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Fair Value Measurements (Tables)

12 Months Ended

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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Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements.

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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).

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