0000920148-22-000060 | 10-Q | XBRL Viewer | Laboratory Corp OF America Holdings


	Nine Months Ended September 30,
	2022		2021

Cash paid during period for:
Interest	$	159.4	$	169.0
Income taxes, net of refunds	422.5		789.9
Disclosure of non-cash financing and investing activities:



Change in accrued property, plant and equipment	6.3		(6.9)

Supplemental Cash Flow Information [Abstract]

SUPPLEMENTAL CASH FLOW INFORMATION


	Nine Months Ended September 30,
	2022		2021

Cash paid during period for:
Interest	$	159.4	$	169.0
Income taxes, net of refunds	422.5		789.9
Disclosure of non-cash financing and investing activities:



Change in accrued property, plant and equipment	6.3		(6.9)

SUPPLEMENTAL CASH FLOW INFORMATION Tabular Information

3 Months Ended

Sep. 30, 2022


	Nine Months Ended September 30,
	2022		2021

Cash paid during period for:
Interest	$	159.4	$	169.0
Income taxes, net of refunds	422.5		789.9
Disclosure of non-cash financing and investing activities:



Change in accrued property, plant and equipment	6.3		(6.9)

Stockholders' Equity Note [Abstract]

SUPPLEMENTAL CASH FLOW INFORMATION


	Nine Months Ended September 30,
	2022		2021

Cash paid during period for:
Interest	$	159.4	$	169.0
Income taxes, net of refunds	422.5		789.9
Disclosure of non-cash financing and investing activities:



Change in accrued property, plant and equipment	6.3		(6.9)

SUPPLEMENTAL CASH FLOW INFORMATION Description Information - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Debt Conversion [Line Items]
Capital Expenditures Incurred but Not yet Paid		$ (6.9)
Decrease in Capital Expenditures Incurred but not yet Paid	$ 6.3
Cash paid during period for:
Interest	159.4	169.0
Income taxes, net of refunds	$ 422.5	$ 789.9

BASIS OF FINANCIAL STATEMENT PRESENTATION	3 Months Ended
BASIS OF FINANCIAL STATEMENT PRESENTATION	Sep. 30, 2022
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 11 (Business Segment Information) to the Condensed Consolidated Financial Statements. During the three months ended September 30, 2022, Dx and DD contributed approximately 61% and 39%, respectively, of revenues to the Company. During the nine months ended September 30, 2022, Dx and DD contributed approximately 61% and 39%, respectively, of revenues to the Company. On July 28, 2022, the Company announced that its board of directors authorized the Company to pursue a spin-off of its wholly owned Clinical Development business, which includes parts of its DD segment focused on providing Phase I-IV clinical trial management, market access, and technology solutions to pharmaceutical and biotechnology organizations. The planned spin-off will result in two independent, publicly traded companies. The spin-off is intended to be a tax-free transaction to the Company and its stockholders for United States (U.S.) federal income tax purposes and is expected to be effected through a dividend of the Clinical Development business’ shares to the Company's shareholders. The Company anticipates that, consistent with any applicable legal and tax requirements, there will be ongoing transitional and commercial arrangements to provide for a seamless delivery of services to the customers and other stakeholders of the independent companies following the spin-off. The Company is targeting completion of the spin-off with an accelerated timeframe of mid-2023. The spin-off will be subject to the satisfaction of certain customary conditions, including, among others, the receipt of final approval by the Company's board of directors, the receipt of appropriate assurances regarding the tax-free nature of the separation, and the effectiveness of any required filings with the U.S. Securities and Exchange Commission (SEC). 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 SEC and do not contain certain information included in the Company’s fiscal year 2021 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 11 (Business Segment Information) to the Condensed Consolidated Financial Statements. During the three months ended September 30, 2022, Dx and DD contributed approximately 61% and 39%, respectively, of revenues to the Company. During the nine months ended September 30, 2022, Dx and DD contributed approximately 61% and 39%, respectively, of revenues to the Company. On July 28, 2022, the Company announced that its board of directors authorized the Company to pursue a spin-off of its wholly owned Clinical Development business, which includes parts of its DD segment focused on providing Phase I-IV clinical trial management, market access, and technology solutions to pharmaceutical and biotechnology organizations. The planned spin-off will result in two independent, publicly traded companies. The spin-off is intended to be a tax-free transaction to the Company and its stockholders for United States (U.S.) federal income tax purposes and is expected to be effected through a dividend of the Clinical Development business’ shares to the Company's shareholders. The Company anticipates that, consistent with any applicable legal and tax requirements, there will be ongoing transitional and commercial arrangements to provide for a seamless delivery of services to the customers and other stakeholders of the independent companies following the spin-off. The Company is targeting completion of the spin-off with an accelerated timeframe of mid-2023. The spin-off will be subject to the satisfaction of certain customary conditions, including, among others, the receipt of final approval by the Company's board of directors, the receipt of appropriate assurances regarding the tax-free nature of the separation, and the effectiveness of any required filings with the U.S. Securities and Exchange Commission (SEC). 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 SEC and do not contain certain information included in the Company’s fiscal year 2021 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, 2022

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHAREBasic 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,
	2022					2021					2022					2021
	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	$	352.8	90.2	$	3.91	$	587.3	96.3	$	6.10	$	1,203.0	91.9	$	13.09	$	1,824.3	97.1	$	18.79
Dilutive effect of employee stock options and awards	—		0.5			—		0.8			—		0.5			—		0.8


Net earnings including impact of dilutive adjustments	$	352.8	90.7	$	3.90	$	587.3	97.1	$	6.05	$	1,203.0	92.4	$	13.02	$	1,824.3	97.9	$	18.63

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,
	2022	2021	2022	2021
Employee stock options and awards	0.2	—	0.2	0.1

PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY

3 Months Ended

9 Months Ended

Sep. 30, 2022

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, 2021			93.1
Shares issued under employee stock plans			0.6


Shares repurchased			(4.1)

Common shares at September 30, 2022			89.6

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, 2021	$	(125.9)	$	(66.0)	$	(191.9)
Current year adjustments	(571.3)		11.7		(559.6)
Pension settlement charge	—		(4.0)		(4.0)
Amounts reclassified from accumulated other comprehensive income	(0.9)		(3.5)		(4.4)
Tax effect of adjustments	—		(1.1)		(1.1)
Balance as of September 30, 2022	$	(698.1)	$	(62.9)	$	(761.0)

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, 2022, and December 31, 2021.

The changes in common shares issued are summarized below:


			Issued and Outstanding
Common shares at December 31, 2021			93.1
Shares issued under employee stock plans			0.6


Shares repurchased			(4.1)

Common shares at September 30, 2022			89.6

Share Repurchase Program

During the fourth quarter of 2021, the Company commenced an Accelerated Share Repurchase (ASR) program. At inception, the Company paid $1,000.0 and received 2.7 shares based on a calculation using 80% of the shares calculated at the price at the inception of the ASR agreements with two different banks, Goldman Sachs & Co. LLC (Goldman Sachs) and Barclays Bank PLC (Barclays). The initial shares received under the ASR were removed from the outstanding share count in 2021. In March 2022, the Company received 0.6 shares of its common stock, arising from a partial acceleration with Barclays and a final settlement from Goldman Sachs, based on the average daily volume weighted average price per share of $277.40. In April 2022, the Company received 0.2 shares of its common stock for final settlement from Barclays based on the average volume-weighted average price per share of $275.51.

Additionally, during the nine months ended September 30, 2022, the Company purchased 3.3 shares of its common stock at an average price of $240.57 for a total cost of $800.0. As of September 30, 2022, the Company had outstanding authorization from the board of directors to purchase up to $831.5 of the Company's common stock. The repurchase authorization has no expiration.

Dividends

For the nine months ended September 30, 2022, the Company paid $131.6 in common stock dividends. On October 12, 2022, the Company announced a cash dividend of $0.72 per share of common stock for the fourth quarter, or approximately $64.9 in the aggregate. The dividend will be payable on December 9, 2022, to stockholders of record of all issued and outstanding shares of common stock as of the close of business on November 17, 2022. The declaration and payment of any future dividends will be at the discretion of the Company's board of directors.

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, 2021	$	(125.9)	$	(66.0)	$	(191.9)
Current year adjustments	(571.3)		11.7		(559.6)
Pension settlement charge	—		(4.0)		(4.0)
Amounts reclassified from accumulated other comprehensive income	(0.9)		(3.5)		(4.4)
Tax effect of adjustments	—		(1.1)		(1.1)
Balance as of September 30, 2022	$	(698.1)	$	(62.9)	$	(761.0)

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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COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES

FAIR VALUE MEASUREMENTS

3 Months Ended

Sep. 30, 2022

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, 2022, and December 31, 2021, is as follows:


				Fair Value Measurements as of
				September 30, 2022
	Balance Sheet	Fair Value as of		Using Fair Value Hierarchy
	Classification	September 30, 2022		Level 1		Level 2		Level 3
Noncontrolling interest put	Noncontrolling interest	$	15.0	$	—	$	15.0	$	—
Cross currency swaps	Other liabilities	8.1		—		8.1		—
Interest rate swaps	Other liabilities	82.5		—		82.5		—


Cash surrender value of life insurance policies	Other assets, net	95.5		—		95.5		—
Deferred compensation liability	Other liabilities	93.7		—		93.7		—

Contingent consideration	Other liabilities	62.0		—		—		62.0


				Fair Value Measurements as of
				December 31, 2021
	Balance Sheet	Fair Value as of		Using Fair Value Hierarchy
	Classification	December 31, 2021		Level 1		Level 2		Level 3
Noncontrolling interest put	Noncontrolling interest	$	16.3	$	—	$	16.3	$	—
Cross currency swaps	Other liabilities, net	32.8		—		32.8		—
Interest rate swaps	Other assets, net	2.9		—		2.9		—
Cash surrender value of life insurance policies	Other assets, net	106.4		—		106.4		—
Deferred compensation liability	Other liabilities	104.4		—		104.4		—
Investment in equity securities	Other current assets	10.9		10.9		—		—
Contingent consideration	Other liabilities	21.9		—		—		21.9


Fair Value Measurement of Level 3 Liabilities	Contingent Consideration
Balance at December 31, 2021	$	21.9
Payments	(10.4)
Adjustments	(2.4)
Additions	52.9
Balance as of September 30, 2022	$	62.0

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 accrued earn-out business 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 $4,921.2 and $5,841.1 as of September 30, 2022, and December 31, 2021,

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.

Segment Reporting Information [Line Items]

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

BUSINESS ACQUISITIONS	9 Months Ended
BUSINESS ACQUISITIONS	Sep. 30, 2022
Business Combinations [Abstract]
Business Combination Disclosure [Text Block]	BUSINESS ACQUISITIONS During the nine months ended September 30, 2022, the Company acquired several businesses and related assets for approximately $1,013.6 in cash. The purchase consideration for these acquisitions has been allocated under the acquisition method of accounting to the estimated fair market value of the net assets acquired, including approximately $407.4 in identifiable intangible assets and a residual amount of non-tax deductible goodwill of approximately $571.3. The amortization periods for intangible assets acquired from the businesses range from 5 to 23 years for customer relationships, non-compete agreements, technology, and trade names. These acquisitions were made primarily to complement and accelerate the Company’s existing liquid biopsy capabilities and expand the Company’s clinical laboratory services. The preliminary valuation of acquired assets and assumed liabilities, include the following:

BUSINESS SEGMENT INFORMATION Business Segment information (Notes)

3 Months Ended

Sep. 30, 2022

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, 2022, and 2021. 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 as 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,
	2022		2021		2022		2021
Revenues:
Dx	$	2,207.6	$	2,617.5	$	6,917.1	$	7,740.8
DD	1,405.8		1,459.5		4,317.0		4,392.9
Intercompany eliminations and other	(7.3)		(14.4)		(31.5)		(68.9)
Revenues	$	3,606.1	$	4,062.6	$	11,202.6	$	12,064.8

Operating earnings:
Dx	$	378.7	$	722.7	1,457.5		2,275.4
DD	156.7		141.6		431.8		445.3
General corporate expenses	(66.0)		(97.4)		(206.1)		(191.8)
Total operating income	$	469.4	$	766.9	$	1,683.2	$	2,528.9

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Goodwill and Other (Policies)

3 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets, Goodwill, Policy

5. GOODWILL AND INTANGIBLE ASSETS

The changes in the carrying amount of goodwill for the nine months ended September 30, 2022, are as follows:



	Dx		DD		Total

Balance as of December 31, 2021	$	4,046.2	$	3,912.7	$	7,958.9
Goodwill acquired during the period	453.5		117.8		571.3



Foreign currency impact and other adjustments to goodwill	(70.2)		(242.4)		(312.6)
Balance as of September 30, 2022	$	4,429.5	$	3,788.1	$	8,217.6

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.

Although the Company believes that the current assumptions and estimates used in its goodwill analysis are reasonable, supportable, and appropriate, the Company's business could be impacted by unfavorable changes, including those that impact the existing assumptions used in the impairment analysis. Various factors could reasonably be expected to unfavorably impact existing assumptions: primarily a worsening economic environment and protracted economic downturn and related impacts, including delays in revenue from new customers; increases in customer termination activity, or increases in operating costs. Accordingly, there can be no assurance that the estimates and assumptions made for the purposes of the goodwill impairment analysis will prove to be accurate predictions of future performance.

The Company will continue to monitor the financial performance of, and assumptions for, its reporting units. A significant increase in the discount rate, decrease in the revenue and terminal growth rates, decreased operating margin, or substantial reductions in end markets and volume assumptions, could have a negative impact on the estimated fair value of the reporting units. A future impairment charge for goodwill or intangible assets could have a material effect on the Company's consolidated financial position and results of operations.

The components of identifiable intangible assets are as follows:


	September 30, 2022						December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	4,413.0	$	(1,466.1)	$	2,946.9	$	4,336.0	$	(1,362.1)	$	2,973.9
Patents, licenses and technology	582.8		(293.7)		289.1		484.6		(267.4)		217.2
Non-compete agreements	114.3		(45.0)		69.3		70.2		(35.5)		34.7
Trade name	24.2		(1.2)		23.0		19.8		(15.5)		4.3
Land use right	10.3		(8.4)		1.9		10.4		(7.6)		2.8
Canadian licenses	468.1		—		468.1		493.5		—		493.5
Other	14.3		(4.8)		9.5		9.1		—		9.1
	5,627.0		(1,819.2)		3,807.8		5,423.6		(1,688.1)		3,735.5

Amortization of intangible assets for the three and nine months ended September 30, 2022, and 2021, was $65.2 and $92.2 and $198.7 and $276.7, respectively. The amortization expense for the net carrying amount of intangible assets is estimated to be $58.6 for the remainder of fiscal 2022, $264.4 in fiscal 2023, $258.9 in fiscal 2024, $244.2 in fiscal 2025, $234.5 in fiscal 2026, and $2,194.2 thereafter.

Revenue from Contract with Customer (Policies)

9 Months Ended

Sep. 30, 2022

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, 2022, and 2021, were as follows:


	For the Three Months Ended September 30, 2022								For the Three Months Ended September 30, 2021
	North America		Europe		Other		Total		North America		Europe		Other		Total
Payer/Customer
Dx
Clients	18	%	—	%	—	%	18	%	17	%	—	%	—	%	17	%
Patients	6	%	—	%	—	%	6	%	6	%	—	%	—	%	6	%
Medicare and Medicaid	6	%	—	%	—	%	6	%	6	%	—	%	—	%	6	%
Third party	31	%	—	%	—	%	31	%	35	%	—	%	—	%	35	%
Total Dx revenues by payer	61	%	—	%	—	%	61	%	64	%	—	%	—	%	64	%
DD




Pharmaceutical, biotechnology and medical device companies	19	%	12	%	8	%	39	%	22	%	10	%	4	%	36	%
Total revenues	80	%	12	%	8	%	100	%	86	%	10	%	4	%	100	%


	For the Nine Months Ended September 30, 2022								For the Nine Months Ended September 30, 2021
	North America		Europe		Other		Total		North America		Europe		Other		Total
Payer/Customer
Dx
Clients	18	%	—	%	—	%	18	%	18	%	—	%	—	%	18	%
Patients	6	%	—	%	—	%	6	%	6	%	—	%	—	%	6	%
Medicare and Medicaid	6	%	—	%	—	%	6	%	6	%	—	%	—	%	6	%
Third party	31	%	—	%	—	%	31	%	34	%	—	%	—	%	34	%
Total Dx revenues by payer	61	%	—	%	—	%	61	%	64	%	—	%	—	%	64	%
DD




Pharmaceutical, biotechnology and medical device companies	19	%	13	%	7	%	39	%	22	%	10	%	4	%	36	%
Total revenues	80	%	13	%	7	%	100	%	86	%	10	%	4	%	100	%

Revenues in the U.S. were $2,791.8 (77.4%) and $3,352.7 (82.5%) for the three months ended September 30, 2022, and 2021, respectively, and for the nine months ended September 30, 2022, and 2021, were $8,649.3 (77.2%) and $9,926.7 (82.3%), respectively.

DD Contract costs

DD incurs costs to fulfill contracts with customers. Contract fulfillment costs include software implementation costs and setup costs for certain market access solutions.


	September 30, 2022		December 31, 2021
Sales commission assets	$	38.9	$	36.2
Deferred contract fulfillment costs	15.7		14.4
Total	$	54.6	$	50.6

Amortization related to sales commission assets and associated payroll taxes for the three months ended September 30, 2022, and 2021, was $9.3 and $7.1, respectively, and for the nine months ended September 30, 2022, and 2021, was $25.3 and $20.4, respectively. Amortization related to deferred contract fulfillment costs for the three months ended September 30, 2022, and 2021, was $3.1 and $3.5, respectively, and was $9.1 and $10.0, respectively, for the nine months ended September 30, 2022, and 2021.

Accounts Receivable, Unbilled Services and Unearned Revenue

The following table provides information about accounts receivable, unbilled services, and unearned revenue from contracts with customers:


	September 30, 2022		December 31, 2021
Dx accounts receivable	$	1,051.1	$	1,193.8
DD accounts receivable	1,133.6		1,089.2
Less DD allowance for doubtful accounts	(20.5)		(21.5)
Accounts receivable	$	2,164.2	$	2,261.5

Gross unbilled services	$	829.4	$	730.8
Less reserve for unbilled services	(10.9)		(14.0)
Unbilled services	$	818.5	$	716.8

Unearned revenue	$	530.9	$	558.5

Revenues recognized during the period that were included in the unearned revenue balance at the beginning of the period were $277.9 and $267.6 for the nine months ended September 30, 2022, and 2021, 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, 2022, is as follows:


	Accounts Receivable		Unbilled Services		Note and Other Receivables		Total
Balance as of December 31, 2021	$	21.5	$	13.9	$	0.7	$	36.1
Plus, credit loss expense	4.0		—		—		4.0

Less, write offs	(5.0)		(3.0)		(0.7)		(8.7)
Balance as of September 30, 2022	$	20.5	$	10.9	$	—	$	31.4

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 unsatisfied under such long-term contracts were $6,005.7 and $5,412.8 as of September 30, 2022, and 2021, respectively. 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 $6.6 and $10.1 were recognized during the three months ended September 30, 2022 and 2021, respectively, and revenues of $75.8 and $38.9 were recognized during the nine months ended September 30, 2022 and 2021, 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, 2022

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,
	2022					2021					2022					2021
	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	$	352.8	90.2	$	3.91	$	587.3	96.3	$	6.10	$	1,203.0	91.9	$	13.09	$	1,824.3	97.1	$	18.79
Dilutive effect of employee stock options and awards	—		0.5			—		0.8			—		0.5			—		0.8


Net earnings including impact of dilutive adjustments	$	352.8	90.7	$	3.90	$	587.3	97.1	$	6.05	$	1,203.0	92.4	$	13.02	$	1,824.3	97.9	$	18.63

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,
	2022	2021	2022	2021
Employee stock options and awards	0.2	—	0.2	0.1

GOODWILL AND INTANGIBLE ASSETS (Tables)

3 Months Ended

9 Months Ended

Sep. 30, 2022

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, 2022, are as follows:



	Dx		DD		Total

Balance as of December 31, 2021	$	4,046.2	$	3,912.7	$	7,958.9
Goodwill acquired during the period	453.5		117.8		571.3



Foreign currency impact and other adjustments to goodwill	(70.2)		(242.4)		(312.6)
Balance as of September 30, 2022	$	4,429.5	$	3,788.1	$	8,217.6

Schedule of Intangible Assets and Goodwill [Table Text Block]

he components of identifiable intangible assets are as follows:


	September 30, 2022						December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	4,413.0	$	(1,466.1)	$	2,946.9	$	4,336.0	$	(1,362.1)	$	2,973.9
Patents, licenses and technology	582.8		(293.7)		289.1		484.6		(267.4)		217.2
Non-compete agreements	114.3		(45.0)		69.3		70.2		(35.5)		34.7
Trade name	24.2		(1.2)		23.0		19.8		(15.5)		4.3
Land use right	10.3		(8.4)		1.9		10.4		(7.6)		2.8
Canadian licenses	468.1		—		468.1		493.5		—		493.5
Other	14.3		(4.8)		9.5		9.1		—		9.1
	5,627.0		(1,819.2)		3,807.8		5,423.6		(1,688.1)		3,735.5

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

The Company’s population of financial assets and liabilities subject to fair value measurements as of September 30, 2022, and December 31, 2021, is as follows:


				Fair Value Measurements as of
				September 30, 2022
	Balance Sheet	Fair Value as of		Using Fair Value Hierarchy
	Classification	September 30, 2022		Level 1		Level 2		Level 3
Noncontrolling interest put	Noncontrolling interest	$	15.0	$	—	$	15.0	$	—
Cross currency swaps	Other liabilities	8.1		—		8.1		—
Interest rate swaps	Other liabilities	82.5		—		82.5		—


Cash surrender value of life insurance policies	Other assets, net	95.5		—		95.5		—
Deferred compensation liability	Other liabilities	93.7		—		93.7		—

Contingent consideration	Other liabilities	62.0		—		—		62.0


				Fair Value Measurements as of
				December 31, 2021
	Balance Sheet	Fair Value as of		Using Fair Value Hierarchy
	Classification	December 31, 2021		Level 1		Level 2		Level 3
Noncontrolling interest put	Noncontrolling interest	$	16.3	$	—	$	16.3	$	—
Cross currency swaps	Other liabilities, net	32.8		—		32.8		—
Interest rate swaps	Other assets, net	2.9		—		2.9		—
Cash surrender value of life insurance policies	Other assets, net	106.4		—		106.4		—
Deferred compensation liability	Other liabilities	104.4		—		104.4		—
Investment in equity securities	Other current assets	10.9		10.9		—		—
Contingent consideration	Other liabilities	21.9		—		—		21.9

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, 2021	$	21.9
Payments	(10.4)
Adjustments	(2.4)
Additions	52.9
Balance as of September 30, 2022	$	62.0

BUSINESS SEGMENT INFORMATION (Tables)

3 Months Ended

Sep. 30, 2022

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,
	2022		2021		2022		2021
Revenues:
Dx	$	2,207.6	$	2,617.5	$	6,917.1	$	7,740.8
DD	1,405.8		1,459.5		4,317.0		4,392.9
Intercompany eliminations and other	(7.3)		(14.4)		(31.5)		(68.9)
Revenues	$	3,606.1	$	4,062.6	$	11,202.6	$	12,064.8

Operating earnings:
Dx	$	378.7	$	722.7	1,457.5		2,275.4
DD	156.7		141.6		431.8		445.3
General corporate expenses	(66.0)		(97.4)		(206.1)		(191.8)
Total operating income	$	469.4	$	766.9	$	1,683.2	$	2,528.9

REVENUE (Tables)

3 Months Ended

Sep. 30, 2022

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, 2022, is as follows:


	Accounts Receivable		Unbilled Services		Note and Other Receivables		Total
Balance as of December 31, 2021	$	21.5	$	13.9	$	0.7	$	36.1
Plus, credit loss expense	4.0		—		—		4.0

Less, write offs	(5.0)		(3.0)		(0.7)		(8.7)
Balance as of September 30, 2022	$	20.5	$	10.9	$	—	$	31.4

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


	September 30, 2022		December 31, 2021
Dx accounts receivable	$	1,051.1	$	1,193.8
DD accounts receivable	1,133.6		1,089.2
Less DD allowance for doubtful accounts	(20.5)		(21.5)
Accounts receivable	$	2,164.2	$	2,261.5

Gross unbilled services	$	829.4	$	730.8
Less reserve for unbilled services	(10.9)		(14.0)
Unbilled services	$	818.5	$	716.8

Unearned revenue	$	530.9	$	558.5

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, 2022, and 2021, were as follows:


	For the Three Months Ended September 30, 2022								For the Three Months Ended September 30, 2021
	North America		Europe		Other		Total		North America		Europe		Other		Total
Payer/Customer
Dx
Clients	18	%	—	%	—	%	18	%	17	%	—	%	—	%	17	%
Patients	6	%	—	%	—	%	6	%	6	%	—	%	—	%	6	%
Medicare and Medicaid	6	%	—	%	—	%	6	%	6	%	—	%	—	%	6	%
Third party	31	%	—	%	—	%	31	%	35	%	—	%	—	%	35	%
Total Dx revenues by payer	61	%	—	%	—	%	61	%	64	%	—	%	—	%	64	%
DD




Pharmaceutical, biotechnology and medical device companies	19	%	12	%	8	%	39	%	22	%	10	%	4	%	36	%
Total revenues	80	%	12	%	8	%	100	%	86	%	10	%	4	%	100	%


	For the Nine Months Ended September 30, 2022								For the Nine Months Ended September 30, 2021
	North America		Europe		Other		Total		North America		Europe		Other		Total
Payer/Customer
Dx
Clients	18	%	—	%	—	%	18	%	18	%	—	%	—	%	18	%
Patients	6	%	—	%	—	%	6	%	6	%	—	%	—	%	6	%
Medicare and Medicaid	6	%	—	%	—	%	6	%	6	%	—	%	—	%	6	%
Third party	31	%	—	%	—	%	31	%	34	%	—	%	—	%	34	%
Total Dx revenues by payer	61	%	—	%	—	%	61	%	64	%	—	%	—	%	64	%
DD




Pharmaceutical, biotechnology and medical device companies	19	%	13	%	7	%	39	%	22	%	10	%	4	%	36	%
Total revenues	80	%	13	%	7	%	100	%	86	%	10	%	4	%	100	%

DD Contract costs

Capitalized Contract Cost [Table Text Block]


	September 30, 2022		December 31, 2021
Sales commission assets	$	38.9	$	36.2
Deferred contract fulfillment costs	15.7		14.4
Total	$	54.6	$	50.6

BASIS OF FINANCIAL STATEMENT PRESENTATION (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Asset Impairment Charges	$ 0.0			$ 0.0			$ 1.2	$ 0.0
Revenues	3,606.1			4,062.6			11,202.6	12,064.8
Contract with Customer, Liability	530.9						530.9		$ 558.5
Amortization of Deferred Sales Commissions	$ 9.3			$ 7.1			$ 25.3	$ 20.4
Percent of Revenue Contributed	100.00%			100.00%			100.00%	100.00%
Provision for income taxes	$ 68.4			$ 180.4			$ 333.9	$ 614.7
Net earnings	353.2			587.8			1,204.2	1,825.9
Net Income (Loss) Attributable to Parent	352.8	$ 358.6	$ 491.6	587.3	$ 467.4	$ 769.6	1,203.0	1,824.3
Stockholders' Equity Attributable to Parent	10,092.2	10,400.7	10,721.1	10,601.4	10,322.0	10,098.4	10,092.2	10,601.4	10,273.4	$ 9,436.6
Capitalized Contract Cost, Amortization	3.1			3.5			9.1	10.0
Deferred Revenue, Revenue Recognized							277.9	267.6
Revenue, Remaining Performance Obligation, Amount	6,005.7			5,412.8			6,005.7	5,412.8
Contract with Customer, Performance Obligation Satisfied in Previous Period	6.6			10.1			$ 75.8	38.9
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	$ 2,207.6			$ 2,617.5			$ 6,917.1	$ 7,740.8
Percent of Revenue Contributed	61.00%			64.00%			61.00%	64.00%
Covance Drug Development [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenues	$ 1,405.8			$ 1,459.5			$ 4,317.0	$ 4,392.9
Retained Earnings [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net Income (Loss) Attributable to Parent	352.8	358.6	491.6	587.3	467.4	769.6
Stockholders' Equity Attributable to Parent	$ 10,845.0	$ 10,897.9	$ 10,948.4	$ 10,863.5	$ 10,494.3	$ 10,248.8	$ 10,845.0	$ 10,863.5	$ 10,456.8	$ 9,479.2

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, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Income [Abstract]
Net earnings attributable to Laboratory Corporation of America Holdings	$ 352.8	$ 358.6	$ 491.6	$ 587.3	$ 467.4	$ 769.6	$ 1,203.0	$ 1,824.3
Shares [Abstract]
Net earnings, basic (in shares)	90.2			96.3			91.9	97.1
Dilutive effect of employee stock options and awards, (in shares)	0.5			0.8			0.5	0.8
Per Share Amount [Abstract]
Basic earnings per common share (in dollars per share)	$ 3.91			$ 6.10			$ 13.09	$ 18.79
Diluted earnings per common share (in dollars per share)	$ 3.90			$ 6.05			$ 13.02	$ 18.63
Net Income (Loss) Available to Common Stockholders, Diluted	$ 352.8			$ 587.3			$ 1,203.0	$ 1,824.3
Weighted Average Number of Shares Outstanding, Diluted	90.7			97.1			92.4	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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Stock options (in shares)	0.2	0.0	0.2	0.1

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

3 Months Ended

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Dec. 31, 2021

Amortization of intangibles and other assets

$ 65.2

$ 92.2

$ 198.7

$ 276.7

Finite-Lived Intangible Assets, Accumulated Amortization

5,627.0

$ 5,423.6

Balance as of January 1

7,958.9

Adjustments to goodwill

(312.6)

Balance at end of period

8,217.6

1,819.2

1,688.1

Goodwill, Acquired During Period

$ 3,807.8

3,807.8

3,735.5

571.3

Goodwill [Roll Forward]

Goodwill and Intangible Assets, Goodwill, Policy

5. GOODWILL AND INTANGIBLE ASSETS

The changes in the carrying amount of goodwill for the nine months ended September 30, 2022, are as follows:



	Dx		DD		Total

Balance as of December 31, 2021	$	4,046.2	$	3,912.7	$	7,958.9
Goodwill acquired during the period	453.5		117.8		571.3



Foreign currency impact and other adjustments to goodwill	(70.2)		(242.4)		(312.6)
Balance as of September 30, 2022	$	4,429.5	$	3,788.1	$	8,217.6

The components of identifiable intangible assets are as follows:


	September 30, 2022						December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	4,413.0	$	(1,466.1)	$	2,946.9	$	4,336.0	$	(1,362.1)	$	2,973.9
Patents, licenses and technology	582.8		(293.7)		289.1		484.6		(267.4)		217.2
Non-compete agreements	114.3		(45.0)		69.3		70.2		(35.5)		34.7
Trade name	24.2		(1.2)		23.0		19.8		(15.5)		4.3
Land use right	10.3		(8.4)		1.9		10.4		(7.6)		2.8
Canadian licenses	468.1		—		468.1		493.5		—		493.5
Other	14.3		(4.8)		9.5		9.1		—		9.1
	5,627.0		(1,819.2)		3,807.8		5,423.6		(1,688.1)		3,735.5

LabCorp Diagnostics [Member]

Goodwill, Acquired During Period

Balance as of January 1

4,046.2

Adjustments to goodwill

(70.2)

Balance at end of period

$ 4,429.5

4,429.5

453.5

Covance Drug Development [Member]

Goodwill, Acquired During Period

Balance as of January 1

3,912.7

Adjustments to goodwill

(242.4)

Balance at end of period

3,788.1

117.8

Customer Relationships [Member]

Finite-Lived Intangible Assets, Accumulated Amortization

4,413.0

4,336.0

1,466.1

1,362.1

Patents, Licenses And Technology [Member]

2,946.9

2,973.9

Finite-Lived Intangible Assets, Accumulated Amortization

582.8

484.6

293.7

267.4

Noncompete Agreements [Member]

289.1

217.2

Finite-Lived Intangible Assets, Accumulated Amortization

114.3

70.2

45.0

35.5

69.3

34.7

Trade Names [Member]

Finite-Lived Intangible Assets, Accumulated Amortization

24.2

19.8

1.2

15.5

23.0

4.3

Use Rights [Member]

Finite-Lived Intangible Assets, Accumulated Amortization

10.3

10.4

8.4

7.6

Canadian licenses [Member]

1.9

2.8

Finite-Lived Intangible Assets, Accumulated Amortization

468.1

493.5

0.0

Accumulated Other Comprehensive Income (Loss) [Line Items]

$ 468.1

$ 493.5

GOODWILL AND INTANGIBLE ASSETS (Components of identifiable intangible assets) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	$ 5,627.0	$ 5,423.6
Finite-Lived Intangible Assets, Accumulated Amortization	(1,819.2)	(1,688.1)
Intangible Assets, Net (Excluding Goodwill)	3,807.8	3,735.5
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	4,413.0	4,336.0
Finite-Lived Intangible Assets, Accumulated Amortization	(1,466.1)	(1,362.1)
Intangible Assets, Net (Excluding Goodwill)	2,946.9	2,973.9
Patents, Licenses And Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	582.8	484.6
Finite-Lived Intangible Assets, Accumulated Amortization	(293.7)	(267.4)
Intangible Assets, Net (Excluding Goodwill)	289.1	217.2
Noncompete Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	114.3	70.2
Finite-Lived Intangible Assets, Accumulated Amortization	(45.0)	(35.5)
Intangible Assets, Net (Excluding Goodwill)	69.3	34.7
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	24.2	19.8
Finite-Lived Intangible Assets, Accumulated Amortization	(1.2)	(15.5)
Intangible Assets, Net (Excluding Goodwill)	23.0	4.3
Use Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	10.3	10.4
Finite-Lived Intangible Assets, Accumulated Amortization	(8.4)	(7.6)
Intangible Assets, Net (Excluding Goodwill)	1.9	2.8
Canadian licenses [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	468.1	493.5
Finite-Lived Intangible Assets, Accumulated Amortization	0.0	0.0
Intangible Assets, Net (Excluding Goodwill)	468.1	493.5
In Process R&A and Media
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	14.3	9.1
Finite-Lived Intangible Assets, Accumulated Amortization	(4.8)	0.0
Intangible Assets, Net (Excluding Goodwill)	$ 9.5	$ 9.1

GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	$ 5,627.0		$ 5,627.0		$ 5,423.6
Goodwill	8,217.6		8,217.6		7,958.9
Amortization of intangibles and other assets	65.2	$ 92.2	198.7	$ 276.7
Adjustments to goodwill			(312.6)
Estimated amortization expense, 2012	58.6		58.6
Estimated amortization expense, 2013	264.4		264.4
Estimated amortization expense, 2014	258.9		258.9
Estimated amortization expense, 2015	244.2		244.2
Estimated amortization expense, 2016	234.5		234.5
Estimated amortization expense, Thereafter	2,194.2		2,194.2
Current Expected Credit Losses Opening Balance Sheet Impact on Retained Earnings			4.0
Amortization of intangible assets	65.2	$ 92.2	198.7	$ 276.7
LabCorp Diagnostics [Member]
Finite-Lived Intangible Assets [Line Items]
Goodwill	4,429.5		4,429.5		4,046.2
Adjustments to goodwill			(70.2)
Covance Drug Development [Member]
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 3,788.1		3,788.1		$ 3,912.7
Adjustments to goodwill			$ (242.4)

DEBT (Short-term borrowings and current portion of long-term debt) (Table) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Short-term Debt [Line Items]
Current debt excluding finance lease liability	$ 1.7	$ 1.5
Notes Payable	1.7	1.5
3.60% senior notes due 2025	$ 1,000.0	$ 1,000.0

DEBT (Long-term debt) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	May 26, 2021
Debt Instrument [Line Items]
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	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	500.0
4.70% senior notes due 2045	900.0	900.0
Long term debt issuance costs	35.9	41.0
Notes Payable, Noncurrent	2.7	4.6
Long-term Debt, Excluding Current Maturities	5,334.3	$ 5,416.5
Senior notes due 2026
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities			$ 500.0
Senior notes due 2027 [Member]
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities	$ 600.0

DEBT (Senior Notes) (Details) - USD ($) $ in Millions	3 Months Ended
DEBT (Senior Notes) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	May 26, 2021
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities	$ 5,334.3	$ 5,416.5
Line of Credit Facility, Maximum Borrowing Capacity	1,000.0
Credit Facility Option to Increase	500.0
Credit Facility, Maximum Swing Line Borrowings	100.0
Long term debt issuance costs	35.9	41.0
Notes Payable	1.7	1.5
Foreign Currency Contract, Asset, Fair Value Disclosure		32.8
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	82.5
2.70% senior notes due 2031	$ 500.0
Three month LIBOR	1.0706%
Interest Rate Swap [Member]
Debt Instrument [Line Items]
2.70% senior notes due 2031	$ 417.5	$ 502.9
Senior notes due 2027 [Member]
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities	$ 600.0
Senior notes due August 2022 [Member]
Debt Instrument [Line Items]
Subordinated Borrowing, Interest Rate	3.75%
Senior notes due 2031
Debt Instrument [Line Items]
Subordinated Borrowing, Interest Rate	2.70%
Senior notes due February 2022
Debt Instrument [Line Items]
Subordinated Borrowing, Interest Rate	3.20%
Senior notes due 2026
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities			$ 500.0
Subordinated Borrowing, Interest Rate	1.55%

DEBT (Credit Facilities) (Details) - USD ($)	3 Months Ended
DEBT (Credit Facilities) (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Revolving Credit Facility, maximum borrowing capacity	$ 1,000,000,000
Line of Credit Facility, Commitment Fee Description	0.10% to 0.23%
Notes Payable	$ 1,700,000	$ 1,500,000
Credit Facility Option to Increase	500,000,000.0
Credit Facility, Maximum Swing Line Borrowings	100,000,000.0
Letters of Credit Outstanding, Amount	79,800,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Credit Facility, Maximum Letters of Credit	$ 150,000,000.0
Line of Credit Facility, Interest Rate at Period End	4.14%

PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY (Details) - USD ($)				3 Months Ended							9 Months Ended
	Dec. 09, 2022	Nov. 17, 2022	Oct. 12, 2022	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Class of Stock [Line Items]
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased					831,500,000						831,500,000
Rollforward of common shares issued
Stock Repurchased During Period, Shares					3,300,000		2,700,000				600,000
Payments for Repurchase of Common Stock					$ (800,000,000.0)		$ (1,000,000,000)				$ (800,000,000.0)	$ (668,500,000)
Rollforward of Share Repurchase Program
Purchase of common stock					$ (400,000,000.0)	$ (400,000,000.0)		$ (300,000,000.0)	$ (300,000,000.0)	$ (68,500,000)
Common Shares Outstanding Rollforward [Abstract]
Common shares outstanding, beginning balance (in shares)				89,600,000							93,100,000
Common shares outstanding, ending balance (in shares)					89,600,000		93,100,000				89,600,000
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					$ 240.57						$ 277.40
Tax effect of adjustments											$ 0
Dividends					$ 131,600,000
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax											(4,400,000)
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax											(4,000,000.0)
Foreign currency translation adjustments					(256,500,000)			$ (91,600,000)			$ (572,200,000)	$ (114,600,000)
Dividends					$ 131,600,000
Subsequent Event [Member]
Rollforward of common shares issued
Stock Repurchased During Period, Shares				200,000
Rollforward of common shares held in treasury
Treasury Stock Acquired, Average Cost Per Share				$ 275.51
Dividends Payable, Date of Record		Nov. 17, 2022
Dividends Payable, Date Declared			Oct. 12, 2022
Dividends Payable, Amount Per Share			$ 0.72
Dividends			$ 64,900,000
Dividends Payable, Date to be Paid	Dec. 09, 2022
Dividends Payable, Date Declared			Oct. 12, 2022
Dividends Payable, Date to be Paid	Dec. 09, 2022
Dividends Payable, Date of Record		Nov. 17, 2022
Dividends Payable, Amount Per Share			$ 0.72
Dividends			$ 64,900,000
Common Stock [Member]
Rollforward of common shares issued
Common shares issued, beginning balance (in shares)				89,600,000							93,100,000
Commons Stock Issued During Period Shares Employee Stock Plans											600,000
Stock Repurchased and Retired During Period, Shares											(4,100,000)
Common shares issued, ending balance (in shares)					89,600,000		93,100,000				89,600,000
Common Stock, Shares, Issued					89,600,000		93,100,000				89,600,000
Common Shares Outstanding Rollforward [Abstract]
Commons Stock Issued During Period Shares Employee Stock Plans											600,000
Stock Repurchased and Retired During Period, Shares											(4,100,000)
Commons Stock Issued During Period Shares Employee Stock Plans											600,000
Rollforward of common shares held in treasury
Stock Repurchased and Retired During Period, Shares											(4,100,000)

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, 2022

Sep. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

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

$ (4,000,000.0)

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, 2021	$	(125.9)	$	(66.0)	$	(191.9)
Current year adjustments	(571.3)		11.7		(559.6)
Pension settlement charge	—		(4.0)		(4.0)
Amounts reclassified from accumulated other comprehensive income	(0.9)		(3.5)		(4.4)
Tax effect of adjustments	—		(1.1)		(1.1)
Balance as of September 30, 2022	$	(698.1)	$	(62.9)	$	(761.0)

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

11,700,000

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

(559,600,000)

Accumulated Other Comprehensive Earnings [Roll Forward]

Foreign Currency Translation Adjustments, Beginning balance

(125,900,000)

Other comprehensive income before reclassifications

(571,300,000)

Tax effect of adjustments

Foreign Currency Translation Adjustments, Ending balance

$ (698,100,000)

(698,100,000)

Net Benefit Plan Adjustments, Beginning balance

(66,000,000.0)

Tax effect of adjustments

(1,100,000)

Net Benefit Plan Adjustments, Ending balance

(62,900,000)

Accumulated Other Comprehensive Earnings, Beginning balance

(191,900,000)

Other comprehensive income before reclassifications

(571,300,000)

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

(900,000)

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

(3,500,000)

Tax effect of adjustments

(300,000)

$ (700,000)

(1,100,000)

$ (2,100,000)

Accumulated Other Comprehensive Earnings, Ending balance

$ (761,000,000.0)

(761,000,000.0)

Pension settlement charge

Accumulated Other Comprehensive Income (Loss) [Line Items]

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

$ 0

FAIR VALUE MEASUREMENTS (Details) $ in Millions	3 Months Ended	9 Months Ended
FAIR VALUE MEASUREMENTS (Details) $ in Millions	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Number of Measurement Funds Available For Participant Election	16	16
Noncontrolling interest puts	$ 15.0	$ 15.0	$ 16.3
Foreign Currency Contracts, Liability, Fair Value Disclosure	8.1	8.1
Fair market value of senior notes	4,921.2	4,921.2	5,841.1
Cash Surrender Value, Fair Value Disclosure	95.5	95.5	106.4
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability	93.7	93.7	104.4
Equity Securities, FV-NI			10.9
Contingent Consideration Classified as Equity, Fair Value Disclosure	62.0	62.0	21.9
lh_BusinessCombinationContingentConsiderationArrangementsPayments		(10.4)
Foreign Currency Contract, Asset, Fair Value Disclosure			32.8
Fair Value Hedges, Net	82.5	82.5	2.9
Contingent consideration adjustment		(2.4)
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability		52.9
Tax effect of adjustments		0.0
Long-term Debt, Excluding Current Maturities	5,334.3	5,334.3	5,416.5
Fair Value Hedge Liabilities	82.5	82.5
Senior notes due 2027 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Long-term Debt, Excluding Current Maturities	600.0	600.0
Senior notes due 2022 [Member] \| 2018 Swap Agreements
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Derivative, Notional Amount	300.0	300.0
Gain (Loss) on Hedging Activity	0.9
Senior notes due 2024 \| 2022 Swap Agreements
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Derivative, Notional Amount	300.0	300.0
Level 1 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Noncontrolling interest puts	0.0	0.0	0.0
Cash Surrender Value, Fair Value Disclosure	0.0	0.0	0.0
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability	0.0	0.0	0.0
Equity Securities, FV-NI			10.9
Contingent Consideration Classified as Equity, Fair Value Disclosure	0.0	0.0	0.0
Foreign Currency Contract, Asset, Fair Value Disclosure	0.0	0.0	0.0
Fair Value Hedges, Net	0.0	0.0	0.0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Noncontrolling interest puts	15.0	15.0	16.3
Foreign Currency Contracts, Liability, Fair Value Disclosure	8.1	8.1
Cash Surrender Value, Fair Value Disclosure	95.5	95.5	106.4
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability	93.7	93.7	104.4
Equity Securities, FV-NI			0.0
Contingent Consideration Classified as Equity, Fair Value Disclosure	0.0	0.0	0.0
Foreign Currency Contract, Asset, Fair Value Disclosure			32.8
Fair Value Hedges, Net	82.5	82.5	2.9
Level 3 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Noncontrolling interest puts	0.0	0.0	0.0
Cash Surrender Value, Fair Value Disclosure	0.0	0.0	0.0
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability	0.0	0.0	0.0
Equity Securities, FV-NI			0.0
Contingent Consideration Classified as Equity, Fair Value Disclosure	62.0	62.0	21.9
Foreign Currency Contract, Asset, Fair Value Disclosure	0.0	0.0	0.0
Fair Value Hedges, Net	$ 0.0	$ 0.0	$ 0.0

BUSINESS ACQUISITIONS (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
BUSINESS ACQUISITIONS (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Business Combinations [Abstract]
Finite-lived Intangible Assets Acquired			$ 407.4
Payments to Acquire Businesses, Net of Cash Acquired		$ 326.0	1,013.6	$ 326.0
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired			407.4
Goodwill, Acquired During Period			571.3
Business Acquisition, Pro Forma Revenue	$ 3,754.1	4,071.5	11,663.8	12,104.1
Business Acquisition, Pro Forma Net Income (Loss)	352.0	584.6	1,201.8	$ 1,811.1
Other acquirees
Business Combinations [Abstract]
Finite-lived Intangible Assets Acquired		142.5
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired		142.5
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables	4.1		4.1
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	2.9		2.9
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory	27.1		27.1
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets	1.6		1.6
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets	53.5		53.5
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets	17.7		17.7
Goodwill, Acquired During Period		$ 219.2	571.3
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	407.4		407.4
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	0.8		0.8
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	1,086.4		1,086.4
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	6.2		6.2
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	72.8		72.8
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	1,013.6		1,013.6
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable	3.8		3.8
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other	56.6		56.6
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue	3.3		3.3
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	0.0		0.0
Business Combination, Recognized Identifiable Asset Acquired and Liability Assumed, Lease Obligation	2.9		2.9
PGDx
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables	0.0		0.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	0.0		0.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory	0.0		0.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets	0.0		0.0
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets	0.0		0.0
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets	17.7		17.7
Goodwill, Acquired During Period			62.3
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	(134.2)		(134.2)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	0.0		0.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	(54.2)		(54.2)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	(70.0)		(70.0)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	(54.2)		(54.2)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	0.0		0.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable	0.0		0.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other	32.9		32.9
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue	0.0		0.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	(17.1)		(17.1)
Business Combination, Recognized Identifiable Asset Acquired and Liability Assumed, Lease Obligation	0.0		0.0
2022 Preliminary Acquisitions
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables	0.0		0.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	0.0		0.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory	0.0		0.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets	0.0		0.0
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets	0.1		0.1
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets	0.0		0.0
Goodwill, Acquired During Period			62.2
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	71.7		71.7
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	0.8		0.8
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	134.8		134.8
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	0.0		0.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	0.0		0.0
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	134.8		134.8
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable	0.0		0.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other	0.0		0.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue	0.0		0.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	0.0		0.0
Business Combination, Recognized Identifiable Asset Acquired and Liability Assumed, Lease Obligation	0.0		0.0
Acsension Health
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables	0.0		0.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	0.0		0.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory	24.6		24.6
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets	0.4		0.4
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets	43.5		43.5
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets	0.0		0.0
Goodwill, Acquired During Period			161.2
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	197.0		197.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	0.0		0.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	426.7		426.7
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	0.0		0.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	2.9		2.9
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	423.8		423.8
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable	0.0		0.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other	0.0		0.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue	0.0		0.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	2.9		2.9
Business Combination, Recognized Identifiable Asset Acquired and Liability Assumed, Lease Obligation	0.0		0.0
Personal Genome Diagnostics, Inc
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables	4.1		4.1
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	2.9		2.9
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory	2.5		2.5
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets	1.2		1.2
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets	9.9		9.9
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets	0.0		0.0
Goodwill, Acquired During Period			285.6
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	272.9		272.9
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	0.0		0.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	579.1		579.1
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	76.2		76.2
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	124.1		124.1
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	455.0		455.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable	3.8		3.8
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other	23.7		23.7
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue	3.3		3.3
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	0.0		0.0
Business Combination, Recognized Identifiable Asset Acquired and Liability Assumed, Lease Obligation	$ 17.1		$ 17.1
Customer Relationships [Member] \| Maximum [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life			23 years
Noncompete Agreements [Member] \| Minimum [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				5 years
Noncompete Agreements [Member] \| Maximum [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				15 years

BUSINESS SEGMENT INFORMATION Business Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Percent of Revenue Contributed	100.00%	100.00%	100.00%	100.00%
Intercompany revenue elimination	$ (7.3)	$ (14.4)	$ (31.5)	$ (68.9)
Revenues	3,606.1	4,062.6	11,202.6	12,064.8
Operating Income (Loss)	469.4	766.9	1,683.2	2,528.9
Corporate Segment [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	$ (66.0)	$ (97.4)	$ (206.1)	$ (191.8)
LabCorp Diagnostics [Member]
Segment Reporting Information [Line Items]
Percent of Revenue Contributed	61.00%	64.00%	61.00%	64.00%
Revenues	$ 2,207.6	$ 2,617.5	$ 6,917.1	$ 7,740.8
Operating Income (Loss)	378.7	722.7	1,457.5	2,275.4
Covance Drug Development [Member]
Segment Reporting Information [Line Items]
Revenues	1,405.8	1,459.5	4,317.0	4,392.9
Operating Income (Loss)	$ 156.7	$ 141.6	$ 431.8	$ 445.3

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

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