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Fair Value Measurements
 12 Months Ended
Dec. 31, 2013
Fair Value Measurements  
Fair Value Measurements

Note 7. Fair Value Measurements

        FASB accounting standards provide a comprehensive framework for measuring fair value and sets forth a definition of fair value and establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. Levels within the hierarchy are defined as follows:

  • •
    Level 1—Unadjusted quoted prices for identical assets and liabilities in active markets;

    •
    Level 2—Quoted prices for similar assets and liabilities in active markets (other than those included in Level 1) which are observable for the asset or liability, either directly or indirectly; and

    •
    Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

        The following table sets forth financial assets and liabilities measured at fair value in the consolidated balance sheet and the respective levels to which the fair value measurements are classified within the fair value hierarchy as of December 31 (in thousands):

 
   Total   Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)		   Significant
Other
Observable
Inputs
(Level 2)		   Significant
Unobservable
Inputs
(Level 3)		  

2013

                          

Commodity futures—financial assets

   $ 1,010   $ —   $ 1,010   $ —  

Commodity futures—financial liabilities

     4,487     —     4,487     —  

2012

    
 		    
 		    
 		    
 		  

Investment in short-term commercial paper

   $ 31,520   $ —   $ 31,520   $ —  

Commodity futures and options—financial assets

     4,024     —     4,024     —  

Commodity futures—financial liabilities

     1,854     —     1,854     —  

        The carrying amounts of financial instruments including cash and equivalents approximate fair value. The fair values of short-term commercial paper and commodity futures contracts are estimated by the use of quoted market prices, estimates obtained from brokers, and other appropriate valuation techniques based on references available. The fair value of long-term debt, including current maturities, as determined by quoted market prices (Level 2), was approximately $2.3 billion and $2.3 billion (with a corresponding carrying amount in the consolidated balance sheet of $2.1 billion and $2.2 billion) at December 31, 2013 and 2012, respectively.