5. FINANCING

	June 30, 2018			December 31, 2017
5.00% senior notes due March 2027	$	750,000		$	750,000
6.00% senior notes due June 2025		1,500,000			1,500,000
5.50% senior notes due June 2024		650,000			650,000
5.00% senior notes due June 2021		650,000			650,000
Senior secured term loan due December 2022		886,250			886,250
Senior secured revolving credit facility expires May 2020		—			—
Total principal amount of debt	$	4,436,250		$	4,436,250
Less: Original issue discount, net of amortization		(3,092	)		(3,389	)
Less: Debt issuance costs, net of amortization		(58,949	)		(63,460	)
Total long-term debt	$	4,374,209		$	4,369,401

See Note 6 in the Notes to Consolidated Financial Statements in the 2017 Annual Report for additional information on the terms and conditions of the Company’s debt obligations.

Senior Secured Credit Facilities

No portion of the senior secured term loan was reflected as a current portion of long-term debt as of June 30, 2018 related to the potentially required excess cash flow payment because the amount that may be payable in 2019, if any, cannot currently be reliably estimated. There was no excess cash flow payment required in 2018 related to 2017.

During the six months ended June 30, 2018, the Company did not borrow under its revolving credit facility. As of June 30, 2018, the Company had availability of $506.4 million under the asset-based revolving credit facility, after giving effect to borrowing base limitations and outstanding letters of credit.

Other Matters

The Company’s non-guarantor subsidiaries held $2,454 million, or 35%, of total assets and $547 million, or 10%, of total liabilities as of June 30, 2018 and accounted for $471 million, or 38%, and $935 million, or 40%, of net sales for the three and six months ended June 30, 2018, respectively. As of December 31, 2017, the non-guarantor subsidiaries held $2,587 million, or 37%, of total assets and $569 million, or 11%, of total liabilities. For the three and six months ended June 30, 2017, the non-guarantor subsidiaries accounted for $471 million, or 40%, and $911 million, or 39%, of net sales, respectively. All amounts presented exclude intercompany balances.

The weighted average effective interest rate on outstanding borrowings, including the amortization of debt issuance costs and original issue discount, was 5.58% and 5.45% at June 30, 2018 and December 31, 2017, respectively.