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DEBT | 9 Months Ended
--- | ---
Sep. 30, 2024
Debt Disclosure [Abstract] |
DEBT | DEBT
|  | Weighted Average Interest Rate |  |  |  |  |  |  |  |  |  |
(Dollars in millions) |  | September 30, 2024 |  | Maturities |  | September 30, 2024 |  | December 31, 2023 |  |  |  |
Debt: |  |  |  |  |  |  |  |  |  |  |  |
Trade receivables financing program |  | 5.80% |  | 2025 |  | $ | 20 |  |  | $ | 50 |  |  |  |  |
U.S. commercial paper |  | 5.28% |  | 2026 |  | 977 |  |  | 572 |  |  |  |  |
Unsecured medium-term note issued February and August 2019 |  | —% |  | 2024 |  | — |  |  | 1,150 |  |  |  |  |
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 |  | 5.96% |  | 2026 |  | 300 |  |  | 300 |  |  |  |  |
Unsecured medium-term note issued November 2019 |  | 2.90% |  | 2026 |  | 400 |  |  | 400 |  |  |  |  |
Unsecured medium-term note issued February 2022 |  | 4.43% |  | 2027 |  | 450 |  |  | 450 |  |  |  |  |
Unsecured medium-term note issued May 2022 |  | 4.30% |  | 2027 |  | 300 |  |  | 300 |  |  |  |  |
Unsecured medium-term note issued February 2024 |  | 5.30% |  | 2027 |  | 350 |  |  | — |  |  |  |  |
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 February 2024 |  | 5.38% |  | 2029 |  | 550 |  |  | — |  |  |  |  |
Unsecured medium-term note issued May 2024 |  | 5.50% |  | 2029 |  | 300 |  |  | — |  |  |  |  |
Unsecured medium-term note issued August 2024 |  | 4.95% |  | 2029 |  | 300 |  |  | — |  |  |  |  |
Unsecured medium-term note issued November 2023 |  | 6.60% |  | 2033 |  | 600 |  |  | 600 |  |  |  |  |
Unsecured foreign obligations |  | —% |  | 2024 |  | — |  |  | 50 |  |  |  |  |
Unsecured U.S. obligations |  | 5.14% |  | 2027 |  | 275 |  |  | 375 |  |  |  |  |
Asset-backed U.S. obligations (1) |  | 3.49% |  | 2024-2030 |  | 279 |  |  | 382 |  |  |  |  |
Finance lease obligations and other |  |  |  | 2024-2031 |  | 62 |  |  | 49 |  |  |  |  |
|  |  |  |  |  | 7,663 |  |  | 7,178 |  |  |  |  |
Fair market value adjustments on medium-term notes (2) |  |  |  |  |  | (22) |  |  | (34) |  |  |  |  |
Debt issuance costs and original issue discounts |  |  |  |  |  | (37) |  |  | (30) |  |  |  |  |
Total debt (3) |  |  |  |  |  | 7,603 |  |  | 7,114 |  |  |  |  |
Short-term debt and current portion of long-term debt |  |  |  |  |  | (975) |  |  | (1,583) |  |  |  |  |
Long-term debt |  |  |  |  |  | $ | 6,628 |  |  | $ | 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 are 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 September 30, 2024 and December 31, 2023. (3)The unsecured medium-term notes bear semi-annual interest. The fair value of total debt (excluding finance lease and asset-backed U.S. obligations) was approximately $7.5 billion and $6.8 billion as of September 30, 2024 and December 31, 2023, respectively. For publicly traded debt, estimates of fair value were based on market prices. For other debt, fair value was estimated based on a model-driven approach using rates currently available to us for debt with similar terms and remaining maturities. The fair value measurements of our publicly traded debt and our other debt were classified within Level 2 of the fair value hierarchy. The following table summarizes our debt proceeds and repayments in 2024:
Nine months ended September 30, 2024
(In millions) |  | Debt Proceeds |  |  |  | Debt Repayments
Medium-term notes (1) |  | $ | 1,490 |  |  | Medium-term notes |  | $ | 1,150 |
U.S. and foreign term loans, finance lease obligations and other |  | — |  |  | U.S. and foreign term loans, finance lease obligations and other |  | 298 |
Total debt proceeds |  | $ | 1,490 |  |  | Total debt repaid |  | $ | 1,448 |
———————————— (1)Proceeds from medium-term notes presented net of discount and issuance costs. Debt proceeds were used to repay maturing debt and for general corporate purposes. If the unsecured medium-term notes are downgraded below investment grade following, or as a result of, a change in control, the note holders can require us to repurchase all or a portion of the notes at a purchase price equal to 101% of principal value plus accrued and unpaid interest. On June 28, 2024, certain terms of our global revolving credit facility were amended. Pursuant to the amendment, the Canadian Dollar Offered Rate (CDOR) was replaced as an available benchmark interest rate with the Canadian Overnight Repo Rate Average (CORRA). As of September 30, 2024, there was $423 million available under the $1.4 billion global revolving credit facility. In order to maintain availability of funding, we must maintain a ratio of debt to consolidated net worth of less than or equal to 300%, as defined in the credit facility agreement. As of September 30, 2024, the ratio was 191%. We had letters of credit and surety bonds outstanding of $453 million and $466 million as of September 30, 2024 and December 31, 2023, respectively, which primarily guarantee the payment of insurance claims. As of September 30, 2024, the available proceeds under the $300 million trade receivables financing program were $223 million. Utilization of this program included borrowings of $20 million and letters of credit outstanding of $57 million.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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