XML 28 R17.htm IDEA: XBRL DOCUMENT v3.21.2
DEBT
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
DEBT DEBT
 Weighted Average Interest Rate  
 September 30, 2021MaturitiesSeptember 30,
2021		December 31,
2020
 (In thousands)
Debt:
U.S. commercial paper
0.18%2023$166,626 $214,375 
Canadian commercial paper
0.29%202314,946 62,800 
Trade receivables financing program—%2022— — 
Global revolving credit facility
—%2023— 200 
Unsecured U.S. obligations3.47%2024200,000 200,000 
Unsecured U.S. notes — Medium-term notes (1)
3.40%2022-20264,852,348 5,174,180 
Unsecured foreign obligations1.89%2022-2024161,932 254,259 
Asset-backed U.S. obligations (2)
2.59%2021-2026563,747 682,383 
Finance lease obligations and other2021-203047,185 48,418 
6,006,784 6,636,615 
Debt issuance costs and original issue discounts(19,667)(26,379)
Total debt5,987,117 6,610,236 
Short-term debt and current portion of long-term debt(1,354,821)(516,581)
Long-term debt$4,632,296 $6,093,655 
 ————————————
(1)Includes the impact from the fair market values of hedging instruments on our notes, which were not material as of September 30, 2021 and December 31, 2020. The notional amount of interest rate swaps designated as fair value hedges was $150 million as of September 30, 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 $5.7 billion and $6.3 billion as of September 30, 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 September 30, 2021, there was $1.2 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 defined in the credit facility agreement. As of September 30, 2021, the ratio was 165%. We had letters of credit and surety bonds outstanding of $458 million and $519 million as of September 30, 2021 and December 31, 2020, respectively, which primarily guarantee the payment of insurance claims.

In April 2021, we extended the expiration date of the trade receivables financing program to April 2022. As of September 30, 2021, the available proceeds under the program were $300 million. In August 2021, we early redeemed $300 million aggregate principal amount outstanding of our 3.450% Medium Term Notes due November 15, 2021. This redemption did not have a material impact on our results of operations.