Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2016

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 September 30, 2016 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 September 30, 2016
Trading securities held in the deferred compensation plans	$	60,955	$	—		$	—	$	60,955
Derivatives –swaps		—		82,603			—		82,603
–collars		—		17,502			—		17,502
–puts		—		50,792			—		50,792
–basis swaps		—		17,867			—		17,867
–freight swaps		—		(155	)		—		(155	)

	Fair Value Measurements at December 31, 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 December 31, 2015
Trading securities held in the deferred compensation plans	$	62,376	$	—	$	—	$	62,376
Derivatives –swaps		—		283,276		—		283,276
–basis swaps		—		4,329		—		4,329

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 non-recurring basis at the time impairment was recorded (in thousands):

	Three Months Ended September 30,								Nine Months Ended September 30,
	2016				2015				2016				2015
		Fair Value		Impairment		Fair Value		Impairment		Fair Value		Impairment		Fair Value		Impairment
Natural gas and oil properties	$	—	$	—	$	98,872	$	502,233	$	90,150	$	43,040	$	98,872	$	502,233

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 September 30, 2016 and December 31, 2015 (in thousands):

	September 30, 2016						December 31, 2015
	Carrying Value			Fair Value			Carrying Value			Fair Value
Assets:
Commodity swaps, options and basis swaps	$	179,820		$	179,820		$	288,762		$	288,762
Marketable securities ^(a)		60,955			60,955			62,376			62,376
(Liabilities):
Commodity swaps, options and basis swaps		(11,211	)		(11,211	)		(1,157	)		(1,157	)
Bank credit facility ^(b)		(937,000	)		(937,000	)		(95,000	)		(95,000	)
Deferred compensation plan ^(c)		(148,829	)		(148,829	)		(122,918	)		(122,918	)
5.75% senior notes due 2021 ^(b)		(475,952	)		(482,496	)		—			—
5.00% senior notes due 2022 ^(b)		(580,032	)		(577,132	)		—			—
5.875% senior notes due 2022 ^(b)		(329,244	)		(332,536	)		—			—
Other senior notes due 2022 ^(b)		(1,090	)		(1,091	)		—			—
5.00% senior notes due 2023 ^(b)		(741,514	)		(723,903	)		—			—
4.875% senior notes due 2025 ^(b)		(750,000	)		(721,875	)		(750,000	)		(572,813	)
5.75% senior subordinated notes due 2021 ^(b)		(22,214	)		(22,408	)		(500,000	)		(396,250	)
5.00% senior subordinated notes due 2022 ^(b)		(19,054	)		(18,506	)		(600,000	)		(447,000	)
5.00% senior subordinated notes due 2023 ^(b)		(7,712	)		(7,490	)		(750,000	)		(551,250	)

^(a)	Marketable securities, which are held in our deferred compensation plans, 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 notes and 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 at the closing price on the balance sheet date which is a Level 1 input.