Debt Level 1 (Notes)

3 Months Ended

Mar. 31, 2012

Debt

Debt as of March 31, 2012 and December 31, 2011 was as follows:



	March 31, 2012			December 31, 2011
	(In thousands)
7.875% Debentures due February 2013	$	4,757		$	4,757
7.375% Senior Notes due October 2014	180,692			180,692
6.75% Senior Notes due April 2015	136,465			136,465
6.75% Senior Notes due April 2016	197,377			197,377
7.0% Senior Notes due June 2017	295,000			295,000
7.625% Senior Notes due October 2018	250,000			250,000
7.0% Senior Notes due May 2019	250,000			250,000
8.0% Senior Notes due November 2021	150,000			150,000
7.5% Senior Notes due April 2027	200,000			200,000
Bank credit facility due March 2016	65,000			65,000
Obligations under capital leases	156,517			124,330
Mortgage notes and other debt, maturities through 2047	6,334			35,937
Unamortized pricing discounts and other	(4,743		)	(4,888		)
Total debt	1,887,399			1,884,670
Less current maturities	(28,415		)	(23,554		)
Total long-term debt	$	1,858,984		$	1,861,116

Current maturities of debt at March 31, 2012 were primarily comprised of our capital leases. Our consolidated debt had a weighted average interest rate of 6.61% at March 31, 2012 and 6.69% at December 31, 2011. Approximately 89% of our total debt had a fixed interest rate at both March 31, 2012 and December 31, 2011.

Bank Credit Facility

As of December 31, 2010, we had a $400 million bank credit facility due March 2016 with a syndicate of financial institutions, including a sublimit of $175 million for letters of credit. In the first quarter of 2011, we amended our bank credit facility to increase the availability thereunder from $400 million to $500 million and extended the maturity to March 2016.

As of March 31, 2012, we have $65.0 million outstanding cash advances under our bank credit facility and have used it to support $32.7 million of letters of credit. The bank credit facility provides us with flexibility for working capital, if needed, and is guaranteed by a majority of our domestic subsidiaries. The subsidiary guaranty is a guaranty of payment of the outstanding amount of the total lending commitment, including letters of credit. The bank credit facility contains certain financial covenants, including a minimum interest coverage ratio, a maximum leverage ratio, and certain dividend and share repurchase restrictions. We pay a quarterly fee on the unused commitment, which was 0.35%. As of March 31, 2012, we have $402.3 million in borrowing capacity under the bank credit facility.

Debt Extinguishments and Reductions

During the three months ended March 31, 2012, we paid an aggregate of $6.1 million to retire capital lease obligations with no associated gain or loss recognized on early extinguishment of this debt.

During the three months ended March 31, 2011, we paid $5.2 million, to retire $0.2 million aggregate principal amount of our 7.875% Senior Notes due February 2013, and $4.7 million aggregate principal amount of our 6.75% Senior Notes due April 2015. Certain of the above transactions resulted in the recognition of a loss of $0.3 million recorded in Losses on early extinguishment of debt, net in our unaudited condensed consolidated statement of operations.

Capital Leases

During the three months ended March 31, 2012 and 2011, we acquired $38.3 million and $8.8 million, respectively, of primarily transportation equipment capital lease

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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