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Debt Facilities (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Summary of Debt
The Company's mortgage and loans payable consisted of the following as of December 31 (in thousands):
20202019
Term loans$1,292,067 $1,287,151 
Mortgage payable and loans payable78,903 82,967 
1,370,970 1,370,118 
Less amount representing unamortized debt discount and debt issuance cost(3,288)(4,849)
Add amount representing unamortized mortgage premium1,861 1,768 
1,369,543 1,367,037 
Less current portion(82,289)(77,603)
$1,287,254 $1,289,434 
The Company's senior notes consisted of the following as of December 31 (in thousands):
20202019
Senior NotesIssuance DateMaturity DateAmountEffective RateAmountEffective Rate
5.000% Infomart Senior Notes
April 2018April 2021$150,000 4.51 %$450,000 4.46 %
5.375% Senior Notes due 2022
November 2014January 2022— — %343,711 5.56 %
2.625% Senior Notes due 2024
November 2019November 20241,000,000 2.79 %1,000,000 2.79 %
2.875% Euro Senior Notes due 2024
March 2018March 2024— — %841,500 3.08 %
1.250% Senior Notes due 2025
June 2020July 2025500,000 1.46 %— — %
1.000% Senior Notes due 2025
October 2020September 2025700,000 1.18 %— — %
2.875% Euro Senior Notes due 2025
September 2017October 2025— — %1,122,000 3.04 %
2.900% Senior Notes due 2026
November 2019November 2026600,000 3.04 %600,000 3.04 %
5.875% Senior Notes due 2026
December 2015January 2026— — %1,100,000 6.03 %
2.875% Euro Senior Notes due 2026
December 2017February 2026611,050 3.04 %1,122,000 3.04 %
1.800% Senior Notes due 2027
June 2020July 2027500,000 1.96 %— — %
5.375% Senior Notes due 2027
March 2017May 20271,250,000 5.51 %1,250,000 5.51 %
1.550% Senior Notes due 2028
October 2020March 2028650,000 1.67 %— — %
3.200% Senior Notes due 2029
November 2019November 20291,200,000 3.30 %1,200,000 3.30 %
2.150% Senior Notes due 2030
June 2020July 20301,100,000 2.27 %— — %
3.000% Senior Notes due 2050
June 2020July 2050500,000 3.09 %— — %
2.950% Senior Notes due 2051
October 2020September 2051500,000 3.00 %— — %
9,261,050 9,029,211 
Less amount representing unamortized debt discount and debt issuance cost(92,773)(78,030)
Add amount representing unamortized debt premium186 1,716 
9,168,463 8,952,897 
Less current portion(150,186)(643,224)
$9,018,277 $8,309,673 
Optional Redemption Schedule
Each series of the Company's senior notes, with the exception of 5.000% Infomart Senior Notes, provide for optional redemption. Two series of the Company’s senior notes provide for optional redemption as summarized below:
Senior Notes Description
Early Equity Redemption Price (1)
First Scheduled Redemption Date (2)
First Scheduled Redemption PriceSecond Year Redemption PriceThird Year Redemption PriceFourth Year
(if scheduled) Redemption Price
2.875% Euro Senior Notes due 2026
102.875%February 1, 2021101.438%100.719%100.000%
5.375% Senior Notes due 2027
105.375%May 15, 2022102.688%101.792%100.896%100.000%
(1)Within 90 days of the closing of one or more equity offerings and at any time prior to the first scheduled redemption date, 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, 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).
(2)On or after the first scheduled redemption date, the Company may redeem all or a part of a series of senior notes at the first scheduled redemption price plus accrued and unpaid interest thereon, if redeemed during the 12 month period beginning on the first scheduled redemption date and at reduced scheduled redemption prices during the 12 or 18 month periods beginning on the anniversaries of the first scheduled redemption date.
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 an 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.
Summary of Maturities of Debt Facilities
The following table sets forth maturities of the Company's debt, including mortgage and loans payable, and senior notes, gross of debt issuance costs, debt discounts and debt premiums, as of December 31, 2020 (in thousands):
Years ending:
2021$232,289 
20221,253,106 
20236,896 
20241,006,395 
20251,204,605 
Thereafter6,930,590 
$10,633,881 
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):
20202019
Mortgage and loans payable$1,379,129 $1,378,429 
Senior notes9,705,486 9,339,497 
Schedule of Interest Charges Incurred
The following table sets forth total interest costs incurred and total interest costs capitalized for the years ended December 31 (in thousands):
202020192018
Interest expense$406,466 $479,684 $521,494 
Interest capitalized26,750 32,173 19,880 
Interest charges incurred$433,216 $511,857 $541,374