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BUSINESS ACQUISITIONS AND DISPOSITIONS | 12 Months Ended
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Dec. 31, 2025
Business Combination [Abstract] |
BUSINESS ACQUISITIONS AND DISPOSITIONS | BUSINESS ACQUISITIONS AND DISPOSITIONS 2025 During the year ended December 31, 2025, the Company acquired various businesses and related assets for approximately $582.0, net of cash acquired. The preliminary purchase considerations for these acquisitions were allocated under the acquisition method of accounting to the estimated fair market value of the net assets acquired. A residual amount of tax deductible goodwill, including measurement period adjustments relating to prior acquisitions, of $298.2 was recorded at December 31, 2025. The purchase price allocations for these acquisitions were preliminary at December 31, 2025. The valuation of acquired assets and assumed liabilities included the following:
| BioReference Health (2025) | Community Health Systems Inc. | Other Acquisitions Closed During the Year Ended December 31, 2025 | Measurement Period Adjustments | Amounts Acquired During Year Ended December 31, 2025
Cash and cash equivalents | $ | — |  | $ | — |  | $ | 0.2 |  | $ | — |  | $ | 0.2 |
Accounts receivable | — |  | — |  | 0.6 |  | — |  | 0.6 |
Inventories | — |  | — |  | 0.9 |  | — |  | 0.9 |
Property, plant, and equipment | — |  | — |  | 7.9 |  | (0.8) |  | 7.1 |
Goodwill | 105.8 |  | 91.4 |  | 90.6 |  | 10.4 |  | 298.2 |
Intangible assets | 119.2 |  | 103.1 |  | 100.8 |  | (23.3) |  | 299.8 |
Total assets acquired | 225.0 |  | 194.5 |  | 201.0 |  | (13.7) |  | 606.8 |
Accrued expenses and other | 32.5 |  | — |  | 25.3 |  | (20.6) |  | 37.2 |
Lease liabilities | — |  | — |  | 3.0 |  | — |  | 3.0 |
Other liabilities | — |  | — |  | 2.5 |  | 6.9 |  | 9.4 |
Total liabilities acquired | 32.5 |  | — |  | 30.8 |  | (13.7) |  | 49.6 |
Net assets acquired | 192.5 |  | 194.5 |  | 170.2 |  | — |  | 557.2 |
Escrow payments for pending acquisitions |  |  |  |  | 25.0 |
Cash paid for acquisitions | $ | 192.5 |  | $ | 194.5 |  | $ | 170.2 |  | $ | — |  | $ | 582.2 |
Intangible assets recognized from business acquisitions that closed during the year ended December 31, 2025, including the related measurement period adjustments, and their respective weighted-average amortization periods are as follows:
| Amount |  | Weighted-average Amortization Period (in Years)
Customer relationships | $ | 262.3 |  |  | 15.0
Non-compete agreements | 53.6 |  |  | 4.9
Total | $ | 315.9 |  |  |
On September 17, 2024, the Company announced that it entered into an agreement with Cinven, Inc. to acquire a 15% minority interest in SYNLAB, a leader in medical diagnostic services and specialty testing in Europe, for approximately $151.6 (€140.4). The transaction closed in March 2025 and is accounted for as an equity method investment within the Company’s Consolidated Financial Statements. On September 15, 2025, the Company entered into an agreement with Empire City Laboratories, Inc. to acquire select clinical laboratory assets, which serves the New York Tri-State area. The transaction closed during the first quarter of 2026. The purchase price for the transaction is up to $250.0, including $165.0 paid at closing and up to $85.0 of additional consideration contingent on performance. On November 13, 2025, the Company announced that it entered into an agreement with Parkview Health System, Inc. to acquire select assets of the health system’s outreach laboratory services for a purchase price of approximately $165.0. The transaction is anticipated to close in 2026, subject to customary closing conditions and applicable regulatory approvals for a transaction of this type. Unaudited Pro Forma Information for 2025 Acquisitions Had the aggregate of the Company’s 2025 acquisitions, that were accounted for as business combinations, been completed at January 1, 2024, the Company’s pro forma results would have been as follows:
| Year Ended December 31,
| 2025 |  | 2024 |
Revenues | $ | 14,100.6 |  |  | $ | 13,213.1 |  |
Net earnings attributable to LHI | $ | 903.5 |  |  | $ | 782.5 |  |
Dispositions During the year ended December 31, 2025, the Company exited an equity method investment for cash proceeds of $6.0 included within Proceeds from sale or distribution of equity affiliates or other investments in the Company’s Consolidated Statement of Cash Flows. 2024 During the year ended December 31, 2024, the Company acquired several businesses and related assets for cash of approximately $839.0. The preliminary purchase considerations for these acquisitions were allocated under the acquisition method of accounting to the estimated fair market value of the net assets acquired, including approximately $440.3 in identifiable intangible assets. A residual amount of tax deductible goodwill of approximately $299.9 was recorded as of December 31, 2024. The weighted-average amortization period for customer relationships, technology, non-compete agreements, and trade names assets acquired from these businesses are 14.4, 11.0, 5.0, and 2.0 years, respectively. The purchase price allocations for these acquisitions were preliminary at December 31, 2024. The valuation of acquired assets and assumed liabilities include the following:
| Baystate Medical Center | Providence Medical Foundation | Westpac Labs, Inc. | Invitae Corp. | BioReference Health (2024) | Other Acquisitions Closed During the Year Ended December 31, 2024 | Measurement Period Adjustments | Amounts Acquired During the Year Ended December 31, 2024
Inventories | $ | — |  | $ | — |  | $ | 1.8 |  | $ | 12.1 |  | $ | — |  | $ | — |  | $ | 2.0 |  | $ | 15.9 |
Prepaid expenses and other | — |  | — |  | — |  | — |  | — |  | — |  | 8.4 |  | 8.4 |
Property, plant, and equipment | 7.2 |  | 0.9 |  | — |  | 76.7 |  | 9.1 |  | 1.3 |  | 28.1 |  | 123.3 |
Goodwill | 70.7 |  | 25.9 |  | 45.1 |  | 100.4 |  | 107.4 |  | 41.0 |  | (90.6) |  | 299.9 |
Intangible assets | 79.8 |  | 29.2 |  | 50.8 |  | 113.2 |  | 121.1 |  | 46.2 |  | 44.3 |  | 484.6 |
Total assets acquired | 157.7 |  | 56.0 |  | 97.7 |  | 302.4 |  | 237.6 |  | 88.5 |  | (7.8) |  | 932.1 |
Accrued expenses and other | — |  | — |  | — |  | — |  | — |  | — |  | (3.9) |  | (3.9) |
Unearned revenue | — |  | — |  | — |  | 3.3 |  | — |  | — |  | (3.3) |  | — |
Lease liabilities | 7.2 |  | 0.9 |  | — |  | 58.3 |  | — |  | 0.6 |  | — |  | 67.0 |
Total liabilities acquired | 7.2 |  | 0.9 |  | — |  | 61.6 |  | — |  | 0.6 |  | (7.2) |  | 63.1 |
Net assets acquired | 150.5 |  | 55.1 |  | 97.7 |  | 240.8 |  | 237.6 |  | 87.9 |  | (0.6) |  | 869.0 |
Less 2023 escrow payment | 30.0 |  | — |  | — |  | — |  | — |  | — |  | — |  | 30.0 |
Cash paid for acquisitions | $ | 120.5 |  | $ | 55.1 |  | $ | 97.7 |  | $ | 240.8 |  | $ | 237.6 |  | $ | 87.9 |  | $ | (0.6) |  | $ | 839.0 |
Unaudited Pro Forma Information for 2024 Acquisitions Had the aggregate of the Company’s 2024 acquisitions, that were accounted for as business combinations, been completed at January 1, 2023, the Company’s pro forma results would have been as follows:
| Year Ended December 31,
| 2024 |  | 2023 |
Revenues | $ | 13,353.6 |  |  | $ | 12,716.4 |  |
Net earnings attributable to LHI | $ | 761.8 |  |  | $ | 423.3 |  |
Dispositions During the year ended December 31, 2024, the Company sold the assets of Beacon Laboratory Benefit Solutions, Inc. for cash proceeds of $13.5 included within Proceeds from sale of business in the Company’s Consolidated Statement of Cash Flows and recorded a gain of $6.4 included within Other, net in the Consolidated Statement of Operations. 2023 During the year ended December 31, 2023, the Company acquired several businesses and related assets for cash of approximately $671.5. The preliminary purchase considerations for these acquisitions were allocated under the acquisition method of accounting to the estimated fair market value of the net assets acquired, including approximately $340.8 in identifiable intangible assets and a residual amount of tax-deductible goodwill of approximately $296.9. The goodwill reflects the Company’s expectations to utilize the acquired businesses’ workforce and established relationships and the benefits of being able to leverage operational efficiencies with favorable growth opportunities in these markets. The amortization period for non-compete agreements and customer list assets acquired from these businesses are 5 and 15 years, respectively. These acquisitions were made primarily to extend the Company’s geographic reach in important market areas and to partner with hospitals and health systems. The purchase price allocations for these acquisitions were preliminary at December 31, 2023. The preliminary valuation of acquired assets and assumed liabilities, include the following:
| Jefferson Health | Enzo BioChem | Providence Health and Services - Oregon | Tufts Medicine | Legacy | Other Acquisitions Closed During the Year Ended December 31, 2023 | Measurement Period Adjustments | Amounts Acquired During the Year Ended December 31, 2023
Accounts receivable | $ | — |  | $ | (2.8) |  | $ | — |  | $ | — |  | $ | — |  | $ | 2.0 |  | $ | 0.2 |  | $ | (0.6) |
Inventories | — |  | — |  | 1.3 |  | — |  | — |  | — |  | — |  | 1.3 |
Prepaid expenses and other | — |  | 0.4 |  | — |  | — |  | 0.2 |  | 0.3 |  | 0.6 |  | 1.5 |
Property, plant, and equipment | — |  | — |  | 4.7 |  | — |  | 3.3 |  | 6.5 |  | (1.5) |  | 13.0 |
Goodwill | 50.8 |  | 54.1 |  | 50.7 |  | 73.8 |  | 49.0 |  | 18.5 |  | (29.4) |  | 267.5 |
Intangible assets | 57.2 |  | 61.1 |  | 57.2 |  | 83.2 |  | 55.2 |  | 26.9 |  | 19.5 |  | 360.3 |
Other assets | 2.2 |  | — |  | — |  | — |  | — |  | 17.9 |  | — |  | 20.1 |
Total assets acquired | 110.2 |  | 112.8 |  | 113.9 |  | 157.0 |  | 107.7 |  | 72.1 |  | (10.6) |  | 663.1 |
Accounts payable | — |  | — |  | — |  | — |  | — |  | 1.2 |  | — |  | 1.2 |
Accrued expenses and other | — |  | — |  | 3.9 |  | — |  | — |  | 1.2 |  | (8.3) |  | (3.2) |
Deferred income taxes | — |  | — |  | — |  | — |  | — |  | — |  | (2.3) |  | (2.3) |
Other liabilities | — |  | — |  | — |  | — |  | — |  | (4.1) |  | — |  | (4.1) |
Total liabilities acquired | — |  | — |  | 3.9 |  | — |  | — |  | (1.7) |  | (10.6) |  | (8.4) |
Net assets acquired | $ | 110.2 |  | $ | 112.8 |  | $ | 110.0 |  | $ | 157.0 |  | $ | 107.7 |  | $ | 73.8 |  | $ | — |  | $ | 671.5 |
Unaudited Pro Forma Information for 2023 Acquisitions Had the aggregate of the Company’s 2023 acquisitions, that were accounted for as business combinations, been completed at January 1, 2022, the Company’s pro forma results would have been as follows:
| Year Ended December 31,
| 2023 |  | 2022 |
Revenues | $ | 12,350.1 |  |  | $ | 12,126.3 |  |
Earnings from continuing operations | $ | 397.2 |  |  | $ | 1,030.3 |  |

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