Document

11-K 1 dgx12312020profitsharingpl.htm 11-K Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 11-K

(Mark One)

x ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2020

o TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______to _______

Commission file number: 001-12215

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

THE PROFIT SHARING PLAN OF QUEST DIAGNOSTICS INCORPORATED

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

QUEST DIAGNOSTICS INCORPORATED

500 PLAZA DRIVE

SECAUCUS, NJ 07094

The Profit Sharing Plan of Quest Diagnostics Incorporated

Index to Financial Statements and Supplemental Schedule


			Page
Financial Statements

Report of Independent Registered Public Accounting Firm			1

Statements of Net Assets Available for Benefits as of December 31, 2020 and 2019			2

Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2020			3

Notes to Financial Statements			4

Supplemental Schedules*

Schedule H, Line 4(i) - Schedule of Assets (Held at End of Year) as of December 31, 2020			9

Signature			15

* Other schedules required by Section 2520.103-10 of the Department of Labor's Rules and Regulations for Reporting and Disclosure under ERISA have been omitted because they are no longer applicable.

Exhibit
Exhibit 23 - Consent of Independent Registered Public Accounting Firm

Report of Independent Registered Public Accounting Firm

Plan Administrator and Plan Participants

The Profit Sharing Plan of Quest Diagnostics Incorporated

Opinion on the financial statements

We have audited the accompanying statements of net assets available for benefits of The Profit Sharing Plan of Quest Diagnostics Incorporated (the “Plan”) as of December 31, 2020 and 2019, the related statement of changes in net assets available for benefits for the year ended December 31, 2020, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2020 and 2019, and the changes in net assets available for benefits for the year ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental information

The Schedule H, Line 4(i) - Schedule of Assets (Held at End of Year) as of December 31, 2020 (“supplemental information”) has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ GRANT THORNTON LLP

We have served as the Plan's auditor since 2008.

Boston, Massachusetts

June 28, 2021

The Profit Sharing Plan of Quest Diagnostics Incorporated

Statements of Net Assets Available for Benefits

December 31, 2020 and 2019

(in thousands)


	2020		2019
Assets
Cash	$	—	$	714
Investments, at fair value	4,917,683		4,503,452
Receivables
Employer contributions receivable	—		1,405
Notes receivable from participants	97,221		90,236
Investment related receivables	698		598
Total assets	5,015,602		4,596,405

Liabilities
Investment related payables	1,223		1,128
Other liabilities	1,519		1,209
Total liabilities	2,742		2,337

Net assets available for benefits	$	5,012,860	$	4,594,068

The accompanying notes are an integral part of these financial statements.

The Profit Sharing Plan of Quest Diagnostics Incorporated

Statement of Changes in Net Assets Available for Benefits

For the Year Ended December 31, 2020

(in thousands)


Additions:
Investment Income
Net appreciation in fair value of investments	$	544,278
Dividends and interest	165,294
Total investment income	709,572

Interest income on notes receivable from participants	4,523

Contributions
Employer	65,067
Participants	162,138
Total contributions	227,205

Total additions	941,300

Deductions:
Benefits paid to participants	522,051
Administrative expenses	457
Total deductions	522,508

Net increase	418,792



Net assets available for benefits:
Beginning of year	4,594,068

End of year	$	5,012,860

The accompanying notes are an integral part of these financial statements.

The Profit Sharing Plan of Quest Diagnostics Incorporated

December 31, 2020 and 2019

Notes to Financial Statements (dollars in thousands)

1. Description of the Plan

Background - The Profit Sharing Plan of Quest Diagnostics Incorporated (the “Plan”) is a defined contribution plan established by Quest Diagnostics Incorporated ("Quest Diagnostics" or the “Company” or the “Plan Sponsor”) to provide its eligible employees with retirement benefits. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). The following description of the Plan provides only general information. Participants should refer to the Summary Plan Description for a more complete description of the Plan's provisions.

Coronavirus Aid, Relief, and Economic Security Act - In March 2020, in response to the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economy Security Act ("CARES Act") was signed into law. The Company amended the Plan to enable Plan participants who were qualified individuals, as defined in Section 2202(b) of the CARES Act, to receive a loan subject to the increased limits on loans set forth in the CARES Act. This ability to receive a loan subject to such increased limit applied through January 31, 2021. In line with the CARES Act, Plan participants impacted by COVID-19 were able to initiate distributions of up to $100 without the usual early 10% withdrawal penalty.

Eligibility and Participant Contributions - Effective January 1, 2020, all eligible employees can participate in the Plan as soon as administratively feasible upon becoming an employee of the Company. Participants may contribute an amount between 1% and 35% of their eligible compensation, as defined, for the contribution period. Catch-up contributions, as defined in the Internal Revenue Code (the "Code"), are permissible for eligible participants. Participants may modify their contribution percentage at any time.

Employer Matching Contributions - Prior to May 29, 2020, the Company matched 100% of a participant's contribution, up to 5% of eligible compensation, in cash after the participant completes 12 months of service, as defined, with the Company. Effective for paychecks after May 29, 2020, the Company amended the Plan to eliminate regular employer matching contributions to the Plan as part of a series of actions to protect the Company's financial flexibility due to the COVID-19 pandemic, and to allow the Company to make discretionary employer matching contributions in an amount equal to a uniform percentage of employee pre-tax contributions made by each participant at a rate that does not exceed 5% of eligible compensation. Employer matching contributions were reinstated beginning with the September 4, 2020 paycheck through discretionary employer matching contributions in an amount equal to 100% of an eligible participant's contribution, up to 5% of eligible compensation, through the remainder of 2020. Effective January 1, 2021, the Plan was amended to re-establish regular employer matching contributions in accordance with the Plan provisions that existed prior to May 29, 2020. Employer matching contributions are remitted to the Plan at the same time that the corresponding participants' contributions are remitted.

Participant Accounts - A separate individual account is established for each participant in the Plan. Each participant's account is credited with the participant's contributions and the employer matching contributions, plus actual earnings thereon. Earnings are allocated by fund based on the ratio of the participant's account invested in a particular fund to all participants' investments in that fund.

Vesting - Participants immediately vest in their voluntary contributions and employer matching contributions plus actual earnings thereon. Certain participants who were active in plans sponsored by previous employers have vesting requirements applied to their previous employer contribution accounts consistent with the vesting requirements in effect before the assets were merged into the Plan.

Investment Options - Participants may elect to have their voluntary contributions and employer matching contributions invested in any or all of the available investment options, most of which are managed by Fidelity Management & Research Company (“FMRC”). Participants may also elect to have their voluntary contributions and employer matching contributions invested in shares of the Company's common stock. Participants have the ability to modify their investment elections daily, subject to certain short-term trading restrictions imposed by FMRC and the Company's securities trading policy, which prohibits trading in the Company's common stock on a short-term basis and while in possession of material non-public information about the Company.

Participants cannot contribute greater than 25% per pay period of pre-tax contributions into Quest Diagnostics common stock. In addition, participants can transfer monies into Quest Diagnostics stock only to the extent the percentage of holdings in Quest Diagnostics stock after the transfer remains below 25% of the participant's entire account balance.

The Profit Sharing Plan of Quest Diagnostics Incorporated

December 31, 2020 and 2019

Notes to Financial Statements (dollars in thousands) - continued

Participants may elect to receive their dividends on investments in Quest Diagnostics stock as a taxable cash payment or to have those dividends automatically reinvested.

Distribution Options - Participants can elect to have their benefit distributions, equal to the value of the vested portion of their account balance, paid in the form of a lump sum distribution, a direct rollover into another eligible retirement plan or traditional individual retirement account, installment payments, or for appropriate assets, an annuity.

Withdrawals - Withdrawals may be made for qualified emergencies, as defined in the Code. Depending upon the type of withdrawal and the status of the contribution, penalties upon withdrawal may apply. Participants may also begin to make withdrawals without penalty at age 59 ½, subject to certain limitations as defined by the Plan.

Forfeitures - Employer contributions in forfeited nonvested accounts may be used to reduce future employer contributions or pay the Plan's expenses. The forfeiture activity and account balance was not material as of December 31, 2020 and 2019.

Parties-in-Interest - Certain investments of the Plan, as of December 31, 2020 and 2019, are shares of mutual funds and collective funds managed by FMRC. These transactions qualify as party-in-interest transactions. As of December 31, 2020 and 2019, investments with a fair value of $3,958,330 and $3,584,999, respectively, were managed by FMRC.

The Company also is a party-in-interest to the Plan under the definition provided in Section 3(14) of ERISA. Therefore, Quest Diagnostics stock transactions qualify as party-in-interest transactions. As of December 31, 2020 and 2019, the total fair value of the Plan's investment in Quest Diagnostics stock was $311,954 and $308,062, respectively. During 2020, total purchases and sales of Quest Diagnostics stock by the Plan were $1,204 and $32,243, respectively.

In addition, the Plan receives revenue sharing credits, as described below, which is considered a party-in-interest transaction.

Revenue Sharing Credits - A portion of the operating expenses and management fees are paid by the Plan using revenue sharing credits which are included in net appreciation in fair value of investments. Any amount in excess of the fees is allocated to participant accounts. Revenue sharing credits earned for the year ended December 31, 2020 were $4,819, $997 of which were used for permissible management and recordkeeping fees and $3,822 of which were allocated to participant accounts. As of December 31, 2020 and 2019, the revenue sharing credit balance was $3,655 and $4,481, respectively.

Notes Receivable from Participants - Except with respect to loans to qualified individuals for COVID-19 related reasons, participants are permitted to obtain loans in amounts not less than one thousand dollars and up to the lesser of (1) fifty thousand dollars, subject to certain limitations as defined by the Plan, or (2) 50% of the participant's vested portion of their account value. Except with respect to loans to qualified individuals for COVID-19 related reasons and pre-existing loans transferred or merged into the Plan, a participant may have only one outstanding loan at a time and loans are repayable over a period of up to five years, unless the proceeds are used to purchase a primary residence, in which case a period of up to ten years is permitted. Loans are secured by one-half of a participant's vested account balance and bear interest at prime plus 1%. Rates range from 3.75% to 10.25%; maturities vary by participant. Principal and interest are repaid to the Plan through payroll deductions for active employees. Participants can elect to pay the entire outstanding balance of a loan directly to Fidelity Management Trust Company ("FMTC"). Actively employed participants can also submit a partial loan repayment directly to FMTC outside the normal payroll deductions, accelerating the payoff date. Participants who are no longer active employees may continue to repay outstanding loan balances directly to FMTC.

In addition, notes receivable from participants qualify as party-in-interest transactions. As of December 31, 2020 and 2019, the carrying value of the Plan's notes receivable from participants was $97,221 and $90,236, respectively.

Plan Administration - The Plan Administrator is the Benefits Administration Committee, which is appointed by the Company's Board of Directors. The Plan's trustee and recordkeeper for the Plan investments are FMTC and Fidelity Investments Institutional Operations Company, Inc., respectively.

The Profit Sharing Plan of Quest Diagnostics Incorporated

December 31, 2020 and 2019

Notes to Financial Statements (dollars in thousands) - continued

Tax Status - The Internal Revenue Service (“IRS”) has determined and informed the Company by letter dated September 22, 2014, that the Plan and related trust are designed in accordance with applicable sections of the Code. The Plan Sponsor believes that the Plan, which has been amended since the IRS determination, continues to be designed and operated in compliance with the applicable requirements of the Code and, therefore, believes that the Plan is qualified and related trust is tax-exempt.

Accounting principles generally accepted in the United States (“US GAAP”) requires the Plan Administrator to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan Administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2020 and 2019 there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. The Plan is subject to routine audits by taxing authorities; however, there are currently no audits for any tax periods in progress.

Administrative Expenses - Accounting fees and certain administrative expenses of the Plan may be paid by the Plan or the Company. Loan origination and certain distribution fees are charged against participant accounts.

Investment Management Fees - Investment management fees and operating expenses charged to the Plan for investments in the Plan are deducted from income earned on a daily basis and are not separately reflected. Consequently, investment management fees and operating expenses are reflected as a reduction of investment return for such investments.

Plan Termination - The Company intends to continue the Plan indefinitely, but reserves the right to change or discontinue the Plan at its discretion. Participants will become fully vested in their rights under the Plan if it is terminated or if employer matching contributions are completely discontinued.

2. Summary of Significant Accounting Policies

Basis of Presentation - The Plan maintains its financial records on the accrual basis of accounting.

Use of Estimates - The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, if any, at the date of the financial statements and the reported amounts of additions to and deductions from net assets during the reporting period. Actual results could differ from those estimates.

Risks and Uncertainties - The Plan provides for participant-directed investment of their voluntary contributions and employer matching contributions in a number of investment funds. Certain underlying investment securities are exposed to various risks, such as interest rate, market and credit risk. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, changes in these risks could materially affect participants' account balances and the amounts reported in the Statements of Net Assets Available for Benefits and the Statement of Changes in Net Assets Available for Benefits.

Benefits paid to participants - Benefits payments to participants are recorded when paid.

Valuation of Investments - Investments are stated at fair value at year end. Refer to Note 3 for additional information related to the valuation of Plan investments.

Security Transactions and Income - Purchases and sales of securities are recorded on a trade-date basis. Dividend income is recorded on the ex-dividend date. Interest income from investments is recorded as earned on an accrual basis.

Net appreciation in fair value of investments represents the Plan's net realized and unrealized gains (losses) on investments held by the Plan.

Notes Receivable from Participants - Notes receivable from participants are valued at their unpaid principal balance, plus any accrued but unpaid interest. Interest income from notes receivable from participants is recorded on an accrual basis.

The Profit Sharing Plan of Quest Diagnostics Incorporated

December 31, 2020 and 2019

Notes to Financial Statements (dollars in thousands) - continued

Refundable Contributions - The Plan completes non-discrimination testing annually to ensure compliance with the Code. For the year ended December 31, 2020, excess contributions determined as a result of the Actual Deferral Percentage test of $1,519 were netted against participant contributions in the Statement of Changes in Net Assets Available for Benefits, reflected in other liabilities in the Statements of Net Assets Available for Benefits and were refunded to plan participants in 2021.

New Accounting Standard Adopted - On January 1, 2020, the Plan adopted a new accounting standard issued by the Financial Accounting Standards Board which amended the disclosure requirements for fair value measurements to remove disclosures that are no longer considered cost beneficial, clarify the specific requirements of disclosures and add disclosure requirements identified as relevant. The adoption of this standard did not have a material impact on the Plan's net assets available for benefits, changes in net assets available for benefits or footnote disclosures.

3. Fair Value Measurements

Fair value measurements are based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, and are determined by either the principal market or the most advantageous market.

Inputs used in the valuation techniques to derive fair values are classified based on a three-level hierarchy to prioritize the inputs used in the valuation techniques to derive fair values. The basis for fair value measurements for each level within the hierarchy is described below with Level 1 having the highest priority and Level 3 having the lowest. During the year ended December 31, 2020, there was no transfer between levels.


Level 1:			Quoted prices in active markets for identical assets or liabilities.

Level 2:			Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets.

Level 3:			Valuations derived from valuation techniques in which one or more significant inputs are unobservable.

The following table provides a summary of the assets in the Plan that are measured at fair value on a recurring basis:


			Basis of Fair Value Measurements

December 31, 2020	Total		Level 1		Level 2		Level 3
Mutual funds	$	3,494,729	$	3,494,729	$	—	$	—
Quest Diagnostics stock	311,954		311,954		—		—
Other common stock	227,729		227,685		—		44
Preferred stock	1,993		1,250		—		743

Subtotal	$	4,036,405	$	4,035,618	$	—	$	787

Investments measured at NAV as a practical expedient: (A)	881,278

Total investments, at fair value	$	4,917,683

The Profit Sharing Plan of Quest Diagnostics Incorporated

December 31, 2020 and 2019

Notes to Financial Statements (dollars in thousands) - continued


			Basis of Fair Value Measurements
December 31, 2019	Total		Level 1		Level 2		Level 3
Mutual funds	$	3,265,906	$	3,265,906	$	—	$	—
Quest Diagnostics stock	308,062		308,062		—		—
Other common stock	204,775		204,731		—		44
Preferred stock	2,028		1,485		—		543

Subtotal	$	3,780,771	$	3,780,184	$	—	$	587

Investments measured at NAV as a practical expedient: (A)	722,681

Total investments, at fair value	$	4,503,452

(A) Certain investments, including the Collective Funds, that were measured at fair value using the net asset value ("NAV") per share (or its equivalent) practical expedient were not classified in the fair value hierarchy. There are no unfunded commitments or redemption restrictions related to these investments.

Following is a description of the valuation methodologies used for assets measured at fair value. There have been no significant changes in the methodologies used as of December 31, 2020 and 2019.

Mutual Funds: Valued at the NAV of shares held by the Plan at year end reported on an active market.

Quest Diagnostics Stock, Other Common Stock and Preferred Stock classified as level 1: Valued at the closing price reported on the active market on which the individual securities are traded.

Other Common Stock and Preferred Stock classified as level 3: Valued using a valuation technique based on available information, which may consider market-based valuation multiples; a discount or premium from market value of a similar, freely traded equity security of the same issuer; or some combination. These fair value measurements are classified within Level 3 of the fair value hierarchy as the fair value is based on significant inputs that are not observable.

Collective Funds: Valued at NAV per unit as determined by the trustee at year end. The NAV is used as a practical expedient to estimate fair value.

The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

5. Subsequent Event

Following the acquisition of the remaining 56% interest in Mid America Clinical Laboratories, LLC ("MACL") by the Plan Sponsor, the 401(k) plan sponsored by MACL was merged into the Plan on June 21, 2021 with participant account balances of $36,460 and notes receivable from participants of $381.

The Profit Sharing Plan of Quest Diagnostics Incorporated

EIN: #16-1387862 Plan: #333

Schedule H, Line 4(i) - Schedule of Assets (Held at End of Year)

December 31, 2020 (dollars in thousands)

(a)

(b)
Identity of Issue, Borrower, Lessor, or Similar Party

(d)
Cost

(e)
Current
Value

Vanguard Total International Stock Index Fund Institutional Shares

Mutual Fund

***

31,127

Invesco Global Real Estate Fund - R5 class

Mutual Fund

***

8,724

DFA U.S. Small Cap Value Portfolio Institutional Class

Mutual Fund

***

129,768

Vanguard Extended Market Index Fund Institutional Shares

Mutual Fund

***

43,305

Vanguard Total Bond Market Index Fund - Institutional Plus Share Class

Mutual Fund

***

150,534

MFS Global Equity Fund Class R4

Mutual Fund

***

17,994

Fidelity Diversified International Fund Class K

Mutual Fund

***

102,217

Fidelity Freedom K 2005 Fund

Mutual Fund

***

5,543

Fidelity Freedom K 2010 Fund

Mutual Fund

***

22,885

Fidelity Freedom K 2015 Fund

Mutual Fund

***

66,578

Fidelity Freedom K 2020 Fund

Mutual Fund

***

221,359

Fidelity Freedom K 2025 Fund

Mutual Fund

***

378,720

Fidelity Freedom K 2030 Fund

Mutual Fund

***

403,244

Fidelity Freedom K 2035 Fund

Mutual Fund

***

320,988

Fidelity Freedom K 2040 Fund

Mutual Fund

***

240,704

Fidelity Freedom K 2045 Fund

Mutual Fund

***

177,738

Fidelity Freedom K 2050 Fund

Mutual Fund

***

110,634

Fidelity Freedom K 2055 Fund

Mutual Fund

***

50,523

Fidelity Freedom K 2060 Fund

Mutual Fund

***

16,551

Fidelity Freedom K 2065 Fund

Mutual Fund

***

898

Fidelity Freedom K Income Fund

Mutual Fund

***

15,809

Fidelity Puritan Fund Class K

Mutual Fund

***

398,042

Fidelity 500 Index Fund - Institutional Premium Class

Mutual Fund

***

474,466

Fidelity Investments Money Market Government Portfolio - Institutional Class

Mutual Fund

***

106,378

Total Interest in Mutual Funds

3,494,729

Fidelity Managed Income Portfolio II - Class 3

Collective Fund

***

244,898

Fidelity Contrafund Comingled Pool

Collective Fund

***

338,730

Fidelity OTC Comingled Pool

Collective Fund

***

261,425

Prudential Core Plus Bond Fund Class 5

Collective Fund

***

34,697

State Street Short Term Investment Fund

Collective Fund

***

1,528

Total Interest in Collective Funds

881,278

Quest Diagnostics Stock

Common Stock

***

311,954

The Profit Sharing Plan of Quest Diagnostics Incorporated

EIN: #16-1387862 Plan: #333

Schedule H, Line 4(i) - Schedule of Assets (Held at End of Year)

December 31, 2020 (dollars in thousands)

(a)

(b)
Identity of Issue, Borrower, Lessor, or Similar Party

(d)
Cost

(e)
Current
Value

Abbvie Inc

Other Common Stock

***

1,348

Advanced Micro Devices Inc

Other Common Stock

***

1,050

Airbnb Inc Class A

Other Common Stock

***

Alibaba Group Holding Ltd Spon Adr

Other Common Stock

***

2,739

Alphabet Inc Cl A

Other Common Stock

***

7,806

Alphabet Inc Cl C

Other Common Stock

***

3,299

Amazon.Com Inc

Other Common Stock

***

13,822

Ameren Corp

Other Common Stock

***

737

American International Group

Other Common Stock

***

1,931

Anthem Inc

Other Common Stock

***

859

Apple Inc

Other Common Stock

***

6,561

Applied Materials Inc

Other Common Stock

***

1,873

Aptiv Plc

Other Common Stock

***

1,955

Asml Hldg Nv (Ny Reg Shs) New York Registered Shar

Other Common Stock

***

2,133

Avalonbay Communities Inc Reit

Other Common Stock

***

372

Avantor Inc

Other Common Stock

***

1,093

Bank Of America Corporation

Other Common Stock

***

861

Becton Dickinson & Co

Other Common Stock

***

2,374

Boeing Co

Other Common Stock

***

729

Bunge Limited

Other Common Stock

***

752

Carmax Inc

Other Common Stock

***

574

Carvana Co Cl A

Other Common Stock

***

1,111

Caterpillar Inc

Other Common Stock

***

756

Centene Corp

Other Common Stock

***

831

Cf Industries Holdings Inc

Other Common Stock

***

964

Chipotle Mexican Grill Inc

Other Common Stock

***

843

Chubb Ltd

Other Common Stock

***

2,207

Cigna Corp

Other Common Stock

***

3,134

Cisco Systems Inc

Other Common Stock

***

1,421

Citrix Systems Inc

Other Common Stock

***

668

Coca Cola Co

Other Common Stock

***

746

Comcast Corp Cl A

Other Common Stock

***

1,156

Conagra Brands Inc

Other Common Stock

***

931

Conocophillips

Other Common Stock

***

745

Costar Group Inc

Other Common Stock

***

1,094

Cummins Inc

Other Common Stock

***

666

Cvs Health Corp

Other Common Stock

***

1,107

Disney (Walt) Co

Other Common Stock

***

1,161

Dollar General Corp

Other Common Stock

***

1,710

The Profit Sharing Plan of Quest Diagnostics Incorporated

EIN: #16-1387862 Plan: #333

Schedule H, Line 4(i) - Schedule of Assets (Held at End of Year)

December 31, 2020 (dollars in thousands)

(a)

(b)
Identity of Issue, Borrower, Lessor, or Similar Party

(d)
Cost

(e)
Current
Value

Doordash Inc

Other Common Stock

***

Draftkings Inc Cl A

Other Common Stock

***

746

Dupont De Nemours Inc

Other Common Stock

***

1,983

Edison Intl

Other Common Stock

***

983

Elanco Animal Health Inc

Other Common Stock

***

767

Entergy Corp

Other Common Stock

***

465

Equitable Holdings Inc

Other Common Stock

***

760

Exxon Mobil Corp

Other Common Stock

***

857

Facebook Inc Cl A

Other Common Stock

***

8,289

Farfetch Ltd Cl A

Other Common Stock

***

598

Fidelity Natl Inform Svcs Inc

Other Common Stock

***

850

Fifth Third Bancorp

Other Common Stock

***

1,242

Fortune Brands Home & Sec Inc

Other Common Stock

***

516

Fox Corporation B

Other Common Stock

***

559

General Electric Co

Other Common Stock

***

2,798

Gilead Sciences Inc

Other Common Stock

***

432

Global Payments Inc

Other Common Stock

***

5,264

Goldman Sachs Group Inc

Other Common Stock

***

1,420

Hca Healthcare Inc

Other Common Stock

***

1,547

Hologic Inc

Other Common Stock

***

945

Humana Inc

Other Common Stock

***

1,207

Iac/Interactivecorp

Other Common Stock

***

797

Illinois Tool Works Inc

Other Common Stock

***

699

Incyte Corp

Other Common Stock

***

763

Ingersoll Rand Inc

Other Common Stock

***

1,263

International Paper Co

Other Common Stock

***

1,570

Intuit Inc

Other Common Stock

***

3,556

Intuitive Surgical Inc

Other Common Stock

***

2,635

Johnson & Johnson

Other Common Stock

***

1,545

Jpmorgan Chase & Co

Other Common Stock

***

1,222

Kimberly Clark Corp

Other Common Stock

***

597

Kohls Corp

Other Common Stock

***

469

Las Vegas Sands Corp

Other Common Stock

***

561

Lululemon Athletica Inc

Other Common Stock

***

1,086

Magna Intl Inc

Other Common Stock

***

1,035

Marsh & Mclennan Cos Inc

Other Common Stock

***

940

Marvell Technology Group Ltd

Other Common Stock

***

767

Match Group Inc

Other Common Stock

***

1,528

Medtronic Plc

Other Common Stock

***

1,847

The Profit Sharing Plan of Quest Diagnostics Incorporated

EIN: #16-1387862 Plan: #333

Schedule H, Line 4(i) - Schedule of Assets (Held at End of Year)

December 31, 2020 (dollars in thousands)

(a)

(b)
Identity of Issue, Borrower, Lessor, or Similar Party

(d)
Cost

(e)
Current
Value

Merck & Co Inc New

Other Common Stock

***

516

Metlife Inc

Other Common Stock

***

1,592

Microsoft Corp

Other Common Stock

***

13,455

Mongodb Inc Cl A

Other Common Stock

***

899

Morgan Stanley

Other Common Stock

***

2,813

Netflix Inc

Other Common Stock

***

2,962

News Corp New Cl A

Other Common Stock

***

700

Nextera Energy

Other Common Stock

***

2,672

Nielsen Holdings Plc

Other Common Stock

***

467

Nike Inc Cl B

Other Common Stock

***

1,064

Norfolk Southern Corp

Other Common Stock

***

634

Nxp Semiconductors Nv

Other Common Stock

***

703

Paypal Hldgs Inc

Other Common Stock

***

3,075

Perrigo Co Plc

Other Common Stock

***

500

Pfizer Inc

Other Common Stock

***

907

Philip Morris Intl Inc

Other Common Stock

***

1,317

Pioneer Natural Resources Co

Other Common Stock

***

523

Qualcomm Inc

Other Common Stock

***

2,323

Ringcentral Inc Cl A

Other Common Stock

***

531

Rockwell Automation Inc

Other Common Stock

***

533

Ross Stores Inc

Other Common Stock

***

2,495

S&P Global Inc

Other Common Stock

***

817

Salesforce.Com Inc

Other Common Stock

***

2,808

Schlumberger Ltd

Other Common Stock

***

271

Schwab Charles Corp

Other Common Stock

***

2,007

Sea Ltd Adr

Other Common Stock

***

383

Sempra Energy

Other Common Stock

***

535

Servicenow Inc

Other Common Stock

***

1,932

Shopify Inc Cl A

Other Common Stock

***

180

Signature Bank

Other Common Stock

***

593

Sl Green Realty Corp Reit

Other Common Stock

***

382

Slack Technologies Inc Cl A

Other Common Stock

***

374

Snap Inc - A

Other Common Stock

***

3,620

Snowflake Inc Cl A

Other Common Stock

***

127

Southern Co

Other Common Stock

***

2,419

Southwest Airlines Co

Other Common Stock

***

734

Splunk Inc

Other Common Stock

***

1,696

Spotify Technology Sa

Other Common Stock

***

2,265

The Profit Sharing Plan of Quest Diagnostics Incorporated

EIN: #16-1387862 Plan: #333

Schedule H, Line 4(i) - Schedule of Assets (Held at End of Year)

December 31, 2020 (dollars in thousands)

(a)

(b)
Identity of Issue, Borrower, Lessor, or Similar Party

(d)
Cost

(e)
Current
Value

State Street Corp

Other Common Stock

***

752

Stericycle Inc

Other Common Stock

***

431

Stripe Inc Class B Pp

Other Common Stock

***

Stryker Corp

Other Common Stock

***

2,880

Synopsys Inc

Other Common Stock

***

1,044

Tc Energy Corp

Other Common Stock

***

715

Te Connectivity Ltd

Other Common Stock

***

815

Tencent Holdings Ltd Uns Adr

Other Common Stock

***

2,724

Texas Instruments Inc

Other Common Stock

***

1,361

The Booking Holdings Inc

Other Common Stock

***

1,537

Thermo Fisher Scientific Inc

Other Common Stock

***

679

Tjx Companies Inc New

Other Common Stock

***

1,003

Total Se Adr

Other Common Stock

***

1,924

Tyson Foods Inc Cl A

Other Common Stock

***

1,202

United Parcel Service Inc Cl B

Other Common Stock

***

2,282

Unitedhealth Group Inc

Other Common Stock

***

2,797

Vertex Pharmaceuticals Inc

Other Common Stock

***

1,576

Visa Inc Cl A

Other Common Stock

***

5,679

Walmart Inc

Other Common Stock

***

747

Wells Fargo & Co

Other Common Stock

***

2,267

Welltower Inc

Other Common Stock

***

562

Weyerhaeuser Co

Other Common Stock

***

1,814

Wix.Com Ltd

Other Common Stock

***

397

Xp Inc Cl A

Other Common Stock

***

363

Zimmer Biomet Hldgs Inc

Other Common Stock

***

918

Total Interest in Other Common Stock

227,729

Becton Dickinson And Co 6.5% Pc 06/01/2023

Preferred Stock

***

228

Elanco Animal Health Inc 5% Pc 02/01/2023

Preferred Stock

***

Sempra Energy Ser A Pc 6% 01/15/2021 Pfd

Preferred Stock

***

497

Sempra Energy Pc 6.75% 7/15/2021

Preferred Stock

***

145

Southern Company Pc 6.75% 08/01/2022

Preferred Stock

***

349

Aurora Innovation Ser B Pc Pp

Preferred Stock

***

Uipath Inc 0% Ser D-1 Pfd Perp Pp

Preferred Stock

***

171

Uipath Inc 0% Ser D-2 Pfd Perp Pp

Preferred Stock

***

Rivian Automotive Inc Ser D Pfd Perp Pp

Preferred Stock

***

460

Total Interest in Preferred Stock

1,993

The Profit Sharing Plan of Quest Diagnostics Incorporated

EIN: #16-1387862 Plan: #333

Schedule H, Line 4(i) - Schedule of Assets (Held at End of Year)

December 31, 2020 (dollars in thousands)

(a)

(b)
Identity of Issue, Borrower, Lessor, or Similar Party

(d)
Cost

(e)
Current
Value

Investments at Fair Value

4,917,683

Notes Receivable from Participants**

Loans

97,221

TOTAL

5,014,904

Party-in-interest to the Plan.

Rates range from 3.75% to 10.25%; maturities vary by participant.

***

The cost of participant-directed investments is not required to be disclosed.

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan Sponsor of The Profit Sharing Plan of Quest Diagnostics Incorporated has duly caused this annual report to be signed on its behalf by the undersigned, hereunto duly authorized.

June 28, 2021

The Profit Sharing Plan of Quest Diagnostics Incorporated


By:			/s/ Mark J. Guinan
			Mark J. Guinan
			Executive Vice President, Chief Financial Officer and Member of the Quest Diagnostics Incorporated Benefits Administration Committee