The following tables present the fair value of the Company’s hedged items as of March 31, 2015 and December 31, 2014, (in millions): | | Asset Derivatives | | Liability Derivatives | | Derivatives designated as hedging instruments(a) (b) | Balance Sheet Location | | March 31, 2015 | | Balance Sheet Location | | March 31, 2015 | | | | | | | | | | | | Commodity contracts | Other current assets | | $ | - | | Accrued expenses | | $ | 2.1 | | Commodity contracts | Other assets | | | - | | Other noncurrent liabilities | | | 1.2 | | Total derivatives designated as hedging instruments | | | $ | - | | | | $ | 3.3 | |
| (a) | As of March 31, 2015, the Company has commodity hedge agreements with four counterparties. All of the counterparties are in payable positions. |
| (b) | The Company has master netting agreements with its counterparties and accordingly has netted in its consolidated balance sheets immaterial amounts that are in receivable and payable positions with larger amounts that are in payable and receivable positions, respectively. |
| | Asset Derivatives | | Liability Derivatives | | Derivatives designated as hedging instruments(a) (b) | Balance Sheet Location | | December 31, 2014 | | Balance Sheet Location | | December 31, 2014 | | | | | | | | | | | | Commodity contracts | Other current assets | | $ | 0.1 | | Accrued expenses | | $ | 2.5 | | Commodity contracts | Other assets | | | - | | Other noncurrent liabilities | | | 1.0 | | Total derivatives designated as hedging instruments | | | $ | 0.1 | | | | $ | 3.5 | |
| (a) | The Company has commodity hedge agreements with four counterparties. Amounts recorded as liabilities for the Company’s commodity contracts are payable to all counterparties. The amount recorded as an asset is due from two counterparties. |
| (b) | The Company has master netting agreements with its counterparties and accordingly has netted in its consolidated balance sheets approximately $0.1 million of its commodity contracts that are in a receivable position against its contracts in payable positions. |
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