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Debt (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Schedule of Long Term Debt | Debt consists of the following (in thousands):
|  |  |  |  |  | As of December 31,
|  | Interest Rate(1) |  | Maturities Through |  | 2022 |  | 2021
Fixed rate debt: |  |  |  |  |  |  |  |
Unsecured senior notes |  | 3.70% - 11.63% |  | 2026 - 2029 |  | $ | 7,199,331 |  |  | $ | 5,604,498 |
Secured senior notes |  | 8.25% - 11.50% |  | 2025 - 2029 |  | 2,370,855 |  |  | 2,354,037 |
Unsecured term loans |  | 1.28% - 5.89% |  | 2027 - 2034 |  | 4,561,129 |  |  | 2,860,567 |
Convertible notes |  | 2.88% - 6.00% |  | 2023 - 2025 |  | 1,725,000 |  |  | 1,558,780 |
Total fixed rate debt |  |  |  |  |  | 15,856,315 |  |  | 12,377,882 |
Variable rate debt: |  |  |  |  |  |  |  |
Unsecured revolving credit facilities(2) |  | 5.72% -6.12% |  | 2024 |  | 2,744,105 |  |  | 2,899,342 |
USD unsecured term loans |  | 5.54% - 9.27% |  | 2023 - 2037 |  | 4,335,973 |  |  | 5,018,740 |
Euro unsecured term loans |  | 6.29% -6.92% |  | 2023 - 2028 |  | 534,589 |  |  | 685,633 |
Total variable rate debt |  |  |  |  |  | 7,614,667 |  |  | 8,603,715 |
Finance lease liabilities |  |  |  |  |  | 351,332 |  |  | 472,275 |
Total debt (3) |  |  |  |  |  | 23,822,314 |  |  | 21,453,872 |
Less: unamortized debt issuance costs |  |  |  |  |  | (431,123) |  |  | (363,532) |
Total debt, net of unamortized debt issuance costs |  |  |  |  |  | 23,391,191 |  |  | 21,090,340 |
Less—current portion |  |  |  |  |  | (2,087,711) |  |  | (2,243,131) |
Long-term portion |  |  |  |  |  | $ | 21,303,480 |  |  | $ | 18,847,209 |
(1)Interest rates based on outstanding loan balance as of December 31, 2022 and, for variable rate debt, includes either LIBOR, EURIBOR or Term SOFR plus the applicable margin. (2)Total capacity of $3.0 billion, with $0.3 billion of undrawn capacity as of December 31, 2022. Includes $1.9 billion facility and $1.1 billion facility, which are due April 2024 as of December 31, 2022. Our $1.9 billion facility accrues interest at LIBOR plus a maximum interest rate margin of 1.30%, which interest rate was 5.72%, as of December 31, 2022 and is subject to a facility fee of a maximum of 0.20%. Our $1.1 billion facility accrues interest at LIBOR plus a maximum interest rate margin of 1.70%, which interest was 6.12% as of December 31, 2022 and is subject to a facility fee of a maximum of 0.30%. (3)At December 31, 2022 and 2021, the weighted average interest rate for total debt was 6.23% and 5.47%, respectively.
Schedule of Convertible Debt | The net carrying value of the convertible notes was as follows:
(in thousands) | As of December 31, 2022 |  | As of December 31, 2021 |
Principal | $ | 1,725,000 |  |  | $ | 1,725,000 |  |
Less: Unamortized debt issuance costs | 24,110 |  |  | 188,764 |  |
| $ | 1,700,890 |  |  | $ | 1,536,236 |  |
The interest expense recognized related to the convertible notes was as follows:
(in thousands) | As of December 31, 2022 |  | As of December 31, 2021 |
Contractual interest expense | $ | 75,519 |  |  | $ | 65,406 |  |
Amortization of debt issuance costs | 16,145 |  |  | 118,566 |  |
| $ | 91,664 |  |  | $ | 183,972 |  |
Schedule of Annual Maturities on Long-Term Debt Including Capital Leases | Following is a schedule of annual maturities on our total debt including finance leases, as of December 31, 2022 for each of the next five years (in thousands):
Year | As of December 31, 2022 (1)
2023 | $ | 2,090,457 |
2024 (2) | 4,662,837 |
2025 | 3,663,440 |
2026 | 2,754,876 |
2027 | 3,493,703 |
Thereafter | 7,157,001 |
| $ | 23,822,314 |
(1) Debt denominated in other currencies is calculated based on the applicable exchange rate at December 31, 2022. (2) In January 2023, we amended and extended $2.3 billion of our two unsecured revolving credit facilities by one year from April 2024 to April 2025.

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