Debt Arrangements (Tables)

3 Months Ended

Mar. 31, 2016

Schedule of Debt Obligations

The Company’s debt obligations consist of the following:

	March 31, 2016			December 31, 2015
Senior Secured Notes	$	697,626		$	712,907
1.50% Convertible Notes		361,873			357,453
2.50% Convertible Notes		297,612			294,048
Variable Funding Note		100,000			100,000
Senior Secured Term Loan(1)		—			—
Unamortized debt issuance costs(2)		(13,866	)		(15,016	)
Total debt		1,443,245			1,449,392
Less current maturities		61,123			61,123
Total long-term debt	$	1,382,122		$	1,388,269

⁽¹⁾ On April 4, 2016, the net proceeds associated with the Senior Secured Term Loan (defined below) were placed into escrow by the lenders for purposes of satisfying the Company’s 2.50% Convertible Notes, which mature in June 2016.  Refer to Note 19 for further details.  In the Current Quarter, the Company paid transaction costs of $9.6 million which have been recorded within other assets on the condensed consolidated balance sheet as of March 31, 2016.   In accordance with ASU 2015-03, the debt discount and debt issuance costs will be reclassed against the net proceeds of the debt facility and presented in long-term debt on the Company’s condensed consolidated balance in Q2 2016.  

⁽²⁾ During the Current Quarter, the Company retrospectively adopted ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs”.  Refer to Note 16 for further details.

Company's Debt Maturities on Calendar Year Basis

As of March 31, 2016, the Company’s debt maturities on a calendar year basis are as follows:

	Total		April 1 through December31, 2016		2017		2018		2019		2020		Thereafter
Senior Secured Notes	$	697,626	$	45,842	$	61,123	$	61,123	$	61,123	$	61,123	$	407,292
1.50% Convertible Notes (1)	$	361,873		—		—		361,873		—		—		—
2.50% Convertible Notes  (2) (3)	$	297,612		297,612		—		—		—		—		—
Variable Funding Notes	$	100,000		—		—		100,000		—		—		—
Total	$	1,457,111	$	343,454	$	61,123	$	522,996	$	61,123	$	61,123	$	407,292

⁽¹⁾ Reflects the net debt carrying amount of the 1.50% Convertible Notes in the condensed consolidated balance sheet as of March 31, 2016, in accordance with accounting for convertible notes. The principal amount owed to the holders of the 1.50% Convertible Notes is $400.0 million.

⁽²⁾ Reflects the net debt carrying amount of the 2.50% Convertible Notes in the condensed consolidated balance sheet as of March 31, 2016, in accordance with accounting for convertible notes. The principal amount owed to the holders of the 2.50% Convertible Notes is $300.0 million.

⁽³⁾ In March 2016, the Company entered in to a long-term refinancing arrangement with CF ICX LLC and Fortress Credit Co LLC for an aggregate principal amount of $300 million (see above under “Secured Senior Term Loan” for further details) the proceeds of which are to be used to pay off the 2.50% Convertible Notes.  In accordance with ASC 470, as the terms of the refinancing are readily determinable and the term of the credit agreement is five years (scheduled to mature on March 7, 2021), the Company has classified the 2.50% Convertible Notes as long-term debt on its March 31, 2016 condensed consolidated balance sheet.

Convertible Notes | 1.50% Senior Subordinated Notes Due March 15, 2018

Details of Convertible Notes Reflected on Consolidated Balance Sheet

As of March 31, 2016 and December 31, 2015, the amount of the 1.50% Convertible Notes accounted for as a liability was approximately $361.9 million and $357.5 million, respectively, and is reflected on the unaudited condensed consolidated balance sheets as follows:

	March 31, 2016		December 31, 2015
Equity component carrying amount	$	49,931	$	49,931
Unamortized discount		38,127		42,547
Net debt carrying amount		361,873		357,453

Convertible Notes | 2.50% Senior Subordinated Notes Due June 2016

Details of Convertible Notes Reflected on Consolidated Balance Sheet

As of March 31, 2016 and December 31, 2015, the amount of the 2.50% Convertible Notes accounted for as a liability was approximately $297.6 million and $294.0 million, respectively, and is reflected on the unaudited condensed consolidated balance sheets as follows:

	March 31, 2016		December 31, 2015
Equity component carrying amount	$	35,996	$	35,996
Unamortized discount		2,388		5,952
Net debt carrying amount		297,612		294,048