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Debt Facilities
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Debt Facilities Debt Facilities
Mortgage and Loans Payable
As of December 31, 2023 and 2022, our mortgage and loans payable consisted of the following (in thousands):
20232022
Term loans$642,657 $619,090 
Mortgage payable and loans payable29,037 34,527 
671,694 653,617 
Less amount representing unamortized debt discount and debt issuance cost(726)(1,062)
670,968 652,555 
Less current portion(7,705)(9,847)
$663,263 $642,708 
Senior Credit Facility and Refinancing
On January 7, 2022, we entered into a credit agreement (the "2022 Credit Agreement") with a group of lenders for a senior unsecured credit facility, comprised of a $4.0 billion senior unsecured multicurrency revolving credit facility (the "2022 Revolving Facility") and a £500.0 million senior unsecured term loan facility (the "2022 Term Loan Facility" and, together with the 2022 Revolving Facility, collectively, the "2022 Credit Facilities"). The total debt issuance costs for the 2022 Revolving Facility and 2022 Term Loan Facility are $6.5 million and $0.8 million, respectively. We borrowed the full £500.0 million available under the 2022 Term Loan Facility, or approximately $676.9 million at the exchange rates in effect on that date. On that same day, using a portion of the proceeds from the 2022 Term Loan Facility, we prepaid in full all of the indebtedness outstanding of $549.6 million, at the exchange rates in effect on January 7, 2022, related to an approximately $1.0 billion senior unsecured multicurrency term loan facility entered in 2017 and terminated the related credit agreement. In connection with the repayment and termination, we incurred an insignificant amount of loss on debt extinguishment. The remaining unamortized debt issuance costs of the repaid facility will continue to be amortized over the contract terms of the 2022 Credit Facilities.
The 2022 Credit Facilities have a maturity date of January 7, 2027. We may borrow, repay and reborrow amounts under the 2022 Revolving Facility until the Maturity Date, at which time all amounts outstanding under the 2022 Revolving Facility must be repaid in full. The term loan made under the 2022 Term Loan Facility has no scheduled principal amortization and must be repaid in full on the maturity date. The 2022 Revolving Credit Facility provides for extensions of credit in U.S. Dollars as well as certain other foreign currencies. Borrowings under the 2022 Revolving Facility bear interest at a rate based on the daily Secured Overnight Financing Rate ("SOFR"), term SOFR, an alternative currency daily rate, or an alternative currency term rate plus a spread adjustment, plus a margin that can vary from 0.555% to 1.200%. Borrowings under the 2022 Term Loan Facility bear interest at a rate based on the daily Sterling Overnight Index Average ("SONIA"), plus a spread adjustment, plus a margin that can vary from 0.625% to 1.450%. We are also required to pay a quarterly letter of credit fee on the face amount of each letter of credit, which fee is based on the same margin that applies from time to time to SOFR-indexed borrowings under the revolving credit line. The margin is dependent on either our consolidated net leverage ratio or our credit ratings. We are also required to pay a quarterly facility fee ranging from 0.07% to 0.25% per annum. The 2022 Credit Agreement contains customary covenants, including financial ratio covenants that are required to be maintained as of each quarter end.
As of December 31, 2023 and 2022, the total amounts outstanding under the 2022 Term Loan Facility, net of debt issuance costs, were $636.2 million and $603.0 million, respectively.
As of December 31, 2023, we had 51 irrevocable letters of credit totaling $84.2 million issued and outstanding under the 2022 Revolving Facility, with approximately $3.9 billion remaining available to borrow under the 2022 Revolving Facility.
Senior Notes
Our senior notes consisted of the following as of December 31 (in thousands):
20232022
Senior NotesIssuance DateMaturity DateAmountEffective RateAmountEffective Rate
2.625% Senior Notes due 2024
November 2019November 2024$1,000,000 2.79 %$1,000,000 2.79 %
1.250% Senior Notes due 2025
June 2020July 2025500,000 1.46 %500,000 1.46 %
1.000% Senior Notes due 2025
October 2020September 2025700,000 1.18 %700,000 1.18 %
2.900% Senior Notes due 2026
November 2019November 2026600,000 3.04 %600,000 3.04 %
1.450% Senior Notes due 2026
May 2021May 2026700,000 1.64 %700,000 1.64 %
0.250% Euro Senior Notes due 2027
March 2021March 2027552,050 0.45 %534,950 0.45 %
1.800% Senior Notes due 2027
June 2020July 2027500,000 1.96 %500,000 1.96 %
1.550% Senior Notes due 2028
October 2020March 2028650,000 1.67 %650,000 1.67 %
2.000% Senior Notes due 2028
May 2021May 2028400,000 2.21 %400,000 2.21 %
2.875% Swiss Franc Senior Notes due 2028
September 2023September 2028356,633 3.05 %— — %
3.200% Senior Notes due 2029
November 2019November 20291,200,000 3.30 %1,200,000 3.30 %
2.150% Senior Notes due 2030
June 2020July 20301,100,000 2.27 %1,100,000 2.27 %
2.500% Senior Notes due 2031
May 2021May 20311,000,000 2.65 %1,000,000 2.65 %
3.900% Senior Notes due 2032
April 2022April 20321,200,000 4.07 %1,200,000 4.07 %
1.000% Euro Senior Notes due 2033
March 2021March 2033662,460 1.18 %641,940 1.18 %
2.000% Japanese Yen Series A Notes due 2035
March 2023March 2035266,888 2.07 %— — %
2.130% Japanese Yen Series C Notes due 2035
March 2023March 2035104,911 2.20 %— — %
2.370% Japanese Yen Series B Notes due 2043
March 2023March 204372,516 2.42 %— — %
2.570% Japanese Yen Series D Notes due 2043
March 2023March 204332,608 2.62 %— — %
2.570% Japanese Yen Series E Notes due 2043
February 2023March 204370,886 2.62 %— — %
3.000% Senior Notes due 2050
June 2020July 2050500,000 3.09 %500,000 3.09 %
2.950% Senior Notes due 2051
October 2020September 2051500,000 3.00 %500,000 3.00 %
3.400% Senior Notes due 2052
May 2021February 2052500,000 3.50 %500,000 3.50 %
13,168,952 12,226,890 
Less amount representing unamortized debt discount and debt issuance cost(108,026)(117,351)
13,060,926 12,109,539 
Less current portion(998,580)— 
$12,062,346 $12,109,539 

3.900% Senior Notes due 2032
On April 5, 2022, we issued $1.2 billion aggregate principal amount of 3.900% Senior Notes due 2032 (the "2032 Notes"). Interest on the 2032 Notes is payable semi-annually on April 15 and October 15 of each year, commencing on October 15, 2022. Debt issuance costs and debt discounts related to the 2032 Notes were $16.3 million.
2.000% Japanese Yen Senior Notes Series A due 2035, 2.370% Japanese Yen Senior Notes Series B due 2043, 2.130% Japanese Yen Senior Notes Series C due 2035, 2.570% Japanese Yen Senior Notes Series D due 2043 and 2.570% Japanese Yen Senior Notes Series E due 2043 (collectively, the "Japanese Yen Senior Notes")
On February 16, 2023, we issued ¥10.0 billion, or approximately $74.5 million in U.S. dollars, at the exchange rate in effect on that date, aggregate principal amount of 2.570% senior notes due March 8, 2043 (the "2043 Japanese Yen Series E Notes").
On March 8, 2023, and at the exchange rate in effect on that date, we issued ¥37.7 billion, or approximately $274.7 million in U.S. dollars, aggregate principal amount of 2.000% senior notes due March 8, 2035 (the "2035 Japanese Yen Series A Notes"), ¥10.2 billion, or approximately $74.6 million in U.S. dollars, aggregate principal amount of 2.370% senior notes due March 8, 2043 (the "2043 Japanese Yen Series B Notes"), ¥14.8 billion, or approximately $107.9 million in U.S. dollars, aggregate principal amount of 2.130% senior notes due March 8, 2035 (the "2035 Japanese Yen Series C Notes") and ¥4.6 billion, or approximately $33.5 million in U.S. dollars, aggregate principal amount of 2.570% senior notes due March 8, 2043 (the "2043 Japanese Yen Series D Notes").
Interest on the notes is payable semi-annually in arrears on March 8 and September 8 of each year, commencing on September 8, 2023. Total debt issuance costs related to the 2035 Japanese Yen Series A Notes, the 2043 Japanese Yen Series B Notes, the 2035 Japanese Yen Series C Notes, the 2043 Japanese Yen Series D Notes and the 2043 Japanese Yen Series E Notes were $2.0 million, $0.6 million, $0.8 million, $0.3 million and $0.6 million, respectively.
2.875% Swiss Franc Senior Notes due 2028
On September 12, 2023, we issued CHF300.0 million, or approximately $336.9 million in U.S. dollars, at the exchange rate in effect on that date, aggregate principal amount of 2.875% senior notes due September 12, 2028 (the "2028 CHF Notes"). Interest on the notes is payable annually in arrears on September 12 of each year, commencing on September 12, 2024. Total debt issuance costs related to the 2028 CHF Notes were $3.0 million.
All of our senior notes are unsecured and rank equal in right of payment to our existing or future senior indebtedness and senior in right of payment to our existing and future subordinated indebtedness. Interest on the senior notes is paid semi-annually in arrears, with the exception of our Euro senior notes and Swiss Franc notes which are paid annually in arrears. The senior notes are effectively subordinated to all of the existing and future secured debt, including debt outstanding under any bank facility or secured by any mortgage, to the extent of the assets securing such debt. They are also structurally subordinated to any existing and future indebtedness and other liabilities (including trade payables) of any of our subsidiaries.
Each series of senior notes is governed by an indenture and a supplemental indenture, or a purchase agreement between us and a trustee or a note registrar. These supplemental indentures contain covenants that limit our ability and the ability of our subsidiaries to, among other things:
•incur liens;
•enter into sale-leaseback transactions; and
•merge or consolidate with any other person.

As of December 31, 2023, we are in compliance with all covenants. Subject to compliance with the limitations described above, we may issue an unlimited principal amount of additional notes at later dates under the same indenture as the senior notes.
We are not required to make any mandatory redemption with respect to the senior notes; however, upon the event of a change in control, we may be required to offer to purchase the senior notes.
Optional Redemption
With respect to the rest of the Notes listed below, we may redeem at our election, at any time or from time to time, some or all of the notes of any series before they mature. The redemption price will equal the sum of (1) an amount equal to one hundred percent (100%) of the principal amount of the notes being redeemed plus accrued and unpaid interest up to, but not including, the redemption date and (2) a make-whole premium. If the Notes are
redeemed on or after the First Par Call Date listed in the table below, the redemption price will not include a make-whole premium for the applicable notes.
Senior Notes DescriptionFirst Par Call Date
2.625% Senior Notes due 2024
October 18, 2024
1.250% Senior Notes due 2025
June 15, 2025
1.000% Senior Notes due 2025
August 15, 2025
1.450% Senior Notes due 2026
April 15, 2026
2.900% Senior Notes due 2026
September 18, 2026
0.250% Euro Senior Notes due 2027
January 15, 2027
1.800% Senior Notes due 2027
May 15, 2027
1.550% Senior Notes due 2028
January 15, 2028
2.000% Senior Notes due 2028
March 15, 2028
2.875% Swiss Franc Senior Notes due 2028
June 12, 2028
3.200% Senior Notes due 2029
August 18, 2029
2.150% Senior Notes due 2030
April 15, 2030
2.500% Senior Notes due 2031
February 15, 2031
3.900% Senior Notes due 2032
January 15, 2032
1.000% Euro Senior Notes due 2033
December 15, 2032
2.000% Japanese Yen Series A Notes due 2035
March 8, 2035
2.130% Japanese Yen Series C Notes due 2035
March 8, 2035
2.370% Japanese Yen Series B Notes due 2043
March 8, 2043
2.570% Japanese Yen Series D Notes due 2043
March 8, 2043
2.570% Japanese Yen Series E Notes due 2043
March 8, 2043
3.000% Senior Notes due 2050
January 15, 2050
2.950% Senior Notes due 2051
March 15, 2051
3.400% Senior Notes due 2052
August 15, 2051
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 and debt discounts, as of December 31, 2023 (in thousands):
Years ending:
2024$1,007,704 
20251,206,322 
20261,306,171 
20271,694,016 
20281,411,523 
Thereafter7,214,910 
$13,840,646 
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 December 31 (in thousands):
20232022
Fair ValueFair Value
Measurement Using		Fair ValueFair Value
Measurement Using
Level 1Level 2Level 1Level 2
Mortgage and loans payable$684,222 $— $684,222 $666,387 $— $666,387 
Senior notes11,739,401 11,165,781 573,620 10,196,933 10,196,933 — 
The inputs used to estimate the fair value of debt instruments include:
•Level 1: quoted market prices; and
•Level 2: our credit rating and current prices of similar debt instruments that are publicly traded.
Interest Charges
The following table sets forth total interest costs incurred, and total interest costs capitalized for the years ended December 31 (in thousands):
202320222021
Interest expense$402,022 $356,337 $336,082 
Interest capitalized25,971 18,152 24,505 
Interest charges incurred$427,993 $374,489 $360,587 
Total interest paid in cash, net of capitalized interest, during the years ended December 31, 2023, 2022 and 2021 was $445.5 million, $412.1 million and $401.9 million, respectively.