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Debt Financing | 9 Months Ended
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Sep. 30, 2019
Debt Financing |
Debt Financing | Note 4. Debt Financing ​ The Company’s debt financing was comprised of the following at September 30, 2019 and December 31, 2018 (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, |  | December 31,
​ |  | 2019 |  | 2018
Unsecured | ​ | ​ | ​ | ​ | ​ | ​
Senior notes | ​ | $ | 12,050,000 | ​ | $ | 10,043,445
Term financings | ​ |  | 813,150 | ​ |  | 607,340
Revolving credit facilities | ​ |  | 610,000 | ​ |  | 602,000
Total unsecured debt financing | ​ |  | 13,473,150 | ​ |  | 11,252,785
Secured | ​ | ​ | ​ | ​ | ​ | ​
Term financings | ​ |  | 392,593 | ​ |  | 371,203
Export credit financing | ​ |  | 33,274 | ​ |  | 38,265
Total secured debt financing | ​ |  | 425,867 | ​ |  | 409,468
​ | ​ | ​ | ​ | ​ | ​ | ​
Total debt financing | ​ |  | 13,899,017 | ​ |  | 11,662,253
Less: Debt discounts and issuance costs | ​ |  | (147,145) | ​ |  | (123,348)
Debt financing, net of discounts and issuance costs | ​ | $ | 13,751,872 | ​ | $ | 11,538,905
​ The Company’s secured obligations as of September 30, 2019 and December 31, 2018 are summarized below (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, |  | December 31,
​ | ​ | 2019 | ​ | 2018
Nonrecourse | ​ | $ | 138,797 | ​ | $ | 167,245
Recourse | ​ |  | 287,070 | ​ |  | 242,223
Total secured debt financing | ​ | $ | 425,867 | ​ | $ | 409,468
Number of aircraft pledged as collateral | ​ |  | 17 | ​ |  | 20
Net book value of aircraft pledged as collateral | ​ | $ | 915,211 | ​ | $ | 1,132,111
​ Senior unsecured notes (including Medium-Term Note Program) ​ As of September 30, 2019, the Company had $12.1 billion in senior unsecured notes outstanding. As of December 31, 2018, the Company had $10.0 billion in senior unsecured notes outstanding. ​ During the nine months ended September 30, 2019, the Company issued $2.85 billion in aggregate principal amount of Medium-Term Notes comprised of (i) $700.0 million due 2024 at a fixed rate of 4.25%, (ii) $750.0 million due 2026 at a fixed rate of 3.75%, (iii) $300.0 million due 2021 that bear interest at a floating rate of three-month LIBOR plus 0.67%, (iv) $600.0 million due 2023 at a fixed rate of 2.25% and (v) $500.0 million due 2029 at a fixed rate of 3.25%. ​ Unsecured revolving credit facilities ​ As of September 30, 2019, the total outstanding balance on the Company's unsecured revolving credit facilities was approximately $610.0 million. The total outstanding balance under the Company's unsecured revolving credit facilities was approximately $602.0 million as of December 31, 2018. ​ In May 2019, the Company amended and extended its committed unsecured revolving credit facility whereby, among other things, the Company extended the final maturity date from May 5, 2022 to May 5, 2023 and, after giving effect to commitments that matured on May 5, 2019, increased the total revolving commitments to approximately $5.8 billion, representing an increase of 26.6% from December 31, 2018, with a 0.20% facility fee and current borrowings bearing interest at a floating rate of LIBOR plus 1.05%. On July 31, 2019, the Company executed a commitment increase to its unsecured revolving credit facility, which increased the aggregate facility capacity by an additional $58.0 million. Lenders hold revolving commitments totaling approximately $5.5 billion that mature on May 5, 2023, commitments totaling $245.0 million that mature on May 5, 2022, commitments totaling approximately $5.0 million that mature on May 5, 2021, and commitments totaling $92.7 million that mature on May 5, 2020. ​ Maturities ​ Maturities of debt outstanding as of September 30, 2019 are as follows (in thousands): ​
​ | ​ | ​ | ​
Years ending December 31, |  | ​
2019 | ​ | $ | 31,189
2020 | ​ |  | 1,456,585
2021 | ​ |  | 1,993,870
2022 | ​ |  | 2,696,599
2023 | ​ |  | 2,966,461
Thereafter | ​ |  | 4,754,313
Total | ​ | $ | 13,899,017
​

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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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