View Filing Data

Document And Entity Information - USD ($) $ in Billions	3 Months Ended
Document And Entity Information - USD ($) $ in Billions	Mar. 31, 2011	Apr. 26, 2011	Jun. 30, 2010
Entity Registrant Name	Laboratory Corp Of America Holdings
Entity Central Index Key	0000920148
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 7.8
Entity Common Stock, Shares Outstanding		100,200,000
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2011

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2011	Dec. 31, 2010
Current assets:
Cash and cash equivalents	$ 195.4	$ 230.7
Accounts receivable, net of allowance for doubtful accounts of $172.7 and $149.2 at March 31, 2011 and December 31, 2010, respectively	717.3	655.6
Supplies inventories	98.0	103.4
Prepaid expenses and other	71.8	95.7
Deferred income taxes	65.1	58.4
Total current assets	1,147.6	1,143.8
Property, plant and equipment, net	579.5	586.9
Goodwill, net	2,613.0	2,601.3
Intangible assets, net	1,676.7	1,674.1
Joint venture partnerships and equity method investments	82.6	78.5
Other assets, net	102.2	103.2
Total assets	6,201.6	6,187.8
Current liabilities:
Accounts payable	215.4	257.8
Accrued expenses and other	435.2	352.9
Noncontrolling interest	152.3	148.1
Short-term borrowings and current portion of long-term debt	396.8	361.7
Total current liabilities	1,199.7	1,120.5
Long-term debt, less current portion	1,807.9	1,826.7
Deferred income taxes and other tax liabilities	617.2	602.3
Other liabilities	155.2	151.4
Total liabilities	$ 3,780.0	$ 3,700.9
Commitments and contingent liabilities
Noncontrolling interest	$ 21.2	$ 20.6
Shareholders' equity
Common stock, 100.2 and 102.4 shares outstanding at March 31, 2011 and December 31, 2010, respectively	12.0	12.2
Additional paid-in capital	17.7	53.9
Retained earnings	3,203.7	3,246.6
Less common stock held in treasury	(937.6)	(934.9)
Accumulated other comprehensive income	104.6	88.5
Total shareholders' equity	2,400.4	2,466.3
Total liabilities and shareholders' equity	$ 6,201.6	$ 6,187.8

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) Parenthetical - USD ($) shares in Millions, $ in Millions	Mar. 31, 2011	Dec. 31, 2010
Current assets:
Allowance for doubtful accounts	$ 172.7	$ 149.2
Shareholders' equity
Common stock, shares outstanding (in shares)	100.2	102.4

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2011	Mar. 31, 2010
Income Statement [Abstract]
Net sales	$ 1,368.4	$ 1,193.6
Cost of sales	800.0	686.7
Gross profit	568.4	506.9
Selling, general and administrative expenses	282.8	246.0
Amortization of intangibles and other assets	21.9	17.4
Restructuring and other special charges	27.9	9.3
Operating income	235.8	234.2
Other income (expenses):
Interest expense	(24.0)	(14.6)
Equity method income, net	1.5	3.8
Investment income	0.3	0.3
Other, net	0.1	(0.6)
Earnings before income taxes	213.7	223.1
Provision for income taxes	83.1	86.9
Net earnings	130.6	136.2
Less: Net earnings attributable to the noncontrolling interest	(3.5)	(3.5)
Net earnings attributable to Laboratory Corporation of America Holdings	$ 127.1	$ 132.7
Basic earnings per common share	$ 1.27	$ 1.27
Diluted earnings per common share	$ 1.23	$ 1.25

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2011	Mar. 31, 2010
Statement [Line Items]
Balance	$ 2,466.3	$ 2,106.1
Comprehensive earnings:
Net earnings attributable to Laboratory Corporation of America Holdings	127.1	132.7
Other comprehensive earnings:
Foreign currency translation adjustments	23.1	25.5
Interest rate swap adjustments	2.4	1.1
Tax effect of other comprehensive earnings adjustments	(9.4)	(9.9)
Comprehensive earnings	143.2	149.4
Issuance of common stock under employee stock plans	38.7	18.1
Surrender of restricted stock awards	(2.7)	(2.4)
Conversion of zero-coupon convertible debt	3.1
Stock compensation	13.1	8.7
Value of noncontrolling interest put		(17.2)
Income tax benefit from stock options exercised	4.0	1.4
Purchase of common stock	(265.3)	(105.7)
Balance	2,400.4	2,158.4
Common stock [Member]
Statement [Line Items]
Balance	12.2	12.5
Comprehensive earnings:
Net earnings attributable to Laboratory Corporation of America Holdings	0.0	0.0
Other comprehensive earnings:
Foreign currency translation adjustments	0.0	0.0
Interest rate swap adjustments	0.0	0.0
Tax effect of other comprehensive earnings adjustments	0.0	0.0
Issuance of common stock under employee stock plans	0.1	0.0
Surrender of restricted stock awards	0.0	0.0
Conversion of zero-coupon convertible debt	0.0
Stock compensation	0.0	0.0
Value of noncontrolling interest put		0.0
Income tax benefit from stock options exercised	0.0	0.0
Purchase of common stock	(0.3)	(0.1)
Balance	12.0	12.4
Additional Paid-in Capital [Member]
Statement [Line Items]
Balance	53.9	36.7
Comprehensive earnings:
Net earnings attributable to Laboratory Corporation of America Holdings	0.0	0.0
Other comprehensive earnings:
Foreign currency translation adjustments	0.0	0.0
Interest rate swap adjustments	0.0	0.0
Tax effect of other comprehensive earnings adjustments	0.0	0.0
Issuance of common stock under employee stock plans	38.6	18.1
Surrender of restricted stock awards	0.0	0.0
Conversion of zero-coupon convertible debt	3.1
Stock compensation	13.1	8.7
Value of noncontrolling interest put		(17.2)
Income tax benefit from stock options exercised	4.0	1.4
Purchase of common stock	(95.0)	(47.7)
Balance	17.7	0.0
Retained Earnings [Member]
Statement [Line Items]
Balance	3,246.6	2,927.9
Comprehensive earnings:
Net earnings attributable to Laboratory Corporation of America Holdings	127.1	132.7
Other comprehensive earnings:
Foreign currency translation adjustments	0.0	0.0
Interest rate swap adjustments	0.0	0.0
Tax effect of other comprehensive earnings adjustments	0.0	0.0
Issuance of common stock under employee stock plans	0.0	0.0
Surrender of restricted stock awards	0.0	0.0
Conversion of zero-coupon convertible debt	0.0
Stock compensation	0.0	0.0
Value of noncontrolling interest put		0.0
Income tax benefit from stock options exercised	0.0	0.0
Purchase of common stock	(170.0)	(57.9)
Balance	3,203.7	3,002.7
Treasury stock [Member]
Statement [Line Items]
Balance	(934.9)	(932.5)
Comprehensive earnings:
Net earnings attributable to Laboratory Corporation of America Holdings	0.0	0.0
Other comprehensive earnings:
Foreign currency translation adjustments	0.0	0.0
Interest rate swap adjustments	0.0	0.0
Tax effect of other comprehensive earnings adjustments	0.0	0.0
Issuance of common stock under employee stock plans	0.0	0.0
Surrender of restricted stock awards	(2.7)	(2.4)
Conversion of zero-coupon convertible debt	0.0
Stock compensation	0.0	0.0
Value of noncontrolling interest put		0.0
Income tax benefit from stock options exercised	0.0	0.0
Purchase of common stock	0.0	0.0
Balance	(937.6)	(934.9)
Accumulated Other Comprehensive Income (Loss) [Member]
Statement [Line Items]
Balance	88.5	61.5
Comprehensive earnings:
Net earnings attributable to Laboratory Corporation of America Holdings	0.0	0.0
Other comprehensive earnings:
Foreign currency translation adjustments	23.1	25.5
Interest rate swap adjustments	2.4	1.1
Tax effect of other comprehensive earnings adjustments	(9.4)	(9.9)
Issuance of common stock under employee stock plans	0.0	0.0
Surrender of restricted stock awards	0.0	0.0
Conversion of zero-coupon convertible debt	0.0
Stock compensation	0.0	0.0
Value of noncontrolling interest put		0.0
Income tax benefit from stock options exercised	0.0	0.0
Purchase of common stock	0.0	0.0
Balance	$ 104.6	$ 78.2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2011	Mar. 31, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 130.6	$ 136.2
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	58.1	50.0
Stock compensation	13.1	8.7
(Gain) loss on sale of assets	(0.4)	0.5
Accreted interest on zero-coupon subordinated notes	1.4	1.5
Cumulative earnings less than (in excess of) distribution from equity method investments	(0.4)	0.4
Deferred income taxes	(1.0)	10.0
Change in assets and liabilities (net of effects of acquisitions):
Increase in accounts receivable (net)	(68.5)	(38.4)
Decrease in inventories	5.6	7.7
Decrease in prepaid expenses and other	16.7	5.0
Decrease in accounts payable	(42.6)	(14.8)
Increase in accrued expenses and other	102.7	65.2
Net cash provided by operating activities	215.3	232.0
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(29.4)	(24.5)
Proceeds from sale of assets	0.4	1.6
Deferred payments on acquisitions	(0.1)	(1.4)
Acquisition of businesses, net of cash acquired	(15.4)	(32.2)
Net cash used for investing activities	(44.5)	(56.5)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facilities	85.0	65.0
Payments on revolving credit facilities	(45.0)	(120.0)
Principal payments on term loan	(18.7)	(12.5)
Payments on zero-coupon subordinated notes	(6.3)	0.0
Payments on vendor-financed equipment	0.0	(1.3)
Payment of debt issuance costs	(0.5)	0.0
Proceeds from sale of interest in a consolidated subsidiary	0.0	137.5
Cash paid to acquire an interest in a consolidated subsidiary	0.0	(137.5)
Noncontrolling interest distributions	(1.8)	(2.8)
Excess tax benefits from stock based compensation	3.8	0.9
Net proceeds from issuance of stock to employees	38.7	18.1
Purchase of common stock	(262.3)	(100.3)
Net cash used for financing activities	(207.1)	(152.9)
Effect of exchange rate changes on cash and cash equivalents	1.0	1.1
Net increase (decrease) in cash and cash equivalents	(35.3)	23.7
Cash and cash equivalents at beginning of period	230.7	148.5
Cash and cash equivalents at end of period	$ 195.4	$ 172.2

BASIS OF FINANCIAL STATEMENT PRESENTATION	3 Months Ended
BASIS OF FINANCIAL STATEMENT PRESENTATION	Mar. 31, 2011
Notes To Financial Statements [Abstract]
BASIS OF FINANCIAL STATEMENT PRESENTATION	1. BASIS OF FINANCIAL STATEMENT PRESENTATION The consolidated financial statements include the accounts of Laboratory Corporation of America Holdings (the “Company”) and its majority-owned subsidiaries for which it exercises control. Long-term investments in affiliated companies in which the Company exercises significant influence, but which it does not control, are accounted for using the equity method. Investments in which the Company does not exercise significant influence (generally, when the Company has an investment of less than 20% and no representation on the investee's board of directors) are accounted for using the cost method. All significant inter-company transactions and accounts have been eliminated. The Company does not have any variable interest entities or special purpose entities whose financial results are not included in the condensed consolidated financial statements. The financial statements of the Company's foreign subsidiaries are measured using the local currency as the functional currency. Assets and liabilities are translated at exchange rates as of the balance sheet date. Revenues and expenses are translated at average monthly exchange rates prevailing during the period. Resulting translation adjustments are included in “Accumulated other comprehensive income.” The accompanying condensed consolidated financial statements of the Company are unaudited. In the opinion of management, all adjustments necessary for a fair statement of results of operations, cash flows and financial position have been made. Except as otherwise disclosed, all such adjustments are of a normal recurring nature. Interim results are not necessarily indicative of results for a full year. The year-end condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles. The financial statements and notes are presented in accordance with the rules and regulations of the Securities and Exchange Commission and do not contain certain information included in the Company's 2010 Annual Report on Form 10-K. Therefore, the 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, 2011

Notes To Financial Statements [Abstract]

EARNINGS PER SHARE

2. EARNINGS PER SHARE

Basic earnings per share is computed by dividing net earnings by the weighted average number of common shares outstanding. Diluted earnings per share is computed by dividing net earnings including the impact of dilutive adjustments by the weighted average number of common shares outstanding plus potentially dilutive shares, as if they had been issued at the earlier of the date of issuance or the beginning of the period presented. Potentially dilutive common shares result primarily from the Company's outstanding stock options, restricted stock awards, performance share awards, and shares issuable upon conversion of zero-coupon subordinated notes.

The following represents a reconciliation of basic earnings per share to diluted earnings per share:

	Three months ended						Three months ended
	March 31, 2011						March 31, 2010
					Per Share						Per Share
	Income		Shares		Amount		Income		Shares		Amount
Basic earnings per share:
Net earnings	$	127.1		100.3	$	1.27	$	132.7		104.6	$	1.27
Dilutive effect of employee
stock options and awards		--		1.3				--		0.8
Effect of convertible debt,
net of tax		--		1.6				--		1.1
Diluted earnings per share:
Net earnings including impact
of dilutive adjustments	$	127.1		103.2	$	1.23	$	132.7		106.5	$	1.25

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,
	2011		2010
Stock options		0.9		3.6

NONCONTROLLING INTEREST PUTS	3 Months Ended
NONCONTROLLING INTEREST PUTS	Mar. 31, 2011
Notes To Financial Statements [Abstract]
NONCONTROLLING INTEREST PUTS	3. NONCONTROLLING INTEREST PUTS Effective January 1, 2008 the Company acquired additional partnership units in its Ontario, Canada (“Ontario”) joint venture, bringing the Company's percentage interest owned to 85.6%. Concurrent with this acquisition, the terms of the joint venture's partnership agreement were amended. The amended joint venture's partnership agreement enabled the holders of the noncontrolling interest to put the remaining partnership units to the Company in defined future periods, at an initial amount equal to the consideration paid by the Company in 2008, and subject to adjustment based on market value formulas contained in the agreement. In December 2009, the Company received notification from the holders of the noncontrolling interest in the Ontario joint venture that they intended to put their remaining partnership units to the Company in accordance with the terms of the joint venture's partnership agreement. These units were acquired on February 8, 2010 for $137.5. On February 17, 2010, the Company completed a transaction to sell the units acquired from the previous noncontrolling interest holder to a new Canadian partner for the same price. As a result of this transaction, the Company recorded a component of noncontrolling interest in other liabilities and a component in mezzanine equity. Upon the completion of these two transactions, the Company's financial ownership percentage in the joint venture partnership remained unchanged at 85.6%. Concurrent with the sale to the new partner, the partnership agreement for the Ontario joint venture was amended and restated with substantially the same terms as the previous agreement. The combined contractual value of these puts, in excess of the current noncontrolling interest of $27.6, totals $145.9 at March 31, 2011. At March 31, 2011, $152.3 has been classified as a current liability in the Company's condensed consolidated balance sheet as the noncontrolling interest that acquired these units has the ability to put its units in the partnership to the Company on December 31, 2011. Net sales of the Ontario joint venture were $74.1 (CN$73.1) and $68.9 (CN$71.7) for the three months ended March 31, 2011 and 2010, respectively.

RESTRUCTURING AND OTHER SPECIAL CHARGES	3 Months Ended
RESTRUCTURING AND OTHER SPECIAL CHARGES	Mar. 31, 2011
Notes To Financial Statements [Abstract]
RESTRUCTURING AND OTHER SPECIAL CHARGES	4. RESTRUCTURING AND OTHER SPECIAL CHARGES During the first quarter of 2011, the Company recorded net restructuring charges of $13.1. Of this amount, $4.0 related to severance and other personnel costs, and $9.8 related to facility-related costs associated with the integration of Genzyme Genetics. These charges were offset by a restructuring credit of $0.7 resulting from the reversal of unused severance and facility closure liabilities. In addition, the Company recorded a special charge of $14.8 related to a write-off of certain assets and liabilities related to an investment made in a prior year. During the first quarter of 2010, the Company recorded net restructuring charges of $3.1 related to severance payments and the closing of redundant and underutilized facilities. Of this amount, $3.9 related to severance and other employee costs for employees primarily in the affected facilities, and $0.6 related to contractual obligations associated with leased facilities and other facility related costs. The Company also reduced its prior facility related restructuring accruals by $1.4 as a result of incurring less cost than planned on those restructuring initiatives primarily due to favorable settlements on lease buyouts. In addition, the Company recorded a special charge of $6.2 related to the write-off of development costs incurred on systems abandoned during the quarter. Genzyme Genetics and its logo are trademarks of Genzyme Corporation and used by Esoterix Genetic Laboratories, LLC (“EGL”), a wholly-owned subsidiary of the Company, under license. EGL and the Company are operated independently from Genzyme Corporation.

RESTRUCTURING RESERVES

3 Months Ended

Mar. 31, 2011

Notes To Financial Statements [Abstract]

RESTRUCTURING RESERVES

5. RESTRUCTURING RESERVES

The following represents the Company's restructuring activities for the period indicated:

	Severance			Lease
	and Other			and Other
	Employee			Facility
	Costs			Costs			Total
Balance as of December 31, 2010	$	4.9		$	12.9		$	17.8
Restructuring charges		4.0			9.8			13.8
Reduction of prior restructuring accruals		(0.6	)		(0.1	)		(0.7	)
Cash payments and other adjustments		(2.7	)		(2.6	)		(5.3	)
Balance as of March 31, 2011	$	5.6		$	20.0		$	25.6

Current							$	13.3
Non-current								12.3
							$	25.6

GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2011

Notes To Financial Statements [Abstract]

GOODWILL AND INTANGIBLE ASSETS

6. GOODWILL AND INTANGIBLE ASSETS

The changes in the carrying amount of goodwill for the three-month period ended March 31, 2011 and for the year ended December 31, 2010 are as follows:

	March 31,		December 31,
	2011		2010
Balance as of January 1	$	2,601.3	$	1,897.1
Goodwill acquired during the period		11.2		704.4
Adjustments to goodwill		0.5		(0.2	)

Balance at end of period	$	2,613.0	$	2,601.3

The components of identifiable intangible assets are as follows:

	March 31, 2011					December 31, 2010
	Gross					Gross
	Carrying		Accumulated			Carrying		Accumulated
	Amount		Amortization			Amount		Amortization

Customer relationships	$	1,149.0	$	(384.9	)	$	1,146.0	$	(370.0	)
Patents, licenses and technology		144.7		(78.8	)		144.7		(75.7	)
Non-compete agreements		27.4		(10.7	)		26.6		(9.4	)
Trade name		123.3		(52.9	)		123.3		(50.3	)
Canadian licenses		759.6		--			738.9		--

	$	2,204.0	$	(527.3	)	$	2,179.5	$	(505.4	)

Amortization of intangible assets for the three month periods ended March 31, 2011 and 2010 was $21.9 and $17.4, respectively. Amortization expense for the net carrying amount of intangible assets is estimated to be $64.4 for the remainder of fiscal 2011, $81.9 in fiscal 2012, $76.4 in fiscal 2013, $73.5 in fiscal 2014, $69.9 in fiscal 2015 and $551.0 thereafter.

The Ontario operation had $759.6 and $738.9 of value assigned to the partnership's indefinite lived Canadian licenses to conduct diagnostic testing services in the province as of March 31, 2011 and December 31, 2010, respectively.

DEBT

3 Months Ended

Mar. 31, 2011

Notes To Financial Statements [Abstract]

DEBT

7. DEBT

Short-term borrowings and the current portion of long-term debt at March 31, 2011 and December 31, 2010 consisted of the following:

	March 31,		December 31,
	2011		2010
Zero-coupon convertible subordinated notes	$	281.8	$	286.7
Term loan, current		75.0		75.0
Revolving credit facility		40.0		--
Total short-term borrowings and current portion
of long-term debt	$	396.8	$	361.7

Long-term debt at March 31, 2011 and December 31, 2010 consisted of the following:

	March 31,		December 31,
	2011		2010

Senior notes due 2013	$	350.8	$	350.9
Senior notes due 2015		250.0		250.0
Senior notes due 2016		325.0		325.0
Senior notes due 2020		600.0		600.0
Term loan, non-current		281.3		300.0
Other long-term debt		0.8		0.8
Total long-term debt	$	1,807.9	$	1,826.7

Zero-coupon Subordinated Notes

On March 14, 2011, the Company announced that for the period of March 12, 2011 to September 11, 2011, the zero-coupon subordinated notes will accrue contingent cash interest at a rate of no less than 0.125% of the average market price of a zero-coupon subordinated note for the five trading days ended March 9, 2011, in addition to the continued accrual of the original issue discount.

On April 4, 2011, the Company announced that its zero-coupon subordinated notes may be converted into cash and common stock at the conversion rate of 13.4108 per $1,000 principal amount at maturity of the notes, subject to the terms of the zero-coupon subordinated notes and the Indenture, dated as of October 24, 2006 between the Company and The Bank of New York Mellon, as trustee and conversion agent. In order to exercise the option to convert all or a portion of the zero-coupon subordinated notes, holders are required to validly surrender their zero-coupon subordinated notes at any time during the calendar quarter beginning April 1, 2011, through the close of business on the last business day of the calendar quarter, which is 5:00 p.m., New York City time, on Thursday, June 30, 2011. In April 2011, the Company settled notices to convert approximately $42.0 aggregate principal amount at maturity of the notes into cash and common stock with a total conversion value of approximately $53.8.

Credit Facilities

The balances outstanding on the Company's Term Loan Facility at March 31, 2011 and December 31, 2010 were $356.3 and $375.0, respectively. The balance outstanding on the Company's Revolving Facility at March 31, 2011 and December 31, 2010 was $40.0 and $0.0, respectively. The Term Loan Facility and Revolving Facility bear interest at varying rates based upon LIBOR plus a percentage based on the Company's credit rating with Standard & Poor's Ratings Services. The Term Loan Facility and Revolving Facility contain certain debt covenants which require that the Company maintain a leverage ratio of no more than 2.5 to 1.0 and an interest coverage ratio of at least 5.0 to 1.0. Both ratios are calculated in relation to EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization). The credit agreement allows payment of dividends provided that the Company is not in default (as defined in the agreement) and its leverage ratio is less than 2.0 to 1.0. The Company was in compliance with all covenants as of March 31, 2011. As of March 31, 2011, the leverage and interest coverage ratios were 1.8 to 1.0 and 15.9 to 1.0, respectively.

As of March 31, 2011, the effective interest rates on the Term Loan Facility and Revolving Facility were 0.93% and 0.61%, respectively.

PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2011

Notes To Financial Statements [Abstract]

PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY

8. PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY

The Company is authorized to issue up to 265.0 shares of common stock, par value $0.10 per share. The Company's treasury shares are recorded at aggregate cost. 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, 2011.

The changes in common shares issued and held in treasury are summarized below:

				Held in
	Issued			Treasury			Outstanding
Common shares at December 31, 2010		124.5			(22.1	)		102.4
Common stock issued under employee stock plans		0.8			--			0.8
Surrender of restricted stock and performance share awards		--			(0.1	)		(0.1	)
Retirement of common stock		(2.9	)		--			(2.9	)

Common shares at March 31, 2011		122.4			(22.2	)		100.2

Share Repurchase Program

As of December 31, 2010, the Company had outstanding authorization from the Board of Directors to purchase approximately $234.3 of Company common stock. On February 10, 2011, the Company announced the Board of Directors authorized the purchase of $500.0 of additional shares of the Company's common stock. During the three months ended March 31, 2011, the Company purchased approximately 2.9 shares of its common stock at a total cost of approximately $265.3. As of March 31, 2011, the Company had outstanding authorization from the Board of Directors to purchase approximately $469.0 of Company common stock.

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2011
Notes To Financial Statements [Abstract]
INCOME TAXES	9. INCOME TAXES The Company does not recognize a tax benefit, unless the Company concludes that it is more likely than not that the benefit will be sustained on audit by the taxing authority based solely on the technical merits of the associated tax position. If the recognition threshold is met, the Company recognizes a tax benefit measured at the largest amount of the tax benefit that the Company believes is greater than 50% likely to be realized. The gross unrecognized income tax benefits were $55.7 and $53.6 at March 31, 2011 and December 31, 2010, respectively. It is anticipated that the amount of the unrecognized income tax benefits will change within the next twelve months; however, these changes are not expected to have a significant impact on the results of operations, cash flows or the financial position of the Company. As of March 31, 2011 and December 31, 2010, $56.6 and $54.6, respectively, is the approximate amount of unrecognized income tax benefits that, if recognized, would favorably affect the effective income tax rate in future periods. The Company recognizes interest and penalties related to unrecognized income tax benefits in income tax expense. Accrued interest and penalties related to uncertain tax positions totaled $13.0 and $12.2 as of March 31, 2011 and December 31, 2010, respectively. The Company has substantially concluded all U.S. federal income tax matters for years through 2006. Substantially all material state and local, and foreign income tax matters have been concluded through 2005 and 2001, respectively. The Company has various state income tax examinations ongoing throughout the year. Management believes adequate provisions have been recorded related to all open tax years.

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2011
Notes To Financial Statements [Abstract]
COMMITMENTS AND CONTINGENCIES	10. COMMITMENTS AND CONTINGENCIES The Company is involved in a number of judicial, regulatory, and arbitration proceedings (including those described below) concerning matters arising in connection with the conduct of the Company's business activities. Many of these proceedings are at preliminary stages, and many of these cases seek an indeterminate amount of damages. The Company records an aggregate legal reserve, which is determined using actuarial calculations around historical loss rates and assessment of trends experienced in settlements and defense costs. In accordance with ASC 450 “Contingencies”, the Company establishes reserves for judicial, regulatory, and arbitration matters outside the aggregate legal reserve if and when those matters present loss contingencies that are both probable and estimable and would exceed the aggregate legal reserve. When loss contingencies are not both probable and estimable, the Company does not establish separate reserves. Management is unable to estimate a range of reasonably possible loss for cases described below in which damages either have not been specified or, in Management's judgment, are unsupported and/or exaggerated and (i) the proceedings are in early stages; (ii) there is uncertainty as to the outcome of pending appeals or motions; (iii) there are significant factual issues to be resolved; and/or (iv) there are novel legal issues to be presented. For these cases, however, management does not believe, based on currently available information, that the outcomes of these proceedings will have a material adverse effect on the Company's financial condition, though the outcomes could be material to the Company's operating results for any particular period, depending, in part, upon the operating results for such period. A subsidiary of the Company, DIANON Systems, Inc. (“DIANON”), is the appellant in a wrongful termination lawsuit originally filed by G. Berry Schumann in Superior Court in the State of Connecticut. After a jury trial, the state court entered judgment against DIANON, with total damages, attorney's fees, and pre-judgment interest payable by DIANON, of approximately $10.0. DIANON filed a notice of appeal in December 2009, and the case has been transferred to the Connecticut Supreme Court. If reached by the Connecticut Supreme Court, the appeal is subject to assignment for oral argument from May 16 through May 20, 2011. DIANON has disputed liability and intends to contest the case vigorously on appeal. As previously reported on May 22, 2006, the Company received a subpoena from the California Attorney General seeking documents related to billing to the state's Medicaid program. During the third quarter of 2008, the Company received a request from the California Attorney General for additional information. On March 20, 2009, a qui tam lawsuit, California ex rel. Hunter Laboratories, LLC et al. v. Quest Diagnostics Incorporated, et al., which was joined by the California Attorney General and to which the previous subpoena related, was unsealed. The lawsuit was brought against the Company and several other major laboratories operating in California and alleges that the defendants improperly billed the state Medicaid program and, therefore, violated the California False Claims Act. The original complaint was dismissed on the basis of (i) misjoinder and (ii) lack of particularity in the claims and a separate amended complaint was filed against the Company on December 14, 2009. The complaint against the Company seeks refund of alleged overpayments made to the Company from November 7, 1995 through November 2009, plus simple interest of 7% per year, calculated as of the filing date to total $97.5. In addition, the suit seeks continuing damages past November 2009 plus treble damages, civil penalties of $0.01 per each alleged false claim, recovery of costs, attorney's fees, and legal expenses, and pre- and post-judgment interest. The Company filed an answer to the new Complaint on February 5, 2010. The Company participated in mediation on December 6, 2010, February 10, 2011 and April 7, 2011. Another mediation session is scheduled for June 9, 2011. The case is currently scheduled for trial on January 30, 2012. During the third quarter of 2010, the Company responded to an audit from the California Department of Health Care Services (“DHCS”) of one of the Company's California laboratories for the period of January 1, 2010 through June 30, 2010. DHCS subsequently indicated that this laboratory charged the Medi-Cal program more than what was charged to other payers for some lab services and that this is inconsistent with DHCS's current interpretation of California regulations. DHCS provided the Company with a proposed agreement related to the Company's billing to the Medi-Cal program, including a requirement that the Company charge Medi-Cal the “lowest price” it charges others for a particular laboratory test. The Company disagrees with DHCS' contentions and interpretation of its regulations and believes that it has properly charged the Medi-Cal program under all applicable laws and regulations. The Company has subsequently received a self-audit letter and a similar audit request relating to another Company laboratory. The Company is continuing to cooperate with DHCS with respect to the audits. In addition, the Company has received three other subpoenas since 2007 related to Medicaid billing. In June 2010, the Company received a subpoena from the State of Florida requesting documents related to its billing to Florida Medicaid. In February 2009, the Company received a subpoena from the Commonwealth of Virginia seeking documents related to the Company's billing for state Medicaid. In October 2009, the Company received a subpoena from the State of Michigan seeking documents related to its billing to Michigan Medicaid. The Company also responded to an October 2007 subpoena from the United States Office of Inspector General's regional office in New York and a September 2009 subpoena from the United States Office of Inspector General's regional office in Massachusetts regarding certain of its billing practices. The Company is cooperating with the requests. On August 19, 2010, Aetna, Inc., Aetna Health Holdings, LLC and Aetna Health Management, LLC filed a lawsuit against Laboratory Corporation of America Holdings in the United States District Court for the Eastern District of Pennsylvania, alleging unfair competition, misrepresentation, interference and breach of contract, and violation of trade secret laws. Aetna is seeking unspecified monetary damages and equitable relief. The Company has filed a motion to dismiss the complaint and the proceeding remains at a preliminary stage. The Company intends to vigorously defend the lawsuit. The Company acquired certain assets of Westcliff Medical Laboratories (“Westcliff”) on June 16, 2010. On June 25, 2010, the Company and the Federal Trade Commission (“FTC”) entered into a letter agreement (“Agreement”) whereby the Company agreed to hold the Westcliff business separate and independent of the Company from the date the Company acquired the Westcliff assets until the Agreement was set to terminate on December 3, 2010. The Company subsequently responded to a subpoena and Civil Investigative Demand from the FTC and on December 1, 2010, the FTC issued an administrative complaint challenging the Westcliff acquisition (“Administrative Proceeding”). The FTC initiated an action in federal court seeking a preliminary injunction to prevent the Company from integrating the Westcliff assets upon the expiration of the Agreement. The federal district court denied the FTC's request and ruled in favor of the Company. The FTC's subsequent appeal to the Ninth Circuit Court of Appeals was denied, whereupon the FTC dismissed the Administrative Proceeding on April 21, 2011. The matter has resolved in the Company's favor. The Company is involved from time to time in various claims and legal actions, including arbitrations, class actions, and other litigation, arising in the ordinary course of business. Some of these actions involve claims that are substantial in amount. These matters include, but are not limited to, intellectual property disputes, professional liability, employee related matters, and inquiries, including subpoenas and other civil investigative demands, from governmental agencies and Medicare or Medicaid payers and managed care payers reviewing billing practices or requesting comment on allegations of billing irregularities that are brought to their attention through billing audits or third parties. The Company receives civil investigative demands or other inquiries from various governmental bodies in the ordinary course of its business. Such inquiries can relate to the Company or other healthcare providers. The Company works cooperatively to respond to appropriate requests for information. The Company is also named from time to time in suits brought under the qui tam provisions of the False Claims Act and comparable state laws. These suits typically allege that the Company has made false statements and/or certifications in connection with claims for payment from federal or state health care programs. They may remain under seal (hence, unknown to the Company) for some time while the government decides whether to intervene on behalf of the qui tam plaintiff. Such claims are an inevitable part of doing business in the health care field today. The Company believes that it is in compliance in all material respects with all statutes, regulations and other requirements applicable to its clinical laboratory operations. The clinical laboratory testing industry is, however, subject to extensive regulation, and the courts have not interpreted many of these statutes and regulations. There can be no assurance therefore that those applicable statutes and regulations will not be interpreted or applied by a prosecutorial, regulatory or judicial authority in a manner that would adversely affect the Company. Potential sanctions for violation of these statutes and regulations include significant fines and the loss of various licenses, certificates and authorizations. Under the Company's present insurance programs, coverage is obtained for catastrophic exposure as well as those risks required to be insured by law or contract. The Company is responsible for the uninsured portion of losses related primarily to general, professional and vehicle liability, certain medical costs and workers' compensation. The self-insured retentions are on a per occurrence basis without any aggregate annual limit. Provisions for losses expected under these programs are recorded based upon the Company's estimates of the aggregated liability of claims incurred. At March 31, 2011, the Company had provided letters of credit aggregating approximately $37.3, primarily in connection with certain insurance programs. The Company's availability under its Revolving Facility is reduced by the amount of these letters of credit. At March 31, 2011, the Company was a guarantor on approximately $1.3 of equipment leases. These leases were entered into by a joint venture in which the Company owns a 50% interest and have a remaining term of approximately one year.

PENSION AND POSTRETIREMENT PLANS

3 Months Ended

Mar. 31, 2011

Notes To Financial Statements [Abstract]

PENSION AND POSTRETIREMENT PLANS

11. PENSION AND POSTRETIREMENT PLANS

The Company's defined contribution retirement plan (the “401K Plan”) covers substantially all employees. All employees eligible for the 401K Plan receive a minimum 3% non-elective contribution concurrent with each payroll period. The 401K Plan also permits discretionary contributions by the Company of 1% to 3% of pay for eligible employees based on service. The cost of this plan was $11.7 and $10.0 for the three months ended March 31, 2011 and 2010, respectively.

The Company also maintains a frozen defined benefit retirement plan (the “Company Plan”), that as of December 31, 2009, covered substantially all employees. The benefits to be paid under the Company Plan are based on years of credited service through December 31, 2009 and ongoing interest credits. Effective January 1, 2010, the Company Plan was closed to new participants. The Company's policy is to fund the Company Plan with at least the minimum amount required by applicable regulations.

The Company maintains a second unfunded, non-contributory, non-qualified defined benefit retirement plan (the “PEP”), that as of December 31, 2009, covered substantially all of its senior management group. The PEP supplements the Company Plan and was closed to new participants effective January 1, 2010.

The effect on operations for the Company Plan and the PEP is summarized as follows:

	Three Months Ended
	March 31,
	2011			2010
Service cost for benefits earned	$	0.6		$	0.7
Interest cost on benefit obligation		4.4			4.6
Expected return on plan assets		(4.5	)		(4.7	)
Net amortization and deferral		1.7			2.0

Defined benefit plan costs	$	2.2		$	2.6

For the three months ended March 31, 2011 and 2010, the Company made no contributions to its defined benefit retirement plan.

The Company assumed obligations under a subsidiary's post-retirement medical plan. Coverage under this plan is restricted to a limited number of existing employees of the subsidiary. This plan is unfunded and the Company's policy is to fund benefits as claims are incurred. The effect on operations of the post-retirement medical plan is shown in the following table:

	Three Months Ended
	March 31,
	2011		2010
Service cost for benefits earned	$	0.1	$	0.1
Interest cost on benefit obligation		0.6		0.6
Net amortization and deferral		--		(0.2	)

Post-retirement medical plan costs	$	0.7	$	0.5

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2011

Notes To Financial Statements [Abstract]

FAIR VALUE MEASUREMENTS

12. FAIR VALUE MEASUREMENTS

The Company's population of financial assets and liabilities subject to fair value measurements as of March 31, 2011 and December 31, 2010 are as follows:

	Fair value		Fair Value Measurements as of
	as of		March 31, 2011
	March 31,		Using Fair Value Hierarchy
	2011		Level 1		Level 2		Level 3
Noncontrolling interest puts	$	173.5	$	--	$	173.5	$	--

Derivatives
Embedded derivatives related to the zero-coupon
subordinated notes	$	--	$	--	$	--	$	--
Interest rate swap liability		--		--		--		--
Total fair value of derivatives	$	--	$	--	$	--	$	--

	Fair value		Fair Value Measurements as of
	as of		December 31, 2010
	December 31,		Using Fair Value Hierarchy
	2010		Level 1		Level 2		Level 3
Noncontrolling interest puts	$	168.7	$	--	$	168.7	$	--

Derivatives
Embedded derivatives related to the zero-coupon
subordinated notes	$	--	$	--	$	--	$	--
Interest rate swap liability		2.4		--		2.4		--
Total fair value of derivatives	$	2.4	$	--	$	2.4	$	--

The noncontrolling interest puts are valued at their contractually determined values, which approximate fair values. The fair values for the embedded derivatives and interest rate swap are based on observable inputs or quoted market prices from various banks for similar instruments.

The carrying amounts of cash and cash equivalents, accounts receivable, income taxes receivable, and accounts payable are considered to be representative of their respective fair values due to their short-term nature. The fair market value of the zero-coupon subordinated notes, based on market pricing, was approximately $420.2 and $419.5 as of March 31, 2011 and December 31, 2010, respectively. The fair market value of the senior notes, based on market pricing, was approximately $1,568.5 and $1,549.8 as of March 31, 2011 and December 31, 2010, respectively. As of March 31, 2011 and December 31, 2010, the estimated fair market value of the Company's variable rate debt of $394.3 and $370.1, respectively, was estimated by calculating the net present value of related cash flows, discounted at current market rates.

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

3 Months Ended

Mar. 31, 2011

Notes To Financial Statements [Abstract]

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

13. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The Company addresses its exposure to market risks, principally the market risk associated with changes in interest rates, through a controlled program of risk management that includes, from time to time, the use of derivative financial instruments such as interest rate swap agreements (see Interest Rate Swap section below). Although the Company's zero-coupon subordinated notes contain features that are considered to be embedded derivative instruments (see Embedded Derivative section below), the Company does not hold or issue derivative financial instruments for trading purposes. The Company does not believe that its exposure to market risk is material to the Company's financial position or results of operations.

Interest Rate Swap

The interest rate swap agreement to hedge variable interest rate risk on the Company's variable interest rate term loan expired on March 31, 2011. On a quarterly basis under the swap, the Company paid a fixed rate of interest (2.92%) and received a variable rate of interest based on the three-month LIBOR rate on an amortizing notional amount of indebtedness equivalent to the term loan balance outstanding. The swap was designated as a cash flow hedge. Accordingly, the Company recognized the fair value of the swap in the condensed consolidated balance sheets and any changes in the fair value were recorded as adjustments to accumulated other comprehensive income (loss), net of tax. The fair value of the interest rate swap agreement was the estimated amount that the Company would have paid or received to terminate the swap agreement at the reporting date. The fair value of the swap was a liability of $2.4 at December 31, 2010 and was included in other liabilities in the respective condensed consolidated balance sheet.

Embedded Derivatives Related to the Zero-Coupon Subordinated Notes

The Company's zero-coupon subordinated notes contain the following two features that are considered to be embedded derivative instruments under authoritative guidance in connection with accounting for derivative instruments and hedging activities:

1)	The Company will pay contingent cash interest on the zero-coupon subordinated notes after September 11, 2006, if the average market price of the notes equals 120% or more of the sum of the issue price, accrued original issue discount and contingent additional principal, if any, for a specified measurement period.

2)	Holders may surrender zero-coupon subordinated notes for conversion during any period in which the rating assigned to the zero-coupon subordinated notes by Standard & Poor's Ratings Services is BB- or lower.

The Company believes these embedded derivatives had no fair value at March 31, 2011 and December 31, 2010. These embedded derivatives also had no impact on the condensed consolidated statements of operations for the three months ended March 31, 2011 and 2010.

The following table summarizes the fair value and presentation in the condensed consolidated balance sheets for derivatives designated as hedging instruments (interest rate swap liability derivative) as of March 31, 2011 and December 31, 2010, respectively:

	Fair Value as of
	March 31,		December 31,
Balance Sheet Location	2011		2010
Other liabilities	$	--	$	2.4

The following table summarizes the effect of the interest rate swap on other comprehensive income for the three months ended March 31, 2011 and 2010:

		2011				2010
Effective portion of derivative gain		$	2.4			$	1.1

SUPPLEMENTAL CASH FLOW INFORMATION

3 Months Ended

Mar. 31, 2011

Notes To Financial Statements [Abstract]

SUPPLEMENTAL CASH FLOW INFORMATION

14. SUPPLEMENTAL CASH FLOW INFORMATION

	Three Months Ended
	March 31,
	2011		2010

Supplemental schedule of cash flow information:
Cash paid during period for:
Interest	$	13.0	$	13.5
Income taxes, net of refunds		7.5		10.6
Disclosure of non-cash financing and investing activities:
Accrued repurchases of common stock	$	3.0	$	5.4

PROPOSED ACQUISITION	3 Months Ended
PROPOSED ACQUISITION	Mar. 31, 2011
Notes To Financial Statements [Abstract]
PROPOSED ACQUISITION	15. PROPOSED ACQUISITION In April 2011, the Company and Orchid Cellmark Inc. (“Orchid”) announced that they had entered into a definitive agreement and plan of merger under which the Company will acquire all of the outstanding shares of Orchid in a cash tender offer for $2.80 per share for a total purchase price to stockholders and optionholders of approximately $85.4. The tender offer and the merger are subject to customary closing conditions set forth in the agreement and plan of merger, including the acquisition in the tender offer of a majority of Orchid's fully diluted shares and the expiration or early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. The closing of the acquisition is expected in the second quarter of 2011. The Company has received lawsuits filed by putative classes of shareholders of Orchid in New Jersey and Delaware state courts alleging breaches of fiduciary duty and/or other violations of state law arising out of the proposed acquisition of Orchid. Both Orchid and the Company are named in the lawsuits, which will be vigorously defended.

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2011

Notes To Financial Statements [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						Three months ended
	March 31, 2011						March 31, 2010
					Per Share						Per Share
	Income		Shares		Amount		Income		Shares		Amount
Basic earnings per share:
Net earnings	$	127.1		100.3	$	1.27	$	132.7		104.6	$	1.27
Dilutive effect of employee
stock options and awards		--		1.3				--		0.8
Effect of convertible debt,
net of tax		--		1.6				--		1.1
Diluted earnings per share:
Net earnings including impact
of dilutive adjustments	$	127.1		103.2	$	1.23	$	132.7		106.5	$	1.25

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,
	2011		2010
Stock options		0.9		3.6

RESTRUCTURING RESERVES (Tables)

3 Months Ended

Mar. 31, 2011

Notes To Financial Statements [Abstract]

Company's Restructuring Activities

	Severance			Lease
	and Other			and Other
	Employee			Facility
	Costs			Costs			Total
Balance as of December 31, 2010	$	4.9		$	12.9		$	17.8
Restructuring charges		4.0			9.8			13.8
Reduction of prior restructuring accruals		(0.6	)		(0.1	)		(0.7	)
Cash payments and other adjustments		(2.7	)		(2.6	)		(5.3	)
Balance as of March 31, 2011	$	5.6		$	20.0		$	25.6

Current							$	13.3
Non-current								12.3
							$	25.6

GOODWILL AND INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2011

Notes To Financial Statements [Abstract]

Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the three-month period ended March 31, 2011 and for the year ended December 31, 2010 are as follows:

	March 31,		December 31,
	2011		2010
Balance as of January 1	$	2,601.3	$	1,897.1
Goodwill acquired during the period		11.2		704.4
Adjustments to goodwill		0.5		(0.2	)

Balance at end of period	$	2,613.0	$	2,601.3

Components of identifiable intangible assets

The components of identifiable intangible assets are as follows:

	March 31, 2011					December 31, 2010
	Gross					Gross
	Carrying		Accumulated			Carrying		Accumulated
	Amount		Amortization			Amount		Amortization

Customer relationships	$	1,149.0	$	(384.9	)	$	1,146.0	$	(370.0	)
Patents, licenses and technology		144.7		(78.8	)		144.7		(75.7	)
Non-compete agreements		27.4		(10.7	)		26.6		(9.4	)
Trade name		123.3		(52.9	)		123.3		(50.3	)
Canadian licenses		759.6		--			738.9		--

	$	2,204.0	$	(527.3	)	$	2,179.5	$	(505.4	)

DEBT (Tables)

3 Months Ended

Mar. 31, 2011

Notes To Financial Statements [Abstract]

Short-term borrowings and current portion of long-term debt

Short-term borrowings and the current portion of long-term debt at March 31, 2011 and December 31, 2010 consisted of the following:

	March 31,		December 31,
	2011		2010
Zero-coupon convertible subordinated notes	$	281.8	$	286.7
Term loan, current		75.0		75.0
Revolving credit facility		40.0		--
Total short-term borrowings and current portion
of long-term debt	$	396.8	$	361.7

Long-term debt

Long-term debt at March 31, 2011 and December 31, 2010 consisted of the following:

	March 31,		December 31,
	2011		2010

Senior notes due 2013	$	350.8	$	350.9
Senior notes due 2015		250.0		250.0
Senior notes due 2016		325.0		325.0
Senior notes due 2020		600.0		600.0
Term loan, non-current		281.3		300.0
Other long-term debt		0.8		0.8
Total long-term debt	$	1,807.9	$	1,826.7

PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY (Tables)

3 Months Ended

Mar. 31, 2011

Notes To Financial Statements [Abstract]

Changes in common shares issued and held in treasury

The changes in common shares issued and held in treasury are summarized below:

				Held in
	Issued			Treasury			Outstanding
Common shares at December 31, 2010		124.5			(22.1	)		102.4
Common stock issued under employee stock plans		0.8			--			0.8
Surrender of restricted stock and performance share awards		--			(0.1	)		(0.1	)
Retirement of common stock		(2.9	)		--			(2.9	)

Common shares at March 31, 2011		122.4			(22.2	)		100.2

PENSION AND POSTRETIREMENT PLANS (Tables)

3 Months Ended

Mar. 31, 2011

Notes To Financial Statements [Abstract]

Schedule Of Defined Benefit And Nonqualified Supplemental Retirement Plans

The effect on operations for the Company Plan and the PEP is summarized as follows:

	Three Months Ended
	March 31,
	2011			2010
Service cost for benefits earned	$	0.6		$	0.7
Interest cost on benefit obligation		4.4			4.6
Expected return on plan assets		(4.5	)		(4.7	)
Net amortization and deferral		1.7			2.0

Defined benefit plan costs	$	2.2		$	2.6

Schedule Of Post-Retirement Medical Plan

The effect on operations of the post-retirement medical plan is shown in the following table:

	Three Months Ended
	March 31,
	2011		2010
Service cost for benefits earned	$	0.1	$	0.1
Interest cost on benefit obligation		0.6		0.6
Net amortization and deferral		--		(0.2	)

Post-retirement medical plan costs	$	0.7	$	0.5

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2011

Notes To Financial Statements [Abstract]

Population of Financial Assets and Liabilities Subject to Fair Value Measurements

The Company's population of financial assets and liabilities subject to fair value measurements as of March 31, 2011 and December 31, 2010 are as follows:

	Fair value		Fair Value Measurements as of
	as of		March 31, 2011
	March 31,		Using Fair Value Hierarchy
	2011		Level 1		Level 2		Level 3
Noncontrolling interest puts	$	173.5	$	--	$	173.5	$	--

Derivatives
Embedded derivatives related to the zero-coupon
subordinated notes	$	--	$	--	$	--	$	--
Interest rate swap liability		--		--		--		--
Total fair value of derivatives	$	--	$	--	$	--	$	--

	Fair value		Fair Value Measurements as of
	as of		December 31, 2010
	December 31,		Using Fair Value Hierarchy
	2010		Level 1		Level 2		Level 3
Noncontrolling interest puts	$	168.7	$	--	$	168.7	$	--

Derivatives
Embedded derivatives related to the zero-coupon
subordinated notes	$	--	$	--	$	--	$	--
Interest rate swap liability		2.4		--		2.4		--
Total fair value of derivatives	$	2.4	$	--	$	2.4	$	--

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2011

Notes To Financial Statements [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position at Fair Value

	Fair Value as of
	March 31,		December 31,
Balance Sheet Location	2011		2010
Other liabilities	$	--	$	2.4

Effect of Interest Rate Swap on Other Comprehensive Income

The following table summarizes the effect of the interest rate swap on other comprehensive income for the three months ended March 31, 2011 and 2010:

		2011				2010
Effective portion of derivative gain		$	2.4			$	1.1

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)

3 Months Ended

Mar. 31, 2011

Notes To Financial Statements [Abstract]

Supplemental cash flow information

	Three Months Ended
	March 31,
	2011		2010

Supplemental schedule of cash flow information:
Cash paid during period for:
Interest	$	13.0	$	13.5
Income taxes, net of refunds		7.5		10.6
Disclosure of non-cash financing and investing activities:
Accrued repurchases of common stock	$	3.0	$	5.4

BASIS OF FINANCIAL STATEMENT PRESENTATION (Details)	3 Months Ended
BASIS OF FINANCIAL STATEMENT PRESENTATION (Details)	Mar. 31, 2011
Notes To Financial Statements [Abstract]
Ownership percentage below which investments are generally accounted for on the cost method (in hundredths)	20.00%

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2011	Mar. 31, 2010
Income
Net earnings, basic	$ 127.1	$ 132.7
Net earnings, diluted	$ 127.1	$ 132.7
Shares
Outstanding shares, basic (in shares)	100.3	104.6
Dilutive effect of employee stock plans and awards (in shares)	1.3	0.8
Dilutive effect of convertible debt, net of tax (in shares)	1.6	1.1
Outstanding shares, diluted (in shares)	103.2	106.5
Per Share Amount
Basic earnings per share (in dollars per share)	$ 1.27	$ 1.27
Diluted earnings per share (in dollars per share)	$ 1.23	$ 1.25
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options (in shares)	0.9	3.6

NONCONTROLLING INTEREST PUTS (Details) $ in Millions, $ in Millions	3 Months Ended				12 Months Ended
	Mar. 31, 2011 USD ($)	Mar. 31, 2011 CAD ($)	Mar. 31, 2010 USD ($)	Mar. 31, 2010 CAD ($)	Dec. 31, 2010 USD ($)
Notes To Financial Statements [Abstract]
Ownership interest percentage in Ontario, Canada joint venture (in hundredths)	85.60%		85.60%	85.60%	85.60%
Noncontrolling interest put in Ontario, Canada joint venture	$ 0.0		$ 137.5		$ 137.5
Number of transactions affecting ownership interest percentage in Ontario joint venture			2	2
Noncontrolling interest in Ontario, Canada joint venture	27.6
Combined contractual value of noncontrolling interest puts	145.9
Noncontrolling interest, current liability	152.3				$ 148.1
Net sales of Ontario, Canada joint venture	$ 74.1		$ 68.9
Net sales of Ontario, Canada joint venture (in Canadian dollars)		$ 73.1		$ 71.7

RESTRUCTURING AND OTHER SPECIAL CHARGES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2011	Mar. 31, 2010
Notes To Financial Statements [Abstract]
Net restructuring charges	$ 13.1	$ 3.1
Restructuring charges related to severance and other employee costs	4.0	3.9
Reduction in prior restructuring accruals	0.7
Restructuring charges related to contractual obligations associated with leased facilities and other facility related costs	9.8	0.6
Reduction in prior facility related restructuring accruals		1.4
Special charge related to write-off	$ 14.8	$ 6.2

RESTRUCTURING RESERVES (Details) $ in Millions	3 Months Ended
RESTRUCTURING RESERVES (Details) $ in Millions	Mar. 31, 2011 USD ($)
Restructuring Reserve [Line Items]
Balance as of December 31, 2010	$ 17.8
Restructuring charges	13.8
Reduction of prior restructuring accruals	(0.7)
Cash payments and other adjustments	(5.3)
Balance as of March 31, 2011	25.6
Current	13.3
Non-current	12.3
Severance and Other Employee Costs [Member]
Restructuring Reserve [Line Items]
Balance as of December 31, 2010	4.9
Restructuring charges	4.0
Reduction of prior restructuring accruals	(0.6)
Cash payments and other adjustments	(2.7)
Balance as of March 31, 2011	5.6
Lease and Other Facility Costs [Member]
Restructuring Reserve [Line Items]
Balance as of December 31, 2010	12.9
Restructuring charges	9.8
Reduction of prior restructuring accruals	(0.1)
Cash payments and other adjustments	(2.6)
Balance as of March 31, 2011	$ 20.0

GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2011	Mar. 31, 2010	Dec. 31, 2010
Goodwill roll forward
Balance as of January 1	$ 2,601.3	$ 1,897.1	$ 1,897.1
Goodwill acquired during the period	11.2		704.4
Adjustments to goodwill	0.5		(0.2)
Balance at end of period	2,613.0		2,601.3
Identifiable Intangible Assets [Line Items]
Gross Carrying Amount	2,204.0		2,179.5
Accumulated Amortization	(527.3)		(505.4)
Intangible Assets Amortization Expense
Amortization of intangible assets	21.9	$ 17.4
Estimated amortization expense, remainder of 2011	64.4
Estimated amortization expense, 2012	81.9
Estimated amortization expense, 2013	76.4
Estimated amortization expense, 2014	73.5
Estimated amortization expense, 2015	69.9
Estimated amortization expense, thereafter	551.0
Canadian licenses	759.6		738.9
Patents Licenses And Technology [Member]
Identifiable Intangible Assets [Line Items]
Gross Carrying Amount	144.7		144.7
Accumulated Amortization	(78.8)		(75.7)
Non-compete agreements [Member]
Identifiable Intangible Assets [Line Items]
Gross Carrying Amount	27.4		26.6
Accumulated Amortization	(10.7)		(9.4)
Trade name [Member]
Identifiable Intangible Assets [Line Items]
Gross Carrying Amount	123.3		123.3
Accumulated Amortization	(52.9)		(50.3)
Canadian licenses [Member]
Identifiable Intangible Assets [Line Items]
Gross Carrying Amount	759.6		738.9
Accumulated Amortization, Indefinite-Lived Intangible Asset	0.0		0.0
Customer relationships [Member]
Identifiable Intangible Assets [Line Items]
Gross Carrying Amount	1,149.0		1,146.0
Accumulated Amortization	$ (384.9)		$ (370.0)

DEBT (Details) - USD ($)		3 Months Ended
DEBT (Details) - USD ($)	Mar. 09, 2011	Mar. 31, 2011	Dec. 31, 2010
Schedule of Short-term Debt Instruments
Zero-coupon convertible subordinated notes		$ 281,800,000	$ 286,700,000
Term loan, current		75,000,000	75,000,000
Revolving credit facility		40,000,000	0
Total short-term borrowings and current portion of long-term debt		396,800,000	361,700,000
Long-term debt by instrument [Abstract]
Long-term debt		$ 1,807,900,000	1,826,700,000
Zero-coupon Subordinated Notes
Minimum contingent cash interest rate on zero-coupon subordinated notes (in hundredths)		0.125%
Number of trading days used to establish contingent cash interest rate on zero-coupon subordinated notes (in days)	5
Announcement date that zero-coupon subordinated notes may be converted into cash and common stock at the stock conversion rate		Apr. 04, 2011
Date of the terms for the zero-coupon subordinated notes and indenture		Oct. 24, 2006
Zero-coupon subordinated notes exercise period, beginning		Apr. 01, 2011
Zero-coupon subordinated notes exercise period, ending		Jun. 30, 2011
Stock conversion rate for zero-coupon subordinated notes (per thousand)		13.4108
Principal amount of zero-coupon subordinated notes		$ 1,000
Principal amount at maturity of zero-coupon subordinated notes, settled in subsequent period		42,000,000
Value of cash and common stock in connection with conversions of zero-coupon subordinated notes, settled in subsequent period		53,800,000
Credit Facilities
Outstanding balance on Term Loan Facility		356,300,000	375,000,000
Revolving credit facility		$ 40,000,000	0
Debt covenants, maximum leverage ratio		2.5 to 1.0
Debt covenants, minimum interest coverage ratio		5.0 to 1.0
Debt covenants, maximum leverage ratio before dividend payout		2.0 to 1.0
Leverage ratio		1.8 to 1.0
Interest coverage ratio		15.9 to 1.0
Debt covenant compliance		in compliance
Effective interest rate on Term Loan Facility (in hundredths)		0.93%
Effective interest rate on Revolving Loan Facility (in hundredths)		0.61%
Senior notes due 2013 [Member]
Long-term debt by instrument [Abstract]
Long-term debt		$ 350,800,000	350,900,000
Maturity date		Jan. 31, 2013
Senior notes due 2015 [Member]
Long-term debt by instrument [Abstract]
Long-term debt		$ 250,000,000	250,000,000
Maturity date		Dec. 15, 2015
Senior notes due 2016 [Member]
Long-term debt by instrument [Abstract]
Long-term debt		$ 325,000,000	325,000,000
Maturity date		May 15, 2016
Senior notes due 2020 [Member]
Long-term debt by instrument [Abstract]
Long-term debt		$ 600,000,000	600,000,000
Maturity date		Nov. 15, 2020
Term loan, non-current [Member]
Long-term debt by instrument [Abstract]
Long-term debt		$ 281,300,000	300,000,000
Other long-term debt [Member]
Long-term debt by instrument [Abstract]
Long-term debt		$ 800,000	$ 800,000

PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2011	Mar. 31, 2010	Feb. 10, 2011
Notes To Financial Statements [Abstract]
Common stock, shares authorized (in million shares)	265.0
Common stock, par value per share (in dollars per share)	$ 0.10
Preferred stock, shares authorized (in million shares)	30.0
Preferred stock, par value per share (in dollars per share)	$ 0.10
Rollforward of common shares issued
Common shares issued, beginning balance (in shares)	124,500,000
Common stock issued under employee stock plans (in shares)	800,000
Retirement of common stock (in shares)	(2,900,000)
Common shares issued, ending balance (in shares)	122,400,000
Rollforward of common shares held in Treasury
Common shares held in Treasury, beginning balance (in shares)	(22,100,000)
Surrender of restricted stock and performance share awards (in shares)	(100,000)
Common shares held in Treasury, ending balance (in shares)	(22,200,000)
Rollforward of common shares outstanding
Common shares outstanding, beginning balance (in shares)	102,400,000
Common stock issued under employee stock plans (in shares)	800,000
Surrender of restricted stock and performance share awards (in shares)	(100,000)
Retirement of common stock (in shares)	(2,900,000)
Common shares outstanding, ending balance (in shares)	100,200,000
Rollforward of outstanding stock repurchase authorization
Outstanding common stock repurchase authorization, beginning balance	$ 234.3
Common stock repurchase authorization			$ 500.0
Common shares repurchased (in shares)	(2,900,000)
Purchase of common stock	$ 265.3	$ 105.7
Outstanding common stock repurchase authorization, ending balance	$ 469.0

INCOME TAXES (Details) - USD ($) $ in Millions	Mar. 31, 2011	Dec. 31, 2010
Notes To Financial Statements [Abstract]
Minimum threshold percentage required to recognize income tax benefit (in hundredths)	50.00%
Gross unrecognized income tax benefits	$ 55.7	$ 53.6
Unrecognized income tax benefits that would impact effective tax rate	56.6	54.6
Accrued interest and penalties related to unrecognized income tax benefits	$ 13.0	$ 12.2

COMMITMENTS AND CONTINGENCIES (Details)	3 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Mar. 31, 2011 USD ($)
Notes To Financial Statements [Abstract]
Judgment amount in connection with a wrongful termination lawsuit	$ 10,000,000
Amount of the complaint in connection with a California False Claims Act lawsuit	97,500,000
Amount of civil penalties per each alleged false claim	10,000
Letters of credit	37,300,000
Equipment lease guarantee	$ 1,300,000
Joint venture ownership interest (in hundredths)	50.00%
Remaining term on guaranteed equipment leases (in years)	1

PENSION AND POSTRETIREMENT PLANS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2011	Mar. 31, 2010
Notes To Financial Statements [Abstract]
Minimum non-elective contribution (NEC) % for the 401(K) plan (in hundredths)	3.00%
Discretionary contribution % for the 401 (K) plan, range minimum (in hundredths)	1.00%
Discretionary contribution % for the 401 (K) plan, range maximum (in hundredths)	3.00%
Defined contribution retirement plan cost	$ 11.7	$ 10.0
Defined Benefit Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost for benefits earned	0.6	0.7
Interest cost on benefit obligation	4.4	4.6
Expected return on plan assets	(4.5)	(4.7)
Net amortization and deferral	1.7	2.0
Defined benefit plan costs	2.2	2.6
Post-Retirement Medical Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost for benefits earned	0.1	0.1
Interest cost on benefit obligation	0.6	0.6
Net amortization and deferral	0.0	(0.2)
Defined benefit plan costs	$ 0.7	$ 0.5

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Mar. 31, 2011	Dec. 31, 2010
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Noncontrolling interest puts	$ 173.5	$ 168.7
Derivatives
Embedded derivatives related to the zero-coupon subordinated notes	0.0	0.0
Interest rate swap liability	0.0	2.4
Total fair value of derivatives	0.0	2.4
Fair market value of zero-coupon subordinated notes	420.2	419.5
Fair market value of senior notes	1,568.5	1,549.8
Fair market value of variable rate debt	394.3	370.1
Level 1 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Noncontrolling interest puts	0.0	0.0
Derivatives
Embedded derivatives related to the zero-coupon subordinated notes	0.0	0.0
Interest rate swap liability	0.0	0.0
Total fair value of derivatives	0.0	0.0
Level 2 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Noncontrolling interest puts	173.5	168.7
Derivatives
Embedded derivatives related to the zero-coupon subordinated notes	0.0	0.0
Interest rate swap liability	0.0	2.4
Total fair value of derivatives	0.0	2.4
Level 3 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Noncontrolling interest puts	0.0	0.0
Derivatives
Embedded derivatives related to the zero-coupon subordinated notes	0.0	0.0
Interest rate swap liability	0.0	0.0
Total fair value of derivatives	$ 0.0	$ 0.0

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2011	Mar. 31, 2010	Dec. 31, 2010
Notes To Financial Statements [Abstract]
Fixed interest rate related to interest rate swap agreement	2.92%
Variable interest rate related to interest rate swap agreement	three-month LIBOR
Fair value of interest rate swap			$ 2.4
Minimum percentage of market price to calculated value of zero-coupon subordinated debt at which the entity is subject to contingent cash interest	120.00%
Balance Sheet Location, Other Liabilities [Member]
Derivative Instruments in Statement of Financial Position at Fair Value [Abstract]
Other liabilities	$ 0.0		$ 2.4
Interest rate contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Effective portion of derivative gain	$ 2.4	$ 1.1

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2011	Mar. 31, 2010
Cash paid during period for:
Interest	$ 13.0	$ 13.5
Income taxes, net of refunds	7.5	10.6
Disclosure of non-cash financing and investing activities:
Accrued repurchases of common stock	$ 3.0	$ 5.4

PROPOSED ACQUISITION (Details) - Proposed Orchid Cellmark Inc. Acquisition [Member] $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2011 USD ($) $ / shares
Subsequent Event [Line Items]
Subsequent Event, Announced Date of Proposed Acquisition	April 2011
Subsequent Event, Name of Entity in Proposed Acquisition	Orchid Cellmark Inc
Subsequent Event, Per share cash tender offer in Proposed Acquisition (per share) \| $ / shares	$ 2.80
Subsequent Event, Amount of total purchase price to stockholders and optionholders \| $	$ 85.4