Debt Arrangements (Tables)

12 Months Ended

Dec. 31, 2017

Net Carrying Amount of Debt

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

	December 31, 2017			December 31, 2016
Senior Secured Notes	$	408,174		$	651,784
1.50% Convertible Notes(1)		233,898			277,518
Variable Funding Note(2)		91,363			100,000
Senior Secured Term Loan, net of original    issue discount(3)		—			244,906
2017 Senior Secured Term Loan, net of original    issue discount(4)		74,813			—
Unamortized debt issuance costs		(7,406	)		(20,048	)
Total debt		800,842			1,254,160
Less current maturities		44,349			160,435
Total long-term debt	$	756,493		$	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.  During FY 2017, the Company repurchased a total of $58.9 million par value of the 1.50% Convertible Notes.  See below for further details.  On February 22, 2018, the Company exchanged $125 million of aggregate principal amount of 1.50% Convertible Notes for $125 million of aggregate principal amount of 5.75% Convertible Notes, and on March 14, 2018, the Company drew down $110 million under the Second Delayed Draw Term Loan and used those proceeds, along with cash on hand, to make a payment to the trustee under the indenture governing the 1.50% Convertible Notes to repay the remaining 1.50% Convertible Notes at maturity on March 15, 2018.

⁽²⁾ On August 18, 2017, the Company entered into an amendment of its Variable Funding Note which extended the anticipated repayment date for the Variable Funding Notes from January 2018 to January 2020.  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.  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.

⁽⁴⁾ On August 2, 2017, the Company entered into the DB Credit Agreement for an aggregate principal amount of $300 million.  See below for further details.

Company's Debt Maturities on Calendar Year Basis

As of December 31, 2017, the Company’s debt maturities on a calendar year basis are as follows:

	Total		2018		2019		2020		2021		2022		Thereafter
Senior Secured Notes	$	408,174	$	42,693	$	42,693	$	42,693	$	42,693	$	42,693	$	194,709
1.50% Convertible Notes(1)	$	233,898		233,898		—		—		—		—		—
Variable Funding Notes(2)	$	91,363		—		—		91,363		—		—		—
2017 Senior Secured Term Loan(3)	$	74,813		1,657		1,657		1,657		1,657		68,185		—
Total	$	808,248	$	278,248	$	44,350	$	135,713	$	44,350	$	110,878	$	194,709

⁽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. After taking into effect the total $163.8 million ($104.9 million in FY 2016 and $58.9 million of repurchases in FY 2017) of the 1.50% Convertible Notes as discussed above, the remaining principal amount owed to the holders of the 1.50% Convertible Notes is $236.2 million.  On February 22, 2018, the Company exchanged $125 million of aggregate principal amount of 1.50% Convertible Notes for $125 million of aggregate principal amount of 5.75% Convertible Notes, and on March 14, 2018, the Company drew down $110 million under the Second Delayed Draw Term Loan and used those proceeds, along with cash on hand, to make a payment to the trustee under the indenture governing the 1.50% Convertible Notes to repay the remaining 1.50% Convertible Notes at maturity on March 15, 2018.  In accordance with ASC 470, as the terms of the 5.75% Convertible Notes and the Second Delayed Draw Term Loan are readably determinable and the 5.75% Convertible Notes and the Second Delayed Draw Term Loan are scheduled to mature on August 15, 2023 and August 2, 2022, respectively, the Company has classified the 1.50% Convertible outstanding debt balance (which is net of deferred financing costs and original issue discount) of $233.9 million as long-term debt on its December 31, 2017 consolidated balance sheet.

⁽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, 2017.  The actual principal outstanding balance of the Variable Funding Notes is $100.0 million as of December 31, 2017.

⁽³⁾ 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, 2017.  The actual principal outstanding balance of the 2017 Senior Secured Term Loan is $82.8 million as of December 31, 2017.

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

Details of Convertible Notes Reflected on Consolidated Balance Sheet

As of December 31, 2017 and December 31, 2016, the amount of the 1.50% Convertible Notes accounted for as a liability was approximately $233.9 million and $277.5 million, respectively, and is reflected on the consolidated balance sheets as follows:

	December 31, 2017		December 31, 2016
Equity component carrying amount	$	48,767	$	48,767
Unamortized discount		2,285		17,531
Net debt carrying amount	$	233,898	$	277,518