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Unrestricted Subsidiaries (Tables)
6 Months Ended
Jun. 30, 2025
Unrestricted Subsidiaries  
Schedule of unrestricted subsidiaries

    

Parent

    

    

    

Company and

Restricted

   

Unrestricted

   

   

Consolidated

June 30, 2025

Subsidiaries

Subsidiaries

Eliminations

Total

Cash and cash equivalents

$

11.0

$

99.6

$

$

110.6

Restricted cash

$

$

80.0

$

$

80.0

Accounts receivable - trade

$

239.4

$

31.7

$

$

271.1

Accounts receivable - other

$

34.8

$

$

$

34.8

Inventory

$

331.7

$

38.8

$

$

370.5

Prepaid expenses and other current assets

$

22.3

$

6.5

$

$

28.8

Property, plant and equipment, net

$

665.3

$

722.4

$

$

1,387.7

Other noncurrent assets, net

$

479.4

$

13.5

$

$

492.9

Accounts payable

$

237.1

$

333.5

$

(291.3)

$

279.3

Accrued interest payable

$

47.7

$

$

$

47.7

Accrued salaries, wages and benefits

$

57.8

$

$

$

57.8

Current portion of RINs obligation

$

457.0

$

$

$

457.0

Other current liabilities

$

97.3

$

5.1

$

$

102.4

Current portion of long-term debt

$

231.7

$

0.1

$

$

231.8

Other long-term liabilities

$

253.1

$

5.9

$

$

259.0

Long-term debt, less current portion

$

1,329.7

$

873.6

$

(97.8)

$

2,105.5

Redeemable noncontrolling interest

$

$

245.6

$

$

245.6

Stockholders' equity

$

(373.3)

$

(471.3)

$

(165.1)

$

(1,009.7)

    

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 June 30, 

    

Six Months Ended June 30, 

    

    

2025

    

2024

    

2025

    

2024

    

   

(In millions)

   

Sales

$

208.9

$

182.9

$

374.5

$

333.2

Cost of sales

234.3

 

179.4

426.4

 

363.4

Gross profit (loss)

(25.4)

 

3.5

(51.9)

 

(30.2)

Operating costs and expenses:

General and administrative

8.8

 

6.9

18.5

 

13.4

Other operating expense

0.4

 

1.3

1.9

 

2.8

Operating loss

(34.6)

 

(4.7)

(72.3)

 

(46.4)

Other income (expense):

  

 

  

  

 

  

Interest expense

(18.1)

 

(21.9)

(42.9)

 

(46.5)

Gain (loss) on derivative instruments

 

3.5

(5.6)

 

5.9

Debt extinguishment costs

 

(47.6)

 

Other income

1.9

 

0.2

2.7

 

0.5

Total other expense

(16.2)

 

(18.2)

(93.4)

 

(40.1)

Net loss

$

(50.8)

 

$

(22.9)

$

(165.7)

 

$

(86.5)