Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Debt consists of the following (in thousands):

	Interest Rate (1)	Maturities Through	As of March 31, 2023		As of December 31, 2022
Fixed rate debt:
Unsecured senior notes	3.70% to 11.63%	2026 - 2030	$	7,898,504	$	7,199,331
Secured senior notes	8.25% to 11.50%	2025 - 2029	2,373,981		2,370,855
Unsecured term loans	1.28% to 5.89%	2027 - 2034	4,439,699		4,561,129
Convertible notes	2.88% to 6.00%	2023 - 2025	1,725,000		1,725,000
Total fixed rate debt			16,437,184		15,856,315
Variable rate debt:
Unsecured revolving credit facilities (2)	6.20% to 6.95%	2024 - 2025	371,971		2,744,105
USD unsecured term loan	5.71% to 9.69%	2023 - 2037	4,198,261		4,335,973
Euro unsecured term loan	6.46% to 7.09%	2023 - 2028	544,488		534,589
Total variable rate debt			5,114,720		7,614,667
Finance lease liabilities			336,892		351,332
Total debt (3)			21,888,796		23,822,314
Less: unamortized debt issuance costs			(428,685)		(431,123)
Total debt, net of unamortized debt issuance costs			21,460,111		23,391,191
Less—current portion			(2,055,307)		(2,087,711)
Long-term portion			$	19,404,804	$	21,303,480

(1) Interest rates based on outstanding loans as of March 31, 2023, and for variable rate debt include either LIBOR, EURIBOR or Term SOFR plus the applicable margin.

(2) Advances under our $1.9 billion facility accrue interest at Term SOFR plus an interest rate margin ranging from 1.40% to 2.15%. Advances under our $1.1 billion facility accrue interest at Term SOFR plus an interest rate margin ranging from 1.80% to 2.15%. Based on applicable Term SOFR rates, as of March 31, 2023, the interest rates under the $1.9 billion facility and the $1.1 billion facility were 6.20% and 6.95%, respectively. We also pay a facility fee for each facility ranging from 0.20% to 0.30% of the total commitments under such facility.

(3) At March 31, 2023 and December 31, 2022, the weighted average interest rate for total debt was 6.35% and 6.23%, respectively.

Schedule of Maturities of Long-term Debt

The following is a schedule of annual maturities on our total debt, including finance leases, as of March 31, 2023 for each of the next five years (in thousands):

Year	As of March 31, 2023 (1)
Remainder of 2023	$	1,806,425
2024	2,295,347
2025	3,671,929
2026	2,753,605
2027	3,494,845
Thereafter	7,866,645
	$	21,888,796

(1)    Debt denominated in other currencies is calculated based on the applicable exchange rate at March 31, 2023.