0001965040-25-000027 | 10-Q | XBRL Viewer

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REVENUES - Schedule of Capitalized Contract Cost (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Capitalized Contract Cost [Line Items]
Total contract assets	$ 20.9	$ 23.2
Sales commission assets
Capitalized Contract Cost [Line Items]
Total contract assets	20.0	22.1
Deferred contract costs
Capitalized Contract Cost [Line Items]
Total contract assets	$ 0.9	$ 1.1

STOCK COMPENSATION PLANS

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

STOCK COMPENSATION PLANS

The Company granted 5.6 and 0.5 of restricted stock units and performance share awards, respectively, during the three months ended March 31, 2025 with weighted average grant date fair values of $10.65 and $8.13 per share.

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


	Three Months Ended March 31,
	2025		2024
Direct costs	$	11.6	$	9.0
Selling, general and administrative expenses	3.0		4.5
Total stock compensation expense	$	14.6	$	13.5

Income tax benefits	$	2.3	$	2.0

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

3 Months Ended

Mar. 31, 2025

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.

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:


		March 31, 2025				December 31, 2024
	Balance Sheet Classification	Asset		Liability		Asset		Liability
Derivatives designated as hedging instruments:
Interest rate swaps	Accrued expenses and other	$	—	$	(0.4)	$	0.1	$	(0.2)
	Other liabilities	—		(0.8)		—		(0.4)
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Prepaid expenses and other	$	0.1	$	—	$	—	$	—
	Other current liabilities	—		(0.9)		—		(1.2)

The notional amounts of the Company’s interest rate swaps and foreign currency forward contracts were $150.0 and $256.5 as of March 31, 2025 and $150.0 and $468.6 as of December 31, 2024, respectively.

The following table presents the pre-tax effects of cash flow hedges included in the Company’s condensed consolidated statements of comprehensive loss:


	Pre-Tax Gain (Loss) Included in Other Comprehensive Income
	Three Months Ended March 31,
	2025		2024
Interest rate swaps	$	(0.7)	$	2.5

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


		Amounts Reclassified from Other Comprehensive Loss into Earnings
		Three Months Ended March 31,
	Statement of Operations Classification	2025		2024
Interest rate swaps	Interest expense	$	—	$	(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 March 31, 2025, is $0.4.

Refer to Note 10, “Preferred Stock and Common Shareholders' Equity” for the impact of the Company’s derivative instruments included in accumulated other comprehensive loss.

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


		Gain (Loss) on Derivatives Recognized in Earnings
		Three Months Ended March 31,
	Statement of Operations Classification	2025		2024
Foreign currency forward contracts	Foreign exchange gain (loss)	$	0.4	$	(0.8)

SUPPLEMENTAL CASH FLOW INFORMATION

3 Months Ended

Mar. 31, 2025

Supplemental Cash Flow Elements [Abstract]

SUPPLEMENTAL CASH FLOW INFORMATION


	Three Months Ended March 31,
	2025		2024
Supplemental schedule of cash flow information:
Cash paid during period for:
Interest	$	34.2	$	44.6
Income taxes, net of refunds	5.4		5.4
Disclosure of non-cash investing activities:
Change in accrued property, plant and equipment	—		(0.5)

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Derivative Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Interest rate swaps \| Derivatives designated as hedging instruments: \| Accrued expenses and other
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset	$ 0.0	$ 0.1
Liability	(0.4)	(0.2)
Interest rate swaps \| Derivatives designated as hedging instruments: \| Other liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset	0.0	0.0
Liability	(0.8)	(0.4)
Foreign currency forward contracts \| Derivatives not designated as hedging instruments: \| Prepaid expenses and other
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset	0.1	0.0
Liability	0.0	0.0
Foreign currency forward contracts \| Derivatives not designated as hedging instruments: \| Other current liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset	0.0	0.0
Liability	$ (0.9)	$ (1.2)

STOCK COMPENSATION PLANS (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Expense

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


	Three Months Ended March 31,
	2025		2024
Direct costs	$	11.6	$	9.0
Selling, general and administrative expenses	3.0		4.5
Total stock compensation expense	$	14.6	$	13.5

Income tax benefits	$	2.3	$	2.0

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash paid during period for:
Interest	$ 34.2	$ 44.6
Income taxes, net of refunds	5.4	5.4
Disclosure of non-cash investing and financing activities
Change in accrued property, plant and equipment	$ 0.0	$ (0.5)

REVENUES - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	May 06, 2024	Mar. 31, 2025	Mar. 31, 2024
Capitalized Contract Cost [Line Items]
Unearned revenue, revenue recognized		$ 88.7	$ 92.4
Accounts receivable sold		300.0
Remaining performance obligation		4,492.5
Performance obligation partially satisfied in previous period, revenue recognized		16.0	34.0
Revenues		651.3	662.1
Loss from continuing operations before income taxes		$ (548.0)	$ (75.7)
Basic earnings (loss) per share (in dollars per share)		$ (6.25)	$ (1.13)
Receivables securitization program, term	3 years
Receivables securitization program, amount	$ 300.0
Receivables securitization program, fees associated with sale		$ 4.4
Change in scope and change in estimated effort to complete contract
Capitalized Contract Cost [Line Items]
Revenues		3.0	$ 17.0
Loss from continuing operations before income taxes		$ 2.0	$ 16.0
Basic earnings (loss) per share (in dollars per share)		$ 0.03	$ 0.18
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]: 2024-04-01
Capitalized Contract Cost [Line Items]
Remaining performance obligation, percentage		28.00%
Remaining performance obligation, period		12 months
Sales commission assets
Capitalized Contract Cost [Line Items]
Capitalized assets, amortization		$ 3.1	$ 2.6
Deferred contract costs
Capitalized Contract Cost [Line Items]
Capitalized assets, amortization		$ 0.2	$ 0.4

REVENUES (Tables)

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Revenue by Segment and Geography

The Company’s revenues by geography for the three months ended March 31, 2025 and 2024 are as follows:


	Three Months Ended March 31, 2025								Three Months Ended March 31, 2024
	North America		Europe		Other		Total		North America		Europe		Other		Total
Revenues	$	309.5	$	200.3	$	141.5	$	651.3	$	305.9	$	208.3	$	147.9	$	662.1

Schedule of Capitalized Contract Cost

The following table provides information about contract asset balances:


	March 31, 2025		December 31, 2024
Sales commission assets	$	20.0	$	22.1
Deferred contract costs	0.9		1.1
Total	$	20.9	$	23.2

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:


	March 31, 2025		December 31, 2024
Accounts receivable	$	191.2	$	156.5
Unbilled services	580.6		542.3
Less: allowance for credit losses	(42.8)		(39.3)
Total	$	729.0	$	659.5

Unearned revenue	$	364.4	$	353.3

Schedule of Rollforward of Allowance for Credit Losses

The rollforward for the allowance for credit losses for the three months ended March 31, 2025 is as follows:



Allowance for credit losses as of December 31, 2024	$	39.3
Credit loss expense	4.5
Write-offs	(1.0)

Allowance for credit losses as of March 31, 2025	$	42.8

RESTRUCTURING AND OTHER CHARGES

3 Months Ended

Mar. 31, 2025

Restructuring and Related Activities [Abstract]

RESTRUCTURING AND OTHER CHARGES

In the fourth quarter of 2024, the Company approved a restructuring plan to streamline its operations and eliminate redundant positions. This plan, which relates primarily to severance benefits, was accounted for under ASC 712, Compensation - Nonretirement Postemployment Benefits. Action under this restructuring plan is expected to continue through 2025.

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, 2024	$	23.1	$	0.6	$	23.7
Restructuring charges	1.2		0.6		1.8

Cash payments and other adjustments	(10.2)		(0.6)		(10.8)
Balance as of March 31, 2025	$	14.1	$	0.6	$	14.7


	Severance and Other Employee Costs		Facility Costs		Total
Balance as of December 31, 2023	$	1.1	$	3.2	$	4.3
Restructuring charges	4.1		—		4.1
Reduction of prior restructuring accruals	—		(2.9)		(2.9)
Cash payments and other adjustments	(2.3)		—		(2.3)
Balance as of March 31, 2024	$	2.9	$	0.3	$	3.2

The restructuring liabilities are current as of March 31, 2025 and December 31, 2024 and are included in accrued expenses and other current liabilities in the condensed consolidated balance sheets.

STOCK COMPENSATION PLANS - Share-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock compensation expense	$ 14.6	$ 13.5
Income tax benefits	2.3	2.0
Direct costs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock compensation expense	11.6	9.0
Selling, general and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock compensation expense	$ 3.0	$ 4.5

- 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.

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+ Details

REVENUES - Schedule of Accounts Receivable, Unbilled Services and Unearned Revenue (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Accounts receivable	$ 191.2	$ 156.5
Unbilled services	580.6	542.3
Less: allowance for credit losses	(42.8)	(39.3)
Total	729.0	659.5
Unearned revenue	$ 364.4	$ 353.3

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)

3 Months Ended

Mar. 31, 2025

Supplemental Cash Flow Elements [Abstract]

Schedule of Supplemental Cash Flow Information


	Three Months Ended March 31,
	2025		2024
Supplemental schedule of cash flow information:
Cash paid during period for:
Interest	$	34.2	$	44.6
Income taxes, net of refunds	5.4		5.4
Disclosure of non-cash investing activities:
Change in accrued property, plant and equipment	—		(0.5)

STOCK COMPENSATION PLANS - Narrative (Details) shares in Millions	3 Months Ended
	Mar. 31, 2025 $ / shares shares
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, equity instruments other than option (in shares) \| shares	5.6
Weighted average grant date fair (in dollars per share) \| $ / shares	$ 10.65
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, equity instruments other than option (in shares) \| shares	0.5
Weighted average grant date fair (in dollars per share) \| $ / shares	$ 8,130,000

- 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

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2025

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:


		March 31, 2025				December 31, 2024
	Balance Sheet Classification	Asset		Liability		Asset		Liability
Derivatives designated as hedging instruments:
Interest rate swaps	Accrued expenses and other	$	—	$	(0.4)	$	0.1	$	(0.2)
	Other liabilities	—		(0.8)		—		(0.4)
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Prepaid expenses and other	$	0.1	$	—	$	—	$	—
	Other current liabilities	—		(0.9)		—		(1.2)

The following table presents the pre-tax effects of cash flow hedges included in the Company’s condensed consolidated statements of comprehensive loss:


	Pre-Tax Gain (Loss) Included in Other Comprehensive Income
	Three Months Ended March 31,
	2025		2024
Interest rate swaps	$	(0.7)	$	2.5

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


		Amounts Reclassified from Other Comprehensive Loss into Earnings
		Three Months Ended March 31,
	Statement of Operations Classification	2025		2024
Interest rate swaps	Interest expense	$	—	$	(0.4)

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


		Gain (Loss) on Derivatives Recognized in Earnings
		Three Months Ended March 31,
	Statement of Operations Classification	2025		2024
Foreign currency forward contracts	Foreign exchange gain (loss)	$	0.4	$	(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

COVER - shares shares in Millions	3 Months Ended
COVER - shares shares in Millions	Mar. 31, 2025	May 08, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Entity File Number	001-41704
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		90.5
Amendment Flag	false
Entity Central Index Key	0001965040
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2025
Current Fiscal Year End Date	--12-31

BASIS OF FINANCIAL STATEMENT PREPARATION (Details)	3 Months Ended		12 Months Ended
BASIS OF FINANCIAL STATEMENT PREPARATION (Details)	Mar. 31, 2025 country segment	Mar. 31, 2024	Dec. 31, 2024
Concentration Risk [Line Items]
Number of countries with primary office locations \| country	5
Number of operating segments	1
Number of reportable segments	1
Customer one \| Accounts receivable and unbilled services \| Customer concentration risk
Concentration Risk [Line Items]
Concentration risk, percentage	14.30%
Customer one \| Revenue \| Customer concentration risk
Concentration Risk [Line Items]
Concentration risk, percentage	15.40%	14.00%
Customer two \| Accounts receivable and unbilled services \| Customer concentration risk
Concentration Risk [Line Items]
Concentration risk, percentage	10.10%
Customer two \| Revenue \| Customer concentration risk
Concentration Risk [Line Items]
Concentration risk, percentage		13.00%
Pharmaceutical company one \| Accounts receivable and unbilled services \| Customer concentration risk
Concentration Risk [Line Items]
Concentration risk, percentage			22.20%
Pharmaceutical company two \| Accounts receivable and unbilled services \| Customer concentration risk
Concentration Risk [Line Items]
Concentration risk, percentage			13.80%

DISCONTINUED OPERATIONS

3 Months Ended

Mar. 31, 2025

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. The first milestone payment in the amount of $20.0 was received in the first quarter of 2025.

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 condensed consolidated statements of operations for the three months ended March 31, 2024:


	Three Months Ended March 31,
	2024
Revenues	$	65.7
Costs and expenses:
Direct costs, exclusive of depreciation and amortization	41.4
Selling, general and administrative expenses, exclusive of depreciation and amortization	15.6
Depreciation and amortization	1.6
Long-lived and goodwill asset impairments	24.0
Restructuring and other charges	0.5
Total costs and expenses	83.1






Loss from discontinued operations before income taxes	(17.4)
Income tax expense	3.8
Loss from discontinued operations, net of tax	$	(21.2)

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.

The cash flows related to discontinued operations have not been segregated and are included in the condensed consolidated 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 three months ended March 31, 2024:


	Three Months Ended March 31,
	2024
Depreciation and amortization	$	1.6
Goodwill impairment	24.0

Capital expenditures	3.7

There were no significant operating or investing noncash items related to discontinued operations for the three months ended March 31, 2024.

REVENUES - Rollforward of Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses as of December 31, 2024	$ 39.3
Credit loss expense	4.5	$ 5.8
Write-offs	(1.0)
Allowance for credit losses as of March 31, 2025	$ 42.8

COMMITMENTS AND CONTINGENT LIABILITIES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Legal fees	$ 1.9
Loss contingency accrual	12.5
Loss contingency, provision	$ 0.0	$ 1.7

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income tax expense	$ 14.9	$ 4.1
Effective income tax rate	(2.70%)	(5.40%)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

GOODWILL (Tables)

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the three months ended March 31, 2025 and 2024 are as follows:



	March 31, 2025		March 31, 2024
Balance as of December 31	$	1,710.4	$	1,739.4

Impairment	(488.8)		—
Foreign currency impact and other adjustments to goodwill	20.9		(11.8)
Balance as of March 31	$	1,242.5	$	1,727.6

- 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
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-Name Accounting Standards Codification
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

BUSINESS SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

Segment operating income for the three months ended March 31, 2025 and 2024 is reconciled to income (loss) from continuing operations before income taxes as follows:


	Three Months Ended March 31,
	2025		2024
Revenues	$	651.3	$	662.1
Less:
Pass through costs	239.9		235.2
Direct costs	294.1		318.4
Selling, general and administrative expenses	104.8		102.4
Depreciation	5.0		6.6
Segment operating income	7.5		(0.5)
Corporate costs not included in segment operating income	17.8		18.3
Amortization	14.5		15.3
Goodwill and other asset impairments	488.8		—
Restructuring and other charges	6.5		3.3
Operating loss	(520.1)		(37.4)
Interest expense	(22.3)		(34.3)
Foreign exchange loss	(5.6)		(5.3)
Other, net	—		1.3
Loss from continuing operations before income taxes	$	(548.0)	$	(75.7)

DISCONTINUED OPERATIONS - Earnings from Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Costs and expenses:
Loss from discontinued operations, net of tax	$ 0.0	$ (21.2)
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		65.7
Costs and expenses:
Direct costs, exclusive of depreciation and amortization		41.4
Selling, general and administrative expenses, exclusive of depreciation and amortization		15.6
Depreciation and amortization		1.6
Long-lived and goodwill asset impairments		24.0
Restructuring and other charges		0.5
Total costs and expenses		83.1
Loss from discontinued operations before income taxes		(17.4)
Income tax expense		3.8
Loss from discontinued operations, net of tax		$ (21.2)

DEBT (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt

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


	March 31, 2025		December 31, 2024
Current portion of 7.5% senior notes due 2030	$	76.0	$	76.0


Senior secured revolving credit facility	89.0		—
Debt issuance discount and fees	(1.2)		(1.2)
Total short-term borrowings and current portion of long-term debt	$	163.8	$	74.8

Long-term debt consisted of the following:


	March 31, 2025		December 31, 2024
7.5% senior notes due 2030	$	494.0	$	494.0
Senior secured term loan A due 2028	417.3		417.3
Senior secured term loan B due 2030	154.7		154.7
Debt issuance discount and fees	(16.1)		(16.3)
Total long-term debt	$	1,049.9	$	1,049.7

- 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))
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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares shares in Millions	Mar. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Common stock, outstanding (in shares)	90.5	89.7

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Pre-tax loss expected to be reclassified	$ 0.4
Interest rate swaps \| Derivatives designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	150.0	$ 150.0
Foreign currency forward contracts \| Derivatives not designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	$ 256.5	$ 468.6

EARNINGS (LOSS) PER SHARE

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

EARNINGS (LOSS) PER SHARE

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.


	Three Months Ended March 31,
	2025					2024
	Earnings		Shares	Per Share Amount		Earnings		Shares	Per Share Amount
Basic and diluted earnings (loss) from continuing operations per share:
Net earnings (loss)	$	(562.9)	90.1	$	(6.25)	$	(79.8)	89.2	$	(0.89)

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


	Three Months Ended March 31,
	2025					2024
	Earnings		Shares	Per Share Amount		Earnings		Shares	Per Share Amount
Basic and diluted earnings (loss) from discontinued operations per share:
Net earnings (loss)	$	—	—	$	—	$	(21.2)	89.2	$	(0.24)

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:


	Three Months Ended March 31,
	2025	2024
Employee stock options and awards	2.5	1.2
Antidilutive employee stock options and awards excluded based on reporting a net loss for the period	1.1	1.2

RESTRUCTURING AND OTHER CHARGES - Schedule of Restructuring and Other Charges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Restructuring Reserve [Roll Forward]
Beginning balance	$ 23.7	$ 4.3
Restructuring charges	1.8	4.1
Reduction of prior restructuring accruals		(2.9)
Cash payments and other adjustments	(10.8)	(2.3)
Ending balance	14.7	3.2
Severance and Other Employee Costs
Restructuring Reserve [Roll Forward]
Beginning balance	23.1	1.1
Restructuring charges	1.2	4.1
Reduction of prior restructuring accruals		0.0
Cash payments and other adjustments	(10.2)	(2.3)
Ending balance	14.1	2.9
Facility Costs
Restructuring Reserve [Roll Forward]
Beginning balance	0.6	3.2
Restructuring charges	0.6	0.0
Reduction of prior restructuring accruals		(2.9)
Cash payments and other adjustments	(0.6)	0.0
Ending balance	$ 0.6	$ 0.3

DEBT - Narrative (Details) - USD ($)	Jun. 30, 2023	Jun. 27, 2023	Mar. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Letters of credit outstanding			$ 0
Line of credit \| Revolving credit facility
Debt Instrument [Line Items]
Current portion of debt, gross			$ 89,000,000.0	$ 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
7.5% senior notes due 2030 \| Senior notes \| Secured debt
Debt Instrument [Line Items]
Current portion of debt, gross			$ 76,000,000.0	76,000,000.0
Senior secured term loan A due 2028 \| Line of credit \| Secured debt
Debt Instrument [Line Items]
Aggregate principal amount issued	$ 500,000,000.0
Debt term	5 years
Proceeds from term loans	$ 491,800,000
Effective interest rate			6.57%
Senior secured revolving credit facility \| Line of credit \| Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 450,000,000.0
Effective interest rate			7.28%
Line of credit, outstanding balance			$ 89,000,000.0	$ 0
Available borrowing capacity			$ 361,000,000.0
Commitment fee	0.35%
Annual agency fee	$ 100,000
Senior secured revolving credit facility \| Line of credit \| Swingline sub-facility
Debt Instrument [Line Items]
Maximum borrowing capacity	75,000,000.0
Senior secured revolving credit facility \| Line of credit \| Letter of credit
Debt Instrument [Line Items]
Maximum borrowing capacity	75,000,000.0
Senior secured term loan B due 2030 \| Line of credit \| Secured debt
Debt Instrument [Line Items]
Aggregate principal amount issued	$ 570,000,000.0
Debt term	7 years
Proceeds from term loans	$ 552,900,000
Effective interest rate			8.07%

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net loss	$ (562.9)	$ (101.0)

- 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
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

BUSINESS SEGMENT INFORMATION - Narrative (Details)	3 Months Ended
BUSINESS SEGMENT INFORMATION - Narrative (Details)	Mar. 31, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	1

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statement of Comprehensive Income [Abstract]
Net loss	$ (562.9)	$ (101.0)
Foreign currency translation adjustments	45.2	(27.7)
Unrealized gain (loss) on derivative instruments	(0.7)	2.1
Other comprehensive income (loss) before tax	44.5	(25.6)
Benefit (provision) for income tax related to items of comprehensive income	0.2	(0.5)
Other comprehensive income (loss), net of tax	44.7	(26.1)
Comprehensive loss	$ (518.2)	$ (127.1)

- 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

+ Details

REVENUES - Schedule of Revenue by Segment and Geography (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Disaggregation of Revenue [Line Items]
Revenues	$ 651.3	$ 662.1
North America
Disaggregation of Revenue [Line Items]
Revenues	309.5	305.9
Europe
Disaggregation of Revenue [Line Items]
Revenues	200.3	208.3
Other
Disaggregation of Revenue [Line Items]
Revenues	$ 141.5	$ 147.9

- 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.

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+ Details

BASIS OF FINANCIAL STATEMENT PREPARATION (Policies)	3 Months Ended
BASIS OF FINANCIAL STATEMENT PREPARATION (Policies)	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reportable Segment	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 2, “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 14, “Business Segment Information”.
Discontinued Operations	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 for the periods presented. The operations of the Enabling Services Segment have been classified as income (loss) from discontinued operations on the condensed consolidated statements of operations for all periods presented. Unless otherwise noted, discussion within these notes to the condensed consolidated financial statements relates to the Company’s continuing operations.
Unaudited Interim Financial Information	The Company’s unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments necessary for a fair statement of results of operations, cash flows, and financial position have been made. Except as otherwise disclosed, all such adjustments are of a normal recurring nature. Interim results are not necessarily indicative of results for a full year. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated and combined financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
Concentration of Credit Risk	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 March 31, 2025, two pharmaceutical customers accounted for 14.3% and 10.1% of the Company's combined gross accounts receivable and unbilled services. As of December 31, 2024, two pharmaceutical companies accounted for approximately 22.2% and 13.8% of the Company's combined gross accounts receivable and unbilled services. Additionally, for the three months ended March 31, 2025, one customer accounted for approximately 15.4% of revenues. For the three months ended March 31, 2024, two customers accounted for 14.0% and 13.0% 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.
Recently Issued and Adopted Accounting Standards	Recently Issued and Adopted Accounting Standards 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.

- Definition

Disclosure of accounting policy for segment reporting.

+ References

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+ Details

PREFERRED STOCK AND COMMON SHAREHOLDERS’ EQUITY - Narrative (Details) - $ / shares	Mar. 31, 2025	Dec. 31, 2024
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

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Pre-tax Effects of Cash Flow Hedges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Pre-Tax Gain (Loss) Included in Other Comprehensive Income	$ (0.7)	$ 2.5

REVENUES

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

REVENUES

The Company’s revenues by geography for the three months ended March 31, 2025 and 2024 are as follows:


	Three Months Ended March 31, 2025								Three Months Ended March 31, 2024
	North America		Europe		Other		Total		North America		Europe		Other		Total
Revenues	$	309.5	$	200.3	$	141.5	$	651.3	$	305.9	$	208.3	$	147.9	$	662.1

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

Contract Costs

The following table provides information about contract asset balances:


	March 31, 2025		December 31, 2024
Sales commission assets	$	20.0	$	22.1
Deferred contract costs	0.9		1.1
Total	$	20.9	$	23.2

Amortization related to sales commission assets for the three months ended March 31, 2025 and 2024 was $3.1 and $2.6, respectively. Amortization related to deferred contract costs for the three months ended March 31, 2025 and 2024 was $0.2 and $0.4, 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:


	March 31, 2025		December 31, 2024
Accounts receivable	$	191.2	$	156.5
Unbilled services	580.6		542.3
Less: allowance for credit losses	(42.8)		(39.3)
Total	$	729.0	$	659.5

Unearned revenue	$	364.4	$	353.3

Revenue recognized during the period that was included in the unearned revenue balance at the beginning of the period was $88.7 and $92.4 for the three months ended March 31, 2025 and 2024, respectively. Additionally, as of the quarter ended March 31, 2025, 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 three months ended March 31, 2025 is as follows:



Allowance for credit losses as of December 31, 2024	$	39.3
Credit loss expense	4.5
Write-offs	(1.0)

Allowance for credit losses as of March 31, 2025	$	42.8

Performance Obligations Under Long-Term Contracts

As of March 31, 2025, approximately $4,492.5 of revenues are expected to be recognized from remaining performance obligations. The Company expects to recognize approximately 28% of the existing performance obligations as of March 31, 2025 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 three months ended March 31, 2025, there were reductions of approximately $16 in revenue related to performance obligations partially satisfied in previous periods. Of this reduction, the majority of the change was associated with changes in scope or price and a smaller portion related to changes in estimated effort to complete customer contract obligations. The change in estimate resulted in an estimated reduction to revenue of $3, and an increase in loss from continuing operations of $2 and in loss per share of $0.03.

During the three months ended March 31, 2024, there were reductions of approximately $34 in revenue related to performance obligations partially satisfied in previous periods. Of this reduction, approximately half was associated with changes in scope or price, and approximately half was related to changes in estimated effort to complete customer contract obligations. The change in estimate resulted in an estimated reduction to revenue of $17, and an increase in loss from continuing operations of $16 and in loss per share of $0.18.

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 receivable 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 March 31, 2025, the Company had sold $300.0 of receivables, which were derecognized from the Company’s consolidated balance sheet as described in the Accounts Receivable, Unbilled Services and Unearned Revenue section above. Total costs associated with the sale were $4.4 for the three months ended March 31, 2025 and are included within selling, general and administrative costs in the condensed consolidated statement of operations for the three months ended March 31, 2025.

- 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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 10
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 12
-Subparagraph (a)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-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
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-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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-Subparagraph (b)(2)
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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

RESTRUCTURING AND OTHER CHARGES (Tables)

3 Months Ended

Mar. 31, 2025

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Other Charges

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, 2024	$	23.1	$	0.6	$	23.7
Restructuring charges	1.2		0.6		1.8

Cash payments and other adjustments	(10.2)		(0.6)		(10.8)
Balance as of March 31, 2025	$	14.1	$	0.6	$	14.7


	Severance and Other Employee Costs		Facility Costs		Total
Balance as of December 31, 2023	$	1.1	$	3.2	$	4.3
Restructuring charges	4.1		—		4.1
Reduction of prior restructuring accruals	—		(2.9)		(2.9)
Cash payments and other adjustments	(2.3)		—		(2.3)
Balance as of March 31, 2024	$	2.9	$	0.3	$	3.2

DISCONTINUED OPERATIONS (Tables)

3 Months Ended

Mar. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations


	Three Months Ended March 31,
	2024
Revenues	$	65.7
Costs and expenses:
Direct costs, exclusive of depreciation and amortization	41.4
Selling, general and administrative expenses, exclusive of depreciation and amortization	15.6
Depreciation and amortization	1.6
Long-lived and goodwill asset impairments	24.0
Restructuring and other charges	0.5
Total costs and expenses	83.1






Loss from discontinued operations before income taxes	(17.4)
Income tax expense	3.8
Loss from discontinued operations, net of tax	$	(21.2)

The following table summarizes depreciation and amortization, capital expenditures and the significant cash flow and noncash items from discontinued operations for the three months ended March 31, 2024:


	Three Months Ended March 31,
	2024
Depreciation and amortization	$	1.6
Goodwill impairment	24.0

Capital expenditures	3.7

- 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
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+ Details

GOODWILL

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL

The Company's policy is to assess goodwill for impairment annually as of October 1, with more frequent assessments if events or changes in circumstances indicate the carrying amount may not be recoverable. Based on the annual test performed on October 1, 2024, it was previously determined that the fair values of the Company’s reporting units were greater than the carrying values, resulting in no impairment. For the Clinical Development reporting unit, the fair value of the business exceeded the book value by approximately 10% as of October 1, 2024.

During the three months ended March 31, 2025, due to a sustained decline in the Company’s share price and uncertainties in global macroeconomic conditions, the Company determined that an indicator of impairment existed. As a result, the Company performed an interim impairment test.

For the goodwill impairment test as of March 31, 2025, the fair values of the Clinical Development and Clinical Pharmacology reporting units were computed 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 publicly available information regarding the market capitalization of the Company as well 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.

The income-based fair value methodology requires management's assumptions and judgments regarding economic conditions in the markets in which the Company operates and conditions in the capital markets, many of which are outside of management's control. At the reporting unit level, fair value estimation requires management's assumptions and judgments regarding the effects of overall economic conditions on the specific reporting unit, along with assessment of the reporting unit's strategies and forecasts of future cash flows. Forecasts of individual reporting unit cash flows involve management's estimates and assumptions regarding:

•Annual cash flows, on a debt-free basis, arising from future revenues and profitability, changes in working capital, capital spending and income taxes for at least a five-year forecast period.

•A terminal growth rate for years beyond the forecast period. The terminal growth rate is selected based on consideration of growth rates used in the forecast period, historical performance of the reporting unit and economic conditions.

•A discount rate that reflects the risks inherent in realizing the forecasted cash flows. A discount rate considers the risk-free rate of return on long-term treasury securities, the risk premium associated with investing in equity securities of comparable companies, the beta obtained from the comparable companies and the cost of debt for investment grade issuers. In addition, the discount rate may consider any Company-specific risk in achieving the prospective financial information.

Under the market-based fair value methodology, judgment is required in evaluating market multiples and recent transactions. Management believes that the assumptions used for its impairment tests are representative of those that would be used by market participants performing similar valuations of the reporting units.

Based upon the results of the qualitative and quantitative assessments as of March 31, 2025, the Company concluded that the fair value of the Clinical Development reporting unit was less than its carrying value and recorded a goodwill impairment of $488.8.

The changes in the carrying amount of goodwill for the three months ended March 31, 2025 and 2024 are as follows:



	March 31, 2025		March 31, 2024
Balance as of December 31	$	1,710.4	$	1,739.4

Impairment	(488.8)		—
Foreign currency impact and other adjustments to goodwill	20.9		(11.8)
Balance as of March 31	$	1,242.5	$	1,727.6

DISCONTINUED OPERATIONS - Schedule of Selected Information on Cash Flows Related to Discontinued Operations (Details) - Discontinued operations, disposed of by sale - Enabling Services segment disposal $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and amortization	$ 1.6
Goodwill impairment	24.0
Capital expenditures	$ 3.7

DEBT - Schedule of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024	Jun. 27, 2023
Current Portion of Long-Term Debt
Debt issuance discount and fees	$ (1.2)	$ (1.2)
Total short-term borrowings and current portion of long-term debt	163.8	74.8
Long-Term Debt
Debt issuance discount and fees	(16.1)	(16.3)
Total long-term debt	$ 1,049.9	1,049.7
Senior notes \| 7.5% senior notes due 2030
Debt Instrument [Line Items]
Stated interest rate	7.50%		7.50%
Long-Term Debt
Debt, gross	$ 494.0	494.0
Senior notes \| Secured debt \| 7.5% senior notes due 2030
Current Portion of Long-Term Debt
Current portion of debt, gross	76.0	76.0
Line of credit \| Secured debt \| Senior secured term loan A due 2028
Long-Term Debt
Debt, gross	417.3	417.3
Line of credit \| Secured debt \| Senior secured term loan B due 2030
Long-Term Debt
Debt, gross	$ 154.7	$ 154.7

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2023		88.8
Beginning balance at Dec. 31, 2023	$ 1,714.1	$ 0.1	$ 1,998.0	$ (68.5)	$ (215.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(101.0)			(101.0)
Other comprehensive income (loss), net of tax	(26.1)				(26.1)
Stock compensation	15.1		15.1
Issuance of common stock (in shares)		0.6
Net share settlement tax payments from issuance of stock to employees	(10.4)		(10.4)
Other	0.2		0.2
Ending balance (in shares) at Mar. 31, 2024		89.4
Ending balance at Mar. 31, 2024	$ 1,591.9	$ 0.1	2,002.9	(169.5)	(241.6)
Beginning balance (in shares) at Dec. 31, 2024	89.7	89.7
Beginning balance at Dec. 31, 2024	$ 1,362.4	$ 0.1	2,042.2	(397.0)	(282.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(562.9)			(562.9)
Other comprehensive income (loss), net of tax	44.7				44.7
Stock compensation	$ 14.6		14.6
Issuance of common stock under employee stock plan (in shares)		0.8
Ending balance (in shares) at Mar. 31, 2025	90.5	90.5
Ending balance at Mar. 31, 2025	$ 858.8	$ 0.1	$ 2,056.8	$ (959.9)	$ (238.2)

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2025
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For the three months ended March 31, 2025 and 2024, the Company recognized income tax expenses of $14.9 and $4.1, respectively, which resulted in effective tax rates of (2.7)% and (5.4)%, respectively. The effective tax rate for the three months ended March 31, 2025 was lower than the Company’s statutory tax rate primarily due to impairment of goodwill that has no tax benefit, an increase in valuation allowance, BEAT, non-deductible compensation expenses and withholding taxes for 2025 non-U.S. earnings that are not permanently reinvested. The effective tax rate for the three months ended March 31, 2024 was lower than the Company’s statutory tax rate primarily due to a change in valuation allowance, the geographic mix of earnings, and non-deductible compensation expenses.

- 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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 101.6	$ 118.5
Accounts receivable and unbilled services, net	729.0	659.5
Prepaid expenses and other	139.7	170.2
Total current assets	970.3	948.2
Property, plant and equipment, net	150.2	156.3
Goodwill, net	1,242.5	1,710.4
Intangible assets, net	651.3	655.7
Deferred income taxes	5.4	5.2
Other assets, net	101.4	103.4
Total assets	3,121.1	3,579.2
Current liabilities:
Accounts payable	110.2	138.2
Accrued expenses and other current liabilities	347.2	369.8
Unearned revenue	364.4	353.3
Current portion of long-term debt	163.8	74.8
Short-term operating lease liabilities	13.5	13.4
Total current liabilities	999.1	949.5
Long-term debt, less current portion	1,049.9	1,049.7
Operating lease liabilities	59.1	60.6
Deferred income taxes and other tax liabilities	117.9	121.7
Other liabilities	36.3	35.3
Total liabilities	2,262.3	2,216.8
Commitments and contingent liabilities (Note 9)
Equity
Common stock, 90.5 and 89.7 shares outstanding at March 31, 2025 and December 31, 2024, respectively	0.1	0.1
Additional paid-in capital	2,056.8	2,042.2
Accumulated deficit	(959.9)	(397.0)
Accumulated other comprehensive loss	(238.2)	(282.9)
Total equity	858.8	1,362.4
Total liabilities and equity	$ 3,121.1	$ 3,579.2

PREFERRED STOCK AND COMMON SHAREHOLDERS’ EQUITY (Tables)

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (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, 2024	$	(276.0)	$	(6.5)	$	(0.4)	$	(282.9)
Current quarter foreign exchange adjustments	45.2		—		—		45.2
Unrealized loss on derivative instruments	—		—		(0.7)		(0.7)
Amounts reclassified from accumulated other comprehensive loss	—		—		—		—
Tax effect of adjustments	—		—		0.2		0.2
Balance at March 31, 2025	$	(230.8)	$	(6.5)	$	(0.9)	$	(238.2)


	Foreign Currency Translation Adjustments		Net Benefit Plan Adjustments		Unrealized Gain (Loss) on Derivative Instruments		Accumulated Other Comprehensive Loss
Balance at December 31, 2023	$	(206.7)	$	(7.4)	$	(1.4)	$	(215.5)
Current quarter foreign exchange adjustments	(27.7)		—		—		(27.7)
Unrealized gain on derivative instruments	—		—		2.5		2.5
Amounts reclassified from accumulated other comprehensive loss	—		—		(0.4)		(0.4)
Tax effect of adjustments	—		—		(0.5)		(0.5)
Balance at March 31, 2024	$	(234.4)	$	(7.4)	$	0.2	$	(241.6)

EARNINGS (LOSS) PER SHARE - Antidilutive Securities Excluded from Computation (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Employee stock options and awards (in shares)	2.5	1.2
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1.1	1.2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (562.9)	$ (101.0)
Adjustments to reconcile net loss to net cash used for operating activities:
Depreciation and amortization	19.5	23.5
Stock compensation	14.6	15.1
Credit loss expense	4.5	5.8
Operating lease right-of-use asset expense	3.0	6.2
Operating lease right-of-use asset impairment	3.2	0.0
Goodwill and other asset impairments	488.8	24.0
Deferred income taxes	(6.6)	4.2
Other, net	0.3	(12.1)
Changes in assets and liabilities:
(Increase) decrease in accounts receivable and unbilled services, net	(70.5)	34.7
Decrease (increase) in prepaid expenses and other	17.6	(25.5)
Decrease in accounts payable	(28.4)	(0.9)
Increase in deferred revenue	10.4	26.4
Decrease in accrued expenses and other	(17.7)	(26.0)
Net cash used for operating activities	(124.2)	(25.6)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(2.9)	(9.3)
Proceeds from sale of business, net	19.0	0.0
Proceeds from sale of assets	0.0	0.1
Net cash provided by (used for) investing activities	16.1	(9.2)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facilities	166.5	271.0
Payments on revolving credit facilities	(77.5)	(242.0)
Debt issuance costs	(0.6)	0.0
Principal payments of long-term debt	0.0	(7.7)
Net cash provided by financing activities	88.4	21.3
Effect of exchange rate changes on cash and cash equivalents	2.8	(2.3)
Net change in cash and cash equivalents	(16.9)	(15.8)
Cash and cash equivalents at beginning of period	118.5	108.6
Cash and cash equivalents at end of period	$ 101.6	$ 92.8

GOODWILL - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Goodwill [Roll Forward]
Balance as of December 31	$ 1,710.4	$ 1,739.4
Impairment	(488.8)	0.0
Foreign currency impact and other adjustments to goodwill	20.9	(11.8)
Balance as of March 31	$ 1,242.5	$ 1,727.6

- 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

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-Topic 350
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-Topic 942
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-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

DISCONTINUED OPERATIONS - Narrative (Details) - Discontinued operations, disposed of by sale - Enabling Services segment disposal - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 09, 2024
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
Milestone payment	$ 20.0
Goodwill impairment		$ 24.0

EARNINGS (LOSS) PER SHARE (Tables)

3 Months Ended

Mar. 31, 2025

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.


	Three Months Ended March 31,
	2025					2024
	Earnings		Shares	Per Share Amount		Earnings		Shares	Per Share Amount
Basic and diluted earnings (loss) from continuing operations per share:
Net earnings (loss)	$	(562.9)	90.1	$	(6.25)	$	(79.8)	89.2	$	(0.89)

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


	Three Months Ended March 31,
	2025					2024
	Earnings		Shares	Per Share Amount		Earnings		Shares	Per Share Amount
Basic and diluted earnings (loss) from discontinued operations per share:
Net earnings (loss)	$	—	—	$	—	$	(21.2)	89.2	$	(0.24)

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:


	Three Months Ended March 31,
	2025	2024
Employee stock options and awards	2.5	1.2
Antidilutive employee stock options and awards excluded based on reporting a net loss for the period	1.1	1.2

PREFERRED STOCK AND COMMON SHAREHOLDERS’ EQUITY

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY

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 March 31, 2025 and December 31, 2024.

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, 2024	$	(276.0)	$	(6.5)	$	(0.4)	$	(282.9)
Current quarter foreign exchange adjustments	45.2		—		—		45.2
Unrealized loss on derivative instruments	—		—		(0.7)		(0.7)
Amounts reclassified from accumulated other comprehensive loss	—		—		—		—
Tax effect of adjustments	—		—		0.2		0.2
Balance at March 31, 2025	$	(230.8)	$	(6.5)	$	(0.9)	$	(238.2)


	Foreign Currency Translation Adjustments		Net Benefit Plan Adjustments		Unrealized Gain (Loss) on Derivative Instruments		Accumulated Other Comprehensive Loss
Balance at December 31, 2023	$	(206.7)	$	(7.4)	$	(1.4)	$	(215.5)
Current quarter foreign exchange adjustments	(27.7)		—		—		(27.7)
Unrealized gain on derivative instruments	—		—		2.5		2.5
Amounts reclassified from accumulated other comprehensive loss	—		—		(0.4)		(0.4)
Tax effect of adjustments	—		—		(0.5)		(0.5)
Balance at March 31, 2024	$	(234.4)	$	(7.4)	$	0.2	$	(241.6)

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

COMMITMENTS AND CONTINGENT LIABILITIES	3 Months Ended
COMMITMENTS AND CONTINGENT LIABILITIES	Mar. 31, 2025
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 three months ended March 31, 2025, the Company recorded legal expenses of $1.9 related to 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 provide discounts and other consideration to the customer in the amount of $12.5 as part of a multi-party solution to facilitate the ongoing trials, of which $1.7 was recorded as a reduction of revenue for the three months ended March 31, 2024. There were no related reductions of revenue during the three months ended March 31, 2025, as the agreed-upon amount had been satisfied. 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.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Income Statement [Abstract]
Revenues	$ 651.3	$ 662.1
Costs and expenses:
Direct costs, exclusive of depreciation and amortization	534.8	554.2
Selling, general and administrative expenses, exclusive of depreciation and amortization	121.8	120.1
Depreciation and amortization	19.5	21.9
Goodwill and other asset impairments	488.8	0.0
Restructuring and other charges	6.5	3.3
Total costs and expenses	1,171.4	699.5
Operating loss	(520.1)	(37.4)
Other income (expense):
Interest expense	(22.3)	(34.3)
Foreign exchange loss	(5.6)	(5.3)
Other, net	0.0	1.3
Loss from continuing operations before income taxes	(548.0)	(75.7)
Income tax expense	14.9	4.1
Loss from continuing operations	(562.9)	(79.8)
Loss from discontinued operations, net of tax	0.0	(21.2)
Net loss	$ (562.9)	$ (101.0)
Earnings (loss) per common share
Basic earnings (loss) per share from continuing operations (in dollars per share)	$ (6.25)	$ (0.89)
Basic earnings (loss) per share form discontinued operations (in dollars per share)	0	(0.24)
Basic earnings (loss) per share (in dollars per share)	(6.25)	(1.13)
Diluted earnings (loss) per share continuing from operations (in dollars per share)	(6.25)	(0.89)
Diluted earnings (loss) per share from discontinued operations (in dollars per share)	0	(0.24)
Diluted earnings (loss) per share (in dollars per share)	$ (6.25)	$ (1.13)

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	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Basic and diluted earnings (loss) from continuing operations per share:
Net earnings (loss)	$ (562.9)	$ (79.8)
Per share amount, basic (in dollars per share)	$ (6.25)	$ (0.89)
Per share amount, diluted (in dollars per share)	$ (6.25)	$ (0.89)
Basic and diluted earnings (loss) from discontinued operations per share:
Net earnings (loss)	$ 0.0	$ (21.2)
Per share amount, basic (in dollars per share)	$ 0	$ (0.24)
Per share amount, diluted (in dollars per share)	$ 0	$ (0.24)
Continuing Operations
Basic and diluted earnings (loss) from continuing operations per share:
Net earnings (loss)	$ (562.9)	$ (79.8)
Net income (loss), diluted	$ (562.9)	$ (79.8)
Outstanding shares, basic (in shares)	90.1	89.2
Outstanding shares, diluted (in shares)	90.1	89.2
Per share amount, basic (in dollars per share)	$ (6.25)	$ (0.89)
Per share amount, diluted (in dollars per share)	$ (6.25)	$ (0.89)
Basic and diluted earnings (loss) from discontinued operations per share:
Outstanding shares, basic (in shares)	90.1	89.2
Outstanding shares, diluted (in shares)	90.1	89.2
Discontinued Operations
Basic and diluted earnings (loss) from continuing operations per share:
Outstanding shares, basic (in shares)	0.0	89.2
Outstanding shares, diluted (in shares)	0.0	89.2
Basic and diluted earnings (loss) from discontinued operations per share:
Net earnings (loss)	$ 0.0	$ (21.2)
Net income (loss) diluted	$ 0.0	$ (21.2)
Outstanding shares, basic (in shares)	0.0	89.2
Outstanding shares, diluted (in shares)	0.0	89.2
Per share amount, basic (in dollars per share)	$ 0	$ (0.24)
Per share amount, diluted (in dollars per share)	$ 0	$ (0.24)

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Reclassified from Other Comprehensive Loss into Earnings (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Interest rate swaps \| Interest expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amounts Reclassified from Other Comprehensive Loss into Earnings	$ 0.0	$ (0.4)

PREFERRED STOCK AND COMMON SHAREHOLDERS’ EQUITY - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,362.4	$ 1,714.1
Current year adjustments, before reclassifications		(27.7)
Amounts reclassified from accumulated other comprehensive loss	0.0	(0.4)
Tax effect of adjustments	0.2	(0.5)
Ending balance	858.8	1,591.9
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(282.9)	(215.5)
Ending balance	(238.2)	(241.6)
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(276.0)	(206.7)
Current year adjustments, before reclassifications	45.2	(27.7)
Tax effect of adjustments		0.0
Ending balance	(230.8)	(234.4)
Net Benefit Plan Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(6.5)	(7.4)
Tax effect of adjustments		0.0
Ending balance	(6.5)	(7.4)
Unrealized Gain (Loss) on Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(0.4)	(1.4)
Current year adjustments, before reclassifications	(0.7)	2.5
Amounts reclassified from accumulated other comprehensive loss	0.0	(0.4)
Tax effect of adjustments	0.2	(0.5)
Ending balance	$ (0.9)	$ 0.2

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
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+ Details

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Gain (Loss) for Derivative Contracts Not Designated as Hedges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Foreign currency forward contracts \| Foreign exchange gain (loss)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) on Derivatives Recognized in Earnings	$ 0.4	$ (0.8)

BUSINESS SEGMENT INFORMATION - Schedule of Segment Reporting Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting Information [Line Items]
Revenues	$ 651.3	$ 662.1
Direct costs	534.8	554.2
Selling, general and administrative expenses	121.8	120.1
Depreciation	19.5	21.9
Goodwill and other asset impairments	488.8	0.0
Operating loss	(520.1)	(37.4)
Interest expense	(22.3)	(34.3)
Foreign exchange loss	(5.6)	(5.3)
Other, net	0.0	1.3
Loss from continuing operations before income taxes	(548.0)	(75.7)
Corporate, non-segment
Segment Reporting Information [Line Items]
Corporate costs not included in segment operating income	17.8	18.3
Clinical Services Segment
Segment Reporting Information [Line Items]
Amortization	14.5	15.3
Restructuring and other charges	6.5	3.3
Operating loss	(520.1)	(37.4)
Interest expense	(22.3)	(34.3)
Foreign exchange loss	(5.6)	(5.3)
Other, net	0.0	1.3
Loss from continuing operations before income taxes	(548.0)	(75.7)
Clinical Services Segment \| Operating segments
Segment Reporting Information [Line Items]
Revenues	651.3	662.1
Pass through costs	239.9	235.2
Direct costs	294.1	318.4
Selling, general and administrative expenses	104.8	102.4
Depreciation	5.0	6.6
Segment operating income	$ 7.5	$ (0.5)

BASIS OF FINANCIAL STATEMENT PRESENTATION	3 Months Ended
BASIS OF FINANCIAL STATEMENT PRESENTATION	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF FINANCIAL STATEMENT PRESENTATION	BASIS OF FINANCIAL STATEMENT PRESENTATION 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. 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 2, “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 14, “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 for the periods presented. The operations of the Enabling Services Segment have been classified as income (loss) from discontinued operations on the condensed consolidated statements of operations for all periods presented. Unless otherwise noted, discussion within these notes to the condensed consolidated financial statements relates to the Company’s continuing operations. Unaudited Interim Financial Information The Company’s unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments necessary for a fair statement of results of operations, cash flows, and financial position have been made. Except as otherwise disclosed, all such adjustments are of a normal recurring nature. Interim results are not necessarily indicative of results for a full year. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated and combined financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. 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 March 31, 2025, two pharmaceutical customers accounted for 14.3% and 10.1% of the Company's combined gross accounts receivable and unbilled services. As of December 31, 2024, two pharmaceutical companies accounted for approximately 22.2% and 13.8% of the Company's combined gross accounts receivable and unbilled services. Additionally, for the three months ended March 31, 2025, one customer accounted for approximately 15.4% of revenues. For the three months ended March 31, 2024, two customers accounted for 14.0% and 13.0% 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. Recently Issued and Adopted Accounting Standards 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.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
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

DEBT

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

DEBT

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


	March 31, 2025		December 31, 2024
Current portion of 7.5% senior notes due 2030	$	76.0	$	76.0


Senior secured revolving credit facility	89.0		—
Debt issuance discount and fees	(1.2)		(1.2)
Total short-term borrowings and current portion of long-term debt	$	163.8	$	74.8

Long-term debt consisted of the following:


	March 31, 2025		December 31, 2024
7.5% senior notes due 2030	$	494.0	$	494.0
Senior secured term loan A due 2028	417.3		417.3
Senior secured term loan B due 2030	154.7		154.7
Debt issuance discount and fees	(16.1)		(16.3)
Total long-term debt	$	1,049.9	$	1,049.7

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 by the fourth quarter of 2025, which has been classified as current portion of long-term debt in the consolidated balance sheet as of March 31, 2025.

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 March 31, 2025, the effective interest rate on the term loan A and term loan B was 6.57% and 8.07%, 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 was $89.0 outstanding on the Company’s current revolving credit facility and $361.0 was available for borrowing as of March 31, 2025. No balances were outstanding as of December 31, 2024. As of March 31, 2025, the effective interest rate on the revolving credit facility was 7.28%. 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 March 31, 2025.

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 February 28, 2025, 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 March 31, 2025 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.

- 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.

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+ Details

BUSINESS SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

BUSINESS SEGMENT INFORMATION

The following table is a summary of segment information for the three months ended March 31, 2025 and 2024. 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. 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 asset information is not presented because it is not used by the CODM at the segment level.

Segment operating income for the three months ended March 31, 2025 and 2024 is reconciled to income (loss) from continuing operations before income taxes as follows:


	Three Months Ended March 31,
	2025		2024
Revenues	$	651.3	$	662.1
Less:
Pass through costs	239.9		235.2
Direct costs	294.1		318.4
Selling, general and administrative expenses	104.8		102.4
Depreciation	5.0		6.6
Segment operating income	7.5		(0.5)
Corporate costs not included in segment operating income	17.8		18.3
Amortization	14.5		15.3
Goodwill and other asset impairments	488.8		—
Restructuring and other charges	6.5		3.3
Operating loss	(520.1)		(37.4)
Interest expense	(22.3)		(34.3)
Foreign exchange loss	(5.6)		(5.3)
Other, net	—		1.3
Loss from continuing operations before income taxes	$	(548.0)	$	(75.7)

- 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.

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+ Details

GOODWILL - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
GOODWILL - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024	Oct. 01, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Reporting unit, percentage			10.00%
Goodwill and other asset impairments	$ 488.8	$ 0.0