0001965040-24-000036 | 10-Q | XBRL Viewer

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

3 Months Ended

Mar. 31, 2024

Accounting Changes and Error Corrections [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

As discussed in Note 1 - Basis of Financial Statement Presentation the Company identified errors in the consolidated and combined financial statements of prior periods. A summary of the corrections to the impacted financial statement line items in the previously issued Consolidated Balance Sheet as of December 31, 2023, and the Consolidated and Combined Statements of Operations, Comprehensive Income, Changes in Stockholders’ Equity, and Cash Flows as of and for the years ended December 31, 2023 and 2022, included in the previously filed Annual Report on Form 10-K, is provided below.

A summary of the corrections to the impacted financial statement line items in the Company’s previously issued Condensed Consolidated and Combined Statements of Operations, Comprehensive Income, Changes in Stockholders’ Equity, and Cash Flows for the quarterly periods ended March 31, June 30 and September 30 of 2023, which were previously filed in 2023, are also provided below.

CONSOLIDATED BALANCE SHEET


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

CONDENSED COMBINED STATEMENT OF OPERATIONS


	Three Months Ended March 31, 2023
	As Previously Reported		Adjustments		As Restated		Discontinued Operations Reclassifications		Change in Basis of Presentation		As Restated and Reclassified
Revenues	$	764.2	$	(0.5)	$	763.7	$	(69.8)	$	—	$	693.9
Costs and expenses:
Direct costs, exclusive of depreciation and amortization	636.2		—		636.2		(46.1)		(48.6)		541.5
Selling, general and administrative expenses, exclusive of depreciation and amortization	78.0		5.2		83.2		(15.0)		48.6		116.8
Depreciation and amortization	22.8		0.3		23.1		(2.2)		—		20.9

Restructuring and other charges	1.2		—		1.2		(0.6)		—		0.6
Total costs and expenses	738.2		5.5		743.7		(63.9)		—		679.8
Operating income (loss)	26.0		(6.0)		20.0		(5.9)		—		14.1
Other income (expense):
Interest income	—		—		—		—		0.1		0.1
Foreign exchange gain (loss)	(5.5)		—		(5.5)		0.3		—		(5.2)
Other, net	0.6		—		0.6		—		(0.1)		0.5
Income (loss) before income taxes	21.1		(6.0)		15.1		(5.6)		—		9.5
Provision for (benefit from) income taxes	3.7		(1.1)		2.6		(1.1)		—		1.5
Net income	$	17.4	$	(4.9)	$	12.5	$	(4.5)	$	—	$	8.0



Earnings per common share
Basic - continuing operations	$	0.20			$	0.14					$	0.09
Basic - discontinued operations	$	—			$	—					$	0.05
Basic	$	0.20			$	0.14					$	0.14

Diluted - continuing operations	$	0.20			$	0.14					$	0.09
Diluted - discontinued operations	$	—			$	—					$	0.05
Diluted	$	0.20			$	0.14					$	0.14

CONDENSED CONSOLIDATED AND COMBINED STATEMENT OF OPERATIONS


	Three Months Ended June 30, 2023
	As Previously Reported		Adjustments		As Restated		Discontinued Operations Reclassifications		Change in Basis of Presentation		As Restated and Reclassified
Revenues	$	793.0	$	(3.1)	$	789.9	$	(64.8)	$	—	$	725.1
Costs and expenses:
Direct costs, exclusive of depreciation and amortization	649.4		(1.2)		648.2		(44.3)		(35.2)		568.7
Selling, general and administrative expenses, exclusive of depreciation and amortization	80.8		(5.4)		75.4		(12.8)		35.2		97.8
Depreciation and amortization	25.1		0.4		25.5		(2.1)		—		23.4

Restructuring and other charges	3.9		—		3.9		(0.3)		—		3.6
Total costs and expenses	759.2		(6.2)		753.0		(59.5)		—		693.5
Operating income (loss)	33.8		3.1		36.9		(5.3)		—		31.6
Other income (expense):
Interest expense	(0.7)		—		(0.7)		—		—		(0.7)
Foreign exchange gain (loss)	5.4		(0.2)		5.2		—		—		5.2
Other, net	0.4		—		0.4		0.1		—		0.5
Income (loss) before income taxes	38.9		2.9		41.8		(5.2)		—		36.6
Provision for (benefit from) income taxes	10.6		0.4		11.0		0.6		—		11.6
Net income	$	28.3	$	2.5	$	30.8	$	(5.8)	$	—	$	25.0



Earnings per common share:
Basic - continuing operations	$	0.32			$	0.35					$	0.28
Basic - discontinued operations	$	—			$	—					$	0.07
Basic	$	0.32			$	0.35					$	0.35

Diluted - continuing operations	$	0.32			$	0.35					$	0.28
Diluted - discontinued operations	$	—			$	—					$	0.07
Diluted	$	0.32			$	0.35					$	0.35

CONDENSED CONSOLIDATED AND COMBINED STATEMENT OF OPERATIONS


	Six Months Ended June 30, 2023
	As Previously Reported		Adjustments		As Restated		Discontinued Operations Reclassifications		Change in Basis of Presentation		As Restated and Reclassified
Revenues	$	1,557.2	$	(3.6)	$	1,553.6	$	(134.6)	$	—	$	1,419.0
Costs and expenses:
Direct costs, exclusive of depreciation and amortization	1,285.6		(1.2)		1,284.4		(90.4)		(83.8)		1,110.2
Selling, general and administrative expenses, exclusive of depreciation and amortization	158.8		(0.2)		158.6		(27.8)		83.8		214.6
Depreciation and amortization	47.9		0.7		48.6		(4.3)		—		44.3

Restructuring and other charges	5.1		—		5.1		(0.9)		—		4.2
Total costs and expenses	1,497.4		(0.7)		1,496.7		(123.4)		—		1,373.3
Operating income (loss)	59.8		(2.9)		56.9		(11.2)		—		45.7
Other income (expense):
Interest expense	(0.7)		—		(0.7)		—		0.1		(0.6)
Foreign exchange gain (loss)	(0.1)		(0.2)		(0.3)		0.3		—		—
Other, net	1.0		—		1.0		0.1		(0.1)		1.0
Income (loss) before income taxes	60.0		(3.1)		56.9		(10.8)		—		46.1
Provision for (benefit from) income taxes	14.3		(0.7)		13.6		(0.5)		—		13.1
Net income	$	45.7	$	(2.4)	$	43.3	$	(10.3)	$	—	$	33.0



Earnings per common share:
Basic - continuing operations	$	0.51			$	0.49					$	0.37
Basic - discontinued operations	$	—			$	—					$	0.12
Basic	$	0.51			$	0.49					$	0.49

Diluted - continuing operations	$	0.51			$	0.49					$	0.37
Diluted - discontinued operations	$	—			$	—					$	0.12
Diluted	$	0.51			$	0.49					$	0.49

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS


	Three Months Ended September 30, 2023
	As Previously Reported		Adjustments		As Restated		Discontinued Operations Reclassifications		Change in Basis of Presentation		As Restated and Reclassified
Revenues	$	776.4	$	0.8	$	777.2	$	(63.4)	$	—	$	713.8
Costs and expenses:
Direct costs, exclusive of depreciation and amortization	647.3		1.4		648.7		(44.8)		(40.1)		563.8
Selling, general and administrative expenses, exclusive of depreciation and amortization	78.9		(0.1)		78.8		(12.1)		40.1		106.8
Depreciation and amortization	24.6		0.4		25.0		(2.2)		—		22.8

Restructuring and other charges	11.6		—		11.6		(1.5)		—		10.1
Total costs and expenses	762.4		1.7		764.1		(60.6)		—		703.5
Operating income (loss)	14.0		(0.9)		13.1		(2.8)		—		10.3
Other income (expense):
Interest expense	(34.6)		—		(34.6)		—		—		(34.6)
Foreign exchange gain (loss)	(0.9)		(0.2)		(1.1)		(0.1)		—		(1.2)
Other, net	3.6		—		3.6		—		—		3.6
Income (loss) before income taxes	(17.9)		(1.1)		(19.0)		(2.9)		—		(21.9)
Provision for (benefit from) income taxes	(4.8)		(0.2)		(5.0)		(0.8)		—		(5.8)
Net loss	$	(13.1)	$	(0.9)	$	(14.0)	$	(2.1)	$	—	$	(16.1)



Earnings (loss) per common share:
Basic - continuing operations	$	(0.15)			$	(0.16)					$	(0.18)
Basic - discontinued operations	$	—			$	—					$	0.02
Basic	$	(0.15)			$	(0.16)					$	(0.16)

Diluted - continuing operations	$	(0.15)			$	(0.16)					$	(0.18)
Diluted - discontinued operations	$	—			$	—					$	0.02
Diluted	$	(0.15)			$	(0.16)					$	(0.16)

CONDENSED CONSOLIDATED AND COMBINED STATEMENT OF OPERATIONS


	Nine Months Ended September 30, 2023
	As Previously Reported		Adjustments		As Restated		Discontinued Operations Reclassifications		Change in Basis of Presentation		As Restated and Reclassified
Revenues	$	2,333.6	$	(2.8)	$	2,330.8	$	(198.0)	$	—	$	2,132.8
Costs and expenses:
Direct costs, exclusive of depreciation and amortization	1,932.9		0.2		1,933.1		(135.2)		(123.9)		1,674.0
Selling, general and administrative expenses, exclusive of depreciation and amortization	237.7		(0.3)		237.4		(39.9)		123.9		321.4
Depreciation and amortization	72.5		1.1		73.6		(6.5)		—		67.1

Restructuring and other charges	16.7		—		16.7		(2.4)		—		14.3
Total costs and expenses	2,259.8		1.0		2,260.8		(184.0)		—		2,076.8
Operating income (loss)	73.8		(3.8)		70.0		(14.0)		—		56.0
Other income (expense):
Interest expense	(35.3)		—		(35.3)		—		0.1		(35.2)
Foreign exchange gain (loss)	(1.0)		(0.4)		(1.4)		0.2		—		(1.2)
Other, net	4.6		—		4.6		0.1		(0.1)		4.6
Income (loss) before income taxes	42.1		(4.2)		37.9		(13.7)		—		24.2
Provision for (benefit from) income taxes	9.5		(0.9)		8.6		(1.3)		—		7.3
Net income	$	32.6	$	(3.3)	$	29.3	$	(12.4)	$	—	$	16.9



Earnings per common share:
Basic - continuing operations	$	0.37			$	0.33					$	0.19
Basic - discontinued operations	$	—			$	—					$	0.14
Basic	$	0.37			$	0.33					$	0.33

Diluted - continuing operations	$	0.37			$	0.33					$	0.19
Diluted - discontinued operations	$	—			$	—					$	0.14
Diluted	$	0.37			$	0.33					$	0.33

CONSOLIDATED AND COMBINED STATEMENT OF OPERATIONS


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



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

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

COMBINED STATEMENT OF OPERATIONS


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



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

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

CONDENSED COMBINED STATEMENT OF COMPREHENSIVE INCOME (LOSS)


	Three Months Ended March 31, 2023
	As Previously Reported		Adjustments		As Restated
Net income	$	17.4	$	(4.9)	$	12.5
Foreign currency translation adjustments	18.9		0.2		19.1


Other comprehensive income (loss) before tax	18.9		0.2		19.1
Provision for income tax related to items of comprehensive income	—		—		—
Other comprehensive income, net of tax	18.9		0.2		19.1
Comprehensive income	$	36.3	$	(4.7)	$	31.6

CONDENSED CONSOLIDATED AND COMBINED STATEMENT OF COMPREHENSIVE INCOME (LOSS)


	Three Months Ended June 30, 2023
	As Previously Reported		Adjustments		As Restated
Net income	$	28.3	$	2.5	$	30.8
Foreign currency translation adjustments	29.5		0.4		29.9
Net benefit plan adjustments	2.1		—		2.1

Other comprehensive income, before tax	31.6		0.4		32.0
Provision for income tax related to items of comprehensive income	—		—		—
Other comprehensive income, net of tax	31.6		0.4		32.0
Comprehensive income	$	59.9	$	2.9	$	62.8

CONDENSED CONSOLIDATED AND COMBINED STATEMENT OF COMPREHENSIVE INCOME (LOSS)


	Six Months Ended June 30, 2023
	As Previously Reported		Adjustments		As Restated
Net income	$	45.7	$	(2.4)	$	43.3
Foreign currency translation adjustments	48.4		0.6		49.0
Net benefit plan adjustments	2.1		—		2.1

Other comprehensive income, before tax	50.5		0.6		51.1
Provision for income tax related to items of comprehensive income	—		—		—
Other comprehensive income, net of tax	50.5		0.6		51.1
Comprehensive income	$	96.2	$	(1.8)	$	94.4

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)


	Three Months Ended September 30, 2023
	As Previously Reported		Adjustments		As Restated
Net loss	$	(13.1)	$	(0.9)	$	(14.0)
Foreign currency translation adjustments	(56.0)		0.4		(55.6)

Unrealized gain on derivative instruments	1.6		—		1.6
Other comprehensive loss, before tax	(54.4)		0.4		(54.0)
Provision for income tax related to items of comprehensive loss	(0.4)		—		(0.4)
Other comprehensive loss, net of tax	(54.8)		0.4		(54.4)
Comprehensive loss	$	(67.9)	$	(0.5)	$	(68.4)

CONDENSED CONSOLIDATED AND COMBINED STATEMENT OF COMPREHENSIVE INCOME (LOSS)


	Nine Months Ended September 30, 2023
	As Previously Reported		Adjustments		As Restated
Net income	$	32.6	$	(3.3)	$	29.3
Foreign currency translation adjustments	(7.6)		1.0		(6.6)
Net benefit plan adjustments	2.1		—		2.1
Unrealized gain on derivative instruments	1.6		—		1.6
Other comprehensive loss, before tax	(3.9)		1.0		(2.9)
Provision for income tax related to items of comprehensive loss	(0.4)		—		(0.4)
Other comprehensive loss, net of tax	(4.3)		1.0		(3.3)
Comprehensive income	$	28.3	$	(2.3)	$	26.0

CONSOLIDATED AND COMBINED STATEMENT OF COMPREHENSIVE INCOME (LOSS)


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

COMBINED STATEMENT OF COMPREHENSIVE INCOME (LOSS)


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

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

CONDENSED CONSOLIDATED AND COMBINED STATEMENT OF CHANGES IN EQUITY


	Common Stock
	Shares	Amounts		Additional Paid-in Capital		Former Parent Investment		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Equity
Previously reported
Balance at December 31, 2022	—	$	—	$	—	$	3,618.6	$	—	$	(276.0)	$	3,342.6
Net income	—	—		—		17.4		—		—		17.4
Other comprehensive income, net of tax	—	—		—		—		—		18.9		18.9
Net transfers from Former Parent	—	—		—		26.6		—		—		26.6
Balance at March 31, 2023	—	—		—		3,662.6		—		(257.1)		3,405.5
Net income	—	—		—		28.3		—		—		28.3
Other comprehensive income, net of tax	—	—		—		—		—		31.6		31.6
Special payment to Former Parent	—	—		—		(1,595.0)		—		—		(1,595.0)
Net transfers to Former Parent	—	—		—		(119.4)		—		—		(119.4)
Reclassification of Former Parent investment to additional paid-in capital	—	—		1,976.5		(1,976.5)		—		—		—
Issuance of common stock	88.8	0.1		—		—		—		—		0.1
Balance at June 30, 2023	88.8	0.1		1,976.5		—		—		(225.5)		1,751.1
Net loss	—	—		—		—		(13.1)		—		(13.1)
Other comprehensive loss, net of tax	—	—		—		—		—		(54.8)		(54.8)
Stock compensation	—	—		11.1		—		—		—		11.1
Balance at September 30, 2023	88.8	$	0.1	$	1,987.6	$	—	$	(13.1)	$	(280.3)	$	1,694.3
Adjustments
Balance at December 31, 2022	—	$	—	$	—	$	(3.8)	$	—	$	1.2	$	(2.6)
Net income	—	—		—		(4.9)		—		—		(4.9)
Other comprehensive income, net of tax	—	—		—		—		—		0.2		0.2
Net transfers from Former Parent	—	—		—		4.6		—		—		4.6
Balance at March 31, 2023	—	—		—		(4.1)		—		1.4		(2.7)
Net income	—	—		—		2.5		—		—		2.5
Other comprehensive income, net of tax	—	—		—		—		—		0.4		0.4

Net transfers to Former Parent	—	—		—		(3.5)		—		—		(3.5)
Reclassification of Former Parent investment to additional paid-in capital	—	—		(5.1)		5.1		—		—		—

Balance at June 30, 2023	—	—		(5.1)		—		—		1.8		(3.3)
Net loss	—	—		—		—		(0.9)		—		(0.9)
Other comprehensive loss, net of tax	—	—		—		—		—		0.4		0.4

Balance at September 30, 2023	—	$	—	$	(5.1)	$	—	$	(0.9)	$	2.2	$	(3.8)


	Common Stock
	Shares	Amounts		Additional Paid-in Capital		Former Parent Investment		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Equity

















As Restated
Balance at December 31, 2022	—	$	—	$	—	$	3,614.8	$	—	$	(274.8)	$	3,340.0
Net income	—	—		—		12.5		—		—		12.5
Other comprehensive income, net of tax	—	—		—		—		—		19.1		19.1
Net transfers from Former Parent	—	—		—		31.2		—		—		31.2
Balance at March 31, 2023	—	—		—		3,658.5		—		(255.7)		3,402.8
Net income	—	—		—		30.8		—		—		30.8
Other comprehensive income, net of tax	—	—		—		—		—		32.0		32.0
Special payment to Former Parent	—	—		—		(1,595.0)		—		—		(1,595.0)
Net transfers to Former Parent	—	—		—		(122.9)		—		—		(122.9)
Reclassification of Former Parent investment to additional paid-in capital	—	—		1,971.4		(1,971.4)		—		—		—
Issuance of common stock	88.8	0.1		—		—		—		—		0.1
Balance at June 30, 2023	88.8	0.1		1,971.4		—		—		(223.7)		1,747.8
Net loss	—	—		—		—		(14.0)		—		(14.0)
Other comprehensive loss, net of tax	—	—		—		—		—		(54.4)		(54.4)
Stock compensation	—	—		11.1		—		—		—		11.1
Balance at September 30, 2023	88.8	$	0.1	$	1,982.5	$	—	$	(14.0)	$	(278.1)	$	1,690.5

CONSOLIDATED AND COMBINED STATEMENT OF CHANGES IN EQUITY


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

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


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

COMBINED STATEMENT OF CHANGES IN EQUITY


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

Net transfers to Former Parent	—	—		—		16.7		—		—		16.7



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

Net transfers to Former Parent	—	—		—		2.4		—		—		2.4



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

Net transfers to Former Parent	—	—		—		19.1		—		—		19.1



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

CONDENSED COMBINED STATEMENT OF CASH FLOWS


	Three Months Ended March 31, 2023
	As Previously Reported		Adjustments		As Restated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	17.4	$	(4.9)	$	12.5
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	22.8		0.3		23.1
Stock compensation	6.7		—		6.7
Operating lease right-of-use asset expense	7.8		—		7.8
Goodwill and other asset impairments	—		—		—
Deferred income taxes	(3.7)		0.1		(3.6)
Other, net	0.8		0.1		0.9
Change in assets and liabilities (net of effects of acquisitions):
Decrease in accounts receivable and unbilled services, net	26.8		0.5		27.3
Increase in prepaid expenses and other	(18.6)		(0.5)		(19.1)
Increase in accounts payable	20.9		(0.5)		20.4
Decrease in deferred revenue	(13.9)		1.0		(12.9)
Decrease in accrued expenses and other	(63.6)		(1.5)		(65.1)
Net cash provided by (used for) operating activities	3.4		(5.4)		(2.0)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(16.2)		—		(16.2)
Proceeds from sale of assets	—		—		—
Net cash used for investing activities	(16.2)		—		(16.2)
CASH FLOWS FROM FINANCING ACTIVITIES:







Net transfers from Parent	19.9		4.6		24.5
Net cash provided by financing activities	19.9		4.6		24.5
Effect of exchange rate changes on cash and cash equivalents	1.1		0.4		1.5
Net change in cash and cash equivalents	8.2		(0.4)		7.8
Cash and cash equivalents at beginning of period	112.0		(1.6)		110.4
Cash and cash equivalents at end of period	$	120.2	$	(2.0)	$	118.2

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

CONDENSED CONSOLIDATED AND COMBINED STATEMENT OF CASH FLOWS


	Six Months Ended June 30, 2023
	As Previously Reported		Adjustments		As Restated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	45.7	$	(2.4)	$	43.3
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	47.9		0.7		48.6
Stock compensation	16.1		—		16.1
Operating lease right-of-use asset expense	14.3		—		14.3

Deferred income taxes	(3.9)		(0.6)		(4.5)
Other, net	6.5		—		6.5
Change in assets and liabilities (net of effects of acquisitions):
Decrease in accounts receivable and unbilled services, net	7.8		3.6		11.4
Increase in prepaid expenses and other	(16.0)		(1.2)		(17.2)
Increase in accounts payable	23.7		(3.8)		19.9
Decrease in deferred revenue	(7.7)		2.2		(5.5)
Increase in accrued expenses and other	19.8		(4.6)		15.2
Net cash provided by operating activities	154.2		(6.1)		148.1
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(25.8)		—		(25.8)
Proceeds from sale of assets	0.3		—		0.3
Net cash used for investing activities	(25.5)		—		(25.5)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facilities	—		—		—
Payments on revolving credit facilities	—		—		—
Proceeds from term loans	1,061.4		—		1,061.4
Proceeds from issuance of senior notes	570.0		—		570.0
Debt issuance costs	(26.4)		—		(26.4)
Principal payments of long-term debt	—		—		—
Special payment to Former Parent	(1,595.0)		—		(1,595.0)
Net transfers from Parent	(136.7)		1.3		(135.4)
Net cash used for financing activities	(126.7)		1.3		(125.4)
Effect of exchange rate changes on cash and cash equivalents	0.3		1.0		1.3
Net change in cash and cash equivalents	2.3		(3.8)		(1.5)
Cash and cash equivalents at beginning of period	112.0		(1.6)		110.4
Cash and cash equivalents at end of period	$	114.3	$	(5.4)	$	108.9

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

CONDENSED CONSOLIDATED AND COMBINED STATEMENT OF CASH FLOWS


	Nine Months Ended September 30, 2023
	As Previously Reported		Adjustments		As Restated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	32.6	$	(3.3)	$	29.3
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	72.5		1.1		73.6
Stock compensation	27.2		—		27.2
Operating lease right-of-use asset expense	20.9		—		20.9
Goodwill and other asset impairments	—		—		—
Deferred income taxes	(12.7)		(0.6)		(13.3)
Other, net	3.5		—		3.5
Change in assets and liabilities (net of effects of acquisitions):
Increase in accounts receivable and unbilled services, net	(26.6)		3.5		(23.1)
Increase in prepaid expenses and other	(3.1)		3.7		0.6
Increase in accounts payable	47.3		(1.4)		45.9
Decrease in deferred revenue	(6.5)		0.5		(6.0)
Decrease in accrued expenses and other	(0.1)		(8.5)		(8.6)
Net cash provided by operating activities	155.0		(5.0)		150.0
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(30.9)		—		(30.9)
Proceeds from sale of assets	8.1		—		8.1
Net cash used for investing activities	(22.8)		—		(22.8)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facilities	24.0		—		24.0
Payments on revolving credit facilities	(24.0)		—		(24.0)
Proceeds from term loans	1,061.4		—		1,061.4
Proceeds from issuance of senior notes	570.0		—		570.0
Debt issuance costs	(26.4)		—		(26.4)
Principal payments of long-term debt	(7.7)		—		(7.7)
Special payment to Former Parent	(1,595.0)		—		(1,595.0)
Net transfers from Parent	(136.7)		1.3		(135.4)
Net cash used for financing activities	(134.4)		1.3		(133.1)
Effect of exchange rate changes on cash and cash equivalents	(2.3)		1.6		(0.7)
Net change in cash and cash equivalents	(4.5)		(2.1)		(6.6)
Cash and cash equivalents at beginning of period	112.0		(1.6)		110.4
Cash and cash equivalents at end of period	$	107.5	$	(3.7)	$	103.8

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

CONSOLIDATED AND COMBINED STATEMENT OF CASH FLOWS


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

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

COMBINED STATEMENT OF CASH FLOWS


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







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

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

EARNINGS (LOSS) PER SHARE - Reconciliation of Basic Earnings per Share to Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Basic earnings (loss) from continuing operations per share:
Net earnings (loss)	$ (79.8)	$ (16.1)	$ 25.0	$ 8.0	$ 33.0	$ 16.9	$ (31.7)	$ 145.9
Net earnings (loss) from continuing operations including impact of dilutive adjustments	$ (79.8)			$ 8.0
Outstanding shares, basic (in shares)	89.2			88.8
Dilutive effect of employee awards (in shares)	0.0			0.0
Outstanding shares, diluted (in shares)	89.2			88.8
Per share amount, basic (in dollars per share)	$ (0.89)	$ (0.18)	$ 0.28	$ 0.09	$ 0.37	$ 0.19	$ (0.36)	$ 1.64
Per share amount, diluted (in dollars per share)	$ (0.89)	(0.18)	0.28	$ 0.09	0.37	0.19	(0.36)	1.64
Basic earnings (loss) from discontinued operations per share:
Net earnings (loss)	$ (21.2)			$ 4.5
Net earnings (loss) from discontinued operations including impact of dilutive adjustments	$ (21.2)			$ 4.5
Outstanding shares, basic (in shares)	89.2			88.8
Dilutive effect of employee awards (in shares)	0.0			0.0
Outstanding shares, diluted (in shares)	89.2			88.8
Per share amount, basic (in dollars per share)	$ (0.24)	0.02	0.07	$ 0.05	0.12	0.14	0.07	0.45
Per share amount, diluted (in dollars per share)	$ (0.24)	$ 0.02	$ 0.07	$ 0.05	$ 0.12	$ 0.14	$ 0.07	$ 0.45

EARNINGS (LOSS) PER SHARE (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

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

The following represents a reconciliation of basic earnings (loss) per share to diluted earnings (loss) from continuing operations per share.


	Three Months Ended March 31,
	2024					2023
	Earnings		Shares	Per Share Amount		Earnings		Shares	Per Share Amount
Basic earnings (loss) from continuing operations per share:
Net earnings (loss)	$	(79.8)	89.2	$	(0.89)	$	8.0	88.8	$	0.09
Dilutive effect of employee stock options and awards	—		—	—		—		—	—
Net earnings (loss) from continuing operations including impact of dilutive adjustments	$	(79.8)	89.2	$	(0.89)	$	8.0	88.8	$	0.09

The following represents a reconciliation of basic earnings (loss) per share to diluted earnings (loss) from discontinued operations per share.


	Three Months Ended March 31,
	2024					2023
	Earnings		Shares	Per Share Amount		Earnings		Shares	Per Share Amount
Basic earnings (loss) from discontinued operations per share:
Net earnings (loss)	$	(21.2)	89.2	$	(0.24)	$	4.5	88.8	$	0.05
Dilutive effect of employee stock options and awards	—		—	—		—		—	—
Net earnings (loss) from discontinued operations including impact of dilutive adjustments	$	(21.2)	89.2	$	(0.24)	$	4.5	88.8	$	0.05

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,
	2024	2023
Employee stock options and awards	1.2	—
Antidilutive employee stock options and awards excluded based on reporting a net loss for the period	1.2	—

RESTRUCTURING AND OTHER CHARGES - Narrative (Details)	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Restructuring liabilities, expected payout period	12 months

REVENUES (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 and 2023 are as follows:


	Three Months Ended March 31, 2024								Three Months Ended March 31, 2023
	North America		Europe		Other		Total		North America		Europe		Other		Total
Revenues	$	305.9	$	208.3	$	147.9	$	662.1	$	353.7	$	196.0	$	144.2	$	693.9

Schedule of Capitalized Contract Cost

The following table provides information about contract asset balances:


	March 31, 2024		December 31, 2023
Sales commission assets	$	16.7	$	15.8
Deferred contract costs	1.9		2.0
Total	$	18.6	$	17.8

Schedule of Accounts Receivable, Unbilled Services and Unearned Revenue

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


	March 31, 2024		December 31, 2023
Accounts receivable	$	389.9	$	420.2
Unbilled services	587.1		600.0
Less: allowance for credit losses	(36.0)		(31.7)
Total	$	941.0	$	988.5

Unearned revenue	$	236.9	$	214.2

Schedule of Rollforward of Allowance for Credit Losses

The rollforward for the allowance for credit losses for the three months ended March 31, 2024 is as follows:


	Accounts Receivable
Allowance for credit losses as of December, 2023	$	31.7
Credit loss expense	5.8
Write-offs	(1.5)

Allowance for credit losses as of March 31, 2024	$	36.0

CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (101.0)	$ 12.5
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Depreciation and amortization	23.5	23.1
Stock compensation	15.1	6.7
Operating lease right-of-use asset expense	6.2	7.8
Goodwill and other asset impairments	24.0	0.0
Deferred income taxes	4.2	(3.6)
Other, net	(12.1)	0.9
Changes in assets and liabilities:
Decrease in accounts receivable and unbilled services, net	40.5	27.3
Increase in prepaid expenses and other	(25.5)	(19.1)
Increase (decrease) in accounts payable	(0.9)	20.4
Increase (decrease) in unearned revenue	26.4	(12.9)
Decrease in accrued expenses and other	(26.0)	(65.1)
Net cash used for operating activities	(25.6)	(2.0)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(9.3)	(16.2)
Proceeds from sale of assets	0.1	0.0
Net cash used for investing activities	(9.2)	(16.2)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facilities	271.0	0.0
Payments on revolving credit facilities	(242.0)	0.0
Principal payments of long-term debt	(7.7)	0.0
Net transfers to Former Parent	0.0	24.5
Net cash provided by financing activities	21.3	24.5
Effect of exchange rate changes on cash and cash equivalents	(2.3)	1.5
Net change in cash and cash equivalents	(15.8)	7.8
Cash and cash equivalents at beginning of period	108.6	110.4
Cash and cash equivalents at end of period	$ 92.8	$ 118.2

DISCONTINUED OPERATIONS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 09, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill impairment charge	$ 24.0
Discontinued operations, held-for-sale \| Enabling Services segment disposal
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued operations, consideration		$ 345.0
Discontinued operations, consideration, cash		295.0
Discontinued operations, consideration, liability		$ 50.0

BASIS OF FINANCIAL STATEMENT PRESENTATION	3 Months Ended
BASIS OF FINANCIAL STATEMENT PRESENTATION	Mar. 31, 2024
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 services 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 over 30 years across more than 20 therapeutic areas, first as Covance and later as Labcorp Drug Development. On June 30, 2023, the Company completed a spin-off (the “Spin” or the “Separation”) from Laboratory Corporation of America Holdings (“Labcorp” or “Former Parent”). The Company leverages its global scale, clinical data insights, scientific 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 manages its business in one reportable segment, Clinical Services, that provides services across the clinical pharmacology and clinical development spectrum. 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 On March 9, 2024, the Company, together with its wholly-owned subsidiary, Fortrea Inc., entered into an Asset Purchase Agreement with Endeavor Buyer LLC 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. Refer to Note 2 - Discontinued Operations for further discussion. As of March 31, 2024, all of 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. Discontinued Operations In accordance with the definition of discontinued operations, the Company's decision to sell the assets relating to the Enabling Services segment represented a strategic shift that had a major effect on the Company's results of operations and assets and liabilities for the periods presented. As a result, the Company has classified the assets and liabilities related to the Enabling Services segment as assets of discontinued operations and liabilities of discontinued operations on the condensed consolidated and combined balance sheets as of March 31, 2024 and December 31, 2023. The operations of the Enabling Services segment have been classified as income (loss) from discontinued operations on the condensed consolidated and combined statements of operations for all periods presented. Unless otherwise noted, discussion within these notes to the condensed consolidated and combined financial statements relates to the Company’s continuing operations. Agreements with Labcorp On June 30, 2023, the Company completed the Spin from Labcorp. The Company has entered into several agreements with Labcorp that govern the relationship of the parties following the Separation, including the Separation and Distribution Agreement, the Tax Matters Agreement, the Employee Matters Agreement, and the Transition Services Agreement, which are described in the Company’s Registration Statement on Form 10, as amended (“Form 10”), as filed with the Securities and Exchange Commission (the “SEC”). Under the terms of the Transition Services Agreement, the Company and Labcorp agreed to provide each other certain transitional services. The services and assets to be provided to Fortrea by Labcorp support the Company’s enterprise functions, most notably IT applications, network and security support and hosting, as well as finance, human resources, marketing and other administrative support. Basis of Financial Statement Presentation Prior to June 30, 2023, Fortrea existed and functioned as part of the consolidated business of Former Parent. The Company’s financial statements for periods through the Spin reflect the historical financial position, results of operations and cash flows of the Company, for the periods presented, prepared on a “carve-out” basis and have been derived from the condensed consolidated financial statements and accounting records of Labcorp using the historical results of operations and historical basis of assets and liabilities of the Company and reflect Labcorp’s net investment in the Company. The Company’s balance sheet as of March 31, 2024 is a consolidated balance sheet based on the financial position of Fortrea as a standalone company. The three months ended March 31, 2024 includes condensed consolidated financial statements, whereas all prior periods included combined financial statements. The Company’s unaudited condensed consolidated and combined financial statements for all periods presented are referred to throughout this document as “financial statements.” The Company’s condensed consolidated and combined 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, and additionally, condensed consolidated and combined financial statements do not necessarily reflect what the financial position, results of operations, and cash flows would have been had it operated as a standalone company during the prior periods presented. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The condensed combined statements of operations include all revenues and costs directly attributable to Fortrea’s business. The combined statements of operations for prior periods also include costs for certain centralized functions and programs provided and administered by Labcorp that were allocated to Fortrea. These centralized functions and programs include, but are not limited to legal, tax, treasury, risk management, sales expenses, information technology, human resources, finance, supply chain, executive leadership and stock-based compensation. These expenses were allocated to Fortrea based on direct usage when identifiable or, when not directly identifiable, on the basis of proportional net revenues or headcount or other reasonable driver, as applicable. Fortrea considers the basis on which the expenses have been allocated to reasonably reflect the utilization of services provided to, or the benefit received by, Fortrea during the prior periods presented. However, the allocations may not reflect the expenses Fortrea would have incurred as an independent company for the prior periods presented. Actual costs that may have been incurred if Fortrea had been a standalone company would depend on a number of factors, including, but not limited to, the organizational structure, whether functions were outsourced or performed by employees, and strategic decisions made in areas such as information technology and infrastructure. For a period following the Spin some of these functions are provided by Labcorp. As of December 31, 2022, a Former Parent investment is shown in lieu of common stock and retained earnings accounts in the condensed combined financial statements. The total net effect of the settlement of the transactions between the Company and Labcorp, exclusive of those historically settled in cash, is reflected in the condensed combined statements of cash flows in cash flows from financing activities as net transfers (to) from Former Parent and in the condensed consolidated and combined balance sheets as Former Parent investment. All intercompany transactions within the Company have been eliminated. All transactions between the Company and Former Parent have been included in these condensed consolidated and combined financial statements. For those transactions between the Company and Former Parent that were historically settled in cash, the Company has reflected such balances in the condensed consolidated and combined balance sheets as due from related parties or due to related parties. The Former Parent investment and all due from or due to Former Parent were settled at the time of the Spin. Refer to Note 13 - Transactions with Former Parent for further information. 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 the Company’s accounts receivable and unbilled services are with companies in the pharmaceutical, biotechnology and medical device industries. As of March 31, 2024, two customers accounted for 19.3% and 11.0% of the Company's combined gross accounts receivable and unbilled services. As of December 31, 2023, two pharmaceutical companies accounted for approximately 17.0% and 11.2% of the Company's combined gross accounts receivable and unbilled services. Additionally, for the three months ended March 31, 2024, two customers accounted for approximately 14.0% and 13.0% of revenues. For the three months ended March 31, 2023, one customer accounted for 10.0% 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. Reclassification Certain previously reported amounts have been reclassified to conform to the current year presentation. During the quarter ended March 31, 2024, a change in basis of presentation, to include information technology costs and certain facility costs in Selling, general and administrative expenses was made to improve comparability of costs against peer companies in the clinical research industry. As a result, the Company reclassified $45.3 from Direct costs, exclusive of depreciation and amortization, to Selling, general and administrative expenses, exclusive of depreciation and amortization in the condensed consolidated and combined statement of operations for the period ending March 31, 2023 relating to information technology costs and certain facility charges. There is no impact on total operating expenses, operating income or net income during the period ended March 31, 2023. Direct costs include payroll and related benefits for project-related employees, pass through costs, transition services agreement direct costs, facility costs related to phase I clinics and other direct costs. Selling, general and administrative expenses consist primarily of administrative payroll and related benefit charges, information technology costs, other facility charges, advertising and promotional expenses, administrative travel and credit loss provisions. Additionally, the Company reclassified $0.1 from Other, net to Interest expense in the condensed consolidated and combined statement of operations for the period ending March 31, 2023. Restatement of Prior Period Financial Statements In connection with the preparation of the Company’s financial statements for the quarter ended March 31, 2024, the Company identified errors impacting previously reported financial information, including to periods prior to the June 30, 2023 Spin. The errors consisted primarily of a goodwill impairment charge as a result of an incorrect carrying value used in the Company’s impairment calculation, a reduction in revenue due to the misstatement in the amount of the ultimate resolution of a customer matter, an understatement of expense accruals allocated from Former Parent prior to spin, and an understatement of depreciation expense associated with certain projects that were not depreciated in a timely manner. Management assessed the materiality of the errors, including the presentation on prior period consolidated financial statements, on a qualitative and quantitative basis in accordance with SEC Staff Accounting Bulletin No. 99, Materiality, codified in Accounting Standards Codification Topic 250, Accounting Changes and Error Corrections. Based on this assessment, the Company concluded that these errors and the related impacts did not result in a material misstatement of the previously issued consolidated financial statements as of and for the fiscal years ended December 31, 2022 and 2023, and the previously issued unaudited condensed consolidated interim financial statements for the quarters ended March 31, June 30, and September 30, 2023. However, correcting the cumulative effect of these errors in the first quarter of 2024 would have had a significant effect on the results of operations for that period. Therefore, the relevant prior periods’ financial statements and related footnotes, for these and other immaterial errors for comparative purposes, have been corrected. Previously reported financial information for such immaterial errors will be corrected in future filings, as applicable. A summary of the corrections to the impacted financial statement line items from the previously issued financial statements are presented in Note 15 - Immaterial Financial Restatement and Reclassifications to Prior Period Financial Statements. Recently Issued and Adopted Accounting Standards In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, to improve reportable segment disclosure requirements. The new guidance requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included in the reported measure of segment profit or loss. It does not change the definition of a segment or the guidance for determining reportable segments. The new guidance will be effective for the Company in the annual period beginning January 1, 2024 and in 2025 for interim periods. The Company is assessing the impact of this ASU on its disclosures within the consolidated financial statements. 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 disaggregation by jurisdiction of income taxes paid. 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.

TRANSACTIONS WITH FORMER PARENT - Allocation of General Corporate and Other Expenses (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Corporate and other allocations	$ 95.4
Direct costs
Related Party Transaction [Line Items]
Corporate and other allocations	41.2
Selling, general and administrative expenses
Related Party Transaction [Line Items]
Corporate and other allocations	55.1
Restructuring and other charges
Related Party Transaction [Line Items]
Corporate and other allocations	0.1
Foreign exchange gain (loss)
Related Party Transaction [Line Items]
Corporate and other allocations	$ (1.0)

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Reclassified from Other Comprehensive Loss into Earnings (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Interest rate swaps \| Interest expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amounts Reclassified from Other Comprehensive Loss into Earnings	$ (0.4)	$ 0.0

TRANSACTIONS WITH FORMER PARENT - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Direct costs	$ 95.4
General financing activities
Related Party Transaction [Line Items]
Direct costs	73.4
Corporate allocations
Related Party Transaction [Line Items]
Direct costs	22.0
Subcontract services
Related Party Transaction [Line Items]
Direct costs	$ 21.7

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

RESTRUCTURING AND OTHER CHARGES - Schedule of Restructuring and Other Charges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring Reserve [Roll Forward]
Beginning balance	$ 4.3	$ 6.3
Restructuring charges	4.1	0.6
Reduction of prior restructuring accruals	(2.9)
Cash payments and other adjustments	(2.3)	0.3
Ending balance	3.2	7.2
Severance and Other Employee Costs
Restructuring Reserve [Roll Forward]
Beginning balance	1.1	1.8
Restructuring charges	4.1	0.3
Reduction of prior restructuring accruals	0.0
Cash payments and other adjustments	(2.3)	0.0
Ending balance	2.9	2.1
Facility Costs
Restructuring Reserve [Roll Forward]
Beginning balance	3.2	4.5
Restructuring charges	0.0	0.3
Reduction of prior restructuring accruals	(2.9)
Cash payments and other adjustments	0.0	0.3
Ending balance	$ 0.3	$ 5.1

REVENUES - Rollforward of Allowance for Credit Losses (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses as of December, 2023	$ 31.7
Credit loss expense	5.8
Write-offs	(1.5)
Allowance for credit losses as of March 31, 2024	$ 36.0

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Gain (Loss) for Derivative Contracts Not Designated as Hedges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Foreign currency forward contracts \| Foreign exchange gain (loss)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) on Derivatives Recognized in Earnings	$ (0.8)	$ 0.0

PREFERRED STOCK AND COMMON SHAREHOLDERS’ EQUITY - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,714.1	$ 3,340.0
Current year adjustments, before reclassifications	(27.7)	19.1
Amounts reclassified from other accumulated income (loss)	(0.4)
Tax effect of adjustments	(0.5)
Ending balance	1,591.9	3,402.8
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(215.5)	(274.8)
Ending balance	(241.6)	(255.7)
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(206.7)	(266.0)
Current year adjustments, before reclassifications	(27.7)	19.1
Amounts reclassified from other accumulated income (loss)	0.0
Tax effect of adjustments	0.0
Ending balance	(234.4)	(246.9)
Net Benefit Plan Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(7.4)	(8.8)
Amounts reclassified from other accumulated income (loss)	0.0
Tax effect of adjustments	0.0
Ending balance	(7.4)	(8.8)
Unrealized Gain (Loss) on Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1.4)	0.0
Current year adjustments, before reclassifications	2.5
Amounts reclassified from other accumulated income (loss)	(0.4)
Tax effect of adjustments	(0.5)
Ending balance	$ 0.2	$ 0.0

- Definition

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

+ References

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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480418/310-10-S99-2

+ Details

EARNINGS (LOSS) PER SHARE

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

EARNINGS (LOSS) PER SHARE

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

The following represents a reconciliation of basic earnings (loss) per share to diluted earnings (loss) from continuing operations per share.


	Three Months Ended March 31,
	2024					2023
	Earnings		Shares	Per Share Amount		Earnings		Shares	Per Share Amount
Basic earnings (loss) from continuing operations per share:
Net earnings (loss)	$	(79.8)	89.2	$	(0.89)	$	8.0	88.8	$	0.09
Dilutive effect of employee stock options and awards	—		—	—		—		—	—
Net earnings (loss) from continuing operations including impact of dilutive adjustments	$	(79.8)	89.2	$	(0.89)	$	8.0	88.8	$	0.09

The following represents a reconciliation of basic earnings (loss) per share to diluted earnings (loss) from discontinued operations per share.


	Three Months Ended March 31,
	2024					2023
	Earnings		Shares	Per Share Amount		Earnings		Shares	Per Share Amount
Basic earnings (loss) from discontinued operations per share:
Net earnings (loss)	$	(21.2)	89.2	$	(0.24)	$	4.5	88.8	$	0.05
Dilutive effect of employee stock options and awards	—		—	—		—		—	—
Net earnings (loss) from discontinued operations including impact of dilutive adjustments	$	(21.2)	89.2	$	(0.24)	$	4.5	88.8	$	0.05

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.

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,
	2024	2023
Employee stock options and awards	1.2	—
Antidilutive employee stock options and awards excluded based on reporting a net loss for the period	1.2	—

IMMATERIAL FINANCIAL RESTATEMENT AND RECLASSIFICATIONS TO PRIOR PERIOD FINANCIAL STATEMENTS - Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)	$ (101.0)	$ (14.0)	$ 30.8	$ 12.5	$ 43.3	$ 29.3	$ (25.2)	$ 186.2
Foreign currency translation adjustments	(27.7)	(55.6)	29.9	19.1	49.0	(6.6)	59.3	(126.1)
Net benefit plan adjustments	0.0		2.1	0.0	2.1	2.1	1.2	(0.6)
Unrealized gain on derivative instruments	2.1	1.6		0.0		1.6	(1.9)
Other comprehensive income (loss) before tax	(25.6)	(54.0)	32.0	19.1	51.1	(2.9)	58.6	(126.7)
Provision (benefit) for income tax related to items of comprehensive income	(0.5)	(0.4)	0.0	0.0	0.0	(0.4)	0.7	0.0
Other comprehensive income (loss), net of tax	(26.1)	(54.4)	32.0	19.1	51.1	(3.3)	59.3	(126.7)
Comprehensive income (loss)	$ (127.1)	(68.4)	62.8	31.6	94.4	26.0	34.1	59.5
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)		(13.1)	28.3	17.4	45.7	32.6	(3.4)	192.9
Foreign currency translation adjustments		(56.0)	29.5	18.9	48.4	(7.6)	57.6	(127.0)
Net benefit plan adjustments			2.1		2.1	2.1	1.2	(0.6)
Unrealized gain on derivative instruments		1.6				1.6	(1.9)
Other comprehensive income (loss) before tax		(54.4)	31.6	18.9	50.5	(3.9)	56.9	(127.6)
Provision (benefit) for income tax related to items of comprehensive income		(0.4)	0.0	0.0	0.0	(0.4)	0.7	0.0
Other comprehensive income (loss), net of tax		(54.8)	31.6	18.9	50.5	(4.3)	57.6	(127.6)
Comprehensive income (loss)		(67.9)	59.9	36.3	96.2	28.3	54.2	65.3
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)		(0.9)	2.5	(4.9)	(2.4)	(3.3)	(21.8)	(6.7)
Foreign currency translation adjustments		0.4	0.4	0.2	0.6	1.0	1.7	0.9
Net benefit plan adjustments			0.0		0.0	0.0	0.0	0.0
Unrealized gain on derivative instruments		0.0				0.0	0.0
Other comprehensive income (loss) before tax		0.4	0.4	0.2	0.6	1.0	1.7	0.9
Provision (benefit) for income tax related to items of comprehensive income		0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other comprehensive income (loss), net of tax		0.4	0.4	0.2	0.6	1.0	1.7	0.9
Comprehensive income (loss)		$ (0.5)	$ 2.9	$ (4.7)	$ (1.8)	$ (2.3)	$ (20.1)	$ (5.8)

DISCONTINUED OPERATIONS - Significant Classes of Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Total current assets	$ 74.9	$ 69.1
Current liabilities:
Total current liabilities	51.2	52.5
Discontinued operations, held-for-sale \| Enabling Services segment disposal
Current assets:
Cash and cash equivalents	0.0	0.0
Accounts receivable and unbilled services, net	66.6	60.4
Prepaid expenses and other	8.3	8.7
Total current assets	74.9	69.1
Property, plant and equipment, net	43.2	40.6
Goodwill, net	252.5	276.5
Intangible assets, net	42.6	43.1
Other assets, net	6.8	8.6
Total assets of discontinued operations	420.0	437.9
Current liabilities:
Accounts payable	4.7	4.5
Accrued expenses and other current liabilities	12.3	17.3
Unearned revenue	31.9	28.4
Short-term operating lease liabilities	2.3	2.3
Total current liabilities	51.2	52.5
Operating lease liabilities	3.1	3.7
Other liabilities	28.4	27.9
Total liabilities of discontinued operations	$ 82.7	$ 84.1

TRANSACTIONS WITH FORMER PARENT - Net Transfers To and From Labcorp (Details) - Related party $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Total net transfers (to) from Former Parent	$ 31.2
General financing activities
Related Party Transaction [Line Items]
Total net transfers (to) from Former Parent	(63.4)
Corporate allocations
Related Party Transaction [Line Items]
Total net transfers (to) from Former Parent	87.9
Stock compensation expense
Related Party Transaction [Line Items]
Total net transfers (to) from Former Parent	$ 6.7

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 15.3	$ 15.0
Estimated amortization expense, remainder of year	45.5
Estimated amortization expense, 2025	58.3
Estimated amortization expense, 2026	57.4
Estimated amortization expense, 2027	57.4
Estimated amortization expense, 2028	50.1
Estimated amortization expense, thereafter	$ 439.2

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Derivative Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Interest rate swaps \| Designated as hedging instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset	$ 1.1	$ 0.7
Liability	(0.9)	(2.6)
Notional	150.0	150.0
Foreign currency forward contracts \| Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset	0.6	0.8
Liability	(0.6)	0.0
Notional	$ 477.9	$ 458.3

DEBT - Schedule of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Jun. 27, 2023
Current Portion of Long-Term Debt
Debt issuance discount and fees	$ (4.7)	$ (4.6)
Total short-term borrowings and current portion of long-term debt	55.0	26.1
Long-Term Debt
Debt issuance discount and fees	(26.9)	(28.1)
Total long-term debt	1,559.4	1,565.9
Line of credit \| Secured debt \| Senior secured term loan A due 2028
Current Portion of Long-Term Debt
Current portion of debt, gross	25.0	25.0
Long-Term Debt
Debt, gross	456.3	462.5
Line of credit \| Secured debt \| Senior secured term loan B due 2030
Current Portion of Long-Term Debt
Current portion of debt, gross	5.7	5.7
Long-Term Debt
Debt, gross	560.0	561.5
Line of credit \| Revolving credit facility
Current Portion of Long-Term Debt
Current portion of debt, gross	29.0	0.0
Senior notes \| 7.5% senior notes due 2030
Long-Term Debt
Debt, gross	$ 570.0	$ 570.0
Stated interest rate	7.50%		7.50%

REVENUES - Schedule of Revenue by Segment and Geography (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 662.1	$ 713.8	$ 725.1	$ 693.9	$ 1,419.0	$ 2,132.8	$ 2,842.5	$ 2,837.0
North America
Disaggregation of Revenue [Line Items]
Revenues	305.9			353.7
Europe
Disaggregation of Revenue [Line Items]
Revenues	208.3			196.0
Other
Disaggregation of Revenue [Line Items]
Revenues	$ 147.9			$ 144.2

- Definition

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

+ References + Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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+ Details

GOODWILL AND INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 and 2023 are as follows:



	March 31, 2024		March 31, 2023
Balance as of December 31	$	1,739.4	$	1,707.4

Foreign currency impact and other adjustments to goodwill	(11.8)		12.5
Balance as of March 31	$	1,727.6	$	1,719.9

Schedule of Components of Intangible Assets

The components of identifiable intangible assets are as follows:


	March 31, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	1,135.7	$	(431.5)	$	704.2	$	1,143.5	$	(420.1)	$	723.4
Technology	27.7		(25.2)		2.5		27.7		(24.5)		3.2
Other	12.5		(11.3)		1.2		12.5		(11.0)		1.5

Total	$	1,175.9	$	(468.0)	$	707.9	$	1,183.7	$	(455.6)	$	728.1

- Definition

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

+ References

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-Topic 350
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-Section 55
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+ Details

IMMATERIAL FINANCIAL RESTATEMENT AND RECLASSIFICATIONS TO PRIOR PERIOD FINANCIAL STATEMENTS - Changes in Equity (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	88.8	88.8
Beginning balance	$ 1,714.1	$ 1,747.8	$ 3,402.8	$ 3,340.0	$ 3,340.0	$ 3,340.0	$ 3,340.0	$ 3,261.4
Net income (loss)	(101.0)	(14.0)	30.8	12.5	43.3	29.3	(25.2)	186.2
Other comprehensive income (loss), net of tax	(26.1)	(54.4)	32.0	19.1	$ 51.1	(3.3)	59.3	(126.7)
Special payment to Former Parent			(1,595.0)				(1,595.0)
Net transfers from Former Parent			(122.9)	31.2			(91.7)	19.1
Reclassification of Former Parent investment to additional paid-in capital			0.0				0.0
Issuance of common stock			$ 0.1				0.1
Stock compensation	$ 15.1	11.1					$ 26.6
Ending balance (in shares)	89.4		88.8		88.8		88.8
Ending balance	$ 1,591.9	$ 1,690.5	$ 1,747.8	$ 3,402.8	$ 1,747.8	$ 1,690.5	$ 1,714.1	$ 3,340.0
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	88.8	88.8	0.0	0.0	0.0	0.0	0.0	0.0
Beginning balance	$ 0.1	$ 0.1	$ 0.0	$ 0.0	$ 0.0	$ 0.0	$ 0.0	$ 0.0
Issuance of common stock (in shares)	0.6		88.8				88.8
Issuance of common stock			$ 0.1				$ 0.1
Ending balance (in shares)	89.4	88.8	88.8	0.0	88.8	88.8	88.8	0.0
Ending balance	$ 0.1	$ 0.1	$ 0.1	$ 0.0	$ 0.1	$ 0.1	$ 0.1	$ 0.0
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	1,998.0	1,971.4	0.0	0.0	0.0	0.0	0.0	0.0
Reclassification of Former Parent investment to additional paid-in capital			1,971.4				1,971.4
Stock compensation	15.1	11.1					26.6
Ending balance	2,002.9	1,982.5	1,971.4	0.0	1,971.4	1,982.5	1,998.0	0.0
Former Parent Investment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	0.0	0.0	3,658.5	3,614.8	3,614.8	3,614.8	3,614.8	3,409.5
Net income (loss)			30.8	12.5			43.3	186.2
Special payment to Former Parent			(1,595.0)				(1,595.0)
Net transfers from Former Parent			(122.9)	31.2			(91.7)	19.1
Reclassification of Former Parent investment to additional paid-in capital			(1,971.4)				(1,971.4)
Ending balance	0.0	0.0	0.0	3,658.5	0.0	0.0	0.0	3,614.8
Accumulated Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(68.5)	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net income (loss)	(101.0)	(14.0)					(68.5)	0.0
Ending balance	(169.5)	(14.0)	0.0	0.0	0.0	(14.0)	(68.5)	0.0
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(215.5)	(223.7)	(255.7)	(274.8)	(274.8)	(274.8)	(274.8)	(148.1)
Other comprehensive income (loss), net of tax	(26.1)	(54.4)	32.0	19.1			59.3	(126.7)
Ending balance	(241.6)	(278.1)	(223.7)	(255.7)	(223.7)	(278.1)	(215.5)	(274.8)
As Previously Reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 1,738.8	1,751.1	3,405.5	3,342.6	3,342.6	3,342.6	3,342.6	3,260.6
Net income (loss)		(13.1)	28.3	17.4	45.7	32.6	(3.4)	192.9
Other comprehensive income (loss), net of tax		(54.8)	31.6	18.9	50.5	(4.3)	57.6	(127.6)
Special payment to Former Parent			(1,595.0)				(1,595.0)
Net transfers from Former Parent			(119.4)	26.6			(89.7)	16.7
Reclassification of Former Parent investment to additional paid-in capital			0.0				0.0
Issuance of common stock			0.1				0.1
Stock compensation		11.1					26.6
Ending balance		$ 1,694.3	$ 1,751.1	$ 3,405.5	$ 1,751.1	$ 1,694.3	$ 1,738.8	$ 3,342.6
As Previously Reported \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	88.8	88.8	0.0	0.0	0.0	0.0	0.0	0.0
Beginning balance	$ 0.1	$ 0.1	$ 0.0	$ 0.0	$ 0.0	$ 0.0	$ 0.0	$ 0.0
Issuance of common stock (in shares)			88.8				88.8
Issuance of common stock			$ 0.1				$ 0.1
Ending balance (in shares)		88.8	88.8	0.0	88.8	88.8	88.8	0.0
Ending balance		$ 0.1	$ 0.1	$ 0.0	$ 0.1	$ 0.1	$ 0.1	$ 0.0
As Previously Reported \| Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	2,006.2	1,976.5	0.0	0.0	0.0	0.0	0.0	0.0
Reclassification of Former Parent investment to additional paid-in capital			1,976.5				1,979.6
Stock compensation		11.1					26.6
Ending balance		1,987.6	1,976.5	0.0	1,976.5	1,987.6	2,006.2	0.0
As Previously Reported \| Former Parent Investment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	0.0	0.0	3,662.6	3,618.6	3,618.6	3,618.6	3,618.6	3,409.0
Net income (loss)			28.3	17.4			45.7	192.9
Special payment to Former Parent			(1,595.0)				(1,595.0)
Net transfers from Former Parent			(119.4)	26.6			(89.7)	16.7
Reclassification of Former Parent investment to additional paid-in capital			(1,976.5)				(1,979.6)
Ending balance		0.0	0.0	3,662.6	0.0	0.0	0.0	3,618.6
As Previously Reported \| Accumulated Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(49.1)	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net income (loss)		(13.1)					(49.1)	0.0
Ending balance		(13.1)	0.0	0.0	0.0	(13.1)	(49.1)	0.0
As Previously Reported \| Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(218.4)	(225.5)	(257.1)	(276.0)	(276.0)	(276.0)	(276.0)	(148.4)
Other comprehensive income (loss), net of tax		(54.8)	31.6	18.9			57.6	(127.6)
Ending balance		(280.3)	(225.5)	(257.1)	(225.5)	(280.3)	(218.4)	(276.0)
Adjustments
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ (24.7)	(3.3)	(2.7)	(2.6)	(2.6)	(2.6)	(2.6)	0.8
Net income (loss)		(0.9)	2.5	(4.9)	(2.4)	(3.3)	(21.8)	(6.7)
Other comprehensive income (loss), net of tax		0.4	0.4	0.2	0.6	1.0	1.7	0.9
Net transfers from Former Parent			(3.5)	4.6			(2.0)	2.4
Reclassification of Former Parent investment to additional paid-in capital			0.0				0.0
Ending balance		$ (3.8)	$ (3.3)	$ (2.7)	$ (3.3)	$ (3.8)	$ (24.7)	$ (2.6)
Adjustments \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Beginning balance	$ 0.0	$ 0.0	$ 0.0	$ 0.0	$ 0.0	$ 0.0	$ 0.0	$ 0.0
Ending balance (in shares)		0.0	0.0	0.0	0.0	0.0	0.0	0.0
Ending balance		$ 0.0	$ 0.0	$ 0.0	$ 0.0	$ 0.0	$ 0.0	$ 0.0
Adjustments \| Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(8.2)	(5.1)	0.0	0.0	0.0	0.0	0.0	0.0
Reclassification of Former Parent investment to additional paid-in capital			(5.1)				(8.2)
Ending balance		(5.1)	(5.1)	0.0	(5.1)	(5.1)	(8.2)	0.0
Adjustments \| Former Parent Investment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	0.0	0.0	(4.1)	(3.8)	(3.8)	(3.8)	(3.8)	0.5
Net income (loss)			2.5	(4.9)			(2.4)	(6.7)
Net transfers from Former Parent			(3.5)	4.6			(2.0)	2.4
Reclassification of Former Parent investment to additional paid-in capital			5.1				8.2
Ending balance		0.0	0.0	(4.1)	0.0	0.0	0.0	(3.8)
Adjustments \| Accumulated Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(19.4)	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net income (loss)		(0.9)					(19.4)	0.0
Ending balance		(0.9)	0.0	0.0	0.0	(0.9)	(19.4)	0.0
Adjustments \| Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 2.9	1.8	1.4	1.2	1.2	1.2	1.2	0.3
Other comprehensive income (loss), net of tax		0.4	0.4	0.2			1.7	0.9
Ending balance		$ 2.2	$ 1.8	$ 1.4	$ 1.8	$ 2.2	$ 2.9	$ 1.2

GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

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

The changes in the carrying amount of goodwill for the three months ended March 31, 2024 and 2023 are as follows:



	March 31, 2024		March 31, 2023
Balance as of December 31	$	1,739.4	$	1,707.4

Foreign currency impact and other adjustments to goodwill	(11.8)		12.5
Balance as of March 31	$	1,727.6	$	1,719.9

The Company assesses goodwill for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of goodwill may not be recoverable. The Company recognizes an impairment charge for the amount by which the reporting unit’s carrying amount exceeds its fair value.

Although the Company believes that the current assumptions and estimates used in its goodwill analysis are reasonable, supportable and appropriate, the Company’s business could be impacted by unfavorable changes, including those that impact the existing assumptions used in the impairment analysis. Various factors could reasonably be expected to unfavorably impact existing assumptions; primarily a worsening economic environment and protracted economic downturn and related impacts, including delays in revenue from new customers, increases in customer termination activity, or increases in operating costs.

Accordingly, there can be no assurance that the estimates and assumptions made for the purposes of the goodwill impairment analysis will prove to be accurate predictions of future performance.

The Company will continue to monitor the financial performance of and assumptions for its reporting units. A significant increase in the discount rate, decrease in the revenue and terminal growth rates, decreased operating margin or substantial reductions in end markets and volume assumptions could have a negative impact on the estimated fair value of the reporting units. A future impairment charge for goodwill or intangible assets could have a material effect on the Company’s consolidated financial position and results of operations.

The components of identifiable intangible assets are as follows:


	March 31, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	1,135.7	$	(431.5)	$	704.2	$	1,143.5	$	(420.1)	$	723.4
Technology	27.7		(25.2)		2.5		27.7		(24.5)		3.2
Other	12.5		(11.3)		1.2		12.5		(11.0)		1.5

Total	$	1,175.9	$	(468.0)	$	707.9	$	1,183.7	$	(455.6)	$	728.1

Amortization of intangible assets for the three months ended March 31, 2024 and 2023 was $15.3 and $15.0, respectively. Amortization expense of intangible assets is estimated to be $45.5 for the remainder of 2024, $58.3 in 2025, $57.4 in 2026, $57.4 in 2027, $50.1 in 2028 and $439.2 thereafter.

CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (101.0)	$ (14.0)	$ 30.8	$ 12.5	$ 43.3	$ 29.3	$ (25.2)	$ 186.2
Foreign currency translation adjustments	(27.7)	(55.6)	29.9	19.1	49.0	(6.6)	59.3	(126.1)
Net benefit plan adjustments	0.0		2.1	0.0	2.1	2.1	1.2	(0.6)
Unrealized gain on derivative instruments	2.1	1.6		0.0		1.6	(1.9)
Other comprehensive income (loss) before tax	(25.6)	(54.0)	32.0	19.1	51.1	(2.9)	58.6	(126.7)
Provision (benefit) for income tax related to items of comprehensive income	(0.5)	(0.4)	0.0	0.0	0.0	(0.4)	0.7	0.0
Other comprehensive income (loss), net of tax	(26.1)	(54.4)	32.0	19.1	51.1	(3.3)	59.3	(126.7)
Comprehensive income (loss)	$ (127.1)	$ (68.4)	$ 62.8	$ 31.6	$ 94.4	$ 26.0	$ 34.1	$ 59.5

- Definition

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

+ References

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+ Details

DEBT - Narrative (Details) - USD ($)			6 Months Ended	9 Months Ended	12 Months Ended
DEBT - Narrative (Details) - USD ($)	Jun. 30, 2023	Jun. 27, 2023	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2023	Mar. 31, 2024
Debt Instrument [Line Items]
Aggregate principal amount issued						$ 1,640,000,000
Maximum borrowing capacity						450,000,000.0
Proceeds from issuance of senior notes			$ 570,000,000.0	$ 570,000,000.0	$ 570,000,000.0
Proceeds from term loans			1,061,400,000	$ 1,061,400,000	1,061,400,000
Letters of credit outstanding						$ 0
7.5% senior notes due 2030 \| Senior notes
Debt Instrument [Line Items]
Aggregate principal amount issued		$ 570,000,000.0
Stated interest rate		7.50%				7.50%
Proceeds from issuance of senior notes		$ 560,200,000
Senior secured revolving credit facility \| Line of credit \| Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 450,000,000.0		450,000,000.0
Effective interest rate						9.75%
Line of credit, outstanding balance					$ 0	$ 29,000,000.0
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		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		75,000,000.0
Senior secured term loan A due 2028 \| Line of credit \| Secured debt
Debt Instrument [Line Items]
Aggregate principal amount issued	$ 500,000,000.0		500,000,000.0
Debt term	5 years
Proceeds from term loans	$ 491,800,000
Effective interest rate						7.58%
Senior secured term loan B due 2030 \| Line of credit \| Secured debt
Debt Instrument [Line Items]
Aggregate principal amount issued	$ 570,000,000.0		$ 570,000,000.0
Debt term	7 years
Proceeds from term loans	$ 552,900,000
Effective interest rate						9.08%

DEBT

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

DEBT

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

The current portion of long-term debt at March 31, 2024 and December 31, 2023 consisted of the following:


	March 31, 2024		December 31, 2023
Current portion of senior secured term loan A facility due 2028	$	25.0	$	25.0
Current portion of senior secured term loan B facility due 2030	5.7		5.7
Revolving credit facility	29.0		—
Debt issuance discount and fees	(4.7)		(4.6)
Total short-term borrowings and current portion of long-term debt	$	55.0	$	26.1

Long-term debt at March 31, 2024 and December 31, 2023 consisted of the following:


	March 31, 2024		December 31, 2023
7.5% senior notes due 2030	$	570.0	$	570.0
Senior secured term loan A due 2028	456.3		462.5
Senior secured term loan B due 2030	560.0		561.5
Debt issuance discount and fees	(26.9)		(28.1)
Total long-term debt	$	1,559.4	$	1,565.9

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.

Credit Facilities

On June 30, 2023, Fortrea entered into a credit agreement (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 A and term B loans 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, 2024, the effective interest rate on the term A loan and term B loan was 7.58% and 9.08%, 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 $29.0 outstanding on the Company’s current revolving credit facility as of March 31, 2024 and no balances outstanding as of December 31, 2023. As of March 31, 2024, the effective interest rate on the revolving credit facility was 9.75%. 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.

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. The Company was in compliance with all covenants in the Credit Agreement at March 31, 2024 and believes it will be in compliance with all covenants for a period at least 12 months from the date these financial statements are issued. The covenants were modified subsequent to March 31, 2024, as described in Note 16 - Subsequent Events.

There were no outstanding letters of credit under the Credit Agreement as of March 31, 2024.

- Definition

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

+ References

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

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

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

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

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

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

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

+ Details

IMMATERIAL FINANCIAL RESTATEMENT AND RECLASSIFICATIONS TO PRIOR PERIOD FINANCIAL STATEMENTS - Balance Sheets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 92.8	$ 108.6
Accounts receivable and unbilled services, net	941.0	988.5
Prepaid expenses and other	91.3	84.6
Current assets of discontinued operations	74.9	69.1
Total current assets	1,200.0	1,250.8
Property, plant and equipment, net	167.4	172.6
Goodwill, net	1,727.6	1,739.4			$ 1,719.9	$ 1,707.4
Intangible assets, net	707.9	728.1
Deferred income taxes	3.2	3.2
Other assets, net	89.0	69.7
Long-term assets of discontinued operations	345.1	368.8
Total assets	4,240.2	4,332.6
Current liabilities:
Accounts payable	131.3	132.9
Accrued expenses and other current liabilities	328.7	335.5
Unearned revenue	236.9	214.2
Current portion of long-term debt	55.0	26.1
Short-term operating lease liabilities	15.2	17.2
Current liabilities of discontinued operations	51.2	52.5
Total current liabilities	818.3	778.4
Long-term debt, less current portion	1,559.4	1,565.9
Operating lease liabilities	59.5	62.8
Deferred income taxes and other tax liabilities	150.7	147.7
Other liabilities	28.9	32.1
Long-term liabilities of discontinued operations	31.5	31.6
Total liabilities	2,648.3	2,618.5
Commitments and contingent liabilities (Note 9)
Equity
Former parent investment		0.0
Common stock	0.1	0.1
Additional paid-in capital	2,002.9	1,998.0
Accumulated deficit	(169.5)	(68.5)
Accumulated other comprehensive loss	(241.6)	(215.5)
Total equity	1,591.9	1,714.1	$ 1,690.5	$ 1,747.8	3,402.8	3,340.0	$ 3,261.4
Total liabilities and equity	$ 4,240.2	4,332.6
As Previously Reported
Current assets:
Cash and cash equivalents		108.6
Accounts receivable and unbilled services, net		1,052.1
Prepaid expenses and other		92.4
Current assets of discontinued operations		0.0
Total current assets		1,253.1
Property, plant and equipment, net		220.9
Goodwill, net		2,029.3
Intangible assets, net		771.2
Deferred income taxes		3.2
Other assets, net		79.5
Long-term assets of discontinued operations		0.0
Total assets		4,357.2
Current liabilities:
Accounts payable		132.8
Accrued expenses and other current liabilities		356.1
Unearned revenue		241.4
Current portion of long-term debt		26.1
Short-term operating lease liabilities		19.5
Current liabilities of discontinued operations		0.0
Total current liabilities		775.9
Long-term debt, less current portion		1,565.9
Operating lease liabilities		66.5
Deferred income taxes and other tax liabilities		148.8
Other liabilities		61.3
Long-term liabilities of discontinued operations		0.0
Total liabilities		2,618.4
Commitments and contingent liabilities (Note 9)
Equity
Former parent investment		0.0
Common stock		0.1
Additional paid-in capital		2,006.2
Accumulated deficit		(49.1)
Accumulated other comprehensive loss		(218.4)
Total equity		1,738.8	1,694.3	1,751.1	3,405.5	3,342.6	3,260.6
Total liabilities and equity		4,357.2
Adjustments
Current assets:
Cash and cash equivalents		0.0
Accounts receivable and unbilled services, net		(3.2)
Prepaid expenses and other		0.9
Current assets of discontinued operations		0.0
Total current assets		(2.3)
Property, plant and equipment, net		(7.7)
Goodwill, net		(13.4)
Intangible assets, net		0.0
Deferred income taxes		0.0
Other assets, net		(1.2)
Long-term assets of discontinued operations		0.0
Total assets		(24.6)
Current liabilities:
Accounts payable		4.6
Accrued expenses and other current liabilities		(3.3)
Unearned revenue		1.2
Current portion of long-term debt		0.0
Short-term operating lease liabilities		0.0
Current liabilities of discontinued operations		0.0
Total current liabilities		2.5
Long-term debt, less current portion		0.0
Operating lease liabilities		0.0
Deferred income taxes and other tax liabilities		(1.1)
Other liabilities		(1.3)
Long-term liabilities of discontinued operations		0.0
Total liabilities		0.1
Commitments and contingent liabilities (Note 9)
Equity
Former parent investment		0.0
Common stock		0.0
Additional paid-in capital		(8.2)
Accumulated deficit		(19.4)
Accumulated other comprehensive loss		2.9
Total equity		(24.7)	$ (3.8)	$ (3.3)	$ (2.7)	$ (2.6)	$ 0.8
Total liabilities and equity		(24.6)
As Restated
Current assets:
Cash and cash equivalents		108.6
Accounts receivable and unbilled services, net		1,048.9
Prepaid expenses and other		93.3
Current assets of discontinued operations		0.0
Total current assets		1,250.8
Property, plant and equipment, net		213.2
Goodwill, net		2,015.9
Intangible assets, net		771.2
Deferred income taxes		3.2
Other assets, net		78.3
Long-term assets of discontinued operations		0.0
Total assets		4,332.6
Current liabilities:
Accounts payable		137.4
Accrued expenses and other current liabilities		352.8
Unearned revenue		242.6
Current portion of long-term debt		26.1
Short-term operating lease liabilities		19.5
Current liabilities of discontinued operations		0.0
Total current liabilities		778.4
Long-term debt, less current portion		1,565.9
Operating lease liabilities		66.5
Deferred income taxes and other tax liabilities		147.7
Other liabilities		60.0
Long-term liabilities of discontinued operations		0.0
Total liabilities		2,618.5
Commitments and contingent liabilities (Note 9)
Equity
Former parent investment		0.0
Common stock		0.1
Additional paid-in capital		1,998.0
Accumulated deficit		(68.5)
Accumulated other comprehensive loss		(215.5)
Total equity		1,714.1
Total liabilities and equity		4,332.6
Reclassifications \| Discontinued Operations Reclassifications
Current assets:
Cash and cash equivalents		0.0
Accounts receivable and unbilled services, net		(60.4)
Prepaid expenses and other		(8.7)
Current assets of discontinued operations		69.1
Total current assets		0.0
Property, plant and equipment, net		(40.6)
Goodwill, net		(276.5)
Intangible assets, net		(43.1)
Deferred income taxes		0.0
Other assets, net		(8.6)
Long-term assets of discontinued operations		368.8
Total assets		0.0
Current liabilities:
Accounts payable		(4.5)
Accrued expenses and other current liabilities		(17.3)
Unearned revenue		(28.4)
Current portion of long-term debt		0.0
Short-term operating lease liabilities		(2.3)
Current liabilities of discontinued operations		52.5
Total current liabilities		0.0
Long-term debt, less current portion		0.0
Operating lease liabilities		(3.7)
Deferred income taxes and other tax liabilities		0.0
Other liabilities		(27.9)
Long-term liabilities of discontinued operations		31.6
Total liabilities		0.0
Commitments and contingent liabilities (Note 9)
Equity
Former parent investment		0.0
Common stock		0.0
Additional paid-in capital		0.0
Accumulated deficit		0.0
Accumulated other comprehensive loss		0.0
Total equity		0.0
Total liabilities and equity		$ 0.0

IMMATERIAL FINANCIAL RESTATEMENT AND RECLASSIFICATIONS TO PRIOR PERIOD FINANCIAL STATEMENTS - Statements of Operations (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenues	$ 662.1	$ 713.8	$ 725.1	$ 693.9	$ 1,419.0	$ 2,132.8	$ 2,842.5	$ 2,837.0
Costs and expenses:
Direct costs, exclusive of depreciation and amortization	554.2	563.8	568.7	541.5	1,110.2	1,674.0	2,251.9	2,112.6
Selling, general and administrative expenses, exclusive of depreciation and amortization	120.1	106.8	97.8	116.8	214.6	321.4	448.1	416.1
Depreciation and amortization	21.9	22.8	23.4	20.9	44.3	67.1	89.3	85.5
Long-lived and goodwill asset impairments				0.0		0.0	0.0	9.8
Restructuring and other charges	3.3	10.1	3.6	0.6	4.2	14.3	21.2	25.9
Total costs and expenses	699.5	703.5	693.5	679.8	1,373.3	2,076.8	2,810.5	2,649.9
Operating income (loss)	(37.4)	10.3	31.6	14.1	45.7	56.0	32.0	187.1
Other income (expense):
Interest income (expense)	(34.3)	(34.6)	(0.7)	0.1	(0.6)	(35.2)	(69.7)	(0.2)
Foreign exchange gain (loss)	(5.3)	(1.2)	5.2	(5.2)	0.0	(1.2)	0.3	(2.0)
Other, net	1.3	3.6	0.5	0.5	1.0	4.6	6.9	2.1
Income (loss) from continuing operations before income taxes	(75.7)	(21.9)	36.6	9.5	46.1	24.2	(30.5)	187.0
Provision for income taxes	4.1	(5.8)	11.6	1.5	13.1	7.3	1.2	41.1
Income (loss) from continuing operations	$ (79.8)	$ (16.1)	$ 25.0	$ 8.0	$ 33.0	$ 16.9	$ (31.7)	$ 145.9
Earnings (loss) per common share
Basic earnings (loss) per share continuing operations (in dollars per share)	$ (0.89)	$ (0.18)	$ 0.28	$ 0.09	$ 0.37	$ 0.19	$ (0.36)	$ 1.64
Basic earnings (loss) per share discontinued operations (in dollars per share)	(0.24)	0.02	0.07	0.05	0.12	0.14	0.07	0.45
Basic earnings (loss) per share (in dollars per share)	(1.13)	(0.16)	0.35	0.14	0.49	0.33	(0.29)	2.09
Diluted earnings (loss) per share continuing operations (in dollars per share)	(0.89)	(0.18)	0.28	0.09	0.37	0.19	(0.36)	1.64
Diluted earnings (loss) per share discontinued operations (in dollars per share)	(0.24)	0.02	0.07	0.05	0.12	0.14	0.07	0.45
Diluted earnings (loss) per share (in dollars per share)	$ (1.13)	$ (0.16)	$ 0.35	$ 0.14	$ 0.49	$ 0.33	$ (0.29)	$ 2.09
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenues		$ 776.4	$ 793.0	$ 764.2	$ 1,557.2	$ 2,333.6	$ 3,109.0	$ 3,096.1
Costs and expenses:
Direct costs, exclusive of depreciation and amortization		647.3	649.4	636.2	1,285.6	1,932.9	2,588.6	2,447.4
Selling, general and administrative expenses, exclusive of depreciation and amortization		78.9	80.8	78.0	158.8	237.7	336.6	279.8
Depreciation and amortization		24.6	25.1	22.8	47.9	72.5	96.4	92.7
Long-lived and goodwill asset impairments				0.0		0.0	0.0	9.8
Restructuring and other charges		11.6	3.9	1.2	5.1	16.7	24.3	30.5
Total costs and expenses		762.4	759.2	738.2	1,497.4	2,259.8	3,045.9	2,860.2
Operating income (loss)		14.0	33.8	26.0	59.8	73.8	63.1	235.9
Other income (expense):
Interest income (expense)		(34.6)	(0.7)	0.0	(0.7)	(35.3)	(69.8)	(0.2)
Foreign exchange gain (loss)		(0.9)	5.4	(5.5)	(0.1)	(1.0)	0.9	(0.9)
Other, net		3.6	0.4	0.6	1.0	4.6	6.9	2.2
Income (loss) from continuing operations before income taxes		(17.9)	38.9	21.1	60.0	42.1	1.1	237.0
Provision for income taxes		(4.8)	10.6	3.7	14.3	9.5	4.5	44.1
Income (loss) from continuing operations		$ (13.1)	$ 28.3	$ 17.4	$ 45.7	$ 32.6	$ (3.4)	$ 192.9
Earnings (loss) per common share
Basic earnings (loss) per share continuing operations (in dollars per share)		$ (0.15)	$ 0.32	$ 0.20	$ 0.51	$ 0.37	$ (0.04)	$ 2.17
Basic earnings (loss) per share discontinued operations (in dollars per share)		0	0	0	0	0	0	0
Basic earnings (loss) per share (in dollars per share)		(0.15)	0.32	0.20	0.51	0.37	(0.04)	2.17
Diluted earnings (loss) per share continuing operations (in dollars per share)		(0.15)	0.32	0.20	0.51	0.37	(0.04)	2.17
Diluted earnings (loss) per share discontinued operations (in dollars per share)		0	0	0	0	0	0	0
Diluted earnings (loss) per share (in dollars per share)		$ (0.15)	$ 0.32	$ 0.20	$ 0.51	$ 0.37	$ (0.04)	$ 2.17
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenues		$ 0.8	$ (3.1)	$ (0.5)	$ (3.6)	$ (2.8)	$ (3.2)	$ 0.0
Costs and expenses:
Direct costs, exclusive of depreciation and amortization		1.4	(1.2)	0.0	(1.2)	0.2	0.9	5.0
Selling, general and administrative expenses, exclusive of depreciation and amortization		(0.1)	(5.4)	5.2	(0.2)	(0.3)	3.6	2.2
Depreciation and amortization		0.4	0.4	0.3	0.7	1.1	1.6	0.9
Long-lived and goodwill asset impairments				0.0		0.0	13.4	0.0
Restructuring and other charges		0.0	0.0	0.0	0.0	0.0	0.0	0.0
Total costs and expenses		1.7	(6.2)	5.5	(0.7)	1.0	19.5	8.1
Operating income (loss)		(0.9)	3.1	(6.0)	(2.9)	(3.8)	(22.7)	(8.1)
Other income (expense):
Interest income (expense)		0.0	0.0	0.0	0.0	0.0	0.0	0.0
Foreign exchange gain (loss)		(0.2)	(0.2)	0.0	(0.2)	(0.4)	(0.8)	(0.7)
Other, net		0.0	0.0	0.0	0.0	0.0	0.0	0.0
Income (loss) from continuing operations before income taxes		(1.1)	2.9	(6.0)	(3.1)	(4.2)	(23.5)	(8.8)
Provision for income taxes		(0.2)	0.4	(1.1)	(0.7)	(0.9)	(1.7)	(2.1)
Income (loss) from continuing operations		(0.9)	2.5	(4.9)	(2.4)	(3.3)	(21.8)	(6.7)
As Restated
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenues		777.2	789.9	763.7	1,553.6	2,330.8	3,105.8	3,096.1
Costs and expenses:
Direct costs, exclusive of depreciation and amortization		648.7	648.2	636.2	1,284.4	1,933.1	2,589.5	2,452.4
Selling, general and administrative expenses, exclusive of depreciation and amortization		78.8	75.4	83.2	158.6	237.4	340.2	282.0
Depreciation and amortization		25.0	25.5	23.1	48.6	73.6	98.0	93.6
Long-lived and goodwill asset impairments							13.4	9.8
Restructuring and other charges		11.6	3.9	1.2	5.1	16.7	24.3	30.5
Total costs and expenses		764.1	753.0	743.7	1,496.7	2,260.8	3,065.4	2,868.3
Operating income (loss)		13.1	36.9	20.0	56.9	70.0	40.4	227.8
Other income (expense):
Interest income (expense)		(34.6)	(0.7)	0.0	(0.7)	(35.3)	(69.8)	(0.2)
Foreign exchange gain (loss)		(1.1)	5.2	(5.5)	(0.3)	(1.4)	0.1	(1.6)
Other, net		3.6	0.4	0.6	1.0	4.6	6.9	2.2
Income (loss) from continuing operations before income taxes		(19.0)	41.8	15.1	56.9	37.9	(22.4)	228.2
Provision for income taxes		(5.0)	11.0	2.6	13.6	8.6	2.8	42.0
Income (loss) from continuing operations		$ (14.0)	$ 30.8	$ 12.5	$ 43.3	$ 29.3	$ (25.2)	$ 186.2
Earnings (loss) per common share
Basic earnings (loss) per share continuing operations (in dollars per share)		$ (0.16)	$ 0.35	$ 0.14	$ 0.49	$ 0.33	$ (0.29)	$ 2.09
Basic earnings (loss) per share discontinued operations (in dollars per share)		0	0	0	0	0	0	0
Basic earnings (loss) per share (in dollars per share)		(0.16)	0.35	0.14	0.49	0.33	(0.29)	2.09
Diluted earnings (loss) per share continuing operations (in dollars per share)		(0.16)	0.35	0.14	0.49	0.33	(0.29)	2.09
Diluted earnings (loss) per share discontinued operations (in dollars per share)		0	0	0	0	0	0	0
Diluted earnings (loss) per share (in dollars per share)		$ (0.16)	$ 0.35	$ 0.14	$ 0.49	$ 0.33	$ (0.29)	$ 2.09
Reclassifications
Costs and expenses:
Direct costs, exclusive of depreciation and amortization				$ (45.3)
Selling, general and administrative expenses, exclusive of depreciation and amortization				45.3
Reclassifications \| Discontinued Operations Reclassifications
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenues		$ (63.4)	$ (64.8)	(69.8)	$ (134.6)	$ (198.0)	$ (263.3)	$ (259.1)
Costs and expenses:
Direct costs, exclusive of depreciation and amortization		(44.8)	(44.3)	(46.1)	(90.4)	(135.2)	(176.8)	(155.5)
Selling, general and administrative expenses, exclusive of depreciation and amortization		(12.1)	(12.8)	(15.0)	(27.8)	(39.9)	(52.9)	(50.2)
Depreciation and amortization		(2.2)	(2.1)	(2.2)	(4.3)	(6.5)	(8.7)	(8.1)
Long-lived and goodwill asset impairments							(13.4)	0.0
Restructuring and other charges		(1.5)	(0.3)	(0.6)	(0.9)	(2.4)	(3.1)	(4.6)
Total costs and expenses		(60.6)	(59.5)	(63.9)	(123.4)	(184.0)	(254.9)	(218.4)
Operating income (loss)		(2.8)	(5.3)	(5.9)	(11.2)	(14.0)	(8.4)	(40.7)
Other income (expense):
Interest income (expense)		0.0	0.0	0.0	0.0	0.0	0.0	0.0
Foreign exchange gain (loss)		(0.1)	0.0	0.3	0.3	0.2	0.2	(0.4)
Other, net		0.0	0.1	0.0	0.1	0.1	0.1	(0.1)
Income (loss) from continuing operations before income taxes		(2.9)	(5.2)	(5.6)	(10.8)	(13.7)	(8.1)	(41.2)
Provision for income taxes		(0.8)	0.6	(1.1)	(0.5)	(1.3)	(1.6)	(0.9)
Income (loss) from continuing operations		(2.1)	(5.8)	(4.5)	(10.3)	(12.4)	(6.5)	(40.3)
Reclassifications \| Change in Basis of Presentation
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenues		0.0	0.0	0.0	0.0	0.0	0.0	0.0
Costs and expenses:
Direct costs, exclusive of depreciation and amortization		(40.1)	(35.2)	(48.6)	(83.8)	(123.9)	(160.8)	(184.3)
Selling, general and administrative expenses, exclusive of depreciation and amortization		40.1	35.2	48.6	83.8	123.9	160.8	184.3
Depreciation and amortization		0.0	0.0	0.0	0.0	0.0	0.0	0.0
Long-lived and goodwill asset impairments							0.0	0.0
Restructuring and other charges		0.0	0.0	0.0	0.0	0.0	0.0	0.0
Total costs and expenses		0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating income (loss)		0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other income (expense):
Interest income (expense)		0.0	0.0	0.1	0.1	0.1	0.1	0.0
Foreign exchange gain (loss)		0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other, net		0.0	0.0	(0.1)	(0.1)	(0.1)	(0.1)	0.0
Income (loss) from continuing operations before income taxes		0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision for income taxes		0.0	0.0	0.0	0.0	0.0	0.0	0.0
Income (loss) from continuing operations		$ 0.0	$ 0.0	$ 0.0	$ 0.0	$ 0.0	$ 0.0	$ 0.0

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) $ in Millions	Mar. 31, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Pre-tax loss expected to be reclassified	$ 1.1

PREFERRED STOCK AND COMMON SHAREHOLDERS’ EQUITY (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) are as follows:


	Three months ended March 31, 2024
	Foreign Currency Translation Adjustments		Net Benefit Plan Adjustments		Unrealized Gain (Loss) on Derivative Instruments		Accumulated Other Comprehensive Income (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 instrument	—		—		2.5		2.5
Amounts reclassified from other accumulated income (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)

	Three months ended March 31, 2023
	Foreign Currency Translation Adjustments		Net Benefit Plan Adjustments		Unrealized Gain (Loss) on Derivative Instruments		Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2022	$	(266.0)	$	(8.8)	$	—	$	(274.8)
Current quarter foreign exchange adjustments	19.1		—		—		19.1


Balance at March 31, 2023	$	(246.9)	$	(8.8)	$	—	$	(255.7)

DISCONTINUED OPERATIONS

3 Months Ended

Mar. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

On March 9, 2024, the Company entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Endeavor Buyer LLC, an affiliate of Arsenal Capital Partners, pursuant to which the Seller has 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 purchase price for the Transaction is $345.0, subject to customary purchase price adjustments, with $295.0 to be paid at closing and $50.0 to be paid upon achievement of certain transition-related milestones. The Transaction is targeted to close in the second quarter of 2024, subject to customary closing conditions and government approvals, as well as the parties entering into certain services and operating agreements.

Financial Information of Discontinued Operations

The following table summarizes the significant line items included in earnings from discontinued operations, net of income tax in the condensed consolidated and combined statements of operations for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
	2024		2023
Revenues	$	65.7	$	69.8
Costs and expenses:
Direct costs, exclusive of depreciation and amortization	41.4		46.1
Selling, general and administrative expenses, exclusive of depreciation and amortization	15.6		15.0
Depreciation and amortization	1.6		2.2
Long-lived and goodwill asset impairments	24.0		—
Restructuring and other charges	0.5		0.6
Total costs and expenses	83.1		63.9
Operating income (loss)	(17.4)		5.9
Other expense:

Foreign exchange gain (loss)	—		(0.3)

Income (loss) from discontinued operations before income taxes	(17.4)		5.6
Provision for income taxes	3.8		1.1
Income (loss) from discontinued operations, net of tax	$	(21.2)	$	4.5

In the first quarter of 2024, as a result of the final 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 following table summarizes the carrying value of the significant classes of assets and liabilities classified as discontinued operations as of March 31, 2024 and December 31, 2023:


	March 31, 2024		December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	—
Accounts receivable and unbilled services, net	66.6		60.4
Prepaid expenses and other	8.3		8.7
Total current assets	74.9		69.1
Property, plant and equipment, net	43.2		40.6
Goodwill, net	252.5		276.5
Intangible assets, net	42.6		43.1

Other assets, net	6.8		8.6
Total assets of discontinued operations	$	420.0	$	437.9
LIABILITIES
Current liabilities:
Accounts payable	$	4.7	$	4.5
Accrued expenses and other current liabilities	12.3		17.3
Unearned revenue	31.9		28.4
Short-term operating lease liabilities	2.3		2.3
Total current liabilities	$	51.2	$	52.5
Operating lease liabilities	3.1		3.7

Other liabilities	28.4		27.9
Total liabilities of discontinued operations	$	82.7	$	84.1

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


	Three Months Ended March 31,
	2024		2023
Depreciation and amortization	$	1.6	$	2.2
Capital expenditures	$	3.7	$	4.3

There are no significant operating or investing noncash items related to discontinued operations for the three months ended March 31, 2024 and 2023.

BASIS OF FINANCIAL STATEMENT PREPARATION (Details) $ in Millions	3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) segment country	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Concentration Risk [Line Items]
Number of reportable segments \| segment	1
Number of operating segments \| segment	1
Number of countries with primary office locations \| country	5
Selling, general and administrative expenses, exclusive of depreciation and amortization	$ 120.1	$ 106.8	$ 97.8	$ 116.8	$ 214.6	$ 321.4	$ 448.1	$ 416.1
Decrease of direct costs	$ (554.2)	$ (563.8)	$ (568.7)	(541.5)	$ (1,110.2)	$ (1,674.0)	$ (2,251.9)	$ (2,112.6)
Interest income (expense)				0.1
Reclassifications
Concentration Risk [Line Items]
Selling, general and administrative expenses, exclusive of depreciation and amortization				45.3
Decrease of direct costs				$ 45.3
Customer one \| Accounts receivable and unbilled services \| Customer concentration risk
Concentration Risk [Line Items]
Concentration risk, percentage	19.30%
Customer one \| Revenue \| Customer concentration risk
Concentration Risk [Line Items]
Concentration risk, percentage	14.00%			10.00%
Customer two \| Accounts receivable and unbilled services \| Customer concentration risk
Concentration Risk [Line Items]
Concentration risk, percentage	11.00%
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							17.00%
Pharmaceutical company two \| Accounts receivable and unbilled services \| Customer concentration risk
Concentration Risk [Line Items]
Concentration risk, percentage							11.20%

REVENUES - Schedule of Capitalized Contract Cost (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Capitalized Contract Cost [Line Items]
Total contract assets	$ 18.6	$ 17.8
Sales commission assets
Capitalized Contract Cost [Line Items]
Total contract assets	16.7	15.8
Deferred contract costs
Capitalized Contract Cost [Line Items]
Total contract assets	$ 1.9	$ 2.0

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income (loss)	$ (101.0)	$ (14.0)	$ 30.8	$ 12.5	$ 43.3	$ 29.3	$ (25.2)	$ 186.2

- Definition

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

+ References

+ Details

SUPPLEMENTAL CASH FLOW INFORMATION

3 Months Ended

Mar. 31, 2024

Supplemental Cash Flow Elements [Abstract]

SUPPLEMENTAL CASH FLOW INFORMATION


	Three Months Ended March 31,
	2024		2023
Supplemental schedule of cash flow information:
Cash paid during period for:
Interest	$	44.6	$	—
Income taxes, net of refunds	5.4		4.6
Disclosure of non-cash investing activities:
Change in accrued property, plant and equipment	(0.5)		(0.1)

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

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


		Fair Value of Derivatives At
		March 31, 2024						December 31, 2023
	Balance Sheet Classification	Asset		Liability		Notional		Asset		Liability		Notional
Derivatives designated as hedging instruments:
Interest rate swaps	Prepaid expenses and other/ Other liabilities	$	1.1	$	(0.9)	$	150.0	$	0.7	$	(2.6)	$	150.0
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Prepaid expenses and other/ Other current liabilities	$	0.6	$	(0.6)	$	477.9	$	0.8	$	—	$	458.3

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


	Pre-Tax Gain (Loss) Included in Other Comprehensive Income
	Three Months Ended March 31,
	2024		2023
Interest rate swaps	$	2.5	$	—

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


		Amounts Reclassified from Other Comprehensive Loss into Earnings
		Three Months Ended March 31,
	Statement of Operations Classification	2024		2023
Deferred gain (loss) reclassified into earnings	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 and combined statements of operations:


		Gain (Loss) on Derivatives Recognized in Earnings
		Three Months Ended March 31,
	Statement of Operations Classification	2024		2023
Foreign currency forward contracts	Foreign exchange gain (loss)	$	(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

RESTRUCTURING AND OTHER CHARGES

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

RESTRUCTURING AND OTHER CHARGES

During 2023, the Company took actions to reduce overcapacity, align resources, and restructure certain operations. These actions included eliminating redundant positions and aligning resources for cost improvement and to meet customer requirements. These restructuring actions are expected to continue throughout 2024.

The following summarizes a component of the Company’s restructuring and other charges:


	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


	Severance and Other Employee Costs		Facility Costs		Total
Balance as of December 31, 2022	$	1.8	$	4.5	$	6.3
Restructuring charges	0.3		0.3		0.6

Cash payments and other adjustments	—		0.3		0.3
Balance as of March 31, 2023	$	2.1	$	5.1	$	7.2

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

liabilities is included in the condensed consolidated and combined balance sheets in other liabilities. The non-current portion of the restructuring liabilities is expected to be paid out over 12 months.

STOCK COMPENSATION PLANS - Restricted Stock Units and Performance Shares (Details) shares in Millions	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Restricted Stock Units
Number of Shares
Non-vested, beginning balance (in shares) \| shares	3.6
Converted (in shares) \| shares	0.0
Granted (in share) \| shares	1.0
Vested (in shares) \| shares	(0.7)
Cancelled (in share) \| shares	0.0
Non-vested, ending balance (in shares) \| shares	3.9
Weighted-Average Grant Date Fair Value
Non-vested, beginning balance (in dollars per share) \| $ / shares	$ 28.24
Converted (in dollars per share) \| $ / shares	0
Granted (in dollars per share) \| $ / shares	39.31
Vested (in dollars per share) \| $ / shares	35.14
Cancelled (in dollars per share) \| $ / shares	0
Non-vested, ending balance (in dollars per share) \| $ / shares	$ 29.62
Performance Shares
Number of Shares
Non-vested, beginning balance (in shares) \| shares	0.1
Converted (in shares) \| shares	0.0
Granted (in share) \| shares	0.1
Vested (in shares) \| shares	(0.1)
Cancelled (in share) \| shares	0.0
Non-vested, ending balance (in shares) \| shares	0.1
Weighted-Average Grant Date Fair Value
Non-vested, beginning balance (in dollars per share) \| $ / shares	$ 43.78
Converted (in dollars per share) \| $ / shares	0
Granted (in dollars per share) \| $ / shares	43.68
Vested (in dollars per share) \| $ / shares	48.89
Cancelled (in dollars per share) \| $ / shares	0
Non-vested, ending balance (in dollars per share) \| $ / shares	$ 41.58

DISCONTINUED OPERATIONS - Schedule of Selected Information on Cash Flows Related to Discontinued Operations (Details) - Discontinued operations, held-for-sale - Enabling Services segment disposal - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and amortization	$ 1.6	$ 2.2
Capital expenditures	$ 3.7	$ 4.3

CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenues	$ 662.1	$ 713.8	$ 725.1	$ 693.9	$ 1,419.0	$ 2,132.8	$ 2,842.5	$ 2,837.0
Costs and expenses:
Direct costs, exclusive of depreciation and amortization (including costs incurred from related parties of $0.0 and $21.7 during the three months ended March 31, 2024 and 2023, respectively)	554.2	563.8	568.7	541.5	1,110.2	1,674.0	2,251.9	2,112.6
Selling, general and administrative expenses, exclusive of depreciation and amortization	120.1	106.8	97.8	116.8	214.6	321.4	448.1	416.1
Depreciation and amortization	21.9	22.8	23.4	20.9	44.3	67.1	89.3	85.5
Restructuring and other charges	3.3	10.1	3.6	0.6	4.2	14.3	21.2	25.9
Total costs and expenses	699.5	703.5	693.5	679.8	1,373.3	2,076.8	2,810.5	2,649.9
Operating income (loss)	(37.4)	10.3	31.6	14.1	45.7	56.0	32.0	187.1
Other income (expense):
Interest income (expense)	(34.3)	(34.6)	(0.7)	0.1	(0.6)	(35.2)	(69.7)	(0.2)
Foreign exchange gain (loss)	(5.3)	(1.2)	5.2	(5.2)	0.0	(1.2)	0.3	(2.0)
Other, net	1.3	3.6	0.5	0.5	1.0	4.6	6.9	2.1
Income (loss) from continuing operations before income taxes	(75.7)	(21.9)	36.6	9.5	46.1	24.2	(30.5)	187.0
Provision for income taxes	4.1	(5.8)	11.6	1.5	13.1	7.3	1.2	41.1
Income (loss) from continuing operations	(79.8)	(16.1)	25.0	8.0	33.0	16.9	(31.7)	145.9
Income (loss) from discontinued operations, net of tax	(21.2)			4.5
Net income (loss)	$ (101.0)	$ (14.0)	$ 30.8	$ 12.5	$ 43.3	$ 29.3	$ (25.2)	$ 186.2
Earnings (loss) per common share
Basic earnings (loss) per share continuing operations (in dollars per share)	$ (0.89)	$ (0.18)	$ 0.28	$ 0.09	$ 0.37	$ 0.19	$ (0.36)	$ 1.64
Basic earnings (loss) per share discontinued operations (in dollars per share)	(0.24)	0.02	0.07	0.05	0.12	0.14	0.07	0.45
Basic earnings (loss) per share (in dollars per share)	(1.13)	(0.16)	0.35	0.14	0.49	0.33	(0.29)	2.09
Diluted earnings (loss) per share continuing operations (in dollars per share)	(0.89)	(0.18)	0.28	0.09	0.37	0.19	(0.36)	1.64
Diluted earnings (loss) per share discontinued operations (in dollars per share)	(0.24)	0.02	0.07	0.05	0.12	0.14	0.07	0.45
Diluted earnings (loss) per share (in dollars per share)	$ (1.13)	$ (0.16)	$ 0.35	$ 0.14	$ 0.49	$ 0.33	$ (0.29)	$ 2.09

STOCK COMPENSATION PLANS - Schedule of Stock Option Activity (Details) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Number of Options
Outstanding, beginning (in shares) \| shares	0.8
Granted (in shares) \| shares	0.0
Exercised (in shares) \| shares	0.0
Cancelled (in share) \| shares	0.0
Outstanding, ending (in shares) \| shares	0.8
Exercisable (in shares) \| shares	0.0
Weighted-Average Exercise Price per Option
Options, beginning (in dollar per share) \| $ / shares	$ 26.52
Granted (in dollar per share) \| $ / shares	0
Exercised (in dollar per share) \| $ / shares	0
Cancelled (in dollar per share) \| $ / shares	0
Options, ending (in dollar per share) \| $ / shares	26.52
Exercisable (in dollar per share) \| $ / shares	$ 0
Stock Options Additional Disclosures
Outstanding, weighted average remaining contractual term	9 years 4 months 24 days
Exercisable, weighted average remaining contractual term	0 years
Outstanding, aggregate intrinsic value (in dollar per share) \| $	$ 10.9
Exercisable, aggregate intrinsic value (in dollar per share) \| $	$ 0.0

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Pre-tax Effects of Cash Flow Hedges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Pre-Tax Gain (Loss) Included in Other Comprehensive Income	$ 2.5	$ 0.0

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Receivables Securitization Program On May 6, 2024, the Company entered into a three-year $300 account receivable securitization program (the “Receivables Facility”). Under this program, Fortrea Inc. conveys accounts receivable and unbilled services (including contract assets) balances to a wholly-owned, bankruptcy-remote special purpose entity (“SPE”), who in turn, may sell receivables to PNC Bank, National Association. 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 The Receivables Facility is scheduled to terminate on May 6, 2027, unless terminated earlier pursuant to its terms. Credit Agreement Amendment On May 3, 2024, the Company entered into an amendment (the “Credit Amendment”) to modify certain financial covenants for additional flexibility under the Company’s credit agreement dated as of June 30, 2023 (the “Existing Credit Agreement”), among the Company, certain subsidiaries of the Company and Goldman Sachs Bank USA, as administrative agent and collateral agent,) governing the Company’s existing senior credit facility. The Credit Amendment amended (i) the Company’s maximum quarterly Total Leverage Ratio (as defined in the Existing Credit Agreement) from 5.30:1.00 to 6.00:1.00 for the fiscal quarters ending on June 30 and September 30, 2024, decreasing to 5.75:1.00 for the fiscal quarters ending on December 31, 2024, and March 31, 2025, further decreasing to 5.50:1.00 for the fiscal quarter ending on June 30, 2025, and reverting to 5.30:1.00 thereafter, and (ii) adjusted the Company’s minimum quarterly Interest Coverage Ratio (as defined in the Existing Credit Agreement) from 2.00:1.00 to 1.70:1.00 for the fiscal quarters ending on June 30 and September 30, 2024, increasing to 1.80:1.00 for the fiscal quarters ending on December 31, 2024, and March 31, 2025, further increasing to 1.90:1.00 for the fiscal quarter ending on June 30, 2025, and reverting to 2.00:1.00 thereafter. In consideration of these adjustments, the Company has agreed during the covenant adjustment period to certain additional limitations with respect to investments and restricted payments, and to apply net cash proceeds of the Company’s previously announced divestiture of its Fortrea Patient Access and Endpoint businesses to the repayment of senior indebtedness.

TRANSACTIONS WITH FORMER PARENT

3 Months Ended

Mar. 31, 2024

TRANSACTIONS WITH FORMER PARENT

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

Allocation of General Corporate and Other Expenses

Prior to the Separation, the Company’s condensed consolidated and combined statements of operations included expenses for certain centralized functions and other programs provided and administered by Labcorp that were charged directly to the Company. In addition, for purposes of preparing these condensed consolidated and combined financial statements on a carve-out basis, a portion of Labcorp’s total corporate expenses were allocated to the Company. See Note 1 - Basis of Financial Statement Presentation for a discussion of the methodology used to allocate corporate-related costs for purposes of preparing these financial statements on a carve-out basis. Some of these services continue to be provided by Labcorp to the Company on a temporary basis under the Transition Services Agreement.

The following table is a summary of corporate and other allocations for the three months ended March 31, 2023:



	Three Months Ended March 31, 2023
Direct costs	$	41.2
Selling, general and administrative expenses	55.1
Restructuring and other charges	0.1
Foreign exchange gain (loss)	(1.0)
Corporate and other allocations	$	95.4

Included in the aforementioned amounts are $73.4 related to costs for certain centralized functions and programs provided and administered by Labcorp that are charged directly to the Company for the three months ended March 31, 2023. In addition, a portion of Labcorp’s total corporate expenses were allocated to the Company for services from Labcorp. These costs were $22.0 for the three months ended March 31, 2023. The allocations of foreign exchange gain (loss) represent the allocation of the results of hedging activities performed by Labcorp on behalf of the Company prior to the Separation.

The Company had arrangements with third parties where the services are subcontracted to Labcorp (and its affiliates that were not part of the transaction). The Company’s direct costs include services purchased from Labcorp for commercial contracts totaling $21.7 for the three months ended March 31, 2023.

Management believes that the expense and cost allocations have been determined on a basis that is a reasonable reflection of the utilization of services provided or the benefit received by the Company during the three months ended March 31, 2023. The amounts that have been or will be incurred post-Separation on a stand-alone basis, could materially differ from the amounts allocated due to economies of scale, difference in management judgment, a requirement for more or fewer employees, or other factors.

Hedging Activities

Prior to the Separation, the Company did not enter into any derivative contracts with external counterparties. However, Labcorp entered into foreign currency forward contracts with external counterparties to hedge certain foreign currency transactions with exposure predominantly to the Euro and British Pound. These contracts did not qualify for hedge accounting and the changes in fair value are recorded directly to earnings. Earnings related to these contracts were included in the condensed consolidated and combined statements of operations as part of corporate allocations. Refer to Note 8 - Derivative Instruments and Hedging Activities, for information regarding derivative contracts entered into after Separation.

Net Transfers To and From Labcorp

Net transfers to and from Labcorp are included within Former Parent company investment on the condensed consolidated and combined statements of changes in equity. The components of the transfers to and from Labcorp during the three months ended March 31, 2023 were as follows:


	Three Months Ended March 31, 2023

General financing activities	$	(63.4)
Corporate allocations	87.9
Stock compensation expense	6.7
Total net transfers (to) from Former Parent	$	31.2

- Definition

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

+ References

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

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

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 2
-Subparagraph (c)
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 220
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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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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org//850/tableOfContent

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

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
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+ Details

DISCONTINUED OPERATIONS - Earnings from Discontinued Operations (Details) - Discontinued operations, held-for-sale - Enabling Services segment disposal - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	$ 65.7	$ 69.8
Costs and expenses:
Direct costs, exclusive of depreciation and amortization	41.4	46.1
Selling, general and administrative expenses, exclusive of depreciation and amortization	15.6	15.0
Depreciation and amortization	1.6	2.2
Long-lived and goodwill asset impairments	24.0	0.0
Restructuring and other charges	0.5	0.6
Total costs and expenses	83.1	63.9
Operating income (loss)	(17.4)	5.9
Other expense:
Foreign exchange gain (loss)	0.0	(0.3)
Income (loss) from discontinued operations before income taxes	(17.4)	5.6
Provision for income taxes	3.8	1.1
Income (loss) from discontinued operations, net of tax	$ (21.2)	$ 4.5

TRANSACTIONS WITH FORMER PARENT (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Related Party Transactions

The following table is a summary of corporate and other allocations for the three months ended March 31, 2023:



	Three Months Ended March 31, 2023
Direct costs	$	41.2
Selling, general and administrative expenses	55.1
Restructuring and other charges	0.1
Foreign exchange gain (loss)	(1.0)
Corporate and other allocations	$	95.4

The components of the transfers to and from Labcorp during the three months ended March 31, 2023 were as follows:


	Three Months Ended March 31, 2023

General financing activities	$	(63.4)
Corporate allocations	87.9
Stock compensation expense	6.7
Total net transfers (to) from Former Parent	$	31.2

REVENUES

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

REVENUES

The Company’s revenues by geography for the three months ended March 31, 2024 and 2023 are as follows:


	Three Months Ended March 31, 2024								Three Months Ended March 31, 2023
	North America		Europe		Other		Total		North America		Europe		Other		Total
Revenues	$	305.9	$	208.3	$	147.9	$	662.1	$	353.7	$	196.0	$	144.2	$	693.9

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, 2024		December 31, 2023
Sales commission assets	$	16.7	$	15.8
Deferred contract costs	1.9		2.0
Total	$	18.6	$	17.8

Amortization related to sales commission assets for the three months ended March 31, 2024 and 2023 was $2.6 and $4.1, respectively. Amortization related to deferred contract costs for the three months ended March 31, 2024 and 2023 was $0.4 and $0.6, 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, 2024		December 31, 2023
Accounts receivable	$	389.9	$	420.2
Unbilled services	587.1		600.0
Less: allowance for credit losses	(36.0)		(31.7)
Total	$	941.0	$	988.5

Unearned revenue	$	236.9	$	214.2

Revenue recognized during the period that was included in the unearned revenue balance at the beginning of the period was $92.4 and $103.2 for the three months ended March 31, 2024 and 2023, respectively.

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, 2024 is as follows:


	Accounts Receivable
Allowance for credit losses as of December, 2023	$	31.7
Credit loss expense	5.8
Write-offs	(1.5)

Allowance for credit losses as of March 31, 2024	$	36.0

Performance Obligations Under Long-Term Contracts

As of March 31, 2024, approximately $4,302 of revenues are expected to be recognized from remaining long-term performance obligations. The Company expects to recognize approximately 30% of the existing performance

obligations as of March 31, 2024 as revenue over the next 12 months and the remaining balance thereafter. The Company’s long-term contracts generally range from one to eight years.

During the 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.

During the three months ended March 31, 2023, there were reductions of approximately $11 from performance obligations which were partially satisfied in previous periods; such amounts were primarily related to changes in estimate and to a much lesser extent, changes in scope. The change in estimate resulted in an estimated reduction to revenue of $10, and a decrease in income from continuing operations of $8 and in income per share of $0.09.

Accounts Receivable Purchase Program

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

The Company accounts for these receivable transfers as sales and derecognizes the sold receivables from its balance sheets. The fair value of the sold receivables approximated their book value due to their short-term nature. The Company continues to service, administer and collect the receivables on behalf of the Financial Institution and does not receive a servicing fee as part of the arrangement. As of March 31, 2024, the Company had no outstanding factored customer receivables, and the ARPP was terminated in May 2024.

- 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
-Publisher FASB
-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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-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

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

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

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

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

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

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

+ Details

RESTRUCTURING AND OTHER CHARGES (Tables)

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Other Charges

The following summarizes a component of the Company’s restructuring and other charges:


	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


	Severance and Other Employee Costs		Facility Costs		Total
Balance as of December 31, 2022	$	1.8	$	4.5	$	6.3
Restructuring charges	0.3		0.3		0.6

Cash payments and other adjustments	—		0.3		0.3
Balance as of March 31, 2023	$	2.1	$	5.1	$	7.2

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For the three months ended March 31, 2024, the Company’s effective tax rate was 5.4% compared to 15.8% for the three months ended March 31, 2023. 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. The effective tax rate for the three months ended March 31, 2023 was lower than the Company’s statutory tax rate primarily due to the geographic mix of earnings partially offset by U.S. taxes on foreign earnings. More specifically, for the quarter ended March 31, 2024, the Company included income tax expense of approximately $4.1 in continuing operations primarily due to a forecasted valuation allowance on the deferred tax asset for the carryforward of disallowed interest expense. This deferred tax asset exists due to limitations imposed under the Internal Revenue Code on the annual deductibility of business interest expense. This amount resulted in a significant impact to the effective tax rate from continuing operations. During the three months ended March 31, 2024, the amount of net unrecognized tax positions increased by $0.1 million. Management believes it is likely that none of the unrecognized income tax benefits and interest will decrease during the next 12 months.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: 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 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONDENSED CONSOLIDATED AND COMBINED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 92.8	$ 108.6
Accounts receivable and unbilled services, net	941.0	988.5
Prepaid expenses and other	91.3	84.6
Current assets of discontinued operations	74.9	69.1
Total current assets	1,200.0	1,250.8
Property, plant and equipment, net	167.4	172.6
Goodwill, net	1,727.6	1,739.4			$ 1,719.9	$ 1,707.4
Intangible assets, net	707.9	728.1
Deferred income taxes	3.2	3.2
Other assets, net	89.0	69.7
Long-term assets of discontinued operations	345.1	368.8
Total assets	4,240.2	4,332.6
Current liabilities:
Accounts payable	131.3	132.9
Accrued expenses and other current liabilities	328.7	335.5
Unearned revenue	236.9	214.2
Current portion of long-term debt	55.0	26.1
Short-term operating lease liabilities	15.2	17.2
Current liabilities of discontinued operations	51.2	52.5
Total current liabilities	818.3	778.4
Long-term debt, less current portion	1,559.4	1,565.9
Operating lease liabilities	59.5	62.8
Deferred income taxes and other tax liabilities	150.7	147.7
Long-term liabilities of discontinued operations	31.5	31.6
Other liabilities	28.9	32.1
Total liabilities	2,648.3	2,618.5
Commitments and contingent liabilities (Note 9)
Equity
Common stock, 89.4 and 88.8 shares outstanding at March 31, 2024 and December 31, 2023, respectively	0.1	0.1
Additional paid-in capital	2,002.9	1,998.0
Accumulated deficit	(169.5)	(68.5)
Accumulated other comprehensive loss	(241.6)	(215.5)
Total equity	1,591.9	1,714.1	$ 1,690.5	$ 1,747.8	$ 3,402.8	$ 3,340.0	$ 3,261.4
Total liabilities and equity	$ 4,240.2	$ 4,332.6

STOCK COMPENSATION PLANS

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

STOCK COMPENSATION PLANS

Stock Incentive Plans

Prior to the Separation, certain Company employees were covered by the Former Parent-sponsored stock compensation arrangements. The stock compensation expense for the period prior to the Separation has been derived from the equity awards granted by Labcorp to the Company’s employees who are specifically identified in the plans,

as well as an allocation of expense related to corporate employees of Labcorp. The Former Parent-sponsored stock compensation arrangements are approved under the Laboratory Corporation of America Holdings 2016 Omnibus Incentive Plan (the “Labcorp Plan”).

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

On July 18, 2023, all Labcorp equity incentive awards held by Fortrea employees that were outstanding on the distribution date were converted to 2.5 shares of Fortrea restricted stock units and 0.1 shares of Fortrea performance shares from continuing operations. Additionally, during the three months ended March 31, 2024, the Company granted awards under the Plans, including restricted stock units and performance stock units, as indicated below.

As of March 31, 2024, 11.0 and 1.8 shares were authorized for future grants under Fortrea’s Omnibus Incentive Plan and Employee Stock Purchase Plan, respectively.

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

Stock Options

The following table summarizes grants of non-qualified options made by the Company to officers, key employees, or non-employee directors under all plans. Stock options are generally granted at an exercise price equal to or greater than the fair market price per share on the date of grant. Options vest ratably over a period of 3 years on the anniversaries of the grant date and have a contractual exercise period of 10 years subject to their earlier expiration or termination.

Changes in options outstanding under the plans for the three months ended March 31, 2024, were as follows:


	Number of Options	Weighted-Average Exercise Price per Option		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at December 31, 2023	0.8	$	26.52
Granted	—	$	—
Exercised	—	$	—
Cancelled	—	$	—
Outstanding at March 31, 2024	0.8	$	26.52	9.4 years	$	10.9
Exercisable at March 31, 2024	—	$	—	0.0 years	$	—

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

The Company uses the Black-Scholes model to calculate the fair value of stock options. The following table shows the weighted average grant-date fair values of options issued during the period and the weighted average assumptions that the Company used to develop the fair value estimates:


	Three Months Ended March 31, 2024
Weighted-average grant date fair value per option	$	12.51
Weighted-average expected life (in years)	6.3
Risk free interest rate	4.4		%
Expected volatility	40.4		%
Expected dividend yield	—		%

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

Restricted Stock Units and Performance Shares

The Company grants RSUs to officers, key employees, and non-employee directors. RSUs typically vest annually in equal one-third increments beginning on the first anniversary of the grant (e.g., a share grant in 2024 represents a three-year award opportunity for the period of 2024-2026 and, if earned, vests fully (to the extent earned) in the first quarter of 2027).

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

The following table shows a summary of non-vested shares for the three months ended March 31, 2024:


	Number of Shares		Weighted-Average Grant Date Fair Value
	Restricted Stock Units	Performance Shares	Restricted Stock Units		Performance Shares
Non-vested at December 31, 2023	3.6	0.1	$	28.24	$	43.78
Converted	—	—	—		—
Granted	1.0	0.1	39.31		43.68
Vested	(0.7)	(0.1)	35.14		48.89
Cancelled	—	—	—		—
Non-vested at March 31, 2024	3.9	0.1	$	29.62	$	41.58

All Plans

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


	Three Months Ended March 31, 2024		Three Months Ended March 31, 2023
Direct costs	$	9.0	$	3.6
Selling, general and administrative expenses	4.5		2.7
Total stock compensation expense	$	13.5	$	6.3

Income tax benefits	$	2.0	$	1.1

Unrecognized Compensation Cost

As of March 31, 2024, there was $119.3 of total unrecognized compensation cost related to non-vested stock options, restricted stock units and performance share-based compensation arrangements granted under the Plans. That cost is expected to be recognized over a weighted average period of 2.0 years and will be included in cost of revenues and selling, general and administrative expenses.

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	(5.40%)			15.80%
Provision for income taxes	$ 4.1	$ (5.8)	$ 11.6	$ 1.5	$ 13.1	$ 7.3	$ 1.2	$ 41.1
Unrecognized tax benefits, increase	0.1
Unrecognized tax benefits, decrease amount in next 12 months	$ 0.0

- Definition

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

+ References + Details

CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Costs incurred from related parties	$ 554.2	$ 541.5
Related party
Costs incurred from related parties	$ 0.0	$ 21.7

COVER - shares shares in Millions	3 Months Ended
COVER - shares shares in Millions	Mar. 31, 2024	May 20, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	(480)
Local Phone Number	295-7600
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	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		89.4
Amendment Flag	false
Entity Central Index Key	0001965040
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31

GOODWILL AND INTANGIBLE ASSETS - Components of Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,175.9	$ 1,183.7
Accumulated Amortization	(468.0)	(455.6)
Net Carrying Amount	707.9	728.1
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,135.7	1,143.5
Accumulated Amortization	(431.5)	(420.1)
Net Carrying Amount	704.2	723.4
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	27.7	27.7
Accumulated Amortization	(25.2)	(24.5)
Net Carrying Amount	2.5	3.2
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	12.5	12.5
Accumulated Amortization	(11.3)	(11.0)
Net Carrying Amount	$ 1.2	$ 1.5

REVENUES - Schedule of Accounts Receivable, Unbilled Services and Unearned Revenue (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Accounts receivable	$ 389.9	$ 420.2
Unbilled services	587.1	600.0
Less: allowance for credit losses	(36.0)	(31.7)
Total	941.0	988.5
Unearned revenue	$ 236.9	$ 214.2

SUBSEQUENT EVENTS (Details) - Subsequent event $ in Millions	May 06, 2024 USD ($)	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024
Subsequent Event [Line Items]
Receivables securitization program, term	3 years
Receivables securitization program, amount	$ 300
Forecast \| Secured debt \| Line of credit
Subsequent Event [Line Items]
Leverage ratio		5.30	5.50	5.75	5.75	6.00	5.30
Interest coverage ratio		2.00	1.90	1.80	1.80	1.70	2.00

DISCONTINUED OPERATIONS (Tables)

3 Months Ended

Mar. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations


	Three Months Ended March 31,
	2024		2023
Revenues	$	65.7	$	69.8
Costs and expenses:
Direct costs, exclusive of depreciation and amortization	41.4		46.1
Selling, general and administrative expenses, exclusive of depreciation and amortization	15.6		15.0
Depreciation and amortization	1.6		2.2
Long-lived and goodwill asset impairments	24.0		—
Restructuring and other charges	0.5		0.6
Total costs and expenses	83.1		63.9
Operating income (loss)	(17.4)		5.9
Other expense:

Foreign exchange gain (loss)	—		(0.3)

Income (loss) from discontinued operations before income taxes	(17.4)		5.6
Provision for income taxes	3.8		1.1
Income (loss) from discontinued operations, net of tax	$	(21.2)	$	4.5

The following table summarizes the carrying value of the significant classes of assets and liabilities classified as discontinued operations as of March 31, 2024 and December 31, 2023:


	March 31, 2024		December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	—
Accounts receivable and unbilled services, net	66.6		60.4
Prepaid expenses and other	8.3		8.7
Total current assets	74.9		69.1
Property, plant and equipment, net	43.2		40.6
Goodwill, net	252.5		276.5
Intangible assets, net	42.6		43.1

Other assets, net	6.8		8.6
Total assets of discontinued operations	$	420.0	$	437.9
LIABILITIES
Current liabilities:
Accounts payable	$	4.7	$	4.5
Accrued expenses and other current liabilities	12.3		17.3
Unearned revenue	31.9		28.4
Short-term operating lease liabilities	2.3		2.3
Total current liabilities	$	51.2	$	52.5
Operating lease liabilities	3.1		3.7

Other liabilities	28.4		27.9
Total liabilities of discontinued operations	$	82.7	$	84.1

The following table summarizes depreciation and amortization, capital expenditures and the significant operating noncash items from discontinued operations for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
	2024		2023
Depreciation and amortization	$	1.6	$	2.2
Capital expenditures	$	3.7	$	4.3

- Definition

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

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+ Details

EARNINGS (LOSS) PER SHARE - Narrative (Details) - shares shares in Millions	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023
Earnings Per Share [Abstract]
Common stock, outstanding (in shares)	89.4	88.8	88.8

REVENUES - Narrative (Details) - USD ($)	3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
REVENUES - Narrative (Details) - USD ($)	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Jun. 23, 2023
Capitalized Contract Cost [Line Items]
Unearned revenue, revenue recognized	$ 92,400,000			$ 103,200,000
Remaining performance obligation	4,302,000,000
Performance obligation partially satisfied in previous period, revenue recognized	34,000,000			11,000,000
Revenue reduction	(662,100,000)	$ (713,800,000)	$ (725,100,000)	(693,900,000)	$ (1,419,000,000)	$ (2,132,800,000)	$ (2,842,500,000)	$ (2,837,000,000)
Increase in loss from continuing operations	$ 75,700,000	$ 21,900,000	$ (36,600,000)	$ (9,500,000)	$ (46,100,000)	$ (24,200,000)	$ 30,500,000	$ (187,000,000.0)
Basic earnings (loss) per share (in dollars per share)	$ 1.13	$ 0.16	$ (0.35)	$ (0.14)	$ (0.49)	$ (0.33)	$ 0.29	$ (2.09)
ARPP, maximum facility amount									$ 80,000,000.0
Factored customer receivables	$ 0
Change in Scope And Change In Estimated Effort To Complete Contract
Capitalized Contract Cost [Line Items]
Revenue reduction	17,000,000			$ 10,000,000
Increase in loss from continuing operations	$ 16,000,000			$ 8,000,000
Basic earnings (loss) per share (in dollars per share)	$ 0.18			$ 0.09
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	30.00%
Remaining performance obligation, period	12 months
Sales commission assets
Capitalized Contract Cost [Line Items]
Capitalized assets, amortization	$ 2,600,000			$ 4,100,000
Deferred contract costs
Capitalized Contract Cost [Line Items]
Capitalized assets, amortization	$ 400,000			$ 600,000

PREFERRED STOCK AND COMMON SHAREHOLDERS’ EQUITY

3 Months Ended

Mar. 31, 2024

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, 2024 and December 31, 2023.

Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) are as follows:


	Three months ended March 31, 2024
	Foreign Currency Translation Adjustments		Net Benefit Plan Adjustments		Unrealized Gain (Loss) on Derivative Instruments		Accumulated Other Comprehensive Income (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 instrument	—		—		2.5		2.5
Amounts reclassified from other accumulated income (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)

	Three months ended March 31, 2023
	Foreign Currency Translation Adjustments		Net Benefit Plan Adjustments		Unrealized Gain (Loss) on Derivative Instruments		Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2022	$	(266.0)	$	(8.8)	$	—	$	(274.8)
Current quarter foreign exchange adjustments	19.1		—		—		19.1


Balance at March 31, 2023	$	(246.9)	$	(8.8)	$	—	$	(255.7)

- Definition

The entire disclosure for equity.

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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

IMMATERIAL FINANCIAL RESTATEMENT AND RECLASSIFICATIONS TO PRIOR PERIOD FINANCIAL STATEMENTS

3 Months Ended

Mar. 31, 2024

Accounting Changes and Error Corrections [Abstract]

IMMATERIAL FINANCIAL RESTATEMENT AND RECLASSIFICATIONS TO PRIOR PERIOD FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEET


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

CONDENSED COMBINED STATEMENT OF OPERATIONS


	Three Months Ended March 31, 2023
	As Previously Reported		Adjustments		As Restated		Discontinued Operations Reclassifications		Change in Basis of Presentation		As Restated and Reclassified
Revenues	$	764.2	$	(0.5)	$	763.7	$	(69.8)	$	—	$	693.9
Costs and expenses:
Direct costs, exclusive of depreciation and amortization	636.2		—		636.2		(46.1)		(48.6)		541.5
Selling, general and administrative expenses, exclusive of depreciation and amortization	78.0		5.2		83.2		(15.0)		48.6		116.8
Depreciation and amortization	22.8		0.3		23.1		(2.2)		—		20.9

Restructuring and other charges	1.2		—		1.2		(0.6)		—		0.6
Total costs and expenses	738.2		5.5		743.7		(63.9)		—		679.8
Operating income (loss)	26.0		(6.0)		20.0		(5.9)		—		14.1
Other income (expense):
Interest income	—		—		—		—		0.1		0.1
Foreign exchange gain (loss)	(5.5)		—		(5.5)		0.3		—		(5.2)
Other, net	0.6		—		0.6		—		(0.1)		0.5
Income (loss) before income taxes	21.1		(6.0)		15.1		(5.6)		—		9.5
Provision for (benefit from) income taxes	3.7		(1.1)		2.6		(1.1)		—		1.5
Net income	$	17.4	$	(4.9)	$	12.5	$	(4.5)	$	—	$	8.0



Earnings per common share
Basic - continuing operations	$	0.20			$	0.14					$	0.09
Basic - discontinued operations	$	—			$	—					$	0.05
Basic	$	0.20			$	0.14					$	0.14

Diluted - continuing operations	$	0.20			$	0.14					$	0.09
Diluted - discontinued operations	$	—			$	—					$	0.05
Diluted	$	0.20			$	0.14					$	0.14

CONDENSED CONSOLIDATED AND COMBINED STATEMENT OF OPERATIONS


	Three Months Ended June 30, 2023
	As Previously Reported		Adjustments		As Restated		Discontinued Operations Reclassifications		Change in Basis of Presentation		As Restated and Reclassified
Revenues	$	793.0	$	(3.1)	$	789.9	$	(64.8)	$	—	$	725.1
Costs and expenses:
Direct costs, exclusive of depreciation and amortization	649.4		(1.2)		648.2		(44.3)		(35.2)		568.7
Selling, general and administrative expenses, exclusive of depreciation and amortization	80.8		(5.4)		75.4		(12.8)		35.2		97.8
Depreciation and amortization	25.1		0.4		25.5		(2.1)		—		23.4

Restructuring and other charges	3.9		—		3.9		(0.3)		—		3.6
Total costs and expenses	759.2		(6.2)		753.0		(59.5)		—		693.5
Operating income (loss)	33.8		3.1		36.9		(5.3)		—		31.6
Other income (expense):
Interest expense	(0.7)		—		(0.7)		—		—		(0.7)
Foreign exchange gain (loss)	5.4		(0.2)		5.2		—		—		5.2
Other, net	0.4		—		0.4		0.1		—		0.5
Income (loss) before income taxes	38.9		2.9		41.8		(5.2)		—		36.6
Provision for (benefit from) income taxes	10.6		0.4		11.0		0.6		—		11.6
Net income	$	28.3	$	2.5	$	30.8	$	(5.8)	$	—	$	25.0



Earnings per common share:
Basic - continuing operations	$	0.32			$	0.35					$	0.28
Basic - discontinued operations	$	—			$	—					$	0.07
Basic	$	0.32			$	0.35					$	0.35

Diluted - continuing operations	$	0.32			$	0.35					$	0.28
Diluted - discontinued operations	$	—			$	—					$	0.07
Diluted	$	0.32			$	0.35					$	0.35

CONDENSED CONSOLIDATED AND COMBINED STATEMENT OF OPERATIONS


	Six Months Ended June 30, 2023
	As Previously Reported		Adjustments		As Restated		Discontinued Operations Reclassifications		Change in Basis of Presentation		As Restated and Reclassified
Revenues	$	1,557.2	$	(3.6)	$	1,553.6	$	(134.6)	$	—	$	1,419.0
Costs and expenses:
Direct costs, exclusive of depreciation and amortization	1,285.6		(1.2)		1,284.4		(90.4)		(83.8)		1,110.2
Selling, general and administrative expenses, exclusive of depreciation and amortization	158.8		(0.2)		158.6		(27.8)		83.8		214.6
Depreciation and amortization	47.9		0.7		48.6		(4.3)		—		44.3

Restructuring and other charges	5.1		—		5.1		(0.9)		—		4.2
Total costs and expenses	1,497.4		(0.7)		1,496.7		(123.4)		—		1,373.3
Operating income (loss)	59.8		(2.9)		56.9		(11.2)		—		45.7
Other income (expense):
Interest expense	(0.7)		—		(0.7)		—		0.1		(0.6)
Foreign exchange gain (loss)	(0.1)		(0.2)		(0.3)		0.3		—		—
Other, net	1.0		—		1.0		0.1		(0.1)		1.0
Income (loss) before income taxes	60.0		(3.1)		56.9		(10.8)		—		46.1
Provision for (benefit from) income taxes	14.3		(0.7)		13.6		(0.5)		—		13.1
Net income	$	45.7	$	(2.4)	$	43.3	$	(10.3)	$	—	$	33.0



Earnings per common share:
Basic - continuing operations	$	0.51			$	0.49					$	0.37
Basic - discontinued operations	$	—			$	—					$	0.12
Basic	$	0.51			$	0.49					$	0.49

Diluted - continuing operations	$	0.51			$	0.49					$	0.37
Diluted - discontinued operations	$	—			$	—					$	0.12
Diluted	$	0.51			$	0.49					$	0.49

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS


	Three Months Ended September 30, 2023
	As Previously Reported		Adjustments		As Restated		Discontinued Operations Reclassifications		Change in Basis of Presentation		As Restated and Reclassified
Revenues	$	776.4	$	0.8	$	777.2	$	(63.4)	$	—	$	713.8
Costs and expenses:
Direct costs, exclusive of depreciation and amortization	647.3		1.4		648.7		(44.8)		(40.1)		563.8
Selling, general and administrative expenses, exclusive of depreciation and amortization	78.9		(0.1)		78.8		(12.1)		40.1		106.8
Depreciation and amortization	24.6		0.4		25.0		(2.2)		—		22.8

Restructuring and other charges	11.6		—		11.6		(1.5)		—		10.1
Total costs and expenses	762.4		1.7		764.1		(60.6)		—		703.5
Operating income (loss)	14.0		(0.9)		13.1		(2.8)		—		10.3
Other income (expense):
Interest expense	(34.6)		—		(34.6)		—		—		(34.6)
Foreign exchange gain (loss)	(0.9)		(0.2)		(1.1)		(0.1)		—		(1.2)
Other, net	3.6		—		3.6		—		—		3.6
Income (loss) before income taxes	(17.9)		(1.1)		(19.0)		(2.9)		—		(21.9)
Provision for (benefit from) income taxes	(4.8)		(0.2)		(5.0)		(0.8)		—		(5.8)
Net loss	$	(13.1)	$	(0.9)	$	(14.0)	$	(2.1)	$	—	$	(16.1)



Earnings (loss) per common share:
Basic - continuing operations	$	(0.15)			$	(0.16)					$	(0.18)
Basic - discontinued operations	$	—			$	—					$	0.02
Basic	$	(0.15)			$	(0.16)					$	(0.16)

Diluted - continuing operations	$	(0.15)			$	(0.16)					$	(0.18)
Diluted - discontinued operations	$	—			$	—					$	0.02
Diluted	$	(0.15)			$	(0.16)					$	(0.16)

CONDENSED CONSOLIDATED AND COMBINED STATEMENT OF OPERATIONS


	Nine Months Ended September 30, 2023
	As Previously Reported		Adjustments		As Restated		Discontinued Operations Reclassifications		Change in Basis of Presentation		As Restated and Reclassified
Revenues	$	2,333.6	$	(2.8)	$	2,330.8	$	(198.0)	$	—	$	2,132.8
Costs and expenses:
Direct costs, exclusive of depreciation and amortization	1,932.9		0.2		1,933.1		(135.2)		(123.9)		1,674.0
Selling, general and administrative expenses, exclusive of depreciation and amortization	237.7		(0.3)		237.4		(39.9)		123.9		321.4
Depreciation and amortization	72.5		1.1		73.6		(6.5)		—		67.1

Restructuring and other charges	16.7		—		16.7		(2.4)		—		14.3
Total costs and expenses	2,259.8		1.0		2,260.8		(184.0)		—		2,076.8
Operating income (loss)	73.8		(3.8)		70.0		(14.0)		—		56.0
Other income (expense):
Interest expense	(35.3)		—		(35.3)		—		0.1		(35.2)
Foreign exchange gain (loss)	(1.0)		(0.4)		(1.4)		0.2		—		(1.2)
Other, net	4.6		—		4.6		0.1		(0.1)		4.6
Income (loss) before income taxes	42.1		(4.2)		37.9		(13.7)		—		24.2
Provision for (benefit from) income taxes	9.5		(0.9)		8.6		(1.3)		—		7.3
Net income	$	32.6	$	(3.3)	$	29.3	$	(12.4)	$	—	$	16.9



Earnings per common share:
Basic - continuing operations	$	0.37			$	0.33					$	0.19
Basic - discontinued operations	$	—			$	—					$	0.14
Basic	$	0.37			$	0.33					$	0.33

Diluted - continuing operations	$	0.37			$	0.33					$	0.19
Diluted - discontinued operations	$	—			$	—					$	0.14
Diluted	$	0.37			$	0.33					$	0.33

CONSOLIDATED AND COMBINED STATEMENT OF OPERATIONS


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



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

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

COMBINED STATEMENT OF OPERATIONS


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



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

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

CONDENSED COMBINED STATEMENT OF COMPREHENSIVE INCOME (LOSS)


	Three Months Ended March 31, 2023
	As Previously Reported		Adjustments		As Restated
Net income	$	17.4	$	(4.9)	$	12.5
Foreign currency translation adjustments	18.9		0.2		19.1


Other comprehensive income (loss) before tax	18.9		0.2		19.1
Provision for income tax related to items of comprehensive income	—		—		—
Other comprehensive income, net of tax	18.9		0.2		19.1
Comprehensive income	$	36.3	$	(4.7)	$	31.6

CONDENSED CONSOLIDATED AND COMBINED STATEMENT OF COMPREHENSIVE INCOME (LOSS)


	Three Months Ended June 30, 2023
	As Previously Reported		Adjustments		As Restated
Net income	$	28.3	$	2.5	$	30.8
Foreign currency translation adjustments	29.5		0.4		29.9
Net benefit plan adjustments	2.1		—		2.1

Other comprehensive income, before tax	31.6		0.4		32.0
Provision for income tax related to items of comprehensive income	—		—		—
Other comprehensive income, net of tax	31.6		0.4		32.0
Comprehensive income	$	59.9	$	2.9	$	62.8

CONDENSED CONSOLIDATED AND COMBINED STATEMENT OF COMPREHENSIVE INCOME (LOSS)


	Six Months Ended June 30, 2023
	As Previously Reported		Adjustments		As Restated
Net income	$	45.7	$	(2.4)	$	43.3
Foreign currency translation adjustments	48.4		0.6		49.0
Net benefit plan adjustments	2.1		—		2.1

Other comprehensive income, before tax	50.5		0.6		51.1
Provision for income tax related to items of comprehensive income	—		—		—
Other comprehensive income, net of tax	50.5		0.6		51.1
Comprehensive income	$	96.2	$	(1.8)	$	94.4

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)


	Three Months Ended September 30, 2023
	As Previously Reported		Adjustments		As Restated
Net loss	$	(13.1)	$	(0.9)	$	(14.0)
Foreign currency translation adjustments	(56.0)		0.4		(55.6)

Unrealized gain on derivative instruments	1.6		—		1.6
Other comprehensive loss, before tax	(54.4)		0.4		(54.0)
Provision for income tax related to items of comprehensive loss	(0.4)		—		(0.4)
Other comprehensive loss, net of tax	(54.8)		0.4		(54.4)
Comprehensive loss	$	(67.9)	$	(0.5)	$	(68.4)

CONDENSED CONSOLIDATED AND COMBINED STATEMENT OF COMPREHENSIVE INCOME (LOSS)


	Nine Months Ended September 30, 2023
	As Previously Reported		Adjustments		As Restated
Net income	$	32.6	$	(3.3)	$	29.3
Foreign currency translation adjustments	(7.6)		1.0		(6.6)
Net benefit plan adjustments	2.1		—		2.1
Unrealized gain on derivative instruments	1.6		—		1.6
Other comprehensive loss, before tax	(3.9)		1.0		(2.9)
Provision for income tax related to items of comprehensive loss	(0.4)		—		(0.4)
Other comprehensive loss, net of tax	(4.3)		1.0		(3.3)
Comprehensive income	$	28.3	$	(2.3)	$	26.0

CONSOLIDATED AND COMBINED STATEMENT OF COMPREHENSIVE INCOME (LOSS)


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

COMBINED STATEMENT OF COMPREHENSIVE INCOME (LOSS)


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

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

CONDENSED CONSOLIDATED AND COMBINED STATEMENT OF CHANGES IN EQUITY


	Common Stock
	Shares	Amounts		Additional Paid-in Capital		Former Parent Investment		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Equity
Previously reported
Balance at December 31, 2022	—	$	—	$	—	$	3,618.6	$	—	$	(276.0)	$	3,342.6
Net income	—	—		—		17.4		—		—		17.4
Other comprehensive income, net of tax	—	—		—		—		—		18.9		18.9
Net transfers from Former Parent	—	—		—		26.6		—		—		26.6
Balance at March 31, 2023	—	—		—		3,662.6		—		(257.1)		3,405.5
Net income	—	—		—		28.3		—		—		28.3
Other comprehensive income, net of tax	—	—		—		—		—		31.6		31.6
Special payment to Former Parent	—	—		—		(1,595.0)		—		—		(1,595.0)
Net transfers to Former Parent	—	—		—		(119.4)		—		—		(119.4)
Reclassification of Former Parent investment to additional paid-in capital	—	—		1,976.5		(1,976.5)		—		—		—
Issuance of common stock	88.8	0.1		—		—		—		—		0.1
Balance at June 30, 2023	88.8	0.1		1,976.5		—		—		(225.5)		1,751.1
Net loss	—	—		—		—		(13.1)		—		(13.1)
Other comprehensive loss, net of tax	—	—		—		—		—		(54.8)		(54.8)
Stock compensation	—	—		11.1		—		—		—		11.1
Balance at September 30, 2023	88.8	$	0.1	$	1,987.6	$	—	$	(13.1)	$	(280.3)	$	1,694.3
Adjustments
Balance at December 31, 2022	—	$	—	$	—	$	(3.8)	$	—	$	1.2	$	(2.6)
Net income	—	—		—		(4.9)		—		—		(4.9)
Other comprehensive income, net of tax	—	—		—		—		—		0.2		0.2
Net transfers from Former Parent	—	—		—		4.6		—		—		4.6
Balance at March 31, 2023	—	—		—		(4.1)		—		1.4		(2.7)
Net income	—	—		—		2.5		—		—		2.5
Other comprehensive income, net of tax	—	—		—		—		—		0.4		0.4

Net transfers to Former Parent	—	—		—		(3.5)		—		—		(3.5)
Reclassification of Former Parent investment to additional paid-in capital	—	—		(5.1)		5.1		—		—		—

Balance at June 30, 2023	—	—		(5.1)		—		—		1.8		(3.3)
Net loss	—	—		—		—		(0.9)		—		(0.9)
Other comprehensive loss, net of tax	—	—		—		—		—		0.4		0.4

Balance at September 30, 2023	—	$	—	$	(5.1)	$	—	$	(0.9)	$	2.2	$	(3.8)


	Common Stock
	Shares	Amounts		Additional Paid-in Capital		Former Parent Investment		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Equity

















As Restated
Balance at December 31, 2022	—	$	—	$	—	$	3,614.8	$	—	$	(274.8)	$	3,340.0
Net income	—	—		—		12.5		—		—		12.5
Other comprehensive income, net of tax	—	—		—		—		—		19.1		19.1
Net transfers from Former Parent	—	—		—		31.2		—		—		31.2
Balance at March 31, 2023	—	—		—		3,658.5		—		(255.7)		3,402.8
Net income	—	—		—		30.8		—		—		30.8
Other comprehensive income, net of tax	—	—		—		—		—		32.0		32.0
Special payment to Former Parent	—	—		—		(1,595.0)		—		—		(1,595.0)
Net transfers to Former Parent	—	—		—		(122.9)		—		—		(122.9)
Reclassification of Former Parent investment to additional paid-in capital	—	—		1,971.4		(1,971.4)		—		—		—
Issuance of common stock	88.8	0.1		—		—		—		—		0.1
Balance at June 30, 2023	88.8	0.1		1,971.4		—		—		(223.7)		1,747.8
Net loss	—	—		—		—		(14.0)		—		(14.0)
Other comprehensive loss, net of tax	—	—		—		—		—		(54.4)		(54.4)
Stock compensation	—	—		11.1		—		—		—		11.1
Balance at September 30, 2023	88.8	$	0.1	$	1,982.5	$	—	$	(14.0)	$	(278.1)	$	1,690.5

CONSOLIDATED AND COMBINED STATEMENT OF CHANGES IN EQUITY


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

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


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

COMBINED STATEMENT OF CHANGES IN EQUITY


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

Net transfers to Former Parent	—	—		—		16.7		—		—		16.7



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

Net transfers to Former Parent	—	—		—		2.4		—		—		2.4



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

Net transfers to Former Parent	—	—		—		19.1		—		—		19.1



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

CONDENSED COMBINED STATEMENT OF CASH FLOWS


	Three Months Ended March 31, 2023
	As Previously Reported		Adjustments		As Restated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	17.4	$	(4.9)	$	12.5
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	22.8		0.3		23.1
Stock compensation	6.7		—		6.7
Operating lease right-of-use asset expense	7.8		—		7.8
Goodwill and other asset impairments	—		—		—
Deferred income taxes	(3.7)		0.1		(3.6)
Other, net	0.8		0.1		0.9
Change in assets and liabilities (net of effects of acquisitions):
Decrease in accounts receivable and unbilled services, net	26.8		0.5		27.3
Increase in prepaid expenses and other	(18.6)		(0.5)		(19.1)
Increase in accounts payable	20.9		(0.5)		20.4
Decrease in deferred revenue	(13.9)		1.0		(12.9)
Decrease in accrued expenses and other	(63.6)		(1.5)		(65.1)
Net cash provided by (used for) operating activities	3.4		(5.4)		(2.0)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(16.2)		—		(16.2)
Proceeds from sale of assets	—		—		—
Net cash used for investing activities	(16.2)		—		(16.2)
CASH FLOWS FROM FINANCING ACTIVITIES:







Net transfers from Parent	19.9		4.6		24.5
Net cash provided by financing activities	19.9		4.6		24.5
Effect of exchange rate changes on cash and cash equivalents	1.1		0.4		1.5
Net change in cash and cash equivalents	8.2		(0.4)		7.8
Cash and cash equivalents at beginning of period	112.0		(1.6)		110.4
Cash and cash equivalents at end of period	$	120.2	$	(2.0)	$	118.2

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

CONDENSED CONSOLIDATED AND COMBINED STATEMENT OF CASH FLOWS


	Six Months Ended June 30, 2023
	As Previously Reported		Adjustments		As Restated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	45.7	$	(2.4)	$	43.3
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	47.9		0.7		48.6
Stock compensation	16.1		—		16.1
Operating lease right-of-use asset expense	14.3		—		14.3

Deferred income taxes	(3.9)		(0.6)		(4.5)
Other, net	6.5		—		6.5
Change in assets and liabilities (net of effects of acquisitions):
Decrease in accounts receivable and unbilled services, net	7.8		3.6		11.4
Increase in prepaid expenses and other	(16.0)		(1.2)		(17.2)
Increase in accounts payable	23.7		(3.8)		19.9
Decrease in deferred revenue	(7.7)		2.2		(5.5)
Increase in accrued expenses and other	19.8		(4.6)		15.2
Net cash provided by operating activities	154.2		(6.1)		148.1
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(25.8)		—		(25.8)
Proceeds from sale of assets	0.3		—		0.3
Net cash used for investing activities	(25.5)		—		(25.5)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facilities	—		—		—
Payments on revolving credit facilities	—		—		—
Proceeds from term loans	1,061.4		—		1,061.4
Proceeds from issuance of senior notes	570.0		—		570.0
Debt issuance costs	(26.4)		—		(26.4)
Principal payments of long-term debt	—		—		—
Special payment to Former Parent	(1,595.0)		—		(1,595.0)
Net transfers from Parent	(136.7)		1.3		(135.4)
Net cash used for financing activities	(126.7)		1.3		(125.4)
Effect of exchange rate changes on cash and cash equivalents	0.3		1.0		1.3
Net change in cash and cash equivalents	2.3		(3.8)		(1.5)
Cash and cash equivalents at beginning of period	112.0		(1.6)		110.4
Cash and cash equivalents at end of period	$	114.3	$	(5.4)	$	108.9

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

CONDENSED CONSOLIDATED AND COMBINED STATEMENT OF CASH FLOWS


	Nine Months Ended September 30, 2023
	As Previously Reported		Adjustments		As Restated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	32.6	$	(3.3)	$	29.3
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	72.5		1.1		73.6
Stock compensation	27.2		—		27.2
Operating lease right-of-use asset expense	20.9		—		20.9
Goodwill and other asset impairments	—		—		—
Deferred income taxes	(12.7)		(0.6)		(13.3)
Other, net	3.5		—		3.5
Change in assets and liabilities (net of effects of acquisitions):
Increase in accounts receivable and unbilled services, net	(26.6)		3.5		(23.1)
Increase in prepaid expenses and other	(3.1)		3.7		0.6
Increase in accounts payable	47.3		(1.4)		45.9
Decrease in deferred revenue	(6.5)		0.5		(6.0)
Decrease in accrued expenses and other	(0.1)		(8.5)		(8.6)
Net cash provided by operating activities	155.0		(5.0)		150.0
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(30.9)		—		(30.9)
Proceeds from sale of assets	8.1		—		8.1
Net cash used for investing activities	(22.8)		—		(22.8)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facilities	24.0		—		24.0
Payments on revolving credit facilities	(24.0)		—		(24.0)
Proceeds from term loans	1,061.4		—		1,061.4
Proceeds from issuance of senior notes	570.0		—		570.0
Debt issuance costs	(26.4)		—		(26.4)
Principal payments of long-term debt	(7.7)		—		(7.7)
Special payment to Former Parent	(1,595.0)		—		(1,595.0)
Net transfers from Parent	(136.7)		1.3		(135.4)
Net cash used for financing activities	(134.4)		1.3		(133.1)
Effect of exchange rate changes on cash and cash equivalents	(2.3)		1.6		(0.7)
Net change in cash and cash equivalents	(4.5)		(2.1)		(6.6)
Cash and cash equivalents at beginning of period	112.0		(1.6)		110.4
Cash and cash equivalents at end of period	$	107.5	$	(3.7)	$	103.8

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

CONSOLIDATED AND COMBINED STATEMENT OF CASH FLOWS


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

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

COMBINED STATEMENT OF CASH FLOWS


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







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

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

DEBT (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

The current portion of long-term debt at March 31, 2024 and December 31, 2023 consisted of the following:


	March 31, 2024		December 31, 2023
Current portion of senior secured term loan A facility due 2028	$	25.0	$	25.0
Current portion of senior secured term loan B facility due 2030	5.7		5.7
Revolving credit facility	29.0		—
Debt issuance discount and fees	(4.7)		(4.6)
Total short-term borrowings and current portion of long-term debt	$	55.0	$	26.1

Long-term debt at March 31, 2024 and December 31, 2023 consisted of the following:


	March 31, 2024		December 31, 2023
7.5% senior notes due 2030	$	570.0	$	570.0
Senior secured term loan A due 2028	456.3		462.5
Senior secured term loan B due 2030	560.0		561.5
Debt issuance discount and fees	(26.9)		(28.1)
Total long-term debt	$	1,559.4	$	1,565.9

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

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+ Details

STOCK COMPENSATION PLANS - Share-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock compensation expense	$ 13.5	$ 6.3
Income tax benefits	2.0	1.1
Direct costs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock compensation expense	9.0	3.6
Selling, general and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock compensation expense	$ 4.5	$ 2.7

- 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

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+ Details

STOCK COMPENSATION PLANS - Fair Value Estimates (Details) - Stock Options	3 Months Ended
	Mar. 31, 2024 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value per option (in dollars per share)	$ 12.51
Weighted-average expected life (in years)	6 years 3 months 18 days
Risk free interest rate	4.40%
Expected volatility	40.40%
Expected dividend yield	0.00%

- Definition

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

+ References

+ Details

EARNINGS (LOSS) PER SHARE - Antidilutive Securities Excluded from Computation (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Employee stock options and awards (in shares)	89.2	88.8
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Employee stock options and awards (in shares)	1.2	0.0
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1.2	0.0

BASIS OF FINANCIAL STATEMENT PREPARATION (Policies)	3 Months Ended
BASIS OF FINANCIAL STATEMENT PREPARATION (Policies)	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reportable Segment	Reportable Segment On March 9, 2024, the Company, together with its wholly-owned subsidiary, Fortrea Inc., entered into an Asset Purchase Agreement with Endeavor Buyer LLC 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. Refer to Note 2 - Discontinued Operations for further discussion. As of March 31, 2024, all of 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.
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 and assets and liabilities for the periods presented. As a result, the Company has classified the assets and liabilities related to the Enabling Services segment as assets of discontinued operations and liabilities of discontinued operations on the condensed consolidated and combined balance sheets as of March 31, 2024 and December 31, 2023. The operations of the Enabling Services segment have been classified as income (loss) from discontinued operations on the condensed consolidated and combined statements of operations for all periods presented. Unless otherwise noted, discussion within these notes to the condensed consolidated and combined financial statements relates to the Company’s continuing operations.
Basis of Financial Statement Presentation	Basis of Financial Statement Presentation Prior to June 30, 2023, Fortrea existed and functioned as part of the consolidated business of Former Parent. The Company’s financial statements for periods through the Spin reflect the historical financial position, results of operations and cash flows of the Company, for the periods presented, prepared on a “carve-out” basis and have been derived from the condensed consolidated financial statements and accounting records of Labcorp using the historical results of operations and historical basis of assets and liabilities of the Company and reflect Labcorp’s net investment in the Company. The Company’s balance sheet as of March 31, 2024 is a consolidated balance sheet based on the financial position of Fortrea as a standalone company. The three months ended March 31, 2024 includes condensed consolidated financial statements, whereas all prior periods included combined financial statements. The Company’s unaudited condensed consolidated and combined financial statements for all periods presented are referred to throughout this document as “financial statements.” The Company’s condensed consolidated and combined 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, and additionally, condensed consolidated and combined financial statements do not necessarily reflect what the financial position, results of operations, and cash flows would have been had it operated as a standalone company during the prior periods presented. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The condensed combined statements of operations include all revenues and costs directly attributable to Fortrea’s business. The combined statements of operations for prior periods also include costs for certain centralized functions and programs provided and administered by Labcorp that were allocated to Fortrea. These centralized functions and programs include, but are not limited to legal, tax, treasury, risk management, sales expenses, information technology, human resources, finance, supply chain, executive leadership and stock-based compensation. These expenses were allocated to Fortrea based on direct usage when identifiable or, when not directly identifiable, on the basis of proportional net revenues or headcount or other reasonable driver, as applicable. Fortrea considers the basis on which the expenses have been allocated to reasonably reflect the utilization of services provided to, or the benefit received by, Fortrea during the prior periods presented. However, the allocations may not reflect the expenses Fortrea would have incurred as an independent company for the prior periods presented. Actual costs that may have been incurred if Fortrea had been a standalone company would depend on a number of factors, including, but not limited to, the organizational structure, whether functions were outsourced or performed by employees, and strategic decisions made in areas such as information technology and infrastructure. For a period following the Spin some of these functions are provided by Labcorp. As of December 31, 2022, a Former Parent investment is shown in lieu of common stock and retained earnings accounts in the condensed combined financial statements. The total net effect of the settlement of the transactions between the Company and Labcorp, exclusive of those historically settled in cash, is reflected in the condensed combined statements of cash flows in cash flows from financing activities as net transfers (to) from Former Parent and in the condensed consolidated and combined balance sheets as Former Parent investment. All intercompany transactions within the Company have been eliminated. All transactions between the Company and Former Parent have been included in these condensed consolidated and combined financial statements. For those transactions between the Company and Former Parent that were historically settled in cash, the Company has reflected such balances in the condensed consolidated and combined balance sheets as due from related parties or due to related parties. The Former Parent investment and all due from or due to Former Parent were settled at the time of the Spin.
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 the Company’s accounts receivable and unbilled services are with companies in the pharmaceutical, biotechnology and medical device industries. As of March 31, 2024, two customers accounted for 19.3% and 11.0% of the Company's combined gross accounts receivable and unbilled services. As of December 31, 2023, two pharmaceutical companies accounted for approximately 17.0% and 11.2% of the Company's combined gross accounts receivable and unbilled services. Additionally, for the three months ended March 31, 2024, two customers accounted for approximately 14.0% and 13.0% of revenues. For the three months ended March 31, 2023, one customer accounted for 10.0% 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.
Reclassification	Reclassification Certain previously reported amounts have been reclassified to conform to the current year presentation. During the quarter ended March 31, 2024, a change in basis of presentation, to include information technology costs and certain facility costs in Selling, general and administrative expenses was made to improve comparability of costs against peer companies in the clinical research industry. As a result, the Company reclassified $45.3 from Direct costs, exclusive of depreciation and amortization, to Selling, general and administrative expenses, exclusive of depreciation and amortization in the condensed consolidated and combined statement of operations for the period ending March 31, 2023 relating to information technology costs and certain facility charges. There is no impact on total operating expenses, operating income or net income during the period ended March 31, 2023. Direct costs include payroll and related benefits for project-related employees, pass through costs, transition services agreement direct costs, facility costs related to phase I clinics and other direct costs. Selling, general and administrative expenses consist primarily of administrative payroll and related benefit charges, information technology costs, other facility charges, advertising and promotional expenses, administrative travel and credit loss provisions. Additionally, the Company reclassified $0.1 from Other, net to Interest expense in the condensed consolidated and combined statement of operations for the period ending March 31, 2023.
Recently Issued and Adopted Accounting Standards	Recently Issued and Adopted Accounting Standards In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, to improve reportable segment disclosure requirements. The new guidance requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included in the reported measure of segment profit or loss. It does not change the definition of a segment or the guidance for determining reportable segments. The new guidance will be effective for the Company in the annual period beginning January 1, 2024 and in 2025 for interim periods. The Company is assessing the impact of this ASU on its disclosures within the consolidated financial statements. 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 disaggregation by jurisdiction of income taxes paid. 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.

- Definition

Disclosure of accounting policy for segment reporting.

+ References + Details

GOODWILL AND INTANGIBLE ASSETS - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill [Roll Forward]
Balance as of December 31	$ 1,739.4	$ 1,707.4
Foreign currency impact and other adjustments to goodwill	(11.8)	12.5
Balance as of March 31	$ 1,727.6	$ 1,719.9

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

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

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

COMMITMENTS AND CONTINGENT LIABILITIES	3 Months Ended
COMMITMENTS AND CONTINGENT LIABILITIES	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENT LIABILITIES	COMMITMENTS AND CONTINGENT LIABILITIES The Company is involved from time to time in various claims and legal actions arising in the ordinary course of business. These matters may include commercial and contract disputes, employee-related matters, and professional liability claims. In accordance with FASB ASC 450, Contingencies, the Company establishes reserves for claims and legal actions when those matters present loss contingencies that are both probable and estimable. When loss contingencies are not both probable and estimable, the Company does not establish reserves. The Company does not believe that any liabilities related to such claims and legal actions will have a material effect on its financial condition, results of operations or cash flows. 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. It was previously disclosed that there were dosing sequence errors in a customer’s trial by a third-party vendor not associated with the Company. As part of working with this customer, the Company has agreed to make concessions and provide discounts and other consideration to the customer of an estimated 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 during the three months ended March 31, 2024.

STOCK COMPENSATION PLANS (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

Changes in options outstanding under the plans for the three months ended March 31, 2024, were as follows:


	Number of Options	Weighted-Average Exercise Price per Option		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at December 31, 2023	0.8	$	26.52
Granted	—	$	—
Exercised	—	$	—
Cancelled	—	$	—
Outstanding at March 31, 2024	0.8	$	26.52	9.4 years	$	10.9
Exercisable at March 31, 2024	—	$	—	0.0 years	$	—

Schedule of Fair Value Estimates


	Three Months Ended March 31, 2024
Weighted-average grant date fair value per option	$	12.51
Weighted-average expected life (in years)	6.3
Risk free interest rate	4.4		%
Expected volatility	40.4		%
Expected dividend yield	—		%

Schedule of Restricted Stock Units and Performance Shares

The following table shows a summary of non-vested shares for the three months ended March 31, 2024:


	Number of Shares		Weighted-Average Grant Date Fair Value
	Restricted Stock Units	Performance Shares	Restricted Stock Units		Performance Shares
Non-vested at December 31, 2023	3.6	0.1	$	28.24	$	43.78
Converted	—	—	—		—
Granted	1.0	0.1	39.31		43.68
Vested	(0.7)	(0.1)	35.14		48.89
Cancelled	—	—	—		—
Non-vested at March 31, 2024	3.9	0.1	$	29.62	$	41.58

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 and combined statements of operations were as follows:


	Three Months Ended March 31, 2024		Three Months Ended March 31, 2023
Direct costs	$	9.0	$	3.6
Selling, general and administrative expenses	4.5		2.7
Total stock compensation expense	$	13.5	$	6.3

Income tax benefits	$	2.0	$	1.1

CONDENSED CONSOLIDATED AND COMBINED BALANCE SHEETS (Parenthetical) - shares shares in Millions	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023
Statement of Financial Position [Abstract]
Common stock, outstanding (in shares)	89.4	88.8	88.8

CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Millions, $ in Millions	Total	Adjustments	Common Stock	Common Stock Adjustments	Additional Paid-in Capital	Additional Paid-in Capital Adjustments	Former Parent Investment	Former Parent Investment Adjustments	Accumulated Deficit	Accumulated Deficit Adjustments	Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Adjustments
Beginning balance (in shares) at Dec. 31, 2021			0.0	0.0
Beginning balance at Dec. 31, 2021	$ 3,261.4	$ 0.8	$ 0.0	$ 0.0	$ 0.0	$ 0.0	$ 3,409.5	$ 0.5	$ 0.0	$ 0.0	$ (148.1)	$ 0.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	186.2	(6.7)					186.2	(6.7)	0.0	0.0
Other comprehensive income (loss), net of tax	(126.7)	0.9									(126.7)	0.9
Net transfers from Former Parent	19.1	2.4					19.1	2.4
Ending balance (in shares) at Dec. 31, 2022			0.0	0.0
Ending balance at Dec. 31, 2022	3,340.0	(2.6)	$ 0.0	$ 0.0	0.0	0.0	3,614.8	(3.8)	0.0	0.0	(274.8)	1.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	12.5	(4.9)					12.5	(4.9)
Other comprehensive income (loss), net of tax	19.1	0.2									19.1	0.2
Net transfers from Former Parent	31.2	4.6					31.2	4.6
Ending balance (in shares) at Mar. 31, 2023			0.0	0.0
Ending balance at Mar. 31, 2023	3,402.8	(2.7)	$ 0.0	$ 0.0	0.0	0.0	3,658.5	(4.1)	0.0	0.0	(255.7)	1.4
Beginning balance (in shares) at Dec. 31, 2022			0.0	0.0
Beginning balance at Dec. 31, 2022	3,340.0	(2.6)	$ 0.0	$ 0.0	0.0	0.0	3,614.8	(3.8)	0.0	0.0	(274.8)	1.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	43.3	(2.4)
Other comprehensive income (loss), net of tax	$ 51.1	0.6
Ending balance (in shares) at Jun. 30, 2023	88.8		88.8	0.0
Ending balance at Jun. 30, 2023	$ 1,747.8	(3.3)	$ 0.1	$ 0.0	1,971.4	(5.1)	0.0	0.0	0.0	0.0	(223.7)	1.8
Beginning balance (in shares) at Dec. 31, 2022			0.0	0.0
Beginning balance at Dec. 31, 2022	3,340.0	(2.6)	$ 0.0	$ 0.0	0.0	0.0	3,614.8	(3.8)	0.0	0.0	(274.8)	1.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	29.3	(3.3)
Other comprehensive income (loss), net of tax	(3.3)	1.0
Ending balance (in shares) at Sep. 30, 2023			88.8	0.0
Ending balance at Sep. 30, 2023	1,690.5	(3.8)	$ 0.1	$ 0.0	1,982.5	(5.1)	0.0	0.0	(14.0)	(0.9)	(278.1)	2.2
Beginning balance (in shares) at Dec. 31, 2022			0.0	0.0
Beginning balance at Dec. 31, 2022	3,340.0	(2.6)	$ 0.0	$ 0.0	0.0	0.0	3,614.8	(3.8)	0.0	0.0	(274.8)	1.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(25.2)	(21.8)					43.3	(2.4)	(68.5)	(19.4)
Other comprehensive income (loss), net of tax	59.3	1.7									59.3	1.7
Stock compensation	26.6				26.6
Issuance of common stock (in shares)			88.8
Net transfers from Former Parent	$ (91.7)	(2.0)					(91.7)	(2.0)
Ending balance (in shares) at Dec. 31, 2023	88.8		88.8	0.0
Ending balance at Dec. 31, 2023	$ 1,714.1	(24.7)	$ 0.1	$ 0.0	1,998.0	(8.2)	0.0	0.0	(68.5)	(19.4)	(215.5)	2.9
Beginning balance (in shares) at Mar. 31, 2023			0.0	0.0
Beginning balance at Mar. 31, 2023	3,402.8	(2.7)	$ 0.0	$ 0.0	0.0	0.0	3,658.5	(4.1)	0.0	0.0	(255.7)	1.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	30.8	2.5					30.8	2.5
Other comprehensive income (loss), net of tax	32.0	0.4									32.0	0.4
Issuance of common stock (in shares)			88.8
Net transfers from Former Parent	$ (122.9)	(3.5)					(122.9)	(3.5)
Ending balance (in shares) at Jun. 30, 2023	88.8		88.8	0.0
Ending balance at Jun. 30, 2023	$ 1,747.8	(3.3)	$ 0.1	$ 0.0	1,971.4	(5.1)	0.0	0.0	0.0	0.0	(223.7)	1.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(14.0)	(0.9)							(14.0)	(0.9)
Other comprehensive income (loss), net of tax	(54.4)	0.4									(54.4)	0.4
Stock compensation	11.1				11.1
Ending balance (in shares) at Sep. 30, 2023			88.8	0.0
Ending balance at Sep. 30, 2023	$ 1,690.5	(3.8)	$ 0.1	$ 0.0	1,982.5	(5.1)	0.0	0.0	(14.0)	(0.9)	(278.1)	2.2
Beginning balance (in shares) at Dec. 31, 2023	88.8		88.8	0.0
Beginning balance at Dec. 31, 2023	$ 1,714.1	$ (24.7)	$ 0.1	$ 0.0	1,998.0	$ (8.2)	0.0	$ 0.0	(68.5)	$ (19.4)	(215.5)	$ 2.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (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		89.4
Ending balance at Mar. 31, 2024	$ 1,591.9		$ 0.1		$ 2,002.9		$ 0.0		$ (169.5)		$ (241.6)

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Summary of Derivative Instruments

The Company addresses its exposure to market risks, principally the market risk associated with changes in interest rates and foreign currency exchange rates, through a controlled 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:


		Fair Value of Derivatives At
		March 31, 2024						December 31, 2023
	Balance Sheet Classification	Asset		Liability		Notional		Asset		Liability		Notional
Derivatives designated as hedging instruments:
Interest rate swaps	Prepaid expenses and other/ Other liabilities	$	1.1	$	(0.9)	$	150.0	$	0.7	$	(2.6)	$	150.0
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Prepaid expenses and other/ Other current liabilities	$	0.6	$	(0.6)	$	477.9	$	0.8	$	—	$	458.3

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


	Pre-Tax Gain (Loss) Included in Other Comprehensive Income
	Three Months Ended March 31,
	2024		2023
Interest rate swaps	$	2.5	$	—

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


		Amounts Reclassified from Other Comprehensive Loss into Earnings
		Three Months Ended March 31,
	Statement of Operations Classification	2024		2023
Deferred gain (loss) reclassified into earnings	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, 2024, is $1.1.

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 and combined statements of operations:


		Gain (Loss) on Derivatives Recognized in Earnings
		Three Months Ended March 31,
	Statement of Operations Classification	2024		2023
Foreign currency forward contracts	Foreign exchange gain (loss)	$	(0.8)	$	—

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash paid during period for:
Interest	$ 44.6	$ 0.0
Income taxes, net of refunds	5.4	4.6
Disclosure of non-cash investing activities:
Change in accrued property, plant and equipment	$ (0.5)	$ (0.1)

STOCK COMPENSATION PLANS - Narrative (Details) - USD ($) shares in Millions, $ in Millions		3 Months Ended
	Jul. 18, 2023	Mar. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cliff vesting period		3 years
Unrecognized compensation cost		$ 119.3
Unrecognized compensation cost, recognition period		2 years
Fortrea’s Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for future issuance (in shares)		11.0
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for future issuance (in shares)		1.8
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares converted (in shares)	2.5
Award vesting period		3 years
Restricted Stock Units \| Year one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		33.00%
Restricted Stock Units \| Year two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		33.00%
Restricted Stock Units \| Year three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		33.00%
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares converted (in shares)	0.1
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
Exercise period		10 years

IMMATERIAL FINANCIAL RESTATEMENT AND RECLASSIFICATIONS TO PRIOR PERIOD FINANCIAL STATEMENTS - Statements of Cash Flow (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (101.0)	$ (14.0)	$ 30.8	$ 12.5	$ 43.3	$ 29.3	$ (25.2)	$ 186.2
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Depreciation and amortization	23.5			23.1	48.6	73.6	98.0	93.6
Stock compensation	15.1			6.7	16.1	27.2	42.7	25.4
Operating lease right-of-use asset expense	6.2			7.8	14.3	20.9	27.4	24.9
Long-lived and goodwill asset impairments				0.0		0.0	0.0	9.8
Deferred income taxes	4.2			(3.6)	(4.5)	(13.3)	(41.6)	(16.5)
Other, net	(12.1)			0.9	6.5	3.5	(1.0)	4.1
Changes in assets and liabilities:
Decrease in accounts receivable and unbilled services, net	40.5			27.3	11.4	(23.1)	(25.6)	(105.0)
Increase in prepaid expenses and other	(25.5)			(19.1)	(17.2)	0.6	(3.4)	(9.1)
Increase (decrease) in accounts payable	(0.9)			20.4	19.9	45.9	55.3	24.8
Increase (decrease) in unearned revenue	26.4			(12.9)	(5.5)	(6.0)	(2.2)	(30.1)
Decrease in accrued expenses and other	(26.0)			(65.1)	15.2	(8.6)	30.6	(125.4)
Net cash used for operating activities	(25.6)			(2.0)	148.1	150.0	168.4	82.7
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(9.3)			(16.2)	(25.8)	(30.9)	(40.3)	(54.4)
Proceeds from sale of assets	0.1			0.0	0.3	8.1	8.5	0.4
Net cash used for investing activities	(9.2)			(16.2)	(25.5)	(22.8)	(31.8)	(54.0)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facilities	271.0			0.0	0.0	24.0	164.0
Payments on revolving credit facilities	(242.0)			0.0	0.0	(24.0)	(164.0)
Proceeds from term loans					1,061.4	1,061.4	1,061.4
Proceeds from issuance of senior notes					570.0	570.0	570.0
Debt issuance costs					(26.4)	(26.4)	(26.4)
Principal payments of long-term debt	(7.7)			0.0	0.0	(7.7)	(15.4)
Special payment to Former Parent					(1,595.0)	(1,595.0)	(1,595.0)
Net transfers to Former Parent	0.0			24.5	(135.4)	(135.4)	(135.4)	(6.3)
Net cash provided by financing activities	21.3			24.5	(125.4)	(133.1)	(140.8)	(6.3)
Effect of exchange rate changes on cash and cash equivalents	(2.3)			1.5	1.3	(0.7)	2.4	(6.6)
Net change in cash and cash equivalents	(15.8)			7.8	(1.5)	(6.6)	(1.8)	15.8
Cash and cash equivalents at beginning of period	108.6	108.9	118.2	110.4	110.4	110.4	110.4	94.6
Cash and cash equivalents at end of period	92.8	103.8	108.9	118.2	108.9	103.8	108.6	110.4
As Previously Reported
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		(13.1)	28.3	17.4	45.7	32.6	(3.4)	192.9
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Depreciation and amortization				22.8	47.9	72.5	96.4	92.7
Stock compensation				6.7	16.1	27.2	42.7	25.4
Operating lease right-of-use asset expense				7.8	14.3	20.9	27.4	24.9
Long-lived and goodwill asset impairments				0.0		0.0	0.0	9.8
Deferred income taxes				(3.7)	(3.9)	(12.7)	(40.5)	(16.5)
Other, net				0.8	6.5	3.5	(1.0)	4.1
Changes in assets and liabilities:
Decrease in accounts receivable and unbilled services, net				26.8	7.8	(26.6)	(28.8)	(105.0)
Increase in prepaid expenses and other				(18.6)	(16.0)	(3.1)	(2.0)	(12.2)
Increase (decrease) in accounts payable				20.9	23.7	47.3	51.1	22.4
Increase (decrease) in unearned revenue				(13.9)	(7.7)	(6.5)	(3.4)	(32.5)
Decrease in accrued expenses and other				(63.6)	19.8	(0.1)	28.9	(118.5)
Net cash used for operating activities				3.4	154.2	155.0	167.4	87.5
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures				(16.2)	(25.8)	(30.9)	(40.3)	(54.4)
Proceeds from sale of assets				0.0	0.3	8.1	8.5	0.4
Net cash used for investing activities				(16.2)	(25.5)	(22.8)	(31.8)	(54.0)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facilities					0.0	24.0	164.0
Payments on revolving credit facilities					0.0	(24.0)	(164.0)
Proceeds from term loans					1,061.4	1,061.4	1,061.4
Proceeds from issuance of senior notes					570.0	570.0	570.0
Debt issuance costs					(26.4)	(26.4)	(26.4)
Principal payments of long-term debt					0.0	(7.7)	(15.4)
Special payment to Former Parent					(1,595.0)	(1,595.0)	(1,595.0)
Net transfers to Former Parent				19.9	(136.7)	(136.7)	(133.6)	(8.7)
Net cash provided by financing activities				19.9	(126.7)	(134.4)	(139.0)	(8.7)
Effect of exchange rate changes on cash and cash equivalents				1.1	0.3	(2.3)	0.0	(7.4)
Net change in cash and cash equivalents				8.2	2.3	(4.5)	(3.4)	17.4
Cash and cash equivalents at beginning of period	108.6	114.3	120.2	112.0	112.0	112.0	112.0	94.6
Cash and cash equivalents at end of period		107.5	114.3	120.2	114.3	107.5	108.6	112.0
Adjustments
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		(0.9)	2.5	(4.9)	(2.4)	(3.3)	(21.8)	(6.7)
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Depreciation and amortization				0.3	0.7	1.1	1.6	0.9
Stock compensation				0.0	0.0	0.0	0.0	0.0
Operating lease right-of-use asset expense				0.0	0.0	0.0	0.0	0.0
Long-lived and goodwill asset impairments				0.0		0.0	13.4	0.0
Deferred income taxes				0.1	(0.6)	(0.6)	(1.1)	0.0
Other, net				0.1	0.0	0.0	0.0	0.0
Changes in assets and liabilities:
Decrease in accounts receivable and unbilled services, net				0.5	3.6	3.5	3.2	0.0
Increase in prepaid expenses and other				(0.5)	(1.2)	3.7	(1.4)	3.1
Increase (decrease) in accounts payable				(0.5)	(3.8)	(1.4)	4.2	2.4
Increase (decrease) in unearned revenue				1.0	2.2	0.5	1.2	2.4
Decrease in accrued expenses and other				(1.5)	(4.6)	(8.5)	1.7	(6.9)
Net cash used for operating activities				(5.4)	(6.1)	(5.0)	1.0	(4.8)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures				0.0	0.0	0.0	0.0	0.0
Proceeds from sale of assets				0.0	0.0	0.0	0.0	0.0
Net cash used for investing activities				0.0	0.0	0.0	0.0	0.0
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facilities					0.0	0.0	0.0
Payments on revolving credit facilities					0.0	0.0	0.0
Proceeds from term loans					0.0	0.0	0.0
Proceeds from issuance of senior notes					0.0	0.0	0.0
Debt issuance costs					0.0	0.0	0.0
Principal payments of long-term debt					0.0	0.0	0.0
Special payment to Former Parent					0.0	0.0	0.0
Net transfers to Former Parent				4.6	1.3	1.3	(1.8)	2.4
Net cash provided by financing activities				4.6	1.3	1.3	(1.8)	2.4
Effect of exchange rate changes on cash and cash equivalents				0.4	1.0	1.6	2.4	0.8
Net change in cash and cash equivalents				(0.4)	(3.8)	(2.1)	1.6	(1.6)
Cash and cash equivalents at beginning of period	$ 0.0	(5.4)	(2.0)	(1.6)	(1.6)	(1.6)	(1.6)	0.0
Cash and cash equivalents at end of period		$ (3.7)	$ (5.4)	$ (2.0)	$ (5.4)	$ (3.7)	0.0	(1.6)
As Restated
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Long-lived and goodwill asset impairments							$ 13.4	$ 9.8

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)

3 Months Ended

Mar. 31, 2024

Supplemental Cash Flow Elements [Abstract]

Schedule of Supplemental Cash Flow Information


	Three Months Ended March 31,
	2024		2023
Supplemental schedule of cash flow information:
Cash paid during period for:
Interest	$	44.6	$	—
Income taxes, net of refunds	5.4		4.6
Disclosure of non-cash investing activities:
Change in accrued property, plant and equipment	(0.5)		(0.1)