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Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of long-term debt instruments

The following table summarizes the Company's outstanding fixed-rate and floating-rate debt as of December 31, 2019 (in thousands):

	Balance Outstanding		Contractual Weighted Avg Interest Rate		Maturity Range				Weighted Avg Remaining Term
					From		To
Excluding impact of derivative instruments:
Fixed-rate debt	$3,984,316		4.23%		Apr 2020		Jun 2029		3.4 years
Floating-rate debt	$2,699,846		3.38%		Apr 2022		Dec 2025		3.6 years
Including impact of derivative instruments:
Fixed-rate debt	$3,984,316		4.23%
Hedged floating-rate debt	1,799,204		3.60%
Total fixed and hedged debt	5,783,520		4.04%
Unhedged floating-rate debt	900,642		3.38%
Total	$6,684,162		3.95%

The table below summarizes the Company's key terms and carrying value of debt (in thousands):

	Contractual Weighted Avg Interest Rate(1)		Maturity Range(1)				December 31, 2019				December 31, 2018
			From		To
Institutional notes	4.65%		Apr 2020		Jun 2029		$	1,957,557			$	2,198,200
Asset-backed securitization term notes	3.69%		May 2022		Jun 2028		2,719,206				3,063,821
Term loan facilities	3.32%		Apr 2022		Nov 2023		1,200,375				1,543,375
Asset-backed securitization warehouse	3.51%		Dec 2025		Dec 2025		370,000				340,000
Revolving credit facilities	3.45%		Sep 2023		Jul 2024		410,000				375,000
Finance lease obligations	4.92%		Feb 2024		Feb 2024		27,024				75,526
Total debt outstanding							6,684,162				7,595,922
Unamortized debt costs							(39,781		)		(44,889		)
Unamortized debt premiums & discounts							(4,065		)		(5,293		)
Unamortized fair value debt adjustment							(8,791		)		(16,308		)
Debt, net of unamortized costs							$	6,631,525			$	7,529,432

(1)

Data as of December 31, 2019.

Schedule of debt instruments

Years ending December 31,
2020	$	822,537
2021	827,125
2022	1,048,929
2023	1,638,092
2024	1,052,157
2025 and thereafter	1,268,298
Total	$	6,657,138

Years ending December 31,
2020	$	4,370
2021	4,370
2022	4,370
2023	4,370
2024	13,239
2025 and thereafter	—
Total future payments	30,719
Less: amount representing interest	(3,695		)
Finance lease obligations	$	27,024

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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