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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2016
Fair Value Measurements  
Fair Value Derivative Instrument

Net assets (liabilities) measured at fair value on a recurring basis are summarized below (in millions):

 

 

 

 

 

 

 

 

 

 

Level 2

 

 

December 31, 

 

 

2016

    

2015

Commodity Swaps (1)

 

$
(6.3)

 

$
13.8

Total

 

$
(6.3)

 

$
13.8

(1)

The fair value of derivative contracts included in assets or liabilities for risk management activities represents the amount at which the instruments could be exchanged in a current arms-length transaction adjusted for credit risk of the Partnership and/or the counterparty as required under ASC 820.
Fair Value Financial Instrument

Considerable judgment is required to develop the estimates of fair value; thus, the estimates provided below are not necessarily indicative of the amount the Partnership could realize upon the sale or refinancing of such financial instruments (in millions):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2016

 

December 31, 2015

 

    

Carrying

    

Fair

    

Carrying

    

Fair

 

 

Value

 

Value

 

Value

 

 Value

Long-term debt

 

$
3,295.3

 

$
3,253.6

 

$
3,066.0

 

$
2,585.5

Installment Payables

 

$
473.2

 

$
476.6

 

$

 —

 

$

 —

Obligations under capital lease

 

$
6.6

 

$
6.1

 

$
16.7

 

$
15.6

(1)

The carrying values of long-term debt are reduced by debt issuance costs of $24.6 million and $23.8 million at December 31, 2016 and 2015, respectively. The respective fair values do not factor in debt issuance costs.