Long-Term Debt and Finance Lease Obligations

6 Months Ended

Jun. 30, 2020

Long-Term Debt and Finance Lease Obligations

Long-Term Debt and Finance Lease Obligations

8. Long-Term Debt and Finance Lease Obligations

Fair Value of our Long-Term Debt

The following table summarizes the carrying amount and fair value of our debt facilities as of June 30, 2020 and December 31, 2019:

	As of
	June 30, 2020				December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In thousands)
5 1/8% Senior Notes due 2020 (1)	$	—	$	—	$	1,100,000	$	1,110,208
6 3/4% Senior Notes due 2021 (2)		2,000,000		2,045,100		2,000,000		2,109,420
5 7/8% Senior Notes due 2022		2,000,000		2,043,040		2,000,000		2,129,580
5 % Senior Notes due 2023		1,500,000		1,495,545		1,500,000		1,543,770
5 7/8% Senior Notes due 2024		2,000,000		2,000,340		2,000,000		2,049,080
7 3/4% Senior Notes due 2026		2,000,000		2,130,880		2,000,000		2,128,900
Other notes payable		25,996		25,996		25,996		25,996
Subtotal		9,525,996	$	9,740,901		10,625,996	$	11,096,954
Unamortized deferred financing costs and debt discounts, net		(13,581)				(16,250)
Finance lease obligations (3)		188,809				212,617
Total long-term debt and finance lease obligations (including current portion)	$	9,701,224			$	10,822,363

(4) On May 1, 2020, we redeemed the principal balance of our 5 1/8% Senior Notes due 2020.

(5) Our 6 3/4% Senior Notes due 2021 mature on June 1, 2021 and have been reclassified to “Current portion of long-term debt and finance lease obligations” on our Condensed Consolidated Balance Sheets as of June 30, 2020.

(6) Disclosure regarding fair value of finance leases is not required.

We estimated the fair value of our publicly traded long-term debt using market prices in less active markets (Level 2).