Note 6 — Borrowings

The Company's borrowings at March 27, 2016 and December 31, 2015 are as follows:



	March 27, 2016			December 31, 2015
	(Dollars in thousands)
Senior Credit Facility:
Revolving credit facility, at a rate of 2.02% at March 27, 2016, due 2018	$	396,000		$	396,000
3.875% Convertible Senior Subordinated Notes due 2017 (1)	399,632			399,641
5.25% Senior Notes due 2024	250,000			250,000
Securitization program, at a rate of 1.19% at March 27, 2016	43,300			43,300
	1,088,932			1,088,941
Less: Unamortized debt discount on 3.875% Convertible Senior Subordinated Notes due 2017	(19,532		)	(22,999		)
Less: Unamortized debt issuance costs	(6,229		)	(6,742		)
	1,063,171			1,059,200
Current borrowings	(421,198		)	(417,350		)
Long-term borrowings	$	641,973		$	641,850

(1) The aggregate outstanding principal amount of the 3.875% Convertible Senior Subordinated Notes due 2017 (the "Convertible Notes") shown in the table above has not been reduced to reflect conversion notices received by the Company in respect of $44.3 million in aggregate principal amount of the Convertible Notes because the conversions were not settled as of March 27, 2016.

For a discussion regarding the classification of the Convertible Notes as a current liability, see Note 8 to the Company's consolidated financial statements included in its annual report on Form 10-K for the year ended December 31, 2015.

See Note 15 for information regarding the reduction in the outstanding principal amount of Convertible Notes subsequent to the balance sheet date as a result of the Company's exchange of cash and shares of common stock and the related reduction in the number of call options and warrants outstanding under the convertible note hedge and warrant agreements.

Fair Value of Long-Term Borrowings

To determine the fair value of the debt categorized as Level 2 in the table below, the Company uses a discounted cash flow technique that incorporates a market interest yield curve with adjustments for duration, optionality and risk profile. The Company’s implied credit rating is a factor in determining the market interest yield curve. The following table provides the fair value of the Company’s debt as of March 27, 2016 and December 31, 2015, categorized by the level of inputs within the fair value hierarchy used to measure fair value (see Note 10, “Fair value measurement,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 for further information):



	March 27, 2016		December 31, 2015
	(Dollars in thousands)
Level 1	$	987,491	$	858,709
Level 2	695,928		687,072
Total	$	1,683,419	$	1,545,781