Debt (Tables)

9 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

Schedule of debt

	Weighted-Average Interest Rate
	September 30, 2017	December 31, 2016	Maturities	September 30, 2017			December 31, 2016
				(In thousands)
Short-term debt and current portion of long-term debt:
Short-term debt	1.57%	1.07%		$	59,410		177,629
Current portion of long-term debt				84,532			613,781
Total short-term debt and current portion of long-term debt				143,942			791,410
Long-term debt:
U.S. commercial paper (1)	1.44%	0.87%	2020	468,540			342,480
Global revolving credit facility	3.20%	2.06%	2020	7,596			4,703
Unsecured U.S. notes — Medium-term notes (1)	2.69%	2.67%	2017-2025	4,013,602			4,113,421
Unsecured U.S. obligations	2.52%	2.19%	2018	50,000			50,000
Unsecured foreign obligations	1.50%	1.55%	2017-2020	229,030			232,092
Asset-backed U.S. obligations (2)	1.85%	1.80%	2017-2024	516,009			459,876
Capital lease obligations	3.45%	3.17%	2017-2023	21,859			24,184
Total before fair market value adjustment				5,306,636			5,226,756
Fair market value adjustment on notes subject to hedging (3)				(2,058		)	1,110
Debt issuance costs				(14,762		)	(14,221	)
				5,289,816			5,213,645
Current portion of long-term debt				(84,532		)	(613,781	)
Long-term debt				5,205,284			4,599,864
Total debt				$	5,349,226		5,391,274

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(1) Amounts are net of unamortized original issue discounts of $7 million at September 30, 2017 and December 31, 2016.

(2) Asset-backed U.S. obligations are related to financing transactions backed by a portion of our revenue earning equipment.

(3) The notional amount of the executed interest rate swaps designated as fair value hedges was $825 million at September 30, 2017 and December 31, 2016