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Long-Term Obligations and Commitments (Tables) | 12 Months Ended
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Dec. 31, 2018
Long-Term Obligations and Commitments [Abstract] |
Long-Term Obligations | The carrying value of our long-term obligations was as follows (in thousands):
|  | December 31, |
|  | 2018 |  |  | 2017 |
1 percent convertible senior notes |  | $ | 568,215 |  |  | $ | 533,111 |
Long-term mortgage debt |  |  | 59,842 |  |  |  | 59,771 |
Principal balance of fixed rate note with Morgan Stanley (1) |  |  | 12,500 |  |  |  | 12,500 |
Leases and other obligations |  |  | 6,163 |  |  |  | 2,095 |
Total |  | $ | 646,720 |  |  | $ | 607,477 |
Less: current portion |  |  | (13,749 | ) |  |  | (1,621 | )
Total Long-Term Obligations |  | $ | 632,971 |  |  | $ | 605,856 |
(1) | Our $12.5 million fixed rate note with Morgan Stanley is included in our current portion of long-term obligations on our consolidated balance sheet at December 31, 2018.
Convertible Notes | At December 31, 2018, we had a nominal amount of our 2¾ percent convertible senior notes outstanding. At December 31, 2018, we had the following 1 percent convertible senior notes outstanding (amounts in millions except price per share data):
|  | 1 Percent Convertible Senior Notes |
Outstanding balance |  | $ | 685.5 |
Original issue date ($500 million of principal) |  | November 2014 |
Additional issue date ($185.5 million of principal) |  | December 2016 |
Maturity date |  | November 2021 |
Interest rate |  | 1 percent |
Conversion price per share |  | $ | 66.81 |
Total shares of common stock subject to conversion |  |  | 10.3 |
We account for our convertible notes using an accounting standard that requires us to assign a value to our convertible debt equal to the estimated fair value of similar debt instruments without the conversion feature and to record the remaining portion in equity. As a result, we recorded our convertible notes at a discount, which we are amortizing as additional non-cash interest expense over the expected life of the respective debt. We determined our nonconvertible debt borrowing rate using a combination of the present value of the debt’s cash flows and a Black-Scholes valuation model. The following table summarizes the nonconvertible borrowing rate, effective interest rate and amortization period of our debt discount for our convertible notes:
| 1 Percent Convertible Senior Notes Issued in November 2014 |  | 1 Percent Convertible Senior Notes Issued in December 2016
Nonconvertible debt borrowing rate | 7.4 percent |  | 6.8 percent
Effective interest rate | 7.8 percent |  | 7.2 percent
Amortization period of debt discount | 7 years |  | 5 years
The following table summarizes information about the equity and liability components of our outstanding 1 percent convertible notes (in thousands). We measured the fair values of the convertible notes outstanding based on quoted market prices, which is a Level 2 measurement:
|  | December 31, |
|  | 2018 |  |  | 2017 |
Fair value of outstanding notes |  | $ | 724,966 |  |  | $ | 727,420 |
Principal amount of convertible notes outstanding |  | $ | 685,450 |  |  | $ | 685,450 |
Unamortized portion of debt discount |  | $ | 110,817 |  |  | $ | 144,112 |
Long-term debt |  | $ | 568,215 |  |  | $ | 533,111 |
Carrying value of equity component |  | $ | 219,011 |  |  | $ | 219,011 |
Maturity Schedules | Annual debt and other obligation maturities, including fixed and determinable interest, at December 31, 2018 are as follows (in thousands):
2019 |  | $ | 22,067 |
2020 |  |  | 9,330 |
2021 |  |  | 694,774 |
2022 |  |  | 2,809 |
2023 |  |  | 3,494 |
Thereafter |  |  | 68,108 |
Subtotal |  | $ | 800,582 |
Less: current portion |  |  | (12,890 | )
Less: fixed and determinable interest |  |  | (41,837 | )
Less: unamortized portion of debt discount |  |  | (111,426 | )
Plus: Deferred rent |  |  | 4,960 |
Total |  | $ | 639,389 |
Future Minimum Payments Under Operating Leases | Annual future minimum payments under our operating leases as of December 31, 2018 are as follows (in thousands):
|  | Operating Leases |
2019 |  | $ | 3,129 |
2020 |  |  | 3,008 |
2021 |  |  | 2,725 |
2022 |  |  | 2,539 |
2023 |  |  | 2,505 |
Thereafter |  |  | 11,862 |
Total minimum payments |  | $ | 25,768 |

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- Definition Tabular disclosure of the aggregate amount of payments due on known contractual obligations for the five years following the date of the latest balance sheet and the combined aggregate amount of maturities of known contractual obligations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 303 -Paragraph a -Subparagraph 5 + Details
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