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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position
The following table presents the fair value of our derivative instruments as of December 31, 2024 and December 31, 2023. The fair value amounts below are presented on a gross basis and do not reflect the netting of asset and liability positions permitted under our master netting arrangements, including cash collateral on deposit with our counterparties. We have elected to offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements. As a result, the asset and liability amounts below differ from the amounts presented in our consolidated balance sheets. See Note 13 for further information regarding the fair value of derivative instruments (in millions).
December 31, 2024December 31, 2023
Derivative TypeBalance Sheet LocationAssetsLiabilitiesAssetsLiabilities
Derivatives not designated as hedging instruments:
Commodity derivatives (1)
Other current assets$19.5 $(22.0)$6.6 $(7.1)
Commodity derivatives (1)
Other current liabilities5.4 (5.4)— (0.8)
RINs commitment contracts (2)
Other current assets0.3 — — — 
RINs commitment contracts (2)
Other current liabilities— (5.6)— (3.1)
Interest rate swap derivativesOther current assets3.5 — — — 
Interest rate swap derivativesOther long-term liabilities4.8 (5.1)— — 
Total gross fair value of derivatives33.5 (38.1)6.6 (11.0)
Less: Counterparty netting and cash collateral (3)
19.9 (27.4)5.3 (7.1)
Total net fair value of derivatives$13.6 $(10.7)$1.3 $(3.9)
(1)As of December 31, 2024 and December 31, 2023, we had open derivative positions representing 18,471,700 and 55,336,870 barrels, respectively, of crude oil and refined petroleum products. Additionally, as of December 31, 2024, we had open derivative positions representing 1,495,000 million British Thermal Units ("MMBTU") of natural gas products. We had no open derivative positions of natural gas products as of December 31, 2023.
(2)As of December 31, 2024 and December 31, 2023, we had open RINs commitment contracts representing 36,000,000 and 41,636,461 RINs, respectively.
(3)As of December 31, 2024 and December 31, 2023, $7.5 million and $1.8 million, respectively, of cash collateral held by counterparties has been netted with the derivatives with each counterparty.
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position
Total gains (losses) on our non-trading commodity derivatives and RINs commitment contracts recorded in the consolidated statements of income are as follows (in millions) (3):
Year Ended December 31,
202420232022
Losses on hedging derivatives not designated as hedging instruments recognized in cost of materials and other (1)
$(9.4)$(68.6)$(38.0)
Gains on interest rate derivatives not designated as hedging instruments recognized in interest expense, net (2)
6.0 — — 
(Losses) gains on non-trading physical forward contract commodity derivatives in cost of materials and other— (2.4)9.0 
Losses on hedging derivatives not designated as hedging instruments recognized in operating expenses— — (1.7)
Total losses$(3.4)$(71.0)$(30.7)
(1) Losses on commodity derivatives that are economic hedges but not designated as hedging instruments include unrealized losses of $(1.4) million, $(15.3) million and $(15.4) million for the years ended December 31, 2024, 2023, and 2022, respectively.
(2) Gains on interest rate derivatives that are economic hedges but not designated as hedging instruments include unrealized gains of $3.2 million for the year ended December 31, 2024. There were no unrealized gains (losses) on interest rate derivatives that are economic hedges, but not designated as hedging instruments for the years ended December 31, 2023, and 2022, respectively.
(3)    See separate table below for disclosures about "trading derivatives".
Schedule of Gain (Loss) on Derivative Instruments
Total gains (losses) on our trading derivatives (none of which were designated as hedging instruments) recorded in other operating income, net on the consolidated statements of income are as follows (in millions):
Year Ended December 31,
202420232022
Trading Physical Forward Contract Commodity Derivatives
Realized (losses) gains$(0.1)$8.3 $16.1 
Unrealized gains (losses)— 0.2 (0.4)
Total$(0.1)$8.5 $15.7 
Trading Hedging Commodity Derivatives
Realized (losses) gains$— $(1.9)$13.5 
Unrealized gains (losses)— 2.3 (18.5)
 Total$— $0.4 $(5.0)