XML 67 R48.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Hierarchy of Recurring Fair Value Measurements
The Company’s recurring assets and liabilities measured at fair value were as follows (in millions):
 
December 31, 2019
 
December 31, 2018
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Inventory financing obligation
$
—

 
$
—

 
$
—

 
—

 
$
—

 
$
—

 
$
1.5

 
$
1.5

WCS crude oil basis swaps
—

 
—

 
(1.3
)
 
(1.3
)
 
—

 
—

 
14.9

 
14.9

WCS crude oil percentage basis swaps
—

 
—

 
—

 
—

 
—

 
—

 
(6.1
)
 
(6.1
)
Midland crude oil basis swaps
—

 
—

 
—

 
—

 
—

 
—

 
8.1

 
8.1

Gasoline crack spread swaps
—

 
—

 
1.3

 
1.3

 
—

 
—

 
—

 
—

Diesel crack spread swaps
—

 
—

 
0.4

 
0.4

 
—

 
—

 
7.4

 
7.4

Diesel percentage basis crack spread swaps
—

 
—

 
—

 
—

 
—

 
—

 
(6.0
)
 
(6.0
)
2/1/1 Crack spread swaps
—

 
—

 
0.5

 
0.5

 
—

 
—

 
—

 
—

Total derivative assets
—

 
—

 
0.9

 
0.9

 
—

 
—

 
19.8

 
19.8

Pension Plan investments
32.5

 
—

 
—

 
32.5

 
0.1

 
—

 
—

 
0.1

Total recurring assets at fair value
$
32.5

 
$
—

 
$
0.9

 
$
33.4

 
$
0.1

 
$
—

 
$
19.8

 
$
19.9

Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Inventory financing obligation
$
—

 
$
—

 
$
(7.2
)
 
$
(7.2
)
 
$
—

 
$
—

 
$
—

 
$
—

Total derivative liabilities
—

 
—

 
(7.2
)
 
(7.2
)
 
—

 
—

 
—

 
—

RINs obligation
—

 
(13.0
)
 
—

 
(13.0
)
 
—

 
(15.8
)
 
—

 
(15.8
)
Precious metals leases
(5.8
)

—


—


(5.8
)

(5.6
)

—


—


(5.6
)
Liability Awards
(7.4
)
 
—

 
—

 
(7.4
)
 
(2.7
)
 
—

 
—

 
(2.7
)
Total recurring liabilities at fair value
$
(13.2
)
 
$
(13.0
)
 
$
(7.2
)
 
$
(33.4
)
 
$
(8.3
)
 
$
(15.8
)
 
$
—

 
$
(24.1
)
Summary of Net Changes in Fair Value of the Company's Level 3 Financial Assets and Liabilities
The table below sets forth a summary of net changes in fair value of the Company’s Level 3 financial assets and liabilities (in millions):
 
For the Year Ended December 31,
 
2019
 
2018
Fair value at January 1,
$
19.8

 
$
(10.4
)
Realized gain on derivative instruments
(35.1
)
 
(3.6
)
Unrealized gain (loss) on derivative instruments
(26.1
)
 
30.2

Settlements
35.1

 
3.6

Fair value at December 31,
$
(6.3
)
 
$
19.8

Total gain (loss) included in net loss attributable to changes in unrealized gain (loss) relating to financial assets and liabilities held as of December 31,
$
(26.1
)
 
$
30.2
Carrying and Estimated Fair Value of the Company's Financial Instruments, Carried at Adjusted Historical Cost, by Balance Sheet Grouping
The Company’s carrying and estimated fair value of the Company’s financial instruments, carried at adjusted historical cost, were as follows (in millions):
 
 
December 31, 2019
 
December 31, 2018
 
Level
Fair Value
 
Carrying Value
 
Fair Value
 
Carrying Value
Financial Instrument:
 

 

 

 

2022 and 2023 Senior notes
1
$
676.4

 
$
668.1

 
$
1,287.4

 
$
1,560.7

2025 Senior notes
2
$
598.8

 
$
540.5

 
$
—

 
$
—

Finance leases and other obligations
3
$
6.5

 
$
6.5

 
$
47.6

 
$
47.6