FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023 and December 31, 2022.

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, 2023
	Fair Value Hierarchy						Total Gross Fair Value		Effect of Counter-party Netting	Net Carrying Value on Balance Sheet
(in millions)	Level 1		Level 2		Level 3
Assets:
Money market funds	$	125.4	$	—	$	—	$	125.4	N/A	$	125.4
Commodity contracts	20.3		33.8		11.9		66.0		(49.4)	16.6
Derivatives included within inventory intermediation agreement obligations	—		16.6		—		16.6		—	16.6
Liabilities:
Commodity contracts	13.4		36.0		—		49.4		(49.4)	—
Catalyst obligations	—		2.7		—		2.7		—	2.7
Renewable energy credit and emissions obligations	—		792.3		—		792.3		—	792.3
Contingent consideration obligation	—		—		29.4		29.4		—	29.4

	As of December 31, 2022
	Fair Value Hierarchy						Total Gross Fair Value		Effect of Counter-party Netting	Net Carrying Value on Balance Sheet
(in millions)	Level 1		Level 2		Level 3
Assets:
Money market funds	$	106.5	$	—	$	—	$	106.5	N/A	$	106.5
Commodity contracts	33.8		15.7		—		49.5		(35.6)	13.9
Derivatives included within inventory intermediation agreement obligations	—		25.1		—		25.1		—	25.1
Liabilities:
Commodity contracts	20.6		11.8		3.2		35.6		(35.6)	—
Catalyst obligations	—		4.0		—		4.0		—	4.0
Renewable energy credit and emissions obligations	—		1,361.1		—		1,361.1		—	1,361.1
Contingent consideration obligation	—		—		147.3		147.3		—	147.3

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, which primarily includes the change in estimated future earnings related to the Martinez Contingent Consideration:

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2023		2022		2023		2022
Balance at beginning of period	$	123.4	$	79.5	$	150.5	$	29.4
Additions	—		—		—		—
Settlements	(78.2)		—		(83.6)		—
Unrealized (gain) loss included in earnings	(27.7)		77.6		(49.4)		127.7
Balance at end of period	$	17.5	$	157.1	$	17.5	$	157.1

Schedule of Fair value of Debt

The table below summarizes the carrying value and fair value of debt as of June 30, 2023 and December 31, 2022.

	June 30, 2023				December 31, 2022
(In millions)	Carrying value		Fair  value		Carrying  value		Fair value
2028 Senior Notes (a)	$	801.6	$	747.9	$	801.6	$	703.7
2025 Senior Notes (a)	664.5		664.6		664.5		656.0
Catalyst financing arrangements (b)	2.7		2.7		4.0		4.0
	1,468.8		1,415.2		1,470.1		1,363.7
Unamortized premium	—		n/a		—		n/a
Less - Unamortized deferred financing costs	(27.3)		n/a		(35.2)		n/a
Long-term debt	$	1,441.5	$	1,415.2	$	1,434.9	$	1,363.7

(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)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.