Company: DK
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001628280-25-050541
Chunk: 232

Company: Delek US Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 232
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.4 million of severance and benefit expenses were recognized in the nine months ended September 30, 2024. No severance and benefit expenses were recognized in the three months ended September 30, 2024.During the third quarter 2024, we made a strategic decision to abandon certain capital projects included in construction in progress that no longer fit our core objectives. As a result, we recognized a loss of $14.1 million in the three and nine months ended September 30, 2024 which was recorded in other operating (income) loss, net in the condensed consolidated statements of income. In addition, we recognized impairment charges totaling $9.2 million related to certain pipeline assets because it is no longer probable these assets will be utilized. During the three and nine months ended September 30, 2024, we recorded a bonus accrual for certain employees, including executives, determined to be key to our planned go-forward operations and achievement of certain corporate and strategic milestones provided that they remain through various requisite service periods for a total of $10.4 million of which $6.6 million was recorded in general and administrative expenses and $3.8 million was recorded in operating expenses in the condensed consolidated statements of income.Included in our restructuring costs are expenses related to certain equity compensation awards. As of September 30, 2025 these awards were recorded as a liability on the condensed consolidated balance sheet based on the discretion and ability of management to settle the awards in cash. We anticipate concluding our restructuring activities by the end of fiscal year 2026. Future cost estimates for these initiatives are continuing to be developed.

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Notes to Condensed Consolidated Financial Statements (unaudited)

The detail of restructuring costs is as follows (in millions):Three Months Ended September 30, 2025Type of CostsStatement of Income LocationRefiningLogisticsCorporate,Other and EliminationsConsolidatedConsulting fees, severance costs, and equity based compensationGeneral and administrative expenses$0.2 $— $25.9 $26.1 OtherCost of materials and other0.5 — — 0.5 Severance costs and equity based compensationOperating expenses— — 7.5 7.5 Total$0.7 $— $33.4 $34.1 Three Months Ended September 30, 2024Type of CostsStatement of Income LocationRefiningLogisticsCorporate,Other and EliminationsConsolidatedBonus Expense