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Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Debt

		Weighted-Average Interest Rate
		December 31,						December 31,
		2019		2018		Maturities		2019				2018
								(In thousands)
Short-term debt and current portion of long-term debt:
Short-term debt		1.98%		2.69%				$	425,676			$	81,522
Current portion of long-term debt, including finance leases								728,888				855,609
Total short-term debt and current portion of long-term debt								1,154,564				937,131
Total long-term debt:
U.S. commercial paper (1)		1.99%		2.78%		2023		119,690				454,397
Canadian commercial paper (1)		2.04%		2.28%		2023		107,128				123,491
Trade receivables program		—%		3.15%		2020		—				200,000
Global revolving credit facility		2.10%		3.25%		2023		8,104				12,581
Unsecured U.S. notes – Medium-term notes (1) (2)		3.17%		3.22%		2020-2026		5,965,064				4,853,496
Unsecured U.S. obligations		2.79%		3.50%		2024		200,000				50,000
Unsecured foreign obligations		2.18%		1.61%		2020-2024		265,910				216,719
Asset-backed U.S. obligations (3)		2.50%		2.37%		2020-2026		807,374				627,707
Finance lease obligations (4)		8.18%		7.97%		2020-2073		51,717				47,452
Total long-term debt								7,524,987				6,585,843
Debt issuance costs								(25,875		)		(18,088		)
								7,499,112				6,567,755
Current portion of long-term debt, including finance leases								(728,888		)		(855,609		)
Long-term debt								6,770,224				5,712,146
Total debt								$	7,924,788			$	6,649,277

_________________ 

(1) Amounts are net of unamortized original issue discounts of $6 million and $7 million as of December 31, 2019 and 2018, respectively.

(2) Amounts are inclusive of the fair market values of our hedging instruments on our notes of $10 million as of December 31, 2018. The fair market values of our hedging instruments were not material as of December 31, 2019. The notional amount of the interest rate swaps designated as fair value hedges was $525 million and $725 million as of December 31, 2019 and 2018, respectively.

(3) Asset-backed U.S. obligations are related to financing transactions backed by a portion of our revenue earning equipment.

(4)

Refer to Note 13, "Leases," for additional information.

Schedule of Maturities of Debt

Contractual maturities of total debt, excluding finance lease obligations, are as follows:

Years ending December 31		(In thousands)
2020		$	1,322,055
2021		1,082,983
2022		1,295,782
2023		1,930,497
2024		1,511,262
Thereafter		755,905
Total (1)		7,898,484
Finance lease obligations (Refer to Note 13)		51,717
Debt issuance costs		(25,875		)
Impact of fair market value adjustments on notes subject to hedging		462
Total long-term debt		$	7,924,788

_________________ 

(1) Net of unamortized discount.

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Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

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Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601

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