0000920148-21-000018 | 10-K | XBRL Viewer | Laboratory Corp OF America Holdings

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Document and Entity Information Document - USD ($) shares in Millions, $ in Billions	12 Months Ended
	Dec. 31, 2020	Feb. 24, 2021	Jun. 30, 2020
Document Information [Line Items]
ICFR Attestation Flag	true
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	1-11353
Entity Registrant Name	LABORATORY CORPORATION OF AMERICA HOLDINGS
Entity Central Index Key	0000920148
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3757370
Entity Address, Address Line One	358 South Main Street
Entity Address, City or Town	Burlington,
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27215
City Area Code	336
Local Phone Number	229-1127
Title of 12(b) Security	Common Stock, $0.10 par value
Trading Symbol	LH
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 15.2
Entity Common Stock, Shares Outstanding		97.6
Documents Incorporated by Reference	List hereunder the following documents if incorporated by reference and the Part of the Form 10-K into which the document is incorporated: Portions of the Registrant’s Notice of Annual Meeting and Proxy Statement to be filed no later than 120 days following December 31, 2020, are incorporated by reference into Part III.

CONSOLIDATED BALANCE SHEETS - USD ($)	12 Months Ended
CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Deferred Revenue, Revenue Recognized	$ 262,600,000	$ 250,200,000
Current assets:
Cash and cash equivalents	1,320,800,000	337,500,000	$ 426,800,000	$ 316,600,000
Accounts receivable, net of allowance for doubtful accounts of $22.1 and $19.0 as of December 31, 2020 and 2019, respectively	2,479,800,000	1,543,900,000
Unbilled Contracts Receivable	536,800,000	481,400,000
Supplies inventory	423,200,000	244,700,000
Prepaid expenses and other	364,800,000	373,700,000
Total current assets	5,125,400,000	2,981,200,000
Property, plant and equipment, net	2,729,600,000	2,636,600,000
Goodwill, net	7,751,500,000	7,865,000,000.0	7,360,300,000
Intangible assets, net	3,961,100,000	4,034,500,000
Joint venture partnerships and equity method investments	73,500,000	84,900,000
Deferred Income Tax Assets, Net	20,600,000	8,800,000
Other assets, net	410,000,000.0	435,400,000
Total assets	20,071,700,000	18,046,400,000
Current liabilities:
Finance Lease, Liability, Current	6,700,000	8,400,000
Accounts payable	638,900,000	632,300,000
Accrued expenses and other	1,357,700,000	942,400,000
Deferred Revenue, Current	506,500,000	451,000,000.0
Short-term borrowings and current portion of long-term debt	376,700,000	415,200,000
Total current liabilities	3,078,500,000	2,655,800,000
Long-term debt, less current portion	5,419,000,000.0	5,789,800,000
Finance Lease, Liability, Noncurrent	84,400,000	91,100,000
Deferred income taxes and other tax liabilities	905,400,000	942,800,000
Other liabilities	526,400,000	383,200,000
Total liabilities	10,691,300,000	10,459,300,000
Commitments and contingent liabilities
Noncontrolling interest	20,700,000	20,100,000
Shareholders’ equity
Common stock, 97.5 and 97.2 shares outstanding at December 31, 2020 and 2019, respectively	9,000,000.0	9,000,000.0		12,000,000.0
Additional paid-in capital	110,300,000	26,800,000		1,989,800,000
Retained earnings	9,402,300,000	7,903,600,000		6,196,100,000
Less common stock held in treasury				(1,060,100,000)
Accumulated other comprehensive loss	(161,900,000)	(372,400,000)		(333,700,000)
Total shareholders’ equity	9,359,700,000	7,567,000,000.0	$ 6,971,400,000	$ 6,804,100,000
Total liabilities and shareholders’ equity	20,071,700,000	18,046,400,000
Operating lease, liability current
Current liabilities:
Operating Lease, Liability, Current	192,000,000.0
Operating lease, liability, noncurrent
Current liabilities:
Operating Lease, Liability, Current		206,500,000
Operating Lease, Liability, Noncurrent	$ 677,600,000	$ 596,600,000

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Interest expense	$ (207,400,000)	$ (240,700,000)	$ (244,200,000)
Operating income	2,445,400,000	1,330,200,000	1,325,700,000
Revenues	13,978,500,000	11,554,800,000	11,333,400,000
Cost of Revenue	9,025,700,000	8,302,300,000	8,157,000,000.0
Gross profit	4,952,800,000	3,252,500,000	3,176,400,000
Selling, general and administrative expenses	1,729,300,000	1,624,500,000	1,570,900,000
Amortization of intangibles and other assets	275,400,000	243,200,000	231,700,000
Goodwill and Intangible Asset Impairment	462,100,000	0	0
Restructuring and other special charges	40,600,000	54,600,000	48,100,000
Equity method income, net	2,900,000	9,800,000	11,600,000
Investment income	10,300,000	8,800,000	7,500,000
Other, net	(32,100,000)	(3,200,000)	167,700,000
Earnings before income taxes	2,219,100,000	1,104,900,000	1,268,300,000
Net earnings	1,557,000,000.0	824,900,000	883,900,000
Less: Net earnings attributable to the noncontrolling interest	900,000	1,100,000	200,000
Net earnings attributable to Laboratory Corporation of America Holdings	1,556,100,000	823,800,000	883,700,000
Income Tax Expense (Benefit)	$ 662,100,000	$ 280,000,000.0	$ 384,400,000

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Cash Flows [Abstract]
Other Financing Cash Flows	$ (26,600,000)	$ (25,300,000)	$ (16,000,000.0)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	1,557,000,000.0	824,900,000	883,900,000
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	624,700,000	577,200,000	552,100,000
Stock compensation	111,700,000	107,000,000.0	91,600,000
Gain (Loss) on Disposition of Business	0	13,200,000	184,900,000
Depreciation And Amortization Of Leased Assets	200,300,000	194,100,000	0
Goodwill and Intangible Asset Impairment	462,100,000	0	0
Increase (Decrease) in Deferred Liabilities	(47,000,000.0)	29,200,000	22,200,000
Other Operating Activities, Cash Flow Statement	83,400,000	(6,500,000)	10,800,000
Change in assets and liabilities (net of effects of acquisitions and divestitures):
(Increase) decrease in accounts receivable	(913,400,000)	(64,100,000)	50,200,000
Increase (Decrease) in Contract with Customer, Asset	42,500,000	59,000,000.0	81,000,000.0
Increase in inventory	(196,600,000)	(21,900,000)	(18,900,000)
Increase in prepaid expenses and other	(5,400,000)	(42,600,000)	(57,900,000)
Increase (decrease) in accounts payable	(5,300,000)	(12,800,000)	43,300,000
Increase (Decrease) in Deferred Revenue	48,400,000	38,100,000	(33,800,000)
Increase (Decrease) in Accrued Liabilities and Other Operating Liabilities	257,900,000	(132,100,000)	27,800,000
Net cash provided by operating activities	2,135,300,000	1,444,700,000	1,305,400,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(381,700,000)	(400,200,000)	(379,800,000)
Proceeds from sale of assets	42,100,000	7,700,000	50,100,000
Proceeds from Sale of Other Investments	1,000,000.0	11,200,000	0
Proceeds from Divestiture of Businesses	0	0	658,200,000
Proceeds from Derivative Instrument, Investing Activities	3,100,000	1,700,000	18,300,000
Payments to Acquire Equity Method Investments	40,100,000	27,500,000	22,300,000
Acquisition of businesses, net of cash acquired	(267,600,000)	(876,000,000.0)	(117,800,000)
Net Cash Provided by (Used in) Investing Activities, Total	(643,200,000)	(1,283,100,000)	206,700,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Senior Notes offerings	0	1,050,000,000.0	0
Repayments of Senior Debt	(412,200,000)	(687,900,000)	(400,000,000.0)
Proceeds from Issuance of Other Long-term Debt	0	850,000,000.0	0
Repayments of Other Long-term Debt	0	(1,002,000,000.0)	(295,000,000.0)
Proceeds from revolving credit facilities	151,700,000	495,000,000.0	467,200,000
Payments on revolving credit facilities	(151,700,000)	(495,000,000.0)	(467,200,000)
Payment of debt issuance costs	0	(11,600,000)	0
Net share settlement tax payments from issuance of stock to employees	(34,500,000)	(40,600,000)	(48,000,000.0)
Net proceeds from issuance of stock to employees	55,900,000	64,700,000	69,100,000
Purchase of common stock	(100,000,000.0)	(450,000,000.0)	(700,000,000.0)
Net cash used for financing activities	(517,400,000)	(252,700,000)	(1,389,900,000)
Effect of exchange rate changes on cash and cash equivalents	8,600,000	1,800,000	(12,000,000.0)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total	983,300,000	(89,300,000)	110,200,000
Cash and cash equivalents at beginning of period	(337,500,000)	(426,800,000)	(316,600,000)
Cash and cash equivalents at end of period	$ (1,320,800,000)	$ (337,500,000)	$ (426,800,000)

OTHER LIABILITIES

12 Months Ended

Dec. 31, 2020

Other Liabilities Disclosure [Abstract]

OTHER LIABILITIES


	December 31, 2020		December 31, 2019

Defined-benefit plan obligation	$	220.5	$	188.4



Deferred compensation plan obligation	89.2		76.7



Other	216.7		118.1
	$	526.4	$	383.2

OTHER LIABILITIES

12 Months Ended

Dec. 31, 2020

Other Liabilities Disclosure [Abstract]

Other liabilities


	December 31, 2020		December 31, 2019

Defined-benefit plan obligation	$	220.5	$	188.4



Deferred compensation plan obligation	89.2		76.7



Other	216.7		118.1
	$	526.4	$	383.2

OTHER LIABILITIES - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Defined-benefit plan obligation	$ 220.5	$ 188.4
Deferred Compensation Liability, Classified, Noncurrent	89.2	76.7
Other	$ 216.7	$ 118.1

Consolidated Balance Sheet (Parentheticals) $ in Millions	Dec. 31, 2019 USD ($)
Current assets:
Allowance for Doubtful Accounts	$ 12.7

CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net earnings	$ 1,557.0	$ 824.9	$ 883.9
Foreign currency translation adjustments	264.1	104.4	(176.6)
Net benefit plan adjustments	(65.7)	(17.4)	29.3
Other comprehensive earnings (loss) before tax	198.4	87.0	(147.3)
Provision for income tax related to items of comprehensive earnings	12.1	3.7	17.9
Other comprehensive earnings (loss), net of tax	210.5	90.7	(129.4)
Comprehensive earnings	1,767.5	915.6	754.5
Less: Net earnings attributable to the noncontrolling interest	(0.9)	(1.1)	(0.2)
Comprehensive earnings attributable to Laboratory Corporation of America Holdings	$ 1,766.6	$ 914.5	$ 754.3

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount before tax, after reclassification adjustments of other comprehensive income (loss).

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- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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-Paragraph 3
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794

+ Details

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Earnings (Loss)
Common Stock, Value, Outstanding	$ 12.0
Additional Paid in Capital	1,989.8
Retained Earnings (Accumulated Deficit)	6,196.1
Treasury Stock, Value	(1,060.1)
Accumulated Other Comprehensive Income (Loss), Net of Tax	(333.7)
BALANCE at Dec. 31, 2017	6,804.1
Net earnings attributable to Laboratory Corporation of America Holdings	883.7	$ 0.0	$ 0.0	$ 883.7	$ 0.0	$ 0.0
Other comprehensive earnings, net of tax	(129.4)	0.0	0.0	0.0	0.0	(129.4)
Issuance of common stock under employee stock plans	69.1	0.0	69.1	0.0	0.0	0.0
Net share settlement tax payments from issuance of stock to employees	(48.0)	0.0	0.0	0.0	(48.0)	0.0
Conversion of zero-coupon convertible debt	0.3	0.0	0.3	0.0	0.0	0.0
Stock compensation	91.6	0.0	91.6	0.0	0.0	0.0
Purchase of common stock	(700.0)	(0.3)	(699.7)	0.0	0.0	0.0
BALANCE at Dec. 31, 2018	6,971.4
Common Stock, Value, Outstanding		11.7
Additional Paid in Capital			1,451.1
Retained Earnings (Accumulated Deficit)				7,079.8
Treasury Stock, Value					(1,108.1)
Accumulated Other Comprehensive Income (Loss), Net of Tax						(463.1)
Net earnings attributable to Laboratory Corporation of America Holdings	823.8	0.0	0.0	823.8	0.0	0.0
Other comprehensive earnings, net of tax	90.7	0.0	0.0	0.0	0.0	90.7
Issuance of common stock under employee stock plans	64.7	0.0	64.7	0.0	0.0	0.0
Net share settlement tax payments from issuance of stock to employees	(40.6)	0.0	(0.5)	0.0	(40.1)	0.0
Stock compensation	107.0	0.0	107.0	0.0	0.0	0.0
Treasury Stock, Retired, Cost Method, Amount	0.0	(2.4)	(1,145.8)		(1,148.2)	0.0
Purchase of common stock	(450.0)	(0.3)	(449.7)	0.0	0.0	0.0
BALANCE at Dec. 31, 2019	7,567.0
Common Stock, Value, Outstanding	9.0	9.0
Additional Paid in Capital	26.8		26.8
Retained Earnings (Accumulated Deficit)	7,903.6			7,903.6
Treasury Stock, Value					0.0
Accumulated Other Comprehensive Income (Loss), Net of Tax	(372.4)					(372.4)
Net earnings attributable to Laboratory Corporation of America Holdings	1,556.1	0.0	0.0	1,556.1	0.0	0.0
Other comprehensive earnings, net of tax	210.5	0.0	0.0	0.0	0.0	210.5
Issuance of common stock under employee stock plans	55.9		55.9	0.0	0.0	0.0
Net share settlement tax payments from issuance of stock to employees	(34.5)	0.0	(34.5)	0.0	0.0	0.0
Stock compensation	111.7	0.0	111.7	0.0	0.0	0.0
Purchase of common stock	(100.0)	0.0	(49.6)	(50.4)	0.0	0.0
BALANCE at Dec. 31, 2020	9,359.7
Common Stock, Value, Outstanding	9.0	$ 9.0
Additional Paid in Capital	110.3		$ 110.3
Retained Earnings (Accumulated Deficit)	9,402.3			$ 9,402.3
Treasury Stock, Value					$ 0.0
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ (161.9)					$ (161.9)

RESTRUCTURING AND OTHER CHARGES

12 Months Ended

Dec. 31, 2020

Restructuring and Related Activities [Abstract]

RESTRUCTURING AND OTHER SPECIAL CHARGES

RESTRUCTURING AND OTHER CHARGES

During 2020, the Company recorded net restructuring charges of $40.6; $15.3 within Dx and $25.3 within DD. The charges were comprised of $14.1 in severance and other personnel costs $17.4 for facility, operating lease right-of-use and equipment impairments, and $18.9 in facility closures and general integration activities. The charges were offset by the reversal of previously established liability of $0.6 and $9.2 in unused severance costs and facility-related costs, respectively.

During 2019, the Company recorded net restructuring charges of $54.6; $26.7 within Dx and $27.9 within DD. The charges were comprised of $32.9 in severance and other personnel costs and $24.9 in facility-related costs primarily associated with general integration activities. The charges were offset by the reversal of previously established liability of $1.7 in unused severance and $1.5 in unused facility-related costs.

During 2018, the Company recorded net restructuring charges of $48.1; $20.5 within Dx and $27.6 within DD. The charges were comprised of $40.3 in severance and other personnel costs, $11.8 in facility-related costs primarily associated with general integration activities. The charges were offset by the reversal of previously established liability of $2.0 in unused severance and $2.0 in unused facility-related costs. The Company also recorded $2.3 in impairment to land held for sale which is included in amortization expense.

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


	Dx				DD				Total
	Severance and Other Employee Costs		Lease and Other Facility Costs		Severance and Other Employee Costs		Lease and Other Facility Costs
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	17.3		(1.8)		15.6		2.0		33.1
Impairment of facility related assets	—		11.8		—		12.9		24.7
Reduction of prior restructure accruals	(0.2)		(0.4)		(1.5)		(1.1)		(3.2)
Cash payments and other adjustments	(18.7)		(8.6)		(15.1)		(9.6)		(52.0)
Balance as of December 31, 2019	$	0.5	$	2.7	$	5.5	$	4.7	13.4
Restructuring charges	5.2		5.5		8.9		13.4		33.0

Impairment of facility related assets	—		7.5		—		9.9		17.4
Reduction of prior restructuring accruals	(0.1)		(2.8)		(0.5)		(6.4)		(9.8)
Cash payments and other adjustments	(5.3)		(12.5)		(11.5)		(16.9)		(46.2)
Balance as of December 31, 2020	$	0.3	$	0.4	$	2.4	$	4.7	$	7.8
Current									$	5.7
Non-current									2.1
									$	7.8

The non-current portion of the restructuring liabilities is expected to be paid out over 4.9 years. Cash payments and other adjustments include the reclassification of profit sharing, pension, and holiday accrual.

SUPPLEMENTAL CASH FLOW INFORMATION

12 Months Ended

Dec. 31, 2020

Supplemental Cash Flow Information [Abstract]

SUPPLEMENTAL CASH FLOW INFORMATION


	Years Ended December 31,
	2020		2019		2018
Supplemental schedule of cash flow information:
Cash paid during period for:
Interest	$	216.6	$	248.9	$	296.2
Income taxes, net of refunds	500.0		216.8		349.7
Disclosure of non-cash financing and investing activities:
Conversion of zero-coupon convertible debt	—		8.4		0.3
Assets acquired under finance leases	—		48.7		0.6
Change in accrued property, plant and equipment	(1.2)		2.7		22.1
Floating rate secured note receivable due 2022 from the sale of CRP	—		110.0		—

SUPPLEMENTAL CASH FLOW INFORMATION

12 Months Ended

Dec. 31, 2020

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information


	Years Ended December 31,
	2020		2019		2018
Supplemental schedule of cash flow information:
Cash paid during period for:
Interest	$	216.6	$	248.9	$	296.2
Income taxes, net of refunds	500.0		216.8		349.7
Disclosure of non-cash financing and investing activities:
Conversion of zero-coupon convertible debt	—		8.4		0.3
Assets acquired under finance leases	—		48.7		0.6
Change in accrued property, plant and equipment	(1.2)		2.7		22.1
Floating rate secured note receivable due 2022 from the sale of CRP	—		110.0		—

SUMMARY OF SIGNIFICANT ACCOUNTING - NET SALES - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Percent of Revenue Contributed	100.00%	100.00%	100.00%
Intercompany revenue elimination	$ 152.6
Revenues	$ 13,978.5	$ 11,554.8	$ 11,333.4
LabCorp Diagnostics [Member]
Percent of Revenue Contributed	65.00%	60.00%	62.00%
Covance Drug Development [Member]
Percent of Revenue Contributed	35.00%	40.00%

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details

RESTRUCTURING AND OTHER CHARGES - USD ($) $ in Millions	12 Months Ended
RESTRUCTURING AND OTHER CHARGES - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restructuring Cost and Reserve [Line Items]
Net restructuring charges	$ 40.6	$ 54.6	$ 48.1
Restructuring charges related to severance and other employee costs	14.1	32.9	40.3
Restructuring charges related to contractual obligations associated with leased facilities and other facility related costs	18.9	24.9	11.8
Restructuring, Settlement and Impairment Provisions			2.3
Reduction in prior employee severance benefits related restructuring accruals	0.6	1.7	2.0
Reduction in prior facility related restructuring accruals	$ 9.2	1.5	2.0
Number of years restructuring liabilities expected to be paid out over	4 years 10 months 24 days
Covance Drug Development [Member]
Restructuring Cost and Reserve [Line Items]
Net restructuring charges	$ 25.3	27.9	27.6
LabCorp Diagnostics [Member]
Restructuring Cost and Reserve [Line Items]
Net restructuring charges	$ 15.3	$ 26.7	$ 20.5

SUPPLEMENTAL CASH FLOW INFORMATION - USD ($) $ in Millions	12 Months Ended
SUPPLEMENTAL CASH FLOW INFORMATION - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash paid during period for:
Interest	$ 216.6	$ 248.9	$ 296.2
Income taxes, net of refunds	500.0	216.8	349.7
Disclosure of non-cash financing and investing activities
Noncash conversion of zero-coupon convertible debt	0.0	8.4	0.3
Fair Value of Assets Acquired	0.0	48.7	0.6
Capital Expenditures Incurred but Not yet Paid	(1.2)	(2.7)	(22.1)
Notes Receivable, Fair Value Disclosure	$ 0.0	$ 110.0	$ 0.0

Organization, Consolidation and Presentation of Financial Statements

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Financial Statement Presentation

Laboratory Corporation of America® Holdings (Labcorp® or the Company) is a leading global life sciences company that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. By leveraging its strong diagnostics and drug development capabilities, the Company provides insights and accelerates innovations to improve health and improve lives. With over 72,400 employees, the Company serves clients in more than 100 countries.

The Company reports its business in two segments, Labcorp Diagnostics (Dx) and Labcorp Drug Development (DD). As part of the Company's rebranding initiative announced in December 2020, the Company changed the names of its segments, which were previously referred to as LabCorp Diagnostics and Covance Drug Development. For further financial information about these segments, including information for each of the last three fiscal years regarding revenue, operating income, and other important information, see Note 21 Business Segment Information to the Consolidated Financial Statements. In 2020, Dx and DD contributed 65% and 35%, respectively, of revenues to the Company, and in 2019 contributed 60% and 40%, respectively.

The consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries for which it exercises control. Long-term investments in affiliated companies in which the Company exercises significant influence, but which it does not control, are accounted for using the equity method. Investments in which the Company does not exercise significant influence (generally, when the Company has an investment of less than 20% and no representation on the investee's board of directors) are accounted for at fair value or at cost minus impairment adjusted for observable price changes in orderly transactions for an identical or similar investment of the same issuer for those investments that do not have readily determinable fair values. All significant inter-company transactions and accounts have been eliminated. The Company does not have any variable interest entities or special purpose entities whose financial results are not included in the consolidated financial statements.

The financial statements of the Company's operating foreign subsidiaries are measured using the local currency as the functional currency. Assets and liabilities are translated at exchange rates as of the balance sheet date. Revenues and expenses are translated at average monthly exchange rates prevailing during the year. Resulting translation adjustments are included in “Accumulated other comprehensive income.”

Recently Adopted Guidance

In June 2016, the FASB issued a new accounting standard intended to provide financial statement users with more decision-useful information about expected credit losses and other commitments to extend credit held by the reporting entity. The standard replaces the incurred loss impairment methodology in current generally accepted accounting principles (GAAP) with one that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company recorded an opening retained earnings adjustment of $7.0 with the adoption of this standard on January 1, 2020.

In August 2018, the FASB issued a new accounting standard to reduce, modify, and add to the disclosure requirements on fair value measurements. The Company adopted this standard effective January 1, 2020. The adoption of this standard did not have a material impact on the consolidated financial statements.

In August 2018, the FASB issued a new accounting standard to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The Company adopted this standard effective January 1, 2020. The adoption of this standard did not have a material impact on the consolidated financial statements.

In August 2018, the FASB issued a new accounting standard to modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The Company adopted this standard effective January 1, 2020. The adoption of this standard did not have a material impact on the consolidated financial statements.

Novel Coronavirus (COVID-19) Financial Statement Impact

In March 2020, COVID-19 was declared a pandemic. COVID-19 has had and continues to have an extensive impact on the global health and economic environments. During 2020, the Company recorded goodwill and other asset impairment charges of $462.1, $450.5 within DD and $11.6 within Dx, as a result of the COVID-19 pandemic. The Company concluded that the fair

value was less than carrying value for two of its reporting units and recorded goodwill impairment of $418.7 and $3.7 for DD and Dx, respectively. Additional impairment of identifiable intangible and tangible assets of $31.8 and $7.9 was recorded for DD and Dx, respectively, for impairment of a tradename, software, customer relationships, technology assets and a note receivable. The Company also impaired certain of the Company's investments by a total of $25.4 during 2020 due to the impact of COVID-19; $7.1 was included in Equity method earnings (loss), net and $18.3 was included in Other, net.

In April 2020, the Company received cash payments of approximately $55.9 from the Public Health and Social Services Emergency Fund for provider relief that was appropriated by Congress to the U.S. Department of Health and Human Services (HHS) in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act Provider Relief Funds). In August 2020, the Company received an additional $76.2 in CARES Act Provider Relief Funds. As the Company's Diagnostic business demonstrated recovery and demand for COVID-19 testing increased, the Company determined that the negative financial impact of COVID-19 which the CARES Act Provider Relief Funds were designed to address no longer applied to the Company. As a result, the Company returned the CARES Act Provider Relief Funds, to the government in the fourth quarter of 2020. There was no impact to the Company's consolidated financial statements as of December 31, 2020 and for the year then ended.

Reimbursable Out-of-Pocket Expenses

DD pays on behalf of its customers certain out-of-pocket costs for which the Company is reimbursed at cost, without mark-up or profit. Out-of-pocket costs paid by DD are reflected in operating expenses, while the reimbursements received are reflected in revenues in the consolidated statements of operations.

Cost of Revenues

Cost of revenue includes direct labor and related benefit charges, other direct costs, shipping and handling fees, and an allocation of facility charges and information technology costs. Selling, general and administrative expenses consist primarily of administrative payroll and related benefit charges, advertising and promotional expenses, administrative travel and an allocation of facility charges and information technology costs. Cost of advertising is expensed as incurred.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported periods. Significant estimates include implicit price concessions, revenue estimates, the allowances for doubtful accounts, deferred tax assets, fair values of acquired assets and assumed liabilities in business combinations, fair value of goodwill and indefinite-lived intangible assets, amortization lives for acquired intangible assets, and accruals for self-insurance reserves, litigation reserves and pensions. The allowance for doubtful accounts is determined based on historical collections trends, the aging of accounts, current economic conditions and regulatory changes. Actual results could differ from those estimates.

The extent to which the COVID-19 pandemic has and will continue to impact the Company’s business and financial results depend on numerous evolving factors including, but not limited to: the magnitude and duration of the COVID-19 pandemic, the impact to worldwide macroeconomic conditions including interest rates, employment rates and health insurance coverage, the speed of the anticipated recovery, and governmental and business reactions to the pandemic. The Company assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to the Company and the unknown future impacts of COVID-19 as of December 31, 2020, and through the date of this Annual Report. The accounting matters assessed included, but were not limited to, the Company’s implicit price concessions and credit losses, equity investments, notes receivable and the carrying value of goodwill and other long-lived assets. The Company’s future assessment of the magnitude and duration of COVID-19, as well as other factors, could result in additional material impacts to the Company’s consolidated financial statements in future reporting periods

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable.

The Company maintains cash and cash equivalents with various major financial institutions. The total cash and cash equivalent balances that exceeded the balances insured by the Federal Deposit Insurance Commission, were approximately $1,319.4 and $335.0 at December 31, 2020, and 2019, respectively.

Substantially all of the Company’s accounts receivable are with companies in the healthcare or biopharmaceutical industry and individuals. However, concentrations of credit risk are mitigated due to the number of the Company’s customers as well as their dispersion across many different geographic regions.

Although Dx has receivables due from U.S. and state governmental agencies, the Company does not believe that such receivables represent a credit risk since the related healthcare programs are funded by U.S. and state governments, and payment is primarily dependent upon submitting appropriate documentation. Accounts receivable balances (gross) from Medicare and Medicaid were $109.8 and $81.4 at December 31, 2020, and 2019, respectively.

For the Company's operations in Ontario, Canada, the Ontario Ministry of Health and Long-Term Care (Ministry) determines who can establish a licensed community medical laboratory and caps the amount that each of these licensed laboratories can bill the government sponsored healthcare plan. The Ontario government-sponsored healthcare plan covers the cost of commercial laboratory testing performed by the licensed laboratories. The provincial government discounts the annual testing volumes based on certain utilization discounts and establishes an annual maximum it will pay for all community laboratory tests. The agreed-upon reimbursement rates are subject to Ministry review at the end of year and can be adjusted (at the government's discretion) based upon the actual volume and mix of test work performed by the licensed healthcare providers in the province during the year. The capitated accounts receivable balances from the Ontario government sponsored healthcare plan were CAD 0.6 and CAD 3.2 at December 31, 2020, and 2019, respectively.

The portion of the Company's accounts receivable due from patients comprises the largest portion of credit risk. At December 31, 2020, and 2019, receivables due from patients represented approximately 13.9% and 21.1% of the Company's consolidated gross accounts receivable, respectively. The Company applies assumptions and judgments including historical collection experience and reasonable and supportable forecasts for assessing collectability and determining allowances for doubtful accounts for accounts receivable from patients.

Earnings per Share

Basic earnings per share is computed by dividing net earnings attributable to Laboratory Corporation of America Holdings by the weighted average number of common shares outstanding. Diluted earnings per share is computed by dividing net earnings including the impact of dilutive adjustments by the weighted average number of common shares outstanding plus potentially dilutive shares, as if they had been issued at the earlier of the date of issuance or the beginning of the period presented. Potentially dilutive common shares result primarily from the Company’s outstanding stock options, restricted stock awards, 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:


	2020					2019					2018
	Income		Shares	Per Share Amount		Income		Shares	Per Share Amount		Income		Shares	Per Share Amount
Basic earnings per share	$	1,556.1	97.3	$	15.99	$	823.8	97.9	$	8.42	$	883.7	101.4	$	8.71
Stock options and stock awards	—		0.7			—		0.7			—		1.2

Effect of convertible debt, net of tax	—		—			—		—			—		—
Diluted earnings per share	$	1,556.1	98.0	$	15.88	$	823.8	98.6	$	8.35	$	883.7	102.6	$	8.61

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:


	Years Ended December 31,
	2020	2019	2018
Stock options	0.2	0.2	0.1

Stock Compensation Plans

The Company measures stock compensation cost for all equity awards at fair value on the date of grant and recognizes compensation expense over the service period for awards expected to vest. The fair value of restricted stock units is determined based on the number of shares granted and the quoted price of the Company’s common stock on the grant date. The grant date fair value of performance awards is based on a Monte Carlo simulated fair value for the relative (as compared to the peer companies) total shareholder return component of the performance awards. Such value is recognized as an expense over the service period, net of estimated forfeitures and the Company's determination of whether it is probable that the performance targets will be achieved. At the end of each reporting period, the Company reassesses the probability of achieving performance targets. The estimation of equity awards that will ultimately vest requires judgment and the Company considers many factors when estimating expected forfeitures, including types of awards, employee class, and historical experience. Forfeitures are recognized as a reduction of compensation expense in earnings in the period in which they occur.

See Note 15 Stock Compensation Plans for assumptions used in calculating compensation expense for the Company’s stock compensation plans.

Cash Equivalents

Cash and cash equivalents consist of highly liquid instruments, such as commercial paper, time deposits, and other money market instruments, substantially all of which have maturities when purchased of three months or less.

Supplies Inventory

Inventories, consisting primarily of purchased laboratory and customer supplies and finished goods, are stated at the lower of cost (first-in, first-out) or net realizable value. Supplies accounted for $403.6 and $228.3 and finished goods accounted for $19.6 and $16.4 of total inventory at December 31, 2020, and 2019, respectively. The Company's inventory reserve balance was $20.2 and $0.0, as of December 31, 2020 and 2019, respectively. Once recorded, the reserves are considered permanent adjustments to the carrying value of inventory.

Property, Plant and Equipment

Property, plant and equipment are recorded at cost. Depreciation and amortization expense is computed on all classes of assets based on their estimated useful lives, as indicated below, using the straight-line method.


	Years
Buildings and building improvements	10	-	40
Machinery and equipment	3	-	10
Furniture and fixtures	5	-	10
Software	3	-	10

Leasehold improvements are amortized over the shorter of their estimated useful lives or the term of the related leases. Expenditures for repairs and maintenance are charged to operations as incurred. Retirements, sales and other disposals of assets are recorded by removing the cost and accumulated depreciation from the related accounts with any resulting gain or loss reflected in the consolidated statements of operations.

Capitalized Software Costs

The Company capitalizes purchased software that is ready for service and capitalizes software development costs incurred on significant projects starting from the time that the preliminary project stage is completed and the Company commits to funding a project until the project is substantially complete and the software is ready for its intended use. Capitalized costs include direct material and service costs and payroll and payroll-related costs. Research and development (R&D) costs and other computer software maintenance costs related to software development are expensed as incurred. Capitalized software costs are amortized using the straight-line method over the estimated useful life of the underlying system ranging from three to ten years, generally five years. Amortization begins once the underlying system is substantially complete and ready for its intended use.

Long-Lived Assets

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

Based upon the revised forecasted revenues and operating income following the declaration of the COVID-19 global pandemic, management concluded there was a triggering event and updated its annual 2019 goodwill impairment testing as of March 31, 2020, for certain of its DD reporting units and Dx reporting units. Based on the quantitative impairment assessment performed in the same manner as our annual quantitative assessment, the Company concluded that the fair value was less than carrying value for two of its reporting unit and recorded a goodwill impairment of $418.7 for DD and $3.7 for Dx.

Management performed its annual goodwill and intangible asset impairment testing as of the beginning of the fourth quarter of 2020. The Company elected to perform the qualitative assessment for goodwill and intangible assets for the domestic Dx reporting units and certain DD reporting units, a quantitative assessment for two of the DD reporting units and a quantitative assessment for the Canadian reporting unit and its indefinite-lived assets consisting of acquired Canadian licenses.

In the qualitative assessment, the Company considered relevant events and circumstances for each reporting unit, including (i) current year results, (ii) financial performance versus management’s annual and five-year strategic plans, (iii) changes in the reporting unit carrying value since prior year, (iv) industry and market conditions in which the reporting unit operates, (v) macroeconomic conditions, including discount rate changes, and (vi) changes in products or services offered by the reporting

unit. If applicable, performance in recent years was compared to forecasts included in prior valuations. Based on the results of the qualitative assessment, the Company concluded that it was not more likely than not that the carrying values of the goodwill and intangible assets were greater than their fair values, and that further quantitative testing was not necessary.

In the annual 2020 quantitative impairment assessment performed at the beginning of the fourth quarter, the Company utilized a combination of income and market approaches to determine the fair value of two DD reporting units and an income approach to determine the fair value of the Canadian reporting unit and its indefinite-lived assets consisting of acquired Canadian licenses. Based upon the results of the quantitative assessments, the Company concluded that the fair values of the goodwill and intangible assets, including the indefinite-lived Canadian licenses, as of October 1, 2020, were greater than the carrying values.

Although the Company believes that the current assumptions and estimates used in its goodwill analysis are reasonable, supportable, and appropriate, continued efforts to maintain or improve the performance of these businesses could be impacted by unfavorable or unforeseen changes which could impact the existing assumptions used in the impairment analysis. Various factors could reasonably be expected to unfavorably impact existing assumptions: primarily delays in new customer bookings and the related delay in revenue from new customers, increases in customer termination activity or increases in operating costs. In addition, given the ongoing and rapidly changing nature of the COVID-19 pandemic, there is significant uncertainty regarding the duration and severity of the pandemic as well as any future government restrictions, which may unfavorably impact existing assumptions. Accordingly, there can be no assurance that the estimates and assumptions made for the purposes of the goodwill impairment analysis will prove to be accurate predictions of future performance.

Management's impairment analysis for certain reporting units utilized significant judgments and assumptions related to the market comparable method analysis, such as selected market multiples, and related to cash flow projections, such as revenue and terminal growth rates, projected operating margin, and the discount rate. A significant increase in the discount rate, decrease in the revenue and terminal growth rate, or decreased operating margin, or substantial reductions in end markets and volume assumptions could have a negative impact on the estimated fair value of this reporting unit. A future impairment charge for goodwill or intangible assets could have a material effect on the Company's consolidated financial position and results of operations.

Long-lived assets, other than goodwill and indefinite-lived assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. Recoverability of assets to be held and used is determined by the Company at the level for which there are identifiable cash flows by comparison of the carrying amount of the assets to future undiscounted net cash flows before interest expense and income taxes expected to be generated by the assets. Impairment, if any, is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets (based on market prices in an active market or on discounted cash flows). Assets to be disposed of are reported at the lower of the carrying amount or fair value.

Intangible Assets

Intangible assets are amortized on a straight-line basis over the expected periods to be benefited, as set forth in the table below, such as legal life for patents and technology and contractual lives for non-compete agreements.


	Years
Customer relationships	10	-	36
Patents, licenses and technology	3	-	15
Non-compete agreements	3		5
Trade names	1	-	15

Debt Issuance Costs

The costs related to the issuance of debt are capitalized, netted against the related debt for presentation purposes and amortized to interest expense over the terms of the related debt.

Professional Liability

The Company is self-insured (up to certain limits) for professional liability claims arising in the normal course of business, generally related to the testing and reporting of laboratory test results. The Company estimates a liability that represents the ultimate exposure for aggregate losses below those limits. The liability is based on assumptions and factors for known and incurred but not reported claims, including the frequency and payment trends of historical claims.

Leases

On January 1, 2019 the Company adopted the new lease accounting standard using the modified retrospective method. Comparative periods were not adjusted and are presented in accordance with the lease guidance in effect for that period. The Company elected the package of practical expedients, which includes not reassessing whether existing contracts contain leases under the new definition of a lease, reassessing the classification of existing leases, and reassessing whether previously capitalized initial direct costs qualify for capitalization under the new standard. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. The classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use (ROU) asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. The Company elected to utilize the short-term lease exemption and not record leases with initial terms of 12 months or less on the balance sheet. Leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets. Operating lease expense is recognized on a straight-line basis over the lease term. Operating lease assets and liabilities are recognized at the commencement date, based on the present value of the future lease payments over the lease term.

A certain number of these leases contain rent escalation clauses either fixed or adjusted periodically for inflation or market rates that are factored into the Company's determination of lease payments. The Company also has variable lease payments that do not depend on a rate or index, for items such as volume purchase commitments, which are recorded as variable cost when incurred. As most of the Company's leases do not provide an implicit rate, the Company estimates an incremental borrowing rate based on the credit quality of the Company and by comparing interest rates available in the market for similar borrowings, and adjusting this amount based on the impact of collateral over the term of each lease. The Company uses this rate to discount payments to present value. Some operating leases contain renewal options, some of which also include options to early terminate the leases. The exercise of these options is at the Company's discretion. The Company determined that all renewal options within leases for main laboratories, rapid response (STAT) laboratories, branches or combination sites were reasonably possible to be exercised and therefore are included in the accounting lease term. See Note 5 Leases to the Consolidated Financial Statements.

Income Taxes

The Company accounts for income taxes utilizing the asset and liability method. Under this method deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and for tax loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. 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 Company records interest and penalties in income tax expense.

Derivative Financial Instruments

Interest rate swap agreements, which have been used by the Company from time to time in the management of interest rate exposure, are accounted for at fair value.

Cross currency swap agreements, which have been used by the Company to hedge exposure of its net investment in a foreign subsidiary denominated in non-U.S. currency, are accounted for at fair value.

See Note 19 Derivative Instruments and Hedging Activities for the Company’s objectives in using derivative instruments and the effect of derivative instruments and related hedged items on the Company’s financial position, financial performance and cash flows.

Fair Value of Financial Instruments

Fair value measurements for financial assets and liabilities are determined based on the assumptions that a market participant would use in pricing an asset or liability. A three-tiered fair value hierarchy draws distinctions between market participant assumptions based on (i) observable inputs such as quoted prices in active markets (Level 1), (ii) inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2) and (iii) unobservable inputs that require the Company to use present value and other valuation techniques in the determination of fair value (Level 3).

Research and Development

The Company expenses R&D costs as incurred.

Foreign Currencies

For subsidiaries outside of the U.S. that operate in a local currency environment, income and expense items are translated to U.S. dollars at the monthly average rates of exchange prevailing during the period, assets and liabilities are translated at period-end exchange rates and equity accounts are translated at historical exchange rates. Translation adjustments are accumulated in a separate component of shareholders’ equity in the consolidated balance sheets and are included in the determination of comprehensive income in the consolidated statements of comprehensive earnings and consolidated statements of changes in shareholders’ equity. Transaction gains and losses are included in the determination of net income in the consolidated statements of operations.

New Accounting Pronouncements

In August 2018, the FASB issued a new accounting standard to reduce, modify, and add to the disclosure requirements on defined benefit pension and other postretirement plans. The standard is effective on January 1, 2021, with early adoption permitted. The adoption of this standard is not expected to have a material impact on the consolidated financial statements.

In December 2019, the FASB issued a new accounting standard to simplify accounting for income taxes and remove, modify, and add to the disclosure requirements of income taxes. The standard is effective January 1, 2021, with early adoption permitted. The adoption of this standard is not expected to have a material impact on the consolidated financial statements.

In January 2020, the FASB issued a new accounting standard to clarify the interaction of the accounting for equity securities and investments accounted for under the equity method of accounting and the accounting for certain forward contracts and purchased options. The standard is effective January 1, 2021. The adoption of this standard is not expected to have a material impact on the consolidated financial statements.

In March 2020, the FASB issued a new accounting standard to provide optional expedients and exceptions if certain conditions are met for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. The expedients and exceptions in the standard are effective between March 12, 2020, and December 31, 2022. The Company did not elect to apply any of the expedients or exceptions for the period ended December 31, 2020, and is currently evaluating the impact this new standard will have on the consolidated financial statements.

In August 2020, the FASB issued a new accounting standard to address issues identified as a result of the complexity associated with applying generally accepted accounting principles for convertible instruments and contracts in an entity's own equity. The standard is effective January 1, 2022, with early adoption permitted. The Company is evaluating the impact this new standard will have on the consolidated financial statements.

BUSINESS ACQUISITIONS

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

BUSINESS ACQUISITIONS

BUSINESS ACQUISITIONS AND DISPOSITIONS

During the year ended December 31, 2020, the Company acquired various businesses and related assets for approximately $267.6 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 $121.3 in identifiable intangible assets and a residual amount of non-tax-deductible goodwill of approximately $166.2. The amortization periods for intangible assets acquired from these businesses range from 12 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. A summary of the net assets acquired in 2020 for these businesses is included below:


	Amounts Acquired During Year Ended December 31, 2020

Accounts receivable	$	4.9
Unbilled services	2.4


Property, plant and equipment	1.3

Goodwill	166.2
Intangible assets	121.3

Total assets acquired	296.1
Accounts payable	0.9
Accrued expenses and other	22.4
Unearned revenue	1.1

Other liabilities	4.1
Total liabilities acquired	28.5
Net assets acquired	$	267.6

Unaudited Pro Forma Information for 2020 Acquisitions

Had the aggregate of the Company's 2020 acquisitions been completed as of January 1, 2019, the Company's pro forma results would have been as follows:


	Years Ended December 31,
	2020		2019
Revenues	$	14,032.7	$	11,717.5
Net earnings attributable to Laboratory Corporation of America Holdings	1,564.6		837.6

2019

On June 3, 2019, the Company's DD segment acquired Envigo's nonclinical contract research services business, expanding DD's global nonclinical drug development capabilities with additional locations and resources. Additionally, the Company divested the CRP business, which was a part of the DD segment, to Envigo. As part of this sale, DD entered into a multi-year, renewable supply agreement with Envigo. The Company paid cash consideration of $601.0, received a floating rate secured note of $110.0, and recorded a loss on the sale of CRP of $12.2. The Company funded the transaction through the new term loan facility entered into in 2019 concurrently with the transaction.

The final 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







	Final
Net Assets Acquired
Cash and cash equivalents	$	11.3
Accounts receivable	12.1
Unbilled services	25.6
Inventories	4.5
Prepaid expenses and other	10.8
Property, plant and equipment	128.4
Deferred income taxes	25.2
Goodwill	376.6
Customer relationships	140.8
Trade name and trademarks	0.6
Other assets	9.9
Total assets acquired	745.8
Accounts payable	15.2
Accrued expenses and other	10.4
Unearned revenue	49.9


Other liabilities	69.3
Total liabilities acquired	144.8
Net Envigo assets acquired	$	601.0
Floating rate secured note receivable due 2022	$	110.0
Total	$	711.0

The purchase consideration for Envigo has been allocated to the estimated fair market value of the net assets acquired, including approximately $141.4 in identifiable intangible assets and a residual amount of non-tax-deductible goodwill of approximately $376.6. The amortization period for intangible assets acquired is 11 years for customer relationships.

The Envigo transaction contributed $124.2 and $17.9 of revenues and operating income, respectively, during the year ended December 31, 2019. The divested CRP business contributed operating income of $5.5 and $13.2 for the years ended December 31, 2019 and 2018, respectively.

During the year ended December 31, 2019, in addition to the Envigo transaction, the Company acquired various businesses and related assets for approximately $286.4 in cash (net of cash acquired). The purchase consideration for all acquisitions has been allocated to the estimated fair market value of the net assets acquired, including approximately $184.3 in identifiable intangible assets and a residual amount of non-tax-deductible goodwill of approximately $115.1. 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.

Unaudited Pro Forma Information for 2019 Acquisitions

Had the aggregate of the Company's 2019 acquisitions been completed as of January 1, 2018, the Company's pro forma results would have been as follows:


	Years Ended December 31,
	2019		2018
Revenues	$	11,742.5	$	11,738.5
Net earnings attributable to Laboratory Corporation of America Holdings	831.4		906.6

2018

On April 30, 2018, the Company entered into a definitive agreement to sell the CFS 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 transaction closed on August 1, 2018, and a net gain of $258.3 was recorded in Other, net in the consolidated statement of operations.

The Company also divested its forensic testing services business in the U.K. and the U.S. on August 7, 2018, and December 31, 2018, respectively, resulting in losses of $48.9 and $24.5, respectively, recorded in Other, net in the consolidated statement of operations.Operating income for the Company's businesses divested in 2018 was $7.6 for the year ended December 31, 2018, (which includes divested operations through their respective disposal dates).

RESTRUCTURING LIABILITIES

12 Months Ended

Dec. 31, 2020

Restructuring Reserve [Abstract]

RESTRUCTURING LIABILITIES

RESTRUCTURING AND OTHER CHARGES

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


	Dx				DD				Total
	Severance and Other Employee Costs		Lease and Other Facility Costs		Severance and Other Employee Costs		Lease and Other Facility Costs
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	17.3		(1.8)		15.6		2.0		33.1
Impairment of facility related assets	—		11.8		—		12.9		24.7
Reduction of prior restructure accruals	(0.2)		(0.4)		(1.5)		(1.1)		(3.2)
Cash payments and other adjustments	(18.7)		(8.6)		(15.1)		(9.6)		(52.0)
Balance as of December 31, 2019	$	0.5	$	2.7	$	5.5	$	4.7	13.4
Restructuring charges	5.2		5.5		8.9		13.4		33.0

Impairment of facility related assets	—		7.5		—		9.9		17.4
Reduction of prior restructuring accruals	(0.1)		(2.8)		(0.5)		(6.4)		(9.8)
Cash payments and other adjustments	(5.3)		(12.5)		(11.5)		(16.9)		(46.2)
Balance as of December 31, 2020	$	0.3	$	0.4	$	2.4	$	4.7	$	7.8
Current									$	5.7
Non-current									2.1
									$	7.8

JOINT VENTURE PARTNERSHIPS AND EQUITY METHOD INVESTMENTS

12 Months Ended

Dec. 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

JOINT VENTURE PARTNERSHIPS AND EQUITY METHOD INVESTMENTS

At December 31, 2020, the Company had investments in the following unconsolidated joint venture partnerships and equity method investments:


Locations	Net Investment		Interest Owned
Joint Venture Partnerships:
Alberta, Canada (2)	$	34.6	43.37	%
Florence, South Carolina	10.2		49.00	%
Buffalo, New York	13.4		48.18	%
Equity Method Investments:
Various	7.2		various

The joint venture partnerships are governed by agreements that mandate unanimous agreement between partners on all major business decisions as well as providing other participating rights to each partner. The equity method investments represent the Company’s purchase of ownership interests in clinical diagnostic companies. The investments are accounted for under the equity method of accounting as the Company does not have control of these investments. The Company has no material obligations or guarantees to, or in support of, these unconsolidated investments and their operations.

The Company’s investment in one of its Alberta joint venture partnerships at December 31, 2020, includes $22.4 of value assigned to that partnership’s Canadian license to conduct diagnostic testing services in the province. Substantially all of the joint venture's revenue is received as reimbursement from the Alberta government's healthcare programs (AHS). While the Canadian license provides the joint venture the ability to conduct diagnostic testing in Alberta, it does not guarantee that the provincial government will continue to reimburse diagnostic laboratory testing in future years at current levels. A decision by the provincial government to limit or reduce its reimbursement of laboratory diagnostic services would have a negative impact on the profits and cash flows the Company derives from the joint venture. In August 2016, AHS and the Canadian partnership reached an agreement to extend the contract for five additional years through March 2022, with the intent to have the services provided pursuant to the contract transferred to AHS at the end of the five-year period. In consideration of AHS acquiring the assets and assuming liabilities in accordance with the parties’ agreement, AHS will pay CAD 50.0 to the partnership when the transfer is effective, subject to a working capital adjustment. The Company is amortizing the value of the partnership's Canadian license to its residual value over the remaining term of the agreement. In December 2019, AHS issued a Request for Expression of Interest, that seeks to gauge market interest from private third parties for the provision of community lab services in Alberta. The Canadian partnership submitted a response indicating its interest in providing lab services.

ACCOUNTS RECEIVABLE, NET

12 Months Ended

Dec. 31, 2020

Accounts, Notes, Loans and Financing Receivable [Line Items]

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

ACCOUNTS RECEIVABLE


	December 31, 2020		December 31, 2019
Dx accounts receivable	$	1,515.5	$	798.1
DD accounts receivable	986.4		764.8
Less DD allowance for doubtful accounts	(22.1)		(19.0)
Accounts receivable	$	2,479.8	$	1,543.9

Accounts and Nontrade Receivable [Text Block]


	December 31, 2020		December 31, 2019
Dx accounts receivable	$	1,515.5	$	798.1
DD accounts receivable	986.4		764.8
Less DD allowance for doubtful accounts	(22.1)		(19.0)
Accounts receivable	$	2,479.8	$	1,543.9

PROPERTY, PLANT AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT, NET


	December 31, 2020		December 31, 2019
Land	$	99.4	$	90.9
Buildings and building improvements	879.9		781.8
Machinery and equipment	1,522.3		1,345.1
Software	857.5		794.9
Leasehold improvements	440.0		411.7
Furniture and fixtures	112.2		97.0
Construction in progress	231.6		311.1
Operating lease ROU assets	789.8		732.8
	4,932.7		4,565.3
Less accumulated depreciation	(2,203.1)		(1,928.7)
	$	2,729.6	$	2,636.6

Depreciation expense and amortization of property, plant and equipment was $349.3, $321.5 and $311.5 for 2020, 2019 and 2018, respectively, including software depreciation of $84.7, $90.4, and $92.7 for 2020, 2019 and 2018, respectively.

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

The changes in the carrying amount of goodwill (net of accumulated amortization) for the years ended December 31, 2020 and 2019 are as follows:


	Dx				DD				Total
	December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019
Balance as of January 1	$	3,721.5	$	3,638.8	$	4,143.5	$	3,721.5	$	7,865.0	$	7,360.3
Goodwill acquired during the year	75.8		80.2		90.4		414.3		166.2		494.5
Dispositions	—		—		—		(12.6)		—		(12.6)
Impairment	(3.7)		—		(418.7)		—		(422.4)		—
Foreign currency impact and other adjustments to goodwill	6.6		2.5		136.1		20.3		142.7		22.8
Balance at end of year	$	3,800.2	$	3,721.5	$	3,951.3	$	4,143.5	$	7,751.5	$	7,865.0

The components of identifiable intangible assets are as follows:


	December 31, 2020						December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	4,643.3	$	(1,534.9)	$	3,108.4	$	4,441.7	$	(1,329.5)	$	3,112.2
Patents, licenses and technology	434.7		(252.6)		182.1		453.6		(235.7)		217.9
Non-compete agreements	109.6		(70.7)		38.9		90.9		(60.5)		30.4
Trade names	401.8		(263.9)		137.9		408.2		(219.9)		188.3
Land use rights	10.9		(6.9)		4.0		10.9		(5.5)		5.4
Canadian licenses	489.8		—		489.8		480.3		—		480.3
	$	6,090.1	$	(2,129.0)	$	3,961.1	$	5,885.6	$	(1,851.1)	$	4,034.5

During 2020, the Company recorded goodwill and other asset impairment charges of $462.1, $450.5 within DD and $11.6 within Dx. The Company concluded that the fair value was less than the carrying value for two of its reporting units and recorded goodwill impairment of $418.7 and $3.7 for DD and Dx, respectively. Additional impairment of identifiable intangible and tangible assets of $31.8 and $7.9 was recorded for DD and Dx, respectively, for impairment of a tradename, software, customer relationships, and technology assets.

As part of the rebranding initiative, the Company reduced the estimated useful life of its trade name assets to reflect their anticipated use through December 2021. This change in estimated useful life resulted in accelerated amortization of $27.5 in 2020.

A summary of amortizable intangible assets acquired during 2020, and their respective weighted average amortization periods are as follows:


	Amount		Weighted Average Amortization Period
Customer relationships	$	102.4	14.1
Trade name	0.2		2.4

Non-compete agreements	18.7		5.0
	$	121.3	12.7

Amortization of intangible assets, including amortization of the Canadian license recorded in other assets, was $275.4, $243.2 and $231.7 in 2020, 2019 and 2018, respectively. The Company recorded purchase accounting adjustments and impairment losses through amortization expense of $0.0, $0.4, and $4.5 in 2020, 2019 and 2018, respectively. Amortization expense of intangible assets is estimated to be $365.5 in fiscal 2021, $220.8 in fiscal 2022, $217.8 in fiscal 2023, $213.2 in fiscal 2024, $200.8 in fiscal 2025, and $2,160.5 thereafter.

ACCRUED EXPENSES AND OTHER

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

ACCRUED EXPENSES AND OTHER


	December 31, 2020		December 31, 2019
Employee compensation and benefits	$	623.2	$	474.6

Accrued taxes payable	374.8		156.7






Other	359.7		311.1
	$	1,357.7	$	942.4

DEBT

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

DEBT

Short-term borrowings and current portion of long-term debt at December 31, 2020, and 2019 consisted of the following:


	December 31, 2020		December 31, 2019



4.625% senior notes due 2020	—		413.7
2019 term loan	375.0		—
Debt issuance costs	(0.4)		(0.7)
Current portion of note payable	2.1		2.2
Total short-term borrowings and current portion of long-term debt	$	376.7	$	415.2

Long-term debt at December 31, 2020, and 2019 consisted of the following:


	December 31, 2020		December 31, 2019




3.75% senior notes due 2022	500.0		500.0
3.20% 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

2.30% senior notes due 2024	400.0		400.0
2.95% senior notes due 2029	650.0		650.0
2019 term loan	—		375.0

Debt issuance costs	(37.1)		(42.2)
Note payable	6.1		7.0
Total long-term debt	$	5,419.0	$	5,789.8

Credit Facilities

On June 3, 2019, the Company entered into a new $850.0 term loan (the 2019 Term Loan). The 2019 Term Loan will mature on June 3, 2021. Proceeds of the 2019 Term Loan were used to repay approximately $250.0 of the 2017 Term Loan and to fund the acquisition of Envigo's nonclinical research services business.

The 2019 Term Loan accrues interest at a per annum rate equal to, at the Company's election, either a LIBOR rate plus a margin ranging from 0.55% to 1.175%, or a base rate determined according to a prime rate or federal funds rate plus a margin ranging from 0.0% to 0.175%. As of December 31, 2020, the effective interest rate on the 2019 Term Loan was 0.95%.

On September 15, 2017, the Company entered into a $750.0 term loan (the 2017 Term Loan). The 2017 Term Loan accrued interest at a per annum rate equal to, at the Company's election, either a LIBOR rate plus a margin ranging from 0.875% to 1.50%, or a base rate determined according to a prime rate or federal funds rate plus a margin ranging from 0.0% to 0.50%. The 2017 Term Loan was fully repaid in 2019.

The Company also maintains a senior revolving credit facility consists of a five-year revolving facility in the principal amount of up to $1,000.0, with the option of increasing the facility by up to an additional $350.0, subject to the agreement of one or more new or existing lenders to provide such additional amounts and certain other customary conditions. The revolving credit facility also provides for a subfacility of up to $100.0 for swing line borrowings and a subfacility of up to $80.0 for issuances of letters of credit. The Company is required to pay a facility fee on the aggregate commitments under the revolving credit facility, at a per annum rate ranging from 0.10% to 0.25%. The revolving credit facility is permitted to be used for general corporate purposes, including working capital, capital expenditures, funding of share repurchases and certain other payments, acquisitions, and other investments. There were no balances outstanding on the Company's current revolving credit facility at December 31, 2020, or December 31, 2019. As of December 31, 2020, the effective interest rate on the revolving credit facility was 1.12%. The credit facility expires on September 15, 2022.

Under the Company's term loan facilities and the revolving credit facility, the Company is subject to negative covenants limiting subsidiary indebtedness and certain other covenants typical for investment grade-rated borrowers and the Company is required to maintain certain leverage ratios. The Company was in compliance with all covenants in its term loans and the revolving credit facility at December 31, 2020, and December 31, 2019. In May 2020, in order to obtain increased financial covenant flexibility, the Company and its lenders entered into amendments to the term loan facility and the revolving credit facility to increase the maximum leverage ratio to 5.0x debt to last twelve months EBITDA for the three month periods ending June 30, September 30 and December 31, 2020, and 4.5x for the period ended March 31, 2021. From and including the period ending June 30, 2021, the maximum leverage ratio reverts back to 4.0x. The amendments also provide that during any period in which the Company's leverage ratio exceeds 4.5x debt to last twelve months EBITDA (i) the Company will be prohibited from consummating share repurchases, subject to limited exceptions, (ii) borrowings under the revolving credit facility will accrue interest at a per annum rate equal to, at the Company's election, either a LIBOR rate plus a margin of 1.25% or a base rate plus a margin of 0.25%, (iii) the facility fee that the Company is required to pay on the aggregate commitments under the revolving credit facility will be 0.25% per annum, and (iv) borrowings under the term loan facility will accrue interest at a per annum rate equal to, at the Company's election, either a LIBOR rate plus a margin of 1.175% or a base rate plus a margin of 0.175%. The Company's leverage ratio did not exceed 4.5x debt to last twelve months EBITDA as of December 31, 2020.

The Company’s availability of $997.0 at December 31, 2020, under its revolving credit facility is reduced by the amount of the Company's outstanding letters of credit.

Zero-Coupon Convertible Subordinated Notes

During 2019, the Company settled notices to convert $8.6 aggregate principal amount at maturity of its zero-coupon subordinated notes with a conversion value of $16.6. The total cash used for these settlements was $8.2 and the Company also issued 0.1 additional shares of common stock. As a result of these conversions in 2019, the Company also reversed approximately $2.0 of deferred tax liability to reflect the tax benefit realized upon issuance of the shares. On December 19, 2019, the Company redeemed all remaining outstanding zero-coupon notes that had not previously converted.

Senior Notes

On August 17, 2020 the Company redeemed the remaining $412.2 of its 4.625% Senior Notes due November 15, 2020, using available cash on hand. The Company exited the remaining fixed-to-variable interest rate swap agreement in August 2020, in connection with this redemption and recorded a gain of $1.6 on the extinguishment. The gain was included in Other, net on the Consolidated Statement of Operations.

On November 25, 2019, the Company issued $1,050.0 in debt securities, consisting of $400.0 aggregate principal amount of 2.300% Senior Notes due 2024 and $650.0 aggregate principal amount of 2.950% Senior Notes due 2029. The net proceeds from the new Senior Notes were used to redeem of all of the outstanding $500.0 principal amount of its 2.625% Senior Notes due February 1, 2020, redeem $187.9 of the outstanding 4.625% Senior Notes due November 15, 2020 in a tender offer, and to repay $348.3 outstanding under the Company's term loan credit facilities. The Company recorded a loss of $4.0 on the extinguishment of the 2.625% Senior Notes and part of the outstanding 4.625% Senior Notes.

The scheduled payments of long-term debt at the end of 2020 are summarized as follows:



2021	$	376.7
2022	1,000.0
2023	300.0
2024	1,000.0
2025	1,000.0
Thereafter	2,156.1
Total scheduled payments	5,832.8
Less long-term debt issuance costs	(37.1)
Total long-term debt	5,795.7
Less current portion	(376.7)
Long-term debt, due beyond one year	$	5,419.0

PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY

PREFERRED STOCK AND COMMON SHAREHOLDERS’ EQUITY

The Company is authorized to issue up to 265.0 shares of common stock, par value $0.10 per share. The Company is authorized to issue up to 30.0 shares of preferred stock, par value $0.10 per share. There were no preferred shares outstanding as of December 31, 2020 and 2019.

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


Common Shares Issued
	2020	2019	2018
Common stock issued at January 1	97.2	122.4	125.1
Common stock issued under employee stock plans	0.9	1.2	1.6
Common stock issued upon conversion of zero-coupon subordinated notes	—	0.1	—
Retirement of treasury stock	—	(23.6)	—
Purchase of common stock	(0.6)	(2.9)	(4.3)
Common stock issued at December 31	97.5	97.2	122.4


Common Shares Held in Treasury
	2020	2019	2018
Common shares held in treasury at January 1	—	23.5	23.2
Surrender of restricted stock and performance share awards	—	0.1	0.3
Retirement of treasury shares	—	(23.6)	—
Common shares held in treasury at December 31	—	—	23.5

The Company’s treasury shares are recorded at aggregate cost. During 2019, the board of directors approved the retirement of all current treasury shares and future shares received in settlement of tax liabilities related to restricted stock vesting.

Share Repurchase Program

During 2020, the Company purchased 0.6 shares of its common stock at an average price of $178.85 for a total cost of $100.0. When the Company repurchases shares for retirement, the amount paid to repurchase the shares in excess of the par or stated value is allocated to additional paid-in capital unless subject to limitation or the balance in additional paid-in-capital is exhausted. Remaining amounts are recognized as a reduction in retained earnings. At the end of 2020, the Company had outstanding authorization from its board of directors to purchase $800.0 of Company common stock. The repurchase authorization has no expiration date. The Company reinstated its share repurchase program in October 2020 following the temporary suspension of stock repurchases beginning in March 2020 due to the COVID-19 pandemic.

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
Balance at December 31, 2018	$	(389.8)	$	(73.3)	$	(463.1)
Current year adjustments	104.4		(22.5)		81.9
Amounts reclassified from accumulated other comprehensive earnings (a)	—		5.1		5.1
Tax effect of adjustments	—		3.7		3.7
Balance at December 31, 2019	(285.4)		(87.0)		(372.4)
Current year adjustments	264.1		(72.9)		191.2
Amounts reclassified from accumulated other comprehensive earnings (a)	—		7.2		7.2
Tax effect of adjustments	—		12.1		12.1
Balance at December 31, 2020	$	(21.3)	$	(140.6)	$	(161.9)

(a) The amortization of prior service cost is included in the computation of net periodic benefit cost. Refer to Note 17 Pension and Postretirement Plans for additional information regarding the Company's net periodic benefit cost.

INCOME TAXES

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

INCOME TAXES

The sources of income before taxes, classified between domestic and foreign entities are as follows:


	2020		2019		2018
Domestic	$	1,846.5	$	784.4	$	937.7
Foreign	372.5		320.5		330.6
Total pre-tax income	$	2,219.1	$	1,104.9	$	1,268.3

The provisions (benefits) for income taxes in the accompanying consolidated statements of operations consist of the following:


	Years Ended December 31,
	2020		2019		2018
Current:
Federal	$	455.3	$	126.7	$	225.8
State	172.8		40.2		61.2
Foreign	81.0		83.9		64.3
	$	709.1	$	250.8	$	351.3
Deferred:
Federal	$	(6.7)	$	38.2	$	(2.5)
State	(28.1)		2.5		30.0
Foreign	(12.2)		(11.5)		5.6
	(47.0)		29.2		33.1
	$	662.1	$	280.0	$	384.4

The effective tax rates on earnings before income taxes are reconciled to statutory U.S. income tax rates as follows:


	Years Ended December 31,
	2020		2019		2018
Statutory U.S. rate	21.0	%	21.0	%	21.0	%
State and local income taxes, net of U.S. Federal income tax effect	5.3		3.2		3.4
Foreign earnings taxed at lower rates than the statutory U.S. rate	(0.4)		(0.1)		(0.3)
Restructuring and acquisition items	—		0.7		1.9
Re-measurement of deferred taxes	—		—		2.4
Repatriation tax	—		—		1.2
Impairment of assets	4.0		—		—
GILTI	(0.1)		1.1		1.0
Other	—		(0.6)		(0.3)
Effective rate	29.8	%	25.3	%	30.3	%

On December 22, 2017, the U.S. Securities and Exchange Commission (SEC) issued Staff Accounting Bulletin No. 118 (SAB 118), which allowed companies one year to finalize the tax accounting for the 2017 enacted Tax Cuts and Jobs Act (TCJA) in its financial statements. Under SAB 118, in 2018 the Company recorded a total tax expense of $45.0, $14.8 related to the TCJA repatriation tax and $30.1 for the remeasurement of deferred taxes.

The TCJA includes provisions relating to global low-taxed intangible income (GILTI). The Company finalized its decision on accounting policy during the fourth quarter of 2018. The Company will account for GILTI as a periodic charge in the period it arises.

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows:


	December 31, 2020		December 31, 2019
Deferred tax assets:
Accounts receivable	$	20.0	$	16.9
Employee compensation and benefits	115.6		105.1
Operating lease liability	187.6		191.4


Acquisition and restructuring reserves	22.6		9.9
Tax loss carryforwards	206.8		207.1
Other	126.8		62.9
	679.4		593.3
Less: valuation allowance	(167.6)		(145.4)
Deferred tax assets, net of valuation allowance	$	511.8	$	447.9

Deferred tax liabilities:

Right of use asset	$	(179.5)	$	(177.3)
Intangible assets	(912.5)		(910.5)
Property, plant and equipment	(203.9)		(194.6)

Other	(46.3)		(57.4)
Total gross deferred tax liabilities	(1,342.2)		(1,339.8)
Net deferred tax liabilities	$	(830.4)	$	(891.9)

The table below provides a rollforward of the valuation allowance.


	December 31, 2020		December 31, 2019		December 31, 2018
Beginning balance	$	145.4	$	156.9	$	153.5
Additions charged to expense	5.8		—		3.4
Reductions and other adjustments	16.4		(11.5)		—
Ending balance	$	167.6	$	145.4	$	156.9

The Company has U.S. federal tax loss carryforwards of approximately $185.2, which expire periodically through 2036, as well as post 2017 carryovers of $0.1 that are limited to 80% of taxable income and have an indefinite carryover. The utilization of tax loss carryforwards is limited due to change of ownership rules; however, at this time, the Company expects to fully utilize substantially all U.S. federal tax loss carryforwards with the exception of approximately $3.9 for which a full valuation

allowance has been provided. The Company has U.S. state tax loss carryforwards of $540.3, which also expire periodically through 2038, and on which a valuation allowance of $340.0 has been provided. In addition to federal and state tax loss carryforwards, the Company has other federal and state attribute carry forwards of $288.6. These attribute carryforwards have indefinite lives and a valuation allowance of $229.6. The Company has foreign tax loss carryforwards of $59.1 which have an indefinite life and on which a valuation allowance of $25.9 has been provided, as well as foreign tax loss carryforwards of $502.9 which expire periodically through 2034 that have a full valuation allowance. In addition to the foreign net operating losses, the Company has a foreign capital loss carryforward of $6.9. The foreign capital loss carryforward has an indefinite life and has a full valuation allowance.

The valuation allowance increased from $145.4 in 2019 to $167.6 in 2020 primarily due to capital loss disallowances during the year that are not expected to be realized for tax purposes and for Swiss net operating losses not expected to be realized as a result of the finalization of the Envigo acquisition.

Unrecognized income tax benefits were $48.8 and $31.7 at December 31, 2020, and 2019, respectively. It is anticipated that the amount of the unrecognized income tax benefits will change within the next 12 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.

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 $8.3 and $5.5 as of December 31, 2020, and 2019, respectively. During the years ended December 31, 2020, 2019 and 2018, the Company recognized $4.4, $2.0 and $1.8, respectively, in interest and penalties expense, which was offset by a benefit from reversing previous accruals for interest and penalties of $3.0, $5.8 and $0.5, respectively. As of December 31, 2020 and 2019 interest expense of $1.4, and $0.8, respectively, was added to accrued interest from the opening balance sheet of an acquisition.

The following table shows a reconciliation of the unrecognized income tax benefits, excluding interest and penalties, from uncertain tax positions for the years ended December 31, 2020, 2019 and 2018:


	2020		2019		2018
Balance as of January 1	$	31.7	$	18.0	$	19.5
Increase in reserve for tax positions taken in the current year	17.3		10.3		3.1
Increase in reserve from an acquisition's opening balance sheet	8.2		8.4		—
Decrease in reserve as a result of payments	(0.3)		(0.8)		(4.6)

Decrease in reserve as a result of lapses in the statute of limitations	(8.1)		(4.2)		—
Balance as of December 31	$	48.8	$	31.7	$	18.0

Also included in the balance of unrecognized tax benefits as of December 31, 2020, 2019 and 2018, are $2.1, $0.0 and $0.0, respectively, of tax benefits that, if recognized, would result in adjustments to other tax accounts, primarily deferred taxes. As of December 31, 2020, 2019 and 2018 there are $46.7, $31.7 and $18.0, respectively, of tax benefits that, if recognized would favorably affect the effective income tax rate.

The Company has substantially concluded all U.S. federal income tax matters for years through 2016. Substantially all material state and local and foreign income tax matters have been concluded through 2014 and 2010, respectively.

The Company is appealing a Canada Revenue Agency assessment related to the 2014 income tax return. The Company believes adequate reserves have been established for the assessment. The Company has various state and foreign income tax examinations ongoing throughout the year. The Company believes adequate provisions have been recorded related to all open tax years.

As a result of the TCJA, the Company was effectively taxed on all of its previously unremitted foreign earnings. The TCJA also enacts a territorial tax system that allows, for the most part, tax-free repatriation of foreign earnings. The Company still considers the earnings of its foreign subsidiaries to be permanently reinvested, but if repatriation were to occur the Company would be required to accrue U.S. taxes, if any, and remit applicable withholding taxes as appropriate. The Company has unremitted earnings and profits of $702.4 and $601.4 that are permanently reinvested in its foreign subsidiaries as of December 31, 2020, and 2019, respectively. A determination of the amount of the unrecognized deferred tax liability related to these undistributed earnings is not practicable due to the complexity and variety of assumptions necessary based on the manner in which the undistributed earnings would be repatriated.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

STOCK COMPENSATION PLANS

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The following table shows the weighted average grant-date fair values of options issued during the respective year and the weighted average assumptions that the Company used to develop the fair value estimates:



	2020			2019
Fair value per option	$	40.06		$	33.70

Weighted average expected life (in years)	6.0			6.0
Risk free interest rate	1.5		%	2.1		%
Expected volatility	20.3		%	20.4		%
Expected dividend yield	N/A			N/A

The Company uses the Black-Scholes model to calculate the fair value of the employee’s purchase right. The fair value of the employee’s purchase right and the assumptions used in its calculation are as follows:


	2020			2019			2018
Fair value of the employee’s purchase right	$	35.49		$	31.84		$	34.43
Valuation assumptions
Risk free interest rate	0.1		%	1.9		%	2.3		%
Expected volatility	0.3			0.2			0.2
Expected dividend yield	—			—			—

STOCK COMPENSATION PLANS

Stock Incentive Plans

In 2016, the shareholders approved the Laboratory Corporation of America Holdings 2016 Omnibus Incentive Plan (the Plan). Under the Plan, as of December 31, 2020, there are 9.4 shares authorized for issuance and 5.4 shares available for grant.

Stock Options

The following table summarizes grants of non-qualified options made by the Company to officers, key employees, and non-employee directors under all plans. Stock options are generally granted at an exercise price equal to or greater than the fair market price per share on the date of grant. Also, for each grant, options vest ratably over a period of three years on the anniversaries of the grant date, and have a contractual exercise period of 10 years subject to their earlier expiration or termination.

Changes in options outstanding under the plans for the period indicated were as follows:


	Number of Options	Weighted-Average Exercise Price per Option	Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at December 31, 2019	0.6	125.26
Granted	0.1	182.71
Exercised	(0.2)	93.55
Canceled	—	—
Outstanding at December 31, 2020	0.5	148.39	6.5	$	27.5

Exercisable at December 31, 2020	0.3	126.55	4.9	$	20.5

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the last trading day of 2020 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2020.

Cash received by the Company from option exercises, the actual tax benefit realized for the tax deductions and the aggregate intrinsic value of options exercised from option exercises under all share-based payment arrangements during the years ended December 31, 2020, 2019, and 2018 were as follows:


	2020		2019		2018
Cash received by the Company	$	17.5	$	27.6	$	37.5
Tax benefits realized	$	4.6	$	6.9	$	9.4
Aggregate intrinsic value	$	18.5	$	24.5	$	44.1



	2020			2019
Fair value per option	$	40.06		$	33.70

Weighted average expected life (in years)	6.0			6.0
Risk free interest rate	1.5		%	2.1		%
Expected volatility	20.3		%	20.4		%
Expected dividend yield	N/A			N/A

The Black Scholes model incorporates assumptions to value stock-based awards. The risk-free interest rate for periods within the contractual life of the option is based on a zero-coupon U.S. government instrument over the contractual term of the equity instrument. Expected volatility of the Company’s stock is based on historical volatility of the Company’s stock. The Company estimates expected option terms through an analysis of actual, historical post-vesting exercise, cancellation and expiration behavior by employees and projected post-vesting activity of outstanding options. Groups of employees and non-employee directors that have similar exercise behavior with regard to option exercise timing and forfeiture rates are considered separately for valuation purposes. For 2020, 2019 and 2018, expense related to the Company’s stock option plan totaled $3.4, $5.9 and $3.5, respectively, and is included in selling, general and administrative expenses.

Restricted Stock, Restricted Stock Units and Performance Shares

The Company grants restricted stock, restricted stock units, and performance shares (non-vested shares) to officers and key employees and grants restricted stock and restricted stock units to non-employee directors. Restricted stock and units typically vest annually in equal one-third increments beginning on the first anniversary of the grant. A performance share grant in 2018 represents a three-year award opportunity for the period 2018-2020, and if earned, vests fully (to the extent earned) in the first quarter of 2021. A performance share grant in 2019 represents a three-year award opportunity for the period of 2019-2021 and, if earned, vests fully (to the extent earned) in the first quarter of 2022. A performance share grant in 2020 represents a three-year award opportunity for the period of 2020-2022 and, if earned, vests fully (to the extent earned) in the first quarter of 2023. Performance share awards are subject to certain earnings per share, revenue, and total shareholder return targets, the achievement of which may increase or decrease the number of shares which the grantee earns and therefore receives upon vesting. Unearned restricted stock and performance share compensation is amortized to expense, when probable, over the applicable vesting periods. For 2020, 2019, and 2018, total restricted stock, restricted stock unit, and performance share compensation expense was $98.1, $91.2 and $80.1, respectively, and is included in selling, general and administrative expenses.

The following table shows a summary of non-vested shares for the year ended December 31, 2020:


	Number of Shares	Weighted-Average Grant Date Fair Value
Non-vested at January 1, 2020	1.3	$	152.70
Granted	0.7	182.88
Vested	(0.6)	144.55
Canceled	(0.1)	167.56
Non-vested at December 31, 2019	1.3	$	170.04

As of December 31, 2020, there was $115.5 of total unrecognized compensation cost related to non-vested stock options, restricted stock, restricted stock unit and performance share-based compensation arrangements granted under the Company's stock incentive plans. That cost is expected to be recognized over a weighted average period of 1.8 years and will be included in selling, general and administrative expenses.

Employee Stock Purchase Plan

Under the 2016 Employee Stock Purchase Plan, the Company is authorized to issue 1.8 shares of common stock. The plan permits substantially all U.S. employees to purchase a limited number of shares of Company stock at 85% of market value. The Company issues shares to participating employees semi-annually in January and July of each year. Approximately 0.3, 0.2 and 0.2 shares were purchased by eligible employees in 2020, 2019 and 2018, respectively. For 2020, 2019 and 2018, expense related to the Company’s employee stock purchase plan was $10.3, $9.9 and $8.0, respectively.


	2020			2019			2018
Fair value of the employee’s purchase right	$	35.49		$	31.84		$	34.43
Valuation assumptions
Risk free interest rate	0.1		%	1.9		%	2.3		%
Expected volatility	0.3			0.2			0.2
Expected dividend yield	—			—			—

LEASES (Notes)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases of Lessor Disclosure

LEASESThe Company has operating and finance leases for patient service centers, laboratories and testing facilities, clinical facilities, general office spaces, vehicles, and office and laboratory equipment. Leases have remaining lease terms of less than a year to 13 years, some of which include options to extend the leases for up to 15 years.

The components of lease expense were as follows:


	For the Year Ended
	December 31, 2020		December 31, 2019
Operating lease cost	$	215.4	$	224.0

Finance lease cost:
Amortization of right-of-use assets	$	11.2	$	11.1
Interest on lease liabilities	4.7		6.7
Total finance lease cost	$	15.9	$	17.8

Supplemental cash flow information related to leases was as follows:


	For the Year Ended
	December 31, 2020		December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(213.8)	$	(227.3)
Operating cash flows from finance leases	(4.7)		(6.7)
Financing cash flows from finance leases	(15.2)		(8.9)

ROU assets obtained in exchange for lease obligations:
Operating leases	$	185.9	$	132.6
Finance leases	—		0.2

Supplemental balance sheet information related to leases was as follows:


	December 31, 2020			December 31, 2019
Operating Leases
Operating lease ROU assets (included in Property, plant and equipment, net)	$	789.8		$	732.8

Short-term operating lease liabilities	192.0			206.5
Operating lease liabilities	677.6			596.6
Total operating lease liabilities	$	869.6		$	803.1

Finance Leases

Finance lease ROU assets (included in Other assets)	$	79.7		$	87.7

Short-term finance lease liabilities	6.7			8.4
Financing lease liabilities	84.4			91.1
Total finance lease liabilities	$	91.1		$	99.5

Weighted Average Remaining Lease Term
Operating leases	7.6			7.6
Finance leases	15.9			15.5

Weighted Average Discount Rate
Operating leases	3.3		%	4.1		%
Finance leases	5.1		%	5.2		%

Maturities of lease liabilities are as follows:


Year Ended December 31, 2020	Operating Leases		Finance Leases
2021	$	206.1	$	12.7
2022	162.9		11.6
2023	119.8		11.4
2024	85.8		10.5
2025	71.5		7.7
Thereafter	354.8		89.2
Total lease payments	$	1,000.9	$	143.1
Less imputed interest	(131.3)		(52.0)
Less current portion	(192.0)		(6.7)
Total maturities, due beyond one year	$	677.6	$	84.4

Rent expense for short term leases with a term less than one year for the years ended December 31, 2020 and 2019 amounted to $6.8 and $10.6, respectively. The Company has variable lease payments that do not depend on a rate index, primarily for purchase volume commitments, which are recorded as variable cost when incurred. Total variable payments for the year ended December 31, 2020 and 2019 were $26.7 and $20.8. As of December 31, 2020, the Company has entered into two additional operating leases, for patient service centers that have not yet commenced and are not significant to the overall lease portfolio. These operating leases will commence in 2021 with lease terms of three years. Rent expense, which includes rent for real estate, equipment and automobiles under operating leases under ASC 840 amounted to $358.7 for the year ended December 31, 2018.

COMMITMENTS AND CONTINGENT LIABILITIES	12 Months Ended
COMMITMENTS AND CONTINGENT LIABILITIES	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENT LIABILITIES	COMMITMENTS AND CONTINGENT LIABILITIES The Company is involved from time to time in various claims and legal actions, including arbitrations, class actions, and other litigation (including those described in more detail below), 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; commercial and contract disputes; professional liability claims; employee-related matters; and inquiries, including subpoenas and other civil investigative demands, from governmental agencies, Medicare or Medicaid payers and MCOs 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 parties, including physicians and other health care providers. The Company works cooperatively to respond to appropriate requests for information. The Company also is 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 U.S. federal or state healthcare programs. The suits 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 healthcare field today. The Company believes that it is in compliance in all material respects with all statutes, regulations, and other requirements applicable to its commercial laboratory operations and drug development support services. The healthcare diagnostics and drug development industries are, however, subject to extensive regulation, and the courts have not interpreted many of the applicable statutes and regulations. Therefore, the applicable statutes and regulations could 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 civil and criminal penalties, fines, the loss of various licenses, certificates and authorizations, additional liabilities from third-party claims, and/or exclusion from participation in government programs. Many of the current claims and legal actions against the Company are in preliminary stages, and many of these cases seek an indeterminate amount of damages. The Company records an aggregate legal reserve, which is determined using calculations based on historical loss rates and assessment of trends experienced in settlements and defense costs. In accordance with FASB Accounting Standards Codification Topic 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. The Company is unable to estimate a range of reasonably probable loss for the proceedings described in more detail below in which damages either have not been specified or, in the Company'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 proceedings, however, the Company does not believe, based on currently available information, that the outcomes will have a material adverse effect on the Company's financial condition, though the outcomes could be material to the Company's operating results or cash flows for any particular period, depending, in part, upon the operating results for such period. As previously reported, the Company responded to an October 2007 subpoena from the U.S. Department of Health & Human Services Office of Inspector General's regional office in New York. On August 17, 2011, the U.S. District Court for the Southern District of New York unsealed a False Claims Act lawsuit, United States of America ex rel. NPT Associates v. Laboratory Corporation of America Holdings, which alleges that the Company offered UnitedHealthcare kickbacks in the form of discounts in return for Medicare business. The Plaintiff's Third Amended Complaint further alleges that the Company's billing practices violated the False Claims Acts of 14 states and the District of Columbia. The lawsuit seeks actual and treble damages and civil penalties for each alleged false claim, as well as recovery of costs, attorney's fees, and legal expenses. Neither the U.S. government nor any state government has intervened in the lawsuit. The Company's Motion to Dismiss was granted in October 2014 and Plaintiff was granted the right to replead. On January 11, 2016, Plaintiff filed a motion requesting leave to file an amended complaint under seal and to vacate the briefing schedule for the Company's Motion to Dismiss, while the government reviews the amended complaint. The Court granted the motion and vacated the briefing dates. Plaintiff then filed the Amended Complaint under seal. The Company will vigorously defend the lawsuit. In addition, the Company has received various other subpoenas since 2007 related to Medicaid billing. In October 2009, the Company received a subpoena from the State of Michigan Department of Attorney General seeking documents related to its billing to Michigan Medicaid. The Company cooperated with this request. In October 2013, the Company received a Civil Investigative Demand from the State of Texas Office of the Attorney General requesting documents related to its billing to Texas Medicaid. The Company cooperated with this request. On October 5, 2018, the Company received a second Civil Investigative Demand from the State of Texas Office of the Attorney General requesting documents related to its billing to Texas Medicaid. The Company cooperated with this request. On January 26, 2021, the Company was notified that a qui tam Petition was pending under seal in the District Court, 250th Judicial District, Travis County, Texas, and that the State of Texas has intervened. The petition remains under seal. If the petition is unsealed and served upon the Company, the Company will vigorously defend the lawsuit. On August 31, 2015, the Company was served with a putative class action lawsuit, Patty Davis v. Laboratory Corporation of America, et al., filed in the Circuit Court of the Thirteenth Judicial Circuit for Hillsborough County, Florida. The complaint alleges that the Company violated the Florida Consumer Collection Practices Act by billing patients who were collecting benefits under the Workers' Compensation Statutes. The lawsuit seeks injunctive relief and actual and statutory damages, as well as recovery of attorney's fees and legal expenses. In April 2017, the Circuit Court granted the Company’s Motion for Judgment on the Pleadings. The Plaintiff appealed the Circuit Court’s ruling to the Florida Second District Court of Appeal. On October 16, 2019, the Court of Appeal reversed the Circuit Court’s dismissal, but certified a controlling issue of Florida law to the Florida Supreme Court. On February 17, 2020, the Florida Supreme Court accepted jurisdiction of the lawsuit. The Court held oral arguments on December 9, 2020. The Company will vigorously defend the lawsuit. In December 2014, the Company received a Civil Investigative Demand issued pursuant to the U.S. False Claims Act from the U.S. Attorney's Office for South Carolina, which requested information regarding alleged remuneration and services provided by the Company to physicians who also received draw and processing/handling fees from competitor laboratories Health Diagnostic Laboratory, Inc. (HDL) and Singulex, Inc. (Singulex). The Company cooperated with the request. On April 4, 2018, the U.S. District Court for the District of South Carolina, Beaufort Division, unsealed a False Claims Act lawsuit, United States of America ex rel. Scarlett Lutz, et al. v. Laboratory Corporation of America Holdings, which alleges that the Company's financial relationships with referring physicians violate federal and state anti-kickback statutes. The Plaintiffs' Fourth Amended Complaint further alleges that the Company conspired with HDL and Singulex in violation of the Federal False Claims Act and the California and Illinois insurance fraud prevention acts by facilitating HDL's and Singulex's offers of illegal inducements to physicians and the referral of patients to HDL and Singulex for laboratory testing. The lawsuit seeks actual and treble damages and civil penalties for each alleged false claim, as well as recovery of costs, attorney's fees, and legal expenses. Neither the U.S. government nor any state government has intervened in the lawsuit. The Company filed a Motion to Dismiss seeking the dismissal of the claims asserted under the California and Illinois insurance fraud prevention statutes, the conspiracy claim, the reverse False Claims Act claim, and all claims based on the theory that the Company performed medically unnecessary testing. On January 16, 2019, the Court entered an order granting in part and denying in part the Motion to Dismiss. The Court dismissed the Plaintiffs' claims based on the theory that the Company performed medically unnecessary testing, the claims asserted under the California and Illinois insurance fraud prevention statutes, and the reverse False Claims Act claim. The Court denied the Motion to Dismiss as to the conspiracy claim. The Company will vigorously defend the lawsuit. Prior to the Company's acquisition of Sequenom, Inc. (Sequenom) between August 15, 2016 and August 24, 2016, six putative class-action lawsuits were filed on behalf of purported Sequenom stockholders (captioned Malkoff v. Sequenom, Inc., et al., No. 16-cv-02054- JAH-BLM, Gupta v. Sequenom, Inc., et al., No. 16-cv-02084-JAH-KSC, Fruchter v. Sequenom, Inc., et al., No. 16-cv-02101- WQH-KSC, Asiatrade Development Ltd. v. Sequenom, Inc., et al., No. 16-cv-02113-AJB-JMA, Nunes v. Sequenom, Inc., et al., No. 16-cv-02128-AJB-MDD, and Cusumano v. Sequenom, Inc., et al., No. 16-cv-02134-LAB-JMA) in the U.S. District Court for the Southern District of California challenging the acquisition transaction. The complaints asserted claims against Sequenom and members of its board of directors (the Individual Defendants). The Nunes action also named the Company and Savoy Acquisition Corp. (Savoy), a wholly owned subsidiary of the Company, as defendants. The complaints alleged that the defendants violated Sections 14(e), 14(d)(4) and 20 of the Securities Exchange Act of 1934 by failing to disclose certain allegedly material information. In addition, the complaints in the Malkoff action, the Asiatrade action, and the Cusumano action alleged that the Individual Defendants breached their fiduciary duties to Sequenom shareholders. The actions sought, among other things, injunctive relief enjoining the merger. On August 30, 2016, the parties entered into a Memorandum of Understanding (MOU) in each of the above-referenced actions. On September 6, 2016, the Court entered an order consolidating for all pre-trial purposes the six individual actions described above under the caption In re Sequenom, Inc. Shareholder Litig., Lead Case No. 16-cv-02054-JAH-BLM, and designating the complaint from the Malkoff action as the operative complaint for the consolidated action. On November 11, 2016, two competing motions were filed by two separate stockholders (James Reilly and Shikha Gupta) seeking appointment as lead plaintiff under the terms of the Private Securities Litigation Reform Act of 1995. On June 7, 2017, the Court entered an order declaring Mr. Reilly as the lead plaintiff and approving Mr. Reilly's selection of lead counsel. The parties agree that the MOU has been terminated. The Plaintiffs filed a Consolidated Amended Class Action Complaint on July 24, 2017, and the Defendants filed a Motion to Dismiss, which remains pending. On March 13, 2019, the Court stayed the action in its entirety pending the U.S. Supreme Court's anticipated decision in Emulex Corp. v. Varjabedian. On April 23, 2019, however, the U.S. Supreme Court dismissed the writ of certiorari in Emulex as improvidently granted. The Company will vigorously defend the lawsuit. On March 10, 2017, the Company was served with a putative class action lawsuit, Victoria Bouffard, et al. v. Laboratory Corporation of America Holdings, filed in the U.S. District Court for the Middle District of North Carolina. The complaint alleges that the Company's patient list prices unlawfully exceed the rates negotiated for the same services with private and public health insurers in violation of various state consumer protection laws. The lawsuit also alleges breach of implied contract or quasi-contract, unjust enrichment, and fraud. The lawsuit seeks statutory, exemplary, and punitive damages, injunctive relief, and recovery of attorney's fees and costs. In May 2017, the Company filed a Motion to Dismiss Plaintiffs' Complaint and Strike Class Allegations; the Motion to Dismiss was granted in March 2018 without prejudice. On October 10, 2017, a second putative class action lawsuit, Sheryl Anderson, et al. v. Laboratory Corporation of America Holdings, was filed in the U.S. District Court for the Middle District of North Carolina. The complaint contained similar allegations and sought similar relief to the Bouffard complaint, and added additional counts regarding state consumer protection laws. On August 10, 2018, the Plaintiffs filed an Amended Complaint, which consolidated the Bouffard and Anderson actions. On September 10, 2018, the Company filed a Motion to Dismiss Plaintiffs' Amended Complaint and Strike Class Allegations. On August 16, 2019, the Court entered an order granting in part and denying in part the Motion to Dismiss the Amended Complaint, and denying the Motion to Strike the Class Allegations. The Company will vigorously defend the lawsuit. On April 1, 2019, Covance Research Products was served with a Grand Jury Subpoena issued by the Department of Justice (DOJ) in Miami, Florida requiring the production of documents related to the importation into the United States of live non-human primate shipments originating from or transiting through China, Cambodia, and/or Vietnam from April 1, 2014 through March 28, 2019. The Company is cooperating with the DOJ. On May 14, 2019, Retrieval-Masters Creditors Bureau, Inc. d/b/a American Medical Collection Agency (AMCA), an external collection agency, notified the Company about a security incident AMCA experienced that may have involved certain personal information about some of the Company’s patients (the AMCA Incident). The Company referred patient balances to AMCA only when direct collection efforts were unsuccessful. The Company’s systems were not impacted by the AMCA Incident. Upon learning of the AMCA Incident, the Company promptly stopped sending new collection requests to AMCA and stopped AMCA from continuing to work on any pending collection requests from the Company. AMCA informed the Company that it appeared that an unauthorized user had access to AMCA’s system between August 1, 2018, and March 30, 2019, and that AMCA could not rule out the possibility that personal information on AMCA’s system was at risk during that time period. Information on AMCA’s affected system from the Company may have included name, address, and balance information for the patient and person responsible for payment, along with the patient’s phone number, date of birth, referring physician, and date of service. The Company was later informed by AMCA that health insurance information may have been included for some individuals, and because some insurance carriers utilize the Social Security Number as a subscriber identification number, the Social Security Number for some individuals may also have been affected. No ordered tests, laboratory test results, or diagnostic information from the Company were in the AMCA affected system. The Company notified individuals for whom it had a valid mailing address. For the individuals whose Social Security Number was affected, the notice included an offer to enroll in credit monitoring and identity protection services that will be provided free of charge for 24 months. Twenty-three putative class action lawsuits were filed against the Company related to the AMCA Incident in various U.S. District Courts. Numerous similar lawsuits have been filed against other health care providers who used AMCA. These lawsuits have been consolidated into a multidistrict litigation in the District of New Jersey. On November 15, 2019, the Plaintiffs filed a Consolidated Class Action Complaint in the U.S. District Court of New Jersey. On January 22, 2020, the Company filed Motions to Dismiss all claims. The consolidated Complaint generally alleges that the Company did not adequately protect its patients’ data and failed to timely notify those patients of the AMCA Incident. The Complaint asserts various causes of action, including but not limited to negligence, breach of implied contract, unjust enrichment, and the violation of state data protection statutes. The Complaint seeks damages on behalf of a class of all affected Company customers. The Company will vigorously defend the multi-district litigation. The Company was served with a shareholder derivative lawsuit, Raymond Eugenio, Derivatively on Behalf of Nominal Defendant, Laboratory Corporation of America Holdings v. Lance Berberian, et al., filed in the Court of Chancery of the State of Delaware on April 23, 2020. The complaint asserts derivative claims on the Company’s behalf against the Company’s board of directors and certain executive officers. The complaint generally alleges that the defendants failed to ensure that the Company utilized proper cybersecurity safeguards and failed to implement a sufficient response to data security incidents, including the AMCA Incident. The complaint asserts derivative claims for breach of fiduciary duty and seeks relief including damages, certain disclosures, and certain changes to the Company’s internal governance practices. On June 2, 2020, the Company filed a Motion to Stay the lawsuit due to its overlap with the multi-district litigation referenced above. On July 2, 2020, the Company filed a Motion to Dismiss. On July 14, 2020, the Court entered an order staying the lawsuit pending the resolution of the multi-district litigation. The lawsuit will be vigorously defended. Certain governmental entities have requested information from the Company related to the AMCA Incident. The Company received a request for information from the Office for Civil Rights (OCR) of the Department of Health and Human Services. On April 28, 2020, OCR notified the Company of the closure of its inquiry. The Company has also received requests from a multi-state group of state Attorneys General and is cooperating with these requests for information. Three putative class action lawsuits related to California wage and hour laws have been served on the Company. On September 21, 2018, the Company was served with a putative class action lawsuit, Alma Haro v. Laboratory Corporation of America, et al., filed in the Superior Court of California, County of Los Angeles. On June 10, 2019, the Company was served with a putative class action lawsuit, Ignacio v. Laboratory Corporation of America, filed in Superior Court of California, County of Los Angeles. On July 1, 2019, the Company was served with a putative class action lawsuit, Jan v. Laboratory Corporation of America, filed in the Superior Court of California, County of Sacramento. All three lawsuits were subsequently removed to the U.S. District Court for the Central District of California, and then consolidated for all pre-trial proceedings. In the lawsuits, the Plaintiffs allege that employees were not properly paid overtime compensation, minimum wages, meal and rest break premiums, did not receive compliant wage statements, and were not properly paid wages upon termination of employment. The Plaintiffs assert these actions violate various California Labor Code provisions and constitute an unfair competition practice under California law. The lawsuits seek monetary damages, civil penalties, and recovery of attorney's fees and costs. On July 22, 2020, the Court issued an order granting preliminary approval of a settlement resolving all three lawsuits. On November 18, 2020, the Court granted final approval of the settlement and settlement proceeds have been distributed. On January 31, 2020, the Company was served with a putative class action lawsuit, Luke Davis and Julian Vargas, et al. v. Laboratory Corporation of America Holdings, filed in the U.S. District Court for the Central District of California. The lawsuit alleges that visually impaired patients are unable to use the Company's touchscreen kiosks at Company patient service centers in violation of the Americans with Disabilities Act and similar California statutes. The lawsuit seeks statutory damages, injunctive relief, and attorney's fees and costs. On March 20, 2020, the Company filed a Motion to Dismiss Plaintiffs' Complaint and to Strike Class Allegations. In August 2020, the Plaintiffs filed an Amended Complaint. The Company will vigorously defend the lawsuit. On May 14, 2020, the Company was served with a putative class action lawsuit, Jose Bermejo v. Laboratory Corporation of America (Bermejo I) filed in the Superior Court of California, County of Los Angeles Central District, alleging that certain non-exempt California-based employees were not properly compensated for driving time or properly paid wages upon termination of employment. The Plaintiff asserts these actions violate various California Labor Code provisions and Section 17200 of the Business and Professional Code. The lawsuit seeks monetary damages, civil penalties, and recovery of attorney’s fees and costs. On June 15, 2020, the lawsuit was removed to the U.S. District Court for the Central District of California. On June 16, 2020, the Company was served with a Private Attorney General Act lawsuit by the same plaintiff in Jose Bermejo v. Laboratory Corporation of America (Bermejo II), filed in the Superior Court of California, County of Los Angeles Central District, alleging that certain Company practices violated California Labor Code penalty provisions related to unpaid and minimum wages, unpaid overtime, unpaid mean and rest break premiums, untimely payment of wages following separation of employment, failure to maintain accurate pay records, and non-reimbursement of business expenses. The second lawsuit seeks to recover civil penalties and recovery of attorney's fees and costs. On October 28, 2020, the court issued an order staying proceedings in Bermejo II pending resolution of Bermejo I. The second lawsuit seeks to recover civil penalties and recovery of attorney's fees and costs. The Company will vigorously defend both lawsuits. On August 14, 2020, the Company was served with a Subpoena Duces Tecum issued by the State of Colorado Office of the Attorney General requiring the production of documents related to urine drug testing in all states. The Company is cooperating with this request. On October 2, 2020, the Company was served with a putative class action lawsuit, Peterson v. Laboratory Corporation of America Holdings, filed in the U.S. District Court for the Northern District of New York, alleging claims for a failure to properly pay service representatives compensation for all hours worked and overtime under the Fair Labor Standards Act, as well as notice and recordkeeping claims under the New York Labor Code. The lawsuit seeks monetary damages, liquidated damages, equitable and injunctive relief, and recovery of attorney's fees and costs. The Company will vigorously defend the lawsuit. On October 5, 2020, the Company was served with a putative class action lawsuit, Williams v. Labcorp Employer Services, Inc. et al., filed in the Superior Court of California, County of Los Angeles, alleging that certain non-exempt California-based employees were not properly compensated for work and overtime hours, not properly paid meal and rest break premiums, not reimbursed for certain business-related expenses, not properly paid for driving or wait times, and received inaccurate wage statements. The Plaintiff also asserts claims for unfair competition under Section 17200 of the Business and Professional Code. The lawsuit seeks monetary damages, liquidated damages, civil penalties, and recovery of attorney's fees and costs. The Company will vigorously defend the lawsuit. 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.

PENSION AND POSTRETIREMENT PLANS (Note)

12 Months Ended

Dec. 31, 2020

Postemployment Benefits [Abstract]

Pension and Other Postretirement Benefits Disclosure [Text Block]

PENSION AND POSTRETIREMENT PLANS

Defined Contribution Retirement Plans

The Company has various defined contribution retirement plans (401K Plans). Under these 401K Plans, employees can contribute a portion of their salary to the plan and the Company makes minimum non-elective contributions, discretionary contributions, and matching contributions, depending on the terms of the specific plan. On January 1, 2021, all of the 401K Plans were modified to provide for 100% match of employee contributions up to 5% of their salary. Total expense, for the years ended December 31, 2020, 2019, and 2018, was $141.8, $139.5 and $129.9, respectively.

Defined Benefit Pension Plans

The Company sponsors both funded and unfunded defined benefit pension plans which provide benefits based on various criteria such as years of service and salary. The Company maintained two plans in the United States, three plans in the United Kingdom and one in Germany.

The two plans in the United States (U.S. Plans) were closed to new entrants and the accrual of service credits at the end of 2009. The U.K. pension plans were closed to new entrants and the accrual of service credits for one plan as of December 31, 2002, and the accrual of service credits for the other two plans as of December 31, 2019. The German plan is closed to new entrants but participants continue to accrue service credits. The U.K. and German plans are aggregated for disclosure as the Non-U.S. Plans.

Net Periodic Benefit Costs

The components of the net periodic benefit costs for the defined benefit pension plans are as follows:


	U. S. Plans						Non-U.S. Plans
	Year ended December 31,
	2020		2019		2018		2020	2019	2018
Service cost for benefits earned	$	5.1	$	4.1	$	5.2	2.1	5.7	6.0
Interest cost on benefit obligation	11.1		13.9		13.0		10.9	10.9	8.0
Expected return on plan assets	(14.9)		(15.1)		(16.5)		(16.6)	(15.0)	(12.6)
Net amortization and deferral	9.7		10.9		11.7		0.4	—	—
Expected participant contributions	—		—		—		(0.1)	(1.2)	(1.3)
Settlements	—		—		7.5		—	—	—
Defined-benefit plan costs	$	11.0	$	13.8	$	20.9	(3.3)	0.4	0.1

Net periodic benefit costs are recorded as a component of Operating income. For the year ended December 31, 2018, the Company recognized a partial plan settlement charge of $7.5 as a component of Other, net.

The amounts recognized in accumulated other comprehensive earnings are as follows:


	U. S. Plans				Non-U.S. Plans
	Year ended December 31,
	2020		2019			2020		2019
Net actuarial loss in accumulated other comprehensive earnings	$	108.8	$	111.2		$	99.7	$	31.5

Change in Projected Benefit Obligation

The change in the projected benefit obligation as of December 31, 2020, and December 31, 2019, is as follows:


	U.S. Plans				Non-U.S. Plans
	Year Ended December 31,
	2020		2019		2020		2019
Balance at beginning of the year	$	355.5	$	334.6	$	590.7	$	294.1
Balance of acquired subsidiary at acquisition date	—		—		—		215.4
Service cost	5.1		4.1		2.1		5.7
Interest cost	11.1		13.9		10.9		10.9
Actuarial (gain) loss	24.7		33.3		80.5		72.3
Benefits and administrative expenses paid	(26.6)		(30.4)		(20.0)		(11.6)
Plan curtailment	—		—		—		(16.1)
Foreign currency exchange rate changes	—		—		25.9		20.0
Balance at end of the year	$	369.8	$	355.5	$	690.1	$	590.7

The accumulated benefit obligation as of December 31, 2020 and 2019 was $369.8 and $355.5, respectively for the U.S. Plans and $683.3 and $585.8, respectively for the Non-U.S. Plans. The increase in the projected benefit obligation for the U.S. Plans from December 31, 2019 to December 31, 2020 is primarily due to an increase of $30.8 as a result of discount rate and mortality rate changes partially offset by the net of normal plan progression and experience gains of $16.5. The increase in the projected benefit obligation for the Non-U.S. Plans from December 31, 2019 to December 31, 2020 is primarily due to an increase of $83.2 as a result of discount rate changes and an increase of $25.9 due to foreign currency exchange rate changes, partially offset by the net of normal plan progress and experience gains of $9.8.

Change in Fair Value of Plan Assets

The change in plan assets as of December 31, 2020, and December 31, 2019, is as follows:


	U.S. Plans				Non-U.S. Plans
	Year Ended December 31,
	2020		2019		2020		2019
Balances at beginning of the year	$	262.1	$	246.9	$	491.7	$	254.6
Plan assets of acquired subsidiary at acquisition date	—		—		—		168.3
Company contributions	33.1		2.2		13.5		11.4
Participant contributions	—		—		0.1		1.3
Actual return on plan assets	32.3		43.4		32.8		48.8
Benefits and administrative expenses paid	(26.6)		(30.4)		(19.6)		(11.3)
Foreign currency exchange rate changes	—		—		17.1		18.6
Fair value of plan assets at end of year	$	300.9	$	262.1	$	535.6	$	491.7

Change in Funded Status and Reconciliation of Amounts Recorded in the Balance Sheet

The change in the funded status of the plan and a reconciliation of such funded status to the amounts reported in the consolidated balance sheet as of December 31, 2020, and December 31, 2019, is as follows:


	U.S. Plans				Non-U.S. Plans
	Year Ended December 31,
	2020		2019		2020		2019
Funded status	$	68.9	$	93.4	$	154.5	$	99.1

Recorded as:
Accrued expenses and other	$	2.3	$	2.2	$	0.6	$	0.5
Other liabilities	66.6		91.2		153.9		98.6

Assumptions

Weighted average assumptions used to determine net periodic benefit costs are as follows:


	U. S. Plans						Non-U.S. Plans
	Year ended December 31,
	2020		2019		2018		2020		2019		2018
Discount rate	3.3	%	4.3	%	3.6	%	1.7	%	2.2	%	2.1	%
Salary increases	N/A		N/A		N/A		3.1	%	2.7	%	2.7	%
Expected long term rate of return	6.0	%	6.5	%	6.5	%	3.5	%	4.2	%	4.5	%
Cash balance interest credit rate	4.0	%	4.0	%	4.0	%	N/A		N/A		N/A

Weighted average assumptions used to determine net periodic benefit obligations are as follows:


	U. S. Plans				Non-U.S. Plans
	Year ended December 31,
	2020		2019		2020		2019
Discount rate	2.3	%	3.3	%	1.2	%	1.9	%
Salary increases	N/A		N/A		2.0	%	3.3	%

The discount rate is determined using the weighted-average yields on high-quality fixed income securities that have maturities consistent with the timing of benefit payments. Lower discount rates increase the size of the benefit obligation and generally increase pension expense in the following year; higher discount rates reduce the size of the benefit obligation and generally reduce subsequent-year pension expense.

The expected return on plan assets is the estimated long-term rate of return that will be earned on the investments used to fund the pension obligations. To determine this rate, the Company considers the composition of plan investments, historical returns earned, and expectations about the future.

The salary increase assumptions are used to estimate the annual rate at which pay of plan participants will grow. If the rate of growth assumed increases, the size of the pension obligations will increase, as will the amount recorded in Accumulated other comprehensive income (loss) in our consolidated Statement of Financial Position and amortized into earnings in subsequent periods.

The Company evaluates other assumptions periodically, such as retirement age, mortality and turnover, and updates them as necessary to reflect our actual experience and expectations for the future. Differences between actual results and assumptions utilized are recorded in Accumulated other comprehensive income each period. These differences are amortized into earnings over the remaining average future service of active participating employees or the expected life of inactive participants, as applicable.

Plan Assets

The fair values of the assets at December 31, 2020, and 2019, by asset category are as follows:


Asset Category	Level of Valuation Input	Fair Value		Investments valued using NAV per share		Total
U.S Plans
Cash and cash equivalents	Level 1	$	13.0	$	—	$	13.0
U.S. equity index funds		—		105.5		105.5
International equity index funds		—		45.7		45.7
Real estate		—		15.0		15.0
General bond index funds		—		121.7		121.7
Total fair value		$	13.0	$	287.9	$	300.9

Non U.S. Plans
Cash and cash equivalents	Level 1	$	6.8	$	—	$	6.8
Annuities	Level 3	58.7		—		58.7
Pooled investment funds		—		470.1		470.1
Total fair value		$	65.5	$	470.1	$	535.6


Asset Category	Level of Valuation Input	Fair Value		Investments valued using NAV per share		Total
U.S Plans
Cash and cash equivalents	Level 1	$	4.3	$	—	$	4.3
U.S. equity index funds		—		93.4		93.4
International equity index funds		—		40.6		40.6
Real estate index fund		—		12.7		12.7
General bond index funds		—		111.1		111.1
Total fair value		$	4.3	$	257.8	$	262.1

Non U.S. Plans
Cash and cash equivalents	Level 1	$	2.6	$	—	$	2.6
Annuities	Level 3	30.6		—		30.6
Pooled investment funds		—		458.5		458.5
Total fair value		$	33.2	$	458.5	$	491.7

The fair market value of index funds and pooled investment funds are valued using the net asset value (NAV) unit price provided by the fund administrator. The NAV is based on the value of the underlying assets owned by the fund. The fair value of annuity investments are based on discounted cash flow techniques using unobservable valuation inputs such as discount rates and actuarial mortality tables.


Fair Value Measurement of Level 3 Pension Assets	Annuities
Balance at January 1, 2019	$	27.3
Actual return on plan assets	3.3
Balance at December 31, 2019	30.6
Actual return on plan assets	28.1
Balance at December 31, 2020	$	58.7

Investment Policies

Plan fiduciaries of various plans set investment policies and strategies, based on consultation with professional advisors, and oversee investment allocation, which includes selecting investment managers and setting long-term strategic targets. The primary strategic investment objectives are balancing investment risk and return and monitoring the plan’s liquidity position in order to meet the near-term benefit payment and other cash needs. Target allocation percentages are established at an asset class level by plan fiduciaries. Target allocation ranges are guidelines, not limitations, and occasionally plan fiduciaries will approve allocations above or below a target range.

The weighted average asset allocation of the plan assets as of December 31, 2020, by asset category is as follows:


	December 31, 2020
	U.S. Plans		Non-U.S. Plans
Equity securities	50.3	%	47.2	%
Debt securities	40.4	%	34.6	%
Annuities	—	%	11.3	%
Real estate	5.0	%	4.0	%
Other	4.3	%	1.0	%

The weighted average target asset allocation of the plan assets is as follows:


	U.S Plans					Non U.S Plans
Equity securities	33.0%		to	62.0	%	45.0%	to	55.0%
Debt securities	35.0%		to	52.0	%	29.0%	to	39.0%
Annuities	—	%	to	—	%	6.0%	to	13.0%
Real estate	2.0	%	to	8.0	%	2.0%	to	12.0%
Other	—	%	to	4.0	%	—%	to	5.0%

Pension Funding and Cash Flows

The Company expects to make approximately $16.5 in required contributions to its defined benefit pension plans during 2021. The Company targets funding the minimum required contributions but may make additional contributions into the pension plans in 2021, depending upon factors such as how the funded status of those plans change or to reduce the administrative costs of the plan.

The estimated benefit payments, which were used in the calculation of projected benefit obligations, are expected to be paid as follows:


	U. S. Plans		Non-U. S. Plans
2021	$	26.8	$	15.4
2022	27.0		16.4
2023	26.3		17.3
2024	25.7		18.7
2025	25.4		18.4
Years 2026 to 2035	116.0		102.8

Post-employment Retiree Health and Welfare Plan

The Company sponsors a post-employment retiree health and welfare plan for the benefit of eligible employees at certain U.S. subsidiaries who retire after satisfying service and age requirements. This plan is funded on a pay-as-you-go basis and the cost of providing these benefits is shared with the retirees.

Post-retirement Medical 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:


	Year ended December 31,
	2020		2019		2018
Service cost for benefits earned	$	—	$	—	$	—
Interest cost on benefit obligation	0.2		0.3		0.3
Net amortization and deferral	0.4		0.4		(1.3)
Post-retirement medical plan costs	$	0.6	$	0.7	$	(1.0)

Amounts included in accumulated other comprehensive earnings consist of unamortized net loss of $1.6 and $2.0.

A summary of the changes in the accumulated post-retirement benefit obligation follows:


	2020		2019
Balance at January 1	$	6.5	$	6.9

Interest cost on benefit obligation	0.2		0.3
Actuarial loss	—		—
Benefits paid	(0.5)		(0.7)

Balance at December 31	$	6.2	$	6.5

Recorded as:
Accrued expenses and other	$	0.8	$	0.8
Other liabilities	5.4		5.7
	$	6.2	$	6.5

The weighted-average discount rates used in the calculation of the accumulated post-retirement benefit obligation were 2.3% and 3.2% as of December 31, 2020, and 2019, respectively. The healthcare cost trend rate was removed due to the expectation of future funding to be at the same level as the previous year's funding.

The following assumed benefit payments under the Company's post-retirement benefit plan, which reflect expected future service, as appropriate, and which were used in the calculation of projected benefit obligations, are expected to be paid as follows:


2021	$	0.8
2022	0.7
2023	0.7
2024	0.6
2025	0.6
Years 2026 and thereafter	1.6

Deferred Compensation Plan

The Company has Deferred Compensation Plans (DCP) under which certain of its executives may elect to defer up to 100.0% of their annual cash incentive pay and/or up to 50.0% of their annual base salary and/or eligible commissions subject to annual limits established by the U.S. government. The DCP provides executives a tax efficient strategy for retirement savings and capital accumulation without significant cost to the Company. The Company makes no contributions to the DCP. Amounts deferred by a participant are credited to a bookkeeping account maintained on behalf of each participant, which is used for measurement and determination of amounts to be paid to a participant, or his or her designated beneficiary, pursuant to the terms of the DCP. The amounts accrued under these plans were $89.2 and $76.7 at December 31, 2020, and 2019, respectively. Deferred amounts are the Company's general unsecured obligations and are subject to claims by the Company's creditors. The Company's general assets may be used to fund obligations and pay DCP benefits.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2020

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

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


Fair Value Measurement of Level 3 Liabilities	Contingent Consideration
Balance at January 1, 2019	$	18.6
Addition	3.3
Cash payments and adjustments	(12.0)
Balance at December 31, 2019	9.9
Addition	10.8
Cash payments and adjustments	(6.8)
Balance at December 31, 2020	$	13.9

FAIR VALUE MEASUREMENTS

The Company’s population of financial assets and liabilities subject to fair value measurements as of December 31, 2020, and 2019 were as follows:


				Fair Value Measurements as of
				December 31, 2020
	Balance Sheet Classification	Fair Value as of December 31, 2020		Using Fair Value Hierarchy
				Level 1		Level 2		Level 3
Noncontrolling interest put	Noncontrolling interest	$	16.2	$	—	$	16.2	$	—
Cross currency swaps	Other liabilities, net	40.4		—		40.4		—
Cash surrender value of life insurance policies	Other assets, net	90.6		—		90.6		—
Deferred compensation liability	Other liabilities	89.2		—		89.2		—
Contingent consideration	Other liabilities	13.9		—		—		13.9


				Fair Value Measurements as of
				December 31, 2019
	Balance Sheet Classification	Fair Value as of December 31, 2019		Using Fair Value Hierarchy
				Level 1		Level 2		Level 3
Noncontrolling interest put	Noncontrolling interest	$	15.8	$	—	$	15.8	$	—
Interest rate swap	Other liabilities	1.5		—		1.5		—
Cross currency swaps liability	Other liabilities	3.2		—		3.2		—
Cash surrender value of life insurance policies	Other assets, net	80.2		—		80.2		—
Deferred compensation liability	Other liabilities	76.7		—		76.7		—
Investment in equity securities	Other current assets	9.1		9.1		—		—
Contingent consideration	Other liabilities	9.9		—		—		9.9


Fair Value Measurement of Level 3 Liabilities	Contingent Consideration
Balance at January 1, 2019	$	18.6
Addition	3.3
Cash payments and adjustments	(12.0)
Balance at December 31, 2019	9.9
Addition	10.8
Cash payments and adjustments	(6.8)
Balance at December 31, 2020	$	13.9

The Company has a noncontrolling interest put related to its Ontario subsidiary that has been classified as mezzanine equity in the Company’s condensed consolidated balance sheets. The noncontrolling interest put is valued at its contractually determined value, which approximates fair value. During the year ended December 31, 2020, the carrying value of the noncontrolling interest put increased by $0.4 for foreign currency translation.

The Company offers certain employees the opportunity to participate in a DCP. A participant's deferrals are allocated by the participant to one or more of 16 measurement funds, which are indexed to externally managed funds. From time to time, to offset the cost of the growth in the participant's investment accounts, the Company purchases life insurance policies, with the Company named as beneficiary of the policies. Changes in the cash surrender value of the life insurance policies are based upon earnings and changes in the value of the underlying investments, which are typically invested in a similar manner to the participants' allocations. Changes in the fair value of the DCP obligation are derived using quoted prices in active markets based on the market price per unit multiplied by the number of units. The cash surrender value and the DCP obligations are classified within Level 2 because their inputs are derived principally from observable market data by correlation to the hypothetical investments.

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

The carrying amounts of cash and cash equivalents, accounts receivable, income taxes receivable, and accounts payable are considered to be representative of their respective fair values due to their short-term nature. The fair market value of the Senior Notes, based on market pricing, was approximately $6,121.8 and $6,140.6 as of December 31, 2020, and 2019, respectively. The Company's note and debt instruments are considered Level 2 instruments, as the fair market values of these instruments are determined using other observable inputs.

- Definition

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

+ References + Details

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIESThe Company addresses its exposure to market risks, principally the market risk associated with changes in interest rates and currency exchange rates, through a controlled program of risk management that includes, from time to time, the use of derivative financial instruments. Although the Company’s zero-coupon subordinated notes contained features that were considered to be embedded derivative instruments, 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

During the third quarter of 2013, the Company entered into two fixed-to-variable interest rate swap agreements for the 4.625% Senior Notes due 2020 with an aggregate notional amount of $600.0 and variable interest rates based on one-month LIBOR plus 2.298% to hedge against changes in the fair value of a portion of the Company's long-term debt. The Company exited one of these swap arrangements in December 2019 in connection with the redemption of $187.9 of the 4.625% Senior Notes due 2020. The Company exited the remaining fixed-to-variable interest rate swap agreement in August 2020, in connection with the redemption of the remaining $412.2 of its 4.625% Senior Notes due November 15, 2020, and recorded a gain of $1.6 on the extinguishment. The gain was included in Other, net on the Consolidated Statement of Operations. These derivative financial instruments were accounted for as fair value hedges which increased or decreased the value of the Senior Notes with the offset being recorded as a component of other long-term assets or liabilities, as applicable. As the specific terms and notional amounts of the derivative financial instruments match those of the fixed-rate debt being hedged, the derivative instruments were assumed to be perfectly effective hedges and accordingly, there is no impact to the Company's consolidated statements of operations. Cash flows from the interest rate swaps are including in operating activities.


	Carrying amount of hedged liabilities as of December 31,			Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities as of December 31,
	2020	2019		2020	2019
Balance Sheet Line Item in which Hedged Items are Included

Long-term debt, less current portion	—	$	301.5	—	$	1.5

Foreign Currency Forward Contracts

The Company periodically enters into foreign currency forward contracts, which are recognized as assets or liabilities at their fair value. These contracts do not qualify for hedge accounting and the changes in fair value are recorded directly to earnings. The contracts are short-term in nature and the fair value of these contracts is based on market prices for comparable contracts. The fair value of these contracts is not significant as of December 31, 2020 and 2019.

Cross Currency Swaps

During the fourth quarter of 2018, the Company entered into six new USD to Swiss Franc cross-currency swap agreements with an aggregate notional value of $600.0 and which are accounted for as a hedge against the impact of foreign exchange movements on its net investment in a Swiss Franc functional currency subsidiary. Of the notional value, $300.0 matures in 2022 and $300.0 matures in 2025. These cross currency swaps maturing in 2022 and 2025 with an aggregate fair value of $26.0 and $14.4 as of December 31, 2020, respectively, are included in other long-term liabilities. These cross currency swaps maturing in 2022 and 2025 with an aggregate fair value of $0.2 and $3.0 as of December 31, 2019, respectively, are included in other long-term assets. Changes in the fair value of the cross-currency swaps are recorded as a component of the foreign currency translation adjustment in accumulated other comprehensive income in the Consolidated Balance Sheet until the hedged item is recognized in earnings. The cumulative amount of the fair value hedging adjustment included in the current value of the cross currency swaps is $(40.4) for the year ended December 31, 2020, and was recognized as currency translation within the Consolidated Statement of Comprehensive Earnings. There were no amounts reclassified from the Consolidated Statement of Comprehensive Earnings to the Consolidated Statement of Operations during the year ended December 31, 2020.

The table below presents the fair value of derivatives on a gross basis and the balance sheet classification of those instruments:


		December 31, 2020			December 31, 2019
		Fair Value of Derivative			Fair Value of Derivative
	Balance Sheet Caption	Asset	Liability	U.S. Dollar Notional	Asset	Liability	U.S. Dollar Notional
Derivatives Designated as Hedging Instruments
Interest rate swap	Prepaid expenses and other/Other liabilities	—	—	—	1.5	—	300.0
Cross currency swaps	Other assets, net/Other liabilities	—	40.4	600.0	3.2	—	600.0

The table below provides information regarding the location and amount of pretax (gains) losses of derivatives designated in fair value hedging relationships:


	Amount of pre-tax gain/(loss) included in other comprehensive income						Amounts reclassified to the Statement of Operations
	Year Ended December 31,						Year Ended December 31,
	2020		2019		2018		2020		2019		2018
Interest rate swap contracts	$	0.8	$	6.7	$	(7.2)	$	1.6	$	1.6	$	—
Cross currency swaps	$	(43.6)	$	6.0	$	21.6	$	—	$	—	$	—

The Company recognized a gain of $1.6 and $1.6 on the extinguishment of its interest rate swap agreement in the years ended December 31, 2020 and December 31, 2019, respectively, in connection with the redemption of the 4.625% Senior Notes due 2020. No gains or losses from derivative instruments classified as hedging instruments have been recognized into income for the year ended December 31, 2018.

Business Segments [Disclosure] Business Segment (Notes)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

21. BUSINESS SEGMENT INFORMATION

The following table is a summary of segment information for the years ended December 31, 2020, 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 segments within an enterprise for making operating decisions and assessing performance. Financial information is reported on the basis that it is used internally by the chief operating decision maker (CODM) for evaluating segment performance and deciding how to allocate resources to segments. The Company’s chief executive officer has been identified as the CODM.

Segment asset information is not presented because it is not used by the CODM at the segment level. Operating earnings (loss) of each segment represents 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.


	2020		2019		2018
Revenues:
Dx	$	9,253.4	$	7,000.1	$	7,030.8
DD	4,877.7		4,578.1		4,313.1
Intercompany eliminations and other	(152.6)		(23.4)		(10.5)
Total revenues	$	13,978.5	$	11,554.8	$	11,333.4

Operating Earnings:
Dx	$	2,634.9	$	1,086.0	$	1,166.7
DD	37.3		411.5		303.6
General corporate expenses	(226.8)		(167.3)		(144.6)
Total operating income	2,445.4		1,330.2		1,325.7
Non-operating expenses, net	(226.3)		(225.3)		(57.4)
Earnings before income taxes	2,219.1		1,104.9		1,268.3
Provision for income taxes	662.1		280.0		384.4
Net earnings	1,557.0		824.9		883.9
Less: Net income attributable to noncontrolling interests	(0.9)		(1.1)		(0.2)
Net income attributable to Laboratory Corporation of America Holdings	$	1,556.1	$	823.8	$	883.7


	2020		2019		2018
Depreciation and Amortization
Dx	$	327.5	$	301.0	$	293.3
DD	295.2		261.1		247.3
General corporate	2		2.6		2.6
Total depreciation and amortization	$	624.7	$	564.7	$	543.2


	Dx		DD		Intercompany Eliminations and Other		Total
Geographic distribution of revenues
North America	$	9,253.4	$	2,424.5	$	(152.6)	$	11,525.3

Europe	—		1,512.2		—		1,512.2

Other	—		941.0		—		941.0
Total revenues	$	9,253.4	$	4,877.7	$	(152.6)	$	13,978.5


	Dx		DD		Total
Geographic distribution of property, plant and equipment, net
North America	$	1,515.3	$	665.3	$	2,180.6
Europe	—		425.5		425.5
Other	—		123.5		123.5
Total property, plant and equipment, net	$	1,515.3	$	1,214.3	$	2,729.6

- Definition

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

+ References

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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

COVID 19 Financial Impact Text Block

Novel Coronavirus (COVID-19) Financial Statement Impact

Reimbursable Out of Pocket Expenses Policy [Policy Text Block]

Reimbursable Out-of-Pocket ExpensesDD pays on behalf of its customers certain out-of-pocket costs for which the Company is reimbursed at cost, without mark-up or profit. Out-of-pocket costs paid by DD are reflected in operating expenses, while the reimbursements received are reflected in revenues in the consolidated statements of operations.

Cost of Goods and Service [Policy Text Block]

Cost of Revenues

Basis of Financial Statement Presentation

Use of Estimates

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable.

Earnings Per Share

Earnings per Share

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


	2020					2019					2018
	Income		Shares	Per Share Amount		Income		Shares	Per Share Amount		Income		Shares	Per Share Amount
Basic earnings per share	$	1,556.1	97.3	$	15.99	$	823.8	97.9	$	8.42	$	883.7	101.4	$	8.71
Stock options and stock awards	—		0.7			—		0.7			—		1.2

Effect of convertible debt, net of tax	—		—			—		—			—		—
Diluted earnings per share	$	1,556.1	98.0	$	15.88	$	823.8	98.6	$	8.35	$	883.7	102.6	$	8.61

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:


	Years Ended December 31,
	2020	2019	2018
Stock options	0.2	0.2	0.1

Stock Compensation Plans

See Note 15 Stock Compensation Plans for assumptions used in calculating compensation expense for the Company’s stock compensation plans.

Cash Equivalents

Cash EquivalentsCash and cash equivalents consist of highly liquid instruments, such as commercial paper, time deposits, and other money market instruments, substantially all of which have maturities when purchased of three months or less.

Inventories

Supplies InventoryInventories, consisting primarily of purchased laboratory and customer supplies and finished goods, are stated at the lower of cost (first-in, first-out) or net realizable value. Supplies accounted for $403.6 and $228.3 and finished goods accounted for $19.6 and $16.4 of total inventory at December 31, 2020, and 2019, respectively. The Company's inventory reserve balance was $20.2 and $0.0, as of December 31, 2020 and 2019, respectively. Once recorded, the reserves are considered permanent adjustments to the carrying value of inventory.

Property, Plant and Equipment


	Years
Buildings and building improvements	10	-	40
Machinery and equipment	3	-	10
Furniture and fixtures	5	-	10
Software	3	-	10

Capitalized Software Costs

Intangible Assets


	Years
Customer relationships	10	-	36
Patents, licenses and technology	3	-	15
Non-compete agreements	3		5
Trade names	1	-	15

Debt Issuance Costs

The costs related to the issuance of debt are capitalized, netted against the related debt for presentation purposes and amortized to interest expense over the terms of the related debt.

Professional Liability

Professional LiabilityThe Company is self-insured (up to certain limits) for professional liability claims arising in the normal course of business, generally related to the testing and reporting of laboratory test results. The Company estimates a liability that represents the ultimate exposure for aggregate losses below those limits. The liability is based on assumptions and factors for known and incurred but not reported claims, including the frequency and payment trends of historical claims.

Income Taxes

Derivative Financial Instruments

Interest rate swap agreements, which have been used by the Company from time to time in the management of interest rate exposure, are accounted for at fair value.

Cross currency swap agreements, which have been used by the Company to hedge exposure of its net investment in a foreign subsidiary denominated in non-U.S. currency, are accounted for at fair value.

Fair Value of Financial Instruments

Research and Development

The Company expenses R&D costs as incurred.

New Accounting Pronouncements, Policy

New Accounting Pronouncements

Lessee, Leases

Leases

Recently Adopted Accounting Guidance

Recently Adopted Guidance

Goodwill and Intangible Assets, Goodwill, Policy

Long-Lived Assets

Foreign Currency Transactions and Translations Policy

Foreign Currencies

REVENUE Segment Revenue Recognition (Policies)

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenue

REVENUES

Description of Revenues

Dx attributes revenues to a geographical region based upon where the diagnostic test is performed, while DD attributes revenues to a geographical region based upon where the services are performed. The Company's revenue by segment payers/customer groups for the years ended December 31, 2020, 2019 and 2018 is as follows:


	For the Year Ended December 31, 2020				For the Year Ended December 31, 2019											For the Year Ended December 31, 2018
	North America		Europe			Other		Total		North America		Europe		Other			Total		North America		Europe		Other		Total
Payer/Customer
Dx
Clients	20	%	—	%		—	%	20	%	17	%	—	%	—	%		17	%	18	%	—	%	—	%	18	%
Patients	6	%	—	%		—	%	6	%	8	%	—	%	—	%		8	%	8	%	—	%	—	%	8	%
Medicare and Medicaid	7	%	—	%		—	%	7	%	8	%	—	%	—	%		8	%	9	%	—	%	—	%	9	%
Third-party	32	%	—	%		—	%	32	%	27	%	—	%	—	%		27	%	27	%	—	%	—	%	27	%
Total Dx revenues by payer	65	%	—	%		—	%	65	%	60	%	—	%	—	%		60	%	62	%	—	%	—	%	62	%

DD
Biopharmaceutical and medical device companies	17	%	11	%		7	%	35	%	21	%	12	%	7	%		40	%	19	%	12	%	7	%	38	%

Total revenues	82	%	11	%		7	%	100	%	81	%	12	%	7	%		100	%	81	%	12	%	7	%	100	%

Revenues in the U.S. were $11,192.3 (80.1%), $8,981.3 (77.7%) and $8,843.5 (78.0%) for the years ended December 31, 2020, 2019 and 2018.

The following is a description of the current revenue recognition policies of the Company:

Dx is an independent clinical laboratory business. It offers a comprehensive menu of frequently requested and specialty diagnostic tests through an integrated network of primary and specialty laboratories across the U.S. In addition to diagnostic testing along with occupational and wellness testing for employers and forensic DNA analysis, Dx also offered a range of other testing services.

Within the Dx segment, a revenue transaction is initiated when Dx receives a requisition order to perform a diagnostic test. The information provided on the requisition form is used to determine the party that will be billed for the testing performed and the expected reimbursement. Dx recognizes revenue and satisfies its performance obligation for services rendered when the testing process is complete and the associated results are reported. Sales are distributed among four payer portfolios - clients, patients, Medicare and Medicaid and third-party. Dx considers negotiated discounts and anticipated adjustments, including historical collection experience for the payer portfolio, when sales are recorded.

The following are descriptions of the Dx payer portfolios:

Clients

Client payers represent the portion of Dx’s revenue related to physicians, hospitals, health systems, accountable care organizations (ACOs), employers and other entities where payment is received exclusively from the entity ordering the testing service. Generally, client sales are recorded on a fee-for-service basis at Dx’s client list price, less any negotiated discount. A portion of client billing is for laboratory management services, collection kits and other non-testing services or products. In these cases, revenue is recognized when services are rendered or delivered.

Patients

This portfolio includes revenue from uninsured patients and member cost-share for insured patients (e.g., coinsurance, deductibles and non-covered services). Uninsured patients are billed based upon Dx’s patient list fee schedules, net of any discounts negotiated with physicians on behalf of their patients. Dx bills insured patients as directed by their health plan and after consideration of the fees and terms associated with an established health plan contract.

Medicare and Medicaid

This portfolio relates to fee-for-service revenue from traditional Medicare and Medicaid programs. Revenue from these programs is based on the fee schedule established by the related government authority. In addition to contractual discounts, other adjustments including anticipated payer denials are considered when determining revenue. Any remaining adjustments to revenue are recorded at the time of final collection and settlement. These adjustments are not material to Dx’s results of operations in any period presented.

Third-Party

Third-party includes revenue related to MCOs. The majority of Dx's third-party revenue is reimbursed on a fee-for-service basis. These payers are billed at Dx's established list price and revenue is recorded net of contractual discounts. The majority of Dx’s MCO sales are recorded based upon contractually negotiated fee schedules with sales for non-contracted MCOs recorded based on historical reimbursement experience.

In addition to contractual discounts, other adjustments including anticipated payer denials are considered when determining revenue. Any remaining adjustments to revenue are recorded at the time of final collection and settlement. These adjustments are not material to Dx’s results of operations in any period presented.

Third-party reimbursement is also received through capitation agreements with MCOs and independent physician associations (IPAs). Under capitated agreements, revenue is recognized based on a negotiated per-member, per-month payment for an agreed upon menu of tests, or based upon the proportionate share earned by Dx from a capitation pool. When the agreed upon reimbursement is based solely on an established rate per member, revenue is not impacted by the volume of testing performed. Under a capitation pool arrangement, the aggregate value of an established rate per member is distributed based on the volume and complexity of the procedures performed by laboratories participating in the agreement. Dx recognizes revenue monthly, based upon the established capitation rate or anticipated distribution from a capitated pool.

DD is a CRO business that provides end-to-end drug development services from early-stage research to clinical trial management and beyond. DD provides these services predominantly to biopharmaceutical and medical device companies worldwide. Because DD's client base generally consumes these drug development services across the entire portfolio of DD pre-clinical and clinical services offerings, there is little variability in the customer base of any particular DD service offering. The nature of DD’s obligations includes agreements to provide preclinical services, to manage a full clinical trial, provide services for a specific phase of a trial, or provide research products to the customer. Generally, the amount of the transaction price estimated at the beginning of the contract is equal to the amount expected to be billed to the customer. Other payments may also factor into the calculation of transaction price, such as volume-based rebates that are retroactively applied to prior transactions in the period.

Historically, a majority of DD’s revenues have been earned under contracts that range in duration from a few months to a few years, but can extend in duration up to five years or longer. Occasionally, DD also has entered into minimum volume arrangements with certain customers. Under these types of arrangements, if the annual minimum dollar value of a service commitment is not reached, the customer is required to pay DD for the shortfall. Annual minimum commitment shortfalls are not recognized until the end of the period when the amount has been determined and agreed to by the customer.

DD recognizes revenue either as services are performed or as products are delivered, depending on the nature of the work contracted. If performance is completed at a specific point in time, the Company evaluates the nature of the agreement to determine when the good or service is transferred into the customer’s control.

Service contracts generally take the form of fee-for-service or fixed-price arrangements subject to pricing adjustments based on changes in scope. In cases where performance spans multiple accounting periods, revenue is recognized as services are performed, measured on a proportional-performance basis, using either input or output methods that are specific to the service provided. In an output method, revenue is determined by dividing the actual units of output achieved by the total units of output required under the contract and multiplying that percentage by the total contract value. The total contract value, or total contractual payments, represents the aggregate contracted price for each of the agreed upon services to be provided. When using an input method, revenue is recognized by dividing the actual units of input incurred by the total units of input budgeted in the contract, and multiplying that percentage by the total contract value. In each situation, the Company believes that the methods used most accurately depict the progress of the Company towards completing its obligations. Billing schedules and payment terms are generally negotiated on a contract-by-contract basis. In some cases, DD bills the customer for the total contract value in progress-based installments as certain non-contingent billing milestones are reached over the contract duration. These milestones include, but are not limited to, contract signing, initial dosing, investigator site initiation, patient enrollment and/or database lock. The term “billing milestone” relates only to a billing trigger in a contract whereby amounts become billable and payable in accordance with a negotiated predetermined billing schedule throughout the term of a project. These billing milestones are generally not performance-based (i.e., there is no potential additional consideration tied to specific deliverables or performance). In other cases, billing and payment terms are tied to the passage of time (e.g., monthly billings). In either case, the total contract value and aggregate amounts billed to the customer would be the same at the end of the project.

Proportional performance contracts typically contain a single service (e.g., management of a clinical study) and therefore no allocation of the contract price is required. Fee-for-service contracts are typically priced based on transaction volume. Since the volume of activities in a fee-for-service contract is unspecified, the contract price is entirely variable and is allocated to the time period in which it is earned. For contracts that include multiple distinct goods and services, DD allocates the contract price to the goods and services based on a customer price list, if available. If a price list is not available, DD will estimate the transaction price using either market prices or an “expected cost plus margin” approach.

While DD attempts to negotiate terms that provide for billing and payment of services prior or within close proximity to the provision of services, this is not always possible. While a project is ongoing, cash payments are not necessarily representative of aggregate revenue earned at any particular point in time, as revenues are recognized when services are provided, while amounts billed and paid are in accordance with the negotiated billing and payment terms.

In some cases, payments received are in excess of revenue recognized. For example, a contract invoicing schedule may provide for an upfront payment of 10% of the full contract value upon contract signing, but at the time of signing performance of services has not yet begun. Payments received in advance of services being provided are deferred as contract liabilities on the balance sheet. As the contracted services are subsequently performed and the associated revenue is recognized, the contract liability balance is reduced by the amount of revenue recognized during the period.

In other cases, services may be provided and revenue recognized before the customer is invoiced. In these cases, revenue recognized will exceed amounts billed, and the difference, representing a contract asset, is recorded for the amount that is

currently not billable to the customer pursuant to contractual terms. Once the customer is invoiced, the contract asset is reduced for the amount billed, and a corresponding account receivable is recorded. All contract assets are billable to customers within one year from the respective balance sheet date.

Most contracts are terminable with or without cause by the customer, either immediately or upon notice. These contracts often require payment to DD of expenses to wind-down the study or project, fees earned to date and, in some cases, a termination fee or a payment to DD of some portion of the fees or profits that could have been earned by DD under the contract if it had not been terminated early. Termination fees are included in revenues when services are performed and realization is assured.

The following are descriptions of the full range of drug development services provided by DD:

Preclinical services include fee-for-service activities such as bioanalytical testing services, and proportional performance activities such as toxicology studies. Until June 3, 2019, preclinical services also included the sale of research models. See Note 3 Business Acquisitions and Dispositions to the Consolidated Financial Statements for more information. Revenue for sale of research models was recognized at a point in time, typically upon shipment, when control transferred to the customer. Revenue for bioanalytical testing services is recognized at a point in time upon communication of results to the customer. Revenue for proportional performance activities, including toxicology studies, is recognized using an input-based measure of progress in which revenue is recognized as expenses are incurred for the research models, labor hours, and other costs attributable to the study.

Through its central laboratory, DD produces and supplies specimen collection kits that are utilized in clinical studies, and provides transportation, project management, data management, and laboratory testing services on an as-needed basis throughout the duration of its customers’ clinical studies. Revenue for central laboratory services is recognized using an output-based measure of progress based on volume of activities in each period. DD also provides long-term specimen storage services, for which revenue is recognized using an input-based measure of progress based on costs incurred.

DD provides clinical development and commercialization services, including clinical pharmacology services, full management of Phase II through IV clinical studies, and market access solutions. Revenue for clinical pharmacology services, which includes first-in-human trials, is recognized using an output-based measure of progress based on bed nights. Revenue for full service clinical studies is recognized using an input-based measure of progress based on costs incurred (including pass-through costs such as investigator grants and reimbursable out-of-pocket expenses). Revenue for market access solutions is recognized using various methods. Revenue for fee-for-service arrangements, such as reimbursement consulting hotlines and patient assistance programs, is recognized using an output method based on transaction volume which corresponds to the amount charged to the customer. For consulting services billed based on time and materials, revenue is recognized using the right to invoice practical expedient.

Contract costs

DD 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 12-57 months, depending on the business. For businesses that enter 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.

DD 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 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.


	December 31, 2020		December 31, 2019
Sales commission assets	$	32.6	$	28.6
Deferred contract fulfillment costs	12.6		14.9
Total	$	45.2	$	43.5

Amortization related to sales commission assets and associated payroll taxes for the year ended December 31, 2020, 2019, and 2018 was $23.2, $21.2 and $16.9, respectively. Amortization related to deferred contract fulfillment costs for the years ended December 31, 2020, 2019 and 2018 was $10.1, $8.7 and $4.4, respectively. Impairment expense related to contract costs was immaterial to the Company’s consolidated statement of operations. The Company applies the practical expedient to not recognize the effect of financing in its contracts with customers, when the difference in timing of payment and performance is one year or less.

Receivables, Unbilled Services and Unearned Revenue

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 DD 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. The following table provides information about receivables, unbilled services, and unearned revenue (contract liabilities) from contracts with customers for the DD segment:


	December 31, 2020		December 31, 2019
Receivables, which are included in Accounts Receivable	$	1,001.5	$	771.1
Unbilled services	548.1		483.7
Unearned revenue	492.2		449.2

Revenue recognized during the period, that was included in the unearned revenue balance at the beginning of the period, for the year ended December 31, 2020, and 2019, was $262.6 and $250.2, respectively.

Credit Loss Rollforward

With the adoption of the current expected credit loss standard in 2020, the Company estimates future expected losses on accounts receivable, unbilled services and notes receivable over the remaining collection period of the instrument. The rollforward for the allowance for credit losses for the year ended December 31, 2020, is as follows:


	Year Ended December 31, 2020
	Accounts Receivable		Unbilled Services		Note and Other Receivables		Total
Allowance for credit losses as of December 31, 2019	$	19.0	$	2.3	$	—	$	21.3
Current expected credit losses opening balance impact on retained earnings	1.8		0.2		5.0		7.0
Credit loss expense	7.0		9.0		0.7		16.7
Write offs	(5.7)		(0.2)		—		(5.9)
Ending allowance for credit losses	$	22.1	$	11.3	$	5.7	$	39.1

Notes and other receivables includes the $70.0 due 2022 from the Envigo transaction which is recorded in Other assets, net.

Performance Obligations Under Long-Term Contracts

Long-term contracts at the Company consist primarily of fully managed clinical studies within the DD segment. The amount of existing performance obligations under such long-term contracts unsatisfied as of December 31, 2020, and 2019, was $5,128.4 and $4,520.8, respectively. The Company expects to recognize approximately 26.0% of the remaining performance obligations as of December 31, 2020, as revenue over the next 12 months, and the balance thereafter. The Company's long-term contracts generally range from 1 to 8 years.

The Company applied the practical expedient and does not disclose information about remaining performance obligations that have original expected durations of one year or less. The Company also did not disclose information about remaining performance obligations when the variable consideration was related to a wholly unsatisfied performance obligation within a series of obligations.

Within DD, revenue of $80.9 and $88.9 was recognized during the year ended December 31, 2020, and December 31, 2019, 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.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [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:


	2020					2019					2018
	Income		Shares	Per Share Amount		Income		Shares	Per Share Amount		Income		Shares	Per Share Amount
Basic earnings per share	$	1,556.1	97.3	$	15.99	$	823.8	97.9	$	8.42	$	883.7	101.4	$	8.71
Stock options and stock awards	—		0.7			—		0.7			—		1.2

Effect of convertible debt, net of tax	—		—			—		—			—		—
Diluted earnings per share	$	1,556.1	98.0	$	15.88	$	823.8	98.6	$	8.35	$	883.7	102.6	$	8.61

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


	Years Ended December 31,
	2020	2019	2018
Stock options	0.2	0.2	0.1

Property, Plant and Equipment


	Years
Buildings and building improvements	10	-	40
Machinery and equipment	3	-	10
Furniture and fixtures	5	-	10
Software	3	-	10

Finite-Lived Intangible Assets


	Years
Customer relationships	10	-	36
Patents, licenses and technology	3	-	15
Non-compete agreements	3		5
Trade names	1	-	15

BUSINESS ACQUISITIONS & DISPOSITIONS Business Acquisitions (Tables)

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

The final 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







	Final
Net Assets Acquired
Cash and cash equivalents	$	11.3
Accounts receivable	12.1
Unbilled services	25.6
Inventories	4.5
Prepaid expenses and other	10.8
Property, plant and equipment	128.4
Deferred income taxes	25.2
Goodwill	376.6
Customer relationships	140.8
Trade name and trademarks	0.6
Other assets	9.9
Total assets acquired	745.8
Accounts payable	15.2
Accrued expenses and other	10.4
Unearned revenue	49.9


Other liabilities	69.3
Total liabilities acquired	144.8
Net Envigo assets acquired	$	601.0
Floating rate secured note receivable due 2022	$	110.0
Total	$	711.0

Business Current Year Acquisition ProForma Information Table Text Block

Unaudited Pro Forma Information for 2020 Acquisitions

Had the aggregate of the Company's 2020 acquisitions been completed as of January 1, 2019, the Company's pro forma results would have been as follows:


	Years Ended December 31,
	2020		2019
Revenues	$	14,032.7	$	11,717.5
Net earnings attributable to Laboratory Corporation of America Holdings	1,564.6		837.6

Business Acquisition Prior Year ProForma Information Table Text Block

Unaudited Pro Forma Information for 2019 Acquisitions

Had the aggregate of the Company's 2019 acquisitions been completed as of January 1, 2018, the Company's pro forma results would have been as follows:


	Years Ended December 31,
	2019		2018
Revenues	$	11,742.5	$	11,738.5
Net earnings attributable to Laboratory Corporation of America Holdings	831.4		906.6

RESTRUCTURING RESERVES (Tables)

12 Months Ended

Dec. 31, 2020

Restructuring Reserve [Abstract]

Schedule of Restructuring Reserves

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


	Dx				DD				Total
	Severance and Other Employee Costs		Lease and Other Facility Costs		Severance and Other Employee Costs		Lease and Other Facility Costs
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	17.3		(1.8)		15.6		2.0		33.1
Impairment of facility related assets	—		11.8		—		12.9		24.7
Reduction of prior restructure accruals	(0.2)		(0.4)		(1.5)		(1.1)		(3.2)
Cash payments and other adjustments	(18.7)		(8.6)		(15.1)		(9.6)		(52.0)
Balance as of December 31, 2019	$	0.5	$	2.7	$	5.5	$	4.7	13.4
Restructuring charges	5.2		5.5		8.9		13.4		33.0

Impairment of facility related assets	—		7.5		—		9.9		17.4
Reduction of prior restructuring accruals	(0.1)		(2.8)		(0.5)		(6.4)		(9.8)
Cash payments and other adjustments	(5.3)		(12.5)		(11.5)		(16.9)		(46.2)
Balance as of December 31, 2020	$	0.3	$	0.4	$	2.4	$	4.7	$	7.8
Current									$	5.7
Non-current									2.1
									$	7.8

JOINT VENTURE PARTNERSHIPS AND EQUITY METHOD INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

Investments in unconsolidated joint venture partnerships and equity method investment

At December 31, 2020, the Company had investments in the following unconsolidated joint venture partnerships and equity method investments:


Locations	Net Investment		Interest Owned
Joint Venture Partnerships:
Alberta, Canada (2)	$	34.6	43.37	%
Florence, South Carolina	10.2		49.00	%
Buffalo, New York	13.4		48.18	%
Equity Method Investments:
Various	7.2		various

ACCOUNTS RECEIVABLE, NET (Tables)

12 Months Ended

Dec. 31, 2020

Receivables [Abstract]

Accounts receivable

ACCOUNTS RECEIVABLE


	December 31, 2020		December 31, 2019
Dx accounts receivable	$	1,515.5	$	798.1
DD accounts receivable	986.4		764.8
Less DD allowance for doubtful accounts	(22.1)		(19.0)
Accounts receivable	$	2,479.8	$	1,543.9

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property, plant and equipment, net


	December 31, 2020		December 31, 2019
Land	$	99.4	$	90.9
Buildings and building improvements	879.9		781.8
Machinery and equipment	1,522.3		1,345.1
Software	857.5		794.9
Leasehold improvements	440.0		411.7
Furniture and fixtures	112.2		97.0
Construction in progress	231.6		311.1
Operating lease ROU assets	789.8		732.8
	4,932.7		4,565.3
Less accumulated depreciation	(2,203.1)		(1,928.7)
	$	2,729.6	$	2,636.6

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill (net of accumulated amortization) for the years ended December 31, 2020 and 2019 are as follows:


	Dx				DD				Total
	December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019
Balance as of January 1	$	3,721.5	$	3,638.8	$	4,143.5	$	3,721.5	$	7,865.0	$	7,360.3
Goodwill acquired during the year	75.8		80.2		90.4		414.3		166.2		494.5
Dispositions	—		—		—		(12.6)		—		(12.6)
Impairment	(3.7)		—		(418.7)		—		(422.4)		—
Foreign currency impact and other adjustments to goodwill	6.6		2.5		136.1		20.3		142.7		22.8
Balance at end of year	$	3,800.2	$	3,721.5	$	3,951.3	$	4,143.5	$	7,751.5	$	7,865.0

Components of identifiable intangible assets

The components of identifiable intangible assets are as follows:


	December 31, 2020						December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	4,643.3	$	(1,534.9)	$	3,108.4	$	4,441.7	$	(1,329.5)	$	3,112.2
Patents, licenses and technology	434.7		(252.6)		182.1		453.6		(235.7)		217.9
Non-compete agreements	109.6		(70.7)		38.9		90.9		(60.5)		30.4
Trade names	401.8		(263.9)		137.9		408.2		(219.9)		188.3
Land use rights	10.9		(6.9)		4.0		10.9		(5.5)		5.4
Canadian licenses	489.8		—		489.8		480.3		—		480.3
	$	6,090.1	$	(2,129.0)	$	3,961.1	$	5,885.6	$	(1,851.1)	$	4,034.5

Acquired amortizable intangible assets and their respective weighted average amortization periods

A summary of amortizable intangible assets acquired during 2020, and their respective weighted average amortization periods are as follows:


	Amount		Weighted Average Amortization Period
Customer relationships	$	102.4	14.1
Trade name	0.2		2.4

Non-compete agreements	18.7		5.0
	$	121.3	12.7

ACCRUED EXPENSES AND OTHER (Tables)

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Accrued expenses and other


	December 31, 2020		December 31, 2019
Employee compensation and benefits	$	623.2	$	474.6

Accrued taxes payable	374.8		156.7






Other	359.7		311.1
	$	1,357.7	$	942.4

DEBT (Tables)

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Maturities of Long-term Debt [Table Text Block]

The scheduled payments of long-term debt at the end of 2020 are summarized as follows:



2021	$	376.7
2022	1,000.0
2023	300.0
2024	1,000.0
2025	1,000.0
Thereafter	2,156.1
Total scheduled payments	5,832.8
Less long-term debt issuance costs	(37.1)
Total long-term debt	5,795.7
Less current portion	(376.7)
Long-term debt, due beyond one year	$	5,419.0

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

Short-term borrowings and current portion of long-term debt at December 31, 2020, and 2019 consisted of the following:


	December 31, 2020		December 31, 2019



4.625% senior notes due 2020	—		413.7
2019 term loan	375.0		—
Debt issuance costs	(0.4)		(0.7)
Current portion of note payable	2.1		2.2
Total short-term borrowings and current portion of long-term debt	$	376.7	$	415.2

Long-term debt

Long-term debt at December 31, 2020, and 2019 consisted of the following:


	December 31, 2020		December 31, 2019




3.75% senior notes due 2022	500.0		500.0
3.20% 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

2.30% senior notes due 2024	400.0		400.0
2.95% senior notes due 2029	650.0		650.0
2019 term loan	—		375.0

Debt issuance costs	(37.1)		(42.2)
Note payable	6.1		7.0
Total long-term debt	$	5,419.0	$	5,789.8

Schedule of Long-term Debt Instruments

Long-term debt at December 31, 2020, and 2019 consisted of the following:


	December 31, 2020		December 31, 2019




3.75% senior notes due 2022	500.0		500.0
3.20% 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

2.30% senior notes due 2024	400.0		400.0
2.95% senior notes due 2029	650.0		650.0
2019 term loan	—		375.0

Debt issuance costs	(37.1)		(42.2)
Note payable	6.1		7.0
Total long-term debt	$	5,419.0	$	5,789.8

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

Common shares issued and outstanding [Text Block]

Changes in common shares issued and held in treasury [Text Block]

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


Common Shares Issued
	2020	2019	2018
Common stock issued at January 1	97.2	122.4	125.1
Common stock issued under employee stock plans	0.9	1.2	1.6
Common stock issued upon conversion of zero-coupon subordinated notes	—	0.1	—
Retirement of treasury stock	—	(23.6)	—
Purchase of common stock	(0.6)	(2.9)	(4.3)
Common stock issued at December 31	97.5	97.2	122.4


Common Shares Held in Treasury
	2020	2019	2018
Common shares held in treasury at January 1	—	23.5	23.2
Surrender of restricted stock and performance share awards	—	0.1	0.3
Retirement of treasury shares	—	(23.6)	—
Common shares held in treasury at December 31	—	—	23.5

Accumulated Other Comprehensive Earnings Components [Text Block]

The components of accumulated other comprehensive earnings are as follows:


	Foreign Currency Translation Adjustments		Net Benefit Plan Adjustments		Accumulated Other Comprehensive Earnings
Balance at December 31, 2018	$	(389.8)	$	(73.3)	$	(463.1)
Current year adjustments	104.4		(22.5)		81.9
Amounts reclassified from accumulated other comprehensive earnings (a)	—		5.1		5.1
Tax effect of adjustments	—		3.7		3.7
Balance at December 31, 2019	(285.4)		(87.0)		(372.4)
Current year adjustments	264.1		(72.9)		191.2
Amounts reclassified from accumulated other comprehensive earnings (a)	—		7.2		7.2
Tax effect of adjustments	—		12.1		12.1
Balance at December 31, 2020	$	(21.3)	$	(140.6)	$	(161.9)

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Valuation Allowance [Line Items]

Summary of Valuation Allowance [Table Text Block]

The table below provides a rollforward of the valuation allowance.


	December 31, 2020		December 31, 2019		December 31, 2018
Beginning balance	$	145.4	$	156.9	$	153.5
Additions charged to expense	5.8		—		3.4
Reductions and other adjustments	16.4		(11.5)		—
Ending balance	$	167.6	$	145.4	$	156.9

Schedule of Income before Income Tax, Domestic and Foreign

The sources of income before taxes, classified between domestic and foreign entities are as follows:


	2020		2019		2018
Domestic	$	1,846.5	$	784.4	$	937.7
Foreign	372.5		320.5		330.6
Total pre-tax income	$	2,219.1	$	1,104.9	$	1,268.3

Provision for Income Tax Expense (Benefit)

The provisions (benefits) for income taxes in the accompanying consolidated statements of operations consist of the following:


	Years Ended December 31,
	2020		2019		2018
Current:
Federal	$	455.3	$	126.7	$	225.8
State	172.8		40.2		61.2
Foreign	81.0		83.9		64.3
	$	709.1	$	250.8	$	351.3
Deferred:
Federal	$	(6.7)	$	38.2	$	(2.5)
State	(28.1)		2.5		30.0
Foreign	(12.2)		(11.5)		5.6
	(47.0)		29.2		33.1
	$	662.1	$	280.0	$	384.4

Schedule of Effective Income Tax Rate Reconciliation

The effective tax rates on earnings before income taxes are reconciled to statutory U.S. income tax rates as follows:


	Years Ended December 31,
	2020		2019		2018
Statutory U.S. rate	21.0	%	21.0	%	21.0	%
State and local income taxes, net of U.S. Federal income tax effect	5.3		3.2		3.4
Foreign earnings taxed at lower rates than the statutory U.S. rate	(0.4)		(0.1)		(0.3)
Restructuring and acquisition items	—		0.7		1.9
Re-measurement of deferred taxes	—		—		2.4
Repatriation tax	—		—		1.2
Impairment of assets	4.0		—		—
GILTI	(0.1)		1.1		1.0
Other	—		(0.6)		(0.3)
Effective rate	29.8	%	25.3	%	30.3	%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows:


	December 31, 2020		December 31, 2019
Deferred tax assets:
Accounts receivable	$	20.0	$	16.9
Employee compensation and benefits	115.6		105.1
Operating lease liability	187.6		191.4


Acquisition and restructuring reserves	22.6		9.9
Tax loss carryforwards	206.8		207.1
Other	126.8		62.9
	679.4		593.3
Less: valuation allowance	(167.6)		(145.4)
Deferred tax assets, net of valuation allowance	$	511.8	$	447.9

Deferred tax liabilities:

Right of use asset	$	(179.5)	$	(177.3)
Intangible assets	(912.5)		(910.5)
Property, plant and equipment	(203.9)		(194.6)

Other	(46.3)		(57.4)
Total gross deferred tax liabilities	(1,342.2)		(1,339.8)
Net deferred tax liabilities	$	(830.4)	$	(891.9)

Reconciliation of Unrecognized Tax Benefits from Uncertain Tax Positions


	2020		2019		2018
Balance as of January 1	$	31.7	$	18.0	$	19.5
Increase in reserve for tax positions taken in the current year	17.3		10.3		3.1
Increase in reserve from an acquisition's opening balance sheet	8.2		8.4		—
Decrease in reserve as a result of payments	(0.3)		(0.8)		(4.6)

Decrease in reserve as a result of lapses in the statute of limitations	(8.1)		(4.2)		—
Balance as of December 31	$	48.8	$	31.7	$	18.0

STOCK COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Disclosure of Share Based Compensation Arrangements by Share Based Payment Awards

Changes in options outstanding under the plans for the period indicated were as follows:


	Number of Options	Weighted-Average Exercise Price per Option	Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at December 31, 2019	0.6	125.26
Granted	0.1	182.71
Exercised	(0.2)	93.55
Canceled	—	—
Outstanding at December 31, 2020	0.5	148.39	6.5	$	27.5

Exercisable at December 31, 2020	0.3	126.55	4.9	$	20.5

Disclosure of the Impact of Stock Options Exercised


	2020		2019		2018
Cash received by the Company	$	17.5	$	27.6	$	37.5
Tax benefits realized	$	4.6	$	6.9	$	9.4
Aggregate intrinsic value	$	18.5	$	24.5	$	44.1

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]



	2020			2019
Fair value per option	$	40.06		$	33.70

Weighted average expected life (in years)	6.0			6.0
Risk free interest rate	1.5		%	2.1		%
Expected volatility	20.3		%	20.4		%
Expected dividend yield	N/A			N/A


	2020			2019			2018
Fair value of the employee’s purchase right	$	35.49		$	31.84		$	34.43
Valuation assumptions
Risk free interest rate	0.1		%	1.9		%	2.3		%
Expected volatility	0.3			0.2			0.2
Expected dividend yield	—			—			—

Schedule of Nonvested Share Activity

The following table shows a summary of non-vested shares for the year ended December 31, 2020:


	Number of Shares	Weighted-Average Grant Date Fair Value
Non-vested at January 1, 2020	1.3	$	152.70
Granted	0.7	182.88
Vested	(0.6)	144.55
Canceled	(0.1)	167.56
Non-vested at December 31, 2019	1.3	$	170.04

LEASES (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

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


Year Ended December 31, 2020	Operating Leases		Finance Leases
2021	$	206.1	$	12.7
2022	162.9		11.6
2023	119.8		11.4
2024	85.8		10.5
2025	71.5		7.7
Thereafter	354.8		89.2
Total lease payments	$	1,000.9	$	143.1
Less imputed interest	(131.3)		(52.0)
Less current portion	(192.0)		(6.7)
Total maturities, due beyond one year	$	677.6	$	84.4

Lease, Cost [Table Text Block]


	For the Year Ended
	December 31, 2020		December 31, 2019
Operating lease cost	$	215.4	$	224.0

Finance lease cost:
Amortization of right-of-use assets	$	11.2	$	11.1
Interest on lease liabilities	4.7		6.7
Total finance lease cost	$	15.9	$	17.8

Supplemental cash flow information related to leases was as follows:


	For the Year Ended
	December 31, 2020		December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(213.8)	$	(227.3)
Operating cash flows from finance leases	(4.7)		(6.7)
Financing cash flows from finance leases	(15.2)		(8.9)

ROU assets obtained in exchange for lease obligations:
Operating leases	$	185.9	$	132.6
Finance leases	—		0.2

Cash Flow, Supplemental Disclosures [Text Block]

SUPPLEMENTAL CASH FLOW INFORMATION


	Years Ended December 31,
	2020		2019		2018
Supplemental schedule of cash flow information:
Cash paid during period for:
Interest	$	216.6	$	248.9	$	296.2
Income taxes, net of refunds	500.0		216.8		349.7
Disclosure of non-cash financing and investing activities:
Conversion of zero-coupon convertible debt	—		8.4		0.3
Assets acquired under finance leases	—		48.7		0.6
Change in accrued property, plant and equipment	(1.2)		2.7		22.1
Floating rate secured note receivable due 2022 from the sale of CRP	—		110.0		—

Supplemental Cash Flow Information


	Years Ended December 31,
	2020		2019		2018
Supplemental schedule of cash flow information:
Cash paid during period for:
Interest	$	216.6	$	248.9	$	296.2
Income taxes, net of refunds	500.0		216.8		349.7
Disclosure of non-cash financing and investing activities:
Conversion of zero-coupon convertible debt	—		8.4		0.3
Assets acquired under finance leases	—		48.7		0.6
Change in accrued property, plant and equipment	(1.2)		2.7		22.1
Floating rate secured note receivable due 2022 from the sale of CRP	—		110.0		—

Future minimum rental commitments


	December 31, 2020			December 31, 2019
Operating Leases
Operating lease ROU assets (included in Property, plant and equipment, net)	$	789.8		$	732.8

Short-term operating lease liabilities	192.0			206.5
Operating lease liabilities	677.6			596.6
Total operating lease liabilities	$	869.6		$	803.1

Finance Leases

Finance lease ROU assets (included in Other assets)	$	79.7		$	87.7

Short-term finance lease liabilities	6.7			8.4
Financing lease liabilities	84.4			91.1
Total finance lease liabilities	$	91.1		$	99.5

Weighted Average Remaining Lease Term
Operating leases	7.6			7.6
Finance leases	15.9			15.5

Weighted Average Discount Rate
Operating leases	3.3		%	4.1		%
Finance leases	5.1		%	5.2		%

PENSION AND POSTRETIREMENT PLANS Pension and Postretirement Plans (Tables)

12 Months Ended

Dec. 31, 2020

Defined Benefit Plan, Plan Amendment [Abstract]

Defined Benefit Plan, Assumptions [Table Text Block]

Weighted average assumptions used to determine net periodic benefit costs are as follows:


	U. S. Plans						Non-U.S. Plans
	Year ended December 31,
	2020		2019		2018		2020		2019		2018
Discount rate	3.3	%	4.3	%	3.6	%	1.7	%	2.2	%	2.1	%
Salary increases	N/A		N/A		N/A		3.1	%	2.7	%	2.7	%
Expected long term rate of return	6.0	%	6.5	%	6.5	%	3.5	%	4.2	%	4.5	%
Cash balance interest credit rate	4.0	%	4.0	%	4.0	%	N/A		N/A		N/A

Schedule of Net Funded Status [Table Text Block]


	U.S. Plans				Non-U.S. Plans
	Year Ended December 31,
	2020		2019		2020		2019
Funded status	$	68.9	$	93.4	$	154.5	$	99.1

Recorded as:
Accrued expenses and other	$	2.3	$	2.2	$	0.6	$	0.5
Other liabilities	66.6		91.2		153.9		98.6

Schedule of Changes in Fair Value of Plan Assets [Table Text Block]


	U.S. Plans				Non-U.S. Plans
	Year Ended December 31,
	2020		2019		2020		2019
Balances at beginning of the year	$	262.1	$	246.9	$	491.7	$	254.6
Plan assets of acquired subsidiary at acquisition date	—		—		—		168.3
Company contributions	33.1		2.2		13.5		11.4
Participant contributions	—		—		0.1		1.3
Actual return on plan assets	32.3		43.4		32.8		48.8
Benefits and administrative expenses paid	(26.6)		(30.4)		(19.6)		(11.3)
Foreign currency exchange rate changes	—		—		17.1		18.6
Fair value of plan assets at end of year	$	300.9	$	262.1	$	535.6	$	491.7

Schedule of Defined Benefit Plans Disclosures [Table Text Block]


	U. S. Plans						Non-U.S. Plans
	Year ended December 31,
	2020		2019		2018		2020	2019	2018
Service cost for benefits earned	$	5.1	$	4.1	$	5.2	2.1	5.7	6.0
Interest cost on benefit obligation	11.1		13.9		13.0		10.9	10.9	8.0
Expected return on plan assets	(14.9)		(15.1)		(16.5)		(16.6)	(15.0)	(12.6)
Net amortization and deferral	9.7		10.9		11.7		0.4	—	—
Expected participant contributions	—		—		—		(0.1)	(1.2)	(1.3)
Settlements	—		—		7.5		—	—	—
Defined-benefit plan costs	$	11.0	$	13.8	$	20.9	(3.3)	0.4	0.1

The amounts recognized in accumulated other comprehensive earnings are as follows:


	U. S. Plans				Non-U.S. Plans
	Year ended December 31,
	2020		2019			2020		2019
Net actuarial loss in accumulated other comprehensive earnings	$	108.8	$	111.2		$	99.7	$	31.5


	U.S. Plans				Non-U.S. Plans
	Year Ended December 31,
	2020		2019		2020		2019
Balance at beginning of the year	$	355.5	$	334.6	$	590.7	$	294.1
Balance of acquired subsidiary at acquisition date	—		—		—		215.4
Service cost	5.1		4.1		2.1		5.7
Interest cost	11.1		13.9		10.9		10.9
Actuarial (gain) loss	24.7		33.3		80.5		72.3
Benefits and administrative expenses paid	(26.6)		(30.4)		(20.0)		(11.6)
Plan curtailment	—		—		—		(16.1)
Foreign currency exchange rate changes	—		—		25.9		20.0
Balance at end of the year	$	369.8	$	355.5	$	690.1	$	590.7


	Year ended December 31,
	2020		2019		2018
Service cost for benefits earned	$	—	$	—	$	—
Interest cost on benefit obligation	0.2		0.3		0.3
Net amortization and deferral	0.4		0.4		(1.3)
Post-retirement medical plan costs	$	0.6	$	0.7	$	(1.0)

A summary of the changes in the accumulated post-retirement benefit obligation follows:


	2020		2019
Balance at January 1	$	6.5	$	6.9

Interest cost on benefit obligation	0.2		0.3
Actuarial loss	—		—
Benefits paid	(0.5)		(0.7)

Balance at December 31	$	6.2	$	6.5

Recorded as:
Accrued expenses and other	$	0.8	$	0.8
Other liabilities	5.4		5.7
	$	6.2	$	6.5

Defined Benefit Plan Fair Value Of Plan Assets By Category [Table Text Block]


Asset Category	Level of Valuation Input	Fair Value		Investments valued using NAV per share		Total
U.S Plans
Cash and cash equivalents	Level 1	$	13.0	$	—	$	13.0
U.S. equity index funds		—		105.5		105.5
International equity index funds		—		45.7		45.7
Real estate		—		15.0		15.0
General bond index funds		—		121.7		121.7
Total fair value		$	13.0	$	287.9	$	300.9

Non U.S. Plans
Cash and cash equivalents	Level 1	$	6.8	$	—	$	6.8
Annuities	Level 3	58.7		—		58.7
Pooled investment funds		—		470.1		470.1
Total fair value		$	65.5	$	470.1	$	535.6


Asset Category	Level of Valuation Input	Fair Value		Investments valued using NAV per share		Total
U.S Plans
Cash and cash equivalents	Level 1	$	4.3	$	—	$	4.3
U.S. equity index funds		—		93.4		93.4
International equity index funds		—		40.6		40.6
Real estate index fund		—		12.7		12.7
General bond index funds		—		111.1		111.1
Total fair value		$	4.3	$	257.8	$	262.1

Non U.S. Plans
Cash and cash equivalents	Level 1	$	2.6	$	—	$	2.6
Annuities	Level 3	30.6		—		30.6
Pooled investment funds		—		458.5		458.5
Total fair value		$	33.2	$	458.5	$	491.7

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [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 December 31, 2020, and 2019 were as follows:


				Fair Value Measurements as of
				December 31, 2020
	Balance Sheet Classification	Fair Value as of December 31, 2020		Using Fair Value Hierarchy
				Level 1		Level 2		Level 3
Noncontrolling interest put	Noncontrolling interest	$	16.2	$	—	$	16.2	$	—
Cross currency swaps	Other liabilities, net	40.4		—		40.4		—
Cash surrender value of life insurance policies	Other assets, net	90.6		—		90.6		—
Deferred compensation liability	Other liabilities	89.2		—		89.2		—
Contingent consideration	Other liabilities	13.9		—		—		13.9


				Fair Value Measurements as of
				December 31, 2019
	Balance Sheet Classification	Fair Value as of December 31, 2019		Using Fair Value Hierarchy
				Level 1		Level 2		Level 3
Noncontrolling interest put	Noncontrolling interest	$	15.8	$	—	$	15.8	$	—
Interest rate swap	Other liabilities	1.5		—		1.5		—
Cross currency swaps liability	Other liabilities	3.2		—		3.2		—
Cash surrender value of life insurance policies	Other assets, net	80.2		—		80.2		—
Deferred compensation liability	Other liabilities	76.7		—		76.7		—
Investment in equity securities	Other current assets	9.1		9.1		—		—
Contingent consideration	Other liabilities	9.9		—		—		9.9

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2020

Dec. 31, 2018

Derivative [Line Items]

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


	Carrying amount of hedged liabilities as of December 31,			Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities as of December 31,
	2020	2019		2020	2019
Balance Sheet Line Item in which Hedged Items are Included

Long-term debt, less current portion	—	$	301.5	—	$	1.5

Schedule of Derivative Liabilities at Fair Value [Table Text Block]

The table below presents the fair value of derivatives on a gross basis and the balance sheet classification of those instruments:


		December 31, 2020			December 31, 2019
		Fair Value of Derivative			Fair Value of Derivative
	Balance Sheet Caption	Asset	Liability	U.S. Dollar Notional	Asset	Liability	U.S. Dollar Notional
Derivatives Designated as Hedging Instruments
Interest rate swap	Prepaid expenses and other/Other liabilities	—	—	—	1.5	—	300.0
Cross currency swaps	Other assets, net/Other liabilities	—	40.4	600.0	3.2	—	600.0

Derivative Instruments, Gain (Loss) [Table Text Block]

The table below provides information regarding the location and amount of pretax (gains) losses of derivatives designated in fair value hedging relationships:


	Amount of pre-tax gain/(loss) included in other comprehensive income						Amounts reclassified to the Statement of Operations
	Year Ended December 31,						Year Ended December 31,
	2020		2019		2018		2020		2019		2018
Interest rate swap contracts	$	0.8	$	6.7	$	(7.2)	$	1.6	$	1.6	$	—
Cross currency swaps	$	(43.6)	$	6.0	$	21.6	$	—	$	—	$	—

Business Segments [Disclosure] Schedule of Segment Reporting Information (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]


	2020		2019		2018
Revenues:
Dx	$	9,253.4	$	7,000.1	$	7,030.8
DD	4,877.7		4,578.1		4,313.1
Intercompany eliminations and other	(152.6)		(23.4)		(10.5)
Total revenues	$	13,978.5	$	11,554.8	$	11,333.4

Operating Earnings:
Dx	$	2,634.9	$	1,086.0	$	1,166.7
DD	37.3		411.5		303.6
General corporate expenses	(226.8)		(167.3)		(144.6)
Total operating income	2,445.4		1,330.2		1,325.7
Non-operating expenses, net	(226.3)		(225.3)		(57.4)
Earnings before income taxes	2,219.1		1,104.9		1,268.3
Provision for income taxes	662.1		280.0		384.4
Net earnings	1,557.0		824.9		883.9
Less: Net income attributable to noncontrolling interests	(0.9)		(1.1)		(0.2)
Net income attributable to Laboratory Corporation of America Holdings	$	1,556.1	$	823.8	$	883.7


	2020		2019		2018
Depreciation and Amortization
Dx	$	327.5	$	301.0	$	293.3
DD	295.2		261.1		247.3
General corporate	2		2.6		2.6
Total depreciation and amortization	$	624.7	$	564.7	$	543.2


	Dx		DD		Intercompany Eliminations and Other		Total
Geographic distribution of revenues
North America	$	9,253.4	$	2,424.5	$	(152.6)	$	11,525.3

Europe	—		1,512.2		—		1,512.2

Other	—		941.0		—		941.0
Total revenues	$	9,253.4	$	4,877.7	$	(152.6)	$	13,978.5


	Dx		DD		Total
Geographic distribution of property, plant and equipment, net
North America	$	1,515.3	$	665.3	$	2,180.6
Europe	—		425.5		425.5
Other	—		123.5		123.5
Total property, plant and equipment, net	$	1,515.3	$	1,214.3	$	2,729.6

REVENUE (Tables)

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue [Table Text Block]

The Company's revenue by segment payers/customer groups for the years ended December 31, 2020, 2019 and 2018 is as follows:


	For the Year Ended December 31, 2020				For the Year Ended December 31, 2019											For the Year Ended December 31, 2018
	North America		Europe			Other		Total		North America		Europe		Other			Total		North America		Europe		Other		Total
Payer/Customer
Dx
Clients	20	%	—	%		—	%	20	%	17	%	—	%	—	%		17	%	18	%	—	%	—	%	18	%
Patients	6	%	—	%		—	%	6	%	8	%	—	%	—	%		8	%	8	%	—	%	—	%	8	%
Medicare and Medicaid	7	%	—	%		—	%	7	%	8	%	—	%	—	%		8	%	9	%	—	%	—	%	9	%
Third-party	32	%	—	%		—	%	32	%	27	%	—	%	—	%		27	%	27	%	—	%	—	%	27	%
Total Dx revenues by payer	65	%	—	%		—	%	65	%	60	%	—	%	—	%		60	%	62	%	—	%	—	%	62	%

DD
Biopharmaceutical and medical device companies	17	%	11	%		7	%	35	%	21	%	12	%	7	%		40	%	19	%	12	%	7	%	38	%

Total revenues	82	%	11	%		7	%	100	%	81	%	12	%	7	%		100	%	81	%	12	%	7	%	100	%

Capitalized Contract Cost


	December 31, 2020		December 31, 2019
Sales commission assets	$	32.6	$	28.6
Deferred contract fulfillment costs	12.6		14.9
Total	$	45.2	$	43.5

Contract with Customer, Contract Asset, Contract Liability, and Receivable


	December 31, 2020		December 31, 2019
Receivables, which are included in Accounts Receivable	$	1,001.5	$	771.1
Unbilled services	548.1		483.7
Unearned revenue	492.2		449.2

Accounts Receivable, Allowance for Credit Loss


	Year Ended December 31, 2020
	Accounts Receivable		Unbilled Services		Note and Other Receivables		Total
Allowance for credit losses as of December 31, 2019	$	19.0	$	2.3	$	—	$	21.3
Current expected credit losses opening balance impact on retained earnings	1.8		0.2		5.0		7.0
Credit loss expense	7.0		9.0		0.7		16.7
Write offs	(5.7)		(0.2)		—		(5.9)
Ending allowance for credit losses	$	22.1	$	11.3	$	5.7	$	39.1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - USD ($)	3 Months Ended		12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - USD ($)	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
CARES Act	$ 76,200,000	$ 55,900,000
Goodwill, Impairment Loss			$ 422,400,000	$ 0
Accounts receivable from Ontario government sponsored healthcare plan			600,000	3,200,000
Inventory Valuation Reserves			20,200,000	0.0
Accounts receivable balances (gross) from Medicare and Medicaid			$ 109,800,000	81,400,000
Ownership percentage below which investments are generally accounted for on the cost method (in hundredths)			20.00%
Cash, Uninsured Amount			$ 1,319,400,000	$ 335,000,000.0
Minimum threshold percentage required to recognize income tax benefit (in hundredths)			50.00%
Percent of gross accounts receivable due from patients			13.90%	21.10%
Inventory, Finished Goods, Gross			$ 19,600,000	$ 16,400,000
Other Inventory, Supplies, Gross			403,600,000	228,300,000
Goodwill and Intangible Asset Impairment			462,100,000	$ 0	$ 0
Equity Method Investment, Other than Temporary Impairment			$ 25,400,000

SUMMARY OF SIGNIFICANT ACCOUNTING - EARNINGS PER SHARE - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income [Abstract]
Net earnings, basic	$ 1,556.1	$ 823.8	$ 883.7
Net earnings, diluted	$ 1,556.1	$ 823.8	$ 883.7
Shares [Abstract]
Stock Options (in shares)	0.2	0.2	0.1
Outstanding shares, basic (in shares)	97.3	97.9	101.4
Dilutive effect of stock options (in shares)	0.7	0.7	1.2
Dilutive effect of convertible debt, net of tax (in shares)	0.0	0.0	0.0
Outstanding shares, diluted (in shares)	98.0	98.6	102.6
Per Share Amount [Abstract]
Earnings Per Share, Basic	$ 15.99	$ 8.42	$ 8.71
Diluted earnings per share (in dollars per share)	$ 15.88	$ 8.35	$ 8.61

SUMMARY OF SIGNIFICANT ACCOUNTING - PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Dec. 31, 2020 yr
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life software minimum	3
Property plant and equipment useful life software maximum	10
Estimated useful life of capitalized software costs (in years)	5
Minimum [Member] \| Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life, minimum (years)	3 years
Minimum [Member] \| Buildings and building improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life, minimum (years)	10 years
Minimum [Member] \| Software [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life, minimum (years)	3 years
Minimum [Member] \| Furniture and fixtures [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life, minimum (years)	5 years
Maximum [Member] \| Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life, minimum (years)	10 years
Maximum [Member] \| Buildings and building improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life, minimum (years)	40 years
Maximum [Member] \| Software [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life, minimum (years)	10 years
Maximum [Member] \| Furniture and fixtures [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life, minimum (years)	10 years

SUMMARY OF SIGNIFICANT ACCOUNTING - INTANGIBLE ASSETS - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 7,751,500,000	$ 7,865,000,000.0	$ 7,360,300,000
Useful life of finite-lived intangible assets, minimum (years)	15 years
Minimum [Member] \| Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Useful life of finite-lived intangible assets, minimum (years)	10 years
Minimum [Member] \| Patents, Licenses And Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Useful life of finite-lived intangible assets, minimum (years)	3 years
Minimum [Member] \| Non-compete agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Useful life of finite-lived intangible assets, minimum (years)	3 years
Minimum [Member] \| Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Useful life of finite-lived intangible assets, minimum (years)	1 year
Maximum [Member] \| Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Useful life of finite-lived intangible assets, minimum (years)	36 years
Maximum [Member] \| Patents, Licenses And Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Useful life of finite-lived intangible assets, minimum (years)	15 years
Maximum [Member] \| Non-compete agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Useful life of finite-lived intangible assets, minimum (years)	5 years
Maximum [Member] \| Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Useful life of finite-lived intangible assets, minimum (years)	15 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - COVID-19 - USD ($)	3 Months Ended		12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Item Effected [Line Items]
Goodwill and Intangible Asset Impairment			$ 462,100,000	$ 0	$ 0
Goodwill, Impairment Loss			422,400,000	0
Cash, Uninsured Amount			1,319,400,000	335,000,000.0
Equity Method Investment, Other than Temporary Impairment			25,400,000
CARES Act	$ 76,200,000	$ 55,900,000
Covance Drug Development [Member]
Item Effected [Line Items]
Goodwill and Intangible Asset Impairment			450,500,000
Goodwill, Impairment Loss			418,700,000	0
Impairment of Intangible Assets (Excluding Goodwill)			31,800,000
LabCorp Diagnostics [Member]
Item Effected [Line Items]
Goodwill and Intangible Asset Impairment			11,600,000
Goodwill, Impairment Loss			3,700,000	$ 0
Impairment of Intangible Assets (Excluding Goodwill)			7,900,000
Income (loss) from equity method investments
Item Effected [Line Items]
Equity Method Investment, Other than Temporary Impairment			7,100,000
Other, net
Item Effected [Line Items]
Equity Method Investment, Other than Temporary Impairment			$ 18,300,000

BUSINESS ACQUISITIONS (Details) - USD ($)	12 Months Ended
BUSINESS ACQUISITIONS (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jun. 03, 2019	Dec. 19, 2014	Mar. 31, 2013
Business Acquisition [Line Items]
Adjustments to intangibles through amortization expense	$ 0.0	$ 400,000	$ 4,500,000
Long-term debt, less current portion	$ 5,419,000,000.0	5,789,800,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	12 years 8 months 12 days
Finite-Lived Intangible Asset, Useful Life	15 years
Goodwill, net	$ 7,751,500,000	7,865,000,000.0	7,360,300,000
Payments to Acquire Businesses, Net of Cash Acquired	267,600,000	876,000,000.0	117,800,000
Finite-lived Intangible Assets Acquired	121,300,000	184,300,000
Goodwill, Acquired During Period	166,200,000	494,500,000
Line of Credit Facility, Maximum Borrowing Capacity					$ 1,000,000,000.0
Notes Receivable, Fair Value Disclosure	0	110,000,000.0	0
Gain (Loss) on Disposition of Assets	(12,200,000)
Total acquisition consideration (cash, stock, notes, etc.)				$ 711,000,000.0
Revenues	13,978,500,000	11,554,800,000	11,333,400,000
Operating Income (Loss)	2,445,400,000	1,330,200,000	1,325,700,000
Senior notes due 2020 [Member]
Business Acquisition [Line Items]
Long-term debt, less current portion	0	300,000,000.0				$ 600,000,000.0
Other acquirees [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities	4,100,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	28,500,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	267,600,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue	1,100,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable	900,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other	22,400,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	296,100,000
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	166,200,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	1,300,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables	4,900,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	(2,400,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 121,300,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	12 years
Payments to Acquire Businesses, Net of Cash Acquired	$ 267,600,000
Finite-lived Intangible Assets Acquired	121,300,000
Goodwill, Acquired During Period	166,200,000
Envigo [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets	9,900,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory	4,500,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities	69,300,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	144,800,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	601,000,000.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue	49,900,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable	15,200,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other	10,400,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	745,800,000
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	376,600,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	128,400,000
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets	25,200,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets	10,800,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables	12,100,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	(25,600,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	11,300,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 140,800,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	11 years
Payments to Acquire Businesses, Net of Cash Acquired	$ 601,000,000.0
Notes Receivable, Fair Value Disclosure	70,000,000.0
Revenues	124,200,000
Operating Income (Loss)	17,900,000
CRP [Member]
Business Acquisition [Line Items]
Operating Income (Loss)	5,500,000	13,200,000
Excluding Envigo [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired		286,400,000
Goodwill, Acquired During Period		115,100,000
2020 Acquisitions
Business Acquisition [Line Items]
Business Acquisition, Pro Forma Revenue	14,032,700,000	11,717,500,000
Business Acquisition, Pro Forma Net Income (Loss)	$ 1,564,600,000	837,600,000
2019 Acquisitions
Business Acquisition [Line Items]
Business Acquisition, Pro Forma Revenue		11,742,500,000	11,738,500,000
Business Acquisition, Pro Forma Net Income (Loss)		$ 831,400,000	$ 906,600,000
Trade Names [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	2 years 4 months 24 days
Finite-lived Intangible Assets Acquired	$ 200,000
Trade Names [Member] \| Envigo [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 600,000
Customer Relationships [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	14 years 1 month 6 days
Finite-lived Intangible Assets Acquired	$ 102,400,000
Customer Relationships [Member] \| Envigo [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets	$ 141,400,000

BUSINESS ACQUISITIONS & DISPOSITIONS DISPOSITIONS (Details) - USD ($)					12 Months Ended
	Dec. 31, 2018	Aug. 07, 2018	Aug. 01, 2018	Apr. 30, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Divestiture of Businesses					$ 0	$ 0	$ 658,200,000
Operating Income (Loss)					2,445,400,000	1,330,200,000	1,325,700,000
Gain (Loss) on Disposition of Assets					(12,200,000)
Cash and cash equivalents	$ 426,800,000				1,320,800,000	337,500,000	426,800,000	$ 316,600,000
Accounts receivable, net of allowance for doubtful accounts of $22.1 and $19.0 as of December 31, 2020 and 2019, respectively					2,479,800,000	1,543,900,000
Unbilled Contracts Receivable					536,800,000	481,400,000
Supplies inventory					423,200,000	244,700,000
Prepaid expenses and other					364,800,000	373,700,000
Property, plant and equipment, net					2,729,600,000	2,636,600,000
Goodwill	7,360,300,000				7,751,500,000	7,865,000,000.0	7,360,300,000
Intangible assets, net					3,961,100,000	4,034,500,000
Other assets, net					410,000,000.0	435,400,000
Accounts payable					638,900,000	632,300,000
Accrued expenses and other					1,357,700,000	942,400,000
Deferred Revenue, Current					506,500,000	451,000,000.0
Deferred income taxes and other tax liabilities					905,400,000	942,800,000
Other liabilities					526,400,000	383,200,000
Disposal Group, Including Discontinued Operation, Operating Income (Loss)							7,600,000
Payments to Acquire Businesses, Net of Cash Acquired					267,600,000	876,000,000.0	117,800,000
Business Acquisition, Contingent Consideration [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired					267,600,000	876,000,000.0	117,800,000
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired					267,600,000	876,000,000.0	$ 117,800,000
Covance Food Solutions [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Divestiture of Businesses				$ 670,000,000.0
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal			$ 258,300,000
UK forensic testing services business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Operating Income (Loss)		$ 48,900,000
US forensic testing services business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Operating Income (Loss)	$ 24,500,000
CRP [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Operating Income (Loss)					$ 5,500,000	13,200,000
Excluding Envigo [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired						286,400,000
Business Acquisition, Contingent Consideration [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired						286,400,000
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired						$ 286,400,000

BUSINESS ACQUISITIONS & DISPOSITIONS Envigo (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Operating Income (Loss)	$ 2,445.4	$ 1,330.2	$ 1,325.7
Payments to Acquire Businesses, Net of Cash Acquired	267.6	876.0	117.8
Notes Receivable, Fair Value Disclosure	$ 0.0	$ 110.0	$ 0.0
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	12 years 8 months 12 days
Envigo [Member]
Business Acquisition [Line Items]
Operating Income (Loss)	$ 17.9
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	25.6
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory	4.5
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	376.6
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	11.3
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables	12.1
Payments to Acquire Businesses, Net of Cash Acquired	601.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets	10.8
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	128.4
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets	25.2
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	140.8
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets	9.9
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	745.8
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable	15.2
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other	10.4
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue	49.9
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities	69.3
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	144.8
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	601.0
Notes Receivable, Fair Value Disclosure	$ 70.0
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	11 years
Other acquirees [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	$ 2.4
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	166.2
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables	4.9
Payments to Acquire Businesses, Net of Cash Acquired	267.6
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	1.3
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	121.3
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	296.1
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable	0.9
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other	22.4
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue	1.1
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities	4.1
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	28.5
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	$ 267.6
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	12 years
Customer Relationships [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	14 years 1 month 6 days
Customer Relationships [Member] \| Envigo [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets	$ 141.4
Trade Names [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	2 years 4 months 24 days
Trade Names [Member] \| Envigo [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 0.6

RESTRUCTURING RESERVES (Details) - USD ($)	12 Months Ended
RESTRUCTURING RESERVES (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 7,800,000	$ 13,400,000	$ 43,600,000
Reclass for Adoption of ASC 842		(32,800,000)
Restructuring Reserve, Current	5,700,000
Restructuring Reserve, Noncurrent	2,100,000
Employee Severance Benefits Related Restructuring Reserve Accrual Adjustment	$ 600,000	1,700,000	2,000,000.0
Number of years restructuring liabilities expected to be paid out over	4 years 10 months 24 days
Facility Related Restructuring Reserve Accrual Adjustment	$ 9,200,000	1,500,000	2,000,000.0
Restructuring Charges	(33,000,000.0)	(33,100,000)
Restructuring Costs and Asset Impairment Charges	17,400,000	24,700,000
Restructuring Reserve, Accrual Adjustment	(9,800,000)	(3,200,000)
Restructuring Reserve Settled With Cash And Other Adjustment	(46,200,000)	(52,000,000.0)
LabCorp Diagnostics [Member] \| Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	300,000	500,000	2,100,000
Reclass for Adoption of ASC 842		0
Restructuring Charges	(5,200,000)	(17,300,000)
Restructuring Costs and Asset Impairment Charges	0	0
Restructuring Reserve, Accrual Adjustment	(100,000)	(200,000)
Restructuring Reserve Settled With Cash And Other Adjustment	(5,300,000)	(18,700,000)
LabCorp Diagnostics [Member] \| Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	400,000	2,700,000	7,400,000
Reclass for Adoption of ASC 842		(5,700,000)
Restructuring Charges	(5,500,000)	(1,800,000)
Restructuring Costs and Asset Impairment Charges	7,500,000	11,800,000
Restructuring Reserve, Accrual Adjustment	(2,800,000)	(400,000)
Restructuring Reserve Settled With Cash And Other Adjustment	(12,500,000)	(8,600,000)
Covance Drug Development [Member] \| Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	2,400,000	5,500,000	6,500,000
Reclass for Adoption of ASC 842		0
Restructuring Charges	(8,900,000)	(15,600,000)
Restructuring Costs and Asset Impairment Charges	0	0
Restructuring Reserve, Accrual Adjustment	500,000	1,500,000
Restructuring Reserve Settled With Cash And Other Adjustment	(11,500,000)	(15,100,000)
Covance Drug Development [Member] \| Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	4,700,000	4,700,000	$ 27,600,000
Reclass for Adoption of ASC 842		(27,100,000)
Restructuring Charges	(13,400,000)	(2,000,000.0)
Restructuring Costs and Asset Impairment Charges	9,900,000	12,900,000
Restructuring Reserve, Accrual Adjustment	6,400,000	1,100,000
Restructuring Reserve Settled With Cash And Other Adjustment	$ (16,900,000)	$ (9,600,000)

JOINT VENTURE PARTNERSHIPS AND EQUITY METHOD INVESTMENTS (Details) $ in Millions, $ in Millions	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CAD ($)
Investments in unconsolidated joint venture partnerships and equity method investments Financial Statement, Reported Amounts
The value of the Company's recorded investment in the Alberta partnership assigned to Canadian licenses	$ 22.4
AHS transfer to Canadian JV		$ 50.0
Alberta, Canada [Member]
Investments in unconsolidated joint venture partnerships and equity method investments Financial Statement, Reported Amounts
Net Investment	$ (34.6)
Interest Owned	43.37%	43.37%
Florence, South Carolina [Member]
Investments in unconsolidated joint venture partnerships and equity method investments Financial Statement, Reported Amounts
Net Investment	$ (10.2)
Interest Owned	49.00%	49.00%
Buffalo, New York [Member]
Investments in unconsolidated joint venture partnerships and equity method investments Financial Statement, Reported Amounts
Net Investment	$ (13.4)
Interest Owned	48.18%	48.18%
Various
Investments in unconsolidated joint venture partnerships and equity method investments Financial Statement, Reported Amounts
Net Investment	$ (7.2)

ACCOUNTS RECEIVABLE, NET (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Allowance for Credit Loss	$ (22.1)	$ (19.0)
Accounts receivable, net [Abstract]
Less allowance for doubtful accounts attributable to CDD		(12.7)
Accounts Receivable, after Allowance for Credit Loss, Current	2,479.8	1,543.9
LabCorp Diagnostics [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, before Allowance for Credit Loss	1,515.5	798.1
Covance Drug Development [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, before Allowance for Credit Loss	$ 986.4	$ 764.8

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Depreciation, Depletion and Amortization	$ 624.7	$ 577.2	$ 552.1
Property, plant and equipment, net
Gross property, plant and equipment	4,932.7	4,565.3
Less accumulated depreciation	(2,203.1)	(1,928.7)
Property, plant and equipment, net	2,729.6	2,636.6
Software depreciation	84.7	90.4	92.7
Property, Plant and Equipment [Member]
Property, Plant and Equipment [Line Items]
Depreciation, Depletion and Amortization	349.3	321.5	$ 311.5
Land [Member]
Property, plant and equipment, net
Gross property, plant and equipment	99.4	90.9
Buildings and building improvements [Member]
Property, plant and equipment, net
Gross property, plant and equipment	879.9	781.8
Machinery and equipment [Member]
Property, plant and equipment, net
Gross property, plant and equipment	1,522.3	1,345.1
Software and Software Development Costs [Member]
Property, plant and equipment, net
Gross property, plant and equipment	857.5	794.9
Leasehold improvements [Member]
Property, plant and equipment, net
Gross property, plant and equipment	440.0	411.7
Furniture and Fixtures [Member]
Property, plant and equipment, net
Gross property, plant and equipment	112.2	97.0
Construction in progress [Member]
Property, plant and equipment, net
Gross property, plant and equipment	231.6	311.1
Equipment under capital leases [Member]
Property, plant and equipment, net
Gross property, plant and equipment	$ 789.8	$ 732.8

GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($)	12 Months Ended
GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 275,400,000	$ 243,200,000	$ 231,700,000
Adjustments to intangibles through amortization expense	0.0	400,000	4,500,000
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Asset	10,800,000	3,300,000
Finite-Lived Intangible Assets, Future Amortization Expense
Estimated amortization expense, 2013	365,500,000
Estimated amortization expense, 2014	220,800,000
Estimated amortization expense, 2015	217,800,000
Estimated amortization expense, 2016	213,200,000
Estimated amortization expense, 2017	200,800,000
Estimated amortization expense, Thereafter	2,160,500,000
Goodwill, Impairment Loss	422,400,000	0
Goodwill and Intangible Asset Impairment	462,100,000	0	$ 0
Covance Drug Development [Member]
Finite-Lived Intangible Assets, Future Amortization Expense
Goodwill, Impairment Loss	418,700,000	0
Impairment of Intangible Assets (Excluding Goodwill)	31,800,000
Goodwill and Intangible Asset Impairment	450,500,000
Covance Drug Development [Member] \| Trademarks and Trade Names [Member]
Finite-Lived Intangible Assets, Future Amortization Expense
Amortization	27,500,000
LabCorp Diagnostics [Member]
Finite-Lived Intangible Assets, Future Amortization Expense
Goodwill, Impairment Loss	3,700,000	$ 0
Impairment of Intangible Assets (Excluding Goodwill)	7,900,000
Goodwill and Intangible Asset Impairment	$ 11,600,000

GOODWILL AND INTANGIBLE ASSETS - SCHEDULE OF GOODWILL (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Line Items]
Goodwill	$ 7,751,500,000	$ 7,360,300,000
Adjustments to goodwill	142,700,000	22,800,000
Goodwill, Acquired During Period	166,200,000	494,500,000
Goodwill, Other Increase (Decrease)	0	(12,600,000)
Goodwill, Impairment Loss	(422,400,000)	0
Goodwill [Roll Forward]
Balance as of January 1	7,865,000,000.0	7,360,300,000
Adjustments to goodwill	142,700,000	22,800,000
Goodwill, net	7,751,500,000	7,865,000,000.0
LabCorp Diagnostics [Member]
Goodwill [Line Items]
Goodwill	3,800,200,000	3,638,800,000
Adjustments to goodwill	6,600,000	2,500,000
Goodwill, Acquired During Period	75,800,000	80,200,000
Goodwill, Other Increase (Decrease)	0	0
Goodwill, Impairment Loss	(3,700,000)	0
Goodwill [Roll Forward]
Balance as of January 1	3,721,500,000	3,638,800,000
Adjustments to goodwill	6,600,000	2,500,000
Goodwill, net	3,800,200,000	3,721,500,000
Covance Drug Development [Member]
Goodwill [Line Items]
Goodwill	3,951,300,000	3,721,500,000
Adjustments to goodwill	136,100,000	20,300,000
Goodwill, Acquired During Period	90,400,000	414,300,000
Goodwill, Other Increase (Decrease)	0	(12,600,000)
Goodwill, Impairment Loss	(418,700,000)	0
Goodwill [Roll Forward]
Balance as of January 1	4,143,500,000	3,721,500,000
Adjustments to goodwill	136,100,000	20,300,000
Goodwill, net	$ 3,951,300,000	$ 4,143,500,000

GOODWILL AND INTANGIBLE ASSETS - COMPONENTS OF IDENTIFIABLE INTANGIBLE ASSETS (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Abstract]
Gross Carrying Amount	$ 6,090.1	$ 5,885.6
Accumulated Amortization	(2,129.0)	(1,851.1)
Net Carrying Amount	3,961.1	4,034.5
Customer Relationships [Member]
Finite-Lived Intangible Assets [Abstract]
Gross Carrying Amount		4,441.7
Accumulated Amortization		(1,329.5)
Net Carrying Amount		3,112.2
Patents, licenses and technology [Member]
Finite-Lived Intangible Assets [Abstract]
Gross Carrying Amount		453.6
Accumulated Amortization		(235.7)
Net Carrying Amount		217.9
Non-compete agreements [Member]
Finite-Lived Intangible Assets [Abstract]
Gross Carrying Amount		90.9
Accumulated Amortization		(60.5)
Net Carrying Amount		30.4
Trade names [Member]
Finite-Lived Intangible Assets [Abstract]
Gross Carrying Amount		408.2
Accumulated Amortization		(219.9)
Net Carrying Amount		188.3
Canadian licenses [Member]
Finite-Lived Intangible Assets [Abstract]
Gross Carrying Amount		480.3
Accumulated Amortization		0.0
Net Carrying Amount		480.3
Patents, licenses and technology [Member]
Finite-Lived Intangible Assets [Abstract]
Gross Carrying Amount	434.7
Accumulated Amortization	(252.6)
Net Carrying Amount	182.1
Customer Relationships [Member]
Finite-Lived Intangible Assets [Abstract]
Gross Carrying Amount	4,643.3
Accumulated Amortization	(1,534.9)
Net Carrying Amount	3,108.4
Use Rights [Member]
Finite-Lived Intangible Assets [Abstract]
Gross Carrying Amount	10.9	10.9
Accumulated Amortization	(6.9)	(5.5)
Net Carrying Amount	4.0	$ 5.4
Trade names [Member]
Finite-Lived Intangible Assets [Abstract]
Gross Carrying Amount	401.8
Accumulated Amortization	(263.9)
Net Carrying Amount	137.9
Non-compete agreements [Member]
Finite-Lived Intangible Assets [Abstract]
Gross Carrying Amount	109.6
Accumulated Amortization	(70.7)
Net Carrying Amount	38.9
Canadian licenses [Member]
Finite-Lived Intangible Assets [Abstract]
Gross Carrying Amount	489.8
Accumulated Amortization	0.0
Net Carrying Amount	$ 489.8

GOODWILL AND INTANGIBLE ASSETS - SUMMARY OF ACQUIRED AMORTIZABLE INTANGIBLE ASSETS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 121.3	$ 184.3
Weighted average amortization period (in years)	12 years 8 months 12 days
Customer Relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 102.4
Weighted average amortization period (in years)	14 years 1 month 6 days
Non-compete agreements [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 18.7
Weighted average amortization period (in years)	5 years
Trade names [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 0.2
Weighted average amortization period (in years)	2 years 4 months 24 days

ACCRUED EXPENSES AND OTHER (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Accrued expenses and other [Abstract]
Employee compensation and benefits	$ 623.2	$ 474.6
Accrued taxes payable	374.8	156.7
Other	359.7	311.1
Total accrued expenses and other	$ 1,357.7	$ 942.4

DEBT - SCHEDULE OF SHORT-TERM DEBT (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Jun. 03, 2019
Short-term Debt [Line Items]
4.625% Senior notes due 2020	$ 0.0	$ 413.7
2019 Term Loan			$ 850.0
Short term debt issuance costs	0.4	0.7
Notes Payable, Current	2.1	2.2
Debt, Current	376.7	415.2
2019 Term Loan [Member]
Short-term Debt [Line Items]
2019 Term Loan	$ 375.0	$ 0.0

DEBT - SCHEDULE OF LONG-TERM DEBT (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Nov. 25, 2019	Dec. 19, 2014
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months	$ 376.7
Credit Facility Option to Increase				$ 350.0
Long-term debt, less current portion	5,419.0	$ 5,789.8
4.625% Senior Notes Long Term Portion		301.5
2.30% senior notes due 2024	400.0	400.0
2.95% senior notes due 2029	650.0	650.0
Senior notes due 2027	600.0	600.0
4.70 % Senior notes due 2045	900.0	900.0
Senior notes due 2024	600.0	600.0
3.60% Senior notes due 2025	1,000.0	1,000.0
Long term debt excluding debt issuance costs	5,795.7
Notes Payable, Noncurrent	6.1	7.0
Senior Notes, Noncurrent			$ 1,050.0
3.20% Senior notes due 2022	500.0	500.0
4.00% Senior notes due 2023	300.0	300.0
3.75% Senior notes due 2022	500.0	500.0
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two	1,000.0
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Four	300.0
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Five	1,000.0
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Five	1,000.0
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal after Year Five	2,156.1
Long term debt, future minimum payments, interest included in payments	$ 5,832.8
Debt Instrument, Basis Spread on Variable Rate	2.298%
Debt, Current	$ (376.7)	(415.2)
Cross currency swap maturing 2022 [Member]
Debt Instrument [Line Items]
Derivative, Notional Amount	300.0
Senior notes due 2020 [Member]
Debt Instrument [Line Items]
Long-term debt, less current portion	500.0
Senior notes due 2024 [Member] [Member]
Debt Instrument [Line Items]
Long-term debt, less current portion	400.0
2019 Term Loan [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 0.0	$ 375.0

DEBT - CREDIT FACILITIES (Details) - USD ($)	3 Months Ended	12 Months Ended
DEBT - CREDIT FACILITIES (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Nov. 25, 2019	Jun. 03, 2019	Sep. 15, 2017	Dec. 19, 2014
Line of Credit Facility [Line Items]
Notes Payable, Current		$ 2,100,000	$ 2,200,000
Long term debt issuance costs		37,100,000	42,200,000
2019 Term Loan						$ 850,000,000.0
Repayments of Other Long-term Debt		0	1,002,000,000.0	$ 295,000,000.0
Long-term debt, less current portion		5,419,000,000.0	5,789,800,000
Line of Credit Facility, Maximum Borrowing Capacity								$ 1,000,000,000.0
Credit Facility Option to Increase								350,000,000.0
Credit Facility, Maximum Swing Line Borrowings								100,000,000.0
Line of Credit Facility, Remaining Borrowing Capacity		$ 997,000,000.0
2017 Term loan							$ 750,000,000.0
Line of Credit Facility, Fair Value of Amount Outstanding					$ 348,300,000
2019 Term Loan [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Interest Rate, Effective Percentage		0.95%
2019 Term Loan [Member]
Line of Credit Facility [Line Items]
Term Loan Accrue Interest per Annum at Libor Plus Margin Percentage		1.175%
Term Loan Accrue Interest Per Annum Base Rate Plus Percentage		0.175%
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate at Period End		1.12%
Credit Facility, Maximum Letters of Credit								$ 80,000,000.0
Revolving Credit Facility Fee Percentage Required to Pay on Outstanding Commitments		0.25%
Revolving Credit Facility Accrue Interest per Annum at Libor Plus Margin Percentage		1.25%
Revolving Credit Facility Accrue Interest Per Annum Base Rate Plus Percentage		0.25%
Term Loan and Revolving Credit Facility
Line of Credit Facility [Line Items]
Debt to EBITDA (Leverage) Ratio Quarter Ending Through March 31, 2021		4.5
Debt to EBITDA (Leverage) Ratio Quarter Ending Thereafter March 31, 2021		4.0
Maximum [Member] \| Term Loan and Revolving Credit Facility
Line of Credit Facility [Line Items]
Debt to EBITDA (Leverage) Ratio Through Period Ending December 31, 2020		5.0
Prime Rate [Member] \| 2019 Term Loan [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate Description	0.0% to 0.175%
London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Description		0.10% to 0.25%
London Interbank Offered Rate (LIBOR) [Member] \| 2019 Term Loan [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate Description		0.55% to 1.175%
London Interbank Offered Rate (LIBOR) [Member] \| 2017 Term Loan [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate Description		0.875% to 1.50
Base Rate \| 2017 Term Loan [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate Description		0.0% to 0.50%
2017 Term Loan [Member]
Line of Credit Facility [Line Items]
Repayments of Other Long-term Debt		$ 250,000,000.0
2019 Term Loan [Member]
Line of Credit Facility [Line Items]
Long-term Debt		$ 0	$ 375,000,000.0

DEBT - COVERTIBLE SUBORDINATED NOTES (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Nov. 25, 2019
Debt Instrument [Line Items]
Notes Payable, Noncurrent	$ 6.1	$ 7.0
Short term debt issuance costs	(0.4)	(0.7)
Notes Payable, Current	2.1	2.2
Long-term debt, less current portion	5,419.0	5,789.8
Senior notes due 2024	600.0	600.0
Senior Notes, Noncurrent				$ 1,050.0
Foreign Currency Contract, Asset, Fair Value Disclosure	(40.4)	(3.2)
Debt, Current	$ 376.7	$ 415.2
Common stock issued upon conversion of zero-coupon subordinated notes (in shares)	0.0	0.1	0.0
Cross currency swap maturing 2025 [Member]
Debt Instrument [Line Items]
Derivative, Notional Amount	$ 300.0
Senior notes due 2024 [Member] [Member]
Debt Instrument [Line Items]
Long-term debt, less current portion	400.0
Senior notes due 2027 [Member]
Debt Instrument [Line Items]
Long-term debt, less current portion	600.0	$ 600.0
Cross currency swap maturing 2022 [Member]
Debt Instrument [Line Items]
Derivative, Notional Amount	$ 300.0
Zero-coupon convertible subordinated notes [Member]
Debt Instrument [Line Items]
Principal Amount At Maturity Of Zero Coupon Subordinated Notes Converted		8.6
Value Of Cash And Common Stock In Connection With Conversions Of Zero Coupon Subordinated Notes Settled In Current Period		16.6
Payments On Zero Coupon Subordinated Notes		$ 8.2
Common stock issued upon conversion of zero-coupon subordinated notes (in shares)		0.1
Tax Benefit Realized Upon Conversion Of Zero Coupon Convertible Debt		$ 2.0

DEBT - SENIOR NOTES (Details) - USD ($) $ in Millions	12 Months Ended
DEBT - SENIOR NOTES (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Nov. 25, 2019	Jan. 30, 2015	Dec. 19, 2014	Mar. 31, 2013	Nov. 19, 2010
Debt Instrument [Line Items]
Debt, Current	$ (376.7)	$ (415.2)
Total Short and Long Term Debt Issuance Costs	37.1
Credit Facility, Maximum Swing Line Borrowings					$ 100.0
Senior Notes, Noncurrent			$ 1,050.0
Gain (Loss) on Extinguishment of Debt	4.0
Long-term debt, less current portion	$ 5,419.0	5,789.8
Debt Instrument, Basis Spread on Variable Rate	2.298%
Fair Value Hedges, Net		1.5
Senior notes due 2024 [Member] [Member]
Debt Instrument [Line Items]
Interest rate (in hundredths)			2.30%
Long-term debt, less current portion	$ 400.0
Senior notes due 2029 [Member]
Debt Instrument [Line Items]
Interest rate (in hundredths)			2.95%
Long-term debt, less current portion	650.0
Cross currency swap maturing 2025 [Member]
Debt Instrument [Line Items]
Derivative, Notional Amount	300.0
Cross currency swap maturing 2022 [Member]
Debt Instrument [Line Items]
Derivative, Notional Amount	$ 300.0
Senior notes due 2020 [Member]
Debt Instrument [Line Items]
Interest rate (in hundredths)	4.625%			2.625%			4.625%
Long-term debt, less current portion	$ 500.0
Senior notes due 2020 [Member]
Debt Instrument [Line Items]
4.625SeniorNotesDue2020RedeemedValue	187.9
Long-term debt, less current portion	0.0	300.0				$ 600.0
Senior notes due 2027 [Member]
Debt Instrument [Line Items]
Long-term debt, less current portion	600.0	600.0
Cross currency swap maturing 2022 [Member]
Debt Instrument [Line Items]
Fair Value Hedge Assets	26.0	0.2
Cross currency swap maturing 2025 [Member]
Debt Instrument [Line Items]
Fair Value Hedge Assets	$ 14.4	$ 3.0

PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Stockholders' Equity Note [Abstract]
Stock Repurchased During Period, Shares	0.6
Treasury Stock Acquired, Average Cost Per Share	$ 178.85
Treasury Stock, Carrying Basis	$ 100.0
Common stock, par value per share (in dollars per share)	$ 0.10
Preferred stock, shares authorized (in shares)	30.0
Preferred stock, par value per share (in dollars per share)	$ 0.10
Rollforward of common shares issued [Abstract]
Common shares issued, beginning balance (in shares)	97.2	122.4	125.1
Common stock issued under employee stock plans (in shares)	0.9	1.2	1.6
Common stock issued upon conversion of zero-coupon subordinated notes (in shares)	0.0	0.1	0.0
Common shares repurchased (in shares)	(0.6)	(2.9)	(4.3)
Common shares issued, ending balance (in shares)	97.5	97.2	122.4
Rollforward of common shares held in treasury [Abstract]
Common shares held in treasury, beginning balance	0.0	23.5	23.2
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited	0.0	0.1	0.3
Common shares held in treasury, ending balance	0.0	0.0	23.5
Share repurchase program [Abstract]
Purchase of common stock	$ (100.0)	$ (450.0)	$ (700.0)
Outstanding common stock repurchase authorization	$ 800.0
Accumulated Other Comprehensive Earnings [Abstract]
Treasury Stock, Shares, Retired	0.0	(23.6)	0.0
Foreign Currency Translation Adjustments
Foreign Currency Translation Adjustments, balance	$ (21.3)	$ (285.4)	$ (389.8)
Current year adjustments, Foreign Currency Translation Adjustments	264.1	104.4	(176.6)
Tax effect of adjustments, Foreign Currency Translation Adjustments	0.0	0.0
Net Benefit Plan Adjustments
Net Benefit Plan Adjustments, balance	(87.0)	(73.3)
Tax effect of adjustments, Net Benefit Plan Adjustments	12.1	3.7
Net Benefit Plan Adjustments, balance	(140.6)	(87.0)	(73.3)
Accumulated Other Comprehensive Earnings
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	7.2	5.1
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax	7.2	5.1
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment and Tax	(72.9)	(22.5)
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax	0.0	0.0
Other Comprehensive Income (Loss), before Reclassifications, before Tax	191.2	81.9
Tax effect of adjustments, Accumulated Other Comprehensive Earnings	12.1	3.7	$ 17.9
Accumulated Other Comprehensive Earnings, balance	$ 161.9	$ 372.4		$ 333.7
Common stock, shares authorized (in shares)	265.0

INCOME TAXES (Details) - USD ($) $ in Millions	12 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Valuation Allowance [Line Items]
Effective Income Tax Rate Reconciliation, Repatriation Foreign Earnings, Jobs Creation Act of 2004, Percent			$ 45.0
Undistributed Earnings of Foreign Subsidiaries				$ 702.4	$ 601.4
Foreign Earnings Repatriated			14.8
Tax Cuts and Jobs Act, Change in Tax Rate, Deferred Tax Asset, Income Tax Expense			30.1
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense	$ 5.8	$ 0.0	3.4
Accrued Tax Interest Added from Acquisition				1.4
Federal			$ 0.0
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Percent	4.00%	0.00%	0.00%
Unrecognized income tax benefits that would impact effective tax rate				2.1	0.0	$ 0.0
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction	$ 16.4	$ 11.5
Pre-tax income [Abstract]
Domestic	1,846.5	784.4	$ 937.7
Foreign	372.5	320.5	330.6
Total pre-tax income	2,219.1	1,104.9	1,268.3
Current:
Federal	455.3	126.7	225.8
State	172.8	40.2	61.2
Foreign	81.0	83.9	64.3
Total current income taxes	709.1	250.8	351.3
Deferred Federal Income Tax Expense (Benefit)	(6.7)	38.2	(2.5)
Deferred:
Federal			0.0
State	(28.1)	2.5	30.0
Foreign	(12.2)	(11.5)	5.6
Deferred Income Tax Expense (Benefit)	(47.0)	29.2	33.1
Total income tax provision	662.1	$ 280.0	$ 384.4
Deferred Tax Assets, Operating Loss Carryforwards, State and Local				540.3
Operating Loss Carryforwards, Valuation Allowance				340.0
Federal and State Attribute Carryforwards				288.6
Federal and State Attribute Carryforward Valuation Allowance	$ 229.6
Federal statutory tax rate reconciliation [Abstract]
Statutory U.S. rate	21.00%	21.00%	21.00%
State and local income taxes, net of U.S. Federal income tax effect	5.30%	3.20%	3.40%
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent	(0.40%)	(0.10%)	(0.30%)
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Restructuring Charges, Percent	0.00%	0.70%	1.90%
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	0.00%	0.00%	2.40%
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent	0.00%	0.00%	1.20%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Percent	4.00%	0.00%	0.00%
Effective Income Tax Rate Reconciliation, GILTI Impact, Percent	(0.001)	0.011	0.010
Other	0.00%	(0.60%)	(0.30%)
Effective rate	29.80%	25.30%	30.30%
Deferred tax assets:
Accounts receivable				20.0	16.9
Employee compensation and benefits				115.6	105.1
Deferred Tax Asset, Right Of Use Asset				187.6	191.4
Acquisition and restructuring reserves				22.6	9.9
Tax loss carryforwards				206.8	207.1
Deferred Tax Assets, Other				126.8	62.9
Total deferred tax assets				679.4	593.3
Less: valuation allowance				(167.6)	(145.4)	(156.9)	$ (153.5)
Deferred tax assets, net of valuation allowance				511.8	447.9
Deferred tax liabilities:
Deferred Tax Liabilities, Leasing Arrangements				(179.5)	(177.3)
Intangible assets				(912.5)	(910.5)
Property, plant and equipment				(203.9)	(194.6)
Deferred Tax Liabilities, Other				(46.3)	(57.4)
Total gross deferred tax liabilities				(830.4)	(891.9)
Deferred Tax Liabilities, Gross				(1,342.2)	(1,339.8)
Foreign tax loss carryovers				59.1
Foreign Tax Loss Carryover with Valuation Allowance	$ 25.9
Foreign Tax Loss Carryovers Expire in 2034				502.9
Deferred Tax Assets, Capital Loss Carryforwards				6.9
Federal tax loss carryovers				185.2
Gross unrecognized income tax benefits	31.7	$ 18.0	$ 19.5	48.8	31.7	18.0	$ 19.5
Accrued interest and penalties related to unrecognized income tax benefits				8.3	5.5
Income Tax Examination, Penalties Expense	4.4	2.0	1.8
Reversal of Accrued Income Tax Penalties And Interest	3.0	5.8	0.5
Reconciliation of unrecognized tax benefits [Roll Forward]
Balance as of January 1	31.7	18.0	19.5
Increase in reserve for tax positions taken in the current year	17.3	10.3	3.1
Unrecognized Tax Benefits Increase in Reserve From Acquisition	8.2	8.4	0.0
Decrease in reserve as a result of payments	(0.3)	(0.8)	(4.6)
Decrease in reserve as a result of lapses in the statute of limitations	(8.1)	(4.2)	0.0
Balance as of December 31	48.8	$ 31.7	$ 18.0
Unrecognized income tax benefits that would impact effective tax rate				2.1	0.0	0.0
Reduction in Taxes
Valuation Allowance [Line Items]
Unrecognized income tax benefits that would impact effective tax rate				46.7	31.7	18.0
Reconciliation of unrecognized tax benefits [Roll Forward]
Unrecognized income tax benefits that would impact effective tax rate				$ 46.7	$ 31.7	$ 18.0
Federal Loss Carryover [Domain]
Valuation Allowance [Line Items]
Federal	3.9
Deferred:
Federal	$ 3.9

STOCK COMPENSATION PLANS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangements by Share-based Payment Award
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	6 years	6 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value	$ 40.06	$ 33.70
Number of shares purchased by eligible employees	0.3
Fair value of the employee's purchase right	$ 35.49	$ 31.84	$ 34.43
Risk free interest rate	1.50%	2.10%
Expected volatility	20.30%	20.40%
Shares of common stock authorized for issuance under the employee stock purchase plan	1.8
The employee stock purchase plan permits employees to purchase shares of common stock at a certain percentage of the market price (in hundredths)	85.00%
Expense related to the Company's employee stock purchase plan	$ 10.3	$ 9.9	$ 8.0
Unrecognized compensation cost related to nonvested restricted stock and performance share-based compensation arrangements	$ 115.5
Performance share awards, vesting conditions	Performance share awards are subject to certain earnings per share, revenue, and total shareholder return targets
Restricted stock, vesting increment	one-third increments beginning on the first anniversary of the grant
Cash received by the Company	$ 17.5	27.6	37.5
Share-based Payment Arrangement, Exercise of Option, Tax Benefit	4.6	6.9	9.4
Aggregate intrinsic value	$ 18.5	24.5	44.1
Unrecognized compensation cost weighted average expected future recognition period (in years)	1 year 9 months 18 days
Restricted stock and performance share compensation expense	$ 98.1	$ 91.2	$ 80.1
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangements by Share-based Payment Award
Risk free interest rate	0.10%	1.90%	2.30%
Expected volatility	30.00%	20.00%	20.00%
Expected dividend yield	0.00%	0.00%	0.00%
Restricted Stock and Performance Shares [Member]
Share-based Compensation Arrangements by Share-based Payment Award
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 167.56
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	1.3	1.3
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 170.04	$ 152.70
Number of options granted	0.7
Weighted-average grant date fair value, granted	$ 182.88
Number of options vested	(0.6)
Weighted-average grant date fair value, vested	$ 144.55
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(0.1)
Stock Options [Member]
Share-based Compensation Arrangements by Share-based Payment Award
Aggregate intrinsic value, exercisable options	$ 20.5
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	0.5	0.6
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 148.39	$ 125.26
Number of options granted	0.1
Weighted-average exercise price per option granted	$ 182.71
Number of options exercised	(0.2)
Weighted-average exercise price per option exercised	$ 93.55
Number of options cancelled	0.0
Weighted-average exercise price per option cancelled	$ 0
Weighted-average remaining contractual term of options outstanding (in years)	6 years 6 months
Aggregate intrinsic value of options outstanding	$ 27.5
Number of options exercisable	0.3
Weighted-average exercise price per exercisable option	$ 126.55
Weighted-average remaining contractual term, exercisable options (in years)	4 years 10 months 24 days

LEASES (Details) - USD ($)

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Finance Lease, Weighted Average Discount Rate, Percent

5.10%

5.20%

Operating Lease, Expense

$ 358,700,000

Variable Lease, Payment

$ 26,700,000

$ 20,800,000

Operating Lease, Payments

(213,800,000)

(227,300,000)

Finance Lease, Interest Payment on Liability

(4,700,000)

(6,700,000)

Finance Lease, Principal Payments

(15,200,000)

(8,900,000)

Right-of-Use Asset Obtained in Exchange for Operating Lease Liability

185,900,000

132,600,000

Right-of-Use Asset Obtained in Exchange for Finance Lease Liability

200,000

Operating Leases, Future Minimum Payments Due, Next Twelve Months

206,100,000

Finance Lease, Liability, Payments, Due Next Twelve Months

12,700,000

Operating Leases, Future Minimum Payments, Due in Two Years

162,900,000

Finance Lease, Liability, Payments, Due Year Two

11,600,000

Operating Leases, Future Minimum Payments, Due in Three Years

119,800,000

Finance Lease, Liability, Payments, Due Year Three

11,400,000

Operating Leases, Future Minimum Payments, Due in Four Years

85,800,000

Finance Lease, Liability, Payments, Due Year Four

10,500,000

Operating Leases, Future Minimum Payments, Due in Five Years

71,500,000

Finance Lease, Liability, Payments, Due Year Five

7,700,000

Operating Leases, Future Minimum Payments, Due Thereafter

354,800,000

Finance Lease, Liability, Payments, Due after Year Five

89,200,000

Lessee, Operating Lease, Liability, Payments, Due

1,000,900,000

Finance Lease, Liability, Payment, Due

143,100,000

Lessee, Operating Lease, Liability, Undiscounted Excess Amount

(131,300,000)

Finance Lease, Liability, Undiscounted Excess Amount

(52,000,000.0)

Finance Lease, Liability, Current

(6,700,000)

(8,400,000)

Finance Lease, Liability, Noncurrent

84,400,000

91,100,000

Operating Lease, Cost

215,400,000

224,000,000.0

Finance Lease, Right-of-Use Asset, Amortization

11,200,000

11,100,000

Finance Lease, Interest Expense

4,700,000

6,700,000

Lease, Cost

$ 15,900,000

$ 17,800,000

Operating Lease, Weighted Average Discount Rate, Percent

3.30%

4.10%

Operating Lease, Weighted Average Remaining Lease Term

7 years 7 months 6 days

Finance Lease, Weighted Average Remaining Lease Term

15 years 10 months 24 days

15 years 6 months

Operating Lease, Right-of-Use Asset

$ 789,800,000

$ 732,800,000

Finance Lease, Right-of-Use Asset

79,700,000

87,700,000

Finance Lease, Liability

$ 91,100,000

99,500,000

Lessee, Operating Lease, Term of Contract

13 years

Lessee, Operating Lease, Renewal Term

15 years

Supplemental Cash Flow Information


	Years Ended December 31,
	2020		2019		2018
Supplemental schedule of cash flow information:
Cash paid during period for:
Interest	$	216.6	$	248.9	$	296.2
Income taxes, net of refunds	500.0		216.8		349.7
Disclosure of non-cash financing and investing activities:
Conversion of zero-coupon convertible debt	—		8.4		0.3
Assets acquired under finance leases	—		48.7		0.6
Change in accrued property, plant and equipment	(1.2)		2.7		22.1
Floating rate secured note receivable due 2022 from the sale of CRP	—		110.0		—

Number of leases

Lessee, Operating Lease, Lease Not yet Commenced, Description

two

Short term lease

Operating Lease, Expense

$ 6,800,000

Short term lease

Operating Lease, Expense

10,600,000

Lease term

Lessee, Finance Lease, Lease Not yet Commenced, Description

three

Liabilities, Total

Operating Lease, Liability

$ 869,600,000

803,100,000

Other Current Liabilities

Operating Lease, Liability, Current

206,500,000

Other Noncurrent Liabilities [Member]

Operating Lease, Liability, Noncurrent

677,600,000

596,600,000

Operating lease, liability, noncurrent

Operating Lease, Liability, Noncurrent

677,600,000

596,600,000

Operating Lease, Liability, Current

$ 206,500,000

Operating lease, liability current

Operating Lease, Liability, Current

$ 192,000,000.0

PENSION AND POSTRETIREMENT PLANS (Details) - USD ($)

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Expected Future Benefit Payment, Year Three

$ 700,000

Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter

1,600,000

Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months

800,000

Defined Benefit Plan, Expected Future Benefit Payment, Year Two

$ 700,000

Maximum deferral percentage of annual base salary

50.00%

Defined Benefit Plan, Expected Future Benefit Payment, Year Four

$ 600,000

Defined Benefit Plan, Expected Future Benefit Payment, Year Five

600,000

Tax effect of adjustments, Net Benefit Plan Adjustments

12,100,000

$ 3,700,000

Accumulated Other Comprehensive Income (Loss), Net of Tax

$ (161,900,000)

$ (372,400,000)

$ (333,700,000)

Discount rate for the Company Plan

2.30%

3.20%

Service cost

$ 0

Defined Benefit Plan, Interest Cost

200,000

300,000

Net amortization and deferral

400,000

(1,300,000)

Defined benefit plan costs

600,000

700,000

(1,000,000.0)

Defined Benefit Plan, Benefit Obligation

6,200,000

6,500,000

6,900,000

Actuarial (gain) loss

Defined Benefit Plan, Benefit Obligation, Benefits Paid

(500,000)

(700,000)

Defined Benefit Plan, Plan Assets, Amount

535,600,000

491,700,000

Unamortized net gain included in accumulated other comprehensive earnings

1,600,000

2,000,000.0

Net amortization and deferral

(400,000)

1,300,000

Allowance for Doubtful Accounts

12,700,000

Defined benefit plan costs

600,000

700,000

(1,000,000.0)

Defined Benefit Plan, Benefit Obligation, Benefits Paid

500,000

700,000

Defined Contribution Plan Total Expense

141,800,000

139,500,000

$ 129,900,000

Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year

$ 16,500,000

Assumed Benefit Payments By Year [Text Block]


2021	$	0.8
2022	0.7
2023	0.7
2024	0.6
2025	0.6
Years 2026 and thereafter	1.6

Deferred Compensation Liability, Classified, Noncurrent

$ 89,200,000

76,700,000

Maximum deferral percentage of annual cash incentive pay

100.00%

Domestic Plan

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Expected Future Benefit Payment, Year Three

$ 26,300,000

Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter

116,000,000.0

Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months

26,800,000

Defined Benefit Plan, Expected Future Benefit Payment, Year Two

27,000,000.0

Defined Benefit Plan, Funded (Unfunded) Status of Plan

$ 68,900,000

$ 93,400,000

Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate

3.30%

4.30%

3.60%

Defined Benefit Plan, Accumulated Benefit Obligation

$ 369,800,000

$ 355,500,000

Defined Benefit Plan, Expected Future Benefit Payment, Year Four

25,700,000

Defined Benefit Plan, Expected Future Benefit Payment, Year Five

25,400,000

Increase (Decrease) in Obligation, Pension Benefits

Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss)

Participants contributions

Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss)

$ 0

Discount rate for the Company Plan

2.30%

3.30%

Expected long term rate of return for the Company Plan

6.00%

6.50%

Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Weighted-Average Interest Crediting Rate

4.00%

Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement

$ 0

$ 7,500,000

Service cost

5,100,000

4,100,000

5,200,000

Defined Benefit Plan, Interest Cost

11,100,000

13,900,000

13,000,000.0

Defined Benefit Plan, Expected Return (Loss) on Plan Assets

(14,900,000)

(15,100,000)

(16,500,000)

Net amortization and deferral

9,700,000

10,900,000

11,700,000

Defined Benefit Plan, Plan Assets, Contributions by Plan Participant

Defined benefit plan costs

11,000,000.0

13,800,000

20,900,000

Defined Benefit Plan, Benefit Obligation

369,800,000

355,500,000

334,600,000

Defined Benefit Plan, Benefit Obligation, Business Combination

Actuarial (gain) loss

24,700,000

33,300,000

Defined Benefit Plan, Benefit Obligation, Benefits Paid

(26,600,000)

(30,400,000)

Defined Benefit Plan, Plan Assets, Amount

300,900,000

262,100,000

246,900,000

Unamortized net gain included in accumulated other comprehensive earnings

108,800,000

111,200,000

Net amortization and deferral

(9,700,000)

(10,900,000)

(11,700,000)

Defined Benefit Plan, Expected Return (Loss) on Plan Assets

14,900,000

15,100,000

16,500,000

Defined Benefit Plan, Plan Assets, Contributions by Plan Participant

Defined benefit plan costs

11,000,000.0

13,800,000

$ 20,900,000

Defined Benefit Plan, Benefit Obligation, Benefits Paid

26,600,000

30,400,000

Defined Benefit Plan, Plan Assets, Business Combination

Employer contributions

33,100,000

2,200,000

Actual return on plan assets

32,300,000

43,400,000

Defined Benefit Plan, Funded (Unfunded) Status of Plan

(68,900,000)

(93,400,000)

Increase (Decrease) in Obligation, Pension Benefits

Non-US

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Expected Future Benefit Payment, Year Three

17,300,000

Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter

102,800,000

Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months

15,400,000

Defined Benefit Plan, Expected Future Benefit Payment, Year Two

16,400,000

Defined Benefit Plan, Funded (Unfunded) Status of Plan

$ 154,500,000

$ 99,100,000

Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate

1.70%

2.20%

2.10%

Defined Benefit Plan, Accumulated Benefit Obligation

$ 683,300,000

$ 585,800,000

Defined Benefit Plan, Expected Future Benefit Payment, Year Four

18,700,000

Defined Benefit Plan, Expected Future Benefit Payment, Year Five

$ 18,400,000

Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase

3.10%

2.70%

Increase (Decrease) in Obligation, Pension Benefits

$ 0

$ (16,100,000)

Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss)

25,900,000

(20,000,000.0)

Participants contributions

100,000

1,300,000

Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss)

$ 17,100,000

$ 18,600,000

Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase

2.00%

3.30%

Discount rate for the Company Plan

1.20%

1.90%

Weighted average expected long-term rate of return for other assets (in hundredths)

3.50%

4.20%

4.50%

Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement

$ 0

Service cost

2,100,000

5,700,000

6,000,000.0

Defined Benefit Plan, Interest Cost

10,900,000

8,000,000.0

Defined Benefit Plan, Expected Return (Loss) on Plan Assets

(16,600,000)

(15,000,000.0)

(12,600,000)

Net amortization and deferral

400,000

Defined Benefit Plan, Plan Assets, Contributions by Plan Participant

(100,000)

(1,200,000)

(1,300,000)

Defined benefit plan costs

(3,300,000)

400,000

100,000

Defined Benefit Plan, Benefit Obligation

690,100,000

590,700,000

294,100,000

Defined Benefit Plan, Benefit Obligation, Business Combination

215,400,000

Actuarial (gain) loss

80,500,000

72,300,000

Defined Benefit Plan, Benefit Obligation, Benefits Paid

(20,000,000.0)

(11,600,000)

Defined Benefit Plan, Plan Assets, Amount

535,600,000

491,700,000

254,600,000

Unamortized net gain included in accumulated other comprehensive earnings

99,700,000

31,500,000

Net amortization and deferral

(400,000)

Defined Benefit Plan, Expected Return (Loss) on Plan Assets

16,600,000

15,000,000.0

12,600,000

Defined Benefit Plan, Plan Assets, Contributions by Plan Participant

100,000

1,200,000

1,300,000

Defined benefit plan costs

(3,300,000)

400,000

100,000

Defined Benefit Plan, Benefit Obligation, Benefits Paid

20,000,000.0

11,600,000

Defined Benefit Plan, Plan Assets, Business Combination

168,300,000

Employer contributions

13,500,000

11,400,000

Actual return on plan assets

32,800,000

48,800,000

Defined Benefit Plan, Funded (Unfunded) Status of Plan

(154,500,000)

(99,100,000)

Increase (Decrease) in Obligation, Pension Benefits

16,100,000

UK Plan

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Benefit Obligation, Benefits Paid

(19,600,000)

(11,300,000)

Defined Benefit Plan, Benefit Obligation, Benefits Paid

$ 19,600,000

11,300,000

Change in Assumptions for Defined Benefit Plans | Domestic Plan

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Changes in Benefit Obligation and Plan Assets, Description

30.8

Change in Assumptions for Defined Benefit Plans | Non-US

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Changes in Benefit Obligation and Plan Assets, Description

83.2

Normal plan progression and experience gains | Domestic Plan

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Changes in Benefit Obligation and Plan Assets, Description

16.5

Normal plan progression and experience gains | Non-US

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Changes in Benefit Obligation and Plan Assets, Description

9.8

Other Liabilities [Member]

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Benefit Obligation

$ 5,400,000

5,700,000

Other Liabilities [Member] | Domestic Plan

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Funded (Unfunded) Status of Plan

(66,600,000)

(91,200,000)

Defined Benefit Plan, Funded (Unfunded) Status of Plan

66,600,000

91,200,000

Other Liabilities [Member] | Non-US

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Funded (Unfunded) Status of Plan

(153,900,000)

(98,600,000)

Defined Benefit Plan, Funded (Unfunded) Status of Plan

153,900,000

98,600,000

Accrued Liabilities [Member]

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Benefit Obligation

800,000

Accrued Liabilities [Member] | Domestic Plan

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Funded (Unfunded) Status of Plan

2,300,000

2,200,000

Defined Benefit Plan, Funded (Unfunded) Status of Plan

(2,300,000)

(2,200,000)

Accrued Liabilities [Member] | Non-US

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Funded (Unfunded) Status of Plan

600,000

500,000

Defined Benefit Plan, Funded (Unfunded) Status of Plan

$ (600,000)

(500,000)

Other Investments | Domestic Plan

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Actual Asset Allocation

4.30%

Other Investments | Non-US

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Actual Asset Allocation

1.00%

Other Investments | Maximum [Member] | Domestic Plan

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Plan Assets, Target Allocation, Percentage

4.00%

Other Investments | Maximum [Member] | Non-US

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Plan Assets, Target Allocation, Percentage

5.00%

Other Investments | Minimum [Member] | Domestic Plan

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Plan Assets, Target Allocation, Percentage

0.00%

Other Investments | Minimum [Member] | Non-US

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Plan Assets, Target Allocation, Percentage

0.00%

Equity Securities [Member]

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Plan Assets, Target Allocation, Percentage

33.00%

Equity Securities [Member] | Domestic Plan

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Actual Asset Allocation

50.30%

Equity Securities [Member] | Non-US

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Actual Asset Allocation

47.20%

Equity Securities [Member] | Maximum [Member] | Domestic Plan

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Plan Assets, Target Allocation, Percentage

62.00%

Equity Securities [Member] | Maximum [Member] | Non-US

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Plan Assets, Target Allocation, Percentage

55.00%

Equity Securities [Member] | Minimum [Member] | Non-US

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Plan Assets, Target Allocation, Percentage

45.00%

Fixed Income Securities [Member]

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Plan Assets, Target Allocation, Percentage

35.00%

Debt Securities [Member] | Domestic Plan

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Actual Asset Allocation

40.40%

Debt Securities [Member] | Non-US

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Actual Asset Allocation

34.60%

Debt Securities [Member] | Maximum [Member] | Domestic Plan

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Plan Assets, Target Allocation, Percentage

52.00%

Debt Securities [Member] | Maximum [Member] | Non-US

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Plan Assets, Target Allocation, Percentage

39.00%

Debt Securities [Member] | Minimum [Member] | Non-US

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Plan Assets, Target Allocation, Percentage

29.00%

Life and Annuity Insurance Product Line [Member]

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Plan Assets, Amount

$ 0

Life and Annuity Insurance Product Line [Member] | Maximum [Member] | Domestic Plan

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Plan Assets, Target Allocation, Percentage

0.00%

Life and Annuity Insurance Product Line [Member] | Maximum [Member] | Non-US

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Plan Assets, Target Allocation, Percentage

13.00%

Life and Annuity Insurance Product Line [Member] | Minimum [Member] | Domestic Plan

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Plan Assets, Target Allocation, Percentage

0.00%

Life and Annuity Insurance Product Line [Member] | Minimum [Member] | Non-US

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Plan Assets, Target Allocation, Percentage

6.00%

Real Estate Funds [Member] | Domestic Plan

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Plan Assets, Target Allocation, Percentage

2.00%

Defined Benefit Plan, Actual Asset Allocation

5.00%

Real Estate Funds [Member] | Non-US

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Actual Asset Allocation

4.00%

Real Estate Funds [Member] | Maximum [Member] | Domestic Plan

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Plan Assets, Target Allocation, Percentage

8.00%

Real Estate Funds [Member] | Maximum [Member] | Non-US

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Plan Assets, Target Allocation, Percentage

12.00%

Real Estate Funds [Member] | Minimum [Member] | Non-US

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Plan Assets, Target Allocation, Percentage

2.00%

Variable Annuity [Member] | Domestic Plan

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Actual Asset Allocation

0.00%

Variable Annuity [Member] | Non-US

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Actual Asset Allocation

11.30%

Fair Value, Inputs, Level 1, 2 and 3

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Plan Assets, Amount

$ 65,500,000

33,200,000

Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | Domestic Plan

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Plan Assets, Amount

13,000,000.0

4,300,000

Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | Non-US

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Plan Assets, Amount

6,800,000

2,600,000

Fair Value Measured at Net Asset Value Per Share

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Plan Assets, Amount

470,100,000

458,500,000

Fair Value Measured at Net Asset Value Per Share | Domestic Plan

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Plan Assets, Amount

287,900,000

257,800,000

Fair Value Measured at Net Asset Value Per Share | Real Estate Funds [Member] | Domestic Plan

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Plan Assets, Amount

15,000,000.0

12,700,000

Fair Value Measured at Net Asset Value Per Share | Equity Funds | Domestic Plan

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Plan Assets, Amount

105,500,000

93,400,000

Fair Value Measured at Net Asset Value Per Share | International - developed [Member] | Domestic Plan

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Plan Assets, Amount

45,700,000

40,600,000

Fair Value Measured at Net Asset Value Per Share | U.S. fixed income [Member] | Domestic Plan

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Plan Assets, Amount

121,700,000

111,100,000

Fair Value Measured at Net Asset Value Per Share | Mutual Funds [Member] | Non-US

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Plan Assets, Amount

470,100,000

458,500,000

Fair Value, Inputs, Level 3 [Member] | Life and Annuity Insurance Product Line [Member] | Non-US

Defined Benefit Plans Disclosures [Line Items]

Defined Benefit Plan, Plan Assets, Amount

58,700,000

30,600,000

$ 27,300,000

Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held

$ 28,100,000

$ 3,300,000

DEFINED BENEFIT PLANS, FAIR VALUE OF PLAN ASSETS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Benefit Obligation	$ 6,200,000	$ 6,500,000	$ 6,900,000
Service cost	0	0	0
Defined Benefit Plan, Plan Assets, Amount	535,600,000	491,700,000
Defined Benefit Plan, Benefit Obligation, Benefits Paid	500,000	700,000
Defined Benefit Plan, Interest Cost	200,000	300,000	300,000
Actuarial (gain) loss	0	0
Defined-benefit plan costs	(600,000)	(700,000)	1,000,000.0
Allowance for Doubtful Accounts		12,700,000
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Plan Assets, Amount	$ 535,600,000	$ 491,700,000
Discount rate for the Company Plan	2.30%	3.20%
Net amortization and deferral	$ 400,000	$ 400,000	(1,300,000)
Defined benefit plan costs	600,000	700,000	(1,000,000.0)
Unamortized net gain included in accumulated other comprehensive earnings	1,600,000	2,000,000.0
Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Plan Assets, Amount	65,500,000	33,200,000
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Plan Assets, Amount	65,500,000	33,200,000
Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Plan Assets, Amount	470,100,000	458,500,000
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Plan Assets, Amount	470,100,000	458,500,000
Domestic Plan
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Benefit Obligation	369,800,000	355,500,000	334,600,000
Service cost	5,100,000	4,100,000	5,200,000
Defined Benefit Plan, Plan Assets, Amount	300,900,000	262,100,000	246,900,000
Defined Benefit Plan, Plan Assets, Business Combination	0	0
Employer contributions	33,100,000	2,200,000
Defined Benefit Plan, Benefit Obligation, Benefits Paid	26,600,000	30,400,000
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss)	0	0
Defined Benefit Plan, Interest Cost	11,100,000	13,900,000	13,000,000.0
Actuarial (gain) loss	24,700,000	33,300,000
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	(14,900,000)	(15,100,000)	$ (16,500,000)
Actual return on plan assets	32,300,000	43,400,000
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss)	$ 0	$ 0
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate	3.30%	4.30%	3.60%
Participants contributions	$ 0
Defined-benefit plan costs	(11,000,000.0)	$ (13,800,000)	$ (20,900,000)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Plan Assets, Amount	$ 300,900,000	$ 262,100,000	246,900,000
Discount rate for the Company Plan	2.30%	3.30%
Net amortization and deferral	$ 9,700,000	$ 10,900,000	11,700,000
Defined benefit plan costs	11,000,000.0	13,800,000	20,900,000
Unamortized net gain included in accumulated other comprehensive earnings	108,800,000	111,200,000
Domestic Plan \| Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Plan Assets, Amount	287,900,000	257,800,000
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Plan Assets, Amount	287,900,000	257,800,000
Non-US
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Benefit Obligation	690,100,000	590,700,000	294,100,000
Service cost	2,100,000	5,700,000	6,000,000.0
Defined Benefit Plan, Plan Assets, Amount	535,600,000	491,700,000	254,600,000
Defined Benefit Plan, Plan Assets, Business Combination	0	168,300,000
Employer contributions	13,500,000	11,400,000
Defined Benefit Plan, Benefit Obligation, Benefits Paid	20,000,000.0	11,600,000
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss)	25,900,000	(20,000,000.0)
Defined Benefit Plan, Interest Cost	10,900,000	10,900,000	8,000,000.0
Actuarial (gain) loss	80,500,000	72,300,000
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	(16,600,000)	(15,000,000.0)	$ (12,600,000)
Actual return on plan assets	32,800,000	48,800,000
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss)	$ 17,100,000	$ 18,600,000
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate	1.70%	2.20%	2.10%
Weighted average expected long-term rate of return for other assets (in hundredths)	3.50%	4.20%	4.50%
Participants contributions	$ 100,000	$ 1,300,000
Defined-benefit plan costs	3,300,000	(400,000)	$ (100,000)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Plan Assets, Amount	$ 535,600,000	$ 491,700,000	254,600,000
Discount rate for the Company Plan	1.20%	1.90%
Net amortization and deferral	$ 400,000	$ 0	0
Defined benefit plan costs	(3,300,000)	400,000	$ 100,000
Unamortized net gain included in accumulated other comprehensive earnings	99,700,000	31,500,000
International - developed [Member] \| Domestic Plan \| Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Plan Assets, Amount	45,700,000	40,600,000
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Plan Assets, Amount	45,700,000	40,600,000
Equity Funds \| Domestic Plan \| Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Plan Assets, Amount	105,500,000	93,400,000
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Plan Assets, Amount	$ 105,500,000	93,400,000
Real Estate Funds [Member] \| Domestic Plan
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Actual Asset Allocation	5.00%
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	2.00%
Real Estate Funds [Member] \| Domestic Plan \| Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Plan Assets, Amount	$ 15,000,000.0	12,700,000
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Plan Assets, Amount	$ 15,000,000.0	12,700,000
Real Estate Funds [Member] \| Non-US
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Actual Asset Allocation	4.00%
Real Estate Funds [Member] \| Minimum [Member] \| Non-US
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	2.00%
Real Estate Funds [Member] \| Maximum [Member] \| Domestic Plan
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	8.00%
Real Estate Funds [Member] \| Maximum [Member] \| Non-US
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	12.00%
Life and Annuity Insurance Product Line [Member]
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Plan Assets, Amount	$ 0	0
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Plan Assets, Amount	$ 0	0
Life and Annuity Insurance Product Line [Member] \| Minimum [Member] \| Domestic Plan
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	0.00%
Life and Annuity Insurance Product Line [Member] \| Minimum [Member] \| Non-US
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	6.00%
Life and Annuity Insurance Product Line [Member] \| Maximum [Member] \| Domestic Plan
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	0.00%
Life and Annuity Insurance Product Line [Member] \| Maximum [Member] \| Non-US
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	13.00%
Mutual Funds [Member] \| Non-US \| Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Plan Assets, Amount	$ 470,100,000	458,500,000
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Plan Assets, Amount	$ 470,100,000	458,500,000
Equity Securities [Member]
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	33.00%
Equity Securities [Member] \| Domestic Plan
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Actual Asset Allocation	50.30%
Equity Securities [Member] \| Non-US
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Actual Asset Allocation	47.20%
Equity Securities [Member] \| Minimum [Member] \| Non-US
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	45.00%
Equity Securities [Member] \| Maximum [Member] \| Domestic Plan
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	62.00%
Equity Securities [Member] \| Maximum [Member] \| Non-US
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	55.00%
Fixed Income Securities [Member]
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	35.00%
Debt Securities [Member] \| Domestic Plan
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Actual Asset Allocation	40.40%
Debt Securities [Member] \| Non-US
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Actual Asset Allocation	34.60%
Debt Securities [Member] \| Minimum [Member] \| Non-US
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	29.00%
Debt Securities [Member] \| Maximum [Member] \| Domestic Plan
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	52.00%
Debt Securities [Member] \| Maximum [Member] \| Non-US
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	39.00%
Other Investments \| Domestic Plan
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Actual Asset Allocation	4.30%
Other Investments \| Non-US
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Actual Asset Allocation	1.00%
Other Investments \| Minimum [Member] \| Domestic Plan
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	0.00%
Other Investments \| Minimum [Member] \| Non-US
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	0.00%
Other Investments \| Maximum [Member] \| Domestic Plan
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	4.00%
Other Investments \| Maximum [Member] \| Non-US
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	5.00%
U.S. fixed income [Member] \| Domestic Plan \| Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Plan Assets, Amount	$ 121,700,000	111,100,000
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Plan Assets, Amount	$ 121,700,000	$ 111,100,000

PENSION AND POSTRETIREMENT PLANS, OTHER DISCLOSURES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Plan Assets, Amount	$ 535,600,000	$ 491,700,000
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months	800,000
Defined Benefit Plan, Expected Future Benefit Payment, Year Two	700,000
Defined Benefit Plan, Expected Future Benefit Payment, Year Three	700,000
Defined Benefit Plan, Expected Future Benefit Payment, Year Four	600,000
Defined Benefit Plan, Expected Future Benefit Payment, Year Five	600,000
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter	1,600,000
Non-US
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Plan Assets, Amount	535,600,000	491,700,000	$ 254,600,000
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss)	25,900,000	(20,000,000.0)
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months	15,400,000
Defined Benefit Plan, Expected Future Benefit Payment, Year Two	16,400,000
Defined Benefit Plan, Expected Future Benefit Payment, Year Three	17,300,000
Defined Benefit Plan, Expected Future Benefit Payment, Year Four	18,700,000
Defined Benefit Plan, Expected Future Benefit Payment, Year Five	18,400,000
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter	102,800,000
Defined Benefit Plan, Funded (Unfunded) Status of Plan	$ (154,500,000)	(99,100,000)
Non-US \| Equity Securities [Member]
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Actual Asset Allocation	47.20%
Non-US \| Debt Securities [Member]
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Actual Asset Allocation	34.60%
Non-US \| Variable Annuity [Member]
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Actual Asset Allocation	11.30%
Non-US \| Real Estate Funds [Member]
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Actual Asset Allocation	4.00%
Non-US \| Other Investments
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Actual Asset Allocation	1.00%
Domestic Plan
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Plan Assets, Amount	$ 300,900,000	262,100,000	$ 246,900,000
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss)	0	0
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months	26,800,000
Defined Benefit Plan, Expected Future Benefit Payment, Year Two	27,000,000.0
Defined Benefit Plan, Expected Future Benefit Payment, Year Three	26,300,000
Defined Benefit Plan, Expected Future Benefit Payment, Year Four	25,700,000
Defined Benefit Plan, Expected Future Benefit Payment, Year Five	25,400,000
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter	116,000,000.0
Defined Benefit Plan, Funded (Unfunded) Status of Plan	$ (68,900,000)	(93,400,000)
Domestic Plan \| Equity Securities [Member]
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Actual Asset Allocation	50.30%
Domestic Plan \| Debt Securities [Member]
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Actual Asset Allocation	40.40%
Domestic Plan \| Variable Annuity [Member]
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Actual Asset Allocation	0.00%
Domestic Plan \| Real Estate Funds [Member]
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Actual Asset Allocation	5.00%
Domestic Plan \| Other Investments
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Actual Asset Allocation	4.30%
Accrued Liabilities [Member] \| Non-US
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Funded (Unfunded) Status of Plan	$ (600,000)	(500,000)
Accrued Liabilities [Member] \| Domestic Plan
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Funded (Unfunded) Status of Plan	(2,300,000)	(2,200,000)
Other Liabilities [Member] \| Non-US
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Funded (Unfunded) Status of Plan	153,900,000	98,600,000
Other Liabilities [Member] \| Domestic Plan
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Funded (Unfunded) Status of Plan	66,600,000	91,200,000
Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Plan Assets, Amount	470,100,000	458,500,000
Fair Value Measured at Net Asset Value Per Share \| Domestic Plan
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Plan Assets, Amount	287,900,000	257,800,000
Fair Value Measured at Net Asset Value Per Share \| Domestic Plan \| Real Estate Funds [Member]
Defined Benefit Plans Disclosures [Line Items]
Defined Benefit Plan, Plan Assets, Amount	$ 15,000,000.0	$ 12,700,000

PENSION AND POSTRETIREMENT PLANS PENSION AND POSTRETIREMENT PLANS, FUNDED STATUS (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Benefit Obligation	$ 6.2	$ 6.5	$ 6.9
Other Liabilities [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Benefit Obligation	5.4	5.7
Accrued Liabilities [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Benefit Obligation	$ 0.8	$ 0.8

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	12 Months Ended
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Increase (Decrease) in Noncontrolling Interest Put	$ 0.4
Long-term debt, less current portion	5,419.0	$ 5,789.8
Noncontrolling interest puts	16.2	15.8
Fair market value of senior notes	6,121.8	6,140.6
Fair Value Hedges, Net		1.5
Foreign Currency Contract, Asset, Fair Value Disclosure	40.4	3.2
Cash Surrender Value, Fair Value Disclosure	90.6	80.2
Contingent Consideration Classified as Equity, Fair Value Disclosure	13.9	9.9
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability	89.2	76.7
Equity Securities, FV-NI		9.1
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Asset	10.8	3.3
Contingent consideration adjustment	(6.8)	(12.0)
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncontrolling interest puts	0.0	0.0
Foreign Currency Contract, Asset, Fair Value Disclosure	0.0	0.0
Interest Rate Fair Value Hedge Asset at Fair Value		0.0
Cash Surrender Value, Fair Value Disclosure	0.0	0.0
Contingent Consideration Classified as Equity, Fair Value Disclosure	0.0	0.0
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability	0.0
Equity Securities, FV-NI		9.1
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncontrolling interest puts	16.2	15.8
Foreign Currency Contract, Asset, Fair Value Disclosure	40.4	3.2
Interest Rate Fair Value Hedge Derivative at Fair Value, Net		1.5
Cash Surrender Value, Fair Value Disclosure	90.6	80.2
Contingent Consideration Classified as Equity, Fair Value Disclosure	0.0	0.0
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability		0.0
Equity Securities, FV-NI		0.0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncontrolling interest puts	0.0	0.0
Foreign Currency Contract, Asset, Fair Value Disclosure	0.0	0.0
Interest Rate Fair Value Hedge Derivative at Fair Value, Net		0.0
Cash Surrender Value, Fair Value Disclosure	0.0	0.0
Contingent Consideration Classified as Equity, Fair Value Disclosure	13.9	9.9	$ 18.6
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability	$ 0.0	0.0
Equity Securities, FV-NI		$ 0.0

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule of Derivative Instruments in Statement of Financial Position at Fair Value) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 30, 2015	Mar. 31, 2013	Nov. 19, 2010
Derivative [Line Items]
Long-term debt, less current portion	$ 5,419,000,000.0	$ 5,789,800,000
4.625% Senior Notes Long Term Portion		301,500,000
Debt Instrument, Basis Spread on Variable Rate	2.298%
Foreign Currency Contract, Asset, Fair Value Disclosure	$ 40,400,000	3,200,000
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	(40,400,000)
Gain Recognized on Exit of Interest Rate Swap Arrangement	1,600,000	1,600,000
Fair Value Hedges, Net		1,500,000
Interest Rate Swap [Member]
Derivative [Line Items]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss)	800,000	6,700,000	$ (7,200,000)
Fair Value Hedge Assets	0	1,500,000
Fair Value Hedge Liabilities	0	0
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	1,600,000	1,600,000	0
Currency Swap [Member]
Derivative [Line Items]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss)	(43,600,000)	6,000,000.0	21,600,000
Fair Value Hedge Assets	0	3,200,000
Fair Value Hedge Liabilities	(40,400,000)	0
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ 0	0	$ 0
Senior notes due 2020 [Member]
Derivative [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	(4.625%)			(2.625%)		(4.625%)
Long-term debt, less current portion	$ 500,000,000.0
Senior notes due 2020 [Member]
Derivative [Line Items]
Long-term debt, less current portion	0	300,000,000.0			$ 600,000,000.0
4.625SeniorNotesDue2020RedeemedValue	187,900,000
Senior notes due 2027 [Member]
Derivative [Line Items]
Long-term debt, less current portion	600,000,000.0	600,000,000.0
Cross currency swap maturing 2022 [Member]
Derivative [Line Items]
Derivative, Notional Amount	300,000,000.0
Cross currency swap maturing 2025 [Member]
Derivative [Line Items]
Derivative, Notional Amount	300,000,000.0
Senior notes due 2020 [Member]
Derivative [Line Items]
Short-term Debt, Fair Value	0
Long-term Debt [Member]
Derivative [Line Items]
Fair Value Hedge Liabilities	$ 0	$ (1,500,000)

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Effects of Interest Rate Swap on Other Comprehensive Income) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 30, 2015	Mar. 31, 2013	Nov. 19, 2010
Derivative Instruments, Gain (Loss)
Gain Recognized on Exit of Interest Rate Swap Arrangement	$ 1,600,000	$ 1,600,000
4.625% Senior notes due 2020	0	413,700,000
Long-term debt, less current portion	$ 5,419,000,000.0	5,789,800,000
Debt Instrument, Basis Spread on Variable Rate	2.298%
Balance of Senior Notes Mature During Q4 2020	$ 412,200,000
Senior notes due 2020 [Member]
Derivative Instruments, Gain (Loss)
Debt Instrument, Interest Rate, Stated Percentage	4.625%			2.625%		4.625%
Long-term debt, less current portion	$ 500,000,000.0
Senior notes due 2020 [Member]
Derivative Instruments, Gain (Loss)
Long-term debt, less current portion	0	300,000,000.0			$ 600,000,000.0
4.625SeniorNotesDue2020RedeemedValue	187,900,000
Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss)
Fair Value Hedge Liabilities	0	0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss)	800,000	6,700,000	$ (7,200,000)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	1,600,000	1,600,000	0
Currency Swap [Member]
Derivative Instruments, Gain (Loss)
Fair Value Hedge Liabilities	40,400,000	0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss)	(43,600,000)	6,000,000.0	21,600,000
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ 0	$ 0	$ 0

Business Segments [Disclosure] (Details) - USD ($)	12 Months Ended
Business Segments [Disclosure] (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Property, plant and equipment, net	$ 2,729,600,000	$ 2,636,600,000
Depreciation and amortization:
Depreciation and amortization	624,700,000	577,200,000	$ 552,100,000
Depreciation and Amortization of Intangible Assets	624,700,000	564,700,000	543,200,000
Intercompany revenue elimination	(152,600,000)
Revenues	13,978,500,000	11,554,800,000	11,333,400,000
Operating Income (Loss)	2,445,400,000	1,330,200,000	1,325,700,000
Nonoperating Income (Expense)	(226,300,000)	(225,300,000)	(57,400,000)
Total pre-tax income	2,219,100,000	1,104,900,000	1,268,300,000
Income Tax Expense (Benefit)	662,100,000	280,000,000.0	384,400,000
Net earnings	1,557,000,000.0	824,900,000	883,900,000
Net Income (Loss) Attributable to Noncontrolling Interest	(900,000)	(1,100,000)	(200,000)
Net earnings attributable to Laboratory Corporation of America Holdings	1,556,100,000	823,800,000	883,700,000
Intersegment Eliminations
Depreciation and amortization:
Intercompany revenue elimination	(152,600,000)	(23,400,000)	(10,500,000)
LabCorp Diagnostics [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	1,515,300,000
Depreciation and amortization:
Depreciation and amortization	327,500,000	301,000,000.0	293,300,000
Operating Income (Loss)	2,634,900,000	1,086,000,000.0	1,166,700,000
Segment revenues	9,253,400,000	7,000,100,000	7,030,800,000
Covance Drug Development [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	1,214,300,000
Depreciation and amortization:
Depreciation and amortization	295,200,000	261,100,000	247,300,000
Operating Income (Loss)	37,300,000	411,500,000	303,600,000
Segment revenues	4,877,700,000	4,578,100,000	4,313,100,000
Corporate Segment [Member]
Depreciation and amortization:
Depreciation and amortization	2,000,000	2,600,000	2,600,000
Operating Income (Loss)	(226,800,000)	$ (167,300,000)	$ (144,600,000)
Other countries [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	123,500,000
Depreciation and amortization:
Intercompany revenue elimination	0
Revenues	941,000,000.0
Other countries [Member] \| LabCorp Diagnostics [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	0
Depreciation and amortization:
Segment revenues	0
Other countries [Member] \| Covance Drug Development [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	123,500,000
Depreciation and amortization:
Segment revenues	941,000,000.0
North America
Segment Reporting Information [Line Items]
Property, plant and equipment, net	2,180,600,000
Depreciation and amortization:
Revenues	11,525,300,000
North America \| LabCorp Diagnostics [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	1,515,300,000
Depreciation and amortization:
Segment revenues	9,253,400,000
North America \| Covance Drug Development [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	665,300,000
Depreciation and amortization:
Segment revenues	2,424,500,000
Europe [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	425,500,000
Depreciation and amortization:
Intercompany revenue elimination	0
Revenues	1,512,200,000
Europe [Member] \| LabCorp Diagnostics [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	0
Depreciation and amortization:
Segment revenues	0
Europe [Member] \| Covance Drug Development [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, net	425,500,000
Depreciation and amortization:
Segment revenues	$ 1,512,200,000

REVENUE (Details) - USD ($)

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Disaggregation of Revenue [Line Items]

Sales Commission Amortization Period Minimum

12 months

Contract Receivable

$ 1,001,500,000

$ 771,100,000

Percent of Revenue Contributed

100.00%

Sales Commission Amortization Period Maximum

57 months

Revenues

$ 13,978,500,000

$ 11,554,800,000

$ 11,333,400,000

Percent of Domestic Revenue

80.10%

77.70%

78.00%

Amortization of Deferred Sales Commissions

$ 23,200,000

$ 21,200,000

$ 16,900,000

Accrued Sales Commission

32,600,000

28,600,000

Capitalized Contract Cost, Net

12,600,000

14,900,000

Amount of Deferred Costs Related to Long-term Contracts

45,200,000

43,500,000

Capitalized Contract Cost, Amortization

10,100,000

8,700,000

4,400,000

Contract with Customer, Asset, before Allowance for Credit Loss

548,100,000

483,700,000

Contract with Customer, Liability

492,200,000

449,200,000

Deferred Revenue, Revenue Recognized

262,600,000

250,200,000

Revenue, Remaining Performance Obligation, Amount

$ 5,128,400,000

4,520,800,000

Percent of remaining performance obligations recognized as revenue in next year

26.00%

Long Term Contracts Duration Minimum

1 year

Long Term Contracts Duration Maximum

8 years

Contract with Customer, Performance Obligation Satisfied in Previous Period

$ 80,900,000

88,900,000

Accounts Receivable, Allowance for Credit Loss

22,100,000

19,000,000.0

Unbilled Services, Allowance for Credit Loss

11,300,000

2,300,000

Note Receivable, Allowance for Credit Loss

5,700,000

Allowance for Credit Loss

39,100,000

21,300,000

Current Expected Credit Losses Opening Balance Sheet Impact on Retained Earnings

7,000,000.0

Accounts Receivable, Credit Loss Expense (Reversal)

7,000,000.0

Unbilled Services, Credit Loss Expense (Reversal)

9,000,000.0

Note Receivable, Credit Loss Expense (Reversal)

700,000

Credit Loss Expense (Reversal)

16,700,000

Allowance for Credit Loss, Write Off

(5,900,000)

Notes Receivable, Fair Value Disclosure

$ 0

110,000,000.0

Revenue

REVENUES

Description of Revenues


	For the Year Ended December 31, 2020				For the Year Ended December 31, 2019											For the Year Ended December 31, 2018
	North America		Europe			Other		Total		North America		Europe		Other			Total		North America		Europe		Other		Total
Payer/Customer
Dx
Clients	20	%	—	%		—	%	20	%	17	%	—	%	—	%		17	%	18	%	—	%	—	%	18	%
Patients	6	%	—	%		—	%	6	%	8	%	—	%	—	%		8	%	8	%	—	%	—	%	8	%
Medicare and Medicaid	7	%	—	%		—	%	7	%	8	%	—	%	—	%		8	%	9	%	—	%	—	%	9	%
Third-party	32	%	—	%		—	%	32	%	27	%	—	%	—	%		27	%	27	%	—	%	—	%	27	%
Total Dx revenues by payer	65	%	—	%		—	%	65	%	60	%	—	%	—	%		60	%	62	%	—	%	—	%	62	%

DD
Biopharmaceutical and medical device companies	17	%	11	%		7	%	35	%	21	%	12	%	7	%		40	%	19	%	12	%	7	%	38	%

Total revenues	82	%	11	%		7	%	100	%	81	%	12	%	7	%		100	%	81	%	12	%	7	%	100	%

Revenues in the U.S. were $11,192.3 (80.1%), $8,981.3 (77.7%) and $8,843.5 (78.0%) for the years ended December 31, 2020, 2019 and 2018.

The following is a description of the current revenue recognition policies of the Company:

The following are descriptions of the Dx payer portfolios:

Clients

Patients

Medicare and Medicaid

Third-Party

The following are descriptions of the full range of drug development services provided by DD:

Contract costs


	December 31, 2020		December 31, 2019
Sales commission assets	$	32.6	$	28.6
Deferred contract fulfillment costs	12.6		14.9
Total	$	45.2	$	43.5

Receivables, Unbilled Services and Unearned Revenue


	December 31, 2020		December 31, 2019
Receivables, which are included in Accounts Receivable	$	1,001.5	$	771.1
Unbilled services	548.1		483.7
Unearned revenue	492.2		449.2

Credit Loss Rollforward


	Year Ended December 31, 2020
	Accounts Receivable		Unbilled Services		Note and Other Receivables		Total
Allowance for credit losses as of December 31, 2019	$	19.0	$	2.3	$	—	$	21.3
Current expected credit losses opening balance impact on retained earnings	1.8		0.2		5.0		7.0
Credit loss expense	7.0		9.0		0.7		16.7
Write offs	(5.7)		(0.2)		—		(5.9)
Ending allowance for credit losses	$	22.1	$	11.3	$	5.7	$	39.1

Notes and other receivables includes the $70.0 due 2022 from the Envigo transaction which is recorded in Other assets, net.

Performance Obligations Under Long-Term Contracts

Geographic Distribution, Domestic [Member]

Disaggregation of Revenue [Line Items]

Revenues

$ 11,192,300,000

$ 8,981,300,000

$ 8,843,500,000

Medicare and Medicaid [Member]

Disaggregation of Revenue [Line Items]

Percent of Revenue Contributed

7.00%

8.00%

9.00%

Europe [Member]

Disaggregation of Revenue [Line Items]

Percent of Revenue Contributed

11.00%

12.00%

Revenues

$ 1,512,200,000

North America

Disaggregation of Revenue [Line Items]

Percent of Revenue Contributed

82.00%

81.00%

Revenues

$ 11,525,300,000

Other countries [Member]

Disaggregation of Revenue [Line Items]

Percent of Revenue Contributed

7.00%

Revenues

$ 941,000,000.0

Covance Drug Development [Member]

Disaggregation of Revenue [Line Items]

Percent of Revenue Contributed

35.00%

40.00%

Covance Drug Development [Member] | Biopharmaceutical and medical device companies [Member]

Disaggregation of Revenue [Line Items]

Percent of Revenue Contributed

35.00%

40.00%

38.00%

Covance Drug Development [Member] | Europe [Member] | Biopharmaceutical and medical device companies [Member]

Disaggregation of Revenue [Line Items]

Percent of Revenue Contributed

11.00%

12.00%

Covance Drug Development [Member] | North America | Biopharmaceutical and medical device companies [Member]

Disaggregation of Revenue [Line Items]

Percent of Revenue Contributed

17.00%

21.00%

19.00%

Covance Drug Development [Member] | Other countries [Member] | Biopharmaceutical and medical device companies [Member]

Disaggregation of Revenue [Line Items]

Percent of Revenue Contributed

7.00%

LabCorp Diagnostics [Member]

Disaggregation of Revenue [Line Items]

Percent of Revenue Contributed

65.00%

60.00%

62.00%

LabCorp Diagnostics [Member] | Third party [Member]

Disaggregation of Revenue [Line Items]

Percent of Revenue Contributed

32.00%

27.00%

LabCorp Diagnostics [Member] | Self-Pay [Member]

Disaggregation of Revenue [Line Items]

Percent of Revenue Contributed

6.00%

8.00%

LabCorp Diagnostics [Member] | Client [Member]

Disaggregation of Revenue [Line Items]

Percent of Revenue Contributed

20.00%

17.00%

18.00%

LabCorp Diagnostics [Member] | Europe [Member]

Disaggregation of Revenue [Line Items]

Percent of Revenue Contributed

0.00%

LabCorp Diagnostics [Member] | Europe [Member] | Third party [Member]

Disaggregation of Revenue [Line Items]

Percent of Revenue Contributed

0.00%

LabCorp Diagnostics [Member] | Europe [Member] | Medicare and Medicaid [Member]

Disaggregation of Revenue [Line Items]

Percent of Revenue Contributed

0.00%

LabCorp Diagnostics [Member] | Europe [Member] | Self-Pay [Member]

Disaggregation of Revenue [Line Items]

Percent of Revenue Contributed

0.00%

LabCorp Diagnostics [Member] | Europe [Member] | Client [Member]

Disaggregation of Revenue [Line Items]

Percent of Revenue Contributed

0.00%

LabCorp Diagnostics [Member] | North America

Disaggregation of Revenue [Line Items]

Percent of Revenue Contributed

65.00%

60.00%

62.00%

LabCorp Diagnostics [Member] | North America | Third party [Member]

Disaggregation of Revenue [Line Items]

Percent of Revenue Contributed

32.00%

27.00%

LabCorp Diagnostics [Member] | North America | Medicare and Medicaid [Member]

Disaggregation of Revenue [Line Items]

Percent of Revenue Contributed

7.00%

8.00%

9.00%

LabCorp Diagnostics [Member] | North America | Self-Pay [Member]

Disaggregation of Revenue [Line Items]

Percent of Revenue Contributed

6.00%

8.00%

LabCorp Diagnostics [Member] | North America | Client [Member]

Disaggregation of Revenue [Line Items]

Percent of Revenue Contributed

20.00%

17.00%

18.00%

LabCorp Diagnostics [Member] | Other countries [Member]

Disaggregation of Revenue [Line Items]

Percent of Revenue Contributed

0.00%

LabCorp Diagnostics [Member] | Other countries [Member] | Third party [Member]

Disaggregation of Revenue [Line Items]

Percent of Revenue Contributed

0.00%

LabCorp Diagnostics [Member] | Other countries [Member] | Medicare and Medicaid [Member]

Disaggregation of Revenue [Line Items]

Percent of Revenue Contributed

0.00%

Envigo [Member]

Disaggregation of Revenue [Line Items]

Revenues

$ 124,200,000

Notes Receivable, Fair Value Disclosure

$ 70,000,000.0

Maximum [Member]

Disaggregation of Revenue [Line Items]

Capitalized Contract Cost, Amortization Period

60 months

Minimum [Member]

Disaggregation of Revenue [Line Items]

Capitalized Contract Cost, Amortization Period

24 months

Accounts Receivable [Member]

Current Expected Credit Losses Opening Balance Sheet Impact on Retained Earnings

$ 1,800,000

Allowance for Credit Loss, Write Off

(5,700,000)

Unbilled Contracts Receivable

Current Expected Credit Losses Opening Balance Sheet Impact on Retained Earnings

200,000

Allowance for Credit Loss, Write Off

(200,000)

Notes Receivable

Current Expected Credit Losses Opening Balance Sheet Impact on Retained Earnings

5,000,000.0

Allowance for Credit Loss, Write Off

$ 0

Label	Element	Value
Additional Paid-in Capital [Member] \| Revision of Prior Period, Accounting Standards Update, Adjustment [Member]
Retained Earnings (Accumulated Deficit)	us-gaap_RetainedEarningsAccumulatedDeficit	$ 0
Treasury Stock [Member] \| Revision of Prior Period, Accounting Standards Update, Adjustment [Member]
Retained Earnings (Accumulated Deficit)	us-gaap_RetainedEarningsAccumulatedDeficit	0
Common Stock [Member] \| Revision of Prior Period, Accounting Standards Update, Adjustment [Member]
Retained Earnings (Accumulated Deficit)	us-gaap_RetainedEarningsAccumulatedDeficit	0
AOCI Attributable to Parent [Member] \| Revision of Prior Period, Accounting Standards Update, Adjustment [Member]
Retained Earnings (Accumulated Deficit)	us-gaap_RetainedEarningsAccumulatedDeficit	0
Retained Earnings [Member] \| Revision of Prior Period, Accounting Standards Update, Adjustment [Member]
Retained Earnings (Accumulated Deficit)	us-gaap_RetainedEarningsAccumulatedDeficit	$ (7,000,000.0)