LONG-TERM DEBT, DERIVATIVES AND LETTERS OF CREDIT (Tables)

9 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

As of September 30, 2017 and December 31, 2016, our long-term debt is summarized as follows (in thousands):

	September 30, 2017		December 31, 2016
	(unaudited)
Credit Facility	$	163,042	$	366,911
Convertible debt	202,984		—
Total long-term debt	366,026		366,911
Less: current portion of long-term debt	—		20,000
Total long-term debt, less current portion	$	366,026	$	346,911

Convertible Debt

The following table sets forth interest expense information related to the Notes (in thousands, except percentage):

	Three and Nine Months Ended September 30, 2017
	(unaudited)
Coupon interest	$	1,949
Amortization of debt discount and issuance costs	919
Total interest expense on convertible senior notes	$	2,868
Effective interest rate	9.12		%

As of September 30, 2017, the Notes were recorded in our condensed consolidated balance sheet as follows (in thousands):

	September 30, 2017
	(unaudited)
Liability component:
Principal	$	230,000
Unamortized issuance costs	(7,101		)
Unamortized discount	(35,035		)
Net carrying amount of the liability component	187,864
Embedded derivative liability	15,120
Total1	$	202,984
Equity component:
Carrying amount of the equity component, net of issuance costs2	$	13,955

_________________

1    Included in the Long-term debt line of the condensed consolidated balance sheet.

2    Included in the Additional paid-in capital line of the condensed consolidated balance sheet.

Amounts Recognized In Other Comprehensive Income, Reclassified Into Income (Loss) and Amounts Recognized in Income (Loss)

The amounts recognized in other comprehensive income (loss), reclassified into income (loss) and the amounts recognized in income (loss) for the three and nine months ended September 30, 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				Gain (Loss) Recognized in Other Comprehensive Income (Loss)						Gain (Loss) Reclassified from Other Comprehensive Income (Loss) to Earnings
	Three Months Ended September 30,						Three Months Ended September 30,				Nine Months Ended September 30,						Nine Months Ended September 30,
	(unaudited)						(unaudited)				(unaudited)						(unaudited)
	2017			2016			2017		2016		2017			2016			2017		2016
Derivatives Classified as Hedging Instruments
Net investment hedge	$	(483	)	$	(104	)	$	—	$	—	$	(1,598	)	$	(347	)	$	—	$	—
											Gain (Loss) Recognized in Income (Loss)1
											Three Months Ended September 30,						Nine Months Ended September 30,
											(unaudited)						(unaudited)
											2017			2016			2017		2016
Derivatives Not Classified as Hedging Instruments
Embedded derivative in convertible debt											$	6,292		$	—		$	6,292	$	—

Fair Value Totals and Balance Sheet Classification for Derivatives Designated As Hedges and Derivatives Not 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):

	September 30, 2017					December 31, 2016
	(unaudited)
	Classification	Balance Sheet Location	Fair Value			Classification	Balance Sheet Location	Fair Value
Derivatives Classified as Hedging Instruments
Net investment hedge	Liability	Long-term debt	$	(3,450	)	Liability	Long-term debt	$	(5,048	)
Derivatives Not Classified as Hedging Instruments
Embedded derivative in convertible debt	Liability	Long-term debt	$	15,120