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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2024
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 (in millions):
| Fair Value Measurements as of June 30, 2024
| Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs |  | Total
Assets: |  |  |  |  |  |  |
Commodities contracts | $ | 190.4 |  |  | $ | 406.9 |  |  | $ | 8.4 |  |  | $ | 605.7 |
Interest rate contract | — |  |  | 10.5 |  |  | — |  |  | 10.5 |
Foreign currency contracts | — |  |  | 15.3 |  |  | — |  |  | 15.3 |
Cash surrender value of life insurance | — |  |  | 18.4 |  |  | — |  |  | 18.4 |
Total assets at fair value | $ | 190.4 |  |  | $ | 451.0 |  |  | $ | 8.4 |  |  | $ | 649.8 |
Liabilities: |  |  |  |  |  |  |
Commodities contracts | $ | 253.3 |  |  | $ | 278.6 |  |  | $ | 0.8 |  |  | $ | 532.7 |
Foreign currency contracts | — |  |  | 18.6 |  |  | — |  |  | 18.6 |
Total liabilities at fair value | $ | 253.3 |  |  | $ | 297.3 |  |  | $ | 0.8 |  |  | $ | 551.4 |
| Fair Value Measurements as of December 31, 2023
| Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs |  | Total
Assets: |  |  |  |  |  |  |
Commodities contracts | $ | 220.0 |  |  | $ | 560.2 |  |  | $ | 11.6 |  |  | $ | 791.8 |
Interest rate contract | — |  |  | 14.8 |  |  | — |  |  | 14.8 |
Foreign currency contracts | — |  |  | 34.1 |  |  | — |  |  | 34.1 |
Cash surrender value of life insurance | — |  |  | 16.5 |  |  | — |  |  | 16.5 |
Total assets at fair value | $ | 220.0 |  |  | $ | 625.6 |  |  | $ | 11.6 |  |  | $ | 857.3 |
Liabilities: |  |  |  |  |  |  |
Commodities contracts | $ | 322.1 |  |  | $ | 345.3 |  |  | $ | 1.8 |  |  | $ | 669.1 |
Foreign currency contracts | — |  |  | 28.7 |  |  | — |  |  | 28.7 |
Total liabilities at fair value | $ | 322.1 |  |  | $ | 373.9 |  |  | $ | 1.8 |  |  | $ | 697.8 |
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 Condensed Consolidated Balance Sheets (in millions):
|  | Fair Value as of June 30, 2024
|  | Gross Amounts Recognized |  | Gross Amounts Offset |  | Net Amounts Presented |  | Collateral |  | Gross Amounts without Right of Offset |  | Net Amounts
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Commodities contracts |  | $ | 605.7 |  |  | $ | 329.8 |  |  | $ | 275.9 |  |  | $ | 19.8 |  |  | $ | — |  |  | $ | 256.0 |
Interest rate contract |  | 10.5 |  |  | — |  |  | 10.5 |  |  | — |  |  | — |  |  | 10.5 |
Foreign currency contracts |  | 15.3 |  |  | 13.3 |  |  | 2.0 |  |  | — |  |  | — |  |  | 2.0 |
Total assets at fair value |  | $ | 631.4 |  |  | $ | 343.1 |  |  | $ | 288.3 |  |  | $ | 19.8 |  |  | $ | — |  |  | $ | 268.5 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Commodities contracts |  | $ | 532.7 |  |  | $ | 329.8 |  |  | $ | 202.9 |  |  | $ | 61.6 |  |  | $ | — |  |  | $ | 141.4 |
Foreign currency contracts |  | 18.6 |  |  | 13.3 |  |  | 5.3 |  |  | — |  |  | — |  |  | 5.3 |
Total liabilities at fair value |  | $ | 551.4 |  |  | $ | 343.1 |  |  | $ | 208.3 |  |  | $ | 61.6 |  |  | $ | — |  |  | $ | 146.7 |
|  | Fair Value as of December 31, 2023
|  | Gross Amounts Recognized |  | Gross Amounts Offset |  | Net Amounts Presented |  | Collateral |  | Gross Amounts without Right of Offset |  | Net Amounts
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Commodities contracts |  | $ | 791.8 |  |  | $ | 399.0 |  |  | $ | 392.8 |  |  | $ | 45.2 |  |  | $ | — |  |  | $ | 347.7 |
Interest rate contract |  | 14.8 |  |  | — |  |  | 14.8 |  |  | — |  |  | — |  |  | 14.8 |
Foreign currency contracts |  | 34.1 |  |  | 19.1 |  |  | 15.0 |  |  | — |  |  | — |  |  | 15.0 |
Total assets at fair value |  | $ | 840.7 |  |  | $ | 418.0 |  |  | $ | 422.7 |  |  | $ | 45.2 |  |  | $ | — |  |  | $ | 377.5 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Commodities contracts |  | $ | 669.1 |  |  | $ | 399.0 |  |  | $ | 270.1 |  |  | $ | 100.5 |  |  | $ | — |  |  | $ | 169.7 |
Foreign currency contracts |  | 28.7 |  |  | 19.1 |  |  | 9.6 |  |  | — |  |  | — |  |  | 9.6 |
Total liabilities at fair value |  | $ | 697.8 |  |  | $ | 418.0 |  |  | $ | 279.7 |  |  | $ | 100.5 |  |  | $ | — |  |  | $ | 179.2 |
At June 30, 2024 and December 31, 2023, we did not present any amounts gross on our Condensed Consolidated Balance Sheets where we had the right of offset.

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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 -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + 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/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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