Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

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 (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, 2015
	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)	$	177.2	$	177.2	$	-	$	172.9	$	4.3
Liabilities from commodity derivative contracts (1)		2.4		2.4		-		1.6		0.8
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value:
Cash and cash equivalents		170.7		170.7		-		-		-
TRC Senior secured revolving credit facility		460.0		460.0		-		460.0		-
TRC Term Loan		237.8		243.1		-		243.1		-
Partnership's Senior secured revolving credit facility		840.0		840.0		-		840.0		-
Partnership's Senior unsecured notes		4,300.4		4,384.9		-		4,384.9		-
Partnership's accounts receivable securitization facility		197.9		197.9		197.9		-		-

(1)

The fair value of the derivative contracts in this table is presented on a different basis than the Consolidated Balance Sheets presentation as disclosed in Note 14. 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.

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, 2014	$	(1.7	)
Settlements included in Revenue		-
Unrealized gain included in OCI		(1.1	)
Transfers into Level 3		(0.6	)
Transfers out of Level 3		(0.1	)
Balance, March 31, 2015	$	(3.5	)

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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- 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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