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DEBT | 9 Months Ended
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Sep. 30, 2025
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, 2025 |  | December 31, 2024
| Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
4.60% senior notes due 2045 | $ | 1,000 |  |  | $ | 911 |  |  | $ | 1,000 |  |  | $ | 894 |
4.45% senior notes due 2034 | 500 |  |  | 494 |  |  | 500 |  |  | 477 |
3.75% senior notes due 2046 | 400 |  |  | 337 |  |  | 400 |  |  | 332 |
4.20% senior notes due 2047 | 400 |  |  | 319 |  |  | 400 |  |  | 312 |
Japanese Yen term loans | 88 |  |  | 88 |  |  | — |  |  | — |
Debt issuance costs – net of amortization and other | (21) |  |  | (21) |  |  | (21) |  |  | (21) |
Long-term debt | 2,367 |  |  | 2,128 |  |  | 2,279 |  |  | 1,994 |
1.85% senior notes due 2025(1) | — |  |  | — |  |  | 500 |  |  | 498 |
Other | 2 |  |  | 2 |  |  | (1) |  |  | (1) |
Current maturities | 2 |  |  | 2 |  |  | 499 |  |  | 497 |
Total debt | $ | 2,369 |  |  | $ | 2,130 |  |  | $ | 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 issue d $2.8 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. 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, 2025 and December 31, 2024, t he cumulative unamortized costs were $21 million and $22 million, respectively. Japanese Yen Term Loans In June 2025, MonotaRO entered into ¥9 billion term loan agreements to fund the expansion of its distribution center (DC) network. The Japanese Yen term loans mature in 2035, payable in equal monthly principal installments from September 2028 through June 2035, and bear a weighted average interest rate of 1.24%. In September 2025, MonotaRO entered into an additional ¥4 billion term loan agreement to fund the expansion of its DC network. The Japanese Yen term loan matures in 2035, payable in equal monthly principal installments from September 2028 through June 2035, and bears a fixed interest rate of 1.33%. 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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