Debt:

The following table summarizes the carrying value of our outstanding debt (in thousands, except percentages):



	Coupon Rate		September 30, 2011		Effective Interest Rate		December 31, 2010		Effective Interest Rate
Long-Term Debt
Senior notes due 2013	0.875	%	$	399,430	0.946	%	$	399,220	0.946	%
Senior notes due 2015	1.625	%	598,192		1.703	%	597,857		1.703	%
Senior notes due 2020	3.250	%	497,368		3.319	%	497,150		3.319	%
Total senior notes			1,494,990				1,494,227
Note payable			15,354				—
Capital lease obligations			17,814				—
Total long-term debt			$	1,528,158			$	1,494,227

Short-Term Debt
Commercial paper			$	1,000,000			$	300,000
Note payable			1,903				—
Capital lease obligations			13,927				—
Total short-term debt			1,015,830				300,000
Total Debt			$	2,543,988			$	1,794,227

Senior Notes

The effective rates for the fixed-rate debt include the interest on the notes and the accretion of the discount. Interest on these notes is payable semiannually on April 15 and October 15. Interest expense associated with these notes including amortization of debt issuance costs during the three and nine months ended September 30, 2011 was approximately $8.0 million and $23.9 million, respectively. At September 30, 2011, the estimated fair value of all notes included in long-term debt was approximately $1.5 billion based on market prices on active markets (Level 1).

Note Payable

Note payable is largely comprised of a mortgage note assumed as part of our acquisition of GSI. The mortgage note bears interest at 6.3% per annum and has a maturity date of July 2014.

Capital Lease Obligations

We acquired certain warehouse equipment and computer hardware and software under capital leases as part of our acquisition of GSI. The capital leases have maturity dates from March 2012 to February 2016 and bear interest at rates ranging from 3% to 9% per annum. The present value of future minimum lease payments as of September 30, 2011 was as follows (in thousands):



	September 30, 2011
Gross capital lease obligations	$	33,755
Imputed interest	(2,014		)
Total present value of future minimum lease payments	$	31,741

Commercial Paper

We implemented a $1.0 billion commercial paper program pursuant to which we may issue commercial paper notes with maturities of up to 397 days from the date of issue. As of September 30, 2011, $1.0 billion aggregate principal amount of commercial paper was outstanding, the weighted average interest rate on our outstanding commercial paper notes was 0.17%, and the weighted average remaining term of our commercial paper notes was 61 days.

Credit Agreement

As of September 30, 2011, no borrowings or letters of credit were outstanding under our $1.8 billion credit agreement. As described above, we have a $1.0 billion commercial paper program and maintain $1.0 billion of available borrowing capacity under our credit agreement in order to repay commercial paper borrowings in the event we are unable to repay those borrowings from other sources when they become due. As a result, at September 30, 2011, $0.8 billion of borrowing capacity was available for other purposes permitted by the credit agreement.

As of September 30, 2011, we were in compliance with all covenants related to our debt.