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Delaware
|
|
13-3757370
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
358 South Main Street,
|
|
|
Burlington, North Carolina
|
|
27215
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer [X]
|
Accelerated Filer [ ]
|
Non-accelerated filer [ ] (Do not check if a smaller reporting company)
|
Smaller reporting company [ ]
|
Item 1.
|
|
|
|
|
|
|
||
|
March 31, 2016 and December 31, 2015
|
|
|
|
|
|
||
|
Three months ended March 31, 2016 and 2015
|
|
|
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|
||
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Three months ended March 31, 2016 and 2015
|
|
|
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||
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Three months ended March 31, 2016 and 2015
|
|
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||
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Three months ended March 31, 2016 and 2015
|
|
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||
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Item 2.
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||
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Item 3.
|
||
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Item 4.
|
Item 1.
|
||
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|
Item 1A.
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||
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Item 2.
|
||
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Item 6.
|
|
March 31,
2016 |
|
December 31,
2015 |
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
696.3
|
|
|
$
|
716.4
|
|
Accounts receivable, net of allowance for doubtful accounts of $232.9 and $217.0 at March 31, 2016 and December 31, 2015, respectively
|
1,328.5
|
|
|
1,217.9
|
|
||
Unbilled services
|
171.8
|
|
|
156.6
|
|
||
Supplies inventories
|
188.2
|
|
|
191.0
|
|
||
Prepaid expenses and other
|
360.1
|
|
|
339.3
|
|
||
Total current assets
|
2,744.9
|
|
|
2,621.2
|
|
||
Property, plant and equipment, net
|
1,771.7
|
|
|
1,747.4
|
|
||
Goodwill, net
|
6,252.4
|
|
|
6,191.9
|
|
||
Intangible assets, net
|
3,410.4
|
|
|
3,332.4
|
|
||
Joint venture partnerships and equity method investments
|
61.2
|
|
|
58.2
|
|
||
Deferred income tax assets
|
2.3
|
|
|
2.3
|
|
||
Other assets, net
|
167.5
|
|
|
150.0
|
|
||
Total assets
|
$
|
14,410.4
|
|
|
$
|
14,103.4
|
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Accounts payable
|
$
|
466.0
|
|
|
$
|
497.4
|
|
Accrued expenses and other
|
584.9
|
|
|
633.1
|
|
||
Unearned revenue
|
166.4
|
|
|
146.1
|
|
||
Short-term borrowings and current portion of long-term debt
|
425.4
|
|
|
423.9
|
|
||
Total current liabilities
|
1,642.7
|
|
|
1,700.5
|
|
||
Long-term debt, less current portion
|
5,969.5
|
|
|
5,940.3
|
|
||
Deferred income taxes and other tax liabilities
|
1,293.2
|
|
|
1,260.6
|
|
||
Other liabilities
|
322.7
|
|
|
323.1
|
|
||
Total liabilities
|
9,228.1
|
|
|
9,224.5
|
|
||
Commitments and contingent liabilities
|
|
|
|
|
|
||
Noncontrolling interest
|
15.8
|
|
|
14.9
|
|
||
Shareholders’ equity:
|
|
|
|
|
|
||
Common stock, 102.1 and 101.3 shares outstanding at March 31, 2016 and December 31, 2015, respectively
|
12.0
|
|
|
12.0
|
|
||
Additional paid-in capital
|
2,022.8
|
|
|
1,974.5
|
|
||
Retained earnings
|
4,383.2
|
|
|
4,223.0
|
|
||
Less common stock held in treasury
|
(993.2
|
)
|
|
(978.1
|
)
|
||
Accumulated other comprehensive income
|
(258.3
|
)
|
|
(367.4
|
)
|
||
Total shareholders’ equity
|
5,166.5
|
|
|
4,864.0
|
|
||
Total liabilities and shareholders’ equity
|
$
|
14,410.4
|
|
|
$
|
14,103.4
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2016
|
|
2015
|
||||
Net revenue
|
|
$
|
2,295.2
|
|
|
$
|
1,772.3
|
|
Reimbursable out-of-pocket expenses
|
|
72.8
|
|
|
20.9
|
|
||
Total revenues
|
|
2,368.0
|
|
|
1,793.2
|
|
||
|
|
|
|
|
||||
Net cost of revenues
|
|
1,517.9
|
|
|
1,147.2
|
|
||
Reimbursable out-of-pocket expenses
|
|
72.8
|
|
|
20.9
|
|
||
Total cost of revenues
|
|
1,590.7
|
|
|
1,168.1
|
|
||
Gross profit
|
|
777.3
|
|
|
625.1
|
|
||
Selling, general and administrative expenses
|
|
411.9
|
|
|
442.3
|
|
||
Amortization of intangibles and other assets
|
|
44.3
|
|
|
31.1
|
|
||
Restructuring and other special charges
|
|
19.2
|
|
|
19.3
|
|
||
Operating income
|
|
301.9
|
|
|
132.4
|
|
||
Other income (expenses):
|
|
|
|
|
|
|
||
Interest expense
|
|
(54.5
|
)
|
|
(104.3
|
)
|
||
Equity method income, net
|
|
1.4
|
|
|
2.7
|
|
||
Investment income
|
|
0.5
|
|
|
0.6
|
|
||
Other, net
|
|
6.7
|
|
|
1.1
|
|
||
Earnings before income taxes
|
|
256.0
|
|
|
32.5
|
|
||
Provision for income taxes
|
|
95.5
|
|
|
29.1
|
|
||
Net earnings
|
|
160.5
|
|
|
3.4
|
|
||
Less: Net earnings attributable to the noncontrolling interest
|
|
(0.3
|
)
|
|
(0.3
|
)
|
||
Net earnings attributable to Laboratory Corporation of America Holdings
|
|
$
|
160.2
|
|
|
$
|
3.1
|
|
|
|
|
|
|
||||
Basic earnings per common share
|
|
$
|
1.58
|
|
|
$
|
0.04
|
|
Diluted earnings per common share
|
|
$
|
1.55
|
|
|
$
|
0.04
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2016
|
|
2015
|
||||
Net earnings
|
$
|
160.5
|
|
|
$
|
3.4
|
|
Foreign currency translation adjustments
|
134.9
|
|
|
(290.7
|
)
|
||
Net benefit plan adjustments
|
3.4
|
|
|
0.9
|
|
||
Investment adjustments
|
—
|
|
|
(0.1
|
)
|
||
Other comprehensive loss before tax
|
138.3
|
|
|
(289.9
|
)
|
||
Provision for income tax related to items of other comprehensive earnings
|
(29.2
|
)
|
|
47.1
|
|
||
Other comprehensive loss, net of tax
|
109.1
|
|
|
(242.8
|
)
|
||
Comprehensive earnings (loss)
|
269.6
|
|
|
(239.4
|
)
|
||
Less: Net earnings attributable to the noncontrolling interest
|
(0.3
|
)
|
|
(0.3
|
)
|
||
Comprehensive earnings (loss) attributable to Laboratory Corporation of America Holdings
|
$
|
269.3
|
|
|
$
|
(239.7
|
)
|
|
Common
Stock
|
|
Additional
Paid-in
Capital
|
|
Retained
Earnings
|
|
Treasury
Stock
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Total
Shareholders’
Equity
|
||||||||||||
BALANCE AT DECEMBER 31, 2014
|
$
|
10.4
|
|
|
$
|
—
|
|
|
$
|
3,786.1
|
|
|
$
|
(965.5
|
)
|
|
$
|
(10.5
|
)
|
|
$
|
2,820.5
|
|
Net earnings attributable to Laboratory Corporation of America Holdings
|
—
|
|
|
—
|
|
|
3.1
|
|
|
—
|
|
|
—
|
|
|
3.1
|
|
||||||
Other comprehensive loss, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(242.8
|
)
|
|
(242.8
|
)
|
||||||
Issuance of common stock for acquisition consideration
|
1.5
|
|
|
1,761.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,762.5
|
|
||||||
Issuance of common stock under employee stock plans
|
0.1
|
|
|
33.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33.2
|
|
||||||
Surrender of restricted stock and performance share awards
|
—
|
|
|
—
|
|
|
—
|
|
|
(7.8
|
)
|
|
—
|
|
|
(7.8
|
)
|
||||||
Stock compensation
|
—
|
|
|
26.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26.3
|
|
||||||
Income tax benefit from stock options exercised
|
—
|
|
|
2.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.8
|
|
||||||
BALANCE AT MARCH 31, 2015
|
$
|
12.0
|
|
|
$
|
1,823.2
|
|
|
$
|
3,789.2
|
|
|
$
|
(973.3
|
)
|
|
$
|
(253.3
|
)
|
|
$
|
4,397.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
BALANCE AT DECEMBER 31, 2015
|
$
|
12.0
|
|
|
$
|
1,974.5
|
|
|
$
|
4,223.0
|
|
|
$
|
(978.1
|
)
|
|
$
|
(367.4
|
)
|
|
$
|
4,864.0
|
|
Net earnings attributable to Laboratory Corporation of America Holdings
|
—
|
|
|
—
|
|
|
160.2
|
|
|
—
|
|
|
—
|
|
|
160.2
|
|
||||||
Other comprehensive loss, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
109.1
|
|
|
109.1
|
|
||||||
Issuance of common stock under employee stock plans
|
—
|
|
|
11.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11.9
|
|
||||||
Surrender of restricted stock and performance share awards
|
—
|
|
|
—
|
|
|
—
|
|
|
(15.1
|
)
|
|
—
|
|
|
(15.1
|
)
|
||||||
Stock compensation
|
—
|
|
|
31.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31.8
|
|
||||||
Income tax benefit from stock options exercised
|
—
|
|
|
4.6
|
|
|
|
|
|
—
|
|
|
—
|
|
|
4.6
|
|
||||||
BALANCE AT MARCH 31, 2016
|
$
|
12.0
|
|
|
$
|
2,022.8
|
|
|
$
|
4,383.2
|
|
|
$
|
(993.2
|
)
|
|
$
|
(258.3
|
)
|
|
$
|
5,166.5
|
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
Net earnings
|
$
|
160.2
|
|
|
$
|
3.1
|
|
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
|
|
|
|
|
|
||
Depreciation and amortization
|
122.4
|
|
|
102.6
|
|
||
Stock compensation
|
31.8
|
|
|
26.3
|
|
||
Gain on sale of assets
|
(8.4
|
)
|
|
(1.3
|
)
|
||
Accrued interest on zero-coupon subordinated notes
|
0.5
|
|
|
0.5
|
|
||
Cumulative earnings less than (in excess of) distributions from equity method investments
|
0.2
|
|
|
(1.2
|
)
|
||
Asset impairment
|
—
|
|
|
14.8
|
|
||
Deferred income taxes
|
18.2
|
|
|
17.4
|
|
||
Change in assets and liabilities (net of effects of acquisitions):
|
|
|
|
|
|
||
Increase in accounts receivable (net)
|
(105.8
|
)
|
|
(40.3
|
)
|
||
Increase in unbilled services
|
(14.7
|
)
|
|
(25.5
|
)
|
||
Decrease in inventories
|
2.4
|
|
|
4.2
|
|
||
Increase in prepaid expenses and other
|
(22.5
|
)
|
|
(7.7
|
)
|
||
Decrease in accounts payable
|
(34.1
|
)
|
|
(48.9
|
)
|
||
Increase in unearned revenue
|
19.8
|
|
|
14.1
|
|
||
Decrease in accrued expenses and other
|
(47.0
|
)
|
|
(145.0
|
)
|
||
Net cash provided by (used in) operating activities
|
123.0
|
|
|
(86.9
|
)
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
||
Capital expenditures
|
(71.4
|
)
|
|
(33.8
|
)
|
||
Proceeds from sale of assets
|
2.5
|
|
|
0.3
|
|
||
Proceeds from sale of investment
|
12.7
|
|
|
8.0
|
|
||
Investments in equity affiliates
|
(2.1
|
)
|
|
(3.6
|
)
|
||
Acquisition of businesses, net of cash acquired
|
(93.3
|
)
|
|
(3,622.2
|
)
|
||
Net cash used for investing activities
|
(151.6
|
)
|
|
(3,651.3
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
||
Proceeds from senior note offerings
|
—
|
|
|
2,900.0
|
|
||
Proceeds from term loan
|
—
|
|
|
1,000.0
|
|
||
Payments on term loan
|
—
|
|
|
(75.0
|
)
|
||
Proceeds from revolving credit facilities
|
—
|
|
|
60.0
|
|
||
Proceeds from bridge loan
|
—
|
|
|
400.0
|
|
||
Payments on bridge loan
|
—
|
|
|
(400.0
|
)
|
||
Payments on senior notes
|
—
|
|
|
(250.0
|
)
|
||
Payment of debt issuance costs
|
—
|
|
|
(37.1
|
)
|
||
Noncontrolling interest distributions
|
(1.3
|
)
|
|
—
|
|
||
Deferred payments on acquisitions
|
(9.8
|
)
|
|
—
|
|
||
Payments on long-term lease obligations
|
(1.5
|
)
|
|
(1.2
|
)
|
||
Excess tax benefits from stock based compensation
|
4.6
|
|
|
2.5
|
|
||
Net proceeds from issuance of stock to employees
|
11.9
|
|
|
30.5
|
|
||
Net cash provided by financing activities
|
3.9
|
|
|
3,629.7
|
|
||
Effect of exchange rate changes on cash and cash equivalents
|
4.6
|
|
|
(25.1
|
)
|
||
Net decrease in cash and cash equivalents
|
(20.1
|
)
|
|
(133.6
|
)
|
||
Cash and cash equivalents at beginning of period
|
716.4
|
|
|
580.0
|
|
||
Cash and cash equivalents at end of period
|
$
|
696.3
|
|
|
$
|
446.4
|
|
1.
|
BASIS OF FINANCIAL STATEMENT PRESENTATION
|
2.
|
BUSINESS ACQUISITIONS
|
Consideration Transferred
|
|
|
|
|
|
|
||||||
Cash consideration
|
|
$
|
4,388.2
|
|
||||||||
Stock consideration
|
|
1,762.5
|
|
|||||||||
|
|
|
|
|
|
$
|
6,150.7
|
|
||||
|
|
|
|
|
|
|
||||||
|
|
Preliminary February 19, 2015
|
|
Measurement Period Adjustments
|
|
Adjusted
February 19, 2015
|
||||||
Net Assets Acquired
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
|
$
|
780.8
|
|
|
$
|
—
|
|
|
$
|
780.8
|
|
Accounts receivable
|
|
334.8
|
|
|
—
|
|
|
334.8
|
|
|||
Unbilled services
|
|
138.7
|
|
|
—
|
|
|
138.7
|
|
|||
Inventories
|
|
51.9
|
|
|
—
|
|
|
51.9
|
|
|||
Prepaid expenses and other
|
|
261.4
|
|
|
86.5
|
|
|
347.9
|
|
|||
Deferred income taxes
|
|
34.4
|
|
|
61.5
|
|
|
95.9
|
|
|||
Property, plant and equipment
|
|
844.2
|
|
|
174.0
|
|
|
1,018.2
|
|
|||
Goodwill
|
|
3,176.1
|
|
|
(82.4
|
)
|
|
3,093.7
|
|
|||
Customer relationships
|
|
1,917.2
|
|
|
(86.9
|
)
|
|
1,830.3
|
|
|||
Trade names and trademarks
|
|
289.4
|
|
|
(18.9
|
)
|
|
270.5
|
|
|||
Land use right
|
|
4.9
|
|
|
(4.9
|
)
|
|
—
|
|
|||
Technology
|
|
—
|
|
|
74.5
|
|
|
74.5
|
|
|||
Favorable leases
|
|
—
|
|
|
5.5
|
|
|
5.5
|
|
|||
Other assets
|
|
15.2
|
|
|
(3.2
|
)
|
|
12.0
|
|
|||
Total assets acquired
|
|
7,849.0
|
|
|
205.7
|
|
|
8,054.7
|
|
|||
Accounts payable
|
|
190.8
|
|
|
—
|
|
|
190.8
|
|
|||
Accrued expenses and other
|
|
280.8
|
|
|
26.1
|
|
|
306.9
|
|
|||
Unearned revenue
|
|
168.0
|
|
|
—
|
|
|
168.0
|
|
|||
Deferred income taxes
|
|
730.2
|
|
|
149.1
|
|
|
879.3
|
|
|||
Senior notes
|
|
250.0
|
|
|
—
|
|
|
250.0
|
|
|||
Other liabilities
|
|
78.5
|
|
|
30.5
|
|
|
109.0
|
|
|||
Total liabilities acquired
|
|
1,698.3
|
|
|
205.7
|
|
|
1,904.0
|
|
|||
Net assets acquired
|
|
$
|
6,150.7
|
|
|
$
|
—
|
|
|
$
|
6,150.7
|
|
|
Three Months Ended
March 31, 2015
|
||
Total revenues
|
$
|
2,146.4
|
|
Operating income
|
272.4
|
|
|
Net income
|
125.1
|
|
|
Earnings per share:
|
|
||
Basic
|
$
|
1.23
|
|
Diluted
|
$
|
1.22
|
|
3.
|
EARNINGS PER SHARE
|
|
|
Three Months Ended March 31,
|
||||||||||||||||||||
|
|
2016
|
|
2015
|
||||||||||||||||||
|
|
Earnings
|
|
Shares
|
|
Per
Share
Amount
|
|
Earnings
|
|
Shares
|
|
Per
Share
Amount
|
||||||||||
Basic earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net earnings
|
|
$
|
160.2
|
|
|
101.6
|
|
|
$
|
1.58
|
|
|
$
|
3.1
|
|
|
91.9
|
|
|
$
|
0.04
|
|
Dilutive effect of employee stock options and awards
|
|
—
|
|
|
1.4
|
|
|
|
|
|
—
|
|
|
1.2
|
|
|
|
|
||||
Effect of convertible debt
|
|
—
|
|
|
0.6
|
|
|
|
|
|
—
|
|
|
0.7
|
|
|
|
|
||||
Diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net earnings including impact of dilutive adjustments
|
|
$
|
160.2
|
|
|
103.6
|
|
|
$
|
1.55
|
|
|
$
|
3.1
|
|
|
93.8
|
|
|
$
|
0.04
|
|
|
|
Three Months Ended March 31,
|
||||
|
|
2016
|
|
2015
|
||
Stock options
|
|
0.3
|
|
|
—
|
|
4.
|
RESTRUCTURING AND OTHER SPECIAL CHARGES
|
|
LCD
|
|
CDD
|
|
||||||||||||
|
Severance and Other
Employee Costs
|
Lease and Other
Facility Costs
|
|
Severance and Other
Employee Costs
|
Lease and Other
Facility Costs
|
Total
|
||||||||||
Balance as of December 31, 2015
|
$
|
0.1
|
|
$
|
26.5
|
|
|
$
|
51.5
|
|
$
|
1.1
|
|
$
|
79.2
|
|
Restructuring charges
|
3.2
|
|
0.1
|
|
|
1.3
|
|
16.9
|
|
21.5
|
|
|||||
Reduction of prior restructuring accruals
|
—
|
|
(0.1
|
)
|
|
(2.2
|
)
|
—
|
|
(2.3
|
)
|
|||||
Cash payments and other adjustments
|
(2.0
|
)
|
(10.8
|
)
|
|
(8.6
|
)
|
7.1
|
|
(14.3
|
)
|
|||||
Balance as of March 31, 2016
|
$
|
1.3
|
|
$
|
15.7
|
|
|
$
|
42.0
|
|
$
|
25.1
|
|
$
|
84.1
|
|
Current
|
|
|
|
|
|
|
|
$
|
50.9
|
|
||||||
Non-current
|
|
|
|
|
|
|
|
33.2
|
|
|||||||
|
|
|
|
|
|
|
|
$
|
84.1
|
|
5.
|
GOODWILL AND INTANGIBLE ASSETS
|
|
LCD
|
|
CDD
|
|
Total
|
||||||||||||||||||
|
March 31,
2016 |
|
December 31, 2015
|
|
March 31,
2016 |
|
December 31, 2015
|
|
March 31,
2016 |
|
December 31, 2015
|
||||||||||||
Balance as of January 1
|
$
|
3,201.7
|
|
|
$
|
2,988.9
|
|
|
$
|
2,990.2
|
|
|
$
|
110.5
|
|
|
$
|
6,191.9
|
|
|
$
|
3,099.4
|
|
Goodwill acquired during the period
|
59.4
|
|
|
225.6
|
|
|
—
|
|
|
2,969.0
|
|
|
59.4
|
|
|
3,194.6
|
|
||||||
Adjustments to goodwill
|
(21.1
|
)
|
|
(12.8
|
)
|
|
22.2
|
|
|
(89.3
|
)
|
|
1.1
|
|
|
(102.1
|
)
|
||||||
Balance at end of period
|
$
|
3,240.0
|
|
|
$
|
3,201.7
|
|
|
$
|
3,012.4
|
|
|
$
|
2,990.2
|
|
|
$
|
6,252.4
|
|
|
$
|
6,191.9
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
|
||||||||||||
Customer relationships
|
$
|
3,220.7
|
|
|
$
|
(758.1
|
)
|
|
$
|
2,462.6
|
|
|
$
|
3,137.8
|
|
|
$
|
(725.6
|
)
|
|
$
|
2,412.2
|
|
Patents, licenses and technology
|
322.2
|
|
|
(150.9
|
)
|
|
171.3
|
|
|
309.6
|
|
|
(144.7
|
)
|
|
164.9
|
|
||||||
Non-compete agreements
|
49.8
|
|
|
(38.3
|
)
|
|
11.5
|
|
|
51.2
|
|
|
(37.2
|
)
|
|
14.0
|
|
||||||
Trade names
|
402.8
|
|
|
(122.1
|
)
|
|
280.7
|
|
|
400.9
|
|
|
(115.5
|
)
|
|
285.4
|
|
||||||
Land use right
|
5.5
|
|
|
(0.8
|
)
|
|
4.7
|
|
|
5.5
|
|
|
(0.6
|
)
|
|
4.9
|
|
||||||
Canadian licenses
|
479.6
|
|
|
—
|
|
|
479.6
|
|
|
451.0
|
|
|
—
|
|
|
451.0
|
|
||||||
|
$
|
4,480.6
|
|
|
$
|
(1,070.2
|
)
|
|
$
|
3,410.4
|
|
|
$
|
4,356.0
|
|
|
$
|
(1,023.6
|
)
|
|
$
|
3,332.4
|
|
6.
|
DEBT
|
|
March 31,
2016 |
|
December 31, 2015
|
||||
Zero-coupon convertible subordinated notes
|
$
|
95.0
|
|
|
$
|
94.5
|
|
3.125% senior notes due 2016
|
325.0
|
|
|
325.0
|
|
||
Debt issuance costs
|
(0.8
|
)
|
|
(1.0
|
)
|
||
Current portion of capital leases
|
6.2
|
|
|
5.4
|
|
||
Total short-term borrowings and current portion of long-term debt
|
$
|
425.4
|
|
|
$
|
423.9
|
|
|
March 31,
2016 |
|
December 31, 2015
|
||||
2.20% senior notes due 2017
|
$
|
500.0
|
|
|
$
|
500.0
|
|
2.50% senior notes due 2018
|
400.0
|
|
|
400.0
|
|
||
4.625% senior notes due 2020
|
642.1
|
|
|
621.6
|
|
||
2.625% senior notes due 2020
|
500.0
|
|
|
500.0
|
|
||
3.75% senior notes due 2022
|
500.0
|
|
|
500.0
|
|
||
3.20% senior notes due 2022
|
500.0
|
|
|
500.0
|
|
||
4.00% senior notes due 2023
|
300.0
|
|
|
300.0
|
|
||
3.60% senior notes due 2025
|
1,000.0
|
|
|
1,000.0
|
|
||
4.70% senior notes due 2045
|
900.0
|
|
|
900.0
|
|
||
Term loan
|
715.0
|
|
|
715.0
|
|
||
Debt issuance costs
|
(49.7
|
)
|
|
(51.8
|
)
|
||
Capital leases
|
62.1
|
|
|
55.5
|
|
||
Total long-term debt
|
$
|
5,969.5
|
|
|
$
|
5,940.3
|
|
|
Issued
|
|
Held in Treasury
|
|
Outstanding
|
|||
Common shares at December 31, 2015
|
123.9
|
|
|
(22.6
|
)
|
|
101.3
|
|
Common stock issued under employee stock plans
|
0.8
|
|
|
—
|
|
|
0.8
|
|
Common shares at March 31, 2016
|
124.7
|
|
|
(22.6
|
)
|
|
102.1
|
|
|
Foreign
Currency
Translation
Adjustments
|
|
Net
Benefit
Plan
Adjustments
|
|
|
Accumulated
Other
Comprehensive
Earnings (Loss)
|
||||||
Balance at December 31, 2015
(b)
|
$
|
(293.0
|
)
|
|
$
|
(74.4
|
)
|
|
|
$
|
(367.4
|
)
|
Other comprehensive earnings before reclassifications
|
134.9
|
|
|
|
|
|
|
134.9
|
|
|||
Amounts reclassified from accumulated other comprehensive earnings to the Condensed Consolidated Statement of Operations
(a)
|
—
|
|
|
3.4
|
|
|
|
3.4
|
|
|||
Tax effect of adjustments
|
(28.1
|
)
|
|
(1.1
|
)
|
|
|
(29.2
|
)
|
|||
Balance at March 31, 2016
|
$
|
(186.2
|
)
|
|
$
|
(72.1
|
)
|
|
|
$
|
(258.3
|
)
|
8.
|
INCOME TAXES
|
9.
|
COMMITMENTS AND CONTINGENCIES
|
10.
|
PENSION AND POST-RETIREMENT PLANS
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
Service cost for administrative expenses
|
$
|
1.2
|
|
|
$
|
1.0
|
|
Interest cost on benefit obligation
|
3.9
|
|
|
3.8
|
|
||
Expected return on plan assets
|
(4.2
|
)
|
|
(4.6
|
)
|
||
Net amortization and deferral
|
2.8
|
|
|
2.7
|
|
||
Defined benefit plan costs
|
$
|
3.7
|
|
|
$
|
2.9
|
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
Service cost for benefits earned
|
$
|
—
|
|
|
$
|
0.1
|
|
Interest cost on benefit obligation
|
0.1
|
|
|
0.3
|
|
||
Net amortization and deferral
|
(3.8
|
)
|
|
(2.4
|
)
|
||
Post-retirement medical plan benefits
|
$
|
(3.7
|
)
|
|
$
|
(2.0
|
)
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
Service cost
|
$
|
—
|
|
|
$
|
0.4
|
|
Interest cost
|
0.2
|
|
|
0.9
|
|
||
Net periodic pension cost
|
$
|
0.2
|
|
|
$
|
1.3
|
|
|
United Kingdom Plans
|
|||||||
|
Three Months Ended March 31, 2016
|
|
Three Months Ended March 31, 2015
|
|||||
Service cost for administrative expenses
|
$
|
0.8
|
|
|
|
$
|
0.3
|
|
Interest cost on benefit obligation
|
2.2
|
|
|
|
0.9
|
|
||
Expected return on plan assets
|
(3.1
|
)
|
|
|
(1.3
|
)
|
||
Net amortization and deferral
|
—
|
|
|
|
0.2
|
|
||
Defined benefit plan costs
|
$
|
(0.1
|
)
|
|
|
$
|
0.1
|
|
|
|
|
|
|
||||
Assumptions used to determine defined benefit plan cost
|
|
|
|
|
||||
Discount rate
|
3.8
|
%
|
|
|
3.6
|
%
|
||
Expected return on assets
|
5.6
|
%
|
|
|
5.4
|
%
|
||
Salary increases
|
3.6
|
%
|
|
|
3.5
|
%
|
|
German Plan
|
|||||||
|
Three Months Ended March 31, 2016
|
|
Three Months Ended March 31, 2015
|
|||||
Service cost for administrative expenses
|
$
|
0.2
|
|
|
|
$
|
0.1
|
|
Interest cost on benefit obligation
|
0.2
|
|
|
|
—
|
|
||
Net amortization and deferral
|
—
|
|
|
|
0.1
|
|
||
Net (gain) from earlier periods
|
(0.1
|
)
|
|
|
—
|
|
||
Defined benefit plan costs
|
$
|
0.3
|
|
|
|
$
|
0.2
|
|
|
|
|
|
|
||||
Assumptions used to determine defined benefit plan cost
|
|
|
|
|
||||
Discount rate
|
2.5
|
%
|
|
|
2.2
|
%
|
||
Expected return on assets
|
N/A
|
|
|
|
N/A
|
|
||
Salary increases
|
2.0
|
%
|
|
|
2.0
|
%
|
11.
|
FAIR VALUE MEASUREMENTS
|
|
|
|
Fair Value Measurements as of
|
||||||||||||
|
Fair Value
as of
|
|
March 31, 2016
|
||||||||||||
|
|
Using Fair Value Hierarchy
|
|||||||||||||
|
March 31, 2016
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Noncontrolling interest put
|
$
|
15.8
|
|
|
$
|
—
|
|
|
$
|
15.8
|
|
|
$
|
—
|
|
Interest rate swap
|
42.1
|
|
|
—
|
|
|
42.1
|
|
|
—
|
|
||||
Cash surrender value of life insurance policies
|
45.8
|
|
|
—
|
|
|
45.8
|
|
|
—
|
|
||||
Deferred compensation liability
|
48.3
|
|
|
—
|
|
|
48.3
|
|
|
—
|
|
|
|
|
Fair Value Measurements as of
|
||||||||||||
|
Fair Value
as of
|
|
December 31, 2015
|
||||||||||||
|
|
Using Fair Value Hierarchy
|
|||||||||||||
|
December 31, 2015
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Noncontrolling interest put
|
$
|
14.9
|
|
|
$
|
—
|
|
|
$
|
14.9
|
|
|
$
|
—
|
|
Interest rate swap
|
21.6
|
|
|
—
|
|
|
21.6
|
|
|
—
|
|
||||
Cash surrender value of life insurance policies
|
45.5
|
|
|
—
|
|
|
45.5
|
|
|
—
|
|
||||
Deferred compensation liability
|
46.4
|
|
|
—
|
|
|
46.4
|
|
|
—
|
|
12.
|
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
|
1)
|
The Company will pay contingent cash interest on the zero-coupon subordinated notes after September 11, 2006, if the average market price of the notes equals
120%
or more of the sum of the issue price, accrued original issue discount and contingent additional principal, if any, for a specified measurement period.
|
2)
|
Holders may surrender zero-coupon subordinated notes for conversion during any period in which the rating assigned to the zero-coupon subordinated notes by Standard & Poor’s Ratings Services is BB- or lower.
|
13.
|
SUPPLEMENTAL CASH FLOW INFORMATION
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
Supplemental schedule of cash flow information:
|
|
|
|
||||
Cash paid during period for:
|
|
|
|
||||
Interest
|
$
|
71.6
|
|
|
$
|
14.9
|
|
Income taxes, net of refunds
|
32.9
|
|
|
23.1
|
|
||
Disclosure of non-cash financing and investing activities:
|
|
|
|
|
|
||
Surrender of restricted stock awards and performance awards
|
$
|
15.1
|
|
|
$
|
7.8
|
|
Non-cash stock consideration for the Acquisition
|
—
|
|
|
1,762.5
|
|
||
Assets acquired under capital leases
|
9.0
|
|
|
16.7
|
|
||
Increase (decrease) accrued property, plant and equipment
|
2.4
|
|
|
(1.4
|
)
|
14.
|
BUSINESS SEGMENT INFORMATION
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2016
|
|
2015
|
||||
Total revenues:
|
|||||||
LCD - net revenue
|
$
|
1,590.6
|
|
|
$
|
1,472.0
|
|
CDD - net revenue
|
704.6
|
|
|
300.3
|
|
||
Total revenues
|
2,295.2
|
|
|
1,772.3
|
|
||
|
|
|
|
||||
Operating earnings (loss):
|
|||||||
LCD
|
277.0
|
|
|
210.4
|
|
||
CDD
|
63.0
|
|
|
(50.4
|
)
|
||
Unallocated corporate expenses
|
(38.1
|
)
|
|
(27.6
|
)
|
||
Total operating income
|
301.9
|
|
|
132.4
|
|
||
Other income (expense), net
|
(45.9
|
)
|
|
(99.9
|
)
|
||
Earnings before income taxes
|
256.0
|
|
|
32.5
|
|
||
Provision for income taxes
|
95.5
|
|
|
29.1
|
|
||
Net earnings
|
160.5
|
|
|
3.4
|
|
||
Less income attributable to noncontrolling interests
|
(0.3
|
)
|
|
(0.3
|
)
|
||
Net income attributable to Laboratory Corporation of America Holdings
|
$
|
160.2
|
|
|
$
|
3.1
|
|
1.
|
changes in U.S., state, local and third party payer regulations or policies or other future reforms in the healthcare system (or in the interpretation of current regulations), new insurance or payment systems, including state, regional or private insurance cooperatives (e.g., Health Insurance Exchanges), affecting governmental and third-party coverage or reimbursement for clinical laboratory testing;
|
2.
|
significant monetary damages, fines, penalties, assessments, refunds, repayments, unanticipated compliance expenditures and/or exclusion from the Medicare and Medicaid programs, among other adverse consequences, resulting from interpretations of, or future changes in, laws and regulations, including laws and regulations of Medicare, Medicaid, the federal and state False Claims Acts, interpretations of such laws and regulations by U.S. or state government agencies or investigations, audits, regulatory examinations, information requests and other inquiries by state or U.S. government agencies;
|
3.
|
significant fines, penalties, costs, unanticipated compliance expenditures and/or damage to the Company’s reputation arising from the failure to comply with U.S. and international privacy and security laws and regulations, including the Health Insurance Portability and Accountability Act of 1996, Health Information Technology for Economic and Clinical Health Act, U.S. state laws and regulations, and laws and regulations of the European Union and other countries;
|
4.
|
loss or suspension of a license or imposition of a fine or penalties under, or future changes in, or interpretations of, the law or regulations of the Clinical Laboratory Improvement Act of 1967, and the Clinical Laboratory Improvement Amendments of 1988;
|
5.
|
penalties or loss of license arising from the failure to comply with the U.S. Occupational Safety and Health Administration requirements and the U.S. Needlestick Safety and Prevention Act, or similar laws and regulations of U.S., state, local or international agencies;
|
6.
|
fines, unanticipated compliance expenditures, suspension of manufacturing, enforcement actions, injunctions, or criminal prosecution arising from failure to maintain compliance with current good manufacturing practice (cGMP) regulations and other applicable requirements of various regulatory agencies;
|
7.
|
sanctions or other remedies, including fines, unanticipated compliance expenditures, enforcement actions, injunctions or criminal prosecution arising from failure to comply with the Animal Welfare Act;
|
8.
|
changes in testing guidelines or recommendations by government agencies, medical specialty societies and other authoritative bodies affecting the utilization of laboratory tests;
|
9.
|
changes in government regulations or policies, including regulations and policies of the Food and Drug Administration, the U.S. Department of Agriculture or other U.S., state, local or international agencies, affecting the approval, availability of, and the selling and marketing of tests, products, drugs, or the conduct of drug development trials;
|
10.
|
changes in government regulations pertaining to the pharmaceutical and biotechnology industries, changes in reimbursement of pharmaceutical products or reduced spending on research and development by pharmaceutical and biotechnology customers;
|
11.
|
liabilities that result from the inability to comply with corporate governance requirements;
|
12.
|
increased competition, including price competition, competitive bidding and/or changes or reductions to fee schedules and competition from companies that do not comply with existing laws or regulations or otherwise disregard compliance standards in the industry;
|
13.
|
changes in payer mix or payment structure, including insurance carrier participation in Health Insurance Exchanges, an increase in capitated reimbursement mechanisms, the impact of a shift to consumer-driven health plans or plans carrying increased level of member cost-sharing, and adverse changes in payer reimbursement or payer coverage policies related to specific diagnostic tests, categories of testing or testing methodologies;
|
14.
|
failure to retain or attract managed care organization (MCO) business as a result of changes in business models, including new risk based or network approaches, or other changes in strategy or business models by MCOs;
|
15.
|
failure to obtain and retain new customers, an unfavorable change in the mix of testing services ordered, or a reduction in tests ordered, specimens submitted or services requested by existing customers;
|
16.
|
difficulty in maintaining relationships with customers or retaining key employees as a result of uncertainty surrounding the integration of acquisitions and the resulting negative effects on the business of the Company;
|
17.
|
consolidation and convergence of MCOs, pharmaceutical companies, health systems, large physician organizations and other customers potentially causing material shifts in insourcing, utilization, pricing and reimbursements, including full and partial risk based models;
|
18.
|
failure to effectively develop and deploy system modifications or enhancements required in response to evolving market and business needs;
|
19.
|
customers choosing to insource services that are or could be purchased from the Company;
|
20.
|
failure to identify, successfully close and effectively integrate and/or manage newly acquired businesses;
|
21.
|
inability to achieve the expected benefits and synergies of newly-acquired businesses, and impact on the Company's cash position, levels of indebtedness and stock price;
|
22.
|
inability of the Company to avoid adverse tax treatments relating to the Acquisition;
|
23.
|
termination, loss, delay, reduction in scope or increased costs of contracts, including large contracts and multiple contracts;
|
24.
|
liability arising from errors or omissions in the performance of contract research services or other contractual arrangements;
|
25.
|
changes or disruption in services or supplies provided by third parties, including transportation;
|
26.
|
damage or disruption to the Company's facilities;
|
27.
|
damage to the Company's reputation, loss of business or other harm from acts of animal rights extremists or potential harm and/or liability arising from animal research activities or the provision of animal research products;
|
28.
|
adverse results in litigation matters;
|
29.
|
inability to attract and retain experienced and qualified personnel;
|
30.
|
failure to develop or acquire licenses for new or improved technologies, such as point-of-care testing and mobile health technologies, or potential use of new technologies by customers to perform their own tests;
|
31.
|
substantial costs arising from the inability to commercialize newly licensed tests or technologies or to obtain appropriate coverage or reimbursement for such tests;
|
32.
|
inability to obtain and maintain adequate patent and other proprietary rights for protection of the Company's products and services and successfully enforce the Company's proprietary rights;
|
33.
|
scope, validity and enforceability of patents and other proprietary rights held by third parties that may impact the Company's ability to develop, perform, or market the Company's products or services or operate its business;
|
34.
|
business interruption or other impact on the business due to adverse weather (including hurricanes), fires and/or other natural disasters, acts of war, terrorism or other criminal acts, and/or widespread outbreak of influenza or other pandemic illness;
|
35.
|
discontinuation or recalls of existing testing products;
|
36.
|
a failure in the Company's information technology systems, including with respect to testing turnaround time and billing processes, or the failure to maintain the security of business information or systems or to protect against cyber security attacks, or delays or failures in the development and implementation of the Company’s automation platforms, any of which could result in a negative effect on the Company’s performance of services, a loss of business or increased costs, damages to the Company’s reputation, significant litigation exposure, an inability to meet required financial reporting deadlines, or the failure to meet future regulatory or customer information technology, data security and connectivity requirements;
|
37.
|
business interruption, increased costs, and other adverse effects on the Company's operations due to the unionization of employees, union strikes, work stoppages, general labor unrest or failure to comply with labor or employment laws;
|
38.
|
failure to maintain the Company's days sales outstanding and/or bad debt expense levels including negative impact on the Company's reimbursement, cash collections and profitability arising from unfavorable changes in third party payer policies in connection with the implementation of the ICD-10-CM Code Set which was effective October 1, 2015;
|
39.
|
impact on the Company's revenue, cash collections and the availability of credit for general liquidity or other financing needs arising from a significant deterioration in the economy or financial markets or in the Company's credit ratings by S&P's and/or Moody's;
|
40.
|
changes in reimbursement by foreign governments and foreign currency fluctuations;
|
41.
|
inability to obtain certain billing information from physicians, resulting in increased costs and complexity, a temporary disruption in cash receipts and ongoing reductions in reimbursements and net revenues;
|
42.
|
expenses and risks associated with international operations, including but not limited to compliance with the Foreign Corrupt Practices Act, the U.K. Bribery Act, and laws and regulations that differ from those of the U.S., and economic, political, legal and other operational risks associated with foreign markets; and
|
43.
|
failure to achieve expected efficiencies and savings in connection with the Company's comprehensive, enterprise-wide business process improvement initiative.
|
|
Three Months Ended March 31,
|
|
|
|||||||
|
2016
|
|
2015
|
|
Change
|
|||||
Net revenue
|
|
|
|
|
|
|||||
LCD
|
$
|
1,590.6
|
|
|
$
|
1,472.0
|
|
|
8.1
|
%
|
CDD
|
704.6
|
|
|
300.3
|
|
|
134.6
|
%
|
||
Total
|
$
|
2,295.2
|
|
|
$
|
1,772.3
|
|
|
29.5
|
%
|
|
Three Months Ended March 31,
|
|
|
|||||||
|
2016
|
|
2015
|
|
Change
|
|||||
Net cost of revenues
|
$
|
1,517.9
|
|
|
$
|
1,147.2
|
|
|
32.3
|
%
|
Cost of revenues as a % of net revenue
|
66.1
|
%
|
|
64.8
|
%
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|||||||
|
2016
|
|
2015
|
|
Change
|
|||||
Selling, general and administrative expenses
|
$
|
411.9
|
|
|
$
|
442.3
|
|
|
(6.9
|
)%
|
Selling, general and administrative expenses as a % of net revenue
|
17.9
|
%
|
|
25.0
|
%
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|||||||
|
2016
|
|
2015
|
|
Change
|
|||||
LCD
|
$
|
23.8
|
|
|
$
|
21.9
|
|
|
8.7
|
%
|
CDD
|
20.5
|
|
|
9.2
|
|
|
122.8
|
%
|
||
Total amortization of intangibles and other assets
|
$
|
44.3
|
|
|
$
|
31.1
|
|
|
42.4
|
%
|
|
Three Months Ended March 31,
|
|
|
|||||||
|
2016
|
|
2015
|
|
Change
|
|||||
Restructuring and other special charges
|
$
|
19.2
|
|
|
$
|
19.3
|
|
|
(0.5
|
)%
|
|
Three Months Ended March 31,
|
|
|
||||||
|
2016
|
|
2015
|
|
Change
|
||||
Interest expense
|
$
|
(54.5
|
)
|
|
(104.3
|
)
|
|
(47.7
|
)%
|
|
Three Months Ended March 31,
|
|
|
|||||||
|
2016
|
|
2015
|
|
Change
|
|||||
Equity method income
|
$
|
1.4
|
|
|
$
|
2.7
|
|
|
(48.1
|
)%
|
|
Three Months Ended March 31,
|
|
|
|||||||
|
2016
|
|
2015
|
|
Change
|
|||||
Other, net
|
$
|
6.7
|
|
|
$
|
1.1
|
|
|
509.1
|
%
|
|
Three Months Ended March 31,
|
|
|
|||||||
|
2016
|
|
2015
|
|
Change
|
|||||
Income tax expense
|
$
|
95.5
|
|
|
$
|
29.1
|
|
|
228.2
|
%
|
Income tax expense as a % of earnings before income taxes
|
37.3
|
%
|
|
89.5
|
%
|
|
|
|
|
Three Months Ended March 31,
|
|
||||||
|
2016
|
|
2015
|
|
||||
Net cash provided by (used in) operating activities
|
$
|
123.0
|
|
|
$
|
(86.9
|
)
|
|
Net cash used for investing activities
|
(151.6
|
)
|
|
(3,651.3
|
)
|
|
||
Net cash provided by (used in) financing activities
|
3.9
|
|
|
3,629.7
|
|
|
||
Effect of exchange rate on changes in cash and cash equivalents
|
4.6
|
|
|
(25.1
|
)
|
|
||
Net change in cash and cash equivalents
|
$
|
(20.1
|
)
|
|
$
|
(133.6
|
)
|
|
1)
|
The Company will pay contingent cash interest on the zero-coupon subordinated notes after September 11, 2006, if the average market price of the notes equals 120% or more of the sum of the issue price, accrued original issue discount and contingent additional principal, if any, for a specified measurement period.
|
2)
|
Holders may surrender zero-coupon subordinated notes for conversion during any period in which the rating assigned to the zero-coupon subordinated notes by S&P’s Ratings Services is BB- or lower.
|
(a)
|
Exhibits
|
|
|
12.1*
|
Ratio of earnings to fixed charges
|
31.1*
|
Certification by the Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a)
|
31.2*
|
Certification by the Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a)
|
32*
|
Written Statement of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350)
|
101.INS*
|
XBRL Instance Document
|
101.SCH*
|
XBRL Taxonomy Extension Schema
|
101.CAL*
|
XBRL Taxonomy Extension Calculation Linkbase
|
101.DEF*
|
XBRL Taxonomy Extension Definition Linkbase
|
101.LAB*
|
XBRL Taxonomy Extension Label Linkbase
|
101.PRE*
|
XBRL Taxonomy Extension Presentation Linkbase
|
*
|
|
filed herewith
|
|
By:
|
/s/ DAVID P. KING
|
|
|
David P. King
|
|
|
Chairman of the Board, President
|
|
|
and Chief Executive Officer
|
|
By:
|
/s/ GLENN A. EISENBERG
|
|
|
Glenn A. Eisenberg
|
|
|
Executive Vice President,
|
|
|
Chief Financial Officer and Treasurer
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|---|---|---|
VANGUARD GROUP INC | 9,637,017 | 2,153,680,560 | |
DIAMOND HILL CAPITAL MANAGEMENT INC | 1,978,686 | 442,196,747 | |
GEODE CAPITAL MANAGEMENT, LLC | 1,964,743 | 437,560,596 | |
Allspring Global Investments Holdings, LLC | 1,865,460 | 416,892,944 | |
FMR LLC | 1,586,397 | 354,528,041 | |
DIMENSIONAL FUND ADVISORS LP | 1,367,430 | 305,578,953 | |
Meridiem Investment Management Ltd. | 1,217,560 | 272,113,283 | |
NORDEA INVESTMENT MANAGEMENT AB | 1,052,927 | 243,320,900 | |
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 914,019 | 204,264,965 | |
AMERICAN CENTURY COMPANIES INC | 826,022 | 184,599,675 | |
Legal & General Group Plc | 762,340 | 170,367,791 | |
Thrivent Financial for Lutherans | 749,268 | 167,447 | |
Nuveen Asset Management, LLC | 745,124 | 166,520,312 | |
Select Equity Group, L.P. | 635,976 | 142,127,916 | |
LORD, ABBETT & CO. LLC | 627,838 | 140,309 | |
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | 577,189 | 128,990,198 | |
CHARLES SCHWAB INVESTMENT MANAGEMENT INC | 549,386 | 122,776,783 | |
BRANDES INVESTMENT PARTNERS, LP | 501,722 | 112,124,826 | |
Alyeska Investment Group, L.P. | 465,337 | 103,993,513 | |
ARIEL INVESTMENTS, LLC | 410,720 | 91,787,706 | |
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | 392,880 | 87,800,822 | |
FIL Ltd | 392,367 | 87,686,177 | |
California Public Employees Retirement System | 351,438 | 78,539,364 | |
DEUTSCHE BANK AG\ | 350,472 | 78,323,482 | |
EARNEST PARTNERS LLC | 347,080 | 77,565,439 | |
WELLINGTON MANAGEMENT GROUP LLP | 326,983 | 73,074,160 | |
THOMPSON SIEGEL & WALMSLEY LLC | 318,747 | 71,234 | |
GLENMEDE TRUST CO NA | 295,354 | 66,005,710 | |
NATIXIS ADVISORS, LLC | 291,923 | 65,239 | |
ENVESTNET ASSET MANAGEMENT INC | 284,709 | 63,626,704 | |
River Road Asset Management, LLC | 284,097 | 63,489,998 | |
Qube Research & Technologies Ltd | 278,736 | 62,291,921 | |
CAMBIAR INVESTORS LLC | 275,642 | 61,600,474 | |
AQR CAPITAL MANAGEMENT LLC | 256,698 | 57,158,878 | |
MILLENNIUM MANAGEMENT LLC | 255,808 | 57,167,972 | |
AMUNDI | 252,506 | 53,697,926 | |
CITADEL ADVISORS LLC | 252,248 | 56,372,383 | |
Swiss National Bank | 250,220 | 55,919,166 | |
WEITZ INVESTMENT MANAGEMENT, INC. | 236,350 | 52,819,498 | |
BARTLETT & CO. WEALTH MANAGEMENT LLC | 211,920 | 47,360,059 | |
NICHOLAS COMPANY, INC. | 184,445 | 41,219,769 | |
HSBC HOLDINGS PLC | 176,872 | 39,481,304 | |
Sio Capital Management, LLC | 173,293 | 38,727,520 | |
Cannell & Spears LLC | 170,296 | 38,057,750 | |
DAVIDSON INVESTMENT ADVISORS | 159,271 | 35,593,847 | |
National Pension Service | 159,040 | 35,542,259 | |
NEW YORK STATE COMMON RETIREMENT FUND | 156,046 | 34,873 | |
SUSQUEHANNA INTERNATIONAL GROUP, LLP | 155,472 | 34,744,883 | |
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | 150,280 | 33,584,574 | |
Bridgewater Associates, LP | 149,878 | 33,494,735 | |
WEDGE CAPITAL MANAGEMENT L L P/NC | 142,968 | 31,950,489 | |
Birch Hill Investment Advisors LLC | 140,358 | 31,367,224 | |
Sequoia Financial Advisors, LLC | 135,413 | 30,262,171 | |
Allianz Asset Management GmbH | 130,812 | 29,233,866 | |
BNP PARIBAS FINANCIAL MARKETS | 126,777 | 28,332,124 | |
RAYMOND JAMES & ASSOCIATES | 124,336 | 27,786,596 | |
Woodline Partners LP | 120,261 | 26,875,928 | |
Mitsubishi UFJ Asset Management Co., Ltd. | 119,688 | 26,747,874 | |
PRICE T ROWE ASSOCIATES INC /MD/ | 118,165 | 26,408 | |
Hunter Perkins Capital Management, LLC | 117,775 | 26,320 | |
CLIFFORD SWAN INVESTMENT COUNSEL LLC | 96,382 | 21,539,425 | |
KBC Group NV | 94,808 | 21,188 | |
Ironvine Capital Partners, LLC | 92,410 | 20,651,787 | |
SCOTIA CAPITAL INC. | 90,377 | 20,197,229 | |
Galvin, Gaustad & Stein, LLC | 88,510 | 19,780,212 | |
EQUITABLE TRUST CO | 87,787 | 19,618,638 | |
ZACKS INVESTMENT MANAGEMENT | 87,703 | 19,599,927 | |
Burgundy Asset Management Ltd. | 86,757 | 19,388,454 | |
STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | 86,567 | 19,345,993 | |
AMF Tjanstepension AB | 86,026 | 19,231,873 | |
MCRAE CAPITAL MANAGEMENT INC | 83,151 | 18,582,621 | |
Cerity Partners LLC | 81,694 | 18,257,144 | |
Sycale Advisors (NY) LLC | 80,180 | 17,918,626 | |
abrdn plc | 76,999 | 17,142,287 | |
Stack Financial Management, Inc | 75,985 | 16,981,143 | |
JANE STREET GROUP, LLC | 71,627 | 16,007,202 | |
Railway Pension Investments Ltd | 71,300 | 15,934,124 | |
NEW YORK STATE TEACHERS RETIREMENT SYSTEM | 69,460 | 15,523 | |
INTERNATIONAL ASSETS INVESTMENT MANAGEMENT, LLC | 67,491 | 302 | |
Walleye Capital LLC | 67,201 | 15,018,079 | |
LATHROP INVESTMENT MANAGEMENT CORP | 67,132 | 15,003 | |
Brandywine Global Investment Management, LLC | 63,820 | 13,839,367 | |
Mill Capital Management, LLC | 63,151 | 14,112,986 | |
D. E. Shaw & Co., Inc. | 61,583 | 13,762,569 | |
Busey Bank | 61,419 | 13,725,786 | |
BROWN ADVISORY INC | 60,176 | 13,448,030 | |
RENAISSANCE TECHNOLOGIES LLC | 59,205 | 13,231,133 | |
NEEDHAM INVESTMENT MANAGEMENT LLC | 58,863 | 13,154,703 | |
Leeward Investments, LLC - MA | 58,591 | 13,093,819 | |
FINANCIAL COUNSELORS INC | 57,555 | 12,862,391 | |
Swedbank AB | 56,884 | 12,712,436 | |
Clearstead Advisors, LLC | 56,391 | 12,602,165 | |
Channing Capital Management, LLC | 55,452 | 12,392,413 | |
VICTORY CAPITAL MANAGEMENT INC | 55,353 | 12,370,288 | |
STATE OF WISCONSIN INVESTMENT BOARD | 55,198 | 12,335,649 | |
TEACHER RETIREMENT SYSTEM OF TEXAS | 53,465 | 11,948 | |
FIRST TRUST ADVISORS LP | 51,759 | 11,567,098 | |
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | 51,000 | 11,397,480 | |
GABELLI FUNDS LLC | 50,585 | 11,304,736 | |
ASSETMARK, INC | 50,224 | 11,224,053 |
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|---|---|---|
Richelle P. Parham Independent Director Age: 56 Director Since: February 2016 Professional Highlights: Richelle P. Parham has served as a director of the Company since February 2016 and Chairperson of the Compensation and Human Capital Management Committee since June 2023. Ms. Parham currently serves as the President of Global E-Commerce and Business Development for Universal Music Group, a music-based entertainment company, a position she has held since June 2021. Prior to Universal Music Group, Ms. Parham served as a Managing Director of WestRiver Group, which is a collaboration of leading investment firms that provides integrated capital solutions to the global innovation economy with investments focused on technology, life sciences, energy, and experiential sectors from October 2019 to May 2021. She is also currently a Strategic Advisor at Camden Partners, a private equity firm, where she previously served as a General Partner from October 2016 to October 2019. Prior to Camden Partners, Ms. Parham served as Vice President, Chief Marketing Officer of eBay from November 2010 to March 2015. Ms. Parham was responsible, globally, for eBay brand strategy and brand marketing, to reach over 108+ million active eBay users, Internet marketing and for customer relationship management. Prior to joining eBay, Ms. Parham served as head of Global Marketing Innovation and Initiatives and head of Global Marketing Services at Visa, Inc. from 2008 to 2010. Ms. Parham founded and serves as Executive Chairman of the Board of Directors for Shyn, an oral care product company since January 2018. Her experience also includes 13 years at Digitas, Inc., a leading marketing agency, where she held a variety of senior leadership roles, including senior vice president and general manager of the agency’s Chicago office. Ms. Parham holds Bachelor of Science degrees in Business Administration and Design Arts from Drexel University. Skills and Qualifications: • Extensive senior-level executive experience, including in corporate finance, and mergers and acquisitions • More than 20 years of global strategy and marketing experience, as well as expertise in understanding consumers and the consumer decision journey | |||
Peter M. Neupert Independent Director Age: 68 Director Since: January 2013 Professional Highlights: Peter M. Neupert has served as a director of the Company since January 2013. Mr. Neupert was an Operating Partner at Health Evolution Partners, a health only, middle market private equity firm, from January 2012 until June 2015. Prior to that, Mr. Neupert served as Corporate Vice President of the Microsoft Health Solutions Group from its formation in 2005 to January 2012. In addition, Mr. Neupert was a member of the Institute of Medicine’s Roundtable on Value & Science-Driven Healthcare from 2007 to 2012, a workshop dedicated to transforming the way evidence on clinical effectiveness is generated and used to improve health and healthcare. Mr. Neupert also served on the U.S. President’s Information Technology Advisory Committee, co-chairing the Health Information Technology Subcommittee and helping to drive the “Revolutionizing Health Care Through Information Technology” report, published in June 2004. Mr. Neupert served as the founding President and Chief Executive Officer of drugstore.com from 1998 to 2001 and as Chairman of the board of directors through September 2004. Mr. Neupert holds an M.B.A. from the Tuck School of Business at Dartmouth College and a B.A. in Philosophy from Colorado College. Skills and Qualifications: • Expertise in health information technology and how to grow shareholder value leveraging business strategies with technology • Audit Committee financial expert • Corporate governance and business strategy expertise • Expertise and experience in cybersecurity matters | |||
Paul B. Rothman, M.D. Independent Director Age: 65 Director Since: June 2023 Professional Highlights: Paul B. Rothman has served as a director of the Company and member of the Quality and Compliance Committee since June 2023. Dr. Rothman, a rheumatologist and molecular immunologist, was previously the Dean of the Medical Faculty for Johns Hopkins University School of Medicine and CEO of Johns Hopkins Medicine, during which time he oversaw both the Johns Hopkins Health System and the School of Medicine. Prior to serving at Johns Hopkins, Dr. Rothman held various leadership positions at Columbia University and the University of Iowa. Dr. Rothman holds a Bachelor of Science in biology from the Massachusetts Institute of Technology and an M.D. from Yale University. Skills and Qualifications: • Extensive expertise in patient care, science, and medicine relevant to the clinical laboratory business • Operational, management, and executive leadership experience • Deep understanding of the complexity of the U.S. healthcare delivery system and policy development | |||
Richelle P. Parham Independent Director Age: 56 Director Since: February 2016 Professional Highlights: Richelle P. Parham has served as a director of the Company since February 2016 and Chairperson of the Compensation and Human Capital Management Committee since June 2023. Ms. Parham currently serves as the President of Global E-Commerce and Business Development for Universal Music Group, a music-based entertainment company, a position she has held since June 2021. Prior to Universal Music Group, Ms. Parham served as a Managing Director of WestRiver Group, which is a collaboration of leading investment firms that provides integrated capital solutions to the global innovation economy with investments focused on technology, life sciences, energy, and experiential sectors from October 2019 to May 2021. She is also currently a Strategic Advisor at Camden Partners, a private equity firm, where she previously served as a General Partner from October 2016 to October 2019. Prior to Camden Partners, Ms. Parham served as Vice President, Chief Marketing Officer of eBay from November 2010 to March 2015. Ms. Parham was responsible, globally, for eBay brand strategy and brand marketing, to reach over 108+ million active eBay users, Internet marketing and for customer relationship management. Prior to joining eBay, Ms. Parham served as head of Global Marketing Innovation and Initiatives and head of Global Marketing Services at Visa, Inc. from 2008 to 2010. Ms. Parham founded and serves as Executive Chairman of the Board of Directors for Shyn, an oral care product company since January 2018. Her experience also includes 13 years at Digitas, Inc., a leading marketing agency, where she held a variety of senior leadership roles, including senior vice president and general manager of the agency’s Chicago office. Ms. Parham holds Bachelor of Science degrees in Business Administration and Design Arts from Drexel University. Skills and Qualifications: • Extensive senior-level executive experience, including in corporate finance, and mergers and acquisitions • More than 20 years of global strategy and marketing experience, as well as expertise in understanding consumers and the consumer decision journey | |||
Kirsten M. Kliphouse Independent Director Age: 57 Director Since: October 2022 Professional Highlights: Kirsten M. Kliphouse has served as a director of the Company since October 2022. Ms. Kliphouse previously served as the President of Google Cloud Americas, a position she held from March 2022 to July 2023, where she was responsible for leading and growing the sales, go-to-market, customer engagement, channel, and services organizations. At Google Cloud, she also served as the Global Chair of the Aspiring Leadership Academy and Women@Google Cloud. Prior to her position as President, Ms. Kliphouse served as President of the North American division of Google Cloud from June 2019 to March 2022. Prior to Google Cloud, Ms. Kliphouse was Senior Vice President at Red Hat, Inc., a subsidiary of International Business Machines Corporation, Chief Executive Officer of Yardarm Technologies, a hardware and software solutions company, and founder and Chief Executive Officer of Scaling Ventures, a technology investment and advisory firm. Prior to her position at Yardarm, Ms. Kliphouse spent more than 25 years at Microsoft, Inc., where she was part of the executive leadership team and held numerous executive positions in Enterprise Sales, Original Equipment Manufacturers (OEM), Partner and Channels, and as Corporate Vice President of Customer Support, Success and Professional Services, during which she led more than 10,000-employees globally. Ms. Kliphouse is a recipient of the Founders Award for her superior leadership and contributions to the business. Ms. Kliphouse holds a degree in Computer Information Sciences and Business from Muhlenberg College. Skills and Qualifications: • Global cybersecurity incident response and remediation • Executive leadership experience including by delivering operational and financial results • Depth of experience within the technology sector, mergers and acquisitions, and business development • CERT Certificate in Cybersecurity Oversight | |||
Kerrii B. Anderson Independent Director Age: 66 Director Since: May 2006 Professional Highlights: Kerrii B. Anderson has served as a director of the Company since May 2006. Ms. Anderson was Chief Executive Officer of Wendy’s International, Inc., a restaurant operating and franchising company, from April 2006 until September 2008, when the company was merged with Triarc. Ms. Anderson served as Executive Vice President and Chief Financial Officer of Wendy’s International from 2000 to 2006. Prior to this position, she was Chief Financial Officer, Senior Vice President of M/I Schottenstein Homes, Inc. from 1987 to 2000. Skills and Qualifications: • Strong record of leadership in operations and strategy • Audit Committee financial expert with CEO and CFO experience • Extensive public company board, governance, and audit committee experience • Extensive financial, mergers and acquisitions, international, talent management, corporate governance and executive compensation experience • CERT Certificate in Cybersecurity Oversight | |||
Kathryn E. Wengel Independent Director Age: 58 Director Since: March 2021 Professional Highlights: Kathryn E. Wengel has served as a director of the Company since March 2021. Ms. Wengel currently serves as Executive Vice President, Chief Technical Operations and Risk Officer, and a member of the Executive Committee of Johnson & Johnson. Since joining Johnson & Johnson in 1988, Ms. Wengel has served in various positions of increasing responsibility across the enterprise, both in the United States and various locations globally, including Executive Vice President and Chief Global Supply Chain Officer from 2018 to January 2023, Worldwide Vice President, Chief Global Supply Chain Officer from March 2014 to July 2018, and Chief Quality Officer from April 2010 to March 2014. Ms. Wengel holds a Bachelor of Science in Civil Engineering and operations research from Princeton University. Skills and Qualifications: • Extensive global experience in managing complex supply chains, operations, and quality and compliance • Knowledge and experience in the healthcare field • Executive leadership experience • Advocate and sponsor of several key diversity initiatives | |||
Jeffrey A. Davis Independent Director Age: 60 Director Since: December 2019 Professional Highlights: Jeffrey A. Davis has served as a director of the Company since December 2019 and Chairman of the Audit Committee since June 2023. Mr. Davis currently serves as the Chief Financial Officer of Dollar Tree, Inc., a leading operator of discount variety stores, a role he has held since October 2022. Prior to his time at Dollar Tree, Inc., Mr. Davis served as Chief Financial Officer of Qurate Retail Group, a leading retailer and media conglomerate comprised of eight retail brands including QVC, HSN and Zulily from October 2018 through August 2022. Prior to Qurate Retail Group, Mr. Davis served as Chief Financial Officer of J. C. Penney Company Inc., a retail company, from July 2017 until September 2018. Prior to joining J. C. Penney, Mr. Davis served as Chief Financial Officer of Darden Restaurants, Inc., a restaurant operator, from July 2015 until March 2016 and Chief Financial Officer of the Walmart U.S. segment of Walmart Inc. from January 2014 to May 2015, and in various other positions of increasing responsibility at Walmart U.S. from 2006 to 2013. Mr. Davis’ experience also includes nine years in senior executive roles at Lakeland Tours LLC and McKesson Corporation. Mr. Davis is a certified public accountant and holds a bachelor’s degree in accounting from the Pennsylvania State University and a master’s degree in business administration from the Joseph M. Katz Graduate School of Business at the University of Pittsburgh. Skills and Qualifications: • Extensive executive leadership experience, including financial management and public company leadership experience as a CFO across multiple industries • Extensive experience in operations, finance, capital structure, and mergers and acquisition • Audit Committee financial expert • Executive sponsor of diversity initiatives | |||
D. Gary Gilliland, M.D., PH.D. Independent Director Age: 69 Director Since: April 2014 Professional Highlights: D. Gary Gilliland has served as a director of the Company since April 2014. Dr. Gilliland has served as President and Director Emeritus of the Fred Hutchinson Cancer Center, a research organization, since January 2020. From January 2015 to January 2020, Dr. Gilliland previously served as President and Director of the Fred Hutchinson Cancer Center. Prior to that, he was the inaugural Vice Dean and Vice President for Precision Medicine at the University of Pennsylvania Perelman School of Medicine from October 2013 to January 2015, where he was responsible for synthesizing research and clinical-care initiatives across all medical disciplines including cancer, heart and vascular medicine, neurosciences, genetics, and pathology, to create a national model for the delivery of precise, personalized medicine. From 2009 until he joined Penn Medicine in 2013, Dr. Gilliland was Senior Vice President of Merck Research Laboratories and Oncology Franchise Head. At Merck, Dr. Gilliland oversaw first-in-human studies, proof-of-concept trials, and Phase II/III registration trials that included the development of pembrolizumab (anti-PD1) for treatment of cancer, and managed all preclinical and clinical oncology-licensing activities. Prior to joining Merck, Dr. Gilliland was a member of the faculty at Harvard Medical School for nearly 20 years, where he served as Professor of Medicine and a Professor of Stem Cell and Regenerative Biology. He was also an Investigator of the Howard Hughes Medical Institute from 1996 to 2009, Director of the Leukemia Program at the Dana-Farber/Harvard Cancer Center from 2002 to 2009, and Director of the Cancer Stem Cell Program of the Harvard Stem Cell Institute from 2004 to 2009. Dr. Gilliland has a Ph.D. in Microbiology from UCLA and an M.D. from UCSF. Skills and Qualifications: • Board-certified in Internal Medicine and Fellowship training in Hematology and Oncology, each at Harvard Medical School • Expertise in cancer genetics and experience working within medical communities ranging from academia to the pharmaceutical industry • Executive experience in clinical research and healthcare finance and mergers and acquisitions | |||
Adam H. Schechter Chairman, President and Chief Executive Officer Age: 59 Director Since: April 2013 Professional Highlights: Adam H. Schechter has served as a director of the Company since April 2013, President and Chief Executive Officer of the Company since November 2019, and Chairman of the Board since May 2020. Prior to that, Mr. Schechter was President of Global Human Health and an Executive Vice President of Merck & Co., Inc., a pharmaceutical company, from 2010 to 2018, where he was a member of Merck’s executive committee. He served as special advisor to the CEO of Merck from January 2019 to July 2019. Prior to becoming President, Global Human Health, Mr. Schechter served as President, Global Pharmaceutical Business from 2007 to 2010. Mr. Schechter holds a bachelor’s degree in biology from La Salle University and was awarded an honorary Doctor of Humane Letters degree from La Salle University in 2021. Skills and Qualifications: • Global and U.S.-focused leadership roles, while at Merck, spanning sales, marketing, and managed markets, as well as business and product development • Deep knowledge of the pharmaceutical and healthcare industries and extensive experience collaborating with many of the industries’ key stakeholders to achieve patient-focused outcomes • CERT Certificate in Cybersecurity Oversight |
Name and Principal Position |
Year |
Salary ($) |
Bonus ($) |
Non-Qualified Stock Options |
Stock Awards ($) |
Non-Equity Incentive Plan Compensation ($) |
Change in Pension Value And Nonqualified Deferred Compensation Earnings ($) |
All Other Compensation ($) |
Total ($) |
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ADAM H. SCHECHTER President and Chief Executive Officer |
2023 | $ | 1,373,692 | $ | - | $ | 2,250,072 | $ | 9,071,320 | $ | 2,346,018 | $ | - | $ | 938,253 | $ | 15,979,355 | ||||||||||||||||||||||||||||
2022 | $ | 1,317,500 | $ | - | $ | 2,142,125 | $ | 9,063,244 | $ | 1,675,221 | $ | - | $ | 729,207 | $ | 14,927,297 | |||||||||||||||||||||||||||||
2021 | $ | 1,277,381 | $ | - | $ | 1,803,330 | $ | 13,236,819 | $ | 3,802,068 | $ | - | $ | 432,007 | $ | 20,551,605 | |||||||||||||||||||||||||||||
GLENN A. EISENBERG Executive Vice President and Chief Financial Officer |
2023 | $ | 805,462 | $ | - | $ | 615,878 | $ | 2,473,816 | $ | 917,054 | $ | - | $ | 144,567 | $ | 4,956,777 | ||||||||||||||||||||||||||||
2022 | $ | 780,500 | $ | - | $ | 586,988 | $ | 6,551,496 | $ | 661,630 | $ | - | $ | 101,879 | $ | 8,682,493 | |||||||||||||||||||||||||||||
2021 | $ | 756,287 | $ | - | $ | 497,470 | $ | 3,660,580 | $ | 1,500,695 | $ | - | $ | 43,676 | $ | 6,458,708 | |||||||||||||||||||||||||||||
BRIAN J. CAVENEY Executive Vice President and President, Early Development and Chief Medical and Scientific Officer |
2023 | $ | 617,635 | $ | - | $ | 432,955 | $ | 1,745,352 | $ | 609,719 | $ | - | $ | 70,782 | $ | 3,476,443 | ||||||||||||||||||||||||||||
2022 | $ | 538,000 | $ | - | $ | 343,045 | $ | 1,440,880 | $ | 641,792 | $ | - | $ | 44,750 | $ | 3,008,467 | |||||||||||||||||||||||||||||
2021 | $ | 521,532 | $ | - | $ | 286,045 | $ | 2,122,324 | $ | 1,034,877 | $ | - | $ | 15,851 | $ | 3,980,629 | |||||||||||||||||||||||||||||
ANITA Z. GRAHAM Executive Vice President and Chief Human Resources Officer |
2023 | $ | 420,000 | $ | 500,000 | $ | 196,708 | $ | 1,012,330 | $ | 405,331 | $ | - | $ | 21,622 | $ | 2,555,991 | ||||||||||||||||||||||||||||
MARK S. SCHROEDER Executive Vice President and President, Diagnostics Laboratories and Chief Operations Officer |
2023 | $ | 617,635 | $ | - | $ | 461,625 | $ | 1,892,720 | $ | 718,807 | $ | 13,815 | $ | 90,506 | $ | 3,795,108 | ||||||||||||||||||||||||||||
2022 | $ | 538,000 | $ | - | $ | 343,045 | $ | 1,440,880 | $ | 456,051 | $ | - | $ | 65,079 | $ | 2,843,055 | |||||||||||||||||||||||||||||
2021 | $ | 521,532 | $ | - | $ | 286,045 | $ | 2,112,324 | $ | 1,034,877 | $ | - | $ | 35,851 | $ | 3,990,629 | |||||||||||||||||||||||||||||
PAUL R. KIRCHGRABER Executive Vice President and Chief Executive Officer, Early Development, Central Laboratories and Oncology |
2023 | $ | 424,038 | $ | - | $ | 410,610 | $ | 1,648,365 | $ | - | $ | - | $ | 2,845,156 | $ | 5,328,169 | ||||||||||||||||||||||||||||
2022 | $ | 630,000 | $ | - | $ | 388,784 | $ | 1,648,375 | $ | 267,036 | $ | - | $ | 82,738 | $ | 3,016,933 | |||||||||||||||||||||||||||||
2021 | $ | 625,838 | $ | - | $ | 286,045 | $ | 2,112,324 | $ | 1,241,852 | $ | - | $ | 155,367 | $ | 4,421,426 | |||||||||||||||||||||||||||||
THOMAS H. PIKE Executive Vice President |
2023 | $ | 528,846 | $ | - | $ | - | $ | 4,129,232 | $ | - | $ | - | $ | 11,240 | $ | 4,669,318 |
No Customers Found
Suppliers
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|---|---|---|
Schechter Adam H | Director | 87,441 | 0 |
EISENBERG GLENN A | Director | 31,289 | 0 |
BERBERIAN LANCE | EVP, CIO & CTO | 19,697 | 0 |
BERBERIAN LANCE | Director | 15,921 | 0 |
ANDERSON KERRII B | Director | 13,722 | 144 |
Kirchgraber Paul R | CEO, Covance Drug Development | 12,946 | 0 |
Gilliland Dwight Gary | Director | 7,712 | 0 |
van der Vaart Sandra D | EVP, Chief Legal Officer | 7,605 | 0 |
Schroeder Mark S | EVP, Pres Diagnostics & COO | 6,687 | 0 |
Summy Amy B. | Director | 4,318 | 0 |
DiVincenzo Jonathan P. | Director | 3,401 | 0 |
DiVincenzo Jonathan P. | EVP, Pres, Central Labs & Intl | 3,355 | 0 |
van der Vaart Sandra D | Director | 2,670 | 0 |
Wilkinson Peter J | SVP, Chief Accounting Officer | 2,087 | 0 |
Wilkinson Peter J | Director | 2,087 | 0 |
Summy Amy B. | EVP, Chief Marketing Officer | 1,669 | 0 |
Rothman Paul | Director | 717 | 0 |
Bailey Megan D. | Director | 436 | 0 |
Kliphouse Kirsten Marie | Director | 372 | 0 |