0000920148-19-000076 | 10-Q | XBRL Viewer | Laboratory Corp OF America Holdings



	Six Months Ended June 30,
	2019			2018
Supplemental schedule of cash flow information:
Cash paid during period for:
Interest	$	123.8		$	188.2
Income taxes, net of refunds	119.6			148.6
Disclosure of non-cash financing and investing activities:
Conversion of zero-coupon convertible debt	7.2			—
Change in accrued property, plant and equipment	(12.5		)	4.8
Floating rate secured note receivable due 2022 from the sale of CRP	110.0			—

Business Combination Disclosure [Text Block]

Supplemental cash flow information related to leases was as follows:



	Six Months Ended June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(115.2	)
Operating cash flows from finance leases	(0.9		)
Financing cash flows from finance leases	(4.8		)

ROU assets obtained in exchange for lease obligations:
Operating leases	$	43.7
Finance leases	0.2

SUPPLEMENTAL CASH FLOW INFORMATION



	Six Months Ended June 30,
	2019			2018
Supplemental schedule of cash flow information:
Cash paid during period for:
Interest	$	123.8		$	188.2
Income taxes, net of refunds	119.6			148.6
Disclosure of non-cash financing and investing activities:
Conversion of zero-coupon convertible debt	7.2			—
Change in accrued property, plant and equipment	(12.5		)	4.8
Floating rate secured note receivable due 2022 from the sale of CRP	110.0			—

BUSINESS ACQUISITIONS

6 Months Ended

Jun. 30, 2019

Business Combinations [Abstract]

BUSINESS ACQUISITIONS AND DISPOSITIONS

On June 3, 2019, the Company's CDD segment completed the acquisition of Envigo's nonclinical contract research services business, expanding CDD's global nonclinical drug development capabilities with additional locations and resources. Envigo also completed the acquisition of the Covance Research Products (CRP) business, which was part of the CDD segment. The two companies will continue to collaborate through a multi-year, renewable supply agreement. The Company paid cash consideration of $601.0, received a floating rate secured note of $110.0, and recorded a loss on sale of CRP of $8.8. The Company funded the transaction through a new term loan facility.

The preliminary valuation of acquired assets and assumed liabilities as of June 3, 2019, include the following:



Consideration Transferred
Cash consideration	$	601.0
Fair value of CRP	110.0
Total	$	711.0

	Preliminary
Net Assets Acquired
Cash and cash equivalents	$	15.1
Accounts receivable	16.5
Unbilled services	26.5
Inventories	4.5
Prepaid expenses and other	3.5
Property, plant and equipment (including ROU operating lease assets)	99.1
Deferred tax asset	25.5
Goodwill	432.2
Customer relationships	125.8
Trade name and trademarks	0.6
Other assets	9.9
Total assets acquired	759.2
Accounts payable	15.4
Accrued expenses and other	11.6
Unearned revenue	49.9
Operating lease liabilities	15.0
Other liabilities	66.3
Total liabilities acquired	158.2
Net Envigo assets acquired	601.0
Floating rate secured note receivable due 2022	110.0
Total	$	711.0

The amortization periods for intangible assets acquired are 11 years for customer relationships.

The Envigo transaction contributed $16.5 and $0.7 of revenues and operating income, respectively, during the three and six months ended June 30, 2019.

The purchase price allocation for the Envigo transaction 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, fixed assets 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 by the second quarter of 2020. Any adjustments will be recorded in the period in which they are identified.

During the six months ended June 30, 2019, the Company also acquired various businesses and related assets for approximately $117.7 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 $90.7 in identifiable intangible assets and a residual amount of non-tax deductible goodwill of approximately $53.8. The amortization periods for intangible assets acquired from these businesses range from 11 to 15 years for customer relationships. These acquisitions were made primarily to extend the Company's geographic reach in important market areas, enhance the Company's scientific differentiation and to expand the breadth and scope of the Company's CRO services. The excess of the fair value of the consideration conveyed over the fair value of the net assets acquired was recorded as goodwill. The goodwill reflects the Company's expectations to utilize the acquired businesses’ workforce and established relationships and the benefits of being able to leverage operational efficiencies with favorable growth opportunities in these markets.

Additionally, the Company divested its food solutions and forensic testing services business in the United Kingdom (U.K) and the U.S. in 2018. Total operating income for the three divested businesses was $3.4 and $5.4 for the three and six months ended June 30, 2018, respectively.

BUSINESS SEGMENT INFORMATION Business Segment information (Notes)

6 Months Ended

Jun. 30, 2019

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, 2019, and 2018. 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, 2019, and 2018:



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2019			2018			2019			2018
Revenues:
LCD	$	1,760.9		$	1,814.0		$	3,482.9		$	3,584.2
CDD	1,126.3			1,054.2			2,201.0			2,132.6
Intercompany eliminations	(5.5		)	(1.9		)	(11.0		)	(2.2		)
Revenues	2,881.7			2,866.3			5,672.9			5,714.6

Operating earnings:
LCD	312.5			336.3			580.8			639.8
CDD	65.8			68.8			153.8			107.3
Unallocated corporate expenses	(42.6		)	(35.9		)	(80.7		)	(72.5		)
Total operating income	335.7			369.2			653.9			674.6
Other income (expense), net	(65.7		)	(56.5		)	(129.2		)	(120.4		)
Earnings before income taxes	270.0			312.7			524.7			554.2
Provision for income taxes	79.3			78.6			148.1			147.6
Net earnings	190.7			234.1			376.6			406.6
Less (earnings) loss attributable to noncontrolling interests	(0.3		)	(0.3		)	(0.6		)	0.4
Net income attributable to Laboratory Corporation of America Holdings	$	190.4		$	233.8		$	376.0		$	407.0

Leases (Notes)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Leases of Lessee Disclosure [Text Block]

LEASES

The Company has operating and finance leases for patient service centers, laboratories and testing facilities, general office spaces, vehicles, and certain equipment. Leases have remaining lease terms of less than a year to 15 years, some of which include options to extend the leases for up to 15 years.

The components of lease expense were as follows:



	Three Months Ended June 30, 2019		Six Months Ended June 30, 2019
Operating lease cost	$	59.9	$	110.8

Finance lease cost:
Amortization of ROU assets	$	1.5	$	2.9
Interest on lease liabilities	0.4		1.2
Total finance lease cost	$	1.9	$	4.1

Supplemental cash flow information related to leases was as follows:



	Six Months Ended June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(115.2	)
Operating cash flows from finance leases	(0.9		)
Financing cash flows from finance leases	(4.8		)

ROU assets obtained in exchange for lease obligations:
Operating leases	$	43.7
Finance leases	0.2

Supplemental balance sheet information related to leases was as follows:



	June 30, 2019
Operating Leases
Operating lease ROU assets (included in Property, plant and equipment, net)	$	770.3

Short-term operating lease liabilities	229.2
Operating lease liabilities	586.1
Total operating lease liabilities	$	815.3



	June 30, 2019
Finance Leases
Finance lease ROU assets (included in Other assets)	$	85.4

Short-term finance lease liabilities	$	8.2
Finance lease liabilities	46.2
Total finance lease liabilities	$	54.4

Weighted Average Remaining Lease Term
Operating leases	5.8
Finance leases	6.5

Weighted Average Discount Rate
Operating leases	4.2		%
Finance leases	4.8		%

Maturities of lease liabilities are as follows:



Six Months Ended June 30, 2019	Operating Leases			Finance Leases

2019	$	254.1		$	7.1
2020	274.7			13.8
2021	174.6			12.0
2022	69.3			10.8
2023	45.1			10.7
Thereafter	153.1			34.5
Total lease payments	970.9			88.9
Less imputed interest	(155.6		)	(34.5		)
Total	$	815.3		$	54.4

Rental expense for short term leases with a term less than one year for the three and six months ended June 30, 2019, amounted to $2.6 and $5.9, respectively. The Company has variable lease payments that do not depend on a rate or index, primarily for purchase volume commitments, which are recorded as variable cost when incurred. Total variable payments for the three and six months ended June 30, 2019, were $4.7 and $9.2, respectively. As of June 30, 2019, the Company has entered into approximately 50 additional operating leases, primarily for patient service centers, that have not yet commenced and are not significant to the overall lease portfolio. These operating leases will commence later in 2019 with lease terms ranging from less than a year to 11 years.

The Company leases various facilities and equipment under non-cancelable lease arrangements. Future minimum rental commitments for leases with non-cancelable terms of one year or more at December 31, 2018, under Accounting Standards Codification 840 are as follows:



Year Ended December 31,	Operating Leases		Finance Leases

2019	$	191.1	$	8.6
2020	145.4		8.0
2021	107.0		6.7
2022	80.9		6.0
2023	61.5		6.5
Thereafter	155.6		23.1

Rental expense, which includes rent for real estate, equipment and automobiles under operating leases, amounted to $85.1 and $167.5, respectively, for the three and six months ended June 30, 2019.

EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2019

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,
	2019					2018					2019					2018
	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	$	190.4	98.1	$	1.94	$	233.8	101.9	$	2.29	$	376.0	98.4	$	3.82	$	407.0	101.9	$	3.99
Dilutive effect of employee stock options and awards	—		0.7			—		1.0			—		0.7			—		1.3
Net earnings including impact of dilutive adjustments	$	190.4	98.8	$	1.93	$	233.8	103.0	$	2.27	$	376.0	99.1	$	3.79	$	407.0	103.3	$	3.94

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,
	2019	2018	2019	2018
Stock options	0.2	0.1	0.2	0.1

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

6 Months Ended

Jun. 30, 2019

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			Facility Costs			Severance and Other Employee Costs			Facility Costs			Total
Balance as of December 31, 2018	$	2.1		$	7.4		$	6.5		$	27.6		$	43.6
Reclassification for ASC 842 adoption	—			(5.7		)	—			(27.1		)	(32.8		)
Restructuring charges	11.9			1.0			8.4			1.7			23.0
Adjustments to prior restructuring accruals	(0.1		)	—			0.5			—			0.4
Impairment of operating lease right-of-use asset	—			3.3			—			7.5			10.8
Cash payments and other adjustments	(13.6		)	(3.1		)	(8.5		)	(7.2		)	(32.4		)
Balance as of June 30, 2019	$	0.3		$	2.9		$	6.9		$	2.5		$	12.6
Current													$	10.4
Non-current													2.2
													$	12.6

GOODWILL AND INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the three-month period ended June 30, 2019, are as follows:



	LCD		CDD			Total
Balance as of January 1, 2019	$	3,638.8	$	3,721.5		$	7,360.3
Goodwill acquired during the period	22.3		468.2			490.5
Dispositions	—		(12.6		)	(12.6		)
Adjustments to goodwill	1.9		3.6			5.5
Balance at June 30, 2019	$	3,663.0	$	4,180.7		$	7,843.7

Schedule of Intangible Assets and Goodwill [Table Text Block]

The components of identifiable intangible assets are as follows:



	June 30, 2019							December 31, 2018
	Gross Carrying Amount		Accumulated Amortization			Net		Gross Carrying Amount		Accumulated Amortization			Net
Customer relationships	$	4,307.9	$	(1,233.0	)	$	3,074.9	$	4,119.4	$	(1,146.7	)	$	2,972.7
Patents, licenses and technology	452.3		(224.1		)	228.2		447.3		(211.2		)	236.1
Non-compete agreements	82.5		(57.2		)	25.3		76.8		(53.7		)	23.1
Trade names	407.7		(202.9		)	204.8		404.0		(189.1		)	214.9
Land use right	11.1		(4.9		)	6.2		10.8		(4.1		)	6.7
Canadian licenses	476.5		—			476.5		457.6		—			457.6
	$	5,738.0	$	(1,722.1	)	$	4,015.9	$	5,515.9	$	(1,604.8	)	$	3,911.1

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2019

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, 2019, and December 31, 2018, is as follows:



				Fair Value Measurements as of
		Fair Value as of		June 30, 2019
	Balance Sheet	Fair Value as of		Using Fair Value Hierarchy
	Classification	June 30, 2019		Level 1		Level 2		Level 3
Noncontrolling interest put	Noncontrolling interest	$	15.7	$	—	$	15.7	$	—
Cross currency swap asset	Other assets, net	1.2		—		1.2		—
Interest rate swap	Other assets, net	3.7		—		3.7		—
Cash surrender value of life insurance policies	Other assets, net	75.3		—		75.3		—
Deferred compensation liability	Other liabilities	74.3		—		74.3		—
Contingent consideration	Other liabilities	20.1		—		—		20.1
Investment in equity securities	Prepaid expenses and other	29.8		29.8		—		—



				Fair Value Measurements as of
		Fair Value as of		December 31, 2018
	Balance Sheet	Fair Value as of		Using Fair Value Hierarchy
	Classification	December 31, 2018		Level 1		Level 2		Level 3
Noncontrolling interest put	Noncontrolling interest	$	15.0	$	—	$	15.0	$	—
Cross currency swap liability	Other liabilities	2.8		—		2.8		—
Interest rate swap	Other liabilities	3.1		—		3.1		—
Cash surrender value of life insurance policies	Other assets, net	63.5		—		63.5		—
Deferred compensation liability	Other liabilities	64.2		—		64.2		—
Contingent consideration	Other liabilities	18.6		—		—		18.6

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]



Fair Value Measurement of Level 3 Assets	Contingent Consideration
Balance at December 31, 2018	18.6
Addition	1.5
Balance at June 30, 2019	$	20.1

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)

6 Months Ended

Jun. 30, 2019

Supplemental Cash Flow Information [Abstract]



	Six Months Ended June 30,
	2019			2018
Supplemental schedule of cash flow information:
Cash paid during period for:
Interest	$	123.8		$	188.2
Income taxes, net of refunds	119.6			148.6
Disclosure of non-cash financing and investing activities:
Conversion of zero-coupon convertible debt	7.2			—
Change in accrued property, plant and equipment	(12.5		)	4.8
Floating rate secured note receivable due 2022 from the sale of CRP	110.0			—

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]

Supplemental cash flow information related to leases was as follows:



	Six Months Ended June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(115.2	)
Operating cash flows from finance leases	(0.9		)
Financing cash flows from finance leases	(4.8		)

ROU assets obtained in exchange for lease obligations:
Operating leases	$	43.7
Finance leases	0.2

SUPPLEMENTAL CASH FLOW INFORMATION



	Six Months Ended June 30,
	2019			2018
Supplemental schedule of cash flow information:
Cash paid during period for:
Interest	$	123.8		$	188.2
Income taxes, net of refunds	119.6			148.6
Disclosure of non-cash financing and investing activities:
Conversion of zero-coupon convertible debt	7.2			—
Change in accrued property, plant and equipment	(12.5		)	4.8
Floating rate secured note receivable due 2022 from the sale of CRP	110.0			—

BUSINESS ACQUISITIONS Business Acquisitions Tables (Tables)

6 Months Ended

Jun. 30, 2019

Business Acquisition [Line Items]



	Carrying amount of hedged liabilities as of				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities as of
	June 30, 2019		December 31, 2018		June 30, 2019		December 31, 2018
Balance Sheet Line Item in which Hedged Items are Included
Long-term debt, less current portion	$	603.7	$	597.0	$	3.7	$	(3.1	)

BUSINESS SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2019

Segment Reconciliation of Operating Income to Consolidated [Abstract]

Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]

The table below represents information about the Company’s reporting segments for the three and six months ended June 30, 2019, and 2018:



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2019			2018			2019			2018
Revenues:
LCD	$	1,760.9		$	1,814.0		$	3,482.9		$	3,584.2
CDD	1,126.3			1,054.2			2,201.0			2,132.6
Intercompany eliminations	(5.5		)	(1.9		)	(11.0		)	(2.2		)
Revenues	2,881.7			2,866.3			5,672.9			5,714.6

Operating earnings:
LCD	312.5			336.3			580.8			639.8
CDD	65.8			68.8			153.8			107.3
Unallocated corporate expenses	(42.6		)	(35.9		)	(80.7		)	(72.5		)
Total operating income	335.7			369.2			653.9			674.6
Other income (expense), net	(65.7		)	(56.5		)	(129.2		)	(120.4		)
Earnings before income taxes	270.0			312.7			524.7			554.2
Provision for income taxes	79.3			78.6			148.1			147.6
Net earnings	190.7			234.1			376.6			406.6
Less (earnings) loss attributable to noncontrolling interests	(0.3		)	(0.3		)	(0.6		)	0.4
Net income attributable to Laboratory Corporation of America Holdings	$	190.4		$	233.8		$	376.0		$	407.0

REVENUE (Tables)

6 Months Ended

Jun. 30, 2019

Disaggregation of Revenue [Line Items]

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



	June 30, 2019		December 31, 2018
Receivables, which are included in Accounts Receivable, net	$	735.4	$	693.6
Unbilled services	491.5		396.9
Unearned revenue	402.2		354.1

Revenue from Contract with Customer [Text Block]

REVENUES

The Company's revenues by segment payers/customer groups for the three and six months ended June 30, 2019, and 2018, is as follows:



	For the Three Months Ended June 30, 2019
	U.S.		Canada		U.K.		Switzerland		Other Europe		Other		Total
Payer/Customer
LCD
Clients	16	%	1	%	—	%	—	%	—	%	—	%	17	%
Patients	8	%	—	%	—	%	—	%	—	%	—	%	8	%
Medicare and Medicaid	8	%	—	%	—	%	—	%	—	%	—	%	8	%
Third-party	26	%	2	%	—	%	—	%	—	%	—	%	28	%
Total LCD revenues by payer	58	%	3	%	—	%	—	%	—	%	—	%	61	%

CDD
Biopharmaceutical and medical device companies	20	%	—	%	4	%	5	%	3	%	7	%	39	%

Total revenues	78	%	3	%	4	%	5	%	3	%	7	%	100	%



	For the Three Months Ended June 30, 2018
	U.S.		Canada		U.K.		Switzerland		Other Europe		Other		Total
Payer/Customer
LCD
Clients	18	%	1	%	—	%	—	%	—	%	—	%	19	%
Patients	7	%	—	%	—	%	—	%	—	%	—	%	7	%
Medicare and Medicaid	10	%	—	%	—	%	—	%	—	%	—	%	10	%
Third-party	25	%	2	%	—	%	—	%	—	%	—	%	27	%
Total LCD revenues by payer	60	%	3	%	—	%	—	%	—	%	—	%	63	%

CDD
Biopharmaceutical and medical device companies	20	%	—	%	2	%	5	%	3	%	7	%	37	%

Total revenues	80	%	3	%	2	%	5	%	3	%	7	%	100	%



	For the Six Months Ended June 30, 2019
	U.S.		Canada		U.K.		Switzerland		Other Europe		Other		Total
Payer/Customer
LCD
Clients	16	%	1	%	—	%	—	%	—	%	—	%	17	%
Patients	8	%	—	%	—	%	—	%	—	%	—	%	8	%
Medicare and Medicaid	8	%	—	%	—	%	—	%	—	%	—	%	8	%
Third-party	26	%	2	%	—	%	—	%	—	%	—	%	28	%
Total LCD revenues by payer	58	%	3	%	—	%	—	%	—	%	—	%	61	%

CDD
Biopharmaceutical and medical device companies	20	%	—	%	4	%	5	%	3	%	7	%	39	%

Total revenues	78	%	3	%	4	%	5	%	3	%	7	%	100	%



	For the Six Months Ended June 30, 2018
	U.S.		Canada		U.K.		Switzerland		Other Europe		Other		Total
Payer/Customer
LCD
Clients	18	%	1	%	—	%	—	%	—	%	—	%	19	%
Patients	7	%	—	%	—	%	—	%	—	%	—	%	7	%
Medicare and Medicaid	9	%	—	%	—	%	—	%	—	%	—	%	9	%
Third-party	25	%	2	%	—	%	—	%	—	%	—	%	27	%
Total LCD revenues by payer	59	%	3	%	—	%	—	%	—	%	—	%	62	%

CDD
Biopharmaceutical and medical device companies	20	%	—	%	2	%	5	%	4	%	7	%	38	%

Total revenues	79	%	3	%	2	%	5	%	4	%	7	%	100	%

Contract costs

CDD incurs sales commissions in the process of obtaining contracts with customers, which are recoverable through the service fees in the contract. Sales commissions that are payable upon contract award are recognized as assets and amortized over the expected contract term, along with related payroll tax expense. The amortization of commission expense is based on the weighted average contract duration for all commissionable awards in the respective business in which the commission expense is paid, which approximates the period over which goods and services are transferred to the customer. The amortization period of sales commissions ranges from approximately 12 months to 57 months, depending on the business. For businesses that enter into primarily short-term contracts, the Company applies the practical expedient which allows costs to obtain a contract to be expensed when incurred if the amortization period of the assets that would otherwise have been recognized is one year or less. Amortization of assets from sales commissions is included in selling, general, and administrative expense.

CDD incurs costs to fulfill contracts with customers, which are recoverable through the service fees in the contract. Contract fulfillment costs include software implementation costs and setup costs for certain endpoint and market access solutions. These costs are recognized as assets and amortized over the expected term of the contract to which the implementation relates, which is the period over which services are expected to be provided to the customer. This period typically ranges from 24-60 months. Amortization of deferred contract fulfillment costs is included in cost of goods sold.



	June 30, 2019		December 31, 2018
Sales commission assets	$	27.4	$	24.2
Deferred contract fulfillment costs	14.2		12.9
Total	$	41.6	$	37.1

Amortization related to sales commission assets and associated payroll taxes for the three-month periods ended June 30, 2019, and 2018, was $5.1 and $4.4, respectively, and for the six-month periods ended June 30, 2019, and 2018, was $9.5 and $8.6, respectively. Amortization related to deferred contract fulfillment costs for the three-month periods ended June 30, 2019, and 2018, was $1.9 and $1.9, respectively, and was $3.8 and $2.5, respectively, for the six-month periods ended June 30, 2019, and 2018. Impairment expense related to contract costs was immaterial to the Company’s consolidated statement of operations.

Receivables, Unbilled Services and Unearned Revenue

The following table provides information about receivables, unbilled services, and unearned revenue (contract liabilities) from contracts with customers for the CDD segment. Unbilled services are comprised primarily of unbilled receivables, but also include contract assets. A contract asset is recorded when a right to payment has been earned for work performed, but billing and payment for that work is determined by certain contractual milestones, whereas unbilled receivables are billable upon the passage of time. While CDD attempts to negotiate terms that provide for billing and payment of services prior or in close proximity to the provision of services, this is not always possible and there are fluctuations in the level of unbilled services and unearned revenue from period to period.



	June 30, 2019		December 31, 2018
Receivables, which are included in Accounts Receivable, net	$	735.4	$	693.6
Unbilled services	491.5		396.9
Unearned revenue	402.2		354.1

Revenues recognized during the period, which was included in the unearned revenue balance at the beginning of the period for the six-month periods ended June 30, 2019, and June 30, 2018, was $161.6 and $135.6, respectively. Bad debt expense on receivables for the six-month periods ended June 30, 2019, and 2018, was immaterial to the Company’s consolidated statement of operations.

Performance Obligations Under Long-Term Contracts

Long-term contracts at the Company consist primarily of fully managed clinical studies within the CDD segment. The amount of existing performance obligations under such long-term contracts unsatisfied as of June 30, 2019, was $4,138.0. The Company expects to recognize approximately 34% of the remaining performance obligations as revenues over the next 12 months, and the balance thereafter. The Company's long-term contracts generally range from 1 to 8 years.

Within CDD, revenue of $48.4 and $(12.5) was recognized during the six months ended June 30, 2019, and 2018, respectively, from performance obligations that were satisfied in previous periods. This revenue comes from adjustments related to changes in scope and estimates in full service clinical studies.

Disaggregation of Revenue [Table Text Block]

The Company's revenues by segment payers/customer groups for the three and six months ended June 30, 2019, and 2018, is as follows:



	For the Three Months Ended June 30, 2019
	U.S.		Canada		U.K.		Switzerland		Other Europe		Other		Total
Payer/Customer
LCD
Clients	16	%	1	%	—	%	—	%	—	%	—	%	17	%
Patients	8	%	—	%	—	%	—	%	—	%	—	%	8	%
Medicare and Medicaid	8	%	—	%	—	%	—	%	—	%	—	%	8	%
Third-party	26	%	2	%	—	%	—	%	—	%	—	%	28	%
Total LCD revenues by payer	58	%	3	%	—	%	—	%	—	%	—	%	61	%

CDD
Biopharmaceutical and medical device companies	20	%	—	%	4	%	5	%	3	%	7	%	39	%

Total revenues	78	%	3	%	4	%	5	%	3	%	7	%	100	%



	For the Three Months Ended June 30, 2018
	U.S.		Canada		U.K.		Switzerland		Other Europe		Other		Total
Payer/Customer
LCD
Clients	18	%	1	%	—	%	—	%	—	%	—	%	19	%
Patients	7	%	—	%	—	%	—	%	—	%	—	%	7	%
Medicare and Medicaid	10	%	—	%	—	%	—	%	—	%	—	%	10	%
Third-party	25	%	2	%	—	%	—	%	—	%	—	%	27	%
Total LCD revenues by payer	60	%	3	%	—	%	—	%	—	%	—	%	63	%

CDD
Biopharmaceutical and medical device companies	20	%	—	%	2	%	5	%	3	%	7	%	37	%

Total revenues	80	%	3	%	2	%	5	%	3	%	7	%	100	%



	For the Six Months Ended June 30, 2019
	U.S.		Canada		U.K.		Switzerland		Other Europe		Other		Total
Payer/Customer
LCD
Clients	16	%	1	%	—	%	—	%	—	%	—	%	17	%
Patients	8	%	—	%	—	%	—	%	—	%	—	%	8	%
Medicare and Medicaid	8	%	—	%	—	%	—	%	—	%	—	%	8	%
Third-party	26	%	2	%	—	%	—	%	—	%	—	%	28	%
Total LCD revenues by payer	58	%	3	%	—	%	—	%	—	%	—	%	61	%

CDD
Biopharmaceutical and medical device companies	20	%	—	%	4	%	5	%	3	%	7	%	39	%

Total revenues	78	%	3	%	4	%	5	%	3	%	7	%	100	%



	For the Six Months Ended June 30, 2018
	U.S.		Canada		U.K.		Switzerland		Other Europe		Other		Total
Payer/Customer
LCD
Clients	18	%	1	%	—	%	—	%	—	%	—	%	19	%
Patients	7	%	—	%	—	%	—	%	—	%	—	%	7	%
Medicare and Medicaid	9	%	—	%	—	%	—	%	—	%	—	%	9	%
Third-party	25	%	2	%	—	%	—	%	—	%	—	%	27	%
Total LCD revenues by payer	59	%	3	%	—	%	—	%	—	%	—	%	62	%

CDD
Biopharmaceutical and medical device companies	20	%	—	%	2	%	5	%	4	%	7	%	38	%

Total revenues	79	%	3	%	2	%	5	%	4	%	7	%	100	%

Capitalized Contract Cost [Table Text Block]



	June 30, 2019		December 31, 2018
Sales commission assets	$	27.4	$	24.2
Deferred contract fulfillment costs	14.2		12.9
Total	$	41.6	$	37.1

Leases (Tables)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Future minimum rental commitments for leases with non-cancelable terms of one year or more at December 31, 2018, under Accounting Standards Codification 840 are as follows:



Year Ended December 31,	Operating Leases		Finance Leases

2019	$	191.1	$	8.6
2020	145.4		8.0
2021	107.0		6.7
2022	80.9		6.0
2023	61.5		6.5
Thereafter	155.6		23.1

Operating Lease, Lease Income [Table Text Block]

The components of lease expense were as follows:



	Three Months Ended June 30, 2019		Six Months Ended June 30, 2019
Operating lease cost	$	59.9	$	110.8

Finance lease cost:
Amortization of ROU assets	$	1.5	$	2.9
Interest on lease liabilities	0.4		1.2
Total finance lease cost	$	1.9	$	4.1

Lessee, Operating Lease, Disclosure [Table Text Block]

Supplemental cash flow information related to leases was as follows:



	Six Months Ended June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(115.2	)
Operating cash flows from finance leases	(0.9		)
Financing cash flows from finance leases	(4.8		)

ROU assets obtained in exchange for lease obligations:
Operating leases	$	43.7
Finance leases	0.2

SUPPLEMENTAL CASH FLOW INFORMATION



	Six Months Ended June 30,
	2019			2018
Supplemental schedule of cash flow information:
Cash paid during period for:
Interest	$	123.8		$	188.2
Income taxes, net of refunds	119.6			148.6
Disclosure of non-cash financing and investing activities:
Conversion of zero-coupon convertible debt	7.2			—
Change in accrued property, plant and equipment	(12.5		)	4.8
Floating rate secured note receivable due 2022 from the sale of CRP	110.0			—

Supplemental balance sheet information related to leases was as follows:



	June 30, 2019
Operating Leases
Operating lease ROU assets (included in Property, plant and equipment, net)	$	770.3

Short-term operating lease liabilities	229.2
Operating lease liabilities	586.1
Total operating lease liabilities	$	815.3



	June 30, 2019
Finance Leases
Finance lease ROU assets (included in Other assets)	$	85.4

Short-term finance lease liabilities	$	8.2
Finance lease liabilities	46.2
Total finance lease liabilities	$	54.4

Weighted Average Remaining Lease Term
Operating leases	5.8
Finance leases	6.5

Weighted Average Discount Rate
Operating leases	4.2		%
Finance leases	4.8		%

Lessee, Operating Lease, Liability, Maturity [Table Text Block]



Six Months Ended June 30, 2019	Operating Leases			Finance Leases

2019	$	254.1		$	7.1
2020	274.7			13.8
2021	174.6			12.0
2022	69.3			10.8
2023	45.1			10.7
Thereafter	153.1			34.5
Total lease payments	970.9			88.9
Less imputed interest	(155.6		)	(34.5		)
Total	$	815.3		$	54.4

BASIS OF FINANCIAL STATEMENT PRESENTATION (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenues	$ 2,881.7		$ 2,866.3		$ 5,672.9	$ 5,714.6
Cost of Revenue	2,056.9		2,031.2		4,058.4	4,100.5
Contract with Customer, Liability	402.2				402.2		$ 354.1
Amortization of Deferred Sales Commissions	5.1		$ 4.4		9.5	8.6
Assets, Current	$ 2,848.6				2,848.6		2,835.4
Net Cash Provided by (Used in) Operating Activities					$ 419.3	$ 567.1
Percent of Revenue Contributed	100.00%		100.00%		100.00%	100.00%
Selling, general and administrative expenses	$ 415.3		$ 395.2		$ 809.1	$ 792.2
Nonoperating Income (Expense)	(65.7)		(56.5)		(129.2)	(120.4)
Provision for income taxes	79.3		78.6		148.1	147.6
Net earnings	190.7		234.1		376.6	406.6
Net Income (Loss) Attributable to Parent	$ 190.4	$ 185.6	$ 233.8	$ 173.2	$ 376.0	$ 407.0
Basic earnings per common share (in dollars per share)	$ 1.94		$ 2.29		$ 3.82	$ 3.99
Diluted earnings per common share (in dollars per share)	$ 1.93		$ 2.27		$ 3.79	$ 3.94
Net Cash Provided by (Used in) Investing Activities					$ (891.3)	$ (196.3)
Net Cash Provided by (Used in) Financing Activities					311.7	(458.1)
Effect of exchange rate changes on cash and cash equivalents					(1.1)	(7.9)
Cash and Cash Equivalents, Period Increase (Decrease)					(161.4)	(95.2)
Assets	$ 17,744.4				17,744.4		16,185.3
Long-term debt, less current portion	2,495.8				2,495.8		1,878.9
Common stock, 92.8 and 93.5 shares outstanding at March 31, 2013 and December 31, 2012, respectively	20.0				20.0		19.1
Stockholders' Equity Attributable to Parent	7,144.4	$ 7,111.3	$ 7,037.7	$ 6,984.0	7,144.4	7,037.7	6,971.4	$ 6,804.1
Liabilities and Equity	17,744.4				17,744.4		16,185.3
Capitalized Contract Cost, Amortization	1.9		1.9		3.8	2.5
Deferred Revenue, Revenue Recognized					161.6	135.6
Revenue, Remaining Performance Obligation, Amount	4,138.0				$ 4,138.0
Contract with Customer, Performance Obligation Satisfied in Previous Period	48.4		(12.5)
Prior Period Reclassification Adjustment						45.1	$ 44.4
Ownership percentage below which investments are generally accounted for on the cost method (in thousandths)					20.00%
LabCorp Diagnostics [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenues	$ 1,760.9		$ 1,814.0		$ 3,482.9	$ 3,584.2
Percent of Revenue Contributed	61.00%		63.00%		61.00%	62.00%
Covance Drug Development [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenues	$ 1,126.3		$ 1,054.2		$ 2,201.0	$ 2,132.6
Percent of Revenue Contributed	39.00%				39.00%

EARNINGS PER SHARE (Reconciliation of Basic Earnings Per Share to Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Income [Abstract]
Net earnings attributable to Laboratory Corporation of America Holdings	$ 190.4	$ 185.6	$ 233.8	$ 173.2	$ 376.0	$ 407.0
Shares [Abstract]
Net earnings, basic (in shares)	98.1		101.9		98.4	101.9
Dilutive effect of employee stock options and awards, (in shares)	0.7		1.0		0.7	1.3
Per Share Amount [Abstract]
Basic earnings per common share (in dollars per share)	$ 1.94		$ 2.29		$ 3.82	$ 3.99
Diluted earnings per common share (in dollars per share)	$ 1.93		$ 2.27		$ 3.79	$ 3.94
Net Income (Loss) Available to Common Stockholders, Diluted	$ 190.4		$ 233.8		$ 376.0	$ 407.0
Weighted Average Number of Shares Outstanding, Diluted	98.8		103.0		99.1	103.3

EARNINGS PER SHARE (Potential common shares not included in computation of diluted earnings per share) (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Stock options (in shares)	0.2	0.1	0.2	0.1

RESTRUCTURING AND OTHER SPECIAL CHARGES (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Restructuring Cost and Reserve [Line Items]
Goodwill, Acquired During Period	$ 490.5
Restructuring Reserve	12.6		$ 43.6
ASC 842 Lease Adoption Implementation Impact	(32.8)
Restructuring Charges	23.0
Restructuring Reserve Settled With Cash And Other Adjustment	32.4
Net restructuring charges	34.2	$ 26.5
Restructuring charges related to severance and other employee costs	20.3	23.1
Restructuring charges related to contractual obligations associated with leased facilities and other facility related costs	13.5	2.5
Employee Severance Benefits Related Restructuring Reserve Accrual Adjustment	0.4	0.5
Asset Impairment Charges	0.0	2.3
Unused facility restructuring reserves		0.9
Reduction in total prior restructuring accruals	0.4
Operating Lease, Impairment Loss	10.8
Restructuring Reserve, Current	10.4
Restructuring Reserve, Noncurrent	2.2
Covance Drug Development [Member]
Restructuring Cost and Reserve [Line Items]
Goodwill, Acquired During Period	468.2
Net restructuring charges	18.1	17.4
Asset Impairment Charges	2.3
Covance Drug Development [Member] \| Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	6.9		6.5
ASC 842 Lease Adoption Implementation Impact	0.0
Restructuring Charges	8.4
Restructuring Reserve Settled With Cash And Other Adjustment	8.5
Reduction in total prior restructuring accruals	(0.5)
Operating Lease, Impairment Loss	0.0
Covance Drug Development [Member] \| Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	2.5		27.6
ASC 842 Lease Adoption Implementation Impact	(27.1)
Restructuring Charges	1.7
Restructuring Reserve Settled With Cash And Other Adjustment	(7.2)
Reduction in total prior restructuring accruals	0.0
Operating Lease, Impairment Loss	7.5
LabCorp Diagnostics [Member]
Restructuring Cost and Reserve [Line Items]
Goodwill, Acquired During Period	22.3
Net restructuring charges	16.1	$ 9.1
LabCorp Diagnostics [Member] \| Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	0.3		2.1
ASC 842 Lease Adoption Implementation Impact	0.0
Restructuring Charges	11.9
Restructuring Reserve Settled With Cash And Other Adjustment	13.6
Reduction in total prior restructuring accruals	(0.1)
Operating Lease, Impairment Loss	0.0
LabCorp Diagnostics [Member] \| Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	2.9		$ 7.4
ASC 842 Lease Adoption Implementation Impact	(5.7)
Restructuring Charges	1.0
Restructuring Reserve Settled With Cash And Other Adjustment	3.1
Reduction in total prior restructuring accruals	0.0
Operating Lease, Impairment Loss	$ 3.3

RESTRUCTURING RESERVES (Details) - USD ($) $ in Millions	6 Months Ended
RESTRUCTURING RESERVES (Details) - USD ($) $ in Millions	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019
Restructuring Cost and Reserve [Line Items]
Unused facility restructuring reserves		$ 0.9
Balance, beginning of period	$ 43.6
Restructuring charges	23.0
Reduction of prior restructuring accruals	0.4
Cash payments and other adjustments	(32.4)
Balance, end of period	12.6
Current			$ 10.4
Non-current			2.2
Total Restructuring Reserve	12.6		12.6
Employee Severance Benefits Related Restructuring Reserve Accrual Adjustment	0.4	$ 0.5
LabCorp Diagnostics [Member] \| Severance and Other Employee Costs [Member]
Restructuring Cost and Reserve [Line Items]
Balance, beginning of period	2.1
Restructuring charges	11.9
Reduction of prior restructuring accruals	(0.1)
Cash payments and other adjustments	(13.6)
Balance, end of period	0.3
Total Restructuring Reserve	0.3		0.3
LabCorp Diagnostics [Member] \| Lease and Other Facility Costs [Member]
Restructuring Cost and Reserve [Line Items]
Balance, beginning of period	7.4
Restructuring charges	1.0
Reduction of prior restructuring accruals	0.0
Cash payments and other adjustments	(3.1)
Balance, end of period	2.9
Total Restructuring Reserve	2.9		2.9
Covance Drug Development [Member] \| Severance and Other Employee Costs [Member]
Restructuring Cost and Reserve [Line Items]
Balance, beginning of period	6.5
Restructuring charges	8.4
Reduction of prior restructuring accruals	(0.5)
Cash payments and other adjustments	(8.5)
Balance, end of period	6.9
Total Restructuring Reserve	6.9		6.9
Covance Drug Development [Member] \| Lease and Other Facility Costs [Member]
Restructuring Cost and Reserve [Line Items]
Balance, beginning of period	27.6
Restructuring charges	1.7
Reduction of prior restructuring accruals	0.0
Cash payments and other adjustments	7.2
Balance, end of period	2.5
Total Restructuring Reserve	$ 2.5		$ 2.5

GOODWILL AND INTANGIBLE ASSETS (Changes in Carrying Amount of Goodwill) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Goodwill [Line Items]
Goodwill, Written off Related to Sale of Business Unit			$ 12.6
Amortization of intangibles and other assets	$ 60.2	$ 58.5	117.3	$ 120.8
Severance Costs			20.3	$ 23.1
Intangible Assets, Gross (Excluding Goodwill)	5,738.0		5,738.0		$ 5,515.9
Balance as of January 1			7,360.3
Goodwill, Acquired During Period			490.5
Adjustments to goodwill			5.5
Balance at end of period	7,843.7		7,843.7
Finite-Lived Intangible Assets, Accumulated Amortization	1,722.1		1,722.1		1,604.8
Intangible Assets, Net (Excluding Goodwill)	4,015.9		4,015.9		3,911.1
LabCorp Diagnostics [Member]
Goodwill [Line Items]
Goodwill, Written off Related to Sale of Business Unit			0.0
Balance as of January 1			3,638.8
Goodwill, Acquired During Period			22.3
Adjustments to goodwill			1.9
Balance at end of period	3,663.0		3,663.0
Covance Drug Development [Member]
Goodwill [Line Items]
Goodwill, Written off Related to Sale of Business Unit			12.6
Balance as of January 1			3,721.5
Goodwill, Acquired During Period			468.2
Adjustments to goodwill			3.6
Balance at end of period	4,180.7		4,180.7
Customer Relationships [Member]
Goodwill [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	4,307.9		4,307.9		4,119.4
Finite-Lived Intangible Assets, Accumulated Amortization	1,233.0		1,233.0		1,146.7
Intangible Assets, Net (Excluding Goodwill)	3,074.9		3,074.9		2,972.7
Patents, Licenses And Technology [Member]
Goodwill [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	452.3		452.3		447.3
Finite-Lived Intangible Assets, Accumulated Amortization	224.1		224.1		211.2
Intangible Assets, Net (Excluding Goodwill)	228.2		228.2		236.1
Noncompete Agreements [Member]
Goodwill [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	82.5		82.5		76.8
Finite-Lived Intangible Assets, Accumulated Amortization	57.2		57.2		53.7
Intangible Assets, Net (Excluding Goodwill)	25.3		25.3		23.1
Trade Names [Member]
Goodwill [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	407.7		407.7		404.0
Finite-Lived Intangible Assets, Accumulated Amortization	202.9		202.9		189.1
Intangible Assets, Net (Excluding Goodwill)	204.8		204.8		214.9
Use Rights [Member]
Goodwill [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	11.1		11.1		10.8
Finite-Lived Intangible Assets, Accumulated Amortization	4.9		4.9		4.1
Intangible Assets, Net (Excluding Goodwill)	6.2		6.2		6.7
Canadian licenses [Member]
Goodwill [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	476.5		476.5		457.6
Finite-Lived Intangible Assets, Accumulated Amortization	0.0		0.0		0.0
Intangible Assets, Net (Excluding Goodwill)	$ 476.5		$ 476.5		$ 457.6

GOODWILL AND INTANGIBLE ASSETS (Components of identifiable intangible assets) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	$ 5,738.0	$ 5,515.9
Accumulated Amortization	(1,722.1)	(1,604.8)
Intangible Assets, Net (Excluding Goodwill)	4,015.9	3,911.1
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	4,307.9	4,119.4
Accumulated Amortization	(1,233.0)	(1,146.7)
Intangible Assets, Net (Excluding Goodwill)	3,074.9	2,972.7
Patents, Licenses And Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	452.3	447.3
Accumulated Amortization	(224.1)	(211.2)
Intangible Assets, Net (Excluding Goodwill)	228.2	236.1
Noncompete Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	82.5	76.8
Accumulated Amortization	(57.2)	(53.7)
Intangible Assets, Net (Excluding Goodwill)	25.3	23.1
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	407.7	404.0
Accumulated Amortization	(202.9)	(189.1)
Intangible Assets, Net (Excluding Goodwill)	204.8	214.9
Use Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	11.1	10.8
Accumulated Amortization	(4.9)	(4.1)
Intangible Assets, Net (Excluding Goodwill)	6.2	6.7
Canadian licenses [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	476.5	457.6
Accumulated Amortization	0.0	0.0
Intangible Assets, Net (Excluding Goodwill)	$ 476.5	$ 457.6

GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 7,843.7		$ 7,843.7		$ 7,360.3
Amortization of intangible assets	60.2	$ 58.5	117.3	$ 120.8
Finite-Lived Intangible Assets, Future Amortization Expense
Estimated amortization expense, 2012	119.1		119.1
Estimated amortization expense, 2013	232.0		232.0
Estimated amortization expense, 2014	225.2		225.2
Estimated amortization expense, 2015	219.3		219.3
Estimated amortization expense, 2016	215.6		215.6
Estimated amortization expense, Thereafter	2,528.2		2,528.2
LabCorp Diagnostics [Member]
Finite-Lived Intangible Assets [Line Items]
Goodwill	3,663.0		3,663.0		3,638.8
Covance Drug Development [Member]
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 4,180.7		$ 4,180.7		$ 3,721.5

DEBT (Short-term borrowings and current portion of long-term debt) (Table) (Details) - USD ($)
$ in Millions

6 Months Ended

Jun. 30, 2019

Dec. 31, 2018

Short-term Debt [Line Items]

Amount Outstanding Letters Of Credit

$ 72.2

Line of Credit Facility, Fair Value of Amount Outstanding

$ 0.0

Total short-term borrowings and current portion of long-term debt

$ 502.3

10.0

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

Short-term borrowings and the current portion of long-term debt at June 30, 2019, and December 31, 2018, consisted of the following:



	June 30, 2019			December 31, 2018
Zero-coupon convertible subordinated notes	$	1.4		$	8.7
2.625% senior notes due 2020	500.0			—
Debt issuance costs	(1.0		)	(0.5		)
Current portion of note payable	1.9			1.8
Total short-term borrowings and current portion of long-term debt	$	502.3		$	10.0

Senior notes due 2020 [Member]

Short-term Debt [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

$ 0.0

500.0

4.625%

Senior notes due 2022 [Member]

Short-term Debt [Line Items]

$ 500.0

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

3 Months Ended

6 Months Ended

Jun. 30, 2019

Jun. 30, 2018

Dec. 31, 2018

Dec. 19, 2014

Long-term Debt [Text Block]

Long-term debt at June 30, 2019, and December 31, 2018, consisted of the following:



	June 30, 2019			December 31, 2018
2.625% senior notes due 2020	$	—		$	500.0
4.625% senior notes due 2020	603.7			596.9
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
Revolving credit facility	35.0			—
2019 Term loan	850.0			—
2017 Term loan	277.0			527.0
Debt issuance costs	(37.1		)	(40.2		)
Note payable	6.4			7.2
Total long-term debt	$	6,135.0		$	5,990.9

Line of Credit Facility, Fair Value of Amount Outstanding

$ 6,135.0

$ 5,990.9

0.0

Repayments of Other Long-term Debt

250.0

$ 295.0

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

Long-term Line of Credit

35.0

0.0

2019 Term Loan [Member]

Line of Credit Facility, Fair Value of Amount Outstanding

850.0

Senior notes due 2020 [Member]

603.7

596.9

Stated interest rate percentage

$ 0.0

500.0

4.625%

Senior notes due 2022 [Member]

$ 500.0

500.0

Senior notes due 2023 [Member]

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

3.4

Credit Facility, Maximum Letters of Credit

$ 150.0

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

Line of Credit Facility, Interest Rate Description

0.00% to 0.25%

London Interbank Offered Rate (LIBOR) [Member]

Line of Credit Facility, Commitment Fee Description

0.10% to 0.25%

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

Line of Credit Facility, Interest Rate Description

0.775% to 1.25%

2019 Term Loan [Member]