DEBT (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt

	Weighted Average Interest Rate
(Dollars in millions)	September 30, 2023	Maturities	September 30, 2023		December 31, 2022
Debt:
U.S. commercial paper	5.62%	2026	$	758	$	672
Trade receivables financing program	5.83%	2024	50		50
Global revolving credit facility	—	2026	—		—
Unsecured U.S. obligations	4.13%	2024-2027	375		375
Unsecured medium-term note issued February 2018	—	2023	—		450
Unsecured medium-term note issued June 2018	—	2023	—		450
Unsecured medium-term note issued October 2018	3.88%	2023	300		300
Unsecured medium-term note issued February 2019	3.65%	2024	600		600
Unsecured medium-term note issued August 2019	2.50%	2024	550		550
Unsecured medium-term note issued April 2020	4.63%	2025	400		400
Unsecured medium-term note issued May 2020	3.35%	2025	400		400
Unsecured medium-term note issued December 1995	6.95%	2025	150		150
Unsecured medium-term note issued November 2021 (1)	6.19%	2026	270		270
Unsecured medium-term note issued November 2019	2.90%	2026	400		400
Unsecured medium-term note issued February 2022 (1)	4.47%	2027	432		434
Unsecured medium-term note issued May 2022	4.30%	2027	300		300
Unsecured medium-term note issued February 2023	5.65%	2028	500		—
Unsecured medium-term note issued May 2023	5.25%	2028	650		—
Unsecured foreign obligations	2.88%	2024	50		50
Asset-backed U.S. obligations (2)	3.39%	2023-2030	415		477
Finance lease obligations and other		2023-2031	44		42
			6,644		6,370
Debt issuance costs and original issue discounts			(23)		(18)
Total debt (3)			6,621		6,352
Short-term debt and current portion of long-term debt			(1,888)		(1,349)
Long-term debt			$	4,733	$	5,003

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(1)Includes impact from the fair market values of hedging instruments on our notes, which was $48 million as of September 30, 2023 and $47 million as of December 31, 2022, and was included in "Other non-current liabilities" within the Condensed Consolidated Balance Sheets. The notional amount of interest rate swaps designated as fair value hedges was $500 million as of both September 30, 2023 and December 31, 2022.

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

(3)The unsecured medium-term notes bear semi-annual interest.

The following table summarizes our debt proceeds and repayments in 2023:

Nine months ended September 30, 2023
(In millions)	Debt Proceeds			Debt Repayments
Medium-term notes (1)	$	1,142	Medium-term notes	$	900
U.S. and foreign term loans, finance lease obligations and other	172		U.S. and foreign term loans, finance lease obligations and other	244
Total debt proceeds	$	1,314	Total debt repaid	$	1,144

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