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Selected Quarterly Financial Data (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2018
Selected Quarterly Financial Information [Abstract]  
Schedule of Quarterly Financial Information Quarterly financial information for the years ended December 31, 2018 and 2017 is summarized below. The sum of the quarterly results may differ from the annual results presented on our consolidated income statement due to rounding. The quarterly financial information summarized below has been prepared by Delek's management and is unaudited (in millions, except per share data).
 
 
For the Three Month Periods Ended
 
 
March 31, 2018(1)
 
June 30, 2018(2)
 
September 30, 2018 (2)
 
December 31, 2018
Net revenues
 
$
2,353.2

 
$
2,636.9

 
$
2,768.9

 
$
2,474.1

Operating income
 
$
38.8

 
$
135.1

 
$
255.2

 
$
182.8

Net income (loss) from continuing operations
 
$
(17.3
)
 
$
87.5

 
$
185.8

 
$
127.6

Net income (loss) attributable to Delek
 
$
(40.4
)
 
$
79.1

 
$
179.8

 
$
121.6

Basic income (loss) per share from continuing operations
 
$
(0.29
)
 
$
0.95

 
$
2.15

 
$
1.50

Diluted income (loss) per share from continuing operations
 
$
(0.29
)
 
$
0.90

 
$
2.02

 
$
1.48

(1) 
Net loss from continuing operations and net loss attributable to Delek for the quarter ended March 31, 2018 reflect a correction to record additional deferred tax expense totaling $5.5 million related to the recognition of a valuation allowance on deferred tax assets previously recognized in connection with the Big Spring Logistic Assets Acquisition (see Note 6) not previously reported in our March 31, 2018 Quarterly Report on Form 10-Q filed on May 10, 2018. Such amount was not considered material to the financial statements or the trend of earnings for that period.
(2) 
Net revenues for the quarter ended September 30, 2018 reflects a correction of an intercompany elimination which resulted in an increase in net revenues and cost of materials and other of $273.7 million not previously reflected on the unaudited consolidated financial statements in our September 30, 2018 Quarterly Report on Form 10-Q filed on November 9, 2018, and net revenues for the quarter ended June 30, 2018 reflects a similar correction resulting in an increase in net revenues and cost of materials and other of $73.4 million not previously reflected on the unaudited consolidated financial statements in our June 30, 2018 Quarterly Report on Form 10-Q filed on August 9, 2018. Such amounts are not considered material to the financial statements and had no impact to operating income or segment contribution margin for those periods.
The table above includes the following infrequently occurring item in the fourth quarter of 2018:
•
Net income from continuing operations for the quarter ended December 31, 2018 includes an environmental indemnification settlement totaling $20.0 million, where $16.0 million is attributable to additional recoveries of remediation costs incurred by the Company and is included as a reduction of operating expenses, and $4.0 million is considered additional consideration for concessions made under the Settlement Agreement and is included as other income in the accompanying consolidated statements of income for the year ended December 31, 2018.
 
 
For the Three Month Periods Ended
 
 
March 31, 2017
 
June 30, 2017
 
September 30, 2017
 
December 31, 2017
Net revenues
 
$
1,182.2

 
$
1,230.7

 
$
2,370.6

 
$
2,483.7

Operating income (loss)
 
$
29.8

 
$
(46.5
)
 
$
90.8

 
$
112.5

Net income (loss) from continuing operations
 
$
15.3

 
$
(32.2
)
 
$
118.5

 
$
226.9

Net income (loss) attributable to Delek
 
$
11.2

 
$
(37.9
)
 
$
104.4

 
$
211.1

Basic income (loss) per share from continuing operations
 
$
0.18

 
$
(0.61
)
 
$
1.30

 
$
2.62

Diluted income (loss) per share from continuing operations
 
$
0.18

 
$
(0.61
)
 
$
1.29

 
$
2.58
Schedule of Earnings Per Share, Basic and Diluted The following table sets forth the computation of basic and diluted earnings per share.
 
 
Year Ended December 31,
 
 
2018
 
2017
 
2016
Numerator:
 
 
 
 
 
 
Numerator for EPS - continuing operations
 
 
 
 
 
 
Income (loss) from continuing operations
 
$
383.6

 
$
328.5

 
$
(219.7
)
Less: Income from continuing operations attributed to non-controlling interest
 
26.7

 
33.8

 
20.3

Income (loss) from continuing operations attributable to Delek (numerator for basic EPS - continuing operations attributable to Delek)
 
356.9

 
294.7

 
(240.0
)
Interest on convertible debt, net of tax
 
2.6

 
—

 
—

Numerator for diluted EPS - continuing operations attributable to Delek
 
$
359.5

 
$
294.7

 
$
(240.0
)
 
 
 
 
 
 
 
Numerator for EPS - discontinued operations
 
 
 
 
 
 
Income (loss) from discontinued operations
 
$
(8.7
)
 
$
(5.9
)
 
$
86.3

Less: Income from discontinued operations attributed to non-controlling interest
 
8.1

 
—

 
—

Income (loss) from discontinued operations attributable to Delek
 
$
(16.8
)
 
$
(5.9
)
 
$
86.3

 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
Weighted average common shares outstanding (denominator for basic EPS)
 
82,797,110

 
71,566,225

 
61,921,787

Dilutive effect of convertible debt
 
1,525,846

 
—

 
—

Dilutive effect of warrants
 
967,352

 
—

 
—

Dilutive effect of stock-based awards
 
1,478,093

 
736,858

 
—

Weighted average common shares outstanding, assuming dilution
 
86,768,401

 
72,303,083

 
61,921,787

 
 
 
 
 
 
 
EPS:
 
 
 
 
 
 
Basic income (loss) per share:
 
 
 
 
 
 
Income (loss) from continuing operations
 
$
4.31

 
$
4.12

 
$
(3.88
)
(Loss) income from discontinued operations
 
$
(0.20
)
 
(0.08
)
 
1.39

Total basic income (loss) per share
 
$
4.11

 
$
4.04

 
$
(2.49
)
Diluted income (loss) per share:
 
 
 
 
 
 
Income (loss) from continuing operations
 
$
4.14

 
$
4.08

 
$
(3.88
)
(Loss) income from discontinued operations
 
$
(0.19
)
 
(0.08
)
 
1.39

Total diluted income (loss) per share
 
$
3.95

 
$
4.00

 
$
(2.49
)
 
 
 
 
 
 
 
The following equity instruments were excluded from the diluted weighted average common shares outstanding because their effect would be anti-dilutive:
 
 
 
 
 
 
 
 
 
 
 
 
 
Antidilutive stock-based compensation (because average share price is less than exercise price)
 
1,462,112

 


 
2,297,127

Antidilutive due to loss
 
—

 

 
276,094

Total antidilutive stock-based compensation
 
1,462,112

 
—

 
2,573,221

 
 
 
 
 
 
 
Antidilutive convertible debt instruments (because average share price is less than exercise price)
 
—

 
2,811,652

 
—

Total antidilutive convertible debt instruments
 
—

 
2,811,652

 
—

 
 
 
 
 
 
 
Antidilutive warrants (because average share price is less than exercise price)
 
—

 
2,806,291

 
—

Total antidilutive warrants
 
—

 
2,806,291

 
—

The quarterly earnings per share calculations for the three months ended December 31, 2018 and 2017 are presented below:
 
 
Three Months Ended December 31,
 
 
2018
 
2017
Numerator:
 
 
 
 
Numerator for EPS - continuing operations
 
 
 
 
Income (loss) from continuing operations
 
$
127.6

 
$
226.9

Less: Income from continuing operations attributed to non-controlling interest
 
5.8

 
14.0

Income (loss) from continuing operations attributable to Delek (numerator for basic EPS - continuing operations attributable to Delek)
 
121.8

 
212.9

Interest on convertible debt, net of tax
 
—

 
0.7

Numerator for diluted EPS - continuing operations attributable to Delek
 
$
121.8

 
$
213.6

 
 
 
 
 
Numerator for EPS - discontinued operations
 
 
 
 
Income (loss) from discontinued operations
 
$
(0.2
)
 
$
(1.8
)
 
 
 
 
 
Denominator:
 
 
 
 
Weighted average common shares outstanding (denominator for basic EPS)
 
81,321,240

 
81,338,755

Dilutive effect of convertible debt
 
—

 
526,464

Dilutive effect of warrants
 
260,838

 
—

Dilutive effect of stock-based awards
 
946,261

 
779,841

Weighted average common shares outstanding, assuming dilution
 
82,528,339

 
82,645,060

 
 
 
 
 
EPS:
 
 
 
 
Basic income (loss) per share:
 
 
 
 
Income (loss) from continuing operations
 
$
1.50

 
$
2.62

(Loss) income from discontinued operations
 
—

 
(0.02
)
Total basic income (loss) per share
 
$
1.50

 
$
2.60

Diluted income (loss) per share:
 
 
 
 
Income (loss) from continuing operations
 
$
1.48

 
$
2.58

(Loss) income from discontinued operations
 
—

 
(0.02
)
Total diluted income (loss) per share
 
$
1.48

 
$
2.56

The following equity instruments were excluded from the diluted weighted average common shares outstanding because their effect would be anti-dilutive:
 
 
 
 
 
 
 
 
 
Antidilutive stock-based compensation
 
1,749,569

 
3,660,354

Antidilutive due to loss
 
—

 
—

Total antidilutive stock-based compensation
 
1,749,569

 
3,660,354

 
 
 
 
 
Antidilutive convertible debt instruments
 
—

 
5,623,304

Antidilutive warrants
 
—

 
5,612,581