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Debt Facilities (Tables) | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Summary of Debt | The Company's mortgage and loans payable consisted of the following as of December 31 (in thousands):
| 2020 |  | 2019
Term loans | $ | 1,292,067 |  |  | $ | 1,287,151 |
Mortgage payable and loans payable | 78,903 |  |  | 82,967 |
| 1,370,970 |  |  | 1,370,118 |
Less amount representing unamortized debt discount and debt issuance cost | (3,288) |  |  | (4,849) |
Add amount representing unamortized mortgage premium | 1,861 |  |  | 1,768 |
| 1,369,543 |  |  | 1,367,037 |
Less current portion | (82,289) |  |  | (77,603) |
| $ | 1,287,254 |  |  | $ | 1,289,434 |
The Company's senior notes consisted of the following as of December 31 (in thousands):
|  |  |  |  |  | 2020 |  | 2019
Senior Notes |  | Issuance Date |  | Maturity Date |  | Amount |  | Effective Rate |  | Amount |  | Effective Rate
5.000% Infomart Senior Notes |  | April 2018 |  | April 2021 |  | $ | 150,000 |  |  | 4.51 | % |  | $ | 450,000 |  |  | 4.46 | %
5.375% Senior Notes due 2022 |  | November 2014 |  | January 2022 |  | — |  |  | — | % |  | 343,711 |  |  | 5.56 | %
2.625% Senior Notes due 2024 |  | November 2019 |  | November 2024 |  | 1,000,000 |  |  | 2.79 | % |  | 1,000,000 |  |  | 2.79 | %
2.875% Euro Senior Notes due 2024 |  | March 2018 |  | March 2024 |  | — |  |  | — | % |  | 841,500 |  |  | 3.08 | %
1.250% Senior Notes due 2025 |  | June 2020 |  | July 2025 |  | 500,000 |  |  | 1.46 | % |  | — |  |  | — | %
1.000% Senior Notes due 2025 |  | October 2020 |  | September 2025 |  | 700,000 |  |  | 1.18 | % |  | — |  |  | — | %
2.875% Euro Senior Notes due 2025 |  | September 2017 |  | October 2025 |  | — |  |  | — | % |  | 1,122,000 |  |  | 3.04 | %
2.900% Senior Notes due 2026 |  | November 2019 |  | November 2026 |  | 600,000 |  |  | 3.04 | % |  | 600,000 |  |  | 3.04 | %
5.875% Senior Notes due 2026 |  | December 2015 |  | January 2026 |  | — |  |  | — | % |  | 1,100,000 |  |  | 6.03 | %
2.875% Euro Senior Notes due 2026 |  | December 2017 |  | February 2026 |  | 611,050 |  |  | 3.04 | % |  | 1,122,000 |  |  | 3.04 | %
1.800% Senior Notes due 2027 |  | June 2020 |  | July 2027 |  | 500,000 |  |  | 1.96 | % |  | — |  |  | — | %
5.375% Senior Notes due 2027 |  | March 2017 |  | May 2027 |  | 1,250,000 |  |  | 5.51 | % |  | 1,250,000 |  |  | 5.51 | %
1.550% Senior Notes due 2028 |  | October 2020 |  | March 2028 |  | 650,000 |  |  | 1.67 | % |  | — |  |  | — | %
3.200% Senior Notes due 2029 |  | November 2019 |  | November 2029 |  | 1,200,000 |  |  | 3.30 | % |  | 1,200,000 |  |  | 3.30 | %
2.150% Senior Notes due 2030 |  | June 2020 |  | July 2030 |  | 1,100,000 |  |  | 2.27 | % |  | — |  |  | — | %
3.000% Senior Notes due 2050 |  | June 2020 |  | July 2050 |  | 500,000 |  |  | 3.09 | % |  | — |  |  | — | %
2.950% Senior Notes due 2051 |  | October 2020 |  | September 2051 |  | 500,000 |  |  | 3.00 | % |  | — |  |  | — | %
|  |  |  |  |  | 9,261,050 |  |  |  |  | 9,029,211 |  |  |
Less amount representing unamortized debt discount and debt issuance cost |  | (92,773) |  |  |  |  | (78,030) |  |  |
Add amount representing unamortized debt premium |  |  |  | 186 |  |  |  |  | 1,716 |  |  |
|  |  |  |  |  | 9,168,463 |  |  |  |  | 8,952,897 |  |  |
Less current portion |  |  |  |  |  | (150,186) |  |  |  |  | (643,224) |  |  |
|  |  |  |  |  | $ | 9,018,277 |  |  |  |  | $ | 8,309,673 |  |  |
Optional Redemption Schedule | Each series of the Company's senior notes, with the exception of 5.000% Infomart Senior Notes, provide for optional redemption. Two series of the Company’s senior notes provide for optional redemption as summarized below:
Senior Notes Description | Early Equity Redemption Price (1) | First Scheduled Redemption Date (2) | First Scheduled Redemption Price | Second Year Redemption Price | Third Year Redemption Price | Fourth Year (if scheduled) Redemption Price
2.875% Euro Senior Notes due 2026 | 102.875% | February 1, 2021 | 101.438% | 100.719% | 100.000% |
5.375% Senior Notes due 2027 | 105.375% | May 15, 2022 | 102.688% | 101.792% | 100.896% | 100.000%
(1)Within 90 days of the closing of one or more equity offerings and at any time prior to the first scheduled redemption date, the Company may redeem up to 35% of the aggregate principal amount of any series of senior notes outstanding, at the respective early equity redemption price, plus accrued and unpaid interest to the redemption date, provided that at least 65% of the aggregate principal amount of the senior notes issued in such series remains outstanding immediately after such redemption(s). (2)On or after the first scheduled redemption date, the Company may redeem all or a part of a series of senior notes at the first scheduled redemption price plus accrued and unpaid interest thereon, if redeemed during the 12 month period beginning on the first scheduled redemption date and at reduced scheduled redemption prices during the 12 or 18 month periods beginning on the anniversaries of the first scheduled redemption date. At any time prior to the first scheduled redemption date, the Company may redeem all or a part of any series of senior notes at a redemption price equal to 100% of the principal amount of such senior notes redeemed plus an applicable premium and accrued and unpaid interest, subject to the rights of the holders of record of such senior notes on the relevant record date to receive interest due on the relevant interest payment date.
Summary of Maturities of Debt Facilities | 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 December 31, 2020 (in thousands):
Years ending: |
2021 | $ | 232,289 |
2022 | 1,253,106 |
2023 | 6,896 |
2024 | 1,006,395 |
2025 | 1,204,605 |
Thereafter | 6,930,590 |
| $ | 10,633,881 |
Fair Value of Debt Facilities | 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 December 31 (in thousands):
| 2020 |  | 2019
Mortgage and loans payable | $ | 1,379,129 |  |  | $ | 1,378,429 |
Senior notes | 9,705,486 |  |  | 9,339,497 |
Schedule of Interest Charges Incurred | The following table sets forth total interest costs incurred and total interest costs capitalized for the years ended December 31 (in thousands):
| 2020 |  | 2019 |  | 2018
Interest expense | $ | 406,466 |  |  | $ | 479,684 |  |  | $ | 521,494 |
Interest capitalized | 26,750 |  |  | 32,173 |  |  | 19,880 |
Interest charges incurred | $ | 433,216 |  |  | $ | 511,857 |  |  | $ | 541,374 |

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