Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Debt consist of the following (in thousands):

	Interest Rate(1)	Maturities Through	As of September 30, 2020		As of December 31, 2019
Fixed rate debt:
Unsecured senior notes	2.65% to 9.13%	2020 - 2028	$	2,765,079	$	1,746,280
Secured senior notes	7.25% to 11.50%	2023 - 2025	3,893,665		662,398
Unsecured term loans	2.53% to 5.41%	2021 - 2032	3,305,031		2,806,774
Convertible notes	4.25%	2023	956,760		—
Total fixed rate debt			10,920,535		5,215,452
Variable rate debt:
Unsecured revolving credit facilities(2)	1.48%	2022 - 2024	3,382,000		165,000
Unsecured UK Commercial paper		2021	386,683		—
USD Commercial paper		—	—		1,434,180
USD Unsecured term loan	0.74% - 4.05%	2020- 2028	3,641,968		3,519,853
Euro Unsecured term loan	1.15% - 1.58%	2021 - 2028	657,977		676,740
Total variable rate debt			8,068,628		5,795,773
Finance lease liabilities			216,953		230,258
Total debt (3)			19,206,116		11,241,483
Less: unamortized debt issuance costs			(315,669)		(206,607)
Total debt, net of unamortized debt issuance costs			18,890,447		11,034,876
Less—current portion including commercial paper			$	(1,256,710)	$	(2,620,766)
Long-term portion			17,633,737		8,414,110

(1) Interest rates based on outstanding loan balance as of September 30, 2020 and, for variable rate debt, include either LIBOR or EURIBOR plus the applicable margin.

(2) Includes $1.9 billion facility due in 2024 and $1.5 billion facility due in 2022, each of which accrue interest at LIBOR plus 1.30%, which interest rate was 1.53% as of September 30, 2020 and each is subject to a facility fee of 0.20%.

(3) At September 30, 2020 and December 31, 2019, the weighted average interest rate for total debt was 6.00% and 3.99%, respectively.

Schedule of Convertible Debt

The net carrying value of the liability component of the convertible notes was as follows:

(in thousands)	As of September 30, 2020
Principal	1,150,000
Less: Unamortized debt discount and transaction costs	220,117
	$	929,883

The interest expense recognized related to the convertible notes was as follows:

(in thousands)	Nine Months Ended September 30, 2020
Contractual interest expense	15,206
Amortization of debt discount and transaction costs	24,920
	$	40,126

Schedule of Maturities of Long-term Debt

The following is a schedule of annual maturities on our total debt net of debt issuance costs, and including finance leases and commercial paper, as of September 30, 2020 for each of the next five years (in thousands):

Year
Remainder of 2020	333,655
2021	1,379,400
2022	4,322,300
2023	4,327,465
2024	3,519,209
Thereafter	5,008,418
	18,890,447