0000920148-23-000030 | 10-Q | XBRL Viewer | Laboratory Corp OF America Holdings

Cover Page - shares shares in Millions	3 Months Ended
Cover Page - shares shares in Millions	Mar. 31, 2023	May 03, 2023
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	Q1
Amendment Flag	false
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	2023
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000920148

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Accounts Receivable, after Allowance for Credit Loss, Current	$ 2,344,800,000	$ 2,222,000,000
Unbilled Contracts Receivable	705,100,000	795,400,000
Supplies inventories	481,400,000	470,600,000
Prepaid expenses and other	769,800,000	707,000,000.0
Total current assets	4,695,000,000	4,625,000,000
Property, plant and equipment, net	2,944,100,000	2,956,200,000
Goodwill, net	8,116,000,000	8,121,000,000
Intangible Assets, Net (Excluding Goodwill)	3,912,300,000	3,946,900,000
Joint venture partnerships and equity method investments	65,800,000	65,700,000
Deferred Income Taxes and Other Assets, Current	7,700,000	7,600,000
Other assets, net	459,100,000	432,700,000
Total assets	20,200,000,000	20,155,100,000
Liabilities, Current [Abstract]
Accounts Payable, Current	880,700,000	934,800,000
Accrued Liabilities, Current	929,500,000	1,068,800,000
Deferred Revenue, Current	586,700,000	582,100,000
Operating Lease, Liability, Current	181,200,000	185,500,000
Finance Lease, Liability, Current	6,100,000	6,000,000.0
Current debt excluding finance lease liability	301,400,000	301,300,000
Long-term debt, less current portion	2,885,600,000	3,078,500,000
Long-term Debt, Excluding Current Maturities	5,052,300,000	5,038,800,000
Commitments and contingent liabilities	413,600,000	422,800,000
Operating Lease, Liability, Noncurrent	668,300,000	679,700,000
Finance Lease, Liability, Noncurrent	82,000,000.0	83,600,000
Deferred income taxes and other tax liabilities	737,400,000	736,200,000
Noncontrolling interest	9,839,200,000	10,039,600,000
Shareholders' equity:
Common stock, 92.8 and 93.5 shares outstanding at March 31, 2013 and December 31, 2012, respectively	19,300,000	18,900,000
Additional paid-in capital	47,700,000	0
Retained earnings	8,100,000	8,100,000
Accumulated other comprehensive income	(10,729,900,000)	(10,581,700,000)
Total liabilities and shareholders' equity	(444,200,000)	(493,200,000)
Stockholders' Equity Attributable to Parent	10,341,500,000	10,096,600,000
Liabilities and Equity	20,200,000,000	20,155,100,000
Net earnings	213,300,000
Cash and cash equivalents	$ 393,900,000	$ 430,000,000.0

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss	$ 52.8	$ 43.5
Shareholders' Equity:
Common stock, shares outstanding (in shares)	88.6	88.2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net restructuring and other special charges	$ 8.6	$ 12.6
Operating Income (Loss)	341.0	687.9
Interest Expense	50.7	42.2
Equity method income, net	(2.1)	3.4
Investment income	2.2	1.1
Other, net	(12.6)	(10.1)
Earnings before income taxes	277.8	640.1
Provision for income taxes	64.5	148.0
Net earnings	213.3	492.1
Net Income (Loss) Attributable to Noncontrolling Interest	0.4	0.5
Net Income (Loss) Attributable to Parent	212.9	491.6
Revenues	3,777.9	3,899.6
Cost of Revenue	2,803.2	2,666.7
Gross Profit	974.7	1,232.9
Selling, general and administrative expenses	553.6	464.1
Amortization of intangibles and other assets	69.3	67.1
Asset Impairment Charges	2.2	1.2
Revenues	3,777.9	3,899.6
Cost of Revenue	2,803.2	2,666.7
Gross Profit	974.7	1,232.9
Selling, general and administrative expenses	553.6	464.1
Amortization of intangibles and other assets	69.3	67.1
Asset Impairment Charges	2.2	1.2
Net restructuring and other special charges	8.6	12.6
Operating Income (Loss)	341.0	687.9
Other income (expenses):
Interest expense	(50.7)	(42.2)
Equity method income, net	(2.1)	3.4
Investment income	2.2	1.1
Other, net	(12.6)	(10.1)
Earnings before income taxes	277.8	640.1
Provision for income taxes	64.5	148.0
Net earnings	213.3	492.1
Less: Net earnings attributable to the noncontrolling interest	(0.4)	(0.5)
Net earnings attributable to Laboratory Corporation of America Holdings	$ 212.9	$ 491.6
Basic earnings per common share (in dollars per share)	$ 2.41	$ 5.27
Diluted earnings per common share (in dollars per share)	$ 2.39	$ 5.23

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Provision for income taxes	$ 64.5	$ 148.0
Net earnings	213.3	492.1
Other Comprehensive Earnings, Net of Tax
Foreign currency translation adjustments	48.1	(74.6)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax	1.2	2.2
Other comprehensive earnings (loss) before tax	49.3	(72.4)
Tax effect of adjustments	(0.3)	(0.6)
Other comprehensive earnings (loss), net of tax	49.0	(73.0)
Comprehensive earnings	262.3	419.1
Less: Net earnings attributable to the noncontrolling interest	(0.4)	(0.5)
Comprehensive earnings attributable to Laboratory Corporation of America Holdings	$ 261.9	$ 418.6

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, 2021	$ 10,273.4	$ 8.5	$ 0.0	$ 10,456.8	$ (191.9)
Net earnings attributable to Laboratory Corporation of America Holdings	491.6	0.0	0.0	491.6	0.0
Other comprehensive earnings, net of tax	(73.0)	0.0	0.0	0.0	(73.0)
Issuance of common stock under employee stock plans	(18.2)	0.0	(18.2)	0.0	0.0
Surrender of restricted stock and performance share awards	(27.3)	0.0	(27.3)	0.0	0.0
Stock compensation	38.2	0.0	38.2	0.0	0.0
BALANCE at Mar. 31, 2022	10,721.1	8.5	29.1	10,948.4	(264.9)
Retained Earnings (Accumulated Deficit)	10,581.7
BALANCE at Dec. 31, 2022	10,096.6	8.1	0.0	10,581.7	(493.2)
Net earnings attributable to Laboratory Corporation of America Holdings	212.9	0.0	0.0	212.9	0.0
Other comprehensive earnings, net of tax	49.0	0.0	0.0	0.0	49.0
Dividends	(64.7)	0.0	0.0	(64.7)	0.0
Issuance of common stock under employee stock plans	(27.6)	0.0	(27.6)	0.0	0.0
Surrender of restricted stock and performance share awards	(20.5)	0.0	(20.5)	0.0	0.0
Stock compensation	40.6	0.0	40.6	0.0	0.0
BALANCE at Mar. 31, 2023	10,341.5	$ 8.1	$ 47.7	$ 10,729.9	$ (444.2)
Retained Earnings (Accumulated Deficit)	$ 10,729.9

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

Statement of Cash Flows (Statement)
$ in Millions

3 Months Ended

Mar. 31, 2023

USD ($)

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information


	Three Months Ended March 31,
	2023		2022

Cash paid during period for:
Interest	$	70.4	$	20.6
Income taxes, net of refunds	33.0		28.9
Disclosure of non-cash financing and investing activities:



Change in accrued property, plant and equipment	(4.2)		(9.2)

Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents

$ 393.9

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 213,300,000	$ 492,100,000
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation And Amortization Of Leased Assets	47,800,000	48,900,000
Depreciation and amortization	165,900,000	161,500,000
Stock compensation	40,600,000	38,200,000
Asset Impairment Charges	2,200,000	1,200,000
Deferred income taxes	1,800,000	(19,000,000.0)
Other Operating Activities, Cash Flow Statement	5,800,000	(3,600,000)
Change in assets and liabilities (net of effects of acquisitions):
Increase in accounts receivable (net)	117,500,000	(20,400,000)
Increase (Decrease) in Unbilled Contract Receivable	(91,600,000)	84,500,000
Increase in inventories	10,000,000.0	37,400,000
Decrease in accounts payable	(56,400,000)	(5,500,000)
Increase (Decrease) in Deferred Revenue	2,500,000	(2,900,000)
Increase (Decrease) in Prepaid Expense and Other Assets	59,800,000	41,100,000
Increase (Decrease) in Accrued Liabilities and Other Operating Liabilities	(206,600,000)	(212,300,000)
Net cash provided by operating activities	121,200,000	356,000,000.0
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash payments for laboratory-related assets	(93,900,000)	(117,200,000)
Proceeds from sale of assets	100,000	1,000,000.0
Proceeds from Sale of Equity Method Investments	0	400,000
Payments to Acquire Equity Method Investments	(6,100,000)	(2,200,000)
Net Cash Provided by (Used in) Investing Activities	(99,700,000)	(573,100,000)
Payments to Acquire Businesses, Net of Cash Acquired	200,000	(455,100,000)
Net cash used for investing activities	(99,700,000)	(573,100,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facilities	827,900,000	0
Repayments of Lines of Credit	(827,900,000)	0
Payment, Tax Withholding, Share-based Payment Arrangement	20,500,000	27,300,000
Net proceeds from issuance of stock to employees	27,600,000	18,200,000
Payments of Dividends	(64,400,000)	0
Other Financing Cash Flows	3,300,000	8,600,000
Net cash provided by (used for) financing activities	(60,600,000)	(17,700,000)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	(36,100,000)	(239,200,000)
Business Acquisition [Line Items]
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	3,000,000.0	(4,400,000)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 393,900,000	$ 1,233,500,000

Statement of Cash Flows, Supplemental Disclosures
$ in Millions

3 Months Ended

Mar. 31, 2023

USD ($)

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

SUPPLEMENTAL CASH FLOW INFORMATION


	Three Months Ended March 31,
	2023		2022

Cash paid during period for:
Interest	$	70.4	$	20.6
Income taxes, net of refunds	33.0		28.9
Disclosure of non-cash financing and investing activities:



Change in accrued property, plant and equipment	(4.2)		(9.2)

Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents

$ 393.9

SUPPLEMENTAL CASH FLOW INFORMATION Description Information - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Conversion [Line Items]
Capital Expenditures Incurred but Not yet Paid		$ (9.2)
Decrease in Capital Expenditures Incurred but not yet Paid	$ (4.2)
Cash and cash equivalents	393.9
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	393.9	1,233.5
Cash paid during period for:
Interest	70.4	20.6
Income taxes, net of refunds	$ 33.0	$ 28.9

BASIS OF FINANCIAL STATEMENT PRESENTATION	3 Months Ended
BASIS OF FINANCIAL STATEMENT PRESENTATION	Mar. 31, 2023
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 March 31, 2023, Dx and DD contributed approximately 63% and 37%, 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 and Commercialization Services 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 2022 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 March 31, 2023, Dx and DD contributed approximately 63% and 37%, 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 and Commercialization Services 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 2022 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

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

Basic earnings per share is computed by dividing net earnings attributable to Laboratory Corporation of America Holdings by the weighted average number of common shares outstanding. Diluted earnings per share is computed by dividing net earnings including the impact of dilutive adjustments by the weighted average number of common shares outstanding plus potentially dilutive shares, as if they had been issued at the earlier of the date of issuance or the beginning of the period presented. Potentially dilutive common shares result primarily from the Company’s outstanding stock options, restricted stock awards, 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 March 31,
	2023					2022
	Earnings		Shares	Per Share Amount		Earnings		Shares	Per Share Amount
Basic earnings per share:
Net earnings	$	212.9	88.4	$	2.41	$	491.6	93.2	$	5.27
Dilutive effect of employee stock options and awards	—		0.6			—		0.8


Net earnings including impact of dilutive adjustments	$	212.9	89.0	$	2.39	$	491.6	94.0	$	5.23

Diluted earnings per share represent the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. These potential shares include dilutive stock options and unissued restricted stock awards. The following table summarizes the potential common shares not included in the computation of diluted earnings per share because their impact would have been antidilutive:


	Three Months Ended March 31,
	2023	2022
Employee stock options and awards	0.6	0.3

PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2023

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, 2022			88.2
Shares issued under employee stock plans			0.4




Common shares at March 31, 2023			88.6

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, 2022	$	(462.3)	$	(30.9)	$	(493.2)
Current year adjustments	48.1		10.3		58.4
Pension settlement charge	—		(7.9)		(7.9)
Amounts reclassified from accumulated other comprehensive income	—		(1.2)		(1.2)
Tax effect of adjustments	—		(0.3)		(0.3)
Balance as of March 31, 2023	$	(414.2)	$	(30.0)	$	(444.2)

Accumulated Other Comprehensive Income (Loss) [Line Items]

Preferred Stock and Common Shareholders' Equity

PREFERRED STOCK AND COMMON SHAREHOLDERS’ EQUITY

The Company is authorized to issue up to 265.0 shares of common stock, par value $0.10 per share. The Company is authorized to issue up to 30.0 shares of preferred stock, par value $0.10 per share. There were no preferred shares outstanding as of March 31, 2023, and December 31, 2022.

The changes in common shares issued are summarized below:


			Issued and Outstanding
Common shares at December 31, 2022			88.2
Shares issued under employee stock plans			0.4




Common shares at March 31, 2023			88.6

Share Repurchase Program

As of March 31, 2023, the Company had outstanding authorization from the board of directors to purchase up to $1,531.5 of the Company's common stock. The repurchase authorization has no expiration.

Dividends

For the three months ended March 31, 2023, the Company paid $64.4 in common stock dividends. On April 6, 2023, the Company announced a cash dividend of $0.72 per share of common stock for the second quarter, or approximately $64.7 in the aggregate. The dividend will be payable on June 8, 2023, to stockholders of record of all issued and outstanding shares of common stock as of the close of business on May 18, 2023. 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, 2022	$	(462.3)	$	(30.9)	$	(493.2)
Current year adjustments	48.1		10.3		58.4
Pension settlement charge	—		(7.9)		(7.9)
Amounts reclassified from accumulated other comprehensive income	—		(1.2)		(1.2)
Tax effect of adjustments	—		(0.3)		(0.3)
Balance as of March 31, 2023	$	(414.2)	$	(30.0)	$	(444.2)

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

The Company’s population of financial assets and liabilities subject to fair value measurements as of March 31, 2023, and December 31, 2022, is as follows:


				Fair Value Measurements as of
				March 31, 2023
	Balance Sheet	Fair Value as of		Using Fair Value Hierarchy
	Classification	March 31, 2023		Level 1		Level 2		Level 3
Noncontrolling interest put	Noncontrolling interest	$	15.1	$	—	$	15.1	$	—
Cross currency swaps	Other liabilities	48.5		—		48.5		—
Interest rate swaps	Other liabilities	67.3		—		67.3		—


Cash surrender value of life insurance policies	Other assets, net	106.4		—		106.4		—
Deferred compensation liability	Other liabilities	102.7		—		102.7		—

Contingent consideration	Accrued expenses and other; Other liabilities	69.0		—		—		69.0


				Fair Value Measurements as of
				December 31, 2022
	Balance Sheet	Fair Value as of		Using Fair Value Hierarchy
	Classification	December 31, 2022		Level 1		Level 2		Level 3
Noncontrolling interest put	Noncontrolling interest	$	15.0	$	—	$	15.0	$	—
Cross currency swaps	Other liabilities, net	45.7		—		45.7		—
Interest rate swaps	Other liabilities, net	79.7		—		79.7		—
Cash surrender value of life insurance policies	Other assets, net	100.7		—		100.7		—
Deferred compensation liability	Other liabilities	96.9		—		96.9		—

Contingent consideration	Accrued expenses and other; Other liabilities	77.4		—		—		77.4


Fair Value Measurement of Level 3 Liabilities	Contingent Consideration
Balance at December 31, 2022	$	77.4

Adjustments	(8.4)

Balance as of March 31, 2023	$	69.0

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 26 measurement funds, which are indexed to externally managed funds. From time to time, to offset the cost of the growth in the participant's investment accounts, the Company purchases life insurance policies, with the Company named as beneficiary of the policies. Changes in the cash surrender value of the life insurance policies are based upon earnings and changes in the value of the underlying investments, which are typically invested in a similar manner to the participant's allocations. Changes in the fair value of the DCP obligation are derived using quoted prices in active markets based on the market price per unit multiplied by the number of units. The cash surrender value and the DCP obligations are classified within Level 2 because their inputs are derived principally from observable market data by correlation to the hypothetical investments.

Contingent accrued earn-out business acquisition consideration liabilities are measured at fair value using Level 3 valuations. These contingent consideration liabilities were recorded at fair value on the acquisition date and are remeasured quarterly based on the then assessed fair value and adjusted if necessary. The increases or decreases in the fair value of contingent consideration payable can result from changes in anticipated revenue levels and changes in assumed discount periods and rates. As the fair value measure is based on significant inputs that are not observable in the market, they are categorized as Level 3.

The carrying amounts of cash and cash equivalents, accounts receivable, income taxes receivable, and accounts payable are considered to be representative of their respective fair values due to their short-term nature. The fair market value of the senior notes, based on market pricing, was approximately $5,082.0 and $4,973.9 as of March 31, 2023, and December 31, 2022, respectively. The Company's note and debt instruments are classified as Level 2 instruments, as the fair market values of these instruments are determined using other observable inputs.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

BUSINESS ACQUISITIONS	3 Months Ended
BUSINESS ACQUISITIONS	Mar. 31, 2023
Business Combinations [Abstract]
Business Combination Disclosure [Text Block]	BUSINESS ACQUISITIONS During the three months ended March 31, 2023, the Company recorded several measurement period adjustments for 2022 acquisitions, relating to final valuations and deferred tax true-ups. The adjustments include the following:

BUSINESS SEGMENT INFORMATION Business Segment information (Notes)	3 Months Ended
	Mar. 31, 2023
Segment Reporting Information [Line Items]
Segment Reporting Disclosure [Text Block]	BUSINESS SEGMENT INFORMATIONThe following table is a summary of segment information for the three months ended March 31, 2023, and 2022. The “management approach” has been used to present the following segment information. This approach is based upon the way the management of the Company organizes segments within an enterprise for making operating decisions and assessing performance. Financial information is reported on the basis that it is used internally by the chief operating decision maker (CODM) for evaluating segment performance and deciding how to allocate resources to segments. The Company’s chief executive officer has been identified as the CODM. Segment asset information is not presented because it is not used by the CODM at the segment level.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTSOn May 3, 2023, the Company entered into agreements to create a comprehensive strategic relationship with Jefferson Health (Jefferson), the largest health system serving the greater Philadelphia area and Southern New Jersey. When complete, the arrangements between Jefferson and the Company will serve to build academic collaborations around teaching and the development of innovative tests. The new strategic collaboration will deliver efficiency and comprehensive laboratory aspects of healthcare for the communities served by Jefferson through the Company's leading clinical laboratory services, robust data and digital tools and extensive network of patient service centers. The transaction is expected to close by mid-year 2023, subject to customary closing conditions and applicable regulatory approvals.

Intangible Assets, Goodwill and Other (Policies)

3 Months Ended

Mar. 31, 2023

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 three months ended March 31, 2023, are as follows:


	Dx		DD		Total
	March 31, 2023		March 31, 2023		March 31, 2023
Balance as of December 31, 2022	$	4,533.5	$	3,587.5	$	8,121.0




Foreign currency impact and other adjustments to goodwill	(19.2)		14.2		(5.0)
Balance as of March 31, 2023	$	4,514.3	$	3,601.7	$	8,116.0

The Company assesses goodwill and indefinite-lived intangibles for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The Company recognizes an impairment charge for the amount by which the reporting unit's carrying amount exceeds its fair value.

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:


	March 31, 2023						December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	4,723.8	$	(1,605.4)	$	3,118.4	$	4,681.1	$	(1,546.4)	$	3,134.7
Patents, licenses and technology	574.8		(298.7)		276.1		574.1		(291.1)		283.0
Non-compete agreements	83.4		(56.3)		27.1		86.6		(50.5)		36.1
Trade name	16.4		(4.6)		11.8		16.4		(3.5)		12.9
Land use right	10.3		(9.0)		1.3		10.3		(8.8)		1.5
Canadian licenses	468.9		—		468.9		468.7		—		468.7
Other	14.2		(5.5)		8.7		14.2		(4.2)		10.0
	5,891.8		(1,979.5)		3,912.3		5,851.4		(1,904.5)		3,946.9

Amortization of intangible assets for the three months ended March 31, 2023, and 2022, was $69.3 and $67.1, respectively. The amortization expense for the net carrying amount of intangible assets is estimated to be $206.2 for the remainder of fiscal 2023, $267.5 in fiscal 2024, $255.3 in fiscal 2025, $245.5 in fiscal 2026, $233.9 in fiscal 2027, and $2,141.3 thereafter.

Revenue from Contract with Customer (Policies)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

REVENUES

The Company's revenues by segment and by payers/customer groups for the three months ended March 31, 2023, and 2022, were as follows:


	For the Three Months Ended March 31, 2023								For the Three Months Ended March 31, 2022
	North America		Europe		Other		Total		North America		Europe		Other		Total
Payer/Customer
Dx
Clients	17	%	—	%	—	%	17	%	17	%	—	%	—	%	17	%
Patients	8	%	—	%	—	%	8	%	5	%	—	%	—	%	5	%
Medicare and Medicaid	7	%	—	%	—	%	7	%	6	%	—	%	—	%	6	%
Third party	31	%	—	%	—	%	31	%	35	%	—	%	—	%	35	%
Total Dx revenues by payer	63	%	—	%	—	%	63	%	63	%	—	%	—	%	63	%
DD




Pharmaceutical, biotechnology and medical device companies	18	%	12	%	7	%	37	%	17	%	13	%	7	%	37	%
Total revenues	81	%	12	%	7	%	100	%	80	%	13	%	7	%	100	%

Revenues in the U.S. were $2,959.2 (78.3%) and $3,000.5 (76.9%) for the three months ended March 31, 2023, and 2022, 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.


	March 31, 2023		December 31, 2022
Sales commission assets	$	38.3	$	38.2
Deferred contract fulfillment costs	14.3		15.0
Total	$	52.6	$	53.2

Amortization related to sales commission assets and associated payroll taxes for the three months ended March 31, 2023, and 2022, was $8.4 and $7.2, respectively. Amortization related to deferred contract fulfillment costs for the three months ended March 31, 2023, and 2022, was $2.4 and $3.1, respectively.

Accounts Receivable, Unbilled Services and Unearned Revenue

The following table provides information about accounts receivable, unbilled services, and unearned revenue from contracts with customers:


	March 31, 2023		December 31, 2022
Dx accounts receivable	$	1,131.6	$	1,046.9
DD accounts receivable	1,266.0		1,218.6
Less DD allowance for doubtful accounts	(52.8)		(43.5)
Accounts receivable	$	2,344.8	$	2,222.0

Gross unbilled services	$	715.9	$	805.9
Less reserve for unbilled services	(10.8)		(10.5)
Unbilled services	$	705.1	$	795.4

Unearned revenue	$	586.7	$	582.1

Revenues recognized during the period that were included in the unearned revenue balance at the beginning of the period were $165.3 and $163.8 for the three months ended March 31, 2023, and 2022, respectively.

Credit Loss Rollforward

The Company estimates future expected losses on accounts receivable, unbilled services and notes receivable over the remaining collection period of the instrument. The rollforward for the allowance for credit losses for the three months ended March 31, 2023, is as follows:


	Accounts Receivable		Unbilled Services		Note and Other Receivables		Total
Balance as of December 31, 2022	$	43.5	$	10.5	$	0.7	$	54.7
Plus, credit loss expense	11.1		—		—		11.1

Less, write offs	(1.8)		0.3		—		(1.5)
Balance as of March 31, 2023	$	52.8	$	10.8	$	0.7	$	64.3

The credit loss expense in the first quarter primarily related to the the collection risk from several biotech receivable balances.

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 $4,720.0 as of March 31, 2023. DD expects to recognize approximately 30.0% of the remaining performance obligations as of March 31, 2023, as revenue over the next 12 months. DD's long-term contracts generally range from 1 to 8 years.

Within DD, revenues of $10.4 and $31.7 were recognized during the three months ended March 31, 2023 and 2022, 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)

3 Months Ended

Mar. 31, 2023

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 March 31,
	2023					2022
	Earnings		Shares	Per Share Amount		Earnings		Shares	Per Share Amount
Basic earnings per share:
Net earnings	$	212.9	88.4	$	2.41	$	491.6	93.2	$	5.27
Dilutive effect of employee stock options and awards	—		0.6			—		0.8


Net earnings including impact of dilutive adjustments	$	212.9	89.0	$	2.39	$	491.6	94.0	$	5.23

Potential common shares not included in computation of diluted earnings per share

The following table summarizes the potential common shares not included in the computation of diluted earnings per share because their impact would have been antidilutive:


	Three Months Ended March 31,
	2023	2022
Employee stock options and awards	0.6	0.3

GOODWILL AND INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the three months ended March 31, 2023, are as follows:


	Dx		DD		Total
	March 31, 2023		March 31, 2023		March 31, 2023
Balance as of December 31, 2022	$	4,533.5	$	3,587.5	$	8,121.0




Foreign currency impact and other adjustments to goodwill	(19.2)		14.2		(5.0)
Balance as of March 31, 2023	$	4,514.3	$	3,601.7	$	8,116.0

Schedule of Intangible Assets and Goodwill [Table Text Block]

he components of identifiable intangible assets are as follows:


	March 31, 2023						December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	4,723.8	$	(1,605.4)	$	3,118.4	$	4,681.1	$	(1,546.4)	$	3,134.7
Patents, licenses and technology	574.8		(298.7)		276.1		574.1		(291.1)		283.0
Non-compete agreements	83.4		(56.3)		27.1		86.6		(50.5)		36.1
Trade name	16.4		(4.6)		11.8		16.4		(3.5)		12.9
Land use right	10.3		(9.0)		1.3		10.3		(8.8)		1.5
Canadian licenses	468.9		—		468.9		468.7		—		468.7
Other	14.2		(5.5)		8.7		14.2		(4.2)		10.0
	5,891.8		(1,979.5)		3,912.3		5,851.4		(1,904.5)		3,946.9

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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-Name Accounting Standards Codification
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+ Details

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Company's population of financial assets and liabilities subject to fair value measurements

The Company’s population of financial assets and liabilities subject to fair value measurements as of March 31, 2023, and December 31, 2022, is as follows:


				Fair Value Measurements as of
				March 31, 2023
	Balance Sheet	Fair Value as of		Using Fair Value Hierarchy
	Classification	March 31, 2023		Level 1		Level 2		Level 3
Noncontrolling interest put	Noncontrolling interest	$	15.1	$	—	$	15.1	$	—
Cross currency swaps	Other liabilities	48.5		—		48.5		—
Interest rate swaps	Other liabilities	67.3		—		67.3		—


Cash surrender value of life insurance policies	Other assets, net	106.4		—		106.4		—
Deferred compensation liability	Other liabilities	102.7		—		102.7		—

Contingent consideration	Accrued expenses and other; Other liabilities	69.0		—		—		69.0


				Fair Value Measurements as of
				December 31, 2022
	Balance Sheet	Fair Value as of		Using Fair Value Hierarchy
	Classification	December 31, 2022		Level 1		Level 2		Level 3
Noncontrolling interest put	Noncontrolling interest	$	15.0	$	—	$	15.0	$	—
Cross currency swaps	Other liabilities, net	45.7		—		45.7		—
Interest rate swaps	Other liabilities, net	79.7		—		79.7		—
Cash surrender value of life insurance policies	Other assets, net	100.7		—		100.7		—
Deferred compensation liability	Other liabilities	96.9		—		96.9		—

Contingent consideration	Accrued expenses and other; Other liabilities	77.4		—		—		77.4

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, 2022	$	77.4

Adjustments	(8.4)

Balance as of March 31, 2023	$	69.0

REVENUE (Tables)

3 Months Ended

Mar. 31, 2023

Disaggregation of Revenue [Line Items]

Financing Receivable, Allowance for Credit Loss [Table Text Block]

The rollforward for the allowance for credit losses for the three months ended March 31, 2023, is as follows:


	Accounts Receivable		Unbilled Services		Note and Other Receivables		Total
Balance as of December 31, 2022	$	43.5	$	10.5	$	0.7	$	54.7
Plus, credit loss expense	11.1		—		—		11.1

Less, write offs	(1.8)		0.3		—		(1.5)
Balance as of March 31, 2023	$	52.8	$	10.8	$	0.7	$	64.3

Contract with Customer, Asset and Liability [Table Text Block]


	March 31, 2023		December 31, 2022
Dx accounts receivable	$	1,131.6	$	1,046.9
DD accounts receivable	1,266.0		1,218.6
Less DD allowance for doubtful accounts	(52.8)		(43.5)
Accounts receivable	$	2,344.8	$	2,222.0

Gross unbilled services	$	715.9	$	805.9
Less reserve for unbilled services	(10.8)		(10.5)
Unbilled services	$	705.1	$	795.4

Unearned revenue	$	586.7	$	582.1

Disaggregation of Revenue [Table Text Block]

The Company's revenues by segment and by payers/customer groups for the three months ended March 31, 2023, and 2022, were as follows:


	For the Three Months Ended March 31, 2023								For the Three Months Ended March 31, 2022
	North America		Europe		Other		Total		North America		Europe		Other		Total
Payer/Customer
Dx
Clients	17	%	—	%	—	%	17	%	17	%	—	%	—	%	17	%
Patients	8	%	—	%	—	%	8	%	5	%	—	%	—	%	5	%
Medicare and Medicaid	7	%	—	%	—	%	7	%	6	%	—	%	—	%	6	%
Third party	31	%	—	%	—	%	31	%	35	%	—	%	—	%	35	%
Total Dx revenues by payer	63	%	—	%	—	%	63	%	63	%	—	%	—	%	63	%
DD




Pharmaceutical, biotechnology and medical device companies	18	%	12	%	7	%	37	%	17	%	13	%	7	%	37	%
Total revenues	81	%	12	%	7	%	100	%	80	%	13	%	7	%	100	%

Revenues in the U.S. were $2,959.2 (78.3%) and $3,000.5 (76.9%) for the three months ended March 31, 2023, and 2022, respectively.

DD Contract costs

Capitalized Contract Cost [Table Text Block]


	March 31, 2023		December 31, 2022
Sales commission assets	$	38.3	$	38.2
Deferred contract fulfillment costs	14.3		15.0
Total	$	52.6	$	53.2

BASIS OF FINANCIAL STATEMENT PRESENTATION (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Asset Impairment Charges	$ 2.2	$ 1.2
Revenues	3,777.9	3,899.6
Contract with Customer, Liability	586.7		$ 582.1
Amortization of Deferred Sales Commissions	$ 8.4	$ 7.2
Percent of Revenue Contributed	100.00%	100.00%
Provision for income taxes	$ 64.5	$ 148.0
Net earnings	213.3	492.1
Net Income (Loss) Attributable to Parent	212.9	491.6
Stockholders' Equity Attributable to Parent	10,341.5	10,721.1	10,096.6	$ 10,273.4
Capitalized Contract Cost, Amortization	2.4	3.1
Deferred Revenue, Revenue Recognized	165.3	163.8
Revenue, Remaining Performance Obligation, Amount	4,720.0
Contract with Customer, Performance Obligation Satisfied in Previous Period	10.4	31.7
Cash and cash equivalents	393.9		430.0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 393.9	$ 1,233.5	430.0	1,472.7
Ownership percentage below which investments are generally accounted for on the cost method (in thousandths)	20.00%
LabCorp Diagnostics [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percent of Revenue Contributed	63.00%	63.00%
Retained Earnings [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Income (Loss) Attributable to Parent	$ 212.9	$ 491.6
Stockholders' Equity Attributable to Parent	$ 10,729.9	$ 10,948.4	$ 10,581.7	$ 10,456.8

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
	Mar. 31, 2023	Mar. 31, 2022
Income [Abstract]
Net earnings attributable to Laboratory Corporation of America Holdings	$ 212.9	$ 491.6
Shares [Abstract]
Net earnings, basic (in shares)	88.4	93.2
Dilutive effect of employee stock options and awards, (in shares)	0.6	0.8
Per Share Amount [Abstract]
Basic earnings per common share (in dollars per share)	$ 2.41	$ 5.27
Diluted earnings per common share (in dollars per share)	$ 2.39	$ 5.23
Net Income (Loss) Available to Common Stockholders, Diluted	$ 212.9	$ 491.6
Weighted Average Number of Shares Outstanding, Diluted	89.0	94.0

EARNINGS PER SHARE (Potential common shares not included in computation of diluted earnings per share) (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Stock options (in shares)	0.6	0.3

GOODWILL AND INTANGIBLE ASSETS (Changes in Carrying Amount of Goodwill) (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2023

Dec. 31, 2022

Mar. 31, 2022

Goodwill [Line Items]

Amortization of intangibles and other assets

$ 69.3

$ 67.1

Intangible Assets, Gross (Excluding Goodwill)

5,891.8

$ 5,851.4

Balance as of January 1

8,121.0

Adjustments to goodwill

(5.0)

Balance at end of period

8,116.0

8,121.0

Finite-Lived Intangible Assets, Accumulated Amortization

1,979.5

1,904.5

Intangible Assets, Net (Excluding Goodwill)

$ 3,912.3

3,946.9

Goodwill [Roll Forward]

Goodwill and Intangible Assets, Goodwill, Policy

5. GOODWILL AND INTANGIBLE ASSETS

The changes in the carrying amount of goodwill for the three months ended March 31, 2023, are as follows:


	Dx		DD		Total
	March 31, 2023		March 31, 2023		March 31, 2023
Balance as of December 31, 2022	$	4,533.5	$	3,587.5	$	8,121.0




Foreign currency impact and other adjustments to goodwill	(19.2)		14.2		(5.0)
Balance as of March 31, 2023	$	4,514.3	$	3,601.7	$	8,116.0

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 components of identifiable intangible assets are as follows:


	March 31, 2023						December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	4,723.8	$	(1,605.4)	$	3,118.4	$	4,681.1	$	(1,546.4)	$	3,134.7
Patents, licenses and technology	574.8		(298.7)		276.1		574.1		(291.1)		283.0
Non-compete agreements	83.4		(56.3)		27.1		86.6		(50.5)		36.1
Trade name	16.4		(4.6)		11.8		16.4		(3.5)		12.9
Land use right	10.3		(9.0)		1.3		10.3		(8.8)		1.5
Canadian licenses	468.9		—		468.9		468.7		—		468.7
Other	14.2		(5.5)		8.7		14.2		(4.2)		10.0
	5,891.8		(1,979.5)		3,912.3		5,851.4		(1,904.5)		3,946.9

LabCorp Diagnostics [Member]

Goodwill [Line Items]

Balance as of January 1

$ 4,533.5

Adjustments to goodwill

(19.2)

Balance at end of period

4,514.3

4,533.5

Covance Drug Development [Member]

Goodwill [Line Items]

Balance as of January 1

3,587.5

Adjustments to goodwill

14.2

Balance at end of period

3,601.7

3,587.5

Customer Relationships [Member]

Goodwill [Line Items]

Intangible Assets, Gross (Excluding Goodwill)

4,723.8

4,681.1

Finite-Lived Intangible Assets, Accumulated Amortization

1,605.4

1,546.4

Intangible Assets, Net (Excluding Goodwill)

3,118.4

3,134.7

Patents, Licenses And Technology [Member]

Goodwill [Line Items]

Intangible Assets, Gross (Excluding Goodwill)

574.8

574.1

Finite-Lived Intangible Assets, Accumulated Amortization

298.7

291.1

Intangible Assets, Net (Excluding Goodwill)

276.1

283.0

Noncompete Agreements [Member]

Goodwill [Line Items]

Intangible Assets, Gross (Excluding Goodwill)

83.4

86.6

Finite-Lived Intangible Assets, Accumulated Amortization

56.3

50.5

Intangible Assets, Net (Excluding Goodwill)

27.1

36.1

Trade Names [Member]

Goodwill [Line Items]

Intangible Assets, Gross (Excluding Goodwill)

16.4

Finite-Lived Intangible Assets, Accumulated Amortization

4.6

3.5

Intangible Assets, Net (Excluding Goodwill)

11.8

12.9

Use Rights [Member]

Goodwill [Line Items]

Intangible Assets, Gross (Excluding Goodwill)

10.3

Finite-Lived Intangible Assets, Accumulated Amortization

9.0

8.8

Intangible Assets, Net (Excluding Goodwill)

1.3

1.5

Canadian licenses [Member]

Goodwill [Line Items]

Intangible Assets, Gross (Excluding Goodwill)

468.9

468.7

Finite-Lived Intangible Assets, Accumulated Amortization

0.0

Intangible Assets, Net (Excluding Goodwill)

$ 468.9

$ 468.7

GOODWILL AND INTANGIBLE ASSETS (Components of identifiable intangible assets) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	$ 5,891.8	$ 5,851.4
Finite-Lived Intangible Assets, Accumulated Amortization	(1,979.5)	(1,904.5)
Intangible Assets, Net (Excluding Goodwill)	3,912.3	3,946.9
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	4,723.8	4,681.1
Finite-Lived Intangible Assets, Accumulated Amortization	(1,605.4)	(1,546.4)
Intangible Assets, Net (Excluding Goodwill)	3,118.4	3,134.7
Patents, Licenses And Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	574.8	574.1
Finite-Lived Intangible Assets, Accumulated Amortization	(298.7)	(291.1)
Intangible Assets, Net (Excluding Goodwill)	276.1	283.0
Noncompete Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	83.4	86.6
Finite-Lived Intangible Assets, Accumulated Amortization	(56.3)	(50.5)
Intangible Assets, Net (Excluding Goodwill)	27.1	36.1
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	16.4	16.4
Finite-Lived Intangible Assets, Accumulated Amortization	(4.6)	(3.5)
Intangible Assets, Net (Excluding Goodwill)	11.8	12.9
Use Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	10.3	10.3
Finite-Lived Intangible Assets, Accumulated Amortization	(9.0)	(8.8)
Intangible Assets, Net (Excluding Goodwill)	1.3	1.5
Canadian licenses [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	468.9	468.7
Finite-Lived Intangible Assets, Accumulated Amortization	0.0	0.0
Intangible Assets, Net (Excluding Goodwill)	468.9	468.7
In Process R&A and Media
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	14.2	14.2
Finite-Lived Intangible Assets, Accumulated Amortization	(5.5)	(4.2)
Intangible Assets, Net (Excluding Goodwill)	$ 8.7	$ 10.0

GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	$ 5,891.8		$ 5,851.4
Goodwill	8,116.0		8,121.0
Amortization of intangibles and other assets	69.3	$ 67.1
Adjustments to goodwill	(5.0)
Estimated amortization expense, 2012	206.2
Estimated amortization expense, 2013	267.5
Estimated amortization expense, 2014	255.3
Estimated amortization expense, 2015	245.5
Estimated amortization expense, 2016	233.9
Estimated amortization expense, Thereafter	2,141.3
Current Expected Credit Losses Opening Balance Sheet Impact on Retained Earnings	11.1
Amortization of intangible assets	69.3	$ 67.1
LabCorp Diagnostics [Member]
Finite-Lived Intangible Assets [Line Items]
Goodwill	4,514.3		4,533.5
Adjustments to goodwill	(19.2)
Covance Drug Development [Member]
Finite-Lived Intangible Assets [Line Items]
Goodwill	3,601.7		$ 3,587.5
Adjustments to goodwill	$ 14.2

DEBT (Short-term borrowings and current portion of long-term debt) (Table) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Short-term Debt [Line Items]
Current debt excluding finance lease liability	$ 301.4	$ 301.3
Notes Payable	1.7	1.7
3.60% senior notes due 2025	1,000.0	1,000.0
4.00% senior notes due 2023	300.0	300.0
Short term debt issuance costs	$ (0.3)	$ (0.4)

DEBT (Long-term debt) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
4.00% senior notes due 2023	$ 300.0	$ 300.0
3.25% senior notes due 2024	600.0	600.0
2.30% senior notes due 2024	400.0	400.0
3.60% senior notes due 2025	1,000.0	1,000.0
1.55% senior notes due 2026	500.0	500.0
3.60% senior notes due 2027	600.0	600.0
2.95% senior notes due 2029	650.0	650.0
2.70% senior notes due 2031	500.0
4.70% senior notes due 2045	900.0	900.0
Long term debt issuance costs	32.4	33.8
Notes Payable, Noncurrent	2.0	2.3
Long-term Debt, Excluding Current Maturities	5,052.3	$ 5,038.8
Senior notes due 2027 [Member]
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities	$ 600.0

DEBT (Senior Notes) (Details) - USD ($) $ in Millions	3 Months Ended
DEBT (Senior Notes) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities	$ 5,052.3	$ 5,038.8
Line of Credit Facility, Maximum Borrowing Capacity	1,000.0
Credit Facility Option to Increase	500.0
Credit Facility, Maximum Swing Line Borrowings	100.0
Long term debt issuance costs	32.4	33.8
Notes Payable	1.7	1.7
Foreign Currency Contract, Asset, Fair Value Disclosure		45.7
2.30% senior notes due 2024	400.0	400.0
2.95% senior notes due 2029	650.0	650.0
Fair Value Hedge Liabilities	67.3
2.70% senior notes due 2031	$ 500.0
Three month LIBOR	1.0706%
Interest Rate Swap [Member]
Debt Instrument [Line Items]
2.70% senior notes due 2031	$ 432.7	$ 420.3
Senior notes due 2027 [Member]
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities	$ 600.0
Senior notes due 2031
Debt Instrument [Line Items]
Subordinated Borrowing, Interest Rate	2.70%

DEBT (Credit Facilities) (Details) - USD ($)	3 Months Ended
DEBT (Credit Facilities) (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
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 0.225%
Notes Payable	$ 1,700,000	$ 1,700,000
Credit Facility Option to Increase	500,000,000.0
Credit Facility, Maximum Swing Line Borrowings	100,000,000.0
Letters of Credit Outstanding, Amount	84,500,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Credit Facility, Maximum Letters of Credit	$ 150,000,000.0
Line of Credit Facility, Interest Rate at Period End	5.63%

PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY (Details) - USD ($)				3 Months Ended
	Jun. 08, 2023	May 18, 2023	Apr. 06, 2023	Mar. 31, 2023	Mar. 31, 2022
Class of Stock [Line Items]
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased				1,531,500,000
Common Shares Outstanding Rollforward [Abstract]
Common shares outstanding, beginning balance (in shares)				88,200,000
Common shares outstanding, ending balance (in shares)				88,600,000
Rollforward of common shares held in treasury
Common Stock, Shares Authorized				265,000,000.0
Common Stock, Par or Stated Value Per Share				$ 0.10
Preferred Stock, Shares Authorized				30,000,000.0
Preferred Stock, Par or Stated Value Per Share				$ 0.10
Preferred Stock, Shares Outstanding				0
Tax effect of adjustments				$ 0
Dividends				64,700,000
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax				(1,200,000)
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax				(7,900,000)
Foreign currency translation adjustments				48,100,000	$ (74,600,000)
Payments of Ordinary Dividends				64,400,000
Dividends				$ 64,700,000
Subsequent Event [Member]
Rollforward of common shares held in treasury
Dividends Payable, Date of Record		May 18, 2023
Dividends Payable, Date Declared			Apr. 06, 2023
Dividends Payable, Amount Per Share			$ 0.72
Dividends			$ 64,700,000
Dividends Payable, Date to be Paid	Jun. 08, 2023
Dividends Payable, Date Declared			Apr. 06, 2023
Dividends Payable, Date to be Paid	Jun. 08, 2023
Dividends Payable, Date of Record		May 18, 2023
Dividends Payable, Amount Per Share			$ 0.72
Dividends			$ 64,700,000
Common Stock [Member]
Rollforward of common shares issued
Common shares issued, beginning balance (in shares)				88,200,000
Commons Stock Issued During Period Shares Employee Stock Plans				400,000
Common shares issued, ending balance (in shares)				88,600,000
Common Stock, Shares, Issued				88,600,000
Common Shares Outstanding Rollforward [Abstract]
Commons Stock Issued During Period Shares Employee Stock Plans				400,000
Commons Stock Issued During Period Shares Employee Stock Plans				400,000

PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY - Accumulated Other Comprehensive Earnings (Details) - USD ($)

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Accumulated Other Comprehensive Income (Loss) [Line Items]

Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax

$ (7,900,000)

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, 2022	$	(462.3)	$	(30.9)	$	(493.2)
Current year adjustments	48.1		10.3		58.4
Pension settlement charge	—		(7.9)		(7.9)
Amounts reclassified from accumulated other comprehensive income	—		(1.2)		(1.2)
Tax effect of adjustments	—		(0.3)		(0.3)
Balance as of March 31, 2023	$	(414.2)	$	(30.0)	$	(444.2)

Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment and Tax

$ 10,300,000

Other Comprehensive Income (Loss), before Reclassifications, before Tax

58,400,000

Accumulated Other Comprehensive Earnings [Roll Forward]

Foreign Currency Translation Adjustments, Beginning balance

(462,300,000)

Other comprehensive income before reclassifications

48,100,000

Tax effect of adjustments

Foreign Currency Translation Adjustments, Ending balance

(414,200,000)

Net Benefit Plan Adjustments, Beginning balance

(30,900,000)

Tax effect of adjustments

(300,000)

Net Benefit Plan Adjustments, Ending balance

(30,000,000.0)

Accumulated Other Comprehensive Earnings, Beginning balance

(493,200,000)

Other comprehensive income before reclassifications

48,100,000

Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax

Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax

(1,200,000)

Tax effect of adjustments

(300,000)

$ (600,000)

Accumulated Other Comprehensive Earnings, Ending balance

(444,200,000)

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

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	3 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Mar. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value	$ 817.0
Loss Contingency, Damages Awarded, Value	$ 272.0

FAIR VALUE MEASUREMENTS (Details) $ in Millions	3 Months Ended
FAIR VALUE MEASUREMENTS (Details) $ in Millions	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Number of Measurement Funds Available For Participant Election	26
Noncontrolling interest puts	$ 15.1	$ 15.0
Foreign Currency Contracts, Liability, Fair Value Disclosure	48.5
Fair market value of senior notes	5,082.0	4,973.9
Cash Surrender Value, Fair Value Disclosure	106.4	100.7
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability	102.7	96.9
Contingent Consideration Classified as Equity, Fair Value Disclosure	69.0	77.4
Foreign Currency Contract, Asset, Fair Value Disclosure		45.7
Fair Value Hedges, Net	67.3	79.7
Contingent consideration adjustment	(8.4)
Tax effect of adjustments	0.0
Long-term Debt, Excluding Current Maturities	5,052.3	5,038.8
Fair Value Hedge Liabilities	67.3
Senior notes due 2027 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Long-term Debt, Excluding Current Maturities	600.0
Senior notes due 2022 [Member] \| 2018 Swap Agreements
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Derivative, Notional Amount	300.0
Senior notes due 2024 \| 2022 Swap Agreements
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Derivative, Notional Amount	300.0
Level 1 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Noncontrolling interest puts	0.0	0.0
Cash Surrender Value, Fair Value Disclosure	0.0	0.0
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability	0.0	0.0
Contingent Consideration Classified as Equity, Fair Value Disclosure	0.0	0.0
Foreign Currency Contract, Asset, Fair Value Disclosure	0.0	0.0
Fair Value Hedges, Net	0.0	0.0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Noncontrolling interest puts	15.1	15.0
Foreign Currency Contracts, Liability, Fair Value Disclosure	48.5
Cash Surrender Value, Fair Value Disclosure	106.4	100.7
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability	102.7	96.9
Contingent Consideration Classified as Equity, Fair Value Disclosure	0.0	0.0
Foreign Currency Contract, Asset, Fair Value Disclosure		45.7
Fair Value Hedges, Net	67.3	79.7
Level 3 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Noncontrolling interest puts	0.0	0.0
Cash Surrender Value, Fair Value Disclosure	0.0	0.0
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability	0.0	0.0
Contingent Consideration Classified as Equity, Fair Value Disclosure	69.0	77.4
Foreign Currency Contract, Asset, Fair Value Disclosure	0.0	0.0
Fair Value Hedges, Net	$ 0.0	$ 0.0

BUSINESS ACQUISITIONS (Details) - USD ($) $ in Millions	3 Months Ended
BUSINESS ACQUISITIONS (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Business Combinations [Abstract]
Payments to Acquire Businesses, Net of Cash Acquired	$ (0.2)		$ 455.1
Business Acquisition [Line Items]
Business Acquisition, Pro Forma Revenue			3,943.0
Business Acquisition, Pro Forma Net Income (Loss)			$ 490.9
Accrued Liabilities [Member]
Business Acquisition [Line Items]
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments Related to Previous Period	(8.4)
Other Noncurrent Liabilities [Member]
Business Acquisition [Line Items]
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments Related to Previous Period	(2.0)
Goodwill [Member]
Business Acquisition [Line Items]
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles	(30.5)
Technology-Based Intangible Assets [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life			15 years
Other acquirees
Business Combinations [Abstract]
Finite-lived Intangible Assets Acquired		$ 136.6	$ 270.0
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired		136.6	270.0
Goodwill, Acquired During Period		$ 346.8	$ 286.2
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles	19.9
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	0.2
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets	(10.4)
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities	(10.4)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	$ 0.0

BUSINESS SEGMENT INFORMATION Business Segment Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Percent of Revenue Contributed	100.00%	100.00%
Revenues	$ 3,777.9	$ 3,899.6
Operating Income (Loss)	341.0	687.9
Amortization of Intangible Assets	(69.3)	(67.1)
Net Restructuring Charges	(8.6)	(12.6)
Goodwill and Intangible Asset Impairment	(2.2)	(1.2)
Operating Segments
Segment Reporting Information [Line Items]
Operating Income (Loss)	565.4	851.7
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenues	6.2	13.8
Corporate Segment [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	$ (144.3)	$ (82.9)
LabCorp Diagnostics [Member]
Segment Reporting Information [Line Items]
Percent of Revenue Contributed	63.00%	63.00%
Diagnostics
Segment Reporting Information [Line Items]
Percent of Revenue Contributed	63.00%
Diagnostics \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	$ 2,382.8	$ 2,454.1
Operating Income (Loss)	$ 441.5	683.1
Drug Development
Segment Reporting Information [Line Items]
Percent of Revenue Contributed	37.00%
Drug Development \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	$ 1,401.3	1,459.3
Operating Income (Loss)	$ 123.9	$ 168.6

REVENUE (Details) - USD ($) $ in Millions	3 Months Ended
REVENUE (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Amortization of Deferred Sales Commissions	$ 8.4	$ 7.2
Capitalized Contract Cost, Amortization	2.4	3.1
Contract with Customer, Performance Obligation Satisfied in Previous Period	10.4	31.7
Deferred Revenue, Revenue Recognized	$ 165.3	$ 163.8
Percent of remaining performance obligations recognized as revenue in next year	30.00%

REVENUE Disaggregated Revenue Table (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Accounts Receivable, Allowance for Credit Loss	$ 52.8		$ 43.5
Unbilled Services, Allowance for Credit Loss	10.8		10.5
Note Receivable, Allowance for Credit Loss	0.7		0.7
Allowance for Credit Loss	64.3		54.7
Current Expected Credit Losses Opening Balance Sheet Impact on Retained Earnings	11.1
Allowance for Credit Loss, Write Off	1.5
Deferred Revenue, Revenue Recognized	165.3	$ 163.8
Contract with Customer, Asset, before Allowance for Credit Loss	715.9		805.9
Revenue, Remaining Performance Obligation, Amount	$ 4,720.0
Long Term Contracts Duration Minimum	1 year
Long Term Contracts Duration Maximum	8 years
Contract with Customer, Performance Obligation Satisfied in Previous Period	$ 10.4	31.7
Contract with Customer, Liability	586.7		582.1
Capitalized Contract Cost, Amortization	2.4	3.1
Accrued Sales Commission	38.3		38.2
Capitalized Contract Cost, Net	14.3		15.0
Amount of Deferred Costs Related to Long-term Contracts	52.6		53.2
Amortization of Deferred Sales Commissions	8.4	$ 7.2
Unbilled Contracts Receivable	$ 705.1		795.4
Percent of Revenue Contributed	100.00%	100.00%
Revenues	$ 3,777.9	$ 3,899.6
Accounts Receivable, after Allowance for Credit Loss, Current	2,344.8		2,222.0
Allowance for Credit Loss, Receivable, Other, Current	(10.8)		(10.5)
Contract with Customer, Asset, after Allowance for Credit Loss, Current	$ 705.1		795.4
Europe [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	12.00%	13.00%
North America
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	81.00%	80.00%
Other countries [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	7.00%	7.00%
UNITED STATES
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	78.30%	76.90%
Revenues	$ 2,959.2	$ 3,000.5
Medicare and Medicaid [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	7.00%	6.00%
LabCorp Diagnostics [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	63.00%	63.00%
LabCorp Diagnostics [Member] \| Europe [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0.00%	0.00%
LabCorp Diagnostics [Member] \| North America
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	63.00%	63.00%
LabCorp Diagnostics [Member] \| Other countries [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0.00%	0.00%
LabCorp Diagnostics [Member] \| Client [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	17.00%	17.00%
LabCorp Diagnostics [Member] \| Client [Member] \| Europe [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0.00%	0.00%
LabCorp Diagnostics [Member] \| Client [Member] \| North America
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	17.00%	17.00%
LabCorp Diagnostics [Member] \| Client [Member] \| Other countries [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0.00%	0.00%
LabCorp Diagnostics [Member] \| Self-Pay [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	8.00%	5.00%
LabCorp Diagnostics [Member] \| Self-Pay [Member] \| Europe [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0.00%	0.00%
LabCorp Diagnostics [Member] \| Self-Pay [Member] \| North America
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	8.00%	5.00%
LabCorp Diagnostics [Member] \| Self-Pay [Member] \| Other countries [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0.00%	0.00%
LabCorp Diagnostics [Member] \| Medicare and Medicaid [Member] \| Europe [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0.00%	0.00%
LabCorp Diagnostics [Member] \| Medicare and Medicaid [Member] \| North America
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	7.00%	6.00%
LabCorp Diagnostics [Member] \| Medicare and Medicaid [Member] \| Other countries [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0.00%	0.00%
LabCorp Diagnostics [Member] \| Third party [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	31.00%	35.00%
LabCorp Diagnostics [Member] \| Third party [Member] \| Europe [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0.00%	0.00%
LabCorp Diagnostics [Member] \| Third party [Member] \| North America
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	31.00%	35.00%
LabCorp Diagnostics [Member] \| Third party [Member] \| Other countries [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0.00%	0.00%
Covance Drug Development [Member] \| Biopharmaceutical and medical device companies [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed		37.00%
Covance Drug Development [Member] \| Biopharmaceutical and medical device companies [Member] \| Europe [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed		13.00%
Covance Drug Development [Member] \| Biopharmaceutical and medical device companies [Member] \| North America
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed		17.00%
Covance Drug Development [Member] \| Biopharmaceutical and medical device companies [Member] \| Other countries [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed		7.00%
Diagnostics
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	63.00%
Accounts Receivable, before Allowance for Credit Loss	$ 1,131.6		1,046.9
Drug Development
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	37.00%
Accounts Receivable, before Allowance for Credit Loss	$ 1,266.0		$ 1,218.6
Drug Development \| Biopharmaceutical and medical device companies [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	37.00%
Drug Development \| Biopharmaceutical and medical device companies [Member] \| Europe [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	12.00%
Drug Development \| Biopharmaceutical and medical device companies [Member] \| North America
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	18.00%
Drug Development \| Biopharmaceutical and medical device companies [Member] \| Other countries [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	7.00%
Notes Receivable [Member]
Disaggregation of Revenue [Line Items]
Current Expected Credit Losses Opening Balance Sheet Impact on Retained Earnings	$ 0.0
Allowance for Credit Loss, Write Off	0.0
Unbilled Contracts Receivable [Member]
Disaggregation of Revenue [Line Items]
Current Expected Credit Losses Opening Balance Sheet Impact on Retained Earnings	0.0
Allowance for Credit Loss, Write Off	0.3
Accounts Receivable [Member]
Disaggregation of Revenue [Line Items]
Current Expected Credit Losses Opening Balance Sheet Impact on Retained Earnings	11.1
Allowance for Credit Loss, Write Off	$ 1.8