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DEBT (Tables) | 6 Months Ended
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Jun. 30, 2023
Debt Disclosure [Abstract] |
Schedule of Debt |
|  | Weighted Average Interest Rate |  |  |  |  |  |
(Dollars in millions) |  | June 30, 2023 |  | Maturities |  | June 30, 2023 |  | December 31, 2022
Debt: |  |  |  |  |  |  |  |
U.S. commercial paper |  | 5.50% |  | 2026 |  | $ | 646 |  |  | $ | 672 |
Trade receivables financing program |  | 6.02% |  | 2024 |  | 50 |  |  | 50 |
Global revolving credit facility |  | — |  | 2026 |  | — |  |  | — |
Unsecured U.S. obligations |  | 4.16% |  | 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) |  | 6.03% |  | 2026 |  | 270 |  |  | 270 |
Unsecured medium-term note issued November 2019 |  | 2.90% |  | 2026 |  | 400 |  |  | 400 |
Unsecured medium-term note issued February 2022 (1) |  | 4.29% |  | 2027 |  | 433 |  |  | 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) |  | 3.22% |  | 2023-2030 |  | 432 |  |  | 477 |
Finance lease obligations and other |  |  |  | 2023-2041 |  | 44 |  |  | 42 |
|  |  |  |  |  | 6,550 |  |  | 6,370 |
Debt issuance costs and original issue discounts |  |  |  |  |  | (25) |  |  | (18) |
Total debt (3) |  |  |  |  |  | 6,525 |  |  | 6,352 |
Short-term debt and current portion of long-term debt |  |  |  |  |  | (1,330) |  |  | (1,349) |
Long-term debt |  |  |  |  |  | $ | 5,195 |  |  | $ | 5,003 |
———————————— (1)Includes impact from the fair market values of hedging instruments on our notes, which was $47 million as of both June 30, 2023 and 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 June 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:
Six months ended June 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 |  | 224 |
Total debt proceeds |  | $ | 1,314 |  |  | Total debt repaid |  | $ | 1,124 |
———————————— (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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