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v3.25.1

DEBT | 3 Months Ended
--- | ---
Mar. 31, 2025
Debt Disclosure [Abstract] |
DEBT | DEBT
|  | Weighted Average Interest Rate |  |  |  |  |  |  |  |  |  |
(Dollars in millions) |  | March 31, 2025 |  | Maturities |  | March 31, 2025 |  | December 31, 2024 |  |  |  |
Debt: |  |  |  |  |  |  |  |  |  |  |  |
Trade receivables financing program |  | 4.78% |  | 2025 |  | $ | 20 |  |  | $ | 20 |  |  |  |  |
U.S. commercial paper |  | 4.65% |  | 2026 |  | 557 |  |  | 868 |  |  |  |  |
Unsecured medium-term note issued April 2020 |  | 4.63% |  | 2025 |  | 400 |  |  | 400 |  |  |  |  |
Unsecured medium-term note issued May 2020 |  | 3.35% |  | 2025 |  | 400 |  |  | 400 |  |  |  |  |
Unsecured medium-term note issued December 1995 |  | 6.95% |  | 2025 |  | 150 |  |  | 150 |  |  |  |  |
Unsecured medium-term note issued November 2021 |  | 5.13% |  | 2026 |  | 300 |  |  | 300 |  |  |  |  |
Unsecured medium-term note issued November 2019 |  | 2.90% |  | 2026 |  | 400 |  |  | 400 |  |  |  |  |
Unsecured medium-term note issued February 2022 |  | 4.04% |  | 2027 |  | 450 |  |  | 450 |  |  |  |  |
Unsecured medium-term note issued May 2022 |  | 4.30% |  | 2027 |  | 300 |  |  | 300 |  |  |  |  |
Unsecured medium-term note issued February 2024 |  | 5.30% |  | 2027 |  | 350 |  |  | 350 |  |  |  |  |
Unsecured medium-term note issued February 2023 |  | 5.65% |  | 2028 |  | 500 |  |  | 500 |  |  |  |  |
Unsecured medium-term note issued May 2023 |  | 5.25% |  | 2028 |  | 650 |  |  | 650 |  |  |  |  |
Unsecured medium-term note issued November 2023 |  | 6.30% |  | 2028 |  | 400 |  |  | 400 |  |  |  |  |
Unsecured medium-term note issued February 2024 |  | 5.38% |  | 2029 |  | 550 |  |  | 550 |  |  |  |  |
Unsecured medium-term note issued May 2024 |  | 5.50% |  | 2029 |  | 300 |  |  | 300 |  |  |  |  |
Unsecured medium-term note issued August 2024 |  | 4.95% |  | 2029 |  | 300 |  |  | 300 |  |  |  |  |
Unsecured medium-term note issued November 2024 |  | 4.90% |  | 2029 |  | 300 |  |  | 300 |  |  |  |  |
Unsecured medium-term note issued February 2025 |  | 5.00% |  | 2030 |  | 300 |  |  | — |  |  |  |  |
Unsecured medium-term note issued November 2023 |  | 6.60% |  | 2033 |  | 600 |  |  | 600 |  |  |  |  |
Unsecured U.S. obligations |  | 5.14% |  | 2027 |  | 275 |  |  | 275 |  |  |  |  |
Asset-backed U.S. obligations (1) |  | 3.59% |  | 2025-2030 |  | 241 |  |  | 252 |  |  |  |  |
Finance lease obligations and other |  |  |  | 2025-2032 |  | 81 |  |  | 76 |  |  |  |  |
|  |  |  |  |  | 7,824 |  |  | 7,841 |  |  |  |  |
Fair market value adjustments on medium-term notes (2) |  |  |  |  |  | (20) |  |  | (25) |  |  |  |  |
Debt issuance costs and original issue discounts |  |  |  |  |  | (39) |  |  | (37) |  |  |  |  |
Total debt (3) |  |  |  |  |  | 7,765 |  |  | 7,779 |  |  |  |  |
Short-term debt and current portion of long-term debt |  |  |  |  |  | (1,114) |  |  | (1,120) |  |  |  |  |
Long-term debt |  |  |  |  |  | $ | 6,651 |  |  | $ | 6,659 |  |  |  |  |
———————————— (1)Asset-backed U.S. obligations are financing transactions backed by a portion of our revenue earning equipment. (2)Interest rate swaps included in "Other non-current liabilities" within the Condensed Consolidated Balance Sheets. The notional amount of interest rate swaps designated as fair value hedges was $500 million as of both March 31, 2025 and December 31, 2024. (3)The unsecured medium-term notes bear semi-annual interest. The fair value of total debt (excluding finance lease and asset-backed U.S. obligations) was approximately $7.6 billion as of both March 31, 2025 and December 31, 2024. For publicly traded debt, estimates of fair value were based on market prices. For other debt, fair value was estimated based on a model-driven approach using rates currently available to us for debt with similar terms and remaining maturities. The fair value measurements of our publicly traded debt and our other debt were classified within Level 2 of the fair value hierarchy. Debt Proceeds and Repayments The following table summarizes our debt proceeds and repayments in 2025:
Three months ended March 31, 2025
(In millions) |  | Debt Proceeds |  |  |  | Debt Repayments
Medium-term notes (1) |  | $ | 297 |  |  | Medium-term notes |  | $ | — |
U.S. and foreign term loans, finance lease obligations and other |  | — |  |  | U.S. and foreign term loans, finance lease obligations and other |  | 18 |
Total debt proceeds |  | $ | 297 |  |  | Total debt repaid |  | $ | 18 |
———————————— (1)Proceeds from medium-term notes presented net of discount and issuance costs. Debt proceeds were used to repay maturing debt and for general corporate purposes. If the unsecured medium-term notes are downgraded below investment grade following, or as a result of, a change in control, the note holders can require us to repurchase all or a portion of the notes at a purchase price equal to 101% of principal value plus accrued and unpaid interest. Credit Arrangements Our borrowing capacity under the revolving credit facility and trade receivables financing program was as follows:
|  | March 31, 2025
(In millions) |  | Borrowing Capacity |  | Outstanding |  | Available
Revolving credit facility |  | $ | 1,400 |  |  | $ | 557 |  |  | $ | 843 |
Trade receivables financing facility (1) |  | 300 |  |  | 98 |  |  | 202 |
Total |  | $ | 1,700 |  |  | $ | 655 |  |  | $ | 1,045 |
_______________ (1)As of March 31, 2025 and December 31, 2024, includes borrowings of $20 million for both periods, and letters of credit outstanding of $78 million and $99 million, respectively. Subsequent Events In April 2025, we amended and restated our corporate revolving credit facility, which supports U.S. and Canadian commercial paper programs, with a syndicate of eleven incumbent lending institutions. The facility's committed borrowing capacity was increased to $1.6 billion and it now expires in April 2030. The credit facility is primarily used for general corporate purposes and can also be used to issue up to $150 million in letters of credit. As of March 31, 2025, there were no letters of credit outstanding against the facility. In April 2025, we extended the trade receivables financing program for an additional year to April 2026.

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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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