Segments and Related Information (Tables) - CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.

6 Months Ended

Jun. 30, 2024

Summary of reportable segment information

Reportable segment information for the three and six months ended June 30, 2024 and 2023, is as follows (in millions):

	Specialty
	Products and		Performance		Montana/						Consolidated
Three Months Ended June 30, 2024	Solutions		Brands		Renewables		Corporate		Eliminations		Total
Sales:
External customers	$	746.2	$	96.1	$	291.4	$	—	$	—	$	1,133.7
Inter-segment sales		7.0		0.1		—		—		(7.1)		—
Total sales	$	753.2	$	96.2	$	291.4	$	—	$	(7.1)	$	1,133.7
Adjusted EBITDA	$	65.8	$	14.1	$	7.6	$	(20.7)	$	—	$	66.8
Reconciling items to net loss:
Depreciation and amortization		18.1		2.2		25.4		0.2		—		45.9
LCM / LIFO (gain) loss		0.7		(0.2)		(10.0)		—		—		(9.5)
Interest expense		3.9		0.1		16.0		36.8		—		56.8
Debt extinguishment costs		0.1		—		—		—		—		0.1
Unrealized gain on derivatives		(3.0)		—		—		—		—		(3.0)
RINs mark-to-market loss		8.4		—		3.8		—		—		12.2
Other non-recurring income												(0.8)
Equity-based compensation and other items												4.7
Income tax expense												0.5
Noncontrolling interest adjustments												(1.0)
Net loss											$	(39.1)
Capital expenditures	$	17.5	$	0.3	$	5.2	$	1.7	$	—	$	24.7
PP&E, net	$	363.0	$	32.5	$	1,068.2	$	3.5	$	—	$	1,467.2

	Specialty
	Products and		Performance		Montana/						Consolidated
Three Months Ended June 30, 2023 (As Restated)	Solutions (1)		Brands		Renewables		Corporate		Eliminations		Total
Sales:
External customers	$	684.1	$	85.5	$	248.2	$	—	$	—	$	1,017.8
Inter-segment sales		5.2		0.1		—		—		(5.3)		—
Total sales	$	689.3	$	85.6	$	248.2	$	—	$	(5.3)	$	1,017.8
Adjusted EBITDA	$	61.0	$	12.2	$	13.0	$	(18.1)	$	—	$	68.1
Reconciling items to net loss:
Depreciation and amortization		19.3		2.4		20.9		0.2		—		42.8
LCM / LIFO (gain) loss		1.5		0.6		(7.9)		—		—		(5.8)
Interest expense		6.8		0.1		17.5		31.4		—		55.8
Debt extinguishment costs		—		—		—		5.2		—		5.2
Unrealized gain on derivatives		(14.0)		—		(0.1)		—		—		(14.1)
RINs mark-to-market loss		2.2		—		1.4		—		—		3.6
Other non-recurring expenses												3.6
Equity-based compensation and other items												(1.9)
Income tax expense												0.4
Noncontrolling interest adjustments												0.8
Net loss											$	(22.3)
Capital expenditures	$	18.5	$	0.3	$	64.7	$	0.2	$	—	$	83.7
PP&E, net	$	379.9	$	33.4	$	1,120.9	$	2.2	$	—	$	1,536.4

	Specialty
	Products and		Performance		Montana/						Consolidated
Six Months Ended June 30, 2024	Solutions		Brands		Renewables		Corporate		Eliminations		Total
Sales:
External customers	$	1,427.8	$	175.8	$	535.9	$	—	$	—	$	2,139.5
Inter-segment sales		12.0		0.2		—		—		(12.2)		—
Total sales	$	1,439.8	$	176.0	$	535.9	$	—	$	(12.2)	$	2,139.5
Adjusted EBITDA	$	107.6	$	27.5	$	(6.9)	$	(39.8)	$	—	$	88.4
Reconciling items to net loss:
Depreciation and amortization		35.7		4.3		50.8		0.5		—		91.3
LCM / LIFO (gain) loss		(2.9)		—		2.4		—		—		(0.5)
Interest expense		11.7		0.1		33.0		72.8		—		117.6
Debt extinguishment costs		0.1		—		—		0.2		—		0.3
Unrealized gain on derivatives		(38.7)		—		—		—		—		(38.7)
RINs mark-to-market gain		(39.5)		—		(19.4)		—		—		(58.9)
Other non-recurring expenses												60.0
Equity-based compensation and other items												(2.6)
Income tax expense												0.7
Noncontrolling interest adjustments												(0.1)
Net loss											$	(80.7)
Capital expenditures	$	31.6	$	0.6	$	16.2	$	1.8	$	—	$	50.2
PP&E, net	$	363.0	$	32.5	$	1,068.2	$	3.5	$	—	$	1,467.2

	Specialty
	Products and		Performance		Montana/						Consolidated
Six Months Ended June 30, 2023 (As Restated)	Solutions		Brands (2)		Renewables (3)		Corporate		Eliminations		Total
Sales:
External customers	$	1,422.8	$	164.3	$	468.0	$	—	$	—	$	2,055.1
Inter-segment sales		10.6		0.1		—		—		(10.7)		—
Total sales	$	1,433.4	$	164.4	$	468.0	$	—	$	(10.7)	$	2,055.1
Adjusted EBITDA	$	137.0	$	28.6	$	17.8	$	(38.0)	$	—	$	145.4
Reconciling items to net loss:
Depreciation and amortization		35.2		4.9		39.4		0.5		—		80.0
LCM / LIFO loss		2.7		2.1		9.1		—		—		13.9
Interest expense		13.3		0.1		29.9		61.7		—		105.0
Debt extinguishment costs		—		—		—		5.2		—		5.2
Unrealized gain on derivatives		(48.8)		—		(6.3)		—		—		(55.1)
RINs mark-to-market gain		(28.6)		—		(13.9)		—		—		(42.5)
Other non-recurring expenses												33.1
Equity-based compensation and other items												7.2
Income tax expense												0.9
Noncontrolling interest adjustments												1.4
Net loss											$	(3.7)
Capital expenditures	$	40.0	$	1.0	$	179.9	$	0.3	$	—	$	221.2
PP&E, net	$	379.9	$	33.4	$	1,120.9	$	2.2	$	—	$	1,536.4

(1) For the three and six months ended June 30, 2023, Adjusted EBITDA for the Specialty Products and Solutions segment included a $1.3 million and $2.4 million gain, respectively, recorded in cost of sales in the unaudited condensed consolidated statements of operations for proceeds received under the Company’s property damage insurance policy.

(2) For the six months ended June 30, 2023, Adjusted EBITDA for the Performance Brands segment included a $5.0 million gain recorded in cost of sales in the unaudited condensed consolidated statements of operations for proceeds received under the Company’s business interruption insurance policy.

(3) For the six months ended June 30, 2023, Adjusted EBITDA for the Montana/Renewables segment excluded a $28.4 million charge to cost of sales in the unaudited condensed consolidated statements of operations for losses under firm purchase commitments.

Summary of major product category sales

The following table sets forth the major product category sales for each segment for the three months ended June 30, 2024 and 2023 (dollars in millions):

	Three Months Ended June 30,
	2024				2023
Specialty Products and Solutions:
Lubricating oils	$	215.9	19.0	%	$	186.3	18.3	%
Solvents		109.5	9.7	%		96.2	9.5	%
Waxes		40.1	3.5	%		40.2	3.9	%
Fuels, asphalt and other by-products		380.7	33.6	%		361.4	35.5	%
Total	$	746.2	65.8	%	$	684.1	67.2	%
Montana/Renewables:
Gasoline	$	37.6	3.3	%	$	40.7	4.0	%
Diesel		29.0	2.6	%		35.9	3.5	%
Jet fuel		4.9	0.4	%		5.6	0.6	%
Asphalt, heavy fuel oils and other		37.1	3.3	%		37.8	3.7	%
Renewable fuels		182.8	16.1	%		128.2	12.6	%
Total	$	291.4	25.7	%	$	248.2	24.4	%
Performance Brands:	$	96.1	8.5	%	$	85.5	8.4	%
Consolidated sales	$	1,133.7	100.0	%	$	1,017.8	100.0	%

	Six Months Ended June 30,
	2024				2023
Specialty Products and Solutions:
Lubricating oils	$	405.6	19.0	%	$	401.4	19.5	%
Solvents		211.9	9.9	%		202.8	9.9	%
Waxes		79.1	3.7	%		84.4	4.1	%
Fuels, asphalt and other by-products		731.2	34.2	%		734.2	35.7	%
Total	$	1,427.8	66.8	%	$	1,422.8	69.2	%
Montana/Renewables:
Gasoline	$	69.2	3.2	%	$	83.6	4.1	%
Diesel		56.9	2.7	%		68.8	3.3	%
Jet fuel		9.5	0.4	%		10.5	0.5	%
Asphalt, heavy fuel oils and other		67.2	3.1	%		58.3	2.8	%
Renewable fuels		333.1	15.6	%		246.8	12.1	%
Total	$	535.9	25.0	%	$	468.0	22.8	%
Performance Brands:	$	175.8	8.2	%	$	164.3	8.0	%
Consolidated sales	$	2,139.5	100.0	%	$	2,055.1	100.0	%