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Debt (Tables) | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Long Term Debt | Debt consists of the following (in thousands):
|  |  |  |  |  | As of December 31, |  |
|  | Interest Rate(1) |  | Maturities Through |  | 2019 |  | 2018
Fixed rate debt: |  |  |  |  |  |  |  |
Senior notes |  | 2.65% to 7.50% |  | 2020 - 2028 |  | $ | 1,746,280 |  |  | $ | 1,724,194 |
Secured senior notes |  | 7.25% |  | 2025 |  | 662,398 |  |  | 670,437 |
Unsecured term loans |  | 2.53% to 5.41% |  | 2021 - 2030 |  | 2,806,774 |  |  | 2,148,351 |
Total fixed rate debt |  |  |  |  |  | 5,215,452 |  |  | 4,542,982 |
Variable rate debt: |  |  |  |  |  |  |  |
Unsecured revolving credit facilities(2) |  | 2.79% |  | 2022 - 2024 |  | 165,000 |  |  | 795,000 |
Commercial paper |  | 2.19% |  | 2019 |  | 1,434,180 |  |  | 775,488 |
USD unsecured term loan |  | 2.31% to 5.64% |  | 2019 - 2028 |  | 3,519,853 |  |  | 4,005,848 |
Euro unsecured term loan |  | 1.15% to 1.58% |  | 2021 - 2028 |  | 676,740 |  |  | 734,176 |
Total variable rate debt |  |  |  |  |  | 5,795,773 |  |  | 6,310,512 |
Finance lease liabilities |  |  |  |  |  | 230,258 |  |  | 130,944 |
Total debt (3) |  |  |  |  |  | 11,241,483 |  |  | 10,984,438 |
Less: unamortized debt issuance costs |  |  |  |  |  | (206,607) |  |  | (206,739) |
Total debt, net of unamortized debt issuance costs |  |  |  |  |  | 11,034,876 |  |  | 10,777,699 |
Less—current portion including commercial paper |  |  |  |  |  | (2,620,766) |  |  | (2,422,329) |
Long-term portion |  |  |  |  |  | $ | 8,414,110 |  |  | $ | 8,355,370 |
(1)Interest rates based on outstanding loan balance as of December 31, 2019 and, for variable rate debt, include either LIBOR or EURIBOR plus the applicable margin. (2)Includes $1.7 billion facility due in 2024 and $1.2 billion facility due in 2022, each of which accrue interest at LIBOR plus 1.00%, currently 2.91%, and are subject to a facility fee of 0.125%. (3)At December 31, 2019 and 2018, the weighted average interest rate for total debt was 3.99% and 4.14%, respectively.
Schedule of Annual Maturities on Long-Term Debt Including Capital Leases | Following is a schedule of annual maturities on our total debt net of debt issuance costs, and including capital leases and commercial paper, as of December 31, 2019 for each of the next five years (in thousands):
Year |
2020 | $ | 2,620,766 |
2021 | 843,906 |
2022 | 2,479,303 |
2023 | 763,382 |
2024 | 723,697 |
Thereafter | 3,603,822 |
| $ | 11,034,876 |

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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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