Delek US Holdings Inc
For the period ended Dec 31, 2024. Filed Feb 26, 2025.
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FY2024 · Filed Feb 26, 2025
DK$62.64-3.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash flows from operating activities: | |||
| Net (loss) income | $(520.9) | $46.7 | $290.5 |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
| Depreciation and amortization | 374.5 | 339.5 | 275.0 |
| Non-cash lease expense | 46.1 | 60.3 | 63.7 |
| Deferred income taxes | (103.6) | (1.6) | 61.6 |
| Asset impairment | 243.5 | 37.9 | — |
| Income from equity method investments | (92.2) | (86.2) | (57.7) |
| Dividends from equity method investments | 74.1 | 61.0 | 32.3 |
| Non-cash lower of cost or market/net realizable value adjustment | (10.7) | 0.4 | 1.9 |
| Loss on extinguishment of debt | 3.6 | — | — |
| Equity-based compensation expense | 33.8 | 27.5 | 29.1 |
| Income from discontinued operations, including gain on sale of discontinued operations, net | (77.2) | (27.1) | (25.1) |
| Other | 0.5 | 5.0 | 15.1 |
| Changes in assets and liabilities: | |||
| Accounts receivable | 179.8 | 460.0 | (429.1) |
| Inventories and other current assets | 84.6 | 559.4 | (251.1) |
| Fair value of derivatives | (5.5) | 4.0 | (4.6) |
| Accounts payable and other current liabilities | (220.8) | (299.7) | 300.9 |
| Obligation under Inventory Intermediation Agreements | 1.1 | (192.1) | 102.3 |
| Non-current assets and liabilities, net | (94.4) | (16.0) | (11.1) |
| Cash (used in) provided by operating activities - continuing operations | (83.7) | 979.0 | 393.7 |
| Cash provided by operating activities - discontinued operations | 16.9 | 34.6 | 31.6 |
| Net cash (used in) provided by operating activities | (66.8) | 1,013.6 | 425.3 |
| Cash flows from investing activities: | |||
| Business Combinations | (182.5) | — | (625.6) |
| Equity method investment contributions | (19.1) | — | (0.1) |
| Distributions from equity method investments | 5.0 | 14.9 | 9.9 |
| Purchases of property, plant and equipment | (427.7) | (392.5) | (280.2) |
| Purchase of equity securities | (0.4) | (11.9) | — |
| Purchases of intangible assets | (2.9) | (4.3) | (5.6) |
| Proceeds from sale of property, plant and equipment | 10.2 | 1.9 | 0.2 |
| Insurance and settlement proceeds | 16.2 | 10.3 | — |
| Other | (2.0) | — | — |
| Cash used in investing activities - continuing operations | (603.2) | (381.6) | (901.4) |
| Cash provided by (used in) investing activities - discontinued operations | 361.7 | (26.4) | (30.2) |
| Net cash used in investing activities | (241.5) | (408.0) | (931.6) |
| Cash flows from financing activities: | |||
| Proceeds from long-term revolvers | 6,922.1 | 3,545.8 | 3,385.3 |
| Payments on long-term revolvers | (7,272.2) | (3,980.8) | (2,472.8) |
| Proceeds from term debt | 1,059.0 | — | 1,250.0 |
| Payments on term debt | (540.8) | (28.2) | (1,289.1) |
| Proceeds from product and other financing agreements | 1,110.3 | 1,187.3 | 994.6 |
| Repayments of product and other financing agreements | (1,096.3) | (1,212.7) | (1,006.9) |
| 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 | (6.5) | (5.2) | (6.5) |
| Repurchase of common stock | (41.5) | (85.4) | (129.6) |
| Distribution to non-controlling interest | (56.8) | (38.6) | (36.0) |
| Proceeds from sale of Delek Logistics common limited partner units, net | — | — | 16.4 |
| Proceeds from issuance of Delek Logistic common limited partner units, net | 297.9 | — | 3.1 |
| Purchase of Delek common stock from IEP Energy Holding LLC | — | — | (64.0) |
| Redemption of Delek Logistics preferred units | (70.8) | — | |
| Payment of debt extinguishment costs | (0.3) | — | — |
| Dividends paid | (64.2) | (60.3) | (42.8) |
| Deferred financing costs paid | (18.2) | (4.6) | (62.5) |
| Cash provided by (used in) financing activities - continuing operations | 221.7 | (624.7) | 491.1 |
| Net used in financing activities | 221.7 | (624.7) | 491.1 |
| Net decrease in cash and cash equivalents | (86.6) | (19.1) | (15.2) |
| Cash and cash equivalents at the beginning of the period | 822.2 | 841.3 | 856.5 |
| Cash and cash equivalents at the end of the period | 735.6 | 822.2 | 841.3 |
| Less cash and cash equivalents of discontinued operations at the end of the period | — | 0.4 | 0.4 |
| Cash and cash equivalents of continuing operations at the end of the period | $735.6 | $821.8 | $840.9 |
| Supplemental disclosures of cash flow information: | |||
|---|---|---|---|
| Cash paid during the period for: | |||
| Interest, net of capitalized interest of $4.5 million, $5.5 million and $2.1 million in the 2024, 2023 and 2022 periods, respectively | $300.1 | 323.5 | 186.7 |
| Income taxes | $3.8 | $10.8 | $27.6 |
| Non-cash investing activities: | |||
| Delek Logistics preferred units issued in connection with H2O Acquisition | $70.0 | $— | $— |
| Increase (decrease) in accrued capital expenditures | $14.9 | $(27.6) | $34.8 |
| Non-cash financing activities: | |||
| Non-cash lease liability arising from obtaining right-of-use assets during the period | $16.0 | $55.9 | $27.7 |
F-11 |
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