DEBT (Tables)

12 Months Ended

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

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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, 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

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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)
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

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(1)Includes borrowings of $20 million and letters of credit outstanding of $99 million.