DEBT

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

DEBT

DEBT

	Weighted Average Interest Rate
(Dollars in thousands)	September 30, 2022	Maturities	September 30, 2022		December 31, 2021
Debt:
U.S. commercial paper	2.94%	2026	$	849,269	$	531,157
Canadian commercial paper	—%	2026	—		7,087
Trade receivables financing program	3.56%	2023	50,000		—
Global revolving credit facility	—%	2026	—		—
Unsecured U.S. obligations	3.41%	2024	200,000		200,000
Unsecured U.S. notes — Medium-term notes (1)	3.58%	2023-2027	4,700,106		5,149,893
Unsecured foreign obligations	2.88%	2024	50,000		140,265
Asset-backed U.S. obligations (2)	2.80%	2022-2029	466,013		526,712
Finance lease obligations and other		2022-2031	38,539		44,595
			6,353,926		6,599,709
Debt issuance costs and original issue discounts			(19,784)		(20,040)
Total debt			6,334,142		6,579,669
Short-term debt and current portion of long-term debt			(1,049,109)		(1,333,363)
Long-term debt			$	5,285,033	$	5,246,306

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(1)Includes the impact from the fair market values of hedging instruments on our notes, which was $50 million as of September 30, 2022, and not material as of December 31, 2021, and was included in "Other non-current liabilities" within the unaudited Condensed Consolidated Balance Sheets. The notional amount of the executed interest rate swaps designated as fair value hedges was $500 million and $450 million as of September 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 $5.8 billion and $6.2 billion as of September 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 September 30, 2022, there was $551 million available under the global revolving 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, 2022, the ratio was 157%.

We had letters of credit and surety bonds outstanding of $542 million and $456 million as of September 30, 2022 and December 31, 2021, respectively, which primarily guarantee the payment of insurance claims.

As of September 30, 2022, the available proceeds under the trade receivables financing program were $174 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.

In September 2022, we received $54 million from a financing transaction backed by a portion of our revenue earning equipment. The proceeds from the transaction were used for general corporate purposes. We provided end of term guarantees for the residual value of the revenue earning equipment in the transaction. The transaction proceeds, along with the end of term residual value guarantees, have been included within "asset-backed U.S. obligations" in the preceding table.