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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Net restructuring and other special charges $ 15.8 $ 31.5 $ 23.3 $ 35.0
Operating Income (Loss) 266.3 428.8 596.1 1,034.0
Interest Expense 49.8 42.3 100.5 84.4
Equity method income, net 0.9 1.4 (1.2) 4.8
Investment income 4.5 1.7 6.7 2.5
Other, net (16.9) (29.5) (23.8) (45.2)
Earnings before income taxes 205.0 360.1 477.3 911.7
Provision for income taxes 49.8 92.1 113.7 222.6
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest 155.2 268.0 363.6 689.1
Net earnings 189.1 358.9 402.4 851.0
Net Income (Loss) Attributable to Noncontrolling Interest 0.2 0.3 0.6 0.8
Net Income (Loss) Attributable to Parent $ 188.9 $ 358.6 $ 401.8 $ 850.2
Income (Loss) from Continuing Operations, Per Basic Share $ 1.75 $ 2.90 $ 4.10 $ 7.43
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share 0.38 0.99 0.43 1.74
Basic earnings per common share (in dollars per share) 2.13 3.89 4.53 9.17
Diluted earnings per common share (in dollars per share) $ 2.12 $ 3.87 $ 4.51 $ 9.11
Revenues $ 3,033.7 $ 2,923.0 $ 6,071.5 $ 6,067.5
Cost of Revenue 2,191.5 1,980.5 4,379.2 4,042.9
Gross Profit 842.2 942.5 1,692.3 2,024.6
Selling, general and administrative expenses 505.8 432.4 963.0 854.4
Amortization of intangibles and other assets 51.5 49.8 104.9 100.0
Asset Impairment Charges 2.8 0.0 5.0 1.2
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest $ 33.9 $ 90.9 $ 38.8 $ 161.9
Income (Loss) from Continuing Operations, Per Diluted Share $ 1.74 $ 2.89 $ 4.08 $ 7.38
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share $ 0.38 $ 0.98 $ 0.43 $ 1.73
Revenues $ 3,033.7 $ 2,923.0 $ 6,071.5 $ 6,067.5
Cost of Revenue 2,191.5 1,980.5 4,379.2 4,042.9
Gross Profit 842.2 942.5 1,692.3 2,024.6
Selling, general and administrative expenses 505.8 432.4 963.0 854.4
Amortization of intangibles and other assets 51.5 49.8 104.9 100.0
Asset Impairment Charges 2.8 0.0 5.0 1.2
Net restructuring and other special charges 15.8 31.5 23.3 35.0
Operating Income (Loss) 266.3 428.8 596.1 1,034.0
Other income (expenses):        
Interest expense (49.8) (42.3) (100.5) (84.4)
Equity method income, net 0.9 1.4 (1.2) 4.8
Investment income 4.5 1.7 6.7 2.5
Other, net (16.9) (29.5) (23.8) (45.2)
Earnings before income taxes 205.0 360.1 477.3 911.7
Provision for income taxes 49.8 92.1 113.7 222.6
Net earnings 189.1 358.9 402.4 851.0
Less: Net earnings attributable to the noncontrolling interest (0.2) (0.3) (0.6) (0.8)
Net earnings attributable to Laboratory Corporation of America Holdings $ 188.9 $ 358.6 $ 401.8 $ 850.2
Basic earnings per common share (in dollars per share) $ 2.13 $ 3.89 $ 4.53 $ 9.17
Diluted earnings per common share (in dollars per share) $ 2.12 $ 3.87 $ 4.51 $ 9.11