Fair Value Measurements
 3 Months Ended
Mar. 31, 2018
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
 
The carrying amounts of cash and cash equivalents, accounts receivable, net, accounts payable and accrued expenses and other current liabilities approximate fair value based on the short-term maturities of these instruments. The carrying values of our debt and notes receivables approximate fair value since these instruments bear interest either at variable rates or fixed rates which are not significantly different than market rates. Based on the fair value hierarchy, our debt of $834.4 million and $910.2 million as of March 31, 2018 and December 31, 2017, respectively, and our notes receivable of $44.7 million and $44.9 million as of March 31, 2018 and December 31, 2017, respectively, are categorized in Level 2.
 
The following table presents information about our gross assets and liabilities that are measured at fair value on a recurring basis (in millions):
 
Fair Value measurements as of March 31, 2018
 
 
Level 1 Inputs

 
Level 2 Inputs

 
Level 3 Inputs

 
Total Fair Value
Assets:
 
 
 
 
 
 
 
 
Commodities contracts
 
$
179.9

 
$
127.0

 
$
1.1

 
$
308.0

Foreign currency contracts
 
—

 
7.5

 
—

 
7.5

Cash surrender value of life insurance
 
—

 
5.8

 
—

 
5.8

Total assets at fair value
 
$
179.9

 
$
140.3

 
$
1.1

 
$
321.3

 
 
 
 
 
 
 
 
 
Liabilities:
 
 

 
 

 
 

 
 

Commodities contracts
 
$
187.8

 
$
118.5

 
$
0.7

 
$
307.0

Foreign currency contracts
 
—

 
13.2

 
—

 
13.2

Total liabilities at fair value
 
$
187.8

 
$
131.7

 
$
0.7

 
$
320.1

 
 
 
 
 
 
 
 
 
 
Fair Value measurements as of December 31, 2017
 
 
Level 1 Inputs

 
Level 2 Inputs

 
Level 3 Inputs

 
Total Fair Value
Assets:
 
 
 
 
 
 
 
 
Commodities contracts
 
$
196.3

 
$
106.1

 
$
1.2

 
$
303.6

Foreign currency contracts
 
—

 
8.5

 
—

 
8.5

Cash surrender value of life insurance
 
—

 
5.6

 
—

 
5.6

Total assets at fair value
 
$
196.3

 
$
120.2

 
$
1.2

 
$
317.7

 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
Commodities contracts
 
$
210.6

 
$
111.8

 
$
1.4

 
$
323.9

Foreign currency contracts
 
—

 
8.7

 
—

 
8.7

Total liabilities at fair value
 
$
210.6

 
$
120.5

 
$
1.4

 
$
332.5


         
There were no transfers between Level 1 and Level 2 during the periods presented. The fair values of our commodity contracts measured using Level 3 inputs were not material at March 31, 2018 and December 31, 2017, respectively.

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 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.
The following tables summarize those commodity derivative balances subject to the right of offset as presented on our consolidated balance sheet. 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.
 
Fair Value as of March 31, 2018
 
 
 
 
 
 
 
 
 
 
Gross Amounts
 
 
 
 
Gross Amounts
 
Gross Amounts
 
Net Amounts
 
Cash
 
 without
 
 
 
 
Recognized
 
Offset
 
Presented
 
Collateral
 
Right of Offset
 
Net Amounts
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
Commodities contracts
 
$
308.0

 
$
239.4

 
$
68.6

 
$
—

 
$
—

 
$
68.6

Foreign currency contracts
 
7.5

 
6.4

 
1.1

 
—

 
—

 
1.1

Total assets at fair value
 
$
315.5

 
$
245.8

 
$
69.7

 
$
—

 
$
—

 
$
69.7

 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Commodities contracts
 
$
307.0

 
$
239.4

 
$
67.6

 
$
7.9

 
$
—

 
$
59.7

Foreign currency contracts
 
13.2

 
6.4

 
6.8

 
—

 
—

 
6.8

Total liabilities at fair value
 
$
320.1

 
$
245.8

 
$
74.3

 
$
7.9

 
$
—

 
$
66.4


 
Fair Value as of December 31, 2017
 
 
 
 
 
 
 
 
 
 
Gross Amounts
 
 
 
 
Gross Amounts
 
Gross Amounts
 
Net Amounts
 
Cash
 
 without
 
 
 
 
Recognized
 
Offset
 
Presented
 
Collateral
 
Right of Offset
 
Net Amounts
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
Commodities contracts
 
$
303.6

 
$
228.4

 
$
75.1

 
$
21.2

 
$
—

 
$
53.9

Foreign currency contracts
 
8.5

 
6.7

 
1.7

 
—

 
—

 
1.7

Total assets at fair value
 
$
312.0

 
$
235.2

 
$
76.9

 
$
21.2

 
$
—

 
$
55.7

 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Commodities contracts
 
$
323.9

 
$
228.4

 
$
95.4

 
$
39.2

 
$
—

 
$
56.2

Foreign currency contracts
 
8.7

 
6.7

 
2.0

 
—

 
—

 
2.0

Total liabilities at fair value
 
$
332.5

 
$
235.2

 
$
97.4

 
$
39.2

 
$
—

 
$
58.2



At March 31, 2018 and December 31, 2017, we did not present any amounts gross on our consolidated balance sheet where we had the right of offset.
Concentration of Credit Risk

The 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 March 31, 2018, two counterparties each represented over 10% of our credit exposure to OTC derivative counterparties for a total credit risk of $28.1 million.