Valuation methodologies for our derivatives are detailed within Note 1. The following tables set forth, by level within the fair value hierarchy, our gross assets and gross liabilities and related offsetting as permitted by GAAP that were accounted for at fair value on a recurring basis for derivative instruments.


	As of December 31, 2025
	Level 1		Level 2		Level 3		Cash Collateral and Counterparty Netting (a)			Total
	(in millions)
Assets:
Commodity derivatives	$	—	$	2.0	$	—	$	(2.0	)	$	—
Total	$	—	$	2.0	$	—	$	(2.0	)	$	—

Liabilities:
Commodity derivatives	$	—	$	8.8	$	—	$	(3.0	)	$	5.8
Total	$	—	$	8.8	$	—	$	(3.0	)	$	5.8

(a)

As of December 31, 2025, $2.0 million of our commodity derivative gross assets and $3.0 million of our commodity derivative gross liabilities, as well as related gross collateral amounts, were subject to master netting agreements.


	As of December 31, 2024
	Level 1		Level 2		Level 3		Cash Collateral and Counterparty Netting (a)			Total
	(in millions)
Assets:
Commodity derivatives	$	—	$	2.2	$	—	$	(2.2	)	$	—
Total	$	—	$	2.2	$	—	$	(2.2	)	$	—

Liabilities:
Commodity derivatives	$	—	$	4.8	$	—	$	(0.6	)	$	4.2
Total	$	—	$	4.8	$	—	$	(0.6	)	$	4.2

(a)

As of December 31, 2024, $2.2 million of our commodity derivative assets and $0.6 million of our commodity derivative liabilities, as well as related gross collateral amounts, were subject to master netting agreements.

We have investments in the Captive that may be used to pay insurance losses in the event of certain insured loss events. The Captive may hold investment assets in cash, cash equivalents, and equity and fixed income instruments. These investments are restricted for insured loss events. See Note 12 for additional information regarding the Captive.

The following table presents fair value of our investments in equity securities related to the Captive and the unrealized gains and losses based on the original cost of the investment:


	As of December 31, 2025
	Level 1		Level 2		Level 3		Total		Total Unrealized Gains		Total Unrealized Losses
	(in millions)
Investment type:
Cash and cash equivalents	$	7.6	$	—	$	—	$	7.6	$	—	$	—
Debt securites		3.0		—		—		3.0		—		0.1
Equity securities		6.3		—		—		6.3		2.6		—
Total	$	16.9	$	—	$	—	$	16.9	$	2.6	$	0.1

The Captive investments in Cash and cash equivalents are classified as Level 1 in the fair value hierarchy.

These investments represent holdings of mutual funds that are SEC-registered open-end investment companies that pool money from many investors and invests the money in stocks, bonds, short-term money-market instruments, other securities or assets, or some combination of these investments. Mutual funds traded in active markets and valued using quoted (unadjusted) prices, which are Level 1 inputs.

A discussion of the fair value of our Pension and Retiree Plan assets is included in Note 13.

The carrying amount of cash and cash equivalents, restricted cash and equivalents, and short-term borrowings approximates fair value due to their liquid or short-term nature. Cash, cash equivalents, and restricted cash are classified in Level 1 in the fair value hierarchy. Notes payable consist of commercial paper borrowings and are not traded on an exchange; therefore, they are classified as Level 2 in the fair value hierarchy.