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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2018
Fair Value Disclosures [Abstract]  
Schedule of Net Assets (Liabilities) Measured on a Recurring Basis
Net assets (liabilities) measured at fair value on a recurring basis are summarized below (in millions):
 
 
Level 2
 
 
March 31, 2018
 
December 31, 2017
Commodity Swaps (1)
 
$
(5.1
)
 
$
(1.6
)
                                                           
(1)
The fair values of derivative contracts included in assets or liabilities for risk management activities represent the amount at which the instruments could be exchanged in a current arms-length transaction adjusted for our credit risk and/or the counterparty credit risk as required under ASC 820.
Schedule of the Estimated Fair Value of Financial Instruments
Considerable judgment is required to develop the estimates of fair value; thus, the estimates provided below are not necessarily indicative of the amount we could realize upon the sale or refinancing of such financial instruments (in millions):
 
March 31, 2018
 
December 31, 2017
 
Carrying Value
 
Fair
Value
 
Carrying Value
 
Fair
Value
Long-term debt (1)
$
3,838.8

 
$
3,828.1

 
$
3,542.1

 
$
3,650.2

Current maturities of long-term debt (2)
$
76.3

 
$
76.5

 
$
—

 
$
—

Installment Payables
$
—

 
$
—

 
$
249.5

 
$
249.6

Obligations under capital lease
$
3.7

 
$
3.1

 
$
4.1

 
$
3.4

                                                           
(1)
The carrying value of long-term debt is reduced by debt issuance costs of $25.0 million and $26.2 million at March 31, 2018 and December 31, 2017, respectively. The respective fair values do not factor in debt issuance costs.
(2)
The outstanding balance, net of debt issuance costs, of the ENLC Credit Facility as of March 31, 2018 is classified as “Current maturities of long-term debt” on the consolidated balance sheet as the ENLC Credit Facility matures on March 7, 2019. The carrying value is reduced by debt issuance costs of $0.2 million at March 31, 2018. The respective fair value does not factor in debt issuance costs.