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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Measurements

Recurring Fair Value Measurements

Fair Value as of December 31, 2014

Level 1

Level 2

Level 3

Total

(In thousands)

Assets:

Short-term investments:

Available-for-sale equity securities from energy industry

$

35,002

$

—

$

—

$

35,002

Available-for-sale debt securities:

Mortgage-CMO debt securities

—

18

—

18

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total short-term investments

$

35,002

$

18

$

—

$

35,020

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value of Financial Instruments

		As of December 31,
		2014									2013
		Effective Interest Rate			Carrying Value			Fair Value			Effective Interest Rate			Carrying Value			Fair Value
		(In thousands, except interest rates)
2.35% senior notes due September 2016			2.56	%	$	349,887		$	346,980			2.56	%	$	349,820		$	354,694
6.15% senior notes due February 2018			6.42	%		930,693			991,920			6.42	%		969,928			1,097,480
9.25% senior notes due January 2019			9.33	%		339,607			403,531			9.33	%		339,607			428,733
5.00% senior notes due September 2020			5.20	%		698,253			687,953			5.20	%		697,947			731,955
4.625% senior notes due September 2021			4.75	%		698,388			661,619			4.75	%		698,148			709,793
5.10% senior notes due September 2023			5.26	%		348,893			332,759			5.26	%		348,765			349,731
Subsidiary preferred stock			0.00	%		—			—			4.00	%		69,188			69,000
Revolving credit facility			3.47	%		450,000			450,000			2.28	%		170,000			170,000
Commercial paper			0.59	%		533,119			533,119			0.45	%		329,844			329,844
Other			0.00	%		6,209			6,209			0.00	%		10,243			10,243
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
					$	4,355,049		$	4,414,090					$	3,983,490		$	4,251,473
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

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- Definition

Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

+ References

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258

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