Company: DK
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001694426-25-000112
Chunk: 199

Company: Delek US Holdings, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 199
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mediation Agreement is accounted for as an inventory financing arrangement under the fair value election provided by ASC 815 Derivatives and Hedging ("ASC 815") and ASC 825, Financial Instruments ("ASC 825"). Therefore, the crude oil and refined products barrels subject to the Inventory Intermediation Agreement will continue to be reported in our condensed consolidated balance sheets until processed and sold to a third party. At each reporting period, we record a liability equal to the repurchase obligation to Citi at current market prices. The repurchase obligations associated with the Base Layer Volumes are reflected as non-current liabilities on our condensed consolidated balance sheets to the extent that they are not contractually due within twelve months. The February 21, 2025, amendment did not change the base layer volumes of the Inventory Intermediation Agreement, and the liability associated with the base layer volumes is recorded as long-term in the accompanying condensed consolidated balance sheet. The remaining obligation resulting from our monthly activity, including long and short inventory positions valued at market-indexed pricing, are included in current liabilities (or receivables) on our condensed consolidated balance sheets.Gains (losses) related to changes in fair value due to commodity-index price are recorded as a component of cost of materials and other in the condensed consolidated statements of income. With respect to the repurchase obligation, we recognized gains (losses) attributable to changes in fair value due to commodity-index price totaling $26.7 million and $30.0 million during the three and six months ended June 30, 2025, respectively, and $19.3 million and $(62.5) million during the three and six  June 30, 2024, respectively. See Note 12 for discussion of gains and losses recognized from changes in fair value.

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Notes to Condensed Consolidated Financial Statements (unaudited)

10. Long-Term Obligations

 Outstanding borrowings under debt instruments are as follows (in millions):

June 30, 2025December 31, 2024Delek Term Loan Credit Facility$926.2 $931.0 Delek Logistics Revolving Facility80.9 435.4 Delek Logistics 2028 Notes400.0 400.0 Delek Logistics 2029 Notes1,050.0 1,050.0 Delek Logistics 2033 Notes700.0 — Principle amount of long-term debt3,157.1 2,816.4 Less