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Fair Value Measurements
 6 Months Ended
Jun. 30, 2011
Fair Value Measurements [Abstract]  
Fair Value Measurements
 
(13)   Fair Value Measurements
 
In accordance with ASC Topic 820 — Fair Value Measurements and Disclosures (“ASC 820”), the Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.
 
ASC 820 utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:
 
  •  Level 1— Quoted prices in active market for identical assets and liabilities
 
  •  Level 2 — Other significant observable inputs (including quoted prices in active markets for similar assets or liabilities)
 
  •  Level 3 — Significant unobservable inputs (including the Company’s own assumptions in determining the fair value)
 
The following table sets forth the assets and liabilities measured at fair value on a recurring basis, by input level, as of June 30, 2011 and December 31, 2010:
 
                                 
    June 30, 2011  
    Level 1     Level 2     Level 3     Total  
    (in thousands)  
 
Location and Description
                               
Cash equivalents (money market account)
  $ 621,063     $ —     $ —     $ 621,063  
Other current assets (marketable securities)
    25       —       —       25  
                                 
Total Assets
  $ 621,088     $ —     $ —     $ 621,088  
                                 
Other current liabilities (Other derivative agreements)
    —       (853 )     —       (853 )
                                 
Total Liabilities
  $ —     $ (853 )   $ —     $ (853 )
                                 
 
                                 
    December 31, 2010  
    Level 1     Level 2     Level 3     Total  
          (in thousands)        
 
Location and Description
                               
Cash equivalents (money market account)
  $ 70,052     $ —     $ —     $ 70,052  
Other current assets (marketable securities)
    26       —       —       26  
                                 
Total Assets
  $ 70,078     $ —     $ —     $ 70,078  
                                 
Other current liabilities (Other derivative agreements)
    —       (4,043 )     —       (4,043 )
                                 
Total Liabilities
  $ —     $ (4,043 )   $ —     $ (4,043 )
                                 
 
As of June 30, 2011, the only financial assets and liabilities that are measured at fair value on a recurring basis are the Company’s money market accounts, available-for-sale marketable securities and derivative instruments. Additionally, the fair value of the Company’s Notes is disclosed in Note 12 (“Long-Term Debt”). The Company’s commodity derivative contracts giving rise to a liability under Level 2 are valued using broker quoted market prices of similar commodity contracts. The Company had no transfers of assets or liabilities between any of the above levels during the six months ended June 30, 2011.
 
The Company’s investments in marketable securities are classified as available-for-sale, and as a result, are reported at fair market value using quoted market prices. These marketable securities totaled approximately $25,000 as of June 30, 2011 and are included in other current assets on the Condensed Consolidated Balance Sheet. Unrealized gains or losses, net of related income tax are reported as a component of accumulated other comprehensive income. For the six months ended June 30, 2011, the unrealized gain, net of tax, associated with these marketable securities was nominal.