The Company holds marketable securities associated with its non-qualified savings plan, which are valued based on readily available quoted market prices on a recurring basis. The Company has utilized derivative instruments to manage its risk of changes in natural gas prices. The fair value of the natural gas derivative instruments are determined using market data of forward prices for all of the Company's contracts. The estimated fair values for each type of instrument which are measured on a recurring basis are presented below (in millions). | | | September 30, 2012 | | | Level One | | | Level Two | | | Level Three | | Asset Class: | | | | | | | | | | | | | Mutual fund investments in a non-qualified savings plan(a) | | $ | 7.2 | | | $ | 7.2 | | | $ | - | | | $ | - | | Derivatives - natural gas instruments | | | 0.4 | | | | - | | | | 0.4 | | | | - | | Total Assets | | $ | 7.6 | | | $ | 7.2 | | | $ | 0.4 | | | $ | - | | Liability Class: | | | | | | | | | | | | | | | | | Liabilities related to non-qualified savings plan | | $ | (7.2 | ) | | $ | (7.2 | ) | | $ | - | | | $ | - | | Derivatives – natural gas instruments | | | (1.9 | ) | | | - | | | | (1.9 | ) | | | - | | Total Liabilities | | $ | (9.1 | ) | | $ | (7.2 | ) | | $ | (1.9 | ) | | $ | - | |
(a) | Includes mutual fund investments of approximately 25% in the common stock of large-cap U.S. companies, approximately 5% in the common stock of small-cap U.S. companies, approximately 5% in the common stock of international companies, approximately 15% in debt securities of U.S. companies, approximately 20% in short-term investments and approximately 30% in blended funds. |
| | | December 31, 2011 | | | Level One | | | Level Two | | | Level Three | | Asset Class: | | | | | | | | | | | | | Mutual fund investments in a non-qualified savings plan(a) | | $ | 6.3 | | | $ | 6.3 | | | $ | - | | | $ | - | | Total Assets | | $ | 6.3 | | | $ | 6.3 | | | $ | - | | | $ | - | | Liability Class: | | | | | | | | | | | | | | | | | Liabilities related to non-qualified savings plan | | $ | (6.3 | ) | | $ | (6.3 | ) | | $ | - | | | $ | - | | Derivatives – natural gas instruments | | | (5.5 | ) | | | - | | | | (5.5 | ) | | | - | | Total Liabilities | | $ | (11.8 | ) | | $ | (6.3 | ) | | $ | (5.5 | ) | | $ | - | |
(a) | Includes mutual fund investments of approximately 25% in the common stock of large-cap U.S. companies, approximately 5% in the common stock of small-cap U.S. companies, approximately 5% in the common stock of international companies, approximately 15% in debt securities of U.S. companies, approximately 20% in short-term investments and approximately 30% in blended funds. |
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