Financial Instruments (Policies)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair value of financial instruments

Fair Value Methods

The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value:

Short-term financial assets: The carrying values of short-term financial assets that have variable interest rates (advances to affiliate), accounts receivable and accounts payable approximate fair value because of the short-term nature of these instruments.

Long-term debt: The disclosed fair value of our long-term debt, which we consider as a level 2 measurement, is determined by a market approach using broker quoted indicative period-end bond prices. The quoted prices are based on observable transactions in less active markets for our debt or similar instruments. The carrying amount and estimated fair value of our long-term debt, including current maturities, were $581.2 million and $581.1 million, respectively, at December 31, 2023, and $580.1 million and $560.2 million, respectively, at December 31, 2022.