Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2014

Assets and liabilities measured at fair value on a recurring basis

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



(in thousands)	December 31, 2014
Assets (liabilities)	Level 1		Level 2			Level 3		Total
Cash equivalents	$	269	$	—		$	—	$	269
Restricted cash	429		—			—		429
Commodity derivatives, net (a)	72,868		(46,983		)	—		25,885
Convertible preferred securities (b)	—		—			13,300		13,300
Other assets and liabilities (c)	10,869		(2,666		)	—		8,203
Total	$	84,435	$	(49,649	)	$	13,300	$	48,086



(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


(a)	Includes associated cash posted/received as collateral


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


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

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:



	Convertible Preferred Securities
(in thousands)	2014			2013
Asset at January 1,	$	25,720		$	17,220
(Losses) gains included in earnings:
Unrealized (losses) gains included in other comprehensive income	(12,420		)	8,500
Asset at December 31,	$	13,300		$	25,720

Fair Value Inputs, Assets, Quantitative Information

The following tables summarize information about the Company's Level 3 fair value measurements as of December 31, 2014 and 2013:



Quantitative Information about Level 3 Fair Value Measurements
(in thousands)	Fair Value as of 12/31/14		Valuation Method	Unobservable Input	Weighted Average
Convertible Preferred Securities	$	13,300	Market Approach	EBITDA Multiples	7.00
			Income Approach	Discount Rate	14.5	%

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

Based upon the Company’s credit standing and current interest rates offered by the Company on similar bonds and rates currently available to the Company for long-term borrowings with similar terms and remaining maturities, the Company estimates the fair values of its fixed rate long-term debt instruments outstanding at December 31, 2014 and 2013, as follows:



(in thousands)	Carrying Amount		Fair Value		Fair Value Hierarchy Level
2014:
Fixed rate long-term notes payable	$	250,970	$	256,756	Level 2
Debenture bonds	42,098		43,095		Level 2
	$	293,068	$	299,851

2013:
Fixed rate long-term notes payable	$	270,112	$	271,716	Level 2
Debenture bonds	41,131		42,475		Level 2
	$	311,243	$	314,191