Fair Value Measurements

12 Months Ended

Dec. 31, 2016

6. Fair Value Measurements

Carrying amounts and the related estimated fair values of the Company’s financial instruments as of December 31, 2016 and 2015 are as follows:

	December 31, 2016				December 31, 2015
	Fair Value		Carrying Value		Fair Value		Carrying Value
(Dollars in millions)
Financial assets:
Cash and cash equivalents, including restricted cash	$	20.8	$	20.8	$	21.8	$	21.8
Investments and other assets^(a)		1.1		1.1		1.1		1.1
Financial liabilities:
Long-term debt (including current portion)	$	669.6	$	662.4	$	724.6	$	722.3

(a)	Excludes equity method investments.

Cash and cash equivalents – The carrying amount approximates fair value because of the short maturity of those instruments.

Investments and other assets – Represents the broker-quoted cash surrender value on universal life insurance policies. This asset is classified as Level 2 in the valuation hierarchy and is measured from values received from financial institutions.

Debt – The fair value of the Company’s long-term debt is estimated based on the market prices for the same or similar issues or on the current rates offered to the Company for debt of the same remaining maturities (Level 2). The fair values of the revolving credit facility approximate carrying value due to the variable rate nature of these instruments.