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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

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 September 30, 2019 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 September 30, 2019
Trading securities held in the deferred compensation plans	$	58,264			$	—			$	—				$	58,264
Commodity price derivatives –swaps		—				124,899				—					124,899
–collars		—				869				—					869
–calls		—				(224	)			—					(224	)
–basis swaps		—				1,331				—					1,331
–swaptions		—				—				26,716					26,716
Derivatives–freight swaps		—				1,439				—					1,439

	Fair Value Measurements at December 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 December 31, 2018
Trading securities held in the deferred compensation plans	$	57,293			$	—			$	—			$	57,293
Commodity price derivatives –swaps		—				69,156				—				69,156
–collars		—				5,945				8,538				14,483
–basis swaps		—				4,883				—				4,883
–swaptions		—				—				(2,772	)			(2,772	)
Derivatives–freight swaps		—				(561	)			—				(561	)

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 September 30,  2019
Balance at December 31, 2018		$	5,766
Total gains:
Included in earnings			31,683
Settlements, net			(10,762	)
Transfers out of Level 3			29
Balance at September 30, 2019		$	26,716

Carrying Amounts and Fair Values of Financial Instruments

The following presents the carrying amounts and the fair values of our financial instruments as of September 30, 2019 and December 31, 2018 (in thousands):

		September 30, 2019								December 31, 2018
		Carrying Value				Fair Value				Carrying Value				Fair Value
Assets:
Commodity swaps, options and basis swaps		$	156,847			$	156,847			$	92,795			$	92,795
Marketable securities (a)			58,264				58,264				57,293				57,293
(Liabilities):
Commodity swaps, options and basis swaps			(1,817	)			(1,817	)			(7,606	)			(7,606	)
Bank credit facility (b)			(328,000	)			(328,000	)			(943,000	)			(943,000	)
5.75% senior notes due 2021 (b)			(421,425	)			(419,154	)			(475,952	)			(455,972	)
5.00% senior notes due 2022 (b)			(547,110	)			(513,102	)			(580,032	)			(519,343	)
5.875% senior notes due 2022 (b)			(323,077	)			(311,385	)			(329,244	)			(305,989	)
Other senior notes due 2022 (b)			(590	)			(587	)			(590	)			(581	)
5.00% senior notes due 2023 (b)			(741,531	)			(648,699	)			(741,531	)			(654,683	)
4.875% senior notes due 2025 (b)			(750,000	)			(618,503	)			(750,000	)			(616,313	)
5.75% senior subordinated notes due 2021 (b)			(22,214	)			(21,855	)			(22,214	)			(21,638	)
5.00% senior subordinated notes due 2022 (b)			(19,054	)			(17,927	)			(19,054	)			(17,072	)
5.00% senior subordinated notes due 2023 (b)			(7,712	)			(6,815	)			(7,712	)			(6,690	)
Deferred compensation plan (c)			(66,349	)			(66,349	)			(80,092	)			(80,092	)

^(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 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.

+ References

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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