Debt Arrangements (Tables)

6 Months Ended

Jun. 30, 2017

Schedule of Debt Obligations

The Company’s debt obligations consist of the following:

	June 30, 2017			December 31, 2016
Senior Secured Notes	$	585,424		$	651,784
1.50% Convertible Notes(1)		284,729			277,518
Variable Funding Note		100,000			100,000
Senior Secured Term Loan, net of original issue discount(2)		—			244,906
Unamortized debt issuance costs		(8,196	)		(20,048	)
Total debt		961,957			1,254,160
Less current maturities		298,596			160,435
Total long-term debt	$	663,361		$	1,093,725

⁽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.  

On August 2, 2017, the Company entered into a long-term refinancing arrangement with Deutsche Bank AG for an aggregate principal amount of $300 million (refer to Note 20 for further details).  In accordance with ASC 470, as the terms of the refinancing are readably determinable and the terms of the credit agreement is five years (scheduled to mature on August 2, 2022), the Company has classified the 1.50% Convertible Notes of $284.7 million as long-term debt on its June 30, 2017 condensed consolidated balance sheet.

⁽²⁾ On June 30, 2017, the Company repaid the remaining outstanding principal balance of the Senior Secured Term Loan and accordingly, the Company wrote off the remaining portion of the deferred financing costs and original issue discount associated with the debt facility.  See below for further details.

Company's Debt Maturities on Calendar Year Basis

As of June 30, 2017, the Company’s debt maturities on a calendar year basis are as follows:

	Total		July 1 through December31, 2017		2018		2019		2020		2021		Thereafter
Senior Secured Notes	$	585,424	$	177,249	$	42,693	$	42,693	$	42,693	$	42,693	$	237,403
1.50% Convertible Notes(1)	$	284,729		—		284,729		—		—		—		—
Variable Funding Notes	$	100,000		—		100,000		—		—		—		—
Total	$	970,153	$	177,249	$	427,422	$	42,693	$	42,693	$	42,693	$	237,403

⁽¹⁾ Reflects the net debt carrying amount of the 1.50% Convertible Notes in the unaudited condensed consolidated balance sheet as of June 30, 2017, 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.

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

Details of Convertible Notes Reflected on Consolidated Balance Sheet

As of June 30, 2017 and December 31, 2016, the amount of the 1.50% Convertible Notes accounted for as a liability was approximately $284.7 million and $277.5 million, respectively, and is reflected on the condensed consolidated balance sheets as follows:

	June 30, 2017		December 31, 2016
Equity component carrying amount	$	48,767	$	48,767
Unamortized discount		10,321		17,531
Net debt carrying amount		284,729		277,518