Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Measurements

Schedule of hierarchy of recurring fair value measurements

The Company’s recurring assets and liabilities measured at fair value were as follows (in millions):

	March 31, 2025								December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Derivative assets:
Inventory financing obligation	$	—	$	—	$	6.4	$	6.4	$	—	$	—	$	5.7	$	5.7
Total derivative assets	$	—	$	—	$	6.4	$	6.4	$	—	$	—	$	5.7	$	5.7
Pension plan investments	$	3.7	$	22.5	$	—	$	26.2	$	3.7	$	22.2	$	—	$	25.9
Total recurring assets at fair value	$	3.7	$	22.5	$	6.4	$	32.6	$	3.7	$	22.2	$	5.7	$	31.6
Liabilities:
Derivative liabilities:
Inventory financing obligation	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total derivative liabilities	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Precious metals obligations		—		—		—		—		(5.2)		—		—		(5.2)
Liability awards		(28.3)		—		—		(28.3)		(67.8)		—		—		(67.8)
Total recurring liabilities at fair value	$	(28.3)	$	—	$	—	$	(28.3)	$	(73.0)	$	—	$	—	$	(73.0)

Summary of net changes in fair value of the Company's Level 3 financial assets and liabilities

The table below sets forth a summary of net changes in fair value of the Company’s Level 3 financial assets and liabilities (in millions):

	Three Months Ended March 31,
		2025		2024
Fair value at January 1,	$	6.3	$	(40.8)
Realized loss on derivative instruments		(7.3)		(52.6)
Unrealized gain on derivative instruments		0.1		35.7
Settlements		7.3		52.6
Fair value at March 31,	$	6.4	$	(5.1)
Total gain (loss) included in net income (loss) attributable to changes in unrealized gain (loss) relating to financial assets and liabilities held as of March 31,	$	0.1	$	35.7

Carrying value and estimated fair value of the Company's financial instruments, carried at adjusted historical cost

The Company’s carrying value and estimated fair value of the Company’s financial instruments, carried at adjusted historical cost, were as follows (in millions):

	March 31, 2025					December 31, 2024
	Level	Fair Value		Carrying Value		Fair Value		Carrying Value
Financial Instrument:
2026 Notes, 2027 Notes, 2028 Notes, 2028 Mirror Issuance Notes, and 2029 Secured Notes	2	$	1,246.3	$	1,293.1	$	1,218.3	$	1,196.7
Revolving credit facility	3	$	53.8	$	51.2	$	286.6	$	283.6
MRL revolving credit agreement	3	$	—	$	—	$	—	$	(0.3)
MRL term loan credit agreement	3	$	—	$	—	$	73.7	$	71.4
DOE Loan	3	$	786.1	$	765.8	$	—	$	—
Shreveport terminal asset financing arrangement	3	$	40.0	$	39.6	$	42.1	$	41.6
Montana terminal asset financing arrangement	3	$	27.8	$	27.6	$	30.4	$	30.2
Montana refinery asset financing arrangement	3	$	147.5	$	146.2	$	108.7	$	108.7
MRL asset financing arrangements	3	$	—	$	—	$	368.1	$	365.4
Finance leases and other obligations	3	$	2.6	$	2.6	$	2.9	$	2.9