Derivatives (Tables)

3 Months Ended

Mar. 31, 2025

Derivatives

Schedule of offsetting derivative assets

The following tables summarize the Company’s gross fair values of its derivative instruments, presenting the impact of offsetting derivative assets in the Company’s unaudited condensed consolidated balance sheets (in millions):

March 31, 2025

December 31, 2024

Gross

Net Amounts

Gross

Net Amounts

Amounts

of Assets

Amounts

of Assets

Gross

Offset in the

Presented

Gross

Offset in the

Presented

Amounts of

Consolidated

in the

Amounts of

Consolidated

in the

Balance Sheet

Recognized

Balance

Consolidated

Recognized

Balance

Consolidated

Location

Assets

Sheets

Balance Sheets

Assets

Sheets

Balance Sheets

Derivative instruments not designated as hedges:

Specialty Products and Solutions segment:

Inventory financing obligation

Other long-term liabilities

$

—

$

—

$

—

$

—

$

—

$

—

Schedule of offsetting derivative liabilities

The following tables summarize the Company’s gross fair values of its derivative instruments, presenting the impact of offsetting derivative liabilities in the Company’s unaudited condensed consolidated balance sheets (in millions):

March 31, 2025

December 31, 2024

Net Amounts

Gross

of Liabilities

Gross

Net Amounts

Amounts

Presented in

Amounts

of Liabilities

Gross

Offset in the

the

Gross

Offset in the

Presented in

Amounts of

Consolidated

Consolidated

Amounts of

Consolidated

the

Balance Sheet

Recognized

Balance

Balance

Recognized

Balance

Consolidated

Location

Liabilities

Sheets

Sheets

Liabilities

Sheets

Balance Sheets

Derivative instruments not designated as hedges:

Specialty Products and Solutions segment:

Inventory financing obligation

Obligations under inventory financing agreements

$

—

$

6.4

$

6.4

$

—

$

5.7

$

5.7

Total derivative instruments

$

—

$

6.4

$

6.4

$

—

$

5.7

$

5.7

Summary of derivative instruments not designated as hedges gains (losses) in the consolidated statements of operations

The Company recorded the following gains (losses) in its unaudited condensed consolidated statements of operations for the three months ended March 31, 2025 and 2024, related to its derivative instruments not designated as hedges (in millions):

	Amount of Realized
	Gain (Loss) Recognized in Gain (Loss) on				Amount of Unrealized Gain (Loss)
	Derivative				Recognized in Gain (Loss) on Derivative
	Instruments				Instruments
	Three Months Ended March 31,				Three Months Ended March 31,
Type of Derivative	2025		2024		2025		2024
Specialty Products and Solutions segment:
Inventory financing obligation	$	(1.7)	$	(54.2)	$	0.1	$	41.7
Crack spread swaps		—		(0.8)		—		(6.0)
Montana/Renewables segment:
Inventory financing obligation		(5.6)		2.4		—		—
Total	$	(7.3)	$	(52.6)	$	0.1	$	35.7