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DEBT (Tables) | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Schedule of Debt |
| Weighted Average Interest Rate |  |  |  |  |  |  |  |
| December 31, 2021 |  | December 31, 2020 |  |  |  | Maturities |  | December 31, 2021 |  | December 31, 2020
|  |  |  |  |  |  |  |  | (In thousands)
Debt: |  |  |  |  |  |  |  |  |  |  |
U.S. commercial paper | 0.32% |  | 0.29% |  |  |  | 2026 |  | $ | 531,157 |  |  | $ | 214,375 |
Canadian commercial paper | 0.34% |  | 0.62% |  |  |  | 2026 |  | 7,087 |  |  | 62,800 |
Trade receivables financing program | —% |  | —% |  |  |  | 2022 |  | — |  |  | — |
Global revolving credit facility | —% |  | 1.25% |  |  |  | 2026 |  | — |  |  | 200 |
Unsecured U.S. obligations | 3.41% |  | 3.47% |  |  |  | 2024 |  | 200,000 |  |  | 200,000 |
Unsecured U.S. notes — Medium-term notes (1) | 3.24% |  | 3.41% |  |  |  | 2022-2026 |  | 5,149,893 |  |  | 5,174,180 |
Unsecured foreign obligations | 2.00% |  | 1.82% |  |  |  | 2022-2024 |  | 140,265 |  |  | 254,259 |
Asset-backed U.S. obligations (2) | 2.62% |  | 2.53% |  |  |  | 2022-2026 |  | 526,712 |  |  | 682,383 |
Finance lease obligations and other |  |  |  |  |  |  | 2022-2030 |  | 44,595 |  |  | 48,418 |
|  |  |  |  |  |  |  |  | 6,599,709 |  |  | 6,636,615 |
Debt issuance costs and original issue discounts |  |  |  |  |  |  |  |  | (20,040) |  |  | (26,379) |
Total debt |  |  |  |  |  |  |  |  | 6,579,669 |  |  | 6,610,236 |
Short-term debt and current portion of long-term debt |  |  |  |  |  |  |  |  | (1,333,363) |  |  | (516,581) |
Long-term debt |  |  |  |  |  |  |  |  | $ | 5,246,306 |  |  | $ | 6,093,655 |
_______________ (1)Includes the impact from the fair market values of hedging instruments on our notes, which were not material as of both December 31, 2021 and December 31, 2020. The notional amount of the executed interest rate swaps designated as fair value hedges was $450 million and $150 million as of December 31, 2021 and December 31, 2020, 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 2021:
Debt Proceeds |  | Debt Repayments
(In thousands)
Medium-term notes | $ | 299,616 |  |  | Medium-term notes | $ | 320,000 |
U.S. and foreign term loans, finance lease obligations and other | — |  |  | U.S. and foreign term loans, finance lease obligations and other | 287,636 |
Total debt proceeds | $ | 299,616 |  |  | Total debt repaid | $ | 607,636 |
Schedule of Maturities of Debt | Contractual maturities of total debt, excluding finance lease obligations, are as follows:
Years ending December 31 |  |  |  | (In thousands)
2022 |  |  |  | $ | 1,321,221 |
2023 |  |  |  | 1,341,525 |
2024 |  |  |  | 1,509,973 |
2025 |  |  |  | 1,084,564 |
2026 |  |  |  | 1,297,831 |
Thereafter |  |  |  | — |
Total |  |  |  | 6,555,114 |
Finance lease obligations (Refer to Note 12) |  |  |  | 44,595 |
Total long-term debt |  |  |  | $ | 6,599,709 |

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