Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Summary of Recurring Assets and Liabilities Measured at Fair Value

The Company’s recurring assets and liabilities measured at fair value were as follows (in millions):



	March 31, 2020												December 31, 2019
	Level 1			Level 2			Level 3			Total			Level 1			Level 2			Level 3			Total
Assets:
Derivative assets:
Natural gas swaps	$	—		$	—		$	(0.3	)	$	(0.3	)	$	—		$	—		$	—		$	—
Gasoline crack spread swaps	—			—			18.1			18.1			—			—			1.3			1.3
Inventory financing obligation	—			—			3.7			3.7			—			—			—			—
Diesel crack spread swaps	—			—			10.8			10.8			—			—			0.4			0.4
2/1/1 crack spread swap	—			—			0.4			0.4			—			—			0.5			0.5
WCS crude oil basis swaps	—			—			(6.2		)	(6.2		)	—			—			(1.3		)	(1.3		)
Total derivative assets	$	—		$	—		$	26.5		$	26.5		$	—		$	—		$	0.9		$	0.9
Pension plan investments	29.7			—			—			29.7			32.5			—			—			32.5
Total recurring assets at fair value	$	29.7		$	—		$	26.5		$	56.2		$	32.5		$	—		$	0.9		$	33.4
Liabilities:
Derivative liabilities:
Inventory financing obligation	$	—		$	—		$	—		$	—		$	—		$	—		$	(7.2	)	$	(7.2	)
WCS crude oil basis swaps	—			—			(1.2		)	(1.2		)	—			—			—			—
Total derivative liabilities	—			—			(1.2		)	(1.2		)	—			—			(7.2		)	(7.2		)
RINs Obligation	—			(30.6		)	—			(30.6		)	—			(13.0		)	—			(13.0		)
Precious Metals leases	(4.3		)	—			—			(4.3		)	(5.8		)	—			—			(5.8		)
Liability Awards	(3.6		)	—			—			(3.6		)	(7.4		)	—			—			(7.4		)
Total recurring liabilities at fair value	$	(7.9	)	$	(30.6	)	$	(1.2	)	$	(39.7	)	$	(13.2	)	$	(13.0	)	$	(7.2	)	$	(33.4	)

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):



	Three Months Ended March 31,
	2020			2019
Fair value at January 1,	$	(6.3	)	$	19.8
Realized gain on derivative instruments	(6.9		)	(11.7		)
Unrealized gain (loss) on derivative instruments	31.6			(2.6		)
Settlements	6.9			11.7
Fair value at March 31,	$	25.3		$	17.2
Total gain (loss) included in net income (loss) attributable to changes in unrealized gain (loss) relating to financial assets and liabilities held as of March 31,	$	31.6		$	(2.6	)

Summary of the Company's Carrying and Estimated Fair Value of the Company's Financial Instruments, Carried at Adjusted Historical Cost

The Company’s carrying and estimated fair value of the Company’s financial instruments, carried at adjusted historical cost were as follows (in millions):



		March 31, 2020				December 31, 2019
	Level	Fair Value		Carrying Value		Fair Value		Carrying Value
Financial Instrument:
2022 Notes and 2023 Notes	1	$	487.6	$	668.7	$	676.4	$	668.1
2025 Notes	2	$	398.4	$	541.0	$	598.8	$	540.5
Revolving credit facility	3	$	147.2	$	147.2	$	—	$	—
Finance lease and other obligations	3	$	7.3	$	7.3	$	6.5	$	6.5