DEBT (Tables)

9 Months Ended

Sep. 30, 2019

DEBT [Abstract]

Debt

	Effective	September 30	December 31	September 30
in thousands	Interest Rates	2019	2018	2018
Short-term Debt
Bank line of credit expires 2021 1, 2	1.25%	$                  0	$      133,000	$      200,000
Total short-term debt		$                  0	$      133,000	$      200,000
Long-term Debt
Bank line of credit expires 2021 1		$                  0	$                 0	$                 0
Floating-rate notes due 2020 3	3.06%	250,000	250,000	250,000
Floating-rate notes due 2021	2.99%	500,000	500,000	500,000
8.85% notes due 2021	8.88%	6,000	6,000	6,000
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	129,239	129,239
4.50% notes due 2047	4.59%	700,000	700,000	700,000
4.70% notes due 2048	5.42%	460,948	460,949	460,949
Other notes	6.46%	191	208	214
Total long-term debt - face value		$    2,846,378	$   2,846,396	$   2,846,402
Unamortized discounts and debt issuance costs		(63,286)	(67,016)	(68,250)
Total long-term debt - book value		$    2,783,092	$   2,779,380	$   2,778,152
Less current maturities		24	23	23
Total long-term debt - reported value		$    2,783,068	$   2,779,357	$   2,778,129
Estimated fair value of long-term debt		$    3,036,337	$   2,695,802	$   2,743,429

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 if we have the intent and ability to extend payment beyond twelve months.
2	The effective interest rate 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 debt is classified as long-term since we intend to refinance it and have the ability to do so by borrowing on our line of credit.

Standby Letters of Credit

in thousands
Standby Letters of Credit
Risk management insurance	$       45,331
Reclamation/restoration requirements	7,919
Total	$       53,250