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:
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March 31, 2026 |
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Carrying |
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Fair Value |
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Value |
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Total |
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Level 1 |
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Level 2 |
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Level 3 |
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Financial Instruments Recorded on Our
Consolidated Balance Sheets at Fair Value: |
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Assets from commodity derivative contracts (1) |
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$ |
138.3 |
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$ |
138.3 |
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$ |
— |
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$ |
137.2 |
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$ |
1.1 |
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Liabilities from commodity derivative contracts (1) |
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480.1 |
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480.1 |
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— |
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480.0 |
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0.1 |
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Contingent consideration liability |
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7.6 |
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7.6 |
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— |
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— |
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7.6 |
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Financial Instruments Recorded on Our
Consolidated Balance Sheets at Carrying Value: |
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Cash and cash equivalents |
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100.1 |
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100.1 |
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— |
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— |
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— |
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TRGP Revolver and Commercial Paper Program |
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457.0 |
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457.0 |
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— |
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457.0 |
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— |
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TRGP Senior unsecured notes |
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14,210.6 |
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14,226.7 |
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— |
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14,226.7 |
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— |
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Partnership’s Senior unsecured notes |
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3,649.9 |
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3,606.8 |
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— |
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3,606.8 |
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— |
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Securitization Facility |
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600.0 |
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600.0 |
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— |
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600.0 |
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— |
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December 31, 2025 |
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Carrying |
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Fair Value |
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Value |
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Total |
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Level 1 |
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Level 2 |
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Level 3 |
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Financial Instruments Recorded on Our
Consolidated Balance Sheets at Fair Value: |
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Assets from commodity derivative contracts (1) |
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$ |
189.3 |
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$ |
189.3 |
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$ |
— |
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$ |
189.2 |
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$ |
0.1 |
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Liabilities from commodity derivative contracts (1) |
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256.2 |
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256.2 |
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— |
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255.2 |
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1.0 |
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Contingent consideration liability |
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0.3 |
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0.3 |
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— |
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— |
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0.3 |
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Financial Instruments Recorded on Our
Consolidated Balance Sheets at Carrying Value: |
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Cash and cash equivalents |
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166.1 |
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166.1 |
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— |
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— |
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— |
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TRGP Revolver and Commercial Paper Program |
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161.0 |
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161.0 |
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— |
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161.0 |
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— |
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TRGP Senior unsecured notes |
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12,711.7 |
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12,928.6 |
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— |
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12,928.6 |
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— |
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Partnership’s Senior unsecured notes |
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4,329.2 |
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4,316.2 |
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— |
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4,316.2 |
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— |
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(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.
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