v3.26.1
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of fair value, assets and liabilities measured on recurring basis
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 March 31, 2026 and December 31, 2025.
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 March 31, 2026 and December 31, 2025, the Company had the obligation to receive cash collateral posted against its derivative obligations of $114.1 million and $5.7 million, respectively. Cash collateral related to derivative contracts is recorded net in the Condensed Consolidated Balance Sheets. The Company has no derivative contracts that are subject to master netting arrangements that are reflected gross on the Condensed Consolidated Balance Sheets.
As of March 31, 2026
Fair Value HierarchyTotal Gross Fair ValueEffect of Counter-party NettingNet Carrying Value on Balance Sheet
(in millions)Level 1Level 2Level 3
Assets:
Money market funds$5.9 $— $— $5.9 N/A$5.9 
Commodity contracts208.8 0.1 — 208.9 (208.9)— 
Liabilities:
Commodity contracts300.3 7.1 — 307.4 (208.9)98.5 
Renewable energy credit and emissions obligations— 653.5 — 653.5 — 653.5 
As of December 31, 2025
Fair Value HierarchyTotal Gross Fair ValueEffect of Counter-party NettingNet Carrying Value on Balance Sheet
(in millions)Level 1Level 2Level 3
Assets:
Money market funds$14.2 $— $— $14.2 N/A$14.2 
Commodity contracts8.2 11.9 — 20.1 (9.7)10.4 
Liabilities:
Commodity contracts9.6 0.1 — 9.7 (9.7)— 
Renewable energy credit and emissions obligations— 574.8 — 574.8 — 574.8 
Schedule of fair value of debt
The table below summarizes the carrying value and fair value of debt as of March 31, 2026 and December 31, 2025.
March 31, 2026December 31, 2025
(in millions)
Carrying
value
Fair
 value
Carrying
 value
Fair
value
2028 6.00% Senior Notes (a)
$801.6 $801.6 $801.6 $794.6 
2030 9.875% Senior Notes (a)
800.0 858.7 800.0 824.3 
2030 7.875% Senior Notes (a)
500.0 514.2 500.0 481.3 
Revolving Credit Facility (b)
750.0 750.0 100.0 100.0 
2,851.6 2,924.5 2,201.6 2,200.2 
Less - Unamortized deferred financing costs(37.6)N/A(41.0)N/A
Unamortized discount(11.7)N/A(12.3)N/A
Long-term debt$2,802.3 $2,924.5 $2,148.3 $2,200.2 
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(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.