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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2020
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 (1) financial instruments measurements included on our Consolidated Balance Sheets at fair value and (2) supplemental fair value disclosures for other financial instruments:
|  | December 31, 2020 |
|  | 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) |  | $ | 134.8 |  |  | $ | 134.8 |  |  | $ | — |  |  | $ | 134.8 |  |  | $ | — |
Liabilities from commodity derivative contracts (1) |  |  | 186.0 |  |  |  | 186.0 |  |  |  | — |  |  |  | 185.8 |  |  |  | 0.2 |
TPL contingent consideration (2) |  |  | 2.0 |  |  |  | 2.0 |  |  |  | — |  |  |  | — |  |  |  | 2.0 |
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 242.8 |  |  |  | 242.8 |  |  |  | — |  |  |  | — |  |  |  | — |
TRC Revolver |  |  | 555.0 |  |  |  | 555.0 |  |  |  | — |  |  |  | 555.0 |  |  |  | — |
TRP Revolver |  |  | 280.0 |  |  |  | 280.0 |  |  |  | — |  |  |  | 280.0 |  |  |  | — |
Partnership's Senior unsecured notes |  |  | 6,585.4 |  |  |  | 7,036.8 |  |  |  | — |  |  |  | 7,036.8 |  |  |  | — |
Partnership's Securitization Facility |  |  | 350.0 |  |  |  | 350.0 |  |  |  | — |  |  |  | 350.0 |  |  |  | — |
|  | December 31, 2019 |
|  | 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) |  | $ | 136.5 |  |  | $ | 136.5 |  |  | $ | — |  |  | $ | 136.2 |  |  | $ | 0.3 |
Liabilities from commodity derivative contracts (1) |  |  | 142.6 |  |  |  | 142.6 |  |  |  | — |  |  |  | 142.0 |  |  |  | 0.6 |
TPL contingent consideration (2) |  |  | 2.3 |  |  |  | 2.3 |  |  |  | — |  |  |  | — |  |  |  | 2.3 |
Financial Instruments Recorded on Our Consolidated Balance Sheets at Carrying Value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 331.1 |  |  |  | 331.1 |  |  |  | — |  |  |  | — |  |  |  | — |
TRC Revolver |  |  | 435.0 |  |  |  | 435.0 |  |  |  | — |  |  |  | 435.0 |  |  |  | — |
TRP Revolver |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Partnership's Senior unsecured notes |  |  | 7,028.5 |  |  |  | 7,376.9 |  |  |  | — |  |  |  | 7,376.9 |  |  |  | — |
Partnership's Securitization Facility |  |  | 370.0 |  |  |  | 370.0 |  |  |  | — |  |  |  | 370.0 |  |  |  | — |
(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 15 – 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.
(2) | We have a contingent consideration liability for TPL’s previous acquisition of a gas gathering system and related assets, which is carried at fair value.
Reconciliation of 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 |  |  | Contingent |
|  |  | Asset/(Liability) |  |  | Consideration |
Balance, December 31, 2019 |  | $ | (0.3 | ) |  | $ | (2.3 | )
Change in fair value of TPL contingent consideration |  |  | — |  |  |  | 0.3 |
New Level 3 derivative instruments |  |  | (0.2 | ) |  |  | — |
Transfers out of Level 3 (1) |  |  | 0.3 |  |  |  | — |
Balance, December 31, 2020 |  | $ | (0.2 | ) |  | $ | (2.0 | )
(1) | Transfers relate to long-term over-the-counter swaps for NGL products for which observable market prices became available for substantially their full term.

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- 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=121572278&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 + Details
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