Debt

Debt as of December 31 was as follows:



	2012			2011
	(In thousands)
7.875% Debentures due February 2013	$	4,757		$	4,757
7.375% Senior Notes due October 2014	—			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
4.5% Senior Notes due November 2020	200,000			—
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	86,600			65,000
Obligations under capital leases	176,445			124,330
Mortgage notes and other debt, maturities through 2047	5,698			35,937
Unamortized pricing discounts and other	(4,292		)	(4,888		)
Total debt	1,948,050			1,884,670
Less current maturities	(31,429		)	(23,554		)
Total long-term debt	$	1,916,621		$	1,861,116

Current maturities of debt at December 31, 2012 were primarily comprised of our capital lease obligations and mortgage notes. Our consolidated debt had a weighted average interest rate of 6.28% and 6.69% at December 31, 2012 and 2011, respectively. Approximately 87% and 89% of our total debt had a fixed interest rate at December 31, 2012 and 2011, respectively.

The aggregate maturities of our debt for the five years subsequent to December 31, 2012 and thereafter (in thousands) are as follows:



2013	$	31,429
2014	32,404
2015	181,888
2016	297,176
2017	327,509
2018 and thereafter	1,077,644
	$	1,948,050

Bank Credit Facility

As of December 31, 2010 we had a $400 million Bank credit facility due November 2013 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 December 31, 2012, we had $86.6 million outstanding cash advances and then used our Bank credit facility to support $33.0 million of letters of credit. The Bank credit facility provides us with flexibility for refinancing debt and acquisitions, if needed, and is guaranteed by most 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 December 31, 2012, we have $380.4 million in borrowing capacity under the facility.

Debt Issuances and Additions

In November 2012, we issued $200.0 million of unsecured 4.5% Senior Notes due November 2020. The notes are subject to the provisions of the Company’s Senior Indenture dated as of February 1, 1993, as amended, which includes covenants limiting, among other things, the creation of liens securing indebtedness and sale-leaseback transactions. We used the net proceeds from the offering to repay our 7.375% Senior Notes due October 2014.

Debt Extinguishments and Reductions

During 2012, we paid an aggregate of $206.6 million, to redeem our 7.375% Senior Notes due October 2014 with a principal amount of $180.7 million and to retire $25.8 million in capital lease obligations. Subsequent to December 31, 2012, we paid $4.8 million to extinguish our 7.875% Debentures due February 2013.

Certain of the above transactions resulted in the recognition of a loss of $22.7 million recorded in (Losses) gains on early extinguishment of debt, net in our consolidated statement of operations, which represents the write-off of unamortized deferred loan costs of $1.3 million and $21.4 million in a make-whole provision paid in cash upon retiring our 7.375% Senior Notes due October 2014. This refinancing allowed the company to replace 7.375% debt due in 2014 with 4.5% debt due in 2020.

During 2011, we made debt payments of $46.0 million, which included the following purchases on the open market:


•	$3.8 million aggregate principal amount of our 7.875% Debentures due February 2013;


•	$20.8 million aggregate principal amount of our 6.75% Senior Notes due April 2015; and


•	$15.6 million aggregate principal amount of our 6.75% Senior Notes due April 2016.

Certain of the above transactions resulted in the recognition of a loss of $3.5 million recorded in (Losses) gains on early extinguishment of debt, net during the year ended December 31, 2011, which represents the write-off of unamortized deferred loan costs of $0.4 million and $3.1 million in premium on the purchase of these notes.

Capital Leases

In 2012, 2011, and 2010 we acquired $78.9 million, $31.3 million, and $22.8 million, respectively, of transportation equipment using capital leases. See additional information regarding these leases in Note 12.

Additional Debt Disclosures

At December 31, 2012 and 2011, we have deposits of $1.7 million and $4.1 million, respectively, in restricted, interest-bearing accounts that were pledged as collateral for various credit instruments and commercial commitments. Our restricted cash is included in Deferred charges and other assets in our consolidated balance sheet. Unamortized pricing discounts, totaling $4.3 million and $4.9 million at December 31, 2012 and 2011, respectively, primarily relate to our 6.75% Senior Notes due April 2015, 6.75% Senior Notes due April 2016, 7.0% Senior Notes due June 2017, and our 8.0% Senior Notes due November 2021.

We had assets of approximately $3.1 million and $2.8 million pledged as collateral for the mortgage notes and other debt at December 31, 2012 and 2011, respectively.

Cash interest payments for the three years ended December 31 (in thousands) were as follows:



Payments in 2012	$	131,723
Payments in 2011	129,105
Payments in 2010	125,138

Cash interest payments forecasted as of December 31, 2012 for the five years subsequent to December 31, 2012 and thereafter (in thousands) are as follows:



Payments in 2013	$	124,173
Payments in 2014	123,508
Payments in 2015	115,323
Payments in 2016	100,121
Payments in 2017	83,993
Payments in 2018 and thereafter	255,978