Fair Value Measurements (Tables)
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9 Months Ended |
Sep. 30, 2016 |
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| Fair Value Disclosures [Abstract] |
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| Financial Assets and Liabilities Required Fair Value Measurement 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): | | | | | | | | | | | | | | | | | | September 30, 2016 | | Level 1 | | Level 2 | | Level 3 | | Total | Assets | | | | | | | | Energy derivative | $ | — |
| | $ | — |
| | $ | 48,713 |
| | $ | 48,713 |
| Foreign currency forward contracts | — |
| | 743 |
| | — |
| | 743 |
| | $ | — |
| | $ | 743 |
| | $ | 48,713 |
| | $ | 49,456 |
| Liabilities | | | | | | | | Interest rate swaps | $ | — |
| | $ | 79,021 |
| | $ | — |
| | $ | 79,021 |
| Foreign currency forward contracts | — |
| | 761 |
| | — |
| | 761 |
| | $ | — |
| | $ | 79,782 |
| | $ | — |
| | $ | 79,782 |
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| | | | | | | | | | | | | | | | | | December 31, 2015 | | Level 1 | | Level 2 | | Level 3 | | Total | Assets | | | | | | | | Interest rate swaps | $ | — |
| | $ | 559 |
| | $ | — |
| | $ | 559 |
| Energy derivative | — |
| | — |
| | 63,683 |
| | 63,683 |
| Foreign currency forward contracts | — |
| | 4,110 |
| | — |
| | 4,110 |
| | $ | — |
| | $ | 4,669 |
| | $ | 63,683 |
| | $ | 68,352 |
| Liabilities | | | | | | | | Interest rate swaps | $ | — |
| | $ | 43,002 |
| | $ | — |
| | $ | 43,002 |
| | $ | — |
| | $ | 43,002 |
| | $ | — |
| | $ | 43,002 |
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| Fair Value Measurements, Recurring Level 3, Valuation Techniques |
The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements were as follows (in thousands, for fair value): | | | | | | | | | | September 30, 2016 | | Fair Value | | Valuation Technique | | Significant Unobservable Inputs | | Range | Energy derivative | | $48,713 | | Discounted cash flow | | Forward electricity prices | | $14.9 - $69.2(1) | | | | | | | Discount rate | | 0.85% - 1.04% | | | | | | | | December 31, 2015 | | Fair Value | | Valuation Technique | | Significant Unobservable Inputs | | Range | Energy derivative | | $63,683 | | Discounted cash flow | | Forward electricity prices | | $12.48 - $74.94(1) | | | | | | | Discount rate | | 0.61% - 1.46% |
| | (1) | Represents price per MWh |
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| Reconciliation of Energy Derivative Contract Measured at Fair Value |
The following table presents a reconciliation of the energy derivative contract measured at fair value on a recurring basis using significant unobservable inputs (in thousands): | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | | 2016 | | 2015 | | 2016 | | 2015 | Balances, beginning of period | | $ | 49,531 |
| | $ | 61,445 |
| | $ | 63,683 |
| | $ | 64,475 |
| Net gains included in electricity sales | | 2,326 |
| | 7,599 |
| | 1,659 |
| | 16,666 |
| Settlements | | (3,144 | ) | | (2,969 | ) | | (16,629 | ) | | (15,066 | ) | Balances, end of period | | $ | 48,713 |
| | $ | 66,075 |
| | $ | 48,713 |
| | $ | 66,075 |
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| Carrying Amounts and Fair Values of Company's Financial Liabilities |
The following table presents the carrying amount and fair value and the fair value hierarchy of the Company’s financial liabilities that are not measured at fair value in the consolidated balance sheets, but for which fair value is disclosed (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | Fair Value | | As reflected on the balance sheet | | Level 1 | | Level 2 | | Level 3 | | Total | September 30, 2016 | | | | | | | | | | Convertible senior notes | $ | 201,504 |
| | $ | — |
| | $ | 212,545 |
| | $ | — |
| | $ | 212,545 |
| Long-term debt, including current portion | $ | 1,191,752 |
| | $ | — |
| | $ | 1,192,317 |
| | $ | — |
| | $ | 1,192,317 |
| December 31, 2015 | | | | | | | | | | Convertible senior notes | $ | 197,362 |
| | $ | — |
| | $ | 189,863 |
| | $ | — |
| | $ | 189,863 |
| Long-term debt, including current portion | $ | 1,218,524 |
| | $ | — |
| | $ | 1,192,286 |
| | $ | — |
| | $ | 1,192,286 |
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