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The Company’s primary exposure to interest rate risk comes from its commercial paper program in which the pricing is partially based on short-term U.S. interest rates. The Company has a $3.5 billion commercial paper program which …

Item 7, MD&A, 10-K Feb 24, 2026open_in_new

(b) Future interest payments on long-term debt reflect the applicable interest rate in effect at January 3, 2026.

Item 7, MD&A, 10-K Feb 24, 2026open_in_new

Other income, net: Other income, net decreased 5% to $69.9 million in fiscal 2026, primarily as a result of lower average interest rates earned on our corporate investments.

Item 7, MD&A, 10-K Jul 17, 2026open_in_new

We and our customers are subject to the impacts related to inflationary pressure, economic instability, changes in interest rates, tariffs, potential instability of the banking environment, climate change-based obligations, and other macroeconomic and/or

Item 1A, Risk Factors, 10-K Jul 17, 2026open_in_new

• an increase in interest rates or tightening of the supply of capital in the global financial markets (including a reduction in total tax equity availability) which could make it difficult to finance our products.

Item 1A, Risk Factors, 10-K Feb 9, 2026open_in_new

… parties to optimize the tax benefits associated with the Energy Server systems, such as the ITC or accelerated depreciation. Interest rate fluctuations, and internationally, currency exchange rate fluctuations, may also impact the attractiveness of any financing offerings for our customers …

Item 7, MD&A, 10-K Feb 9, 2026open_in_new

Our fixed rate to floating rate swap contracts expose us to interest rate risk. If interest rates increase, our debt service obligations on the variable rate will increase and our net income and cash flows, including cash available for servicing our indebtedness, will correspondingly decrease.

Item 1A, Risk Factors, 10-K Feb 17, 2026open_in_new

… The weighted average interest rate, including the impact of the interest rate derivative contracts, was approximately 5.0% in 2025 and 5.3% in 2024.

Item 7, MD&A, 10-K Feb 17, 2026open_in_new

Interest income for 2025 decreased by $292 million, or 58.8 percent compared with 2024, primarily due to lower cash and investment balances and a lower interest rate in the Company's total investment portfolio.

Item 7, MD&A, 10-K Feb 5, 2026open_in_new

… The Company entered into a fixed-to-floating interest rate swap to convert the interest on the 5.25 percent senior unsecured notes due 2035 to a floating rate until their maturity. As of December 31, 2025, based on prevailing …

Item 7, MD&A, 10-K Feb 5, 2026open_in_new

Our business and operations are subject to interest rate risks, and changes in interest rates can reduce demand for our products and increase borrowing costs and result in non-cash charges

Item 1A, Risk Factors, 10-K Feb 10, 2026open_in_new

Rising interest rates could have a dampening effect on overall economic activity and/or the financial condition of our customers, either or both of which could negatively affect customer demand for our products and our customers’ ability to repay obligations …

Item 1A, Risk Factors, 10-K Feb 10, 2026open_in_new

Interest expense can be impacted by a variety of factors, including market fluctuations in SOFR, interest rate election periods, interest rate swap agreements, repayments or borrowings of indebtedness, and amendments to our credit agreements. Refer to Note 12, “Credit Agreements …

Item 7, MD&A, 10-K Feb 18, 2026open_in_new

… While we maintain interest rate swaps covering a portion of our outstanding debt, our interest expense could increase if interest rates increase because debt under our credit facilities bears interest at a variable rate based on Secured Overnight Financing Rate …

Item 1A, Risk Factors, 10-K Feb 18, 2026open_in_new

Our pension plan obligations are affected by changes in market interest rates. Significant fluctuations in market interest rates have added, and may further add, volatility to our pension plan obligations. In periods of declining market interest rates, our pension plan …

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

Failure to achieve expected investment returns on pension plan assets, as well as changes in interest rates or plan demographics, could adversely impact our results of operations, financial condition and cash flows.

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

Borrowings under the Senior Secured Credit Facilities are subject to variable rates of interest and expose us to interest rate risk. Potential future increases in interest rates and credit spreads may increase our interest expense and therefore negatively affect our …

Item 1A, Risk Factors, 10-K Feb 13, 2026open_in_new

Fluctuations in interest rates could materially affect our financial results and may increase the risk our counterparties default on our interest rate hedges.

Item 1A, Risk Factors, 10-K Feb 13, 2026open_in_new

Each year, the discount rate is reevaluated and adjusted using the current market interest rates for high quality corporate bonds to reflect the best estimate of the current effective settlement rates. In general, if interest rates decline or rise, the assumed discount rate will change.

Item 7, MD&A, 10-K Feb 12, 2026open_in_new

… Instability or disruptions of the capital markets, including credit markets, significant increases in interest rates, or the deterioration of the Company’s financial condition due to internal or external factors, could restrict or prohibit access and could increase financing costs …

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

Interest related to total debt with maturities that extend to 2042, including cross-currency and interest rate swaps, is based on fixed rates as of December 31, 2025.

Item 7, MD&A, 10-K Feb 12, 2026open_in_new

… Governmental policies, laws and regulations, and other economic factors, including inflation, customer requirements, tariffs, and fluctuations in foreign currency exchange rates and interest rates, may affect future results of operations and cash flow. The timing, extent, application, and level of …

Item 7, MD&A, 10-K Feb 12, 2026open_in_new

The average interest rate on our external debt for 2025, 2024 and 2023 was 2.8%, 2.5% and 2.1%, respectively.

Item 7, MD&A, 10-K Feb 5, 2026open_in_new

The weighted-average discount rates used to measure pension liabilities and costs are generally based on yield curves developed utilizing high quality corporate bonds, as well as each plan’s specific cash flows, and are compared to high-quality bond indices for reasonableness. The weighted-average discount rate used to measure pension liabilities was 3.6% in 2025 and 3.3% in 2024, reflecting changes in market interest rates.

Item 7, MD&A, 10-K Feb 5, 2026open_in_new

Interest-Rate Risks. The Financial Services segment is subject to interest-rate risks, because increases in interest rates can reduce demand for its products, increase borrowing costs and potentially reduce interest margins. PFS uses derivative contracts to match the interest-rate characteristics of its debt to the interest-rate characteristics of its finance receivables in order to mitigate the risk of changing interest rates.

Item 1A, Risk Factors, 10-K Feb 18, 2026open_in_new

Investment income decreased to $346.1 million in 2025 from $394.7 million in 2024, primarily due to lower investment yields from lower market interest rates in the U.S. and Europe, partially offset by an increase in average investment balance, primarily in the U.S.

Item 7, MD&A, 10-K Feb 18, 2026open_in_new

The Company’s objective is to maintain an allocation of at least 75% fixed rate and no more than 25% variable rate debt thereby limiting its exposure to changes in near-term interest rates. Interest rate swaps and collars used …

Item 7, MD&A, 10-K Nov 10, 2026open_in_new

The interest rates per annum applicable to the Term Loans Facility under the Credit Agreement are, at TransDigm’s option, equal to either an alternate base rate or an adjusted Term SOFR for one, three or six-month interest periods …

Item 7, MD&A, 10-K Nov 10, 2026open_in_new

… Inflation and elevated interest rates are negatively affecting consumer and business spending, and we expect inflation and elevated interest rates to continue to negatively affect our results for the remainder of calendar year 2026. See “Item 7. Management’s Discussion …

Item 1A, Risk Factors, 10-K Jul 20, 2026open_in_new

… Inflation and elevated interest rates are negatively affecting consumer and business spending, and we expect inflation and elevated interest rates to continue to negatively affect our results for the remainder of calendar year 2026.

Item 7, MD&A, 10-K Jul 20, 2026open_in_new

We remain in a period of economic uncertainty in the U.S. and our global markets, including uncertainty regarding expectations for inflation and interest rates. The direction of global economies, inflation and interest rates will have an impact on demand for our services.

Item 7, MD&A, 10-K Feb 19, 2026open_in_new

We have significant retirement and post-retirement pension plan assets and obligations. The performance of the financial markets and interest rates impact our plan expenses, expected returns, and funding obligations. Significant decreases in interest rates, decreases in the fair value of plan assets and investment losses on plan assets will increase our funding obligations, and adversely impact our results of operations and cash flows.

Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

• exposing us to interest rate risk since a portion of our debt obligations are at variable rates; and

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

We utilize a mixture of fixed-rate and variable-rate debt. A change in interest rates impacts the fair value of our fixed-rate debt but not our earnings or cash flows because the interest on such debt is fixed. As of December 31, 2025, an increase of 100 basis points in interest rates would have decreased the fair value of our fixed-rate debt by approximately $86 million.

Item 7, MD&A, 10-K Feb 25, 2026open_in_new

Borrowings under our senior credit facility and commercial paper facility are at variable rates of interest and expose us to interest rate risk. Interest rates increased significantly during 2022 and 2023, and remained elevated in 2024 and most of 2025 …

Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

(1) Amounts represent cash interest and other financing expenses associated primarily with our senior notes. Interest payments related to our senior credit facility and commercial paper program are not included due to their variable interest rates. With respect to this variable rate debt, assuming the principal amount outstanding and interest rates in effect as of December 31, 2025 remained the same, the annual cash interest expense would be approximately $46.7 million.

Item 7, MD&A, 10-K Feb 19, 2026open_in_new

… In addition, the financial difficulties of municipalities could reduce investor demand for municipal bonds and cause a correlating increase in interest rates. As of December 31, 2025, we had $1.8 billion of tax-exempt bonds with term interest rate …

Item 1A, Risk Factors, 10-K Feb 9, 2026open_in_new

(c) Interest on our fixed-rate debt was calculated based on contractual rates and interest on our variable-rate debt was calculated based on interest rates as of December 31, 2025. As of December 31, 2025, we had $233 million of accrued interest related to our debt obligations.

Item 7, MD&A, 10-K Feb 9, 2026open_in_new

… The performance of the financial markets and interest rates impact these plan expenses and funding obligations. Significant changes in market interest rates, investment losses on plan assets and reductions in discount rates may increase our funding obligations and could adversely …

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

• Anticipated future contributions and assumptions including increases in interest rates and changes in plan assets with respect to pensions and other retirement benefits, as well as pension withdrawal liabilities.

Item 7, MD&A, 10-K Feb 12, 2026open_in_new

… The annual interest rate is payable on a semi-annual basis. The proceeds from the issuance of the notes were used to retire the $500 million senior unsecured notes due May 2025 and repurchase $500 million outstanding shares of common …

Item 7, MD&A, 10-K Feb 17, 2026open_in_new

… disputes or other factors outside of our control, such as performance failures of our subcontractors, rising inflationary pressures, and fluctuations in interest rates, natural disasters or other force majeure events, could make our contracts less profitable than expected or unprofitable.

Item 1A, Risk Factors, 10-K Feb 17, 2026open_in_new

… We operate internationally and in the normal course of business, are exposed to fluctuations in interest rates, foreign exchange rates, and commodity prices. These fluctuations can increase the costs of financing, investing, and operating the business. We have used derivative …

Item 7, MD&A, 10-K Feb 6, 2026open_in_new

other purposes, such as acquisitions, research and development, and other reinvestments in our businesses, and dividends and common stock repurchases. It could also reduce our flexibility in planning for, or reacting to, changes in our business and market conditions. It exposes us to interest rate and credit market risk at the time of refinancing outstanding debt, as well as these same risks on our commercial paper obligations, which are issued at variable rates.

Item 1A, Risk Factors, 10-K Feb 6, 2026open_in_new

… Interest payments related to long-term notes are expected to approximate $408 million per year, reflecting an approximate weighted-average interest rate of 3.7%. Any borrowings from the Revolving Credit Facility are subject to variable interest rates. See Note …

Item 7, MD&A, 10-K Feb 5, 2026open_in_new

The performance of the financial markets and interest rates can impact our defined benefit pension plan expenses and funding obligations. Significant decreases in the discount rate or investment losses on plan assets may increase our funding obligations and adversely impact …

Item 1A, Risk Factors, 10-K Feb 5, 2026open_in_new

Exchange rate and interest rate risks are managed with a variety of techniques, including selective use of derivatives. We apply policies to manage each of these risks, including prohibitions on speculative activities. It is our policy to minimize currency exposures …

Item 7, MD&A, 10-K Jan 29, 2026open_in_new

FOREIGN EXCHANGE AND INTEREST RATE RISKS. As a result of our global operations, we generate and incur a small portion of our revenue and expenses in currencies other than the U.S. dollar. Such principal currencies include the euro, the British sterling pound and Brazilian real. The effect of foreign currency fluctuations on income was insignificant. See Note 22 for further information about our risk exposures, our use of derivatives, and the effects of this activity on our financial statements.

Item 7, MD&A, 10-K Jan 29, 2026open_in_new

Total interest expense for 2025 increased primarily due to a higher overall debt balance as well as higher interest rates on our debt compared to 2024.

Item 7, MD&A, 10-K Feb 18, 2026open_in_new

Cash paid for interest, excluding net swap settlements for interest rate swaps, was $500 million and $487 million for the years ended December 31, 2025 and 2024, respectively.

Item 7, MD&A, 10-K Feb 18, 2026open_in_new

Our operations are impacted by global economic conditions, including inflation, tariffs, interest rate fluctuations and supply chain constraints, and we take actions to modify our plans to address such economic conditions. To date, the impact from supply chain disruptions has …

Item 7, MD&A, 10-K Jan 28, 2026open_in_new

… Borrowing capacity 41 Outstanding debt, net of debt issuance costs 1,459 Interest rate at December 31, 2025 4.8 % Average month-end principal amount of debt outstanding 1,366 Weighted-average interest rate on average debt outstanding 5.2 …

Item 7, MD&A, 10-K Jan 28, 2026open_in_new

… With regard to cash pension contributions, funding requirements for our pension plans are largely dependent upon interest rates, actual investment returns on pension assets, and the impact of legislative or regulatory changes related to pension funding obligations.

Item 1A, Risk Factors, 10-K Feb 17, 2026open_in_new

In addition, the Company and each of its businesses has been, and may continue to be, negatively affected by global macroeconomic conditions, including the impacts of inflation, high interest rates, supply chain and labor disruptions, unemployment rates, geopolitical instability and …

Item 1A, Risk Factors, 10-K Feb 17, 2026open_in_new

… As of December 31, 2025, variable interest rate debt was $852.7 million at a weighted average interest rate of 5.03%. Inclusive of our interest rate swaps and collars, our weighted average interest rate on our variable rate debt …

Item 7, MD&A, 10-K Feb 24, 2026open_in_new

interest rates if the ratings for our debt are downgraded. To the extent that our interest rates increase, our interest expense will increase, which could adversely affect our financial condition, results of operations and cash flows.

Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

We may be adversely impacted by changing interest rates. We are exposed to changes in interest rates, primarily on our short-term debt that carries floating interest rates. Interest rates are highly sensitive to many factors, including governmental monetary policies, economic conditions, and other factors beyond our control. A significant increase in interest rates could adversely impact our financial position and results of operations.

Item 1A, Risk Factors, 10-K Feb 13, 2026open_in_new

• Interest and other income/expenses, net totaled $72.5 million, which primarily consisted of $63.1 million of interest expense, which decreased $22.8 million versus last year due to a lower average debt balance and lower variable interest rates. The current year results also included an $11.2 million net loss from foreign currency revaluation and realized foreign currency gains and losses.

Item 7, MD&A, 10-K Feb 13, 2026open_in_new

("IRS") interest rates, the actual return on plan assets, actuarial assumptions, and demographic experience. These factors and our resulting contributions also impact the funded status of the plans.

Item 7, MD&A, 10-K Feb 5, 2026open_in_new

We expect the Operating FAS/CAS Adjustment in 2026 to be a net expense of approximately $44 million ($90 million FAS and $46 million CAS), primarily driven by lower interest rates.

Item 7, MD&A, 10-K Feb 5, 2026open_in_new

In addition, macroeconomic conditions could cause budgetary pressures for our government customers resulting in reductions or delays in spending, which could adversely impact our business. Higher interest rates increase the borrowing costs on new debt and could affect the fair value of our investments. Interest rates also impact our pension obligations. For example, higher interest rates reduce the measure of our gross pension obligations while lower interest rates increase it.

Item 1A, Risk Factors, 10-K Jan 29, 2026open_in_new

We continue to actively manage our debt levels, including maturities and interest rates. We seek to finance our business in a manner that preserves financial flexibility while minimizing borrowing costs to the extent practicable. We review changes in financial market and economic conditions to manage the types, amounts and maturities of our indebtedness. We may at times

Item 7, MD&A, 10-K Jan 29, 2026open_in_new

Substantially all of the Company's outstanding debt has fixed interest rates, and, therefore, any fluctuation in market interest rates is not expected to have a material effect on the Company's results of operations. A 100 basis point increase/decrease in the average interest rate on the Company's variable rate debt would have an immaterial impact on interest expense.

Item 7, MD&A, 10-K Nov 14, 2025open_in_new

… In addition, we have experienced, and could continue to experience, increased capital costs due to fluctuations in global interest rates. If our access to capital were to become significantly constrained, or if costs of capital increased significantly due to increased …

Item 1A, Risk Factors, 10-K Nov 14, 2025open_in_new

Our Short-term debt as of September 30, 2025 and 2024, includes commercial paper borrowings of $522 million and $657 million, with a weighted average interest rate of 4.24 percent and 5.14 percent, and a weighted average maturity …

Item 7, MD&A, 10-K Nov 12, 2025open_in_new

Our Short-term debt as of September 30, 2025 and 2024, includes commercial paper borrowings of $ 522 million and $ 657 million, with a weighted average interest rate of 4.24 percent and 5.14 percent, and a weighted average maturity …

Item 7, MD&A, 10-K Nov 12, 2025open_in_new

… Generally, the fair market value of fixed-rate debt will increase as interest rates fall and decrease as interest rates rise. As of December 31, 2025, an increase of 100 basis points in interest rates would have decreased the fair …

Item 7, MD&A, 10-K Feb 20, 2026open_in_new

The Company is exposed to market risk from changes in interest rates, foreign currency exchange rates, and commodity prices as well as credit risk, each of which could impact its Consolidated and Combined Financial Statements. The Company generally addresses its …

Item 7, MD&A, 10-K Feb 20, 2026open_in_new

We are exposed to interest rate risk in relation to securities that mature, as the proceeds from maturing securities are reinvested. Factors that influence the earnings impact of interest rate changes include, among others, the amount of invested funds and …

Item 7, MD&A, 10-K Aug 5, 2026open_in_new

Interest income on corporate funds increased in fiscal 2026 due to higher average investment balances of $10.4 billion as compared to $9.2 billion in fiscal 2025, coupled with an increase in average interest rates of 10 basis points, as compared to fiscal 2025.

Item 7, MD&A, 10-K Aug 5, 2026open_in_new

• the impact of inflation, changing interest rates, tariffs, trade disputes, foreign exchange rate risk, business interruptions due to natural disasters and changes in the weather patterns, seasonality, employee shortages, and supply chain issues;

Item 7, MD&A, 10-K Feb 12, 2026open_in_new

The extent to which changing interest rates, inflation and other economic trends will continue to impact the Company’s business, financial condition and results of operations is uncertain. Therefore, we cannot reasonably estimate the full future impacts of these matters at this time.

Item 7, MD&A, 10-K Feb 12, 2026open_in_new

In addition, we are exposed to interest rate risk related to some of our indebtedness, which is discussed in greater detail under the section titled “Management's Discussion and Analysis of Financial Condition and Results of Operations - Quantitative and Qualitative Disclosures About Market Risk - Interest Rate Risk.”

Item 1A, Risk Factors, 10-K Feb 13, 2026open_in_new

… Some of the factors that have an impact on discretionary consumer spending include general economic conditions, unemployment, consumer debt, reductions in net worth, residential real estate and mortgage markets, taxation, energy prices, interest rates, consumer confidence, tariffs, and other macroeconomic …

Item 1A, Risk Factors, 10-K Feb 13, 2026open_in_new

… Additionally, our ability to continue to access the commercial paper and long-term debt markets on favorable interest rates and other terms will depend, to a significant degree, on the ratings assigned by the credit rating agencies to our indebtedness …

Item 7, MD&A, 10-K Jul 29, 2026open_in_new

… textiles and other products used in our operations, the inability to obtain insurance coverage at cost-effective rates, higher interest rates, inflation, higher tax rates and other changes in tax laws and other economic factors could increase our costs of …

Item 1A, Risk Factors, 10-K Jul 29, 2026open_in_new

… downturns; military conflicts; wars; terrorism; pandemics, epidemics and public health emergencies; political changes and trends; tariffs and retaliatory counter measures; monetary policies; interest rates; inflation and deflation; recessions; commodity prices; currency volatility or exchange control; and ability to expatriate earnings.

Item 1A, Risk Factors, 10-K Feb 26, 2026open_in_new

Eaton also measures interest rate risk by estimating the net amount by which the fair value of the Company’s financial liabilities would change as a result of movements in interest rates. Based on Eaton’s best estimate for a hypothetical, 100 basis point increase in interest rates at December 31, 2025, the market value of the Company’s debt, in aggregate, would decrease by $617 million.

10-K, 10-K Feb 26, 2026open_in_new

From time to time, we may use an interest rate swap hedging strategy to eliminate the variability of cash flows in a portion of our interest payments. This strategy, when employed, allows us to fix a portion of our interest payments when interest rates are low. As of December 31, 2025 and 2024, no interest rate swaps were in effect.

Item 7, MD&A, 10-K Feb 17, 2026open_in_new

Our results of operations can be affected by changes in interest rates due to variable rates of interest on our debt facilities, cash, cash equivalents and short-term investments. A 10% adverse movement in the levels of interest rates across the entire yield curve would have resulted in an increase to pre-tax interest expense of approximately $1.1 million, $0.9 million and $2.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Item 7, MD&A, 10-K Feb 17, 2026open_in_new

Any period of interest rate increases may adversely affect our profitability. For additional detail related to this risk, see Item 7A, "Quantitative and Qualitative Disclosures About Market Risk."

Item 1A, Risk Factors, 10-K Dec 17, 2025open_in_new

Pension plan in the United States - The measurement of the liabilities related to our domestic pension plan is based on management’s assumptions related to future factors, including interest rates, return on pension plan assets, compensation increases, mortality and turnover …

Item 7, MD&A, 10-K Dec 17, 2025open_in_new

We may incur increased costs or margin degradation due to fluctuations in interest rates and foreign currency exchange rates.

Item 1A, Risk Factors, 10-K Feb 13, 2026open_in_new

(4) Interest payments on the Senior Notes and the amounts borrowed under the 2025 Term Credit Agreement and 2025 Credit Agreement as of December 31, 2025 are based on interest rates in effect as of December 31, 2025 and are calculated on debt with maturities that extend to 2035.

Item 7, MD&A, 10-K Feb 13, 2026open_in_new

• macroeconomic conditions, including inflation, interest rates, supply chain disruptions, geopolitical conflicts, and changes in trade policies (including tariffs);

Item 1A, Risk Factors, 10-K Aug 5, 2026open_in_new

… We also have experienced, and may continue to experience, a decline in demand for our transportation services as inflation and elevated interest rates negatively affect consumer and business spending. We expect inflation and elevated interest rates to continue to negatively …

Item 1A, Risk Factors, 10-K Aug 5, 2026open_in_new

(b) Interest on debt is calculated using the prevailing spot interest rate as of the balance sheet date.

Item 7, MD&A, 10-K Sep 26, 2025open_in_new

… In addition, our indebtedness exposes us to the risk of increased interest rates because a portion of our borrowings are at variable rates of interest.

Item 1A, Risk Factors, 10-K Sep 26, 2025open_in_new

… Economic factors, including inflation and interest rate volatility, may have a negative impact on our business. For instance, we have exposure to changes in interest rates under our revolving credit facility, and as interest rates increase, our debt service obligations …

Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

Rising inflation, interest rate volatility and an economic recession or downturn may have an adverse effect on our business, financial condition, results of operations, and cash flows.

Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

… These recent investment results are higher than the historical 15-year average of 3.3%, showing that yields on investments, a major component of insurers’ balance sheets, are beginning to follow the trend in interest rates.

Item 7, MD&A, 10-K Feb 18, 2026open_in_new

… supply chain disruption, the availability of short-term and long-term funding and capital, the level and volatility of interest rates, currency exchange rates, and inflation. Any one or more of these factors may contribute to reduced activity and prices …

Item 1A, Risk Factors, 10-K Feb 18, 2026open_in_new

At December 31, 2025, we had $190.6 million outstanding on the Revolving Facility, which exposes us to variable interest rate risk. We are also exposed to the risk of continued rising interest rates to the extent we fund our …

Item 1A, Risk Factors, 10-K Feb 17, 2026open_in_new

• Volatility in market interest rates that could impact the selection of an appropriate discount rate.

Item 7, MD&A, 10-K Feb 17, 2026open_in_new

Fluctuations in Interest Rates Could Adversely Affect the Company’s Results of Operations and Financial Position.

Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

The Company’s profitability may be adversely affected during any periods of unexpected or rapid increases in interest rates. The Company maintains a Credit Agreement with a revolving credit facility (the “Revolving Facility”) in an aggregate principal amount of $800 …

Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

The performance of financial markets and interest rates impact the Company's funding obligations under its defined benefit pension plans. Significant changes in market interest rates, decreases in the fair value of plan assets and investment losses on plan assets may increase the Company's funding obligations and adversely impact its results of operations and cash flows.

Item 1A, Risk Factors, 10-K Feb 13, 2026open_in_new

Rising interest rates could have a dampening effect on overall economic activity and/or the financial condition of the Company's customers, either or both of which could negatively affect customer demand for the Company's products and customers' ability to repay obligations to the Company. Rising interest rates could have an impact on the Company and its customers' cost of capital.

Item 1A, Risk Factors, 10-K Feb 13, 2026open_in_new

… We work proactively to mitigate the challenges caused by the macroeconomic environment, including, in some cases, hedging foreign exchange, interest rate and commodity price risk, and seeking the inclusion of economic price adjustment clauses or seeking to recover on REAs …

Item 1A, Risk Factors, 10-K Jan 27, 2026open_in_new

The company’s pension and OPB obligations and related expenses are dependent upon the investment performance of plan assets and various assumptions, including discount and interest rates, mortality and the estimated long-term rates of return on plan assets. Changes …

Item 1A, Risk Factors, 10-K Jan 27, 2026open_in_new

… The binomial option-pricing model considers a range of assumptions related to volatility, dividend yield, risk-free interest rate and employee exercise behavior. Expected volatilities utilized in the binomial option-pricing model are based on a combination of implied market …

Item 7, MD&A, 10-K Aug 4, 2026open_in_new

We have assessed our exposure to changes in interest rates by analyzing the sensitivity to our earnings of a change in market interest rates on amounts borrowed from the revolving credit facility, Fiscal 2024 Amended Term Loan and Fiscal 2026 …

10-K, 10-K Aug 4, 2026open_in_new

We consider our current risk related to market fluctuations in interest rates to be minimal since our debt is long-term and fixed rate in nature. Generally, the fair market value of fixed-interest rate debt will increase as interest …

Item 7, MD&A, 10-K Feb 13, 2026open_in_new

As of December 31, 2025, and for the years ended December 31, 2025 and 2024, we did not have any open interest rate swap contracts; however, we may in the future enter into interest rate swap agreements to manage our exposure to interest rate changes. We issue commercial paper, which exposes us to changes in variable interest rates; however, maturities are typically three months or less so a change in rates over this period would not have a material impact on our pre-tax earnings.

Item 7, MD&A, 10-K Feb 13, 2026open_in_new

The decrease in other income and expense is primarily the result of lower interest income due to a decline in interest rates.

Item 7, MD&A, 10-K Feb 25, 2026open_in_new

We cannot predict what further impact ongoing uncertainties in the global economy, inflation, future interest rates, and political conflicts and uncertainty may have on our operating results, freight volumes, pricing, amounts advanced on behalf of our customers, changes in consumer demand, carrier stability and capacity, customers’ abilities to pay or changes in competitors' behavior.

Item 7, MD&A, 10-K Feb 25, 2026open_in_new

Net interest expense was $314 in 2025 and $324 in 2024. See Note K to the Consolidated Financial Statements in Item 8 for additional information regarding our debt obligations, including interest rates. We expect 2026 net interest expense to be approximately $340, which assumes that we refinance the notes maturing in 2026 at higher interest rates.

Item 7, MD&A, 10-K Jan 30, 2026open_in_new

Our estimate of a reporting unit’s fair value is based primarily on the discounted cash flows of the underlying operations and requires the use of judgment by management. The process requires numerous assumptions, including the timing of work embedded in our backlog, our performance and profitability under our contracts, our success in securing future business, the appropriate risk-adjusted interest rate

Item 7, MD&A, 10-K Jan 30, 2026open_in_new

The ongoing uncertainty related to the impacts of inflation, as well as the interest rate environment and ongoing federal deficits could in the future impact U.S. Government spending priorities for our products and services. For a discussion of inflation-related risks, see “Item 1A. Risk Factors” of this Report.

Item 7, MD&A, 10-K Feb 12, 2026open_in_new

… Government spending priorities or ability to win competitively awarded contracts; an inability to meet our forecast; the rescission of significant contract awards as a result of competitors protesting or challenging contracts awarded to us; or an increase in interest rates …

Item 7, MD&A, 10-K Feb 12, 2026open_in_new

… On October 31, 2025, we issued $500 million of SEC-registered fixed-rate notes due in March 2036 with an annual interest rate of 4.95%, and on February 13, 2025, we issued $500 million of SEC-registered fixed-rate …

Item 7, MD&A, 10-K Feb 11, 2026open_in_new

… This rate should be in line with rates for high-quality fixed income investments available for the period to maturity of the pension benefits, which fluctuate as long-term interest rates change. A lower discount rate increases the present value …

Item 7, MD&A, 10-K Feb 11, 2026open_in_new

Interest income decreased $115 million, or 15.9%, in 2025 as compared to 2024, primarily due to lower interest rates and lower levels of cash and short-term investments. See Note 9 to the financial statements included in Part II, Item 8 of this report for additional information.

Item 7, MD&A, 10-K Feb 12, 2026open_in_new

… to general adverse economic and industry conditions; we are exposed to increased interest rate risk given that a portion of our indebtedness obligations are at variable interest rates; and our credit ratings may be reduced and our debt and equity …

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

The objective of the mutual fund portion of the pension assets is to provide interest rate sensitivity for a portion of the assets and to provide diversification. The mutual fund portfolio is diversified within certain quality and maturity guidelines to minimize the adverse effects of interest rate fluctuations.

Item 8, Financial Statements, 10-K Feb 17, 2026open_in_new

… Outstanding borrowings under the commercial paper program are subject to floating interest rates. The weighted average interest rate on short-term borrowings for the years ended December 31, 2025 and 2024 was 4.45 % and 6.31 %, respectively. The Company …

Item 8, Financial Statements, 10-K Feb 17, 2026open_in_new

Global economic uncertainty continues to pose risks to our business, driven by factors such as ongoing conflicts in the Middle East and Ukraine, the volatility of interest rates, high inflation, changes in U.S. immigration policy, an actual recession or …

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

… Our future investment income may fall short of expectations due to changes in interest rates, or due to certain inherent risks involved in investments in early-stage privately held companies. For example, we have recognized and may in the future …

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

• monetary policy and potential inflation impacts, including any adverse effects of inflation and/or interest rates on our cash reserves; and

Item 1A, Risk Factors, 10-K Sep 29, 2026open_in_new

… If we incur indebtedness under the 2026 Credit Agreement, we will be subject to variable interest rate risk, because borrowings bear interest at a margin over a benchmark rate or a base rate. A substantial increase in interest rates could …

Item 1A, Risk Factors, 10-K Sep 29, 2026open_in_new

… Based on applicable interest rates and scheduled debt maturities as of December 31, 2025, these interest obligations total approximately $2.4 billion, decreasing on an annual basis from approximately $500 million in 2026 to $200 million in 2030.

Item 7, MD&A, 10-K Feb 11, 2026open_in_new

… The new unsecured notes carry a lower interest rate than the repaid PSP1 Loan. We continue to seek opportunities to pre-pay our debt, in addition to periodic amortization and scheduled maturities, and refinance higher cost debt.

Item 7, MD&A, 10-K Feb 11, 2026open_in_new

We are exposed to market risk for changes in interest rates for any borrowings under our revolving credit facility, which bear interest at variable rates. Although the Federal Reserve Board lowered the federal funds rate in 2024 and 2025, the …

Item 1A, Risk Factors, 10-K Feb 26, 2026open_in_new

Outstanding Debt and Interest Payments - As of December 31, 2025, there were no direct borrowings outstanding under our revolving credit facility. Interest payments on any future borrowings will be determined based on prevailing interest rates at that time. Refer to Note 9 - Debt of the notes to consolidated financial statements included in Item 8. Financial Statements and Supplementary Data for further detail of our debt obligations, including our revolving credit facility.

Item 7, MD&A, 10-K Feb 26, 2026open_in_new

• the availability of home equity loans and mortgages and the interest rates for and tax deductibility of such loans;

Item 1A, Risk Factors, 10-K Feb 10, 2026open_in_new

We are exposed to the impact of changes in foreign currency exchange rates, market price fluctuations related to our financial investments, and changes in interest rates. We have insignificant involvement with derivative financial instruments and use such instruments to the extent necessary to manage exposure to foreign currency fluctuations.

10-K, 10-K Feb 10, 2026open_in_new

The funding requirements and the amount of expenses recorded for our defined benefit pension plans are dependent on changes in market interest rates and the value of plan assets, which are dependent on actual plan asset returns. Significant changes in market interest rates and decreases in the fair value of plan assets and investment losses on plan assets would increase funding requirements and expenses and may adversely impact our results of operations.

Item 1A, Risk Factors, 10-K Aug 21, 2026open_in_new

• manufacturing activity, air travel trends, currency exchange rates, difficulties entering new markets and economic conditions such as inflation, deflation, interest rates and credit availability;

Item 7, MD&A, 10-K Aug 21, 2026open_in_new

The performance of the financial markets and interest rates can also impact the value of our defined benefit pension plans and other post-retirement benefit programs. Significant decreases in discount rate or the value of plan assets may increase our funding obligations, which may adversely affect our financial results. See Note 11 - "Pensions and Postretirement Benefits Other Than Pensions."

Item 1A, Risk Factors, 10-K Feb 5, 2026open_in_new

Our suppliers and customers are also dependent upon the capital and credit markets. Limitations on the ability of customers, suppliers or financial counterparties to access credit at interest rates and on terms that are acceptable to them could lead to insolvencies of key suppliers and customers, limit or prevent customers from obtaining credit to finance purchases of our products and services and cause delays in the delivery of key products from suppliers.

Item 1A, Risk Factors, 10-K Feb 5, 2026open_in_new

… The cost of servicing any existing balances on the Credit Facility could increase if interest rates increase due to the SOFR-based interest rate provided for under the Credit Facility.

Item 1A, Risk Factors, 10-K Feb 5, 2026open_in_new

Tight credit markets could impact our ability to obtain financing on reasonable terms or increase the cost of existing or future financing and interest rate fluctuations could adversely impact our results. As of December 31, 2025, we had $125.0 …

Item 1A, Risk Factors, 10-K Feb 5, 2026open_in_new

In the normal course of business, the Company is exposed to changes in interest rates and foreign currency exchange rates due to its worldwide presence and diverse business profile and selectively uses derivative financial instruments, including forwards, swaps and purchased …

Item 7, MD&A, 10-K Nov 9, 2026open_in_new

… Estimates of future sales, operating results, cash flows and discount rates are subject to changes in the economic environment, including such factors as the general level of market interest rates, expected equity market returns and the volatility of markets served …

Item 7, MD&A, 10-K Nov 9, 2026open_in_new

beyond our control, including domestic and international economic conditions, increases in benchmark interest rates and credit spreads,

Item 1A, Risk Factors, 10-K Jan 29, 2026open_in_new

Our ability to maintain our investment grade credit ratings could affect our ability to access capital, increase our interest rates,

Item 1A, Risk Factors, 10-K Jan 29, 2026open_in_new

sold, currency exchange rates, interest rate fluctuations, government spending and government shutdowns, economic downturns, recessions, foreign competition, offshoring of production, oil and natural gas prices, geopolitical developments, labor shortages, work stoppages, natural or human induced disasters, extreme weather, outbreaks of …

Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

… and key international markets, including the continued uncertainty regarding evolving tariff and trade policies, changes in interest rates, foreign currency exchange rate fluctuations, inflationary pressures, and the risk of a global or regional economic recession. Although the precise timing and …

Item 7, MD&A, 10-K Feb 19, 2026open_in_new

… The pension discount rate was determined by considering an interest rate yield curve comprising AAA/AA bonds, with maturities between zero and 30 years, developed by the plan’s actuaries. Annual benefit payments are then discounted to present value using …

Item 7, MD&A, 10-K Feb 25, 2026open_in_new

… The senior notes are not exposed to interest rate risk as the bonds are at a fixed rate until maturity. In addition to the senior notes, we also have $27 million in equipment financings with fixed interest rates. Our debt …

10-K, 10-K Feb 25, 2026open_in_new

Interest and debt expense increased by $46 million in 2025 primarily due to higher average interest rates. Interest and debt expense increased by $266 million in 2024 primarily due to higher average debt balances.

Item 7, MD&A, 10-K Jan 30, 2026open_in_new

… The global economy is expecting a continued easing of inflation and interest rates, with regional economic and geopolitical difficulties adding uncertainty to the outlook and the financial viability of some airlines and regions.

Item 7, MD&A, 10-K Jan 30, 2026open_in_new

Net interest expense for 2025 decreased by 1.1% compared with 2024, due primarily to a decrease in effective interest rates on our debt, partially offset by an increase in our average debt balance. Income tax expense increased 3.8% in 2025, due primarily to increased taxable earnings in 2025. Our effective income tax rate was 24.7% in 2025 and 24.8% in 2024.

Item 7, MD&A, 10-K Feb 24, 2026open_in_new

… The applicable interest rates under this agreement are based on either the Secured Overnight Financing Rate (SOFR), or a Base Rate, depending upon the specific type of borrowing, plus an applicable margin and other fees. At December 31, 2025, we …

Item 7, MD&A, 10-K Feb 24, 2026open_in_new

Interest rates - At both December 31, 2025, and 2024, we did not have variable-rate debt.

Item 7, MD&A, 10-K Feb 6, 2026open_in_new

Market risk for fixed-rate debt is estimated as the potential increase in fair value resulting from a hypothetical 1% decrease in interest rates as of December 31, 2025, and 2024, and totals an increase of approximately $3.2 billion and $3.0 billion to the fair value of our debt at December 31, 2025, and 2024, respectively. We estimated the fair values of our fixed-rate debt by considering the impact of the hypothetical interest rates on quoted market prices and current borrowing rates.

Item 7, MD&A, 10-K Feb 6, 2026open_in_new

The interest rate is fixed on the Series B Notes. Therefore, short-term exposure to fluctuations in interest rates is limited to our Credit Agreement. We do not currently use interest rate derivative instruments to manage exposure to interest rate changes.

Item 7, MD&A, 10-K Feb 24, 2026open_in_new

… and internationally, such as high inflation, continued high interest rates and slower economic growth has, and may continue to, negatively affect our customers’ business levels, the amount of transportation services they need, their ability to pay for our services and …

Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

We manage overall exposure to fluctuations in interest rates by issuing both fixed- and floating- rate debt instruments. At December 31, 2025, we have no outstanding debt subject to interest rate fluctuations. Market risk for fixed-rate debt is estimated …

Item 7, MD&A, 10-K Feb 9, 2026open_in_new

… In addition, the amounts recorded are affected by changes in the interest rate environment because the associated liabilities are discounted to their present value. We make these estimates based on our historical experience and other information we deem pertinent under …

Item 7, MD&A, 10-K Feb 9, 2026open_in_new

… As a result, we are subject to risks associated with operating in foreign countries, including fluctuations in currency exchange rates and interest rates, or global exchange rate instability or volatility that strengthens the U.S. dollar against foreign currencies. An …

Item 1A, Risk Factors, 10-K Feb 10, 2026open_in_new

The Company is exposed to interest rate risk as a result of its floating rate borrowings. The Company entered into a forward interest rate swap agreement with an independent counterparty to hedge the variability in cash flows due to changes …

Item 8, Financial Statements, 10-K Feb 10, 2026open_in_new

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