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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net income (loss) $ (222.0) $ 48.1 $ (173.3)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization 149.0 146.8 98.3
Amortization of turnaround costs 38.0 36.1 23.1
Non-cash interest expense 8.0 5.7 17.6
Debt extinguishment costs 0.4 1.6 41.4
Non-cash RINs (gain) expense (31.9) (199.1) 197.5
Unrealized (gain) loss on derivative instruments 5.9 (33.0) 45.9
Loss on impairment and disposal of assets 2.0 3.5 0.7
Equity based compensation 14.6 14.7 17.3
Lower of cost or market inventory adjustment 7.0 33.2 19.4
Other non-cash activities (7.0) 0.5 2.2
Changes in assets and liabilities      
Accounts receivable 8.0 (19.2) (14.1)
Inventories 16.1 25.1 (190.5)
Prepaid expenses and other current assets 17.9 (25.9) (5.6)
Turnaround costs (20.6) (47.9) (62.6)
Other assets (5.6) (10.2) 0.0
Accounts payable 1.7 (12.4) 56.9
Accrued interest payable (5.2) 15.3 8.4
Accrued salaries, wages and benefits 4.0 (17.1) 9.5
Other taxes payable (1.6) 4.0 (2.1)
Other liabilities (25.1) 15.3 10.6
Net cash provided by (used in) operating activities (46.4) (14.9) 100.6
Investing activities      
Additions to property, plant and equipment (76.7) (271.8) (536.2)
Proceeds from sale of property, plant and equipment 0.0 0.0 0.2
Net cash used in investing activities (76.7) (271.8) (536.0)
Financing activities      
Proceeds from borrowings - revolving credit facility 2,129.2 2,185.0 1,695.1
Repayments of borrowings - revolving credit facility (1,979.3) (2,152.3) (1,591.1)
Proceeds from borrowings - MRL revolving credit agreement 159.1 93.2 0.0
Repayments of borrowings - MRL revolving credit agreement (172.1) (80.2) 0.0
Proceeds from borrowings - senior notes 554.4 325.0 325.0
Repayments of borrowings - senior notes (592.5) (121.0) (363.1)
Payments on finance lease obligations (1.1) (1.0) (0.9)
Proceeds from inventory financing 671.3 1,712.0 2,166.0
Payments on inventory financing (708.5) (1,753.9) (2,132.6)
Proceeds from sale of redeemable noncontrolling interest in subsidiary 0.0 0.0 250.0
Payments for issuance of Preferred Units 0.0 0.0 (4.4)
Repayments of borrowings - MRL Credit Facility 0.0 0.0 (347.3)
Proceeds from other financing obligations 144.7 102.0 372.9
Payments on other financing obligations (41.5) (30.1) (15.6)
Debt issuance costs (9.4) (12.5) (5.3)
Net cash provided by financing activities 154.3 266.2 348.7
Net increase (decrease) in cash, cash equivalents and restricted cash 31.2 (20.5) (86.7)
Cash, cash equivalents and restricted cash at beginning of period 14.7 35.2 121.9
Cash, cash equivalents and restricted cash at end of period 45.9 14.7 35.2
Cash and cash equivalents 38.1 7.9 35.2
Restricted cash 7.8 6.8 0.0
Supplemental disclosure of cash flow information      
Interest paid, net of capitalized interest 232.0 201.9 151.4
Supplemental disclosure of non-cash investing activities      
Non-cash property, plant and equipment additions $ 30.7 $ 31.3 $ 136.9