7. 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 September 30, 2014 and December 31, 2013:

	As of
	September 30, 2014					December 31, 2013
	Carrying					Carrying
	Value			Fair Value		Value			Fair Value
	(In thousands)
6 5/8% Senior Notes due 2014 (1)	$	900,000		$	900,000	$	1,000,000		$	1,040,200
7 3/4% Senior Notes due 2015 (2)	650,001			673,564		750,000			813,750
7 1/8% Senior Notes due 2016	1,500,000			1,591,875		1,500,000			1,657,500
4 5/8% Senior Notes due 2017	900,000			918,099		900,000			946,962
4 1/4% Senior Notes due 2018	1,200,000			1,207,200		1,200,000			1,221,792
7 7/8% Senior Notes due 2019	1,400,000			1,589,000		1,400,000			1,603,000
5 1/8% Senior Notes due 2020	1,100,000			1,127,500		1,100,000			1,104,950
6 3/4% Senior Notes due 2021	2,000,000			2,146,260		2,000,000			2,122,500
5 7/8% Senior Notes due 2022	2,000,000			2,040,000		2,000,000			1,997,500
5 % Senior Notes due 2023	1,500,000			1,447,500		1,500,000			1,458,090
Mortgages and other notes payable (3)	14,892			14,892		59,313			59,313
Subtotal	13,164,893			$	13,655,890	13,409,313			$	14,025,557
Unamortized discounts, net	(16,142		)			(19,198		)
Capital lease obligations (4)	201,867			NA		219,902			NA
Total long-term debt and capital lease obligations (including current portion)	$	13,350,618				$	13,610,017

(1) During the nine months ended September 30, 2014, we repurchased $100 million of our 6 5/8% Senior Notes due 2014 in open market trades. The remaining balance of $900 million was redeemed on October 1, 2014 and is included in “Current portion of long-term debt and capital lease obligations” on our Condensed Consolidated Balance Sheets as of September 30, 2014.

(2) During the nine months ended September 30, 2014, we repurchased $100 million of our 7 3/4% Senior Notes due 2015 in open market trades. The remaining balance of $650 million matures on May 31, 2015 and is included in “Current portion of long-term debt and capital lease obligations” on our Condensed Consolidated Balance Sheets as of September 30, 2014.

(3) 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 4 and Note 10 for further discussion.

(4) 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).