Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2014

Assets and liabilities measured at fair value on a recurring basis

The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis at June 30, 2014, December 31, 2013 and June 30, 2013:



(in thousands)	June 30, 2014
Assets (liabilities)	Level 1		Level 2			Level 3		Total
Cash equivalents	$	13,364	$	—		$	—	$	13,364
Restricted cash	895		—			—		895
Commodity derivatives, net (a)	111,184		(42,021		)	—		69,163
Convertible preferred securities (b)	—		—			16,950		16,950
Other assets and liabilities (c)	10,662		(1,863		)	—		8,799
Total	$	136,105	$	(43,884	)	$	16,950	$	109,171



(in thousands)	December 31, 2013
Assets (liabilities)	Level 1		Level 2			Level 3		Total
Cash equivalents	$	97,751	$	—		$	—	$	97,751
Restricted cash	408		—			—		408
Commodity derivatives, net (a)	50,777		(49,810		)	—		967
Convertible preferred securities (b)	—		—			25,720		25,720
Other assets and liabilities (c)	10,143		(159		)	—		9,984
Total	$	159,079	$	(49,969	)	$	25,720	$	134,830



(in thousands)	June 30, 2013
Assets (liabilities)	Level 1		Level 2			Level 3		Total
Cash equivalents	$	32,272	$	—		$	—	$	32,272
Restricted cash	872		—			—		872
Commodity derivatives, net (a)	79,006		(21,176		)	—		57,830
Convertible preferred securities (b)	—		—			17,710		17,710
Other assets and liabilities (c)	8,837		(726		)	—		8,111
Total	$	120,987	$	(21,902	)	$	17,710	$	116,795


(a)	Includes associated cash posted/received as collateral


(b)	Recorded in “Other noncurrent assets” on the Company’s Condensed Consolidated Balance Sheets


(c)	Included in other assets and liabilities are interest rate and foreign currency derivatives and swaptions (Level 2) and deferred compensation assets (Level 1)

Beginning and ending balances for the Company's fair value measurements using Level 3 inputs

A reconciliation of beginning and ending balances for the Company’s fair value measurements using Level 3 inputs is as follows:



	2014			2013
(in thousands)	Convertible preferred securities			Convertible preferred securities
Asset at January 1,	$	25,720		$	17,220
Unrealized gains (losses) included in other comprehensive income (a)	(5,190		)	490
Asset at March 31,	$	20,530		$	17,710
Unrealized gains (losses) included in other comprehensive income (a)	(3,580		)	—
Asset at June 30,	$	16,950		$	17,710

Fair Value Inputs, Assets, Quantitative Information

The following tables summarize quantitative information about the Company's Level 3 fair value measurements as of June 30, 2014 and June 30, 2013:



Quantitative Information about Level 3 Fair Value Measurements
(in thousands)					Range
	Fair Value as of June 30, 2014		Valuation Method	Unobservable Input	Low		High		Weighted Average
Convertible Preferred Securities	$	16,950	Market Approach	EBITDA Multiples	7.50		8.00		7.75
			Income Approach	Discount Rate	14.5	%	14.5	%	14.5	%



					Range
(in thousands)	Fair Value as of December 31, 2013		Valuation Method	Unobservable Input	Low		High		Weighted Average
Convertible Preferred Securities	$	25,720	Market Approach	EBITDA Multiples	7.50		8.00		7.75
			Income Approach	Discount Rate	14.5	%	14.5	%	14.5	%



					Range
(in thousands)	Fair Value as of June 30, 2013		Valuation Method	Unobservable Input	Low		High		Weighted Average
Convertible Preferred Securities	$	17,710	Market Approach	EBITDA Multiples	5.50		7.00		6.60
			Income Approach	Discount Rate	17.0	%	17.0	%	17.0	%

Fair value of long-term debt estimated using quoted market prices or discounted future cash flows



(in thousands)	June 30, 2014		December 31, 2013
Fair value of long-term debt, including current maturities	$	394,670	$	429,723
Fair value in excess of carrying value	5,063		2,512