FINANCING ARRANGEMENTS

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

FINANCING ARRANGEMENTS

FINANCING ARRANGEMENTS

The following table is a summary of the Company’s financing arrangements (in thousands):

	March 31, 2017			December 31, 2016
Senior unsecured notes, at 5.25%, due August 1, 2020 ("2020 Notes")	$	800,000		$	800,000
Senior unsecured notes, at 5.125%, due June 1, 2021 ("2021 Notes")	845,000			845,000
Long-term obligations, at par	$	1,645,000		$	1,645,000
Unamortized debt issuance costs and premium, net	(11,032		)	(11,728		)
Long-term obligations, at carrying value	$	1,633,968		$	1,633,272

At March 31, 2017 and December 31, 2016, the fair value of the Company's 2020 Notes was $814.0 million and $820.0 million, respectively, based on quoted market prices for the instrument. At both March 31, 2017 and December 31, 2016, the fair value of the Company's 2021 Notes was $861.9 million based on quoted market prices for the instrument. The fair value of the 2020 Notes and 2021 Notes are considered a Level 2 measure according to the fair value hierarchy.

The Company also maintains a revolving credit facility which as of March 31, 2017 and December 31, 2016, had no outstanding loan balances. At March 31, 2017, approximately $194.0 million was available to borrow and outstanding letters of credit were $126.0 million. At December 31, 2016, $195.2 million was available to borrow and outstanding letters of credit were $132.6 million.