Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value Hierarchy Table for Assets and Liabilities Measured at Fair Value

We use a market approach for our recurring fair value measurements and endeavor to use the best information available. Accordingly, valuation techniques that maximize the use of observable impacts are favored. The following tables present the fair value hierarchy table for assets and liabilities measured at fair value, on a recurring basis (in thousands):

		Fair Value Measurements at December 31, 2013 Using:
		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total Carrying Value as of December 31, 2013
Trading securities held in the deferred compensation plans		$	67,766	$	¾		$	¾	$	67,766
Derivatives	–swaps		¾		(18,812	)		¾		(18,812	)
	–collars		¾		2,314			¾		2,314
	–basis swaps		¾		3,381			548		3,929

		Fair Value Measurements at December 31, 2012 Using:
		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Carrying Value as of December 31, 2012
Trading securities held in the deferred compensation plans		$	57,776	$	—	$	—	$	57,776
Derivatives	–swaps		—		23,326		—		23,326
	–collars		—		121,014		—		121,014
	–basis swaps		—		993		—		993

Reconciliation of the Net Beginning and Ending Balances for Derivative Instruments

The following is a reconciliation of the net beginning and ending balances for derivative instruments classified as Level 3 in the fair value hierarchy (in thousands):

	2013
Beginning balance	$	¾
Unrealized gains included in derivative fair value		548
Ending balance	$	548

Value of Assets Measured at Fair Value on Non Recurring Basis

The following table presents the value of these assets measured at fair value on a nonrecurring basis at the time impairment was recorded (in thousands):

	Year Ended December 31,
	2013				2012				2011
	Fair Value		Impairment		Fair Value		Impairment		Fair Value		Impairment
Natural gas and oil properties–continuing operations	$	500	$	7,012	$	12,604	$	34,273	$	24,388	$	38,681
Surface property		5,550		741		6,269		1,281		—		—

Carrying Amounts and Fair Values of Financial Instruments

The following table presents the carrying amounts and the fair values of our financial instruments as of December 31, 2013 and 2012 (in thousands):

	December 31, 2013						December 31, 2012
	Carrying Value			Fair Value			Carrying Value			Fair Value
Assets:
Commodity swaps, collars and basis swaps	$	13,654		$	13,654		$	153,267		$	153,267
Marketable securities(a)		67,766			67,766			57,776			57,776
Liabilities:
Commodity swaps, collars and basis swaps		(26,223	)		(26,223	)		(7,934	)		(7,934	)
Bank credit facility(b)		(500,000	)		(500,000	)		(739,000	)		(739,000	)
Deferred compensation plan(c)		(271,738	)		(271,738	)		(201,889	)		(201,889	)
7.25% senior subordinated notes due 2018(b)		¾			¾			(250,000	)		(262,500	)
8.00% senior subordinated notes due 2019(b)		(290,516	)		(319,500	)		(289,185	)		(332,250	)
6.75% senior subordinated notes due 2020(b)		(500,000	)		(541,250	)		(500,000	)		(542,500	)
5.75% senior subordinated notes due 2021(b)		(500,000	)		(530,625	)		(500,000	)		(535,000	)
5.00% senior subordinated notes due 2022(b)		(600,000	)		(588,750	)		(600,000	)		(627,000	)
5.00% senior subordinated notes due 2023(b)		(750,000	)		(732,188	)		—			—

^(a) Marketable securities are held in our deferred compensation plans that are actively traded on major exchanges.

^(b) The book value of our bank debt approximates fair value because of its floating rate structure. The fair value of our senior subordinated notes is based on end of period market quotes, which are Level 2 inputs.

^(c) The fair value of our deferred compensation plan is updated based on the closing price on the balance sheet date.