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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Amounts by Hierarchy Level

Fair value amounts by hierarchy level as of March 31, 2022, and December 31, 2021, are presented gross in the tables below (in thousands):

			March 31, 2022
			Level 1						Level 2						Level 3						Gross Fair Value						Effect of Counter-Party Netting						Net Carrying Value on Balance Sheet (1)
Assets
Commodity derivatives			$	56,422					$	17,936					$	—					$	74,358					$	(67,951)					$	6,407
Liabilities
Commodity derivatives			$	(77,116)					$	(19,146)					$	—					$	(96,262)					$	67,951					$	(28,311)
J. Aron repurchase obligation derivative			—						—						(58,420)						(58,420)						—						(58,420)
MLC terminal obligation derivative			—						—						5,742						5,742						—						5,742
Gross environmental credit obligations (2)			—						(346,034)						—						(346,034)						—						(346,034)
Total Liabilities			$	(77,116)					$	(365,180)					$	(52,678)					$	(494,974)					$	67,951					$	(427,023)

			December 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			$	4,283					$	4,513					$	—					$	8,796					$	(7,536)					$	1,260
Liabilities
Commodity derivatives			$	(3,964)					$	(5,003)					$	—					$	(8,967)					$	7,536					$	(1,431)
J. Aron repurchase obligation derivative			—						—						(15,151)						(15,151)						—						(15,151)
MLC terminal obligation derivative			—						—						(22,170)						(22,170)						—						(22,170)
Gross environmental credit obligations (2)			—						(311,014)						—						(311,014)						—						(311,014)
Total Liabilities			$	(3,964)					$	(316,017)					$	(37,321)					$	(357,302)					$	7,536					$	(349,766)

_________________________________________________________

(1)Does not include cash collateral of $41.9 million and $15.6 million as of March 31, 2022, and December 31, 2021, 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 $134.8 million and $120.1 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, 2022, and December 31, 2021, 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,
															2022						2021
Balance, at beginning of period															$	(37,321)					$	(30,958)
Settlements															92,308						34,943
Acquired															—						—
Total gains (losses) included in earnings															(107,665)						(25,147)
Balance, at end of period															$	(52,678)					$	(21,162)

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, 2022 and December 31, 2021 are as follows (in thousands):

			March 31, 2022
			Carrying Value						Fair Value
ABL Credit Facility due 2025 (2)			$	24,995					$	24,995
7.75% Senior Secured Notes due 2025 (1)			290,946						293,602
Term Loan B Facility due 2026 (1)			206,204						211,438
12.875% Senior Secured Notes due 2026 (1)			65,183						74,051

			December 31, 2021
			Carrying Value						Fair Value
ABL Credit Facility due 2025 (2)			$	—					$	—
7.75% Senior Secured Notes due 2025 (1)			290,621						299,700
Term Loan B Facility due 2026 (1)			208,903						214,827
12.875% Senior Secured Notes due 2026 (1)			65,034						75,758

_________________________________________________________

(1)The fair value measurements of the 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 measurement of the ABL Credit Facility is considered a Level 3 measurement in the fair value hierarchy.

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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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-Name Accounting Standards Codification
-Topic 820
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-Section 50
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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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