10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to  ______

Commission File Number   1-11353

LABCORP HOLDINGS INC.

(Exact name of registrant as specified in its charter)

Delaware	99-2588107
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

358 South Main Street
Burlington,	North Carolina	27215
(Address of principal executive offices)		(Zip Code)

(Registrant's telephone number, including area code) 336-229-1127

Securities registered pursuant to Section 12(b) of the Exchange Act.

Title of Each Class            Trading Symbol            Name of exchange on which registered

Common Stock, $0.10 par value        LH                New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒.

Class	Shares Outstanding	Date
Common Stock $0.10 par value	83,963,277	August 1, 2024

INDEX

PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements (unaudited)
	Condensed Consolidated Balance Sheets	2
	June 30, 2024 and December 31, 2023
	Condensed Consolidated Statements of Operations	3
	Three and Six Months Ended June 30, 2024 and 2023
	Condensed Consolidated Statements of Comprehensive Earnings	4
	Three and Six Months Ended June 30, 2024 and 2023
	Condensed Consolidated Statements of Changes in Shareholders’ Equity	5
	Three and Six Months Ended June 30, 2024 and 2023
	Condensed Consolidated Statements of Cash Flows	6
	Six Months Ended June 30, 2024 and 2023
	Notes to Unaudited Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	32
Item 4.	Controls and Procedures	33

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	34
Item 1A.	Risk Factors	34
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	35
Item 5.	Other Information	35
Item 6.	Exhibits	35

1

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)

LABCORP HOLDINGS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions)

(unaudited)

	June 30, 2024		December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	265.1	$	536.8
Accounts receivable, net	2,088.9		1,913.3
Unbilled services	157.5		185.4
Supplies inventory	441.8		474.6
Prepaid expenses and other	618.0		655.3
Total current assets	3,571.3		3,765.4
Property, plant and equipment, net	2,932.5		2,911.8
Goodwill, net	6,220.2		6,142.5
Intangible assets, net	3,332.0		3,342.0
Joint venture partnerships and equity method investments	17.5		26.9
Other assets, net	638.8		536.5
Total assets	$	16,712.3	$	16,725.1
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	760.6	$	827.5
Accrued expenses and other	707.5		804.0
Unearned revenue	388.3		421.7
Short-term operating lease liabilities	182.1		165.8
Short-term finance lease liabilities	6.7		6.4
Short-term borrowings and current portion of long-term debt	2,019.5		999.8
Total current liabilities	4,064.7		3,225.2
Long-term debt, less current portion	3,047.3		4,054.7
Operating lease liabilities	642.6		648.9
Financing lease liabilities	76.9		78.6
Deferred income taxes and other tax liabilities	376.1		417.9
Other liabilities	483.9		409.3
Total liabilities	8,691.5		8,834.6
Commitments and contingent liabilities
Noncontrolling interest	15.0		15.5
Shareholders’ equity:
Common stock, $0.10 par value, 83.8 and 83.9 shares outstanding at June 30, 2024, and December 31, 2023, respectively	7.7		7.7
Additional paid-in capital	12.5		38.4
Retained earnings	8,177.6		7,888.2
Accumulated other comprehensive loss	(192.0)		(59.3)
Total shareholders’ equity	8,005.8		7,875.0
Total liabilities and shareholders’ equity	$	16,712.3	$	16,725.1

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

2

LABCORP HOLDINGS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share data)

(unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenues	$	3,220.9	$	3,033.7	$	6,397.5	$	6,071.5
Cost of revenues	2,294.5		2,191.5		4,573.8		4,379.2
Gross profit	926.4		842.2		1,823.7		1,692.3
Selling, general and administrative expenses	557.8		505.8		1,066.2		963.0
Amortization of intangibles and other assets	62.2		51.5		122.3		104.9
Goodwill and other asset impairments	—		2.8		2.5		5.0
Restructuring and other charges	11.6		15.8		16.6		23.3
Operating income	294.8		266.3		616.1		596.1
Other income (expense):
Interest expense	(47.6)		(49.8)		(94.5)		(100.5)
Investment income	1.3		4.5		4.2		6.7
Equity method income (expense), net	(0.3)		0.9		(0.2)		(1.2)
Other, net	19.5		(16.9)		39.5		(23.8)
Earnings from continuing operations before income taxes	267.7		205.0		565.1		477.3
Provision for income taxes	62.1		49.8		131.2		113.7
Earnings from continuing operations	205.6		155.2		433.9		363.6
Earnings from discontinued operations, net of tax	—		33.9		—		38.8
Net earnings	205.6		189.1		433.9		402.4
Less: Net earnings attributable to the noncontrolling interest	(0.3)		(0.2)		(0.6)		(0.6)
Net earnings attributable to Labcorp Holdings Inc.	$	205.3	$	188.9	$	433.3	$	401.8
Basic earnings per share:
Basic earnings per share continuing operations	$	2.44	$	1.75	$	5.15	$	4.10
Basic earnings per share discontinued operations	$	—	$	0.38	$	—	$	0.43
Basic earnings per share	$	2.44	$	2.13	$	5.15	$	4.53
Diluted earnings per share:
Diluted earnings per share continuing operations	$	2.43	$	1.74	$	5.13	$	4.08
Diluted earnings per share discontinued operations	$	—	$	0.38	$	—	$	0.43
Diluted earnings per share	$	2.43	$	2.12	$	5.13	$	4.51

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

3

LABCORP HOLDINGS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS

(in millions)

(unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net earnings	$	205.6	$	189.1	$	433.9	$	402.4
Foreign currency translation adjustments	(7.2)		51.7		(131.5)		99.8
Net benefit plan adjustments	0.7		1.1		(1.7)		2.3
Other comprehensive earnings (loss) before tax	(6.5)		52.8		(133.2)		102.1
(Provision) benefit for income tax related to items of comprehensive earnings	(0.1)		(0.3)		0.5		(0.6)
Other comprehensive earnings (loss), net of tax	(6.6)		52.5		(132.7)		101.5
Comprehensive earnings	199.0		241.6		301.2		503.9
Less: Net earnings attributable to the noncontrolling interest	(0.3)		(0.2)		(0.6)		(0.6)
Comprehensive earnings attributable to Labcorp Holdings Inc.	$	198.7	$	241.4	$	300.6	$	503.3

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

4

LABCORP HOLDINGS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN

SHAREHOLDERS’ EQUITY

(in millions)

(unaudited)

	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Earnings (Loss)		Total Shareholders’ Equity
BALANCE AT DECEMBER 31, 2022	$	8.1	$	—	$	10,581.7	$	(493.2)	$	10,096.6
Net earnings attributable to Labcorp Holdings Inc.	—		—		212.9		—		212.9
Other comprehensive earnings (loss), net of tax	—		—		—		49.0		49.0
Dividends declared	—		—		(64.7)		—		(64.7)
Issuance of common stock under employee stock plans	—		27.6		—		—		27.6
Net share settlement tax payments from issuance of stock to employees	—		(20.5)		—		—		(20.5)
Stock compensation	—		40.6		—		—		40.6
BALANCE AT MARCH 31, 2023	$	8.1	$	47.7	$	10,729.9	$	(444.2)	$	10,341.5
Net earnings attributable to Labcorp Holdings Inc.	—		—		188.9		—		188.9
Other comprehensive earnings (loss), net of tax	—		—		—		52.5		52.5
Fortrea Holdings Inc. spin-off	—		—		(2,018.1)		238.0		(1,780.1)
Dividends declared	—		—		(64.5)		—		(64.5)
Issuance of common stock under employee stock plans	—		26.8		—		—		26.8
Net share settlement tax payments from issuance of stock to employees	—		(18.2)		—		—		(18.2)
Stock compensation	—		38.1		—		—		38.1
BALANCE AT JUNE 30, 2023	$	8.1	$	94.4	$	8,836.2	$	(153.7)	$	8,785.0
BALANCE AT DECEMBER 31, 2023	$	7.7	$	38.4	$	7,888.2	$	(59.3)	$	7,875.0
Net earnings attributable to Labcorp Holdings Inc.	—		—		228.0		—		228.0
Other comprehensive earnings (loss), net of tax	—		—		—		(126.1)		(126.1)
Dividends declared	—		—		(60.9)		—		(60.9)
Issuance of common stock under employee stock plans	—		26.7		—		—		26.7
Net share settlement tax payments from issuance of stock to employees	—		(14.7)		—		—		(14.7)
Stock compensation	—		31.6		—		—		31.6
BALANCE AT MARCH 31, 2024	$	7.7	$	82.0	$	8,055.3	$	(185.4)	$	7,959.6
Net earnings attributable to Labcorp Holdings Inc.	—		—		205.3		—		205.3
Other comprehensive earnings (loss), net of tax	—		—		—		(6.6)		(6.6)
Dividends declared	—		—		(60.2)		—		(60.2)
Net share settlement tax payments from issuance of stock to employees	—		(23.1)		—		—		(23.1)
Stock compensation	—		30.8		—		—		30.8
Purchase of common stock	—		(77.2)		(22.8)		—		(100.0)
BALANCE AT JUNE 30, 2024	$	7.7	$	12.5	$	8,177.6	$	(192.0)	$	8,005.8

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

5

LABCORP HOLDINGS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

(unaudited)

	Six Months Ended June 30,
	2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$	433.9	$	402.4
Earnings from discontinued operations, net of tax	—		(38.8)
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	311.4		285.0
Stock compensation	62.4		67.3
Operating lease right-of-use asset expense	88.6		85.1
Goodwill and other asset impairments	2.5		5.0
Deferred income taxes	(39.1)		16.2
Other	36.6		3.1
Change in assets and liabilities (net of effects of acquisitions and divestitures):
Increase in accounts receivable	(192.2)		(107.6)
Decrease in unbilled services	26.8		74.1
Decrease (increase) in supplies inventory	27.7		(16.1)
Decrease (increase) in prepaid expenses and other	21.6		(30.2)
Decrease in accounts payable	(51.7)		(160.3)
(Decrease) increase in unearned revenue	(30.8)		34.8
Decrease in accrued expenses and other	(166.4)		(272.8)
Net cash provided by continuing operating activities	531.3		347.2
Net cash provided by discontinued operating activities	—		125.4
Net cash provided by operating activities	531.3		472.6
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(262.0)		(181.5)
Proceeds from sale of assets	0.2		0.2
Proceeds from sale of business	13.5		—
Investments in equity affiliates	(36.7)		(10.4)
Acquisition of businesses, net of cash acquired	(293.1)		(136.9)
Net cash used for continuing investing activities	(578.1)		(328.6)
Net cash used for discontinued investing activities	—		(24.7)
Net cash used for investing activities	(578.1)		(353.3)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facilities	951.9		1,420.9
Payments on revolving credit facilities	(932.1)		(1,420.9)
Net share settlement tax payments from issuance of stock to employees	(37.8)		(38.7)
Net proceeds from issuance of stock to employees	26.7		54.4
Dividends paid	(122.5)		(129.0)
Purchase of common stock	(100.0)		—
Other	(7.9)		(11.4)
Net cash used for continuing financing activities	(221.7)		(124.7)
Net cash provided by discontinued financing activities	—		1,609.1
Net cash (used for) provided by financing activities	(221.7)		1,484.4
Effect of exchange rate changes on cash and cash equivalents	(3.2)		6.3
Net (decrease) increase in cash and cash equivalents	(271.7)		1,610.0
Cash and cash equivalents at beginning of period	536.8		430.0
Less: Cash and cash equivalents of discontinued operations at end of period	$	—	$	109.4
Cash and cash equivalents at end of period	$	265.1	$	1,930.6

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

6

LABCORP HOLDINGS INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollars and shares in millions, except per share data)

1.    BASIS OF FINANCIAL STATEMENT PRESENTATION

Labcorp® Holdings Inc. (Labcorp® or the Company) is a global leader of innovative and comprehensive laboratory services that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. By leveraging its unparalleled diagnostics and drug development capabilities, the Company provides insights and accelerates innovations to improve health and improve lives.

On April 25, 2024, the Company announced plans to implement a new public holding company structure, with Labcorp Holdings Inc. as the new holding company. On May 17, 2024, the Company completed the holding company reorganization (Reorganization) and Labcorp Holdings Inc. became the successor issuer to Laboratory Corporation of America Holdings (LCAH). The new holding company has no independent assets or operations and its sole ownership interest is in LCAH.

The Company reports its business in two segments, Diagnostics Laboratories (Dx) and Biopharma Laboratory Services (BLS), formerly Drug Development. For further financial information about these segments, see Note 12 (Business Segment Information) to the Condensed Consolidated Financial Statements. During the three months ended June 30, 2024, Dx and BLS contributed approximately 78% and 22%, respectively, of revenues to the Company. During the six months ended June 30, 2024, Dx and BLS contributed approximately 78% and 22%, respectively, of revenues to the Company.

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 Securities and Exchange Commission (SEC) and do not contain certain information included in the Company’s fiscal year 2023 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.

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).”

2.    DISCONTINUED OPERATIONS

On June 30, 2023 (the Distribution Date), Labcorp completed the previously announced separation (the Separation) from the Company of Fortrea Holdings Inc. (Fortrea), formerly the Company's Clinical Development and Commercialization Services (CDCS) business, into a separate, publicly-traded company. All historical operating results of Fortrea are presented as Discontinued Operations, net of tax, in the Condensed Consolidated Statements of Operations. The spin-off is expected to be treated as tax-free for the Company and its shareholders for U.S. federal income tax purposes.

The spin-off of Fortrea from Labcorp was achieved through the Company’s pro-rata distribution of 100% of the outstanding shares of Fortrea common stock to holders of record of Labcorp common stock. Each holder of record of Labcorp common stock received one share of Fortrea common stock for every share of Labcorp common stock held at 5:00 p.m., Burlington, North Carolina, time on June 20, 2023, the record date for the distribution.

In June 2023, Fortrea, prior to the Separation and while a subsidiary of the Company, issued $570.0 of 7.500% senior secured notes due 2030 (the Fortrea Notes). The proceeds from the Fortrea Notes were used to fund cash payments of

7

LABCORP HOLDINGS INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollars and shares in millions, except per share data)

approximately $1,600.0 to the Company in connection with the Separation. The Company does not guarantee the Fortrea Notes following the Separation. Also in June 2023, Fortrea entered into three floating secured overnight financing rate (SOFR) credit facilities totaling $1,520.0. These are comprised of a $450.0 Revolver maturing June 30, 2028; a $500.0 Term Loan A maturing June 30, 2028; and a $570.0 Term Loan B maturing June 30, 2030.

In connection with the spin-off, the Company entered into several agreements with Fortrea on or prior to the Distribution Date that, among other things, provide a framework for the Company’s relationship with Fortrea after the spin-off, including a separation and distribution agreement, a tax matters agreement, an employee matters agreement, and a transition services agreement. These agreements contain the key provisions relating to the spin-off, including provisions relating to the principal intercompany transactions required to effect the spin-off, the conditions to the spin-off and provisions governing the relationship between Fortrea and the Company after the spin-off. The costs to provide these services are included in operating income but the service fees are included in other income.

Financial Information of Discontinued Operations

Earnings from discontinued operations, net of tax in the Consolidated Statements of Operations reflect the after-tax results of Fortrea's business and Separation-related fees, and do not include any allocation of general corporate overhead expense or interest expense of the Company.

The following table summarizes the significant line items included in Earnings from Discontinued Operations, Net of Tax in the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2023:

	Three Months Ended June 30, 2023		Six Months Ended June 30, 2023
Revenues	$	766.5	$	1,506.6
Cost of revenues	629.1		1,244.5
Gross profit	137.4		262.1
Selling, general and administrative expenses	85.4		184.1
Amortization of intangibles and other assets	16.0		31.9
Restructuring and other charges	4.1		3.0
Operating income	31.9		43.1
Other income (expense):
Other, net	8.3		2.5
Earnings before income taxes	40.2		45.6
Provision for income taxes	6.3		6.8
Net earnings attributable to Labcorp Holdings Inc.	$	33.9	$	38.8

3.    REVENUES

The Company's revenues by segment and by payers/customer groups for the three and six months ended June 30, 2024, and 2023, were as follows:

	For the Three Months Ended June 30, 2024								For the Three Months Ended June 30, 2023
	North America		Europe		Other		Total		North America		Europe		Other		Total
Payer/Customer
Dx
Clients	24	%	—	%	—	%	24	%	24	%	—	%	—	%	24	%
Patients	10	%	—	%	—	%	10	%	10	%	—	%	—	%	10	%
Medicare and Medicaid	8	%	—	%	—	%	8	%	8	%	—	%	—	%	8	%
Third party	36	%	—	%	—	%	36	%	35	%	—	%	—	%	35	%
Total Dx revenues by payer	78	%	—	%	—	%	78	%	77	%	—	%	—	%	77	%
BLS
Pharmaceutical, biotechnology, and medical device companies	9	%	9	%	4	%	22	%	10	%	9	%	4	%	23	%
Total revenues	87	%	9	%	4	%	100	%	87	%	9	%	4	%	100	%

8

LABCORP HOLDINGS INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollars and shares in millions, except per share data)

	For the Six Months Ended June 30, 2024								For the Six Months Ended June 30, 2023
	North America		Europe		Other		Total		North America		Europe		Other		Total
Payer/Customer
Dx
Clients	24	%	—	%	—	%	24	%	25	%	—	%	—	%	25	%
Patients	10	%	—	%	—	%	10	%	10	%	—	%	—	%	10	%
Medicare and Medicaid	8	%	—	%	—	%	8	%	8	%	—	%	—	%	8	%
Third party	36	%	—	%	—	%	36	%	35	%	—	%	—	%	35	%
Total Dx revenues by payer	78	%	—	%	—	%	78	%	78	%	—	%	—	%	78	%
BLS
Pharmaceutical, biotechnology, and medical device companies	9	%	9	%	4	%	22	%	9	%	9	%	4	%	22	%
Total revenues	87	%	9	%	4	%	100	%	87	%	9	%	4	%	100	%

Revenues in the U.S. were $2,698.8 (83.8%) and $2,537.0 (83.6%) for the three months ended June 30, 2024 and 2023, respectively, and were $5,353.4 (83.7%) and $5,094.4 (83.9%) for the six months ended June 30, 2024 and 2023, respectively.

Accounts Receivable, Unbilled Services and Unearned Revenue

The following table provides information about accounts receivable, unbilled services, and unearned revenue from contracts with customers as of June 30, 2024 and December 31, 2023:

	June 30, 2024		December 31, 2023
Dx accounts receivable	$	1,331.4	$	1,135.2
BLS accounts receivable	791.6		810.8
Less BLS allowance for doubtful accounts	(34.1)		(32.7)
Accounts receivable	$	2,088.9	$	1,913.3
Gross unbilled services	$	159.3	$	192.9
Less reserve for unbilled services	(1.8)		(7.5)
Unbilled services	$	157.5	$	185.4
Unearned revenue	$	388.3	$	421.7

Revenues recognized during the period that were included in the unearned revenue balance at the beginning of the period were $26.8 and $20.2 for the three months ended June 30, 2024 and 2023, respectively, and $77.8 and $72.8 for the six months ended June 30, 2024 and 2023, 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 six months ended June 30, 2024, was as follows:

	Accounts Receivable		Unbilled Services		Note and Other Receivables		Total
Balance as of December 31, 2023	$	32.7	$	7.5	$	0.7	$	40.9
Plus, credit loss expense	3.4		—		—		3.4
Less, write offs	2.0		5.7		—		7.7
Balance as of June 30, 2024	$	34.1	$	1.8	$	0.7	$	36.6

The credit loss expense in the first six months primarily related to the collection risk from several biotech receivable balances.

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LABCORP HOLDINGS INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollars and shares in millions, except per share data)

4.    BUSINESS ACQUISITIONS AND DISPOSITIONS

During the six months ended June 30, 2024, the Company acquired several businesses and related assets for cash of approximately $293.1. These acquisitions consisted of the clinical and outreach businesses of Baystate Medical Center ($116.6), Providence Medical Foundation ($54.9), and Westpac Labs, Inc. ($97.7) and an escrow payment of $23.9 for selected assets of the Invitae Corporation that is anticipated to close on August 5, 2024. The preliminary purchase considerations for these acquisitions were allocated under the acquisition method of accounting to the estimated fair market value of the net assets acquired, including approximately $159.4 in identifiable intangible assets. A residual amount of tax deductible goodwill of approximately $141.7 was recorded as of June 30, 2024. The amortization period for non-compete agreements and customer list assets acquired from these businesses are 5 and 15 years, respectively. The valuation of acquired assets and assumed liabilities, include the following:

	Baystate Medical Center		Providence Medical Foundation		Westpac Labs, Inc.		Invitae Corporation		Amounts Acquired During the Six Months Ended June 30, 2024		Measurement Period Adjustments for Prior Year Acquisitions During the Six Months Ended June 30, 2024
Cash and cash equivalents	$	—	$	—	$	—	$	—	$	—	$	—
Inventories	—		—		1.8		—		1.8		—
Property, plant and equipment	7.2		0.9		—		—		8.1		(3.9)
Goodwill	70.7		25.9		45.1		—		141.7		(7.4)
Intangible assets	79.6		29.0		50.8		—		159.4		7.4
Other assets	—		—		—		23.9		23.9		—
Total assets acquired	$	157.5	$	55.8	$	97.7	$	23.9	$	334.9	$	(3.9)
Lease liabilities	7.2		0.9		—		—		8.1		(3.9)
Other liabilities	3.7		—		—		—		3.7		—
Total liabilities acquired	10.9		0.9		—		—		11.8		(3.9)
Net assets acquired	$	146.6	$	54.9	$	97.7	$	23.9	$	323.1	$	—
Less escrow payment made in 2023	30.0		—		—		—		30.0		—
Cash paid for acquisitions	$	116.6	$	54.9	$	97.7	$	23.9	$	293.1	$	—

On March 28, 2024, the Company announced that it entered into an agreement to acquire selected assets of BioReference Health, a wholly owned subsidiary of OPKO Health for $237.5. The transaction is anticipated to close in the third quarter of 2024, subject to customary closing conditions for a transaction of this type, including applicable regulatory approvals. Through this transaction Labcorp will acquire laboratory testing businesses focused on clinical diagnostics and reproductive and women's health across the United States, outside of New York and New Jersey.

On April 24, 2024, the Company announced that it has been selected as the winning bidder for select assets of Invitae, a leading medical genetics company. On May 6, 2024, the United States Bankruptcy Court approved the previously announced bid by Labcorp to acquire the assets of Invitae. The purchase price for the transaction is $239.0. The transaction is anticipated to close on August 5, 2024, subject to customary closing conditions for a transaction of this type, including applicable regulatory approvals. Through this transaction, the Company would acquire assets being auctioned through a voluntary bankruptcy protection process.

During the six months ended June 30, 2023, the Company acquired two businesses and the related assets for cash of approximately $136.9. These acquisitions consisted of Jefferson Health and Valley Medical Laboratories in British Columbia which expanded the Company's presence in the northeastern U.S. and Canada. The preliminary purchase considerations for these acquisitions were allocated under the acquisition method of accounting to the estimated fair market value of the net assets acquired, including approximately $84.1 in identifiable intangible assets. A residual amount of non-tax deductible goodwill of approximately $50.8 was recorded as of June 30, 2023. The amortization period for non-compete agreements and customer list assets acquired from these businesses are 7 and 15 years, respectively.

10

LABCORP HOLDINGS INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollars and shares in millions, except per share data)

During the six months ended June 30, 2023, the Company recorded several measurement period adjustments for 2022 acquisitions, relating to final valuations and deferred tax true-ups. The adjustments include the following:

	Measurement Period Adjustments During Six Months Ended June 30, 2023
Cash and cash equivalents	$	0.2
Prepaid expenses and other	0.6
Property, plant and equipment	(1.5)
Goodwill	(29.4)
Intangible assets	19.5
Total assets acquired	$	(10.6)
Accrued expenses and other	(8.3)
Deferred income taxes	(2.3)
Total liabilities acquired	(10.6)
Net assets acquired	$	—

Pro Forma Information

Had the Company's total 2024 and 2023 acquisitions been completed as of January 1, the Company's pro forma results would have been as follows:

	Three Months Ended June 30,		Three Months Ended June 30,		Six Months Ended June 30,	Six Months Ended June 30,
	2024		2023		2024	2023
Revenues	$	3,220.9	$	3,100.5	6,412.0	$	6,206.5
Net earnings from continuing operations attributable to Labcorp Holdings Inc.	$	205.3	$	193.4	432.8	$	409.5

Dispositions

During the six months ended June 30, 2024, the Company sold the assets of its Beacon Laboratory Benefit Solutions, Inc. for $13.5 and recorded a gain of $4.9.

5.    EARNINGS PER SHARE

Basic earnings per share is computed by dividing net earnings attributable to the Company by the weighted average number of shares of the Company's common stock 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.

11

LABCORP HOLDINGS INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollars and shares in millions, except per share data)

The following represents a reconciliation of basic earnings per share to diluted earnings per share for the three and six months ended June 30:

	Three Months Ended June 30,										Six Months Ended June 30,
	2024					2023					2024					2023
	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	$	205.3	84.1	$	2.44	$	155.0	88.7	$	1.75	$	433.3	84.1	$	5.15	$	363.0	88.6	$	4.10
Dilutive effect of employee stock options and awards	—		0.2			—		0.3			—		0.4			—		0.4
Net earnings including impact of dilutive adjustments	$	205.3	84.3	$	2.43	$	155.0	89.0	$	1.74	$	433.3	84.5	$	5.13	$	363.0	89.0	$	4.08

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 June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Employee stock options and awards	0.4	0.5	0.3	0.4

6.    GOODWILL AND INTANGIBLE ASSETS

The changes in the carrying amount of goodwill for the six months ended June 30, 2024, were as follows:

	Dx		BLS		Total
Balance as of December 31, 2023	$	4,813.9	$	1,328.6	$	6,142.5
Goodwill acquired during the period	141.7		—		141.7
Foreign currency impact and other adjustments to goodwill	(10.7)		(53.3)		(64.0)
Balance as of June 30, 2024	$	4,944.9	$	1,275.3	$	6,220.2

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.

12

LABCORP HOLDINGS INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollars and shares in millions, except per share data)

The components of identifiable intangible assets were as follows:

	June 30, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	3,947.8	$	(1,444.1)	$	2,503.7	$	3,868.6	$	(1,367.2)	$	2,501.4
Patents, licenses, and technology	520.3		(283.1)		237.2		526.6		(273.3)		253.3
Non-compete agreements	152.4		(72.5)		79.9		130.3		(60.4)		69.9
Canadian licenses	495.1		—		495.1		498.8		—		498.8
Other	34.1		(18.0)		16.1		34.1		(15.5)		18.6
	5,149.7		(1,817.7)		3,332.0		5,058.4		(1,716.4)		3,342.0

Amortization of intangible assets for the three and six months ended June 30, 2024, and 2023, was $62.2 and $51.5 and $122.3 and $104.9, respectively. The amortization expense for the net carrying amount of intangible assets is estimated to be $125.0 for the remainder of fiscal 2024, $237.2 in fiscal 2025, $228.2 in fiscal 2026, $216.9 in fiscal 2027, $209.1 in fiscal 2028, and $1,735.8 thereafter.

7.    DEBT

Short-term borrowings and the current portion of long-term debt at June 30, 2024, and December 31, 2023, consisted of the following:

	June 30, 2024		December 31, 2023
Revolving line of credit	$	20.0	$	—
2.30% senior notes due 2024	400.0		400.0
3.25% senior notes due 2024	600.0		600.0
3.60% senior notes due 2025	1,000.0		—
Debt issuance costs	(1.0)		(1.3)
Current portion of note payable	0.5		1.1
Total short-term borrowings and current portion of long-term debt	$	2,019.5	$	999.8

Long-term debt at June 30, 2024, and December 31, 2023, consisted of the following:

	June 30, 2024		December 31, 2023
3.60% senior notes due 2025	—		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	420.3		430.4
4.70% senior notes due 2045	900.0		900.0
Debt issuance costs	(23.4)		(26.3)
Note payable	0.4		0.6
Total long-term debt	$	3,047.3	$	4,054.7

Credit Facilities

The Company maintains a senior revolving credit facility, which was amended and restated on January 13, 2023. It consists of a five-year facility in the principal amount of up to $1,000.0, with the option of increasing the facility by up to an additional $500.0, subject to the agreement of one or more new or existing lenders to provide such additional amounts and certain other customary conditions. The revolving credit facility also provides for a subfacility of up to $100.0 for swing line borrowings and a subfacility of up to $150.0 for issuances of letters of credit. The Company is required to pay a facility fee on the aggregate commitments under the revolving credit facility, at a per annum rate ranging from 0.10% to 0.225%, depending on the Company's debt ratings. The revolving credit facility is permitted to be used for general corporate purposes, including working capital, capital expenditures, funding of share repurchases and certain other payments, acquisitions, and other investments. The revolving credit facility also provides for the issuance of letters of credit without a reduction of the availability of borrowings under the facility. There was $20.0 outstanding on the Company's current revolving credit facility and $90.7 in outstanding letters of credit on the Company's subfacility as of June 30, 2024. As of June 30, 2024, the effective interest rate on the revolving credit facility was 6.44%. The credit facility expires on April 30, 2026.

13

LABCORP HOLDINGS INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollars and shares in millions, except per share data)

Under the revolving credit facility, the Company is subject to negative covenants limiting subsidiary indebtedness and certain other covenants typical for investment grade-rated borrowers, and the Company is required to maintain certain leverage ratios. The Company was in compliance with all covenants in the revolving credit facility at June 30, 2024, and expects that it will remain in compliance with its existing debt covenants for the next twelve months.

8.    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 June 30, 2024, and December 31, 2023.

The changes in common shares issued during the six months ended June 30, 2024 are summarized below:

	Issued and Outstanding
Common shares at December 31, 2023	83.9
Shares issued under employee stock plans	0.4
Shares repurchased	(0.5)
Common shares at June 30, 2024	83.8

Share Repurchase Program

When the Company repurchases shares of Common Stock, the amount paid to repurchase the shares in excess of the par or stated value is allocated to additional paid-in-capital unless subject to limitation or the balance in additional paid-in-capital is exhausted. Remaining amounts are recognized as a reduction in retained earnings.

During the six months ended June 30, 2024, the Company purchased 0.5 shares of its common stock at an average price of $202.66 for a total cost of $100.0. As of June 30, 2024, the Company had outstanding authorization from the board of directors to purchase up to $430.4 of the Company's common stock. On July 24, 2024, the Board adopted a new share repurchase plan authorizing up to $1,000.0 of the Company's shares in addition to the remaining amount outstanding under the previous plan. In aggregate, the share repurchase authorization is $1,430.4.

Dividends

For the six months ended June 30, 2024, the Company paid $122.5 in common stock dividends. On July 25, 2024, the Company announced a cash dividend of $0.72 per share of common stock for the third quarter, or approximately $61.2 in the aggregate. The dividend will be payable on September 13, 2024, to stockholders of record of all issued and outstanding shares of common stock as of the close of business on August 29, 2024. 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) during the six months ended June 30, 2024 were as follows:

	Foreign Currency Translation Adjustments		Net Benefit Plan Adjustments		Accumulated Other Comprehensive Earnings (Loss)
Balance as of December 31, 2023	$	(47.6)	$	(11.7)	$	(59.3)
Current year adjustments	(131.5)		(1.5)		(133.0)
Amounts reclassified from accumulated other comprehensive income	—		(0.2)		(0.2)
Tax effect of adjustments	—		0.5		0.5
Balance as of June 30, 2024	$	(179.1)	$	(12.9)	$	(192.0)

9.    COMMITMENTS AND CONTINGENCIES

The Company (and/or its subsidiaries and affiliates) is involved from time to time in various claims and legal actions, including arbitrations, class actions, and other litigation (including those described in more detail below), arising in the ordinary course of business. Some of these actions involve claims that are substantial in amount. These matters include, but are not limited to, intellectual property disputes, commercial and contract disputes, professional liability claims, employee-related matters, transaction-related disputes, securities and corporate law matters, and inquiries, including subpoenas and other civil investigative demands, from governmental agencies, Medicare or Medicaid payers and managed care organizations (MCOs) reviewing billing practices or requesting comment on allegations of billing irregularities that are brought to their attention

14

LABCORP HOLDINGS INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollars and shares in millions, except per share data)

through billing audits or third parties. The Company receives civil investigative demands or other inquiries from various governmental bodies in the ordinary course of its business. Such inquiries can relate to the Company or other parties, including physicians and other health care providers. The Company works cooperatively to respond to appropriate requests for information.

The Company also is named from time to time in suits brought under the qui tam provisions of the False Claims Act and comparable state laws. These suits typically allege that the Company has made false statements and/or certifications in connection with claims for payment from U.S. federal or state healthcare programs. The suits may remain under seal (hence, unknown to the Company) for some time while the government decides whether to intervene on behalf of the qui tam plaintiff. Such claims are an inevitable part of doing business in the healthcare field today.

The Company believes that it is in compliance in all material respects with all statutes, regulations, and other requirements applicable to its commercial laboratory operations and biopharma laboratory services. These industries are, however, subject to extensive regulation, and the courts have not interpreted many of the applicable statutes and regulations. Therefore, the applicable statutes and regulations could be interpreted or applied by a prosecutorial, regulatory, or judicial authority in a manner that would adversely affect the Company. Potential sanctions for violation of these statutes and regulations include significant civil and criminal penalties, fines, the loss of various licenses, certificates and authorizations, additional liabilities from third-party claims, and/or exclusion from participation in government programs.

Many of the current claims and legal actions against the Company are in preliminary stages, and many of these cases seek an indeterminate amount of damages. The Company records an aggregate legal reserve, which is determined using calculations based on historical loss rates and assessment of trends experienced in settlements and defense costs. In accordance with FASB Accounting Standards Codification Topic 450 “Contingencies,” the Company establishes reserves for judicial, regulatory, and arbitration matters outside the aggregate legal reserve if and when those matters present loss contingencies that are both probable and reasonably estimable. When loss contingencies are not both probable and reasonably estimable, the Company does not establish separate reserves.

The Company is unable to estimate a range of reasonably probable loss for the proceedings described in more detail below in which damages either have not been specified or, in the Company's judgment, are unsupported and/or exaggerated and (i) the proceedings are in early stages, (ii) there is uncertainty as to the outcome of pending appeals or motions, (iii) there are significant factual issues to be resolved, and/or (iv) there are novel legal issues to be presented. For these proceedings, however, the Company does not believe, based on currently available information, that the adverse outcomes are probable and reasonably estimable, and it does not believe they will have a material adverse effect on the Company's financial statements.

The Company has received various subpoenas and other civil investigative demands related to Medicaid billing. In October 2013, the Company received a Civil Investigative Demand from the State of Texas Office of the Attorney General requesting documents related to its billing to Texas Medicaid. The Company cooperated with this request. On October 5, 2018, the Company received a second Civil Investigative Demand from the State of Texas Office of the Attorney General requesting documents related to its billing to Texas Medicaid. The Company cooperated with this request. On January 26, 2021, the Company was notified that a qui tam Petition was pending under seal in the District Court, 250th Judicial District, Travis County, Texas, and that the State of Texas had intervened. On April 14, 2021, the Petition was unsealed. The Petition alleges that the Company submitted claims for reimbursement to Texas Medicaid that were higher than permitted under Texas Medicaid’s alleged “best price” regulations, and that the Company offered remuneration to Texas health care providers in the form of discounted pricing for certain laboratory testing services in exchange for the providers’ referral of Texas Medicaid business to the Company. The Petition seeks actual and double damages and civil penalties, as well as recovery of costs, attorney's fees, and legal expenses. On August 1, 2022, the District Court entered an order granting the Company's Motion for Partial Summary Judgment with respect to the claim that the Company submitted claims for reimbursement to Texas Medicaid that were higher than permitted under Texas Medicaid's alleged “best price” regulations. Plaintiffs filed a Notice of Non-Suit and Motion for Entry of Final Judgment and, on November 11, 2022, the court entered a Judgment. Plaintiffs filed a Notice of Appeal with respect to the court's order granting the Company's Motion for Partial Summary Judgment, referenced above. The Company will vigorously defend the lawsuit.

On August 31, 2015, the Company was served with a putative class action lawsuit, Patty Davis v. Laboratory Corporation of America, et al., filed in the Circuit Court of the Thirteenth Judicial Circuit for Hillsborough County, Florida. The complaint alleges that the Company violated the Florida Consumer Collection Practices Act by billing patients who were collecting benefits under the Workers' Compensation Statutes. The lawsuit seeks injunctive relief and actual and statutory damages, as well as recovery of attorney's fees and legal expenses. In April 2017, the Circuit Court granted the Company’s Motion for Judgment on the Pleadings. The Plaintiff appealed the Circuit Court’s ruling to the Florida Second District Court of Appeal. On

15

LABCORP HOLDINGS INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollars and shares in millions, except per share data)

October 16, 2019, the Florida Second District Court of Appeal reversed the Circuit Court’s dismissal, but certified a controlling issue of Florida law to the Florida Supreme Court. On February 17, 2020, the Florida Supreme Court accepted jurisdiction of the lawsuit. The court held oral arguments on December 9, 2020. On May 26, 2022, the Florida Supreme Court issued an opinion approving the result of the Florida Second District Court of Appeal in favor of the Plaintiff. The Company will vigorously defend the lawsuit.

On December 29, 2021, the Company was served with a putative class action lawsuit, Nathaniel J. Nolan, et al. v. Laboratory Corporation of America Holdings, filed in the U.S. District Court for the Middle District of North Carolina. The complaint alleges that the Company's patient acknowledgement of estimated financial responsibility form is misleading. The lawsuit seeks a declaratory judgment under the consumer protection laws of Nevada and Florida that the form is materially misleading and deceptive, an injunction barring the use of the form, damages on behalf of an alleged class, and attorney's fees and expenses. On February 28, 2022, the Company filed a Motion to Dismiss all claims. On February 13, 2023, the court entered an order granting the Company's Motion to Dismiss. On March 13, 2023, Plaintiffs filed a Notice of Appeal. On April 10, 2024, the U.S. Court of Appeals for the Fourth Circuit issued an order affirming in part, reversing in part, and remanding the case to the District Court for further proceedings. The Company will vigorously defend the lawsuit.

On April 1, 2019, Covance Research Products was served with a Grand Jury Subpoena issued by the Department of Justice (DOJ) in Miami, Florida requiring the production of documents related to the importation into the United States of live non-human primate shipments originating from or transiting through China, Cambodia, and/or Vietnam from April 1, 2014 through March 28, 2019. The Company is cooperating with the DOJ.

On May 14, 2019, Retrieval-Masters Creditors Bureau, Inc. d/b/a American Medical Collection Agency (AMCA), an external collection agency, notified the Company about a security incident AMCA experienced that may have involved certain personal information about some of the Company’s patients (the AMCA Incident). The Company referred patient balances to AMCA only when direct collection efforts were unsuccessful. The Company’s systems were not impacted by the AMCA Incident. Upon learning of the AMCA Incident, the Company promptly stopped sending new collection requests to AMCA and stopped AMCA from continuing to work on any pending collection requests from the Company. AMCA informed the Company that it appeared that an unauthorized user had access to AMCA’s system between August 1, 2018, and March 30, 2019, and that AMCA could not rule out the possibility that personal information on AMCA’s system was at risk during that time period. Information on AMCA’s affected system from the Company may have included name, address, and balance information for the patient and person responsible for payment, along with the patient’s phone number, date of birth, referring physician, and date of service. The Company was later informed by AMCA that health insurance information may have been included for some individuals, and because some insurance carriers utilize the Social Security Number as a subscriber identification number, the Social Security Number for some individuals may also have been affected. No ordered tests, laboratory test results, or diagnostic information from the Company were in the AMCA affected system. The Company notified individuals for whom it had a valid mailing address. For the individuals whose Social Security Number was affected, the notice included an offer to enroll in credit monitoring and identity protection services that was provided free of charge for 24 months.

Twenty-three putative class action lawsuits were filed against the Company related to the AMCA Incident in various U.S. District Courts. Numerous similar lawsuits have been filed against other health care providers who used AMCA. These lawsuits were consolidated into a multidistrict litigation in the District of New Jersey. On November 15, 2019, the Plaintiffs filed a Consolidated Class Action Complaint in the U.S. District Court of New Jersey. The consolidated Complaint generally alleged that the Company did not adequately protect its patients’ data and failed to timely notify those patients of the AMCA Incident. The Complaint asserted various causes of action, including but not limited to negligence, breach of implied contract, unjust enrichment, and the violation of state data protection statutes. The Complaint sought damages on behalf of a class of all affected Company customers. On January 22, 2020, the Company filed Motions to Dismiss all claims. On December 16, 2021, the court granted in part and denied in part the Company's Motion to Dismiss. On March 31, 2022, the Plaintiffs filed an Amended Complaint alleging claims for negligence, negligence per se, breach of confidence, invasion of privacy, and various state statutory claims, including a claim under the California Confidentiality of Medical Information Act. The Company filed a Motion to Dismiss certain claims of the Amended Complaint. On May 5, 2023, the court granted in part and denied in part the Company's Motion to Dismiss. The Company will vigorously defend the remaining claims in the multi-district litigation.

The Company was served with a shareholder derivative lawsuit, Raymond Eugenio, Derivatively on Behalf of Nominal Defendant, Laboratory Corporation of America Holdings v. Lance Berberian, et al., filed in the Court of Chancery of the State of Delaware on April 23, 2020. The complaint asserts derivative claims on the Company’s behalf against the Company’s board of directors and certain executive officers. The complaint generally alleges that the defendants failed to ensure that the Company utilized proper cybersecurity safeguards and failed to implement a sufficient response to data security incidents, including the AMCA Incident. The complaint asserts derivative claims for breach of fiduciary duty and seeks relief including

16

LABCORP HOLDINGS INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollars and shares in millions, except per share data)

damages, certain disclosures, and certain changes to the Company’s internal governance practices. On June 2, 2020, the Company filed a Motion to Stay the lawsuit due to its overlap with the multi-district litigation referenced above. On July 2, 2020, the Company filed a Motion to Dismiss. On July 14, 2020, the court entered an order staying the lawsuit pending the resolution of the multi-district litigation. The Company will vigorously defend the lawsuit.

Certain governmental entities have requested information from the Company related to the AMCA Incident. The Company received a request for information from the Office for Civil Rights (OCR) of the Department of Health and Human Services. On April 28, 2020, OCR notified the Company of the closure of its inquiry. The Company has also received requests from a multi-state group of state Attorneys General and is cooperating with these requests for information.

On January 31, 2020, the Company was served with a putative class action lawsuit, Luke Davis and Julian Vargas, et al. v. Laboratory Corporation of America Holdings, filed in the U.S. District Court for the Central District of California. The lawsuit alleges that visually impaired patients are unable to use the Company's touchscreen kiosks at Company patient service centers in violation of the Americans with Disabilities Act and similar California statutes. The lawsuit seeks statutory damages, injunctive relief, and attorney's fees and costs. On March 20, 2020, the Company filed a Motion to Dismiss Plaintiffs' Complaint and to Strike Class Allegations. In August 2020, the Plaintiffs filed an Amended Complaint. On April 26, 2021, the Plaintiffs and the Company each filed Motions for Summary Judgment and the Plaintiffs filed a Motion for Class Certification. On May 23, 2022, the court entered an order granting Plaintiffs’ Motion for Class Certification. On June 6, 2022, the Company filed a Petition for Permission to Appeal the Order Granting Class Certification with the U.S. Court of Appeals for the Ninth Circuit. On September 22, 2022, the Ninth Circuit granted the Company's Petition for Permission to Appeal the Order Granting Class Certification. On February 8, 2024, the Ninth Circuit affirmed the trial court’s decision to certify both a California damages class and a nationwide injunctive class. On March 25, 2024, the Company filed a Petition for Rehearing En Banc with the Ninth Circuit. On April 18, 2024, the Ninth Circuit denied the Petition for Rehearing En Banc. The Company will vigorously defend the lawsuit.

On October 16, 2020, Ravgen Inc. filed a patent infringement lawsuit, Ravgen Inc. v. Laboratory Corporation of America Holdings, in the U.S. District Court for the Western District of Texas, alleging infringement of two Ravgen-owned U.S. patents. The lawsuit seeks monetary damages, enhancement of those damages for willfulness, and recovery of attorney’s fees and costs. On September 28, 2022, a jury rendered a verdict in favor of the Plaintiff on the remaining patent at issue, finding that the Company willfully infringed Ravgen's patent, and awarded damages of $272.0. Plaintiff filed post-trial motions seeking enhanced damages of up to $817.0 based on the finding of willfulness, as well as attorney's fees and costs. On May 12, 2023, the court issued an order granting Plaintiff's motion in part and awarding enhanced damages of $100.0. The Company strongly disagrees with the verdict, based on a number of legal factors, and will vigorously defend the lawsuit through the appeal process. On June 4, 2021, the Company also instituted proceedings before the Patent Trial and Appeal Board of the U.S. Patent and Trademark Office challenging the validity of the Ravgen patent at issue in the trial. In November 2022, the Patent Trial and Appeal Board issued a decision upholding the validity of the Ravgen patent, and the Company has filed an appeal of this decision.

On May 14, 2020, the Company was served with a putative class action lawsuit, Jose Bermejo v. Laboratory Corporation of America (Bermejo I) filed in the Superior Court of California, County of Los Angeles Central District, alleging that certain non-exempt California-based employees were not properly compensated for driving time or properly paid wages upon termination of employment. The Plaintiff asserts these actions violate various California Labor Code provisions and Section 17200 of the Business and Professional Code. The lawsuit seeks monetary damages, civil penalties, and recovery of attorney’s fees and costs. On June 15, 2020, the lawsuit was removed to the U.S. District Court for the Central District of California. On June 16, 2020, the Company was served with a Private Attorney General Act lawsuit by the same plaintiff in Jose Bermejo v. Laboratory Corporation of America (Bermejo II), filed in the Superior Court of California, County of Los Angeles Central District, alleging that certain Company practices violated California Labor Code penalty provisions related to unpaid and minimum wages, unpaid overtime, unpaid meal and rest break premiums, untimely payment of wages following separation of employment, failure to maintain accurate pay records, and non-reimbursement of business expenses. The second lawsuit seeks to recover civil penalties and recovery of attorney's fees and costs. On October 28, 2020, the court issued an order staying proceedings in Bermejo II pending resolution of Bermejo I. The second lawsuit seeks to recover civil penalties and recovery of attorney's fees and costs. On February 24, 2022, the parties entered into a Memorandum of Understanding of the terms of a settlement of the Bermejo I and Bermejo II lawsuits. The court granted preliminary approval of the parties’ settlement agreement of the Bermejo I lawsuit on March 17, 2023, and of the Bermejo II lawsuit on November 29, 2023. The settlement funds for the Bermejo I and Bermejo II settlements have been transferred to a claims administrator for processing. Once the claims administration is completed, the parties will seek final settlement approval from the court.

17

LABCORP HOLDINGS INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollars and shares in millions, except per share data)

On June 14, 2021, a single plaintiff filed a Private Attorney General Act lawsuit, Becker v. Laboratory Corporation of America, in the Superior Court of California, County of Orange, alleging various violations of the California Labor Code, including that the Plaintiff was not properly compensated for work and overtime hours, not properly paid meal and rest break premiums, not reimbursed for certain business-related expenses, and received inaccurate wage statements. The lawsuit seeks monetary damages, civil penalties, and recovery of attorney’s fees and costs. A settlement of the Bermejo I and Bermejo II lawsuits, if approved by the court, will resolve the Becker lawsuit.

On November 23, 2021, the Company was served with a single plaintiff Private Attorney General Act lawsuit, Poole v. Laboratory Corporation of America, filed in the Superior Court of California, County of Kern, alleging various violations of the California Labor Code, including that Plaintiff was not properly paid wages owed, not properly paid meal and rest break premiums, not reimbursed for certain business related expenses, and other allegations including the untimely payment of wages and receipt of inaccurate wage statements. The lawsuit seeks monetary damages, civil penalties, and recovery of attorney's fees and costs. The case was removed to the U.S. District Court for the Eastern District of California. A settlement of the Bermejo I and Bermejo II lawsuits, if approved by the court, will resolve the portion of the Poole lawsuit relating to service representatives and senior service representatives.

On October 5, 2020, the Company was served with a putative class action lawsuit, Williams v. LabCorp Employer Services, Inc. et al., filed in the Superior Court of California, County of Los Angeles, alleging that certain non-exempt California-based employees were not properly compensated for work and overtime hours, not properly paid meal and rest break premiums, not reimbursed for certain business-related expenses, not properly paid for driving or wait times, and received inaccurate wage statements. The Plaintiff also asserts claims for unfair competition under Section 17200 of the Business and Professional Code. On November 4, 2020, the lawsuit was removed to the U.S. District Court for the Central District of California. The lawsuit seeks monetary damages, liquidated damages, civil penalties, and recovery of attorney's fees and costs. On June 24, 2021, the District Court remanded the case to the Superior Court of California, County of Los Angeles on the grounds that potential damages did not meet the Class Action Fairness Act (CAFA), 28 U.S.C. § 1332(d), jurisdictional threshold. The parties entered into a settlement agreement which received court preliminary approval on December 13, 2023. Settlement proceeds were transferred to the settlement fund administrator in January 2024 and have been distributed by the settlement fund administrator. A case review is scheduled by the court for September 13, 2024, at which time the court is expected to sua sponte dismiss the lawsuit given its resolution by settlement.

On June 7, 2023, the Company was served with a putative class action lawsuit, Connie Howard, Yadira Yazmin Hernandez, and Deborah Reynolds, et al. v. Laboratory Corporation of America, Laboratory Corporation of America Holdings, and Meta Platforms, Inc., filed in the U.S. District Court for the Northern District of California, alleging that the Company’s website includes a tracking code created by Meta, known as the Meta Pixel, that sent information related to Plaintiffs and their online activities to Meta. Plaintiffs assert claims against the Company under California and Pennsylvania law and seek to represent classes of all persons in California, or in Pennsylvania, who allegedly entered search terms into the Company’s website and who used Facebook during a time that Plaintiffs allege the Meta Pixel was active on the Company’s website. Plaintiffs seek an injunction, damages, attorneys’ fees, and costs. On August 23, 2023, the Company filed a Motion to Dismiss. On September 5, 2023, the lawsuit was transferred to the U.S. District Court for the Middle District of North Carolina. On September 9, 2023, Plaintiffs filed an Amended Complaint. Among other things, the Amended Complaint contains allegations that in addition to the Meta Pixel, the Company's website uses Google Analytics and other online tracking technologies. The Company will vigorously defend the lawsuit.

On August 14, 2020, the Company was served with a Subpoena Duces Tecum issued by the State of Colorado Office of the Attorney General requiring the production of documents related to urine drug testing in all states. The Company is cooperating with this request.

On February 7, 2022, the Company was served with a Subpoena Duces Tecum issued by the DOJ in Camden, New Jersey requiring the production of documents related to non-invasive prenatal screening tests. The Company responded to the DOJ.

On June 27, 2022, the Company was served with a Subpoena Duces Tecum issued by the DOJ in Boston, Massachusetts requiring the production of documents related to urine drug testing. The Company is cooperating with the DOJ.

In April 2023, the Company received Civil Investigative Demands issued by the DOJ in Washington, D.C. requiring the production of information related to the Medicare billing rule regarding reimbursement for laboratory testing performed for hospital patients. The Company is cooperating with the DOJ.

On February 13, 2024, a putative class action lawsuit, Michael Wiggins and Teri Stevens v. Laboratory Corporation of America Holdings, was filed in the U.S. District Court for the Eastern District of Pennsylvania, alleging that the Company’s

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LABCORP HOLDINGS INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollars and shares in millions, except per share data)

website includes a computer code created by Google that sent information to Google related to Plaintiffs and their online activities. Plaintiffs assert statutory and common law claims against the Company and seek to represent a class of all persons whose health information was allegedly shared with Google from the Company’s website before March 8, 2023. Plaintiffs seek an injunction, damages, attorneys’ fees, and costs. On April 12, 2024, the Company filed a Motion to Compel Arbitration and Stay Proceedings. The Company will vigorously defend the lawsuit.

There are various other pending legal proceedings involving the Company including, but not limited to, additional employment-related lawsuits, professional liability lawsuits, and commercial lawsuits. While it is not feasible to predict the outcome of such proceedings, in the opinion of the Company, the likelihood of loss is remote and any reasonably possible loss associated with the resolution of such proceedings is not expected to be material to the Company’s financial condition, results of operations, or cash flows, either individually or in the aggregate.

Under the Company's present insurance programs, coverage is obtained for catastrophic exposure as well as those risks required to be insured by law or contract. The Company is responsible for the uninsured portion of losses related primarily to general, professional and vehicle liability, certain medical costs and workers' compensation. The self-insured retentions are on a per-occurrence basis without any aggregate annual limit. Provisions for losses expected under these programs are recorded based upon the Company's estimates of the aggregated liability of claims incurred.

10.     FAIR VALUE MEASUREMENTS

The Company’s population of financial assets and liabilities subject to fair value measurements as of June 30, 2024, and December 31, 2023, was as follows:

				Fair Value Measurements as of
				June 30, 2024
	Balance Sheet	Fair Value as of		Using Fair Value Hierarchy
	Classification	June 30, 2024		Level 1		Level 2		Level 3
Noncontrolling interest put	Noncontrolling interest	$	15.0	$	—	$	15.0	$	—
Cross currency swaps	Other liabilities	103.6		—		103.6		—
Interest rate swaps	Other liabilities	79.7		—		79.7		—
Cash surrender value of life insurance policies	Other assets, net	96.4		—		96.4		—
Deferred compensation asset	Other assets, net	31.0		—		31.0		—
Deferred compensation liability	Other liabilities	125.3		—		125.3		—
Contingent consideration	Accrued expenses and other; Other liabilities	20.0		—		—		20.0

				Fair Value Measurements as of
				December 31, 2023
	Balance Sheet	Fair Value as of		Using Fair Value Hierarchy
	Classification	December 31, 2023		Level 1		Level 2		Level 3
Noncontrolling interest put	Noncontrolling interest	$	15.5	$	—	$	15.5	$	—
Cross currency swaps	Accrued expenses and other; Other liabilities	109.0		—		109.0		—
Interest rate swaps	Other liabilities, net	69.6		—		69.6		—
Cash surrender value of life insurance policies	Other assets, net	95.4		—		95.4		—
Deferred compensation asset	Other assets, net	21.1		—		21.1		—
Deferred compensation liability	Other liabilities	107.4		—		107.4		—
Contingent consideration	Accrued expenses and other; Other liabilities	66.1		—		—		66.1

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 multiple 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

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LABCORP HOLDINGS INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollars and shares in millions, except per share data)

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 $4,812.3 and $4,850.4 as of June 30, 2024, and December 31, 2023, 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.

Cross-Currency Swap

During the fourth quarter of 2018, the Company entered into U.S. Dollar (USD) to Swiss Franc cross-currency swap agreements with an aggregate notional value of $600.0. During the second quarter of 2022, the Company terminated $300.0 of those cross-currency swap agreements and entered into new USD to Swiss Franc cross-currency swap agreements with an aggregate notional value of $300.0 that mature in 2024. During the first quarter of 2024, the Company terminated its 2024 and 2025 USD to Swiss Franc cross currency swaps and entered into two new swaps, each with a notional value of $300.0 and maturity dates of 2031 and 2034, respectively. These cross currency swaps are included in Accrued expenses and other and other long-term liabilities as appropriate with an aggregate fair value of $103.6 and $109.0 as of June 30, 2024 and December 31, 2023, respectively. Changes in the fair value of the cross-currency swaps are charged or credited through accumulated other comprehensive income in the Consolidated Balance Sheet until the hedged item is recognized in earnings. The cumulative amount of the fair value hedging adjustments are recognized as currency translation within the Condensed Consolidated Statement of Comprehensive Earnings.

11.     SUPPLEMENTAL CASH FLOW INFORMATION

	Six Months Ended June 30,
	2024		2023
Cash paid during period for:
Interest	$	106.6	$	109.5
Income taxes, net of refunds	153.0		133.3
Disclosure of non-cash financing and investing activities:
Change in accrued property, plant, and equipment	(19.2)		16.5

12.     BUSINESS SEGMENT INFORMATION

The following table is a summary of segment information for the three and six months ended June 30, 2024, and 2023. The “management approach” has been used to present the following segment information. This approach is based upon the way the management of the Company organizes segments within an enterprise for making operating decisions and assessing performance. Financial information is reported on the basis that it is used internally by the chief operating decision maker (CODM) for evaluating segment performance and deciding how to allocate resources to segments. The Company’s chief executive officer has been identified as the CODM.

Segment asset information is not presented because it is not used by the CODM at the segment level. The Corporate costs not allocated to segments include the costs of centralized functions, other charges such as acquisition expenses, spin-off costs, remaining unallocated costs of the CDCS business, and COVID-19 related costs unrelated to the segment. Centralized functions include corporate governance, executive management and related human resources, finance, legal, risk management, and information technology functions.

20

LABCORP HOLDINGS INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(dollars and shares in millions, except per share data)

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenues:
Dx	$	2,524.9	$	2,340.8	$	5,004.6	$	4,723.6
BLS	707.0		699.0		1,417.9		1,360.3
Intercompany eliminations and other	(11.0)		(6.1)		(25.0)		(12.4)
Total revenues	$	3,220.9	$	3,033.7	$	6,397.5	$	6,071.5
Operating Earnings:
Dx segment operating income	$	441.5	$	409.7	$	859.4	$	851.2
BLS segment operating income	107.4		104.6		207.3		178.2
Segment operating income	548.9		514.3		1,066.7		1,029.4
General corporate and unallocated expenses	(180.3)		(177.9)		(309.2)		(300.1)
Amortization of intangibles and other assets	(62.2)		(51.5)		(122.3)		(104.9)
Goodwill and other asset impairments	—		(2.8)		(2.5)		(5.0)
Restructuring and other charges	(11.6)		(15.8)		(16.6)		(23.3)
Total operating income	$	294.8	$	266.3	$	616.1	$	596.1

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FORWARD-LOOKING STATEMENTS

The Company has made in this report, and from time to time may otherwise make in its public filings, press releases, and discussions by Company management, forward-looking statements concerning the Company’s operations, performance, and financial condition, as well as its strategic objectives. Some of these forward-looking statements relate to future events and expectations and can be identified by the use of forward-looking words such as “believes”, “expects”, “may”, “will”, “should”, “seeks”, “approximately”, “intends”, “plans”, “estimates”, or “anticipates” or the negative of those words or other comparable terminology. Such forward-looking statements speak only as of the time they are made and are subject to various risks and uncertainties and the Company claims the protection afforded by the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those currently anticipated due to a number of factors in addition to those discussed elsewhere herein, including in the “Summary of Material Risks” and “Risk Factors” section of the Annual Report on Form 10-K, and in the Company’s other public filings, press releases, and discussions with Company management, including:

1.changes in government and third-party payer regulations, reimbursement, or coverage policies or other future reforms in the U.S. healthcare system (or in the interpretation of current regulations), new insurance or payment systems, including state, regional or private insurance cooperatives (e.g., health insurance exchanges) affecting governmental and third-party coverage or reimbursement for commercial laboratory testing, including the impact of the U.S. Protecting Access to Medicare Act of 2014 (PAMA);

2.significant monetary damages, fines, penalties, assessments, refunds, repayments, damage to the Company’s reputation, unanticipated compliance expenditures, and/or exclusion or debarment from or ineligibility to participate in government programs, among other adverse consequences, arising from enforcement of anti-fraud and abuse laws and other laws applicable to the Company in jurisdictions in which the Company conducts business;

3.significant fines, penalties, costs, unanticipated compliance expenditures, and/or damage to the Company’s reputation arising from the failure to comply with applicable privacy and security laws and regulations, including the U.S. Health Insurance Portability and Accountability Act of 1996, the U.S. Health Information Technology for Economic and Clinical Health Act, the European Union's General Data Protection Regulation and similar laws and regulations in jurisdictions in which the Company conducts business;

4.loss or suspension of a license or imposition of fines or penalties under, or future changes in, or interpretations of applicable licensing laws or regulations regarding the operation of clinical laboratories, the development and commercialization of laboratory-developed tests (LDTs), and the delivery of clinical laboratory test results, including, but not limited to, the U.S. Clinical Laboratory Improvement Act of 1967, the U.S. Clinical Laboratory Improvement Amendments of 1988, the European Union In Vitro Diagnostics Regulation, and similar laws and regulations in jurisdictions in which the Company conducts business;

5.penalties or loss of license arising from the failure to comply with applicable occupational and workplace safety laws and regulations, including the U.S. Occupational Safety and Health Administration requirements, the U.S. Needlestick Safety and Prevention Act, and similar laws and regulations in jurisdictions in which the Company conducts business;

6.fines, unanticipated compliance expenditures, suspension of manufacturing, enforcement actions, damage to the Company's reputation, injunctions, or criminal prosecution arising from failure to maintain compliance with current good manufacturing practice regulations and similar requirements of various regulatory agencies in jurisdictions in which the Company conducts business;

7.sanctions or other remedies, including fines, unanticipated compliance expenditures, enforcement actions, injunctions or criminal prosecution arising from failure to comply with the Animal Welfare Act or applicable national, state and local laws and regulations in jurisdictions in which the Company conducts business;

8.changes in testing guidelines or recommendations by government agencies, medical specialty societies, and other authoritative bodies affecting the development, validation, approval, clearance, commercialization, or utilization of laboratory tests;

9.changes in applicable government regulations or policies affecting the approval, availability of, and the selling and marketing of diagnostic tests, including LDTs, drug development, or the conduct of drug development and medical device and diagnostic studies and trials, including regulations and policies of the U.S. Food and Drug Administration, the U.S. Department of Agriculture, the Medicine and Healthcare products Regulatory Agency in the United Kingdom, the National Medical Products Administration in China, the Pharmaceutical and Medical Devices Agency in Japan, the

22

European Medicines Agency in the European Union, and similar regulations and policies of agencies in other jurisdictions in which the Company conducts business;

10.changes in government regulations or reimbursement pertaining to the pharmaceutical, biotechnology and medical device and diagnostic industries, changes in reimbursement of pharmaceutical products, or reduced spending on research and development by pharmaceutical, biotechnology and medical device and diagnostic customers;

11.liabilities that result from the failure to comply with corporate governance requirements;

12.increased competition, including price competition, potential reduction in rates in response to price transparency initiatives and consumerism, competitive bidding and/or changes or reductions to fee schedules, and competition from companies that do not comply with existing applicable laws or regulations or otherwise disregard compliance standards in the industry;

13.changes in payer mix or payment structure or process, including insurance carrier participation in health insurance exchanges, an increase in capitated reimbursement mechanisms, the impact of clearinghouses on the claims reimbursement process, the impact of a shift to consumer-driven health plans or plans carrying an increased level of member cost-sharing, and adverse changes in payer reimbursement or payer coverage policies (implemented directly or through a third-party utilization management organization) related to specific diagnostic tests, categories of testing or testing methodologies;

14.failure to retain or attract business from managed care organizations (MCOs) as a result of changes in business models, including risk based or network approaches, out-sourced laboratory network management or utilization management companies, or other changes in strategy or business models by MCOs;

15.failure to obtain and retain new customers, an unfavorable change in the mix of testing services ordered, or a reduction in tests ordered, specimens submitted, or services requested by existing customers, and delays in payments from customers;

16.consolidation and convergence of customers, competitors, and suppliers, potentially causing material shifts in insourcing, utilization, pricing, reimbursement and supply chain access;

17.failure to invest in or effectively develop and deploy new systems, system modifications or enhancements required in response to evolving market, business, and customer trends and needs;

18.customers choosing to insource services that are or could be purchased from the Company;

19.failure to identify, successfully close and effectively integrate and/or manage acquisitions of new businesses or failure to maintain key customers and/or employees as a result of uncertainty surrounding the integration of acquisitions;

20.inability to achieve the expected benefits and synergies of newly-acquired businesses, including due to items not discovered in the due diligence process, and the impact on the Company’s cash position, levels of indebtedness and stock price;

21.termination, loss, delay, reduction in scope or increased costs of contracts, including large contracts and multiple contracts;

22.liability arising from errors or omissions in the performance of testing and other services or other contractual arrangements;

23.changes or disruption in the provision or transportation of services or supplies provided by third parties; or their termination for failure to follow the Company’s performance standards and requirements;

24.damage or disruption to the Company’s facilities;

25.damage to the Company’s reputation, loss of business, or other harm from acts of animal rights activists or potential harm and/or liability arising from animal research activities;

26.adverse results in litigation matters;

27.inability to attract, retain, and develop experienced and qualified personnel or the loss of significant personnel as a result of illness, increased competition for talent, wage growth, or other market factors beyond the Company’s control;

28.failure to develop or acquire licenses for new or improved technologies, such as point-of-care testing, mobile health technologies, and digital pathology, or potential use of new technologies by customers and/or consumers to perform their own tests;

29.substantial costs arising from the inability to commercialize newly licensed tests or technologies or to obtain appropriate coverage or reimbursement for such tests;

23

30.failure to obtain, maintain, and enforce intellectual property rights for protection of the Company’s products and services and defend against challenges to those rights;

31.scope, validity, and enforceability of patents and other proprietary rights held by third parties that may impact the Company’s ability to develop, perform, or market the Company's products or services or operate its business;

32.business interruption, receivables impairment, delays in cash collection impacting days sales outstanding, supply chain disruptions or inventory obsolescence, increases in material cost or other operating costs, or other impacts on the business due to natural disasters, including adverse weather, fires and earthquakes; geopolitical crises, including terrorism and war; public health crises and disease epidemics and pandemics, including, but not limited to the continued impact of COVID-19; and other events beyond the Company’s control;

33.discontinuation or recalls of existing testing products;

34.a failure in the Company’s information technology systems, including with respect to testing turnaround time and billing processes, the failure of the Company or its third-party suppliers and vendors to maintain the security of business information or systems or to protect against cybersecurity incidents such as denial of service attacks, malware, ransomware, and computer viruses, delays or failures in the development and implementation of the Company’s automation platforms, or adverse effects from the use of or regulation of artificial intelligence and machine learning tools, any of which could result in a negative effect on the Company’s performance of services, a loss of business or increased costs, delays in cash collections, damages to the Company’s reputation, significant litigation exposure, an inability to meet required financial reporting deadlines, or the failure to meet future regulatory or customer information technology, data security and connectivity requirements;

35.business interruption, increased costs, and other adverse effects on the Company’s operations due to the unionization of employees, union strikes, work stoppages, general labor unrest or failure to comply with labor or employment laws;

36.failure to maintain the Company’s days sales outstanding levels, cash collections (in light of increasing levels of patient responsibility), profitability and/or reimbursement arising from unfavorable changes in third-party payer policies, payment delays introduced by third-party utilization management organizations, and increasing levels of patient payment responsibility;

37.impact on the Company’s revenues, cash collections, and the availability of credit for general liquidity or other financing needs arising from a significant deterioration in the economy or financial markets or in the Company's credit ratings by Standard & Poor’s and/or Moody’s;

38.failure to maintain the expected capital structure for the Company, including failure to maintain the Company's investment grade rating, or leverage ratio covenants under its revolving credit facility;

39.changes in reimbursement by foreign governments and foreign currency fluctuations;

40.inability to obtain certain billing information from physicians, resulting in increased costs and complexity, a temporary disruption in receipts, and ongoing reductions in reimbursements and revenues;

41.expenses and risks associated with international operations, including, but not limited to, compliance with the U.S. Foreign Corrupt Practices Act (FCPA), the U.K. Bribery Act, other applicable anti-corruption laws and regulations, trade sanction laws and regulations, and economic, political, legal and other operational risks associated with foreign jurisdictions;

42.failure to achieve expected efficiencies, benefits, and savings in connection with the Company’s business process improvement initiatives;

43.changes in tax laws and regulations or changes in their interpretation;

44.changing global economic conditions and government and regulatory changes;

45.risks associated with the impacts and expected benefits and costs of the completed spin-off of Fortrea, including but not limited to factors that could adversely affect the Company’s ability to realize the expected benefits of the spin-off, the failure of the spin-off to qualify as a tax-free transaction for U.S. federal income tax purposes, and potential exposure to unexpected claims, liabilities, or costs under the Company’s agreements with Fortrea and/or otherwise in connection with the spin-off; and

46.risks and uncertainties as to the expected benefits of the Reorganization, including, but not limited to the effect of the Reorganization on the Company's business generally, and unexpected issues that may arise as a result of the Reorganization.

24

Except as may be required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Given these uncertainties, one should not put undue reliance on any forward-looking statements.

Separation of Fortrea Holdings Inc.

On June 30, 2023, Labcorp completed the previously announced separation of Fortrea from the Company.

All historical operating results of Fortrea are presented as Discontinued Operations, net of tax, in the Condensed Consolidated Statements of operations. The spin-off is expected to be treated as tax-free for the Company and its shareholders for U.S. federal income tax purposes.

As a result of the separation of Fortrea, the Company recast segment results to exclude the historical results of the CDCS business for all periods presented. The remaining operations of the previously reported Drug Development segment have been renamed the Biopharma Laboratory Services segment.

GENERAL (dollars in millions, except per share data)

Revenues for the six months ended June 30, 2024, were $6,397.5, an increase of 5.4% from $6,071.5 during the six months ended June 30, 2023. The increase was due to organic revenue of 3.0%, acquisitions, net of divestitures, of 2.1%, and favorable foreign currency translation of 0.2%. The 3.0% increase in organic revenue was driven by a 4.3% increase in the company's organic Base Business, partially offset by a 1.3% decrease in COVID-19 PCR testing (COVID-19 Testing). Compared to the Base Business last year, Base Business revenue grew 6.8%. Base Business includes Labcorp's operations except for COVID-19 Testing.

The Company defines organic growth as the increase in revenue excluding the year-over-year impact of acquisitions, divestitures, and currency. Acquisition and divestiture impact is considered for a twelve month period following the close of each transaction.

RESULTS OF OPERATIONS (dollars in millions)

Three months ended June 30, 2024, compared with three months ended June 30, 2023

Revenues

	Three Months Ended June 30,
	2024		2023		Change
Dx	$	2,524.9	$	2,340.8	7.9	%
BLS	707.0		699.0		1.1	%
Intercompany eliminations and other	(11.0)		(6.1)		80.3	%
Total	$	3,220.9	$	3,033.7	6.2	%

Total revenues for the three months ended June 30, 2024, were $3,220.9, an increase of 6.2% over $3,033.7 in the second quarter of 2023. The increase was due to organic revenue of 3.8%, acquisitions, net of divestitures, of 2.5%, partially offset by unfavorable foreign currency translation of 0.1%. The 3.8% increase in organic revenue was driven by a 4.5% increase in the company's organic Base Business, partially offset by a 0.7% decrease in COVID-19 Testing. Compared to Base Business last year, Base Business revenue grew 6.9%. Base Business includes Labcorp's operations except for COVID-19 Testing.

Dx revenues for the three months ended June 30, 2024, were $2,524.9, an increase of 7.9% over $2,340.8 in the second quarter of 2023. The increase was due to organic revenue of 4.7% and acquisitions, net of divestitures, of 3.2%, partially offset by unfavorable foreign currency translation of 0.1%. The 4.7% increase in organic growth was due to a 5.6% increase in the Base Business, partially offset by a 0.9% decrease in COVID-19 Testing. Total Base Business growth compared to the Base Business in the prior year was 8.9%.

Dx organic volume increased by 2.9% for the three months ended June 30, 2024, while total volume (measured by requisitions) increased by 5.7% as acquisition volume, net of divestitures, contributed 2.8%. Organic volume was up due to a 3.4% increase in the Base Business, partially offset by a 0.5% decrease in COVID-19 Testing. Price/mix increased by 2.1% due to organic Base Business growth of 2.2% and acquisitions of 0.4%, partially offset by a decrease in COVID-19 Testing of 0.4%. Base Business volume increased 6.3% compared to the Base Business last year. Price/mix was up 2.5% in the Base Business compared to the Base Business last year.

BLS revenues for the three months ended June 30, 2024, were $707.0, an increase of 1.1% over $699.0 in the second quarter of 2023. The increase was due to organic growth of 1.2%, partially offset by unfavorable foreign currency translation of 0.1%.

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Cost of Revenues

	Three Months Ended June 30,
	2024			2023			Change
Cost of revenues	$	2,294.5		$	2,191.5		4.7	%
Cost of revenues as a % of revenues	71.2		%	72.2		%

Cost of revenues increased 4.7% during the three months ended June 30, 2024, as compared with the corresponding period in 2023. Cost of revenues as a percentage of revenues during the three months ended June 30, 2024, decreased to 71.2% as compared to 72.2% in the corresponding period in 2023. This decrease in cost of revenues as a percent of revenues was primarily due to demand, LaunchPad savings, and CDCS costs in 2023 that do not qualify as discontinued operations, partially offset by higher personnel costs.

Selling, General and Administrative Expenses

	Three Months Ended June 30,
	2024			2023			Change
Selling, general and administrative expenses	$	557.8		$	505.8		10.3	%
Selling, general and administrative expenses as a % of revenues	17.3		%	16.7		%

Selling, general and administrative expenses as a percentage of revenues was 17.3% and 16.7% during the three months ended June 30, 2024, and 2023, respectively. The increase is primarily due to higher personnel costs partially offset by LaunchPad savings and demand.

Amortization of Intangibles and Other Assets

	Three Months Ended June 30,
	2024		2023		Change
Amortization of intangibles and other assets	$	62.2	$	51.5	20.8	%

The increase in amortization of intangibles and other assets primarily reflects additional amortization for assets acquired subsequent to June 30, 2023.

Goodwill and Other Asset Impairments

	Three Months Ended June 30,
	2024		2023		Change
Goodwill and other asset impairments	$	—	$	2.8	(100.0)	%

The Company recorded no impairment charges during the three months ended June 30, 2024. The Company recorded impairment charges of $2.8 in intangible assets during the three months ended June 30, 2023.

Restructuring and Other Charges

	Three Months Ended June 30,
	2024		2023		Change
Restructuring and other charges	$	11.6	$	15.8	(26.3)	%

During the three months ended June 30, 2024, the Company recorded net restructuring and other charges of $11.6. The charges were comprised of $9.2 related to severance and other personnel cost and $2.7 in facility-related costs. The charges were adjusted by the reversal of a previously established liability of $0.3 in unused facility-related costs.

During the three months ended June 30, 2023, the Company recorded net restructuring and other charges of $15.8. The charges were comprised of $5.2 related to severance and other personnel costs and $8.9 in facility closures, lease terminations, and general integration activities. The charges were adjusted by the reversal of a previously established liability of $0.6 in unused severance liabilities and the increase of a previously established liability of $2.3 in facility-related costs.

Interest Expense

	Three Months Ended June 30,
	2024		2023		Change
Interest expense	$	(47.6)	$	(49.8)	(4.4)	%

The decrease in interest expense for the three months ended June 30, 2024, as compared with the corresponding period in 2023, is primarily due to the repayment of the November 2023 $300.0 senior notes.

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Equity Method Income

	Three Months Ended June 30,
	2024		2023		Change
Equity method income (expense), net	$	(0.3)	$	0.9	(133.0)	%

 Equity method income (expense) represents the Company's ownership share in joint venture partnerships along with equity investments in other companies in the health care industry. The decrease in income for the three months ended June 30, 2024, as compared with the corresponding period in 2023, was partially due to the sale of the Company's interest in one joint venture and the acquisition of the remaining interest in another joint venture during 2023.

Other, net

	Three Months Ended June 30,
	2024		2023		Change
Other, net	$	19.5	$	(16.9)	215.0	%

 The change in Other, net for the three months ended June 30, 2024, as compared to the three months ended June 30, 2023, is primarily due to $22.9 of transition services fees charged to Fortrea related to administrative and IT systems support. The costs to provide these services are included in operating income but the service fees are included in other income. In addition, the Company recorded investment losses of $1.5 for the three months ended June 30, 2024 compared to investment losses of $4.1 for the corresponding period of 2023. Foreign currency transaction losses of $1.9 were recognized for the three months ended June 30, 2024, as compared to losses of $11.2 for the corresponding period of 2023.

Income Tax Expense

	Three Months Ended June 30,
	2024			2023			Change
Income tax expense	$	62.1		$	49.8		24.7	%
Income tax expense as a % of earnings before income taxes	23.2		%	24.3		%

The current year and prior year effective tax rate differs from the U.S. federal statutory rate of 21.0% primarily due to state income taxes and the disallowance of certain executive compensation, which were partially offset by research and development tax credits and favorable foreign rate differentials.

Operating Income by Segment

As a result of the spin-off of Fortrea, the Company recast the segment results to exclude the historical results of the CDCS business for all periods presented. The remaining operations of the previously reported Drug Development segment have been renamed the Biopharma Laboratory Services segment.

	Three Months Ended June 30,
	2024			2023			Change
Dx segment operating income	$	441.5		$	409.7		7.8	%
Dx segment operating margin	17.5		%	17.5		%	—	%
BLS segment operating income	107.4			104.6			2.7	%
BLS segment operating margin	15.2		%	15.0		%	0.2	%
Segment operating income	548.9			514.3			6.7	%
General corporate and unallocated expenses	(180.3)			(177.9)			1.3	%
Amortization of intangibles and other assets	(62.2)			(51.5)			20.8	%
Goodwill and other asset impairments	—			(2.8)			(100.0)	%
Restructuring and other charges	(11.6)			(15.8)			(26.3)	%
Total operating income	$	294.8		$	266.3		10.7	%

Dx operating income was $441.5 for the three months ended June 30, 2024, an increase of $31.8 over operating income of $409.7 in the corresponding period of 2023. The increase in adjusted operating income was driven by organic demand, acquisitions, and LaunchPad savings, partially offset by higher personnel costs.

BLS operating income was $107.4 for the three months ended June 30, 2024, an increase of $2.8 over operating income of $104.6 in the corresponding period of 2023. The increase was due to organic growth and LaunchPad savings, partially offset by higher personnel costs.

General corporate and unallocated expenses are comprised primarily of administrative services such as executive management, human resources, legal, finance, corporate affairs, and information technology. General corporate and unallocated

27

expenses were $180.3 for the three months ended June 30, 2024, an increase of $2.4 over corporate expenses of $177.9 in the corresponding period of 2023, primarily due to costs related to the spin-off of Fortrea and personnel costs.

The Company remains on track to deliver approximately $100.0 to $125.0 of Launchpad savings in fiscal 2024.

Six Months Ended June 30, 2024, compared with six months ended June 30, 2023

Revenues

	Six Months Ended June 30,
	2024		2023		Change
Dx	$	5,004.6	$	4,723.6	5.9	%
BLS	$	1,417.9	$	1,360.3	4.2	%
Intercompany eliminations and other	(25.0)		(12.4)		101.6	%
Total	$	6,397.5	$	6,071.5	5.4	%

The increase in revenues for the six months ended June 30, 2024, as compared with the corresponding period in 2023 was 5.4%. The increase was due to organic revenue of 3.0%, acquisitions, net of divestitures, of 2.1%, and favorable foreign currency translation of 0.2%. The 3.0% increase in organic revenue was driven by a 4.3% increase in the company's organic Base Business, partially offset by a 1.3% decrease in COVID-19 Testing. Compared to the Base Business last year, Base Business revenue grew 6.8%.

Dx revenues for the six months ended June 30, 2024, were $5,004.6, an increase of 5.9% over $4,723.6 during the six months ended June 30, 2023. The increase was due to organic revenue of 3.3% and acquisitions, net of divestitures, of 2.7%. The 3.3% increase in organic growth was due to a 4.9% increase in the Base Business, partially offset by a 1.7% decrease in COVID-19 Testing. Total Base Business growth compared to the Base Business in the prior year was 7.8%.

Dx total volume (measured by requisitions) for the six months ended June 30, 2024, increased by 4.6% as acquisition volume, net of divestitures, contributed 2.5%, while organic volume increased by 2.1%. Organic volume was up due to a 3.0% increase in the Base Business, partially offset by a 1.0% decrease in COVID-19 Testing. Price/mix increased by 1.4% due to organic Base Business growth of 1.9% and acquisitions, net of divestitures of 0.2%, partially offset by a decrease in COVID-19 Testing of 0.7%. Base Business volume increased 5.6% compared to the Base Business last year. Price/mix was up 2.2% in the Base Business compared to the Base Business last year.

BLS revenues for the six months ended June 30, 2024, were $1,417.9, an increase of 4.2% over $1,360.3 during the six months ended June 30, 2023. The increase was due to organic growth of 3.1% and favorable foreign currency translation of 1.1%.

Cost of Revenues

	Six Months Ended June 30,
	2024			2023			Change
Cost of revenues	$	4,573.8		$	4,379.2		4.4	%
Cost of revenues as a % of revenues	71.5		%	72.1		%

Cost of revenues increased 4.4% during the six months ended June 30, 2024, as compared with the corresponding period in 2023. Cost of revenues as a percentage of revenues during the six months ended June 30, 2024, decreased to 71.5% as compared to 72.1% in the corresponding period in 2023. This decrease in cost of revenues as a percent of revenues was primarily due to LaunchPad saving, demand, and CDCS costs in 2023 that do not qualify as discontinued operations, largely offset by higher personnel costs and lower COVID-19 Testing.

Selling, General and Administrative Expenses

	Six Months Ended June 30,
	2024			2023			Change
Selling, general and administrative expenses	$	1,066.2		$	963.0		10.7	%
Selling, general and administrative expenses as a % of revenues	16.7		%	15.9		%

Selling, general and administrative expenses as a percentage of revenues were 16.7% and 15.9% during the six months ended June 30, 2024, and 2023, respectively. The increase is primarily due to higher personnel costs and a reduction in COVID-19 Testing revenues, partially offset by LaunchPad savings and demand.

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Amortization of Intangibles and Other Assets

	Six Months Ended June 30,
	2024		2023		Change
Amortization of intangibles and other assets	$	122.3	$	104.9	16.6	%

The increase in amortization of intangibles and other assets primarily reflects additional amortization for assets acquired subsequent to June 30, 2023.

Goodwill and Other Asset Impairments

	Six Months Ended June 30,
	2024		2023		Change
Goodwill and other asset impairments	$	2.5	$	5.0	(50.9)	%

The Company recorded impairment charges of $2.5 related to a decommissioned robotic asset during the six months ended June 30, 2024. The Company recorded impairment charges of $5.0 in capitalized software costs and other intangible assets six months ended June 30, 2023.

Restructuring and Other Charges

	Six Months Ended June 30,
	2024		2023		Change
Restructuring and other charges	$	16.6	$	23.3	(28.6)%

During the six months ended June 30, 2024, the Company recorded net restructuring and other charges of $16.6. The charges were comprised of $15.1 related to severance and other personnel costs and $1.8 in facility-related costs. The charges were adjusted by the reversal of a previously established liability of $0.3 in unused facility-related costs.

During the six months ended June 30, 2023, the Company recorded net restructuring and other charges of $23.3. The charges were comprised of $9.2 related to severance and other personnel costs and $13.2 in facility closures, lease terminations, and general integration activities. The charges were adjusted by the reversal of a previously established liability of $1.1 in unused severance liabilities and the increase of a previously established liability of $2.0 in facility-related costs.

Interest Expense

	Six Months Ended June 30,
	2024		2023		Change
Interest expense	$	(94.5)	$	(100.5)	(6.0)	%

The decrease in interest expense for the six months ended June 30, 2024, as compared with the corresponding period in 2023, is primarily due to decreased borrowings under the Company's revolving credit facility, repayment of the November 2023 $300.0 senior notes, and partially offset by a higher interest rate on variable rate debt.

Equity Method Income

	Six Months Ended June 30,
	2024		2023		Change
Equity method expense, net	$	(0.2)	$	(1.2)	(79.9)	%

 Equity method expense represents the Company's ownership share in joint venture partnerships along with equity investments in other companies in the health care industry.

Other, net

	Six Months Ended June 30,
	2024		2023		Change
Other, net	$	39.5	$	(23.8)	265.7	%

 The change in Other, net for the six months ended June 30, 2024, as compared to the six months ended June 30, 2023, is primarily due to $45.3 of transition services fees charged to Fortrea related to administrative and IT systems support. The costs to provide these services are included in operating income but the service fees are included in other income. In addition, the Company recorded investment losses of $5.7 for the six months ended June 30, 2024 compared to investment losses of $5.6 for the corresponding period of 2023. Foreign currency transaction losses of $5.2 were recognized for the six months ended June 30, 2024, as compared to losses of $18.0 for the corresponding period of 2023. The Company also recorded a $4.9 gain on the sale of the assets of its Beacon Laboratory Benefit Solutions, Inc. business in 2024.

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Income Tax Expense

	Six Months Ended June 30,
	2024			2023			Change
Income tax expense	$	131.2		$	113.7		15.4	%
Income tax expense as a % of earnings before income taxes	23.2		%	23.8		%

The current year and prior year effective tax rate differs from the U.S. federal statutory rate of 21.0% primarily due to state income taxes and the disallowance of certain executive compensation, which were partially offset by research and development tax credits and favorable foreign rate differentials.

Operating Income by Segment

During the fourth quarter of 2022, the Company modified the segment performance measure to exclude the amortization of intangibles and other assets, restructuring and other charges, goodwill and other asset impairments, and certain corporate charges for items such as transaction costs, remaining unallocated costs of the CDCS business, COVID-19-related costs, and other special items. These changes align with how the CODM now evaluates segment performance and allocates resources. Prior periods have been conformed for comparability.

	Six Months Ended June 30,
	2024			2023			Change
Dx segment operating income	$	859.4		$	851.2		0.9	%
Dx segment operating margin	17.2		%	18.0		%	(0.8)	%
BLS segment operating income	207.3			178.2			16.3	%
BLS segment operating margin	14.6		%	13.1		%	1.5	%
Segment operating income	1,066.7			1,029.4			3.6	%
General corporate and unallocated expenses	(309.2)			(300.1)			3.0	%
Amortization of intangibles and other assets	(122.3)			(104.9)			16.6	%
Goodwill and other asset impairments	(2.5)			(5.0)			(50.9)	%
Restructuring and other charges	(16.6)			(23.3)			(28.6)	%
Total operating income	$	616.1		$	596.1		3.3	%

Dx operating income was $859.4 for the six months ended June 30, 2024, an increase of $8.2 over operating income of $851.2 in the corresponding period of 2023, and Dx operating margin decreased 80 basis points year-over-year. The decrease was due to a reduction in COVID-19 Testing and higher personnel costs, partially offset by a recovery in the Base Business.

BLS operating income was $207.3 for the six months ended June 30, 2024, an increase of $29.1 over operating income of $178.2 in the corresponding period of 2023. The increase was due to organic growth and LaunchPad savings, partially offset by higher personnel expense.

General corporate expenses are comprised primarily of administrative services such as executive management, human resources, legal, finance, corporate affairs, and information technology. Corporate expenses were $309.2 for the six months ended June 30, 2024, a increase of $9.1 over corporate expenses of $300.1 in the corresponding period of 2023, primarily due to costs related to the spin-off of Fortrea, and personnel costs.

The Company remains on track to deliver approximately $100.0 to $125.0 of Launchpad savings in fiscal 2024.

LIQUIDITY AND CAPITAL RESOURCES (dollars and shares in millions)

The Company's cash-generating ability and financial condition typically have provided ready access to capital markets. The Company's principal source of liquidity is operating cash flow, supplemented by proceeds from debt offerings. The Company believes that its balances of cash and cash equivalents and borrowing capacity, along with cash generated from operations, will be sufficient to satisfy its cash requirements, cash dividends, and share repurchases over the next twelve months and beyond. The Company's senior unsecured revolving credit facility is further discussed in Note 7 (Debt) to the Company's condensed consolidated financial statements.

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In summary, the Company's cash flows from continuing operations were as follows for the six months ended June 30, 2024, and 2023, respectively:

	Six Months Ended June 30,
	2024		2023
Net cash provided by operating activities from continuing operations	$	531.3	$	347.2
Net cash used for investing activities from continuing operations	(578.1)		(328.6)
Net cash used for financing activities from continuing operations	(221.7)		(124.7)
Effect of exchange rate changes on cash and cash equivalents	(3.2)		6.3
Net decrease in cash and cash equivalents from continuing operations	$	(271.7)	$	(99.8)

Cash and Cash Equivalents

Cash and cash equivalents at June 30, 2024, and 2023, totaled $265.1 and $1,930.6, respectively. Cash and cash equivalents consist of highly liquid instruments, such as time deposits, commercial paper, and other money market investments, which have original maturities of three months or less.

Cash Flows from Operating Activities 

During the six months ended June 30, 2024, the Company's continuing operations used $531.3 of cash as compared to providing $347.2 during the same period in 2023. The $184.1 increase in cash provided from operations in 2024 as compared with the corresponding 2023 period is primarily due to higher cash earnings.

Cash Flows from Investing Activities

Net cash used for investing activities from continuing operations for the six months ended June 30, 2024, was $578.1 as compared to $328.6 for the six months ended June 30, 2023. The change in cash used for investing activities was primarily due to an increase in business acquisitions and higher capital expenditures during the six months ended June 30, 2024. Capital expenditures were $262.0 and $181.5 for the six months ended June 30, 2024, and 2023, respectively.

On March 28, 2024, the Company announced that it entered into an agreement to acquire selected assets of BioReference Health, a wholly owned subsidiary of OPKO Health for $237.5. The transactions is anticipated to close in the third quarter of 2024, subject to customary closing conditions for a transaction of this type, including applicable regulatory approvals. Through this transaction Labcorp will acquire laboratory testing businesses focused on clinical diagnostics and reproductive and women's health across the United States, outside of New York and New Jersey.

On April 24, 2024, the Company announced that it has been selected as the winning bidder for select assets of Invitae, a leading medical genetics company. On May 6, 2024, the United States Bankruptcy Court approved the previously announced bid by Labcorp to acquire the assets of Invitae. The purchase price for the transaction is $239.0. The transaction is anticipated to close on August 5, 2024, subject to customary closing conditions for a transaction of this type, including applicable regulatory approvals. Through this transaction, the Company would acquire assets being auctioned through a voluntary bankruptcy protection process.

Cash Flows from Financing Activities

Net cash used by financing activities from continuing operations for the six months ended June 30, 2024, was $221.7 as compared to $124.7 for the six months ended June 30, 2023. The change in cash flows from financing activities from continuing operations for the six months ended June 30, 2024, as compared to the six months ended June 30, 2023, was primarily due to share repurchases of $100.0 in 2024.

At June 30, 2024, the Company had $265.1 of cash and $980.0 of available borrowings under its revolving credit facility, which does not mature until 2026. Under the Company's revolving credit facility and indentures relating to the Company's senior notes, the Company is subject to negative covenants limiting subsidiary indebtedness and certain other covenants typical for investment grade-rated borrowers , and with respect to the revolving credit facility, the Company is required to maintain certain leverage ratios. The Company was in compliance with all covenants under the revolving credit facility and the indentures related to the Company's outstanding senior notes at June 30, 2024. The Company expects that it will remain in compliance with all covenants associated with its existing debt obligations for the next twelve months.

The Company continues to evaluate its outstanding debt portfolio to take advantage of market conditions that would allow the Company to maintain a reasonable interest rate and lower financing risk. The Company anticipates that it will refinance the $2,000.0 in debt coming due during the next 12 months.

As of June 30, 2024, the Company had outstanding authorization from the board of directors to purchase up to $430.4 of the Company's common stock. On July 24, 2024, the Board adopted a new share repurchase plan authorizing up to $1,000.0 of the Company's shares in addition to the remaining amount outstanding under the previous plan. In aggregate, the share repurchase authorization is $1,430.4.

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For the six months ended June 30, 2024, the Company paid $122.5 in common stock dividends. On July 25, 2024, the Company announced a cash dividend of $0.72 per share of common stock for the second quarter, or approximately $61.2 in the aggregate. The dividend will be payable on September 13, 2024, to stockholders of record of all issued and outstanding shares of common stock as of the close of business on August 29, 2024. The declaration and payment of any future dividends will be at the discretion of the Company’s board of directors.

Guarantor Information

In connection with the Reorganization, the Company, LCAH and U.S. Bank Trust Company, National Association (the Trustee) entered a seventeenth supplemental indenture (the Seventeenth Supplemental Indenture) to the indenture, dated as of November 19, 2010 between LCAH and the Trustee (the Indenture), in order to (i) provide for the full and unconditional guarantee by the Company of LCAH’s obligations under the Indenture and each series of senior unsecured notes issued and outstanding thereunder (the Labcorp Holdings Guarantee), (ii) permit the Company to satisfy LCAH’s reporting obligations under the Indenture for so long as the Labcorp Holdings Guarantee remains in place and the Company’s financial statements and other information comply with the requirements of Rule 3-10 of Regulation S-X and the Exchange Act (Regulation S-X) and (iii) make certain other changes to the Indenture consistent with the foregoing.

As of June 30, 2024, there was $5,070.3 aggregate principal amount of issued and outstanding senior notes of LCAH that are fully and unconditionally guaranteed by the Company. Accordingly, pursuant to Rule 3-10 of Regulation S-X, separate consolidated financial statements of LCAH have not been presented. As permitted under Rule 13-01(a)(4)(vi) of Regulation S-X, we have excluded the summarized financial information for LCAH because the assets, liabilities and results of operations of LCAH are not materially different than the corresponding amounts in the Company’s consolidated financial statements and management believes such summarized financial information would be repetitive and would not provide incremental value to investors.

Credit Ratings

The Company’s investment grade debt ratings from Moody’s and from Standard and Poor’s (S&P) contribute to its ability to access capital markets.

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk (dollars in millions)

Market risk is the potential loss arising from adverse changes in market rates and prices, such as foreign currency exchange rates, interest rates, and other relevant market rate or price changes. In the ordinary course of business, the Company is exposed to various market risks, including changes in foreign currency exchange and interest rates, and the Company regularly evaluates its exposure to such changes. The Company addresses its exposure to market risks, principally the market risks associated with changes in foreign currency exchange rates and interest rates, through a controlled program of risk management that includes, from time to time, the use of derivative financial instruments such as foreign currency forward contracts, and interest rate and cross currency swap agreements.

Foreign Currency Exchange Rates

Approximately 13.7% of the Company’s revenues for the six months ended June 30, 2024, and approximately 13.6% of the Company’s revenue for the six months ended June 30, 2023, were denominated in currencies other than the U.S. Dollar (USD). The Company’s financial statements are reported in USD and, accordingly, fluctuations in exchange rates will affect the translation of revenues and expenses denominated in foreign currencies into USD for purposes of reporting the Company’s consolidated financial results. In the second quarter of 2024 and the year ended December 31, 2023, the most significant currency exchange rate exposures were to the Canadian dollar, Swiss Franc, Euro and British Pound. Excluding the impacts from any outstanding or future hedging transactions, a hypothetical change of 10% in average exchange rates used to translate all foreign currencies to USD would have impacted income before income taxes for the six months ended June 30, 2024, by approximately $13.5. Gross accumulated currency translation adjustments recorded as a separate component of shareholders’ equity were $(7.2) and $51.7 for the quarter ended June 30, 2024 and 2023, respectively. The Company does not have significant operations in countries in which the economy is considered to be highly inflationary.

The Company earns revenue from service contracts over a period of time, ranging from months to years. Accordingly, exchange rate fluctuations during this period may affect the Company’s profitability with respect to such contracts. The Company is also subject to foreign currency transaction risk for fluctuations in exchange rates during the period of time between the consummation and cash settlement of transactions. The Company limits its foreign currency transaction risk through exchange rate fluctuation provisions stated in some of its contracts with customers, or it may hedge transaction risk with foreign currency forward contracts. At June 30, 2024, the Company had 10 open foreign exchange forward contracts with various amounts maturing monthly through July 2024 with a notional value totaling approximately $361.0. At December 31, 2023, the Company had 9 open foreign exchange forward contracts with various amounts maturing monthly through January 2024 with a notional value totaling approximately $305.8.

32

The Company is party to USD to Swiss Franc cross-currency swap agreements with an aggregate notional amount of $600.0, $300.0 maturing in 2031 and $300.0 maturing in 2034, as a hedge against the impact of foreign exchange movements on its net investment in a Swiss Franc functional currency subsidiary.

Interest Rates

Some of the Company’s debt from time to time is subject to interest at variable rates. As a result, fluctuations in interest rates can affect the business. The Company attempts to manage interest rate risk and overall borrowing costs through an appropriate mix of fixed and variable rate debt including by the utilization of derivative financial instruments, primarily interest rate swaps.

Borrowings under the Company’s term loan credit facility, now repaid, and revolving credit facility are subject to variable interest rates, unless fixed through interest rate swaps or other agreements.

In May 2021, to hedge against changes in the fair value portion of the Company’s long-term debt, the Company entered into fixed-to-variable interest rate swap agreements for the 2.70% senior notes due 2031 with an aggregate notional value of $500.0 and variable interest rates based on three-month SOFR plus 1.0706%.

ITEM 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this Quarterly Report on Form 10-Q, the Company carried out, under the supervision and with the participation of the Company’s management, including the Company’s principal executive officer and principal financial officer, an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rules13a-15 and 15d-15(e) under the Securities Exchange Act of 1934, as amended). Based upon this evaluation, the Company’s principal executive officer and principal financial officer concluded that the Company’s disclosure controls and procedures were effective as of June 30, 2024.

Changes in Internal Control Over Financial Reporting

There were no changes in the Company’s internal control over financial reporting (as defined in Rules13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended) that occurred during the quarter ended June 30, 2024, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

33

LABCORP HOLDINGS INC. AND SUBSIDIARIES

PART I - OTHER INFORMATION

Item 1. Legal Proceedings

See Note 9 (Commitments and Contingencies) to the Company’s condensed consolidated financial statements, above, which is incorporated herein by reference.

Item 1A. Risk Factors

The risk factors set forth below revise and supplement the corresponding risk factors set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. With the exception of the following, there have been no material changes in the risk factors that appear in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

U.S. Food and Drug Administration (FDA) regulation of diagnostic products, increased FDA regulation of laboratory-developed tests (LDTs), and regulation by other countries of diagnostic tests and related products could result in increased costs and the imposition of fines or penalties, and could have a material adverse effect upon the Company’s business.

The FDA has regulatory responsibility for instruments, test kits, reagents and other devices used by clinical laboratories. The FDA enforces laws and regulations that govern the development, testing, manufacturing, performance, labeling, advertising, marketing, distribution, and surveillance of diagnostic products, and it regularly inspects and reviews the manufacturing processes and product performance of diagnostic products. Dx’s point-of-care testing devices are subject to regulation by the FDA.

LDTs developed by high complexity clinical laboratories are currently generally offered as services to health care providers under the CLIA regulatory framework administered by CMS, without the requirement for FDA clearance or approval. However, since the 1990s, the FDA has asserted that it has authority to regulate LDTs as medical devices but has exercised enforcement discretion to refrain from systematic regulation of LDTs. In 2014, the FDA issued draft guidance describing how it intended to discontinue its enforcement discretion policy and begin regulating LDTs as medical devices; however, that draft guidance was not finalized, and the FDA instead continued its enforcement discretion policy and indicated that it intended to work with Congress to enact comprehensive legislative reform of diagnostics oversight. In February 2020, the FDA issued a statement with a table of pharmacogenetic associations setting forth certain gene-drug interactions that the agency determined are supported by the scientific literature to help ensure that claims being made for pharmacogenetic tests are grounded in sound science, thereby reducing the risk of enforcement actions with respect to LDTs offering claims consistent with the table. The FDA noted that it could take enforcement actions under the current medical device framework regarding diagnostic claims the agency determines not to be sufficiently supported. In addition, in 2021, the Verifying Accurate, Leading-edge, IVCT Development (VALID) Act was introduced in Congress and provided a framework to regulate in vitro diagnostics and LDTs as in vitro clinical tests. In 2022, the VALID Act was incorporated into the Senate user fee bill but was not included in the year-end Consolidated Appropriations Act of 2022. On March 29, 2023, the VALID Act was reintroduced and remains pending. On April 29, 2024, the FDA released a final rule purporting to clarify its authority to regulate LDTs as medical devices under the federal Food, Drug, and Cosmetic Act, under which it will phase out its general enforcement discretion approach for LDTs under a four-year period subject to certain continuing enforcement discretion policies. More specifically, among other policies, the final rule provides that the FDA will continue to exercise discretion not to enforce premarket review and most FDA quality system requirements for unmodified LDTs first marketed prior to issuance of the final rule; will continue to exercise discretion not to enforce premarket review requirements for LDTs approved by the State of New York; and will continue to exercise discretion not to enforce premarket review and most FDA quality system requirements for LDTs developed and performed by a laboratory integrated into a health system for unmet needs for patients under the care of the same health system, where no FDA cleared or approved test is available. The final rule was published on May 6, 2024, and in the absence of a successful legal challenge, will become effective on May 6, 2025. On May 29, 2024, the American Clinical Laboratory Association (ACLA) and its member company, HealthTrackRx, filed a lawsuit against the FDA in the United States District Court for the Eastern District of Texas, challenging the FDA's final rule. While the lawsuit may change the final rule or delay or prevent its enforcement, the issuance of the final rule presents an increased risk of FDA enforcement actions for laboratory tests offered by companies without FDA clearance or approval that do not fall within the ongoing enforcement discretion policies. However, the outcome and its ultimate impact on the Company’s business remain difficult to predict at this time.

Current FDA regulation of the Company’s diagnostic products and the potential for future increased regulation of the Company’s LDTs could result in increased costs and administrative and legal actions for noncompliance, including warning letters, fines, penalties, product suspensions, product recalls, injunctions, and other civil and criminal sanctions, and could impair the development and commercialization of new tests, which could have a material adverse effect upon the Company.

34

Regulation of diagnostics products in jurisdictions outside the U.S. in which the Company operates may impact laboratory testing offered by the Company in both Dx and BLS. For example, the European Union In Vitro Diagnostics Regulation (Regulation (EU) 2017/746 (EU IVDR)) established a new legislative framework for in vitro diagnostic devices that are used in certain circumstances, and includes a rule-based classification and quality and safety standards. The EU IVDR, where applicable to BLS's services, could impact BLS's ability to support trials, result in increased costs and administrative and legal actions, and have an adverse effect.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds (dollars and shares in millions, except per share data)

During the three months ended June 30, 2024, the Company repurchased the following shares of its common stock:

	Total Number of Shares Repurchased	Average Price Paid Per Share		Total Number of Shares Repurchased as Part of Publicly Announced Program	Maximum Dollar Value of Shares that May Yet Be Repurchased Under the Program
April 1 - April 30	—	—		—	530.4
May 1 - May 31	0.5	202.66		0.5	430.4
June 1 - June 30	—	—		—	430.4
	0.5	$	202.66	0.5	$	430.4

As of June 30, 2024, the Company had outstanding authorization from the board of directors to purchase up to $430.4 of the Company's common stock. The repurchase authorization has no expiration date. On July 24, 2024, the Board adopted a new share repurchase plan authorizing up to $1,000.0 of the Company's shares in addition to the remaining amount outstanding under the previous plan. In aggregate, the share repurchase authorization is $1,430.4.

Item 5. Other Information

Insider Adoption or Termination of Trading Arrangements:

During the fiscal quarter ended June 30, 2024, none of the Company's directors or officers informed it of the adoption, modification or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Regulation S-K, Item 408, except as described in the table below:

Name and Title	Date Adopted	Character of Trading Agreement	Aggregate Number of Shares of Common Stock to be (Sold) Purchased Pursuant to Trading Agreement			Duration
Kerrii B. Anderson	May 3, 2024	Rule 10b5-1 Trading Arrangement	Up to	(3,000)	(1)	5/3/2025(2)
Director

(1) The figure presented represents the shares to be sold on the vesting of equity awards before reduction for shares to be withheld for tax purposes

(2) This trading arrangement permits transactions through and including the earlier to occur of (a) the completion of all sales on the respective order entry date or (b) the date listed in the table.

35

Item 6. Exhibits

(a)
2.1	Agreement and Plan of Merger, dated May 17, 2024, by and among Laboratory Corporation of America Holdings, Labcorp Holdings Inc. and Radiance Merger Sub Inc. (incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed on May 17, 2024)
3.1	Amended and Restated Certificate of Incorporation of Labcorp Holdings Inc. (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on May 17, 2024)
3.2	Amended and Restated By-Laws of Labcorp Holdings Inc. (incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K filed on May 17, 2024)
4.1	Seventeenth Supplemental Indenture dated as of May 17, 2024, by and among Laboratory Corporation of America Holdings, as issuer, Labcorp Holdings Inc., as guarantor, and U.S. Bank National Trust Company Association, as trustee (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed on May 17, 2024)
4.2	New Holding Company Guarantee, dated May 17, 2024, by Labcorp Holdings Inc. (incorporated by reference to Exhibit 4.3 to the Company's Current Report on Form 8-K filed on May 17, 2024)
10.1	Guarantor Joinder Agreement, dated May 17, 2024, by Labcorp Holdings Inc. (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on May 17, 2024)
10.2+	Assignment and Assumption Agreement, dated as of May 17, 2024, by and among Laboratory Corporation of America Holdings, Labcorp Holdings Inc. and Adam H. Schechter. (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on May 17, 2024)
10.3+	Assignment and Assumption Agreement, dated as of May 17, 2024, by and among Laboratory Corporation of America Holdings, Labcorp Holdings Inc. and Radiance Merger Sub Inc. (incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed on May 17, 2024)
10.4+	Labcorp Holdings Inc. Amended and Restated 2016 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.4 to the Company's Current Report on Form 8-K filed on May 17, 2024)
10.5+	Labcorp Holdings Inc. Amended and Restated 2016 Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.5 to the Company's Current Report on Form 8-K filed on May 17, 2024)
22.1*	Subsidiary Issuers of Guaranteed Securities
31.1*	Certification by the Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a)
31.2*	Certification by the Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a)
32**	Written Statement of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350)
101.INS*	Inline XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH*	Inline XBRL Taxonomy Extension Schema
101.CAL*	Inline XBRL Taxonomy Extension Calculation Linkbase
101.DEF*	Inline XBRL Taxonomy Extension Definition Linkbase
101.LAB*	Inline XBRL Taxonomy Extension Label Linkbase
101.PRE*	Inline XBRL Taxonomy Extension Presentation Linkbase
104	Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101)

*	filed herewith
**	furnished herewith
+	Management contracts or compensatory plans or arrangements

36

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

LABCORP HOLDINGS INC.

Registrant

By:	/s/ ADAM H. SCHECHTER
	Adam H. Schechter
	Chief Executive Officer

By:	/s/ GLENN A. EISENBERG
	Glenn A. Eisenberg
	Executive Vice President and
	Chief Financial Officer

August 2, 2024

37

EX-22.1

Exhibit 22.1

Subsidiary Issuers of Guaranteed Securities

Guaranteed Securities

The following securities (collectively referred to in this exhibit as the “Senior Notes”) issued by Laboratory Corporation of America Holdings (“LCAH”), a Delaware corporation and wholly-owned subsidiary of Labcorp Holdings Inc. (“LHI”), a Delaware corporation, were outstanding as of June 30, 2024.

Description of Senior Notes

2.30% Senior Notes due 2024 (issued under the Thirteenth Supplemental Indenture)

3.25% Senior Notes due 2024 (issued under the Eleventh Supplemental Indenture)

3.60% Senior Notes due 2025 (issued under the Ninth Supplemental Indenture)

1.55% Senior Notes due 2026 (issued under the Fifteenth Supplemental Indenture)

3.60% Senior Notes due 2027 (issued under the Twelfth Supplemental Indenture)

2.95% Senior Notes due 2029 (issued under the Fourteenth Supplemental Indenture)

2.70% Senior Notes due 2031 (issued under the Sixteenth Supplemental Indenture)

4.70% Senior Notes due 2045 (issued under the Tenth Supplemental Indenture)

Obligors

As of June 30, 2024, the obligors under the Senior Notes consisted of LHI, as guarantor, and LCAH, as issuer.

EX-31.1

Exhibit 31.1

Certification

I, Adam H. Schechter, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Laboratory Corporation of America Holdings;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	August 2, 2024
		By:	/s/ ADAM H. SCHECHTER
			Adam H. Schechter
			Chief Executive Officer
			(Principal Executive Officer)

EX-31.2

Exhibit 31.2

Certification

I, Glenn A. Eisenberg, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Laboratory Corporation of America Holdings;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	August 2, 2024
		By:	/s/ GLENN A. EISENBERG
			Glenn A. Eisenberg
			Chief Financial Officer
			(Principal Financial Officer)

EX-32.1

Exhibit 32

Written Statement of

Chief Executive Officer and Chief Financial Officer

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350)

The undersigned, the Chief Executive Officer and the Chief Financial Officer of Laboratory Corporation of America Holdings (the “Company”), each hereby certifies that, to his knowledge on the date hereof:

(a) the Form 10-Q of the Company for the Period Ended June 30, 2024, filed on the date hereof with the Securities and Exchange Commission (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(b) information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

By:	/s/ ADAM H. SCHECHTER
	Adam H. Schechter
	Chief Executive Officer
	August 2, 2024

By:	/s/ GLENN A. EISENBERG
	Glenn A. Eisenberg
	Chief Financial Officer
	August 2, 2024

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Laboratory Corporation of America Holdings and will be retained by Laboratory Corporation of America Holdings and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Aug. 01, 2024
Document Information [Table]
Entity Common Stock, Shares Outstanding		83,963,277
Entity Central Index Key	0000920148
Document Fiscal Year Focus	2024
Entity Registrant Name	LABCORP HOLDINGS INC.
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		83,963,277
Document Fiscal Period Focus	Q2
Amendment Flag	false
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	1-11353
Entity Registrant Name	LABCORP HOLDINGS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	99-2588107
Entity Address, Address Line One	358 South Main Street
Entity Address, City or Town	Burlington,
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27215
City Area Code	336
Local Phone Number	229-1127
Title of 12(b) Security	Common Stock, $0.10 par value
Trading Symbol	LH
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000920148

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Current assets:
Accounts Receivable, after Allowance for Credit Loss, Current	$ 2,088,900,000	$ 2,088,900,000	$ 1,913,300,000
Unbilled Contracts Receivable	157,500,000	157,500,000	185,400,000
Supplies inventories	441,800,000	441,800,000	474,600,000
Prepaid expenses and other	618,000,000.0	618,000,000.0	655,300,000
Total current assets	3,571,300,000	3,571,300,000	3,765,400,000
Property, plant and equipment, net	2,932,500,000	2,932,500,000	2,911,800,000
Goodwill, net	6,220,200,000	6,220,200,000	6,142,500,000
Intangible Assets, Net (Excluding Goodwill)	3,332,000,000	3,332,000,000	3,342,000,000
Joint venture partnerships and equity method investments	17,500,000	17,500,000	26,900,000
Other assets, net	638,800,000	638,800,000	536,500,000
Total assets	16,712,300,000	16,712,300,000	16,725,100,000
Liabilities, Current [Abstract]
Accounts Payable, Current	760,600,000	760,600,000	827,500,000
Accrued Liabilities, Current	707,500,000	707,500,000	804,000,000.0
Deferred Revenue, Current	388,300,000	388,300,000	421,700,000
Operating Lease, Liability, Current	182,100,000	182,100,000	165,800,000
Finance Lease, Liability, Current	6,700,000	6,700,000	6,400,000
Current debt excluding finance lease liability	2,019,500,000	2,019,500,000	999,800,000
Long-term debt, less current portion	4,064,700,000	4,064,700,000	3,225,200,000
Long-term Debt, Excluding Current Maturities	3,047,300,000	3,047,300,000	4,054,700,000
Commitments and contingent liabilities	483,900,000	483,900,000	409,300,000
Operating Lease, Liability, Noncurrent	642,600,000	642,600,000	648,900,000
Finance Lease, Liability, Noncurrent	76,900,000	76,900,000	78,600,000
Deferred income taxes and other tax liabilities	376,100,000	376,100,000	417,900,000
Noncontrolling interest	8,691,500,000	8,691,500,000	8,834,600,000
Shareholders' equity:
Common stock, 92.8 and 93.5 shares outstanding at March 31, 2013 and December 31, 2012, respectively	15,000,000.0	15,000,000.0	15,500,000
Additional paid-in capital	12,500,000	12,500,000	38,400,000
Retained earnings	7,700,000	7,700,000	7,700,000
Accumulated other comprehensive income	(8,177,600,000)	(8,177,600,000)	(7,888,200,000)
Total liabilities and shareholders' equity	(192,000,000.0)	(192,000,000.0)	(59,300,000)
Stockholders' Equity Attributable to Parent	8,005,800,000	8,005,800,000	7,875,000,000
Liabilities and Equity	16,712,300,000	16,712,300,000	16,725,100,000
Net earnings	205,600,000	433,900,000
Cash and cash equivalents	$ 265,100,000	$ 265,100,000	$ 536,800,000

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss	$ 34.1	$ 32.7
Shareholders' Equity:
Common stock, shares outstanding (in shares)	83.8	83.9

XML

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net restructuring and other special charges	$ 11.6	$ 15.8	$ 16.6	$ 23.3
Operating Income (Loss)	294.8	266.3	616.1	596.1
Interest Expense	47.6	49.8	94.5	100.5
Equity method income, net	(0.3)	0.9	(0.2)	(1.2)
Investment income	1.3	4.5	4.2	6.7
Other, net	19.5	(16.9)	39.5	(23.8)
Earnings before income taxes	267.7	205.0	565.1	477.3
Provision for income taxes	62.1	49.8	131.2	113.7
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	205.6	155.2	433.9	363.6
Net earnings	205.6	189.1	433.9	402.4
Net Income (Loss) Attributable to Noncontrolling Interest	0.3	0.2	0.6	0.6
Net earnings attributable to Labcorp Holdings Inc.	$ 205.3	$ 188.9	$ 433.3	$ 401.8
Income (Loss) from Continuing Operations, Per Basic Share	$ 2.44	$ 1.75	$ 5.15	$ 4.10
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share	0	0.38	0	0.43
Basic earnings per common share (in dollars per share)	2.44	2.13	5.15	4.53
Diluted earnings per common share (in dollars per share)	$ 2.43	$ 2.12	$ 5.13	$ 4.51
Revenues	$ 3,220.9	$ 3,033.7	$ 6,397.5	$ 6,071.5
Cost of Revenue	2,294.5	2,191.5	4,573.8	4,379.2
Gross Profit	926.4	842.2	1,823.7	1,692.3
Selling, general and administrative expenses	557.8	505.8	1,066.2	963.0
Amortization of intangibles and other assets	62.2	51.5	122.3	104.9
Asset Impairment Charges	0.0	2.8	2.5	5.0
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ 0.0	$ 33.9	$ 0.0	$ 38.8
Income (Loss) from Continuing Operations, Per Diluted Share	$ 2.43	$ 1.74	$ 5.13	$ 4.08
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share	$ 0	$ 0.38	$ 0	$ 0.43
Revenues	$ 3,220.9	$ 3,033.7	$ 6,397.5	$ 6,071.5
Cost of Revenue	2,294.5	2,191.5	4,573.8	4,379.2
Gross Profit	926.4	842.2	1,823.7	1,692.3
Selling, general and administrative expenses	557.8	505.8	1,066.2	963.0
Amortization of intangibles and other assets	62.2	51.5	122.3	104.9
Asset Impairment Charges	0.0	2.8	2.5	5.0
Net restructuring and other special charges	11.6	15.8	16.6	23.3
Operating Income (Loss)	294.8	266.3	616.1	596.1
Earnings before income taxes	267.7	205.0	565.1	477.3
Provision for income taxes	62.1	49.8	131.2	113.7
Net earnings	205.6	189.1	433.9	402.4
Less: Net earnings attributable to the noncontrolling interest	(0.3)	(0.2)	(0.6)	(0.6)
Net earnings attributable to Labcorp Holdings Inc.	$ 205.3	$ 188.9	$ 433.3	$ 401.8
Basic earnings per common share (in dollars per share)	$ 2.44	$ 2.13	$ 5.15	$ 4.53
Diluted earnings per common share (in dollars per share)	$ 2.43	$ 2.12	$ 5.13	$ 4.51

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Provision for income taxes	$ 62.1	$ 49.8	$ 131.2	$ 113.7
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	205.6	155.2	433.9	363.6
Foreign currency translation adjustments	(7.2)	51.7	(131.5)	99.8
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax	0.7	1.1	(1.7)	2.3
Other comprehensive earnings (loss) before tax	(6.5)	52.8	(133.2)	102.1
Tax effect of adjustments	(0.1)	(0.3)	0.5	(0.6)
Other comprehensive earnings (loss), net of tax	(6.6)	52.5	(132.7)	101.5
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	0.0	33.9	0.0	38.8
Net earnings	205.6	189.1	433.9	402.4
Net Income (Loss) Attributable to Noncontrolling Interest	0.3	0.2	0.6	0.6
Net Income (Loss) Attributable to Parent	205.3	188.9	433.3	401.8
Net earnings	205.6	189.1	433.9	402.4
Comprehensive earnings	199.0	241.6	301.2	503.9
Less: Net earnings attributable to the noncontrolling interest	(0.3)	(0.2)	(0.6)	(0.6)
Comprehensive earnings attributable to Laboratory Corporation of America Holdings	$ 198.7	$ 241.4	$ 300.6	$ 503.3

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CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Millions	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]
BALANCE at Dec. 31, 2022	$ 10,096.6	$ 8.1	$ 0.0	$ 10,581.7	$ (493.2)
Net earnings attributable to Labcorp Holdings Inc.	212.9	0.0	0.0	212.9	0.0
Other comprehensive earnings, net of tax	49.0	0.0	0.0	0.0	49.0
Dividends	64.7	0.0	0.0	64.7	0.0
Issuance of common stock under employee stock plans	(27.6)	0.0	(27.6)	0.0	0.0
Surrender of restricted stock and performance share awards	(20.5)	0.0	(20.5)	0.0	0.0
Stock compensation	40.6	0.0	40.6	0.0	0.0
BALANCE at Mar. 31, 2023	8,785.0	8.1	94.4	8,836.2	(153.7)
BALANCE at Dec. 31, 2022	10,096.6	8.1	0.0	10,581.7	(493.2)
Net earnings attributable to Labcorp Holdings Inc.	401.8
Other comprehensive earnings, net of tax	101.5
BALANCE at Jun. 30, 2023	10,341.5	8.1	47.7	10,729.9	(444.2)
BALANCE at Mar. 31, 2023	8,785.0	8.1	94.4	8,836.2	(153.7)
Net earnings attributable to Labcorp Holdings Inc.	188.9	0.0	0.0	188.9	0.0
Other comprehensive earnings, net of tax	52.5	0.0	0.0	0.0	52.5
Dividends		0.0	0.0	64.5	0.0
Issuance of common stock under employee stock plans	(26.8)	0.0	(26.8)	0.0	0.0
Surrender of restricted stock and performance share awards	(18.2)	0.0	(18.2)	0.0	0.0
Stock compensation	38.1	0.0	38.1	0.0	0.0
BALANCE at Jun. 30, 2023	10,341.5	8.1	47.7	10,729.9	(444.2)
Stockholders' Equity Note, Spinoff Transaction	(1,780.1)	0.0	0.0	(2,018.1)	238.0
Dividends, Cash	(64.5)
Retained Earnings (Accumulated Deficit)	7,888.2
BALANCE at Dec. 31, 2023	7,875.0	7.7	38.4	7,888.2	(59.3)
Net earnings attributable to Labcorp Holdings Inc.	228.0	0.0	0.0	228.0	0.0
Other comprehensive earnings, net of tax	(126.1)	0.0	0.0	0.0	(126.1)
Dividends	60.9	0.0	0.0	60.9	0.0
Issuance of common stock under employee stock plans	(26.7)	0.0	(26.7)	0.0	0.0
Surrender of restricted stock and performance share awards	(14.7)	0.0	(14.7)	0.0	0.0
Stock compensation	31.6	0.0	31.6	0.0	0.0
BALANCE at Mar. 31, 2024	7,959.6	7.7	82.0	8,055.3	(185.4)
BALANCE at Dec. 31, 2023	7,875.0	7.7	38.4	7,888.2	(59.3)
Net earnings attributable to Labcorp Holdings Inc.	433.3
Other comprehensive earnings, net of tax	(132.7)
BALANCE at Jun. 30, 2024	8,005.8	7.7	12.5	8,177.6	(192.0)
BALANCE at Mar. 31, 2024	7,959.6	7.7	82.0	8,055.3	(185.4)
Net earnings attributable to Labcorp Holdings Inc.	205.3	0.0	0.0	205.3	0.0
Other comprehensive earnings, net of tax	(6.6)	0.0	0.0	0.0	(6.6)
Dividends	60.2	0.0	0.0	60.2	0.0
Surrender of restricted stock and performance share awards	(23.1)	0.0	(23.1)	0.0	0.0
Stock compensation	30.8	0.0	30.8	0.0	0.0
BALANCE at Jun. 30, 2024	8,005.8	7.7	12.5	8,177.6	(192.0)
Purchase of common stock	(100.0)	$ 0.0	$ 77.2	$ 22.8	$ 0.0
Retained Earnings (Accumulated Deficit)	$ 8,177.6

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 433.9	$ 402.4
Earnings from discontinued operations, net of tax	0.0	(38.8)
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	311.4	285.0
Stock compensation	62.4	67.3
Operating lease right-of-use asset expense	88.6	85.1
Goodwill and other asset impairments	2.5	5.0
Deferred income taxes	(39.1)	16.2
Other	36.6	3.1
Change in assets and liabilities (net of effects of acquisitions and divestitures):
Increase (Decrease) in Accounts Receivable	(192.2)	(107.6)
Increase (Decrease) in Unbilled Contract Receivable	26.8	74.1
Increase (Decrease) in Inventories	27.7	(16.1)
Increase (Decrease) in Prepaid Expense and Other Assets	(21.6)	30.2
Increase (Decrease) in Accounts Payable	(51.7)	(160.3)
Increase (Decrease) in Deferred Revenue	(30.8)	34.8
Decrease in accrued expenses and other	(166.4)	(272.8)
Net Cash Provided by (Used in) Operating Activities, Total	531.3	472.6
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(262.0)	(181.5)
Proceeds from sale of assets	0.2	0.2
Proceeds from Sales of Business, Affiliate and Productive Assets	13.5	0.0
Investments in equity affiliates	(36.7)	(10.4)
Acquisition of businesses, net of cash acquired	(293.1)	(136.9)
Net cash used for investing activities	(578.1)	(353.3)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facilities	951.9	1,420.9
Payments on revolving credit facilities	(932.1)	(1,420.9)
Net share settlement tax payments from issuance of stock to employees	37.8	38.7
Net proceeds from issuance of stock to employees	26.7	54.4
Dividends paid	122.5	129.0
Purchase of common stock	(100.0)	0.0
Other	7.9	11.4
Net cash (used for) provided by financing activities	(221.7)	1,484.4
Effect of exchange rate changes on cash and cash equivalents	(3.2)	6.3
Net (decrease) increase in cash and cash equivalents	(271.7)	1,610.0
Cash and cash equivalents at beginning of period	536.8	430.0
Cash and cash equivalents at end of period	265.1	1,930.6
Discontinued Operations
Change in assets and liabilities (net of effects of acquisitions and divestitures):
Net cash provided by discontinued operating activities	0.0	125.4
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash used for discontinued investing activities	0.0	(24.7)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net cash provided by discontinued financing activities	0.0	1,609.1
Continuing Operations
Change in assets and liabilities (net of effects of acquisitions and divestitures):
Net cash provided by continuing operating activities	531.3	347.2
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash used for continuing investing activities	(578.1)	(328.6)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net cash used for continuing financing activities	(221.7)	(124.7)
Less: Cash and cash equivalents of discontinued operations at end of period	$ 0.0	$ 109.4

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BASIS OF FINANCIAL STATEMENT PRESENTATION

3 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]

BASIS OF FINANCIAL STATEMENT PRESENTATION

Labcorp® Holdings Inc. (Labcorp® or the Company) is a global leader of innovative and comprehensive laboratory services that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. By leveraging its unparalleled diagnostics and drug development capabilities, the Company provides insights and accelerates innovations to improve health and improve lives.

On April 25, 2024, the Company announced plans to implement a new public holding company structure, with Labcorp Holdings Inc. as the new holding company. On May 17, 2024, the Company completed the holding company reorganization (Reorganization) and Labcorp Holdings Inc. became the successor issuer to Laboratory Corporation of America Holdings (LCAH). The new holding company has no independent assets or operations and its sole ownership interest is in LCAH.

The Company reports its business in two segments, Diagnostics Laboratories (Dx) and Biopharma Laboratory Services (BLS), formerly Drug Development. For further financial information about these segments, see Note 12 (Business Segment Information) to the Condensed Consolidated Financial Statements. During the three months ended June 30, 2024, Dx and BLS contributed approximately 78% and 22%, respectively, of revenues to the Company. During the six months ended June 30, 2024, Dx and BLS contributed approximately 78% and 22%, respectively, of revenues to the Company.

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 Securities and Exchange Commission (SEC) and do not contain certain information included in the Company’s fiscal year 2023 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.

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).”

Basis of Presentation and Significant Accounting Policies [Text Block]

BASIS OF FINANCIAL STATEMENT PRESENTATION

Labcorp® Holdings Inc. (Labcorp® or the Company) is a global leader of innovative and comprehensive laboratory services that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. By leveraging its unparalleled diagnostics and drug development capabilities, the Company provides insights and accelerates innovations to improve health and improve lives.

On April 25, 2024, the Company announced plans to implement a new public holding company structure, with Labcorp Holdings Inc. as the new holding company. On May 17, 2024, the Company completed the holding company reorganization (Reorganization) and Labcorp Holdings Inc. became the successor issuer to Laboratory Corporation of America Holdings (LCAH). The new holding company has no independent assets or operations and its sole ownership interest is in LCAH.

The Company reports its business in two segments, Diagnostics Laboratories (Dx) and Biopharma Laboratory Services (BLS), formerly Drug Development. For further financial information about these segments, see Note 12 (Business Segment Information) to the Condensed Consolidated Financial Statements. During the three months ended June 30, 2024, Dx and BLS contributed approximately 78% and 22%, respectively, of revenues to the Company. During the six months ended June 30, 2024, Dx and BLS contributed approximately 78% and 22%, respectively, of revenues to the Company.

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 Securities and Exchange Commission (SEC) and do not contain certain information included in the Company’s fiscal year 2023 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.

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).”

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EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

Basic earnings per share is computed by dividing net earnings attributable to the Company by the weighted average number of shares of the Company's common stock 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 for the three and six months ended June 30:

	Three Months Ended June 30,										Six Months Ended June 30,
	2024					2023					2024					2023
	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	$	205.3	84.1	$	2.44	$	155.0	88.7	$	1.75	$	433.3	84.1	$	5.15	$	363.0	88.6	$	4.10
Dilutive effect of employee stock options and awards	—		0.2			—		0.3			—		0.4			—		0.4
Net earnings including impact of dilutive adjustments	$	205.3	84.3	$	2.43	$	155.0	89.0	$	1.74	$	433.3	84.5	$	5.13	$	363.0	89.0	$	4.08

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 June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Employee stock options and awards	0.4	0.5	0.3	0.4

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PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

Changes in common shares issued and held in treasury

The changes in common shares issued during the six months ended June 30, 2024 are summarized below:

	Issued and Outstanding
Common shares at December 31, 2023	83.9
Shares issued under employee stock plans	0.4
Shares repurchased	(0.5)
Common shares at June 30, 2024	83.8

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

The components of accumulated other comprehensive earnings (loss) during the six months ended June 30, 2024 were as follows:

	Foreign Currency Translation Adjustments		Net Benefit Plan Adjustments		Accumulated Other Comprehensive Earnings (Loss)
Balance as of December 31, 2023	$	(47.6)	$	(11.7)	$	(59.3)
Current year adjustments	(131.5)		(1.5)		(133.0)
Amounts reclassified from accumulated other comprehensive income	—		(0.2)		(0.2)
Tax effect of adjustments	—		0.5		0.5
Balance as of June 30, 2024	$	(179.1)	$	(12.9)	$	(192.0)

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 June 30, 2024, and December 31, 2023.

The changes in common shares issued during the six months ended June 30, 2024 are summarized below:

	Issued and Outstanding
Common shares at December 31, 2023	83.9
Shares issued under employee stock plans	0.4
Shares repurchased	(0.5)
Common shares at June 30, 2024	83.8

Share Repurchase Program

When the Company repurchases shares of Common Stock, the amount paid to repurchase the shares in excess of the par or stated value is allocated to additional paid-in-capital unless subject to limitation or the balance in additional paid-in-capital is exhausted. Remaining amounts are recognized as a reduction in retained earnings.

During the six months ended June 30, 2024, the Company purchased 0.5 shares of its common stock at an average price of $202.66 for a total cost of $100.0. As of June 30, 2024, the Company had outstanding authorization from the board of directors to purchase up to $430.4 of the Company's common stock. On July 24, 2024, the Board adopted a new share repurchase plan authorizing up to $1,000.0 of the Company's shares in addition to the remaining amount outstanding under the previous plan. In aggregate, the share repurchase authorization is $1,430.4.

Dividends

For the six months ended June 30, 2024, the Company paid $122.5 in common stock dividends. On July 25, 2024, the Company announced a cash dividend of $0.72 per share of common stock for the third quarter, or approximately $61.2 in the aggregate. The dividend will be payable on September 13, 2024, to stockholders of record of all issued and outstanding shares of common stock as of the close of business on August 29, 2024. 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) during the six months ended June 30, 2024 were as follows:

	Foreign Currency Translation Adjustments		Net Benefit Plan Adjustments		Accumulated Other Comprehensive Earnings (Loss)
Balance as of December 31, 2023	$	(47.6)	$	(11.7)	$	(59.3)
Current year adjustments	(131.5)		(1.5)		(133.0)
Amounts reclassified from accumulated other comprehensive income	—		(0.2)		(0.2)
Tax effect of adjustments	—		0.5		0.5
Balance as of June 30, 2024	$	(179.1)	$	(12.9)	$	(192.0)

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COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES

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FAIR VALUE MEASUREMENTS

3 Months Ended

Jun. 30, 2024

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 June 30, 2024, and December 31, 2023, was as follows:

				Fair Value Measurements as of
				June 30, 2024
	Balance Sheet	Fair Value as of		Using Fair Value Hierarchy
	Classification	June 30, 2024		Level 1		Level 2		Level 3
Noncontrolling interest put	Noncontrolling interest	$	15.0	$	—	$	15.0	$	—
Cross currency swaps	Other liabilities	103.6		—		103.6		—
Interest rate swaps	Other liabilities	79.7		—		79.7		—
Cash surrender value of life insurance policies	Other assets, net	96.4		—		96.4		—
Deferred compensation asset	Other assets, net	31.0		—		31.0		—
Deferred compensation liability	Other liabilities	125.3		—		125.3		—
Contingent consideration	Accrued expenses and other; Other liabilities	20.0		—		—		20.0

				Fair Value Measurements as of
				December 31, 2023
	Balance Sheet	Fair Value as of		Using Fair Value Hierarchy
	Classification	December 31, 2023		Level 1		Level 2		Level 3
Noncontrolling interest put	Noncontrolling interest	$	15.5	$	—	$	15.5	$	—
Cross currency swaps	Accrued expenses and other; Other liabilities	109.0		—		109.0		—
Interest rate swaps	Other liabilities, net	69.6		—		69.6		—
Cash surrender value of life insurance policies	Other assets, net	95.4		—		95.4		—
Deferred compensation asset	Other assets, net	21.1		—		21.1		—
Deferred compensation liability	Other liabilities	107.4		—		107.4		—
Contingent consideration	Accrued expenses and other; Other liabilities	66.1		—		—		66.1

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 multiple 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 $4,812.3 and $4,850.4 as of June 30, 2024, and December 31, 2023, 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.

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SUPPLEMENTAL CASH FLOW INFORMATION

3 Months Ended

Jun. 30, 2024

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

SUPPLEMENTAL CASH FLOW INFORMATION

	Six Months Ended June 30,
	2024		2023
Cash paid during period for:
Interest	$	106.6	$	109.5
Income taxes, net of refunds	153.0		133.3
Disclosure of non-cash financing and investing activities:
Change in accrued property, plant, and equipment	(19.2)		16.5

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BUSINESS ACQUISITIONS

6 Months Ended

Jun. 30, 2024

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

BUSINESS ACQUISITIONS AND DISPOSITIONS

During the six months ended June 30, 2024, the Company acquired several businesses and related assets for cash of approximately $293.1. These acquisitions consisted of the clinical and outreach businesses of Baystate Medical Center ($116.6), Providence Medical Foundation ($54.9), and Westpac Labs, Inc. ($97.7) and an escrow payment of $23.9 for selected assets of the Invitae Corporation that is anticipated to close on August 5, 2024. The preliminary purchase considerations for these acquisitions were allocated under the acquisition method of accounting to the estimated fair market value of the net assets acquired, including approximately $159.4 in identifiable intangible assets. A residual amount of tax deductible goodwill of approximately $141.7 was recorded as of June 30, 2024. The amortization period for non-compete agreements and customer list assets acquired from these businesses are 5 and 15 years, respectively. The valuation of acquired assets and assumed liabilities, include the following:

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BUSINESS SEGMENT INFORMATION Business Segment information (Notes)

3 Months Ended

Jun. 30, 2024

Segment Reporting Information [Line Items]

Segment Reporting Disclosure [Text Block]

BUSINESS SEGMENT INFORMATION

The following table is a summary of segment information for the three and six months ended June 30, 2024, and 2023. The “management approach” has been used to present the following segment information. This approach is based upon the way the management of the Company organizes segments within an enterprise for making operating decisions and assessing performance. Financial information is reported on the basis that it is used internally by the chief operating decision maker (CODM) for evaluating segment performance and deciding how to allocate resources to segments. The Company’s chief executive officer has been identified as the CODM.

Segment asset information is not presented because it is not used by the CODM at the segment level. The Corporate costs not allocated to segments include the costs of centralized functions, other charges such as acquisition expenses, spin-off costs, remaining unallocated costs of the CDCS business, and COVID-19 related costs unrelated to the segment. Centralized functions include corporate governance, executive management and related human resources, finance, legal, risk management, and information technology functions.

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenues:
Dx	$	2,524.9	$	2,340.8	$	5,004.6	$	4,723.6
BLS	707.0		699.0		1,417.9		1,360.3
Intercompany eliminations and other	(11.0)		(6.1)		(25.0)		(12.4)
Total revenues	$	3,220.9	$	3,033.7	$	6,397.5	$	6,071.5
Operating Earnings:
Dx segment operating income	$	441.5	$	409.7	$	859.4	$	851.2
BLS segment operating income	107.4		104.6		207.3		178.2
Segment operating income	548.9		514.3		1,066.7		1,029.4
General corporate and unallocated expenses	(180.3)		(177.9)		(309.2)		(300.1)
Amortization of intangibles and other assets	(62.2)		(51.5)		(122.3)		(104.9)
Goodwill and other asset impairments	—		(2.8)		(2.5)		(5.0)
Restructuring and other charges	(11.6)		(15.8)		(16.6)		(23.3)
Total operating income	$	294.8	$	266.3	$	616.1	$	596.1

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Discontinued Operations and Disposal Groups

3 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure

2.    DISCONTINUED OPERATIONS

On June 30, 2023 (the Distribution Date), Labcorp completed the previously announced separation (the Separation) from the Company of Fortrea Holdings Inc. (Fortrea), formerly the Company's Clinical Development and Commercialization Services (CDCS) business, into a separate, publicly-traded company. All historical operating results of Fortrea are presented as Discontinued Operations, net of tax, in the Condensed Consolidated Statements of Operations. The spin-off is expected to be treated as tax-free for the Company and its shareholders for U.S. federal income tax purposes.

The spin-off of Fortrea from Labcorp was achieved through the Company’s pro-rata distribution of 100% of the outstanding shares of Fortrea common stock to holders of record of Labcorp common stock. Each holder of record of Labcorp common stock received one share of Fortrea common stock for every share of Labcorp common stock held at 5:00 p.m., Burlington, North Carolina, time on June 20, 2023, the record date for the distribution.

In June 2023, Fortrea, prior to the Separation and while a subsidiary of the Company, issued $570.0 of 7.500% senior secured notes due 2030 (the Fortrea Notes). The proceeds from the Fortrea Notes were used to fund cash payments of

approximately $1,600.0 to the Company in connection with the Separation. The Company does not guarantee the Fortrea Notes following the Separation. Also in June 2023, Fortrea entered into three floating secured overnight financing rate (SOFR) credit facilities totaling $1,520.0. These are comprised of a $450.0 Revolver maturing June 30, 2028; a $500.0 Term Loan A maturing June 30, 2028; and a $570.0 Term Loan B maturing June 30, 2030.

In connection with the spin-off, the Company entered into several agreements with Fortrea on or prior to the Distribution Date that, among other things, provide a framework for the Company’s relationship with Fortrea after the spin-off, including a separation and distribution agreement, a tax matters agreement, an employee matters agreement, and a transition services agreement. These agreements contain the key provisions relating to the spin-off, including provisions relating to the principal intercompany transactions required to effect the spin-off, the conditions to the spin-off and provisions governing the relationship between Fortrea and the Company after the spin-off. The costs to provide these services are included in operating income but the service fees are included in other income.

Financial Information of Discontinued Operations

Earnings from discontinued operations, net of tax in the Consolidated Statements of Operations reflect the after-tax results of Fortrea's business and Separation-related fees, and do not include any allocation of general corporate overhead expense or interest expense of the Company.

The following table summarizes the significant line items included in Earnings from Discontinued Operations, Net of Tax in the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2023:

	Three Months Ended June 30, 2023		Six Months Ended June 30, 2023
Revenues	$	766.5	$	1,506.6
Cost of revenues	629.1		1,244.5
Gross profit	137.4		262.1
Selling, general and administrative expenses	85.4		184.1
Amortization of intangibles and other assets	16.0		31.9
Restructuring and other charges	4.1		3.0
Operating income	31.9		43.1
Other income (expense):
Other, net	8.3		2.5
Earnings before income taxes	40.2		45.6
Provision for income taxes	6.3		6.8
Net earnings attributable to Labcorp Holdings Inc.	$	33.9	$	38.8

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Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 205.3	$ 228.0	$ 188.9	$ 212.9	$ 433.3	$ 401.8

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Insider Trading Arrangements

3 Months Ended

Jun. 30, 2024

shares

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Insider Adoption or Termination of Trading Arrangements:

During the fiscal quarter ended June 30, 2024, none of the Company's directors or officers informed it of the adoption, modification or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Regulation S-K, Item 408, except as described in the table below:

Name and Title	Date Adopted	Character of Trading Agreement	Aggregate Number of Shares of Common Stock to be (Sold) Purchased Pursuant to Trading Agreement			Duration
Kerrii B. Anderson	May 3, 2024	Rule 10b5-1 Trading Arrangement	Up to	(3,000)	(1)	5/3/2025(2)
Director

(1) The figure presented represents the shares to be sold on the vesting of equity awards before reduction for shares to be withheld for tax purposes

(2) This trading arrangement permits transactions through and including the earlier to occur of (a) the completion of all sales on the respective order entry date or (b) the date listed in the table.

Rule 10b5-1 Arrangement Adopted

true

Non-Rule 10b5-1 Arrangement Adopted

false

Adoption Date

May 3, 2024

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Kerrii Anderson [Member]

Trading Arrangements, by Individual

Name

Kerrii B. Anderson

Title

Director

Aggregate Available

3,000

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Intangible Assets, Goodwill and Other (Policies)

3 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Goodwill, Policy

6.    GOODWILL AND INTANGIBLE ASSETS

The changes in the carrying amount of goodwill for the six months ended June 30, 2024, were as follows:

	Dx		BLS		Total
Balance as of December 31, 2023	$	4,813.9	$	1,328.6	$	6,142.5
Goodwill acquired during the period	141.7		—		141.7
Foreign currency impact and other adjustments to goodwill	(10.7)		(53.3)		(64.0)
Balance as of June 30, 2024	$	4,944.9	$	1,275.3	$	6,220.2

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 were as follows:

	June 30, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	3,947.8	$	(1,444.1)	$	2,503.7	$	3,868.6	$	(1,367.2)	$	2,501.4
Patents, licenses, and technology	520.3		(283.1)		237.2		526.6		(273.3)		253.3
Non-compete agreements	152.4		(72.5)		79.9		130.3		(60.4)		69.9
Canadian licenses	495.1		—		495.1		498.8		—		498.8
Other	34.1		(18.0)		16.1		34.1		(15.5)		18.6
	5,149.7		(1,817.7)		3,332.0		5,058.4		(1,716.4)		3,342.0

Amortization of intangible assets for the three and six months ended June 30, 2024, and 2023, was $62.2 and $51.5 and $122.3 and $104.9, respectively. The amortization expense for the net carrying amount of intangible assets is estimated to be $125.0 for the remainder of fiscal 2024, $237.2 in fiscal 2025, $228.2 in fiscal 2026, $216.9 in fiscal 2027, $209.1 in fiscal 2028, and $1,735.8 thereafter.

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Revenue from Contract with Customer (Policies)

3 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

REVENUES

The Company's revenues by segment and by payers/customer groups for the three and six months ended June 30, 2024, and 2023, were as follows:

	For the Three Months Ended June 30, 2024								For the Three Months Ended June 30, 2023
	North America		Europe		Other		Total		North America		Europe		Other		Total
Payer/Customer
Dx
Clients	24	%	—	%	—	%	24	%	24	%	—	%	—	%	24	%
Patients	10	%	—	%	—	%	10	%	10	%	—	%	—	%	10	%
Medicare and Medicaid	8	%	—	%	—	%	8	%	8	%	—	%	—	%	8	%
Third party	36	%	—	%	—	%	36	%	35	%	—	%	—	%	35	%
Total Dx revenues by payer	78	%	—	%	—	%	78	%	77	%	—	%	—	%	77	%
BLS
Pharmaceutical, biotechnology, and medical device companies	9	%	9	%	4	%	22	%	10	%	9	%	4	%	23	%
Total revenues	87	%	9	%	4	%	100	%	87	%	9	%	4	%	100	%

	For the Six Months Ended June 30, 2024								For the Six Months Ended June 30, 2023
	North America		Europe		Other		Total		North America		Europe		Other		Total
Payer/Customer
Dx
Clients	24	%	—	%	—	%	24	%	25	%	—	%	—	%	25	%
Patients	10	%	—	%	—	%	10	%	10	%	—	%	—	%	10	%
Medicare and Medicaid	8	%	—	%	—	%	8	%	8	%	—	%	—	%	8	%
Third party	36	%	—	%	—	%	36	%	35	%	—	%	—	%	35	%
Total Dx revenues by payer	78	%	—	%	—	%	78	%	78	%	—	%	—	%	78	%
BLS
Pharmaceutical, biotechnology, and medical device companies	9	%	9	%	4	%	22	%	9	%	9	%	4	%	22	%
Total revenues	87	%	9	%	4	%	100	%	87	%	9	%	4	%	100	%

Revenues in the U.S. were $2,698.8 (83.8%) and $2,537.0 (83.6%) for the three months ended June 30, 2024 and 2023, respectively, and were $5,353.4 (83.7%) and $5,094.4 (83.9%) for the six months ended June 30, 2024 and 2023, respectively.

Accounts Receivable, Unbilled Services and Unearned Revenue

The following table provides information about accounts receivable, unbilled services, and unearned revenue from contracts with customers as of June 30, 2024 and December 31, 2023:

	June 30, 2024		December 31, 2023
Dx accounts receivable	$	1,331.4	$	1,135.2
BLS accounts receivable	791.6		810.8
Less BLS allowance for doubtful accounts	(34.1)		(32.7)
Accounts receivable	$	2,088.9	$	1,913.3
Gross unbilled services	$	159.3	$	192.9
Less reserve for unbilled services	(1.8)		(7.5)
Unbilled services	$	157.5	$	185.4
Unearned revenue	$	388.3	$	421.7

Revenues recognized during the period that were included in the unearned revenue balance at the beginning of the period were $26.8 and $20.2 for the three months ended June 30, 2024 and 2023, respectively, and $77.8 and $72.8 for the six months ended June 30, 2024 and 2023, 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 six months ended June 30, 2024, was as follows:

	Accounts Receivable		Unbilled Services		Note and Other Receivables		Total
Balance as of December 31, 2023	$	32.7	$	7.5	$	0.7	$	40.9
Plus, credit loss expense	3.4		—		—		3.4
Less, write offs	2.0		5.7		—		7.7
Balance as of June 30, 2024	$	34.1	$	1.8	$	0.7	$	36.6

The credit loss expense in the first six months primarily related to the collection risk from several biotech receivable balances.

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EARNINGS PER SHARE (Tables)

3 Months Ended

Jun. 30, 2024

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 for the three and six months ended June 30:

	Three Months Ended June 30,										Six Months Ended June 30,
	2024					2023					2024					2023
	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	$	205.3	84.1	$	2.44	$	155.0	88.7	$	1.75	$	433.3	84.1	$	5.15	$	363.0	88.6	$	4.10
Dilutive effect of employee stock options and awards	—		0.2			—		0.3			—		0.4			—		0.4
Net earnings including impact of dilutive adjustments	$	205.3	84.3	$	2.43	$	155.0	89.0	$	1.74	$	433.3	84.5	$	5.13	$	363.0	89.0	$	4.08

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 June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Employee stock options and awards	0.4	0.5	0.3	0.4

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GOODWILL AND INTANGIBLE ASSETS (Tables)

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the six months ended June 30, 2024, were as follows:

	Dx		BLS		Total
Balance as of December 31, 2023	$	4,813.9	$	1,328.6	$	6,142.5
Goodwill acquired during the period	141.7		—		141.7
Foreign currency impact and other adjustments to goodwill	(10.7)		(53.3)		(64.0)
Balance as of June 30, 2024	$	4,944.9	$	1,275.3	$	6,220.2

Schedule of Intangible Assets and Goodwill [Table Text Block]

he components of identifiable intangible assets were as follows:

	June 30, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	3,947.8	$	(1,444.1)	$	2,503.7	$	3,868.6	$	(1,367.2)	$	2,501.4
Patents, licenses, and technology	520.3		(283.1)		237.2		526.6		(273.3)		253.3
Non-compete agreements	152.4		(72.5)		79.9		130.3		(60.4)		69.9
Canadian licenses	495.1		—		495.1		498.8		—		498.8
Other	34.1		(18.0)		16.1		34.1		(15.5)		18.6
	5,149.7		(1,817.7)		3,332.0		5,058.4		(1,716.4)		3,342.0

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FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

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

The Company’s population of financial assets and liabilities subject to fair value measurements as of June 30, 2024, and December 31, 2023, was as follows:

				Fair Value Measurements as of
				June 30, 2024
	Balance Sheet	Fair Value as of		Using Fair Value Hierarchy
	Classification	June 30, 2024		Level 1		Level 2		Level 3
Noncontrolling interest put	Noncontrolling interest	$	15.0	$	—	$	15.0	$	—
Cross currency swaps	Other liabilities	103.6		—		103.6		—
Interest rate swaps	Other liabilities	79.7		—		79.7		—
Cash surrender value of life insurance policies	Other assets, net	96.4		—		96.4		—
Deferred compensation asset	Other assets, net	31.0		—		31.0		—
Deferred compensation liability	Other liabilities	125.3		—		125.3		—
Contingent consideration	Accrued expenses and other; Other liabilities	20.0		—		—		20.0

				Fair Value Measurements as of
				December 31, 2023
	Balance Sheet	Fair Value as of		Using Fair Value Hierarchy
	Classification	December 31, 2023		Level 1		Level 2		Level 3
Noncontrolling interest put	Noncontrolling interest	$	15.5	$	—	$	15.5	$	—
Cross currency swaps	Accrued expenses and other; Other liabilities	109.0		—		109.0		—
Interest rate swaps	Other liabilities, net	69.6		—		69.6		—
Cash surrender value of life insurance policies	Other assets, net	95.4		—		95.4		—
Deferred compensation asset	Other assets, net	21.1		—		21.1		—
Deferred compensation liability	Other liabilities	107.4		—		107.4		—
Contingent consideration	Accrued expenses and other; Other liabilities	66.1		—		—		66.1

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SUPPLEMENTAL CASH FLOW INFORMATION (Tables)

3 Months Ended

Jun. 30, 2024

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

	Six Months Ended June 30,
	2024		2023
Cash paid during period for:
Interest	$	106.6	$	109.5
Income taxes, net of refunds	153.0		133.3
Disclosure of non-cash financing and investing activities:
Change in accrued property, plant, and equipment	(19.2)		16.5

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REVENUE (Tables)

3 Months Ended

Jun. 30, 2024

Disaggregation of Revenue [Line Items]

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

The rollforward for the allowance for credit losses for the six months ended June 30, 2024, was as follows:

	Accounts Receivable		Unbilled Services		Note and Other Receivables		Total
Balance as of December 31, 2023	$	32.7	$	7.5	$	0.7	$	40.9
Plus, credit loss expense	3.4		—		—		3.4
Less, write offs	2.0		5.7		—		7.7
Balance as of June 30, 2024	$	34.1	$	1.8	$	0.7	$	36.6

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

	June 30, 2024		December 31, 2023
Dx accounts receivable	$	1,331.4	$	1,135.2
BLS accounts receivable	791.6		810.8
Less BLS allowance for doubtful accounts	(34.1)		(32.7)
Accounts receivable	$	2,088.9	$	1,913.3
Gross unbilled services	$	159.3	$	192.9
Less reserve for unbilled services	(1.8)		(7.5)
Unbilled services	$	157.5	$	185.4
Unearned revenue	$	388.3	$	421.7

Disaggregation of Revenue [Table Text Block]

The Company's revenues by segment and by payers/customer groups for the three and six months ended June 30, 2024, and 2023, were as follows:

	For the Three Months Ended June 30, 2024								For the Three Months Ended June 30, 2023
	North America		Europe		Other		Total		North America		Europe		Other		Total
Payer/Customer
Dx
Clients	24	%	—	%	—	%	24	%	24	%	—	%	—	%	24	%
Patients	10	%	—	%	—	%	10	%	10	%	—	%	—	%	10	%
Medicare and Medicaid	8	%	—	%	—	%	8	%	8	%	—	%	—	%	8	%
Third party	36	%	—	%	—	%	36	%	35	%	—	%	—	%	35	%
Total Dx revenues by payer	78	%	—	%	—	%	78	%	77	%	—	%	—	%	77	%
BLS
Pharmaceutical, biotechnology, and medical device companies	9	%	9	%	4	%	22	%	10	%	9	%	4	%	23	%
Total revenues	87	%	9	%	4	%	100	%	87	%	9	%	4	%	100	%

	For the Six Months Ended June 30, 2024								For the Six Months Ended June 30, 2023
	North America		Europe		Other		Total		North America		Europe		Other		Total
Payer/Customer
Dx
Clients	24	%	—	%	—	%	24	%	25	%	—	%	—	%	25	%
Patients	10	%	—	%	—	%	10	%	10	%	—	%	—	%	10	%
Medicare and Medicaid	8	%	—	%	—	%	8	%	8	%	—	%	—	%	8	%
Third party	36	%	—	%	—	%	36	%	35	%	—	%	—	%	35	%
Total Dx revenues by payer	78	%	—	%	—	%	78	%	78	%	—	%	—	%	78	%
BLS
Pharmaceutical, biotechnology, and medical device companies	9	%	9	%	4	%	22	%	9	%	9	%	4	%	22	%
Total revenues	87	%	9	%	4	%	100	%	87	%	9	%	4	%	100	%

Revenues in the U.S. were $2,698.8 (83.8%) and $2,537.0 (83.6%) for the three months ended June 30, 2024 and 2023, respectively, and were $5,353.4 (83.7%) and $5,094.4 (83.9%) for the six months ended June 30, 2024 and 2023, respectively.

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BASIS OF FINANCIAL STATEMENT PRESENTATION (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Asset Impairment Charges	$ 0.0		$ 2.8		$ 2.5	$ 5.0
Revenues	3,220.9		$ 3,033.7		6,397.5	$ 6,071.5
Contract with Customer, Liability	$ 388.3				$ 388.3		$ 421.7
Percent of Revenue Contributed	100.00%		100.00%		100.00%	100.00%
Ownership percentage below which investments are generally accounted for on the cost method (in thousandths)					20.00%
Provision for income taxes	$ 62.1		$ 49.8		$ 131.2	$ 113.7
Net Income (Loss) Attributable to Parent	205.3	$ 228.0	188.9	$ 212.9	433.3	401.8
Stockholders' Equity Attributable to Parent	8,005.8	$ 7,959.6	10,341.5	$ 8,785.0	8,005.8	10,341.5	7,875.0	$ 10,096.6
Deferred Revenue, Revenue Recognized	26.8		$ 20.2		77.8	$ 72.8
Cash and cash equivalents	$ 265.1				$ 265.1		$ 536.8
LabCorp Diagnostics [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percent of Revenue Contributed	78.00%		77.00%		78.00%	78.00%

XML

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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Shares [Abstract]
Net earnings, basic (in shares)	84.1	88.7	84.1	88.6
Dilutive effect of employee stock options and awards, (in shares)	0.2	0.3	0.4	0.4
Income (Loss) from Continuing Operations, Per Diluted Share	$ 2.43	$ 1.74	$ 5.13	$ 4.08
Per Share Amount [Abstract]
Net Income (Loss) Available to Common Stockholders, Diluted	$ 205.3	$ 155.0	$ 433.3	$ 363.0
Weighted Average Number of Shares Outstanding, Diluted	84.3	89.0	84.5	89.0
Income (Loss) from Continuing Operations, Per Basic Share	$ 2.44	$ 1.75	$ 5.15	$ 4.10
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent	$ 205.3

XML

EARNINGS PER SHARE (Potential common shares not included in computation of diluted earnings per share) (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Stock options (in shares)	0.4	0.5	0.3	0.4

XML

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

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Dec. 31, 2023

Goodwill [Line Items]

Amortization of intangibles and other assets

$ 62.2

$ 51.5

$ 122.3

$ 104.9

Intangible Assets, Gross (Excluding Goodwill)

5,149.7

5,149.7

$ 5,058.4

Balance as of January 1

6,142.5

Adjustments to goodwill

(64.0)

Balance at end of period

6,220.2

6,220.2

Finite-Lived Intangible Assets, Accumulated Amortization

1,817.7

1,817.7

1,716.4

Intangible Assets, Net (Excluding Goodwill)

$ 3,332.0

3,332.0

3,342.0

Goodwill, Acquired During Period

141.7

Goodwill [Roll Forward]

Goodwill and Intangible Assets, Goodwill, Policy

6.    GOODWILL AND INTANGIBLE ASSETS

The changes in the carrying amount of goodwill for the six months ended June 30, 2024, were as follows:

	Dx		BLS		Total
Balance as of December 31, 2023	$	4,813.9	$	1,328.6	$	6,142.5
Goodwill acquired during the period	141.7		—		141.7
Foreign currency impact and other adjustments to goodwill	(10.7)		(53.3)		(64.0)
Balance as of June 30, 2024	$	4,944.9	$	1,275.3	$	6,220.2

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 were as follows:

	June 30, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	3,947.8	$	(1,444.1)	$	2,503.7	$	3,868.6	$	(1,367.2)	$	2,501.4
Patents, licenses, and technology	520.3		(283.1)		237.2		526.6		(273.3)		253.3
Non-compete agreements	152.4		(72.5)		79.9		130.3		(60.4)		69.9
Canadian licenses	495.1		—		495.1		498.8		—		498.8
Other	34.1		(18.0)		16.1		34.1		(15.5)		18.6
	5,149.7		(1,817.7)		3,332.0		5,058.4		(1,716.4)		3,342.0

Amortization of intangible assets for the three and six months ended June 30, 2024, and 2023, was $62.2 and $51.5 and $122.3 and $104.9, respectively. The amortization expense for the net carrying amount of intangible assets is estimated to be $125.0 for the remainder of fiscal 2024, $237.2 in fiscal 2025, $228.2 in fiscal 2026, $216.9 in fiscal 2027, $209.1 in fiscal 2028, and $1,735.8 thereafter.

LabCorp Diagnostics [Member]

Goodwill [Line Items]

Balance as of January 1

4,813.9

Adjustments to goodwill

(10.7)

Balance at end of period

$ 4,944.9

4,944.9

Goodwill, Acquired During Period

141.7

Covance Drug Development [Member]

Goodwill [Line Items]

Balance as of January 1

1,328.6

Adjustments to goodwill

(53.3)

Balance at end of period

1,275.3

1,275.3

Goodwill, Acquired During Period

0.0

Customer Relationships [Member]

Goodwill [Line Items]

Intangible Assets, Gross (Excluding Goodwill)

3,947.8

3,947.8

3,868.6

Finite-Lived Intangible Assets, Accumulated Amortization

1,444.1

1,444.1

1,367.2

Intangible Assets, Net (Excluding Goodwill)

2,503.7

2,503.7

2,501.4

Patents, Licenses And Technology [Member]

Goodwill [Line Items]

Intangible Assets, Gross (Excluding Goodwill)

520.3

520.3

526.6

Finite-Lived Intangible Assets, Accumulated Amortization

283.1

283.1

273.3

Intangible Assets, Net (Excluding Goodwill)

237.2

237.2

253.3

Noncompete Agreements [Member]

Goodwill [Line Items]

Intangible Assets, Gross (Excluding Goodwill)

152.4

152.4

130.3

Finite-Lived Intangible Assets, Accumulated Amortization

72.5

72.5

60.4

Intangible Assets, Net (Excluding Goodwill)

79.9

79.9

69.9

Canadian licenses [Member]

Goodwill [Line Items]

Intangible Assets, Gross (Excluding Goodwill)

495.1

495.1

498.8

Finite-Lived Intangible Assets, Accumulated Amortization

0.0

0.0

0.0

Intangible Assets, Net (Excluding Goodwill)

$ 495.1

$ 495.1

$ 498.8

XML

GOODWILL AND INTANGIBLE ASSETS (Components of identifiable intangible assets) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	$ 5,149.7	$ 5,058.4
Finite-Lived Intangible Assets, Accumulated Amortization	(1,817.7)	(1,716.4)
Intangible Assets, Net (Excluding Goodwill)	3,332.0	3,342.0
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	3,947.8	3,868.6
Finite-Lived Intangible Assets, Accumulated Amortization	(1,444.1)	(1,367.2)
Intangible Assets, Net (Excluding Goodwill)	2,503.7	2,501.4
Patents, Licenses And Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	520.3	526.6
Finite-Lived Intangible Assets, Accumulated Amortization	(283.1)	(273.3)
Intangible Assets, Net (Excluding Goodwill)	237.2	253.3
Noncompete Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	152.4	130.3
Finite-Lived Intangible Assets, Accumulated Amortization	(72.5)	(60.4)
Intangible Assets, Net (Excluding Goodwill)	79.9	69.9
Canadian licenses [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	495.1	498.8
Finite-Lived Intangible Assets, Accumulated Amortization	0.0	0.0
Intangible Assets, Net (Excluding Goodwill)	495.1	498.8
In Process R&A and Media
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	34.1	34.1
Finite-Lived Intangible Assets, Accumulated Amortization	(18.0)	(15.5)
Intangible Assets, Net (Excluding Goodwill)	$ 16.1	$ 18.6

XML

GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	$ 5,149.7		$ 5,149.7		$ 5,058.4
Goodwill	6,220.2		6,220.2		6,142.5
Amortization of intangibles and other assets	62.2	$ 51.5	122.3	$ 104.9
Adjustments to goodwill			(64.0)
Estimated amortization expense, 2013	237.2		237.2
Estimated amortization expense, 2014	228.2		228.2
Estimated amortization expense, 2015	216.9		216.9
Estimated amortization expense, 2016	209.1		209.1
Estimated amortization expense, Thereafter	1,735.8		1,735.8
Current Expected Credit Losses Opening Balance Sheet Impact on Retained Earnings			3.4
Amortization of intangible assets	62.2	$ 51.5	122.3	$ 104.9
LabCorp Diagnostics [Member]
Finite-Lived Intangible Assets [Line Items]
Goodwill	4,944.9		4,944.9		4,813.9
Adjustments to goodwill			(10.7)
Covance Drug Development [Member]
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 1,275.3		1,275.3		$ 1,328.6
Adjustments to goodwill			$ (53.3)

XML

DEBT (Short-term borrowings and current portion of long-term debt) (Table) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Short-term Debt [Line Items]
Current debt excluding finance lease liability	$ 2,019.5	$ 999.8
Notes Payable	0.5	1.1
3.60% senior notes due 2025	0.0	1,000.0
4.00% senior notes due 2023	400.0	400.0
Short term debt issuance costs	(1.0)	(1.3)
Line of Credit, Current	20.0	0.0
Other Current Liabilities
Short-term Debt [Line Items]
3.60% senior notes due 2025	1,000.0	0.0
3.25% senior notes due 2024	$ 600.0	$ 600.0

XML

DEBT (Long-term debt) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
4.00% senior notes due 2023	$ 400.0	$ 400.0
3.60% senior notes due 2025	0.0	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
4.70% senior notes due 2045	900.0	900.0
Long term debt issuance costs	23.4	26.3
Notes Payable, Noncurrent	0.4	0.6
Long-term Debt, Excluding Current Maturities	3,047.3	$ 4,054.7
Senior notes due 2027 [Member]
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities	$ 600.0

XML

DEBT (Senior Notes) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities	$ 3,047.3	$ 4,054.7
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	23.4	26.3
Notes Payable	0.5	1.1
Foreign Currency Contract, Asset, Fair Value Disclosure		109.0
2.95% senior notes due 2029	650.0	650.0
Interest Rate Swap [Member]
Debt Instrument [Line Items]
2.70% senior notes due 2031	420.3	$ 430.4
Senior notes due 2027 [Member]
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities	$ 600.0

XML

DEBT (Credit Facilities) (Details) - USD ($)	3 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
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 0.225%
Notes Payable	$ 500,000	$ 1,100,000
Credit Facility Option to Increase	500,000,000.0
Credit Facility, Maximum Swing Line Borrowings	100,000,000.0
Letters of Credit Outstanding, Amount	90,700,000
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	6.44%

XML

PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY (Details) - USD ($)		3 Months Ended				6 Months Ended
	Jul. 25, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Jul. 24, 2024
Class of Stock [Line Items]
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased		430,400,000				430,400,000
Common Shares Outstanding Rollforward [Abstract]
Common shares outstanding, beginning balance (in shares)			83,900,000			83,900,000
Common shares outstanding, ending balance (in shares)		83,800,000				83,800,000
Rollforward of common shares held in treasury
Common Stock, Shares Authorized		265,000,000.0				265,000,000.0
Common Stock, Par or Stated Value Per Share		$ 0.10				$ 0.10
Preferred Stock, Shares Authorized		30,000,000.0				30,000,000.0
Preferred Stock, Par or Stated Value Per Share		$ 0.10				$ 0.10
Preferred Stock, Shares Outstanding		0				0
Tax effect of adjustments						$ 0
Dividends		$ 60,200,000	$ 60,900,000		$ 64,700,000
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax						(200,000)
Foreign currency translation adjustments		(7,200,000)		$ 51,700,000		$ (131,500,000)	$ 99,800,000
Stock Repurchased and Retired During Period, Shares						(500,000)
Purchase of common stock						$ (100,000,000.0)	$ 0
Treasury Stock Acquired, Average Cost Per Share						$ 202.66
Dividends		$ 60,200,000	$ 60,900,000		$ 64,700,000
Subsequent Event [Member]
Class of Stock [Line Items]
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased								1,430,400,000
Rollforward of common shares held in treasury
Dividends Payable, Date of Record	Aug. 29, 2024
Dividends Payable, Date Declared	Jul. 25, 2024
Dividends Payable, Amount Per Share	$ 0.72
Dividends	$ 61,200,000
Dividends Payable, Date to be Paid	Sep. 13, 2024
Share Repurchase Program, Authorized, Amount								$ 1,000,000,000
Dividends Payable, Date Declared	Jul. 25, 2024
Dividends Payable, Date to be Paid	Sep. 13, 2024
Dividends Payable, Date of Record	Aug. 29, 2024
Dividends Payable, Amount Per Share	$ 0.72
Dividends	$ 61,200,000
Common Stock [Member]
Rollforward of common shares issued
Common shares issued, beginning balance (in shares)			83,900,000			83,900,000
Commons Stock Issued During Period Shares Employee Stock Plans						400,000
Common shares issued, ending balance (in shares)		83,800,000				83,800,000
Common Stock, Shares, Issued		83,800,000				83,800,000
Common Shares Outstanding Rollforward [Abstract]
Commons Stock Issued During Period Shares Employee Stock Plans						400,000
Commons Stock Issued During Period Shares Employee Stock Plans						400,000
Rollforward of common shares held in treasury
Stock Repurchased and Retired During Period, Shares						(500,000)

XML

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

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Accumulated Other Comprehensive Income (Loss) [Line Items]

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

The components of accumulated other comprehensive earnings (loss) during the six months ended June 30, 2024 were as follows:

	Foreign Currency Translation Adjustments		Net Benefit Plan Adjustments		Accumulated Other Comprehensive Earnings (Loss)
Balance as of December 31, 2023	$	(47.6)	$	(11.7)	$	(59.3)
Current year adjustments	(131.5)		(1.5)		(133.0)
Amounts reclassified from accumulated other comprehensive income	—		(0.2)		(0.2)
Tax effect of adjustments	—		0.5		0.5
Balance as of June 30, 2024	$	(179.1)	$	(12.9)	$	(192.0)

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

$ (1,500,000)

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

(133,000,000.0)

Accumulated Other Comprehensive Earnings [Roll Forward]

Foreign Currency Translation Adjustments, Beginning balance

(47,600,000)

Other comprehensive income before reclassifications

(131,500,000)

Tax effect of adjustments

0

Foreign Currency Translation Adjustments, Ending balance

$ (179,100,000)

(179,100,000)

Net Benefit Plan Adjustments, Beginning balance

(11,700,000)

Tax effect of adjustments

500,000

Net Benefit Plan Adjustments, Ending balance

(12,900,000)

(12,900,000)

Accumulated Other Comprehensive Earnings, Beginning balance

(59,300,000)

Other comprehensive income before reclassifications

(131,500,000)

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

0

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

(200,000)

Tax effect of adjustments

(100,000)

$ (300,000)

500,000

$ (600,000)

Accumulated Other Comprehensive Earnings, Ending balance

$ (192,000,000.0)

$ (192,000,000.0)

XML

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	3 Months Ended
	Jun. 30, 2024 USD ($)
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value	$ 817.0
Enhanced Damages
Loss Contingencies [Line Items]
Loss Contingency, Damages Awarded, Value	100.0
Initial Damages
Loss Contingencies [Line Items]
Loss Contingency, Damages Awarded, Value	$ 272.0

XML

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Noncontrolling interest puts	$ 15.0	$ 15.5
Foreign Currency Contracts, Liability, Fair Value Disclosure	103.6
Fair market value of senior notes	4,812.3	4,850.4
Cash Surrender Value, Fair Value Disclosure	96.4	95.4
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability	125.3	107.4
Contingent Consideration Classified as Equity, Fair Value Disclosure	20.0	66.1
Foreign Currency Contract, Asset, Fair Value Disclosure		109.0
Fair Value Hedges, Net	79.7	69.6
Tax effect of adjustments	0.0
Long-term Debt, Excluding Current Maturities	3,047.3	4,054.7
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
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
Senior notes due 2024 | 2022 Swap Agreements
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Derivative, Notional Amount	300.0
Level 1 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Noncontrolling interest puts	0.0	0.0
Cash Surrender Value, Fair Value Disclosure	0.0	0.0
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability	0.0	0.0
Contingent Consideration Classified as Equity, Fair Value Disclosure	0.0	0.0
Foreign Currency Contract, Asset, Fair Value Disclosure	0.0	0.0
Fair Value Hedges, Net	0.0	0.0
Deferred Compensation Plan Assets	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	15.5
Foreign Currency Contracts, Liability, Fair Value Disclosure	103.6
Cash Surrender Value, Fair Value Disclosure	96.4	95.4
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability	125.3	107.4
Contingent Consideration Classified as Equity, Fair Value Disclosure	0.0	0.0
Foreign Currency Contract, Asset, Fair Value Disclosure		109.0
Fair Value Hedges, Net	79.7	69.6
Deferred Compensation Plan Assets	31.0	21.1
Level 3 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Noncontrolling interest puts	0.0	0.0
Cash Surrender Value, Fair Value Disclosure	0.0	0.0
Fair Value Liabilities Measured On Recurring Basis Deferred Compensation Liability	0.0	0.0
Contingent Consideration Classified as Equity, Fair Value Disclosure	20.0	66.1
Foreign Currency Contract, Asset, Fair Value Disclosure	0.0	0.0
Fair Value Hedges, Net	0.0	0.0
Deferred Compensation Plan Assets	$ 0.0	$ 0.0

XML

SUPPLEMENTAL CASH FLOW INFORMATION Description Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash paid during period for:
Interest	$ 106.6	$ 109.5
Income taxes, net of refunds	153.0	133.3
Disclosure of non-cash financing and investing activities:
Decrease in Capital Expenditures Incurred but not yet Paid	$ (19.2)	$ 16.5

XML

BUSINESS ACQUISITIONS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Business Combinations [Abstract]
Payments to Acquire Businesses, Net of Cash Acquired			$ 293.1	$ 136.9
Business Acquisition [Line Items]
Goodwill, Acquired During Period			141.7
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	$ 23.9		23.9
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	(334.9)		(334.9)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	(11.8)		(11.8)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	323.1		323.1
Business Acquisition, Pro Forma Revenue	3,100.5	$ 3,220.9	6,412.0	6,206.5
Business Acquisition, Pro Forma Net Income (Loss)	193.4	$ 205.3	432.8	409.5
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets	8.1		8.1
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory	1.8		1.8
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	(159.4)		(159.4)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	0.0		0.0
Payments to Acquire Businesses, Net of Cash Acquired			293.1	136.9
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	3.7		3.7
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	293.1		293.1
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory			0.0
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment			(3.9)
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments Related to Previous Period			0.0
Escrow Deposit	30.0		30.0
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles			7.4
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets			(3.9)
Business Combination, Recognized Identifiable Asset Acquired and Liability Assumed, Lease Obligation	8.1		8.1
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities			(3.9)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents			0.0
Estimated amortization expense, 2012	125.0		125.0
Gain (Loss) on Disposition of Business			(4.9)
Prepaid Expenses and Other Current Assets [Member]
Business Acquisition [Line Items]
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments Related to Previous Period				0.6
Other Noncurrent Liabilities [Member]
Business Acquisition [Line Items]
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments Related to Previous Period				(2.3)
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities	0.0
Operating lease liability
Business Acquisition [Line Items]
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities	(3.9)
Accrued Liabilities [Member]
Business Acquisition [Line Items]
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments Related to Previous Period				(8.3)
Goodwill [Member]
Business Acquisition [Line Items]
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles				(29.4)
Goodwill [Member]
Business Acquisition [Line Items]
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments Related to Previous Period			(7.4)
Other Noncurrent Assets [Member]
Business Acquisition [Line Items]
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments Related to Previous Period			0.0
Other acquirees
Business Combinations [Abstract]
Finite-lived Intangible Assets Acquired			159.4	84.1
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired			159.4	84.1
Goodwill, Acquired During Period			141.7	50.8
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment				(1.5)
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments Related to Previous Period				0.0
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles				19.5
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets				(10.6)
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities				(10.6)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents				$ 0.2
Providence Medical Foundation
Business Acquisition [Line Items]
Goodwill, Acquired During Period			25.9
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	(55.8)		(55.8)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	(0.9)		(0.9)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	(0.9)		(0.9)
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets	0.9		0.9
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory	0.0		0.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	29.0		29.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	0.0		0.0
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	54.9		54.9
Escrow Deposit	0.0		0.0
Westpac Labs, Inc.
Business Acquisition [Line Items]
Goodwill, Acquired During Period			45.1
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	(97.7)		(97.7)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	0.0		0.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	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, Inventory	1.8		1.8
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	50.8		50.8
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	0.0		0.0
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	97.7		97.7
Escrow Deposit	0.0		0.0
Cash Acquired in Excess of Payments to Acquire Business	0.0
Baystate Medical Center
Business Acquisition [Line Items]
Goodwill, Acquired During Period			70.7
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	(157.5)		(157.5)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	(7.2)		(7.2)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	(10.9)		(10.9)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	146.6		146.6
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets	7.2		7.2
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory	0.0		0.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	79.6		79.6
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	3.7		3.7
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	116.6		116.6
Escrow Deposit	30.0		30.0
Cash Acquired in Excess of Payments to Acquire Business	0.0
Other Acquisitions
Business Acquisition [Line Items]
Escrow Deposit	0.0		0.0
Invitae Corporation
Business Acquisition [Line Items]
Goodwill, Acquired During Period			0.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	23.9		23.9
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	(23.9)		(23.9)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	0.0		0.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	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, Inventory	0.0		0.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	0.0		0.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	0.0		0.0
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	23.9		23.9
Escrow Deposit	0.0		0.0
Cash Acquired in Excess of Payments to Acquire Business	$ 0.0
Business Combination, Price of Acquisition, Expected			239.0
BioReference Health
Business Acquisition [Line Items]
Business Combination, Price of Acquisition, Expected			$ 237.5
Customer Lists | Maximum [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life			15 years	15 years
Customer Lists | Minimum [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life			7 years

XML

BUSINESS SEGMENT INFORMATION Business Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Percent of Revenue Contributed	100.00%	100.00%	100.00%	100.00%
Revenues	$ 3,220.9	$ 3,033.7	$ 6,397.5	$ 6,071.5
Operating Income (Loss)	294.8	266.3	616.1	596.1
Amortization of Intangible Assets	(62.2)	(51.5)	(122.3)	(104.9)
Net Restructuring Charges	(11.6)	(15.8)	(16.6)	(23.3)
Goodwill and Intangible Asset Impairment	0.0	(2.8)	(2.5)	(5.0)
Operating Segments
Segment Reporting Information [Line Items]
Operating Income (Loss)	548.9	514.3	1,066.7	1,029.4
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenues	11.0	6.1	25.0	12.4
Corporate Segment [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	$ (180.3)	$ (177.9)	$ (309.2)	$ (300.1)
LabCorp Diagnostics [Member]
Segment Reporting Information [Line Items]
Percent of Revenue Contributed	78.00%	77.00%	78.00%	78.00%
Diagnostics
Segment Reporting Information [Line Items]
Percent of Revenue Contributed	78.00%
Diagnostics | Operating Segments
Segment Reporting Information [Line Items]
Revenues	$ 2,524.9	$ 2,340.8	$ 5,004.6	$ 4,723.6
Operating Income (Loss)	$ 441.5	409.7	859.4	851.2
Drug Development
Segment Reporting Information [Line Items]
Percent of Revenue Contributed	22.00%
Drug Development | Operating Segments
Segment Reporting Information [Line Items]
Revenues	$ 707.0	699.0	1,417.9	1,360.3
Operating Income (Loss)	$ 107.4	$ 104.6	$ 207.3	$ 178.2

XML

REVENUE (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Deferred Revenue, Revenue Recognized	$ 26.8	$ 20.2	$ 77.8	$ 72.8

XML

REVENUE Disaggregated Revenue Table (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Accounts Receivable, Allowance for Credit Loss	$ 34.1		$ 34.1		$ 32.7
Unbilled Services, Allowance for Credit Loss	1.8		1.8		7.5
Note Receivable, Allowance for Credit Loss	0.7		0.7		0.7
Allowance for Credit Loss	36.6		36.6		40.9
Current Expected Credit Losses Opening Balance Sheet Impact on Retained Earnings			3.4
Allowance for Credit Loss, Write Off			7.7
Deferred Revenue, Revenue Recognized	26.8	$ 20.2	77.8	$ 72.8
Contract with Customer, Asset, before Allowance for Credit Loss	159.3		159.3		192.9
Contract with Customer, Liability	388.3		388.3		421.7
Unbilled Contracts Receivable	$ 157.5		$ 157.5		185.4
Percent of Revenue Contributed	100.00%	100.00%	100.00%	100.00%
Revenues	$ 3,220.9	$ 3,033.7	$ 6,397.5	$ 6,071.5
Accounts Receivable, after Allowance for Credit Loss, Current	2,088.9		2,088.9		1,913.3
Allowance for Credit Loss, Receivable, Other, Current	(1.8)		(1.8)		(7.5)
Contract with Customer, Asset, after Allowance for Credit Loss, Current	$ 157.5		$ 157.5		185.4
Europe [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	9.00%	9.00%	9.00%	9.00%
North America
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	87.00%	87.00%	87.00%	87.00%
Other countries [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	4.00%	4.00%	4.00%	4.00%
UNITED STATES
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	83.80%	83.60%	83.70%	83.90%
Revenues	$ 2,698.8	$ 2,537.0	$ 5,353.4	$ 5,094.4
Medicare and Medicaid [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	8.00%	8.00%	8.00%	8.00%
LabCorp Diagnostics [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	78.00%	77.00%	78.00%	78.00%
LabCorp Diagnostics [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0.00%	0.00%	0.00%	0.00%
LabCorp Diagnostics [Member] | North America
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	78.00%	77.00%	78.00%	78.00%
LabCorp Diagnostics [Member] | Other countries [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0.00%	0.00%	0.00%	0.00%
LabCorp Diagnostics [Member] | Client [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	24.00%	24.00%	24.00%	25.00%
LabCorp Diagnostics [Member] | Client [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0.00%	0.00%	0.00%	0.00%
LabCorp Diagnostics [Member] | Client [Member] | North America
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	24.00%	24.00%	24.00%	25.00%
LabCorp Diagnostics [Member] | Client [Member] | Other countries [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0.00%	0.00%	0.00%	0.00%
LabCorp Diagnostics [Member] | Self-Pay [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	10.00%	10.00%	10.00%	10.00%
LabCorp Diagnostics [Member] | Self-Pay [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0.00%	0.00%	0.00%	0.00%
LabCorp Diagnostics [Member] | Self-Pay [Member] | North America
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	10.00%	10.00%	10.00%	10.00%
LabCorp Diagnostics [Member] | Self-Pay [Member] | Other countries [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0.00%	0.00%	0.00%	0.00%
LabCorp Diagnostics [Member] | Medicare and Medicaid [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0.00%	0.00%	0.00%	0.00%
LabCorp Diagnostics [Member] | Medicare and Medicaid [Member] | North America
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	8.00%	8.00%	8.00%	8.00%
LabCorp Diagnostics [Member] | Medicare and Medicaid [Member] | Other countries [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0.00%	0.00%	0.00%	0.00%
LabCorp Diagnostics [Member] | Third party [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	36.00%	35.00%	36.00%	35.00%
LabCorp Diagnostics [Member] | Third party [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0.00%	0.00%	0.00%	0.00%
LabCorp Diagnostics [Member] | Third party [Member] | North America
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	36.00%	35.00%	36.00%	35.00%
LabCorp Diagnostics [Member] | Third party [Member] | Other countries [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	0.00%	0.00%	0.00%	0.00%
Covance Drug Development [Member] | Biopharmaceutical and medical device companies [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed		23.00%
Covance Drug Development [Member] | Biopharmaceutical and medical device companies [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed		9.00%
Covance Drug Development [Member] | Biopharmaceutical and medical device companies [Member] | North America
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed		10.00%
Covance Drug Development [Member] | Biopharmaceutical and medical device companies [Member] | Other countries [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed		4.00%
Diagnostics
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	78.00%
Accounts Receivable, before Allowance for Credit Loss	$ 1,331.4		$ 1,331.4		1,135.2
Drug Development
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	22.00%
Accounts Receivable, before Allowance for Credit Loss	$ 791.6		$ 791.6		$ 810.8
Drug Development | Biopharmaceutical and medical device companies [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	22.00%		22.00%	22.00%
Drug Development | Biopharmaceutical and medical device companies [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	9.00%		9.00%	9.00%
Drug Development | Biopharmaceutical and medical device companies [Member] | North America
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	9.00%		9.00%	9.00%
Drug Development | Biopharmaceutical and medical device companies [Member] | Other countries [Member]
Disaggregation of Revenue [Line Items]
Percent of Revenue Contributed	4.00%		4.00%	4.00%
Notes Receivable [Member]
Disaggregation of Revenue [Line Items]
Current Expected Credit Losses Opening Balance Sheet Impact on Retained Earnings			$ 0.0
Allowance for Credit Loss, Write Off			0.0
Unbilled Contracts Receivable [Member]
Disaggregation of Revenue [Line Items]
Current Expected Credit Losses Opening Balance Sheet Impact on Retained Earnings			0.0
Allowance for Credit Loss, Write Off			5.7
Accounts Receivable [Member]
Disaggregation of Revenue [Line Items]
Current Expected Credit Losses Opening Balance Sheet Impact on Retained Earnings			3.4
Allowance for Credit Loss, Write Off			$ 2.0

XML

Subsequent Events (Details) - USD ($)		3 Months Ended
	Jul. 25, 2024	Jun. 30, 2024	Mar. 31, 2024	Mar. 31, 2023
Subsequent Event [Line Items]
Dividends		$ 60,200,000	$ 60,900,000	$ 64,700,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends	$ 61,200,000

XML

Discontinued Operations and Disposal Groups (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Disposal Group, Including Discontinued Operation, Revenue		$ 766.5	$ 1,506.6
Disposal Group, Including Discontinued Operation, Costs of Goods Sold		629.1	1,244.5
Disposal Group, Including Discontinued Operation, Gross Profit (Loss)		137.4	262.1
Disposal Group, Including Discontinued Operation, General and Administrative Expense		85.4	184.1
Disposal Group, Including Discontinued Operation, Depreciation and Amortization		16.0	31.9
Disposal Group, Including Discontinued Operation, Restructuring and other charges		4.1	3.0
Disposal Group, Including Discontinued Operation, Operating Income (Loss)		31.9	43.1
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax		40.2	45.6
Discontinued Operation, Tax Effect of Discontinued Operation		6.3	6.8
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ 0.0	33.9	0.0	$ 38.8
Disposal Group, Including Discontinued Operation, Fortrea Senior Notes					$ 570.0
Disposal Group, Including Discontinued Operation, Fortrea Senior Notes Interest Rate					7.50%
Disposal Group, Including Discontinued Operation, Fortrea Distribution	$ 1,600.0		1,600.0
Disposal Group, Including Discontinued Operation, Fortrea Credit Facilities					$ 1,520.0
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Fortrea Credit Facilities					1,520.0
Disposal Group, Including Discontinued Operations, Other Nonoperating income (expense)		$ 8.3	2.5
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent			$ 38.8
Fortrea Revolver due 2028
Discontinued Operations and Disposal Groups [Abstract]
Disposal Group, Including Discontinued Operation, Fortrea Credit Facilities					450.0
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Fortrea Credit Facilities					450.0
Fortrea Term Loan A maturing 2028
Discontinued Operations and Disposal Groups [Abstract]
Disposal Group, Including Discontinued Operation, Fortrea Credit Facilities					500.0
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Fortrea Credit Facilities					500.0
Fortrea Term Loan B maturing 2028
Discontinued Operations and Disposal Groups [Abstract]
Disposal Group, Including Discontinued Operation, Fortrea Credit Facilities					570.0
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Fortrea Credit Facilities					$ 570.0