0001694426-19-000116.txt : 20190808 0001694426-19-000116.hdr.sgml : 20190808 20190807203706 ACCESSION NUMBER: 0001694426-19-000116 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 144 CONFORMED PERIOD OF REPORT: 20190630 FILED AS OF DATE: 20190808 DATE AS OF CHANGE: 20190807 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Delek US Holdings, Inc. CENTRAL INDEX KEY: 0001694426 STANDARD INDUSTRIAL CLASSIFICATION: PETROLEUM REFINING [2911] IRS NUMBER: 352581557 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-38142 FILM NUMBER: 191007196 BUSINESS ADDRESS: STREET 1: 7102 COMMERCE WAY CITY: BRENTWOOD STATE: TN ZIP: 37027 BUSINESS PHONE: 615-721-3715 MAIL ADDRESS: STREET 1: 7102 COMMERCE WAY CITY: BRENTWOOD STATE: TN ZIP: 37027 FORMER COMPANY: FORMER CONFORMED NAME: Delek Holdco, Inc. DATE OF NAME CHANGE: 20170111 10-Q 1 dk-10qx063019.htm 10-Q Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
 
 
 
 
 
For the quarterly period ended
June 30, 2019
 
or
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
 
 
 
For the transition period from                      to                     
Commission file number 001-38142
DELEK US HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Delaware
dklogoa18.jpg
35-2581557
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
 
 
7102 Commerce Way
Brentwood
Tennessee
37027
(Address of principal executive offices)
 
 
(Zip Code)
(615771-6701
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol
Name of Each Exchange on Which Registered
Common Stock, par value $0.01
DK
New York Stock Exchange
At August 2, 2019, there were 75,335,208 shares of common stock, $0.01 par value, outstanding (excluding securities held by, or for the account of, the Company or its subsidiaries).


Table of Contents

Delek US Holdings, Inc.
Quarterly Report on Form 10-Q
For the Quarterly Period Ended June 30, 2019

 
 

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2 |
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Financial Statements

Part I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Delek US Holdings, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(In millions, except share and per share data)
 
 
June 30, 2019
 
December 31, 2018
ASSETS
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
951.4

 
$
1,079.3

Accounts receivable, net
 
847.4

 
514.4

Accounts receivable from related parties
 
4.2

 

Inventories, net of inventory valuation reserves
 
891.6

 
690.9

Other current assets
 
92.7

 
135.7

Total current assets
 
2,787.3

 
2,420.3

Property, plant and equipment:
 
 
 
 
Property, plant and equipment
 
3,201.1

 
2,999.6

Less: accumulated depreciation
 
(896.1
)
 
(804.7
)
Property, plant and equipment, net
 
2,305.0

 
2,194.9

Operating lease right-of-use assets
 
199.2

 

Goodwill
 
856.6

 
857.8

Other intangibles, net
 
93.5

 
104.4

Equity method investments
 
273.6

 
130.3

Other non-current assets
 
58.0

 
52.9

Total assets
 
$
6,573.2

 
$
5,760.6

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
Current liabilities:
 
 
 
 
Accounts payable
 
$
1,336.6

 
$
1,009.7

Accounts payable to related parties
 
3.5

 
1.5

Current portion of long-term debt
 
64.4

 
32.0

Obligation under Supply and Offtake Agreements
 
257.7

 
312.6

Current portion of operating lease liabilities
 
45.7

 

Accrued expenses and other current liabilities
 
350.8

 
307.7

Total current liabilities
 
2,058.7

 
1,663.5

Non-current liabilities:
 
 
 
 
Long-term debt, net of current portion
 
1,852.3

 
1,751.3

Obligation under Supply and Offtake Agreements
 
122.8

 
49.6

Environmental liabilities, net of current portion
 
138.6

 
139.5

Asset retirement obligations
 
72.6

 
75.5

Deferred tax liabilities
 
229.2

 
210.2

Operating lease liabilities, net of current portion
 
155.6

 

Other non-current liabilities
 
57.2

 
62.9

Total non-current liabilities
 
2,628.3

 
2,289.0

Stockholders’ equity:
 
 
 
 
Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued and outstanding
 

 

Common stock, $0.01 par value, 110,000,000 shares authorized, 90,861,698 shares and 90,478,075 shares issued at June 30, 2019 and December 31, 2018, respectively
 
0.9

 
0.9

Additional paid-in capital
 
1,140.3

 
1,135.4

Accumulated other comprehensive income
 
26.3

 
28.6

Treasury stock, 15,416,502 shares and 12,477,780 shares, at cost, as of June 30, 2019 and December 31, 2018, respectively
 
(618.9
)
 
(514.1
)
Retained earnings
 
1,165.9

 
981.8

Non-controlling interests in subsidiaries
 
171.7

 
175.5

Total stockholders’ equity
 
1,886.2

 
1,808.1

Total liabilities and stockholders’ equity
 
$
6,573.2

 
$
5,760.6


See accompanying notes to condensed consolidated financial statements

     
3 |
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Financial Statements

Delek US Holdings, Inc.
Condensed Consolidated Statements of Income (Unaudited)
(In millions, except share and per share)
 
 
Three Months Ended
 
Six Months Ended
 
 
June 30,
 
June 30,
 
 
2019
 
2018 (1)
 
2019
 
2018 (1),(2)
Net revenues
 
$
2,480.3

 
$
2,636.9

 
$
4,680.2

 
$
4,990.1

Cost of sales:
 
 
 
 
 
 
 
 
Cost of materials and other
 
2,067.7

 
2,250.2

 
3,767.1

 
4,293.0

Operating expenses (excluding depreciation and amortization presented below)
 
135.8

 
131.4

 
276.7

 
264.3

Depreciation and amortization
 
42.6

 
40.4

 
81.9

 
78.2

Total cost of sales
 
2,246.1

 
2,422.0

 
4,125.7

 
4,635.5

Operating expenses related to retail and wholesale business (excluding depreciation and amortization presented below)
 
26.5

 
26.1

 
52.3

 
51.3

General and administrative expenses
 
69.5

 
52.9

 
131.7

 
118.1

Depreciation and amortization
 
7.5

 
8.8

 
15.0

 
19.0

Other operating income, net
 
(3.6
)
 
(8.0
)
 
(1.2
)
 
(7.7
)
Total operating costs and expenses
 
2,346.0

 
2,501.8

 
4,323.5

 
4,816.2

Operating income
 
134.3

 
135.1

 
356.7

 
173.9

Interest expense
 
32.8

 
31.5

 
61.5

 
64.0

Interest income
 
(3.3
)
 
(0.9
)
 
(5.8
)
 
(1.6
)
Income from equity method investments
 
(9.3
)
 
(2.9
)
 
(11.9
)
 
(2.9
)
Gain on sale of business
 

 
(13.2
)
 

 
(13.2
)
Impairment loss on assets held for sale
 

 

 

 
27.5

Loss on extinguishment of debt
 

 

 

 
9.0

Other expense (income), net
 
4.9

 
0.3

 
3.5

 
(0.4
)
Total non-operating expenses, net
 
25.1

 
14.8

 
47.3

 
82.4

Income from continuing operations before income tax expense
 
109.2

 
120.3

 
309.4

 
91.5

Income tax expense
 
24.6

 
32.8

 
70.4

 
21.3

Income from continuing operations, net of tax
 
84.6

 
87.5

 
239.0

 
70.2

Discontinued operations:
 
 
 
 
 
 
 
 
Loss from discontinued operations, including loss on sale of discontinued operations
 
(1.0
)
 
(1.0
)
 
(1.0
)
 
(11.5
)
Income tax benefit
 
(0.2
)
 
(0.2
)
 
(0.2
)
 
(2.5
)
Loss from discontinued operations, net of tax
 
(0.8
)
 
(0.8
)
 
(0.8
)
 
(9.0
)
Net income
 
83.8

 
86.7

 
238.2

 
61.2

Net income attributed to non-controlling interests
 
6.5

 
7.6

 
11.6

 
22.5

Net income attributable to Delek
 
$
77.3

 
$
79.1

 
$
226.6

 
$
38.7

Basic income (loss) per share:
 
 
 
 
 
 
 
 
Income from continuing operations
 
$
1.02

 
$
0.95

 
$
2.95

 
$
0.67

Loss from discontinued operations
 
(0.01
)
 
$
(0.01
)
 
(0.01
)
 
(0.21
)
Total basic income per share
 
$
1.01

 
$
0.94

 
$
2.94

 
$
0.46

Diluted income (loss) per share:
 
 
 
 
 
 
 
 
Income from continuing operations
 
$
1.01

 
$
0.90

 
$
2.92

 
$
0.65

Loss from discontinued operations
 
(0.01
)
 
(0.01
)
 
(0.01
)
 
(0.20
)
Total diluted income per share
 
$
1.00

 
$
0.89

 
$
2.91

 
$
0.45

Dividends declared per common share outstanding
 
$
0.28

 
$
0.25

 
$
0.55

 
$
0.45

(1) 
Net revenues and cost of materials and other for the three and six months ended June 30, 2018 reflect a correction of an intercompany elimination which resulted in an increase in those accounts 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 net income for those periods. See Note 23 to our annual audited consolidated financial statements included in Part II, Item 8 of our 2018 Annual Report on Form 10-K, as amended and filed on June 27, 2019, for further discussion.
(2) 
Income tax expense for the six months ended June 30, 2018 reflects a correction made in our 2018 Annual Report on Form 10-K (as originally filed on March 1, 2019) to record additional deferred tax expense totaling $5.5 million related to the recognition of a valuation allowance on deferred tax assets recognized in connection with the Big Spring Logistic Assets Acquisition (see Note 5) not previously reported in our June 30, 2018 Quarterly Report on Form 10-Q filed on August 09, 2018. Such amount is not considered material to the financial statements or the trend of earnings for that period. See Note 23 to our annual audited consolidated financial statements included in Part II, Item 8 of our 2018 Annual Report on Form 10-K, as amended and filed on June 27, 2019, for further discussion.
See accompanying notes to condensed consolidated financial statements

     
4 |
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Financial Statements

Delek US Holdings, Inc.
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
(In millions)
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
Net income attributable to Delek
 
$
77.3

 
$
79.1

 
$
226.6

 
$
38.7

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
Commodity contracts designated as cash flow hedges:
 
 
 
 
 
 
 
 
Unrealized losses
 
(31.3
)
 
(74.7
)
 
(37.3
)
 
(72.0
)
Realized losses reclassified to cost of materials and other
 
14.8

 
8.8

 
33.9

 
8.8

Net losses related to commodity cash flow hedges
 
(16.5
)
 
(65.9
)
 
(3.4
)
 
(63.2
)
Income tax benefit
 
3.5

 
13.9

 
0.7

 
13.3

Net comprehensive loss on commodity contracts designated as cash flow hedges
 
(13.0
)
 
(52.0
)
 
(2.7
)
 
(49.9
)
 
 
 
 
 
 
 
 
 
Interest rate contracts designated as cash flow hedges:
 
 
 
 
 
 
 
 
Unrealized losses
 

 

 

 
(1.3
)
Realized losses reclassified to interest expense
 

 

 

 
0.7

Net losses related to interest rate cash flow hedges
 

 

 

 
(0.6
)
Income tax benefit
 

 

 

 
0.1

Net comprehensive loss on interest rate contracts designated as cash flow hedges
 

 

 

 
(0.5
)
 
 
 
 
 
 
 
 
 
Foreign currency translation (loss) gain, net of taxes
 
(0.1
)
 
(0.2
)
 
0.1

 
(0.6
)
 
 
 
 
 
 
 
 
 
Postretirement benefit plans:
 
 
 
 
 
 
 
 
Unrealized gain arising during the year related to:
 
 
 
 
 
 
 
 
  Net actuarial gain
 

 

 

 
0.2

Gain reclassified to earnings:
 
 
 
 
 
 
 
 
   Recognized due to curtailment and settlement
 

 

 

 
(0.1
)
   Amortization of net actuarial loss
 
0.2

 

 
0.4

 

Increase related to postretirement benefit plans, net
 
0.2

 

 
0.4

 
0.1

Income tax expense
 
(0.1
)
 

 
(0.1
)
 

Net comprehensive income on postretirement benefit plans, net of taxes
 
0.1

 

 
0.3

 
0.1

Total other comprehensive loss
 
(13.0
)
 
(52.2
)
 
(2.3
)
 
(50.9
)
Comprehensive income (loss) attributable to Delek
 
$
64.3

 
$
26.9

 
$
224.3

 
$
(12.2
)

See accompanying notes to condensed consolidated financial statements


     
5 |
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Financial Statements

Delek US Holdings, Inc.
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited)
(In millions, except share and per share data)
 
 
Three Months Ended June 30, 2019
 
 
Common Stock
Additional Paid-in Capital
 
Accumulated Other Comprehensive Income
 
Retained Earnings
 
Treasury Stock
Non-Controlling Interest in Subsidiaries
 
Total Stockholders' Equity
 
 
Shares
 
Amount
 
Shares
 
Amount
 
Balance at
March 31, 2019
90,722,641

 
$
0.9

 
$
1,135.5

 
$
39.3

 
$
1,110.1

 
(13,769,424
)
 
$
(560.3
)
 
$
173.0

 
$
1,898.5

Net income

 

 

 

 
77.3

 

 

 
6.5

 
83.8

Other comprehensive loss related to commodity contracts, net

 

 

 
(13.0
)
 

 

 

 

 
(13.0
)
Other comprehensive income related to postretirement benefit plans, net

 

 

 
0.1

 

 

 

 

 
0.1

Foreign currency translation loss, net

 

 

 
(0.1
)
 

 

 

 

 
(0.1
)
Common stock dividends ($0.28 per share)

 

 

 

 
(21.5
)
 

 

 

 
(21.5
)
Distributions to non-controlling interests

 

 

 

 

 

 

 
(7.9
)
 
(7.9
)
Equity-based compensation expense

 

 
6.7

 

 

 

 

 
0.1

 
6.8

Repurchase of common stock

 

 

 

 

 
(1,647,078
)
 
(58.6
)
 

 
(58.6
)
Taxes paid due to the net settlement of equity-based compensation

 

 
(2.4
)
 

 

 

 

 

 
(2.4
)
Exercise of equity-based awards
139,057

 

 

 

 

 

 

 

 

Other

 

 
0.5

 

 

 

 

 

 
0.5

Balance at
June 30, 2019
90,861,698

 
$
0.9

 
$
1,140.3

 
$
26.3

 
$
1,165.9

 
(15,416,502
)
 
$
(618.9
)
 
$
171.7

 
$
1,886.2










     
6 |
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Financial Statements

Delek US Holdings, Inc.
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Continued)
(In millions, except share and per share data)
 
 
Three Months Ended June 30, 2018
 
 
Common Stock
 
Additional Paid-in Capital
 
Accumulated Other Comprehensive Income
 
Retained Earnings
 
Treasury Stock
 
Non-Controlling Interest in Subsidiaries
 
Total Stockholders' Equity
 
 
Shares
 
Amount
 
 
 
 
Shares
 
Amount
 
 
Balance at
March 31, 2018
87,305,668

 
$
0.9

 
$
1,043.3

 
$
10.0

 
$
664.3

 
(3,332,555
)
 
$
(120.3
)
 
$
176.1

 
$
1,774.3

Net income

 

 

 

 
79.1

 

 

 
7.6

 
86.7

Other comprehensive loss related to commodity contracts, net

 

 

 
(52.0
)
 

 

 

 

 
(52.0
)
Other comprehensive loss related to interest rate contracts, net

 

 

 

 

 

 

 

 

Foreign currency translation loss, net

 

 

 
(0.2
)
 

 

 

 

 
(0.2
)
Common stock dividends ($0.25 per share)

 

 

 

 
(20.8
)
 

 

 

 
(20.8
)
Distribution to non-controlling interest

 

 

 

 

 

 

 
(7.2
)
 
(7.2
)
Equity-based compensation expense

 

 
5.6

 

 

 

 

 

 
5.6

Repurchase of common stock