Debt (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Debt With Contractual Term Less Than One Year

Debt with a contractual term less than one year is generally classified as short-term debt and consisted of the following as of December 31 (in thousands):

	2017		2016
Unsecured commercial paper	$	1,273,482	$	1,055,708
Total short-term debt	$	1,273,482	$	1,055,708

Debt With A Contractual Term Greater Than One Year

Debt with a contractual term greater than one year is generally classified as long-term debt and consisted of the following as of December 31 (in thousands):

	2017			2016
Secured debt (Note 10)
Asset-backed Canadian commercial paper conduit facility	$	174,779		$	149,338
Asset-backed U.S. commercial paper conduit facilities	279,457			—
Asset-backed securitization debt	353,085			797,755
Less: unamortized discount and debt issuance costs	(461		)	(1,480		)
Total secured debt	806,860			945,613
Unsecured notes (at par value)
2.70% Medium-term notes due in 2017, issued January 2012	—			400,000
1.55% Medium-term notes due in 2017, issued November 2014	—			400,000
6.80% Medium-term notes due in 2018, issued May 2008	877,488			877,488
2.25% Medium-term notes due in 2019, issued January 2016	600,000			600,000
Floating-rate Medium-term notes due in 2019, issued March 2017(a)	150,000			—
2.40% Medium-term notes due in 2019, issued September 2014	600,000			600,000
2.15% Medium-term notes due in 2020, issued February 2015	600,000			600,000
2.40% Medium-term notes due in 2020, issued March 2017	350,000			—
2.85% Medium-term notes due in 2021, issued January 2016	600,000			600,000
2.55% Medium-term notes due in 2022, issued June 2017	400,000			—
3.50% Senior unsecured notes due in 2025, issued July 2015	450,000			450,000
4.625% Senior unsecured notes due in 2045, issued July 2015	300,000			300,000
Less: unamortized discount and debt issuance costs	(19,821		)	(21,242		)
Gross long-term debt	5,714,527			5,751,859
Less: current portion of long-term debt, net of unamortized discount and issuance costs	(1,127,269		)	(1,084,884		)
Total long-term debt	$	4,587,258		$	4,666,975

At December 31, 2017, the Company's consolidated balance sheet included outstanding balances related to the following secured notes with the related maturity dates and interest rates (in thousands):

Issue Date	Principal Amount at Date of Issuance	Weighted-Average Rate at Date of Issuance	Contractual Maturity Date
May 2015	$500,000	0.88%	May 2016 - December 2022
January 2015	$700,000	0.89%	February 2016 - August 2022
April 2014	$850,000	0.66%	April 2015 - October 2021

In addition, outstanding balances related to the following secured notes included in the Company's consolidated balance sheet at December 31, 2016 were repaid during 2017 (in thousands):

Issue Date	Principal Amount at Date of Issuance	Weighted-Average Rate at Date of Issuance	Contractual Maturity Date
April 2013	$650,000	0.57%	May 2014 - December 2020

Schedule of Maturities of Long-term Debt

A summary of the Company’s expected principal payments for debt obligations as of December 31, 2017 is as follows (in thousands):

2018	$	2,405,569
2019	1,594,518
2020	1,098,489
2021	721,705
2022	438,010
Thereafter	750,000
Total	$	7,008,291