DEBT

3 Months Ended

Mar. 31, 2021


	Weighted Average Interest Rate
	March 31, 2021	Maturities	March 31, 2021		December 31, 2020
			(In thousands)




Debt:
U.S. commercial paper	0.22%	2023	$	90,075	$	214,375
Canadian commercial paper	0.39%	2023	57,301		62,800
Trade receivables program	—%	2022	—		—
Global revolving credit facility	—%	2023	—		200
Unsecured U.S. obligations	3.47%	2024	200,000		200,000
Unsecured U.S. notes — Medium-term notes (1)	3.41%	2021-2026	5,153,471		5,174,180
Unsecured foreign obligations	1.82%	2022-2024	193,690		254,259
Asset-backed U.S. obligations (2)	2.55%	2021-2026	654,058		682,383
Finance lease obligations and other		2021-2073	47,802		48,418
			6,396,397		6,636,615
Debt issuance costs and original issue discounts			(24,237)		(26,379)
Total debt			6,372,160		6,610,236
Short-term debt and current portion of long-term debt			(789,928)		(516,581)
Long-term debt			$	5,582,232	$	6,093,655

————————————

(1)Included the impact from the fair market values of hedging instruments on our notes, which were not material as of March 31, 2021 and December 31, 2020. The notional amount of interest rate swaps designated as fair value hedges was $150 million as of March 31, 2021 and December 31, 2020.

(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 $6.0 billion and $6.3 billion as of March 31, 2021 and December 31, 2020, 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 other debt were classified within Level 2 of the fair value hierarchy.

As of March 31, 2021, there was $1.3 billion 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 of March 31, 2021, the ratio was 188%.

In April 2021, we extended the maturity of the trade receivables program to April 2022. As of March 31, 2021, the available proceeds under the program were $300 million.

We had letters of credit and surety bonds outstanding of $457 million and $519 million as of March 31, 2021 and December 31, 2020, respectively, which primarily guarantee the payment of insurance claims.