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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities    
Net loss $ (309.9) $ (80.7)
Non-cash RINs (gain) expense 211.6 (44.4)
Unrealized (gain) loss on derivative instruments (7.1) 14.6
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
Cash and cash equivalents 110.6 7.0
Restricted cash 80.0 7.6
Supplemental disclosure of non-cash investing activities    
Non-cash property, plant and equipment additions $ 24.1 $ 26.1