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Fair Value Measures (Tables)
6 Months Ended
Jun. 30, 2014
Estimated Fair Values Determined Using Available Market Information and Valuation Methodologies

The fair value of debt is the estimated amount the Partnership would have to pay to repurchase its debt, including any premium or discount attributable to the difference between the stated interest rate and market rate of interest at the balance sheet date. Fair values are based on quoted market prices or average valuations of similar debt instruments at the balance sheet date for those debt instruments for which quoted market prices are not available. Estimated fair values are determined by using available market information and valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions or valuation methodologies may have a material effect on the estimated fair value amounts.

 

 

June 30, 2014

 

  

December 31, 2013

 

 

Carrying
amount

 

  

Fair value
(Level 2)

 

  

Carrying
amount

 

  

Fair value
(Level 2)

 

 

($ in thousands)

 

Financial liabilities:

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

 

 

 

 

Revolving credit facility

$

150,000

  

  

$

150,000

  

  

$

343,500

  

  

$

343,500

  

Premium on 2021 Notes

 

5,397

 

 

 

5,397

 

 

 

5,730

 

 

 

5,730

 

2021 Notes

 

750,000

  

  

 

805,313

  

  

 

750,000

  

  

 

801,098

  

2022 Notes

 

750,000

  

  

 

827,813

  

  

 

750,000

  

  

 

804,848

  

2023 Notes

 

1,400,000

  

  

 

1,477,882

  

  

 

1,400,000

  

  

 

1,355,382

  

2024 Notes

 

750,000

 

 

 

794,063