Fair Values. The carrying amount of current, call, and fixed deposits, accounts and interest receivable, other receivables and prepayments, demand liabilities, and other liabilities and payables approximated their fair value due to the short-term maturities of these assets and liabilities. The market value of investments is presented in Note 1. The fair values of other assets and liabilities are not materially different from the carrying amounts.
Fair Values. Reported The Partnership’s primary financial instruments are cash and cash equivalents, receivables, receivables from related parties, accounts payable, payables to related parties, and long-term debt. The Partnership’s fair value assessment incorporates a variety of considerations, including (1) the short-term duration of the instruments, (2) MPC’s investment-grade credit rating and (3) its historical incurrence of and expected future insignificance of bad debt expense, which includes an evaluation of counterparty credit risk. The Partnership believes the carrying values of its current assets and liabilities approximate fair value. The recorded value of the amounts outstanding under the Credit Facility, if any, approximate fair value due to the variable interest rate that approximates current market rates. Derivative instruments are recorded at fair value, based on available market information (see Note 15). The SMR liability and $4.1 billion aggregate principal of the Partnership’s long-term debt were recorded at fair value in connection with the MarkWest Merger as of December 4, 2015, which established a new cost basis for each of those liabilities. The fair value of the long-term debt is estimated based on recent market non-binding indicative quotes. The fair value of the SMR liability is estimated using a discounted cash flow approach based on the contractual cash flows and the Partnership’s unsecured borrowing rate. The long-term debt fair values are considered Level 3 measurements and SMR liability fair values are considered Level 2 measurements. The following table summarizes the fair value and carrying value of the Partnership’s long-term debt, excluding capital leases, and SMR liability. 2015 2014 (In millions) Fair Value Carrying Value Fair Value Carrying Value Long-term debt $ 5,212 $ 5,255 $ 636 $ 635 SMR liability $ 99 $ 100 $ — $ —
Fair Values. The ELB Group measures forward exchange contracts at fair value using inputs as described in Level 2 of the fair value hierarchy. The fair values for forward exchange contracts are based on quotes from brokers. Similar contracts are traded in an active market and the quotes reflect the actual transactions on similar instruments. All other financial assets or liabilities carrying values approximate their fair values based on the nature or maturity period of the financial instrument. There were no transfers between Levels 1, 2 or 3 of the fair value hierarchy during the period. CAPITAL EXPENDITURE INCURRED AND FUTURE CAPITAL EXPENDITURE COMMITMENTS Capital expenditure of R9 million (2014: R16 million) was incurred during the period primarily on property, plant and equipment. Capital expenditure of R28 million was incurred during the year ended 30 June 2015. There were no material capital expenditure commitments at each of the reporting periods. CONTINGENT LIABILITIES Engineering Services Africa operates in the engineering contracting business and is exposed to the risks associated with engineering contracts which does from time to time include the need to resolve disputes by way of mediation, arbitration and if needs be, litigation. These risks are managed on the basis of limited liability and appropriate insurances. All known liabilities of the Group at the balance sheet date have been accrued.
Fair Values. The carrying values of financials instruments of the Company are reasonable and approximations of fair values. Carrying amount Fair Value March 31, 2019 Financial Assets Financial Assets measured at Amortised Cost March 31, 2018 March 31, 2019 March 31, 2018 Loans - Non Current - 6,069,206 - 6,069,206 Other Financial Assets - 18,196 - 18,196 Cash and Cash Equivalents 18,192,891 1,072,006 18,192,891 1,072,006 Total Financial Assets carried at 18,192,891 7,159,408 18,192,891 7,159,408 Amortised Cost Financial Assets measured at fair value through statement of Profit & Loss Investments (quoted) 2 2 2 2 Investments (unquoted) 5,845,835 1,900,000 5,845,835 1,900,000 Total Financial Assets measured 5,845,837 1,900,002 5,845,837 1,900,002 at Fair Value Financial Liabilities Financial Liabilities measured at amortised cost Other Financial Liabilities - 1,448,200 - 1,448,200 Trade Payables 65,000 65,000 65,000 65,000 Total Financial Liabilities carried at Amortised Cost 65,000 1,513,200 65,000 1,513,200 The Management assessed that carrying amount of Cash and Cash Equivalents, Investments, Loans and Other Financial Assets/Liabilities are reasonable estimates of the fair value. Fair Value Hirerachy The following table presents fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as of March 31, 2019: (Amount in Rs) Particulars As on March 31, 2019 Fair value measurement at end of the reporting period/year using Level 1 Level 2 Level 3 Financial Assets measured at Amortised Cost - - Cash and Cash Equivalents 18,192,891 18,192,891 Total :::: 18,192,891 18,192,891 Financial Assets measured at Fair Value Through Profit and Loss (FVTPL) Investments (Quoted) 2 2 Investments (Unquoted) 5,845,835 5,845,835 Total :::: 5,845,837 2 - 5,845,835 Financial Liabilities measured at Amortised Cost Trade Payables 65,000 65,000 Total :::: 65,000 - - 65,000 The following table presents fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as of March 31, 2018 : (Amoun in Rs.) Particulars As on March 31, 2018 Fair value measurement at end of the reporting period/year using Level 1 Level 2 Level 3 Financial Assets measured at Amortised Cost Loans 6,069,206 6,069,206 Other Financial Assets 18,196 18,196 Cash and Cash Equivalents 1,072,006 1,072,006 Total :::: 7,159,408 7,159,408 Financial Assets measured at Fair Investments (Quoted) 2 2 Investments (Unquoted) 1,900,000 1,900,000 Total :::: 1,900,002 2 - 1,900,000 F...
