Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2014
Fair Value Disclosures [Abstract]  
Financial Assets and (Liabilities) Measured on Recurring Basis

The Company’s financial assets and (liabilities) which require fair value measurement on a recurring basis are classified within the fair value hierarchy as follows (in thousands):

 

     Fair Value  
     Level 1      Level 2     Level 3      Total  

March 31, 2014

           

Interest rate swaps

    $ —         $ (6,011 )    $ —         $ (6,011 ) 

Interest rate cap

      —           507        —           507   

Energy derivative

      —           —          60,620         60,620   
  

 

 

     

 

 

    

 

 

     

 

 

  
   $ —         $ (5,504 )    $ 60,620       $ 55,116   
  

 

 

     

 

 

    

 

 

     

 

 

  

December 31, 2013

           

Interest rate swaps

    $ —         $ 3,460      $ —         $ 3,460   

Interest rate cap

      —           681        —           681   

Energy derivative

      —           —          68,353         68,353   
  

 

 

     

 

 

    

 

 

     

 

 

  
   $ —         $ 4,141      $ 68,353       $ 72,494   
  

 

 

     

 

 

    

 

 

     

 

 

  
Reconciliation of Contingent Liabilities and Energy Derivative Contract Measured at Fair Value

The following table presents a reconciliation of contingent liabilities and the energy derivative contract measured at fair value, in thousands, on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2014 and 2013, respectively. There were no transfers between Level 2 and Level 3 during the periods presented.

 

     Contingent Liabilities     Energy Derivative  
     Three months ended March 31,     Three months ended March 31,  
     2014      2013     2014     2013  

Balances, beginning of period

    $ —         $ (8,001 )    $ 68,353      $ 79,625   

Settlements

      —           8,001        (2,735 )      (5,408 ) 

Change in fair value, net of settlements

      —           —          (4,998 )      (1,395 ) 
  

 

 

     

 

 

    

 

 

    

 

 

  

Balances, end of period

    $ —         $ —        $ 60,620      $ 72,822   
  

 

 

     

 

 

    

 

 

    

 

 

  
Schedule of Fair Value of Financial Liabilities

The following table presents the carrying amount and fair value, in thousands, and the fair value hierarchy of the Company’s financial liabilities that are not measured at fair value in the consolidated balance sheets as of March 31, 2014 and December 31, 2013, but for which fair value is disclosed.

 

     As reflected on
the balance sheet		      Fair Value  
        Level 1      Level 2      Level 3      Total  

March 31, 2014

               

Long-term debt

    $ 1,235,088       $ —         $ 1,162,316       $ —         $ 1,162,316   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

December 31, 2013

               

Long-term debt

    $ 1,249,218       $ —         $ 1,165,119       $ —         $ 1,165,119