0001965040-25-000015 | 10-K | XBRL Viewer

Print Document

PENSION AND POSTRETIREMENT PLANS - Schedule of Plan Asset Allocation (Details)	Dec. 31, 2024
Equity securities
Defined Benefit Plan, Plan Assets, Allocation [Line Items]
Plan assets, actual allocation	7.30%
Equity securities \| Minimum
Defined Benefit Plan, Plan Assets, Allocation [Line Items]
Plan assets, target allocation	5.00%
Equity securities \| Maximum
Defined Benefit Plan, Plan Assets, Allocation [Line Items]
Plan assets, target allocation	15.00%
Debt securities
Defined Benefit Plan, Plan Assets, Allocation [Line Items]
Plan assets, actual allocation	62.20%
Debt securities \| Minimum
Defined Benefit Plan, Plan Assets, Allocation [Line Items]
Plan assets, target allocation	55.00%
Debt securities \| Maximum
Defined Benefit Plan, Plan Assets, Allocation [Line Items]
Plan assets, target allocation	65.00%
Annuities
Defined Benefit Plan, Plan Assets, Allocation [Line Items]
Plan assets, actual allocation	27.80%
Annuities \| Minimum
Defined Benefit Plan, Plan Assets, Allocation [Line Items]
Plan assets, target allocation	25.00%
Annuities \| Maximum
Defined Benefit Plan, Plan Assets, Allocation [Line Items]
Plan assets, target allocation	35.00%
Real estate
Defined Benefit Plan, Plan Assets, Allocation [Line Items]
Plan assets, actual allocation	0.00%
Real estate \| Minimum
Defined Benefit Plan, Plan Assets, Allocation [Line Items]
Plan assets, target allocation	0.00%
Real estate \| Maximum
Defined Benefit Plan, Plan Assets, Allocation [Line Items]
Plan assets, target allocation	10.00%
Other
Defined Benefit Plan, Plan Assets, Allocation [Line Items]
Plan assets, actual allocation	2.70%
Other \| Minimum
Defined Benefit Plan, Plan Assets, Allocation [Line Items]
Plan assets, target allocation	0.00%
Other \| Maximum
Defined Benefit Plan, Plan Assets, Allocation [Line Items]
Plan assets, target allocation	5.00%

REVENUES - Schedule of Capitalized Contract Cost (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Capitalized Contract Cost [Line Items]
Total contract assets	$ 23.2	$ 17.8
Sales commission assets
Capitalized Contract Cost [Line Items]
Total contract assets	22.1	15.8
Deferred contract costs
Capitalized Contract Cost [Line Items]
Total contract assets	$ 1.1	$ 2.0

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2023 are as follows:


	December 31, 2024		December 31, 2023
Balance as of January 1	$	1,739.4	$	1,707.4
Foreign currency impact and other adjustments to goodwill	(29.0)		32.0
Balance at end of year	$	1,710.4	$	1,739.4

Schedule of Intangible Assets

Intangible assets are amortized on a straight-line basis over the expected periods to be benefited, as set forth in the table below.


	Years
Customer relationships	9	-	25
Technology	2	-	13
Non-compete agreements	3	-	5

The components of identifiable intangible assets are as follows:


	December 31, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	1,124.1	$	(469.4)	$	654.7	$	1,143.5	$	(420.1)	$	723.4
Technology	27.7		(27.3)		0.4		27.7		(24.5)		3.2
Other	12.5		(11.9)		0.6		12.5		(11.0)		1.5
Total	$	1,164.3	$	(508.6)	$	655.7	$	1,183.7	$	(455.6)	$	728.1

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment are recorded at cost. Depreciation and amortization expense is computed on all classes of assets based on their estimated useful lives, as indicated below, using the straight-line method.


	Years
Buildings and building improvements	10	-	40
Machinery and equipment	5	-	10
Furniture and fixtures	3	-	10
Software	3	-	10


	December 31, 2024		December 31, 2023
Buildings and leasehold improvements	$	82.2	$	77.8
Software	82.3		77.8
Machinery and equipment	66.7		68.0
Furniture and fixtures	13.5		14.1
Construction in progress	9.5		9.6
Operating lease ROU assets	66.2		74.7
	320.4		322.0
Less accumulated depreciation	(164.1)		(149.4)
	$	156.3	$	172.6

Schedule of Property, Plant and Equipment by Geographic Areas

The Company’s property, plant and equipment, net by geography as of December 31, 2024 and 2023 are as follows:


	Years Ended December 31,
	2024		2023
North America	$	69.5	$	74.1
Europe	71.3		73.2
Other	15.5		25.3
Total property, plant and equipment, net	$	156.3	$	172.6

DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

On March 9, 2024, the Company entered into the Purchase Agreement with Endeavor Buyer LLC, an affiliate of Arsenal Capital Partners, pursuant to which Fortrea Inc. agreed to sell, and to cause its affiliates to sell, net assets relating to its Enabling Services Segment (the “Transaction”), specifically its Patient Access and Endpoint businesses, including the sale of equity interests of Fortrea Patient Access Inc. and its subsidiaries and Endpoint Clinical, Inc. and its subsidiaries. The final adjusted purchase price for the Transaction was $340.0, subject to customary purchase price adjustments, with $295.0 paid at closing and $45.0 to be paid upon achievement of certain transition-related milestones. The Transaction closed during the second quarter of 2024. Estimated proceeds of $285.2 resulted in a loss on disposal of $19.6, subject to further adjustment based on customary purchase price adjustments.

Financial Information of Discontinued Operations

The following table summarizes the significant line items included in income (loss) from discontinued operations, net of income tax in the consolidated and combined statements of operations for the years ended December 31, 2024, 2023 and 2022:


	Years Ended December 31,
	2024		2023		2022
Revenues	$	106.4	$	263.3	$	259.1
Costs and expenses:
Direct costs, exclusive of depreciation and amortization	66.4		176.8		155.5
Selling, general and administrative expenses, exclusive of depreciation and amortization	25.4		52.9		50.2
Depreciation and amortization	1.6		8.7		8.1
Long-lived and goodwill asset impairments	24.0		13.4		—
Restructuring and other charges	0.5		3.1		4.6
Total costs and expenses	117.9		254.9		218.4
Operating income (loss)	(11.5)		8.4		40.7
Other expense:
Foreign exchange gain (loss)	0.1		(0.2)		0.4
Loss on sale of a business	(19.6)		—		—
Other, net	0.1		(0.1)		0.1
Income (loss) from discontinued operations before income taxes	(30.9)		8.1		41.2
Income tax expense	26.1		1.6		0.9
Income (loss) from discontinued operations, net of tax	$	(57.0)	$	6.5	$	40.3


	Years Ended December 31,
	2024		2023		2022
Gain (loss) from operations of discontinued component	$	(37.4)	$	6.5	$	40.3
Loss on disposal of discontinued operations	(19.6)		—		—
Gain (loss) on discontinued operations	$	(57.0)	$	6.5	$	40.3

In the first quarter of 2024, as a result of the negotiated sale price of the Patient Access and Endpoint businesses, the Company evaluated the Enabling Services Segment for impairment and determined that it was more likely than not that the carrying value of the assets exceeded its fair value. Accordingly, an impairment analysis was performed, which resulted in a goodwill impairment charge of $24.0. In addition, an impairment charge of $13.4 was recognized specific to the Enabling Services Segment in the fourth quarter of 2023 as part of the Company’s annual impairment testing where it was determined that it was more likely than not that the carrying value of the assets exceeded its fair value.

The following table summarizes the carrying value of the significant classes of assets and liabilities classified as discontinued operations as of December 31, 2023:


	December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	—
Accounts receivable and unbilled services, net	60.4
Prepaid expenses and other	8.7
Total current assets	69.1
Property, plant and equipment, net	40.6
Goodwill, net	276.5
Intangible assets, net	43.1
Other assets, net	8.6
Total assets of discontinued operations	$	437.9
LIABILITIES
Current liabilities:
Accounts payable	$	4.5
Accrued expenses and other current liabilities	17.3
Unearned revenue	28.4
Short-term operating lease liabilities	2.3
Total current liabilities	52.5
Operating lease liabilities	3.7
Other liabilities	27.9
Total liabilities of discontinued operations	$	84.1

The cash flows related to discontinued operations have not been segregated and are included in the consolidated and combined statements of cash flows. The following table summarizes depreciation and amortization, capital expenditures and the significant cash flow and noncash items from discontinued operations for the years ended December 31, 2024, 2023 and 2022:


	Years Ended December 31,
	2024		2023		2022
Depreciation and amortization	$	1.6	$	8.7	$	8.1
Goodwill impairment	24.0		13.4		—
Loss on sale of business	19.6		—		—
Capital expenditures	7.4		15.9		10.3

There are no significant operating or investing noncash items related to discontinued operations for the years ended December 31, 2024, 2023 and 2022.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 118.5	$ 108.6
Accounts receivable and unbilled services, net	659.5	988.5
Prepaid expenses and other	170.2	84.6
Current assets of discontinued operations	0.0	69.1
Total current assets	948.2	1,250.8
Property, plant and equipment, net	156.3	172.6
Goodwill, net	1,710.4	1,739.4	$ 1,707.4
Intangible assets, net	655.7	728.1
Deferred income taxes	5.2	3.2
Other assets, net	103.4	69.7
Long-term assets of discontinued operations	0.0	368.8
Total assets	3,579.2	4,332.6
Current liabilities:
Accounts payable	138.2	132.9
Accrued expenses and other current liabilities	369.8	335.5
Unearned revenue	353.3	214.2
Current portion of long-term debt	74.8	26.1
Short-term operating lease liabilities	13.4	17.2
Current liabilities of discontinued operations	0.0	52.5
Total current liabilities	949.5	778.4
Long-term debt, less current portion	1,049.7	1,565.9
Operating lease liabilities	60.6	62.8
Deferred income taxes and other tax liabilities	121.7	147.7
Other liabilities	35.3	32.1
Long-term liabilities of discontinued operations	0.0	31.6
Total liabilities	2,216.8	2,618.5
Commitments and contingent liabilities (Note 16)
Equity:
Common stock, 89.7 and 88.8 shares outstanding at December 31, 2024 and December 31, 2023, respectively	0.1	0.1
Additional paid-in capital	2,042.2	1,998.0
Accumulated deficit	(397.0)	(68.5)
Accumulated other comprehensive loss	(282.9)	(215.5)
Total equity	1,362.4	1,714.1	$ 3,340.0	$ 3,261.4
Total liabilities and equity	$ 3,579.2	$ 4,332.6

CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (328.5)	$ (25.2)	$ 186.2
Foreign currency translation adjustments	(69.3)	59.3	(126.1)
Net benefit plan adjustments	1.1	1.2	(0.6)
Unrealized gain (loss) on derivative instruments	1.4	(1.9)	0.0
Other comprehensive income (loss) before tax	(66.8)	58.6	(126.7)
(Provision) benefit for income tax related to items of comprehensive income	(0.6)	0.7	0.0
Other comprehensive income (loss), net of tax	(67.4)	59.3	(126.7)
Comprehensive income (loss)	$ (395.9)	$ 34.1	$ 59.5

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

- Definition

Amount, before tax, after reclassification adjustment, of (increase) decrease in accumulated other comprehensive income for defined benefit plan.

+ References + Details

BUSINESS SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

BUSINESS SEGMENT INFORMATION

The following table is a summary of segment information for the years ended December 31, 2024, 2023 and 2022. The segment information is based upon the way the management of the Company organizes segments within an enterprise for making operating decisions and assessing performance. Financial information is reported on the basis that it is used internally by the chief operating decision maker (“CODM”) for evaluating segment performance and deciding how to allocate resources to segments. The Fortrea Chief Executive Officer has been identified as the CODM.

The CODM allocates resources and assesses performance based on the underlying businesses which determines the Company's operating segments. When determining the reportable segments, the Company aggregated operating segments based on their similar economic and operating characteristics. Subsequent to the sale of the Enabling Services Segment in 2024, the Company reports its business in one reportable segment: Clinical Services, which provides phase I-IV clinical trials, including clinical pharmacology and comprehensive clinical development capabilities. The measure of segment profit or loss that the CODM uses to evaluates performance and allocate resources is segment operating income. The CODM uses segment operating income to monitor budget versus actual results and to make decisions about resources to be allocated to the segment and assess its performance.

In accordance with ASU 2023-07, Improvements to Reportable Segment Disclosures, significant expenses included within segment operating income have been assessed and disclosed in the table below. Segment asset information is not presented because it is not used by the CODM at the segment level.

Through the Spin, the combined statements of operations included costs for certain centralized functions and programs provided and administered by Labcorp that were charged directly to the Company. These centralized functions and programs included, but were not limited to legal, tax, treasury, risk management, sales expenses, information technology, human resources, finance, supply chain, executive leadership and stock-based compensation. These additional allocations are reported as “Corporate costs not included in segment operating income” in the table below. After the Separation, corporate costs not included in the segment operating income measure provided to the CODM are included within “Corporate costs not included in segment operating income.”

Segment operating income for the years ended December 31, 2024, 2023 and 2022 is reconciled to income (loss) from continuing operations before income taxes as follows:


	Years Ended December 31,
	2024		2023		2022
Revenues	$	2,696.4	$	2,842.5	$	2,837.0
Less:
Pass through costs	939.4		976.4		745.3
Direct costs	1,221.7		1,275.4		1,344.8
Selling, general and administrative expenses	415.8		392.3		342.0
Depreciation	24.5		28.6		23.0
Segment operating income	95.0		169.8		381.9
Corporate costs not included in segment operating income	146.0		55.9		96.6
Amortization	60.8		60.7		62.5
Goodwill and other asset impairments	—		—		9.8
Restructuring and other charges	50.1		21.2		25.9
Operating income (loss)	(161.9)		32.0		187.1
Interest expense	(123.8)		(69.7)		(0.2)
Foreign exchange gain (loss)	(10.6)		0.3		(2.0)
Other, net	21.3		6.9		2.1
Income (loss) from continuing operations before income taxes	$	(275.0)	$	(30.5)	$	187.0

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

RESTRUCTURING AND OTHER CHARGES -Schedule of Restructuring Accrual Activities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Restructuring Reserve [Roll Forward]
Beginning balance	$ 4.3	$ 6.3
Restructuring charges	42.0	21.2
Reduction of prior restructuring accruals	(3.8)
Cash payments and other adjustments	(18.8)	(23.2)
Ending balance	23.7	$ 4.3
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]		Accrued expenses and other current liabilities
Severance and Other Employee Costs
Restructuring Reserve [Roll Forward]
Beginning balance	1.1	$ 1.8
Restructuring charges	41.2	17.4
Reduction of prior restructuring accruals	(0.8)
Cash payments and other adjustments	(18.4)	(18.1)
Ending balance	23.1	1.1
Facility Costs
Restructuring Reserve [Roll Forward]
Beginning balance	3.2	4.5
Restructuring charges	0.8	3.8
Reduction of prior restructuring accruals	(3.0)
Cash payments and other adjustments	(0.4)	(5.1)
Ending balance	$ 0.6	$ 3.2

PENSION AND POSTRETIREMENT PLANS - Schedule of Changes in Fair Value of Plan Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Balances at beginning of the year	$ 36.4	$ 30.7
Business contributions	2.0	2.3
Actual return on plan assets	(3.9)	2.4
Benefits and administrative expenses paid	(1.0)	(0.7)
Foreign currency exchange rate changes	(0.6)	1.7
Fair value of plan assets at end of year	$ 32.9	$ 36.4

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

IMMATERIAL FINANCIAL RESTATEMENT AND RECLASSIFICATIONS TO PRIOR PERIOD FINANCIAL STATEMENTS - Statements of Operations (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenues	$ 2,696.4	$ 2,842.5	$ 2,837.0
Costs and expenses:
Direct costs, exclusive of depreciation and amortization	2,162.2	2,251.9	2,112.6
Selling, general and administrative expenses, exclusive of depreciation and amortization	560.7	448.1	416.1
Depreciation and amortization	85.3	89.3	85.5
Goodwill and other asset impairments	0.0	0.0	9.8
Restructuring and other charges	50.1	21.2	25.9
Total costs and expenses	2,858.3	2,810.5	2,649.9
Operating income (loss)	(161.9)	32.0	187.1
Other income (expense):
Interest expense		(69.7)	(0.2)
Foreign exchange gain (loss)	(10.6)	0.3	(2.0)
Other, net	21.3	6.9	2.1
Income (loss) from continuing operations before income taxes	(275.0)	(30.5)	187.0
Provision for income taxes	(3.5)	1.2	41.1
Income (loss) from continuing operations	$ (271.5)	$ (31.7)	$ 145.9
Earnings (loss) per common share
Basic earnings (loss) per share from continuing operations (in dollars per share)	$ (3.03)	$ (0.36)	$ 1.64
Basic earnings (loss) per share from discontinued operations (in dollars per share)	(0.64)	0.07	0.45
Basic earnings (loss) per share (in dollars per share)	(3.67)	(0.29)	2.09
Diluted earnings (loss) per share from continuing operations (in dollars per share)	(3.03)	(0.36)	1.64
Diluted earnings (loss) per share from discontinued operations (in dollars per share)	(0.64)	0.07	0.45
Diluted earnings (loss) per share (in dollars per share)	$ (3.67)	$ (0.29)	$ 2.09
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenues		$ 3,109.0	$ 3,096.1
Costs and expenses:
Direct costs, exclusive of depreciation and amortization		2,588.6	2,447.4
Selling, general and administrative expenses, exclusive of depreciation and amortization		336.6	279.8
Depreciation and amortization		96.4	92.7
Goodwill and other asset impairments		0.0	9.8
Restructuring and other charges		24.3	30.5
Total costs and expenses		3,045.9	2,860.2
Operating income (loss)		63.1	235.9
Other income (expense):
Interest expense		(69.8)	(0.2)
Foreign exchange gain (loss)		0.9	(0.9)
Other, net		6.9	2.2
Income (loss) from continuing operations before income taxes		1.1	237.0
Provision for income taxes		4.5	44.1
Income (loss) from continuing operations		$ (3.4)	$ 192.9
Earnings (loss) per common share
Basic earnings (loss) per share from continuing operations (in dollars per share)		$ (0.04)	$ 2.17
Basic earnings (loss) per share from discontinued operations (in dollars per share)		0	0
Basic earnings (loss) per share (in dollars per share)		(0.04)	2.17
Diluted earnings (loss) per share from continuing operations (in dollars per share)		(0.04)	2.17
Diluted earnings (loss) per share from discontinued operations (in dollars per share)		0	0
Diluted earnings (loss) per share (in dollars per share)		$ (0.04)	$ 2.17
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenues		$ (3.2)	$ 0.0
Costs and expenses:
Direct costs, exclusive of depreciation and amortization		0.9	5.0
Selling, general and administrative expenses, exclusive of depreciation and amortization		3.6	2.2
Depreciation and amortization		1.6	0.9
Goodwill and other asset impairments		13.4	0.0
Restructuring and other charges		0.0	0.0
Total costs and expenses		19.5	8.1
Operating income (loss)		(22.7)	(8.1)
Other income (expense):
Interest expense		0.0	0.0
Foreign exchange gain (loss)		(0.8)	(0.7)
Other, net		0.0	0.0
Income (loss) from continuing operations before income taxes		(23.5)	(8.8)
Provision for income taxes		(1.7)	(2.1)
Income (loss) from continuing operations		(21.8)	(6.7)
As Restated
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenues		3,105.8	3,096.1
Costs and expenses:
Direct costs, exclusive of depreciation and amortization		2,589.5	2,452.4
Selling, general and administrative expenses, exclusive of depreciation and amortization		340.2	282.0
Depreciation and amortization		98.0	93.6
Goodwill and other asset impairments		13.4	9.8
Restructuring and other charges		24.3	30.5
Total costs and expenses		3,065.4	2,868.3
Operating income (loss)		40.4	227.8
Other income (expense):
Interest expense		(69.8)	(0.2)
Foreign exchange gain (loss)		0.1	(1.6)
Other, net		6.9	2.2
Income (loss) from continuing operations before income taxes		(22.4)	228.2
Provision for income taxes		2.8	42.0
Income (loss) from continuing operations		$ (25.2)	$ 186.2
Earnings (loss) per common share
Basic earnings (loss) per share from continuing operations (in dollars per share)		$ (0.29)	$ 2.09
Basic earnings (loss) per share from discontinued operations (in dollars per share)		0	0
Basic earnings (loss) per share (in dollars per share)		(0.29)	2.09
Diluted earnings (loss) per share from continuing operations (in dollars per share)		(0.29)	2.09
Diluted earnings (loss) per share from discontinued operations (in dollars per share)		0	0
Diluted earnings (loss) per share (in dollars per share)		$ (0.29)	$ 2.09
Reclassifications
Costs and expenses:
Selling, general and administrative expenses, exclusive of depreciation and amortization		$ 152.1	$ 175.7
Reclassifications \| Discontinued Operations Reclassifications
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenues		(263.3)	(259.1)
Costs and expenses:
Direct costs, exclusive of depreciation and amortization		(176.8)	(155.5)
Selling, general and administrative expenses, exclusive of depreciation and amortization		(52.9)	(50.2)
Depreciation and amortization		(8.7)	(8.1)
Goodwill and other asset impairments		(13.4)	0.0
Restructuring and other charges		(3.1)	(4.6)
Total costs and expenses		(254.9)	(218.4)
Operating income (loss)		(8.4)	(40.7)
Other income (expense):
Interest expense		0.0	0.0
Foreign exchange gain (loss)		0.2	(0.4)
Other, net		0.1	(0.1)
Income (loss) from continuing operations before income taxes		(8.1)	(41.2)
Provision for income taxes		(1.6)	(0.9)
Income (loss) from continuing operations		(6.5)	(40.3)
Reclassifications \| Change in Basis of Presentation
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenues		0.0	0.0
Costs and expenses:
Direct costs, exclusive of depreciation and amortization		(160.8)	(184.3)
Selling, general and administrative expenses, exclusive of depreciation and amortization		160.8	184.3
Depreciation and amortization		0.0	0.0
Goodwill and other asset impairments		0.0	0.0
Restructuring and other charges		0.0	0.0
Total costs and expenses		0.0	0.0
Operating income (loss)		0.0	0.0
Other income (expense):
Interest expense		0.1	0.0
Foreign exchange gain (loss)		0.0	0.0
Other, net		(0.1)	0.0
Income (loss) from continuing operations before income taxes		0.0	0.0
Provision for income taxes		0.0	0.0
Income (loss) from continuing operations		$ 0.0	$ 0.0

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

The Company's goodwill and intangible assets are the result of historical acquisitions; primarily the acquisition of Covance in 2015 by Labcorp. Subsequent acquisitions of businesses were allocated to Fortrea based on the inclusion of the business activities using valuations at the time of acquisition.

The changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2023 are as follows:


	December 31, 2024		December 31, 2023
Balance as of January 1	$	1,739.4	$	1,707.4
Foreign currency impact and other adjustments to goodwill	(29.0)		32.0
Balance at end of year	$	1,710.4	$	1,739.4

The components of identifiable intangible assets are as follows:


	December 31, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	1,124.1	$	(469.4)	$	654.7	$	1,143.5	$	(420.1)	$	723.4
Technology	27.7		(27.3)		0.4		27.7		(24.5)		3.2
Other	12.5		(11.9)		0.6		12.5		(11.0)		1.5
Total	$	1,164.3	$	(508.6)	$	655.7	$	1,183.7	$	(455.6)	$	728.1

Amortization of intangible assets was $60.8, $60.7 and $62.5 for the years ended December 31, 2024, 2023 and 2022 respectively. Amortization expense of intangible assets is estimated to be $58.6 in 2025, $57.8 in 2026, $57.8 in 2027, $49.1 in 2028, $47.6 in 2029, and $384.8 thereafter.

In 2022, an impairment of identifiable intangible assets of $9.8 was recorded for impairment of technology assets. There were no goodwill impairment losses for the years ended December 31, 2024, 2023 or 2022.

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash paid during period for:
Interest	$ 109.6	$ 45.1	$ 0.4
Income taxes, net of refunds	53.7	18.0	27.0
Disclosure of non-cash investing activities:
Change in accrued property, plant and equipment	(0.5)	(1.3)	1.8
Fair value of contingent consideration related to the sale of assets	39.6	0.0	0.0
Disclosure of non-cash transfers to (from) Former Parent:
Change in right-of-use lease assets	0.0	13.9	0.0
Change in property, plant and equipment net	$ 0.0	$ (27.7)	$ 0.0

STOCK COMPENSATION PLANS - Restricted Stock Units and Performance Shares (Details) shares in Millions	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Restricted Stock Units
Number of Shares
Outstanding, beginning balance (in shares) \| shares	3.6
Granted (in shares) \| shares	1.1
Vested (in shares) \| shares	(1.1)
Forfeited (in shares) \| shares	(0.4)
Outstanding, ending balance (in shares) \| shares	3.2
Weighted-Average Grant Date Fair Value
Outstanding, beginning balance (in dollars per share) \| $ / shares	$ 28.24
Granted (in dollars per share) \| $ / shares	37.57
Vested (in dollars per share) \| $ / shares	33.17
Forfeited (in dollars per share) \| $ / shares	33.07
Outstanding, ending balance (in dollars per share) \| $ / shares	$ 29.10
Performance Shares
Number of Shares
Outstanding, beginning balance (in shares) \| shares	0.1
Granted (in shares) \| shares	0.1
Vested (in shares) \| shares	(0.1)
Forfeited (in shares) \| shares	0.0
Outstanding, ending balance (in shares) \| shares	0.1
Weighted-Average Grant Date Fair Value
Outstanding, beginning balance (in dollars per share) \| $ / shares	$ 43.78
Granted (in dollars per share) \| $ / shares	43.68
Vested (in dollars per share) \| $ / shares	48.89
Forfeited (in dollars per share) \| $ / shares	0
Outstanding, ending balance (in dollars per share) \| $ / shares	$ 41.55

BUSINESS SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

Segment operating income for the years ended December 31, 2024, 2023 and 2022 is reconciled to income (loss) from continuing operations before income taxes as follows:


	Years Ended December 31,
	2024		2023		2022
Revenues	$	2,696.4	$	2,842.5	$	2,837.0
Less:
Pass through costs	939.4		976.4		745.3
Direct costs	1,221.7		1,275.4		1,344.8
Selling, general and administrative expenses	415.8		392.3		342.0
Depreciation	24.5		28.6		23.0
Segment operating income	95.0		169.8		381.9
Corporate costs not included in segment operating income	146.0		55.9		96.6
Amortization	60.8		60.7		62.5
Goodwill and other asset impairments	—		—		9.8
Restructuring and other charges	50.1		21.2		25.9
Operating income (loss)	(161.9)		32.0		187.1
Interest expense	(123.8)		(69.7)		(0.2)
Foreign exchange gain (loss)	(10.6)		0.3		(2.0)
Other, net	21.3		6.9		2.1
Income (loss) from continuing operations before income taxes	$	(275.0)	$	(30.5)	$	187.0

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) $ in Millions	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Aug. 31, 2023 derivative
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Pre-tax loss expected to be reclassified	$ 0.1
Interest rate swaps \| Designated as hedging instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of derivative instruments \| derivative			2
Derivative, notional amount	$ 150.0	$ 150.0
Derivative, fixed interest rate	4.20%	4.20%
Foreign currency forward contracts \| Not designated as hedging instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	$ 468.6	$ 458.3

PENSION AND POSTRETIREMENT PLANS - Schedule of Net Benefit Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Service cost for benefits earned	$ 0.2	$ 0.2	$ 0.2
Interest cost on benefit obligation	$ 1.7	$ 1.6	$ 1.0
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Expected Return Loss Statement Of Income Or Comprehensive Income Extensible List Not Disclosed Flag	Expected return on plan assets	Expected return on plan assets	Expected return on plan assets
Expected return on plan assets	$ (1.8)	$ (1.7)	$ (2.2)
Net amortization and deferral	0.2	0.2	0.1
Defined-benefit plan costs	$ 0.3	$ 0.3	$ (0.9)

PROPERTY, PLANT AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation	$ 24.5	$ 28.6	$ 23.0
Software
Property, Plant and Equipment [Line Items]
Depreciation	$ 4.3	$ 11.7	$ 9.0

SUPPLEMENTAL CASH FLOW INFORMATION

12 Months Ended

Dec. 31, 2024

Supplemental Cash Flow Elements [Abstract]

SUPPLEMENTAL CASH FLOW INFORMATION


	Years Ended December 31,
	2024		2023		2022
Supplemental schedule of cash flow information:
Cash paid during period for:
Interest	$	109.6	$	45.1	$	0.4
Income taxes, net of refunds	53.7		18.0		27.0
Disclosure of non-cash investing activities:
Change in accrued property, plant and equipment	(0.5)		(1.3)		1.8
Fair value of contingent consideration related to the sale of assets	39.6		—		—
Disclosure of non-cash transfers to (from) Former Parent:
Change in right-of-use lease assets	—		13.9		—
Change in property, plant and equipment net	—		(27.7)		—

PENSION AND POSTRETIREMENT PLANS - Schedule of Assumptions (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net periodic benefit costs
Discount rate	4.50%	4.90%	1.90%
Expected long term rate of return	4.80%	5.50%	4.00%
Net periodic benefit obligations
Discount rate	5.50%	4.50%

LEASES - Schedule of Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 17.8	$ 26.0	$ 23.6

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Employee compensation and benefits	$ 90.6	$ 107.8
Accrued pass through expenses	140.5	117.7
Accrued taxes	52.7	60.0
Accrued restructuring	23.7	1.9
Accrued interest	23.3	22.5
Other	39.0	25.6
Total accrued expenses and other current liabilities	$ 369.8	$ 335.5

EARNINGS (LOSS) PER SHARE - Reconciliation of Basic Earnings per Share to Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Basic and diluted earnings (loss) from continuing operations per share:
Net earnings (loss)	$ (271.5)	$ (31.7)	$ 145.9
Net income (loss), diluted	$ (271.5)	$ (31.7)	$ 145.9
Outstanding shares, basic (in shares)	89.5	88.8	88.8
Outstanding shares, diluted (in shares)	89.5	88.8	88.8
Per share amount, basic (in dollars per share)	$ (3.03)	$ (0.36)	$ 1.64
Per share amount, diluted (in dollars per share)	$ (3.03)	$ (0.36)	$ 1.64
Basic and diluted earnings (loss) from discontinued operations per share:
Net earnings (loss)	$ (57.0)	$ 6.5	$ 40.3
Net income (loss) diluted	$ (57.0)	$ 6.5	$ 40.3
Outstanding shares, basic (in shares)	89.5	88.8	88.8
Outstanding shares, diluted (in shares)	89.5	88.8	88.8
Per share amount, basic (in dollars per share)	$ (0.64)	$ 0.07	$ 0.45
Per share amount, diluted (in dollars per share)	$ (0.64)	$ 0.07	$ 0.45

DEBT (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

The current portion of long-term debt consisted of the following:


	December 31, 2024		December 31, 2023
Current portion of 7.5% senior notes due 2030	$	76.0	$	—
Current portion of senior secured term loan A facility due 2028	—		25.0
Current portion of senior secured term loan B facility due 2030	—		5.7
Debt issuance discount and fees	(1.2)		(4.6)
Total short-term borrowings and current portion of long-term debt	$	74.8	$	26.1

Long-term debt consisted of the following:


	December 31, 2024		December 31, 2023
7.5% senior notes due 2030	$	494.0	$	570.0
Senior secured term loan A due 2028	417.3		462.5
Senior secured term loan B due 2030	154.7		561.5
Debt issuance discount and fees	(16.3)		(28.1)
Total long-term debt	$	1,049.7	$	1,565.9

Schedule Of Long-Term Debt Maturities

The scheduled payments of long-term debt at the end of 2024 are summarized as follows:



2025	$	76.0
2026	4.8
2027	25.0
2028	387.5
2029	—
Thereafter	648.7
Total scheduled principal payments	$	1,142.0
Less debt issuance costs	(17.5)
Less current portion	(74.8)
Long-term debt, due beyond one year	$	1,049.7

Schedule of Estimated Fair Value of Debt

The estimated fair values of the Company’s term loans and the Notes were as follows:


	December 31, 2024				December 31, 2023
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
7.5% senior notes due 2030	$	570.0	$	569.3	$	570.0	$	552.0
Senior secured term loan A due 2028	$	417.3	$	425.3	$	487.5	$	493.7
Senior secured term loan B due 2030	$	154.7	$	153.3	$	567.2	$	566.4

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

IMMATERIAL FINANCIAL RESTATEMENT AND RECLASSIFICATIONS TO PRIOR PERIOD FINANCIAL STATEMENTS - Changes in Equity (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	88.8
Beginning balance	$ 1,714.1	$ 3,340.0	$ 3,261.4
Net income (loss)	(328.5)	(25.2)	186.2
Other comprehensive income (loss), net of tax	(67.4)	59.3	(126.7)
Special payment to Former Parent		(1,595.0)
Net transfers from Former Parent		(91.7)	19.1
Reclassification of Former Parent investment to additional paid-in capital		0.0
Issuance of common stock under employee stock plan		0.1
Stock compensation	$ 58.4	$ 26.6
Ending balance (in shares)	89.7	88.8
Ending balance	$ 1,362.4	$ 1,714.1	$ 3,340.0
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	88.8	0.0	0.0
Beginning balance	$ 0.1	$ 0.0	$ 0.0
Issuance of common stock (in shares)	0.9	88.8
Issuance of common stock under employee stock plan		$ 0.1
Ending balance (in shares)	89.7	88.8	0.0
Ending balance	$ 0.1	$ 0.1	$ 0.0
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	1,998.0	0.0	0.0
Reclassification of Former Parent investment to additional paid-in capital		1,971.4
Stock compensation	58.4	26.6
Ending balance	2,042.2	1,998.0	0.0
Former Parent Investment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	0.0	3,614.8	3,409.5
Net income (loss)		43.3	186.2
Special payment to Former Parent		(1,595.0)
Net transfers from Former Parent		(91.7)	19.1
Reclassification of Former Parent investment to additional paid-in capital		(1,971.4)
Ending balance	0.0	0.0	3,614.8
Accumulated Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(68.5)	0.0	0.0
Net income (loss)	(328.5)	(68.5)
Ending balance	(397.0)	(68.5)	0.0
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(215.5)	(274.8)	(148.1)
Other comprehensive income (loss), net of tax	(67.4)	59.3	(126.7)
Ending balance	(282.9)	(215.5)	(274.8)
As Previously Reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 1,738.8	3,342.6	3,260.6
Net income (loss)		(3.4)	192.9
Other comprehensive income (loss), net of tax		57.6	(127.6)
Special payment to Former Parent		(1,595.0)
Net transfers from Former Parent		(89.7)	16.7
Reclassification of Former Parent investment to additional paid-in capital		0.0
Issuance of common stock under employee stock plan		0.1
Stock compensation		26.6
Ending balance		$ 1,738.8	$ 3,342.6
As Previously Reported \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	88.8	0.0	0.0
Beginning balance	$ 0.1	$ 0.0	$ 0.0
Issuance of common stock (in shares)		88.8
Issuance of common stock under employee stock plan		$ 0.1
Ending balance (in shares)		88.8	0.0
Ending balance		$ 0.1	$ 0.0
As Previously Reported \| Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	2,006.2	0.0	0.0
Reclassification of Former Parent investment to additional paid-in capital		1,979.6
Stock compensation		26.6
Ending balance		2,006.2	0.0
As Previously Reported \| Former Parent Investment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	0.0	3,618.6	3,409.0
Net income (loss)		45.7	192.9
Special payment to Former Parent		(1,595.0)
Net transfers from Former Parent		(89.7)	16.7
Reclassification of Former Parent investment to additional paid-in capital		(1,979.6)
Ending balance		0.0	3,618.6
As Previously Reported \| Accumulated Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(49.1)	0.0	0.0
Net income (loss)		(49.1)
Ending balance		(49.1)	0.0
As Previously Reported \| Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(218.4)	(276.0)	(148.4)
Other comprehensive income (loss), net of tax		57.6	(127.6)
Ending balance		(218.4)	(276.0)
Adjustments
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ (24.7)	(2.6)	0.8
Net income (loss)		(21.8)	(6.7)
Other comprehensive income (loss), net of tax		1.7	0.9
Net transfers from Former Parent		(2.0)	2.4
Reclassification of Former Parent investment to additional paid-in capital		0.0
Ending balance		$ (24.7)	$ (2.6)
Adjustments \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	0.0	0.0	0.0
Beginning balance	$ 0.0	$ 0.0	$ 0.0
Ending balance (in shares)		0.0	0.0
Ending balance		$ 0.0	$ 0.0
Adjustments \| Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(8.2)	0.0	0.0
Reclassification of Former Parent investment to additional paid-in capital		(8.2)
Ending balance		(8.2)	0.0
Adjustments \| Former Parent Investment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	0.0	(3.8)	0.5
Net income (loss)		(2.4)	(6.7)
Net transfers from Former Parent		(2.0)	2.4
Reclassification of Former Parent investment to additional paid-in capital		8.2
Ending balance		0.0	(3.8)
Adjustments \| Accumulated Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(19.4)	0.0	0.0
Net income (loss)		(19.4)
Ending balance		(19.4)	0.0
Adjustments \| Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 2.9	1.2	0.3
Other comprehensive income (loss), net of tax		1.7	0.9
Ending balance		$ 2.9	$ 1.2

REVENUES - Schedule of Accounts Receivable, Unbilled Services and Unearned Revenue (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Accounts receivable	$ 156.5	$ 420.2
Unbilled services	542.3	600.0
Less: allowance for credit losses	(39.3)	(31.7)	$ (12.7)
Total	659.5	988.5
Unearned revenue	$ 353.3	$ 214.2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Intangible Assets (Details)	Dec. 31, 2024
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	9 years
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	25 years
Technology \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	2 years
Technology \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	13 years
Non-compete agreements \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	3 years
Non-compete agreements \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	5 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

STOCK COMPENSATION PLANS - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Jul. 18, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		0
Stock compensation expense		$ 57.2	$ 40.3	$ 24.0
Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense		57.2	37.8	18.9
Nonemployees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense		$ 0.0	$ 2.5	$ 5.1
Fortrea’s Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for future issuance (in shares)		11,000,000.0
Number of shares available for grant (in shares)		6,200,000
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for future issuance (in shares)		1,800,000
Number of shares available for grant (in shares)		1,800,000
Restricted Stock, Restricted Stock Units and Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost		$ 67.7
Unrecognized compensation cost, recognition period		1 year 3 months 18 days
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares converted (in shares)	2,500,000
Restricted Stock Units \| Year one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		33.00%
Restricted Stock Units \| Year two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		33.00%
Restricted Stock Units \| Year three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		33.00%
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares converted (in shares)	100,000
Cliff vesting period		3 years
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
Exercise period		10 years

TRANSACTIONS WITH FORMER PARENT (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Related Party Transactions

The following table is a summary of corporate and other allocations:


	Years Ended December 31,
		2023		2022
Direct costs		$	86.6	$	166.6
Selling, general and administrative expenses		105.0		207.9
Restructuring and other charges		0.2		0.7
Foreign exchange gain (loss)		2.2		6.8
Total corporate and other allocations		$	194.0	$	382.0

The components of the transfers to and from Labcorp were as follows:


	Years Ended December 31,
	2023		2022
Special Payment to Former Parent	$	(1,595.0)	$	—
General financing activities	(286.8)		(362.9)
Corporate allocations	184.9		356.6
Stock compensation expense	10.2		25.4
Total net transfers (to) from Former Parent	$	(1,686.7)	$	19.1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Capitalized Contract Cost [Line Items]
Selling, general and administrative expenses, exclusive of depreciation and amortization	$ 560.7	$ 448.1	$ 416.1
Interest expense		0.1
Capitalized computer software, current	2.5	0.0
Capitalized computer software, noncurrent	$ 18.7	$ 0.0
Software
Capitalized Contract Cost [Line Items]
Property, plant and equipment, useful life	5 years
Customer One \| Accounts receivable and unbilled services \| Customer concentration risk
Capitalized Contract Cost [Line Items]
Concentration risk, percentage	22.20%
Customer One \| Revenue \| Customer concentration risk
Capitalized Contract Cost [Line Items]
Concentration risk, percentage	14.30%	11.60%	0.00%
Pharmaceutical company one \| Accounts receivable and unbilled services \| Customer concentration risk
Capitalized Contract Cost [Line Items]
Concentration risk, percentage		17.00%
Pharmaceutical company two \| Accounts receivable and unbilled services \| Customer concentration risk
Capitalized Contract Cost [Line Items]
Concentration risk, percentage		11.20%
Customer Two \| Accounts receivable and unbilled services \| Customer concentration risk
Capitalized Contract Cost [Line Items]
Concentration risk, percentage	13.80%
Customer Two \| Revenue \| Customer concentration risk
Capitalized Contract Cost [Line Items]
Concentration risk, percentage	10.50%	11.40%
Minimum \| Software
Capitalized Contract Cost [Line Items]
Property, plant and equipment, useful life	3 years
Minimum \| Sales commission assets
Capitalized Contract Cost [Line Items]
Contract cost, amortization period	1 year
Minimum \| Deferred contract costs
Capitalized Contract Cost [Line Items]
Contract cost, amortization period	2 years
Maximum \| Software
Capitalized Contract Cost [Line Items]
Property, plant and equipment, useful life	10 years
Maximum \| Sales commission assets
Capitalized Contract Cost [Line Items]
Contract cost, amortization period	4 years
Maximum \| Deferred contract costs
Capitalized Contract Cost [Line Items]
Contract cost, amortization period	5 years
Reclassifications
Capitalized Contract Cost [Line Items]
Selling, general and administrative expenses, exclusive of depreciation and amortization		$ 152.1	$ 175.7

COMMITMENTS AND CONTINGENT LIABILITIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Legal fees	$ 2.2
Loss contingency accrual	12.5
Loss contingency, provision	$ 3.8	$ 8.7

BUSINESS	12 Months Ended
BUSINESS	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS	BUSINESS Description of Business Fortrea Holdings Inc. (“Fortrea” or the “Company”), a Delaware corporation incorporated on January 31, 2023, is a leading global contract research organization (“CRO”) providing biopharmaceutical product and medical device development solutions to pharmaceutical, biotechnology and medical device customers. The Company offers customers highly flexible delivery models that include Full Service, Functional Service Provider, and Hybrid Service structures. The Company has a rich history of providing clinical development services for more than 30 years across more than 20 therapeutic areas, first as Covance and later as Labcorp Drug Development. On June 30, 2023, the Company completed a spin-off (the “Spin” or the “Separation”) from Labcorp Holdings Inc. (“Labcorp” or “Former Parent”). The Company leverages its global scale, clinical data insights, scientific and therapeutic expertise, technology innovation, industry network and decades of experience as a standalone company and as a business unit prior to the Spin to deliver tailored solutions to its customers. With what the Company believes is a distinctive market offering, Fortrea meets growing global demand for clinical development services. The Company has established access to all key markets worldwide through a strategic footprint of primary office locations in five countries (the United States, the United Kingdom, China, India and Singapore) with field operations in other jurisdictions worldwide. Reportable Segment The Company manages its business in one reportable segment - Clinical Services, that provides development and consulting services across the clinical pharmacology and clinical development spectrum. On March 9, 2024, the Company, together with its wholly-owned subsidiary, Fortrea Inc., entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Endeavor Buyer LLC, an affiliate of Arsenal Capital Partners, to sell the operations of Fortrea Patient Access Inc. and its subsidiaries and Endpoint Clinical, Inc. and its subsidiaries; which are all collectively referred to as the Enabling Services Segment. The Transaction closed during the second quarter of 2024. Refer to Note 3, “Discontinued Operations” for further discussion. For all periods presented, the Company's consolidated revenues from continuing operations were generated from the Clinical Services segment, which provides phase I-IV clinical trials, including clinical pharmacology and comprehensive clinical development capabilities. The Company’s chief operating decision maker allocates resources and assesses performance for the Clinical Services segment. For further financial information about the segment, see Note 21, “Business Segment Information”. Discontinued Operations In accordance with the definition of discontinued operations, the Company's decision to sell the assets relating to the Enabling Services Segment represented a strategic shift that had a major effect on the Company's results of operations and assets and liabilities for the periods presented. As a result, the Company has classified the assets and liabilities related to the Enabling Services Segment as assets of discontinued operations and liabilities of discontinued operations on the consolidated balance sheet as of December 31, 2023. The operations of the Enabling Services Segment have been classified as income (loss) from discontinued operations on the consolidated and combined statements of operations for all periods presented. Unless otherwise noted, discussion within these notes to the consolidated and combined financial statements relates to the Company’s continuing operations. Agreements with Labcorp On June 30, 2023, the Company completed the Spin from Labcorp. The Company has entered into several agreements with Labcorp that govern the relationship of the parties following the Separation, including the Separation and Distribution Agreement, the Tax Matters Agreement, the Employee Matters Agreement, and the Transition Services Agreement with Labcorp, which are described in the Company’s Registration Statement on Form 10, as amended (“Form 10”), as filed with the Securities and Exchange Commission (the “SEC”). Under the terms of the Transition Services Agreement, the Company and Labcorp agreed to provide each other certain transitional services. The services and assets to be provided to Fortrea by Labcorp support the Company’s enterprise functions, most notably IT applications, network and security support and hosting, as well as finance, human resources, marketing and other administrative support.

IMMATERIAL FINANCIAL RESTATEMENT AND RECLASSIFICATIONS TO PRIOR PERIOD FINANCIAL STATEMENTS - Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)	$ (328.5)	$ (25.2)	$ 186.2
Foreign currency translation adjustments	(69.3)	59.3	(126.1)
Net benefit plan adjustments	1.1	1.2	(0.6)
Unrealized gain (loss) on derivative instruments	1.4	(1.9)	0.0
Other comprehensive income (loss) before tax	(66.8)	58.6	(126.7)
(Provision) benefit for income tax related to items of comprehensive income	(0.6)	0.7	0.0
Other comprehensive income (loss), net of tax	(67.4)	59.3	(126.7)
Comprehensive income (loss)	$ (395.9)	34.1	59.5
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)		(3.4)	192.9
Foreign currency translation adjustments		57.6	(127.0)
Net benefit plan adjustments		1.2	(0.6)
Unrealized gain (loss) on derivative instruments		(1.9)
Other comprehensive income (loss) before tax		56.9	(127.6)
(Provision) benefit for income tax related to items of comprehensive income		0.7	0.0
Other comprehensive income (loss), net of tax		57.6	(127.6)
Comprehensive income (loss)		54.2	65.3
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)		(21.8)	(6.7)
Foreign currency translation adjustments		1.7	0.9
Net benefit plan adjustments		0.0	0.0
Unrealized gain (loss) on derivative instruments		0.0
Other comprehensive income (loss) before tax		1.7	0.9
(Provision) benefit for income tax related to items of comprehensive income		0.0	0.0
Other comprehensive income (loss), net of tax		1.7	0.9
Comprehensive income (loss)		$ (20.1)	$ (5.8)

DISCONTINUED OPERATIONS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Mar. 09, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill impairment charge		$ 24.0
Discontinued Operations, Disposed of by Sale \| Enabling Services Segment Disposal
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued operations, consideration						$ 340.0
Discontinued operations, consideration, cash						295.0
Discontinued operations, consideration, liability						$ 45.0
Proceeds from sale of businesses	$ 285.2
Loss on disposal of discontinued operations	$ 19.6		$ 19.6	$ 0.0	$ 0.0
Long-lived and goodwill asset impairments			$ 24.0	$ 13.4	$ 0.0

DEBT

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

DEBT

In connection with the Spin, Fortrea incurred indebtedness in an aggregate principal amount of approximately $1,640.0, which consisted of borrowings under senior secured term loan facilities and senior secured notes. Fortrea also entered into a $450.0 senior secured revolving credit facility. Fortrea used the proceeds from these debt transactions to make a cash distribution to Labcorp as consideration for the assets that were contributed to the Company in connection with the Spin.

The current portion of long-term debt consisted of the following:


	December 31, 2024		December 31, 2023
Current portion of 7.5% senior notes due 2030	$	76.0	$	—
Current portion of senior secured term loan A facility due 2028	—		25.0
Current portion of senior secured term loan B facility due 2030	—		5.7
Debt issuance discount and fees	(1.2)		(4.6)
Total short-term borrowings and current portion of long-term debt	$	74.8	$	26.1

Long-term debt consisted of the following:


	December 31, 2024		December 31, 2023
7.5% senior notes due 2030	$	494.0	$	570.0
Senior secured term loan A due 2028	417.3		462.5
Senior secured term loan B due 2030	154.7		561.5
Debt issuance discount and fees	(16.3)		(28.1)
Total long-term debt	$	1,049.7	$	1,565.9

During the year ended December 31, 2024, the Company paid down $70.2, on its senior secured term loan A due 2028 (“term loan A”) and $412.5, on its senior secured term loan B due 2030 (“term loan B”). Additionally, in the second quarter of 2024, the Company wrote off $12.2 of unamortized debt issuance costs associated with the pay down of debt, which were recorded in interest expense in the consolidated and combined statements of operations for the year ended December 31, 2024.

Senior Notes

On June 27, 2023, the Company issued $570.0 aggregate principal amount of 7.50% senior notes due 2030 (the “Notes”). Interest on these notes is payable semi-annually on January 1 and July 1 of each year. Net proceeds from the offering of the Notes were $560.2 after deducting expenses of the offering.

The bond indenture for the Notes contains an asset sale covenant that effectively requires the Company to utilize a prorated portion of the Net Cash Proceeds from an Asset Sale, each as defined in the indenture, to retire Notes. Absent an amendment to the indenture or other transaction related to these Notes, Fortrea currently expects that the sale of net assets relating to its Enabling Services Segment will require the Company to offer to repurchase, purchase on the open market or redeem approximately $76.0 of the Notes during the fourth quarter of 2025, which has been classified as current portion of long-term debt in the consolidated balance sheet as of December 31, 2024.

Credit Facilities

On June 30, 2023, Fortrea entered into a credit agreement (as amended, the “Credit Agreement”) providing for (i) a senior secured revolving credit facility in the principal amount of up to $450.0; (ii) a five-year $500.0 first lien senior secured term A loan facility; and (iii) a seven-year $570.0 first lien senior secured term B loan facility. The initial revolving facility includes a $75.0 swingline sub-facility and a $75.0 letter of credit sub-facility.

The Company drew on the term loan A and term loan B on June 30, 2023. The net proceeds received for the term A and term B loans were $491.8 and $552.9, respectively after deducting underwriting discounts and other expenses. The term A and term B loans will mature on June 30, 2028 and June 30, 2030, respectively. The term loans accrue interest at a per annum rate equal to the sum of, at the option of the Company, a Base Rate or a Term SOFR Rate and the Applicable Margin as defined by the Credit Agreement. As of December 31, 2024, the effective interest rate on the term loan A and term loan B was 6.71% and 8.49%, respectively.

The revolving credit facility is permitted, subject to certain covenant restrictions, to be used for general corporate purposes, including working capital and capital expenditures. There were no balances outstanding on the Company’s current revolving credit facility and $450.0 was available for borrowing as of December 31, 2024. No balances were outstanding as of December 31, 2023. As of December 31, 2024, the effective interest rate on the revolving credit facility was 6.61%, assuming a one month interest election. There is a commitment fee associated with the revolving credit facility of 0.35% (per annum and paid quarterly) and an annual $0.1 agency fee (paid in quarterly installments). The credit facility matures on June 30, 2028. There were no outstanding letters of credit under the Credit Agreement as of December 31, 2024.

Under the Credit Agreement, the Company is subject to negative covenants limiting subsidiary indebtedness and certain other covenants typical for similarly rated borrowers, and the Company is required to maintain certain net leverage and interest coverage ratios. The Company is permitted to make adjustments, such as excluding certain costs, from the calculation of leverage and interest coverage ratios for compliance purposes. On May 3, 2024, the Company entered into an amendment to modify certain financial covenants for additional flexibility under the Credit Agreement. The Company was in compliance with all covenants in the Credit Agreement at December 31, 2024 and believes it will be in compliance with all covenants for a period of at least 12 months from the date these financial statements are issued. The covenants were modified subsequent to December 31, 2024, as described in Note 23, “Subsequent Events.”

The scheduled payments of long-term debt at the end of 2024 are summarized as follows:



2025	$	76.0
2026	4.8
2027	25.0
2028	387.5
2029	—
Thereafter	648.7
Total scheduled principal payments	$	1,142.0
Less debt issuance costs	(17.5)
Less current portion	(74.8)
Long-term debt, due beyond one year	$	1,049.7

Fair Value Disclosures for Financial Instruments Not Carried at Fair Value

The estimated fair values of term loans A and B and the Notes are determined based on the price that the Company would have had to pay to settle the liabilities. As these liabilities are not actively traded, they are classified as Level 2 fair value measurements. The estimated fair values of the Company’s term loans and the Notes were as follows:


	December 31, 2024				December 31, 2023
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
7.5% senior notes due 2030	$	570.0	$	569.3	$	570.0	$	552.0
Senior secured term loan A due 2028	$	417.3	$	425.3	$	487.5	$	493.7
Senior secured term loan B due 2030	$	154.7	$	153.3	$	567.2	$	566.4

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Costs incurred from related parties	$ 2,162.2	$ 2,251.9	$ 2,112.6
Related party
Costs incurred from related parties	$ 48.8	$ 87.1	$ 87.1

LEASES - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ (19.9)	$ (27.6)	$ (25.1)
ROU assets obtained in exchange for lease obligations:
Right-of-use assets obtained in exchange for lease obligations, operating leases	$ 15.2	$ 60.1	$ 17.5

PENSION AND POSTRETIREMENT PLANS - Schedule of Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Net actuarial gain (loss) in accumulated other comprehensive loss	$ 0.9	$ (1.0)	$ (0.6)

STOCK COMPENSATION PLANS

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

STOCK COMPENSATION PLANS

Stock Incentive Plans

Prior to the Separation, certain Company employees were covered by the Former Parent-sponsored stock compensation arrangements. The stock compensation expense for the periods prior to the Separation has been derived from the equity awards granted by Labcorp to the Company’s employees who are specifically identified in the plans, as well as an allocation of expense related to corporate employees of Labcorp. The Former Parent-sponsored stock compensation arrangements are approved under the Laboratory Corporation of America Holdings 2016 Omnibus Incentive Plan (the “Labcorp Plan”).

In June of 2023, Fortrea’s pre-Spin Board of Directors approved Fortrea’s Omnibus Incentive Plan and Employee Stock Purchase Plan (the “Plans”) and the post-Spin Board of Directors of Fortrea ratified the Plans by a unanimous written consent dated July 3, 2023. Under the Plans, the Company may grant incentive stock options, restricted stock units, and performance shares, as well as other forms of stock-based compensation to the Company’s employees, officers, and non-employee directors.

On July 18, 2023, all Labcorp equity incentive awards held by Fortrea employees that were outstanding on the distribution date were converted to 2.5 shares of Fortrea restricted stock units and 0.1 shares of Fortrea performance shares. Additionally, during the remainder of 2023 and in 2024, the Company granted awards under the Plans, as indicated below.

As of December 31, 2024, there are 11.0 shares authorized for issuance and 6.2 shares available for grant under Fortrea’s Omnibus Incentive Plan, and 1.8 shares authorized for issuance and available for grant under the Employee Stock Purchase Plan.

The Company measures stock compensation cost for all equity awards at fair value on the date of grant and recognizes compensation expense over the service period for awards expected to vest. The fair value of restricted stock units (“RSUs”) is determined based on the number of shares granted and the quoted price of Fortrea’s common stock on the grant date. The grant date fair value of performance share awards is based on a Monte Carlo simulated fair value for the relative (as compared to the peer companies) total stockholder return component of the performance awards. Such value is recognized as an expense over the service period, net of estimated forfeitures and Fortrea’s determination of whether it is probable that the performance targets will be achieved. At the end of each reporting period, the Company reassesses the probability of achieving performance targets. The estimation of equity awards that will ultimately vest requires judgment and Fortrea considers many factors when estimating expected forfeitures, including types of awards, employee class, and historical experience. Forfeitures are recognized as a reduction of compensation expense in earnings in the period in which they occur.

Stock Options

The following table summarizes grants of non-qualified options made by the Company to officers, key employees, or non-employee directors under all plans. Stock options are generally granted at an exercise price equal to or greater than the fair market price per share on the date of grant. Options vest ratably over a period of 3 years on the anniversaries of the grant date and have a contractual exercise period of 10 years subject to their earlier expiration or termination. No stock options were issued in 2024.


	Number of Options	Weighted-Average Exercise Price per Option		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at December 31, 2023	0.8	$	26.52
Granted	—	—
Exercised	—	—
Cancelled	—	—
Outstanding at December 31, 2024	0.8	$	26.52	8.6 years	$	—
Exercisable at December 31, 2024	0.3	$	26.52	8.6 years	$	—

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the last trading day of the period and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2024.

The Company uses the Black-Scholes model to calculate the fair value of stock options. The following table shows the weighted average grant-date fair values of options issued in 2023 (no options were issued in 2024) and the weighted average assumptions that the Company used to develop the fair value estimates:


	Year Ended December 31, 2023
Weighted-average grant date fair value per option	$	12.51
Weighted-average expected life (in years)	6.3
Risk free interest rate	4.4		%
Expected volatility	40.4		%
Expected dividend yield	—		%

The volatility used in the determination of the fair value of the stock options was based on analysis of the historical volatility of guideline public companies and factors specific to the Company.

Restricted Stock Units and Performance Shares

The Company grants RSUs to officers, key employees, and non-employee directors. RSUs typically vest annually in equal one-third increments beginning on the first anniversary of the grant.

The Company grants performance shares to officers and key employees. Performance share awards are subject to a 3-year cliff vesting period in addition to certain revenue and adjusted EBITDA targets and a total stockholder return multiplier, the achievement of which may increase or decrease the number of shares which the grantee earns and therefore receives upon vesting. Unearned RSU and performance share compensation is amortized to expense, when probable, over the applicable vesting periods.

The following table shows a summary of RSU and performance share award activity for the year ended December 31, 2024:


	Number of Shares		Weighted-Average Grant Date Fair Value
	Restricted Stock Units	Performance Shares	Restricted Stock Units		Performance Shares





Outstanding at December 31, 2023	3.6	0.1	$	28.24	$	43.78

Granted	1.1	0.1	37.57		43.68
Vested	(1.1)	(0.1)	33.17		48.89
Forfeited	(0.4)	—	33.07		—
Outstanding at December 31, 2024	3.2	0.1	$	29.10	$	41.55

As of December 31, 2024, there was $67.7 of total unrecognized compensation cost related to non-vested restricted stock, restricted stock unit and performance share-based compensation arrangements granted under the Plans. That cost is expected to be recognized over a weighted average period of 1.3 years and will be included in direct costs and selling, general and administrative expenses.

All Stock Awards

Total stock-based compensation expense and the associated income tax benefits recognized by the Company in the consolidated and combined statements of operations was as follows:


	Years Ended December 31,
	2024		2023		2022
Direct costs	$	43.8	$	24.4	$	13.8
Selling, general and administrative	13.4		15.9		10.2
Stock compensation expense	$	57.2	$	40.3	$	24.0

Income tax benefits	$	9.1	$	7.1	$	5.7

Of the total stock-based compensation expense recognized by the Company for the years ended December 31, 2024, 2023 and 2022, $57.2, $37.8 and $18.9, respectively, related directly to Company employees and $0.0, $2.5 and $5.1, respectively, related to allocations of Labcorp’s corporate and shared employee stock compensation expenses.

CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenues	$ 2,696.4	$ 2,842.5	$ 2,837.0
Costs and expenses:
Direct costs, exclusive of depreciation and amortization (including costs incurred from related parties of $48.8 and $87.1 during the years ended December 31, 2023 and 2022)	2,162.2	2,251.9	2,112.6
Selling, general and administrative expenses, exclusive of depreciation and amortization	560.7	448.1	416.1
Depreciation and amortization	85.3	89.3	85.5
Goodwill and other asset impairments	0.0	0.0	9.8
Restructuring and other charges	50.1	21.2	25.9
Total costs and expenses	2,858.3	2,810.5	2,649.9
Operating income (loss)	(161.9)	32.0	187.1
Other income (expense):
Interest expense	(123.8)	(69.7)	(0.2)
Foreign exchange gain (loss)	(10.6)	0.3	(2.0)
Other, net	21.3	6.9	2.1
Income (loss) from continuing operations before income taxes	(275.0)	(30.5)	187.0
Income tax (benefit) expense	(3.5)	1.2	41.1
Income (loss) from continuing operations	(271.5)	(31.7)	145.9
Income (loss) from discontinued operations, net of tax	(57.0)	6.5	40.3
Net income (loss)	$ (328.5)	$ (25.2)	$ 186.2
Earnings (loss) per common share
Basic earnings (loss) per share from continuing operations (in dollars per share)	$ (3.03)	$ (0.36)	$ 1.64
Basic earnings (loss) per share from discontinued operations (in dollars per share)	(0.64)	0.07	0.45
Basic earnings (loss) per share (in dollars per share)	(3.67)	(0.29)	2.09
Diluted earnings (loss) per share from continuing operations (in dollars per share)	(3.03)	(0.36)	1.64
Diluted earnings (loss) per share from discontinued operations (in dollars per share)	(0.64)	0.07	0.45
Diluted earnings (loss) per share (in dollars per share)	$ (3.67)	$ (0.29)	$ 2.09

PENSION AND POSTRETIREMENT PLANS - Schedule of Allocation of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Other assets	$ 32.9	$ 36.4	$ 30.7
Fair Value
Defined Benefit Plan Disclosure [Line Items]
Other assets	10.0	11.0
Level 3
Defined Benefit Plan Disclosure [Line Items]
Other assets	9.1	10.7	$ 10.0
Investments valued using NAV per share
Defined Benefit Plan Disclosure [Line Items]
Other assets	22.9	25.4
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Other assets	0.9	0.3
Cash and cash equivalents \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Other assets	0.9	0.3
Annuities
Defined Benefit Plan Disclosure [Line Items]
Other assets	9.1	10.7
Annuities \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Other assets	9.1	10.7
Pooled investment funds
Defined Benefit Plan Disclosure [Line Items]
Other assets	22.9	25.4
Pooled investment funds \| Investments valued using NAV per share
Defined Benefit Plan Disclosure [Line Items]
Other assets	$ 22.9	$ 25.4

- Definition

+ References + Details

PREPAID EXPENSES AND OTHER CURRENT ASSETS

12 Months Ended

Dec. 31, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

PREPAID EXPENSES AND OTHER CURRENT ASSETS

The components of prepaid expense and other current assets are as follows:


	December 31, 2024		December 31, 2023
Prepaid expenses	$	58.5	$	34.1
Contingent consideration	41.7		—
Research and development tax credit receivables	34.5		22.0
Other	35.5		28.5
Prepaid expenses and other	$	170.2	$	84.6

IMMATERIAL FINANCIAL RESTATEMENT AND RECLASSIFICATIONS TO PRIOR PERIOD FINANCIAL STATEMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Changes and Error Corrections [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

IMMATERIAL FINANCIAL RESTATEMENT AND RECLASSIFICATIONS TO PRIOR PERIOD FINANCIAL STATEMENTS

As discussed in Note 2, “Summary of Significant Accounting Policies” the Company identified errors in the consolidated and combined financial statements of prior periods during the first quarter of 2024. A summary of the corrections to the impacted financial statement line items in the previously issued Consolidated Balance Sheet as of December 31, 2023, and the Consolidated and Combined Statements of Operations, Comprehensive Income, Changes in Stockholders’ Equity, and Cash Flows as of and for the years ended December 31, 2023 and 2022, included in the previously filed Annual Report on Form 10-K, are provided below.

CONSOLIDATED BALANCE SHEET


	As of December 31, 2023
	As Previously Reported		Adjustments		As Restated		Discontinued Operations Reclassifications		As Restated and Reclassified
ASSETS
Current assets:
Cash and cash equivalents	$	108.6	$	—	$	108.6	$	—	$	108.6
Accounts receivable and unbilled services, net	1,052.1		(3.2)		1,048.9		(60.4)		988.5
Prepaid expenses and other	92.4		0.9		93.3		(8.7)		84.6
Current assets held for sale from discontinued operations	—		—		—		69.1		69.1
Total current assets	1,253.1		(2.3)		1,250.8		—		1,250.8
Property, plant and equipment, net	220.9		(7.7)		213.2		(40.6)		172.6
Goodwill, net	2,029.3		(13.4)		2,015.9		(276.5)		1,739.4
Intangible assets, net	771.2		—		771.2		(43.1)		728.1
Deferred income taxes	3.2		—		3.2		—		3.2
Other assets, net	79.5		(1.2)		78.3		(8.6)		69.7
Long-term assets held for sale from discontinued operations	—		—		—		368.8		368.8
Total assets	$	4,357.2	$	(24.6)	$	4,332.6	$	—	$	4,332.6
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	132.8	$	4.6	$	137.4	$	(4.5)	$	132.9
Accrued expenses and other current liabilities	356.1		(3.3)		352.8		(17.3)		335.5
Unearned revenue	241.4		1.2		242.6		(28.4)		214.2
Current portion of long-term debt	26.1		—		26.1		—		26.1
Short-term operating lease liabilities	19.5		—		19.5		(2.3)		17.2
Current liabilities held for sale from discontinued operations	—		—		—		52.5		52.5
Total current liabilities	775.9		2.5		778.4		—		778.4
Long-term debt, less current portion	1,565.9		—		1,565.9		—		1,565.9
Operating lease liabilities	66.5		—		66.5		(3.7)		62.8
Deferred income taxes and other tax liabilities	148.8		(1.1)		147.7		—		147.7
Other liabilities	61.3		(1.3)		60.0		(27.9)		32.1
Long-term liabilities held for sale from discontinued operations	—		—		—		31.6		31.6
Total liabilities	2,618.4		0.1		2,618.5		—		2,618.5
Commitments and contingent liabilities
Equity
Former parent investment	—		—		—		—		—
Common stock	0.1		—		0.1		—		0.1
Additional paid-in capital	2,006.2		(8.2)		1,998.0		—		1,998.0
Accumulated deficit	(49.1)		(19.4)		(68.5)		—		(68.5)
Accumulated other comprehensive loss	(218.4)		2.9		(215.5)		—		(215.5)
Total equity	1,738.8		(24.7)		1,714.1		—		1,714.1
Total liabilities and equity	$	4,357.2	$	(24.6)	$	4,332.6	$	—	$	4,332.6

CONSOLIDATED AND COMBINED STATEMENT OF OPERATIONS


	Year Ended December 31, 2023
	As Previously Reported		Adjustments		As Restated		Discontinued Operations Reclassifications		Change in Basis of Presentation		As Restated and Reclassified
Revenues	$	3,109.0	$	(3.2)	$	3,105.8	$	(263.3)	$	—	$	2,842.5
Costs and expenses:											$	—
Direct costs, exclusive of depreciation and amortization	2,588.6		0.9		2,589.5		(176.8)		(160.8)		2,251.9
Selling, general and administrative expenses, exclusive of depreciation and amortization	336.6		3.6		340.2		(52.9)		160.8		448.1
Depreciation and amortization	96.4		1.6		98.0		(8.7)		—		89.3
Goodwill and other asset impairments	—		13.4		13.4		(13.4)		—		—
Restructuring and other charges	24.3		—		24.3		(3.1)		—		21.2
Total costs and expenses	3,045.9		19.5		3,065.4		(254.9)		—		2,810.5
Operating income	63.1		(22.7)		40.4		(8.4)		—		32.0
Other income (expense):											—
Interest expense	(69.8)		—		(69.8)		—		0.1		(69.7)
Foreign exchange gain (loss)	0.9		(0.8)		0.1		0.2		—		0.3
Other, net	6.9		—		6.9		0.1		(0.1)		6.9
Income (loss) from continuing operations before income taxes	1.1		(23.5)		(22.4)		(8.1)		—		(30.5)
Provision for income taxes	4.5		(1.7)		2.8		(1.6)		—		1.2
Loss from continuing operations	$	(3.4)	$	(21.8)	$	(25.2)	$	(6.5)	$	—	$	(31.7)



Earnings per common share
Basic - continuing operations	$	(0.04)			$	(0.29)					$	(0.36)
Basic - discontinuing operations	$	—			$	—					$	0.07
Basic	$	(0.04)			$	(0.29)					$	(0.29)

Diluted - continuing operations	$	(0.04)			$	(0.29)					$	(0.36)
Diluted - discontinuing operations	$	—			$	—					$	0.07
Diluted	$	(0.04)			$	(0.29)					$	(0.29)

COMBINED STATEMENT OF OPERATIONS


	Year-Ended December 31, 2022
	As Previously Reported		Adjustments		As Restated		Discontinued Operations Reclassifications		Change in Basis of Presentation		As Restated and Reclassified
Revenues	$	3,096.1	$	—	$	3,096.1	$	(259.1)	$	—	$	2,837.0
Costs and expenses:
Direct costs, exclusive of depreciation and amortization	2,447.4		5.0		2,452.4		(155.5)		(184.3)		2,112.6
Selling, general and administrative expenses, exclusive of depreciation and amortization	279.8		2.2		282.0		(50.2)		184.3		416.1
Depreciation and amortization	92.7		0.9		93.6		(8.1)		—		85.5
Goodwill and other asset impairments	9.8		—		9.8		—		—		9.8
Restructuring and other charges	30.5		—		30.5		(4.6)		—		25.9
Total costs and expenses	2,860.2		8.1		2,868.3		(218.4)		—		2,649.9
Operating income	235.9		(8.1)		227.8		(40.7)		—		187.1
Other income (expense):											0.0
Interest expense	(0.2)		—		(0.2)		—		—		(0.2)
Foreign exchange gain (loss)	(0.9)		(0.7)		(1.6)		(0.4)		—		(2.0)
Other, net	2.2		—		2.2		(0.1)		—		2.1
Income (loss) from continuing operations before income taxes	237.0		(8.8)		228.2		(41.2)		—		187.0
Provision for income taxes	44.1		(2.1)		42.0		(0.9)		—		41.1
Income from continuing operations	$	192.9	$	(6.7)	$	186.2	$	(40.3)	$	—	$	145.9



Earnings per common share
Basic - continuing operations	$	2.17			$	2.09					$	1.64
Basic - discontinued operations	$	—			$	—					$	0.45
Basic	$	2.17			$	2.09					$	2.09

Diluted - continuing operations	$	2.17			$	2.09					$	1.64
Diluted - discontinued operations	$	—			$	—					$	0.45
Diluted	$	2.17			$	2.09					$	2.09

CONSOLIDATED AND COMBINED STATEMENT OF COMPREHENSIVE INCOME (LOSS)


	Year Ended December 31, 2023
	As Previously Reported		Adjustments		As Restated
Net loss	$	(3.4)	$	(21.8)	$	(25.2)
Foreign currency translation adjustments	57.6		1.7		59.3
Net benefit plan adjustments	1.2		—		1.2
Unrealized gain (loss) on derivative instruments	(1.9)		—		(1.9)
Other comprehensive earnings (loss) before tax	56.9		1.7		58.6
Provision (benefit) for income tax related to items of comprehensive Income	0.7		—		0.7
Other comprehensive income (loss), net of tax	57.6		1.7		59.3
Comprehensive income	$	54.2	$	(20.1)	$	34.1

COMBINED STATEMENT OF COMPREHENSIVE INCOME (LOSS)


	Year Ended December 31, 2022
	As Previously Reported		Adjustments		As Restated
Net income	$	192.9	$	(6.7)	$	186.2
Foreign currency translation adjustments	(127.0)		0.9		(126.1)
Net benefit plan adjustments	(0.6)		—		(0.6)

Other comprehensive earnings (loss) before tax	(127.6)		0.9		(126.7)
Provision (benefit) for income tax related to items of comprehensive Income	—		—		—
Other comprehensive income (loss), net of tax	(127.6)		0.9		(126.7)
Comprehensive income	$	65.3	(5.8)		59.5

CONSOLIDATED AND COMBINED STATEMENT OF CHANGES IN EQUITY


	Common Stock
	Shares	Amounts		Additional Paid-in Capital		Former Parent Investment		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Equity
Previously reported
Balance at December 31, 2022	—	$	—	$	—	$	3,618.6	$	—	$	(276.0)	$	3,342.6
Net income (loss)	—	—		—		45.7		(49.1)		—		(3.4)
Other comprehensive income, net of tax	—	—		—		—		—		57.6		57.6
Special payment to Former Parent	—	—		—		(1,595.0)		—		—		(1,595.0)
Net transfers to Former Parent	—	—		—		(89.7)		—		—		(89.7)
Reclassification of Former Parent investment to additional paid-in capital	—	—		1,979.6		(1,979.6)		—		—		—
Issuance of common stock	88.8	0.1		—		—		—		—		0.1
Stock compensation	—	—		26.6		—		—		—		26.6
Balance at December 31, 2023	88.8	$	0.1	$	2,006.2	$	—	$	(49.1)	$	(218.4)	$	1,738.8
Adjustments
Balance at December 31, 2022	—	—		—		(3.8)		—		1.2		(2.6)
Net income (loss)	—	—		—		(2.4)		(19.4)		—		(21.8)
Other comprehensive income, net of tax	—	—		—		—		—		1.7		1.7

Net transfers to Former Parent	—	—		—		(2.0)		—		—		(2.0)
Reclassification of Former Parent investment to additional paid-in capital	—	—		(8.2)		8.2		—		—		—


Balance at December 31, 2023	—	$	—	$	(8.2)	$	—	$	(19.4)	$	2.9	$	(24.7)
As Restated
Balance at December 31, 2022	—	—		—		3,614.8		—		(274.8)		3,340.0
Net income (loss)	—	—		—		43.3		(68.5)		—		(25.2)
Other comprehensive income, net of tax	—	—		—		—		—		59.3		59.3
Special payment to Former Parent	—	—		—		(1,595.0)		—		—		(1,595.0)
Net transfers to Former Parent	—	—		—		(91.7)		—		—		(91.7)
Reclassification of Former Parent investment to additional paid-in capital	—	—		1,971.4		(1,971.4)		—		—		—
Issuance of common stock	88.8	0.1		—		—		—		—		0.1
Stock compensation	—	—		26.6		—		—		—		26.6
Balance at December 31, 2023	88.8	$	0.1	$	1,998.0	$	—	$	(68.5)	$	(215.5)	$	1,714.1

COMBINED STATEMENT OF CHANGES IN EQUITY


	Common Stock
	Shares	Amounts		Additional Paid-in Capital		Former Parent Investment		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Equity
Previously reported
Balance at December 31, 2021	—	$	—	$	—	$	3,409.0	$	—	$	(148.4)	$	3,260.6
Net income	—	—		—		192.9		—		—		192.9
Other comprehensive loss, net of tax	—	—		—		—		—		(127.6)		(127.6)

Net transfers from Former Parent	—	—		—		16.7		—		—		16.7



Balance at December 31, 2022	—	—		—		3,618.6		—		(276.0)		3,342.6
Adjustments
Balance at December 31, 2021	—	—		—		0.5		—		0.3		0.8
Net income	—	—		—		(6.7)		—		—		(6.7)
Other comprehensive loss, net of tax	—	—		—		—		—		0.9		0.9

Net transfers from Former Parent	—	—		—		2.4		—		—		2.4



Balance at December 31, 2022	—	—		—		(3.8)		—		1.2		(2.6)
As Restated
Balance at December 31, 2021	—	—		—		3,409.5		—		(148.1)		3,261.4
Net income	—	—		—		186.2		—		—		186.2
Other comprehensive loss, net of tax	—	—		—		—		—		(126.7)		(126.7)

Net transfers from Former Parent	—	—		—		19.1		—		—		19.1



Balance at December 31, 2022	—	$	—	$	—	$	3,614.8	$	—	$	(274.8)	$	3,340.0

CONSOLIDATED AND COMBINED STATEMENT OF CASH FLOWS


	Year Ended December 31, 2023
	As Previously Reported		Adjustments		As Restated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(3.4)	$	(21.8)	$	(25.2)
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	96.4		1.6		98.0
Stock compensation	42.7		—		42.7
Operating lease right-of-use asset expense	27.4		—		27.4
Goodwill and other asset impairments	—		13.4		13.4
Deferred income taxes	(40.5)		(1.1)		(41.6)
Other, net	(1.0)		—		(1.0)
Change in assets and liabilities (net of effects of acquisitions):
Increase in accounts receivable and unbilled services, net	(28.8)		3.2		(25.6)
Increase in prepaid expenses and other	(2.0)		(1.4)		(3.4)
Increase in accounts payable	51.1		4.2		55.3
Decrease in deferred revenue	(3.4)		1.2		(2.2)
Increase in accrued expenses and other	28.9		1.7		30.6
Net cash provided by operating activities	167.4		1.0		168.4
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(40.3)		—		(40.3)
Proceeds from sale of assets	8.5		—		8.5
Net cash used for investing activities	(31.8)		—		(31.8)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facilities	164.0		—		164.0
Payments on revolving credit facilities	(164.0)		—		(164.0)
Proceeds from term loans	1,061.4		—		1,061.4
Proceeds from issuance of senior notes	570.0		—		570.0
Debt issuance costs	(26.4)		—		(26.4)
Principal payments of long-term debt	(15.4)		—		(15.4)
Special payment to Former Parent	(1,595.0)		—		(1,595.0)
Net transfers to Former Parent	(133.6)		(1.8)		(135.4)
Net cash provided by financing activities	(139.0)		(1.8)		(140.8)
Effect of exchange rate changes on cash and cash equivalents	—		2.4		2.4
Net change in cash and cash equivalents	(3.4)		1.6		(1.8)
Cash and cash equivalents at beginning of period	112.0		(1.6)		110.4
Cash and cash equivalents at end of period	$	108.6	$	—	$	108.6

The cash flows related to discontinued operations have not been segregated and are included in the adjusted and restated statements of cash flows included above.

DISCONTINUED OPERATIONS - Earnings from Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other expense:
Income (loss) from discontinued operations, net of tax		$ (57.0)	$ 6.5	$ 40.3
Discontinued Operations, Disposed of by Sale \| Enabling Services Segment Disposal
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues		106.4	263.3	259.1
Costs and expenses:
Direct costs, exclusive of depreciation and amortization		66.4	176.8	155.5
Selling, general and administrative expenses, exclusive of depreciation and amortization		25.4	52.9	50.2
Depreciation and amortization		1.6	8.7	8.1
Long-lived and goodwill asset impairments		24.0	13.4	0.0
Restructuring and other charges		0.5	3.1	4.6
Total costs and expenses		117.9	254.9	218.4
Operating income (loss)		(11.5)	8.4	40.7
Other expense:
Foreign exchange gain (loss)		0.1	(0.2)	0.4
Loss on sale of a business		(19.6)	0.0	0.0
Other, net		0.1	(0.1)	0.1
Income (loss) from discontinued operations before income taxes		(30.9)	8.1	41.2
Income tax expense		26.1	1.6	0.9
Income (loss) from discontinued operations, net of tax		(57.0)	6.5	40.3
Gain (loss) from operations of discontinued component		(37.4)	6.5	40.3
Loss on disposal of discontinued operations	$ (19.6)	$ (19.6)	$ 0.0	$ 0.0

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Components of Prepaid Expense and Other Current Assets

The components of prepaid expense and other current assets are as follows:


	December 31, 2024		December 31, 2023
Prepaid expenses	$	58.5	$	34.1
Contingent consideration	41.7		—
Research and development tax credit receivables	34.5		22.0
Other	35.5		28.5
Prepaid expenses and other	$	170.2	$	84.6

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Reclassified from Other Comprehensive Loss into Earnings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Interest rate swaps \| Interest expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amounts Reclassified from Other Comprehensive Loss into Earnings	$ (1.5)	$ (0.4)	$ 0.0

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Derivative Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Accrued expenses and other \| Interest rate swaps \| Derivatives designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset	$ 0.1	$ 0.0
Liability	(0.2)	0.0
Other liabilities \| Interest rate swaps \| Derivatives designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset	0.0	0.7
Liability	(0.4)	(2.6)
Prepaid expenses and other \| Foreign currency forward contracts \| Derivatives not designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset	0.0	0.8
Liability	0.0	0.0
Other current liabilities \| Foreign currency forward contracts \| Derivatives not designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset	0.0	0.0
Liability	$ (1.2)	$ 0.0

DISCONTINUED OPERATIONS - Schedule of Selected Information on Cash Flows Related to Discontinued Operations (Details) - Discontinued Operations, Disposed of by Sale - Enabling Services Segment Disposal - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and amortization		$ 1.6	$ 8.7	$ 8.1
Goodwill impairment		24.0	13.4	0.0
Loss on sale of business	$ 19.6	19.6	0.0	0.0
Capital expenditures		$ 7.4	$ 15.9	$ 10.3

LEASES (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Lease Expense and Supplemental Cash Flow Information

The components of lease expense were as follows:


	Years Ended December 31,
	2024		2023		2022
Operating lease cost	$	17.8	$	26.0	$	23.6

Supplemental cash flow information related to leases was as follows:


	Years Ended December 31,
	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(19.9)	$	(27.6)	$	(25.1)
ROU assets obtained in exchange for lease obligations:
Operating leases	$	15.2	$	60.1	$	17.5

Schedule of Supplemental Balance Sheet Information

Supplemental balance sheet information related to leases was as follows:


	December 31, 2024			December 31, 2023
Operating lease ROU assets (included in Property, plant and equipment, net)	$	66.2		$	74.7

Short-term operating lease liabilities	13.4			17.2
Operating lease liabilities	60.6			62.8
Total operating lease liabilities	$	74.0		$	80.0

Weighted Average Remaining Lease Term	10.1 years			9.6 years
Weighted Average Discount Rate	5.7		%	5.1		%

Schedule of Maturity of Lease Liabilities

Maturities of lease liabilities are as follows:


Year ended December 31, 2024	Operating Leases
2025	$	16.5
2026	12.4
2027	8.9
2028	8.2
2029	7.8
Thereafter	46.1
Total lease payments	$	99.9
Less imputed interest	(25.9)
Less current portion	(13.4)
Total maturities, due beyond one year	$	60.6

COVER - USD ($) shares in Millions, $ in Billions	12 Months Ended
COVER - USD ($) shares in Millions, $ in Billions	Dec. 31, 2024	Jan. 27, 2025	Jun. 28, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	001-04321
Entity Registrant Name	Fortrea Holdings Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	92-2796441
Entity Address, Address Line One	8 Moore Drive,
Entity Address, City or Town	Durham
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27709
City Area Code	(877)
Local Phone Number	495-0816
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	FTRE
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	true
Document Financial Statement Restatement Recovery Analysis	false
Entity Shell Company	false
Entity Public Float			$ 2.1
Entity Common Stock, Shares Outstanding		90.2
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for its 2025 annual meeting of stockholders, which is to be filed within 120 days of the registrant’s fiscal year ended December 31, 2024, are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001965040
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

INCOME TAXES

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

The sources of income before taxes, classified between domestic and foreign entities are as follows:


	Years Ended December 31,
	2024		2023		2022
Domestic	$	(390.3)	$	(141.4)	$	65.6
Foreign	115.3		110.9		121.4
Total pre-tax income (loss)	$	(275.0)	$	(30.5)	$	187.0

Income tax (benefit) expense in the accompanying consolidated and combined statements of operations consist of the following:


	Years Ended December 31,
	2024		2023		2022
Current:
Federal	$	(2.3)	$	16.5	$	14.7
State	0.2		(0.1)		8.2
Foreign	37.7		23.9		31.4
	$	35.6	$	40.3	$	54.3
Deferred:
Federal	$	(26.1)	$	(37.4)	$	(5.6)
State	—		(3.5)		(5.1)
Foreign	(13.0)		1.8		(2.5)
	(39.1)		(39.1)		(13.2)
Total income tax (benefit) expense	$	(3.5)	$	1.2	$	41.1

The effective tax rates on earnings before income taxes are reconciled to statutory U.S. income tax rates as follows:


	Years Ended December 31,
	2024		2023		2022
Statutory U.S. rate	21.0	%	21.0	%	21.0	%
State and local income taxes, net of U.S. Federal income tax effect	5.0		12.1		0.8
Foreign earnings taxed at rates different than the statutory U.S. rate	(1.2)		(12.6)		0.9
Permanent non-deductible items	(0.1)		(1.2)		(1.7)
Changes in valuation allowance	(18.7)		0.2		—
Employee benefits	(2.2)		(5.4)		(1.1)

Changes in enacted tax rates	—		—		0.4
Net tax on U.S. international income inclusions	(1.2)		(7.1)		1.6
Change in uncertain tax positions	—		(1.0)		0.2
R&D credit	0.8		8.6		(1.2)
Withholding tax	(1.1)		(4.9)		0.9
BEAT	—		(13.3)		—
Adjustment to previously capitalized expenses	(2.2)		—		—
Other	1.2		(0.2)		0.2
Effective rate	1.3	%	(3.8	%)	22.0	%

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows:


	December 31, 2024		December 31, 2023
Deferred tax assets:
Employee compensation and benefits	$	10.4	$	12.5
Operating lease liability	5.6		7.8
Acquisition and restructuring reserves	8.4		0.9
Interest expense carryforward	42.9		14.4
Capitalized R&D costs	22.7		24.5
Loss and credit carryforwards, net	7.3		8.3
Other	—		2.2
Total gross deferred tax assets	97.3		70.6
Less: valuation allowance	(28.5)		(3.0)
Deferred tax assets, net of valuation allowance	$	68.8	$	67.6

Deferred tax liabilities:
Right-of-use asset	$	(4.1)	$	(6.6)
Revenue recognition	(8.6)		(6.2)
Intangible assets	(155.1)		(187.5)
Property, plant and equipment	(5.9)		(11.8)
Other accruals	(11.6)		—
Total gross deferred tax liabilities	(185.3)		(212.1)
Net deferred tax liabilities	$	(116.5)	$	(144.5)

Management assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets (“DTAs”). We have determined that the reversal of future taxable temporary differences corresponding to our deferred tax liabilities (“DTLs”) will not provide a sufficient source of income for realization of all our DTAs. Based on this evaluation, as of December 31, 2024, a valuation allowance of $25.3 has been recorded against the DTA related to Sec. 163(j) interest expense carryforward DTA. The Company will continue to monitor this situation and record a valuation allowance for the portion of its DTAs that are not expected to be realized based on the available sources of income. The change in valuation allowance related to the Sec. 163(j) DTA is recorded as tax expense in continuing operations of $43.5 and a tax benefit in discontinued operations of $18.2.

The Company has no U.S. Federal Net Operating Loss (“NOL”) carryforwards and a gross State NOL carryforward of $1,242.8 with $1,007.3 expiring between 2025 and 2044 and $235.5 having an indefinite carryforward. As of December 31, 2024, the Company has recorded a full valuation allowance of $3.2 against the DTA for these state NOLs. The Company has gross foreign net operating losses of $11.6, all of which are expected to be fully realized as they either expire between 2029 and 2044 or carryforward indefinitely.

The following table shows a reconciliation of the unrecognized income tax benefits, excluding interest and penalties, from uncertain tax positions as of December 31, 2024, 2023 and 2022:


	2024		2023		2022
Balance as of January 1	$	0.3	$	1.4	$	2.1
Decreases related to positions taken on prior year items	(0.1)		(1.4)		—
Increases related to positions taken on prior year items	—		—		2.0
Increases related to positions taken on current year items	0.2		0.3		0.2
Settlement of uncertain tax positions with tax authorities	—		—		(3.1)
Exchange (gain) loss	—		—		0.2
Balance as of December 31	$	0.4	$	0.3	$	1.4

It is anticipated that there will be no significant changes to the unrecognized income tax benefits within the next 12 months and therefore no significant impact on the financial position, results of operations or cash flows of the Company is expected.

The Company recognizes interest and penalties related to unrecognized income tax benefits in income tax expense. Accrued interest and penalties related to uncertain tax positions are immaterial to the financial statements for December 31, 2024, 2023 and 2022, respectively. During the years ended December 31, 2024 and 2023, the Company did not recognize any interest and penalties expense while recognizing a tax benefit of $2.2 for the year ended December 31, 2022.

As of December 31, 2024, 2023 and 2022, there are $0.4, $0.3 and $1.4, respectively, of tax benefits, including interest and penalties, that, if recognized would favorably affect the effective income tax rate. The operations of the Company are subject to income tax examination by taxing authorities in the jurisdictions where Labcorp filed income tax returns previously and jurisdictions where the Company will continue to file tax returns going forward. The Company has substantially concluded all U.S. federal income tax matters for years through 2018, while it filed as part of the Labcorp consolidated group, and it is currently under IRS examination for tax years 2019 to 2022. The Company has filed its first U.S. federal tax return for 2023 as a separate taxpayer and therefore that is the only year open to examination. The Company has substantially concluded all material separate state and local and foreign income tax matters through 2018 and 2017, respectively. The Company has filed its own state and foreign tax returns for 2023 and is subject to examination for that year in all respective jurisdictions.

The Company has recognized a deferred tax liability for withholding taxes associated with certain intercompany notes related to the Separation. The Company has also accrued applicable withholding taxes of $3.0 on its 2024 foreign earnings as these earnings are not permanently reinvested in our foreign subsidiaries. As of December 31, 2024, 2023 and 2022, the Company has unremitted earnings and profits of $1,449.8, $1,449.8 and $1,572.7, respectively, that are permanently reinvested in its foreign subsidiaries. A determination of the amount of the unrecognized deferred tax liability related to these undistributed earnings is not practicable due to the complexity and variety of assumptions necessary based on the manner in which the undistributed earnings would be repatriated.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations


	Years Ended December 31,
	2024		2023		2022
Revenues	$	106.4	$	263.3	$	259.1
Costs and expenses:
Direct costs, exclusive of depreciation and amortization	66.4		176.8		155.5
Selling, general and administrative expenses, exclusive of depreciation and amortization	25.4		52.9		50.2
Depreciation and amortization	1.6		8.7		8.1
Long-lived and goodwill asset impairments	24.0		13.4		—
Restructuring and other charges	0.5		3.1		4.6
Total costs and expenses	117.9		254.9		218.4
Operating income (loss)	(11.5)		8.4		40.7
Other expense:
Foreign exchange gain (loss)	0.1		(0.2)		0.4
Loss on sale of a business	(19.6)		—		—
Other, net	0.1		(0.1)		0.1
Income (loss) from discontinued operations before income taxes	(30.9)		8.1		41.2
Income tax expense	26.1		1.6		0.9
Income (loss) from discontinued operations, net of tax	$	(57.0)	$	6.5	$	40.3


	Years Ended December 31,
	2024		2023		2022
Gain (loss) from operations of discontinued component	$	(37.4)	$	6.5	$	40.3
Loss on disposal of discontinued operations	(19.6)		—		—
Gain (loss) on discontinued operations	$	(57.0)	$	6.5	$	40.3

The following table summarizes the carrying value of the significant classes of assets and liabilities classified as discontinued operations as of December 31, 2023:


	December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	—
Accounts receivable and unbilled services, net	60.4
Prepaid expenses and other	8.7
Total current assets	69.1
Property, plant and equipment, net	40.6
Goodwill, net	276.5
Intangible assets, net	43.1
Other assets, net	8.6
Total assets of discontinued operations	$	437.9
LIABILITIES
Current liabilities:
Accounts payable	$	4.5
Accrued expenses and other current liabilities	17.3
Unearned revenue	28.4
Short-term operating lease liabilities	2.3
Total current liabilities	52.5
Operating lease liabilities	3.7
Other liabilities	27.9
Total liabilities of discontinued operations	$	84.1

The following table summarizes depreciation and amortization, capital expenditures and the significant cash flow and noncash items from discontinued operations for the years ended December 31, 2024, 2023 and 2022:


	Years Ended December 31,
	2024		2023		2022
Depreciation and amortization	$	1.6	$	8.7	$	8.1
Goodwill impairment	24.0		13.4		—
Loss on sale of business	19.6		—		—
Capital expenditures	7.4		15.9		10.3

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
-Topic 360
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483475/205-20-45-11

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3A

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4A

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4B

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5B

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5C

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5D

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 20
-Topic 205
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-1

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3

+ Details

BUSINESS (Details)	12 Months Ended
BUSINESS (Details)	Dec. 31, 2024 country segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of countries with primary office locations \| country	5
Number of reportable segments	1
Number of operating segments	1

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Schedule of Accrued and Other Current Liabilities

The components of accrued expenses and other current liabilities are as follows:


	December 31, 2024		December 31, 2023
Employee compensation and benefits	$	90.6	$	107.8
Accrued pass through expenses	140.5		117.7
Accrued taxes	52.7		60.0
Accrued restructuring	23.7		1.9
Accrued interest	23.3		22.5
Other	39.0		25.6
	$	369.8	$	335.5

TRANSACTIONS WITH FORMER PARENT

12 Months Ended

Dec. 31, 2024

TRANSACTIONS WITH FORMER PARENT

Prior to the Separation on June 30, 2023, the consolidated and combined financial statements were prepared on a standalone basis and were derived from the consolidated financial statements and accounting records of Labcorp. The following discussion summarizes activity between the Company and Labcorp. This activity, which occurred prior to the Separation, is included in the combined financial statements in 2023 and 2022.

Allocation of General Corporate and Other Expenses

Prior to the Separation, the Company’s combined statements of operations included expenses for certain centralized functions and other programs provided and administered by Labcorp that were charged directly to the Company. In addition, for purposes of preparing these combined financial statements on a carve-out basis, a portion of Labcorp’s total corporate expenses were allocated to the Company. See Note 2, “Summary of Significant Accounting Policies” for a discussion of the methodology used to allocate corporate-related costs for purposes of preparing these financial statements on a carve-out basis. Some of these services continue to be provided by Labcorp to the Company on a temporary basis under the Transition Services Agreement with Labcorp.

The following table is a summary of corporate and other allocations:


	Years Ended December 31,
		2023		2022
Direct costs		$	86.6	$	166.6
Selling, general and administrative expenses		105.0		207.9
Restructuring and other charges		0.2		0.7
Foreign exchange gain (loss)		2.2		6.8
Total corporate and other allocations		$	194.0	$	382.0

Included in the aforementioned amounts are $147.6 and $286.8 related to costs for certain centralized functions and programs provided and administered by Labcorp that were charged directly to the Company for the years ended December 31, 2023 and 2022, respectively. In addition, a portion of Labcorp’s total corporate expenses were allocated to the Company for services from Labcorp. These costs were $46.4 and $95.2 for the years ended December 31, 2023 and 2022, respectively. The allocations of foreign exchange gain (loss) represent the allocation of the results of hedging activities performed by Labcorp on behalf of the Company prior to the Separation.

The Company had arrangements with third parties where the services are subcontracted to Labcorp (and its affiliates that were not part of the transaction). The Company’s direct costs include services purchased from Labcorp for commercial contracts totaling $48.8 and $87.1 in 2023 and 2022, respectively.

Hedging Activities

Prior to the Separation, the Company did not enter into any derivative contracts with external counterparties. However, Labcorp entered into foreign currency forward contracts with external counterparties to hedge certain foreign currency transactions with exposure predominantly to the Euro and British Pound. These contracts did not qualify for hedge accounting and the changes in fair value are recorded directly to earnings. Earnings related to these contracts were included in the combined statements of operations as part of corporate allocations. Refer to Note 12, “Derivative Instruments and Hedging Activities” for information regarding derivative contracts entered into after Separation.

Net Transfers To and From Labcorp

Net transfers to and from Labcorp are included within Former Parent company investment on the consolidated and combined statements of changes in equity. The components of the transfers to and from Labcorp were as follows:


	Years Ended December 31,
	2023		2022
Special Payment to Former Parent	$	(1,595.0)	$	—
General financing activities	(286.8)		(362.9)
Corporate allocations	184.9		356.6
Stock compensation expense	10.2		25.4
Total net transfers (to) from Former Parent	$	(1,686.7)	$	19.1

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

INCOME TAXES - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ (2.3)	$ 16.5	$ 14.7
State	0.2	(0.1)	8.2
Foreign	37.7	23.9	31.4
Current income taxes	35.6	40.3	54.3
Deferred:
Federal	(26.1)	(37.4)	(5.6)
State	0.0	(3.5)	(5.1)
Foreign	(13.0)	1.8	(2.5)
Deferred income taxes	(39.1)	(39.1)	(13.2)
Total income tax (benefit) expense	$ (3.5)	$ 1.2	$ 41.1

DEBT - Schedule of Estimated Fair Value of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Carrying Value \| 7.5% senior notes due 2030 \| Senior notes
Debt Instrument [Line Items]
Long term debt	$ 570.0	$ 570.0
Carrying Value \| Senior secured term loan A due 2028 \| Line of credit \| Secured debt
Debt Instrument [Line Items]
Long term debt	417.3	487.5
Carrying Value \| Senior secured term loan B due 2030 \| Line of credit \| Secured debt
Debt Instrument [Line Items]
Long term debt	154.7	567.2
Estimated Fair Value \| 7.5% senior notes due 2030 \| Senior notes
Debt Instrument [Line Items]
Long term debt	569.3	552.0
Estimated Fair Value \| Senior secured term loan A due 2028 \| Line of credit \| Secured debt
Debt Instrument [Line Items]
Long term debt	425.3	493.7
Estimated Fair Value \| Senior secured term loan B due 2030 \| Line of credit \| Secured debt
Debt Instrument [Line Items]
Long term debt	$ 153.3	$ 566.4

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

PENSION AND POSTRETIREMENT PLANS - Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair Value Measurement of Level 3 Pension Assets
Balances at beginning of the year	$ 36.4	$ 30.7
Fair value of plan assets at end of year	32.9	36.4
Level 3
Fair Value Measurement of Level 3 Pension Assets
Balances at beginning of the year	10.7	10.0
Actual return on plan assets	(1.6)	0.7
Fair value of plan assets at end of year	$ 9.1	$ 10.7

- Definition

+ References + Details

GOODWILL AND INTANGIBLE ASSETS - Schedule of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Balance as of January 1	$ 1,739.4	$ 1,707.4
Foreign currency impact and other adjustments to goodwill	(29.0)	32.0
Balance at end of year	$ 1,710.4	$ 1,739.4

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

CONSOLIDATED AND COMBINED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-in Capital	Former Parent Investment	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2021		0.0
Beginning balance at Dec. 31, 2021	$ 3,261.4	$ 0.0	$ 0.0	$ 3,409.5	$ 0.0	$ (148.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	186.2			186.2
Other comprehensive income (loss), net of tax	(126.7)					(126.7)
Net transfers from Former Parent	19.1			19.1
Ending balance (in shares) at Dec. 31, 2022		0.0
Ending balance at Dec. 31, 2022	3,340.0	$ 0.0	0.0	3,614.8	0.0	(274.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(25.2)			43.3	(68.5)
Other comprehensive income (loss), net of tax	59.3					59.3
Special payment to Former Parent	(1,595.0)			(1,595.0)
Net transfers from Former Parent	(91.7)			(91.7)
Reclassification of Former Parent investment to additional paid-in capital	0.0		1,971.4	(1,971.4)
Issuance of common stock (in shares)		88.8
Issuance of common stock	0.1	$ 0.1
Stock compensation	$ 26.6		26.6
Ending balance (in shares) at Dec. 31, 2023	88.8	88.8
Ending balance at Dec. 31, 2023	$ 1,714.1	$ 0.1	1,998.0	0.0	(68.5)	(215.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(328.5)				(328.5)
Other comprehensive income (loss), net of tax	(67.4)					(67.4)
Issuance of common stock (in shares)		0.9
Stock compensation	58.4		58.4
Net share settlement tax payments from issuance of stock to employees	(14.4)		(14.4)
Other	$ 0.2		0.2
Ending balance (in shares) at Dec. 31, 2024	89.7	89.7
Ending balance at Dec. 31, 2024	$ 1,362.4	$ 0.1	$ 2,042.2	$ 0.0	$ (397.0)	$ (282.9)

STOCK COMPENSATION PLANS - Share-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 57.2	$ 40.3	$ 24.0
Income tax benefits	9.1	7.1	5.7
Direct costs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	43.8	24.4	13.8
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 13.4	$ 15.9	$ 10.2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

PROPERTY, PLANT AND EQUIPMENT, NET - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Operating lease ROU assets	$ 66.2	$ 74.7
Property, plant and equipment, gross and operating lease ROU assets	320.4	322.0
Less accumulated depreciation	(164.1)	(149.4)
Property, plant and equipment, net and operating lease ROU assets	156.3	172.6
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	82.2	77.8
Software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	82.3	77.8
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	66.7	68.0
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	13.5	14.1
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 9.5	$ 9.6

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Credit Agreement Amendment On February 28, 2025, the Company entered into an amendment (the “,Second Credit Amendment”) to modify a financial covenant to provide the Company with additional flexibility under the Company’s credit agreement dated as of June 30, 2023 and as amended on May 3, 2024 (the “Existing Credit Agreement”), by and among the Company, certain subsidiaries of the Company and Goldman Sachs Bank USA (as administrative agent and collateral agent), governing the Company’s existing senior credit facility. The Second Credit Amendment increased the Company’s maximum quarterly Total Leverage Ratio (as defined in the Existing Credit Agreement) from 5.30:1.00 to 6.00:1.00 for the fiscal quarters ending on September 30, 2025 through June 30, 2026, decreasing to 5.75:1.00 for the fiscal quarter ending on September 30, 2026, further decreasing to 5.50:1.00 for the fiscal quarter ending on December 31, 2026, and reverting to 5.30:1.00 thereafter. In consideration of this adjustment, the Company paid a fee to consenting lenders and has agreed during the covenant adjustment period to certain additional limitations with respect to investments, restricted payments and liens.

LEASES

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

LEASES

The Company has operating leases for clinical facilities, general office spaces, vehicles, and office equipment. Leases have remaining lease terms of less than a year to 18 years, some of which include options to extend the leases for up to 6 years.

The components of lease expense were as follows:


	Years Ended December 31,
	2024		2023		2022
Operating lease cost	$	17.8	$	26.0	$	23.6

Supplemental cash flow information related to leases was as follows:


	Years Ended December 31,
	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(19.9)	$	(27.6)	$	(25.1)
ROU assets obtained in exchange for lease obligations:
Operating leases	$	15.2	$	60.1	$	17.5

Supplemental balance sheet information related to leases was as follows:


	December 31, 2024			December 31, 2023
Operating lease ROU assets (included in Property, plant and equipment, net)	$	66.2		$	74.7

Short-term operating lease liabilities	13.4			17.2
Operating lease liabilities	60.6			62.8
Total operating lease liabilities	$	74.0		$	80.0

Weighted Average Remaining Lease Term	10.1 years			9.6 years
Weighted Average Discount Rate	5.7		%	5.1		%

Maturities of lease liabilities are as follows:


Year ended December 31, 2024	Operating Leases
2025	$	16.5
2026	12.4
2027	8.9
2028	8.2
2029	7.8
Thereafter	46.1
Total lease payments	$	99.9
Less imputed interest	(25.9)
Less current portion	(13.4)
Total maturities, due beyond one year	$	60.6

There was $2.9 and $0.2 rent expense for short term leases with a term less than one year for the years ended December 31, 2024 and 2023 and no rent expense for short term leases with a term less than one year for the year ended December 31, 2022. Additionally, the Company earned $3.4, $1.7 and $0.0 in sublease income for the years ended December 31, 2024, 2023 and 2022.

Variable lease payment amounts that cannot be determined at the commencement of the lease, such as increases in lease payments based on changes in index rates or usage, are not included in the right-of-use assets or lease liabilities and are expensed as incurred. The Company records variable lease payments that do not depend on a rate index, primarily for purchase volume commitments, as variable cost when incurred. There were no variable payments for the years ended December 31, 2024, 2023 and 2022.

PROPERTY, PLANT AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT, NET


	December 31, 2024		December 31, 2023
Buildings and leasehold improvements	$	82.2	$	77.8
Software	82.3		77.8
Machinery and equipment	66.7		68.0
Furniture and fixtures	13.5		14.1
Construction in progress	9.5		9.6
Operating lease ROU assets	66.2		74.7
	320.4		322.0
Less accumulated depreciation	(164.1)		(149.4)
	$	156.3	$	172.6

Depreciation expense of property, plant and equipment, net was $24.5, $28.6 and $23.0 for the years ended December 31, 2024, 2023 and 2022, respectively, including software amortization of $4.3, $11.7 and $9.0 for the years ended December 31, 2024, 2023 and 2022, respectively.

The Company’s property, plant and equipment, net by geography as of December 31, 2024 and 2023 are as follows:


	Years Ended December 31,
	2024		2023
North America	$	69.5	$	74.1
Europe	71.3		73.2
Other	15.5		25.3
Total property, plant and equipment, net	$	156.3	$	172.6

IMMATERIAL FINANCIAL RESTATEMENT AND RECLASSIFICATIONS TO PRIOR PERIOD FINANCIAL STATEMENTS - Statements of Cash Flow (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (328.5)	$ (25.2)	$ 186.2
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	86.9	98.0	93.6
Stock compensation	58.4	42.7	25.4
Operating lease right-of-use asset expense	14.0	27.4	24.9
Goodwill and other asset impairments	0.0	0.0	9.8
Deferred income taxes	(24.6)	(41.6)	(16.5)
Other, net	9.3	(1.0)	4.1
Change in assets and liabilities:
Increase in accounts receivable and unbilled services, net			(105.0)
(Increase) in prepaid expenses and other	(78.1)	(3.4)	(9.1)
Increase in accounts payable	7.2	55.3	24.8
Increase (decrease) in deferred revenue	140.0	(2.2)	(30.1)
(Decrease) increase in accrued expenses and other	(14.5)	30.6	(125.4)
Net cash provided by operating activities	262.8	168.4	82.7
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(25.5)	(40.3)	(54.4)
Proceeds from sale of assets	0.5	8.5	0.4
Net cash provided by (used for) investing activities	251.6	(31.8)	(54.0)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facilities	826.5	164.0	0.0
Payments on revolving credit facilities	(826.5)	(164.0)	0.0
Proceeds from term loans	0.0	1,061.4	0.0
Proceeds from issuance of senior notes	0.0	570.0	0.0
Debt issuance costs	(0.7)	(26.4)	0.0
Principal payments on long-term debt	(482.7)	(15.4)	0.0
Special payment to Former Parent	0.0	(1,595.0)	0.0
Net transfers to Former Parent	0.0	(135.4)	(6.3)
Net cash used for financing activities	(497.8)	(140.8)	(6.3)
Effect of exchange rate changes on cash and cash equivalents	(6.7)	2.4	(6.6)
Net change in cash and cash equivalents	9.9	(1.8)	15.8
Cash and cash equivalents at beginning of period	108.6	110.4	94.6
Cash and cash equivalents at end of period	118.5	108.6	110.4
As Previously Reported
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		(3.4)	192.9
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		96.4	92.7
Stock compensation		42.7	25.4
Operating lease right-of-use asset expense		27.4	24.9
Goodwill and other asset impairments		0.0	9.8
Deferred income taxes		(40.5)	(16.5)
Other, net		(1.0)	4.1
Change in assets and liabilities:
Increase in accounts receivable and unbilled services, net		(28.8)	(105.0)
(Increase) in prepaid expenses and other		(2.0)	(12.2)
Increase in accounts payable		51.1	22.4
Increase (decrease) in deferred revenue		(3.4)	(32.5)
(Decrease) increase in accrued expenses and other		28.9	(118.5)
Net cash provided by operating activities		167.4	87.5
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		(40.3)	(54.4)
Proceeds from sale of assets		8.5	0.4
Net cash provided by (used for) investing activities		(31.8)	(54.0)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facilities		164.0
Payments on revolving credit facilities		(164.0)
Proceeds from term loans		1,061.4
Proceeds from issuance of senior notes		570.0
Debt issuance costs		(26.4)
Principal payments on long-term debt		(15.4)
Special payment to Former Parent		(1,595.0)
Net transfers to Former Parent		(133.6)	(8.7)
Net cash used for financing activities		(139.0)	(8.7)
Effect of exchange rate changes on cash and cash equivalents		0.0	(7.4)
Net change in cash and cash equivalents		(3.4)	17.4
Cash and cash equivalents at beginning of period	108.6	112.0	94.6
Cash and cash equivalents at end of period		108.6	112.0
Adjustments
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		(21.8)	(6.7)
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		1.6	0.9
Stock compensation		0.0	0.0
Operating lease right-of-use asset expense		0.0	0.0
Goodwill and other asset impairments		13.4	0.0
Deferred income taxes		(1.1)	0.0
Other, net		0.0	0.0
Change in assets and liabilities:
Increase in accounts receivable and unbilled services, net		3.2	0.0
(Increase) in prepaid expenses and other		(1.4)	3.1
Increase in accounts payable		4.2	2.4
Increase (decrease) in deferred revenue		1.2	2.4
(Decrease) increase in accrued expenses and other		1.7	(6.9)
Net cash provided by operating activities		1.0	(4.8)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		0.0	0.0
Proceeds from sale of assets		0.0	0.0
Net cash provided by (used for) investing activities		0.0	0.0
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facilities		0.0
Payments on revolving credit facilities		0.0
Proceeds from term loans		0.0
Proceeds from issuance of senior notes		0.0
Debt issuance costs		0.0
Principal payments on long-term debt		0.0
Special payment to Former Parent		0.0
Net transfers to Former Parent		(1.8)	2.4
Net cash used for financing activities		(1.8)	2.4
Effect of exchange rate changes on cash and cash equivalents		2.4	0.8
Net change in cash and cash equivalents		1.6	(1.6)
Cash and cash equivalents at beginning of period	0.0	(1.6)	0.0
Cash and cash equivalents at end of period		0.0	(1.6)
As Restated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		(25.2)
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		98.0
Stock compensation		42.7
Operating lease right-of-use asset expense		27.4
Goodwill and other asset impairments		13.4	9.8
Deferred income taxes		(41.6)
Other, net		(1.0)
Change in assets and liabilities:
Increase in accounts receivable and unbilled services, net		(25.6)
(Increase) in prepaid expenses and other		(3.4)
Increase in accounts payable		55.3
Increase (decrease) in deferred revenue		(2.2)
(Decrease) increase in accrued expenses and other		30.6
Net cash provided by operating activities		168.4
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		(40.3)
Proceeds from sale of assets		8.5
Net cash provided by (used for) investing activities		(31.8)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facilities		164.0
Payments on revolving credit facilities		(164.0)
Proceeds from term loans		1,061.4
Proceeds from issuance of senior notes		570.0
Debt issuance costs		(26.4)
Principal payments on long-term debt		(15.4)
Special payment to Former Parent		(1,595.0)
Net transfers to Former Parent		(135.4)
Net cash used for financing activities		(140.8)
Effect of exchange rate changes on cash and cash equivalents		2.4
Net change in cash and cash equivalents		(1.8)
Cash and cash equivalents at beginning of period	$ 108.6	110.4
Cash and cash equivalents at end of period		$ 108.6	$ 110.4

RESTRUCTURING AND OTHER CHARGES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring and Other Charges [Line Items]
Restructuring and other charges	$ 50.1	$ 21.2	$ 25.9
Impairment of facility related assets	4.8	0.0	2.0
Other restructuring costs	45.3	21.0	23.2
Reduction of prior restructuring accruals	3.8
Restructuring reserve, non current	0.0	2.4
2024 Restructuring Plan
Restructuring and Other Charges [Line Items]
Severance costs	21.3
Restructuring and other charges	50.1
Impairment of facility related assets	4.8
Other restructuring costs	7.1
2023 Restructuring Plan
Restructuring and Other Charges [Line Items]
Restructuring and other charges		21.2
2022 Restructuring Plan
Restructuring and Other Charges [Line Items]
Restructuring and other charges			25.9
Impairment of facility related assets			2.0
Severance and Other Employee Costs
Restructuring and Other Charges [Line Items]
Reduction of prior restructuring accruals	0.8
Severance and Other Employee Costs \| 2024 Restructuring Plan
Restructuring and Other Charges [Line Items]
Restructuring and other charges	46.7
Reduction of prior restructuring accruals	0.8
Severance and Other Employee Costs \| 2023 Restructuring Plan
Restructuring and Other Charges [Line Items]
Restructuring and other charges		17.4
Severance and Other Employee Costs \| 2022 Restructuring Plan
Restructuring and Other Charges [Line Items]
Restructuring and other charges			15.0
Reduction of prior restructuring accruals			(0.2)
Facility Costs
Restructuring and Other Charges [Line Items]
Reduction of prior restructuring accruals	3.0
Facility Costs \| 2024 Restructuring Plan
Restructuring and Other Charges [Line Items]
Restructuring and other charges	7.2
Reduction of prior restructuring accruals	$ 3.0
Facility Costs \| 2023 Restructuring Plan
Restructuring and Other Charges [Line Items]
Restructuring and other charges		$ 3.8
Facility Costs \| 2022 Restructuring Plan
Restructuring and Other Charges [Line Items]
Restructuring and other charges			$ 11.1

REVENUES - Narrative (Details) - USD ($)			12 Months Ended
REVENUES - Narrative (Details) - USD ($)	May 06, 2024	Jun. 28, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	May 31, 2024	Jun. 23, 2023
Capitalized Contract Cost [Line Items]
Unearned revenue, revenue recognized			$ 155,500,000	$ 176,400,000	$ 199,200,000
Accounts receivable sold		$ 17,500,000	300,000,000.0
Remaining performance obligation			4,430,500,000
Performance obligation partially satisfied in previous period, revenue recognized (reduction)			(61,000,000)	(60,000,000)	72,000,000
Revenue reduction			(2,696,400,000)	(2,842,500,000)	(2,837,000,000)
Increase in loss from continuing operations			$ 275,000,000.0	$ 30,500,000	$ (187,000,000.0)
Basic earnings (loss) per share (in dollars per share)			$ (3.67)	$ (0.29)	$ 2.09
ARPP, maximum facility amount							$ 80,000,000.0
Proceeds from sale of receivables		$ 17,300,000	$ 297,900,000
Factored customer receivables						$ 0
Receivables securitization program, term	3 years
Receivables securitization program, amount	$ 300,000,000.0
Receivables securitization program, fees associated with sale			12,300,000
Change in Scope And Change In Estimated Effort To Complete Contract
Capitalized Contract Cost [Line Items]
Revenue reduction			29,000,000
Increase in loss from continuing operations			$ 29,000,000
Basic earnings (loss) per share (in dollars per share)			$ (330,000)
Minimum
Capitalized Contract Cost [Line Items]
Remaining performance obligation, period			1 year
Maximum
Capitalized Contract Cost [Line Items]
Remaining performance obligation, period			8 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Capitalized Contract Cost [Line Items]
Remaining performance obligation, percentage			27.50%
Remaining performance obligation, period			12 months
Sales commission assets
Capitalized Contract Cost [Line Items]
Capitalized assets, amortization			$ 12,000,000.0	$ 11,500,000	$ 12,600,000
Deferred contract costs
Capitalized Contract Cost [Line Items]
Capitalized assets, amortization			$ 1,900,000	$ 2,100,000	$ 5,300,000

PENSION AND POSTRETIREMENT PLANS - Schedule of Changes in Projected Benefit Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Balance at beginning of the year	$ 37.6	$ 32.7
Service cost	0.2	0.2	$ 0.2
Interest cost	1.7	1.6	1.0
Actuarial (gain) loss	(6.2)	1.9
Benefits and administrative expenses paid	(1.0)	(0.7)
Foreign currency exchange rate changes	(0.5)	1.9
Balance at end of the year	$ 31.8	$ 37.6	$ 32.7

REVENUES - Rollforward of Allowance for Credit Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning balance	$ 31.7	$ 12.7
Credit loss expense	22.2	27.8	$ 3.4
Write-offs	(14.6)	(8.8)
Allowance for credit losses, ending balance	$ 39.3	$ 31.7	$ 12.7

TRANSACTIONS WITH FORMER PARENT - Allocation of General Corporate and Other Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Total corporate and other allocations	$ 194.0	$ 382.0
Direct costs
Related Party Transaction [Line Items]
Total corporate and other allocations	86.6	166.6
Selling, general and administrative expenses
Related Party Transaction [Line Items]
Total corporate and other allocations	105.0	207.9
Restructuring and other charges
Related Party Transaction [Line Items]
Total corporate and other allocations	0.2	0.7
Foreign exchange gain (loss)
Related Party Transaction [Line Items]
Total corporate and other allocations	$ 2.2	$ 6.8

INCOME TAXES - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]
Balance as of January 1	$ 0.3	$ 1.4	$ 2.1
Decreases related to positions taken on prior year items	(0.1)	(1.4)	0.0
Increases related to positions taken on prior year items	0.0	0.0	2.0
Increases related to positions taken on current year items	0.2	0.3	0.2
Settlement of uncertain tax positions with tax authorities	0.0	0.0	(3.1)
Exchange (gain) loss	0.0	0.0	0.2
Balance as of December 31	$ 0.4	$ 0.3	$ 1.4

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Summary of Derivative Instruments

The Company addresses its exposure to market risks, principally the market risk associated with changes in interest rates and foreign currency exchange rates, through a program of risk management that includes, from time to time, the use of derivative instruments such as foreign currency forward contracts and interest rate swap agreements. The Company does not hold or issue derivative instruments for trading purposes. The derivative instrument contracts are with major investment grade financial institutions and the Company does not anticipate any material non-performance by any of the counterparties. The Company does not believe that its exposure to market risk is material to the Company’s financial position or results of operations.

Interest rate swap agreements, which are used by the Company from time to time in the management of interest rate exposure, are accounted for at fair value. These derivative instruments are accounted for as cash flow hedges and recognized as assets and liabilities, as applicable, and classified as current or noncurrent based on the swap’s settlement dates. The derivative instruments have been assessed and are considered to be perfectly effective hedges and accordingly, changes in the fair value of the interest rate swaps are initially recorded in the consolidated and combined statements of comprehensive income (loss). Cash flows from the interest rate swaps are included in operating activities.

Foreign currency forward contracts, which are used by the Company to hedge the Company’s foreign currency exposure, are accounted for at fair value. As these contracts are short-term in nature and are not designated hedging instruments, changes in the fair value of the Company’s foreign currency forward contracts are recognized directly in earnings. Cash flows from the foreign currency forward contracts are included in operating activities.

The fair value of the Company's interest rate swaps and foreign currency forward contracts are determined based on observable market inputs (Level 2). The table below presents the fair value of the Company’s derivatives on a gross basis and the balance sheet classification of those instruments:


		December 31, 2024				December 31, 2023
	Balance Sheet Classification	Asset		Liability		Asset		Liability
Derivatives designated as hedging instruments:
Interest rate swaps	Accrued expenses and other	$	0.1	$	(0.2)	$	—	$	—
	Other liabilities	—		(0.4)		0.7		(2.6)
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Prepaid expenses and other	$	—	$	—	$	0.8	$	—
	Other current liabilities	—		(1.2)		—		—

Derivative Contracts Designated as Hedges

Interest Rate Swaps

In August 2023, the Company entered into two variable-to-fixed interest rate swap agreements for its senior secured term loan A facilities to hedge the cash flow variability associated with the Company’s floating interest rate exposure. The interest rate swaps, both of which mature on December 31, 2026, had an aggregate notional amount of $150.0 and a fixed interest rate of 4.20% as of December 31, 2024 and 2023, and each return variable interest rates based on one-month SOFR. Because these derivative instruments meet the criteria for hedge accounting, all related gains and losses are accumulated within other comprehensive income and are being reclassified to earnings as interest expense is recognized in the consolidated and combined statements of operations.

The following table presents the pre-tax effects of cash flow hedges included in the Company’s consolidated and combined statements of comprehensive income (loss):


	Pre-Tax Gain (Loss) Included in Other Comprehensive Income
	Years Ended December 31,
	2024		2023		2022
Interest rate swaps	$	2.9	$	(1.5)	$	—

The following table presents amounts reclassified out of accumulated other comprehensive loss and recognized in the consolidated and combined statements of operations:


		Amounts Reclassified from Other Comprehensive Loss into Earnings
		Years Ended December 31,
	Statement of Operations Classification	2024		2023		2022
Interest rate swaps	Interest expense	$	(1.5)	$	(0.4)	$	—

The estimated amount of pre-tax net losses included in other comprehensive loss that is expected to be reclassified into earnings over the twelve months following December 31, 2024, is $0.1.

Refer to Note 17, “Preferred Stock and Common Shareholders' Equity” for the impact of the Company’s derivative instruments included in accumulated other comprehensive loss.

Derivative Contracts Not Designated as Hedges

Foreign Currency Forward Contracts

The Company utilizes foreign currency forward contracts to hedge the Company’s exposure to foreign currencies with exposure predominantly to the Euro and British Pound. These contracts do not qualify for hedge accounting and are recognized as assets or liabilities at their fair value with changes in fair value recorded directly to earnings. The contracts are short-term in nature and the fair value of these contracts is based on market prices for comparable contracts. The aggregate notional value of these contracts was $468.6 and $458.3 at December 31, 2024 and 2023, respectively.

The following table presents a summary of the loss for derivative contracts not designated as hedges included in the Company’s consolidated and combined statements of operations:


		Gain (Loss) on Derivatives Recognized in Earnings
		Years Ended December 31,
	Statement of Operations Classification	2024		2023		2022
Foreign currency Forward contracts	Foreign exchange gain (loss)	$	(2.0)	$	(0.8)	$	—

IMMATERIAL FINANCIAL RESTATEMENT AND RECLASSIFICATIONS TO PRIOR PERIOD FINANCIAL STATEMENTS - Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 118.5	$ 108.6
Accounts receivable and unbilled services, net	659.5	988.5
Prepaid expenses and other	170.2	84.6
Current assets held for sale from discontinued operations	0.0	69.1
Total current assets	948.2	1,250.8
Property, plant and equipment, net	156.3	172.6
Goodwill, net	1,710.4	1,739.4	$ 1,707.4
Intangible assets, net	655.7	728.1
Deferred income taxes	5.2	3.2
Other assets, net	103.4	69.7
Long-term assets held for sale from discontinued operations	0.0	368.8
Total assets	3,579.2	4,332.6
Current liabilities:
Accounts payable	138.2	132.9
Accrued expenses and other current liabilities	369.8	335.5
Unearned revenue	353.3	214.2
Current portion of long-term debt	74.8	26.1
Short-term operating lease liabilities	13.4	17.2
Current liabilities held for sale from discontinued operations	0.0	52.5
Total current liabilities	949.5	778.4
Long-term debt, less current portion	1,049.7	1,565.9
Operating lease liabilities	60.6	62.8
Deferred income taxes and other tax liabilities	121.7	147.7
Other liabilities	35.3	32.1
Long-term liabilities held for sale from discontinued operations	0.0	31.6
Total liabilities	2,216.8	2,618.5
Commitments and contingent liabilities
Equity:
Former parent investment		0.0
Common stock	0.1	0.1
Additional paid-in capital	2,042.2	1,998.0
Accumulated deficit	(397.0)	(68.5)
Accumulated other comprehensive loss	(282.9)	(215.5)
Total equity	1,362.4	1,714.1	3,340.0	$ 3,261.4
Total liabilities and equity	$ 3,579.2	4,332.6
As Previously Reported
Current assets:
Cash and cash equivalents		108.6
Accounts receivable and unbilled services, net		1,052.1
Prepaid expenses and other		92.4
Current assets held for sale from discontinued operations		0.0
Total current assets		1,253.1
Property, plant and equipment, net		220.9
Goodwill, net		2,029.3
Intangible assets, net		771.2
Deferred income taxes		3.2
Other assets, net		79.5
Long-term assets held for sale from discontinued operations		0.0
Total assets		4,357.2
Current liabilities:
Accounts payable		132.8
Accrued expenses and other current liabilities		356.1
Unearned revenue		241.4
Current portion of long-term debt		26.1
Short-term operating lease liabilities		19.5
Current liabilities held for sale from discontinued operations		0.0
Total current liabilities		775.9
Long-term debt, less current portion		1,565.9
Operating lease liabilities		66.5
Deferred income taxes and other tax liabilities		148.8
Other liabilities		61.3
Long-term liabilities held for sale from discontinued operations		0.0
Total liabilities		2,618.4
Commitments and contingent liabilities
Equity:
Former parent investment		0.0
Common stock		0.1
Additional paid-in capital		2,006.2
Accumulated deficit		(49.1)
Accumulated other comprehensive loss		(218.4)
Total equity		1,738.8	3,342.6	3,260.6
Total liabilities and equity		4,357.2
Adjustments
Current assets:
Cash and cash equivalents		0.0
Accounts receivable and unbilled services, net		(3.2)
Prepaid expenses and other		0.9
Current assets held for sale from discontinued operations		0.0
Total current assets		(2.3)
Property, plant and equipment, net		(7.7)
Goodwill, net		(13.4)
Intangible assets, net		0.0
Deferred income taxes		0.0
Other assets, net		(1.2)
Long-term assets held for sale from discontinued operations		0.0
Total assets		(24.6)
Current liabilities:
Accounts payable		4.6
Accrued expenses and other current liabilities		(3.3)
Unearned revenue		1.2
Current portion of long-term debt		0.0
Short-term operating lease liabilities		0.0
Current liabilities held for sale from discontinued operations		0.0
Total current liabilities		2.5
Long-term debt, less current portion		0.0
Operating lease liabilities		0.0
Deferred income taxes and other tax liabilities		(1.1)
Other liabilities		(1.3)
Long-term liabilities held for sale from discontinued operations		0.0
Total liabilities		0.1
Commitments and contingent liabilities
Equity:
Former parent investment		0.0
Common stock		0.0
Additional paid-in capital		(8.2)
Accumulated deficit		(19.4)
Accumulated other comprehensive loss		2.9
Total equity		(24.7)	$ (2.6)	$ 0.8
Total liabilities and equity		(24.6)
As Restated
Current assets:
Cash and cash equivalents		108.6
Accounts receivable and unbilled services, net		1,048.9
Prepaid expenses and other		93.3
Current assets held for sale from discontinued operations		0.0
Total current assets		1,250.8
Property, plant and equipment, net		213.2
Goodwill, net		2,015.9
Intangible assets, net		771.2
Deferred income taxes		3.2
Other assets, net		78.3
Long-term assets held for sale from discontinued operations		0.0
Total assets		4,332.6
Current liabilities:
Accounts payable		137.4
Accrued expenses and other current liabilities		352.8
Unearned revenue		242.6
Current portion of long-term debt		26.1
Short-term operating lease liabilities		19.5
Current liabilities held for sale from discontinued operations		0.0
Total current liabilities		778.4
Long-term debt, less current portion		1,565.9
Operating lease liabilities		66.5
Deferred income taxes and other tax liabilities		147.7
Other liabilities		60.0
Long-term liabilities held for sale from discontinued operations		0.0
Total liabilities		2,618.5
Commitments and contingent liabilities
Equity:
Former parent investment		0.0
Common stock		0.1
Additional paid-in capital		1,998.0
Accumulated deficit		(68.5)
Accumulated other comprehensive loss		(215.5)
Total equity		1,714.1
Total liabilities and equity		4,332.6
Reclassifications \| Discontinued Operations Reclassifications
Current assets:
Cash and cash equivalents		0.0
Accounts receivable and unbilled services, net		(60.4)
Prepaid expenses and other		(8.7)
Current assets held for sale from discontinued operations		69.1
Total current assets		0.0
Property, plant and equipment, net		(40.6)
Goodwill, net		(276.5)
Intangible assets, net		(43.1)
Deferred income taxes		0.0
Other assets, net		(8.6)
Long-term assets held for sale from discontinued operations		368.8
Total assets		0.0
Current liabilities:
Accounts payable		(4.5)
Accrued expenses and other current liabilities		(17.3)
Unearned revenue		(28.4)
Current portion of long-term debt		0.0
Short-term operating lease liabilities		(2.3)
Current liabilities held for sale from discontinued operations		52.5
Total current liabilities		0.0
Long-term debt, less current portion		0.0
Operating lease liabilities		(3.7)
Deferred income taxes and other tax liabilities		0.0
Other liabilities		(27.9)
Long-term liabilities held for sale from discontinued operations		31.6
Total liabilities		0.0
Commitments and contingent liabilities
Equity:
Former parent investment		0.0
Common stock		0.0
Additional paid-in capital		0.0
Accumulated deficit		0.0
Accumulated other comprehensive loss		0.0
Total equity		0.0
Total liabilities and equity		$ 0.0

RESTRUCTURING AND OTHER CHARGES

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

RESTRUCTURING AND OTHER CHARGES

The Company regularly undertakes various programs aimed at increasing efficiency, utilizing lower cost locations and adapting to changes in the needs of its customers. These programs include the regular review of the number and location of the Company’s existing employees and facilities compared to the shifting needs of its customers, developments in technology and remote working, and its capabilities to utilize lower cost locations. Restructuring and other charges are not allocated to the Company’s reportable segment as they are not part of the segment performance measures regularly reviewed by management.

During 2023, the Company took actions to reduce overcapacity, align resources, and restructure certain operations. These actions, which primarily relate to employee severance benefits accounted for under ASC 420, Exit or Disposal Cost Obligations and right-of-use asset impairment charges, included eliminating redundant positions and aligning resources and facilities for cost improvements and to meet customer requirements. In addition, in the fourth quarter of 2024, the Company approved a restructuring plan to streamline its operations and eliminate redundant positions. The Company recorded a restructuring charge of $21.3 related to this 2024 plan, which relate primarily to severance benefits and are accounted for under ASC 712, Compensation - Nonretirement Postemployment Benefits. Actions under these restructuring plans are expected to continue through 2025.

2024 Restructuring

During 2024, the Company recorded net restructuring charges of $50.1, including impairment of facility related assets of $4.8 and other charges of $7.1, which are reflected within restructuring and other charges in the consolidated and combined statements of operations. The charges were comprised of $46.7 in severance and other employee costs and $7.2 in lease and other facility-related costs. The charges were partially offset by the reversal of the previously established liability of $0.8 in unused severance and $3.0 in unused facility-related costs. The Company expects the restructuring and other charges accrued as of December 31, 2024 will be paid within the next twelve months and are included within accrued expenses and other current liabilities on the accompanying consolidated balance sheet.

2023 Restructuring

During 2023, the Company recorded net restructuring charges of $21.2 which were comprised of $17.4 in severance and other employee costs and $3.8 in lease and other facility-related costs.

2022 Restructuring

During 2022, the Company recorded net restructuring charges of $25.9, including impairment of facility related assets of $2.0, which are reflected within restructuring and other charges in the combined statements of operations. The charges were comprised of $15.0 in severance and other employee costs and $11.1 in lease and other facility-related costs. The charges were partially offset by the reversal of the previously established liability of $0.2 in unused severance.

The Company recorded restructuring and other charges as follows:


	Years Ended December 31,
	2024		2023		2022
Restructuring charges	$	45.3	$	21.0	$	23.2
Impairment of facility related assets	4.8		—		2.0
Restructuring charges allocated from Former Parent	—		0.2		0.7
Total	$	50.1	$	21.2	$	25.9

The following represents the Company’s restructuring accrual activities for the periods indicated:


	Severance and Other Employee Costs		Facility Costs		Total
Balance as of December 31, 2022	$	1.8	$	4.5	$	6.3
Restructuring charges	17.4		3.8		21.2

Cash payments and other adjustments	(18.1)		(5.1)		(23.2)
Balance as of December 31, 2023	1.1		3.2		4.3
Restructuring charges	41.2		0.8		42.0
Reduction of prior restructuring accruals	(0.8)		(3.0)		(3.8)
Cash payments and other adjustments	(18.4)		(0.4)		(18.8)
Balance as of December 31, 2024	$	23.1	$	0.6	$	23.7

The current portion of the restructuring liabilities is included in the consolidated balance sheets in accrued expenses and other current liabilities. The non-current portion of the restructuring liabilities is included in the consolidated balance sheets in other liabilities.

The non-current portion of the restructuring liabilities as of December 31, 2024 and 2023, was $0.0 and $2.4, respectively.

LEASES - Schedule of Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease ROU assets (included in Property, plant and equipment, net)	$ 66.2	$ 74.7
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, plant and equipment, net	Property, plant and equipment, net
Short-term operating lease liabilities	$ 13.4	$ 17.2
Operating lease liabilities	60.6	62.8
Total operating lease liabilities	$ 74.0	$ 80.0
Weighted Average Remaining Lease Term	10 years 1 month 6 days	9 years 7 months 6 days
Weighted Average Discount Rate	5.70%	5.10%

TRANSACTIONS WITH FORMER PARENT - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 194.0	$ 382.0
General financing activities
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	147.6	286.8
Corporate allocations
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	46.4	95.2
Subcontract services
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 48.8	$ 87.1

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The sources of income before taxes, classified between domestic and foreign entities are as follows:


	Years Ended December 31,
	2024		2023		2022
Domestic	$	(390.3)	$	(141.4)	$	65.6
Foreign	115.3		110.9		121.4
Total pre-tax income (loss)	$	(275.0)	$	(30.5)	$	187.0

Schedule of Components of Income Tax Expense (Benefit)

Income tax (benefit) expense in the accompanying consolidated and combined statements of operations consist of the following:


	Years Ended December 31,
	2024		2023		2022
Current:
Federal	$	(2.3)	$	16.5	$	14.7
State	0.2		(0.1)		8.2
Foreign	37.7		23.9		31.4
	$	35.6	$	40.3	$	54.3
Deferred:
Federal	$	(26.1)	$	(37.4)	$	(5.6)
State	—		(3.5)		(5.1)
Foreign	(13.0)		1.8		(2.5)
	(39.1)		(39.1)		(13.2)
Total income tax (benefit) expense	$	(3.5)	$	1.2	$	41.1

Schedule of Effective Income Tax Rate Reconciliation

The effective tax rates on earnings before income taxes are reconciled to statutory U.S. income tax rates as follows:


	Years Ended December 31,
	2024		2023		2022
Statutory U.S. rate	21.0	%	21.0	%	21.0	%
State and local income taxes, net of U.S. Federal income tax effect	5.0		12.1		0.8
Foreign earnings taxed at rates different than the statutory U.S. rate	(1.2)		(12.6)		0.9
Permanent non-deductible items	(0.1)		(1.2)		(1.7)
Changes in valuation allowance	(18.7)		0.2		—
Employee benefits	(2.2)		(5.4)		(1.1)

Changes in enacted tax rates	—		—		0.4
Net tax on U.S. international income inclusions	(1.2)		(7.1)		1.6
Change in uncertain tax positions	—		(1.0)		0.2
R&D credit	0.8		8.6		(1.2)
Withholding tax	(1.1)		(4.9)		0.9
BEAT	—		(13.3)		—
Adjustment to previously capitalized expenses	(2.2)		—		—
Other	1.2		(0.2)		0.2
Effective rate	1.3	%	(3.8	%)	22.0	%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows:


	December 31, 2024		December 31, 2023
Deferred tax assets:
Employee compensation and benefits	$	10.4	$	12.5
Operating lease liability	5.6		7.8
Acquisition and restructuring reserves	8.4		0.9
Interest expense carryforward	42.9		14.4
Capitalized R&D costs	22.7		24.5
Loss and credit carryforwards, net	7.3		8.3
Other	—		2.2
Total gross deferred tax assets	97.3		70.6
Less: valuation allowance	(28.5)		(3.0)
Deferred tax assets, net of valuation allowance	$	68.8	$	67.6

Deferred tax liabilities:
Right-of-use asset	$	(4.1)	$	(6.6)
Revenue recognition	(8.6)		(6.2)
Intangible assets	(155.1)		(187.5)
Property, plant and equipment	(5.9)		(11.8)
Other accruals	(11.6)		—
Total gross deferred tax liabilities	(185.3)		(212.1)
Net deferred tax liabilities	$	(116.5)	$	(144.5)

Schedule of Unrecognized Tax Benefits Roll Forward

The following table shows a reconciliation of the unrecognized income tax benefits, excluding interest and penalties, from uncertain tax positions as of December 31, 2024, 2023 and 2022:


	2024		2023		2022
Balance as of January 1	$	0.3	$	1.4	$	2.1
Decreases related to positions taken on prior year items	(0.1)		(1.4)		—
Increases related to positions taken on prior year items	—		—		2.0
Increases related to positions taken on current year items	0.2		0.3		0.2
Settlement of uncertain tax positions with tax authorities	—		—		(3.1)
Exchange (gain) loss	—		—		0.2
Balance as of December 31	$	0.4	$	0.3	$	1.4

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 58.5	$ 34.1
Contingent consideration	41.7	0.0
Research and development tax credit receivables	34.5	22.0
Other	35.5	28.5
Prepaid expenses and other	$ 170.2	$ 84.6

PENSION AND POSTRETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs

Net Periodic Benefit Costs

The components of the net periodic benefit costs for the defined benefit pension plans are as follows:


	Years Ended December 31,
	2024		2023		2022
Service cost for benefits earned	$	0.2	$	0.2	$	0.2
Interest cost on benefit obligation	1.7		1.6		1.0
Expected return on plan assets	(1.8)		(1.7)		(2.2)
Net amortization and deferral	0.2		0.2		0.1
Defined-benefit plan costs	$	0.3	$	0.3	$	(0.9)

Schedule of Amounts Recognized in Other Comprehensive Loss

The amounts recognized in accumulated other comprehensive loss are as follows:


	Years Ended December 31,
	2024		2023		2022
Net actuarial gain (loss) in accumulated other comprehensive loss	$	0.9	$	(1.0)	$	(0.6)

Schedule of Changes in Projected Benefit Obligations

The change in the accumulated benefit obligation as of December 31, 2024 and December 31, 2023, is as follows:


	2024		2023
Balance at beginning of the year	$	37.6	$	32.7
Service cost	0.2		0.2
Interest cost	1.7		1.6
Actuarial (gain) loss	(6.2)		1.9
Benefits and administrative expenses paid	(1.0)		(0.7)
Foreign currency exchange rate changes	(0.5)		1.9
Balance at end of the year	$	31.8	$	37.6

Schedule of Changes in Fair Value of Plan Assets

The change in plan assets as of December 31, 2024 and December 31, 2023, is as follows:


	2024		2023
Balances at beginning of the year	$	36.4	$	30.7
Business contributions	2.0		2.3
Actual return on plan assets	(3.9)		2.4
Benefits and administrative expenses paid	(1.0)		(0.7)
Foreign currency exchange rate changes	(0.6)		1.7
Fair value of plan assets at end of year	$	32.9	$	36.4

Schedule of Net Funded Status

The change in the funded status of the plan and a reconciliation of such funded status to the amounts reported in the balance sheet as of December 31, 2024 and December 31, 2023, is as follows:


	2024		2023
Funded status	$	1.1	$	(1.2)

Recorded as:
Other assets	$	1.1	$	—
Other liabilities	—		(1.2)

Schedule of Assumptions

Weighted average assumptions used to determine net periodic benefit costs are as follows:


	Years Ended December 31,
	2024		2023		2022
Discount rate	4.5	%	4.9	%	1.9	%
Salary increases	N/A		N/A		N/A
Expected long term rate of return	4.8	%	5.5	%	4.0	%
Cash balance interest credit rate	N/A		N/A		N/A

Weighted average assumptions used to determine net periodic benefit obligations are as follows:


	Years Ended December 31,
	2024		2023
Discount rate	5.5	%	4.5	%
Salary increases	N/A		N/A

Schedule of Allocation of Plan Assets

The fair values of the assets at December 31, 2024 by asset category are as follows:


Asset Category	Level of Valuation Input	Fair Value		Investments valued using NAV per share		Total 2024
Cash and cash equivalents	Level 1	$	0.9	$	—	$	0.9
Annuities	Level 3	9.1		—		9.1
Pooled investment funds		—		22.9		22.9
Total fair value		$	10.0	$	22.9	$	32.9

The fair values of the assets at December 31, 2023, by asset category is as follows:


Asset Category	Level of Valuation Input	Fair Value		Investments valued using NAV per share		Total 2023
Cash and cash equivalents	Level 1	$	0.3	$	—	$	0.3
Annuities	Level 3	10.7		—		10.7
Pooled investment funds		—		25.4		25.4
Total fair value		$	11.0	$	25.4	$	36.4

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets


Fair Value Measurement of Level 3 Pension Assets	Annuities
Balance at December 31, 2022	$	10.0
Actual return on plan assets	0.7
Balance at December 31, 2023	$	10.7
Actual return on plan assets	(1.6)
Balance at December 31, 2024	$	9.1

Schedule of Plan Asset Allocation

The weighted average asset allocation of the plan assets by asset category is as follows:


	December 31, 2024
Equity securities	7.3	%
Debt securities	62.2	%
Annuities	27.8	%
Real estate	—	%
Other	2.7	%

The weighted average target asset allocation of the plan assets is as follows:


	December 31, 2024
Equity securities	5.0%	to	15.0%
Debt securities	55.0%	to	65.0%
Annuities	25.0%	to	35.0%
Real estate	—%	to	10.0%
Other	—%	to	5.0%

Schedule of Expected Benefit Payments

The estimated benefit payments, which were used in the calculation of projected benefit obligations, are expected to be paid as follows:


2025	$	1.2
2026	1.3
2027	1.7
2028	1.6
2029	1.6
Years 2030 to 2034	$	10.0

REVENUES

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

REVENUES

The Company’s revenues by geography for the years ended December 31, 2024, 2023 and 2022 are as follows:


	Years Ended December 31, 2024
	North America		Europe		Other		Total
Revenues	$	1,269.5	$	800.0	$	626.9	$	2,696.4


	Years Ended December 31, 2023
	North America		Europe		Other		Total
Revenues	$	1,398.4	$	827.5	$	616.6	$	2,842.5


	Years Ended December 31, 2022
	North America		Europe		Other		Total
Revenues	$	1,415.5	$	841.9	$	579.6	$	2,837.0

Revenue from the United States comprises substantially all revenue in North America.

Contract costs

The following table provides information about contract asset balances:


	December 31, 2024		December 31, 2023
Sales commission assets	$	22.1	$	15.8
Deferred contract costs	1.1		2.0
Total	$	23.2	$	17.8

Amortization related to sales commission assets for the years ended December 31, 2024, 2023 and 2022, was $12.0, $11.5 and $12.6, respectively. Amortization related to deferred contract costs for the years ended December 31, 2024, 2023 and 2022, was $1.9, $2.1 and $5.3, respectively. The Company applies the practical expedient to not recognize the effect of financing in its contracts with customers, when the difference in timing of payment and performance is one year or less.

Accounts Receivable, Unbilled Services and Unearned Revenue

The following table provides information about accounts receivable, unbilled services, and unearned revenue from contracts with customers:


	December 31, 2024		December 31, 2023
Accounts receivable	$	156.5	$	420.2
Unbilled services	542.3		600.0
Less: allowance for credit losses	(39.3)		(31.7)
Total	$	659.5	$	988.5

Unearned revenue	$	353.3	$	214.2

Revenue recognized during the period, that was included in the unearned revenue balance at the beginning of the period, was $155.5, $176.4 and $199.2 for the years ended December 31, 2024, 2023 and 2022, respectively. Additionally, as of the year ended December 31, 2024, the Company had sold $300.0 of receivables as described in the Receivables Securitization Program section below.

Credit Loss Rollforward

The Company estimates future expected losses on accounts receivable and unbilled services over the remaining collection period of the instrument.

The rollforward for the allowance for credit losses for the years ended December 31, 2024 and 2023, is as follows:



Allowance for credit losses as of December 31, 2022	$	12.7
Credit loss expense	27.8
Write-offs	(8.8)

Allowance for credit losses as of December 31, 2023	$	31.7
Credit loss expense	22.2
Write-offs	(14.6)

Allowance for credit losses as of December 31, 2024	$	39.3

Performance Obligations Under Long-Term Contracts

As of December 31, 2024, approximately $4,430.5 of revenues are expected to be recognized from remaining performance obligations. The Company expects to recognize approximately 27.5% of the existing performance obligations as of December 31, 2024, as revenue over the next 12 months, and the remaining balance thereafter. The Company’s long-term contracts generally range from one to eight years.

During the year ended December 31, 2024, there were reductions of approximately $61 in revenue related to performance obligations partially satisfied in previous periods. For the year ended December 31, 2024, the change was associated with both changes in estimated effort to complete customer contract obligations and changes in scope or price. For the year ended December 31, 2024, the change in estimate resulted in an estimated reduction to revenue of $29, and an increase in loss from continuing operations of $29 and in loss per share of $0.33.

During the year ended December 31, 2023, there were reductions of approximately $60 in revenue related to performance obligations partially satisfied in previous periods. During the year ended December 31, 2022, there was recognition of approximately $72 in revenue related to performance obligations partially satisfied in previous periods. Substantially all of these adjustments were associated with changes in scope or price for full service clinical studies. The gross and net amounts of revenue recognized solely from changes in estimates were not material.

Accounts Receivable Purchase Program

On June 23, 2023, Fortrea entered into an accounts receivable purchase program (“ARPP”) with a financial institution (the “Financial Institution”). The ARPP established a receivables factoring facility whereby the Company could sell up to $80.0 in customer receivables based on the availability of certain eligible receivables and the satisfaction of certain conditions. Under the facility, the Company could sell eligible receivables and retain no interest in the transferred receivables other than collection and administrative functions for the Financial Institution.

The Company accounted for these receivable transfers as sales and derecognized the sold receivables from its balance sheets. The fair value of the sold receivables approximated their book value due to their short-term nature. The Company continued to service, administer and collect the receivables on behalf of the Financial Institution and did not receive a servicing fee as part of the arrangement. On June 28, 2023, $17.5 of receivables were sold with net proceeds of $17.3. The ARPP was terminated in May 2024, and there were no receivables outstanding as of the date of termination.

Receivables Securitization Program

On May 6, 2024, the Company entered into a three-year $300.0 accounts receivable securitization program (the “Receivables Facility”). Under this program, Fortrea Inc. conveys receivable balances to a wholly-owned, bankruptcy-remote special purpose entity (“SPE”), who in turn, may sell receivables to a third-party financial institution in exchange for cash. The facility is without recourse to the Company or any subsidiaries of the Company, other than with respect to limited indemnity obligations of Fortrea Inc., in respect to the character of the receivables sold and as to the performance of its duties as servicer and a limited performance guaranty by the Company. All unsold accounts receivables held by the SPE are pledged as collateral to secure the collectability of the sold receivables. The Receivables Facility is scheduled to terminate on May 6, 2027, unless terminated earlier pursuant to its terms.

As of December 31, 2024, the Company had sold $300.0 of receivables, which were derecognized from the Company’s consolidated balance sheet, with net proceeds of $297.9, as described in the Accounts Receivable, Unbilled Services and Unearned Revenue section above. Total costs associated with the sale were $12.3 for the year ended December 31, 2024 and are included within selling, general and administrative costs in the consolidated statement of operations for the year ended December 31, 2024. The proceeds related to the Receivables Facility are reflected in cash from operating activities in the consolidated statement of cash flows.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

DISCONTINUED OPERATIONS - Significant Classes of Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Total current assets	$ 0.0	$ 69.1
Current liabilities:
Total current liabilities	$ 0.0	52.5
Discontinued Operations, Disposed of by Sale \| Enabling Services Segment Disposal
Current assets:
Cash and cash equivalents		0.0
Accounts receivable and unbilled services, net		60.4
Prepaid expenses and other		8.7
Total current assets		69.1
Property, plant and equipment, net		40.6
Goodwill, net		276.5
Intangible assets, net		43.1
Other assets, net		8.6
Total assets of discontinued operations		437.9
Current liabilities:
Accounts payable		4.5
Accrued expenses and other current liabilities		17.3
Unearned revenue		28.4
Short-term operating lease liabilities		2.3
Total current liabilities		52.5
Operating lease liabilities		3.7
Other liabilities		27.9
Total liabilities of discontinued operations		$ 84.1

INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Employee compensation and benefits	$ 10.4	$ 12.5
Operating lease liability	5.6	7.8
Acquisition and restructuring reserves	8.4	0.9
Interest expense carryforward	42.9	14.4
Capitalized R&D costs	22.7	24.5
Loss and credit carryforwards, net	7.3	8.3
Other	0.0	2.2
Total gross deferred tax assets	97.3	70.6
Less: valuation allowance	(28.5)	(3.0)
Deferred tax assets, net of valuation allowance	68.8	67.6
Deferred tax liabilities:
Right-of-use asset	(4.1)	(6.6)
Revenue recognition	(8.6)	(6.2)
Intangible assets	(155.1)	(187.5)
Property, plant and equipment	(5.9)	(11.8)
Other accruals	(11.6)	0.0
Total gross deferred tax liabilities	(185.3)	(212.1)
Net deferred tax liabilities	$ (116.5)	$ (144.5)

COMMITMENTS AND CONTINGENT LIABILITIES	12 Months Ended
COMMITMENTS AND CONTINGENT LIABILITIES	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENT LIABILITIES	COMMITMENTS AND CONTINGENT LIABILITIES The Company is involved from time to time in various claims and legal actions arising in the ordinary course of business. These matters may include commercial and contract disputes, employee-related matters, and professional liability claims. In accordance with FASB ASC 450, Contingencies, the Company establishes reserves for claims and legal actions when those matters present loss contingencies that are both probable and estimable. When loss contingencies are not both probable and estimable, the Company does not establish reserves. The outcomes of such proceedings are inherently unpredictable and subject to significant uncertainties. When the Company determines that it has a meritorious defense to any claims asserted, the Company defends itself vigorously; however the Company also considers and enters into discussions regarding settlement of disputes, and may enter into settlement agreements, if in management’s judgment, it is in the best interest of the Company to do so. For the year ended December 31, 2024, the Company recorded legal expenses of $2.2 related to the settlement of legal matters initiated prior to the spin. The Company does not believe that any liabilities resulting from claims and legal actions will have a material effect on its financial condition, results of operations or cash flows. It was previously disclosed that there was an issue in a customer’s trial caused by a third-party vendor not affiliated with the Company. As part of working with this customer, the Company made concessions and provided discounts and other consideration to the customer in the amount of $12.5 as part of a multi-party solution to facilitate the trials, of which $3.8 and $8.7 was recorded as a reduction of revenue for the years ended December 31, 2024 and 2023, respectively. The Company believes that it is in compliance in all material respects with all statutes, regulations, and other requirements applicable to its drug development support services. The drug development industry is, however, subject to extensive regulation, and the courts have not interpreted many of the applicable statutes and regulations. Therefore, the applicable statutes and regulations could be interpreted or applied by a prosecutorial, regulatory, or judicial authority in a manner that would adversely affect the Company. Potential sanctions for violation of these statutes and regulations include significant civil and criminal penalties, fines, the loss of various licenses, certificates and authorizations, and/or additional liabilities from third-party claims. Fortrea obtains insurance coverage for certain catastrophic exposures as well as those risks required to be insured by law or contract. The Company is covered by those policies but is responsible for the uninsured portion of losses related primarily to general, professional and vehicle liability, certain medical costs and workers’ compensation. The self-insured retentions are on a per-occurrence basis without any aggregate annual limit. Provisions for losses expected under these programs are recorded based upon the Company’s estimates of the aggregated liability of claims incurred.

PREFERRED STOCK AND COMMON SHAREHOLDERS’ EQUITY - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,714.1	$ 3,340.0
Amounts reclassified from accumulated other comprehensive loss	(1.5)	(0.4)
Tax effect of adjustments	(0.6)	0.7
Transfers from Former Parent		(2.1)
Ending balance	1,362.4	1,714.1
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(215.5)	(274.8)
Ending balance	(282.9)	(215.5)
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(206.7)	(266.0)
Current year adjustments, before reclassifications	(69.3)	59.3
Ending balance	(276.0)	(206.7)
Net Benefit Plan Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(7.4)	(8.8)
Current year adjustments, before reclassifications	1.1	(0.9)
Tax effect of adjustments	(0.2)	0.2
Transfers from Former Parent		(2.1)
Ending balance	(6.5)	(7.4)
Unrealized Gain (Loss) on Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1.4)	0.0
Current year adjustments, before reclassifications	2.9	(1.5)
Amounts reclassified from accumulated other comprehensive loss	(1.5)	(0.4)
Tax effect of adjustments	(0.4)	0.5
Ending balance	$ (0.4)	$ (1.4)

LEASES - Narrative (Details) - USD ($)	12 Months Ended
LEASES - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Renewal term (up to)	6 years
Short-term lease expense	$ 2,900,000	$ 200,000	$ 0
Sublease income	3,400,000	1,700,000	0.0
Variable lease payments	$ 0	$ 0	$ 0
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	18 years

DEBT - Schedule of Long-Term Debt Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Long-Term Debt, Fiscal Year Maturity [Abstract]
2025	$ 76.0
2026	4.8
2027	25.0
2028	387.5
2029	0.0
Thereafter	648.7
Total scheduled principal payments	1,142.0
Less debt issuance costs	(17.5)
Less current portion	(74.8)	$ (26.1)
Total long-term debt	$ 1,049.7	$ 1,565.9

REVENUES -Schedule of Revenue by Segment and Geography (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 2,696.4	$ 2,842.5	$ 2,837.0
North America
Disaggregation of Revenue [Line Items]
Revenues	1,269.5	1,398.4	1,415.5
Europe
Disaggregation of Revenue [Line Items]
Revenues	800.0	827.5	841.9
Other
Disaggregation of Revenue [Line Items]
Revenues	$ 626.9	$ 616.6	$ 579.6

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY

The Company is authorized to issue up to 265.0 shares of common stock, par value $0.001 per share. The Company is authorized to issue up to 30.0 shares of preferred stock, par value $0.001 per share. There were no preferred shares outstanding as of December 31, 2024 and December 31, 2023.

Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss are as follows:


	Foreign Currency Translation Adjustments		Net Benefit Plan Adjustments		Unrealized Gain (Loss) on Derivative Instruments		Accumulated Other Comprehensive Loss
Balance at December 31, 2022	$	(266.0)	$	(8.8)	$	—	$	(274.8)
Current year foreign exchange adjustments	59.3		—		—		59.3
Current year benefit plan adjustments	—		(0.9)		—		(0.9)
Unrealized loss on derivative instruments	—		—		(1.5)		(1.5)
Amounts reclassified from accumulated other comprehensive loss	—		—		(0.4)		(0.4)
Tax effect of adjustments	—		0.2		0.5		0.7
Transfers from Former Parent	—		2.1		—		2.1
Balance at December 31, 2023	$	(206.7)	$	(7.4)	$	(1.4)	$	(215.5)
Current year foreign exchange adjustments	(69.3)		—		—		(69.3)
Current year benefit plan adjustments	—		1.1		—		1.1
Unrealized gain on derivative instruments	—		—		2.9		2.9
Amounts reclassified from accumulated other comprehensive loss	—		—		(1.5)		(1.5)
Tax effect of adjustments	—		(0.2)		(0.4)		(0.6)
Balance at December 31, 2024	$	(276.0)	$	(6.5)	$	(0.4)	$	(282.9)

EARNINGS (LOSS) PER SHARE (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Reconciliation of Basic Earnings per Share to Diluted Earnings per Share

The following represents the computation of basic and diluted earnings (loss) per share from continuing operations per share.


	Years Ended December 31,
	2024					2023					2022
	Earnings		Shares	Per Share Amount		Earnings		Shares	Per Share Amount		Earnings		Shares	Per Share Amount
Basic and diluted earnings (loss) from continuing operations per share:
Net earnings (loss)	$	(271.5)	89.5	$	(3.03)	$	(31.7)	88.8	$	(0.36)	$	145.9	88.8	$	1.64

The following represents the computation of basic and diluted earnings (loss) per share from discontinued operations per share.


	Years Ended December 31,
	2024					2023					2022
	Earnings		Shares	Per Share Amount		Earnings		Shares	Per Share Amount		Earnings		Shares	Per Share Amount
Basic and diluted earnings (loss) from discontinued operations per share:
Net earnings (loss)	$	(57.0)	89.5	$	(0.64)	$	6.5	88.8	$	0.07	$	40.3	88.8	$	0.45

Schedule of Antidilutive Securities Excluded from Computation

The following table summarizes the potential common shares not included in the computation of diluted earnings per share because their impact would have been antidilutive:


	Years Ended December 31,
	2024	2023	2022
Employee stock options and awards	2.2	0.3	—
Antidilutive employee stock options and awards excluded based on reporting a net loss for the period	0.8	0.3	—

RESTRUCTURING AND OTHER CHARGES (Tables)

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Other Charges

The Company recorded restructuring and other charges as follows:


	Years Ended December 31,
	2024		2023		2022
Restructuring charges	$	45.3	$	21.0	$	23.2
Impairment of facility related assets	4.8		—		2.0
Restructuring charges allocated from Former Parent	—		0.2		0.7
Total	$	50.1	$	21.2	$	25.9

The following represents the Company’s restructuring accrual activities for the periods indicated:


	Severance and Other Employee Costs		Facility Costs		Total
Balance as of December 31, 2022	$	1.8	$	4.5	$	6.3
Restructuring charges	17.4		3.8		21.2

Cash payments and other adjustments	(18.1)		(5.1)		(23.2)
Balance as of December 31, 2023	1.1		3.2		4.3
Restructuring charges	41.2		0.8		42.0
Reduction of prior restructuring accruals	(0.8)		(3.0)		(3.8)
Cash payments and other adjustments	(18.4)		(0.4)		(18.8)
Balance as of December 31, 2024	$	23.1	$	0.6	$	23.7

AUDIT INFORMATION	12 Months Ended
AUDIT INFORMATION	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Raleigh, North Carolina

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)

12 Months Ended

Dec. 31, 2024

Supplemental Cash Flow Elements [Abstract]

Schedule of Supplemental Cash Flow Information


	Years Ended December 31,
	2024		2023		2022
Supplemental schedule of cash flow information:
Cash paid during period for:
Interest	$	109.6	$	45.1	$	0.4
Income taxes, net of refunds	53.7		18.0		27.0
Disclosure of non-cash investing activities:
Change in accrued property, plant and equipment	(0.5)		(1.3)		1.8
Fair value of contingent consideration related to the sale of assets	39.6		—		—
Disclosure of non-cash transfers to (from) Former Parent:
Change in right-of-use lease assets	—		13.9		—
Change in property, plant and equipment net	—		(27.7)		—

DEBT - Narrative (Details) - USD ($)			3 Months Ended	12 Months Ended
DEBT - Narrative (Details) - USD ($)	Jun. 30, 2023	Jun. 27, 2023	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Aggregate principal amount issued				$ 1,640,000,000
Maximum borrowing capacity				450,000,000.0
Repayments of long-term debt				482,700,000	$ 15,400,000	$ 0
Write-off of debt issuance costs			$ 12,200,000	12,200,000	0	0
Proceeds from issuance of senior notes				0	570,000,000.0	0
Proceeds from term loans				0	1,061,400,000	$ 0
Letters of credit outstanding				$ 0
7.5% senior notes due 2030 \| Senior notes
Debt Instrument [Line Items]
Aggregate principal amount issued		$ 570,000,000.0
Stated interest rate		7.50%		7.50%
Proceeds from issuance of senior notes		$ 560,200,000
Current portion of debt, gross				$ 76,000,000.0	0
Secured debt \| Senior secured term loan A due 2028 \| Line of credit
Debt Instrument [Line Items]
Aggregate principal amount issued	$ 500,000,000.0
Repayments of long-term debt				70,200,000
Current portion of debt, gross				$ 0	25,000,000.0
Debt term	5 years
Proceeds from term loans	$ 491,800,000
Effective interest rate				6.71%
Secured debt \| Senior secured term loan B due 2030 \| Line of credit
Debt Instrument [Line Items]
Aggregate principal amount issued	$ 570,000,000.0
Repayments of long-term debt				$ 412,500,000
Current portion of debt, gross				$ 0	5,700,000
Debt term	7 years
Proceeds from term loans	$ 552,900,000
Effective interest rate				8.49%
Revolving credit facility \| Senior secured revolving credit facility \| Line of credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 450,000,000.0
Effective interest rate				6.61%
Line of credit, outstanding balance				$ 0	$ 0
Available borrowing capacity				$ 450,000,000.0
Commitment fee	0.35%
Annual agency fee	$ 100,000
Swingline sub-facility \| Senior secured revolving credit facility \| Line of credit
Debt Instrument [Line Items]
Maximum borrowing capacity	75,000,000.0
Letter of credit \| Senior secured revolving credit facility \| Line of credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 75,000,000.0

INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Statutory U.S. rate	21.00%	21.00%	21.00%
State and local income taxes, net of U.S. Federal income tax effect	5.00%	12.10%	0.80%
Foreign earnings taxed at rates different than the statutory U.S. rate	(1.20%)	(12.60%)	0.90%
Permanent non-deductible items	(0.10%)	(1.20%)	(1.70%)
Changes in valuation allowance	(18.70%)	0.20%	0.00%
Employee benefits	(2.20%)	(5.40%)	(1.10%)
Changes in enacted tax rates	0.00%	0.00%	0.40%
Net tax on U.S. international income inclusions	(1.20%)	(7.10%)	1.60%
Change in uncertain tax positions	0.00%	(1.00%)	0.20%
R&D credit	0.80%	8.60%	(1.20%)
Withholding tax	(0.011)	(0.049)	0.009
BEAT	0.00%	(13.30%)	0.00%
Adjustment to previously capitalized expenses	(2.20%)	0.00%	0.00%
Other	1.20%	(0.20%)	0.20%
Effective rate	1.30%	(3.80%)	22.00%

STOCK COMPENSATION PLANS - Schedule of Stock Option Activity (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares
Number of Options
Outstanding, beginning (in shares) \| shares	800,000
Granted (in shares) \| shares	0
Exercised (in shares) \| shares	0
Cancelled (in share) \| shares	0
Outstanding, ending (in shares) \| shares	800,000
Exercisable (in shares) \| shares	300,000
Weighted-Average Exercise Price per Option
Options, beginning (in dollar per share) \| $ / shares	$ 26.52
Granted (in dollar per share) \| $ / shares	0
Exercised (in dollar per share) \| $ / shares	0
Cancelled (in dollar per share) \| $ / shares	0
Options, ending (in dollar per share) \| $ / shares	26.52
Exercisable (in dollar per share) \| $ / shares	$ 26.52
Stock Options Additional Disclosures
Outstanding, weighted average remaining contractual term	8 years 7 months 6 days
Exercisable, weighted average remaining contractual term	8 years 7 months 6 days
Outstanding, aggregate intrinsic value (in dollar per share) \| $	$ 0.0
Exercisable, aggregate intrinsic value (in dollar per share) \| $	$ 0.0

RESTRUCTURING AND OTHER CHARGES - Schedule of Restructuring and Other Charges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Restructuring charges	$ 45.3	$ 21.0	$ 23.2
Impairment of facility related assets	4.8	0.0	2.0
Restructuring charges allocated from Former Parent	0.0	0.2	0.7
Total	$ 50.1	$ 21.2	$ 25.9

PENSION AND POSTRETIREMENT PLANS

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

PENSION AND POSTRETIREMENT PLANS

Defined Contribution Retirement Plans

The Company has various U.S. defined contribution retirement plans (401K Plans). Under these 401K Plans, employees can contribute a portion of their salary to the plan and the Company makes minimum non-elective contributions and matching contributions, depending on the terms of the specific plan. On January 1, 2021, all of the 401K Plans were modified to provide for 100% match of employee contributions up to 5% of their salary. In addition to the U.S. 401K plans, there are other defined contribution plans outside of the U.S., primarily in the UK, EU and Asia-Pacific regions. Total expense for all defined contribution plans for the years ended December 31, 2024, 2023 and 2022 was $51.4, $53.0 and $50.5 respectively.

Defined Benefit Pension Plans

Company employees participate in a funded defined benefit pension plan in the United Kingdom (the “UK Plan”). The UK Plan provides benefits based on various criteria such as years of service and salary, and is closed to new entrants and the accrual of service credits is as of December 31, 2020.

Net Periodic Benefit Costs

The components of the net periodic benefit costs for the defined benefit pension plans are as follows:


	Years Ended December 31,
	2024		2023		2022
Service cost for benefits earned	$	0.2	$	0.2	$	0.2
Interest cost on benefit obligation	1.7		1.6		1.0
Expected return on plan assets	(1.8)		(1.7)		(2.2)
Net amortization and deferral	0.2		0.2		0.1
Defined-benefit plan costs	$	0.3	$	0.3	$	(0.9)

Service costs are the only component of net periodic benefit costs recorded within operating income.

The amounts recognized in accumulated other comprehensive loss are as follows:


	Years Ended December 31,
	2024		2023		2022
Net actuarial gain (loss) in accumulated other comprehensive loss	$	0.9	$	(1.0)	$	(0.6)

Change in Projected Benefit Obligation

The change in the accumulated benefit obligation as of December 31, 2024 and December 31, 2023, is as follows:


	2024		2023
Balance at beginning of the year	$	37.6	$	32.7
Service cost	0.2		0.2
Interest cost	1.7		1.6
Actuarial (gain) loss	(6.2)		1.9
Benefits and administrative expenses paid	(1.0)		(0.7)
Foreign currency exchange rate changes	(0.5)		1.9
Balance at end of the year	$	31.8	$	37.6

Change in Fair Value of Plan Assets

The change in plan assets as of December 31, 2024 and December 31, 2023, is as follows:


	2024		2023
Balances at beginning of the year	$	36.4	$	30.7
Business contributions	2.0		2.3
Actual return on plan assets	(3.9)		2.4
Benefits and administrative expenses paid	(1.0)		(0.7)
Foreign currency exchange rate changes	(0.6)		1.7
Fair value of plan assets at end of year	$	32.9	$	36.4

Change in Funded Status and Reconciliation of Amounts Recorded in the Balance Sheet

The change in the funded status of the plan and a reconciliation of such funded status to the amounts reported in the balance sheet as of December 31, 2024 and December 31, 2023, is as follows:


	2024		2023
Funded status	$	1.1	$	(1.2)

Recorded as:
Other assets	$	1.1	$	—
Other liabilities	—		(1.2)

Assumptions

Weighted average assumptions used to determine net periodic benefit costs are as follows:


	Years Ended December 31,
	2024		2023		2022
Discount rate	4.5	%	4.9	%	1.9	%
Salary increases	N/A		N/A		N/A
Expected long term rate of return	4.8	%	5.5	%	4.0	%
Cash balance interest credit rate	N/A		N/A		N/A

A one percentage point decrease or increase in the discount rate would have resulted in no respective increase or decrease in 2024 retirement plan expense.

Weighted average assumptions used to determine net periodic benefit obligations are as follows:


	Years Ended December 31,
	2024		2023
Discount rate	5.5	%	4.5	%
Salary increases	N/A		N/A

The discount rate is determined using the weighted-average yields on high-quality fixed income securities that have maturities consistent with the timing of benefit payments. Lower discount rates increase the size of the benefit obligation and generally increase pension expense in the following year; higher discount rates reduce the size of the benefit obligation and generally reduce subsequent-year pension expense.

The expected return on plan assets is the estimated long-term rate of return that will be earned on the investments used to fund the pension obligations. To determine this rate, the Company considers the composition of plan investments, historical returns earned, and expectations about the future. Actual asset over or under performance compared to expected returns will respectively decrease or increase unrecognized loss. The change in the unrecognized loss will change amortization cost in upcoming periods. A one percentage point increase or decrease in the expected return on plan assets would have resulted in a corresponding change in pension expense of $0.4 in 2024.

The Company evaluates other assumptions periodically, such as retirement age, mortality and turnover, and updates them as necessary to reflect the Company's actual experience and expectations for the future. Differences between actual results and assumptions utilized are recorded in accumulated other comprehensive loss each period. These differences are amortized into earnings over the remaining average future service of active participating employees or the expected life of inactive participants, as applicable.

Plan Assets

The fair values of the assets at December 31, 2024 by asset category are as follows:


Asset Category	Level of Valuation Input	Fair Value		Investments valued using NAV per share		Total 2024
Cash and cash equivalents	Level 1	$	0.9	$	—	$	0.9
Annuities	Level 3	9.1		—		9.1
Pooled investment funds		—		22.9		22.9
Total fair value		$	10.0	$	22.9	$	32.9

The fair values of the assets at December 31, 2023, by asset category is as follows:


Asset Category	Level of Valuation Input	Fair Value		Investments valued using NAV per share		Total 2023
Cash and cash equivalents	Level 1	$	0.3	$	—	$	0.3
Annuities	Level 3	10.7		—		10.7
Pooled investment funds		—		25.4		25.4
Total fair value		$	11.0	$	25.4	$	36.4

The fair market value of index funds and pooled investment funds are valued using the net asset value (NAV) unit price provided by the fund administrator. The NAV is based on the value of the underlying assets owned by the fund. The fair value of annuity investments is based on discounted cash flow techniques using unobservable valuation inputs such as discount rates and actuarial mortality tables.


Fair Value Measurement of Level 3 Pension Assets	Annuities
Balance at December 31, 2022	$	10.0
Actual return on plan assets	0.7
Balance at December 31, 2023	$	10.7
Actual return on plan assets	(1.6)
Balance at December 31, 2024	$	9.1

Investment Policies

Plan fiduciaries of various plans set investment policies and strategies, based on consultation with professional advisors, and oversee investment allocation, which includes selecting investment managers and setting long-term strategic targets. The primary strategic investment objectives are balancing investment risk and return and monitoring the plan’s liquidity position in order to meet the near-term benefit payment and other cash needs. Target allocation percentages are established at an asset class level by plan fiduciaries. Target allocation ranges are guidelines, not limitations, and occasionally plan fiduciaries will approve allocations above or below a target range.

The weighted average asset allocation of the plan assets by asset category is as follows:


	December 31, 2024
Equity securities	7.3	%
Debt securities	62.2	%
Annuities	27.8	%
Real estate	—	%
Other	2.7	%

The weighted average target asset allocation of the plan assets is as follows:


	December 31, 2024
Equity securities	5.0%	to	15.0%
Debt securities	55.0%	to	65.0%
Annuities	25.0%	to	35.0%
Real estate	—%	to	10.0%
Other	—%	to	5.0%

Pension Funding and Cash Flows

The Company expects to make approximately $1.9 in required contributions to its defined benefit pension plans during 2025. The Company targets funding the minimum required contributions but may make additional contributions into the pension plans in 2025, depending upon factors such as how the funded status of those plans change or to reduce the administrative costs of the plan.

The estimated benefit payments, which were used in the calculation of projected benefit obligations, are expected to be paid as follows:


2025	$	1.2
2026	1.3
2027	1.7
2028	1.6
2029	1.6
Years 2030 to 2034	$	10.0

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

EARNINGS (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

EARNINGS (LOSS) PER SHARE

On June 30, 2023, the Separation from Labcorp was effected through a pro-rata distribution of one share of the Company’s common stock for every share of Labcorp common stock held at the close of business on the record date of June 20, 2023. As a result, on June 30, 2023, the Company had 88.8 shares of common stock outstanding. This share amount is being utilized for the calculation of basic earnings per share for all periods presented through the Separation date. As of the Separation date, actual outstanding shares are used to calculate basic weighted average common shares outstanding. Basic earnings per share is computed by dividing net earnings attributable to the Company by the weighted average number of common shares outstanding. Diluted earnings per share is computed by dividing net earnings including the impact of dilutive adjustments by the weighted average number of common shares outstanding plus potentially dilutive shares, as if they had been issued at the earlier of the date of issuance or the beginning of the period presented. Potentially dilutive common shares result primarily from the Company’s outstanding stock options, restricted stock awards, restricted stock units (“RSUs”), and performance share awards.

The following represents the computation of basic and diluted earnings (loss) per share from continuing operations per share.


	Years Ended December 31,
	2024					2023					2022
	Earnings		Shares	Per Share Amount		Earnings		Shares	Per Share Amount		Earnings		Shares	Per Share Amount
Basic and diluted earnings (loss) from continuing operations per share:
Net earnings (loss)	$	(271.5)	89.5	$	(3.03)	$	(31.7)	88.8	$	(0.36)	$	145.9	88.8	$	1.64

The following represents the computation of basic and diluted earnings (loss) per share from discontinued operations per share.


	Years Ended December 31,
	2024					2023					2022
	Earnings		Shares	Per Share Amount		Earnings		Shares	Per Share Amount		Earnings		Shares	Per Share Amount
Basic and diluted earnings (loss) from discontinued operations per share:
Net earnings (loss)	$	(57.0)	89.5	$	(0.64)	$	6.5	88.8	$	0.07	$	40.3	88.8	$	0.45

Diluted earnings per share represent the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. These potential shares include dilutive stock options and unissued restricted stock awards. Potential common shares are also considered antidilutive in the event of a net loss from operations. There were no dilutive common shares for any period presented as the inclusion would be antidilutive.

The following table summarizes the potential common shares not included in the computation of diluted earnings per share because their impact would have been antidilutive:


	Years Ended December 31,
	2024	2023	2022
Employee stock options and awards	2.2	0.3	—
Antidilutive employee stock options and awards excluded based on reporting a net loss for the period	0.8	0.3	—

GOODWILL AND INTANGIBLE ASSETS - Components of Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,164.3	$ 1,183.7
Accumulated Amortization	(508.6)	(455.6)
Net Carrying Amount	655.7	728.1
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,124.1	1,143.5
Accumulated Amortization	(469.4)	(420.1)
Net Carrying Amount	654.7	723.4
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	27.7	27.7
Accumulated Amortization	(27.3)	(24.5)
Net Carrying Amount	0.4	3.2
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	12.5	12.5
Accumulated Amortization	(11.9)	(11.0)
Net Carrying Amount	$ 0.6	$ 1.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

SUBSEQUENT EVENTS (Details)	Mar. 31, 2027	Dec. 31, 2026	Sep. 30, 2026	Jun. 30, 2026	Sep. 30, 2025
Forecast \| Secured debt \| Line of credit
Subsequent Event [Line Items]
Leverage ratio	5.30	5.50	5.75	6.00	5.30

LEASES - Schedule of Maturity of Operating Leases (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Operating Lease
2025	$ 16.5
2026	12.4
2027	8.9
2028	8.2
2029	7.8
Thereafter	46.1
Total lease payments	99.9
Less imputed interest	(25.9)
Less current portion	(13.4)	$ (17.2)
Total maturities, due beyond one year	$ 60.6	$ 62.8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Financial Statement Presentation

Prior to June 30, 2023, Fortrea existed and functioned as part of the consolidated business of Former Parent. The Company’s financial statements for periods through the Spin reflect the historical financial position, results of operations and cash flows of the Company, for the periods presented, prepared on a “carve-out” basis and have been derived from the consolidated financial statements and accounting records of Labcorp using the historical results of operations and historical basis of assets and liabilities of the Company, and reflect Labcorp’s net investment in the Company. The consolidated financial statements subsequent to June 30, 2023 reflect the financial position, results of operations, and cash flows of Fortrea as a standalone company, whereas all prior periods included consolidated and combined financial statements. The Company’s consolidated and combined financial statements for all periods presented are referred to throughout this document as “financial statements.”

The Company’s financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The financial statements do not necessarily reflect what the financial position, results of operations, and cash flows would have been had it operated as a standalone company during the prior periods presented.

The consolidated and combined statements of operations include all revenues and costs directly attributable to Fortrea’s business. The combined statements of operations for prior periods also include costs for certain centralized functions and programs provided and administered by Labcorp that were allocated to Fortrea. These centralized functions and programs include, but are not limited to legal, tax, treasury, risk management, sales expenses, information technology, human resources, finance, supply chain, executive leadership and stock-based compensation.

These expenses were allocated to Fortrea based on direct usage when identifiable or, when not directly identifiable, on the basis of proportional net revenues or headcount or another reasonable driver, as applicable. Fortrea considers the basis on which the expenses have been allocated to reasonably reflect the utilization of services provided to, or the benefit received by, Fortrea during the prior periods presented. However, the allocations may not reflect the expenses Fortrea would have incurred as an independent company for the prior periods presented and may not be representative of future expenses that may be incurred. Actual costs that may have been incurred if Fortrea had been a standalone company would depend on a number of factors, including, but not limited to, the organizational structure, whether functions were outsourced or performed by employees, and strategic decisions made in areas such as information technology and infrastructure. For a period following the Spin some of these functions are provided by Labcorp.

As of December 31, 2022, a Former Parent investment is shown in lieu of common stock and retained earnings accounts in the combined financial statements. The total net effect of the settlement of the transactions between the Company and Labcorp, exclusive of those historically settled in cash, is reflected in the combined statements of cash flows in cash flows from financing activities as net transfers to Former Parent.

All intercompany transactions within the Company have been eliminated. All transactions between the Company and Former Parent have been included in these consolidated and combined financial statements. The Former Parent investment and all due from or due to Former Parent were settled at the time of the Spin. Refer to Note 19, “Transactions with Former Parent” for further information.

Reclassification

Certain previously reported amounts have been reclassified to conform to the current year presentation.

During the quarter ended March 31, 2024, a change in basis of presentation was made to include information technology costs and certain facility costs in selling, general and administrative expenses to improve comparability of costs against peer companies in the clinical research industry. As a result, the Company reclassified $152.1 and $175.7 from direct costs, exclusive of depreciation and amortization, to selling, general and administrative expenses, exclusive of depreciation and amortization in the consolidated and combined statement of operations for the years ended December 31, 2023 and December 31,2022, respectively, relating to information technology costs and certain facility costs. There is no impact on total operating expenses, operating income or net income during the years ended December 31, 2023 and December 31, 2022. Direct costs include payroll and related benefits for project-related employees, pass through costs, facility costs related to phase I clinics and other direct costs from the Transition Services Agreement with Labcorp. Selling, general and administrative expenses consist primarily of administrative payroll and related benefit charges, information technology costs, other facility charges, advertising and promotional expenses, administrative travel and credit loss provisions.

Additionally, the Company reclassified $0.1 from other, net to interest expense in the consolidated and combined statement of operations for the year ended December 31, 2023.

Restatement of Prior Period Financial Statements

In connection with the preparation of the Company’s financial statements for the quarter ended March 31, 2024, the Company identified errors impacting previously reported financial information, including to periods prior to the June 30, 2023 Spin. The errors consisted primarily of a goodwill impairment charge as a result of an incorrect carrying value used in the Company’s impairment calculation, a reduction in revenue due to the misstatement in the amount of the ultimate resolution of a customer matter, an understatement of expense accruals allocated from Former Parent prior to spin, and an understatement of depreciation expense associated with certain projects that were not depreciated in a timely manner.

Management assessed the materiality of the errors, including the presentation of prior period consolidated financial statements, on a qualitative and quantitative basis in accordance with SEC Staff Accounting Bulletin No. 99, Materiality, codified in Accounting Standards Codification (“ASC”) Topic 250, Accounting Changes and Error Corrections. Based on this assessment, the Company concluded that these errors and the related impacts did not result in a material misstatement of the previously issued consolidated and combined financial statements as of and for the fiscal years ended December 31, 2022 and 2023, and the previously issued unaudited condensed consolidated and combined interim financial statements for the quarters ended March 31, June 30, and September 30, 2023. However, correcting the cumulative effect of these errors in the first quarter of 2024 would have had a significant effect on the results of operations for that period.

Therefore, the relevant prior periods’ financial statements and related footnotes, for these and other immaterial errors for comparative purposes, have been corrected.

A summary of the corrections to the impacted financial statement line items from the previously issued financial statements are presented in Note 22, “Immaterial Financial Restatement and Reclassifications to Prior Period Financial Statements.”

Use of Estimates

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 revenue recognition, deferred tax assets, restructuring reserves, stock based compensation, valuation of goodwill and intangibles, amortization lives for acquired intangible assets, and the fair values of assets acquired and liabilities assumed in business combinations. Actual results could materially differ from those estimates.

Recognition of Revenues

The Company provides phase I through phase IV clinical development services to pharmaceutical, biotechnology, and medical device companies worldwide. A majority of the Company’s revenues are earned under contracts that are long term in nature, ranging in duration from a few months to many years. The majority of the Company's contracts contain a single performance obligation, as the Company provides a significant service of integrating all promises in the contract and the promises are highly interdependent and interrelated with one another. For contracts that include multiple performance obligations, the Company allocates the contract value to the goods and services proportionately based on the determined stand-alone selling price. The Company uses an observable price, typically a price list. If a price list is not available, the Company will estimate the stand-alone selling price using either market prices or an “expected cost plus margin” approach. The total contract value is estimated at the beginning of the contract and is equal to the amount expected to be billed to the customer. Other payments and billing adjustments may also factor into the calculation of total contract value, such as the reimbursement of out-of-pocket costs and volume-based rebates. These contracts generally take the form of fixed-price, fee-for-service or software-as-a-service arrangements subject to pricing adjustments based on changes in scope.

Fixed-price contracts are typically recognized as revenue over time based on a proportional-performance basis, using either input or output methods that are specific to the service provided. In an output method, revenue is determined by dividing the actual units of output achieved by the total units of output required under the contract and multiplying that percentage by the total contract value. When using an input method, revenue is recognized by dividing the actual costs incurred by the total estimated cost expected to complete the contract and multiplying that percentage by the total contract value. Contract costs principally include direct labor and reimbursable out-of-pocket costs. The estimate of total costs expected to complete the contract requires significant judgment and estimates are based on various assumptions of events that often span several years. These estimates are reviewed periodically and any adjustments are recognized on a cumulative catch-up basis in the period they become known.

Fee-for-service contracts are typically priced based on transaction volume or time and materials. For volume-based contracts the contract value is entirely variable and revenue is recognized as the specific product or service is completed. For services billed based on time and materials, revenue is recognized using the right to invoice practical expedient.

Software as a service (“SaaS”) arrangements represent a single promise to provide continuous access to a hosted software platform. As each day of providing access to the platform is substantially the same, and the customer simultaneously receives and consumes the benefits as access is provided, the Company recognizes revenue using an output method based on time elapsed, which is on a straight-line basis over the course of the contracted SaaS hosting period.

Contracts are often modified to account for changes in contract specifications and requirements. Generally, when contract modifications create new performance obligations, the modification is considered to be a separate contract and revenue is recognized prospectively. When contract modifications change existing performance obligations, the impact on the existing transaction price and measure of progress for the performance obligation to which it relates is generally recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis.

Most contracts are terminable with or without cause by the customer, either immediately or upon notice. These contracts typically require payment to the Company of expenses to wind-down the study or project, fees earned to date and, in some cases, a termination fee or a payment to the Company of some portion of the fees or profits that could have been earned by the Company under the contract if it had not been terminated early. Termination fees are included in revenues when services are performed and realization is assured.

Contract costs

The Company incurs sales commissions in the process of obtaining contracts with customers, which are recoverable through the service fees in the contract. Sales commissions that are payable upon contract award are recognized as assets and amortized over the expected contract term, along with the related payroll tax expense. The amortization of commission expense is based on the weighted average contract duration for all commissionable awards in the respective business in which the commission expense is paid, which approximates the period over which goods and services are transferred to the customer. The amortization period of sales commissions ranges from approximately 1 to 4 years, depending on the business. For short-term contracts, the Company applies the practical expedient which allows costs to obtain a contract to be expensed when incurred if the amortization period of the assets that would otherwise have been recognized is one year or less. Amortization of assets from sales commissions is included in selling, general, and administrative expense.

The Company incurs costs to fulfill contracts with customers, which are recoverable through the service fees in the contract. Contract fulfillment costs include software implementation costs and setup costs for certain services. These costs are recognized as assets and amortized to direct costs over the expected term of the contract to which the implementation relates, which is the period over which services are expected to be provided to the customer. This period typically ranges from 2 to 5 years.

Accounts Receivable, Unbilled Services and Unearned Revenue

Differences in the timing of revenue recognition and associated billing and cash collections result in recording accounts receivable, unbilled services and unearned revenue in the consolidated and combined balance sheets. Payments received in advance of services being provided are contract liabilities recognized as unearned revenue. Revenue recognized in advance of billing is recognized as unbilled services. Once a customer is invoiced, the contract asset is reduced for the amount billed, and a corresponding accounts receivable is recognized. All contract assets are billable to customers within one year from the respective balance sheet date.

Allowance for Credit Losses

The Company maintains current receivable amounts with most of its customers. Fluctuations in accounts receivable, net are attributable to a variety of factors including, but not limited to, the timing of cash receipts from customers, the Company’s assessment of collectability and corresponding provision for bad debt expense and the inception, transition, modification or termination of customer relationships. The Company regularly monitors and assesses its risk of not collecting amounts owed by customers. This evaluation is based upon an analysis of current and past due amounts, along with relevant history and facts particular to the customer and the evaluation of the recoverability of amounts due. The Company records its allowance for credit losses based on the results of this analysis. The analysis requires the Company to make significant estimates and, as such, changes in facts and circumstances could result in material changes in the allowance for credit losses.

Reimbursed Expenses

The Company is reimbursed by its customers for certain costs, including fees paid to principal investigators and for other out-of-pocket costs (such as travel expenses for the Company’s clinical monitors). The Company includes these costs in total operating expenses, and the related reimbursements result in revenue, as the Company is the principal in the applicable arrangements and is responsible for fulfilling the promise to provide the specified services.

Costs and Expenses

Direct costs include payroll and related benefits for project-related employees, reimbursable expenses (pass through costs), transition services agreement costs, information technology costs and other direct costs. Selling, general and administrative expenses consist primarily of administrative payroll and related benefit charges, transition services agreement costs, information technology costs, other facility charges, advertising and promotional expenses, and administrative travel.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable and unbilled services.

The Company maintains cash and cash equivalents with various major financial institutions. These financial institutions are generally highly rated and geographically dispersed. The Company evaluates the relative credit standing of these financial institutions and has not sustained credit losses from instruments held at financial institutions.

Substantially all of the Company’s accounts receivable and unbilled services are with companies in the pharmaceutical, biotechnology and medical device industries. As of December 31, 2024, two pharmaceutical customers accounted for approximately 22.2% and 13.8% of the Company’s combined gross accounts receivable and unbilled services. As of December 31, 2023, two pharmaceutical customers accounted for approximately 17.0% and 11.2% of the Company's combined gross accounts receivable and unbilled services. Additionally, for the year ended December 31, 2024, two customers accounted for approximately 14.3% and 10.5% of revenue, for the year ended December 31, 2023, two customers accounting for approximately 11.6% and 11.4% of revenue, and for the year ended December 31, 2022, no customer accounted for more than 10% of revenues. Concentrations of credit risk are mitigated due to the number of the Company’s customers as well as their dispersion across many different geographic regions. Additionally, the Company applies assumptions and judgments, including historical collection experience and reasonable and supportable forecasts, for assessing collectability and determining allowances for doubtful accounts.

Stock Compensation Plans

Certain employees participate in the stock compensation plans sponsored by Fortrea. The Company’s stock compensation awards consist of stock options, restricted stock unit awards and performance share awards and are based on its common shares. Compensation expense for all stock-based employee grants are recognized based on the fair value of the Company`s shares on the date of grant. Stock-based compensation expense is recognized net of an estimated forfeiture rate on a straight-line basis over the requisite service period of the award. The estimation of equity awards that will ultimately vest requires judgment, and the Company considers many factors when estimating expected forfeitures, including types of awards and historical experience. Forfeitures are recognized as a reduction of compensation expense in earnings in the period in which they occur. The consolidated and combined statements of operations also include an allocation of the Former Parent’s corporate and shared employee stock-based compensation expenses. See Note 15, “Stock Compensation Plans” for additional information.

Cash Equivalents

Cash and cash equivalents consist of highly liquid instruments, such as commercial paper, time deposits, and other money market instruments, which have maturities when purchased of three months or less.

Property, Plant and Equipment


	Years
Buildings and building improvements	10	-	40
Machinery and equipment	5	-	10
Furniture and fixtures	3	-	10
Software	3	-	10

Leasehold improvements are amortized over the shorter of their estimated useful lives or the term of the related leases. Expenditures for repairs and maintenance are expensed as incurred. Retirements, sales and other disposals of assets are recorded by removing the cost and accumulated depreciation from the related accounts with any resulting gain or loss reflected in the consolidated and combined statements of operations.

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. If the carrying value is no longer recoverable based upon the undiscounted future cash flows of the asset, the amount of the impairment is the difference between the carrying amount and the fair value of the asset.

Capitalized Software Costs

The Company capitalizes purchased software that is ready for service and capitalizes software development costs incurred on significant projects starting from the time that the preliminary project stage is completed and the Company commits to funding a project until the project is substantially complete and the software is ready for its intended use. Other computer software maintenance costs related to software development are expensed as incurred. Capitalized software costs are amortized using the straight-line method over the estimated useful life of the underlying system ranging from three to ten years, generally five years. Amortization begins once the underlying system is substantially complete and ready for its intended use.

Cloud Computing Arrangements

The Company defers costs incurred with the implementation of a cloud computing arrangement that is a service contract, consistent with its policy for software developed or obtained for internal use. Deferred cloud computing arrangement implementation costs are amortized using the straight-line method over the remaining term of the related hosting contract. As of December 31, 2024 the Company has a current asset of $2.5 included in prepaid expenses and other and a non-current asset of $18.7 included in other assets, net in the consolidated balance sheets that have been deferred in conjunction with implementations. There were no deferred costs for cloud computing arrangements as of December 31, 2023.

Goodwill

The Company assesses goodwill for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of goodwill may not be recoverable. The annual impairment test for goodwill includes an option to perform a qualitative assessment of whether it is more likely than not that a reporting unit's fair value is less than its carrying value. Reporting units are businesses with discrete financial information that is available and reviewed by management. If the Company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then the Company performs a quantitative goodwill impairment test. The Company may also choose to bypass the qualitative assessment for any reporting unit in its goodwill assessment and proceed directly to performing the quantitative assessment. The Company recognizes an impairment charge for the amount by which the reporting unit's carrying amount exceeds its fair value.

In the qualitative assessment, the Company considers relevant events and circumstances for each reporting unit, including (i) current year results, (ii) financial performance versus management’s annual and five-year strategic plans, (iii) changes in the reporting unit carrying value since prior year, (iv) industry and market conditions in which the reporting unit operates, (v) macroeconomic conditions, including discount rate changes, and (vi) changes in products or services offered by the reporting unit. If applicable, performance in recent years is compared to forecasts included in prior quantitative valuations. Based on the results of the qualitative assessment, if the Company concludes that it is not more likely than not that the fair value of the reporting unit is less than its carrying values of the reporting unit, then no quantitative assessment is performed.

The quantitative assessment includes the estimation of the fair value of each reporting unit as compared to the carrying value of the reporting unit. The Company estimates the fair value of a reporting unit using both income-based and market-based valuation methods. The income-based approach is based on the reporting unit's forecasted future cash flows that are discounted to the present value using the reporting unit's weighted average cost of capital. For the market-based approach, the Company utilizes a number of factors such as operating results, business plans, market multiples, and present value techniques. Based upon the range of estimated values developed from the income and market-based methods, the Company determines the estimated fair value for the reporting unit. If the estimated fair value of the reporting unit exceeds the carrying value, the goodwill is not impaired and no further review is required.

Goodwill is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. Recoverability of assets to be held and used is determined by the Company at the level for which there are identifiable cash flows, by comparison of the carrying amount of the assets to future undiscounted net cash flows before interest expense and income taxes expected to be generated by the assets. Impairment, if any, is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets (based on market prices in an active market or on discounted cash flows). Assets to be disposed of are reported at the lower of the carrying amount or fair value.

Management performed its annual goodwill impairment testing as of October 1, 2024. Based upon the results of the quantitative assessment, the Company concluded that the fair values of each of its reporting units were greater than the carrying values.

Intangible Assets

Intangible assets are amortized on a straight-line basis over the expected periods to be benefited, as set forth in the table below.


	Years
Customer relationships	9	-	25
Technology	2	-	13
Non-compete agreements	3	-	5

Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. If the carrying value is no longer recoverable based upon the undiscounted future cash flows of the asset, the amount of the impairment is the difference between the carrying amount and the fair value of the asset.

Leases

All leases with a lease term greater than 12 months, regardless of lease type classification, are recorded as an obligation on the balance sheet with a corresponding right-of-use asset. Leases are reflected as liabilities on the commencement date of the lease based on the present value of the lease payments to be made over the lease term. Right-of-use assets are valued at the initial measurement of the lease liability, plus any initial direct costs or rent prepayments, minus lease incentives and any deferred lease payments. The classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease.

A certain number of these leases contain rent escalation clauses either fixed or adjusted periodically for inflation or market rates that are factored into the Company's determination of lease payments. As most of the Company's leases do not provide an implicit rate, the Company estimates an incremental borrowing rate based on the credit quality of the Company and by comparing interest rates available in the market for similar debt financing, and adjusting this amount based on the impact of collateral over the term of each lease. The Company uses this rate to discount payments to present value. Some operating leases contain renewal options, some of which also include options to early terminate the leases. The exercise of these options is at the Company's discretion and the Company evaluates each renewal option to determine if it is reasonably possible to be exercised and should be included in the accounting lease term. See Note 8, “Leases” to the consolidated and combined financial statements.

Restructuring

Restructuring charges consist primarily of severance and facility charges, including right-of-use asset impairments. The Company evaluates the nature of these costs to determine if they relate to ongoing benefit arrangements which are accounted for under ASC 712, Compensation - Nonretirement Postemployment Benefits, or one-time benefit arrangements which are accounted for under ASC 420, Exit or Disposal Cost Obligations. The Company records a liability for ongoing employee termination benefits when it is probable that an employee is entitled to the benefit and the amount can be reasonably estimated. One-time employee termination costs are recognized upon notification to the impacted employees, unless future service is required, in which case the costs are recognized ratably over the future service period. All other related costs are recognized when incurred.

Income Taxes

During the periods prior to 2023, the operations of the Company were included in the consolidated U.S. federal, certain state and local, and foreign income tax returns filed by Labcorp. In 2023, for U.S. federal and state purposes, the Company was included in the tax returns filed by Labcorp for the period prior to the Spin. For the periods after the Spin, the Company will file its U.S. federal and state filings as a separate taxpayer. The Company filed its foreign income tax returns for 2023 inclusive of activity for the entire year. The income tax provision in the combined financial statements for the year ended December 31, 2022 was calculated using the separate return basis, as if the Company was a separate taxpayer for the full year. For the year ended December 31, 2023, the activity prior to the Spin was calculated on a carve-out basis while the post Spin period was based on as-reported amounts. For the year ended December 31, 2024, the income tax provision was calculated based on full year, as-reported amounts. The provision for income taxes is determined using the asset and liability approach. Under this approach, deferred income taxes represent the expected future tax consequences of temporary differences between the carrying amounts and tax basis of assets and liabilities. The Company records a valuation allowance to reduce its deferred tax assets when uncertainty regarding their realizability exists. The Company recognizes and measures its uncertain tax positions based on the rules under Accounting Standards Codification (“ASC”) 740, “Income Taxes”. Interest and penalties related to these unrecognized tax benefits are reported in income tax expense.

Derivative Financial Instruments

The Company addresses its exposure to market risks, principally the market risk associated with changes in interest rates and currency exchange rates, through a program of risk management that includes, from time to time, the use of derivative financial instruments. The Company does not hold or issue derivative financial instruments for trading purposes. The Company does not believe that its exposure to market risk is material to the Company’s financial position or results of operations.

Foreign currency forward contracts, which are used by the Company to hedge the Company’s foreign currency exposure, are accounted for at fair value. These contracts are short-term in nature and are not designated hedging instruments; therefore changes in the fair value of the Company’s foreign currency forward contracts are recognized directly in earnings. Cash flows from the foreign currency forward contracts are included in operating activities.

Fair Value of Financial Instruments

Fair value measurements for financial assets and liabilities are determined based on the assumptions that a market participant would use in pricing an asset or liability. A three-tiered fair value hierarchy draws distinctions between market participant assumptions based on (i) observable inputs such as quoted prices in active markets (Level 1), (ii) inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2), and (iii) unobservable inputs that require the Company to use present value and other valuation techniques in the determination of fair value (Level 3).

The carrying amounts of cash and cash equivalents, accounts receivable, income taxes receivable, and accounts payable are considered to be representative of their respective fair values due to their short-term nature.

Foreign Currencies

For subsidiaries outside of the U.S. that operate in a local currency environment, income and expense items are translated to U.S. dollars at the monthly average rates of exchange prevailing during the period, assets and liabilities are translated at period-end exchange rates and equity accounts are translated at historical exchange rates. Translation adjustments are accumulated in a separate component of equity in the balance sheets and are included in the determination of comprehensive income in the combined statements of comprehensive income (loss) and combined statements of changes in equity. Transaction gains and losses are included in the determination of net income in the consolidated and combined statements of operations.

Earnings Per Share

Basic earnings per share is computed by dividing net earnings by the weighted average number of common shares outstanding. Diluted earnings per share is computed by dividing net earnings including the impact of dilutive adjustments by the weighted average number of common shares outstanding plus potentially dilutive shares, as if they had been issued at the earlier of the date of issuance or the beginning of the period presented. Potentially dilutive common shares result primarily from the Company’s stock options, restricted stock units, and performance share awards.

Recently Issued and Adopted Accounting Standards

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, to improve reportable segment disclosure requirements. The new guidance requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included in the reported measure of segment profit or loss. It does not change the definition of a segment or the guidance for determining reportable segments. The Company has adopted this ASU, see Note 21, “Business Segment Information.” The adoption of this standard did not have a material impact on the Company’s results of operations, financial position or cash flows.

In December 2023, the FASB issued guidance to require qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, among others, in order to enhance the transparency of income tax disclosures, including consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid by jurisdiction. This guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied prospectively; however, retrospective application is also permitted. The Company is currently evaluating the impact this guidance will have on its financial statement disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), Disaggregation of Income Statement Expenses. The new guidance requires disclosure of certain costs and expenses in the notes to the financial statements. This guidance is effective for fiscal years beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The disclosures required under the guidance can be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all periods presented in the financial statements. The Company is currently evaluating the impact this guidance will have on its financial statement disclosures.

PENSION AND POSTRETIREMENT PLANS - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Employer matching contribution, percent of match	100.00%
Employee contribution, percent	5.00%
Defined contribution plan, expense	$ 51,400,000	$ 53,000,000.0	$ 50,500,000
Effect of one percentage point increase in benefit cost components	0
Effect of one percentage point decrease in benefit cost components	0
Effect of one percentage point increase in expected return on plan assets	400,000
Effect of one percentage point decrease in expected return on plan assets	400,000
Expected future employer contributions, next fiscal year	$ 1,900,000

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

The components of accrued expenses and other current liabilities are as follows:


	December 31, 2024		December 31, 2023
Employee compensation and benefits	$	90.6	$	107.8
Accrued pass through expenses	140.5		117.7
Accrued taxes	52.7		60.0
Accrued restructuring	23.7		1.9
Accrued interest	23.3		22.5
Other	39.0		25.6
	$	369.8	$	335.5

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income (loss)	$ (328.5)	$ (25.2)	$ 186.2

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Gain (Loss) for Derivative Contracts Not Designated as Hedges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Foreign currency Forward contracts \| Foreign exchange gain (loss)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) on Derivatives Recognized in Earnings	$ (2.0)	$ (0.8)	$ 0.0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Property, Plant and Equipment (Details)	Dec. 31, 2024
Buildings and building improvements \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years
Buildings and building improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	40 years
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years
Software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Software \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Software \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years

PENSION AND POSTRETIREMENT PLANS - Schedule of Expected Benefit Payments (Details) $ in Millions	Dec. 31, 2024 USD ($)
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2025	$ 1.2
2026	1.3
2027	1.7
2028	1.6
2029	1.6
Years 2030 to 2034	$ 10.0

PENSION AND POSTRETIREMENT PLANS - Schedule of Net Funded Status (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Funded status	$ 1.1	$ (1.2)
Other assets
Defined Benefit Plan Disclosure [Line Items]
Funded status	1.1	0.0
Other liabilities
Defined Benefit Plan Disclosure [Line Items]
Funded status	$ 0.0	$ (1.2)

STOCK COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity


	Number of Options	Weighted-Average Exercise Price per Option		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at December 31, 2023	0.8	$	26.52
Granted	—	—
Exercised	—	—
Cancelled	—	—
Outstanding at December 31, 2024	0.8	$	26.52	8.6 years	$	—
Exercisable at December 31, 2024	0.3	$	26.52	8.6 years	$	—

Schedule of Fair Value Estimates

The following table shows the weighted average grant-date fair values of options issued in 2023 (no options were issued in 2024) and the weighted average assumptions that the Company used to develop the fair value estimates:


	Year Ended December 31, 2023
Weighted-average grant date fair value per option	$	12.51
Weighted-average expected life (in years)	6.3
Risk free interest rate	4.4		%
Expected volatility	40.4		%
Expected dividend yield	—		%

Schedule of Restricted Stock Units and Performance Shares

The following table shows a summary of RSU and performance share award activity for the year ended December 31, 2024:


	Number of Shares		Weighted-Average Grant Date Fair Value
	Restricted Stock Units	Performance Shares	Restricted Stock Units		Performance Shares





Outstanding at December 31, 2023	3.6	0.1	$	28.24	$	43.78

Granted	1.1	0.1	37.57		43.68
Vested	(1.1)	(0.1)	33.17		48.89
Forfeited	(0.4)	—	33.07		—
Outstanding at December 31, 2024	3.2	0.1	$	29.10	$	41.55

Schedule of Share-Based Compensation Expense

Total stock-based compensation expense and the associated income tax benefits recognized by the Company in the consolidated and combined statements of operations was as follows:


	Years Ended December 31,
	2024		2023		2022
Direct costs	$	43.8	$	24.4	$	13.8
Selling, general and administrative	13.4		15.9		10.2
Stock compensation expense	$	57.2	$	40.3	$	24.0

Income tax benefits	$	9.1	$	7.1	$	5.7

TRANSACTIONS WITH FORMER PARENT - Net Transfers To and From Labcorp (Details) - Related party - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Total net transfers (to) from Former Parent	$ (1,686.7)	$ 19.1
Special Payment to Former Parent
Related Party Transaction [Line Items]
Total net transfers (to) from Former Parent	(1,595.0)	0.0
General financing activities
Related Party Transaction [Line Items]
Total net transfers (to) from Former Parent	(286.8)	(362.9)
Corporate allocations
Related Party Transaction [Line Items]
Total net transfers (to) from Former Parent	184.9	356.6
Stock compensation expense
Related Party Transaction [Line Items]
Total net transfers (to) from Former Parent	$ 10.2	$ 25.4

STOCK COMPENSATION PLANS - Fair Value Estimates (Details) - Stock Options	12 Months Ended
	Dec. 31, 2023 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value per option (in dollars per share)	$ 12.51
Weighted-average expected life (in years)	6 years 3 months 18 days
Risk free interest rate	4.40%
Expected volatility	40.40%
Expected dividend yield	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

BUSINESS SEGMENT INFORMATION - Schedule of Segment Reporting Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenues	$ 2,696.4	$ 2,842.5	$ 2,837.0
Direct costs, exclusive of depreciation and amortization	2,162.2	2,251.9	2,112.6
Selling, general and administrative expenses, exclusive of depreciation and amortization	560.7	448.1	416.1
Depreciation and amortization	85.3	89.3	85.5
Goodwill and other asset impairments	0.0	0.0	9.8
Restructuring and other charges	50.1	21.2	25.9
Operating income (loss)	(161.9)	32.0	187.1
Interest expense	(123.8)	(69.7)	(0.2)
Foreign exchange gain (loss)	(10.6)	0.3	(2.0)
Other, net	21.3	6.9	2.1
Income (loss) from continuing operations before income taxes	(275.0)	(30.5)	187.0
Corporate, non-segment
Segment Reporting Information [Line Items]
Corporate costs not included in segment operating income	146.0	55.9	96.6
Clinical Services Segment
Segment Reporting Information [Line Items]
Amortization	60.8	60.7	62.5
Goodwill and other asset impairments	0.0	0.0	9.8
Restructuring and other charges	50.1	21.2	25.9
Operating income (loss)	(161.9)	32.0	187.1
Interest expense	(123.8)	(69.7)	(0.2)
Foreign exchange gain (loss)	(10.6)	0.3	(2.0)
Other, net	21.3	6.9	2.1
Income (loss) from continuing operations before income taxes	(275.0)	(30.5)	187.0
Clinical Services Segment \| Operating segments
Segment Reporting Information [Line Items]
Revenues	2,696.4	2,842.5	2,837.0
Pass through costs	939.4	976.4	745.3
Direct costs, exclusive of depreciation and amortization	1,221.7	1,275.4	1,344.8
Selling, general and administrative expenses, exclusive of depreciation and amortization	415.8	392.3	342.0
Depreciation and amortization	24.5	28.6	23.0
Segment operating income	$ 95.0	$ 169.8	$ 381.9

INCOME TAXES - Narrative (Details) - USD ($)	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
DTA valuation allowance	$ 28,500,000	$ 3,000,000.0
Operating loss carryforwards, state	1,242,800,000
Operating loss carryforwards, federal, foreign	11,600,000
Significant change in unrecognized tax benefits reasonably possible in next 12 months	0
Uncertain tax positions, interest and penalties expense	0	0
Income tax examination, penalties and interest expense (benefit)			$ (2,200,000)
Unrecognized tax benefits that would impact effective tax rate	400,000	300,000	1,400,000
Foreign earnings	3,000,000.0
Foreign earnings repatriated	1,449,800,000	$ 1,449,800,000	$ 1,572,700,000
Continuing Operations
Operating Loss Carryforwards [Line Items]
Effective income tax rate reconciliation, change in deferred tax assets valuation allowance, amount	43,500,000
Discontinued Operations
Operating Loss Carryforwards [Line Items]
Effective income tax rate reconciliation, change in deferred tax assets valuation allowance, amount	18,200,000
Interest Expense Carryforward
Operating Loss Carryforwards [Line Items]
DTA valuation allowance	25,300,000
State
Operating Loss Carryforwards [Line Items]
DTA valuation allowance	3,200,000
Operating loss carryforwards, subject to expiration	1,007,300,000
Operating loss carryforwards, not subject to expiration	$ 235,500,000

PREFERRED STOCK AND COMMON SHAREHOLDERS’ EQUITY - Narrative (Details) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Equity [Abstract]
Common stock, shares authorized (in shares)	265,000,000.0
Common stock, par value per share (in dollars per share)	$ 0.001
Preferred stock, shares authorized (in shares)	30,000,000.0
Preferred stock, par value per share (in dollars per share)	$ 0.001
Preferred stock, shares outstanding (in shares)	0	0

IMMATERIAL FINANCIAL RESTATEMENT AND RECLASSIFICATIONS TO PRIOR PERIOD FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2024

Accounting Changes and Error Corrections [Abstract]

IMMATERIAL FINANCIAL RESTATEMENT AND RECLASSIFICATIONS TO PRIOR PERIOD FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEET


	As of December 31, 2023
	As Previously Reported		Adjustments		As Restated		Discontinued Operations Reclassifications		As Restated and Reclassified
ASSETS
Current assets:
Cash and cash equivalents	$	108.6	$	—	$	108.6	$	—	$	108.6
Accounts receivable and unbilled services, net	1,052.1		(3.2)		1,048.9		(60.4)		988.5
Prepaid expenses and other	92.4		0.9		93.3		(8.7)		84.6
Current assets held for sale from discontinued operations	—		—		—		69.1		69.1
Total current assets	1,253.1		(2.3)		1,250.8		—		1,250.8
Property, plant and equipment, net	220.9		(7.7)		213.2		(40.6)		172.6
Goodwill, net	2,029.3		(13.4)		2,015.9		(276.5)		1,739.4
Intangible assets, net	771.2		—		771.2		(43.1)		728.1
Deferred income taxes	3.2		—		3.2		—		3.2
Other assets, net	79.5		(1.2)		78.3		(8.6)		69.7
Long-term assets held for sale from discontinued operations	—		—		—		368.8		368.8
Total assets	$	4,357.2	$	(24.6)	$	4,332.6	$	—	$	4,332.6
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	132.8	$	4.6	$	137.4	$	(4.5)	$	132.9
Accrued expenses and other current liabilities	356.1		(3.3)		352.8		(17.3)		335.5
Unearned revenue	241.4		1.2		242.6		(28.4)		214.2
Current portion of long-term debt	26.1		—		26.1		—		26.1
Short-term operating lease liabilities	19.5		—		19.5		(2.3)		17.2
Current liabilities held for sale from discontinued operations	—		—		—		52.5		52.5
Total current liabilities	775.9		2.5		778.4		—		778.4
Long-term debt, less current portion	1,565.9		—		1,565.9		—		1,565.9
Operating lease liabilities	66.5		—		66.5		(3.7)		62.8
Deferred income taxes and other tax liabilities	148.8		(1.1)		147.7		—		147.7
Other liabilities	61.3		(1.3)		60.0		(27.9)		32.1
Long-term liabilities held for sale from discontinued operations	—		—		—		31.6		31.6
Total liabilities	2,618.4		0.1		2,618.5		—		2,618.5
Commitments and contingent liabilities
Equity
Former parent investment	—		—		—		—		—
Common stock	0.1		—		0.1		—		0.1
Additional paid-in capital	2,006.2		(8.2)		1,998.0		—		1,998.0
Accumulated deficit	(49.1)		(19.4)		(68.5)		—		(68.5)
Accumulated other comprehensive loss	(218.4)		2.9		(215.5)		—		(215.5)
Total equity	1,738.8		(24.7)		1,714.1		—		1,714.1
Total liabilities and equity	$	4,357.2	$	(24.6)	$	4,332.6	$	—	$	4,332.6

CONSOLIDATED AND COMBINED STATEMENT OF OPERATIONS


	Year Ended December 31, 2023
	As Previously Reported		Adjustments		As Restated		Discontinued Operations Reclassifications		Change in Basis of Presentation		As Restated and Reclassified
Revenues	$	3,109.0	$	(3.2)	$	3,105.8	$	(263.3)	$	—	$	2,842.5
Costs and expenses:											$	—
Direct costs, exclusive of depreciation and amortization	2,588.6		0.9		2,589.5		(176.8)		(160.8)		2,251.9
Selling, general and administrative expenses, exclusive of depreciation and amortization	336.6		3.6		340.2		(52.9)		160.8		448.1
Depreciation and amortization	96.4		1.6		98.0		(8.7)		—		89.3
Goodwill and other asset impairments	—		13.4		13.4		(13.4)		—		—
Restructuring and other charges	24.3		—		24.3		(3.1)		—		21.2
Total costs and expenses	3,045.9		19.5		3,065.4		(254.9)		—		2,810.5
Operating income	63.1		(22.7)		40.4		(8.4)		—		32.0
Other income (expense):											—
Interest expense	(69.8)		—		(69.8)		—		0.1		(69.7)
Foreign exchange gain (loss)	0.9		(0.8)		0.1		0.2		—		0.3
Other, net	6.9		—		6.9		0.1		(0.1)		6.9
Income (loss) from continuing operations before income taxes	1.1		(23.5)		(22.4)		(8.1)		—		(30.5)
Provision for income taxes	4.5		(1.7)		2.8		(1.6)		—		1.2
Loss from continuing operations	$	(3.4)	$	(21.8)	$	(25.2)	$	(6.5)	$	—	$	(31.7)



Earnings per common share
Basic - continuing operations	$	(0.04)			$	(0.29)					$	(0.36)
Basic - discontinuing operations	$	—			$	—					$	0.07
Basic	$	(0.04)			$	(0.29)					$	(0.29)

Diluted - continuing operations	$	(0.04)			$	(0.29)					$	(0.36)
Diluted - discontinuing operations	$	—			$	—					$	0.07
Diluted	$	(0.04)			$	(0.29)					$	(0.29)

COMBINED STATEMENT OF OPERATIONS


	Year-Ended December 31, 2022
	As Previously Reported		Adjustments		As Restated		Discontinued Operations Reclassifications		Change in Basis of Presentation		As Restated and Reclassified
Revenues	$	3,096.1	$	—	$	3,096.1	$	(259.1)	$	—	$	2,837.0
Costs and expenses:
Direct costs, exclusive of depreciation and amortization	2,447.4		5.0		2,452.4		(155.5)		(184.3)		2,112.6
Selling, general and administrative expenses, exclusive of depreciation and amortization	279.8		2.2		282.0		(50.2)		184.3		416.1
Depreciation and amortization	92.7		0.9		93.6		(8.1)		—		85.5
Goodwill and other asset impairments	9.8		—		9.8		—		—		9.8
Restructuring and other charges	30.5		—		30.5		(4.6)		—		25.9
Total costs and expenses	2,860.2		8.1		2,868.3		(218.4)		—		2,649.9
Operating income	235.9		(8.1)		227.8		(40.7)		—		187.1
Other income (expense):											0.0
Interest expense	(0.2)		—		(0.2)		—		—		(0.2)
Foreign exchange gain (loss)	(0.9)		(0.7)		(1.6)		(0.4)		—		(2.0)
Other, net	2.2		—		2.2		(0.1)		—		2.1
Income (loss) from continuing operations before income taxes	237.0		(8.8)		228.2		(41.2)		—		187.0
Provision for income taxes	44.1		(2.1)		42.0		(0.9)		—		41.1
Income from continuing operations	$	192.9	$	(6.7)	$	186.2	$	(40.3)	$	—	$	145.9



Earnings per common share
Basic - continuing operations	$	2.17			$	2.09					$	1.64
Basic - discontinued operations	$	—			$	—					$	0.45
Basic	$	2.17			$	2.09					$	2.09

Diluted - continuing operations	$	2.17			$	2.09					$	1.64
Diluted - discontinued operations	$	—			$	—					$	0.45
Diluted	$	2.17			$	2.09					$	2.09

CONSOLIDATED AND COMBINED STATEMENT OF COMPREHENSIVE INCOME (LOSS)


	Year Ended December 31, 2023
	As Previously Reported		Adjustments		As Restated
Net loss	$	(3.4)	$	(21.8)	$	(25.2)
Foreign currency translation adjustments	57.6		1.7		59.3
Net benefit plan adjustments	1.2		—		1.2
Unrealized gain (loss) on derivative instruments	(1.9)		—		(1.9)
Other comprehensive earnings (loss) before tax	56.9		1.7		58.6
Provision (benefit) for income tax related to items of comprehensive Income	0.7		—		0.7
Other comprehensive income (loss), net of tax	57.6		1.7		59.3
Comprehensive income	$	54.2	$	(20.1)	$	34.1

COMBINED STATEMENT OF COMPREHENSIVE INCOME (LOSS)


	Year Ended December 31, 2022
	As Previously Reported		Adjustments		As Restated
Net income	$	192.9	$	(6.7)	$	186.2
Foreign currency translation adjustments	(127.0)		0.9		(126.1)
Net benefit plan adjustments	(0.6)		—		(0.6)

Other comprehensive earnings (loss) before tax	(127.6)		0.9		(126.7)
Provision (benefit) for income tax related to items of comprehensive Income	—		—		—
Other comprehensive income (loss), net of tax	(127.6)		0.9		(126.7)
Comprehensive income	$	65.3	(5.8)		59.5

CONSOLIDATED AND COMBINED STATEMENT OF CHANGES IN EQUITY


	Common Stock
	Shares	Amounts		Additional Paid-in Capital		Former Parent Investment		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Equity
Previously reported
Balance at December 31, 2022	—	$	—	$	—	$	3,618.6	$	—	$	(276.0)	$	3,342.6
Net income (loss)	—	—		—		45.7		(49.1)		—		(3.4)
Other comprehensive income, net of tax	—	—		—		—		—		57.6		57.6
Special payment to Former Parent	—	—		—		(1,595.0)		—		—		(1,595.0)
Net transfers to Former Parent	—	—		—		(89.7)		—		—		(89.7)
Reclassification of Former Parent investment to additional paid-in capital	—	—		1,979.6		(1,979.6)		—		—		—
Issuance of common stock	88.8	0.1		—		—		—		—		0.1
Stock compensation	—	—		26.6		—		—		—		26.6
Balance at December 31, 2023	88.8	$	0.1	$	2,006.2	$	—	$	(49.1)	$	(218.4)	$	1,738.8
Adjustments
Balance at December 31, 2022	—	—		—		(3.8)		—		1.2		(2.6)
Net income (loss)	—	—		—		(2.4)		(19.4)		—		(21.8)
Other comprehensive income, net of tax	—	—		—		—		—		1.7		1.7

Net transfers to Former Parent	—	—		—		(2.0)		—		—		(2.0)
Reclassification of Former Parent investment to additional paid-in capital	—	—		(8.2)		8.2		—		—		—


Balance at December 31, 2023	—	$	—	$	(8.2)	$	—	$	(19.4)	$	2.9	$	(24.7)
As Restated
Balance at December 31, 2022	—	—		—		3,614.8		—		(274.8)		3,340.0
Net income (loss)	—	—		—		43.3		(68.5)		—		(25.2)
Other comprehensive income, net of tax	—	—		—		—		—		59.3		59.3
Special payment to Former Parent	—	—		—		(1,595.0)		—		—		(1,595.0)
Net transfers to Former Parent	—	—		—		(91.7)		—		—		(91.7)
Reclassification of Former Parent investment to additional paid-in capital	—	—		1,971.4		(1,971.4)		—		—		—
Issuance of common stock	88.8	0.1		—		—		—		—		0.1
Stock compensation	—	—		26.6		—		—		—		26.6
Balance at December 31, 2023	88.8	$	0.1	$	1,998.0	$	—	$	(68.5)	$	(215.5)	$	1,714.1

COMBINED STATEMENT OF CHANGES IN EQUITY


	Common Stock
	Shares	Amounts		Additional Paid-in Capital		Former Parent Investment		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Equity
Previously reported
Balance at December 31, 2021	—	$	—	$	—	$	3,409.0	$	—	$	(148.4)	$	3,260.6
Net income	—	—		—		192.9		—		—		192.9
Other comprehensive loss, net of tax	—	—		—		—		—		(127.6)		(127.6)

Net transfers from Former Parent	—	—		—		16.7		—		—		16.7



Balance at December 31, 2022	—	—		—		3,618.6		—		(276.0)		3,342.6
Adjustments
Balance at December 31, 2021	—	—		—		0.5		—		0.3		0.8
Net income	—	—		—		(6.7)		—		—		(6.7)
Other comprehensive loss, net of tax	—	—		—		—		—		0.9		0.9

Net transfers from Former Parent	—	—		—		2.4		—		—		2.4



Balance at December 31, 2022	—	—		—		(3.8)		—		1.2		(2.6)
As Restated
Balance at December 31, 2021	—	—		—		3,409.5		—		(148.1)		3,261.4
Net income	—	—		—		186.2		—		—		186.2
Other comprehensive loss, net of tax	—	—		—		—		—		(126.7)		(126.7)

Net transfers from Former Parent	—	—		—		19.1		—		—		19.1



Balance at December 31, 2022	—	$	—	$	—	$	3,614.8	$	—	$	(274.8)	$	3,340.0

CONSOLIDATED AND COMBINED STATEMENT OF CASH FLOWS


	Year Ended December 31, 2023
	As Previously Reported		Adjustments		As Restated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(3.4)	$	(21.8)	$	(25.2)
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	96.4		1.6		98.0
Stock compensation	42.7		—		42.7
Operating lease right-of-use asset expense	27.4		—		27.4
Goodwill and other asset impairments	—		13.4		13.4
Deferred income taxes	(40.5)		(1.1)		(41.6)
Other, net	(1.0)		—		(1.0)
Change in assets and liabilities (net of effects of acquisitions):
Increase in accounts receivable and unbilled services, net	(28.8)		3.2		(25.6)
Increase in prepaid expenses and other	(2.0)		(1.4)		(3.4)
Increase in accounts payable	51.1		4.2		55.3
Decrease in deferred revenue	(3.4)		1.2		(2.2)
Increase in accrued expenses and other	28.9		1.7		30.6
Net cash provided by operating activities	167.4		1.0		168.4
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(40.3)		—		(40.3)
Proceeds from sale of assets	8.5		—		8.5
Net cash used for investing activities	(31.8)		—		(31.8)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facilities	164.0		—		164.0
Payments on revolving credit facilities	(164.0)		—		(164.0)
Proceeds from term loans	1,061.4		—		1,061.4
Proceeds from issuance of senior notes	570.0		—		570.0
Debt issuance costs	(26.4)		—		(26.4)
Principal payments of long-term debt	(15.4)		—		(15.4)
Special payment to Former Parent	(1,595.0)		—		(1,595.0)
Net transfers to Former Parent	(133.6)		(1.8)		(135.4)
Net cash provided by financing activities	(139.0)		(1.8)		(140.8)
Effect of exchange rate changes on cash and cash equivalents	—		2.4		2.4
Net change in cash and cash equivalents	(3.4)		1.6		(1.8)
Cash and cash equivalents at beginning of period	112.0		(1.6)		110.4
Cash and cash equivalents at end of period	$	108.6	$	—	$	108.6

The cash flows related to discontinued operations have not been segregated and are included in the adjusted and restated statements of cash flows included above.

COMBINED STATEMENT OF CASH FLOWS


	Year Ended December 31, 2022
	As Previously Reported		Adjustments		As Restated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	192.9	$	(6.7)	$	186.2
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	92.7		0.9		93.6
Stock compensation	25.4		—		25.4
Operating lease right-of-use asset expense	24.9		—		24.9
Goodwill and other asset impairments	9.8		—		9.8
Deferred income taxes	(16.5)		—		(16.5)
Other, net	4.1		—		4.1
Change in assets and liabilities (net of effects of acquisitions):
Increase in accounts receivable and unbilled services, net	(105.0)		—		(105.0)
(Increase) decrease in prepaid expenses and other	(12.2)		3.1		(9.1)
Increase (decrease) in accounts payable	22.4		2.4		24.8
Increase (decrease) in deferred revenue	(32.5)		2.4		(30.1)
Increase (decrease) in accrued expenses and other	(118.5)		(6.9)		(125.4)
Net cash (used for) provided by operating activities	87.5		(4.8)		82.7
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(54.4)		—		(54.4)
Proceeds from sale of assets	0.4		—		0.4
Net cash used for investing activities	(54.0)		—		(54.0)
CASH FLOWS FROM FINANCING ACTIVITIES:







Net transfers to Former Parent	(8.7)		2.4		(6.3)
Net cash used for financing activities	(8.7)		2.4		(6.3)
Effect of exchange rate changes on cash and cash equivalents	(7.4)		0.8		(6.6)
Net change in cash and cash equivalents	17.4		(1.6)		15.8
Cash and cash equivalents at beginning of period	94.6		—		94.6
Cash and cash equivalents at end of period	$	112.0	$	(1.6)	$	110.4

The cash flows related to discontinued operations have not been segregated and are included in the adjusted and restated statements of cash flows included above.

EARNINGS (LOSS) PER SHARE - Antidilutive Securities Excluded from Computation (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding shares, diluted (in shares)	89.5	88.8	88.8
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0.8	0.3	0.0
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding shares, diluted (in shares)	2.2	0.3	0.0

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Pre-tax Effects of Cash Flow Hedges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Pre-Tax Gain (Loss) Included in Other Comprehensive Income	$ 2.9	$ (1.5)	$ 0.0

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (328.5)	$ (25.2)	$ 186.2
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	86.9	98.0	93.6
Stock compensation	58.4	42.7	25.4
Credit loss expense	22.2	27.8	3.4
Operating lease right-of-use asset expense	14.0	27.4	24.9
Operating lease right-of-use asset impairment	4.8	0.0	0.0
Goodwill and other asset impairments	24.0	13.4	9.8
Deferred income taxes	(24.6)	(41.6)	(16.5)
Loss on sale of business	19.6	0.0	0.0
Write-off of debt issuance costs	12.2	0.0	0.0
Other, net	9.3	(1.0)	4.1
Change in assets and liabilities:
Decrease (increase) in accounts receivable and unbilled services, net	309.9	(53.4)	(108.4)
(Increase) in prepaid expenses and other	(78.1)	(3.4)	(9.1)
Increase in accounts payable	7.2	55.3	24.8
Increase (decrease) in deferred revenue	140.0	(2.2)	(30.1)
(Decrease) increase in accrued expenses and other	(14.5)	30.6	(125.4)
Net cash provided by operating activities	262.8	168.4	82.7
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(25.5)	(40.3)	(54.4)
Proceeds from sale of business, net	276.6	0.0	0.0
Proceeds from sale of assets	0.5	8.5	0.4
Net cash provided by (used for) investing activities	251.6	(31.8)	(54.0)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facilities	826.5	164.0	0.0
Payments on revolving credit facilities	(826.5)	(164.0)	0.0
Proceeds from term loans	0.0	1,061.4	0.0
Proceeds from issuance of senior notes	0.0	570.0	0.0
Debt issuance costs	(0.7)	(26.4)	0.0
Principal payments on long-term debt	(482.7)	(15.4)	0.0
Payments for taxes related to net share settlement of stock awards	(14.4)	0.0	0.0
Special payment to Former Parent	0.0	(1,595.0)	0.0
Net transfers to Former Parent	0.0	(135.4)	(6.3)
Net cash used for financing activities	(497.8)	(140.8)	(6.3)
Effect of exchange rate changes on cash and cash equivalents	(6.7)	2.4	(6.6)
Net change in cash and cash equivalents	9.9	(1.8)	15.8
Cash and cash equivalents at beginning of period	108.6	110.4	94.6
Cash and cash equivalents at end of period	$ 118.5	$ 108.6	$ 110.4

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Property, plant and equipment, net	$ 156.3	$ 172.6
North America
Segment Reporting Information [Line Items]
Property, plant and equipment, net	69.5	74.1
Europe
Segment Reporting Information [Line Items]
Property, plant and equipment, net	71.3	73.2
Other
Segment Reporting Information [Line Items]
Property, plant and equipment, net	$ 15.5	$ 25.3

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares shares in Millions	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2023
Statement of Financial Position [Abstract]
Common stock, outstanding (in shares)	89.7	88.8	88.8

REVENUES (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Revenue by Segment and Geography

The Company’s revenues by geography for the years ended December 31, 2024, 2023 and 2022 are as follows:


	Years Ended December 31, 2024
	North America		Europe		Other		Total
Revenues	$	1,269.5	$	800.0	$	626.9	$	2,696.4


	Years Ended December 31, 2023
	North America		Europe		Other		Total
Revenues	$	1,398.4	$	827.5	$	616.6	$	2,842.5


	Years Ended December 31, 2022
	North America		Europe		Other		Total
Revenues	$	1,415.5	$	841.9	$	579.6	$	2,837.0

Schedule of Capitalized Contract Cost

The following table provides information about contract asset balances:


	December 31, 2024		December 31, 2023
Sales commission assets	$	22.1	$	15.8
Deferred contract costs	1.1		2.0
Total	$	23.2	$	17.8

Schedule of Accounts Receivable, Unbilled Services and Unearned Revenue

The following table provides information about accounts receivable, unbilled services, and unearned revenue from contracts with customers:


	December 31, 2024		December 31, 2023
Accounts receivable	$	156.5	$	420.2
Unbilled services	542.3		600.0
Less: allowance for credit losses	(39.3)		(31.7)
Total	$	659.5	$	988.5

Unearned revenue	$	353.3	$	214.2

Schedule of Rollforward of Allowance for Credit Losses

The rollforward for the allowance for credit losses for the years ended December 31, 2024 and 2023, is as follows:



Allowance for credit losses as of December 31, 2022	$	12.7
Credit loss expense	27.8
Write-offs	(8.8)

Allowance for credit losses as of December 31, 2023	$	31.7
Credit loss expense	22.2
Write-offs	(14.6)

Allowance for credit losses as of December 31, 2024	$	39.3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Property, Plant and Equipment


	Years
Buildings and building improvements	10	-	40
Machinery and equipment	5	-	10
Furniture and fixtures	3	-	10
Software	3	-	10


	December 31, 2024		December 31, 2023
Buildings and leasehold improvements	$	82.2	$	77.8
Software	82.3		77.8
Machinery and equipment	66.7		68.0
Furniture and fixtures	13.5		14.1
Construction in progress	9.5		9.6
Operating lease ROU assets	66.2		74.7
	320.4		322.0
Less accumulated depreciation	(164.1)		(149.4)
	$	156.3	$	172.6

Schedule of Intangible Assets

Intangible assets are amortized on a straight-line basis over the expected periods to be benefited, as set forth in the table below.


	Years
Customer relationships	9	-	25
Technology	2	-	13
Non-compete agreements	3	-	5

The components of identifiable intangible assets are as follows:


	December 31, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	1,124.1	$	(469.4)	$	654.7	$	1,143.5	$	(420.1)	$	723.4
Technology	27.7		(27.3)		0.4		27.7		(24.5)		3.2
Other	12.5		(11.9)		0.6		12.5		(11.0)		1.5
Total	$	1,164.3	$	(508.6)	$	655.7	$	1,183.7	$	(455.6)	$	728.1

BUSINESS SEGMENT INFORMATION - Narrative (Details)	12 Months Ended
BUSINESS SEGMENT INFORMATION - Narrative (Details)	Dec. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	1

INCOME TAXES - Schedule of Income before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Domestic	$ (390.3)	$ (141.4)	$ 65.6
Foreign	115.3	110.9	121.4
Income (loss) from continuing operations before income taxes	$ (275.0)	$ (30.5)	$ 187.0

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The table below presents the fair value of the Company’s derivatives on a gross basis and the balance sheet classification of those instruments:


		December 31, 2024				December 31, 2023
	Balance Sheet Classification	Asset		Liability		Asset		Liability
Derivatives designated as hedging instruments:
Interest rate swaps	Accrued expenses and other	$	0.1	$	(0.2)	$	—	$	—
	Other liabilities	—		(0.4)		0.7		(2.6)
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Prepaid expenses and other	$	—	$	—	$	0.8	$	—
	Other current liabilities	—		(1.2)		—		—

The following table presents the pre-tax effects of cash flow hedges included in the Company’s consolidated and combined statements of comprehensive income (loss):


	Pre-Tax Gain (Loss) Included in Other Comprehensive Income
	Years Ended December 31,
	2024		2023		2022
Interest rate swaps	$	2.9	$	(1.5)	$	—

The following table presents amounts reclassified out of accumulated other comprehensive loss and recognized in the consolidated and combined statements of operations:


		Amounts Reclassified from Other Comprehensive Loss into Earnings
		Years Ended December 31,
	Statement of Operations Classification	2024		2023		2022
Interest rate swaps	Interest expense	$	(1.5)	$	(0.4)	$	—

The following table presents a summary of the loss for derivative contracts not designated as hedges included in the Company’s consolidated and combined statements of operations:


		Gain (Loss) on Derivatives Recognized in Earnings
		Years Ended December 31,
	Statement of Operations Classification	2024		2023		2022
Foreign currency Forward contracts	Foreign exchange gain (loss)	$	(2.0)	$	(0.8)	$	—

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets		$ 60.8	$ 60.7	$ 62.5
Estimated amortization expense, 2025		58.6
Estimated amortization expense, 2026		57.8
Estimated amortization expense, 2027		57.8
Estimated amortization expense, 2028		49.1
Estimated amortization expense, 2029		47.6
Estimated amortization expense, thereafter		$ 384.8
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]				Goodwill and other asset impairments
Goodwill impairment charge	$ 24.0
Enabling Services
Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets				$ 9.8

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

EARNINGS (LOSS) PER SHARE - Narrative (Details) shares in Millions	Dec. 31, 2024 shares	Dec. 31, 2023 shares	Jun. 30, 2023 shares	Jun. 20, 2023
Earnings Per Share [Abstract]
Common stock, conversion ratio upon separation				1
Common stock, outstanding (in shares)	89.7	88.8	88.8

DEBT - Schedule of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Jun. 27, 2023
Current Portion of Long-Term Debt
Debt issuance discount and fees	$ (1.2)	$ (4.6)
Current portion of long-term debt	74.8	26.1
Long-Term Debt
Debt issuance discount and fees	(16.3)	(28.1)
Total long-term debt	$ 1,049.7	1,565.9
7.5% senior notes due 2030 \| Senior notes
Current Portion of Long-Term Debt
Stated interest rate	7.50%		7.50%
Current portion of debt, gross	$ 76.0	0.0
Long-Term Debt
Debt, gross	494.0	570.0
Senior secured term loan A due 2028 \| Line of credit \| Secured debt
Current Portion of Long-Term Debt
Current portion of debt, gross	0.0	25.0
Long-Term Debt
Debt, gross	417.3	462.5
Senior secured term loan B due 2030 \| Line of credit \| Secured debt
Current Portion of Long-Term Debt
Current portion of debt, gross	0.0	5.7
Long-Term Debt
Debt, gross	$ 154.7	$ 561.5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Reportable Segment

The Company manages its business in one reportable segment - Clinical Services, that provides development and consulting services across the clinical pharmacology and clinical development spectrum.

On March 9, 2024, the Company, together with its wholly-owned subsidiary, Fortrea Inc., entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Endeavor Buyer LLC, an affiliate of Arsenal Capital Partners, to sell the operations of Fortrea Patient Access Inc. and its subsidiaries and Endpoint Clinical, Inc. and its subsidiaries; which are all collectively referred to as the Enabling Services Segment. The Transaction closed during the second quarter of 2024. Refer to Note 3, “Discontinued Operations” for further discussion.

For all periods presented, the Company's consolidated revenues from continuing operations were generated from the Clinical Services segment, which provides phase I-IV clinical trials, including clinical pharmacology and comprehensive clinical development capabilities. The Company’s chief operating decision maker allocates resources and assesses performance for the Clinical Services segment. For further financial information about the segment, see Note 21, “Business Segment Information”.

Discontinued Operations

In accordance with the definition of discontinued operations, the Company's decision to sell the assets relating to the Enabling Services Segment represented a strategic shift that had a major effect on the Company's results of operations and assets and liabilities for the periods presented. As a result, the Company has classified the assets and liabilities related to the Enabling Services Segment as assets of discontinued operations and liabilities of discontinued operations on the consolidated balance sheet as of December 31, 2023. The operations of the Enabling Services Segment have been classified as income (loss) from discontinued operations on the consolidated and combined statements of operations for all periods presented.

Unless otherwise noted, discussion within these notes to the consolidated and combined financial statements relates to the Company’s continuing operations.

Basis of Financial Statement Presentation

Consolidation

Basis of Financial Statement Presentation

Reclassification

Certain previously reported amounts have been reclassified to conform to the current year presentation.

Use of Estimates

Recognition of Revenues and Contract costs

Recognition of Revenues

Contract costs

Accounts Receivable, Unbilled Services and Unearned Revenue

Allowance for Credit Losses

Reimbursed Expenses

Costs and Expenses

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable and unbilled services.

Stock Compensation Plans

Cash Equivalents

Property, Plant and Equipment


	Years
Buildings and building improvements	10	-	40
Machinery and equipment	5	-	10
Furniture and fixtures	3	-	10
Software	3	-	10

Capitalized Software Costs

Cloud Computing Arrangements

Goodwill

Intangible Assets

Intangible assets are amortized on a straight-line basis over the expected periods to be benefited, as set forth in the table below.


	Years
Customer relationships	9	-	25
Technology	2	-	13
Non-compete agreements	3	-	5

Leases

Restructuring

Income Taxes

Derivative Financial Instruments

Fair Value of Financial Instruments

Foreign Currencies

Earnings Per Share

Recently Issued and Adopted Accounting Standards

PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss are as follows:


	Foreign Currency Translation Adjustments		Net Benefit Plan Adjustments		Unrealized Gain (Loss) on Derivative Instruments		Accumulated Other Comprehensive Loss
Balance at December 31, 2022	$	(266.0)	$	(8.8)	$	—	$	(274.8)
Current year foreign exchange adjustments	59.3		—		—		59.3
Current year benefit plan adjustments	—		(0.9)		—		(0.9)
Unrealized loss on derivative instruments	—		—		(1.5)		(1.5)
Amounts reclassified from accumulated other comprehensive loss	—		—		(0.4)		(0.4)
Tax effect of adjustments	—		0.2		0.5		0.7
Transfers from Former Parent	—		2.1		—		2.1
Balance at December 31, 2023	$	(206.7)	$	(7.4)	$	(1.4)	$	(215.5)
Current year foreign exchange adjustments	(69.3)		—		—		(69.3)
Current year benefit plan adjustments	—		1.1		—		1.1
Unrealized gain on derivative instruments	—		—		2.9		2.9
Amounts reclassified from accumulated other comprehensive loss	—		—		(1.5)		(1.5)
Tax effect of adjustments	—		(0.2)		(0.4)		(0.6)
Balance at December 31, 2024	$	(276.0)	$	(6.5)	$	(0.4)	$	(282.9)