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Debt (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of debt

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)												September 30, 2021						December 31, 2020
									From						To
Institutional notes			—%						—						—						$	—					$	1,642,314
Asset-backed securitization term notes			1.98%						August 2023						February 2031						3,893,421						2,920,807
Corporate notes			1.82%						August 2023						June 2031						2,300,000						—
Term loan facilities			1.58%						July 2024						May 2026						1,023,600						840,000
Asset-backed securitization warehouse			1.94%						November 2027						November 2027						320,000						264,000
Revolving credit facilities			1.62%						May 2024						July 2026						755,000						760,500
Finance lease obligations			4.93%						February 2022						February 2022						15,619						17,304
Total debt outstanding																					8,307,640						6,444,925
Unamortized debt costs																					(62,630)						(42,747)
Unamortized debt premiums & discounts																					(3,738)						(599)
Unamortized fair value debt adjustment																					(32)						1,691
Debt, net of unamortized costs																					$	8,241,240					$	6,403,270

(1)     Data as of September 30, 2021.

The following table summarizes the Company's outstanding fixed-rate and floating-rate debt as of September 30, 2021 (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			$5,591,500						1.96%						Feb 2022						Jun 2031						5.0 years
Floating-rate debt			$2,716,141						1.65%						Aug 2023						Nov 2027						3.2 years
Including impact of derivative instruments:
Fixed-rate debt			$5,591,500						1.96%
Hedged floating-rate debt			$1,654,103						3.58%
Total fixed and hedged debt			$7,245,603						2.33%
Unhedged floating-rate debt			$1,062,037						1.65%
Total			$8,307,640						2.24%

Schedule of debt offerings

The Company issued the following corporate notes during the nine months ended September 30, 2021:

Date

Total Offering

Contractual Weighted Avg Interest Rate

Maturity

April 15, 2021

$600.0 Million

2.05%

Apr 2026

June 7, 2021

$500.0 Million

1.15%

Jun 2024

June 7, 2021

$600.0 Million

3.15%

Jun 2031

August 6, 2021

$600.0 Million

0.80%

Aug 2023

Date

Total Offering

Contractual Weighted Avg Interest Rate

Expected Maturity

February 3, 2021

$502.9 Million

1.69%

Feb 2031

March 17, 2021

$725.0 Million

1.89%

Dec 2030

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Schedule of Debt Offerings

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Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

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