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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2020
Fair Value Disclosures [Abstract] |
Fair Value Amounts by Hierarchy Level | Fair value amounts by hierarchy level as of June 30, 2020 and December 31, 2019 are presented gross in the tables below (in thousands):
| June 30, 2020
| Level 1 |  | Level 2 |  | Level 3 |  | Gross Fair Value |  | Effect of Counter-Party Netting |  | Net Carrying Value on Balance Sheet (1)
Assets |  |  |  |  |  |  |  |  |  |  |
Commodity derivatives | $ | 281 |  |  | $ | 25,579 |  |  | $ | — |  |  | $ | 25,860 |  |  | $ | (22,683 | ) |  | $ | 3,177 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Commodity derivatives | $ | (131 | ) |  | $ | (29,214 | ) |  | $ | — |  |  | $ | (29,345 | ) |  | $ | 22,683 |  |  | $ | (6,662 | )
J. Aron repurchase obligation derivative | — |  |  | — |  |  | (56,842 | ) |  | (56,842 | ) |  | — |  |  | (56,842 | )
MLC terminal obligation derivative | — |  |  | — |  |  | (9,256 | ) |  | (9,256 | ) |  | — |  |  | (9,256 | )
Interest rate derivatives | — |  |  | (3,531 | ) |  | — |  |  | (3,531 | ) |  | — |  |  | (3,531 | )
Total | $ | (131 | ) |  | $ | (32,745 | ) |  | $ | (66,098 | ) |  | $ | (98,974 | ) |  | $ | 22,683 |  |  | $ | (76,291 | )
| December 31, 2019
| Level 1 |  | Level 2 |  | Level 3 |  | Gross Fair Value |  | Effect of Counter-Party Netting |  | Net Carrying Value on Balance Sheet (1)
Assets |  |  |  |  |  |  |  |  |  |  |
Commodity derivatives | $ | 4,595 |  |  | $ | 2,075 |  |  | $ | — |  |  | $ | 6,670 |  |  | $ | (4,595 | ) |  | $ | 2,075 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Common stock warrants | $ | — |  |  | $ | — |  |  | $ | (8,206 | ) |  | $ | (8,206 | ) |  | $ | — |  |  | $ | (8,206 | )
Commodity derivatives | (10,129 | ) |  | — |  |  | — |  |  | (10,129 | ) |  | 4,595 |  |  | (5,534 | )
J. Aron repurchase obligation derivative | — |  |  | — |  |  | 173 |  |  | 173 |  |  | — |  |  | 173 |
MLC terminal obligation derivative | — |  |  | — |  |  | (14,717 | ) |  | (14,717 | ) |  | — |  |  | (14,717 | )
Interest rate derivatives | — |  |  | (1,427 | ) |  | — |  |  | (1,427 | ) |  | — |  |  | (1,427 | )
Total | $ | (10,129 | ) |  | $ | (1,427 | ) |  | $ | (22,750 | ) |  | $ | (34,306 | ) |  | $ | 4,595 |  |  | $ | (29,711 | )
_________________________________________________________
(1) | Does not include cash collateral of $12.2 million and $19.8 million as of June 30, 2020 and December 31, 2019, respectively, included within Prepaid and other current assets and Other long-term assets on our condensed consolidated balance sheets.
Roll Forward of Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis | A roll forward of Level 3 derivative instruments measured at fair value on a recurring basis is as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Balance, at beginning of period | $ | 4,534 |  |  | $ | (26,741 | ) |  | $ | (22,750 | ) |  | $ | (922 | )
Settlements | (33,380 | ) |  | (7,898 | ) |  | (46,679 | ) |  | (7,898 | )
Acquired | — |  |  | 6,353 |  |  | — |  |  | (2,301 | )
Total gains (losses) included in earnings | (37,252 | ) |  | 15,566 |  |  | 3,331 |  |  | (1,599 | )
Balance, at end of period | $ | (66,098 | ) |  | $ | (12,720 | ) |  | $ | (66,098 | ) |  | $ | (12,720 | )
Carrying Value and Fair Value of Long-term Debt and Other Financial Instruments | The carrying value and fair value of long-term debt and other financial instruments as of June 30, 2020 and December 31, 2019 are as follows (in thousands):
| June 30, 2020
| Carrying Value |  | Fair Value
5.00% Convertible Senior Notes due 2021 (1) (3) | $ | 46,008 |  |  | $ | 44,999 |
7.75% Senior Secured Notes due 2025 (1) | 292,649 |  |  | 260,922 |
Mid Pac Term Loan (2) | 1,416 |  |  | 1,416 |
Term Loan B Facility (1) | 225,116 |  |  | 200,391 |
Retail Property Term Loan (2) | 42,570 |  |  | 42,570 |
PHL Term Loan (2) | 5,871 |  |  | 5,871 |
12.875% Senior Secured Notes due 2026 (1) | 98,816 |  |  | 106,050 |
| December 31, 2019
| Carrying Value |  | Fair Value
5.00% Convertible Senior Notes due 2021 (1) (3) | $ | 44,783 |  |  | $ | 66,477 |
7.75% Senior Secured Notes due 2025 (1) | 292,015 |  |  | 309,375 |
Mid Pac Term Loan (2) | 1,433 |  |  | 1,433 |
Term Loan B Facility (1) | 230,474 |  |  | 240,625 |
Retail Property Term Loan (2) | 43,226 |  |  | 43,226 |
Common stock warrants (2) | 8,206 |  |  | 8,206 |
_________________________________________________________
(1) | The fair value measurements of the 5.00% Convertible Senior Notes, 7.75% Senior Secured Notes, Term Loan B Facility, and 12.875% Senior Secured Notes are considered Level 2 measurements in the fair value hierarchy as discussed below.
(2) | The fair value measurements of the common stock warrants, Mid Pac Term Loan, Retail Property Term Loan, and PHL Term Loan are considered Level 3 measurements in the fair value hierarchy.
(3) | The carrying value of the 5.00% Convertible Senior Notes excludes the fair value of the equity component, which was classified as equity upon issuance.

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 + Details
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