v3.25.4

FAIR VALUE MEASUREMENTS | 12 Months Ended
--- | ---
Dec. 31, 2025
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS 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 |
The valuation methods used to measure financial instruments at fair value are as follows: •Money market funds categorized in Level 1 of the fair value hierarchy are measured at fair value based on quoted market prices and included within Cash and cash equivalents. •The commodity contracts categorized in Level 1 of the fair value hierarchy are measured at fair value based on quoted prices in an active market. The commodity contracts categorized in Level 2 of the fair value hierarchy are measured at fair value using a market approach based upon future commodity prices for similar instruments quoted in active markets. •Renewable energy credit and emissions obligations primarily represent the Company’s liability for the purchase of (i) biofuel credits (primarily RINs in the U.S.) needed to satisfy its obligation to blend biofuels into the products the Company produces and (ii) emission credits under the AB 32 and similar programs (collectively, the cap-and-trade systems). To the degree the Company is unable to blend biofuels (such as ethanol and biodiesel) at percentages required under the biofuel programs, it must purchase biofuel credits to comply with these programs. Under the cap-and-trade systems, it must purchase emission credits to comply with these systems. The liability for environmental credits is in part based on the Company’s deficit for such credits as of the balance sheet date, if any, after considering any credits acquired, and is equal to the product of the credits deficit and the market price of these credits as of the balance sheet date. To the extent that the Company has a better estimate of the cost at which it settles its obligation, such as agreements to purchase RINs or cap and trade credits at prices other than the current spot price, the Company considers those costs in valuing the remaining obligation. The environmental credit obligations are categorized in Level 2 of the fair value hierarchy and are measured at fair value using a market approach based on quoted prices from an independent pricing service. •When applicable, commodity contracts categorized in Level 3 of the fair value hierarchy consist of commodity price swap contracts that relate to forecasted purchases of crude oil for which quoted forward market prices are not readily available due to market illiquidity. The forward prices used to value these swaps are derived using broker quotes, prices from other third-party sources and other available market based data. •The contingent consideration obligation at December 31, 2023 was categorized in Level 3 of the fair value hierarchy and was estimated using discounted cash flow models based on management’s estimate of the future cash flows related to the earn-out periods. The Company’s final earn-out payment of $18.8 million was paid in full in 2024. Non-qualified pension plan assets are measured at fair value using a market approach based on published net asset values of mutual funds as a practical expedient. As of December 31, 2025 and 2024, $18.6 million and $19.4 million, respectively, were included within Deferred charges and other assets, net for these non-qualified pension plan assets. 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. 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. Fair Values - Non-recurring Non-recurring fair value measurements and disclosures relate to the SBR equity method investment discussed in “Note 6 - Equity investment in SBR”. The fair value of the SBR equity method investment was primarily based on the cash consideration received from Eni for their 50 percent ownership.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration