v3.25.4

FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
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Dec. 31, 2025
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 December 31, 2025 and 2024. 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 December 31, 2025 and December 31, 2024, the Company had the obligation to receive cash collateral posted against its derivative obligations of $5.7 million and $15.1 million, respectively. Cash collateral related to derivative contracts is recorded net in the Consolidated Balance Sheets. The Company has no derivative contracts that are subject to master netting arrangements that are reflected gross on the Consolidated Balance Sheets.
| As of December 31, 2025
| Fair Value Hierarchy |  |  |  |  |  |
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total Gross Fair Value |  | Effect of Counter-party Netting |  | Net Carrying Value on Balance Sheet
Assets: |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | 14.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 14.2 |  |  | N/A |  | $ | 14.2 |
Commodity contracts | 8.2 |  |  | 11.9 |  |  | — |  |  | 20.1 |  |  | (9.7) |  |  | 10.4 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Commodity contracts | 9.6 |  |  | 0.1 |  |  | — |  |  | 9.7 |  |  | (9.7) |  |  | — |
Renewable energy credit and emissions obligations | — |  |  | 574.8 |  |  | — |  |  | 574.8 |  |  | — |  |  | 574.8 |
| As of December 31, 2024
| Fair Value Hierarchy |  |  |  |  |  |
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total Gross Fair Value |  | Effect of Counter-party Netting |  | Net Carrying Value on Balance Sheet
Assets: |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | 21.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 21.0 |  |  | N/A |  | $ | 21.0 |
Commodity contracts | 16.0 |  |  | — |  |  | — |  |  | 16.0 |  |  | (14.0) |  |  | 2.0 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Commodity contracts | 14.0 |  |  | — |  |  | — |  |  | 14.0 |  |  | (14.0) |  |  | — |
Renewable energy credit and emissions obligations | — |  |  | 465.9 |  |  | — |  |  | 465.9 |  |  | — |  |  | 465.9 |
Schedule of Effect of Significant Unobservable Inputs | 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:
(in millions) |  | December 31, 2024 |  |  |  |  |
Balance at beginning of period |  | $ | 21.6 |  |  |  |  |  |
Settlements |  | (18.8) |  |  |  |  |  |
Unrealized gain included in earnings |  | (2.8) |  |  |  |  |  |
Balance at end of period |  | $ | — |  |  |  |  |  |
There were no transfers between levels during the years ended December 31, 2025 or December 31, 2024.
Schedule of Fair Value of Debt | The table below summarizes the carrying value and fair value of debt as of December 31, 2025 and 2024.
| December 31, 2025 |  | December 31, 2024
(in millions) | Carrying value |  | Fair value |  | Carrying value |  | Fair value
2028 6.00% Senior Notes (a) | $ | 801.6 |  |  | $ | 794.6 |  |  | $ | 801.6 |  |  | $ | 765.9 |
2030 9.875% Senior Notes (a) | 800.0 |  |  | 824.3 |  |  | — |  |  | — |
2030 7.875% Senior Notes (a) | 500.0 |  |  | 481.3 |  |  | 500.0 |  |  | 490.0 |
Revolving Credit Facility (b) | 100.0 |  |  | 100.0 |  |  | 200.0 |  |  | 200.0 |
| 2,201.6 |  |  | 2,200.2 |  |  | 1,501.6 |  |  | 1,455.9 |
Less - Unamortized deferred financing costs | (41.0) |  |  | n/a |  | (41.6) |  |  | n/a
Unamortized discount | (12.3) |  |  | n/a |  | (2.7) |  |  | n/a
Long-term debt | $ | 2,148.3 |  |  | $ | 2,200.2 |  |  | $ | 1,457.3 |  |  | $ | 1,455.9 |
_________________________ (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. (b) The estimated fair value approximates carrying value, categorized as a Level 2 measurement, as these borrowings bear interest based upon short-term floating market interest rates.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + 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/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 + Details
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