ACCRUED EXPENSES (Tables)

6 Months Ended

Jun. 30, 2025

Accrued expenses consisted of the following:


(in millions)	June 30, 2025		December 31, 2024
Inventory-related accruals	$	1,244.9	$	1,398.8
Renewable energy credit and emissions obligations (a)	521.4		465.9
Excise and sales tax payable	142.7		150.6
Accrued transportation costs	111.1		175.2
Accrued refinery maintenance and support costs	80.7		45.5
Accrued utilities	60.1		71.5
Accrued interest	58.0		29.5
Accrued capital expenditures	45.6		49.5
Accrued salaries and benefits	26.2		21.8
Current finance lease liabilities	11.2		11.2
Environmental liabilities	9.7		9.0

Other	90.3		36.8
Total accrued expenses	$	2,401.9	$	2,465.3

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(a) The Company is subject to obligations to purchase Renewable Identification Numbers (“RINs”) required to comply with the Renewable Fuel Standard. The Company’s overall RINs obligation is based on a percentage of domestic shipments of on-road fuels as established by the EPA. To the degree the Company is unable to blend the required amount of biofuels to satisfy its RINs obligation, RINs must be purchased on the open market to avoid penalties and fines. The Company records its RINs obligation on a net basis in Accrued expenses when its RINs liability is greater than the amount of RINs earned and purchased in a given period and in Prepaid and other current assets when the amount of RINs earned and purchased is greater than the RINs liability. In addition, the Company is subject to obligations to comply with federal and state legislative and regulatory measures, including regulations in the state of California pursuant to Assembly Bill 32 (“AB 32”), to address environmental compliance and greenhouse gas and other emissions. These requirements include incremental costs to operate and maintain the Company’s facilities as well as to implement and manage new emission controls and programs. Renewable energy credit and emissions obligations fluctuate with the volume of applicable product sales and timing of credit purchases. From time to time, the Company enters into forward purchase commitments in order to acquire its renewable energy and emissions credits at fixed prices. As of June 30, 2025, the Company had forward purchase commitments in excess of total accrued renewable energy and emissions obligations. The Company’s RIN obligations will be settled in accordance with established regulatory deadlines. The Company’s current AB 32 liability is part of an ongoing triennial period program which will be settled through 2027.