Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments (Tables)

v2.4.0.6
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2012
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Fair Value Table, by Balance Sheet Grouping
The following table (in thousands) sets forth, by level within the fair value hierarchy, the fair value of our derivative instruments assets and liabilities at June 30, 2012:  
 
Quoted Prices in Active Markets for Identical Instruments
(Level 1)
 
Significant Other Observable Inputs (Level 2)
 
Significant Unobservable Inputs (Level 3)
 
Total Carrying Value
LNG Inventory Derivatives asset (1)
$
—
 
 
 
38

 
$
—
 
 
$
38
 
Fuel Derivatives liability (2)
—
 
 
 
664

 
—
 
 
664
 
 
 
 
 
 
 

(1)
LNG Inventory Derivatives asset is classified as other current assets on our Consolidated Balance Sheets. Changes in the fair value of LNG Inventory Derivatives are classified as revenues on our Consolidated Statements of Operations. We recorded revenues of $(0.2) million and zero related to LNG Inventory Derivatives in the three months ended June 30, 2012 and 2011, respectively. We recorded revenues of $0.9 million and zero related to LNG Inventory Derivatives in the six months ended June 30, 2012 and 2011, respectively.
(2)
Fuel Derivatives liability is classified as other current liabilities on our Consolidated Balance Sheets. Changes in the fair value of Fuel Derivatives are classified as derivative gain (loss) on our Consolidated Statements of Operations. We recorded derivative gain of $0.3 million and derivative loss of $0.4 million related to Fuel Derivatives in the three months ended June 30, 2012 and 2011, respectively. We recorded derivative loss of $0.6 million and $0.4 million related to Fuel Derivatives in the six months ended June 30, 2012 and 2011, respectively.
Schedule of Derivative Instruments Fair Value Estimate
Financial Instruments (in thousands):
 
June 30, 2012
 
December 31, 2011
 
Carrying Amount
 
Estimated Fair Value
 
Carrying Amount
 
Estimated Fair Value
2013 Notes (1)
$
550,000

 
$
569,250

 
$
550,000

 
$
555,500

2016 Notes, net of discount (1)
1,644,765

 
1,722,892

 
1,642,418

 
1,650,630

 
 
 
 
 
(1)
The Level 2 estimated fair value of the Senior Notes, net of discount, was based on quotations obtained from broker-dealers who make markets in these and similar instruments based on the closing trading prices on June 30, 2012 and December 31, 2011, as applicable.