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Fair Value Measurements
 12 Months Ended
Dec. 31, 2015
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Fair Value Measurements

The Partnership’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable and long-term debt. The carrying amounts reported on our Consolidated Balance Sheets for cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to their short-term nature. The following table (in thousands) shows the carrying amount and estimated fair value of our other financial instruments:
 
December 31, 2015
 
December 31, 2014
 
Carrying Amount
 
Estimated Fair Value
 
Carrying Amount
 
Estimated Fair Value
Assets
 
 
 
 
 
 
 
Contracts receivable—affiliate, current and long-term (1)
$
4,891

 
$
4,158

 
$
4,870

 
$
5,162

Debt and debt—affiliate
 
 
 
 
 
 
 
NRP LP senior notes (2)
$
422,923

 
$
277,313

 
$
422,167

 
$
423,780

Opco senior notes and utility local improvement obligation (1)
$
587,073

 
$
383,065

 
$
668,056

 
$
672,740

Opco revolving credit facility and term loan facility (3)
$
290,000

 
$
290,000

 
$
275,000

 
$
275,000

NRP Oil and Gas revolving credit facility (3)
$
85,000

 
$
85,000

 
$
110,000

 
$
110,000


 
 
 
 
 
(1)
The Level 3 fair value is estimated by management using quotations obtained for comparable instruments on the closing trading prices near year end.
(2)
The Level 1 fair value is based upon quotations obtained for identical instruments on the closing trading prices near year end.
(3)
The Level 3 fair value approximates the carrying amount because the interest rates are variable and reflective of market rates and the terms of the credit facility allow the Partnership to repay this debt at any time without penalty.