v3.26.3
DEBT (Tables)
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Schedule of 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.
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:

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.