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DISCONTINUED OPERATIONS | 12 Months Ended
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Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract] |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS On June 30, 2023 (the Distribution Date), Labcorp completed the previously announced separation from the Company of Fortrea, formerly the Company’s CDCS business, into a separate, publicly traded company. All historical operating results of Fortrea are presented as Earnings from discontinued operations, net of tax, in the Consolidated Statements of Operations. The Spin-off is expected to be treated as tax-free for the Company and its shareholders for U.S. federal income tax purposes. The Spin-off was achieved through the Company’s pro-rata distribution of 100% of the outstanding shares of Fortrea common stock to holders of record of Labcorp common stock. Each holder of record of Labcorp common stock received one share of Fortrea common stock for every share of Labcorp common stock. In connection with the Spin-off, the Company entered into several agreements with Fortrea on or prior to the Distribution Date that, among other things, provide a framework for the Company’s relationship with Fortrea after the Spin-off, including a separation and distribution agreement, a tax matters agreement, an employee matters agreement, and a transition services agreement. These agreements contain the key provisions relating to the Spin-off, including provisions relating to the principal intercompany transactions required to effect the Spin-off, the conditions to the Spin-off and provisions governing the relationship between Fortrea and the Company after the Spin-off. The costs to provide these services are included in Operating income and the service fees earned are included in Other, net in the Consolidated Statements of Operations. Financial Information of Discontinued Operations Earnings from discontinued operations, net of tax in the Consolidated Statements of Operations reflect the after-tax results of Fortrea’s business and Spin-off-related fees, and do not include any allocation of general corporate overhead expense or interest expense of the Company. The following table summarizes the significant line items included in Earnings from discontinued operations, net of tax in the Consolidated Statements of Operations for the years ended December 31, 2023, and 2022:
| Year Ended December 31,
| 2023 |  | 2022
Revenues | $ | 1,506.6 |  |  | $ | 3,012.9 |
Cost of revenues | 1,244.5 |  |  | 2,336.7 |
Gross profit | 262.1 |  |  | 676.2 |
Selling, general and administrative expenses | 184.1 |  |  | 233.5 |
Amortization of intangibles and other assets | 31.9 |  |  | 65.7 |
Goodwill and other asset impairments | — |  |  | 9.8 |
Restructuring and other charges | 3.0 |  |  | 29.8 |
Operating income | 43.1 |  |  | 337.4 |
Other income (expense): |  |  |
Interest expense | (0.5) |  |  | (0.5) |
Investment income (expense) | (1.2) |  |  | 1.4 |
Other, net | 4.2 |  |  | 6.9 |
Earnings before income taxes | 45.6 |  |  | 345.2 |
Provision for income taxes | 6.8 |  |  | 68.1 |
Net earnings attributable to Labcorp Holdings Inc. | $ | 38.8 |  |  | $ | 277.1 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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