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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

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. Accordingly, valuation techniques that maximize the use of observable impacts are favored. 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 December 31, 2020 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, 2020
Trading securities held in the deferred compensation plans		$	63,942			$	—			$	—			$	63,942
Derivatives	–swaps		—				6,642				—				6,642
	–calls		—				—				(546	)			(546	)
	–collars		—				7,016				(3,487	)			3,529
	–three-way collars		—				(17,818	)			—				(17,818	)
	–basis swaps		—				4,491				—				4,491
	–swaptions		—				—				(9,803	)			(9,803	)
Derivatives–freight swaps			—				1,104				—				1,104
Divestiture contingent consideration			—				15,960				—				15,960

		Fair Value Measurements at December 31, 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 December 31, 2019
Trading securities held in the deferred compensation plans		$	62,009			$	—			$	—			$	62,009
Derivatives	–swaps		—				131,886				—				131,886
	–calls		—				(349	)			—				(349	)
	–basis swaps		—				(4,732	)			—				(4,732	)
	–swaptions		—				—				(4,848	)			(4,848	)
Derivatives	–freight swaps		—				1,529				—				1,529

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):

		Year Ended December 31, 2020
Balance at December 31, 2019	$	(4,848	)
Total gains (losses):
Included in earnings		(13,836	)
Settlements, net		2,743
Transfers in and/or out of Level 3		2,105
Balance at December 31, 2020	$	(13,836	)

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 nonrecurring basis at the time impairment was recorded (in thousands):

	Year Ended December 31,
	2020								2019								2018
	Fair Value				Impairment				Fair Value				Impairment				Fair Value				Impairment
Natural gas and oil properties	$	290,500			$	77,000			$	370,500			$	1,093,531			$	32,516			$	22,614

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 December 31, 2020 and 2019 (in thousands):

		December 31, 2020								December 31, 2019
		Carrying Value				Fair Value				Carrying Value				Fair Value
Assets:
Commodity swaps, collar, options and basis swaps		$	24,052			$	24,052			$	137,554			$	137,554
Divestiture contingent consideration			15,960				15,960				—				—
Marketable securities (a)			63,942				63,942				62,009				62,009
(Liabilities):
Commodity swaps, collar, options and basis swaps			(36,453	)			(36,453	)			(14,068	)			(14,068	)
Bank credit facility (b)			(702,000	)			(702,000	)			(477,000	)			(477,000	)
5.75% senior notes due 2021 (b)			(25,496	)			(25,474	)			(374,139	)			(375,909	)
5.00% senior notes due 2022 (b)			(169,589	)			(170,128	)			(511,886	)			(501,582	)
5.875% senior notes due 2022 (b)			(48,528	)			(48,471	)			(297,617	)			(294,757	)
Other senior notes due 2022 (b)			(490	)			(490	)			(590	)			(592	)
5.00% senior notes due 2023 (b)			(532,335	)			(521,699	)			(741,531	)			(683,291	)
4.875% senior notes due 2025 (b)			(750,000	)			(707,918	)			(750,000	)			(645,098	)
9.25% senior notes due 2026 (b)			(850,000	)			(888,208	)			—				—
5.75% senior subordinated notes due 2021 (b)			(19,896	)			(19,589	)			(22,214	)			(21,539	)
5.00% senior subordinated notes due 2022 (b)			(9,730	)			(9,247	)			(19,054	)			(17,011	)
5.00% senior subordinated notes due 2023 (b)			(7,712	)			(6,604	)			(7,712	)			(7,654	)
Deferred compensation plan (c)			(96,563	)			(96,563	)			(74,472	)			(74,472	)

^(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 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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