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Financial Instruments
 12 Months Ended
Dec. 31, 2014
Financial Instruments [Abstract]  
Financial Instruments

Note 20 – Financial Instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2014

 

December 31, 2013

 

Fair Value

 

Carrying Value

 

Fair Value

 

Carrying Value

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Debt

$
446,139 

 

$
432,181 

 

$
868,406 

 

$
870,878 

Derivative instruments

 

 —

 

 

 —

 

 
9,245 

 

 
9,245 

 

The carrying amounts reflected in the consolidated balance sheets for cash and equivalents, short-term receivables and short-term payables approximate their fair value due to the short maturity of the instruments.  The fair values of commodity derivative instruments and interest rate swaps were determined based upon quotes obtained from brokers.  The fair values of long-term debt were determined based upon market quotes for our Senior Notes and discounted cash flows for our other debt.  As of December 31, 2014, only the Amended Term Loan Facility is subject to fair value reporting.  The fair value of our Amended Term Loan Facility was determined based upon a discounted cash flow model.  As a result, all fair value measures related to our debt are considered Level 3.