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BUSINESS ACQUISITION (Tables) | 9 Months Ended
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Sep. 30, 2024
Business Combinations [Abstract] |
Business Acquisition, Pro Forma Information | The following unaudited pro forma combined financial information reflects the consolidated statement of operations of the Company as if the acquisition of LifeLabs had occurred as of January 1, 2023. The pro forma information includes adjustments primarily related to the amortization of acquired intangible assets (see below), interest expense associated with debt of LifeLabs which was extinguished prior to the acquisition, interest expense associated with senior notes issued to fund the acquisition (see Note 7), the impact on depreciation expense of recording acquired property, plant and equipment at fair value (see below), and transaction costs related to the LifeLabs acquisition. The pro forma combined financial information does not include the estimated annual synergies expected to be realized upon completion of the integration of LifeLabs and therefore is not indicative of the results of operations as they would have been had the transaction been effected on the assumed date.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Pro forma net revenues | $ | 2,588 |  |  | $ | 2,461 |  |  | $ | 7,700 |  |  | $ | 7,471 |
Pro forma net income attributable to Quest Diagnostics | $ | 222 |  |  | $ | 225 |  |  | $ | 647 |  |  | $ | 661 |
Pro forma earnings per share attributable to Quest Diagnostics' common stockholders: |  |  |  |  |  |  |
Basic | $ | 1.97 |  |  | $ | 1.99 |  |  | $ | 5.78 |  |  | $ | 5.87 |
Diluted | $ | 1.95 |  |  | $ | 1.97 |  |  | $ | 5.72 |  |  | $ | 5.79 |
Schedule of Consideration Paid | The following table provides a preliminary summary of the assets acquired and liabilities assumed, which may be revised as additional information becomes available during the measurement period.
| LifeLabs | Laboratory Business of Three Physician Groups in New York | Select Assets of the Outreach Laboratory Services Business of Allina Health | Other Acquisitions (a) | Total |  |  |  |
Cash and cash equivalents | $ | 50 |  | $ | — |  | $ | — |  | $ | — |  | $ | 50 |  |  |  |  |
Accounts receivable | 30 |  | — |  | — |  | — |  | 30 |  |  |  |  |
Other current assets | 23 |  | — |  | — |  | 2 |  | 25 |  |  |  |  |
Property, plant and equipment | 255 |  | — |  | — |  | 4 |  | 259 |  |  |  |  |
Finance lease assets (recorded in property, plant and equipment) | — |  | — |  | — |  | 17 |  | 17 |  |  |  |  |
Operating lease right-of-use assets | 67 |  | — |  | — |  | 17 |  | 84 |  |  |  |  |
Goodwill | 300 |  | 243 |  | 175 |  | 154 |  | 872 |  |  |  |  |
Intangible assets | 434 |  | 57 |  | 55 |  | 95 |  | 641 |  |  |  |  |
Other assets | 36 |  | — |  | — |  | — |  | 36 |  |  |  |  |
Total assets acquired | 1,195 |  | 300 |  | 230 |  | 289 |  | 2,014 |  |  |  |  |
Accounts payable and accrued expenses | 67 |  | — |  | — |  | — |  | 67 |  |  |  |  |
Current portion of long-term operating lease liabilities | 17 |  | — |  | — |  | 4 |  | 21 |  |  |  |  |
Finance lease liabilities (recorded in long-term debt) | — |  | — |  | — |  | 17 |  | 17 |  |  |  |  |
Long-term operating lease liabilities | 50 |  | — |  | — |  | 13 |  | 63 |  |  |  |  |
Other liabilities | 8 |  | — |  | — |  | 7 |  | 15 |  |  |  |  |
Total liabilities assumed | 142 |  | — |  | — |  | 41 |  | 183 |  |  |  |  |
Net assets acquired | $ | 1,053 |  | $ | 300 |  | $ | 230 |  | $ | 248 |  | $ | 1,831 |  |  |  |  |
(a) Principally relates to the acquisitions of PathAI Diagnostics and Lenco.
Schedule of Acquired Amortizable Intangible Assets | The preliminary fair values of the acquired intangible assets are as follows:
| LifeLabs | Laboratory Business of Three Physician Groups in New York | Select Assets of the Outreach Laboratory Services Business of Allina Health | Other Acquisitions (a) | Total | Weighted Average Useful Life (in years) |  |  |  |
Customer related | $ | 335 |  | $ | 57 |  | $ | 55 |  | $ | 95 |  | $ | 542 |  | 15 - 25 |  |  |  |
Trade name | 99 |  | — |  | — |  | — |  | 99 |  | 15 |  |  |  |
| $ | 434 |  | $ | 57 |  | $ | 55 |  | $ | 95 |  | $ | 641 |  |  |  |  |  |
(a) Principally relates to the acquisitions of PathAI Diagnostics and Lenco.

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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