DEBT



	Weighted-Average Interest Rate
	December 31,					December 31,
	2014		2013		Maturities	2014			2013
						(In thousands)
Short-term debt and current portion of long-term debt:
Short-term debt	1.30	%	1.70	%	2015	$	3,773		1,315
Current portion of long-term debt, including capital leases						8,434			258,123
Total short-term debt and current portion of long-term debt						12,207			259,438
Long-term debt:
U.S. commercial paper⁽¹⁾	0.35	%	0.28	%	2018	276,694			486,939
Canadian commercial paper⁽¹⁾	—	%	1.13	%	2018	—			11,297
Global revolving credit facility	1.60	%	—	%	2018	11,190			—
Unsecured U.S. notes – Medium-term notes⁽¹⁾	3.29	%	3.76	%	2015-2025	3,772,159			3,271,734
Unsecured U.S. obligations, principally bank term loans	0.76	%	1.45	%	2015-2018	110,500			55,500
Unsecured foreign obligations	2.01	%	1.99	%	2015-2016	295,776			315,558
Capital lease obligations	3.65	%	3.81	%	2015-2019	37,560			38,911
Total before fair market value adjustment						4,503,879			4,179,939
Fair market value adjustment on notes subject to hedging⁽²⁾						4,830			8,171
						4,508,709			4,188,110
Current portion of long-term debt, including capital leases						(8,434		)	(258,123	)
Long-term debt						4,500,275			3,929,987
Total debt						$	4,512,482		4,189,425

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(1)	We had unamortized original issue discounts of $8 million and $8 million at December 31, 2014 and 2013, respectively.


(2)	The notional amount of the executed interest rate swaps designated as fair value hedges was $600 million and $400 million at December 31, 2014 and 2013, respectively. Refer to Note 17, "Derivatives", for additional information.

Maturities of total debt are as follows:



	Capital Leases			Debt
	(In thousands)
2015	$	9,374		4,272
2016	8,362			860,339
2017	9,325			699,484
2018	6,906			1,741,992
2019	5,983			998,647
Thereafter	—			165,357
Total	39,950			4,470,091
Imputed interest	(2,390		)
Present value of minimum capitalized lease payments	37,560
Current portion	(8,434		)
Long-term capitalized lease obligation	$	29,126

Debt Facilities

We maintain a $900 million global revolving credit facility with a syndicate of twelve lending institutions led by Bank of America N.A., Bank of Tokyo-Mitsubishi UFJ, Ltd., BNP Paribas, Mizuho Corporate Bank, Ltd., Royal Bank of Canada, Royal Bank of Scotland Plc, U.S. Bank National Association and Wells Fargo Bank, N.A. The global revolving credit facility is used primarily to finance working capital but can also be used to issue up to $75 million in letters of credit (there were no letters of credit outstanding against the facility at December 31, 2014). At our option, the interest rate on borrowings under the credit facility is based on LIBOR, prime, federal funds or local equivalent rates. The agreement provided for annual facility fees which ranged from 8 basis points to 27.5 basis points and were based on Ryder’s long-term credit ratings. The annual facility fee was 12.5 basis points, which applies to the total facility size of $900 million. The credit facility contains no provisions limiting its availability in the event of a material adverse change to Ryder’s business operations; however, the credit facility does contain standard representations and warranties, events of default, cross-default provisions and certain affirmative and negative covenants. In order to maintain availability of funding, we must maintain a ratio of debt to consolidated net worth of less than or equal to 300%. Net worth, as defined in the credit facility, represents shareholders' equity excluding any accumulated other comprehensive income or loss associated with our pension and other postretirement plans. The ratio at December 31, 2014 was 188%. At December 31, 2014, there was $612 million available under the credit facility, net of outstanding commercial paper borrowings.

In January 2015, the availability under our global revolving credit facility was increased from $900 million to $1.20 billion and the maturity date was extended from October 2018 to January 2020. The amended agreement provides for annual facility fees which range from 7.5 basis points to 25 basis points and are based on Ryder's long-term credit ratings. The annual facility fee was amended to 10 basis points, which applies to the total facility size of $1.20 billion. There were no changes in the syndicate of lenders nor to the provisions of the agreement.

Our global revolving credit facility enables us to refinance short-term obligations on a long-term basis. Settlement of short-term commercial paper obligations not expected to require the use of working capital are classified as long-term as we have both the intent and ability to refinance on a long-term basis. In addition, we have the intent and ability to refinance the current portion of long-term debt on a long-term basis. At December 31, 2014, we classified $277 million of short-term commercial paper, $60 million of trade receivables borrowings and $699 million of the current portion of long-term debt as long-term debt. At December 31, 2013, we classified $498 million of short-term commercial paper as long-term debt.

In May 2014, we issued $400 million of unsecured medium-term notes maturing in September 2019. In February 2014, we issued $350 million of unsecured medium-term notes maturing in June 2019. The proceeds from the notes were used to reduce commercial paper balances and for general corporate purposes. If the notes are downgraded below investment grade following, and as a result of, a change in control, the note holder can require us to repurchase all or a portion of the notes at a purchase price equal to 101% of principal plus accrued and unpaid interest.

We have a trade receivables purchase and sale program, pursuant to which we sell certain of our domestic trade accounts receivable to a bankruptcy remote, consolidated subsidiary of Ryder, that in turn sells, on a revolving basis, an ownership interest in certain of these accounts receivable to a receivables conduit or committed purchasers. The subsidiary is considered a VIE and is consolidated based on our control of the entity’s activities. We use this program to provide additional liquidity to fund our operations, particularly when it is cost effective to do so. The costs under the program may vary based on changes in interest rates. The available proceeds that may be received under the program are limited to $175 million. In October 2014, we renewed the trade receivables purchase and sale program. If no event occurs which causes early termination, the 364-day program will expire on October 22, 2015. The program contained provisions restricting its availability in the event of a material adverse change to our business operations or the collectibility of the collateralized receivables. At December 31, 2014, $60 million was outstanding under the program. No amounts were outstanding under the program at December 31, 2013. Sales of receivables under this program are accounted for as secured borrowings based on our continuing involvement in the transferred assets. No amounts were outstanding at December 31, 2013.