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Debt (Tables) | 6 Months Ended
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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 |  |

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- Definition Tabular disclosure of borrowings which can be exchanged for a specified number of another security at the option of the issuer or the holder. Disclosures include, but are not limited to, principal amount, amortized premium or discount, and amount of liability and equity components. + References No definition available. + Details
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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644 + Details
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- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
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