The following tables present the fair value of the Company’s hedged items as of March 31, 2016, and December 31, 2015 (in millions): | | | | | | | | | | | | | | Asset Derivatives | | Liability Derivatives | Derivatives designated as hedging instruments(a) | Balance Sheet Location | | March 31,
2016 | | Balance Sheet Location | | March 31,
2016 | Commodity contracts | Other current assets | | $ | 0.1 |
| | Accrued expenses | | $ | 2.2 |
| Commodity contracts | Other assets | | — |
| | Other noncurrent liabilities | | 0.2 |
| Total derivatives designated as hedging instruments | | | $ | 0.1 |
| | | | $ | 2.4 |
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| | (a) | As of March 31, 2016, the Company had commodity hedge agreements with two counterparties. Amounts recorded as liabilities for the Company’s commodity contracts were payable to both counterparties. The Company has master netting agreements with its counterparties and accordingly has netted in its consolidated balance sheets $0.1 million that were in receivable positions against its contracts in payable positions. |
| | | | | | | | | | | | | | Asset Derivatives | | Liability Derivatives | Derivatives designated as hedging instruments(a) | Balance Sheet Location | | December 31,
2015 | | Balance Sheet Location | | December 31,
2015 | Commodity contracts | Other current assets | | $ | 0.1 |
| | Accrued expenses | | $ | 2.6 |
| Commodity contracts | Other assets | | — |
| | Other noncurrent liabilities | | 0.1 |
| Total derivatives designated as hedging instruments | | | $ | 0.1 |
| | | | $ | 2.7 |
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| | (a) | As of December 31, 2015, the Company had commodity hedge agreements with two counterparties. Amounts recorded as liabilities for the Company’s commodity contracts were payable to both counterparties. The Company has master netting agreements with its counterparties and accordingly has netted in its consolidated balance sheets $0.1 million that were in receivable position against its contracts in payable positions. |
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