DEBT

12 Months Ended

Dec. 31, 2024

Debt Instruments [Abstract]

DEBT

DEBT

    Long-term debt (including finance lease obligations) as of December 31, 2024 and 2023 consisted of the following:

	2024		2023
4.25% Senior Notes due April 2024	$	—	$	301
3.50% Senior Notes due March 2025	601		606
3.45% Senior Notes due June 2026	503		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	550		550
6.40% Senior Notes due November 2033	750		750
5.00% Senior Notes due December 2034	813		—
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
Other	17		7
Debt issuance costs	(35)		(25)
Total long-term debt	6,217		4,713
Less: Current portion of long-term debt	602		303
Total long-term debt, net of current portion	$	5,615	$	4,410

    Secured Receivables Credit Facility

    The Company is party to a secured receivables credit facility (the “Secured Receivables Credit Facility”). Through August 2024, the facility included a $75 million uncommitted accordion which, at such time, the Company utilized in order to expand its total capacity under the facility to $600 million. During November 2024, the Company amended the facility to extend the maturity to November 2026. Additionally, the amended facility includes a $200 million uncommitted accordion which, if utilized, brings the total capacity under the facility to $800 million. The entire facility can be used for borrowings. Additionally, the Company can choose to utilize up to $150 million of such capacity to issue letters of credit (see Note 18). Issued letters of credit reduce the available borrowing capacity under the facility. Interest on borrowings under the facility is based on either commercial paper rates for highly-rated issuers or the adjusted Term Secured Overnight Financing Rate ("Term SOFR"), plus a spread of 0.80%. Borrowings under the Secured Receivables Credit Facility are collateralized by certain domestic receivables. The Secured Receivables Credit Facility is subject to customary affirmative and negative covenants and

certain financial covenants with respect to the receivables that comprise the borrowing base and secure the borrowings under the facility. As of both December 31, 2024 and 2023, there were no outstanding borrowings under the Secured Receivables Credit Facility.

    Senior Unsecured Revolving Credit Facility

    The Company is party to a $750 million senior unsecured revolving credit facility (the “Credit Facility” or "Senior Unsecured Revolving Credit Facility") which matures in November 2026. Under the Credit Facility, the Company can issue letters of credit totaling $150 million (see Note 18). Issued letters of credit reduce the available borrowing capacity under the Credit Facility. Additionally, the Credit Facility includes an additional $500 million uncommitted accordion which, if utilized, brings the total capacity under the facility to $1.3 billion. Interest on the Credit Facility is based on certain published rates plus an applicable margin based on changes in the Company's public debt ratings. At the option of the Company, it may elect to lock into Term SOFR-based interest rate contracts for periods up to six months. For interest on any U.S. Dollar-denominated outstanding amounts not covered under Term SOFR-based interest rate contracts, the Company can opt for an alternate base rate, which is calculated by reference to the prime rate, the federal funds rate or an adjusted Term SOFR rate. The Company also has the option to borrow in other currencies. As of December 31, 2024 , the Company's borrowing rate for Term SOFR-based loans under the Credit Facility was adjusted Term SOFR plus 1.00%. The Credit Facility contains various covenants, including the maintenance of a financial leverage ratio, which could impact the Company's ability to, among other things, incur additional indebtedness. As of both December 31, 2024 and 2023, there were no outstanding borrowings under the Senior Unsecured Revolving Credit Facility.

    Issuance of Senior Notes

    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 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 6). 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 year ended December 31, 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 December 31, 2024 consolidated balance sheet. Such notes were included in long-term debt in the Company's December 31, 2023 consolidated balance sheet.

    All of the senior notes are unsecured obligations of the Company and rank equally with the Company's other senior unsecured obligations. None of the Company's senior notes have a sinking fund requirement.

    The Company may redeem its outstanding senior notes prior to scheduled maturity, as a whole or in part, at a redemption price equal to the present value of the remaining scheduled payments of principal and interest, except for certain notes for which the Company also has an option to redeem such instruments at par value on or after dates specified in the indentures governing the notes ("the par value redemption option").  For notes with the par value redemption option, if such notes are redeemed prior to the specified dates, the redemption price calculations exclude any interest that would have been due after such dates.

    Maturities of Long-Term Debt    

    As of December 31, 2024, long-term debt matures as follows:

Year Ending December 31,
2025	$	601
2026	501
2027	401
2028	1
2029	1,101
Thereafter	3,687
Total maturities of long-term debt	6,292
Unamortized discount	(11)
Debt issuance costs	(35)
Fair value basis adjustments attributable to hedged debt	(29)
Total long-term debt	6,217
Less: Current portion of long-term debt	602
Total long-term debt, net of current portion	$	5,615