The table below summarizes the carrying amount and fair value of the Company’s publicly traded debt and non-publicly traded debt in accordance with the Fair Value Measurements and Disclosures Topic of the ASC. The fair values of the Company’s publicly traded debt are based on quoted market prices. The fair values of the Company’s non-traded debt are estimated using discounted cash flow analyses, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. The Company’s publicly traded debt and non-traded debt are classified as level 1 and level 2, respectively, in the fair value hierarchy.



(Thousands of dollars)	June 30, 2016				June 30, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Publicly traded debt	$	1,906,672	$	2,021,174	$	1,114,952	$	1,129,742
Non-traded debt	4,724		4,451		4,894		4,659