FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2024

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 September 30, 2024 and December 31, 2023.

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 September 30, 2024 and December 31, 2023, the Company had the obligation to return cash collateral posted against its derivative obligations of $11.5 million and $23.7 million, respectively. Cash collateral related to derivative contracts is recorded net in the Condensed Consolidated Balance Sheets. 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 September 30, 2024
	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	$	37.6	$	—	$	—	$	37.6	N/A	$	37.6

Commodity contracts	61.6		2.6		—		64.2		(64.2)	—


Liabilities:
Commodity contracts	65.3		2.1		—		67.4		(64.2)	3.2

Renewable energy credit and emissions obligations	—		473.7		—		473.7		—	473.7


	As of December 31, 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	$	130.3	$	—	$	—	$	130.3	N/A	$	130.3

Commodity contracts	80.1		—		—		80.1		(46.9)	33.2


Liabilities:
Commodity contracts	46.9		—		—		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

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 prior year change in estimated future earnings related to the earn-out obligation associated with the acquisition of the Martinez refinery and logistics assets:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Balance at beginning of period	$	—	$	17.5	$	21.6	$	150.5


Settlements	—		2.5		(18.8)		(81.1)
Unrealized loss (gain) included in earnings	—		71.0		(2.8)		21.6


Balance at end of period	$	—	$	91.0	$	—	$	91.0

Schedule of fair value of debt

The table below summarizes the carrying value and fair value of debt as of September 30, 2024 and December 31, 2023.


	September 30, 2024				December 31, 2023
(in millions)	Carrying value		Fair value		Carrying value		Fair value
2028 Senior Notes (a)	$	801.6	$	790.7	$	801.6	$	779.3
2030 Senior Notes (a)	500.0		515.3		500.0		514.8






	1,301.6		1,306.0		1,301.6		1,294.1

Unamortized discount	(2.9)		n/a		(3.2)		n/a
Less - Unamortized deferred financing costs	(44.3)		n/a		(52.5)		n/a
Long-term debt	$	1,254.4	$	1,306.0	$	1,245.9	$	1,294.1

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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.