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Fair Value Measurements
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair value measurements are derived using inputs (assumptions that market participants would use in pricing an asset or liability, including assumptions about risk). GAAP categorizes inputs used in fair value measurements into three broad levels as follows:

•(Level 1) Quoted prices in active markets for identical assets or liabilities.
•(Level 2) Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, similar assets and liabilities in markets that are not active or can be corroborated by observable market data.
•(Level 3) Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes valuation techniques that involve significant unobservable inputs.

The carrying amounts of derivative instruments and RINs credit obligations at June 30, 2024 and December 31, 2023 were as follows:
Fair Value by Input Level
Carrying AmountLevel 1Level 2Level 3
(In thousands)
June 30, 2024
Assets:
Commodity forward contracts$574 $— $574 $— 
Foreign currency forward contracts3,261 — 3,261 — 
Total assets$3,835 $— $3,835 $— 
Liabilities:
NYMEX futures contracts$4,674 $4,674 $— $— 
Commodity price swaps1,495 — 1,495 — 
Commodity forward contracts738 — 738 — 
Foreign currency forward contracts51 — 51 — 
RINs credit obligations (1)
22,745 — 22,745 — 
Total liabilities$29,703 $4,674 $25,029 $— 
Fair Value by Input Level
Carrying AmountLevel 1Level 2Level 3
(In thousands)
December 31, 2023
Assets:
NYMEX futures contracts$836 $836 $— $— 
Commodity forward contracts2,908 — 2,908 — 
Total assets$3,744 $836 $2,908 $— 
Liabilities:
Commodity price swaps$7,808 $— $7,808 $— 
Commodity forward contracts1,848 — 1,848 — 
Foreign currency forward contracts7,893 — 7,893 — 
Total liabilities$17,549 $— $17,549 $— 
(1)Represent obligations for RINs credits for which we did not have sufficient quantities at June 30, 2024 to satisfy our Environmental Protection Agency (“EPA”) regulatory blending requirements.

Level 1 Fair Value Measurements
Our New York Mercantile Exchange (“NYMEX”) futures contracts are exchange-traded and are measured and recorded at fair value using quoted market prices, a Level 1 input.

Level 2 Fair Value Measurements
Derivative instruments consisting of foreign currency forward contracts, commodity price swaps and forward sales and purchase contracts are measured and recorded at fair value using Level 2 inputs. The fair value of the commodity price swap contracts is based on the net present value of expected future cash flows related to both variable and fixed rate legs of the respective swap agreements. The measurements are computed using market-based observable input and quoted forward commodity prices with respect to our commodity price swaps. The fair value of the forward sales and purchase contracts is computed using quoted forward commodity prices. The fair value of foreign currency forward contracts is based on values provided by a third party, which were derived using market quotes for similar type instruments, a Level 2 input. RINs credit obligations are valued based on quoted prices from an independent pricing service.