Company: DK
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001694426-25-000013
Chunk: 265

Company: Delek US Holdings, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 15
Chunk 265
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2023Feedstocks, raw materials and supplies$250.2 $116.9 $367.1 Refined products and blendstock269.3 304.8 574.1 Total$519.5 $421.7 $941.2 (1) Refer to  Note 10 - Inventory Intermediation Obligations for further information.At December 31, 2024, we recorded a pre-tax inventory valuation reserve of $0.9 million due to a market price decline below our cost of certain inventory products. At December 31, 2023, we recorded a pre-tax inventory valuation reserve of $11.6 million. For the years ended December 31, 2024, 2023 and 2022, we recognized a net reduction (increase) in cost of materials and other in the accompanying consolidated statements of income related to the change in pre-tax inventory valuation of $10.7 million, $(0.4) million and $(1.9) million, respectively.

F-32 |

10. Inventory Intermediation Obligations

The following table summarizes our outstanding obligations under our Inventory Intermediation Agreement (in millions):As of December 31, 2024As of December 31, 2023Obligations under Inventory Intermediation AgreementObligations related to Base Layer Volumes$408.7 $407.2 Current portion— 0.4  Total obligations under Inventory Intermediation Agreement$408.7 $407.6 Other payable (receivable) for monthly activity true-up $20.2 $(9.3)Included in the Inventory Intermediation Agreement are cost of financing associated with the value of the inventory and other periodic charges, which we include in interest expense, net in the consolidated statements of income. In addition to the cost of financing charges, we have other intermediation fees which include market structure settlements, where we may pay or receive amounts based on market conditions and volumes subject to the intermediation agreement. These market structure settlements are recorded in cost of materials and other in the consolidated statements of income. The following table summarizes these fees (in millions):Year Ended December 31,202420232022Net fees and expenses:Inventory intermediation fees$18.1 $75.5 $62.0 Interest expense, net$59.7 $61.4 $23.4 On December 22, 2022, De