BUSINESS SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

BUSINESS SEGMENT INFORMATION

.  BUSINESS SEGMENT INFORMATION

The following table is a summary of segment information for the years ended December 31, 2023, 2022, and 2021. The “management approach” has been used to present the following segment information. This approach is based upon the way the management of the Company organizes segments within an enterprise for making operating decisions and assessing performance. Financial information is reported on the basis that it is used internally by the chief operating decision maker (CODM) for evaluating segment performance and deciding how to allocate resources to segments. The Company’s chief executive officer has been identified as the CODM.

As a result of the spin-off, the Company recast the segment results to exclude the historical results of Fortrea. Additionally, the remaining operations of the Drug Development segment has been renamed as the BLS segment. Prior periods have been conformed for comparability.

The Company's segment performance measure was changed to exclude the amortization of intangibles and other assets, restructuring and other charges, goodwill and other asset impairments, and certain corporate charges for items such as transaction costs, COVID-19 costs, and other special items. These changes align with how the CODM now evaluates segment performance and allocates resources. Segment asset information is not presented because it is not used by the CODM at the segment level.

	2023		2022		2021
Revenues:
Dx	$	9,415.1	$	9,203.5	$	10,363.6
BLS	2,774.2		2,697.3		2,860.7
Intercompany eliminations and other	(27.7)		(36.9)		(88.2)
Total revenues	$	12,161.6	$	11,863.9	$	13,136.1
Operating Earnings:
Dx segment operating income	$	1,591.3	$	2,025.5	$	3,205.6
BLS segment operating income	396.3		389.1		501.0
Segment operating income	1,987.6		2,414.6		3,706.6
General corporate and unallocated expenses	(644.1)		(468.8)		(404.5)
Amortization of intangibles and other assets	(219.8)		(193.6)		(229.5)
Restructuring and other charges	(49.1)		(54.0)		(24.0)
Goodwill and other asset impairments	(349.0)		(261.7)		—
Total operating income	$	725.6	$	1,436.5	$	3,048.6

	2023		2022		2021
Depreciation
Dx	$	236.1	$	227.1	$	238.6
BLS	112.5		112.8		106.3
General corporate	8.9		3.7		2.6
Total depreciation	$	357.5	$	343.6	$	347.5

    

Geographic Distribution of property, plant and equipment, net:

	December 31, 2023
	Dx		BLS		Total
North America	$	1,799.2	$	619.0	$	2,418.2
Europe	—		394.7		394.7
Other	—		98.9		98.9
Total property, plant and equipment, net	$	1,799.2	$	1,112.6	$	2,911.8

	December 31, 2022
	Dx		BLS		Total
North America	$	1,669.2	$	639.7	$	2,308.9
Europe	—		382.4		382.4
Other	—		102.7		102.7
Total property, plant and equipment, net	$	1,669.2	$	1,124.9	$	2,794.1