Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Assets And Liabilities Measured At Fair Value On Recurring Basis

The following tables summarize the fair value hierarchy of our financial instruments that were reflected in our consolidated balance sheets (in millions):

	September 30, 2023
	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	$	14.5	$	248.6	$	—	$	263.1	$	(213.9)	$	(11.2)	$	38.0
Other investments(2)	2.8		—		—		2.8		—		—		2.8
Total assets at fair value	$	17.3	$	248.6	$	—	$	265.9	$	(213.9)	$	(11.2)	$	40.8
Liabilities
Liabilities from price risk management with credit-risk-related contingent features	$	11.5	$	206.2	$	—	$	217.7	$	(213.9)	$	3.9	$	7.7
Liabilities from price risk management without credit-risk-related contingent features	—		5.5		—		5.5		—		4.4		9.9
Total liabilities at fair value	$	11.5	$	211.7	$	—	$	223.2	$	(213.9)	$	8.3	$	17.6

	December 31, 2022
	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	$	62.8	$	474.3	$	—	$	537.1	$	(452.1)	$	(12.2)	$	72.8
Other investments(2)	2.6		—		—		2.6		—		—		2.6
Total assets at fair value	$	65.4	$	474.3	$	—	$	539.7	$	(452.1)	$	(12.2)	$	75.4
Liabilities
Liabilities from price risk management with credit-risk-related contingent features	$	65.7	$	420.1	$	—	$	485.8	$	(452.1)	$	(25.6)	$	8.1
Liabilities from price risk management without credit-risk-related contingent features	—		11.9		—		11.9		—		3.9		15.8
Total liabilities at fair value	$	65.7	$	432.0	$	—	$	497.7	$	(452.1)	$	(21.7)	$	23.9

(1)Amounts represent the impact of legally enforceable master netting agreements that allow us to settle positive and negative positions.

(2)Amount primarily relates to our investment in Suburban Propane Partners, L.P. units, which is reflected in other non-current assets on CEQP’s consolidated balance sheets.

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):

	September 30, 2023				December 31, 2022
	Carrying  Amount		Fair Value		Carrying  Amount		Fair Value
2025 Senior Notes	$	498.4	$	491.8	$	497.6	$	486.7
2027 Senior Notes	$	596.1	$	576.7	$	595.3	$	556.9
February 2029 Senior Notes	$	693.1	$	674.4	$	692.1	$	642.1
April 2029 Senior Notes(1)	$	473.5	$	464.2	$	476.7	$	450.0
2031 Senior Notes	$	591.6	$	611.5	$	—	$	—

(1)    The carrying amount includes a fair value adjustment we recorded in conjunction with the merger with Oasis Midstream discussed in Note 3. For a further discussion of this fair value adjustment, see Note 8.