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Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements
6. Fair Value Measurements
The carrying amounts of cash and cash equivalents, net accounts receivable, accounts payable and accrued expenses and other current liabilities approximate fair value based on their short-term maturities. With the exception of the Convertible Notes, as discussed in Note 8. Debt, Interest Income, Expense, and Other Finance Costs, the carrying values of our debt and notes receivable approximate fair value as these instruments bear interest either at variable rates or fixed rates, which are not significantly different from market rates. The fair value measurements for our debt and notes receivable are considered to be Level 2 measurements based on the fair value hierarchy.
Recurring Fair Value Measurements
The following tables present information about our gross assets and liabilities that are measured at fair value on a recurring basis (in millions):
Fair Value Measurements as of September 30, 2025
Level 1 InputsLevel 2 InputsLevel 3 InputsTotal
Assets:
Commodities contracts$131.1 $224.2 $14.1 $369.3 
Foreign currency contracts— 13.6 — 13.6 
Cash surrender value of life insurance— 20.9 — 20.9 
Total assets at fair value$131.1 $258.7 $14.1 $403.8 
Liabilities:    
Commodities contracts$151.2 $142.6 $7.6 $301.4 
Foreign currency contracts— 11.4 — 11.4 
Total liabilities at fair value$151.2 $154.0 $7.6 $312.8 
Fair Value Measurements as of December 31, 2024
Level 1 InputsLevel 2 InputsLevel 3 InputsTotal
Assets:
Commodities contracts$157.4 $300.8 $9.4 $467.6 
Interest rate contract— 2.9 — 2.9 
Foreign currency contracts— 29.1 — 29.1 
Cash surrender value of life insurance— 20.0 — 20.0 
Total assets at fair value$157.4 $352.8 $9.4 $519.6 
Liabilities:
Commodities contracts$165.9 $209.1 $3.7 $378.7 
Foreign currency contracts— 22.9 — 22.9 
Total liabilities at fair value$165.9 $232.0 $3.7 $401.6 
For our derivative contracts, we may enter into master netting, collateral and offset agreements with counterparties. These agreements provide us the ability to offset a counterparty's rights and obligations, request additional collateral when necessary, or liquidate the collateral in the event of counterparty default. We net the fair value of cash collateral paid or received against fair value amounts recognized for net derivative positions executed with the same counterparty under the same master netting or offset agreement.
We have elected to offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of offset exists. The following tables summarize those derivative balances subject to the right of offset as presented on our Condensed Consolidated Balance Sheets (in millions):
Fair Value as of September 30, 2025
Gross Amounts RecognizedGross Amounts OffsetNet Amounts Presented
Cash Collateral
Gross Amounts without Right of OffsetNet Amounts
Assets:
Commodities contracts$369.3 $221.2 $148.2 $2.1 $— $146.1 
Foreign currency contracts13.6 8.6 5.0 — — 5.0 
Total assets at fair value$383.0 $229.8 $153.2 $2.1 $— $151.1 
Liabilities:
Commodities contracts$301.4 $221.2 $80.3 $9.4 $— $70.8 
Foreign currency contracts11.4 8.6 2.8 — — 2.8 
Total liabilities at fair value$312.8 $229.8 $83.1 $9.4 $— $73.6 
Fair Value as of December 31, 2024
Gross Amounts RecognizedGross Amounts OffsetNet Amounts Presented
Cash Collateral
Gross Amounts without Right of OffsetNet Amounts
Assets:
Commodities contracts$467.6 $253.2 $214.4 $0.1 $— $214.3 
Interest rate contract2.9 — 2.9 — — 2.9 
Foreign currency contracts29.1 20.7 8.5 — — 8.5 
Total assets at fair value$499.6 $273.9 $225.8 $0.1 $— $225.6 
Liabilities:
Commodities contracts$378.7 $253.2 $125.5 $12.1 $— $113.4 
Foreign currency contracts22.9 20.7 2.3 — — 2.3 
Total liabilities at fair value$401.6 $273.9 $127.8 $12.1 $— $115.6 
At September 30, 2025 and December 31, 2024, we did not present any amounts gross on our Condensed Consolidated Balance Sheets where we had the right of offset.
Concentration of Credit Risk
Our individual over-the-counter ("OTC") counterparty exposure is managed within predetermined credit limits and includes the use of cash-call margins when appropriate, thereby reducing the risk of significant nonperformance. At September 30, 2025, one of our counterparties with a total exposure of $15.4 million represented over 10% of our credit exposure to OTC derivative counterparties, for which we held no cash collateral.
Nonrecurring Fair Value Measurements
During the first quarter of 2025, we identified an impairment indicator with respect to the Watson Fuels asset group within our land segment. We determined that the carrying amount was not recoverable and recognized an asset impairment charge of $44.5 million during the three months ended March 31, 2025. The impairment is recorded within Goodwill and other asset impairments on the Condensed Consolidated Statements of Income and Comprehensive Income and reported in our land segment. The fair value of the asset group was determined based on a market approach using the estimated sale proceeds for the Watson Fuels sale. The measurement is
categorized as Level 2 within the fair value hierarchy. As discussed in Note 3. Acquisitions and Divestitures, we completed the Watson Fuels sale on April 9, 2025.
During the second quarter of 2025, we identified impairment indicators with respect to the Falmouth asset group within our marine segment as well as intangible assets related to certain trade names within our land segment. We determined that the carrying amount of the Falmouth asset group was not recoverable and recognized an asset impairment charge of $31.6 million. The fair value of the asset group, excluding the related land, was determined to be nominal based on an income approach using a discounted cash flow methodology. As a result the full carrying amount of the long-lived assets, excluding the related land, was impaired. The fair value measurement is categorized as Level 3 within the fair value hierarchy. We also recognized an asset impairment charge of $8.0 million related to certain trade names as a result of steps taken to consolidate branding within our land segment. We determined that the carrying value of the assets was not recoverable and recognized a full impairment of the related intangible assets. The fair value measurement is categorized as Level 3 within the fair value hierarchy. These asset impairment charges are recorded within Goodwill and other asset impairments on the Condensed Consolidated Statements of Income and Comprehensive Income during the three months ended June 30, 2025.
The fair values of nonrecurring assets or liabilities measured using Level 3 inputs were not material as of September 30, 2025. See Note 4. Goodwill for additional fair value disclosures related to the goodwill impairment recognized during the nine months ended September 30, 2025.