Debt Facilities

Mortgage and Loans Payable

The Company’s mortgage and loans payable consisted of the following as of December 31 (in thousands):



	2017			2016
Term loans	$	1,417,352		$	1,413,582
Mortgage payable and other loans payable	48,872			44,382
	1,466,224			1,457,964
Less the amount representing debt discount and debt issuance cost	(10,666		)	(22,811		)
Add the amount representing mortgage premium	2,051			1,862
	1,457,609			1,437,015
Less current portion	(64,491		)	(67,928		)
	$	1,393,118		$	1,369,087

Senior Credit Facility

On December 12, 2017, the Company entered into a credit agreement with a group of lenders for a $3,000.0 million credit facility ("Senior Credit Facility"), comprised of a $2,000.0 million senior unsecured multicurrency revolving credit facility ("Revolving Facility") and an approximately $1,000.0 million senior unsecured multicurrency term loan facility ("Term Loan Facility"). The Senior Credit Facility contains customary covenants, including financial covenants which require the Company to maintain certain financial coverage and leverage ratios, as well as customary events of default, and is guaranteed by certain of the Company’s domestic subsidiaries. The Senior Credit Facility has a five-year term, maturing on December 12, 2022.

The Company borrowed £500.0 million and SEK 2,800.0 million under the Term Loan Facility on December 12, 2017, or approximately $997.1 million at the exchange rates in effect on that date. The Company is required to repay the Term Loan Facility at the rate of 5% of the original principle amount per annum with the remaining balance to be repaid in full at the maturity of the Senior Credit Facility. The Term Loan Facility bears interest at a rate based on LIBOR plus a margin that can vary from 1.00% to 1.70%.

The Revolving Credit Facility allows the Company to borrow, repay and reborrow over its term. The Revolving Credit Facility provides a sublimit for the issuance of letters of credit of up to $250.0 million at any one time. Borrowings under the Revolving Credit Facility bear interest at a rate based on LIBOR plus a margin that can vary from 0.85% to 1.40% or, at the Company’s option, the base rate, which is defined as the highest of (a) the Federal Funds Rate plus 0.5%, (b) the Bank of America prime rate and (c) one-month LIBOR plus 1% plus a margin that can vary from 0.0% to 0.4%. The Company is required to pay a quarterly letter of credit fee on the face amount of each letter of credit, which fee is based on the same margin that applies from time to time to LIBOR-indexed borrowings under the revolving credit line. The Company is also required to pay a quarterly facility fee ranging from 0.15% to 0.30% per annum based on the total revolving credit facility amount.

Outstanding Borrowings

As of December 31, 2017, the Company had £500.0 million and SEK2,800.0 million, or approximately $1,017.8 million in U.S dollars at exchange rates in effect as of December 31, 2017, outstanding under the Term Loan Facility with a weighted average effective interest rate of 1.85% per annum. Debt issuance costs related to the Term Loan Facility, net of amortization, were $3.2 million as of December 31, 2017.

2014 Senior Credit Facility

On December 17, 2014, the Company entered into a credit agreement with a group of lenders for a $1,500.0 million credit facility ("2014 Senior Credit Facility"), comprised of a $1,000.0 million multicurrency revolving credit facility ("2014 Revolving Credit Facility") and a $500.0 million multicurrency term loan facility ("2014 Term Loan A Facility").

The 2014 Revolving Credit Facility allowed the Company to borrow, repay and reborrow over the term. The 2014 Revolving Credit Facility provided a sublimit for the issuance of letters of credit of up to $150.0 million at any one time. Borrowings under the 2014 Revolving Credit Facility bore interest at a rate based on LIBOR plus a margin that could vary from 1.0% to 1.4%. The Company paid a quarterly letter of credit fee on the face amount of each letter of credit, which fee was based on the same margin that applies from time to time to LIBOR-indexed borrowings under the revolving credit line. The Company also paid a quarterly facility fee ranging from 0.25% to 0.35% per annum of the revolving credit facility, regardless of the amount utilized.

First Amendment

On April 30, 2015, the Company entered into the first amendment (the "First Amendment") to the 2014 Senior Credit Facility. The First Amendment provided for the conversion of the outstanding U.S. dollar-denominated borrowings under the 2014 Term Loan A Facility into an approximately equivalent amount denominated in four foreign currencies. In connection with the execution of the First Amendment, on April 30, 2015 the Company repaid the U.S. dollar-denominated $490.0 million remaining principal balance of the Term Loan A Facility and immediately reborrowed under the 2014 Term Loan A Facility in the aggregate principal amounts of CHF 47.8 million, €184.9 million, £92.6 million and ¥11,924.0 million, or approximately $490.0 million in U.S. dollars at exchange rates in effect on April 30, 2015. The Company accounted for this transaction as a debt modification.

The Company repaid the foreign-currency denominated borrowings under the 2014 Term Loan A Facility in equal quarterly installments on the last business day of each March, June, September and December, commencing on June 30, 2015, equal to the amount of 2.00% of the result of the respective 2014 Term Loan A Facility on April 30, 2015 divided by 0.98 with the remaining principal amount to be paid on the maturity date of the Term Loan A Facility.

Second Amendment

On December 8, 2015, the Company entered into the second amendment (the "Second Amendment") to the 2014 Senior Credit Facility. Pursuant to the Second Amendment, the 2014 Revolving Credit Facility was increased from $1,000.0 million to $1,500.0 million and the Company received commitments from the lenders for a $250.0 million seven year term loan (the "USD Term Loan B Commitment") and for a £300.0 million, or approximately $442.0 million in U.S. dollars at the exchange rate in effect on December 31, 2015, seven year term loan (the "Sterling Term Loan B Commitment", and collectively, the "Term Loan B Commitments"). On January 8, 2016, the Company borrowed the full amount of the $250.0 million and £300.0 million under the Term Loan B Commitment.

Funding of the Term Loan B was net of the original issue discounts of 0.25% of the principal of the USD Term Loan B and 0.50% of the principal of the Sterling Term Loan B. Loans made under the Term Loan B Commitments (the "Term Loan B") were repaid in equal quarterly installments of 0.25% of the original principal, with the remaining amount outstanding to be repaid in full on the seventh anniversary of the funding date of the Term Loan B. The USD Term Loan B bore interest at a rate based on LIBOR plus a margin of 3.25% and the Sterling Term Loan B bore interest at a rate based on LIBOR plus a margin of 3.75%.

Third Amendment

On December 22, 2016, the Company, entered into the third amendment (the "Third Amendment") to the 2014 Senior Credit Facility. Pursuant to the Third Amendment, (i) the Company may borrow up to €1,000.0 million in additional term B loan (the "Term B-2 Loan"), (ii) the interest rate margin applicable to the existing Term Loan B (the "Term Loan B Facility") in US Dollars was reduced from 3.25% to 2.50% and the LIBOR floor applicable to such loans were reduced from 0.75% to zero and (iii) the interest rate margin applicable to the loans borrowed under the Term Loan B Facility in Pounds Sterling was reduced from 3.75% to 3.00%, with no change to the existing LIBOR floor of 0.75% applicable to such loans. The Company accounted for this transaction as a debt modification.

On January 6, 2017, the Company borrowed the full amount of the Term B-2 Loan for €1,000.0 million, or approximately $1,059.8 million in U.S dollars at the exchange rate in effect on January 6, 2017. The Term B-2 Loan bore interest at an index rate based on LIBOR plus a margin of 3.25%. No original issue discount is applicable to the Term B-2 Loan. The Term B-2 Loan was repaid in equal quarterly installments of 0.25% of the original principal amount starting in the second quarter of 2017, with the remaining amount outstanding to be repaid in full on the seventh anniversary of the funding date of the Term B-2 Loan.

Fourth Amendment

On August 15, 2017, the Company entered into the fourth amendment (the "Fourth Amendment") to the 2014 Senior Credit Facility. Pursuant to the Fourth Amendment, (a) the interest rate margin applicable to loans borrowed under the Term Loan B Facility in US Dollars (the "USD Term Loan B Loans") was reduced from 2.50% to 2.00%, (b) the LIBOR floor applicable to loans borrowed under the Term Loan B Facility in Pounds Sterling (the "GBP Term Loan B Loans") was reduced from 0.75% to zero and (c) the interest rate margin applicable to loans borrowed under the Term Loan B Facility in Euro was reduced from 3.25% to 2.50%.

On December 12, 2017, using the proceeds from the sale of 2.875% Euro Senior Notes due 2026 and amounts borrowed under the Term Loan Facility, the Company repaid in full amounts outstanding under the 2014 Term Loan A Facility, the Term B Loans and the Term B-2 Loan, and terminated the 2014 Senior Credit Facility.

Bridge Term Loan

In connection with its acquisition of Bit-isle, on September 30, 2015, the Company entered into a term loan agreement (the “Bridge Term Loan Agreement”) with the Bank of Tokyo-Mitsubishi UFJ, Ltd. (“BTMU”). Pursuant to the Bridge Term Loan Agreement, BTMU has committed to provide a senior bridge loan facility (the “Bridge Term Loan”) in the amount of up to ¥47,500.0 million, or approximately $395.2 million in U.S dollars at the exchange rate in effect on December 31, 2015. Proceeds from the Bridge Term Loan were used exclusively for the acquisition of Bit-isle, the repayment of Bit-isle’s existing debt and transaction costs incurred in connection with the closing of the Bridge Term Loan and the acquisition of Bit-isle. Borrowings under the Bridge Term Loan bore interest at the Tokyo Interbank Offered Rate for Japanese Yen, plus a margin of 0.4% per annum for the first ten months following the first draw down. Thereafter, the margin increased to 1.75% per annum. The Company repaid the Bridge Term Loan in full at the end of its term on October 31, 2016.

Japanese Yen Term Loan

On September 30, 2016, the Company entered into a five year term loan agreement (the "Japanese Yen Term Loan") with BTMU for ¥47,500.0 million, or approximately $468.4 million at the exchange rate in effect on September 30, 2016. Loans made under the Japanese Yen Term Loan must be repaid in equal quarterly installments of ¥625.0 million, with the remaining balance of ¥35,625.0 million to be repaid in full on October 29, 2021. Borrowings under the Japanese Yen Term Loan bear interest at the Tokyo Interbank Offered Rate for Japanese Yen, plus a margin of 1.5% per annum.

In October 2016, the Company drew down the full amount of the Japanese Yen Term Loan of ¥47,500.0 million, or approximately $453.2 million at the exchange rate in effect on October 31, 2016, and repaid the one-year Bridge Term Loan agreement which was used to facilitate the acquisition of Bit-isle. Total outstanding borrowings under the Japanese Yen Term Loan were ¥45,000.0 million, or approximately $399.6 million in U.S dollars at the exchange rate in effect as of December 31, 2017. As of December 31, 2017, debt issuance cost, net of amortization, related to the Japanese Yen Term Loan was ¥843.6 million, or approximately $7.5 million in U.S. dollars at the exchange rate in effect on December 31, 2017.

Brazil Financings

In June 2016, the Company prepaid and terminated its 2012 and 2013 Brazil financings. In connection with this prepayment, the Company paid 90.7 million Brazilian Reals, including principal, accrued interest and termination fees, or approximately $28.3 million at the exchange rate in effect as of June 30, 2016.

Mortgage Payable

In October 2013, as a result of the Frankfurt Kleyer 90 Carrier Hotel Acquisition, the Company assumed a mortgage payable of $42.9 million with an effective interest rate of 4.25%. The mortgage payable has monthly principal and interest payments and has an expiration date of August 2022.

Convertible Debt

4.75% Convertible Subordinated Notes

In June 2009, the Company issued $373.8 million aggregate principal amount of 4.75% Convertible Subordinated Notes due June 15, 2016 (the "4.75% Convertible Subordinated Notes"). Interest was payable semi-annually on June 15 and December 15 of each year and commenced on December 15, 2009. In May and June 2014, certain holders of the 4.75% Convertible Subordinated Notes elected to convert a total of $215.8 million of the principal amount of the notes for 2,411,851 shares of the Company’s common stock and $51.7 million in cash, comprised of accrued interest, premium and cash paid in lieu of issuing shares for certain note holders’ principal amount.

In December 2015, certain holders of the 4.75% Convertible Subordinated Notes elected to convert a total of $7.8 million of the principal amount of the notes for 101,947 shares of the Company's common stock and approximately $1,000 in cash for residual shares in connection with the conversions.

In April and June 2016, holders of the 4.75% convertible subordinated notes converted or redeemed a total of $150.1 million of the principal amount of the notes for 1,981,662 shares of the Company’s common stock and $3.6 million in cash, comprised of accrued interest, cash paid in lieu of fractional shares and principal redemption. In the Company’s consolidated statement of cash flows for the year ended December 31, 2016, the principal redemption and cash paid in lieu of issuing fractional shares to settle a portion of the principal amount were included within net cash provided by (used in) financing activities and the accrued interest paid was included within net cash provided by operating activities.

The following table sets forth total interest expense recognized related to the 4.75% Convertible Subordinated Notes for the years ended December 31 (in thousands):



	2016
Contractual interest expense	$	3,267
Amortization of debt issuance costs	186
Amortization of debt discount	3,775
	$	7,228
Effective interest rate of the liability component	10.48		%

To minimize the impact of potential dilution upon conversion of the 4.75% Convertible Subordinated Notes, the Company entered into capped call transactions (the "Capped Call") separate from the issuance of the 4.75% Convertible Subordinated Notes and paid a premium of $49.7 million for the Capped Call in 2009. The Capped Call covers a total of approximately 4,432,638 shares of the Company’s common stock, subject to adjustment.

Upon maturity of the 4.75% Convertible Subordinated Notes on June 15, 2016, the Company settled the capped call transaction and received 380,779 shares of common stock, which were placed in treasury and resulted in a credit of $141.7 million to additional paid in capital at the market price of $372.10 on June 15, 2016.

Senior Notes

The Company’s senior notes consisted of the following as of December 31 (in thousands):



	2017					2016
	Amount			Effective Rate		Amount			Effective Rate
4.875% Senior Notes due 2020	$	—		—		$	500,000		5.07	%
5.375% Senior Notes due 2022	750,000			5.56	%	750,000			5.56	%
5.375% Senior Notes due 2023	1,000,000			5.51	%	1,000,000			5.51	%
5.75% Senior Notes due 2025	500,000			5.88	%	500,000			5.88	%
2.875% Euro Senior Notes due 2025	1,201,000			3.04	%	—			—
5.875% Senior Notes due 2026	1,100,000			6.03	%	1,100,000			6.03	%
2.875% Euro Senior Notes due 2026	1,201,000			3.04	%	—			—
5.375% Senior Notes due 2027	1,250,000			5.51	%	—			—
	7,002,000					3,850,000
Less amount representing debt issuance cost	(78,151		)			(39,230		)
	$	6,923,849				$	3,810,770

2026 Euro Senior Notes

In December 2017, the Company issued €1,000.0 million aggregate principal amount of 2.875% senior notes due February 1, 2026, which are referred to as the "2026 Euro Senior Notes". Interest on the notes is payable semi-annually in arrears on February 1 and August 1 of each year, commencing on August 1, 2018. Debt issuance costs related to the 2026 Euro Senior Notes were $15.7 million. As of December 31, 2017, debt issuance costs related to the 2026 Euro Senior Notes, net of amortization, were $15.9 million at the exchange rate in effect on that date.

2025 Euro Senior Notes

In September 2017, the Company issued €1,000.0 million aggregate principal amount of 2.875% senior notes due October 1, 2025, which are referred to as the "2025 Euro Senior Notes". Interest on the notes is payable semi-annually in arrears on April 1 and October 1 of each year, commencing on April 1, 2018. Debt issuance costs related to the 2025 Euro Senior Notes were $16.3 million. Debt issuance costs related to the 2025 Euro Senior Notes, net of amortization, were $15.7 million as of December 31, 2017.

2027 Senior Notes

In March 2017, the Company issued $1,250.0 million aggregate principal amount of 5.375% senior notes due May 15, 2027, which are referred to as the "2027 Senior Notes". Interest on the notes is payable semi-annually in arrears on May 15 and November 15 of each year, and commenced on May 15, 2017. Debt issuance costs related to the 2027 Senior Notes were $16.8 million. Debt issuance costs related to the 2027 Senior Notes, net of amortization, were $15.6 million as of December 31, 2017.

2026 Senior Notes

In December 2015, the Company issued $1,100.0 million aggregate principal amount of 5.875% senior notes due January 15, 2026, which are referred to as the "2026 Senior Notes". Interest on the notes is payable semi-annually in arrears on January 15 and July 15 of each year, and commenced on July 15, 2016. As of December 31, 2017 and 2016, debt issuance costs related to the 2026 Senior Notes, net of amortization, were $13.4 million and $15.1 million, respectively.

2022 Senior Notes and 2025 Senior Notes

In November 2014, the Company issued $750.0 million aggregate principal amount of 5.375% senior notes due January 1, 2022, and $500.0 million aggregate principal amount of 5.750% senior notes due January 1, 2025, which are referred to as the "2022 Senior Notes" and "2025 Senior Notes", respectively, and collectively, as the "2022 and 2025 Senior Notes". Interest on each series of the notes is payable semi-annually in arrears on January 1 and July 1 of each year, and commenced on July 1, 2015. As of December 31, 2017 and 2016, debt issuance costs related to the 2022 and 2025 Senior Notes, net of amortization, were $10.4 million and $12.5 million, respectively.

2020 Senior Notes and 2023 Senior Notes

In March 2013, the Company issued $1,500.0 million aggregate principal amount of senior notes, which consist of $500.0 million aggregate principal amount of 4.875% senior notes due April 1, 2020 (the "2020 Senior Notes") and $1,000.0 million aggregate principal amount of 5.375% senior notes due April 1, 2023 (the "2023 Senior Notes"). Interest on both the 2020 Senior Notes and the 2023 Senior Notes is payable semi-annually on April 1 and October 1 of each year and commenced on October 1, 2013. On September 28, 2017, the Company redeemed the entire $500.0 million principal amount of the 2020 Senior Notes. Debt issuance costs related to the 2023 Senior Notes, net of amortization, were $7.1 million as of December 31, 2017. Debt issuance costs related to the 2020 Senior Notes and 2023 Senior Notes, net of amortization, were $11.6 million as of December 31, 2016.

All senior notes are unsecured and rank equal in right of payment to the Company’s existing or future senior indebtedness and senior in right of payment to the Company’s existing and future subordinated indebtedness. The senior notes are effectively subordinated to all of the existing and future secured debt, including debt outstanding under any bank facility or secured by any mortgage, to the extent of the assets securing such debt. They are also structurally subordinated to any existing and future indebtedness and other liabilities (including trade payables) of any of the Company’s subsidiaries.

Each series of senior notes is governed by a supplemental indenture between the Company and U.S. Bank National Association, as trustee. These supplemental indentures contain covenants that limit the Company’s ability and the ability of its subsidiaries to, among other things⁽¹⁾:


•	incur additional debt;


•	pay dividends or make other restricted payments;


•	purchase, redeem or retire capital stock or subordinated debt;


•	make asset sales;


•	enter into transactions with affiliates;


•	incur liens⁽²⁾;


•	enter into sale-leaseback transactions⁽²⁾;


•	provide subsidiary guarantees;


•	make investments; and


•	merge or consolidate with any other person⁽²⁾.

⁽¹⁾ If the senior notes are rated investment grade at any time by two or more of Standard & Poor’s, Moody’s and Fitch, most of the restrictive covenants contained in the supplemental indentures will be suspended.

⁽²⁾ The supplemental indenture for the 2.875% Euro Senior Notes due 2026 only contains these covenants footnoted with ⁽²⁾.

Subject to compliance with the limitations described above, the Company may issue an unlimited principal amount of additional notes at later dates under the same indenture as the senior notes. Any additional notes the Company issues under the indenture will be identical in all respects to the terms of the 2.875% Euro Senior Notes due 2026, except that the additional notes will have different issuance dates and may have different issuance prices.

The Company is not required to make any mandatory redemption with respect to the senior notes; however, upon the event of a change in control, the Company may be required to offer to purchase the senior notes.

Optional Redemption Schedule



Senior Note Description	Early Equity Redemption Price	First Scheduled Redemption Date	First Scheduled Redemption Price	Second Year Redemption Price	Third Year Redemption Price	Fourth Year (if scheduled) Redemption Price
5.375% due 2022	105.375%	January 1, 2018	104.031%	102.688%	101.344%	100.000%
5.375% due 2023	105.375%	April 1, 2018	102.688%	101.792%	100.896%	100.000%
5.75% due 2025	105.750%	January 1, 2020	102.875%	101.917%	100.958%	100.000%
2.875% Euro due 2025	102.875%	October 1, 2020	101.438%	100.719%	100.000%
5.875% due 2026	105.875%	January 15, 2021	102.938%	101.958%	100.979%	100.000%
2.875% Euro due 2026	102.875%	February 1, 2021	101.438%	100.719%	100.000%
5.375% due 2027	105.375%	May 15, 2022	102.688%	101.792%	100.896%	100.000%

Each series of senior notes provides for optional redemption. Within 90 days of the closing of one or more equity offerings and at any time prior to the first scheduled redemption date listed in the Optional Redemption Schedule, the Company may redeem up to 35% of the aggregate principal amount of any series of senior notes outstanding, at the respective early equity redemption price listed in the Optional Redemption Schedule, plus accrued and unpaid interest to the redemption date, provided that at least 65% of the aggregate principal amount of the senior notes issued in such series remains outstanding immediately after such redemption(s).

On or after the first scheduled redemption date listed in the Optional Redemption Schedule, the Company may redeem all or a part of a series of senior notes, on one or more occasions, at the redemption prices (expressed as percentages of principal amount) set forth in the Optional Redemption Schedule, plus accrued and unpaid interest thereon, if any, if redeemed during the twelve-month periods beginning on the first scheduled redemption date and at reduced scheduled redemption prices during the twelve-month periods beginning on the anniversaries of the first scheduled redemption date.

In addition, at any time prior to the first scheduled redemption date, the Company may redeem all or a part of any series of senior notes at a redemption price equal to 100% of the principal amount of such senior notes redeemed plus the applicable premium (the "Applicable Premium") and accrued and unpaid interest, subject to the rights of the holders of record of such senior notes on the relevant record date to receive interest due on the relevant interest payment date. The Applicable Premium means the greater of:


(1)	1.0% of the principal amount of the senior notes;


(2)	the excess of:

(a)the present value at such redemption date of (i) the first scheduled redemption price of the senior notes at the first scheduled redemption date, plus (ii) all required interest payments due on the senior notes through the first scheduled redemption date computed using a discount rate equal to the treasury rate as of such redemption date plus 50 basis points; over

(b)the principal amount of the senior notes.

Loss on Debt Extinguishment

During the year ended December 31, 2017, the Company recorded $65.8 million of loss on debt extinguishment comprised of (i) $14.6 million of loss on debt extinguishment from the redemption of the 2020 Senior Notes, which included the $12.2 million redemption premium that was paid in cash and $2.4 million related to the write-off of unamortized debt issuance costs, (ii) $13.2 million of loss on debt extinguishment from the redemption of the Term B-2 Loan, (iii) $9.3 million of loss on debt extinguishment as a result of the redemption of the Term B Loans, (iv) $16.7 million loss on debt extinguishment as a result of amendments to leases and financing obligations and (v) $12.0 million of loss on debt extinguishment as a result of the settlement of financing obligations for properties purchased.

During the year ended December 31, 2016, the Company recorded $12.3 million of loss on debt extinguishment as a result of (i) the settlement of the financing obligations for Paris 3 IBX data center, (ii) a portion of the lender fees associated with the Japanese Yen Term Loan and (iii) the prepayment and terminations of the 2012 and 2013 Brazil financings.

During the year ended December 31, 2015, the Company recorded $0.3 million of loss on debt extinguishment as a result of the conversions of the 4.75% Convertible Subordinated Notes.

Maturities of Debt Facilities

The following table sets forth maturities of the Company’s debt, including mortgage, loans payable, and senior notes, gross of debt issuance costs and debt discounts, as of December 31, 2017 (in thousands):



Years ending:
2018	$	64,472
2019	77,309
2020	77,237
2021	387,762
2022	1,607,402
Thereafter	6,256,093
	$	8,470,275

Fair Value of Debt Facilities

The following table sets forth the estimated fair values of the Company’s mortgage and loans payable and senior notes, including current maturities, as of December 31 (in thousands):



	2017		2016
Mortgage and loans payable	$	1,464,877	$	1,461,954
Senior notes	7,288,673		4,033,985

The fair value of the mortgage and loans payable, which were not publicly traded, was estimated by considering the Company’s credit rating, current rates available to the Company for debt of the same remaining maturities and terms of the debt (level 2). The fair value of the senior notes, which were traded in the public debt market, was based on quoted market prices (level 1).

Interest Charges

The following table sets forth total interest costs incurred and total interest costs capitalized for the years ended December 31 (in thousands):



	2017		2016		2015
Interest expense	$	478,698	$	392,156	$	299,055
Interest capitalized	22,625		13,338		10,943
Interest charges incurred	$	501,323	$	405,494	$	309,998

Total interest paid, net of capitalized interest, during the years ended December 31, 2017, 2016 and 2015 was $422.2 million, $336.7 million and $226.5 million, respectively.