Debt Arrangements (Tables)

9 Months Ended

Sep. 30, 2016

Schedule of Debt Obligations

The Company’s debt obligations consist of the following:

	September 30, 2016			December 31, 2015
Senior Secured Notes	$	667,065		$	712,907
1.50% Convertible Notes(1)		274,036			357,453
2.50% Convertible Notes(2)		—			294,048
Variable Funding Note		100,000			100,000
Senior Secured Term Loan, net of original issue discount		271,159			—
Unamortized debt issuance costs(3)		(22,196	)		(15,016	)
Total debt		1,290,064			1,449,392
Less current maturities		76,123			61,123
Total long-term debt	$	1,213,941		$	1,388,269

⁽¹⁾ During the Current Nine Months, the Company repurchased a total of $104.9 million par value (of which $51.7 million and $53.2 million were purchased in June 2016 and July 2016, respectively) of the 1.50% Convertible Notes.  See below for further details.

⁽²⁾ In April 2016, the Company repurchased $143.9 million par value of the 2.50% Convertible Notes.  Upon maturity of the notes on June 1, 2016, the Company repaid the remaining outstanding balance of $156.1 million in cash.  See below for further details.

⁽³⁾ During the first quarter of the year ending December 31, 2016, 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 September 30, 2016, the Company’s debt maturities on a calendar year basis are as follows:

	Total		October 1 through December31, 2016		2017		2018		2019		2020		Thereafter
Senior Secured Notes	$	667,065	$	15,281	$	61,123	$	61,123	$	61,123	$	61,123	$	407,292
1.50% Convertible Notes(1)	$	274,036		—		—		274,036		—		—		—
Variable Funding Notes	$	100,000		—		—		100,000		—		—		—
Senior Secured Term Loan(2)	$	271,159		3,750		15,000		15,000		15,000		15,000		207,409
Total	$	1,312,260	$	19,031	$	76,123	$	450,159	$	76,123	$	76,123	$	614,701

⁽¹⁾ Reflects the net debt carrying amount of the 1.50% Convertible Notes in the unaudited condensed consolidated balance sheet as of September 30, 2016, in accordance with accounting for convertible notes. After taking into effect the $104.9 million of repurchases of the 1.50% Convertible Notes as discussed above, the remaining principal amount owed to the holders of the 1.50% Convertible Notes is $295.1 million.

⁽²⁾ Reflects the net debt carrying amount, effected by the outstanding balance of the original issue discount, in the unaudited condensed consolidated balance sheet as of September 30, 2016. The actual principal outstanding balance of the Senior Secured Term Loan is $292.5 million as of September 30, 2016.

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

Details of Convertible Notes Reflected on Consolidated Balance Sheet

As of September 30, 2016 and December 31, 2015, the amount of the 1.50% Convertible Notes accounted for as a liability was approximately $274.0 million and $357.5 million, respectively, and is reflected on the condensed consolidated balance sheets as follows:

	September 30, 2016		December 31, 2015
Equity component carrying amount	$	48,767	$	49,931
Unamortized discount		21,014		42,547
Net debt carrying amount		274,036		357,453