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Debt Facilities | 6 Months Ended
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Jun. 30, 2020
Debt Disclosure [Abstract] |
Debt Facilities | Debt Facilities Mortgage and Loans Payable As of June 30, 2020 and December 31, 2019, the Company's mortgage and loans payable consisted of the following (in thousands):
| June 30, 2020 |  | December 31, 2019
Term loans | $ | 1,218,259 |  |  | $ | 1,287,151 |
Mortgage payable and loans payable | 77,574 |  |  | 82,967 |
| 1,295,833 |  |  | 1,370,118 |
Less amount representing unamortized debt discount and debt issuance cost | (3,927 | ) |  | (4,849 | )
Add amount representing unamortized mortgage premium | 1,732 |  |  | 1,768 |
| 1,293,638 |  |  | 1,367,037 |
Less current portion | (75,589 | ) |  | (77,603 | )
Total | $ | 1,218,049 |  |  | $ | 1,289,434 |
Senior Credit Facility - Revolving Facility On December 12, 2017, the Company entered into a credit agreement with a group of lenders for a $3.0 billion credit facility ("Senior Credit Facility"), comprised of a $2.0 billion senior unsecured multicurrency revolving credit facility ("Revolving Facility") and an approximately $1.0 billion senior unsecured multicurrency term loan facility. The Revolving Facility allows the Company to borrow, repay and reborrow over its term. The Revolving Facility provides a sublimit for the issuance of letters of credit of up to $250.0 million at any one time. In March 2020, the Company borrowed a total of $250.0 million under the Revolving Facility, which was fully repaid in May 2020. As of June 30, 2020, the Company had 43 irrevocable letters of credit totaling $72.4 million issued and outstanding under the Revolving Facility and the amount available to the Company to borrow under the Revolving Facility was approximately $1.9 billion as of June 30, 2020. 364-Day Facilities On April 15, 2020, the Company entered into a credit agreement which provided for senior unsecured 364-day term loan facilities in an aggregate principal amount of $750.0 million, comprised of $500.0 million available to be borrowed on the closing date (the "Closing Date Facility") and $250.0 million available to be borrowed on or prior to July 14, 2020 (the "Delayed Draw Facility" and together with the Closing Date Facility, the "364-Day Facilities"). On April 15, 2020, the Company borrowed $391.0 million, as well as €100.0 million or $109.8 million at the exchange rate in effect on that date, under the Closing Date Facility. During the three months ended June 30, 2020, the Company repaid all amounts outstanding under the Closing Date Facility and terminated the 364-Day Facilities. The loss on debt extinguishment incurred in connection with the redemption and termination was not significant. Senior Notes As of June 30, 2020 and December 31, 2019, the Company's senior notes consisted of the following (in thousands):
| June 30, 2020 |  | December 31, 2019
| Amount |  | Effective Rate |  | Amount |  | Effective Rate
5.000% Infomart Senior Notes (1) | $ | 300,000 |  |  | 4.49 | % |  | $ | 450,000 |  |  | 4.46 | %
5.375% Senior Notes due 2022 | — |  |  | — | % |  | 343,711 |  |  | 5.56 | %
2.625% Senior Notes due 2024 | 1,000,000 |  |  | 2.79 | % |  | 1,000,000 |  |  | 2.79 | %
2.875% Euro Senior Notes due 2024 | 842,775 |  |  | 3.08 | % |  | 841,500 |  |  | 3.08 | %
2.875% Euro Senior Notes due 2025 | 1,123,700 |  |  | 3.04 | % |  | 1,122,000 |  |  | 3.04 | %
2.900% Senior Notes due 2026 | 600,000 |  |  | 3.04 | % |  | 600,000 |  |  | 3.04 | %
5.875% Senior Notes due 2026 | 1,100,000 |  |  | 6.03 | % |  | 1,100,000 |  |  | 6.03 | %
2.875% Euro Senior Notes due 2026 | 1,123,700 |  |  | 3.04 | % |  | 1,122,000 |  |  | 3.04 | %
5.375% Senior Notes due 2027 | 1,250,000 |  |  | 5.51 | % |  | 1,250,000 |  |  | 5.51 | %
3.200% Senior Notes due 2029 | 1,200,000 |  |  | 3.30 | % |  | 1,200,000 |  |  | 3.30 | %
1.250% Senior Notes due 2025 | 500,000 |  |  | 1.46 | % |  | — |  |  | — | %
1.800% Senior Notes due 2027 | 500,000 |  |  | 1.96 | % |  | — |  |  | — | %
2.150% Senior Notes due 2030 | 1,100,000 |  |  | 2.27 | % |  | — |  |  | — | %
3.000% Senior Notes due 2050 | 500,000 |  |  | 3.09 | % |  | — |  |  | — | %
| 11,140,175 |  |  |  |  | 9,029,211 |  |  |
Less amount representing unamortized debt issuance cost | (108,519 | ) |  |  |  | (78,030 | ) |  |
Add amount representing unamortized debt premium | 745 |  |  |  |  | 1,716 |  |  |
| 11,032,401 |  |  |  |  | 8,952,897 |  |  |
Less current portion | (2,227,768 | ) |  |  |  | (643,224 | ) |  |
Total | $ | 8,804,633 |  |  |  |  | $ | 8,309,673 |  |  |
(1) 5.000% Infomart Senior Notes consist of two tranches outstanding due in each of October 2020 and April 2021. The effective rate represents the weighted-average effective interest rates of the tranches outstanding at the periods presented in the table above. Redemption of 5.375% Senior Notes due 2022 On January 2, 2020, the Company redeemed the remaining $343.7 million principal amount of the 5.375% Senior Notes due 2022. In connection with the redemption, the Company incurred $5.9 million of loss on debt extinguishment, including $4.6 million redemption premium that was paid in cash and $1.3 million related to the write-off of unamortized debt issuance costs. 1.250% Senior Notes due 2025, 1.800% Senior Notes due 2027, 2.150% Senior Notes due 2030, and 3.000% Senior Notes due 2050 On June 22, 2020, the Company issued $500.0 million aggregate principal amount of 1.250% senior notes due 2025 (the "2025 Notes"), $500.0 million aggregate principal amount of 1.800% senior notes due 2027 (the "2027 Notes"), $1.1 billion aggregate principal amount of 2.150% senior notes due 2030 (the "2030 Notes"), and $500.0 million aggregate principal amount of 3.000% senior notes due 2050 (the "2050 Notes"). Interest on these notes is payable semi-annually on January 15 and July 15 of each year, commencing on January 15, 2021. Debt issuance costs and debt discounts related to the 2025 Notes, 2027 Notes, 2030 Notes, and 2050 Notes were $5.3 million, $5.6 million, $12.9 million, and $14.2 million, respectively. With a portion of th e net cash proceeds from the issuance of the 2025 Notes, 2027 Notes, 2030 Notes, and 2050 Notes as described above, the Company redeemed all outstanding principal amount under its 2.875% Euro Senior Notes due 2024 and 5.875% Senior Notes due 2026 on July 8, 2020. See Note 14 below for further information on the redemption. Maturities of Debt Instruments The following table sets forth maturities of the Company's debt, including mortgage and loans payable, and senior notes, gross of debt issuance costs, debt discounts and debt premiums, as of June 30, 2020 (in thousands):
Years ending: |
2020 (6 months remaining) | $ | 2,130,697 |
2021 | 225,580 |
2022 | 1,148,837 |
2023 | 6,510 |
2024 | 1,006,031 |
Thereafter | 7,920,085 |
Total | $ | 12,437,740 |
Fair Value of Debt Instruments The following table sets forth the estimated fair values of the Company's mortgage and loans payable and senior notes, including current maturities, as of (in thousands):
| June 30, 2020 |  | December 31, 2019
Mortgage and loans payable | $ | 1,304,463 |  |  | $ | 1,378,429 |
Senior notes | 11,580,351 |  |  | 9,339,497 |
The fair values of the mortgage and loans payable and 5.000% Infomart Senior Notes, which are not publicly traded, were estimated by considering the Company's credit rating, current rates available to the Company for debt of the same remaining maturities and terms of the debt (Level 2). The fair value of the senior notes, which are traded in the public debt market, was based on quoted market prices (Level 1). Interest Charges The following table sets forth total interest costs incurred, and total interest costs capitalized for the periods presented (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Interest expense | $ | 108,480 |  |  | $ | 120,547 |  |  | $ | 215,818 |  |  | $ | 243,393 |
Interest capitalized | 6,880 |  |  | 5,910 |  |  | 12,911 |  |  | 15,764 |
Interest charges incurred | $ | 115,360 |  |  | $ | 126,457 |  |  | $ | 228,729 |  |  | $ | 259,157 |
Total interest paid in cash, net of capitalized interest, during the three months ended June 30, 2020 and 2019 was $115.8 million and $107.4 million, respectively. Total interest paid in cash, net of capitalized interest, during the six months ended June 30, 2020 and 2019 was $238.6 million and $243.6 million, respectively.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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