Debt and Capital Lease Obligations

6 Months Ended

Jun. 30, 2017

Long-term Debt and Capital Lease Obligations [Abstract]

Debt and Capital Lease Obligations

Debt and Capital Lease Obligations

The following table summarizes the carrying amounts and fair values of our debt:

	Effective Interest Rate	As of
		June 30, 2017					December 31, 2016
		Carrying Amount			Fair Value		Carrying Amount			Fair Value
		(In thousands)
Senior Secured Notes:
6 1/2% Senior Secured Notes due 2019	6.959%	$	990,000		$	1,071,675	$	990,000		$	1,084,050
5 1/4% Senior Secured Notes due 2026	5.318%	750,000			783,750		750,000			739,688
Senior Unsecured Notes:
7 5/8% Senior Unsecured Notes due 2021	8.062%	900,000			1,023,273		900,000			990,189
6 5/8% Senior Unsecured Notes due 2026	6.686%	750,000			809,145		750,000			760,245
Other		277			277		—			—
Less: Unamortized debt issuance costs		(28,378		)	—		(31,821		)	—
Subtotal		3,361,899			$	3,688,120	3,358,179			$	3,574,172
Capital lease obligations		289,076					297,268
Total debt and capital lease obligations		3,650,975					3,655,447
Less: Current portion		(39,229		)			(32,984		)
Long-term debt and capital lease obligations, net of unamortized debt issuance costs		$	3,611,746				$	3,622,463

The fair values of our debt are estimates categorized within Level 2 of the fair value hierarchy.

Pursuant to the terms of a registration rights agreement, HSS registered notes having substantially identical terms as the 2026 Notes with the SEC as part of an offer to exchange registered notes for the 2026 Notes. This exchange offer expired May 11, 2017 with 99.98% of the 2026 Notes being tendered for exchange.