v3.22.4
DEBT (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Debt
 Weighted Average
Interest Rate		  
 (Dollars in millions)December 31, 2022December 31, 2021MaturitiesDecember 31,
2022		December 31,
2021
Debt:
U.S. commercial paper
4.61%0.32%2026$672 $531 
Canadian commercial paper
—%0.34%2026— 7 
Trade receivables financing program5.14%—%202350 — 
Global revolving credit facility—%—%2026— — 
Unsecured U.S. obligations4.08%3.41%2027375 200 
Unsecured U.S. notes — Medium-term notes (1)
3.68%3.24%2023-20274,704 5,150 
Unsecured foreign obligations2.88%2.00%202450 140 
Asset-backed U.S. obligations (2)
2.98%2.62%2023-2029477 527 
Finance lease obligations and other2023-203142 45 
6,370 6,600 
Debt issuance costs and original issue discounts(18)(20)
Total debt6,352 6,580 
Short-term debt and current portion of long-term debt(1,349)(1,333)
Long-term debt$5,003 $5,247 
_______________
(1)Includes the impact from the fair market values of hedging instruments on our notes, which were $47 million as of December 31, 2022 and $12 million as of December 31, 2021. The notional amount of the executed interest rate swaps designated as fair value hedges was $500 million and $450 million as of December 31, 2022 and December 31, 2021, respectively.
(2)Asset-backed U.S. obligations are related to financing transactions backed by a portion of our revenue earning equipment.
The following table includes our debt proceeds and repayments in 2022:
(In millions)Debt ProceedsDebt Repayments
Medium-term notes (1)
$749 Medium-term notes$1,150 
U.S. and foreign term loans, finance lease obligations and other480 U.S. and foreign term loans, finance lease obligations and other402 
Total debt proceeds
$1,229 Total debt repaid$1,552 
_______________
(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)
2023$1,337 
20241,520 
20251,096 
20261,419 
2027922 
Thereafter34 
Total6,328 
Finance lease obligations (Refer to Note 12)
42 
Total long-term debt$6,370