Debt (Tables)

9 Months Ended

Sep. 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)		September 30, 2020		December 31, 2019
		From	To
Institutional notes	4.57%	Jun 2021	Jun 2029	$	1,694,171	$	1,957,557
Asset-backed securitization term notes	2.07%	Aug 2023	May 2030	2,986,912		2,719,206
Term loan facility	1.65%	Nov 2023	Nov 2023	860,000		1,200,375
Asset-backed securitization warehouse	1.91%	Dec 2025	Dec 2025	195,000		370,000
Revolving credit facilities	1.75%	Sep 2023	Jul 2024	716,000		410,000
Finance lease obligations	4.93%	Feb 2024	Feb 2024	17,852		27,024
Total debt outstanding				6,469,935		6,684,162
Unamortized debt costs				(41,741)		(39,781)
Unamortized debt premiums & discounts				(630)		(4,065)
Unamortized fair value debt adjustment				1,870		(8,791)
Debt, net of unamortized costs				$	6,429,434	$	6,631,525

(1)     Data as of September 30, 2020.

The following table summarizes the Company's outstanding fixed-rate and floating-rate debt as of September 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	$4,023,149	3.19%	Jun 2021	May 2030	4.3 years
Floating-rate debt	$2,446,786	1.72%	Aug 2023	Dec 2025	3.1 years
Including impact of derivative instruments:
Fixed-rate debt	$4,023,149	3.19%
Hedged floating-rate debt	1,805,599	3.56%
Total fixed and hedged debt	5,828,748	3.31%
Unhedged floating-rate debt	641,187	1.72%
Total	$6,469,935	3.15%

Schedule of debt offerings

In the third quarter of 2020, the Company completed offerings of the following Class A and Class B fixed-rate ABS notes:

Date	Total Offering	Contractual Weighted Avg Interest Rate	Expected Maturity
August 26, 2020	$312.9 Million	2.17%	Feb 2028
September 21, 2020	$1,365.8 Million	2.19%	May 2030
September 21, 2020	$634.4 Million	2.13%	May 2029