Fair Value Measurement

12 Months Ended

Dec. 31, 2011

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

Fair Value Measurement

The following tables summarize each class of assets and liabilities measured at fair value on a recurring basis (in thousands):

	Fair Value Measurement at Reporting Date Using
December 31, 2011	Level 11		Level 22		Level 33		Total
Cash equivalents
Money market funds	$	178,174	$	—	$	—	$	178,174
Total	$	178,174	$	—	$	—	$	178,174

December 31, 2010
Cash equivalents
Money market funds	$	226,009	$	—	$	—	$	226,009
Trading securities
Equity securities - mutual funds	14,411		—		—		14,411
Total	$	240,420	$	—	$	—	$	240,420

¹Quoted prices in active markets for identical assets or liabilities.

²Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

³Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

A reconciliation of money market funds to consolidated cash and cash equivalents is as follows (in thousands):

December 31,	2011		2010
Money market funds	$	178,174	$	226,009
Held-to-maturity commercial paper	4,999		4,999
Cash	73,817		21,014
Total cash and cash equivalents	$	256,990	$	252,022

We believe the carrying values of receivables, other current assets, and other current liabilities approximate their fair values. The fair value of the senior notes payable was based on borrowing rates available to us for long-term loans with similar terms, average maturities, and credit risk. The carrying amount and estimated fair value of senior notes payable, including current maturities, were as follows (in thousands):

December 31,	2011		2010
Carrying amount
Senior notes payable (including current maturities)	$	216,666	$	225,000
Fair value
Senior notes payable (including current maturities)	$	250,541	$	245,015

As of December 31, 2011 and 2010, nonfinancial assets and liabilities measured at fair value on a nonrecurring basis primarily consisted of our asset retirement obligations and assets that were written down to fair value in connection with our 2010 Enterprise Improvement Plan. As of December 31, 2011, the nonfinancial assets and liabilities that were measured at fair value on a nonrecurring basis also included our cost method investment in the preferred stock of a corporation that designs and manufactures power generation equipment. Fair value for these assets and liabilities was measured using Level 3 inputs, which are unobservable inputs supported by little or no market activity and are significant to the fair value of the assets. Asset retirement obligations were initially measured at fair value using internal discount flow calculations based upon our estimates of future retirement costs - see Note 8 for details of the asset retirement balances as of December 31, 2011 and 2010. Fair value of the assets related to our Enterprise Improvement Plan and organizational change was determined based on a variety of factors that are further described in Note 1 under the Property and Equipment, Long-lived Assets and Real Estate Held for Development and Sale sections. The fair value of our cost method investment was estimated based on the expected future cash flows attributable to the asset and on other assumptions that market participants would use in determining fair value, such as liquidation preferences, market discount rates, transaction prices for other comparable assets, and other market data. See Note 7 for additional discussion of the cost method investment.