Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2011

Fair Value Measurements (Tables) [Abstract]

Assets and liabilities measured at fair value on a recurring basis

(in thousands)

December 31, 2011

Assets (liabilities)

Level 1

Level 2

Level 3

Total

Cash equivalents

183

—

183

Commodity derivatives, net

43,503

22,876

2,467

68,846

Convertible preferred securities (b)

—

20,360

Other assets and liabilities (a)

24,875

—

(2,178

)

22,697

Total

68,561

22,876

20,649

112,086


(in thousands)	December 31, 2010
Assets (liabilities)	Level 1		Level 2		Level 3			Total
Cash equivalents	$	213	$	—	$	—		$	213
Commodity derivatives, net		61,559		129,723		12,406			203,688
Convertible preferred securities (b)		—		—		15,790			15,790
Other assets and liabilities (a)		17,983		—		(2,156	)		15,827

Total	$	79,755	$	129,723	$	26,040		$	235,518

(a)	Included in other assets and liabilities is restricted cash, interest rate and foreign currency derivatives, swaptions and deferred compensation assets.

(b)	Recorded in "Other noncurrent assets" on the Company's Consolidated Balance Sheets

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


	2011								2010
(in thousands)	Interest rate derivatives and swaptions			Convertible preferred securities		Commodity derivatives, net			Interest rate derivatives			Convertible preferred securities		Commodity derivatives, net
Asset (liability) at December 31,	$	(2,156	)	$	15,790	$	12,406		$	(1,763	)	$	—	$	1,948
Investment in debt securities		—			—		—			—			13,100		—
Gains (losses) included in earnings		(560	)		—		(9,109	)		(132	)		—		(1,519	)
Unrealized gains (losses) included in other comprehensive income		(62	)		—		—			(297	)		—		—
Increase in estimated fair value of investment in debt securities included in other comprehensive income		—			4,570		—			—			2,690		—
New contracts entered into		600			—		—			36			—		—
Transfers to level 2		—			—		(1,234	)		—			—		—
Transfers from level 2		—			—		404			—			—		11,977

Asset (liability) at December 31,	$	(2,178	)	$	20,360	$	2,467		$	(2,156	)	$	15,790	$	12,406

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


(in thousands)	Carrying Amount		Fair Value
2011:
Fixed rate long-term notes payable	$	179,160	$	186,918
Long-term notes payable, non-recourse		954		966
Debenture bonds		29,483		30,666

	$	209,597	$	218,550


2010:
Fixed rate long-term notes payable	$	196,242	$	199,292
Long-term notes payable, non-recourse		15,991		16,157
Debenture bonds		36,887		39,991

	$	249,120	$	255,440

- Definition

This element represents the disclosure related to the fair value measurement of assets and liabilities which includes [financial] instruments measured at fair value that are classified in stockholders' equity. Such assets and liabilities may be measured on a recurring or nonrecurring basis. The disclosures which may be required or desired include: (1) for assets and liabilities measured on a recurring basis, disclosure may include: (a) the fair value measurements at the reporting date; (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3); (c) for fair value measurements using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (i) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (ii) purchases, sales, issuances, and settlements (net); (iii) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs); (d) the amount of the total gains or losses for the period in subparagraph (c) (i) above included in earnings (or changes in net assets) that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date and a description of where those unrealized gains or losses are reported in the statement of income (or activities); (e) the valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques, if any, during the period and (2) for assets and liabilities that are measured at fair value on a nonrecurring basis (for example, impaired assets) disclosure may include, in addition to (a) above: (a) the reasons for the fair value measurements recorded; (b) the same as (b) above; (c) for fair value measurements using significant unobservable inputs (Level 3), a description of the inputs and the information used to develop the inputs; and (d) the valuation technique(s) used to measure fair value and a discussion of changes, if any, in the valuation technique(s) used to measure similar assets and/or liabilities in prior periods.

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