Derivatives (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments, Gain (Loss) [Line Items]

Schedule of offsetting derivative assets

The following tables summarize the Company’s gross fair values of its derivative instruments, presenting the impact of offsetting derivative assets in the Company’s condensed consolidated balance sheets (in millions):

September 30, 2023

December 31, 2022

Gross

Net Amounts

Gross

Net Amounts

Amounts

of Assets

Amounts

of Liabilities

Offset in the

Presented

Offset in the

Presented

Gross

Condensed

in the

Gross

Condensed

in the

Amounts of

Consolidated

Condensed

Amounts of

Consolidated

Condensed

Balance Sheet

Recognized

Balance

Consolidated

Recognized

Balance

Consolidated

Location

Assets

Sheets

Balance Sheets

Liabilities

Sheets

Balance Sheets

Derivative instruments not designated as hedges:

Specialty Products and Solutions segment:

Crack spread swaps

Derivative assets / Other noncurrent assets, net

$

10.3

$

(1.9)

$

8.4

$

—

$

—

$

—

Montana/Renewables segment:

Inventory financing obligation

Obligations under inventory financing agreements

8.1

(8.1)

—

—

—

—

Total derivative instruments

$

18.4

$

(10.0)

$

8.4

$

—

$

—

$

—

Schedule of offsetting derivative liabilities

The following tables summarize the Company’s gross fair values of its derivative instruments, presenting the impact of offsetting derivative liabilities in the Company’s condensed consolidated balance sheets (in millions):

		September 30, 2023						December 31, 2022
						Net Amounts
				Gross		of Liabilities				Gross		Net Amounts
				Amounts		Presented in				Amounts		of Liabilities
				Offset in the		the				Offset in the		Presented in
		Gross		Condensed		Condensed		Gross		Condensed		the
		Amounts of		Consolidated		Consolidated		Amounts of		Consolidated		Condensed
	Balance Sheet	Recognized		Balance		Balance		Recognized		Balance		Consolidated
	Location	Liabilities		Sheets		Sheets		Liabilities		Sheets		Balance Sheets
Derivative instruments not designated as hedges:
Specialty Products and Solutions segment:
Inventory financing obligation	Obligations under inventory financing agreements	$	(55.1)	$	—	$	(55.1)	$	(38.0)	$	—	$	(38.0)
Crack spread swaps	Derivative liabilities / Other long-term liabilities		(1.9)		1.9		—		(50.6)		19.3		(31.3)
Montana/Renewables segment:
Inventory financing obligation	Obligations under inventory financing agreements		(16.5)		8.1		(8.4)		(15.8)		11.3		(4.5)
Total derivative instruments		$	(73.5)	$	10.0	$	(63.5)	$	(104.4)	$	30.6	$	(73.8)

Schedule of derivative instruments

At September 30, 2023, the Company had the following notional contract volumes related to outstanding derivative instruments:

		Notional Contract Volumes by
		Year of Maturity
	Total
	Outstanding
	Notional	2023	Unit of Measure
Derivative instruments not designated as hedges:
Crack spread swaps - sales	1,840,000	1,840,000	Barrels

		Notional Contract Volumes by
		Year of Maturity
	Total
	Outstanding
	Notional	2024	Unit of Measure
Derivative instruments not designated as hedges:
Crack spread swaps - sales	2,928,000	2,928,000	Barrels

Not Designated as Hedging Instrument

Derivative Instruments, Gain (Loss) [Line Items]

Summary of gains (losses) in its unaudited condensed consolidated statements of operations

The Company recorded the following gains (losses) in its unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022, related to its derivative instruments not designated as hedges (in millions):

	Amount of Realized Gain (Loss)
	Recognized in Gain (Loss) on				Amount of Unrealized Gain (Loss)
	Derivative				Recognized in Gain (Loss) on  Derivative
	Instruments				Instruments
	Three Months Ended September 30,				Three Months Ended September 30,
Type of Derivative	2023		2022		2023		2022
Specialty Products and Solutions segment:
Inventory financing obligation	$	—	$	—	$	(14.4)	$	5.0
Crack spread swaps		(18.0)		(11.6)		(11.7)		24.3
Montana/Renewables segment:
Inventory financing obligation		—		—		(10.2)		(1.2)
Total	$	(18.0)	$	(11.6)	$	(36.3)	$	28.1

The Company recorded the following gains (losses) in its unaudited condensed consolidated statements of operations for the nine months ended September 30, 2023 and 2022, related to its derivative instruments not designated as hedges (in millions):

	Amount of Realized
	Loss Recognized in Gain (Loss) on				Amount of Unrealized Gain (Loss)
	Derivative				Recognized in Gain (Loss) on Derivative
	Instruments				Instruments
	Nine Months Ended September 30,				Nine Months Ended September 30,
Type of Derivative	2023		2022		2023		2022
Specialty Products and Solutions segment:
Inventory financing obligation	$	—	$	—	$	(17.1)	$	(20.6)
Crack spread swaps		(33.3)		(24.9)		39.7		(21.2)
Crude oil swaps		—		(0.8)		—		—
Montana/Renewables segment:
Inventory financing obligation		—		—		(3.8)		(5.7)
Total	$	(33.3)	$	(25.7)	$	18.8	$	(47.5)