approximately 6,000 square kilometers, 7,600 square kilometers and 12,000 square kilometers, respectively. The following table presents maturities by expected debt maturity dates, the weighted average interest rates expected to be paid on the Facility given current contractual terms and market conditions, and the debt’s estimated fair value. Weighted-average interest rates are based on implied forward rates in the yield curve at the reporting date. This table does not take into account amortization of deferred financing costs. Asset (Liability) Fair Value at Years Ending December 31, December 31, 2018 2019 2020 2021 2022 Thereafter 2017 (In thousands, except percentages) Fixed rate debt: Senior Notes . . . . . . . . . . . . . . $ — $ — $ — $525,000 $— $— $(542,472) Fixed interest rate . . . . . . . . . . 7.88% 7.88% 7.88% 7.88% — — Variable rate debt: Facility(1) . . . . . . . . . . . . . . . . $ — $200,377 $404,971 $194,652 $— $— $(800,000) Weighted average interest rate(2) 5.40% 5.87% 6.43% 6.69% — — Capped interest rate swaps: Notional debt amount ($200,000) . $ — $ — $ — $ — $— $— $ 1,017 Cap . . . . . . . . . . . . . . . . . . 3.00% — — — — — Average fixed rate payable(3) . . 1.23% — — — — — Variable rate receivable(4) . . . . 1.77% — — — — — (1) The amounts included in the table represent principal maturities only. The scheduled maturities of debt are based on the level of borrowings and the available borrowing base as of December 31, 2017. Any increases or decreases in the level of borrowings or increases or decreases in the available borrowing base would impact the scheduled maturities of debt during the next five years and thereafter. As of December 31, 2017, there were no borrowings under the Corporate Revolver. (2) Based on outstanding borrowings as noted in (1) above and the LIBOR yield curves plus applicable margin at the reporting date. Excludes commitment fees related to the Facility and Corporate Revolver. (3) We expect to pay the fixed rate if 1-month LIBOR is below the cap, and pay the market rate less the spread between the cap and the fixed rate if LIBOR is above the cap, net of the capped interest rate swaps. (4) Based on implied forward rates in the yield curve at the reporting date. Off-Balance Sheet Arrangements We may enter into off-balance sheet arrangements and transactions that can give rise to material off-balance sheet obligations. As of December 31, 2017, our material off-balance sheet arrangements and transactions include operating leases and undrawn letters of credit. There are no other transactions, arrangements, or other relationships with unconsolidated entities or other persons that are reasonably likely to materially affect Kosmos’ liquidity or availability of or requirements for capital resources. Critical Accounting Policies This discussion of financial condition and results of operations is based upon the information reported in our consolidated financial statements, which have been prepared in accordance with generally accepted accounting principles in the United States. The preparation of our financial statements requires us to make assumptions and estimates that affect the reported amounts of assets, liabilities, revenues and expenses, as well as the disclosure of contingent assets and liabilities as of the date the financial statements are available to be issued. We base our assumptions and estimates on historical experience and other sources that we believe to be reasonable at the time. Actual results may vary from our estimates. Our significant accounting policies are detailed in ‘‘Item 8. Financial Statements and Supplementary Data—Note 2—Accounting Policies.’’ We have outlined below certain accounting policies that are of particular importance to the presentation of our financial position and results of operations and require the application of significant judgment or estimates by our management. 97