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Debt (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Debt



		Weighted-Average Interest Rate
		December 31,								December 31,
		2017			2016			Maturities		2017				2016
										(In thousands)
Short-term debt and current portion of long-term debt:
Short-term debt		1.79	%		1.07	%				$	35,509			177,629
Current portion of long-term debt, including capital leases										790,560				613,781
Total short-term debt and current portion of long-term debt										826,069				791,410
Total long-term debt:
U.S. commercial paper ⁽¹⁾		1.56	%		0.87	%		2020		570,218				342,480
Global revolving credit facility		2.80	%		2.06	%		2020		17,328				4,703
Unsecured U.S. notes – Medium-term notes ⁽¹⁾		2.73	%		2.67	%		2018-2025		4,014,091				4,113,421
Unsecured U.S. obligations, principally bank term loans		2.79	%		2.19	%		2018		50,000				50,000
Unsecured foreign obligations		1.50	%		1.55	%		2018-2020		230,380				232,092
Asset backed U.S. obligations ⁽²⁾		1.85	%		1.80	%		2018-2022		491,899				459,876
Capital lease obligations		3.53	%		3.17	%		2018-2023		20,871				24,184
Total before fair market value adjustment										5,394,787				5,226,756
Fair market value adjustment on notes subject to hedging ⁽³⁾										(7,192		)		1,110
Debt issuance costs										(13,453		)		(14,221	)
										5,374,142				5,213,645
Current portion of long-term debt, including capital leases										(790,560		)		(613,781	)
Long-term debt										4,583,582				4,599,864
Total debt										$	5,409,651			5,391,274

_________________


(1)	Amounts are net of unamortized original issue discounts of $6 million and $7 million at December 31, 2017 and 2016, respectively.


(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 December 31, 2017 and 2016. Refer to Note 16, "Derivatives," for additional information.

Maturities of debt

Maturities of total debt are as follows:



		Capital Leases				Debt
		(In thousands)
2018		$	7,559			818,510
2019		7,918				1,077,734
2020		2,428				1,892,344
2021		2,620				717,868
2022		1,379				699,006
Thereafter		—				190,510
Total		21,904				5,395,972
Imputed interest		(1,033		)
Present value of minimum capitalized lease payments		20,871
Current portion		(7,559		)
Long-term capitalized lease obligation		$	13,312