DEBT (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt

	Weighted Average Interest Rate
(Dollars in millions)	December 31, 2022	December 31, 2021	Maturities	December 31, 2022		December 31, 2021
Debt:
U.S. commercial paper	4.61%	0.32%	2026	$	672	$	531
Canadian commercial paper	—%	0.34%	2026	—		7
Trade receivables financing program	5.14%	—%	2023	50		—
Global revolving credit facility	—%	—%	2026	—		—
Unsecured U.S. obligations	4.08%	3.41%	2027	375		200
Unsecured U.S. notes — Medium-term notes (1)	3.68%	3.24%	2023-2027	4,704		5,150
Unsecured foreign obligations	2.88%	2.00%	2024	50		140
Asset-backed U.S. obligations (2)	2.98%	2.62%	2023-2029	477		527
Finance lease obligations and other			2023-2031	42		45
				6,370		6,600
Debt issuance costs and original issue discounts				(18)		(20)
Total debt				6,352		6,580
Short-term debt and current portion of long-term debt				(1,349)		(1,333)
Long-term debt				$	5,003	$	5,247

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(1)Includes the impact from the fair market values of hedging instruments on our notes, which were $47 million as of December 31, 2022 and $12 million as of December 31, 2021. The notional amount of the executed interest rate swaps designated as fair value hedges was $500 million and $450 million as of December 31, 2022 and December 31, 2021, respectively.

(2)Asset-backed U.S. obligations are related to financing transactions backed by a portion of our revenue earning equipment.

The following table includes our debt proceeds and repayments in 2022:

(In millions)	Debt Proceeds			Debt Repayments
Medium-term notes (1)	$	749	Medium-term notes	$	1,150
U.S. and foreign term loans, finance lease obligations and other	480		U.S. and foreign term loans, finance lease obligations and other	402
Total debt proceeds	$	1,229	Total debt repaid	$	1,552

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(1)Proceeds from medium-term notes presented net of discount and issuance costs.

Schedule of Maturities of Debt

Contractual maturities of total debt, excluding finance lease obligations, are as follows:

Years ending December 31	(In millions)
2023	$	1,337
2024	1,520
2025	1,096
2026	1,419
2027	922
Thereafter	34
Total	6,328
Finance lease obligations (Refer to Note 12)	42
Total long-term debt	$	6,370