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QUARTERLY DATA (UNAUDITED) (Tables)
12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
Quarterly data summary:
The following is a summary of unaudited quarterly data:
 
Year Ended December 31, 2016
 
1st
Quarter
 
2nd
Quarter
 
3rd
Quarter
 
4th
Quarter
 
Full
Year
Net revenues
$
2,295.2

 
$
2,382.0

 
$
2,372.7

 
$
2,387.3

 
$
9,437.2

Gross profit
777.3

 
826.8

 
788.4

 
788.0

 
3,180.5

Net earnings attributable to Laboratory Corporation of America Holdings
164.1

 
204.1

 
179.5

 
184.4

 
732.1

Basic earnings per common share
1.62

 
2.00

 
1.74

 
1.79

 
7.14

Diluted earnings per common share
1.58

 
1.96

 
1.71

 
1.75

 
7.02

 
Year Ended December 31, 2015
 
1st
Quarter
 
2nd
Quarter
 
3rd
Quarter
 
4th
Quarter
 
Full
Year
Net revenues
$
1,772.3

 
$
2,218.7

 
$
2,269.9

 
$
2,244.8

 
$
8,505.7

Gross profit
625.1

 
772.6

 
764.9

 
740.7

 
2,903.3

Net earnings attributable to Laboratory Corporation of America Holdings
3.0

 
169.9

 
154.7

 
110.0

 
437.6

Basic earnings per common share
0.04

 
1.69

 
1.53

 
1.09

 
4.43

Diluted earnings per common share
0.04

 
1.66

 
1.51

 
1.07

 
4.35

In the first quarter of 2016, the Company finalized measurement periods adjustments and incorrectly recorded them retrospectively to the interim periods in 2015. The final measurement period adjustment consisted of foreign cumulative translation adjustments related to the final allocation of goodwill and intangibles to the applicable international geographies which was completed in the first quarter of 2016. As a result, the amounts of Other comprehensive income before tax for the first, second and third quarters of 2015 were inappropriately recast for the foreign currency translation adjustments of $122.2, $(115.6), and $104.7, respectively. The cumulative foreign currency adjustment should have been recorded in the first quarter of 2016 which would have reduced the foreign currency translation adjustment amount by $80.4.
The reported amounts of Other comprehensive loss before tax were $(289.9), $149.0, $(207.5), and $138.3 and should have been $(167.7), $33.4, $(102.8), and $57.9 for the first, second and third quarters of 2015 and the first quarter of 2016 respectively. The Company concluded that these errors were not material individually or in the aggregate to any of the periods impacted. However, the Company will correct the foreign currency errors in the interim Consolidated Statements of Comprehensive Earnings for each of the affected periods when presented again.