Inventory (Tables)

3 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

Schedule of Inventories

The following table presents the components of inventory for each period presented reflecting the accounting method change discussed above:

(In millions):

			December 31, 2021
	March 31, 2022		As Adjusted (1)
Refinery raw materials and supplies	$	774.1	$	516.0
Refinery work in process	186.3		156.2
Refinery finished goods	622.8		550.6
Retail fuel	11.0		9.3
Retail merchandise	28.2		26.2
Logistics refined products	1.8		2.4
Total inventories	$	1,624.2	$	1,260.7

(1) Adjusted to reflect the retrospective change in accounting policy from LIFO to FIFO for certain inventories, as described above.

Accounting Standards Update and Change in Accounting Principle

In addition, certain financial statement line items in our Condensed Consolidated Statement of Income and our Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2021 and our Consolidated Condensed Balance Sheet as of December 31, 2021, were retrospectively adjusted as follows:

	Three Months Ended March 31, 2021
(In millions)	As Reported (using LIFO)		Adjustment		As Adjusted (using FIFO)
Condensed Consolidated Statements of Income
Cost of materials and other	$	2,205.5	$	(32.7)	$	2,172.8
Total cost of sales	2,397.7		(32.7)		2,365.0
Loss before income tax benefit	(103.7)		32.7		(71.0)
Income tax benefit	(12.4)		4.1		(8.3)
Net loss	(91.3)		28.6		(62.7)
Net loss attributable to Delek	(98.6)		28.6		(70.0)
Net loss per share attributable to Delek
Basic	$	(1.34)	$	0.39	$	(0.95)
Diluted	$	(1.34)	$	0.39	$	(0.95)

	December 31, 2021
(In millions)	As Reported (using LIFO)		Adjustment		As Adjusted (using FIFO)
Condensed Consolidated Balance Sheet
Inventories, net of inventory valuation reserves	$	1,176.1	$	84.6	$	1,260.7
Total Assets	6,728.0		84.6		6,812.6
Deferred tax liabilities	196.4		18.1		214.5
Retained Earnings	318.2		66.5		384.7
Total liabilities and stockholders' equity	6,728.0		84.6		6,812.6

	Three Months Ended March 31, 2021
(In millions)	As Reported (using LIFO)		Adjustment		As Adjusted (using FIFO)
Condensed Consolidated Statements of Cash Flows
Net loss	$	(91.3)	$	28.6	$	(62.7)
Non-cash lower of cost or market/net realizable value adjustment	(20.4)		21.2		0.8
Deferred income taxes	5.1		3.8		8.9
Inventories and other current assets	(304.2)		(39.4)		(343.6)
Accounts payable and other current liabilities	524.5		(14.2)		510.3

The following tables reflect the effect of the change in the accounting principle on the current period Condensed Consolidated Financial Statements:

	Three Months Ended March 31, 2022
(In millions)	As Computed (using LIFO)		As Reported (using FIFO)		Effect of Change
Condensed Consolidated Statements of Income
Cost of materials and other	$	4,273.6	$	4,152.5	$	121.1
Total cost of sales	4,475.8		4,354.7		121.1
(Loss) income before income tax (benefit) expense	(103.2)		17.9		(121.1)
Income tax (benefit) expense	(21.2)		3.1		(24.3)
Net (loss) income attributable to Delek	(90.2)		6.6		(96.8)
Net (loss) income per share attributable to Delek
Basic	$	(1.23)	$	0.09	$	(1.32)
Diluted	$	(1.23)	$	0.09	$	(1.32)

	March 31, 2022
(In millions)	As Computed (using LIFO)		As Reported (using FIFO)		Effect of Change
Condensed Consolidated Balance Sheet
Inventories, net inventory valuation reserves	$	1,449.2	$	1,624.2	$	(175.0)
Total Assets	7,771.7		7,946.7		(175.0)
Accrued expenses and other current	1,057.0		1,032.3		24.7
Deferred tax liabilities	182.3		218.7		(36.4)
Retained Earnings	228.0		391.3		(163.3)
Total liabilities and stockholders' equity	7,771.7		7,946.7		(175.0)

	Three Months Ended March 31, 2022
(In millions)	As Computed (using LIFO)	As Reported (using FIFO)		Effect of Change
Condensed Consolidated Statements of Cash Flows
Net (loss) income	(82.0)	$	14.8	$	(96.8)
Non-cash lower of cost or market/net realizable value adjustment	(8.0)	(8.5)		0.5
Deferred income taxes	(7.9)	10.4		(18.3)
Inventories and other current assets	(375.3)	(465.2)		89.9
Accounts payable and other current liabilities	1,013.3	988.6		24.7