DEBT (Tables)

3 Months Ended

Mar. 31, 2016

DEBT [Abstract]

Summary of Debt

	Effective	March 31	December 31	March 31
in thousands	Interest Rates	2016	2015	2015
Short-term Debt
Bank line of credit expires 2020 1, 2. 3		$                  0	$                0	$                0
Total short-term debt		$                  0	$                0	$                0
Long-term Debt
Bank line of credit expires 20201, 2, 3	1.50%	$       235,000	$     235,000	$                0
10.125% notes due 2015	n/a	0	0	150,000
6.50% notes due 2016	n/a	0	0	125,001
6.40% notes due 2017	n/a	0	0	218,633
7.00% notes due 2018	7.87%	272,512	272,512	272,697
10.375% notes due 2018	10.63%	250,000	250,000	250,000
7.50% notes due 2021	7.75%	600,000	600,000	600,000
8.85% notes due 2021	8.88%	6,000	6,000	6,000
Industrial revenue bond due 2022	n/a	0	0	14,000
4.50% notes due 2025	4.65%	400,000	400,000	400,000
7.15% notes due 2037	8.05%	240,188	240,188	240,188
Other notes 3	6.25%	494	498	618
Unamortized discounts and debt issuance costs	n/a	(22,638)	(23,734)	(25,852)
Unamortized deferred interest rate swap gain 4	n/a	0	0	2,521
Total long-term debt including current maturities 5		$    1,981,556	$  1,980,464	$  2,253,806
Less current maturities		131	130	365,441
Total long-term debt		$    1,981,425	$  1,980,334	$  1,888,365
Total debt 6		$    1,981,556	$  1,980,464	$  2,253,806
Estimated fair value of long-term debt		$    2,236,669	$  2,204,816	$  2,160,255

1	Borrowings on the bank line of credit are classified as short-term debt if we intend to repay within twelve months and as long-term debt otherwise.
2	The effective interest rate is the spread over LIBOR as of the balance sheet dates.
3	Non-publicly traded debt.
4	The unamortized deferred gain was realized upon the August 2011 settlement of interest rate swaps as discussed in Note 6.
5	The debt balances as of March 31, 2015 have been adjusted to reflect our early adoption of ASU 2015-03 and related election as discussed in Note 1, caption Reclassifications.
6	Face value of our debt is equal to total debt less unamortized discounts and debt issuance costs, and unamortized deferred interest rate swap gain, as follows: March 31, 2016 — $2,004,194 thousand, December 31, 2015 — $2,004,198 thousand and March 31, 2015 — $2,277,137 thousand.

Summary of Standby Letters of Credit

in thousands
Standby Letters of Credit
Risk management insurance	$       34,111
Reclamation/restoration requirements	5,753
Total	$       39,864