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The company transferred $6 billion in defined-benefit pension plan obligations for 32,000 participants.

In August, the core CPI increased 2.1% on a three-month annualized basis, picking up from 1.6% in July.

Borrowing costs have become compelling, as markets are already pricing in expectations for reduced interest rates. And several external factors could reverse that trend.

"There's a strong argument for a half percent" interest rate cut when the Federal Reserve meets in mid-September. "It's going to be hotly debated."

The company expects its debt-to-EBITDA ratio to edge higher when it closes on an acquisition in about 18 months, but it has time to pay down debt before then.

Private payrolls increased 99,000 in August, and the prior month's jobs gain was revised lower.

"August lulled investors into tight spreads combined with ever-strong demand for credit. Issuers can borrow at rates we haven't seen in a couple of years."

Twenty-nine companies tapped the bond market today, the busiest single day ever for the market by number of issuers.