Segments and Related Information (Tables)

12 Months Ended

Dec. 31, 2022

Reportable segment information is as follows (in millions):


Year Ended December 31, 2022	Specialty Products and Solutions (1) (2)		Performance Brands		Montana/Renewables		Corporate		Eliminations		Consolidated Total
Sales:
External customers	$	3,508.0	$	303.4	$	875.3	$	—	$	—	$	4,686.7
Inter-segment sales	24.7		—		—		—		(24.7)		—
Total sales	$	3,532.7	$	303.4	$	875.3	$	—	$	(24.7)	$	4,686.7


Adjusted EBITDA	$	379.0	$	20.2	$	75.8	$	(85.4)	$	—	$	389.6
Reconciling items to net loss attributable to partners:
Depreciation and amortization	63.0		11.3		41.1		6.0		—		121.4

LCM / LIFO (gain) loss	(14.2)		(0.3)		21.1		—		—		6.6
Loss on impairment and disposal of assets	—		—		0.7		—		—		0.7

Interest expense	32.3		1.2		29.8		112.6		—		175.9
Debt extinguishment costs	—		—		38.3		3.1		—		41.4
Unrealized (gain) loss on derivatives	51.9		—		(6.0)		—		—		45.9
RINs mark-to-market loss	75.0		—		40.7		—		—		115.7

Other non-recurring expenses											15.6
Equity based compensation and other items											32.9
Income tax expense											3.4
Noncontrolling interest adjustments											(4.8)
Net loss attributable to partners											$	(165.1)

Capital expenditures	$	68.4	$	2.0	$	528.1	$	0.3	$	—	$	598.8
PP&E, net	$	382.4	$	34.1	$	1,062.7	$	2.8	$	—	$	1,482.0


Year Ended December 31, 2021	Specialty Products and Solutions		Performance Brands		Montana/Renewables		Corporate		Eliminations		Consolidated Total
Sales:

External customers	$	2,111.4	$	252.9	$	783.7	$	—	$	—	$	3,148.0
Inter-segment sales	16.1		—		—		—		(16.1)		—
Total sales	$	2,127.5	$	252.9	$	783.7	$	—	$	(16.1)	$	3,148.0


Adjusted EBITDA	$	104.6	$	33.8	$	44.4	$	(72.5)	$	—	$	110.3
Reconciling items to net loss attributable to partners:
Depreciation and amortization	68.5		13.6		34.6		8.0		—		124.7
LCM / LIFO gain	(35.1)		(3.8)		(11.4)		—		—		(50.3)
Loss on impairment and disposal of assets	3.1		0.1		0.8		0.1		—		4.1

Interest expense	18.5		0.3		8.3		122.4		—		149.5
Unrealized loss on derivatives	16.3		—		8.1		—		—		24.4
RINs mark-to-market loss	40.9		—		16.8		—		—		57.7
Other non-recurring expenses											8.1
Equity-based compensation and other items											50.7
Income tax expense											1.5
Net loss attributable to partners											$	(260.1)

Capital expenditures	$	57.6	$	3.3	$	83.0	$	—	$	—	$	143.9
PP&E, net	$	375.5	$	34.3	$	531.3	$	8.6	$	—	$	949.7


Year Ended December 31, 2020	Specialty Products and Solutions		Performance Brands		Montana/Renewables		Corporate		Eliminations		Consolidated Total
Sales:

External customers	$	1,528.9	$	234.1	$	505.2	$	—	$	—	$	2,268.2
Inter-segment sales	12.6		0.3		—		—		(12.9)		—
Total sales	$	1,541.5	$	234.4	$	505.2	$	—	$	(12.9)	$	2,268.2


Adjusted EBITDA	$	151.0	$	61.1	$	71.4	$	(66.2)	$	—	$	217.3
Reconciling items to net loss attributable to partners:
Depreciation and amortization	60.9		16.0		35.1		7.7		—		119.7
LCM / LIFO loss	23.5		1.5		3.5		—		—		28.5
Loss on impairment and disposal of assets	0.2		1.4		—		5.2		—		6.8

Interest expense	0.6		0.3		0.4		124.6		—		125.9
Unrealized gain on derivatives	(1.8)		—		(1.0)		—		—		(2.8)
RINs mark-to-market loss	53.7		—		22.1		—		—		75.8
Other non-recurring expenses											1.4
Equity-based compensation and other items											9.9
Income tax expense											1.1
Net loss attributable to partners											$	(149.0)

Capital expenditures	$	49.8	$	1.7	$	14.2	$	1.7	$	—	$	67.4
PP&E, net	$	406.0	$	34.0	$	463.2	$	16.6	$	—	$	919.8

(1)For the year ended December 31, 2022, Adjusted EBITDA for the Specialty Products and Solutions segment included a $13.9 million gain recorded in cost of sales in the consolidated statements of operations for proceeds received under the Company’s business interruption insurance policy. The Company incurred business losses due to increased costs arising from a polar vortex that occurred in 2021 in northwest Louisiana. As a result, the Company filed a contingent business interruption claim. Specifically, the losses included a loss of throughput at the Shreveport refinery and additional transportation related expenses.

(2)For the year ended December 31, 2022, Adjusted EBITDA for the Specialty Products and Solutions segment included a $4.4 million gain recorded in cost of sales in the consolidated statements of operations for proceeds received under the Company’s property damage insurance policy as a result of damages caused by a polar vortex that occurred in 2021.

Major product category sales

The following table sets forth the major product category sales for each segment (dollars in millions):


	Year Ended December 31,
	2022				2021				2020
Specialty Products and Solutions:
Lubricating oils	$	913.7	19.5	%	$	658.7	20.9	%	$	473.5	20.9	%
Solvents	434.9		9.3	%	303.7		9.7	%	236.2		10.4	%
Waxes	189.3		4.0	%	151.7		4.8	%	129.1		5.7	%
Fuels, asphalt and other by-products	1,970.1		42.0	%	997.3		31.7	%	690.1		30.4	%

Total	$	3,508.0	74.8	%	$	2,111.4	67.1	%	$	1,528.9	67.4	%
Montana/Renewables:
Gasoline	$	188.1	4.0	%	$	188.3	6.0	%	$	135.9	6.0	%
Diesel	391.8		8.4	%	324.9		10.3	%	204.1		9.0	%
Jet fuel	41.8		0.9	%	27.5		0.9	%	14.6		0.7	%
Asphalt, heavy fuel oils and other	253.6		5.4	%	243.0		7.7	%	150.6		6.6	%
Total	$	875.3	18.7	%	$	783.7	24.9	%	$	505.2	22.3	%

Performance Brands:	$	303.4	6.5	%	$	252.9	8.0	%	$	234.1	10.3	%

Consolidated sales	$	4,686.7	100.0	%	$	3,148.0	100.0	%	$	2,268.2	100.0	%