Debt (Tables)

3 Months Ended

9 Months Ended

Sep. 30, 2012

Sep. 30, 2012

Debt Disclosure [Abstract]

Summary of Debt

A summary of debt follows (in thousands):

	September 30, 2012			December 31, 2011
Revolving credit facility	$	—		$	—
Senior term loan, due 2017	425,000			444,375
7.75% senior subordinated notes, due 2020	550,000			550,000
3.75% convertible senior subordinated notes, due 2025	318,054			575,000
4.00% junior subordinated convertible debentures, due 2033	345,000			345,000
3.25% convertible senior debentures, due 2035	427,500			452,500
3.75% convertible senior subordinated notes, due 2042	390,000			—
Capitalized lease and other debt obligations	19,674			15,054
Subtotal	2,475,228			2,381,929
Add interest rate swap agreements	49,428			35,473
(Subtract) unamortized debt discount	(468,229		)	(422,681		)
(Subtract) current portion of debt	(26,685		)	(26,447		)
Total long-term debt, net	$	2,029,742		$	1,968,274

Convertible debt and related equity

Convertible Debt	Carrying Value of Equity Component (in thousands)		Remaining Amortization Period	Effective Interest Rate
3.75% convertible senior subordinated notes, due 2025	$	27,230	13.25	8.250	%
4.00% junior subordinated convertible debentures, due 2033	$	151,665	20.75	8.010	%
3.25% convertible senior debentures, due 2035	$	245,433	3.25	7.625	%
3.75% convertible senior subordinated notes, due 2042	$	161,600	29.50	7.110	%

Financial assets and liabilities measured at fair value

The Company’s financial assets and liabilities, measured at fair value on a recurring basis, were as follows (in thousands):

			Based on
	Fair Value		Quoted Prices in Active Markets  (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
September 30, 2012
Bond portfolio (1)	$	24,865	$	—	$	24,865	$	—
7.75% interest rate swap agreements - fair value hedge (2)	49,428		—		49,428		—
Derivatives	—		—		—		—
Total	$	74,293	$	—	$	74,293	$	—
December 31, 2011
7.75% interest rate swap agreements - fair value hedge (2)	$	35,473	$	—	$	35,473	$	—
Derivatives	—		—		—		—
Total	$	35,473	$	—	$	35,473	$	—

(1) The bond portfolio is presented in "Other current assets" and represent investments in a portfolio of high quality corporate bonds and U.S. treasury bonds which is managed by a third party. The fair value is based on quoted market prices of the individual bonds that make up the portfolio.

(2) The fair value of the Company’s interest rate swap agreements ("swaps") are valued using market inputs with mid-market pricing as a practical expedient for the bid/ask spread.  As such, these swaps are categorized within Level 2 of the hierarchy.  The Company’s swaps are discussed in further detail at the “Debt” note of the Notes to Consolidated Financial Statements.

The fair value of the Company’s fixed-rate debt facilities, excluding the previously disclosed swap values, is based on quoted market prices (Level II) and is summarized as follows (in thousands):

Fair Value of Financial Instruments
	September 30, 2012				December 31, 2011
Financial Instrument	Book Value		Market Value		Book Value		Market Value
7.75% senior subordinated notes, due 2020	$	550,000	$	599,500	$	550,000	$	591,300
3.75% convertible senior subordinated notes, due 2025
Carrying value	203,394		—		361,345		—
Unamortized debt discount	114,660		—		213,655		—
Principal amount	318,054		438,900		575,000		816,500
4.00% junior subordinated convertible debentures, due 2033
Carrying value	205,599		—		203,675		—
Unamortized debt discount	139,401		—		141,325		—
Principal amount	345,000		322,600		345,000		318,800
3.25% convertible senior debentures, due 2035
Carrying value	374,123		—		384,799		—
Unamortized debt discount	53,377		—		67,701		—
Principal amount	427,500		426,400		452,500		404,600
3.75% convertible senior subordinated notes, due 2042
Carrying value	229,209		—		—		—
Unamortized debt discount	160,791		—		—		—
Principal amount	390,000		377,300		—		—