DEBT

The Company’s borrowings consist of the following:



	As of
	March 31, 2018			December 31, 2017
(in thousands)	March 31, 2018			December 31, 2017
7.25% unsecured notes due February 1, 2019	$	399,621		$	399,507
UK Credit facility ⁽¹⁾	98,006			93,671
Other indebtedness	106			109
Total Debt	$	497,733		$	493,287
Less: current portion	(406,654		)	(6,726		)
Total Long-Term Debt	$	91,079		$	486,561

____________


(1)	The carrying value is net of $0.4 million of unamortized debt issuance costs as of March 31, 2018 and December 31, 2017, respectively.

The Company's 7.25% unsecured notes due on February 1, 2019 are now classified as current liabilities at March 31, 2018.

The Company’s other indebtedness at March 31, 2018 and December 31, 2017 is at an interest rate of 2% and matures in 2026.

During the three months ended March 31, 2018 and 2017, the Company had average borrowings outstanding of approximately $496.5 million and $493.0 million, respectively, at average annual interest rates of approximately 6.2% and 6.3%, respectively. During the three months ended March 31, 2018 and 2017, the Company incurred net interest expense of $6.7 million and $6.8 million, respectively.

At March 31, 2018, the fair value of the Company’s 7.25% unsecured notes, based on quoted market prices (Level 2 fair value assessment), totaled $412.2 million, compared with the carrying amount of $399.6 million. At December 31, 2017, the fair value of the Company’s 7.25% unsecured notes, based on quoted market prices (Level 2 fair value assessment), totaled $414.7 million, compared with the carrying amount of $399.5 million. The carrying value of the Company’s other unsecured debt at March 31, 2018 and December 31, 2017 approximates fair value.