v3.26.3
DEBT
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
Weighted Average Interest Rate
(Dollars in millions)September 30, 2026MaturitiesSeptember 30, 2026December 31, 2025
Debt:
Trade receivables financing program4.14%2027$20 $20 
U.S. commercial paper4.05%2030289 865 
Unsecured medium term note issued November 20214.45%2026— 300 
Unsecured medium term note issued November 20192.90%2026400 400 
Unsecured medium term note issued February 20223.76%2027450 450 
Unsecured medium term note issued May 20224.30%2027300 300 
Unsecured medium term note issued February 20245.30%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 20245.38%2029550 550 
Unsecured medium term note issued May 20245.50%2029300 300 
Unsecured medium term note issued August 20244.95%2029300 300 
Unsecured medium term note issued November 20244.90%2029300 300 
Unsecured medium term note issued February 20255.00%2030300 300 
Unsecured medium term note issued May 20254.85%2030300 300 
Unsecured medium term note issued November 20254.30%2030300 300 
Unsecured medium term note issued August 20264.85%2031500 — 
Unsecured medium term note issued November 20236.60%2033600 600 
Unsecured U.S. obligations5.14%2027275 275 
Asset-backed U.S. obligations (1)
4.86%2026-203053 120 
Finance lease obligations and other2026-2033112 113 
7,249 7,693 
Fair market value adjustments on medium-term notes (2)
(10)(11)
Debt issuance costs and original issue discounts(34)(37)
Total debt (3)
7,205 7,645 
Short-term debt and current portion of long-term debt(1,668)(819)
Long-term debt$5,537 $6,826 
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(1)Asset-backed U.S. obligations are financing transactions secured by a portion of our revenue earning equipment.
(2)Included in "Other non-current liabilities" within the Condensed Consolidated Balance Sheets. The notional amount of executed interest rate swaps designated as fair value hedges was $450 million and $500 million as of September 30, 2026 and December 31, 2025, respectively.
(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 $7.1 billion and $7.6 billion as of September 30, 2026 and December 31, 2025, 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.
Credit Arrangements

Our borrowing capacity under the revolving credit facility and trade receivables financing program was as follows:

September 30, 2026
(In millions)Borrowing CapacityOutstandingAvailable
Revolving credit facility$1,600 $289 $1,311 
Trade receivables financing facility (1)
300 98 202 
Total $1,900 $387 $1,513 
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(1)Includes borrowings of $20 million and letters of credit outstanding of $78 million.