TiVo 2015 Annual Report Download - page 95

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Components of interest expense related to the 2040 Convertible Notes for the years ended December 31, 2015, 2014 and 2013 were as follows (in
thousands):
Debt Maturities
As of
December 31, 2015
, aggregate future principal payments on long
-
term debt, including the current portion of long
-
term debt, were as follows
(in thousands):
Interest Rate Swaps
The Company issues long
-
term debt denominated in U.S. dollars based on market conditions at the time of financing and may enter into interest
rate swaps to achieve a primarily fixed interest rate. Alternatively, the Company may choose not to enter into interest rate swaps or may terminate a
previously executed swap if it believes a larger proportion of floating
-
rate debt would be beneficial. The Company has not designated any of its interest rate
swaps as hedges for accounting purposes. The Company records interest rate swaps in the Consolidated Balance Sheets at fair value with changes in fair
value recorded as (Loss) income on interest rate swaps in the Consolidated Statements of Operations. During the years ended December 31, 2015, 2014 and
2013
, the Company recorded losses of $
13.4 million
and $
17.9 million
and a gain of
$2.9 million
, respectively, on its interest rate swaps.
In connection with the repayment of the Company's previous credit facility during the third quarter of 2014,
$7.6 million
was paid to terminate
interest rate swaps with a notional of
$300.0 million
.
F
-
29
Year Ended December 31,
2015
2014
2013
Stated interest
$
1,114
$
7,638
$
7,638
Amortization of debt discount
1,865
13,954
12,927
Amortization of debt issue costs
242
1,749
1,526
Total interest expense
$
3,221
$
23,341
$
22,091
2016
$
7,000
2017
7,000
2018
7,000
2019 (1)
352,000
2020
7,000
Thereafter
654,500
Total
$
1,034,500
(1)
Aggregate future principal payments on the 2020 Convertible Notes have been included based on the date they can be freely converted by
holders, which is
December 1, 2019
. However, the 2020 Convertible Notes may be converted by holders prior to
December 1, 2019
in certain
circumstances.