Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Long Term Debt

Debt consists of the following (in thousands):

			As of December 31,
	Interest Rate(1)	Maturities Through	2022		2021
Fixed rate debt:
Unsecured senior notes	3.70% - 11.63%	2026 - 2029	$	7,199,331	$	5,604,498
Secured senior notes	8.25% - 11.50%	2025 - 2029	2,370,855		2,354,037
Unsecured term loans	1.28% - 5.89%	2027 - 2034	4,561,129		2,860,567
Convertible notes	2.88% - 6.00%	2023 - 2025	1,725,000		1,558,780
Total fixed rate debt			15,856,315		12,377,882
Variable rate debt:
Unsecured revolving credit facilities(2)	5.72% -6.12%	2024	2,744,105		2,899,342
USD unsecured term loans	5.54% - 9.27%	2023 - 2037	4,335,973		5,018,740
Euro unsecured term loans	6.29% -6.92%	2023 - 2028	534,589		685,633
Total variable rate debt			7,614,667		8,603,715
Finance lease liabilities			351,332		472,275
Total debt (3)			23,822,314		21,453,872
Less: unamortized debt issuance costs			(431,123)		(363,532)
Total debt, net of unamortized debt issuance costs			23,391,191		21,090,340
Less—current portion			(2,087,711)		(2,243,131)
Long-term portion			$	21,303,480	$	18,847,209

(1)Interest rates based on outstanding loan balance as of December 31, 2022 and, for variable rate debt, includes either LIBOR, EURIBOR or Term SOFR plus the applicable margin.

(2)Total capacity of $3.0 billion, with $0.3 billion of undrawn capacity as of December 31, 2022. Includes $1.9 billion facility and $1.1 billion facility, which are due April 2024 as of December 31, 2022. Our $1.9 billion facility accrues interest at LIBOR plus a maximum interest rate margin of 1.30%, which interest rate was 5.72%, as of December 31, 2022 and is subject to a facility fee of a maximum of 0.20%. Our $1.1 billion facility accrues interest at LIBOR plus a maximum interest rate margin of 1.70%, which interest was 6.12% as of December 31, 2022 and is subject to a facility fee of a maximum of 0.30%.

(3)At December 31, 2022 and 2021, the weighted average interest rate for total debt was 6.23% and 5.47%, respectively.

Schedule of Convertible Debt

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

(in thousands)	As of December 31, 2022		As of December 31, 2021
Principal	$	1,725,000	$	1,725,000
Less: Unamortized debt issuance costs	24,110		188,764
	$	1,700,890	$	1,536,236

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

(in thousands)	As of December 31, 2022		As of December 31, 2021
Contractual interest expense	$	75,519	$	65,406
Amortization of debt issuance costs	16,145		118,566
	$	91,664	$	183,972

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

Following is a schedule of annual maturities on our total debt including finance leases, as of December 31, 2022 for each of the next five years (in thousands):

Year	As of December 31, 2022 (1)
2023	$	2,090,457
2024 (2)	4,662,837
2025	3,663,440
2026	2,754,876
2027	3,493,703
Thereafter	7,157,001
	$	23,822,314

(1)    Debt denominated in other currencies is calculated based on the applicable exchange rate at December 31, 2022.

(2)    In January 2023, we amended and extended $2.3 billion of our two unsecured revolving credit facilities by one year from April 2024 to April 2025.