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Derivatives, Hedges, Financial Instruments and Carbon Credits (Tables)

6 Months Ended

Jun. 30, 2016

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

The following details our assets and liabilities that are measured at fair value on a recurring basis at June 30, 2016 and December 31, 2015:

						Fair Value Measurements at June 30, 2016 Using
Description		Total Fair Value at June 30, 2016				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total Fair Value at December 31, 2015
		(In Thousands)
Assets - Supplies, prepaid items and other:
Commodities contracts (1)		$	36			$	—			$	36			$	—			$	195
Carbon credits			6				—				—				6				1,154
Foreign exchange contracts			—				—				—				—				—
Total		$	42			$	—			$	36			$	6			$	1,349
Liabilities - Current and noncurrent accrued and    other liabilities:
Commodities contracts (1)		$	(36	)		$	—			$	(36	)		$	—			$	(202	)
Contractual obligations - carbon credits			(6	)			—				—				(6	)			(1,154	)
Embedded derivative			(1,865	)			—				—				(1,865	)			(3,308	)
Interest rate contracts			—				—				—				—				(126	)
Foreign exchange contracts			—				—				—				—				(6	)
Total		$	(1,907	)		$	—			$	(36	)		$	(1,871	)		$	(4,796	)

(1) At June 30, 2016 and December 31, 2015, $36,000 and $195,000, respectively, are subject to an agreement that allows net settlement of contracts related to natural gas commitments; however, we have chosen to present the fair values of our commodities contracts under master netting agreements using a gross fair value presentation.

Reconciliation of Beginning and Ending Balances for Assets and Liabilities Measured at Fair Value on Recurring Basis

the following is a reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):

		Assets								Liabilities								Assets								Liabilities
		Three Months Ended								Three Months Ended								Six Months Ended								Six Months Ended
		June 30,								June 30,								June 30,								June 30,
		2016				2015				2016				2015				2016				2015				2016				2015
		(In Thousands)
Beginning balance		$	1,214			$	2,716			$	(1,214	)		$	(2,716	)		$	1,154			$	2,779			$	(1,154	)		$	(2,779	)
Transfers into Level 3			—				—				(5,817	)			—				—				—				(5,817	)			—
Transfers out of Level 3			—				—				—				—				—				—				—				—
Total realized and unrealized gains (losses)    included in operating results			—				1,364				4,209				(1,364	)			60				1,334				4,149				(1,334	)
Purchases			—				—				—				—				—				—				—				—
Issuances			—				—				—				—				—				—				—				—
Sales			(1,208	)			(31	)			—				—				(1,208	)			(64	)			—				-
Settlements			—				—				951				31				—				—				951				64
Ending balance		$	6			$	4,049			$	(1,871	)		$	(4,049	)		$	6			$	4,049			$	(1,871	)		$	(4,049	)
Total gains (losses) for the period included    in operating results attributed to the    change in unrealized gains or losses on    assets and liabilities still held at the    reporting date		$	—			$	1,334			$	3,952			$	(1,334	)		$	60			$	1,334			$	1,383			$	(1,334	)

Net Gains (Losses) Included in Continuing Operating Results and The Statement of Operations Classifications

Net gains (losses) included in continuing operating results and the statement of operations classifications are as follows:

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2016				2015				2016				2015
		(In Thousands)
Total net gains (losses) included in operating results:
Cost of sales - Undesignated commodities contracts (1)		$	80			$	64			$	63			$	(1,494	)
Cost of sales - Undesignated foreign exchange contracts			(7	)			29				6				(64	)
Other income - Carbon credits			257				1,771				317				1,741
Other expense - Contractual obligations relating to carbon    credits			—				(1,771	)			(60	)			(1,741	)
Non-operating other income - embedded derivative			3,952				—				1,443				—
Interest expense - Undesignated interest rate contracts			—				(14	)			—				(45	)
Total net gains (losses) included in operating results		$	4,282			$	79			$	1,769			$	(1,603	)

(1) Net losses of $134,000 and $554,000 have been reclassified to discontinued operations for the three and six months ended June 30, 2015. See Note 2-Discontinued Operations.

Schedule of Carrying Values and Estimated Fair Values of Financial Instruments

Note 9: Derivatives, Hedges, Financial Instruments and Carbon Credits (continued)

We did not have any financial instruments with fair values significantly different from their carrying amounts, except for the 7.75% Senior Secured Notes at December 31, 2015, as shown below.

		June 30, 2016								December 31, 2015
		Carrying				Estimated				Carrying				Estimated
		Amount				Fair Value				Amount				Fair Value
		(In Millions)
7.75% Senior Secured Notes (1)		$	425			$	425			$	425			$	355

(1) Based on a quoted price of 100 at June 30, 2016 and 83.65 at December 31, 2015.

X

- Definition

Tabular disclosure of the fair value measurement of assets and liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized); (2) purchases, sales, issuances, and settlements (net); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs).

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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.

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- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5618551-113959

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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=66048111&loc=d3e19190-110258

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