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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2020
Fair Value Disclosures [Abstract] |
Schedule of assets and liabilities measured at estimated fair value on a recurring basis | The following table presents information about our gross assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2020 and 2019 (in millions):
| Fair Value Measurements as of December 31, 2020
|  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs |  | Total Fair Value
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 |
| Fair Value Measurements as of December 31, 2019
|  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs |  | Total Fair Value
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 commodity derivative assets subject to the right of offset | The following tables summarize those commodity derivative balances subject to the right of offset as presented within our Consolidated Balance Sheet. 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 December 31, 2020
|  | Gross Amounts Recognized |  | Gross Amounts Offset |  | Net Amounts Presented |  | Cash Collateral |  | Gross Amounts Without 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 |
| Fair Value as of December 31, 2019
|  | Gross Amounts Recognized |  | Gross Amounts Offset |  | Net Amounts Presented |  | Cash Collateral |  | Gross Amounts Without 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 |
Schedule of commodity derivative liabilities subject to the right of offset | The following tables summarize those commodity derivative balances subject to the right of offset as presented within our Consolidated Balance Sheet. 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 December 31, 2020
|  | Gross Amounts Recognized |  | Gross Amounts Offset |  | Net Amounts Presented |  | Cash Collateral |  | Gross Amounts Without 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 |
| Fair Value as of December 31, 2019
|  | Gross Amounts Recognized |  | Gross Amounts Offset |  | Net Amounts Presented |  | Cash Collateral |  | Gross Amounts Without 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 |

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