Debt (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Debt With Contractual Term Less Than One Year

Debt with a contractual term less than one year is generally classified as short-term debt and consisted of the following as of December 31 (in thousands):

	2016		2015
Unsecured commercial paper	$	1,055,708	$	1,201,380
Total short-term debt	$	1,055,708	$	1,201,380

Debt With A Contractual Term Greater Than One Year

Debt with a contractual term greater than one year is generally classified as long-term debt and consisted of the following as of December 31 (in thousands):

	2016			2015
Secured debt (Note 11)
Asset-backed Canadian commercial paper conduit facility	$	149,338		$	153,839
Asset-backed securitization debt	797,755			1,463,154
Less: unamortized discount and debt issuance costs	(1,480		)	(3,777		)
Total secured debt	945,613			1,613,216
Unsecured notes
3.88% Medium-term notes due in 2016 par value, issued March 2011	—			450,000
2.70% Medium-term notes due in 2017 par value, issued January 2012	400,000			400,000
1.55% Medium-term notes due in 2017 par value, issued November 2014	400,000			400,000
6.80% Medium-term notes due in 2018 par value, issued May 2008	877,488			878,708
2.40% Medium-term notes due in 2019 par value, issued September 2014	600,000			600,000
2.25% Medium-term notes due in 2019 par value, issued January 2016	600,000			—
2.15% Medium-term notes due in 2020 par value, issued February 2015	600,000			600,000
2.85% Medium-term notes due in 2021 par value, issued January 2016	600,000			—
3.50% Senior unsecured notes due in 2025 par value, issued July 2015	450,000			450,000
4.625% Senior unsecured notes due in 2045 par value, issued July 2015	300,000			300,000
Less: unamortized discount and debt issuance costs	(21,242		)	(21,106		)
Gross long-term debt	5,751,859			5,670,818
Less: current portion of long-term debt, net of unamortized discount and issuance costs	(1,084,884		)	(838,349		)
Total long-term debt	$	4,666,975		$	4,832,469

At December 31, 2016, the Company's consolidated balance sheet included outstanding balances related to the following secured notes with the related maturity dates and interest rates (in thousands):

Issue Date	Principal Amount at Date of Issuance	Weighted-Average Rate at Date of Issuance	Contractual Maturity Date
May 2015	$500,000	0.88%	May 2016 - December 2022
January 2015	$700,000	0.89%	February 2016 - August 2022
April 2014	$850,000	0.66%	April 2015 - October 2021
April 2013	$650,000	0.57%	May 2014 - December 2020

In addition, outstanding balances related to the following secured notes were included in the Company's consolidated balance sheet at December 31, 2015 and the Company completed repayment of those balances during 2016 (in thousands):

Issue Date	Principal Amount at Date of Issuance	Weighted-Average Rate at Date of Issuance	Contractual Maturity Date
July 2012	$675,306	0.59%	August 2013 - June 2018

Schedule of Maturities of Long-term Debt

A summary of the Company’s expected principal payments for debt obligations as of December 31, 2016 is as follows (in thousands):

	2017		2018		2019		2020		2021		Thereafter		Total
Principal payments on debt	$	2,145,781	$	1,192,458	$	1,483,236	$	658,814	$	600,000	$	750,000	$	6,830,289