Long-Term Obligations and Commitments (Tables)

12 Months Ended

Dec. 31, 2020

Long-Term Obligations and Commitments [Abstract]

Long-Term Obligations

The carrying value of our long-term obligations was as follows (in thousands):

	December 31,
	2020			2019
0.125 percent convertible senior notes	$	455,719		$	434,711
1 percent convertible senior notes (1)		293,161			275,333
Long-term mortgage debt		59,984			59,913
Leases and other obligations		30,710			17,569
Total	$	839,574		$	787,526
Less: current portion (1)		(300,462	)		(2,026	)
Total Long-Term Obligations	$	539,112		$	785,500

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(1) We classified the carrying value of our 1% Notes as a current liability on our consolidated balance sheet at December 31, 2020 because it matures in November 2021.

Convertible Notes

At December 31, 2020, we had the following 0.125% Notes outstanding (amounts in millions except price per share data):

	0.125% Notes
Outstanding principal balance	$	548.8
Maturity date	December 15, 2024
Interest rate		0.125	%
Conversion price per share	$	83.28
Total shares of common stock subject to conversion		6.6

The following table summarizes information about the equity and liability components of our outstanding 0.125% Notes (in millions). We measured the fair values of the convertible notes outstanding based on quoted market prices, which is a Level 2 measurement at December 31, 2020 and 2019:

	December 31,
	2020		2019
Fair value of outstanding notes	$	564.9	$	558.7
Principal amount of convertible notes outstanding	$	548.8	$	548.8
Unamortized portion of debt discount	$	86.0	$	105.2
Long-term debt	$	455.7	$	434.7
Carrying value of equity component	$	105.8	$	105.8

At December 31, 2020, we had the following 1% Notes outstanding (amounts in millions except price per share data):

	1% Notes
Outstanding principal balance	$	309.9
Maturity date	November 30, 2021
Interest rate	1 percent
Conversion price per share	$	66.81
Total shares of common stock subject to conversion		4.6

The following table summarizes information about the equity and liability components of our outstanding 1% Notes (in millions). We measured the fair values of the convertible notes outstanding based on quoted market prices, which is a Level 2 measurement at December 31, 2020 and 2019:

	December 31,
	2020		2019
Fair value of outstanding notes	$	338.5	$	354.8
Principal amount of convertible notes outstanding	$	309.9	$	309.9
Unamortized portion of debt discount	$	15.8	$	32.8
Current/long-term debt	$	293.2	$	275.3
Carrying value of equity component	$	33.5	$	33.5

We account for our convertible notes using an accounting standard that requires us to assign a value to our convertible debt equal to the estimated fair value of similar debt instruments without the conversion feature and to record the remaining portion in equity. As a result, we recorded our convertible notes at a discount, which we are amortizing as additional non-cash interest expense over the expected life of the respective debt. We determined our nonconvertible debt borrowing rate using a combination of the present value of the debt’s cash flows and a Black-Scholes valuation model. The following table summarizes the nonconvertible borrowing rate, effective interest rate and amortization period of our debt discount for our convertible notes:

	1% Notes	0.125% Notes
Nonconvertible debt borrowing rate	7.4 percent	4.4 percent
Effective interest rate (1)	7.5 percent	4.9 percent
Amortization period of debt discount	7 years	5 years

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(1) For our 1% Notes, our effective interest rate represents our effective interest rate after our December 2019 debt exchange.

Maturity Schedules

Annual debt and other obligation maturities, including fixed and determinable interest, at December 31, 2020 are as follows (in thousands):

2021	$	329,189
2022		3,495
2023		4,180
2024		553,006
2025		3,494
Thereafter		60,933
Subtotal	$	954,297
Less: current portion		(300,462	)
Less: fixed and determinable interest		(21,758	)
Less: unamortized portion of debt discount		(101,820	)
Less: debt issuance costs		(8,455	)
Plus: lease liabilities		17,310
Total long-term debt	$	539,112

Amounts Related to Operating Leases

Amounts related to our operating leases were as follows (dollar amounts in millions):

	At December 31, 2020
Right-of-use operating lease assets (1)	$	13.1
Operating lease liabilities (2)	$	17.3
Weighted average remaining lease term	7.2 years
Weighted average discount rate		7.0	%

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(1) Included in deposits and other assets on our consolidated balance sheet.

(2) Current portion of $2.0 million was included in current portion of long-term obligations on our consolidated balance sheet, with the difference included in long-term obligations.

Future Payments for Operating Lease Liabilities

As of December 31, 2020, the future payments for our operating lease liabilities are as follows (in thousands):

	Operating Leases
Year ending December 31,	$
2021		3,193
2022		2,968
2023		2,707
2024		2,583
2025		2,442
Thereafter		7,038
Total minimum lease payments		20,931
Less:
Imputed interest		(3,621	)
Total operating lease liabilities	$	17,310