DEBT (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt

	Weighted Average Interest Rate
(Dollars in millions)	March 31, 2025	Maturities	March 31, 2025		December 31, 2024
Debt:
Trade receivables financing program	4.78%	2025	$	20	$	20
U.S. commercial paper	4.65%	2026	557		868
Unsecured medium-term note issued April 2020	4.63%	2025	400		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	5.13%	2026	300		300
Unsecured medium-term note issued November 2019	2.90%	2026	400		400
Unsecured medium-term note issued February 2022	4.04%	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 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	241		252
Finance lease obligations and other		2025-2032	81		76
			7,824		7,841
Fair market value adjustments on medium-term notes (2)			(20)		(25)
Debt issuance costs and original issue discounts			(39)		(37)
Total debt (3)			7,765		7,779
Short-term debt and current portion of long-term debt			(1,114)		(1,120)
Long-term debt			$	6,651	$	6,659

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(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 March 31, 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:

Three months ended March 31, 2025
(In millions)	Debt Proceeds			Debt Repayments
Medium-term notes (1)	$	297	Medium-term notes	$	—
U.S. and foreign term loans, finance lease obligations and other	—		U.S. and foreign term loans, finance lease obligations and other	18
Total debt proceeds	$	297	Total debt repaid	$	18

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(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:

	March 31, 2025
(In millions)	Borrowing Capacity		Outstanding		Available
Revolving credit facility	$	1,400	$	557	$	843
Trade receivables financing facility (1)	300		98		202
Total	$	1,700	$	655	$	1,045

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(1)As of March 31, 2025 and December 31, 2024, includes borrowings of $20 million for both periods, and letters of credit outstanding of $78 million and $99 million, respectively.