v3.25.2
DEBT
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
Short-term borrowings and the current portion of long-term debt consisted of the following:
June 30, 2025December 31, 2024
1.55% senior notes due 2026$500.0 $— 
3.60% senior notes due 2025— 1,000.0 
Debt issuance costs(0.8)(0.1)
Current portion of note payable0.4 0.4 
Total Short-term borrowings and current portion of long-term debt$499.6 $1,000.3 
Long-term debt consisted of the following:
June 30, 2025December 31, 2024
1.55% senior notes due 2026$— $500.0 
3.60% senior notes due 2027600.0 600.0 
2.95% senior notes due 2029650.0 650.0 
4.35% senior notes due 2030650.0 650.0 
2.70% senior notes due 2031442.7 423.2 
4.55% senior notes due 2032500.0 500.0 
4.80% senior notes due 2034850.0 850.0 
4.70% senior notes due 2045900.0 900.0 
Debt issuance costs(40.5)(42.3)
AR facility525.0 300.0 
Note payable0.1 0.3 
Total Long-term debt$5,077.3 $5,331.2 
Credit Facilities
The Company maintains a senior revolving credit facility, which was amended and restated on June 27, 2025. It consists of a five-year revolving facility in the principal amount of up to $1,000.0, with the option of increasing the facility by up to an additional $500.0, subject to certain conditions, including obtaining additional commitments from new or existing lenders. The revolving credit facility also provides for a subfacility of up to $100.0 for swing line borrowings and a subfacility of up to $150.0 for issuances of letters of credit. Borrowings under the revolving credit facility bear interest at a floating rate equal to either (i) a Secured Overnight Financing Rate-based rate plus a margin ranging from 0.805% to 1.300% or (ii) a base rate plus a margin ranging from 0.0% to 0.300%, in each case depending on the Company’s long-term debt ratings. The Company is required to pay a facility fee quarterly on the aggregate amount of commitments under the revolving credit facility, at a per annum rate ranging from 0.070% to 0.200%, depending on the Company’s long-term debt ratings, regardless of usage. The
revolving credit facility is permitted to be used for general corporate purposes, including working capital, capital expenditures, funding of share repurchases and certain other payments, acquisitions, and other investments. There were no balances outstanding on the Company’s current revolving credit facility and $103.3 in outstanding letters of credit on the Company’s subfacility as of June 30, 2025. At June 30, 2025, the effective interest rate on the revolving credit facility was 5.42%. The revolving credit facility expires in June 2030.
Under the Company’s revolving credit facility, the Company is subject to negative covenants limiting subsidiary indebtedness and certain other covenants typical for investment grade-rated borrowers, and the Company is required to maintain certain leverage ratios. The Company was in compliance with all covenants in its term loans and the revolving credit facility at June 30, 2025, and expects that it will remain in compliance with its existing debt covenants for the next 12 months.
On August 23, 2024, the Company and a bankruptcy-remote special purpose vehicle (SPV) entered into an accounts receivable securitization facility with a three-year term (AR Facility). The AR Facility allowed the Company to borrow an amount of up to $300.0 through August of 2027 and increase up to $700.0, subject to the satisfaction of certain conditions.
On January 31, 2025, the Company amended its AR Facility (AR Facility Amendment). The AR Facility Amendment increased the amount the Company can borrow from $300.0 to $700.0 through August of 2027.
The SPV is a variable interest entity for which the Company is the primary beneficiary. The SPV’s sole business consists of the continuous purchase of receivables from the Company which is used as collateral for the loan. Although the SPV is included in the Company’s Condensed Consolidated Financial Statements, it is a separate legal entity with separate creditors.
Upon the transfer of ownership and control of the receivables to the SPV, the Company has no retained interests in the receivables sold and they become unavailable to the Company’s creditors should the relevant seller become insolvent. The Company has collection and administrative responsibilities for the receivables sold to the SPV.
During the six months ended June 30, 2025, the Company received loan proceeds of $225.0 under the AR Facility, which is included in cash from financing activities in the Condensed Consolidated Statement of Cash Flows