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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements of Asset and Liability Instruments

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 Amount						Level 1						Level 2						Level 3
						(In thousands)
June 30, 2024
Assets:
Commodity forward contracts						$	574					$	—					$	574					$	—
Foreign currency forward contracts						3,261						—						3,261						—
Total assets						$	3,835					$	—					$	3,835					$	—
Liabilities:
NYMEX futures contracts						$	4,674					$	4,674					$	—					$	—
Commodity price swaps						1,495						—						1,495						—
Commodity forward contracts						738						—						738						—
Foreign currency forward contracts						51						—						51						—
RINs credit obligations (1)						22,745						—						22,745						—
Total liabilities						$	29,703					$	4,674					$	25,029					$	—

												Fair Value by Input Level
						Carrying Amount						Level 1						Level 2						Level 3
						(In thousands)
December 31, 2023
Assets:
NYMEX futures contracts						$	836					$	836					$	—					$	—
Commodity forward contracts						2,908						—						2,908						—
Total assets						$	3,744					$	836					$	2,908					$	—
Liabilities:
Commodity price swaps						$	7,808					$	—					$	7,808					$	—
Commodity forward contracts						1,848						—						1,848						—
Foreign currency forward contracts						7,893						—						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.

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- References

No definition available.

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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