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FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Sep. 30, 2019
Fair Value Disclosures [Abstract]  
Financial assets and liabilities measured at fair value on a recurring basis
The following table sets forth financial assets and liabilities measured at fair value on a recurring basis, as of the measurement dates indicated, and the basis for that measurement, by level within the fair value hierarchy (in thousands):
 
September 30, 2019
 
December 31, 2018
 
Level 1
 
Level 2
 
Level 1
 
Level 2
Financial assets:
 

 
 

 
 

 
 

Physical fixed-price derivative contracts
$
—

 
$
5,916

 
$
—

 
$
18,937

Physical index derivative contracts
—

 
139

 
—

 
286

 
 
 
 
 
 
 
 
Financial liabilities:
 

 
 

 
 

 
 

Physical fixed-price derivative contracts
—

 
(1,166
)
 
—

 
(1,389
)
Physical index derivative contracts
—

 
(145
)
 
—

 
(135
)
Fair value
$
—

 
$
4,744

 
$
—

 
$
17,699
Carrying value and fair value using level 2 inputs of debt The carrying value and fair value of our debt, using Level 2 input values, were as follows at the dates indicated (in thousands):
 
September 30, 2019
 
December 31, 2018
 
Carrying
Amount
 
Fair Value
 
Carrying
Amount
 
Fair Value
Fixed-rate debt
$
3,274,174

 
$
3,053,616

 
$
3,546,396

 
$
3,364,549

Variable-rate debt
555,670

 
559,045

 
1,168,046

 
1,172,328

Total debt
$
3,829,844

 
$
3,612,661

 
$
4,714,442

 
$
4,536,877