Fair value measurements (Tables)

9 Months Ended

Sep. 30, 2011

Assets and liabilities measured at fair value on a recurring basis

The Company's assets and liabilities measured at fair value on a recurring basis are as follows:

	Fair Value Measurements at September 30, 2011, Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at September 30, 2011
	(In thousands)
Assets:
Money market funds	$	-	$	56,194	$	-	$	56,194
Available-for-sale securities:
Insurance investment contract*		-		33,591		-		33,591
Auction rate securities		-		11,400		-		11,400
Mortgage-backed securities		-		8,570		-		8,570
U.S. Treasury securities		-		1,444		-		1,444
Commodity derivative instruments - current		-		38,794		-		38,794
Commodity derivative instruments - noncurrent		-		15,575		-		15,575
Total assets measured at fair value	$	-	$	165,568	$	-	$	165,568
Liabilities:
Commodity derivative instruments - current	$	-	$	3,028	$	-	$	3,028
Commodity derivative instruments - noncurrent		-		157		-		157
Interest rate derivative instruments - noncurrent		-		3,491		-		3,491
Total liabilities measured at fair value	$	-	$	6,676	$	-	$	6,676
* The insurance investment contract invests approximately 34 percent in common stock of mid-cap companies, 33 percent in common stock of small-cap companies, 32 percent in common stock of large-cap companies and 1 percent in cash and cash equivalents.

	Fair Value Measurements at September 30, 2010, Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at September 30, 2010
	(In thousands)
Assets:
Money market funds	$	2,835	$	-	$	-	$	2,835
Available-for-sale securities:
Fixed-income securities		-		11,400		-		11,400
Insurance contract*		-		35,902		-		35,902
Commodity derivative instruments - current		-		26,803		-		26,803
Commodity derivative instruments - noncurrent		-		8,423		-		8,423
Total assets measured at fair value	$	2,835	$	82,528	$	-	$	85,363
Liabilities:
Commodity derivative instruments - current	$	-	$	25,803	$	-	$	25,803
Commodity derivative instruments - noncurrent		-		2,263		-		2,263
Total liabilities measured at fair value	$	-	$	28,066	$	-	$	28,066
* Invested in mutual funds.

	Fair Value Measurements at December 31, 2010, Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at December 31, 2010
	(In thousands)
Assets:
Money market funds	$	-	$	166,620	$	-	$	166,620
Available-for-sale securities:
Fixed-income securities		-		11,400		-		11,400
Insurance investment contract*		-		39,541		-		39,541
Commodity derivative instruments - current		-		15,123		-		15,123
Commodity derivative instruments - noncurrent		-		4,104		-		4,104
Total assets measured at fair value	$	-	$	236,788	$	-	$	236,788
Liabilities:
Commodity derivative instruments - current	$	-	$	24,428	$	-	$	24,428
Commodity derivative instruments - noncurrent		-		6,483		-		6,483
Total liabilities measured at fair value	$	-	$	30,911	$	-	$	30,911
* The insurance investment contract invests approximately 35 percent in common stock of mid-cap companies, 33 percent in common stock of small-cap companies, 31 percent in common stock of large-cap companies and 1 percent in cash and cash equivalents.

Estimated fair value of long-term debt

The estimated fair value of the Company's long-term debt was as follows:

	Carrying Amount		Fair Value
	(In thousands)
Long-term debt at September 30, 2011	$	1,423,614	$	1,568,942
Long-term debt at September 30, 2010	$	1,510,588	$	1,679,979
Long-term debt at December 31, 2010	$	1,506,752	$	1,621,184

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

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-Name Statement of Financial Accounting Standard (FAS)

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-Name Statement of Financial Accounting Standard (FAS)

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