v3.26.1
DEBT
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
Short-term borrowings and the current portion of long-term debt consisted of the following:
June 30, 2026December 31, 2025
1.55% senior notes due 2026
$— $500.0 
Debt issuance costs— (0.2)
Notes payable0.9 0.3 
Total Short-term borrowings and current portion of long-term debt$0.9 $500.1 
Long-term debt consisted of the following:
June 30, 2026December 31, 2025
2026 Term Loan$750.0 $— 
3.60% senior notes due 2027
600.0 600.0 
2.95% senior notes due 2029
650.0 650.0 
4.35% senior notes due 2030
650.0 650.0 
2.70% senior notes due 2031
443.1 447.3 
4.55% senior notes due 2032
500.0 500.0 
4.80% senior notes due 2034
850.0 850.0 
4.70% senior notes due 2045
900.0 900.0 
Debt issuance costs(35.5)(37.7)
AR Facility
550.0 525.0 
Total Long-term debt$5,857.6 $5,084.6 
Credit Facilities
On March 20, 2026, the Company entered into the $750.0 2026 Term Loan that will mature on March 20, 2028. On June 1, 2026, the net proceeds of the 2026 Term Loan were used to redeem the Company’s outstanding 1.55% senior notes due 2026 and, to the extent not used for such purpose, were made available for other general corporate uses. The principal balance of the 2026 Term Loan bears interest at a floating per annum rate equal to, at the Company’s election, either (i) a SOFR-based rate plus a margin of 0.700% or (ii) a base rate plus a margin of 0.0%. As of June 30, 2026, the effective interest rate on the 2026 Term Loan was 4.38%.
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 SOFR-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. At June 30, 2026, there were no balances outstanding on the Company’s current revolving credit facility and $107.4 in outstanding letters of credit on the Company’s subfacility. At June 30, 2026, the effective interest rate on the revolving credit facility was 4.68%. The revolving credit facility expires in June 2030.
On August 23, 2024, the Company and a SPV entered into a $300.0 three-year accounts receivable securitization facility with PNC Bank, National Association (PNC) as administrative agent. The AR Facility provides for purchases of accounts receivable by PNC in an amount of up to $300.0 through August 2027, and may increase up to $700.0, subject to the satisfaction of certain conditions.
On January 31, 2025, the Company amended its AR Facility. The amended AR Facility increased the amount the Company can borrow from $300.0 to $700.0 through August 2027. On January 28, 2026, the Company further amended its AR Facility. Among other things, this amendment extended the scheduled termination date to January 26, 2029.
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, 2026, and 2025, net of repayments, the Company received loan proceeds of $25.0 and $225.0, respectively, under the AR Facility. Proceeds and payments under the AR Facility are included in financing activities in the Condensed Consolidated Statement of Cash Flows.
Under the Company’s 2026 Term Loan, revolving credit facility, indentures relating to the Company’s senior notes, and AR Facility, the Company is subject to negative covenants limiting subsidiary indebtedness and certain other covenants typical for investment grade-rated borrowers, and with respect to the 2026 Term Loan and revolving credit facility, the Company is required to maintain certain leverage ratios. The Company was in compliance with all such covenants and leverage ratios at June 30, 2026, and expects that it will remain in compliance with its existing covenants and leverage ratios for the next 12 months.