Fair Value Measurements

6 Months Ended

Jun. 30, 2013

Fair Value Measurements

Fair Value Measurements

Note 4 Fair Value Measurements

The following table sets forth, by level within the fair-value hierarchy, our financial assets and liabilities that are accounted for at fair value on a recurring basis as of June 30, 2013.  Our debt securities could transfer into or out of a Level 1 or 2 measure depending on the availability of independent and current pricing at the end of each quarter.  During the three months ended June 30, 2013, there were no transfers of our financial assets between Level 1 and Level 2 measures.  Our financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

	Fair Value as of June 30, 2013
	Level 1		Level 2		Level 3		Total
	(In thousands)
Assets:
Short-term investments:
Available-for-sale equity securities from energy industry	$	77,800	$	862	$	—	$	78,662
Available-for-sale debt securities:
Corporate debt securities	—		19,685		—		19,685
Mortgage-backed debt securities	—		216		—		216
Mortgage-CMO debt securities	—		209		—		209
Asset-backed debt securities	1,060		—		—		1,060
Total short-term investments	$	78,860	$	20,972	$	—	$	99,832

Nonrecurring Fair Value Measurements

Fair value measurements were applied with respect to our nonfinancial assets and liabilities measured on a nonrecurring basis, which would consist of measurements primarily to assets held-for-sale, goodwill, intangible assets and other long-lived assets, assets acquired and liabilities assumed in a business combination, asset retirement obligations and our contractual pipeline commitment.

Fair Value of Financial Instruments

The fair value of our financial instruments has been estimated in accordance with GAAP. The fair value of our debt, revolving credit facility and subsidiary preferred stock is estimated based on quoted market prices or prices quoted from third-party financial institutions and other observable inputs, all of which represent Level 2 fair value measurements. The carrying and fair values of these liabilities were as follows:

	June 30, 2013				December 31, 2012
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
6.15% senior notes due February 2018	$	969,318	$	1,082,328	$	968,708	$	1,164,813
9.25% senior notes due January 2019	1,111,000		1,383,806		1,125,000		1,492,819
5.00% senior notes due September 2020	697,795		717,535		697,648		770,707
4.625% senior notes due September 2021	698,027		696,367		697,907		755,517
Subsidiary preferred stock	69,188		70,500		69,188		68,625
Revolving credit facility	300,000		300,000		890,000		890,000
Commercial paper	295,000		295,000		—		—
Other	11,496		11,496		437		437
	$	4,151,824	$	4,557,032	$	4,448,888	$	5,142,918

The fair values of our cash equivalents, trade receivables and trade payables approximate their carrying values due to the short-term nature of these instruments.

As of June 30, 2013, our short-term investments were carried at fair market value and classified as available-for-sale.  As of December 31, 2012, our short-term investments were carried at fair market value and included $200.6 million and $52.7 million in securities classified as available-for-sale and trading, respectively.