FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2012

Those financial instruments not required to be measured at fair value consist of the Company's publicly traded debt securities. Fair values of the Company's debt securities were provided by one to two brokers who make a market in our debt securities and were measured using a market-approach valuation technique. Fair value was determined by adding a spread based on actual trades for that security (or a trader quote where actual trades were unavailable) to the applicable benchmark Treasury security with a comparable maturity in order to derive a current yield. The yield is then used to determine a price given the individual security's coupon rate and maturity. Such inputs are considered "significant other observable inputs," which are categorized as Level 2 inputs in the fair value hierarchy. Estimated fair values and related carrying values of our long-term debt securities at December 31 are presented below (in thousands):

	2012				2011
	Fair value		Carrying value		Fair value		Carrying value

5% Senior Notes, due 2017	$	445,568	$	398,678	$	420,019	$	398,394
7.875% Senior Notes, due 2019		617,076		497,842		588,495		497,511
4.875% Senior Notes, due 2022		761,509		714,775		-		-
5.400% Senior Notes, due 2042		406,493		398,303		-		-
Title XI Notes		-		-		257,185		238,453
	$	2,230,646	$	2,009,598	$	1,265,699	$	1,134,358

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

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+ Details