Long-Term Debt and Capital Lease Obligations

6 Months Ended

Jun. 30, 2018

Long-Term Debt and Capital Lease Obligations

7.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 June 30, 2018 and December 31, 2017:


	As of
	June 30, 2018				December 31, 2017
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In thousands)
4 1/4% Senior Notes due 2018 (1)	$	—	$	—	$	1,025,861	$	1,031,596
7 7/8% Senior Notes due 2019 (2)		1,337,469		1,391,596		1,400,000		1,501,206
5 1/8% Senior Notes due 2020		1,100,000		1,093,081		1,100,000		1,127,588
6 3/4% Senior Notes due 2021		2,000,000		2,008,440		2,000,000		2,120,480
5 7/8% Senior Notes due 2022		2,000,000		1,887,200		2,000,000		2,014,140
5 % Senior Notes due 2023		1,500,000		1,312,710		1,500,000		1,432,335
5 7/8% Senior Notes due 2024		2,000,000		1,710,580		2,000,000		1,952,220
7 3/4% Senior Notes due 2026		2,000,000		1,765,580		2,000,000		2,118,400
Other notes payable		11,509		11,509		11,509		11,509
Subtotal		11,948,978	$	11,180,696		13,037,370	$	13,309,474
Unamortized deferred financing costs and debt discounts, net		(26,953)				(31,041)
Capital lease obligations (3)		85,890				104,318
Total long-term debt and capital lease obligations (including current portion)	$	12,007,915			$	13,110,647

(1)

On April 2, 2018, we redeemed the principal balance of our 4 1/4% Senior Notes due 2018.

(2)

During the six months ended June 30, 2018, we repurchased $62 million of our 7 7/8% Senior Notes due 2019 in open market trades. The remaining balance of $1.338 billion matures on September 1, 2019.

(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).