Debt Facilities

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Debt Facilities

Debt Facilities

Mortgage and Loans Payable

As of June 30, 2021 and December 31, 2020, our mortgage and loans payable consisted of the following (in thousands):

	June 30, 2021		December 31, 2020
Term loans	$	578,084	$	1,292,067
Mortgage payable and loans payable	74,761		78,903
	652,845		1,370,970
Less amount representing unamortized debt discount and debt issuance cost	(565)		(3,288)
Add amount representing unamortized mortgage premium	1,741		1,861
	654,021		1,369,543
Less current portion	(42,580)		(82,289)
Total	$	611,441	$	1,287,254

Senior Credit Facility

In 2017, we entered into a credit agreement with a group of lenders for a $3.0 billion credit facility ("Senior Credit Facility"), comprised of a $2.0 billion senior unsecured multicurrency revolving credit facility ("Revolving Facility") and an approximately $1.0 billion senior unsecured multicurrency term loan facility (the "Term Loan Facility"). The credit agreement was subsequently amended to provide an additional senior unsecured term loan in Japanese Yen for approximately $424.7 million at the exchange rate effective on the transaction date.

On May 17, 2021, using a portion of the net cash proceeds from the 2026 Notes, 2028 Notes, 2031 Notes, and 2052 Notes as described below, we repaid our outstanding term loans in Swedish Krona and Japanese Yen under our Term Loan Facility for $285.4 million and $374.5 million in U.S. Dollars, respectively, at the exchange rates in effect on May 17, 2021. We incurred an insignificant loss on debt extinguishment for the repayment of both term loans during the three months ended June 30, 2021. As of June 30, 2021 and December 31, 2020, the total amounts outstanding under the Term Loan Facility, net of debt issuance costs, were $577.5 million and $1.3 billion, respectively.

As of June 30, 2021, we had 39 irrevocable letters of credit totaling $78.7 million issued and outstanding under the Revolving Facility, with approximately $1.9 billion remaining available to borrow under the Revolving Facility.

Senior Notes

As of June 30, 2021 and December 31, 2020, our senior notes consisted of the following (in thousands):

	June 30, 2021				December 31, 2020
	Amount		Effective Rate		Amount		Effective Rate
5.000% Infomart Senior Notes	$	—	—	%	$	150,000	4.51	%
2.625% Senior Notes due 2024	1,000,000		2.79	%	1,000,000		2.79	%
1.250% Senior Notes due 2025	500,000		1.46	%	500,000		1.46	%
1.000% Senior Notes Due 2025	700,000		1.18	%	700,000		1.18	%
2.900% Senior Notes due 2026	600,000		3.04	%	600,000		3.04	%
2.875% Euro Senior Notes due 2026	—		—	%	611,050		3.04	%
1.450% Senior Notes due 2026	700,000		1.64	%	—		—	%
0.250% Euro Senior Notes due 2027	592,500		0.45	%	—		—	%
1.800% Senior Notes due 2027	500,000		1.96	%	500,000		1.96	%
5.375% Senior Notes due 2027	—		—	%	1,250,000		5.51	%
1.550% Senior Notes due 2028	650,000		1.67	%	650,000		1.67	%
2.000% Senior Notes due 2028	400,000		2.21	%	—		—	%
3.200% Senior Notes due 2029	1,200,000		3.30	%	1,200,000		3.30	%
2.150% Senior Notes due 2030	1,100,000		2.27	%	1,100,000		2.27	%
2.500% Senior Notes due 2031	1,000,000		2.65	%	—		—	%
1.000% Euro Senior Notes due 2033	711,000		1.18	%	—		—	%
3.000% Senior Notes due 2050	500,000		3.09	%	500,000		3.09	%
2.950% Senior Notes due 2051	500,000		3.00	%	500,000		3.00	%
3.400% Senior Notes due 2052	500,000		3.50	%	—		—	%
	11,153,500				9,261,050
Less amount representing unamortized debt issuance cost	(126,257)				(92,773)
Add amount representing unamortized debt premium	—				186
	11,027,243				9,168,463
Less current portion	—				(150,186)
Total	$	11,027,243			$	9,018,277

0.250% Euro Senior Notes due 2027 and 1.000% Euro Senior Notes due 2033

On March 10, 2021, we issued €500.0 million, or approximately $594.9 million in U.S. dollars, at the exchange rate in effect on March 10, 2021, aggregate principal amount of 0.250% senior notes due March 15, 2027 (the "2027 Euro Notes") and €600.0 million, or approximately $713.8 million in U.S. dollars, at the exchange rate in effect on March 10, 2021, aggregate principal amount of 1.000% senior notes due March 15, 2033 (the "2033 Euro Notes").

Interest on the notes is payable annually in arrears on March 15 of each year, commencing on March 15, 2022. Total debt issuance costs and debt discounts related to the 2027 Euro Notes and the 2033 Euro Notes were $7.0 million and $14.1 million, respectively.

Redemption of 2.875% Euro Senior Notes due 2026

On March 24, 2021, using a portion of the net cash proceeds from the 2027 Euro Senior Notes and 2033 Euro Senior Notes, we redeemed the remaining outstanding 2.875% Euro Senior Notes due 2026 for $590.7 million in U.S. dollars, at the exchange rate in effect on March 24, 2021. In connection with the redemption, we incurred $13.2 million of loss on debt extinguishment, including $8.5 million in redemption premium that was paid in cash and $4.7 million related to the write-off of unamortized debt issuance costs, during the three months ended March 31, 2021.

1.450% Senior Notes due 2026, 2.000% Senior Notes due 2028, 2.500% Senior Notes due 2031 and 3.400% Senior Notes due 2052

On May 17, 2021, we issued $700.0 million aggregate principal amount of 1.450% senior notes due 2026 (the "2026 Notes"), $400.0 million aggregate principal amount of 2.000% senior notes due 2028 (the "2028 Notes"), $1.0 billion aggregate principal amount of 2.500% senior notes due 2031 (the "2031 Notes"), and $500.0 million aggregate principal amount of 3.400% senior notes due 2052 (the "2052 Notes").

Interest on the 2026, 2028 and 2031 notes are payable semi-annually on May 15 and November 15 of each year, commencing on November 15, 2021. Interest on the 2052 notes are payable semi-annually on February 15 and August 15 of each year, commencing on February 15, 2022. Total debt issuance costs and debt discounts related to the 2026 Notes, 2028 Notes, 2031 Notes and 2052 Notes were $6.4 million, $5.3 million, $13.0 million and $9.3 million, respectively.

Redemption of 5.375% Senior Notes due 2027

On June 2, 2021, we redeemed all outstanding principal amount under the 5.375% Senior Notes due 2027 with a portion of the net cash proceeds from the issuance of the 2026 Notes, 2028 Notes, 2031 Notes, and 2052 Notes as described above. In connection with the redemption, we incurred $100.6 million of loss on debt extinguishment, including $90.7 million redemption premium that was paid in cash and $9.9 million related to the write-off of unamortized debt issuance costs.

Maturities of Debt Instruments

The following table sets forth maturities of our debt, including mortgage and loans payable, and senior notes, gross of debt issuance costs, debt discounts and debt premiums, as of June 30, 2021 (in thousands):

Years ending:
2021 (6 months remaining)	$	21,357
2022	595,170
2023	6,832
2024	1,006,379
2025	1,204,769
Thereafter	8,973,579
Total	$	11,808,086

Fair Value of Debt Instruments

The following table sets forth the estimated fair values of our mortgage and loans payable and senior notes, including current maturities, as of (in thousands):

	June 30, 2021		December 31, 2020
Mortgage and loans payable	$	657,921	$	1,379,129
Senior notes	11,301,438		9,705,486

The fair values of the mortgage and loans payable, which are not publicly traded, were estimated by considering our credit rating, current rates available to us for debt of the same remaining maturities and terms of the debt (Level 2). The fair value of the senior notes, which are traded in the public debt market, was based on quoted market prices (Level 1).

Interest Charges

The following table sets forth total interest costs incurred, and total interest costs capitalized for the periods presented (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Interest expense	$	87,231	$	108,480	$	176,912	$	215,818
Interest capitalized	6,684		6,880		12,792		12,911
Interest charges incurred	$	93,915	$	115,360	$	189,704	$	228,729

Total interest paid in cash, net of capitalized interest, during the three months ended June 30, 2021 and 2020 was $122.0 million and $115.8 million, respectively. Total interest paid in cash, net of capitalized interest, during the six months ended June 30, 2021 and 2020 was $216.9 million and $238.6 million, respectively.