XML 70 R52.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Fair Value Measurements (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Schedule of Fair Value Assets Acquired and Liabilities Assumed | The fair values of the assets acquired and liabilities assumed as a result of the Billings Acquisition were estimated as of June 1, 2023, the date of the acquisition, using valuation techniques described in notes (1) through (5) below.
|  |  | Valuation
| Fair Value |  | Technique
| (in thousands) |  |
Net working capital excluding operating leases | $ | 294,507 |  |  | (1)
Property, plant, and equipment | 259,088 |  |  | (2)
Operating lease right-of-use assets | 3,562 |  |  | (3)
Refining and logistics equity investments | 86,600 |  |  | (4)
Other long-term assets | 4,094 |  |  | (1)
Current operating lease liabilities | (2,081) |  |  | (3)
Long-term operating lease liabilities | (1,481) |  |  | (3)
Environmental liabilities | (18,869) |  |  | (5)
Total | $ | 625,420 |  |  |
_________________________________________________________ (1)Current assets acquired and liabilities assumed were recorded at their net realizable value. Other long-term assets include preliminary costs for future turnarounds that were recently incurred and were recorded at their net realizable value. (2)The fair value of personal property was estimated using the cost approach. Key assumptions in the cost approach include determining the replacement cost by evaluating recent purchases of comparable assets or published data, and adjusting replacement cost for economic and functional obsolescence, location, normal useful lives, and capacity (if applicable). The fair value of real property was estimated using the market approach. Key assumptions in the market approach include determining the asset value by evaluating recent purchases of comparable assets under similar circumstances. We consider this to be a Level 3 fair value measurement. (3)Operating lease right-of-use assets and liabilities were recognized based on the present value of lease payments over the lease term using the incremental borrowing rate at acquisition of 9.6%. (4)The fair value of our investments in YELP and YPLC were determined using a combination of the income approach and the market approach. Under the income approach, we estimated the present value of expected future cash flows using a market participant discount rate. Under the market approach, we estimated fair value using observable multiples for comparable companies in the investments’ industries. These valuation methods require us to make significant estimates and assumptions regarding future cash flows, capital projects, commodity prices, long-term growth rates, and discount rates. We consider this to be a Level 3 fair value measurement. (5)Environmental liabilities are based on management’s best estimates of probable future costs using currently available information. We consider this to be a Level 3 fair value measurement.
Schedule of Fair Value Amounts by Hierarchy Level | Fair value amounts by hierarchy level as of December 31, 2024 and 2023, are presented gross in the tables below (in thousands):
| December 31, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Gross Fair Value |  | Effect of Counter-party Netting |  | Net Carrying Value on Balance Sheet (1)
Assets |  |  |  |  |  |  |  |  |  |  |
Commodity derivatives | $ | 209,666 |  |  | $ | 13,506 |  |  | $ | — |  |  | $ | 223,172 |  |  | $ | (212,581) |  |  | $ | 10,591 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Commodity derivatives | $ | (215,139) |  |  | $ | (10,898) |  |  | $ | — |  |  | $ | (226,037) |  |  | $ | 212,581 |  |  | $ | (13,456) |
Citi repurchase obligation derivative | — |  |  | — |  |  | (1,588) |  |  | (1,588) |  |  | — |  |  | (1,588) |
Interest rate derivatives | — |  |  | (24) |  |  | — |  |  | (24) |  |  | — |  |  | (24) |
Gross environmental credit obligations (2) (3) | — |  |  | (44,498) |  |  | — |  |  | (44,498) |  |  | — |  |  | (44,498) |
Total | $ | (215,139) |  |  | $ | (55,420) |  |  | $ | (1,588) |  |  | $ | (272,147) |  |  | $ | 212,581 |  |  | $ | (59,566) |
| December 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Gross Fair Value |  | Effect of Counter-party Netting |  | Net Carrying Value on Balance Sheet (1)
Assets |  |  |  |  |  |  |  |  |  |  |
Commodity derivatives | $ | 100,074 |  |  | $ | 175,191 |  |  | $ | — |  |  | $ | 275,265 |  |  | $ | (231,909) |  |  | $ | 43,356 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Commodity derivatives | $ | (92,417) |  |  | $ | (140,022) |  |  | $ | — |  |  | $ | (232,439) |  |  | $ | 231,909 |  |  | $ | (530) |
Citi repurchase obligation derivative | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
J. Aron repurchase obligation derivative | — |  |  | — |  |  | (392) |  |  | (392) |  |  | — |  |  | (392) |
Interest rate derivatives | — |  |  | (821) |  |  | — |  |  | (821) |  |  | — |  |  | (821) |
Gross environmental credit obligations (2) (3) | — |  |  | (54,245) |  |  | — |  |  | (54,245) |  |  | — |  |  | (54,245) |
Total | $ | (92,417) |  |  | $ | (195,088) |  |  | $ | (392) |  |  | $ | (287,897) |  |  | $ | 231,909 |  |  | $ | (55,988) |
_________________________________________________________ (1)Does not include cash collateral of $38.6 million and $31.3 million as of December 31, 2024 and 2023, respectively, included within Prepaid and other current assets and Other long-term assets on our consolidated balance sheets, respectively. (2)Does not include RINs assets and other environmental credits of $195.0 million and $237.6 million presented in Inventories on our consolidated balance sheet and stated at the lower of cost and net realizable value as of December 31, 2024 and 2023, respectively. (3)Does not include environmental liabilities of $187.5 million and $232.7 million satisfied by internally generated or purchased environmental credits and presented at the carrying value of these credits included in Other Accrued Liabilities on our consolidated balance sheets as of December 31, 2024 and 2023, respectively.
Schedule of 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):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Balance, beginning of period | $ | (392) |  |  | $ | 2,279 |  |  | $ | (37,321) |
Settlements | (661) |  |  | 19,714 |  |  | 86,242 |
Total gains (losses) included in earnings (1) | (535) |  |  | (22,385) |  |  | (46,642) |
Balance, end of period | $ | (1,588) |  |  | $ | (392) |  |  | $ | 2,279 |
_________________________________________________________ (1)Included in Cost of revenues (excluding depreciation) on our consolidated statements of operations.
Schedule of 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 December 31, 2024 and 2023 are as follows (in thousands):
| December 31, 2024
| Carrying Value |  | Fair Value
ABL Credit Facility due 2028 (1) | $ | 483,000 |  |  | $ | 483,000 |
Term Loan Credit Agreement due 2030 (2) | 625,859 |  |  | 636,924 |
Other long-term debt (2) | 4,108 |  |  | 4,412 |
| December 31, 2023
| Carrying Value |  | Fair Value
ABL Credit Facility due 2028 (1) | $ | 115,000 |  |  | $ | 115,000 |
Term Loan Credit Agreement due 2030 (2) | 531,112 |  |  | 545,875 |
LC Facility due 2024 (1) | — |  |  | — |
Other long-term debt (2) | 4,746 |  |  | 4,387 |
_________________________________________________________ (1)The fair value measurements of the ABL Credit Facility and the LC Facility are considered Level 3 measurements in the fair value hierarchy (2)The fair value measurements of the Term Loan Credit Agreement and Other long-term debt are considered Level 2 measurements in the fair value hierarchy as discussed below.

X
- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value and carrying value. + References No definition available. + Details
Name: | parr_FairValueAndCarryingValueLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | parr_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 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
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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). + 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
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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 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
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration