XML 21 R10.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Credit Facility | 9 Months Ended
--- | ---
Sep. 30, 2018
Unsecured debt |
Debt |
Debt | Credit Facility At September 30, 2018, we had a $2.0 billion unsecured revolving credit facility, or our credit facility, with an initial term that expired in June 2019 and included, at our option, two six-month extensions. Our credit facility had a $1.0 billion accordion expansion option. Under our credit facility, our investment grade credit ratings as of September 30, 2018 provided for financing at the London Interbank Offered Rate, commonly referred to as LIBOR, plus 0.85% with a facility commitment fee of 0.125%, for all-in drawn pricing of 0.975% over LIBOR. The borrowing rate was subject to an interest rate floor and could change if our investment grade credit ratings changed. We also had other interest rate options available to us under our credit facility. Our credit facility was unsecured and, accordingly, we did not pledge any assets as collateral for this obligation. In October 2018, we entered into a new $3.25 billion unsecured credit facility to amend and restate our credit facility. For more information, please see note 21. At September 30, 2018, credit facility origination costs of $2.2 million are included in other assets, net on our consolidated balance sheet. These costs were being amortized over the remaining term of our credit facility. At September 30, 2018, we had a borrowing capacity of approximately $1.2 billion available on our credit facility (subject to customary conditions to borrowing) and an outstanding balance of $774.0 million, as compared to an outstanding balance of $110.0 million at December 31, 2017. The weighted average interest rate on outstanding borrowings under our credit facility was 2.8% during the first nine months of 2018 and 1.9% during the first nine months of 2017. At September 30, 2018 and December 31, 2017, the weighted average interest rate on outstanding borrowings under our credit facility was 3.1% and 4.5%, respectively. Our credit facility is subject to various leverage and interest coverage ratio limitations, and at September 30, 2018, we were in compliance with the covenants on our credit facility.

X
- 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
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_DebtInstrumentLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_LongtermDebtTypeAxis=us-gaap_UnsecuredDebtMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |