Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2013

Schedule of fair value, assets and liabilities measured on recurring basis

The following table shows a breakdown by fair value hierarchy category for (1) financial instruments measurements included in our consolidated balance sheet at fair value and (2) supplemental fair value disclosures for other financial instruments:

	March 31, 2013
	Carrying Value			Fair Value
	Carrying Value			Total			Level 1			Level 2			Level 3
Financial Instruments Recorded on Our Consolidated Balance Sheet at Fair Value:
Assets from commodity derivative contracts		$	21.4		$	21.4		$	-		$	21.4		$	-
Liabilities from commodity derivative contracts			13.2			13.2			-			12.2			1.0
Badlands contingent consideration liability			15.6			15.6			-			-			15.6
Financial Instruments Recorded on Our Consolidated Balance Sheet at Carrying Value:
Cash and cash equivalents			112.7			112.7
TRC Senior secured revolving credit facility			72.0			72.0			-			72.0			-
Partnership's Senior secured revolving credit facility			565.0			565.0			-			565.0			-
Partnership's Senior unsecured notes			1,774.0			1,949.8			-			1,949.8			-
Partnership's accounts receivable securitization facility			111.4			111.4			-			111.4			-

	December 31, 2012
	Carrying Value			Fair Value
	Carrying Value			Total			Level 1			Level 2			Level 3
Financial Instruments Recorded on Our Consolidated Balance Sheet at Fair Value:
Assets from commodity derivative contracts		$	34.3		$	34.3		$	-		$	34.3		$	-
Liabilities from commodity derivative contracts			12.1			12.1			-			11.5			0.6
Badlands contingent consideration liability			15.3			15.3			-			-			15.3
Financial Instruments Recorded on Our Consolidated Balance Sheet at Carrying Value:
Cash and cash equivalents			76.3			76.3
TRC Senior secured revolving credit facility			82.0			82.0			-			82.0			-
Partnership's Senior secured revolving credit facility			620.0			620.0			-			620.0			-
Partnership's Senior unsecured notes			1,773.3			1,945.2			-			1,945.2			-

Reconciliation of the changes in fair value of financial instruments classified as Level 3

The following table sets forth a reconciliation of the changes in the fair value of our and the Partnership's financial instruments classified as Level 3 in the fair value hierarchy:

	Commodity Derivative Contracts		Contingent Liability
Balance, December 31, 2012	$	0.6	$	15.3
Loss included in Revenue		0.4		-
Loss included in Other expense		-		0.3
Balance, March 31, 2013	$	1.0	$	15.6

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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