XML 49 R38.htm IDEA: XBRL DOCUMENT v3.25.3
Restatement of Previously Issued Financial Statements - Consolidated Statement of Cash Flows (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Operating activities          
Net loss $ (147.9) $ (39.1) $ (309.9) $ (80.7)  
Non-cash RINs (gain) expense     211.6 (44.4)  
Other non-cash activities     82.5 84.5  
Lower of cost or market inventory adjustment 1.9 9.5 2.0 0.5  
Unrealized (gain) loss on derivative instruments (7.0) (3.0) (7.1) (38.7)  
Unrealized (gain) loss on derivative instruments     (7.1) 14.6  
Adjustments to reconcile net loss to net cash used in operating activities:          
Unrealized (gain) loss on derivative instruments     (7.1) 14.6  
Unrealized (gain) loss on derivative instruments (7.0) (3.0) (7.1) (38.7)  
Lower of cost or market inventory adjustment 1.9 9.5 2.0 0.5  
Other non-cash activities     82.5 84.5  
Changes in assets and liabilities     (8.2) (1.5)  
Net cash used in operating activities     (31.1) (27.5)  
Investing activities          
Additions to property, plant and equipment     (31.2) (35.0)  
Proceeds from sale of business     95.4    
Net cash provided by (used in) investing activities     64.2 (35.0)  
Financing activities          
Proceeds from borrowings - revolving credit facility     1,357.7 1,077.7  
Repayments of borrowings - revolving credit facility     (1,435.9) (899.3)  
Proceeds from borrowings - MRL revolving credit agreement     26.6 32.0  
Repayments of borrowings - MRL revolving credit agreement     (26.7) (38.6)  
Proceeds from borrowings - senior notes     100.0 200.0  
Repayments of borrowings - senior notes     (150.0) (229.0)  
Proceeds from inventory financing     174.7 408.1  
Payments on inventory financing     (231.5) (462.6)  
Proceeds from DOE Loan     781.8    
Proceeds from other financing obligations     40.0    
Repayments of borrowings - MRL Asset Financing Arrangements     (396.1)    
Repayments of borrowings - MRL Term Loan Credit Agreement     (86.0)    
Payments on other financing obligations     (43.0) (25.9)  
Net cash provided by financing activities     111.6 62.4  
Net increase (decrease) in cash, cash equivalents and restricted cash     144.7 (0.1)  
Cash, cash equivalents and restricted cash at beginning of period     45.9 14.7  
Cash, cash equivalents and restricted cash at end of period 190.6 14.6 190.6 14.6  
Cash and cash equivalents 110.6 7.0 110.6 7.0 $ 38.1
Restricted cash 80.0 $ 7.6 80.0 7.6  
Supplemental disclosure of non-cash investing activities          
Non-cash property, plant and equipment additions     24.1 $ 26.1  
Previously reported          
Operating activities          
Net loss     (309.9)    
Non-cash RINs (gain) expense     211.6    
Other non-cash activities     42.0    
Unrealized (gain) loss on derivative instruments     (7.1)    
Adjustments to reconcile net loss to net cash used in operating activities:          
Unrealized (gain) loss on derivative instruments     (7.1)    
Other non-cash activities     42.0    
Changes in assets and liabilities     (44.6)    
Net cash used in operating activities     (108.0)    
Investing activities          
Additions to property, plant and equipment     (31.2)    
Proceeds from sale of business     95.4    
Net cash provided by (used in) investing activities     64.2    
Financing activities          
Proceeds from borrowings - revolving credit facility     1,357.7    
Repayments of borrowings - revolving credit facility     (1,435.9)    
Proceeds from borrowings - MRL revolving credit agreement     26.6    
Repayments of borrowings - MRL revolving credit agreement     (26.6)    
Proceeds from borrowings - senior notes     100.0    
Repayments of borrowings - senior notes     (150.0)    
Proceeds from inventory financing     192.9    
Payments on inventory financing     (213.3)    
Proceeds from DOE Loan     781.8    
Proceeds from other financing obligations     40.0    
Repayments of borrowings - MRL Asset Financing Arrangements     (368.0)    
Repayments of borrowings - MRL Term Loan Credit Agreement     (73.7)    
Payments on other financing obligations     (43.0)    
Net cash provided by financing activities     188.5    
Net increase (decrease) in cash, cash equivalents and restricted cash     144.7    
Cash, cash equivalents and restricted cash at beginning of period     45.9    
Cash, cash equivalents and restricted cash at end of period 190.6   190.6    
Cash and cash equivalents 110.6   110.6    
Restricted cash $ 80.0   80.0    
Supplemental disclosure of non-cash investing activities          
Non-cash property, plant and equipment additions     24.1    
Restatement          
Operating activities          
Other non-cash activities     40.5    
Adjustments to reconcile net loss to net cash used in operating activities:          
Other non-cash activities     40.5    
Changes in assets and liabilities     36.4    
Net cash used in operating activities     76.9    
Financing activities          
Repayments of borrowings - MRL revolving credit agreement     (0.1)    
Proceeds from inventory financing     (18.2)    
Payments on inventory financing     (18.2)    
Repayments of borrowings - MRL Asset Financing Arrangements     (28.1)    
Repayments of borrowings - MRL Term Loan Credit Agreement     (12.3)    
Net cash provided by financing activities     $ (76.9)