v3.25.1
Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2025
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 March 31, 2025 and December 31, 2024. 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 condensed consolidated balance sheets. See Note 12 for further information regarding the fair value of derivative instruments (in millions).
March 31, 2025December 31, 2024
Derivative TypeBalance Sheet LocationAssetsLiabilitiesAssetsLiabilities
Derivatives not designated as hedging instruments:
Commodity derivatives (1)
Other current assets$24.1 $(24.7)$19.5 $(22.0)
Commodity derivatives (1)
Other current liabilities— — 5.4 (5.4)
Commodity derivatives (1)
Other long-term liabilities0.1 (0.6)— — 
RINs commitment contracts (2)
Other current assets1.3 — 0.3 — 
RINs commitment contracts (2)
Other current liabilities— (0.1)— (5.6)
Interest rate swap derivativesOther current assets2.7 — 3.5 — 
Interest rate swap derivativesOther long-term liabilities0.4 (3.3)4.8 (5.1)
Total gross fair value of derivatives28.6 (28.7)33.5 (38.1)
Less: Counterparty netting and cash collateral (3)
24.0 (24.8)19.9 (27.4)
Total net fair value of derivatives$4.6 $(3.9)$13.6 $(10.7)
(1)As of March 31, 2025 and December 31, 2024, we had open derivative positions representing 21,438,450 and 18,471,700 barrels, respectively, of crude oil and refined petroleum products. Additionally, as of March 31, 2025, we had no open derivative positions representing natural gas products. We had 1,495,000 open derivative positions of natural gas products as of December 31, 2024.
(2)As of March 31, 2025 and December 31, 2024, we had open RINs commitment contracts representing 28,815,458 and 36,000,000 RINs, respectively.
(3)As of March 31, 2025 and December 31, 2024, $0.8 million and $7.5 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 condensed consolidated statements of income are as follows (in millions) (3):
Three Months Ended March 31,
20252024
Gains (losses) on hedging derivatives not designated as hedging instruments recognized in cost of materials and other (1)
$15.3 $(21.7)
Losses on interest rate derivatives not designated as hedging instruments recognized in interest expense, net (2)
(2.2)— 
Total gains (losses)$13.1 $(21.7)
(1) Gains (losses) on commodity derivatives that are economic hedges but not designated as hedging instruments include unrealized gains of $1.6 million and losses of $(9.0) million for the three months ended March 31, 2025 and 2024, respectively.
(2) Losses on interest rate derivatives that are economic hedges but not designated as hedging instruments include unrealized losses of $(3.4) million for the three months ended March 31, 2025. There were no unrealized gains (losses) on interest rate derivatives that are economic hedges, but not designated as hedging instruments for the three months ended March 31, 2024.
(3)    See separate table below for disclosures about "trading derivatives".
Schedule of Gain (Loss) on Derivative Instruments
Total gains (losses) on our trading derivatives (none of which were designated as hedging instruments) recorded in other operating income, net on the condensed consolidated statements of income are as follows (in millions):
Three Months Ended March 31,
20252024
Trading Physical Forward Contract Commodity Derivatives
Realized gains$— $0.2 
Unrealized gains (losses)— — 
Total$— $0.2