Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2018
Fair Value Disclosures [Abstract]  
Schedule of assets and liabilities measured at estimated fair value on a recurring basis 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
Schedule of derivative instruments at fair value and their locations on the balance sheets 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