0000920148-21-000070 | 10-Q | XBRL Viewer | Laboratory Corp OF America Holdings

Cover Page - shares shares in Millions	9 Months Ended
Cover Page - shares shares in Millions	Sep. 30, 2021	Nov. 01, 2021
Document Information [Table]
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		95.7
Document Fiscal Period Focus	Q3
Amendment Flag	false
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	1-11353
Entity Registrant Name	LABORATORY CORPORATION OF AMERICA HOLDINGS
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3757370
Entity Address, Address Line One	358 South Main Street
Entity Address, City or Town	Burlington,
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27215
City Area Code	336
Local Phone Number	229-1127
Title of 12(b) Security	Common Stock, $0.10 par value
Trading Symbol	LH
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000920148

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)	3 Months Ended	9 Months Ended
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)	Sep. 30, 2021 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Current assets:
Cash and cash equivalents	$ 2,036,500,000	$ 2,036,500,000	$ 1,320,800,000
Accounts Receivable, after Allowance for Credit Loss, Current	2,335,400,000	2,335,400,000	2,479,800,000
Unbilled Contracts Receivable	719,600,000	719,600,000	536,800,000
Supplies inventories	410,700,000	410,700,000	423,200,000
Prepaid expenses and other	518,300,000	518,300,000	364,800,000
Total current assets	6,020,500,000	6,020,500,000	5,125,400,000
Property, plant and equipment, net	2,692,200,000	2,692,200,000	2,729,600,000
Goodwill, net	7,906,800,000	7,906,800,000	7,751,500,000
Intangible Assets, Net (Excluding Goodwill)	3,755,100,000	3,755,100,000	3,961,100,000
Joint venture partnerships and equity method investments	62,100,000	62,100,000	73,500,000
Deferred Income Taxes and Other Assets, Current	23,800,000	23,800,000	20,600,000
Other assets, net	406,000,000.0	406,000,000.0	410,000,000.0
Total assets	20,866,500,000	20,866,500,000	20,071,700,000
Liabilities, Current [Abstract]
Accounts Payable, Current	669,400,000	669,400,000	638,900,000
Accrued Liabilities, Current	1,423,800,000	1,423,800,000	1,357,700,000
Deferred Revenue, Current	593,900,000	593,900,000	506,500,000
Operating Lease, Liability, Current	189,100,000	189,100,000	192,000,000.0
Finance Lease, Liability, Current	10,600,000	10,600,000	6,700,000
Current debt excluding finance lease liability	1,600,000	1,600,000	376,700,000
Long-term debt, less current portion	2,888,400,000	2,888,400,000	3,078,500,000
Long-term Debt, Excluding Current Maturities	5,417,200,000	5,417,200,000	5,419,000,000
Commitments and contingent liabilities	494,000,000.0	494,000,000.0	526,400,000
Operating Lease, Liability, Noncurrent	631,000,000.0	631,000,000.0	677,600,000
Finance Lease, Liability, Noncurrent	86,000,000.0	86,000,000.0	84,400,000
Deferred income taxes and other tax liabilities	804,800,000	804,800,000	905,400,000
Noncontrolling interest	10,321,400,000	10,321,400,000	10,691,300,000
Shareholders' equity:
Common stock, 92.8 and 93.5 shares outstanding at March 31, 2013 and December 31, 2012, respectively	20,600,000	20,600,000	20,700,000
Additional paid-in capital	0	0	110,300,000
Retained earnings	8,800,000	8,800,000	9,000,000.0
Accumulated other comprehensive income	(10,786,600,000)	(10,786,600,000)	(9,402,300,000)
Total liabilities and shareholders' equity	(270,900,000)	(270,900,000)	(161,900,000)
Stockholders' Equity Attributable to Parent	10,524,500,000	10,524,500,000	9,359,700,000
Liabilities and Equity	20,866,500,000	20,866,500,000	$ 20,071,700,000
Repayments of Senior Debt		1,000,000,000
Net earnings	$ 587,800,000	$ 1,825,900,000

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) - USD ($) shares in Millions, $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Accounts Receivable, Allowance for Credit Loss	$ 18.3	$ 22.1
Shareholders' Equity:
Common stock, shares outstanding (in shares)	95.8	97.5

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net restructuring and other special charges	$ 6.5	$ 7.1	$ 35.3	$ 38.9
Operating Income (Loss)	766.9	1,047.1	2,528.9	1,152.2
Interest Expense	42.2	51.4	169.0	159.1
Equity method income, net	8.4	3.0	20.9	(1.8)
Investment income	3.2	2.6	8.3	7.7
Other, net	31.9	(54.2)	51.5	(22.6)
Earnings before income taxes	768.2	947.1	2,440.6	976.4
Provision for income taxes	180.4	243.4	614.7	358.0
Net earnings	587.8	703.7	1,825.9	618.4
Net Income (Loss) Attributable to Noncontrolling Interest	0.5	0.3	1.6	0.6
Net Income (Loss) Attributable to Parent	587.3	703.4	1,824.3	617.8
Revenues	4,062.6	3,896.1	12,064.8	9,488.7
Cost of Revenue	2,677.1	2,336.7	7,815.5	6,440.8
Gross Profit	1,385.5	1,559.4	4,249.3	3,047.9
Selling, general and administrative expenses	519.9	419.5	1,408.4	1,211.3
Amortization of intangibles and other assets	92.2	62.2	276.7	184.6
Asset Impairment Charges	0.0	23.5	0.0	460.9
Revenues	4,062.6	3,896.1	12,064.8	9,488.7
Cost of Revenue	2,677.1	2,336.7	7,815.5	6,440.8
Gross Profit	1,385.5	1,559.4	4,249.3	3,047.9
Selling, general and administrative expenses	519.9	419.5	1,408.4	1,211.3
Amortization of intangibles and other assets	92.2	62.2	276.7	184.6
Asset Impairment Charges	0.0	23.5	0.0	460.9
Net restructuring and other special charges	6.5	7.1	35.3	38.9
Operating Income (Loss)	766.9	1,047.1	2,528.9	1,152.2
Other income (expenses):
Interest expense	(42.2)	(51.4)	(169.0)	(159.1)
Equity method income, net	8.4	3.0	20.9	(1.8)
Investment income	3.2	2.6	8.3	7.7
Other, net	31.9	(54.2)	51.5	(22.6)
Earnings before income taxes	768.2	947.1	2,440.6	976.4
Provision for income taxes	180.4	243.4	614.7	358.0
Net earnings	587.8	703.7	1,825.9	618.4
Less: Net earnings attributable to the noncontrolling interest	(0.5)	(0.3)	(1.6)	(0.6)
Net earnings attributable to Laboratory Corporation of America Holdings	$ 587.3	$ 703.4	$ 1,824.3	$ 617.8
Basic earnings per common share (in dollars per share)	$ 6.10	$ 7.22	$ 18.79	$ 6.35
Diluted earnings per common share (in dollars per share)	$ 6.05	$ 7.17	$ 18.63	$ 6.31

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Provision for income taxes	$ 180.4	$ 243.4	$ 614.7	$ 358.0
Net earnings	587.8	703.7	1,825.9	618.4
Other Comprehensive Earnings, Net of Tax
Foreign currency translation adjustments	(91.6)	132.9	(114.6)	52.4
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax	2.6	2.1	7.7	7.5
Other comprehensive earnings (loss) before tax	(89.0)	135.0	(106.9)	59.9
Tax effect of adjustments	(0.7)	(0.6)	(2.1)	(2.1)
Other comprehensive earnings (loss), net of tax	(89.7)	134.4	(109.0)	57.8
Comprehensive earnings	498.1	838.1	1,716.9	676.2
Less: Net earnings attributable to the noncontrolling interest	(0.5)	(0.3)	(1.6)	(0.6)
Comprehensive earnings attributable to Laboratory Corporation of America Holdings	$ 497.6	$ 837.8	$ 1,715.3	$ 675.6

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Millions	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]
BALANCE at Dec. 31, 2019	$ 7,567.0	$ 9.0	$ 26.8	$ 7,903.6	$ (372.4)
Net earnings attributable to Laboratory Corporation of America Holdings	(317.2)	0.0	0.0	(317.2)	0.0
Other comprehensive earnings, net of tax	(145.5)	0.0	0.0	0.0	(145.5)
Issuance of common stock under employee stock plans	(26.9)	0.0	(26.9)	0.0	0.0
Surrender of restricted stock and performance share awards	(22.0)	0.0	(22.0)	0.0	0.0
Stock compensation	17.9	0.0	17.9	0.0	0.0
Purchase of common stock	(100.0)	0.0	49.6	50.4	0.0
BALANCE at Mar. 31, 2020	7,020.1	9.0	0.0	7,529.0	(517.9)
BALANCE at Dec. 31, 2019	7,567.0	9.0	26.8	7,903.6	(372.4)
Net earnings attributable to Laboratory Corporation of America Holdings	617.8
Other comprehensive earnings, net of tax	57.8
BALANCE at Sep. 30, 2020	8,239.1	9.0	80.7	8,464.0	(314.6)
BALANCE at Mar. 31, 2020	7,020.1	9.0	0.0	7,529.0	(517.9)
Net earnings attributable to Laboratory Corporation of America Holdings	231.6	0.0	0.0	231.6	0.0
Other comprehensive earnings, net of tax	68.9	0.0	0.0	0.0	68.9
Issuance of common stock under employee stock plans	(1.8)	0.0	(1.8)	0.0	0.0
Surrender of restricted stock and performance share awards	(9.5)	0.0	(9.5)	0.0	0.0
Stock compensation	39.8	0.0	39.8	0.0	0.0
BALANCE at Jun. 30, 2020	7,352.7	9.0	32.1	7,760.6	(449.0)
Net earnings attributable to Laboratory Corporation of America Holdings	703.4	0.0	0.0	703.4	0.0
Other comprehensive earnings, net of tax	134.4	0.0	0.0	0.0
Issuance of common stock under employee stock plans	(21.9)	0.0	(21.9)	0.0	0.0
Surrender of restricted stock and performance share awards	(0.5)	0.0	(0.5)	0.0	0.0
Stock compensation	27.2	0.0	27.2	0.0	0.0
BALANCE at Sep. 30, 2020	8,239.1	9.0	80.7	8,464.0	(314.6)
Retained Earnings (Accumulated Deficit)	9,402.3
BALANCE at Dec. 31, 2020	9,359.7	9.0	110.3	9,402.3	(161.9)
Net earnings attributable to Laboratory Corporation of America Holdings	769.6	0.0	0.0	769.6	0.0
Other comprehensive earnings, net of tax	(64.6)	0.0	0.0	0.0	(64.6)
Issuance of common stock under employee stock plans	(24.7)	0.0	(24.7)	0.0	0.0
Surrender of restricted stock and performance share awards	(28.1)	0.0	(28.1)	0.0	0.0
Stock compensation	28.7	0.0	28.7	0.0	0.0
Purchase of common stock	(68.5)	0.0	68.5	0.0	0.0
BALANCE at Mar. 31, 2021	10,021.5	9.0	67.1	10,171.9	(226.5)
BALANCE at Dec. 31, 2020	9,359.7	9.0	110.3	9,402.3	(161.9)
Net earnings attributable to Laboratory Corporation of America Holdings	1,824.3
Other comprehensive earnings, net of tax	(109.0)
BALANCE at Sep. 30, 2021	10,524.5	8.8	0.0	10,786.6	(270.9)
BALANCE at Mar. 31, 2021	10,021.5	9.0	67.1	10,171.9	(226.5)
Net earnings attributable to Laboratory Corporation of America Holdings	467.4	0.0	0.0	467.4	0.0
Other comprehensive earnings, net of tax	45.3	0.0	0.0	0.0	45.3
Issuance of common stock under employee stock plans	(1.9)	0.0	(1.9)	0.0	0.0
Surrender of restricted stock and performance share awards	(14.9)	0.0	(14.9)	0.0	0.0
Stock compensation	23.9	0.0	23.9	0.0	0.0
Purchase of common stock	(300.0)	0.1	78.0	221.9	0.0
BALANCE at Jun. 30, 2021	10,245.1	8.9	0.0	10,417.4	(181.2)
Net earnings attributable to Laboratory Corporation of America Holdings	587.3	0.0	0.0	587.3	0.0
Other comprehensive earnings, net of tax	(89.7)	0.0	0.0	0.0
Issuance of common stock under employee stock plans	(24.2)	0.0	(24.2)	0.0	0.0
Surrender of restricted stock and performance share awards	(1.4)	0.0	(1.4)	0.0	0.0
Stock compensation	59.0	0.0	59.0	0.0	0.0
Purchase of common stock	(300.0)	0.1	81.8	218.1	0.0
BALANCE at Sep. 30, 2021	10,524.5	$ 8.8	$ 0.0	$ 10,786.6	$ (270.9)
Retained Earnings (Accumulated Deficit)	$ 10,786.6

- Definition

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

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+ Details

- Definition

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

+ References

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+ Details

- Definition

The cumulative amount of the reporting entity's undistributed earnings or deficit.

+ References + Details

- Definition

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

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Proceeds from Hedge, Investing Activities	$ 0	$ 3,100,000
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	1,825,900,000	618,400,000
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation And Amortization Of Leased Assets	145,300,000	150,700,000
Depreciation and amortization	557,100,000	440,800,000
Stock compensation	111,600,000	84,900,000
Asset Impairment Charges	0	460,900,000
Deferred income taxes	(102,000,000.0)	(48,500,000)
Other Operating Activities, Cash Flow Statement	(41,000,000.0)	55,200,000
Change in assets and liabilities (net of effects of acquisitions):
Increase in accounts receivable (net)	(135,600,000)	546,900,000
Increase (Decrease) in Unbilled Contract Receivable	185,900,000	117,800,000
Increase in inventories	6,500,000	147,500,000
Decrease in accounts payable	34,600,000	17,300,000
Increase (Decrease) in Deferred Revenue	83,800,000	44,100,000
Increase (Decrease) in Prepaid Expense and Other Assets	72,400,000	(26,100,000)
Increase (Decrease) in Accrued Liabilities and Other Operating Liabilities	(74,000,000.0)	323,000,000.0
Net cash provided by operating activities	2,412,100,000	1,360,700,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash payments for laboratory-related assets	310,400,000	282,300,000
Proceeds from sale of assets	3,500,000	1,100,000
Proceeds from Sales of Business, Affiliate and Productive Assets	12,400,000	0
Proceeds from Sale of Equity Method Investments	10,400,000	1,000,000.0
Payments to Acquire Equity Method Investments	20,000,000.0	29,300,000
Net Cash Provided by (Used in) Investing Activities	(630,100,000)	(515,200,000)
Payments to Acquire Businesses, Net of Cash Acquired	326,000,000.0	208,800,000
Net cash used for investing activities	(630,100,000)	(515,200,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Issuance of Senior Long-term Debt	1,000,000,000	0
Repayments of Senior Debt	(1,000,000,000)	(412,200,000)
Repayments of Other Long-term Debt	375,000,000.0	0
Proceeds from revolving credit facilities	0	151,700,000
Repayments of Lines of Credit	0	151,700,000
Payment, Tax Withholding, Share-based Payment Arrangement	44,400,000	32,000,000.0
Net proceeds from issuance of stock to employees	50,800,000	50,600,000
Payments for Repurchase of Common Stock	668,500,000	100,000,000.0
Other Financing Cash Flows	20,100,000	22,800,000
Net cash provided by (used for) financing activities	(1,057,200,000)	(516,400,000)
Effect of exchange rate changes on cash and cash equivalents	(9,100,000)	600,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	715,700,000	329,700,000
Cash and cash equivalents at beginning of period	1,320,800,000	337,500,000
Cash and cash equivalents at end of period	$ 2,036,500,000	$ 667,200,000

SUPPLEMENTAL CASH FLOW INFORMATION

3 Months Ended

Sep. 30, 2021

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information


	Nine Months Ended September 30,
	2021		2020

Cash paid during period for:
Interest	$	169.0	$	195.8
Income taxes, net of refunds	789.9		217.5
Disclosure of non-cash financing and investing activities:



Change in accrued property, plant and equipment	(6.9)		(24.5)

Supplemental Cash Flow Information

SUPPLEMENTAL CASH FLOW INFORMATION


	Nine Months Ended September 30,
	2021		2020

Cash paid during period for:
Interest	$	169.0	$	195.8
Income taxes, net of refunds	789.9		217.5
Disclosure of non-cash financing and investing activities:



Change in accrued property, plant and equipment	(6.9)		(24.5)

SUPPLEMENTAL CASH FLOW INFORMATION Tabular Information

3 Months Ended

Sep. 30, 2021

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information


	Nine Months Ended September 30,
	2021		2020

Cash paid during period for:
Interest	$	169.0	$	195.8
Income taxes, net of refunds	789.9		217.5
Disclosure of non-cash financing and investing activities:



Change in accrued property, plant and equipment	(6.9)		(24.5)

Supplemental Cash Flow Information

SUPPLEMENTAL CASH FLOW INFORMATION


	Nine Months Ended September 30,
	2021		2020

Cash paid during period for:
Interest	$	169.0	$	195.8
Income taxes, net of refunds	789.9		217.5
Disclosure of non-cash financing and investing activities:



Change in accrued property, plant and equipment	(6.9)		(24.5)

SUPPLEMENTAL CASH FLOW INFORMATION Description Information - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Debt Conversion [Line Items]
Capital Expenditures Incurred but Not yet Paid		$ (24.5)
Decrease in Capital Expenditures Incurred but not yet Paid	$ (6.9)
Cash paid during period for:
Interest	169.0	195.8
Income taxes, net of refunds	$ 789.9	$ 217.5

BASIS OF FINANCIAL STATEMENT PRESENTATION	3 Months Ended
BASIS OF FINANCIAL STATEMENT PRESENTATION	Sep. 30, 2021
Accounting Policies [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	BASIS OF FINANCIAL STATEMENT PRESENTATION Laboratory Corporation of America® Holdings (Labcorp® or the Company) is a leading global life sciences company that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. By leveraging its strong diagnostics and drug development capabilities, the Company provides insights and accelerates innovations to improve health and improve lives. The Company reports its business in two segments, Labcorp Diagnostics (Dx) and Labcorp Drug Development (DD). For further financial information about these segments, see Note 14 Business Segment Information to the Condensed Consolidated Financial Statements. During the three months ended September 30, 2021, Dx and DD contributed approximately 64% and 36% respectively, of revenues to the Company. During the nine months ended September 30, 2021, Dx and DD contributed approximately 64% and 36% respectively, of revenues to the Company. The condensed consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries for which it exercises control. Long-term investments in affiliated companies in which the Company exercises significant influence, but which it does not control, are accounted for using the equity method. Investments in which the Company does not exercise significant influence (generally, when the Company has an investment of less than 20.0% and no representation on the investee's board of directors) are accounted for at fair value, or at cost minus impairment adjusted for observable price changes in orderly transactions for an identical or similar investment of the same issuer for those investments that do not have readily determinable fair values. All significant inter-company transactions and accounts have been eliminated. The Company does not have any significant variable interest entities or special purpose entities whose financial results are not included in the condensed consolidated financial statements. The financial statements of the Company's operating foreign subsidiaries are measured using the local currency as the functional currency. Assets and liabilities are translated at exchange rates as of the balance sheet date. Revenues and expenses are translated at average monthly exchange rates prevailing during the period. Resulting translation adjustments are included in “Accumulated other comprehensive income (loss).” The accompanying condensed consolidated financial statements of the Company are unaudited. In the opinion of management, all adjustments necessary for a fair statement of results of operations, cash flows, and financial position have been made. Except as otherwise disclosed, all such adjustments are of a normal recurring nature. Interim results are not necessarily indicative of results for a full year. The year-end condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles. The condensed consolidated financial statements and notes are presented in accordance with the rules and regulations of the United States (U.S.) Securities and Exchange Commission (SEC) and do not contain certain information included in the Company’s fiscal year 2020 Annual Report on Form 10-K (Annual Report). Therefore, these interim statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report.
Basis of Presentation and Significant Accounting Policies [Text Block]	BASIS OF FINANCIAL STATEMENT PRESENTATION Laboratory Corporation of America® Holdings (Labcorp® or the Company) is a leading global life sciences company that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. By leveraging its strong diagnostics and drug development capabilities, the Company provides insights and accelerates innovations to improve health and improve lives. The Company reports its business in two segments, Labcorp Diagnostics (Dx) and Labcorp Drug Development (DD). For further financial information about these segments, see Note 14 Business Segment Information to the Condensed Consolidated Financial Statements. During the three months ended September 30, 2021, Dx and DD contributed approximately 64% and 36% respectively, of revenues to the Company. During the nine months ended September 30, 2021, Dx and DD contributed approximately 64% and 36% respectively, of revenues to the Company. The condensed consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries for which it exercises control. Long-term investments in affiliated companies in which the Company exercises significant influence, but which it does not control, are accounted for using the equity method. Investments in which the Company does not exercise significant influence (generally, when the Company has an investment of less than 20.0% and no representation on the investee's board of directors) are accounted for at fair value, or at cost minus impairment adjusted for observable price changes in orderly transactions for an identical or similar investment of the same issuer for those investments that do not have readily determinable fair values. All significant inter-company transactions and accounts have been eliminated. The Company does not have any significant variable interest entities or special purpose entities whose financial results are not included in the condensed consolidated financial statements. The financial statements of the Company's operating foreign subsidiaries are measured using the local currency as the functional currency. Assets and liabilities are translated at exchange rates as of the balance sheet date. Revenues and expenses are translated at average monthly exchange rates prevailing during the period. Resulting translation adjustments are included in “Accumulated other comprehensive income (loss).” The accompanying condensed consolidated financial statements of the Company are unaudited. In the opinion of management, all adjustments necessary for a fair statement of results of operations, cash flows, and financial position have been made. Except as otherwise disclosed, all such adjustments are of a normal recurring nature. Interim results are not necessarily indicative of results for a full year. The year-end condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles. The condensed consolidated financial statements and notes are presented in accordance with the rules and regulations of the United States (U.S.) Securities and Exchange Commission (SEC) and do not contain certain information included in the Company’s fiscal year 2020 Annual Report on Form 10-K (Annual Report). Therefore, these interim statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report.

EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

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

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


	Three Months Ended September 30,										Nine Months Ended September 30,
	2021					2020					2021					2020
	Earnings		Shares	Per Share Amount		Earnings		Shares	Per Share Amount		Earnings		Shares	Per Share Amount		Earnings		Shares	Per Share Amount
Basic earnings per share:
Net earnings	$	587.3	96.3	$	6.10	$	703.4	97.4	$	7.22	$	1,824.3	97.1	$	18.79	$	617.8	97.3	$	6.35
Dilutive effect of employee stock options and awards	—		0.8			—		0.7			—		0.8			—		0.6


Net earnings including impact of dilutive adjustments	$	587.3	97.1	$	6.05	$	703.4	98.1	$	7.17	$	1,824.3	97.9	$	18.63	$	617.8	97.9	$	6.31

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2021	2020	2021	2020
Employee stock options and awards	—	0.2	0.1	0.4

RESTRUCTURING AND OTHER SPECIAL CHARGES

3 Months Ended

Sep. 30, 2021

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities Disclosure [Text Block]

RESTRUCTURING AND OTHER CHARGES

During the three months ended September 30, 2021, the Company recorded net restructuring and other charges of $6.5: $3.3 within Dx and $3.2 within DD. The charges were comprised of $3.3 related to severance and other personnel costs and $3.7 in facility closures, lease terminations, and general integration activities. The charges were offset by the reversal of previously established liabilities of $0.5 in unused facility-related costs.

During the nine months ended September 30, 2021, the Company recorded net restructuring and other charges of $35.3: $16.8 within Dx and $18.5 within DD. The charges were comprised of $13.6 related to severance and other personnel costs and $22.4 in facility closures, lease terminations, and general integration activities. The charges were adjusted by the reversal of previously established liabilities of $0.7 in unused facility-related costs.

During the three months ended September 30, 2020, the Company recorded net restructuring and other special charges of $7.1: $1.6 within Dx and $5.5 within DD. The charges were comprised of $2.3 related to severance and other personnel costs, $3.0 for a DD lab facility and equipment impairment, and $4.0 in facility closures, impairment of operating lease right-of-use assets, and general integration initiatives. The charges were offset by the reversal of previously established liabilities of $0.1 and $2.1 in unused severance and facility-related costs, respectively.

During the nine months ended September 30, 2020, the Company recorded net restructuring and other charges of $38.9: $13.4 within Dx and $25.5 within DD. The charges were comprised of $12.8 related to severance and other personnel costs, $11.0 for a DD lab facility impairment and equipment impairments, and $24.0 in costs associated with facility closures, impairment of operating lease right-of-use assets, and general integration initiatives. The charges were offset by the reversal of previously established liabilities of $1.1 and $7.8 in unused severance costs and facility-related costs, respectively.

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


	Dx				DD
	Severance and Other Employee Costs		Facility Costs		Severance and Other Employee Costs		Facility Costs		Total
Balance as of December 31, 2020	$	0.3	$	0.4	$	2.4	$	4.7	$	7.8

Restructuring charges	6.4		10.4		7.2		12.0		36.0
Adjustments to prior restructuring accruals	—		—		(0.1)		(0.6)		(0.7)


Cash payments and other adjustments	(5.7)		(10.4)		(5.0)		(12.6)		(33.7)
Balance as of September 30, 2021	$	1.0	$	0.4	$	4.5	$	3.5	$	9.4
Current									$	7.8
Non-current									1.6
									$	9.4

DEBT

3 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Debt

DEBT

Short-term borrowings and the current portion of long-term debt at September 30, 2021, and December 31, 2020, consisted of the following:


	September 30, 2021		December 31, 2020


2019 Term Loan	$	—	$	375.0
Debt issuance costs	—		(0.4)
Current portion of note payable	1.6		2.1
Total short-term borrowings and current portion of long-term debt	$	1.6	$	376.7

Long-term debt at September 30, 2021, and December 31, 2020, consisted of the following:


	September 30, 2021		December 31, 2020



3.20% senior notes due 2022	$	—	$	500.0
3.75% senior notes due 2022	—		500.0
4.00% senior notes due 2023	300.0		300.0
3.25% senior notes due 2024	600.0		600.0
2.30% senior notes due 2024	400.0		400.0
3.60% senior notes due 2025	1,000.0		1,000.0
1.55% senior notes due 2026	500.0		—
3.60% senior notes due 2027	600.0		600.0
2.95% senior notes due 2029	650.0		650.0
2.70% senior notes due 2031	504.0		—
4.70% senior notes due 2045	900.0		900.0


Debt issuance costs	(42.0)		(37.1)

Note payable	5.2		6.1
Total long-term debt	$	5,417.2	$	5,419.0

Senior Notes

On May 26, 2021, the Company issued new senior notes representing $1,000.0 in debt securities and consisting of $500.0 aggregate principal amount of 1.55% senior notes due 2026 and $500.0 aggregate principal amount of 2.70% senior notes due 2031. Interest on these notes is payable semi-annually in arrears on June 1 and December 1 of each year, commencing on December 1, 2021. Net proceeds from the offering of these notes were $989.4 after deducting underwriting discounts and other expenses of the offering. The net proceeds were used, along with cash on hand, to redeem, prior to maturity, the Company's outstanding 3.20% senior notes due February 1, 2022 and 3.75% senior notes due August 23, 2022.

During the second quarter of 2021, the Company entered into fixed-to-variable interest rate swap agreements for its 2.70% senior notes due 2031 with an aggregate notional amount of $500.0 and variable interest rates based on three-month LIBOR plus 1.0706% to hedge against changes in the fair value of a portion of the Company's long-term debt. These interest rate swaps are included in other long-term assets and added to the value of the senior notes with an aggregate fair value of $4.0 at September 30, 2021.

Credit Facilities

On June 3, 2019, the Company entered into an $850.0 term loan (the 2019 Term Loan) with a scheduled maturity date of June 3, 2021. The Company paid off the 2019 Term Loan balance during the first quarter of 2021.

The Company also maintains a senior revolving credit facility, which was amended and restated on April 30, 2021. It consists of a five-year facility in the principal amount of up to $1,000.0, with the option of increasing the facility by up to an additional $500.0, 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 $150.0 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 0.100% to 0.225%, depending on the Company's debt ratings. 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 as of September 30, 2021 and December 31, 2020. As of September 30, 2021, the effective interest rate on the revolving credit facility was 1.08%. The credit facility expires on April 30, 2026.

Under 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 the revolving credit facility at September 30, 2021, and expects that it will remain in compliance with its existing debt covenants for the next twelve months.

The Company's availability of $1,000.0 at September 30, 2021, under its revolving credit facility reflects a reduction equivalent to the amount of the Company's outstanding letters of credit, if applicable.

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

Short-term borrowings and the current portion of long-term debt at September 30, 2021, and December 31, 2020, consisted of the following:


	September 30, 2021		December 31, 2020


2019 Term Loan	$	—	$	375.0
Debt issuance costs	—		(0.4)
Current portion of note payable	1.6		2.1
Total short-term borrowings and current portion of long-term debt	$	1.6	$	376.7

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY

3 Months Ended

9 Months Ended

Sep. 30, 2021

Stockholders' Equity Note [Abstract]

Changes in common shares issued and held in treasury

The changes in common shares issued are summarized below:


			Issued and Outstanding
Common shares at December 31, 2020			97.5
Shares issued under employee stock plans			0.8


Shares repurchased			(2.5)

Common shares at September 30, 2021			95.8

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

The components of accumulated other comprehensive earnings (loss) are as follows:


	Foreign Currency Translation Adjustments		Net Benefit Plan Adjustments		Accumulated Other Comprehensive Earnings (Loss)
Balance as of December 31, 2020	$	(21.3)	$	(140.6)	$	(161.9)
Current year adjustments	(114.6)		14.0		(100.6)
Amounts reclassified from accumulated other comprehensive income for settlement charge	—		(3.0)		(3.0)
Amounts reclassified from accumulated other comprehensive income	—		(3.3)		(3.3)
Tax effect of adjustments	—		(2.1)		(2.1)
Balance as of September 30, 2021	$	(135.9)	$	(135.0)	$	(270.9)

Accumulated Other Comprehensive Income (Loss) [Line Items]

Preferred Stock and Common Shareholders' Equity

PREFERRED STOCK AND COMMON SHAREHOLDERS’ EQUITY

The Company is authorized to issue up to 265.0 shares of common stock, par value $0.10 per share. The Company is authorized to issue up to 30.0 shares of preferred stock, par value $0.10 per share. There were no preferred shares outstanding as of September 30, 2021, and December 31, 2020.

The changes in common shares issued are summarized below:


			Issued and Outstanding
Common shares at December 31, 2020			97.5
Shares issued under employee stock plans			0.8


Shares repurchased			(2.5)

Common shares at September 30, 2021			95.8

Share Repurchase Program

During the nine months ended September 30, 2021, the Company purchased 2.5 shares of its common stock at an average price of $270.55. When the Company repurchases shares, 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. As of September 30, 2021, the Company had outstanding authorization from the board of directors to purchase up to $131.5 of the Company's common stock. The repurchase authorization has no expiration date.

Accumulated Other Comprehensive Earnings (Loss)

The components of accumulated other comprehensive earnings (loss) are as follows:


	Foreign Currency Translation Adjustments		Net Benefit Plan Adjustments		Accumulated Other Comprehensive Earnings (Loss)
Balance as of December 31, 2020	$	(21.3)	$	(140.6)	$	(161.9)
Current year adjustments	(114.6)		14.0		(100.6)
Amounts reclassified from accumulated other comprehensive income for settlement charge	—		(3.0)		(3.0)
Amounts reclassified from accumulated other comprehensive income	—		(3.3)		(3.3)
Tax effect of adjustments	—		(2.1)		(2.1)
Balance as of September 30, 2021	$	(135.9)	$	(135.0)	$	(270.9)

- Definition

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

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+ Details

INCOME TAXES	3 Months Ended
INCOME TAXES	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The Company does not recognize a tax benefit unless it 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 it believes is greater than 50% likely to be realized. The year to date 2021 tax rate was favorable to the corresponding year to date 2020 tax rate due primarily to the 2020 impairment charges for which either no tax benefit was recorded (as they were not deductible) or the associated tax assets required a full valuation allowance. In addition, the tax rate was favorably impacted when the Company recorded tax benefits related to electing the Global Intangible Low Tax Income (GILTI) high-tax exclusion retroactively for previous tax years. On July 20, 2020, the U.S. Treasury issued and enacted final regulations related to GILTI that allows certain U.S. taxpayers to elect to exclude foreign income that is subject to a high effective tax rate from the GILTI inclusions. The GILTI high-tax exclusion is an annual election and is retroactively available. During the quarter, the Company completed a detailed analysis and took the appropriate steps to amend its previous tax filings and to reassess its position on its 2020 and 2021 tax years. Further, the rate was favorably impacted by foreign derived intangible income (FDII) as the Company finalized a comprehensive study related to previous tax filings and on its 2020 and 2021 tax years. On July 15, 2020, the U.S. Treasury issued and enacted final regulations related to FDII that governs the acceptable documentation reliability requirements and acceptable services that qualify as deduction eligible income. This was partially offset by a new uncertain tax position that was established during this quarter related to a foreign jurisdiction. The gross unrecognized income tax benefits were $55.6 and $48.8 at September 30, 2021, and December 31, 2020, 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. As of September 30, 2021, and December 31, 2020, $53.4 and $46.7, respectively, are the approximate amounts of gross unrecognized income tax benefits that, if recognized, would favorably affect the effective income tax rate in future periods. The Company recognizes interest and penalties related to unrecognized income tax benefits in income tax expense. Accrued interest and penalties related to uncertain tax positions totaled $9.5 and $8.3 as of September 30, 2021, and December 31, 2020, respectively. The Company has substantially concluded all U.S. federal income tax matters for years through 2017. Substantially all material state and local and foreign income tax matters have been concluded through 2016 and 2011, respectively. 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.

- 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

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+ Details

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES

FAIR VALUE MEASUREMENTS

3 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

The Company’s population of financial assets and liabilities subject to fair value measurements as of September 30, 2021, and December 31, 2020, is as follows:


				Fair Value Measurements as of
				September 30, 2021
	Balance Sheet	Fair Value as of		Using Fair Value Hierarchy
	Classification	September 30, 2021		Level 1		Level 2		Level 3
Noncontrolling interest put	Noncontrolling interest	$	16.2	$	—	$	16.2	$	—
Cross currency swaps	Other liabilities	12.8		—		12.8		—
Interest rate swaps	Other assets, net	4.0		—		4.0		—


Cash surrender value of life insurance policies	Other assets, net	101.0		—		101.0		—
Deferred compensation liability	Other liabilities	99.0		—		99.0		—
Investment in equity securities	Other current assets	18.5		18.5		—		—
Contingent consideration	Other liabilities	12.8		—		—		12.8


				Fair Value Measurements as of
				December 31, 2020
	Balance Sheet	Fair Value as of		Using Fair Value Hierarchy
	Classification	December 31, 2020		Level 1		Level 2		Level 3
Noncontrolling interest put	Noncontrolling interest	$	16.2	$	—	$	16.2	$	—
Cross currency swaps	Other liabilities	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 Measurement of Level 3 Liabilities	Contingent Consideration
Balance at December 31, 2020	$	13.9

Adjustments	(1.1)

Balance at September 30, 2021	$	12.8

The Company has a noncontrolling interest put related to its Ontario subsidiary that has been classified as mezzanine equity in the Company’s condensed consolidated balance sheets. The noncontrolling interest put is valued at its contractually determined value, which approximates fair value.

The Company offers certain employees the opportunity to participate in an employee-funded deferred compensation plan (DCP). A participant's deferrals are allocated by the participant to one or more of 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 participant's allocations. Changes in the fair value of the DCP obligation are derived using quoted prices in active markets based on the market price per unit multiplied by the number of units. The cash surrender value and the DCP obligations are classified within Level 2 because their inputs are derived principally from observable market data by correlation to the hypothetical investments.

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

The carrying amounts of cash and cash equivalents, accounts receivable, income taxes receivable, and accounts payable are considered to be representative of their respective fair values due to their short-term nature. The fair market value of the senior notes, based on market pricing, was approximately $5,910.7 and $6,121.8 as of September 30, 2021, and December 31, 2020, respectively. The Company's note and debt instruments are classified as Level 2 instruments, as the fair market values of these instruments are determined using other observable inputs.

- Definition

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

+ References + Details

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

3 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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:


	Amount of pre-tax gain/(loss) included in other comprehensive income				Amounts reclassified to the Statement of Operations				Amount of pre-tax gain/(loss) included in other comprehensive income				Amounts reclassified to the Statement of Operations
	Three Months Ended September 30,				Three Months Ended September 30,				Nine Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020		2021		2020		2021		2020
Interest rate swap contracts	$	—	$	—	$	—	$	1.6	$	—	$	0.8	$	—	$	1.6
Cross currency swaps	$	3.9	$	(23.1)	$	—	$	—	$	27.6	$	(12.0)	$	—	$	—

Derivative Instruments And Hedging Activities

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The Company addresses its exposure to market risks, principally the market risk associated with changes in interest rates and foreign currency exchange rates, through a controlled program of risk management that includes, from time to time, the use of derivative financial 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 Swaps

During the second quarter of 2021, the Company entered into fixed-to-variable interest rate swap agreements for its 2.70% senior notes due 2031 with an aggregate notional amount of $500.0 and variable interest rates based on three-month LIBOR plus 1.0706%. These agreements were designated as hedges against changes in the fair value of a portion of the Company's long-term debt. The aggregate fair value of $4.0 at September 30, 2021, was included as a component of other long-term assets and added to the reported value of the senior notes.

Cross Currency Swaps

During the fourth quarter of 2018, the Company entered into U.S. Dollar to Swiss Franc cross-currency swap agreements with an aggregate notional value of $600.0. These instruments are designated as a hedge against the impact of foreign exchange movements on its net investment in a Swiss subsidiary. Of the notional value, $300.0 matures in 2022 and $300.0 matures in 2025. The cross currency swaps maturing in 2022 and 2025 with an aggregate fair value of $(11.8) and $(1.0) as of September 30, 2021, respectively, are included in other long-term liabilities. The cross currency swaps had an aggregate fair value of $(26.0) and $(14.4) as of December 31, 2020, respectively, and are included in other long-term liabilities. 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 Condensed Consolidated Balance Sheet until the hedged item is recognized in earnings. The cumulative change in the fair value of these instruments of $3.9 and $27.6 for the three and nine months ended September 30, 2021, respectively, was recognized as currency translation within the Condensed Consolidated Statement of

Comprehensive Earnings. There were no amounts reclassified from the Condensed Consolidated Statement of Comprehensive Earnings to the Condensed Consolidated Statement of Operations during the three or nine months ended September 30, 2021.

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


		September 30, 2021						December 31, 2020
		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	Other assets, net	$	4.0	—		$	500.0	—		—		—

Cross currency swaps	Other assets, net or Other liabilities	$	—	$	12.8	$	600.0	$	—	$	40.4	$	600.0

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


	Amount of pre-tax gain/(loss) included in other comprehensive income				Amounts reclassified to the Statement of Operations				Amount of pre-tax gain/(loss) included in other comprehensive income				Amounts reclassified to the Statement of Operations
	Three Months Ended September 30,				Three Months Ended September 30,				Nine Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020		2021		2020		2021		2020
Interest rate swap contracts	$	—	$	—	$	—	$	1.6	$	—	$	0.8	$	—	$	1.6
Cross currency swaps	$	3.9	$	(23.1)	$	—	$	—	$	27.6	$	(12.0)	$	—	$	—

No gains or losses from derivative instruments have been recognized into income for the three and nine months ended September 30, 2021. For the three and nine months ended September 30, 2020, t

Schedule of Derivative Instruments [Table Text Block]

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


		September 30, 2021						December 31, 2020
		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	Other assets, net	$	4.0	—		$	500.0	—		—		—

Cross currency swaps	Other assets, net or Other liabilities	$	—	$	12.8	$	600.0	$	—	$	40.4	$	600.0

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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+ Details

BUSINESS ACQUISITIONS	9 Months Ended
BUSINESS ACQUISITIONS	Sep. 30, 2021
Business Combinations [Abstract]
Business Combination Disclosure [Text Block]	BUSINESS ACQUISITIONS AND DISPOSITIONS During the nine months ended September 30, 2021, the Company acquired several businesses and related assets for approximately $326.0 in cash within Dx. The purchase considerations for these acquisitions in the nine months ended September 30, 2021, have been allocated under the acquisition method of accounting to the estimated fair market value of the net assets acquired, including approximately $142.5 in identifiable intangible assets and a residual amount of non-tax deductible goodwill of approximately $219.2. The amortization periods for intangible assets acquired from these businesses range from 5 to 15 years for customer relationships, non-compete agreements, technology and trade names. These acquisitions were made primarily to expand the Company's services for hospitals and health system laboratories and acquire testing technology. 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 business' workforce and established relationships and the benefits of being able to leverage operational efficiencies with favorable growth opportunities in these markets.

BUSINESS SEGMENT INFORMATION Business Segment information (Notes)

3 Months Ended

Sep. 30, 2021

Segment Reporting Information [Line Items]

Segment Reporting Disclosure [Text Block]

BUSINESS SEGMENT INFORMATION

The following table is a summary of segment information for the three and nine months ended September 30, 2021, and 2020. 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 of each segment represent 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.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Revenues:
Dx	$	2,617.5	$	2,704.2	$	7,740.8	$	6,098.8
DD	1,459.5		1,241.9		4,392.9		3,479.4
Intercompany eliminations and other	(14.4)		(50.0)		(68.9)		(89.5)
Revenues	4,062.6		3,896.1		12,064.8		9,488.7

Operating earnings:
Dx	722.7		964.9		2,275.4		1,451.5
DD	141.6		142.0		445.3		(131.2)
General corporate expenses	(97.4)		(59.8)		(191.8)		(168.1)
Total operating income	766.9		1,047.1		2,528.9		1,152.2
Non-operating expenses, net	1.3		(100.0)		(88.3)		(175.7)
Earnings before income taxes	768.2		947.1		2,440.6		976.4
Provision for income taxes	180.4		243.4		614.7		358.0
Net earnings	587.8		703.7		1,825.9		618.4
Less: Net earnings attributable to the noncontrolling interest	(0.5)		(0.3)		(1.6)		(0.6)
Net earnings attributable to Laboratory Corporation of America Holdings	$	587.3	$	703.4	$	1,824.3	$	617.8

- 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.

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+ Details

Intangible Assets, Goodwill and Other (Policies)

3 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Goodwill, Policy

6. GOODWILL AND INTANGIBLE ASSETS

The changes in the carrying amount of goodwill for the nine months ended September 30, 2021, are as follows:



	Dx		DD		Total

Balance as of December 31, 2020	$	3,800.2	$	3,951.3	$	7,751.5
Goodwill acquired during the period	219.2		—		219.2



Foreign currency impact and other adjustments to goodwill	3.8		(67.7)		(63.9)
Balance as of September 30, 2021	$	4,023.2	$	3,883.6	$	7,906.8

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 the annual quantitative assessment, the Company concluded that the fair value was less than carrying value for two of its reporting units and recorded a goodwill impairment of $418.7 for DD and $3.7 for Dx.

During the three months ended September 30, 2020, the Company also recorded goodwill and other asset impairment charges of $10.1 and $17.7 for customer relationships and technology intangible assets, respectively, due to the loss of a contract from a DD prior acquisition. The Company reversed the $5.0 charge for the estimated loss related to the DD floating rate secured note receivable due 2022. The Company also recorded an impairment for a note receivable related to an Dx investment of $0.7 during the three months ended September 30, 2020.

The components of identifiable intangible assets are as follows:


	September 30, 2021						December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	4,613.1	$	(1,648.5)	$	2,964.6	$	4,643.3	$	(1,534.9)	$	3,108.4
Patents, licenses and technology	489.5		(267.8)		221.7		434.7		(252.6)		182.1
Non-compete agreements	114.7		(79.4)		35.3		109.6		(70.7)		38.9
Trade name	403.5		(364.9)		38.6		401.8		(263.9)		137.9
Land use right	10.8		(7.8)		3.0		10.9		(6.9)		4.0
Canadian licenses	491.9		—		491.9		489.8		—		489.8
	$	6,123.5	$	(2,368.4)	$	3,755.1	$	6,090.1	$	(2,129.0)	$	3,961.1

Amortization of intangible assets for the three and nine months ended September 30, 2021, and 2020, was $92.2 and $62.2 and $276.7 and $184.6, respectively. During the fourth quarter of 2020, as part of a 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 $30.2 and $87.4, respectively, during the three and nine months ended September 30, 2021. Amortization expense for the net carrying amount of intangible assets is estimated to be $86.9 for the remainder of fiscal 2021, $221.0 in fiscal 2022, $218.0 in fiscal 2023, $213.4 in fiscal 2024, $201.2 in fiscal 2025, and $2,144.3 thereafter.

Revenue from Contract with Customer (Policies)

9 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenue

REVENUES

The Company's revenues by segment and by payers/customer groups for the three and nine months ended September 30, 2021, and 2020, were as follows:


	For the Three Months Ended September 30, 2021								For the Three Months Ended September 30, 2020
	North America		Europe		Other		Total		North America		Europe		Other		Total
Payer/Customer
Dx
Clients	17	%	—	%	—	%	17	%	22	%	—	%	—	%	22	%
Patients	6	%	—	%	—	%	6	%	5	%	—	%	—	%	5	%
Medicare and Medicaid	6	%	—	%	—	%	6	%	7	%	—	%	—	%	7	%
Third-party	35	%	—	%	—	%	35	%	34	%	—	%	—	%	34	%
Total Dx revenues by payer	64	%	—	%	—	%	64	%	68	%	—	%	—	%	68	%

DD
Biopharmaceutical and medical device companies	22	%	10	%	4	%	36	%	16	%	10	%	6	%	32	%

Total revenues	86	%	10	%	4	%	100	%	84	%	10	%	6	%	100	%


	For the Nine Months Ended September 30, 2021								For the Nine Months Ended September 30, 2020
	North America		Europe		Other		Total		North America		Europe		Other		Total
Payer/Customer
Dx
Clients	18	%	—	%	—	%	18	%	20	%	—	%	—	%	20	%
Patients	6	%	—	%	—	%	6	%	6	%	—	%	—	%	6	%
Medicare and Medicaid	6	%	—	%	—	%	6	%	7	%	—	%	—	%	7	%
Third-party	34	%	—	%	—	%	34	%	30	%	—	%	—	%	30	%
Total Dx revenues by payer	64	%	—	%	—	%	64	%	63	%	—	%	—	%	63	%

DD
Biopharmaceutical and medical device companies	22	%	10	%	4	%	36	%	18	%	12	%	7	%	37	%

Total revenues	86	%	10	%	4	%	100	%	81	%	12	%	7	%	100	%

Revenues in the U.S. were $3,352.7 (82.5%) and $3,198.8 (82.1%) for the three months ended September 30, 2021, and 2020, respectively, and for the nine months ended September 30, 2021, and 2020, were $9,926.7 (82.3%) and $7,505.9 (79.1%), respectively.

Contract costs

DD incurs sales commissions in the process of obtaining contracts with customers. 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 1 to 5 years, depending on the business. For businesses that enter into primarily short-term contracts, the Company applies the practical expedient, which allows costs to obtain a contract to be expensed when incurred if the amortization period of the assets that would otherwise have been recognized is one year or less. Amortization of assets from sales commissions is included in selling, general, and administrative expense.

DD incurs costs to fulfill contracts with customers. 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 2 to 5 years. Amortization of deferred contract fulfillment costs is included in cost of goods sold.


	September 30, 2021		December 31, 2020
Sales commission assets	$	36.6	$	32.6
Deferred contract fulfillment costs	14.3		12.6
Total	$	50.9	$	45.2

Amortization related to sales commission assets and associated payroll taxes for the three months ended September 30, 2021, and 2020, was $7.1 and $6.0, respectively and for the nine months ended September 30, 2021, and 2020, was $20.4 and $16.8, respectively. Amortization related to deferred contract fulfillment costs for the three months ended September 30, 2021, and 2020, was $3.5 and $2.3, respectively, and was $10.0 and $7.6, respectively, for the nine months ended September 30, 2021, and 2020.

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 the Company 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 which primarily exist within DD.


	September 30, 2021		December 31, 2020
Receivables, which are included in accounts receivable	$	1,098.6	$	1,001.5
Unbilled services	730.2		548.1
Unearned revenue	574.3		492.2

Revenues recognized during the period, that were included in the unearned revenue balance at the beginning of the period were $267.6 and $237.2 for the nine months ended September 30, 2021, and 2020, respectively.

Credit Loss Rollforward

The Company estimates future expected losses on accounts receivable, unbilled services and notes receivable over the remaining collection period of the instrument. The rollforward for the allowance for credit losses for the nine months ended September 30, 2021 is as follows:


	For the Nine Months Ended September 30, 2021
	Accounts Receivable		Unbilled Services		Note and Other Receivables		Total
Balance as of December 31, 2020	$	22.1	$	11.3	$	5.7	$	39.1
Plus, credit loss expense	0.7		—		—		0.7

Less, write offs	4.5		0.1		—		4.6
Balance as of September 30, 2021	$	18.3	$	11.2	$	5.7	$	35.2

Performance Obligations Under Long-Term Contracts

Long-term contracts at the Company consist primarily of fully managed clinical studies within DD. The amount of existing performance obligations under such long-term contracts unsatisfied as of September 30, 2021, was $5,412.8. The Company expects to recognize revenue over the remaining contract term of the individual projects, with contract terms generally ranging from 1 to 8 years.

Within DD, revenues of $10.1 and $31.1 were recognized during the three months ended September 30, 2021 and 2020, respectively, and revenues of $38.9 and $44.8 were recognized during the nine months ended September 30, 2021 and 2020, respectively, from performance obligations that were satisfied in previous periods. This revenue primarily relates to adjustments related to changes in scope in full service clinical studies, and to a lesser extent, changes in estimates.

EARNINGS PER SHARE (Tables)

3 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Reconciliation of Basic earnings per Share to Diluted Earnings per Share

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


	Three Months Ended September 30,										Nine Months Ended September 30,
	2021					2020					2021					2020
	Earnings		Shares	Per Share Amount		Earnings		Shares	Per Share Amount		Earnings		Shares	Per Share Amount		Earnings		Shares	Per Share Amount
Basic earnings per share:
Net earnings	$	587.3	96.3	$	6.10	$	703.4	97.4	$	7.22	$	1,824.3	97.1	$	18.79	$	617.8	97.3	$	6.35
Dilutive effect of employee stock options and awards	—		0.8			—		0.7			—		0.8			—		0.6


Net earnings including impact of dilutive adjustments	$	587.3	97.1	$	6.05	$	703.4	98.1	$	7.17	$	1,824.3	97.9	$	18.63	$	617.8	97.9	$	6.31

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

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2021	2020	2021	2020
Employee stock options and awards	—	0.2	0.1	0.4

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

9 Months Ended

Sep. 30, 2021

Restructuring Cost and Reserve [Line Items]

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

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


	Dx				DD
	Severance and Other Employee Costs		Facility Costs		Severance and Other Employee Costs		Facility Costs		Total
Balance as of December 31, 2020	$	0.3	$	0.4	$	2.4	$	4.7	$	7.8

Restructuring charges	6.4		10.4		7.2		12.0		36.0
Adjustments to prior restructuring accruals	—		—		(0.1)		(0.6)		(0.7)


Cash payments and other adjustments	(5.7)		(10.4)		(5.0)		(12.6)		(33.7)
Balance as of September 30, 2021	$	1.0	$	0.4	$	4.5	$	3.5	$	9.4
Current									$	7.8
Non-current									1.6
									$	9.4

GOODWILL AND INTANGIBLE ASSETS (Tables)

3 Months Ended

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the nine months ended September 30, 2021, are as follows:



	Dx		DD		Total

Balance as of December 31, 2020	$	3,800.2	$	3,951.3	$	7,751.5
Goodwill acquired during the period	219.2		—		219.2



Foreign currency impact and other adjustments to goodwill	3.8		(67.7)		(63.9)
Balance as of September 30, 2021	$	4,023.2	$	3,883.6	$	7,906.8

Schedule of Intangible Assets and Goodwill [Table Text Block]

The components of identifiable intangible assets are as follows:


	September 30, 2021						December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	4,613.1	$	(1,648.5)	$	2,964.6	$	4,643.3	$	(1,534.9)	$	3,108.4
Patents, licenses and technology	489.5		(267.8)		221.7		434.7		(252.6)		182.1
Non-compete agreements	114.7		(79.4)		35.3		109.6		(70.7)		38.9
Trade name	403.5		(364.9)		38.6		401.8		(263.9)		137.9
Land use right	10.8		(7.8)		3.0		10.9		(6.9)		4.0
Canadian licenses	491.9		—		491.9		489.8		—		489.8
	$	6,123.5	$	(2,368.4)	$	3,755.1	$	6,090.1	$	(2,129.0)	$	3,961.1

Debt (Tables)

3 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

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

Short-term borrowings and the current portion of long-term debt at September 30, 2021, and December 31, 2020, consisted of the following:


	September 30, 2021		December 31, 2020


2019 Term Loan	$	—	$	375.0
Debt issuance costs	—		(0.4)
Current portion of note payable	1.6		2.1
Total short-term borrowings and current portion of long-term debt	$	1.6	$	376.7

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

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

The Company’s population of financial assets and liabilities subject to fair value measurements as of September 30, 2021, and December 31, 2020, is as follows:


				Fair Value Measurements as of
				September 30, 2021
	Balance Sheet	Fair Value as of		Using Fair Value Hierarchy
	Classification	September 30, 2021		Level 1		Level 2		Level 3
Noncontrolling interest put	Noncontrolling interest	$	16.2	$	—	$	16.2	$	—
Cross currency swaps	Other liabilities	12.8		—		12.8		—
Interest rate swaps	Other assets, net	4.0		—		4.0		—


Cash surrender value of life insurance policies	Other assets, net	101.0		—		101.0		—
Deferred compensation liability	Other liabilities	99.0		—		99.0		—
Investment in equity securities	Other current assets	18.5		18.5		—		—
Contingent consideration	Other liabilities	12.8		—		—		12.8


				Fair Value Measurements as of
				December 31, 2020
	Balance Sheet	Fair Value as of		Using Fair Value Hierarchy
	Classification	December 31, 2020		Level 1		Level 2		Level 3
Noncontrolling interest put	Noncontrolling interest	$	16.2	$	—	$	16.2	$	—
Cross currency swaps	Other liabilities	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, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]


Fair Value Measurement of Level 3 Liabilities	Contingent Consideration
Balance at December 31, 2020	$	13.9

Adjustments	(1.1)

Balance at September 30, 2021	$	12.8

BUSINESS SEGMENT INFORMATION (Tables)

3 Months Ended

Sep. 30, 2021

Segment Reconciliation of Operating Income to Consolidated [Abstract]

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Revenues:
Dx	$	2,617.5	$	2,704.2	$	7,740.8	$	6,098.8
DD	1,459.5		1,241.9		4,392.9		3,479.4
Intercompany eliminations and other	(14.4)		(50.0)		(68.9)		(89.5)
Revenues	4,062.6		3,896.1		12,064.8		9,488.7

Operating earnings:
Dx	722.7		964.9		2,275.4		1,451.5
DD	141.6		142.0		445.3		(131.2)
General corporate expenses	(97.4)		(59.8)		(191.8)		(168.1)
Total operating income	766.9		1,047.1		2,528.9		1,152.2
Non-operating expenses, net	1.3		(100.0)		(88.3)		(175.7)
Earnings before income taxes	768.2		947.1		2,440.6		976.4
Provision for income taxes	180.4		243.4		614.7		358.0
Net earnings	587.8		703.7		1,825.9		618.4
Less: Net earnings attributable to the noncontrolling interest	(0.5)		(0.3)		(1.6)		(0.6)
Net earnings attributable to Laboratory Corporation of America Holdings	$	587.3	$	703.4	$	1,824.3	$	617.8

REVENUE (Tables)

3 Months Ended

Sep. 30, 2021

Disaggregation of Revenue [Line Items]

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

The rollforward for the allowance for credit losses for the nine months ended September 30, 2021 is as follows:


	For the Nine Months Ended September 30, 2021
	Accounts Receivable		Unbilled Services		Note and Other Receivables		Total
Balance as of December 31, 2020	$	22.1	$	11.3	$	5.7	$	39.1
Plus, credit loss expense	0.7		—		—		0.7

Less, write offs	4.5		0.1		—		4.6
Balance as of September 30, 2021	$	18.3	$	11.2	$	5.7	$	35.2

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


	September 30, 2021		December 31, 2020
Receivables, which are included in accounts receivable	$	1,098.6	$	1,001.5
Unbilled services	730.2		548.1
Unearned revenue	574.3		492.2

Disaggregation of Revenue [Table Text Block]

The Company's revenues by segment and by payers/customer groups for the three and nine months ended September 30, 2021, and 2020, were as follows:


	For the Three Months Ended September 30, 2021								For the Three Months Ended September 30, 2020
	North America		Europe		Other		Total		North America		Europe		Other		Total
Payer/Customer
Dx
Clients	17	%	—	%	—	%	17	%	22	%	—	%	—	%	22	%
Patients	6	%	—	%	—	%	6	%	5	%	—	%	—	%	5	%
Medicare and Medicaid	6	%	—	%	—	%	6	%	7	%	—	%	—	%	7	%
Third-party	35	%	—	%	—	%	35	%	34	%	—	%	—	%	34	%
Total Dx revenues by payer	64	%	—	%	—	%	64	%	68	%	—	%	—	%	68	%

DD
Biopharmaceutical and medical device companies	22	%	10	%	4	%	36	%	16	%	10	%	6	%	32	%

Total revenues	86	%	10	%	4	%	100	%	84	%	10	%	6	%	100	%


	For the Nine Months Ended September 30, 2021								For the Nine Months Ended September 30, 2020
	North America		Europe		Other		Total		North America		Europe		Other		Total
Payer/Customer
Dx
Clients	18	%	—	%	—	%	18	%	20	%	—	%	—	%	20	%
Patients	6	%	—	%	—	%	6	%	6	%	—	%	—	%	6	%
Medicare and Medicaid	6	%	—	%	—	%	6	%	7	%	—	%	—	%	7	%
Third-party	34	%	—	%	—	%	34	%	30	%	—	%	—	%	30	%
Total Dx revenues by payer	64	%	—	%	—	%	64	%	63	%	—	%	—	%	63	%

DD
Biopharmaceutical and medical device companies	22	%	10	%	4	%	36	%	18	%	12	%	7	%	37	%

Total revenues	86	%	10	%	4	%	100	%	81	%	12	%	7	%	100	%

Capitalized Contract Cost [Table Text Block]


	September 30, 2021		December 31, 2020
Sales commission assets	$	36.6	$	32.6
Deferred contract fulfillment costs	14.3		12.6
Total	$	50.9	$	45.2

Leases (Tables)

3 Months Ended

Sep. 30, 2021

Leases [Abstract]

Supplemental Cash Flow Information

SUPPLEMENTAL CASH FLOW INFORMATION


	Nine Months Ended September 30,
	2021		2020

Cash paid during period for:
Interest	$	169.0	$	195.8
Income taxes, net of refunds	789.9		217.5
Disclosure of non-cash financing and investing activities:



Change in accrued property, plant and equipment	(6.9)		(24.5)

BASIS OF FINANCIAL STATEMENT PRESENTATION (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Asset Impairment Charges	$ 0.0			$ 23.5			$ 0.0	$ 460.9
Revenues	4,062.6			3,896.1			12,064.8	9,488.7
Contract with Customer, Liability	574.3						574.3		$ 492.2
Amortization of Deferred Sales Commissions	$ 7.1			$ 6.0			$ 20.4	$ 16.8
Percent of Revenue Contributed	100.00%			100.00%			100.00%	100.00%
Nonoperating Income (Expense)	$ 1.3			$ (100.0)			$ (88.3)	$ (175.7)
Provision for income taxes	180.4			243.4			614.7	358.0
Net earnings	587.8			703.7			1,825.9	618.4
Net Income (Loss) Attributable to Parent	587.3	$ 467.4	$ 769.6	703.4	$ 231.6	$ (317.2)	1,824.3	617.8
Stockholders' Equity Attributable to Parent	10,524.5	10,245.1	10,021.5	8,239.1	7,352.7	7,020.1	10,524.5	8,239.1	9,359.7	$ 7,567.0
Capitalized Contract Cost, Amortization	3.5			2.3			10.0	7.6
Deferred Revenue, Revenue Recognized							267.6	237.2
Revenue, Remaining Performance Obligation, Amount	5,412.8						5,412.8
Contract with Customer, Performance Obligation Satisfied in Previous Period	10.1			31.1			$ 38.9	44.8
Ownership percentage below which investments are generally accounted for on the cost method (in thousandths)							20.00%
LabCorp Diagnostics [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenues	$ 2,617.5			$ 2,704.2			$ 7,740.8	$ 6,098.8
Percent of Revenue Contributed	64.00%			68.00%			64.00%	63.00%
Goodwill, Impairment Loss						3.7
Covance Drug Development [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenues	$ 1,459.5			$ 1,241.9			$ 4,392.9	$ 3,479.4
Goodwill, Impairment Loss						418.7
Retained Earnings [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Income (Loss) Attributable to Parent	587.3	467.4	769.6	703.4	231.6	(317.2)
Stockholders' Equity Attributable to Parent	$ 10,786.6	$ 10,417.4	$ 10,171.9	$ 8,464.0	$ 7,760.6	$ 7,529.0	$ 10,786.6	$ 8,464.0	$ 9,402.3	$ 7,903.6

EARNINGS PER SHARE (Reconciliation of Basic Earnings Per Share to Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Income [Abstract]
Net earnings attributable to Laboratory Corporation of America Holdings	$ 587.3	$ 467.4	$ 769.6	$ 703.4	$ 231.6	$ (317.2)	$ 1,824.3	$ 617.8
Shares [Abstract]
Net earnings, basic (in shares)	96.3			97.4			97.1	97.3
Dilutive effect of employee stock options and awards, (in shares)	0.8			0.7			0.8	0.6
Per Share Amount [Abstract]
Basic earnings per common share (in dollars per share)	$ 6.10			$ 7.22			$ 18.79	$ 6.35
Diluted earnings per common share (in dollars per share)	$ 6.05			$ 7.17			$ 18.63	$ 6.31
Net Income (Loss) Available to Common Stockholders, Diluted	$ 587.3			$ 703.4			$ 1,824.3	$ 617.8
Weighted Average Number of Shares Outstanding, Diluted	97.1			98.1			97.9	97.9

EARNINGS PER SHARE (Potential common shares not included in computation of diluted earnings per share) (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Stock options (in shares)	0.0	0.2	0.1	0.4

RESTRUCTURING AND OTHER SPECIAL CHARGES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 9,400,000		$ 9,400,000		$ 7,800,000
Restructuring Charges			36,000,000.0
Restructuring Reserve, Accrual Adjustment			700,000
Restructuring Reserve Settled With Cash And Other Adjustment			(33,700,000)
Restructuring charges related to severance and other employee costs	3,300,000	$ 2,300,000	13,600,000	$ 12,800,000
Restructuring charges related to contractual obligations associated with leased facilities and other facility related costs	3,700,000	4,000,000.0	22,400,000	24,000,000.0
Unused facility restructuring reserves	(500,000)	(2,100,000)	(700,000)	(7,800,000)
Restructuring Reserve, Current	7,800,000		7,800,000
Restructuring Reserve, Noncurrent	1,600,000		1,600,000
Asset Impairment Charges	0	23,500,000	0	460,900,000
Severance reserve adjustments		(100,000)		(1,100,000)
Leaseholds and Leasehold Improvements
Restructuring Cost and Reserve [Line Items]
Asset Impairment Charges		3,000,000.0		11,000,000.0
Covance Drug Development [Member]
Restructuring Cost and Reserve [Line Items]
Net restructuring charges	3,200,000	5,500,000	18,500,000	25,500,000
Covance Drug Development [Member] \| Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	4,500,000		4,500,000		2,400,000
Restructuring Charges			7,200,000
Restructuring Reserve, Accrual Adjustment			(100,000)
Restructuring Reserve Settled With Cash And Other Adjustment			(5,000,000.0)
Covance Drug Development [Member] \| Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	3,500,000		3,500,000		4,700,000
Restructuring Charges			12,000,000.0
Restructuring Reserve, Accrual Adjustment			(600,000)
Restructuring Reserve Settled With Cash And Other Adjustment			(12,600,000)
LabCorp Diagnostics [Member]
Restructuring Cost and Reserve [Line Items]
Net restructuring charges	3,300,000	$ 1,600,000	16,800,000	$ 13,400,000
LabCorp Diagnostics [Member] \| Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	1,000,000.0		1,000,000.0		300,000
Restructuring Charges			6,400,000
Restructuring Reserve, Accrual Adjustment			0
Restructuring Reserve Settled With Cash And Other Adjustment			(5,700,000)
LabCorp Diagnostics [Member] \| Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 400,000		400,000		$ 400,000
Restructuring Charges			10,400,000
Restructuring Reserve, Accrual Adjustment			0
Restructuring Reserve Settled With Cash And Other Adjustment			$ (10,400,000)

RESTRUCTURING RESERVES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
RESTRUCTURING RESERVES (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Restructuring Cost and Reserve [Line Items]
Unused facility restructuring reserves	$ 0.5	$ 2.1	$ 0.7	$ 7.8
Balance, beginning of period			7.8
Restructuring charges			36.0
Cash payments and other adjustments			(33.7)
Balance, end of period	9.4		9.4
Current	7.8		7.8
Non-current	1.6		1.6
Total Restructuring Reserve	9.4		9.4
LabCorp Diagnostics [Member] \| Severance and Other Employee Costs [Member]
Restructuring Cost and Reserve [Line Items]
Balance, beginning of period			0.3
Restructuring charges			6.4
Cash payments and other adjustments			(5.7)
Balance, end of period	1.0		1.0
Total Restructuring Reserve	1.0		1.0
LabCorp Diagnostics [Member] \| Lease and Other Facility Costs [Member]
Restructuring Cost and Reserve [Line Items]
Balance, beginning of period			0.4
Restructuring charges			10.4
Cash payments and other adjustments			(10.4)
Balance, end of period	0.4		0.4
Total Restructuring Reserve	0.4		0.4
Covance Drug Development [Member] \| Severance and Other Employee Costs [Member]
Restructuring Cost and Reserve [Line Items]
Balance, beginning of period			2.4
Restructuring charges			7.2
Cash payments and other adjustments			(5.0)
Balance, end of period	4.5		4.5
Total Restructuring Reserve	4.5		4.5
Covance Drug Development [Member] \| Lease and Other Facility Costs [Member]
Restructuring Cost and Reserve [Line Items]
Balance, beginning of period			4.7
Restructuring charges			12.0
Cash payments and other adjustments			(12.6)
Balance, end of period	3.5		3.5
Total Restructuring Reserve	$ 3.5		$ 3.5

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

3 Months Ended

9 Months Ended

Sep. 30, 2021

Sep. 30, 2020

Mar. 31, 2020

Sep. 30, 2021

Sep. 30, 2020

Dec. 31, 2020

Goodwill [Line Items]

Amortization of intangibles and other assets

$ 92,200,000

$ 62,200,000

$ 276,700,000

$ 184,600,000

Intangible Assets, Gross (Excluding Goodwill)

6,123,500,000

$ 6,090,100,000

Balance as of January 1

7,751,500,000

Adjustments to goodwill

(63,900,000)

Balance at end of period

7,906,800,000

Finite-Lived Intangible Assets, Accumulated Amortization

2,368,400,000

2,129,000,000

Intangible Assets, Net (Excluding Goodwill)

$ 3,755,100,000

3,755,100,000

3,961,100,000

Goodwill, Acquired During Period

219,200,000

Goodwill [Roll Forward]

Goodwill and Intangible Assets, Goodwill, Policy

6. GOODWILL AND INTANGIBLE ASSETS

The changes in the carrying amount of goodwill for the nine months ended September 30, 2021, are as follows:



	Dx		DD		Total

Balance as of December 31, 2020	$	3,800.2	$	3,951.3	$	7,751.5
Goodwill acquired during the period	219.2		—		219.2



Foreign currency impact and other adjustments to goodwill	3.8		(67.7)		(63.9)
Balance as of September 30, 2021	$	4,023.2	$	3,883.6	$	7,906.8

The components of identifiable intangible assets are as follows:


	September 30, 2021						December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	4,613.1	$	(1,648.5)	$	2,964.6	$	4,643.3	$	(1,534.9)	$	3,108.4
Patents, licenses and technology	489.5		(267.8)		221.7		434.7		(252.6)		182.1
Non-compete agreements	114.7		(79.4)		35.3		109.6		(70.7)		38.9
Trade name	403.5		(364.9)		38.6		401.8		(263.9)		137.9
Land use right	10.8		(7.8)		3.0		10.9		(6.9)		4.0
Canadian licenses	491.9		—		491.9		489.8		—		489.8
	$	6,123.5	$	(2,368.4)	$	3,755.1	$	6,090.1	$	(2,129.0)	$	3,961.1

LabCorp Diagnostics [Member]

Goodwill [Line Items]

Balance as of January 1

3,800,200,000

Adjustments to goodwill

3,800,000

Balance at end of period

$ 4,023,200,000

4,023,200,000

Goodwill, Impairment Loss

$ 3,700,000

Goodwill, Acquired During Period

219,200,000

Covance Drug Development [Member]

Goodwill [Line Items]

Balance as of January 1

3,951,300,000

Adjustments to goodwill

(67,700,000)

Balance at end of period

3,883,600,000

Goodwill, Impairment Loss

$ 418,700,000

Goodwill, Acquired During Period

Covance Drug Development [Member] | Customer Relationships [Member]

Goodwill [Line Items]

Goodwill and Intangible Asset Impairment

10,100,000

Covance Drug Development [Member] | Patents, Licenses And Technology [Member]

Goodwill [Line Items]

Goodwill and Intangible Asset Impairment

$ 17,700,000

Customer Relationships [Member]

Goodwill [Line Items]

Intangible Assets, Gross (Excluding Goodwill)

4,613,100,000

4,643,300,000

Finite-Lived Intangible Assets, Accumulated Amortization

1,648,500,000

1,534,900,000

Intangible Assets, Net (Excluding Goodwill)

2,964,600,000

3,108,400,000

Patents, Licenses And Technology [Member]

Goodwill [Line Items]

Intangible Assets, Gross (Excluding Goodwill)

489,500,000

434,700,000

Finite-Lived Intangible Assets, Accumulated Amortization

267,800,000

252,600,000

Intangible Assets, Net (Excluding Goodwill)

221,700,000

182,100,000

Noncompete Agreements [Member]

Goodwill [Line Items]

Intangible Assets, Gross (Excluding Goodwill)

114,700,000

109,600,000

Finite-Lived Intangible Assets, Accumulated Amortization

79,400,000

70,700,000

Intangible Assets, Net (Excluding Goodwill)

35,300,000

38,900,000

Trade Names [Member]

Goodwill [Line Items]

Intangible Assets, Gross (Excluding Goodwill)

403,500,000

401,800,000

Finite-Lived Intangible Assets, Accumulated Amortization

364,900,000

263,900,000

Intangible Assets, Net (Excluding Goodwill)

38,600,000

137,900,000

Use Rights [Member]

Goodwill [Line Items]

Intangible Assets, Gross (Excluding Goodwill)

10,800,000

10,900,000

Finite-Lived Intangible Assets, Accumulated Amortization

7,800,000

6,900,000

Intangible Assets, Net (Excluding Goodwill)

3,000,000.0

4,000,000.0

Canadian licenses [Member]

Goodwill [Line Items]

Intangible Assets, Gross (Excluding Goodwill)

491,900,000

489,800,000

Finite-Lived Intangible Assets, Accumulated Amortization

Intangible Assets, Net (Excluding Goodwill)

$ 491,900,000

$ 489,800,000

GOODWILL AND INTANGIBLE ASSETS (Components of identifiable intangible assets) (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	$ 6,123.5	$ 6,090.1
Accumulated Amortization	(2,368.4)	(2,129.0)
Intangible Assets, Net (Excluding Goodwill)	3,755.1	3,961.1
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	4,613.1	4,643.3
Accumulated Amortization	(1,648.5)	(1,534.9)
Intangible Assets, Net (Excluding Goodwill)	2,964.6	3,108.4
Patents, Licenses And Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	489.5	434.7
Accumulated Amortization	(267.8)	(252.6)
Intangible Assets, Net (Excluding Goodwill)	221.7	182.1
Noncompete Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	114.7	109.6
Accumulated Amortization	(79.4)	(70.7)
Intangible Assets, Net (Excluding Goodwill)	35.3	38.9
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	403.5	401.8
Accumulated Amortization	(364.9)	(263.9)
Intangible Assets, Net (Excluding Goodwill)	38.6	137.9
Use Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	10.8	10.9
Accumulated Amortization	(7.8)	(6.9)
Intangible Assets, Net (Excluding Goodwill)	3.0	4.0
Canadian licenses [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	491.9	489.8
Accumulated Amortization	0.0	0.0
Intangible Assets, Net (Excluding Goodwill)	$ 491.9	$ 489.8

GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($)	3 Months Ended			9 Months Ended
GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($)	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	$ 6,123,500,000			$ 6,123,500,000		$ 6,090,100,000
Goodwill	7,906,800,000			7,906,800,000		7,751,500,000
Amortization of intangibles and other assets	92,200,000	$ 62,200,000		276,700,000	$ 184,600,000
Adjustments to goodwill				(63,900,000)
Estimated amortization expense, 2012	86,900,000			86,900,000
Estimated amortization expense, 2013	221,000,000.0			221,000,000.0
Estimated amortization expense, 2014	218,000,000.0			218,000,000.0
Estimated amortization expense, 2015	213,400,000			213,400,000
Estimated amortization expense, 2016	201,200,000			201,200,000
Estimated amortization expense, Thereafter	2,144,300,000			2,144,300,000
Current Expected Credit Losses Opening Balance Sheet Impact on Retained Earnings		5,000,000.0		700,000
Other than Temporary Impairment Losses, Investments		700,000
Amortization of intangible assets	92,200,000	$ 62,200,000		276,700,000	$ 184,600,000
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization	30,200,000			87,400,000
LabCorp Diagnostics [Member]
Finite-Lived Intangible Assets [Line Items]
Goodwill	4,023,200,000			4,023,200,000		3,800,200,000
Goodwill, Impairment Loss			$ 3,700,000
Adjustments to goodwill				3,800,000
Covance Drug Development [Member]
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 3,883,600,000			3,883,600,000		$ 3,951,300,000
Goodwill, Impairment Loss			$ 418,700,000
Adjustments to goodwill				$ (67,700,000)

DEBT (Short-term borrowings and current portion of long-term debt) (Table) (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Short-term Debt [Line Items]
Current debt excluding finance lease liability	$ 1.6	$ 376.7

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

3 Months Ended

Sep. 30, 2021

May 26, 2021

Dec. 31, 2020

Debt Instrument [Line Items]

Long-term Debt [Text Block]

Long-term debt at September 30, 2021, and December 31, 2020, consisted of the following:


	September 30, 2021		December 31, 2020



3.20% senior notes due 2022	$	—	$	500.0
3.75% senior notes due 2022	—		500.0
4.00% senior notes due 2023	300.0		300.0
3.25% senior notes due 2024	600.0		600.0
2.30% senior notes due 2024	400.0		400.0
3.60% senior notes due 2025	1,000.0		1,000.0
1.55% senior notes due 2026	500.0		—
3.60% senior notes due 2027	600.0		600.0
2.95% senior notes due 2029	650.0		650.0
2.70% senior notes due 2031	504.0		—
4.70% senior notes due 2045	900.0		900.0


Debt issuance costs	(42.0)		(37.1)

Note payable	5.2		6.1
Total long-term debt	$	5,417.2	$	5,419.0

Long-term Debt, Excluding Current Maturities

$ 5,417.2

$ 5,419.0

Line of Credit Facility, Maximum Borrowing Capacity

1,000.0

Credit Facility, Maximum Swing Line Borrowings

100.0

Notes Payable

$ 5.2

6.1

Three month LIBOR

1.0706%

Senior notes due 2022 [Member]

Debt Instrument [Line Items]

Long-term Debt, Excluding Current Maturities

$ 0.0

500.0

Senior Notes, Noncurrent

0.0

500.0

Senior notes due 2023 [Member]

Debt Instrument [Line Items]

Long-term Debt, Excluding Current Maturities

300.0

Senior notes due 2025 [Member] [Member]

Debt Instrument [Line Items]

Long-term Debt, Excluding Current Maturities

1,000.0

Senior notes due 2045 [Member]

Debt Instrument [Line Items]

Long-term Debt, Excluding Current Maturities

900.0

Senior notes due 2026

Debt Instrument [Line Items]

Long-term Debt, Excluding Current Maturities

500.0

$ 500.0

0.0

Senior notes due 2031

Debt Instrument [Line Items]

Long-term Debt, Excluding Current Maturities

504.0

0.0

3.25% Senior notes due 2024

Debt Instrument [Line Items]

Long-term Debt, Excluding Current Maturities

600.0

$ 600.0

Revolving Credit Facility [Member]

Debt Instrument [Line Items]

Credit Facility, Maximum Letters of Credit

$ 150.0

DEBT (Senior Notes) (Details) - USD ($) $ in Millions	3 Months Ended
DEBT (Senior Notes) (Details) - USD ($) $ in Millions	Sep. 30, 2021	May 26, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Short term debt issuance costs	$ 0.0		$ 0.4
Long-term Debt, Excluding Current Maturities	5,417.2		5,419.0
Line of Credit Facility, Maximum Borrowing Capacity	1,000.0
Credit Facility, Maximum Swing Line Borrowings	100.0
Long term debt issuance costs	42.0		37.1
Notes Payable	1.6		2.1
Foreign Currency Contract, Asset, Fair Value Disclosure			40.4
2.30% senior notes due 2024	400.0		400.0
2.95% senior notes due 2029	650.0		650.0
2021 Senior Notes		$ 1,000.0
Proceeds from Debt, Net of Issuance Costs	989.4
Fair Value Hedge Liabilities	4.0
Senior notes due 2023 [Member]
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities	300.0		300.0
Senior notes due 2027 [Member]
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities	600.0		600.0
Senior notes due 2045 [Member]
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities	900.0		900.0
Senior notes due 2031
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities	$ 504.0		0.0
Subordinated Borrowing, Interest Rate	2.70%
Debt Instrument, Face Amount		500.0
Senior notes due 2026
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities	$ 500.0	$ 500.0	0.0
Subordinated Borrowing, Interest Rate	1.55%
Senior notes due 2022 [Member]
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities	$ 0.0		500.0
Senior Notes, Noncurrent	$ 0.0		500.0
Senior notes due August 2022 [Member]
Debt Instrument [Line Items]
Subordinated Borrowing, Interest Rate	3.75%
Senior notes due February 2022
Debt Instrument [Line Items]
Subordinated Borrowing, Interest Rate	3.20%
3.25% Senior notes due 2024
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities	$ 600.0		$ 600.0

DEBT (Credit Facilities) (Details) - USD ($)	3 Months Ended
DEBT (Credit Facilities) (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Jun. 03, 2019
Line of Credit Facility [Line Items]
2019 Term Loan	$ 0	$ 375,000,000.0			$ 850,000,000.0
Cash and cash equivalents	2,036,500,000	1,320,800,000	$ 667,200,000	$ 337,500,000
Revolving Credit Facility, maximum borrowing capacity	1,000,000,000
Notes Payable	1,600,000	2,100,000
Credit Facility, Maximum Swing Line Borrowings	100,000,000.0
Notes Payable	5,200,000	6,100,000
Senior notes due 2022 [Member]
Line of Credit Facility [Line Items]
Senior Notes, Noncurrent	0	$ 500,000,000.0
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity	1,000,000,000
Credit Facility, Maximum Letters of Credit	$ 150,000,000.0
Line of Credit Facility, Interest Rate at Period End	1.08%
Third Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
Credit Facility Option to Increase	$ 500,000,000.0
Prime Rate [Member] \| Third Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate Description	0.100% to 0.225%

PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Class of Stock [Line Items]
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	131,500,000				131,500,000
Rollforward of common shares issued
Stock Repurchased During Period, Shares					2,500,000
Payments for Repurchase of Common Stock					$ 668.5	$ 100.0
Rollforward of Share Repurchase Program
Purchase of common stock	$ (300.0)	$ (300.0)	$ (68.5)	$ (100.0)
Common Shares Outstanding Rollforward [Abstract]
Common shares outstanding, beginning balance (in shares)			97,500,000		97,500,000
Common shares outstanding, ending balance (in shares)	95,800,000				95,800,000
Rollforward of common shares held in treasury
Common Stock, Shares Authorized	265,000,000.0				265,000,000.0
Common Stock, Par or Stated Value Per Share	$ 0.10				$ 0.10
Preferred Stock, Shares Authorized	30,000,000.0				30,000,000.0
Preferred Stock, Par or Stated Value Per Share	$ 0.10				$ 0.10
Preferred Stock, Shares Outstanding	0				0
Treasury Stock Acquired, Average Cost Per Share					$ 270.55
Tax effect of adjustments					$ 0.0
Common Stock [Member]
Rollforward of common shares issued
Common shares issued, beginning balance (in shares)			97,500,000		97,500,000
Commons Stock Issued During Period Shares Employee Stock Plans					800,000
Stock Repurchased and Retired During Period, Shares					(2,500,000)
Common shares issued, ending balance (in shares)	95,800,000				95,800,000
Common Stock, Shares, Issued	95,800,000				95,800,000
Common Shares Outstanding Rollforward [Abstract]
Commons Stock Issued During Period Shares Employee Stock Plans					800,000
Stock Repurchased and Retired During Period, Shares					(2,500,000)
Commons Stock Issued During Period Shares Employee Stock Plans					800,000
Rollforward of common shares held in treasury
Stock Repurchased and Retired During Period, Shares					(2,500,000)

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

3 Months Ended

9 Months Ended

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

Accumulated Other Comprehensive Income (Loss) [Line Items]

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

The components of accumulated other comprehensive earnings (loss) are as follows:


	Foreign Currency Translation Adjustments		Net Benefit Plan Adjustments		Accumulated Other Comprehensive Earnings (Loss)
Balance as of December 31, 2020	$	(21.3)	$	(140.6)	$	(161.9)
Current year adjustments	(114.6)		14.0		(100.6)
Amounts reclassified from accumulated other comprehensive income for settlement charge	—		(3.0)		(3.0)
Amounts reclassified from accumulated other comprehensive income	—		(3.3)		(3.3)
Tax effect of adjustments	—		(2.1)		(2.1)
Balance as of September 30, 2021	$	(135.9)	$	(135.0)	$	(270.9)

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

$ 14,000,000.0

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

(100,600,000)

Accumulated Other Comprehensive Earnings [Roll Forward]

Foreign Currency Translation Adjustments, Beginning balance

(21,300,000)

Other comprehensive income before reclassifications

(114,600,000)

Tax effect of adjustments

Foreign Currency Translation Adjustments, Ending balance

$ (135,900,000)

(135,900,000)

Net Benefit Plan Adjustments, Beginning balance

(140,600,000)

Tax effect of adjustments

(2,100,000)

Net Benefit Plan Adjustments, Ending balance

(135,000,000.0)

Accumulated Other Comprehensive Earnings, Beginning balance

(161,900,000)

Other comprehensive income before reclassifications

(114,600,000)

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

(3,000,000.0)

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

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

(3,300,000)

Tax effect of adjustments

(700,000)

$ (600,000)

(2,100,000)

$ (2,100,000)

Accumulated Other Comprehensive Earnings, Ending balance

$ (270,900,000)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Tax Contingency, Percent	50.00%
Gross unrecognized income tax benefits	$ 55.6	$ 48.8
Accrued interest and penalties related to unrecognized income tax benefits	9.5	8.3
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 53.4	$ 46.7

FAIR VALUE MEASUREMENTS (Details) $ in Millions	9 Months Ended
FAIR VALUE MEASUREMENTS (Details) $ in Millions	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Number of Measurement Funds Available For Participant Election	16
Noncontrolling interest puts	$ 16.2	$ 16.2
Foreign Currency Contracts, Liability, Fair Value Disclosure	12.8
Fair market value of senior notes	5,910.7	6,121.8
Cash Surrender Value, Fair Value Disclosure	101.0	90.6
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability	99.0	89.2
Equity Securities, FV-NI	18.5
Contingent Consideration Classified as Equity, Fair Value Disclosure	12.8	13.9
Foreign Currency Contract, Asset, Fair Value Disclosure		40.4
Fair Value Hedges, Net	4.0
Contingent consideration adjustment	(1.1)
Tax effect of adjustments	0.0
Level 1 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Noncontrolling interest puts	0.0	0.0
Cash Surrender Value, Fair Value Disclosure	0.0	0.0
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability	0.0	0.0
Equity Securities, FV-NI	18.5
Contingent Consideration Classified as Equity, Fair Value Disclosure	0.0	0.0
Foreign Currency Contract, Asset, Fair Value Disclosure	0.0	0.0
Fair Value Hedges, Net	0.0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Noncontrolling interest puts	16.2	16.2
Foreign Currency Contracts, Liability, Fair Value Disclosure	12.8
Cash Surrender Value, Fair Value Disclosure	101.0	90.6
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability	99.0	89.2
Equity Securities, FV-NI	0.0
Contingent Consideration Classified as Equity, Fair Value Disclosure	0.0	0.0
Foreign Currency Contract, Asset, Fair Value Disclosure		40.4
Fair Value Hedges, Net	4.0
Level 3 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Noncontrolling interest puts	0.0	0.0
Cash Surrender Value, Fair Value Disclosure	0.0	0.0
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability	0.0	0.0
Equity Securities, FV-NI	0.0
Contingent Consideration Classified as Equity, Fair Value Disclosure	12.8	13.9
Foreign Currency Contract, Asset, Fair Value Disclosure	0.0	$ 0.0
Fair Value Hedges, Net	$ 0.0

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	May 26, 2021	Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Fair Value Hedge Liabilities	$ 4.0		$ 4.0
Long-term Debt, Excluding Current Maturities	5,417.2		5,417.2			$ 5,419.0
Senior notes due 2025 [Member] [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net	(1.0)		(1.0)			(14.4)
Cross currency swap maturing 2022 [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net	(11.8)		(11.8)			(26.0)
Currency Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss)	3.9	$ (23.1)	27.6	$ (12.0)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	0.0	0.0	0.0	0.0
Fair Value Hedge Assets	0.0		0.0			0.0
Fair Value Hedge Liabilities	12.8		12.8			40.4
Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss)	0.0	0.0	0.0	0.8
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	0.0	$ 1.6	0.0	$ 1.6
Fair Value Hedge Assets	4.0		4.0			0.0
Fair Value Hedge Liabilities	0.0		0.0			0.0
Senior notes due 2022 [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Long-term Debt, Excluding Current Maturities	0.0		0.0			500.0
Cross currency swap maturing 2022 [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	300.0		300.0
Senior notes due 2025 [Member] [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	300.0		300.0
Senior notes due 2025 [Member] [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Long-term Debt, Excluding Current Maturities	1,000.0		1,000.0			1,000.0
Senior notes due 2027 [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Long-term Debt, Excluding Current Maturities	600.0		600.0			600.0
Senior notes due 2031
Derivative Instruments, Gain (Loss) [Line Items]
Long-term Debt, Excluding Current Maturities	$ 504.0		$ 504.0			$ 0.0
Debt Instrument, Face Amount					$ 500.0

BUSINESS ACQUISITIONS (Details) - USD ($)	9 Months Ended
BUSINESS ACQUISITIONS (Details) - USD ($)	Sep. 30, 2021	Sep. 30, 2020
Business Combinations [Abstract]
Finite-lived Intangible Assets Acquired	$ 142,500,000
Payments to Acquire Businesses, Net of Cash Acquired	326,000,000.0	$ 208,800,000
Business Acquisition [Line Items]
Goodwill, Acquired During Period	219,200,000
Finite-lived Intangible Assets Acquired	142,500,000
Gain (Loss) on Disposition of Business	$ 6,100,000
Customer Relationships [Member] \| Maximum [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	15 years
Noncompete Agreements [Member] \| Minimum [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	5 years

BUSINESS SEGMENT INFORMATION Business Segment Information (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Percent of Revenue Contributed	100.00%			100.00%			100.00%	100.00%
Intercompany revenue elimination	$ (14.4)			$ (50.0)			$ (68.9)	$ (89.5)
Revenues	4,062.6			3,896.1			12,064.8	9,488.7
Operating Income (Loss)	766.9			1,047.1			2,528.9	1,152.2
Earnings before income taxes	768.2			947.1			2,440.6	976.4
Provision for income taxes	180.4			243.4			614.7	358.0
Net earnings	587.8			703.7			1,825.9	618.4
Net income attributable to Laboratory Corporation of America Holdings	(0.5)			(0.3)			(1.6)	(0.6)
Nonoperating Income (Expense)	1.3			(100.0)			(88.3)	(175.7)
Net Income (Loss) Attributable to Parent	587.3	$ 467.4	$ 769.6	703.4	$ 231.6	$ (317.2)	1,824.3	617.8
Corporate Segment [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	$ (97.4)			$ (59.8)			$ (191.8)	$ (168.1)
LabCorp Diagnostics [Member]
Segment Reporting Information [Line Items]
Percent of Revenue Contributed	64.00%			68.00%			64.00%	63.00%
Revenues	$ 2,617.5			$ 2,704.2			$ 7,740.8	$ 6,098.8
Operating Income (Loss)	722.7			964.9			2,275.4	1,451.5
Covance Drug Development [Member]
Segment Reporting Information [Line Items]
Revenues	1,459.5			1,241.9			4,392.9	3,479.4
Operating Income (Loss)	$ 141.6			$ 142.0			$ 445.3	$ (131.2)

REVENUE (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
REVENUE (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Amortization of Deferred Sales Commissions	$ 7.1	$ 6.0	$ 20.4	$ 16.8
Capitalized Contract Cost, Amortization	3.5	2.3	10.0	7.6
Contract with Customer, Performance Obligation Satisfied in Previous Period	$ 10.1	$ 31.1	38.9	44.8
Deferred Revenue, Revenue Recognized			$ 267.6	$ 237.2

REVENUE Disaggregated Revenue Table (Details) - USD ($)	3 Months Ended		9 Months Ended
REVENUE Disaggregated Revenue Table (Details) - USD ($)	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Accounts Receivable, Allowance for Credit Loss	$ 18,300,000		$ 18,300,000		$ 22,100,000
Unbilled Services, Allowance for Credit Loss	11,200,000		11,200,000		11,300,000
Note Receivable, Allowance for Credit Loss	5,700,000		5,700,000		5,700,000
Allowance for Credit Loss	$ 35,200,000		35,200,000		39,100,000
Current Expected Credit Losses Opening Balance Sheet Impact on Retained Earnings		$ 5,000,000.0	700,000
Allowance for Credit Loss, Write Off			4,600,000
Sales Commission Amortization Period Minimum	1 year
Deferred Revenue, Revenue Recognized			267,600,000	$ 237,200,000
Contract with Customer, Asset, before Allowance for Credit Loss	$ 730,200,000		730,200,000		548,100,000
Revenue, Remaining Performance Obligation, Amount	$ 5,412,800,000		5,412,800,000
Long Term Contracts Duration Minimum	1 year
Long Term Contracts Duration Maximum	8 years
Contract with Customer, Performance Obligation Satisfied in Previous Period	$ 10,100,000	31,100,000	38,900,000	44,800,000
Contract with Customer, Liability	574,300,000		574,300,000		492,200,000
Capitalized Contract Cost, Amortization	3,500,000	2,300,000	10,000,000.0	7,600,000
Accrued Sales Commission	36,600,000		36,600,000		32,600,000
Capitalized Contract Cost, Net	14,300,000		14,300,000		12,600,000
Amount of Deferred Costs Related to Long-term Contracts	50,900,000		50,900,000		45,200,000
Amortization of Deferred Sales Commissions	7,100,000	$ 6,000,000.0	20,400,000	$ 16,800,000
Unbilled Contracts Receivable	$ 719,600,000		$ 719,600,000		536,800,000
Percent of Revenue Contributed	100.00%	100.00%	100.00%	100.00%
Sales Commission Amortization Period Maximum	5 years
Revenues	$ 4,062,600,000	$ 3,896,100,000	$ 12,064,800,000	$ 9,488,700,000
Europe [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	10.00%	10.00%	10.00%	12.00%
North America
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	86.00%	84.00%	86.00%	81.00%
Other countries [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	4.00%	6.00%	4.00%	7.00%
UNITED STATES
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	82.50%	82.10%	82.30%	79.10%
Revenues	$ 3,352,700,000	$ 3,198,800,000	$ 9,926,700,000	$ 7,505,900,000
Medicare and Medicaid [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	6.00%	7.00%	6.00%	7.00%
LabCorp Diagnostics [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	64.00%	68.00%	64.00%	63.00%
Revenues	$ 2,617,500,000	$ 2,704,200,000	$ 7,740,800,000	$ 6,098,800,000
LabCorp Diagnostics [Member] \| Europe [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0.00%	0.00%	0.00%	0.00%
LabCorp Diagnostics [Member] \| North America
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	64.00%	68.00%	64.00%	63.00%
LabCorp Diagnostics [Member] \| Other countries [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0.00%	0.00%	0.00%	0.00%
LabCorp Diagnostics [Member] \| Client [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	17.00%	22.00%	18.00%	20.00%
LabCorp Diagnostics [Member] \| Client [Member] \| Europe [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0.00%	0.00%	0.00%	0.00%
LabCorp Diagnostics [Member] \| Client [Member] \| North America
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	17.00%	22.00%	18.00%	20.00%
LabCorp Diagnostics [Member] \| Client [Member] \| Other countries [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0.00%	0.00%	0.00%	0.00%
LabCorp Diagnostics [Member] \| Self-Pay [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	6.00%	5.00%	6.00%	6.00%
LabCorp Diagnostics [Member] \| Self-Pay [Member] \| Europe [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0.00%	0.00%	0.00%	0.00%
LabCorp Diagnostics [Member] \| Self-Pay [Member] \| North America
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	6.00%	5.00%	6.00%	6.00%
LabCorp Diagnostics [Member] \| Self-Pay [Member] \| Other countries [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0.00%	0.00%	0.00%	0.00%
LabCorp Diagnostics [Member] \| Medicare and Medicaid [Member] \| Europe [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0.00%	0.00%	0.00%	0.00%
LabCorp Diagnostics [Member] \| Medicare and Medicaid [Member] \| North America
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	6.00%	7.00%	6.00%	7.00%
LabCorp Diagnostics [Member] \| Medicare and Medicaid [Member] \| Other countries [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0.00%	0.00%	0.00%	0.00%
LabCorp Diagnostics [Member] \| Third party [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	35.00%	34.00%	34.00%	30.00%
LabCorp Diagnostics [Member] \| Third party [Member] \| Europe [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0.00%	0.00%	0.00%	0.00%
LabCorp Diagnostics [Member] \| Third party [Member] \| North America
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	35.00%	34.00%	34.00%	30.00%
LabCorp Diagnostics [Member] \| Third party [Member] \| Other countries [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0.00%	0.00%	0.00%	0.00%
Covance Drug Development [Member]
Disaggregation of Revenue [Line Items]
Unbilled Contracts Receivable	$ 1,098,600,000		$ 1,098,600,000		$ 1,001,500,000
Revenues	$ 1,459,500,000	$ 1,241,900,000	$ 4,392,900,000	$ 3,479,400,000
Covance Drug Development [Member] \| Biopharmaceutical and medical device companies [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	36.00%	32.00%	36.00%	37.00%
Covance Drug Development [Member] \| Biopharmaceutical and medical device companies [Member] \| Europe [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	10.00%	10.00%	10.00%	12.00%
Covance Drug Development [Member] \| Biopharmaceutical and medical device companies [Member] \| North America
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	22.00%	16.00%	22.00%	18.00%
Covance Drug Development [Member] \| Biopharmaceutical and medical device companies [Member] \| Other countries [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	4.00%	6.00%	4.00%	7.00%
Minimum [Member]
Disaggregation of Revenue [Line Items]
Capitalized Contract Cost, Amortization Period	2 years		2 years
Maximum [Member]
Disaggregation of Revenue [Line Items]
Capitalized Contract Cost, Amortization Period	5 years		5 years
Notes Receivable [Member]
Disaggregation of Revenue [Line Items]
Current Expected Credit Losses Opening Balance Sheet Impact on Retained Earnings			$ 0
Allowance for Credit Loss, Write Off			0
Unbilled Contracts Receivable [Member]
Disaggregation of Revenue [Line Items]
Current Expected Credit Losses Opening Balance Sheet Impact on Retained Earnings			0
Allowance for Credit Loss, Write Off			100,000
Accounts Receivable [Member]
Disaggregation of Revenue [Line Items]
Current Expected Credit Losses Opening Balance Sheet Impact on Retained Earnings			700,000
Allowance for Credit Loss, Write Off			$ 4,500,000

Leases (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Operating Lease, Liability, Current	$ 189.1	$ 192.0
Operating Lease, Liability, Noncurrent	631.0	677.6
Finance Lease, Liability, Current	10.6	6.7
Finance Lease, Liability, Noncurrent	$ 86.0	$ 84.4

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

- Definition

The cumulative amount of the reporting entity's undistributed earnings or deficit.

+ References + Details