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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

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 March 31, 2018 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 March 31, 2018
Trading securities held in the deferred compensation plans		$	67,673			$	—			$	—			$	67,673
Derivatives –swaps			—				(29,140	)			—				(29,140	)
–calls			—				(853	)			—				(853	)
–basis swaps			—				749				39				788
–freight swaps			—				(34	)			—				(34	)
–swaptions			—				—				10,133				10,133

		Fair Value Measurements at December 31, 2017 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, 2017
Trading securities held in the deferred compensation plans		$	67,117			$	—			$	—			$	67,117
Derivatives	–swaps		—				3,910				—				3,910
	–collars		—				3,039				85				3,124
	–basis swaps		—				(9,025	)			39				(8,986	)
	–freight swaps		—				276				—				276
	–swaptions		—				—				6,534				6,534

Reconciliation of the Beginning and Ending Balances for Derivative Instruments Classified as Level 3 in the Fair Value Hierarchy

The following is a reconciliation of the beginning and ending balances for derivative instruments classified as Level 3 in the fair value hierarchy (in thousands):

		As of March 31,  2018
Balance at December 31, 2017		$	6,658
Total gain (losses):
Included in earnings			2,857
Settlements			2,799
Transfer out of Level 3 (1)			(2,142	)
Balance at March 31, 2018		$	10,172

⁽¹⁾ During first quarter 2018, we transferred $2.1 million of swaption contracts out of Level 3 resulting from the exercise of our Level 3 swaptions by the counterparties.

Value of Assets Measured at Fair Value on Nonrecurring 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 March 31, 2018
		Fair Value				Impairment
Natural gas and oil properties	$	32,516			$	7,312

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 March 31, 2018 and December 31, 2017 (in thousands):

		March 31, 2018								December 31, 2017
		Carrying Value				Fair Value				Carrying Value				Fair Value
Assets:
Commodity swaps, options and basis swaps		$	23,132			$	23,132			$	58,880			$	58,880
Marketable securities (a)			67,673				67,673				67,117				67,117
(Liabilities):
Commodity swaps, options and basis swaps			(42,238	)			(42,238	)			(54,022	)			(54,022	)
Bank credit facility (b)			(1,182,000	)			(1,182,000	)			(1,211,000	)			(1,211,000	)
5.75% senior notes due 2021 (b)			(475,952	)			(485,381	)			(475,952	)			(493,872	)
5.00% senior notes due 2022 (b)			(580,032	)			(561,633	)			(580,032	)			(578,727	)
5.875% senior notes due 2022 (b)			(329,244	)			(330,610	)			(329,244	)			(339,200	)
Other senior notes due 2022 (b)			(590	)			(582	)			(590	)			(591	)
5.00% senior notes due 2023 (b)			(741,531	)			(711,143	)			(741,531	)			(735,614	)
4.875% senior notes due 2025 (b)			(750,000	)			(694,800	)			(750,000	)			(733,755	)
5.75% senior subordinated notes due 2021 (b)			(22,214	)			(22,630	)			(22,214	)			(22,192	)
5.00% senior subordinated notes due 2022 (b)			(19,054	)			(18,436	)			(19,054	)			(18,741	)
5.00% senior subordinated notes due 2023 (b)			(7,712	)			(7,355	)			(7,712	)			(7,614	)
Deferred compensation plan (c)			(114,806	)			(114,806	)			(114,414	)			(114,414	)

^(a) Marketable securities, which are held in our deferred compensation plans, are actively traded on major exchanges.

^(b) The book value of our bank debt approximates fair value because of its floating rate structure. The fair value of our senior notes and our senior subordinated notes is based on end of period market quotes which are Level 2 inputs.

^(c) The fair value of our deferred compensation plan is updated at 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).

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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