Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2013

Assets and liabilities measured at fair value on a recurring basis

The following table presents the Company's assets and liabilities that are measured at fair value on a recurring basis at December 31, 2013 and 2012:



(in thousands)	December 31, 2013
Assets (liabilities)	Level 1		Level 2			Level 3		Total
Cash equivalents	$	97,751	$	—		$	—	$	97,751
Restricted cash	408		—			—		408
Commodity derivatives, net (a)	50,777		(49,810		)	—		967
Convertible preferred securities (b)	—		—			25,720		25,720
Other assets and liabilities (c)	10,143		(159		)	—		9,984
Total	$	159,079	$	(49,969	)	$	25,720	$	134,830



(in thousands)	December 31, 2012
Assets (liabilities)	Level 1		Level 2			Level 3		Total
Cash equivalents	$	78,674	$	—		$	—	$	78,674
Restricted cash	398		—			—		398
Commodity derivatives, net (a)	46,966		23,634			—		70,600
Convertible preferred securities (b)	—		—			17,200		17,200
Other assets and liabilities (c)	7,813		(2,109		)	—		5,704
Total	$	133,851	$	21,525		$	17,200	$	172,576


(a)	Includes associated cash posted/received as collateral


(b)	Recorded in “Other noncurrent assets” on the Company’s Consolidated Balance Sheets


(c)	Included in other assets and liabilities is interest rate and foreign currency derivatives, swaptions (Level 2) and deferred compensation assets (Level 1)

Beginning and ending balances for the Company's fair value measurements using Level 3 inputs

A reconciliation of beginning and ending balances for the Company’s fair value measurements using Level 3 inputs is as follows:



	2013		2012
(in thousands)	Convertible preferred securities		Interest rate derivatives and swaptions			Convertible preferred securities			Commodity derivatives, net
Asset (liability) at December 31,	$	17,220	$	(2,178	)	$	20,360		$	2,467
Gains (losses) included in earnings:
Unrealized gains (losses) included in other comprehensive income	8,500		—			(3,140		)	—
Transfers to level 2	—		2,178			—			(2,467		)
Asset (liability) at December 31,	$	25,720	$	—		$	17,220		$	—

Fair Value Inputs, Assets, Quantitative Information

The following table summarizes information about the Company's Level 3 fair value measurements as of December 31, 2013:



Quantitative Information about Level 3 Fair Value Measurements

					Range
(in thousands)	Fair Value as of 12/31/13		Valuation Method	Unobservable Input	Low		High		Weighted Average
Convertible Preferred Securities	$	25,720	Market Approach	EBITDA Multiples	7.50		8.00		7.75

			Income Approach	Discount Rate	14.5	%	14.5	%	14.5	%

Fair value of long-term debt estimated using quoted market prices or discounted future cash flows

Based upon the Company’s credit standing and current interest rates offered by the Company on similar bonds and rates currently available to the Company for long-term borrowings with similar terms and remaining maturities, the Company estimates the fair values of its long-term debt instruments outstanding at December 31, 2013 and 2012, as follows:



(in thousands)	Carrying Amount		Fair Value		Fair Value Hierarchy Level
2013:
Fixed rate long-term notes payable	$	270,112	$	271,716	Level 2
Debenture bonds	41,131		42,475		Level 2
	$	311,243	$	314,191

2012:
Fixed rate long-term notes payable	$	263,745	$	279,505	Level 2
Long-term notes payable, non-recourse	785		800		Level 2
Debenture bonds	35,411		37,135		Level 2
	$	299,941	$	317,440