Debt (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Schedule of debt

The table below summarizes the Company's key terms and carrying value of debt (in thousands):

	Contractual Weighted Avg Interest Rate(1)	Maturity Range(1)		March 31, 2020			December 31, 2019
		From	To
Institutional notes	4.68%	Apr 2020	Jun 2029	$	1,926,614		$	1,957,557
Asset-backed securitization term notes	3.45%	May 2022	Jun 2028	2,623,676			2,719,206
Term loan facilities	2.47%	Apr 2022	Nov 2023	1,172,375			1,200,375
Asset-backed securitization warehouse	2.59%	Dec 2025	Dec 2025	270,000			370,000
Revolving credit facilities	2.47%	Sep 2023	Jul 2024	777,500			410,000
Finance lease obligations	4.93%	Feb 2024	Feb 2024	18,924			27,024
Total debt outstanding				6,789,089			6,684,162
Unamortized debt costs				(36,883		)	(39,781		)
Unamortized debt premiums & discounts				(3,785		)	(4,065		)
Unamortized fair value debt adjustment				(7,581		)	(8,791		)
Debt, net of unamortized costs				$	6,740,840		$	6,631,525

(1)

Data as of March 31, 2020.

The following table summarizes the Company's outstanding fixed-rate and floating-rate debt as of March 31, 2020 (in thousands):

	Balance Outstanding	Contractual Weighted Avg Interest Rate	Maturity Range		Weighted Avg Remaining Term
			From	To
Excluding impact of derivative instruments:
Fixed-rate debt	$3,864,305	4.25%	Apr 2020	Jun 2029	3.3 years
Floating-rate debt	$2,924,784	2.47%	Apr 2022	Dec 2025	3.4 years
Including impact of derivative instruments:
Fixed-rate debt	$3,864,305	4.25%
Hedged floating-rate debt	1,786,843	3.59%
Total fixed and hedged debt	5,651,148	4.04%
Unhedged floating-rate debt	1,137,941	2.47%
Total	$6,789,089	3.78%