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LONG-TERM DEBT, DERIVATIVES AND LETTERS OF CREDIT (Tables) | 12 Months Ended
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Dec. 31, 2018
Line of Credit Facility [Line Items] |
Summary of Long-Term Debt | As of December 31, 2018 and 2017, our long-term debt and capital lease obligations are summarized as follows (in thousands):
| December 31,
| 2018 |  | 2017
Credit Facility | $ | 156,843 |  |  | $ | 177,857 |
Convertible debt 1 | 195,184 |  |  | 209,892 |
Capital lease obligations | 5,356 |  |  | — |
Total long-term debt and capital lease obligations | 357,383 |  |  | 387,749 |
Less: current portion of long-term debt and capital lease obligations | 569 |  |  | — |
Total long-term debt and capital lease obligations, less current portion | $ | 356,814 |  |  | $ | 387,749 |
_________________
1 | Comprised of principal amount outstanding plus embedded derivative liability (if any), less unamortized discount and issuance costs. See Convertible Debt section below for additional information.
Schedule of Future Maturities of Long-term Debt | Future maturities of long-term debt, excluding capital leases, are as follows (in thousands):
December 31 |
2019 | $ | — |
2020 | 156,843 |
2021 | — |
2022 | — |
2023 | 230,000 |
Thereafter | — |
Total | $ | 386,843 |
Convertible Debt | As of December 31, 2018 and 2017, the Notes were recorded in our consolidated balance sheet as follows (in thousands):
| December 31,
| 2018 |  | 2017
Liability component: |  |  |
Principal | $ | 230,000 |  |  | $ | 230,000 |
Unamortized issuance costs | (5,834 | ) |  | (6,820 | )
Unamortized discount | (28,982 | ) |  | (33,882 | )
Net carrying amount of the liability component | 195,184 |  |  | 189,298 |
Embedded derivative liability 1 | — |  |  | 20,594 |
Total 2 | $ | 195,184 |  |  | $ | 209,892 |
Equity component: |  |  |
Carrying amount of the equity component, net of issuance costs 3 | $ | 13,912 |  |  | $ | 13,912 |
_________________
1 | The embedded derivative liability was reclassified to stockholders’ equity as of May 17, 2018 and is no longer marked to fair value each period, as discussed further below. It is excluded from the table above as of December 31, 2018.
2 Included in the Long-term debt line of the consolidated balance sheets. 3 Relates to the portion of the Notes accounted for under ASC 470-20 (defined below) and is included in the “Additional paid-in capital” line of the consolidated balance sheets. The following table sets forth interest expense information related to the Notes (dollars in thousands):
| Twelve Months Ended December 31,
| 2018 |  | 2017
Coupon interest | $ | 11,500 |  |  | $ | 4,823 |
Amortization of debt discount and issuance costs | 5,886 |  |  | 2,310 |
Total interest expense on convertible senior notes | $ | 17,386 |  |  | $ | 7,133 |
Effective interest rate | 9.12 | % |  | 9.12 | %
Amounts Recognized In Other Comprehensive Income (Loss), and Reclassified Into Income (Loss) | The amounts recognized in other comprehensive income (loss), reclassified into income (loss) and the amounts recognized in income (loss) for the years ended December 31, 2018, 2017 and 2016 are as follows (in thousands):
| Gain (Loss) Recognized in Other Comprehensive Income (Loss) |  | Gain (Loss) Reclassified from Other Comprehensive Income (Loss) to Earnings
| Twelve Months Ended December 31, |  | Twelve Months Ended December 31,
| 2018 |  | 2017 |  | 2016 |  | 2018 |  | 2017 |  | 2016
Derivatives Classified as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |
Net investment hedge | $ | 658 |  |  | $ | (1,802 | ) |  | 481 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
| Gain (Loss) Recognized in Income (Loss)1 |  |  |  |  |  |
| Twelve Months Ended December 31, |  |  |  |  |  |
| 2018 |  | 2017 |  | 2016 |  |  |  |  |  |
Derivatives Not Classified as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |
Embedded derivative in convertible debt | $ | (24,783 | ) |  | $ | 818 |  |  | $ | — |  |  |  |  |  |  |
_________________ 1 Reflected as “Loss (gain) on convertible debt embedded derivative” in the consolidated statements of operations.
Fair Value Totals and Balance Sheet Classification for Derivatives Designated As Hedges | The following table presents the fair value totals and balance sheet classification for derivatives designated as hedges and derivatives not designated as hedges under ASC 815 (in thousands):
| December 31, 2018 |  | December 31, 2017
| Classification |  | Balance Sheet Location |  | Fair Value |  | Classification |  | Balance Sheet Location |  | Fair Value
Derivatives Classified as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |
Net investment hedge | Liability |  | Long-term debt |  | $ | (3,904 | ) |  | Liability |  | Long-term debt |  | $ | (3,246 | )
Derivatives Not Classified as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |
Embedded derivative in convertible debt | Liability |  | Long-term debt |  | $ | — |  |  | Liability |  | Long-term debt |  | $ | 20,594 |
Obligations under non-cancellable operating and capital leases | We enter into operating and capital leases to rent facilities and obtain vehicles and equipment for our field operations. Our obligations under non-cancellable operating and capital leases at December 31, 2018, primarily consisting of facility and auto leases, are as follows (in thousands):
Twelve Months Ended December 31, |  |  |
| Operating |  | Capital
2019 | $ | 23,315 |  |  | $ | 583 |
2020 | 16,858 |  |  | 500 |
2021 | 12,577 |  |  | 504 |
2022 | 9,873 |  |  | 524 |
2023 | 7,846 |  |  | 525 |
Thereafter | 23,224 |  |  | 5,631 |
Total minimum lease payments | $ | 93,693 |  |  | $ | 8,267 |
Less amounts representing interest |  |  | (2,911 | )
Present value of future minimum lease payments |  |  | $ | 5,356 |

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