XML 25 R15.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Fair Value Measurements | 9 Months Ended
--- | ---
Sep. 30, 2022
Fair Value Disclosures [Abstract] |
Fair Value Measurements | 8. 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 their short-term maturities. The carrying values of our debt and notes receivable approximate fair value as these instruments bear interest either at variable rates or fixed rates, which are not significantly different from market rates. The fair value measurements for our debt and notes receivable are considered to be Level 2 measurements based on the fair value hierarchy. Recurring Fair Value Measurements The following tables present information about our gross assets and liabilities that are measured at fair value on a recurring basis (in millions):
| Fair Value Measurements as of September 30, 2022
| Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs |  | Total
Assets: |  |  |  |  |  |  |
Commodities contracts | $ | 1,272.8 |  |  | $ | 1,201.7 |  |  | $ | 7.8 |  |  | $ | 2,482.3 |
Interest rate contract | — |  |  | 26.2 |  |  | — |  |  | 26.2 |
Foreign currency contracts | — |  |  | 34.1 |  |  | — |  |  | 34.1 |
Cash surrender value of life insurance | — |  |  | 13.9 |  |  | — |  |  | 13.9 |
Total assets at fair value | $ | 1,272.8 |  |  | $ | 1,275.9 |  |  | $ | 7.8 |  |  | $ | 2,556.5 |
Liabilities: |  |  |  |  |  |  |
Commodities contracts | $ | 921.5 |  |  | $ | 1,609.7 |  |  | $ | 5.0 |  |  | $ | 2,536.1 |
Foreign currency contracts | — |  |  | 25.1 |  |  | — |  |  | 25.1 |
Total liabilities at fair value | $ | 921.5 |  |  | $ | 1,634.7 |  |  | $ | 5.0 |  |  | $ | 2,561.2 |
| Fair Value Measurements as of December 31, 2021
| Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs |  | Total
Assets: |  |  |  |  |  |  |
Commodities contracts | $ | 513.3 |  |  | $ | 247.6 |  |  | $ | 2.6 |  |  | $ | 763.5 |
Interest rate contract | — |  |  | 5.4 |  |  | — |  |  | 5.4 |
Foreign currency contracts | — |  |  | 4.7 |  |  | — |  |  | 4.7 |
Cash surrender value of life insurance | — |  |  | 14.6 |  |  | — |  |  | 14.6 |
Total assets at fair value | $ | 513.3 |  |  | $ | 272.3 |  |  | $ | 2.6 |  |  | $ | 788.3 |
Liabilities: |  |  |  |  |  |  |
Commodities contracts | $ | 361.5 |  |  | $ | 378.6 |  |  | $ | 3.8 |  |  | $ | 743.9 |
Interest rate contract | — |  |  | 0.3 |  |  | — |  |  | 0.3 |
Foreign currency contracts | — |  |  | 4.3 |  |  | — |  |  | 4.3 |
Total liabilities at fair value | $ | 361.5 |  |  | $ | 383.2 |  |  | $ | 3.8 |  |  | $ | 748.5 |
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. 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, 2022
|  | Gross Amounts Recognized |  | Gross Amounts Offset |  | Net Amounts Presented |  | Cash Collateral |  | Gross Amounts without Right of Offset |  | Net Amounts
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Commodities contracts |  | $ | 2,482.3 |  |  | $ | 1,635.6 |  |  | $ | 846.7 |  |  | $ | 329.9 |  |  | $ | — |  |  | $ | 516.8 |
Interest rate contract |  | 26.2 |  |  | — |  |  | 26.2 |  |  | — |  |  | — |  |  | 26.2 |
Foreign currency contracts |  | 34.1 |  |  | 25.1 |  |  | 9.0 |  |  | — |  |  | — |  |  | 9.0 |
Total assets at fair value |  | $ | 2,542.5 |  |  | $ | 1,660.7 |  |  | $ | 881.8 |  |  | $ | 329.9 |  |  | $ | — |  |  | $ | 551.9 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Commodities contracts |  | $ | 2,536.1 |  |  | $ | 1,635.6 |  |  | $ | 900.5 |  |  | $ | 146.5 |  |  | $ | — |  |  | $ | 754.0 |
Foreign currency contracts |  | 25.1 |  |  | 25.1 |  |  | — |  |  | — |  |  | — |  |  | — |
Total liabilities at fair value |  | $ | 2,561.2 |  |  | $ | 1,660.7 |  |  | $ | 900.5 |  |  | $ | 146.5 |  |  | $ | — |  |  | $ | 754.0 |
|  | Fair Value as of December 31, 2021
|  | Gross Amounts Recognized |  | Gross Amounts Offset |  | Net Amounts Presented |  | Cash Collateral |  | Gross Amounts without Right of Offset |  | Net Amounts
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Commodities contracts |  | $ | 763.5 |  |  | $ | 513.1 |  |  | $ | 250.4 |  |  | $ | 7.6 |  |  | $ | — |  |  | $ | 242.8 |
Interest rate contract |  | 5.4 |  |  | — |  |  | 5.4 |  |  | — |  |  | — |  |  | 5.4 |
Foreign currency contracts |  | 4.7 |  |  | 2.6 |  |  | 2.1 |  |  | — |  |  | — |  |  | 2.1 |
Total assets at fair value |  | $ | 773.6 |  |  | $ | 515.6 |  |  | $ | 258.0 |  |  | $ | 7.6 |  |  | $ | — |  |  | $ | 250.4 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Commodities contracts |  | $ | 743.9 |  |  | $ | 513.1 |  |  | $ | 230.8 |  |  | $ | 3.2 |  |  | $ | — |  |  | $ | 227.7 |
Interest rate contract |  | 0.3 |  |  | — |  |  | 0.3 |  |  | — |  |  | — |  |  | 0.3 |
Foreign currency contracts |  | 4.3 |  |  | 2.6 |  |  | 1.7 |  |  | — |  |  | — |  |  | 1.7 |
Total liabilities at fair value |  | $ | 748.5 |  |  | $ | 515.6 |  |  | $ | 232.8 |  |  | $ | 3.2 |  |  | $ | — |  |  | $ | 229.7 |
At September 30, 2022 and December 31, 2021, we did not present any amounts gross on our Condensed Consolidated Balance Sheets where we had the right of offset. Concentration of Credit Risk Our individual over-the-counter ("OTC") counterparty exposure is managed within predetermined credit limits and includes the use of cash-call margins when appropriate, thereby reducing the risk of significant nonperformance. At September 30, 2022, one of our counterparties with a total exposure of $103.3 million represented over 10% of our credit exposure to OTC derivative counterparties, for which we held cash collateral of $51.4 million from the counterparty. Nonrecurring Fair Value Measurements The fair values of nonrecurring assets or liabilities measured using Level 3 inputs were not material as of September 30, 2022 and December 31, 2021, respectively. The Flyers assets acquired and liabilities assumed were measured and recorded at their acquisition date fair values during the nine months ended September 30, 2022 as discussed in Note 3. Acquisitions.

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 The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration