Debt (Tables)

9 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Schedule of debt

	Weighted-Average Interest Rate
	September 30, 2016	December 31, 2015	Maturities	September 30, 2016			December 31, 2015
				(In thousands)
Short-term debt and current portion of long-term debt:
Short-term debt	0.92%	2.26%		$	133,713		35,947
Current portion of long-term debt				921,433			598,583
Total short-term debt and current portion of long-term debt				1,055,146			634,530
Long-term debt:
U.S. commercial paper (1)	0.76%	0.55%	2020	490,685			547,130
Global revolving credit facility	2.06%	2.31%	2020	60,885			25,291
Unsecured U.S. notes — Medium-term notes (1)	2.91%	2.84%	2016-2025	4,113,583			4,112,519
Unsecured U.S. obligations	2.09%	1.73%	2018	50,000			50,000
Unsecured foreign obligations	1.74%	1.92%	2017-2020	248,376			275,661
Asset-backed U.S. obligations (2)	1.77%	1.81%	2016-2022	395,898			434,001
Capital lease obligations	3.18%	3.31%	2016-2023	25,818			32,054
Total before fair market value adjustment				5,385,245			5,476,656
Fair market value adjustment on notes subject to hedging (3)				14,213			5,253
Debt issuance costs (4)				(13,530		)	(15,229	)
				5,385,928			5,466,680
Current portion of long-term debt				(921,433		)	(598,583	)
Long-term debt				4,464,495			4,868,097
Total debt				$	5,519,641		5,502,627

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(1) Amounts are net of aggregate unamortized original issue discounts of $6.8 million and $7.7 million at September 30, 2016 and December 31, 2015, respectively.

(2) Asset-backed U.S. obligations are related to financing transactions involving revenue earning equipment.

(3) The notional amount of executed interest rate swaps designated as fair value hedges was $825 million at September 30, 2016 and December 31, 2015.

(4) See Note 2, "Recent Accounting Pronouncements," for further discussion of the presentation of debt issuance costs.