Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2014

Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis

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

	March 31,2014
	Carrying Value		Fair Value
	Carrying 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)	$	3.9	$	3.9	$	-	$	2.6	$	1.3
Liabilities from commodity derivative contracts (1)		13.5		13.5		-		12.0		1.5
Badlands contingent consideration liability		-		-		-		-		-
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		94.9		94.9		-		-		-
TRC Senior secured revolving credit facility		72.0		72.0		-		72.0		-
Partnership's Senior secured revolving credit facility		355.0		355.0		-		355.0		-
Partnership's Senior unsecured notes		2,231.2		2,284.0		-		2,284.0		-
Partnership's accounts receivable securitization facility		233.5		233.5		-		233.5		-

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(1)

The fair value of the derivative contracts in this table is presented on a different basis than the balance sheet presentation as disclosed in Note 13. The above fair values reflect the total value of each derivative contract taken as a whole, whereas the balance sheet 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 balance sheet classification purposes.

Reconciliation of the Changes in Fair Value of Financial Instruments Classified As Level 3

The following table summarizes the changes in fair value of our financial instruments classified as Level 3 in the fair value hierarchy:

	Commodity Derivative Contracts Asset/ (Liability)
Balance, December 31, 2013	$	0.7
Settlements included in Revenue		(0.9	)
Balance, March 31, 2014	$	(0.2	)

- 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 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 (loss) 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, issues, 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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