XML 58 R17.htm IDEA: XBRL DOCUMENT v3.23.3
Debt Facilities
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Debt Facilities Debt Facilities
Mortgage and Loans Payable
As of September 30, 2023 and December 31, 2022, our mortgage and loans payable consisted of the following (in thousands):
September 30,
2023		December 31, 2022
Term loans$616,833 $619,090 
Mortgage payable and loans payable29,780 34,527 
646,613 653,617 
Less amount representing unamortized debt discount and debt issuance cost(777)(1,062)
645,836 652,555 
Less current portion(8,211)(9,847)
$637,625 $642,708 
Senior Credit Facility and Refinancing
On January 7, 2022, we entered into a credit agreement (the "2022 Credit Agreement") with a group of lenders for a senior unsecured credit facility, comprised of a $4.0 billion senior unsecured multicurrency revolving credit facility (the "2022 Revolving Facility") and a £500.0 million senior unsecured term loan facility (the "2022 Term Loan Facility" and, together with the 2022 Revolving Facility, collectively, the "2022 Credit Facilities"). The total debt issuance costs for the 2022 Revolving Facility and 2022 Term Loan Facility are $6.5 million and $0.8 million, respectively. We borrowed the full £500.0 million available under the 2022 Term Loan Facility, or approximately $676.9 million at the exchange rates in effect on that date. On that same day, using a portion of the proceeds from the 2022 Term Loan Facility, we prepaid in full all of the $549.6 million of indebtedness outstanding under the 2017 Term Loan Facility, at the exchange rates in effect on January 7, 2022 and terminated the 2017 Credit Agreement. In connection with the repayment and termination, we incurred an insignificant amount of loss on debt extinguishment. The remaining unamortized debt issuance costs of the 2017 Credit Facilities will continue to be amortized over the contract terms of the 2022 Credit Facilities.
The 2022 Credit Facilities have a maturity date of January 7, 2027. We may borrow, repay and reborrow amounts under the 2022 Revolving Facility until the Maturity Date, at which time all amounts outstanding under the 2022 Revolving Facility must be repaid in full. The term loan made under the 2022 Term Loan Facility has no scheduled principal amortization and must be repaid in full on the maturity date. The 2022 Revolving Credit Facility provides for extensions of credit in U.S. Dollars as well as certain other foreign currencies. Borrowings under the 2022 Revolving Facility bear interest at a rate based on the daily Secured Overnight Financing Rate ("SOFR"), term SOFR, an alternative currency daily rate, or an alternative currency term rate plus a spread adjustment, plus a margin that can vary from 0.555% to 1.200%. Borrowings under the 2022 Term Loan Facility bear interest at a rate based on the daily Sterling Overnight Index Average ("SONIA"), plus a spread adjustment, plus a margin that can vary from 0.625% to 1.450%. We are also 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 SOFR-indexed borrowings under the revolving credit line. The margin is dependent on either our consolidated net leverage ratio or our credit ratings. We are also required to pay a quarterly facility fee ranging from 0.07% to 0.25% per annum. The 2022 Credit Agreement contains customary covenants, including financial ratio covenants that are required to be maintained as of each quarter end.
As of September 30, 2023 and December 31, 2022, the total amounts outstanding under the 2022 Term Loan Facility, net of debt issuance costs, were $608.8 million and $603.0 million, respectively.
As of September 30, 2023, we had 51 irrevocable letters of credit totaling $79.4 million issued and outstanding under the 2022 Revolving Facility, with approximately $3.9 billion remaining available to borrow under the 2022 Revolving Facility.
Senior Notes
As of September 30, 2023 and December 31, 2022, our senior notes consisted of the following (in thousands):
September 30, 2023December 31, 2022
AmountEffective RateAmountEffective Rate
2.625% Senior Notes due 2024
$1,000,000 2.79 %$1,000,000 2.79 %
1.250% Senior Notes due 2025
500,000 1.46 %500,000 1.46 %
1.000% Senior Notes due 2025
700,000 1.18 %700,000 1.18 %
2.900% Senior Notes due 2026
600,000 3.04 %600,000 3.04 %
1.450% Senior Notes due 2026
700,000 1.64 %700,000 1.64 %
0.250% Euro Senior Notes due 2027
528,300 0.45 %534,950 0.45 %
1.800% Senior Notes due 2027
500,000 1.96 %500,000 1.96 %
1.550% Senior Notes due 2028
650,000 1.67 %650,000 1.67 %
2.000% Senior Notes due 2028
400,000 2.21 %400,000 2.21 %
2.875% Swiss Franc Senior Notes due 2028
327,546 3.07 %— — %
3.200% Senior Notes due 2029
1,200,000 3.30 %1,200,000 3.30 %
2.150% Senior Notes due 2030
1,100,000 2.27 %1,100,000 2.27 %
2.500% Senior Notes due 2031
1,000,000 2.65 %1,000,000 2.65 %
3.900% Senior Notes due 2032
1,200,000 4.07 %1,200,000 4.07 %
1.000% Euro Senior Notes due 2033
633,960 1.18 %641,940 1.18 %
2.000% Japanese Yen Senior Notes Series A due 2035
251,872 2.07 %— — %
2.130% Japanese Yen Senior Notes Series C due 2035
99,009 2.20 %— — %
2.370% Japanese Yen Senior Notes Series B due 2043
68,436 2.42 %— — %
2.570% Japanese Yen Senior Notes Series D due 2043
30,773 2.62 %— — %
2.570% Japanese Yen Senior Notes Series E due 2043
66,899 2.62 %— — %
3.000% Senior Notes due 2050
500,000 3.09 %500,000 3.09 %
2.950% Senior Notes due 2051
500,000 3.00 %500,000 3.00 %
3.400% Senior Notes due 2052
500,000 3.50 %500,000 3.50 %
13,056,795 12,226,890 
Less amount representing unamortized debt issuance cost(111,573)(117,351)
$12,945,222 $12,109,539 
3.900% Senior Notes due 2032
On April 5, 2022, we issued $1.2 billion aggregate principal amount of 3.900% Senior Notes due 2032 (the "2032 Notes"). Interest on the 2032 Notes is payable semi-annually on April 15 and October 15 of each year, commencing on October 15, 2022. Debt issuance costs and debt discounts related to the 2032 Notes were $16.3 million.
2.000% Japanese Yen Senior Notes Series A due 2035, 2.370% Japanese Yen Senior Notes Series B due 2043, 2.130% Japanese Yen Senior Notes Series C due 2035, 2.570% Japanese Yen Senior Notes Series D due 2043 and 2.570% Japanese Yen Senior Notes Series E due 2043
On February 16, 2023, we issued ¥10.0 billion, or approximately $74.5 million in U.S. dollars, at the exchange rate in effect on that date, aggregate principal amount of 2.570% senior notes due March 8, 2043 (the "2043 Japanese Yen Series E Notes").
On March 8, 2023, and at the exchange rate in effect on that date, we issued ¥37.7 billion, or approximately $274.7 million in U.S. dollars, aggregate principal amount of 2.000% senior notes due March 8, 2035 (the "2035 Japanese Yen Series A Notes"), ¥10.2 billion, or approximately $74.6 million in U.S. dollars, aggregate principal amount of 2.370% senior notes due March 8, 2043 (the "2043 Japanese Yen Series B Notes"), ¥14.8 billion, or approximately $107.9 million in U.S. dollars, aggregate principal amount of 2.130% senior notes due March 8, 2035 (the "2035 Japanese Yen Series C Notes") and ¥4.6 billion, or approximately $33.5 million in U.S. dollars, aggregate principal amount of 2.570% senior notes due March 8, 2043 (the "2043 Japanese Yen Series D Notes").
Interest on the notes is payable semi-annually in arrears on March 8 and September 8 of each year, commencing on September 8, 2023. Total debt issuance costs related to the 2035 Japanese Yen Series A Notes, the 2043 Japanese Yen Series B Notes, the 2035 Japanese Yen Series C Notes, the 2043 Japanese Yen Series D Notes and the 2043 Japanese Yen Series E Notes were $2.0 million, $0.6 million, $0.8 million, $0.3 million and $0.6 million, respectively.
2.875% Swiss Franc Senior Notes due 2028
On September 12, 2023, we issued CHF300.0 million, or approximately $336.9 million in U.S. dollars, at the exchange rate in effect on that date, aggregate principal amount of 2.875% senior notes due September 12, 2028 (the "2028 CHF Notes"). Interest on the notes is payable annually in arrears on September 12 of each year, commencing on September 12, 2024. Total debt issuance costs related to the 2028 CHF Notes were $3.0 million.
Maturities of Debt Instruments
The following table sets forth maturities of our debt, including mortgage and loans payable, and senior notes, gross of debt issuance costs and debt discounts, as of September 30, 2023 (in thousands):
Years ending:
2023 (3 months remaining)$2,129 
20241,007,758 
20251,206,548 
20261,306,348 
20271,642,825 
Thereafter8,537,800 
Total$13,703,408 
Fair Value of Debt Instruments
The following table sets forth the estimated fair values of our mortgage and loans payable and senior notes, including current maturities (in thousands):
September 30, 2023
December 31, 2022
 Fair ValueFair Value
Measurement Using		Fair ValueFair Value
Measurement Using
 Level 1Level 2Level 1Level 2
Mortgage and loans payable$657,705 $— $657,705 $666,387 $— $666,387 
Senior notes10,917,739 10,398,907 518,832 10,196,933 10,196,933 — 
The inputs used to estimate the fair value of debt instruments include:
•Level 1: quoted market prices; and
•Level 2: our credit rating and current prices of similar debt instruments that are publicly traded.
Interest Charges
The following table sets forth total interest costs incurred, and total interest costs capitalized for the periods presented (in thousands):
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2023202220232022
Interest expense$101,385 $91,346 $298,839 $262,137 
Interest capitalized6,699 5,512 18,635 14,267 
Interest charges incurred$108,084 $96,858 $317,474 $276,404 
Total interest paid in cash, net of capitalized interest, during the three months ended September 30, 2023 and 2022 was $90.5 million and $85.9 million, respectively. Total interest paid in cash, net of capitalized interest, during the nine months ended September 30, 2023 and 2022 was $316.6 million and $287.4 million, respectively.