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STOCK COMPENSATION PLANS
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
The following table shows the weighted average grant-date fair values of options issued during the respective year and the weighted average assumptions that the Company used to develop the fair value estimates:
 202220212020
Fair value per option$76.23 $62.18 $40.06 
Weighted average expected life (in years)6.06.06.0
Risk free interest rate2.0 %0.6 %1.5 %
Expected volatility28.6 %28.6 %20.3 %
Expected dividend yield0.85 %N/AN/A
The Company uses the Black-Scholes model to calculate the fair value of the employee’s purchase right. The fair value of the employee’s purchase right and the assumptions used in its calculation are as follows:
 202220212020
Fair value of the employee’s purchase right$62.50 $59.89 $35.49 
Valuation assumptions   
Risk free interest rate1.3%0.1%0.1%
Expected volatility0.30.30.3
Expected dividend yield0.9%—%—%
STOCK COMPENSATION PLANS STOCK COMPENSATION PLANS
Stock Incentive Plans
In 2016, the shareholders approved the Laboratory Corporation of America Holdings 2016 Omnibus Incentive Plan (the Plan). Under the Plan, as of December 31, 2022, there are 8.6 shares authorized for issuance and 3.6 shares available for grant.
Stock Options
The following table summarizes grants of non-qualified options made by the Company to officers, key employees, and non-employee directors under all plans. Stock options are generally granted at an exercise price equal to or greater than the fair market price per share on the date of grant. Also, for each grant, options vest ratably over a period of three years on the anniversaries of the grant date, and have a contractual exercise period of 10 years subject to their earlier expiration or termination.
Changes in options outstanding under the plans for the period indicated were as follows:
Number of
Options		Weighted-Average
Exercise Price
per Option		Weighted-Average
Remaining
Contractual Term		Aggregate
Intrinsic
Value
Outstanding at December 31, 20210.5 169.03   
Granted0.1 276.26   
Exercised(0.1)118.99   
Canceled— —   
Outstanding at December 31, 20220.5 188.84 6.7$25.9 
Exercisable at December 31, 20220.3 168.69 6.1$23.3 
The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the last trading day of 2022 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2022.
Cash received by the Company from option exercises, the actual tax benefit realized for the tax deductions and the aggregate intrinsic value of options exercised from option exercises under all share-based payment arrangements during the years ended December 31, 2022, 2021, and 2020 were as follows:
 202220212020
Cash received by the Company$7.1 $6.8 $17.5 
Tax benefits realized$1.8 $1.7 $4.6 
Aggregate intrinsic value$8.2 $13.4 $18.5 
The following table shows the weighted average grant-date fair values of options issued during the respective year and the weighted average assumptions that the Company used to develop the fair value estimates:
 202220212020
Fair value per option$76.23 $62.18 $40.06 
Weighted average expected life (in years)6.06.06.0
Risk free interest rate2.0 %0.6 %1.5 %
Expected volatility28.6 %28.6 %20.3 %
Expected dividend yield0.85 %N/AN/A
The Black Scholes model incorporates assumptions to value stock-based awards. The risk-free interest rate for periods within the contractual life of the option is based on a zero-coupon U.S. government instrument over the contractual term of the equity instrument. Expected volatility of the Company’s stock is based on historical volatility of the Company’s stock. The Company estimates expected option terms through an analysis of actual, historical post-vesting exercise, cancellation and expiration behavior by employees and projected post-vesting activity of outstanding options. Groups of employees and non-employee directors that have similar exercise behavior with regard to option exercise timing and forfeiture rates are considered separately for valuation purposes. For 2022, 2021 and 2020, expense related to the Company’s stock option plan totaled $4.3, $3.6 and $3.4, respectively, and is included in selling, general and administrative expenses.
Restricted Stock, Restricted Stock Units and Performance Shares
The Company grants restricted stock, restricted stock units, and performance shares (non-vested shares) to officers and key employees and grants restricted stock and restricted stock units to non-employee directors. Restricted stock and units typically vest annually in equal one-third increments beginning on the first anniversary of the grant. A performance share grant in 2020 represents a three-year award opportunity for the period 2020-2022, and if earned, vests fully (to the extent earned) in the first quarter of 2023. A performance share grant in 2021 represents a three-year award opportunity for the period of 2021-2023 and, if earned, vests fully (to the extent earned) in the first quarter of 2024. A performance share grant in 2022 represents a three-year award opportunity for the period of 2022-2024 and, if earned, vests fully (to the extent earned) in the first quarter of 2025. Performance share awards are subject to certain earnings per share, revenue, and total shareholder return targets, the achievement of which may increase or decrease the number of shares which the grantee earns and therefore receives upon vesting. Unearned restricted stock and performance share compensation is amortized to expense, when probable, over the applicable vesting periods. For 2022, 2021, and 2020, total restricted stock, restricted stock unit, and performance share compensation expense was $125.0, $135.4 and $98.1, respectively.
The following table shows a summary of non-vested shares for the year ended December 31, 2022:
Number of
Shares		Weighted-Average
Grant Date Fair Value
Non-vested at January 1, 20221.2 $212.83 
Granted0.6 270.84 
Vested(0.6)177.47 
Canceled(0.1)252.54 
Non-vested at December 31, 20221.1 $254.82 
Unrecognized Compensation Cost
As of December 31, 2022, there was $155.3 of total unrecognized compensation cost related to non-vested stock options, restricted stock, restricted stock unit and performance share-based compensation arrangements granted under the Company's stock incentive plans. That cost is expected to be recognized over a weighted average period of 1.9 years and will be included in cost of revenues and selling, general and administrative expenses.
Employee Stock Purchase Plan
Under the 2016 Employee Stock Purchase Plan, the Company is authorized to issue 1.8 shares of common stock. The plan permits substantially all U.S. and Canada employees to purchase a limited number of shares of Company stock at 85% of market value. The Company issues shares to participating employees semi-annually in January and July of each year. Approximately 0.2, 0.2 and 0.3 shares were purchased by eligible employees in 2022, 2021 and 2020, respectively. For 2022, 2021 and 2020, expense related to the Company’s employee stock purchase plan was $14.8, $14.6 and $10.3, respectively.
The Company uses the Black-Scholes model to calculate the fair value of the employee’s purchase right. The fair value of the employee’s purchase right and the assumptions used in its calculation are as follows:
 202220212020
Fair value of the employee’s purchase right$62.50 $59.89 $35.49 
Valuation assumptions   
Risk free interest rate1.3%0.1%0.1%
Expected volatility0.30.30.3
Expected dividend yield0.9%—%—%