Senior Notes (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Summary of Senior Notes

The following table summarizes our senior notes as of December 31, 2017 and 2016 (in thousands):

	December 31,
	2017			2016
4.250% senior notes, due 2024 (1)	$	500,000		$	500,000
3.50% senior notes, due 2020 (2)		300,000			300,000
5.20% senior notes, due 2047 (3)		225,000			—
		1,025,000			800,000
Debt issuance costs, net		(10,060	)		(4,109	)
	$	1,014,940		$	795,891

⁽¹⁾ In July 2014, we sold in a registered underwritten public offering, $300.0 million in aggregate principal amount of 4.250% senior notes due July 2024. Interest on these senior notes is payable semi-annually in arrears. We may redeem the notes in whole or in part, at our option, at a redemption price equal to 100% of their principal amount, plus a “make-whole” premium and accrued and unpaid interest, if any, to the date of redemption. In July 2016, we issued an additional $200.0 million in aggregate principal amount of 4.25% senior notes due 2024.

⁽²⁾ In December 2015, we sold in a registered underwritten public offering, $300.0 million in aggregate principal amount of 3.50% senior notes due December 2020. Interest on these senior notes is payable semi-annually in arrears. We may redeem the notes in whole or in part, at our option, at a redemption price equal to 100% of their principal amount, plus a “make-whole” premium and accrued and unpaid interest, if any, to the date of redemption.

⁽³⁾ On October 4, 2017, we completed the pricing of a registered underwritten public offering of $200.0 million in aggregate principal amount of 5.20% senior notes due October 2047. Interest on the senior notes is payable quarterly in arrears on January 15, April 15, July 15, and October 15. On or after October 15, 2022, we may redeem some or all of the senior notes at any time at a redemption price equal to 100% of the principal amount of the notes being redeemed plus accrued interest thereon to the redemption date. On October 27, 2017, we completed the sale of an additional $25.0 million aggregate principal amount of Notes pursuant to the over-allotment option.

Schedule of Corporate Date Maturity

Our senior notes mature as follows, based upon contractual terms (in thousands):

2018	$	—
2019		—
2020		300,000
2021		—
2022		—
Thereafter		725,000
	$	1,025,000