7.Long-Term Debt

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, 2016 and December 31, 2015:


	As of
	March 31, 2016				December 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In thousands)
7 1/8% Senior Notes due 2016 (1)	$	—	$	—	$	1,500,000	$	1,506,750
4 5/8% Senior Notes due 2017		900,000		916,200		900,000		922,770
4 1/4% Senior Notes due 2018		1,200,000		1,205,964		1,200,000		1,207,560
7 7/8% Senior Notes due 2019		1,400,000		1,547,000		1,400,000		1,525,440
5 1/8% Senior Notes due 2020		1,100,000		1,119,338		1,100,000		1,100,000
6 3/4% Senior Notes due 2021		2,000,000		2,080,000		2,000,000		2,021,020
5 7/8% Senior Notes due 2022		2,000,000		1,905,000		2,000,000		1,889,780
5 % Senior Notes due 2023		1,500,000		1,321,305		1,500,000		1,297,500
5 7/8% Senior Notes due 2024		2,000,000		1,835,000		2,000,000		1,765,000
Other notes payable		13,684		13,684		13,686		13,686
Subtotal		12,113,684	$	11,943,491		13,613,686	$	13,249,506
Unamortized deferred financing costs and debt discounts, net		(39,317)				(41,563)
Capital lease obligations (2)		159,976				166,492
Total long-term debt and capital lease obligations (including current portion)	$	12,234,343			$	13,738,615

(1)

On February 1, 2016, we redeemed the principal balance of our 7 1/8% Senior Notes due 2016.

(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).