Company: DK
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001628280-25-050541
Chunk: 47

Company: Delek US Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 47
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.1)— (393.1)Net liabilities$— $(321.1)$— $(321.1) As of  December 31, 2024 Level 1Level 2Level 3TotalAssetsCommodity derivatives$— $24.9 $— $24.9 Interest rate swap derivatives— 8.3 — 8.3 RINs commitment contracts— 0.3 — 0.3 Total assets— 33.5 — 33.5 Liabilities    Commodity derivatives— (27.4)— (27.4)Interest rate derivatives— (5.1)— (5.1)RINs commitment contracts— (5.6)— (5.6)Environmental credits obligation deficit— (30.6)— (30.6)Inventory Intermediation Agreement obligation— (408.7)— (408.7)Total liabilities— (477.4)— (477.4)Net liabilities$— $(443.9)$— $(443.9)The derivative values above are based on analysis of each contract as the fundamental unit of account as required by ASC 820. In the table above, derivative assets and liabilities with the same counterparty are not netted where the legal right of offset exists. This differs from the presentation in the financial statements which reflects our policy, wherein we have elected to offset the fair value amounts recognized for multiple derivative instruments executed with the same counterparty and where the legal right of offset exists. As of September 30, 2025, and December 31, 2024, $8.0 million and $7.5 million, respectively, of cash collateral was held by counterparty brokerage firms and has been netted with the net derivative positions with each counterparty. See Note 11 for further information regarding derivative instruments.Non-Recurring Fair Value MeasurementsThe Gravity Acquisition was accounted for as a business combination using the acquisition method of accounting, with the assets acquired and liabilities assumed at their respective acquisition date fair values at the closing date. The fair value measurements were based on a combination of valuation methods including discounted cash flows, the market approach and obsolescence adjusted replacement costs, all of which are Level 3 inputs.During the second quarter of 2025, we recognized an impairment of $8.6 million related to two equity investments recorded within other non-current assets on the condensed consolidated