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FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
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, 2024 and December 31, 2023. 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, 2024 and December 31, 2023, the Company had the obligation to return cash collateral posted against its derivative obligations of $22.3 million and $23.7 million, respectively. Cash collateral related to derivative contracts is recorded net in 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, 2024
| 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 | $ | 18.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 18.5 |  |  | N/A |  | $ | 18.5 |
Commodity contracts | 23.8 |  |  | 2.9 |  |  | — |  |  | 26.7 |  |  | (26.7) |  |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Commodity contracts | 31.5 |  |  | 2.1 |  |  | — |  |  | 33.6 |  |  | (26.7) |  |  | 6.9 |
Renewable energy credit and emissions obligations | — |  |  | 428.9 |  |  | — |  |  | 428.9 |  |  | — |  |  | 428.9 |
| As of December 31, 2023
| 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 | $ | 141.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 141.6 |  |  | N/A |  | $ | 141.6 |
Commodity contracts | 80.1 |  |  | — |  |  | — |  |  | 80.1 |  |  | (46.9) |  |  | 33.2 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Commodity contracts | 46.9 |  |  | — |  |  | — |  |  | 46.9 |  |  | (46.9) |  |  | — |
Renewable energy credit and emissions obligations | — |  |  | 429.8 |  |  | — |  |  | 429.8 |  |  | — |  |  | 429.8 |
Contingent consideration obligation | — |  |  | — |  |  | 21.6 |  |  | 21.6 |  |  | — |  |  | 21.6 |
Fair value, liabilities measured on recurring basis, unobservable input reconciliation | The table below summarizes the changes in fair value measurements categorized in Level 3 of the fair value hierarchy, which primarily includes the prior year change in estimated future earnings related to the Martinez Contingent Consideration:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Balance at beginning of period | $ | 18.3 |  |  | $ | 123.4 |  |  | $ | 21.6 |  |  | $ | 150.5 |
Settlements | (18.8) |  |  | (78.2) |  |  | (18.8) |  |  | (83.6) |
Unrealized loss (gain) included in earnings | 0.5 |  |  | (27.7) |  |  | (2.8) |  |  | (49.4) |
Balance at end of period | $ | — |  |  | $ | 17.5 |  |  | $ | — |  |  | $ | 17.5 |
Schedule of fair value of debt | The table below summarizes the carrying value and fair value of debt as of June 30, 2024 and December 31, 2023.
| June 30, 2024 |  | December 31, 2023
(in millions) | Carrying value |  | Fair value |  | Carrying value |  | Fair value
2028 Senior Notes (a) | $ | 801.6 |  |  | $ | 779.6 |  |  | $ | 801.6 |  |  | $ | 779.3 |
2030 Senior Notes (a) | 500.0 |  |  | 511.9 |  |  | 500.0 |  |  | 514.8 |
| 1,301.6 |  |  | 1,291.5 |  |  | 1,301.6 |  |  | 1,294.1 |
Unamortized discount | (3.0) |  |  | n/a |  | (3.2) |  |  | n/a
Less - Unamortized deferred financing costs | (47.1) |  |  | n/a |  | (52.5) |  |  | n/a
Long-term debt | $ | 1,251.5 |  |  | $ | 1,291.5 |  |  | $ | 1,245.9 |  |  | $ | 1,294.1 |
_________________________ (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.

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes 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 liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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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/2003/role/disclosureRef -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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -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 + Details
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