Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

Fair value of financial assets and liabilities

The fair value of financial assets and liabilities at June 30, 2014, is shown in the table below:

	Fair Value Measurements
	June 30, 2014
	Gross Amounts of Assets and Liabilities						Netting Adjustments(1)			Net Amounts Presented on the Condensed Consolidated Balance Sheets
	Level 1		Level 2		Level 3
	(in millions)
Financial Assets
Commodity derivative instruments - short-term	$	—	$	4.3	$	—	$	(4.3	)	$	—
Commodity derivative instruments - long-term	—		0.5		—		—			0.5
Interest rate swaps - long-term	—		1.2		—		—			1.2
Total financial assets	$	—	$	6.0	$	—	$	(4.3	)	$	1.7
Financial Liabilities
Commodity derivative instruments - short-term	$	—	$	108.9	$	—	$	(4.3	)	$	104.6
Interest rate swaps - short-term	—		4.7		—		—			4.7
Commodity derivative instruments - long-term	—		16.1		—		—			16.1
Total financial liabilities	$	—	$	129.7	$	—	$	(4.3	)	$	125.4

____________________________

⁽¹⁾ The Company nets its derivative contract assets and liabilities outstanding with the same counterparty on the Condensed Consolidated Balance Sheets as the contracts contain netting provisions. Refer to Note 8 - Derivative Contracts, for additional information regarding the Company's derivative contracts.

The fair value of financial assets and liabilities at December 31, 2013, is shown in the table below:

	Fair Value Measurements
	December 31, 2013
	Gross Amounts of Assets and Liabilities						Netting Adjustments(1)			Net Amounts Presented on the Condensed Consolidated Balance Sheets
	Level 1		Level 2		Level 3
	(in millions)
Financial Assets
Commodity derivative instruments - short-term	$	—	$	5.5	$	—	$	(5.3	)	$	0.2
Commodity derivative instruments - long-term	—		0.4		—		—			0.4
Interest rate swaps - long-term	—		0.6		—		—			0.6
Total financial assets	$	—	$	6.5	$	—	$	(5.3	)	$	1.2
Financial Liabilities
Commodity derivative instruments - short-term	$	—	$	29.4	$	—	$	(5.3	)	$	24.1
Interest rate swaps - short-term	—		2.6		—		—			2.6
Total financial liabilities	$	—	$	32.0	$	—	$	(5.3	)	$	26.7

Fair value and related carrying amount of certain financial instruments

The following table discloses the fair value and related carrying amount of certain financial instruments not disclosed in other notes to the condensed consolidated financial statements in this quarterly report on Form 10-Q:

	Carrying Amount		Level 1 Fair Value		Carrying Amount		Level 1 Fair Value
	June 30, 2014				December 31, 2013
	(in millions)
Financial assets
Cash and cash equivalents	$	702.3	$	702.3	$	11.9	$	11.9
Financial liabilities
Checks outstanding in excess of cash balances	$	5.7	$	5.7	$	90.9	$	90.9
Long-term debt	$	3,910.8	$	4,064.5	$	2,997.5	$	3,034.9