v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Hierarchy, Measured on Recurring Basis The following tables set forth, by level within the fair value hierarchy, our gross assets and gross liabilities and related offsetting as permitted by GAAP that were accounted for at fair value on a recurring basis for derivative instruments.

 

As of December 31, 2025

 

Level 1

 

Level 2

 

Level 3

 

Cash Collateral and Counterparty Netting (a)

 

Total

 

(in millions)

 

Assets:

 

 

 

 

 

 

 

 

 

 

Commodity derivatives

$

—

 

$

2.0

 

$

—

 

$

(2.0

)

$

—

 

Total

$

—

 

$

2.0

 

$

—

 

$

(2.0

)

$

—

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

Commodity derivatives

$

—

 

$

8.8

 

$

—

 

$

(3.0

)

$

5.8

 

Total

$

—

 

$

8.8

 

$

—

 

$

(3.0

)

$

5.8

 

 

(a)
As of December 31, 2025, $2.0 million of our commodity derivative gross assets and $3.0 million of our commodity derivative gross liabilities, as well as related gross collateral amounts, were subject to master netting agreements.

 

As of December 31, 2024

 

Level 1

 

Level 2

 

Level 3

 

Cash Collateral and Counterparty Netting (a)

 

Total

 

 

(in millions)

 

Assets:

 

 

 

 

 

 

 

 

 

 

Commodity derivatives

$

—

 

$

2.2

 

$

—

 

$

(2.2

)

$

—

 

Total

$

—

 

$

2.2

 

$

—

 

$

(2.2

)

$

—

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

Commodity derivatives

$

—

 

$

4.8

 

$

—

 

$

(0.6

)

$

4.2

 

Total

$

—

 

$

4.8

 

$

—

 

$

(0.6

)

$

4.2

 

 

(a)
As of December 31, 2024, $2.2 million of our commodity derivative assets and $0.6 million of our commodity derivative liabilities, as well as related gross collateral amounts, were subject to master netting agreements.
Schedule of Fair Value of Investments in Equity Securities

The following table presents fair value of our investments in equity securities related to the Captive and the unrealized gains and losses based on the original cost of the investment:

 

 

As of December 31, 2025

 

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Total Unrealized Gains

 

Total Unrealized Losses

 

 

(in millions)

 

Investment type:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

7.6

 

$

—

 

$

—

 

$

7.6

 

$

—

 

$

—

 

Debt securites

 

3.0

 

 

—

 

 

—

 

 

3.0

 

 

—

 

 

0.1

 

Equity securities

 

6.3

 

 

—

 

 

—

 

 

6.3

 

 

2.6

 

 

—

 

Total

$

16.9

 

$

—

 

$

—

 

$

16.9

 

$

2.6

 

$

0.1

 
Fair Value, by Balance Sheet Grouping

The following table presents the carrying amounts and fair values of financial instruments not recorded at fair value on the Consolidated Balance Sheets at December 31:

 

2025

 

2024

 

Carrying Amount

 

Fair Value

 

Carrying Amount

 

Fair Value

 

 

(in millions)

 

Long-term debt, including current maturities (a)

$

4,701.1

 

$

4,639.0

 

$

4,250.2

 

$

4,059.1

 

 

(a)
Long-term debt is valued based on observable inputs available either directly or indirectly for similar liabilities in active markets and therefore is classified in Level 2 in the fair value hierarchy. Carrying amount of long-term debt is net of deferred financing costs.