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DEBT
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
 Weighted Average Interest Rate  
(Dollars in millions)September 30, 2025MaturitiesSeptember 30, 2025December 31, 2024
Debt:
Trade receivables financing program4.84%2026$20 $20 
U.S. commercial paper
4.51%20301,225 868 
Unsecured medium-term note issued April 20204.63%2025— 400 
Unsecured medium-term note issued May 20203.35%2025— 400 
Unsecured medium-term note issued December 19956.95%2025150 150 
Unsecured medium-term note issued November 20215.11%2026300 300 
Unsecured medium-term note issued November 20192.90%2026400 400 
Unsecured medium-term note issued February 20224.04%2027450 450 
Unsecured medium-term note issued May 20224.30%2027300 300 
Unsecured medium-term note issued February 2024
5.30%2027350 350 
Unsecured medium-term note issued February 20235.65%2028500 500 
Unsecured medium-term note issued May 20235.25%2028650 650 
Unsecured medium-term note issued November 20236.30%2028400 400 
Unsecured medium-term note issued February 2024
5.38%2029550 550 
Unsecured medium-term note issued May 2024
5.50%2029300 300 
Unsecured medium-term note issued August 2024
4.95%2029300 300 
Unsecured medium-term note issued November 2024
4.90%2029300 300 
Unsecured medium-term note issued February 2025
5.00%2030300 — 
Unsecured medium-term note issued May 2025
4.85%2030300 — 
Unsecured medium-term note issued November 20236.60%2033600 600 
Unsecured U.S. obligations5.14%2027275 275 
Asset-backed U.S. obligations (1)
3.69%2025-2030138 252 
Finance lease obligations and other2025-203298 76 
7,906 7,841 
Fair market value adjustments on medium-term notes (2)
(13)(25)
Debt issuance costs and original issue discounts(36)(37)
Total debt (3)
7,857 7,779 
Short-term debt and current portion of long-term debt(577)(1,120)
Long-term debt$7,280 $6,659 
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(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 September 30, 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 $7.8 billion and $7.6 billion as of September 30, 2025 and December 31, 2024, respectively. 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:

Nine months ended September 30, 2025
(In millions)Debt ProceedsDebt Repayments
Medium-term notes (1)
$594 Medium-term notes$800 
U.S. and foreign term loans, finance lease obligations and other— U.S. and foreign term loans, finance lease obligations and other139 
Total debt proceeds
$594 Total debt repaid$939 
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(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:

September 30, 2025
(In millions)Borrowing CapacityOutstandingAvailable
Revolving credit facility$1,600 $1,225 $375 
Trade receivables financing facility (1)
500 99 401 
Total $2,100 $1,324 $776 
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(1)As of September 30, 2025, includes borrowings of $20 million and letters of credit outstanding of $79 million.

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 September 30, 2025, there were no letters of credit outstanding against the facility.
In April 2025, we extended the trade receivables financing facility for an additional year to April 2026. In September 2025, we amended our trade receivables financing facility to increase our borrowing capacity to $500 million as of September 30, 2025.