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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2015
Fair Value Disclosures [Abstract]  
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. 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 June 30, 2015 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
June 30,
2015

 

Trading securities held in the deferred compensation plans

 

$

64,420

 

 

$

 

 

$

 

 

$

64,420

 

Derivatives swaps

 

 

 

 

 

231,687

 

 

 

 

 

 

231,687

 

                    –collars

 

 

 —

 

 

 

31,149

 

 

 

 —

 

 

 

31,149

 

                    –basis swaps

  

 

  —

 

  

 

5,860

 

 

 

 

  

 

5,860

 

 

 

  

Fair Value Measurements at December 31, 2014 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,
2014

 

Trading securities held in the deferred compensation plans

  

$

68,454

  

  

$

  

 

$

  

  

$

68,454

  

Derivatives swaps

  

 

 —

 

  

 

344,216

 

 

 

  

  

 

344,216

 

                    –collars

  

 

 —

 

  

 

57,460

  

 

 

  

  

 

57,460

  

                    –basis swaps

  

 

 —

 

  

 

1,687

  

 

 

  

  

 

1,687

  

 

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 June 30, 2015 and December 31, 2014 (in thousands):

 

 

 

June 30, 2015

 

 

December 31, 2014

 

 

 

Carrying
Value

 

 

Fair
Value

 

 

Carrying
Value

 

 

Fair
Value

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity swaps, collars and basis swaps

 

$

268,821

 

 

$

268,821

 

 

$

403,363

 

 

$

403,363

 

Marketable securities(a)

 

 

64,420

 

 

 

64,420

 

 

 

68,454

 

 

 

68,454

 

(Liabilities):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity swaps

 

 

(125

)

 

 

(125

)

 

 

 

 

 

 

Bank credit facility(b)

 

 

(364,000

)

 

 

(364,000

)

 

 

(723,000

)

 

 

(723,000

)

Deferred compensation plan(c)

 

 

(182,648

)

 

 

(182,648

)

 

 

(203,433

)

 

 

(203,433

)

4.875% senior notes due 2025(b)

 

 

(750,000

)

 

 

(728,438

)

 

 

 

 

 

 

6.75% senior subordinated notes due 2020(b)

 

 

(500,000

)

 

 

(515,625

)

 

 

(500,000

)

 

 

(523,125

)

5.75% senior subordinated notes due 2021(b)

 

 

(500,000

)

 

 

(513,125

)

 

 

(500,000

)

 

 

(520,000

)

5.00% senior subordinated notes due 2022(b)

 

 

(600,000

)

 

 

(588,750

)

 

 

(600,000

)

 

 

(601,500

)

5.00% senior subordinated notes due 2023(b)

 

 

(750,000

)

 

 

(733,125

)

 

 

(750,000

)

 

 

(754,688

)

(a)

Marketable securities, which are held in our deferred compensation plans, are actively traded on major exchanges. Refer to Note 13 for additional information.

(b)

The book value of our bank debt approximates fair value because of its floating rate structure. The fair value of our senior notes and our senior subordinated notes is based on end of period market quotes which are Level 2 inputs. Refer to Note 8 for additional information.

(c)

The fair value of our deferred compensation plan is updated at the closing price on the balance sheet date which is a Level 1 input.