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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments The following table represents the carrying amount (reduced for deferred financing costs associated with the respective notes) and fair value of our senior notes (in millions):
 
December 31, 2019
 
December 31, 2018
 
Carrying Amount
 
Fair
Value
 
Carrying Amount
 
Fair
Value
2023 Senior Notes
$
695.1

 
$
714.0

 
$
693.6

 
$
668.1

2025 Senior Notes
$
494.4

 
$
514.4

 
$
493.4

 
$
466.2

2027 Senior Notes
$
592.1

 
$
610.1

 
$
—

 
$
—
Assets And Liabilities Measured At Fair Value On Recurring Basis
The following tables set forth by level within the fair value hierarchy, our financial instruments that were accounted for at fair value on a recurring basis at December 31, 2019 and 2018 (in millions):
 
December 31, 2019
 
 
 
Level 1
 
Level 2
 
Level 3
 
Gross Fair Value
 
Contract Netting(1)
 
Collateral/Margin Received or Paid
 
Fair Value
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets from price risk management
$
3.7

 
$
164.0

 
$
—

 
$
167.7

 
$
(122.3
)
 
$
(2.2
)
 
$
43.2

Suburban Propane Partners, L.P. units(2)
3.1

 
—

 
—

 
3.1

 
—

 
—

 
3.1

Total assets at fair value
$
6.8

 
$
164.0

 
$
—

 
$
170.8

 
$
(122.3
)
 
$
(2.2
)
 
$
46.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities from price risk management
$
2.8

 
$
151.9

 
$
—

 
$
154.7

 
$
(122.3
)
 
$
(25.7
)
 
$
6.7

Total liabilities at fair value
$
2.8

 
$
151.9

 
$
—

 
$
154.7

 
$
(122.3
)
 
$
(25.7
)
 
$
6.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
 
 
 
Level 1
 
Level 2
 
Level 3
 
Gross Fair Value
 
Contract Netting(1)
 
Collateral/Margin Received or Paid
 
Fair Value
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets from price risk management
$
12.4

 
$
160.7

 
$
—

 
$
173.1

 
$
(140.3
)
 
$
1.9

 
$
34.7

Suburban Propane Partners, L.P. units(2)
2.8

 
—

 
—

 
2.8

 
—

 
—

 
2.8

Total assets at fair value
$
15.2

 
$
160.7

 
$
—

 
$
175.9

 
$
(140.3
)
 
$
1.9

 
$
37.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities from price risk management
$
7.0

 
$
144.7

 
$
—

 
$
151.7

 
$
(140.3
)
 
$
(5.6
)
 
$
5.8

Total liabilities at fair value
$
7.0

 
$
144.7

 
$
—

 
$
151.7

 
$
(140.3
)
 
$
(5.6
)
 
$
5.8


(1)
Amounts represent the impact of legally enforceable master netting agreements that allow us to settle positive and negative positions.
(2)
Amount is reflected in other assets on CEQP’s consolidated balance sheets.