Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Long Term Debt

Debt consists of the following (in thousands):

			As of December 31,
	Interest Rate(1)	Maturities Through	2021		2020
Fixed rate debt:
Unsecured senior notes	3.70% - 9.13%	2022 - 2028	$	5,604,498	$	2,464,994
Secured senior notes	10.88% - 11.50%	2023 - 2025	2,354,037		3,895,166
Unsecured term loans	2.53% - 5.41%	2028 - 2032	2,860,567		3,210,161
Convertible notes	2.88% - 4.25%	2023	1,558,780		1,454,488
Total fixed rate debt			12,377,882		11,024,809
Variable rate debt:
Unsecured revolving credit facilities(2)	1.51% -1.91%	2022 - 2024	2,899,342		3,289,000
Unsecured UK Commercial paper		2021	—		409,319
USD unsecured term loan	0.71% - 3.17%	2022 - 2033	5,018,740		4,002,249
Euro unsecured term loan	1.74% -2.25%	2022 - 2028	685,633		705,064
Total variable rate debt			8,603,715		8,405,632
Finance lease liabilities			472,275		213,365
Total debt (3)			21,453,872		19,643,806
Less: unamortized debt issuance costs			(363,532)		(314,763)
Total debt, net of unamortized debt issuance costs			21,090,340		19,329,043
Less—current portion including commercial paper			(2,243,131)		(1,371,087)
Long-term portion			$	18,847,209	$	17,957,956

(1)Interest rates based on outstanding loan balance as of December 31, 2021 and, for variable rate debt, includes either LIBOR or EURIBOR plus the applicable margin.

(2)Includes $1.9 billion facility and $1.3 billion facility, the vast majority of which is due in 2024. Our $1.9 billion facility accrues interest at LIBOR plus a maximum interest rate margin of 1.30%, which interest rate was 1.51%, as of December 31, 2021 and is subject to a facility fee of 0.20%. Our $1.3 billion facility accrues interest at LIBOR plus a maximum interest rate margin of 1.70%, which interest was 1.91% as of December 31, 2021 and is subject to a facility fee of a maximum of 0.30%.

(3)At December 31, 2021 and 2020, the weighted average interest rate for total debt was 5.47% and 6.02%, 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, 2021		As of December 31,2020
Principal	$	1,725,000	1,725,000
Less: Unamortized debt discount and transaction costs	188,764		312,117
	$	1,536,236	$	1,412,883

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

(in thousands)	As of December 31, 2021		As of December 31, 2020
Contractual interest expense	$	65,406	30,832
Amortization of debt discount and transaction costs	118,566		52,518
	$	183,972	$	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, as of December 31, 2021 for each of the next five years (in thousands):

Year
2022	$	2,243,131
2023	5,376,305
2024	4,026,746
2025	2,293,638
2026	2,533,027
Thereafter	4,617,493
	$	21,090,340