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DEBT | 12 Months Ended
--- | ---
Dec. 31, 2024
Debt Disclosure [Abstract] |
DEBT | DEBT Short-term borrowings and current portion of long-term debt consisted of the following:
| December 31,
| 2024 |  | 2023
3.60% senior notes due 2025 | $ | 1,000.0 |  |  | $ | — |
2.30% senior notes due 2024 | — |  |  | 400.0 |
3.25% senior note due 2024 | — |  |  | 600.0 |
Debt issuance costs | (0.1) |  |  | (1.3) |
Current portion of note payable | 0.4 |  |  | 1.1 |
Total short-term borrowings and current portion of long-term debt | $ | 1,000.3 |  |  | $ | 999.8 |
Long-term debt consisted of the following:
| December 31,
| 2024 |  | 2023
3.60% senior notes due 2025 | $ | — |  |  | $ | 1,000.0 |
1.55% senior notes due 2026 | 500.0 |  |  | 500.0 |
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 |  |  | — |
2.70% senior notes due 2031 | 423.2 |  |  | 430.4 |
4.55% senior notes due 2032 | 500.0 |  |  | — |
4.80% senior notes due 2034 | 850.0 |  |  | — |
4.70% senior notes due 2045 | 900.0 |  |  | 900.0 |
Debt issuance costs | (42.3) |  |  | (26.3) |
AR Facility | 300.0 |  |  | — |
Note payable | 0.3 |  |  | 0.6 |
Total long-term debt | $ | 5,331.2 |  |  | $ | 4,054.7 |
Credit Facilities The Company maintains a senior revolving credit facility, which was amended and restated on January 13, 2023. 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 the agreement of one or more new or existing lenders to provide such additional amounts and certain other customary conditions. 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. The Company is required to pay a facility fee on the aggregate commitments under the revolving credit facility, at a per annum rate ranging from 0.10% to 0.225%, depending on the Company’s debt ratings. 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 at December 31, 2024, or December 31, 2023. At December 31, 2024, the effective interest rate on the revolving credit facility was 5.47%. The credit facility expires on April 30, 2026. 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 December 31, 2024, and expects that it will remain in compliance with its existing debt covenants for the next twelve months. There were $102.7 in outstanding letters of credit at December 31, 2024. On August 23, 2024, the Company and a bankruptcy-remote special purpose vehicle (SPV) entered into an accounts receivable securitization facility with PNC Bank, National Association (PNC) with a three-year term (AR Facility). The AR Facility allows the Company to borrow from PNC an amount of up to $300.0 through August of 2027 and may increase up to $700.0, subject to the satisfaction of certain conditions. 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 with PNC. Although the SPV is included in the Company’s 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 year ended December 31, 2024, the Company received loan proceeds of $300.0 under the AR Facility, which is included in financing activities in the Consolidated Statements of Cash Flows. 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. In addition, pursuant to the terms of the AR Facility Amendment (i) the Toronto-Dominion Bank became a party to the underlying receivables purchase agreement as a committed purchaser through January 2026. and (ii) MUFG Bank Ltd. and certain of its related conduit purchasers became parties to the underlying receivables purchase agreement as purchasers and the loans or investments of such conduit purchasers may accrue interest as specified in the AR Facility Amendment and receivables purchase agreement. On February 18, 2025, the Company borrowed an additional $225.0 under the AR Facility Amendment, bringing the amount outstanding under the AR Facility Amendment to $525.0. Senior Notes On September 23, 2024, LCAH (the Issuer) entered into a base indenture with U.S. Bank Trust Company, National Association, as trustee (the Trustee) (the 2024 Indenture). On September 23, 2024, the Company, the Issuer and the Trustee entered into supplemental indentures to the 2024 Indenture under which the Issuer issued, and the Company guaranteed, $2,000.0 in debt securities, consisting of $650.0 aggregate principal amount of 4.35% senior notes due 2030, $500.0 aggregate principal amount of 4.55% senior notes due 2032, and $850.0 aggregate principal amount of 4.80% senior notes due 2034 with interest payable semi-annually on April 1 and October 1 of each year, commencing April 1, 2025. Net proceeds from the offering were $1,983.0 after deducting underwriting discounts and other estimated expenses of the offering. The net proceeds were used to redeem or repay indebtedness and, to the extent not used for such purpose, for other general corporate purposes. Indebtedness redeemed or repaid or to be redeemed or repaid at or prior to maturity were the Company’s 2.30% senior notes due December 2024, its 3.60% senior notes due February 2025, and $500.0 of borrowings under its revolving credit facility. Scheduled payments of long-term debt are as follows:
|  |  | December 31, 2024
2025 |  |  | $ | 1,000.4 |
2026 |  |  | 500.0 |
2027 |  |  | 900.0 |
2028 |  |  | — |
2029 |  |  | 650.0 |
Thereafter |  |  | 3,323.5 |
Total scheduled payments |  |  | 6,373.9 |
Less current portion |  |  | (1,000.4) |
Long-term debt, due beyond one year |  |  | $ | 5,373.5 |

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- 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 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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