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FAIR VALUE | 12 Months Ended
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Dec. 31, 2012
FAIR VALUE [Abstract] |
FAIR VALUE | C. FAIR VALUE We follow authoritative guidance regarding fair value measurements for all assets and liabilities measured at fair value. That guidance establishes a fair value hierarchy that prioritizes the inputs the Company uses to measure fair value based on the significance level of the following inputs: Level 1 - Unadjusted quoted prices are available in active markets for identical assets or liabilities. Level 2 - Pricing inputs, other than quoted prices within Level 1, which are either directly or indirectly observable. Level 3 - Pricing inputs that are unobservable, requiring the Company to use valuation methodologies that result in management's best estimate of fair value. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the nonfinancial assets and liabilities and their placement in the fair value hierarchy levels. As of December 31, 2012, we held $183,000 of investments in marketable securities. The fair value of our commodity risk management assets and other accrued liabilities are determined using a market approach based on several factors, including observable transactions for the same or similar commodity options using the NYMEX futures index, and are designated as Level 2 within the valuation hierarchy. The fair value of our property held for sale is determined based on anticipated future cash flows, costs and comparables to the extent they are available, less estimated selling costs. The fair values of our other accrued liabilities that are reflected on the balance sheet are detailed below. Other accrued liabilities decreased to $771,000 at December 31, 2012 as a net result of a full year of payments from the retirement and the accretion of the liability. The other accrued liabilities are the long term portion of the executive retirement program.
|  | (In thousands) |
|  |  |  |  | Fair Value Measurements at December 31, 2012 Using |
|  | December 31, |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |
Description |  | 2012 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Commodity risk management assets |  | $ | 472 |  |  | $ | -- |  |  | $ | 472 |  |  | $ | -- |
Available for sale securities |  |  | 183 |  |  |  | 183 |  |  |  | -- |  |  |  | -- |
Assets held for sale |  |  | 17,051 |  |  |  | -- |  |  |  | -- |  |  |  | 17,051 |
Total assets |  | $ | 17,706 |  |  | $ | 183 |  |  | $ | 472 |  |  | $ | 17,051 |
Commodity risk management liability |  | $ | -- |  |  | $ | -- |  |  | $ | -- |  |  | $ | -- |
Other accrued liabilities |  |  | 771 |  |  |  | -- |  |  |  | -- |  |  |  | 771 |
Total |  | $ | 771 |  |  | $ | -- |  |  | $ | -- |  |  | $ | 771 |
|  | (In thousands) |
|  |  |  |  | Fair Value Measurements at December 31, 2011 Using |
|  | December 31, |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |
Description |  | 2011 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Commodity risk management assets |  | $ | 3 |  |  | $ | -- |  |  | $ | 3 |  |  | $ | -- |
Available for sale securities |  |  | 166 |  |  |  | 166 |  |  |  | -- |  |  |  | -- |
Assets held for sale |  |  | 18,132 |  |  |  | -- |  |  |  | -- |  |  |  | 18,132 |
Total assets |  | $ | 18,301 |  |  | $ | 166 |  |  | $ | 3 |  |  | $ | 18,132 |
Commodity risk management liability |  | $ | 601 |  |  | $ | -- |  |  | $ | 601 |  |  | $ | -- |
Other accrued liabilities |  |  | 822 |  |  |  | -- |  |  |  | -- |  |  |  | 822 |
Total |  | $ | 1,423 |  |  | $ | -- |  |  | $ | 601 |  |  | $ | 822 |
The following table summarizes the change in the fair value of our Level 3 Fair Value measurements for the year ended December 31, 2012.
|  | Change in Level 3 Fair Value Measurements |  |  |  |
|  | (In thousands) |
|  | December 31, |  |  | Scheduled |  |  |  |  |  | December 31, |
Description |  | 2011 |  |  | Depreciation |  |  | Revision of Value |  |  | 2012 |
Assets held for sale |  |  |  |  |  |  |  |  |  |  |  |
Remington Village |  | $ | 18,132 |  |  | $ | -- |  |  | $ | (2,965 | ) |  | $ | 15,167 |
Corporate aircraft and facilities |  |  | 4,468 |  |  |  | (235 | ) |  |  | (2,349 | ) |  |  | 1,884 |
Total |  | $ | 22,600 |  |  | $ | (235 | ) |  | $ | (5,314 | ) |  | $ | 17,051 |
|  | December 31, |  |  | Additions and |  |  | December 31 |  |  |  |  |
Description |  |  | 2011 |  |  | Payments |  |  |  | 2012 |  |  |  |  |
Other accrued liabilities |  | $ | 821 |  |  | $ | (50 | ) |  | $ | 771 |  |  |  |  |
The following table summarizes, by major security type, the fair value and unrealized gain of our investments. The unrealized gain is recorded on the consolidated balance sheet as other comprehensive income, a component of stockholders' equity.
|  | (In thousands) |
December 31, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Less Than 12 Months |  |  | 12 Months or Greater |  |  | Total |
|  |  |  |  | Unrealized |  |  |  |  |  | Unrealized |  |  |  |  |  | Unrealized |
Description of Securities |  | Fair Value |  |  | Gain |  |  | Fair Value |  |  | Gain |  |  | Fair Value |  |  | Gain |
Available for sale securities |  | $ | 183 |  |  | $ | 159 |  |  | $ | -- |  |  | $ | -- |  |  | $ | 183 |  |  | $ | 159 |
Total |  | $ | 183 |  |  | $ | 159 |  |  | $ | -- |  |  | $ | -- |  |  | $ | 183 |  |  | $ | 159 |
December 31, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Less Than 12 Months |  |  | 12 Months or Greater |  |  | Total |
|  |  |  |  |  | Unrealized |  |  |  |  |  |  | Unrealized |  |  |  |  |  |  | Unrealized |
Description of Securities |  | Fair Value |  |  | Gain |  |  | Fair Value |  |  | Gain |  |  | Fair Value |  |  | Gain |
Available for sale securities |  | $ | 166 |  |  | $ | 122 |  |  | $ | -- |  |  | $ | -- |  |  | $ | 166 |  |  | $ | 122 |
Total |  | $ | 166 |  |  | $ | 122 |  |  | $ | -- |  |  | $ | -- |  |  | $ | 166 |  |  | $ | 122 |
Our other financial instruments include cash and cash equivalents, accounts receivable, accounts payable, other current liabilities and long-term debt. The carrying amount of cash and cash equivalents, accounts receivable, accounts payable and other current liabilities approximate fair value because of their immediate or short-term maturities. The carrying value of our debt approximates its fair market value since interest rates have remained generally unchanged from the issuance of the debt. The fair value and carrying value of our debt was $19.8 million as of December 31, 2012.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13504-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15C, 15D -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 17-22, 27, 28 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. 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