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DEBT
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
DEBT DEBT
 Weighted Average Interest Rate  
 March 31, 2022MaturitiesMarch 31,
2022		December 31,
2021
 (In thousands)
Debt:
U.S. commercial paper
0.69%2026$601,711 $531,157 
Canadian commercial paper
—%2026— 7,087 
Trade receivables financing program0.44%202250,000 — 
Global revolving credit facility
—%2026— — 
Unsecured U.S. obligations3.41%2024200,000 200,000 
Unsecured U.S. notes — Medium-term notes (1)
3.21%2022-20275,279,035 5,149,893 
Unsecured foreign obligations2.31%2022-2024117,487 140,265 
Asset-backed U.S. obligations (2)
2.63%2022-2026510,275 526,712 
Finance lease obligations and other2022-203044,102 44,595 
6,802,610 6,599,709 
Debt issuance costs and original issue discounts(21,834)(20,040)
Total debt6,780,776 6,579,669 
Short-term debt and current portion of long-term debt(1,559,928)(1,333,363)
Long-term debt$5,220,848 $5,246,306 
 ————————————
(1)Includes the impact from the fair market values of hedging instruments on our notes, which was $21 million as of March 31, 2022 and not material as of December 31, 2021. The notional amount of the executed interest rate swaps designated as fair value hedges was $650 million and $450 million as of March 31, 2022 and December 31, 2021, respectively.
(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 $6.4 billion and $6.2 billion as of March 31, 2022 and December 31, 2021, 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 our other debt were classified within Level 2 of the fair value hierarchy.

As of March 31, 2022, there was $798 million 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 March 31, 2022, the ratio was 188%. We had letters of credit and surety bonds outstanding of $465 million and $456 million as of March 31, 2022 and December 31, 2021, respectively, which primarily guarantee the payment of insurance claims.
As of March 31, 2022, the available proceeds under the trade receivables financing program were $250 million. We plan to extend the trade receivables financing program for an additional year to May 2023. In February 2022, we issued an aggregate principal amount of $450 million unsecured medium terms notes that mature on March 1, 2027. The notes bear interest at a rate of 2.85% per year.