FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of fair value, assets and liabilities measured on recurring basis

The tables below present information about the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis and indicate the fair value hierarchy of the inputs utilized to determine the fair values as of June 30, 2026 and December 31, 2025.

The Company has elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty; however, fair value amounts by hierarchy level are presented on a gross basis in the tables below. The Company may be required to post margin collateral or reclaim cash collateral from derivative counterparties based on contractual terms. At June 30, 2026 and December 31, 2025, the Company had the obligation to return, and the right to receive, cash collateral posted against its derivative positions of $9.6 million and $5.7 million, respectively. Cash collateral related to derivative contracts is recorded net on the Condensed Consolidated Balance Sheets. The Company has no derivative contracts that are subject to master netting arrangements that are reflected gross on the Condensed Consolidated Balance Sheets.


	As of June 30, 2026
	Fair Value Hierarchy						Total Gross Fair Value		Effect of Counter-party Netting	Net Carrying Value on Balance Sheet
(in millions)	Level 1		Level 2		Level 3
Assets:
Money market funds	$	6.1	$	—	$	—	$	6.1	N/A	$	6.1



Commodity contracts	122.2		11.0		—		133.2		(100.3)	32.9


Liabilities:
Commodity contracts	84.6		15.7		—		100.3		(100.3)	—

Renewable energy credit and emissions obligations	—		503.9		—		503.9		—	503.9


	As of December 31, 2025
	Fair Value Hierarchy						Total Gross Fair Value		Effect of Counter-party Netting	Net Carrying Value on Balance Sheet
(in millions)	Level 1		Level 2		Level 3
Assets:
Money market funds	$	14.2	$	—	$	—	$	14.2	N/A	$	14.2

Commodity contracts	8.2		11.9		—		20.1		(9.7)	10.4


Liabilities:
Commodity contracts	9.6		0.1		—		9.7		(9.7)	—

Renewable energy credit and emissions obligations	—		574.8		—		574.8		—	574.8

Schedule of fair value of debt

The table below summarizes the carrying value and fair value of debt as of June 30, 2026 and December 31, 2025.


	June 30, 2026				December 31, 2025
(in millions)	Carrying value		Fair value		Carrying value		Fair value
2030 9.875% Senior Notes (a)	$	800.0	$	860.1	$	800.0	$	824.3
2030 7.875% Senior Notes (a)	500.0		510.5		500.0		481.3
2034 7.25% Senior Notes (a)	500.0		495.3		—		—
2028 6.00% Senior Notes (a) (b)	—		—		801.6		794.6
Revolving Credit Facility (c)	—		—		100.0		100.0
	1,800.0		1,865.9		2,201.6		2,200.2

Less - Unamortized deferred financing costs	(39.9)		N/A		(41.0)		N/A
Unamortized discount	(11.0)		N/A		(12.3)		N/A
Long-term debt	$	1,749.1	$	1,865.9	$	2,148.3	$	2,200.2

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(a) The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the outstanding senior notes.

(b) As discussed in “Note 4 - Credit Facilities and Debt”, the 2028 6.00% Senior Notes were fully redeemed on June 25, 2026.

(c) The estimated fair value approximates carrying value, categorized as a Level 2 measurement, as these borrowings bear interest based upon short-term floating market interest rates.