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FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Dec. 31, 2018
FAIR VALUE MEASUREMENTS  
Schedule of fair value of the Company's financial assets and liabilities

The following tables set forth by level within the fair value hierarchy the Company’s financial assets and liabilities that were accounted for at fair value as of December 31, 2018 and 2017 (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2018

 

    

Level 1

    

Level 2

    

Level 3

    

Total

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Receivables from derivative contracts

 

$

 —

 

$

69,717

 

$

 —

 

$

69,717

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities from derivative contracts

 

$

 —

 

$

12,907

 

$

 —

 

$

12,907

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2017

 

    

Level 1

    

Level 2

    

Level 3

    

Total

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Receivables from derivative contracts

 

$

 —

 

$

677

 

$

 —

 

$

677

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities from derivative contracts

 

$

 —

 

$

26,999

 

$

 —

 

$

26,999

 

Schedule of the estimated fair values of the Company's fixed interest rate debt instruments

The following table presents the estimated fair values of the Company’s fixed interest rate, long‑term debt instruments as of December 31, 2018 and 2017 (excluding discounts, premiums and debt issuance costs) (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2018

 

December 31, 2017

 

 

Principal

 

Estimated

 

Principal

 

Estimated

Debt

    

Amount

    

Fair Value

    

Amount

    

Fair Value

6.75% senior notes

 

$

625,005

 

$

458,210

 

$

425,005

 

$

443,790