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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
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):
 
June 30, 2020
 
December 31, 2019
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Natural gas swaps
$
—

 
$
—

 
$
(0.2
)
 
$
(0.2
)
 
$
—

 
$
—

 
$
—

 
$
—

Gasoline crack spread swaps
—

 
—

 
4.6

 
4.6

 
—

 
—

 
1.3

 
1.3

Inventory financing obligation
—

 
—

 
4.4

 
4.4

 
—

 
—

 
—

 
—

Diesel crack spread swaps
—

 
—

 
9.5

 
9.5

 
—

 
—

 
0.4

 
0.4

Diesel - MEH crack spread swaps
—


—


0.9

 
0.9

 
—

 
—

 
—

 
—

2/1/1 crack spread swaps
—

 
—

 
—

 
—

 
—

 
—

 
0.5

 
0.5

WCS crude oil basis swaps
—

 
—

 
4.9

 
4.9

 
—

 
—

 
(1.3
)
 
(1.3
)
Total derivative assets
$
—


$
—


$
24.1


$
24.1

 
$
—

 
$
—

 
$
0.9

 
$
0.9

Pension plan investments
31.9

 
—

 
—

 
31.9

 
32.5

 
—

 
—

 
32.5

Total recurring assets at fair value
$
31.9


$
—


$
24.1


$
56.0


$
32.5


$
—


$
0.9


$
33.4

Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Inventory financing obligation
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
(7.2
)
 
$
(7.2
)
Total derivative liabilities
—

 
—

 
—

 
—

 
—

 
—

 
(7.2
)
 
(7.2
)
RINs Obligation
—

 
(58.8
)
 
—

 
(58.8
)
 
—

 
(13.0
)
 
—

 
(13.0
)
Precious Metals leases
(5.0
)
 
—

 
—

 
(5.0
)
 
(5.8
)
 
—

 
—

 
(5.8
)
Liability Awards
(8.4
)
 
—

 
—

 
(8.4
)
 
(7.4
)
 
—

 
—

 
(7.4
)
Total recurring liabilities at fair value
$
(13.4
)
 
$
(58.8
)
 
$
—

 
$
(72.2
)
 
$
(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):
 
Six Months Ended June 30,
 
2020
 
2019
Fair value at January 1,
$
(6.3
)
 
$
19.8

Realized (gain) loss on derivative instruments
(19.4
)
 
(34.2
)
Unrealized gain (loss) on derivative instruments
30.4

 
(14.8
)
Settlements
19.4

 
34.2

Fair value at June 30,
$
24.1

 
$
5.0

Total gain (loss) included in net income (loss) attributable to changes in unrealized gain (loss) relating to financial assets and liabilities held as of June 30,
$
30.4

 
$
(14.8
)
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):
 
 
June 30, 2020
 
December 31, 2019
 
Level
Fair Value
 
Carrying Value
 
Fair Value
 
Carrying Value
Financial Instrument:
 
 
 
 
 
 
 
 
2022 Notes and 2023 Notes
1
$
644.1

 
$
669.4

 
$
676.4

 
$
668.1

2025 Notes
2
$
533.2

 
$
541.4

 
$
598.8

 
$
540.5

Revolving credit facility
3
$
110.3

 
$
110.3

 
$
—

 
$
—

Finance lease and other obligations
3
$
6.9

 
$
6.9

 
$
6.5

 
$
6.5