Fair Value

3 Months Ended

Mar. 31, 2012

Fair Value [Abstract]

Fair Value

11. Fair Value

Fair Value of Financial Instruments

     We used the following methods and assumptions in estimating our fair value disclosure for financial instruments:

• Cash and cash equivalents. The carrying amounts reported on our consolidated balance sheets approximate fair value due to the short-term maturity or variable rates of these instruments.
• Energy commodity derivatives deposits. This asset represents short-term deposits we paid associated with our energy commodity derivatives contracts. The carrying amount reported on our consolidated balance sheets approximates fair value as the deposits paid change daily in relation to the associated contracts.
• Long-term receivables. Fair value was determined by estimating the present value of future cash flows using a risk-free rate of interest.
• Energy commodity derivatives contracts. These include NYMEX and butane swap purchase agreements related to petroleum products. These contracts are carried at fair value on our consolidated balance sheets and are valued based on quoted prices in active markets. See Note 7 - Derivative Financial Instruments for further disclosures regarding these contracts.
• Debt. The fair value of our publicly traded notes was based on the prices of those notes at December 31, 2011 and March 31, 2012. The carrying amount of borrowings, if any, under our revolving credit facility approximates fair value due to the variable rates of that instrument.

     The following table reflects the carrying amounts and fair values of our financial instruments as of December 31, 2011 and March 31, 2012 (in thousands):

	December 31, 2011						March 31, 2012
Assets (Liabilities)	Carrying Amount			Fair Value			Carrying Amount			Fair Value
Cash and cash equivalents	$	209,620		$	209,620		$	151,642		$	151,642
Energy commodity derivatives deposits	$	26,917		$	26,917		$	41,667		$	41,667
Long-term receivables	$	2,534		$	2,510		$	2,852		$	2,816
Energy commodity derivatives contracts (current)	$	4,914		$	4,914		$	(4,654	)	$	(4,654	)
Energy commodity derivatives contracts (noncurrent)	$	(6,457	)	$	(6,457	)	$	(11,744	)	$	(11,744	)
Debt	$	(2,151,775	)	$	(2,389,700	)	$	(2,150,107	)	$	(2,387,630	)

Fair Value Measurements

     The following tables summarize the recurring fair value measurements of our NYMEX commodity contracts as of December 31, 2011 and March 31, 2012, based on the three levels established by ASC 820-10-50; Fair Value Measurements and Disclosures—Overall—Disclosure (in thousands):

				Fair Value Measurements as of December 31, 2011 using:
					Quoted Prices in			Significant
					Active Markets			Other		Significant
					for Identical			Observable		Unobservable
					Assets			Inputs		Inputs
Assets (Liabilities)		Total			(Level 1)			(Level 2)		(Level 3)
Long-term receivables	$	2,510		$	—		$	—	$	2,510
Energy commodity derivatives contracts (current)	$	4,914		$	4,914		$	—	$	—
Energy commodity derivatives contracts (noncurrent)	$	(6,457	)	$	(6,457	)	$	—	$	—
Debt	$	(2,389,700	)	$	(2,389,700	)	$	—	$	—

				Fair Value Measurements as of March 31, 2012 using:
					Quoted Prices in			Significant
					Active Markets			Other		Significant
					for Identical			Observable		Unobservable
					Assets			Inputs		Inputs
Assets (Liabilities)		Total			(Level 1)			(Level 2)		(Level 3)
Long-term receivables	$	2,816		$	—		$	—	$	2,816
Energy commodity derivatives contracts (current)	$	(4,654	)	$	(4,654	)	$	—	$	—
Energy commodity derivatives contracts (noncurrent)	$	(11,744	)	$	(11,744	)	$	—	$	—
Debt	$	(2,387,630	)	$	(2,387,630	)	$	—	$	—