SEC Filings

10-K
RANGE RESOURCES CORP filed this Form 10-K on 02/22/2017
Entire Document
 

 

Fair Values-Recurring

We use a market approach for our recurring fair value measurements and endeavor to use the best information available. Accordingly, valuation techniques that maximize the use of observable impacts are favored. The following tables present the fair value hierarchy table for assets and liabilities measured at fair value, on a recurring basis (in thousands):

 

Fair Value Measurements at December 31, 2016 Using:

 

 

Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)

 

  

Significant
Other
Observable
Inputs
(Level 2)

 

  

Significant
Unobservable
Inputs
(Level 3)

 

  

Total
Carrying
Value as of
December 31,
2016

 

Trading securities held in the deferred compensation plans

$

61,717

  

  

$

  

  

$

  

  

$

61,717

  

Derivatives

–swaps

 

  

  

 

(207,979

)

  

 

  

  

 

(207,979

)

 

–collars

 

 

 

 

3,673

 

 

 

 

 

 

3,673

 

 

–puts

 

 

 

 

18,159

 

 

 

 

 

 

18,159

 

 

–calls

 

 

 

 

(1,041

)

 

 

 

 

 

(1,041

)

 

–basis swaps

 

  

  

 

11,106

  

  

 

  

  

 

11,106

  

 

–freight swaps

 

 

 

 

65

 

 

 

 

 

 

65

 

 

 

Fair Value Measurements at December 31, 2015 Using:

 

 

Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)

 

  

Significant
Other
Observable
Inputs
(Level 2)

 

  

Significant
Unobservable
Inputs
(Level 3)

 

  

Total
Carrying
Value as of
December 31,
2015

 

Trading securities held in the deferred compensation plans

$

62,376

  

  

$

  

  

$

 —

  

  

$

62,376

  

Derivatives

–swaps

 

  

  

 

283,276

 

  

 

  

  

 

283,276

 

 

–basis swaps

 

  

  

 

4,329

  

  

 

  

  

 

4,329

  

Our trading securities in Level 1 are exchange-traded and measured at fair value with a market approach using December 31, 2016 market values. Derivatives in Level 2 are measured at fair value with a market approach using third-party pricing services, which have been corroborated with data from active markets or broker quotes.  

Our trading securities held in the deferred compensation plan are accounted for using the mark-to-market accounting method and are included in other assets in the accompanying consolidated balance sheets. We elected to adopt the fair value option to simplify our accounting for the investments in our deferred compensation plan. Interest, dividends, and mark-to-market gains/losses are included in deferred compensation plan expense in the accompanying consolidated statements of operations. For the year ended December 31, 2016, interest and dividends were $972,000 and mark-to-market was a gain of $3.1 million. For the year ended December 31, 2015, interest and dividends were $908,000 and mark-to-market was a loss of $5.9 million. For the year ended December 31, 2014, interest and dividends were $911,000 and mark-to-market was a loss of $2.4 million.  

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