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Fair value measurements (Tables)
 3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
Fair value hierarchy for our financial assets and liabilities
The fair value hierarchy for our financial assets and liabilities is shown by the following table:
 
 
As of March 31, 2020
 
As of December 31, 2019
 
 
Derivative
assets
 
Derivative
liabilities
 
Net assets
(liabilities)
 
Derivative
assets
 
Derivative
liabilities
 
Net assets
(liabilities)
Significant other observable inputs (Level 2)
 
$
53,016

 
$
—

 
$
53,016

 
$
6,576

 
$
(22,895
)
 
$
(16,319
)
Significant unobservable inputs (Level 3)
 
105

 
—

 
105

 
235

 
(1
)
 
234

Netting adjustments (1)
 
—

 
—

 
—

 
(5,864
)
 
5,864

 
—

 
 
$
53,121

 
$
—

 
53,121

 
$
947

 
$
(17,032
)
 
$
(16,085
)
________________________________
(1)
Amounts represent the impact of master netting agreements that allow us to net settle positive and negative positions with the same counterparty. Positive and negative positions with counterparties are netted on the balance sheet only to the extent that they relate to the same current versus noncurrent classification.
Level 3 rollforward
Changes in the fair value of our derivative instruments, classified as Level 3 in the fair value hierarchy, were as follows for the periods presented:
 
 
Three months ended March 31,
Net derivative assets (liabilities)
 
2020
 
2019
Beginning balance
 
$
234

 
$
30

Realized and unrealized gains (losses) included in derivative losses
 
1,863

 
(981
)
Settlements (received) paid
 
(1,992
)
 
413

Ending balance
 
$
105

 
$
(538
)
Gains (losses) relating to instruments still held at the reporting date included in derivative gains (losses) for the period
 
$
4

 
$
(537
)
Inflation and discount rate assumptions
The table below discloses the inflation and discount rate assumptions for the periods presented:

 
 
Three months ended March 31,
 
 
2020
 
2019
Inflation rate
 
2.21
%
 
2.25
%
Credit-adjusted risk-free discount rate
 
25.00
%
 
12.35
%
Carrying value and estimated fair value of debts
The carrying value and estimated fair value of our debt were as follows:
 
 
March 31, 2020
 
December 31, 2019
Level 2
 
Carrying
value (1)
 
Estimated
fair value
 
Carrying
value (1)
 
Estimated
fair value
8.75% Senior Notes due 2023
 
$
300,000

 
$
13,500

 
$
300,000

 
$
133,050

Credit facility
 
145,000

 
145,000

 
130,000

 
130,000

Other secured debt (2)
 
58

 
58

 
371

 
371

________________________________
(1)
The carrying value excludes deductions for debt issuance costs.
(2)
The balance on March 31, 2020, and December 31, 2019, consisted of only equipment installment notes
Offsetting assets
The following table summarizes our derivative assets and liabilities which are offset in the consolidated balance sheets under our master netting agreements. It also reflects the amounts outstanding under our credit facilities that are available to offset our net derivative assets due from counterparties that are lenders under our credit facilities. 
 
 
Offset in the consolidated balance sheets
 
Gross amounts not offset in the consolidated balance sheets
 
 
Gross assets
(liabilities)
 
Offsetting assets
(liabilities)
 
Net assets
(liabilities)
 
Derivatives (1)
 
Amounts
outstanding
under credit
facilities (2)
 
Net amount
March 31, 2020
 
 

 
 

 
 

 
 

 
 

 
 

Derivative assets
 
$
53,121

 
$
—

 
$
53,121

 
$
—

 
$
(44,411
)
 
$
8,710

Derivative liabilities
 
—

 
—

 
—

 
—

 
—

 
—

 
 
$
53,121

 
$
—

 
$
53,121

 
$
—

 
$
(44,411
)
 
$
8,710

December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
Derivative assets
 
$
6,811

 
$
(5,864
)
 
$
947

 
$
—

 
$
(947
)
 
$
—

Derivative liabilities
 
(22,896
)
 
5,864

 
(17,032
)
 
—

 
947

 
(16,085
)
 
 
$
(16,085
)
 
$
—

 
$
(16,085
)
 
$
—

 
$
—

 
$
(16,085
)
________________________________
(1)
Since positive and negative positions with a counterparty are netted on the balance sheet only to the extent that they relate to the same current versus noncurrent classification, these represent remaining amounts that could have been offset under our master netting agreements.
(2)
The amount outstanding under our credit facility that is available to offset our net derivative assets due from counterparties that are lenders under our credit facility.
Offsetting liabilities
The following table summarizes our derivative assets and liabilities which are offset in the consolidated balance sheets under our master netting agreements. It also reflects the amounts outstanding under our credit facilities that are available to offset our net derivative assets due from counterparties that are lenders under our credit facilities. 
 
 
Offset in the consolidated balance sheets
 
Gross amounts not offset in the consolidated balance sheets
 
 
Gross assets
(liabilities)
 
Offsetting assets
(liabilities)
 
Net assets
(liabilities)
 
Derivatives (1)
 
Amounts
outstanding
under credit
facilities (2)
 
Net amount
March 31, 2020
 
 

 
 

 
 

 
 

 
 

 
 

Derivative assets
 
$
53,121

 
$
—

 
$
53,121

 
$
—

 
$
(44,411
)
 
$
8,710

Derivative liabilities
 
—

 
—

 
—

 
—

 
—

 
—

 
 
$
53,121

 
$
—

 
$
53,121

 
$
—

 
$
(44,411
)
 
$
8,710

December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
Derivative assets
 
$
6,811

 
$
(5,864
)
 
$
947

 
$
—

 
$
(947
)
 
$
—

Derivative liabilities
 
(22,896
)
 
5,864

 
(17,032
)
 
—

 
947

 
(16,085
)
 
 
$
(16,085
)
 
$
—

 
$
(16,085
)
 
$
—

 
$
—

 
$
(16,085
)
________________________________
(1)
Since positive and negative positions with a counterparty are netted on the balance sheet only to the extent that they relate to the same current versus noncurrent classification, these represent remaining amounts that could have been offset under our master netting agreements.
(2)
The amount outstanding under our credit facility that is available to offset our net derivative assets due from counterparties that are lenders under our credit facility.