Delek US Holdings, Inc.

CIK:0001351541|SEC Filings

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Net sales	$ 1,182.2	$ 886.1
Operating costs and expenses:
Cost of goods sold	1,035.7	815.8
Operating expenses	61.2	69.0
Insurance proceeds — business interruption	0.0	(42.4)
General and administrative expenses	26.5	29.0
Depreciation and amortization	29.0	28.3
Total operating costs and expenses	1,152.4	899.7
Operating income (loss)	29.8	(13.6)
Interest expense	13.6	13.2
Interest income	(1.0)	(0.3)
(Income) loss from equity method investments	(3.1)	18.0
Other expense, net	0.0	0.6
Total non-operating expenses, net	9.5	31.5
Income (loss) from continuing operations before income tax expense (benefit)	20.3	(45.1)
Income tax expense (benefit)	5.0	(23.6)
Income (loss) from continuing operations	15.3	(21.5)
Discontinued operations:
Loss from discontinued operations	0.0	(3.9)
Income tax benefit	0.0	(1.5)
Loss from discontinued operations, net of tax	0.0	(2.4)
Net income (loss)	15.3	(23.9)
Net income attributed to non-controlling interest	4.1	5.3
Net income (loss) attributable to Delek	$ 11.2	$ (29.2)
Basic earnings (loss) per share:
Income (loss) from continuing operations	$ 0.18	$ (0.43)
Loss from discontinued operations	0.00	(0.04)
Total basic earnings (loss) per share	0.18	(0.47)
Diluted earnings (loss) per share:
Income (loss) from continuing operations	0.18	(0.43)
Loss from discontinued operations	0.00	(0.04)
Total diluted earnings (loss) per share	$ 0.18	$ (0.47)
Weighted average common shares outstanding:
Basic	61,978,072	62,132,007
Diluted	62,589,210	62,132,007
Dividends declared per common share outstanding	$ 0.15	$ 0.15

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net (loss) income	$ 15.3	$ (23.9)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation and amortization	29.0	28.3
Amortization of deferred financing costs and debt discount	0.9	1.1
Accretion of asset retirement obligations	0.1	0.0
Amortization of unfavorable contract liability	(1.5)	0.0
Deferred income taxes	(1.4)	(11.6)
(Income) loss from equity method investments	(3.1)	18.0
Dividends from equity method investments	5.1	5.0
Equity-based compensation expense	3.8	4.1
Income tax benefit of equity-based compensation	0.0	0.1
Loss from discontinued operations	0.0	2.4
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	(61.3)	19.1
Inventories and other current assets	(10.4)	3.0
Fair value of derivatives	2.0	(1.3)
Accounts payable and other current liabilities	(3.1)	33.5
Obligation under Supply and Offtake Agreement	5.6	(7.6)
Non-current assets and liabilities, net	(23.1)	(0.8)
Cash (used in) provided by operating activities - continuing operations	(42.1)	69.4
Cash provided by operating activities - discontinued operations	0.0	2.5
Net cash (used in) provided by operating activities	(42.1)	71.9
Cash flows from investing activities:
Equity method investment contributions	(1.7)	(14.8)
Purchases of property, plant and equipment	(19.0)	(12.6)
Proceeds from sales of assets	0.0	0.2
Cash used in investing activities - continuing operations	(20.7)	(27.2)
Cash used in investing activities - discontinued operations	0.0	(7.0)
Net cash used in investing activities	(20.7)	(34.2)
Cash flows from financing activities:
Proceeds from long-term revolvers	208.6	86.0
Payments on long-term revolvers	(179.2)	(79.7)
Payments on term debt	(37.7)	(12.7)
Proceeds from product financing agreements	0.0	42.5
Repayments of product financing agreements	(6.0)	0.0
Taxes paid due to the net settlement of equity-based compensation	(0.7)	(0.2)
Income tax benefit of equity-based compensation	0.0	(0.1)
Repurchase of common stock	0.0	(2.8)
Repurchase of non-controlling interest	(4.0)	0.0
Distribution to non-controlling interest	(6.4)	(5.7)
Dividends paid	(9.6)	(9.4)
Deferred financing costs paid	0.0	(0.2)
Cash (used in) provided by financing activities - continuing operations	(35.0)	17.7
Cash used in financing activities - discontinued operations	0.0	(7.7)
Net cash (used in) provided by financing activities	(35.0)	10.0
Net (decrease) increase in cash and cash equivalents	(97.8)	47.7
Cash and cash equivalents at the beginning of the period	689.2	302.2
Cash and cash equivalents at the end of the period	591.4	349.9
Less cash and cash equivalents of discontinued operations at the end of the period	0.0	7.1
Cash and cash equivalents of continuing operations at the end of the period	591.4	342.8
Cash paid during the period for:
Interest, net of capitalized interest of a nominal amount and $0.1 million in the 2017 and 2016 periods, respectively	17.9	16.5
Income taxes	12.9	0.1
Non-cash investing activities:
Decrease in accrued capital expenditures	$ (3.8)	$ (10.0)

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 591.4	$ 689.2
Accounts receivable	325.8	265.9
Accounts receivable from related party	1.5	0.1
Inventories, net of inventory valuation reserves	397.4	392.4
Other current assets	51.2	49.3
Total current assets	1,367.3	1,396.9
Property, plant and equipment:
Property, plant and equipment	1,602.7	1,587.6
Less: accumulated depreciation	(512.9)	(484.3)
Property, plant and equipment, net	1,089.8	1,103.3
Goodwill	12.2	12.2
Other intangibles, net	26.3	26.7
Equity method investments	360.0	360.0
Other non-current assets	102.4	80.7
Total assets	2,958.0	2,979.8
Current liabilities:
Accounts payable	503.6	494.6
Accounts payable to related party	2.9	1.8
Current portion of long-term debt	84.4	84.4
Obligation under Supply and Offtake Agreement	130.2	124.6
Accrued expenses and other current liabilities	197.8	229.8
Total current liabilities	918.9	935.2
Non-current liabilities:
Long-term debt, net of current portion	740.5	748.5
Environmental liabilities, net of current portion	6.0	6.2
Asset retirement obligations	5.3	5.2
Deferred tax liabilities	75.7	76.2
Other non-current liabilities	29.2	26.0
Total non-current liabilities	856.7	862.1
Stockholders' equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued and outstanding	0.0	0.0
Common stock, $0.01 par value, 110,000,000 shares authorized, 67,224,463 shares and 67,150,352 shares issued at March 31, 2017 and December 31, 2016, respectively	0.7	0.7
Additional paid-in capital	653.6	650.5
Accumulated other comprehensive loss	(19.5)	(20.8)
Treasury stock, 5,195,791 shares, at cost, as of both March 31, 2017 and December 31, 2016	(160.8)	(160.8)
Retained earnings	523.9	522.3
Non-controlling interest in subsidiaries	184.5	190.6
Total stockholders’ equity	1,182.4	1,182.5
Total liabilities and stockholders’ equity	$ 2,958.0	$ 2,979.8