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Debt Level 1 (Notes) | 12 Months Ended
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Dec. 31, 2014
Debt Disclosure [Abstract] |
Debt Disclosure [Text Block] | Debt Debt as of December 31 was as follows:
| 2014 |  | 2013
| (In thousands)
3.125% Senior Convertible Notes due July 2014 | $ | — |  |  | $ | 86,416 |
6.75% Senior Notes due April 2015 | — |  |  | 136,465 |
6.75% Senior Notes due April 2016 | 197,377 |  |  | 197,377 |
3.375% Senior Convertible Notes due July 2016 | 134 |  |  | 45,119 |
7.0% Senior Notes due June 2017 | 295,000 |  |  | 295,000 |
7.625% Senior Notes due October 2018 | 250,000 |  |  | 250,000 |
6.5% Senior Notes due April 2019 | — |  |  | 200,000 |
7.0% Senior Notes due May 2019 | — |  |  | 250,000 |
4.5% Senior Notes due November 2020 | 200,000 |  |  | 200,000 |
8.0% Senior Notes due November 2021 | 150,000 |  |  | 150,000 |
5.375% Senior Notes due January 2022 | 425,000 |  |  | 425,000 |
5.375% Senior Notes due May 2024 | 550,000 |  |  | — |
7.5% Senior Notes due April 2027 | 200,000 |  |  | 200,000 |
Term Loan due July 2018 | 370,000 |  |  | 600,000 |
Bank credit facility due July 2018 | 235,000 |  |  | 30,000 |
Obligations under capital leases | 181,002 |  |  | 189,697 |
Mortgage notes and other debt, maturities through 2050 | 4,117 |  |  | 4,752 |
Unamortized (discounts) premiums and other, net | (2,905 | ) |  | 42,084 |
Total debt | 3,054,725 |  |  | 3,301,910 |
Less: |  |  |
Current maturities of debt, capital lease obligations, and mortgage notes | (91,584 | ) |  | (153,738 | )
Current maturities of unamortized discounts (premiums) and other, net | 653 |  |  | (22,624 | )
Total current maturities | (90,931 | ) |  | (176,362 | )
Total long-term debt | $ | 2,963,794 |  |  | $ | 3,125,548 |
Current maturities of debt at December 31, 2014 primarily comprise our capital lease obligations and amounts due under our term loan. Our consolidated debt had a weighted average interest rate of 5.21% and 5.25% at December 31, 2014 and 2013, respectively. Approximately 75% and 76% of our total debt had a fixed interest rate at December 31, 2014 and 2013, respectively. The aggregate maturities of our debt for the five years subsequent to December 31, 2014 and thereafter (in thousands) are as follows:
| Aggregate Maturities of Debt
2015 | $ | 90,931 |
2016 | 223,449 |
2017 | 315,414 |
2018 | 858,277 |
2019 | 9,003 |
2020 and thereafter | 1,557,651 |
| $ | 3,054,725 |
Bank Credit Facility The Company has a $500.0 million bank credit facility due July 2018 with a syndicate of banks, including a sublimit of $175 million for letters of credit. As of December 31, 2014, we have $235.0 million outstanding borrowings under our bank credit facility and have issued $31.6 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. As of December 31, 2014 we are in compliance with all covenants. We pay a quarterly fee on the unused commitment, which was 0.35% at December 31, 2014. As of December 31, 2014, we have $233.4 million in borrowing capacity under the facility. Debt Issuances and Additions In May 2014, we issued $550.0 million of unsecured 5.375% Senior Notes due May 2024. We used the net proceeds from this offering, along with a $95.0 million draw on our Bank Credit Facility, to repay our 6.75% Senior Notes due April 2015, 6.5% Senior Notes due April 2019, and 7.0% Senior Notes due May 2019 along with associated refinancing costs. The newly issued 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. In February 2014, we drew $110.0 million on our Bank Credit Facility, which we used along with cash on hand to repay our 3.125% Senior Convertible Notes due July 2014 and substantially all of our 3.375% Senior Convertible Notes due July 2016. In July 2013, the Company issued $425 million in 5.375% Senior Notes due January 2022. In conjunction with the Stewart acquisition, we assumed $200.0 million, $86.4 million, and $46.3 million in aggregate principal amount of 6.5% Senior Notes due 2019, 3.125% Senior Convertible Notes due 2014, and 3.375% Senior Convertible Notes due 2016, respectively. These notes had fair value premiums of $10.0 million, $21.7 million, and $14.2 million, respectively, which are included in unamortized premiums (discounts) and other, net above as of December 31, 2013. In November 2012, we issued $200.0 million of unsecured 4.5% Senior Notes due November 2020. We used the net proceeds from the offering to repay our 7.375% Senior Notes due October 2014. Debt Extinguishments and Reductions During the year ended December 31, 2014, we made debt payments of $993.4 million for scheduled and early extinguishment payments as follows:
• | $250.0 million in aggregate principal of our 7.0% Senior Notes due May 2019;
• | $200.0 million in aggregate principal and $9.1 million in unamortized premiums of our 6.5% Senior Notes due April 2019;
• | $136.5 million in aggregate principal of our 6.75% Senior Notes due April 2015;
• | $230.0 million in aggregate principal of our Term Loan due July 2018. Of this amount our credit agreement required $200.0 million from the proceeds of the Federal Trade Commission (FTC) mandated divestitures under our consent order related to the Stewart acquisition;
• | $86.4 million in aggregate principal and $21.7 million in unamortized premiums of our 3.125% Senior Convertible Notes due 2014;
• | $45.0 million in aggregate principal and $14.2 million in unamortized premiums of our 3.375% Senior Convertible Notes due 2016;
• | $0.5 million in other debt.
Certain of the above transactions resulted in the recognition of a loss of $29.2 million recorded in (Losses) gains on early extinguishment of debt in our unaudited condensed consolidated statement of operations. In addition to repaying $86.6 million of outstanding cash advances on our previous credit facility during 2013, we paid an aggregate of $31.8 million to repay our remaining $4.8 million 7.875% Debenture due February 2013, to retire $26.4 million in capital lease obligations and to extinguish $0.6 million in other debt. Certain of the above transactions resulted in the recognition of a gain $0.5 million recorded in gains on early extinguishment of debt, net in our Consolidated Statement of Operations. As mentioned above, we have paid down a total of $167.0 million in debt including $107.9 million in principal and premiums associated with our 3.125% Senior Convertible Notes due July 2014 and $59.1 million in principal and premiums associated with our 3.375% Senior Convertible Notes due July 2016. We did not incur any gains or losses as a result of these transactions. 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. 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. Capital Leases In 2014, 2013, and 2012 we acquired $35.7 million, $40.1 million, and $78.9 million, respectively, of capital leases, primarily related to transportation equipment. We retired $29.4 million and $26.4 million of capital lease obligations for the years ended December 31, 2014, and 2013, respectively. See additional information regarding these leases in Note 12. Additional Debt Disclosures At December 31, 2014 and 2013, we have deposits of $7.4 million and $7.6 million, respectively, in restricted, interest-bearing accounts that were pledged as collateral for various credit instruments and commercial commitments and is included in Deferred charges and other assets in our consolidated balance sheet. We had assets of approximately $1.7 million and $2.1 million pledged as collateral for the mortgage notes and other debt at December 31, 2014 and 2013, respectively. Cash interest payments for the three years ended December 31 (in thousands) were as follows:
Payments in 2014 | $ | 175,327 |
Payments in 2013 | $ | 125,022 |
Payments in 2012 | $ | 131,723 |
Cash interest payments forecasted as of December 31, 2014 for the five years subsequent to December 31, 2014 and thereafter (in thousands) are as follows:
Payments in 2015 | $ | 154,408 |
Payments in 2016 | $ | 144,134 |
Payments in 2017 | $ | 128,986 |
Payments in 2018 | $ | 114,305 |
Payments in 2019 | $ | 96,830 |
Payments in 2020 and thereafter | $ | 324,075 |

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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