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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 001-38142
DELEK US HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Delaware
dk-20210930_g1.jpg
35-2581557
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
7102 Commerce Way
Brentwood
Tennessee
37027
(Address of principal executive offices)
(Zip Code)
(615771-6701
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Common Stock, par value $0.01DKNew York Stock Exchange
At October 29, 2021, there were 74,124,937 shares of common stock, $0.01 par value, outstanding (excluding securities held by, or for the account of, the Company or its subsidiaries).


Table of Contents
Delek US Holdings, Inc.
Quarterly Report on Form 10-Q
For the Quarterly Period Ended September 30, 2021
  

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Financial Statements
Part I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Delek US Holdings, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(In millions, except share and per share data)
September 30, 2021December 31, 2020
ASSETS  
Current assets:  
Cash and cash equivalents$830.6 $787.5 
Accounts receivable, net1,008.1 527.9 
Inventories, net of inventory valuation reserves1,093.0 727.7 
Other current assets80.3 256.4 
Total current assets3,012.0 2,299.5 
Property, plant and equipment:  
Property, plant and equipment3,598.3 3,519.5 
Less: accumulated depreciation(1,282.0)(1,152.3)
Property, plant and equipment, net2,316.3 2,367.2 
Operating lease right-of-use assets169.6 182.0 
Goodwill729.7 729.7 
Other intangibles, net104.4 107.8 
Equity method investments354.4 363.6 
Other non-current assets80.5 84.3 
Total assets $6,766.9 $6,134.1 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities:  
Accounts payable$1,684.6 $1,144.0 
Current portion of long-term debt63.4 33.4 
Obligation under Supply and Offtake Agreements148.7 129.2 
Current portion of operating lease liabilities43.3 50.2 
Accrued expenses and other current liabilities840.0 546.4 
Total current liabilities2,780.0 1,903.2 
Non-current liabilities:  
Long-term debt, net of current portion2,158.8 2,315.0 
Obligation under Supply and Offtake Agreements329.8 224.9 
Environmental liabilities, net of current portion109.3 107.4 
Asset retirement obligations38.2 37.5 
Deferred tax liabilities203.5 255.5 
Operating lease liabilities, net of current portion125.0 131.8 
Other non-current liabilities44.7 33.7 
Total non-current liabilities3,009.3 3,105.8 
Stockholders’ equity:  
Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued and outstanding
  
Common stock, $0.01 par value, 110,000,000 shares authorized, 91,700,464 shares and 91,356,868 shares issued at September 30, 2021 and December 31, 2020, respectively
0.9 0.9 
Additional paid-in capital1,199.2 1,185.1 
Accumulated other comprehensive loss(7.4)(7.2)
Treasury stock, 17,575,527 shares, at cost, as of September 30, 2021 and December 31, 2020
(694.1)(694.1)
Retained earnings360.1 522.0 
Non-controlling interests in subsidiaries118.9 118.4 
Total stockholders’ equity977.6 1,125.1 
Total liabilities and stockholders’ equity$6,766.9 $6,134.1 

See accompanying notes to condensed consolidated financial statements
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Financial Statements
Delek US Holdings, Inc.
Condensed Consolidated Statements of Income (Unaudited)
(In millions, except share and per share data)
Three Months EndedNine Months Ended
September 30,September 30,
 2021202020212020
Net revenues$2,956.5 $2,062.9 $7,540.2 $5,419.6 
Cost of sales:  
Cost of materials and other2,670.1 1,875.9 6,871.4 5,064.3 
Operating expenses (excluding depreciation and amortization presented below)100.7 115.7 358.3 348.3 
Depreciation and amortization55.6 59.4 178.4 160.0 
Total cost of sales2,826.4 2,051.0 7,408.1 5,572.6 
Operating expenses related to retail and wholesale business (excluding depreciation and amortization presented below)22.1 24.0 74.9 73.7 
General and administrative expenses58.7 57.0 164.4 184.4 
Depreciation and amortization5.2 5.8 17.2 17.4 
Other operating (income) expense, net(1.7)0.3 (4.7)(14.6)
Total operating costs and expenses2,910.7 2,138.1 7,659.9 5,833.5 
Operating income (loss)45.8 (75.2)(119.7)(413.9)
Interest expense37.7 31.9 100.5 98.0 
Interest income(0.2)(0.9)(0.5)(3.1)
Income from equity method investments(2.9)(12.8)(14.5)(28.6)
Loss (gain) on sale of non-operating refinery 0.1  (56.8)
Other income, net(21.8)(1.0)(16.0)(3.4)
Total non-operating expense, net12.8 17.3 69.5 6.1 
Income (loss) before income tax expense (benefit)33.0 (92.5)(189.2)(420.0)
Income tax expense (benefit) 6.1 (15.6)(52.3)(134.6)
Net income (loss)26.9 (76.9)(136.9)(285.4)
Net income attributed to non-controlling interests8.8 11.2 24.7 29.4 
Net income (loss) attributable to Delek $18.1 $(88.1)$(161.6)$(314.8)
Basic income (loss) per share$0.24 $(1.20)$(2.19)$(4.28)
Diluted income (loss) per share$0.24 $(1.20)$(2.19)$(4.28)
Dividends declared per common share outstanding$ $0.31 $ $0.93 

See accompanying notes to condensed consolidated financial statements
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Financial Statements
Delek US Holdings, Inc.
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited)
(In millions, except share and per share data)

Three Months Ended September 30, 2021
Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive IncomeRetained EarningsTreasury StockNon-Controlling Interest in SubsidiariesTotal Stockholders' Equity
SharesAmountSharesAmount
Balance at June 30, 2021
91,637,661$0.9 $1,192.6 $(7.4)$342.0 (17,575,527)$(694.1)$118.4 $952.4 
Net income— — — 18.1 — — 8.8 26.9 
Distributions to non-controlling interests— — — — — — (8.2)(8.2)
Equity-based compensation expense— 6.8 — — — — 0.1 6.9 
Taxes paid due to the net settlement of equity-based compensation— (0.4)— — — —  (0.4)
Exercise of equity-based awards62,803— — — — — — — — 
Other— 0.2   —  (0.2) 
Balance at September 30, 2021
91,700,464 $0.9 $1,199.2 $(7.4)$360.1 (17,575,527)$(694.1)$118.9 $977.6 

Three Months Ended September 30, 2020
Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive IncomeRetained EarningsTreasury StockNon-Controlling Interest in SubsidiariesTotal Stockholders' Equity
SharesAmountSharesAmount
Balance at June 30, 2020
91,232,964 $0.9 $1,160.1 $0.5 $926.4 (17,575,527)$(694.1)$165.5 $1,559.3 
Net (loss) income— — — — (88.1)— — 11.2 (76.9)
Other comprehensive loss related to commodity contracts, net— — — (0.5)— — — — (0.5)
Common stock dividends ($0.31 per share)
— — — — (23.0)— — — (23.0)
Distribution to non-controlling interest— — — — — — — (8.2)(8.2)
Equity-based compensation expense— — 6.7 — — — —  6.7 
Repurchases of non-controlling interests— — (23.5)— — — — 0.4 (23.1)
Impact from IDR Simplification transaction of Delek Logistics LP— — 37.2 — — — — (50.8)(13.6)
Taxes paid due to the net settlement of equity-based compensation— — (0.4)— — — —  (0.4)
Exercise of equity-based awards68,265 — — — — — — — — 
Balance at September 30, 2020
91,301,229 $0.9 $1,180.1 $ $815.3 (17,575,527)$(694.1)$118.1 $1,420.3 

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Financial Statements
Delek US Holdings, Inc.
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited)
(In millions, except share and per share data)

Nine Months Ended September 30, 2021
Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive IncomeRetained EarningsTreasury StockNon-Controlling Interest in SubsidiariesTotal Stockholders' Equity
SharesAmountSharesAmount
Balance at December 31, 2020
91,356,868$0.9 $1,185.1 $(7.2)$522.0 (17,575,527)$(694.1)$118.4 $1,125.1 
Net (loss) income— — — (161.6)— — 24.7 (136.9)
Other comprehensive loss related to commodity contracts, net— — (0.2)— — — — (0.2)
Distributions to non-controlling interests— — — — — — (24.1)(24.1)
Equity-based compensation expense— 17.3 — — — — 0.1 17.4 
Taxes paid due to the net settlement of equity-based compensation— (3.4)— — — —  (3.4)
Exercise of equity-based awards343,596 — — — — — — — — 
Other— — 0.2  (0.3)—  (0.2)(0.3)
Balance at September 30, 2021
91,700,464 $0.9 $1,199.2 $(7.4)$360.1 (17,575,527)$(694.1)$118.9 $977.6 

Nine Months Ended September 30, 2020
Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive IncomeRetained EarningsTreasury StockNon-Controlling Interest in SubsidiariesTotal Stockholders' Equity
SharesAmountSharesAmount
Balance at December 31, 2019
90,987,025 $0.9 $1,151.9 $0.1 $1,205.6 (17,516,814)$(692.2)$169.0 $1,835.3 
Cumulative effect of adopting accounting principle regarding measurement of credit losses on financial instruments, net— — — — (6.5)— — — (6.5)
Net (loss) income— — — — (314.8)— — 29.4 (285.4)
Other comprehensive loss related to commodity contracts, net— — — (0.2)— — — — (0.2)
Common stock dividends ($0.93 per share)
— — — — (69.0)— —  (69.0)
Distribution to non-controlling interest— — — — — — — (25.0)(25.0)
Equity-based compensation expense— — 17.6 — — — — 0.1 17.7 
Repurchase of common stock— — — — — (58,713)(1.9)— (1.9)
Repurchases of non-controlling interests— — (24.3)— — — — (4.6)(28.9)
Impact from IDR Simplification transaction of Delek Logistics LP— — 37.2 — — — — (50.8)(13.6)
Taxes paid due to the net settlement of equity-based compensation— — (2.3)— — — —  (2.3)
Exercise of equity-based awards314,204 — — — — — — — — 
Other— —  0.1  —   0.1 
Balance at September 30, 2020
91,301,229 $0.9 $1,180.1 $ $815.3 (17,575,527)$(694.1)$118.1 $1,420.3 

See accompanying notes to condensed consolidated financial statements
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Financial Statements
Delek US Holdings, Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
 Nine Months Ended September 30,
20212020
Cash flows from operating activities:
Net loss$(136.9)$(285.4)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:  
Depreciation and amortization195.6 177.4 
Non-cash lease expense 40.8 34.0 
Deferred income taxes(50.3)32.9 
Income from equity method investments(14.5)(28.6)
Dividends from equity method investments19.0 21.6 
Non-cash lower of cost or market/net realizable value adjustment(29.9)65.6 
Gain on sale of non-operating refinery (56.8)
Other 22.2 28.2 
Changes in assets and liabilities:  
Accounts receivable(473.6)268.9 
Inventories and other current assets(186.0)(42.1)
Fair value of derivatives22.4 (0.5)
Accounts payable and other current liabilities662.2 (464.9)
Obligation under Supply and Offtake Agreements130.8 (154.1)
Non-current assets and liabilities, net8.4 4.0 
Net cash provided by (used in) operating activities210.2 (399.8)
Cash flows from investing activities:  
Equity method investment contributions(1.6)(30.8)
Distributions from equity method investments6.3 72.0 
Purchases of property, plant and equipment(163.1)(241.7)
Purchase of intangible assets(0.8)(2.6)
Proceeds from sale of property, plant and equipment11.6 0.2 
Proceeds from sale of non-operating refinery 39.9 
Insurance proceeds4.4  
Net cash used in investing activities(143.2)(163.0)
Cash flows from financing activities:  
Proceeds from long-term revolvers1,232.8 1,798.1 
Payments on long-term revolvers(1,718.5)(1,545.8)
Proceeds from term debt400.0 185.0 
Payments on term debt(40.1)(34.6)
Proceeds from product financing agreements667.8 222.0 
Repayments of product financing agreements(532.2)(79.4)
Taxes paid due to the net settlement of equity-based compensation(3.4)(2.3)
Repurchase of common stock (1.9)
Repurchase of non-controlling interest (28.9)
Distribution to non-controlling interest(24.1)(25.0)
Impact of IDR Simplification transaction of Delek Logistics LP (2.1)
Dividends paid (69.0)
Deferred financing costs paid(6.2)(0.7)
Net cash (used in) provided by financing activities(23.9)415.4 
Net increase (decrease) in cash and cash equivalents43.1 (147.4)
Cash and cash equivalents at the beginning of the period787.5 955.3 
Cash and cash equivalents at the end of the period$830.6 $807.9 

Delek US Holdings, Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited) (continued)
(In millions)


Nine Months Ended September 30,
20212020
Supplemental disclosures of cash flow information:  
Cash paid during the period for:  
Interest, net of capitalized interest of $0.4 million and $0.2 million in the 2021 and 2020 periods, respectively
$79.1 $91.1 
Income taxes$4.1 $3.3 
Non-cash investing activities: 
Decrease in accrued capital expenditures$(1.5)$(33.9)
Non-cash financing activities:
Non-cash lease liability arising from obtaining right of use assets during the period$44.0 $30.7 


See accompanying notes to condensed consolidated financial statements
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Financial Statements
Delek US Holdings, Inc.
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
(In millions)
Three Months EndedNine Months Ended
September 30,September 30,
 2021202020212020
Net income (loss)$26.9 $(76.9)$(136.9)$(285.4)
Other comprehensive income (loss):  
Commodity contracts designated as cash flow hedges:
Net loss related to commodity cash flow hedges (0.6)(0.2)(0.3)
Income tax benefit (0.1) (0.1)
Net comprehensive loss on commodity contracts designated as cash flow hedges (0.5)(0.2)(0.2)
Other (loss) income, net of taxes   0.1 
Total other comprehensive loss (0.5)(0.2)(0.1)
Comprehensive income (loss)26.9 (77.4)(137.1)(285.5)
Comprehensive income attributable to non-controlling interest8.8 11.2 24.7 29.4 
Comprehensive income (loss) attributable to Delek$18.1 $(88.6)$(161.8)$(314.9)

See accompanying notes to condensed consolidated financial statements

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Notes to Condensed Consolidated Financial Statements (Unaudited)

Note 1 - Organization and Basis of Presentation
Delek US Holdings, Inc. operates through its consolidated subsidiaries, which include Delek US Energy, Inc. ("Delek Energy") (and its subsidiaries) and Alon USA Energy, Inc. ("Alon") (and its subsidiaries). The terms "we," "our," "us," "Delek" and the "Company" are used in this report to refer to Delek and its consolidated subsidiaries. Delek's common stock is listed on the New York Stock Exchange ("NYSE") under the symbol "DK."
Our condensed consolidated financial statements include the accounts of Delek and its subsidiaries. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with United States ("U.S.") Generally Accepted Accounting Principles ("GAAP") have been condensed or omitted, although management believes that the disclosures herein are adequate to make the financial information presented not misleading. Our unaudited condensed consolidated financial statements have been prepared in conformity with GAAP applied on a consistent basis with those of the annual audited consolidated financial statements included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on March 1, 2021 (the "Annual Report on Form 10-K") and in accordance with the rules and regulations of the SEC. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto for the year ended December 31, 2020 included in our Annual Report on Form 10-K.
Our condensed consolidated financial statements include Delek Logistics Partners, LP ("Delek Logistics", NYSE:DKL), which is a variable interest entity ("VIE"). As the indirect owner of the general partner of Delek Logistics, we have the ability to direct the activities of this entity that most significantly impact its economic performance. We are also considered to be the primary beneficiary for accounting purposes for this entity and are Delek Logistics' primary customer. As Delek Logistics does not derive an amount of gross margin material to us from third parties, there is limited risk to Delek associated with Delek Logistics' operations. However, in the event that Delek Logistics incurs a loss, our operating results will reflect such loss, net of intercompany eliminations, to the extent of our ownership interest in this entity.
In the opinion of management, all adjustments necessary for a fair presentation of the financial condition and the results of operations for the interim periods have been included. All significant intercompany transactions and account balances have been eliminated in consolidation. All adjustments are of a normal, recurring nature. Operating results for the interim period should not be viewed as representative of results that may be expected for any future interim period or for the full year.
Accounting Policies
With the exception of the policy updates below, there have been no new or material changes to the significant accounting policies discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020.
Risks and Uncertainties Arising from the COVID-19 Pandemic
U.S. economic activity continued on a recovery trend during the quarter ended September 30, 2021, albeit remaining subject to heightened levels of uncertainty related to the on-going impact of the COVID-19 outbreak that developed into a pandemic in March 2020 (the “COVID-19 Pandemic” or the “Pandemic”), and the spread of new variants of the virus. Most of the restrictions imposed in the prior year to prevent its spread have been eased and government vaccination campaigns continue. Compared to the prior year, the economic recovery trends in the three and nine months ended September 30, 2021 included a resumption of flights by major airlines and increased motor vehicle use. This has in turn resulted in increased demand and market prices for crude oil and certain of our products. Nonetheless, there remains continued uncertainty about the duration and future impact of the COVID-19 Pandemic.
Uncertainties related to the impact of the COVID-19 Pandemic and other events exist that could impact our future results of operations and financial position, the nature of which and the extent to which are currently unknown. To the extent these uncertainties have been identified and are believed to have had a material impact on our current period results of operations or financial position based on the requirements for assessing such financial statement impact under GAAP, we have considered them in the preparation of our unaudited financial statements as of and for the three and nine months ended September 30, 2021. The application of accounting policies impacted by such considerations include (but are not necessarily limited to) the following:
The interim evaluation of indefinite-lived intangibles and goodwill for potential impairment, where indicators exist, as defined by GAAP;
The interim evaluation of long-lived assets for potential impairment, where indicators exist, as defined by GAAP;
The interim evaluation of joint ventures for potential impairment, where indicators exist, as defined by GAAP;
The evaluation of derivatives and hedge accounting for counterparty risk and changes in forecasted transactions, as provided for under GAAP;
The evaluation of inventory valuation allowances that may be warranted under the lower of cost or net realizable value analysis, for first-in, first-out (“FIFO”), and the lower of cost or market analysis, for last-in, first-out ("LIFO"), pursuant to GAAP;
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Notes to Condensed Consolidated Financial Statements (Unaudited)
The consideration of debt modifications and/or covenant requirements, as applicable;
The evaluation of commitments and contingencies, including changes in concentrations, as applicable;
The interim evaluation of the impact of changing forecasts on our assessment of deferred tax asset valuation allowances and annual effective tax rates; and
The interim evaluation of our ability to continue as a going concern.
Reclassifications
Certain prior period amounts have been reclassified in order to conform to the current period presentation.
New Accounting Pronouncements Adopted During 2021
ASU 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815
In January 2020, the Financial Account Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-01 which is intended to clarify interactions between the guidance to account for certain equity securities under Topics 321, 323 and 815, and improve current GAAP by reducing diversity in practice and increasing comparability of accounting. The pronouncement is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2020. We adopted this guidance on January 1, 2021 and the adoption did not have a material impact on our business, financial condition or results of operations.
ASU 2019-12, Simplifying the Accounting for Income Taxes
In December 2019, the FASB issued guidance intended to simplify various aspects related to accounting for income taxes, eliminate certain exceptions within Accounting Standards Codification ("ASC") 740, Income Taxes (“ASC 740”) and clarify certain aspects of the current guidance to promote consistency among reporting entities. The pronouncement is effective for fiscal years and for interim periods within those fiscal years beginning after December 15, 2020. We adopted this guidance on January 1, 2021 and the adoption did not have a material impact on our business, financial condition or results of operations.
ASU 2018-14, Compensation - Changes to the Disclosure Requirements for Defined Benefit Plans
In August 2018, the FASB issued guidance related to disclosure requirements for defined benefit plans. The pronouncement eliminates, modifies and adds disclosure requirements for defined benefit plans. The pronouncement is effective for fiscal years beginning after December 15, 2020. We adopted this guidance on January 1, 2021 and the adoption did not have a material impact on our business, financial condition or results of operations.
Accounting Pronouncements Not Yet Adopted
ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity
In August 2020, the FASB issued ASU 2020-06, which is intended to simplify the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity's own equity. The guidance allows for either full retrospective adoption or modified retrospective adoption. The pronouncement is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2021, and early adoption is permitted. The Company is evaluating the impact of this guidance but does not currently expect adopting this new guidance will have a material impact on its condensed consolidated financial statements and related disclosures.
ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848)
In March 2020, the FASB issued an amendment which is intended to provide temporary optional expedients and exceptions to GAAP guidance on contracts, hedge accounting and other transactions affected by the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank rates. This guidance is effective for all entities at any time beginning on March 12, 2020 through December 31, 2022 and may be applied from the beginning of an interim period that includes the issuance date of the ASU. The Company is currently evaluating the impact this guidance may have on its condensed consolidated financial statements and related disclosures.

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Notes to Condensed Consolidated Financial Statements (Unaudited)

Note 2 - Segment Data
We aggregate our operating units into three reportable segments: Refining, Logistics, and Retail. Operations that are not specifically included in the reportable segments are included in Corporate, Other and Eliminations, which consist of the following:
our corporate activities;
results of certain immaterial operating segments, including our Canadian crude trading operations (as discussed in Note 9);
wholesale crude operations;
Alon's asphalt terminal operations; and
intercompany eliminations.
Decisions concerning the allocation of resources and assessment of operating performance are made based on this segmentation. Management measures the operating performance of each of the reportable segments based on the segment contribution margin. Segment contribution margin is defined as net revenues less cost of materials and other and operating expenses, excluding depreciation and amortization.
Refining Segment
The refining segment processes crude oil and other feedstocks for the manufacture of transportation motor fuels, including various grades of gasoline, diesel fuel and aviation fuel, asphalt and other petroleum-based products that are distributed through owned and third-party product terminals. The refining segment has a combined nameplate capacity of 302,000 barrels per day ("bpd") as of September 30, 2021, including the following:
75,000 bpd Tyler, Texas refinery (the "Tyler refinery");
80,000 bpd El Dorado, Arkansas refinery (the "El Dorado refinery");
73,000 bpd Big Spring, Texas refinery (the "Big Spring refinery"); and
74,000 bpd Krotz Springs, Louisiana refinery (the "Krotz Springs refinery").
The refining segment also owns and operates three biodiesel facilities involved in the production of biodiesel fuels and related activities, located in Crossett, Arkansas, Cleburne, Texas and New Albany, Mississippi. The biodiesel industry has historically been substantially aided by federal and state tax incentives. One tax incentive program that has been significant to our renewable fuels facilities is the federal blender's tax credit (also known as the biodiesel tax credit or "BTC"). The BTC provides a $1.00 refundable tax credit per gallon of pure biodiesel to the first blender of biodiesel with petroleum-based diesel fuel. The blender's tax credit was re-enacted in December 2019 for the years 2020 through 2022.
On May 7, 2020, we sold our equity interests in Alon Bakersfield Property, Inc., an indirect wholly-owned subsidiary that owned our non-operating refinery located in Bakersfield, California, to a subsidiary of Global Clean Energy Holdings, Inc. (“GCE”) for total cash consideration of $40.0 million. As a result of this sale, we recognized a gain of $56.8 million, largely due to the buyer assuming substantially all of the asset retirement obligations and environmental liabilities associated with this refinery. As part of the transaction, GCE granted a call option to Delek to acquire up to a 33 1/3% limited member interest in the acquiring subsidiary of GCE for up to $13.3 million, subject to certain adjustments. Such option is exercisable by Delek through the 90th day after GCE demonstrates commercial operations, as contractually defined, which has not yet occurred as of September 30, 2021.
The refining segment's petroleum-based products are marketed primarily in the south central, southwester