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DEBT (Tables)
9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Schedule of Debt
 
Weighted-Average
Interest Rate
 
 
 
 
 
 
 
September 30,
2018
 
December 31,
2017
 
Maturities
 
September 30,
2018
 
December 31,
2017
 
 
 
 
 
 
 
(In thousands)
Short-term debt and current portion of long-term debt:
 
 
 
 
 
 
 
 
 
Short-term debt
—%
 
1.79%
 

 
$

 
35,509

Current portion of long-term debt
 
 
 
 
 
 
859,530

 
790,560

Total short-term debt and current portion of long-term debt
 
 
 
 
 
859,530

 
826,069

Long-term debt:
 
 
 
 
 
 
 
 
 
U.S. commercial paper (1)
2.30%
 
1.56%
 
2023
 
410,273

 
570,218

Canadian commercial paper (1)
1.83%
 
—%
 
2023
 
94,427

 

Global revolving credit facility
3.34%
 
2.80%
 
2023
 
3,250

 
17,328

Unsecured U.S. notes — Medium-term notes (1)
3.09%
 
2.73%
 
2018-2025
 
4,863,427

 
4,014,091

Unsecured U.S. obligations
3.21%
 
2.79%
 
2019
 
50,000

 
50,000

Unsecured foreign obligations
1.61%
 
1.50%
 
2020-2021
 
222,489

 
230,380

Asset-backed U.S. obligations (2)
2.34%
 
1.85%
 
2018-2025
 
657,819

 
491,899

Capital lease obligations
3.57%
 
3.53%
 
2018-2023
 
15,019

 
20,871

Total before fair market value adjustment
 
 
 
 
 
 
6,316,704

 
5,394,787

Fair market value adjustment on notes subject to hedging (3)
 
 
 
 
 
(16,126
)
 
(7,192
)
Debt issuance costs
 
 
 
 
 
 
(17,468
)
 
(13,453
)
 
 
 
 
 
 
 
6,283,110

 
5,374,142

Current portion of long-term debt
 
 
 
 
 
 
(859,530
)
 
(790,560
)
Long-term debt
 
 
 
 
 
 
5,423,580

 
4,583,582

Total debt
 
 
 
 
 
 
$
6,283,110

 
5,409,651

 ————————————
(1)
Amounts are net of unamortized original issue discounts of $7 million and $6 million at September 30, 2018 and December 31, 2017.
(2)
Asset-backed U.S. obligations are related to financing transactions involving revenue earning equipment.
(3)
The notional amount of the executed interest rate swaps designated as fair value hedges was $825 million at September 30, 2018 and December 31, 2017.