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Financial Instruments
3 Months Ended
Mar. 31, 2012
Financial Instruments [Abstract]  
FINANCIAL INSTRUMENTS
5. FINANCIAL INSTRUMENTS

 

Fair Value of Financial Instruments

 

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:

 

Cash and advances to affiliate - The carrying amounts of these items approximates their fair value.

 

Long-term debt - The disclosed fair value of our long-term debt 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 $693.9 million and $823.8 million, respectively, at March 31, 2012, and $693.8 million and $826.3 million, respectively, at December 31, 2011. We classify our publicly registered debt as Level 2.