LABCORP HOLDINGS INC. Leases Disclosure
| For the Year Ended | ||||||||
| December 31, 2023 | December 31, 2022 | |||||||
| Operating lease cost | $ | 202.6 | $ | 198.1 | ||||
| Finance lease cost: | ||||||||
| Amortization of right-of-use assets | $ | 7.1 | $ | 8.0 | ||||
| Interest on lease liabilities | 4.8 | 5.2 | ||||||
| Total finance lease cost | $ | 11.9 | $ | 13.2 | ||||
| For the Year Ended | |||||||||||
| December 31, 2023 | December 31, 2022 | ||||||||||
| Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
| Operating cash flows from operating leases | $ | (209.7) | $ | (200.2) | |||||||
| Operating cash flows from finance leases | (4.8) | (5.2) | |||||||||
| Financing cash flows from finance leases | (12.6) | (12.3) | |||||||||
| ROU assets obtained in exchange for lease obligations: | |||||||||||
| Operating leases | $ | 106.4 | $ | 159.2 | |||||||
| Finance leases | 2.3 | — | |||||||||
| December 31, 2023 | December 31, 2022 | ||||||||||
| Operating Leases | |||||||||||
| $ | 737.1 | $ | 738.1 | ||||||||
| Short-term operating lease liabilities | 165.8 | 163.8 | |||||||||
| Operating lease liabilities | 648.9 | 652.9 | |||||||||
| Total operating lease liabilities | $ | 814.7 | $ | 816.7 | |||||||
| Finance Leases | |||||||||||
| $ | 69.5 | $ | 74.9 | ||||||||
| Short-term finance lease liabilities | 6.4 | 6.0 | |||||||||
| Financing lease liabilities | 78.6 | 83.6 | |||||||||
| Total finance lease liabilities | $ | 85.0 | $ | 89.6 | |||||||
| Weighted Average Remaining Lease Term | |||||||||||
| Operating leases | 8.4 | 9.0 | |||||||||
| Finance leases | 14.7 | 15.6 | |||||||||
| Weighted Average Discount Rate | |||||||||||
| Operating leases | 4.1 | % | 3.6 | % | |||||||
| Finance leases | 5.3 | % | 5.5 | % | |||||||
| Year Ended December 31, 2023 | Operating Leases | Finance Leases | |||||||||
2024 | $ | 200.1 | $ | 11.3 | |||||||
2025 | 161.2 | 9.2 | |||||||||
2026 | 114.1 | 8.6 | |||||||||
2027 | 86.1 | 8.2 | |||||||||
2028 | 70.7 | 7.6 | |||||||||
| Thereafter | 330.1 | 78.3 | |||||||||
| Total lease payments | $ | 962.3 | $ | 123.2 | |||||||
| Less imputed interest | (147.6) | (38.2) | |||||||||
| Less current portion | (165.8) | (6.4) | |||||||||
| Total maturities, due beyond one year | $ | 648.9 | $ | 78.6 | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2023 | Feb 26, 2024 | Showing above |
| 2022 | Feb 28, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 28, 2020 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.