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

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

As of March 31, 2019 and December 31, 2018, our long-term debt is summarized as follows (in thousands):

	March 31, 2019		December 31, 2018
	(unaudited)
Credit Facility	$	152,737	$	156,843
Convertible debt1	196,746		195,184
Finance lease obligations	5,312		5,356
Total long-term debt and finance lease obligations	354,795		357,383
Less: current portion of long-term debt and finance lease obligations	292		569
Total long-term debt and finance lease obligations, less current portion	$	354,503	$	356,814

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1 Comprised of principal amount outstanding, less unamortized discount and issuance costs. See Convertible Debt section below for additional information.

Convertible Debt

As of March 31, 2019 and December 31, 2018, the Notes were recorded in our condensed consolidated balance sheets as follows (in thousands):

	March 31, 2019			December 31, 2018
	(unaudited)
Liability component:
Principal	$	230,000		$	230,000
Unamortized issuance costs	(5,572		)	(5,834		)
Unamortized discount	(27,682		)	(28,982		)
Net carrying amount of the liability component1	$	196,746		$	195,184
Equity component:
Carrying amount of the equity component, net of issuance costs2	$	13,912		$	13,912

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1 Included in the “Long-term debt” line of the condensed consolidated balance sheets.

2 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 condensed consolidated balance sheets.

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

	Three Months Ended March 31,
	(unaudited)			(unaudited)
	2019			2018
Coupon interest	$	2,875		$	2,875
Amortization of debt discount and issuance costs	1,561			1,428
Total interest expense on convertible senior notes	$	4,436		$	4,303
Effective interest rate	9.12		%	9.12		%

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 months ended March 31, 2019 and 2018, are as follows (in thousands):

	Gain (Loss) Recognized in Other Comprehensive Income (Loss)					Gain (Loss) Reclassified from Other Comprehensive Income (Loss) to Earnings
	Three Months Ended March 31,					Three Months Ended March 31,
	(unaudited)					(unaudited)
	2019		2018			2019		2018
Derivatives Classified as Hedging Instruments
Net investment hedge	$	279	$	(421	)	$	—	$	—
						Three Months Ended March 31,
						(unaudited)
						2019		2018
Derivatives Not Classified as Hedging Instruments
Embedded derivative in convertible debt						$	—	$	4,547

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1    Reflected as “Gain on convertible debt embedded derivative” in the condensed consolidated statements of operations.

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):

	March 31, 2019					December 31, 2018
	(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	$	(4,183	)	Liability	Long-term debt	$	(3,904	)
Derivatives Not Classified as Hedging Instruments
Embedded derivative in convertible debt	Liability	Long-term debt	$	—		Liability	Long-term debt	$	—