Laboratory Corporation of America (LH) 10-Q 1 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares shares in Millions	6 Months Ended
	Jun. 30, 2022	Jul. 29, 2022
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		90.4
Document Fiscal Period Focus	Q2
Amendment Flag	false
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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	2022
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000920148

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)	3 Months Ended	6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Current assets:
Cash and cash equivalents	$ 1,068,800,000	$ 1,068,800,000	$ 1,472,700,000
Accounts Receivable, after Allowance for Credit Loss, Current	2,216,400,000	2,216,400,000	2,261,500,000
Unbilled Contracts Receivable	827,400,000	827,400,000	716,800,000
Supplies inventories	436,300,000	436,300,000	401,400,000
Prepaid expenses and other	481,900,000	481,900,000	478,100,000
Total current assets	5,030,800,000	5,030,800,000	5,330,500,000
Property, plant and equipment, net	2,870,200,000	2,870,200,000	2,815,400,000
Goodwill, net	8,114,000,000	8,114,000,000	7,958,900,000
Intangible Assets, Net (Excluding Goodwill)	3,864,900,000	3,864,900,000	3,735,500,000
Joint venture partnerships and equity method investments	57,700,000	57,700,000	60,900,000
Deferred Income Taxes and Other Assets, Current	28,700,000	28,700,000	21,600,000
Other assets, net	436,800,000	436,800,000	462,600,000
Total assets	20,403,100,000	20,403,100,000	20,385,400,000
Liabilities, Current [Abstract]
Accounts Payable, Current	754,700,000	754,700,000	621,300,000
Accrued Liabilities, Current	1,139,800,000	1,139,800,000	1,404,100,000
Deferred Revenue, Current	544,200,000	544,200,000	558,500,000
Operating Lease, Liability, Current	192,100,000	192,100,000	187,000,000
Finance Lease, Liability, Current	10,500,000	10,500,000	10,500,000
Current debt excluding finance lease liability	1,600,000	1,600,000	1,500,000
Long-term debt, less current portion	2,642,900,000	2,642,900,000	2,782,900,000
Long-term Debt, Excluding Current Maturities	5,360,300,000	5,360,300,000	5,416,500,000
Commitments and contingent liabilities	484,500,000	484,500,000	402,000,000
Operating Lease, Liability, Noncurrent	669,400,000	669,400,000	642,500,000
Finance Lease, Liability, Noncurrent	81,900,000	81,900,000	84,600,000
Deferred income taxes and other tax liabilities	743,400,000	743,400,000	762,900,000
Noncontrolling interest	9,982,400,000	9,982,400,000	10,091,400,000
Shareholders' equity:
Common stock, 92.8 and 93.5 shares outstanding at March 31, 2013 and December 31, 2012, respectively	20,000,000	20,000,000	20,600,000
Additional paid-in capital	0	0	0
Retained earnings	8,300,000	8,300,000	8,500,000
Accumulated other comprehensive income	(10,897,900,000)	(10,897,900,000)	(10,456,800,000)
Total liabilities and shareholders' equity	(505,500,000)	(505,500,000)	(191,900,000)
Stockholders' Equity Attributable to Parent	10,400,700,000	10,400,700,000	10,273,400,000
Liabilities and Equity	20,403,100,000	20,403,100,000	$ 20,385,400,000
Net earnings	$ 358,900,000	$ 851,000,000

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss	$ 21.3	$ 21.5
Shareholders' Equity:
Common stock, shares outstanding (in shares)	91	93.1

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net restructuring and other special charges	$ 44.4	$ 9.6	$ 57	$ 28.8
Operating Income (Loss)	525.9	704.1	1,213.8	1,762
Interest Expense	42.5	78.3	84.7	126.8
Equity method income, net	1.4	8	4.8	12.5
Investment income	2	2.7	3.1	5.1
Other, net	(10.4)	14.1	(20.5)	19.6
Earnings before income taxes	476.4	650.6	1,116.5	1,672.4
Provision for income taxes	117.5	182.6	265.5	434.3
Net earnings	358.9	468	851	1,238.1
Net Income (Loss) Attributable to Noncontrolling Interest	0.3	0.6	0.8	1.1
Net Income (Loss) Attributable to Parent	358.6	467.4	850.2	1,237
Revenues	3,696.9	3,840.7	7,596.5	8,002.2
Cost of Revenue	2,574.2	2,575.9	5,240.9	5,138.4
Gross Profit	1,122.7	1,264.8	2,355.6	2,863.8
Selling, general and administrative expenses	486	458.7	950.1	888.5
Amortization of intangibles and other assets	66.4	92.4	133.5	184.5
Asset Impairment Charges	0	0	1.2	0
Revenues	3,696.9	3,840.7	7,596.5	8,002.2
Cost of Revenue	2,574.2	2,575.9	5,240.9	5,138.4
Gross Profit	1,122.7	1,264.8	2,355.6	2,863.8
Selling, general and administrative expenses	486	458.7	950.1	888.5
Amortization of intangibles and other assets	66.4	92.4	133.5	184.5
Asset Impairment Charges	0	0	1.2	0
Net restructuring and other special charges	44.4	9.6	57	28.8
Operating Income (Loss)	525.9	704.1	1,213.8	1,762
Other income (expenses):
Interest expense	(42.5)	(78.3)	(84.7)	(126.8)
Equity method income, net	1.4	8	4.8	12.5
Investment income	2	2.7	3.1	5.1
Other, net	(10.4)	14.1	(20.5)	19.6
Earnings before income taxes	476.4	650.6	1,116.5	1,672.4
Provision for income taxes	117.5	182.6	265.5	434.3
Net earnings	358.9	468	851	1,238.1
Less: Net earnings attributable to the noncontrolling interest	(0.3)	(0.6)	(0.8)	(1.1)
Net earnings attributable to Laboratory Corporation of America Holdings	$ 358.6	$ 467.4	$ 850.2	$ 1,237
Basic earnings per common share (in dollars per share)	$ 3.89	$ 4.80	$ 9.17	$ 12.69
Diluted earnings per common share (in dollars per share)	$ 3.87	$ 4.76	$ 9.11	$ 12.58

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Provision for income taxes	$ 117.5	$ 182.6	$ 265.5	$ 434.3
Net earnings	358.9	468	851	1,238.1
Other Comprehensive Earnings, Net of Tax
Foreign currency translation adjustments	(241.1)	43.8	(315.7)	(23)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax	0.7	2.1	2.9	5.1
Other comprehensive earnings (loss) before tax	(240.4)	45.9	(312.8)	(17.9)
Tax effect of adjustments	(0.2)	(0.6)	(0.8)	(1.4)
Other comprehensive earnings (loss), net of tax	(240.6)	45.3	(313.6)	(19.3)
Comprehensive earnings	118.3	513.3	537.4	1,218.8
Less: Net earnings attributable to the noncontrolling interest	(0.3)	(0.6)	(0.8)	(1.1)
Comprehensive earnings attributable to Laboratory Corporation of America Holdings	$ 118	$ 512.7	$ 536.6	$ 1,217.7

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Millions	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]
BALANCE at Dec. 31, 2020	$ 9,359.7	$ 9	$ 110.3	$ 9,402.3	$ (161.9)
Net earnings attributable to Laboratory Corporation of America Holdings	769.6	0	0	769.6	0
Other comprehensive earnings, net of tax	(64.6)	0	0	0	(64.6)
Issuance of common stock under employee stock plans	(24.7)	0	(24.7)	0	0
Surrender of restricted stock and performance share awards	(28.1)	0	(28.1)	0	0
Stock compensation	28.7	0	28.7	0	0
Purchase of common stock	(68.5)	0	68.5	0	0
BALANCE at Mar. 31, 2021	10,021.5	9	67.1	10,171.9	(226.5)
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	1,237
Other comprehensive earnings, net of tax	(19.3)
BALANCE at Jun. 30, 2021	10,245.1	8.9	0	10,417.4	(181.2)
BALANCE at Mar. 31, 2021	10,021.5	9	67.1	10,171.9	(226.5)
Net earnings attributable to Laboratory Corporation of America Holdings	467.4	0	0	467.4	0
Other comprehensive earnings, net of tax	45.3	0	0	0	45.3
Issuance of common stock under employee stock plans	(1.9)	0	(1.9)	0	0
Surrender of restricted stock and performance share awards	(14.9)	0	(14.9)	0	0
Stock compensation	23.9	0	23.9	0	0
Purchase of common stock	(300)	0.1	78	221.9	0
BALANCE at Jun. 30, 2021	10,245.1	8.9	0	10,417.4	(181.2)
Retained Earnings (Accumulated Deficit)	10,456.8
BALANCE at Dec. 31, 2021	10,273.4	8.5	0	10,456.8	(191.9)
Net earnings attributable to Laboratory Corporation of America Holdings	491.6	0	0	491.6	0
Other comprehensive earnings, net of tax	(73)	0	0	0	(73)
Issuance of common stock under employee stock plans	(18.2)	0	(18.2)	0	0
Surrender of restricted stock and performance share awards	(27.3)	0	(27.3)	0	0
Stock compensation	38.2	0	38.2	0	0
BALANCE at Mar. 31, 2022	10,721.1	8.5	29.1	10,948.4	(264.9)
BALANCE at Dec. 31, 2021	10,273.4	8.5	0	10,456.8	(191.9)
Net earnings attributable to Laboratory Corporation of America Holdings	850.2
Other comprehensive earnings, net of tax	(313.6)
BALANCE at Jun. 30, 2022	10,400.7	8.3	0	10,897.9	(505.5)
BALANCE at Mar. 31, 2022	10,721.1	8.5	29.1	10,948.4	(264.9)
Net earnings attributable to Laboratory Corporation of America Holdings	358.6	0	0	358.6	0
Other comprehensive earnings, net of tax	(240.6)	0	0	0	(240.6)
Dividends, Cash	68.6
Dividends	(66.7)	0	0	(68.6)	0
Issuance of common stock under employee stock plans	(0.9)	0	(0.9)	0	0
Surrender of restricted stock and performance share awards	(10.1)	0	(10.1)	0	0
Stock compensation	39.4	0	39.4	0	0
Purchase of common stock	(400)	0.2	59.3	340.5	0
BALANCE at Jun. 30, 2022	10,400.7	$ 8.3	$ 0	$ 10,897.9	$ (505.5)
Retained Earnings (Accumulated Deficit)	$ 10,897.9

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 1,068,800,000	$ 1,963,200,000
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	(19,400,000)	(4,100,000)
Net Cash Provided by (Used in) Financing Activities	(497,400,000)	(775,500,000)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	851,000,000	1,238,100,000
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation And Amortization Of Leased Assets	97,700,000	96,300,000
Depreciation and amortization	320,600,000	371,000,000
Stock compensation	77,600,000	52,600,000
Asset Impairment Charges	1,200,000	0
Deferred income taxes	(35,500,000)	(85,500,000)
Other Operating Activities, Cash Flow Statement	3,700,000	2,300,000
Change in assets and liabilities (net of effects of acquisitions):
Increase in accounts receivable (net)	(21,400,000)	(265,000,000)
Increase (Decrease) in Unbilled Contract Receivable	123,900,000	100,300,000
Increase in inventories	35,700,000	17,500,000
Decrease in accounts payable	131,900,000	(44,300,000)
Increase (Decrease) in Deferred Revenue	(6,200,000)	37,700,000
Increase (Decrease) in Prepaid Expense and Other Assets	25,900,000	31,000,000
Increase (Decrease) in Accrued Liabilities and Other Operating Liabilities	(349,400,000)	(139,600,000)
Net cash provided by operating activities	928,500,000	1,644,800,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash payments for laboratory-related assets	(260,500,000)	(192,600,000)
Proceeds from sale of assets	1,100,000	2,700,000
Proceeds from Sale of Equity Method Investments	400,000	0
Payments to Acquire Equity Method Investments	(4,700,000)	(11,900,000)
Net Cash Provided by (Used in) Investing Activities	(815,600,000)	(222,800,000)
Payments to Acquire Businesses, Net of Cash Acquired	(554,900,000)	(34,100,000)
Net cash used for investing activities	(815,600,000)	(222,800,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of Other Long-term Debt	0	375,000,000
Payment, Tax Withholding, Share-based Payment Arrangement	37,400,000	43,000,000
Net proceeds from issuance of stock to employees	19,100,000	26,600,000
Payments of Dividends	(66,700,000)	0
Payments for Repurchase of Common Stock	400,000,000	368,500,000
Other Financing Cash Flows	12,400,000	15,600,000
Net cash provided by (used for) financing activities	(497,400,000)	(775,500,000)
Repayments of Senior Debt	0	1,000,000,000
Proceeds from Issuance of Senior Long-term Debt	0	1,000,000,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	(403,900,000)	642,400,000
Cash and cash equivalents at beginning of period	1,472,700,000
Cash and cash equivalents at end of period	1,068,800,000
Business Acquisition [Line Items]
Proceeds from Sales of Business, Affiliate and Productive Assets	0	13,100,000
Proceeds from Hedge, Investing Activities	$ 3,000,000	$ 0

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	3 Months Ended
	Jun. 30, 2022
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Six Months Ended June 30, 2022 2021 Cash paid during period for: Interest $ 46.7 $ 109.3 Income taxes, net of refunds 291.5 591.6 Disclosure of non-cash financing and investing activities: Change in accrued property, plant and equipment (11.3) 4.8
Supplemental Cash Flow Information	SUPPLEMENTAL CASH FLOW INFORMATION Six Months Ended June 30, 2022 2021 Cash paid during period for: Interest $ 46.7 $ 109.3 Income taxes, net of refunds 291.5 591.6 Disclosure of non-cash financing and investing activities: Change in accrued property, plant and equipment (11.3) 4.8

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION Tabular Information	3 Months Ended
	Jun. 30, 2022
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Six Months Ended June 30, 2022 2021 Cash paid during period for: Interest $ 46.7 $ 109.3 Income taxes, net of refunds 291.5 591.6 Disclosure of non-cash financing and investing activities: Change in accrued property, plant and equipment (11.3) 4.8
Supplemental Cash Flow Information	SUPPLEMENTAL CASH FLOW INFORMATION Six Months Ended June 30, 2022 2021 Cash paid during period for: Interest $ 46.7 $ 109.3 Income taxes, net of refunds 291.5 591.6 Disclosure of non-cash financing and investing activities: Change in accrued property, plant and equipment (11.3) 4.8

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION Description Information - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Debt Conversion [Line Items]
Capital Expenditures Incurred but Not yet Paid		$ 4.8
Decrease in Capital Expenditures Incurred but not yet Paid	$ (11.3)
Cash paid during period for:
Interest	46.7	109.3
Income taxes, net of refunds	$ 291.5	$ 591.6

BASIS OF FINANCIAL STATEMENT PR

BASIS OF FINANCIAL STATEMENT PRESENTATION	3 Months Ended
	Jun. 30, 2022
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 11 (Business Segment Information) to the Condensed Consolidated Financial Statements. During the three months ended June 30, 2022, Dx and DD contributed approximately 61% and 39%, respectively, of revenues to the Company. During the six months ended June 30, 2022, Dx and DD contributed approximately 62% and 38%, respectively, of revenues to the Company. The condensed consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries for which it exercises control. Long-term investments in affiliated companies in which the Company exercises significant influence, but which it does not control, are accounted for using the equity method. Investments in which the Company does not exercise significant influence (generally, when the Company has an investment of less than 20.0% and no representation on the investee's board of directors) are accounted for at fair value, or at cost minus impairment adjusted for observable price changes in orderly transactions for an identical or similar investment of the same issuer for those investments that do not have readily determinable fair values. All significant inter-company transactions and accounts have been eliminated. The Company does not have any significant variable interest entities or special purpose entities whose financial results are not included in the condensed consolidated financial statements. The financial statements of the Company's operating foreign subsidiaries are measured using the local currency as the functional currency. Assets and liabilities are translated at exchange rates as of the balance sheet date. Revenues and expenses are translated at average monthly exchange rates prevailing during the period. Resulting translation adjustments are included in “Accumulated other comprehensive income (loss).” The accompanying condensed consolidated financial statements of the Company are unaudited. In the opinion of management, all adjustments necessary for a fair statement of results of operations, cash flows, and financial position have been made. Except as otherwise disclosed, all such adjustments are of a normal recurring nature. Interim results are not necessarily indicative of results for a full year. The year-end condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles. The condensed consolidated financial statements and notes are presented in accordance with the rules and regulations of the United States (U.S.) Securities and Exchange Commission (SEC) and do not contain certain information included in the Company’s fiscal year 2021 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.
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 11 (Business Segment Information) to the Condensed Consolidated Financial Statements. During the three months ended June 30, 2022, Dx and DD contributed approximately 61% and 39%, respectively, of revenues to the Company. During the six months ended June 30, 2022, Dx and DD contributed approximately 62% and 38%, respectively, of revenues to the Company. The condensed consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries for which it exercises control. Long-term investments in affiliated companies in which the Company exercises significant influence, but which it does not control, are accounted for using the equity method. Investments in which the Company does not exercise significant influence (generally, when the Company has an investment of less than 20.0% and no representation on the investee's board of directors) are accounted for at fair value, or at cost minus impairment adjusted for observable price changes in orderly transactions for an identical or similar investment of the same issuer for those investments that do not have readily determinable fair values. All significant inter-company transactions and accounts have been eliminated. The Company does not have any significant variable interest entities or special purpose entities whose financial results are not included in the condensed consolidated financial statements. The financial statements of the Company's operating foreign subsidiaries are measured using the local currency as the functional currency. Assets and liabilities are translated at exchange rates as of the balance sheet date. Revenues and expenses are translated at average monthly exchange rates prevailing during the period. Resulting translation adjustments are included in “Accumulated other comprehensive income (loss).” The accompanying condensed consolidated financial statements of the Company are unaudited. In the opinion of management, all adjustments necessary for a fair statement of results of operations, cash flows, and financial position have been made. Except as otherwise disclosed, all such adjustments are of a normal recurring nature. Interim results are not necessarily indicative of results for a full year. The year-end condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles. The condensed consolidated financial statements and notes are presented in accordance with the rules and regulations of the United States (U.S.) Securities and Exchange Commission (SEC) and do not contain certain information included in the Company’s fiscal year 2021 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	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHAREBasic earnings per share is computed by dividing net earnings attributable to Laboratory Corporation of America Holdings by the weighted average number of common shares outstanding. Diluted earnings per share is computed by dividing net earnings including the impact of dilutive adjustments by the weighted average number of common shares outstanding plus potentially dilutive shares, as if they had been issued at the earlier of the date of issuance or the beginning of the period presented. Potentially dilutive common shares result primarily from the Company’s outstanding stock options, restricted stock awards, restricted stock units, and performance share awards. The following represents a reconciliation of basic earnings per share to diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Earnings Shares Per Share Amount Earnings Shares Per Share Amount Earnings Shares Per Share Amount Earnings Shares Per Share Amount Basic earnings per share: Net earnings $ 358.6 92.3 $ 3.89 $ 467.4 97.4 $ 4.80 $ 850.2 92.7 $ 9.17 $ 1,237.0 97.5 $ 12.69 Dilutive effect of employee stock options and awards — 0.4 — 0.8 — 0.6 — 0.8 Net earnings including impact of dilutive adjustments $ 358.6 92.7 $ 3.87 $ 467.4 98.2 $ 4.76 $ 850.2 93.3 $ 9.11 $ 1,237.0 98.4 $ 12.58 Diluted earnings per share represent the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. These potential shares include dilutive stock options and unissued restricted stock awards. The following table summarizes the potential common shares not included in the computation of diluted earnings per share because their impact would have been antidilutive: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Employee stock options and awards 0.5 0.1 0.3 0.1

PREFERRED STOCK AND COMMON SHAR

PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
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, 2021 93.1 Shares issued under employee stock plans 0.5 Shares repurchased (2.6) Common shares at June 30, 2022 91.0
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, 2021 $ (125.9) $ (66.0) $ (191.9) Current year adjustments (314.8) 5.1 (309.7) Amounts reclassified from accumulated other comprehensive income (0.9) (2.2) (3.1) Tax effect of adjustments — (0.8) (0.8) Balance as of June 30, 2022 $ (441.6) $ (63.9) $ (505.5)
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 June 30, 2022, and December 31, 2021. The changes in common shares issued are summarized below: Issued and Outstanding Common shares at December 31, 2021 93.1 Shares issued under employee stock plans 0.5 Shares repurchased (2.6) Common shares at June 30, 2022 91.0 Share Repurchase Program During the fourth quarter of 2021, the Company commenced an Accelerated Share Repurchase (ASR) program. At inception, the Company paid $1,000.0 and received 2.7 shares based on a calculation using 80% of the shares calculated at the price at the inception of the ASR agreements with two different banks, Goldman Sachs & Co. LLC (Goldman Sachs) and Barclays Bank PLC (Barclays). The initial shares received under the ASR were removed from the outstanding share count in 2021. In March 2022, the Company received 0.6 shares of its common stock, arising from a partial acceleration with Barclays and a final settlement from Goldman Sachs, based on the average daily volume weighted average price per share of $277.40 . On April 1, 2022, the Company received 0.2 shares of its common stock for final settlement from Barclays based on the average volume-weighted average price per share of $275.51. During the second quarter of 2022, the Company purchased 1.7 shares of its common stock at an average price of $237.85 for a total cost of $400.0. As of June 30, 2022, the Company had outstanding authorization from the board of directors to purchase up to $1,231.5 of the Company's common stock. The repurchase authorization has no expiration. Dividends For the three months ended June 30, 2022, the Company paid $66.7 in common stock dividends or $0.72 per share of common stock. On July 14, 2022, the Company announced a cash dividend of $0.72 per share of common stock for the third quarter, or approximately $66.1 in the aggregate. The dividend will be payable on September 9, 2022, to stockholders of record of all issued and outstanding shares of common stock as of the close of business on August 18, 2022. The declaration and payment of any future dividends will be at the discretion of the Company's board of directors. Accumulated Other Comprehensive Earnings (Loss) The components of accumulated other comprehensive earnings (loss) are as follows: Foreign Currency Translation Adjustments Net Benefit Plan Adjustments Accumulated Other Comprehensive Earnings (Loss) Balance as of December 31, 2021 $ (125.9) $ (66.0) $ (191.9) Current year adjustments (314.8) 5.1 (309.7) Amounts reclassified from accumulated other comprehensive income (0.9) (2.2) (3.1) Tax effect of adjustments — (0.8) (0.8) Balance as of June 30, 2022 $ (441.6) $ (63.9) $ (505.5)

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS The Company’s population of financial assets and liabilities subject to fair value measurements as of June 30, 2022, and December 31, 2021, is as follows: Fair Value Measurements as of June 30, 2022 Balance Sheet Fair Value as of Using Fair Value Hierarchy Classification June 30, 2022 Level 1 Level 2 Level 3 Noncontrolling interest put Noncontrolling interest $ 15.9 $ — $ 15.9 $ — Cross currency swaps Other liabilities 18.3 — 18.3 — Interest rate swaps Other liabilities 55.4 — 55.4 — Cash surrender value of life insurance policies Other assets, net 95.8 — 95.8 — Deferred compensation liability Other liabilities 94.9 — 94.9 — Contingent consideration Other liabilities 99.2 — — 99.2 Fair Value Measurements as of December 31, 2021 Balance Sheet Fair Value as of Using Fair Value Hierarchy Classification December 31, 2021 Level 1 Level 2 Level 3 Noncontrolling interest put Noncontrolling interest $ 16.3 $ — $ 16.3 $ — Cross currency swaps Other liabilities 32.8 — 32.8 — Interest rate swaps Other assets, net 2.9 — 2.9 — Cash surrender value of life insurance policies Other assets, net 106.4 — 106.4 — Deferred compensation liability Other liabilities 104.4 — 104.4 — Investment in equity securities Other current assets 10.9 10.9 — — Contingent consideration Other liabilities 21.9 — — 21.9 Fair Value Measurement of Level 3 Liabilities Contingent Consideration Balance at December 31, 2021 $ 21.9 Payments (10.4) Adjustments (2.3) Additions 90.0 Balance as of June 30, 2022 $ 99.2 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 accrued earn-out business acquisition consideration liabilities are measured at fair value using Level 3 valuations. These contingent consideration liabilities were recorded at fair value on the acquisition date and are remeasured quarterly based on the then assessed fair value and adjusted if necessary. The increases or decreases in the fair value of contingent consideration payable can result from changes in anticipated revenue levels and changes in assumed discount periods and rates. As the fair value measure is based on significant inputs that are not observable in the market, they are categorized as Level 3. The carrying amounts of cash and cash equivalents, accounts receivable, income taxes receivable, and accounts payable are considered to be representative of their respective fair values due to their short-term nature. The fair market value of the senior notes, based on market pricing, was approximately $5,103.1 and $5,841.1 as of June 30, 2022, and December 31, 2021, respectively. The Company's note and debt instruments are classified as Level 2 instruments, as the fair market values of these instruments are determined using other observable inputs.

BUSINESS ACQUISITIONS

BUSINESS ACQUISITIONS	6 Months Ended
	Jun. 30, 2022
Business Combinations [Abstract]
Business Combination Disclosure [Text Block]	BUSINESS ACQUISITIONS During the six months ended June 30, 2022, the Company acquired several businesses and related assets for approximately $554.9 in cash. The purchase consideration for these acquisitions has been allocated under the acquisition method of accounting to the estimated fair market value of the net assets acquired, including approximately $325.3 in identifiable intangible assets and a residual amount of non-tax deductible goodwill of approximately $332.8. The amortization periods for intangible assets acquired from the businesses range from 5 to 15 years for customer relationships and non-compete agreements. These acquisitions were made primarily to complement and accelerate the Company’s existing liquid biopsy capabilities and enhance the Company's diagnostic footprint and capabilities. The preliminary valuation of acquired assets and assumed liabilities, include the following:

BUSINESS SEGMENT INFORMATION Bu

BUSINESS SEGMENT INFORMATION Business Segment information (Notes)	3 Months Ended
	Jun. 30, 2022
Segment Reporting Information [Line Items]
Segment Reporting Disclosure [Text Block]	BUSINESS SEGMENT INFORMATIONThe following table is a summary of segment information for the three and six months ended June 30, 2022, and 2021. 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 as 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 Six Months Ended June 30, June 30, 2022 2021 2022 2021 Revenues: Dx $ 2,255.4 $ 2,365.5 $ 4,709.5 $ 5,123.3 DD 1,451.9 1,495.2 2,911.2 2,933.4 Intercompany eliminations and other (10.4) (20.0) (24.2) (54.5) Revenues $ 3,696.9 $ 3,840.7 7,596.5 8,002.2 Operating earnings: Dx $ 455.5 $ 603.6 1,078.8 1,552.7 DD 150.9 147.3 275.1 303.7 General corporate expenses (80.5) (46.8) (140.1) (94.4) Total operating income $ 525.9 $ 704.1 1,213.8 1,762.0

Subsequent Events

Subsequent Events	3 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	12.  SUBSEQUENT EVENTOn July 28, 2022, the Company announced that its board of directors authorized the Company to pursue a spin-off of its wholly owned Clinical Development business, which includes parts of its DD segment focused on providing Phase I-IV clinical trial management, market access and technology solutions to pharmaceutical and biotechnology organizations. The planned spin-off will result in two independent, publicly traded companies. The spin-off is intended to be a tax-free transaction to the Company and its stockholders for U.S. federal income tax purposes and is expected to be effected through a dividend of the Clinical Development business’ shares to the Company's shareholders. The Company anticipates that, consistent with any applicable legal and tax requirements, there will be ongoing transitional and commercial arrangements to provide for a seamless delivery of services to the customers and other stakeholders of the independent companies following the spin-off. The Company is targeting completion of the spin-off in the second half of 2023. The spin-off will be subject to the satisfaction of certain customary conditions, including, among others, the receipt of final approval by the Company's board of directors, the receipt of appropriate assurances regarding the tax-free nature of the separation, and the effectiveness of any required filings with the SEC.

Intangible Assets, Goodwill and

Intangible Assets, Goodwill and Other (Policies)	3 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, Goodwill, Policy	5. GOODWILL AND INTANGIBLE ASSETS The changes in the carrying amount of goodwill for the six months ended June 30, 2022, are as follows: Dx DD Total Balance as of December 31, 2021 $ 4,046.2 $ 3,912.7 $ 7,958.9 Goodwill acquired during the period 189.7 143.1 332.8 Foreign currency impact and other adjustments to goodwill (50.7) (127.0) (177.7) Balance as of June 30, 2022 $ 4,185.2 $ 3,928.8 $ 8,114.0 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. The components of identifiable intangible assets are as follows: June 30, 2022 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 4,293.3 $ (1,437.9) $ 2,855.4 $ 4,336.0 $ (1,362.1) $ 2,973.9 Patents, licenses and technology 755.2 (284.8) 470.4 484.6 (267.4) 217.2 Non-compete agreements 79.1 (41.6) 37.5 70.2 (35.5) 34.7 Trade name 5.6 (0.9) 4.7 19.8 (15.5) 4.3 Land use right 10.3 (8.2) 2.1 10.4 (7.6) 2.8 Canadian licenses 484.5 — 484.5 493.5 — 493.5 Other 14.2 (3.9) 10.3 9.1 — 9.1 5,642.2 (1,777.3) 3,864.9 5,423.6 (1,688.1) 3,735.5 Amortization of intangible assets for the three and six months ended June 30, 2022, and 2021, was $66.4 and $92.4 and $133.5 and $184.5, respectively. The amortization expense for the net carrying amount of intangible assets is estimated to be $121.4 for the remainder of fiscal 2022, $255.6 in fiscal 2023, $251.0 in fiscal 2024, $238.9 in fiscal 2025, $229.1 in fiscal 2026, and $2,144.7 thereafter.

Revenue from Contract with Cust

Revenue from Contract with Customer (Policies)	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue	REVENUES The Company's revenues by segment and by payers/customer groups for the three and six months ended June 30, 2022, and 2021, were as follows: For the Three Months Ended June 30, 2022 For the Three Months Ended June 30, 2021 North America Europe Other Total North America Europe Other Total Payer/Customer Dx Clients 18 % — % — % 18 % 17 % — % — % 17 % Patients 7 % — % — % 7 % 7 % — % — % 7 % Medicare and Medicaid 6 % — % — % 6 % 6 % — % — % 6 % Third party 30 % — % — % 30 % 31 % — % — % 31 % Total Dx revenues by payer 61 % — % — % 61 % 61 % — % — % 61 % DD Pharmaceutical, biotechnology and medical device companies 19 % 13 % 7 % 39 % 23 % 12 % 4 % 39 % Total revenues 80 % 13 % 7 % 100 % 84 % 12 % 4 % 100 % For the Six Months Ended June 30, 2022 For the Six Months Ended June 30, 2021 North America Europe Other Total North America Europe Other Total Payer/Customer Dx Clients 17 % — % — % 17 % 18 % — % — % 18 % Patients 7 % — % — % 7 % 6 % — % — % 6 % Medicare and Medicaid 6 % — % — % 6 % 6 % — % — % 6 % Third party 32 % — % — % 32 % 33 % — % — % 33 % Total Dx revenues by payer 62 % — % — % 62 % 63 % — % — % 63 % DD Pharmaceutical, biotechnology and medical device companies 18 % 13 % 7 % 38 % 22 % 11 % 4 % 37 % Total revenues 80 % 13 % 7 % 100 % 85 % 11 % 4 % 100 % Revenues in the U.S. were $2,856.9 (77.3%) and $3,091.3 (80.5%) for the three months ended June 30, 2022, and 2021, respectively, and for the six months ended June 30, 2022, and 2021, were $5,857.5 (77.1%) and $6,537.4 (81.7%), respectively. DD Contract costs DD incurs costs to fulfill contracts with customers. Contract fulfillment costs include software implementation costs and setup costs for certain market access solutions. June 30, 2022 December 31, 2021 Sales commission assets $ 40.2 $ 36.2 Deferred contract fulfillment costs 15.0 14.4 Total $ 55.2 $ 50.6 Amortization related to sales commission assets and associated payroll taxes for the three months ended June 30, 2022, and 2021, was $8.7 and $6.4, respectively, and for the six months ended June 30, 2022, and 2021, was $15.9 and $13.3, respectively. Amortization related to deferred contract fulfillment costs for the three months ended June 30, 2022, and 2021, was $2.9 and $3.0, respectively, and was $6.0 and $6.5, respectively, for the six months ended June 30, 2022, and 2021. Accounts Receivable, Unbilled Services and Unearned Revenue The following table provides information about accounts receivable, unbilled services, and unearned revenue from contracts with customers: June 30, 2022 December 31, 2021 Dx accounts receivable $ 1,066.4 $ 1,193.8 DD accounts receivable 1,171.3 1,089.2 Less DD allowance for doubtful accounts (21.3) (21.5) Accounts receivable $ 2,216.4 $ 2,261.5 Gross unbilled services $ 838.8 $ 730.8 Less reserve for unbilled services (11.4) (14.0) Unbilled services $ 827.4 $ 716.8 Unearned revenue $ 544.2 $ 558.5 Revenues recognized during the period that were included in the unearned revenue balance at the beginning of the period were $233.6 and $233.0 for the six months ended June 30, 2022, and 2021, respectively. Credit Loss Rollforward The Company estimates future expected losses on accounts receivable, unbilled services and notes receivable over the remaining collection period of the instrument. The rollforward for the allowance for credit losses for the six months ended June 30, 2022, is as follows: Accounts Receivable Unbilled Services Note and Other Receivables Total Balance as of December 31, 2021 $ 21.5 $ 13.9 $ 0.7 $ 36.1 Plus, credit loss expense 3.0 — — 3.0 Less, write offs (3.2) (2.5) — (5.7) Balance as of June 30, 2022 $ 21.3 $ 11.4 $ 0.7 $ 33.4 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 unsatisfied under such long-term contracts were $6,132.6 and $5,616.6 as of June 30, 2022, and 2021, respectively. 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 $37.4 and $12.2 were recognized during the three months ended June 30, 2022 and 2021, respectively, and revenues of $69.1 and $28.7 were recognized during the six months ended June 30, 2022 and 2021, 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
	Jun. 30, 2022
Earnings Per Share [Abstract]
Reconciliation of Basic earnings per Share to Diluted Earnings per Share	The following represents a reconciliation of basic earnings per share to diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Earnings Shares Per Share Amount Earnings Shares Per Share Amount Earnings Shares Per Share Amount Earnings Shares Per Share Amount Basic earnings per share: Net earnings $ 358.6 92.3 $ 3.89 $ 467.4 97.4 $ 4.80 $ 850.2 92.7 $ 9.17 $ 1,237.0 97.5 $ 12.69 Dilutive effect of employee stock options and awards — 0.4 — 0.8 — 0.6 — 0.8 Net earnings including impact of dilutive adjustments $ 358.6 92.7 $ 3.87 $ 467.4 98.2 $ 4.76 $ 850.2 93.3 $ 9.11 $ 1,237.0 98.4 $ 12.58
Potential common shares not included in computation of diluted earnings per share	The following table summarizes the potential common shares not included in the computation of diluted earnings per share because their impact would have been antidilutive: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Employee stock options and awards 0.5 0.1 0.3 0.1

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in Carrying Amount of Goodwill		The changes in the carrying amount of goodwill for the six months ended June 30, 2022, are as follows: Dx DD Total Balance as of December 31, 2021 $ 4,046.2 $ 3,912.7 $ 7,958.9 Goodwill acquired during the period 189.7 143.1 332.8 Foreign currency impact and other adjustments to goodwill (50.7) (127.0) (177.7) Balance as of June 30, 2022 $ 4,185.2 $ 3,928.8 $ 8,114.0
Schedule of Intangible Assets and Goodwill [Table Text Block]	The components of identifiable intangible assets are as follows: June 30, 2022 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 4,293.3 $ (1,437.9) $ 2,855.4 $ 4,336.0 $ (1,362.1) $ 2,973.9 Patents, licenses and technology 755.2 (284.8) 470.4 484.6 (267.4) 217.2 Non-compete agreements 79.1 (41.6) 37.5 70.2 (35.5) 34.7 Trade name 5.6 (0.9) 4.7 19.8 (15.5) 4.3 Land use right 10.3 (8.2) 2.1 10.4 (7.6) 2.8 Canadian licenses 484.5 — 484.5 493.5 — 493.5 Other 14.2 (3.9) 10.3 9.1 — 9.1 5,642.2 (1,777.3) 3,864.9 5,423.6 (1,688.1) 3,735.5

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Company's population of financial assets and liabilities subject to fair value measurements	The Company’s population of financial assets and liabilities subject to fair value measurements as of June 30, 2022, and December 31, 2021, is as follows: Fair Value Measurements as of June 30, 2022 Balance Sheet Fair Value as of Using Fair Value Hierarchy Classification June 30, 2022 Level 1 Level 2 Level 3 Noncontrolling interest put Noncontrolling interest $ 15.9 $ — $ 15.9 $ — Cross currency swaps Other liabilities 18.3 — 18.3 — Interest rate swaps Other liabilities 55.4 — 55.4 — Cash surrender value of life insurance policies Other assets, net 95.8 — 95.8 — Deferred compensation liability Other liabilities 94.9 — 94.9 — Contingent consideration Other liabilities 99.2 — — 99.2 Fair Value Measurements as of December 31, 2021 Balance Sheet Fair Value as of Using Fair Value Hierarchy Classification December 31, 2021 Level 1 Level 2 Level 3 Noncontrolling interest put Noncontrolling interest $ 16.3 $ — $ 16.3 $ — Cross currency swaps Other liabilities 32.8 — 32.8 — Interest rate swaps Other assets, net 2.9 — 2.9 — Cash surrender value of life insurance policies Other assets, net 106.4 — 106.4 — Deferred compensation liability Other liabilities 104.4 — 104.4 — Investment in equity securities Other current assets 10.9 10.9 — — Contingent consideration Other liabilities 21.9 — — 21.9
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, 2021 $ 21.9 Payments (10.4) Adjustments (2.3) Additions 90.0 Balance as of June 30, 2022 $ 99.2

BUSINESS SEGMENT INFORMATION (T

BUSINESS SEGMENT INFORMATION (Tables)	3 Months Ended
	Jun. 30, 2022
Segment Reconciliation of Operating Income to Consolidated [Abstract]
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Revenues: Dx $ 2,255.4 $ 2,365.5 $ 4,709.5 $ 5,123.3 DD 1,451.9 1,495.2 2,911.2 2,933.4 Intercompany eliminations and other (10.4) (20.0) (24.2) (54.5) Revenues $ 3,696.9 $ 3,840.7 7,596.5 8,002.2 Operating earnings: Dx $ 455.5 $ 603.6 1,078.8 1,552.7 DD 150.9 147.3 275.1 303.7 General corporate expenses (80.5) (46.8) (140.1) (94.4) Total operating income $ 525.9 $ 704.1 1,213.8 1,762.0

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Financing Receivable, Allowance for Credit Loss [Table Text Block]	The rollforward for the allowance for credit losses for the six months ended June 30, 2022, is as follows: Accounts Receivable Unbilled Services Note and Other Receivables Total Balance as of December 31, 2021 $ 21.5 $ 13.9 $ 0.7 $ 36.1 Plus, credit loss expense 3.0 — — 3.0 Less, write offs (3.2) (2.5) — (5.7) Balance as of June 30, 2022 $ 21.3 $ 11.4 $ 0.7 $ 33.4
Contract with Customer, Asset and Liability [Table Text Block]	June 30, 2022 December 31, 2021 Dx accounts receivable $ 1,066.4 $ 1,193.8 DD accounts receivable 1,171.3 1,089.2 Less DD allowance for doubtful accounts (21.3) (21.5) Accounts receivable $ 2,216.4 $ 2,261.5 Gross unbilled services $ 838.8 $ 730.8 Less reserve for unbilled services (11.4) (14.0) Unbilled services $ 827.4 $ 716.8 Unearned revenue $ 544.2 $ 558.5
Disaggregation of Revenue [Table Text Block]	The Company's revenues by segment and by payers/customer groups for the three and six months ended June 30, 2022, and 2021, were as follows: For the Three Months Ended June 30, 2022 For the Three Months Ended June 30, 2021 North America Europe Other Total North America Europe Other Total Payer/Customer Dx Clients 18 % — % — % 18 % 17 % — % — % 17 % Patients 7 % — % — % 7 % 7 % — % — % 7 % Medicare and Medicaid 6 % — % — % 6 % 6 % — % — % 6 % Third party 30 % — % — % 30 % 31 % — % — % 31 % Total Dx revenues by payer 61 % — % — % 61 % 61 % — % — % 61 % DD Pharmaceutical, biotechnology and medical device companies 19 % 13 % 7 % 39 % 23 % 12 % 4 % 39 % Total revenues 80 % 13 % 7 % 100 % 84 % 12 % 4 % 100 % For the Six Months Ended June 30, 2022 For the Six Months Ended June 30, 2021 North America Europe Other Total North America Europe Other Total Payer/Customer Dx Clients 17 % — % — % 17 % 18 % — % — % 18 % Patients 7 % — % — % 7 % 6 % — % — % 6 % Medicare and Medicaid 6 % — % — % 6 % 6 % — % — % 6 % Third party 32 % — % — % 32 % 33 % — % — % 33 % Total Dx revenues by payer 62 % — % — % 62 % 63 % — % — % 63 % DD Pharmaceutical, biotechnology and medical device companies 18 % 13 % 7 % 38 % 22 % 11 % 4 % 37 % Total revenues 80 % 13 % 7 % 100 % 85 % 11 % 4 % 100 % Revenues in the U.S. were $2,856.9 (77.3%) and $3,091.3 (80.5%) for the three months ended June 30, 2022, and 2021, respectively, and for the six months ended June 30, 2022, and 2021, were $5,857.5 (77.1%) and $6,537.4 (81.7%), respectively. DD Contract costs
Capitalized Contract Cost [Table Text Block]	June 30, 2022 December 31, 2021 Sales commission assets $ 40.2 $ 36.2 Deferred contract fulfillment costs 15.0 14.4 Total $ 55.2 $ 50.6

BASIS OF FINANCIAL STATEMENT _2

BASIS OF FINANCIAL STATEMENT PRESENTATION (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Asset Impairment Charges	$ 0		$ 0		$ 1.2	$ 0
Revenues	3,696.9		3,840.7		7,596.5	8,002.2
Contract with Customer, Liability	544.2				544.2		$ 558.5
Amortization of Deferred Sales Commissions	$ 8.7		$ 6.4		$ 15.9	$ 13.3
Percent of Revenue Contributed	100%		100%		100%	100%
Provision for income taxes	$ 117.5		$ 182.6		$ 265.5	$ 434.3
Net earnings	358.9		468		851	1,238.1
Net Income (Loss) Attributable to Parent	358.6	$ 491.6	467.4	$ 769.6	850.2	1,237
Stockholders' Equity Attributable to Parent	10,400.7	10,721.1	10,245.1	10,021.5	10,400.7	10,245.1	10,273.4	$ 9,359.7
Capitalized Contract Cost, Amortization	2.9		3		6	6.5
Deferred Revenue, Revenue Recognized					233.6	233
Revenue, Remaining Performance Obligation, Amount	6,132.6		5,616.6		6,132.6	5,616.6
Contract with Customer, Performance Obligation Satisfied in Previous Period	37.4		12.2		$ 69.1	28.7
Ownership percentage below which investments are generally accounted for on the cost method (in thousandths)					20%
LabCorp Diagnostics [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenues	$ 2,255.4		$ 2,365.5		$ 4,709.5	$ 5,123.3
Percent of Revenue Contributed	61%		61%		62%	63%
Covance Drug Development [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenues	$ 1,451.9		$ 1,495.2		$ 2,911.2	$ 2,933.4
Retained Earnings [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Income (Loss) Attributable to Parent	358.6	491.6	467.4	769.6
Stockholders' Equity Attributable to Parent	$ 10,897.9	$ 10,948.4	$ 10,417.4	$ 10,171.9	$ 10,897.9	$ 10,417.4	$ 10,456.8	$ 9,402.3

EARNINGS PER SHARE (Reconciliat

EARNINGS PER SHARE (Reconciliation of Basic Earnings Per Share to Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Income [Abstract]
Net earnings attributable to Laboratory Corporation of America Holdings	$ 358.6	$ 491.6	$ 467.4	$ 769.6	$ 850.2	$ 1,237
Shares [Abstract]
Net earnings, basic (in shares)	92.3		97.4		92.7	97.5
Dilutive effect of employee stock options and awards, (in shares)	0.4		0.8		0.6	0.8
Per Share Amount [Abstract]
Basic earnings per common share (in dollars per share)	$ 3.89		$ 4.80		$ 9.17	$ 12.69
Diluted earnings per common share (in dollars per share)	$ 3.87		$ 4.76		$ 9.11	$ 12.58
Net Income (Loss) Available to Common Stockholders, Diluted	$ 358.6		$ 467.4		$ 850.2	$ 1,237
Weighted Average Number of Shares Outstanding, Diluted	92.7		98.2		93.3	98.4

EARNINGS PER SHARE (Potential c

EARNINGS PER SHARE (Potential common shares not included in computation of diluted earnings per share) (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Stock options (in shares)	0.5	0.1	0.3	0.1

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS (Changes in Carrying Amount of Goodwill) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Goodwill [Line Items]
Amortization of intangibles and other assets	$ 66.4	$ 92.4	$ 133.5	$ 184.5
Intangible Assets, Gross (Excluding Goodwill)	5,642.2		5,642.2		$ 5,423.6
Balance as of January 1			7,958.9
Adjustments to goodwill			(177.7)
Balance at end of period	8,114		8,114
Finite-Lived Intangible Assets, Accumulated Amortization	1,777.3		1,777.3		1,688.1
Intangible Assets, Net (Excluding Goodwill)	$ 3,864.9		3,864.9		3,735.5
Goodwill, Acquired During Period			332.8
Goodwill [Roll Forward]
Goodwill and Intangible Assets, Goodwill, Policy	5. GOODWILL AND INTANGIBLE ASSETS The changes in the carrying amount of goodwill for the six months ended June 30, 2022, are as follows: Dx DD Total Balance as of December 31, 2021 $ 4,046.2 $ 3,912.7 $ 7,958.9 Goodwill acquired during the period 189.7 143.1 332.8 Foreign currency impact and other adjustments to goodwill (50.7) (127.0) (177.7) Balance as of June 30, 2022 $ 4,185.2 $ 3,928.8 $ 8,114.0 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. The components of identifiable intangible assets are as follows: June 30, 2022 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 4,293.3 $ (1,437.9) $ 2,855.4 $ 4,336.0 $ (1,362.1) $ 2,973.9 Patents, licenses and technology 755.2 (284.8) 470.4 484.6 (267.4) 217.2 Non-compete agreements 79.1 (41.6) 37.5 70.2 (35.5) 34.7 Trade name 5.6 (0.9) 4.7 19.8 (15.5) 4.3 Land use right 10.3 (8.2) 2.1 10.4 (7.6) 2.8 Canadian licenses 484.5 — 484.5 493.5 — 493.5 Other 14.2 (3.9) 10.3 9.1 — 9.1 5,642.2 (1,777.3) 3,864.9 5,423.6 (1,688.1) 3,735.5 Amortization of intangible assets for the three and six months ended June 30, 2022, and 2021, was $66.4 and $92.4 and $133.5 and $184.5, respectively. The amortization expense for the net carrying amount of intangible assets is estimated to be $121.4 for the remainder of fiscal 2022, $255.6 in fiscal 2023, $251.0 in fiscal 2024, $238.9 in fiscal 2025, $229.1 in fiscal 2026, and $2,144.7 thereafter.
LabCorp Diagnostics [Member]
Goodwill [Line Items]
Balance as of January 1			4,046.2
Adjustments to goodwill			(50.7)
Balance at end of period	$ 4,185.2		4,185.2
Goodwill, Acquired During Period			189.7
Covance Drug Development [Member]
Goodwill [Line Items]
Balance as of January 1			3,912.7
Adjustments to goodwill			(127)
Balance at end of period	3,928.8		3,928.8
Goodwill, Acquired During Period			143.1
Customer Relationships [Member]
Goodwill [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	4,293.3		4,293.3		4,336
Finite-Lived Intangible Assets, Accumulated Amortization	1,437.9		1,437.9		1,362.1
Intangible Assets, Net (Excluding Goodwill)	2,855.4		2,855.4		2,973.9
Patents, Licenses And Technology [Member]
Goodwill [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	755.2		755.2		484.6
Finite-Lived Intangible Assets, Accumulated Amortization	284.8		284.8		267.4
Intangible Assets, Net (Excluding Goodwill)	470.4		470.4		217.2
Noncompete Agreements [Member]
Goodwill [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	79.1		79.1		70.2
Finite-Lived Intangible Assets, Accumulated Amortization	41.6		41.6		35.5
Intangible Assets, Net (Excluding Goodwill)	37.5		37.5		34.7
Trade Names [Member]
Goodwill [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	5.6		5.6		19.8
Finite-Lived Intangible Assets, Accumulated Amortization	0.9		0.9		15.5
Intangible Assets, Net (Excluding Goodwill)	4.7		4.7		4.3
Use Rights [Member]
Goodwill [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	10.3		10.3		10.4
Finite-Lived Intangible Assets, Accumulated Amortization	8.2		8.2		7.6
Intangible Assets, Net (Excluding Goodwill)	2.1		2.1		2.8
Canadian licenses [Member]
Goodwill [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	484.5		484.5		493.5
Finite-Lived Intangible Assets, Accumulated Amortization	0		0		0
Intangible Assets, Net (Excluding Goodwill)	$ 484.5		$ 484.5		$ 493.5

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS (Components of identifiable intangible assets) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	$ 5,642.2	$ 5,423.6
Finite-Lived Intangible Assets, Accumulated Amortization	(1,777.3)	(1,688.1)
Intangible Assets, Net (Excluding Goodwill)	3,864.9	3,735.5
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	4,293.3	4,336
Finite-Lived Intangible Assets, Accumulated Amortization	(1,437.9)	(1,362.1)
Intangible Assets, Net (Excluding Goodwill)	2,855.4	2,973.9
Patents, Licenses And Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	755.2	484.6
Finite-Lived Intangible Assets, Accumulated Amortization	(284.8)	(267.4)
Intangible Assets, Net (Excluding Goodwill)	470.4	217.2
Noncompete Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	79.1	70.2
Finite-Lived Intangible Assets, Accumulated Amortization	(41.6)	(35.5)
Intangible Assets, Net (Excluding Goodwill)	37.5	34.7
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	5.6	19.8
Finite-Lived Intangible Assets, Accumulated Amortization	(0.9)	(15.5)
Intangible Assets, Net (Excluding Goodwill)	4.7	4.3
Use Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	10.3	10.4
Finite-Lived Intangible Assets, Accumulated Amortization	(8.2)	(7.6)
Intangible Assets, Net (Excluding Goodwill)	2.1	2.8
Canadian licenses [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	484.5	493.5
Finite-Lived Intangible Assets, Accumulated Amortization	0	0
Intangible Assets, Net (Excluding Goodwill)	484.5	493.5
In Process R&A and Media
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	14.2	9.1
Finite-Lived Intangible Assets, Accumulated Amortization	(3.9)	0
Intangible Assets, Net (Excluding Goodwill)	$ 10.3	$ 9.1

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	$ 5,642.2		$ 5,642.2		$ 5,423.6
Goodwill	8,114		8,114		7,958.9
Amortization of intangibles and other assets	66.4	$ 92.4	133.5	$ 184.5
Adjustments to goodwill			(177.7)
Estimated amortization expense, 2012	121.4		121.4
Estimated amortization expense, 2013	255.6		255.6
Estimated amortization expense, 2014	251		251
Estimated amortization expense, 2015	238.9		238.9
Estimated amortization expense, 2016	229.1		229.1
Estimated amortization expense, Thereafter	2,144.7		2,144.7
Current Expected Credit Losses Opening Balance Sheet Impact on Retained Earnings			3
Amortization of intangible assets	66.4	$ 92.4	133.5	$ 184.5
LabCorp Diagnostics [Member]
Finite-Lived Intangible Assets [Line Items]
Goodwill	4,185.2		4,185.2		4,046.2
Adjustments to goodwill			(50.7)
Covance Drug Development [Member]
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 3,928.8		3,928.8		$ 3,912.7
Adjustments to goodwill			$ (127)

DEBT (Short-term borrowings and

DEBT (Short-term borrowings and current portion of long-term debt) (Table) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Short-term Debt [Line Items]
Current debt excluding finance lease liability	$ 1.6	$ 1.5
Notes Payable	1.6	1.5
3.60% senior notes due 2025	$ 1,000	$ 1,000

DEBT (Long-term debt) (Details)

DEBT (Long-term debt) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	May 26, 2021
Debt Instrument [Line Items]
4.00% senior notes due 2023	$ 300	$ 300
3.25% senior notes due 2024	600	600
2.30% senior notes due 2024	400	400
3.60% senior notes due 2025	1,000	1,000
1.55% senior notes due 2026	500	500
3.60% senior notes due 2027	600	600
2.95% senior notes due 2029	650	650
2.70% senior notes due 2031	500
4.70% senior notes due 2045	900	900
Long term debt issuance costs	37.6	41
Notes Payable, Noncurrent	3.3	4.6
Long-term Debt, Excluding Current Maturities	5,360.3	$ 5,416.5
Senior notes due 2026
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities			$ 500
Senior notes due 2027 [Member]
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities	$ 600

DEBT (Senior Notes) (Details)

DEBT (Senior Notes) (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	May 26, 2021
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities	$ 5,360.3	$ 5,416.5
Line of Credit Facility, Maximum Borrowing Capacity	1,000
Credit Facility Option to Increase	500
Credit Facility, Maximum Swing Line Borrowings	100
Long term debt issuance costs	37.6	41
Notes Payable	1.6	1.5
Foreign Currency Contract, Asset, Fair Value Disclosure		32.8
2.30% senior notes due 2024	400	400
2.95% senior notes due 2029	650	650
2021 Senior Notes			$ 1,000
Proceeds from Debt, Net of Issuance Costs	989.4
Fair Value Hedge Liabilities	55.4
2.70% senior notes due 2031	$ 500
Three month LIBOR	1.0706%
Interest Rate Swap [Member]
Debt Instrument [Line Items]
2.70% senior notes due 2031	$ 444.6	$ 502.9
Senior notes due 2027 [Member]
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities	$ 600
Senior notes due August 2022 [Member]
Debt Instrument [Line Items]
Subordinated Borrowing, Interest Rate	3.75%
Senior notes due 2031
Debt Instrument [Line Items]
Subordinated Borrowing, Interest Rate	2.70%
Senior notes due February 2022
Debt Instrument [Line Items]
Subordinated Borrowing, Interest Rate	3.20%
Senior notes due 2026
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities			$ 500
Subordinated Borrowing, Interest Rate	1.55%

DEBT (Credit Facilities) (Detai

DEBT (Credit Facilities) (Details) - USD ($)	3 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity	$ 1,000,000,000
Revolving Credit Facility, maximum borrowing capacity	$ 1,000,000,000
Line of Credit Facility, Commitment Fee Description	0.10% to 0.23%
Notes Payable	$ 1,600,000	$ 1,500,000
Credit Facility Option to Increase	500,000,000
Credit Facility, Maximum Swing Line Borrowings	100,000,000
Letters of Credit Outstanding, Amount	76,400,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Credit Facility, Maximum Letters of Credit	$ 150,000,000
Line of Credit Facility, Interest Rate at Period End	2.79%

PREFERRED STOCK AND COMMON SH_2

PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY (Details) - USD ($)				3 Months Ended					6 Months Ended
	Sep. 09, 2022	Aug. 18, 2022	Jul. 14, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Apr. 07, 2022
Class of Stock [Line Items]
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased					1,231,500,000				1,231,500,000
Rollforward of common shares issued
Stock Repurchased During Period, Shares					1,700,000	2,700,000			600,000
Payments for Repurchase of Common Stock					$ 400,000,000	$ 1,000,000,000			$ 400,000,000	$ 368,500,000
Rollforward of Share Repurchase Program
Purchase of common stock					$ (400,000,000)		$ (300,000,000)	$ (68,500,000)
Common Shares Outstanding Rollforward [Abstract]
Common shares outstanding, beginning balance (in shares)				91,000,000					93,100,000
Common shares outstanding, ending balance (in shares)					91,000,000	93,100,000			91,000,000
Rollforward of common shares held in treasury
Common Stock, Shares Authorized					265,000,000				265,000,000
Common Stock, Par or Stated Value Per Share					$ 0.10				$ 0.10
Preferred Stock, Shares Authorized					30,000,000				30,000,000
Preferred Stock, Par or Stated Value Per Share					$ 0.10				$ 0.10
Preferred Stock, Shares Outstanding					0				0
Treasury Stock Acquired, Average Cost Per Share					$ 237.85				$ 277.40
Tax effect of adjustments									$ 0
Dividends Payable, Amount Per Share											$ 720,000
Dividends					$ 66,700,000
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax									$ (3,100,000)
Dividends Payable, Amount Per Share											$ 720,000
Dividends					$ 66,700,000
Subsequent Event [Member]
Rollforward of common shares issued
Stock Repurchased During Period, Shares				200,000
Rollforward of common shares held in treasury
Treasury Stock Acquired, Average Cost Per Share				$ 275.51
Dividends Payable, Date of Record		Aug. 18, 2022
Dividends Payable, Date Declared			Jul. 14, 2022
Dividends Payable, Amount Per Share			$ 0.72
Dividends			$ 66,100,000
Dividends Payable, Date to be Paid	Sep. 09, 2022
Dividends Payable, Date Declared			Jul. 14, 2022
Dividends Payable, Date to be Paid	Sep. 09, 2022
Dividends Payable, Date of Record		Aug. 18, 2022
Dividends Payable, Amount Per Share			$ 0.72
Dividends			$ 66,100,000
Common Stock [Member]
Rollforward of common shares issued
Common shares issued, beginning balance (in shares)				91,000,000					93,100,000
Commons Stock Issued During Period Shares Employee Stock Plans									500,000
Stock Repurchased and Retired During Period, Shares									(2,600,000)
Common shares issued, ending balance (in shares)					91,000,000	93,100,000			91,000,000
Common Stock, Shares, Issued					91,000,000	93,100,000			91,000,000
Common Shares Outstanding Rollforward [Abstract]
Commons Stock Issued During Period Shares Employee Stock Plans									500,000
Stock Repurchased and Retired During Period, Shares									(2,600,000)
Commons Stock Issued During Period Shares Employee Stock Plans									500,000
Rollforward of common shares held in treasury
Stock Repurchased and Retired During Period, Shares									(2,600,000)

PREFERRED STOCK AND COMMON SH_3

PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY - Accumulated Other Comprehensive Earnings (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
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, 2021 $ (125.9) $ (66.0) $ (191.9) Current year adjustments (314.8) 5.1 (309.7) Amounts reclassified from accumulated other comprehensive income (0.9) (2.2) (3.1) Tax effect of adjustments — (0.8) (0.8) Balance as of June 30, 2022 $ (441.6) $ (63.9) $ (505.5)
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment and Tax			$ 5,100,000
Other Comprehensive Income (Loss), before Reclassifications, before Tax			(309,700,000)
Accumulated Other Comprehensive Earnings [Roll Forward]
Foreign Currency Translation Adjustments, Beginning balance			(125,900,000)
Other comprehensive income before reclassifications			(314,800,000)
Tax effect of adjustments			0
Foreign Currency Translation Adjustments, Ending balance	$ (441,600,000)		(441,600,000)
Net Benefit Plan Adjustments, Beginning balance			(66,000,000)
Tax effect of adjustments			(800,000)
Net Benefit Plan Adjustments, Ending balance	(63,900,000)		(63,900,000)
Accumulated Other Comprehensive Earnings, Beginning balance			(191,900,000)
Other comprehensive income before reclassifications			(314,800,000)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax			(900,000)
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax			(2,200,000)
Tax effect of adjustments	(200,000)	$ (600,000)	(800,000)	$ (1,400,000)
Accumulated Other Comprehensive Earnings, Ending balance	$ (505,500,000)		$ (505,500,000)

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Number of Measurement Funds Available For Participant Election	16	16
Noncontrolling interest puts	$ 15.9	$ 15.9	$ 16.3
Foreign Currency Contracts, Liability, Fair Value Disclosure	18.3	18.3
Fair market value of senior notes	5,103.1	5,103.1	5,841.1
Cash Surrender Value, Fair Value Disclosure	95.8	95.8	106.4
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability	94.9	94.9	104.4
Equity Securities, FV-NI			10.9
Contingent Consideration Classified as Equity, Fair Value Disclosure	99.2	99.2	21.9
lh_BusinessCombinationContingentConsiderationArrangementsPayments		(10.4)
Foreign Currency Contract, Asset, Fair Value Disclosure			32.8
Fair Value Hedges, Net	55.4	55.4	2.9
Contingent consideration adjustment		(2.3)
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability		90
Tax effect of adjustments		0
Long-term Debt, Excluding Current Maturities	5,360.3	5,360.3	5,416.5
Fair Value Hedge Liabilities	55.4	55.4
Senior notes due 2027 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Long-term Debt, Excluding Current Maturities	600	600
Senior notes due 2022 [Member] | 2018 Swap Agreements
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Derivative, Notional Amount	300	300
Gain (Loss) on Hedging Activity	0.9
Senior notes due 2024 | 2022 Swap Agreements
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Derivative, Notional Amount	300	300
Level 1 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Noncontrolling interest puts	0	0	0
Cash Surrender Value, Fair Value Disclosure	0	0	0
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability	0	0	0
Equity Securities, FV-NI			10.9
Contingent Consideration Classified as Equity, Fair Value Disclosure	0	0	0
Foreign Currency Contract, Asset, Fair Value Disclosure	0	0	0
Fair Value Hedges, Net	0	0	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Noncontrolling interest puts	15.9	15.9	16.3
Foreign Currency Contracts, Liability, Fair Value Disclosure	18.3	18.3
Cash Surrender Value, Fair Value Disclosure	95.8	95.8	106.4
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability	94.9	94.9	104.4
Equity Securities, FV-NI			0
Contingent Consideration Classified as Equity, Fair Value Disclosure	0	0	0
Foreign Currency Contract, Asset, Fair Value Disclosure			32.8
Fair Value Hedges, Net	55.4	55.4	2.9
Level 3 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Noncontrolling interest puts	0	0	0
Cash Surrender Value, Fair Value Disclosure	0	0	0
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability	0	0	0
Equity Securities, FV-NI			0
Contingent Consideration Classified as Equity, Fair Value Disclosure	99.2	99.2	21.9
Foreign Currency Contract, Asset, Fair Value Disclosure	0	0	0
Fair Value Hedges, Net	$ 0	$ 0	$ 0

BUSINESS ACQUISITIONS (Details)

BUSINESS ACQUISITIONS (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Business Combinations [Abstract]
Finite-lived Intangible Assets Acquired		$ 325,300,000
Payments to Acquire Businesses, Net of Cash Acquired	$ 34,100,000	554,900,000	$ 34,100,000
Business Acquisition [Line Items]
Goodwill, Acquired During Period		332,800,000
Finite-lived Intangible Assets Acquired		325,300,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables		4,100,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other		2,900,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory		2,600,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets		1,200,000
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets		10,000,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles		325,300,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets		800,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets		679,700,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities		124,800,000
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net		554,900,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable		4,100,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other		24,100,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue		3,300,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities		17,100,000
Other Noncurrent Liabilities [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other		76,200,000
Other acquirees
Business Combinations [Abstract]
Finite-lived Intangible Assets Acquired	17,600,000
Business Acquisition [Line Items]
Goodwill, Acquired During Period	15,600,000	$ 332,800,000
Finite-lived Intangible Assets Acquired	$ 17,600,000
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 ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Percent of Revenue Contributed	100%	100%	100%	100%
Intercompany revenue elimination	$ (10.4)	$ (20)	$ (24.2)	$ (54.5)
Revenues	3,696.9	3,840.7	7,596.5	8,002.2
Operating Income (Loss)	525.9	704.1	1,213.8	1,762
Corporate Segment [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	$ (80.5)	$ (46.8)	$ (140.1)	$ (94.4)
LabCorp Diagnostics [Member]
Segment Reporting Information [Line Items]
Percent of Revenue Contributed	61%	61%	62%	63%
Revenues	$ 2,255.4	$ 2,365.5	$ 4,709.5	$ 5,123.3
Operating Income (Loss)	455.5	603.6	1,078.8	1,552.7
Covance Drug Development [Member]
Segment Reporting Information [Line Items]
Revenues	1,451.9	1,495.2	2,911.2	2,933.4
Operating Income (Loss)	$ 150.9	$ 147.3	$ 275.1	$ 303.7

REVENUE (Details)

REVENUE (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Amortization of Deferred Sales Commissions	$ 8.7	$ 6.4	$ 15.9	$ 13.3
Capitalized Contract Cost, Amortization	2.9	3	6	6.5
Contract with Customer, Performance Obligation Satisfied in Previous Period	$ 37.4	$ 12.2	69.1	28.7
Deferred Revenue, Revenue Recognized			$ 233.6	$ 233

REVENUE Disaggregated Revenue T

REVENUE Disaggregated Revenue Table (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Accounts Receivable, Allowance for Credit Loss	$ 21.3		$ 21.3		$ 21.5
Unbilled Services, Allowance for Credit Loss	11.4		11.4		13.9
Note Receivable, Allowance for Credit Loss	0.7		0.7		0.7
Allowance for Credit Loss	33.4		33.4		36.1
Current Expected Credit Losses Opening Balance Sheet Impact on Retained Earnings			3
Allowance for Credit Loss, Write Off			(5.7)
Deferred Revenue, Revenue Recognized			233.6	$ 233
Contract with Customer, Asset, before Allowance for Credit Loss	838.8		838.8		730.8
Revenue, Remaining Performance Obligation, Amount	$ 6,132.6	$ 5,616.6	6,132.6	5,616.6
Long Term Contracts Duration Minimum	1 year
Long Term Contracts Duration Maximum	8 years
Contract with Customer, Performance Obligation Satisfied in Previous Period	$ 37.4	12.2	69.1	28.7
Contract with Customer, Liability	544.2		544.2		558.5
Capitalized Contract Cost, Amortization	2.9	3	6	6.5
Accrued Sales Commission	40.2		40.2		36.2
Capitalized Contract Cost, Net	15		15		14.4
Amount of Deferred Costs Related to Long-term Contracts	55.2		55.2		50.6
Amortization of Deferred Sales Commissions	8.7	$ 6.4	15.9	$ 13.3
Unbilled Contracts Receivable	$ 827.4		$ 827.4		716.8
Percent of Revenue Contributed	100%	100%	100%	100%
Revenues	$ 3,696.9	$ 3,840.7	$ 7,596.5	$ 8,002.2
Accounts Receivable, after Allowance for Credit Loss, Current	2,216.4		2,216.4		2,261.5
Allowance for Credit Loss, Receivable, Other, Current	(11.4)		(11.4)		(14)
Contract with Customer, Asset, after Allowance for Credit Loss, Current	$ 827.4		$ 827.4		716.8
Europe [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	13%	12%	13%	11%
North America
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	80%	84%	80%	85%
Other countries [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	7%	4%	7%	4%
UNITED STATES
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	77.30%	80.50%	77.10%	81.70%
Revenues	$ 2,856.9	$ 3,091.3	$ 5,857.5	$ 6,537.4
Medicare and Medicaid [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	6%	6%	6%	6%
LabCorp Diagnostics [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	61%	61%	62%	63%
Revenues	$ 2,255.4	$ 2,365.5	$ 4,709.5	$ 5,123.3
LabCorp Diagnostics [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0%	0%	0%	0%
LabCorp Diagnostics [Member] | North America
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	61%	61%	62%	63%
LabCorp Diagnostics [Member] | Other countries [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0%	0%	0%	0%
LabCorp Diagnostics [Member] | Client [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	18%	17%	17%	18%
LabCorp Diagnostics [Member] | Client [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0%	0%	0%	0%
LabCorp Diagnostics [Member] | Client [Member] | North America
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	18%	17%	17%	18%
LabCorp Diagnostics [Member] | Client [Member] | Other countries [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0%	0%	0%	0%
LabCorp Diagnostics [Member] | Self-Pay [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	7%	7%	7%	6%
LabCorp Diagnostics [Member] | Self-Pay [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0%	0%	0%	0%
LabCorp Diagnostics [Member] | Self-Pay [Member] | North America
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	7%	7%	7%	6%
LabCorp Diagnostics [Member] | Self-Pay [Member] | Other countries [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0%	0%	0%	0%
LabCorp Diagnostics [Member] | Medicare and Medicaid [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0%	0%	0%	0%
LabCorp Diagnostics [Member] | Medicare and Medicaid [Member] | North America
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	6%	6%	6%	6%
LabCorp Diagnostics [Member] | Medicare and Medicaid [Member] | Other countries [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0%	0%	0%	0%
LabCorp Diagnostics [Member] | Third party [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	30%	31%	32%	33%
LabCorp Diagnostics [Member] | Third party [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0%	0%	0%	0%
LabCorp Diagnostics [Member] | Third party [Member] | North America
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	30%	31%	32%	33%
LabCorp Diagnostics [Member] | Third party [Member] | Other countries [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0%	0%	0%	0%
Covance Drug Development [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 1,451.9	$ 1,495.2	$ 2,911.2	$ 2,933.4
Covance Drug Development [Member] | Biopharmaceutical and medical device companies [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed		39%		37%
Covance Drug Development [Member] | Biopharmaceutical and medical device companies [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed		12%		11%
Covance Drug Development [Member] | Biopharmaceutical and medical device companies [Member] | North America
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed		23%		22%
Covance Drug Development [Member] | Biopharmaceutical and medical device companies [Member] | Other countries [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed		4%		4%
Diagnostics
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	61%
Accounts Receivable, before Allowance for Credit Loss	$ 1,066.4		1,066.4		1,193.8
Drug Development
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	39%
Accounts Receivable, before Allowance for Credit Loss	$ 1,171.3		$ 1,171.3		$ 1,089.2
Drug Development | Biopharmaceutical and medical device companies [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	39%		38%
Drug Development | Biopharmaceutical and medical device companies [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	13%		13%
Drug Development | Biopharmaceutical and medical device companies [Member] | North America
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	19%		18%
Drug Development | Biopharmaceutical and medical device companies [Member] | Other countries [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	7%		7%
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			(2.5)
Accounts Receivable [Member]
Disaggregation of Revenue [Line Items]
Current Expected Credit Losses Opening Balance Sheet Impact on Retained Earnings			3
Allowance for Credit Loss, Write Off			$ (3.2)

Uncategorized Items - lh-202206

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 1,320,800,000
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 1,472,700,000