CXG » Topics » Note 9-Fair Value of Financial Instruments:

This excerpt taken from the CXG 10-Q filed Apr 27, 2009.

Note 10—Fair Value of Financial Instruments:

The financial assets and (liabilities) measured at fair value on a recurring basis are summarized below:

 

      Fair Value Measurements at March 31, 2009

Description

   Quoted Prices in Active
Markets for Identical
Liabilities (Level 1)
   Significant
Other
Observable
Inputs (Level 2)
   Significant
Unobservable
Inputs
(Level 3)

Gas Cash Flow Hedges . . . . . . . . . . . . . . . . . . . . . . . . . . .

   $ —      $ 253,134    $ —  

Statement of Financial Accounting Standards No. 107, “Disclosures About Fair Value of Financial Instruments” (SFAS 107) requires the disclosure of the estimated fair value of financial instruments including those financial instruments for which the SFAS 159 fair value option was not elected. The following methods and assumptions were used to estimate the fair value of those financial instruments:

Cash and cash equivalents: The carrying amount reported in the balance sheets for cash and cash equivalents approximates its fair value due to the short maturity of these instruments.

Short-term notes payable: The carrying amount reported in the balance sheets for short-term notes payable approximates its fair value due to the short-term maturity of these instruments.

Long-term debt: The fair values of long-term debt are estimated using discounted cash flow analyses, based on CNX Gas’ current incremental borrowing rates for similar types of borrowing arrangements.

The carrying amounts and fair values of financial instruments for which SFAS 159 was not elected are as follows:

 

     March 31, 2009     December 31, 2008  
   Carrying
Amount
    Fair
Value
    Carrying
Amount
    Fair
Value
 

Cash and cash equivalents

   $ 246     $ 246     $ 1,926     $ 1,926  

Short-term notes payable

   $ (80,400 )   $ (80,400 )   $ (72,700 )   $ (72,700 )

Long-term debt

   $ (18,791 )   $ (16,047 )   $ (19,883 )   $ (16,549 )
These excerpts taken from the CXG 10-K filed Feb 17, 2009.

Note 17—Fair Value of Financial Instruments:

 

Effective January 1, 2008, CNX Gas adopted Statement of Financial Accounting Standards 157, “Fair Value Measurements” (SFAS 157) and Statement of Financial Accounting Standards 159, “The Fair Value Option for Financial Assets and Financial Liabilities-Including an amendment of FASB Statement No. 115” (FAS 159). The adoption of SFAS 157 was not material to CNX Gas. As a result of the adoption, CNX Gas elected not to measure any additional financial assets or liabilities at fair value, other than those which were recorded at fair value prior to the adoption of SFAS 159.

 

The financial assets measured at fair value on a recurring basis are summarized below:

 

     Fair Value Measurements at December 31, 2008
      Quoted Prices in
Active Markets for
Identical Liabilities
   Significant
Other
Observable Inputs
   Significant
Unobservable
Inputs

Description

   (Level 1)    (Level 2)    (Level 3)

Gas Cash Flow Hedges

   $  —      $ 206,509    $  —  

 

Statement of Financial Accounting Standards No. 107, “Disclosures About Fair Value of Financial Instruments” (SFAS 107) requires the disclosure of the estimated fair value of financial instruments including those financial instruments for which the SFAS 159 fair value option was not elected. The following methods and assumptions were used to estimate the fair value of those financial instruments:

 

Cash and cash equivalents: The carrying amount reported in the balance sheets for cash and cash equivalents approximates its fair value due to the short maturity of these instruments.

 

Short-term notes payable: The carrying amount reported in the balance sheets for short-term notes payable approximates its fair value due to the short-term maturity of these instruments.

 

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CNX GAS CORPORATION AND SUBSIDIARIES

 

NOTES TO AUDITED FINANCIAL STATEMENTS

(Dollars in thousands, except per share data)

 

Long-term debt: The fair values of long-term debt are estimated using discounted cash flow analyses, based on CNX Gas’ current incremental borrowing rates for similar types of borrowing arrangements.

 

The carrying amounts and fair values of financial instruments for which SFAS 159 was not elected are as follows:

 

     December 31, 2008     December 31, 2007  
     Carrying
Amount
    Fair Value     Carrying
Amount
    Fair Value  

Cash and cash equivalents

   $ 1,926     $ 1,926     $ 32,048     $ 32,048  

Short-term notes payable

   $ (72,700 )   $ (72,700 )   $ —       $ —    

Long-term debt

   $ (19,883 )   $ (16,549 )   $ (8,850 )   $ (7,951 )

 

Note 17—Fair Value of
Financial Instruments:

 

Effective January 1, 2008,
CNX Gas adopted Statement of Financial Accounting Standards 157, “Fair Value Measurements” (SFAS 157) and Statement of Financial Accounting Standards 159, “The Fair Value Option for Financial Assets and Financial Liabilities-Including
an amendment of FASB Statement No. 115” (FAS 159). The adoption of SFAS 157 was not material to CNX Gas. As a result of the adoption, CNX Gas elected not to measure any additional financial assets or liabilities at fair value, other than
those which were recorded at fair value prior to the adoption of SFAS 159.

 

FACE="Times New Roman" SIZE="2">The financial assets measured at fair value on a recurring basis are summarized below:

 














































   Fair Value Measurements at December 31, 2008
    Quoted Prices in
Active Markets for
Identical Liabilities
  Significant
Other
Observable Inputs
  Significant
Unobservable
Inputs

Description

  (Level 1)  (Level 2)  (Level 3)

Gas Cash Flow Hedges

  $ —    $206,509  $ —  

 

Statement of Financial
Accounting Standards No. 107, “Disclosures About Fair Value of Financial Instruments” (SFAS 107) requires the disclosure of the estimated fair value of financial instruments including those financial instruments for which the SFAS 159
fair value option was not elected. The following methods and assumptions were used to estimate the fair value of those financial instruments:

 

STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%">Cash and cash equivalents: The carrying amount reported in the balance sheets for cash and cash equivalents approximates its fair value due to the
short maturity of these instruments.

 

Short-term notes
payable:
The carrying amount reported in the balance sheets for short-term notes payable approximates its fair value due to the short-term maturity of these instruments.

SIZE="1"> 


89







Table of Contents



CNX GAS CORPORATION AND SUBSIDIARIES

STYLE="margin-top:0px;margin-bottom:-6px"> 

NOTES TO AUDITED FINANCIAL STATEMENTS

STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">(Dollars in thousands, except per share data)

 


Long-term debt: The fair values of long-term debt are estimated using discounted cash flow
analyses, based on CNX Gas’ current incremental borrowing rates for similar types of borrowing arrangements.

 

STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%">The carrying amounts and fair values of financial instruments for which SFAS 159 was not elected are as follows:

STYLE="margin-top:0px;margin-bottom:0px"> 


































































































   December 31, 2008  December 31, 2007 
   Carrying
Amount
  Fair Value  Carrying
Amount
  Fair Value 

Cash and cash equivalents

  $1,926  $1,926  $32,048  $32,048 

Short-term notes payable

  $(72,700) $(72,700) $—    $—   

Long-term debt

  $(19,883) $(16,549) $(8,850) $(7,951)

 

Note 17—Fair Value of
Financial Instruments:

 

Effective January 1, 2008,
CNX Gas adopted Statement of Financial Accounting Standards 157, “Fair Value Measurements” (SFAS 157) and Statement of Financial Accounting Standards 159, “The Fair Value Option for Financial Assets and Financial Liabilities-Including
an amendment of FASB Statement No. 115” (FAS 159). The adoption of SFAS 157 was not material to CNX Gas. As a result of the adoption, CNX Gas elected not to measure any additional financial assets or liabilities at fair value, other than
those which were recorded at fair value prior to the adoption of SFAS 159.

 

FACE="Times New Roman" SIZE="2">The financial assets measured at fair value on a recurring basis are summarized below:

 














































   Fair Value Measurements at December 31, 2008
    Quoted Prices in
Active Markets for
Identical Liabilities
  Significant
Other
Observable Inputs
  Significant
Unobservable
Inputs

Description

  (Level 1)  (Level 2)  (Level 3)

Gas Cash Flow Hedges

  $ —    $206,509  $ —  

 

Statement of Financial
Accounting Standards No. 107, “Disclosures About Fair Value of Financial Instruments” (SFAS 107) requires the disclosure of the estimated fair value of financial instruments including those financial instruments for which the SFAS 159
fair value option was not elected. The following methods and assumptions were used to estimate the fair value of those financial instruments:

 

STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%">Cash and cash equivalents: The carrying amount reported in the balance sheets for cash and cash equivalents approximates its fair value due to the
short maturity of these instruments.

 

Short-term notes
payable:
The carrying amount reported in the balance sheets for short-term notes payable approximates its fair value due to the short-term maturity of these instruments.

SIZE="1"> 


89







Table of Contents



CNX GAS CORPORATION AND SUBSIDIARIES

STYLE="margin-top:0px;margin-bottom:-6px"> 

NOTES TO AUDITED FINANCIAL STATEMENTS

STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">(Dollars in thousands, except per share data)

 


Long-term debt: The fair values of long-term debt are estimated using discounted cash flow
analyses, based on CNX Gas’ current incremental borrowing rates for similar types of borrowing arrangements.

 

STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%">The carrying amounts and fair values of financial instruments for which SFAS 159 was not elected are as follows:

STYLE="margin-top:0px;margin-bottom:0px"> 


































































































   December 31, 2008  December 31, 2007 
   Carrying
Amount
  Fair Value  Carrying
Amount
  Fair Value 

Cash and cash equivalents

  $1,926  $1,926  $32,048  $32,048 

Short-term notes payable

  $(72,700) $(72,700) $—    $—   

Long-term debt

  $(19,883) $(16,549) $(8,850) $(7,951)

 

This excerpt taken from the CXG 10-Q filed Nov 4, 2008.

Note 9—Fair Value of Financial Instruments:

Effective January 1, 2008, CNX Gas adopted Statement of Financial Accounting Standards 157, “Fair Value Measurements” (SFAS 157) and Statement of Financial Accounting Standards 159, “The Fair Value Option for Financial Assets and Financial Liabilities-Including an amendment of FASB Statement No. 115” (FAS 159). As a result of the adoption, CNX Gas elected not to measure any additional financial assets or liabilities at fair value, other than those which were recorded at fair value prior to the adoption.

The financial assets and (liabilities) measured at fair value on a recurring basis are summarized below:

 

Description

   Fair Value Measurements at September 30, 2008
   Quoted Prices in Active
Markets for Identical
Liabilities (Level 1)
   Significant
Other
Observable
Inputs (Level 2)
   Significant
Unobservable
Inputs

(Level 3)

Gas Cash Flow Hedges

   $ —      $ 106,994    $ —  

Statement of Financial Accounting Standards No. 107, “Disclosures About Fair Value of Financial Instruments” (SFAS 107) requires the disclosure of the estimated fair value of financial instruments including those financial instruments for which the SFAS 159 fair value option was not elected. The following methods and assumptions were used to estimate the fair value of those financial instruments:

Cash and cash equivalents: The carrying amount reported in the balance sheets for cash and cash equivalents approximates its fair value due to the short maturity of these instruments.

Short-term notes payable: The carrying amount reported in the balance sheets for short-term notes payable approximates its fair value due to the short-term maturity of these instruments.

Long-term debt: The fair values of long-term debt are estimated using discounted cash flow analyses, based on CNX Gas’ current incremental borrowing rates for similar types of borrowing arrangements.

 

12


Table of Contents

The carrying amounts and fair values of financial instruments for which SFAS 159 was not elected are as follows:

 

     September 30, 2008     December 31, 2007  
   Carrying
Amount
    Fair
Value
    Carrying
Amount
    Fair
Value
 

Cash and cash equivalents

   $ 3,116     $ 3,116     $ 32,048     $ 32,048  

Short-term notes payable

   $ (58,200 )   $ (58,200 )   $ —       $ —    

Long-term debt

   $ (20,834 )   $ (17,453 )   $ (8,850 )   $ (7,951 )
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