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Consolidated Statements of Cash Flows
$ in Millions
12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Cash flows from operating activities:      
Net (loss) income $ (520.9) $ 46.7 $ 290.5
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation and amortization 374.5 339.5 275.0
Non-cash lease expense 46.1 60.3 63.7
Deferred income taxes (103.6) (1.6) 61.6
Asset impairment 243.5 37.9 0.0
Income from equity method investments (92.2) (86.2) (57.7)
Dividends from equity method investments 74.1 61.0 32.3
Non-cash lower of cost or market/net realizable value adjustment (10.7) 0.4 1.9
Loss on extinguishment of debt 3.6 0.0 0.0
Equity-based compensation expense 33.8 27.5 29.1
Income from discontinued operations (77.2) (27.1) (25.1)
Other 0.5 5.0 15.1
Changes in assets and liabilities:      
Accounts receivable 179.8 460.0 (429.1)
Inventories and other current assets 84.6 559.4 (251.1)
Fair value of derivatives (5.5) 4.0 (4.6)
Accounts payable and other current liabilities (220.8) (299.7) 300.9
Obligation under Inventory Intermediation Agreements 1.1 (192.1) 102.3
Non-current assets and liabilities, net (94.4) (16.0) (11.1)
Cash (used in) provided by operating activities - continuing operations (83.7) 979.0 393.7
Cash provided by operating activities - discontinued operations 16.9 34.6 31.6
Net cash (used in) provided by operating activities (66.8) 1,013.6 425.3
Cash flows from investing activities:      
Business Combinations (182.5) 0.0 (625.6)
Equity method investment contributions (19.1) 0.0 (0.1)
Distributions from equity method investments 5.0 14.9 9.9
Purchases of property, plant and equipment (427.7) (392.5) (280.2)
Purchase of equity securities (0.4) (11.9) 0.0
Purchases of intangible assets (2.9) (4.3) (5.6)
Proceeds from sale of property, plant and equipment 10.2 1.9 0.2
Insurance and settlement proceeds 16.2 10.3 0.0
Other (2.0) 0.0 0.0
Cash used in investing activities - continuing operations (603.2) (381.6) (901.4)
Cash provided by (used in) investing activities - discontinued operations 361.7 (26.4) (30.2)
Net cash used in investing activities (241.5) (408.0) (931.6)
Cash flows from financing activities:      
Proceeds from long-term revolvers 6,922.1 3,545.8 3,385.3
Payments on long-term revolvers (7,272.2) (3,980.8) (2,472.8)
Proceeds from term debt 1,059.0 0.0 1,250.0
Payments on term debt (540.8) (28.2) (1,289.1)
Proceeds from product and other financing agreements 1,110.3 1,187.3 994.6
Repayments of product and other financing agreements (1,096.3) (1,212.7) (1,006.9)
Proceeds from Inventory Intermediation Agreement 0.0 32.2 538.8
Proceeds from termination of Supply & Offtake Obligation 0.0 25.8 (586.9)
Taxes paid due to the net settlement of equity-based compensation (6.5) (5.2) (6.5)
Repurchase of common stock (41.5) (85.4) (129.6)
Distribution to non-controlling interest (56.8) (38.6) (36.0)
Proceeds from sale of Delek Logistics common limited partner units, net 0.0 0.0 16.4
Proceeds from issuance of Delek Logistic common limited partner units, net 297.9 0.0 3.1
Purchase of Delek common stock from IEP Energy Holding LLC 0.0 0.0 (64.0)
Redemption of Delek Logistics preferred units (70.8) 0.0
Payment of debt extinguishment costs (0.3) 0.0 0.0
Dividends paid (64.2) (60.3) (42.8)
Deferred financing costs paid (18.2) (4.6) (62.5)
Cash provided by (used in) financing activities - continuing operations 221.7 (624.7) 491.1
Net used in financing activities 221.7 (624.7) 491.1
Net decrease in cash and cash equivalents (86.6) (19.1) (15.2)
Cash and cash equivalents at the beginning of the period 822.2 841.3 856.5
Cash and cash equivalents at the end of the period 735.6 822.2 841.3
Less cash and cash equivalents of discontinued operations at the end of the period 0.0 0.4 0.4
Cash and cash equivalents of continuing operations at the end of the period 735.6 821.8 840.9
Cash paid during the period for:      
Interest, net of capitalized interest of $4.5 million, $5.5 million and $2.1 million in the 2024, 2023 and 2022 periods, respectively 300.1 323.5 186.7
Income taxes 3.8 10.8 27.6
Non-cash investing activities:      
Delek Logistics preferred units issued in connection with H2O Acquisition 70.0 0.0 0.0
Increase (decrease) in accrued capital expenditures 14.9 (27.6) 34.8
Non-cash financing activities:      
Non-cash lease liability arising from obtaining right-of-use assets during the period 16.0 55.9 27.7
Capitalized interest $ 4.5 $ 5.5 $ 2.1