Delek US Holdings Inc
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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FY2023 · Filed Feb 28, 2024
DK$62.64-3.6%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net income (loss) | $46.7 | $290.5 | $(95.3) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization | 351.6 | 287.0 | 264.6 |
| Non-cash lease expense | 61.9 | 62.6 | 60.6 |
| Deferred income taxes | (1.6) | 61.6 | (38.9) |
| Asset impairment | 37.9 | — | — |
| Income from equity method investments | (86.2) | (57.7) | (18.3) |
| Dividends from equity method investments | 61.0 | 32.3 | 29.2 |
| Non-cash lower of cost or market/net realizable value adjustment | 0.4 | 1.9 | 8.3 |
| Equity-based compensation expense | 27.5 | 29.1 | 24.6 |
| Other | 4.8 | 14.9 | (11.2) |
| Changes in assets and liabilities: | |||
| Accounts receivable | 460.0 | (428.9) | (253.3) |
| Inventories and other current assets | 557.9 | (254.4) | (468.6) |
| Fair value of derivatives | 4.0 | (4.6) | 39.6 |
| Accounts payable and other current liabilities | (303.3) | 298.7 | 702.5 |
| Obligation under Inventory Intermediation Agreements | (192.1) | 102.3 | 139.8 |
| Non-current assets and liabilities, net | (16.9) | (10.0) | (12.2) |
| Net cash provided by operating activities | 1,013.6 | 425.3 | 371.4 |
| Cash flows from investing activities: | |||
| Acquisition of 3 Bear | — | (625.6) | — |
| Equity method investment contributions | — | (0.1) | (1.7) |
| Distributions from equity method investments | 14.9 | 9.9 | 10.3 |
| Purchases of property, plant and equipment | (419.6) | (311.4) | (222.2) |
| Purchase of equity securities | (11.9) | — | — |
| Purchases of intangible assets | (4.3) | (5.6) | (1.0) |
| Proceeds from sale of property, plant and equipment | 2.6 | 1.2 | 11.9 |
| Insurance proceeds | 10.3 | — | 7.0 |
| Contract termination recoveries of capital expenditures | — | — | 17.3 |
| Net cash used in investing activities | (408.0) | (931.6) | (178.4) |
| Cash flows from financing activities: | |||
| Proceeds from long-term revolvers | 3,545.8 | 3,385.3 | 1,339.3 |
| Payments on long-term revolvers | (3,980.8) | (2,472.8) | (1,827.9) |
| Proceeds from term debt | — | 1,250.0 | 400.0 |
| Payments on term debt | (28.2) | (1,289.1) | (43.4) |
| Proceeds from product and other financing agreements | 1,187.3 | 994.6 | 916.1 |
| Repayments of product and other financing agreements | (1,212.7) | (1,006.9) | (877.6) |
| Proceeds from Inventory Intermediation Agreement | 32.2 | 538.8 | — |
| Proceeds from termination of Supply & Offtake Obligation | 25.8 | (586.9) | — |
| Taxes paid due to the net settlement of equity-based compensation | (5.2) | (6.5) | (4.2) |
| Repurchase of common stock | (85.4) | (129.6) | — |
| Distribution to non-controlling interest | (38.6) | (36.0) | (32.4) |
| Proceeds from sale of Delek Logistics common limited partner units | — | 16.4 | 2.1 |
| Proceeds from issuance of Delek Logistic common limited partner units, net | — | 3.1 | — |
| Purchase of Delek common stock from IEP Energy Holding LLC | — | (64.0) | — |
| Dividends paid | (60.3) | (42.8) | — |
| Financing commitment cancellation proceeds | — | — | 10.2 |
| Deferred financing costs paid | (4.6) | (62.5) | (6.2) |
| Net cash (used in) provided by financing activities | (624.7) | 491.1 | (124.0) |
| Net (decrease) increase in cash and cash equivalents | (19.1) | (15.2) | 69.0 |
| Cash and cash equivalents at the beginning of the period | 841.3 | 856.5 | 787.5 |
| Cash and cash equivalents at the end of the period | $822.2 | $841.3 | $856.5 |
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Supplemental disclosures of cash flow information: | |||
| Cash paid during the period for: | |||
| Interest, net of capitalized interest of $5.5 million, $2.1 million and $0.9 million in the 2023, 2022 and 2021 periods, respectively | $323.5 | 186.7 | 125.3 |
| Income taxes | $10.8 | $27.6 | $4.2 |
| Non-cash investing activities: | |||
| (Decrease) increase in accrued capital expenditures | $(30.3) | $31.8 | $4.9 |
| Non-cash financing activities: | |||
| Non-cash lease liability arising from obtaining right-of-use assets during the period | $57.1 | $28.6 | $102.8 |
F-11 |
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