Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Long Term Debt

Debt consists of the following (in thousands):

			As of December 31,
	Interest Rate(1)	Maturities Through	2020		2019
Fixed rate debt:
Unsecured senior notes	2.65% - 9.13%	2020 - 2028	$	2,464,994	$	1,746,280
Secured senior notes	7.25% - 11.50%	2023 - 2025	3,895,166		662,398
Unsecured term loans	2.53% - 5.41%	2021 - 2032	3,210,161		2,806,774
Convertible notes	2.88% - 4.25%	2023	1,454,488		—
Total fixed rate debt			11,024,809		5,215,452
Variable rate debt:
Unsecured revolving credit facilities(2)	1.45%	2022 - 2024	3,289,000		165,000
Unsecured UK Commercial paper		2021	409,319		—
USD Commercial paper	—%	—	—		1,434,180
USD unsecured term loan	0.74% - 4.05%	2020- 2028	4,002,249		3,519,853
Euro unsecured term loan	1.15% -1.58%	2021 - 2028	705,064		676,740
Total variable rate debt			8,405,632		5,795,773
Finance lease liabilities			213,365		230,258
Total debt (3)			19,643,806		11,241,483
Less: unamortized debt issuance costs			(314,763)		(206,607)
Total debt, net of unamortized debt issuance costs			19,329,043		11,034,876
Less—current portion including commercial paper			(1,371,087)		(2,620,766)
Long-term portion			$	17,957,956	$	8,414,110

(1)Interest rates based on outstanding loan balance as of December 31, 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 $1.6 billion facility due in 2022, each of which accrue interest at LIBOR plus 1.30%, which interest rate was 1.54%, as of December 31, 2020 and each is subject to a facility fee of 0.20%.

(3)At December 31, 2020 and 2019, the weighted average interest rate for total debt was 6.02% 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 December 31, 2020
Principal	$	1,725,000
Less: Unamortized debt discount and transaction costs	312,117
	$	1,412,883

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

(in thousands)	As of December 31, 2020
Contractual interest expense	$	30,832
Amortization of debt discount and transaction costs	52,518
	$	83,350

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 finance leases and commercial paper, as of December 31, 2020 for each of the next five years (in thousands):

Year
2021	$	1,371,087
2022	4,143,884
2023	4,433,261
2024	2,862,486
2025	3,480,961
Thereafter	3,037,364
	$	19,329,043