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DEBT (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Debt |
|  | Weighted Average Interest Rate |  |  |  |  |  |  |  |
(Dollars in millions) |  | December 31, 2024 |  | December 31, 2023 |  |  |  | Maturities |  | December 31, 2024 |  | December 31, 2023
Debt: |  |  |  |  |  |  |  |  |  |  |  |
Trade receivables financing program |  | 5.06% |  | 5.87% |  |  |  | 2025 |  | $ | 20 |  |  | $ | 50 |
U.S. commercial paper |  | 4.78% |  | 5.68% |  |  |  | 2026 |  | 868 |  |  | 572 |
Unsecured medium-term note issued February 2019 |  | —% |  | 3.65% |  |  |  | 2026 |  | — |  |  | 600 |
Unsecured medium-term note issued August 2019 |  | —% |  | 2.50% |  |  |  | 2026 |  | — |  |  | 550 |
Unsecured medium-term note issued April 2020 |  | 4.63% |  | 4.63% |  |  |  | 2025 |  | 400 |  |  | 400 |
Unsecured medium-term note issued May 2020 |  | 3.35% |  | 3.35% |  |  |  | 2025 |  | 400 |  |  | 400 |
Unsecured medium-term note issued December 1995 |  | 6.95% |  | 6.95% |  |  |  | 2025 |  | 150 |  |  | 150 |
Unsecured medium-term note issued November 2021 |  | 5.53% |  | 6.15% |  |  |  | 2026 |  | 300 |  |  | 300 |
Unsecured medium-term note issued November 2019 |  | 2.90% |  | 2.90% |  |  |  | 2026 |  | 400 |  |  | 400 |
Unsecured medium-term note issued February 2022 |  | 4.27% |  | 4.50% |  |  |  | 2027 |  | 450 |  |  | 450 |
Unsecured medium-term note issued May 2022 |  | 4.30% |  | 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% |  | 5.65% |  |  |  | 2028 |  | 500 |  |  | 500 |
Unsecured medium-term note issued May 2023 |  | 5.25% |  | 5.25% |  |  |  | 2028 |  | 650 |  |  | 650 |
Unsecured medium-term note issued November 2023 |  | 6.30% |  | 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 2024 |  | 4.90% |  | —% |  |  |  | 2029 |  | 300 |  |  | — |
Unsecured medium-term note issued November 2023 |  | 6.60% |  | 6.60% |  |  |  | 2033 |  | 600 |  |  | 600 |
Unsecured foreign obligations |  | —% |  | 2.88% |  |  |  | 2024 |  | — |  |  | 50 |
Unsecured U.S. obligations |  | 5.14% |  | 4.13% |  |  |  | 2027 |  | 275 |  |  | 375 |
Asset-backed U.S. obligations (1) |  | 3.59% |  | 3.40% |  |  |  | 2025-2030 |  | 252 |  |  | 382 |
Finance lease obligations and other |  |  |  |  |  |  |  | 2025-2031 |  | 76 |  |  | 49 |
|  |  |  |  |  |  |  |  |  | 7,841 |  |  | 7,178 |
Fair market value adjustment on medium-term notes (2) |  |  |  |  |  |  |  |  |  | (25) |  |  | (34) |
Debt issuance costs and original issue discounts |  |  |  |  |  |  |  |  |  | (37) |  |  | (30) |
Total debt (3) |  |  |  |  |  |  |  |  |  | 7,779 |  |  | 7,114 |
Short-term debt and current portion of long-term debt |  |  |  |  |  |  |  |  |  | (1,120) |  |  | (1,583) |
Long-term debt |  |  |  |  |  |  |  |  |  | $ | 6,659 |  |  | $ | 5,531 |
_______________ (1)Asset-backed U.S. obligations are financing transactions backed by a portion of our revenue earning equipment. (2)Included in "Other non-current liabilities" within the Consolidated Balance Sheets. The notional amount of the executed interest rate swaps designated as fair value hedges was $500 million as of both December 31, 2024 and 2023. (3)The unsecured medium-term notes bear semi-annual interest. The following table includes our debt proceeds and repayments in 2024:
(In millions) |  | Debt Proceeds |  |  |  | Debt Repayments
Medium-term notes (1) |  | $ | 1,789 |  |  | 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 |  | 329 |
Total debt proceeds |  | $ | 1,789 |  |  | Total debt repaid |  | $ | 1,479 |
_______________ (1)Proceeds from medium-term notes presented net of discount and issuance costs.
Schedule of Maturities of Debt | Contractual maturities of total debt, excluding finance lease obligations, are as follows:
Years ending December 31, |  |  |  | (In millions)
2025 |  |  |  | $ | 1,099 |
2026 |  |  |  | 1,641 |
2027 |  |  |  | 1,388 |
2028 |  |  |  | 1,565 |
2029 |  |  |  | 1,472 |
Thereafter |  |  |  | 600 |
Total |  |  |  | 7,765 |
Finance lease obligations (Refer to Note 12, "Leases") |  |  |  | 76 |
Total long-term debt |  |  |  | $ | 7,841 |
Schedule of Revolving Credit Facility and Trade Receivables Financing Program | Our borrowing capacity under the revolving credit facility and trade receivables financing program was as follows:
|  | December 31, 2024
(In millions) |  | Borrowing Capacity |  | Outstanding |  | Available
Revolving credit facility |  | $ | 1,400 |  |  | $ | 868 |  |  | $ | 532 |
Trade receivables financing facility (1) |  | 300 |  | 119 |  | 181
Total |  | $ | 1,700 |  |  | $ | 987 |  |  | $ | 713 |
_______________ (1)Includes borrowings of $20 million and letters of credit outstanding of $99 million.

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