Debt (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Debt consist of the following (in thousands):

	Interest Rate(1)	Maturities Through	Quarter Ended June 30, 2020		Year Ended December 31, 2019
Fixed rate debt:
Unsecured senior notes	2.65% to 9.13%	2020 - 2028	$	2,768,980	$	1,746,280
Secured senior notes	7.25% to 11.50%	2023 - 2025	3,887,409		662,398
Unsecured term loans	2.53% to 5.41%	2021 - 2032	3,385,090		2,806,774
Convertible notes	4.25%	2023	939,010		—
Total fixed rate debt			10,980,489		5,215,452
Variable rate debt:
Unsecured revolving credit facilities(2)	1.48%	2022 - 2024	3,385,000		165,000
UK Commercial paper		2021	368,952		—
USD Commercial paper		—	—		1,434,180
USD unsecured term loan	1.55% to 4.05%	2020 - 2028	3,546,179		3,519,853
Euro unsecured term loan	1.15% to 1.58%	2021 - 2028	644,169		676,740
Total variable rate debt			7,944,300		5,795,773
Finance lease liabilities			218,302		230,258
Total debt (3)			19,143,091		11,241,483
Less: unamortized debt issuance costs			(314,432)		(206,607)
Total debt, net of unamortized debt issuance costs			18,828,659		11,034,876
Less—current portion including commercial paper			$	(1,075,235)	$	(2,620,766)
Long-term portion			17,753,424		8,414,110

(1) Interest rates based on outstanding loan balance as of June 30, 2020 and, for variable rate debt, include either LIBOR or EURIBOR plus the applicable margin.

(2) Includes $1.9 billion facility due in 2024 and $1.5 billion facility due in 2022, each of which accrue interest at LIBOR plus 1.30%, which interest rate was 1.60% as of June 30, 2020 and each is subject to a facility fee of 0.20%.

(3) At June 30, 2020 and December 31, 2019, the weighted average interest rate for total debt was 5.68% and 3.99%, respectively.

Schedule of Maturities of Long-term Debt

The following is a schedule of annual maturities on our total debt net of debt issuance costs, and including finance leases and commercial paper, as of June 30, 2020 for each of the next five years (in thousands):

Year
Remainder of 2020	343,565
2021	1,289,145
2022	4,135,263
2023	3,914,635
2024	2,858,219
Thereafter	6,287,832
	18,828,659

Schedule of Convertible Debt

The net carrying value of the liability component of the convertible notes was as follows:

(in thousands)	As of June 30, 2020
Principal	1,150,000
Less: Unamortized debt discount and transaction costs	242,051
	$	907,949

The interest expense recognized related to the convertible notes was as follows:

(in thousands)	As of June 30, 2020
Contractual interest expense	2,987
Amortization of debt discount and transaction costs	4,910
	$	7,897