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DEBT (Tables) | 12 Months Ended
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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 |
_______________ (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 |
_______________ (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 |

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