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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, 2020
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 CORPORATION OF AMERICA HOLDINGS
(Exact name of registrant as specified in its charter)
Delaware13-3757370
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
358 South Main Street 
Burlington,North Carolina27215
(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 filerAccelerated 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 .

The number of shares outstanding of the issuer's common stock is 97.4 million shares as of October 28, 2020.



INDEX


PART I. FINANCIAL INFORMATION

Item 1.
  
 
 September 30, 2020 and December 31, 2019
  
 
 Three and nine months ended September 30, 2020 and 2019
  
Three and nine months ended September 30, 2020 and 2019
 
 Three and nine months ended September 30, 2020 and 2019
  
 
 Nine months ended September 30, 2020 and 2019
  
 
  
Item 2.
  
Item 3.
  
Item 4.

PART II. OTHER INFORMATION

1

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,
2020
December 31,
2019
ASSETS  
Current assets:  
Cash and cash equivalents$667.2 $337.5 
Accounts receivable, net of allowance for doubtful accounts of $26.6 and $19.0 as of September 30, 2020, and December 31, 2019, respectively2,095.2 1,543.9 
Unbilled services603.5 481.4 
Supplies inventory392.5 244.7 
Prepaid expenses and other327.2 373.7 
Total current assets4,085.6 2,981.2 
Property, plant and equipment, net2,608.6 2,636.6 
Goodwill, net7,613.8 7,865.0 
Intangible assets, net3,920.5 4,034.5 
Joint venture partnerships and equity method investments70.7 84.9 
Deferred income taxes3.4 8.8 
Other assets, net437.0 435.4 
Total assets$18,739.6 $18,046.4 
LIABILITIES AND SHAREHOLDERS’ EQUITY  
Current liabilities:  
Accounts payable$639.5 $632.3 
Accrued expenses and other1,297.8 942.4 
Unearned revenue494.8 451.0 
Short-term operating lease liabilities193.8 206.5 
Short-term finance lease liabilities7.4 8.4 
Short-term borrowings and current portion of long-term debt376.6 415.2 
Total current liabilities3,009.9 2,655.8 
Long-term debt, less current portion5,417.3 5,789.8 
Operating lease liabilities602.4 596.6 
Financing lease liabilities86.3 91.1 
Deferred income taxes and other tax liabilities891.5 942.8 
Other liabilities473.2 383.2 
Total liabilities10,480.6 10,459.3 
Commitments and contingent liabilities
Noncontrolling interest19.9 20.1 
Shareholders’ equity:  
Common stock, 97.4 and 97.2 shares outstanding at September 30, 2020, and December 31, 2019, respectively9.0 9.0 
Additional paid-in capital80.7 26.8 
Retained earnings8,464.0 7,903.6 
Accumulated other comprehensive loss(314.6)(372.4)
Total shareholders’ equity8,239.1 7,567.0 
Total liabilities and shareholders’ equity$18,739.6 $18,046.4 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
2

co 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,
 2020201920202019
Revenues$3,896.1 $2,928.5 $9,488.7 $8,601.4 
Cost of revenues2,336.7 2,111.2 6,440.8 6,169.6 
Gross profit1,559.4 817.3 3,047.9 2,431.8 
Selling, general and administrative expenses419.5 401.5 1,211.3 1,210.6 
Amortization of intangibles and other assets62.2 61.7 184.6 179.0 
Goodwill and other asset impairments23.5  460.9  
Restructuring and other charges7.1 14.2 38.9 48.4 
Operating income1,047.1 339.9 1,152.2 993.8 
Other income (expense):    
Interest expense(51.4)(60.5)(159.1)(176.3)
Equity method income (loss), net3.0 2.4 (1.8)7.9 
Investment income2.6 2.9 7.7 4.8 
Other, net(54.2)2.7 (22.6)(18.2)
Earnings before income taxes947.1 287.4 976.4 812.0 
Provision for income taxes243.4 66.4 358.0 214.4 
Net earnings703.7 221.0 618.4 597.6 
Less: Net earnings attributable to the noncontrolling interest(0.3)(0.3)(0.6)(0.9)
Net earnings attributable to Laboratory Corporation of America Holdings$703.4 $220.7 $617.8 $596.7 
Basic earnings per common share$7.22 $2.26 $6.35 $6.08 
Diluted earnings per common share$7.17 $2.25 $6.31 $6.04 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
3

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,
 2020201920202019
Net earnings$703.7 $221.0 $618.4 $597.6 
Foreign currency translation adjustments132.9 (92.6)52.4 (45.4)
Net benefit plan adjustments2.1 3.2 7.5 8.7 
Other comprehensive earnings (loss) before tax135.0 (89.4)59.9 (36.7)
Benefit for income tax related to items of comprehensive earnings(0.6)(0.9)(2.1)(2.4)
Other comprehensive earnings (loss), net of tax134.4 (90.3)57.8 (39.1)
Comprehensive earnings838.1 130.7 676.2 558.5 
Less: Net earnings attributable to the noncontrolling interest(0.3)(0.3)(0.6)(0.9)
Comprehensive earnings attributable to Laboratory Corporation of America Holdings$837.8 $130.4 $675.6 $557.6 

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

4

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, 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 
BALANCE AT DECEMBER 31, 2019$9.0 $26.8 $7,903.6 $ $(372.4)$7,567.0 
Adoption of credit loss accounting standard  (7.0)  (7.0)
Net earnings (loss) attributable to Laboratory Corporation of America Holdings  (317.2)  (317.2)
Other comprehensive earnings (loss), net of tax    (145.5)(145.5)
Issuance of common stock under employee stock plans 26.9    26.9 
Net share settlement tax payments from issuance of stock to employees (22.0)   (22.0)
Stock compensation 17.9    17.9 
Purchase of common stock (49.6)(50.4)  (100.0)
BALANCE AT MARCH 31, 2020$9.0 $ $7,529.0 $ $(517.9)$7,020.1 
Net earnings attributable to Laboratory Corporation of America Holdings  231.6   231.6 
Other comprehensive earnings, net of tax    68.9 68.9 
Issuance of common stock under employee stock plans 1.8    1.8 
Net share settlement tax payments from issuance of stock to employees (9.5)   (9.5)
Stock compensation 39.8    39.8 
BALANCE AT JUNE 30, 2020$9.0 $32.1 $7,760.6 $ $(449.0)$7,352.7 
Net earnings attributable to Laboratory Corporation of America Holdings$ $ $703.4 $ $ $703.4 
Other comprehensive earnings, net of tax    134.4 134.4 
Issuance of common stock under employee stock plans 21.9    21.9 
Net share settlement tax payments from issuance of stock to employees (0.5)   (0.5)
Stock compensation 27.2    27.2 
BALANCE AT SEPTEMBER 30, 2020$9.0 $80.7 $8,464.0 $ $(314.6)$8,239.1 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
5

LABORATORY CORPORATION OF AMERICA HOLDINGS AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
Nine Months Ended September 30,
 20202019
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net earnings$618.4 $597.6 
Adjustments to reconcile net earnings to net cash provided by operating activities:  
Depreciation and amortization440.8 421.4 
Stock compensation84.9 83.5 
Operating lease right-of-use asset expense150.7 144.1 
Goodwill and other asset impairments460.9  
Deferred income taxes(48.5)23.3 
Other55.2 12.5 
Change in assets and liabilities (net of effects of acquisitions and divestitures):  
Increase in accounts receivable(546.9)(144.3)
Increase in unbilled services(117.8)(59.5)
Increase in supplies inventory(147.5)(14.5)
Decrease in prepaid expenses and other26.1 5.8 
(Decrease) increase in accounts payable17.3 (28.2)
(Decrease) increase in unearned revenue44.1 (1.0)
(Decrease) increase in accrued expenses and other323.0 (165.8)
Net cash provided by operating activities1,360.7 874.9 
CASH FLOWS FROM INVESTING ACTIVITIES:  
Capital expenditures(282.3)(272.0)
Proceeds from sale of assets1.1 5.8 
Proceeds from sale or distribution of investments1.0 9.4 
Proceeds from exit from swaps3.1  
Investments in equity affiliates(29.3)(21.3)
Acquisition of businesses, net of cash acquired(208.8)(852.9)
Net cash used for investing activities(515.2)(1,131.0)
CASH FLOWS FROM FINANCING ACTIVITIES:  
Proceeds from term loan 850.0 
Payments on term loan (250.0)
Proceeds from revolving credit facilities151.7 473.0 
Payments on revolving credit facilities(151.7)(473.0)
Payments on senior notes(412.2) 
Net share settlement tax payments from issuance of stock to employees(32.0)(40.4)
Net proceeds from issuance of stock to employees50.6 59.0 
Purchase of common stock(100.0)(400.0)
Other(22.8)(21.9)
Net cash provided by (used for) financing activities(516.4)196.7 
Effect of exchange rate changes on cash and cash equivalents0.6 (6.3)
Net increase (decrease) in cash and cash equivalents329.7 (65.7)
Cash and cash equivalents at beginning of period337.5 426.8 
Cash and cash equivalents at end of period$667.2 $361.1 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
6

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 and medical device companies, governmental agencies, physicians and other health care 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 15 Business Segment Information to the Condensed Consolidated Financial Statements. During the three months ended September 30, 2020, LCD and CDD contributed approximately 68% and 32% respectively, of revenues to the Company. During the nine months ended September 30, 2020, LCD and CDD contributed approximately 63% and 37%, 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% 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.”
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 2019 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.
Recently Adopted Guidance
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 generally accepted accounting principles (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 Company recorded an opening retained earnings adjustment of $7.0 with the adoption of this standard on January 1, 2020.
In August 2018, the FASB issued a new accounting standard to reduce, modify, and add to the disclosure requirements on fair value measurements. The Company adopted this standard effective January 1, 2020. The adoption of this standard did not have a material impact 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
7

LABORATORY CORPORATION OF AMERICA HOLDINGS AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(dollars and shares in millions, except per share data)
to develop or obtain internal-use software. The Company adopted this standard effective January 1, 2020. The adoption of this standard did not have a material impact on the consolidated financial statements.
New Accounting Pronouncements
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 adoption of this standard is not expected to have a material impact on the consolidated financial statements.
In December 2019, the FASB issued a new accounting standard to simplify accounting for income taxes and remove, modify, and add to the disclosure requirements of income taxes. The standard is effective January 1, 2021, with early adoption permitted. The adoption of this standard is not expected to have a material impact on the consolidated financial statements.
In January 2020, the FASB issued a new accounting standard to clarify the interaction of the accounting for equity securities and investments accounted for under the equity method of accounting and the accounting for certain forward contracts and purchased options. The standard is effective January 1, 2021. The adoption of this standard is not expected to have a material impact on the consolidated financial statements.
In March 2020, the FASB issued a new accounting standard to provide optional expedients and exceptions if certain conditions are met for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. The expedients and exceptions in the standard are effective between March 12, 2020, and December 31, 2022. The Company did not elect to apply any of the expedients or exceptions for the period ended September 30, 2020, and is currently evaluating the impact this new standard will have on the consolidated financial statements.
In August 2020, the FASB issued a new accounting standard to address issues identified as a result of the complexity associated with applying generally accepted accounting principles for convertible instruments and contracts in an entity's own equity. The standard is effective January 1, 2022, with early adoption permitted. The Company is evaluating the impact this new standard will have on the consolidated financial statements.
Novel Coronavirus (COVID-19) Financial Statement Impact
In March 2020, COVID-19 was declared a pandemic. COVID-19 has had and continues to have an extensive impact on the global health and economic environments. During the nine months ended September 30, 2020, the Company recorded goodwill and other asset impairment charges of $437.4, as a result of the negative financial impact of COVID-19 during the first quarter of 2020. See Note 6 Goodwill and Intangible Assets for a discussion of goodwill and intangible asset impairment and Note 2 Revenues for a discussion of credit losses and additional price concessions. The Company also impaired certain of the Company's investments by a total of $25.4 during the nine months ended September 30, 2020, due to the impact of COVID-19; $7.1 was included in Equity method earnings (loss), net during the three months ended March 31, 2020, and $13.1 and $5.2 were included in Other, net during the three months ended March 31, 2020, and June 30, 2020, respectively.
In April 2020, the Company received cash payments of approximately $55.9 from the Public Health and Social Services Emergency Fund for provider relief that was appropriated by Congress to the Department of Health and Human Services (HHS) in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act Provider Relief Funds). Upon receiving and satisfying the terms and conditions associated with the distributed funds, the Company accounted for the transaction by applying the guidance in ASC 450-30 Gain Contingencies, and recorded these funds in Other, net non-operating income in the Consolidated Statement of Operations as of June 30, 2020. In August 2020, the Company received an additional $76.2 in CARES Act Provider Relief Funds. As the Company's Diagnostic business demonstrated recovery and demand for COVID-19 testing increased, the Company determined that the negative financial impact of COVID-19 which the CARES Act Provider Relief Funds were designed to address no longer applied to the Company. As a result, the Company derecognized the income associated with the $55.9 received during the second quarter as a change in estimate and did not recognize any income related to the cash payment of $76.2 received in the third quarter. The Company plans to return the CARES Act Provider Relief Funds to the government in the fourth quarter of 2020 and has recorded a liability of $132.1 in Accrued expenses and other as of September 30, 2020.
Use of Estimates
The extent to which the COVID-19 pandemic has and will impact the Company’s business and financial results depend on numerous evolving factors including, but not limited to: the magnitude and duration of the COVID-19 pandemic, the impact to worldwide macroeconomic conditions including interest rates, employment rates and health insurance coverage, the speed of the anticipated recovery, and governmental and business reactions to the pandemic. The Company assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to the Company and the unknown future impacts of COVID-19 as of September 30, 2020, and through the date of this
8

LABORATORY CORPORATION OF AMERICA HOLDINGS AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(dollars and shares in millions, except per share data)
report. The accounting matters assessed included, but were not limited to, the Company’s implicit price concessions and credit losses, equity investments, notes receivable and the carrying value of goodwill and other long-lived assets. The Company’s future assessment of the magnitude and duration of COVID-19, as well as other factors, could result in additional material impacts to the Company’s consolidated financial statements in future reporting periods.

2.      REVENUES
The Company's revenues by segment payers/customer groups for the three and nine months ended September 30, 2020, and 2019, were as follows:
For the Three Months Ended September 30, 2020
U.S.CanadaUnited KingdomSwitzerlandOther EuropeOtherTotal
Payer/Customer
LCD
   Clients21 %1 % % % % %22 %
   Patients5 % % % % % %5 %
   Medicare and Medicaid7 % % % % % %7 %
   Third-party33 %1 % % % % %34 %
Total LCD revenues by payer66 %2 % % % % %68 %
CDD
   Biopharmaceutical and medical device companies16 % %4 %4 %2 %6 %32 %
Total revenues82 %2 %4 %4 %2 %6 %100 %
For the Three Months Ended September 30, 2019
U.S.CanadaUnited KingdomSwitzerlandOther EuropeOtherTotal
Payer/Customer
LCD
   Clients16 %1 % % % % %17 %
   Patients8 % % % % % %8 %
   Medicare and Medicaid8 % % % % % %8 %
   Third-party25 %2 % % % % %27 %
Total LCD revenues by payer57 %3 % % % % %60 %
CDD
   Biopharmaceutical and medical device companies21 % %5 %4 %3 %7 %40 %
Total revenues78 %3 %5 %4 %3 %7 %100 %
9

LABORATORY CORPORATION OF AMERICA HOLDINGS AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(dollars and shares in millions, except per share data)
For the Nine Months Ended September 30, 2020
U.S.CanadaUnited KingdomSwitzerlandOther EuropeOtherTotal
Payer/Customer
LCD
   Clients19 %1 % % % %