Company: DK
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001694426-25-000112
Chunk: 138

Company: Delek US Holdings, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 2
Chunk 138
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, 2024, an increase of $5.2 million, or 866.7% primarily due to the following: 

•an impairment recognized on two investments held at cost within other non-current assets for $8.6 million.

Refer to Note 12 condensed consolidated financial statements in Item 1. Financial Statements, of this Quarterly Report on Form 10-Q for further information.

Income Taxes 

Q2 2025 vs. Q2 2024

For the second quarter of 2025, we recorded an income tax benefit of $14.1 million from continuing operations compared to an income tax benefit of $8.8 million from continuing operations for the second quarter of 2024, primarily driven by the following:

•an increase  in pre-tax net loss of $60.8 million; and

•our effective tax rates were 13.6% and 20.7% for the three months ended June 30, 2025 and 2024, respectively, due to the impact of fixed dollar permanent differences on the tax rate and changes to valuation allowances on certain attributes.

YTD 2025 vs. YTD 2024

For the six months ended June 30, 2025, we recorded an income tax benefit of $50.9 million from continuing operations compared to an income tax benefit of $16.4 million from continuing operations for the six months ended June 30, 2024, primarily driven by the following:

•an increase in pre-tax net loss of $219.8 million; and

•our effective tax rates were 17.1% and 20.9% for the six months ended June 30, 2025 and 2024, respectively, due to the impact of fixed dollar favorable permanent differences and changes in valuation allowance on certain attributes when calculating an estimated annual effective tax rate.

Refer to Note 14 of our condensed consolidated financial statements in Item 1. Financial Statements, of this Quarterly Report on Form 10-Q 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 InformationThree Months Ended June 30,Six Months Ended June 30,2025202420252024Revenues$2,716.8 $3,307.2 $5,325.1 $6,415.5 Cost of materials and other2,478.5