Derivatives (Tables)

9 Months Ended

Sep. 30, 2025

Derivatives

Schedule of offsetting derivative assets

For the periods ended September 30, 2025 and December 31, 2024, the Company had no derivative instruments recorded as a net asset in the Company’s unaudited condensed consolidated balance sheets.

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):

September 30, 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

$

—

$

14.3

$

14.3

$

—

$

5.7

$

5.7

Total derivative instruments

$

—

$

14.3

$

14.3

$

—

$

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 September 30, 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 September 30,				Three Months Ended September 30,
Type of Derivative	2025		2024		2025		2024
Specialty Products and Solutions segment:
Inventory financing obligation	$	(3.5)	$	(2.8)	$	2.0	$	17.3
Crack spread swaps		—		6.0		—		(3.7)
Montana/Renewables segment:
Inventory financing obligation		—		(1.6)		—		—
Total	$	(3.5)	$	1.6	$	2.0	$	13.6

The Company recorded the following gains (losses) in its unaudited condensed consolidated statements of operations for the nine months ended September 30, 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
	Nine Months Ended September 30,				Nine Months Ended September 30,
Type of Derivative	2025		2024		2025		2024
Specialty Products and Solutions segment:
Inventory financing obligation	$	(7.9)	$	(60.5)	$	9.1	$	63.9
Crack spread swaps		—		13.5		—		(11.6)
Montana/Renewables segment:
Inventory financing obligation		(5.6)		4.3		—		—
Total	$	(13.5)	$	(42.7)	$	9.1	$	52.3