ACCRUED EXPENSES (Tables)

9 Months Ended

Sep. 30, 2026

Accrued expenses consisted of the following:


(in millions)	September 30, 2026		December 31, 2025
Inventory-related accruals	$	2,378.3	$	1,351.5
Renewable energy credit and emissions obligations (a)	486.5		574.8
Accrued income tax payable	361.2		—
Excise and sales tax payable	152.9		92.8
Accrued transportation costs	126.6		136.6
Accrued salaries and benefits	118.4		61.4
Accrued purchases - SBR	100.0		39.4
Accrued capital expenditures	68.5		126.4
Accrued refinery maintenance and support costs	59.9		56.7
Accrued utilities	59.0		82.6
Accrued interest	15.8		53.8
Current finance lease liabilities	12.8		12.2
Environmental liabilities	10.2		9.7


Other	98.0		65.0
Total accrued expenses	$	4,048.1	$	2,662.9

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(a) The Company is subject to obligations to acquire Renewable Identification Numbers (“RINs”) required to comply with the Renewable Fuel Standard. The Company’s overall RINs obligation is based on a percentage of domestic shipments of on-road fuels as established by the EPA. To the degree the Company is unable to blend the required amount of biofuels to satisfy its RINs obligation, RINs must be purchased on the open market to avoid penalties and fines. The Company records its RINs obligation on a net basis in Accrued expenses when its RINs liability is greater than the amount of RINs earned and purchased in a given period and in Prepaid and other current assets when the amount of RINs earned and purchased is greater than the RINs liability. In addition, the Company is subject to obligations to comply with federal and state legislative and regulatory measures, including regulations in the state of California pursuant to Assembly Bill 32 (“AB 32”), to address environmental compliance and greenhouse gas and other emissions. These requirements include incremental costs to operate, acquire renewable energy credits, and maintain the Company’s facilities as well as to implement and manage new emission controls and programs. Renewable energy credit and emissions obligations fluctuate with the volume of applicable product sales and timing of credit purchases. From time to time, the Company enters into forward purchase commitments in order to acquire its renewable energy and emissions credits at fixed prices. The Company’s RINs obligation will be settled in accordance with established regulatory deadlines. The majority of the Company’s current AB 32 liability relates to the ongoing triennial compliance period through 2026, for which the Company intends to defer settlement of the full compliance obligation until 2029 pursuant to recent amendments to California’s Cap-and-Invest Program regulations.