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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Net restructuring and other special charges $ 7.5 $ 10.0 $ 30.8 $ 45.0
Operating Income (Loss) 252.3 374.0 848.4 1,408.0
Interest Expense 50.3 46.3 150.8 130.7
Equity method income, net (0.3) 1.7 (1.5) 6.5
Investment income 15.9 3.7 22.6 6.2
Other, net 21.1 (17.6) (2.7) (62.8)
Earnings before income taxes 238.7 315.5 716.0 1,227.2
Provision for income taxes 55.1 38.2 168.8 260.8
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest 183.6 277.3 547.2 966.4
Net earnings 183.6 353.2 586.0 1,204.2
Net Income (Loss) Attributable to Noncontrolling Interest 0.3 0.4 0.9 1.2
Net Income (Loss) Attributable to Parent $ 183.3 $ 352.8 $ 585.1 $ 1,203.0
Income (Loss) from Continuing Operations, Per Basic Share $ 2.12 $ 3.07 $ 6.22 $ 10.50
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share 0 0.84 0.44 2.59
Basic earnings per common share (in dollars per share) 2.12 3.91 6.66 13.09
Diluted earnings per common share (in dollars per share) $ 2.11 $ 3.90 $ 6.63 $ 13.02
Revenues $ 3,056.8 $ 2,866.8 $ 9,128.3 $ 8,934.2
Cost of Revenue 2,205.6 1,980.6 6,584.8 6,023.4
Gross Profit 851.2 886.2 2,543.5 2,910.8
Selling, general and administrative expenses 525.5 453.2 1,488.5 1,307.6
Amortization of intangibles and other assets 55.7 49.0 160.6 149.0
Asset Impairment Charges 10.2 0.0 15.2 1.2
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest $ 0.0 $ 75.9 $ 38.8 $ 237.8
Income (Loss) from Continuing Operations, Per Diluted Share $ 2.11 $ 3.06 $ 6.19 $ 10.45
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share $ 0 $ 0.84 $ 0.44 $ 2.57
Revenues $ 3,056.8 $ 2,866.8 $ 9,128.3 $ 8,934.2
Cost of Revenue 2,205.6 1,980.6 6,584.8 6,023.4
Gross Profit 851.2 886.2 2,543.5 2,910.8
Selling, general and administrative expenses 525.5 453.2 1,488.5 1,307.6
Amortization of intangibles and other assets 55.7 49.0 160.6 149.0
Asset Impairment Charges 10.2 0.0 15.2 1.2
Net restructuring and other special charges 7.5 10.0 30.8 45.0
Operating Income (Loss) 252.3 374.0 848.4 1,408.0
Earnings before income taxes 238.7 315.5 716.0 1,227.2
Provision for income taxes 55.1 38.2 168.8 260.8
Net earnings 183.6 353.2 586.0 1,204.2
Less: Net earnings attributable to the noncontrolling interest (0.3) (0.4) (0.9) (1.2)
Net earnings attributable to Laboratory Corporation of America Holdings $ 183.3 $ 352.8 $ 585.1 $ 1,203.0
Basic earnings per common share (in dollars per share) $ 2.12 $ 3.91 $ 6.66 $ 13.09
Diluted earnings per common share (in dollars per share) $ 2.11 $ 3.90 $ 6.63 $ 13.02