Fair Value Measurements (Notes)
 3 Months Ended
Mar. 31, 2015
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Note 6 - Fair Value Measurements

Questar complies with the accounting standards for fair value measurements and disclosures. The standards establish a fair value hierarchy. Level 1 inputs are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. The Company had no assets or liabilities measured using Level 3 inputs at March 31, 2015, March 31, 2014 or December 31, 2014. Fair value accounting standards also apply to certain nonfinancial assets and liabilities that are measured at fair value on a nonrecurring basis. Questar did not have any such assets or liabilities at March 31, 2015, March 31, 2014 or December 31, 2014.

Questar
The following table discloses the carrying amount, estimated fair value and level within the fair value hierarchy of certain financial instruments not disclosed in other notes to Questar's financial statements in this Quarterly Report:
 
Hierarchy Level of Fair Value Estimates
Carrying
Amount
 
Estimated
Fair Value
 
Carrying
Amount
 
Estimated
Fair Value
 
Carrying
Amount
 
Estimated
Fair Value
 
 
Mar. 31, 2015
 
Mar. 31, 2014
 
Dec. 31, 2014
 
 
(in millions)
Financial assets
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
1
$
4.8

 
$
4.8

 
$
5.6

 
$
5.6

 
$
32.0

 
$
32.0

Long-term investment
1
16.2

 
16.2

 
15.3

 
15.3

 
15.7

 
15.7

Financial liabilities
 
 
 
 
 
 
 
 
 
 
 
 
Short-term debt
1
214.0

 
214.0

 
157.0

 
157.0

 
347.0

 
347.0

Long-term debt, including current portion
2
1,244.8

 
1,396.3

 
1,246.6

 
1,357.5

 
1,245.2

 
1,356.1



The long-term investment is recorded at fair value and consists of money market and short-term bond index mutual funds held in Wexpro's trust (see Note 5). The fair value of the long-term investment is based on quoted prices for the underlying funds. The fair value of fixed-rate long-term debt is based on the discounted present value of cash flows using the Company's current credit risk-adjusted borrowing rates.

Questar Gas
The following table discloses the carrying amount, estimated fair value and level within the fair value hierarchy of certain financial instruments not disclosed in other notes to Questar Gas's financial statements in this Quarterly Report:
 
Hierarchy Level of Fair Value Estimates
Carrying
Amount
 
Estimated
Fair Value
 
Carrying
Amount
 
Estimated
Fair Value
 
Carrying
Amount
 
Estimated
Fair Value
 
 
Mar. 31, 2015
 
Mar. 31, 2014
 
Dec. 31, 2014
 
 
(in millions)
Financial assets
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
1
$
—

 
$
—

 
$
1.4

 
$
1.4

 
$
19.8

 
$
19.8

Notes receivable from Questar
1
—

 
—

 
30.6

 
30.6

 
—

 
—

Financial liabilities
 
 
 
 
 
 
 
 
 
 
 
 
Checks outstanding in excess of cash balances
1
0.4

 
0.4

 
—

 
—

 
—

 
—

Notes payable to Questar
1
35.8

 
35.8

 
—

 
—

 
119.3

 
119.3

Long-term debt
2
534.5

 
629.0

 
534.5

 
588.9

 
534.5

 
607.2



The carrying amounts of notes receivable from and notes payable to Questar approximate fair value because of their short maturities and market-based interest rates. The fair value of fixed-rate long-term debt is based on the discounted present value of cash flows using Questar Gas's current credit risk-adjusted borrowing rates.

Questar Pipeline
The following table discloses the carrying amount, estimated fair value and level within the fair value hierarchy of certain financial instruments not disclosed in other notes to Questar Pipeline's financial statements in this Quarterly Report:
 
Hierarchy Level of Fair Value Estimates
Carrying
Amount
 
Estimated
Fair Value
 
Carrying
Amount
 
Estimated
Fair Value
 
Carrying
Amount
 
Estimated
Fair Value
 
 
Mar. 31, 2015
 
Mar. 31, 2014
 
Dec. 31, 2014
 
 
(in millions)
Financial assets
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
1
$
6.1

 
$
6.1

 
$
4.9

 
$
4.9

 
$
7.4

 
$
7.4

Notes receivable from Questar
1
35.9

 
35.9

 
46.6

 
46.6

 
40.1

 
40.1

Financial liabilities
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt, including current portion
2
458.8

 
515.1

 
458.8

 
509.4

 
458.8

 
495.5



The carrying amounts of notes receivable from Questar approximate fair value because of their short maturities and market-based interest rates. The fair value of fixed-rate long-term debt is based on the discounted present value of cash flows using Questar Pipeline's current credit risk-adjusted borrowing rates.