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Fair Value Measurements
 12 Months Ended
Dec. 31, 2013
Fair Value Measurements  
Fair Value Measurements

10. Fair Value Measurements
 The carrying amounts of cash and cash equivalents, accounts receivable, net, accounts payable and accrued expenses and other current liabilities approximate fair value based on the short-term maturities of these instruments. We believe the carrying values of our debt and notes receivable approximate fair value since these instruments bear interest either at variable rates or fixed rates which are not significantly different than market rates. Based on the fair value hierarchy, our debt of $463.7 million as of December 31, 2013 and $380.3 million as of December 31, 2012 and our notes receivable of $20.9 million as of December 31, 2013 and $12.7 million as of December 31, 2012 are categorized in Level 3.

The following table presents information about our assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2013 and 2012 (in thousands):

 
   Level 1
   Level 2
   Level 3
   Sub-Total
   Netting
and
Collateral
   Total
  
   

2013 

                                      

Assets:

                                      

Commodity contracts

   $ 11,574   $ 39,880   $ —   $ 51,454   $ (35,983)   $ 15,471  

Foreign currency contracts

     —     8,486     —     8,486     (6,350)     2,136  

Inventories

     —     1,690     —     1,690     (207)     1,483  
   

Total

   $ 11,574   $ 50,056   $ —   $ 61,630   $ (42,540)   $ 19,090  
   

Liabilities:

    
 		    
 		    
 		    
 		    
 		    
 		  

Commodity contracts

   $ 14,032   $ 31,983   $ —   $ 46,015   $ (31,329)   $ 14,686  

Foreign currency contracts

     —     11,803     —     11,803     (6,350)     5,453  

Inventories

     —     207     —     207     (207)     —  
   

Total

   $ 14,032   $ 43,993   $ —   $ 58,025   $ (37,886)   $ 20,139  
   

2012 

          
 		    
 		    
 		    
 		    
 		  

Assets:

                                      

Commodity contracts

   $ 18,087   $ 57,682   $ —   $ 75,769   $ (56,115)   $ 19,654  

Foreign currency contracts

     —     2,434     —     2,434     (2,289)     145  

Inventories

     —     818     —     818     (525)     293  
   

Total

   $ 18,087   $ 60,934   $ —   $ 79,021   $ (58,929)   $ 20,092  
   

Liabilities:

    
 		    
 		    
 		    
 		    
 		    
 		  

Commodity contracts

   $ 20,970   $ 44,732   $ —   $ 65,702   $ (49,562)   $ 16,140  

Foreign currency contracts

     —     3,845     —     3,845     (2,289)     1,556  

Inventories

     —     525     —     525     (525)     —  
   

Total

   $ 20,970   $ 49,102   $ —   $ 70,072   $ (52,376)   $ 17,696  
   

The following table presents information regarding the balance sheet location of our commodity and foreign currency contracts net assets and liabilities (in thousands):

 
   As of December,
  
 
   2013
   2012
  
   

Commodity Contracts 

  

Assets:

              

Other current assets

   $ 14,723   $ 18,277  

Identifiable intangible and other non-current assets

     748     1,377  
   

Total net assets

   $ 15,471   $ 19,654  
   

Liabilities:

    
 		    
 		  

Accrued expenses and other current liabilities

   $ 14,332   $ 15,152  

Other long-term liabilities

     354     988  
   

Total net liabilities

   $ 14,686   $ 16,140  
   


Foreign Currency Contracts 
 

Assets:

              

Other current assets

   $ 2,136   $ 145  
   

Total net assets

   $ 2,136   $ 145  
   

Liabilities:

    
 		    
 		  

Accrued expenses and other current liabilities

   $ 5,306   $ 1,458  

Other long-term liabilities

     147     98  
   

Total net liabilities

   $ 5,453   $ 1,556  
   

For our derivative contracts, we may enter into master netting, collateral and offset agreements with counterparties. These agreements provide us the ability to offset a counterparty's rights and obligations, request additional collateral when necessary or liquidate the collateral in the event of counterparty default. We net fair value of cash collateral paid or received against fair value amounts recognized for net derivative positions executed with the same counterparty under the same master netting or offset agreement.

As of December 31, 2013, we had $13.0 million of cash collateral deposits held by financial counterparties included in other current assets in the accompanying consolidated balance sheets. In addition, as of December 31, 2013, we have offset $4.7 million of cash collateral received from customers against the total amount of commodity fair value assets in the above table. As of December 31, 2012, we had $22.9 million of cash collateral deposits held by financial counterparties included in other current assets in the accompanying consolidated balance sheets. Additionally, as of December 31, 2012, we had offset $6.6 million of cash collateral received from customers against the total amount of commodity fair value assets in the above table.

The following table presents information about our assets and liabilities that are measured at fair value on a recurring basis that utilized Level 3 inputs for the periods presented (in thousands):

 
   Beginning
of Period
   Total
Gains
(Losses)
Included in
Earnings
   Settlements
   End
of Period
   Location of
Total Gains
(Losses)
Included in
Earnings
 
2013                             
Liabilities:                            
Commodity contracts   $ —   $ (20)   $ 20   $ —   Cost of revenue
 

2012 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets:                            
Commodity contracts   $ —   $ 1,271   $ 1,271   $ —   Revenue
 
Liabilities:                            
Earn-out   $ 4,194   $ (110)   $ 4,304   $ —   Other (expense) income, net
 

There were no transfers between Level 1, 2 or 3 during the periods presented. In addition, there were no significant Level 3 purchases, sales or issuances for the periods presented.