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Long-Term Obligations and Commitments (Tables)
 12 Months Ended
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