Fair Value

We use fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosure. We categorize assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are as follows:


Level 1	Valuation is based upon quoted prices for identical instruments traded in active markets.


Level 2	Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.


Level 3	Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability.

Except for derivative instruments, pension liabilities and pension plan assets, the Company has no financial assets and liabilities that are carried at fair value at March 31, 2015 and December 31, 2014. The carrying amounts of financial instruments comprising cash and cash equivalents and accounts receivable approximate their fair values due to their short-term nature. The carrying value of the Company's long-term debt approximates its fair value because interest charged on the loan balance is variable.

The following tables present the amounts recorded on our balance sheet measured at fair value on a recurring basis as of March 31, 2015:



(in millions)	Total Fair Value			Level 1		Level 2			Level 3
Assets:
Foreign currency derivatives	—			$	—	$	—		$	—
Balance as of March 31, 2015	$	—		$	—	$	—		$	—
Liabilities:
Commodity futures contracts	$	(1.3	)	$	—	$	(1.3	)	$	—
Foreign currency derivatives	(2.8		)	—		(2.8		)	—
Balance as of March 31, 2015	$	(4.1	)	$	—	$	(4.1	)	$	—

The following tables present the amounts recorded on our balance sheet measured at fair value on a recurring basis as of December 31, 2014:



(in millions)	Total Fair Value			Level 1		Level 2			Level 3
Assets:
Foreign currency derivatives	$	0.4		$	—	$	0.4		$	—
Balance as of December 31, 2014	$	0.4		$	—	$	0.4		$	—
Liabilities:
Commodity futures contracts	$	(0.7	)			$	(0.7	)
Foreign currency derivatives	$	(1.1	)	$	—	$	(1.1	)	$	—
Balance as of December 31, 2013	$	(1.8	)	$	—	$	(1.8	)	$	—