Fair value measurements (Tables)

6 Months Ended

Jun. 30, 2014

Details of available-for-sale securities were as follows:



June 30, 2014	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In thousands)
Mortgage-backed securities	$	7,989	$	91	$	(5	)	$	8,075
U.S. Treasury securities	2,066		30		—			2,096
Total	$	10,055	$	121	$	(5	)	$	10,171



June 30, 2013	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In thousands)
Mortgage-backed securities	$	8,035	$	58	$	(41	)	$	8,052
U.S. Treasury securities	1,920		15		(15		)	1,920
Total	$	9,955	$	73	$	(56	)	$	9,972



December 31, 2013	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In thousands)
Mortgage-backed securities	$	8,151	$	69	$	(27	)	$	8,193
U.S. Treasury securities	1,906		15		(4		)	1,917
Total	$	10,057	$	84	$	(31	)	$	10,110

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 were as follows:



	Fair Value Measurements at June 30, 2014, Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at June 30, 2014
	(In thousands)
Assets:
Money market funds	$	—	$	19,990	$	—	$	19,990
Insurance contract*	—		64,449		—		64,449
Available-for-sale securities:
Mortgage-backed securities	—		8,075		—		8,075
U.S. Treasury securities	—		2,096		—		2,096
Commodity derivative instruments	—		260		—		260
Total assets measured at fair value	$	—	$	94,870	$	—	$	94,870
Liabilities:
Commodity derivative instruments	$	—	$	17,449	$	—	$	17,449
Total liabilities measured at fair value	$	—	$	17,449	$	—	$	17,449

* The insurance contract invests approximately 21 percent in common stock of mid-cap companies, 18 percent in common stock of small-cap companies, 29 percent in common stock of large-cap companies, 31 percent in fixed-income investments and 1 percent in cash equivalents.



	Fair Value Measurements at June 30, 2013, Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at June 30, 2013
	(In thousands)
Assets:
Money market funds	$	—	$	29,902	$	—	$	29,902
Insurance contract*	—		54,039		—		54,039
Available-for-sale securities:
Mortgage-backed securities	—		8,052		—		8,052
U.S. Treasury securities	—		1,920		—		1,920
Commodity derivative instruments	—		11,244		—		11,244
Total assets measured at fair value	$	—	$	105,157	$	—	$	105,157
Liabilities:
Commodity derivative instruments	$	—	$	1,388	$	—	$	1,388
Total liabilities measured at fair value	$	—	$	1,388	$	—	$	1,388

* The insurance contract invests approximately 28 percent in common stock of mid-cap companies, 28 percent in common stock of small-cap companies, 28 percent in common stock of large-cap companies and 16 percent in fixed-income investments.



	Fair Value Measurements at December 31, 2013, 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, 2013
	(In thousands)
Assets:
Money market funds	$	—	$	19,227	$	—	$	19,227
Insurance contract*	—		62,370		—		62,370
Available-for-sale securities:
Mortgage-backed securities	—		8,193		—		8,193
U.S. Treasury securities	—		1,917		—		1,917
Commodity derivative instruments	—		1,950		—		1,950
Total assets measured at fair value	$	—	$	93,657	$	—	$	93,657
Liabilities:
Commodity derivative instruments	$	—	$	7,483	$	—	$	7,483
Total liabilities measured at fair value	$	—	$	7,483	$	—	$	7,483

* The insurance contract invests approximately 29 percent in common stock of mid-cap companies, 28 percent in common stock of small-cap companies, 28 percent in common stock of large-cap companies and 15 percent in fixed-income investments.

Fair value of long term debt outstanding

The estimated fair value of the Company's Level 2 long-term debt was as follows:



	Carrying Amount		Fair Value
	(In thousands)
Long-term debt at June 30, 2014	$	2,187,094	$	2,283,351
Long-term debt at June 30, 2013	$	2,006,754	$	2,090,208
Long-term debt at December 31, 2013	$	1,854,563	$	1,912,590

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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