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DEBT (Tables) | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Debt |
|  | Weighted Average Interest Rate |  |  |  |  |  |  |  |  |  |
(Dollars in millions) |  | June 30, 2025 |  | Maturities |  | June 30, 2025 |  | December 31, 2024 |  |  |  |
Debt: |  |  |  |  |  |  |  |  |  |  |  |
Trade receivables financing program |  | 4.75% |  | 2026 |  | $ | 20 |  |  | $ | 20 |  |  |  |  |
U.S. commercial paper |  | 4.68% |  | 2030 |  | 653 |  |  | 868 |  |  |  |  |
Unsecured medium-term note issued April 2020 |  | —% |  | 2025 |  | — |  |  | 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 |  | 5.14% |  | 2026 |  | 300 |  |  | 300 |  |  |  |  |
Unsecured medium-term note issued November 2019 |  | 2.90% |  | 2026 |  | 400 |  |  | 400 |  |  |  |  |
Unsecured medium-term note issued February 2022 |  | 4.05% |  | 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 |  |  | 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 |  |  | 550 |  |  |  |  |
Unsecured medium-term note issued May 2024 |  | 5.50% |  | 2029 |  | 300 |  |  | 300 |  |  |  |  |
Unsecured medium-term note issued August 2024 |  | 4.95% |  | 2029 |  | 300 |  |  | 300 |  |  |  |  |
Unsecured medium-term note issued November 2024 |  | 4.90% |  | 2029 |  | 300 |  |  | 300 |  |  |  |  |
Unsecured medium-term note issued February 2025 |  | 5.00% |  | 2030 |  | 300 |  |  | — |  |  |  |  |
Unsecured medium-term note issued May 2025 |  | 4.85% |  | 2030 |  | 300 |  |  | — |  |  |  |  |
Unsecured medium-term note issued November 2023 |  | 6.60% |  | 2033 |  | 600 |  |  | 600 |  |  |  |  |
Unsecured U.S. obligations |  | 5.14% |  | 2027 |  | 275 |  |  | 275 |  |  |  |  |
Asset-backed U.S. obligations (1) |  | 3.59% |  | 2025-2030 |  | 197 |  |  | 252 |  |  |  |  |
Finance lease obligations and other |  |  |  | 2025-2032 |  | 87 |  |  | 76 |  |  |  |  |
|  |  |  |  |  | 7,782 |  |  | 7,841 |  |  |  |  |
Fair market value adjustments on medium-term notes (2) |  |  |  |  |  | (16) |  |  | (25) |  |  |  |  |
Debt issuance costs and original issue discounts |  |  |  |  |  | (39) |  |  | (37) |  |  |  |  |
Total debt (3) |  |  |  |  |  | 7,727 |  |  | 7,779 |  |  |  |  |
Short-term debt and current portion of long-term debt |  |  |  |  |  | (734) |  |  | (1,120) |  |  |  |  |
Long-term debt |  |  |  |  |  | $ | 6,993 |  |  | $ | 6,659 |  |  |  |  |
———————————— (1)Asset-backed U.S. obligations are 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, 2025 and December 31, 2024. (3)The unsecured medium-term notes bear semi-annual interest. The following table summarizes our debt proceeds and repayments in 2025:
Six months ended June 30, 2025
(In millions) |  | Debt Proceeds |  |  |  | Debt Repayments
Medium-term notes (1) |  | $ | 594 |  |  | Medium-term notes |  | $ | 400 |
U.S. and foreign term loans, finance lease obligations and other |  | — |  |  | U.S. and foreign term loans, finance lease obligations and other |  | 71 |
Total debt proceeds |  | $ | 594 |  |  | Total debt repaid |  | $ | 471 |
———————————— (1)Proceeds from medium-term notes presented net of discount and issuance costs.
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:
|  | June 30, 2025
(In millions) |  | Borrowing Capacity |  | Outstanding |  | Available
Revolving credit facility |  | $ | 1,600 |  |  | $ | 653 |  |  | $ | 947 |
Trade receivables financing facility (1) |  | 300 |  |  | 99 |  |  | 201 |
Total |  | $ | 1,900 |  |  | $ | 752 |  |  | $ | 1,148 |
_______________ (1)As of June 30, 2025, includes borrowings of $20 million and letters of credit outstanding of $79 million

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