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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2014
Fair Value Hierarchy Table for Assets and Liabilities Measured at Fair Value | We use a market approach for our recurring fair value measurements and endeavor to use the best information available. The following tables present the fair value hierarchy table for assets and liabilities measured at fair value, on a recurring basis (in thousands):
|  | Fair Value Measurements at June 30, 2014 using: |
|  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total Carrying Value as of June 30, 2014 |
Trading securities held in the deferred compensation plans |  | $ | 68,129 |  |  | $ | — |  |  | $ | — |  |  | $ | 68,129 |
Derivatives –swaps |  |  | — |  |  |  | (54,665 | ) |  |  | — |  |  |  | (54,665 | )
–collars |  |  | — |  |  |  | (13,849 | ) |  |  | — |  |  |  | (13,849 | )
–basis swaps |  |  | — |  |  |  | 6,319 |  |  |  | 2,353 |  |  |  | 8,672 |
|  | Fair Value Measurements at December 31, 2013 using: |
|  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total Carrying Value as of December 31, 2013 |
Trading securities held in the deferred compensation plans |  | $ | 67,766 |  |  | $ | — |  |  | $ | — |  |  | $ | 67,766 |
Derivatives –swaps |  |  | — |  |  |  | (18,812 | ) |  |  | — |  |  |  | (18,812 | )
–collars |  |  | — |  |  |  | 2,314 |  |  |  | — |  |  |  | 2,314 |
–basis swaps |  |  | — |  |  |  | 3,381 |  |  |  | 548 |  |  |  | 3,929 |
Value of Assets Measured at Fair Value on Non Recurring Basis | The following table presents the value of these assets measured at fair value on a non-recurring basis at the time impairment was recorded (in thousands):
| Three Months Ended June 30, |  |  | Six Months Ended June 30, |
| 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
|  | Fair Value |  |  |  | Impairment |  |  |  | Fair Value |  |  |  | Impairment |  |  |  | Fair Value |  |  |  | Impairment |  |  |  | Fair Value |  |  |  | Impairment |
Natural gas and oil properties | $ | 18,086 |  |  | $ | 24,991 |  |  | $ | ¾ |  |  | $ | ¾ |  |  | $ | 18,086 |  |  | $ | 24,991 |  |  | $ | ¾ |  |  | $ | ¾ |
Surface property | $ | ¾ |  |  | $ | ¾ |  |  | $ | 5,550 |  |  | $ | 741 |  |  | $ | ¾ |  |  | $ | ¾ |  |  | $ | 5,550 |  |  | $ | 741 |
Carrying Amounts and Fair Values of Financial Instruments | The following table presents the carrying amounts and the fair values of our financial instruments as of June 30, 2014 and December 31, 2013 (in thousands):
|  | June 30, 2014 |  |  | December 31, 2013 |
|  | Carrying Value |  |  | Fair Value |  |  | Carrying Value |  |  | Fair Value |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity swaps, collars and basis swaps |  | $ | 10,223 |  |  | $ | 10,223 |  |  | $ | 13,654 |  |  | $ | 13,654 |
Marketable securities(a) |  |  | 68,129 |  |  |  | 68,129 |  |  |  | 67,766 |  |  |  | 67,766 |
(Liabilities): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity swaps, collars and basis swaps |  |  | (70,066 | ) |  |  | (70,066 | ) |  |  | (26,223 | ) |  |  | (26,223 | )
Bank credit facility(b) |  |  | (480,000 | ) |  |  | (480,000 | ) |  |  | (500,000 | ) |  |  | (500,000 | )
Deferred compensation plan(c) |  |  | (276,868 | ) |  |  | (276,868 | ) |  |  | (271,738 | ) |  |  | (271,738 | )
8.00% senior subordinated notes due 2019(b) |  |  | ¾ |  |  |  | ¾ |  |  |  | (290,516 | ) |  |  | (319,500 | )
6.75% senior subordinated notes due 2020(b) |  |  | (500,000 | ) |  |  | (539,375 | ) |  |  | (500,000 | ) |  |  | (541,250 | )
5.75% senior subordinated notes due 2021(b) |  |  | (500,000 | ) |  |  | (540,000 | ) |  |  | (500,000 | ) |  |  | (530,625 | )
5.00% senior subordinated notes due 2022(b) |  |  | (600,000 | ) |  |  | (636,000 | ) |  |  | (600,000 | ) |  |  | (588,750 | )
5.00% senior subordinated notes due 2023(b) |  |  | (750,000 | ) |  |  | (798,750 | ) |  |  | (750,000 | ) |  |  | (732,188 | )
(a) | Marketable securities, which are held in our deferred compensation plans, are actively traded on major exchanges. Refer to Note 13 for additional information.
(b) | The book value of our bank debt approximates fair value because of its floating rate structure. The fair value of our senior subordinated notes is based on end of period market quotes which are Level 2 inputs. Refer to Note 8 for additional information.
(c) | The fair value of our deferred compensation plan is updated on the closing price on the balance sheet date which is a Level 1 input.

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19296-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13433-108611 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13467-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13476-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258 + Details
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