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DEBT (Tables) | 3 Months Ended
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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 |  |  |  |  |
———————————— (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 |
———————————— (1)Proceeds from medium-term notes presented net of discount and issuance costs.

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