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Debt Level 1 (Notes)
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Dec. 31, 2011
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| Debt Disclosure [Text Block] | Debt Debt as of December 31 was as follows:
Current maturities of debt at December 31, 2011 were primarily comprised of our capital lease obligations and mortgage notes. Our consolidated debt had a weighted average interest rate of 6.69% and 6.80% at December 31, 2011 and 2010, respectively. Approximately 89% and 93% of our total debt had a fixed interest rate at December 31, 2011 and 2010, respectively. The aggregate maturities of our debt for the five years subsequent to December 31, 2011 and thereafter (in thousands) are as follows:
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, 2011, we had $65.0 million outstanding cash advances and then used it to support $32.7 million of letters of credit. The Bank credit facility provides us with flexibility for refinancing debt and acquisitions, if needed, and is guaranteed by 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, 2011, we have $402.3 million in borrowing capacity under the facility. Debt Issuances and Additions In November 2010, we issued $250.0 million of unsecured 7.0% Senior Notes due May 2019. 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 indebtedness under our amended and restated credit facility and for general corporate purposes. Debt Extinguishments and Reductions During 2011, we made debt payments of $46.0 million, including the following purchases on the open market:
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 in our consolidated statement of operations, 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. During 2010, we made debt payments of $122.2 million, which included the following purchases on the open market:
Certain of the above transactions resulted in the recognition of a loss of $9.4 million recorded in (Losses) gains on early extinguishment of debt. net during the year ended December 31, 2010, which represents the write-off of unamortized deferred loan costs of $1.4 million and $8.0 million in premium on the purchase of these notes. Capital Leases In 2011, 2010, and 2009 we acquired $31.3 million, $22.8 million, and $64.1 million, respectively, of transportation equipment using capital leases. See additional information regarding these leases in Note 12. Additional Debt Disclosures At December 31, 2011 and 2010, we have deposits of $4.1 million and $15.6 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 $4.9 million and $6.1 million at December 31, 2011 and 2010, 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 $2.8 million and $3.6 million pledged as collateral for the mortgage notes and other debt at December 31, 2011 and 2010, respectively. Cash interest payments for the three years ended December 31 (in thousands) were as follows:
Cash interest payments forecasted as of December 31, 2011 for the five years subsequent to December 31, 2011 and thereafter (in thousands) are as follows:
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