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Fair value measurements (Tables)
 9 Months Ended
Sep. 30, 2012
Fair Value Disclosures [Abstract]  
Available-for-sale securities
Details of available-for-sale securities were as follows:
September 30, 2012
Cost
Gross Unrealized Gains
Gross Unrealized Losses
Fair Value
 
(In thousands)
Insurance investment contract
$
37,250

$
11,134

$
—

$
48,384

Mortgage-backed securities
8,391

175

(2
)
8,564

U.S. Treasury securities
1,758

47

—

1,805

Total
$
47,399

$
11,356

$
(2
)
$
58,753

December 31, 2011
Cost
Gross Unrealized Gains
Gross Unrealized Losses
Fair Value
 
(In thousands)
Insurance investment contract
$
31,884

$
6,468

$
—

$
38,352

Auction rate securities
11,400

—

—

11,400

Mortgage-backed securities
8,206

95

(5
)
8,296

U.S. Treasury securities
1,619

37

—

1,656

Total
$
53,109

$
6,600

$
(5
)
$
59,704
Assets and liabilities measured at fair value on a recurring basis
The Company's assets and liabilities measured at fair value on a recurring basis are as follows:
 
Fair Value Measurements at
September 30, 2012, Using
 
 
Quoted Prices in
Active Markets
for Identical Assets (Level 1)
Significant Other Observable Inputs (Level 2)
Significant Unobservable Inputs (Level 3)
Balance at
September 30,
2012
 
(In thousands)
Assets:
 
 
 
 
Money market funds
$
—

$
21,816

$
—

$
21,816

Available-for-sale securities:
 
 
 
 
Insurance investment contract*
—

48,384

—

48,384

Mortgage-backed securities
—

8,564

—

8,564

U.S. Treasury securities
—

1,805

—

1,805

Commodity derivative instruments
—

22,719

—

22,719

Total assets measured at fair value
$
—

$
103,288

$
—

$
103,288

Liabilities:
 
 
 
 
Commodity derivative instruments
$
—

$
2,155

$
—

$
2,155

Interest rate derivative instruments
—

7,779

—

7,779

Total liabilities measured at fair value
$
—

$
9,934

$
—

$
9,934

*  The insurance investment contract invests approximately 28 percent in common stock of mid-cap companies, 28 percent in common stock of small-cap companies, 29 percent in common stock of large-cap companies and 15 percent in fixed-income and other investments.

 
Fair Value Measurements at
September 30, 2011, Using
 
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs (Level 2)
Significant Unobservable Inputs (Level 3)
Balance at
September 30,
2011
 
(In thousands)
Assets:
 
 
 
 
Money market funds
$
—

$
56,194

$
—

$
56,194

Available-for-sale securities:
 
 
 
 
Insurance investment contract*
—

33,591

—

33,591

Auction rate securities
—

11,400

—

11,400

Mortgage-backed securities
—

8,570

—

8,570

U.S. Treasury securities
—

1,444

—

1,444

Commodity derivative instruments
—

54,369

—

54,369

Total assets measured at fair value
$
—

$
165,568

$
—

$
165,568

Liabilities:
 
 
 
 
Commodity derivative instruments
$
—

$
3,185

$
—

$
3,185

Interest rate derivative instruments
—

3,491

—

3,491

Total liabilities measured at fair value
$
—

$
6,676

$
—

$
6,676

*  The insurance investment contract invests approximately 34 percent in common stock of mid-cap companies, 33 percent in common stock of small-cap companies, 32 percent in common stock of large-cap companies and 1 percent in cash and cash equivalents.
 
Fair Value Measurements at
December 31, 2011, Using
 
 
Quoted Prices in Active Markets for Identical Assets (Level 1)
Significant Other Observable Inputs (Level 2)
Significant Unobservable Inputs
 (Level 3)
Balance at
December 31,
2011
 
(In thousands)
Assets:
 
 
 
 
Money market funds
$
—

$
97,500

$
—

$
97,500

Available-for-sale securities:
 
 
 
 
Insurance investment contract*
—

38,352

—

38,352

Auction rate securities
—

11,400

—

11,400

Mortgage-backed securities
—

8,296

—

8,296

U.S. Treasury securities
—

1,656

—

1,656

Commodity derivative instruments
—

30,455

—

30,455

Total assets measured at fair value
$
—

$
187,659

$
—

$
187,659

Liabilities:
 
 
 
 
Commodity derivative instruments
$
—

$
14,101

$
—

$
14,101

Interest rate derivative instruments
—

4,762

—

4,762

Total liabilities measured at fair value
$
—

$
18,863

$
—

$
18,863

* The insurance investment contract invests approximately 33 percent in common stock of mid-cap companies, 34 percent in common stock of small-cap companies, 32 percent in common stock of large-cap companies and 1 percent in cash and cash equivalents.
Fair value of long term debt outstanding
The estimated fair value of the Company's Level 2 long-term debt was as follows:
 
Carrying
Amount
Fair
Value
 
(In thousands)
Long-term debt at September 30, 2012
$
1,742,977

$
1,906,673

Long-term debt at September 30, 2011
$
1,423,614

$
1,568,942

Long-term debt at December 31, 2011
$
1,424,678

$
1,592,807