Unrestricted Subsidiaries (Tables)

3 Months Ended

Mar. 31, 2025

Unrestricted Subsidiaries

Schedule of unrestricted subsidiaries

	Parent
	Company and
	Restricted		Unrestricted				Consolidated
March 31, 2025	Subsidiaries		Subsidiaries		Eliminations		Total
Cash and cash equivalents	$	8.0	$	115.4	$	—	$	123.4
Restricted cash	$	—	$	80.0	$	—	$	80.0
Accounts receivable - trade	$	255.6	$	25.8	$	—	$	281.4
Accounts receivable - other	$	21.8	$	—	$	—	$	21.8
Inventory	$	349.1	$	40.3	$	—	$	389.4
Prepaid expenses and other current assets	$	14.0	$	7.9	$	—	$	21.9
Property, plant and equipment, net	$	676.2	$	736.7	$	—	$	1,412.9
Other noncurrent assets, net	$	485.3	$	7.5	$	—	$	492.8
Accounts payable	$	265.3	$	318.8	$	(278.0)	$	306.1
Accrued interest payable	$	36.4	$	—	$	—	$	36.4
Accrued salaries, wages and benefits	$	45.2	$	—	$	—	$	45.2
Obligations under inventory financing agreements	$	—	$	—	$	—	$	-
Current portion of RINs obligation	$	362.6	$	—	$	—	$	362.6
Other current liabilities	$	89.7	$	5.2	$	—	$	94.9
Current portion of long-term debt	$	23.8	$	0.1	$	—	$	23.9
Other long-term liabilities	$	268.7	$	0.3	$	—	$	269.0
Long-term debt, less current portion	$	1,535.9	$	864.1	$	(97.8)	$	2,302.2
Redeemable noncontrolling interest	$	—	$	245.6	$	—	$	245.6
Stockholders' equity	$	(285.1)	$	(420.5)	$	(156.7)	$	(862.3)

	Parent
	Company and
	Restricted		Unrestricted				Consolidated
December 31, 2024	Subsidiaries		Subsidiaries		Eliminations		Total
Cash and cash equivalents	$	8.9	$	29.2	$	—	$	38.1
Restricted cash	$	—	$	7.8	$	—	$	7.8
Accounts receivable - trade	$	219.2	$	22.5	$	—	$	241.7
Accounts receivable - other	$	24.5	$	11.9	$	—	$	36.4
Inventory	$	379.9	$	36.4	$	—	$	416.3
Prepaid expenses and other current assets	$	20.5	$	5.2	$	—	$	25.7
Property, plant and equipment, net	$	688.2	$	750.6	$	—	$	1,438.8
Other noncurrent assets, net	$	539.4	$	14.0	$	—	$	553.4
Accounts payable	$	279.5	$	484.3	$	(443.0)	$	320.8
Accrued interest payable	$	44.4	$	1.0	$	—	$	45.4
Accrued salaries, wages and benefits	$	94.7	$	—	$	—	$	94.7
Obligations under inventory financing agreements	$	—	$	32.0	$	—	$	32.0
Current portion of RINs obligation	$	245.4	$	—	$	—	$	245.4
Other current liabilities	$	85.1	$	4.7	$	—	$	89.8
Current portion of long-term debt	$	16.4	$	19.1	$	—	$	35.5
Other long-term liabilities	$	295.4		0.8	$	—	$	296.2
Long-term debt, less current portion	$	1,646.7	$	516.0	$	(98.0)	$	2,064.7
Redeemable noncontrolling interest	$	—	$	245.6	$	—	$	245.6
Stockholders' equity	$	(249.7)	$	(425.9)	$	(36.3)	$	(711.9)

The following table sets forth certain financial information of the Company’s unrestricted subsidiaries, on a combined basis, for the periods presented (in millions):

	Three Months Ended March 31,
	2025		2024
Sales	$	165.6	$	150.3
Cost of sales		192.1		184.0
Gross profit (loss)		(26.5)		(33.7)
Operating costs and expenses:
General and administrative		9.7		6.5
Other operating expense		1.5		1.5
Operating loss		(37.7)		(41.7)
Other income (expense):
Interest expense		(24.8)		(24.6)
Gain (loss) on derivative instruments		(5.6)		2.4
Debt extinguishment costs		(47.6)		—
Other income		0.8		0.3
Total other expense		(77.2)		(21.9)
Net loss	$	(114.9)	$	(63.6)