Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 2018

Schedule Of Assets And Liabilities Fair Value

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


	Fair Value Measurements at June 30, 2018
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs
	(Level 1)		(Level 2)		Total
Assets:
Cash and cash equivalents	$	235,133	$	-	$	235,133
Restricted cash		15,863		-		15,863
Inventories carried at market		-		58,710		58,710
Unrealized gains on derivatives		-		18,969		18,969
Other assets		114		-		114
Total assets measured at fair value	$	251,110	$	77,679	$	328,789

Liabilities:
Accounts payable (1)	$	-	$	9,961	$	9,961
Unrealized losses on derivatives		-		22,868		22,868
Other		-		84		84
Total liabilities measured at fair value	$	-	$	32,913	$	32,913


	Fair Value Measurements at December 31, 2017
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs
	(Level 1)		(Level 2)		Total
Assets:
Cash and cash equivalents	$	266,651	$	-	$	266,651
Restricted cash		45,709		-		45,709
Inventories carried at market		-		26,834		26,834
Unrealized gains on derivatives		-		12,045		12,045
Other assets		115		-		115
Total assets measured at fair value	$	312,475	$	38,879	$	351,354

Liabilities:
Accounts payable (1)	$	-	$	37,401	$	37,401
Unrealized losses on derivatives		-		12,884		12,884
Other liabilities		-		92		92
Total liabilities measured at fair value	$	-	$	50,377	$	50,377

(1)

Accounts payable is generally stated at historical amounts with the exception of $10.0 million and $37.4 million at June 30, 2018 and December 31, 2017, 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.