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Debt Facilities | 3 Months Ended
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Mar. 31, 2021
Debt Disclosure [Abstract] |
Debt Facilities | Debt Facilities Mortgage and Loans Payable As of March 31, 2021 and December 31, 2020, our mortgage and loans payable consisted of the following (in thousands):
| March 31, 2021 |  | December 31, 2020
Term loans | $ | 1,234,094 |  |  | $ | 1,292,067 |
Mortgage payable and loans payable | 75,842 |  |  | 78,903 |
| 1,309,936 |  |  | 1,370,970 |
Less amount representing unamortized debt discount and debt issuance cost | (2,706) |  |  | (3,288) |
Add amount representing unamortized mortgage premium | 1,745 |  |  | 1,861 |
| 1,308,975 |  |  | 1,369,543 |
Less current portion | (79,902) |  |  | (82,289) |
Total | $ | 1,229,073 |  |  | $ | 1,287,254 |
Senior Credit Facility - Revolving Facility In 2017, we 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 "Term Loan Facility"). The credit agreement was subsequently amended to provide an additional senior unsecured term loan in Japanese yen for approximately $424.7 million at the exchange rate effective on the transaction date. The Term Loan Facility bears interest at a rate based on LIBOR plus a margin that can vary from 1.00% to 1.70%. We are required to repay the Term Loan Facility at a rate of 5% of the original principal amount per annum with the remaining balance to be repaid in full at the maturity of the Senior Credit Facility on December 12, 2022. As of March 31, 2021 and December 31, 2020, the total amounts outstanding under the Term Loan Facility, net of debt issuance costs, were $1.2 billion and $1.3 billion, respectively. The Revolving Facility allows us 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, we borrowed a total of $250.0 million under the Revolving Facility, which was fully repaid in May 2020. As of March 31, 2021, we had 37 irrevocable letters of credit totaling $75.7 million issued and outstanding under the Revolving Facility and the amount available to us to borrow under the Revolving Facility was approximately $1.9 billion as of March 31, 2021. Senior Notes As of March 31, 2021 and December 31, 2020, our senior notes consisted of the following (in thousands):
| March 31, 2021 |  | December 31, 2020
| Amount |  | Effective Rate |  | Amount |  | Effective Rate
5.000% Infomart Senior Notes | $ | 150,000 |  |  | 4.51 | % |  | $ | 150,000 |  |  | 4.51 | %
2.625% Senior Notes due 2024 | 1,000,000 |  |  | 2.79 | % |  | 1,000,000 |  |  | 2.79 | %
1.250% Senior Notes due 2025 | 500,000 |  |  | 1.46 | % |  | 500,000 |  |  | 1.46 | %
1.000% Senior Notes Due 2025 | 700,000 |  |  | 1.18 | % |  | 700,000 |  |  | 1.18 | %
2.900% Senior Notes due 2026 | 600,000 |  |  | 3.04 | % |  | 600,000 |  |  | 3.04 | %
2.875% Euro Senior Notes due 2026 | — |  |  | — | % |  | 611,050 |  |  | 3.04 | %
0.250% Euro Senior Notes due 2027 | 586,750 |  |  | 0.45 | % |  | — |  |  | — | %
1.800% Senior Notes due 2027 | 500,000 |  |  | 1.96 | % |  | 500,000 |  |  | 1.96 | %
5.375% Senior Notes due 2027 | 1,250,000 |  |  | 5.51 | % |  | 1,250,000 |  |  | 5.51 | %
1.550% Senior Notes due 2028 | 650,000 |  |  | 1.67 | % |  | 650,000 |  |  | 1.67 | %
3.200% Senior Notes due 2029 | 1,200,000 |  |  | 3.30 | % |  | 1,200,000 |  |  | 3.30 | %
2.150% Senior Notes due 2030 | 1,100,000 |  |  | 2.27 | % |  | 1,100,000 |  |  | 2.27 | %
1.000% Euro Senior Notes due 2033 | 704,100 |  |  | 1.18 | % |  | — |  |  | — | %
3.000% Senior Notes due 2050 | 500,000 |  |  | 3.09 | % |  | 500,000 |  |  | 3.09 | %
2.950% Senior Notes due 2051 | 500,000 |  |  | 3.00 | % |  | 500,000 |  |  | 3.00 | %
| 9,940,850 |  |  |  |  | 9,261,050 |  |  |
Less amount representing unamortized debt issuance cost | (105,489) |  |  |  |  | (92,773) |  |  |
Add amount representing unamortized debt premium | 3 |  |  |  |  | 186 |  |  |
| 9,835,364 |  |  |  |  | 9,168,463 |  |  |
Less current portion | (150,003) |  |  |  |  | (150,186) |  |  |
Total | $ | 9,685,361 |  |  |  |  | $ | 9,018,277 |  |  |
0.250% Euro Senior Notes due 2027 and 1.000% Euro Senior Notes due 2033 On March 10, 2021, we issued €500.0 million, or approximately $594.9 million in U.S. dollars, at the exchange rate in effect on March 10, 2021, aggregate principal amount of 0.250% senior notes due March 15, 2027 (the "2027 Euro Notes") and €600.0 million, or approximately $713.8 million in U.S. dollars, at the exchange rate in effect on March 10, 2021, aggregate principal amount of 1.000% senior notes due March 15, 2033 (the "2033 Euro Notes"). Interest on the notes is payable annually in arrears on March 15 of each year, commencing on March 15, 2022. Total debt issuance costs and debt discounts related to the 2027 Euro Notes and the 2033 Euro Notes were $7.0 million and $14.1 million, respectively. Redemption of 2.875% Euro Senior Notes due 2026 On March 24, 2021, using a portion of the net cash proceeds from the new 2027 Euro Senior Notes and 2033 Euro Senior Notes, we redeemed the remaining outstanding 2.875% Euro Senior Notes due 2026 for $590.7 million in U.S. dollars, at the exchange rate in effect on March 24, 2021. In connection with the redemption, we incurred $13.2 million of loss on debt extinguishment, including $8.5 million in redemption premium that was paid in cash and $4.7 million related to the write-off of unamortized debt issuance costs, during the three months ended March 31, 2021. Maturities of Debt Instruments The following table sets forth maturities of our debt, including mortgage and loans payable, and senior notes, gross of debt issuance costs, debt discounts and debt premiums, as of March 31, 2021 (in thousands):
Years ending: |
2021 (9 months remaining) | $ | 209,968 |
2022 | 1,214,144 |
2023 | 6,778 |
2024 | 1,006,322 |
2025 | 1,204,665 |
Thereafter | 7,610,654 |
Total | $ | 11,252,531 |
Fair Value of Debt Instruments The following table sets forth the estimated fair values of our mortgage and loans payable and senior notes, including current maturities, as of (in thousands):
| March 31, 2021 |  | December 31, 2020
Mortgage and loans payable | $ | 1,316,062 |  |  | $ | 1,379,129 |
Senior notes | 9,915,009 |  |  | 9,705,486 |
The fair values of the mortgage and loans payable and 5.000% Infomart Senior Notes, which are not publicly traded, were estimated by considering our credit rating, current rates available to us 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 March 31, |  |
| 2021 |  | 2020 |  |  |  |
Interest expense | $ | 89,681 |  |  | $ | 107,338 |  |  |  |  |
Interest capitalized | 6,108 |  |  | 6,031 |  |  |  |  |
Interest charges incurred | $ | 95,789 |  |  | $ | 113,369 |  |  |  |  |
Total interest paid in cash, net of capitalized interest, during the three months ended March 31, 2021 and 2020 was $94.9 million and $119.9 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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