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Debt (Tables) | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Schedule of Long Term Debt | Debt consists of the following (in thousands):
|  |  |  |  |  | As of December 31,
|  | Interest Rate(1) |  | Maturities Through |  | 2021 |  | 2020
Fixed rate debt: |  |  |  |  |  |  |  |
Unsecured senior notes |  | 3.70% - 9.13% |  | 2022 - 2028 |  | $ | 5,604,498 |  |  | $ | 2,464,994 |
Secured senior notes |  | 10.88% - 11.50% |  | 2023 - 2025 |  | 2,354,037 |  |  | 3,895,166 |
Unsecured term loans |  | 2.53% - 5.41% |  | 2028 - 2032 |  | 2,860,567 |  |  | 3,210,161 |
Convertible notes |  | 2.88% - 4.25% |  | 2023 |  | 1,558,780 |  |  | 1,454,488 |
Total fixed rate debt |  |  |  |  |  | 12,377,882 |  |  | 11,024,809 |
Variable rate debt: |  |  |  |  |  |  |  |
Unsecured revolving credit facilities(2) |  | 1.51% -1.91% |  | 2022 - 2024 |  | 2,899,342 |  |  | 3,289,000 |
Unsecured UK Commercial paper |  |  |  | 2021 |  | — |  |  | 409,319 |
USD unsecured term loan |  | 0.71% - 3.17% |  | 2022 - 2033 |  | 5,018,740 |  |  | 4,002,249 |
Euro unsecured term loan |  | 1.74% -2.25% |  | 2022 - 2028 |  | 685,633 |  |  | 705,064 |
Total variable rate debt |  |  |  |  |  | 8,603,715 |  |  | 8,405,632 |
Finance lease liabilities |  |  |  |  |  | 472,275 |  |  | 213,365 |
Total debt (3) |  |  |  |  |  | 21,453,872 |  |  | 19,643,806 |
Less: unamortized debt issuance costs |  |  |  |  |  | (363,532) |  |  | (314,763) |
Total debt, net of unamortized debt issuance costs |  |  |  |  |  | 21,090,340 |  |  | 19,329,043 |
Less—current portion including commercial paper |  |  |  |  |  | (2,243,131) |  |  | (1,371,087) |
Long-term portion |  |  |  |  |  | $ | 18,847,209 |  |  | $ | 17,957,956 |
(1)Interest rates based on outstanding loan balance as of December 31, 2021 and, for variable rate debt, includes 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 rate was 1.51%, as of December 31, 2021 and is subject to a facility fee of 0.20%. Our $1.3 billion facility accrues interest at LIBOR plus a maximum interest rate margin of 1.70%, which interest was 1.91% as of December 31, 2021 and is subject to a facility fee of a maximum of 0.30%. (3)At December 31, 2021 and 2020, the weighted average interest rate for total debt was 5.47% and 6.02%, respectively.
Schedule of Convertible Debt | The net carrying value of the liability component of the convertible notes was as follows:
(in thousands) | As of December 31, 2021 |  | As of December 31,2020 |
Principal | $ | 1,725,000 |  |  | 1,725,000 |  |
Less: Unamortized debt discount and transaction costs | 188,764 |  |  | 312,117 |  |
| $ | 1,536,236 |  |  | $ | 1,412,883 |  |
The interest expense recognized related to the convertible notes was as follows:
(in thousands) | As of December 31, 2021 |  | As of December 31, 2020 |
Contractual interest expense | $ | 65,406 |  |  | 30,832 |  |
Amortization of debt discount and transaction costs | 118,566 |  |  | 52,518 |  |
| $ | 183,972 |  |  | $ | 83,350 |  |
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 finance leases, as of December 31, 2021 for each of the next five years (in thousands):
Year |
2022 | $ | 2,243,131 |
2023 | 5,376,305 |
2024 | 4,026,746 |
2025 | 2,293,638 |
2026 | 2,533,027 |
Thereafter | 4,617,493 |
| $ | 21,090,340 |

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