DEBT (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

	Weighted Average Interest Rate
(Dollars in millions)	March 31, 2024	Maturities	March 31, 2024		December 31, 2023
Debt:
U.S. commercial paper	5.60%	2026	$	860	$	572
Trade receivables financing program	5.76%	2025	20		50
Unsecured U.S. obligations	5.14%	2027	275		375
Unsecured medium-term note issued February 2019	—%	2024	—		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	6.12%	2026	300		300
Unsecured medium-term note issued November 2019	2.90%	2026	400		400
Unsecured medium-term note issued February 2022	4.48%	2027	450		450
Unsecured medium-term note issued May 2022	4.30%	2027	300		300
Unsecured medium-term note issued February 2023	5.65%	2028	500		500
Unsecured medium-term note issued May 2023	5.25%	2028	650		650
Unsecured medium-term note issued November 2023	6.30%	2028	400		400
Unsecured medium-term note issued November 2023	6.60%	2033	600		600
Unsecured medium-term note issued February 2024	5.30%	2027	350		—
Unsecured medium-term note issued February 2024	5.38%	2029	550		—
Unsecured foreign obligations	2.88%	2024	50		50
Asset-backed U.S. obligations (1)	3.43%	2024-2030	355		382
Finance lease obligations and other		2024-2031	56		49
			7,616		7,178
Fair market value adjustments on medium-term notes (2)			(38)		(34)
Debt issuance costs and original issue discounts			(35)		(30)
Total debt (3)			7,543		7,114
Short-term debt and current portion of long-term debt			(741)		(1,583)
Long-term debt			$	6,802	$	5,531

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

(2)Interest rate swaps 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 March 31, 2024 and December 31, 2023.

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

The following table summarizes our debt proceeds and repayments in 2024:

Three months ended March 31, 2024
(In millions)	Debt Proceeds			Debt Repayments
Medium-term notes (1)	$	896	Medium-term notes	$	600
U.S. and foreign term loans, finance lease obligations and other	—		U.S. and foreign term loans, finance lease obligations and other	163
Total debt proceeds	$	896	Total debt repaid	$	763

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