Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Recurring Assets and Liabilities Measured at Fair Value

The Company’s recurring assets and liabilities measured at fair value were as follows (in millions):


	June 30, 2026								December 31, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Derivative assets:
Crack spread swaps	$	—	$	—	$	—	$	—	$	—	$	—	$	6.7	$	6.7
Inventory financing obligation	—		—		—		—		—		—		23.1		23.1
Total derivative assets	—		—		—		—		—		—		29.8		29.8
Pension plan investments	3.3		23.0		—		26.3		3.3		22.9		—		26.2
Other	1.0		3.6		—		4.6		0.8		2.3		—		3.1
Total recurring assets at fair value	$	4.3	$	26.6	$	—	$	30.9	$	4.1	$	25.2	$	29.8	$	59.1
Liabilities:
Derivative liabilities:
Crack spread swaps	$	—	$	—	$	(64.9)	$	(64.9)	$	—	$	—	$	—	$	—
Inventory financing obligation	—		—		(0.4)		(0.4)		—		—		—		—
Total derivative liabilities	—		—		(65.3)		(65.3)		—		—		—		—
Liability awards	(74.0)		—		—		(74.0)		(43.1)		—		—		(43.1)
Total recurring liabilities at fair value	$	(74.0)	$	—	$	(65.3)	$	(139.3)	$	(43.1)	$	—	$	—	$	(43.1)

Schedule of Net Changes in Fair Value of Financial Assets and Liabilities

The table below sets forth a summary of net changes in fair value of the Company’s Level 3 financial assets and liabilities (in millions):


	For the Six Months Ended June 30,
	2026		2025
Fair value at January 1,	$	29.8	$	5.7
Realized loss on derivative instruments	(47.7)		(10.0)
Unrealized gain (loss) on derivative instruments	(93.7)		7.1
Settlements	46.3		9.1
Fair value at June 30,	$	(65.3)	$	11.9
Total gain (loss) included in net income (loss) attributable to changes in unrealized gain (loss) relating to financial assets and liabilities held as of June 30,	$	(93.7)	$	7.1

Schedule of Carrying Value and Estimated Fair Value, Carried at Adjusted Historical Cost

The Company’s carrying value and estimated fair value of the Company’s Senior Notes, were as follows (in millions):


	June 30, 2026					December 31, 2025
	Level	Fair Value		Carrying Value		Fair Value	Carrying Value
2026 Notes, 2027 Notes, 2028 Notes, 2028 Mirror Issuance Notes, 2029 Secured Notes and 2031 Notes	2	$	1,225.8	$	1,167.0	1,083.7	$	1,065.5

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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