View Filing Data



	Six Months Ended June 30,
	2018		2017
Supplemental schedule of cash flow information:
Cash paid during period for:
Interest	$	188.2	$	102.2
Income taxes, net of refunds	148.6		127.9
Disclosure of non-cash financing and investing activities:
Surrender of restricted stock awards and performance awards	$	45.1	$	46.2
Conversion of zero-coupon convertible debt	—		12.8
Assets acquired under capital leases	—		0.9
Increase in accrued property, plant and equipment	4.8		2.8

Business Combination Disclosure [Text Block]

SUPPLEMENTAL CASH FLOW INFORMATION



	Six Months Ended June 30,
	2018		2017
Supplemental schedule of cash flow information:
Cash paid during period for:
Interest	$	188.2	$	102.2
Income taxes, net of refunds	148.6		127.9
Disclosure of non-cash financing and investing activities:
Surrender of restricted stock awards and performance awards	$	45.1	$	46.2
Conversion of zero-coupon convertible debt	—		12.8
Assets acquired under capital leases	—		0.9
Increase in accrued property, plant and equipment	4.8		2.8

BUSINESS ACQUISITIONS

6 Months Ended

Jun. 30, 2018

Business Combinations [Abstract]


	BUSINESS ACQUISITIONS AND DISPOSITIONS

On September 1, 2017, the Company completed the acquisition of Chiltern International Group Limited (Chiltern), a specialty CRO, pursuant to a definitive agreement to acquire all of the share capital of Chiltern, in an all-cash transaction valued at approximately $1,224.5. The Company funded the acquisition through a combination of bank financing and the issuance of bonds. Chiltern is part of the Company's CDD segment.

The valuation of acquired assets and assumed liabilities as of September 1, 2017, include the following:



Consideration Transferred
Cash consideration						$	1,224.5

	Preliminary		Measurement Period Adjustments			As of June 30, 2018
Net Assets Acquired
Cash and cash equivalents	$	30.7	$	—		$	30.7
Accounts receivable	116.9		(13.3		)	103.6
Unbilled services	32.6		—			32.6
Prepaid expenses and other	57.9		—			57.9
Property, plant and equipment	12.1		—			12.1
Goodwill	676.6		85.9			762.5
Customer relationships	629.0		(27.0		)	602.0
Trade names and trademarks	24.1		(13.5		)	10.6
Technology	47.0		(21.0		)	26.0
Total assets acquired	1,626.9		12.0			1,638.9
Accounts payable	18.1		27.0			45.1
Accrued expenses and other	51.0		(27.6		)	23.4
Unearned revenue	124.2		—			124.2
Deferred income taxes	208.0		12.6			220.6
Other liabilities	1.1		—			1.1
Total liabilities acquired	402.4		12.0			414.4
Net assets acquired	$	1,224.5	$	—		$	1,224.5

The amortization periods for intangible assets acquired are 21 years for customer relationships, 7 years for trade names and trademarks, and 9 years for technology.

The purchase price allocation for the Chiltern acquisition is still preliminary and subject to change. The areas of the purchase price allocation that are not yet finalized relate primarily to intangible assets, goodwill and the impact of finalizing deferred taxes. Accordingly, adjustments may be made as additional information is obtained about the facts and circumstances that existed as of the valuation date. The Company expects these purchase price allocations to be finalized during the third quarter of 2018. Any adjustments will be recorded in the period in which they are identified.

Unaudited Pro Forma Information

The Company completed the Chiltern acquisition on September 1, 2017. Had the Chiltern acquisition been completed as of January 1, 2016, the Company's pro forma results would have been as follows:



	Three Months Ended June 30, 2017		Six Months Ended June 30, 2017
Net revenues	$	2,728.1	$	5,339.4
Operating income	321.5		662.2
Net income	172.5		363.2
Earnings per share:
Basic	$	1.68	$	3.54
Diluted	$	1.66	$	3.49

The unaudited pro forma results reflect certain adjustments related to past operating performance and acquisition accounting adjustments, such as increased amortization expense and decreased depreciation expense based on the estimated fair value of assets acquired, the impact of the Company’s new financing arrangements, and the related tax effects. The pro forma results do not include any anticipated synergies which may be achievable subsequent to the Chiltern acquisition. To produce the unaudited pro forma financial information, the Company adjusted Chiltern’s assets and liabilities to their estimated fair value based on a valuation as of September 1, 2017. These pro forma results of operations have been prepared for comparative purposes only, and they do not purport to be indicative of the results of operations that actually would have resulted had the acquisition of Chiltern occurred on the date indicated or that may result in the future.

During the six months ended June 30, 2018, the Company also acquired various businesses and related assets for approximately $79.1 in cash (net of cash acquired). The purchase consideration for all acquisitions year to date has been allocated to the estimated fair market value of the net assets acquired, including approximately $48.5 in identifiable intangible assets and a residual amount of goodwill of approximately $54.9. These acquisitions were made primarily to extend the Company's geographic reach in important market areas and/or enhance the Company's scientific differentiation.

On April 30, 2018, the Company entered into a definitive agreement to sell the Covance Food Solutions business, a global provider of innovative product design and product integrity services for end-user segments that span the global food supply chain, for an all-cash purchase price of $670.0. The Company believes that the opportunities for creating lasting value from the 2015 Covance Inc. (Covance) acquisition come from its laboratory diagnostic business, the CRO business, and the enterprise-wide combination of the two. In addition, the Company concluded that, given the competitive dynamics of the food testing market, Covance Food Solutions would be unlikely to achieve sufficient scale to be a top global business. The sale of Covance Food Solutions allows the Company to focus on its primary growth opportunities and at the same time better positions Covance Food Solutions to serve the global food supply industry. The transaction is expected to close in the third quarter of 2018. For the three and six months ended June 30, 2018, Covance Food Solutions recorded operating income of $5.0 and $8.4, respectively. Operating income for the three and six months ended June 30, 2017, was $5.6 and $11.0, respectively. Total assets and total liabilities held for sale for the Covance Food Solutions business as of June 30, 2018, and December 31, 2017, include the following:



	June 30, 2018		December 31, 2017
Assets:
Cash and cash equivalents	$	—	$	0.1
Accounts receivable	20.9		24.4
Unbilled services	9.5		7.6
Supplies inventories	0.4		0.4
Prepaid expenses and other	1.1		1.2
Property, plant and equipment, net	39.1		42.3
Goodwill, net	170.5		170.5
Intangible assets, net	169.7		174.7
Other assets, net	0.2		0.3
Total assets held for sale	$	411.4	$	421.5

Liabilities:
Accounts Payable	$	1.1	$	2.4
Accrued expenses and other	13.0		15.2
Unearned revenue	2.0		2.6
Deferred income taxes and other tax liabilities	64.1		64.1
Other liabilities	2.2		2.2
Total liabilities held for sale	$	82.4	$	86.5

Net assets held for sale	$	329.0	$	335.0

BUSINESS SEGMENT INFORMATION Business Segment information (Notes)

6 Months Ended

Jun. 30, 2018

Segment Reporting Information [Line Items]

Segment Reporting Disclosure [Text Block]

BUSINESS SEGMENT INFORMATION

The following table is a summary of segment information for the three and six months ended June 30, 2018 and 2017. 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 its business unit operations for making operating decisions and assessing performance. Financial information is reported on the basis that it is used internally by the chief operating decision maker (CODM) for evaluating segment performance and deciding how to allocate resources to segments. The Company’s chief executive officer has been identified as the CODM.

Segment asset information is not presented because it is not used by the CODM at the segment level. Operating earnings of each segment represents net revenues less directly identifiable expenses to arrive at operating income for the segment. General management and administrative corporate expenses are included in general corporate expenses below. The table below represents information about the Company’s reporting segments for the three and six months ended June 30, 2018 and 2017:



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2018			2017			2018			2017
Revenues:
LCD	$	1,814.0		$	1,721.1		$	3,584.2		$	3,360.8
CDD	1,054.2			807.5			2,132.6			1,581.7
Intercompany eliminations	(1.9		)	(0.4		)	(2.2		)	(0.6		)
Revenues	2,866.3			2,528.2			5,714.6			4,941.9

Operating earnings:
LCD	336.3			334.5			639.8			644.0
CDD	68.8			29.6			107.3			71.1
Unallocated corporate expenses	(35.9		)	(34.3		)	(72.5		)	(67.2		)
Total operating income	369.2			329.8			674.6			647.9
Other income (expense), net	(56.5		)	(50.6		)	(120.4		)	(103.5		)
Earnings before income taxes	312.7			279.2			554.2			544.4
Provision for income taxes	78.6			94.1			147.6			176.0
Net earnings	234.1			185.1			406.6			368.4
Less (earnings) loss attributable to noncontrolling interests	(0.3		)	(0.3		)	0.4			(0.6		)
Net income attributable to Laboratory Corporation of America Holdings	$	233.8		$	184.8		$	407.0		$	367.8

BASIS OF FINANCIAL STATEMENT PRESENTATION Restated Financial Statements (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2017

Dec. 31, 2017

Income Statement [Abstract]

Restatement to Prior Year Income [Table Text Block]

Adoption of the standards related to revenue recognition, pension accounting and cash receipts and payments impacted previously reported results as follows:



	Condensed Consolidated Statement of Operations
	For the Three Months Ended June 30, 2017
	As Previously Reported			ASC 606 Revenue Adjustments			Pension Adjustments			As Adjusted
Total revenues	$	2,542.9		$	(14.7	)	$	—		$	2,528.2
Total cost of revenue	1,681.1			68.9			0.2			1,750.2
Gross profit	861.8			(83.6		)	(0.2		)	778.0
Selling, general and administrative expenses	435.3			(78.1		)	0.5			357.7
Other operating and non-operating expenses, net	141.4			0.4			(0.7		)	141.1
Provision for income taxes	96.2			(2.1		)	—			94.1
Net earnings	188.9			(3.8		)	—			185.1
Less: Net earnings attributable to noncontrolling interest	(0.3		)	—			—			(0.3		)
Net earnings attributable to Laboratory Corporation of America Holdings	$	188.6		$	(3.8	)	$	—		$	184.8

Basic earnings per share	$	1.84								$	1.80
Diluted earnings per share	$	1.82								$	1.78



	Condensed Consolidated Statement of Operations
	For the Six Months Ended June 30, 2017
	As previously reported			ASC 606 Revenue Adjustments			Pension Adjustments			As Adjusted
Total revenues	$	4,989.9		$	(48.0	)	$	—		$	4,941.9
Total cost of revenue	3,324.5			126.7			0.2			3,451.4
Gross profit	1,665.4			(174.7		)	(0.2		)	1,490.5
Selling, general and administrative expenses	854.7			(154.9		)	0.8			700.6
Other operating and non-operating expenses, net	245.9			0.6			(1.0		)	245.5
Provision for income taxes	183.4			(7.4		)	—			176.0
Net earnings	381.4			(13.0		)	—			368.4
Less: Net earnings attributable to noncontrolling interest	(0.6		)	—			—			(0.6		)
Net earnings attributable to Laboratory Corporation of America Holdings	$	380.8		$	(13.0	)	$	—		$	367.8

Basic earnings per share	$	3.71								$	3.59
Diluted earnings per share	$	3.66								$	3.54



	Condensed Consolidated Statement of Cash Flows
	For the Six Months Ended June 30, 2017
	As Previously Reported			Zero-Coupon Notes Adjustments			As Adjusted
Net cash provided by operating activities	$	544.4		$	(8.0	)	$	536.4
Net cash used for investing activities	(736.9		)	—			(736.9		)
Net cash provided by financing activities	46.9			8.0			54.9
Effect of exchange rate changes on cash and cash equivalents	11.8			—			11.8
Net decrease in cash and cash equivalents	$	(133.8	)				$	(133.8	)

Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]



	Condensed Consolidated Balance Sheets
	December 31, 2017
	As Previously Reported		ASC 606 Revenue Adjustments			As Adjusted
Current assets	$	2,682.6	$	51.2		$	2,733.8
Long-term assets	13,885.4		53.8			13,939.2
Total assets	$	16,568.0	$	105.0		$	16,673.0

Current liabilities	$	2,046.1	$	139.6		$	2,185.7
Long-term liabilities	7,671.1		(8.7		)	7,662.4
Noncontrolling interest	20.8		—			20.8
Shareholders' equity	6,830.0		(25.9		)	6,804.1
Total liabilities and shareholders' equity	$	16,568.0	$	105.0		$	16,673.0

EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2018

Earnings Per Share [Abstract]

Reconciliation of Basic earnings per Share to Diluted Earnings per Share

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



	Three Months Ended June 30,										Six Months Ended June 30,
	2018					2017					2018						2017
	Earnings		Shares	Per Share Amount		Earnings		Shares	Per Share Amount		Earnings		Shares		Per Share Amount		Earnings		Shares		Per Share Amount
Basic earnings per share:
Net earnings	$	233.8	101.9	$	2.29	$	184.8	102.4	$	1.80	$	407.0	101.9		$	3.99	$	367.8	102.5		$	3.59
Dilutive effect of employee stock options and awards	—		1.0			—		1.2			—		1.3				—		1.4
Effect of convertible debt	—		0.1			—		0.1			—		0.1				—		0.1
Diluted earnings per share:
Net earnings including impact of dilutive adjustments	$	233.8	103.0	$	2.27	$	184.8	103.7	$	1.78	$	407.0	$	103.3	$	3.94	$	367.8	$	104.0	$	3.54

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

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



	Three Months Ended June 30,		Six Months Ended June 30,
	2018	2017	2018	2017
Stock options	0.1	0.1	0.1	0.1

RESTRUCTURING AND OTHER SPECIAL CHARGES Restructuring and Other Special Charges Detail (Tables)

6 Months Ended

Jun. 30, 2018

Restructuring Cost and Reserve [Line Items]

Schedule of Restructuring Reserve by Type of Cost [Table Text Block]

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



	LCD						CDD
	Severance and Other Employee Costs			Lease and Other Facility Costs			Severance and Other Employee Costs			Lease and Other Facility Costs			Total
Balance as of December 31, 2017	$	1.7		$	10.1		$	8.3		$	34.6		$	54.7
Restructuring charges	7.4			2.2			15.7			2.6			27.9
Reduction of prior restructuring accruals	—			(0.5		)	(0.9		)	—			(1.4		)
Cash payments and other adjustments	(7.1		)	(4.1		)	(11.2		)	(5.7		)	(28.1		)
Balance as of June 30, 2018	$	2.0		$	7.7		$	11.9		$	31.5		$	53.1
Current													$	25.5
Non-current													27.6
													$	53.1

GOODWILL AND INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the six-month period ended June 30, 2018 and for the year ended December 31, 2017 are as follows:



	LCD						CDD					Total
	June 30, 2018			December 31, 2017			June 30, 2018			December 31, 2017		June 30, 2018			December 31, 2017
Balance as of January 1	$	3,673.9		$	3,644.8		$	3,727.0		$	2,779.6	$	7,400.9		$	6,424.4
Goodwill acquired during the period	3.9			198.5			51.0			811.3		54.9			1,009.8
Reclassification of goodwill as held for sale	—			(170.5		)	—			—		—			(170.5		)
Adjustments to goodwill	(3.4		)	1.1			(29.1		)	136.1		(32.5		)	137.2
Balance at end of period	$	3,674.4		$	3,673.9		$	3,748.9		$	3,727.0	$	7,423.3		$	7,400.9

Schedule of Intangible Assets and Goodwill [Table Text Block]

The components of identifiable intangible assets are as follows:



	June 30, 2018							December 31, 2017
	Gross Carrying Amount		Accumulated Amortization			Net		Gross Carrying Amount		Accumulated Amortization			Net
Customer relationships	$	4,138.5	$	(1,075.5	)	$	3,063.0	$	4,118.1	$	(992.8	)	$	3,125.3
Patents, licenses and technology	452.2		(202.1		)	250.1		457.9		(188.6		)	269.3
Non-compete agreements	75.7		(51.5		)	24.2		75.8		(48.3		)	27.5
Trade names	410.0		(180.3		)	229.7		407.9		(167.9		)	240.0
Land use right	10.8		(3.4		)	7.4		10.8		(2.5		)	8.3
Canadian licenses	475.1		—			475.1		495.7		—			495.7
	$	5,562.3	$	(1,512.8	)	$	4,049.5	$	5,566.2	$	(1,400.1	)	$	4,166.1

DEBT (Tables)

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

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

Short-term borrowings and the current portion of long-term debt at June 30, 2018 and December 31, 2017 consisted of the following:



	June 30, 2018			December 31, 2017
Zero-coupon convertible subordinated notes	$	8.9		$	8.8
2.50% senior notes due 2018	400.0			400.0
Debt issuance costs	(0.9		)	(1.4		)
Current portion of capital leases	8.0			8.3
Current portion of note payable	1.8			1.8
Total short-term borrowings and current portion of long-term debt	$	417.8		$	417.5

DEBT (Short-term borrowings and current portion of long-term debt) (Table) (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Short-term Debt [Line Items]
Capital Lease Obligations, Current	$ 8.0	$ 8.3
Total short-term borrowings and current portion of long-term debt	417.8	417.5
Senior notes due 2020 [Member]
Short-term Debt [Line Items]
Senior Notes, Noncurrent	$ 500.0	500.0
Debt Instrument, Interest Rate, Stated Percentage	4.625%
Senior notes due 2022 [Member]
Short-term Debt [Line Items]
Senior Notes, Noncurrent	$ 500.0	$ 500.0

DEBT (Long-term debt) (Table) (Details)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2018

USD ($)

Jun. 30, 2018

USD ($)

Dec. 31, 2017

USD ($)

Dec. 19, 2014

USD ($)

Long-term Debt [Text Block]

Long-term debt at June 30, 2018 and December 31, 2017 consisted of the following:



	June 30, 2018			December 31, 2017
2.625% senior notes due 2020	500.0			500.0
4.625% senior notes due 2020	594.4			604.1
3.20% senior notes due 2022	500.0			500.0
3.75% senior notes due 2022	500.0			500.0
4.00% senior notes due 2023	300.0			300.0
3.25% senior notes due 2024	600.0			600.0
3.60% senior notes due 2025	1,000.0			1,000.0
3.60% senior notes due 2027	600.0			600.0
4.70% senior notes due 2045	900.0			900.0
2014 Term loan	—			72.0
2017 Term loan	527.0			750.0
Debt issuance costs	(43.9		)	(48.2		)
Capital leases	53.9			57.8
Note payable	8.0			8.9
Total long-term debt	$	6,039.4		$	6,344.6

Line of Credit Facility, Fair Value of Amount Outstanding

$ 6,039.4

$ 6,344.6

0.0

72.0

Other Long-term Debt

0.0

57.8

Capital Lease Obligations, Noncurrent

53.9

Line of Credit Facility, Maximum Borrowing Capacity

$ 1,000.0

Credit Facility Option to Increase

350.0

Credit Facility, Maximum Swing Line Borrowings

100.0

Capital lease obligation

8.0

8.3

Senior notes due 2020 [Member]

Stated interest rate percentage

594.4

604.1

Senior Notes, Noncurrent

$ 500.0

500.0

4.625%

Senior notes due 2022 [Member]

Senior notes due 2023 [Member]

$ 500.0

500.0

Senior Notes, Noncurrent

500.0

Senior notes due 2025 [Member] [Member]

300.0

Senior notes due 2045 [Member]

1,000.0

Revolving Credit Facility [Member]

$ 900.0

Debt to EBITDA (Leverage) Ratio

Credit Facility, Maximum Letters of Credit

$ 150.0

Prime Rate [Member] | Revolving Credit Facility [Member]

Prime Rate [Member] | Term Loan [Member]

0.00% to 0.25%

London Interbank Offered Rate (LIBOR) [Member]

0.125% to 1.00%

Line of Credit Facility, Commitment Fee Description

0.10% to 0.25%

London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member]

London Interbank Offered Rate (LIBOR) [Member] | Term Loan [Member]

0.775% to 1.25%

Accumulated Other Comprehensive Income (Loss) [Line Items]

1.125% to 2.00%

PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY (Tables)

6 Months Ended

Jun. 30, 2018

Preferred Stock and Common Shareholders' Equity

PREFERRED STOCK AND COMMON SHAREHOLDERS’ EQUITY

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



	Issued		Held in Treasury		Outstanding
Common shares at December 31, 2017	125.1		(23.2	)	101.9
Common stock issued under employee stock plans	1.0		—		1.0
Retirement of common stock	(0.9	)	—		(0.9	)
Common shares at June 30, 2018	125.2		(23.2	)	102.0

Share Repurchase Program

Accumulated Other Comprehensive Earnings

The components of accumulated other comprehensive earnings are as follows:



	Foreign Currency Translation Adjustments			Net Benefit Plan Adjustments			Accumulated Other Comprehensive Earnings (Loss)
Balance at December 31, 2017	$	(240.7	)	$	(93.0	)	$	(333.7	)
Other comprehensive earnings (loss) before reclassifications	(82.6		)	6.2			(76.4		)
Tax effect of adjustments	5.5			(2.4		)	3.1
Balance at June 30, 2018	$	(317.8	)	$	(89.2	)	$	(407.0	)

Changes in common shares issued and held in treasury

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



	Issued		Held in Treasury		Outstanding
Common shares at December 31, 2017	125.1		(23.2	)	101.9
Common stock issued under employee stock plans	1.0		—		1.0
Retirement of common stock	(0.9	)	—		(0.9	)
Common shares at June 30, 2018	125.2		(23.2	)	102.0

Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]

The components of accumulated other comprehensive earnings are as follows:



	Foreign Currency Translation Adjustments			Net Benefit Plan Adjustments			Accumulated Other Comprehensive Earnings (Loss)
Balance at December 31, 2017	$	(240.7	)	$	(93.0	)	$	(333.7	)
Other comprehensive earnings (loss) before reclassifications	(82.6		)	6.2			(76.4		)
Tax effect of adjustments	5.5			(2.4		)	3.1
Balance at June 30, 2018	$	(317.8	)	$	(89.2	)	$	(407.0	)

PENSION AND POSTRETIREMENT PLANS (Tables)

6 Months Ended

Jun. 30, 2018

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Pension And Postretirement Plans

PENSION AND POST-RETIREMENT PLANS

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



	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Service cost for administrative expenses	$	1.2		$	1.4		$	2.6		$	2.8
Interest cost on benefit obligation	3.2			3.5			6.5			7.2
Expected return on plan assets	(4.1		)	(4.1		)	(8.2		)	(8.2		)
Net amortization and deferral	3.1			2.7			5.9			5.5
Defined benefit plan costs	$	3.4		$	3.5		$	6.8		$	7.3

During the three and six months ended June 30, 2018, the Company contributed $1.8 and $1.8, respectively, to the Company Plan.



	Three Months Ended June 30,					Six Months Ended June 30,
	2018		2017			2018		2017
Interest cost	$	—	$	0.1		$	—	$	0.1
Settlement gain	—		(0.1		)	—		(0.2		)
Net periodic pension cost	$	—	$	—		$	—	$	(0.1	)



	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Interest cost on benefit obligation	$	—		$	0.1		0.1			0.2
Net amortization and deferral	(0.3		)	(1.7		)	(0.6		)	(3.4		)
Post-retirement medical plan benefits	$	(0.3	)	$	(1.6	)	$	(0.5	)	$	(3.2	)



	U.K. Plans
	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Service cost for administrative expenses	$	0.9		$	0.9		$	1.8		$	1.8
Interest cost on benefit obligation	1.9			1.9			3.8			3.7
Expected return on plan assets	(3.2		)	(2.9		)	(6.5		)	(5.6		)
Net (gain) from prior periods	—			0.2			—			0.4
Defined benefit plan costs	$	(0.4	)	$	0.1		$	(0.9	)	$	0.3

Assumptions used to determine defined benefit plan cost
Discount rate	2.5		%	2.7		%	2.5		%	2.7		%
Expected return on assets	4.5		%	4.7		%	4.5		%	4.7		%
Salary increases	3.6		%	3.8		%	3.6		%	3.8		%



	German Plan
	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Service cost for administrative expenses	$	0.3		$	0.3		$	0.6		$	0.5
Interest cost on benefit obligation	0.2			0.1			0.3			0.3
Defined benefit plan costs	$	0.5		$	0.4		$	0.9		$	0.8

Assumptions used to determine defined benefit plan cost
Discount rate	1.7		%	1.7		%	1.7		%	1.7		%
Expected return on assets	N/A			N/A			N/A			N/A
Salary increases	2.0		%	2.0		%	2.0		%	2.0		%

Schedule of Pensions and Postretirement Plans



	U.K. Plans
	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Service cost for administrative expenses	$	0.9		$	0.9		$	1.8		$	1.8
Interest cost on benefit obligation	1.9			1.9			3.8			3.7
Expected return on plan assets	(3.2		)	(2.9		)	(6.5		)	(5.6		)
Net (gain) from prior periods	—			0.2			—			0.4
Defined benefit plan costs	$	(0.4	)	$	0.1		$	(0.9	)	$	0.3

Assumptions used to determine defined benefit plan cost
Discount rate	2.5		%	2.7		%	2.5		%	2.7		%
Expected return on assets	4.5		%	4.7		%	4.5		%	4.7		%
Salary increases	3.6		%	3.8		%	3.6		%	3.8		%



	German Plan
	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Service cost for administrative expenses	$	0.3		$	0.3		$	0.6		$	0.5
Interest cost on benefit obligation	0.2			0.1			0.3			0.3
Defined benefit plan costs	$	0.5		$	0.4		$	0.9		$	0.8

Assumptions used to determine defined benefit plan cost
Discount rate	1.7		%	1.7		%	1.7		%	1.7		%
Expected return on assets	N/A			N/A			N/A			N/A
Salary increases	2.0		%	2.0		%	2.0		%	2.0		%

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



	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Service cost for administrative expenses	$	1.2		$	1.4		$	2.6		$	2.8
Interest cost on benefit obligation	3.2			3.5			6.5			7.2
Expected return on plan assets	(4.1		)	(4.1		)	(8.2		)	(8.2		)
Net amortization and deferral	3.1			2.7			5.9			5.5
Defined benefit plan costs	$	3.4		$	3.5		$	6.8		$	7.3

Supplemental Employee Retirement Plan [Member]

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Schedule of Costs of Retirement Plans [Table Text Block]

The components of the net periodic pension cost for the three and six months ended June 30, 2018 and June 30, 2017 are as follows:



	Three Months Ended June 30,					Six Months Ended June 30,
	2018		2017			2018		2017
Interest cost	$	—	$	0.1		$	—	$	0.1
Settlement gain	—		(0.1		)	—		(0.2		)
Net periodic pension cost	$	—	$	—		$	—	$	(0.1	)

Postretirement Health Coverage [Member]

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Schedule of Costs of Retirement Plans [Table Text Block]

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



	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Interest cost on benefit obligation	$	—		$	0.1		0.1			0.2
Net amortization and deferral	(0.3		)	(1.7		)	(0.6		)	(3.4		)
Post-retirement medical plan benefits	$	(0.3	)	$	(1.6	)	$	(0.5	)	$	(3.2	)

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

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

The Company’s population of financial assets and liabilities subject to fair value measurements as of June 30, 2018 and December 31, 2017 is as follows:



					Fair Value Measurements as of
		Fair Value as of			June 30, 2018
	Balance Sheet	Fair Value as of			Using Fair Value Hierarchy
	Classification	June 30, 2018			Level 1		Level 2			Level 3
Noncontrolling interest put	Noncontrolling interest	$	15.7		$	—	$	15.7		$	—
Interest rate swap	Other liabilities	(5.6		)	—		(5.6		)	—
Cross currency swap asset	Other assets, net	24.3			—		24.3			—
Cash surrender value of life insurance policies	Other assets, net	67.0			—		67.0			—
Deferred compensation liability	Other liabilities	68.0			—		68.0			—
Contingent consideration	Other liabilities	16.5			—		—			16.5



				Fair Value Measurements as of
		Fair Value as of		December 31, 2017
	Balance Sheet	Fair Value as of		Using Fair Value Hierarchy
	Classification	December 31, 2017		Level 1		Level 2		Level 3
Noncontrolling interest put	Noncontrolling interest	$	16.7	$	—	$	16.7	$	—
Interest rate swap	Other assets, net	4.1		—		4.1		—
Cash surrender value of life insurance policies	Other assets, net	64.0		—		64.0		—
Deferred compensation liability	Other liabilities	64.5		—		64.5		—
Contingent consideration	Other liabilities	16.5		—		—		16.5

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)

6 Months Ended

Jun. 30, 2018

Supplemental Cash Flow Information [Abstract]



	Six Months Ended June 30,
	2018		2017
Supplemental schedule of cash flow information:
Cash paid during period for:
Interest	$	188.2	$	102.2
Income taxes, net of refunds	148.6		127.9
Disclosure of non-cash financing and investing activities:
Surrender of restricted stock awards and performance awards	$	45.1	$	46.2
Conversion of zero-coupon convertible debt	—		12.8
Assets acquired under capital leases	—		0.9
Increase in accrued property, plant and equipment	4.8		2.8