Debt (Tables)

6 Months Ended

Jun. 30, 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)		June 30, 2020			December 31, 2019
		From	To
Institutional notes	4.59%	Sep 2020	Jun 2029	$	1,733,671		$	1,957,557
Asset-backed securitization term notes	3.26%	May 2022	Jun 2028	2,527,680			2,719,206
Term loan facilities	1.71%	Apr 2022	Nov 2023	1,144,875			1,200,375
Asset-backed securitization warehouse	1.94%	Dec 2025	Dec 2025	470,000			370,000
Revolving credit facilities	1.78%	Sep 2023	Jul 2024	718,500			410,000
Finance lease obligations	4.93%	Feb 2024	Feb 2024	18,392			27,024
Total debt outstanding				6,613,118			6,684,162
Unamortized debt costs				(34,088		)	(39,781		)
Unamortized debt premiums & discounts				(3,514		)	(4,065		)
Unamortized fair value debt adjustment				(6,410		)	(8,791		)
Debt, net of unamortized costs				$	6,569,106		$	6,631,525

(1)

Data as of June 30, 2020.

The following table summarizes the Company's outstanding fixed-rate and floating-rate debt as of June 30, 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	$3,589,395	4.20%	Sep 2020	Jun 2029	3.3 years
Floating-rate debt	$3,023,723	1.78%	Apr 2022	Dec 2025	3.3 years
Including impact of derivative instruments:
Fixed-rate debt	$3,589,395	4.20%
Hedged floating-rate debt	1,822,973	3.58%
Total fixed and hedged debt	5,412,368	3.99%
Unhedged floating-rate debt	1,200,750	1.78%
Total	$6,613,118	3.59%