DEBT (Tables)

9 Months Ended

Sep. 30, 2018

DEBT [Abstract]

Debt

	Effective	September 30	December 31	September 30
in thousands	Interest Rates	2018	2017	2017
Short-term Debt
Bank line of credit expires 20211, 2	1.25%	$        200,000	$                0	$                0
Total short-term debt		$        200,000	$                0	$                0
Long-term Debt
Bank line of credit expires 20211		$                   0	$     250,000	$                0
Term loan due 20183		0	350,000	0
Floating-rate notes due 2020	3.21%	250,000	250,000	250,000
Floating-rate notes due 2021	3.23%	500,000	0	600,000
7.50% notes due 2021		0	35,111	0
8.85% notes due 2021	8.88%	6,000	6,000	6,000
Term loan due 2021		0	250,000	250,000
4.50% notes due 2025	4.65%	400,000	400,000	400,000
3.90% notes due 2027	4.00%	400,000	400,000	400,000
7.15% notes due 2037	8.05%	129,239	240,188	240,188
4.50% notes due 2047	4.59%	700,000	700,000	700,000
4.70% notes due 2048	5.42%	460,949	0	0
Other notes	6.46%	214	230	353
Total long-term debt - face value		$     2,846,402	$  2,881,529	$  2,846,541
Unamortized discounts and debt issuance costs		(68,250)	(26,664)	(31,748)
Total long-term debt - book value		$     2,778,152	$  2,854,865	$  2,814,793
Less current maturities		23	41,383	4,827
Total long-term debt - reported value		$     2,778,129	$  2,813,482	$  2,809,966
Estimated fair value of long-term debt		$     2,743,429	$  2,983,419	$  3,068,236

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	Reflects the margin above LIBOR for LIBOR-based borrowings; we also paid upfront fees that are amortized to interest expense and pay fees for unused borrowing capacity and standby letters of credit.
3	This short-term loan was refinanced on a long-term basis in February 2018 as discussed below. Thus, it was classified as long-term debt as of December 31, 2017.

Standby Letters of Credit

in thousands
Standby Letters of Credit
Risk management insurance	$       38,111
Reclamation/restoration requirements	6,868
Total	$       44,979