Document and Entity Information
Document and Entity Information Document - USD ($) shares in Millions, $ in Billions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 26, 2019 | Jun. 30, 2018 | |
Entity Information [Line Items] | |||
Entity Registrant Name | LABORATORY CORP OF AMERICA HOLDINGS | ||
Entity Central Index Key | 920,148 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 98.6 | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Well-known Seasoned Issuer | false | ||
Entity Voluntary Filers | false | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Public Float | $ 17.5 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 426.8 | $ 316.6 |
Accounts receivable | 1,467.9 | 1,531 |
Unbilled Contracts Receivable | 394.4 | 316.5 |
Supplies inventories | 237.3 | 227.2 |
Prepaid expenses and other | 309 | 308.8 |
Assets Held-for-sale, Not Part of Disposal Group, Current | 0 | 33.7 |
Total current assets | 2,835.4 | 2,733.8 |
Property, plant and equipment, net | 1,784.7 | 1,706.6 |
Goodwill, net | 7,360.3 | 7,400.9 |
Intangible assets, net | 3,911.1 | 4,166.1 |
Joint venture partnerships and equity method investments | 60.5 | 58.4 |
Deferred Income Tax Assets, Net | 1.7 | 1.9 |
Other assets, net | 231.6 | 217.5 |
Assets Held-for-sale, Not Part of Disposal Group, Other | 0 | 387.8 |
Total assets | 16,185.3 | 16,673 |
Current liabilities: | ||
Accounts payable | 634.6 | 573.9 |
Accrued expenses and other | 870 | 793.3 |
Deferred Revenue, Current | 356.4 | 380.8 |
Short-term borrowings and current portion of long-term debt | 17.9 | 417.5 |
Disposal Group, Including Discontinued Operation, Liabilities, Current | 0 | 20.2 |
Total current liabilities | 1,878.9 | 2,185.7 |
Long-term debt, less current portion | 6,041.9 | 6,344.6 |
Deferred income taxes and other tax liabilities | 940 | 875.5 |
Other liabilities | 334 | 376 |
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 0 | 66.3 |
Total liabilities | 9,194.8 | 9,848.1 |
Commitments and contingent liabilities | ||
Noncontrolling interest | 19.1 | 20.8 |
Shareholders’ equity | ||
Common stock, 98.9 and 101.9 shares outstanding at December 31, 2018 and 2017, respectively | 11.7 | 12 |
Additional paid-in capital | 1,451.1 | 1,989.8 |
Retained earnings | 7,079.8 | 6,196.1 |
Less common stock held in treasury | (1,108.1) | (1,060.1) |
Accumulated other comprehensive loss | (463.1) | (333.7) |
Total shareholders’ equity | 6,971.4 | 6,804.1 |
Total liabilities and shareholders’ equity | $ 16,185.3 | $ 16,673 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parentheticals) - USD ($) shares in Millions, $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Allowance for Doubtful Accounts | $ 15.7 | $ 6.2 |
Shareholders’ equity | ||
Common Stock, Shares, Outstanding (in shares) | 98.9 | 101.9 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest expense | $ (244.2) | $ (235.1) | $ (219.1) |
Operating income | 1,325.7 | 1,305.2 | 1,270.6 |
Revenues | 11,333.4 | 10,308 | 9,552.9 |
Cost of Revenue | 8,157 | 7,216.2 | 6,698.9 |
Gross profit | 3,176.4 | 3,091.8 | 2,854 |
Selling, general and administrative expenses | 1,570.9 | 1,499.2 | 1,345.5 |
Amortization of intangibles and other assets | 231.7 | 216.5 | 179.5 |
Restructuring and other special charges | 48.1 | 70.9 | 58.4 |
Equity method income, net | 11.6 | 11.3 | 7.9 |
Investment income | 7.5 | 2.1 | 1.7 |
Other, net | 167.7 | (6) | 12.5 |
Earnings before income taxes | 1,268.3 | 1,077.5 | 1,073.6 |
Net earnings | 883.9 | 1,232.9 | 712.9 |
Less: Net earnings attributable to the noncontrolling interest | 0.2 | 5.8 | 1.1 |
Net earnings attributable to Laboratory Corporation of America Holdings | 883.7 | 1,227.1 | 711.8 |
Income Tax Expense (Benefit) | $ 384.4 | $ (155.4) | $ 360.7 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net earnings | $ 883.9 | $ 1,232.9 | $ 712.9 |
Foreign currency translation adjustments | (176.6) | 265.1 | (250.8) |
Net benefit plan adjustments | 29.3 | 20.9 | (40.3) |
Other comprehensive earnings (loss) before tax | (147.3) | 286 | (291.1) |
Provision (benefit) for income tax related to items of comprehensive earnings | 17.9 | (37.8) | (3.8) |
Other comprehensive earnings (loss), net of tax | (129.4) | 248.2 | (294.9) |
Comprehensive earnings | 754.5 | 1,481.1 | 418 |
Less: Net earnings attributable to the noncontrolling interest | (0.2) | (5.8) | (1.1) |
Net comprehensive earnings attributable to Laboratory Corporation of America Holdings | $ 754.3 | $ 1,475.3 | $ 416.9 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss |
Common Stock, Value, Outstanding | $ 12.1 | |||||
Additional Paid in Capital | $ 2,131.7 | |||||
Retained Earnings (Accumulated Deficit) | $ 4,969 | |||||
Treasury Stock, Value | $ (1,012.7) | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (581.9) | |||||
BALANCE at Dec. 31, 2016 | $ 5,518.2 | |||||
Net earnings attributable to Laboratory Corporation of America Holdings | 1,227.1 | 0 | 0 | 1,227.1 | 0 | 0 |
Other comprehensive earnings, net of tax | 248.2 | 0 | 0 | 0 | 0 | 248.2 |
Issuance of common stock under employee stock plans | 73.6 | 0.1 | 73.5 | 0 | 0 | 0 |
Net share settlement tax payments from issuance of stock to employees | (47.4) | 0 | 0 | 0 | (47.4) | 0 |
Conversion of zero-coupon convertible debt | 12.8 | 0 | 12.8 | 0 | 0 | 0 |
Stock compensation | 109.7 | 0 | 109.7 | 0 | 0 | 0 |
Purchase of common stock | (338.1) | (0.2) | (337.9) | 0 | 0 | 0 |
BALANCE at Dec. 31, 2017 | 6,804.1 | |||||
Common Stock, Value, Outstanding | 12 | 12 | ||||
Additional Paid in Capital | 1,989.8 | 1,989.8 | ||||
Retained Earnings (Accumulated Deficit) | 6,196.1 | 6,196.1 | ||||
Treasury Stock, Value | (1,060.1) | (1,060.1) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (333.7) | (333.7) | ||||
Net earnings attributable to Laboratory Corporation of America Holdings | 883.7 | 0 | 0 | 883.7 | 0 | 0 |
Other comprehensive earnings, net of tax | (129.4) | 0 | 0 | 0 | 0 | (129.4) |
Issuance of common stock under employee stock plans | 69.1 | 0 | 69.1 | 0 | 0 | 0 |
Net share settlement tax payments from issuance of stock to employees | (48) | 0 | 0 | 0 | (48) | 0 |
Conversion of zero-coupon convertible debt | 0.3 | 0 | 0.3 | 0 | 0 | 0 |
Stock compensation | 91.6 | 0 | 91.6 | 0 | 0 | 0 |
Purchase of common stock | (700) | (0.3) | (699.7) | 0 | 0 | 0 |
BALANCE at Dec. 31, 2018 | 6,971.4 | |||||
Common Stock, Value, Outstanding | 11.7 | $ 11.7 | ||||
Additional Paid in Capital | 1,451.1 | $ 1,451.1 | ||||
Retained Earnings (Accumulated Deficit) | 7,079.8 | $ 7,079.8 | ||||
Treasury Stock, Value | (1,108.1) | $ (1,108.1) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (463.1) | $ (463.1) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net earnings | $ 883.9 | $ 1,232.9 | $ 712.9 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 552.1 | 533.2 | 499.2 |
Stock compensation | 91.6 | 109.7 | 109.6 |
(Gain) loss on sale of assets | 6.2 | 1.5 | (9.2) |
Gain (Loss) on Disposition of Business | (184.9) | 0 | 0 |
Accrued interest on zero-coupon subordinated notes | 0.2 | 0.3 | 1.6 |
Cumulative earnings (in excess) less than distributions from equity method investments | (0.9) | 0.5 | 1.2 |
Asset Impairment Charges | 5.3 | 23.5 | 0 |
Deferred Income Tax Expense (Benefit) | 22.2 | (525.8) | 54.7 |
Change in assets and liabilities (net of effects of acquisitions): | |||
Decrease (increase) in accounts receivable, net | 50.2 | (13.2) | (83.6) |
Increase (Decrease) in Unbilled Receivables | (81) | 4 | (6) |
Increase in inventories | (18.9) | (16.4) | (9.6) |
(Increase) decrease in prepaid expenses and other | (57.9) | 19.8 | (26.5) |
Increase (decrease) in accounts payable | 43.3 | 172.3 | (8.7) |
Increase (Decrease) in Deferred Revenue | (33.8) | 58.6 | 18.8 |
Increase (Decrease) in Accrued Liabilities and Other Operating Liabilities | 27.8 | (102.8) | (57.3) |
Net cash provided by operating activities | 1,305.4 | 1,498.1 | 1,197.1 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital expenditures | (379.8) | (312.9) | (278.9) |
Proceeds from sale of assets | 50.1 | 5.5 | 30.8 |
Proceeds from Divestiture of Businesses | 3.7 | 0 | 0 |
Proceeds from Sale of Other Assets, Investing Activities | 654.5 | 0 | 0 |
Proceeds from Derivative Instrument, Investing Activities | 18.3 | 0 | 0 |
Proceeds from Sale of Equity Method Investments | 0 | 0 | 13.5 |
Acquisition of licensing technology | 0 | 2.5 | 0 |
Investments in equity affiliates | (22.3) | (36.2) | (12.5) |
Acquisition of businesses, net of cash acquired | (117.8) | (1,882.6) | (548.6) |
Net cash provided by (used for) investing activities | 206.7 | (2,228.7) | (795.7) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from Senior Notes offerings | 0 | 1,200 | 0 |
Repayments of Senior Debt | (400) | (500.1) | (454.7) |
Proceeds from Issuance of Other Long-term Debt | 0 | 750 | 0 |
Line of Credit Facility Payment | (295) | (493) | (150) |
Proceeds from revolving credit facilities | 467.2 | 1,392.2 | 139.5 |
Payments on revolving credit facilities | (467.2) | (1,392.2) | (139.5) |
Payments on zero-coupon subordinated notes | (0.3) | (25.2) | (40.3) |
Payment of debt issuance costs | 0 | (15.3) | 0 |
Repayments of Long-term Capital Lease Obligations | (9.3) | (7.7) | (8.4) |
Noncontrolling interest distributions | (6.4) | (1) | (2.1) |
Net share settlement tax payments from issuance of stock to employees | (48) | (47.4) | (34.6) |
Net proceeds from issuance of stock to employees | 69.1 | 73.6 | 70.6 |
Purchase of common stock | (700) | (338.1) | (43.9) |
Deferred payments on acquisitions | 0 | (2.6) | (7.6) |
Net cash (used for) provided by financing activities | (1,389.9) | 593.2 | (671) |
Effect of exchange rate changes on cash and cash equivalents | (12) | 20.5 | (13.2) |
Net increase (decrease) in cash and cash equivalents | 110.2 | (116.9) | (282.8) |
Cash and cash equivalents at beginning of year | (316.6) | (433.6) | (716.4) |
Cash included in assets held for sale | 0 | (0.1) | 0 |
Cash and cash equivalents at end of year | $ (426.8) | $ (316.6) | $ (433.6) |
BUSINESS ACQUISITIONS
BUSINESS ACQUISITIONS | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
BUSINESS ACQUISITIONS | BUSINESS ACQUISITIONS AND DISPOSITIONS During the year ended December 31, 2018, the Company acquired various businesses and related assets for approximately $117.8 in cash (net of cash acquired). The purchase consideration for all acquisitions year to date has been allocated to the estimated fair market value of the net assets acquired, including approximately $67.8 in identifiable intangible assets and a residual amount of goodwill of approximately $70.5 . These acquisitions were made primarily to extend the Company's geographic reach in important market areas and/or enhance the Company's scientific differentiation. On September 1, 2017, the Company completed the acquisition of Chiltern International Group Limited (Chiltern), a specialty CRO, pursuant to a definitive agreement to acquire all of the share capital of Chiltern, in an all-cash transaction valued at approximately $1,224.5 . The Company funded the acquisition through a combination of bank financing and the issuance of bonds. Chiltern is part of the Company's CDD segment. The final valuation of acquired assets and assumed liabilities as of September 1, 2017, include the following: Consideration Transferred Cash consideration $ 1,224.5 Net Assets Acquired Cash and cash equivalents $ 30.7 Accounts receivable 103.6 Unbilled services 32.6 Prepaid expenses and other 57.9 Property, plant and equipment 12.1 Goodwill 745.4 Customer relationships 602.0 Trade names and trademarks 10.6 Technology 26.0 Favorable leases 0.9 Total assets acquired 1,621.8 Accounts payable 45.1 Accrued expenses and other 19.6 Unearned revenue 133.7 Deferred income taxes 196.5 Other liabilities 2.4 Total liabilities acquired 397.3 Net assets acquired $ 1,224.5 The amortization periods for intangible assets acquired are 21 years for customer relationships, 4 years for trade names and trademarks, and 6 years for technology. The acquisition contributed $188.4 and $11.6 of net revenue and operating income, respectively, during the year ended December 31, 2017. Unaudited Pro Forma Information The Company completed the Chiltern acquisition on September 1, 2017. Had the Chiltern acquisition been completed as of January 1, 2016, the Company's pro forma results for 2017 would have been as follows: Year Ended December 31, 2017 December 31, 2016 Total revenues $ 10,831.3 $ 10,387.4 Operating income 1,305.6 1,300.5 Net income 1,209.0 703.8 Earnings per share: Basic $ 11.80 $ 6.86 Diluted $ 11.65 $ 6.75 During the year ended December 31, 2017, the Company also acquired various laboratories and related assets, including Pathology Associates Medical Laboratories (PAML) for approximately $688.8 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. The purchase consideration for these acquisitions, including Chiltern, has been allocated to the estimated fair market value of the net assets acquired, including approximately $1,053.0 in identifiable intangible assets (primarily customer relationships and non-compete agreements) and a residual amount of goodwill of approximately $1,009.8 . During the year ended December 31, 2016, the Company acquired various other laboratories and related assets for $548.6 (net of cash acquired), including Sequenom, Inc. for approximately $249.1 . The Company completed the acquisition of Sequenom, Inc., a market leader in non-invasive prenatal testing, women's health and reproductive genetics on September 7, 2016, through a cash tender offer for $2.40 per share, or a transaction price of $249.1 , net of cash received, and acquired $130.0 of debt. The Sequenom purchase consideration has been allocated to the estimated fair market value of the net assets acquired, including approximately $146.6 in identifiable intangible assets (primarily customer relationships, technology, and trade names) with weighted-average useful lives of approximately 14.6 years; $45.1 in deferred tax liabilities (relating to identifiable intangible assets); and a residual amount of non-tax deductible goodwill of approximately $206.0 . The remaining acquisitions 2016 included various other laboratories and related assets for approximately $299.5 in cash (net of cash acquired). The purchase consideration for these acquisitions has been allocated to the estimated fair market value of the net assets acquired, including approximately $126.2 in identifiable intangible assets (primarily customer relationships) and a residual amount of goodwill of approximately $192.3 . 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 April 30, 2018, the Company entered into a definitive agreement to sell the CFS business, a global provider of innovative product design and product integrity services for end-user segments that span the global food supply chain, for an all-cash purchase price of $670.0 . The transaction closed on August 1, 2018, and a net gain of $258.3 was recorded in Other, net in the consolidated statement of operations. Total assets and total liabilities held for sale for the CFS business as of December 31, 2017, include the following: December 31, 2017 Assets: Cash and cash equivalents $ 0.1 Accounts receivable 24.4 Unbilled services 7.6 Supplies inventories 0.4 Prepaid expenses and other 1.2 Property, plant and equipment, net 42.3 Goodwill, net 170.5 Intangible assets, net 174.7 Other assets, net 0.3 Total assets held for sale $ 421.5 Liabilities: Accounts Payable $ 2.4 Accrued expenses and other 15.2 Unearned revenue 2.6 Deferred income taxes and other tax liabilities 64.1 Other liabilities 2.2 Total liabilities held for sale $ 86.5 Net assets held for sale $ 335.0 The Company also divested its forensic testing services business in the U.K. and the U.S. on August 7, 2018, and December 31, 2018, respectively, resulting in a losses of $48.9 and $24.5 , respectively, recorded in Other, net in the consolidated statement of operations. Operating income for the divested businesses was $7.6 and $12.9 , for the years ended December 31, 2018, (which includes divested operations through their respective disposal dates) and December 31, 2017, respectively. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Financial Statement Presentation Laboratory Corporation of America Holdings ® together with its subsidiaries (the Company), is a leading global life sciences company that is deeply integrated in guiding patient care, providing comprehensive clinical laboratory and end-to-end drug development services. The Company’s mission is to improve health and improve lives by delivering world-class diagnostic solutions, bringing innovative medicines to patients faster and using technology to provide better care. The Company serves a broad range of customers, including managed care organizations (MCOs), biopharmaceutical companies, governmental agencies, physicians and other healthcare providers (e.g. physician assistants and nurse practitioners, generally referred to herein as physicians), hospitals and health systems, employers, patients and consumers, contract research organizations (CROs), food and nutritional companies and independent clinical laboratories. During 2018, the Company sold its Covance Food Solutions (CFS) business, which provided food testing and integrity services, as well as its domestic and international forensic analysis businesses. The Company believes that it generated more revenue from laboratory testing than any other company in the world in 2018. The Company reports its business in two segments, LabCorp Diagnostics (LCD) and Covance Drug Development (CDD). For further financial information about these segments, including information for each of the last three fiscal years regarding revenue, operating income, and other important information, see Note 21 to the Consolidated Financial Statements. In 2018, LCD and CDD contributed 62% and 38% , respectively, of revenues to the Company, and in 2017 contributed 67% and 33% , respectively. 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 at fair value or at cost minus impairment for those investments that do not have readily determinable fair values. All significant inter-company transactions and accounts have been eliminated. The Company does not have any 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 operating foreign subsidiaries are measured using the local currency as the functional currency. Assets and liabilities are translated at exchange rates as of the balance sheet date. Revenues and expenses are translated at average monthly exchange rates prevailing during the year. Resulting translation adjustments are included in “Accumulated other comprehensive income.” Recently Adopted Guidance Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board (FASB) issued the converged standard on revenue recognition with the objective of providing a single, comprehensive model for all contracts with customers to improve comparability in the financial statements of companies reporting using International Financial Reporting Standards (IFRS) and United States (U.S.) Generally Accepted Accounting Principles (GAAP). The standard contains principles that an entity must apply to determine the measurement of revenue and timing of when it is recognized. The underlying principle is that an entity must recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The standard was effective for the Company beginning January 1, 2018. The Company elected to adopt the standard using the full retrospective approach, which resulted in a recasting of revenue and the related financial statement items for 2016 and 2017. During transition to the new standard, the Company also elected several practical expedients, as provided by the standard. Contracts that began and ended within the same annual reporting period were not restated. Contracts that were completed by December 31, 2017 that had variable consideration were estimated using the transaction price at the date the contract was completed. The amount of the transaction price allocated to the remaining performance obligations were not disclosed for prior reporting periods. Contracts that were modified prior to the earliest reporting period were reflected in the earliest reporting period with an aggregate adjustment for prior modifications. As a result of the new standard, the Company has changed its accounting policies for revenue recognition. The significant changes under the new standard, and the quantitative impact of these changes, are detailed below. LCD The primary impact of the new standard to the LCD segment was classifying bad debt expense of $312.5 and $287.9 for the years ended December 31, 2017 and December 31, 2016 , respectively, as a reduction in revenue rather than as a selling, general and administrative expense. CDD The primary impact of the new standard to the CDD segment was as follows: Investigator fees : Prior to the new standard, reimbursements of investigator fees by clients were netted against the amounts paid to investigators in net revenues, on the basis that CDD was acting as the agent in arranging the investigator services. Under the new standard, revenue for investigator services and other reimbursable activities is recognized gross of fees paid to the investigators and other vendors, on the basis that a clinical study is considered a single, combined performance obligation for which CDD acts as a principal. Where CDD assumes the obligations by contract in studies involving patients, CDD is the principal because CDD may contract directly with third party clinical trial sites and investigators for investigator services and other reimbursable activities, which are combined with other CDD services in the management of a clinical study. Where CDD has assumed certain clinical trial sponsor obligations by contract in studies involving patients, CDD has primary responsibility for fulfilling its obligations associated with the full management of a clinical study, is subject to inventory risk since it may be obligated to compensate investigators and other vendors for reimbursable activities regardless of payment by the customer, and has discretion within the framework agreed upon with the customer in setting the price of the study, including the budget for all pass-through costs, including investigator grants. The financial impact of this change on revenue for the years ended December 31, 2017 and December 31, 2016 was an increase of $267.6 and $234.5 , respectively. Revenue and expenses from reimbursable out-of-pocket costs were previously recognized gross as separate line items from Net revenues and Net cost of revenue in the Consolidated Statement of Operations. Under the new standard, reimbursable out-of-pocket costs continue to be recognized gross, but are no longer presented separately (i.e., expenses are included in Cost of revenues and reimbursements are included in Revenues). In the statement of financial position, unbilled investigator fees and reimbursable out of pocket costs were reclassified from “Prepaid expenses and other” to “Unbilled services” and billed investigator grants and reimbursable out-of-pocket costs were reclassified from “Prepaid expenses and other” to “Accounts receivable, net.” Measure of progress : Prior to the new standard, service fee revenue in clinical studies was recognized on a proportional-performance basis, generally using output measures that are specific to the service provided (e.g., number of investigators enrolled, number of sites initiated, number of trial subjects enrolled and number of monitoring visits completed), while reimbursable out-of-pocket revenue was recognized when the associated expense was incurred. Changes in contract value from changes in scope were reflected once the customer agreed to the changes in scope and renegotiated pricing terms. Under the new standard, revenue in a clinical study (inclusive of budgeted reimbursable pass-through costs) is recognized using an input-based measure of progress based on costs incurred (including pass-through costs such as investigator services and reimbursable out-of-pocket expenses). If a customer’s approval of a work scope change creates an enforceable right to payment, the related revenue will be estimated and included in the measure of progress before a formal change order is executed, which results in recognition of revenue as services are provided. The financial impact of this change on revenue for the years ended December 31, 2017 and December 31, 2016 was a decrease of $58.9 and $36.1 , respectively. Sales commissions : Prior to the new standard, sales commissions were recorded as an expense each quarter when incurred. Under the new standard, sales commissions are amortized according to the expected service period to which the commissions relate on the basis that they are recoverable through the margin inherent in the contracts and recognizes the unamortized commissions as current and long-term assets. The Company applied the portfolio practical expedient in the new standard to determine the amortization period for assets recognized from sales commissions. Under the portfolio approach, the Company determined CDD's weighted average contract term for groups of contracts with similar characteristics, and then amortized the capitalized sales commissions for that group over that term. The Company believes that any difference between the amortization patterns under the specific identification approach and the portfolio approach are not significant to the Company's consolidated financial statements. The financial impact of this change on selling, general, and administrative expenses for the years ended December 31, 2017 and December 31, 2016 was a decrease of $2.9 and $4.4 , respectively. The total quantitative impact of the new standard on retained earnings as of January 1, 2016 was an increase of $33.5 . Pension Accounting In March 2017, the FASB issued a new accounting standard that requires employers that present a measure of operating income in their statement of income to include only the service cost component of net periodic pension cost and net periodic post-retirement benefit cost in operating expenses with other employee compensation costs. The other components of net benefit cost, including amortization of prior service cost/credit and settlement and curtailment effects are to be included in other, net non-operating expenses. The Company adopted this standard effective January 1, 2018. The adoption of this standard reduced operating margin due to the service cost remaining in operating expenses with no offset from the other components of net pension cost and has been applied retrospectively. The adoption of this standard had no impact on net earnings. Reimbursable Out-of-Pocket Expenses CDD pays on behalf of its customers certain out-of-pocket costs for which the Company is reimbursed at cost, without mark-up or profit. Out-of-pocket costs paid by CDD are reflected in operating expenses, while the reimbursements received are reflected in revenues in the consolidated statements of operations. Cost of Revenue Cost of revenue includes direct labor and related benefit charges, other direct costs, shipping and handling fees, and an allocation of facility charges and information technology costs. Selling, general and administrative expenses consist primarily of administrative payroll and related benefit charges, advertising and promotional expenses, administrative travel and an allocation of facility charges and information technology costs. Cost of advertising is expensed as incurred. 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 implicit price concessions, revenue estimates, 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 and cash equivalent balances that exceeded the balances insured by the Federal Deposit Insurance Commission, were approximately $423.0 and $315.5 at December 31, 2018 , and 2017 , respectively. Substantially all of the Company’s accounts receivable are with companies in the healthcare or biopharmaceutical industry and individuals. However, concentrations of credit risk are mitigated due to the number of the Company’s customers as well as their dispersion across many different geographic regions. Although LCD has receivables due from U.S. and state governmental agencies, the Company does not believe that such receivables represent a credit risk since the related healthcare programs are funded by U.S. and state governments, and payment is primarily dependent upon submitting appropriate documentation. Accounts receivable balances (gross) from Medicare and Medicaid were $88.8 and $109.8 at December 31, 2018 , and 2017 , respectively. For the Company's operations in Ontario, Canada, the Ontario Ministry of Health and Long-Term Care (Ministry) 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 commercial 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 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 healthcare providers in the province during the year. The capitated accounts receivable balances from the Ontario government sponsored healthcare plan were CAD 0.5 and CAD 12.9 at December 31, 2018 , and 2017 , respectively. The portion of the Company's accounts receivable due from patients comprises the largest portion of credit risk. At December 31, 2018 , and 2017 , receivables due from patients represented approximately 21.5% and 20.9% of the Company's consolidated gross accounts receivable. The Company applies assumptions and judgments including historical collection experience for assessing collectability 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: 2018 2017 2016 Income Shares Per Share Amount Income Shares Per Share Amount Income Shares Per Share Amount Basic earnings per share $ 883.7 101.4 $ 8.71 $ 1,227.1 102.4 $ 11.99 $ 711.8 102.5 $ 6.94 Stock options and restricted stock units — 1.2 — 1.4 — 1.5 Effect of convertible debt, net of tax — — — 0.1 — 0.3 Diluted earnings per share $ 883.7 102.6 $ 8.61 $ 1,227.1 103.9 $ 11.81 $ 711.8 104.3 $ 6.82 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, 2018 2017 2016 Stock options 0.1 0.1 — 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 units and performance share awards 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 expense in earnings in the period of the revision. Actual results and future estimates may differ substantially from the Company’s current estimates. See Note 15 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, substantially all of which have maturities when purchased of three months or less. Inventories Inventories, consisting primarily of purchased laboratory and customer supplies and finished goods, are stated at the lower of cost (first-in, first-out) or market. Supplies accounted for $ 200.1 and $ 195.2 and finished goods accounted for $ 37.2 and $ 32.4 of total inventory at December 31, 2018 , and 2017 , respectively. Prepaid Expenses and Other In connection with the management of multi-site clinical trials, CDD pays on behalf of its customers certain out-of-pocket costs, for which the Company is reimbursed at cost, without markup or profit. Also included in prepaid expenses and other current assets is land held for sale. The Company records long-lived assets as held for sale when a plan to sell the asset has been initiated and all other held for sale criteria have been satisfied. Assets classified as held for sale of $55.2 as of December 31, 2017, are recorded in prepaid and other current assets on the consolidated balance sheet at the lower of their carrying value or fair value less cost to sell. This asset was sold during 2018. The assets held for sale associated with the CFS business are reported within the separate assets held for sale line items. 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 - 40 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 (R&D) 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 ranging from three to ten years, generally five years. Long-Lived Assets The Company assesses goodwill and indefinite-lived intangibles for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Management performed its annual goodwill and intangible asset impairment testing as of the beginning of the fourth quarter of 2018. The Company elected to perform the qualitative assessment for goodwill and intangible assets for all reporting units except the Canadian reporting unit and its indefinite-lived assets consisting of acquired Canadian licenses for which a quantitative assessment was performed. In this qualitative assessment, the Company considered relevant events and circumstances for each reporting unit, including (i) current year results, (ii) financial performance versus management’s annual and five-year strategic plans, iii) changes in the reporting unit carrying value since prior year, (iv) industry and market conditions in which the reporting unit operates, (v) macroeconomic conditions, including discount rate changes, and (vi) changes in products or services offered by the reporting unit. If applicable, performance in recent years was compared to forecasts included in prior valuations. Based on the results of the qualitative assessment, the Company concluded that it was not more likely than not that the carrying values of the goodwill and intangible assets were greater than their fair values, and that further quantitative testing was not necessary. The Company utilized an income approach to determine the fair value of its Canadian reporting unit and its indefinite-lived assets consisting of acquired Canadian licenses. Based upon the results of the quantitative assessment, the Company concluded that the fair value of the indefinite-lived Canadian licenses was greater than the carrying value. 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. 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 - 36 Patents, licenses and technology 3 - 15 Non-compete agreements 5 Trade names 5 - 15 Debt Issuance Costs The costs related to the issuance of debt are capitalized, netted against the related debt for presentation purposes 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 based on 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, 2018 , and 2017 . Cross currency swap agreements, which have been used by the Company to hedge exposure of its net investment in a foreign subsidiary denominated in non-U.S. currency, are accounted for at fair value. See Note 19 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 R&D costs as incurred. Foreign Currencies For subsidiaries outside of the U.S. that operate in a local currency environment, income and expense items are translated to U.S. dollars at the monthly average rates of exchange prevailing during the period, assets and liabilities are translated at period-end exchange rates and equity accounts are translated at historical exchange rates. Translation adjustments are accumulated in a separate component of shareholders’ equity in the consolidated balance sheets and are included in the determination of comprehensive income in the consolidated statements of comprehensive earnings and consolidated statements of changes in shareholders’ equity. Transaction gains and losses are included in the determination of net income in the consolidated statements of operations. New Accounting Pronouncements In February 2016, the FASB issued a new accounting standard that sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for based on guidance similar to current guidance for operating leases. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The Company is adopting the standard on January 1, 2019. The Company will adopt the standard using a modified retrospective transition approach and will not restate its comparative periods. The adoption of the standard will not have a material impact on the Company's Consolidated Statement of Operations. The Company will implement a new module into the current leasing software solution which will facilitate compliance with the new standard. Given the size of the Company's lease portfolio, the adoption of this standard is expected to have a material impact on the Company's gross balance sheet with the recording of the right-to-use asset and a corresponding lease liability. During transition to the new standard, the Company elected the package of practical expedients for all leases that existed prior to the effective date of the standard, which includes not reassessing whether whether any contracts are or contain embedded leases, reassessing the classification of existing leases, and reassessing whether previously capitalized initial direct costs qualify for capitalization under the new standard. The Company has also elected not to separate lease and non-lease components. The Company will complete its review of the completeness and accuracy of the lease data and finalize its updated controls in accordance with the new standard during the first quarter of 2019. In June 2016, the FASB issued a new accounting standard intended to provide financial statement users with more decision-useful information about expected credit losses and other commitments to extend credit held by the reporting entity. The standard replaces the incurred loss impairment methodology in current GAAP with one that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The update is effective on January 1, 2020, with early adoption permitted. The Company is currently evaluating the impact this new standard will have on the consolidated financial statements. In August 2016, the FASB issued a new accounting standard that makes eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. The Company adopted this standard on a retrospective basis effective January 1, 2018. As a result, the Company reclassified accreted interest paid upon conversion of its zero-coupon subordinated notes from a financing activity to an operating activity for al |
RESTRUCTURING AND OTHER SPECIAL
RESTRUCTURING AND OTHER SPECIAL CHARGES | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING AND OTHER SPECIAL CHARGES | RESTRUCTURING AND OTHER SPECIAL CHARGES During 2018 , the Company recorded net restructuring charges of $48.1 ; $20.5 within LCD and $27.6 within CDD. The charges were comprised of $40.3 in severance and other personnel costs and $11.8 in facility-related costs primarily associated with general integration activities. The charges were offset by the reversal of previously established reserves of $2.0 in unused severance and $2.0 in unused facility-related costs. The Company also recorded $2.3 in impairment to land held for sale which is included in amortization expense. During 2017 , the Company recorded net restructuring charges of $70.9 ; $16.8 within LCD and $54.1 within CDD. The charges were comprised of $36.1 in severance and other personnel costs, $18.8 in facility-related costs primarily associated with general integration activities, and an asset impairment loss of $20.9 related to the termination of a software development project within the CDD segment and the forgiveness of indebtedness for LCD customers in areas heavily impacted by hurricanes experienced during the third quarter of 2017. The charges were offset by the reversal of previously established reserves of $0.5 in unused severance and $4.4 in unused facility-related costs. During 2016 , the Company recorded net restructuring charges of $58.4 ; $15.8 within LCD and $42.6 within CDD. The charges were comprised of $30.9 in severance and other personnel costs and $33.8 in facility-related costs primarily associated with general integration activities. The Company incurred additional legal and other costs of $4.6 relating to the wind down of its minimum volume service contract operations and incurred $8.0 in acquisition fees and expenses. |
RESTRUCTURING RESERVES
RESTRUCTURING RESERVES | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring Reserve [Abstract] | |
RESTRUCTURING RESERVES | The following represents the Company’s restructuring activities for the period indicated: LCD CDD Total Severance and Other Employee Costs Lease and Other Facility Costs Severance and Other Employee Costs Lease and Other Facility Costs Balance as of December 31, 2017 $ 1.7 $ 10.1 $ 8.3 $ 34.6 $ 54.7 Restructuring charges 16.2 5.4 24.1 6.4 52.1 Reduction of prior restructuring accruals (0.4 ) (0.7 ) (1.6 ) (1.3 ) (4.0 ) Cash payments and other adjustments (15.4 ) (7.4 ) (24.3 ) (12.1 ) (59.2 ) Balance as of December 31, 2018 $ 2.1 $ 7.4 $ 6.5 $ 27.6 $ 43.6 Current $ 19.8 Non-current 23.8 $ 43.6 The non-current portion of the restructuring liabilities is expected to be paid out over 5.4 years. Cash payments and other adjustments include the reclassification of profit sharing, pension, and holiday accrual. |
JOINT VENTURE PARTNERSHIPS AND
JOINT VENTURE PARTNERSHIPS AND EQUITY METHOD INVESTMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
JOINT VENTURE PARTNERSHIPS AND EQUITY METHOD INVESTMENTS | JOINT VENTURE PARTNERSHIPS AND EQUITY METHOD INVESTMENTS At December 31, 2018 , the Company had investments in the following unconsolidated joint venture partnerships and equity method investments: Locations Net Investment Interest Owned Joint Venture Partnerships : Alberta, Canada (2) $ 40.9 43.37 % Florence, South Carolina 10.1 49.00 % Equity Method Investments : Various 9.5 various The joint venture partnerships are governed by agreements that mandate 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 ownership interests 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: 2018 2017 Current assets $ 67.9 $ 45.7 Other assets 15.7 14.4 Total assets $ 83.6 $ 60.1 Current liabilities $ 33.3 $ 31.6 Other liabilities 5.8 1.0 Total liabilities 39.1 32.6 Partners' equity 44.5 27.5 Total liabilities and partners’ equity $ 83.6 $ 60.1 For the period January 1 - December 31: 2018 2017 2016 Net revenues $ 186.3 $ 212.5 $ 156.7 Gross profit 62.4 62.6 45.7 Net earnings 34.4 25.7 20.3 The Company’s recorded investment in one of its Alberta joint venture partnerships at December 31, 2018 , includes $32.3 of value assigned to that partnership’s Canadian license to conduct diagnostic testing services in the province. Substantially all of the joint venture's revenue is received as reimbursement from the Alberta government's healthcare programs (AHS). While the Canadian license provides the joint venture the ability to conduct diagnostic testing in Alberta, it does not guarantee that the provincial government will continue to reimburse diagnostic laboratory testing in future years at current levels. A decision by the provincial government to limit or reduce its reimbursement of laboratory diagnostic services would have a negative impact on the profits and cash flows the Company derives from the joint venture. In August 2016, AHS and the Canadian partnership reached an agreement to extend the contract for five additional years through March 2022, with the intent to have the services provided pursuant to the contract transferred to AHS at the end of the five-year period. In consideration of AHS acquiring the assets and assuming liabilities in accordance with the parties’ agreement, AHS will pay CAD 50.0 to the partnership when the transfer is effective, subject to a working capital adjustment. The Company is amortizing the value of the partnership's Canadian license to its residual value over the remaining term of the agreement. As a result of the acquisition of PAML, the Company acquired PAML’s ownership interests in six joint ventures. During 2017 and 2018, the Company further acquired the ownership interests of the other members of four of the six joint ventures, and divested interest in one of the six joint ventures to the other member. The Company and the other members of the sixth joint venture made the decision to dissolve the sixth joint venture to be effective in 2019. |
ACCOUNTS RECEIVABLE, NET
ACCOUNTS RECEIVABLE, NET | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
ACCOUNTS RECEIVABLE, NET | ACCOUNTS RECEIVABLE, NET December 31, 2018 December 31, Gross accounts receivable $ 1,483.6 $ 1,537.2 Less allowance for doubtful accounts (15.7 ) (6.2 ) $ 1,467.9 $ 1,531.0 |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT, NET | PROPERTY, PLANT AND EQUIPMENT, NET December 31, 2018 December 31, 2017 Land $ 77.4 $ 78.1 Buildings and building improvements 703.7 689.3 Machinery and equipment 1,243.2 1,149.6 Software 714.6 667.2 Leasehold improvements 340.7 329.3 Furniture and fixtures 93.8 90.4 Construction in progress 304.8 183.2 Equipment and real estate under capital leases 79.4 78.9 3,557.6 3,266.0 Less accumulated depreciation and amortization of capital lease assets (1,772.9 ) (1,559.4 ) $ 1,784.7 $ 1,706.6 Depreciation expense and amortization of property, plant and equipment was $311.5 , $306.8 and $311.1 for 2018 , 2017 and 2016 , respectively, including software depreciation of $92.7 , $85.6 , and $79.2 for 2018 , 2017 and 2016 , respectively. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 are as follows: LCD CDD Total December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Balance as of January 1 $ 3,673.9 $ 3,644.8 $ 3,727.0 $ 2,779.6 $ 7,400.9 $ 6,424.4 Goodwill acquired during the year 7.2 198.5 63.3 811.3 70.5 1,009.8 Reclassification of goodwill as held for sale — (170.5 ) — — (170.5 ) Dispositions (34.9 ) — — — (34.9 ) — Foreign currency impact and other adjustments to goodwill (7.4 ) 1.1 (68.8 ) 136.1 (76.2 ) 137.2 Balance at end of year $ 3,638.8 $ 3,673.9 $ 3,721.5 $ 3,727.0 $ 7,360.3 $ 7,400.9 The components of identifiable intangible assets are as follows: December 31, 2018 December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 4,119.4 $ (1,146.7 ) $ 2,972.7 $ 4,118.1 $ (992.8 ) $ 3,125.3 Patents, licenses and technology 447.3 (211.2 ) 236.1 457.9 (188.6 ) 269.3 Non-compete agreements 76.8 (53.7 ) 23.1 75.8 (48.3 ) 27.5 Trade names 404.0 (189.1 ) 214.9 407.9 (167.9 ) 240.0 Land use rights 10.8 (4.1 ) 6.7 10.8 (2.5 ) 8.3 Canadian licenses 457.6 — 457.6 495.7 — 495.7 $ 5,515.9 $ (1,604.8 ) $ 3,911.1 $ 5,566.2 $ (1,400.1 ) $ 4,166.1 A summary of amortizable intangible assets acquired during 2018 , and their respective weighted average amortization periods are as follows: Amount Weighted Average Amortization Period Customer relationships $ 62.2 18.2 Patents, licenses and technology 0.3 15.0 Non-compete agreements 1.9 5.0 Trade names 3.4 5.0 $ 67.8 17.1 Amortization of intangible assets, including amortization of the Canadian license recorded in other assets, was $231.7 , $216.5 and $179.5 in 2018 , 2017 and 2016 , respectively. The Company recorded earn-out, purchase accounting adjustments and impairment losses through amortization expense of $4.5 , $3.0 , and $4.9 in 2018 , 2017 and 2016 , respectively. Amortization expense of intangible assets is estimated to be $223.0 in fiscal 2019 , $215.3 in fiscal 2020 , $209.0 in fiscal 2021 , $203.4 in fiscal 2022 , $199.8 in fiscal 2023 , and $2,403.0 thereafter. |
ACCRUED EXPENSES AND OTHER
ACCRUED EXPENSES AND OTHER | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES AND OTHER | ACCRUED EXPENSES AND OTHER December 31, 2018 December 31, 2017 Employee compensation and benefits $ 427.6 $ 369.3 Self-insurance reserves 40.4 45.7 Accrued taxes payable 124.8 70.6 Royalty and license fees payable 6.4 6.2 Accrued investigator fees and pass through costs 80.4 71.6 Restructuring reserves 19.8 22.0 Acquisition related reserves 19.7 21.3 Interest payable 70.7 71.7 Rebates 26.0 24.6 Other 54.2 90.3 $ 870.0 $ 793.3 |
OTHER LIABILITIES
OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
OTHER LIABILITIES | OTHER LIABILITIES December 31, 2018 December 31, 2017 Post-retirement benefit obligation $ 6.5 $ 7.4 Defined-benefit plan obligation 125.8 163.4 Restructuring reserves 23.8 32.5 Self-insurance reserves 30.3 28.9 Deferred compensation plan obligation 64.2 64.5 Worker's compensation and auto 40.9 39.0 Straight-line rent 11.9 12.7 Escheat liability 11.1 10.9 Other 19.5 16.7 $ 334.0 $ 376.0 |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Short-term borrowings and current portion of long-term debt at December 31, 2018 , and 2017 consisted of the following: December 31, 2018 December 31, 2017 Zero-coupon convertible subordinated notes $ 8.7 $ 8.8 2.50% Senior Notes due 2018 — 400.0 Debt issuance costs (0.5 ) (1.4 ) Capital lease obligation 7.9 8.3 Current portion of note payable 1.8 1.8 Total short-term borrowings and current portion of long-term debt $ 17.9 $ 417.5 Long-term debt at December 31, 2018 , and 2017 consisted of the following: December 31, 2018 December 31, 2017 4.625% Senior Notes due 2020 597.0 604.1 2.625% Senior Notes due 2020 500.0 500.0 3.75% Senior Notes due 2022 500.0 500.0 3.20% Senior Notes due 2022 500.0 500.0 4.00% Senior Notes due 2023 300.0 300.0 3.25% Senior Notes due 2024 600.0 600.0 3.60% Senior Notes due 2025 1,000.0 1,000.0 3.60% Senior Notes due 2027 600.0 600.0 4.70% Senior Notes due 2045 900.0 900.0 2014 Term loan — 72.0 2017 Term loan 527.1 750.0 Debt issuance costs (40.3 ) (48.2 ) Capital leases 51.0 57.8 Note payable 7.1 8.9 Total long-term debt $ 6,041.9 $ 6,344.6 Credit Facilities On September 15, 2017, the Company entered into a new $750.0 term loan which will mature on September 15, 2022. The 2017 term loan balance at December 31, 2018 , was $527.1 and at December 31, 2017 was $750.0 . On December 19, 2014, the Company entered into a five-year term loan credit facility in the principal amount of $1,000.0 for the purpose of financing a portion of the cash consideration and the fees and expenses in connection with the transactions contemplated by the November 2, 2014 Merger Agreement to acquire Covance. The term loan credit facility was advanced in full on the Covance acquisition date and was amended on July 13, 2016 and further amended on September 15, 2017. The term loan credit facility was fully repaid in 2018. The 2014 term loan balance at December 31, 2017 , was $72.0 . On September 15, 2017, the Company also entered into an amendment and restatement of its existing senior unsecured revolving credit facility, which was originally entered into on December 21, 2011, was amended and restated on December 15, 2015 and was further amended on July 13, 2016. The senior revolving credit facility consists of a five-year revolving facility in the principal amount of up to $1,000.0 , with the option of increasing the facility by up to an additional $350.0 , subject to the agreement of one or more new or existing lenders to provide such additional amounts and certain other customary conditions. The revolving credit facility also provides for a subfacility of up to $100.0 for swing line borrowings and a subfacility of up to $150.0 for issuances of letters of credit. The revolving credit facility is permitted to be used for general corporate purposes, including working capital, capital expenditures, funding of share repurchases and certain other payments, and acquisitions and other investments. There were no balances outstanding on the Company's current revolving credit facility at December 31, 2018 , or December 31, 2017 . Under the Company's term loan facilities and the revolving credit facility, the Company is subject to negative covenants limiting subsidiary indebtedness and certain other covenants typical for investment grade-rated borrowers and the Company is required to maintain certain leverage ratios. The Company was in compliance with all covenants in the term loan facility and the revolving credit facility at December 31, 2018 , and 2017. As of December 31, 2018 , the ratio of total debt to consolidated EBITDA was 3.0 to 1.0. The 2017 term loan credit facility accrues interest at a per annum rate equal to, at the Company’s election, either a LIBOR rate plus a margin ranging from 0.875% to 1.50% , or a base rate determined according to a prime rate or federal funds rate plus a margin ranging from 0.0% to 0.50% . Advances under the revolving credit facility accrue interest at a per annum rate equal to, at the Company’s election, either a LIBOR rate plus a margin ranging from 0.775% to 1.25% , or a base rate determined according to a prime rate or federal funds rate plus a margin ranging from 0.00% to 0.25% . Fees are payable on outstanding letters of credit under the revolving credit facility at a per annum rate equal to the applicable margin for LIBOR loans, and the Company is required to pay a facility fee on the aggregate commitments under the revolving credit facility, at a per annum rate ranging from 0.10% to 0.25% . The interest margin applicable to the credit facilities, and the facility fee and letter of credit fees payable under the revolving credit facility, are based on the Company’s senior credit ratings as determined by S&P and Moody’s. At December 31, 2018 , the Company had provided letters of credit aggregating approximately $72.2 , 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. As of December 31, 2018 , the effective interest rate on the revolving credit facility was 3.5% and on the 2017 term loan was 3.6% . As of December 31, 2017, the effective interest rate on the revolving credit facility was 2.7% , and the effective interest rate on the 2014 term loan was 2.8% and on the 2017 term loan was 2.6% . Zero-Coupon Convertible Subordinated Notes The Company had $8.6 and $9.0 aggregate principal amount at maturity of zero-coupon convertible subordinated notes (the Notes) due 2021 outstanding at December 31, 2018 , and 2017 , respectively. The Notes, which are due in 2021 and are subordinate to the Company’s bank debt, were sold at an issue price of $671.65 per $1,000.0 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) 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 2018 was $78.64 . 2) The credit rating assigned to the notes by Standard & Poor's (S&P) Ratings Services is at or below BB-. 3) The Notes are called for redemption. 4) 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 2018 and 2017 , the Company settled notices to convert $ 0.3 and $ 37.1 aggregate principal amount at maturity of its zero-coupon subordinated notes with a conversion value of $ 0.7 and $ 33.9 , respectively. The total cash used for these settlements was $ 0.3 and $ 33.9 and the Company also issued 0.0 and 0.3 additional shares of common stock, respectively. As a result of these conversions, in 2018 and 2017 the Company also reversed approximately $ 0.2 and $ 13.7 , respectively, of deferred tax liability to reflect the tax benefit realized upon issuance of the shares. The Company announced that for the period of September 12, 2017, to March 10, 2018, 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 8, 2018, in addition to the continued accrual of the original issue discount . On January 3, 2019 , 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 $1,000.0 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 the 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, 2019 , 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 Friday, March 31, 2019 . 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 its revolving credit facility. Senior Notes On August 22, 2017, the Company issued new Senior Notes representing $1,200.0 in debt securities and consisting of a $ 600.0 aggregate principal amount of 3.25% Senior Notes due 2024 and a $ 600.0 aggregate principal amount of 3.60% Senior Notes due 2027. Interest on these notes is payable semi-annually on March 1 and September 1 of each year, commencing on March 1, 2018. Net proceeds from the offering of these notes were $ 1,190.1 after deducting underwriting discounts and other expenses of the offering. Net proceeds were used to pay off the 2.20% Senior Notes due August 23, 2017, as well as a portion of the cash consideration and the fees and expenses in connection with the Chiltern acquisition. On September 30, 2016, the Company announced the successful completion of consent solicitations for the 5.00% convertible Senior Notes due 2017 and 2018, totaling $130.0 , assumed as part of the acquisition of Sequenom. On October 20, 2016, the Company retired $129.9 of these outstanding notes, and paid an additional $5.6 relating to the early retirement of the subsidiary indebtedness (recorded as interest expense in the Consolidated Statement of Operations). On January 30, 2015, the Company issued the Covance acquisition notes, which represent $2,900.0 in debt securities consisting of $500.0 aggregate principal amount of 2.625% Senior Notes due 2020, $500.0 aggregate principal amount of 3.20% Senior Notes due 2022, $1,000.0 aggregate principal amount of 3.60% Senior Notes due 2025 and $900.0 aggregate principal amount of 4.70% Senior Notes due 2045. Interest on these notes is payable semi-annually on February 1 and August 1 of each year, commencing on August 1, 2015 . Net proceeds from the offering of the Covance acquisition notes were $2,870.2 after deducting underwriting discounts and other estimated expenses of the offering. Net proceeds were used to pay a portion of the cash consideration and the fees and expenses in connection with the Covance acquisition. 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 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. Interest on these notes is payable semi-annually on November 1 and May 1 of each year, commencing on May 1, 2014 . The net proceeds were used to repay all of the outstanding borrowings under the Company’s former revolving credit facility and for general corporate purposes. 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 outstanding at that time. 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 ( $3.1 ) at December 31, 2018 . The Senior Notes due 2022 bear interest at the rate of 3.75% per annum, payable semi-annually on February 23 and August 23 of each year, commencing February 23, 2013 . During the first quarter of 2018, the Company entered into six U.S. dollar (USD) to Swiss Franc cross-currency swap agreements with an aggregate notional value of $600.0 and which were accounted for as a hedge against its net investment in a Swiss subsidiary. Of the notional value, $300.0 was due to mature in 2022 and $300.0 was due to mature in 2025. These cross currency swaps maturing in 2022 and 2025 were settled on December 10, 2018 in cash. During the fourth quarter of 2018, the Company entered into six new USD to Swiss Franc cross-currency swap agreements with an aggregate notional value of $600.0 and which are accounted for as a hedge against its net investment in a Swiss subsidiary. Of the notional value, $300.0 matures in 2022 and $300.0 matures in 2025. These cross currency swaps maturing in 2022 and 2025 are included in other long-term assets with an aggregate fair value of $(1.0) and $(1.8) , respectively, as of December 31, 2018 . Changes in the fair value of the cross-currency swaps are charged or credited through accumulated other comprehensive income in the Consolidated Balance Sheet until the hedged item is recognized in earnings. The scheduled payments of long-term debt and future minimum lease payments for capital leases at the end of 2018 are summarized as follows: Notes and Other Capital Leases Total 2019 $ 10.0 $ 14.8 $ 24.8 2020 1,100.0 13.8 1,113.8 2021 — 12.0 12.0 2022 1,527.1 10.8 1,537.9 2023 300.0 10.7 310.7 Thereafter 3,063.8 34.5 3,098.3 6,000.9 96.6 6,097.5 Less amounts representing interest — (37.7 ) (37.7 ) Total long-term debt 6,000.9 58.9 6,059.8 Less current portion (10.0 ) (7.9 ) (17.9 ) Long-term debt, due beyond one year $ 5,990.9 $ 51.0 $ 6,041.9 |
PREFERRED STOCK AND COMMON SHAR
PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2018 | |
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: 2018 2017 Issued 122.4 125.1 In treasury (23.5 ) (23.2 ) Outstanding 98.9 101.9 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, 2018 and 2017 . The changes in common shares issued and held in treasury are summarized below: Common Shares Issued 2018 2017 2016 Common stock issued at January 1 125.1 125.6 123.9 Common stock issued under employee stock plans 1.6 1.7 1.6 Common stock issued upon conversion of zero-coupon subordinated notes — 0.3 0.4 Retirement of common stock (4.3 ) (2.5 ) (0.3 ) Common stock issued at December 31 122.4 125.1 125.6 Common Shares Held in Treasury 2018 2017 2016 Common shares held in treasury at January 1 23.2 22.9 22.6 Surrender of restricted stock and performance share awards 0.3 0.3 0.3 Common shares held in treasury at December 31 23.5 23.2 22.9 Share Repurchase Program During 2018, the Company purchased 4.2 shares of its common stock at a total cost of $700.0 . At the end of 2018, the Company had outstanding authorization from its board of directors to purchase $443.5 of Company common stock. On February 6, 2019, the board of directors replaced the Company’s existing share repurchase plan with a new plan authorizing repurchase of up to $1.25 billion of the Company’s shares. The repurchase authorization has no expiration date. Accumulated Other Comprehensive Earnings The components of accumulated other comprehensive earnings are as follows: Foreign Currency Translation Adjustments Net Benefit Plan Adjustments Accumulated Other Comprehensive Earnings Balance at December 31, 2016 (471.5 ) (110.4 ) (581.9 ) Current year adjustments 265.1 2.4 267.5 Amounts reclassified from accumulated other comprehensive income (a) — 18.5 18.5 Tax effect of adjustments (34.3 ) (3.5 ) (37.8 ) Balance at December 31, 2017 (240.7 ) (93.0 ) (333.7 ) Current year adjustments (176.6 ) 29.4 (147.2 ) Amounts reclassified from accumulated other comprehensive income for settlement charge — (7.5 ) (7.5 ) Amounts reclassified from accumulated other comprehensive income (a) — 7.4 7.4 Tax effect of adjustments 27.5 (9.6 ) 17.9 Balance at December 31, 2018 $ (389.8 ) $ (73.3 ) $ (463.1 ) (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, 2018 | |
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 2018 2017 2016 Domestic $ 937.7 $ 838.8 $ 884.5 Foreign 330.6 238.7 189.1 Total pre-tax income $ 1,268.3 $ 1,077.5 $ 1,073.6 The provisions (benefits) for income taxes in the accompanying consolidated statements of operations consist of the following: Years Ended December 31, 2018 2017 2016 Current: Federal $ 225.8 $ 300.8 $ 235.1 State 61.2 32.9 38.6 Foreign 64.3 53.0 43.9 $ 351.3 $ 386.7 $ 317.6 Deferred: Federal $ (2.5 ) $ (547.8 ) $ 54.6 State 30.0 11.4 5.3 Foreign 5.6 (5.7 ) (16.8 ) 33.1 (542.1 ) 43.1 $ 384.4 $ (155.4 ) $ 360.7 A net benefit of $10.2 , $16.9 and $11.9 in excess stock-based compensation was recorded directly to income tax expense in the years ended December 31, 2018 , 2017 and 2016 respectively. The gross benefit was reduced by the Internal Revenue Code Section 162(m) disallowance for non-deductible stock compensation of $5.9 , $2.0 and $1.2 for the years ended December 31, 2018, 2017 and 2016, respectively. The effective tax rates on earnings before income taxes are reconciled to statutory U.S. income tax rates as follows: Years Ended December 31, 2018 2017 2016 Statutory U.S. rate 21.0 % 35.0 % 35.0 % State and local income taxes, net of U.S. Federal income tax effect 3.4 2.6 2.7 Foreign earnings taxed at lower rates than the statutory U.S. rate (0.3 ) (3.7 ) (3.2 ) Restructuring and acquisition items 1.9 0.6 — Share-based compensation (0.8 ) (1.6 ) (1.1 ) Re-measurement of deferred taxes 2.4 (36.9 ) — Deferred taxes on unremitted foreign earnings — (16.6 ) — Repatriation tax 1.2 5.3 — GILTI 1.0 — — Other 0.5 0.9 0.2 Effective rate 30.3 % (14.4 )% 33.6 % In December 2017, the U.S. enacted the TCJA, which made widespread changes to the Internal Revenue Code. The TCJA, among other things, reduced the U.S. federal corporate tax rate from 35% to 21% beginning January 1, 2018, requires companies to pay a repatriation tax on earnings of certain foreign subsidiaries that were previously not subject to U.S. tax, and created new income taxes on certain foreign sourced earnings. Also on December 22, 2017, the U.S. Securities and Exchange Commission (SEC) issued Staff Accounting Bulletin No. 118 (SAB 118), which provided companies with additional guidance on how to account for the TCJA in its financial statements, allowing companies utilize a one year measurement period. At December 31, 2017, the Company had not completed the accounting for the tax effects of enactment of the TCJA; however, as described below, a reasonable estimate on the re-measurement of the Company's existing deferred tax balances, the deferred tax revaluation for unremitted foreign earnings, and the one-time repatriation tax was made. For these items, in accordance with SAB 118, a provisional net benefit was recognized, totaling $519.0 , which is included as a component of income tax expense from continuing operations. The Company continued to assess the impact of TCJA throughout the 2018 calendar year and finalized the SAB 118 provisional estimate in the fourth quarter of 2018. For 2018, the Company recorded a total tax expense of $45.0 , $14.8 related to the repatriation tax and $30.1 for the remeasurement of deferred taxes. Overall a net benefit of $474.0 was recorded for TCJA tax provisions effective as of the end of 2018. As additional regulations or guidance in relation to the TCJA are issued, the Company will analyze and record the necessary impacts during the quarter in which this occurs. The TCJA includes provisions relating to global low-taxed intangible income (GILTI). The Company finalized its decision on accounting policy during the fourth quarter of 2018. The Company will account for GILTI as a periodic charge in the period it arises. For 2018, the Company recorded $13.0 for GILTI, which is included as a component of income tax expense from continuing operations. The effective rate for 2018 was also impacted by increased income taxes paid on divestitures where tax basis was lower than book basis. 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, 2018 December 31, 2017 Deferred tax assets: Accounts receivable $ 13.9 $ 14.7 Employee compensation and benefits 104.4 113.6 Deferred earnings — 3.6 Acquisition and restructuring reserves 16.8 16.8 Tax loss carryforwards 98.3 107.0 Other 34.5 26.0 267.9 281.7 Less: valuation allowance (46.2 ) (42.8 ) Deferred tax assets, net of valuation allowance $ 221.7 $ 238.9 Deferred tax liabilities: Deferred earnings $ (2.9 ) $ — Intangible assets (891.8 ) (913.2 ) Property, plant and equipment (182.8 ) (156.9 ) Zero-coupon subordinated notes (4.0 ) (10.1 ) Other (24.5 ) (27.3 ) Total gross deferred tax liabilities (1,106.0 ) (1,107.5 ) Less: deferred tax liabilities included in long term liabilities held for sale $ — $ 64.1 Net deferred tax liabilities $ (884.3 ) $ (804.5 ) The Company has U.S. federal tax loss carryforwards of approximately $244.1 , which expire periodically through 2035 . The utilization of tax loss carryforwards is limited due to change of ownership rules; however, at this time, the Company expects to fully utilize substantially all U.S. federal tax loss carryforwards with the exception of approximately $ 3.9 for which a full valuation allowance has been provided. The Company has U.S. state tax loss carryforwards of $630.6 , which also expire periodically through 2037, and on which a valuation allowance of $477.5 has been provided. The Company has foreign tax loss carryforwards of $ 34.7 of which $26.5 has a full valuation allowance. Most of the foreign losses have an indefinite carryover. In addition to the foreign net operating losses, the Company has a foreign capital loss carryforward of $6.9 . The capital loss has an indefinite life and has a full valuation allowance. The valuation allowance increased from $42.8 in 2017 to $46.2 in 2018 primarily due to additional state losses for which no benefit is anticipated. Unrecognized income tax benefits were $18.0 and $19.5 at December 31, 2018 , and 2017 , respectively. It is anticipated that the amount of the unrecognized income tax benefits will change within the next 12 months; however, these changes are not expected to have a significant impact on the results of operations, cash flows or the financial position of the Company. The Company recognizes interest and penalties related to unrecognized income tax benefits in income tax expense. Accrued interest and penalties related to uncertain tax positions totaled $8.7 and $7.9 as of December 31, 2018 , and 2017 , respectively. During the years ended December 31, 2018 , 2017 and 2016 , the Company recognized $1.8 , $2.3 and $1.2 , respectively, in interest and penalties expense, which was offset by a benefit from reversing previous accruals for interest and penalties of $0.5 , $4.3 and $4.0 , respectively. During 2018, the Company paid interest of $0.5 . The following table shows a reconciliation of the unrecognized income tax benefits, excluding interest and penalties, from uncertain tax positions for the years ended December 31, 2018 , 2017 and 2016 : 2018 2017 2016 Balance as of January 1 $ 19.5 $ 18.4 $ 24.2 Increase in reserve for tax positions taken in the current year 3.1 7.3 2.3 Decrease in reserve as a result of payments (4.6 ) — — Decrease in reserve as a result of lapses in the statute of limitations — (6.2 ) (8.1 ) Balance as of December 31 $ 18.0 $ 19.5 $ 18.4 As of December 31, 2018 , and 2017 , $18.0 and $19.5 , respectively, are the approximate amounts 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 2014. Substantially all material state and local and foreign income tax matters have been concluded through 2012 and 2008, respectively. The Internal Revenue Service concluded the examination of Covance Inc.'s 2013 federal consolidated income tax return in the third quarter of 2018. There were no material changes as a result of the audit. The Company is appealing a Canada Revenue Agency assessment related to the 2014 income tax return. The Company believes adequate reserves have been established for the assessment. The Company has various state and foreign income tax examinations ongoing throughout the year. The Company believes adequate provisions have been recorded related to all open tax years. As a result of the TCJA, the Company was effectively taxed on all of its previously unremitted foreign earnings. The TCJA also enacts a territorial tax system that allows, for the most part, tax-free repatriation of foreign earnings. The Company still considers the earnings of its foreign subsidiaries to be permanently reinvested, but if repatriation were to occur the Company would be required to accrue U.S. taxes, if any, and applicable withholding taxes as appropriate. The Company has unremitted earnings and profits of $490.1 and $464.9 that are permanently reinvested in its foreign subsidiaries as of December 31, 2018 , and 2017 , respectively. A determination of the amount of the unrecognized deferred tax liability related to these undistributed earnings is not practicable due to the complexity and variety of assumptions necessary based on the manner in which the undistributed earnings would be repatriated. |
STOCK COMPENSATION PLANS
STOCK COMPENSATION PLANS | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 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: 2018 2017 2016 Fair value of the employee’s purchase right $ 34.43 $ 31.54 $ 23.32 Valuation assumptions Risk free interest rate 2.3 % 1.3 % 0.5 % Expected volatility 0.2 0.2 0.2 Expected dividend yield — — — |
STOCK COMPENSATION PLANS | STOCK COMPENSATION PLANS Stock Incentive Plans There are currently 10.3 shares authorized for issuance under the Laboratory Corporation of America Holdings 2016 Omnibus Incentive Plan (the Plan), and at December 31, 2018 there were 7.5 additional shares available for grant under the Plan. The Plan was approved by shareholders at the 2016 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 Options Weighted-Average Exercise Price per Option Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2017 1.2 $ 86.55 Granted 0.1 168.49 Exercised (0.5 ) 79.43 Cancelled — 112.61 Outstanding at December 31, 2018 0.8 $ 100.30 4.0 $ 24.1 Vested and expected to vest at December 31, 2018 0.8 $ 100.30 4.0 $ 24.1 Exercisable at December 31, 2018 0.6 $ 87.24 2.8 $ 24.1 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 2018 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, 2018 . 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, 2018 , 2017 , and 2016 were as follows: 2018 2017 2016 Cash received by the Company $ 37.5 $ 43.9 $ 52.6 Tax benefits realized $ 9.4 $ 13.4 $ 13.6 Aggregate intrinsic value $ 44.1 $ 34.8 $ 35.5 The following table summarizes information concerning currently outstanding and exercisable options. Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Number Exercisable Weighted Average Exercise Price Remaining Contractual Life Average Exercise Price $60.40 - 75.63 0.1 1.0 $71.45 0.1 $71.45 $75.64 - 84.86 0.3 3.2 $84.62 0.3 $84.62 $84.87 - 90.74 0.2 2.0 $90.74 0.2 $90.74 $90.75 - 130.60 0.1 7.6 $127.77 — $123.50 $130.61 and over 0.1 9.1 $168.49 — $168.49 0.8 4.0 $100.30 0.6 $87.24 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: 2018 2017 Fair value per option $ 44.37 $ 32.75 Valuation assumptions Weighted average expected life (in years) 6.0 6.0 Risk free interest rate 2.7 % 2.1 % Expected volatility 18.9 % 19.7 % Expected dividend yield N/A 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 2018 , 2017 and 2016 , expense related to the Company’s stock option plan totaled $3.5 , $0.9 and $0.0 , respectively. The Company did not grant any options to employees during 2016 . Restricted Stock, Restricted Stock Units and Performance Shares The Company grants restricted stock, restricted stock units and performance shares (non-vested shares) to officers and key employees and grants restricted stock and restricted stock units to non-employee directors. Restricted stock and units typically vest annually in equal one third increments beginning on the first anniversary of the grant . A performance share grant in 2016 represents a three-year award opportunity for the period 2016-2018, and if earned, vests fully (to the extent earned) in the first quarter of 2019. A performance share grant in 2017 represents a three-year award opportunity for the period of 2017-2019 and, if earned, vests fully (to the extent earned) in the first quarter of 2020. A performance share grant in 2018 represents a three-year award opportunity for the period of 2018-2020 and, if earned, vests fully (to the extent earned) in the first quarter of 2021. Performance share awards are subject to certain earnings per share, revenue and total shareholder return targets , the achievement of which may increase or decrease the number of shares which the grantee earns and therefore receives upon vesting. Unearned restricted stock and performance share compensation is amortized to expense over the applicable vesting periods. For 2018 , 2017 and 2016 , total restricted stock, restricted stock unit and performance share compensation expense was $80.1 , $100.8 and $104.1 , respectively. The following table shows a summary of non-vested shares for the year ended December 31, 2018 : Number of Shares Weighted-Average Grant Date Fair Value Non-vested at January 1, 2018 1.5 $ 121.36 Granted 0.7 170.93 Vested (0.8 ) 125.02 Canceled (0.1 ) 145.50 Non-vested at December 31, 2018 1.3 $ 140.58 As of December 31, 2018 , there was $90.9 of total unrecognized compensation cost related to non-vested stock options, restricted stock, restricted stock unit and performance share-based compensation arrangements granted under the Company's stock incentive plans. That cost is expected to be recognized over a weighted average period of 1.9 years. Employee Stock Purchase Plan Under the 2016 Employee Stock Purchase Plan, the Company is authorized to issue 1.8 shares of common stock. 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 each of 2018 , 2017 and 2016 , respectively, under either the 2016 Employee Stock Purchase Plan or the prior plan, which began in 1997 and was amended in 1999, 2004, 2008 and 2012. For 2018 , 2017 and 2016 , expense related to the Company’s employee stock purchase plan was $8.0 , $8.0 and $5.5 , 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: 2018 2017 2016 Fair value of the employee’s purchase right $ 34.43 $ 31.54 $ 23.32 Valuation assumptions Risk free interest rate 2.3 % 1.3 % 0.5 % Expected volatility 0.2 0.2 0.2 Expected dividend yield — — — |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 12 Months Ended |
Dec. 31, 2018 | |
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; commercial and contract disputes; professional liability; employee-related matters; and inquiries, including subpoenas and other civil investigative demands, from governmental agencies, Medicare or Medicaid payers and MCOs reviewing billing practices or requesting comment on allegations of billing irregularities that are brought to their attention through billing audits or third parties. The Company receives civil investigative demands or other inquiries from various governmental bodies in the ordinary course of its business. Such inquiries can relate to the Company or other parties, including physicians and other healthcare providers (e.g., physician assistants and nurse practitioners, generally referred to herein as physicians). The Company works cooperatively to respond to appropriate requests for information. The Company also is named from time to time in suits brought under the qui tam provisions of the False Claims Act and comparable state laws. These suits typically allege that the Company has made false statements and/or certifications in connection with claims for payment from U.S. federal or state healthcare programs. The suits may remain under seal (hence, unknown to the Company) for some time while the government decides whether to intervene on behalf of the qui tam plaintiff. Such claims are an inevitable part of doing business in the healthcare field today. The Company believes that it is in compliance in all material respects with all statutes, regulations and other requirements applicable to its commercial laboratory operations and drug development support services. The healthcare diagnostics and drug development industries are, however, subject to extensive regulation, and the courts have not interpreted many of the applicable statutes and regulations. Therefore, the applicable statutes and regulations could be interpreted or applied by a prosecutorial, regulatory or judicial authority in a manner that would adversely affect the Company. Potential sanctions for violation of these statutes and regulations include significant civil and criminal penalties, fines, the loss of various licenses, certificates and authorizations, additional liabilities from third-party claims, and/or exclusion from participation in government programs. Many of the current claims and legal actions against the Company are in preliminary stages, and many of these cases seek an indeterminate amount of damages. The Company records an aggregate legal reserve, which is determined using calculations based on historical loss rates and assessment of trends experienced in settlements and defense costs. In accordance with FASB Accounting Standards Codification Topic 450 “Contingencies,” the Company establishes reserves for judicial, regulatory, and arbitration matters outside the aggregate legal reserve if and when those matters present loss contingencies that are both probable and estimable and would exceed the aggregate legal reserve. When loss contingencies are not both probable and estimable, the Company does not establish separate reserves. The Company is unable to estimate a range of reasonably probable loss for the proceedings described in more detail below in which damages either have not been specified or, in the Company's judgment, are unsupported and/or exaggerated and (i) the proceedings are in early stages; (ii) there is uncertainty as to the outcome of pending appeals or motions; (iii) there are significant factual issues to be resolved; and/or (iv) there are novel legal issues to be presented. For these proceedings, however, the Company does not believe, based on currently available information, that the outcomes will have a material adverse effect on the Company's financial condition, though the outcomes could be material to the Company's operating results for any particular period, depending, in part, upon the operating results for such period. As previously reported, the Company responded to an October 2007 subpoena from the U.S. Department of Health & Human Services Office of Inspector General's regional office in New York. On August 17, 2011, the U.S. District Court for the Southern District of New York unsealed a False Claims Act lawsuit, United States of America ex rel. NPT Associates v. Laboratory Corporation of America Holdings , which alleges that the Company offered UnitedHealthcare kickbacks in the form of discounts in return for Medicare business. The Plaintiff's Third Amended Complaint further alleges that the Company's billing practices violated the False Claims Acts of 14 states and the District of Columbia. The lawsuit seeks actual and treble damages and civil penalties for each alleged false claim, as well as recovery of costs, attorney's fees, and legal expenses. Neither the U.S. government nor any state government has intervened in the lawsuit. The Company's Motion to Dismiss was granted in October 2014 and Plaintiff was granted the right to replead. On January 11, 2016, Plaintiff filed a motion requesting leave to file an amended complaint under seal and to vacate the briefing schedule for the Company's Motion to Dismiss while the government reviews the amended complaint. The Court granted the motion and vacated the briefing dates. Plaintiff then filed the Amended Complaint under seal. The Company will vigorously defend the lawsuit. In addition, the Company has received various other subpoenas since 2007 related to Medicaid billing. In October 2009, the Company received a subpoena from the State of Michigan Department of Attorney General seeking documents related to its billing to Michigan Medicaid. The Company cooperated with this request. In October 2013, the Company received a Civil Investigative Demand from the State of Texas Office of the Attorney General requesting documents related to its billing to Texas Medicaid. The Company cooperated with this request. On October 5, 2018, the Company received a second Civil Investigative Demand from the State of Texas Office of the Attorney General requesting documents related to its billing to Texas Medicaid. The Company is cooperating with this request. 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 State of Georgia filed a Notice of Declination on August 13, 2012, before the Company was served with the complaint. The case was removed to the U.S. 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. On March 14, 2014, the Company's Motion to Dismiss was granted. The Plaintiffs repled their complaint, and the Company filed a Motion to Dismiss the First Amended Complaint. In May 2015, the Court dismissed the Plaintiffs' anti-kickback claim and remanded the remaining state law claims to the State Court of Fulton County. In July 2015, the Company filed a Motion to Dismiss these remaining claims. The Plaintiffs filed an opposition to the Company's Motion to Dismiss in August 2015. Also, the State of Georgia filed a brief as amicus curiae. The parties have reached a settlement in principle. 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 U.S. District Court for the District of Minnesota. The lawsuit alleges that on or about February 21, 2012, the defendants violated the U.S. Telephone Consumer Protection Act (TCPA) by sending unsolicited facsimiles to Plaintiff and more than 39 other recipients without the recipients' prior express invitation or permission. The lawsuit seeks the greater of actual damages or the sum of $0.0005 for each violation, subject to trebling under the TCPA, and injunctive relief. In September of 2014, Plaintiff’s Motion for Class Certification was denied. In January of 2015, the Company's Motion for Summary Judgment on the remaining individual claim was granted. Plaintiff filed a notice of appeal. On May 3, 2016, the U.S. Court of Appeals for the Eighth Circuit issued its decision and order reversing the District Court’s denial of class certification. The Eighth Circuit remanded the matter for further proceedings. On December 7, 2016, the District Court granted the Plaintiff’s renewed Motion for Class Certification. The parties have reached a settlement in principle, which will require court approval. On August 31, 2015, the Company was served with a putative class action lawsuit, Patty Davis v. Laboratory Corporation of America, et al., filed in the Circuit Court of the Thirteenth Judicial Circuit for Hillsborough County, Florida. The complaint alleges that the Company violated the Florida Consumer Collection Practices Act by billing patients who were collecting benefits under the Workers' Compensation Statutes. The lawsuit seeks injunctive relief and actual and statutory damages, as well as recovery of attorney's fees and legal expenses. In April 2017, the Circuit Court granted the Company's Motion for Judgment on the Pleadings. The Plaintiff has appealed the Circuit Court's ruling to the Florida Second District Court of Appeal. The Company will vigorously defend the lawsuit. In December 2014, the Company received a Civil Investigative Demand issued pursuant to the U.S. False Claims Act from the U.S. Attorney's Office for South Carolina, which requested information regarding alleged remuneration and services provided by the Company to physicians who also received draw and processing/handling fees from competitor laboratories Health Diagnostic Laboratory, Inc. (HDL) and Singulex, Inc. (Singulex). The Company cooperated with the request. On April 4, 2018, the U.S. District Court for the District of South Carolina, Beaufort Division, unsealed a False Claims Act lawsuit, United States of America ex rel. Scarlett Lutz, et al. v. Laboratory Corporation of America Holdings , which alleges that the Company's financial relationships with referring physicians violate federal and state anti-kickback statutes. The Plaintiffs' Fourth Amended Complaint further alleges that the Company conspired with HDL and Singulex in violation of the Federal False Claims Act and the California and Illinois insurance fraud prevention acts by facilitating HDL's and Singulex's offers of illegal inducements to physicians and the referral of patients to HDL and Singulex for laboratory testing. The lawsuit seeks actual and treble damages and civil penalties for each alleged false claim, as well as recovery of costs, attorney's fees, and legal expenses. Neither the U.S. government nor any state government has intervened in the lawsuit. The Company filed a Motion to Dismiss seeking the dismissal of the claims asserted under the California and Illinois insurance fraud prevention statutes, the conspiracy claim, the reverse False Claims Act claim, and all claims based on the theory that the Company performed medically unnecessary testing. On January 16, 2019, the Court entered an order granting in part and denying in part the Motion to Dismiss. The Court dismissed the Plaintiffs’ claims based on the theory that the Company performed medically unnecessary testing, the claims asserted under the California and Illinois insurance fraud prevention statutes, and the reverse False Claims Act claim. The Court denied the Motion to Dismiss as to the conspiracy claim. The Company will vigorously defend the lawsuit. On August 3, 2016, the Company was served with a putative class action lawsuit, Daniel L. Bloomquist v. Covance Inc., et al. , filed in the Superior Court of California, County of San Diego. The Complaint alleges that Covance Inc. violated the California Labor Code and California Business & Professions Code by failing to provide overtime wages, failing to provide meal and rest periods, failing to pay for all hours worked, failing to pay for all wages owed upon termination, and failing to provide accurate itemized wage statements to Clinical Research Associates and Senior Clinical Research Associates employed by Covance in California. The lawsuit seeks monetary damages, civil penalties, injunctive relief, and recovery of attorney's fees and costs. On October 13, 2016, the case was removed to the U.S. District Court for the Southern District of California. On May 3, 2017, the U.S. District Court for the Southern District of California remanded the case back to the Superior Court. The Company will vigorously defend the lawsuit. Prior to the Company's acquisition of Sequenom, between August 15, 2016, and August 24, 2016, six putative class-action lawsuits were filed on behalf of purported Sequenom stockholders (captioned Malkoff v. Sequenom, Inc., et al. , No. 16-cv-02054-JAH-BLM, Gupta v. Sequenom, Inc., et al. , No. 16-cv-02084-JAH-KSC, Fruchter v. Sequenom, Inc., et al. , No. 16-cv-02101-WQH-KSC, Asiatrade Development Ltd. v. Sequenom, Inc., et al. , No. 16-cv-02113-AJB-JMA, Nunes v. Sequenom, Inc., et al. , No. 16-cv-02128-AJB-MDD, and Cusumano v. Sequenom, Inc., et al. , No. 16-cv-02134-LAB-JMA) in the U.S. District Court for the Southern District of California challenging the acquisition transaction. The complaints asserted claims against Sequenom and members of its board of directors (the Individual Defendants). The Nunes action also named the Company and Savoy Acquisition Corp. (Savoy), a wholly owned subsidiary of the Company, as defendants. The complaints alleged that the defendants violated Sections 14(e), 14(d)(4) and 20 of the Securities Exchange Act of 1934 by failing to disclose certain allegedly material information. In addition, the complaints in the Malkoff action, Asiatrade action, and the Cusumano action alleged that the Individual Defendants breached their fiduciary duties to Sequenom shareholders. The actions sought, among other things, injunctive relief enjoining the merger. On August 30, 2016, the parties entered into a Memorandum of Understanding (MOU) in each of the above-referenced actions. On September 6, 2016, the Court entered an order consolidating for all pre-trial purposes the six individual actions described above under the caption In re Sequenom, Inc. Shareholder Litig. , Lead Case No. 16-cv-02054-JAH-BLM, and designating the complaint from the Malkoff action as the operative complaint for the consolidated action. On November 11, 2016, two competing motions were filed by two separate stockholders (James Reilly and Shikha Gupta) seeking appointment as lead plaintiff under the terms of the Private Securities Litigation Reform Act of 1995. On June 7, 2017, the Court entered an order declaring Mr. Reilly as the lead plaintiff and approving Mr. Reilly's selection of lead counsel. The parties agree that the MOU has been terminated. The Plaintiffs filed a Consolidated Amended Class Action Complaint on July 24, 2017, and the Defendants filed a Motion to Dismiss, which remains pending. The Company will vigorously defend the lawsuit. On February 7, 2017, Sequenom received a subpoena from the SEC relating to an investigation into the trading activity of Sequenom shares in connection with the Company's July 2016 announcement regarding the Sequenom merger. On March 7, 2017, the Company received a similar subpoena. The Company cooperated with these requests. In December 2018, the SEC informed the Company that it has closed its investigation of Sequenom. On March 10, 2017, the Company was served with a putative class action lawsuit, Victoria Bouffard, et al. v. Laboratory Corporation of America Holdings , filed in the U.S. District Court for the Middle District of North Carolina. The complaint alleges that the Company's patient list prices unlawfully exceed the rates negotiated for the same services with private and public health insurers in violation of various state consumer protection laws. The lawsuit also alleges breach of implied contract or quasi-contract, unjust enrichment, and fraud. The lawsuit seeks statutory, exemplary, and punitive damages, injunctive relief, and recovery of attorney's fees and costs. In May 2017, the Company filed a Motion to Dismiss Plaintiffs' Complaint and Strike Class Allegations; the Motion to Dismiss was granted in March 2018 without prejudice. On October 10, 2017, a second putative class action lawsuit, Sheryl Anderson, et al. v. Laboratory Corporation of America Holdings , was filed in the U.S. District Court for the Middle District of North Carolina. The complaint contained similar allegations and sought similar relief to the Bouffard complaint, and added additional counts regarding state consumer protection laws. On August 10, 2018, the Plaintiffs filed an Amended Complaint, which consolidated the Bouffard and Anderson actions. On September 10, 2018, the Company filed a Motion to Dismiss Plaintiffs’ Amended Complaint and Strike Class Allegations, which remains pending. The Company will vigorously defend the lawsuits. On August 1, 2017, the Company was served with a putative class action lawsuit, Maria T. Gonzalez, et al. v. Examination Management Services, Inc. and Laboratory Corporation of America Holdings , filed in the U.S. District Court for the Southern District of California. The complaint alleges that the Company misclassified phlebotomists as independent contractors through an arrangement with the co-Defendant temporary staffing agency. The complaint further alleges that the Company violated the California Labor Code and California Business and Professions Code by failing to pay minimum wage, failing to pay for all hours worked, failing to pay for all wages owed upon termination, and failing to provide accurate itemized wage statements. The lawsuit seeks monetary damages, civil penalties, injunctive relief, and recovery of attorney's fees and costs. The parties have reached a tentative settlement, which will require court approval. On September 7, 2017, the Company was served with a putative class action lawsuit, John Sealock, et al. v. Covance Market Access Services, Inc. , filed in the U.S. District Court for the Southern District of New York. The complaint alleges that Covance Market Access Services, Inc. violated the Fair Labor Standards Act and New York labor laws by failing to provide overtime wages, failing to pay for all hours worked, and failing to provide accurate wage statements. The lawsuit seeks monetary damages, civil penalties, injunctive relief, and recovery of attorney's fees and costs. In November 2017, the Company filed a Motion to Strike Class Allegations, which was denied. In December 2017, the Plaintiff filed a Motion for Conditional Certification of a Collective Action, which was granted in May 2018. In December 2018, Plaintiff filed, and the Court granted, a second motion to conditionally certify an expanded class to a nationwide class action. The Company will vigorously defend the lawsuit. On November 6, 2017, Covance was served with two False Claims Act lawsuits, Health Choice Alliance, LLC on behalf of the United States of America, et al. v. Eli Lilly and Company, Inc. et al. , and Health Choice Advocates, LLC, on behalf of the United States of America v. Gilead Sciences, Inc., et al. , both filed in the U.S. District Court for the Eastern District of Texas. The complaints allege that under the Federal False Claims Act and various state analogues Covance and the co-defendants unlawfully provided in-kind remuneration to medical providers in the form of reimbursement support services in order to induce providers to prescribe certain drugs. Neither the U.S. government nor any state government intervened in the lawsuits. The lawsuits seek actual and treble damages and civil penalties for each alleged false claim, as well as recovery of costs. The Company’s Motion to Dismiss was filed in both cases in February 2018. The Gilead case was dismissed on July 27, 2018. On August 10, 2018, the Court in the Lilly case entered an Order granting in part and denying in part without prejudice the Defendants’ Motions to Dismiss. On September 12, 2018, Plaintiffs in the Lilly case filed a Second Amended Complaint, which included additional allegations related to the same conduct alleged in the previous complaint. On December 17, 2018, the United States of America filed a Motion to Dismiss the Second Amended Complaint in the Lilly case with prejudice. On January 9, 2019, the Plaintiff in the Lilly case filed a Notice of Voluntary Dismissal Without Prejudice as to all claims against Covance. On April 2, 2018, the Company was served with a putative class action lawsuit, Craig Cunningham, et al. v. Laboratory Corporation of America Holdings d/b/a LabCorp , filed in the U.S. District Court for the Middle District of North Carolina. The lawsuit alleges that the Company violated the TCPA by contacting Plaintiff at least twice on his cell phone without his prior consent using a prerecorded or artificial voice. The lawsuit seeks actual damages for each violation, subject to trebling under the TCPA, and injunctive relief. In November 2018, the lawsuit was dismissed with prejudice pursuant to a settlement between the parties. On July 16, 2018, the Company reported that it had detected suspicious activity on its information technology network and was taking steps to respond to and contain the activity. The activity was subsequently determined to be a new variant of ransomware affecting certain LCD information technology systems. As part of its response, the Company took certain systems offline which temporarily affected test processing and customer access to test results, and also affected certain other information technology systems involved in conducting Company-wide operations. The incident temporarily affected test processing and customer access to test results, and also affected certain other information technology systems involved in conducting Company-wide operations. Operations were returned to normal within a few days of the incident. As part of its in-depth investigation into this incident, the Company engaged outside security experts and worked with authorities, including law enforcement. The investigation determined that the ransomware did not and could not transfer patient or client data outside of Company systems and that there was no theft or misuse of patient or client data. To date, the Company has not been the subject of any legal proceedings involving this incident, but it is possible that the Company could be the subject of claims from persons alleging they suffered damages from the incident, or actions by governmental authorities. The Company cooperated with law enforcement and regulatory authorities with respect to the incident. The Company has insurance coverage for costs resulting from cyber-attacks and has filed a claim for recovery of its losses resulting from this incident. However, disputes over the extent of insurance coverage for claims are not uncommon and the Company has not recorded any estimated proceeds resulting from this claim. Furthermore, while the Company has not been the subject of any legal proceedings involving this incident, it is possible that the Company could be the subject of claims from persons alleging they suffered damages from the incident, or actions by governmental authorities. On September 10, 2018, the Company was served with a LCPAGA lawsuit, Terri Wilson v. Laboratory Corporation of America Holdings , which was filed in the U.S. District Court for the Northern District of California. Plaintiff alleges claims for failure to pay meal and rest break premiums, failure to provide compliant wage statements, failure to compensate employees for all hours worked, and failure to pay wages upon termination of employment. Plaintiff asserts these actions violate various Labor Code provisions and constitute an unfair competition practice under California law. The lawsuit seeks monetary damages, civil penalties, injunctive relief, and recovery of attorney's fees and costs. The Company will vigorously defend the lawsuit. On September 21, 2018, the Company was served with a putative class action lawsuit, Alma Haro v. Laboratory Corporation of America et al. , which was filed in the Superior Court of California, County of Los Angeles. Plaintiff alleges that employees were not properly paid overtime compensation, minimum wages, meal and rest break premiums, did not receive compliant wage statements, and were not properly paid wages upon termination of employment. Plaintiff asserts these actions violate various Labor Code provisions and constitute an unfair competition practice under California law. The lawsuit seeks monetary damages, civil penalties, and recovery of attorney's fees and costs. The Company will vigorously defend the lawsuit. On December 20, 2018, the Company was served with a putative class action lawsuit, Feckley v. Covance Inc., et al ., filed in the Superior Court of California, County of Orange. The complaint alleges that Covance Inc. violated the California Labor Code and California Business & Professions Code by failing to properly pay commissions to employees under a sales incentive compensation plan upon their termination of employment. The lawsuit seeks monetary damages, civil penalties, punitive damages, and recovery of attorney’s fees and costs. On January 22, 2018, the case was removed to the U.S. District Court for the Central District of California. The Company will vigorously defend the lawsuit. Under the Company's present insurance programs, coverage is obtained for catastrophic exposure as well as those risks required to be insured by law or contract. The Company is responsible for the uninsured portion of losses related primarily to general, professional and vehicle liability, certain medical costs and workers' compensation. The self-insured retentions are on a per-occurrence basis without any aggregate annual limit. Provisions for losses expected under these programs are recorded based upon the Company's estimates of the aggregated liability of claims incurred. 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, 2018 are as follows: Operating 2019 $ 196.1 2020 149.0 2021 109.7 2022 83.5 2023 64.2 Thereafter 160.9 Total minimum lease payments 763.4 Less: Amounts included in restructuring and acquisition related accruals (21.9 ) Non-cancelable sub-lease income — Total minimum operating lease payments $ 741.5 Rental expense, which includes rent for real estate, equipment and automobiles under operating leases, amounted to $358.7 , $313.8 and $291.2 for the years ended December 31, 2018 , 2017 and 2016 , respectively. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 , and 2017 were as follows: Fair Value Measurements as of December 31, 2018 Balance Sheet Classification Fair Value as of December 31, 2018 Using Fair Value Hierarchy Level 1 Level 2 Level 3 Noncontrolling interest put Noncontrolling interest $ 15.0 $ — $ 15.0 $ — Interest rate swap Other liabilities 3.1 — 3.1 — Cross currency swaps liability Other liabilities 2.8 — 2.8 — Cash surrender value of life insurance policies Other assets, net 63.5 — 63.5 — Deferred compensation liability Other liabilities 64.2 — 64.2 — Contingent consideration Other liabilities 18.6 — — 18.6 Fair Value Measurements as of December 31, 2017 Balance Sheet Classification Fair Value as of December 31, 2017 Using Fair Value Hierarchy Level 1 Level 2 Level 3 Noncontrolling interest put Noncontrolling interest $ 16.3 $ — $ 16.3 $ — Interest rate swap Other assets, net 4.1 — 4.1 — Cash surrender value of life insurance policies Other assets, net 64.0 — 64.0 — Deferred compensation liability Other liabilities 64.5 — 64.5 — Contingent consideration Other liabilities 16.5 — — 16.5 Fair Value Measurement of Level 3 Assets Contingent Consideration Balance at January 1, 2017 $ 16.8 Settlement (0.3 ) Balance at December 31, 2017 16.5 Addition 2.1 Balance at December 31, 2018 $ 18.6 The noncontrolling interest put is valued at its contractually determined value, which approximates fair value. During the year ended December 31, 2018 , the carrying value of the noncontrolling interest put decreased by $1.3 for foreign currency translation. The Company offers certain employees the opportunity to participate in a DCP. A participant's deferrals are allocated by the participant to one or more of 16 measurement funds, which are indexed to externally managed funds. From time to time, to offset the cost of the growth in the participant's investment accounts, the Company purchases life insurance policies, with the Company named as beneficiary of the policies. Changes in the cash surrender value of the life insurance policies are based upon earnings and changes in the value of the underlying investments, which are typically invested in a similar manner to the participants' allocations. Changes in the fair value of the DCP obligation are derived using quoted prices in active markets based on the market price per unit multiplied by the number of units. The cash surrender value and the DCP obligations are classified within Level 2 because their inputs are derived principally from observable market data by correlation to the hypothetical investments. Contingent accrued earn-out business acquisition consideration liabilities for which fair values are measured as Level 3 instruments. These contingent consideration liabilities were recorded at fair value on the acquisition date and are remeasured quarterly based on the then assessed fair value and adjusted if necessary. The increases or decreases in the fair value of contingent consideration payable can result from changes in anticipated revenue levels and changes in assumed discount periods and rates. As the fair value measure is based on significant inputs that are not observable in the market, they are categorized as Level 3. The carrying amounts of cash and cash equivalents, accounts receivable, income taxes receivable, and accounts payable are considered to be representative of their respective fair values due to their short-term nature. The fair market value of the zero-coupon subordinated notes, based on market pricing, was approximately $16.9 and $18.8 as of December 31, 2018 , and 2017 , respectively. The fair market value of the Senior Notes, based on market pricing, was approximately $5,318.0 and $6,078.9 as of December 31, 2018 , and 2017 , 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. |
DERIVATIVE INSTRUMENTS AND HEDG
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 12 Months Ended |
Dec. 31, 2018 | |
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 and currency exchange rates, through a controlled program of risk management that includes, from time to time, the use of derivative financial instruments. 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. 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. Carrying amount of hedged liabilities as of December 31, Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities as of December 31, 2018 2017 2018 2017 Balance Sheet Line Item in which Hedged Items are Included Long-term debt, less current portion $ 597.0 $ 604.1 $ (3.1 ) $ 4.1 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 S&P’s Ratings Services is BB- or lower. The Company believes these embedded derivatives had no fair value at December 31, 2018 , and 2017 . These embedded derivatives also had no impact on the consolidated statements of operations for the years ended December 31, 2018 , 2017 and 2016 . Foreign Currency Forward Contracts The Company periodically enters into foreign currency forward contracts, which are recognized as assets or liabilities at their fair value. These contracts do not qualify for hedge accounting and the changes in fair value are recorded directly to earnings. The contracts are short-term in nature and the fair value of these contracts is based on market prices for comparable contracts. The fair value of these contracts is not significant as of December 31, 2018 . Cross Currency Swaps During the first quarter of 2018, the Company entered into six USD to Swiss Franc cross-currency swap agreements with an aggregate notional value of $600.0 and which were accounted for as a hedge against its net investment in a Swiss subsidiary. Of the notional value, $300.0 were due to mature in 2022 and $300.0 were due to mature in 2025. These cross currency swaps maturing in 2022 and 2025 were settled on December 10, 2018 in cash. During the fourth quarter of 2018, the Company entered into six new USD to Swiss Franc cross-currency swap agreements with an aggregate notional value of $600.0 and which are accounted for as a hedge against the impact of foreign exchange movements on its net investment in a Swiss Franc functional currency subsidiary. Of the notional value, $300.0 matures in 2022 and $300.0 matures in 2025. These cross currency swaps maturing in 2022 and 2025 are included in other long-term assets as of December 31, 2018 . Changes in the fair value of the cross-currency swaps are charged or credited through accumulated other comprehensive income in the Consolidated Balance Sheet until the hedged item is recognized in earnings. The cumulative amount of the fair value hedging adjustment included in the current value of the cross currency swaps is $(2.8) for the year ended December 31, 2018 , and was recognized as currency translation within the Consolidated Statement of Comprehensive Earnings. There were no amounts reclassified from the Consolidated Statement of Comprehensive Earnings to the Consolidated Statement of Operations during the year ended December 31, 2018 . The table below presents the fair value of derivatives on a gross basis and the balance sheet classification of those instruments: December 31, 2018 December 31, 2017 Fair Value of Derivative Fair Value of Derivative Balance Sheet Caption Asset Liability U.S. Dollar Notional Asset Liability U.S. Dollar Notional Derivatives Designated as Hedging Instruments Interest rate swap Other assets, net — — — 4.1 — 600.0 Interest rate swap Other liabilities — (3.1 ) 600.0 — — — Cross currency swaps asset Other liabilities — (2.8 ) 600.0 — — — The table below provides information regarding the location and amount of pretax (gains) losses of derivatives designated in fair value hedging relationships: Amount of pre-tax gain/(loss) included in other comprehensive income Amounts reclassified to the Statement of Operations Year Ended December 31, Year Ended December 31, 2018 2017 2016 2018 2017 2016 Interest rate swap contracts $ (7.2 ) $ (10.5 ) $ (7.0 ) $ — $ — $ — Cross currency swaps $ 21.6 $ — $ — $ — $ — $ — No gains or losses from derivative instruments classified as hedging instruments have been recognized into income for the years ended December 31, 2018 , 2017 or 2016. |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Information [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION Years Ended December 31, 2018 2017 2016 Supplemental schedule of cash flow information: Cash paid during period for: Interest $ 296.2 $ 239.1 $ 210.7 Income taxes, net of refunds 349.7 348.0 345.7 Disclosure of non-cash financing and investing activities: Conversion of zero-coupon convertible debt 0.3 35.0 39.1 Assets acquired under capital leases 0.6 7.3 16 Accrued property, plant and equipment 22.1 1.6 4.4 |
QUARTERLY DATA (UNAUDITED)
QUARTERLY DATA (UNAUDITED) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY DATA (UNAUDITED) | QUARTERLY DATA (UNAUDITED) The following is a summary of unaudited quarterly data: Year Ended December 31, 2018 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Full Year Revenues $ 2,848.3 $ 2,866.3 $ 2,831.3 $ 2,787.5 $ 11,333.4 Gross profit 779.0 835.1 789.9 772.4 3,176.4 Operating income 305.4 369.2 343.4 307.7 1,325.7 Net earnings attributable to Laboratory Corporation of America Holdings 173.2 233.8 318.8 157.9 883.7 Basic earnings per common share 1.70 2.29 3.14 1.58 8.71 Diluted earnings per common share 1.67 2.27 3.10 1.56 8.61 Year Ended December 31, 2017 (b) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter ( a ) Full Year Revenues $ 2,413.7 $ 2,528.2 $ 2,621.4 $ 2,744.7 $ 10,308.0 Gross profit 712.5 778.0 784.2 817.1 3,091.8 Operating income 318.1 329.8 326.7 330.6 1,305.2 Net earnings attributable to Laboratory Corporation of America Holdings 183.0 184.8 171.5 687.8 1,227.1 Basic earnings per common share 1.79 1.80 1.68 6.73 11.99 Diluted earnings per common share 1.75 1.78 1.65 6.63 11.81 (a) Net earnings attributable to Laboratory Corporation of America Holdings in the fourth quarter of 2017 includes amounts recorded due to TCJA. (b) Amounts presented have been restated to comply with the full retrospective adoption of ASC 606. |
Schedule II - Valuation And Qua
Schedule II - Valuation And Qualifying Accounts And Reserves | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 , 2017 and 2016 (Dollars in millions) Balance at beginning of year Additions Charged to Costs and Expense Other Additions Balance at end of year Year ended December 31, 2018: Applied against asset accounts: Valuation allowance-deferred tax assets $ 42.8 $ 3.4 $ — $ 46.2 Year ended December 31, 2017: Applied against asset accounts: Valuation allowance-deferred tax assets $ 31.3 $ 11.5 $ — $ 42.8 Year ended December 31, 2016: Applied against asset accounts: Valuation allowance-deferred tax assets $ 15.1 $ 16.2 $ — $ 31.3 |
Business Segments _Disclosure_
Business Segments [Disclosure] Business Segment (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 21. BUSINESS SEGMENT INFORMATION The following table is a summary of segment information for the years ended December 31, 2018 , 2017 , and 2016 . The “management approach” has been used to present the following segment information. This approach is based upon the way the management of the Company organizes segments within an enterprise for making operating decisions and assessing performance. Financial information is reported on the basis that it is used internally by the chief operating decision maker (CODM) for evaluating segment performance and deciding how to allocate resources to segments. The Company’s chief executive officer has been identified as the CODM. Segment asset information is not presented because it is not used by the CODM at the segment level. Operating earnings (loss) of each segment represents revenues less directly identifiable expenses to arrive at operating income for the segment. General management and administrative corporate expenses are included in general corporate expenses below. 2018 2017 2016 Revenues: LCD $ 7,030.8 $ 6,858.2 $ 6,307.6 CDD 4,313.1 3,451.6 3,245.8 Intercompany eliminations (10.5 ) (1.8 ) (0.5 ) Total revenues $ 11,333.4 $ 10,308.0 $ 9,552.9 Operating Earnings (Loss): LCD $ 1,166.7 $ 1,300.9 $ 1,182.0 CDD 303.6 144.9 236.5 General corporate expenses (144.6 ) (140.6 ) (147.9 ) Total operating income 1,325.7 1,305.2 1,270.6 Non-operating expenses, net (57.4 ) (227.7 ) (197.0 ) Earnings before income taxes 1,268.3 1,077.5 1,073.6 Provision for income taxes 384.4 (155.4 ) 360.7 Net earnings 883.9 1,232.9 712.9 Less: Net income attributable to noncontrolling interests (0.2 ) (5.8 ) (1.1 ) Net income attributable to Laboratory Corporation of America Holdings $ 883.7 $ 1,227.1 $ 711.8 2018 2017 2016 Depreciation and Amortization LCD $ 293.3 $ 304.7 $ 270.9 CDD 247.3 217.4 219.5 General corporate 2.6 1.2 0.1 Total depreciation and amortization $ 543.2 $ 523.3 $ 490.5 LCD CDD Intercompany Eliminations Total Geographic distribution of revenues US $ 6,664.3 $ 2,189.7 $ (10.5 ) $ 8,843.5 Canada 342.2 — — 342.2 United Kingdom 21.8 417.1 — 438.9 Switzerland — 527.4 — 527.4 Other 2.5 1,178.9 — 1,181.4 Total revenues $ 7,030.8 $ 4,313.1 $ (10.5 ) $ 11,333.4 LCD CDD Total Geographic distribution of property, plant and equipment, net U.S. $ 856.6 $ 587.1 $ 1,443.7 Canada 54.7 — 54.7 U.K. — 117.0 117.0 Switzerland — 88.5 88.5 Other 3.3 77.5 80.8 Total property, plant and equipment, net $ 914.6 $ 870.1 $ 1,784.7 |
REVENUE (Notes)
REVENUE (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUE Description of Revenue The Company's revenue by segment payers/customer groups for the years ended December 31, 2018 and 2017 is as follows: For the Year Ended December 31, 2018 U.S. Canada United Kingdom Switzerland Other Europe Other Total Payer/Customer LCD Clients 17 % 1 % — % — % — % — % 18 % Patients 8 % — % — % — % — % — % 8 % Medicare and Medicaid 9 % — % — % — % — % — % 9 % Third-party 25 % 2 % — % — % — % — % 27 % Total LCD revenues by payer 59 % 3 % — % — % — % — % 62 % CDD Biopharmaceutical and medical 19 % — % 4 % 5 % 3 % 7 % 38 % Total revenues 78 % 3 % 4 % 5 % 3 % 7 % 100 % For the Year Ended December 31, 2017 U.S. Canada United Kingdom Switzerland Other Europe Other Total Payer/Customer LCD Clients 19 % 1 % — % — % — % — % 20 % Patients 8 % — % — % — % — % — % 8 % Medicare and Medicaid 10 % — % — % — % — % — % 10 % Third-party 27 % 2 % — % — % — % — % 29 % Total LCD revenues by payer 64 % 3 % — % — % — % — % 67 % CDD Biopharmaceutical and medical 15 % — % 3 % 5 % 3 % 7 % 33 % Total revenues 79 % 3 % 3 % 5 % 3 % 7 % 100 % The following is a description of the current revenue recognition policies of the Company: LCD LCD is an independent clinical laboratory business. It offers a comprehensive menu of frequently requested and specialty diagnostic tests through an integrated network of primary and specialty laboratories across the U.S. In addition to diagnostic testing along with occupational and wellness testing for employers and forensic DNA analysis, LCD also offered a range of other testing services, including food solution services. Within the LCD segment, a revenue transaction is initiated when LCD receives a requisition order to perform a diagnostic test. The information provided on the requisition form is used to determine the party that will be billed for the testing performed and the expected reimbursement. LCD recognizes revenue and satisfies its performance obligation for services rendered when the testing process is complete and the associated results are reported. Sales are distributed among four payer portfolios - clients, patients, Medicare and Medicaid and third-party. LCD considers negotiated discounts and anticipated adjustments, including historical collection experience for the payer portfolio, when sales are recorded. The following are descriptions of the LCD payer portfolios: Clients Client payers represent the portion of LCD’s revenue related to physicians, hospitals, health systems, accountable care organizations (ACOs), employers and other entities where payment is received exclusively from the entity ordering the testing service. Generally, client sales are recorded on a fee-for-service basis at LCD’s client list price, less any negotiated discount. A portion of client billing is for laboratory management services, collection kits and other non-testing services or products. In these cases, revenue is recognized when services are rendered or delivered. This portfolio also included LCD's nutritional chemistry services through CFS, which was sold on August 1, 2018. LCD offered a broad range of services to the food and nutraceutical and animal feed industries. Revenue was recognized using an output-based measure of progress based on the volume of activities in each period. Patients This portfolio includes revenue from uninsured patients and member cost-share for insured patients (e.g., coinsurance, deductibles and non-covered services). Uninsured patients are billed based upon LCD’s patient fee schedules, net of any discounts negotiated with physicians on behalf of their patients. LCD bills insured patients as directed by their health plan and after consideration of the fees and terms associated with an established health plan contract. Medicare and Medicaid This portfolio relates to fee-for-service revenue from traditional Medicare and Medicaid programs. Net revenue from these programs is based on the fee schedule established by the related government authority. In addition to contractual discounts, other adjustments including anticipated payer denials are considered when determining net revenue. Any remaining adjustments to revenue are recorded at the time of final collection and settlement. These adjustments are not material to LCD’s results of operations in any period presented . Third-Party Third-party includes revenue related to MCOs. The majority of LCD's third-party revenue is reimbursed on a fee-for-service basis. These payers are billed at LCD's established list price and revenue is recorded net of contractual discounts. The majority of LCD’s MCO sales are recorded based upon contractually negotiated fee schedules with sales for non-contracted MCOs recorded based on historical reimbursement experience. In addition to contractual discounts, other adjustments including anticipated payer denials are considered when determining revenue. Any remaining adjustments to revenue are recorded at the time of final collection and settlement. These adjustments are not material to LCD’s results of operations in any period presented. Third-party reimbursement is also received through capitation agreements with MCOs and independent physician associations (IPAs). Under capitated agreements, revenue is recognized based on a negotiated per-member, per-month payment for an agreed upon menu of tests, or based upon the proportionate share earned by LCD from a capitation pool. When the agreed upon reimbursement is based solely on an established rate per member, revenue is not impacted by the volume of testing performed. Under a capitation pool arrangement, the aggregate value of an established rate per member is distributed based on the volume and complexity of the procedures performed by laboratories participating in the agreement. LCD recognizes revenue monthly, based upon the established capitation rate or anticipated distribution from a capitated pool. CDD CDD is a CRO business that provides end-to-end drug development services from early-stage research to clinical trial management and beyond. CDD provides these services predominantly to biopharmaceutical and medical device companies worldwide. Because CDD's client base generally consumes these drug development services across the entire portfolio of CDD pre-clinical and clinical services offerings, there is little variability in the customer base of any particular CDD service offering. The nature of CDD’s obligations include agreements to manage a full clinical trial, provide services for a specific phase of a trial, or provide research products to the customer. Generally, the amount of the transaction price estimated at the beginning of the contract is equal to the amount expected to be billed to the customer. Other payments may also factor into the calculation of transaction price, such as volume-based rebates that are retroactively applied to prior transactions in the period. Historically, a majority of CDD’s net revenues have been earned under contracts that range in duration from a few months to a few years, but can extend in duration up to five years or longer. Occasionally, CDD also has entered into minimum volume arrangements with certain customers. Under these types of arrangements, if the annual minimum dollar value of a service commitment is not reached, the customer is required to pay CDD for the shortfall. Annual minimum commitment shortfalls are not recognized until the end of the period when the amount has been determined and agreed to by the customer. CDD recognizes revenue either as services are performed or as products are delivered, depending on the nature of the work contracted. If performance is completed at a specific point in time, the Company evaluates the nature of the agreement to determine when the good or service is transferred into the customer’s control. Service contracts generally take the form of fee-for-service or fixed-price arrangements subject to pricing adjustments based on changes in scope. In cases where performance spans multiple accounting periods, revenue is recognized as services are performed, measured on a proportional-performance basis, using either input or output methods that are specific to the service provided. In an output method, revenue is determined by dividing the actual units of output achieved by the total units of output required under the contract and multiplying that percentage by the total contract value. The total contract value, or total contractual payments, represents the aggregate contracted price for each of the agreed upon services to be provided. When using an input method, revenue is recognized by dividing the actual units of input incurred by the total units of input budgeted in the contract, and multiplying that percentage by the total contract value. In each situation, the Company believes that the methods used most accurately depict the progress of the Company towards completing its obligations. Billing schedules and payment terms are generally negotiated on a contract-by-contract basis. In some cases, CDD bills the customer for the total contract value in progress-based installments as certain non-contingent billing milestones are reached over the contract duration. These milestones include, but are not limited to, contract signing, initial dosing, investigator site initiation, patient enrollment and/or database lock. The term “billing milestone” relates only to a billing trigger in a contract whereby amounts become billable and payable in accordance with a negotiated predetermined billing schedule throughout the term of a project. These billing milestones are generally not performance-based (i.e., there is no potential additional consideration tied to specific deliverables or performance). In other cases, billing and payment terms are tied to the passage of time (e.g., monthly billings). In either case, the total contract value and aggregate amounts billed to the customer would be the same at the end of the project. Proportional performance contracts typically contain a single service (e.g., management of a clinical study) and therefore no allocation of the contract price is required. Fee-for-service contracts are typically priced based on transaction volume. Since the volume of activities in a fee-for-service contract is unspecified, the contract price is entirely variable and is allocated to the time period in which it is earned. For contracts that include multiple distinct goods and services, CDD allocates the contract price to the goods and services based on a customer price list, if available. If a price list is not available, CDD will estimate the transaction price using either market prices or an “expected cost plus margin” approach. While CDD attempts to negotiate terms that provide for billing and payment of services prior or within close proximity to the provision of services, this is not always possible. While a project is ongoing, cash payments are not necessarily representative of aggregate revenue earned at any particular point in time, as revenues are recognized when services are provided, while amounts billed and paid are in accordance with the negotiated billing and payment terms. In some cases, payments received are in excess of revenue recognized. For example, a contract invoicing schedule may provide for an upfront payment of 10% of the full contract value upon contract signing, but at the time of signing performance of services has not yet begun. Payments received in advance of services being provided are deferred as contract liabilities on the balance sheet. As the contracted services are subsequently performed and the associated revenue is recognized, the contract liability balance is reduced by the amount of revenue recognized during the period. In other cases, services may be provided and revenue recognized before the customer is invoiced. In these cases, revenue recognized will exceed amounts billed, and the difference, representing a contract asset, is recorded for the amount that is currently not billable to the customer pursuant to contractual terms. Once the customer is invoiced, the contract asset is reduced for the amount billed, and a corresponding account receivable is recorded. All contract assets are billable to customers within one year from the respective balance sheet date. Most contracts are terminable with or without cause by the customer, either immediately or upon notice. These contracts often require payment to CDD of expenses to wind-down the study or project, fees earned to date and, in some cases, a termination fee or a payment to CDD of some portion of the fees or profits that could have been earned by CDD under the contract if it had not been terminated early. Termination fees are included in net revenues when services are performed and realization is assured. The following are descriptions of the full range of drug development services provided by CDD: Preclinical services include the sale of research models, fee-for-service activities such as bioanalytical testing services, and proportional performance activities such as toxicology studies. Revenue for sale of research models is recognized at a point in time, typically upon shipment, when control transfers to the customer. Revenue for bioanalytical testing services is recognized at a point in time upon communication of results to the customer. Revenue for proportional performance activities, including toxicology studies, is recognized using an input-based measure of progress in which revenue is recognized as expenses are incurred for the research models, labor hours, and other costs attributable to the study. Through its central laboratory, CDD produces and supplies specimen collection kits that are utilized in clinical studies, and provides transportation, project management, data management, and laboratory testing services on an as-needed basis throughout the duration of its customers’ clinical studies. Revenue for central laboratory services is recognized using an output-based measure of progress based on volume of activities in each period. CDD also provides long-term specimen storage services, for which revenue is recognized using an input-based measure of progress based on costs incurred. CDD provides clinical development and commercialization services, including clinical pharmacology services, full management of Phase II through IV clinical studies, and market access solutions. Revenue for clinical pharmacology services, which includes first-in-human trials, is recognized using an output-based measure of progress based on bed nights. Revenue for full service clinical studies is recognized using an input-based measure of progress based on costs incurred (including pass-through costs such as investigator grants and reimbursable out-of-pocket expenses). Revenue for market access solutions is recognized using various methods. Revenue for fee-for-service arrangements, such as reimbursement consulting hotlines and patient assistance programs, is recognized using an output method based on transaction volume which corresponds to the amount charged to the customer. For consulting services billed based on time and materials, revenue is recognized using the right to invoice practical expedient. Contract costs The Company incurs sales commissions in the process of obtaining contracts with customers, which are recoverable through the service fees in the contract. Sales commissions that are payable upon contract award are recognized as assets and amortized over the expected contract term, along with related payroll tax expense. The amortization of commission expense is based on the weighted average contract duration for all commissionable awards in the respective business in which the commission expense is paid, which approximates the period over which goods and services are transferred to the customer. The amortization period of sales commissions ranges from approximately 12 months to 57 months, depending on the business. For businesses that enter primarily short-term contracts, the Company applies the practical expedient which allows costs to obtain a contract to be expensed when incurred if the amortization period of the assets that would otherwise have been recognized is one year or less. Amortization of assets from sales commissions is included in selling, general, and administrative expense. The Company incurs costs to fulfill contracts with customers, which are recoverable through the service fees in the contract. Contract fulfillment costs include software implementation costs and setup costs for certain market access solutions. These costs are recognized as assets and amortized over the expected term of the contract to which the implementation relates, which is the period over which services are expected to be provided to the customer. This period typically ranges from 24-60 months. Amortization of deferred contract fulfillment costs is included in cost of goods sold. December 31, 2018 December 31, 2017 Sales commission assets $ 24.2 $ 24.0 Deferred contract fulfillment costs 12.9 1.7 Total $ 37.1 $ 25.7 Amortization related to sales commission assets and associated payroll taxes for the year ended December 31, 2018 , 2017 , and 2016 was $16.9 , $14.3 and $13.9 respectively. Amortization related to deferred contract fulfillment costs for the years ended December 31, 2018 , 2017 and 2016 was $4.4 , $0.3 and $0.9 , respectively. Impairment expense related to contract costs was immaterial to the Company’s consolidated statement of operations. The Company applies the practical expedient to not recognize the effect of financing in its contracts with customers, when the difference in timing of payment and performance is one year or less. Contract Assets and Liabilities The following table provides information about receivables, unbilled services, and unearned revenue (contract liabilities) from contracts with customers. Unbilled services are comprised primarily of unbilled receivables, but also include contract assets. A contract asset is recorded when a right to payment has been earned for work performed, but billing and payment for that work is determined by certain contractual milestones, whereas unbilled receivables are billable upon the passage of time. While CDD attempts to negotiate terms that provide for billing and payment of services prior or in close proximity to the provision of services, this is not always possible and there are fluctuations in the level of unbilled services and unearned revenue from period to period. December 31, 2018 December 31, 2017 Receivables, which are included in Accounts Receivable, net $ 693.6 $ 694.4 Unbilled services 396.9 318.2 Unearned revenue 354.1 377.4 Revenue recognized during the period, that was included in the unearned revenue balance at the beginning of the period, for the year ended December 31, 2018 was $204.0 . Bad debt expense on receivables, for the year ended December 31, 2018 was immaterial to the Company’s consolidated statement of operations. Performance Obligations Under Long-Term Contracts Long-term contracts at the Company consist primarily of fully managed clinical studies within the CDD segment. The amount of existing performance obligations under such long-term contracts unsatisfied as of December 31, 2018 was $3,784.7 . The Company expects to recognize approximately 39% of the remaining performance obligations as revenue over the next 12 months, and the balance thereafter. The Company's long-term contracts generally range from 1 to 8 years. The Company applied the practical expedient and does not disclose information about remaining performance obligations that have original expected durations of one year or less. The Company also did not disclose information about remaining performance obligations when the variable consideration was related to a wholly unsatisfied performance obligation within a series of obligations. Within CDD, revenue of $21.0 was recognized during the year ended December 31, 2018 from performance obligations that were satisfied in previous periods. This revenue comes from adjustments related to changes in scope and estimates in full service clinical studies. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Reimbursable Out of Pocket Expenses Policy [Policy Text Block] | Reimbursable Out-of-Pocket Expenses CDD pays on behalf of its customers certain out-of-pocket costs for which the Company is reimbursed at cost, without mark-up or profit. Out-of-pocket costs paid by CDD are reflected in operating expenses, while the reimbursements received are reflected in revenues in the consolidated statements of operations. |
Cost of Sales, Policy [Policy Text Block] | Cost of Revenue Cost of revenue includes direct labor and related benefit charges, other direct costs, shipping and handling fees, and an allocation of facility charges and information technology costs. Selling, general and administrative expenses consist primarily of administrative payroll and related benefit charges, advertising and promotional expenses, administrative travel and an allocation of facility charges and information technology costs. Cost of advertising is expensed as incurred. |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation Laboratory Corporation of America Holdings ® together with its subsidiaries (the Company), is a leading global life sciences company that is deeply integrated in guiding patient care, providing comprehensive clinical laboratory and end-to-end drug development services. The Company’s mission is to improve health and improve lives by delivering world-class diagnostic solutions, bringing innovative medicines to patients faster and using technology to provide better care. The Company serves a broad range of customers, including managed care organizations (MCOs), biopharmaceutical companies, governmental agencies, physicians and other healthcare providers (e.g. physician assistants and nurse practitioners, generally referred to herein as physicians), hospitals and health systems, employers, patients and consumers, contract research organizations (CROs), food and nutritional companies and independent clinical laboratories. During 2018, the Company sold its Covance Food Solutions (CFS) business, which provided food testing and integrity services, as well as its domestic and international forensic analysis businesses. The Company believes that it generated more revenue from laboratory testing than any other company in the world in 2018. The Company reports its business in two segments, LabCorp Diagnostics (LCD) and Covance Drug Development (CDD). For further financial information about these segments, including information for each of the last three fiscal years regarding revenue, operating income, and other important information, see Note 21 to the Consolidated Financial Statements. In 2018, LCD and CDD contributed 62% and 38% , respectively, of revenues to the Company, and in 2017 contributed 67% and 33% , respectively. 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 at fair value or at cost minus impairment for those investments that do not have readily determinable fair values. All significant inter-company transactions and accounts have been eliminated. The Company does not have any 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 operating foreign subsidiaries are measured using the local currency as the functional currency. Assets and liabilities are translated at exchange rates as of the balance sheet date. Revenues and expenses are translated at average monthly exchange rates prevailing during the year. Resulting translation adjustments are included in “Accumulated other comprehensive income.” |
Revenue Recognition | Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board (FASB) issued the converged standard on revenue recognition with the objective of providing a single, comprehensive model for all contracts with customers to improve comparability in the financial statements of companies reporting using International Financial Reporting Standards (IFRS) and United States (U.S.) Generally Accepted Accounting Principles (GAAP). The standard contains principles that an entity must apply to determine the measurement of revenue and timing of when it is recognized. The underlying principle is that an entity must recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The standard was effective for the Company beginning January 1, 2018. The Company elected to adopt the standard using the full retrospective approach, which resulted in a recasting of revenue and the related financial statement items for 2016 and 2017. During transition to the new standard, the Company also elected several practical expedients, as provided by the standard. Contracts that began and ended within the same annual reporting period were not restated. Contracts that were completed by December 31, 2017 that had variable consideration were estimated using the transaction price at the date the contract was completed. The amount of the transaction price allocated to the remaining performance obligations were not disclosed for prior reporting periods. Contracts that were modified prior to the earliest reporting period were reflected in the earliest reporting period with an aggregate adjustment for prior modifications. As a result of the new standard, the Company has changed its accounting policies for revenue recognition. The significant changes under the new standard, and the quantitative impact of these changes, are detailed below. LCD The primary impact of the new standard to the LCD segment was classifying bad debt expense of $312.5 and $287.9 for the years ended December 31, 2017 and December 31, 2016 , respectively, as a reduction in revenue rather than as a selling, general and administrative expense. CDD The primary impact of the new standard to the CDD segment was as follows: Investigator fees : Prior to the new standard, reimbursements of investigator fees by clients were netted against the amounts paid to investigators in net revenues, on the basis that CDD was acting as the agent in arranging the investigator services. Under the new standard, revenue for investigator services and other reimbursable activities is recognized gross of fees paid to the investigators and other vendors, on the basis that a clinical study is considered a single, combined performance obligation for which CDD acts as a principal. Where CDD assumes the obligations by contract in studies involving patients, CDD is the principal because CDD may contract directly with third party clinical trial sites and investigators for investigator services and other reimbursable activities, which are combined with other CDD services in the management of a clinical study. Where CDD has assumed certain clinical trial sponsor obligations by contract in studies involving patients, CDD has primary responsibility for fulfilling its obligations associated with the full management of a clinical study, is subject to inventory risk since it may be obligated to compensate investigators and other vendors for reimbursable activities regardless of payment by the customer, and has discretion within the framework agreed upon with the customer in setting the price of the study, including the budget for all pass-through costs, including investigator grants. The financial impact of this change on revenue for the years ended December 31, 2017 and December 31, 2016 was an increase of $267.6 and $234.5 , respectively. Revenue and expenses from reimbursable out-of-pocket costs were previously recognized gross as separate line items from Net revenues and Net cost of revenue in the Consolidated Statement of Operations. Under the new standard, reimbursable out-of-pocket costs continue to be recognized gross, but are no longer presented separately (i.e., expenses are included in Cost of revenues and reimbursements are included in Revenues). In the statement of financial position, unbilled investigator fees and reimbursable out of pocket costs were reclassified from “Prepaid expenses and other” to “Unbilled services” and billed investigator grants and reimbursable out-of-pocket costs were reclassified from “Prepaid expenses and other” to “Accounts receivable, net.” Measure of progress : Prior to the new standard, service fee revenue in clinical studies was recognized on a proportional-performance basis, generally using output measures that are specific to the service provided (e.g., number of investigators enrolled, number of sites initiated, number of trial subjects enrolled and number of monitoring visits completed), while reimbursable out-of-pocket revenue was recognized when the associated expense was incurred. Changes in contract value from changes in scope were reflected once the customer agreed to the changes in scope and renegotiated pricing terms. Under the new standard, revenue in a clinical study (inclusive of budgeted reimbursable pass-through costs) is recognized using an input-based measure of progress based on costs incurred (including pass-through costs such as investigator services and reimbursable out-of-pocket expenses). If a customer’s approval of a work scope change creates an enforceable right to payment, the related revenue will be estimated and included in the measure of progress before a formal change order is executed, which results in recognition of revenue as services are provided. The financial impact of this change on revenue for the years ended December 31, 2017 and December 31, 2016 was a decrease of $58.9 and $36.1 , respectively. Sales commissions : Prior to the new standard, sales commissions were recorded as an expense each quarter when incurred. Under the new standard, sales commissions are amortized according to the expected service period to which the commissions relate on the basis that they are recoverable through the margin inherent in the contracts and recognizes the unamortized commissions as current and long-term assets. The Company applied the portfolio practical expedient in the new standard to determine the amortization period for assets recognized from sales commissions. Under the portfolio approach, the Company determined CDD's weighted average contract term for groups of contracts with similar characteristics, and then amortized the capitalized sales commissions for that group over that term. The Company believes that any difference between the amortization patterns under the specific identification approach and the portfolio approach are not significant to the Company's consolidated financial statements. The financial impact of this change on selling, general, and administrative expenses for the years ended December 31, 2017 and December 31, 2016 was a decrease of $2.9 and $4.4 , respectively. The total quantitative impact of the new standard on retained earnings as of January 1, 2016 was an increase of $33.5 |
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 implicit price concessions, revenue estimates, 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 and cash equivalent balances that exceeded the balances insured by the Federal Deposit Insurance Commission, were approximately $423.0 and $315.5 at December 31, 2018 , and 2017 , respectively. Substantially all of the Company’s accounts receivable are with companies in the healthcare or biopharmaceutical industry and individuals. However, concentrations of credit risk are mitigated due to the number of the Company’s customers as well as their dispersion across many different geographic regions. Although LCD has receivables due from U.S. and state governmental agencies, the Company does not believe that such receivables represent a credit risk since the related healthcare programs are funded by U.S. and state governments, and payment is primarily dependent upon submitting appropriate documentation. Accounts receivable balances (gross) from Medicare and Medicaid were $88.8 and $109.8 at December 31, 2018 , and 2017 , respectively. For the Company's operations in Ontario, Canada, the Ontario Ministry of Health and Long-Term Care (Ministry) 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 commercial 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 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 healthcare providers in the province during the year. The capitated accounts receivable balances from the Ontario government sponsored healthcare plan were CAD 0.5 and CAD 12.9 at December 31, 2018 , and 2017 , respectively. The portion of the Company's accounts receivable due from patients comprises the largest portion of credit risk. At December 31, 2018 , and 2017 , receivables due from patients represented approximately 21.5% and 20.9% of the Company's consolidated gross accounts receivable. The Company applies assumptions and judgments including historical collection experience for assessing collectability 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. The following represents a reconciliation of basic earnings per share to diluted earnings per share: 2018 2017 2016 Income Shares Per Share Amount Income Shares Per Share Amount Income Shares Per Share Amount Basic earnings per share $ 883.7 101.4 $ 8.71 $ 1,227.1 102.4 $ 11.99 $ 711.8 102.5 $ 6.94 Stock options and restricted stock units — 1.2 — 1.4 — 1.5 Effect of convertible debt, net of tax — — — 0.1 — 0.3 Diluted earnings per share $ 883.7 102.6 $ 8.61 $ 1,227.1 103.9 $ 11.81 $ 711.8 104.3 $ 6.82 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, 2018 2017 2016 Stock options 0.1 0.1 — |
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 units and performance share awards 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 expense in earnings in the period of the revision. Actual results and future estimates may differ substantially from the Company’s current estimates. See Note 15 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, substantially all of which have maturities when purchased of three months or less. |
Inventories | Inventories Inventories, consisting primarily of purchased laboratory and customer supplies and finished goods, are stated at the lower of cost (first-in, first-out) or market. Supplies accounted for $ 200.1 and $ 195.2 and finished goods accounted for $ 37.2 and $ 32.4 of total inventory at December 31, 2018 , and 2017 , respectively. |
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 - 40 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 (R&D) 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 ranging from three to ten years, generally five years. |
Long-Lived Assets | Long-Lived Assets The Company assesses goodwill and indefinite-lived intangibles for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Management performed its annual goodwill and intangible asset impairment testing as of the beginning of the fourth quarter of 2018. The Company elected to perform the qualitative assessment for goodwill and intangible assets for all reporting units except the Canadian reporting unit and its indefinite-lived assets consisting of acquired Canadian licenses for which a quantitative assessment was performed. In this qualitative assessment, the Company considered relevant events and circumstances for each reporting unit, including (i) current year results, (ii) financial performance versus management’s annual and five-year strategic plans, iii) changes in the reporting unit carrying value since prior year, (iv) industry and market conditions in which the reporting unit operates, (v) macroeconomic conditions, including discount rate changes, and (vi) changes in products or services offered by the reporting unit. If applicable, performance in recent years was compared to forecasts included in prior valuations. Based on the results of the qualitative assessment, the Company concluded that it was not more likely than not that the carrying values of the goodwill and intangible assets were greater than their fair values, and that further quantitative testing was not necessary. The Company utilized an income approach to determine the fair value of its Canadian reporting unit and its indefinite-lived assets consisting of acquired Canadian licenses. Based upon the results of the quantitative assessment, the Company concluded that the fair value of the indefinite-lived Canadian licenses was greater than the carrying value. 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. |
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 - 36 Patents, licenses and technology 3 - 15 Non-compete agreements 5 Trade names 5 - 15 |
Debt Issuance Costs | Debt Issuance Costs The costs related to the issuance of debt are capitalized, netted against the related debt for presentation purposes 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 based on 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, 2018 , and 2017 . Cross currency swap agreements, which have been used by the Company to hedge exposure of its net investment in a foreign subsidiary denominated in non-U.S. currency, are accounted for at fair value. See Note 19 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 R&D costs as incurred. |
Foreign Currency Disclosure [Text Block] | Foreign Currencies For subsidiaries outside of the U.S. that operate in a local currency environment, income and expense items are translated to U.S. dollars at the monthly average rates of exchange prevailing during the period, assets and liabilities are translated at period-end exchange rates and equity accounts are translated at historical exchange rates. Translation adjustments are accumulated in a separate component of shareholders’ equity in the consolidated balance sheets and are included in the determination of comprehensive income in the consolidated statements of comprehensive earnings and consolidated statements of changes in shareholders’ equity. Transaction gains and losses are included in the determination of net income in the consolidated statements of operations. |
BUSINESS ACQUISITIONS & DISPOSI
BUSINESS ACQUISITIONS & DISPOSITIONS Business Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Business Acquisition, Pro Forma Information [Table Text Block] | Had the Chiltern acquisition been completed as of January 1, 2016, the Company's pro forma results for 2017 would have been as follows: Year Ended December 31, 2017 December 31, 2016 Total revenues $ 10,831.3 $ 10,387.4 Operating income 1,305.6 1,300.5 Net income 1,209.0 703.8 Earnings per share: Basic $ 11.80 $ 6.86 Diluted $ 11.65 $ 6.75 |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | BUSINESS ACQUISITIONS AND DISPOSITIONS During the year ended December 31, 2018, the Company acquired various businesses and related assets for approximately $117.8 in cash (net of cash acquired). The purchase consideration for all acquisitions year to date has been allocated to the estimated fair market value of the net assets acquired, including approximately $67.8 in identifiable intangible assets and a residual amount of goodwill of approximately $70.5 . These acquisitions were made primarily to extend the Company's geographic reach in important market areas and/or enhance the Company's scientific differentiation. On September 1, 2017, the Company completed the acquisition of Chiltern International Group Limited (Chiltern), a specialty CRO, pursuant to a definitive agreement to acquire all of the share capital of Chiltern, in an all-cash transaction valued at approximately $1,224.5 . The Company funded the acquisition through a combination of bank financing and the issuance of bonds. Chiltern is part of the Company's CDD segment. The final valuation of acquired assets and assumed liabilities as of September 1, 2017, include the following: Consideration Transferred Cash consideration $ 1,224.5 Net Assets Acquired Cash and cash equivalents $ 30.7 Accounts receivable 103.6 Unbilled services 32.6 Prepaid expenses and other 57.9 Property, plant and equipment 12.1 Goodwill 745.4 Customer relationships 602.0 Trade names and trademarks 10.6 Technology 26.0 Favorable leases 0.9 Total assets acquired 1,621.8 Accounts payable 45.1 Accrued expenses and other 19.6 Unearned revenue 133.7 Deferred income taxes 196.5 Other liabilities 2.4 Total liabilities acquired 397.3 Net assets acquired $ 1,224.5 The amortization periods for intangible assets acquired are 21 years for customer relationships, 4 years for trade names and trademarks, and 6 years for technology. The acquisition contributed $188.4 and $11.6 of net revenue and operating income, respectively, during the year ended December 31, 2017. Unaudited Pro Forma Information The Company completed the Chiltern acquisition on September 1, 2017. Had the Chiltern acquisition been completed as of January 1, 2016, the Company's pro forma results for 2017 would have been as follows: Year Ended December 31, 2017 December 31, 2016 Total revenues $ 10,831.3 $ 10,387.4 Operating income 1,305.6 1,300.5 Net income 1,209.0 703.8 Earnings per share: Basic $ 11.80 $ 6.86 Diluted $ 11.65 $ 6.75 During the year ended December 31, 2017, the Company also acquired various laboratories and related assets, including Pathology Associates Medical Laboratories (PAML) for approximately $688.8 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. The purchase consideration for these acquisitions, including Chiltern, has been allocated to the estimated fair market value of the net assets acquired, including approximately $1,053.0 in identifiable intangible assets (primarily customer relationships and non-compete agreements) and a residual amount of goodwill of approximately $1,009.8 . During the year ended December 31, 2016, the Company acquired various other laboratories and related assets for $548.6 (net of cash acquired), including Sequenom, Inc. for approximately $249.1 . The Company completed the acquisition of Sequenom, Inc., a market leader in non-invasive prenatal testing, women's health and reproductive genetics on September 7, 2016, through a cash tender offer for $2.40 per share, or a transaction price of $249.1 , net of cash received, and acquired $130.0 of debt. The Sequenom purchase consideration has been allocated to the estimated fair market value of the net assets acquired, including approximately $146.6 in identifiable intangible assets (primarily customer relationships, technology, and trade names) with weighted-average useful lives of approximately 14.6 years; $45.1 in deferred tax liabilities (relating to identifiable intangible assets); and a residual amount of non-tax deductible goodwill of approximately $206.0 . The remaining acquisitions 2016 included various other laboratories and related assets for approximately $299.5 in cash (net of cash acquired). The purchase consideration for these acquisitions has been allocated to the estimated fair market value of the net assets acquired, including approximately $126.2 in identifiable intangible assets (primarily customer relationships) and a residual amount of goodwill of approximately $192.3 . 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 April 30, 2018, the Company entered into a definitive agreement to sell the CFS business, a global provider of innovative product design and product integrity services for end-user segments that span the global food supply chain, for an all-cash purchase price of $670.0 . The transaction closed on August 1, 2018, and a net gain of $258.3 was recorded in Other, net in the consolidated statement of operations. Total assets and total liabilities held for sale for the CFS business as of December 31, 2017, include the following: December 31, 2017 Assets: Cash and cash equivalents $ 0.1 Accounts receivable 24.4 Unbilled services 7.6 Supplies inventories 0.4 Prepaid expenses and other 1.2 Property, plant and equipment, net 42.3 Goodwill, net 170.5 Intangible assets, net 174.7 Other assets, net 0.3 Total assets held for sale $ 421.5 Liabilities: Accounts Payable $ 2.4 Accrued expenses and other 15.2 Unearned revenue 2.6 Deferred income taxes and other tax liabilities 64.1 Other liabilities 2.2 Total liabilities held for sale $ 86.5 Net assets held for sale $ 335.0 The Company also divested its forensic testing services business in the U.K. and the U.S. on August 7, 2018, and December 31, 2018, respectively, resulting in a losses of $48.9 and $24.5 , respectively, recorded in Other, net in the consolidated statement of operations. Operating income for the divested businesses was $7.6 and $12.9 , for the years ended December 31, 2018, (which includes divested operations through their respective disposal dates) and December 31, 2017, respectively. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Reconciliation of Basic earnings per Share to Diluted Earnings per Share | The following represents a reconciliation of basic earnings per share to diluted earnings per share: 2018 2017 2016 Income Shares Per Share Amount Income Shares Per Share Amount Income Shares Per Share Amount Basic earnings per share $ 883.7 101.4 $ 8.71 $ 1,227.1 102.4 $ 11.99 $ 711.8 102.5 $ 6.94 Stock options and restricted stock units — 1.2 — 1.4 — 1.5 Effect of convertible debt, net of tax — — — 0.1 — 0.3 Diluted earnings per share $ 883.7 102.6 $ 8.61 $ 1,227.1 103.9 $ 11.81 $ 711.8 104.3 $ 6.82 |
Potential common shares not included in computation of diluted earnings per share | Years Ended December 31, 2018 2017 2016 Stock options 0.1 0.1 — |
Property, Plant and Equipment | P |
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 - 36 Patents, licenses and technology 3 - 15 Non-compete agreements 5 Trade names 5 - 15 |
RESTRUCTURING RESERVES (Tables)
RESTRUCTURING RESERVES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring Reserve [Abstract] | |
Schedule of Restructuring Reserves | RESTRUCTURING RESERVES The following represents the Company’s restructuring activities for the period indicated: LCD CDD Total Severance and Other Employee Costs Lease and Other Facility Costs Severance and Other Employee Costs Lease and Other Facility Costs Balance as of December 31, 2017 $ 1.7 $ 10.1 $ 8.3 $ 34.6 $ 54.7 Restructuring charges 16.2 5.4 24.1 6.4 52.1 Reduction of prior restructuring accruals (0.4 ) (0.7 ) (1.6 ) (1.3 ) (4.0 ) Cash payments and other adjustments (15.4 ) (7.4 ) (24.3 ) (12.1 ) (59.2 ) Balance as of December 31, 2018 $ 2.1 $ 7.4 $ 6.5 $ 27.6 $ 43.6 Current $ 19.8 Non-current 23.8 $ 43.6 The non-current portion of the restructuring liabilities is expected to be paid out over 5.4 years. Cash payments and other adjustments include the reclassification of profit sharing, pension, and holiday accrual. |
JOINT VENTURE PARTNERSHIPS AN_2
JOINT VENTURE PARTNERSHIPS AND EQUITY METHOD INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in unconsolidated joint venture partnerships and equity method investment | Condensed unconsolidated financial information for joint venture partnerships and equity method investments is shown in the following table. As of December 31: 2018 2017 Current assets $ 67.9 $ 45.7 Other assets 15.7 14.4 Total assets $ 83.6 $ 60.1 Current liabilities $ 33.3 $ 31.6 Other liabilities 5.8 1.0 Total liabilities 39.1 32.6 Partners' equity 44.5 27.5 Total liabilities and partners’ equity $ 83.6 $ 60.1 For the period January 1 - December 31: 2018 2017 2016 Net revenues $ 186.3 $ 212.5 $ 156.7 Gross profit 62.4 62.6 45.7 Net earnings 34.4 25.7 20.3 At December 31, 2018 , the Company had investments in the following unconsolidated joint venture partnerships and equity method investments: Locations Net Investment Interest Owned Joint Venture Partnerships : Alberta, Canada (2) $ 40.9 43.37 % Florence, South Carolina 10.1 49.00 % Equity Method Investments : Various 9.5 various |
ACCOUNTS RECEIVABLE, NET (Table
ACCOUNTS RECEIVABLE, NET (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Accounts receivable | December 31, 2018 December 31, Gross accounts receivable $ 1,483.6 $ 1,537.2 Less allowance for doubtful accounts (15.7 ) (6.2 ) $ 1,467.9 $ 1,531.0 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment, net | December 31, 2018 December 31, 2017 Land $ 77.4 $ 78.1 Buildings and building improvements 703.7 689.3 Machinery and equipment 1,243.2 1,149.6 Software 714.6 667.2 Leasehold improvements 340.7 329.3 Furniture and fixtures 93.8 90.4 Construction in progress 304.8 183.2 Equipment and real estate under capital leases 79.4 78.9 3,557.6 3,266.0 Less accumulated depreciation and amortization of capital lease assets (1,772.9 ) (1,559.4 ) $ 1,784.7 $ 1,706.6 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 are as follows: LCD CDD Total December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Balance as of January 1 $ 3,673.9 $ 3,644.8 $ 3,727.0 $ 2,779.6 $ 7,400.9 $ 6,424.4 Goodwill acquired during the year 7.2 198.5 63.3 811.3 70.5 1,009.8 Reclassification of goodwill as held for sale — (170.5 ) — — (170.5 ) Dispositions (34.9 ) — — — (34.9 ) — Foreign currency impact and other adjustments to goodwill (7.4 ) 1.1 (68.8 ) 136.1 (76.2 ) 137.2 Balance at end of year $ 3,638.8 $ 3,673.9 $ 3,721.5 $ 3,727.0 $ 7,360.3 $ 7,400.9 |
Components of identifiable intangible assets | The components of identifiable intangible assets are as follows: December 31, 2018 December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 4,119.4 $ (1,146.7 ) $ 2,972.7 $ 4,118.1 $ (992.8 ) $ 3,125.3 Patents, licenses and technology 447.3 (211.2 ) 236.1 457.9 (188.6 ) 269.3 Non-compete agreements 76.8 (53.7 ) 23.1 75.8 (48.3 ) 27.5 Trade names 404.0 (189.1 ) 214.9 407.9 (167.9 ) 240.0 Land use rights 10.8 (4.1 ) 6.7 10.8 (2.5 ) 8.3 Canadian licenses 457.6 — 457.6 495.7 — 495.7 $ 5,515.9 $ (1,604.8 ) $ 3,911.1 $ 5,566.2 $ (1,400.1 ) $ 4,166.1 |
Acquired amortizable intangible assets and their respective weighted average amortization periods | A summary of amortizable intangible assets acquired during 2018 , and their respective weighted average amortization periods are as follows: Amount Weighted Average Amortization Period Customer relationships $ 62.2 18.2 Patents, licenses and technology 0.3 15.0 Non-compete agreements 1.9 5.0 Trade names 3.4 5.0 $ 67.8 17.1 |
ACCRUED EXPENSES AND OTHER (Tab
ACCRUED EXPENSES AND OTHER (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Accrued expenses and other | December 31, 2018 December 31, 2017 Employee compensation and benefits $ 427.6 $ 369.3 Self-insurance reserves 40.4 45.7 Accrued taxes payable 124.8 70.6 Royalty and license fees payable 6.4 6.2 Accrued investigator fees and pass through costs 80.4 71.6 Restructuring reserves 19.8 22.0 Acquisition related reserves 19.7 21.3 Interest payable 70.7 71.7 Rebates 26.0 24.6 Other 54.2 90.3 $ 870.0 $ 793.3 |
OTHER LIABILITIES (Tables)
OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Other liabilities | December 31, 2018 December 31, 2017 Post-retirement benefit obligation $ 6.5 $ 7.4 Defined-benefit plan obligation 125.8 163.4 Restructuring reserves 23.8 32.5 Self-insurance reserves 30.3 28.9 Deferred compensation plan obligation 64.2 64.5 Worker's compensation and auto 40.9 39.0 Straight-line rent 11.9 12.7 Escheat liability 11.1 10.9 Other 19.5 16.7 $ 334.0 $ 376.0 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Debt [Table Text Block] | The scheduled payments of long-term debt and future minimum lease payments for capital leases at the end of 2018 are summarized as follows: Notes and Other Capital Leases Total 2019 $ 10.0 $ 14.8 $ 24.8 2020 1,100.0 13.8 1,113.8 2021 — 12.0 12.0 2022 1,527.1 10.8 1,537.9 2023 300.0 10.7 310.7 Thereafter 3,063.8 34.5 3,098.3 6,000.9 96.6 6,097.5 Less amounts representing interest — (37.7 ) (37.7 ) Total long-term debt 6,000.9 58.9 6,059.8 Less current portion (10.0 ) (7.9 ) (17.9 ) Long-term debt, due beyond one year $ 5,990.9 $ 51.0 $ 6,041.9 |
Short-term borrowings and current portion of long-term debt | Short-term borrowings and current portion of long-term debt at December 31, 2018 , and 2017 consisted of the following: December 31, 2018 December 31, 2017 Zero-coupon convertible subordinated notes $ 8.7 $ 8.8 2.50% Senior Notes due 2018 — 400.0 Debt issuance costs (0.5 ) (1.4 ) Capital lease obligation 7.9 8.3 Current portion of note payable 1.8 1.8 Total short-term borrowings and current portion of long-term debt $ 17.9 $ 417.5 |
Long-term debt | Long-term debt at December 31, 2018 , and 2017 consisted of the following: December 31, 2018 December 31, 2017 4.625% Senior Notes due 2020 597.0 604.1 2.625% Senior Notes due 2020 500.0 500.0 3.75% Senior Notes due 2022 500.0 500.0 3.20% Senior Notes due 2022 500.0 500.0 4.00% Senior Notes due 2023 300.0 300.0 3.25% Senior Notes due 2024 600.0 600.0 3.60% Senior Notes due 2025 1,000.0 1,000.0 3.60% Senior Notes due 2027 600.0 600.0 4.70% Senior Notes due 2045 900.0 900.0 2014 Term loan — 72.0 2017 Term loan 527.1 750.0 Debt issuance costs (40.3 ) (48.2 ) Capital leases 51.0 57.8 Note payable 7.1 8.9 Total long-term debt $ 6,041.9 $ 6,344.6 |
PREFERRED STOCK AND COMMON SH_2
PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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: 2018 2017 Issued 122.4 125.1 In treasury (23.5 ) (23.2 ) Outstanding 98.9 101.9 |
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 2018 2017 2016 Common stock issued at January 1 125.1 125.6 123.9 Common stock issued under employee stock plans 1.6 1.7 1.6 Common stock issued upon conversion of zero-coupon subordinated notes — 0.3 0.4 Retirement of common stock (4.3 ) (2.5 ) (0.3 ) Common stock issued at December 31 122.4 125.1 125.6 Common Shares Held in Treasury 2018 2017 2016 Common shares held in treasury at January 1 23.2 22.9 22.6 Surrender of restricted stock and performance share awards 0.3 0.3 0.3 Common shares held in treasury at December 31 23.5 23.2 22.9 |
Accumulated Other Comprehensive Earnings Components [Text Block] | The components of accumulated other comprehensive earnings are as follows: Foreign Currency Translation Adjustments Net Benefit Plan Adjustments Accumulated Other Comprehensive Earnings Balance at December 31, 2016 (471.5 ) (110.4 ) (581.9 ) Current year adjustments 265.1 2.4 267.5 Amounts reclassified from accumulated other comprehensive income (a) — 18.5 18.5 Tax effect of adjustments (34.3 ) (3.5 ) (37.8 ) Balance at December 31, 2017 (240.7 ) (93.0 ) (333.7 ) Current year adjustments (176.6 ) 29.4 (147.2 ) Amounts reclassified from accumulated other comprehensive income for settlement charge — (7.5 ) (7.5 ) Amounts reclassified from accumulated other comprehensive income (a) — 7.4 7.4 Tax effect of adjustments 27.5 (9.6 ) 17.9 Balance at December 31, 2018 $ (389.8 ) $ (73.3 ) $ (463.1 ) |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 2018 2017 2016 Domestic $ 937.7 $ 838.8 $ 884.5 Foreign 330.6 238.7 189.1 Total pre-tax income $ 1,268.3 $ 1,077.5 $ 1,073.6 |
Provision for Income Tax Expense (Benefit) | The provisions (benefits) for income taxes in the accompanying consolidated statements of operations consist of the following: Years Ended December 31, 2018 2017 2016 Current: Federal $ 225.8 $ 300.8 $ 235.1 State 61.2 32.9 38.6 Foreign 64.3 53.0 43.9 $ 351.3 $ 386.7 $ 317.6 Deferred: Federal $ (2.5 ) $ (547.8 ) $ 54.6 State 30.0 11.4 5.3 Foreign 5.6 (5.7 ) (16.8 ) 33.1 (542.1 ) 43.1 $ 384.4 $ (155.4 ) $ 360.7 |
Schedule of Effective Income Tax Rate Reconciliation | The effective tax rates on earnings before income taxes are reconciled to statutory U.S. income tax rates as follows: Years Ended December 31, 2018 2017 2016 Statutory U.S. rate 21.0 % 35.0 % 35.0 % State and local income taxes, net of U.S. Federal income tax effect 3.4 2.6 2.7 Foreign earnings taxed at lower rates than the statutory U.S. rate (0.3 ) (3.7 ) (3.2 ) Restructuring and acquisition items 1.9 0.6 — Share-based compensation (0.8 ) (1.6 ) (1.1 ) Re-measurement of deferred taxes 2.4 (36.9 ) — Deferred taxes on unremitted foreign earnings — (16.6 ) — Repatriation tax 1.2 5.3 — GILTI 1.0 — — Other 0.5 0.9 0.2 Effective rate 30.3 % (14.4 )% 33.6 % |
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, 2018 December 31, 2017 Deferred tax assets: Accounts receivable $ 13.9 $ 14.7 Employee compensation and benefits 104.4 113.6 Deferred earnings — 3.6 Acquisition and restructuring reserves 16.8 16.8 Tax loss carryforwards 98.3 107.0 Other 34.5 26.0 267.9 281.7 Less: valuation allowance (46.2 ) (42.8 ) Deferred tax assets, net of valuation allowance $ 221.7 $ 238.9 Deferred tax liabilities: Deferred earnings $ (2.9 ) $ — Intangible assets (891.8 ) (913.2 ) Property, plant and equipment (182.8 ) (156.9 ) Zero-coupon subordinated notes (4.0 ) (10.1 ) Other (24.5 ) (27.3 ) Total gross deferred tax liabilities (1,106.0 ) (1,107.5 ) Less: deferred tax liabilities included in long term liabilities held for sale $ — $ 64.1 Net deferred tax liabilities $ (884.3 ) $ (804.5 ) |
Reconciliation of Unrecognized Tax Benefits from Uncertain Tax Positions | The following table shows a reconciliation of the unrecognized income tax benefits, excluding interest and penalties, from uncertain tax positions for the years ended December 31, 2018 , 2017 and 2016 : 2018 2017 2016 Balance as of January 1 $ 19.5 $ 18.4 $ 24.2 Increase in reserve for tax positions taken in the current year 3.1 7.3 2.3 Decrease in reserve as a result of payments (4.6 ) — — Decrease in reserve as a result of lapses in the statute of limitations — (6.2 ) (8.1 ) Balance as of December 31 $ 18.0 $ 19.5 $ 18.4 |
STOCK COMPENSATION PLANS (Table
STOCK COMPENSATION PLANS (Tables) | 12 Months Ended |
Dec. 31, 2018$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
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 Options Weighted-Average Exercise Price per Option Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2017 1.2 $ 86.55 Granted 0.1 168.49 Exercised (0.5 ) 79.43 Cancelled — 112.61 Outstanding at December 31, 2018 0.8 $ 100.30 4.0 $ 24.1 Vested and expected to vest at December 31, 2018 0.8 $ 100.30 4.0 $ 24.1 Exercisable at December 31, 2018 0.6 $ 87.24 2.8 $ 24.1 |
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, 2018 , 2017 , and 2016 were as follows: 2018 2017 2016 Cash received by the Company $ 37.5 $ 43.9 $ 52.6 Tax benefits realized $ 9.4 $ 13.4 $ 13.6 Aggregate intrinsic value $ 44.1 $ 34.8 $ 35.5 |
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 Exercise Prices Number Outstanding Weighted Average Number Exercisable Weighted Average Exercise Price Remaining Contractual Life Average Exercise Price $60.40 - 75.63 0.1 1.0 $71.45 0.1 $71.45 $75.64 - 84.86 0.3 3.2 $84.62 0.3 $84.62 $84.87 - 90.74 0.2 2.0 $90.74 0.2 $90.74 $90.75 - 130.60 0.1 7.6 $127.77 — $123.50 $130.61 and over 0.1 9.1 $168.49 — $168.49 0.8 4.0 $100.30 0.6 $87.24 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 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: 2018 2017 2016 Fair value of the employee’s purchase right $ 34.43 $ 31.54 $ 23.32 Valuation assumptions Risk free interest rate 2.3 % 1.3 % 0.5 % Expected volatility 0.2 0.2 0.2 Expected dividend yield — — — |
Schedule of Nonvested Share Activity | The following table shows a summary of non-vested shares for the year ended December 31, 2018 : Number of Shares Weighted-Average Grant Date Fair Value Non-vested at January 1, 2018 1.5 $ 121.36 Granted 0.7 170.93 Vested (0.8 ) 125.02 Canceled (0.1 ) 145.50 Non-vested at December 31, 2018 1.3 $ 140.58 |
Award vesting period (in years) | 3 years |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range01 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price range, lower range limit | $ 0 |
Exercise price range, upper range limit | 75.63 |
Exercise Price Range 2 [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 | 84.60 |
Exercise Price Range 3 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price range, lower range limit | 84.61 |
Exercise price range, upper range limit | 90.74 |
Exercise Price Range 4 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price range, lower range limit | 90.75 |
Exercise price range, upper range limit | $ 130.60 |
COMMITMENTS AND CONTINGENT LI_2
COMMITMENTS AND CONTINGENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 are as follows: Operating 2019 $ 196.1 2020 149.0 2021 109.7 2022 83.5 2023 64.2 Thereafter 160.9 Total minimum lease payments 763.4 Less: Amounts included in restructuring and acquisition related accruals (21.9 ) Non-cancelable sub-lease income — Total minimum operating lease payments $ 741.5 |
PENSION AND POSTRETIREMENT PLAN
PENSION AND POSTRETIREMENT PLANS Pension and Postretirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Postemployment Benefits [Abstract] | |
Assumed Benefit Payments By Year [Text Block] | The following assumed benefit payments under the Company's post-retirement benefit plan, which reflect expected future service, as appropriate, and which were used in the calculation of projected benefit obligations, are expected to be paid as follows: 2019 $ 0.9 2020 0.9 2021 0.9 2022 0.8 2023 0.7 Years 2024 and thereafter 2.4 |
Defined Benefit Plan Fair Value Of Plan Assets By Category [Table Text Block] | The weighted average expected long-term rate of return for the Company Plan’s assets is as follows: Target Weighted Average Expected Long-Term Rate of Return Equity securities 50.0 % 3.4 % Fixed income securities 43.0 % 2.7 % Other assets 7.0 % 0.4 % The fair values of the Company Plan’s assets at December 31, 2018 , and 2017 , by asset category are as follows: Fair Value Measurements as of December 31, 2018 Fair Value as of December 31, 2018 Using Fair Value Hierarchy Asset Category Level 1 Level 2 Level 3 Cash $ 7.8 $ 7.8 $ — $ — Equity securities: U.S. large cap - blend (a) 54.2 — 54.2 — U.S. mid cap - blend (b) 20.4 — 20.4 — U.S. small cap - blend (c) 6.5 — 6.5 — International equity - blend (d) 36.5 — 36.5 — Real estate (e) 11.8 — 11.8 — Fixed income securities: U.S. fixed income (f) 103.5 — 103.5 — U.S inflation protection income (g) 6.4 — 6.4 — Total fair value of the Company Plan’s assets $ 247.1 $ 7.8 $ 239.3 $ — Fair Value Measurements as of December 31, 2017 Fair Value as of December 31, 2017 Using Fair Value Hierarchy Asset Category Level 1 Level 2 Level 3 Cash $ 7.4 $ 7.4 $ — $ — Equity securities: U.S. large cap - blend (a) 59.9 — 59.9 — U.S. mid cap - blend (b) 23.6 — 23.6 — U.S. small cap - blend (c) 7.7 — 7.7 — International equity - blend (d) 39.1 — 39.1 — Commodities index (h) 12.8 — 12.8 — Fixed income securities: U.S. fixed income (f) 107.0 — 107.0 — U.S inflation protection income (g) 6.2 — 6.2 — Total fair value of the Company Plan’s assets $ 263.7 $ 7.4 $ 256.3 $ — 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 real estate index fund not actively managed that tracks the Vanguard REIT Index. f) This category primarily represents bond index funds not actively managed that track the Northern Trust U.S. Aggregate Index as well as an actively managed strategy which utilizes the Metropolitan West Total Return Bond Index as its primary prospectus benchmark. g) This category primarily represents a bond index fund not actively managed that tracks the Northern Trust U.S. TIPS Index. h) This category represents a commodities index fund not actively managed that tracks the Dow Jones - UBS Commodity Index. |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | A summary of the changes in the fair value of plan assets follows: 2018 2017 Fair value of plan assets at beginning of year $ 263.7 $ 247.5 Actual return on plan assets (14.3 ) 29.2 Employer contributions 31.4 17.6 Benefits and administrative expenses paid (30.0 ) (30.6 ) Fair value of plan assets at end of year $ 250.8 $ 263.7 |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Year ended December 31, 2018 2017 2016 Service cost for benefits earned $ — $ — $ — Interest cost on benefit obligation 0.3 0.3 0.3 Net amortization and deferral (1.3 ) (6.7 ) (15.9 ) Post-retirement medical plan costs $ (1.0 ) $ (6.4 ) $ (15.6 ) A summary of the changes in the projected benefit obligations of the Company Plan and the PEP are summarized as follows: 2018 2017 Balance at January 1 $ 368.0 $ 366.5 Service cost 5.2 5.5 Interest cost 13.0 14.4 Actuarial (gain) loss (21.9 ) 12.2 Benefits and administrative expenses paid (30.0 ) (30.6 ) Merger of Covance SERP $ 4.2 $ — Balance at December 31 $ 338.5 $ 368.0 The effect on operations for both the Company Plan and the PEP are summarized as follows: Year ended December 31, 2018 2017 2016 Service cost for benefits earned $ 5.2 $ 5.5 $ 4.9 Interest cost on benefit obligation 13.0 14.4 15.5 Expected return on plan assets (16.5 ) (16.3 ) (16.7 ) Net amortization and deferral 11.7 11.0 11.2 Settlements 7.5 — — Defined-benefit plan costs $ 20.9 $ 14.6 $ 14.9 A summary of the changes in the accumulated post-retirement benefit obligation follows: 2018 2017 Balance at January 1 $ 8.6 $ 6.8 Interest cost on benefit obligation 0.3 0.3 Actuarial loss (1.2 ) 2.5 Benefits paid (0.8 ) (1.0 ) Balance at December 31 $ 6.9 $ 8.6 Recorded as: Accrued expenses and other $ 0.9 $ 1.2 Other liabilities 6.0 7.4 $ 6.9 $ 8.6 |
Schedule of Net Funded Status [Table Text Block] | he net funded status of the Company Plan and the PEP at December 31: 2018 2017 Funded status $ 87.6 $ 104.3 Recorded as: Accrued expenses and other $ 2.1 $ 2.2 Other liabilities 85.5 102.1 $ 87.6 $ 104.3 |
Schedule of Assumptions Used [Table Text Block] | Weighted average assumptions used in the accounting for the Company Plan and the PEP are summarized as follows: 2018 2017 2016 Discount rate 4.4 % 3.7 % 4.2 % Expected long term rate of return 6.5 % 6.8 % 6.8 % |
Schedule of Expected Benefit Payments [Table Text Block] | The following estimated 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: 2019 $ 28.2 2020 27.2 2021 26.7 2022 26.4 2023 25.8 Years 2024 and thereafter 117.2 U.K. Plans German Plan 2019 $ 4.6 $ 0.3 2020 4.9 0.5 2021 5.2 0.5 2022 6.4 0.6 2023 6.7 0.7 Years 2024 and thereafter 40.6 3.6 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 , and 2017 were as follows: Fair Value Measurements as of December 31, 2018 Balance Sheet Classification Fair Value as of December 31, 2018 Using Fair Value Hierarchy Level 1 Level 2 Level 3 Noncontrolling interest put Noncontrolling interest $ 15.0 $ — $ 15.0 $ — Interest rate swap Other liabilities 3.1 — 3.1 — Cross currency swaps liability Other liabilities 2.8 — 2.8 — Cash surrender value of life insurance policies Other assets, net 63.5 — 63.5 — Deferred compensation liability Other liabilities 64.2 — 64.2 — Contingent consideration Other liabilities 18.6 — — 18.6 Fair Value Measurements as of December 31, 2017 Balance Sheet Classification Fair Value as of December 31, 2017 Using Fair Value Hierarchy Level 1 Level 2 Level 3 Noncontrolling interest put Noncontrolling interest $ 16.3 $ — $ 16.3 $ — Interest rate swap Other assets, net 4.1 — 4.1 — Cash surrender value of life insurance policies Other assets, net 64.0 — 64.0 — Deferred compensation liability Other liabilities 64.5 — 64.5 — Contingent consideration Other liabilities 16.5 — — 16.5 |
DERIVATIVE INSTRUMENTS AND HE_2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | Carrying amount of hedged liabilities as of December 31, Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities as of December 31, 2018 2017 2018 2017 Balance Sheet Line Item in which Hedged Items are Included Long-term debt, less current portion $ 597.0 $ 604.1 $ (3.1 ) $ 4.1 |
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | The table below presents the fair value of derivatives on a gross basis and the balance sheet classification of those instruments: December 31, 2018 December 31, 2017 Fair Value of Derivative Fair Value of Derivative Balance Sheet Caption Asset Liability U.S. Dollar Notional Asset Liability U.S. Dollar Notional Derivatives Designated as Hedging Instruments Interest rate swap Other assets, net — — — 4.1 — 600.0 Interest rate swap Other liabilities — (3.1 ) 600.0 — — — Cross currency swaps asset Other liabilities — (2.8 ) 600.0 — — — |
Derivative Instruments, Gain (Loss) [Table Text Block] | The table below provides information regarding the location and amount of pretax (gains) losses of derivatives designated in fair value hedging relationships: Amount of pre-tax gain/(loss) included in other comprehensive income Amounts reclassified to the Statement of Operations Year Ended December 31, Year Ended December 31, 2018 2017 2016 2018 2017 2016 Interest rate swap contracts $ (7.2 ) $ (10.5 ) $ (7.0 ) $ — $ — $ — Cross currency swaps $ 21.6 $ — $ — $ — $ — $ — |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Years Ended December 31, 2018 2017 2016 Supplemental schedule of cash flow information: Cash paid during period for: Interest $ 296.2 $ 239.1 $ 210.7 Income taxes, net of refunds 349.7 348.0 345.7 Disclosure of non-cash financing and investing activities: Conversion of zero-coupon convertible debt 0.3 35.0 39.1 Assets acquired under capital leases 0.6 7.3 16 Accrued property, plant and equipment 22.1 1.6 4.4 |
QUARTERLY DATA (UNAUDITED) (Tab
QUARTERLY DATA (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly data summary: | The following is a summary of unaudited quarterly data: Year Ended December 31, 2018 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Full Year Revenues $ 2,848.3 $ 2,866.3 $ 2,831.3 $ 2,787.5 $ 11,333.4 Gross profit 779.0 835.1 789.9 772.4 3,176.4 Operating income 305.4 369.2 343.4 307.7 1,325.7 Net earnings attributable to Laboratory Corporation of America Holdings 173.2 233.8 318.8 157.9 883.7 Basic earnings per common share 1.70 2.29 3.14 1.58 8.71 Diluted earnings per common share 1.67 2.27 3.10 1.56 8.61 Year Ended December 31, 2017 (b) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter ( a ) Full Year Revenues $ 2,413.7 $ 2,528.2 $ 2,621.4 $ 2,744.7 $ 10,308.0 Gross profit 712.5 778.0 784.2 817.1 3,091.8 Operating income 318.1 329.8 326.7 330.6 1,305.2 Net earnings attributable to Laboratory Corporation of America Holdings 183.0 184.8 171.5 687.8 1,227.1 Basic earnings per common share 1.79 1.80 1.68 6.73 11.99 Diluted earnings per common share 1.75 1.78 1.65 6.63 11.81 (a) Net earnings attributable to Laboratory Corporation of America Holdings in the fourth quarter of 2017 includes amounts recorded due to TCJA. (b) Amounts presented have been restated to comply with the full retrospective adoption of ASC 606. |
Schedule II - Valuation And Q_2
Schedule II - Valuation And Qualifying Accounts And Reserves (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule to Financial Statments [Abstract] | |
Valuation and Qualifying Accounts | Balance at beginning of year Additions Charged to Costs and Expense Other Additions Balance at end of year Year ended December 31, 2018: Applied against asset accounts: Valuation allowance-deferred tax assets $ 42.8 $ 3.4 $ — $ 46.2 Year ended December 31, 2017: Applied against asset accounts: Valuation allowance-deferred tax assets $ 31.3 $ 11.5 $ — $ 42.8 Year ended December 31, 2016: Applied against asset accounts: Valuation allowance-deferred tax assets $ 15.1 $ 16.2 $ — $ 31.3 |
Business Segments _Disclosure_2
Business Segments [Disclosure] Schedule of Segment Reporting Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2018 2017 2016 Revenues: LCD $ 7,030.8 $ 6,858.2 $ 6,307.6 CDD 4,313.1 3,451.6 3,245.8 Intercompany eliminations (10.5 ) (1.8 ) (0.5 ) Total revenues $ 11,333.4 $ 10,308.0 $ 9,552.9 Operating Earnings (Loss): LCD $ 1,166.7 $ 1,300.9 $ 1,182.0 CDD 303.6 144.9 236.5 General corporate expenses (144.6 ) (140.6 ) (147.9 ) Total operating income 1,325.7 1,305.2 1,270.6 Non-operating expenses, net (57.4 ) (227.7 ) (197.0 ) Earnings before income taxes 1,268.3 1,077.5 1,073.6 Provision for income taxes 384.4 (155.4 ) 360.7 Net earnings 883.9 1,232.9 712.9 Less: Net income attributable to noncontrolling interests (0.2 ) (5.8 ) (1.1 ) Net income attributable to Laboratory Corporation of America Holdings $ 883.7 $ 1,227.1 $ 711.8 2018 2017 2016 Depreciation and Amortization LCD $ 293.3 $ 304.7 $ 270.9 CDD 247.3 217.4 219.5 General corporate 2.6 1.2 0.1 Total depreciation and amortization $ 543.2 $ 523.3 $ 490.5 LCD CDD Intercompany Eliminations Total Geographic distribution of revenues US $ 6,664.3 $ 2,189.7 $ (10.5 ) $ 8,843.5 Canada 342.2 — — 342.2 United Kingdom 21.8 417.1 — 438.9 Switzerland — 527.4 — 527.4 Other 2.5 1,178.9 — 1,181.4 Total revenues $ 7,030.8 $ 4,313.1 $ (10.5 ) $ 11,333.4 LCD CDD Total Geographic distribution of property, plant and equipment, net U.S. $ 856.6 $ 587.1 $ 1,443.7 Canada 54.7 — 54.7 U.K. — 117.0 117.0 Switzerland — 88.5 88.5 Other 3.3 77.5 80.8 Total property, plant and equipment, net $ 914.6 $ 870.1 $ 1,784.7 |
REVENUE (Tables)
REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Asset and Liability [Table Text Block] | December 31, 2018 December 31, 2017 Receivables, which are included in Accounts Receivable, net $ 693.6 $ 694.4 Unbilled services 396.9 318.2 Unearned revenue 354.1 377.4 |
Disaggregation of Revenue [Table Text Block] | The Company's revenue by segment payers/customer groups for the years ended December 31, 2018 and 2017 is as follows: For the Year Ended December 31, 2018 U.S. Canada United Kingdom Switzerland Other Europe Other Total Payer/Customer LCD Clients 17 % 1 % — % — % — % — % 18 % Patients 8 % — % — % — % — % — % 8 % Medicare and Medicaid 9 % — % — % — % — % — % 9 % Third-party 25 % 2 % — % — % — % — % 27 % Total LCD revenues by payer 59 % 3 % — % — % — % — % 62 % CDD Biopharmaceutical and medical 19 % — % 4 % 5 % 3 % 7 % 38 % Total revenues 78 % 3 % 4 % 5 % 3 % 7 % 100 % For the Year Ended December 31, 2017 U.S. Canada United Kingdom Switzerland Other Europe Other Total Payer/Customer LCD Clients 19 % 1 % — % — % — % — % 20 % Patients 8 % — % — % — % — % — % 8 % Medicare and Medicaid 10 % — % — % — % — % — % 10 % Third-party 27 % 2 % — % — % — % — % 29 % Total LCD revenues by payer 64 % 3 % — % — % — % — % 67 % CDD Biopharmaceutical and medical 15 % — % 3 % 5 % 3 % 7 % 33 % Total revenues 79 % 3 % 3 % 5 % 3 % 7 % 100 % |
Capitalized Contract Cost [Table Text Block] | The Company incurs costs to fulfill contracts with customers, which are recoverable through the service fees in the contract. Contract fulfillment costs include software implementation costs and setup costs for certain market access solutions. These costs are recognized as assets and amortized over the expected term of the contract to which the implementation relates, which is the period over which services are expected to be provided to the customer. This period typically ranges from 24-60 months. Amortization of deferred contract fulfillment costs is included in cost of goods sold. December 31, 2018 December 31, 2017 Sales commission assets $ 24.2 $ 24.0 Deferred contract fulfillment costs 12.9 1.7 Total $ 37.1 $ 25.7 |
BUSINESS ACQUISITIONS (Details)
BUSINESS ACQUISITIONS (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jul. 31, 2017 | Sep. 30, 2016 | Jul. 27, 2016 | Dec. 19, 2014 | |
Business Acquisition [Line Items] | |||||||
Adjustments to intangibles through amortization expense | $ 4.5 | $ 3 | $ 4.9 | ||||
Long-term debt, less current portion | $ 6,041.9 | $ 6,344.6 | |||||
Business Acquisition, Share Price | $ 2.40 | ||||||
Proforma consolidated diluted earnings per share | $ 11,650,000 | $ 6,750,000 | |||||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 11,800,000 | $ 6,860,000 | |||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 1,209 | $ 703.8 | |||||
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax | 1,305.6 | 1,300.5 | |||||
Proforma consolidated net revenue | $ 10,831.3 | 10,387.4 | |||||
Total acquisition consideration (cash and non-cash) | $ 1,224.5 | $ 249.1 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 1,224.5 | ||||||
Business Combination, Separately Recognized Transactions, Liabilities Recognized | 397.3 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 2.4 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 196.5 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue | 133.7 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 19.6 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 45.1 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 1,621.8 | ||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 745.4 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 12.1 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 57.9 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 32.6 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 103.6 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 30.7 | ||||||
Business combination, recognized identifiable intangible assets acquired | 0.9 | ||||||
Weighted-average useful lives of identifiable intangible assets | 17 years 1 month | ||||||
Goodwill, net | $ 7,360.3 | 7,400.9 | 6,424.4 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 117.8 | 1,882.6 | 548.6 | ||||
Finite-lived Intangible Assets Acquired | 67.8 | ||||||
Goodwill, Acquired During Period | 70.5 | 1,009.8 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000 | ||||||
Senior notes due 2020 [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Long-term debt, less current portion | 600 | 600 | |||||
Chiltern [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Proforma consolidated net income | 11.6 | ||||||
Proforma consolidated net revenue | $ 188.4 | ||||||
Sequenom acquisition [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Weighted-average useful lives of identifiable intangible assets | 14 years 7 months | ||||||
Business combination, recognized identifiable deferred tax liabilities assumed | $ 45.1 | ||||||
Finite-lived Intangible Assets Acquired | 146.6 | ||||||
Goodwill, Acquired During Period | 206 | ||||||
Excluding Covance [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Payments to Acquire Businesses, Net of Cash Acquired | 688.8 | 299.5 | |||||
Finite-lived Intangible Assets Acquired | 1,053 | 126.2 | |||||
Goodwill, Acquired During Period | $ 1,009.8 | 192.3 | |||||
Acquisitions excluding LipoScience [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 548.6 | ||||||
Software and Software Development Costs [Member] | Chiltern [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Weighted-average useful lives of identifiable intangible assets | 6 years | ||||||
Technology-Based Intangible Assets [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, recognized identifiable intangible assets acquired | 26 | ||||||
Trademarks and Trade Names [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, recognized identifiable intangible assets acquired | 10.6 | ||||||
Trademarks and Trade Names [Member] | Chiltern [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Weighted-average useful lives of identifiable intangible assets | 4 years | ||||||
Trade Names [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Weighted-average useful lives of identifiable intangible assets | 5 years | ||||||
Finite-lived Intangible Assets Acquired | $ 3.4 | ||||||
Customer Relationships [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquired Finite-lived Intangible Assets, Useful Life | 21 years | ||||||
Business combination, recognized identifiable intangible assets acquired | $ 602 | ||||||
Weighted-average useful lives of identifiable intangible assets | 18 years 2 months | ||||||
Finite-lived Intangible Assets Acquired | $ 62.2 | ||||||
Senior notes due 2018 [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Long-term debt, less current portion | $ 130 | ||||||
Nutritional Chemistry [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill, net | $ 170.5 |
BUSINESS ACQUISITIONS & DISPO_2
BUSINESS ACQUISITIONS & DISPOSITIONS DISPOSITIONS (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from Divestiture of Businesses | $ 3.7 | $ 0 | $ 0 | |
Cash and cash equivalents | 426.8 | 316.6 | 433.6 | $ 716.4 |
Accounts receivable | 1,467.9 | 1,531 | ||
Unbilled Contracts Receivable | 394.4 | 316.5 | ||
Supplies inventories | 237.3 | 227.2 | ||
Prepaid expenses and other | 309 | 308.8 | ||
Property, plant and equipment, net | 1,784.7 | 1,706.6 | ||
Goodwill | 7,360.3 | 7,400.9 | $ 6,424.4 | |
Intangible assets, net | 3,911.1 | 4,166.1 | ||
Other assets, net | 231.6 | 217.5 | ||
Accounts payable | 634.6 | 573.9 | ||
Accrued expenses and other | 870 | 793.3 | ||
Deferred Revenue, Current | 356.4 | 380.8 | ||
Deferred income taxes and other tax liabilities | 940 | 875.5 | ||
Other liabilities | 334 | 376 | ||
Net assets held for sale | 335 | |||
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | 7.6 | 12.9 | ||
Nutritional Chemistry [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from Divestiture of Businesses | 670 | |||
Cash and cash equivalents | 0.1 | |||
Accounts receivable | 24.4 | |||
Unbilled Contracts Receivable | 7.6 | |||
Supplies inventories | 0.4 | |||
Prepaid expenses and other | 1.2 | |||
Property, plant and equipment, net | 42.3 | |||
Goodwill | 170.5 | |||
Intangible assets, net | 174.7 | |||
Other assets, net | 0.3 | |||
Assets Held-for-sale, Not Part of Disposal Group | 421.5 | |||
Accounts payable | 2.4 | |||
Accrued expenses and other | 15.2 | |||
Deferred Revenue, Current | 2.6 | |||
Deferred income taxes and other tax liabilities | 64.1 | |||
Other liabilities | 2.2 | |||
Disposal Group, Including Discontinued Operation, Liabilities | $ 86.5 | |||
Covance Food Solutions [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 258.3 | |||
UK forensic testing services business [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | 48.9 | |||
US forensic testing services business [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | $ 24.5 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2018USD ($)$ / shares | Sep. 30, 2018USD ($)$ / shares | Jun. 30, 2018USD ($)$ / shares | Mar. 31, 2018USD ($)$ / shares | Dec. 31, 2017USD ($)$ / shares | Sep. 30, 2017USD ($)$ / shares | Jun. 30, 2017USD ($)$ / shares | Mar. 31, 2017USD ($)$ / shares | Mar. 31, 2016USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2018USD ($)yr$ / shares | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($) | Dec. 31, 2012USD ($) | |
Goodwill [Line Items] | |||||||||||||||
Net cash provided by (used in) operating activities, as reported | $ 1,498.1 | $ 1,197.1 | |||||||||||||
Revenues | $ 2,787.5 | $ 2,831.3 | $ 2,866.3 | $ 2,848.3 | $ 2,744.7 | $ 2,621.4 | $ 2,528.2 | $ 2,413.7 | $ 11,333.4 | 10,308 | 9,552.9 | ||||
Cash, Uninsured Amount | 423 | 315.5 | 423 | 315.5 | |||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 10.2 | 16.9 | 11.9 | $ 33.5 | |||||||||||
Cost of Revenue | 8,157 | 7,216.2 | 6,698.9 | ||||||||||||
Gross profit | 772.4 | 789.9 | 835.1 | 779 | 817.1 | 784.2 | 778 | 712.5 | 3,176.4 | 3,091.8 | 2,854 | ||||
Selling, general and administrative expenses | 1,570.9 | 1,499.2 | 1,345.5 | ||||||||||||
Nonoperating Income (Expense) | (57.4) | (227.7) | (197) | ||||||||||||
Other Nonoperating Income | 515.1 | 434.9 | |||||||||||||
Income Tax Expense (Benefit) | 384.4 | (155.4) | $ 360.7 | 384.4 | (155.4) | 360.7 | |||||||||
Net earnings | 883.9 | 1,232.9 | 712.9 | ||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (0.2) | (5.8) | (1.1) | ||||||||||||
Net earnings attributable to Laboratory Corporation of America Holdings | $ 157.9 | $ 318.8 | $ 233.8 | $ 173.2 | $ 687.8 | $ 171.5 | $ 184.8 | $ 183 | $ 883.7 | $ 1,227.1 | $ 711.8 | ||||
Earnings Per Share, Basic | $ / shares | $ 1.58 | $ 3.14 | $ 2.29 | $ 1.70 | $ 6.73 | $ 1.68 | $ 1.80 | $ 1.79 | $ 8.71 | $ 11.99 | $ 6.94 | ||||
Earnings Per Share, Diluted | $ / shares | $ 1.56 | $ 3.10 | $ 2.27 | $ 1.67 | $ 6.63 | $ 1.65 | $ 1.78 | $ 1.75 | $ 8.61 | $ 11.81 | $ 6.82 | ||||
Net Cash Provided by (Used in) Operating Activities | $ 1,305.4 | $ 1,498.1 | $ 1,197.1 | ||||||||||||
Prior Period Reclassification Adjustment | 47.4 | 34.6 | |||||||||||||
Net Cash Provided by (Used in) Investing Activities, as reported | (2,228.7) | (795.7) | |||||||||||||
Net Cash Provided by (Used in) Investing Activities | 206.7 | (2,228.7) | (795.7) | ||||||||||||
Net Cash Provided by (Used in) Financing Activities, as reported | 593.2 | (671) | |||||||||||||
Net Cash Provided by (Used in) Financing Activities | (1,389.9) | 593.2 | (671) | ||||||||||||
Effect of Exchange Rate on Cash and Cash Equivalents, as reported | 20.5 | (13.2) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (12) | 20.5 | (13.2) | ||||||||||||
Cash and Cash Equivalents, Period Increase (Decrease) | 110.2 | (116.9) | (282.8) | ||||||||||||
Assets, Current | $ 2,835.4 | $ 2,733.8 | 2,835.4 | 2,733.8 | |||||||||||
Assets, Noncurrent | 13,939.2 | 13,939.2 | |||||||||||||
Assets | 16,185.3 | 16,673 | 16,185.3 | 16,673 | |||||||||||
Liabilities, Current | 1,878.9 | 2,185.7 | 1,878.9 | 2,185.7 | |||||||||||
Liabilities, Noncurrent | 7,662.4 | 7,662.4 | |||||||||||||
Noncontrolling interest | 19.1 | 20.8 | 19.1 | 20.8 | |||||||||||
Stockholders' Equity Attributable to Parent | 6,971.4 | 6,804.1 | 6,971.4 | 6,804.1 | 5,518.2 | $ 4,945.1 | |||||||||
Liabilities and Equity | 16,185.3 | 16,673 | 16,185.3 | 16,673 | |||||||||||
Goodwill | 7,360.3 | 7,400.9 | 7,360.3 | 7,400.9 | 6,424.4 | ||||||||||
Derivative, Fair Value, Net | 0 | 0 | |||||||||||||
Other Inventory, Supplies, Gross | 200.1 | 195.2 | 200.1 | 195.2 | |||||||||||
Inventory, Finished Goods, Gross | 37.2 | 32.4 | 37.2 | 32.4 | |||||||||||
Ownership percentage below which investments are generally accounted for on the cost method (in hundredths) | 20.00% | ||||||||||||||
Accounts receivable balances (gross) from Medicare and Medicaid | $ 88.8 | 109.8 | $ 88.8 | 109.8 | |||||||||||
Estimated useful life of capitalized software costs (in years) | yr | 5 | ||||||||||||||
Minimum threshold percentage required to recognize income tax benefit (in hundredths) | 50.00% | 50.00% | |||||||||||||
Accounts receivable from Ontario government sponsored healthcare plan | $ 0.5 | $ 12.9 | $ 0.5 | $ 12.9 | |||||||||||
Percent of gross accounts receivable due from patients | 21.50% | 20.90% | 21.50% | 20.90% | |||||||||||
Assets Held-for-sale, Not Part of Disposal Group, Current, Other | $ 55.2 | $ 55.2 | |||||||||||||
Minimum [Member] | Customer Relationships [Member] | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||||||||||||||
Minimum [Member] | Patents, Licenses And Technology [Member] | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||||||||||||||
Minimum [Member] | Non-compete agreements [Member] | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||||||||||||||
Minimum [Member] | Trade Names [Member] | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||||||||||||||
Maximum [Member] | Customer Relationships [Member] | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 36 years | ||||||||||||||
Maximum [Member] | Patents, Licenses And Technology [Member] | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||||||||||||||
Maximum [Member] | Trade Names [Member] | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||||||||||||||
LabCorp Diagnostics [Member] | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
Revenues | $ 7,030.8 | $ 6,858.2 | 6,307.6 | ||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 312.5 | 287.9 | |||||||||||||
Goodwill | 3,638.8 | $ 3,673.9 | 3,638.8 | 3,673.9 | 3,644.8 | ||||||||||
Covance Drug Development [Member] | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
Revenues | 4,313.1 | 3,451.6 | 3,245.8 | ||||||||||||
Goodwill | $ 3,721.5 | 3,727 | $ 3,721.5 | 3,727 | 2,779.6 | ||||||||||
Revenue from Contract with Customer [Member] | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
ASU 606 adjustment to previously reported amounts | (133.4) | 115.7 | |||||||||||||
ASU 715 pension adjustment to previously reported amounts | 0 | 0 | |||||||||||||
Cost of Sales [Member] | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
ASU 606 adjustment to previously reported amounts | (238.6) | (435.8) | |||||||||||||
ASU 715 pension adjustment to previously reported amounts | (0.2) | (6.4) | |||||||||||||
Gross profit [Member] | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
ASU 606 adjustment to previously reported amounts | (372) | (320.1) | |||||||||||||
ASU 715 pension adjustment to previously reported amounts | (0.2) | (6.4) | |||||||||||||
Selling, General and Administrative Expenses [Member] | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
ASU 606 adjustment to previously reported amounts | (315.1) | (287.9) | |||||||||||||
ASU 715 pension adjustment to previously reported amounts | (1.9) | (3.2) | |||||||||||||
Nonoperating Income (Expense) [Member] | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
ASU 606 adjustment to previously reported amounts | (0.5) | 0.3 | |||||||||||||
ASU 715 pension adjustment to previously reported amounts | (2.1) | (9.6) | |||||||||||||
Provision for income taxes [Member] | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
ASU 606 adjustment to previously reported amounts | (16.3) | (11.6) | |||||||||||||
ASU 715 pension adjustment to previously reported amounts | 0 | 0 | |||||||||||||
Net earnings [Member] | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
ASU 606 adjustment to previously reported amounts | (41.1) | (20.3) | |||||||||||||
ASU 715 pension adjustment to previously reported amounts | 0 | 0 | |||||||||||||
Net earnings attributable to NCI [Member] | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
ASU 606 adjustment to previously reported amounts | 0 | 0 | |||||||||||||
ASU 715 pension adjustment to previously reported amounts | 0 | 0 | |||||||||||||
Net earnings attributable to company [Member] | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
ASU 606 adjustment to previously reported amounts | (41.1) | (20.3) | |||||||||||||
ASU 715 pension adjustment to previously reported amounts | 0 | 0 | |||||||||||||
Net cash from operating activities [Member] | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
Prior Period Reclassification Adjustment | $ 47.4 | $ 34.6 | |||||||||||||
ASC 230 Cash flow presentation adjustment | (8,700,000) | (13,400,000) | |||||||||||||
Net cash from investing activities [Member] | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
Prior Period Reclassification Adjustment | $ 0 | $ 0 | |||||||||||||
Net Cash Provided by (Used in) Investing Activities | 0 | 0 | |||||||||||||
Net cash from financing activities [Member] | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
Prior Period Reclassification Adjustment | (47.4) | (34.6) | |||||||||||||
Net Cash Provided by (Used in) Financing Activities | 8.7 | 13.4 | |||||||||||||
Effect of exchange rate on cash and cash equivalents [Member] | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
Prior Period Reclassification Adjustment | 0 | 0 | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | |||||||||||||
Other Current Assets [Member] | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
ASU 606 adjustment to previously reported amounts | $ (51.2) | ||||||||||||||
Other Noncurrent Assets [Member] | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
ASU 606 adjustment to previously reported amounts | (53.8) | ||||||||||||||
Assets [Member] | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
ASU 606 adjustment to previously reported amounts | (105) | ||||||||||||||
Other Current Liabilities [Member] | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
ASU 606 adjustment to previously reported amounts | (139.6) | ||||||||||||||
Other Noncurrent Liabilities [Member] | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
ASU 606 adjustment to previously reported amounts | (8.7) | ||||||||||||||
Noncontrolling Interest [Member] | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
ASU 606 adjustment to previously reported amounts | 0 | ||||||||||||||
Shareholders' Equity [Member] | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
ASU 606 adjustment to previously reported amounts | (25.9) | ||||||||||||||
Total liabilities and shareholder's equity [Member] | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
ASU 606 adjustment to previously reported amounts | $ (105) | ||||||||||||||
Previously Reported [Member] | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
Current assets, as reported | 2,682.6 | 2,682.6 | |||||||||||||
Net cash provided by (used in) operating activities, as reported | 1,459.4 | 1,175.9 | |||||||||||||
Revenues | 10,441.4 | 9,437.2 | |||||||||||||
Cost of Revenue | 6,977.4 | 6,256.7 | |||||||||||||
Gross profit, as reported | 3,464 | 3,180.5 | |||||||||||||
Selling, general and administrative expenses | 1,812.4 | 1,630.2 | |||||||||||||
Nonoperating Income (Expense) | 516.7 | 444.8 | |||||||||||||
Income Tax Expense (Benefit) | (139.1) | 372.3 | |||||||||||||
Net income (loss), including portion attributable to NCI, as reported | 1,274 | 733.2 | |||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (5.8) | (1.1) | |||||||||||||
Net income (loss) attributable to Parent, as reported | $ 1,268.2 | $ 732.1 | |||||||||||||
Earnings Per Share, Basic | $ / shares | $ 12.39 | $ 7.14 | |||||||||||||
Earnings Per Share, Diluted | $ / shares | $ 12.21 | $ 7.02 | |||||||||||||
Net Cash Provided by (Used in) Investing Activities, as reported | $ (2,228.7) | $ (795.7) | |||||||||||||
Net Cash Provided by (Used in) Financing Activities, as reported | 631.9 | (649.8) | |||||||||||||
Effect of Exchange Rate on Cash and Cash Equivalents, as reported | 20.5 | (13.2) | |||||||||||||
Cash and Cash Equivalents, Period Increase (Decrease) | (116.9) | (282.8) | |||||||||||||
Noncurrent assets, as reported | 13,885.4 | 13,885.4 | |||||||||||||
Total assets, as reported | 16,568 | 16,568 | |||||||||||||
Current liabilities, as reported | 2,046.1 | 2,046.1 | |||||||||||||
Noncurrent liabilities, as reported | 7,671.1 | 7,671.1 | |||||||||||||
Noncontrolling Interest Mezzanine Equity, as reported | 20.8 | 20.8 | |||||||||||||
Shareholders Equity Attributable to Parent, as reported | 6,830 | 6,830 | |||||||||||||
Total liabilities and shareholders equity, as reported | $ 16,568 | 16,568 | |||||||||||||
Investigator fees [Member] | Covance Drug Development [Member] | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 267.6 | 234.5 | |||||||||||||
Measure of progress [Member] | Covance Drug Development [Member] | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 58.9 | 36.1 | |||||||||||||
sales commissions [Member] | Covance Drug Development [Member] | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 2.9 | $ 4.4 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - NET SALES (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net cash provided by (used in) operating activities, as reported | $ 1,498.1 | $ 1,197.1 | ||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 10.2 | $ 16.9 | 11.9 | $ 33.5 | ||||||||
Percent of Revenue Contributed | 100.00% | 100.00% | ||||||||||
Intercompany revenue elimination | $ (10.5) | $ (1.8) | (1) | |||||||||
Revenues | $ 2,787.5 | $ 2,831.3 | $ 2,866.3 | $ 2,848.3 | $ 2,744.7 | $ 2,621.4 | $ 2,528.2 | $ 2,413.7 | 11,333.4 | 10,308 | 9,552.9 | |
Net Cash Provided by (Used in) Investing Activities, as reported | (2,228.7) | (795.7) | ||||||||||
Net Cash Provided by (Used in) Financing Activities, as reported | 593.2 | (671) | ||||||||||
Effect of Exchange Rate on Cash and Cash Equivalents, as reported | 20.5 | (13.2) | ||||||||||
Cash and Cash Equivalents, Period Increase (Decrease) | $ 110.2 | (116.9) | (282.8) | |||||||||
LabCorp Diagnostics [Member] | ||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 312.5 | 287.9 | ||||||||||
Percent of Revenue Contributed | 66.50% | 62.00% | 67.00% | |||||||||
Revenues | $ 7,030.8 | $ 6,858.2 | 6,307.6 | |||||||||
Covance Drug Development [Member] | ||||||||||||
Percent of Revenue Contributed | 33.50% | 38.10% | ||||||||||
Revenues | $ 4,313.1 | 3,451.6 | 3,245.8 | |||||||||
Previously Reported [Member] | ||||||||||||
Net cash provided by (used in) operating activities, as reported | 1,459.4 | 1,175.9 | ||||||||||
Revenues | 10,441.4 | 9,437.2 | ||||||||||
Net Cash Provided by (Used in) Investing Activities, as reported | (2,228.7) | (795.7) | ||||||||||
Net Cash Provided by (Used in) Financing Activities, as reported | 631.9 | (649.8) | ||||||||||
Effect of Exchange Rate on Cash and Cash Equivalents, as reported | 20.5 | (13.2) | ||||||||||
Cash and Cash Equivalents, Period Increase (Decrease) | (116.9) | (282.8) | ||||||||||
Investigator fees [Member] | Covance Drug Development [Member] | ||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 267.6 | 234.5 | ||||||||||
Measure of progress [Member] | Covance Drug Development [Member] | ||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 58.9 | 36.1 | ||||||||||
sales commissions [Member] | Covance Drug Development [Member] | ||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 2.9 | $ 4.4 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income [Abstract] | |||||||||||
Net earnings, basic | $ 157.9 | $ 318.8 | $ 233.8 | $ 173.2 | $ 687.8 | $ 171.5 | $ 184.8 | $ 183 | $ 883.7 | $ 1,227.1 | $ 711.8 |
Net earnings, diluted | $ 883.7 | $ 1,227.1 | $ 711.8 | ||||||||
Shares [Abstract] | |||||||||||
Outstanding shares, basic (in shares) | 101.4 | 102.4 | 102.5 | ||||||||
Dilutive effect of stock options (in shares) | 1.2 | 1.4 | 1.5 | ||||||||
Dilutive effect of convertible debt, net of tax (in shares) | 0 | 0.1 | 0.3 | ||||||||
Outstanding shares, diluted (in shares) | 102.6 | 103.9 | 104.3 | ||||||||
Per Share Amount [Abstract] | |||||||||||
Earnings Per Share, Basic | $ 1.58 | $ 3.14 | $ 2.29 | $ 1.70 | $ 6.73 | $ 1.68 | $ 1.80 | $ 1.79 | $ 8.71 | $ 11.99 | $ 6.94 |
Diluted earnings per share (in dollars per share) | $ 1.56 | $ 3.10 | $ 2.27 | $ 1.67 | $ 6.63 | $ 1.65 | $ 1.78 | $ 1.75 | $ 8.61 | $ 11.81 | $ 6.82 |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - ANTIDILUTIVE SECURITIES EXCLUDED FROM EARNINGS PER SHARE (Details) - shares shares in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||
Stock Options (in shares) | 0.1 | 0 | 0.1 |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - PROPERTY, PLANT AND EQUIPMENT (Details) | 12 Months Ended |
Dec. 31, 2018 | |
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) | 40 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 ACCOUN_9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - INTANGIBLE ASSETS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 7,360.3 | $ 7,400.9 | $ 6,424.4 |
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) | 36 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] | Trade Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life of finite-lived intangible assets, minimum (years) | 15 years |
RESTRUCTURING AND OTHER SPECI_2
RESTRUCTURING AND OTHER SPECIAL CHARGES (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2017 | Sep. 30, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||||
Net restructuring charges | $ 48.1 | $ 70.9 | $ 58.4 | ||
Restructuring charges related to severance and other employee costs | $ 40.3 | 36.1 | 30.9 | ||
Restructuring charges related to contractual obligations associated with leased facilities and other facility related costs | 11.8 | 18.8 | 33.8 | ||
Restructuring, Settlement and Impairment Provisions | 20.9 | ||||
Reduction in prior employee severance benefits related restructuring accruals | 2 | 0.5 | |||
Reduction in prior facility related restructuring accruals | 2 | 4.4 | |||
Asset Impairment Charges | 5.3 | 23.5 | 0 | ||
Reduction in total prior restructuring accruals | 4 | ||||
Amortization of Debt Discount (Premium) | 5.6 | ||||
Special charge, wind-down of min volume contract | 4.6 | ||||
Business Combination, Acquisition Related Costs | 8 | ||||
Payment of legal settlement | $ 49.5 | ||||
Covance Drug Development [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Net restructuring charges | 27.6 | 54.1 | 42.6 | ||
Asset Impairment Charges | 2.3 | ||||
LabCorp Diagnostics [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Net restructuring charges | $ 20.5 | $ 16.8 | $ 15.8 |
RESTRUCTURING RESERVES (Details
RESTRUCTURING RESERVES (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Employee Severance Benefits Related Restructuring Reserve Accrual Adjustment | $ 2 | $ 0.5 | |
Number of years restructuring liabilities expected to be paid out over | 5 years 5 months | ||
Balance, beginning of period | 54.7 | ||
Restructuring charges | $ 52.1 | ||
Reduction of prior restructuring accruals | (4) | ||
Cash payments and other adjustments | (59.2) | ||
Balance, end of period | 43.6 | $ 54.7 | |
Current | 19.8 | 22 | |
Non-current | 23.8 | 32.5 | |
Facility Related Restructuring Reserve Accrual Adjustment | 2 | 4.4 | |
Asset Impairment Charges | 5.3 | 23.5 | $ 0 |
LabCorp Diagnostics [Member] | Severance and Other Employee Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Balance, beginning of period | 1.7 | ||
Restructuring charges | 16.2 | ||
Reduction of prior restructuring accruals | (0.4) | ||
Cash payments and other adjustments | (15.4) | ||
Balance, end of period | 2.1 | 1.7 | |
LabCorp Diagnostics [Member] | Lease and Other Facility Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Balance, beginning of period | 10.1 | ||
Restructuring charges | 5.4 | ||
Reduction of prior restructuring accruals | (0.7) | ||
Cash payments and other adjustments | (7.4) | ||
Balance, end of period | 7.4 | 10.1 | |
Covance Drug Development [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset Impairment Charges | 2.3 | ||
Covance Drug Development [Member] | Severance and Other Employee Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Balance, beginning of period | 8.3 | ||
Restructuring charges | 24.1 | ||
Reduction of prior restructuring accruals | 1.6 | ||
Cash payments and other adjustments | (24.3) | ||
Balance, end of period | 6.5 | 8.3 | |
Covance Drug Development [Member] | Lease and Other Facility Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Balance, beginning of period | 34.6 | ||
Restructuring charges | 6.4 | ||
Reduction of prior restructuring accruals | 1.3 | ||
Cash payments and other adjustments | 12.1 | ||
Balance, end of period | $ 27.6 | $ 34.6 |
JOINT VENTURE PARTNERSHIPS AN_3
JOINT VENTURE PARTNERSHIPS AND EQUITY METHOD INVESTMENTS (Details) $ in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018CAD ($) | Dec. 31, 2017USD ($) | |
Joint venture partnerships and equity method investments, condensed unconsolidated financial information | |||||
Current assets | $ 67.9 | $ 45.7 | |||
Other assets | 15.7 | 14.4 | |||
Total assets | 83.6 | 60.1 | |||
Current liabilities | 33.3 | 31.6 | |||
Other liabilities | 5.8 | 1 | |||
Total liabilities | 39.1 | 32.6 | |||
Partners' equity | 44.5 | 27.5 | |||
Total liabilities and partners’ equity | 83.6 | $ 60.1 | |||
Joint venture partnerships and equity method investments, condensed unconsolidated financial information, Income Statement | |||||
Net revenues | $ 212.5 | $ 156.7 | 186.3 | ||
Gross profit | 62.6 | 45.7 | 62.4 | ||
Net earnings | $ 25.7 | $ 20.3 | 34.4 | ||
The value of the Company's recorded investment in the Alberta partnership assigned to Canadian licenses | 32.3 | ||||
AHS transfer to Canadian JV | $ 50 | ||||
Alberta, Canada [Member] | |||||
Investments in unconsolidated joint venture partnerships and equity method investments Financial Statement, Reported Amounts | |||||
Net Investment | $ (40.9) | ||||
Interest Owned | 43.37% | 43.37% | |||
Charlotte, North Carolina [Member] | |||||
Investments in unconsolidated joint venture partnerships and equity method investments Financial Statement, Reported Amounts | |||||
Net Investment | $ (9.5) | ||||
Florence, South Carolina [Member] | |||||
Investments in unconsolidated joint venture partnerships and equity method investments Financial Statement, Reported Amounts | |||||
Net Investment | $ (10.1) | ||||
Interest Owned | 49.00% | 49.00% |
ACCOUNTS RECEIVABLE, NET (Detai
ACCOUNTS RECEIVABLE, NET (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts receivable, net [Abstract] | ||
Gross accounts receivable | $ 1,483.6 | $ 1,537.2 |
Less allowance for doubtful accounts | (15.7) | (6.2) |
Accounts receivable, net | $ 1,467.9 | $ 1,531 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, plant and equipment, net | ||||
Gross property, plant and equipment | $ 3,557.6 | $ 3,266 | ||
Less accumulated depreciation and amortization of capital lease assets | (1,772.9) | (1,559.4) | ||
Property, plant and equipment, net | 1,784.7 | 1,706.6 | ||
Depreciation expense and amortization of capital lease assets | $ 306.8 | $ 311.1 | 311.5 | |
Software depreciation | $ 85.6 | $ 79.2 | 92.7 | |
Land [Member] | ||||
Property, plant and equipment, net | ||||
Gross property, plant and equipment | 77.4 | 78.1 | ||
Buildings and building improvements [Member] | ||||
Property, plant and equipment, net | ||||
Gross property, plant and equipment | 703.7 | 689.3 | ||
Machinery and equipment [Member] | ||||
Property, plant and equipment, net | ||||
Gross property, plant and equipment | 1,243.2 | 1,149.6 | ||
Software and Software Development Costs [Member] | ||||
Property, plant and equipment, net | ||||
Gross property, plant and equipment | 714.6 | 667.2 | ||
Leasehold improvements [Member] | ||||
Property, plant and equipment, net | ||||
Gross property, plant and equipment | 340.7 | 329.3 | ||
Furniture and Fixtures [Member] | ||||
Property, plant and equipment, net | ||||
Gross property, plant and equipment | 93.8 | 90.4 | ||
Construction in progress [Member] | ||||
Property, plant and equipment, net | ||||
Gross property, plant and equipment | 304.8 | 183.2 | ||
Equipment under capital leases [Member] | ||||
Property, plant and equipment, net | ||||
Gross property, plant and equipment | $ 79.4 | $ 78.9 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of intangible assets | $ 216.5 | $ 179.5 | $ 231.7 | $ 216.5 | $ 179.5 |
Adjustments to intangibles through amortization expense | 4.5 | 3 | $ 4.9 | ||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Asset | 2.1 | $ (0.3) | |||
Finite-Lived Intangible Assets, Future Amortization Expense | |||||
Estimated amortization expense, 2013 | 223 | ||||
Estimated amortization expense, 2014 | 215.3 | ||||
Estimated amortization expense, 2015 | 209 | ||||
Estimated amortization expense, 2016 | 203.4 | ||||
Estimated amortization expense, 2017 | 199.8 | ||||
Estimated amortization expense, Thereafter | $ 2,403 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - SCHEDULE OF GOODWILL (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | ||
Goodwill | $ 7,400.9 | $ 6,424.4 |
Adjustments to goodwill | (76.2) | 137.2 |
Goodwill, Acquired During Period | 70.5 | 1,009.8 |
Goodwill, Written off Related to Sale of Business Unit | 0 | (170.5) |
Goodwill, Other Increase (Decrease) | (34.9) | 0 |
Goodwill [Roll Forward] | ||
Balance as of January 1 | 7,400.9 | 6,424.4 |
Adjustments to goodwill | (76.2) | 137.2 |
Goodwill, net | 7,360.3 | 7,400.9 |
LabCorp Diagnostics [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 3,673.9 | 3,644.8 |
Adjustments to goodwill | (7.4) | 1.1 |
Goodwill, Acquired During Period | 7.2 | 198.5 |
Goodwill, Written off Related to Sale of Business Unit | 0 | (170.5) |
Goodwill, Other Increase (Decrease) | (34.9) | 0 |
Goodwill [Roll Forward] | ||
Balance as of January 1 | 3,673.9 | 3,644.8 |
Adjustments to goodwill | (7.4) | 1.1 |
Goodwill, net | 3,638.8 | 3,673.9 |
Covance Drug Development [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 3,727 | 2,779.6 |
Adjustments to goodwill | (68.8) | 136.1 |
Goodwill, Acquired During Period | 63.3 | 811.3 |
Goodwill, Written off Related to Sale of Business Unit | 0 | |
Goodwill, Other Increase (Decrease) | 0 | 0 |
Goodwill [Roll Forward] | ||
Balance as of January 1 | 3,727 | 2,779.6 |
Adjustments to goodwill | (68.8) | 136.1 |
Goodwill, net | $ 3,721.5 | $ 3,727 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS - COMPONENTS OF IDENTIFIABLE INTANGIBLE ASSETS (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Abstract] | ||
Gross Carrying Amount | $ 5,515.9 | $ 5,566.2 |
Accumulated Amortization | (1,604.8) | (1,400.1) |
Net Carrying Amount | 3,911.1 | 4,166.1 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Abstract] | ||
Gross Carrying Amount | 4,118.1 | |
Accumulated Amortization | (992.8) | |
Net Carrying Amount | 3,125.3 | |
Patents, licenses and technology [Member] | ||
Finite-Lived Intangible Assets [Abstract] | ||
Gross Carrying Amount | 457.9 | |
Accumulated Amortization | (188.6) | |
Net Carrying Amount | 269.3 | |
Non-compete agreements [Member] | ||
Finite-Lived Intangible Assets [Abstract] | ||
Gross Carrying Amount | 75.8 | |
Accumulated Amortization | (48.3) | |
Net Carrying Amount | 27.5 | |
Trade names [Member] | ||
Finite-Lived Intangible Assets [Abstract] | ||
Gross Carrying Amount | 407.9 | |
Accumulated Amortization | (167.9) | |
Net Carrying Amount | 240 | |
Canadian licenses [Member] | ||
Finite-Lived Intangible Assets [Abstract] | ||
Gross Carrying Amount | 495.7 | |
Accumulated Amortization | 0 | |
Net Carrying Amount | 495.7 | |
Patents, licenses and technology [Member] | ||
Finite-Lived Intangible Assets [Abstract] | ||
Gross Carrying Amount | 447.3 | |
Accumulated Amortization | (211.2) | |
Net Carrying Amount | 236.1 | |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Abstract] | ||
Gross Carrying Amount | 4,119.4 | |
Accumulated Amortization | (1,146.7) | |
Net Carrying Amount | 2,972.7 | |
Use Rights [Member] | ||
Finite-Lived Intangible Assets [Abstract] | ||
Gross Carrying Amount | 10.8 | 10.8 |
Accumulated Amortization | (4.1) | (2.5) |
Net Carrying Amount | 6.7 | $ 8.3 |
Trade names [Member] | ||
Finite-Lived Intangible Assets [Abstract] | ||
Gross Carrying Amount | 404 | |
Accumulated Amortization | (189.1) | |
Net Carrying Amount | 214.9 | |
Non-compete agreements [Member] | ||
Finite-Lived Intangible Assets [Abstract] | ||
Gross Carrying Amount | 76.8 | |
Accumulated Amortization | (53.7) | |
Net Carrying Amount | 23.1 | |
Canadian licenses [Member] | ||
Finite-Lived Intangible Assets [Abstract] | ||
Gross Carrying Amount | 457.6 | |
Accumulated Amortization | 0 | |
Net Carrying Amount | $ 457.6 |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS - SUMMARY OF ACQUIRED AMORTIZABLE INTANGIBLE ASSETS (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 67.8 |
Weighted average amortization period (in years) | 17 years 1 month |
Customer Relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 62.2 |
Weighted average amortization period (in years) | 18 years 2 months |
Patents, licenses and technology [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 0.3 |
Weighted average amortization period (in years) | 15 years |
Non-compete agreements [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 1.9 |
Weighted average amortization period (in years) | 5 years |
Trade names [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 3.4 |
Weighted average amortization period (in years) | 5 years |
ACCRUED EXPENSES AND OTHER (Det
ACCRUED EXPENSES AND OTHER (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Accrued expenses and other [Abstract] | ||
Employee compensation and benefits | $ 427.6 | $ 369.3 |
Self-insurance reserves | 40.4 | 45.7 |
Accrued taxes payable | 124.8 | 70.6 |
Royalty and license fees payable | 6.4 | 6.2 |
Accrued investigator fees and pass through costs | 80.4 | 71.6 |
Restructuring reserves | 19.8 | 22 |
Acquisition related reserves | 19.7 | 21.3 |
Interest payable | 70.7 | 71.7 |
Other Accrued Liabilities | 26 | 24.6 |
Other | 54.2 | 90.3 |
Total accrued expenses and other | $ 870 | $ 793.3 |
OTHER LIABILITIES (Details)
OTHER LIABILITIES (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Other Liabilities Disclosure [Abstract] | ||
Post-retirement benefit obligation | $ 6.5 | $ 7.4 |
Defined-benefit plan obligation | 125.8 | 163.4 |
Restructuring reserves | 23.8 | 32.5 |
Self-insurance reserves | 30.3 | 28.9 |
Deferred Compensation Liability, Classified, Noncurrent | 64.2 | 64.5 |
Workers' Compensation Liability, Noncurrent | 40.9 | 39 |
Accrued Rent | 11.9 | 12.7 |
Escheat liability | 11.1 | 10.9 |
Other | 19.5 | 16.7 |
Total other liabilities | $ 334 | $ 376 |
DEBT - SCHEDULE OF SHORT-TERM D
DEBT - SCHEDULE OF SHORT-TERM DEBT (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Short-term Debt [Line Items] | ||
Debt, Current | $ 17.9 | $ 417.5 |
Convertible Subordinated Debt, Current | 8.7 | 8.8 |
Short term debt issuance costs | (0.5) | (1.4) |
Capital Lease Obligations, Current | 7.9 | 8.3 |
Notes Payable, Current | 1.8 | 1.8 |
Senior notes due 2018 [Member] | ||
Short-term Debt [Line Items] | ||
Senior notes due 2018 | $ 0 | $ 400 |
DEBT - SCHEDULE OF LONG-TERM DE
DEBT - SCHEDULE OF LONG-TERM DEBT (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jan. 30, 2015 | Dec. 19, 2014 | Nov. 01, 2013 | |
Debt Instrument [Line Items] | ||||||
Long-term Debt and Capital Lease Obligations, Current | $ 24.8 | |||||
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months | 10 | |||||
Credit Facility Option to Increase | $ 350 | |||||
Long-term debt, less current portion | 6,041.9 | $ 6,344.6 | ||||
2014 Term Loan | 0 | 72 | ||||
4.625% Senior notes due 2020 | 597 | 604.1 | ||||
Senior notes due 2027 | 600 | 600 | ||||
4.70 % Senior notes due 2045 | 900 | 900 | ||||
Senior notes due 2024 | 600 | 600 | ||||
3.60% Senior notes due 2025 | 1,000 | 1,000 | ||||
2017 Term loan | 527.1 | 750 | ||||
Long term debt issuance costs | (40.3) | (48.2) | ||||
Notes Payable, Noncurrent | 7.1 | 8.9 | ||||
Senior Notes, Noncurrent | 2,900 | $ 700 | ||||
3.20% Senior notes due 2022 | 500 | 500 | ||||
4.00% Senior notes due 2023 | 300 | 300 | ||||
3.75% Senior notes due 2022 | 500 | 500 | ||||
2.625% Senior Notes due 2020 | 500 | 500 | ||||
Long-term Debt, Current Maturities | (10) | |||||
Capital lease obligations, net of interest, current | (7.9) | |||||
Long term and capital lease obligations, net of interest, current | (17.9) | |||||
Capital Lease Obligations, Current | 14.8 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 1,100 | |||||
Total long-term debt | 5,990.9 | |||||
Capital Lease Obligations, Noncurrent | 51 | $ 57.8 | ||||
Capital Leases, Future Minimum Payments Due in Two Years | 13.8 | |||||
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two | 1,113.8 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 | |||||
Capital Leases, Future Minimum Payments Due in Three Years | 12 | |||||
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Three | 12 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 1,527.1 | |||||
Capital Leases, Future Minimum Payments Due in Four Years | 10.8 | |||||
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Four | 1,537.9 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 300 | |||||
Capital Leases, Future Minimum Payments Due in Five Years | 10.7 | |||||
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Five | 310.7 | |||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 3,063.8 | |||||
Capital Leases, Future Minimum Payments Due Thereafter | 34.5 | |||||
Long-term Debt | 6,000.9 | |||||
Capital lease obligations, net of interest | 58.9 | |||||
Long term and capital lease obligations, net of interest | 6,059.8 | |||||
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal after Year Five | 3,098.3 | |||||
Capital Lease Obligations | 96.6 | |||||
Long-term Debt and Capital Lease Obligations | 6,097.5 | |||||
Long term debt, future minimum payments, interest included in payments | 0 | |||||
Capital Leases, Future Minimum Payments, Interest Included in Payments | (37.7) | |||||
Long term and capital lease future minimum payments, interest included in payments | (37.7) | |||||
Long term and capital lease obligations, net of interest, noncurrent | $ 6,041.9 | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.298% | |||||
Senior notes due 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior Notes, Noncurrent | 400 | |||||
Senior notes due 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior Notes, Noncurrent | $ 500 | |||||
Senior notes due 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior Notes, Noncurrent | 500 | |||||
Senior notes due 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior Notes, Noncurrent | $ 300 | |||||
Senior notes due 2024 [Member] [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, less current portion | $ 600 | |||||
Senior notes due 2045 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior Notes, Noncurrent | $ 900 |
DEBT - CREDIT FACILITIES (Detai
DEBT - CREDIT FACILITIES (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2018USD ($) | Mar. 31, 2017Quarters | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 19, 2014USD ($) | |
Line of Credit Facility [Line Items] | ||||||
Amount Outstanding Letters Of Credit | $ 72.2 | |||||
2017 Term loan | 527.1 | $ 750 | ||||
Notes Payable, Current | 1.8 | 1.8 | ||||
2014 Term Loan | 0 | 72 | ||||
Long term debt issuance costs | 40.3 | 48.2 | ||||
Amortization of Debt Discount (Premium) | 5.6 | |||||
Long-term debt, less current portion | $ 6,041.9 | $ 6,344.6 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000 | |||||
Debt covenant, requirement for number of consecutive fiscal quarters | Quarters | 4 | |||||
Credit Facility Option to Increase | 350 | |||||
Credit Facility, Maximum Swing Line Borrowings | 100 | |||||
Debt Covenant Requirement [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt to EBITDA (leverage) ratio | 3 | |||||
Debt Covenant Actual [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt to EBITDA (leverage) ratio | 2.5 | |||||
2017 Term Loan [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of Credit Facility, Interest Rate at Period End | 3.60% | 2.60% | ||||
Term Loan [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of Credit Facility, Interest Rate at Period End | 2.80% | |||||
Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Credit Facility, Maximum Letters of Credit | $ 150 | |||||
Debt to EBITDA (leverage) ratio | 3,000,000 | |||||
Line of Credit Facility, Interest Rate at Period End | 3.50% | 2.70% | ||||
Prime Rate [Member] | Term Loan [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of Credit Facility, Interest Rate Description | 0.0% to 0.50% | |||||
Prime Rate [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of Credit Facility, Interest Rate Description | 0.00% to 0.25% | |||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of Credit Facility, Commitment Fee Description | 0.10% to 0.25% | |||||
London Interbank Offered Rate (LIBOR) [Member] | Term Loan [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of Credit Facility, Interest Rate Description | 0.875% to 1.50% | |||||
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of Credit Facility, Interest Rate Description | 0.775% to 1.25% | |||||
Senior notes due 2018 [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Sequenom notes retired | $ 129.9 | |||||
Long-term debt, less current portion | $ 130 | |||||
Zero-coupon convertible subordinated notes [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Zero Coupon Convertible Subordinated Notes Conversion Trigger Price | $ / shares | $ 78.64 |
DEBT - COVERTIBLE SUBORDINATED
DEBT - COVERTIBLE SUBORDINATED NOTES (Details) | 3 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2017USD ($)shares | Mar. 31, 2016shares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($) | Sep. 30, 2017USD ($)Rate | Sep. 30, 2016USD ($) | Jan. 30, 2015USD ($) | Nov. 01, 2013USD ($) | |
Debt Instrument [Line Items] | |||||||||
2017 Term loan | $ 527,100,000 | $ 750,000,000 | |||||||
Notes Payable, Noncurrent | 7,100,000 | 8,900,000 | |||||||
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months | 10,000,000 | ||||||||
Convertible Subordinated Debt, Current | 8,700,000 | 8,800,000 | |||||||
Short term debt issuance costs | (500,000) | (1,400,000) | |||||||
Capital Lease Obligations, Current | 7,900,000 | 8,300,000 | |||||||
Notes Payable, Current | 1,800,000 | 1,800,000 | |||||||
Long-term debt, less current portion | 6,041,900,000 | 6,344,600,000 | |||||||
Senior notes due 2024 | 600,000,000 | 600,000,000 | |||||||
Senior Notes, Noncurrent | 2,900,000,000 | $ 700,000,000 | |||||||
Foreign Currency Contract, Asset, Fair Value Disclosure | (2,800,000) | ||||||||
Debt, Current | 17,900,000 | 417,500,000 | |||||||
Payments On Zero Coupon Subordinated Notes | $ 300,000 | $ 25,200,000 | $ 40,300,000 | ||||||
Common stock issued upon conversion of zero-coupon subordinated notes (in shares) | shares | 300,000 | 400,000 | 0 | ||||||
Cross currency swap maturing 2025 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Derivative, Notional Amount | $ 300,000,000 | ||||||||
Senior notes due 2045 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior Notes, Noncurrent | $ 900,000,000 | ||||||||
Senior notes due 2024 and 2027 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, less current portion | $ 1,200,000,000 | ||||||||
Net Proceeds from Debt | 1,190,100,000 | ||||||||
Senior notes due 2024 [Member] [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, less current portion | $ 600,000,000 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | Rate | 3.25% | ||||||||
Senior notes due 2027 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, less current portion | 600,000,000 | $ 600,000,000 | |||||||
Debt Instrument, Interest Rate, Effective Percentage | Rate | 3.60% | ||||||||
Cross currency swap maturing 2022 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Derivative, Notional Amount | 300,000,000 | ||||||||
Senior notes due 2022 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior Notes, Noncurrent | 500,000,000 | ||||||||
Foreign Currency Contract, Asset, Fair Value Disclosure | (1,000,000) | ||||||||
Senior notes due 2025 [Member] [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Foreign Currency Contract, Asset, Fair Value Disclosure | (1,800,000) | ||||||||
Senior notes due 2017 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Effective Percentage | Rate | 2.20% | ||||||||
Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt to EBITDA (leverage) ratio | 3,000,000 | ||||||||
Senior notes due 2018 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior notes due 2018 | 0 | $ 400,000,000 | |||||||
Long-term debt, less current portion | $ 130,000,000 | ||||||||
Zero-coupon convertible subordinated notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount at maturity of zero-coupon subordinated notes outstanding | 8,600,000 | 9,000,000 | |||||||
Issued price per principal amount at maturity | $ 671.65 | ||||||||
Principal amount of zero-coupon subordinated notes | $ 1,000 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.00% | ||||||||
Stock conversion rate for zero-coupon subordinated notes (per thousand) | shares | 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 | 0.1282% | ||||||||
Common stock sales price threshold, ending | 110.00% | ||||||||
Zero Coupon Convertible Subordinated Notes Conversion Trigger Price | $ / shares | $ 78.64 | ||||||||
Principal Amount At Maturity Of Zero Coupon Subordinated Notes Converted | $ 37,100,000 | $ 300,000 | |||||||
Value Of Cash And Common Stock In Connection With Conversions Of Zero Coupon Subordinated Notes Settled In Current Period | 33,900,000 | 700,000 | |||||||
Payments On Zero Coupon Subordinated Notes | $ 33,900,000 | $ 300,000 | |||||||
Common stock issued upon conversion of zero-coupon subordinated notes (in shares) | shares | 300,000 | 0 | |||||||
Tax Benefit Realized Upon Conversion Of Zero Coupon Convertible Debt | $ 13,700,000 | $ 200,000 | |||||||
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 8, 2018, in addition to the continued accrual of the original issue discount | ||||||||
Contingent cash interest accrual rate | 0.125% | ||||||||
Number of days used to establish average market price of zero coupon subordinated notes | 5 | ||||||||
Debt Conversion Date Of Subordinated Notes And Indenture | Oct. 24, 2006 | ||||||||
Covance [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Net Proceeds from Debt | $ 2,870,200,000 |
DEBT - SENIOR NOTES (Details)
DEBT - SENIOR NOTES (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Jan. 30, 2015 | Dec. 19, 2014 | Nov. 01, 2013 | Aug. 23, 2012 | |
Debt Instrument [Line Items] | ||||||
Credit Facility, Maximum Swing Line Borrowings | $ 100 | |||||
Senior Notes, Noncurrent | $ 2,900 | $ 700 | ||||
Long-term debt, less current portion | $ 6,041.9 | $ 6,344.6 | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.298% | |||||
Fair Value Hedges, Net | $ 4.1 | |||||
Senior notes due 2045 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior Notes, Noncurrent | $ 900 | |||||
Interest rate (in hundredths) | 4.70% | |||||
Senior notes due 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior Notes, Noncurrent | $ 400 | |||||
Interest rate (in hundredths) | 2.50% | |||||
Senior notes due 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior Notes, Noncurrent | $ 300 | |||||
Interest rate (in hundredths) | 4.00% | |||||
Senior notes due 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior Notes, Noncurrent | $ 500 | |||||
Interest rate (in hundredths) | 4.625% | 2.625% | ||||
Senior notes due 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior Notes, Noncurrent | $ 500 | |||||
Interest rate (in hundredths) | 3.20% | 3.75% | ||||
Senior notes due 2025 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior Notes, Noncurrent | $ 1,000 | |||||
Interest rate (in hundredths) | 3.60% | |||||
Senior notes due 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, less current portion | $ 600 | $ 600 | ||||
Fair Value, Inputs, Level 2 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Fair Value Hedges, Net | $ 3.1 |
PREFERRED STOCK AND COMMON SH_3
PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2012 | |
Stockholders' Equity Note [Abstract] | |||||||||
Stock Repurchased During Period, Shares | 4.2 | ||||||||
Treasury Stock, Carrying Basis | $ 700 | ||||||||
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 | ||||||||
Common stock, shares authorized (in shares) | 265 | ||||||||
Common shares issued and outstanding [Abstract] | |||||||||
Common shares issued | 125.6 | 125.1 | 125.6 | 125.6 | 122.4 | 125.1 | 125.6 | 123.9 | |
In treasury | (22.9) | (23.2) | (22.9) | (22.9) | (23.5) | (23.2) | (22.9) | (22.6) | |
Outstanding | 98.9 | 101.9 | |||||||
Rollforward of common shares issued [Abstract] | |||||||||
Common shares issued, beginning balance (in shares) | 125.6 | 125.1 | 125.6 | ||||||
Common stock issued under employee stock plans (in shares) | 1.7 | 1.6 | 1.6 | ||||||
Common stock issued upon conversion of zero-coupon subordinated notes (in shares) | 0.3 | 0.4 | 0 | ||||||
Common shares repurchased (in shares) | (2.5) | (0.3) | (4.3) | ||||||
Common shares issued, ending balance (in shares) | 122.4 | 125.1 | 125.6 | ||||||
Rollforward of common shares held in treasury [Abstract] | |||||||||
Common shares held in treasury, beginning balance | 22.9 | 23.2 | 22.9 | ||||||
Surrender of restricted stock and performance share awards | 0.3 | 0.3 | 0.3 | ||||||
Common shares held in treasury, ending balance | 23.5 | 23.2 | 22.9 | ||||||
Share repurchase program [Abstract] | |||||||||
Purchase of common stock | $ (700) | $ (338.1) | |||||||
Outstanding common stock repurchase authorization | $ 443.5 | ||||||||
Foreign Currency Translation Adjustments | |||||||||
Foreign Currency Translation Adjustments, balance | (389.8) | (240.7) | $ (471.5) | ||||||
Current year adjustments, Foreign Currency Translation Adjustments | $ 265.1 | (176.6) | 265.1 | (250.8) | |||||
Tax effect of adjustments, Foreign Currency Translation Adjustments | (34.3) | 27.5 | |||||||
Net Benefit Plan Adjustments | |||||||||
Net Benefit Plan Adjustments, balance | (110.4) | (93) | (110.4) | ||||||
Tax effect of adjustments, Net Benefit Plan Adjustments | (3.5) | (9.6) | |||||||
Net Benefit Plan Adjustments, balance | (73.3) | (93) | (110.4) | ||||||
Accumulated Other Comprehensive Earnings | |||||||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | (7.5) | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 18.5 | 7.4 | |||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | 18.5 | 7.4 | |||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment and Tax | 2.4 | 29.4 | |||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | 0 | 0 | |||||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 267.5 | (147.2) | |||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 0 | ||||||||
Tax effect of adjustments, Accumulated Other Comprehensive Earnings | $ (37.8) | 17.9 | (37.8) | $ (3.8) | |||||
Accumulated Other Comprehensive Earnings, balance | 463.1 | $ 333.7 | $ 287 | ||||||
AOCI Attributable to Parent [Member] | |||||||||
Share repurchase program [Abstract] | |||||||||
Purchase of common stock | $ 0 | $ 0 | |||||||
Accumulated Other Comprehensive Earnings | |||||||||
Accumulated Other Comprehensive Earnings, balance | $ 463.1 | $ 333.7 | $ 581.9 |
INCOME TAXES (Details)
INCOME TAXES (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2012USD ($) | |
Valuation Allowance [Line Items] | |||||||||||
Effective Income Tax Rate Reconciliation, Repatriation Foreign Earnings, Jobs Creation Act of 2004, Percent | $ 45 | $ 519 | |||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 10.2 | 16.9 | $ 11.9 | $ 33.5 | |||||||
Undistributed Earnings of Foreign Subsidiaries | $ 490.1 | $ 464.9 | |||||||||
Foreign Earnings Repatriated | 14.8 | ||||||||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Amount | 5.9 | 2 | 1.2 | ||||||||
Net tax impact of TCJA | 474 | ||||||||||
Net tax impact of GILTI | 13 | ||||||||||
Income Tax Examination, Penalties and Interest Expense | 0.5 | ||||||||||
Pre-tax income [Abstract] | |||||||||||
Domestic | 937.7 | 838.8 | 884.5 | ||||||||
Foreign | 330.6 | 238.7 | 189.1 | ||||||||
Total pre-tax income | 1,268.3 | 1,077.5 | 1,073.6 | ||||||||
Current: | |||||||||||
Federal | $ 225.8 | $ 300.8 | $ 235.1 | ||||||||
State | 61.2 | 32.9 | 38.6 | ||||||||
Foreign | 64.3 | 53 | 43.9 | ||||||||
Total current income taxes | 351.3 | 386.7 | 317.6 | ||||||||
Deferred Federal Income Tax Expense (Benefit) | (2.5) | (547.8) | 54.6 | ||||||||
Deferred: | |||||||||||
Federal | 3.9 | ||||||||||
State | 30 | 11.4 | 5.3 | ||||||||
Foreign | 5.6 | (5.7) | (16.8) | ||||||||
Total deferred income taxes | 30.1 | ||||||||||
Deferred Income Tax Expense (Benefit) | 33.1 | (542.1) | 43.1 | 22.2 | (525.8) | 54.7 | |||||
Total income tax provision | 384.4 | (155.4) | 360.7 | $ 384.4 | $ (155.4) | $ 360.7 | |||||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 630.6 | ||||||||||
Operating Loss Carryforwards, Valuation Allowance | 477.5 | ||||||||||
Federal statutory tax rate reconciliation [Abstract] | |||||||||||
Statutory U.S. rate | 21.00% | 35.00% | 35.00% | ||||||||
State and local income taxes, net of U.S. Federal income tax effect | 3.40% | 2.60% | 2.70% | ||||||||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | (0.30%) | (3.70%) | (3.20%) | ||||||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Restructuring Charges, Percent | 1.90% | 0.60% | 0.00% | ||||||||
Effective Income Tax Rate Reconciliation, Deduction, Percent | (0.80%) | (1.60%) | (1.10%) | ||||||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 2.40% | (36.90%) | 0.00% | ||||||||
Effective Income Tax Rate Reconciliation, Repatriation Foreign Earnings, Jobs Creation Act of 2004, Percent | 0.00% | (16.60%) | 0.00% | ||||||||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent | 1.20% | 5.30% | 0.00% | ||||||||
Effective Income Tax Rate Reconciliation, GILTI Impact, Percent | 0.010 | 0 | 0 | ||||||||
Other | 0.50% | 0.90% | 0.20% | ||||||||
Effective rate | 33.60% | 30.30% | (14.40%) | ||||||||
Deferred tax assets: | |||||||||||
Accounts receivable | 13.9 | 14.7 | |||||||||
Employee compensation and benefits | 104.4 | 113.6 | |||||||||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Self Insurance | 0 | 3.6 | |||||||||
Acquisition and restructuring reserves | 16.8 | 16.8 | |||||||||
Tax loss carryforwards | 98.3 | 107 | |||||||||
Deferred Tax Assets, Other | 34.5 | 26 | |||||||||
Total deferred tax assets | 267.9 | 281.7 | |||||||||
Less: valuation allowance | (46.2) | (42.8) | |||||||||
Deferred tax assets, net of valuation allowance | 221.7 | 238.9 | |||||||||
Deferred tax liabilities: | |||||||||||
Deferred earnings | (2.9) | 0 | |||||||||
Intangible assets | (891.8) | (913.2) | |||||||||
Property, plant and equipment | (182.8) | (156.9) | |||||||||
Deferred Tax Liabilities, classified as held for sale | 0 | 64.1 | |||||||||
Zero-coupon subordinated notes | (4) | (10.1) | |||||||||
Deferred Tax Liabilities, Other | (24.5) | 27.3 | |||||||||
Total gross deferred tax liabilities | (884.3) | (804.5) | |||||||||
Deferred Tax Liabilities, Gross | (1,106) | (1,107.5) | |||||||||
Foreign tax loss carryovers | 34.7 | ||||||||||
Foreign Tax Loss Carryover with Valuation Allowance | $ 26.5 | ||||||||||
Federal tax loss carryovers | 244.1 | ||||||||||
Federal tax loss carryovers, expiration dates | Dec. 31, 2035 | ||||||||||
Capital loss carryover | 6.9 | ||||||||||
Gross unrecognized income tax benefits | 18 | 18.4 | $ 18.4 | $ 19.5 | $ 18.4 | $ 18.4 | 18 | 19.5 | $ 24.2 | ||
Accrued interest and penalties related to unrecognized income tax benefits | 8.7 | 7.9 | |||||||||
Income Tax Examination, Penalties Expense | 1.8 | 2.3 | 1.2 | ||||||||
Reversal of Accrued Income Tax Penalties And Interest | 0.5 | 4.3 | 4 | ||||||||
Reconciliation of unrecognized tax benefits [Roll Forward] | |||||||||||
Balance as of January 1 | 18.4 | 19.5 | 18.4 | ||||||||
Increase in reserve for tax positions taken in the current year | 7.3 | 2.3 | 3.1 | ||||||||
Decrease in reserve as a result of payments | 0 | 0 | (4.6) | ||||||||
Decrease in reserve as a result of lapses in the statute of limitations | $ (6.2) | $ (8.1) | 0 | ||||||||
Balance as of December 31 | $ 18 | $ 18.4 | $ 18 | $ 19.5 | $ 18.4 | ||||||
Unrecognized income tax benefits that would impact effective tax rate | $ 18 | $ 19.5 |
STOCK COMPENSATION PLANS (Detai
STOCK COMPENSATION PLANS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangements by Share-based Payment Award | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $ 44.37 | $ 32.75 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years | 6 years | ||
Summary of Changes in Options Outstanding Under the Stock Incentive Plans [Rollforward] | ||||
Shares authorized for issuance under the 2008 and 2000 Stock Incentive Plans | 10.3 | |||
Shares available for grant under the Company's stock option plans | 7.5 | |||
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 | $ 24.1 | |||
Stock Options Exercised, Impact Disclosures | ||||
Cash received by the Company | $ 43.9 | $ 52.6 | 37.5 | |
Employee Service Share-based Compensation, Tax Benefit from Exercise of Stock Options | 13.4 | 13.6 | 9.4 | |
Aggregate intrinsic value | $ 34.8 | $ 35.5 | $ 44.1 | |
Assumptions the Company Used to Develop Fair Value Estimates | ||||
Fair value of the employee's purchase right | $ 31.54 | $ 23.32 | $ 34.43 | |
Risk free interest rate | 2.70% | 2.10% | ||
Expected volatility | 18.90% | 19.70% | ||
Fair Values of Options Granted and the Employee's Purchase Right in the Stock Purchase Plan | ||||
Stock option plan expense | $ 0.9 | $ 0 | $ 3.5 | |
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 and total shareholder return targets | |||
Restricted stock and performance share compensation expense | 100.8 | 104.1 | $ 80.1 | |
Unrecognized compensation cost related to nonvested restricted stock and performance share-based compensation arrangements | $ 90.9 | |||
Unrecognized compensation cost weighted average expected future recognition period (in years) | 1 year 11 months | |||
Employee Stock Purchase Plan Disclosure | ||||
Shares of common stock authorized for issuance under the employee stock purchase plan | 1.8 | |||
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 | $ 8 | $ 5.5 | $ 8 | |
Employee Stock Purchase Plan [Member] | ||||
Assumptions the Company Used to Develop Fair Value Estimates | ||||
Risk free interest rate | 1.30% | 0.50% | 2.30% | |
Expected volatility | 20.00% | 20.00% | 20.00% | |
Expected dividend yield | 0.00% | 0.00% | 0.00% | |
Restricted Stock and Performance Shares [Member] | ||||
Summary of Nonvested Shares | ||||
Nonvested, beginning of period | 1.5 | |||
Number of options granted | 0.7 | |||
Number of options vested | (0.8) | |||
Nonvested, end of period | 1.3 | 1.5 | ||
Weighted-average grant date fair value, nonvested, beginning of period | $ 121.36 | |||
Weighted-average grant date fair value, granted | 170.93 | |||
Weighted-average grant date fair value, vested | $ 125.02 | |||
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 | $ 140.58 | $ 121.36 | ||
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 | $ 145.50 | |||
Stock Options [Member] | ||||
Changes in Options Outstanding Under the Stock Incentive Plans, Additional Disclosures | ||||
Number of options outstanding, beginning balance | 1.2 | |||
Number of options granted | 0.1 | |||
Number of options exercised | (0.5) | |||
Number of options cancelled | 0 | |||
Number of options outstanding, ending balance | 0.8 | 1.2 | ||
Weighted-average exercise price per option, outstanding, beginning balance | $ 86.55 | |||
Weighted-average exercise price per option granted | 168.49 | |||
Weighted-average exercise price per option exercised | 79.43 | |||
Weighted-average exercise price per option cancelled | 112.61 | |||
Weighted-average exercise price per option, outstanding, ending balance | $ 100.30 | $ 86.55 | ||
Weighted-average remaining contractual term of options outstanding (in years) | 4 years | |||
Aggregate intrinsic value of options outstanding | $ 24.1 | |||
Stock Options Vested and Expected to Vest at December 31, 2011 | ||||
Number of options vested and expected to vest | 0.8 | |||
Weighted-average exercise price per option, vested and expected to vest options | $ 100.30 | |||
Weighted-average exercise price per exercisable option | $ 87.24 | |||
Weighted-average remaining contractual term, vested and expected to vest options (in years) | 4 years | |||
Number of options exercisable | 0.6 | |||
Weighted-average remaining contractual term, exercisable options (in years) | 2 years 9 months | |||
Aggregate intrinsic value, exercisable options | $ 24.1 |
STOCK COMPENSATION PLANS (Sched
STOCK COMPENSATION PLANS (Schedule of Options Outstanding and Exercisable at December 31, 2013, by Range of Exercise Prices) (Details) shares in Millions | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Options Outstanding and Exercisable at December 31, 2013, by Range of Exercise Prices | |
Number Outstanding | shares | 0.8 |
Options outstanding, weighted-average remaining contractual life (in years) | 4 years |
Options outstanding, weighted-average exercise price | $ 100.30 |
Options exercisable | shares | 0.6 |
Options exercisable, weighted-average exercise price | $ 87.24 |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range01 [Member] | |
Options Outstanding and Exercisable at December 31, 2013, by Range of Exercise Prices | |
Exercise price range, lower range limit | 0 |
Exercise price range, upper range limit | $ 75.63 |
Number Outstanding | shares | 0.1 |
Options outstanding, weighted-average remaining contractual life (in years) | 1 year |
Options outstanding, weighted-average exercise price | $ 71.45 |
Options exercisable | shares | 0.1 |
Options exercisable, weighted-average exercise price | $ 71.45 |
Exercise Price Range 2 [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 | $ 84.60 |
Number Outstanding | shares | 0.3 |
Options outstanding, weighted-average remaining contractual life (in years) | 3 years 2 months |
Options outstanding, weighted-average exercise price | $ 84.62 |
Options exercisable | shares | 0.3 |
Options exercisable, weighted-average exercise price | $ 84.62 |
Exercise Price Range 3 [Member] | |
Options Outstanding and Exercisable at December 31, 2013, by Range of Exercise Prices | |
Exercise price range, lower range limit | 84.61 |
Exercise price range, upper range limit | $ 90.74 |
Number Outstanding | shares | 0.2 |
Options outstanding, weighted-average remaining contractual life (in years) | 2 years |
Options outstanding, weighted-average exercise price | $ 90.74 |
Options exercisable | shares | 0.2 |
Options exercisable, weighted-average exercise price | $ 90.74 |
Exercise Price Range 4 [Member] | |
Options Outstanding and Exercisable at December 31, 2013, by Range of Exercise Prices | |
Exercise price range, lower range limit | 90.75 |
Exercise price range, upper range limit | $ 130.60 |
Number Outstanding | shares | 0.1 |
Options outstanding, weighted-average remaining contractual life (in years) | 7 years 7 months |
Options outstanding, weighted-average exercise price | $ 127.77 |
Options exercisable | shares | 0 |
Options exercisable, weighted-average exercise price | $ 123.50 |
Exercise Price Range 5 [Member] | |
Options Outstanding and Exercisable at December 31, 2013, by Range of Exercise Prices | |
Number Outstanding | shares | 0.1 |
Options outstanding, weighted-average remaining contractual life (in years) | 9 years 1 month |
Options outstanding, weighted-average exercise price | $ 168.49 |
Options exercisable | shares | 0 |
Options exercisable, weighted-average exercise price | $ 168.49 |
(Details)
(Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Sep. 30, 2016 | Dec. 31, 2017 | |
Loss Contingencies [Line Items] | |||
Loss related to litigation settlement | $ 34.5 | ||
Previously recorded litigation reserve in connection with false claims act lawsuit | $ 15 | ||
Payment of legal settlement | $ 49.5 |
COMMITMENTS AND CONTINGENT LI_3
COMMITMENTS AND CONTINGENT LIABILITIES (Details) $ in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2017USD ($) | Sep. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018CAD ($) | Dec. 31, 2017USD ($) | Jul. 31, 2017USD ($) | Jul. 27, 2016USD ($) | Aug. 24, 2012Recipients$ / Violation | |
Loss Contingencies [Line Items] | |||||||||
Other Inventory, Supplies, Gross | $ 200.1 | $ 195.2 | |||||||
Loss related to litigation settlement | $ 34.5 | ||||||||
Previously recorded litigation reserve in connection with false claims act lawsuit | $ 15 | ||||||||
Payment of legal settlement | $ 49.5 | ||||||||
AHS transfer to Canadian JV | $ 50 | ||||||||
Total acquisition consideration (cash and non-cash) | $ 1,224.5 | $ 249.1 | |||||||
Number of recipients | Recipients | 39 | ||||||||
Proposed damages per violation | $ / Violation | 0.0005 | ||||||||
Amount Outstanding Letters Of Credit | 72.2 | ||||||||
Future minimum rental commitments [Abstract] | |||||||||
2,013 | 196.1 | ||||||||
2,014 | 149 | ||||||||
2,015 | 109.7 | ||||||||
2,016 | 83.5 | ||||||||
2,017 | 64.2 | ||||||||
Thereafter | 160.9 | ||||||||
Total minimum lease payments | 763.4 | ||||||||
Less: amounts included in restructuring and acquisition related accruals | (21.9) | ||||||||
Less: non-cancelable sub-lease income | 0 | ||||||||
Total minimum operating lease payments | 741.5 | ||||||||
Rental expense | $ 313.8 | $ 291.2 | $ 358.7 |
PENSION AND POSTRETIREMENT PL_2
PENSION AND POSTRETIREMENT PLANS (Details) - USD ($) $ in Millions | 3 Months Ended | 10 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2019 | Dec. 31, 2012 | ||
Defined Benefit Plans Disclosures [Line Items] | |||||||||
Maximum deferral percentage of annual base salary | 50.00% | ||||||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ 87.6 | $ 104.3 | |||||||
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 | $ 58.1 | $ 56 | $ 65 | ||||||
Postemployment Benefits, Period Expense | $ 66.3 | 58.4 | $ 51.1 | ||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 4.50% | ||||||||
Company contributions to the defined benefit retirement plan | 16 | $ 10.8 | $ 28.9 | ||||||
Defined Benefit Plans, Changes in Fair Value of Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | 263.7 | ||||||||
Fair value of plan assets at end of year | 247.1 | 263.7 | |||||||
Defined Benefit Plans, Assets, Target Allocations [Abstract] | |||||||||
Tax effect of adjustments, Net Benefit Plan Adjustments | $ (3.5) | (9.6) | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (463.1) | (333.7) | $ (287) | ||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | PENSION AND POSTRETIREMENT PLANS Pension Plans The Company has a defined-benefit retirement plan (Company Plan) and a nonqualified supplemental retirement plan (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 (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 up to 1% and up to 3% of pay for eligible employees based on service. The Company’s 401K Plan covers substantially all pre-Covance acquisition employees. Prior to 2010, Company contributions to the plan were based on a percentage of employee contributions. From 2011, the Company made non-elective and discretionary contributions to the plan. In 2018, 2017, and 2016, non-elective and discretionary contributions were $65.0 , $58.1 and $56.0 , respectively. As a result of the Covance acquisition, the Company also incurred expense of $66.3 , $58.4 , and $51.1 for the Covance 401K Plan in 2018 , 2017 and 2016 , respectively. Under the Covance 401K Plan, which is available on a voluntary basis to substantially all U.S. Covance employees, the Company matches employee contributions up to a maximum Company contribution of 4.5% . The Company Plan covers substantially all employees employed 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 $28.9 , $16.0 and $10.8 in 2018 , 2017 and 2016 , respectively. The PEP covers a portion of 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 increase to $13.3 in 2019 . 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 2019 , the Company projects that it would result in additional pension expense of several million dollars. The actual amount would be determined in the fiscal quarter when the lump-sum payments cross the threshold and would be based upon the plan's funded status and actuarial assumptions in effect at that time. The Company plans to make contributions of $ 2.1 to the Company Plan and the PEP during 2019 . The effect on operations for both the Company Plan and the PEP are summarized as follows: Year ended December 31, 2018 2017 2016 Service cost for benefits earned $ 5.2 $ 5.5 $ 4.9 Interest cost on benefit obligation 13.0 14.4 15.5 Expected return on plan assets (16.5 ) (16.3 ) (16.7 ) Net amortization and deferral 11.7 11.0 11.2 Settlements 7.5 — — Defined-benefit plan costs $ 20.9 $ 14.6 $ 14.9 Amounts included in accumulated other comprehensive earnings consist of unamortized net loss of $116.9 . The accumulated other comprehensive earnings that are expected to be recognized as components of the defined-benefit plan costs during 2019 are $10.5 related to amortization of the net loss. For the year ended December 31, 2018, the Company recorded a pension settlement charge of $7.5 recorded in Other, net on the Consolidated Statement of Operations as a result of lump sum distributions exceeding threshold levels. A summary of the changes in the projected benefit obligations of the Company Plan and the PEP are summarized as follows: 2018 2017 Balance at January 1 $ 368.0 $ 366.5 Service cost 5.2 5.5 Interest cost 13.0 14.4 Actuarial (gain) loss (21.9 ) 12.2 Benefits and administrative expenses paid (30.0 ) (30.6 ) Merger of Covance SERP $ 4.2 $ — Balance at December 31 $ 338.5 $ 368.0 The Accumulated Benefit Obligation was $338.5 and $368.0 at December 31, 2018 and 2017 , respectively. A summary of the changes in the fair value of plan assets follows: 2018 2017 Fair value of plan assets at beginning of year $ 263.7 $ 247.5 Actual return on plan assets (14.3 ) 29.2 Employer contributions 31.4 17.6 Benefits and administrative expenses paid (30.0 ) (30.6 ) Fair value of plan assets at end of year $ 250.8 $ 263.7 The net funded status of the Company Plan and the PEP at December 31: 2018 2017 Funded status $ 87.6 $ 104.3 Recorded as: Accrued expenses and other $ 2.1 $ 2.2 Other liabilities 85.5 102.1 $ 87.6 $ 104.3 Weighted average assumptions used in the accounting for the Company Plan and the PEP are summarized as follows: 2018 2017 2016 Discount rate 4.4 % 3.7 % 4.2 % Expected long term rate of return 6.5 % 6.8 % 6.8 % The Company also updated the mortality assumption to the RP-2014 Mortality Tables in 2016 and again in 2017 which decreased the Company's total projected obligation. 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, 43% fixed income securities and 7% 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 Average Expected Long-Term Rate of Return Equity securities 50.0 % 3.4 % Fixed income securities 43.0 % 2.7 % Other assets 7.0 % 0.4 % The fair values of the Company Plan’s assets at December 31, 2018 , and 2017 , by asset category are as follows: Fair Value Measurements as of December 31, 2018 Fair Value as of December 31, 2018 Using Fair Value Hierarchy Asset Category Level 1 Level 2 Level 3 Cash $ 7.8 $ 7.8 $ — $ — Equity securities: U.S. large cap - blend (a) 54.2 — 54.2 — U.S. mid cap - blend (b) 20.4 — 20.4 — U.S. small cap - blend (c) 6.5 — 6.5 — International equity - blend (d) 36.5 — 36.5 — Real estate (e) 11.8 — 11.8 — Fixed income securities: U.S. fixed income (f) 103.5 — 103.5 — U.S inflation protection income (g) 6.4 — 6.4 — Total fair value of the Company Plan’s assets $ 247.1 $ 7.8 $ 239.3 $ — Fair Value Measurements as of December 31, 2017 Fair Value as of December 31, 2017 Using Fair Value Hierarchy Asset Category Level 1 Level 2 Level 3 Cash $ 7.4 $ 7.4 $ — $ — Equity securities: U.S. large cap - blend (a) 59.9 — 59.9 — U.S. mid cap - blend (b) 23.6 — 23.6 — U.S. small cap - blend (c) 7.7 — 7.7 — International equity - blend (d) 39.1 — 39.1 — Commodities index (h) 12.8 — 12.8 — Fixed income securities: U.S. fixed income (f) 107.0 — 107.0 — U.S inflation protection income (g) 6.2 — 6.2 — Total fair value of the Company Plan’s assets $ 263.7 $ 7.4 $ 256.3 $ — 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 real estate index fund not actively managed that tracks the Vanguard REIT Index. f) This category primarily represents bond index funds not actively managed that track the Northern Trust U.S. Aggregate Index as well as an actively managed strategy which utilizes the Metropolitan West Total Return Bond Index as its primary prospectus benchmark. g) This category primarily represents a bond index fund not actively managed that tracks the Northern Trust U.S. TIPS Index. h) This category represents a commodities index fund not actively managed that tracks the Dow Jones - UBS Commodity Index. The following estimated 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: 2019 $ 28.2 2020 27.2 2021 26.7 2022 26.4 2023 25.8 Years 2024 and thereafter 117.2 In addition to the PEP, as a result of the Covance acquisition, the Company also has a frozen non-qualified Supplemental Executive Retirement Plan (SERP). The SERP, which is not funded, is intended to provide retirement benefits for certain employees who were executive officers of Covance prior to the acquisition. Benefit amounts are based upon years of service and compensation of the participating employees. The pension benefit obligation as of the Covance acquisition date was $32.8 . As of December 31, 2018, the SERP was combined with the PEP. As a result of the Covance acquisition, the Company sponsors two defined-benefit pension plans for the benefit of its employees at two U.K. subsidiaries (U.K. Plans) and one defined-benefit pension plan for the benefit of its employees at a German subsidiary (German Plan), all of which are legacy plans of previously acquired companies. Benefit amounts for all three plans are based upon years of service and compensation. The German Plan is unfunded while the U.K. Plans are funded. The Company’s funding policy has been to contribute annually amounts at least equal to the local statutory funding requirements. U.K. Plans Year Ended December 31, 2018 Year Ended December 31, 2017 Service cost $ 4.8 $ 5.1 Interest cost 7.4 7.6 Expected return on plan assets (12.6 ) (11.5 ) Net amortization and deferral — 0.7 Expected participant contributions (1.3 ) (1.3 ) Defined-benefit plan costs $ (1.7 ) $ 0.6 Assumptions used to determine defined-benefit plan cost: Discount rate 2.5 % 2.7 % Expected return on assets 4.5 % 4.7 % Salary increases 3.6 % 3.8 % German Plan Year Ended December 31, 2018 Year Ended December 31, 2017 Service cost $ 1.2 $ 1.2 Interest cost 0.6 0.5 Defined-benefit plan costs $ 1.8 $ 1.7 Assumptions used to determine defined-benefit plan cost: Discount rate 1.7 % 1.7 % Expected return on assets N/A N/A Salary increases 2.0 % 2.0 % The weighted average expected long-term rate of return on assets of the U.K Plans is based on the target asset allocation and the average rate of growth expected for the asset classes invested. The rate of expected growth is derived from a combination of historic returns, current market indicators, the expected risk premium for each asset class over the risk-free rate, and the opinion of professional advisors. The change in the projected benefit obligation and plan assets, the funded status of the plan and a reconciliation of such funded status to the amounts reported in the consolidated balance sheet as of December 31, 2018 , and December 31, 2017 , is as follows: Change in Projected Benefit Obligation: U.K. Plans 2018 2017 Balance at beginning of year $ 303.4 $ 278.1 Service cost 4.8 5.1 Interest cost 7.4 7.6 Actuarial gain (34.9 ) (7.7 ) Benefits paid (6.3 ) (6.1 ) Plan amendments 1.4 — Foreign currency exchange rate changes (15.7 ) 26.4 Balance at end of year $ 260.1 $ 303.4 Change in Projected Benefit Obligation: German Plan 2018 2017 Balance at beginning of year $ 35.7 $ 29.0 Service cost 1.2 1.2 Interest cost 0.6 0.5 Actuarial (gain) loss (1.7 ) 1.0 Benefits paid (0.2 ) (0.2 ) Foreign currency exchange rate changes (1.6 ) 4.2 Balance at end of year $ 34.0 $ 35.7 Change in Fair Value of Assets: U.K. Plans 2018 2017 Balance at beginning of year $ 281.9 $ 233.2 Company contributions 6.5 6.3 Participant contributions 1.3 1.3 Actual return on assets (13.6 ) 23.6 Benefits paid (6.3 ) (6.1 ) Foreign currency exchange rate changes (15.2 ) 23.6 Fair value of plan assets at end of year $ 254.6 $ 281.9 U.K. Plans 2018 2017 Funded status $ 5.6 $ 21.5 Recorded as: Other liabilities 5.6 21.5 $ 5.6 $ 21.5 German Plan 2018 2017 Funded status $ 34.0 $ 35.7 Recorded as: Accrued expenses and other $ 0.3 $ 0.3 Other liabilities 33.7 35.4 $ 34.0 $ 35.7 The Company contributed $6.5 in 2018 to the U.K. Plans and expects to contribute $6.1 in 2019 . No contributions were made to the German plan during 2018 , nor are any contributions expected to be made in 2019 , as the plan is unfunded. The accumulated benefit obligation for the U.K. Plans and the German Plan was $223.8 and $30.1 at December 31, 2018 , respectively. The accumulated benefit obligation for the U.K. Plans and the German Plan was $261.2 and $31.5 at December 31, 2017 , respectively. The amounts recognized in accumulated other comprehensive income for the year ended December 31, 2018 , and December 31, 2017 , is as follows: U.K. Plans 2018 2017 Net actuarial loss $ 10.1 $ 17.2 Less: Tax benefit (deferred tax asset) (1.7 ) (2.9 ) Accumulated other comprehensive income impact $ 8.4 $ 14.3 Assumptions used to determine benefit obligations: Discount rate 2.9 % 2.5 % Salary increases 3.6 % 3.6 % German Plan 2018 2017 Net actuarial loss/(gain) $ (1.0 ) $ 0.7 Less: Tax expense (deferred tax liability) 0.3 (0.2 ) Accumulated other comprehensive income impact $ (0.7 ) $ 0.5 Assumptions used to determine benefit obligations: Discount rate 1.9 % 1.7 % Salary increases 2.0 % 2.0 % There is no net actuarial loss for the U.K. Plans and German Plan, respectively required to be amortized from accumulated other comprehensive income into net periodic pension cost in 2019 . The investment policies for the U.K. Plans are set by the plan trustees, based upon the guidance of professional advisors and after consultation with the Company, taking into consideration the plans’ liabilities and future funding levels. The trustees have set the long-term investment policy largely in accordance with the asset allocation of a broadly diversified investment portfolio. Assets are generally invested within the target ranges as follows: Equity securities 60.0% to 70.0% Debt securities 10.0% to 15.0% Annuities 10.0% to 20.0% Real estate —% to 10.0% Other —% to 5.0% The weighted average asset allocation of the U.K. Plans as of December 31, 2018 , by asset category is as follows: December 31, 2018 Equity securities 65.0% Debt securities 19.0% Annuities 11.0% Real estate 5.0% Investments are made in pooled investment funds. Pooled investment fund managers are regulated by the Financial Conduct Authority in the U.K. and operate under terms which contain restrictions on the way in which the portfolios are managed and require the managers to ensure that suitable internal operating procedures are in place. The trustees have set performance objectives for each fund manager and routinely monitor and assess the managers’ performance against such objectives. Annuities represent annuity buy-in insurance policies purchased by the plan trustees from large, financially sound insurers. The cash flows from the annuities are intended to match the plan’s obligations to specific groups of participants, typically those participants currently receiving benefits. The fair value of the Company’s U.K. Plans' assets as of December 31, 2018 , and December 31, 2017 , by asset category, are as follows: Fair Value Measurements as of December 31, 2018 December 31, Using Fair Value Hierarchy Asset Category Level 1 Level 2 Level 3 Cash $ 0.7 $ 0.7 $ — $ — Mutual funds (a) 226.6 — 226.6 — Annuities (b) 27.3 — — 27.3 Total fair value of the Company Plan’s assets $ 254.6 $ 0.7 $ 226.6 $ 27.3 Fair Value Measurements as of December 31, 2017 December 31, Using Fair Value Hierarchy Asset Category Level 1 Level 2 Level 3 Cash $ 0.8 $ 0.8 $ — $ — Mutual funds (a) 249.6 — 249.6 — Annuities (b) 31.5 — — 31.5 Total fair value of the Company Plan’s assets $ 281.9 $ 0.8 $ 249.6 $ 31.5 a) Mutual funds represent pooled investment vehicles offered by investment managers, which are generally comprised of investments in equities, bonds, property and cash. The plans’ trustees hold units in these funds, the value of which is determined by the number of units held multiplied by the unit price calculated by the investment managers. That unit price is derived based on the market value of the securities that comprise the fund, which are determined by quoted prices in active markets. No element of the valuation is based on inputs made by the plans’ trustees. b) Annuities represent annuity buy-in insurance policies, whereby the insurer pays the pension payments for the lifetime of the members covered. The annuities are assets of the plan and payments from the insurer are made to the plans’ trustees, who then use those proceeds to pay the pensioners. The cash flows from the annuities are intended to effectively match the payments to the pensioners covered by the policy. As such, these assets are valued actuarially based upon the value of the liabilities with which they are associated. As the valuation of these assets is judgmental, and there are no observable inputs associated with the valuation, these assets are classified as Level 3 in the fair value hierarchy. Fair Value Measurement of Level 3 Pension Assets Annuities Balance at January 1, 2017 $ 29.8 Actual return on plan assets 1.7 Balance at December 31, 2017 31.5 Actual return on plan assets (4.2 ) Balance at December 31, 2018 $ 27.3 Expected future benefit payments are as follows: U.K. Plans German Plan 2019 $ 4.6 $ 0.3 2020 4.9 0.5 2021 5.2 0.5 2022 6.4 0.6 2023 6.7 0.7 Years 2024 and thereafter 40.6 3.6 Post-employment Retiree Health and Welfare Plan As a result of the Covance acquisition, the Company sponsors a post-employment retiree health and welfare plan for the benefit of eligible employees at certain U.S. subsidiaries who retire after satisfying service and age requirements. This plan is funded on a pay-as-you-go basis and the cost of providing these benefits is shared with the retirees. 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, 2018 2017 2016 Service cost for benefits earned $ — $ — $ — Interest cost on benefit obligation 0.3 0.3 0.3 Net amortization and deferral (1.3 ) (6.7 ) (15.9 ) Post-retirement medical plan costs $ (1.0 ) $ (6.4 ) $ (15.6 ) Amounts included in accumulated other comprehensive earnings consist of unamortized net loss of $2.4 . The accumulated other comprehensive earnings that are expected to be recognized as components of the post-retirement medical plan costs during 2019 are $0.4 related to amortization of the net gain resulting from the shift of Medicare-eligible participants to private exchanges. A summary of the changes in the accumulated post-retirement benefit obligation follows: 2018 2017 Balance at January 1 $ 8.6 $ 6.8 Interest cost on benefit obligation 0.3 0.3 Actuarial loss (1.2 ) 2.5 Benefits paid (0.8 ) (1.0 ) Balance at December 31 $ 6.9 $ 8.6 Recorded as: Accrued expenses and other $ 0.9 $ 1.2 Other liabilities 6.0 7.4 $ 6.9 $ 8.6 The weighted-average discount rates used in the calculation of the accumulated post-retirement benefit obligation were 4.2% and 3.4% as of December 31, 2018 , and 2017 , respectively. The healthcare cost trend rate was removed due to the expectation of future funding to be at the same level as the previous year's funding. The following assumed benefit payments under the Company's post-retirement benefit plan, which reflect expected future service, as appropriate, and which were used in the calculation of projected benefit obligations, are expected to be paid as follows: 2019 $ 0.9 2020 0.9 2021 0.9 2022 0.8 2023 0.7 Years 2024 and thereafter 2.4 Deferred Compensation Plan The Company has a Deferred Compensation Plan (DCP) under which certain of its 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 U.S. 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 $64.2 and $64.5 at December 31, 2018 , and 2017 , 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. | ||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Year ended December 31, 2018 2017 2016 Service cost for benefits earned $ — $ — $ — Interest cost on benefit obligation 0.3 0.3 0.3 Net amortization and deferral (1.3 ) (6.7 ) (15.9 ) Post-retirement medical plan costs $ (1.0 ) $ (6.4 ) $ (15.6 ) A summary of the changes in the projected benefit obligations of the Company Plan and the PEP are summarized as follows: 2018 2017 Balance at January 1 $ 368.0 $ 366.5 Service cost 5.2 5.5 Interest cost 13.0 14.4 Actuarial (gain) loss (21.9 ) 12.2 Benefits and administrative expenses paid (30.0 ) (30.6 ) Merger of Covance SERP $ 4.2 $ — Balance at December 31 $ 338.5 $ 368.0 The effect on operations for both the Company Plan and the PEP are summarized as follows: Year ended December 31, 2018 2017 2016 Service cost for benefits earned $ 5.2 $ 5.5 $ 4.9 Interest cost on benefit obligation 13.0 14.4 15.5 Expected return on plan assets (16.5 ) (16.3 ) (16.7 ) Net amortization and deferral 11.7 11.0 11.2 Settlements 7.5 — — Defined-benefit plan costs $ 20.9 $ 14.6 $ 14.9 A summary of the changes in the accumulated post-retirement benefit obligation follows: 2018 2017 Balance at January 1 $ 8.6 $ 6.8 Interest cost on benefit obligation 0.3 0.3 Actuarial loss (1.2 ) 2.5 Benefits paid (0.8 ) (1.0 ) Balance at December 31 $ 6.9 $ 8.6 Recorded as: Accrued expenses and other $ 0.9 $ 1.2 Other liabilities 6.0 7.4 $ 6.9 $ 8.6 | ||||||||
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | A summary of the changes in the fair value of plan assets follows: 2018 2017 Fair value of plan assets at beginning of year $ 263.7 $ 247.5 Actual return on plan assets (14.3 ) 29.2 Employer contributions 31.4 17.6 Benefits and administrative expenses paid (30.0 ) (30.6 ) Fair value of plan assets at end of year $ 250.8 $ 263.7 | ||||||||
Schedule of Net Funded Status [Table Text Block] | he net funded status of the Company Plan and the PEP at December 31: 2018 2017 Funded status $ 87.6 $ 104.3 Recorded as: Accrued expenses and other $ 2.1 $ 2.2 Other liabilities 85.5 102.1 $ 87.6 $ 104.3 | ||||||||
Schedule of Assumptions Used [Table Text Block] | Weighted average assumptions used in the accounting for the Company Plan and the PEP are summarized as follows: 2018 2017 2016 Discount rate 4.4 % 3.7 % 4.2 % Expected long term rate of return 6.5 % 6.8 % 6.8 % | ||||||||
Defined Benefit Plan Fair Value Of Plan Assets By Category [Table Text Block] | The weighted average expected long-term rate of return for the Company Plan’s assets is as follows: Target Weighted Average Expected Long-Term Rate of Return Equity securities 50.0 % 3.4 % Fixed income securities 43.0 % 2.7 % Other assets 7.0 % 0.4 % The fair values of the Company Plan’s assets at December 31, 2018 , and 2017 , by asset category are as follows: Fair Value Measurements as of December 31, 2018 Fair Value as of December 31, 2018 Using Fair Value Hierarchy Asset Category Level 1 Level 2 Level 3 Cash $ 7.8 $ 7.8 $ — $ — Equity securities: U.S. large cap - blend (a) 54.2 — 54.2 — U.S. mid cap - blend (b) 20.4 — 20.4 — U.S. small cap - blend (c) 6.5 — 6.5 — International equity - blend (d) 36.5 — 36.5 — Real estate (e) 11.8 — 11.8 — Fixed income securities: U.S. fixed income (f) 103.5 — 103.5 — U.S inflation protection income (g) 6.4 — 6.4 — Total fair value of the Company Plan’s assets $ 247.1 $ 7.8 $ 239.3 $ — Fair Value Measurements as of December 31, 2017 Fair Value as of December 31, 2017 Using Fair Value Hierarchy Asset Category Level 1 Level 2 Level 3 Cash $ 7.4 $ 7.4 $ — $ — Equity securities: U.S. large cap - blend (a) 59.9 — 59.9 — U.S. mid cap - blend (b) 23.6 — 23.6 — U.S. small cap - blend (c) 7.7 — 7.7 — International equity - blend (d) 39.1 — 39.1 — Commodities index (h) 12.8 — 12.8 — Fixed income securities: U.S. fixed income (f) 107.0 — 107.0 — U.S inflation protection income (g) 6.2 — 6.2 — Total fair value of the Company Plan’s assets $ 263.7 $ 7.4 $ 256.3 $ — 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 real estate index fund not actively managed that tracks the Vanguard REIT Index. f) This category primarily represents bond index funds not actively managed that track the Northern Trust U.S. Aggregate Index as well as an actively managed strategy which utilizes the Metropolitan West Total Return Bond Index as its primary prospectus benchmark. g) This category primarily represents a bond index fund not actively managed that tracks the Northern Trust U.S. TIPS Index. h) This category represents a commodities index fund not actively managed that tracks the Dow Jones - UBS Commodity Index. | ||||||||
Schedule of Expected Benefit Payments [Table Text Block] | The following estimated 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: 2019 $ 28.2 2020 27.2 2021 26.7 2022 26.4 2023 25.8 Years 2024 and thereafter 117.2 U.K. Plans German Plan 2019 $ 4.6 $ 0.3 2020 4.9 0.5 2021 5.2 0.5 2022 6.4 0.6 2023 6.7 0.7 Years 2024 and thereafter 40.6 3.6 | ||||||||
Assumed Benefit Payments By Year [Text Block] | The following assumed benefit payments under the Company's post-retirement benefit plan, which reflect expected future service, as appropriate, and which were used in the calculation of projected benefit obligations, are expected to be paid as follows: 2019 $ 0.9 2020 0.9 2021 0.9 2022 0.8 2023 0.7 Years 2024 and thereafter 2.4 | ||||||||
Maximum deferral percentage of annual cash incentive pay | 100.00% | ||||||||
Deferred Compensation Liability, Classified, Noncurrent | $ 64.2 | 64.5 | |||||||
Equity Securities [Member] | |||||||||
Defined Benefit Plans Disclosures [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 50.00% | ||||||||
Fixed Income Securities [Member] | |||||||||
Defined Benefit Plans Disclosures [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 43.00% | ||||||||
Defined Benefit Plans, Changes in Fair Value of Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [1] | $ 6.2 | |||||||
Fair value of plan assets at end of year | [1] | 6.4 | 6.2 | ||||||
Other Liabilities [Member] | |||||||||
Defined Benefit Plans Disclosures [Line Items] | |||||||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (102.1) | ||||||||
Accrued Liabilities [Member] | |||||||||
Defined Benefit Plans Disclosures [Line Items] | |||||||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | 2.2 | ||||||||
Supplemental Employee Retirement Plan [Member] | |||||||||
Defined Benefit Plans, Changes in Benefit Obligations [Roll Forward] | |||||||||
Beginning balance | $ 32.8 | ||||||||
Foreign Plan [Member] | |||||||||
Defined Benefit Plans Disclosures [Line Items] | |||||||||
Participants contributions | $ (1.3) | (1.3) | |||||||
Defined Benefit Plan, Assumptions Used in Calculation, Description | 0.025 | 0.029 | |||||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ 5.6 | 21.5 | |||||||
Effect on operations for both the Company Plan and the PEP [Abstract] | |||||||||
Service cost | 5.1 | 4.8 | 5.1 | ||||||
Interest cost | (7.6) | (7.4) | (7.6) | ||||||
Expected return on plan assets | (12.6) | (11.5) | |||||||
Defined-benefit plan costs | 1.7 | (0.6) | |||||||
Net Defined Benefit Plan Amortization And Deferral | $ 0 | 0.7 | |||||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.70% | 2.50% | |||||||
Defined Benefit Plans, Changes in Benefit Obligations [Roll Forward] | |||||||||
Beginning balance | $ 278.1 | $ 303.4 | 278.1 | ||||||
Service cost | 5.1 | 4.8 | 5.1 | ||||||
Interest cost | (7.6) | (7.4) | (7.6) | ||||||
Participants contributions | 1.3 | 1.3 | |||||||
Actuarial (gain) loss | (7.7) | (34.9) | |||||||
Ending balance | 260.1 | 303.4 | 278.1 | ||||||
Defined Benefit Plan, Accumulated Benefit Obligation | 223.8 | 261.2 | |||||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax | 17.2 | 10.1 | |||||||
Defined Benefit Plans, Changes in Fair Value of Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | $ 233.2 | 281.9 | 233.2 | ||||||
Actual return on plan assets | (13.6) | 23.6 | |||||||
Employer contributions | 6.5 | 6.3 | |||||||
Benefits and administrative expenses paid | (6.1) | (6.3) | (6.1) | ||||||
Fair value of plan assets at end of year | $ 254.6 | 281.9 | 233.2 | ||||||
Defined Benefit Plans, Assets, Target Allocations [Abstract] | |||||||||
Weighted average expected long-term rate of return for other assets (in hundredths) | 4.70% | 4.50% | |||||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 3.80% | 3.60% | |||||||
Defined Benefit Plan Expected Salary Increase | 3.60% | 3.60% | |||||||
Tax effect of adjustments, Net Benefit Plan Adjustments | $ (2.9) | $ (1.7) | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 8.4 | 14.3 | |||||||
Foreign Plan [Member] | Life and Annuity Insurance Product Line [Member] | |||||||||
Defined Benefit Plans, Changes in Fair Value of Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | 31.5 | ||||||||
Fair value of plan assets at end of year | 27.3 | 31.5 | |||||||
Foreign Plan [Member] | Other Liabilities [Member] | |||||||||
Defined Benefit Plans Disclosures [Line Items] | |||||||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | 5.6 | 21.5 | |||||||
Other Pension, Postretirement and Supplemental Plans [Member] | |||||||||
Effect on operations for both the Company Plan and the PEP [Abstract] | |||||||||
Service cost | 0 | 0 | 0 | ||||||
Interest cost | (0.3) | (0.3) | (0.3) | ||||||
Net amortization and deferral | (1.3) | (6.7) | (15.9) | ||||||
Defined-benefit plan costs | 1 | 6.4 | 15.6 | ||||||
Unamortized net gain included in accumulated other comprehensive earnings | 2.4 | ||||||||
Defined Benefit Plans, Changes in Benefit Obligations [Roll Forward] | |||||||||
Beginning balance | $ 6.8 | 8.6 | 6.8 | ||||||
Service cost | 0 | 0 | 0 | ||||||
Interest cost | (0.3) | (0.3) | (0.3) | ||||||
Actuarial (gain) loss | (1.2) | 2.5 | |||||||
Ending balance | 6.9 | 8.6 | 6.8 | ||||||
Defined Benefit Plans, Changes in Fair Value of Plan Assets [Roll Forward] | |||||||||
Benefits and administrative expenses paid | $ (0.8) | $ (1) | |||||||
Defined Benefit Plans, Weighted Average Assumptions Used in Calculating Benefit Obligations [Abstract] | |||||||||
Discount rate | 4.20% | 3.40% | |||||||
Other Pension, Postretirement and Supplemental Plans [Member] | Other Liabilities [Member] | |||||||||
Defined Benefit Plans, Changes in Benefit Obligations [Roll Forward] | |||||||||
Beginning balance | $ 7.4 | ||||||||
Ending balance | 6 | $ 7.4 | |||||||
Other Pension, Postretirement and Supplemental Plans [Member] | Accrued Liabilities [Member] | |||||||||
Defined Benefit Plans, Changes in Benefit Obligations [Roll Forward] | |||||||||
Beginning balance | 1.2 | ||||||||
Ending balance | $ 0.9 | 1.2 | |||||||
Other Pension Plan [Member] | |||||||||
Defined Benefit Plans Disclosures [Line Items] | |||||||||
Defined Benefit Plan, Assumptions Used in Calculation, Description | 0.017 | 0.019 | |||||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ (34) | (35.7) | |||||||
Effect on operations for both the Company Plan and the PEP [Abstract] | |||||||||
Service cost | 1.2 | 1.2 | |||||||
Interest cost | (0.6) | (0.5) | |||||||
Defined-benefit plan costs | $ (1.8) | (1.7) | |||||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 1.70% | 1.70% | |||||||
Defined Benefit Plans, Changes in Benefit Obligations [Roll Forward] | |||||||||
Beginning balance | $ 29 | $ 35.7 | 29 | ||||||
Service cost | 1.2 | 1.2 | |||||||
Interest cost | (0.6) | (0.5) | |||||||
Actuarial (gain) loss | (1.7) | 1 | |||||||
Ending balance | 34 | 35.7 | 29 | ||||||
Defined Benefit Plan, Accumulated Benefit Obligation | 30.1 | 31.5 | |||||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax | $ 0.7 | (1) | |||||||
Defined Benefit Plans, Changes in Fair Value of Plan Assets [Roll Forward] | |||||||||
Employer contributions | $ 0 | ||||||||
Benefits and administrative expenses paid | $ (0.2) | (0.2) | |||||||
Defined Benefit Plans, Assets, Target Allocations [Abstract] | |||||||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 2.00% | 2.00% | |||||||
Defined Benefit Plan Expected Salary Increase | 2.00% | 2.00% | |||||||
Tax effect of adjustments, Net Benefit Plan Adjustments | $ (0.2) | $ 0.3 | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (0.7) | 0.5 | |||||||
Other Pension Plan [Member] | Other Liabilities [Member] | |||||||||
Defined Benefit Plans Disclosures [Line Items] | |||||||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (33.7) | (35.4) | |||||||
Other Pension Plan [Member] | Accrued Liabilities [Member] | |||||||||
Defined Benefit Plans Disclosures [Line Items] | |||||||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (0.3) | (0.3) | |||||||
Pension Plan [Member] | |||||||||
Defined Benefit Plans Disclosures [Line Items] | |||||||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 26.7 | ||||||||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 117.2 | ||||||||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 28.2 | ||||||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 27.2 | ||||||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ 87.6 | ||||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 7.00% | ||||||||
Projected defined benefit plan costs in fiscal 2012 | $ 13.3 | ||||||||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 2.1 | ||||||||
Effect on operations for both the Company Plan and the PEP [Abstract] | |||||||||
Service cost | 5.2 | 5.5 | 4.9 | ||||||
Interest cost | (13) | (14.4) | (15.5) | ||||||
Expected return on plan assets | (16.5) | (16.3) | (16.7) | ||||||
Net amortization and deferral | 11.7 | 11 | 11.2 | ||||||
Defined-benefit plan costs | (20.9) | (14.6) | (14.9) | ||||||
Unamortized net gain included in accumulated other comprehensive earnings | 116.9 | ||||||||
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | 10.5 | ||||||||
Defined Benefit Plans, Changes in Benefit Obligations [Roll Forward] | |||||||||
Beginning balance | 366.5 | 368 | 366.5 | ||||||
Service cost | 5.2 | 5.5 | 4.9 | ||||||
Interest cost | (13) | (14.4) | (15.5) | ||||||
Actuarial (gain) loss | (21.9) | 12.2 | |||||||
Ending balance | 338.5 | 368 | 366.5 | ||||||
Defined Benefit Plan, Accumulated Benefit Obligation | 338.5 | 368 | |||||||
Defined Benefit Plans, Changes in Fair Value of Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | $ 247.5 | 263.7 | 247.5 | ||||||
Actual return on plan assets | (14.3) | 29.2 | |||||||
Employer contributions | 31.4 | 17.6 | |||||||
Benefits and administrative expenses paid | (30) | (30.6) | |||||||
Fair value of plan assets at end of year | $ 250.8 | $ 263.7 | $ 247.5 | ||||||
Defined Benefit Plans, Weighted Average Assumptions Used in Calculating Benefit Obligations [Abstract] | |||||||||
Discount rate | 4.40% | 3.70% | 4.20% | ||||||
Expected long term rate of return | 6.50% | 6.80% | 6.80% | ||||||
Defined Benefit Plans, Assets, Target Allocations [Abstract] | |||||||||
Weighted average expected long-term rate of return for equity securities (in hundredths) | 3.40% | ||||||||
Weighted average expected long-term rate of return for fixed income securities (in hundredths) | 2.70% | ||||||||
Weighted average expected long-term rate of return for other assets (in hundredths) | 0.40% | ||||||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | $ 26.4 | ||||||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 25.8 | ||||||||
Pension Plan [Member] | Other Liabilities [Member] | |||||||||
Defined Benefit Plans Disclosures [Line Items] | |||||||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (85.5) | ||||||||
Pension Plan [Member] | Accrued Liabilities [Member] | |||||||||
Defined Benefit Plans Disclosures [Line Items] | |||||||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ 2.1 | ||||||||
Maximum [Member] | Foreign Plan [Member] | |||||||||
Defined Benefit Plans Disclosures [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 5.00% | ||||||||
Maximum [Member] | Foreign Plan [Member] | Equity Securities [Member] | |||||||||
Defined Benefit Plans Disclosures [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 70.00% | ||||||||
Maximum [Member] | Foreign Plan [Member] | Debt Securities [Member] | |||||||||
Defined Benefit Plans Disclosures [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 15.00% | ||||||||
Maximum [Member] | Foreign Plan [Member] | Life and Annuity Insurance Product Line [Member] | |||||||||
Defined Benefit Plans Disclosures [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 20.00% | ||||||||
Maximum [Member] | Foreign Plan [Member] | Real Estate Funds [Member] | |||||||||
Defined Benefit Plans Disclosures [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10.00% | ||||||||
Minimum [Member] | Foreign Plan [Member] | |||||||||
Defined Benefit Plans Disclosures [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | ||||||||
Minimum [Member] | Foreign Plan [Member] | Equity Securities [Member] | |||||||||
Defined Benefit Plans Disclosures [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 60.00% | ||||||||
Minimum [Member] | Foreign Plan [Member] | Debt Securities [Member] | |||||||||
Defined Benefit Plans Disclosures [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10.00% | ||||||||
Minimum [Member] | Foreign Plan [Member] | Life and Annuity Insurance Product Line [Member] | |||||||||
Defined Benefit Plans Disclosures [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10.00% | ||||||||
Minimum [Member] | Foreign Plan [Member] | Real Estate Funds [Member] | |||||||||
Defined Benefit Plans Disclosures [Line Items] | |||||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | ||||||||
Subsequent Event [Member] | Foreign Plan [Member] | |||||||||
Defined Benefit Plans Disclosures [Line Items] | |||||||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | $ 5.2 | ||||||||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 40.6 | ||||||||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 4.6 | ||||||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 4.9 | ||||||||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 6.1 | ||||||||
Defined Benefit Plans, Assets, Target Allocations [Abstract] | |||||||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 6.4 | ||||||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 6.7 | ||||||||
Subsequent Event [Member] | Other Pension, Postretirement and Supplemental Plans [Member] | |||||||||
Defined Benefit Plans Disclosures [Line Items] | |||||||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 0.9 | ||||||||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 2.4 | ||||||||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 0.9 | ||||||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 0.9 | ||||||||
Defined Benefit Plans, Assets, Target Allocations [Abstract] | |||||||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 0.8 | ||||||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 0.7 | ||||||||
Subsequent Event [Member] | Other Pension Plan [Member] | |||||||||
Defined Benefit Plans Disclosures [Line Items] | |||||||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 0.5 | ||||||||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 3.6 | ||||||||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 0.3 | ||||||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 0.5 | ||||||||
Defined Benefit Plans, Assets, Target Allocations [Abstract] | |||||||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 0.6 | ||||||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | $ 0.7 | ||||||||
[1] | This category primarily represents bond index funds not actively managed that track the Northern Trust U.S. Aggregate Index a |
DEFINED BENEFIT PLANS, FAIR VAL
DEFINED BENEFIT PLANS, FAIR VALUE OF PLAN ASSETS (Details) - USD ($) | 3 Months Ended | 10 Months Ended | 12 Months Ended | |||||
Mar. 31, 2017 | Dec. 31, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Feb. 19, 2015 | |||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | $ 247,100,000 | $ 263,700,000 | ||||||
Cash and Cash Equivalents [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 7,800,000 | 7,400,000 | ||||||
U.S. large cap - blend [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | [1] | 54,200,000 | 59,900,000 | |||||
U.S. mid cap - blend [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | [2] | 20,400,000 | 23,600,000 | |||||
U.S. small cap - blend [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | [3] | 6,500,000 | 7,700,000 | |||||
International - developed [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 36,500,000 | 39,100,000 | [4] | |||||
Commodities index [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | [5] | 11,800,000 | 12,800,000 | |||||
U.S. fixed income [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | [6] | 103,500,000 | 107,000,000 | |||||
Fixed Income Securities [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | [6] | 6,400,000 | 6,200,000 | |||||
Fair Value, Inputs, Level 1 [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 7,800,000 | 7,400,000 | ||||||
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 7,800,000 | 7,400,000 | ||||||
Fair Value, Inputs, Level 1 [Member] | U.S. large cap - blend [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | [1] | 0 | 0 | |||||
Fair Value, Inputs, Level 1 [Member] | U.S. mid cap - blend [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | [2] | 0 | 0 | |||||
Fair Value, Inputs, Level 1 [Member] | U.S. small cap - blend [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | [3] | 0 | 0 | |||||
Fair Value, Inputs, Level 1 [Member] | International - developed [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | [4] | |||||
Fair Value, Inputs, Level 1 [Member] | Commodities index [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | [5] | 0 | 0 | |||||
Fair Value, Inputs, Level 1 [Member] | U.S. fixed income [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | [6] | 0 | 0 | |||||
Fair Value, Inputs, Level 1 [Member] | Fixed Income Securities [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | [6] | 0 | ||||||
Fair Value, Inputs, Level 2 [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 239,300,000 | 256,300,000 | ||||||
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||||||
Fair Value, Inputs, Level 2 [Member] | U.S. large cap - blend [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | [1] | 54,200,000 | 59,900,000 | |||||
Fair Value, Inputs, Level 2 [Member] | U.S. mid cap - blend [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | [2] | 20,400,000 | 23,600,000 | |||||
Fair Value, Inputs, Level 2 [Member] | U.S. small cap - blend [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | [3] | 6,500,000 | 7,700,000 | |||||
Fair Value, Inputs, Level 2 [Member] | International - developed [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 36,500,000 | 39,100,000 | [4] | |||||
Fair Value, Inputs, Level 2 [Member] | Commodities index [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | [5] | 11,800,000 | 12,800,000 | |||||
Fair Value, Inputs, Level 2 [Member] | U.S. fixed income [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | [6] | 103,500,000 | 107,000,000 | |||||
Fair Value, Inputs, Level 2 [Member] | Fixed Income Securities [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | [6] | 6,400,000 | 6,200,000 | |||||
Fair Value, Inputs, Level 3 [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||||||
Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||||||
Fair Value, Inputs, Level 3 [Member] | U.S. large cap - blend [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | [1] | 0 | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | U.S. mid cap - blend [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | [2] | 0 | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | U.S. small cap - blend [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | [3] | 0 | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | International - developed [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | [4] | |||||
Fair Value, Inputs, Level 3 [Member] | Commodities index [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | [5] | 0 | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | U.S. fixed income [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | [6] | 0 | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | Fixed Income Securities [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | [6] | 0 | ||||||
Foreign Plan [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Benefit Obligation | 260,100,000 | 303,400,000 | $ 278,100,000 | |||||
Service cost | $ 5,100,000 | 4,800,000 | 5,100,000 | |||||
Defined Benefit Plan, Plan Assets, Amount | 254,600,000 | 281,900,000 | 233,200,000 | |||||
Employer contributions | 6,500,000 | 6,300,000 | ||||||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 6,100,000 | 6,300,000 | 6,100,000 | |||||
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | 26,400,000 | (15,700,000) | ||||||
Defined Benefit Plan, Interest Cost | 7,600,000 | 7,400,000 | 7,600,000 | |||||
Actuarial (gain) loss | (7,700,000) | (34,900,000) | ||||||
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (12,600,000) | (11,500,000) | ||||||
Net Defined Benefit Plan Amortization And Deferral | 0 | 700,000 | ||||||
Actual return on plan assets | (13,600,000) | 23,600,000 | ||||||
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | $ (15,200,000) | 23,600,000 | ||||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.70% | 2.50% | ||||||
Weighted average expected long-term rate of return for other assets (in hundredths) | 4.70% | 4.50% | ||||||
Participants contributions | $ 1,300,000 | 1,300,000 | ||||||
Defined-benefit plan costs | 1,700,000 | (600,000) | ||||||
Foreign Plan [Member] | Cash and Cash Equivalents [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 700,000 | 800,000 | ||||||
Foreign Plan [Member] | Mutual Funds [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 226,600,000 | 249,600,000 | ||||||
Foreign Plan [Member] | Life and Annuity Insurance Product Line [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 27,300,000 | 31,500,000 | ||||||
Foreign Plan [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 700,000 | 800,000 | ||||||
Foreign Plan [Member] | Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 700,000 | 800,000 | ||||||
Foreign Plan [Member] | Fair Value, Inputs, Level 1 [Member] | Mutual Funds [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||||||
Foreign Plan [Member] | Fair Value, Inputs, Level 1 [Member] | Life and Annuity Insurance Product Line [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||||||
Foreign Plan [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 226,600,000 | 249,600,000 | ||||||
Foreign Plan [Member] | Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||||||
Foreign Plan [Member] | Fair Value, Inputs, Level 2 [Member] | Mutual Funds [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 226,600,000 | 249,600,000 | ||||||
Foreign Plan [Member] | Fair Value, Inputs, Level 2 [Member] | Life and Annuity Insurance Product Line [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||||||
Foreign Plan [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 27,300,000 | 31,500,000 | ||||||
Foreign Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||||||
Foreign Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Mutual Funds [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||||||
Foreign Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Life and Annuity Insurance Product Line [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 27,300,000 | 31,500,000 | 29,800,000 | |||||
Actual return on plan assets | (4,200,000) | 1,700,000 | ||||||
Other Pension Plan [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Benefit Obligation | 34,000,000 | 35,700,000 | 29,000,000 | |||||
Service cost | 1,200,000 | 1,200,000 | ||||||
Employer contributions | $ 0 | |||||||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 200,000 | 200,000 | ||||||
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | (1,600,000) | 4,200,000 | ||||||
Defined Benefit Plan, Interest Cost | 600,000 | 500,000 | ||||||
Actuarial (gain) loss | $ (1,700,000) | 1,000,000 | ||||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 1.70% | 1.70% | ||||||
Defined-benefit plan costs | $ (1,800,000) | (1,700,000) | ||||||
Supplemental Employee Retirement Plan [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Benefit Obligation | $ 32,800,000 | |||||||
Pension Plan [Member] | ||||||||
Defined Benefit Plans, Fair Value of Plan Assets by Category [Line Items] | ||||||||
Defined Benefit Plan, Benefit Obligation | 338,500,000 | 368,000,000 | 366,500,000 | |||||
Service cost | 5,200,000 | 5,500,000 | 4,900,000 | |||||
Defined Benefit Plan, Plan Assets, Amount | 250,800,000 | 263,700,000 | 247,500,000 | |||||
Employer contributions | 31,400,000 | 17,600,000 | ||||||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 30,000,000 | 30,600,000 | ||||||
Defined Benefit Plan, Interest Cost | 13,000,000 | 14,400,000 | 15,500,000 | |||||
Actuarial (gain) loss | (21,900,000) | 12,200,000 | ||||||
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (16,500,000) | (16,300,000) | (16,700,000) | |||||
Actual return on plan assets | $ (14,300,000) | 29,200,000 | ||||||
Weighted average expected long-term rate of return for other assets (in hundredths) | 0.40% | |||||||
Defined-benefit plan costs | $ (20,900,000) | $ (14,600,000) | $ (14,900,000) | |||||
[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 real estate index fund not actively managed that tracks the Vanguard REIT Index. | |||||||
[6] | This category primarily represents bond index funds not actively managed that track the Northern Trust U.S. Aggregate Index a |
PENSION AND POSTRETIREMENT PL_3
PENSION AND POSTRETIREMENT PLANS, OTHER DISCLOSURES (Details) - USD ($) | 3 Months Ended | 10 Months Ended | 12 Months Ended | |||||
Mar. 31, 2017 | Dec. 31, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2019 | Feb. 19, 2015 | Dec. 31, 2012 | |
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Postemployment Benefits, Period Expense | $ 66,300,000 | $ 58,400,000 | $ 51,100,000 | |||||
Defined Benefit Plan, Plan Assets, Amount | 247,100,000 | 263,700,000 | ||||||
Tax effect of adjustments, Net Benefit Plan Adjustments | $ (3,500,000) | (9,600,000) | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (463,100,000) | (333,700,000) | $ (287,000,000) | |||||
Foreign Plan [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Other Change | $ 0 | 1,400,000 | ||||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax | $ 17,200,000 | $ 10,100,000 | ||||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 3.80% | 3.60% | ||||||
Defined benefit plan costs | $ (1,700,000) | 600,000 | ||||||
Participants contributions | (1,300,000) | (1,300,000) | ||||||
Defined Benefit Plan, Plan Assets, Amount | 254,600,000 | 281,900,000 | 233,200,000 | |||||
Actual return on plan assets | (13,600,000) | 23,600,000 | ||||||
Tax effect of adjustments, Net Benefit Plan Adjustments | $ (2,900,000) | (1,700,000) | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ 8,400,000 | 14,300,000 | ||||||
Defined Benefit Plan, Assumptions Used in Calculation, Description | 0.025 | 0.029 | ||||||
Employer contributions | $ 6,500,000 | 6,300,000 | ||||||
Defined Benefit Plan, Benefit Obligation | 260,100,000 | 303,400,000 | 278,100,000 | |||||
Service cost | 5,100,000 | 4,800,000 | 5,100,000 | |||||
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (12,600,000) | (11,500,000) | ||||||
Defined Benefit Plan, Interest Cost | 7,600,000 | 7,400,000 | 7,600,000 | |||||
Net Defined Benefit Plan Amortization And Deferral | 0 | 700,000 | ||||||
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | $ (15,200,000) | 23,600,000 | ||||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.70% | 2.50% | ||||||
Weighted average expected long-term rate of return for other assets (in hundredths) | 4.70% | 4.50% | ||||||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 223,800,000 | 261,200,000 | ||||||
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | 26,400,000 | $ (15,700,000) | ||||||
Defined Benefit Plan Expected Salary Increase | 3.60% | 3.60% | ||||||
Other Pension Plan [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax | $ 700,000 | $ (1,000,000) | ||||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 2.00% | 2.00% | ||||||
Defined benefit plan costs | $ 1,800,000 | 1,700,000 | ||||||
Tax effect of adjustments, Net Benefit Plan Adjustments | $ (200,000) | 300,000 | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (700,000) | 500,000 | ||||||
Defined Benefit Plan, Assumptions Used in Calculation, Description | 0.017 | 0.019 | ||||||
Employer contributions | $ 0 | |||||||
Defined Benefit Plan, Benefit Obligation | $ 34,000,000 | 35,700,000 | 29,000,000 | |||||
Service cost | 1,200,000 | 1,200,000 | ||||||
Defined Benefit Plan, Interest Cost | $ 600,000 | 500,000 | ||||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 1.70% | 1.70% | ||||||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 30,100,000 | 31,500,000 | ||||||
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | $ (1,600,000) | 4,200,000 | ||||||
Defined Benefit Plan Expected Salary Increase | 2.00% | 2.00% | ||||||
Pension Plan [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Increase (Decrease) in Obligation, Pension Benefits | $ 4,200,000 | 0 | ||||||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | 116,900,000 | |||||||
Defined Benefit Plan Amortization And Deferral | 11,700,000 | 11,000,000 | 11,200,000 | |||||
Pension Cost (Reversal of Cost) | 7,500,000 | 0 | 0 | |||||
Defined benefit plan costs | $ 20,900,000 | 14,600,000 | 14,900,000 | |||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 7.00% | |||||||
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | $ 10,500,000 | |||||||
Defined Benefit Plan, Plan Assets, Amount | 250,800,000 | 263,700,000 | 247,500,000 | |||||
Actual return on plan assets | (14,300,000) | 29,200,000 | ||||||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 2,100,000 | |||||||
Employer contributions | 31,400,000 | 17,600,000 | ||||||
Defined Benefit Plan, Benefit Obligation | 338,500,000 | 368,000,000 | 366,500,000 | |||||
Service cost | 5,200,000 | 5,500,000 | 4,900,000 | |||||
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (16,500,000) | $ (16,300,000) | $ (16,700,000) | |||||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 28,200,000 | |||||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 27,200,000 | |||||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 26,700,000 | |||||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 26,400,000 | |||||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 25,800,000 | |||||||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 117,200,000 | |||||||
Discount rate | 4.40% | 3.70% | 4.20% | |||||
Defined Benefit Plan, Interest Cost | $ 13,000,000 | $ 14,400,000 | $ 15,500,000 | |||||
Weighted average expected long-term rate of return for other assets (in hundredths) | 0.40% | |||||||
Expected long term rate of return | 6.50% | 6.80% | 6.80% | |||||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 338,500,000 | $ 368,000,000 | ||||||
Other Pension, Postretirement and Supplemental Plans [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | 2,400,000 | |||||||
Defined Benefit Plan Amortization And Deferral | (1,300,000) | (6,700,000) | $ (15,900,000) | |||||
Defined benefit plan costs | (1,000,000) | (6,400,000) | (15,600,000) | |||||
Defined Benefit Plan, Benefit Obligation | 6,900,000 | 8,600,000 | 6,800,000 | |||||
Service cost | $ 0 | $ 0 | 0 | |||||
Discount rate | 4.20% | 3.40% | ||||||
Defined Benefit Plan, Interest Cost | $ 300,000 | $ 300,000 | 300,000 | |||||
Other Pension, Postretirement and Supplemental Plans [Member] | Accrued Liabilities [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Benefit Obligation | 900,000 | 1,200,000 | ||||||
Other Pension, Postretirement and Supplemental Plans [Member] | Other Liabilities [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Benefit Obligation | $ 6,000,000 | 7,400,000 | ||||||
Supplemental Employee Retirement Plan [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Benefit Obligation | $ 32,800,000 | |||||||
Equity Securities [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 50.00% | |||||||
Equity Securities [Member] | Foreign Plan [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Actual Asset Allocation | 65.00% | |||||||
Cash and Cash Equivalents [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | $ 7,800,000 | 7,400,000 | ||||||
Cash and Cash Equivalents [Member] | Foreign Plan [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | $ 700,000 | 800,000 | ||||||
Debt Securities [Member] | Foreign Plan [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Actual Asset Allocation | 19.00% | |||||||
Mutual Funds [Member] | Foreign Plan [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | $ 226,600,000 | 249,600,000 | ||||||
Life and Annuity Insurance Product Line [Member] | Foreign Plan [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | $ 27,300,000 | 31,500,000 | ||||||
Variable Annuity [Member] | Foreign Plan [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Actual Asset Allocation | 11.00% | |||||||
Real Estate Properties [Domain] | Foreign Plan [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Actual Asset Allocation | 5.00% | |||||||
Fair Value, Inputs, Level 1 [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | $ 7,800,000 | 7,400,000 | ||||||
Fair Value, Inputs, Level 1 [Member] | Foreign Plan [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 700,000 | 800,000 | ||||||
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 7,800,000 | 7,400,000 | ||||||
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | Foreign Plan [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 700,000 | 800,000 | ||||||
Fair Value, Inputs, Level 1 [Member] | Mutual Funds [Member] | Foreign Plan [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||||||
Fair Value, Inputs, Level 1 [Member] | Life and Annuity Insurance Product Line [Member] | Foreign Plan [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||||||
Fair Value, Inputs, Level 2 [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 239,300,000 | 256,300,000 | ||||||
Fair Value, Inputs, Level 2 [Member] | Foreign Plan [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 226,600,000 | 249,600,000 | ||||||
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||||||
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | Foreign Plan [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||||||
Fair Value, Inputs, Level 2 [Member] | Mutual Funds [Member] | Foreign Plan [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 226,600,000 | 249,600,000 | ||||||
Fair Value, Inputs, Level 2 [Member] | Life and Annuity Insurance Product Line [Member] | Foreign Plan [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||||||
Fair Value, Inputs, Level 3 [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||||||
Fair Value, Inputs, Level 3 [Member] | Foreign Plan [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 27,300,000 | 31,500,000 | ||||||
Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||||||
Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member] | Foreign Plan [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||||||
Fair Value, Inputs, Level 3 [Member] | Mutual Funds [Member] | Foreign Plan [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||||||
Fair Value, Inputs, Level 3 [Member] | Life and Annuity Insurance Product Line [Member] | Foreign Plan [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Plan Assets, Amount | 27,300,000 | 31,500,000 | $ 29,800,000 | |||||
Actual return on plan assets | $ (4,200,000) | $ 1,700,000 | ||||||
Minimum [Member] | Foreign Plan [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | |||||||
Minimum [Member] | Equity Securities [Member] | Foreign Plan [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 60.00% | |||||||
Minimum [Member] | Debt Securities [Member] | Foreign Plan [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10.00% | |||||||
Minimum [Member] | Life and Annuity Insurance Product Line [Member] | Foreign Plan [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10.00% | |||||||
Minimum [Member] | Real Estate Funds [Member] | Foreign Plan [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | |||||||
Maximum [Member] | Foreign Plan [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 5.00% | |||||||
Maximum [Member] | Equity Securities [Member] | Foreign Plan [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 70.00% | |||||||
Maximum [Member] | Debt Securities [Member] | Foreign Plan [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 15.00% | |||||||
Maximum [Member] | Life and Annuity Insurance Product Line [Member] | Foreign Plan [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 20.00% | |||||||
Maximum [Member] | Real Estate Funds [Member] | Foreign Plan [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10.00% | |||||||
Subsequent Event [Member] | Foreign Plan [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 6,100,000 | |||||||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 4,600,000 | |||||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 4,900,000 | |||||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 5,200,000 | |||||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 6,400,000 | |||||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 6,700,000 | |||||||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 40,600,000 | |||||||
Subsequent Event [Member] | Other Pension Plan [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 300,000 | |||||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 500,000 | |||||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 500,000 | |||||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 600,000 | |||||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 700,000 | |||||||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 3,600,000 | |||||||
Subsequent Event [Member] | Other Postretirement Benefits Plan [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | 400,000 | |||||||
Subsequent Event [Member] | Other Pension, Postretirement and Supplemental Plans [Member] | ||||||||
Defined Benefit Plans, Estimated Future Benefit Payments [Line items] | ||||||||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 900,000 | |||||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 900,000 | |||||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 900,000 | |||||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 800,000 | |||||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 700,000 | |||||||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 2,400,000 |
PENSION AND POSTRETIREMENT PL_4
PENSION AND POSTRETIREMENT PLANS PENSION AND POSTRETIREMENT PLANS, FUNDED STATUS (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Feb. 19, 2015 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Funded status of plan | $ 87.6 | $ 104.3 | ||
Foreign Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Benefit Obligation | 260.1 | 303.4 | $ 278.1 | |
Funded status of plan | 5.6 | 21.5 | ||
Supplemental Employee Retirement Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Benefit Obligation | $ 32.8 | |||
Other Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Benefit Obligation | 34 | 35.7 | 29 | |
Funded status of plan | (34) | (35.7) | ||
Other Pension, Postretirement and Supplemental Plans [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Benefit Obligation | 6.9 | 8.6 | $ 6.8 | |
Other Liabilities [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Funded status of plan | (102.1) | |||
Other Liabilities [Member] | Foreign Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Funded status of plan | 5.6 | 21.5 | ||
Other Liabilities [Member] | Other Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Funded status of plan | (33.7) | (35.4) | ||
Other Liabilities [Member] | Other Pension, Postretirement and Supplemental Plans [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Benefit Obligation | 6 | 7.4 | ||
Accrued Liabilities [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Funded status of plan | 2.2 | |||
Accrued Liabilities [Member] | Other Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Funded status of plan | (0.3) | (0.3) | ||
Accrued Liabilities [Member] | Other Pension, Postretirement and Supplemental Plans [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Benefit Obligation | $ 0.9 | $ 1.2 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | |||
Long-term debt, less current portion | $ 6,041.9 | $ 6,344.6 | |
Increase (Decrease) in Noncontrolling Interest Put | 1.3 | ||
Noncontrolling interest puts | 15 | 16.3 | |
Fair market value of zero-coupon subordinated notes | 16.9 | 18.8 | |
Fair market value of senior notes | 5,318 | 6,078.9 | |
Fair Value Hedges, Net | 4.1 | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 2.8 | ||
Cash Surrender Value, Fair Value Disclosure | 63.5 | 64 | |
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability | 64.2 | 64.5 | |
Contingent Consideration Classified as Equity, Fair Value Disclosure | 18.6 | 16.5 | |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Asset | 2.1 | (0.3) | |
Fair Value, Inputs, 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 | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | ||
Interest Rate Fair Value Hedge Asset at Fair Value | 0 | ||
Cash Surrender Value, Fair Value Disclosure | 0 | 0 | |
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability | 0 | ||
Contingent Consideration Classified as Equity, Fair Value Disclosure | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | |||
Noncontrolling interest puts | 15 | 16.3 | |
Fair Value Hedges, Net | 3.1 | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 2.8 | ||
Interest Rate Fair Value Hedge Derivative at Fair Value, Net | 4.1 | ||
Cash Surrender Value, Fair Value Disclosure | 63.5 | 64 | |
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability | 0 | ||
Contingent Consideration Classified as Equity, Fair Value Disclosure | 0 | 0 | |
Fair Value, Inputs, 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 | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | ||
Interest Rate Fair Value Hedge Derivative at Fair Value, Net | 0 | ||
Cash Surrender Value, Fair Value Disclosure | 0 | 0 | |
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability | 0 | 0 | |
Contingent Consideration Classified as Equity, Fair Value Disclosure | $ 18.6 | $ 16.5 | $ 16.8 |
DERIVATIVE INSTRUMENTS AND HE_3
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule of Derivative Instruments in Statement of Financial Position at Fair Value) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2017 | Jan. 30, 2015 | Aug. 23, 2012 | |
Derivative [Line Items] | ||||||
Fair Value Hedge Assets | $ 4.1 | |||||
4.625% Senior notes due 2020 | $ 597 | 604.1 | ||||
Long-term debt, less current portion | $ 6,041.9 | 6,344.6 | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.298% | |||||
Foreign Currency Contract, Asset, Fair Value Disclosure | $ 2.8 | |||||
Fair Value Hedge Liabilities | (3.1) | (4.1) | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (2.8) | |||||
Fair Value Hedges, Net | $ 4.1 | |||||
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% | |||||
Interest Rate Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | $ (7.2) | (10.5) | $ (7) | |||
Fair Value Hedge Liabilities | (3.1) | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 | |||
Currency Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 21.6 | 0 | 0 | |||
Fair Value Hedge Liabilities | (2.8) | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 0 | 0 | $ 0 | |||
Senior notes due 2020 [Member] | ||||||
Derivative [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | (4.625%) | (2.625%) | ||||
Senior notes due 2020 [Member] | ||||||
Derivative [Line Items] | ||||||
Long-term debt, less current portion | $ 600 | $ 600 | ||||
Senior notes due 2027 [Member] | ||||||
Derivative [Line Items] | ||||||
Long-term debt, less current portion | 600 | $ 600 | ||||
Cross currency swap maturing 2022 [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 300 | |||||
Cross currency swap maturing 2025 [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 300 | |||||
Senior notes due 2022 [Member] | ||||||
Derivative [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | (3.20%) | (3.75%) | ||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 1 | |||||
Senior notes due 2025 [Member] [Member] | ||||||
Derivative [Line Items] | ||||||
Foreign Currency Contract, Asset, Fair Value Disclosure | $ 1.8 |
DERIVATIVE INSTRUMENTS AND HE_4
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Effects of Interest Rate Swap on Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest Rate Swap [Member] | |||
Derivative Instruments, Gain (Loss) | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | $ (7.2) | $ (10.5) | $ (7) |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 |
Currency Swap [Member] | |||
Derivative Instruments, Gain (Loss) | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 21.6 | 0 | 0 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 0 | $ 0 | $ 0 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash paid during period for: | |||
Interest | $ 296.2 | $ 239.1 | $ 210.7 |
Income taxes, net of refunds | 349.7 | 348 | 345.7 |
Disclosure of non-cash financing and investing activities | |||
Noncash conversion of zero-coupon convertible debt | 0.3 | 35 | 39.1 |
Fair Value of Assets Acquired | 0.6 | 7.3 | 16 |
Capital Expenditures Incurred but Not yet Paid | $ 22.1 | $ 1.6 | $ 4.4 |
QUARTERLY DATA (UNAUDITED) (Det
QUARTERLY DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Summary of unaudited quarterly data | |||||||||||
Revenues | $ 2,787.5 | $ 2,831.3 | $ 2,866.3 | $ 2,848.3 | $ 2,744.7 | $ 2,621.4 | $ 2,528.2 | $ 2,413.7 | $ 11,333.4 | $ 10,308 | $ 9,552.9 |
Gross profit | 772.4 | 789.9 | 835.1 | 779 | 817.1 | 784.2 | 778 | 712.5 | 3,176.4 | 3,091.8 | 2,854 |
Operating Income (Loss) | 307.7 | 343.4 | 369.2 | 305.4 | 330.6 | 326.7 | 329.8 | 318.1 | 1,325.7 | 1,305.2 | 1,270.6 |
Net earnings attributable to Laboratory Corporation of America Holdings | $ 157.9 | $ 318.8 | $ 233.8 | $ 173.2 | $ 687.8 | $ 171.5 | $ 184.8 | $ 183 | $ 883.7 | $ 1,227.1 | $ 711.8 |
Earnings Per Share | |||||||||||
Basic earnings per share (in dollars per share) | $ 1.58 | $ 3.14 | $ 2.29 | $ 1.70 | $ 6.73 | $ 1.68 | $ 1.80 | $ 1.79 | $ 8.71 | $ 11.99 | $ 6.94 |
Diluted earnings per common share (in dollars per share) | $ 1.56 | $ 3.10 | $ 2.27 | $ 1.67 | $ 6.63 | $ 1.65 | $ 1.78 | $ 1.75 | $ 8.61 | $ 11.81 | $ 6.82 |
Schedule II - Valuation And Q_3
Schedule II - Valuation And Qualifying Accounts And Reserves (Details) - Valuation allowance-deferred tax assets [Member] - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2016 | ||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at beginning of year | $ 31.3 | $ 42.8 | $ 15.1 | |
Additions Charged to Costs and Expense | 11.5 | 3.4 | 16.2 | |
Other (Deductions) Additions | [1] | $ 0 | 0 | 0 |
Balance at end of year | $ 46.2 | $ 31.3 | ||
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjFhMTJjYmIxMmY4MTQyMzE5MTU2NTMzZjQyYjVhMjZjfFRleHRTZWxlY3Rpb246Q0NENzM1RDMzRjc2RjgzODYzOTlFRDM0QURCQjA3MTQM} |
Business Segments _Disclosure_3
Business Segments [Disclosure] (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | ||||||||||||
Property, plant and equipment, net | $ 1,784.7 | $ 1,706.6 | $ 1,784.7 | $ 1,706.6 | ||||||||
Depreciation and amortization: | ||||||||||||
Depreciation and amortization | 552.1 | 533.2 | $ 499.2 | |||||||||
Depreciation and Amortization of Intangible Assets | $ 523.3 | $ 490.5 | 543.2 | |||||||||
Intercompany revenue elimination | (10.5) | (1.8) | (1) | |||||||||
Revenues | 2,787.5 | $ 2,831.3 | $ 2,866.3 | $ 2,848.3 | 2,744.7 | $ 2,621.4 | $ 2,528.2 | 2,413.7 | 11,333.4 | 10,308 | 9,552.9 | |
Operating Income (Loss) | 307.7 | 343.4 | 369.2 | 305.4 | 330.6 | 326.7 | 329.8 | 318.1 | 1,325.7 | 1,305.2 | 1,270.6 | |
Nonoperating Income (Expense) | (57.4) | (227.7) | (197) | |||||||||
Total pre-tax income | 1,268.3 | 1,077.5 | 1,073.6 | |||||||||
Income Tax Expense (Benefit) | 384.4 | (155.4) | 360.7 | 384.4 | (155.4) | 360.7 | ||||||
Net earnings | 883.9 | 1,232.9 | 712.9 | |||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (0.2) | (5.8) | (1.1) | |||||||||
Net earnings attributable to Laboratory Corporation of America Holdings | 157.9 | $ 318.8 | $ 233.8 | $ 173.2 | $ 687.8 | $ 171.5 | $ 184.8 | 183 | 883.7 | 1,227.1 | 711.8 | |
LabCorp Diagnostics [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Property, plant and equipment, net | 914.6 | 914.6 | ||||||||||
Depreciation and amortization: | ||||||||||||
Depreciation and amortization | 304.7 | 270.9 | 293.3 | |||||||||
Revenues | 7,030.8 | 6,858.2 | 6,307.6 | |||||||||
Operating Income (Loss) | 1,166.7 | 1,300.9 | 1,182 | |||||||||
Covance Drug Development [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Property, plant and equipment, net | 870.1 | 870.1 | ||||||||||
Depreciation and amortization: | ||||||||||||
Depreciation and amortization | 217.4 | 219.5 | 247.3 | |||||||||
Revenues | 4,313.1 | 3,451.6 | 3,245.8 | |||||||||
Operating Income (Loss) | 303.6 | 144.9 | 236.5 | |||||||||
Corporate Segment [Member] | ||||||||||||
Depreciation and amortization: | ||||||||||||
Depreciation and amortization | $ 1.2 | $ 0.1 | 2.6 | |||||||||
Operating Income (Loss) | (144.6) | $ (140.6) | $ (147.9) | |||||||||
UNITED STATES | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Property, plant and equipment, net | 1,443.7 | 1,443.7 | ||||||||||
Depreciation and amortization: | ||||||||||||
Revenues | 8,843.5 | |||||||||||
UNITED STATES | LabCorp Diagnostics [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Property, plant and equipment, net | 856.6 | 856.6 | ||||||||||
Depreciation and amortization: | ||||||||||||
Revenues | 6,664.3 | |||||||||||
UNITED STATES | Covance Drug Development [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Property, plant and equipment, net | 587.1 | 587.1 | ||||||||||
Depreciation and amortization: | ||||||||||||
Revenues | 2,189.7 | |||||||||||
CANADA | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Property, plant and equipment, net | 54.7 | 54.7 | ||||||||||
Depreciation and amortization: | ||||||||||||
Intercompany revenue elimination | 0 | |||||||||||
Revenues | 342.2 | |||||||||||
CANADA | LabCorp Diagnostics [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Property, plant and equipment, net | 54.7 | 54.7 | ||||||||||
Depreciation and amortization: | ||||||||||||
Revenues | 342.2 | |||||||||||
CANADA | Covance Drug Development [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Property, plant and equipment, net | 0 | 0 | ||||||||||
Depreciation and amortization: | ||||||||||||
Revenues | 0 | |||||||||||
UNITED KINGDOM | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Property, plant and equipment, net | 117 | 117 | ||||||||||
Depreciation and amortization: | ||||||||||||
Intercompany revenue elimination | 0 | |||||||||||
Revenues | 438.9 | |||||||||||
UNITED KINGDOM | LabCorp Diagnostics [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Property, plant and equipment, net | 0 | 0 | ||||||||||
Depreciation and amortization: | ||||||||||||
Revenues | 21.8 | |||||||||||
UNITED KINGDOM | Covance Drug Development [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Property, plant and equipment, net | 117 | 117 | ||||||||||
Depreciation and amortization: | ||||||||||||
Revenues | 417.1 | |||||||||||
SWITZERLAND | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Property, plant and equipment, net | 88.5 | 88.5 | ||||||||||
Depreciation and amortization: | ||||||||||||
Intercompany revenue elimination | 0 | |||||||||||
Revenues | 527.4 | |||||||||||
SWITZERLAND | LabCorp Diagnostics [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Property, plant and equipment, net | 0 | 0 | ||||||||||
Depreciation and amortization: | ||||||||||||
Revenues | 0 | |||||||||||
SWITZERLAND | Covance Drug Development [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Property, plant and equipment, net | 88.5 | 88.5 | ||||||||||
Depreciation and amortization: | ||||||||||||
Revenues | 527.4 | |||||||||||
Other countries [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Property, plant and equipment, net | 80.8 | 80.8 | ||||||||||
Depreciation and amortization: | ||||||||||||
Intercompany revenue elimination | 0 | |||||||||||
Revenues | 1,181.4 | |||||||||||
Other countries [Member] | LabCorp Diagnostics [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Property, plant and equipment, net | 3.3 | 3.3 | ||||||||||
Depreciation and amortization: | ||||||||||||
Revenues | 2.5 | |||||||||||
Other countries [Member] | Covance Drug Development [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Property, plant and equipment, net | $ 77.5 | 77.5 | ||||||||||
Depreciation and amortization: | ||||||||||||
Revenues | $ 1,178.9 |
REVENUE (Details)
REVENUE (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | ||||
Contract Receivable | $ 693.6 | $ 694.4 | ||
Percent of Revenue Contributed | 100.00% | 100.00% | ||
Amortization of Deferred Sales Commissions | $ 16.9 | $ 14.3 | $ 13.9 | |
Accrued Sales Commission | 24.2 | 24 | ||
Capitalized Contract Cost, Net | 12.9 | 1.7 | ||
Deferred Sales Commission | 37.1 | 25.7 | ||
Capitalized Contract Cost, Amortization | 4.4 | 0.3 | $ 0.9 | |
Contract with Customer, Asset, Gross | 396.9 | 318.2 | ||
Contract with Customer, Liability | 354.1 | $ 377.4 | ||
Deferred Revenue, Revenue Recognized | 204 | |||
Revenue, Remaining Performance Obligation, Amount | $ 3,784.7 | |||
Percent of remaining performance obligations recognized as revenue in next year | 39.00% | |||
Contract with Customer, Performance Obligation Satisfied in Previous Period | $ 21 | |||
Medicare and Medicaid [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 9.00% | 10.00% | ||
CANADA | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 3.00% | 3.00% | ||
UNITED KINGDOM | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 4.00% | 3.00% | ||
SWITZERLAND | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 5.00% | 5.00% | ||
Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 3.00% | 3.00% | ||
Other countries [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 7.00% | 7.00% | ||
UNITED STATES | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 78.00% | 79.00% | ||
Covance Drug Development [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 33.50% | 38.10% | ||
Covance Drug Development [Member] | Biopharmaceutical and medical device companies [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 38.00% | 33.00% | ||
Covance Drug Development [Member] | CANADA | Biopharmaceutical and medical device companies [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 0.00% | 0.00% | ||
Covance Drug Development [Member] | UNITED KINGDOM | Biopharmaceutical and medical device companies [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 4.00% | 3.00% | ||
Covance Drug Development [Member] | SWITZERLAND | Biopharmaceutical and medical device companies [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 5.00% | 5.00% | ||
Covance Drug Development [Member] | Europe [Member] | Biopharmaceutical and medical device companies [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 3.00% | 3.00% | ||
Covance Drug Development [Member] | Other countries [Member] | Biopharmaceutical and medical device companies [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 7.00% | 7.00% | ||
Covance Drug Development [Member] | UNITED STATES | Biopharmaceutical and medical device companies [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 19.00% | 15.00% | ||
LabCorp Diagnostics [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 66.50% | 62.00% | 67.00% | |
LabCorp Diagnostics [Member] | Third party [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 27.00% | 29.00% | ||
LabCorp Diagnostics [Member] | Self-Pay [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 8.00% | 8.00% | ||
LabCorp Diagnostics [Member] | Client [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 18.00% | 20.00% | ||
LabCorp Diagnostics [Member] | CANADA | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 3.00% | 3.00% | ||
LabCorp Diagnostics [Member] | CANADA | Third party [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 2.00% | 2.00% | ||
LabCorp Diagnostics [Member] | CANADA | Medicare and Medicaid [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 0.00% | 0.00% | ||
LabCorp Diagnostics [Member] | CANADA | Self-Pay [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 0.00% | 0.00% | ||
LabCorp Diagnostics [Member] | CANADA | Client [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 1.00% | 1.00% | ||
LabCorp Diagnostics [Member] | UNITED KINGDOM | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 0.00% | 0.00% | ||
LabCorp Diagnostics [Member] | UNITED KINGDOM | Third party [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 0.00% | 0.00% | ||
LabCorp Diagnostics [Member] | UNITED KINGDOM | Medicare and Medicaid [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 0.00% | 0.00% | ||
LabCorp Diagnostics [Member] | UNITED KINGDOM | Self-Pay [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 0.00% | 0.00% | ||
LabCorp Diagnostics [Member] | UNITED KINGDOM | Client [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 0.00% | 0.00% | ||
LabCorp Diagnostics [Member] | SWITZERLAND | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 0.00% | 0.00% | ||
LabCorp Diagnostics [Member] | SWITZERLAND | Third party [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 0.00% | 0.00% | ||
LabCorp Diagnostics [Member] | SWITZERLAND | Medicare and Medicaid [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 0.00% | 0.00% | ||
LabCorp Diagnostics [Member] | SWITZERLAND | Self-Pay [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 0.00% | 0.00% | ||
LabCorp Diagnostics [Member] | SWITZERLAND | Client [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 0.00% | 0.00% | ||
LabCorp Diagnostics [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 0.00% | 0.00% | ||
LabCorp Diagnostics [Member] | Europe [Member] | Third party [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 0.00% | 0.00% | ||
LabCorp Diagnostics [Member] | Europe [Member] | Medicare and Medicaid [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 0.00% | 0.00% | ||
LabCorp Diagnostics [Member] | Europe [Member] | Self-Pay [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 0.00% | 0.00% | ||
LabCorp Diagnostics [Member] | Europe [Member] | Client [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 0.00% | 0.00% | ||
LabCorp Diagnostics [Member] | Other countries [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 0.00% | 0.00% | ||
LabCorp Diagnostics [Member] | Other countries [Member] | Third party [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 0.00% | 0.00% | ||
LabCorp Diagnostics [Member] | Other countries [Member] | Medicare and Medicaid [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 0.00% | 0.00% | ||
LabCorp Diagnostics [Member] | UNITED STATES | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 59.00% | 64.00% | ||
LabCorp Diagnostics [Member] | UNITED STATES | Third party [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 25.00% | 27.00% | ||
LabCorp Diagnostics [Member] | UNITED STATES | Medicare and Medicaid [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 9.00% | 10.00% | ||
LabCorp Diagnostics [Member] | UNITED STATES | Self-Pay [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 8.00% | 8.00% | ||
LabCorp Diagnostics [Member] | UNITED STATES | Client [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percent of Revenue Contributed | 17.00% | 19.00% |
Uncategorized Items - lh-201812
Label | Element | Value |
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures | $ 34,600,000 |
Issuance of common stock under employee stock plans | lh_IssuanceOfCommonStockUnderEmployeeStockPlans | 70,600,000 |
Issuance of common stock for acquisition consideration | lh_Issuanceofcommonstockforacquisitionconsideration | 0 |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation | 0 |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | 109,600,000 |
Conversion of zero-coupon convertible debt | lh_ConversionOfZeroCouponConvertibleDebt | 21,000,000 |
Additional Paid-in Capital [Member] | ||
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures | 0 |
Issuance of common stock under employee stock plans | lh_IssuanceOfCommonStockUnderEmployeeStockPlans | 70,500,000 |
Other Comprehensive Income (Loss), Net of Tax | us-gaap_OtherComprehensiveIncomeLossNetOfTax | 0 |
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | 0 |
Issuance of common stock for acquisition consideration | lh_Issuanceofcommonstockforacquisitionconsideration | 0 |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation | 0 |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | 109,600,000 |
Conversion of zero-coupon convertible debt | lh_ConversionOfZeroCouponConvertibleDebt | 21,000,000 |
Retained Earnings [Member] | ||
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures | 0 |
Issuance of common stock under employee stock plans | lh_IssuanceOfCommonStockUnderEmployeeStockPlans | 0 |
Other Comprehensive Income (Loss), Net of Tax | us-gaap_OtherComprehensiveIncomeLossNetOfTax | 0 |
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | 711,800,000 |
Issuance of common stock for acquisition consideration | lh_Issuanceofcommonstockforacquisitionconsideration | 0 |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation | 0 |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | 0 |
Conversion of zero-coupon convertible debt | lh_ConversionOfZeroCouponConvertibleDebt | 0 |
Common Stock [Member] | ||
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures | 0 |
Issuance of common stock under employee stock plans | lh_IssuanceOfCommonStockUnderEmployeeStockPlans | 100,000 |
Other Comprehensive Income (Loss), Net of Tax | us-gaap_OtherComprehensiveIncomeLossNetOfTax | 0 |
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | 0 |
Issuance of common stock for acquisition consideration | lh_Issuanceofcommonstockforacquisitionconsideration | 0 |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation | 0 |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | 0 |
Conversion of zero-coupon convertible debt | lh_ConversionOfZeroCouponConvertibleDebt | 0 |
AOCI Attributable to Parent [Member] | ||
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures | 0 |
Issuance of common stock under employee stock plans | lh_IssuanceOfCommonStockUnderEmployeeStockPlans | 0 |
Other Comprehensive Income (Loss), Net of Tax | us-gaap_OtherComprehensiveIncomeLossNetOfTax | (294,900,000) |
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | 0 |
Issuance of common stock for acquisition consideration | lh_Issuanceofcommonstockforacquisitionconsideration | 0 |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation | 0 |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | 0 |
Conversion of zero-coupon convertible debt | lh_ConversionOfZeroCouponConvertibleDebt | 0 |
Treasury Stock [Member] | ||
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures | 34,600,000 |
Issuance of common stock under employee stock plans | lh_IssuanceOfCommonStockUnderEmployeeStockPlans | 0 |
Other Comprehensive Income (Loss), Net of Tax | us-gaap_OtherComprehensiveIncomeLossNetOfTax | 0 |
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | 0 |
Issuance of common stock for acquisition consideration | lh_Issuanceofcommonstockforacquisitionconsideration | 0 |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation | 0 |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | 0 |
Conversion of zero-coupon convertible debt | lh_ConversionOfZeroCouponConvertibleDebt | $ 0 |