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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2019
Fair Value Disclosures [Abstract]  
Fair Value Amounts by Hierarchy Level
Fair value amounts by hierarchy level as of September 30, 2019 and December 31, 2018 are presented gross in the tables below (in thousands):
 
September 30, 2019
 
Level 1
 
Level 2
 
Level 3
 
Gross Fair Value
 
Effect of Counter-Party Netting
 
Net Carrying Value on Balance Sheet (1)
Assets
 
 
 
 
 
 
 
 
 
 
 
Commodity derivatives
$
2,000

 
$
813

 
$
—

 
$
2,813

 
$
(2,695
)
 
$
118

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
Common stock warrants
$
—

 
$
—

 
$
(8,072
)
 
$
(8,072
)
 
$
—

 
$
(8,072
)
Commodity derivatives
(1,946
)
 
(859
)
 
—

 
(2,805
)
 
2,695

 
(110
)
J. Aron repurchase obligation derivative
—

 
—

 
(2,473
)
 
(2,473
)
 
—

 
(2,473
)
MLC repurchase obligation derivative
—

 
—

 
4,340

 
4,340

 
—

 
4,340

Interest rate derivatives
—

 
(1,872
)
 
—

 
(1,872
)
 
—

 
(1,872
)
Total
$
(1,946
)
 
$
(2,731
)
 
$
(6,205
)
 
$
(10,882
)
 
$
2,695

 
$
(8,187
)
 
December 31, 2018
 
Level 1
 
Level 2
 
Level 3
 
Gross Fair Value
 
Effect of Counter-Party Netting
 
Net Carrying Value on Balance Sheet (1)
Assets
 
 
 
 
 
 
 
 
 
 
 
Commodity derivatives
$
170

 
$
5,234

 
$
—

 
$
5,404

 
$
(431
)
 
$
4,973

Interest rate derivatives
—

 
191

 
—

 
191

 
—

 
191

Total
$
170

 
$
5,425

 
$
—

 
$
5,595

 
$
(431
)
 
$
5,164

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
Common stock warrants
$
—

 
$
—

 
$
(5,007
)
 
$
(5,007
)
 
$
—

 
$
(5,007
)
Commodity derivatives
(870
)
 
(261
)
 
—

 
(1,131
)
 
431

 
(700
)
J. Aron repurchase obligation derivative
—

 
—

 
4,085

 
4,085

 
—

 
4,085

Total
$
(870
)
 
$
(261
)
 
$
(922
)
 
$
(2,053
)
 
$
431

 
$
(1,622
)
_________________________________________________________
(1)
Does not include cash collateral of $13.6 million and $10.9 million as of September 30, 2019 and December 31, 2018, respectively, included within Prepaid and other current assets and Other long-term assets on our condensed consolidated balance sheets.
Roll Forward of Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis
A roll forward of Level 3 financial instruments measured at fair value on a recurring basis is as follows (in thousands):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Balance, at beginning of period
$
(12,720
)
 
$
(10,559
)
 
$
(922
)
 
$
(26,372
)
Settlements
3,777

 
—

 
(4,121
)
 
—

Acquired
6,201

 
—

 
3,900

 
—

Total unrealized income (loss) included in earnings
(3,463
)
 
(5,397
)
 
(5,062
)
 
10,416

Balance, at end of period
$
(6,205
)
 
$
(15,956
)
 
$
(6,205
)
 
$
(15,956
)
Carrying Value and Fair Value of Long-term Debt and Other Financial Instruments
The carrying value and fair value of long-term debt and other financial instruments as of September 30, 2019 and December 31, 2018 are as follows (in thousands):
 
September 30, 2019
 
Carrying Value
 
Fair Value
5.00% Convertible Senior Notes due 2021 (1) (3)
$
72,560

 
$
109,643

7.75% Senior Secured Notes due 2025 (1)
291,700

 
299,250

Mid Pac Term Loan (2)
1,441

 
1,441

Term Loan B Facility (1)
233,171


243,750

Retail Property Term Loan (2)
43,549


43,549

Common stock warrants (2)
8,072

 
8,072

 
December 31, 2018
 
Carrying Value
 
Fair Value
5.00% Convertible Senior Notes due 2021 (1) (3)
$
100,411

 
$
121,488

7.75% Senior Secured Notes due 2025 (1)
290,763

 
270,000

Mid Pac Term Loan (2)
1,466

 
1,466

Common stock warrants (2)
5,007

 
5,007

_________________________________________________________
(1)
The fair value measurements of the 5.00% Convertible Senior Notes, 7.75% Senior Secured Notes, and Term Loan B Facility are considered Level 2 measurements as discussed below.
(2)
The fair value measurements of the common stock warrants, Mid Pac Term Loan, and Retail Property Term Loan are considered Level 3 measurements in the fair value hierarchy.
(3)
The carrying value of the 5.00% Convertible Senior Notes excludes the fair value of the equity component, which was classified as equity upon issuance.