XML 19 R8.htm IDEA: XBRL DOCUMENT v3.25.3
Restatement of Previously Issued Financial Statements
6 Months Ended
Jun. 30, 2025
Restatement of Previously Issued Financial Statements  
Restatement of Previously Issued Financial Statements

CALUMET, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Restatement of Previously Issued Financial Statements

The Company has restated its unaudited interim condensed consolidated financial statements for the period ended June 30, 2025. This restatement corrects the error related to the Statement of Cash Flow for the restated period. The error was a misclassification related to the Company’s debt extinguishment costs from its refinancing activities for its outstanding indebtedness and one of its inventory financing arrangements.  This error had no impact on revenue, net income (loss) or cash, cash equivalents and restricted cash.

The effects of the restatement on the condensed consolidated statement of cash flow for the six months ended June 30, 2025 are summarized in the following table:

​

​

​

​

​

​

​

​

​

​

​

​

​

Six Months Ended June 30, 2025

​

    

As Previously
Reported

    

Effect of
Restatement

​

As Restated

​

​

(In millions)

Operating activities

​

​

​

​

​

​

​

​

​

Net loss

​

$

(309.9)

​

$

—

​

$

(309.9)

Non-cash RINs (gain) expense

​

 

211.6

​

 

—

​

 

211.6

Unrealized (gain ) loss on derivative instruments

​

 

(7.1)

​

 

—

​

 

(7.1)

Other non-cash activities

​

 

42.0

​

 

40.5

​

 

82.5

Changes in assets and liabilities

​

​

(44.6)

​

​

36.4

​

​

(8.2)

Net cash used in operating activities

​

 

(108.0)

​

 

76.9

​

 

(31.1)

Investing activities

​

 

  

​

 

  

​

 

  

Additions to property, plant and equipment

​

 

(31.2)

​

 

—

​

 

(31.2)

Proceeds from sale of business

​

​

95.4

​

​

—

​

​

95.4

Net cash used in investing activities

​

 

64.2

​

 

—

​

 

64.2

Financing activities

​

 

  

​

 

  

​

 

  

Proceeds from borrowings — revolving credit facility

​

 

1,357.7

​

 

—

​

 

1,357.7

Repayments of borrowings — revolving credit facility

​

 

(1,435.9)

​

 

—

​

 

(1,435.9)

Proceeds from borrowings — MRL revolving credit agreement

​

​

26.6

​

​

—

​

​

26.6

Repayments of borrowings — MRL revolving credit agreement

​

​

(26.6)

​

​

(0.1)

​

​

(26.7)

Proceeds from borrowings — senior notes

​

 

100.0

​

 

—

​

 

100.0

Repayments of borrowings — senior notes

​

 

(150.0)

​

 

—

​

 

(150.0)

Proceeds from inventory financing

​

 

192.9

​

 

(18.2)

​

 

174.7

Payments on inventory financing

​

 

(213.3)

​

 

(18.2)

​

 

(231.5)

Proceeds from DOE Loan

​

 

781.8

​

 

—

​

 

781.8

Proceeds from other financing obligations

​

 

40.0

​

 

—

​

 

40.0

Repayments of borrowings - MRL Asset Financing Arrangements

​

 

(368.0)

​

 

(28.1)

​

 

(396.1)

Repayments of borrowings - MRL Term Loan Credit Agreement

​

 

(73.7)

​

 

(12.3)

​

 

(86.0)

Payments on other financing obligations

​

 

(43.0)

​

 

—

​

 

(43.0)

Net cash provided by financing activities

​

 

188.5

​

 

(76.9)

​

 

111.6

Net increase in cash, cash equivalents and restricted cash

​

 

144.7

​

 

—

​

 

144.7

Cash, cash equivalents and restricted cash at beginning of period

​

 

45.9

​

 

—

​

 

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

​

$

—

​

$

24.1

​

​

​

​