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Long-Term Obligations and Commitments (Tables) | 12 Months Ended
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Dec. 31, 2019
Long-Term Obligations and Commitments [Abstract] |
Long-Term Obligations | The carrying value of our long-term obligations was as follows (in thousands):
|  | December 31, |
|  | 2019 |  |  | 2018 |
0.125 percent convertible senior notes |  | $ | 434,711 |  |  | $ | — |
1 percent convertible senior notes |  |  | 275,333 |  |  |  | 568,215 |
Long-term mortgage debt |  |  | 59,913 |  |  |  | 59,842 |
Principal balance of fixed rate note with Morgan Stanley (1) |  |  | — |  |  |  | 12,500 |
Leases and other obligations |  |  | 17,569 |  |  |  | 6,163 |
Total |  | $ | 787,526 |  |  | $ | 646,720 |
Less: current portion |  |  | (2,026 | ) |  |  | (13,749 | )
Total Long-Term Obligations |  | $ | 785,500 |  |  | $ | 632,971 |
(1) | Our $12.5 million fixed rate note with Morgan Stanley was included in our current portion of long-term obligations on our consolidated balance sheet at December 31, 2018. We paid off our fixed rate note in the third quarter of 2019.
Convertible Notes | At December 31, 2019, we had the following 0.125% Notes outstanding (amounts in millions except price per share data):
|  | 0.125% Notes |
Outstanding principal balance |  | $ | 548.8 |
Maturity date |  | December 15, 2024 |
Interest rate |  |  | 0.125 | %
Conversion price per share |  | $ | 83.28 |
Total shares of common stock subject to conversion |  |  | 6.6 |
The following table summarizes information about the equity and liability components of our outstanding 0.125% Notes (in millions). We measured the fair values of the convertible notes outstanding based on quoted market prices, which is a Level 2 measurement at December 31, 2019:
|  | 0.125% Notes |
Fair value of outstanding notes |  | $ | 558.7 |
Principal amount of convertible notes outstanding |  | $ | 548.8 |
Unamortized portion of debt discount |  | $ | 105.2 |
Long-term debt |  | $ | 434.7 |
Carrying value of equity component |  | $ | 105.8 |
At December 31, 2019, we had the following 1% Notes outstanding (amounts in millions except price per share data):
|  | 1% Notes |
Outstanding principal balance |  | $ | 309.9 |
Maturity date |  | November 30, 2021 |
Interest rate |  | 1 percent |
Conversion price per share |  | $ | 66.81 |
Total shares of common stock subject to conversion |  |  | 4.6 |
The following table summarizes information about the equity and liability components of our outstanding 1% Notes (in millions). We measured the fair values of the convertible notes outstanding based on quoted market prices, which is a Level 2 measurement at December 31, 2019:
|  | December 31, |
|  | 2019 |  |  | 2018 |
Fair value of outstanding notes |  | $ | 354.8 |  |  | $ | 725.0 |
Principal amount of convertible notes outstanding |  | $ | 309.9 |  |  | $ | 685.5 |
Unamortized portion of debt discount |  | $ | 32.8 |  |  | $ | 110.8 |
Long-term debt |  | $ | 275.3 |  |  | $ | 568.2 |
Carrying value of equity component |  | $ | 33.5 |  |  | $ | 219.0 |
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% Notes |  | 0.125% Notes
Nonconvertible debt borrowing rate |  | 7.4 percent |  | 4.4 percent
Effective interest rate (1) |  | 7.5 percent |  | 4.9 percent
Amortization period of debt discount |  | 7 years |  | 5 years
(1) | For our 1% Notes, our effective interest rate represents our effective interest rate after our December 2019 debt exchange.
Maturity Schedules | Annual debt and other obligation maturities, including fixed and determinable interest, at December 31, 2019 are as follows (in thousands):
2020 |  | $ | 6,260 |
2021 |  |  | 316,114 |
2022 |  |  | 3,495 |
2023 |  |  | 4,180 |
2024 |  |  | 553,006 |
Thereafter |  |  | 64,429 |
Subtotal |  | $ | 947,484 |
Less: current portion |  |  | (2,026 | )
Less: fixed and determinable interest |  |  | (28,014 | )
Less: unamortized portion of debt discount |  |  | (137,975 | )
Plus: lease liabilities |  |  | 17,235 |
Total |  | $ | 796,704 |
Amounts Related to Operating Leases | Amounts related to our operating leases were as follows (dollar amounts in millions):
|  | At December 31, 2019 |
Right-of-use operating lease assets (1) |  | $ | 12.6 |
Operating lease liabilities (2) |  | $ | 17.2 |
Weighted average remaining lease term |  | 8.1 years |
Weighted average discount rate |  |  | 7.6 | %
(1) | Included in deposits and other assets on our consolidated balance sheet.
(2) | Current portion of $2.0 million was included in current portion of long-term obligations on our consolidated balance sheet, with the difference included in long-term obligations.
Future Payments for Operating Lease Liabilities | As of December 31, 2019, the future payments for our operating lease liabilities are as follows (in thousands):
|  | Operating Leases |
Year ending December 31, |  | $ |  |
2020 |  |  | 3,285 |
2021 |  |  | 3,022 |
2022 |  |  | 2,781 |
2023 |  |  | 2,520 |
2024 |  |  | 2,396 |
Thereafter |  |  | 9,465 |
Total minimum lease payments |  |  | 23,469 |
Less: |  |  |  |
Imputed interest |  |  | (6,234 | )
Total operating lease liabilities |  | $ | 17,235 |

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