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DEBT | 3 Months Ended
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Mar. 31, 2021
Debt Disclosure [Abstract] |
DEBT | DEBT
| Weighted Average Interest Rate |  |  |  |  |  |
| March 31, 2021 |  | Maturities |  | March 31, 2021 |  | December 31, 2020
|  |  |  |  | (In thousands)
Debt: |  |  |  |  |  |  |
U.S. commercial paper | 0.22% |  | 2023 |  | $ | 90,075 |  |  | $ | 214,375 |
Canadian commercial paper | 0.39% |  | 2023 |  | 57,301 |  |  | 62,800 |
Trade receivables program | —% |  | 2022 |  | — |  |  | — |
Global revolving credit facility | —% |  | 2023 |  | — |  |  | 200 |
Unsecured U.S. obligations | 3.47% |  | 2024 |  | 200,000 |  |  | 200,000 |
Unsecured U.S. notes — Medium-term notes (1) | 3.41% |  | 2021-2026 |  | 5,153,471 |  |  | 5,174,180 |
Unsecured foreign obligations | 1.82% |  | 2022-2024 |  | 193,690 |  |  | 254,259 |
Asset-backed U.S. obligations (2) | 2.55% |  | 2021-2026 |  | 654,058 |  |  | 682,383 |
Finance lease obligations and other |  |  | 2021-2073 |  | 47,802 |  |  | 48,418 |
|  |  |  |  | 6,396,397 |  |  | 6,636,615 |
Debt issuance costs and original issue discounts |  |  |  |  | (24,237) |  |  | (26,379) |
Total debt |  |  |  |  | 6,372,160 |  |  | 6,610,236 |
Short-term debt and current portion of long-term debt |  |  |  |  | (789,928) |  |  | (516,581) |
Long-term debt |  |  |  |  | $ | 5,582,232 |  |  | $ | 6,093,655 |
———————————— (1)Included the impact from the fair market values of hedging instruments on our notes, which were not material as of March 31, 2021 and December 31, 2020. The notional amount of interest rate swaps designated as fair value hedges was $150 million as of March 31, 2021 and December 31, 2020. (2)Asset-backed U.S. obligations are related to financing transactions backed by a portion of our revenue earning equipment. The fair value of total debt (excluding finance lease and asset-backed U.S. obligations) was approximately $6.0 billion and $6.3 billion as of March 31, 2021 and December 31, 2020, respectively. For publicly-traded debt, estimates of fair value were based on market prices. For other debt, fair value was estimated based on a model-driven approach using rates currently available to us for debt with similar terms and remaining maturities. The fair value measurements of our publicly-traded debt and other debt were classified within Level 2 of the fair value hierarchy. As of March 31, 2021, there was $1.3 billion available under the global credit facility. In order to maintain availability of funding, we must maintain a ratio of debt to consolidated net worth of less than or equal to 300%. As of March 31, 2021, the ratio was 188%. In April 2021, we extended the maturity of the trade receivables program to April 2022. As of March 31, 2021, the available proceeds under the program were $300 million. We had letters of credit and surety bonds outstanding of $457 million and $519 million as of March 31, 2021 and December 31, 2020, respectively, which primarily guarantee the payment of insurance claims.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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