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FINANCING ARRANGEMENTS | 3 Months Ended
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Mar. 31, 2018
Debt Disclosure [Abstract] |
FINANCING ARRANGEMENTS | FINANCING ARRANGEMENTS The following table is a summary of the Company’s financing arrangements (in thousands):
| March 31, 2018 |  | December 31, 2017
Senior secured Term Loan Agreement ("Term Loan Agreement") | $ | 4,000 |  |  | $ | 4,000 |
Current portion of long-term obligations, at carrying value | $ | 4,000 |  |  | $ | 4,000 |
Senior secured Term Loan Agreement due June 30, 2024 | $ | 393,000 |  |  | $ | 394,000 |
Senior unsecured notes, at 5.25%, due August 1, 2020 ("2020 Notes") | 400,000 |  |  | 400,000 |
Senior unsecured notes, at 5.125%, due June 1, 2021 ("2021 Notes") | 845,000 |  |  | 845,000 |
Long-term obligations, at par | $ | 1,638,000 |  |  | $ | 1,639,000 |
Unamortized debt issuance costs and premium, net | (12,741 | ) |  | (13,463 | )
Long-term obligations, at carrying value | $ | 1,625,259 |  |  | $ | 1,625,537 |
Total current and long-term obligations, at carrying value | $ | 1,629,259 |  |  | $ | 1,629,537 |
On April 17, 2018, the Company, and substantially all of the Company's domestic subsidiaries as guarantors, entered into the first amendment (“First Amendment”) of the Term Loan Agreement. The First Amendment (i) reduces the applicable interest rate margin for the Company’s initial term loans outstanding (the "Term Loans") under the Term Loan Agreement by 25 basis points for both Eurocurrency borrowings and base rate borrowings, and (ii) resets the six month soft call period for a repricing of the Term Loans. After giving effect to the repricing, the applicable interest rate margin for the Term Loans are 1.75% for Eurocurrency borrowings and 0.75% for base rate borrowings. At March 31, 2018 and December 31, 2017, the fair value of the Term Loans was $398.2 million and $400.5 million, respectively, based on quoted market prices or other available market data. At March 31, 2018 and December 31, 2017, the fair value of the Company's 2020 Notes was $401.6 million and $404.6 million, respectively, based on quoted market prices for the instrument. At March 31, 2018 and December 31, 2017, the fair value of the Company's 2021 Notes was $855.3 million and $855.7 million, respectively, based on quoted market prices for the instrument. The fair values of the Term Loans, 2020 Notes and 2021 Notes are considered Level 2 measures according to the fair value hierarchy. The Company also maintains a $400.0 million revolving credit facility under which the Company had no outstanding loan balances as of March 31, 2018 and December 31, 2017. At March 31, 2018, approximately $237.0 million was available to borrow and outstanding letters of credit were $132.9 million. At December 31, 2017, $217.8 million was available to borrow and outstanding letters of credit were $134.1 million.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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