2024 Q1 Form 10-K Financial Statement

#000092014824000014 Filed on February 26, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $3.177B $3.033B $12.16B
YoY Change -15.92% -17.44% -18.25%
Cost Of Revenue $2.279B $2.212B $8.797B
YoY Change -18.69% -18.21% -16.16%
Gross Profit $897.3M $821.4M $3.365B
YoY Change -7.94% -15.3% -23.27%
Gross Profit Margin 28.25% 27.08% 27.67%
Selling, General & Admin $508.4M $532.9M $2.021B
YoY Change -8.16% -0.67% 1.24%
% of Gross Profit 56.66% 64.88% 60.07%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $154.5M $146.4M $577.3M
YoY Change -6.87% -6.27% -8.93%
% of Gross Profit 17.22% 17.82% 17.16%
Operating Expenses $508.4M $592.1M $2.241B
YoY Change -18.38% -0.84% 12.25%
Operating Profit $321.3M $229.3M $1.124B
YoY Change -8.67% -38.48% -36.65%
Interest Expense $46.90M -$42.50M -$172.2M
YoY Change -192.69% -51.48% -195.51%
% of Operating Profit 14.6% -18.53% -15.32%
Other Income/Expense, Net $20.00M $18.20M $15.50M
YoY Change -258.73% -56.04% -161.26%
Pretax Income $297.4M -$147.1M $568.9M
YoY Change 7.06% -430.56% -56.93%
Income Tax $69.10M $19.70M $188.5M
% Of Pretax Income 23.23% 33.13%
Net Earnings $228.0M -$167.1M $418.0M
YoY Change 7.09% -319.58% -67.32%
Net Earnings / Revenue 7.18% -5.51% 3.44%
Basic Earnings Per Share $2.71 $4.80
Diluted Earnings Per Share $2.69 -$1.97 $4.77
COMMON SHARES
Basic Shares Outstanding 84.10M shares 84.90M shares 87.10M shares
Diluted Shares Outstanding 84.70M shares 87.60M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $99.30M $536.8M $536.8M
YoY Change -74.79% 24.84% 24.84%
Cash & Equivalents $99.30M $536.8M $536.8M
Short-Term Investments
Other Short-Term Assets $678.1M $655.3M $655.3M
YoY Change -11.91% -7.31% -7.31%
Inventory $475.0M $474.6M $474.6M
Prepaid Expenses $678.1M $655.3M
Receivables $2.084B $2.099B $2.099B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.457B $3.765B $3.765B
YoY Change -26.38% -18.59% -18.59%
LONG-TERM ASSETS
Property, Plant & Equipment $2.898B $2.912B $2.912B
YoY Change -1.57% -1.5% -3.94%
Goodwill $6.219B $6.143B
YoY Change -23.37% -24.36%
Intangibles $3.394B $3.342B
YoY Change -13.25% -15.33%
Long-Term Investments $17.70M $26.90M $26.90M
YoY Change -73.1% -59.06% -59.06%
Other Assets $546.0M $536.5M $536.5M
YoY Change 16.97% 23.99% 46.83%
Total Long-Term Assets $13.07B $12.96B $12.96B
YoY Change -15.68% -16.55% -16.55%
TOTAL ASSETS
Total Short-Term Assets $3.457B $3.765B $3.765B
Total Long-Term Assets $13.07B $12.96B $12.96B
Total Assets $16.53B $16.73B $16.73B
YoY Change -18.16% -17.02% -17.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $695.5M $827.5M $827.5M
YoY Change -21.03% -11.48% -11.48%
Accrued Expenses $649.3M $969.8M $969.8M
YoY Change -41.54% -9.26% -12.49%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.048B $1.006B $1.006B
YoY Change 565.98% 227.43% 227.43%
Total Short-Term Liabilities $3.942B $3.225B $3.225B
YoY Change 36.59% 4.77% 4.77%
LONG-TERM LIABILITIES
Long-Term Debt $3.048B $4.133B $4.133B
YoY Change -40.64% -17.97% -19.31%
Other Long-Term Liabilities $468.2M $1.058B $1.058B
YoY Change -56.72% 150.28% -4.02%
Total Long-Term Liabilities $3.516B $5.192B $5.192B
YoY Change -43.44% -4.95% -16.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.942B $3.225B $3.225B
Total Long-Term Liabilities $3.516B $5.192B $5.192B
Total Liabilities $8.556B $8.850B $8.850B
YoY Change -13.21% -11.85% -12.01%
SHAREHOLDERS EQUITY
Retained Earnings $8.055B $7.888B
YoY Change -24.93% -25.45%
Common Stock $89.70M $46.10M
YoY Change 60.75% 469.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.960B $7.875B $7.875B
YoY Change
Total Liabilities & Shareholders Equity $16.53B $16.73B $16.73B
YoY Change -18.16% -17.02% -17.02%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $228.0M -$167.1M $418.0M
YoY Change 7.09% -319.58% -67.32%
Depreciation, Depletion And Amortization $154.5M $146.4M $577.3M
YoY Change -6.87% -6.27% -8.93%
Cash From Operating Activities -$29.80M $579.6M $1.328B
YoY Change -124.59% -11.32% -32.12%
INVESTING ACTIVITIES
Capital Expenditures $133.8M $167.2M $453.6M
YoY Change 42.49% 41.82% -5.87%
Acquisitions $259.2M $671.5M
YoY Change -129700.0% -42.31%
Other Investing Activities -$259.3M -$163.4M -$717.9M
YoY Change 4370.69% 5.15% -38.66%
Cash From Investing Activities -$393.1M -$330.6M -$1.172B
YoY Change 294.28% 20.97% -29.09%
FINANCING ACTIVITIES
Cash Dividend Paid $62.10M
YoY Change -3.57%
Common Stock Issuance & Retirement, Net -$945.6M
YoY Change -185.96%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$11.70M -446.5M -59.30M
YoY Change -80.69% 19.83% -95.52%
NET CHANGE
Cash From Operating Activities -$29.80M 579.6M 1.328B
Cash From Investing Activities -$393.1M -330.6M -1.172B
Cash From Financing Activities -$11.70M -446.5M -59.30M
Net Change In Cash -$437.5M -197.5M 96.90M
YoY Change 1018.93% -2664.94% -109.29%
FREE CASH FLOW
Cash From Operating Activities -$29.80M $579.6M $1.328B
Capital Expenditures $133.8M $167.2M $453.6M
Free Cash Flow -$163.6M $412.4M $874.1M
YoY Change -699.27% -23.02% -40.7%

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<div style="margin-bottom:3pt;margin-top:7pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:7pt;margin-top:3pt;text-align:justify;text-indent:15.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with generally accepted accounting principles requires the Company 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 reported periods. Significant estimates include implicit price concessions, revenue estimates, the allowances for doubtful accounts, deferred tax assets, fair values of acquired assets and assumed liabilities in business combinations, fair value of goodwill and indefinite-lived intangible assets, amortization lives for acquired intangible assets, and accruals for self-insurance reserves, litigation reserves and pensions. Actual results could differ from those estimates.</span></div><div style="margin-bottom:7pt;margin-top:3pt;text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The extent to which the COVID-19 pandemic has and will continue to impact the Company’s business and financial results depend on numerous evolving factors including, but not limited to the magnitude and duration of the COVID-19 pandemic, the impact to worldwide macroeconomic conditions including interest rates, employment rates and health insurance coverage, the speed of the anticipated recovery, and governmental and business reactions to the pandemic. The Company assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to the Company and the unknown future impacts of COVID-19 as of December 31, 2023, and through the date of this Annual Report. The accounting matters assessed included, but were not limited to, the Company’s implicit price concessions and credit losses, equity investments, and the carrying value of goodwill and other long-lived assets. The Company’s future assessment of the magnitude and duration of the COVID-19 pandemic, as well as other factors, could impact the Company’s consolidated financial statements in future reporting periods.</span></div>
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86500000 usd
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5500000 usd
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0.204
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CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets
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CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Accounts Payable
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3700000 usd
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72800000 usd
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2900000 usd
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14600000 usd
CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities
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94700000 usd
CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Net
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1164000000 usd
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CY2022 us-gaap Severance Costs1
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24800000 usd
CY2022 us-gaap Business Exit Costs1
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31100000 usd
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12000000.0 usd
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CY2022 us-gaap Finance Lease Principal Payments
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106400000 usd
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2021Q4 us-gaap Restructuring Reserve
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55900000 usd
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CY2022Q4 us-gaap Restructuring Reserve
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CY2023 us-gaap Restructuring Charges
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55700000 usd
CY2023 us-gaap Restructuring Reserve Accrual Adjustment1
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CY2023 us-gaap Payments For Restructuring
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40000000.0 usd
CY2023Q4 us-gaap Restructuring Reserve
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20600000 usd
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9500000 usd
CY2023Q4 us-gaap Restructuring Reserve Noncurrent
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11100000 usd
CY2023Q4 us-gaap Restructuring Reserve
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20600000 usd
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CY2023Q4 us-gaap Lessee Operating Lease Renewal Term
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P15Y
CY2023 us-gaap Operating Lease Cost
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202600000 usd
CY2022 us-gaap Operating Lease Cost
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198100000 usd
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7100000 usd
CY2022 us-gaap Finance Lease Right Of Use Asset Amortization
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4800000 usd
CY2022 us-gaap Finance Lease Interest Expense
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5200000 usd
CY2023 us-gaap Lease Cost
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11900000 usd
CY2022 us-gaap Lease Cost
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209700000 usd
CY2022 us-gaap Operating Lease Payments
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200200000 usd
CY2023 us-gaap Finance Lease Interest Payment On Liability
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CY2022 us-gaap Finance Lease Interest Payment On Liability
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CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2023Q4 us-gaap Operating Lease Right Of Use Asset
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CY2022Q4 us-gaap Operating Lease Right Of Use Asset
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CY2023Q4 us-gaap Operating Lease Liability Current
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CY2022Q4 us-gaap Operating Lease Liability Current
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CY2023Q4 us-gaap Operating Lease Liability
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CY2022Q4 us-gaap Operating Lease Liability
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CY2022Q4 us-gaap Finance Lease Right Of Use Asset
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6400000 usd
CY2022Q4 us-gaap Finance Lease Liability Current
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CY2022Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
200100000 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
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161200000 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Two
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Three
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CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Three
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Four
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86100000 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Four
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Five
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CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Five
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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CY2023Q4 us-gaap Finance Lease Liability Payments Due After Year Five
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q4 us-gaap Finance Lease Liability Payments Due
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147600000 usd
CY2023Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
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38200000 usd
CY2023Q4 us-gaap Operating Lease Liability Current
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165800000 usd
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CY2023 us-gaap Variable Lease Payment
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CY2022 us-gaap Variable Lease Payment
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CY2021 us-gaap Variable Lease Payment
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2023Q4 us-gaap Property Plant And Equipment Net
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CY2022Q4 us-gaap Property Plant And Equipment Net
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2794100000 usd
CY2023 lh Software Depreciation
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CY2022 lh Software Depreciation
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CY2021 lh Software Depreciation
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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216800000 usd
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
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1675000000 usd
CY2022Q4 us-gaap Goodwill
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CY2021Q4 us-gaap Goodwill
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CY2023 us-gaap Goodwill Acquired During Period
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CY2022 us-gaap Goodwill Acquired During Period
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CY2023 us-gaap Goodwill Impairment Loss
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333600000 usd
CY2022 us-gaap Goodwill Impairment Loss
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260000000.0 usd
CY2023 us-gaap Goodwill Translation And Purchase Accounting Adjustments
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CY2022 us-gaap Goodwill Translation And Purchase Accounting Adjustments
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CY2023Q4 us-gaap Goodwill
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CY2022Q4 us-gaap Goodwill
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CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2023Q4 us-gaap Intangible Assets Net Excluding Goodwill
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CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
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CY2023 us-gaap Goodwill And Intangible Asset Impairment
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349000000.0 usd
CY2022 us-gaap Goodwill And Intangible Asset Impairment
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261700000 usd
CY2023Q4 lh Goodwill Impairment Cumulative
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648500000 usd
CY2023 us-gaap Finitelived Intangible Assets Acquired1
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313900000 usd
CY2023 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
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P13Y3M18D
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CY2022Q4 us-gaap Employee Related Liabilities Current
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127500000 usd
CY2022Q4 us-gaap Taxes Payable Current
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105600000 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
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245100000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
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236800000 usd
CY2023Q4 us-gaap Accrued Liabilities Current
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CY2022Q4 us-gaap Accrued Liabilities Current
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CY2023Q4 us-gaap Deferred Compensation Liability Classified Noncurrent
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107400000 usd
CY2022Q4 us-gaap Deferred Compensation Liability Classified Noncurrent
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96900000 usd
CY2023Q4 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
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CY2022Q4 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
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CY2023Q4 us-gaap Workers Compensation Liability Noncurrent
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CY2022Q4 us-gaap Workers Compensation Liability Noncurrent
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46400000 usd
CY2023Q4 us-gaap Foreign Currency Contracts Liability Fair Value Disclosure
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CY2022Q4 us-gaap Foreign Currency Contracts Liability Fair Value Disclosure
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45700000 usd
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142300000 usd
CY2022Q4 lh Other Liabilities Noncurrent Other
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161300000 usd
CY2023Q4 us-gaap Other Liabilities Noncurrent
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409300000 usd
CY2022Q4 us-gaap Other Liabilities Noncurrent
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401100000 usd
CY2023Q4 us-gaap Letters Of Credit Outstanding Amount
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91300000 usd
CY2022Q4 us-gaap Accelerated Share Repurchases Settlement Payment Or Receipt
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1100000000 usd
CY2021 us-gaap Stock Repurchased And Retired During Period Shares
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CY2021 us-gaap Treasury Stock Acquired Average Cost Per Share
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CY2021 us-gaap Payments For Repurchase Of Common Stock
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CY2023Q4 us-gaap Debt Current
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CY2022Q4 us-gaap Debt Current
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CY2023Q4 lh A2.30 Senior Notes Due2024 Long Term
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CY2022Q4 lh A2.30 Senior Notes Due2024 Long Term
A2.30SeniorNotesDue2024LongTerm
400000000.0 usd
CY2023Q4 lh A3.25 Senior Notes Due2024 Long Term
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CY2022Q4 lh A3.25 Senior Notes Due2024 Long Term
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600000000.0 usd
CY2023Q4 lh A3.60 Seniornotesdue2025
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1000000000 usd
CY2022Q4 lh A3.60 Seniornotesdue2025
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1000000000 usd
CY2023Q4 lh A155 Senior Notes Due2026
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500000000.0 usd
CY2022Q4 lh A155 Senior Notes Due2026
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500000000.0 usd
CY2023Q4 lh Seniornotesdue2027
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600000000.0 usd
CY2022Q4 lh Seniornotesdue2027
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600000000.0 usd
CY2023Q4 lh A2.95seniornotesdue2029
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650000000.0 usd
CY2022Q4 lh A2.95seniornotesdue2029
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650000000.0 usd
CY2022Q4 lh A270 Senior Notes Due2031
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CY2023Q4 lh A4.70 Seniornotesdue2045
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900000000.0 usd
CY2022Q4 lh A4.70 Seniornotesdue2045
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900000000.0 usd
CY2023Q4 lh Longtermdebtissuancecosts
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CY2022Q4 lh Longtermdebtissuancecosts
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CY2023Q4 us-gaap Long Term Notes Payable
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CY2022Q4 us-gaap Long Term Notes Payable
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CY2023Q4 us-gaap Long Term Debt Noncurrent
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CY2022Q4 us-gaap Long Term Debt Noncurrent
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CY2019Q2 lh A2019 Term Loan
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CY2014Q4 lh Credit Facility Optionto Increase
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CY2014Q4 lh Credit Facility Maximum Swing Line Borrowings
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CY2023 us-gaap Line Of Credit Facility Commitment Fee Description
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CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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CY2023Q4 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Two
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CY2023Q4 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Three
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CY2023Q4 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Four
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600000000.0 usd
CY2023Q4 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Five
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CY2023Q4 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal After Year Five
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalAfterYearFive
1981000000 usd
CY2023Q4 lh Longtermdebtfutureminimumpaymentsinterestincludedinpayments
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CY2023Q4 lh Short Term Debt Excluding Debt Issuance Costs
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CY2023Q4 lh Long Term Debt Excluding Debt Issuance Costs
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4081000000 usd
CY2023Q4 us-gaap Common Stock Shares Authorized
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CY2023Q4 us-gaap Preferred Stock Shares Authorized
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30000000.0 shares
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2022Q4 us-gaap Common Stock Shares Issued
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CY2021Q4 us-gaap Common Stock Shares Issued
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93100000 shares
CY2020Q4 us-gaap Common Stock Shares Issued
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CY2023 lh Commons Stock Issued During Period Shares Employee Stock Plans
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