v3.25.4
DEBT (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
 Weighted Average
Interest Rate		  
(Dollars in millions)
December 31, 2025December 31, 2024MaturitiesDecember 31,
2025		December 31,
2024
Debt:
Trade receivables financing program4.31%5.06%2026$20 $20 
U.S. commercial paper4.07%4.78%2030865 868 
Unsecured medium term note issued April 20204.63%4.63%2025— 400 
Unsecured medium term note issued May 20203.35%3.35%2025— 400 
Unsecured medium term note issued December 19956.95%6.95%2025— 150 
Unsecured medium term note issued November 20214.81%5.53%2026300 300 
Unsecured medium term note issued November 20192.90%2.90%2026400 400 
Unsecured medium term note issued February 20223.94%4.27%2027450 450 
Unsecured medium term note issued May 20224.30%4.30%2027300 300 
Unsecured medium term note issued February 20245.30%5.30%2027350 350 
Unsecured medium term note issued February 20235.65%5.65%2028500 500 
Unsecured medium term note issued May 20235.25%5.25%2028650 650 
Unsecured medium term note issued November 20236.30%6.30%2028400 400 
Unsecured medium term note issued February 20245.38%5.38%2029550 550 
Unsecured medium term note issued May 20245.50%5.50%2029300 300 
Unsecured medium term note issued August 20244.95%4.95%2029300 300 
Unsecured medium term note issued November 20244.90%4.90%2029300 300 
Unsecured medium term note issued February 20255.00%—%2030300 — 
Unsecured medium term note issued May 20254.85%—%2030300 — 
Unsecured medium term note issued November 20254.30%—%2030300 — 
Unsecured medium term note issued November 20236.60%6.60%2033600 600 
Unsecured U.S. obligations5.14%5.14%2027275 275 
Asset-backed U.S. obligations (1)
3.69%3.59%2026-2030120 252 
Finance lease obligations and other
2026-2032113 76 
7,693 7,841 
Fair market value adjustment on medium-term notes (2)
(11)(25)
Debt issuance costs and original issue discounts(37)(37)
Total debt (3)
7,645 7,779 
Short-term debt and current portion of long-term debt(819)(1,120)
Long-term debt$6,826 $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)Included in "Other non-current liabilities" within the Consolidated Balance Sheets. The notional amount of the executed interest rate swaps designated as fair value hedges was $500 million as of both December 31, 2025 and 2024.
(3)The unsecured medium-term notes bear semi-annual interest.
The following table includes our debt proceeds and repayments in 2025:
(In millions)Debt ProceedsDebt Repayments
Medium-term notes (1)
$892 Medium-term notes$950 
U.S. and foreign term loans, finance lease obligations and other— U.S. and foreign term loans, finance lease obligations and other169 
Total debt proceeds
$892 Total debt repaid$1,119 
_______________
(1)Proceeds from medium-term notes presented net of discount and issuance costs.
Schedule of Maturities of Debt
Contractual maturities of total debt are as follows:
Years ending December 31,
(In millions)
2026790 
20271,388 
20281,564 
20291,472 
20301,766 
Thereafter600 
Finance lease obligations (Refer to Note 12, "Leases")
113 
7,693 
Fair market value adjustment on medium-term notes
(11)
Debt issuance costs and original issue discounts(37)
Total debt $7,645 
Schedule of Revolving Credit Facility and Trade Receivables Financing Program
Our borrowing capacity under the revolving credit facility and trade receivables financing program was as follows:

December 31, 2025
(In millions)
Borrowing CapacityOutstandingAvailable
Revolving credit facility
$1,600 $865 $735 
Trade receivables financing facility (1)
30099201
Total
$1,900 $964 $936 
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(1)Includes borrowings of $20 million and letters of credit outstanding of $79 million.