Fair Value Measurements Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2016

Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]

The following table is a listing of the Company’s assets and liabilities that are measured at fair value in the accompanying balance sheets and where they are classified within the fair value hierarchy as of June 30, 2016:



	Level 1		Level 2		Level 3
	(in thousands)
Assets:
Derivatives ⁽¹⁾	$	—	$	258,695	$	—
Total property and equipment, net ⁽²⁾	$	—	$	—	$	99,944
Liabilities:
Derivatives ⁽¹⁾	$	—	$	168,152	$	—
Net Profits Plan ⁽¹⁾	$	—	$	—	$	9,476

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⁽¹⁾ This represents a financial asset or liability that is measured at fair value on a recurring basis.

⁽²⁾ This represents a non-financial asset that is measured at fair value on a nonrecurring basis.

The following table is a listing of the Company’s assets and liabilities that are measured at fair value in the accompanying balance sheets and where they were classified within the fair value hierarchy as of December 31, 2015:



	Level 1		Level 2		Level 3
	(in thousands)
Assets:
Derivatives ⁽¹⁾	$	—	$	488,411	$	—
Total property and equipment, net ⁽²⁾	$	—	$	—	$	124,813
Liabilities:
Derivatives ⁽¹⁾	$	—	$	8	$	—
Net Profits Plan ⁽¹⁾	$	—	$	—	$	7,611

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⁽¹⁾ This represents a financial asset or liability that is measured at fair value on a recurring basis.

⁽²⁾ This represents a non-financial asset that is measured at fair value on a nonrecurring basis.

Net Profit Plan Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following table reflects the activity for the Company’s Net Profits Plan liability measured at fair value using Level 3 inputs:



	For the Six Months Ended June 30, 2016
	(in thousands)
Beginning balance	$	7,611
Net increase in liability ⁽¹⁾	4,042
Net settlements ^{(1) (2)}	(2,177		)
Transfers in (out) of Level 3	—
Ending balance	$	9,476

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⁽¹⁾	Net changes in the Company’s Net Profits Plan liability are shown in the Change in Net Profits Plan liability line item of the accompanying statements of operations.


⁽²⁾	Settlements represent cash payments made or accrued under the Net Profits Plan.

Long Term Debt Fair Value [Table Text Block]

The following table reflects the fair value of the Senior Notes measured using Level 1 inputs based on quoted secondary market trading prices. The Senior Notes were not presented at fair value on the accompanying balance sheets as of June 30, 2016, or December 31, 2015, as they were recorded at carrying value, net of unamortized deferred financing costs. Please refer to Note 5 - Long-Term Debt for discussion of the Company’s repurchase of a portion of its Senior Notes during the first quarter of 2016.



	As of June 30, 2016				As of December 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
6.50% Senior Notes due 2021	$	346,955	$	328,091	$	350,000	$	262,938
6.125% Senior Notes due 2022	561,796		516,852		600,000		440,250
6.50% Senior Notes due 2023	394,985		366,349		400,000		296,000
5.0% Senior Notes due 2024	500,000		426,875		500,000		334,065
5.625% Senior Notes due 2025	500,000		433,125		500,000		326,875
Total Senior Notes	$	2,303,736	$	2,071,292	$	2,350,000	$	1,660,128

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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