Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Financial assets and liabilities measured at fair value on a recurring basis

The tables below present the Company’s financial assets and liabilities measured at fair value on a recurring basis:

	Fair Value Measurements as of September 30, 2014
	Total		Level 1		Level 2		Level 3
	(in thousands)
Cash equivalents	$	155,967	$	152,967	$	3,000	$	—
Restricted cash	6,566		6,566		—		—
Short-term investments	253,300		—		253,300		—
Fuel derivative contracts:	0
Crude oil call options	50		—		50		—
Crude oil put options	4		—		4		—
Heating oil put options	845		—		845		—
Foreign currency derivatives	11,851		—		11,851		—
Interest rate derivative	452		—		452		—
Total assets measured at fair value	$	429,035	$	159,533	$	269,502	$	—
Fuel derivative contracts:
Crude oil call options	$	50	$	—	$	50	$	—
Crude oil put options	4		—		4		—
Heating oil swaps	19,515		—		19,515		—
Foreign currency derivatives	118		—		118		—
Negative arbitrage derivative	500		—		—		500
Total liabilities measured at fair value	$	20,187	$	—	$	19,687	$	500

	Fair Value Measurements as of December 31, 2013
	Total		Level 1		Level 2		Level 3
	(in thousands)
Cash equivalents	$	269,384	$	269,384	$	—	$	—
Restricted cash	21,000		21,000		—		—
Fuel derivative contracts:	0
Crude oil call options	7,121		—		7,121		—
Crude oil put options	186		—		186		—
Heating oil put options	417		—		417		—
Heating oil swaps	5,863		—		5,863		—
Foreign currency derivatives	12,494		—		12,494		—
Interest rate derivative	1,121		—		1,121		—
Total assets measured at fair value	$	317,586	$	290,384	$	27,202	$	—
Fuel derivative contracts:
Crude oil call options	$	7,121	$	—	$	7,121	$	—
Crude oil put options	186		—		186		—
Heating oil swaps	187		—		187		—
Foreign currency derivatives	1,188		—		1,188		—
Negative arbitrage derivative	12,865		—		—		12,865
Total liabilities measured at fair value	$	21,547	$	—	$	8,682	$	12,865

Schedule of activity for "Level 3" financial liability

The table below presents disclosures about the activity for the Company’s “Level 3” financial liability during the three and nine months ended September 30, 2014 and 2013: 

	Three Months Ended September 30,					Nine Months Ended September 30,
	2014			2013		2014			2013
	(in thousands)
Beginning balance	$	3,668		$	12,865	$	12,865		$	—
Issuance of enhanced equipment trust certificates	—			—		—			12,865
Reduction of balance in connection with interest payment	(3,168		)	—		(12,365		)	—
Ending balance	$	500		$	12,865	$	500		$	12,865

Schedule of debt (excluding obligations under capital leases) measured at fair value

The table below presents the Company’s debt (excluding obligations under capital leases) measured at fair value: 

Fair Value of Debt
September 30, 2014										December 31, 2013
Carrying		Fair Value								Carrying		Fair Value
Amount		Total		Level 1		Level 2		Level 3		Amount		Total		Level 1		Level 2		Level 3
		(in thousands)										(in thousands)
$	952,467	$	1,030,224	$	—	$	142,071	$	888,153	$	695,804	$	738,563	$	—	$	104,656	$	633,907