Long-Term Debt and Capital Lease Obligations

6 Months Ended

Jun. 30, 2019

Long-Term Debt and Capital Lease Obligations

9.Long-Term Debt and Finance 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 June 30, 2019 and December 31, 2018:

	As of
	June 30, 2019				December 31, 2018
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In thousands)
7 7/8% Senior Notes due 2019 (1)	$	1,295,007	$	1,306,714	$	1,317,372	$	1,343,298
5 1/8% Senior Notes due 2020 (2)		1,100,000		1,111,737		1,100,000		1,089,957
6 3/4% Senior Notes due 2021		2,000,000		2,098,840		2,000,000		1,974,940
5 7/8% Senior Notes due 2022		2,000,000		2,035,920		2,000,000		1,833,140
5% Senior Notes due 2023		1,500,000		1,448,760		1,500,000		1,247,445
5 7/8% Senior Notes due 2024		2,000,000		1,896,180		2,000,000		1,611,960
2 3/8% Convertible Notes due 2024		1,000,000		926,250		1,000,000		801,200
7 3/4% Senior Notes due 2026		2,000,000		1,954,720		2,000,000		1,653,720
3 3/8% Convertible Notes due 2026		3,000,000		2,912,610		3,000,000		2,436,690
Other notes payable		30,986		30,986		39,715		39,715
Subtotal		15,925,993	$	15,722,717		15,957,087	$	14,032,065
Unamortized debt discount on the Convertible Notes		(785,718)				(833,906)
Unamortized deferred financing costs and other debt discounts, net		(32,935)				(37,388)
Finance lease obligations (3)		56,123				66,984
Total long-term debt and finance lease obligations (including current portion)	$	15,163,463			$	15,152,777

(1) During the year ended December 31, 2018 and the six months ended June 30, 2019, we repurchased $83 million and $22 million, respectively, of our 7 7/8% Senior Notes due 2019 in open market trades. The remaining balance of $1.295 billion matures on September 1, 2019.

(2) Our 5 1/8% Senior Notes due 2020 mature on May 1, 2020 and have been reclassified to “Current portion of long-term debt and finance lease obligations” on our Condensed Consolidated Balance Sheets as of June 30, 2019.

(3) Disclosure regarding fair value of finance 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).