Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Hierarchy Table for Assets and Liabilities Measured at Fair Value

We use a market approach for our recurring fair value measurements and endeavor to use the best information available. Accordingly, valuation techniques that maximize the use of observable impacts are favored. The following tables present the fair value hierarchy table for assets and liabilities measured at fair value, on a recurring basis (in thousands):

		Fair Value Measurements at December 31, 2015 Using:
		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Carrying Value as of December 31, 2015
Trading securities held in the deferred compensation plans		$	62,376	$	¾	$	¾	$	62,376
Derivatives	–swaps		¾		283,276		¾		283,276
	–basis swaps		¾		4,329		¾		4,329

		Fair Value Measurements at December 31, 2014 Using:
		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Carrying Value as of December 31, 2014
Trading securities held in the deferred compensation plans		$	68,454	$	—	$	—	$	68,454
Derivatives	–swaps		—		344,216		—		344,216
	–collars		—		57,460		—		57,460
	–basis swaps		—		1,687		—		1,687

Value of Assets Measured at Fair Value on Non Recurring Basis

The following table presents the value of these assets measured at fair value on a nonrecurring basis at the time impairment was recorded (in thousands):

	Year Ended December 31,
	2015				2014				2013
	Fair Value		Impairment		Fair Value		Impairment		Fair Value		Impairment
Natural gas and oil properties	$	152,230	$	590,174	$	15,605	$	28,024	$	500	$	7,012
Surface property		¾		¾		¾		¾		5,550		741

Carrying Amounts and Fair Values of Financial Instruments

The following table presents the carrying amounts and the fair values of our financial instruments as of December 31, 2015 and 2014 (in thousands):

	December 31, 2015						December 31, 2014
	Carrying Value			Fair Value			Carrying Value			Fair Value
Assets:
Commodity swaps, collars and basis swaps	$	288,762		$	288,762		$	403,363		$	403,363
Marketable securities^(a)		62,376			62,376			68,454			68,454
Liabilities:
Commodity swaps, collars and basis swaps		(1,157	)		(1,157	)		¾			¾
Bank credit facility^(b)		(95,000	)		(95,000	)		(723,000	)		(723,000	)
Deferred compensation plan^(c)		(122,918	)		(122,918	)		(203,433	)		(203,433	)
4.875% senior notes due 2025^(b)		(750,000	)		(572,813	)		¾			¾
6.75% senior subordinated notes due 2020^(b)		¾			¾			(500,000	)		(523,125	)
5.75% senior subordinated notes due 2021^(b)		(500,000	)		(396,250	)		(500,000	)		(520,000	)
5.00% senior subordinated notes due 2022^(b)		(600,000	)		(447,000	)		(600,000	)		(601,500	)
5.00% senior subordinated notes due 2023^(b)		(750,000	)		(551,250	)		(750,000	)		(754,688	)

^(a)	Marketable securities are held in our deferred compensation plans that are actively traded on major exchanges.

^(b)	The book value of our bank debt approximates fair value because of its floating rate structure. The fair value of our senior notes and our senior subordinated notes is based on end of period market quotes, which are Level 2 inputs.

^(c)	The fair value of our deferred compensation plan is updated based on closing prices on the balance sheet date.