Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

Contractual Override, Note Receivable and Long-Term Debt

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.

- Definition

Tabular disclosure of the application of the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected, provide the aggregate carrying amount of ineligible items included in each line item in the balance sheet, if any; (b) the difference between the aggregate fair value and the aggregate unpaid principal balance (assuming contractual principal amounts and fair value option elected) of: (i) loans and long-term receivables (other than securities otherwise reported at fair value) and (ii) long-term debt instruments; (c) for loans held as assets for which the fair value option has been elected: (i) the aggregate fair value of loans that are 90 days or more past due, (ii) if the policy is to recognize interest income separately from other changes in fair value, the aggregate fair value of loans in nonaccrual status, and (iii) the difference between the aggregate fair value and the aggregate unpaid principal balance for loans that are 90 days or more past due, in nonaccrual status, or both; (2) for items included in the income statement: (a) the amounts of gains and losses from fair value changes included in earnings and in which line in the income statement those gains and losses are reported whether or not combined with gains and losses from items required to be accounted for at fair value; (b) for loans and other receivables held as assets, the estimated amount of gains or losses included in earnings attributable to changes in instrument-specific credit risk; (c) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk, the estimated amount of gains and losses from fair value changes included in earnings that are attributable to changes in the instrument-specific credit risk; and (3) certain other disclosures as required or determined to be provided.

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