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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 001-38142
DELEK US HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Delaware
dk-20220930_g1.jpg
35-2581557
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
7102 Commerce Way
Brentwood
Tennessee
37027
(Address of principal executive offices)
(Zip Code)
(615771-6701
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Common Stock, par value $0.01DKNew York Stock Exchange
At October 28, 2022, there were 69,692,316 shares of common stock, $0.01 par value, outstanding (excluding securities held by, or for the account of, the Company or its subsidiaries).


Table of Contents
Delek US Holdings, Inc.
Quarterly Report on Form 10-Q
For the Quarterly Period Ended September 30, 2022
dk-20220930_g2.jpg

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Financial Statements
Part I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Delek US Holdings, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(In millions, except share and per share data)

September 30, 2022
December 31, 2021 As Adjusted (1)
ASSETS  
Current assets:  
Cash and cash equivalents$1,153.8 $856.5 
Accounts receivable, net1,035.5 776.6 
Inventories, net of inventory valuation reserves1,634.2 1,260.7 
Other current assets206.0 126.0 
Total current assets4,029.5 3,019.8 
Property, plant and equipment:  
Property, plant and equipment4,192.4 3,645.4 
Less: accumulated depreciation(1,514.3)(1,338.1)
Property, plant and equipment, net2,678.1 2,307.3 
Operating lease right-of-use assets183.2 208.5 
Goodwill743.8 729.7 
Other intangibles, net320.6 102.7 
Equity method investments360.6 344.1 
Other non-current assets81.0 100.5 
Total assets $8,396.8 $6,812.6 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities:  
Accounts payable$2,150.2 $1,695.3 
Current portion of long-term debt63.0 92.2 
Obligation under Supply and Offtake Agreements596.2 487.5 
Current portion of operating lease liabilities50.1 53.9 
Accrued expenses and other current liabilities969.8 797.8 
Total current liabilities3,829.3 3,126.7 
Non-current liabilities:  
Long-term debt, net of current portion2,670.6 2,125.8 
Environmental liabilities, net of current portion112.0 109.5 
Asset retirement obligations41.4 38.3 
Deferred tax liabilities309.6 214.5 
Operating lease liabilities, net of current portion125.9 152.0 
Other non-current liabilities25.0 31.8 
Total non-current liabilities3,284.5 2,671.9 
Stockholders’ equity:  
Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued and outstanding
  
Common stock, $0.01 par value, 110,000,000 shares authorized, 87,228,503 shares and 91,772,080 shares issued at September 30, 2022 and December 31, 2021, respectively
0.9 0.9 
Additional paid-in capital1,125.7 1,206.5 
Accumulated other comprehensive loss(4.0)(3.8)
Treasury stock, 17,575,527 shares, at cost, as of September 30, 2022 and December 31, 2021
(694.1)(694.1)
Retained earnings731.8 384.7 
Non-controlling interests in subsidiaries122.7 119.8 
Total stockholders’ equity1,283.0 1,014.0 
Total liabilities and stockholders’ equity$8,396.8 $6,812.6 
(1) Adjusted to reflect the retrospective change in accounting policy from LIFO to FIFO for certain inventories. See Note 7 for further discussion.

See accompanying notes to condensed consolidated financial statements
3 |
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Financial Statements
Delek US Holdings, Inc.
Condensed Consolidated Statements of Income (Unaudited)
(In millions, except share and per share data)
Three Months EndedNine Months Ended
September 30,September 30,
20212021
 2022
As Adjusted (1)
2022
As Adjusted (1)
Net revenues$5,324.9 $2,956.5 $15,766.6 $7,540.2 
Cost of sales:  
Cost of materials and other4,916.0 2,678.0 14,151.1 6,811.4 
Operating expenses (excluding depreciation and amortization presented below)198.2 102.4 526.2 363.1 
Depreciation and amortization66.5 55.6 192.0 178.4 
Total cost of sales5,180.7 2,836.0 14,869.3 7,352.9 
Operating expenses related to retail and wholesale business (excluding depreciation and amortization presented below)28.2 26.1 89.6 86.9 
General and administrative expenses62.4 53.0 242.0 147.6 
Depreciation and amortization6.4 5.2 17.2 17.2 
Other operating income, net(5.8)(1.7)(44.5)(4.7)
Total operating costs and expenses5,271.9 2,918.6 15,173.6 7,599.9 
Operating income (loss)53.0 37.9 593.0 (59.7)
Interest expense, net50.7 37.5 132.7 100.0 
Income from equity method investments(17.8)(2.9)(44.4)(14.5)
Other income, net(0.7)(21.8)(3.0)(16.0)
Total non-operating expense, net32.2 12.8 85.3 69.5 
Income (loss) before income tax expense (benefit)20.8 25.1 507.7 (129.2)
Income tax expense (benefit)4.0 4.5 107.5 (39.0)
Net income (loss)16.8 20.6 400.2 (90.2)
Net income attributed to non-controlling interests9.4 8.8 24.4 24.7 
Net income (loss) attributable to Delek $7.4 $11.8 $375.8 $(114.9)
Basic income (loss) per share$0.11 $0.16 $5.26 $(1.55)
Diluted income (loss) per share$0.10 $0.16 $5.21 $(1.55)
(1) Adjusted to reflect the retrospective change in accounting policy from LIFO to FIFO for certain inventories. See Note 7 for further discussion.

See accompanying notes to condensed consolidated financial statements
4 |
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Financial Statements
Delek US Holdings, Inc.
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
(In millions)
Three Months EndedNine Months Ended
September 30,September 30,
20212021
 2022
As Adjusted (1)
2022
As Adjusted (1)
Net income (loss)$16.8 $20.6 $400.2 $(90.2)
Other comprehensive income (loss):  
Commodity contracts designated as cash flow hedges:
Comprehensive loss on commodity contracts designated as cash flow hedges, net of taxes   (0.2)
Other loss, net of taxes(0.1) (0.2) 
Total other comprehensive loss(0.1) (0.2)(0.2)
Comprehensive income (loss)16.7 20.6 400.0 (90.4)
Comprehensive income attributable to non-controlling interest9.4 8.8 24.4 24.7 
Comprehensive income (loss) attributable to Delek$7.3 $11.8 $375.6 $(115.1)
(1) Adjusted to reflect the retrospective change in accounting policy from LIFO to FIFO for certain inventories. See Note 7 for further discussion.

See accompanying notes to condensed consolidated financial statements

5 |
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Financial Statements
Delek US Holdings, Inc.
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited)
(In millions, except share data)

Three Months Ended September 30, 2022
Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive IncomeRetained EarningsTreasury StockNon-Controlling Interest in SubsidiariesTotal Stockholders' Equity
SharesAmountSharesAmount
Balance at June 30, 2022
88,610,583$0.9 $1,159.1 $(3.9)$753.0 (17,575,527)$(694.1)$122.4 $1,337.4 
Net income— — — 7.4 — — 9.4 16.8 
Common stock dividends ($0.40 per share)
— — — (28.3)— —  (28.3)
Distributions to non-controlling interests— — — — — — (9.2)(9.2)
Equity-based compensation expense— 7.7 — — — — 0.1 7.8 
Repurchase of common stock(1,435,602)— (40.0)— — — — — (40.0)
Taxes paid due to the net settlement of equity-based compensation— (1.1)— — — — — (1.1)
Exercise of equity-based awards53,522— — — — — — — — 
Other—  (0.1)(0.3)— — — (0.4)
Balance at September 30, 2022
87,228,503 $0.9 $1,125.7 $(4.0)$731.8 (17,575,527)$(694.1)$122.7 $1,283.0 

Three Months Ended September 30, 2021
Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive Income
Retained Earnings As Adjusted (1)
Treasury StockNon-Controlling Interest in Subsidiaries
Total Stockholders' Equity
As Adjusted (1)
SharesAmountSharesAmount
Balance at June 30, 2021
91,637,661 $0.9 $1,192.6 $(7.4)$386.3 (17,575,527)$(694.1)$118.4 $996.7 
Net income— — — — 11.8 — — 8.8 20.6 
Distribution to non-controlling interest— — — — — — — (8.2)(8.2)
Equity-based compensation expense— — 6.8 — — — — 0.1 6.9 
Taxes paid due to the net settlement of equity-based compensation— — (0.4)— — — — — (0.4)
Exercise of equity-based awards62,803 — — — — — — — — 
Other— — 0.2 — — — — (0.2) 
Balance at September 30, 2021
91,700,464 $0.9 $1,199.2 $(7.4)$398.1 (17,575,527)$(694.1)$118.9 $1,015.6 

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Financial Statements
Delek US Holdings, Inc.
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited)
(In millions, except share data)
Nine Months Ended September 30, 2022
Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive IncomeRetained EarningsTreasury StockNon-Controlling Interest in SubsidiariesTotal Stockholders' Equity
SharesAmountSharesAmount
Balance at December 31, 2021, As Adjusted (1)
91,772,080$0.9 $1,206.5 $(3.8)$384.7 (17,575,527)$(694.1)$119.8 $1,014.0 
Net income— — — 375.8 — — 24.4 400.2 
Common stock dividends ($0.40 per share)
— — — (28.3)— —  (28.3)
Distributions to non-controlling interests— — — — — — (26.9)(26.9)
Equity-based compensation expense— 20.1 — — — — 0.3 20.4 
Repurchase of common stock(1,435,602)— (40.0)— — — — — (40.0)
Sale of Delek Logistics common limited partner units, net— — 8.5 — — — — 5.1 13.6 
Purchase of Delek common stock from IEP Energy Holding LLC(3,497,268)— (64.0)— — — — — (64.0)
Taxes paid due to the net settlement of equity-based compensation— (5.4)— — — —  (5.4)
Exercise of equity-based awards389,293 — — — — — — — — 
Other— —  (0.2)(0.4)—   (0.6)
Balance at September 30, 2022
87,228,503 $0.9 $1,125.7 $(4.0)$731.8 (17,575,527)$(694.1)$122.7 $1,283.0 

Nine Months Ended September 30, 2021
Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive Income
Retained Earnings As Adjusted (1)
Treasury StockNon-Controlling Interest in Subsidiaries
Total Stockholders' Equity
As Adjusted (1)
SharesAmountSharesAmount
Balance at December 31, 2020
91,356,868 $0.9 $1,185.1 $(7.2)$522.0 (17,575,527)$(694.1)$118.4 $1,125.1 
Cumulative effect of change in accounting method for certain inventory from LIFO to FIFO, net— — — — (8.7)— — — (8.7)
Net (loss) income— — — — (114.9)— — 24.7 (90.2)
Other comprehensive loss related to commodity contracts, net— — — (0.2)— — — — (0.2)
Distribution to non-controlling interest— — — — — — — (24.1)(24.1)
Equity-based compensation expense— — 17.3 — — — — 0.1 17.4 
Taxes paid due to the net settlement of equity-based compensation— — (3.4)— — — —  (3.4)
Exercise of equity-based awards343,596 — — — — — — — — 
Other— — 0.2  (0.3)—  (0.2)(0.3)
Balance at September 30, 2021
91,700,464 $0.9 $1,199.2 $(7.4)$398.1 (17,575,527)$(694.1)$118.9 $1,015.6 
(1) Adjusted to reflect the retrospective change in accounting policy from LIFO to FIFO for certain inventories. See Note 7 for further discussion.

See accompanying notes to condensed consolidated financial statements
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Financial Statements
Delek US Holdings, Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
 Nine Months Ended September 30,
2021
2022
As Adjusted (1)
Cash flows from operating activities:
Net income (loss)$400.2 $(90.2)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:  
Depreciation and amortization209.2 195.6 
Non-cash lease expense 48.5 40.8 
Deferred income taxes95.6 (44.6)
Income from equity method investments(44.4)(14.5)
Dividends from equity method investments26.3 19.0 
Non-cash lower of cost or market/net realizable value adjustment19.1 0.3 
Equity-based compensation expense20.4 17.4 
Other 10.4 4.8 
Changes in assets and liabilities:  
Accounts receivable(230.0)(473.6)
Inventories and other current assets(419.8)(239.1)
Fair value of derivatives(56.2)22.4 
Accounts payable and other current liabilities524.8 632.7 
Obligation under Supply and Offtake Agreements108.7 130.8 
Non-current assets and liabilities, net3.3 8.4 
Net cash provided by operating activities716.1 210.2 
Cash flows from investing activities: