Cover Page
Cover Page - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2021 | May 03, 2021 | |
Document Information [Table] | ||
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 97.7 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-11353 | |
Entity Registrant Name | LABORATORY CORPORATION OF AMERICA HOLDINGS | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 13-3757370 | |
Entity Address, Address Line One | 358 South Main Street | |
Entity Address, City or Town | Burlington, | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 27215 | |
City Area Code | 336 | |
Local Phone Number | 229-1127 | |
Title of 12(b) Security | Common Stock, $0.10 par value | |
Trading Symbol | LH | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0000920148 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Accounts Payable, Current | $ 621.3 | $ 638.9 |
Current assets: | ||
Cash and cash equivalents | 1,890.8 | 1,320.8 |
Accounts Receivable, after Allowance for Credit Loss, Current | 2,323.5 | 2,479.8 |
Unbilled Contracts Receivable | 579.5 | 536.8 |
Supplies inventories | 427.5 | 423.2 |
Prepaid expenses and other | 416.8 | 364.8 |
Total current assets | 5,638.1 | 5,125.4 |
Property, plant and equipment, net | 2,697 | 2,729.6 |
Goodwill, net | 7,720.5 | 7,751.5 |
Intangible Assets, Net (Excluding Goodwill) | 3,834 | 3,961.1 |
Joint venture partnerships and equity method investments | 85 | 73.5 |
Deferred Income Taxes and Other Assets, Current | 20.2 | 20.6 |
Other assets, net | 422.3 | 410 |
Total assets | 20,417.1 | 20,071.7 |
Liabilities, Current [Abstract] | ||
Accrued Liabilities, Current | 1,508.1 | 1,357.7 |
Deferred Revenue, Current | 540.3 | 506.5 |
Operating Lease, Liability, Current | 191.3 | 192 |
Finance Lease, Liability, Current | 6.3 | 6.7 |
Current debt excluding finance lease liability | 501.4 | 376.7 |
Long-term debt, less current portion | 3,368.7 | 3,078.5 |
Long-term Debt, Excluding Current Maturities | 4,920.9 | 5,419 |
Commitments and contingent liabilities | 486.9 | 526.4 |
Operating Lease, Liability, Noncurrent | 657.8 | 677.6 |
Finance Lease, Liability, Noncurrent | 82.7 | 84.4 |
Deferred income taxes and other tax liabilities | 857.7 | 905.4 |
Noncontrolling interest | 10,374.7 | 10,691.3 |
Shareholders' equity: | ||
Common stock, 92.8 and 93.5 shares outstanding at March 31, 2013 and December 31, 2012, respectively | 20.9 | 20.7 |
Additional paid-in capital | 67.1 | 110.3 |
Retained earnings | 9 | 9 |
Accumulated other comprehensive income | (10,171.9) | (9,402.3) |
Total liabilities and shareholders' equity | (226.5) | (161.9) |
Stockholders' Equity Attributable to Parent | 10,021.5 | 9,359.7 |
Liabilities and Equity | $ 20,417.1 | $ 20,071.7 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) - USD ($) shares in Millions, $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts Receivable, Allowance for Credit Loss | $ 21 | $ 22.1 |
Shareholders' Equity: | ||
Common stock, shares outstanding (in shares) | 97.8 | 97.5 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | $ 4,161,500,000 | $ 2,823,800,000 |
Cost of Revenue | 2,562,500,000 | 2,095,800,000 |
Gross Profit | 1,599,000,000 | 728,000,000 |
Selling, general and administrative expenses | 429,800,000 | 395,500,000 |
Amortization of intangibles and other assets | 92,100,000 | 62,300,000 |
Asset Impairment Charges | 0 | 437,400,000 |
Net restructuring and other special charges | 19,200,000 | 25,400,000 |
Operating Income (Loss) | 1,057,900,000 | (192,600,000) |
Other income (expenses): | ||
Interest expense | (48,500,000) | (55,000,000) |
Equity method income, net | 4,500,000 | (6,600,000) |
Investment income | 2,400,000 | 2,600,000 |
Other, net | 5,500,000 | (16,100,000) |
Earnings before income taxes | 1,021,800,000 | (267,700,000) |
Provision for income taxes | 251,700,000 | 49,200,000 |
Net earnings | 770,100,000 | (316,900,000) |
Less: Net earnings attributable to the noncontrolling interest | (500,000) | (300,000) |
Net earnings attributable to Laboratory Corporation of America Holdings | $ 769,600,000 | $ (317,200,000) |
Basic earnings per common share (in dollars per share) | $ 7.88 | $ (3.27) |
Diluted earnings per common share (in dollars per share) | $ 7.82 | $ (3.27) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Provision for income taxes | $ 251,700,000 | $ 49,200,000 |
Net earnings | 770,100,000 | (316,900,000) |
Other Comprehensive Earnings, Net of Tax | ||
Foreign currency translation adjustments | (66,800,000) | (147,500,000) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | 3,000,000 | 2,700,000 |
Other comprehensive earnings (loss) before tax | (63,800,000) | (144,800,000) |
Tax effect of adjustments | (800,000) | (700,000) |
Other comprehensive earnings (loss), net of tax | (64,600,000) | (145,500,000) |
Comprehensive earnings | 705,500,000 | (462,400,000) |
Less: Net earnings attributable to the noncontrolling interest | (500,000) | (300,000) |
Comprehensive earnings attributable to Laboratory Corporation of America Holdings | $ 705,000,000 | $ (462,700,000) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] |
Retained Earnings (Accumulated Deficit) | $ 9,402.3 | ||||
BALANCE at Dec. 31, 2020 | 9,359.7 | $ 9 | $ 110.3 | $ 9,402.3 | $ (161.9) |
Net earnings attributable to Laboratory Corporation of America Holdings | 769.6 | ||||
Other comprehensive earnings, net of tax | (64.6) | ||||
BALANCE at Mar. 31, 2021 | 10,021.5 | ||||
Retained Earnings (Accumulated Deficit) | $ 10,171.9 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings | $ 770,100,000 | $ (316,900,000) |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Contingent consideration adjustment | 1,100,000 | |
Depreciation And Amortization Of Leased Assets | 48,300,000 | 57,200,000 |
Depreciation and amortization | 183,900,000 | 144,600,000 |
Stock compensation | 28,700,000 | 17,900,000 |
Asset Impairment Charges | 0 | 437,400,000 |
Deferred income taxes | (27,800,000) | 5,100,000 |
Other Operating Activities, Cash Flow Statement | (3,200,000) | 43,300,000 |
Change in assets and liabilities (net of effects of acquisitions): | ||
Increase in accounts receivable (net) | 146,700,000 | 46,700,000 |
Increase (Decrease) in Unbilled Contract Receivable | 42,500,000 | 1,100,000 |
Increase in inventories | (4,700,000) | (10,600,000) |
Decrease in prepaid expenses and other | (51,900,000) | (3,000,000) |
Decrease in accounts payable | (16,900,000) | (56,500,000) |
Increase (Decrease) in Deferred Revenue | 31,800,000 | (11,200,000) |
Increase (Decrease) in Accrued Liabilities and Other Operating Liabilities | 95,100,000 | (149,100,000) |
Net cash provided by operating activities | 1,157,600,000 | 203,800,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (95,400,000) | (106,600,000) |
Proceeds from sale of assets | 2,600,000 | 7,000,000 |
Proceeds from Sale of Equity Method Investments | 0 | 900,000 |
Investments in equity affiliates | (5,500,000) | (7,900,000) |
Acquisition of businesses, net of cash acquired | (34,100,000) | 0 |
Net cash used for investing activities | (132,400,000) | (106,600,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from revolving credit facilities | 0 | 151,700,000 |
Payment, Tax Withholding, Share-based Payment Arrangement | (28,100,000) | (22,000,000) |
Net proceeds from issuance of stock to employees | 24,700,000 | 26,900,000 |
Payments for Repurchase of Common Stock | (68,500,000) | (100,000,000) |
Other Financing Cash Flows | (3,200,000) | (7,700,000) |
Repayments of Lines of Credit | 0 | (151,700,000) |
Net cash provided by (used for) financing activities | (450,100,000) | (102,800,000) |
Effect of exchange rate changes on cash and cash equivalents | (5,100,000) | (8,300,000) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 570,000,000 | (13,900,000) |
Cash and cash equivalents at beginning of period | 1,320,800,000 | 337,500,000 |
Cash and cash equivalents at end of period | 1,890,800,000 | 323,600,000 |
Repayments of Other Long-term Debt | $ (375,000,000) | $ 0 |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 3 Months Ended |
Mar. 31, 2021 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Three Months Ended March 31, 2021 2020 Supplemental schedule of cash flow information: Cash paid during period for: Interest $ 77.7 $ 80.0 Income taxes, net of refunds 40.8 5.8 Disclosure of non-cash financing and investing activities: Change in accrued property, plant and equipment (4.8) (14.0) |
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION Three Months Ended March 31, 2021 2020 Supplemental schedule of cash flow information: Cash paid during period for: Interest $ 77.7 $ 80.0 Income taxes, net of refunds 40.8 5.8 Disclosure of non-cash financing and investing activities: Change in accrued property, plant and equipment (4.8) (14.0) |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION Tabular Information | 3 Months Ended |
Mar. 31, 2021 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Three Months Ended March 31, 2021 2020 Supplemental schedule of cash flow information: Cash paid during period for: Interest $ 77.7 $ 80.0 Income taxes, net of refunds 40.8 5.8 Disclosure of non-cash financing and investing activities: Change in accrued property, plant and equipment (4.8) (14.0) |
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION Three Months Ended March 31, 2021 2020 Supplemental schedule of cash flow information: Cash paid during period for: Interest $ 77.7 $ 80.0 Income taxes, net of refunds 40.8 5.8 Disclosure of non-cash financing and investing activities: Change in accrued property, plant and equipment (4.8) (14.0) |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION Description Information - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Debt Conversion [Line Items] | ||
Capital Expenditures Incurred but Not yet Paid | $ (14) | |
Decrease in Capital Expenditures Incurred but not yet Paid | $ (4.8) | |
Cash paid during period for: | ||
Interest | 77.7 | 80 |
Income taxes, net of refunds | $ 40.8 | $ 5.8 |
BASIS OF FINANCIAL STATEMENT PR
BASIS OF FINANCIAL STATEMENT PRESENTATION | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | BASIS OF FINANCIAL STATEMENT PRESENTATION Laboratory Corporation of America ® Holdings (Labcorp ® or the Company) is a leading global life sciences company that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. By leveraging its strong diagnostics and drug development capabilities, the Company provides insights and accelerates innovations to improve health and improve lives. The Company reports its business in two segments, Labcorp Diagnostics (Dx) and Labcorp Drug Development (DD). For further financial information about these segments, see Note 15 Business Segment Information to the Condensed Consolidated Financial Statements. During the three months ended March 31, 2021, Dx and DD contributed approximately 65% and 35% respectively, of revenues to the Company. The condensed consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries for which it exercises control. Long-term investments in affiliated companies in which the Company exercises significant influence, but which it does not control, are accounted for using the equity method. Investments in which the Company does not exercise significant influence (generally, when the Company has an investment of less than 20.0% and no representation on the investee's board of directors) are accounted for at fair value or at cost minus impairment adjusted for observable price changes in orderly transactions for an identical or similar investment of the same issuer for those investments that do not have readily determinable fair values. All significant inter-company transactions and accounts have been eliminated. The Company does not have any significant variable interest entities or special purpose entities whose financial results are not included in the condensed consolidated financial statements. The financial statements of the Company's operating foreign subsidiaries are measured using the local currency as the functional currency. Assets and liabilities are translated at exchange rates as of the balance sheet date. Revenues and expenses are translated at average monthly exchange rates prevailing during the period. Resulting translation adjustments are included in “Accumulated other comprehensive income.” The accompanying condensed consolidated financial statements of the Company are unaudited. In the opinion of management, all adjustments necessary for a fair statement of results of operations, cash flows, and financial position have been made. Except as otherwise disclosed, all such adjustments are of a normal recurring nature. Interim results are not necessarily indicative of results for a full year. The year-end condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles. The condensed consolidated financial statements and notes are presented in accordance with the rules and regulations of the United States (U.S.) Securities and Exchange Commission (SEC) and do not contain certain information included in the Company’s 2020 Annual Report on Form 10-K (Annual Report). Therefore, these interim statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report. Recently Adopted Guidance In August 2018, the Financial Accounting Standards Board (FASB) issued a new accounting standard to reduce, modify, and add to the disclosure requirements on defined benefit pension and other postretirement plans. The Company adopted this standard effective January 1, 2021. The adoption of this standard did not have a material impact on the consolidated financial statements. In December 2019, the FASB issued a new accounting standard to simplify accounting for income taxes and remove, modify, and add to the disclosure requirements of income taxes. The Company adopted this standard effective January 1, 2021. The adoption of this standard did not have a material impact on the consolidated financial statements. In January 2020, the FASB issued a new accounting standard to clarify the interaction of the accounting for equity securities and investments accounted for under the equity method of accounting and the accounting for certain forward contracts and purchased options. The Company adopted this standard effective January 1, 2021. The adoption of this standard did not have a material impact on the consolidated financial statements. New Accounting Pronouncements In March 2020, the FASB issued a new accounting standard to provide optional expedients and exceptions if certain conditions are met for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform. The expedients and exceptions in the standard are effective between March 12, |
Basis of Presentation and Significant Accounting Policies [Text Block] | BASIS OF FINANCIAL STATEMENT PRESENTATION Laboratory Corporation of America ® Holdings (Labcorp ® or the Company) is a leading global life sciences company that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. By leveraging its strong diagnostics and drug development capabilities, the Company provides insights and accelerates innovations to improve health and improve lives. The Company reports its business in two segments, Labcorp Diagnostics (Dx) and Labcorp Drug Development (DD). For further financial information about these segments, see Note 15 Business Segment Information to the Condensed Consolidated Financial Statements. During the three months ended March 31, 2021, Dx and DD contributed approximately 65% and 35% respectively, of revenues to the Company. The condensed consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries for which it exercises control. Long-term investments in affiliated companies in which the Company exercises significant influence, but which it does not control, are accounted for using the equity method. Investments in which the Company does not exercise significant influence (generally, when the Company has an investment of less than 20.0% and no representation on the investee's board of directors) are accounted for at fair value or at cost minus impairment adjusted for observable price changes in orderly transactions for an identical or similar investment of the same issuer for those investments that do not have readily determinable fair values. All significant inter-company transactions and accounts have been eliminated. The Company does not have any significant variable interest entities or special purpose entities whose financial results are not included in the condensed consolidated financial statements. The financial statements of the Company's operating foreign subsidiaries are measured using the local currency as the functional currency. Assets and liabilities are translated at exchange rates as of the balance sheet date. Revenues and expenses are translated at average monthly exchange rates prevailing during the period. Resulting translation adjustments are included in “Accumulated other comprehensive income.” The accompanying condensed consolidated financial statements of the Company are unaudited. In the opinion of management, all adjustments necessary for a fair statement of results of operations, cash flows, and financial position have been made. Except as otherwise disclosed, all such adjustments are of a normal recurring nature. Interim results are not necessarily indicative of results for a full year. The year-end condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles. The condensed consolidated financial statements and notes are presented in accordance with the rules and regulations of the United States (U.S.) Securities and Exchange Commission (SEC) and do not contain certain information included in the Company’s 2020 Annual Report on Form 10-K (Annual Report). Therefore, these interim statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS (LOSS) PER SHAREBasic earnings (loss) per share is computed by dividing net earnings (loss) attributable to Laboratory Corporation of America Holdings by the weighted average number of common shares outstanding. Diluted earnings (loss) per share is computed by dividing net earnings (loss) including the impact of dilutive adjustments by the weighted average number of common shares outstanding plus potentially dilutive shares, as if they had been issued at the earlier of the date of issuance or the beginning of the period presented. Potentially dilutive common shares result primarily from the Company’s outstanding stock options, restricted stock awards, restricted stock units, and performance share awards. The following represents a reconciliation of basic earnings (loss) per share to diluted earnings (loss) per share: Three Months Ended March 31, 2021 2020 Earnings Shares Per Share Amount Earnings (Loss) Shares Per Share Amount Basic earnings (loss) per share: Net earnings (loss) $ 769.6 97.6 $ 7.88 $ (317.2) 97.2 $ (3.27) Dilutive effect of employee stock options and awards — 0.9 — — Net earnings (loss) including impact of dilutive adjustments $ 769.6 98.5 $ 7.82 $ (317.2) 97.2 $ (3.27) Diluted earnings per share represent the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. These potential shares include dilutive stock options and unissued restricted stock awards. The following table summarizes the potential common shares not included in the computation of diluted earnings per share because their impact would have been antidilutive: Three Months Ended March 31, 2021 2020 Employee stock options and awards — 1.3 |
RESTRUCTURING AND OTHER SPECIAL
RESTRUCTURING AND OTHER SPECIAL CHARGES | 3 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | RESTRUCTURING AND OTHER CHARGES During the three months ended March 31, 2021, the Company recorded net restructuring and other charges of $19.2: $7.5 within Dx and $11.7 within DD. The charges were comprised of $4.2 related to severance and other personnel costs and $15.1 in facility closures, lease terminations, and general integration activities. The charges were offset by the reversal of previously established liability of $0.1 in unused facility-related costs. During the three months ended March 31, 2020, the Company recorded net restructuring and other charges of $25.4: $8.1 within Dx and $17.3 within DD. The charges were comprised of $5.1 related to severance and other personnel costs, $4.7 for a DD lab facility impairment, and $15.8 in costs associated with facility closures, impairment of operating lease right-of-use assets, and general integration initiatives. The charges were offset by the reversal of previously established liability of $0.2 in unused facility reserves. The following represents the Company’s restructuring reserve activities for the period indicated: Dx DD Severance and Other Employee Costs Facility Costs Severance and Other Employee Costs Facility Costs Total Balance as of December 31, 2020 $ 0.3 $ 0.4 $ 2.4 $ 4.7 $ 7.8 Restructuring charges 2.2 5.5 2.0 9.6 19.3 Adjustments to prior restructuring accruals (0.1) (0.1) 0.1 — (0.1) Cash payments and other adjustments (2.4) (5.3) (1.9) (8.1) (17.7) Balance as of March 31, 2021 $ — $ 0.5 $ 2.6 $ 6.2 $ 9.3 Current $ 6.3 Non-current 3.0 $ 9.3 |
DEBT
DEBT | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Short-term borrowings and the current portion of long-term debt at March 31, 2021, and December 31, 2020, consisted of the following: March 31, December 31, 2020 3.20% senior notes due 2022 $ 500.0 $ — 2019 Term Loan — 375.0 Debt issuance costs (0.5) (0.4) Current portion of note payable 1.9 2.1 Total short-term borrowings and current portion of long-term debt $ 501.4 $ 376.7 Long-term debt at March 31, 2021, and December 31, 2020, consisted of the following: March 31, December 31, 2020 3.20% senior notes due 2022 $ — $ 500.0 3.75% senior notes due 2022 500.0 500.0 4.00% senior notes due 2023 300.0 300.0 3.25% senior notes due 2024 600.0 600.0 2.30% senior notes due 2024 400.0 400.0 3.60% senior notes due 2025 1,000.0 1,000.0 3.60% senior notes due 2027 600.0 600.0 2.95% senior notes due 2029 650.0 650.0 4.70% senior notes due 2045 900.0 900.0 Debt issuance costs (34.9) (37.1) Note payable 5.8 6.1 Total long-term debt $ 4,920.9 $ 5,419.0 Credit Facilities On June 3, 2019, the Company entered into an $850.0 term loan (the 2019 Term Loan) with a scheduled maturity date of June 3, 2021. The Company paid off the 2019 Term Loan balance during the first quarter of 2021. The 2019 Term Loan balance at March 31, 2021, and December 31, 2020, was $0.0 and $375.0, respectively. The Company also maintains a senior revolving credit facility, which was amended and restated on April 30, 2021. It consists of a five-year facility in the principal amount of up to $1,000.0, with the option of increasing the facility by up to an additional $500.0 (which was $350.0 prior to the amendment and restatement), subject to the agreement of one or more new or existing lenders to provide such additional amounts and certain other customary conditions. The revolving credit facility also provides for a subfacility of up to $100.0 for swing line borrowings and a subfacility of up to $150.0 for issuances of letters of credit. The Company is required to pay a facility fee on the aggregate commitments under the revolving credit facility, at a per annum rate ranging from 0.100% to 0.225% (which was a per annum rate ranging from 0.100% to 0.25% prior to the amendment and restatement), depending on the Company's debt ratings. The revolving credit facility is permitted to be used for general corporate purposes, including working capital, capital expenditures, funding of share repurchases and certain other payments, acquisitions, and other investments. There were no balances outstanding on the Company's current revolving credit facility as of March 31, 2021 and December 31, 2020. As of March 31, 2021, the effective interest rate on the revolving credit facility was 1.09%. The credit facility expires on April 30, 2026. Under the revolving credit facility, the Company is subject to negative covenants limiting subsidiary indebtedness and certain other covenants typical for investment grade-rated borrowers, and the Company is required to maintain certain leverage ratios. The Company was in compliance with all covenants in the revolving credit facility at March 31, 2021, and expects that it will remain in compliance with its existing debt covenants for the next twelve months. |
Short-term borrowings and current portion of long-term debt | Short-term borrowings and the current portion of long-term debt at March 31, 2021, and December 31, 2020, consisted of the following: March 31, December 31, 2020 3.20% senior notes due 2022 $ 500.0 $ — 2019 Term Loan — 375.0 Debt issuance costs (0.5) (0.4) Current portion of note payable 1.9 2.1 Total short-term borrowings and current portion of long-term debt $ 501.4 $ 376.7 |
PREFERRED STOCK AND COMMON SHAR
PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY | 3 Months Ended |
Mar. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Changes in common shares issued and held in treasury | The changes in common shares issued are summarized below: Issued and Outstanding Common shares at December 31, 2020 97.5 Common stock issued under employee stock plans 0.6 Retirement of common stock (0.3) Common shares at March 31, 2021 97.8 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The components of accumulated other comprehensive earnings (loss) are as follows: Foreign Currency Translation Adjustments Net Benefit Plan Adjustments Accumulated Other Comprehensive Earnings (Loss) Balance as of December 31, 2020 $ (21.3) $ (140.6) $ (161.9) Current year adjustments (66.8) 3.0 (63.8) Tax effect of adjustments — (0.8) (0.8) Balance as of March 31, 2021 $ (88.1) $ (138.4) $ (226.5) |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Preferred Stock and Common Shareholders' 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 is authorized to issue up to 30.0 shares of preferred stock, par value $0.10 per share. There were no preferred shares outstanding as of March 31, 2021, and December 31, 2020. The changes in common shares issued are summarized below: Issued and Outstanding Common shares at December 31, 2020 97.5 Common stock issued under employee stock plans 0.6 Retirement of common stock (0.3) Common shares at March 31, 2021 97.8 Share Repurchase Program During the three months ended March 31, 2021, the Company purchased 0.3 shares of its common stock at an average price of $218.27. When the Company repurchases shares, the amount paid to repurchase the shares in excess of the par or stated value is allocated to additional paid-in-capital unless subject to limitation or the balance in additional paid-in-capital is exhausted. Remaining amounts are recognized as a reduction in retained earnings. As of March 31, 2021, the Company had outstanding authorization from the board of directors to purchase up to $731.5 of the Company's common stock. The repurchase authorization has no expiration date. Accumulated Other Comprehensive Earnings The components of accumulated other comprehensive earnings (loss) are as follows: Foreign Currency Translation Adjustments Net Benefit Plan Adjustments Accumulated Other Comprehensive Earnings (Loss) Balance as of December 31, 2020 $ (21.3) $ (140.6) $ (161.9) Current year adjustments (66.8) 3.0 (63.8) Tax effect of adjustments — (0.8) (0.8) Balance as of March 31, 2021 $ (88.1) $ (138.4) $ (226.5) |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The Company does not recognize a tax benefit unless it concludes that it is more likely than not that the benefit will be sustained on audit by the taxing authority based solely on the technical merits of the associated tax position. If the recognition threshold is met, the Company recognizes a tax benefit measured at the largest amount of the tax benefit that it believes is greater than 50% likely to be realized. The 2021 tax rate was favorable to the 2020 tax rate due primarily to the 2020 impairment charges for which either no tax benefit was recorded (as they were not deductible) or the associated tax assets required a full valuation allowance. The gross unrecognized income tax benefits were $48.9 and $48.8 at March 31, 2021, and December 31, 2020, respectively. It is anticipated that the amount of the unrecognized income tax benefits will change within the next 12 months; however, these changes are not expected to have a significant impact on the results of operations, cash flows or the financial position of the Company. As of March 31, 2021, and December 31, 2020, $46.8 and $46.7, respectively, are the approximate amounts of gross unrecognized income tax benefits that, if recognized, would favorably affect the effective income tax rate in future periods. The Company recognizes interest and penalties related to unrecognized income tax benefits in income tax expense. Accrued interest and penalties related to uncertain tax positions totaled $8.7 and $8.3 as of March 31, 2021, and December 31, 2020, respectively. The Company has substantially concluded all U.S. federal income tax matters for years through 2016. Substantially all material state and local and foreign income tax matters have been concluded through 2015 and 2011, respectively. The Company has various state and foreign income tax examinations ongoing throughout the year. The Company believes adequate provisions have been recorded related to all open tax years. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES The Company is involved from time to time in various claims and legal actions, including arbitrations, class actions, and other litigation (including those described in more detail below), arising in the ordinary course of business. Some of these actions involve claims that are substantial in amount. These matters include, but are not limited to, intellectual property disputes; commercial and contract disputes; professional liability claims; employee-related matters; and inquiries, including subpoenas and other civil investigative demands, from governmental agencies, Medicare or Medicaid payers and MCOs reviewing billing practices or requesting comment on allegations of billing irregularities that are brought to their attention through billing audits or third parties. The Company receives civil investigative demands or other inquiries from various governmental bodies in the ordinary course of its business. Such inquiries can relate to the Company or other parties, including physicians and other health care providers. The Company works cooperatively to respond to appropriate requests for information. The Company also is named from time to time in suits brought under the qui tam provisions of the False Claims Act and comparable state laws. These suits typically allege that the Company has made false statements and/or certifications in connection with claims for payment from U.S. federal or state healthcare programs. The suits may remain under seal (hence, unknown to the Company) for some time while the government decides whether to intervene on behalf of the qui tam plaintiff. Such claims are an inevitable part of doing business in the healthcare field today. The Company believes that it is in compliance in all material respects with all statutes, regulations, and other requirements applicable to its commercial laboratory operations and drug development support services. The healthcare diagnostics and drug development industries are, however, subject to extensive regulation, and the courts have not interpreted many of the applicable statutes and regulations. Therefore, the applicable statutes and regulations could be interpreted or applied by a prosecutorial, regulatory, or judicial authority in a manner that would adversely affect the Company. Potential sanctions for violation of these statutes and regulations include significant civil and criminal penalties, fines, the loss of various licenses, certificates and authorizations, additional liabilities from third-party claims, and/or exclusion from participation in government programs. Many of the current claims and legal actions against the Company are in preliminary stages, and many of these cases seek an indeterminate amount of damages. The Company records an aggregate legal reserve, which is determined using calculations based on historical loss rates and assessment of trends experienced in settlements and defense costs. In accordance with FASB Accounting Standards Codification Topic 450 “Contingencies,” the Company establishes reserves for judicial, regulatory, and arbitration matters outside the aggregate legal reserve if and when those matters present loss contingencies that are both probable and estimable and would exceed the aggregate legal reserve. When loss contingencies are not both probable and estimable, the Company does not establish separate reserves. The Company is unable to estimate a range of reasonably probable loss for the proceedings described in more detail below in which damages either have not been specified or, in the Company's judgment, are unsupported and/or exaggerated and (i) the proceedings are in early stages; (ii) there is uncertainty as to the outcome of pending appeals or motions; (iii) there are significant factual issues to be resolved; and/or (iv) there are novel legal issues to be presented. For these proceedings, however, the Company does not believe, based on currently available information, that the outcomes will have a material adverse effect on the Company's financial condition, though the outcomes could be material to the Company's operating results or cash flows for any particular period, depending, in part, upon the operating results for such period. As previously reported, the Company responded to an October 2007 subpoena from the U.S. Department of Health & Human Services Office of Inspector General's regional office in New York. On August 17, 2011, the U.S. District Court for the Southern District of New York unsealed a False Claims Act lawsuit, United States of America ex rel. NPT Associates v. Laboratory Corporation of America Holdings , which alleges that the Company offered UnitedHealthcare kickbacks in the form of discounts in return for Medicare business. The Plaintiff's Third Amended Complaint further alleges that the Company's billing practices violated the False Claims Acts of 14 states and the District of Columbia. The lawsuit seeks actual and treble damages and civil penalties for each alleged false claim, as well as recovery of costs, attorney's fees, and legal expenses. Neither the U.S. government nor any state government has intervened in the lawsuit. The Company's Motion to Dismiss was granted in October 2014 and Plaintiff was granted the right to replead. On January 11, 2016, Plaintiff filed a motion requesting leave to file an amended complaint under seal and to vacate the briefing schedule for the Company's Motion to Dismiss, while the government reviews the amended complaint. The Court granted the motion and vacated the briefing dates. Plaintiff then filed the Amended Complaint under seal. The Company will vigorously defend the lawsuit. In addition, the Company has received various other subpoenas since 2007 related to Medicaid billing. In October 2009, the Company received a subpoena from the State of Michigan Department of Attorney General seeking documents related to its billing to Michigan Medicaid. The Company cooperated with this request. In October 2013, the Company received a Civil Investigative Demand from the State of Texas Office of the Attorney General requesting documents related to its billing to Texas Medicaid. The Company cooperated with this request. On October 5, 2018, the Company received a second Civil Investigative Demand from the State of Texas Office of the Attorney General requesting documents related to its billing to Texas Medicaid. The Company cooperated with this request. On January 26, 2021, the Company was notified that a qui tam Petition was pending under seal in the District Court, 250 th Judicial District, Travis County, Texas, and that the State of Texas has intervened. On April 14, 2021, the Petition was unsealed. The Petition alleges that the Company submitted claims for reimbursement to Texas Medicaid that were higher than permitted under Texas Medicaid’s alleged “best price” regulations, and that the Company offered remuneration to Texas health care providers in the form of discounted pricing for certain laboratory testing services in exchange for the providers’ referral of Texas Medicaid business to the Company. The Petition seeks actual and double damages and civil penalties, as well as recovery of costs, attorney's fees, and legal expenses. The Company will vigorously defend the lawsuit. On August 31, 2015, the Company was served with a putative class action lawsuit, Patty Davis v. Laboratory Corporation of America, et al., filed in the Circuit Court of the Thirteenth Judicial Circuit for Hillsborough County, Florida. The complaint alleges that the Company violated the Florida Consumer Collection Practices Act by billing patients who were collecting benefits under the Workers' Compensation Statutes. The lawsuit seeks injunctive relief and actual and statutory damages, as well as recovery of attorney's fees and legal expenses. In April 2017, the Circuit Court granted the Company’s Motion for Judgment on the Pleadings. The Plaintiff appealed the Circuit Court’s ruling to the Florida Second District Court of Appeal. On October 16, 2019, the Court of Appeal reversed the Circuit Court’s dismissal, but certified a controlling issue of Florida law to the Florida Supreme Court. On February 17, 2020, the Florida Supreme Court accepted jurisdiction of the lawsuit. The Court held oral arguments on December 9, 2020. The Company will vigorously defend the lawsuit. In December 2014, the Company received a Civil Investigative Demand issued pursuant to the U.S. False Claims Act from the U.S. Attorney's Office for South Carolina, which requested information regarding alleged remuneration and services provided by the Company to physicians who also received draw and processing/handling fees from competitor laboratories Health Diagnostic Laboratory, Inc. (HDL) and Singulex, Inc. (Singulex). The Company cooperated with the request. On April 4, 2018, the U.S. District Court for the District of South Carolina, Beaufort Division, unsealed a False Claims Act lawsuit, United States of America ex rel. Scarlett Lutz, et al. v. Laboratory Corporation of America Holdings , which alleges that the Company's financial relationships with referring physicians violate federal and state anti-kickback statutes. The Plaintiffs' Fourth Amended Complaint further alleges that the Company conspired with HDL and Singulex in violation of the Federal False Claims Act and the California and Illinois insurance fraud prevention acts by facilitating HDL's and Singulex's offers of illegal inducements to physicians and the referral of patients to HDL and Singulex for laboratory testing. The lawsuit seeks actual and treble damages and civil penalties for each alleged false claim, as well as recovery of costs, attorney's fees, and legal expenses. Neither the U.S. government nor any state government has intervened in the lawsuit. The Company filed a Motion to Dismiss seeking the dismissal of the claims asserted under the California and Illinois insurance fraud prevention statutes, the conspiracy claim, the reverse False Claims Act claim, and all claims based on the theory that the Company performed medically unnecessary testing. On January 16, 2019, the Court entered an order granting in part and denying in part the Motion to Dismiss. The Court dismissed the Plaintiffs' claims based on the theory that the Company performed medically unnecessary testing, the claims asserted under the California and Illinois insurance fraud prevention statutes, and the reverse False Claims Act claim. The Court denied the Motion to Dismiss as to the conspiracy claim. On March 12, 2021, the Company filed a Motion for Summary Judgment related to all remaining claims. The Company will vigorously defend the lawsuit. Prior to the Company's acquisition of Sequenom, Inc. (Sequenom) between August 15, 2016 and August 24, 2016, six putative class-action lawsuits were filed on behalf of purported Sequenom stockholders (captioned Malkoff v. Sequenom, Inc., et al., No. 16-cv-02054- JAH-BLM , Gupta v. Sequenom, Inc., et al ., No. 16-cv-02084-JAH-KSC, Fruchter v. Sequenom, Inc., et al ., No. 16-cv-02101- WQH-KSC, Asiatrade Development Ltd. v. Sequenom, Inc., et al. , No. 16-cv-02113-AJB-JMA, Nunes v. Sequenom, Inc., et al. , No. 16-cv-02128-AJB-MDD, and Cusumano v. Sequenom, Inc., et al. , No. 16-cv-02134-LAB-JMA) in the U.S. District Court for the Southern District of California challenging the acquisition transaction. The complaints asserted claims against Sequenom and members of its board of directors (the Individual Defendants). The Nunes action also named the Company and Savoy Acquisition Corp. (Savoy), a wholly owned subsidiary of the Company, as defendants. The complaints alleged that the defendants violated Sections 14(e), 14(d)(4) and 20 of the Securities Exchange Act of 1934 by failing to disclose certain allegedly material information. In addition, the complaints in the Malkoff action, the Asiatrade action, and the Cusumano action alleged that the Individual Defendants breached their fiduciary duties to Sequenom shareholders. The actions sought, among other things, injunctive relief enjoining the merger. On August 30, 2016, the parties entered into a Memorandum of Understanding (MOU) in each of the above-referenced actions. On September 6, 2016, the Court entered an order consolidating for all pre-trial purposes the six individual actions described above under the caption In re Sequenom, Inc. Shareholder Litig. , Lead Case No. 16-cv-02054-JAH-BLM, and designating the complaint from the Malkoff action as the operative complaint for the consolidated action. On November 11, 2016, two competing motions were filed by two separate stockholders (James Reilly and Shikha Gupta) seeking appointment as lead plaintiff under the terms of the Private Securities Litigation Reform Act of 1995. On June 7, 2017, the Court entered an order declaring Mr. Reilly as the lead plaintiff and approving Mr. Reilly's selection of lead counsel. The parties agree that the MOU has been terminated. The Plaintiffs filed a Consolidated Amended Class Action Complaint on July 24, 2017, and the Defendants filed a Motion to Dismiss, which remains pending. On March 13, 2019, the Court stayed the action in its entirety pending the U.S. Supreme Court's anticipated decision in Emulex Corp. v. Varjabedian . On April 23, 2019, however, the U.S. Supreme Court dismissed the writ of certiorari in Emulex as improvidently granted. The Company will vigorously defend the lawsuit. On March 10, 2017, the Company was served with a putative class action lawsuit, Victoria Bouffard, et al. v. Laboratory Corporation of America Holdings , filed in the U.S. District Court for the Middle District of North Carolina. The complaint alleges that the Company's patient list prices unlawfully exceed the rates negotiated for the same services with private and public health insurers in violation of various state consumer protection laws. The lawsuit also alleges breach of implied contract or quasi-contract, unjust enrichment, and fraud. The lawsuit seeks statutory, exemplary, and punitive damages, injunctive relief, and recovery of attorney's fees and costs. In May 2017, the Company filed a Motion to Dismiss Plaintiffs' Complaint and Strike Class Allegations; the Motion to Dismiss was granted in March 2018 without prejudice. On October 10, 2017, a second putative class action lawsuit, Sheryl Anderson, et al. v. Laboratory Corporation of America Holdings , was filed in the U.S. District Court for the Middle District of North Carolina. The complaint contained similar allegations and sought similar relief to the Bouffard complaint, and added additional counts regarding state consumer protection laws. On August 10, 2018, the Plaintiffs filed an Amended Complaint, which consolidated the Bouffard and Anderson actions. On September 10, 2018, the Company filed a Motion to Dismiss Plaintiffs' Amended Complaint and Strike Class Allegations. On August 16, 2019, the Court entered an order granting in part and denying in part the Motion to Dismiss the Amended Complaint, and denying the Motion to Strike the Class Allegations. The Company will vigorously defend the lawsuit. On April 1, 2019, Covance Research Products was served with a Grand Jury Subpoena issued by the Department of Justice (DOJ) in Miami, Florida requiring the production of documents related to the importation into the United States of live non-human primate shipments originating from or transiting through China, Cambodia, and/or Vietnam from April 1, 2014 through March 28, 2019. The Company is cooperating with the DOJ. On May 14, 2019, Retrieval-Masters Creditors Bureau, Inc. d/b/a American Medical Collection Agency (AMCA), an external collection agency, notified the Company about a security incident AMCA experienced that may have involved certain personal information about some of the Company’s patients (the AMCA Incident). The Company referred patient balances to AMCA only when direct collection efforts were unsuccessful. The Company’s systems were not impacted by the AMCA Incident. Upon learning of the AMCA Incident, the Company promptly stopped sending new collection requests to AMCA and stopped AMCA from continuing to work on any pending collection requests from the Company. AMCA informed the Company that it appeared that an unauthorized user had access to AMCA’s system between August 1, 2018, and March 30, 2019, and that AMCA could not rule out the possibility that personal information on AMCA’s system was at risk during that time period. Information on AMCA’s affected system from the Company may have included name, address, and balance information for the patient and person responsible for payment, along with the patient’s phone number, date of birth, referring physician, and date of service. The Company was later informed by AMCA that health insurance information may have been included for some individuals, and because some insurance carriers utilize the Social Security Number as a subscriber identification number, the Social Security Number for some individuals may also have been affected. No ordered tests, laboratory test results, or diagnostic information from the Company were in the AMCA affected system. The Company notified individuals for whom it had a valid mailing address. For the individuals whose Social Security Number was affected, the notice included an offer to enroll in credit monitoring and identity protection services that will be provided free of charge for 24 months. Twenty-three putative class action lawsuits were filed against the Company related to the AMCA Incident in various U.S. District Courts. Numerous similar lawsuits have been filed against other health care providers who used AMCA. These lawsuits have been consolidated into a multidistrict litigation in the District of New Jersey. On November 15, 2019, the Plaintiffs filed a Consolidated Class Action Complaint in the U.S. District Court of New Jersey. On January 22, 2020, the Company filed Motions to Dismiss all claims. The consolidated Complaint generally alleges that the Company did not adequately protect its patients’ data and failed to timely notify those patients of the AMCA Incident. The Complaint asserts various causes of action, including but not limited to negligence, breach of implied contract, unjust enrichment, and the violation of state data protection statutes. The Complaint seeks damages on behalf of a class of all affected Company customers. The Company will vigorously defend the multi-district litigation. The Company was served with a shareholder derivative lawsuit, Raymond Eugenio, Derivatively on Behalf of Nominal Defendant, Laboratory Corporation of America Holdings v. Lance Berberian, et al. , filed in the Court of Chancery of the State of Delaware on April 23, 2020. The complaint asserts derivative claims on the Company’s behalf against the Company’s board of directors and certain executive officers. The complaint generally alleges that the defendants failed to ensure that the Company utilized proper cybersecurity safeguards and failed to implement a sufficient response to data security incidents, including the AMCA Incident. The complaint asserts derivative claims for breach of fiduciary duty and seeks relief including damages, certain disclosures, and certain changes to the Company’s internal governance practices. On June 2, 2020, the Company filed a Motion to Stay the lawsuit due to its overlap with the multi-district litigation referenced above. On July 2, 2020, the Company filed a Motion to Dismiss. On July 14, 2020, the Court entered an order staying the lawsuit pending the resolution of the multi-district litigation. The lawsuit will be vigorously defended. Certain governmental entities have requested information from the Company related to the AMCA Incident. The Company received a request for information from the Office for Civil Rights (OCR) of the Department of Health and Human Services. On April 28, 2020, OCR notified the Company of the closure of its inquiry. The Company has also received requests from a multi-state group of state Attorneys General and is cooperating with these requests for information. On January 31, 2020, the Company was served with a putative class action lawsuit, Luke Davis and Julian Vargas, et al. v. Laboratory Corporation of America Holdings , filed in the U.S. District Court for the Central District of California. The lawsuit alleges that visually impaired patients are unable to use the Company's touchscreen kiosks at Company patient service centers in violation of the Americans with Disabilities Act and similar California statutes. The lawsuit seeks statutory damages, injunctive relief, and attorney's fees and costs. On March 20, 2020, the Company filed a Motion to Dismiss Plaintiffs' Complaint and to Strike Class Allegations. In August 2020, the Plaintiffs filed an Amended Complaint. The Company will vigorously defend the lawsuit. On May 14, 2020, the Company was served with a putative class action lawsuit, Jose Bermejo v. Laboratory Corporation of America (Bermejo I) filed in the Superior Court of California, County of Los Angeles Central District, alleging that certain non-exempt California-based employees were not properly compensated for driving time or properly paid wages upon termination of employment. The Plaintiff asserts these actions violate various California Labor Code provisions and Section 17200 of the Business and Professional Code. The lawsuit seeks monetary damages, civil penalties, and recovery of attorney’s fees and costs. On June 15, 2020, the lawsuit was removed to the U.S. District Court for the Central District of California. On June 16, 2020, the Company was served with a Private Attorney General Act lawsuit by the same plaintiff in Jose Bermejo v. Laboratory Corporation of America (Bermejo II), filed in the Superior Court of California, County of Los Angeles Central District, alleging that certain Company practices violated California Labor Code penalty provisions related to unpaid and minimum wages, unpaid overtime, unpaid mean and rest break premiums, untimely payment of wages following separation of employment, failure to maintain accurate pay records, and non-reimbursement of business expenses. The second lawsuit seeks to recover civil penalties and recovery of attorney's fees and costs. On October 28, 2020, the court issued an order staying proceedings in Bermejo II pending resolution of Bermejo I . The second lawsuit seeks to recover civil penalties and recovery of attorney's fees and costs. The Company will vigorously defend both lawsuits. On August 14, 2020, the Company was served with a Subpoena Duces Tecum issued by the State of Colorado Office of the Attorney General requiring the production of documents related to urine drug testing in all states. The Company is cooperating with this request. On October 2, 2020, the Company was served with a putative class action lawsuit, Peterson v. Laboratory Corporation of America Holdings , filed in the U.S. District Court for the Northern District of New York, alleging claims for a failure to properly pay service representatives compensation for all hours worked and overtime under the Fair Labor Standards Act, as well as notice and recordkeeping claims under the New York Labor Code. On February 21, 2021, Plaintiff filed an amended complaint reiterating allegations of violations of the Fair Labor Standards Act and New York Labor Code, but narrowing the scope of the putative class to only those service representatives employed by the Company within the State of New York. The lawsuit seeks monetary damages, liquidated damages, equitable and injunctive relief, and recovery of attorney's fees and costs. The Company will vigorously defend the lawsuit. On October 5, 2020, the Company was served with a putative class action lawsuit, Williams v. LabCorp Employer Services, Inc. et al, filed in the Superior Court of California, County of Los Angeles, alleging that certain non-exempt California-based employees were not properly compensated for work and overtime hours, not properly paid meal and rest break premiums, not reimbursed for certain business-related expenses, not properly paid for driving or wait times, and received inaccurate wage statements. The Plaintiff also asserts claims for unfair competition under Section 17200 of the Business and Professional Code. On November 4, 2020, the lawsuit was removed to the U.S. District Court for the Central District of California. The lawsuit seeks monetary damages, liquidated damages, civil penalties, and recovery of attorney's fees and costs. The Company will vigorously defend the lawsuit. On March 1, 2021, the Company was served with a putative class action lawsuit, Foy v. Laboratory Corporation of America Holdings d/b/a Labcorp Diagnostics , filed in the U.S. District Court for the Middle District of North Carolina, alleging claims for failure to properly pay service representatives employed outside of California and New York for all hours worked and overtime compensation under the Fair Labor Standards Act. The lawsuit seeks monetary damages, liquidated damages, equitable and injunctive relief, and recovery of attorney’s fees and costs. The Company will vigorously defend the lawsuit. Under the Company's present insurance programs, coverage is obtained for catastrophic exposure as well as those risks required to be insured by law or contract. The Company is responsible for the uninsured portion of losses related primarily to general, professional and vehicle liability, certain medical costs and workers' compensation. The self-insured retentions are on a per-occurrence basis without any aggregate annual limit. Provisions for losses expected under these programs are recorded based upon the Company's estimates of the aggregated liability of claims incurred. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021, and December 31, 2020, is as follows: Fair Value Measurements as of Fair Value March 31, 2021 Balance Sheet Using Fair Value Hierarchy Classification March 31, 2021 Level 1 Level 2 Level 3 Noncontrolling interest put Noncontrolling interest $ 16.4 $ — $ 16.4 $ — Cross currency swaps Other liabilities 3.0 — 3.0 — Cash surrender value of life insurance policies Other assets, net 93.0 — 93.0 — Deferred compensation liability Other liabilities 94.3 — 94.3 — Contingent consideration Other liabilities 12.8 — — 12.8 Fair Value Measurements as of Fair Value December 31, 2020 Balance Sheet Using Fair Value Hierarchy Classification December 31, 2020 Level 1 Level 2 Level 3 Noncontrolling interest put Noncontrolling interest $ 16.2 $ — $ 16.2 $ — Cross currency swaps Other liabilities 40.4 — 40.4 — Cash surrender value of life insurance policies Other assets, net 90.6 — 90.6 — Deferred compensation liability Other liabilities 89.2 — 89.2 — Contingent consideration Other liabilities 13.9 — — 13.9 Fair Value Measurement of Level 3 Liabilities Contingent Consideration Balance at December 31, 2020 $ 13.9 Adjustments (1.1) Balance at March 31, 2021 $ 12.8 The Company has a noncontrolling interest put related to its Ontario subsidiary that has been classified as mezzanine equity in the Company’s condensed consolidated balance sheets. The noncontrolling interest put is valued at its contractually determined value, which approximates fair value. The Company offers certain employees the opportunity to participate in an employee-funded deferred compensation plan (DCP). A participant's deferrals are allocated by the participant to one or more of 16 measurement funds, which are indexed to externally managed funds. From time to time, to offset the cost of the growth in the participant's investment accounts, the Company purchases life insurance policies, with the Company named as beneficiary of the policies. Changes in the cash surrender value of the life insurance policies are based upon earnings and changes in the value of the underlying investments, which are typically invested in a similar manner to the participant's allocations. Changes in the fair value of the DCP obligation are derived using quoted prices in active markets based on the market price per unit multiplied by the number of units. The cash surrender value and the DCP obligations are classified within Level 2 because their inputs are derived principally from observable market data by correlation to the hypothetical investments. Contingent acquisition consideration liabilities are measured at fair value using Level 3 valuations. These contingent consideration liabilities were recorded at fair value on the acquisition date and are remeasured quarterly based on the then assessed fair value and adjusted if necessary. The increases or decreases in the fair value of contingent consideration payable can result from changes in anticipated revenue levels and changes in assumed discount periods and rates. As the fair value measure is based on significant inputs that are not observable in the market, they are categorized as Level 3. |
DERIVATIVE INSTRUMENTS AND HEDG
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments, Gain (Loss) [Table Text Block] | The table below provides information regarding the location and amount of pretax (gains) losses of derivatives designated in fair value hedging: Amount of pre-tax gain/(loss) included in other comprehensive income Amounts reclassified to the Three Months Ended March 31, Three Months Ended March 31, 2021 2020 2021 2020 Interest rate swap contracts $ — $ 1.8 $ — $ — Cross currency swaps $ 37.4 $ 19.9 $ — $ — |
Derivative Instruments And Hedging 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 foreign currency exchange rates, through a controlled program of risk management that includes, from time to time, the use of derivative financial instruments. The Company does not hold or issue derivative financial instruments for trading purposes. The Company does not believe that its exposure to market risk is material to the Company’s financial position or results of operations. Cross Currency Swaps During the fourth quarter of 2018, the Company entered into six U.S. Dollar to Swiss Franc cross-currency swap agreements with an aggregate notional value of $600.0 and which are accounted for as a hedge against the impact of foreign exchange movements on its net investment in a Swiss subsidiary. Of the notional value, $300.0 matures in 2022 and $300.0 matures in 2025. The cross currency swaps maturing in 2022 and 2025 with an aggregate fair value of $(5.8) and $2.8 as of March 31, 2021, respectively, are included in other long-term liabilities. The cross currency swaps maturing in 2022 and 2025 with an aggregate fair value of $(26.0) and $(14.4) as of December 31, 2020, respectively, are included in other long-term liabilities. Changes in the fair value of the cross-currency swaps are recorded as a component of the foreign currency translation adjustment in accumulated other comprehensive income in the Condensed Consolidated Balance Sheet until the hedged item is recognized in earnings. The cumulative amount of the fair value hedging adjustment included in the current value of the cross currency swaps was $37.4 for the three months ended March 31, 2021, and was recognized as currency translation within the Condensed Consolidated Statement of Comprehensive Earnings. There were no amounts reclassified from the Condensed Consolidated Statement of Comprehensive Earnings to the Condensed Consolidated Statement of Operations during the three months ended March 31, 2021. The table below presents the fair value of derivatives on a gross basis and the balance sheet classification of those instruments: March 31, 2021 December 31, 2020 Fair Value of Derivative Fair Value of Derivative Balance Sheet Caption Asset Liability U.S. Dollar Notional Asset Liability U.S. Dollar Notional Derivatives Designated as Hedging Instruments Cross currency swaps Other assets, net or Other liabilities $ — $ 3.0 $ 600.0 $ — $ 40.4 $ 600.0 The table below provides information regarding the location and amount of pretax (gains) losses of derivatives designated in fair value hedging: Amount of pre-tax gain/(loss) included in other comprehensive income Amounts reclassified to the Three Months Ended March 31, Three Months Ended March 31, 2021 2020 2021 2020 Interest rate swap contracts $ — $ 1.8 $ — $ — Cross currency swaps $ 37.4 $ 19.9 $ — $ — No gains or losses from derivative instruments have been recognized into income for the three months ended March 31, 2021, and 2020. |
Schedule of Derivative Instruments [Table Text Block] | The table below presents the fair value of derivatives on a gross basis and the balance sheet classification of those instruments: March 31, 2021 December 31, 2020 Fair Value of Derivative Fair Value of Derivative Balance Sheet Caption Asset Liability U.S. Dollar Notional Asset Liability U.S. Dollar Notional Derivatives Designated as Hedging Instruments Cross currency swaps Other assets, net or Other liabilities $ — $ 3.0 $ 600.0 $ — $ 40.4 $ 600.0 |
BUSINESS ACQUISITIONS
BUSINESS ACQUISITIONS | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | BUSINESS ACQUISITIONS AND DISPOSITIONS During the three months ended March 31, 2021, the Company acquired a business and related assets for approximately $34.1 in cash within Dx. The purchase consideration for the acquisition in the three months ended March 31, 2021, has been allocated under the acquisition method of accounting to the estimated fair market value of the net assets acquired, including approximately $17.6 in identifiable intangible assets and a residual amount of non-tax deductible goodwill of approximately $15.6. The amortization periods for intangible assets acquired from the business range from 5 to 15 years for customer relationships and non-compete agreements. The acquisition was made primarily to expand the Company's services for hospitals and health system laboratories. The excess of the fair value of the consideration conveyed over the fair value of the net assets acquired was recorded as goodwill. The goodwill reflects the Company's expectations to utilize the acquired business' workforce and established relationships and the benefits of being able to leverage operational efficiencies with favorable growth opportunities in these markets. |
BUSINESS SEGMENT INFORMATION Bu
BUSINESS SEGMENT INFORMATION Business Segment information (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | |
Segment Reporting Disclosure [Text Block] | BUSINESS SEGMENT INFORMATION The following table is a summary of segment information for the three months March 31, 2021, and 2020. The management approach has been used to present the following segment information. This approach is based upon the way the management of the Company organizes segments within an enterprise for making operating decisions and assessing performance. Financial information is reported on the basis that it is used internally by the chief operating decision maker (CODM) for evaluating segment performance and deciding how to allocate resources to segments. The Company’s chief executive officer has been identified as the CODM. Segment asset information is not presented because it is not used by the CODM at the segment level. Operating earnings of each segment represent revenues less directly identifiable expenses to arrive at operating income for the segment. General management and administrative corporate expenses are included in general corporate expenses below. Three Months Ended March 31, 2021 2021 2020 Revenues: Dx $ 2,757.8 $ 1,702.0 DD 1,438.2 1,143.8 Intercompany eliminations and other (34.5) (22.0) Revenues 4,161.5 2,823.8 Operating earnings (loss): Dx 949.1 205.2 DD 156.4 (338.7) General corporate expenses (47.6) (59.1) Total operating income (loss) 1,057.9 (192.6) Non-operating expenses, net (36.1) (75.1) Earnings (loss) before income taxes 1,021.8 (267.7) Provision for income taxes 251.7 49.2 Net earnings (loss) 770.1 (316.9) Less: Net earnings attributable to the noncontrolling interest (0.5) (0.3) Net earnings (loss) attributable to Laboratory Corporation of America Holdings $ 769.6 $ (317.2) |
BASIS OF FINANCIAL STATEMENT _2
BASIS OF FINANCIAL STATEMENT PRESENTATION Use of Estimates (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements In March 2020, the FASB issued a new accounting standard to provide optional expedients and exceptions if certain conditions are met for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform. The expedients and exceptions in the standard are effective between March 12, |
Recently Adopted Accounting Guidance [Policy Text Block] | Recently Adopted Guidance In August 2018, the Financial Accounting Standards Board (FASB) issued a new accounting standard to reduce, modify, and add to the disclosure requirements on defined benefit pension and other postretirement plans. The Company adopted this standard effective January 1, 2021. The adoption of this standard did not have a material impact on the consolidated financial statements. In December 2019, the FASB issued a new accounting standard to simplify accounting for income taxes and remove, modify, and add to the disclosure requirements of income taxes. The Company adopted this standard effective January 1, 2021. The adoption of this standard did not have a material impact on the consolidated financial statements. In January 2020, the FASB issued a new accounting standard to clarify the interaction of the accounting for equity securities and investments accounted for under the equity method of accounting and the accounting for certain forward contracts and purchased options. The Company adopted this standard effective January 1, 2021. The adoption of this standard did not have a material impact on the consolidated financial statements. |
Intangible Assets, Goodwill and
Intangible Assets, Goodwill and Other (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Goodwill, Policy | GOODWILL AND INTANGIBLE ASSETS The changes in the carrying amount of goodwill for the three months ended March 31, 2021, are as follows: Dx DD Total Balance as of December 31, 2020 $ 3,800.2 $ 3,951.3 $ 7,751.5 Goodwill acquired during the period 15.6 — 15.6 Foreign currency impact and other adjustments to goodwill 4.5 (51.1) (46.6) Balance as of March 31, 2021 $ 3,820.3 $ 3,900.2 $ 7,720.5 The Company assesses goodwill and indefinite-lived intangibles for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The Company recognizes an impairment charge for the amount by which the reporting unit's carrying amount exceeds its fair value. Based upon the revised forecasted revenues and operating income following the declaration of the COVID-19 global pandemic, management concluded there was a triggering event and updated its annual 2019 goodwill impairment testing as of March 31, 2020, for certain of its DD reporting units and Dx reporting units. Based on the quantitative impairment assessment, performed in the same manner as the annual quantitative assessment, the Company concluded that the fair value was less than carrying value for two of its reporting units and recorded a goodwill impairment of $418.7 for DD and $3.7 for Dx. The components of identifiable intangible assets are as follows: March 31, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 4,566.3 $ (1,573.0) $ 2,993.3 $ 4,643.3 $ (1,534.9) $ 3,108.4 Patents, licenses and technology 454.2 (257.1) 197.1 434.7 (252.6) 182.1 Non-compete agreements 114.8 (73.7) 41.1 109.6 (70.7) 38.9 Trade name 398.9 (296.5) 102.4 401.8 (263.9) 137.9 Land use right 10.8 (7.2) 3.6 10.9 (6.9) 4.0 Canadian licenses 496.5 — 496.5 489.8 — 489.8 $ 6,041.5 $ (2,207.5) $ 3,834.0 $ 6,090.1 $ (2,129.0) $ 3,961.1 |
Revenue from Contract with Cust
Revenue from Contract with Customer (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUES The Company's revenues by segment and by payers/customer groups for the three months ended March 31, 2021, and 2020, were as follows: For the Three Months Ended March 31, 2021 For the Three Months Ended March 31, 2020 North America Europe Other Total North America Europe Other Total Payer/Customer Dx Clients 19 % — % — % 19 % 17 % — % — % 17 % Patients 5 % — % — % 5 % 7 % — % — % 7 % Medicare and Medicaid 7 % — % — % 7 % 8 % — % — % 8 % Third-party 34 % — % — % 34 % 28 % — % — % 28 % Total Dx revenues by payer 65 % — % — % 65 % 60 % — % — % 60 % DD Biopharmaceutical and medical device companies 21 % 10 % 4 % 35 % 20 % 13 % 7 % 40 % Total revenues 86 % 10 % 4 % 100 % 80 % 13 % 7 % 100 % Revenues in the U.S. were $3,472.5 (83%) and $2,165.3 (77%) for the three months ended March 31, 2021, and 2020. Contract costs DD incurs sales commissions in the process of obtaining contracts with customers. Sales commissions that are payable upon contract award are recognized as assets and amortized over the expected contract term, along with related payroll tax expense. The amortization of commission expense is based on the weighted average contract duration for all commissionable awards in the respective business in which the commission expense is paid, which approximates the period over which goods and services are transferred to the customer. The amortization period of sales commissions ranges from approximately 1 to 5 years, depending on the business. For businesses that enter into primarily short-term contracts, the Company applies the practical expedient, which allows costs to obtain a contract to be expensed when incurred if the amortization period of the assets that would otherwise have been recognized is one year or less. Amortization of assets from sales commissions is included in selling, general, and administrative expense. DD incurs costs to fulfill contracts with customers. Contract fulfillment costs include software implementation costs and setup costs for certain market access solutions. These costs are recognized as assets and amortized over the expected term of the contract to which the implementation relates, which is the period over which services are expected to be provided to the customer. This period typically ranges from 2 to 5 years. Amortization of deferred contract fulfillment costs is included in cost of goods sold. March 31, 2021 December 31, 2020 Sales commission assets $ 36.0 $ 32.6 Deferred contract fulfillment costs 14.3 12.6 Total $ 50.3 $ 45.2 Amortization related to sales commission assets and associated payroll taxes for the three months ended March 31, 2021, and 2020, was $6.9 and $5.3, respectively. Amortization related to deferred contract fulfillment costs for the three months ended March 31, 2021, and 2020, was $3.5 and $3.0, respectively. Receivables, Unbilled Services and Unearned Revenue Unbilled services are comprised primarily of unbilled receivables, but also include contract assets. A contract asset is recorded when a right to payment has been earned for work performed, but billing and payment for that work is determined by certain contractual milestones, whereas unbilled receivables are billable upon the passage of time. While the Company attempts to negotiate terms that provide for billing and payment of services prior or in close proximity to the provision of services, this is not always possible and there are fluctuations in the level of unbilled services and unearned revenue from period to period. The following table provides information about receivables, unbilled services, and unearned revenue (contract liabilities) from contracts with customers which primarily exist within DD. March 31, 2021 December 31, 2020 Receivables, which are included in accounts receivable $ 1,007.2 $ 1,001.5 Unbilled services 579.5 548.1 Unearned revenue 522.3 492.2 Revenues recognized during the period, that were included in the unearned revenue balance at the beginning of the period for the three months ended March 31, 2021, and 2020, were $152.3 and $121.8, respectively. Credit Loss Rollforward The Company estimates future expected losses on accounts receivable, unbilled services and notes receivable over the remaining collection period of the instrument. The rollforward for the allowance for credit losses for the three months ended March 31, 2021 is as follows: For the Three Months Ended March 31, 2021 Accounts Receivable Unbilled Services Note and Other Receivables Total Allowance for credit losses as of December 31, 2020 $ 22.1 $ 11.3 $ 5.7 $ 39.1 Plus, credit loss expense (credit) (0.5) — — (0.5) Less, write offs 0.6 — — 0.6 Ending allowance for credit losses $ 21.0 $ 11.3 $ 5.7 $ 38.0 Performance Obligations Under Long-Term Contracts Long-term contracts at the Company consist primarily of fully managed clinical studies within DD. The amount of existing performance obligations under such long-term contracts unsatisfied as of March 31, 2021, was $5,563.4. The Company expects to recognize revenue over the remaining contract term of the individual projects, with contract terms generally ranging from 1 to 8 years. Within DD, revenues of $16.5 and $9.7 were recognized during the three months ended March 31, 2021, and 2020, respectively, from performance obligations that were satisfied in previous periods. This revenue primarily relates to adjustments related to changes in scope in full service clinical studies, and to a lesser extent, changes in estimates. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Reconciliation of Basic earnings per Share to Diluted Earnings per Share | The following represents a reconciliation of basic earnings (loss) per share to diluted earnings (loss) per share: Three Months Ended March 31, 2021 2020 Earnings Shares Per Share Amount Earnings (Loss) Shares Per Share Amount Basic earnings (loss) per share: Net earnings (loss) $ 769.6 97.6 $ 7.88 $ (317.2) 97.2 $ (3.27) Dilutive effect of employee stock options and awards — 0.9 — — Net earnings (loss) including impact of dilutive adjustments $ 769.6 98.5 $ 7.82 $ (317.2) 97.2 $ (3.27) |
Potential common shares not included in computation of diluted earnings per share | The following table summarizes the potential common shares not included in the computation of diluted earnings per share because their impact would have been antidilutive: Three Months Ended March 31, 2021 2020 Employee stock options and awards — 1.3 |
RESTRUCTURING AND OTHER SPECI_2
RESTRUCTURING AND OTHER SPECIAL CHARGES Restructuring and Other Special Charges Detail (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following represents the Company’s restructuring reserve activities for the period indicated: Dx DD Severance and Other Employee Costs Facility Costs Severance and Other Employee Costs Facility Costs Total Balance as of December 31, 2020 $ 0.3 $ 0.4 $ 2.4 $ 4.7 $ 7.8 Restructuring charges 2.2 5.5 2.0 9.6 19.3 Adjustments to prior restructuring accruals (0.1) (0.1) 0.1 — (0.1) Cash payments and other adjustments (2.4) (5.3) (1.9) (8.1) (17.7) Balance as of March 31, 2021 $ — $ 0.5 $ 2.6 $ 6.2 $ 9.3 Current $ 6.3 Non-current 3.0 $ 9.3 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the three months ended March 31, 2021, are as follows: Dx DD Total Balance as of December 31, 2020 $ 3,800.2 $ 3,951.3 $ 7,751.5 Goodwill acquired during the period 15.6 — 15.6 Foreign currency impact and other adjustments to goodwill 4.5 (51.1) (46.6) Balance as of March 31, 2021 $ 3,820.3 $ 3,900.2 $ 7,720.5 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | The components of identifiable intangible assets are as follows: March 31, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 4,566.3 $ (1,573.0) $ 2,993.3 $ 4,643.3 $ (1,534.9) $ 3,108.4 Patents, licenses and technology 454.2 (257.1) 197.1 434.7 (252.6) 182.1 Non-compete agreements 114.8 (73.7) 41.1 109.6 (70.7) 38.9 Trade name 398.9 (296.5) 102.4 401.8 (263.9) 137.9 Land use right 10.8 (7.2) 3.6 10.9 (6.9) 4.0 Canadian licenses 496.5 — 496.5 489.8 — 489.8 $ 6,041.5 $ (2,207.5) $ 3,834.0 $ 6,090.1 $ (2,129.0) $ 3,961.1 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Short-term borrowings and current portion of long-term debt | Short-term borrowings and the current portion of long-term debt at March 31, 2021, and December 31, 2020, consisted of the following: March 31, December 31, 2020 3.20% senior notes due 2022 $ 500.0 $ — 2019 Term Loan — 375.0 Debt issuance costs (0.5) (0.4) Current portion of note payable 1.9 2.1 Total short-term borrowings and current portion of long-term debt $ 501.4 $ 376.7 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Company's population of financial assets and liabilities subject to fair value measurements | The Company’s population of financial assets and liabilities subject to fair value measurements as of March 31, 2021, and December 31, 2020, is as follows: Fair Value Measurements as of Fair Value March 31, 2021 Balance Sheet Using Fair Value Hierarchy Classification March 31, 2021 Level 1 Level 2 Level 3 Noncontrolling interest put Noncontrolling interest $ 16.4 $ — $ 16.4 $ — Cross currency swaps Other liabilities 3.0 — 3.0 — Cash surrender value of life insurance policies Other assets, net 93.0 — 93.0 — Deferred compensation liability Other liabilities 94.3 — 94.3 — Contingent consideration Other liabilities 12.8 — — 12.8 Fair Value Measurements as of Fair Value December 31, 2020 Balance Sheet Using Fair Value Hierarchy Classification December 31, 2020 Level 1 Level 2 Level 3 Noncontrolling interest put Noncontrolling interest $ 16.2 $ — $ 16.2 $ — Cross currency swaps Other liabilities 40.4 — 40.4 — Cash surrender value of life insurance policies Other assets, net 90.6 — 90.6 — Deferred compensation liability Other liabilities 89.2 — 89.2 — Contingent consideration Other liabilities 13.9 — — 13.9 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Fair Value Measurement of Level 3 Liabilities Contingent Consideration Balance at December 31, 2020 $ 13.9 Adjustments (1.1) Balance at March 31, 2021 $ 12.8 |
BUSINESS SEGMENT INFORMATION (T
BUSINESS SEGMENT INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reconciliation of Operating Income to Consolidated [Abstract] | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended March 31, 2021 2021 2020 Revenues: Dx $ 2,757.8 $ 1,702.0 DD 1,438.2 1,143.8 Intercompany eliminations and other (34.5) (22.0) Revenues 4,161.5 2,823.8 Operating earnings (loss): Dx 949.1 205.2 DD 156.4 (338.7) General corporate expenses (47.6) (59.1) Total operating income (loss) 1,057.9 (192.6) Non-operating expenses, net (36.1) (75.1) Earnings (loss) before income taxes 1,021.8 (267.7) Provision for income taxes 251.7 49.2 Net earnings (loss) 770.1 (316.9) Less: Net earnings attributable to the noncontrolling interest (0.5) (0.3) Net earnings (loss) attributable to Laboratory Corporation of America Holdings $ 769.6 $ (317.2) |
REVENUE (Tables)
REVENUE (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | The rollforward for the allowance for credit losses for the three months ended March 31, 2021 is as follows: For the Three Months Ended March 31, 2021 Accounts Receivable Unbilled Services Note and Other Receivables Total Allowance for credit losses as of December 31, 2020 $ 22.1 $ 11.3 $ 5.7 $ 39.1 Plus, credit loss expense (credit) (0.5) — — (0.5) Less, write offs 0.6 — — 0.6 Ending allowance for credit losses $ 21.0 $ 11.3 $ 5.7 $ 38.0 |
Contract with Customer, Asset and Liability [Table Text Block] | March 31, 2021 December 31, 2020 Receivables, which are included in accounts receivable $ 1,007.2 $ 1,001.5 Unbilled services 579.5 548.1 Unearned revenue 522.3 492.2 |
Disaggregation of Revenue [Table Text Block] | The Company's revenues by segment and by payers/customer groups for the three months ended March 31, 2021, and 2020, were as follows: For the Three Months Ended March 31, 2021 For the Three Months Ended March 31, 2020 North America Europe Other Total North America Europe Other Total Payer/Customer Dx Clients 19 % — % — % 19 % 17 % — % — % 17 % Patients 5 % — % — % 5 % 7 % — % — % 7 % Medicare and Medicaid 7 % — % — % 7 % 8 % — % — % 8 % Third-party 34 % — % — % 34 % 28 % — % — % 28 % Total Dx revenues by payer 65 % — % — % 65 % 60 % — % — % 60 % DD Biopharmaceutical and medical device companies 21 % 10 % 4 % 35 % 20 % 13 % 7 % 40 % Total revenues 86 % 10 % 4 % 100 % 80 % 13 % 7 % 100 % Revenues in the U.S. were $3,472.5 (83%) and $2,165.3 (77%) for the three months ended March 31, 2021, and 2020. |
Capitalized Contract Cost [Table Text Block] | March 31, 2021 December 31, 2020 Sales commission assets $ 36.0 $ 32.6 Deferred contract fulfillment costs 14.3 12.6 Total $ 50.3 $ 45.2 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION Three Months Ended March 31, 2021 2020 Supplemental schedule of cash flow information: Cash paid during period for: Interest $ 77.7 $ 80.0 Income taxes, net of refunds 40.8 5.8 Disclosure of non-cash financing and investing activities: Change in accrued property, plant and equipment (4.8) (14.0) |
Subsequent Events (Tables)
Subsequent Events (Tables) | May 03, 2021 |
Subsequent Events [Abstract] | |
Subsequent Events | 15. SUBSEQUENT EVENT On May 3, 2021, the Company entered into a definitive agreement to acquire select operating assets and intellectual property, from Myriad Genetics' autoimmune business unit, including the Vectra ® |
BASIS OF FINANCIAL STATEMENT _3
BASIS OF FINANCIAL STATEMENT PRESENTATION (Details) - USD ($) | 3 Months Ended | |||||
Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Asset Impairment Charges | $ 0 | $ 437,400,000 | ||||
Revenues | 4,161,500,000 | 2,823,800,000 | ||||
Cost of Revenue | 2,562,500,000 | 2,095,800,000 | ||||
Contract with Customer, Liability | 522,300,000 | $ 492,200,000 | ||||
Amortization of Deferred Sales Commissions | 6,900,000 | 5,300,000 | ||||
Assets, Current | 5,638,100,000 | 5,125,400,000 | ||||
Net Cash Provided by (Used in) Operating Activities | $ 1,157,600,000 | $ 203,800,000 | ||||
Percent of Revenue Contributed | 100.00% | 100.00% | ||||
Selling, general and administrative expenses | $ 429,800,000 | $ 395,500,000 | ||||
Nonoperating Income (Expense) | (36,100,000) | (75,100,000) | ||||
Provision for income taxes | 251,700,000 | 49,200,000 | ||||
Net earnings | 770,100,000 | (316,900,000) | ||||
Net Income (Loss) Attributable to Parent | $ 769,600,000 | $ 769,600,000 | $ (317,200,000) | $ (317,200,000) | ||
Basic earnings per common share (in dollars per share) | $ 7.88 | $ (3.27) | ||||
Diluted earnings per common share (in dollars per share) | $ 7.82 | $ (3.27) | ||||
Net Cash Provided by (Used in) Investing Activities | $ (132,400,000) | $ (106,600,000) | ||||
Net Cash Provided by (Used in) Financing Activities | (450,100,000) | (102,800,000) | ||||
Effect of exchange rate changes on cash and cash equivalents | (5,100,000) | (8,300,000) | ||||
Assets | 20,417,100,000 | 20,071,700,000 | ||||
Long-term debt, less current portion | 3,368,700,000 | 3,078,500,000 | ||||
Common stock, 92.8 and 93.5 shares outstanding at March 31, 2013 and December 31, 2012, respectively | 20,900,000 | 20,700,000 | ||||
Stockholders' Equity Attributable to Parent | 10,021,500,000 | 10,021,500,000 | 7,020,100,000 | 9,359,700,000 | $ 7,567,000,000 | |
Liabilities and Equity | 20,417,100,000 | 20,071,700,000 | ||||
Capitalized Contract Cost, Amortization | 3,500,000 | 3,000,000 | ||||
Deferred Revenue, Revenue Recognized | 152,300,000 | 121,800,000 | ||||
Revenue, Remaining Performance Obligation, Amount | 5,563,400,000 | |||||
Contract with Customer, Performance Obligation Satisfied in Previous Period | $ 16,500,000 | 9,700,000 | ||||
Ownership percentage below which investments are generally accounted for on the cost method (in thousandths) | 20.00% | |||||
LabCorp Diagnostics [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Revenues | $ 2,757,800,000 | $ 1,702,000,000 | ||||
Percent of Revenue Contributed | 65.00% | 60.00% | ||||
Goodwill, Impairment Loss | $ 3,700,000 | |||||
Covance Drug Development [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Revenues | $ 1,438,200,000 | $ 1,143,800,000 | ||||
Percent of Revenue Contributed | 35.00% | |||||
Goodwill, Impairment Loss | $ 418,700,000 | |||||
Retained Earnings [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Net Income (Loss) Attributable to Parent | 769,600,000 | (317,200,000) | ||||
Stockholders' Equity Attributable to Parent | $ 10,171,900,000 | $ 7,529,000,000 | $ 9,402,300,000 | $ 7,903,600,000 |
EARNINGS PER SHARE (Reconciliat
EARNINGS PER SHARE (Reconciliation of Basic Earnings Per Share to Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions | 3 Months Ended | |||
Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | |
Income [Abstract] | ||||
Net earnings attributable to Laboratory Corporation of America Holdings | $ 769,600,000 | $ 769,600,000 | $ (317,200,000) | $ (317,200,000) |
Shares [Abstract] | ||||
Net earnings, basic (in shares) | 97.6 | 97.2 | ||
Dilutive effect of employee stock options and awards, (in shares) | 0.9 | 0 | ||
Per Share Amount [Abstract] | ||||
Basic earnings per common share (in dollars per share) | $ 7.88 | $ (3.27) | ||
Diluted earnings per common share (in dollars per share) | $ 7.82 | $ (3.27) | ||
Net Income (Loss) Available to Common Stockholders, Diluted | $ 769,600,000 | $ (317,200,000) | ||
Weighted Average Number of Shares Outstanding, Diluted | 98.5 | 97.2 |
EARNINGS PER SHARE (Potential c
EARNINGS PER SHARE (Potential common shares not included in computation of diluted earnings per share) (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Stock options (in shares) | 0 | 1.3 |
RESTRUCTURING AND OTHER SPECI_3
RESTRUCTURING AND OTHER SPECIAL CHARGES (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | $ 9,300,000 | $ 7,800,000 | ||
Restructuring Charges | 19,300,000 | |||
Restructuring Reserve, Accrual Adjustment | 100,000 | |||
Restructuring Reserve Settled With Cash And Other Adjustment | (17,700,000) | |||
Net restructuring charges | 19,200,000 | $ 25,400,000 | ||
Restructuring charges related to severance and other employee costs | 4,200,000 | 5,100,000 | ||
Restructuring charges related to contractual obligations associated with leased facilities and other facility related costs | 15,100,000 | 15,800,000 | ||
Unused facility restructuring reserves | (100,000) | (200,000) | ||
Restructuring Reserve, Current | 6,300,000 | |||
Restructuring Reserve, Noncurrent | 3,000,000 | |||
Asset Impairment Charges | 0 | $ 437,400,000 | ||
Leaseholds and Leasehold Improvements | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Asset Impairment Charges | $ 4,700,000 | |||
Covance Drug Development [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Net restructuring charges | 11,700,000 | 17,300,000 | ||
Covance Drug Development [Member] | Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 2,600,000 | 2,400,000 | ||
Restructuring Charges | 2,000,000 | |||
Restructuring Reserve, Accrual Adjustment | 100,000 | |||
Restructuring Reserve Settled With Cash And Other Adjustment | (1,900,000) | |||
Covance Drug Development [Member] | Facility Closing [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 6,200,000 | 4,700,000 | ||
Restructuring Charges | 9,600,000 | |||
Restructuring Reserve, Accrual Adjustment | 0 | |||
Restructuring Reserve Settled With Cash And Other Adjustment | (8,100,000) | |||
LabCorp Diagnostics [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Net restructuring charges | 7,500,000 | $ 8,100,000 | ||
LabCorp Diagnostics [Member] | Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 0 | 300,000 | ||
Restructuring Charges | 2,200,000 | |||
Restructuring Reserve, Accrual Adjustment | 100,000 | |||
Restructuring Reserve Settled With Cash And Other Adjustment | (2,400,000) | |||
LabCorp Diagnostics [Member] | Facility Closing [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 500,000 | $ 400,000 | ||
Restructuring Charges | 5,500,000 | |||
Restructuring Reserve, Accrual Adjustment | 100,000 | |||
Restructuring Reserve Settled With Cash And Other Adjustment | $ (5,300,000) |
RESTRUCTURING RESERVES (Details
RESTRUCTURING RESERVES (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||
Unused facility restructuring reserves | $ 0.1 | $ 0.2 | |
Balance, beginning of period | 7.8 | ||
Restructuring charges | 19.3 | ||
Cash payments and other adjustments | (17.7) | ||
Balance, end of period | 9.3 | ||
Current | $ 6.3 | ||
Non-current | 3 | ||
Total Restructuring Reserve | 9.3 | 9.3 | |
LabCorp Diagnostics [Member] | Severance and Other Employee Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Balance, beginning of period | 0.3 | ||
Restructuring charges | 2.2 | ||
Cash payments and other adjustments | (2.4) | ||
Balance, end of period | 0 | ||
Total Restructuring Reserve | 0 | 0 | |
LabCorp Diagnostics [Member] | Lease and Other Facility Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Balance, beginning of period | 0.4 | ||
Restructuring charges | 5.5 | ||
Cash payments and other adjustments | (5.3) | ||
Balance, end of period | 0.5 | ||
Total Restructuring Reserve | 0.5 | 0.5 | |
Covance Drug Development [Member] | Severance and Other Employee Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Balance, beginning of period | 2.4 | ||
Restructuring charges | 2 | ||
Cash payments and other adjustments | (1.9) | ||
Balance, end of period | 2.6 | ||
Total Restructuring Reserve | 2.6 | 2.6 | |
Covance Drug Development [Member] | Lease and Other Facility Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Balance, beginning of period | 4.7 | ||
Restructuring charges | 9.6 | ||
Cash payments and other adjustments | (8.1) | ||
Balance, end of period | 6.2 | ||
Total Restructuring Reserve | $ 6.2 | $ 6.2 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS (Changes in Carrying Amount of Goodwill) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | |
Goodwill [Line Items] | ||||
Amortization of intangibles and other assets | $ 92,100,000 | $ 62,300,000 | ||
Severance Costs | 4,200,000 | $ 5,100,000 | ||
Intangible Assets, Gross (Excluding Goodwill) | 6,041,500,000 | $ 6,090,100,000 | ||
Balance as of January 1 | 7,751,500,000 | |||
Adjustments to goodwill | (46,600,000) | |||
Balance at end of period | 7,720,500,000 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | 2,207,500,000 | 2,129,000,000 | ||
Intangible Assets, Net (Excluding Goodwill) | 3,834,000,000 | 3,961,100,000 | ||
Goodwill, Acquired During Period | 15,600,000 | |||
LabCorp Diagnostics [Member] | ||||
Goodwill [Line Items] | ||||
Balance as of January 1 | 3,800,200,000 | |||
Adjustments to goodwill | 4,500,000 | |||
Balance at end of period | 3,820,300,000 | |||
Goodwill, Impairment Loss | 3,700,000 | |||
Goodwill, Acquired During Period | 15,600,000 | |||
Covance Drug Development [Member] | ||||
Goodwill [Line Items] | ||||
Balance as of January 1 | 3,951,300,000 | |||
Adjustments to goodwill | (51,100,000) | |||
Balance at end of period | 3,900,200,000 | |||
Goodwill, Impairment Loss | 418,700,000 | |||
Goodwill, Acquired During Period | 0 | |||
Customer Relationships [Member] | ||||
Goodwill [Line Items] | ||||
Intangible Assets, Gross (Excluding Goodwill) | 4,566,300,000 | 4,643,300,000 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 1,573,000,000 | 1,534,900,000 | ||
Intangible Assets, Net (Excluding Goodwill) | 2,993,300,000 | 3,108,400,000 | ||
Patents, Licenses And Technology [Member] | ||||
Goodwill [Line Items] | ||||
Intangible Assets, Gross (Excluding Goodwill) | 454,200,000 | 434,700,000 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 257,100,000 | 252,600,000 | ||
Intangible Assets, Net (Excluding Goodwill) | 197,100,000 | 182,100,000 | ||
Noncompete Agreements [Member] | ||||
Goodwill [Line Items] | ||||
Intangible Assets, Gross (Excluding Goodwill) | 114,800,000 | 109,600,000 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 73,700,000 | 70,700,000 | ||
Intangible Assets, Net (Excluding Goodwill) | 41,100,000 | 38,900,000 | ||
Trade Names [Member] | ||||
Goodwill [Line Items] | ||||
Intangible Assets, Gross (Excluding Goodwill) | 398,900,000 | 401,800,000 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 296,500,000 | 263,900,000 | ||
Intangible Assets, Net (Excluding Goodwill) | 102,400,000 | 137,900,000 | ||
Use Rights [Member] | ||||
Goodwill [Line Items] | ||||
Intangible Assets, Gross (Excluding Goodwill) | 10,800,000 | 10,900,000 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 7,200,000 | 6,900,000 | ||
Intangible Assets, Net (Excluding Goodwill) | 3,600,000 | 4,000,000 | ||
Canadian licenses [Member] | ||||
Goodwill [Line Items] | ||||
Intangible Assets, Gross (Excluding Goodwill) | 496,500,000 | 489,800,000 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 0 | 0 | ||
Intangible Assets, Net (Excluding Goodwill) | $ 496,500,000 | $ 489,800,000 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS (Components of identifiable intangible assets) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | $ 6,041.5 | $ 6,090.1 |
Accumulated Amortization | (2,207.5) | (2,129) |
Intangible Assets, Net (Excluding Goodwill) | 3,834 | 3,961.1 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 4,566.3 | 4,643.3 |
Accumulated Amortization | (1,573) | (1,534.9) |
Intangible Assets, Net (Excluding Goodwill) | 2,993.3 | 3,108.4 |
Patents, Licenses And Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 454.2 | 434.7 |
Accumulated Amortization | (257.1) | (252.6) |
Intangible Assets, Net (Excluding Goodwill) | 197.1 | 182.1 |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 114.8 | 109.6 |
Accumulated Amortization | (73.7) | (70.7) |
Intangible Assets, Net (Excluding Goodwill) | 41.1 | 38.9 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 398.9 | 401.8 |
Accumulated Amortization | (296.5) | (263.9) |
Intangible Assets, Net (Excluding Goodwill) | 102.4 | 137.9 |
Use Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 10.8 | 10.9 |
Accumulated Amortization | (7.2) | (6.9) |
Intangible Assets, Net (Excluding Goodwill) | 3.6 | 4 |
Canadian licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 496.5 | 489.8 |
Accumulated Amortization | 0 | 0 |
Intangible Assets, Net (Excluding Goodwill) | $ 496.5 | $ 489.8 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible Assets, Gross (Excluding Goodwill) | $ 6,041,500,000 | $ 6,090,100,000 | |
Goodwill | 7,720,500,000 | 7,751,500,000 | |
Amortization of intangibles and other assets | 92,100,000 | $ 62,300,000 | |
Amortization of intangible assets | 92,100,000 | $ 62,300,000 | |
Finite-Lived Intangible Assets, Future Amortization Expense | |||
Estimated amortization expense, 2012 | 206,900,000 | ||
Estimated amortization expense, 2013 | 220,500,000 | ||
Estimated amortization expense, 2014 | 217,500,000 | ||
Estimated amortization expense, 2015 | 212,900,000 | ||
Estimated amortization expense, 2016 | 200,700,000 | ||
Estimated amortization expense, Thereafter | 2,137,300,000 | ||
LabCorp Diagnostics [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | 3,820,300,000 | 3,800,200,000 | |
Goodwill, Impairment Loss | 3,700,000 | ||
Covance Drug Development [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | 3,900,200,000 | $ 3,951,300,000 | |
Goodwill, Impairment Loss | 418,700,000 | ||
Covance [Member] | Trade Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization | $ 29,200,000 |
DEBT (Short-term borrowings and
DEBT (Short-term borrowings and current portion of long-term debt) (Table) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Short-term Debt [Line Items] | ||
Current debt excluding finance lease liability | $ 501.4 | $ 376.7 |
DEBT (Long-term debt) (Details)
DEBT (Long-term debt) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Long-term Debt [Text Block] | Long-term debt at March 31, 2021, and December 31, 2020, consisted of the following: March 31, December 31, 2020 3.20% senior notes due 2022 $ — $ 500.0 3.75% senior notes due 2022 500.0 500.0 4.00% senior notes due 2023 300.0 300.0 3.25% senior notes due 2024 600.0 600.0 2.30% senior notes due 2024 400.0 400.0 3.60% senior notes due 2025 1,000.0 1,000.0 3.60% senior notes due 2027 600.0 600.0 2.95% senior notes due 2029 650.0 650.0 4.70% senior notes due 2045 900.0 900.0 Debt issuance costs (34.9) (37.1) Note payable 5.8 6.1 Total long-term debt $ 4,920.9 $ 5,419.0 | |
Long-term Debt, Excluding Current Maturities | $ 4,920.9 | $ 5,419 |
Line of Credit Facility, Maximum Borrowing Capacity | 1,000 | |
Credit Facility, Maximum Swing Line Borrowings | 100 | |
Notes Payable | 5.8 | 6.1 |
Senior notes due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 0 | 500 |
Senior Notes, Noncurrent | 500 | 500 |
Senior notes due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 300 | 300 |
Senior notes due 2025 [Member] [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 1,000 | 1,000 |
Senior notes due 2045 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 900 | $ 900 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Credit Facility, Maximum Letters of Credit | $ 150 |
DEBT (Senior Notes) (Details)
DEBT (Senior Notes) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Short term debt issuance costs | $ 0.5 | $ 0.4 |
Long-term Debt, Excluding Current Maturities | 4,920.9 | 5,419 |
Line of Credit Facility, Maximum Borrowing Capacity | 1,000 | |
Credit Facility, Maximum Swing Line Borrowings | 100 | |
Long term debt issuance costs | 34.9 | 37.1 |
Notes Payable | 1.9 | 2.1 |
Foreign Currency Contract, Asset, Fair Value Disclosure | 40.4 | |
4.625% Senior notes due 2020 | 500 | 0 |
2.30% senior notes due 2024 | 400 | 400 |
2.95% senior notes due 2029 | 650 | 650 |
Senior notes due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 300 | 300 |
Senior notes due 2024 [Member] [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 600 | 600 |
Senior notes due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 600 | 600 |
Senior notes due 2045 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | $ 900 | $ 900 |
DEBT (Credit Facilities) (Detai
DEBT (Credit Facilities) (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 03, 2019 | |
Line of Credit Facility [Line Items] | |||||
2019 Term Loan | $ 0 | $ 375 | $ 850 | ||
Cash and cash equivalents | 1,890.8 | 1,320.8 | $ 323.6 | $ 337.5 | |
Revolving Credit Facility, maximum borrowing capacity | 1,000 | ||||
Notes Payable | 1.9 | 2.1 | |||
Credit Facility, Maximum Swing Line Borrowings | 100 | ||||
Notes Payable | 5.8 | 6.1 | |||
Senior notes due 2022 [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Senior Notes, Noncurrent | 500 | $ 500 | |||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Remaining Borrowing Capacity | 1,000 | ||||
Credit Facility, Maximum Letters of Credit | $ 150 | ||||
Line of Credit Facility, Interest Rate at Period End | 1.09% | ||||
Second Amended and Restated Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Credit Facility Option to Increase | $ 350 | ||||
Third Amended and Restated Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Credit Facility Option to Increase | $ 500 | ||||
Prime Rate [Member] | Second Amended and Restated Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Interest Rate Description | 0.100% to 0.25% | ||||
Prime Rate [Member] | Third Amended and Restated Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Interest Rate Description | 0.100% to 0.225% |
PREFERRED STOCK AND COMMON SH_2
PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||||
Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Mar. 31, 2021 | |
Class of Stock [Line Items] | |||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 731,500,000 | ||||
Rollforward of common shares issued | |||||
Stock Repurchased During Period, Shares | 300,000 | ||||
Payments for Repurchase of Common Stock | $ 68.5 | $ 100 | |||
Rollforward of Share Repurchase Program | |||||
Purchase of common stock | $ (68.5) | $ (100) | |||
Common Shares Outstanding Rollforward [Abstract] | |||||
Common shares outstanding, beginning balance (in shares) | 97,500,000 | ||||
Common shares outstanding, ending balance (in shares) | 97,800,000 | ||||
Rollforward of common shares held in treasury | |||||
Common Stock, Shares Authorized | 265,000,000 | ||||
Common Stock, Par or Stated Value Per Share | $ 0.10 | ||||
Preferred Stock, Shares Authorized | 30,000,000 | ||||
Preferred Stock, Par or Stated Value Per Share | $ 0.10 | ||||
Preferred Stock, Shares Outstanding | 0 | ||||
Common Stock [Member] | |||||
Rollforward of common shares issued | |||||
Common shares issued, beginning balance (in shares) | 97,500,000 | ||||
Commons Stock Issued During Period Shares Employee Stock Plans | 600,000 | ||||
Stock Repurchased and Retired During Period, Shares | (300,000) | ||||
Common shares issued, ending balance (in shares) | 97,800,000 | ||||
Common Stock, Shares, Issued | 97,800,000 | 97,800,000 | |||
Common Shares Outstanding Rollforward [Abstract] | |||||
Commons Stock Issued During Period Shares Employee Stock Plans | 600,000 | ||||
Stock Repurchased and Retired During Period, Shares | (300,000) | ||||
Commons Stock Issued During Period Shares Employee Stock Plans | 600,000 | ||||
Rollforward of common shares held in treasury | |||||
Stock Repurchased and Retired During Period, Shares | (300,000) |
PREFERRED STOCK AND COMMON SH_3
PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY - Accumulated Other Comprehensive Earnings (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The components of accumulated other comprehensive earnings (loss) are as follows: Foreign Currency Translation Adjustments Net Benefit Plan Adjustments Accumulated Other Comprehensive Earnings (Loss) Balance as of December 31, 2020 $ (21.3) $ (140.6) $ (161.9) Current year adjustments (66.8) 3.0 (63.8) Tax effect of adjustments — (0.8) (0.8) Balance as of March 31, 2021 $ (88.1) $ (138.4) $ (226.5) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment and Tax | $ 3 | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (63.8) | |
Accumulated Other Comprehensive Earnings [Roll Forward] | ||
Foreign Currency Translation Adjustments, Beginning balance | (21.3) | |
Other comprehensive income before reclassifications | (66.8) | |
Tax effect of adjustments | 0 | |
Foreign Currency Translation Adjustments, Ending balance | (88.1) | |
Net Benefit Plan Adjustments, Beginning balance | (140.6) | |
Tax effect of adjustments | (0.8) | |
Net Benefit Plan Adjustments, Ending balance | (138.4) | |
Accumulated Other Comprehensive Earnings, Beginning balance | (161.9) | |
Other comprehensive income before reclassifications | (66.8) | |
Tax effect of adjustments | (0.8) | $ (0.7) |
Accumulated Other Comprehensive Earnings, Ending balance | $ (226.5) |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation, Tax Contingency, Percent | 50.00% | |
Gross unrecognized income tax benefits | $ 48.9 | $ 48.8 |
Accrued interest and penalties related to unrecognized income tax benefits | 8.7 | 8.3 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 46.8 | $ 46.7 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Number of Measurement Funds Available For Participant Election | 16 | |
Noncontrolling interest puts | $ 16.4 | $ 16.2 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 3 | |
Fair market value of senior notes | 5,844.6 | 6,121.8 |
Cash Surrender Value, Fair Value Disclosure | 93 | 90.6 |
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability | 94.3 | 89.2 |
Contingent Consideration Classified as Equity, Fair Value Disclosure | 12.8 | 13.9 |
Foreign Currency Contract, Asset, Fair Value Disclosure | 40.4 | |
Contingent consideration adjustment | (1.1) | |
Level 1 [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Noncontrolling interest puts | 0 | 0 |
Cash Surrender Value, Fair Value Disclosure | 0 | 0 |
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability | 0 | 0 |
Contingent Consideration Classified as Equity, Fair Value Disclosure | 0 | 0 |
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Noncontrolling interest puts | 16.4 | 16.2 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 3 | |
Cash Surrender Value, Fair Value Disclosure | 93 | 90.6 |
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability | 94.3 | 89.2 |
Contingent Consideration Classified as Equity, Fair Value Disclosure | 0 | 0 |
Foreign Currency Contract, Asset, Fair Value Disclosure | 40.4 | |
Level 3 [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Noncontrolling interest puts | 0 | 0 |
Cash Surrender Value, Fair Value Disclosure | 0 | 0 |
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability | 0 | 0 |
Contingent Consideration Classified as Equity, Fair Value Disclosure | 12.8 | 13.9 |
Foreign Currency Contract, Asset, Fair Value Disclosure | $ 0 | $ 0 |
DERIVATIVE INSTRUMENTS AND HE_2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Long-term Debt, Excluding Current Maturities | $ 4,920.9 | $ 5,419 | |
Senior notes due 2025 [Member] [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | 2.8 | (14.4) | |
Cross currency swap maturing 2022 [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | (5.8) | (26) | |
Currency Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 37.4 | $ 19.9 | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | |
Fair Value Hedge Assets | 0 | 0 | |
Fair Value Hedge Liabilities | 3 | 40.4 | |
Interest Rate Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 1.8 | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | $ 0 | |
Senior notes due 2022 [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Long-term Debt, Excluding Current Maturities | 0 | 500 | |
Cross currency swap maturing 2022 [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 300 | ||
Senior notes due 2025 [Member] [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 300 | ||
Senior notes due 2025 [Member] [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Long-term Debt, Excluding Current Maturities | 1,000 | 1,000 | |
Senior notes due 2027 [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Long-term Debt, Excluding Current Maturities | $ 600 | $ 600 |
BUSINESS ACQUISITIONS (Details)
BUSINESS ACQUISITIONS (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Business Combinations [Abstract] | ||
Finite-lived Intangible Assets Acquired | $ 17.6 | |
Payments to Acquire Businesses, Net of Cash Acquired | 34.1 | $ 0 |
Business Acquisition [Line Items] | ||
Goodwill, Acquired During Period | 15.6 | |
Finite-lived Intangible Assets Acquired | $ 17.6 | |
Customer Relationships [Member] | Maximum [Member] | ||
Business Acquisition [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | |
Noncompete Agreements [Member] | Minimum [Member] | ||
Business Acquisition [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years |
BUSINESS SEGMENT INFORMATION _2
BUSINESS SEGMENT INFORMATION Business Segment Information (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Percent of Revenue Contributed | 100.00% | 100.00% | ||
Intercompany revenue elimination | $ (34,500,000) | $ (22,000,000) | ||
Revenues | 4,161,500,000 | 2,823,800,000 | ||
Operating Income (Loss) | 1,057,900,000 | (192,600,000) | ||
Earnings before income taxes | 1,021,800,000 | (267,700,000) | ||
Provision for income taxes | 251,700,000 | 49,200,000 | ||
Net earnings | 770,100,000 | (316,900,000) | ||
Net income attributable to Laboratory Corporation of America Holdings | (500,000) | (300,000) | ||
Nonoperating Income (Expense) | (36,100,000) | (75,100,000) | ||
Net Income (Loss) Attributable to Parent | 769,600,000 | $ 769,600,000 | (317,200,000) | $ (317,200,000) |
Corporate Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | $ (47,600,000) | $ (59,100,000) | ||
LabCorp Diagnostics [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Percent of Revenue Contributed | 65.00% | 60.00% | ||
Revenues | $ 2,757,800,000 | $ 1,702,000,000 | ||
Operating Income (Loss) | $ 949,100,000 | 205,200,000 | ||
Covance Drug Development [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Percent of Revenue Contributed | 35.00% | |||
Revenues | $ 1,438,200,000 | 1,143,800,000 | ||
Operating Income (Loss) | $ 156,400,000 | $ (338,700,000) |
REVENUE (Details)
REVENUE (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Amortization of Deferred Sales Commissions | $ 6.9 | $ 5.3 |
Capitalized Contract Cost, Amortization | 3.5 | 3 |
Contract with Customer, Performance Obligation Satisfied in Previous Period | 16.5 | 9.7 |
Deferred Revenue, Revenue Recognized | $ 152.3 | $ 121.8 |
REVENUE Disaggregated Revenue T
REVENUE Disaggregated Revenue Table (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Accounts Receivable, Allowance for Credit Loss | $ 21,000,000 | $ 22,100,000 | |
Unbilled Services, Allowance for Credit Loss | 11,300,000 | 11,300,000 | |
Note Receivable, Allowance for Credit Loss | 5,700,000 | 5,700,000 | |
Allowance for Credit Loss | 38,000,000 | 39,100,000 | |
Current Expected Credit Losses Opening Balance Sheet Impact on Retained Earnings | (500,000) | ||
Allowance for Credit Loss, Write Off | $ 600,000 | ||
Sales Commission Amortization Period Minimum | 1 year | ||
Deferred Revenue, Revenue Recognized | $ 152,300,000 | $ 121,800,000 | |
Contract with Customer, Asset, before Allowance for Credit Loss | 579,500,000 | 548,100,000 | |
Revenue, Remaining Performance Obligation, Amount | $ 5,563,400,000 | ||
Long Term Contracts Duration Minimum | 1 year | ||
Long Term Contracts Duration Maximum | 8 years | ||
Contract with Customer, Performance Obligation Satisfied in Previous Period | $ 16,500,000 | 9,700,000 | |
Contract with Customer, Liability | 522,300,000 | 492,200,000 | |
Capitalized Contract Cost, Amortization | 3,500,000 | 3,000,000 | |
Accrued Sales Commission | 36,000,000 | 32,600,000 | |
Capitalized Contract Cost, Net | 14,300,000 | 12,600,000 | |
Amount of Deferred Costs Related to Long-term Contracts | 50,300,000 | 45,200,000 | |
Amortization of Deferred Sales Commissions | 6,900,000 | $ 5,300,000 | |
Unbilled Contracts Receivable | $ 579,500,000 | 536,800,000 | |
Percent of Revenue Contributed | 100.00% | 100.00% | |
Sales Commission Amortization Period Maximum | 5 years | ||
Revenues | $ 4,161,500,000 | $ 2,823,800,000 | |
Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Percent of Revenue Contributed | 10.00% | 13.00% | |
North America | |||
Disaggregation of Revenue [Line Items] | |||
Percent of Revenue Contributed | 86.00% | 80.00% | |
Other countries [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Percent of Revenue Contributed | 4.00% | 7.00% | |
UNITED STATES | |||
Disaggregation of Revenue [Line Items] | |||
Percent of Revenue Contributed | 83.00% | 77.00% | |
Revenues | $ 3,472,500,000 | $ 2,165,300,000 | |
Medicare and Medicaid [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Percent of Revenue Contributed | 7.00% | 8.00% | |
LabCorp Diagnostics [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Percent of Revenue Contributed | 65.00% | 60.00% | |
Revenues | $ 2,757,800,000 | $ 1,702,000,000 | |
LabCorp Diagnostics [Member] | Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Percent of Revenue Contributed | 0.00% | 0.00% | |
LabCorp Diagnostics [Member] | North America | |||
Disaggregation of Revenue [Line Items] | |||
Percent of Revenue Contributed | 65.00% | 60.00% | |
LabCorp Diagnostics [Member] | Other countries [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Percent of Revenue Contributed | 0.00% | 0.00% | |
LabCorp Diagnostics [Member] | Client [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Percent of Revenue Contributed | 19.00% | 17.00% | |
LabCorp Diagnostics [Member] | Client [Member] | Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Percent of Revenue Contributed | 0.00% | 0.00% | |
LabCorp Diagnostics [Member] | Client [Member] | North America | |||
Disaggregation of Revenue [Line Items] | |||
Percent of Revenue Contributed | 19.00% | 17.00% | |
LabCorp Diagnostics [Member] | Client [Member] | Other countries [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Percent of Revenue Contributed | 0.00% | 0.00% | |
LabCorp Diagnostics [Member] | Self-Pay [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Percent of Revenue Contributed | 5.00% | 7.00% | |
LabCorp Diagnostics [Member] | Self-Pay [Member] | Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Percent of Revenue Contributed | 0.00% | 0.00% | |
LabCorp Diagnostics [Member] | Self-Pay [Member] | North America | |||
Disaggregation of Revenue [Line Items] | |||
Percent of Revenue Contributed | 5.00% | 7.00% | |
LabCorp Diagnostics [Member] | Self-Pay [Member] | Other countries [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Percent of Revenue Contributed | 0.00% | 0.00% | |
LabCorp Diagnostics [Member] | Medicare and Medicaid [Member] | Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Percent of Revenue Contributed | 0.00% | 0.00% | |
LabCorp Diagnostics [Member] | Medicare and Medicaid [Member] | North America | |||
Disaggregation of Revenue [Line Items] | |||
Percent of Revenue Contributed | 7.00% | 8.00% | |
LabCorp Diagnostics [Member] | Medicare and Medicaid [Member] | Other countries [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Percent of Revenue Contributed | 0.00% | 0.00% | |
LabCorp Diagnostics [Member] | Third party [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Percent of Revenue Contributed | 34.00% | 28.00% | |
LabCorp Diagnostics [Member] | Third party [Member] | Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Percent of Revenue Contributed | 0.00% | 0.00% | |
LabCorp Diagnostics [Member] | Third party [Member] | North America | |||
Disaggregation of Revenue [Line Items] | |||
Percent of Revenue Contributed | 34.00% | 28.00% | |
LabCorp Diagnostics [Member] | Third party [Member] | Other countries [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Percent of Revenue Contributed | 0.00% | 0.00% | |
Covance Drug Development [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Unbilled Contracts Receivable | $ 1,007,200,000 | $ 1,001,500,000 | |
Percent of Revenue Contributed | 35.00% | ||
Revenues | $ 1,438,200,000 | $ 1,143,800,000 | |
Covance Drug Development [Member] | Biopharmaceutical and medical device companies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Percent of Revenue Contributed | 35.00% | 40.00% | |
Covance Drug Development [Member] | Biopharmaceutical and medical device companies [Member] | Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Percent of Revenue Contributed | 10.00% | 13.00% | |
Covance Drug Development [Member] | Biopharmaceutical and medical device companies [Member] | North America | |||
Disaggregation of Revenue [Line Items] | |||
Percent of Revenue Contributed | 21.00% | 20.00% | |
Covance Drug Development [Member] | Biopharmaceutical and medical device companies [Member] | Other countries [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Percent of Revenue Contributed | 4.00% | 7.00% | |
Minimum [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Capitalized Contract Cost, Amortization Period | 2 years | ||
Maximum [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Capitalized Contract Cost, Amortization Period | 5 years | ||
Notes Receivable [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Current Expected Credit Losses Opening Balance Sheet Impact on Retained Earnings | $ 0 | ||
Allowance for Credit Loss, Write Off | 0 | ||
Unbilled Contracts Receivable [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Current Expected Credit Losses Opening Balance Sheet Impact on Retained Earnings | 0 | ||
Allowance for Credit Loss, Write Off | 0 | ||
Accounts Receivable [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Current Expected Credit Losses Opening Balance Sheet Impact on Retained Earnings | (500,000) | ||
Allowance for Credit Loss, Write Off | $ 600,000 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Operating Lease, Liability, Current | $ 191.3 | $ 192 |
Operating Lease, Liability, Noncurrent | 657.8 | 677.6 |
Finance Lease, Liability, Current | 6.3 | 6.7 |
Finance Lease, Liability, Noncurrent | $ 82.7 | $ 84.4 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] | May 03, 2021 |
Subsequent Events [Abstract] | |
Subsequent Event, Description | 150.0 |
Subsequent Event [Line Items] | |
Subsequent Event, Description | 150.0 |
Uncategorized Items - lh-202103
Label | Element | Value |
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures | $ 28,100,000 |
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures | 22,000,000 |
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | 17,900,000 |
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | 28,700,000 |
Issuance of common stock under employee plans | lh_Issuanceofcommonstockunderemployeeplans | 24,700,000 |
Issuance of common stock under employee plans | lh_Issuanceofcommonstockunderemployeeplans | 26,900,000 |
Additional Paid-in Capital [Member] | ||
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures | 22,000,000 |
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures | 28,100,000 |
Stock Repurchased During Period, Value | us-gaap_StockRepurchasedDuringPeriodValue | (49,600,000) |
Stock Repurchased During Period, Value | us-gaap_StockRepurchasedDuringPeriodValue | (68,500,000) |
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | 0 |
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | 0 |
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | 17,900,000 |
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | 28,700,000 |
Issuance of common stock under employee plans | lh_Issuanceofcommonstockunderemployeeplans | 26,900,000 |
Issuance of common stock under employee plans | lh_Issuanceofcommonstockunderemployeeplans | 24,700,000 |
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | 67,100,000 |
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | 26,800,000 |
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | 0 |
Other Comprehensive Income (Loss), Net of Tax | us-gaap_OtherComprehensiveIncomeLossNetOfTax | 0 |
Other Comprehensive Income (Loss), Net of Tax | us-gaap_OtherComprehensiveIncomeLossNetOfTax | 0 |
Additional Paid-in Capital [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | ||
Retained Earnings (Accumulated Deficit) | us-gaap_RetainedEarningsAccumulatedDeficit | 0 |
AOCI Attributable to Parent [Member] | ||
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures | 0 |
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures | 0 |
Stock Repurchased During Period, Value | us-gaap_StockRepurchasedDuringPeriodValue | 0 |
Stock Repurchased During Period, Value | us-gaap_StockRepurchasedDuringPeriodValue | 0 |
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | 0 |
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | 0 |
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | 0 |
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | 0 |
Issuance of common stock under employee plans | lh_Issuanceofcommonstockunderemployeeplans | 0 |
Issuance of common stock under employee plans | lh_Issuanceofcommonstockunderemployeeplans | 0 |
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | (372,400,000) |
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | (517,900,000) |
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | (226,500,000) |
Other Comprehensive Income (Loss), Net of Tax | us-gaap_OtherComprehensiveIncomeLossNetOfTax | (145,500,000) |
Other Comprehensive Income (Loss), Net of Tax | us-gaap_OtherComprehensiveIncomeLossNetOfTax | (64,600,000) |
AOCI Attributable to Parent [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | ||
Retained Earnings (Accumulated Deficit) | us-gaap_RetainedEarningsAccumulatedDeficit | 0 |
Retained Earnings [Member] | ||
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures | 0 |
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures | 0 |
Stock Repurchased During Period, Value | us-gaap_StockRepurchasedDuringPeriodValue | 0 |
Stock Repurchased During Period, Value | us-gaap_StockRepurchasedDuringPeriodValue | (50,400,000) |
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | 0 |
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | 0 |
Issuance of common stock under employee plans | lh_Issuanceofcommonstockunderemployeeplans | 0 |
Issuance of common stock under employee plans | lh_Issuanceofcommonstockunderemployeeplans | 0 |
Other Comprehensive Income (Loss), Net of Tax | us-gaap_OtherComprehensiveIncomeLossNetOfTax | 0 |
Other Comprehensive Income (Loss), Net of Tax | us-gaap_OtherComprehensiveIncomeLossNetOfTax | 0 |
Retained Earnings [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | ||
Retained Earnings (Accumulated Deficit) | us-gaap_RetainedEarningsAccumulatedDeficit | (7,000,000) |
Common Stock [Member] | ||
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures | 0 |
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures | 0 |
Stock Repurchased During Period, Value | us-gaap_StockRepurchasedDuringPeriodValue | 0 |
Stock Repurchased During Period, Value | us-gaap_StockRepurchasedDuringPeriodValue | 0 |
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | 0 |
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | 0 |
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | 0 |
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | 0 |
Issuance of common stock under employee plans | lh_Issuanceofcommonstockunderemployeeplans | 0 |
Issuance of common stock under employee plans | lh_Issuanceofcommonstockunderemployeeplans | 0 |
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | 9,000,000 |
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | 9,000,000 |
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | 9,000,000 |
Other Comprehensive Income (Loss), Net of Tax | us-gaap_OtherComprehensiveIncomeLossNetOfTax | 0 |
Other Comprehensive Income (Loss), Net of Tax | us-gaap_OtherComprehensiveIncomeLossNetOfTax | 0 |
Common Stock [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | ||
Retained Earnings (Accumulated Deficit) | us-gaap_RetainedEarningsAccumulatedDeficit | $ 0 |