Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

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 (in millions):

	Fair Value Measurements as of March 31, 2023
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total
Assets:
Commodities contracts	$	496.5	$	628.2	$	4.8	$	1,129.5
Interest rate contract	—		20.7		—		20.7
Foreign currency contracts	—		26.8		—		26.8
Cash surrender value of life insurance	—		15.2		—		15.2
Total assets at fair value	$	496.5	$	690.9	$	4.8	$	1,192.2
Liabilities:
Commodities contracts	$	537.4	$	649.7	$	2.2	$	1,189.4
Foreign currency contracts	—		23.0		—		23.0
Total liabilities at fair value	$	537.4	$	672.8	$	2.2	$	1,212.4

	Fair Value Measurements as of December 31, 2022
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total
Assets:
Commodities contracts	$	496.2	$	797.6	$	4.2	$	1,298.0
Interest rate contract	—		24.7		—		24.7
Foreign currency contracts	—		24.7		—		24.7
Cash surrender value of life insurance	—		14.4		—		14.4
Total assets at fair value	$	496.2	$	861.4	$	4.2	$	1,361.8
Liabilities:
Commodities contracts	$	497.4	$	951.2	$	3.4	$	1,452.1
Foreign currency contracts	—		38.7		—		38.7
Total liabilities at fair value	$	497.4	$	989.9	$	3.4	$	1,490.8

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 Condensed Consolidated Balance Sheets (in millions):

	Fair Value as of March 31, 2023
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Collateral		Gross Amounts without Right of Offset		Net Amounts
Assets:
Commodities contracts	$	1,129.5	$	682.3	$	447.2	$	93.9	$	—	$	353.3
Interest rate contract	20.7		—		20.7		—		—		20.7
Foreign currency contracts	26.8		14.3		12.5		—		—		12.5
Total assets at fair value	$	1,177.1	$	696.6	$	480.5	$	93.9	$	—	$	386.6
Liabilities:
Commodities contracts	$	1,189.4	$	682.3	$	507.1	$	178.2	$	—	$	328.8
Foreign currency contracts	23.0		14.3		8.8		—		—		8.8
Total liabilities at fair value	$	1,212.4	$	696.6	$	515.8	$	178.2	$	—	$	337.6

	Fair Value as of December 31, 2022
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Collateral		Gross Amounts without Right of Offset		Net Amounts
Assets:
Commodities contracts	$	1,298.0	$	756.8	$	541.1	$	79.3	$	—	$	461.9
Interest rate contract	24.7		—		24.7		—		—		24.7
Foreign currency contracts	24.7		20.9		3.8		—		—		3.8
Total assets at fair value	$	1,347.4	$	777.7	$	569.7	$	79.3	$	—	$	490.5
Liabilities:
Commodities contracts	$	1,452.1	$	755.6	$	696.4	$	243.1	$	—	$	453.3
Foreign currency contracts	38.7		22.1		16.7		—		—		16.7
Total liabilities at fair value	$	1,490.8	$	777.7	$	713.1	$	243.1	$	—	$	470.0