Priceline 2015 Annual Report Download - page 107

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remaining unamortized debt issuance costs. As of December 31, 2014 , there were no borrowings outstanding and approximately $4.0 million of letters of credit
issued under this revolving credit facility.
Outstanding Debt
Outstanding debt as of December 31, 2015 consisted of the following (in thousands):
December 31, 2015
Outstanding
Principal
Amount
Unamortized Debt
Discount and Debt
Issuance Cost
Carrying
Value
Long-term debt:
1.0% Convertible Senior Notes due March 2018
$ 1,000,000
$ (58,929)
$ 941,071
0.35% Convertible Senior Notes due June 2020
1,000,000
(114,898)
885,102
0.9% Convertible Senior Notes due September 2021
1,000,000
(125,258)
874,742
2.375% (€1 Billion) Senior Notes due September 2024
1,086,957
(14,688)
1,072,269
3.65% Senior Notes due March 2025
500,000
(4,160)
495,840
1.8% (€1 Billion) Senior Notes due March 2027
1,086,957
(6,200)
1,080,757
2.15% (€750 Million) Senior Notes due November 2022
815,217
(6,555)
808,662
Total long-term debt
$ 6,489,131
$ (330,688)
$ 6,158,443
Outstanding debt as of December 31, 2014 consisted of the following (in thousands):
December 31, 2014
Outstanding
Principal
Amount
Unamortized Debt
Discount and Debt
Issuance Cost
See Note 2
Carrying
Value
See Note 2
Short-term debt:
1.25% Convertible Senior Notes due March 2015
$ 37,524
$ (374)
$ 37,150
Long-term debt:
1.0% Convertible Senior Notes due March 2018
$ 1,000,000
$ (84,708)
$ 915,292
0.35% Convertible Senior Notes due June 2020
1,000,000
(138,786)
861,214
0.9% Convertible Senior Notes due September 2021
1,000,000
(145,311)
854,689
2.375% (€1 Billion) Senior Notes due September 2024
1,210,068
(17,393)
1,192,675
Total long-term debt
$ 4,210,068
$ (386,198)
$ 3,823,870
The 2015 Notes (as defined below) became convertible on December 15, 2014, at the option of the holders, and remained convertible until the scheduled
trading day immediately preceding the maturity date of March 15, 2015. Since these notes were convertible at the option of the holders and the principal amount is
required to be paid in cash, the difference between the principal amount and the carrying value was reflected as convertible debt in the mezzanine section in the
Company's Consolidated Balance Sheet as of December 31, 2014. Therefore, with respect to the 2015 Notes, the Company reclassified the unamortized debt
discount for these 1.25% Notes in the amount of $0.3 million before tax as of December 31, 2014 , from additional paid-in capital to convertible debt in the
mezzanine section in the Company's Consolidated Balance Sheet.
Based upon the closing price of the Company's common stock for the prescribed measurement periods during the year ended December 31, 2015 and
December 31, 2014 , the respective contingent conversion thresholds of the 2018 Notes (as defined below), the 2020 Notes (as defined below) and the 2021 Notes
(as defined below) were not exceeded and therefore these notes are reported as non-current liabilities in the Consolidated Balance Sheets.
103