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Bill Barrett Corp – ‘10-K’ for 12/31/10 – ‘XML.R14’

On: Wednesday, 2/23/11, at 11:31am ET · For: 12/31/10 · Accession #: 1193125-11-43180 · File #: 1-32367

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/23/11  Bill Barrett Corp                 10-K       12/31/10   41:7.1M                                   Donnelley … Solutions/FA

Annual Report — Form 10-K — Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML   1.68M 
 3: EX-23.1     Consent of Deloitte & Touche LLP                    HTML     14K 
 4: EX-23.2     Consent of Netherland, Sewell & Associates, Inc.,   HTML     16K 
                Independent Petroleum Engineer                                   
 8: EX-99.1     Report of Netherland, Sewell & Associates, Inc.     HTML     34K 
                Dated February 3, 2011                                           
 2: EX-12.1     Computation of Ratio of Earnings to Fixed Charges   HTML     37K 
 5: EX-31.1     Rule 13A-14(A)/15D-14(A) Certification of Chief     HTML     21K 
                Executive Officer                                                
 6: EX-31.2     Rule 13A-14(A)/15D-14(A) Certification of Chief     HTML     21K 
                Financial Officer                                                
 7: EX-32       Section 1350 Certification of Chief Executive       HTML     16K 
                Officer & Chief Executive Officer                                
33: XML         IDEA XML File -- Definitions and References          XML     87K 
38: XML         IDEA XML File -- Filing Summary                      XML     68K 
36: XML.R1      Document and Entity Information                      XML    216K 
37: XML.R2      Consolidated Balance Sheets                          XML    404K 
22: XML.R3      Consolidated Balance Sheets (Parenthetical)          XML    105K 
27: XML.R4      Consolidated Statements of Operations                XML    340K 
31: XML.R5      Consolidated Statements of Stockholders' Equity      XML    647K 
                and Comprehensive Income                                         
30: XML.R6      Consolidated Statements of Stockholders' Equity      XML     74K 
                and Comprehensive Income (Parenthetical)                         
40: XML.R7      Consolidated Statements of Cash Flows                XML    437K 
18: XML.R8      Organization                                         XML     38K 
29: XML.R9      Summary of Significant Accounting Policies           XML    127K 
17: XML.R10     Supplemental Disclosures of Cash Flow Information    XML     53K 
16: XML.R11     Acquisitions, Dispositions, and Property Held for    XML     41K 
                Sale                                                             
21: XML.R12     Long-Term Debt                                       XML     82K 
35: XML.R13     Asset Retirement Obligations                         XML     56K 
24: XML.R14     Fair Value Measurements                              XML     72K 
25: XML.R15     Derivative Instruments                               XML    118K 
28: XML.R16     Income Taxes                                         XML    115K 
41: XML.R17     Stockholders' Equity                                 XML     91K 
20: XML.R18     Equity Incentive Compensation Plans and Other        XML    163K 
                Employee Benefits                                                
15: XML.R19     Significant Customers and Other Concentrations       XML     41K 
26: XML.R20     Commitments and Contingencies                        XML     59K 
34: XML.R21     Guarantor Subsidiaries                               XML    266K 
19: XML.R22     Supplementary Oil and Gas Information (Unaudited)    XML    154K 
32: XML.R23     Quarterly Financial Data (Unaudited)                 XML     77K 
39: EXCEL       IDEA Workbook of Financial Reports (.xls)            XLS    933K 
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23: ZIP         XBRL Zipped Folder -- 0001193125-11-043180-xbrl      Zip     93K

‘XML.R14’ — Fair Value Measurements

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<div> 7. Fair Value Measurements Assets and Liabilities Measured on a Recurring Basis The Company's financial instruments, including cash and cash equivalents, accounts and notes receivable and accounts payable are carried at cost, which approximates fair value due to the short-term maturity of these instruments. The recorded value of the Amended Credit Facility, as discussed in Note 5, approximates its fair value due to its floating rate structure. The Company's financial and non-financial assets and liabilities that are measured on a recurring basis are measured and reported at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes a mid-market pricing convention (the mid-point price between bid and ask prices) for valuation as a practical expedient for assigning fair value. The Company uses market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. These inputs can be readily observable, market corroborated or generally unobservable. The Company primarily applies the market and income approaches for recurring fair value measurements and utilizes the best available information. Given the Company's historical market transactions, its markets and instruments are fairly liquid. Therefore, the Company has been able to classify fair value balances based on the observability of those inputs. A fair value hierarchy was established that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Level 1—Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, listed securities and U.S. government treasury securities. Level 2—Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category include non-exchange-traded derivatives such as over-the-counter forwards and options. Level 3—Pricing inputs include significant inputs that are generally less observable than objective sources. These inputs may be used with internally developed methodologies that result in management's best estimate of fair value. At each balance sheet date, the Company performs an analysis of all applicable instruments and includes in Level 3 all of those whose fair value is based on significant unobservable inputs. The following tables set forth by level within the fair value hierarchy the Company's financial assets and financial liabilities as of December 31, 2010 and 2009 that were measured at fair value on a recurring basis. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy levels. <table border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="68%"> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom" nowrap="nowrap"> As of December 31, 2010</td> <td valign="bottom"> </td> <td valign="bottom" colspan="2"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2"> </td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">Level 1</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">Level 2</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">Level 3</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">Total</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="14" align="center">(in thousands)</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Assets</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Deferred Compensation Plan</td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">260</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">260</td> <td valign="bottom" nowrap="nowrap"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Commodity Derivatives</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">81,685</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">81,685</td> <td valign="bottom" nowrap="nowrap"> </td></tr> <tr><td valign="top"> Liabilities</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Commodity Derivatives</td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(25,294</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(25,294</td> <td valign="bottom" nowrap="nowrap">) </td></tr></table> <table border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="70%"> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom" nowrap="nowrap"> As of December 31, 2009</td> <td valign="bottom"> </td> <td valign="bottom" colspan="2"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2"> </td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">Level 1</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">Level 2</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">Level 3</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">Total</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="14" align="center">(in thousands)</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Assets</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Commodity Derivatives</td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">101,286</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">101,286</td> <td valign="bottom" nowrap="nowrap"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Liabilities</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Commodity Derivatives</td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(49,802</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(49,802</td> <td valign="bottom" nowrap="nowrap">) </td></tr></table> All fair values reflected in the table above and on the Consolidated Balance Sheets have been adjusted for non-performance risk. For applicable financial assets carried at fair value, the credit standing of the counterparties is analyzed and factored into the fair value measurement of those assets. In addition, the fair value measurement of a liability has been adjusted to reflect the nonperformance risk of the Company. The following methods and assumptions were used to estimate the fair values of the assets and liabilities in the table above. Level 1 Fair Value Measurements—The Company maintains a non-qualified deferred compensation plan (as discussed in more detail in Note 11) which allows certain management employees to defer receipt of a portion of their compensation. The Company maintains assets for the deferred compensation plan in a rabbi trust. The assets of the rabbi trust are invested in publicly traded mutual funds and are recorded in other current and other long-term assets on the Consolidated Balance Sheets. These financial assets are reported at fair value based on active market quotes, which represent Level 1 inputs. As of December 31, 2009, and for the year ended December 31, 2009, the Company did not have assets or liabilities measured under a Level 1 fair value hierarchy. Level 2 Fair Value Measurements—The fair value of natural gas and crude oil forward and option contracts are estimated using a combined income and market valuation methodology with a mid-market pricing convention based upon forward commodity price and volatility curves. The curves are obtained from independent pricing services reflecting broker market quotes. The Company did not make any adjustments to the obtained curves. The pricing services publish observable market information from multiple brokers and exchanges. No proprietary models are used by the pricing services for the inputs. The Company utilizes the counterparties' valuations to assess the reasonableness of the Company's valuations. Level 3 Fair Value Measurements—As of December 31, 2010 and 2009, and for the years ended December 31, 2010 and 2009, the Company did not have assets or liabilities measured under a Level 3 fair value hierarchy. Assets and Liabilities Measured on a Non-recurring Basis The Company utilizes fair value on a non-recurring basis to perform impairment tests as required on its property and equipment when events and circumstances indicate a possible decline in the recoverability of the carrying value of such property. The inputs used to determine such fair value are primarily based upon internally developed cash flow models and would generally be classified within Level 3. The fair value analysis for the Company's unproved property takes into account several factors including the determination of the values of any possible or probable reserves, if applicable, discounted using appropriate risk-weighting factors, recent sales prices of comparable properties, and technical and economic conditions, all of which would be classified within Level 3. Additionally, the Company uses fair value to determine the inception value of its asset retirement obligations. The inputs used to determine such fair value are primarily based upon costs incurred historically for similar work, as well as estimates from independent third parties for costs that would be incurred to restore leased property to the contractually stipulated condition and would generally be classified within Level 3. </div>

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Filing Submission 0001193125-11-043180 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Bill Barrett Corp – ‘10-K’ for 12/31/10 – ‘XML.R14’

On: Wednesday, 2/23/11, at 11:31am ET · For: 12/31/10 · Accession #: 1193125-11-43180 · File #: 1-32367

Previous ‘10-K’: ‘10-K’ on 2/23/10 for 12/31/09 · Next: ‘10-K’ on 2/23/12 for 12/31/11 · Latest: ‘10-K/A’ on 3/19/18 for 12/31/17

Annual Report — Form 10-K — Sect. 13 / 15(d) – SEA’34Filing Table of Contents

‘XML.R14’ — Fair Value Measurements

This Financial Report is an XBRL XML File.

Annual Report — Form 10-K — Sect. 13 / 15(d) – SEA’34
Filing Table of Contents