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v3.23.1

DEBT (Tables) | 3 Months Ended
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Mar. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Debt |
|  | Weighted Average Interest Rate |  |  |  |  |  |
(Dollars in millions) |  | March 31, 2023 |  | Maturities |  | March 31, 2023 |  | December 31, 2022
Debt: |  |  |  |  |  |  |  |
U.S. commercial paper |  | 5.02% |  | 2026 |  | $ | 457 |  |  | $ | 672 |
Canadian commercial paper |  | — |  | 2026 |  | — |  |  | — |
Trade receivables financing program |  | 5.60% |  | 2023 |  | 215 |  |  | 50 |
Global revolving credit facility |  | — |  | 2026 |  | — |  |  | — |
Unsecured U.S. obligations |  | 4.16% |  | 2027 |  | 375 |  |  | 375 |
Unsecured medium-term note issued February 2018 |  | — |  | 2023 |  | — |  |  | 450 |
Unsecured medium-term note issued June 2018 |  | 3.75% |  | 2023 |  | 450 |  |  | 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) |  | 5.50% |  | 2026 |  | 274 |  |  | 270 |
Unsecured medium-term note issued November 2019 |  | 2.90% |  | 2026 |  | 400 |  |  | 400 |
Unsecured medium-term note issued February 2022 (1) |  | 4.16% |  | 2027 |  | 436 |  |  | 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 foreign obligations |  | 2.88% |  | 2024 |  | 50 |  |  | 50 |
Asset-backed U.S. obligations (2) |  | 3.06% |  | 2023-2029 |  | 460 |  |  | 477 |
Finance lease obligations and other |  |  |  | 2023-2041 |  | 43 |  |  | 42 |
|  |  |  |  |  | 6,361 |  |  | 6,370 |
Debt issuance costs and original issue discounts |  |  |  |  |  | (21) |  |  | (18) |
Total debt (3) |  |  |  |  |  | 6,340 |  |  | 6,352 |
Short-term debt and current portion of long-term debt |  |  |  |  |  | (1,674) |  |  | (1,349) |
Long-term debt |  |  |  |  |  | $ | 4,666 |  |  | $ | 5,003 |
———————————— (1)Includes impact from the fair market values of hedging instruments on our notes, which was $39 million as of March 31, 2023, and $47 million as of December 31, 2022, and was included in "Other non-current liabilities" within the unaudited Condensed Consolidated Balance Sheets. The notional amount of interest rate swaps designated as fair value hedges was $500 million and $450 million as of March 31, 2023 and December 31, 2022, respectively. (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:
Three months ended March 31, 2023
(In millions) |  | Debt Proceeds |  |  |  | Debt Repayments
Medium-term notes (1) |  | $ | 499 |  |  | Medium-term notes |  | $ | 450 |
U.S. and foreign term loans, finance lease obligations and other |  | 165 |  |  | U.S. and foreign term loans, finance lease obligations and other |  | 21 |
Total debt proceeds |  | $ | 664 |  |  | Total debt repaid |  | $ | 471 |
_______________ (1)Proceeds from medium-term notes presented net of discount and issuance costs.

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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