8.Long-Term Debt and Capital Lease Obligations

Fair Value of our Long-Term Debt

The following table summarizes the carrying amount and fair value of our debt facilities as of March 31, 2018 and December 31, 2017:


	As of
	March 31, 2018				December 31, 2017
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In thousands)
4 1/4% Senior Notes due 2018 (1)	$	969,388	$	969,340	$	1,025,861	$	1,031,596
7 7/8% Senior Notes due 2019		1,400,000		1,472,730		1,400,000		1,501,206
5 1/8% Senior Notes due 2020		1,100,000		1,103,828		1,100,000		1,127,588
6 3/4% Senior Notes due 2021		2,000,000		2,022,740		2,000,000		2,120,480
5 7/8% Senior Notes due 2022		2,000,000		1,920,740		2,000,000		2,014,140
5% Senior Notes due 2023		1,500,000		1,359,255		1,500,000		1,432,335
5 7/8% Senior Notes due 2024		2,000,000		1,794,980		2,000,000		1,952,220
2 3/8% Convertible Notes due 2024		1,000,000		885,570		1,000,000		962,860
7 3/4% Senior Notes due 2026		2,000,000		1,894,280		2,000,000		2,118,400
3 3/8% Convertible Notes due 2026		3,000,000		2,879,610		3,000,000		3,262,290
Other notes payable		44,178		44,178		44,928		44,928
Subtotal		17,013,566	$	16,347,251		17,070,789	$	17,568,043
Unamortized debt discount on the Convertible Notes		(903,094)				(925,360)
Unamortized deferred financing costs and other debt discounts, net		(44,324)				(46,782)
Capital lease obligations (2)		94,830				104,318
Total long-term debt and capital lease obligations (including current portion)	$	16,160,978			$	16,202,965

(1)

During the three months ended March 31, 2018, we repurchased $56 million of our 4 1/4% Senior Notes due 2018 in open market trades. The remaining balance of $969 million was included in “Current portion of long-term debt and capital lease obligations” on our Condensed Consolidated Balance Sheets as of March 31, 2018. This remaining balance matured on April 1, 2018 and on April 2, 2018, we redeemed it from our cash and marketable investment securities balances.

(2)

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).