XML 27 R14.htm IDEA: XBRL DOCUMENT v3.24.3
DEBT
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
DEBT DEBT
    Long-term debt (including finance lease obligations) as of September 30, 2024 and December 31, 2023 consisted of the following:
September 30, 2024December 31, 2023
4.25% Senior Notes due April 2024
$— $301 
3.50% Senior Notes due March 2025
603 606 
3.45% Senior Notes due June 2026
504 505 
4.60% Senior Notes due December 2027
400 — 
4.20% Senior Notes due June 2029
499 499 
4.625% Senior Notes due December 2029
599 — 
2.95% Senior Notes due June 2030
799 799 
2.80% Senior Notes due June 2031
549 550 
6.40% Senior Notes due November 2033
750 750 
5.00% Senior Notes due December 2034
847 — 
6.95% Senior Notes due July 2037
175 175 
5.75% Senior Notes due January 2040
246 246 
4.70% Senior Notes due March 2045
300 300 
Other17 7 
Debt issuance costs(37)(25)
Total long-term debt6,251 4,713 
Less: Current portion of long-term debt603 303 
Total long-term debt, net of current portion$5,648 $4,410 
    August 2024 Senior Notes Offering

    In August 2024, the Company completed a $1.85 billion senior notes offering, consisting of $400 million aggregate principal amount of 4.60% senior notes due December 2027 (the "2027 Senior Notes"), $600 million aggregate principal amount of 4.625% senior notes due December 2029 (the "2029 Senior Notes") and $850 million aggregate principal amount of 5.00% senior notes due December 2034 (the "2034 Senior Notes," and together with the 2027 Senior Notes and the 2029 Senior Notes, the "Senior Notes"). The Senior Notes were issued at an aggregate original issue discount of $4 million. The Senior Notes are unsecured obligations of the Company that rank equally with the Company's other senior unsecured obligations and they do not have a sinking fund requirement. The Company incurred $15 million of debt issuance costs associated with the issuance of the Senior Notes, which are included as a reduction of the carrying amount of the Senior Notes and which are being amortized over the terms of the related Senior Notes.

    The Company used a portion of the net proceeds from the Senior Notes offering to fund the purchase price and related transaction costs of the acquisition of LifeLabs (see Note 5). The Company expects to use the balance of the net proceeds from the offering for general corporate purposes, which may include the redemption or repayment of indebtedness, including the Company's 3.50% senior notes due March 2025.

    Repayment of Senior Notes

    During the nine months ended September 30, 2024, the Company repaid in full the outstanding indebtedness under the Company's $300 million of 4.25% senior notes which matured on April 1, 2024.

    3.50% Senior Notes due March 2025

    The Company has $600 million of 3.50% senior notes due March 2025. The senior notes are included in current portion of long-term debt in the Company's September 30, 2024 consolidated balance sheet. Such notes were included in long-term debt in the Company's December 31, 2023 consolidated balance sheet.

    Secured Receivables Credit Facility

    The Company is party to a $525 million secured receivables credit facility (the “Secured Receivables Credit Facility”). The entire facility can be used for borrowings. The facility includes an additional $75 million uncommitted accordion. During the three months ended September 30, 2024, the Company utilized the accordion to expand its total capacity under the facility to $600 million. For further discussion of the Secured Receivables Credit Facility, see Note 14 to the audited consolidated financial statements in the Company's 2023 Annual Report on Form 10-K.    
            
    Maturities of Long-Term Debt    

    As of September 30, 2024, long-term debt matures as follows:
Year Ending December 31,
Remainder of 2024$— 
2025601 
2026501 
2027401 
20281 
Thereafter4,789 
Total maturities of long-term debt6,293 
Unamortized discount(11)
Debt issuance costs(37)
Fair value basis adjustments attributable to hedged debt6 
Total long-term debt6,251 
Less: Current portion of long-term debt603 
Total long-term debt, net of current portion$5,648