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DEBT
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
DEBT DEBT
 Weighted Average Interest Rate  
(Dollars in thousands)June 30, 2022MaturitiesJune 30, 2022December 31, 2021
Debt:
U.S. commercial paper
1.59%2026$746,252 $531,157 
Canadian commercial paper
—%2026— 7,087 
Trade receivables financing program0.44%202350,000 — 
Global revolving credit facility
—%2026— — 
Unsecured U.S. obligations3.41%2024200,000 200,000 
Unsecured U.S. notes — Medium-term notes (1)
3.42%2022-20275,019,000 5,149,893 
Unsecured foreign obligations2.72%2022-2024111,533 140,265 
Asset-backed U.S. obligations (2)
2.67%2022-2026447,621 526,712 
Finance lease obligations and other2022-203040,796 44,595 
6,615,201 6,599,709 
Debt issuance costs and original issue discounts(21,967)(20,040)
Total debt6,593,234 6,579,669 
Short-term debt and current portion of long-term debt(1,414,684)(1,333,363)
Long-term debt$5,178,550 $5,246,306 
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(1)Includes the impact from the fair market values of hedging instruments on our notes, which was $31 million as of June 30, 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 June 30, 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 $6.2 billion for both periods as of June 30, 2022 and December 31, 2021. 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 June 30, 2022, there was $654 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 June 30, 2022, the ratio was 172%. We had letters of credit and surety bonds outstanding of $465 million and $456 million as of June 30, 2022 and December 31, 2021, respectively, which primarily guarantee the payment of insurance claims.

As of June 30, 2022, the available proceeds under the trade receivables financing program were $250 million. In May 2022, we extended the maturity of the trade receivables financing program to expire in 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. In May 2022, we issued an aggregate principal amount of $300 million unsecured medium-term notes that mature on June 15, 2027. The notes bear interest at a rate of 4.30% per year.