XML 28 R14.htm IDEA: XBRL DOCUMENT v3.25.1
DEBT
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
Total debt, including long-term and current maturities, consisted of the following (in millions of dollars):
As of
March 31, 2025
December 31, 2024
Carrying ValueFair Value Carrying ValueFair Value
4.60% senior notes due 2045
$1,000 $893 $1,000 $894 
4.45% senior notes due 2034
500 480 500 477 
3.75% senior notes due 2046
400 332 400 332 
4.20% senior notes due 2047
400 316 400 312 
Debt issuance costs – net of amortization and other(22)(22)(21)(21)
Long-term debt2,278 1,999 2,279 1,994 
1.85% senior notes due 2025(1)
— — 500 498 
Other3 3 (1)(1)
Current maturities3 3 499 497 
Total debt$2,281 $2,002 $2,778 $2,491 
(1) On February 18, 2025, Grainger repaid in full the principal amount of $500 million for the 1.85% Senior Notes that matured in February 2025. The related interest rate swaps with a notional value of $450 million that hedged a portion of the interest rate risk related to this debt expired on February 15, 2025.

Senior Notes
Between 2015 and 2024, Grainger issued $2.8 billion in unsecured debt (Senior Notes) primarily to provide flexibility in funding general working capital needs, share repurchases and long-term cash requirements. The Senior Notes require no principal payments until maturity and interest is paid semi-annually.

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. The cumulative unamortized costs were $22 million as of March 31, 2025 and December 31, 2024.

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.