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DEBT
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
DEBT DEBT
 Weighted Average Interest Rate  
(Dollars in millions)March 31, 2024MaturitiesMarch 31, 2024December 31, 2023
Debt:
U.S. commercial paper
5.60%2026$860 $572 
Trade receivables financing program5.76%202520 50 
Unsecured U.S. obligations5.14%2027275 375 
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 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 November 20236.60%2033600 600 
Unsecured medium-term note issued February 2024
5.30%
2027
350 — 
Unsecured medium-term note issued February 2024
5.38%
2029
550 — 
Unsecured foreign obligations2.88%202450 50 
Asset-backed U.S. obligations (1)
3.43%2024-2030355 382 
Finance lease obligations and other2024-203156 49 
7,616 7,178 
Fair market value adjustments on medium-term notes (2)
(38)(34)
Debt issuance costs and original issue discounts(35)(30)
Total debt (3)
7,543 7,114 
Short-term debt and current portion of long-term debt(741)(1,583)
Long-term debt$6,802 $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 March 31, 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 $7.2 billion and $6.8 billion as of March 31, 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:

Three months ended March 31, 2024
(In millions)Debt ProceedsDebt Repayments
Medium-term notes (1)
$896 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 other163 
Total debt proceeds
$896 Total debt repaid$763 
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(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.

As of March 31, 2024, there was $540 million available under the 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 March 31, 2024, the ratio was 190%.

We had letters of credit and surety bonds outstanding of $477 million and $466 million as of March 31, 2024 and December 31, 2023, respectively, which primarily guarantee the payment of insurance claims.

As of March 31, 2024, the available proceeds under the trade receivables financing program were $197 million. As of March 31, 2024, utilization of this program included borrowing of $20 million and letters of credit outstanding of $83 million.