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Debt (Tables) | 9 Months Ended
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Sep. 30, 2021
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | Debt consist of the following (in thousands):
|  | Interest Rate (1) |  | Maturities Through |  | Quarter Ended September 30, 2021 |  | Year Ended December 31, 2020
Fixed rate debt: |  |  |  |  |  |  |  |
Unsecured senior notes |  | 3.70% to 9.13% |  | 2022 - 2028 |  | $ | 5,608,385 |  |  | $ | 2,464,994 |
Secured senior notes |  | 10.88% to 11.50% |  | 2023 - 2025 |  | 2,350,270 |  |  | 3,895,166 |
Unsecured term loans |  | 2.53% to 5.41% |  | 2021 - 2033 |  | 2,938,196 |  |  | 3,210,161 |
Convertible notes |  | 2.88% to 4.25% |  | 2023 |  | 1,532,707 |  |  | 1,454,488 |
Total fixed rate debt |  |  |  |  |  | 12,429,558 |  |  | 11,024,809 |
Variable rate debt: |  |  |  |  |  |  |  |
Unsecured revolving credit facilities (2) |  | 1.43% to 1.83% |  | 2022 - 2024 |  | 2,919,342 |  |  | 3,289,000 |
Unsecured UK Commercial paper |  | — |  | 2021 |  | — |  |  | 409,319 |
USD unsecured term loan |  | 0.59% to 3.33% |  | 2021 - 2033 |  | 4,953,628 |  |  | 4,002,249 |
Euro unsecured term loan |  | 1.15% to 2.25% |  | 2021 - 2028 |  | 698,655 |  |  | 705,064 |
Total variable rate debt |  |  |  |  |  | 8,571,625 |  |  | 8,405,632 |
Finance lease liabilities |  |  |  |  |  | 197,407 |  |  | 213,365 |
Total debt (3) |  |  |  |  |  | 21,198,590 |  |  | 19,643,806 |
Less: unamortized debt issuance costs |  |  |  |  |  | (359,087) |  |  | (314,763) |
Total debt, net of unamortized debt issuance costs |  |  |  |  |  | 20,839,503 |  |  | 19,329,043 |
Less—current portion including commercial paper |  |  |  |  |  | (956,743) |  |  | (1,371,087) |
Long-term portion |  |  |  |  |  | $ | 19,882,760 |  |  | $ | 17,957,956 |
(1) Interest rates based on outstanding loan balance as of September 30, 2021 and, for variable rate debt, include either LIBOR or EURIBOR plus the applicable margin. (2) Includes $1.9 billion facility and $1.3 billion facility, the vast majority of which is due in 2024. Our $1.9 billion facility accrues interest at LIBOR plus a maximum interest rate margin of 1.30%, which interest was 1.43% as of September 30, 2021 and is subject to a facility fee of a maximum of 0.20%. Our $1.3 billion facility accrues interest at LIBOR plus a maximum interest rate margin of 1.70%, which interest was 1.83% as of September 30, 2021 and is subject to a facility fee of a maximum of 0.30%. (3) At September 30, 2021 and December 31, 2020, the weighted average interest rate for total debt was 5.65% and 6.02%, 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, as of September 30, 2021 for each of the next five years (in thousands):
Year |
Remainder of 2021 | $ | 12,932 |
2022 | 2,182,569 |
2023 | 5,372,397 |
2024 | 4,006,923 |
2025 | 2,276,602 |
Thereafter | 6,988,080 |
| $ | 20,839,503 |

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