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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Amounts by Hierarchy Level

Fair value amounts by hierarchy level as of March 31, 2021 and December 31, 2020 are presented gross in the tables below (in thousands):

			March 31, 2021
			Level 1						Level 2						Level 3						Gross Fair Value						Effect of Counter-Party Netting						Net Carrying Value on Balance Sheet (1)
Assets
Commodity derivatives			$	380					$	11,955					$	—					$	12,335					$	(5,932)					$	6,403
Liabilities
Commodity derivatives			$	(1,382)					$	(5,595)					$	—					$	(6,977)					$	5,932					$	(1,045)
J. Aron repurchase obligation derivative			—						—						(21,572)						(21,572)						—						(21,572)
MLC terminal obligation derivative			—						—						410						410						—						410
Interest rate derivatives			—						—						—						—						—						—
Gross environmental credit obligations (2)			—						(259,973)						—						(259,973)						—						(259,973)
Total			$	(1,382)					$	(265,568)					$	(21,162)					$	(288,112)					$	5,932					$	(282,180)

			December 31, 2020
			Level 1						Level 2						Level 3						Gross Fair Value						Effect of Counter-Party Netting						Net Carrying Value on Balance Sheet (1)
Assets
Commodity derivatives			$	616					$	1,573					$	—					$	2,189					$	(843)					$	1,346
Liabilities
Commodity derivatives			$	(3)					$	(840)					$	—					$	(843)					$	843					$	—
J. Aron repurchase obligation derivative			—						—						(20,797)						(20,797)						—						(20,797)
MLC terminal obligation derivative			—						—						(10,161)						(10,161)						—						(10,161)
Interest rate derivatives			—						(2,993)						—						(2,993)						—						(2,993)
Gross environmental credit obligations (2)			—						(150,482)						—						(150,482)						—						(150,482)
Total			$	(3)					$	(154,315)					$	(30,958)					$	(185,276)					$	843					$	(184,433)

_________________________________________________________

(1)Does not include cash collateral of $11.9 million and $11.0 million as of March 31, 2021 and December 31, 2020, respectively, included within Prepaid and other current assets and Other long-term assets on our condensed consolidated balance sheets.

(2)Does not include RINs assets and other environmental credits of $36.3 million and $26.7 million presented as Inventories on our condensed consolidated balance sheet and stated at the lower of cost and net realizable value as of March 31, 2021 and December 31, 2020, respectively.

Roll Forward of Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis

A roll forward of Level 3 derivative instruments measured at fair value on a recurring basis is as follows (in thousands):

			Three Months Ended March 31,
			2021						2020
Balance, at beginning of period			$	(30,958)					$	(22,750)
Settlements			34,943						(13,299)
Acquired			—						—
Total gains (losses) included in earnings			(25,147)						40,583
Balance, at end of period			$	(21,162)					$	4,534

Carrying Value and Fair Value of Long-term Debt and Other Financial Instruments

The carrying value and fair value of long-term debt and other financial instruments as of March 31, 2021 and December 31, 2020 are as follows (in thousands):

			March 31, 2021
			Carrying Value						Fair Value
5.00% Convertible Senior Notes due 2021 (1) (3)			$	47,974					$	50,128
ABL Credit Facility due 2022 (2)			—						—
7.75% Senior Secured Notes due 2025 (1)			291,611						301,725
Term Loan B Facility due 2026 (1)			217,004						223,605
12.875% Senior Secured Notes due 2026 (1)			99,412						121,013

			December 31, 2020
			Carrying Value						Fair Value
5.00% Convertible Senior Notes due 2021 (1) (3)			$	47,301					$	50,311
ABL Credit Facility due 2022 (2)			—						—
Retail Property Term Loan due 2024 (2)			41,891						41,891
7.75% Senior Secured Notes due 2025 (1)			293,289						289,521
Term Loan B Facility due 2026 (1)			219,708						215,578
12.875% Senior Secured Notes due 2026 (1)			99,213						112,901
Mid Pac Term Loan due 2028 (2)			1,399						1,399
PHL Term Loan due 2030 (2)			5,792						5,792

_________________________________________________________

(1)The fair value measurements of the 5.00% Convertible Senior Notes, 7.75% Senior Secured Notes, Term Loan B Facility, and 12.875% Senior Secured Notes are considered Level 2 measurements in the fair value hierarchy as discussed below.

(2)The fair value measurements of the ABL Credit Facility, Mid Pac Term Loan, Retail Property Term Loan, and PHL Term Loan are considered Level 3 measurements in the fair value hierarchy.

(3)The carrying value of the 5.00% Convertible Senior Notes excludes the fair value of the equity component, which was classified as equity upon issuance.

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Tabular disclosure of liabilities, including [financial] instruments measured at fair value and carrying value.

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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).

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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.

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