Company: DK
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001694426-25-000060
Chunk: 166

Company: Delek US Holdings, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 166
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.8 91.7 Interest expense, net12.1 40.3 35.3 87.7 Income tax benefit(7.6)Income from discontinued operations, net of tax(3.2)Net income attributable to Delek$(32.6)Capital spending (2)$21.5 $15.2 $5.1 $41.8 (1) Intercompany fees and sales for the refining segment include revenues of $93.9 million during the three months ended March 31, 2024, to the Retail Stores, the operations of which are reported in discontinued operations.(2) Capital spending includes additions on an accrual basis. Capital spending excludes capital spending associated with the Retail Stores of $4.1 million during the three months ended March 31, 2024.(3) The corporate, other and eliminations segment operating results for the three months ended March 31, 2024 have been restated to reflect the reclassification of the Retail Stores to discontinued operations.

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Notes to Condensed Consolidated Financial Statements (unaudited)

4.  Discontinued Operations

On July 31, 2024, a wholly owned subsidiary of Delek, entered into the Retail Purchase Agreement with a subsidiary of FEMSA. Under the terms of the Retail Purchase Agreement, Delek agreed to sell, and FEMSA agreed to purchase, 100% of the equity interests in four of Delek’s wholly-owned subsidiaries that owned and operated 249 Retail Stores under the Delek US Retail brand. As a result of the Retail Purchase Agreement, we met the requirements of ASC 205-20 and ASC 360, to report the results of the Retail Stores as discontinued operations and to classify the Retail Stores as a group of discontinued operations assets. The fair value assessment of the Retail Stores as of July 31, 2024 did not result in an impairment. We ceased depreciation of these assets as of July 31, 2024. The Retail Transaction closed on September 30, 2024. Once the Retail Stores were identified as assets held for sale, the operations associated with these properties qualified for reporting as discontinued operations. Accordingly, the operating results, net of tax, from discontinued operations are presented separately in Delek’s condensed consolidated statements of income and the notes to the condensed consolidated financial statements have been adjusted to exclude the discontinued operations. Components of amounts reflected in income from discontinued operations are as follows (in millions):Three Months Ended March