Debt (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Debt

	Weighted-Average Interest Rate
	December 31,					December 31,
	2016		2015		Maturities	2016			2015
						(In thousands)
Short-term debt and current portion of long-term debt:
Short-term debt	1.07	%	2.26	%		$	177,629		35,947
Current portion of long-term debt, including capital leases						613,781			598,583
Total short-term debt and current portion of long-term debt						791,410			634,530
Total long-term debt:
U.S. commercial paper (1)	0.87	%	0.55	%	2020	342,480			547,130
Global revolving credit facility	2.06	%	2.31	%	2020	4,703			25,291
Unsecured U.S. notes – Medium-term notes (1)	2.67	%	2.84	%	2017-2025	4,113,421			4,112,519
Unsecured U.S. obligations, principally bank term loans	2.19	%	1.73	%	2018	50,000			50,000
Unsecured foreign obligations	1.55	%	1.92	%	2017-2020	232,092			275,661
Asset backed U.S. obligations (2)	1.80	%	1.81	%	2017-2022	459,876			434,001
Capital lease obligations	3.17	%	3.31	%	2017-2023	24,184			32,054
Total before fair market value adjustment						5,226,756			5,476,656
Fair market value adjustment on notes subject to hedging (3)						1,110			5,253
Debt issuance costs (4)						(14,221		)	(15,229	)
						5,213,645			5,466,680
Current portion of long-term debt, including capital leases						(613,781		)	(598,583	)
Long-term debt						4,599,864			4,868,097
Total debt						$	5,391,274		5,502,627

_________________ 

(1) We had unamortized original issue discounts of $7 million and $8 million at December 31, 2016 and 2015, respectively.

(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 December 31, 2016 and 2015. Refer to Note 16, "Derivatives," for additional information.

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

Maturities of debt

Maturities of total debt are as follows:

	Capital Leases			Debt
	(In thousands)
2017	$	9,303		957,358
2018	6,939			791,324
2019	6,041			1,068,657
2020	880			1,606,313
2021	1,548			704,482
Thereafter	777			237,846
Total	25,488			5,365,980
Imputed interest	(1,304		)
Present value of minimum capitalized lease payments	24,184
Current portion	(8,695		)
Long-term capitalized lease obligation	$	15,489