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Fair Value of Financial Instruments (Tables)
6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
Fair Value, Assets Measured on Recurring Basis The financial instrument measured at fair value on a recurring basis is summarized below:
 Fair Value Measurements at June 30, 2022Fair Value Measurements at December 31, 2021
DescriptionLevel 1Level 2Level 3Level 1Level 2Level 3
Gas Derivatives$— $(2,553,974)$— $— $(976,170)$— 
Interest Rate Swaps$— $1,568 $— $— $(5,786)$— 
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis
The carrying amounts and fair values of financial instruments for which the fair value option was not elected are as follows:
 June 30, 2022December 31, 2021
 Carrying
Amount
Fair
Value
Carrying
Amount
Fair
Value
Cash and Cash Equivalents $238 $238 $3,565 $3,565 
Long-Term Debt (Excluding Debt Issuance Costs)*$2,245,778 $2,292,108 $2,231,517 $2,483,019 
Cash and cash equivalents represent highly-liquid instruments and constitute Level 1 fair value measurements. Certain of the Company’s debt is actively traded on a public market and, as a result, constitute Level 1 fair value measurements. The portion of the Company’s debt obligations that is not actively traded is valued through reference to the applicable underlying benchmark rate and, as a result, constitute Level 2 fair value measurements.
*On January 1, 2022, the Company adopted ASU 2020-06 - Accounting for Convertible Instruments and Contracts in an Entity's Own Equity using the modified transition approach with the cumulative effect recognized as an adjustment to the opening balance of retained earnings (See Note 9 – Long-Term Debt for more information).