Debt (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Long Term Debt

Debt consists of the following (in thousands):

			As of December 31,
	Interest Rate	Maturities Through	2018			2017
Fixed rate debt:
Senior notes	2.65% to 7.50%	2020 - 2028	$	1,724,194		$	1,866,359
Secured senior notes	7.25%	2025	670,437			—
Unsecured term loans	2.53% to 5.41%	2021 - 2030	2,148,351			333,351
Total fixed rate debt			4,542,982			2,199,710
Variable rate debt (1):
Unsecured revolving credit facilities(2)	3.54% to 3.61%	2020 - 2022	795,000			580,000
Commercial paper	3.19%	2019	775,488			—
USD unsecured term loan	2.92% to 6.52%	2019 - 2028	4,005,848			4,079,670
Euro unsecured term loan	1.15% to 1.58%	2021 - 2028	734,176			814,085
Total variable rate debt			6,310,512			5,473,755
Capital lease obligations			130,944			33,139
Total debt (3)			10,984,438			7,706,604
Less: unamortized debt issuance costs			(206,739		)	(167,153		)
Total debt, net of unamortized debt issuance costs			10,777,699			7,539,451
Less—current portion including commercial paper			(2,422,329		)	(1,188,514		)
Long-term portion			$	8,355,370		$	6,350,937

(1) Calculation based on outstanding loan balance and interest rate as of December 31, 2018. For variable rate debt, interest rate includes either LIBOR or EURIBOR plus the applicable margin.

(2) Includes $1.4 billion facility due in 2020 and $1.2 billion due in 2022, each of which accrue interest at LIBOR plus 1.10%, currently 3.91%, and are subject to a facility fee of 0.15%.

(3) At December 31, 2018 and 2017, the weighted average interest rate for total debt was 4.14% and 3.92%, respectively.

Schedule of Annual Maturities on Long-Term Debt Including Capital Leases

Following is a schedule of annual maturities on our total debt net of debt issuance costs, and including capital leases and commercial paper, as of December 31, 2018 for each of the next five years (in thousands):

Year
2019	$	2,422,329
2020	1,681,978
2021	843,976
2022	1,607,975
2023	664,025
Thereafter	3,557,416
	$	10,777,699