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)