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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Breakdown by Fair Value Hierarchy Category for Financial Instruments Included in Consolidated Balance Sheets

The following table shows a breakdown by fair value hierarchy category for (i) financial instruments measurements included on our Consolidated Balance Sheets at fair value, and (ii) supplemental fair value disclosures for other financial instruments:

 

 

 

March 31, 2024

 

 

 

Carrying

 

 

Fair Value

 

 

 

Value

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial Instruments Recorded on Our
Consolidated Balance Sheets at Fair Value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets from commodity derivative contracts (1)

 

$

86.6

 

 

$

86.6

 

 

$

—

 

 

$

86.6

 

 

$

—

 

Liabilities from commodity derivative contracts (1)

 

 

113.5

 

 

 

113.5

 

 

 

—

 

 

 

113.5

 

 

 

—

 

Financial Instruments Recorded on Our
Consolidated Balance Sheets at Carrying Value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

109.9

 

 

 

109.9

 

 

 

—

 

 

 

—

 

 

 

—

 

TRGP Revolver and Commercial Paper Program

 

 

360.0

 

 

 

360.0

 

 

 

—

 

 

 

360.0

 

 

 

—

 

TRGP Senior unsecured notes

 

 

6,470.3

 

 

 

6,555.0

 

 

 

—

 

 

 

6,555.0

 

 

 

—

 

Term Loan Facility

 

 

500.0

 

 

 

500.0

 

 

 

—

 

 

 

500.0

 

 

 

—

 

Partnership’s Senior unsecured notes

 

 

5,034.4

 

 

 

4,907.3

 

 

 

—

 

 

 

4,907.3

 

 

 

—

 

Securitization Facility

 

 

500.0

 

 

 

500.0

 

 

 

—

 

 

 

500.0

 

 

 

—

 

 

 

 

December 31, 2023

 

 

 

Carrying

 

 

Fair Value

 

 

 

Value

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial Instruments Recorded on Our
Consolidated Balance Sheets at Fair Value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets from commodity derivative contracts (1)

 

$

144.6

 

 

$

144.6

 

 

$

—

 

 

$

144.6

 

 

$

—

 

Liabilities from commodity derivative contracts (1)

 

 

70.2

 

 

 

70.2

 

 

 

—

 

 

 

70.2

 

 

 

—

 

Financial Instruments Recorded on Our
Consolidated Balance Sheets at Carrying Value:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

141.7

 

 

 

141.7

 

 

 

—

 

 

 

—

 

 

 

—

 

TRGP Revolver and Commercial Paper Program

 

 

175.0

 

 

 

175.0

 

 

 

—

 

 

 

175.0

 

 

 

—

 

TRGP Senior unsecured notes

 

 

6,470.5

 

 

 

6,598.7

 

 

 

—

 

 

 

6,598.7

 

 

 

—

 

Term Loan Facility

 

 

500.0

 

 

 

500.0

 

 

 

—

 

 

 

500.0

 

 

 

—

 

Partnership’s Senior unsecured notes

 

 

5,034.4

 

 

 

4,945.1

 

 

 

—

 

 

 

4,945.1

 

 

 

—

 

Securitization Facility

 

 

575.0

 

 

 

575.0

 

 

 

—

 

 

 

575.0

 

 

 

—

 

 

(1)
The fair value of derivative contracts in this table is presented on a different basis than the Consolidated Balance Sheets presentation as disclosed in Note 10 – Derivative Instruments and Hedging Activities. The above fair values reflect the total value of each derivative contract taken as a whole, whereas the Consolidated Balance Sheets presentation is based on the individual maturity dates of estimated future settlements. As such, an individual contract could have both an asset and liability position when segregated into its current and long-term portions for Consolidated Balance Sheets classification purposes.