v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Estimated Fair Value on a Recurring Basis
The following tables present 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, 2026
Level 1 InputsLevel 2 InputsLevel 3 InputsTotal
Assets:
Commodities contracts$367.7 $167.1 $5.8 $540.6 
Foreign currency contracts— 20.2 — 20.2 
Cash surrender value of life insurance— 20.7 — 20.7 
Total assets at fair value$367.7 $208.0 $5.8 $581.5 
Liabilities:    
Commodities contracts$392.0 $153.1 $2.7 $547.8 
Foreign currency contracts— 18.4 — 18.4 
Total liabilities at fair value$392.0 $171.4 $2.7 $566.1 
Fair Value Measurements as of December 31, 2025
Level 1 InputsLevel 2 InputsLevel 3 InputsTotal
Assets:
Commodities contracts$113.4 $159.6 $10.7 $283.7 
Foreign currency contracts— 7.6 — 7.6 
Cash surrender value of life insurance— 20.1 — 20.1 
Total assets at fair value$113.4 $187.3 $10.7 $311.4 
Liabilities:
Commodities contracts$118.5 $96.4 $3.8 $218.6 
Foreign currency contracts— 9.8 — 9.8 
Total liabilities at fair value$118.5 $106.1 $3.8 $228.4 
Schedule of Derivative Instruments at Fair Value and Their Locations on the Balance Sheets The following tables summarize those derivative balances subject to the right of offset as presented on our Condensed Consolidated Balance Sheets (in millions):
Fair Value as of March 31, 2026
Gross Amounts RecognizedGross Amounts OffsetNet Amounts Presented
Cash Collateral
Gross Amounts without Right of OffsetNet Amounts
Assets:
Commodities contracts$540.6 $411.8 $128.9 $9.3 $— $119.5 
Foreign currency contracts20.2 12.9 7.2 — — 7.2 
Total assets at fair value$560.8 $424.7 $136.1 $9.3 $— $126.8 
Liabilities:
Commodities contracts$547.8 $411.8 $136.0 $42.1 $— $93.8 
Foreign currency contracts18.4 12.9 5.4 — — 5.4 
Total liabilities at fair value$566.1 $424.7 $141.4 $42.1 $— $99.3 
Fair Value as of December 31, 2025
Gross Amounts RecognizedGross Amounts OffsetNet Amounts Presented
Cash Collateral
Gross Amounts without Right of OffsetNet Amounts
Assets:
Commodities contracts$283.7 $151.3 $132.4 $8.2 $— $124.2 
Foreign currency contracts7.6 6.5 1.1 — — 1.1 
Total assets at fair value$291.3 $157.8 $133.5 $8.2 $— $125.3 
Liabilities:
Commodities contracts$218.6 $151.3 $67.4 $6.0 $— $61.3 
Foreign currency contracts9.8 6.5 3.3 — — 3.3 
Total liabilities at fair value$228.4 $157.8 $70.6 $6.0 $— $64.6