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Fair Value Measurements
 12 Months Ended
Dec. 31, 2014
Fair Value Disclosures [Abstract]  
Fair Value Measurements
(15) Fair Value Measurements

ASC Topic 820 — Fair Value Measurements and Disclosures ("ASC 820") established a single authoritative definition of fair value when accounting rules require the use of fair value, set out a framework for measuring fair value and required additional disclosures about fair value measurements. ASC 820 clarifies that fair value is an exit price, representing the amount from the perspective of a market participant that holds the asset or owes the liability at the measurement date.

ASC 820 discusses valuation techniques, such as the market approach (prices and other relevant information generated by market transactions involving identical or comparable assets, liabilities or a group of assets and liabilities such as a business), the income approach (techniques to convert future amounts to a single current amount based on market expectations about those future amounts including present value techniques and option pricing), and the cost approach (amount that would be required currently to replace the service capacity of an asset which is often referred to as a replacement cost). ASC 820 utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:

•
Level 1 — Quoted prices in active markets for identical assets and liabilities

•
Level 2 — Other significant observable inputs (including quoted prices in active markets for similar assets or liabilities)

•
Level 3 — Significant unobservable inputs (including the Company's own assumptions in determining the fair value)

The following table sets forth the assets and liabilities measured at fair value on a recurring basis, by input level, as of December 31, 2014 and 2013:
 
December 31, 2014
 
Level 1
 
Level 2
 
Level 3
 
Total
 
(in millions)
Location and Description
 
 
 
 
 
 
 
Cash equivalents
$
69.0

 
$
—

 
$
—

 
$
69.0

Other current assets (investments)
73.9

 
2.7

 
—

 
76.6

Other current assets (other derivative agreements)
—

 
25.0

 
—

 
25.0

Other long-term assets (other derivative agreements)
—

 
22.3

 
—

 
22.3

Total Assets
$
142.9

 
$
50.0

 
$
—

 
$
192.9

Other current liabilities (interest rate swaps)
—

 
(0.8
)
 
—

 
(0.8
)
Other current liabilities (biofuel blending obligations)
—

 
(49.6
)
 
—

 
(49.6
)
Other long-term liabilities (interest rate swaps)
—

 
(0.2
)
 
—

 
(0.2
)
Total Liabilities
$
—

 
$
(50.6
)
 
$
—

 
$
(50.6
)

 
December 31, 2013
 
Level 1
 
Level 2
 
Level 3
 
Total
 
(in millions)
Location and Description
 
 
 
 
 
 
 
Cash equivalents
$
81.0

 
$
—

 
$
—

 
$
81.0

Other current assets (other derivative agreements)
—

 
0.9

 
—

 
0.9

Other long-term assets (other derivative agreements)
—

 
0.1

 
—

 
0.1

Total Assets
$
81.0

 
$
1.0

 
$
—

 
$
82.0

Other current liabilities (other derivative agreements)
—

 
(15.3
)
 
—

 
(15.3
)
Other current liabilities (interest rate swaps)
—

 
(0.9
)
 
—

 
(0.9
)
Other current liabilities (biofuel blending obligations)
—

 
(16.2
)
 
—

 
(16.2
)
Other long-term liabilities (other derivative agreements)
—

 
(1.8
)
 
—

 
(1.8
)
Other long-term liabilities (interest rate swaps)
—

 
(1.0
)
 
—

 
(1.0
)
Total Liabilities
$
—

 
$
(35.2
)
 
$
—

 
$
(35.2
)


As of December 31, 2014 and 2013, the only financial assets and liabilities that are measured at fair value on a recurring basis are the Company's cash equivalents, investments, derivative instruments and uncommitted biofuel blending obligation. Additionally, the fair value of the Company's debt issuances is disclosed in Note 10 ("Long-Term Debt"). The Refining Partnership's commodity derivative contracts, certain investments and uncommitted biofuel blending obligation, which use fair value measurements and are valued using broker quoted market prices of similar instruments, are considered Level 2 inputs. The Nitrogen Fertilizer Partnership has interest rate swaps that are measured at fair value on a recurring basis using Level 2 inputs. The fair value of these interest rate swap instruments are based on discounted cash flow models that incorporate the cash flows of the derivatives, as well as the current LIBOR rate and a forward LIBOR curve, along with other observable market inputs. The Company's investments in marketable securities are classified as available-for-sale, and as a result, are reported at fair market value using quoted market prices.

As of December 31, 2014, the aggregate cost basis for the Company's available-for-sale securities is approximately $73.6 million following an other-than-temporary impairment of $4.7 million during the year ended December 31, 2014. During the year ended December 31, 2013, the Company received proceeds of $24.7 million for the sale of its investments in marketable securities, which were previously classified as available-for-sale and reported at fair market value using quoted market prices. The aggregate cost basis for the available-for-sale securities sold was approximately $18.6 million. Upon the sale of the available-for-sale securities, the Company reclassified the unrealized gain of $6.1 million from AOCI and recognized a realized gain in other income for the year ended December 31, 2013. As of December 31, 2013, the Company did not hold any further investments in available-for-sale securities. The Company had no transfers of assets or liabilities between any of the above levels during the year ended December 31, 2014.