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DEBT | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
DEBT | DEBT Tota l debt, including long-term and cur rent maturities, consisted of the following (in millions of dollars):
| As of
| September 30, 2024 |  | December 31, 2023
| Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
4.60% senior notes due 2045 | $1,000 |  | $948 |  | $1,000 |  | $967
1.85% senior notes due 2025 | — |  |  | — |  |  | 500 |  |  | 483 |
4.45% senior notes due 2034 | 500 |  |  | 499 |  |  | — |  |  | — |
3.75% senior notes due 2046 | 400 |  |  | 334 |  |  | 400 |  |  | 336 |
4.20% senior notes due 2047 | 400 |  |  | 356 |  |  | 400 |  | 361
Debt issuance costs – net of amortization and other | (21) |  |  | (21) |  |  | (34) |  |  | (34) |
Long-term debt | 2,279 |  |  | 2,116 |  |  | 2,266 |  |  | 2,113 |
1.85% senior notes due 2025 | 500 |  |  | 495 |  |  | — |  |  | — |
Japanese yen term loan | — |  |  | — |  |  | 32 |  |  | 32 |
Other | (3) |  |  | (3) |  |  | 2 |  |  | 2 |
Current maturities | 497 |  |  | 492 |  |  | 34 |  |  | 34 |
Total debt | $ | 2,776 |  |  | $ | 2,608 |  |  | $ | 2,300 |  |  | $ | 2,147 |
Senior Notes Between 2015 and 2020, Grainger issue d $2.3 billion in unsecured debt (Senior Notes) primarily to provide flexibility in funding general working capital needs, share repurchases a nd long-term cash requirements. The Senior Notes require no principal payments until maturity and interest is paid semi-annually. In September 2024, Grainger issue d $500 million in unsecured 4.45% senior notes (4.45% Notes). Grainger intends to use the net proceeds from this offering to repay the 1.85% Senior Notes that mature in February 2025 and any remaining net proceeds for general corporate purposes. The 4.45% Notes mature in September 2034, require no principal payments until maturity, and interest is paid semi-annually in arrears, beginning March 15, 2025. The Company incurred debt issuance costs related to its Senior Notes, representing underwriting fees and other expenses. These costs were recorded as a contra-liability in Long-term debt and are being amortized over the term of the Senior Notes using the straight-line method to Interest expense – net. As of September 30, 2024 and December 31, 2023, the cumulative unamortized costs were $23 million and $19 million, respectively. The Company uses interest rate swaps to manage the risks associated with its 1.85% Senior Notes. These swaps were designated for hedge accounting treatment as fair value hedges. The resulting carrying value adjustments are presented in Other in Current maturities as of September 30, 2024 and Other in Long-term debt as of December 31, 2023 in the table above. F or further discussion on the Company's hedge accounting policies, see Note 6. MonotaRO Term Loan In August 2020, MonotaRO Co., Ltd (MonotaRO) entered into a ¥9 billion te rm loan agreement to fund technology investments and the expansion of its distribution center (DC) network. In the third quarter of 2024, the term loan was paid in full. Fair Value The estimated fair value of the Company’s Senior Notes was based on available external pricing data and current market rates for similar debt instruments, among other factors, which are classified as Level 2 inputs within the fair value hierarchy.

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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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