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FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The tables below present information about the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis and indicate the fair value hierarchy of the inputs utilized to determine the fair values as of June 30, 2020 and December 31, 2019.
The Company has elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty; however, fair value amounts by hierarchy level are presented on a gross basis in the tables below. The Company has posted cash margin with various counterparties to support hedging and trading activities. The cash margin posted is required by counterparties as collateral deposits and cannot be offset against the fair value of open contracts except in the event of default. The Company has no derivative contracts that are subject to master netting arrangements that are reflected gross on the Condensed Consolidated Balance Sheets.
As of June 30, 2020
Fair Value HierarchyTotal Gross Fair ValueEffect of Counter-party NettingNet Carrying Value on Balance Sheet
(in millions)Level 1Level 2Level 3
Assets:
Money market funds
$401.2  $—  $—  $401.2  N/A$401.2  
Commodity contracts
0.1  7.0  1.3  8.4  (8.4) —  
Derivatives included with inventory intermediation agreement obligations
—  24.4  —  24.4  —  24.4  
Liabilities:
Commodity contracts
0.5  13.6  0.3  14.4  (8.4) 6.0  
Catalyst obligations
—  32.1  —  32.1  —  32.1  
Contingent consideration obligation
—  —  13.4  13.4  —  13.4  

As of December 31, 2019
Fair Value HierarchyTotal Gross Fair ValueEffect of Counter-party NettingNet Carrying Value on Balance Sheet
(in millions)Level 1Level 2Level 3
Assets:
Money market funds
$97.9  $—  $—  $97.9  N/A$97.9  
Commodity contracts
32.5  1.5  —  34.0  (33.8) 0.2  
Liabilities:
Commodity contracts
32.8  1.0  —  33.8  (33.8) —  
Catalyst obligations
—  47.6  —  47.6  —  47.6  
Derivatives included with inventory intermediation agreement obligations
—  1.3  —  1.3  —  1.3  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The table below summarizes the changes in fair value measurements categorized in Level 3 of the fair value hierarchy:
(in millions)Three Months Ended June 30, 2020Six Months Ended June 30, 2020
Balance at beginning of period $24.3  $—  
Additions—  77.3  
Accretion on discounted liabilities1.5  1.5  
Settlements0.4  0.4  
Unrealized gain included in earnings(13.8) (66.8) 
Balance at end of period $12.4  $12.4  
Schedule of Fair value of Debt
The table below summarizes the carrying value and fair value of debt as of June 30, 2020 and December 31, 2019.
June 30, 2020December 31, 2019
(in millions)
Carrying
value
Fair
 value
Carrying
 value
Fair
value
2025 Senior Secured Notes (a)$1,000.0  $1,074.3  $—  $—  
2028 Senior Notes (a)1,000.0  835.0  —  —  
2025 Senior Notes (a)725.0  661.8  725.0  776.5  
2023 Senior Notes (b)—  —  500.0  519.7  
Revolving Credit Facility (c)600.0  600.0  —  —  
PBF Rail Term Loan (c)11.0  11.0  14.5  14.5  
Catalyst financing arrangements (d)32.1  32.1  47.6  47.6  
3,368.1  3,214.2  1,287.1  1,358.3  
Less - Unamortized deferred financing costs (43.4) n/a(24.3) n/a
Long-term debt$3,324.7  $3,214.2  $1,262.8  $1,358.3  

(a)The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the outstanding senior notes.
(b)As disclosed in “Note 6 - Debt”, the 2023 Senior Notes were redeemed in full on February 14, 2020.
(c)The estimated fair value approximates carrying value, categorized as a Level 2 measurement, as these borrowings bear interest based upon short-term floating market interest rates.
(d)Catalyst financing arrangements are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. The Company has elected the fair value option for accounting for its catalyst repurchase obligations as the Company’s liability is directly impacted by the change in fair value of the underlying catalyst.