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Fair Value Measurements
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The carrying amounts of cash and cash equivalents, net accounts receivable, accounts payable and accrued expenses and other current liabilities approximate fair value based on the short-term maturities of these instruments. The carrying values of our debt and notes receivable approximate fair value since these instruments bear interest either at variable rates or fixed rates which are not significantly different from market rates. Based on the fair value hierarchy, our total debt of $524.7 million and $628.8 million as of December 31, 2020 and 2019, respectively, and our notes receivable of $45.7 million and $21.0 million as of December 31, 2020 and 2019, respectively are categorized in Level 2.
Recurring Fair Value Measurements
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 InputsLevel 2 InputsLevel 3 InputsTotal 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 InputsLevel 2 InputsLevel 3 InputsTotal 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 
The fair values of our commodity contracts measured using Level 3 inputs were not material at December 31, 2020 and 2019, respectively.

For our derivative contracts, we may enter into master netting, collateral and offset agreements with counterparties. These agreements provide us the ability to offset a counterparty’s rights and obligations, request additional collateral when necessary or liquidate the collateral in the event of counterparty default. We net the fair value of cash collateral paid or received against fair value amounts recognized for net derivative positions executed with the same counterparty under the same master netting or offset agreement.
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 RecognizedGross Amounts OffsetNet Amounts PresentedCash CollateralGross Amounts Without Right of OffsetNet Amounts
Assets:
Commodities contracts$371.0 $287.1 $83.9 $1.2 $— $82.7 
Foreign currency contracts7.5 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 contract3.7 — 3.7 — — 3.7 
Foreign currency contracts19.8 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 RecognizedGross Amounts OffsetNet Amounts PresentedCash CollateralGross Amounts Without Right of OffsetNet Amounts
Assets:
Commodities contracts$259.0 $130.0 $129.0 $— $— $129.0 
Foreign currency contracts2.0 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 contracts11.6 1.0 10.5 — — 10.5 
Total liabilities at fair value$266.6 $131.1 $135.5 $29.3 $— $106.3 
At December 31, 2020 and 2019, we did not present any amounts gross within our Consolidated Balance Sheet where we had the right of setoff.
Concentration of Credit Risk
The individual over-the-counter ("OTC") counterparty exposure is managed within predetermined credit limits. It includes the use of cash-call margins when appropriate, thereby reducing the risk of significant nonperformance. At December 31, 2020, none of our OTC counterparties represented over 10% of our total credit exposure to OTC derivative counterparties.
Nonrecurring Fair Value Measurements
In addition to assets and liabilities that are recorded at fair value on a recurring basis, during the fourth quarter, we measured and recorded at fair value an equity method investment as a result of an other-than-temporary impairment. In calculating fair value, we used a combination of an income and market approach. Under the market approach, we used a selection of global companies that compares with the investment. Under the income approach, we used estimated future cash flows based on information available to us. Due to the significance of unobservable inputs, the measurement is categorized in Level 3. The fair values of nonrecurring assets or liabilities measured using Level 3 inputs were not material at December 31, 2020 and 2019, respectively.