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Consolidated Statements of Cash Flows
$ in Millions
12 Months Ended
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Cash flows from operating activities:      
Net income (loss) $ 374.9 $ 322.6 $ (133.4)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 199.4 153.3 116.4
Amortization of above and below market leases, net (1.5) 0.0 0.0
Amortization of deferred financing costs and debt discount 8.6 8.3 4.4
Accretion of environmental liabilities and asset retirement obligations 3.3 1.2 0.3
Amortization of unfavorable contract liability (2.2) (5.8) (0.7)
Deferred income taxes (26.8) (48.0) (153.2)
(Income) loss from equity method investments (9.7) (12.6) 43.4
Dividends from equity method investments 8.8 5.9 0.0
(Gain) loss on disposal of assets (0.9) 1.0 4.8
Impairment of equity method investment 0.0 0.0 245.3
Gain on remeasurement of equity method investment 0.0 (190.1) 0.0
Loss on extinguishment of debt 9.1 0.0 0.0
Gain on sale of business (13.3) 0.0 0.0
Impairment of assets held for sale 27.5 0.0 0.0
Equity-based compensation expense 21.4 17.5 16.4
Income tax benefit of equity-based compensation (2.2) (1.4) (1.2)
Loss from discontinued operations 8.7 5.9 (86.3)
Changes in assets and liabilities, net of acquisitions:      
Accounts receivable 112.7 (155.8) (48.1)
Inventories and other current assets 138.7 (191.1) (56.5)
Fair value of derivatives (52.6) 39.2 44.2
Accounts payable and other current liabilities (128.1) 290.9 223.8
Obligation under Supply and Offtake Agreement (84.3) 113.0 12.8
Non-current assets and liabilities, net (1.1) (32.2) 2.3
Cash provided by operating activities - continuing operations 590.4 321.8 234.7
Cash (used in) provided by operating activities - discontinued operations (30.1) (2.1) 13.3
Net cash provided by operating activities 560.3 319.7 248.0
Cash flows from investing activities:      
Business combinations, net of cash acquired 0.0 196.2 0.0
Equity method investment contributions (0.2) (5.8) (61.6)
Distributions from equity method investments 1.2 12.4 20.2
Purchases of property, plant and equipment (322.0) (172.0) (46.3)
Purchase of intangible assets (1.7) (5.5) (0.7)
Proceeds from sale of property, plant and equipment 11.1 0.1 0.2
Proceeds from sale of business 110.8 0.0 0.0
Proceeds from sales of discontinued operations 55.5 0.0 0.0
Cash (used in) provided by investing activities - continuing operations (145.3) 25.4 (88.2)
Cash provided by investing activities - discontinued operations 20.0 12.2 288.9
Net cash (used in) provided by investing activities (125.3) 37.6 200.7
Cash flows from financing activities:      
Proceeds from long-term revolvers 2,124.6 1,122.1 369.0
Payments on long-term revolvers (1,679.8) (1,239.8) (327.9)
Proceeds from term debt 690.6 286.2 40.3
Payments on term debt (826.3) (103.6) (55.0)
Proceeds from product financing agreements 0.0 52.5 56.5
Repayments of product financing agreements (72.4) (98.7) (50.4)
Settlement of warrants unwind agreement (35.9) 0.0 0.0
Taxes paid due to the net settlement of equity-based compensation (11.5) (5.0) (1.5)
Income tax benefit of equity-based compensation 0.0 0.0 1.2
Repurchase of common stock (365.3) (25.0) (6.0)
Repurchase of non-controlling interest 0.0 (7.3) (6.9)
Distribution to non-controlling interest (27.7) (35.7) (24.1)
Dividends paid (80.1) (44.0) (37.5)
Deferred financing costs paid (13.8) (6.3) (1.9)
Cash used in financing activities - continuing operations (297.6) (104.6) (44.2)
Cash used in financing activities - discontinued operations 0.0 0.0 (17.5)
Net cash used in financing activities (297.6) (104.6) (61.7)
Net increase in cash and cash equivalents 137.4 252.7 387.0
Cash and cash equivalents at the beginning of the period 941.9 689.2 302.2
Cash and cash equivalents at the end of the period 1,079.3 941.9 689.2
Less cash and cash equivalents of discontinued operations at the end of the period 0.0 10.1 0.0
Cash and cash equivalents of continuing operations at the end of the period 1,079.3 931.8 689.2
Cash paid during the period for:      
Interest, net of capitalized interest of $0.8 million, and $0.3 million and $0.2 million in 2018, 2017 and 2016, respectively 120.1 82.1 51.9
Income taxes 103.9 70.5 1.7
Non-cash investing activities:      
Common stock issued in connection with the buyout of Alon Partnership non-controlling interest 127.0 0.0  
(Decrease) increase in accrued capital expenditures (4.8) 9.4 (3.7)
Non-cash financing activities:      
Common stock issued in connection with settlement of Convertible Notes 123.9 0.0 0.0
Treasury shares received in connection with exercise of Call Options (123.9) 0.0 0.0
Common stock issued in connection with the Delek/Alon Merger 0.0 509.0 0.0
Equity instruments issued in connection with the Delek/Alon Merger $ 0.0 $ 21.7 $ 0.0