Company: DK
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001694426-25-000013
Chunk: 39

Company: Delek US Holdings, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 39
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28.5 million. This increase was primarily driven by the following:

•an increase in income from our asphalt terminal equity method investment due to higher volumes and resulting revenue increases; and

•an increase in income from our investment in W2W Holdings LLC to  $22.9 million during the year ended December 31, 2023 from $7.6 million in the year ended December 31, 2022.

Income Taxes 

2024 vs. 2023

For the year ended December 31, 2024, we recorded an income tax benefit of $107.9 million from continuing operations compared to an income tax benefit of $3.0 million from continuing operations for the year ended December 31, 2023, primarily driven by the following:

•a decrease in pre-tax net income of $722.6 million, and

•our effective tax rates were 15.3% and (18.1)% for the year ended December 31, 2024 and 2023, respectively, due to the impact of fixed dollar favorable permanent differences on the tax rate, exclusion of goodwill impairment expense from taxable income and changes in valuation allowance on certain state attributes.

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Management's Discussion and Analysis

2023 vs. 2022

For the year ended December 31, 2023, we recorded an income tax benefit of $3.0 million from continuing operations compared to income tax expense of  $56.4 million from continuing operations for the year ended December 31, 2022, primarily driven by the following:

•a decrease in pre-tax net income of $305.2 million, and

•our effective tax rates were (18.1)% and 17.5% for the year ended December 31, 2023 and 2022, respectively, due to the impact of fixed dollar favorable permanent differences on the tax rate and changes in valuation allowance on certain attributes.

Refer to Note 15 of our consolidated financial statements included in Item 8. Financial Statements and Supplementary Data, of this Annual Report on Form 10-K for further information.

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Management's Discussion and Analysis

Refining Segment

The tables and charts below set forth selected information concerning our refining segment operations ($ in millions, except per barrel amounts):

Selected Refining Financial InformationYear Ended December 31,202420232022Revenues$11,783.0 $16,406.9 $19,763.0 Cost of materials and other11,147.4