XML 83 R35.htm IDEA: XBRL DOCUMENT v3.3.1.900
Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2015
Accounting Policies [Abstract]  
Property, Plant and Equipment [Table Text Block]
Depreciation is computed using the straight-line method over management's estimated useful lives of the related assets, which are as follows:

 
Years
Automobiles
3-5
Computer equipment and software
3-10
Refinery turnaround costs
4-5
Furniture and fixtures
5-15
Asset retirement obligation assets
15-50
Refinery machinery and equipment
5-40
Pipelines and terminals
15-40
Retail store equipment and site improvements
7-30
Building and building improvements
15-40
Property, plant and equipment, at cost, consist of the following (in millions):

 
 
December 31,
 
 
2015
 
2014
Land
 
$
112.9

 
$
95.8

Building and building improvements
 
261.6

 
266.0

Refinery machinery and equipment
 
973.3

 
771.4

Pipelines and terminals
 
266.2

 
260.1

Retail store equipment and site improvements
 
198.0

 
187.4

Refinery turnaround costs
 
123.9

 
112.0

Other equipment
 
90.6

 
77.8

Construction in progress
 
73.6

 
182.4

 
 
2,100.1

 
1,952.9

Less: accumulated depreciation
 
(579.0
)
 
(509.6
)
 
 
$
1,521.1

 
$
1,443.3

Property, plant and equipment, accumulated depreciation and depreciation expense by reporting segment as of and for the years ended December 31, 2015 and 2014 are as follows (in millions):
 
 
As of and For the Year Ended December 31, 2015
 
 
Refining(1)
 
Logistics(1)
 
Retail
 
Corporate,
Other and Eliminations
 
Consolidated
Property, plant and equipment
 
$
1,185.1

 
$
325.6

 
$
532.6

 
$
56.8

 
$
2,100.1

Less: Accumulated depreciation
 
(282.0
)
 
(71.8
)
 
(211.4
)
 
(13.8
)
 
(579.0
)
Property, plant and equipment, net
 
$
903.1

 
$
253.8

 
$
321.2

 
$
43.0

 
$
1,521.1

Depreciation expense
 
$
80.2

 
$
18.6

 
$
28.9

 
$
5.0

 
$
132.7


    
 
 
As of and For the Year Ended December 31, 2014
 
 
Refining(1)
 
Logistics(1)
 
Retail
 
Corporate,
Other and Eliminations
 
Consolidated
Property, plant and equipment
 
$
1,078.0

 
$
308.1

 
$
511.9

 
$
54.9

 
$
1,952.9

Less: Accumulated depreciation
 
(252.6
)
 
(53.3
)
 
(194.5
)
 
(9.2
)
 
(509.6
)
Property, plant and equipment, net
 
$
825.4

 
$
254.8

 
$
317.4

 
$
45.7

 
$
1,443.3

Depreciation expense
 
$
63.2

 
$
13.9

 
$
28.5

 
$
4.6

 
$
110.2

(1) 
In conjunction with the El Dorado Offloading Racks Acquisition and the Tyler Crude Tank Acquisition, we have retrospectively adjusted certain operating segments. Certain assets previously operated by our refining segment were contributed to Delek Logistics.
Schedule of Change in Asset Retirement Obligation [Table Text Block]
The reconciliation of the beginning and ending carrying amounts of asset retirement obligations is as follows (in millions):
 
 
December 31,
 
 
2015
 
2014
Beginning balance
 
$
9.2

 
$
8.5

Liabilities identified
 
0.1

 
0.2

Liabilities settled
 
(0.1
)
 
(0.1
)
Accretion expense
 
0.5

 
0.6

Ending balance
 
$
9.7

 
$
9.2

Schedule of weighted average number of shares [Table Text Block]
Basic and diluted earnings per share are computed by dividing net income by the weighted average common shares outstanding. The common shares used to compute Delek’s basic and diluted earnings per share are as follows:
 
 
Year Ended December 31,
 
 
2015
 
2014
 
2013
Weighted average common shares outstanding
 
60,819,771

 
58,780,947

 
59,186,921

Dilutive effect of equity instruments
 
500,799

 
574,173

 
860,217

Weighted average common shares outstanding, assuming dilution
 
61,320,570

 
59,355,120

 
60,047,138