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Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2014
Fair Value Measurements  
Recurring Fair Value Measurements

 

 

 

Fair Value as of September 30, 2014

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total

 

 

 

(In thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

Short-term investments:

 

 

 

 

 

 

 

 

 

Available-for-sale equity securities (energy industry)

 

$

60,006 

 

$

340 

 

$

 

$

60,346 

 

Available-for-sale debt securities:

 

 

 

 

 

 

 

 

 

Mortgage-CMO debt securities

 

 

19 

 

 

19 

 

Total short-term investments

 

$

60,006 

 

$

359 

 

$

 

$

60,365 

 

 

Fair Value of Financial Instruments

 

 

 

September 30, 2014

 

December 31, 2013

 

 

 

Carrying
Value

 

Fair
Value

 

Carrying
Value

 

Fair
Value

 

 

 

(In thousands)

 

2.35% senior notes due September 2016

 

$

349,870 

 

$

357,242 

 

$

349,820 

 

$

354,694 

 

6.15% senior notes due February 2018

 

948,900 

 

1,074,186 

 

969,928 

 

1,097,480 

 

9.25% senior notes due January 2019

 

339,607 

 

426,835 

 

339,607 

 

428,733 

 

5.00% senior notes due September 2020

 

698,177 

 

768,607 

 

697,947 

 

731,955 

 

4.625% senior notes due September 2021

 

698,328 

 

755,300 

 

698,148 

 

709,793 

 

5.10% senior notes due September 2023

 

348,861 

 

380,114 

 

348,765 

 

349,731 

 

Subsidiary preferred stock (1)

 

 

 

69,188 

 

69,000 

 

Revolving credit facility

 

100,000 

 

100,000 

 

170,000 

 

170,000 

 

Commercial paper

 

771,374 

 

771,374 

 

329,844 

 

329,844 

 

Other

 

215 

 

215 

 

10,243 

 

10,243 

 

Total

 

$

4,255,332 

 

$

4,633,873 

 

$

3,983,490 

 

$

4,251,473 

 

 

 

(1)

We redeemed all outstanding subsidiary preferred stock during the second quarter of 2014.  See Note 8 — Subsidiary Preferred Stock for additional discussion.