Fair Value Disclosures (Tables)

3 Months Ended

Mar. 31, 2017

Schedule Of Assets And Liabilities Fair Value

The company’s assets and liabilities by level are as follows (in thousands):


	Fair Value Measurements at March 31, 2017
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Reclassification for Balance Sheet
	(Level 1)		(Level 2)		Presentation		Total

Assets:
Cash and cash equivalents	$	256,468	$	-	$	-	$	256,468
Restricted cash		38,974		-		-		38,974
Margin deposits		28,878		-		(28,878)		-
Inventories carried at market		-		196,925		-		196,925
Unrealized gains on derivatives		10,823		9,417		13,678		33,918
Other assets		115		1		-		116
Total assets measured at fair value	$	335,258	$	206,343	$	(15,200)	$	526,401

Liabilities:
Accounts payable (1)	$	-	$	25,291	$	-	$	25,291
Unrealized losses on derivatives		15,200		7,131		(15,200)		7,131
Other		-		59		-		59
Total liabilities measured at fair value	$	15,200	$	32,481	$	(15,200)	$	32,481


	Fair Value Measurements at December 31, 2016
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Reclassification for Balance Sheet
	(Level 1)		(Level 2)		Presentation		Total

Assets:
Cash and cash equivalents	$	304,211	$	-	$	-	$	304,211
Restricted cash		51,979		-		-		51,979
Margin deposits		50,601		-		(50,601)		-
Inventories carried at market (2)		-		154,022		-		154,022
Unrealized gains on derivatives		8,272		14,818		24,146		47,236
Other assets		116		-		-		116
Total assets measured at fair value	$	415,179	$	168,840	$	(26,455)	$	557,564

Liabilities:
Accounts payable (1)	$	-	$	35,288	$	-	$	35,288
Unrealized losses on derivatives		26,455		8,916		(26,455)		8,916
Other liabilities		-		81		-		81
Total liabilities measured at fair value	$	26,455	$	44,285	$	(26,455)	$	44,285

(1)

Accounts payable is generally stated at historical amounts with the exception of $25.3 million and $35.3 million at March 31, 2017 and December 31, 2016, respectively, related to certain delivered inventory for which the payable fluctuates based on changes in commodity prices. These payables are hybrid financial instruments for which the company has elected the fair value option.

(2)

Inventories carried at market have been revised from previously reported results to include $77.0 million of inventories held under a fair value hedging relationship. There was no impact to the financial statements resulting from this revision.