Company: DK
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001694426-25-000013
Chunk: 274

Company: Delek US Holdings, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 15
Chunk 274
---
 restrictions in their respective credit facilities limiting their use of assets. As of December 31, 2024, we had no subsidiaries with restricted net assets which would prohibit earnings from being transferred to the parent company for its use.Future MaturitiesPrincipal maturities of Delek's third-party debt instruments for the next five years and thereafter are as follows (in millions):Year Ended December 31,Total2025$9.5 20269.5 2027444.9 2028409.5 20291,943.0 Thereafter— Total$2,816.4 

F-36 |

12. Derivative Instruments

We use the majority of our derivatives to reduce normal operating and market risks with the primary objective of reducing the impact of market price volatility on our results of operations.  As such, our use of derivative contracts is aimed at:•limiting our exposure to commodity price fluctuations on inventory above or below target levels (where appropriate) within each of our segments;•managing our exposure to commodity price risk associated with the purchase or sale of crude oil, feedstocks/intermediates and finished grade fuel within each of our segments; •managing our exposure to market crack spread fluctuations;•managing the cost of our RINs Obligation using future commitments to purchase or sell RINs at fixed prices and quantities; and•limiting the exposure to interest rate fluctuations on our floating rate borrowings.We primarily utilize commodity swaps, futures, forward contracts and options contracts, generally with maturity dates of three years or less, and from time to time interest rate swaps or caps to achieve these objectives. Futures contracts are standardized agreements, traded on a futures exchange, to buy or sell the commodity at a predetermined price and location at a specified future date. Options provide the right, but not the obligation to buy or sell a commodity at a specified price in the future. Commodity swaps and futures contracts require cash settlement for the commodity based on the difference between a fixed or floating price and the market price on the settlement date, and options require payment/receipt of an upfront premium. Because these derivatives are entered into to achieve objectives specifically related to our inventory and production risks, such gains and losses (to the extent not designated as accounting hedges and recognized on an unrealized basis in other comprehensive income) are recognized in cost of materials and other. On August 20, 2024, we entered into an interest rate swap agreement to hedge floating rate debt by exchanging interest rate cash flows,