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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 439,318 $ 279,470
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 87,887 74,488
Debt extinguishment and commitment costs 17,682 5,329
Non-cash interest expense 2,886 3,170
Non-cash lower of cost and net realizable value adjustment 0 (463)
Deferred taxes 3,676 682
Gain on sale of assets, net 0 (170)
Stock-based compensation 8,956 7,382
Unrealized gain on derivative contracts (1,152) (10,151)
Equity earnings from Laramie Energy, LLC (10,706) 0
Equity earnings from refining and logistics investments (4,359) 0
Dividends received from refining and logistics investments 1,528 0
Net changes in operating assets and liabilities:    
Trade accounts receivable (272,556) (91,413)
Prepaid and other assets 17,325 (83,483)
Inventories 113,606 (124,405)
Deferred turnaround expenditures (4,178) (29,595)
Obligations under inventory financing agreements 1,128 78,136
Accounts payable, other accrued liabilities, and operating lease ROU assets and liabilities 180,404 260,076
Net cash provided by operating activities 581,445 369,053
Cash flows from investing activities:    
Acquisition of business (595,420) 0
Capital expenditures (53,718) (38,058)
Proceeds from sale of assets and other 50 397
Net cash used in investing activities (631,752) (37,661)
Cash flows from financing activities:    
Proceeds from borrowings 913,768 369,163
Repayments of borrowings (901,094) (441,434)
Net borrowings (repayments) on deferred payment arrangements and receivable advances (52,355) 48,211
Payment of deferred loan costs (12,037) 0
Purchase of common stock for retirement (32,210) (7,330)
Exercise of stock options 13,014 0
Payments for debt extinguishment and commitment costs (8,742) (3,483)
Other financing activities, net 617 351
Net cash used in financing activities (79,039) (34,522)
Net increase in cash, cash equivalents, and restricted cash (129,346) 296,870
Cash, cash equivalents, and restricted cash at beginning of period 494,926 116,221
Cash, cash equivalents, and restricted cash at end of period 365,580 413,091
Net cash paid for:    
Interest (58,248) (43,161)
Taxes (2,187) (9)
Non-cash investing and financing activities:    
Accrued capital expenditures 9,781 6,280
ROU assets obtained in exchange for new finance lease liabilities 3,021 594
ROU assets obtained in exchange for new operating lease liabilities 35,822 19,014
ROU assets terminated in exchange for release from operating lease liabilities 1,439 32,902
Laramie Energy Company    
Cash flows from investing activities:    
Return of capital 10,706 0
Refining And Logistics Investments    
Cash flows from investing activities:    
Return of capital $ 6,630 $ 0