Cover Page
Cover Page - shares shares in Millions | 9 Months Ended | |
Sep. 30, 2022 | Oct. 31, 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 | 88.6 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 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, $0.10 par value | |
Trading Symbol | LH | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0000920148 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Current assets: | |||
Cash and cash equivalents | $ 409,900,000 | $ 409,900,000 | $ 1,472,700,000 |
Accounts Receivable, after Allowance for Credit Loss, Current | 2,164,200,000 | 2,164,200,000 | 2,261,500,000 |
Unbilled Contracts Receivable | 818,500,000 | 818,500,000 | 716,800,000 |
Supplies inventories | 467,700,000 | 467,700,000 | 401,400,000 |
Prepaid expenses and other | 511,500,000 | 511,500,000 | 478,100,000 |
Total current assets | 4,371,800,000 | 4,371,800,000 | 5,330,500,000 |
Property, plant and equipment, net | 2,884,700,000 | 2,884,700,000 | 2,815,400,000 |
Goodwill, net | 8,217,600,000 | 8,217,600,000 | 7,958,900,000 |
Intangible Assets, Net (Excluding Goodwill) | 3,807,800,000 | 3,807,800,000 | 3,735,500,000 |
Joint venture partnerships and equity method investments | 63,700,000 | 63,700,000 | 60,900,000 |
Deferred Income Taxes and Other Assets, Current | 29,400,000 | 29,400,000 | 21,600,000 |
Other assets, net | 451,000,000 | 451,000,000 | 462,600,000 |
Total assets | 19,826,000,000 | 19,826,000,000 | 20,385,400,000 |
Liabilities, Current [Abstract] | |||
Accounts Payable, Current | 765,500,000 | 765,500,000 | 621,300,000 |
Accrued Liabilities, Current | 1,040,800,000 | 1,040,800,000 | 1,404,100,000 |
Deferred Revenue, Current | 530,900,000 | 530,900,000 | 558,500,000 |
Operating Lease, Liability, Current | 178,100,000 | 178,100,000 | 187,000,000 |
Finance Lease, Liability, Current | 5,300,000 | 5,300,000 | 10,500,000 |
Current debt excluding finance lease liability | 1,700,000 | 1,700,000 | 1,500,000 |
Long-term debt, less current portion | 2,522,300,000 | 2,522,300,000 | 2,782,900,000 |
Long-term Debt, Excluding Current Maturities | 5,334,300,000 | 5,334,300,000 | 5,416,500,000 |
Commitments and contingent liabilities | 433,900,000 | 433,900,000 | 402,000,000 |
Operating Lease, Liability, Noncurrent | 665,900,000 | 665,900,000 | 642,500,000 |
Finance Lease, Liability, Noncurrent | 85,800,000 | 85,800,000 | 84,600,000 |
Deferred income taxes and other tax liabilities | 672,700,000 | 672,700,000 | 762,900,000 |
Noncontrolling interest | 9,714,900,000 | 9,714,900,000 | 10,091,400,000 |
Shareholders' equity: | |||
Common stock, 92.8 and 93.5 shares outstanding at March 31, 2013 and December 31, 2012, respectively | 18,900,000 | 18,900,000 | 20,600,000 |
Additional paid-in capital | 0 | 0 | 0 |
Retained earnings | 8,200,000 | 8,200,000 | 8,500,000 |
Accumulated other comprehensive income | (10,845,000,000) | (10,845,000,000) | (10,456,800,000) |
Total liabilities and shareholders' equity | (761,000,000) | (761,000,000) | (191,900,000) |
Stockholders' Equity Attributable to Parent | 10,092,200,000 | 10,092,200,000 | 10,273,400,000 |
Liabilities and Equity | 19,826,000,000 | 19,826,000,000 | $ 20,385,400,000 |
Net earnings | $ 353,200,000 | $ 1,204,200,000 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) - USD ($) shares in Millions, $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Accounts Receivable, Allowance for Credit Loss | $ 20.5 | $ 21.5 |
Shareholders' Equity: | ||
Common stock, shares outstanding (in shares) | 89.6 | 93.1 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net restructuring and other special charges | $ 15.1 | $ 6.5 | $ 72.1 | $ 35.3 |
Operating Income (Loss) | 469.4 | 766.9 | 1,683.2 | 2,528.9 |
Interest Expense | 46.3 | 42.2 | 131 | 169 |
Equity method income, net | 1.7 | 8.4 | 6.5 | 20.9 |
Investment income | 4.1 | 3.2 | 7.2 | 8.3 |
Other, net | (7.3) | 31.9 | (27.8) | 51.5 |
Earnings before income taxes | 421.6 | 768.2 | 1,538.1 | 2,440.6 |
Provision for income taxes | 68.4 | 180.4 | 333.9 | 614.7 |
Net earnings | 353.2 | 587.8 | 1,204.2 | 1,825.9 |
Net Income (Loss) Attributable to Noncontrolling Interest | 0.4 | 0.5 | 1.2 | 1.6 |
Net Income (Loss) Attributable to Parent | 352.8 | 587.3 | 1,203 | 1,824.3 |
Revenues | 3,606.1 | 4,062.6 | 11,202.6 | 12,064.8 |
Cost of Revenue | 2,546.4 | 2,677.1 | 7,787.3 | 7,815.5 |
Gross Profit | 1,059.7 | 1,385.5 | 3,415.3 | 4,249.3 |
Selling, general and administrative expenses | 510 | 519.9 | 1,460.1 | 1,408.4 |
Amortization of intangibles and other assets | 65.2 | 92.2 | 198.7 | 276.7 |
Asset Impairment Charges | 0 | 0 | 1.2 | 0 |
Revenues | 3,606.1 | 4,062.6 | 11,202.6 | 12,064.8 |
Cost of Revenue | 2,546.4 | 2,677.1 | 7,787.3 | 7,815.5 |
Gross Profit | 1,059.7 | 1,385.5 | 3,415.3 | 4,249.3 |
Selling, general and administrative expenses | 510 | 519.9 | 1,460.1 | 1,408.4 |
Amortization of intangibles and other assets | 65.2 | 92.2 | 198.7 | 276.7 |
Asset Impairment Charges | 0 | 0 | 1.2 | 0 |
Net restructuring and other special charges | 15.1 | 6.5 | 72.1 | 35.3 |
Operating Income (Loss) | 469.4 | 766.9 | 1,683.2 | 2,528.9 |
Other income (expenses): | ||||
Interest expense | (46.3) | (42.2) | (131) | (169) |
Equity method income, net | 1.7 | 8.4 | 6.5 | 20.9 |
Investment income | 4.1 | 3.2 | 7.2 | 8.3 |
Other, net | (7.3) | 31.9 | (27.8) | 51.5 |
Earnings before income taxes | 421.6 | 768.2 | 1,538.1 | 2,440.6 |
Provision for income taxes | 68.4 | 180.4 | 333.9 | 614.7 |
Net earnings | 353.2 | 587.8 | 1,204.2 | 1,825.9 |
Less: Net earnings attributable to the noncontrolling interest | (0.4) | (0.5) | (1.2) | (1.6) |
Net earnings attributable to Laboratory Corporation of America Holdings | $ 352.8 | $ 587.3 | $ 1,203 | $ 1,824.3 |
Basic earnings per common share (in dollars per share) | $ 3.91 | $ 6.10 | $ 13.09 | $ 18.79 |
Diluted earnings per common share (in dollars per share) | $ 3.90 | $ 6.05 | $ 13.02 | $ 18.63 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Provision for income taxes | $ 68.4 | $ 180.4 | $ 333.9 | $ 614.7 |
Net earnings | 353.2 | 587.8 | 1,204.2 | 1,825.9 |
Other Comprehensive Earnings, Net of Tax | ||||
Foreign currency translation adjustments | (256.5) | (91.6) | (572.2) | (114.6) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | 1.3 | 2.6 | 4.2 | 7.7 |
Other comprehensive earnings (loss) before tax | (255.2) | (89) | (568) | (106.9) |
Tax effect of adjustments | (0.3) | (0.7) | (1.1) | (2.1) |
Other comprehensive earnings (loss), net of tax | (255.5) | (89.7) | (569.1) | (109) |
Comprehensive earnings | 97.7 | 498.1 | 635.1 | 1,716.9 |
Less: Net earnings attributable to the noncontrolling interest | (0.4) | (0.5) | (1.2) | (1.6) |
Comprehensive earnings attributable to Laboratory Corporation of America Holdings | $ 97.3 | $ 497.6 | $ 633.9 | $ 1,715.3 |
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 | $ 9,436.6 | $ 9 | $ 110.3 | $ 9,479.2 | $ (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 | 10,098.4 | 9 | 67.1 | 10,248.8 | (226.5) |
BALANCE at Dec. 31, 2020 | 9,436.6 | 9 | 110.3 | 9,479.2 | (161.9) |
Net earnings attributable to Laboratory Corporation of America Holdings | 1,824.3 | ||||
Other comprehensive earnings, net of tax | (109) | ||||
BALANCE at Sep. 30, 2021 | 10,601.4 | 8.8 | 0 | 10,863.5 | (270.9) |
BALANCE at Mar. 31, 2021 | 10,098.4 | 9 | 67.1 | 10,248.8 | (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 | 10,322 | 8.9 | 0 | 10,494.3 | (181.2) |
Net earnings attributable to Laboratory Corporation of America Holdings | 587.3 | 0 | 0 | 587.3 | 0 |
Other comprehensive earnings, net of tax | (89.7) | 0 | 0 | 0 | |
Issuance of common stock under employee stock plans | (24.2) | 0 | (24.2) | 0 | 0 |
Surrender of restricted stock and performance share awards | (1.4) | 0 | (1.4) | 0 | 0 |
Stock compensation | 59 | 0 | 59 | 0 | 0 |
Purchase of common stock | (300) | 0.1 | 81.8 | 218.1 | 0 |
BALANCE at Sep. 30, 2021 | 10,601.4 | 8.8 | 0 | 10,863.5 | (270.9) |
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 | 1,203 | ||||
Other comprehensive earnings, net of tax | (569.1) | ||||
BALANCE at Sep. 30, 2022 | 10,092.2 | 8.2 | 0 | 10,845 | (761) |
BALANCE at Mar. 31, 2022 | 10,721.1 | 8.5 | 29.1 | 10,948.4 | (264.9) |
Net earnings attributable to Laboratory Corporation of America Holdings | 358.6 | 0 | 0 | 358.6 | 0 |
Other comprehensive earnings, net of tax | (240.6) | 0 | 0 | 0 | (240.6) |
Dividends, Cash | 68.6 | ||||
Dividends | 0 | 0 | (68.6) | 0 | |
Issuance of common stock under employee stock plans | (0.9) | 0 | (0.9) | 0 | 0 |
Surrender of restricted stock and performance share awards | (10.1) | 0 | (10.1) | 0 | 0 |
Stock compensation | 39.4 | 0 | 39.4 | 0 | 0 |
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) |
Net earnings attributable to Laboratory Corporation of America Holdings | 352.8 | 0 | 0 | 352.8 | 0 |
Other comprehensive earnings, net of tax | (255.5) | 0 | 0 | 0 | (255.5) |
Dividends, Cash | 66.4 | ||||
Dividends | (131.6) | 0 | 0 | (66.4) | 0 |
Issuance of common stock under employee stock plans | (31.5) | 0 | (31.5) | 0 | 0 |
Surrender of restricted stock and performance share awards | (7.2) | 0 | (7.2) | 0 | 0 |
Stock compensation | 36.3 | 0 | 36.3 | 0 | 0 |
Purchase of common stock | (400) | 0.1 | 60.6 | 339.3 | 0 |
BALANCE at Sep. 30, 2022 | 10,092.2 | $ 8.2 | $ 0 | $ 10,845 | $ (761) |
Retained Earnings (Accumulated Deficit) | $ 10,845 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 409,900,000 | $ 2,036,500,000 |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (36,600,000) | (9,100,000) |
Net Cash Provided by (Used in) Financing Activities | (949,600,000) | (1,057,200,000) |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings | 1,204,200,000 | 1,825,900,000 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation And Amortization Of Leased Assets | 145,700,000 | 145,300,000 |
Depreciation and amortization | 477,700,000 | 557,100,000 |
Stock compensation | 113,900,000 | 111,600,000 |
Asset Impairment Charges | 1,200,000 | 0 |
Deferred income taxes | (51,600,000) | (102,000,000) |
Other Operating Activities, Cash Flow Statement | (4,900,000) | (41,000,000) |
Change in assets and liabilities (net of effects of acquisitions): | ||
Increase in accounts receivable (net) | (51,800,000) | (135,600,000) |
Increase (Decrease) in Unbilled Contract Receivable | 127,600,000 | 185,900,000 |
Increase in inventories | 47,500,000 | 6,500,000 |
Decrease in accounts payable | 135,100,000 | 34,600,000 |
Increase (Decrease) in Deferred Revenue | (10,700,000) | 83,800,000 |
Increase (Decrease) in Prepaid Expense and Other Assets | 67,800,000 | 72,400,000 |
Increase (Decrease) in Accrued Liabilities and Other Operating Liabilities | (517,200,000) | (74,000,000) |
Net cash provided by operating activities | 1,302,300,000 | 2,412,100,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Cash payments for laboratory-related assets | (364,000,000) | (310,400,000) |
Proceeds from sale of assets | 1,200,000 | 3,500,000 |
Proceeds from Sale of Equity Method Investments | 700,000 | 10,400,000 |
Payments to Acquire Equity Method Investments | (6,100,000) | (20,000,000) |
Net Cash Provided by (Used in) Investing Activities | (1,378,900,000) | (630,100,000) |
Payments to Acquire Businesses, Net of Cash Acquired | (1,013,600,000) | (326,000,000) |
Net cash used for investing activities | (1,378,900,000) | (630,100,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Repayments of Other Long-term Debt | 0 | 375,000,000 |
Payment, Tax Withholding, Share-based Payment Arrangement | 44,600,000 | 44,400,000 |
Net proceeds from issuance of stock to employees | 50,600,000 | 50,800,000 |
Payments of Dividends | (131,600,000) | 0 |
Payments for Repurchase of Common Stock | 800,000,000 | 668,500,000 |
Other Financing Cash Flows | 24,000,000 | 20,100,000 |
Net cash provided by (used for) financing activities | (949,600,000) | (1,057,200,000) |
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 | (1,062,800,000) | 715,700,000 |
Cash and cash equivalents at beginning of period | 1,472,700,000 | |
Cash and cash equivalents at end of period | 409,900,000 | |
Business Acquisition [Line Items] | ||
Proceeds from Sales of Business, Affiliate and Productive Assets | 0 | 12,400,000 |
Proceeds from Hedge, Investing Activities | $ 2,900,000 | $ 0 |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 3 Months Ended |
Sep. 30, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Nine Months Ended September 30, 2022 2021 Cash paid during period for: Interest $ 159.4 $ 169.0 Income taxes, net of refunds 422.5 789.9 Disclosure of non-cash financing and investing activities: Change in accrued property, plant and equipment 6.3 (6.9) |
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION Nine Months Ended September 30, 2022 2021 Cash paid during period for: Interest $ 159.4 $ 169.0 Income taxes, net of refunds 422.5 789.9 Disclosure of non-cash financing and investing activities: Change in accrued property, plant and equipment 6.3 (6.9) |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION Tabular Information | 3 Months Ended |
Sep. 30, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Nine Months Ended September 30, 2022 2021 Cash paid during period for: Interest $ 159.4 $ 169.0 Income taxes, net of refunds 422.5 789.9 Disclosure of non-cash financing and investing activities: Change in accrued property, plant and equipment 6.3 (6.9) |
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION Nine Months Ended September 30, 2022 2021 Cash paid during period for: Interest $ 159.4 $ 169.0 Income taxes, net of refunds 422.5 789.9 Disclosure of non-cash financing and investing activities: Change in accrued property, plant and equipment 6.3 (6.9) |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION Description Information - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Debt Conversion [Line Items] | ||
Capital Expenditures Incurred but Not yet Paid | $ (6.9) | |
Decrease in Capital Expenditures Incurred but not yet Paid | $ 6.3 | |
Cash paid during period for: | ||
Interest | 159.4 | 169 |
Income taxes, net of refunds | $ 422.5 | $ 789.9 |
BASIS OF FINANCIAL STATEMENT PR
BASIS OF FINANCIAL STATEMENT PRESENTATION | 3 Months Ended |
Sep. 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 September 30, 2022, Dx and DD contributed approximately 61% and 39%, respectively, of revenues to the Company. During the nine months ended September 30, 2022, Dx and DD contributed approximately 61% and 39%, respectively, of revenues to the Company. On 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 United States (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 with an accelerated timeframe of mid-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 U.S. Securities and Exchange Commission (SEC). 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 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 September 30, 2022, Dx and DD contributed approximately 61% and 39%, respectively, of revenues to the Company. During the nine months ended September 30, 2022, Dx and DD contributed approximately 61% and 39%, respectively, of revenues to the Company. On 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 United States (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 with an accelerated timeframe of mid-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 U.S. Securities and Exchange Commission (SEC). 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 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 | 9 Months Ended |
Sep. 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 September 30, Nine Months Ended September 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 $ 352.8 90.2 $ 3.91 $ 587.3 96.3 $ 6.10 $ 1,203.0 91.9 $ 13.09 $ 1,824.3 97.1 $ 18.79 Dilutive effect of employee stock options and awards — 0.5 — 0.8 — 0.5 — 0.8 Net earnings including impact of dilutive adjustments $ 352.8 90.7 $ 3.90 $ 587.3 97.1 $ 6.05 $ 1,203.0 92.4 $ 13.02 $ 1,824.3 97.9 $ 18.63 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Employee stock options and awards 0.2 — 0.2 0.1 |
PREFERRED STOCK AND COMMON SHAR
PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 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 0.6 Shares repurchased (4.1) Common shares at September 30, 2022 89.6 | |
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 (571.3) 11.7 (559.6) Pension settlement charge — (4.0) (4.0) Amounts reclassified from accumulated other comprehensive income (0.9) (3.5) (4.4) Tax effect of adjustments — (1.1) (1.1) Balance as of September 30, 2022 $ (698.1) $ (62.9) $ (761.0) | |
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 September 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 0.6 Shares repurchased (4.1) Common shares at September 30, 2022 89.6 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 . In April 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. Additionally, during the nine months ended September 30, 2022, the Company purchased 3.3 shares of its common stock at an average price of $240.57 for a total cost of $800.0. As of September 30, 2022, the Company had outstanding authorization from the board of directors to purchase up to $831.5 of the Company's common stock. The repurchase authorization has no expiration. Dividends For the nine months ended September 30, 2022, the Company paid $131.6 in common stock dividends. On October 12, 2022, the Company announced a cash dividend of $0.72 per share of common stock for the fourth quarter, or approximately $64.9 in the aggregate. The dividend will be payable on December 9, 2022, to stockholders of record of all issued and outstanding shares of common stock as of the close of business on November 17, 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 (571.3) 11.7 (559.6) Pension settlement charge — (4.0) (4.0) Amounts reclassified from accumulated other comprehensive income (0.9) (3.5) (4.4) Tax effect of adjustments — (1.1) (1.1) Balance as of September 30, 2022 $ (698.1) $ (62.9) $ (761.0) |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Sep. 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 September 30, 2022, and December 31, 2021, is as follows: Fair Value Measurements as of September 30, 2022 Balance Sheet Fair Value as of Using Fair Value Hierarchy Classification September 30, 2022 Level 1 Level 2 Level 3 Noncontrolling interest put Noncontrolling interest $ 15.0 $ — $ 15.0 $ — Cross currency swaps Other liabilities 8.1 — 8.1 — Interest rate swaps Other liabilities 82.5 — 82.5 — Cash surrender value of life insurance policies Other assets, net 95.5 — 95.5 — Deferred compensation liability Other liabilities 93.7 — 93.7 — Contingent consideration Other liabilities 62.0 — — 62.0 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, net 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 (2.4) Additions 52.9 Balance as of September 30, 2022 $ 62.0 The Company has a noncontrolling interest put related to its Ontario subsidiary that has been classified as mezzanine equity in the Company’s condensed consolidated balance sheets. The noncontrolling interest put is valued at its contractually determined value, which approximates fair value. The Company offers certain employees the opportunity to participate in an employee-funded deferred compensation plan (DCP). A participant's deferrals are allocated by the participant to one or more of 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 $4,921.2 and $5,841.1 as of September 30, 2022, and December 31, 2021, |
BUSINESS ACQUISITIONS
BUSINESS ACQUISITIONS | 9 Months Ended |
Sep. 30, 2022 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | BUSINESS ACQUISITIONS During the nine months ended September 30, 2022, the Company acquired several businesses and related assets for approximately $1,013.6 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 $407.4 in identifiable intangible assets and a residual amount of non-tax deductible goodwill of approximately $571.3. The amortization periods for intangible assets acquired from the businesses range from 5 to 23 years for customer relationships, non-compete agreements, technology, and trade names. These acquisitions were made primarily to complement and accelerate the Company’s existing liquid biopsy capabilities and expand the Company’s clinical laboratory services. 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 |
Sep. 30, 2022 | |
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 and nine months ended September 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 Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Revenues: Dx $ 2,207.6 $ 2,617.5 $ 6,917.1 $ 7,740.8 DD 1,405.8 1,459.5 4,317.0 4,392.9 Intercompany eliminations and other (7.3) (14.4) (31.5) (68.9) Revenues $ 3,606.1 $ 4,062.6 $ 11,202.6 $ 12,064.8 Operating earnings: Dx $ 378.7 $ 722.7 1,457.5 2,275.4 DD 156.7 141.6 431.8 445.3 General corporate expenses (66.0) (97.4) (206.1) (191.8) Total operating income $ 469.4 $ 766.9 $ 1,683.2 $ 2,528.9 |
Intangible Assets, Goodwill and
Intangible Assets, Goodwill and Other (Policies) | 3 Months Ended |
Sep. 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 nine months ended September 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 453.5 117.8 571.3 Foreign currency impact and other adjustments to goodwill (70.2) (242.4) (312.6) Balance as of September 30, 2022 $ 4,429.5 $ 3,788.1 $ 8,217.6 The Company assesses goodwill and indefinite-lived intangibles for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The Company recognizes an impairment charge for the amount by which the reporting unit's carrying amount exceeds its fair value. Although the Company believes that the current assumptions and estimates used in its goodwill analysis are reasonable, supportable, and appropriate, the Company's business could be impacted by unfavorable changes, including those that impact the existing assumptions used in the impairment analysis. Various factors could reasonably be expected to unfavorably impact existing assumptions: primarily a worsening economic environment and protracted economic downturn and related impacts, including delays in revenue from new customers; increases in customer termination activity, or increases in operating costs. Accordingly, there can be no assurance that the estimates and assumptions made for the purposes of the goodwill impairment analysis will prove to be accurate predictions of future performance. The Company will continue to monitor the financial performance of, and assumptions for, its reporting units. A significant increase in the discount rate, decrease in the revenue and terminal growth rates, decreased operating margin, or substantial reductions in end markets and volume assumptions, could have a negative impact on the estimated fair value of the reporting units. A future impairment charge for goodwill or intangible assets could have a material effect on the Company's consolidated financial position and results of operations. The components of identifiable intangible assets are as follows: September 30, 2022 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 4,413.0 $ (1,466.1) $ 2,946.9 $ 4,336.0 $ (1,362.1) $ 2,973.9 Patents, licenses and technology 582.8 (293.7) 289.1 484.6 (267.4) 217.2 Non-compete agreements 114.3 (45.0) 69.3 70.2 (35.5) 34.7 Trade name 24.2 (1.2) 23.0 19.8 (15.5) 4.3 Land use right 10.3 (8.4) 1.9 10.4 (7.6) 2.8 Canadian licenses 468.1 — 468.1 493.5 — 493.5 Other 14.3 (4.8) 9.5 9.1 — 9.1 5,627.0 (1,819.2) 3,807.8 5,423.6 (1,688.1) 3,735.5 Amortization of intangible assets for the three and nine months ended September 30, 2022, and 2021, was $65.2 and $92.2 and $198.7 and $276.7, respectively. The amortization expense for the net carrying amount of intangible assets is estimated to be $58.6 for the remainder of fiscal 2022, $264.4 in fiscal 2023, $258.9 in fiscal 2024, $244.2 in fiscal 2025, $234.5 in fiscal 2026, and $2,194.2 thereafter. |
Revenue from Contract with Cust
Revenue from Contract with Customer (Policies) | 9 Months Ended |
Sep. 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 nine months ended September 30, 2022, and 2021, were as follows: For the Three Months Ended September 30, 2022 For the Three Months Ended September 30, 2021 North America Europe Other Total North America Europe Other Total Payer/Customer Dx Clients 18 % — % — % 18 % 17 % — % — % 17 % Patients 6 % — % — % 6 % 6 % — % — % 6 % Medicare and Medicaid 6 % — % — % 6 % 6 % — % — % 6 % Third party 31 % — % — % 31 % 35 % — % — % 35 % Total Dx revenues by payer 61 % — % — % 61 % 64 % — % — % 64 % DD Pharmaceutical, biotechnology and medical device companies 19 % 12 % 8 % 39 % 22 % 10 % 4 % 36 % Total revenues 80 % 12 % 8 % 100 % 86 % 10 % 4 % 100 % For the Nine Months Ended September 30, 2022 For the Nine Months Ended September 30, 2021 North America Europe Other Total North America Europe Other Total Payer/Customer Dx Clients 18 % — % — % 18 % 18 % — % — % 18 % Patients 6 % — % — % 6 % 6 % — % — % 6 % Medicare and Medicaid 6 % — % — % 6 % 6 % — % — % 6 % Third party 31 % — % — % 31 % 34 % — % — % 34 % Total Dx revenues by payer 61 % — % — % 61 % 64 % — % — % 64 % DD Pharmaceutical, biotechnology and medical device companies 19 % 13 % 7 % 39 % 22 % 10 % 4 % 36 % Total revenues 80 % 13 % 7 % 100 % 86 % 10 % 4 % 100 % Revenues in the U.S. were $2,791.8 (77.4%) and $3,352.7 (82.5%) for the three months ended September 30, 2022, and 2021, respectively, and for the nine months ended September 30, 2022, and 2021, were $8,649.3 (77.2%) and $9,926.7 (82.3%), 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. September 30, 2022 December 31, 2021 Sales commission assets $ 38.9 $ 36.2 Deferred contract fulfillment costs 15.7 14.4 Total $ 54.6 $ 50.6 Amortization related to sales commission assets and associated payroll taxes for the three months ended September 30, 2022, and 2021, was $9.3 and $7.1, respectively, and for the nine months ended September 30, 2022, and 2021, was $25.3 and $20.4, respectively. Amortization related to deferred contract fulfillment costs for the three months ended September 30, 2022, and 2021, was $3.1 and $3.5, respectively, and was $9.1 and $10.0, respectively, for the nine months ended September 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: September 30, 2022 December 31, 2021 Dx accounts receivable $ 1,051.1 $ 1,193.8 DD accounts receivable 1,133.6 1,089.2 Less DD allowance for doubtful accounts (20.5) (21.5) Accounts receivable $ 2,164.2 $ 2,261.5 Gross unbilled services $ 829.4 $ 730.8 Less reserve for unbilled services (10.9) (14.0) Unbilled services $ 818.5 $ 716.8 Unearned revenue $ 530.9 $ 558.5 Revenues recognized during the period that were included in the unearned revenue balance at the beginning of the period were $277.9 and $267.6 for the nine months ended September 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 nine months ended September 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 4.0 — — 4.0 Less, write offs (5.0) (3.0) (0.7) (8.7) Balance as of September 30, 2022 $ 20.5 $ 10.9 $ — $ 31.4 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 $6,005.7 and $5,412.8 as of September 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 $6.6 and $10.1 were recognized during the three months ended September 30, 2022 and 2021, respectively, and revenues of $75.8 and $38.9 were recognized during the nine months ended September 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 |
Sep. 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 September 30, Nine Months Ended September 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 $ 352.8 90.2 $ 3.91 $ 587.3 96.3 $ 6.10 $ 1,203.0 91.9 $ 13.09 $ 1,824.3 97.1 $ 18.79 Dilutive effect of employee stock options and awards — 0.5 — 0.8 — 0.5 — 0.8 Net earnings including impact of dilutive adjustments $ 352.8 90.7 $ 3.90 $ 587.3 97.1 $ 6.05 $ 1,203.0 92.4 $ 13.02 $ 1,824.3 97.9 $ 18.63 |
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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Employee stock options and awards 0.2 — 0.2 0.1 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the nine months ended September 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 453.5 117.8 571.3 Foreign currency impact and other adjustments to goodwill (70.2) (242.4) (312.6) Balance as of September 30, 2022 $ 4,429.5 $ 3,788.1 $ 8,217.6 | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | he components of identifiable intangible assets are as follows: September 30, 2022 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 4,413.0 $ (1,466.1) $ 2,946.9 $ 4,336.0 $ (1,362.1) $ 2,973.9 Patents, licenses and technology 582.8 (293.7) 289.1 484.6 (267.4) 217.2 Non-compete agreements 114.3 (45.0) 69.3 70.2 (35.5) 34.7 Trade name 24.2 (1.2) 23.0 19.8 (15.5) 4.3 Land use right 10.3 (8.4) 1.9 10.4 (7.6) 2.8 Canadian licenses 468.1 — 468.1 493.5 — 493.5 Other 14.3 (4.8) 9.5 9.1 — 9.1 5,627.0 (1,819.2) 3,807.8 5,423.6 (1,688.1) 3,735.5 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Sep. 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 September 30, 2022, and December 31, 2021, is as follows: Fair Value Measurements as of September 30, 2022 Balance Sheet Fair Value as of Using Fair Value Hierarchy Classification September 30, 2022 Level 1 Level 2 Level 3 Noncontrolling interest put Noncontrolling interest $ 15.0 $ — $ 15.0 $ — Cross currency swaps Other liabilities 8.1 — 8.1 — Interest rate swaps Other liabilities 82.5 — 82.5 — Cash surrender value of life insurance policies Other assets, net 95.5 — 95.5 — Deferred compensation liability Other liabilities 93.7 — 93.7 — Contingent consideration Other liabilities 62.0 — — 62.0 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, net 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 (2.4) Additions 52.9 Balance as of September 30, 2022 $ 62.0 |
BUSINESS SEGMENT INFORMATION (T
BUSINESS SEGMENT INFORMATION (Tables) | 3 Months Ended |
Sep. 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 Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Revenues: Dx $ 2,207.6 $ 2,617.5 $ 6,917.1 $ 7,740.8 DD 1,405.8 1,459.5 4,317.0 4,392.9 Intercompany eliminations and other (7.3) (14.4) (31.5) (68.9) Revenues $ 3,606.1 $ 4,062.6 $ 11,202.6 $ 12,064.8 Operating earnings: Dx $ 378.7 $ 722.7 1,457.5 2,275.4 DD 156.7 141.6 431.8 445.3 General corporate expenses (66.0) (97.4) (206.1) (191.8) Total operating income $ 469.4 $ 766.9 $ 1,683.2 $ 2,528.9 |
REVENUE (Tables)
REVENUE (Tables) | 3 Months Ended |
Sep. 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 nine months ended September 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 4.0 — — 4.0 Less, write offs (5.0) (3.0) (0.7) (8.7) Balance as of September 30, 2022 $ 20.5 $ 10.9 $ — $ 31.4 |
Contract with Customer, Asset and Liability [Table Text Block] | September 30, 2022 December 31, 2021 Dx accounts receivable $ 1,051.1 $ 1,193.8 DD accounts receivable 1,133.6 1,089.2 Less DD allowance for doubtful accounts (20.5) (21.5) Accounts receivable $ 2,164.2 $ 2,261.5 Gross unbilled services $ 829.4 $ 730.8 Less reserve for unbilled services (10.9) (14.0) Unbilled services $ 818.5 $ 716.8 Unearned revenue $ 530.9 $ 558.5 |
Disaggregation of Revenue [Table Text Block] | The Company's revenues by segment and by payers/customer groups for the three and nine months ended September 30, 2022, and 2021, were as follows: For the Three Months Ended September 30, 2022 For the Three Months Ended September 30, 2021 North America Europe Other Total North America Europe Other Total Payer/Customer Dx Clients 18 % — % — % 18 % 17 % — % — % 17 % Patients 6 % — % — % 6 % 6 % — % — % 6 % Medicare and Medicaid 6 % — % — % 6 % 6 % — % — % 6 % Third party 31 % — % — % 31 % 35 % — % — % 35 % Total Dx revenues by payer 61 % — % — % 61 % 64 % — % — % 64 % DD Pharmaceutical, biotechnology and medical device companies 19 % 12 % 8 % 39 % 22 % 10 % 4 % 36 % Total revenues 80 % 12 % 8 % 100 % 86 % 10 % 4 % 100 % For the Nine Months Ended September 30, 2022 For the Nine Months Ended September 30, 2021 North America Europe Other Total North America Europe Other Total Payer/Customer Dx Clients 18 % — % — % 18 % 18 % — % — % 18 % Patients 6 % — % — % 6 % 6 % — % — % 6 % Medicare and Medicaid 6 % — % — % 6 % 6 % — % — % 6 % Third party 31 % — % — % 31 % 34 % — % — % 34 % Total Dx revenues by payer 61 % — % — % 61 % 64 % — % — % 64 % DD Pharmaceutical, biotechnology and medical device companies 19 % 13 % 7 % 39 % 22 % 10 % 4 % 36 % Total revenues 80 % 13 % 7 % 100 % 86 % 10 % 4 % 100 % Revenues in the U.S. were $2,791.8 (77.4%) and $3,352.7 (82.5%) for the three months ended September 30, 2022, and 2021, respectively, and for the nine months ended September 30, 2022, and 2021, were $8,649.3 (77.2%) and $9,926.7 (82.3%), respectively. DD Contract costs |
Capitalized Contract Cost [Table Text Block] | September 30, 2022 December 31, 2021 Sales commission assets $ 38.9 $ 36.2 Deferred contract fulfillment costs 15.7 14.4 Total $ 54.6 $ 50.6 |
BASIS OF FINANCIAL STATEMENT _2
BASIS OF FINANCIAL STATEMENT PRESENTATION (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 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 | 3,606.1 | 4,062.6 | 11,202.6 | 12,064.8 | ||||||
Contract with Customer, Liability | 530.9 | 530.9 | $ 558.5 | |||||||
Amortization of Deferred Sales Commissions | $ 9.3 | $ 7.1 | $ 25.3 | $ 20.4 | ||||||
Percent of Revenue Contributed | 100% | 100% | 100% | 100% | ||||||
Provision for income taxes | $ 68.4 | $ 180.4 | $ 333.9 | $ 614.7 | ||||||
Net earnings | 353.2 | 587.8 | 1,204.2 | 1,825.9 | ||||||
Net Income (Loss) Attributable to Parent | 352.8 | $ 358.6 | $ 491.6 | 587.3 | $ 467.4 | $ 769.6 | 1,203 | 1,824.3 | ||
Stockholders' Equity Attributable to Parent | 10,092.2 | 10,400.7 | 10,721.1 | 10,601.4 | 10,322 | 10,098.4 | 10,092.2 | 10,601.4 | 10,273.4 | $ 9,436.6 |
Capitalized Contract Cost, Amortization | 3.1 | 3.5 | 9.1 | 10 | ||||||
Deferred Revenue, Revenue Recognized | 277.9 | 267.6 | ||||||||
Revenue, Remaining Performance Obligation, Amount | 6,005.7 | 5,412.8 | 6,005.7 | 5,412.8 | ||||||
Contract with Customer, Performance Obligation Satisfied in Previous Period | 6.6 | 10.1 | $ 75.8 | 38.9 | ||||||
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 | $ 2,207.6 | $ 2,617.5 | $ 6,917.1 | $ 7,740.8 | ||||||
Percent of Revenue Contributed | 61% | 64% | 61% | 64% | ||||||
Covance Drug Development [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Revenues | $ 1,405.8 | $ 1,459.5 | $ 4,317 | $ 4,392.9 | ||||||
Retained Earnings [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Net Income (Loss) Attributable to Parent | 352.8 | 358.6 | 491.6 | 587.3 | 467.4 | 769.6 | ||||
Stockholders' Equity Attributable to Parent | $ 10,845 | $ 10,897.9 | $ 10,948.4 | $ 10,863.5 | $ 10,494.3 | $ 10,248.8 | $ 10,845 | $ 10,863.5 | $ 10,456.8 | $ 9,479.2 |
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 | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income [Abstract] | ||||||||
Net earnings attributable to Laboratory Corporation of America Holdings | $ 352.8 | $ 358.6 | $ 491.6 | $ 587.3 | $ 467.4 | $ 769.6 | $ 1,203 | $ 1,824.3 |
Shares [Abstract] | ||||||||
Net earnings, basic (in shares) | 90.2 | 96.3 | 91.9 | 97.1 | ||||
Dilutive effect of employee stock options and awards, (in shares) | 0.5 | 0.8 | 0.5 | 0.8 | ||||
Per Share Amount [Abstract] | ||||||||
Basic earnings per common share (in dollars per share) | $ 3.91 | $ 6.10 | $ 13.09 | $ 18.79 | ||||
Diluted earnings per common share (in dollars per share) | $ 3.90 | $ 6.05 | $ 13.02 | $ 18.63 | ||||
Net Income (Loss) Available to Common Stockholders, Diluted | $ 352.8 | $ 587.3 | $ 1,203 | $ 1,824.3 | ||||
Weighted Average Number of Shares Outstanding, Diluted | 90.7 | 97.1 | 92.4 | 97.9 |
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Stock options (in shares) | 0.2 | 0 | 0.2 | 0.1 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS (Changes in Carrying Amount of Goodwill) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Goodwill [Line Items] | |||||
Amortization of intangibles and other assets | $ 65.2 | $ 92.2 | $ 198.7 | $ 276.7 | |
Intangible Assets, Gross (Excluding Goodwill) | 5,627 | 5,627 | $ 5,423.6 | ||
Balance as of January 1 | 7,958.9 | ||||
Adjustments to goodwill | (312.6) | ||||
Balance at end of period | 8,217.6 | 8,217.6 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | 1,819.2 | 1,819.2 | 1,688.1 | ||
Intangible Assets, Net (Excluding Goodwill) | $ 3,807.8 | 3,807.8 | 3,735.5 | ||
Goodwill, Acquired During Period | 571.3 | ||||
Goodwill [Roll Forward] | |||||
Goodwill and Intangible Assets, Goodwill, Policy | 5. GOODWILL AND INTANGIBLE ASSETS The changes in the carrying amount of goodwill for the nine months ended September 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 453.5 117.8 571.3 Foreign currency impact and other adjustments to goodwill (70.2) (242.4) (312.6) Balance as of September 30, 2022 $ 4,429.5 $ 3,788.1 $ 8,217.6 The Company assesses goodwill and indefinite-lived intangibles for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The Company recognizes an impairment charge for the amount by which the reporting unit's carrying amount exceeds its fair value. Although the Company believes that the current assumptions and estimates used in its goodwill analysis are reasonable, supportable, and appropriate, the Company's business could be impacted by unfavorable changes, including those that impact the existing assumptions used in the impairment analysis. Various factors could reasonably be expected to unfavorably impact existing assumptions: primarily a worsening economic environment and protracted economic downturn and related impacts, including delays in revenue from new customers; increases in customer termination activity, or increases in operating costs. Accordingly, there can be no assurance that the estimates and assumptions made for the purposes of the goodwill impairment analysis will prove to be accurate predictions of future performance. The Company will continue to monitor the financial performance of, and assumptions for, its reporting units. A significant increase in the discount rate, decrease in the revenue and terminal growth rates, decreased operating margin, or substantial reductions in end markets and volume assumptions, could have a negative impact on the estimated fair value of the reporting units. A future impairment charge for goodwill or intangible assets could have a material effect on the Company's consolidated financial position and results of operations. The components of identifiable intangible assets are as follows: September 30, 2022 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 4,413.0 $ (1,466.1) $ 2,946.9 $ 4,336.0 $ (1,362.1) $ 2,973.9 Patents, licenses and technology 582.8 (293.7) 289.1 484.6 (267.4) 217.2 Non-compete agreements 114.3 (45.0) 69.3 70.2 (35.5) 34.7 Trade name 24.2 (1.2) 23.0 19.8 (15.5) 4.3 Land use right 10.3 (8.4) 1.9 10.4 (7.6) 2.8 Canadian licenses 468.1 — 468.1 493.5 — 493.5 Other 14.3 (4.8) 9.5 9.1 — 9.1 5,627.0 (1,819.2) 3,807.8 5,423.6 (1,688.1) 3,735.5 Amortization of intangible assets for the three and nine months ended September 30, 2022, and 2021, was $65.2 and $92.2 and $198.7 and $276.7, respectively. The amortization expense for the net carrying amount of intangible assets is estimated to be $58.6 for the remainder of fiscal 2022, $264.4 in fiscal 2023, $258.9 in fiscal 2024, $244.2 in fiscal 2025, $234.5 in fiscal 2026, and $2,194.2 thereafter. | ||||
LabCorp Diagnostics [Member] | |||||
Goodwill [Line Items] | |||||
Balance as of January 1 | 4,046.2 | ||||
Adjustments to goodwill | (70.2) | ||||
Balance at end of period | $ 4,429.5 | 4,429.5 | |||
Goodwill, Acquired During Period | 453.5 | ||||
Covance Drug Development [Member] | |||||
Goodwill [Line Items] | |||||
Balance as of January 1 | 3,912.7 | ||||
Adjustments to goodwill | (242.4) | ||||
Balance at end of period | 3,788.1 | 3,788.1 | |||
Goodwill, Acquired During Period | 117.8 | ||||
Customer Relationships [Member] | |||||
Goodwill [Line Items] | |||||
Intangible Assets, Gross (Excluding Goodwill) | 4,413 | 4,413 | 4,336 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 1,466.1 | 1,466.1 | 1,362.1 | ||
Intangible Assets, Net (Excluding Goodwill) | 2,946.9 | 2,946.9 | 2,973.9 | ||
Patents, Licenses And Technology [Member] | |||||
Goodwill [Line Items] | |||||
Intangible Assets, Gross (Excluding Goodwill) | 582.8 | 582.8 | 484.6 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 293.7 | 293.7 | 267.4 | ||
Intangible Assets, Net (Excluding Goodwill) | 289.1 | 289.1 | 217.2 | ||
Noncompete Agreements [Member] | |||||
Goodwill [Line Items] | |||||
Intangible Assets, Gross (Excluding Goodwill) | 114.3 | 114.3 | 70.2 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 45 | 45 | 35.5 | ||
Intangible Assets, Net (Excluding Goodwill) | 69.3 | 69.3 | 34.7 | ||
Trade Names [Member] | |||||
Goodwill [Line Items] | |||||
Intangible Assets, Gross (Excluding Goodwill) | 24.2 | 24.2 | 19.8 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 1.2 | 1.2 | 15.5 | ||
Intangible Assets, Net (Excluding Goodwill) | 23 | 23 | 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 | 8.4 | 8.4 | 7.6 | ||
Intangible Assets, Net (Excluding Goodwill) | 1.9 | 1.9 | 2.8 | ||
Canadian licenses [Member] | |||||
Goodwill [Line Items] | |||||
Intangible Assets, Gross (Excluding Goodwill) | 468.1 | 468.1 | 493.5 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 0 | 0 | 0 | ||
Intangible Assets, Net (Excluding Goodwill) | $ 468.1 | $ 468.1 | $ 493.5 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS (Components of identifiable intangible assets) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | $ 5,627 | $ 5,423.6 |
Finite-Lived Intangible Assets, Accumulated Amortization | (1,819.2) | (1,688.1) |
Intangible Assets, Net (Excluding Goodwill) | 3,807.8 | 3,735.5 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 4,413 | 4,336 |
Finite-Lived Intangible Assets, Accumulated Amortization | (1,466.1) | (1,362.1) |
Intangible Assets, Net (Excluding Goodwill) | 2,946.9 | 2,973.9 |
Patents, Licenses And Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 582.8 | 484.6 |
Finite-Lived Intangible Assets, Accumulated Amortization | (293.7) | (267.4) |
Intangible Assets, Net (Excluding Goodwill) | 289.1 | 217.2 |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 114.3 | 70.2 |
Finite-Lived Intangible Assets, Accumulated Amortization | (45) | (35.5) |
Intangible Assets, Net (Excluding Goodwill) | 69.3 | 34.7 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 24.2 | 19.8 |
Finite-Lived Intangible Assets, Accumulated Amortization | (1.2) | (15.5) |
Intangible Assets, Net (Excluding Goodwill) | 23 | 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 | (8.4) | (7.6) |
Intangible Assets, Net (Excluding Goodwill) | 1.9 | 2.8 |
Canadian licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 468.1 | 493.5 |
Finite-Lived Intangible Assets, Accumulated Amortization | 0 | 0 |
Intangible Assets, Net (Excluding Goodwill) | 468.1 | 493.5 |
In Process R&A and Media | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 14.3 | 9.1 |
Finite-Lived Intangible Assets, Accumulated Amortization | (4.8) | 0 |
Intangible Assets, Net (Excluding Goodwill) | $ 9.5 | $ 9.1 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible Assets, Gross (Excluding Goodwill) | $ 5,627 | $ 5,627 | $ 5,423.6 | ||
Goodwill | 8,217.6 | 8,217.6 | 7,958.9 | ||
Amortization of intangibles and other assets | 65.2 | $ 92.2 | 198.7 | $ 276.7 | |
Adjustments to goodwill | (312.6) | ||||
Estimated amortization expense, 2012 | 58.6 | 58.6 | |||
Estimated amortization expense, 2013 | 264.4 | 264.4 | |||
Estimated amortization expense, 2014 | 258.9 | 258.9 | |||
Estimated amortization expense, 2015 | 244.2 | 244.2 | |||
Estimated amortization expense, 2016 | 234.5 | 234.5 | |||
Estimated amortization expense, Thereafter | 2,194.2 | 2,194.2 | |||
Current Expected Credit Losses Opening Balance Sheet Impact on Retained Earnings | 4 | ||||
Amortization of intangible assets | 65.2 | $ 92.2 | 198.7 | $ 276.7 | |
LabCorp Diagnostics [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | 4,429.5 | 4,429.5 | 4,046.2 | ||
Adjustments to goodwill | (70.2) | ||||
Covance Drug Development [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | $ 3,788.1 | 3,788.1 | $ 3,912.7 | ||
Adjustments to goodwill | $ (242.4) |
DEBT (Short-term borrowings and
DEBT (Short-term borrowings and current portion of long-term debt) (Table) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Short-term Debt [Line Items] | ||
Current debt excluding finance lease liability | $ 1.7 | $ 1.5 |
Notes Payable | 1.7 | 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 | Sep. 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 | 35.9 | 41 | |
Notes Payable, Noncurrent | 2.7 | 4.6 | |
Long-term Debt, Excluding Current Maturities | 5,334.3 | $ 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 | ||
Sep. 30, 2022 | Dec. 31, 2021 | May 26, 2021 | |
Debt Instrument [Line Items] | |||
Long-term Debt, Excluding Current Maturities | $ 5,334.3 | $ 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 | 35.9 | 41 | |
Notes Payable | 1.7 | 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 | 82.5 | ||
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 | $ 417.5 | $ 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 | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Line of Credit Facility [Line Items] | ||
Revolving Credit Facility, maximum borrowing capacity | $ 1,000,000,000 | |
Line of Credit Facility, Commitment Fee Description | 0.10% to 0.23% | |
Notes Payable | $ 1,700,000 | $ 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 | 79,800,000 | |
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 | 4.14% |
PREFERRED STOCK AND COMMON SH_2
PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||||||
Dec. 09, 2022 | Nov. 17, 2022 | Oct. 12, 2022 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Class of Stock [Line Items] | ||||||||||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 831,500,000 | 831,500,000 | ||||||||||
Rollforward of common shares issued | ||||||||||||
Stock Repurchased During Period, Shares | 3,300,000 | 2,700,000 | 600,000 | |||||||||
Payments for Repurchase of Common Stock | $ (800,000,000) | $ (1,000,000,000) | $ (800,000,000) | $ (668,500,000) | ||||||||
Rollforward of Share Repurchase Program | ||||||||||||
Purchase of common stock | $ (400,000,000) | $ (400,000,000) | $ (300,000,000) | $ (300,000,000) | $ (68,500,000) | |||||||
Common Shares Outstanding Rollforward [Abstract] | ||||||||||||
Common shares outstanding, beginning balance (in shares) | 89,600,000 | 93,100,000 | ||||||||||
Common shares outstanding, ending balance (in shares) | 89,600,000 | 93,100,000 | 89,600,000 | |||||||||
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 | $ 240.57 | $ 277.40 | ||||||||||
Tax effect of adjustments | $ 0 | |||||||||||
Dividends | $ 131,600,000 | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (4,400,000) | |||||||||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | (4,000,000) | |||||||||||
Foreign currency translation adjustments | (256,500,000) | $ (91,600,000) | $ (572,200,000) | $ (114,600,000) | ||||||||
Dividends | $ 131,600,000 | |||||||||||
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 | Nov. 17, 2022 | |||||||||||
Dividends Payable, Date Declared | Oct. 12, 2022 | |||||||||||
Dividends Payable, Amount Per Share | $ 0.72 | |||||||||||
Dividends | $ 64,900,000 | |||||||||||
Dividends Payable, Date to be Paid | Dec. 09, 2022 | |||||||||||
Dividends Payable, Date Declared | Oct. 12, 2022 | |||||||||||
Dividends Payable, Date to be Paid | Dec. 09, 2022 | |||||||||||
Dividends Payable, Date of Record | Nov. 17, 2022 | |||||||||||
Dividends Payable, Amount Per Share | $ 0.72 | |||||||||||
Dividends | $ 64,900,000 | |||||||||||
Common Stock [Member] | ||||||||||||
Rollforward of common shares issued | ||||||||||||
Common shares issued, beginning balance (in shares) | 89,600,000 | 93,100,000 | ||||||||||
Commons Stock Issued During Period Shares Employee Stock Plans | 600,000 | |||||||||||
Stock Repurchased and Retired During Period, Shares | (4,100,000) | |||||||||||
Common shares issued, ending balance (in shares) | 89,600,000 | 93,100,000 | 89,600,000 | |||||||||
Common Stock, Shares, Issued | 89,600,000 | 93,100,000 | 89,600,000 | |||||||||
Common Shares Outstanding Rollforward [Abstract] | ||||||||||||
Commons Stock Issued During Period Shares Employee Stock Plans | 600,000 | |||||||||||
Stock Repurchased and Retired During Period, Shares | (4,100,000) | |||||||||||
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 | (4,100,000) |
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | $ (4,000,000) | |||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The components of accumulated other comprehensive earnings (loss) are as follows: Foreign Currency Translation Adjustments Net Benefit Plan Adjustments Accumulated Other Comprehensive Earnings (Loss) Balance as of December 31, 2021 $ (125.9) $ (66.0) $ (191.9) Current year adjustments (571.3) 11.7 (559.6) Pension settlement charge — (4.0) (4.0) Amounts reclassified from accumulated other comprehensive income (0.9) (3.5) (4.4) Tax effect of adjustments — (1.1) (1.1) Balance as of September 30, 2022 $ (698.1) $ (62.9) $ (761.0) | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment and Tax | 11,700,000 | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (559,600,000) | |||
Accumulated Other Comprehensive Earnings [Roll Forward] | ||||
Foreign Currency Translation Adjustments, Beginning balance | (125,900,000) | |||
Other comprehensive income before reclassifications | (571,300,000) | |||
Tax effect of adjustments | 0 | |||
Foreign Currency Translation Adjustments, Ending balance | $ (698,100,000) | (698,100,000) | ||
Net Benefit Plan Adjustments, Beginning balance | (66,000,000) | |||
Tax effect of adjustments | (1,100,000) | |||
Net Benefit Plan Adjustments, Ending balance | (62,900,000) | (62,900,000) | ||
Accumulated Other Comprehensive Earnings, Beginning balance | (191,900,000) | |||
Other comprehensive income before reclassifications | (571,300,000) | |||
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 | (3,500,000) | |||
Tax effect of adjustments | (300,000) | $ (700,000) | (1,100,000) | $ (2,100,000) |
Accumulated Other Comprehensive Earnings, Ending balance | $ (761,000,000) | (761,000,000) | ||
Pension settlement charge | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | $ 0 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | 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 | $ 15 | $ 16.3 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 8.1 | 8.1 | |
Fair market value of senior notes | 4,921.2 | 4,921.2 | 5,841.1 |
Cash Surrender Value, Fair Value Disclosure | 95.5 | 95.5 | 106.4 |
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability | 93.7 | 93.7 | 104.4 |
Equity Securities, FV-NI | 10.9 | ||
Contingent Consideration Classified as Equity, Fair Value Disclosure | 62 | 62 | 21.9 |
lh_BusinessCombinationContingentConsiderationArrangementsPayments | (10.4) | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 32.8 | ||
Fair Value Hedges, Net | 82.5 | 82.5 | 2.9 |
Contingent consideration adjustment | (2.4) | ||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 52.9 | ||
Tax effect of adjustments | 0 | ||
Long-term Debt, Excluding Current Maturities | 5,334.3 | 5,334.3 | 5,416.5 |
Fair Value Hedge Liabilities | 82.5 | 82.5 | |
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 | 15 | 16.3 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 8.1 | 8.1 | |
Cash Surrender Value, Fair Value Disclosure | 95.5 | 95.5 | 106.4 |
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability | 93.7 | 93.7 | 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 | 82.5 | 82.5 | 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 | 62 | 62 | 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 ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Business Combinations [Abstract] | ||||
Finite-lived Intangible Assets Acquired | $ 407.4 | |||
Payments to Acquire Businesses, Net of Cash Acquired | $ 326 | 1,013.6 | $ 326 | |
Business Acquisition [Line Items] | ||||
Finite-lived Intangible Assets Acquired | 407.4 | |||
Goodwill, Acquired During Period | 571.3 | |||
Business Acquisition, Pro Forma Revenue | $ 3,754.1 | 4,071.5 | 11,663.8 | 12,104.1 |
Business Acquisition, Pro Forma Net Income (Loss) | 352 | 584.6 | 1,201.8 | $ 1,811.1 |
Other acquirees | ||||
Business Combinations [Abstract] | ||||
Finite-lived Intangible Assets Acquired | 142.5 | |||
Business Acquisition [Line Items] | ||||
Finite-lived Intangible Assets Acquired | 142.5 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 4.1 | 4.1 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 2.9 | 2.9 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 27.1 | 27.1 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 1.6 | 1.6 | ||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 53.5 | 53.5 | ||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 17.7 | 17.7 | ||
Goodwill, Acquired During Period | $ 219.2 | 571.3 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 407.4 | 407.4 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 0.8 | 0.8 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 1,086.4 | 1,086.4 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 6.2 | 6.2 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 72.8 | 72.8 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 1,013.6 | 1,013.6 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 3.8 | 3.8 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | 56.6 | 56.6 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue | 3.3 | 3.3 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | 0 | 0 | ||
Business Combination, Recognized Identifiable Asset Acquired and Liability Assumed, Lease Obligation | 2.9 | 2.9 | ||
PGDx | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 0 | 0 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 0 | 0 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 0 | 0 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 0 | 0 | ||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 0 | 0 | ||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 17.7 | 17.7 | ||
Goodwill, Acquired During Period | 62.3 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | (134.2) | (134.2) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 0 | 0 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | (54.2) | (54.2) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (70) | (70) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (54.2) | (54.2) | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 0 | 0 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 0 | 0 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | 32.9 | 32.9 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue | 0 | 0 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | (17.1) | (17.1) | ||
Business Combination, Recognized Identifiable Asset Acquired and Liability Assumed, Lease Obligation | 0 | 0 | ||
2022 Preliminary Acquisitions | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 0 | 0 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 0 | 0 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 0 | 0 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 0 | 0 | ||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 0.1 | 0.1 | ||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 0 | 0 | ||
Goodwill, Acquired During Period | 62.2 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 71.7 | 71.7 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 0.8 | 0.8 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 134.8 | 134.8 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 0 | 0 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 0 | 0 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 134.8 | 134.8 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 0 | 0 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | 0 | 0 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue | 0 | 0 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | 0 | 0 | ||
Business Combination, Recognized Identifiable Asset Acquired and Liability Assumed, Lease Obligation | 0 | 0 | ||
Acsension Health | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 0 | 0 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 0 | 0 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 24.6 | 24.6 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 0.4 | 0.4 | ||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 43.5 | 43.5 | ||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 0 | 0 | ||
Goodwill, Acquired During Period | 161.2 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 197 | 197 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 0 | 0 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 426.7 | 426.7 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 0 | 0 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 2.9 | 2.9 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 423.8 | 423.8 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 0 | 0 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | 0 | 0 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue | 0 | 0 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | 2.9 | 2.9 | ||
Business Combination, Recognized Identifiable Asset Acquired and Liability Assumed, Lease Obligation | 0 | 0 | ||
Personal Genome Diagnostics, Inc | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 4.1 | 4.1 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 2.9 | 2.9 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 2.5 | 2.5 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 1.2 | 1.2 | ||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 9.9 | 9.9 | ||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 0 | 0 | ||
Goodwill, Acquired During Period | 285.6 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 272.9 | 272.9 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 0 | 0 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 579.1 | 579.1 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 76.2 | 76.2 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 124.1 | 124.1 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 455 | 455 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 3.8 | 3.8 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | 23.7 | 23.7 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue | 3.3 | 3.3 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | 0 | 0 | ||
Business Combination, Recognized Identifiable Asset Acquired and Liability Assumed, Lease Obligation | $ 17.1 | $ 17.1 | ||
Customer Relationships [Member] | Maximum [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 23 years | |||
Noncompete Agreements [Member] | Minimum [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||
Noncompete Agreements [Member] | Maximum [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years |
BUSINESS SEGMENT INFORMATION _2
BUSINESS SEGMENT INFORMATION Business Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Percent of Revenue Contributed | 100% | 100% | 100% | 100% |
Intercompany revenue elimination | $ (7.3) | $ (14.4) | $ (31.5) | $ (68.9) |
Revenues | 3,606.1 | 4,062.6 | 11,202.6 | 12,064.8 |
Operating Income (Loss) | 469.4 | 766.9 | 1,683.2 | 2,528.9 |
Corporate Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | $ (66) | $ (97.4) | $ (206.1) | $ (191.8) |
LabCorp Diagnostics [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Percent of Revenue Contributed | 61% | 64% | 61% | 64% |
Revenues | $ 2,207.6 | $ 2,617.5 | $ 6,917.1 | $ 7,740.8 |
Operating Income (Loss) | 378.7 | 722.7 | 1,457.5 | 2,275.4 |
Covance Drug Development [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,405.8 | 1,459.5 | 4,317 | 4,392.9 |
Operating Income (Loss) | $ 156.7 | $ 141.6 | $ 431.8 | $ 445.3 |
REVENUE (Details)
REVENUE (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | ||||
Amortization of Deferred Sales Commissions | $ 9.3 | $ 7.1 | $ 25.3 | $ 20.4 |
Capitalized Contract Cost, Amortization | 3.1 | 3.5 | 9.1 | 10 |
Contract with Customer, Performance Obligation Satisfied in Previous Period | $ 6.6 | $ 10.1 | 75.8 | 38.9 |
Deferred Revenue, Revenue Recognized | $ 277.9 | $ 267.6 |
REVENUE Disaggregated Revenue T
REVENUE Disaggregated Revenue Table (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||||
Accounts Receivable, Allowance for Credit Loss | $ 20.5 | $ 20.5 | $ 21.5 | ||
Unbilled Services, Allowance for Credit Loss | 10.9 | 10.9 | 13.9 | ||
Note Receivable, Allowance for Credit Loss | 0 | 0 | 0.7 | ||
Allowance for Credit Loss | 31.4 | 31.4 | 36.1 | ||
Current Expected Credit Losses Opening Balance Sheet Impact on Retained Earnings | 4 | ||||
Allowance for Credit Loss, Write Off | (8.7) | ||||
Deferred Revenue, Revenue Recognized | 277.9 | $ 267.6 | |||
Contract with Customer, Asset, before Allowance for Credit Loss | 829.4 | 829.4 | 730.8 | ||
Revenue, Remaining Performance Obligation, Amount | $ 6,005.7 | $ 5,412.8 | 6,005.7 | 5,412.8 | |
Long Term Contracts Duration Minimum | 1 year | ||||
Long Term Contracts Duration Maximum | 8 years | ||||
Contract with Customer, Performance Obligation Satisfied in Previous Period | $ 6.6 | 10.1 | 75.8 | 38.9 | |
Contract with Customer, Liability | 530.9 | 530.9 | 558.5 | ||
Capitalized Contract Cost, Amortization | 3.1 | 3.5 | 9.1 | 10 | |
Accrued Sales Commission | 38.9 | 38.9 | 36.2 | ||
Capitalized Contract Cost, Net | 15.7 | 15.7 | 14.4 | ||
Amount of Deferred Costs Related to Long-term Contracts | 54.6 | 54.6 | 50.6 | ||
Amortization of Deferred Sales Commissions | 9.3 | $ 7.1 | 25.3 | $ 20.4 | |
Unbilled Contracts Receivable | $ 818.5 | $ 818.5 | 716.8 | ||
Percent of Revenue Contributed | 100% | 100% | 100% | 100% | |
Revenues | $ 3,606.1 | $ 4,062.6 | $ 11,202.6 | $ 12,064.8 | |
Accounts Receivable, after Allowance for Credit Loss, Current | 2,164.2 | 2,164.2 | 2,261.5 | ||
Allowance for Credit Loss, Receivable, Other, Current | (10.9) | (10.9) | (14) | ||
Contract with Customer, Asset, after Allowance for Credit Loss, Current | $ 818.5 | $ 818.5 | 716.8 | ||
Europe [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 12% | 10% | 13% | 10% | |
North America | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 80% | 86% | 80% | 86% | |
Other countries [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 8% | 4% | 7% | 4% | |
UNITED STATES | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 77.40% | 82.50% | 77.20% | 82.30% | |
Revenues | $ 2,791.8 | $ 3,352.7 | $ 8,649.3 | $ 9,926.7 | |
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% | 64% | 61% | 64% | |
Revenues | $ 2,207.6 | $ 2,617.5 | $ 6,917.1 | $ 7,740.8 | |
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% | 64% | 61% | 64% | |
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% | 18% | 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% | 18% | 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 | 6% | 6% | 6% | 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 | 6% | 6% | 6% | 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 | 31% | 35% | 31% | 34% | |
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 | 31% | 35% | 31% | 34% | |
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 | $ 1,405.8 | $ 1,459.5 | $ 4,317 | $ 4,392.9 | |
Covance Drug Development [Member] | Biopharmaceutical and medical device companies [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 36% | 36% | |||
Covance Drug Development [Member] | Biopharmaceutical and medical device companies [Member] | Europe [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 10% | 10% | |||
Covance Drug Development [Member] | Biopharmaceutical and medical device companies [Member] | North America | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 22% | 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 | $ 1,051.1 | 1,051.1 | 1,193.8 | ||
Drug Development | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 39% | ||||
Accounts Receivable, before Allowance for Credit Loss | $ 1,133.6 | $ 1,133.6 | $ 1,089.2 | ||
Drug Development | Biopharmaceutical and medical device companies [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 39% | 39% | |||
Drug Development | Biopharmaceutical and medical device companies [Member] | Europe [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 12% | 13% | |||
Drug Development | Biopharmaceutical and medical device companies [Member] | North America | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 19% | 19% | |||
Drug Development | Biopharmaceutical and medical device companies [Member] | Other countries [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Percent of Revenue Contributed | 8% | 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 | 0.7 | ||||
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 | (3) | ||||
Accounts Receivable [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Current Expected Credit Losses Opening Balance Sheet Impact on Retained Earnings | 4 | ||||
Allowance for Credit Loss, Write Off | $ (5) |
Uncategorized Items - lh-202209
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 1,472,700,000 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 1,320,800,000 |