2019 Q2 Form 10-Q Financial Statement

#000102207919000166 Filed on July 24, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $1.000M $1.919B
YoY Change -99.95% 2.95%
Cost Of Revenue $1.265B $1.243B
YoY Change 1.77% 6.24%
Gross Profit $688.0M $676.0M
YoY Change 1.78% -2.59%
Gross Profit Margin 68800.0% 35.23%
Selling, General & Admin $362.0M $351.0M
YoY Change 3.13% -1.96%
% of Gross Profit 52.62% 51.92%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $81.00M $77.00M
YoY Change 5.19% 16.67%
% of Gross Profit 11.77% 11.39%
Operating Expenses $362.0M $351.0M
YoY Change 3.13% -1.96%
Operating Profit $307.0M $305.0M
YoY Change 0.66% -4.39%
Interest Expense $46.00M $43.00M
YoY Change 6.98% 13.16%
% of Operating Profit 14.98% 14.1%
Other Income/Expense, Net -$42.00M -$41.00M
YoY Change 2.44% 51.85%
Pretax Income $265.0M $264.0M
YoY Change 0.38% -9.59%
Income Tax $63.00M $42.00M
% Of Pretax Income 23.77% 15.91%
Net Earnings $226.0M $219.0M
YoY Change 3.2% 13.47%
Net Earnings / Revenue 22600.0% 11.41%
Basic Earnings Per Share $1.67 $1.60
Diluted Earnings Per Share $1.66 $1.57
COMMON SHARES
Basic Shares Outstanding 135.0M shares 136.0M shares
Diluted Shares Outstanding 136.0M shares 139.0M shares

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $273.0M $132.0M
YoY Change 106.82% -57.96%
Cash & Equivalents $273.0M $132.0M
Short-Term Investments
Other Short-Term Assets $97.00M $137.0M
YoY Change -29.2% -12.18%
Inventory $105.0M $91.00M
Prepaid Expenses
Receivables $1.088B $1.055B
Other Receivables $3.000M $0.00
Total Short-Term Assets $1.566B $1.415B
YoY Change 10.67% -5.67%
LONG-TERM ASSETS
Property, Plant & Equipment $1.307B $1.168B
YoY Change 11.9% 11.77%
Goodwill $6.605B $6.414B
YoY Change 2.98% 5.49%
Intangibles $1.172B $1.166B
YoY Change 0.51% 22.87%
Long-Term Investments $458.0M $456.0M
YoY Change 0.44% 1.11%
Other Assets $141.0M $128.0M
YoY Change 10.16% -12.33%
Total Long-Term Assets $10.19B $9.332B
YoY Change 9.24% 7.62%
TOTAL ASSETS
Total Short-Term Assets $1.566B $1.415B
Total Long-Term Assets $10.19B $9.332B
Total Assets $11.76B $10.75B
YoY Change 9.43% 5.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $951.0M $957.0M
YoY Change -0.63% 4.93%
Accrued Expenses $146.0M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $807.0M $305.0M
YoY Change 164.59% 6000.0%
Total Short-Term Liabilities $1.904B $1.262B
YoY Change 50.87% 37.62%
LONG-TERM LIABILITIES
Long-Term Debt $3.169B $3.408B
YoY Change -7.01% -8.68%
Other Long-Term Liabilities $689.0M $738.0M
YoY Change -6.64% 4.09%
Total Long-Term Liabilities $3.858B $738.0M
YoY Change 422.76% 4.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.904B $1.262B
Total Long-Term Liabilities $3.858B $738.0M
Total Liabilities $5.762B $2.000B
YoY Change 188.1% 23.0%
SHAREHOLDERS EQUITY
Retained Earnings $7.849B $7.401B
YoY Change 6.05% 8.09%
Common Stock $2.688B $2.635B
YoY Change 2.01% 2.65%
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.020B $4.756B
YoY Change 5.55% 2.13%
Treasury Stock Shares 82.00M shares 81.00M shares
Shareholders Equity $5.459B $5.223B
YoY Change
Total Liabilities & Shareholders Equity $11.76B $10.75B
YoY Change 9.43% 5.66%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income $226.0M $219.0M
YoY Change 3.2% 13.47%
Depreciation, Depletion And Amortization $81.00M $77.00M
YoY Change 5.19% 16.67%
Cash From Operating Activities $321.0M $323.0M
YoY Change -0.62% 9.86%
INVESTING ACTIVITIES
Capital Expenditures -$85.00M -$78.00M
YoY Change 8.97% 20.0%
Acquisitions $0.00 $35.00M
YoY Change -100.0% -68.47%
Other Investing Activities -$7.000M -$48.00M
YoY Change -85.42% -54.29%
Cash From Investing Activities -$92.00M -$126.0M
YoY Change -26.98% -25.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -420.0M -189.0M
YoY Change 122.22% 6.78%
NET CHANGE
Cash From Operating Activities 321.0M 323.0M
Cash From Investing Activities -92.00M -126.0M
Cash From Financing Activities -420.0M -189.0M
Net Change In Cash -191.0M 8.000M
YoY Change -2487.5% -115.09%
FREE CASH FLOW
Cash From Operating Activities $321.0M $323.0M
Capital Expenditures -$85.00M -$78.00M
Free Cash Flow $406.0M $401.0M
YoY Change 1.25% 11.7%

Facts In Submission

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us-gaap Nature Of Operations
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DESCRIPTION OF BUSINESS<div style="line-height:120%;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">    </span></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;"/><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Background</span></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><span style="font-family:inherit;font-size:11pt;">    </span></div>Quest Diagnostics Incorporated and its subsidiaries ("Quest Diagnostics" or the "Company") empower people to take action to improve health outcomes.  The Company uses its extensive database of clinical lab results to derive diagnostic insights that reveal new avenues to identify and treat disease, inspire healthy behaviors and improve healthcare management.  The Company's diagnostic information services business ("DIS") provides information and insights based on the industry-leading menu of routine, non-routine and advanced clinical testing and anatomic pathology testing, and other diagnostic information services. The Company provides services to a broad range of customers, including patients, clinicians, hospitals, independent delivery networks ("IDNs"), health plans, employers and accountable care organizations ("ACOs"). The Company offers the broadest access in the United States to diagnostic information services through its nationwide network of laboratories, patient service centers and phlebotomists in physician offices and the Company's connectivity resources, including call centers and mobile paramedics, nurses and other health and wellness professionals. The Company is the world's leading provider of diagnostic information services. The Company provides interpretive consultation with one of the largest medical and scientific staffs in the industry and hundreds of M.D.s and Ph.D.s, many of whom are recognized leaders in their fields. The Company's Diagnostic Solutions businesses ("DS") are the leading provider of risk assessment services for the life insurance industry and offer healthcare organizations and clinicians robust information technology solutions.
us-gaap Use Of Estimates
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<div style="line-height:120%;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. </span></div>
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219000000 USD
us-gaap Net Income Loss From Continuing Operations Available To Common Shareholders Basic
NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic
369000000 USD
us-gaap Net Income Loss From Continuing Operations Available To Common Shareholders Basic
NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic
395000000 USD
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
135000000 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
136000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
134000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
136000000 shares
CY2019Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1000000 shares
CY2018Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3000000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2000000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3000000 shares
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
136000000 shares
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
139000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
136000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
139000000 shares
CY2019Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.52
CY2018Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.60
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
2.74
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
2.90
CY2019Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.15
CY2018Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.15
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0
CY2019Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.67
CY2018Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.60
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.89
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.90
CY2019Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.51
CY2018Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.57
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
2.71
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
2.84
CY2019Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.15
CY2018Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.15
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0
CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.66
CY2018Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.57
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.86
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.84
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5000000 shares
CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2000000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5000000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2000000 shares
CY2019Q2 us-gaap Severance Costs1
SeveranceCosts1
0 USD
CY2018Q2 us-gaap Severance Costs1
SeveranceCosts1
4000000 USD
us-gaap Severance Costs1
SeveranceCosts1
-3000000 USD
us-gaap Severance Costs1
SeveranceCosts1
15000000 USD
CY2019Q2 us-gaap Other Restructuring Costs
OtherRestructuringCosts
0 USD
CY2018Q2 us-gaap Other Restructuring Costs
OtherRestructuringCosts
3000000 USD
us-gaap Other Restructuring Costs
OtherRestructuringCosts
0 USD
us-gaap Other Restructuring Costs
OtherRestructuringCosts
4000000 USD
CY2019Q2 us-gaap Restructuring Charges
RestructuringCharges
0 USD
CY2018Q2 us-gaap Restructuring Charges
RestructuringCharges
7000000 USD
us-gaap Restructuring Charges
RestructuringCharges
-3000000 USD
us-gaap Restructuring Charges
RestructuringCharges
19000000 USD
CY2019Q2 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
4200000000 USD
CY2018Q4 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
4000000000.0 USD
CY2018Q4 us-gaap Goodwill
Goodwill
6563000000 USD
CY2017Q4 us-gaap Goodwill
Goodwill
6335000000 USD
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
42000000 USD
CY2018 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
228000000 USD
CY2019Q2 us-gaap Goodwill
Goodwill
6605000000 USD
CY2018Q4 us-gaap Goodwill
Goodwill
6563000000 USD
CY2019Q2 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
1823000000 USD
CY2019Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
651000000 USD
CY2019Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1172000000 USD
CY2018Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
1812000000 USD
CY2018Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
605000000 USD
CY2018Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1207000000 USD
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
49000000 USD
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
97000000 USD
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
97000000 USD
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
91000000 USD
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
88000000 USD
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
86000000 USD
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
428000000 USD
CY2019Q2 dgx Finite Lived Intangible Assets Estimated Amortization Expense Total
FiniteLivedIntangibleAssetsEstimatedAmortizationExpenseTotal
936000000 USD
CY2019Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
20000000 USD
CY2018Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
17000000 USD
CY2019Q2 us-gaap Long Term Debt
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3976000000 USD
CY2018Q4 us-gaap Long Term Debt
LongTermDebt
3893000000 USD
CY2019Q2 us-gaap Long Term Debt Current
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807000000 USD
CY2018Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
464000000 USD
CY2019Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
3169000000 USD
CY2018Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
3429000000 USD
CY2019Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
2000000 USD
CY2019Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
803000000 USD
CY2019Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
553000000 USD
CY2019Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
3000000 USD
CY2019Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
1000000 USD
CY2019Q2 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
2648000000 USD
CY2019Q2 dgx Long Term Debt Maturities Gross
LongTermDebtMaturitiesGross
4010000000 USD
CY2019Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
9000000 USD
CY2019Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
20000000 USD
CY2019Q2 dgx Debt Instrument Fair Value Basis Adjustment Attributable To Hedged Debt
DebtInstrumentFairValueBasisAdjustmentAttributableToHedgedDebt
5000000 USD
CY2019Q2 us-gaap Long Term Debt
LongTermDebt
3976000000 USD
CY2019Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
807000000 USD
CY2019Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
3169000000 USD
CY2019Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
511000000 USD
CY2019Q2 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
37000000 USD
CY2019Q2 dgx Lease Rightof Use Asset
LeaseRightofUseAsset
548000000 USD
CY2019Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
146000000 USD
CY2019Q2 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
3000000 USD
CY2019Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
413000000 USD
CY2019Q2 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
31000000 USD
CY2019Q2 dgx Lease Liability
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593000000 USD
CY2019Q2 dgx Finance Lease Rightof Use Asset Accumulated Amortization
FinanceLeaseRightofUseAssetAccumulatedAmortization
25000000 USD
CY2019Q2 us-gaap Operating Lease Cost
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73000000 USD
us-gaap Operating Lease Cost
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146000000 USD
CY2019Q2 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
2000000 USD
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
4000000 USD
CY2019Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
1000000 USD
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
2000000 USD
CY2019Q2 us-gaap Lease Cost
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76000000 USD
us-gaap Lease Cost
LeaseCost
152000000 USD
CY2019Q2 dgx Shortterm Leaseand Variable Lease Cost
ShorttermLeaseandVariableLeaseCost
29000000 USD
dgx Shortterm Leaseand Variable Lease Cost
ShorttermLeaseandVariableLeaseCost
58000000 USD
CY2018Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
57000000 USD
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
112000000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
80000000 USD
CY2019Q2 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
3000000 USD
CY2019Q2 dgx Lessee Operatingand Finance Lease Liability Payments Remainderof Fiscal Year
LesseeOperatingandFinanceLeaseLiabilityPaymentsRemainderofFiscalYear
83000000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
147000000 USD
CY2019Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
6000000 USD
CY2019Q2 dgx Lessee Operatingand Finance Lease Liability Payments Due Year Two
LesseeOperatingandFinanceLeaseLiabilityPaymentsDueYearTwo
153000000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
110000000 USD
CY2019Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
5000000 USD
CY2019Q2 dgx Lessee Operatingand Finance Lease Liability Payments Due Year Three
LesseeOperatingandFinanceLeaseLiabilityPaymentsDueYearThree
115000000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
85000000 USD
CY2019Q2 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
5000000 USD
CY2019Q2 dgx Lessee Operatingand Finance Lease Liability Payments Due Year Four
LesseeOperatingandFinanceLeaseLiabilityPaymentsDueYearFour
90000000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
67000000 USD
CY2019Q2 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
3000000 USD
CY2019Q2 dgx Lessee Operatingand Finance Lease Liability Payments Due Year Five
LesseeOperatingandFinanceLeaseLiabilityPaymentsDueYearFive
70000000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
128000000 USD
CY2019Q2 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
34000000 USD
CY2019Q2 dgx Lessee Operatingand Finance Lease Liability Payments Dueafter Year Five
LesseeOperatingandFinanceLeaseLiabilityPaymentsDueafterYearFive
162000000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
617000000 USD
CY2019Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
56000000 USD
CY2019Q2 dgx Lessee Operatingand Finance Lease Liability Payments Due
LesseeOperatingandFinanceLeaseLiabilityPaymentsDue
673000000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
58000000 USD
CY2019Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
22000000 USD
CY2019Q2 dgx Lessee Operatingand Finance Lease Liability Undiscounted Excess Amount
LesseeOperatingandFinanceLeaseLiabilityUndiscountedExcessAmount
80000000 USD
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
559000000 USD
CY2019Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
34000000 USD
CY2019Q2 dgx Operatingand Finance Lease Liability
OperatingandFinanceLeaseLiability
593000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
181000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
143000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
106000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
79000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
60000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
122000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
691000000 USD
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y
CY2019Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P12Y
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.033
CY2019Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.086
CY2018Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
22000000 USD
CY2019Q2 us-gaap Other Nonoperating Income Expense
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3000000 USD
CY2018Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
12000000 USD
us-gaap Other Nonoperating Income Expense
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-1000000 USD
CY2019Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.53
CY2018Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.50
CY2018Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.53
CY2019Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
492000000 USD
us-gaap Stock Issued During Period Shares Treasury Stock Reissued
StockIssuedDuringPeriodSharesTreasuryStockReissued
1200000 shares
us-gaap Stock Issued During Period Shares Treasury Stock Reissued
StockIssuedDuringPeriodSharesTreasuryStockReissued
1300000 shares
CY2019Q2 us-gaap Depreciation
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56000000 USD
CY2018Q2 us-gaap Depreciation
Depreciation
55000000 USD
us-gaap Depreciation
Depreciation
116000000 USD
us-gaap Depreciation
Depreciation
107000000 USD
CY2019Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
25000000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
49000000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
44000000 USD
CY2019Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
81000000 USD
CY2018Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
77000000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
165000000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
151000000 USD
CY2019Q2 us-gaap Interest Expense
InterestExpense
46000000 USD
CY2018Q2 us-gaap Interest Expense
InterestExpense
43000000 USD
us-gaap Interest Expense
InterestExpense
91000000 USD
us-gaap Interest Expense
InterestExpense
84000000 USD
CY2019Q2 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
1000000 USD
CY2018Q2 us-gaap Interest And Dividend Income Operating
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1000000 USD
us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
2000000 USD
us-gaap Interest And Dividend Income Operating
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1000000 USD
CY2019Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-45000000 USD
CY2018Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-42000000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-89000000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-83000000 USD
CY2019Q2 us-gaap Interest Paid
InterestPaid
63000000 USD
CY2018Q2 us-gaap Interest Paid
InterestPaid
37000000 USD
us-gaap Interest Paid
InterestPaid
91000000 USD
us-gaap Interest Paid
InterestPaid
86000000 USD
CY2019Q2 us-gaap Income Taxes Paid
IncomeTaxesPaid
80000000 USD
CY2018Q2 us-gaap Income Taxes Paid
IncomeTaxesPaid
39000000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
83000000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
41000000 USD
CY2019Q2 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
0 USD
CY2018Q2 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
1000000 USD
us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
0 USD
us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
1000000 USD
CY2019Q2 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
15000000 USD
CY2018Q2 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
13000000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
15000000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
13000000 USD
CY2019Q2 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
72000000 USD
CY2018Q2 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
69000000 USD
CY2019Q2 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
72000000 USD
CY2018Q2 us-gaap Dividends Payable Current And Noncurrent
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69000000 USD
CY2019Q2 us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
0 USD
CY2018Q2 us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
35000000 USD
us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
61000000 USD
us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
183000000 USD
CY2019Q2 us-gaap Liabilities Assumed1
LiabilitiesAssumed1
0 USD
CY2018Q2 us-gaap Liabilities Assumed1
LiabilitiesAssumed1
0 USD
us-gaap Liabilities Assumed1
LiabilitiesAssumed1
0 USD
us-gaap Liabilities Assumed1
LiabilitiesAssumed1
1000000 USD
CY2019Q2 dgx Fair Value Of Net Assets Acquired
FairValueOfNetAssetsAcquired
0 USD
CY2018Q2 dgx Fair Value Of Net Assets Acquired
FairValueOfNetAssetsAcquired
35000000 USD
dgx Fair Value Of Net Assets Acquired
FairValueOfNetAssetsAcquired
61000000 USD
dgx Fair Value Of Net Assets Acquired
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182000000 USD
CY2019Q2 dgx Mergerconsiderationpaidpayablenet
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0 USD
CY2018Q2 dgx Mergerconsiderationpaidpayablenet
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0 USD
dgx Mergerconsiderationpaidpayablenet
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-5000000 USD
dgx Mergerconsiderationpaidpayablenet
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-12000000 USD
CY2019Q2 dgx Cash Paid For Business Acquisitions
CashPaidForBusinessAcquisitions
0 USD
CY2018Q2 dgx Cash Paid For Business Acquisitions
CashPaidForBusinessAcquisitions
35000000 USD
dgx Cash Paid For Business Acquisitions
CashPaidForBusinessAcquisitions
56000000 USD
dgx Cash Paid For Business Acquisitions
CashPaidForBusinessAcquisitions
170000000 USD
CY2019Q2 us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
0 USD
CY2018Q2 us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
0 USD
us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
0 USD
us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
5000000 USD
CY2019Q2 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
CY2018Q2 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
35000000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
56000000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
165000000 USD
CY2019Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
45000000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
90000000 USD
CY2019Q2 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
1000000 USD
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
2000000 USD
CY2019Q2 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
1000000 USD
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
2000000 USD
CY2019Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
53000000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
78000000 USD
CY2019Q2 us-gaap Litigation Reserve
LitigationReserve
1000000 USD
CY2019Q2 us-gaap Malpractice Loss Contingency Accrual Undiscounted
MalpracticeLossContingencyAccrualUndiscounted
129000000 USD
CY2018Q4 us-gaap Malpractice Loss Contingency Accrual Undiscounted
MalpracticeLossContingencyAccrualUndiscounted
125000000 USD
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1953000000 USD
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1919000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3844000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3803000000 USD
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
307000000 USD
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
305000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
555000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
577000000 USD
CY2019Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-42000000 USD
CY2018Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-41000000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-77000000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-84000000 USD
CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
265000000 USD
CY2018Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
264000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
478000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
493000000 USD
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
63000000 USD
CY2018Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
42000000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
113000000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
94000000 USD
CY2019Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
17000000 USD
CY2018Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
11000000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
30000000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
23000000 USD
CY2019Q2 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
219000000 USD
CY2018Q2 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
233000000 USD
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
395000000 USD
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
422000000 USD
CY2019Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
20000000 USD
CY2018Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
0 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
20000000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
0 USD
CY2019Q2 us-gaap Profit Loss
ProfitLoss
239000000 USD
CY2018Q2 us-gaap Profit Loss
ProfitLoss
233000000 USD
us-gaap Profit Loss
ProfitLoss
415000000 USD
us-gaap Profit Loss
ProfitLoss
422000000 USD
CY2019Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
13000000 USD
CY2018Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
14000000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
25000000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
26000000 USD
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
226000000 USD
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
219000000 USD
us-gaap Net Income Loss
NetIncomeLoss
390000000 USD
us-gaap Net Income Loss
NetIncomeLoss
396000000 USD
CY2019Q2 dgx Percentageof Net Revenues
PercentageofNetRevenues
1
CY2018Q2 dgx Percentageof Net Revenues
PercentageofNetRevenues
1
dgx Percentageof Net Revenues
PercentageofNetRevenues
1
dgx Percentageof Net Revenues
PercentageofNetRevenues
1
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.236
CY2018Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.162
CY2019Q2 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
5000000 USD
CY2018Q2 dgx Income Tax Benefit Associatedwith Changesin Tax Return Accounting Method
IncomeTaxBenefitAssociatedwithChangesinTaxReturnAccountingMethod
15000000 USD
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.236
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.191
us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
8000000 USD
us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
13000000 USD
dgx Income Tax Benefit Associatedwith Changesin Tax Return Accounting Method
IncomeTaxBenefitAssociatedwithChangesinTaxReturnAccountingMethod
15000000 USD

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