XML 41 R30.htm IDEA: XBRL DOCUMENT v3.20.2

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

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 June 30, 2020 and December 31, 2019 (in millions):

			Fair Value Measurements as of June 30, 2020
						Level 1 Inputs						Level 2 Inputs						Level 3 Inputs						Total
Assets:
Commodities contracts						$	417.8					$	259.7					$	14.8					$	692.4
Foreign currency contracts						—						2.4						—						2.4
Interest rate contract						—						—						—						—
Cash surrender value of life insurance						—						9.2						—						9.2
Total assets at fair value						$	417.8					$	271.3					$	14.8					$	704.0
Liabilities:
Commodities contracts						$	437.7					$	181.7					$	3.8					$	623.2
Foreign currency contracts						—						10.9						—						10.9
Interest rate contract						—						4.9						—						4.9
Total liabilities at fair value						$	437.7					$	197.6					$	3.8					$	639.1
			Fair Value Measurements as of December 31, 2019
						Level 1 Inputs						Level 2 Inputs						Level 3 Inputs						Total
Assets:
Commodities contracts						$	148.3					$	100.0					$	10.7					$	259.0
Foreign currency contracts						—						2.0						—						2.0
Cash surrender value of life insurance						—						9.4						—						9.4
Total assets at fair value						$	148.3					$	111.4					$	10.7					$	270.4
Liabilities:
Commodities contracts						$	177.6					$	69.3					$	8.1					$	255.0
Foreign currency contracts						—						11.6						—						11.6
Total liabilities at fair value						$	177.6					$	80.9					$	8.1					$	266.6

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

The following tables summarize those derivative balances subject to the right of offset as presented on our Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019. 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.

			Fair Value as of June 30, 2020
																														Gross Amounts
						Gross Amounts						Gross Amounts						Net Amounts						Cash						without
						Recognized						Offset						Presented						Collateral						Right of Offset						Net Amounts
Assets:
Commodities contracts						$	692.4					$	507.5					$	184.9					$	7.5					$	—					$	177.4
Interest rate contract						—						—						—						—						—						—
Foreign currency contracts						2.4						2.2						0.3						—						—						0.3
Total assets at fair value						$	694.8					$	509.7					$	185.1					$	7.5					$	—					$	177.7
Liabilities:
Commodities contracts						$	623.2					$	507.5					$	115.7					$	19.5					$	—					$	96.2
Interest rate contract						4.9						—						4.9						—						—						4.9
Foreign currency contracts						10.9						2.2						8.8						—						—						8.8
Total liabilities at fair value						$	639.1					$	509.7					$	129.4					$	19.5					$	—					$	109.9

			Fair Value as of December 31, 2019
																														Gross Amounts
						Gross Amounts						Gross Amounts						Net Amounts						Cash						without
						Recognized						Offset						Presented						Collateral						Right of Offset						Net Amounts
Assets:
Commodities contracts						$	259.0					$	130.0					$	129.0					$	—					$	—					$	129.0
Foreign currency contracts						2.0						1.0						1.0						—						—						1.0
Total assets at fair value						$	261.1					$	131.1					$	130.0					$	—					$	—					$	130.0
Liabilities:
Commodities contracts						$	255.0					$	130.0					$	125.0					$	29.3					$	—					$	95.7
Foreign currency contracts						11.6						1.0						10.5						—						—						10.5
Total liabilities at fair value						$	266.6					$	131.1					$	135.5					$	29.3					$	—					$	106.3

X

- 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

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-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

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration