Debt Arrangements (Tables)

12 Months Ended

Dec. 31, 2016

Net Carrying Amount of Debt

The Company’s net carrying amount of debt is comprised of the following:

	December 31, 2016			December 31, 2015
Senior Secured Notes	$	651,784		$	712,907
1.50% Convertible Notes(1)		277,518			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(3)		244,906			—
Unamortized debt issuance costs(4)		(20,048	)		(15,016	)
Total debt		1,254,160			1,449,392
Less current maturities		160,435			61,123
Total long-term debt	$	1,093,725		$	1,388,269

⁽¹⁾ During FY 2016, 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⁾ In December 2016, the Company made a mandatory principal prepayment of $28.7 million on its Senior Secured Term Loan.  See below for further details.

⁽⁴⁾ During the first quarter of FY 2016, the Company retrospectively adopted ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs”.  Refer to Note 1 for further details.

Company's Debt Maturities on Calendar Year Basis

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

	Total		2017		2018		2019		2020		2021		Thereafter
Senior Secured Notes	$	651,784	$	95,203	$	57,685	$	57,685	$	57,685	$	57,685	$	325,841
1.50% Convertible Notes(1)	$	277,518		—		277,518		—		—		—		—
Variable Funding Notes	$	100,000		—		100,000		—		—		—		—
Senior Secured Term Loan(2)	$	244,906		65,232		15,000		15,000		15,000		134,674		—
Total	$	1,274,208	$	160,435	$	450,203	$	72,685	$	72,685	$	192,359	$	325,841

⁽¹⁾ Reflects the net debt carrying amount of the 1.50% Convertible Notes in the consolidated balance sheet as of December 31, 2016, in accordance with accounting for convertible notes. The 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 consolidated balance sheet as of December 31, 2016.  The actual principal outstanding balance of the Senior Secured Term Loan is $263.7 million as of December 31, 2016.

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

Details of Convertible Notes Reflected on Consolidated Balance Sheet

As of December 31, 2016 and December 31, 2015, the amount of the 1.50% Convertible Notes accounted for as a liability was approximately $277.5 million and $357.5 million, respectively, and is reflected on the consolidated balance sheets as follows:

	December 31, 2016		December 31, 2015
Equity component carrying amount	$	48,767	$	49,931
Unamortized discount		17,531		42,547
Net debt carrying amount	$	277,518	$	357,453