Fair value measurements (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of 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 June 30, 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)	$	17,687	$	—	$	17,687	$	6,576	$	(22,895)	$	(16,319)
Significant unobservable inputs (Level 3)	—		(500)		(500)		235		(1)		234
Netting adjustments (1)	(500)		500		—		(5,864)		5,864		—
	$	17,187	$	—	17,187		$	947	$	(17,032)	$	(16,085)

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(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.

Schedule of 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:

	Six months ended June 30,
Net derivative assets (liabilities)	2020		2019
Beginning balance	$	234	$	30
Realized and unrealized gains included in derivative losses	1,033		441
Settlements (received) paid	(1,767)		116
Ending balance	$	(500)	$	587
(Losses) gains relating to instruments still held at the reporting date included in derivative gains (losses) for the period	$	(430)	$	742

Schedule of inflation and discount rate assumptions

The table below discloses the inflation and discount rate assumptions for the periods presented:

	Six months ended June 30,
	2020		2019
Inflation rate	2.21	%	2.25	%
Credit-adjusted risk-free discount rate (low)	25.00	%	12.35	%
Credit-adjusted risk-free discount rate (high)	25.00	%	14.60	%

Schedule of carrying value and estimated fair value of debts

The carrying value and estimated fair value of our debt were as follows:

	June 30, 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	$	30,000	$	300,000	$	133,050
Credit facility	225,000		225,000		130,000		130,000
Other secured debt (2)	—		—		371		371

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(1)The carrying value excludes deductions for debt issuance costs.

(2)The balance December 31, 2019, consisted of only equipment installment notes

Schedule of 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
June 30, 2020
Derivative assets	$	17,687	$	(500)	$	17,187	$	—	$	(17,187)	$	—
Derivative liabilities	(500)		500		—		—		—		—
	$	17,187	$	—	$	17,187	$	—	$	(17,187)	$	—
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)

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(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.

Schedule of 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
June 30, 2020
Derivative assets	$	17,687	$	(500)	$	17,187	$	—	$	(17,187)	$	—
Derivative liabilities	(500)		500		—		—		—		—
	$	17,187	$	—	$	17,187	$	—	$	(17,187)	$	—
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)

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(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.