DEBT (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

	Weighted Average Interest Rate
(Dollars in millions)	December 31, 2023	December 31, 2022	Maturities	December 31, 2023		December 31, 2022
Debt:
U.S. commercial paper	5.68%	4.61%	2026	$	572	$	672
Trade receivables financing program	5.87%	5.14%	2024	50		50
Global revolving credit facility	—%	—%	2026	—		—
Unsecured U.S. obligations	4.13%	4.08%	2024-2027	375		375
Unsecured medium-term note issued February 2018	—%	3.40%	2023	—		450
Unsecured medium-term note issued June 2018	—%	3.75%	2023	—		450
Unsecured medium-term note issued October 2018	—%	3.88%	2023	—		300
Unsecured medium-term note issued February 2019	3.65%	3.65%	2024	600		600
Unsecured medium-term note issued August 2019	2.50%	2.50%	2024	550		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	6.15%	5.29%	2026	300		300
Unsecured medium-term note issued November 2019	2.90%	2.90%	2026	400		400
Unsecured medium-term note issued February 2022	4.50%	3.57%	2027	450		450
Unsecured medium-term note issued May 2022	4.30%	4.30%	2027	300		300
Unsecured medium-term note issued February 2023	5.65%	—%	2028	500		—
Unsecured medium-term note issued May 2023	5.25%	—%	2028	650		—
Unsecured medium-term note issued November 2023	6.30%	—%	2028	400		—
Unsecured medium-term note issued November 2023	6.60%	—%	2033	600		—
Unsecured foreign obligations	2.88%	2.88%	2024	50		50
Asset-backed U.S. obligations (1)	3.40%	2.98%	2024-2030	382		477
Finance lease obligations and other			2024-2031	49		42
				7,178		6,416
Fair market value adjustment on medium-term notes (2)				(34)		(46)
Debt issuance costs and original issue discounts				(30)		(18)
Total debt (3)				7,114		6,352
Short-term debt and current portion of long-term debt				(1,583)		(1,349)
Long-term debt				$	5,531	$	5,003

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(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, 2023 and December 31, 2022.

(3)The unsecured medium-term notes bear semi-annual interest.

The following table includes our debt proceeds and repayments in 2023:

(In millions)	Debt Proceeds			Debt Repayments
Medium-term notes (1)	$	2,135	Medium-term notes	$	1,200
U.S. and foreign term loans, finance lease obligations and other	172		U.S. and foreign term loans, finance lease obligations and other	281
Total debt proceeds	$	2,307	Total debt repaid	$	1,481

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(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)
2024	$	1,569
2025	1,089
2026	1,347
2027	938
2028	1,565
Thereafter	621
Total	7,129
Finance lease obligations (Refer to Note 12, "Leases")	49
Total long-term debt	$	7,178