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FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 2023 and 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 may be required to post margin collateral or reclaim cash collateral from derivative counterparties based on contractual terms. At December 31, 2023, the Company had the obligation to return cash collateral posted against its derivative obligations of $23.7 million. Cash collateral related to derivative contracts is recorded net in the Consolidated Balance Sheets. The Company has no derivative contracts that are subject to master netting arrangements that are reflected gross on the Consolidated Balance Sheets.
As of December 31, 2023
Fair Value Hierarchy
(in millions)Level 1Level 2Level 3Total Gross Fair ValueEffect of Counter-party NettingNet Carrying Value on Balance Sheet
Assets:
Money market funds$130.3 $— $— $130.3 N/A$130.3 
Commodity contracts80.1 — — 80.1 (46.9)33.2 
Liabilities:
Commodity contracts46.9 — — 46.9 (46.9)— 
Renewable energy credit and emissions obligations— 429.8 — 429.8 — 429.8 
Contingent consideration obligation— — 21.6 21.6 — 21.6 
As of December 31, 2022
Fair Value Hierarchy
(in millions)Level 1Level 2Level 3Total Gross Fair ValueEffect of Counter-party NettingNet Carrying Value on Balance Sheet
Assets:
Money market funds$106.5 $— $— $106.5 N/A$106.5 
Commodity contracts33.8 15.7 — 49.5 (35.6)13.9 
Derivatives included within inventory intermediation agreement obligations— 25.1 — 25.1 — 25.1 
Liabilities:
Commodity contracts20.6 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 
Schedule of Effect of Significant Unobservable Inputs
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:
Year Ended December 31,
(in millions)20232022
Balance at beginning of period $150.5 $29.4 
Additions— — 
Settlements(88.3)(15.0)
Unrealized (gain) loss included in earnings(40.6)136.1 
Balance at end of period $21.6 $150.5 
Schedule of Fair value of Debt
The table below summarizes the carrying value and fair value of debt as of December 31, 2023 and 2022.
December 31, 2023December 31, 2022
(in millions)Carrying
value		Fair
 value		Carrying
 value		Fair
value
2028 Senior Notes (a)
$801.6 $779.3 $801.6 $703.7 
2030 Senior Notes (a)
500.0 514.8 — — 
2025 Senior Notes (a)
— — 664.5 656.0 
Catalyst financing arrangements (b)
— — 4.0 4.0 
1,301.6 1,294.1 1,470.1 1,363.7 
Less - Current debt — — — — 
Unamortized discount(3.2)n/a— n/a
Less - Unamortized deferred financing costs(52.5)n/a(35.2)n/a
Long-term debt$1,245.9 $1,294.1 $1,434.9 $1,363.7 
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(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 were 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 elected the fair value option for accounting for its catalyst repurchase obligations as the Company’s liability was directly impacted by the change in fair value of the underlying catalyst.