Fair value measurements (Tables)

3 Months Ended

Mar. 31, 2016

Details of available-for-sale securities were as follows:



March 31, 2016	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In thousands)
Mortgage-backed securities	$	10,467	$	46	$	(14	)	$	10,499
Total	$	10,467	$	46	$	(14	)	$	10,499



March 31, 2015	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In thousands)
Mortgage-backed securities	$	7,792	$	58	$	(18	)	$	7,832
U.S. Treasury securities	2,337		9		(4		)	2,342
Total	$	10,129	$	67	$	(22	)	$	10,174



December 31, 2015	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In thousands)
Mortgage-backed securities	$	9,128	$	19	$	(49	)	$	9,098
U.S. Treasury securities	1,315		—		(6		)	1,309
Total	$	10,443	$	19	$	(55	)	$	10,407

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 were as follows:



	Fair Value Measurements at March 31, 2016, Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at March 31, 2016
	(In thousands)
Assets:
Money market funds	$	—	$	1,442	$	—	$	1,442
Insurance contract*	—		69,110		—		69,110
Available-for-sale securities:
Mortgage-backed securities	—		10,499		—		10,499
Total assets measured at fair value	$	—	$	81,051	$	—	$	81,051
Liabilities:
RIN obligations	$	—	$	4,951	$	—	$	4,951
Total liabilities measured at fair value	$	—	$	4,951	$	—	$	4,951

* The insurance contract invests approximately 9 percent in common stock of mid-cap companies, 6 percent in common stock of small-cap companies, 18 percent in common stock of large-cap companies, 65 percent in fixed-income investments, 1 percent in target date investments and 1 percent in cash equivalents.



	Fair Value Measurements at March 31, 2015, Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at March 31, 2015
	(In thousands)
Assets:
Money market funds	$	—	$	1,087	$	—	$	1,087
Insurance contract*	—		67,797		—		67,797
Available-for-sale securities:
Mortgage-backed securities	—		7,832		—		7,832
U.S. Treasury securities	—		2,342		—		2,342
Total assets measured at fair value	$	—	$	79,058	$	—	$	79,058

* The insurance contract invests approximately 20 percent in common stock of mid-cap companies, 18 percent in common stock of small-cap companies, 28 percent in common stock of large-cap companies, 32 percent in fixed-income investments, 1 percent in target date investments and 1 percent in cash equivalents.



	Fair Value Measurements at December 31, 2015, 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, 2015
	(In thousands)
Assets:
Money market funds	$	—	$	1,420	$	—	$	1,420
Insurance contract*	—		67,459		—		67,459
Available-for-sale securities:
Mortgage-backed securities	—		9,098		—		9,098
U.S. Treasury securities	—		1,309		—		1,309
Total assets measured at fair value	$	—	$	79,286	$	—	$	79,286
Liabilities:
RIN obligations	$	—	$	3,052	$	—	$	3,052
Total liabilities measured at fair value	$	—	$	3,052	$	—	$	3,052

* The insurance contract invests approximately 9 percent in common stock of mid-cap companies, 7 percent in common stock of small-cap companies, 19 percent in common stock of large-cap companies, 63 percent in fixed-income investments, 1 percent in target date investments and 1 percent in 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 March 31, 2016	$	1,927,054	$	1,996,415
Long-term debt at March 31, 2015	$	2,183,644	$	2,334,339
Long-term debt at December 31, 2015	$	1,865,163	$	1,887,373

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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