v3.25.2
Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 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).
June 30, 2025December 31, 2024
Derivative TypeBalance Sheet LocationAssetsLiabilitiesAssetsLiabilities
Derivatives not designated as hedging instruments:
Commodity derivatives (1)
Other current assets$25.0 $(32.3)$19.5 $(22.0)
Commodity derivatives (1)
Other current liabilities— — 5.4 (5.4)
RINs commitment contracts (2)
Other current assets3.7 — 0.3 — 
RINs commitment contracts (2)
Other current liabilities— (2.5)— (5.6)
Interest rate swap derivativesOther current assets3.0 — 3.5 — 
Interest rate swap derivativesOther long-term liabilities— (5.0)4.8 (5.1)
Total gross fair value of derivatives31.7 (39.8)33.5 (38.1)
Less: Counterparty netting and cash collateral (3)
23.3 (32.3)19.9 (27.4)
Total net fair value of derivatives$8.4 $(7.5)$13.6 $(10.7)
(1)As of June 30, 2025, and December 31, 2024, we had open derivative positions representing 14,949,800 and 18,471,700 barrels, respectively, of crude oil and refined petroleum products. Additionally, as of June 30, 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 June 30, 2025, and December 31, 2024, we had open RINs commitment contracts representing 96,562,300 and 36,000,000 RINs, respectively.
(3)As of June 30, 2025, and December 31, 2024, $9.0 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 June 30,Six Months Ended June 30,
2025202420252024
(Losses) gains on hedging derivatives not designated as hedging instruments recognized in cost of materials and other (1)
$(3.3)$(7.5)$12.0 $(29.2)
Losses on interest rate derivatives not designated as hedging instruments recognized in interest expense, net (2)
(0.6)— (2.9)— 
Total (losses) gains$(3.9)(7.5)$9.1 $(29.2)
(1) (Losses) gains on commodity derivatives that are economic hedges but not designated as hedging instruments include unrealized (losses) of $(6.3) million and $(4.7) million for the three and six months ended June 30, 2025, respectively, and $(0.2) million and $(9.2) million for the three and six months ended June 30, 2024, respectively.
(2) Losses on interest rate derivatives that are economic hedges but not designated as hedging instruments include unrealized losses of $(1.8) million and $(5.2) million for the three and six June 30, 2025, respectively. There were no unrealized gains (losses) on interest rate derivatives that are economic hedges but not designated as hedging instruments for the three and six June 30, 2024.
(3)    See the separate table below for disclosures about "trading derivatives".
Schedule of Gain (Loss) on Derivative Instruments
Total gains (losses) on our trading derivatives (none of which were designated as hedging instruments) recorded in other operating income, net on the condensed consolidated statements of income are as follows (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Trading Physical Forward Contract Commodity Derivatives
Realized gains (losses)$— $0.1 $— $(0.1)
Unrealized gains (losses)— — — — 
Total$— $0.1 $— $(0.1)