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Debt Level 1 (Notes) | 12 Months Ended
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Dec. 31, 2015
Debt Disclosure [Abstract] |
Debt Disclosure [Text Block] | Debt Debt as of December 31 was as follows:
| 2015 |  | 2014
| (In thousands)
6.75% Senior Notes due April 2016 | $ | — |  |  | $ | 197,377 |
7.0% Senior Notes due June 2017 | 295,000 |  |  | 295,000 |
7.625% Senior Notes due October 2018 | 250,000 |  |  | 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 | 850,000 |  |  | 550,000 |
7.5% Senior Notes due April 2027 | 200,000 |  |  | 200,000 |
Term Loan due July 2018 | 310,000 |  |  | 370,000 |
Bank Credit Facility due July 2018 | 270,000 |  |  | 235,000 |
Obligations under capital leases | 204,246 |  |  | 181,002 |
Mortgage notes and other debt, maturities through 2050 | 4,037 |  |  | 4,251 |
Unamortized premiums (discounts) and other, net | 8,636 |  |  | (2,905 | )
Total debt | 3,166,919 |  |  | 3,054,725 |
Less: Current maturities of long-term debt | (95,181 | ) |  | (90,931 | )
Total long-term debt | $ | 3,071,738 |  |  | $ | 2,963,794 |
Current maturities of debt at December 31, 2015 include amounts due under our Term Loan, mortgage notes and other debt, and capital leases within the next year. Our consolidated debt had a weighted average interest rate of 5.18% and 5.21% at December 31, 2015 and 2014, respectively. Approximately 76% and 75% of our total debt had a fixed interest rate at December 31, 2015 and 2014, respectively. The aggregate maturities of our debt for the five years subsequent to December 31, 2015 and thereafter are as follows (in thousands):
2016 | $ | 95,181 |
2017 | 437,575 |
2018 | 727,315 |
2019 | 16,695 |
2020 | 225,364 |
2021 and thereafter | 1,664,789 |
| $ | 3,166,919 |
Bank Credit Facility We have a $500.0 million Bank Credit Facility due July 2018 with a syndicate of banks, including a sublimit of $175.0 million for letters of credit. As of December 31, 2015, we have $270.0 million of outstanding borrowings under our Bank Credit Facility and have issued $31.0 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, 2015, we are in compliance with all covenants. We pay a quarterly fee on the unused commitment, which was 0.35% at December 31, 2015. As of December 31, 2015, we have $199.0 million in borrowing capacity under the facility. Debt Issuances and Additions In August 2015, we issued an additional $300.0 million to our existing unsecured 5.375% Senior Notes due May 2024. This issuance generated a premium of $11.3 million. We used the net proceeds from this offering to redeem all of our outstanding 6.75% Senior Notes due April 2016 and to repay $100.0 million of outstanding borrowings under our Bank Credit Facility. During 2015, we drew $135.0 million on our Bank Credit Facility, which was used to make required payments on our Term Loan and for general corporate purposes. 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, we 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 in the table above as of December 31, 2013. Debt Extinguishments and Reductions During the year ended December 31, 2015, we made debt payments of $357.6 million for scheduled and early extinguishment payments as follows:
• | $197.4 million in aggregate principal of our 6.75% Senior Notes due April 2016;
• | $100.0 million in aggregate principal of our Bank Credit Facility;
• | $60.0 million in aggregate principal of our Term Loan due July 2018; and
• | $0.2 million in other debt.
Certain of the above transactions resulted in the recognition of a loss of $6.9 million recorded in Loss on early extinguishment of debt in our Consolidated Statement of Operations. 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; and
• | $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 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 of $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. Capital Leases In 2015, 2014, and 2013, we acquired $55.9 million, $35.4 million, and $42.4 million, respectively, of capital leases, primarily related to transportation equipment. We retired $28.6 million, $29.4 million, and $26.3 million of capital lease obligations for the years ended December 31, 2015, 2014, and 2013, respectively. See additional information regarding these leases in Note 11. Additional Debt Disclosures At December 31, 2015 and 2014, we have deposits of $7.0 million and $7.4 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 $1.5 million and $1.7 million pledged as collateral for the mortgage notes and other debt at December 31, 2015 and 2014, respectively. Cash interest payments for the three years ended December 31 were as follows (in thousands):
Payments in 2015 | $ | 164,748 |
Payments in 2014 | $ | 175,327 |
Payments in 2013 | $ | 125,022 |
Expected cash interest payments for the five years subsequent to December 31, 2015 and thereafter are as follows (in thousands):
Payments in 2016 | $ | 161,896 |
Payments in 2017 | $ | 150,012 |
Payments in 2018 | $ | 128,239 |
Payments in 2019 | $ | 106,210 |
Payments in 2020 | $ | 104,706 |
Payments in 2021 and thereafter | $ | 291,116 |

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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 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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