XML 42 R27.htm IDEA: XBRL DOCUMENT
v3.20.2

Debt (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2020
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | Debt consist of the following (in thousands):
|  | Interest Rate(1) |  | Maturities Through |  | As of September 30, 2020 |  | As of December 31, 2019
Fixed rate debt: |  |  |  |  |  |  |  |
Unsecured senior notes |  | 2.65% to 9.13% |  | 2020 - 2028 |  | $ | 2,765,079 |  |  | $ | 1,746,280 |
Secured senior notes |  | 7.25% to 11.50% |  | 2023 - 2025 |  | 3,893,665 |  |  | 662,398 |
Unsecured term loans |  | 2.53% to 5.41% |  | 2021 - 2032 |  | 3,305,031 |  |  | 2,806,774 |
Convertible notes |  | 4.25% |  | 2023 |  | 956,760 |  |  | — |
Total fixed rate debt |  |  |  |  |  | 10,920,535 |  |  | 5,215,452 |
Variable rate debt: |  |  |  |  |  |  |  |
Unsecured revolving credit facilities(2) |  | 1.48% |  | 2022 - 2024 |  | 3,382,000 |  |  | 165,000 |
Unsecured UK Commercial paper |  |  |  | 2021 |  | 386,683 |  |  | — |
USD Commercial paper |  |  |  | — |  | — |  |  | 1,434,180 |
USD Unsecured term loan |  | 0.74% - 4.05% |  | 2020- 2028 |  | 3,641,968 |  |  | 3,519,853 |
Euro Unsecured term loan |  | 1.15% - 1.58% |  | 2021 - 2028 |  | 657,977 |  |  | 676,740 |
Total variable rate debt |  |  |  |  |  | 8,068,628 |  |  | 5,795,773 |
Finance lease liabilities |  |  |  |  |  | 216,953 |  |  | 230,258 |
Total debt (3) |  |  |  |  |  | 19,206,116 |  |  | 11,241,483 |
Less: unamortized debt issuance costs |  |  |  |  |  | (315,669) |  |  | (206,607) |
Total debt, net of unamortized debt issuance costs |  |  |  |  |  | 18,890,447 |  |  | 11,034,876 |
Less—current portion including commercial paper |  |  |  |  |  | $ | (1,256,710) |  |  | $ | (2,620,766) |
Long-term portion |  |  |  |  |  | 17,633,737 |  |  | 8,414,110 |
(1) Interest rates based on outstanding loan balance as of September 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 1.53% as of September 30, 2020 and each is subject to a facility fee of 0.20%. (3) At September 30, 2020 and December 31, 2019, the weighted average interest rate for total debt was 6.00% and 3.99%, respectively.
Schedule of Convertible Debt | The net carrying value of the liability component of the convertible notes was as follows:
(in thousands) | As of September 30, 2020 |
Principal | 1,150,000 |  |
Less: Unamortized debt discount and transaction costs | 220,117 |  |
| $ | 929,883 |  |
The interest expense recognized related to the convertible notes was as follows:
(in thousands) | Nine Months Ended September 30, 2020 |
Contractual interest expense | 15,206 |  |
Amortization of debt discount and transaction costs | 24,920 |  |
| $ | 40,126 |  |
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 September 30, 2020 for each of the next five years (in thousands):
Year |
Remainder of 2020 | 333,655 |
2021 | 1,379,400 |
2022 | 4,322,300 |
2023 | 4,327,465 |
2024 | 3,519,209 |
Thereafter | 5,008,418 |
| 18,890,447 |

X
- 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
Name: | us-gaap_ConvertibleDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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=120391452&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=119993939&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=120395691&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=119993939&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
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + 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
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration