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DEBT (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
 Weighted Average Interest Rate  
(Dollars in millions)June 30, 2024MaturitiesJune 30, 2024December 31, 2023
Debt:
Trade receivables financing program5.77%2025$20 $50 
U.S. commercial paper
5.60%2026654 572 
Unsecured medium-term note issued February 2019—%2024— 600 
Unsecured medium-term note issued August 20192.50%2024550 550 
Unsecured medium-term note issued April 20204.63%2025400 400 
Unsecured medium-term note issued May 20203.35%2025400 400 
Unsecured medium-term note issued December 19956.95%2025150 150 
Unsecured medium-term note issued November 20216.12%2026300 300 
Unsecured medium-term note issued November 20192.90%2026400 400 
Unsecured medium-term note issued February 20224.48%2027450 450 
Unsecured medium-term note issued May 20224.30%2027300 300 
Unsecured medium-term note issued February 2024
5.30%2027350 — 
Unsecured medium-term note issued February 20235.65%2028500 500 
Unsecured medium-term note issued May 20235.25%2028650 650 
Unsecured medium-term note issued November 20236.30%2028400 400 
Unsecured medium-term note issued February 2024
5.38%2029550 — 
Unsecured medium-term note issued May 2024
5.50%2029300 — 
Unsecured medium-term note issued November 20236.60%2033600 600 
Unsecured foreign obligations—%2024— 50 
Unsecured U.S. obligations5.14%2027275 375 
Asset-backed U.S. obligations (1)
3.49%2024-2030301 382 
Finance lease obligations and other2024-203158 49 
7,608 7,178 
Fair market value adjustments on medium-term notes (2)
(36)(34)
Debt issuance costs and original issue discounts(36)(30)
Total debt (3)
7,536 7,114 
Short-term debt and current portion of long-term debt(1,086)(1,583)
Long-term debt$6,450 $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 June 30, 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:

Six months ended June 30, 2024
(In millions)Debt ProceedsDebt Repayments
Medium-term notes (1)
$1,193 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 other270 
Total debt proceeds
$1,193 Total debt repaid$870 
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(1)Proceeds from medium-term notes presented net of discount and issuance costs.