Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

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

The following tables present information about our gross assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020 (in millions):

	Fair Value Measurements as of March 31, 2021
		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total
Assets:
Commodities contracts		$	290.1	$	115.8	$	5.0	$	410.9
Foreign currency contracts		—		9.5		—		9.5
Interest rate contract		—		2.8		—		2.8
Cash surrender value of life insurance		—		12.5		—		12.5
Total assets at fair value		$	290.1	$	140.6	$	5.0	$	435.7
Liabilities:
Commodities contracts		$	277.3	$	109.6	$	5.0	$	391.9
Interest rate contract		—		1.3		—		1.3
Foreign currency contracts		—		7.4		—		7.4
Total liabilities at fair value		$	277.3	$	118.3	$	5.0	$	400.6
	Fair Value Measurements as of December 31, 2020
		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total
Assets:
Commodities contracts		$	233.5	$	127.9	$	9.5	$	371.0
Foreign currency contracts		—		7.5		—		7.5
Cash surrender value of life insurance		—		11.4		—		11.4
Total assets at fair value		$	233.5	$	146.8	$	9.5	$	389.9
Liabilities:
Commodities contracts		$	223.0	$	96.8	$	6.3	$	326.0
Interest rate contract		—		3.7		—		3.7
Foreign currency contracts		—		19.8		—		19.8
Total liabilities at fair value		$	223.0	$	120.2	$	6.3	$	349.5

Schedule of Derivative Instruments at Fair Value and Their Locations on the Balance Sheets

We have elected to offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of offset exists. The following tables summarize those derivative balances subject to the right of offset as presented on our Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020 (in millions):

	Fair Value as of March 31, 2021
										Gross Amounts
		Gross Amounts		Gross Amounts		Net Amounts		Cash		without
		Recognized		Offset		Presented		Collateral		Right of Offset		Net Amounts
Assets:
Commodities contracts		$	410.9	$	339.9	$	71.0	$	—	$	—	$	71.0
Interest rate contract		2.8		—		2.8		—		—		2.8
Foreign currency contracts		9.5		3.5		6.0		—		—		6.0
Total assets at fair value		$	423.2	$	343.4	$	79.8	$	—	$	—	$	79.8
Liabilities:
Commodities contracts		$	391.9	$	339.9	$	52.0	$	2.0	$	—	$	50.0
Interest rate contract		1.3		—		1.3		—		—		1.3
Foreign currency contracts		7.4		3.5		3.9		—		—		3.9
Total liabilities at fair value		$	400.6	$	343.4	$	57.2	$	2.0	$	—	$	55.1

	Fair Value as of December 31, 2020
										Gross Amounts
		Gross Amounts		Gross Amounts		Net Amounts		Cash		without
		Recognized		Offset		Presented		Collateral		Right of Offset		Net Amounts
Assets:
Commodities contracts		$	371.0	$	287.1	$	83.9	$	1.2	$	—	$	82.7
Foreign currency contracts		7.5		7.5		—		—		—		—
Total assets at fair value		$	378.5	$	294.6	$	83.9	$	1.2	$	—	$	82.7
Liabilities:
Commodities contracts		$	326.0	$	287.1	$	38.9	$	2.3	$	—	$	36.6
Interest rate contract		3.7		—		3.7		—		—		3.7
Foreign currency contracts		19.8		7.5		12.3		—		—		12.3
Total liabilities at fair value		$	349.5	$	294.6	$	54.9	$	2.3	$	—	$	52.6