Segments and Related Information (Tables)

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Schedule of Reportable Segment Information

Three Months Ended March 31, 2020	Specialty Products			Fuel Products			Corporate			Eliminations			Consolidated Total
Sales:
External customers	$	326.9		$	365.7		$	—		$	—		$	692.6
Inter-segment sales	17.4			8.0			—			(25.4		)	—
Total sales	$	344.3		$	373.7		$	—		$	(25.4	)	$	692.6
Income from unconsolidated affiliates	$	—		$	—		$	—		$	—		$	—
Adjusted EBITDA	$	64.5		$	39.2		$	(20.0	)	$	—		$	83.7
Reconciling items to net loss:
Depreciation and amortization	11.8			17.8			1.9			—			31.5
LCM / LIFO loss	22.2			44.3			—			—			66.5
Loss on impairment and disposal of assets	1.5			—			4.5			—			6.0
Interest expense	—			(1.7		)	31.0			—			29.3
Unrealized (gain) loss on derivatives	0.3			(31.9		)	—			—			(31.6		)
Other non-recurring income													(1.2		)
Equity-based compensation and other items													(2.9		)
Income tax expense													0.5
Net loss													$	(14.4	)
Three Months Ended March 31, 2019	Specialty Products			Fuel Products			Corporate			Eliminations			Consolidated Total
Sales:
External customers	$	352.2		$	499.1		$	—		$	—		$	851.3
Inter-segment sales	22.8			11.0			—			(33.8		)	—
Total sales	$	375.0		$	510.1		$	—		$	(33.8	)	$	851.3
Income from unconsolidated affiliates	$	3.8		$	—		$	—		$	—		$	3.8
Adjusted EBITDA	$	58.4		$	25.9		$	(24.6	)				$	59.7
Reconciling items to net income:
Depreciation and amortization	11.5			19.6			1.9			—			33.0
LCM / LIFO gain	(5.7		)	(32.3		)	—			—			(38.0		)
Loss on impairment and disposal of assets	—			11.7			—			—			11.7
Interest expense	—			2.8			29.5			—			32.3
Gain on debt extinguishment	—			—			(0.4		)	—			(0.4		)
Unrealized loss on derivatives	0.5			2.1			—			—			2.6
Gain on sale of unconsolidated affiliate	(1.2		)	—			—			—			(1.2		)
Equity-based compensation and other items													3.4
Income tax benefit													(0.1		)
Net income													$	16.4

Schedule of Major Product Category Sales

The following table sets forth the major product category sales for each of the Specialty products and Fuel products segments for the three months ended March 31, 2020 and 2019 (dollars in millions):

	Three Months Ended March 31,
	2020				2019
Specialty products:
Lubricating oils	$	138.6	20.0	%	$	152.1	17.9	%
Solvents	77.1		11.1	%	87.4		10.3	%
Waxes	30.5		4.5	%	30.9		3.6	%
Packaged and synthetic specialty products	57.7		8.3	%	59.9		7.0	%
Other	23.0		3.3	%	21.9		2.6	%
Total	$	326.9	47.2	%	$	352.2	41.4	%
Fuel products:
Gasoline	$	120.9	17.5	%	$	157.6	18.5	%
Diesel	153.8		22.2	%	225.9		26.5	%
Jet fuel	25.9		3.7	%	20.6		2.4	%
Asphalt, heavy fuel oils and other	65.1		9.4	%	95.0		11.2	%
Total	$	365.7	52.8	%	$	499.1	58.6	%
Consolidated sales	$	692.6	100.0	%	$	851.3	100.0	%