||||||
Royalty and license fees payable | 8.1 | 13.8 | ||||||
Restructuring reserves | 9.3 | 8.4 | ||||||
Acquisition related reserves | 14.2 | 11.5 | ||||||
Interest payable | 19.7 | 24 | ||||||
Other | 35.2 | 37.7 | ||||||
$ | 310 | $ | 311.6 | |||||
OTHER_LIABILITIES_Tables
OTHER LIABILITIES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Liabilities Disclosure [Abstract] | ' | |||||||
Other liabilities | ' | |||||||
December 31, 2013 | December 31, 2012 | |||||||
Post-retirement benefit obligation | $ | 60.6 | $ | 60.7 | ||||
Defined benefit plan obligation | 80 | 122.5 | ||||||
Restructuring reserves | 16.4 | 19.2 | ||||||
Self-insurance reserves | 31.6 | 44.5 | ||||||
Acquisition related reserves | 7.2 | 10.2 | ||||||
Deferred revenue | 4 | 5.4 | ||||||
Other | 66.7 | 44.9 | ||||||
$ | 266.5 | $ | 307.4 | |||||
DEBT_Tables
DEBT (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Short-term borrowings and current portion of long-term debt | ' | |||||||
Short-term borrowings and current portion of long-term debt at December 31, 2013 and 2012 consisted of the following: | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Zero-coupon convertible subordinated notes | $ | 110.8 | $ | 130 | ||||
5.5% Senior Notes due 2013 | — | 350 | ||||||
Capital lease obligation | 0.5 | — | ||||||
Total short-term borrowings and current portion of long-term debt | $ | 111.3 | $ | 480 | ||||
Long-term debt | ' | |||||||
Long-term debt at December 31, 2013 and 2012 consisted of the following: | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
5.625% Senior Notes due 2015 | $ | 250 | $ | 250 | ||||
3.125% Senior Notes due 2016 | 325 | 325 | ||||||
2.20% Senior Notes due 2017 | 500 | 500 | ||||||
2.50% Senior Notes due 2018 | 400 | — | ||||||
4.625% Senior Notes due 2020 | 600 | 600 | ||||||
3.75% Senior Notes due 2022 | 500 | 500 | ||||||
4.00% Senior Notes due 2023 | 300 | — | ||||||
Capital leases | 14.1 | — | ||||||
Total long-term debt | $ | 2,889.10 | $ | 2,175.00 | ||||
PREFERRED_STOCK_AND_COMMON_SHA1
PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||||
Common shares issued and outstanding [Text Block] | ' | |||||||||||||||||||
The Company is authorized to issue up to 265.0 shares of common stock, par value $0.10 per share. The Company’s treasury shares are recorded at aggregate cost. Common shares issued and outstanding are summarized in the following table: | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Issued | 108.1 | 115.8 | ||||||||||||||||||
In treasury | (22.4 | ) | (22.3 | ) | ||||||||||||||||
Outstanding | 85.7 | 93.5 | ||||||||||||||||||
Changes in common shares issued and held in treasury [Text Block] | ' | |||||||||||||||||||
The changes in common shares issued and held in treasury are summarized below: | ||||||||||||||||||||
Common shares issued | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Common stock issued at January 1 | 115.8 | 120 | 124.5 | |||||||||||||||||
Common stock issued under employee stock plans | 2.6 | 1.6 | 1.9 | |||||||||||||||||
Common stock issued upon conversion of zero-coupon subordinated notes | 0.1 | — | 1 | |||||||||||||||||
Retirement of common stock | (10.4 | ) | (5.8 | ) | (7.4 | ) | ||||||||||||||
Common stock issued at December 31 | 108.1 | 115.8 | 120 | |||||||||||||||||
Common shares held in treasury | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Common shares held in treasury at January 1 | 22.3 | 22.2 | 22.1 | |||||||||||||||||
Surrender of restricted stock and performance share awards | 0.1 | 0.1 | 0.1 | |||||||||||||||||
Common shares held in treasury at December 31 | 22.4 | 22.3 | 22.2 | |||||||||||||||||
Accumulated Other Comprehensive Earnings Components [Text Block] | ' | |||||||||||||||||||
The components of accumulated other comprehensive earnings are as follows: | ||||||||||||||||||||
Foreign | Net | Investment Adjustments | Interest | Accumulated | ||||||||||||||||
Currency | Benefit | Rate | Other | |||||||||||||||||
Translation | Plan | Swap | Comprehensive | |||||||||||||||||
Adjustments | Adjustments | Adjustments | Earnings | |||||||||||||||||
Balance at December 31, 2010 | $ | 152.8 | $ | (62.9 | ) | — | $ | (1.4 | ) | $ | 88.5 | |||||||||
Current year adjustments | (13.2 | ) | (65.3 | ) | — | 2.4 | (76.1 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (a) | — | 7.8 | — | — | 7.8 | |||||||||||||||
Tax effect of adjustments | 3.9 | 22.4 | — | (1.0 | ) | 25.3 | ||||||||||||||
Balance at December 31, 2011 | 143.5 | (98.0 | ) | — | — | 45.5 | ||||||||||||||
Current year adjustments | 31.3 | (4.8 | ) | — | — | 26.5 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income (a) | — | 12.1 | — | — | 12.1 | |||||||||||||||
Tax effect of adjustments | (11.9 | ) | (2.8 | ) | — | — | (14.7 | ) | ||||||||||||
Balance at December 31, 2012 | 162.9 | (93.5 | ) | — | — | 69.4 | ||||||||||||||
Current year adjustments | (63.2 | ) | 31.6 | 16.4 | — | (15.2 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (a) | — | 10.5 | — | — | 10.5 | |||||||||||||||
Tax effect of adjustments | 23.5 | (15.7 | ) | (6.3 | ) | — | 1.5 | |||||||||||||
Balance at December 31, 2013 | $ | 123.2 | $ | (67.1 | ) | $ | 10.1 | $ | — | $ | 66.2 | |||||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Income before Income Tax, Domestic and Foreign | ' | |||||||||||
The sources of income before taxes, classified between domestic and foreign entities are as follows: | ||||||||||||
Pre-tax income | 2013 | 2012 | 2011 | |||||||||
Domestic | $ | 844.2 | $ | 909 | $ | 834 | ||||||
Foreign | 71.4 | 35.2 | 32.1 | |||||||||
Total pre-tax income | $ | 915.6 | $ | 944.2 | $ | 866.1 | ||||||
Provision for Income Tax Expense (Benefit) | ' | |||||||||||
The provisions for income taxes in the accompanying consolidated statements of operations consist of the following: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current: | ||||||||||||
Federal | $ | 231.6 | $ | 254.1 | $ | 269.7 | ||||||
State | 29.9 | 35.1 | 54.3 | |||||||||
Foreign | 22.5 | 16.9 | 6.8 | |||||||||
$ | 284 | $ | 306.1 | $ | 330.8 | |||||||
Deferred: | ||||||||||||
Federal | $ | 55.2 | $ | 58.3 | $ | 5 | ||||||
State | 6.1 | 0.4 | (4.4 | ) | ||||||||
Foreign | (5.1 | ) | (5.4 | ) | 1.6 | |||||||
56.2 | 53.3 | 2.2 | ||||||||||
$ | 340.2 | $ | 359.4 | $ | 333 | |||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||||
The effective tax rates on earnings before income taxes are reconciled to statutory federal income tax rates as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Statutory federal rate | 35 | % | 35 | % | 35 | % | ||||||
State and local income taxes, net of federal income tax effect | 2.6 | 2.4 | 3.7 | |||||||||
Other | (0.4 | ) | 0.7 | (0.3 | ) | |||||||
Effective rate | 37.2 | % | 38.1 | % | 38.4 | % | ||||||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows: | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Accounts receivable | $ | 20.2 | $ | 25 | ||||||||
Employee compensation and benefits | 83.4 | 114.4 | ||||||||||
Self insurance reserves | 17.8 | 17 | ||||||||||
Postretirement benefit obligation | 23.2 | 23.3 | ||||||||||
Acquisition and restructuring reserves | 20.6 | 18.5 | ||||||||||
Tax loss carryforwards | 58 | 66.3 | ||||||||||
Other | 3.8 | 2.1 | ||||||||||
227 | 266.6 | |||||||||||
Less: valuation allowance | (16.5 | ) | (18.4 | ) | ||||||||
Net deferred tax assets | $ | 210.5 | $ | 248.2 | ||||||||
Deferred tax liabilities: | ||||||||||||
Deferred earnings | $ | (15.1 | ) | $ | (17.9 | ) | ||||||
Intangible assets | (463.4 | ) | (434.1 | ) | ||||||||
Property, plant and equipment | (86.4 | ) | (73.8 | ) | ||||||||
Zero-coupon subordinated notes | (106.7 | ) | (110.5 | ) | ||||||||
Currency translation adjustment | (77.9 | ) | (101.0 | ) | ||||||||
Total gross deferred tax liabilities | (749.5 | ) | (737.3 | ) | ||||||||
Net deferred tax liabilities | $ | (539.0 | ) | $ | (489.1 | ) | ||||||
Reconciliation of Unrecognized Tax Benefits from Uncertain Tax Positions | ' | |||||||||||
The following table shows a reconciliation of the unrecognized income tax benefits from uncertain tax positions for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance as of January 1 | $ | 36.4 | $ | 52.7 | $ | 53.6 | ||||||
Increase in reserve for tax positions taken in the current year | 1.9 | 0.4 | 8.6 | |||||||||
Increase (decrease) in reserve for tax positions taken in a prior period | — | (8.0 | ) | — | ||||||||
Decrease in reserve as a result of settlements reached with tax authorities | (4.4 | ) | (0.1 | ) | (0.2 | ) | ||||||
Decrease in reserve as a result of lapses in the statute of limitations | (8.3 | ) | (8.6 | ) | (9.3 | ) | ||||||
Balance as of December 31 | $ | 25.6 | $ | 36.4 | $ | 52.7 | ||||||
STOCK_COMPENSATION_PLANS_Table
STOCK COMPENSATION PLANS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Disclosure of Share Based Compensation Arrangements by Share Based Payment Awards | ' | ||||||||||||
Changes in options outstanding under the plans for the period indicated were as follows: | |||||||||||||
Number of | Weighted- | Weighted- | Aggregate | ||||||||||
Options | Average | Average | Intrinsic | ||||||||||
Exercise Price | Remaining | Value | |||||||||||
per Option | Contractual | ||||||||||||
Term | |||||||||||||
Outstanding at December 31, 2012 | 6.9 | $ | 77.62 | ||||||||||
Granted | — | — | |||||||||||
Exercised | (2.2 | ) | 72.02 | ||||||||||
Cancelled | (0.1 | ) | 82.92 | ||||||||||
Outstanding at December 31, 2013 | 4.6 | $ | 80.18 | 6.4 | $ | 51.5 | |||||||
Vested and expected to vest at December 31, 2013 | 4.5 | $ | 80.13 | 6.4 | $ | 51.3 | |||||||
Exercisable at December 31, 2013 | 3.1 | $ | 77.06 | 5.7 | $ | 44.2 | |||||||
Disclosure of the Impact of Stock Options Exercised | ' | ||||||||||||
Cash received by the Company from option exercises, the actual tax benefit realized for the tax deductions and the aggregate intrinsic value of options exercised from option exercises under all share-based payment arrangements during the years ended December 31, 2013, 2012, and 2011 were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Cash received by the Company | $ | 158 | $ | 69.4 | $ | 106.1 | |||||||
Tax benefits realized | $ | 21.3 | $ | 9.7 | $ | 17.7 | |||||||
Aggregate intrinsic value | $ | 55.4 | $ | 25.3 | $ | 45.5 | |||||||
Schedule of Options Outstanding and Exercisable at December 31, 2013, by Range of Exercise Prices | ' | ||||||||||||
The following table summarizes information concerning currently outstanding and exercisable options. | |||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||
Range of | Number | Weighted Average | Number | Weighted | |||||||||
Exercise Prices | Outstanding | Exercisable | Average | ||||||||||
Exercise | |||||||||||||
Remaining | Average | Price | |||||||||||
Contractual | Exercise | ||||||||||||
Life | Price | ||||||||||||
$ 6.80 - 59.37 | 0.1 | 1.6 | $53.25 | 0.1 | $53.25 | ||||||||
$59.38 - 67.60 | 0.4 | 5.1 | $60.32 | 0.4 | $60.32 | ||||||||
$67.61 - 75.63 | 1.1 | 5.3 | $72.82 | 1.1 | $72.82 | ||||||||
$75.64 - 80.37 | 0.4 | 3.4 | $80.07 | 0.4 | $80.07 | ||||||||
$80.38 - 98.49 | 2.6 | 7.8 | $87.39 | 1.1 | $88.57 | ||||||||
4.6 | 6.4 | $80.18 | 3.1 | $77.06 | |||||||||
Schedule of Stock Options, Valuation Assumptions | ' | ||||||||||||
The Company uses the Black-Scholes model to calculate the fair value of the employee’s purchase right. The fair value of the employee’s purchase right and the assumptions used in its calculation are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Fair value of the employee’s purchase right | $ | 17.22 | $ | 23.02 | $ | 15.58 | |||||||
Valuation assumptions | |||||||||||||
Risk free interest rate | 0.1 | % | 0.1 | % | 0.1 | % | |||||||
Expected volatility | 0.2 | 0.2 | 0.2 | ||||||||||
Expected dividend yield | — | — | — | ||||||||||
The following table shows the weighted average grant-date fair values of options issued during the respective year and the weighted average assumptions that the Company used to develop the fair value estimates: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Fair value per option | N/A | $ | 13.43 | $ | 17.06 | ||||||||
Valuation assumptions | |||||||||||||
Weighted average expected life (in years) | N/A | 3.4 | 3.4 | ||||||||||
Risk free interest rate | N/A | 0.4 | % | 1 | % | ||||||||
Expected volatility | N/A | 0.2 | 0.2 | ||||||||||
Expected dividend yield | N/A | — | — | ||||||||||
Schedule of Nonvested Share Activity | ' | ||||||||||||
The following table shows a summary of non-vested shares for the year ended December 31, 2013: | |||||||||||||
Number of | Weighted- | ||||||||||||
Shares | Average | ||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
Non-vested at January 1, 2013 | 0.6 | $ | 84.91 | ||||||||||
Granted | 0.5 | 90.19 | |||||||||||
Vested | (0.2 | ) | 75.79 | ||||||||||
Canceled | (0.1 | ) | 90.43 | ||||||||||
Non-vested at December 31, 2013 | 0.8 | $ | 90.7 | ||||||||||
COMMITMENTS_AND_CONTINGENT_LIA1
COMMITMENTS AND CONTINGENT LIABILITIES (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Future minimum rental commitments | ' | |||
The Company leases various facilities and equipment under non-cancelable lease arrangements. Future minimum rental commitments for leases with non-cancelable terms of one year or more at December 31, 2013 are as follows: | ||||
Operating | ||||
2014 | $ | 132.3 | ||
2015 | 81.8 | |||
2016 | 58.1 | |||
2017 | 39.7 | |||
2018 | 20.5 | |||
Thereafter | 41 | |||
Total minimum lease payments | 373.4 | |||
Less: | ||||
Amounts included in restructuring and acquisition related accruals | (12.4 | ) | ||
Non-cancelable sub-lease income | — | |||
Total minimum operating lease payments | $ | 361 | ||
PENSION_AND_POSTRETIREMENT_PLA1
PENSION AND POSTRETIREMENT PLANS (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Postemployment Benefits [Abstract] | ' | |||||||||||||||
Schedule Of Pension and Postretirement Plans | ' | |||||||||||||||
The effect on operations for both the Company Plan and the PEP are summarized as follows: | ||||||||||||||||
Year ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Service cost for benefits earned | $ | 3.1 | $ | 2.4 | $ | 2.6 | ||||||||||
Interest cost on benefit obligation | 14.7 | 14.9 | 17.1 | |||||||||||||
Expected return on plan assets | (17.3 | ) | (17.3 | ) | (18.9 | ) | ||||||||||
Net amortization and deferral | 10.5 | 12.1 | 7.8 | |||||||||||||
Defined benefit plan costs | $ | 11 | $ | 12.1 | $ | 8.6 | ||||||||||
Amounts included in accumulated other comprehensive earnings consist of unamortized net loss of $99.6. The accumulated other comprehensive earnings that are expected to be recognized as components of the defined benefit plan costs during 2014 are $6.2 related to amortization of the net loss. | ||||||||||||||||
A summary of the changes in the projected benefit obligations of the Company Plan and the PEP are summarized as follows: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Balance at January 1 | $ | 380.7 | $ | 383.2 | ||||||||||||
Service cost | 3.1 | 2.4 | ||||||||||||||
Interest cost | 14.7 | 14.9 | ||||||||||||||
Actuarial (gain)/loss | (22.1 | ) | 5.8 | |||||||||||||
Benefits and administrative expenses paid | (26.7 | ) | (25.6 | ) | ||||||||||||
Balance at December 31 | $ | 349.7 | $ | 380.7 | ||||||||||||
Post-retirement Medical Plan | ||||||||||||||||
The Company assumed obligations under a subsidiary's post-retirement medical plan. Coverage under this plan is restricted to a limited number of existing employees of the subsidiary. This plan is unfunded and the Company’s policy is to fund benefits as claims are incurred. The effect on operations of the post-retirement medical plan is shown in the following table: | ||||||||||||||||
Year ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Service cost for benefits earned | $ | 0.4 | $ | 0.4 | $ | 0.3 | ||||||||||
Interest cost on benefit obligation | 2.5 | 2.3 | 2.2 | |||||||||||||
Net amortization and deferral | 1 | 0.3 | (0.2 | ) | ||||||||||||
Post-retirement medical plan costs | $ | 3.9 | $ | 3 | $ | 2.3 | ||||||||||
Amounts included in accumulated other comprehensive earnings consist of unamortized net loss of $12.7. The accumulated other comprehensive earnings that are expected to be recognized as components of the post-retirement medical plan costs during 2014 are $1.3 related to amortization of the net loss. | ||||||||||||||||
A summary of the changes in the accumulated post-retirement benefit obligation follows: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Balance at January 1 | $ | 60.7 | $ | 52.7 | ||||||||||||
Service cost for benefits earned | 0.4 | 0.4 | ||||||||||||||
Interest cost on benefit obligation | 2.5 | 2.3 | ||||||||||||||
Participants contributions | 0.3 | 0.4 | ||||||||||||||
Actuarial loss | 4.5 | 6.9 | ||||||||||||||
Benefits paid | (2.7 | ) | (2.0 | ) | ||||||||||||
Plan amendment | (3.0 | ) | — | |||||||||||||
Balance at December 31 | $ | 62.7 | $ | 60.7 | ||||||||||||
Recorded as: | ||||||||||||||||
Other liabilities | $ | 62.7 | $ | 60.7 | ||||||||||||
Schedule of Changes in Fair Value of Plan Assets | ' | |||||||||||||||
A summary of the changes in the fair value of plan assets follows: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Fair value of plan assets at beginning of year | $ | 256.8 | $ | 244.5 | ||||||||||||
Actual return on plan assets | 28.1 | 25 | ||||||||||||||
Employer contributions | 9.9 | 12.9 | ||||||||||||||
Benefits and administrative expenses paid | (26.7 | ) | (25.6 | ) | ||||||||||||
Fair value of plan assets at end of year | $ | 268.1 | $ | 256.8 | ||||||||||||
Schedule of Net Funded Status | ' | |||||||||||||||
The net funded status of the Company Plan and the PEP at December 31: | ||||||||||||||||
Funded status | $ | 81.6 | $ | 123.9 | ||||||||||||
Recorded as: | ||||||||||||||||
Accrued expenses and other | $ | 1.6 | $ | 1.4 | ||||||||||||
Other liabilities | 80 | 122.5 | ||||||||||||||
$ | 81.6 | $ | 123.9 | |||||||||||||
Schedule of Assumptions Used | ' | |||||||||||||||
Weighted average assumptions used in the accounting for the Company Plan and the PEP are summarized as follows: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Discount rate | 4.8 | % | 4 | % | 4 | % | ||||||||||
Expected long term rate of return | 7 | % | 7 | % | 7.3 | % | ||||||||||
Plan Assets at Fair Value By Asset Category | ' | |||||||||||||||
The weighted average expected long-term rate of return for the Company Plan’s assets is as follows: | ||||||||||||||||
Target | Weighted | |||||||||||||||
Allocation | Average | |||||||||||||||
Expected | ||||||||||||||||
Long-Term | ||||||||||||||||
Rate | ||||||||||||||||
of Return | ||||||||||||||||
Equity securities | 50 | % | 5.5 | % | ||||||||||||
Fixed income securities | 45 | % | 1.2 | % | ||||||||||||
Other assets | 5 | % | 0.3 | % | ||||||||||||
The fair values of the Company Plan’s assets at December 31, 2013 and 2012, by asset category are as follows: | ||||||||||||||||
Fair Value Measurements as of | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Fair Value as of December 31, 2013 | Using Fair Value Hierarchy | |||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | |||||||||||||
Cash | $ | 2.7 | $ | 2.7 | $ | — | $ | — | ||||||||
Equity securities: | ||||||||||||||||
U.S. large cap - blend (a) | 65.5 | — | 65.5 | — | ||||||||||||
U.S. mid cap - blend (b) | 25.1 | — | 25.1 | — | ||||||||||||
U.S. small cap - blend (c) | 8.1 | — | 8.1 | — | ||||||||||||
International equity - blend (d) | 40.3 | — | 40.3 | — | ||||||||||||
Commodities index (e) | 11.3 | — | 11.3 | — | ||||||||||||
Fixed income securities: | ||||||||||||||||
U.S. fixed income (f) | 104.1 | — | 104.1 | — | ||||||||||||
U.S inflation protection income (g) | 11 | — | 11 | — | ||||||||||||
Total fair value of the Company Plan’s assets | $ | 268.1 | $ | 2.7 | $ | 265.4 | $ | — | ||||||||
Fair Value Measurements as of | ||||||||||||||||
December 31, 2012 | ||||||||||||||||
Fair Value as of December 31, 2012 | Using Fair Value Hierarchy | |||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | |||||||||||||
Cash | $ | 6.9 | $ | 6.9 | $ | — | $ | — | ||||||||
Equity securities: | ||||||||||||||||
U.S. large cap - blend (a) | 58.1 | — | 58.1 | — | ||||||||||||
U.S. mid cap - blend (b) | 23.2 | — | 23.2 | — | ||||||||||||
U.S. small cap - blend (c) | 6.8 | — | 6.8 | — | ||||||||||||
International equity - blend (d) | 39.4 | — | 39.4 | — | ||||||||||||
Commodities index (e) | 11.5 | — | 11.5 | — | ||||||||||||
Fixed income securities: | ||||||||||||||||
U.S. fixed income (f) | 110.9 | — | 110.9 | — | ||||||||||||
Total fair value of the Company Plan’s assets | $ | 256.8 | $ | 6.9 | $ | 249.9 | $ | — | ||||||||
a) | This category represents an equity index fund not actively managed that tracks the S&P 500 Index. | |||||||||||||||
b) | This category represents an equity index fund not actively managed that tracks the S&P mid-cap 400 Index. | |||||||||||||||
c) | This category represents an equity index fund not actively managed that tracks the Russell 2000 Index. | |||||||||||||||
d) | This category represents an equity index fund not actively managed that tracks the MSCI ACWI ex USA Index. | |||||||||||||||
e) | This category represents a commodities index fund not actively managed that tracks the Dow Jones - UBS Commodity Index. | |||||||||||||||
f) | This category primarily represents bond index funds not actively managed that track the Barclays Capital U.S. Aggregate Index and Barclays Capital U.S. TIPS Index. | |||||||||||||||
g) | This category primarily represents a bond index fund not actively managed that tracks the Barclays Capital U.S. TIPS Index. | |||||||||||||||
Schedule of Expected Benefit Payments | ' | |||||||||||||||
The following assumed benefit payments under the Company Plan and PEP, which were used in the calculation of projected benefit obligations, are expected to be paid as follows: | ||||||||||||||||
2013 | $ | 23.4 | ||||||||||||||
2014 | 23.4 | |||||||||||||||
2015 | 23.5 | |||||||||||||||
2016 | 23.3 | |||||||||||||||
2017 | 23.4 | |||||||||||||||
Years 2018-2022 | 120.5 | |||||||||||||||
Assumed Benefit Payments By Year | ' | |||||||||||||||
The following assumed benefit payments under the Company's post-retirement benefit plan, which reflect expected future service, as appropriate, and were used in the calculation of projected benefit obligations, are expected to be paid as follows: | ||||||||||||||||
2014 | $ | 2.5 | ||||||||||||||
2015 | 2.7 | |||||||||||||||
2016 | 2.9 | |||||||||||||||
2017 | 3 | |||||||||||||||
2018 | 3.1 | |||||||||||||||
Years 2019-2023 | 17.9 | |||||||||||||||
Deferred Compensation Plan | ||||||||||||||||
In 2001, the Board approved the Deferred Compensation Plan ("DCP") under which certain of the Company's executives, may elect to defer up to 100.0% of their annual cash incentive pay and/or up to 50.0% of their annual base salary and/or eligible commissions subject to annual limits established by the federal government. The DCP provides executives a tax efficient strategy for retirement savings and capital accumulation without significant cost to the Company. The Company makes no contributions to the DCP. Amounts deferred by a participant are credited to a bookkeeping account maintained on behalf of each participant, which is used for measurement and determination of amounts to be paid to a participant, or his or her designated beneficiary, pursuant to the terms of the DCP. The amounts accrued under this plan were $36.3 and $26.6 at December 31, 2013 and 2012, respectively. Deferred amounts are the Company's general unsecured obligations and are subject to claims by the Company's creditors. The Company's general assets may be used to fund obligations and pay DCP benefits. |
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
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 December 31, 2013 and 2012 are as follows: | ||||||||||||||||
Fair Value Measurements as of | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Fair Value as of December 31, 2013 | Using Fair Value Hierarchy | |||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||
Noncontrolling interest put | $ | 19.4 | $ | — | $ | 19.4 | $ | — | ||||||||
Interest rate swap | — | — | — | — | ||||||||||||
Cash surrender value of life insurance policies | 35.1 | — | 35.1 | — | ||||||||||||
Deferred compensation liability | 36.3 | — | 36.3 | — | ||||||||||||
Fair Value Measurements as of | ||||||||||||||||
December 31, 2012 | ||||||||||||||||
Fair Value as of December 31, 2012 | Using Fair Value Hierarchy | |||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||
Noncontrolling interest put | $ | 20.7 | $ | — | $ | 20.7 | $ | — | ||||||||
Cash surrender value of life insurance policies | 30.4 | — | 30.4 | — | ||||||||||||
Deferred compensation liability | 26.6 | — | 26.6 | — | ||||||||||||
SUPPLEMENTAL_CASH_FLOW_INFORMA1
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||||||
Supplemental Cash Flow Information | ' | |||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Supplemental schedule of cash flow information: | ||||||||||||
Cash paid during period for: | ||||||||||||
Interest | $ | 97.2 | $ | 77.5 | $ | 99.6 | ||||||
Income taxes, net of refunds | 301.5 | 306.2 | 309.4 | |||||||||
Disclosure of non-cash financing and investing activities: | ||||||||||||
Surrender of restricted stock awards and performance shares | 7.1 | 10.9 | 6 | |||||||||
Conversion of zero-coupon convertible debt | 10.3 | 3.8 | 36.2 | |||||||||
Assets acquired under capital leases | 13.1 | — | — | |||||||||
Accrued property, plant and equipment | 9.1 | 1.2 | — | |||||||||
QUARTERLY_DATA_UNAUDITED_Table
QUARTERLY DATA (UNAUDITED) (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Quarterly data summary: | ' | |||||||||||||||||||
The following is a summary of unaudited quarterly data: | ||||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||
1st | 2nd | 3rd | 4th | Full | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | ||||||||||||||||
Net sales | $ | 1,440.90 | $ | 1,468.20 | $ | 1,462.20 | $ | 1,437.00 | $ | 5,808.30 | ||||||||||
Gross profit | 572.2 | 577.3 | 547.6 | 526.1 | 2,223.20 | |||||||||||||||
Net earnings attributable to Laboratory Corporation of America Holdings | 147.2 | 151.9 | 148.3 | 126.4 | 573.8 | |||||||||||||||
Basic earnings per common share | 1.58 | 1.65 | 1.66 | 1.46 | 6.36 | |||||||||||||||
Diluted earnings per common share | 1.56 | 1.62 | 1.63 | 1.43 | 6.25 | |||||||||||||||
Year ended December 31, 2012 | ||||||||||||||||||||
1st | 2nd | 3rd | 4th | Full | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | ||||||||||||||||
Net sales | $ | 1,423.30 | $ | 1,423.40 | $ | 1,419.40 | $ | 1,405.30 | $ | 5,671.40 | ||||||||||
Gross profit | 576.1 | 579.5 | 556.1 | 538 | 2,249.70 | |||||||||||||||
Net earnings attributable to Laboratory Corporation of America Holdings | 161.6 | 153.3 | 148 | 120.2 | 583.1 | |||||||||||||||
Basic earnings per common share | 1.66 | 1.59 | 1.56 | 1.28 | 6.09 | |||||||||||||||
Diluted earnings per common share | 1.63 | 1.56 | 1.53 | 1.26 | 5.99 | |||||||||||||||
Schedule_II_Valuation_And_Qual1
Schedule II - Valuation And Qualifying Accounts And Reserves (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Schedule to Financial Statments [Abstract] | ' | |||||||||||||||
Valuation and Qualifying Accounts | ' | |||||||||||||||
Balance at | Additions | -1 | Balance | |||||||||||||
beginning | Charged to Costs and Expense | Other | at end | |||||||||||||
of year | (Deductions)Additions | of year | ||||||||||||||
Year ended December 31, 2013: | ||||||||||||||||
Applied against asset accounts: | ||||||||||||||||
Allowance for doubtful accounts | $ | 191.5 | $ | 254.8 | $ | (248.0 | ) | $ | 198.3 | |||||||
Valuation allowance-deferred tax assets | $ | 18.4 | $ | 0.2 | $ | (2.1 | ) | $ | 16.5 | |||||||
Year ended December 31, 2012: | ||||||||||||||||
Applied against asset accounts: | ||||||||||||||||
Allowance for doubtful accounts | $ | 197.6 | $ | 246 | $ | (252.1 | ) | $ | 191.5 | |||||||
Valuation allowance-deferred tax assets | $ | 14.4 | $ | 2.1 | $ | 1.9 | $ | 18.4 | ||||||||
Year ended December 31, 2011: | ||||||||||||||||
Applied against asset accounts: | ||||||||||||||||
Allowance for doubtful accounts | $ | 149.2 | $ | 255.1 | $ | (206.7 | ) | $ | 197.6 | |||||||
Valuation allowance-deferred tax assets | $ | 11.4 | $ | 3.1 | $ | (0.1 | ) | $ | 14.4 | |||||||
(1) Other (Deductions) Additions consists primarily of write-offs of accounts receivable amounts. |
Debt_Convertible_Subordinated_
Debt - Convertible Subordinated Notes (Details) (Zero-coupon convertible subordinated notes [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
Zero-coupon convertible subordinated notes [Member] | ' |
Debt Instrument [Line Items] | ' |
Contingent cash interest accrual rate | 0.13% |
Number of days used to establish average market price of zero coupon subordinated notes | '5 |
Note_11_Debt_Debt_Credit_Facil
Note 11 - Debt Debt - Credit Facilities(Details) | 12 Months Ended |
Dec. 31, 2013 | |
Quarters | |
Schedule of Available-for-sale Securities [Line Items] | ' |
Debt covenant, requirement for number of consecutive fiscal quarters | 4 |
Debt Covenant Requirement [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Debt to EBITDA (leverage) ratio | 3 |
Debt Covenant Actual [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Debt to EBITDA (leverage) ratio | 1 |
Note_14_Stock_Comp_Plan_Detail
Note 14 - Stock Comp Plan (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Award vesting period (in years) | '3 years |
Exercise Price Range 1 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Exercise price range, lower range limit | 6.8 |
Exercise price range, upper range limit | 59.37 |
Exercise Price Range 2 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Exercise price range, lower range limit | 59.38 |
Exercise price range, upper range limit | 67.6 |
Exercise Price Range 3 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Exercise price range, lower range limit | 67.61 |
Exercise price range, upper range limit | 75.63 |
Exercise Price Range 4 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Exercise price range, lower range limit | 75.64 |
Exercise price range, upper range limit | 80.37 |
Exercise Price Range 5 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Exercise price range, lower range limit | 80.38 |
Exercise price range, upper range limit | 98.49 |
BUSINESS_ACQUISITIONS_Details
BUSINESS ACQUISITIONS (Details) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 28, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jul. 31, 2012 | Dec. 15, 2011 | Apr. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Nov. 28, 2011 | Dec. 31, 2012 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Senior notes due 2016 [Member] | Senior notes due 2020 [Member] | Senior notes due 2020 [Member] | Combined Senior notes due 2016 and 2020 [Member] | Laboratories and Related Assets [Member] | MEDTOX [Member] | MEDTOX [Member] | MEDTOX [Member] | Orchid Cellmark Inc Business Acquisition [Member] | Orchid Cellmark Inc Business Acquisition [Member] | Orchid Cellmark Inc Business Acquisition [Member] | Orchid Cellmark Inc Business Acquisition [Member] | Orchid Cellmark Inc Business Acquisition [Member] | Ontario, Canada joint venture partnership [Member] | Ontario, Canada joint venture partnership [Member] | Ontario, Canada joint venture partnership [Member] | Combined Business Acquisition [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CAD | USD ($) | USD ($) | |||||||||||||||
Entity Acquired and Reason for Acquisition [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Name of Acquired Entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Orchid Cellmark Inc. | ' | ' | ' | ' | ' | ' | ' |
Date of Acquisition [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective Date of Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Dec-11 | ' | ' | ' | ' | ' | ' | 28-Nov-11 | ' |
Cost of Acquired Entity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, cost of acquired entity, purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $236,400,000 | ' | ' | ' | ' | ' | ' | ' | $147.90 | 151.7 | ' | ' |
Business combination, recognized identifiable intangible assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 78,000,000 | ' | ' | ' | ' | 28,800,000 | ' | ' | ' | ' |
Business combination, recognized identifiable deferred tax liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, net | 3,022,800,000 | ' | ' | ' | 2,901,700,000 | ' | ' | ' | 3,022,800,000 | 2,901,700,000 | 2,681,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | 154,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Per share cash tender offer in Proposed Acquisition of Orchid Cellmark, Inc. (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.80 | ' | ' | ' | ' | ' | ' | ' |
Amount of proposed purchase price to stockholders and optionholders of Orchid Cellmark, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85,400,000 | ' | ' | ' | ' | ' | ' |
Business acquisition, loss on divestiture of Orchid's U.S. government paternity business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition cost of acquired entity purchase price plus certain adjustments relating to cash distribution hold backs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Payments to Acquire Businesses, Net of Cash Acquired | ' | ' | ' | ' | ' | ' | ' | ' | 159,500,000 | 335,100,000 | 138,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,900,000 |
Finite-lived Intangible Assets Acquired | ' | ' | ' | ' | ' | ' | ' | ' | 40,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Acquired During Period | ' | ' | ' | ' | ' | ' | ' | ' | 127,000,000 | 224,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase Price Allocation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average useful lives of identifiable intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | '13 years 8 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | '18 years | ' | ' | ' | ' | '12 years | ' | ' | ' | ' | ' |
Purchase consideration allocated to deferred taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase consideration allocated to goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,400,000 | ' | ' | ' | ' |
Business acquisition net operating loss tax assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,400,000 | ' | ' | ' | ' |
Business acquisition tax asset realization period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 | ' | ' | ' | ' | ' |
Cash payments to acquire laboratory-related assets | ' | ' | ' | ' | ' | ' | ' | ' | 202,200,000 | 173,800,000 | 145,700,000 | ' | ' | ' | ' | ' | 95,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bridge term loan credit agreement, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 925,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition debt securities sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 325,000,000 | 600,000,000 | 600,000,000 | 925,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition debt securities sold stated interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.13% | 4.63% | 4.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition debt securities sold maturity date | ' | ' | ' | ' | ' | ' | ' | ' | 15-May-16 | ' | ' | ' | 15-May-16 | 15-Nov-20 | 15-Nov-20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest Put [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling interest put in Ontario, Canada joint venture | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 147,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest percentage in Ontario, Canada joint venture (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98.20% | ' |
Net sales | $1,437,000,000 | $1,462,200,000 | $1,468,200,000 | $1,440,900,000 | $1,405,300,000 | $1,419,400,000 | $1,423,400,000 | $1,423,300,000 | $5,808,300,000 | $5,671,400,000 | $5,542,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Y | |||
Accounting Policies [Abstract] | ' | ' | ' |
Number of primary laboratories (in number of laboratories) | 44 | ' | ' |
Minimum number of patient service centers (in number of service centers) | 1,700 | ' | ' |
Minimum number of employees (in number of employees) | 34,000 | ' | ' |
Minimum number of patient specimens processed daily (in number of patient specimens) | 490,000 | ' | ' |
Number of Canadian provinces where the Company provides clinical laboratory testing services (in number of provinces) | 3 | ' | ' |
Ownership percentage below which investments are generally accounted for on the cost method (in hundredths) | 20.00% | ' | ' |
Revenue from Medicare and Medicaid programs, percentage (in hundredths) | 16.00% | 17.60% | 19.00% |
Revenue from capitated agreements with certain managed care customers, percentage (in hundredths) | 3.20% | 3.00% | 2.90% |
Cash balances on deposit that exceed the balances insured by the F.D.I.C. | $52.80 | ' | ' |
Cash equivalents | 367.5 | ' | ' |
Accounts receivable balances (gross) from Medicare and Medicaid | 128.6 | ' | 121.1 |
Estimated useful life of capitalized software costs (in years) | 5 | ' | ' |
Minimum threshold percentage required to recognize income tax benefit (in hundredths) | 50.00% | ' | ' |
Accounts receivable from Ontario government sponsored healthcare plan | $33.20 | $26.70 | ' |
Percent of gross accounts receivable due from patients | 27.80% | 28.30% | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - NET SALES (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net sales | $1,437 | $1,462.20 | $1,468.20 | $1,440.90 | $1,405.30 | $1,419.40 | $1,423.40 | $1,423.30 | $5,808.30 | $5,671.40 | $5,542.30 |
Routine Testing [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 3,445.10 | 3,246.60 | 3,143.90 |
Genomic and Esoteric Testing [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,020.10 | 2,089.80 | 2,089 |
Other Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | $343.10 | $335 | $309.40 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings, basic | $126.40 | $148.30 | $151.90 | $147.20 | $120.20 | $148 | $153.30 | $161.60 | $573.80 | $583.10 | $519.70 |
Net earnings, diluted | ' | ' | ' | ' | ' | ' | ' | ' | $573.80 | $583.10 | $519.70 |
Shares [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding shares, basic (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 90.2 | 95.7 | 100 |
Dilutive effect of stock options (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 1.1 | 0.8 | 0.9 |
Dilutive effect of restricted stock awards and other (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0.3 | 0.3 |
Dilutive effect of convertible debt, net of tax (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0.5 | 0.6 | 0.6 |
Outstanding shares, diluted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 91.8 | 97.4 | 101.8 |
Per Share Amount [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic earnings per common share | $1.46 | $1.66 | $1.65 | $1.58 | $1.28 | $1.56 | $1.59 | $1.66 | $6.36 | $6.09 | $5.20 |
Diluted earnings per share (in dollars per share) | $1.43 | $1.63 | $1.62 | $1.56 | $1.26 | $1.53 | $1.56 | $1.63 | $6.25 | $5.99 | $5.11 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - ANTIDILUTIVE SECURITIES EXCLUDED FROM EARNINGS PER SHARE (Details) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' | ' |
Stock Options (in shares) | 0.1 | 2.4 | 1.3 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - PROPERTY, PLANT AND EQUIPMENT (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Minimum [Member] | Machinery and equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life, minimum (years) | '3 years |
Minimum [Member] | Buildings and building improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life, minimum (years) | '10 years |
Minimum [Member] | Software [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life, minimum (years) | '3 years |
Minimum [Member] | Furniture and fixtures [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life, minimum (years) | '5 years |
Maximum [Member] | Machinery and equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life, minimum (years) | '10 years |
Maximum [Member] | Buildings and building improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life, minimum (years) | '35 years |
Maximum [Member] | Software [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life, minimum (years) | '10 years |
Maximum [Member] | Furniture and fixtures [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life, minimum (years) | '10 years |
SUMMARY_OF_SIGNIFICANT_ACCOUNT8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - INTANGIBLE ASSETS (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Minimum [Member] | Customer relationships [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful life of finite-lived intangible assets, minimum (years) | '10 years |
Minimum [Member] | Patents, Licenses And Technology [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful life of finite-lived intangible assets, minimum (years) | '3 years |
Minimum [Member] | Non-compete agreements [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful life of finite-lived intangible assets, minimum (years) | '5 years |
Minimum [Member] | Trade Names [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful life of finite-lived intangible assets, minimum (years) | '5 years |
Maximum [Member] | Customer relationships [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful life of finite-lived intangible assets, minimum (years) | '30 years |
Maximum [Member] | Patents, Licenses And Technology [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful life of finite-lived intangible assets, minimum (years) | '15 years |
Maximum [Member] | Non-compete agreements [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful life of finite-lived intangible assets, minimum (years) | '10 years |
Maximum [Member] | Trade Names [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful life of finite-lived intangible assets, minimum (years) | '10 years |
RESTRUCTURING_AND_OTHER_SPECIA1
RESTRUCTURING AND OTHER SPECIAL CHARGES (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring and Related Activities [Abstract] | ' | ' | ' | ' |
Net restructuring charges | ' | $21.80 | $25.30 | $44.60 |
Restructuring charges related to severance and other employee costs | ' | 15.4 | 16.2 | 27.4 |
Restructuring charges related to contractual obligations associated with leased facilities and other facility related costs | ' | 9.5 | 19.6 | 22 |
Reduction in prior employee severance benefits related restructuring accruals | ' | 0.7 | 6.3 | ' |
Reduction in prior facility related restructuring accruals | ' | 2.4 | 4.2 | ' |
Loss on disposal of European subsidiary | 6.9 | ' | ' | ' |
Reduction in total prior restructuring accruals | ' | 3.1 | ' | 4.8 |
Impairment of equipment, computer systems and leasehold improvements | ' | ' | ' | 18.9 |
Special charge related to write-off of certain assets and liabilities related to an investment | ' | ' | ' | 14.8 |
Write-off of an uncollectible receivable from a past installment sale | ' | ' | ' | $2.60 |
RESTRUCTURING_RESERVES_Details
RESTRUCTURING RESERVES (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Number of years restructuring liabilities expected to be paid out over | 7 | ' | ' |
Balance, beginning of period | $27.60 | ' | ' |
Restructuring charges | 24.9 | ' | ' |
Reduction of prior restructuring accruals | -3.1 | -4.8 | ' |
Cash payments and other adjustments | -23.7 | ' | ' |
Balance, end of period | 25.7 | ' | ' |
Current | 9.3 | ' | 8.4 |
Non-current | 16.4 | ' | 19.2 |
Severance and Other Employee Costs [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Balance, beginning of period | 1.4 | ' | ' |
Restructuring charges | 15.4 | ' | ' |
Reduction of prior restructuring accruals | -0.6 | ' | ' |
Cash payments and other adjustments | -15.4 | ' | ' |
Balance, end of period | 0.8 | ' | ' |
Lease and Other Facility Costs [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Balance, beginning of period | 26.2 | ' | ' |
Restructuring charges | 9.5 | ' | ' |
Reduction of prior restructuring accruals | -2.5 | ' | ' |
Cash payments and other adjustments | -8.3 | ' | ' |
Balance, end of period | $24.90 | ' | ' |
JOINT_VENTURE_PARTNERSHIPS_AND2
JOINT VENTURE PARTNERSHIPS AND EQUITY METHOD INVESTMENTS (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Joint venture partnerships and equity method investments, condensed unconsolidated financial information | ' | ' | ' |
Current assets | $43.40 | ' | $36.80 |
Other assets | 40.9 | ' | 39.9 |
Total assets | 84.3 | ' | 76.7 |
Current liabilities | 21.9 | ' | 19.6 |
Other liabilities | 1.3 | ' | 1.7 |
Total liabilities | 23.2 | ' | 21.3 |
Partners' equity | 61.1 | ' | 55.4 |
Total liabilities and partners’ equity | 84.3 | ' | 76.7 |
Joint venture partnerships and equity method investments, condensed unconsolidated financial information, Income Statement | ' | ' | ' |
Net sales | 255.2 | 249 | 247.4 |
Gross profit | 84.1 | 86.4 | 73.1 |
Net earnings | 37.7 | 42.2 | 28 |
The value of the Company's recorded investment in the Alberta partnership assigned to Canadian licenses | 45.6 | ' | ' |
Milwaukee, Wisconsin [Member] | ' | ' | ' |
Investments in unconsolidated joint venture partnerships and equity method investments Financial Statement, Reported Amounts | ' | ' | ' |
Net Investment | 15.5 | ' | ' |
Interest Owned | 50.00% | ' | ' |
Alberta, Canada [Member] | ' | ' | ' |
Investments in unconsolidated joint venture partnerships and equity method investments Financial Statement, Reported Amounts | ' | ' | ' |
Net Investment | 58.5 | ' | ' |
Interest Owned | 43.37% | ' | ' |
Charlotte, North Carolina [Member] | ' | ' | ' |
Investments in unconsolidated joint venture partnerships and equity method investments Financial Statement, Reported Amounts | ' | ' | ' |
Net Investment | 4.5 | ' | ' |
Florence, South Carolina [Member] | ' | ' | ' |
Investments in unconsolidated joint venture partnerships and equity method investments Financial Statement, Reported Amounts | ' | ' | ' |
Net Investment | $10 | ' | ' |
Interest Owned | 49.00% | ' | ' |
ACCOUNTS_RECEIVABLE_NET_Detail
ACCOUNTS RECEIVABLE, NET (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounts receivable, net [Abstract] | ' | ' | ' |
Gross accounts receivable | $983 | $910 | ' |
Less allowance for doubtful accounts | -198.3 | -191.5 | ' |
Accounts receivable, net | 784.7 | 718.5 | ' |
Provision for doubtful accounts | $254.80 | $246 | $255.10 |
PROPERTY_PLANT_AND_EQUIPMENT_N2
PROPERTY, PLANT AND EQUIPMENT, NET (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, plant and equipment, net | ' | ' | ' |
Gross property, plant and equipment | $1,731.90 | $1,575.70 | ' |
Less accumulated depreciation and amortization of capital lease assets | -1,024.50 | -944.9 | ' |
Property, plant and equipment, net | 707.4 | 630.8 | ' |
Depreciation expense and amortization of capital lease assets | 144.7 | 141.1 | 141.5 |
Software depreciation | 39.3 | 35.1 | 34 |
Land [Member] | ' | ' | ' |
Property, plant and equipment, net | ' | ' | ' |
Gross property, plant and equipment | 29 | 24.9 | ' |
Buildings and building improvements [Member] | ' | ' | ' |
Property, plant and equipment, net | ' | ' | ' |
Gross property, plant and equipment | 188.8 | 138.8 | ' |
Machinery and equipment [Member] | ' | ' | ' |
Property, plant and equipment, net | ' | ' | ' |
Gross property, plant and equipment | 712.1 | 655.5 | ' |
Software [Member] | ' | ' | ' |
Property, plant and equipment, net | ' | ' | ' |
Gross property, plant and equipment | 404.9 | 348.5 | ' |
Leasehold improvements [Member] | ' | ' | ' |
Property, plant and equipment, net | ' | ' | ' |
Gross property, plant and equipment | 196.5 | 193.3 | ' |
Furniture and Fixtures [Member] | ' | ' | ' |
Property, plant and equipment, net | ' | ' | ' |
Gross property, plant and equipment | 58.1 | 58.6 | ' |
Construction in progress [Member] | ' | ' | ' |
Property, plant and equipment, net | ' | ' | ' |
Gross property, plant and equipment | 127.9 | 154.6 | ' |
Equipment under capital leases [Member] | ' | ' | ' |
Property, plant and equipment, net | ' | ' | ' |
Gross property, plant and equipment | $14.60 | $1.50 | ' |
GOODWILL_AND_INTANGIBLE_ASSETS2
GOODWILL AND INTANGIBLE ASSETS (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization of intangible assets | $81.70 | $86.30 | $85.80 |
Finite-Lived Intangible Assets, Future Amortization Expense | ' | ' | ' |
Estimated amortization expense, 2013 | 84.7 | ' | ' |
Estimated amortization expense, 2014 | 81.3 | ' | ' |
Estimated amortization expense, 2015 | 75.9 | ' | ' |
Estimated amortization expense, 2016 | 68.7 | ' | ' |
Estimated amortization expense, 2017 | 58.4 | ' | ' |
Estimated amortization expense, Thereafter | 504.7 | ' | ' |
Amount paid for diagnostic testing technology licensing rights | 0 | 2.5 | 0 |
Licensing Agreements [Member] | Accelerated Amortization [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization of intangible assets | $6.20 | ' | ' |
GOODWILL_AND_INTANGIBLE_ASSETS3
GOODWILL AND INTANGIBLE ASSETS - SCHEDULE OF GOODWILL (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | ' | ' |
Goodwill | $3,022.80 | $2,901.70 |
Adjustments to goodwill | -5.9 | -4.6 |
Goodwill, Acquired During Period | 127 | 224.5 |
Goodwill [Roll Forward] | ' | ' |
Balance as of January 1 | 2,901.70 | 2,681.80 |
Adjustments to goodwill | -5.9 | -4.6 |
Goodwill, net | 3,022.80 | 2,901.70 |
Clinical diagnostics laboratory [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 2,960.20 | 2,857.10 |
Adjustments to goodwill | -4.4 | -5.5 |
Goodwill, Acquired During Period | 107.5 | 219.1 |
Goodwill [Roll Forward] | ' | ' |
Balance as of January 1 | 2,857.10 | 2,643.50 |
Adjustments to goodwill | -4.4 | -5.5 |
Goodwill, net | 2,960.20 | 2,857.10 |
Other Segments [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 62.6 | 44.6 |
Adjustments to goodwill | -1.5 | 0.9 |
Goodwill, Acquired During Period | 19.5 | 5.4 |
Goodwill [Roll Forward] | ' | ' |
Balance as of January 1 | 44.6 | 38.3 |
Adjustments to goodwill | -1.5 | 0.9 |
Goodwill, net | $62.60 | $44.60 |
GOODWILL_AND_INTANGIBLE_ASSETS4
GOODWILL AND INTANGIBLE ASSETS - COMPONENTS OF IDENTIFIABLE INTANGIBLE ASSETS (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Finite-Lived Intangible Assets [Abstract] | ' | ' |
Gross Carrying Amount | $2,310.80 | $2,320.20 |
Accumulated Amortization | -738.8 | -652.5 |
Net Carrying Amount | 1,572 | 1,667.70 |
Customer relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Abstract] | ' | ' |
Gross Carrying Amount | 1,327 | 1,296.10 |
Accumulated Amortization | -545.1 | -483.3 |
Net Carrying Amount | 781.9 | 812.8 |
Patents, licenses and technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Abstract] | ' | ' |
Gross Carrying Amount | 116.2 | 117.2 |
Accumulated Amortization | -85.4 | -76.2 |
Net Carrying Amount | 30.8 | 41 |
Non-compete agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Abstract] | ' | ' |
Gross Carrying Amount | 41.6 | 32.3 |
Accumulated Amortization | -25.3 | -19.6 |
Net Carrying Amount | 16.3 | 12.7 |
Trade names [Member] | ' | ' |
Finite-Lived Intangible Assets [Abstract] | ' | ' |
Gross Carrying Amount | 131.4 | 131.3 |
Accumulated Amortization | -83 | -73.4 |
Net Carrying Amount | 48.4 | 57.9 |
Canadian licenses [Member] | ' | ' |
Finite-Lived Intangible Assets [Abstract] | ' | ' |
Gross Carrying Amount | 694.6 | 743.3 |
Accumulated Amortization | 0 | 0 |
Net Carrying Amount | $694.60 | $743.30 |
GOODWILL_AND_INTANGIBLE_ASSETS5
GOODWILL AND INTANGIBLE ASSETS - SUMMARY OF ACQUIRED AMORTIZABLE INTANGIBLE ASSETS (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Finite-lived Intangible Assets Acquired | $40.90 |
Weighted average amortization period (in years) | '13 years 8 months 12 days |
Customer relationships [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Finite-lived Intangible Assets Acquired | 31.6 |
Weighted average amortization period (in years) | '16 years 2 months 12 days |
Non-compete agreements [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Finite-lived Intangible Assets Acquired | $9.30 |
Weighted average amortization period (in years) | '5 years |
ACCRUED_EXPENSES_AND_OTHER_Det
ACCRUED EXPENSES AND OTHER (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Accrued expenses and other [Abstract] | ' | ' |
Employee compensation and benefits | $166 | $158 |
Self-insurance reserves | 33.3 | 34.2 |
Accrued taxes payable | 24.2 | 24 |
Royalty and license fees payable | 8.1 | 13.8 |
Restructuring reserves | 9.3 | 8.4 |
Acquisition related reserves | 14.2 | 11.5 |
Interest payable | 19.7 | 24 |
Other | 35.2 | 37.7 |
Total accrued expenses and other | $310 | $311.60 |
OTHER_LIABILITIES_Details
OTHER LIABILITIES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ' | ' |
Post-retirement benefit obligation | $60.60 | $60.70 |
Defined benefit plan obligation | 80 | 122.5 |
Restructuring reserves | 16.4 | 19.2 |
Self-insurance reserves | 31.6 | 44.5 |
Acquisition related reserves | 7.2 | 10.2 |
Deferred revenue | 4 | 5.4 |
Other | 66.7 | 44.9 |
Total other liabilities | $266.50 | $307.40 |
DEBT_SCHEDULE_OF_SHORTTERM_DEB
DEBT - SCHEDULE OF SHORT-TERM DEBT (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Short-term Debt [Line Items] | ' | ' |
Total short-term borrowings and current portion of long-term debt | $111.30 | $480 |
Capital Lease Obligations, Current | 0.5 | 0 |
Zero-coupon convertible subordinated notes [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Total short-term borrowings and current portion of long-term debt | 110.8 | 130 |
Senior notes due 2013 [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Total short-term borrowings and current portion of long-term debt | $0 | $350 |
DEBT_SCHEDULE_OF_LONGTERM_DEBT
DEBT - SCHEDULE OF LONG-TERM DEBT (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | $2,889.10 | $2,175 |
Long-term Debt, Current Maturities | -110.8 | ' |
Capital lease obligations, net of interest, current | -0.5 | ' |
Long term and capital lease obligations, net of interest, current | -111.3 | ' |
Capital Lease Obligations, Current | 2.4 | ' |
Long-term Debt and Capital Lease Obligations, Current | 113.2 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 250 | ' |
Total long-term debt | 2,875 | ' |
Capital Lease Obligations, Noncurrent | 14.1 | 0 |
Capital Leases, Future Minimum Payments Due in Two Years | 2.4 | ' |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two | 252.4 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 325 | ' |
Capital Leases, Future Minimum Payments Due in Three Years | 2.5 | ' |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Three | 327.5 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 500 | ' |
Capital Leases, Future Minimum Payments Due in Four Years | 2.5 | ' |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Four | 502.5 | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 400 | ' |
Capital Leases, Future Minimum Payments Due in Five Years | 2.5 | ' |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Five | 402.5 | ' |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 1,400 | ' |
Capital Leases, Future Minimum Payments Due Thereafter | 17 | ' |
Long-term Debt | 2,985.80 | ' |
Capital lease obligations, net of interest | 14.6 | ' |
Long term and capital lease obligations, net of interest | 3,000.40 | ' |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal after Year Five | 1,417 | ' |
Capital Lease Obligations | 29.3 | ' |
Long-term Debt and Capital Lease Obligations | 3,015.10 | ' |
Long term debt, future minimum payments, interest included in payments | 0 | ' |
Capital Leases, Future Minimum Payments, Interest Included in Payments | -14.7 | ' |
Long term and capital lease future minimum payments, interest included in payments | -14.7 | ' |
Long term and capital lease obligations, net of interest, noncurrent | 2,889.10 | ' |
Senior notes due 2015 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 250 | 250 |
Senior notes due 2016 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 325 | 325 |
Senior notes due 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 500 | 500 |
Senior notes due 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 400 | 0 |
Senior notes due 2020 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 600 | 600 |
Senior notes due 2022 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 500 | 500 |
Senior notes due 2023 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | $300 | $0 |
DEBT_CREDIT_FACILITIES_Details
DEBT - CREDIT FACILITIES (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 15 Months Ended | 12 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 |
Quarters | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Debt Covenant Requirement [Member] | Debt Covenant Actual [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Term loan facility [Member] | Term loan facility [Member] | |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Initiation Date | ' | ' | ' | ' | ' | ' | 21-Dec-11 | ' | ' | ' |
Line of Credit Facility, Agreement Term | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | $1,000 | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Repaid | ' | ' | ' | ' | ' | ' | ' | ' | ' | 318.8 |
Line of Credit Facility, Decrease, Repayments | ' | 235 | ' | 625 | ' | ' | ' | ' | ' | ' |
Unamortized debt costs as interest expense | ' | ' | ' | ' | ' | ' | ' | ' | $1 | ' |
Line of Credit Facility, Interest Rate Description | ' | ' | 'bears interest at varying rates based upon a base rate or LIBOR plus (in each case) a percentage based on the Company's debt rating with Standard & Poor's and Moody's Rating Services | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Covenant Terms | ' | ' | 'The Credit Agreement also contains limitations on aggregate subsidiary indebtedness and a debt covenant that requires that the Company maintain on the last day of any period of four consecutive fiscal quarters, in each case taken as one accounting period, a ratio of total debt to consolidated EBITDA of not more than 3.0 to 1.0. | ' | ' | ' | ' | ' | ' | ' |
Debt to EBITDA (leverage) ratio | ' | ' | ' | ' | 3 | 1 | ' | 2,400,000 | ' | ' |
Debt covenant, requirement for number of consecutive fiscal quarters | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate at Period End | ' | ' | ' | ' | ' | ' | ' | 1.10% | ' | ' |
DEBT_COVERTIBLE_SUBORDINATED_N
DEBT - COVERTIBLE SUBORDINATED NOTES (Details) (USD $) | 12 Months Ended | ||
Share data in Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Instrument [Line Items] | ' | ' | ' |
Payments On Zero Coupon Subordinated Notes | $21,500,000 | $8,200,000 | $155,100,000 |
Common stock issued upon conversion of zero-coupon subordinated notes (in shares) | 0.1 | 0 | 1 |
Zero-coupon convertible subordinated notes [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Principal amount at maturity of zero-coupon subordinated notes outstanding | 128,800,000 | ' | 154,300,000 |
Issued price per principal amount at maturity | 671.65 | ' | ' |
Principal amount of zero-coupon subordinated notes | 1,000 | ' | ' |
Annual yield to maturity | 2.00% | ' | ' |
Stock conversion rate for zero-coupon subordinated notes (per thousand) | 13.4108 | ' | ' |
Minimum number of trading days in a period the common stock sale price must meet a specified threshold to trigger conversion price (in days) | 20 | ' | ' |
Number of consecutive trading days ending on the last trading day of the preceding quarter for the common stock sale price to reach a specified threshold to trigger conversion price (in days) | 30 | ' | ' |
Common stock sales price threshold, beginning | 120.00% | ' | ' |
Common stock sales price threshold, declining per quarter | 0.13% | ' | ' |
Common stock sales price threshold, ending | 110.00% | ' | ' |
Conversion trigger price, current period (per share) | $72.55 | ' | ' |
Principal Amount At Maturity Of Zero Coupon Subordinated Notes Converted | 25,500,000 | 9,800,000 | ' |
Value Of Cash And Common Stock In Connection With Conversions Of Zero Coupon Subordinated Notes Settled In Current Period | 31,800,000 | 12,000,000 | ' |
Payments On Zero Coupon Subordinated Notes | 21,500,000 | 8,200,000 | ' |
Common stock issued upon conversion of zero-coupon subordinated notes (in shares) | 0.1 | 0 | ' |
Tax Benefit Realized Upon Conversion Of Zero Coupon Convertible Debt | $3,400,000 | $600,000 | ' |
Contingent cash interest accrual rate period | 'September 12, 2013 to March 11, 2014 | ' | ' |
Contingent cash interest accrual rate description | 'no less than 0.125% of the average market price of a zero-coupon subordinated note for the five trading days ended September 6, 2013, in addition to the continued accrual of the original issue discount | ' | ' |
Contingent cash interest accrual rate | 0.13% | ' | ' |
Number of days used to establish average market price of zero coupon subordinated notes | '5 | ' | ' |
Debt Conversion Announcement Date | 2-Jan-14 | ' | ' |
Debt Conversion Date Of Subordinated Notes And Indenture | 24-Oct-06 | ' | ' |
Zero Coupon Subordinated Notes Convertible Earliest Date | 1-Jan-14 | ' | ' |
Zero Coupon Subordinated Notes Convertible Latest Date | 31-Mar-14 | ' | ' |
DEBT_SENIOR_NOTES_Details
DEBT - SENIOR NOTES (Details) (USD $) | 12 Months Ended | 3 Months Ended | 15 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Nov. 01, 2013 | Aug. 23, 2012 | Oct. 28, 2010 | Dec. 31, 2011 | Sep. 30, 2013 | Nov. 01, 2013 | Nov. 01, 2013 | Dec. 31, 2013 | Aug. 23, 2012 | Aug. 23, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Senior notes due 2018 [Member] | Senior notes due 2023 [Member] | Senior notes due 2020 [Member] | Senior notes due 2017 [Member] | Senior notes due 2022 [Member] | Senior notes due 2016 [Member] | Senior notes due 2016 [Member] | Senior notes due 2016 [Member] | Combined Senior notes due 2016 and 2020 [Member] | Combined Senior notes due 2016 and 2020 [Member] | Senior notes due 2020 [Member] | Senior notes due 2020 [Member] | Senior notes due 2015 [Member] | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes, Noncurrent | ' | $700 | $1,000 | ' | ' | ' | $400 | $300 | ' | $500 | $500 | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate (in hundredths) | ' | ' | ' | ' | ' | ' | 2.50% | 4.00% | 4.63% | 2.20% | 3.75% | 3.13% | ' | ' | ' | ' | 4.63% | 4.63% | 5.63% |
Repayments of Lines of Credit | ' | ' | ' | ' | 235 | 625 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bridge term loan credit agreement, maximum borrowing capacity | ' | ' | ' | 925 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt offering closing date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19-Nov-10 | ' | ' | ' | ' | ' |
Face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 325 | ' | ' | ' | 925 | 600 | 600 | ' |
Maturity date | 15-May-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-May-16 | ' | ' | ' | ' | 15-Nov-20 | 15-Nov-20 | ' |
Remaining quarterly principal payments date range, start | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'May 15, 2011 | ' | ' | ' | ' | ' | ' |
Net proceeds from debt offerings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $915.40 | ' | ' | ' | ' |
Periodic payments, frequency | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'semi-annually |
PREFERRED_STOCK_AND_COMMON_SHA2
PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY (Details) (USD $) | 12 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | $10.10 | $0 | $0 | $0 |
Common shares issued and outstanding [Abstract] | ' | ' | ' | ' |
Common shares issued | 108.1 | 115.8 | 120 | ' |
In treasury | -22.4 | -22.3 | -22.2 | ' |
Outstanding | 85.7 | 93.5 | ' | ' |
Common stock, shares authorized (in shares) | 265 | ' | ' | ' |
Common stock, par value per share (in dollars per share) | $0.10 | ' | ' | ' |
Preferred stock, shares authorized (in shares) | 30 | ' | ' | ' |
Preferred stock, par value per share (in dollars per share) | $0.10 | ' | ' | ' |
Rollforward of common shares issued [Abstract] | ' | ' | ' | ' |
Common shares issued, beginning balance (in shares) | 115.8 | 120 | 124.5 | ' |
Common stock issued under employee stock plans (in shares) | 2.6 | 1.6 | 1.9 | ' |
Common stock issued upon conversion of zero-coupon subordinated notes (in shares) | 0.1 | 0 | 1 | ' |
Common shares repurchased (in shares) | -10.4 | -5.8 | -7.4 | ' |
Common shares issued, ending balance (in shares) | 108.1 | 115.8 | 120 | ' |
Rollforward of common shares held in treasury [Abstract] | ' | ' | ' | ' |
Common shares held in treasury, beginning balance | 22.3 | 22.2 | 22.1 | ' |
Surrender of restricted stock and performance share awards | 0.1 | 0.1 | 0.1 | ' |
Common shares held in treasury, ending balance | 22.4 | 22.3 | 22.2 | ' |
Share repurchase program [Abstract] | ' | ' | ' | ' |
Purchase of common stock (Shares) | 10.4 | ' | ' | ' |
Purchase of common stock | -1,015.60 | -516.5 | -643.9 | ' |
Outstanding common stock repurchase authorization | 1,058.50 | ' | ' | ' |
Foreign Currency Translation Adjustments | ' | ' | ' | ' |
Foreign Currency Translation Adjustments, balance | 162.9 | 143.5 | 152.8 | ' |
Current year adjustments, Foreign Currency Translation Adjustments | -63.2 | 31.3 | -13.2 | ' |
Tax effect of adjustments, Foreign Currency Translation Adjustments | 23.5 | -11.9 | 3.9 | ' |
Foreign Currency Translation Adjustments, balance | 123.2 | 162.9 | 143.5 | ' |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments and Tax | 31.6 | -4.8 | -65.3 | ' |
Net Benefit Plan Adjustments | ' | ' | ' | ' |
Net Benefit Plan Adjustments, balance | -93.5 | -98 | -62.9 | ' |
Tax effect of adjustments, Net Benefit Plan Adjustments | -15.7 | -2.8 | 22.4 | ' |
Net Benefit Plan Adjustments, balance | -67.1 | -93.5 | -98 | ' |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | -6.3 | 0 | 0 | ' |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax | 16.4 | 0 | 0 | ' |
Interest Rate Swap Adjustments | ' | ' | ' | ' |
Interest Rate Swap Adjustments, balance | 0 | 0 | -1.4 | ' |
Current year adjustments, Interest Rate Swap Adjustments | 0 | 0 | 2.4 | ' |
Tax effect of adjustments, Interest Rate Swap Adjustments | 0 | 0 | -1 | ' |
Interest Rate Swap Adjustments, balance | 0 | 0 | 0 | ' |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | -15.2 | 26.5 | -76.1 | ' |
Accumulated Other Comprehensive Earnings | ' | ' | ' | ' |
Accumulated Other Comprehensive Earnings, balance | 69.4 | 45.5 | 88.5 | ' |
Tax effect of adjustments, Accumulated Other Comprehensive Earnings | 1.5 | -14.7 | 25.3 | ' |
Accumulated Other Comprehensive Earnings, balance | 66.2 | 69.4 | 45.5 | ' |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | 0 | 0 | 0 | ' |
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | 10.5 | 12.1 | 7.8 | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | 0 | 0 | 0 | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 0 | 0 | 0 | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | $10.50 | $12.10 | $7.80 | ' |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pre-tax income [Abstract] | ' | ' | ' |
Domestic | $844.20 | $909 | $834 |
Foreign | 71.4 | 35.2 | 32.1 |
Total pre-tax income | 915.6 | 944.2 | 866.1 |
Current: | ' | ' | ' |
Federal | 231.6 | 254.1 | 269.7 |
State | 29.9 | 35.1 | 54.3 |
Foreign | 22.5 | 16.9 | 6.8 |
Total current income taxes | 284 | 306.1 | 330.8 |
Deferred: | ' | ' | ' |
Federal | 55.2 | 58.3 | 5 |
State | 6.1 | 0.4 | -4.4 |
Foreign | -5.1 | -5.4 | 1.6 |
Total deferred income taxes | 56.2 | 53.3 | 2.2 |
Total income tax provision | 340.2 | 359.4 | 333 |
Tax benefit associated with option exercises from stock plans | 10.6 | 8.4 | 11 |
Federal statutory tax rate reconciliation [Abstract] | ' | ' | ' |
Statutory federal rate | 35.00% | 35.00% | 35.00% |
State and local income taxes, net of federal income tax effect | 2.60% | 2.40% | 3.70% |
Other | -0.40% | 0.70% | -0.30% |
Effective rate | 37.20% | 38.10% | 38.40% |
Deferred tax assets: | ' | ' | ' |
Accounts receivable | 20.2 | 25 | ' |
Employee compensation and benefits | 83.4 | 114.4 | ' |
Self insurance reserves | 17.8 | 17 | ' |
Postretirement benefit obligation | 23.2 | 23.3 | ' |
Acquisition and restructuring reserves | 20.6 | 18.5 | ' |
Tax loss carryforwards | 58 | 66.3 | ' |
Other | 3.8 | 2.1 | ' |
Total deferred tax assets | 227 | 266.6 | ' |
Less: valuation allowance | -16.5 | -18.4 | ' |
Net deferred tax assets | 210.5 | 248.2 | ' |
Deferred tax liabilities: | ' | ' | ' |
Deferred earnings | -15.1 | -17.9 | ' |
Intangible assets | -463.4 | -434.1 | ' |
Property, plant and equipment | -86.4 | -73.8 | ' |
Zero-coupon subordinated notes | -106.7 | -110.5 | ' |
Currency translation adjustment | -77.9 | -101 | ' |
Total gross deferred tax liabilities | -749.5 | -737.3 | ' |
Net deferred tax liabilities | -539 | -489.1 | ' |
Foreign tax loss carryovers | 11.8 | ' | ' |
Foreign tax loss carryovers, expiration dates | 'full valuation allowance | ' | ' |
Federal tax loss carryovers | 44.2 | ' | ' |
Federal tax loss carryovers, expiration dates | 'expiring periodically through 2031 | ' | ' |
Capital loss carryover | 1.9 | ' | ' |
Gross unrecognized income tax benefits | 25.6 | 36.4 | 52.7 |
Accrued interest and penalties related to unrecognized income tax benefits | 9.3 | 9.8 | ' |
Interest and penalties expense related to unrecognized income tax benefits | 2.4 | 3 | 3.5 |
Interest and penalties benefit related to unrecognized income tax benefits | 2.9 | 3.9 | 4.9 |
Reconciliation of unrecognized tax benefits [Roll Forward] | ' | ' | ' |
Balance as of January 1 | 36.4 | 52.7 | 53.6 |
Increase in reserve for tax positions taken in the current year | 1.9 | 0.4 | 8.6 |
Increase (decrease) in reserve for tax positions taken in a prior period | 0 | -8 | 0 |
Decrease in reserve as a result of settlements reached with tax authorities | -4.4 | -0.1 | -0.2 |
Decrease in reserve as a result of lapses in the statute of limitations | -8.3 | -8.6 | -9.3 |
Balance as of December 31 | 25.6 | 36.4 | 52.7 |
Unrecognized income tax benefits that would impact effective tax rate | 25.6 | 37.1 | ' |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | 0.5 | ' | ' |
Undistributed Earnings of Foreign Subsidiaries | $17.70 | ' | ' |
STOCK_COMPENSATION_PLANS_Detai
STOCK COMPENSATION PLANS (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary of Changes in Options Outstanding Under the Stock Incentive Plans [Rollforward] | ' | ' | ' |
Shares authorized for issuance under the 2008 and 2000 Stock Incentive Plans | 10.2 | ' | ' |
Shares available for grant under the Company's stock option plans | 6.7 | ' | ' |
Award vesting period (in years) | '3 years | ' | ' |
Stock Options Vested and Expected to Vest at December 31, 2011 | ' | ' | ' |
Aggregate intrinsic value, vested and expected to vest options | $51.30 | ' | ' |
Stock Options Exercised, Impact Disclosures | ' | ' | ' |
Cash received by the Company | 158 | 69.4 | 106.1 |
Tax benefits realized | 21.3 | 9.7 | 17.7 |
Aggregate intrinsic value | 55.4 | 25.3 | 45.5 |
Assumptions the Company Used to Develop Fair Value Estimates | ' | ' | ' |
Fair value per option | ' | $13.43 | $17.06 |
Fair value of the employee's purchase right | $17.22 | $23.02 | $15.58 |
Fair Values of Options Granted and the Employee's Purchase Right in the Stock Purchase Plan | ' | ' | ' |
Stock option plan expense | 14.5 | 21.5 | 24.9 |
Restricted Stock and Performance Shares | ' | ' | ' |
Restricted stock, vesting increment | 'one third increments beginning on the first anniversary of the grant | ' | ' |
Performance share awards, vesting conditions | 'Performance share awards are subject to certain earnings per share, revenue, operating income, earnings before income taxes and total shareholder return targets | ' | ' |
Restricted stock and performance share compensation expense | 19.3 | 14.3 | 21.3 |
Unrecognized compensation cost related to nonvested restricted stock and performance share-based compensation arrangements | 28.5 | ' | ' |
Unrecognized compensation cost weighted average expected future recognition period (in years) | '1 year 9 months 18 days | ' | ' |
Employee Stock Purchase Plan Disclosure | ' | ' | ' |
Shares of common stock authorized for issuance under the employee stock purchase plan | 6.3 | ' | ' |
The employee stock purchase plan permits employees to purchase shares of common stock at a certain percentage of the market price (in hundredths) | 85.00% | ' | ' |
Number of shares purchased by eligible employees | 0.2 | ' | ' |
Expense related to the Company's employee stock purchase plan | 3.5 | 4.9 | 2.7 |
Employee Stock Purchase Plan [Member] | ' | ' | ' |
Assumptions the Company Used to Develop Fair Value Estimates | ' | ' | ' |
Risk free interest rate | 0.10% | 0.10% | 0.10% |
Expected volatility | 20.00% | 20.00% | 20.00% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Stock Options [Member] | ' | ' | ' |
Changes in Options Outstanding Under the Stock Incentive Plans, Additional Disclosures | ' | ' | ' |
Number of options outstanding, beginning balance | 6.9 | ' | ' |
Number of options granted | 0 | ' | ' |
Number of options exercised | -2.2 | ' | ' |
Number of options cancelled | -0.1 | ' | ' |
Number of options outstanding, ending balance | 4.6 | 6.9 | ' |
Weighted-average exercise price per option, outstanding, beginning balance | $77.62 | ' | ' |
Weighted-average exercise price per option granted | $0 | ' | ' |
Weighted-average exercise price per option exercised | $72.02 | ' | ' |
Weighted-average exercise price per option cancelled | $82.92 | ' | ' |
Weighted-average exercise price per option, outstanding, ending balance | $80.18 | $77.62 | ' |
Weighted-average remaining contractual term of options outstanding (in years) | '6 years 5 months | ' | ' |
Aggregate intrinsic value of options outstanding | 51.5 | ' | ' |
Stock Options Vested and Expected to Vest at December 31, 2011 | ' | ' | ' |
Number of options vested and expected to vest | 4.5 | ' | ' |
Weighted-average exercise price per option, vested and expected to vest options | $80.13 | ' | ' |
Weighted-average exercise price per exercisable option | $77.06 | ' | ' |
Weighted-average remaining contractual term, vested and expected to vest options (in years) | '6 years 5 months | ' | ' |
Number of options exercisable | 3.1 | ' | ' |
Weighted-average remaining contractual term, exercisable options (in years) | '5 years 8 months | ' | ' |
Aggregate intrinsic value, exercisable options | $44.20 | ' | ' |
Assumptions the Company Used to Develop Fair Value Estimates | ' | ' | ' |
Weighted average expected life (in years) | ' | '3 years 4 months 24 days | '3 years 4 months 24 days |
Risk free interest rate | ' | 0.40% | 1.00% |
Expected volatility | ' | 20.00% | 20.00% |
Expected dividend yield | ' | 0.00% | 0.00% |
Restricted Stock and Performance Shares [Member] | ' | ' | ' |
Summary of Nonvested Shares | ' | ' | ' |
Nonvested, beginning of period | 0.6 | ' | ' |
Number of options granted | 0.5 | ' | ' |
Number of options vested | -0.2 | ' | ' |
Nonvested, end of period | 0.8 | ' | ' |
Weighted-average grant date fair value, nonvested, beginning of period | $84.91 | ' | ' |
Weighted-average grant date fair value, granted | $90.19 | ' | ' |
Weighted-average grant date fair value, vested | $75.79 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0.1 | ' | ' |
Weighted-average grant date fair value, nonvested, end of period | $90.70 | ' | ' |
Employee Stock Purchase Plan Disclosure | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $90.43 | ' | ' |
STOCK_COMPENSATION_PLANS_Sched
STOCK COMPENSATION PLANS (Schedule of Options Outstanding and Exercisable at December 31, 2013, by Range of Exercise Prices) (Details) (USD $) | 12 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Options Outstanding and Exercisable at December 31, 2013, by Range of Exercise Prices | ' |
Number Outstanding | 4.6 |
Options outstanding, weighted-average remaining contractual life (in years) | '6 years 5 months |
Options outstanding, weighted-average exercise price | $80.18 |
Options exercisable | 3.1 |
Options exercisable, weighted-average exercise price | $77.06 |
Exercise Price Range 1 [Member] | ' |
Options Outstanding and Exercisable at December 31, 2013, by Range of Exercise Prices | ' |
Exercise price range, lower range limit | $6.80 |
Exercise price range, upper range limit | $59.37 |
Number Outstanding | 0.1 |
Options outstanding, weighted-average remaining contractual life (in years) | '1 year 7 months 6 days |
Options outstanding, weighted-average exercise price | $53.25 |
Options exercisable | 0.1 |
Options exercisable, weighted-average exercise price | $53.25 |
Exercise Price Range 2 [Member] | ' |
Options Outstanding and Exercisable at December 31, 2013, by Range of Exercise Prices | ' |
Exercise price range, lower range limit | $59.38 |
Exercise price range, upper range limit | $67.60 |
Number Outstanding | 0.4 |
Options outstanding, weighted-average remaining contractual life (in years) | '5 years 1 month |
Options outstanding, weighted-average exercise price | $60.32 |
Options exercisable | 0.4 |
Options exercisable, weighted-average exercise price | $60.32 |
Exercise Price Range 3 [Member] | ' |
Options Outstanding and Exercisable at December 31, 2013, by Range of Exercise Prices | ' |
Exercise price range, lower range limit | $67.61 |
Exercise price range, upper range limit | $75.63 |
Number Outstanding | 1.1 |
Options outstanding, weighted-average remaining contractual life (in years) | '5 years 4 months |
Options outstanding, weighted-average exercise price | $72.82 |
Options exercisable | 1.1 |
Options exercisable, weighted-average exercise price | $72.82 |
Exercise Price Range 4 [Member] | ' |
Options Outstanding and Exercisable at December 31, 2013, by Range of Exercise Prices | ' |
Exercise price range, lower range limit | $75.64 |
Exercise price range, upper range limit | $80.37 |
Number Outstanding | 0.4 |
Options outstanding, weighted-average remaining contractual life (in years) | '3 years 5 months |
Options outstanding, weighted-average exercise price | $80.07 |
Options exercisable | 0.4 |
Options exercisable, weighted-average exercise price | $80.07 |
Exercise Price Range 5 [Member] | ' |
Options Outstanding and Exercisable at December 31, 2013, by Range of Exercise Prices | ' |
Exercise price range, lower range limit | $80.38 |
Exercise price range, upper range limit | $98.49 |
Number Outstanding | 2.6 |
Options outstanding, weighted-average remaining contractual life (in years) | '7 years 9 months |
Options outstanding, weighted-average exercise price | $87.39 |
Options exercisable | 1.1 |
Options exercisable, weighted-average exercise price | $88.57 |
Details
(Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2012 | Dec. 31, 2013 |
Loss Contingencies [Line Items] | ' | ' |
Loss related to litigation settlement | ' | $34.50 |
Previously recorded litigation reserve in connection with false claims act lawsuit | ' | 15 |
Payment of legal settlement | $49.50 | ' |
COMMITMENTS_AND_CONTINGENT_LIA2
COMMITMENTS AND CONTINGENT LIABILITIES (Details) (USD $) | 3 Months Ended | 12 Months Ended | 72 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 24, 2012 | Jun. 30, 2011 | Dec. 31, 2012 |
Recipients | Tri State Clinical Laboratory Services LLC [Member] | Medicaid Billing [Member] | |||||
Threatened Litigation [Member] | |||||||
Subpoenas | |||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Loss related to litigation settlement | ' | $34.50 | ' | ' | ' | ' | ' |
Previously recorded litigation reserve in connection with false claims act lawsuit | ' | 15 | ' | ' | ' | ' | ' |
Payment of legal settlement | 49.5 | ' | ' | ' | ' | ' | ' |
Number of subpoenas received | ' | ' | ' | ' | ' | ' | 4 |
Number of putative class actions | ' | 2 | ' | ' | ' | ' | ' |
Ownership interest percentage, parent | ' | ' | ' | ' | ' | 50.00% | ' |
Number of recipients | ' | ' | ' | ' | 39 | ' | ' |
Proposed damages per violation | ' | ' | ' | ' | 0.0005 | ' | ' |
Letters of credit | ' | 42.5 | ' | ' | ' | ' | ' |
Future minimum rental commitments [Abstract] | ' | ' | ' | ' | ' | ' | ' |
2013 | ' | 132.3 | ' | ' | ' | ' | ' |
2014 | ' | 81.8 | ' | ' | ' | ' | ' |
2015 | ' | 58.1 | ' | ' | ' | ' | ' |
2016 | ' | 39.7 | ' | ' | ' | ' | ' |
2017 | ' | 20.5 | ' | ' | ' | ' | ' |
Thereafter | ' | 41 | ' | ' | ' | ' | ' |
Total minimum lease payments | ' | 373.4 | ' | ' | ' | ' | ' |
Less: amounts included in restructuring and acquisition related accruals | ' | -12.4 | ' | ' | ' | ' | ' |
Less: non-cancelable sub-lease income | ' | 0 | ' | ' | ' | ' | ' |
Total minimum operating lease payments | ' | 361 | ' | ' | ' | ' | ' |
Rental expense | ' | $235.70 | $226 | $220.20 | ' | ' | ' |
PENSION_AND_POSTRETIREMENT_PLA2
PENSION AND POSTRETIREMENT PLANS (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plans Disclosures [Line Items] | ' | ' | ' | ' |
Minimum non-elective contribution (NEC) % for the 401(K) plan (in hundredths) | ' | 3.00% | ' | ' |
Discretionary contribution % for the 401(K) plan, range minimum (in hundredths) | ' | 1.00% | ' | ' |
Discretionary contribution % for the 401(K) plan, range maximum (in hundredths) | ' | 3.00% | ' | ' |
Defined contribution retirement plan cost | ' | $49.40 | $49 | $44.30 |
Company contributions to the defined benefit retirement plan | ' | 8.4 | 11.3 | 0 |
Defined Benefit Plans, Changes in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Fair value of plan assets at beginning of year | ' | 256.8 | ' | ' |
Fair value of plan assets at end of year | ' | 268.1 | 256.8 | ' |
Defined Benefit Plans, Assets, Target Allocations [Abstract] | ' | ' | ' | ' |
Deferred Compensation Liability, Classified, Noncurrent | ' | 36.3 | 26.6 | ' |
Defined Benefit Plans [Domain] | ' | ' | ' | ' |
Defined Benefit Plans Disclosures [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan, Target Plan Asset Allocations | ' | 5.00% | ' | ' |
Projected defined benefit plan costs in fiscal 2012 | ' | 7.8 | ' | ' |
Projected defined benefit plan contributions in fiscal 2012 | 11 | ' | ' | ' |
Effect on operations for both the Company Plan and the PEP [Abstract] | ' | ' | ' | ' |
Service cost | ' | 3.1 | 2.4 | 2.6 |
Interest cost | ' | -14.7 | -14.9 | -17.1 |
Expected return on plan assets | ' | -17.3 | -17.3 | -18.9 |
Net amortization and deferral | ' | 10.5 | 12.1 | 7.8 |
Defined benefit plan costs | ' | 11 | 12.1 | 8.6 |
Unamortized net gain included in accumulated other comprehensive earnings | ' | 99.6 | ' | ' |
Amortization of net loss (gain) in accumulated other comprehensive earnings, which is expected to be recognized as components of defined benefit plan costs during 2012 | ' | 6.2 | ' | ' |
Defined Benefit Plans, Changes in Benefit Obligations [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 349.7 | 380.7 | 383.2 | ' |
Service cost | ' | 3.1 | 2.4 | 2.6 |
Interest cost | ' | -14.7 | -14.9 | -17.1 |
Actuarial (gain)/loss | ' | -22.1 | 5.8 | ' |
Benefits and administrative expenses paid | ' | -26.7 | -25.6 | ' |
Ending balance | ' | 349.7 | 380.7 | 383.2 |
Accumulated benefit obligation | ' | 349.7 | ' | 380.7 |
Defined Benefit Plans, Changes in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Fair value of plan assets at beginning of year | 268.1 | 256.8 | 244.5 | ' |
Actual return on plan assets | ' | 28.1 | 25 | ' |
Employer contributions | ' | 9.9 | 12.9 | ' |
Benefits and administrative expenses paid | ' | -26.7 | -25.6 | ' |
Fair value of plan assets at end of year | ' | 268.1 | 256.8 | 244.5 |
Defined Benefit Plans, Weighted Average Assumptions Used in Calculating Benefit Obligations [Abstract] | ' | ' | ' | ' |
Discount rate | ' | 4.80% | 4.00% | 4.00% |
Expected long term rate of return | ' | 7.00% | 7.00% | 7.30% |
Defined Benefit Plans, Assets, Target Allocations [Abstract] | ' | ' | ' | ' |
Weighted average expected long-term rate of return for equity securities (in hundredths) | ' | 5.50% | ' | ' |
Weighted average expected long-term rate of return for fixed income securities (in hundredths) | ' | 1.20% | ' | ' |
Weighted average expected long-term rate of return for other assets (in hundredths) | ' | 0.30% | ' | ' |
Equity Securities [Member] | ' | ' | ' | ' |
Defined Benefit Plans Disclosures [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan, Target Plan Asset Allocations | ' | 50.00% | ' | ' |
Fixed Income Securities [Member] | ' | ' | ' | ' |
Defined Benefit Plans Disclosures [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan, Target Plan Asset Allocations | ' | 45.00% | ' | ' |
Post-Retirement Medical Plan [Member] | ' | ' | ' | ' |
Defined Benefit Plans Disclosures [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan, Plan Amendments | ' | -3 | 0 | ' |
Effect on operations for both the Company Plan and the PEP [Abstract] | ' | ' | ' | ' |
Service cost | ' | 0.4 | 0.4 | 0.3 |
Interest cost | ' | -2.5 | -2.3 | -2.2 |
Net amortization and deferral | ' | 1 | 0.3 | -0.2 |
Defined benefit plan costs | ' | 3.9 | 3 | 2.3 |
Unamortized net gain included in accumulated other comprehensive earnings | ' | 12.7 | ' | ' |
Amortization of net loss (gain) in accumulated other comprehensive earnings, which is expected to be recognized as components of defined benefit plan costs during 2012 | ' | 1.3 | ' | ' |
Defined Benefit Plans, Changes in Benefit Obligations [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | 60.7 | 52.7 | ' |
Service cost | ' | 0.4 | 0.4 | 0.3 |
Interest cost | ' | -2.5 | -2.3 | -2.2 |
Participants contributions | ' | 0.3 | 0.4 | ' |
Actuarial (gain)/loss | ' | 4.5 | 6.9 | ' |
Benefits and administrative expenses paid | ' | -2.7 | -2 | ' |
Ending balance | ' | 62.7 | 60.7 | 52.7 |
Defined Benefit Plans, Changes in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' |
Benefits and administrative expenses paid | ' | ($2.70) | ($2) | ' |
Defined Benefit Plans, Weighted Average Assumptions Used in Calculating Benefit Obligations [Abstract] | ' | ' | ' | ' |
Discount rate | ' | 5.00% | ' | 4.20% |
DEFINED_BENEFIT_PLANS_FAIR_VAL
DEFINED BENEFIT PLANS, FAIR VALUE OF PLAN ASSETS (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ' | ' | ||
Defined Benefit Plans, Assets for Plan Benefits | $268.10 | $256.80 | ||
Cash [Member] | ' | ' | ||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ' | ' | ||
Defined Benefit Plans, Assets for Plan Benefits | 2.7 | 6.9 | ||
U.S. large cap - blend [Member] | ' | ' | ||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ' | ' | ||
Defined Benefit Plans, Assets for Plan Benefits | 65.5 | [1] | 58.1 | [1] |
U.S. mid cap - blend [Member] | ' | ' | ||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ' | ' | ||
Defined Benefit Plans, Assets for Plan Benefits | 25.1 | [2] | 23.2 | [2] |
U.S. small cap - blend [Member] | ' | ' | ||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ' | ' | ||
Defined Benefit Plans, Assets for Plan Benefits | 8.1 | [3] | 6.8 | [3] |
International - developed [Member] | ' | ' | ||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ' | ' | ||
Defined Benefit Plans, Assets for Plan Benefits | 40.3 | 39.4 | [4] | |
Commodities index [Member] | ' | ' | ||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ' | ' | ||
Defined Benefit Plans, Assets for Plan Benefits | 11.3 | [5] | 11.5 | [5] |
U.S. fixed income [Member] | ' | ' | ||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ' | ' | ||
Defined Benefit Plans, Assets for Plan Benefits | 104.1 | [6] | 110.9 | [6] |
Level 1 [Member] | ' | ' | ||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ' | ' | ||
Defined Benefit Plans, Assets for Plan Benefits | 2.7 | 6.9 | ||
Level 1 [Member] | Cash [Member] | ' | ' | ||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ' | ' | ||
Defined Benefit Plans, Assets for Plan Benefits | 2.7 | 6.9 | ||
Level 1 [Member] | U.S. large cap - blend [Member] | ' | ' | ||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ' | ' | ||
Defined Benefit Plans, Assets for Plan Benefits | 0 | [1] | 0 | [1] |
Level 1 [Member] | U.S. mid cap - blend [Member] | ' | ' | ||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ' | ' | ||
Defined Benefit Plans, Assets for Plan Benefits | 0 | [2] | 0 | [2] |
Level 1 [Member] | U.S. small cap - blend [Member] | ' | ' | ||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ' | ' | ||
Defined Benefit Plans, Assets for Plan Benefits | 0 | [3] | 0 | [3] |
Level 1 [Member] | International - developed [Member] | ' | ' | ||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ' | ' | ||
Defined Benefit Plans, Assets for Plan Benefits | 0 | 0 | [4] | |
Level 1 [Member] | Commodities index [Member] | ' | ' | ||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ' | ' | ||
Defined Benefit Plans, Assets for Plan Benefits | 0 | [5] | 0 | [5] |
Level 1 [Member] | U.S. fixed income [Member] | ' | ' | ||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ' | ' | ||
Defined Benefit Plans, Assets for Plan Benefits | 0 | [6] | 0 | [6] |
Level 2 [Member] | ' | ' | ||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ' | ' | ||
Defined Benefit Plans, Assets for Plan Benefits | 265.4 | 249.9 | ||
Level 2 [Member] | Cash [Member] | ' | ' | ||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ' | ' | ||
Defined Benefit Plans, Assets for Plan Benefits | 0 | 0 | ||
Level 2 [Member] | U.S. large cap - blend [Member] | ' | ' | ||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ' | ' | ||
Defined Benefit Plans, Assets for Plan Benefits | 65.5 | [1] | 58.1 | [1] |
Level 2 [Member] | U.S. mid cap - blend [Member] | ' | ' | ||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ' | ' | ||
Defined Benefit Plans, Assets for Plan Benefits | 25.1 | [2] | 23.2 | [2] |
Level 2 [Member] | U.S. small cap - blend [Member] | ' | ' | ||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ' | ' | ||
Defined Benefit Plans, Assets for Plan Benefits | 8.1 | [3] | 6.8 | [3] |
Level 2 [Member] | International - developed [Member] | ' | ' | ||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ' | ' | ||
Defined Benefit Plans, Assets for Plan Benefits | 40.3 | 39.4 | [4] | |
Level 2 [Member] | Commodities index [Member] | ' | ' | ||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ' | ' | ||
Defined Benefit Plans, Assets for Plan Benefits | 11.3 | [5] | 11.5 | [5] |
Level 2 [Member] | U.S. fixed income [Member] | ' | ' | ||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ' | ' | ||
Defined Benefit Plans, Assets for Plan Benefits | 104.1 | [6] | 110.9 | [6] |
Level 3 [Member] | ' | ' | ||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ' | ' | ||
Defined Benefit Plans, Assets for Plan Benefits | 0 | 0 | ||
Level 3 [Member] | Cash [Member] | ' | ' | ||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ' | ' | ||
Defined Benefit Plans, Assets for Plan Benefits | 0 | 0 | ||
Level 3 [Member] | U.S. large cap - blend [Member] | ' | ' | ||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ' | ' | ||
Defined Benefit Plans, Assets for Plan Benefits | 0 | [1] | 0 | [1] |
Level 3 [Member] | U.S. mid cap - blend [Member] | ' | ' | ||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ' | ' | ||
Defined Benefit Plans, Assets for Plan Benefits | 0 | [2] | 0 | [2] |
Level 3 [Member] | U.S. small cap - blend [Member] | ' | ' | ||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ' | ' | ||
Defined Benefit Plans, Assets for Plan Benefits | 0 | [3] | 0 | [3] |
Level 3 [Member] | International - developed [Member] | ' | ' | ||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ' | ' | ||
Defined Benefit Plans, Assets for Plan Benefits | 0 | 0 | [4] | |
Level 3 [Member] | Commodities index [Member] | ' | ' | ||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ' | ' | ||
Defined Benefit Plans, Assets for Plan Benefits | 0 | [5] | 0 | [5] |
Level 3 [Member] | U.S. fixed income [Member] | ' | ' | ||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ' | ' | ||
Defined Benefit Plans, Assets for Plan Benefits | $0 | [6] | $0 | [6] |
[1] | This category represents an equity index fund not actively managed that tracks the S&P 500 Index. | |||
[2] | This category represents an equity index fund not actively managed that tracks the S&P mid-cap 400 Index. | |||
[3] | This category represents an equity index fund not actively managed that tracks the Russell 2000 Index. | |||
[4] | This category represents an equity index fund not actively managed that tracks the MSCI ACWI ex USA Index. | |||
[5] | This category represents a commodities index fund not actively managed that tracks the Dow Jones - UBS Commodity Index. | |||
[6] | This category primarily represents bond index funds not actively managed that track the Barclays Capital U.S. Aggregate Index and Barclays Capital U.S. TIPS Index. |
PENSION_AND_POSTRETIREMENT_PLA3
PENSION AND POSTRETIREMENT PLANS, OTHER DISCLOSURES (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | Defined Benefit Plans [Member] | Defined Benefit Plans [Member] | Defined Benefit Plans [Member] | ||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ' | ' | ' | ' | ' | ' |
Maximum deferral percentage of annual cash incentive pay | 100.00% | ' | ' | ' | ' | ' |
Defined Benefit Plans, Estimated Future Benefit Payments [Abstract] | ' | ' | ' | ' | ' | ' |
Benefit payments expected in 2013 | ' | $2.50 | ' | $23.40 | ' | ' |
Benefit payments expected in 2014 | ' | 2.7 | ' | 23.4 | ' | ' |
Benefit payments expected in 2015 | ' | 2.9 | ' | 23.5 | ' | ' |
Benefit payments expected in 2016 | ' | 3 | ' | 23.3 | ' | ' |
Benefit payments expected in 2017 | ' | 3.1 | ' | 23.4 | ' | ' |
Benefit payments expected in 2018-2022 | ' | 17.9 | ' | 120.5 | ' | ' |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ' | ' | ' | ' | ' | ' |
Discount rate | ' | 5.00% | 4.20% | 4.80% | 4.00% | 4.00% |
Health care cost trend rate assumed for next fiscal year | ' | 7.50% | ' | ' | ' | ' |
Ultimate health care cost trend rate | ' | 5.00% | ' | ' | ' | ' |
Year that rate reaches ultimate trend rate | ' | '2021 | ' | ' | ' | ' |
Impact of a percentage point increase each year in the assumed health care cost trend rate on the accumulated post-retirement benefit obligation | 8.7 | ' | ' | ' | ' | ' |
Impact of a percentage point decrease each year in the assumed health care cost trend rate on the accumulated post-retirement benefit obligation | 7.3 | ' | ' | ' | ' | ' |
Impact of a percentage point increase each year in the assumed health care cost trend rate on the service and interest cost components | 0.5 | ' | ' | ' | ' | ' |
Impact of a percentage point decrease each year in the assumed health care cost trend rate on the service and interest cost components | $0.40 | ' | ' | ' | ' | ' |
Maximum deferral percentage of annual base salary | 50.00% | ' | ' | ' | ' | ' |
PENSION_AND_POSTRETIREMENT_PLA4
PENSION AND POSTRETIREMENT PLANS PENSION AND POSTRETIREMENT PLANS, FUNDED STATUS (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Funded status of plan | $81.60 | $123.90 |
Accrued expenses and other [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Funded status of plan | 1.6 | 1.4 |
Other liabilities [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Funded status of plan | $80 | $122.50 |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | ' | ' | ' |
Long-term debt, less current portion | $2,889.10 | $2,175 | ' |
Increase (Decrease) in Noncontrolling Interest Put | 1.3 | ' | ' |
Noncontrolling interest puts | 19.4 | 20.7 | ' |
Fair market value of zero-coupon subordinated notes | 155.5 | ' | 179.1 |
Fair market value of senior notes | 2,907.80 | ' | 2,720.50 |
Cash Surrender Value, Fair Value Disclosure | 35.1 | 30.4 | ' |
Investments, Fair Value Disclosure | 16.4 | ' | ' |
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability | 36.3 | 26.6 | ' |
Contractually Determined Value [Member] | ' | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | ' | ' | ' |
Increase (Decrease) in Noncontrolling Interest Put | 0.8 | ' | ' |
Foreign Currency Translation [Member] | ' | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | ' | ' | ' |
Increase (Decrease) in Noncontrolling Interest Put | 2.5 | ' | ' |
Level 1 [Member] | ' | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | ' | ' | ' |
Noncontrolling interest puts | 0 | 0 | ' |
Fair Value Hedges, Net | 0 | ' | ' |
Cash Surrender Value, Fair Value Disclosure | 0 | 0 | ' |
Level 2 [Member] | ' | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | ' | ' | ' |
Noncontrolling interest puts | 19.4 | 20.7 | ' |
Fair Value Hedges, Net | 0 | ' | ' |
Cash Surrender Value, Fair Value Disclosure | 35.1 | 30.4 | ' |
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability | 0 | 0 | ' |
Level 3 [Member] | ' | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | ' | ' | ' |
Noncontrolling interest puts | 0 | 0 | ' |
Fair Value Hedges, Net | 0 | ' | ' |
Cash Surrender Value, Fair Value Disclosure | 0 | 0 | ' |
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability | $0 | $0 | ' |
DERIVATIVE_INSTRUMENTS_AND_HED1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule of Derivative Instruments in Statement of Financial Position at Fair Value) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative [Line Items] | ' | ' |
Long-term debt, less current portion | $2,889.10 | $2,175 |
Debt Instrument, Basis Spread on Variable Rate | 2.30% | ' |
Derivative Instruments in Statement of Financial Position at Fair Value | ' | ' |
Minimum percentage of market price to calculated value of zero-coupon subordinated debt at which the entity is subject to contingent cash interest | 120.00% | ' |
SUPPLEMENTAL_CASH_FLOW_INFORMA2
SUPPLEMENTAL CASH FLOW INFORMATION (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash paid during period for: | ' | ' | ' |
Interest | $97.20 | $77.50 | $99.60 |
Income taxes, net of refunds | 301.5 | 306.2 | 309.4 |
Disclosure of non-cash financing and investing activities | ' | ' | ' |
Surrender of restricted stock awards and performance shares | 7.1 | 10.9 | 6 |
Noncash conversion of zero-coupon convertible debt | 10.3 | 3.8 | 36.2 |
Fair Value of Assets Acquired | 13.1 | 0 | 0 |
Capital Expenditures Incurred but Not yet Paid | $9.10 | $1.20 | $0 |
QUARTERLY_DATA_UNAUDITED_Detai
QUARTERLY DATA (UNAUDITED) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary of unaudited quarterly data | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $1,437 | $1,462.20 | $1,468.20 | $1,440.90 | $1,405.30 | $1,419.40 | $1,423.40 | $1,423.30 | $5,808.30 | $5,671.40 | $5,542.30 |
Gross profit | 526.1 | 547.6 | 577.3 | 572.2 | 538 | 556.1 | 579.5 | 576.1 | 2,223.20 | 2,249.70 | 2,274.70 |
Net earnings attributable to Laboratory Corporation of America Holdings | $126.40 | $148.30 | $151.90 | $147.20 | $120.20 | $148 | $153.30 | $161.60 | $573.80 | $583.10 | $519.70 |
Earnings Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic earnings per share (in dollars per share) | $1.46 | $1.66 | $1.65 | $1.58 | $1.28 | $1.56 | $1.59 | $1.66 | $6.36 | $6.09 | $5.20 |
Diluted earnings per common share (in dollars per share) | $1.43 | $1.63 | $1.62 | $1.56 | $1.26 | $1.53 | $1.56 | $1.63 | $6.25 | $5.99 | $5.11 |
Schedule_II_Valuation_And_Qual2
Schedule II - Valuation And Qualifying Accounts And Reserves (Details) (USD $) | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 | |||
Allowance for doubtful accounts [Member] | ' | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | ' | |||
Balance at beginning of year | $191.50 | $197.60 | $149.20 | ' | |||
Additions Charged to Costs and Expense | 254.8 | 246 | 255.1 | ' | |||
Other (Deductions) Additions | -248 | [1] | -252.1 | [1] | -206.7 | [1] | ' |
Balance at end of year | 198.3 | 191.5 | 197.6 | ' | |||
Valuation allowance-deferred tax assets [Member] | ' | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | ' | |||
Balance at beginning of year | 18.4 | 18.4 | 14.4 | 11.4 | |||
Additions Charged to Costs and Expense | 0.2 | 2.1 | 3.1 | ' | |||
Other (Deductions) Additions | -2.1 | [1] | 1.9 | [1] | -0.1 | [1] | ' |
Balance at end of year | $16.50 | $18.40 | $18.40 | $11.40 | |||
[1] | Other (Deductions) Additions consists primarily of write-offs of accounts receivable amounts. |
Business_Segments_Details
Business Segments (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $1,437 | $1,462.20 | $1,468.20 | $1,440.90 | $1,405.30 | $1,419.40 | $1,423.40 | $1,423.30 | $5,808.30 | $5,671.40 | $5,542.30 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 990.9 | 1,023.50 | 948.4 |
Nonoperating Income (Expense) | ' | ' | ' | ' | ' | ' | ' | ' | -75.3 | -79.3 | -82.3 |
Total pre-tax income | ' | ' | ' | ' | ' | ' | ' | ' | 915.6 | 944.2 | 866.1 |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 340.2 | 359.4 | 333 |
Net earnings | ' | ' | ' | ' | ' | ' | ' | ' | 575.4 | 584.8 | 533.1 |
Net Income (Loss) Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | -1.6 | -1.7 | -13.4 |
Net earnings attributable to Laboratory Corporation of America Holdings | 126.4 | 148.3 | 151.9 | 147.2 | 120.2 | 148 | 153.3 | 161.6 | 573.8 | 583.1 | 519.7 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 230.1 | 229.8 | 231.4 |
Depreciation and Amortization of Intangible Assets | ' | ' | ' | ' | ' | ' | ' | ' | 222.5 | 217.5 | 223.6 |
Clinical diagnostics laboratory [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 5,465.20 | 5,336.40 | 5,232.90 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 1,440.10 | 1,435.40 | 1,396.20 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 171.2 | 169.1 | 177.3 |
Other Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 343.1 | 335 | 309.4 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 96.8 | 98.5 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 9.2 | 8.1 | 6.7 |
Other Assets [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 93.9 | ' | ' |
Corporate Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -543.1 | -508.7 | -546.3 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | $42.10 | $40.30 | $39.60 |