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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2021
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 September 30, 2021 and December 31, 2020 (in millions):
| Fair Value Measurements as of September 30, 2021
|  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs |  | Total
Assets: |  |  |  |  |  |  |  |
Commodities contracts |  | $ | 431.3 |  |  | $ | 325.0 |  |  | $ | 2.1 |  |  | $ | 758.4 |
Foreign currency contracts |  | — |  |  | 4.5 |  |  | — |  |  | 4.5 |
Interest rate contract |  | — |  |  | 2.4 |  |  | — |  |  | 2.4 |
Cash surrender value of life insurance |  | — |  |  | 14.1 |  |  | — |  |  | 14.1 |
Total assets at fair value |  | $ | 431.3 |  |  | $ | 346.0 |  |  | $ | 2.1 |  |  | $ | 779.4 |
Liabilities: |  |  |  |  |  |  |  |
Commodities contracts |  | $ | 326.1 |  |  | $ | 449.1 |  |  | $ | 2.6 |  |  | $ | 777.8 |
Interest rate contract |  | — |  |  | 1.3 |  |  | — |  |  | 1.3 |
Foreign currency contracts |  | — |  |  | 4.0 |  |  | — |  |  | 4.0 |
Total liabilities at fair value |  | $ | 326.1 |  |  | $ | 454.4 |  |  | $ | 2.6 |  |  | $ | 783.1 |
| Fair Value Measurements as of December 31, 2020
|  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs |  | Total
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 |
Schedule of Derivative Instruments at Fair Value and Their Locations on the Balance Sheets | 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. The following tables summarize those derivative balances subject to the right of offset as presented on our Consolidated Balance Sheets (in millions):
|  | Fair Value as of September 30, 2021
|  | Gross Amounts Recognized |  | Gross Amounts Offset |  | Net Amounts Presented |  | Cash Collateral |  | Gross Amounts without Right of Offset |  | Net Amounts
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Commodities contracts |  | $ | 758.4 |  |  | $ | 499.2 |  |  | $ | 259.2 |  |  | $ | 106.0 |  |  | $ | — |  |  | $ | 153.3 |
Interest rate contract |  | 2.4 |  |  | — |  |  | 2.4 |  |  | — |  |  | — |  |  | 2.4 |
Foreign currency contracts |  | 4.5 |  |  | 3.7 |  |  | 0.8 |  |  | — |  |  | — |  |  | 0.8 |
Total assets at fair value |  | $ | 765.3 |  |  | $ | 502.9 |  |  | $ | 262.4 |  |  | $ | 106.0 |  |  | $ | — |  |  | $ | 156.5 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Commodities contracts |  | $ | 777.8 |  |  | $ | 499.2 |  |  | $ | 278.7 |  |  | $ | 3.3 |  |  | $ | — |  |  | $ | 275.4 |
Interest rate contract |  | 1.3 |  |  | — |  |  | 1.3 |  |  | — |  |  | — |  |  | 1.3 |
Foreign currency contracts |  | 4.0 |  |  | 3.7 |  |  | 0.3 |  |  | — |  |  | — |  |  | 0.3 |
Total liabilities at fair value |  | $ | 783.1 |  |  | $ | 502.9 |  |  | $ | 280.2 |  |  | $ | 3.3 |  |  | $ | — |  |  | $ | 276.9 |
|  | 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 |

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- 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=123594938&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=123874694&loc=d3e19207-110258 + Details
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- 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=123874694&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=123874694&loc=d3e19207-110258 + Details
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