Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Measurements of Asset and Liability Instruments

The carrying amounts of derivative instruments and RINs receivable and credit obligations at March 31, 2023 and December 31, 2022 were as follows:


			Fair Value by Input Level
	Carrying Amount		Level 1		Level 2		Level 3
	(In thousands)
March 31, 2023
Assets:

Commodity price swaps	$	2,624	$	—	$	2,624	$	—
Commodity forward contracts	724		—		724		—
RINs receivable (1)	75,724		—		75,724		—
Foreign currency forward contracts	11,757		—		11,757		—
Total assets	$	90,829	$	—	$	90,829	$	—

Liabilities:
NYMEX futures contracts	$	3,438	$	3,438	$	—	$	—
Commodity collar contracts	21,422		—		21,422		—

Commodity forward contracts	439		—		439		—
Foreign currency forward contracts	663		—		663		—
RINs credit obligations (1)	75,724		—		75,724		—
Total liabilities	$	101,686	$	3,438	$	98,248	$	—





			Fair Value by Input Level
	Carrying Amount		Level 1		Level 2		Level 3
	(In thousands)
December 31, 2022
Assets:
Commodity price swaps	$	342	$	—	$	342	$	—
Commodity forward contracts	2,949		—		2,949		—
RINs receivable (1)	81,232		—		81,232		—
Foreign currency forward contracts	15,359		—		15,359		—
Total assets	$	99,882	$	—	$	99,882	$	—

Liabilities:
NYMEX futures contracts	$	2,750	$	2,750	$	—	$	—

Commodity collar contracts	6,275		—		6,275		—
Commodity forward contracts	2,987		—		2,987		—

RINs credit obligations (1)	81,232		—		81,232		—
Total liabilities	$	93,244	$	2,750	$	90,494	$	—

(1)REH Company is financially responsible for satisfaction of RINs credit obligations for all periods prior to the closing of the Sinclair Transactions. See Note 2 for additional information on RINs credit obligations assumed in the Sinclair Transactions.