9. Long-Term Debt

Fair Value of our Long-Term Debt

The following table summarizes the carrying and fair values of our debt facilities as of March 31, 2014 and December 31, 2013:

	As of
	March 31, 2014				December 31, 2013
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
6 5/8% Senior Notes due 2014 (1)	$	1,000,000	$	1,026,880	$	1,000,000	$	1,040,200
7 3/4% Senior Notes due 2015	750,000		804,563		750,000		813,750
7 1/8% Senior Notes due 2016	1,500,000		1,642,500		1,500,000		1,657,500
4 5/8% Senior Notes due 2017	900,000		957,600		900,000		946,962
4 1/4% Senior Notes due 2018	1,200,000		1,253,400		1,200,000		1,221,792
7 7/8% Senior Notes due 2019	1,400,000		1,659,700		1,400,000		1,603,000
5 1/8% Senior Notes due 2020	1,100,000		1,144,121		1,100,000		1,104,950
6 3/4% Senior Notes due 2021	2,000,000		2,249,500		2,000,000		2,122,500
5 7/8% Senior Notes due 2022	2,000,000		2,143,400		2,000,000		1,997,500
5 % Senior Notes due 2023	1,500,000		1,507,200		1,500,000		1,458,090
Mortgages and other notes payable (2)	36,545		36,545		80,769		80,769
Subtotal	13,386,545		$	14,425,409	13,430,769		$	14,047,013
Capital lease obligations (3)	213,940		NA		220,115		NA
Total long-term debt and capital lease obligations (including current portion)	$	13,600,485			$	13,650,884

(1) Our 6 5/8% Senior Notes with an aggregate principal balance of $1.0 billion mature on October 1, 2014.

(2) On February 20, 2014, we entered into the Satellite and Tracking Stock Transaction, which resulted in a decrease in “Mortgages and other notes payable” of $44 million related to the in-orbit incentive obligations associated with the Transferred Satellites. See Note 1 and Note 12 for further discussion.

(3) Disclosure regarding fair value of capital leases is not required.

We estimated the fair value of our publicly traded long-term debt using market prices in less active markets (Level 2).