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DEBT (Tables)
 3 Months Ended
Mar. 31, 2018
Debt Disclosure [Abstract]  
Schedule of debt
 
Weighted-Average
Interest Rate
 
 
 
 
 
 
 
March 31,
2018
 
December 31,
2017
 
Maturities
 
March 31,
2018
 
December 31,
2017
 
 
 
 
 
 
 
(In thousands)
Short-term debt and current portion of long-term debt:
 
 
 
 
 
 
 
 
 
Short-term debt
1.54%
 
1.79%
 

 
$
36,498

 
35,509

Current portion of long-term debt
 
 
 
 
 
 
641,418

 
790,560

Total short-term debt and current portion of long-term debt
 
 
 
 
 
677,916

 
826,069

Long-term debt:
 
 
 
 
 
 
 
 
 
U.S. commercial paper (1)
2.08%
 
1.56%
 
2020
 
780,975

 
570,218

Canadian commercial paper (1)
1.54%
 
—%
 
2020
 
41,000

 
—

Global revolving credit facility
2.70%
 
2.80%
 
2020
 
800

 
17,328

Unsecured U.S. notes — Medium-term notes (1)
2.83%
 
2.73%
 
2018-2025
 
4,113,377

 
4,014,091

Unsecured U.S. obligations
—%
 
2.79%
 
2018
 
—

 
50,000

Unsecured foreign obligations
1.60%
 
1.50%
 
2018-2020
 
236,733

 
230,380

Asset-backed U.S. obligations (2)
1.85%
 
1.85%
 
2018-2022
 
479,871

 
491,899

Capital lease obligations
3.58%
 
3.53%
 
2018-2024
 
18,351

 
20,871

Total before fair market value adjustment
 
 
 
 
 
 
5,671,107

 
5,394,787

Fair market value adjustment on notes subject to hedging (3)
 
 
 
 
 
(14,555
)
 
(7,192
)
Debt issuance costs
 
 
 
 
 
 
(15,364
)
 
(13,453
)
 
 
 
 
 
 
 
5,641,188

 
5,374,142

Current portion of long-term debt
 
 
 
 
 
 
(641,418
)
 
(790,560
)
Long-term debt
 
 
 
 
 
 
4,999,770

 
4,583,582

Total debt
 
 
 
 
 
 
$
5,677,686

 
5,409,651

 ————————————
(1)
Amounts are net of unamortized original issue discounts of $8 million and $6 million at March 31, 2018 and December 31, 2017.
(2)
Asset-backed U.S. obligations are related to financing transactions involving revenue earning equipment.
(3)
The notional amount of the executed interest rate swaps designated as fair value hedges was $825 million at March 31, 2018 and December 31, 2017.