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Debt (Tables)
 12 Months Ended
Dec. 31, 2015
Debt Disclosure [Abstract]  
Debt
 
 
Weighted-Average
Interest Rate
 
 
 
 
 
 
 
 
December 31,
 
 
 
December 31,
 
 
2015
 
2014
 
Maturities
 
2015
 
2014
 
 
 
 
 
 
 
 
(In thousands)
Short-term debt and current portion of long-term debt:
 
 
 
 
 
 
 
 
 
 
Short-term debt
 
2.26
%
 
1.30
%
 

 
$
35,947

 
3,773

Current portion of long-term debt, including capital leases
 
 
 
 
 
 
 
598,583

 
32,511

Total short-term debt and current portion of long-term debt
 
 
 
 
 
 
 
634,530

 
36,284

Total long-term debt:
 
 
 
 
 
 
 
 
 
 
U.S. commercial paper(1)
 
0.55
%
 
0.35
%
 
2020
 
547,130

 
276,694

Global revolving credit facility
 
2.31
%
 
1.60
%
 
2020
 
25,291

 
11,190

Unsecured U.S. notes – Medium-term notes(1)
 
2.84
%
 
3.29
%
 
2016-2025
 
4,112,519

 
3,772,159

Unsecured U.S. obligations, principally bank term loans
 
1.73
%
 
0.76
%
 
2018
 
50,000

 
110,500

Unsecured foreign obligations
 
1.92
%
 
2.01
%
 
2016-2020
 
275,661

 
295,776

Asset backed U.S. obligations(2)
 
1.81
%
 
1.81
%
 
2016-2022
 
434,001

 
218,137

Capital lease obligations
 
3.31
%
 
3.65
%
 
2016-2022
 
32,054

 
37,560

Total before fair market value adjustment
 
 
 
 
 
 
 
5,476,656

 
4,722,016

Fair market value adjustment on notes subject to hedging(3)
 
 
 
 
 
 
 
5,253

 
4,830

 
 
 
 
 
 
 
 
5,481,909

 
4,726,846

Current portion of long-term debt, including capital leases
 
 
 
 
 
 
 
(598,583
)
 
(32,511
)
Long-term debt
 
 
 
 
 
 
 
4,883,326

 
4,694,335

Total debt
 
 
 
 
 
 
 
$
5,517,856

 
4,730,619

_________________ 
(1)
We had unamortized original issue discounts of $8 million at December 31, 2015 and 2014.
(2)
Asset-backed U.S. obligations are related to financing transactions involving revenue earning equipment. See Note 3, "Revision of Prior Period Financial Statements" for further information related to our evaluation of accounting for these transactions.
(3)
The notional amount of the executed interest rate swaps designated as fair value hedges was $825 million and $600 million at December 31, 2015 and 2014, respectively. Refer to Note 17, "Derivatives", for additional information.
Maturities of debt
Maturities of total debt are as follows:
 
 
Capital Leases
 
Debt
 
 
(In thousands)
2016
 
$
8,469

 
928,722

2017
 
9,550

 
750,009

2018
 
7,135

 
783,177

2019
 
6,132

 
1,060,365

2020
 
639

 
1,645,441

Thereafter
 
2,241

 
312,835

Total
 
34,166

 
5,480,549

Imputed interest
 
(2,112
)
 
 
Present value of minimum capitalized lease payments
 
32,054

 
 
Current portion
 
(7,720
)
 
 
Long-term capitalized lease obligation
 
$
24,334