Company Quick10K Filing
Laboratory of America
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 99 $16,943
10-Q 2019-10-31 Quarter: 2019-09-30
10-Q 2019-08-08 Quarter: 2019-06-30
10-Q 2019-05-03 Quarter: 2019-03-31
10-K 2019-02-28 Annual: 2018-12-31
10-Q 2018-10-30 Quarter: 2018-09-30
10-Q 2018-07-27 Quarter: 2018-06-30
10-Q 2018-05-01 Quarter: 2018-03-31
10-K 2018-02-27 Annual: 2017-12-31
10-Q 2017-11-02 Quarter: 2017-09-30
10-Q 2017-08-02 Quarter: 2017-06-30
10-Q 2017-04-28 Quarter: 2017-03-31
10-K 2017-02-27 Annual: 2016-12-31
10-Q 2016-10-28 Quarter: 2016-09-30
10-Q 2016-07-29 Quarter: 2016-06-30
10-Q 2016-05-06 Quarter: 2016-03-31
10-K 2016-02-29 Annual: 2015-12-31
10-Q 2015-10-30 Quarter: 2015-09-30
10-Q 2015-07-30 Quarter: 2015-06-30
10-Q 2015-05-04 Quarter: 2015-03-31
10-K 2015-02-26 Annual: 2014-12-31
10-Q 2014-11-10 Quarter: 2014-09-30
10-Q 2014-07-29 Quarter: 2014-06-30
10-Q 2014-04-29 Quarter: 2014-03-31
10-K 2014-02-25 Annual: 2013-12-31
10-Q 2013-10-28 Quarter: 2013-09-30
10-Q 2013-07-30 Quarter: 2013-06-30
10-Q 2013-05-01 Quarter: 2013-03-31
10-K 2013-02-26 Annual: 2012-12-31
10-Q 2012-10-30 Quarter: 2012-09-30
10-Q 2012-08-02 Quarter: 2012-06-30
10-Q 2012-04-27 Quarter: 2012-03-31
10-K 2012-02-24 Annual: 2011-12-31
10-Q 2011-10-31 Quarter: 2011-09-30
10-Q 2011-08-02 Quarter: 2011-06-30
10-Q 2011-05-04 Quarter: 2011-03-31
10-K 2011-03-01 Annual: 2010-12-31
10-Q 2010-07-27 Quarter: 2010-06-30
10-Q 2010-04-28 Quarter: 2010-03-31
10-K 2010-02-24 Annual: 2009-12-31
8-K 2020-01-13 Regulation FD, Exhibits
8-K 2020-01-06 Regulation FD, Exhibits
8-K 2019-12-03 Regulation FD, Exhibits
8-K 2019-11-25 Enter Agreement, Exhibits
8-K 2019-11-22 Officers, Regulation FD, Exhibits
8-K 2019-11-19 Regulation FD, Exhibits
8-K 2019-11-18 Other Events, Exhibits
8-K 2019-11-18 Regulation FD, Exhibits
8-K 2019-11-01 Officers, Regulation FD, Exhibits
8-K 2019-10-24 Earnings, Exhibits
8-K 2019-10-22
8-K 2019-10-15 Regulation FD
8-K 2019-10-03 Officers, Regulation FD, Other Events, Exhibits
8-K 2019-09-11 Regulation FD
8-K 2019-08-29 Regulation FD, Exhibits
8-K 2019-08-29 Regulation FD, Exhibits
8-K 2019-07-29 Regulation FD
8-K 2019-07-25 Earnings, Exhibits
8-K 2019-07-22 Regulation FD
8-K 2019-07-01 Regulation FD
8-K 2019-06-25 Regulation FD
8-K 2019-06-18 Regulation FD
8-K 2019-06-07 Regulation FD
8-K 2019-06-04 Officers, Regulation FD, Exhibits
8-K 2019-06-04 Regulation FD
8-K 2019-06-03 Enter Agreement, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2019-05-10 Regulation FD
8-K 2019-05-09 Shareholder Vote
8-K 2019-05-02 Regulation FD
8-K 2019-04-30 Earnings
8-K 2019-04-17 Regulation FD, Exhibits
8-K 2019-04-01 Regulation FD
8-K 2019-04-01 Regulation FD
8-K 2019-03-28 Regulation FD
8-K 2019-03-11 Regulation FD
8-K 2019-03-05 Regulation FD
8-K 2019-02-19 Regulation FD
8-K 2019-02-07 Earnings
8-K 2019-02-07 Exhibits
8-K 2019-01-31 Officers
8-K 2019-01-22 Regulation FD
8-K 2019-01-16 Regulation FD
8-K 2019-01-15 Regulation FD
8-K 2019-01-08 Regulation FD
8-K 2019-01-03 Regulation FD
8-K 2019-01-03
8-K 2019-01-03 Regulation FD
8-K 2018-12-21 Officers
8-K 2018-12-20 Officers
8-K 2018-12-07 Regulation FD
8-K 2018-12-07 Regulation FD
8-K 2018-11-30 Regulation FD, Exhibits
8-K 2018-11-28 Regulation FD
8-K 2018-11-08 Regulation FD
8-K 2018-11-01 Regulation FD
8-K 2018-10-29 Regulation FD
8-K 2018-10-24 Exhibits
8-K 2018-10-24 Earnings
8-K 2018-10-18 Regulation FD
8-K 2018-10-18 Regulation FD
8-K 2018-10-17 Regulation FD
8-K 2018-10-10 Regulation FD
8-K 2018-10-01 Regulation FD
8-K 2018-09-25 Regulation FD
8-K 2018-09-24 Regulation FD
8-K 2018-09-24 Regulation FD
8-K 2018-09-11 Regulation FD
8-K 2018-09-06 Regulation FD
8-K 2018-07-25 Earnings
8-K 2018-07-25 Exhibits
8-K 2018-07-16 Regulation FD
8-K 2018-07-12 Regulation FD
8-K 2018-07-02 Regulation FD
8-K 2018-06-28 Regulation FD
8-K 2018-06-27 Regulation FD
8-K 2018-06-12 Regulation FD
8-K 2018-06-11 Regulation FD
8-K 2018-06-05 Regulation FD
8-K 2018-06-01 Regulation FD
8-K 2018-05-25 Regulation FD
8-K 2018-05-24 Regulation FD
8-K 2018-05-10 Shareholder Vote
8-K 2018-05-03 Regulation FD
8-K 2018-05-01 Regulation FD
8-K 2018-04-30 Regulation FD, Other Events, Exhibits
8-K 2018-04-25 Earnings
8-K 2018-04-25 Exhibits
8-K 2018-04-24 Regulation FD
8-K 2018-04-23 Regulation FD
8-K 2018-04-02 Regulation FD
8-K 2018-03-22 Regulation FD
8-K 2018-03-12 Regulation FD
8-K 2018-03-09 Regulation FD
8-K 2018-03-07 Regulation FD
8-K 2018-03-06 Regulation FD
8-K 2018-03-05 Regulation FD
8-K 2018-02-28 Regulation FD
8-K 2018-02-27 Regulation FD
8-K 2018-02-23 Regulation FD
8-K 2018-02-20 Regulation FD
8-K 2018-02-06 Regulation FD
8-K 2018-02-06 Earnings
8-K 2018-01-19 Regulation FD
8-K 2018-01-09 Regulation FD
8-K 2018-01-08 Regulation FD
8-K 2018-01-03 Regulation FD
8-K 2018-01-02 Regulation FD
LH 2019-09-30
Part I. Financial Information
Part II. Other Information
Part I - Financial Information
Item 1. Financial Statements (Unaudited)
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds (Dollars in Millions, Except per Share Data)
Item 5. Other Information
Item 6. Exhibits
EX-31.1 ex311q32019.htm
EX-31.2 ex312q32019.htm
EX-32 ex32q32019.htm

Laboratory of America Earnings 2019-09-30

LH 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
CNC 21,833 34,368 22,098 69,541 67,197 1,277 2,854 21,332 97% 7.5 4%
LH 16,943 17,744 10,580 11,292 3,177 854 2,348 22,813 28% 9.7 5%
WCG 14,540 13,206 8,602 24,901 19,250 521 1,110 13,453 77% 12.1 4%
DGX 13,740 11,760 6,301 7,572 2,606 781 1,489 17,443 34% 11.7 7%
HSIC 10,372 7,112 3,378 11,463 3,318 500 989 11,269 29% 11.4 7%
MOH 9,201 6,690 4,954 17,673 664 792 1,222 8,191 4% 6.7 12%
GH 7,812 940 78 145 0 -81 -74 7,637 0% -103.2 -9%
ACHC 3,015 6,790 4,336 3,054 0 -208 -28 6,218 0% -221.9 -3%
GHDX 2,068 426 109 429 363 50 64 1,824 85% 28.3 12%
NVTA 1,958 503 161 177 69 -148 -130 1,780 39% -13.7 -29%

Document
false--12-31Q320190000920148 0000920148 2019-01-01 2019-09-30 0000920148 2019-10-29 0000920148 2018-12-31 0000920148 2019-09-30 0000920148 2018-01-01 2018-09-30 0000920148 2018-07-01 2018-09-30 0000920148 2019-07-01 2019-09-30 0000920148 us-gaap:TreasuryStockMember 2018-09-30 0000920148 us-gaap:RetainedEarningsMember 2018-04-01 2018-06-30 0000920148 us-gaap:CommonStockMember 2019-06-30 0000920148 us-gaap:CommonStockMember 2019-09-30 0000920148 2018-04-01 2018-06-30 0000920148 us-gaap:CommonStockMember 2019-01-01 2019-03-31 0000920148 us-gaap:AdditionalPaidInCapitalMember 2019-07-01 2019-09-30 0000920148 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0000920148 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0000920148 us-gaap:CommonStockMember 2018-03-31 0000920148 us-gaap:AdditionalPaidInCapitalMember 2018-04-01 2018-06-30 0000920148 2019-04-01 2019-06-30 0000920148 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0000920148 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-03-31 0000920148 2019-01-01 2019-03-31 0000920148 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-03-31 0000920148 2018-01-01 2018-03-31 0000920148 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-30 0000920148 us-gaap:CommonStockMember 2018-01-01 2018-03-31 0000920148 us-gaap:AdditionalPaidInCapitalMember 2018-03-31 0000920148 us-gaap:CommonStockMember 2019-04-01 2019-06-30 0000920148 us-gaap:TreasuryStockMember 2018-12-31 0000920148 us-gaap:CommonStockMember 2019-03-31 0000920148 us-gaap:TreasuryStockMember 2018-04-01 2018-06-30 0000920148 us-gaap:RetainedEarningsMember 2018-07-01 2018-09-30 0000920148 us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0000920148 2018-06-30 0000920148 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-09-30 0000920148 us-gaap:RetainedEarningsMember 2018-06-30 0000920148 us-gaap:RetainedEarningsMember 2019-03-31 0000920148 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-03-31 0000920148 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-03-31 0000920148 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0000920148 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-09-30 0000920148 us-gaap:AdditionalPaidInCapitalMember 2018-07-01 2018-09-30 0000920148 2018-09-30 0000920148 2017-12-31 0000920148 us-gaap:RetainedEarningsMember 2019-07-01 2019-09-30 0000920148 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0000920148 us-gaap:RetainedEarningsMember 2019-01-01 2019-03-31 0000920148 us-gaap:AdditionalPaidInCapitalMember 2019-09-30 0000920148 us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0000920148 us-gaap:CommonStockMember 2017-12-31 0000920148 us-gaap:AdditionalPaidInCapitalMember 2018-06-30 0000920148 us-gaap:CommonStockMember 2018-06-30 0000920148 us-gaap:TreasuryStockMember 2019-09-30 0000920148 us-gaap:TreasuryStockMember 2018-06-30 0000920148 us-gaap:TreasuryStockMember 2018-03-31 0000920148 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0000920148 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-07-01 2019-09-30 0000920148 us-gaap:RetainedEarningsMember 2017-12-31 0000920148 us-gaap:CommonStockMember 2019-07-01 2019-09-30 0000920148 us-gaap:RetainedEarningsMember 2019-06-30 0000920148 us-gaap:TreasuryStockMember 2017-12-31 0000920148 us-gaap:CommonStockMember 2018-07-01 2018-09-30 0000920148 us-gaap:CommonStockMember 2018-12-31 0000920148 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0000920148 us-gaap:RetainedEarningsMember 2018-09-30 0000920148 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0000920148 us-gaap:RetainedEarningsMember 2018-01-01 2018-03-31 0000920148 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-07-01 2018-09-30 0000920148 us-gaap:CommonStockMember 2018-09-30 0000920148 us-gaap:TreasuryStockMember 2018-01-01 2018-03-31 0000920148 us-gaap:RetainedEarningsMember 2018-03-31 0000920148 us-gaap:RetainedEarningsMember 2019-09-30 0000920148 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-04-01 2018-06-30 0000920148 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-03-31 0000920148 us-gaap:AdditionalPaidInCapitalMember 2018-09-30 0000920148 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0000920148 us-gaap:TreasuryStockMember 2019-04-01 2019-06-30 0000920148 us-gaap:TreasuryStockMember 2019-06-30 0000920148 us-gaap:TreasuryStockMember 2018-07-01 2018-09-30 0000920148 2019-06-30 0000920148 us-gaap:RetainedEarningsMember 2018-12-31 0000920148 us-gaap:TreasuryStockMember 2019-01-01 2019-03-31 0000920148 2019-03-31 0000920148 us-gaap:TreasuryStockMember 2019-03-31 0000920148 2018-03-31 0000920148 2016-12-31 0000920148 lh:LabCorpDiagnosticsMember 2019-01-01 2019-09-30 0000920148 2018-01-01 2018-12-31 0000920148 lh:CovanceDrugDevelopmentMember 2019-07-01 2019-09-30 0000920148 lh:CovanceDrugDevelopmentMember 2019-01-01 2019-09-30 0000920148 lh:LabCorpDiagnosticsMember 2019-07-01 2019-09-30 0000920148 lh:CovanceDrugDevelopmentMember 2019-09-30 0000920148 lh:CovanceDrugDevelopmentMember 2018-12-31 0000920148 country:CH lh:BiopharmaceuticalandmedicaldevicecompaniesMember lh:CovanceDrugDevelopmentMember 2018-07-01 2018-09-30 0000920148 country:US 2018-07-01 2018-09-30 0000920148 lh:OthercountriesMember lh:LabCorpDiagnosticsMember 2018-07-01 2018-09-30 0000920148 country:US us-gaap:SelfPayMember lh:LabCorpDiagnosticsMember 2018-07-01 2018-09-30 0000920148 country:GB us-gaap:SelfPayMember lh:LabCorpDiagnosticsMember 2018-07-01 2018-09-30 0000920148 srt:EuropeMember lh:ClientMember lh:LabCorpDiagnosticsMember 2018-07-01 2018-09-30 0000920148 lh:OthercountriesMember lh:BiopharmaceuticalandmedicaldevicecompaniesMember lh:CovanceDrugDevelopmentMember 2018-07-01 2018-09-30 0000920148 country:GB lh:BiopharmaceuticalandmedicaldevicecompaniesMember lh:CovanceDrugDevelopmentMember 2018-07-01 2018-09-30 0000920148 country:CA us-gaap:SelfPayMember lh:LabCorpDiagnosticsMember 2018-07-01 2018-09-30 0000920148 country:CA lh:ThirdpartyMember lh:LabCorpDiagnosticsMember 2018-07-01 2018-09-30 0000920148 country:CA 2018-07-01 2018-09-30 0000920148 lh:MedicareandMedicaidMember 2018-07-01 2018-09-30 0000920148 country:CA lh:BiopharmaceuticalandmedicaldevicecompaniesMember lh:CovanceDrugDevelopmentMember 2018-07-01 2018-09-30 0000920148 country:US lh:MedicareandMedicaidMember lh:LabCorpDiagnosticsMember 2018-07-01 2018-09-30 0000920148 country:GB lh:ThirdpartyMember lh:LabCorpDiagnosticsMember 2018-07-01 2018-09-30 0000920148 country:CH lh:LabCorpDiagnosticsMember 2018-07-01 2018-09-30 0000920148 country:CH us-gaap:SelfPayMember lh:LabCorpDiagnosticsMember 2018-07-01 2018-09-30 0000920148 country:CH 2018-07-01 2018-09-30 0000920148 lh:OthercountriesMember lh:MedicareandMedicaidMember lh:LabCorpDiagnosticsMember 2018-07-01 2018-09-30 0000920148 lh:ThirdpartyMember lh:LabCorpDiagnosticsMember 2018-07-01 2018-09-30 0000920148 country:CH lh:ThirdpartyMember lh:LabCorpDiagnosticsMember 2018-07-01 2018-09-30 0000920148 country:CH lh:ClientMember lh:LabCorpDiagnosticsMember 2018-07-01 2018-09-30 0000920148 lh:OthercountriesMember lh:ThirdpartyMember lh:LabCorpDiagnosticsMember 2018-07-01 2018-09-30 0000920148 lh:OthercountriesMember 2018-07-01 2018-09-30 0000920148 country:US lh:LabCorpDiagnosticsMember 2018-07-01 2018-09-30 0000920148 us-gaap:SelfPayMember lh:LabCorpDiagnosticsMember 2018-07-01 2018-09-30 0000920148 country:GB lh:ClientMember lh:LabCorpDiagnosticsMember 2018-07-01 2018-09-30 0000920148 srt:EuropeMember 2018-07-01 2018-09-30 0000920148 country:CA lh:MedicareandMedicaidMember lh:LabCorpDiagnosticsMember 2018-07-01 2018-09-30 0000920148 country:CA lh:ClientMember lh:LabCorpDiagnosticsMember 2018-07-01 2018-09-30 0000920148 country:GB 2018-07-01 2018-09-30 0000920148 country:GB lh:MedicareandMedicaidMember lh:LabCorpDiagnosticsMember 2018-07-01 2018-09-30 0000920148 country:GB lh:LabCorpDiagnosticsMember 2018-07-01 2018-09-30 0000920148 lh:LabCorpDiagnosticsMember 2018-07-01 2018-09-30 0000920148 country:US lh:ThirdpartyMember lh:LabCorpDiagnosticsMember 2018-07-01 2018-09-30 0000920148 lh:ClientMember lh:LabCorpDiagnosticsMember 2018-07-01 2018-09-30 0000920148 country:CA lh:LabCorpDiagnosticsMember 2018-07-01 2018-09-30 0000920148 srt:EuropeMember lh:BiopharmaceuticalandmedicaldevicecompaniesMember lh:CovanceDrugDevelopmentMember 2018-07-01 2018-09-30 0000920148 country:US lh:ClientMember lh:LabCorpDiagnosticsMember 2018-07-01 2018-09-30 0000920148 srt:EuropeMember lh:LabCorpDiagnosticsMember 2018-07-01 2018-09-30 0000920148 srt:EuropeMember lh:ThirdpartyMember lh:LabCorpDiagnosticsMember 2018-07-01 2018-09-30 0000920148 country:US lh:BiopharmaceuticalandmedicaldevicecompaniesMember lh:CovanceDrugDevelopmentMember 2018-07-01 2018-09-30 0000920148 srt:EuropeMember us-gaap:SelfPayMember lh:LabCorpDiagnosticsMember 2018-07-01 2018-09-30 0000920148 srt:EuropeMember lh:MedicareandMedicaidMember lh:LabCorpDiagnosticsMember 2018-07-01 2018-09-30 0000920148 country:CH lh:MedicareandMedicaidMember lh:LabCorpDiagnosticsMember 2018-07-01 2018-09-30 0000920148 lh:BiopharmaceuticalandmedicaldevicecompaniesMember lh:CovanceDrugDevelopmentMember 2018-07-01 2018-09-30 0000920148 country:CH 2019-01-01 2019-09-30 0000920148 srt:EuropeMember 2019-01-01 2019-09-30 0000920148 lh:OthercountriesMember lh:BiopharmaceuticalandmedicaldevicecompaniesMember lh:CovanceDrugDevelopmentMember 2019-01-01 2019-09-30 0000920148 country:US lh:BiopharmaceuticalandmedicaldevicecompaniesMember lh:CovanceDrugDevelopmentMember 2019-01-01 2019-09-30 0000920148 country:CH lh:ThirdpartyMember lh:LabCorpDiagnosticsMember 2019-01-01 2019-09-30 0000920148 lh:OthercountriesMember lh:LabCorpDiagnosticsMember 2019-01-01 2019-09-30 0000920148 lh:OthercountriesMember 2019-01-01 2019-09-30 0000920148 country:CH us-gaap:SelfPayMember lh:LabCorpDiagnosticsMember 2019-01-01 2019-09-30 0000920148 us-gaap:SelfPayMember lh:LabCorpDiagnosticsMember 2019-01-01 2019-09-30 0000920148 country:US lh:MedicareandMedicaidMember lh:LabCorpDiagnosticsMember 2019-01-01 2019-09-30 0000920148 lh:BiopharmaceuticalandmedicaldevicecompaniesMember lh:CovanceDrugDevelopmentMember 2019-01-01 2019-09-30 0000920148 country:US us-gaap:SelfPayMember lh:LabCorpDiagnosticsMember 2019-01-01 2019-09-30 0000920148 country:GB lh:ThirdpartyMember lh:LabCorpDiagnosticsMember 2019-01-01 2019-09-30 0000920148 country:GB lh:LabCorpDiagnosticsMember 2019-01-01 2019-09-30 0000920148 country:CH lh:BiopharmaceuticalandmedicaldevicecompaniesMember lh:CovanceDrugDevelopmentMember 2019-01-01 2019-09-30 0000920148 srt:EuropeMember lh:ThirdpartyMember lh:LabCorpDiagnosticsMember 2019-01-01 2019-09-30 0000920148 lh:ClientMember lh:LabCorpDiagnosticsMember 2019-01-01 2019-09-30 0000920148 country:CA 2019-01-01 2019-09-30 0000920148 country:CH lh:ClientMember lh:LabCorpDiagnosticsMember 2019-01-01 2019-09-30 0000920148 country:CA lh:ThirdpartyMember lh:LabCorpDiagnosticsMember 2019-01-01 2019-09-30 0000920148 country:CA lh:MedicareandMedicaidMember lh:LabCorpDiagnosticsMember 2019-01-01 2019-09-30 0000920148 country:US lh:ClientMember lh:LabCorpDiagnosticsMember 2019-01-01 2019-09-30 0000920148 country:CA lh:LabCorpDiagnosticsMember 2019-01-01 2019-09-30 0000920148 country:CH lh:MedicareandMedicaidMember lh:LabCorpDiagnosticsMember 2019-01-01 2019-09-30 0000920148 srt:EuropeMember lh:ClientMember lh:LabCorpDiagnosticsMember 2019-01-01 2019-09-30 0000920148 srt:EuropeMember us-gaap:SelfPayMember lh:LabCorpDiagnosticsMember 2019-01-01 2019-09-30 0000920148 country:CA lh:ClientMember lh:LabCorpDiagnosticsMember 2019-01-01 2019-09-30 0000920148 country:CH lh:LabCorpDiagnosticsMember 2019-01-01 2019-09-30 0000920148 country:GB lh:BiopharmaceuticalandmedicaldevicecompaniesMember lh:CovanceDrugDevelopmentMember 2019-01-01 2019-09-30 0000920148 country:CA us-gaap:SelfPayMember lh:LabCorpDiagnosticsMember 2019-01-01 2019-09-30 0000920148 country:GB lh:ClientMember lh:LabCorpDiagnosticsMember 2019-01-01 2019-09-30 0000920148 country:GB us-gaap:SelfPayMember lh:LabCorpDiagnosticsMember 2019-01-01 2019-09-30 0000920148 lh:MedicareandMedicaidMember 2019-01-01 2019-09-30 0000920148 country:US lh:ThirdpartyMember lh:LabCorpDiagnosticsMember 2019-01-01 2019-09-30 0000920148 country:GB 2019-01-01 2019-09-30 0000920148 country:US lh:LabCorpDiagnosticsMember 2019-01-01 2019-09-30 0000920148 country:GB lh:MedicareandMedicaidMember lh:LabCorpDiagnosticsMember 2019-01-01 2019-09-30 0000920148 srt:EuropeMember lh:LabCorpDiagnosticsMember 2019-01-01 2019-09-30 0000920148 country:US 2019-01-01 2019-09-30 0000920148 srt:EuropeMember lh:BiopharmaceuticalandmedicaldevicecompaniesMember lh:CovanceDrugDevelopmentMember 2019-01-01 2019-09-30 0000920148 lh:OthercountriesMember lh:MedicareandMedicaidMember lh:LabCorpDiagnosticsMember 2019-01-01 2019-09-30 0000920148 lh:ThirdpartyMember lh:LabCorpDiagnosticsMember 2019-01-01 2019-09-30 0000920148 lh:OthercountriesMember lh:ThirdpartyMember lh:LabCorpDiagnosticsMember 2019-01-01 2019-09-30 0000920148 srt:EuropeMember lh:MedicareandMedicaidMember lh:LabCorpDiagnosticsMember 2019-01-01 2019-09-30 0000920148 country:CA lh:BiopharmaceuticalandmedicaldevicecompaniesMember lh:CovanceDrugDevelopmentMember 2019-01-01 2019-09-30 0000920148 srt:EuropeMember lh:BiopharmaceuticalandmedicaldevicecompaniesMember lh:CovanceDrugDevelopmentMember 2018-01-01 2018-09-30 0000920148 srt:EuropeMember lh:ThirdpartyMember lh:LabCorpDiagnosticsMember 2018-01-01 2018-09-30 0000920148 country:CA lh:ThirdpartyMember lh:LabCorpDiagnosticsMember 2018-01-01 2018-09-30 0000920148 lh:OthercountriesMember 2018-01-01 2018-09-30 0000920148 country:US us-gaap:SelfPayMember lh:LabCorpDiagnosticsMember 2018-01-01 2018-09-30 0000920148 srt:EuropeMember lh:LabCorpDiagnosticsMember 2018-01-01 2018-09-30 0000920148 lh:OthercountriesMember lh:LabCorpDiagnosticsMember 2018-01-01 2018-09-30 0000920148 country:CA lh:LabCorpDiagnosticsMember 2018-01-01 2018-09-30 0000920148 country:CA 2018-01-01 2018-09-30 0000920148 country:CA lh:MedicareandMedicaidMember lh:LabCorpDiagnosticsMember 2018-01-01 2018-09-30 0000920148 country:US lh:MedicareandMedicaidMember lh:LabCorpDiagnosticsMember 2018-01-01 2018-09-30 0000920148 lh:OthercountriesMember lh:ThirdpartyMember lh:LabCorpDiagnosticsMember 2018-01-01 2018-09-30 0000920148 srt:EuropeMember lh:MedicareandMedicaidMember lh:LabCorpDiagnosticsMember 2018-01-01 2018-09-30 0000920148 country:CA lh:BiopharmaceuticalandmedicaldevicecompaniesMember lh:CovanceDrugDevelopmentMember 2018-01-01 2018-09-30 0000920148 country:GB lh:BiopharmaceuticalandmedicaldevicecompaniesMember lh:CovanceDrugDevelopmentMember 2018-01-01 2018-09-30 0000920148 country:CH lh:MedicareandMedicaidMember lh:LabCorpDiagnosticsMember 2018-01-01 2018-09-30 0000920148 country:CA us-gaap:SelfPayMember lh:LabCorpDiagnosticsMember 2018-01-01 2018-09-30 0000920148 country:GB lh:MedicareandMedicaidMember lh:LabCorpDiagnosticsMember 2018-01-01 2018-09-30 0000920148 country:GB lh:LabCorpDiagnosticsMember 2018-01-01 2018-09-30 0000920148 lh:OthercountriesMember lh:BiopharmaceuticalandmedicaldevicecompaniesMember lh:CovanceDrugDevelopmentMember 2018-01-01 2018-09-30 0000920148 lh:ClientMember lh:LabCorpDiagnosticsMember 2018-01-01 2018-09-30 0000920148 country:US lh:ThirdpartyMember lh:LabCorpDiagnosticsMember 2018-01-01 2018-09-30 0000920148 country:CA lh:ClientMember lh:LabCorpDiagnosticsMember 2018-01-01 2018-09-30 0000920148 country:CH lh:LabCorpDiagnosticsMember 2018-01-01 2018-09-30 0000920148 country:US lh:ClientMember lh:LabCorpDiagnosticsMember 2018-01-01 2018-09-30 0000920148 lh:LabCorpDiagnosticsMember 2018-01-01 2018-09-30 0000920148 country:GB us-gaap:SelfPayMember lh:LabCorpDiagnosticsMember 2018-01-01 2018-09-30 0000920148 lh:OthercountriesMember lh:MedicareandMedicaidMember lh:LabCorpDiagnosticsMember 2018-01-01 2018-09-30 0000920148 country:CH us-gaap:SelfPayMember lh:LabCorpDiagnosticsMember 2018-01-01 2018-09-30 0000920148 lh:MedicareandMedicaidMember 2018-01-01 2018-09-30 0000920148 country:GB 2018-01-01 2018-09-30 0000920148 us-gaap:SelfPayMember lh:LabCorpDiagnosticsMember 2018-01-01 2018-09-30 0000920148 lh:ThirdpartyMember lh:LabCorpDiagnosticsMember 2018-01-01 2018-09-30 0000920148 country:US lh:BiopharmaceuticalandmedicaldevicecompaniesMember lh:CovanceDrugDevelopmentMember 2018-01-01 2018-09-30 0000920148 country:CH 2018-01-01 2018-09-30 0000920148 srt:EuropeMember lh:ClientMember lh:LabCorpDiagnosticsMember 2018-01-01 2018-09-30 0000920148 country:CH lh:ThirdpartyMember lh:LabCorpDiagnosticsMember 2018-01-01 2018-09-30 0000920148 country:GB lh:ThirdpartyMember lh:LabCorpDiagnosticsMember 2018-01-01 2018-09-30 0000920148 lh:BiopharmaceuticalandmedicaldevicecompaniesMember lh:CovanceDrugDevelopmentMember 2018-01-01 2018-09-30 0000920148 country:GB lh:ClientMember lh:LabCorpDiagnosticsMember 2018-01-01 2018-09-30 0000920148 country:US lh:LabCorpDiagnosticsMember 2018-01-01 2018-09-30 0000920148 srt:EuropeMember us-gaap:SelfPayMember lh:LabCorpDiagnosticsMember 2018-01-01 2018-09-30 0000920148 country:US 2018-01-01 2018-09-30 0000920148 country:CH lh:BiopharmaceuticalandmedicaldevicecompaniesMember lh:CovanceDrugDevelopmentMember 2018-01-01 2018-09-30 0000920148 srt:EuropeMember 2018-01-01 2018-09-30 0000920148 country:CH lh:ClientMember lh:LabCorpDiagnosticsMember 2018-01-01 2018-09-30 0000920148 lh:MedicareandMedicaidMember 2019-07-01 2019-09-30 0000920148 us-gaap:SelfPayMember lh:LabCorpDiagnosticsMember 2019-07-01 2019-09-30 0000920148 country:CA lh:ClientMember lh:LabCorpDiagnosticsMember 2019-07-01 2019-09-30 0000920148 country:CH lh:BiopharmaceuticalandmedicaldevicecompaniesMember lh:CovanceDrugDevelopmentMember 2019-07-01 2019-09-30 0000920148 country:GB lh:MedicareandMedicaidMember lh:LabCorpDiagnosticsMember 2019-07-01 2019-09-30 0000920148 country:GB lh:LabCorpDiagnosticsMember 2019-07-01 2019-09-30 0000920148 country:CA 2019-07-01 2019-09-30 0000920148 lh:OthercountriesMember lh:LabCorpDiagnosticsMember 2019-07-01 2019-09-30 0000920148 srt:EuropeMember us-gaap:SelfPayMember lh:LabCorpDiagnosticsMember 2019-07-01 2019-09-30 0000920148 country:GB 2019-07-01 2019-09-30 0000920148 country:US lh:BiopharmaceuticalandmedicaldevicecompaniesMember lh:CovanceDrugDevelopmentMember 2019-07-01 2019-09-30 0000920148 country:CA lh:LabCorpDiagnosticsMember 2019-07-01 2019-09-30 0000920148 country:CA lh:MedicareandMedicaidMember lh:LabCorpDiagnosticsMember 2019-07-01 2019-09-30 0000920148 country:CH us-gaap:SelfPayMember lh:LabCorpDiagnosticsMember 2019-07-01 2019-09-30 0000920148 country:CH lh:MedicareandMedicaidMember lh:LabCorpDiagnosticsMember 2019-07-01 2019-09-30 0000920148 lh:ThirdpartyMember lh:LabCorpDiagnosticsMember 2019-07-01 2019-09-30 0000920148 country:CH lh:ClientMember lh:LabCorpDiagnosticsMember 2019-07-01 2019-09-30 0000920148 country:US 2019-07-01 2019-09-30 0000920148 lh:OthercountriesMember lh:BiopharmaceuticalandmedicaldevicecompaniesMember lh:CovanceDrugDevelopmentMember 2019-07-01 2019-09-30 0000920148 srt:EuropeMember 2019-07-01 2019-09-30 0000920148 country:CH lh:LabCorpDiagnosticsMember 2019-07-01 2019-09-30 0000920148 country:GB lh:ThirdpartyMember lh:LabCorpDiagnosticsMember 2019-07-01 2019-09-30 0000920148 lh:OthercountriesMember 2019-07-01 2019-09-30 0000920148 country:CA lh:ThirdpartyMember lh:LabCorpDiagnosticsMember 2019-07-01 2019-09-30 0000920148 srt:EuropeMember lh:MedicareandMedicaidMember lh:LabCorpDiagnosticsMember 2019-07-01 2019-09-30 0000920148 lh:OthercountriesMember lh:ThirdpartyMember lh:LabCorpDiagnosticsMember 2019-07-01 2019-09-30 0000920148 srt:EuropeMember lh:BiopharmaceuticalandmedicaldevicecompaniesMember lh:CovanceDrugDevelopmentMember 2019-07-01 2019-09-30 0000920148 country:US lh:LabCorpDiagnosticsMember 2019-07-01 2019-09-30 0000920148 srt:EuropeMember lh:LabCorpDiagnosticsMember 2019-07-01 2019-09-30 0000920148 country:US lh:ClientMember lh:LabCorpDiagnosticsMember 2019-07-01 2019-09-30 0000920148 country:US lh:ThirdpartyMember lh:LabCorpDiagnosticsMember 2019-07-01 2019-09-30 0000920148 lh:ClientMember lh:LabCorpDiagnosticsMember 2019-07-01 2019-09-30 0000920148 lh:BiopharmaceuticalandmedicaldevicecompaniesMember lh:CovanceDrugDevelopmentMember 2019-07-01 2019-09-30 0000920148 country:US lh:MedicareandMedicaidMember lh:LabCorpDiagnosticsMember 2019-07-01 2019-09-30 0000920148 country:GB us-gaap:SelfPayMember lh:LabCorpDiagnosticsMember 2019-07-01 2019-09-30 0000920148 country:CA us-gaap:SelfPayMember lh:LabCorpDiagnosticsMember 2019-07-01 2019-09-30 0000920148 country:GB lh:ClientMember lh:LabCorpDiagnosticsMember 2019-07-01 2019-09-30 0000920148 country:US us-gaap:SelfPayMember lh:LabCorpDiagnosticsMember 2019-07-01 2019-09-30 0000920148 srt:EuropeMember lh:ThirdpartyMember lh:LabCorpDiagnosticsMember 2019-07-01 2019-09-30 0000920148 country:CA lh:BiopharmaceuticalandmedicaldevicecompaniesMember lh:CovanceDrugDevelopmentMember 2019-07-01 2019-09-30 0000920148 srt:EuropeMember lh:ClientMember lh:LabCorpDiagnosticsMember 2019-07-01 2019-09-30 0000920148 country:CH lh:ThirdpartyMember lh:LabCorpDiagnosticsMember 2019-07-01 2019-09-30 0000920148 country:CH 2019-07-01 2019-09-30 0000920148 lh:OthercountriesMember lh:MedicareandMedicaidMember lh:LabCorpDiagnosticsMember 2019-07-01 2019-09-30 0000920148 country:GB lh:BiopharmaceuticalandmedicaldevicecompaniesMember lh:CovanceDrugDevelopmentMember 2019-07-01 2019-09-30 0000920148 2019-06-03 0000920148 lh:EnvigoMember 2019-06-03 0000920148 lh:EnvigoMember 2019-09-30 0000920148 us-gaap:AccruedLiabilitiesMember lh:EnvigoMember 2019-09-30 0000920148 us-gaap:TrademarksAndTradeNamesMember lh:EnvigoMember 2019-09-30 0000920148 us-gaap:CustomerRelationshipsMember lh:EnvigoMember 2019-09-30 0000920148 us-gaap:DeferredRevenueArrangementTypeDomain lh:EnvigoMember 2019-09-30 0000920148 us-gaap:CashAndCashEquivalentsMember lh:EnvigoMember 2019-09-30 0000920148 us-gaap:OtherLiabilitiesMember lh:EnvigoMember 2019-09-30 0000920148 us-gaap:OtherNoncurrentAssetsMember lh:EnvigoMember 2019-09-30 0000920148 us-gaap:PropertyPlantAndEquipmentMember lh:EnvigoMember 2019-09-30 0000920148 us-gaap:InventoriesMember lh:EnvigoMember 2019-09-30 0000920148 us-gaap:OtherNoncurrentLiabilitiesMember lh:EnvigoMember 2019-09-30 0000920148 us-gaap:AssetsMember lh:EnvigoMember 2019-09-30 0000920148 us-gaap:OtherCurrentAssetsMember lh:EnvigoMember 2019-09-30 0000920148 us-gaap:AccountsReceivableMember lh:EnvigoMember 2019-09-30 0000920148 us-gaap:GoodwillMember lh:EnvigoMember 2019-09-30 0000920148 us-gaap:DeferredTaxAssetDomain lh:EnvigoMember 2019-09-30 0000920148 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember lh:EnvigoMember 2019-09-30 0000920148 lh:EnvigoMember 2019-01-01 2019-09-30 0000920148 us-gaap:LiabilityMember lh:EnvigoMember 2019-09-30 0000920148 us-gaap:AccountsPayableMember lh:EnvigoMember 2019-09-30 0000920148 lh:EnvigoMember 2019-04-01 2019-06-30 0000920148 lh:OtheracquireesMember 2019-01-01 2019-09-30 0000920148 us-gaap:EmployeeSeveranceMember lh:LabCorpDiagnosticsMember 2018-12-31 0000920148 us-gaap:EmployeeSeveranceMember lh:CovanceDrugDevelopmentMember 2019-01-01 2019-09-30 0000920148 us-gaap:FacilityClosingMember lh:CovanceDrugDevelopmentMember 2019-01-01 2019-09-30 0000920148 us-gaap:EmployeeSeveranceMember lh:LabCorpDiagnosticsMember 2019-01-01 2019-09-30 0000920148 us-gaap:FacilityClosingMember lh:LabCorpDiagnosticsMember 2019-01-01 2019-09-30 0000920148 us-gaap:FacilityClosingMember lh:CovanceDrugDevelopmentMember 2018-12-31 0000920148 us-gaap:FacilityClosingMember lh:LabCorpDiagnosticsMember 2018-12-31 0000920148 us-gaap:FacilityClosingMember lh:CovanceDrugDevelopmentMember 2019-09-30 0000920148 us-gaap:EmployeeSeveranceMember lh:CovanceDrugDevelopmentMember 2019-09-30 0000920148 us-gaap:FacilityClosingMember lh:LabCorpDiagnosticsMember 2019-09-30 0000920148 us-gaap:EmployeeSeveranceMember lh:LabCorpDiagnosticsMember 2019-09-30 0000920148 us-gaap:EmployeeSeveranceMember lh:CovanceDrugDevelopmentMember 2018-12-31 0000920148 lh:CovanceDrugDevelopmentMember 2018-01-01 2018-09-30 0000920148 lh:LabCorpDiagnosticsMember 2019-09-30 0000920148 lh:LabCorpDiagnosticsMember 2018-12-31 0000920148 us-gaap:UseRightsMember 2019-09-30 0000920148 us-gaap:NoncompeteAgreementsMember 2019-09-30 0000920148 us-gaap:TradeNamesMember 2019-09-30 0000920148 us-gaap:LicensingAgreementsMember 2019-09-30 0000920148 us-gaap:NoncompeteAgreementsMember 2018-12-31 0000920148 us-gaap:CustomerRelationshipsMember 2018-12-31 0000920148 us-gaap:UseRightsMember 2018-12-31 0000920148 us-gaap:CustomerRelationshipsMember 2019-09-30 0000920148 us-gaap:TradeNamesMember 2018-12-31 0000920148 us-gaap:LicensingAgreementsMember 2018-12-31 0000920148 lh:PatentsLicensesAndTechnologyMember 2018-12-31 0000920148 lh:PatentsLicensesAndTechnologyMember 2019-09-30 0000920148 lh:A2017TermLoanMember 2018-12-31 0000920148 us-gaap:FairValueInputsLevel2Member 2019-09-30 0000920148 lh:A2017TermLoanMember us-gaap:PrimeRateMember 2019-07-01 2019-09-30 0000920148 lh:A2019TermLoanMember 2019-09-30 0000920148 lh:A2019TermLoanMember 2019-09-30 0000920148 lh:A2017TermLoanMember 2017-12-31 0000920148 us-gaap:ConvertibleSubordinatedDebtMember 2019-07-01 2019-09-30 0000920148 us-gaap:ConvertibleSubordinatedDebtMember 2019-09-30 0000920148 2014-12-19 0000920148 us-gaap:RevolvingCreditFacilityMember 2014-12-19 0000920148 lh:A2017TermLoanMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-07-01 2019-09-30 0000920148 us-gaap:RevolvingCreditFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-07-01 2019-09-30 0000920148 lh:A2017TermLoanMember 2019-09-30 0000920148 us-gaap:RevolvingCreditFacilityMember 2019-09-30 0000920148 us-gaap:LondonInterbankOfferedRateLIBORMember 2019-07-01 2019-09-30 0000920148 lh:A2019TermLoanMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-07-01 2019-09-30 0000920148 lh:A2017TermLoanMember 2019-09-30 0000920148 lh:SeniorLongTermNotesDue2020Member 2019-09-30 0000920148 lh:A2019TermLoanMember us-gaap:PrimeRateMember 2019-07-01 2019-09-30 0000920148 us-gaap:RevolvingCreditFacilityMember us-gaap:PrimeRateMember 2019-07-01 2019-09-30 0000920148 lh:SeniorNotesDue2020Member 2019-09-30 0000920148 lh:SeniorNotesDue2022Member 2019-09-30 0000920148 lh:SeniorNotesDue2020Member 2018-12-31 0000920148 lh:SeniorNotesDue2022Member 2018-12-31 0000920148 lh:Seniornotesdue2024MemberMember 2018-12-31 0000920148 lh:Seniornotesdue2025MemberMember 2019-09-30 0000920148 lh:Seniornotesdue2045Member 2019-09-30 0000920148 lh:Seniornotesdue2027Member 2018-12-31 0000920148 lh:Seniornotesdue2023Member 2019-09-30 0000920148 lh:Seniornotesdue2027Member 2019-09-30 0000920148 lh:Seniornotesdue2024MemberMember 2019-09-30 0000920148 lh:Seniornotesdue2045Member 2018-12-31 0000920148 lh:Seniornotesdue2023Member 2018-12-31 0000920148 lh:Seniornotesdue2025MemberMember 2018-12-31 0000920148 2019-04-01 2019-09-30 0000920148 us-gaap:CommonStockMember 2018-12-31 0000920148 us-gaap:CommonStockMember 2019-01-01 2019-09-30 0000920148 us-gaap:TreasuryStockCommonMember 2019-01-01 2019-09-30 0000920148 us-gaap:TreasuryStockCommonMember 2019-09-30 0000920148 us-gaap:CommonStockMember 2019-09-30 0000920148 us-gaap:TreasuryStockCommonMember 2018-12-31 0000920148 us-gaap:PensionPlansDefinedBenefitMember 2018-07-01 2018-09-30 0000920148 us-gaap:PensionPlansDefinedBenefitMember 2019-07-01 2019-09-30 0000920148 us-gaap:PensionPlansDefinedBenefitMember 2018-01-01 2018-09-30 0000920148 us-gaap:PensionPlansDefinedBenefitMember 2019-01-01 2019-09-30 0000920148 lh:CovanceMember 2018-01-01 2018-09-30 0000920148 lh:ChilternMember 2019-07-01 2019-09-30 0000920148 us-gaap:PensionAndOtherPostretirementPlansCostsMember 2019-09-30 0000920148 lh:CovanceMember 2019-01-01 2019-09-30 0000920148 lh:CovanceMember 2019-07-01 2019-09-30 0000920148 us-gaap:OtherPensionPlansDefinedBenefitMember 2019-07-01 2019-09-30 0000920148 lh:CovanceMember 2018-07-01 2018-09-30 0000920148 us-gaap:PensionAndOtherPostretirementPlansCostsMember 2018-12-31 0000920148 us-gaap:FairValueInputsLevel3Member 2018-12-31 0000920148 us-gaap:FairValueInputsLevel3Member 2019-09-30 0000920148 us-gaap:FairValueInputsLevel2Member 2018-12-31 0000920148 us-gaap:FairValueInputsLevel1Member 2018-12-31 0000920148 us-gaap:FairValueInputsLevel1Member 2019-09-30 0000920148 us-gaap:NotesReceivableMember 2019-09-30 0000920148 us-gaap:InterestRateSwapMember 2018-01-01 2018-09-30 0000920148 us-gaap:CurrencySwapMember 2019-01-01 2019-09-30 0000920148 us-gaap:CurrencySwapMember 2019-07-01 2019-09-30 0000920148 us-gaap:CurrencySwapMember 2018-01-01 2018-09-30 0000920148 us-gaap:InterestRateSwapMember 2019-01-01 2019-09-30 0000920148 us-gaap:InterestRateSwapMember 2019-07-01 2019-09-30 0000920148 us-gaap:CurrencySwapMember 2018-07-01 2018-09-30 0000920148 us-gaap:InterestRateSwapMember 2018-07-01 2018-09-30 0000920148 lh:Crosscurrencyswapmaturing2022Member 2019-09-30 0000920148 lh:Crosscurrencyswapmaturing2025Member 2019-09-30 0000920148 us-gaap:InterestRateSwapMember 2018-12-31 0000920148 us-gaap:CurrencySwapMember 2018-12-31 0000920148 us-gaap:InterestRateSwapMember 2019-09-30 0000920148 us-gaap:CurrencySwapMember 2019-09-30 0000920148 lh:SeniorLongTermNotesDue2020Member 2018-12-31 0000920148 lh:CovanceDrugDevelopmentMember 2018-07-01 2018-09-30 0000920148 us-gaap:CorporateMember 2018-01-01 2018-09-30 0000920148 us-gaap:CorporateMember 2019-07-01 2019-09-30 0000920148 us-gaap:CorporateMember 2019-01-01 2019-09-30 0000920148 us-gaap:CorporateMember 2018-07-01 2018-09-30 xbrli:pure iso4217:USD xbrli:shares iso4217:USD xbrli:shares
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 September 30, 2019
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
LABORATORY CORP OF AMERICA HOLDINGS
(Exact name of registrant as specified in its charter)
Delaware
 
13-3757370
(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 (paragraph 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 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 .

The number of shares outstanding of the issuer's common stock is 97.1 million shares as of October 29, 2019.


INDEX



INDEX


PART I. FINANCIAL INFORMATION

Item 1.
 
 
 
 
 
 
September 30, 2019 and December 31, 2018
 
 
 
 
 
 
Three and nine months ended September 30, 2019 and 2018
 
 
 
 
 
 
Three and nine months ended September 30, 2019 and 2018
 
 
 
 
 
 
Three and nine months ended September 30, 2019 and 2018
 
 
 
 
 
 
Nine months ended September 30, 2019 and 2018
 
 
 
 
 
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.

PART II. OTHER INFORMATION

Item 1.
 
 
 
Item 1A.
 
 
 
Item 2.
 
 
 
Item 5.
 
 
 
Item 6.


1

INDEX


PART I – FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)

LABORATORY CORPORATION OF AMERICA HOLDINGS AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions)
(unaudited)
 
September 30,
2019
 
December 31,
2018
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
361.1

 
$
426.8

Accounts receivable
1,617.2

 
1,467.9

Unbilled services
476.9

 
394.4

Supplies inventory
234.9

 
237.3

Prepaid expenses and other
297.7

 
309.0

Total current assets
2,987.8

 
2,835.4

Property, plant and equipment, net
2,462.8

 
1,740.3

Goodwill, net
7,815.3

 
7,360.3

Intangible assets, net
4,021.3

 
3,911.1

Joint venture partnerships and equity method investments
86.0

 
60.5

Deferred income tax assets
15.7

 
1.7

Other assets, net
458.9

 
276.0

Total assets
$
17,847.8

 
$
16,185.3

 
 
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 

 
 

Current liabilities:
 

 
 

Accounts payable
$
607.8


$
634.6

Accrued expenses and other
830.3


870.0

Unearned revenue
403.8


356.4

Short-term operating lease liabilities
202.1



Short-term finance lease liabilities
8.3


7.9

Short-term borrowings and current portion of long-term debt
502.6


10.0

Total current liabilities
2,554.9


1,878.9

Long-term debt, less current portion
6,101.3


5,990.9

Operating lease liabilities
530.7



Financing lease liabilities
92.8


51.0

Deferred income taxes and other tax liabilities
969.0


940.0

Other liabilities
348.3


334.0

Total liabilities
10,597.0


9,194.8

Commitments and contingent liabilities





Noncontrolling interest
19.7


19.1

Shareholders’ equity:
 


 

Common stock, 97.4 and 98.9 shares outstanding at September 30, 2019 and December 31, 2018, respectively
9.0


11.7

Additional paid-in capital
47.8


1,451.1

Retained earnings
7,676.5


7,079.8

Less common stock held in treasury


(1,108.1
)
Accumulated other comprehensive loss
(502.2
)

(463.1
)
Total shareholders’ equity
7,231.1


6,971.4

Total liabilities and shareholders’ equity
$
17,847.8


$
16,185.3


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

2

INDEX


LABORATORY CORPORATION OF AMERICA HOLDINGS AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
(unaudited)


Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Revenues
$
2,928.5

 
$
2,831.3

 
$
8,601.4

 
$
8,545.9

Cost of revenues
2,111.2

 
2,041.4

 
6,169.6

 
6,141.9

Gross profit
817.3

 
789.9

 
2,431.8

 
2,404.0

Selling, general and administrative expenses
401.5

 
381.8

 
1,210.6

 
1,174.0

Amortization of intangibles and other assets
61.7

 
54.7

 
179.0

 
175.5

Restructuring and other special charges
14.2

 
10.0

 
48.4

 
36.5

Operating income
339.9

 
343.4

 
993.8

 
1,018.0

Other income (expense):
 

 
 

 
 

 
 

Interest expense
(60.5
)
 
(59.4
)
 
(176.3
)
 
(186.0
)
Equity method income, net
2.4

 
3.0

 
7.9

 
8.5

Investment income
2.9

 
2.8

 
4.8

 
4.2

Other, net
2.7

 
209.8

 
(18.2
)
 
209.1

Earnings before income taxes
287.4

 
499.6

 
812.0

 
1,053.8

Provision for income taxes
66.4

 
180.6

 
214.4

 
328.1

Net earnings
221.0

 
319.0

 
597.6

 
725.7

Less: Net earnings (loss) attributable to the noncontrolling interest
(0.3
)
 
(0.2
)
 
(0.9
)
 
0.1

Net earnings attributable to Laboratory Corporation of America Holdings
$
220.7

 
$
318.8

 
$
596.7

 
$
725.8

 
 
 
 
 
 
 
 
Basic earnings per common share
$
2.26

 
$
3.14

 
$
6.08

 
$
7.13

Diluted earnings per common share
$
2.25

 
$
3.10

 
$
6.04

 
$
7.04


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

3

INDEX


 
LABORATORY CORPORATION OF AMERICA HOLDINGS AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS
(in millions, except per share data)
(unaudited)

 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Net earnings
$
221.0

 
$
319.0

 
$
597.6

 
$
725.7

Foreign currency translation adjustments
(92.6
)
 
0.3

 
(45.4
)
 
(82.2
)
Net benefit plan adjustments
3.2

 
2.9

 
8.7

 
9.1

Other comprehensive earnings (loss) before tax
(89.4
)
 
3.2

 
(36.7
)
 
(73.1
)
Provision for income tax related to items of comprehensive earnings
(0.9
)
 
(4.0
)
 
(2.4
)
 
(1.0
)
Other comprehensive loss, net of tax
(90.3
)
 
(0.8
)
 
(39.1
)
 
(74.1
)
Comprehensive earnings
130.7

 
318.2

 
558.5

 
651.6

Less: Net earnings (loss) attributable to the noncontrolling interest
(0.3
)
 
(0.2
)
 
(0.9
)
 
0.1

Comprehensive earnings attributable to Laboratory Corporation of America Holdings
$
130.4

 
$
318.0

 
$
557.6

 
$
651.7


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


4

INDEX


LABORATORY CORPORATION OF AMERICA HOLDINGS AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN
SHAREHOLDERS’ EQUITY
(in millions)
(unaudited)
 
Common
Stock
 
Additional
Paid-in
Capital
 
Retained
Earnings
 
Treasury
Stock
 
Accumulated
Other
Comprehensive
Earnings (Loss)
 
Total
Shareholders’
Equity
BALANCE AT DECEMBER 31, 2017
$
12.0

 
$
1,989.8

 
$
6,196.1

 
$
(1,060.1
)
 
$
(333.7
)
 
$
6,804.1

Net earnings attributable to Laboratory Corporation of America Holdings

 

 
173.2

 

 

 
173.2

Other comprehensive earnings, net of tax

 

 

 

 
52.5

 
52.5

Issuance of common stock under employee stock plans

 
28.4

 

 

 

 
28.4

Net share settlement tax payments from issuance of stock to employees

 

 

 
(25.0
)
 

 
(25.0
)
Stock compensation

 
25.8

 

 

 

 
25.8

Purchase of common stock

 
(75.0
)
 

 

 

 
(75.0
)
BALANCE AT MARCH 31, 2018
$
12.0

 
$
1,969.0

 
$
6,369.3

 
$
(1,085.1
)
 
$
(281.2
)
 
$
6,984.0

Net earnings attributable to Laboratory Corporation of America Holdings

 

 
233.8

 

 

 
233.8

Other comprehensive loss, net of tax

 

 

 

 
(125.8
)
 
(125.8
)
Issuance of common stock under employee stock plans

 
14.6

 

 

 

 
14.6

Net share settlement tax payments from issuance of stock to employees

 

 

 
(20.1
)
 

 
(20.1
)
Stock compensation

 
26.2

 

 

 

 
26.2

Purchase of common stock

 
(75.0
)
 

 

 

 
(75.0
)
BALANCE AT JUNE 30, 2018
$
12.0

 
$
1,934.8

 
$
6,603.1

 
$
(1,105.2
)
 
$
(407.0
)
 
$
7,037.7

Net earnings attributable to Laboratory Corporation of America Holdings

 

 
318.8

 

 

 
318.8

Other comprehensive loss, net of tax

 

 

 

 
(0.8
)
 
(0.8
)
Issuance of common stock under employee stock plans

 
24.4

 

 

 

 
24.4

Net share settlement tax payments from issuance of stock to employees

 

 

 
(1.1
)
 

 
(1.1
)
Conversion of zero-coupon convertible debt

 
0.3

 

 

 

 
0.3

Stock compensation

 
18.8

 

 

 

 
18.8

Purchase of common stock
(0.1
)
 
(149.9
)
 

 

 

 
(150.0
)
BALANCE AT SEPTEMBER 30, 2018
$
11.9

 
$
1,828.4

 
$
6,921.9

 
$
(1,106.3
)
 
$
(407.8
)
 
$
7,248.1

 
 
 
 
 
 
 
 
 
 
 
 
BALANCE AT DECEMBER 31, 2018
$
11.7

 
$
1,451.1

 
$
7,079.8

 
$
(1,108.1
)
 
$
(463.1
)
 
$
6,971.4

Net earnings attributable to Laboratory Corporation of America Holdings

 

 
185.6

 

 

 
185.6

Other comprehensive earnings, net of tax

 

 

 

 
23.6

 
23.6

Issuance of common stock under employee stock plans

 
24.7

 

 

 

 
24.7

Net share settlement tax payments from issuance of stock to employees

 

 

 
(19.4
)
 

 
(19.4
)
Stock compensation

 
25.5

 

 

 

 
25.5

Purchase of common stock
(0.1
)
 
(100.0
)
 

 

 

 
(100.1
)
BALANCE AT MARCH 31, 2019
$
11.6

 
$
1,401.3

 
$
7,265.4

 
$
(1,127.5
)
 
$
(439.5
)
 
$
7,111.3

Net earnings attributable to Laboratory Corporation of America Holdings

 

 
190.4

 

 

 
190.4

Other comprehensive earnings, net of tax

 

 

 

 
27.6

 
27.6

Issuance of common stock under employee stock plans

 
9.2

 

 

 

 
9.2

Net share settlement tax payments from issuance of stock to employees

 

 

 
(20.7
)
 

 
(20.7
)
Stock compensation

 
26.5

 

 

 

 
26.5

Retirement of treasury stock
(2.4
)
 
(1,145.8
)
 

 
1,148.2

 

 

Purchase of common stock
(0.1
)
 
(199.8
)
 

 

 

 
(199.9
)
BALANCE AT JUNE 30, 2019
$
9.1

 
$
91.4

 
$
7,455.8

 
$

 
$
(411.9
)
 
$
7,144.4

Net earnings attributable to Laboratory Corporation of America Holdings
$

 
$

 
$
220.7

 
$

 
$

 
$
220.7

Other comprehensive loss, net of tax

 

 

 

 
(90.3
)
 
(90.3
)
Issuance of common stock under employee stock plans

 
25.1

 

 

 

 
25.1

Net share settlement tax payments from issuance of stock to employees

 
(0.3
)
 

 

 

 
(0.3
)
Stock compensation

 
31.5

 

 

 

 
31.5

Purchase of common stock
(0.1
)
 
(99.9
)
 

 

 

 
(100.0
)
BALANCE AT SEPTEMBER 30, 2019
$
9.0

 
$
47.8

 
$
7,676.5

 
$

 
$
(502.2
)
 
$
7,231.1


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

5

INDEX


LABORATORY CORPORATION OF AMERICA HOLDINGS AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
 
Nine Months Ended September 30,
 
2019
 
2018
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
Net earnings
$
597.6

 
$
725.7

Adjustments to reconcile net earnings to net cash provided by operating activities:
 

 
 

Depreciation and amortization
421.4

 
414.4

Stock compensation
83.5

 
70.8

Gain on sale of assets
(3.8
)
 
(1.9
)
Loss (gain) on sale of business
11.9

 
(209.4
)
Contingent consideration adjustments
(13.9
)
 

Accreted interest on zero-coupon subordinated notes

 
0.1

    Operating lease right-of-use asset expense
144.1

 

Earnings less distributions deficit from equity method investments
18.3

 
0.3

Asset impairment

 
5.3

Deferred income taxes
23.3

 
12.1

Change in assets and liabilities (net of effects of acquisitions):
 

 
 

Increase in accounts receivable
(144.3
)
 
(8.5
)
Increase in unbilled services
(59.5
)
 
(5.5
)
Increase in supplies inventory
(14.5
)
 
(8.8
)
Decrease (increase) in prepaid expenses and other
5.8

 
(40.1
)
Decrease in accounts payable
(28.2
)
 
(79.9
)
Decrease in unearned revenue
(1.0
)
 
(94.4
)
Decrease (increase) in accrued expenses and other
(165.8
)
 
38.8

Net cash provided by operating activities
874.9

 
819.0

CASH FLOWS FROM INVESTING ACTIVITIES:
 

 
 

Capital expenditures
(272.0
)
 
(257.6
)
Proceeds from sale of assets
5.8

 
50.1

Proceeds from sale of investments
9.4

 

Proceeds from sale of business

 
654.5

Investments in equity affiliates
(21.3
)
 
(14.3
)
Acquisition of businesses, net of cash acquired
(852.9
)
 
(79.1
)
Net cash (used for) provided by investing activities
(1,131.0
)
 
353.6

CASH FLOWS FROM FINANCING ACTIVITIES:
 

 
 

Proceeds from term loan
850.0

 

Payments on term loan
(250.0
)
 
(295.0
)
Proceeds from revolving credit facilities
473.0

 
449.2

Payments on revolving credit facilities
(473.0
)
 
(449.2
)
Payments on zero-coupon subordinated notes
(5.2
)
 
(0.3
)
Noncontrolling interest distributions
(0.8
)
 
(6.1
)
Deferred payments on acquisitions
(5.0
)
 

Payments on other long-term obligations
(10.9
)
 
(6.8
)
Net share settlement tax payments from issuance of stock to employees
(40.4
)
 
(46.2
)
Net proceeds from issuance of stock to employees
59.0

 
67.4

Purchase of common stock
(400.0
)
 
(300.0
)
Net cash provided by (used for) financing activities
196.7

 
(587.0
)
Effect of exchange rate changes on cash and cash equivalents
(6.3
)
 
(9.6
)
Net (decrease) increase in cash and cash equivalents
(65.7
)
 
576.0

Cash and cash equivalents at beginning of period
426.8

 
316.6

Cash and cash equivalents at end of period
$
361.1

 
$
892.6


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

6

INDEX
LABORATORY CORPORATION OF AMERICA HOLDINGS AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(dollars and shares in millions, except per share data)



1.  
BASIS OF FINANCIAL STATEMENT PRESENTATION
Laboratory Corporation of America® Holdings together with its subsidiaries (the Company) is a leading global life sciences company that is deeply integrated in guiding patient care, providing comprehensive clinical laboratory and end-to-end drug development services. The Company’s mission is to improve health and improve lives by delivering world-class diagnostic solutions, bringing innovative medicines to patients faster and using technology to provide better care. The Company serves a broad range of customers, including managed care organizations (MCOs), biopharmaceutical companies, medical device companies, governmental agencies, physicians and other healthcare providers (e.g., physician assistants and nurse practitioners, generally referred to herein as physicians), hospitals and health systems, employers, patients and consumers, contract research organizations (CROs) and independent clinical laboratories.
The Company reports its business in two segments, LabCorp Diagnostics (LCD) and Covance Drug Development (CDD). For further financial information about these segments, see Note 16 (Business Segment Information). During the three months ended September 30, 2019, LCD and CDD contributed approximately 60% and 40%, respectively, of revenues to the Company. During the nine months ended September 30, 2019, LCD and CDD contributed approximately 61% and 39%, respectively, of revenues to the Company.
The condensed consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries for which it exercises control. Long-term investments in affiliated companies in which the Company exercises significant influence, but which it does not control, are accounted for using the equity method. Investments in which the Company does not exercise significant influence (generally, when the Company has an investment of less than 20.0%) 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 earnings (loss).”
The accompanying condensed consolidated financial statements of the Company are unaudited. In the opinion of management, all adjustments necessary for a fair statement of results of operations, cash flows and financial position have been made. Except as otherwise disclosed, all such adjustments are of a normal recurring nature. Interim results are not necessarily indicative of results for a full year. The year-end condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles.
The condensed consolidated financial statements and notes are presented in accordance with the rules and regulations of the United States (U.S.) Securities and Exchange Commission (SEC) and do not contain certain information included in the Company’s 2018 Annual Report on Form 10-K. Therefore, these interim statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report.
Recently Adopted Guidance
Leases
In February 2016, the Financial Accounting Standards Board (FASB) issued a new accounting standard that sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. The Company has elected to utilize the short-term lease exemption and not record leases with initial terms of 12 months or less on the balance sheet. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases and direct financing leases.
The Company adopted the standard on January 1, 2019, using the modified retrospective method. Comparative periods were not adjusted and are presented in accordance with lease guidance in effect for that period. The Company elected the package of practical expedients, which includes not reassessing whether existing contracts contain leases under the new definition of a lease,

7

INDEX
LABORATORY CORPORATION OF AMERICA HOLDINGS AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(dollars and shares in millions, except per share data)


reassessing the classification of existing leases, and reassessing whether previously capitalized initial direct costs qualify for capitalization under the new standard. Leases with an initial term of 12 months or less are not recorded on the Condensed Consolidated Balance Sheets. Operating lease expense is recognized on a straight-line basis over the lease term.
Operating lease assets and liabilities are recognized at the commencement date, based on the present value of the future minimum lease payments over the lease term. A certain number of these leases contain rent escalation clauses either fixed or adjusted periodically for inflation or market rates that are factored into the Company's determination of lease payments. The Company also has variable lease payments that do not depend on a rate or index, for items such as volume purchase commitments, which are recorded as variable cost when incurred. As most of the Company's leases do not provide an implicit rate, the Company estimates an incremental borrowing rate based on the credit quality of the Company and by comparing interest rates available in the market for similar borrowings, and adjusting this amount based on the impact of collateral over the term of each lease. The Company uses this rate to discount payments to present value. Some operating leases contain renewal options, some of which also include options to early terminate the leases. The exercise of these options is at the Company's discretion. The Company determined that all renewal options within leases for main laboratories, STAT laboratories, branches or combination sites were reasonably possible to be exercised and therefore are included in the accounting lease term.
The standard had a material impact in the consolidated balance sheets, but no material impact in the consolidated income statements. The most significant impact was the recognition of right-of-use (ROU) assets and lease liabilities for operating leases.
New Accounting Pronouncements
In June 2016, the FASB issued a new accounting standard intended to provide financial statement users with more decision-useful information about expected credit losses and other commitments to extend credit held by the reporting entity. The standard replaces the incurred loss impairment methodology in current GAAP with one that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The update is effective on January 1, 2020, with early adoption permitted. The Company is currently evaluating the impact this new standard will have on the consolidated financial statements.
In August 2018, the FASB issued a new accounting standard to reduce, modify, and add to the disclosure requirements on fair value measurements. The standard is effective on January 1, 2020, with early adoption permitted. The Company is currently evaluating the impact this new standard will have on the consolidated financial statements.
In August 2018, the FASB issued a new accounting standard to reduce, modify, and add to the disclosure requirements on defined benefit pension and other postretirement plans. The standard is effective on January 1, 2021, with early adoption permitted. The Company is currently evaluating the impact this new standard will have on the consolidated financial statements.
In August 2018, the FASB issued a new accounting standard to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The standard is effective on January 1, 2020, with early adoption permitted. The Company is currently evaluating the impact this new standard will have on the consolidated financial statements.
Reclassifications and Revisions
In conjunction with the adoption of the new lease standard, the Company reclassified the capital lease asset balance of $44.4 at December 31, 2018, from Property, plant and equipment, net to Other assets.















8

INDEX
LABORATORY CORPORATION OF AMERICA HOLDINGS AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(dollars and shares in millions, except per share data)



2.  
REVENUES
The Company's revenues by segment payers/customer groups for the three and nine months ended September 30, 2019, and 2018, are as follows:
 
For the Three Months Ended September 30, 2019
 
U.S.
 
Canada
 
U.K.
 
Switzerland
 
Other Europe
 
Other
 
Total
Payer/Customer
 
 
 
 
 
 
 
 
 
 
 
 
 
LCD
 
 
 
 
 
 
 
 
 
 
 
 

   Clients
16
%
 
1
%
 
%
 
%
 
%
 
%
 
17
%
   Patients
8
%
 
%
 
%
 
%
 
%
 
%
 
8
%
   Medicare and Medicaid
8
%
 
%
 
%
 
%
 
%
 
%
 
8
%
   Third-party
25
%
 
2
%
 
%
 
%
 
%
 
%
 
27
%
Total LCD revenues by payer
57
%
 
3
%
 
%
 
%
 
%
 
%
 
60
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CDD
 
 
 
 
 
 
 
 
 
 
 
 
 
   Biopharmaceutical and medical
device companies
21
%
 
%
 
5
%
 
4
%
 
3
%
 
7
%
 
40
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 </